Wynn Resorts announced Thursday it generated $1.83 billion in operating revenues for the quarter ending Sept. 30, up 7.7% compared to Q3 2024. Analysts had expected revenues of roughly $1.75 billion.
Key Takeaways
- Wynn bucks Las Vegas’ downtrend, as the high-end market remains resilient.
- Macau's resurgence helped push Wynn back into the black.
- Wynn Al Marjan Island, UAE’s first legal casino resort, is still on track for a 2027 opening.
Wynn Resorts posted a profitable Q3 2025, bolstered by strong Macau results. The casino juggernaut earned a net income of $88.3 million for the quarter. While analysts expected earnings slightly above $100 million, the quarter was still a return to profitability for Wynn, which lost $32.1 million in Q3 2024.
"Our third quarter results were marked by impressive EBITDA growth in Macau, and continued outperformance in Las Vegas," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we achieved healthy market share and saw a significant increase in mass table drop year over year."
Enjoying Covers content? Add us as a preferred source on your Google accountBillings continued: "In Las Vegas, the team delivered another quarter of year over year EBITDA growth and continued to take gaming market share. We also made significant progress on the completion of Wynn Al Marjan Island, where we are now pouring concrete for the remaining few floors of the 70-story tower."
Revenue growth in beleaguered Las Vegas
Wynn did surprisingly well in Las Vegas, growing operating revenue by 2.2%. While that may not seem like a lot, Sin City is experiencing some troubling headwinds. Tourism dropped throughout the summer, and it doesn’t look like things have turned the corner quite yet. Visitor volume was down 8.8% in September, while convention attendance was off 18.7% compared to September 2024, according to the Las Vegas Convention and Visitors Authority.
Both Caesars Entertainment and MGM Resorts cited weak Las Vegas metrics as the cause for the decline in their Q3 revenues. Wynn’s revenue growth is further evidence that the headwinds in Vegas are stronger at the lower end of the market.
Macau kicks into high gear
Meanwhile, Wynn’s Macau properties, which had lagged during the first quarter, showed signs of life during the third quarter. This was most notable at Wynn Palace, which had a stunning 18.2% increase in operating revenues. Wynn Macau saw a more muted increase of 3.7%.
Wynn’s Encore Boston Harbor was the only property to see a decrease in revenue. Operating revenues were down 1.4% compared to the same quarter last year.
Given the relative strength of its international properties, Wynn is understandably more focused on foreign versus domestic development. Wynn recently withdrew from contention for one of New York City’s three casino licenses.
“The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders, such as investment in our existing and upcoming developments and stock buybacks, than investing in an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers,” Wynn said in a statement.
Clearly, one of Wynn’s future accretive projects is the Wynn Al Marjan. The $3.9-billion resort is still on schedule for completion in March 2027. The UAE’s first integrated gaming property will have more than 1,500 hotel rooms and 22 dining venues.
