Wynn Resorts Ltd. reported a decline in fourth-quarter profit for 2025, as weaker results in Las Vegas and Boston offset revenue growth in Macau. Net income fell to $100 million, or 82 cents per share, from $277 million, or $2.29 per share, in the fourth quarter of 2024.
Operating revenue rose to $1.87 billion from $1.84 billion a year earlier, an increase driven largely by Macau. The company missed analysts’ expectations of 3.5% revenue growth and posted lower adjusted earnings. Adjusted property EBITDAR declined to $568.8 million from $619.1 million in the prior-year period.
In Las Vegas, operating revenue decreased to $688.1 million from $699.5 million. Adjusted property EBITDAR fell to $240.8 million from $267.4 million. Table game win declined 14.2% to $173.8 million, compared with a prior-year quarter that included a 30.9% hold rate. Casinos typically expect a table hold range of 22% to 26%, and the fourth-quarter 2025 table games win rate was 26%.
Slot machine win increased 4.8% to $129.5 million, with each machine generating about $898 per day, up 6.9% year over year. Occupancy at the Wynn Las Vegas properties was 85.2%, down 2.9 percentage points, while average daily room rates rose 2.2% to $611.
Encore Boston Harbor
At Encore Boston Harbor, operating revenue declined to $210.2 million from $212.7 million. Adjusted property EBITDAR was $57 million, down from $58.8 million. Table games win was 18.1%, within the expected 18% to 22% range and below 20.7% a year earlier.
Macau operations reported higher revenue. At Wynn Palace, operating revenue increased to $596.4 million from $562.9 million. Adjusted property EBITDAR declined to $163.5 million from $184.6 million. Mass market table games win was 21.8%, below 26% in the prior year. VIP win as a share of turnover was 2.8%, below the expected 3.1% to 3.4% range and below 3.5% a year earlier.
At Wynn Macau, revenue rose to $371.3 million from $363.7 million. Adjusted property EBITDAR was $107.4 million compared with $108.2 million a year earlier. Mass market table games win was 17%, down from 17.9%, while VIP win was 3.5%, above the expected 3.1% to 3.4% range but below 5% in the fourth quarter of 2024.
Despite the US downturn, Wynn CEO Craig Billings said he’s optimistic about the results and the year ahead. “Our fourth quarter results reflect continued strength throughout the business and ongoing progress in our global development initiatives,” he said.
Wynn Macau
“The team in Las Vegas delivered another quarter of healthy EBITDA, highlighted by year-on-year improvement in (average daily rates) and strong volumes in the casino. In Macau, we saw substantial increases in both VIP turnover and mass table drop, year-on-year as well as sequentially.”
Billings addressed 2026 expectations and room renovations, with some Encore rooms set to be taken offline later in the year for maintenance. “We’ve continued to hold up very, very well,” he said. “If you look at the drivers in 2026, I noted the headwind of the rooms that will be out of service, and certainly, I expect that will impact us. Again, we’ll try to pick up some of that in rate. But the group business is doing really, really well, which of course in turn allows us to yield in the other segments.”
Chief Executive Officer Craig Billings
During the quarter, the company contributed $79.2 million to its 40%-owned Wynn Al Marjan Island project in the United Arab Emirates, bringing total contributions to $914.2 million. The $5.1 billion, 1,542-unit resort is expected to open in the first quarter of 2027.
Total current and long-term debt stood at $10.55 billion at December 31. The board declared a cash dividend of 25 cents per share. Shares closed down $7.66, or 6.6%, at $107.85.
Original article: https://www.yogonet.com/international/news/2026/02/13/117604-wynn-resorts-reports-profit-drop-in-fourth-quarter-as-las-vegas-operations-soften
