Wynn Resorts, Limited Reports Fourth Quarter and Year End 2025 Results

Rhea-AI Summary

Wynn Resorts (NASDAQ: WYNN) reported Q4 2025 operating revenues of $1.87B and net income attributable to Wynn Resorts of $100.0M (diluted EPS $0.82). Adjusted net income was $121.9M Q4 and $437.0M for FY2025. The Board declared a $0.25 cash dividend payable March 4, 2026. Cash and equivalents totaled $1.46B and total debt was $10.55B. Wynn Al Marjan Island remains on track to open in Q1 2027.

Positive

• Operating revenues increased to $1.87B in Q4 2025
• Declared $0.25 cash dividend payable March 4, 2026
• Wynn Al Marjan Island topped out; expected opening Q1 2027

Negative

• Q4 2025 net income fell to $100.0M from $277.0M a year earlier
• Diluted EPS declined to $0.82 in Q4 2025 from $2.29 a year earlier
• Adjusted net income for FY2025 decreased to $437.0M from $663.5M in FY2024

News Market Reaction – WYNN

+5.14%

6 alerts

+5.14% News Effect

+9.5% Peak in 18 hr 3 min

+$574M Valuation Impact

$11.75B Market Cap

0.4x Rel. Volume

On the day this news was published, WYNN gained 5.14%, reflecting a notable positive market reaction. Argus tracked a peak move of +9.5% during that session. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $574M to the company's valuation, bringing the market cap to $11.75B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 operating revenues: $1.87 billion Q4 2025 net income: $100.0 million Q4 2025 diluted EPS: $0.82 +5 more

8 metrics

Q4 2025 operating revenues $1.87 billion Fourth quarter 2025, vs. $1.84 billion in Q4 2024

Q4 2025 net income $100.0 million Fourth quarter 2025, vs. $277.0 million in Q4 2024

Q4 2025 diluted EPS $0.82 Fourth quarter 2025, vs. $2.29 in Q4 2024

Q4 2025 Adjusted Property EBITDAR $568.8 million Fourth quarter 2025, vs. $619.1 million in Q4 2024

2025 operating revenues $7.14 billion Year ended December 31, 2025, vs. $7.13 billion in 2024

2025 net income $327.3 million Full year 2025, vs. $501.1 million in 2024

Quarterly cash dividend $0.25 per share Declared, payable March 4, 2026 to holders on February 23, 2026

Total debt outstanding $10.55 billion Current and long-term debt as of December 31, 2025

Market Reality Check

Price: $96.77 Vol: Volume 1,694,271 is above...

normal vol

$96.77 Last Close

Volume Volume 1,694,271 is above the 20-day average of 1,385,490, suggesting elevated interest into earnings. normal

Technical Shares at 115.51 are trading above the 200-day MA of 112.16, while sitting 14.26% below the 52-week high of 134.72.

Peers on Argus

WYNN fell 1.16% with heavier volume, while key peers like MGM (-2.86%), RRR (-3....

WYNN fell 1.16% with heavier volume, while key peers like MGM (-2.86%), RRR (-3.9%), MTN (-2.21%), and BYD (-1.11%) were also down, pointing to broader weakness but without momentum-scanner confirmation of a coordinated sector move.

Historical Context

5 past events · Latest: 2026-02-04 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
2026-02-04	Reputation recognition	Positive	+4.5%	FORTUNE ranking boosted perception, aligning with a strong positive price reaction.
2026-01-23	Earnings date notice	Neutral	+0.5%	Scheduling of Q4 earnings release produced a modestly positive price response.
2026-01-09	CFO transition	Neutral	-0.8%	Planned CFO retirement and successor announcement coincided with a small decline.
2025-11-28	Investor market tour	Positive	+3.2%	UAE investor tour for Wynn Al Marjan Island correlated with a notable gain.
2025-11-09	New resort project	Positive	+2.2%	Announcement of Janu Al Marjan Island development supported a positive price move.

Pattern Detected

Recent company-specific news has more often seen positive price alignment, with only one notable divergence on management-related updates.

Recent Company History

Over the past several months, WYNN news has focused on brand recognition, management changes, and UAE expansion. Inclusion on FORTUNE’s World’s Most Admired Companies list on Feb 4, 2026 coincided with a 4.52% gain. Announcements around the Al Marjan Island project and an investor UAE market tour in Nov 2025 were followed by gains of 3.18% and 2.17%. A CFO transition update on Jan 9, 2026 saw a modest -0.84% move, showing some sensitivity to leadership changes relative to otherwise constructive strategic news.

