Wynn Resorts, Limited Reports Third Quarter 2025 Results
Wynn Resorts (NASDAQ: WYNN) reported third quarter 2025 results on November 6, 2025. Operating revenues were $1.83 billion, up from $1.69 billion in Q3 2024. The company recorded net income attributable of $88.3 million (diluted EPS $0.85) versus a Q3 2024 net loss of $32.1 million (diluted loss per share $0.29).
Adjusted Property EBITDAR was $570.1 million. The Board declared a $0.25 per share cash dividend payable November 26, 2025 (record date November 17, 2025). Cash and cash equivalents totaled $1.49 billion as of September 30, 2025. Total debt outstanding was $10.57 billion. WML issued $1.0 billion of 6.75% notes in August 2025 and redeemed $1.0 billion of 5.5% notes in September 2025. Wynn Al Marjan Island life-to-date cash contributions reached $835.0 million; opening expected in 2027.
Wynn Resorts (NASDAQ: WYNN) ha riportato i risultati del terzo trimestre 2025 il 6 novembre 2025. Le entrate operative sono state $1.83 miliardi, in aumento rispetto a $1.69 miliardi nel Q3 2024. L'azienda ha registrato un utile netto attribuibile di $88.3 milioni (EPS diluito $0.85) contro una perdita netta di $32.1 milioni nel Q3 2024 (perdita per azione diluita $0.29).
Adjusted Property EBITDAR era $570.1 milioni. Il Consiglio ha dichiarato un dividendo in contanti di $0.25 per azione pagabile il 26 novembre 2025 (data di registrazione 17 novembre 2025). Le disponibilità liquide e equivalenti ammontavano a $1.49 miliardi al 30 settembre 2025. Il debito totale in circolazione era $10.57 miliardi. WML ha emesso $1.0 miliardo di note al 6,75% nell'agosto 2025 e ha rimborsato $1.0 miliardo di note al 5,5% nel settembre 2025. I contributi in contanti accumulati di Wynn Al Marjan Island hanno raggiunto $835.0 milioni; l'apertura è prevista per il 2027.
Wynn Resorts (NASDAQ: WYNN) presentó los resultados del tercer trimestre de 2025 el 6 de noviembre de 2025. Los ingresos operativos fueron $1.83 mil millones, frente a $1.69 mil millones en el Q3 2024. La empresa registró ingreso neto atribuible de $88.3 millones (EPS diluido $0.85) frente a una pérdida neta del Q3 2024 de $32.1 millones (pérdida por acción diluida $0.29).
EBITDAR de la Propiedad Ajustado fue $570.1 millones. La Junta declaró un dividendo en efectivo de $0.25 por acción pagadero el 26 de noviembre de 2025 (fecha de registro 17 de noviembre de 2025). Las disponibilidades en efectivo y equivalentes totalizaron $1.49 mil millones al 30 de septiembre de 2025. La deuda total pendiente fue $10.57 mil millones. WML emitió $1.0 mil millones de notas al 6.75% en agosto de 2025 y rescató $1.0 mil millones de notas al 5.5% en septiembre de 2025. Las contribuciones de Wynn Al Marjan Island en efectivo acumuladas alcanzaron $835.0 millones; se espera su apertura en 2027.
Wynn Resorts (NASDAQ: WYNN)가 2025년 11월 6일 2025년 3분기 실적을 발표했습니다. 영업수익은 $18.3억으로 2024년 3분기의 $16.9억에서 증가했습니다. 회사는 당기순이익 attributable를 $8,830만으로 기록했고(희석주당순이익 $0.85), 2024년 3분기 순손실 $3210만(희석손실 per share $0.29)과 대비됩니다.
조정된 자산 EBITDAR은 $57.01천만이었습니다. 이사회는 2025년 11월 26일 배당금 $0.25/주를 선언했으며, 기록일은 2025년 11월 17일입니다. 2025년 9월 30일 기준 현금 및 현금성 자산은 $1490백만이었고, 미지급 부채 총액은 $10570백만이었습니다. WML은 2025년 8월에 6.75%의 노트를 $10억 발행했고, 2025년 9월에 5.5%의 노트를 $10억 상환했습니다. Wynn Al Marjan Island의 현금 기여 누계는 $83.50천만에 도달했으며, 2027년 개장을 목표로 하고 있습니다.
Wynn Resorts (NASDAQ: WYNN) a rendu publics les résultats du troisième trimestre 2025 le 6 novembre 2025. Les revenus opérationnels s’élevaient à $1,83 milliard, contre $1,69 milliard au T3 2024. L’entreprise a enregistré un résultat net attribuable de $88,3 millions (EPS dilué $0,85) contre une perte nette de $32,1 millions au T3 2024 (perte par action diluée $0,29).
