Wynn Resorts posted $1.70 billion in revenue for the first quarter of 2025, marking an 8.7% decrease compared to the same period last year.
Net income attributable to the company dropped by 49.6% to $72.7 million, while diluted earnings per share fell 46.9% to $0.69.
Adjusted Property EBITDAR declined 17.6% year-on-year to $532.9 million, down from $646.5 million in Q1 2024. Adjusted net income also slipped 36% to $113.1 million, or $1.07 per diluted share.
The downturn was largely due to the absence of exceptional events like the Las Vegas Super Bowl that boosted results in Q1 2024, as well as softer performance from Wynn’s Macau properties, particularly due to underwhelming VIP win rates.
Wynn Macau reported a 19.9% revenue decline to $330.0 million in Q1 2025, down from $411.7 million the previous year. Adjusted Property EBITDAR fell 34.3% to $90.2 million. A key factor was the sharp drop in VIP table game win rate to 1.09%, well below both last year’s 3.39% and the expected 3.1%–3.4% range.
At Wynn Palace, revenue dipped 8.7% to $535.9 million, with EBITDAR down 20% to $161.9 million. The VIP win rate fell from 3.30% to 2.61%, though mass table games win rate saw a slight uptick from 24.5% to 24.8%.
Wynn Las Vegas posted a 1.8% drop in revenue to $625.3 million. EBITDAR declined 9.3% to $223.4 million. The table games win rate dropped to 24.3% from 25.9%, but remained within the expected 22%–26% range.
Encore Boston Harbor saw a 4% decline in revenue to $209.2 million, and EBITDAR dropped 8.9% to $57.5 million. Its table games win rate decreased from 22.6% to 20.5%, still within its expected range.
Wynn also invested an additional $51.2 million into its UAE-based Wynn Al Marjan Island resort during the quarter, raising total investment to $682.9 million. The hotel tower now stands at 47 floors, with the opening planned for 2027-marking Wynn’s first entry into the Middle East.
The company repurchased 2.36 million shares in Q1 at an average price of $84.76, spending $200 million. It still has $613 million in share buyback capacity. A quarterly dividend of $0.25 per share was announced, payable on May 30, 2025.
This update follows Wynn’s FY2024 results, which showed 9.1% revenue growth to $7.13 billion, mainly driven by a strong 14.6% rise in Macau. Still, net income fell 31.4% to $501.1 million due to the normalization of one-off tax benefits.
With Q4 2024 showing flat revenue and a slight EBITDAR dip of 1.8%, Q1 2025 further reflects the impact of high prior-year comparatives and reduced VIP volumes, despite otherwise steady operational performance.
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