Wynn Resorts (WYNN) Q1 2025 earnings summary

Executive summary

• Q1 2025 operating revenues were $1.70B, down 8.7% year-over-year, with net income attributable to Wynn Resorts at $72.7M, a 49.6% decrease, primarily due to lower Macau gaming results and ADR declines.

• Adjusted Property EBITDAR was $532.9M, down 17.9% year-over-year, with declines across all segments; Macau saw the largest drop due to lower casino revenues and VIP win rates.

• The company maintained strong operational performance in Las Vegas and stable results in Boston, while continuing to invest in property enhancements and the Wynn Al Marjan Island project, which remains on track for a 2027 opening.

• Wynn Resorts continued capital returns with $200M in share repurchases and a $0.25/share dividend declared for Q1 2025.

• Recognized for industry leadership, Wynn achieved 19 Forbes Five-Star awards in 2025 and led in service and workplace diversity.

Financial highlights

• Q1 2025 consolidated Adjusted Property EBITDAR was $532.9M on $1.70B revenue, with a 31.4% margin; Las Vegas EBITDAR was $223.4M (35.7% margin), Boston $57.5M (27.5%), and Macau $252.1M (29.1%).

• Casino revenues were $1.04B, down 7.2% year-over-year; non-casino revenues fell 11.0% to $660M.

• Diluted EPS was $0.69, compared to $1.30 in Q1 2024; adjusted net income per diluted share was $1.07, down from $1.59.

• Cash and cash equivalents as of March 31, 2025 totaled $2.07B, with $1.09B in available revolver capacity; total debt outstanding was $10.55B.

• Over $1.1B of capital returned to shareholders since 2022, including ~$950M in share repurchases and ~$220M in dividends.

Outlook and guidance

• Wynn Al Marjan Island construction is progressing, with opening expected in 2027 and remaining equity contributions estimated at $650–$725M.

• The company expects continued strong free cash flow generation, with significant capex cycles concluding in late 2026.

• No material domestic cash income taxes are expected in 2025.

• U.S. CAPEX projects face delays due to tariff uncertainty, with $375M in projects, including the Encore Tower remodel, on hold until tariff rates stabilize.

• Macau CAPEX for 2025 expected to be $250–$300M, dependent on government approvals.