Market Pulse Summary

The stock moved +5.1% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +5.1% in the session following this news. A strong positive reaction aligns with the company’s history of favorable responses to strategic and reputational milestones, such as prior gains after expansion and recognition news. However, the latest figures show pressure on net income and Adjusted Property EBITDAR despite higher revenues. Elevated leverage of $10.55 billion in total debt and ongoing capital commitments to projects like Wynn Al Marjan Island could temper overly optimistic interpretations if growth metrics soften.

Key Terms

adjusted property ebitdar, diluted net income per share, joint venture, short-term investments, +2 more

6 terms

adjusted property ebitdar financial

"Adjusted Property EBITDAR(1) was $568.8 million for the fourth quarter of 2025..."

Adjusted property EBITDAR is a property-level measure of operating profit that excludes interest, taxes, depreciation, amortization and rent or lease costs, then further removes one-time or unusual items to show normalized cash earnings from the property. Think of it as the recurring pocket cash a single building or hotel generates before financing and ownership costs, cleaned up for spikes or dips. Investors use it to compare underlying operating performance across properties and to assess how well a property can cover fixed obligations and support valuation.

diluted net income per share financial

"Diluted net income per share was $0.82 for the fourth quarter of 2025..."

Diluted net income per share measures a company's profit attributable to each share of stock after accounting for all possible additional shares that could be created from options, convertible debt or other rights. Investors use it to see how earnings would be spread if every claim on the company converted to stock — like checking how big each slice of pie would be if more people showed up — which reveals true per-share profitability and dilution risk.

joint venture financial

"the 40%-owned joint venture that is constructing the Wynn Al Marjan Island..."

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

short-term investments financial

"excluding $601.8 million of short-term investments held by Wynn Macau, Limited..."

Short-term investments are financial assets purchased with the goal of turning them back into cash within about a year, including things like Treasury bills, money market funds, and short-duration bonds. They matter to investors because they provide a lower-risk, more accessible place to park money than stocks or long-term bonds—like a nearby savings box that earns some interest while staying ready for immediate needs or opportunities.

table games win percentage technical

"Table games win percentage for the fourth quarter of 2025 was 26.0%..."

The table games win percentage is the share of money wagered on casino table games that the house keeps after paying out player winnings, expressed as a percentage over a period. Think of it like a restaurant’s average tip rate or a retailer’s margin: it shows how much of each dollar gambled converts into revenue for the operator. Investors watch it because higher or stable percentages signal stronger, more predictable gaming revenue and better profitability per dollar of player action.

mass market operations technical

"Table games win percentage in mass market operations was 21.8%..."

Mass market operations are a company’s activities focused on producing, distributing and selling products or services to a very large, general customer base rather than to niche or specialized buyers. Like a supermarket stocking everyday items instead of a boutique selling handcrafted goods, these operations emphasize broad reach, low per‑unit cost and consistent availability; for investors this affects revenue potential, profit margins, capital needs, pricing sensitivity and exposure to shifts in consumer demand.

AI-generated analysis. Not financial advice.

LAS VEGAS, Feb. 12, 2026 /PRNewswire/ -- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2025.

Operating revenues were $1.87 billion for the fourth quarter of 2025, an increase of $27.2 million from $1.84 billion for the fourth quarter of 2024. Net income attributable to Wynn Resorts, Limited was $100.0 million for the fourth quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $277.0 million for the fourth quarter of 2024. Diluted net income per share was $0.82 for the fourth quarter of 2025, compared to diluted net income per share of $2.29 for the fourth quarter of 2024. Adjusted Property EBITDAR⁽¹⁾ was $568.8 million for the fourth quarter of 2025, compared to Adjusted Property EBITDAR of $619.1 million for the fourth quarter of 2024.

"Our fourth quarter results reflect continued strength throughout the business and ongoing progress in our global development initiatives," said Craig Billings, CEO of Wynn Resorts, Limited. "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."

