Wynn Resorts has showcased a remarkable recovery in its third quarter earnings for 2025, supported by a notable resurgence in Macau along with stable performance in Las Vegas, despite a slight downturn in its Boston location.
The casino and hospitality company announced an operating revenue of $1.83 billion for the quarter ending September 30, reflecting a significant increase of $140.4 million compared to the previous year. The net income surged to $88.3 million from a loss of $32.1 million during the same quarter in 2024, while diluted earnings per share improved to $0.85, compared to a loss of $0.29 per share a year prior.
CEO Craig Billings noted that the recent results showcased “remarkable EBITDA growth in Macau and ongoing outperformance in Las Vegas.”
He elaborated: “In Macau, we secured a substantial market share and observed a notable rise in mass table drop compared to the previous year. In Las Vegas, our team achieved another quarter of year-on-year EBITDA growth and continued to gain gaming market share. We also made great strides towards the completion of Wynn Al Marjan Island, where we are currently pouring concrete for the remaining floors of the 70-story tower.”
CEO Craig Billings
Growth during the quarter was primarily driven by Wynn Palace, which generated $635.5 million in revenue, an increase of $115.7 million year-over-year, and yielded $200.3 million in adjusted property EBITDAR compared to $162.3 million last year. Wynn Macau contributed $365.5 million, marking an increase of $13.6 million from 2024, with adjusted EBITDAR climbing to $108 million.
In the United States, the company’s flagship Las Vegas operations reported revenue of $621 million, a slight increase from last year’s $607.2 million, while Encore Boston Harbor experienced a revenue decline to $211.8 million, down $2.4 million. Adjusted property EBITDAR rose modestly in Las Vegas to $203.4 million but fell in Boston to $58.4 million.
Overall, adjusted property EBITDAR across the company grew to $570.1 million from $527.7 million a year earlier. The company’s board declared a quarterly cash dividend of $0.25 per share, which will be payable on November 26 to shareholders registered as of November 17.
Wynn also continued to advance its international investment initiatives. During the quarter, the company allocated an additional $93.9 million to its 40%-owned Wynn Al Marjan Island project in the United Arab Emirates, bringing its total investment to $835 million. The integrated resort is nearing structural completion of its 70-story tower and remains on schedule for a 2027 launch.
Wynn Al Marjan Island Project
By the end of September, Wynn reported holding $1.49 billion in cash and cash equivalents, not accounting for $475 million in short-term investments at Wynn Macau. The total debt of the group was recorded at $10.57 billion, with $5.81 billion tied to Macau operations, $876 million to Wynn Las Vegas, and $3.28 billion associated with Wynn Resorts Finance.
In August, Wynn Macau issued $1 billion in senior notes due 2034 at a 6.75% interest rate, utilizing the proceeds the following month to redeem prior 5.5% notes due in 2026. Additionally, the company increased its borrowing capacity under its WM Cayman II revolving credit facility by $1 billion in July, raising the total available credit to $2.5 billion.