Wynn Resorts, Limited has announced strong Q3 2025 results, driven by significant growth in Macau and continued success in Las Vegas. The company reported operating revenues of $1.83 billion for the quarter ending September 30, 2025, a $140.4 million increase from the same period last year. Net income attributable to Wynn Resorts was $88.3 million, reversing a $32.1 million loss in Q3 2024.
According to the company’s report, adjusted property EBITDAR rose to $570.1 million from $527.7 million the previous year. Diluted earnings per share improved to $0.85, compared to a loss of $0.29 per share last year. CEO Craig Billings highlighted impressive EBITDA growth in Macau and continued outperformance in Las Vegas.
Billings stated, “In Macau, we achieved healthy market share and saw a significant increase in mass table drop year over year. In Las Vegas, the team delivered another quarter of year over year EBITDA growth and continued to take gaming market share.”
Wynn announced a cash dividend of $0.25 per share, payable on November 26, 2025, to shareholders of record as of November 17, 2025.
Macau operations were the standout performer, with operating revenues rising 14.8% year-on-year and 13.4% quarter-on-quarter to $1.01 billion, driven by stronger mass-market performance and a rebound in VIP hold. Adjusted Property EBITDA in Macau increased to $308 million, up from $263 million in the same period of 2024.
At Wynn Palace, operating revenues rose 22.3% to $635.5 million, while Adjusted Property EBITDAR increased 23.4% to $200.3 million. Casino revenue grew 29.8% year-on-year, with mass table drop up 21.4% and slot handle up 19%. VIP win surged 56.7%, reaching $152.5 million.
Wynn Macau recorded $365.5 million in operating revenues, a 3.8% annual increase. Adjusted Property EBITDAR grew 7.4% to $108 million, supported by a 9.2% rise in mass table win to $305.8 million and a 4.7% gain in slot win to $25.6 million, despite a decline in VIP turnover.
Billings commented, “Macau delivered very strong results in the quarter which were further aided by higher-than-normal VIP hold. The business generated $308 million in EBITDA including $23 million of VIP hold benefit.” He added that mass gaming volumes “remained strong through October and early November,” citing double-digit market-wide growth in gross gaming revenue.
In the United States, Las Vegas operations maintained growth momentum, with revenues up $13.8 million year-on-year. Wynn’s Encore Boston Harbor saw a modest decline of $2.4 million compared with Q3 2024. Overall, domestic operations remained profitable, bolstered by steady performance in gaming and hospitality segments.
The company also advanced the construction of Wynn Al Marjan Island in the United Arab Emirates, a 70-story luxury resort set to open in 2027. Billings said, “We 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.” Wynn contributed $93.9 million to the project during the third quarter, bringing total investment to $835 million to date.
Analysts at JP Morgan Securities (Asia Pacific) noted that Wynn Macau Ltd met elevated market expectations, with EBITDA margins expanding by over 200 basis points quarter-on-quarter to 30.8%. The improvement was attributed to lower reinvestment rates and better operating efficiency.
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- Source: SCCGManagement.com