Wynn Resorts has announced a modest growth in its revenue for the second quarter, though it experienced a decline in net income. The robust performance in Las Vegas was countered by disappointing figures from Macau and ongoing financial commitments towards its UAE project.
For the quarter ending June 30, 2025, Wynn reported total operating revenue of $1.74 billion, slightly up from $1.73 billion during the same quarter last year. However, net income dropped to $66.2 million, down from $111.9 million in Q2 2024, leading to diluted earnings per share falling from $0.91 to $0.64. Adjusted property EBITDAR came in at $552.4 million, down from $571.7 million in the previous year’s quarter.
The performance of Wynn’s Las Vegas operations was particularly impressive, achieving a record second-quarter adjusted property EBITDAR of $234.8 million, marking a 2% increase year-over-year. Revenue from Las Vegas increased by $10 million, reaching $638.6 million. CEO Craig Billings credited the brand’s luxury market positioning for its resilience amidst a competitive landscape.
“Being positioned at the luxury end of the market is advantageous, and that premium positioning truly aids our success,” remarked Billings during the earnings call. “This segment of our customer base is the most resilient.”
CEO Craig Billings
Conversely, the results from Macau were mixed. Wynn Palace saw a revenue drop to $539.6 million, down from $548 million. Adjusted EBITDAR also decreased to $157.2 million compared to $184.5 million previously.
The VIP table game hold at the property disappointed, reported at 2.86%, significantly lower than last year’s 4.1%. Meanwhile, Wynn Macau achieved a slight revenue uptick to $343.8 million, maintaining adjusted EBITDAR at $96.5 million. Performance from mass-market tables remained stable.
Encore Boston Harbor posted modest growth as well, with revenue rising by $3.1 million year-over-year to $215.7 million, and EBITDAR climbed to $63.9 million from $62.1 million. The table gaming performance aligned with expectations.
Wynn’s $3.9 billion integrated resort in the UAE, Wynn Al Marjan Island, continues to progress positively, now reaching the 61st floor in construction. The company has completed agreements with multiple food and beverage partners and solidified arrangements with retail tenants.
Rendering for Wynn Al Marjan Island
During Q2, Wynn injected an additional $58.2 million into the UAE project, increasing its total investment to $741.1 million. The resort is slated to open in 2027, with Wynn retaining a 40% share.
Billings mentioned that the company expects to be the UAE’s exclusive gaming operator at launch, though the project has been designed to remain competitive in the event that other licenses are issued.
“We compete in the two most challenging gaming markets globally, and we consistently exceed expectations… Should we hold the sole operator status for an extended period, we would be even more confident,” he noted.
To channel resources towards the UAE, Wynn has halted other international expansion efforts, including withdrawing from the competition for a downstate New York casino license in June. Plans for Thailand are also on hold due to evolving regulatory conditions. “Our current focus is firmly on the UAE,” Billings asserted, highlighting that available land near existing Wynn properties could foster future developments when the timing aligns.
In the quarter, Wynn rewarded shareholders with a cash dividend and $158 million spent on share buybacks.