Wynn Resorts locked in a $100-million profit during the fourth quarter. While Q4 2025 revenues were better than expected, Wynn’s earnings came in light.
Key Takeaways
- Revenues for the high-end casino resort came in at $1.87 billion, which was a $27.7 million improvement over Q4 2024.
- Adjusted earnings for the quarter were $1.17 per share, which was lower than the $1.33 per share expected by Wall Street.
- Wynn’s expansion in Macau and the pending opening of Wynn Al Marjan Island will allow it to capitalize on premium customer growth throughout the world.
Wynn CEO Craig Scott Billings started the casino resorts earnings call talking about the future. He highlighted Wynn’s strategy to enhance its global diversification. Specifically, he mentioned the expansion of the Chairman’s Club at Wynn Palaces, tripling its floorspace for its VIP customers. The expanded space should be open by Chinese New Year.
Meanwhile, Wynn Al Marjan Island is on target for its 2027 opening, with all 70 floors of its tower complete.
With these additions, Wynn feels it can better capitalize on the primary global financial hubs, meeting the affluent customer where they are.
“More broadly, we are moving toward a portfolio where we expect over 55% of our revenues will be generated in non-U.S. dollar denominated markets from assets we developed and operate, each meticulously designed around the most valuable consumers in these key markets,” Billings noted. “So as we begin 2026, Wynn Resorts, Limited is on track to become one of the most globally diversified companies in our industry.”
Billings also mentioned the growth in AI. While AI references are de rigueur this earnings season, most companies talk about how they are using it to reduce costs. Wynn, however, is looking forward to all the wealth AI will generate, creating even more demand for high-end accommodations.
Or as Billings put it, “expanding wealth creation will continue to drive demand for what Wynn Resorts, Limited has always delivered: exceptional product and service for the world's most discerning customers.”
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Don’t knock stability
Wynn’s earnings call eventually had to address the lackluster Q4 2025 results. Considering the current headwinds for the sector, however, Wynn’s results were solid.
“Our fourth quarter results reflect continued strength throughout the business and ongoing progress in our global development initiatives,” said Billings. “The team in Las Vegas delivered another quarter of healthy EBITDA highlighted by year-on-year improvements 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.”
Wynn Las Vegas revenues were $688.1 million for the quarter, down just $11.4 million compared to Q4 2024. Likewise, Encore Boston’s revenues were a tad lower compared to the same quarter in 2024, coming in at $210.2 million versus $212.7 million.
Macau continued to be a bright spot. Wynn Palace’s revenues were $596.4 million, up from $562.9 million for the same quarter a year earlier. And Wynn Macau’s revenues also improved, coming in at $371.3 million, up from $363.7 million.