EBITDAR Propriété Ajusté était de $570,1 millions. Le Conseil a déclaré un dividende en espèces de 0,25 $ par action payable le 26 novembre 2025 (date d’enregistrement 17 novembre 2025). Les liquidités et équivalents ont totalisé $1,49 milliard au 30 septembre 2025. La dette totale en circulation était de $10,57 milliards. WML a émis des obligations de $1,0 milliard à 6,75% en août 2025 et a racheté des obligations à 5,5% pour $1,0 milliard en septembre 2025. Les contributions en espèces de Wynn Al Marjan Island étaient de $835,0 millions à ce jour; l’ouverture est prévue en 2027.
Wynn Resorts (NASDAQ: WYNN) hat die Ergebnisse des dritten Quartals 2025 am 6. November 2025 bekannt gegeben. Betriebsumsatz betrug $1,83 Milliarden, gegenüber $1,69 Milliarden im Q3 2024. Das Unternehmen verzeichnete bereinigten Nettogewinn attributierbar von $88,3 Millionen (verwässerter Gewinn pro Aktie $0,85) gegenüber einem Q3 2024-Nettoverlust von $32,1 Millionen (verwässerter Verlust pro Aktie $0,29).
Adjustierter Property EBITDAR betrug $570,1 Millionen. Das Board erklärte eine Bardividende von $0,25 pro Aktie, zahlbar am 26. November 2025 (Record Date 17. November 2025). Kassenbestand und Cash-Äquivalente beliefen sich zum 30. September 2025 auf $1,49 Milliarden. Die gesamte ausstehende Verschuldung lag bei $10,57 Milliarden. WML emittierte im August 2025 Anleihen über $1,0 Milliarde mit 6,75% Zins und tilgte im September 2025 Anleihen über $1,0 Milliarde mit 5,5%. Die kumulierten Barkapitalbeiträge von Wynn Al Marjan Island beliefen sich auf $835,0 Millionen; die Eröffnung ist 2027 geplant.
Wynn Resorts (NASDAQ: WYNN) أظهرت نتائج الربع الثالث من 2025 في 6 نوفمبر 2025. إيرادات التشغيل بلغت $1.83 مليار، مقارنة بـ $1.69 مليار في الربع الثالث 2024. سجلت الشركة دخل صافي قابل للتحويل قدره $88.3 مليون (السهم المخفف $0.85) مقابل خسارة صافية في الربع الثالث 2024 قدرها $32.1 مليون (خسارة السهم المخفف $0.29).
EBITDAR الملكية المعدل كان $570.1 مليون. قرر المجلس توزيعا نقديا قدره $0.25 لكل سهم قابلا للدفع في 26 نوفمبر 2025 (تاريخ التسجيل 17 نوفمبر 2025). بلغ النقد وما يعادله نقدا $1.49 مليار كما في 30 سبتمبر 2025. الدين الإجمالي القائم كان $10.57 مليار. أصدرت WML في أغسطس 2025 سندات بقيمة $1.0 مليار بمعدل فائدة 6.75% وتخلّصت من سندات بقيمة $1.0 مليار بمعدل 5.5% في سبتمبر 2025. بلغت مساهمات Wynn Al Marjan Island النقدية حتى تاريخه $835.0 مليون؛ من المتوقع الافتتاح في 2027.
- Net income attributable of $88.3M in Q3 2025
- Diluted EPS of $0.85 in Q3 2025
- Board declared $0.25 per share cash dividend
- WML issued $1.0B 6.75% notes and redeemed $1.0B 2026 notes
- Total debt outstanding of $10.57B as of Sept 30, 2025
- Adjusted net income declined to $88.7M from $98.9M (Q3 YoY)
- Majority of cash ($973.3M) held by Wynn Macau entity (WML)
Insights
Wynn returned to quarterly profit with revenue and Adjusted Property EBITDAR growth and declared a cash dividend.
