Wynn Resorts has reported its financial results for the fourth quarter of 2025 and full-year, as revenue during both periods managed to increase year-over-year, even while the operator also witnessed decreases in net income, adjusted property EBITDAR and operating income.
"Our fourth quarter results reflect continued strength throughout the business and ongoing progress in our global development initiatives," Wynn Resorts CEO Craig Billings said.
"The team in Las Vegas delivered another quarter of healthy EBITDA highlighted by year-on-year improvement in ADRs and strong volumes in the casino. In Macau, we saw substantial increases in both VIP turnover and mass table drop, year-on-year as well as sequentially. We also reached a significant milestone towards the completion and planned first quarter 2027 opening of Wynn Al Marjan Island, having topped out the tower in the quarter."
How was Wynn Resorts’ financial performance during Q4 2025?
Wynn Resorts’ net revenue for Q4 2025 increased 1.5% for a total of close to $1.9bn, while the operator’s net income decreased 63.9% to $100. Total adjusted property EBITDAR witnessed an 8.1% fall during Q4 2025 to $619.1m, led by Wynn Resorts’ Macau operations which combined to generate $270.9m.
Wynn Palace’s adjusted property EBITDAR totaled $163.5m for Q4 2025, equating to a decrease of 11.4%, while the vertical’s operating income during the quarterly period fell 32.7% to $72.4m. Wynn Macau’s adjusted property EBITDAR fell by a slight 0.7% to $107.4m, as operating income decreased 12.5% to $76.3m.
Las Vegas operations accounted for $240.8m of Wynn Resorts’ total adjusted property EBITDAR for Q4 2025, representing a decrease of 10% year-over-year. Operating income also fell for Wynn Resorts in Las Vegas, decreasing 21.9% to nearly $125.5m.
At Encore Boston Harbor, the operator reported an adjusted property EBITDAR of just over $57m, equating to a decrease of 3.1%. The vertical witnessed an operating loss of $19.2m during Q4 2025, following a loss of $2.1m from the prior year period.
Total operating income for Wynn Resorts decreased 25.1% to $274.7m, perhaps due to an 8.1% increase in operating expenses during Q4 2025 to $1.6bn.
Casino operations managed to increase revenue by 2.8% for Q4 2025 to $1.1bn, while food & beverage operations also increased revenue year-over-year, rising 2.6% for a total of $264.9m. The operator’s entertainment, retail and other sectors grew revenue by 6.7% to $152.6m, but revenue generated by room operations fell 6.2% to $305.1m.
Was Wynn Resorts able to generate positive momentum for FY2025?
While net revenue for the operator increased 0.1% to just over $7.1bn, net income and total adjusted property EBITDAR decreased 34.7% and 6%, respectively, to $327.3m and $2.2bn. Wynn Resorts’ operating income for FY2025 fell 1.3% to $1.1bn, while operating expenses during the full-year period totaled $6bn and increased 0.4%.
Casino operations was the only sector able to report an increase in revenue from the prior year period, having risen 3.5% to $4.4bn.
Rooms and food & beverage revenues decreased 8.1% and 2.9% during FY2025, respectively, for totals of $1.1bn and $1.04bn. The operator’s entertainment, retail and other sectors combined to generate $548.6m of FY2025 revenue, equating to a fall of 1.2% year-over-year.
Wynn Palace reported a FY2025 operating income of $340.2m and an adjusted property EBITDAR of $733.7m, as income decreased 18% while adjusted property EBITDAR fell by 6.9%. The operator’s income from Wynn Macau totaled $267.3m and decreased 9.8%, while the vertical’s adjusted property EBITDAR declined 9% for a total of $402.1m.
Despite an adjusted property EBITDAR loss of 4.7% to $902.4m, Wynn Resorts’ Las Vegas operations managed to increase operating income by 11.1% to $448.8m. Encore Boston Harbor witnessed a FY2025 operating loss of $31.8m, as adjusted property EBITDAR fell 4.2% to $236.7m.
With Las Vegas experiencing a tourism decline throughout the prior year period, Wynn Resorts reported an 86.9% occupancy rate for FY2025, representing a decrease of 2.1% from the rate generated for FY2024.
Wynn Resorts named Craig Fullalove as the operator’s new CFO on January 9, set to become effective following the official retirement of current CFO Julie Cameron-Doe in mid-2026
