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Wynn Resorts
Wynn Resorts (WYNN) investor relations material
Wynn Resorts Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved strong operational and financial performance in Q4 2025, with continued market leadership in Las Vegas, Macau, and Boston, despite some headwinds from room renovations and lower table hold in certain markets.
Fourth quarter 2025 operating revenues rose to $1.87 billion, up $27.2 million year-over-year, with full-year revenues at $7.14 billion.
Net income for Q4 2025 was $100.0 million, down from $277.0 million in Q4 2024; full-year net income was $327.3 million.
Geographic diversification is accelerating, with Wynn Al Marjan Island expected to shift over 55% of revenues to non-U.S. dollar-denominated markets and opening on track for Q1 2027.
Leadership transition announced, with CFO Julie Cameron-Doe set to retire before the next earnings call.
Financial highlights
Total operating revenues for Q4 2025 reached $1.87B, up from $1.84B in Q4 2024; full-year Adjusted Property EBITDAR was $2.22B, down $140.8M year-over-year.
Las Vegas Q4 adjusted property EBITDA/EBITDAR: $240.8M on $688.1M revenue, 35% margin; Boston: $57M on $210.2M revenue, 27.1% margin; Macau: $270.9M on $967.7M revenue, 28% margin.
Net income attributable for 2025A was $327M; Q4 2025 diluted EPS was $0.82, down from $2.29 in Q4 2024.
Global cash and revolver availability: $4.7B as of Dec 31, with $2.9B in Macau and $1.8B in the US.
Total debt outstanding at year-end 2025 was $10.55B.
Outlook and guidance
2026 outlook positive, with strong group and convention bookings expected to drive growth in Las Vegas; Encore Tower remodel to remove ~80,000 room nights in 2026, with some impact recaptured via rate.
Wynn Al Marjan Island in the UAE is on track for a Q1 2027 opening, with $914.2M contributed to date and an estimated $345M in EBITDAR at steady state.
CapEx for 2026 expected at $400M-$450M in Macau and $750M-$850M domestically, with major projects completing by 2027.
No material domestic cash income taxes expected in 2026.
Macau EBITDAR decline despite volume growth
Q4 win rate impact on property EBITDAR
What are the next key milestones for Al Marjan?
WAI: How to ensure success given market supply?
Vegas: How will land bank and market evolution drive growth?
AI: How will it drive OpEx efficiency and customer delight?
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Next Wynn Resorts earnings date
Q1 20265 May, 2026
Wynn Resorts
Next Wynn Resorts earnings date
Q1 20265 May, 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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