Consolidated operating revenues rose to
Key dependencies include VIP win volatility (VIP table win as a percentage of turnover ranged from
Watch near-term cash flow and project milestones: completion progress and the opening timeline for Wynn Al Marjan Island expected in
Operating revenues were
"Our third quarter results were marked by impressive EBITDA growth in
Consolidated Results
Operating revenues were
Net income attributable to Wynn Resorts, Limited was
Adjusted Property EBITDAR was
Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were
Wynn Macau
Operating revenues from Wynn Macau were
Las Vegas Operations
Operating revenues from our Las Vegas Operations were
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were
Wynn Al Marjan Island Development
During the third quarter of 2025, the Company contributed
Balance Sheet
Our cash and cash equivalents as of September 30, 2025 totaled
Total current and long-term debt outstanding at September 30, 2025 was
Recent Debt Financing Activities
In August 2025, WML issued
As previously disclosed, in July 2025, we increased the borrowing capacity under the WM Cayman II Revolver by an additional aggregate amount of
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 November 6, 2025 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 November 14, 2025, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 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
Non-GAAP Financial Measures
(1) "Adjusted Property EBITDAR" is net income (loss) 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 (loss), 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 (loss) 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 (loss) attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)
|
|||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Operating revenues: |
|
|
|
|
|
|
|
|
Casino |
|
|
|
|
|
|
|
|
Rooms |
270,484 |
|
284,765 |
|
836,058 |
|
916,700 |
|
Food and beverage |
261,990 |
|
262,597 |
|
772,926 |
|
810,939 |
|
Entertainment, retail and other |
126,556 |
|
127,207 |
|
395,976 |
|
412,359 |
|
Total operating revenues |
1,833,747 |
|
1,693,323 |
|
5,271,941 |
|
5,289,164 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Casino |
705,421 |
|
617,469 |
|
1,983,362 |
|
1,907,426 |
|
Rooms |
86,385 |
|
83,376 |
|
256,524 |
|
245,991 |
|
Food and beverage |
231,100 |
|
220,187 |
|
656,167 |
|
647,351 |
|
Entertainment, retail and other |
54,541 |
|
56,184 |
|
174,768 |
|
190,137 |
|
General and administrative |
275,035 |
|
271,829 |
|
831,539 |
|
808,172 |
|
Provision for credit losses |
4,505 |
|
1,836 |
|
9,254 |
|
4,352 |
|
Pre-opening |
7,289 |
|
2,457 |
|
23,862 |
|
6,050 |
|
Depreciation and amortization |
152,828 |
|
156,273 |
|
461,156 |
|
507,611 |
|
Property charges and other |
6,154 |
|
150,475 |
|
31,631 |
|
206,238 |
|
Total operating expenses |
1,523,258 |
|
1,560,086 |
|
4,428,263 |
|
4,523,328 |
|
Operating income |
310,489 |
|
133,237 |
|
843,678 |
|
765,836 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income |
16,581 |
|
30,729 |
|
51,799 |
|
105,785 |
|
Interest expense, net of amounts capitalized |
(157,581) |
|
(167,922) |
|
(469,740) |
|
(524,922) |
|
Change in derivatives fair value |
(13,176) |
|
(5,523) |
|
(43,827) |
|
(7,920) |
|
Loss on debt financing transactions |
(618) |
|
(109) |
|
(1,701) |
|
(1,670) |
|
Other |
33,868 |
|
21,300 |
|
(10,670) |
|
25,323 |
|
Other income (expense), net |
(120,926) |
|
(121,525) |
|
(474,139) |
|
(403,404) |
|
Income before income taxes |