Consolidated Results

Operating revenues were $1.87 billion for the fourth quarter of 2025, an increase of $27.2 million from $1.84 billion for the fourth quarter of 2024. For the fourth quarter of 2025, operating revenues increased $33.4 million and $7.7 million at Wynn Palace and Wynn Macau, respectively, and decreased $11.4 million and $2.5 million at our Las Vegas Operations and Encore Boston Harbor, respectively, from the fourth quarter of 2024.

Net income attributable to Wynn Resorts, Limited was $100.0 million for the fourth quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $277.0 million for the fourth quarter of 2024. Diluted net income per share was $0.82 for the fourth quarter of 2025, compared to diluted net income per share of $2.29 for the fourth quarter of 2024. Adjusted net income attributable to Wynn Resorts, Limited⁽²⁾ was $121.9 million, or $1.17 per diluted share, for the fourth quarter of 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $263.3 million, or $2.42 per diluted share, for the fourth quarter of 2024.

Adjusted Property EBITDAR was $568.8 million for the fourth quarter of 2025, a decrease of $50.3 million compared to Adjusted Property EBITDAR of $619.1 million for the fourth quarter of 2024. For the fourth quarter of 2025, Adjusted Property EBITDAR decreased $26.6 million, $21.1 million, $1.8 million, and $0.7 million, at our Las Vegas Operations, Wynn Palace, Encore Boston Harbor, and Wynn Macau, respectively, from the fourth quarter of 2024.

Operating revenues were $7.14 billion for the year ended December 31, 2025, an increase of $10.0 million from $7.13 billion for the year ended December 31, 2024. For the year ended December 31, 2025, operating revenues increased $89.7 million and $1.1 million at Wynn Palace and our Las Vegas Operations, respectively, and decreased $54.0 million and $10.3 million at Wynn Macau and Encore Boston Harbor, respectively, from the year ended December 31, 2024.

Net income attributable to Wynn Resorts, Limited was $327.3 million for the year ended December 31, 2025, compared to net income attributable to Wynn Resorts, Limited of $501.1 million for the year ended December 31, 2024. Diluted net income per share was $3.14 for the year ended December 31, 2025, compared to diluted net income per share of $4.35 for the year ended December 31, 2024. Adjusted net income attributable to Wynn Resorts, Limited was $437.0 million, or $4.19 per diluted share, for the year ended December 31, 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $663.5 million, or $6.02 per diluted share, for the year ended December 31, 2024.

Adjusted Property EBITDAR was $2.22 billion for the year ended December 31, 2025, a decrease of $140.8 million compared to Adjusted Property EBITDAR of $2.36 billion for the year ended December 31, 2024. For the year ended December 31, 2025, Adjusted Property EBITDAR decreased $50.8 million, $39.7 million, $44.4 million, and $10.4 million at Wynn Palace, Wynn Macau, our Las Vegas Operations and Encore Boston Harbor, respectively, from the year ended December 31, 2024.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on March 4, 2026 to stockholders of record as of February 23, 2026.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $596.4 million for the fourth quarter of 2025, an increase of $33.4 million from $562.9 million for the fourth quarter of 2024. Adjusted Property EBITDAR from Wynn Palace was $163.5 million for the fourth quarter of 2025, compared to $184.6 million for the fourth quarter of 2024. Table games win percentage in mass market operations was 21.8%, below the 26.0% experienced in the fourth quarter of 2024. VIP table games win as a percentage of turnover was 2.84%, below the property's expected range of 3.1% to 3.4% and below the 3.51% experienced in the fourth quarter of 2024.

Wynn Macau

Operating revenues from Wynn Macau were $371.3 million for the fourth quarter of 2025, an increase of $7.7 million from $363.7 million for the fourth quarter of 2024. Adjusted Property EBITDAR from Wynn Macau was $107.4 million for the fourth quarter of 2025, compared to $108.2 million for the fourth quarter of 2024. Table games win percentage in mass market operations was 17.0%, below the 17.9% experienced in the fourth quarter of 2024. VIP table games win as a percentage of turnover was 3.49%, above the property's expected range of 3.1% to 3.4% and below the 5.01% experienced in the fourth quarter of 2024.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $688.1 million for the fourth quarter of 2025, a decrease of $11.4 million from $699.5 million for the fourth quarter of 2024. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2025 was $240.8 million, compared to $267.4 million for the fourth quarter of 2024. Table games win percentage for the fourth quarter of 2025 was 26.0%, at the top end of the property's expected range of 22% to 26% and below the 30.9% experienced in the fourth quarter of 2024.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $210.2 million for the fourth quarter of 2025, a decrease of $2.5 million from $212.7 million for the fourth quarter of 2024. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2025 was $57.0 million, compared to $58.8 million for the fourth quarter of 2024. Table games win percentage for the fourth quarter of 2025 was 18.1%, within the property's expected range of 18% to 22% and below the 20.7% experienced in the fourth quarter of 2024.

