Wynn Resorts has reported its financial results for the third quarter of 2025, as consolidated revenue increased 8.3% to just over $1.8bn, while the operator also managed to generate an $88.3m net income after witnessing a net loss of $32.1m for Q3 2024. Throughout the third quarter of 2025, Wynn Resorts also managed to increase adjusted property EBITDAR by 8% for a total of $570.1m.
Casino operations accounted for nearly $1.2bn of Wynn Resorts' total revenue for Q3 2025, increasing 15.3%, while rooms and food & beverage operations produced an additional $270.5m and $262m of revenue, respectively, equating to decreases of 5% and 0.2% from the prior year period. Wynn's entertainment, retail and other businesses generated $126.6m of revenue for Q3 2025, also having decreased by 0.5%.
The net income attributable to Wynn Resorts for Q3 2025 may have been primarily generated by a 2.4% decrease in operating expenses throughout the period, which totaled just over $1.5bn. The figure also led Wynn Resorts to report an operating income of $310.5m for the third quarter of 2025, representing significant growth of 133%.
Las Vegas operations
Given the recent tourism decline seen throughout Las Vegas, many operators have been reporting weaker results for Sin City operations, including MGM Resorts International which generated a $285m net loss for Q3 2025. MGM Resorts reported a fall in Las Vegas revenue of 7% to $2bn, as well as an adjusted EBITDA decrease of 18% to $601m for Q3 2025.
Wynn's Las Vegas operations accounted for just over $621m of the operator's total revenue for Q3 2025, and managed to increase by 2.3% from the prior year period. The segment's adjusted EBITDAR also grew year-over-year to $203.4m for an increase of 0.3%.
"The summer activity has been well publicized, maybe to the extreme, here in Las Vegas. We saw components of our business that we felt we needed to react to. We reacted to that by focusing on rate instead of occupancy to help drive EBITDA and we did that," Wynn Resorts CEO Craig Billings said as part of a Q3 conference call.
"On the last call, I believe we mentioned we were starting to see things improve more broadly in Vegas and certainly that was the case. We also knew by the time we got to October we'd be in pretty good shape with respect to group. I don't think there's anything new there, I think it's as we talked about and as is reflected in the results."
Casino operations accounted for $161.6m of Wynn Las Vegas' revenue throughout the third quarter of 2025, equating to an increase of 11.3%, while rooms and entertainment verticals reported decreases in revenue of 0.2% and 3.5%, respectively, for totals of $186.7m and $80.2m.
Food & beverage operations in Las Vegas increased revenue by 0.4% for Wynn, totaling $192.5m and representing the most revenue generated of any sector throughout Q3 2025. Wynn also reported generating $150.1m of table game win and $123.5m of slot machine win, representing increases of 11% and 9.5%, respectively.
Wynn should feel quite positive about its Q3 2025 results in Las Vegas, especially with operators such as Caesars reporting net losses of $55m for the period. Las Vegas Sands was able to generate a 39.1% increase in net income to $491m, however, perhaps offering a level of optimism for Las Vegas operations heading into 2026.
Macau operations
Throughout Q3 2025, Wynn Palace generated an operating revenue of $635.5m, equating to an increase of 22.2%. The segment's adjusted property EBITDAR for Q3 2025 was reported to be $200.3m, having risen 23.4%.
Unlike its Las Vegas counterpart, casino operations at Wynn Palace accounted for the vast majority of the operator's revenue, totaling $542.4m and increasing 29.8%. Wynn Palace reported a decrease in rooms revenue of 23.9% to $37.4m, but the property's food & beverage and entertainment revenues increased 5.7% and 5.9%, respectively, for totals of $33.3m and $22.3m.
At Wynn Macau, revenue throughout Q3 2025 increased 3.9% to $365.5m, while adjusted property EBITDAR for the period grew 7.4% to nearly $108m. Casino revenue grew 6% year-over-year to $314.5m, but rooms and food & beverage revenues fell 11% and 11.2%, respectively, to $21.1m and $17.3m. Entertainment, retail and other operations accounted for $12.5m of Wynn Macau's total revenue for Q3 2025, increasing 5.3%.