189,563 |
|
11,712 |
|
369,539 |
|
362,432 |
|
Provision for income taxes |
(61,136) |
|
(17,127) |
|
(82,746) |
|
(45,076) |
|
Net income (loss) |
128,427 |
|
(5,415) |
|
286,793 |
|
317,356 |
|
Less: net income attributable to noncontrolling interests |
(40,086) |
|
(26,638) |
|
(59,487) |
|
(93,250) |
|
Net income (loss) attributable to Wynn Resorts, Limited |
$ 88,341 |
|
$ (32,053) |
|
$ 227,306 |
|
$ 224,106 |
|
Basic and diluted net income (loss) per common share: |
|
|
|
|
|
|
|
|
Net income (loss) attributable to Wynn Resorts, Limited: |
|
|
|
|
|||
|
Basic |
$ 0.86 |
|
$ (0.29) |
|
$ 2.19 |
|
$ 2.03 |
|
Diluted |
$ 0.85 |
|
$ (0.29) |
|
$ 2.18 |
|
$ 2.02 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
102,909 |
|
109,727 |
|
103,955 |
|
110,559 |
|
Diluted |
103,636 |
|
109,727 |
|
104,373 |
|
110,810 |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited)
|
|||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net income (loss) attributable to Wynn Resorts, Limited |
$ 88,341 |
|
$ (32,053) |
|
$ 227,306 |
|
$ 224,106 |
|
Pre-opening expenses |
7,289 |
|
2,457 |
|
23,862 |
|
6,050 |
|
Property charges and other |
6,154 |
|
150,475 |
|
31,631 |
|
206,238 |
|
Change in derivatives fair value |
13,176 |
|
5,523 |
|
43,827 |
|
7,920 |
|
Loss on debt financing transactions |
618 |
|
109 |
|
1,701 |
|
1,670 |
|
Foreign currency remeasurement and other |
(33,868) |
|
(21,300) |
|
10,670 |
|
(25,323) |
|
Income tax impact on adjustments |
2,846 |
|
(10,096) |
|
(2,008) |
|
(20,348) |
|
Noncontrolling interests impact on adjustments |
4,143 |
|
3,787 |
|
(21,810) |
|
(105) |
|
Adjusted net income attributable to Wynn Resorts, Limited |
$ 88,699 |
|
$ 98,902 |
|
$ 315,179 |
|
$ 400,208 |
|
Adjusted net income attributable to Wynn Resorts, Limited per diluted share |
$ 0.86 |
|
$ 0.90 |
|
$ 3.02 |
|
$ 3.61 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - diluted |
103,636 |
|
109,930 |
|
104,373 |
|
110,810 |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
|
|||||||||||||||
|
|
Three Months Ended September 30, 2025 |
||||||||||||||
|
|
Wynn Palace |
|
Wynn
|
|
Other
|
|
Total
Operations |
|
Operations |
|
Encore
Harbor |
|
Corporate and Other |
|
Total |
|
Operating income (loss) |
$ 112,418 |
|
$ 75,195 |
|
$ (9,653) |
|
$ 177,960 |
|
$ 96,813 |
|
$ (2,888) |
|
$ 38,604 |
|
$ 310,489 |
|
Pre-opening expenses |
1 |
|
— |
|
— |
|
1 |
|
210 |
|
— |
|
7,078 |
|
7,289 |
|
Depreciation and amortization |
60,012 |
|
18,157 |
|
399 |
|
78,568 |
|
57,449 |
|
14,194 |
|
2,617 |
|
152,828 |
|
Property charges and other |
4,423 |
|
190 |
|
12 |
|
4,625 |
|
1,262 |
|
128 |
|
139 |
|
6,154 |
|
Management and license fees |
20,206 |
|
11,318 |
|
— |
|
31,524 |
|
29,390 |
|
10,325 |
|
(71,239) |
|
— |
|
Corporate expenses and other |
1,893 |
|
1,912 |
|
8,314 |
|
12,119 |
|
6,784 |
|
1,333 |
|
15,485 |
|
35,721 |
|
Stock-based compensation |
1,329 |
|
1,226 |
|
928 |
|
3,483 |
|
11,505 |
|
360 |
|
7,316 |
|
22,664 |
|
Triple-net operating lease rent expense |
— |
|
— |
|
— |
|
— |
|
— |
|
34,942 |
|
— |
|
34,942 |
|
Adjusted Property EBITDAR |
$ 200,282 |
|
$ 107,998 |
|
$ — |
|
$ 308,280 |
|
$ 203,413 |
|
$ 58,394 |
|
$ — |
|
$ 570,087 |
|
|
Three Months Ended September 30, 2024 |
||||||||||||||
|
|
Wynn Palace |
|
Wynn
|
|
Other
|
|
Total
Operations |
|
Operations |
|
Encore
Harbor |
|
Corporate and Other |
|
Total |
|
Operating income (loss) |
$ 85,417 |
|
$ 66,342 |
|
$ (8,212) |
|
$ 143,547 |
|
$ (28,040) |
|
$ 4,072 |