Wynn Al Marjan Island Development

During the fourth quarter of 2025, the Company contributed $79.2 million of cash to the 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $914.2 million. Wynn Al Marjan Island is currently expected to open in the first quarter of 2027.

Balance Sheet

Our cash and cash equivalents as of December 31, 2025 totaled $1.46 billion, excluding $601.8 million of short-term investments held by Wynn Macau, Limited ("WML"). Cash and cash equivalents is comprised of $916.1 million held by WML and subsidiaries, $305.6 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $241.7 million held at Corporate and other. As of December 31, 2025, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $1.23 billion and $1.36 billion, respectively.

Total current and long-term debt outstanding at December 31, 2025 was $10.55 billion, comprised of $5.79 billion of Macau related debt, $3.28 billion of WRF debt, $876.6 million of Wynn Las Vegas debt, and $598.4 million of debt held by the retail joint venture which we consolidate. 

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 12, 2026 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before March 31, 2026, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2025 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

(1) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other expenses, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income to Adjusted Property EBITDAR, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (unaudited)
	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Operating revenues:
Casino	$ 1,143,347		$ 1,112,191		$ 4,410,328		$ 4,261,357
Rooms	305,096		325,358		1,141,154		1,242,058
Food and beverage	264,924		258,178		1,037,850		1,069,117
Entertainment, retail and other	152,616		143,070		548,592		555,429
Total operating revenues	1,865,983		1,838,797		7,137,924		7,127,961
Operating expenses:
Casino	732,789		679,534		2,716,151		2,586,960
Rooms	87,854		84,368		344,378		330,359
Food and beverage	226,062		212,075		882,229		859,426
Entertainment, retail and other	63,392		59,542		238,160		249,679
General and administrative	285,413		272,303		1,116,952		1,080,475
Provision for credit losses	3,570		634		12,824		4,986
Pre-opening	14,632		3,305		38,494		9,355
Depreciation and amortization	159,477		151,284		620,633		658,895
Property charges and other	18,088		8,857		49,719		215,095
Total operating expenses	1,591,277		1,471,902		6,019,540		5,995,230
Operating income	274,706		366,895		1,118,384		1,132,731
Other income (expense):
Interest income	14,708		24,557		66,507		130,342
Interest expense, net of amounts capitalized	(155,816)		(163,488)		(625,556)		(688,410)
Change in derivatives fair value	8,958		50,398		(34,869)		42,478
Loss on debt financing transactions	—		(1,243)		(1,701)		(2,913)
Other	2,045		3,847		(8,625)		29,170
Other income (expense), net	(130,105)		(85,929)		(604,244)		(489,333)
Income before income taxes	144,601		280,966		514,140		643,398
Benefit (provision) for income taxes	(22,259)		41,394		(105,005)		(3,682)
Net income	122,342		322,360		409,135		639,716
Less: net income attributable to noncontrolling interests	(22,314)		(45,388)		(81,801)		(138,638)
Net income attributable to Wynn Resorts, Limited	$     100,028		$     276,972		$     327,334		$     501,078
Basic and diluted net income per common share:
Net income attributable to Wynn Resorts, Limited:
Basic	$           0.97		$           2.56		$           3.16		$           4.56
Diluted	$           0.82		$           2.29		$           3.14		$           4.35
Weighted average common shares outstanding:
Basic	102,930		108,199		103,697		109,966
Diluted	103,861		108,652		104,243		110,267

