Despite a well-documented summer slowdown in Las Vegas tourism, Wynn Resorts managed to sidestep much of the impact in its second-quarter 2025 results.
Las Vegas visitor numbers fell 11% in June, according to the Las Vegas Convention and Visitors Authority, signaling that economic pressures may be deterring travel. However, Wynn, which focuses on an upscale clientele, reported resilience. The company’s Las Vegas hotels achieved an average daily rate of $548, up 3% year-on-year – a key performance metric linked to occupancy and revenue. CEO Craig Billings also highlighted solid table game and slot machine results, as well as strong spending in luxury dining venues.
Billings pointed to healthy forward bookings in July and a strong outlook for convention and group business heading into Q4, with particular optimism for this year’s Formula 1 Las Vegas Grand Prix.
Even so, Wynn’s quarterly net income dropped to $66.2 million ($0.64 per share) from $111.9 million ($0.91 per share) in Q2 2024. Adjusted earnings per share came in at $1.09, missing analyst forecasts of $1.20. In Macau, revenue reached $343.8 million, hindered by weaker VIP performance, which reduced earnings by about $13 million.
On the market, Wynn shares traded near $105 Friday morning, down around 2% on the day, but remain up roughly 60% since April’s tariff announcement by President Donald Trump and 37% over the past year.
In Las Vegas, operating revenue rose to $638.6 million from $628.7 million a year earlier, with increases in both drop and handle. Adjusted property EBITDA for the segment hit $234.8 million, slightly above last year’s $230.3 million.
Wynn also revealed plans to remodel the Encore Tower starting next spring, with a year-long project estimated at $330 million, according to CFO Julie Mireille Cameron-Doe.
While Las Vegas operations delivered a strong quarter, the overall profit decline weighed on investor sentiment, contributing to Friday’s dip in share price.