|
$ 13,658 |
|
$ 133,237 |
|
Pre-opening expenses |
— |
|
— |
|
— |
|
— |
|
884 |
|
2 |
|
1,571 |
|
2,457 |
|
Depreciation and amortization |
55,978 |
|
19,658 |
|
395 |
|
76,031 |
|
61,071 |
|
12,766 |
|
6,405 |
|
156,273 |
|
Property charges and other |
879 |
|
265 |
|
12 |
|
1,156 |
|
130,367 |
|
(1,785) |
|
20,737 |
|
150,475 |
|
Management and license fees |
16,694 |
|
10,943 |
|
— |
|
27,637 |
|
28,616 |
|
10,460 |
|
(66,713) |
|
— |
|
Corporate expenses and other |
2,069 |
|
2,087 |
|
6,687 |
|
10,843 |
|
7,979 |
|
1,768 |
|
15,594 |
|
36,184 |
|
Stock-based compensation |
1,246 |
|
1,299 |
|
1,118 |
|
3,663 |
|
1,843 |
|
354 |
|
7,810 |
|
13,670 |
|
Triple-net operating lease rent expense |
— |
|
— |
|
— |
|
— |
|
— |
|
35,381 |
|
— |
|
35,381 |
|
Adjusted Property EBITDAR |
$ 162,283 |
|
$ 100,594 |
|
$ — |
|
$ 262,877 |
|
$ 202,720 |
|
$ 63,018 |
|
$ (938) |
|
$ 527,677 |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
|
|||||||||||||||
|
|
Nine Months Ended September 30, 2025 |
||||||||||||||
|
|
Wynn Palace |
|
Wynn Macau |
|
Other
|
|
Total
Operations |
|
Operations |
|
Encore
Harbor |
|
Corporate and Other |
|
Total |
|
Operating income (loss) |
$ 267,743 |
|
$ 190,925 |
|
$ (25,276) |
|
$ 433,392 |
|
$ 323,349 |
|
$ (12,576) |
|
$ 99,513 |
|
$ 843,678 |
|
Pre-opening expenses |
4,205 |
|
— |
|
— |
|
4,205 |
|
3,065 |
|
— |
|
16,592 |
|
23,862 |
|
Depreciation and amortization |
175,793 |
|
55,661 |
|
1,195 |
|
232,649 |
|
178,898 |
|
42,389 |
|
7,220 |
|
461,156 |
|
Property charges and other |
6,246 |
|
5,629 |
|
28 |
|
11,903 |
|
10,327 |
|
6,691 |
|
2,710 |
|
31,631 |
|
Management and license fees |
55,311 |
|
32,339 |
|
— |
|
87,650 |
|
88,838 |
|
30,915 |
|
(207,403) |
|
— |
|
Corporate expenses and other |
6,144 |
|
6,306 |
|
21,201 |
|
33,651 |
|
22,272 |
|
4,606 |
|
58,219 |
|
118,748 |
|
Stock-based compensation |
3,931 |
|
3,847 |
|
2,852 |
|
10,630 |
|
34,837 |
|
2,285 |
|
23,149 |
|
70,901 |
|
Triple-net operating lease rent expense |
— |
|
— |
|
— |
|
— |
|
— |
|
105,397 |
|
— |
|
105,397 |
|
Adjusted Property EBITDAR |
$ 519,373 |
|
$ 294,707 |
|
$ — |
|
$ 814,080 |
|
$ 661,586 |
|
$ 179,707 |
|
$ — |
|
|
|
|
Nine Months Ended September 30, 2024 |
||||||||||||||
|
|
Wynn Palace |
|
Wynn
|
|
Other
|
|
Total
Operations |
|
Operations |
|
Encore
Harbor |
|
Corporate and Other |
|
Total |
|
Operating income (loss) |
$ 307,258 |
|
$ 228,518 |
|
$ (24,311) |
|
$ 511,465 |
|
$ 243,147 |
|
$ (30,847) |
|
$ 42,071 |
|
$ 765,836 |
|
Pre-opening expenses |
— |
|
— |
|
— |
|
— |
|
1,620 |
|
649 |
|
3,781 |
|
6,050 |
|
Depreciation and amortization |
166,421 |
|
59,737 |
|
1,165 |
|
227,323 |
|
181,700 |
|
75,842 |
|
22,746 |
|
507,611 |
|
Property charges and other |
12,571 |
|
711 |
|
124 |
|
13,406 |
|
132,542 |
|
(1,615) |
|
61,905 |
|
206,238 |
|
Management and license fees |
52,982 |
|
34,288 |
|
— |
|
87,270 |
|
88,533 |
|
31,483 |
|
(207,286) |
|
— |
|
Corporate expenses and other |
6,457 |
|
6,588 |
|
19,807 |
|
32,852 |
|
23,930 |
|
5,486 |
|
47,531 |
|
109,799 |
|
Stock-based compensation |
3,423 |
|
3,849 |
|
3,215 |
|
10,487 |
|
7,843 |
|
1,159 |
|
24,717 |
|
44,206 |
|
Triple-net operating lease rent expense |
— |
|
— |
|
— |
|
— |
|
— |
|
106,127 |
|
— |
|
106,127 |
|
Adjusted Property EBITDAR |
$ 549,112 |
|
$ 333,691 |
|
$ — |
|
$ 882,803 |
|
$ 679,315 |
|
$ 188,284 |
|
$ (4,535) |
|
|
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
|
|||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net income (loss) attributable to Wynn Resorts, Limited |