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited)
	Three Months Ended  December 31,				Year Ended December 31,
	2025		2024		2025		2024
Net income attributable to Wynn Resorts, Limited	$     100,028		$     276,972		$     327,334		$     501,078
Pre-opening expenses	14,632		3,305		38,494		9,355
Property charges and other	18,088		8,857		49,719		215,095
Change in derivatives fair value	(8,958)		(50,398)		34,869		(42,478)
Loss on debt financing transactions	—		1,243		1,701		2,913
Foreign currency remeasurement and other	(2,045)		(3,847)		8,625		(29,170)
Income tax impact on adjustments	(1,748)		12,564		(3,755)		(7,784)
Noncontrolling interests impact on adjustments	1,864		14,643		(19,946)		14,538
Adjusted net income attributable to Wynn Resorts, Limited	$     121,861		$     263,339		$     437,041		$     663,547
Adjusted net income attributable to Wynn Resorts, Limited per diluted share	$           1.17		$           2.42		$           4.19		$           6.02
Weighted average common shares outstanding - diluted	103,861		108,652		104,243		110,267

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
	Three Months Ended December 31, 2025
	Wynn Palace		Wynn Macau		Other Macau		Total Macau Operations		Las Vegas Operations		Encore Boston Harbor		Corporate and Other		Total
Operating income (loss)	$     72,425		$     76,341		$    (15,620)		$   133,146		$   125,457		$   (19,180)		$     35,283		$   274,706
Pre-opening expenses	179		—		—		179		2,030		—		12,423		14,632
Depreciation and amortization	62,131		20,212		400		82,743		59,095		14,311		3,328		159,477
Property charges and other	5,681		(3,800)		99		1,980		2,589		13,482		37		18,088
Management and license fees	19,762		11,451		—		31,213		32,885		10,265		(74,363)		—
Corporate expenses and other	1,989		1,946		14,150		18,085		7,372		1,653		17,645		44,755
Stock-based compensation	1,360		1,268		971		3,599		11,391		389		5,647		21,026
Triple-net operating lease rent expense	—		—		—		—		—		36,094		—		36,094
Adjusted Property EBITDAR	$   163,527		$   107,418		$           —		$   270,945		$   240,819		$     57,014		$           —		$   568,778

	Three Months Ended December 31, 2024
	Wynn Palace		Wynn Macau		Other Macau		Total Macau Operations		Las Vegas Operations		Encore Boston Harbor		Corporate and Other		Total
Operating income (loss)	$   107,661		$     67,874		$    (14,718)		$   160,817		$   160,689		$     (2,088)		$     47,477		$   366,895
Pre-opening expenses	17		690		—		707		288		—		2,310		3,305
Depreciation and amortization	53,308		19,963		398		73,669		61,389		12,952		3,274		151,284
Property charges and other	2,189		4,847		16		7,052		1,563		86		156		8,857
Management and license fees	17,931		11,273		—		29,204		33,521		10,353		(73,078)		—
Corporate expenses and other	2,256		2,227		13,151		17,634		8,211		1,802		10,790		38,437
Stock-based compensation	1,236		1,287		1,153		3,676		1,786		290		9,071		14,823
Triple-net operating lease rent expense	—		—		—		—		—		35,449		—		35,449
Adjusted Property EBITDAR	$   184,598		$   108,161		$           —		$   292,759		$   267,447		$     58,844		$           —		$   619,050

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
	Year Ended December 31, 2025
	Wynn Palace		Wynn Macau		Other Macau		Total Macau Operations		Las Vegas Operations		Encore Boston Harbor		Corporate and Other		Total
Operating income (loss)	$   340,168		$   267,266		$    (40,896)		$   566,538		$   448,806		$    (31,756)		$   134,796		$ 1,118,384
Pre-opening expenses	4,384		—		—		4,384		5,095		—		29,015		38,494
Depreciation and amortization	237,924		75,873		1,595		315,392		237,993		56,700		10,548		620,633
Property charges and other	11,927		1,829		127		13,883		12,916		20,173		2,747		49,719
Management and license fees	75,073		43,790		—		118,863		121,723		41,180		(281,766)		—
Corporate expenses and other	8,133		8,252		35,351		51,736		29,644		6,259		75,864		163,503
Stock-based compensation	5,291		5,115		3,823		14,229		46,228		2,674		28,796		91,927
Triple-net operating lease rent expense	—		—		—		—		—		141,491		—		141,491
Adjusted Property EBITDAR	$   682,900		$   402,125		$           —		$ 1,085,025		$   902,405		$   236,721		$           —		$ 2,224,151

