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Wynn Resorts (WYNN) investor relations material

Wynn Resorts Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 2025 operating revenues were $1.74B, up slightly year-over-year, with Las Vegas achieving record EBITDAR and Macau showing mixed results due to lower VIP win rates.

  • Net income attributable to shareholders was $66.2M, down 41% from Q2 2024, mainly due to higher non-operating expenses and foreign currency losses.

  • Adjusted Property EBITDAR for Q2 2025 was $552.4M, with Las Vegas and Encore Boston Harbor growing, while Macau properties saw declines.

  • Significant progress continued on the Wynn Al Marjan Island project in the UAE, with construction on schedule and major equity contributions made.

  • Enhanced shareholder returns through share repurchases and dividends, with over $1.4B returned since 2022.

Financial highlights

  • Q2 2025 operating revenues: $1.74B; net income: $66.2M; diluted EPS: $0.64; adjusted net income: $113.3M.

  • Adjusted Property EBITDAR: $552.4M; Las Vegas: $234.8M (36.8% margin); Macau: $254M (28.7% margin); Boston: $63.9M (29.6% margin).

  • Casino revenues rose 4.3% year-over-year; non-casino revenues declined 5.3%.

  • Cash and cash equivalents: $1.98B; total debt: $10.54B; net debt: $9.55B as of June 30, 2025.

  • Repurchased 4.36M shares in H1 2025 for $358.1M; $0.25/share dividend declared for Q3.

Outlook and guidance

  • Wynn Al Marjan Island expected to open in 2027, with $741.1M contributed to date and remaining equity commitment of $600–$675M.

  • Capex for 2025 projected at $200–$250M for Macau and $200–$225M for Las Vegas; maintenance capex at $70–$80M (Macau) and $90–$115M (Las Vegas/Boston).

  • No material domestic cash income taxes expected in 2025.

  • Capex cycle expected to taper off by late 2026, with major projects nearing completion.

  • Las Vegas forward booking pace and group business remain strong for Q4 and 2026.

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Frequently asked questions

Wynn Resorts, Limited operates through Wynn Macau and Wynn Palace operating segments. The company owns and operates Wynn Macau and Encore at Wynn Macau, two luxury integrated resorts; Wynn Palace that includes 1,706 rooms and suites; 13 food and beverage outlets; approximately 290,000 sq ft of retail space featuring 150 stores; recreation and leisure facilities comprising two theater showrooms, a spa and salon, approximately 100,000 square feet of casino space with 310 gaming tables, 521 slot machines, a race and sports book, a poker pit featuring 13 tables, private gambling salons within the casino area, lounges, sky casinos, and pool; as well as convention facilities. The company was founded in 2002 and is based in Las Vegas, Nevada.

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