$ 88,341 |
|
$ (32,053) |
|
$ 227,306 |
|
$ 224,106 |
|
Net income attributable to noncontrolling interests |
40,086 |
|
26,638 |
|
59,487 |
|
93,250 |
|
Pre-opening expenses |
7,289 |
|
2,457 |
|
23,862 |
|
6,050 |
|
Depreciation and amortization |
152,828 |
|
156,273 |
|
461,156 |
|
507,611 |
|
Property charges and other |
6,154 |
|
150,475 |
|
31,631 |
|
206,238 |
|
Triple-net operating lease rent expense |
34,942 |
|
35,381 |
|
105,397 |
|
106,127 |
|
Corporate expenses and other |
35,721 |
|
36,184 |
|
118,748 |
|
109,799 |
|
Stock-based compensation |
22,664 |
|
13,670 |
|
70,901 |
|
44,206 |
|
Interest income |
(16,581) |
|
(30,729) |
|
(51,799) |
|
(105,785) |
|
Interest expense, net of amounts capitalized |
157,581 |
|
167,922 |
|
469,740 |
|
524,922 |
|
Change in derivatives fair value |
13,176 |
|
5,523 |
|
43,827 |
|
7,920 |
|
Loss on debt financing transactions |
618 |
|
109 |
|
1,701 |
|
1,670 |
|
Other |
(33,868) |
|
(21,300) |
|
10,670 |
|
(25,323) |
|
Provision for income taxes |
61,136 |
|
17,127 |
|
82,746 |
|
45,076 |
|
Adjusted Property EBITDAR |
$ 570,087 |
|
$ 527,677 |
|
|
|
|
|
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 September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
||||
|
|
2025 |
|
2024 |
|
Percent Change |
|
2025 |
|
2024 |
|
Percent Change |
|
Wynn Palace Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ 542,439 |
|
$ 418,043 |
|
29.8 |
|
$ 1,435,245 |
|
$ 1,336,788 |
|
7.4 |
|
Rooms |
37,396 |
|
49,145 |
|
(23.9) |
|
112,492 |
|
153,287 |
|
(26.6) |
|
Food and beverage |
33,293 |
|
31,506 |
|
5.7 |
|
95,477 |
|
93,405 |
|
2.2 |
|
Entertainment, retail and other |
22,344 |
|
21,096 |
|
5.9 |
|
67,828 |
|
71,260 |
|
(4.8) |
|
Total |
$ 635,472 |
|
$ 519,790 |
|
22.3 |
|
$ 1,711,042 |
|
$ 1,654,740 |
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDAR (6) |
$ 200,282 |
|
$ 162,283 |
|
23.4 |
|
$ 519,373 |
|
$ 549,112 |
|
(5.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
VIP: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
52 |
|
57 |
|
(8.8) |
|
53 |
|
58 |
|
(8.6) |
|
VIP turnover |
$ 3,261,314 |
|
$ 3,199,140 |
|
1.9 |
|
|
|
$ 9,930,241 |
|
14.2 |
|
VIP table games win (1) |
$ 152,478 |
|
$ 97,312 |
|
56.7 |
|
$ 373,481 |
|
$ 342,024 |
|
9.2 |
|
VIP table games win as a % of turnover |
4.68 % |
|
3.04 % |
|
|
|
3.29 % |
|
3.44 % |
|
|
|
Table games win per unit per day |
$ 32,401 |
|
$ 18,614 |
|
74.1 |
|
$ 25,888 |
|
$ 21,677 |
|
19.4 |
|
Mass market: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
247 |
|
247 |
|
— |
|
248 |
|
245 |
|
1.2 |
|
Table drop (2) |
$ 2,057,789 |
|
$ 1,694,575 |
|
21.4 |
|
$ 5,606,241 |
|
$ 5,215,019 |
|
7.5 |
|
Table games win (1) |
$ 465,683 |
|
$ 404,307 |
|
15.2 |
|
$ 1,299,679 |
|
$ 1,251,039 |
|
3.9 |
|
Table games win % |
22.6 % |
|
23.9 % |
|
|
|
23.2 % |
|
24.0 % |
|
|
|
Table games win per unit per day |
$ 20,714 |
|
$ 17,801 |
|
16.4 |
|
$ 19,282 |
|
$ 18,620 |
|
3.6 |
|
Average number of slot machines |
653 |
|
596 |
|
9.6 |
|
643 |
|
592 |
|
8.6 |
|
Slot machine handle |
$ 710,156 |
|
$ 577,289 |
|
23.0 |
|
$ 2,202,840 |
|
$ 1,815,623 |
|
21.3 |
|
Slot machine win (3) |
$ 30,482 |
|
$ 27,230 |
|
11.9 |
|
$ 92,320 |
|
$ 83,790 |
|
10.2 |
|
Slot machine win per unit per day |
$ 513 |
|
$ 497 |
|
3.2 |
|
$ 528 |
|
$ 517 |
|
2.1 |
|
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
98.2 % |
|
98.3 % |
|
|
|
98.4 % |
|
98.7 % |
|
|
|
ADR (4) |
$ 221 |
|
$ 295 |
|
(25.1) |
|
$ 225 |