	Year Ended December 31, 2024
	Wynn Palace		Wynn  Macau		Other Macau		Total Macau Operations		Las Vegas  Operations		Encore Boston Harbor		Corporate and Other		Total
Operating income (loss)	$   414,919		$   296,392		$    (39,029)		$   672,282		$   403,836		$    (32,935)		$     89,548		$ 1,132,731
Pre-opening expenses	17		690		—		707		1,908		649		6,091		9,355
Depreciation and amortization	219,729		79,700		1,563		300,992		243,089		88,794		26,020		658,895
Property charges and other	14,760		5,558		140		20,458		134,105		(1,529)		62,061		215,095
Management and license fees	70,913		45,561		—		116,474		122,054		41,836		(280,364)		—
Corporate expenses and other	8,713		8,815		32,958		50,486		32,141		7,288		58,321		148,236
Stock-based compensation	4,659		5,136		4,368		14,163		9,629		1,449		33,788		59,029
Triple-net operating lease rent expense	—		—		—		—		—		141,576		—		141,576
Adjusted Property EBITDAR	$   733,710		$   441,852		$           —		$ 1,175,562		$   946,762		$   247,128		$     (4,535)		$ 2,364,917

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
	Three Months Ended  December 31,				Year Ended December 31,
	2025		2024		2025		2024
Net income attributable to Wynn Resorts, Limited	$     100,028		$     276,972		$     327,334		$     501,078
Net income attributable to noncontrolling interests	22,314		45,388		81,801		138,638
Pre-opening expenses	14,632		3,305		38,494		9,355
Depreciation and amortization	159,477		151,284		620,633		658,895
Property charges and other	18,088		8,857		49,719		215,095
Triple-net operating lease rent expense	36,094		35,449		141,491		141,576
Corporate expenses and other	44,755		38,437		163,503		148,236
Stock-based compensation	21,026		14,823		91,927		59,029
Interest income	(14,708)		(24,557)		(66,507)		(130,342)
Interest expense, net of amounts capitalized	155,816		163,488		625,556		688,410
Change in derivatives fair value	(8,958)		(50,398)		34,869		(42,478)
Loss on debt financing transactions	—		1,243		1,701		2,913
Other	(2,045)		(3,847)		8,625		(29,170)
(Benefit) provision for income taxes	22,259		(41,394)		105,005		3,682
Adjusted Property EBITDAR	$     568,778		$     619,050		$ 2,224,151		$ 2,364,917