"It's hand-to-hand combat in Macau. We have a really clear view of how much incremental GGR market share we need in order to justify and fade an incremental percentage point reinvestment, so we're monitoring that closely in real-time," Wynn Resorts COO Brian Gullbrants said.
"We view margin as an outcome of aggressively driving revenues, profitably reinvesting customers and diligently managing costs. So we don't manage to a specific margin per se, but what we're constantly doing is looking at our reinvestment relative to revenue. Not market share, revenue."
Wynn's positive results in Macau come with little surprise, as the city's gaming industry has reported strong results throughout 2025, with October gross gaming revenue (GGR) reaching $3.01bn and equating to a rise of 15.9% year-over-year. October represented Macau's strongest monthly result for gaming revenue since pre-Covid-19 figures, and topped the previous monthly record for 2025 set in August, which was reported to be $2.8bn.
Analysts from Citigroup and JPMorgan stated the surge followed a rebound in casino visitation after China's Golden Week holiday, which began sluggishly due to Typhoon Matmo and competing events such as the 2025 Singapore Grand Prix. While Macau's $25.6bn GGR for the first 10 months of 2025 equates to an increase of 8%, the city still looks to replicate GGR production over the same span in 2019, when revenue totaled $30.8bn for gaming operators.
Industry analysts also believed the strong October result highlights the territory's resilience and continued progress toward pre-pandemic recovery, even as global tourism headwinds such as those listed above persist. Observers expect GGR results for Q4 2025 to sustain the positive trend, driven primarily by holiday travel and increased discretionary spending throughout the festive season.
Encore Boston Harbor
While results witnessed in Las Vegas and Macau were quite positive for Wynn, its Encore Boston Harbor property reported a decrease in revenue of 1.1% to $211.8m, while adjusted property EBITDAR fell 7.3% to $58.4m.
The loss may have been attributed to a 10.5% decrease in table game win from the prior year period, which came in at $66.3m. Slot machines accounted for $110.8m of Encore Boston Harbor's total casino revenue, having increased 5%.
Casino operations as a whole accounted for $156.2m of Encore Boston Harbor's revenue for Q3 2025, but fell 1.6% year-over-year.
While Las Vegas and Macau may not have been able to increase revenue from room operations, Encore Boston Harbor reported a rise in room revenue of 2% to $25.2m for Q3 2025. Food & beverage offerings produced $18.8m of revenue and decreased 5%, while entertainment verticals grew revenue by 6% to $11.5m for Encore Boston harbor.
New ventures for Wynn
Wynn also set aside land in September 2025 for plans to build a second casino resort in the United Arab Emirates (UAE), which has been designated within the same jurisdiction as its Al Marjan Island project, set to launch in 2027 and represent the UAE's first-ever regulated casino.
"Really it comes down to how large the market will be, and ultimately what our share of the market will be. Our share of the market, early on, should be 100%," Billings said.
"We're not yet ready to re-visit the numbers we put out (for the UAE) on our Investor's Day, but you've seen estimates for the market as high as $8bn. And so even if the market is a fraction of that size, the absence of near-term competition probably introduces some conservatism into our base case, but it's a greenfield market. What we're focused on right now is getting open with the absolute best product that we can."
The development of Wynn Al Marjan Island was first announced in mid-2022 with a construction cost of more than $2bn, as the operator received its gaming license from UAE regulatory bodies in 2024. The operator's second allocated site covers nearly 600,000 sq ft of land in Ras Al Khaimah, with an additional 900,000 sq ft set to be reclaimed as part of the new casino resort's development.
Wynn stated it would remain as the "sole casino operator" in the UAE with the construction of a second casino property, forming doubt as to whether potential competitors would follow suit. Hard Rock International revealed plans in July to open a hotel and residence facility in Ras Al Khaimah, but it remains to be seen whether the development would also require Hard Rock to obtain a gaming license from UAE regulatory bodies.
Wynn officially completed its purchase of the Wynn Mayfair casino location from Crown Resorts, having been granted all necessary authorizations from the Gambling Commission on June 4