|
$ 315 |
|
(28.6) |
|
REVPAR (5) |
$ 217 |
|
$ 289 |
|
(24.9) |
|
$ 222 |
|
$ 311 |
|
(28.6) |
|
Note: Our casino operations in |
|||||||||||
|
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 September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
||||
|
|
2025 |
|
2024 |
|
Percent Change |
|
2025 |
|
2024 |
|
Percent Change |
|
Wynn Macau Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ 314,489 |
|
$ 296,781 |
|
6.0 |
|
$ 883,419 |
|
$ 923,851 |
|
(4.4) |
|
Rooms |
21,149 |
|
23,755 |
|
(11.0) |
|
66,188 |
|
76,116 |
|
(13.0) |
|
Food and beverage |
17,343 |
|
19,524 |
|
(11.2) |
|
53,155 |
|
60,546 |
|
(12.2) |
|
Entertainment, retail and other |
12,532 |
|
11,897 |
|
5.3 |
|
36,524 |
|
40,457 |
|
(9.7) |
|
Total |
$ 365,513 |
|
$ 351,957 |
|
3.9 |
|
$ 1,039,286 |
|
$ 1,100,970 |
|
(5.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDAR (6) |
$ 107,998 |
|
$ 100,594 |
|
7.4 |
|
$ 294,707 |
|
$ 333,691 |
|
(11.7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
VIP: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
17 |
|
30 |
|
(43.3) |
|
23 |
|
30 |
|
(23.3) |
|
VIP turnover |
$ 1,019,346 |
|
$ 1,201,516 |
|
(15.2) |
|
$ 3,438,127 |
|
$ 3,955,277 |
|
(13.1) |
|
VIP table games win (1) |
$ 29,873 |
|
$ 43,326 |
|
(31.1) |
|
$ 79,025 |
|
$ 122,705 |
|
(35.6) |
|
VIP table games win as a % of turnover |
2.93 % |
|
3.61 % |
|
|
|
2.30 % |
|
3.10 % |
|
|
|
Table games win per unit per day |
$ 18,871 |
|
$ 15,692 |
|
20.3 |
|
$ 12,862 |
|
$ 14,988 |
|
(14.2) |
|
Mass market: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
238 |
|
222 |
|
7.2 |
|
230 |
|
222 |
|
3.6 |
|
Table drop (2) |
$ 1,633,273 |
|
$ 1,515,462 |
|
7.8 |
|
$ 4,793,914 |
|
$ 4,801,533 |
|
(0.2) |
|
Table games win (1) |
$ 305,761 |
|
$ 280,044 |
|
9.2 |
|
$ 875,146 |
|
$ 887,194 |
|
(1.4) |
|
Table games win % |
18.7 % |
|
18.5 % |
|
|
|
18.3 % |
|
18.5 % |
|
|
|
Table games win per unit per day |
$ 14,139 |
|
$ 13,713 |
|
3.1 |
|
$ 13,993 |
|
$ 14,599 |
|
(4.2) |
|
Average number of slot machines |
809 |
|
621 |
|
30.3 |
|
763 |
|
607 |
|
25.7 |
|
Slot machine handle |
$ 855,707 |
|
$ 815,319 |
|
5.0 |
|
$ 2,718,205 |
|
$ 2,347,521 |
|
15.8 |
|
Slot machine win (3) |
$ 25,588 |
|
$ 24,434 |
|
4.7 |
|
$ 75,148 |
|
$ 76,604 |
|
(1.9) |
|
Slot machine win per unit per day |
$ 347 |
|
$ 428 |
|
(18.9) |
|
$ 362 |
|
$ 461 |
|
(21.5) |
|
Poker rake |
$ 2,722 |
|
$ 3,205 |
|
(15.1) |
|
$ 8,778 |
|
$ 11,831 |
|
(25.8) |
|
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
98.8 % |
|
98.9 % |
|
|
|
99.1 % |
|
99.2 % |
|
|
|
ADR (4) |
$ 207 |
|
$ 233 |
|
(11.2) |
|
$ 219 |
|
$ 251 |
|
(12.7) |
|
REVPAR (5) |
$ 205 |
|
$ 230 |
|
(10.9) |
|
$ 217 |
|
$ 249 |
|
(12.9) |
|
Note: Our casino operations in |
|||||||||||
|
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 September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
||||
|
|
2025 |
|
2024 |
|
Percent Change |
|
2025 |
|
2024 |
|
Percent Change |
|
Las Vegas Operations Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ 161,576 |
|
$ 145,186 |
|
11.3 |
|
$ 471,071 |
|
$ 410,023 |
|
14.9 |
|
Rooms |
186,712 |
|
187,123 |
|
(0.2) |
|
590,561 |
|
617,071 |
|
(4.3) |
|
Food and beverage |
192,544 |
|
191,776 |
|
0.4 |
|
566,847 |
|
593,804 |
|
(4.5) |
|
Entertainment, retail and other |
80,180 |
|
83,087 |
|
(3.5) |
|
256,451 |
|
251,476 |
|
2.0 |
|
Total |
$ 621,012 |
|
$ 607,172 |
|
2.3 |
|
$ 1,884,930 |
|
$ 1,872,374 |
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDAR (6) |
$ 203,413 |