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited)
	Three Months Ended December 31,						Year Ended December 31,
	2025		2024		Percent Change		2025		2024		Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino	$     501,470		$     458,816		9.3		$  1,936,715		$  1,795,604		7.9
Rooms	37,093		49,649		(25.3)		149,585		202,936		(26.3)
Food and beverage	33,530		31,993		4.8		129,007		125,398		2.9
Entertainment, retail and other	24,262		22,473		8.0		92,090		93,733		(1.8)
Total	$     596,355		$     562,931		5.9		$  2,307,397		$  2,217,671		4.0
Adjusted Property EBITDAR (6)	$     163,527		$     184,598		(11.4)		$     682,900		$     733,710		(6.9)
Casino Statistics:
VIP:
Average number of table games	51		56		(8.9)		53		57		(7.0)
VIP turnover	$  5,230,720		$  3,060,994		70.9		$ 16,568,127		$ 12,991,235		27.5
VIP table games win (1)	$     148,498		$     107,438		38.2		$     521,979		$     449,461		16.1
VIP table games win as a % of turnover	2.84 %		3.51 %				3.15 %		3.46 %
Table games win per unit per day	$       31,475		$       20,935		50.3		$       27,265		$       21,495		26.8
Mass market:
Average number of table games	241		246		(2.0)		246		245		0.4
Table drop (2)	$  2,059,169		$  1,678,073		22.7		$  7,665,410		$  6,893,092		11.2
Table games win (1)	$     448,611		$     435,465		3.0		$  1,748,290		$  1,686,503		3.7
Table games win %	21.8 %		26.0 %				22.8 %		24.5 %
Table games win per unit per day	$       20,200		$       19,214		5.1		$       19,510		$       18,770		3.9
Average number of slot machines	729		634		15.0		665		603		10.3
Slot machine handle	$     883,995		$     704,360		25.5		$  3,086,835		$  2,519,983		22.5
Slot machine win (3)	$       34,465		$       25,698		34.1		$     126,785		$     109,488		15.8
Slot machine win per unit per day	$            514		$            440		16.8		$            524		$            496		5.6
Room statistics:
Occupancy	99.1 %		98.4 %				98.6 %		98.6 %
ADR (4)	$            219		$            296		(26.0)		$            223		$            310		(28.1)
REVPAR (5)	$            217		$            291		(25.4)		$            220		$            306		(28.1)
Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued)
	Three Months Ended December 31,						Year Ended December 31,
	2025		2024		Percent Change		2025		2024		Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino	$     311,582		$     306,500		1.7		$ 1,195,001		$ 1,230,351		(2.9)
Rooms	21,255		24,515		(13.3)		87,443		100,631		(13.1)
Food and beverage	18,067		20,233		(10.7)		71,222		80,779		(11.8)
Entertainment, retail and other	20,430		12,428		64.4		56,954		52,885		7.7
Total	$     371,334		$     363,676		2.1		$ 1,410,620		$ 1,464,646		(3.7)
Adjusted Property EBITDAR (6)	$     107,418		$     108,161		(0.7)		$     402,125		$     441,852		(9.0)
Casino Statistics:
VIP:
Average number of table games	18		31		(41.9)		21		30		(30.0)
VIP turnover	$     909,572		$  1,092,611		(16.8)		$  4,347,699		$  5,047,888		(13.9)
VIP table games win (1)	$       31,746		$       54,730		(42.0)		$     110,770		$     177,435		(37.6)
VIP table games win as a % of turnover	3.49 %		5.01 %				2.55 %		3.52 %
Table games win per unit per day	$       19,693		$       19,237		2.4		$       14,282		$       16,084		(11.2)
Mass market:
Average number of table games	243		220		10.5		233		221		5.4
Table drop (2)	$  1,732,741		$  1,543,261		12.3		$  6,526,655		$  6,344,794		2.9
Table games win (1)	$     295,116		$     276,817		6.6		$  1,170,262		$  1,164,012		0.5
Table games win %	17.0 %		17.9 %				17.9 %		18.3 %
Table games win per unit per day	$       13,195		$       13,668		(3.5)		$       13,783		$       14,367		(4.1)
Average number of slot machines	906		639		41.8		799		615		29.9
Slot machine handle	$  1,109,253		$     785,967		41.1		$  3,827,458		$  3,133,488		22.1
Slot machine win (3)	$       31,508		$       26,426		19.2		$     106,657		$     103,030		3.5
Slot machine win per unit per day	$            378		$            449		(15.8)		$            367		$            458		(19.9)
Poker rake	$         2,137		$         3,444		(38.0)		$       10,915		$       15,275		(28.5)
Room statistics:
Occupancy	99.5 %		99.4 %				99.2 %		99.3 %
ADR (4)	$            216		$            240		(10.0)		$            218		$            248		(12.1)
REVPAR (5)	$            215		$            238		(9.7)		$            216		$            246		(12.2)
Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued)
	Three Months Ended  December 31,						Year Ended December 31,
	2025		2024		Percent Change		2025		2024		Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino	$     178,275		$     190,065		(6.2)		$     649,346		$     600,088		8.2
Rooms	222,916		228,589		(2.5)		813,477		845,660		(3.8)
Food and beverage	191,712		184,734		3.8		758,559		778,538		(2.6)
Entertainment, retail and other	95,202		96,151		(1.0)		351,653		347,627		1.2
Total	$     688,105		$     699,539		(1.6)		$  2,573,035		$  2,571,913		—
Adjusted Property EBITDAR (6)	$     240,819		$     267,447		(10.0)		$     902,405		$     946,762		(4.7)
Casino Statistics:
Average number of table games	232		226		2.7		233		232		0.4
Table drop (2)	$     667,574		$     655,038		1.9		$  2,521,626		$  2,376,473		6.1
Table games win (1)	$     173,842		$     202,326		(14.1)		$     600,951		$     611,663		(1.8)
Table games win %	26.0 %		30.9 %				23.8 %		25.7 %
Table games win per unit per day	$         8,138		$         9,729		(16.4)		$         7,054		$         7,200		(2.0)
Average number of slot machines	1,568		1,599		(1.9)		1,574		1,609		(2.2)
Slot machine handle	$  1,975,655		$  1,912,711		3.3		$  7,332,128		$  6,752,952		8.6
Slot machine win (3)	$     129,521		$     123,609		4.8		$     499,871		$     446,152		12.0
Slot machine win per unit per day	$            898		$            840		6.9		$            870		$            758		14.8
Poker rake	$         8,242		$         7,948		3.7		$       25,824		$       24,599		5.0
Room statistics:
Occupancy	85.2 %		88.1 %				86.9 %		89.0 %
ADR (4)	$            611		$            598		2.2		$            547		$            555		(1.4)
REVPAR (5)	$            520		$            527		(1.3)		$            476		$            494		(3.6)

