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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.
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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