|
$ 202,720 |
|
0.3 |
|
$ 661,586 |
|
$ 679,315 |
|
(2.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
233 |
|
235 |
|
(0.9) |
|
234 |
|
234 |
|
— |
|
Table drop (2) |
$ 652,293 |
|
$ 580,800 |
|
12.3 |
|
$ 1,854,052 |
|
$ 1,721,435 |
|
7.7 |
|
Table games win (1) |
$ 150,073 |
|
$ 135,230 |
|
11.0 |
|
$ 427,109 |
|
$ 409,336 |
|
4.3 |
|
Table games win % |
23.0 % |
|
23.3 % |
|
|
|
23.0 % |
|
23.8 % |
|
|
|
Table games win per unit per day |
$ 6,994 |
|
$ 6,256 |
|
11.8 |
|
$ 6,691 |
|
$ 6,380 |
|
4.9 |
|
Average number of slot machines |
1,573 |
|
1,620 |
|
(2.9) |
|
1,575 |
|
1,612 |
|
(2.3) |
|
Slot machine handle |
$ 1,818,133 |
|
$ 1,695,799 |
|
7.2 |
|
$ 5,356,473 |
|
$ 4,840,241 |
|
10.7 |
|
Slot machine win (3) |
$ 123,500 |
|
$ 112,771 |
|
9.5 |
|
$ 370,350 |
|
$ 322,544 |
|
14.8 |
|
Slot machine win per unit per day |
$ 854 |
|
$ 757 |
|
12.8 |
|
$ 861 |
|
$ 730 |
|
17.9 |
|
Poker rake |
$ 5,148 |
|
$ 4,629 |
|
11.2 |
|
$ 17,583 |
|
$ 16,652 |
|
5.6 |
|
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
85.7 % |
|
89.0 % |
|
|
|
87.4 % |
|
89.3 % |
|
|
|
ADR (4) |
$ 505 |
|
$ 495 |
|
2.0 |
|
$ 527 |
|
$ 541 |
|
(2.6) |
|
REVPAR (5) |
$ 433 |
|
$ 441 |
|
(1.8) |
|
$ 461 |
|
$ 483 |
|
(4.6) |
|
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 September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
||||
|
|
2025 |
|
2024 |
|
Percent Change |
|
2025 |
|
2024 |
|
Percent Change |
|
Encore Boston Harbor Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ 156,213 |
|
$ 158,744 |
|
(1.6) |
|
$ 477,246 |
|
$ 478,504 |
|
(0.3) |
|
Rooms |
25,227 |
|
24,742 |
|
2.0 |
|
66,817 |
|
70,226 |
|
(4.9) |
|
Food and beverage |
18,810 |
|
19,791 |
|
(5.0) |
|
57,447 |
|
63,184 |
|
(9.1) |
|
Entertainment, retail and other |
11,500 |
|
10,844 |
|
6.0 |
|
35,173 |
|
32,599 |
|
7.9 |
|
Total |
$ 211,750 |
|
$ 214,121 |
|
(1.1) |
|
$ 636,683 |
|
$ 644,513 |
|
(1.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDAR (6) |
$ 58,394 |
|
$ 63,018 |
|
(7.3) |
|
$ 179,707 |
|
$ 188,284 |
|
(4.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
172 |
|
179 |
|
(3.9) |
|
172 |
|
182 |
|
(5.5) |
|
Table drop (2) |
$ 323,981 |
|
$ 347,082 |
|
(6.7) |
|
$ 1,002,226 |
|
$ 1,072,750 |
|
(6.6) |
|
Table games win (1) |
$ 66,257 |
|
$ 74,048 |
|
(10.5) |
|
$ 208,155 |
|
$ 227,496 |
|
(8.5) |
|
Table games win % |
20.5 % |
|
21.3 % |
|
|
|
20.8 % |
|
21.2 % |
|
|
|
Table games win per unit per day |
$ 4,187 |
|
$ 4,507 |
|
(7.1) |
|
$ 4,433 |
|
$ 4,553 |
|
(2.6) |
|
Average number of slot machines |
2,727 |
|
2,611 |
|
4.4 |
|
2,721 |
|
2,612 |
|
4.2 |
|
Slot machine handle |
$ 1,397,554 |
|
$ 1,378,066 |
|
1.4 |
|
$ 4,120,102 |
|
$ 4,201,520 |
|
(1.9) |
|
Slot machine win (3) |
$ 110,797 |
|
$ 105,550 |
|
5.0 |
|
$ 327,752 |
|
$ 315,773 |
|
3.8 |
|
Slot machine win per unit per day |
$ 442 |
|
$ 439 |
|
0.7 |
|
$ 441 |
|
$ 441 |
|
— |
|
Poker rake |
$ 5,410 |
|
$ 5,334 |
|
1.4 |
|
$ 16,482 |
|
$ 16,422 |
|
0.4 |
|
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
95.5 % |
|
96.9 % |
|
|
|
92.2 % |
|
94.4 % |
|
|
|
ADR (4) |
$ 431 |
|
$ 426 |
|
1.2 |
|
$ 399 |
|
$ 410 |
|
(2.7) |
|
REVPAR (5) |
$ 412 |
|
$ 412 |
|
— |
|
$ 368 |
|
$ 387 |
|
(4.9) |
|
(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 |
|
(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 (Loss) 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-third-quarter-2025-results-302607731.html
SOURCE Wynn Resorts, Limited
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