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR, and REVPAR) (unaudited) (continued)
	Three Months Ended December 31,						Year Ended December 31,
	2025		2024		Percent Change		2025		2024		Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino	$     152,020		$     156,810		(3.1)		$     629,266		$     635,314		(1.0)
Rooms	23,832		22,605		5.4		90,649		92,831		(2.4)
Food and beverage	21,615		21,218		1.9		79,062		84,402		(6.3)
Entertainment, retail and other	12,722		12,018		5.9		47,895		44,617		7.3
Total	$     210,189		$     212,651		(1.2)		$     846,872		$     857,164		(1.2)
Adjusted Property EBITDAR (6)	$       57,014		$       58,844		(3.1)		$     236,721		$     247,128		(4.2)
Casino Statistics:
Average number of table games	172		172		—		172		180		(4.4)
Table drop (2)	$     342,160		$     337,570		1.4		$  1,344,387		$  1,410,319		(4.7)
Table games win (1)	$       61,991		$       69,873		(11.3)		$     270,147		$     297,369		(9.2)
Table games win %	18.1 %		20.7 %				20.1 %		21.1 %
Table games win per unit per day	$         3,918		$         4,412		(11.2)		$         4,303		$         4,519		(4.8)
Average number of slot machines	2,722		2,694		1.0		2,721		2,633		3.3
Slot machine handle	$  1,413,168		$  1,402,942		0.7		$  5,533,270		$  5,604,462		(1.3)
Slot machine win (3)	$     110,845		$     108,379		2.3		$     438,597		$     424,152		3.4
Slot machine win per unit per day	$            443		$            437		1.4		$            442		$            440		0.5
Poker rake	$         5,508		$         5,328		3.4		$       21,990		$       21,750		1.1
Room statistics:
Occupancy	92.3 %		91.1 %				92.2 %		93.6 %
ADR (4)	$            420		$            416		1.0		$            405		$            412		(1.7)
REVPAR (5)	$            388		$            379		2.4		$            373		$            385		(3.1)

(1)	Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2)	In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3)	Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4)	ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5)	REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6)	Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

 

CONTACT:
Lauren Seiler
702-770-7555
investorrelations@wynnresorts.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/wynn-resorts-limited-reports-fourth-quarter-and-year-end-2025-results-302686824.html

SOURCE Wynn Resorts, Limited

FAQ

What were Wynn Resorts (WYNN) Q4 2025 revenues and net income?

Wynn Resorts reported Q4 2025 operating revenues of $1.87 billion and net income attributable to Wynn Resorts of $100.0 million. According to the company, adjusted net income for Q4 was $121.9 million.

How did WYNN earnings per share perform in Q4 2025 versus Q4 2024?

Diluted EPS for Q4 2025 was $0.82, down from $2.29 in Q4 2024. According to the company, lower adjusted net income and property-level results drove the year-over-year EPS decline.

Did Wynn Resorts (WYNN) declare a dividend and when will it be paid?

Yes. The Board declared a cash dividend of $0.25 per share, payable March 4, 2026 to shareholders of record as of February 23, 2026. According to the company, the dividend reflects ongoing capital allocation.

What is the status of the Wynn Al Marjan Island project and opening timeline?

Wynn Al Marjan Island has topped out and is currently expected to open in Q1 2027. According to the company, life-to-date cash contributions to the JV total $914.2 million.

How strong is Wynn Resorts (WYNN) balance sheet at year-end 2025?

As of December 31, 2025, cash and cash equivalents totaled $1.46 billion while total debt was $10.55 billion. According to the company, available revolver capacity remains over $1.2 billion at certain entities.

How did property-level performance vary across WYNN operations in Q4 2025?

Wynn Palace and Wynn Macau saw revenue increases, while Las Vegas and Encore Boston Harbor experienced declines. According to the company, Adjusted Property EBITDAR decreased at Las Vegas and Palace year-over-year.