Wynn Resorts, Limited Reports Third Quarter 2025 Results
LAS VEGAS, Nov. 6, 2025 /PRNewswire/ -- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2025.
Operating revenues were $1.83 billion for the third quarter of 2025, an increase of $140.4 million from $1.69 billion for the third quarter of 2024. Net income attributable to Wynn Resorts, Limited was $88.3 million for the third quarter of 2025, compared to net loss attributable to Wynn Resorts, Limited of $32.1 million for the third quarter of 2024. Diluted net income per share was $0.85 for the third quarter of 2025, compared to diluted net loss per share of $0.29 for the third quarter of 2024. Adjusted Property EBITDAR (1) was $570.1 million for the third quarter of 2025, compared to Adjusted Property EBITDAR of $527.7 million for the third quarter of 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. 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."
Consolidated Results
Operating revenues were $1.83 billion for the third quarter of 2025, an increase of $140.4 million from $1.69 billion for the third quarter of 2024. For the third quarter of 2025, operating revenues increased $115.7 million, $13.8 million, and $13.6 million at Wynn Palace, our Las Vegas Operations, and Wynn Macau, respectively, and decreased $2.4 million at Encore Boston Harbor, from the third quarter of 2024.
Net income attributable to Wynn Resorts, Limited was $88.3 million for the third quarter of 2025, compared to net loss attributable to Wynn Resorts, Limited of $32.1 million for the third quarter of 2024. Diluted net income per share was $0.85 for the third quarter of 2025, compared to diluted net loss per share of $0.29 for the third quarter of 2024. Adjusted net income attributable to Wynn Resorts, Limited (2) was $88.7 million, or $0.86 per diluted share, for the third quarter of 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $98.9 million, or $0.90 per diluted share, for the third quarter of 2024.
Adjusted Property EBITDAR was $570.1 million for the third quarter of 2025, an increase of $42.4 million compared to Adjusted Property EBITDAR of $527.7 million for the third quarter of 2024. For the third quarter of 2025, Adjusted Property EBITDAR increased $38.0 million, $7.4 million, and $0.7 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $4.6 million at Encore Boston Harbor, from the third quarter of 2024.
Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on November 26, 2025 to stockholders of record as of November 17, 2025.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $635.5 million for the third quarter of 2025, an increase of $115.7 million from $519.8 million for the third quarter of 2024. Adjusted Property EBITDAR from Wynn Palace was $200.3 million for the third quarter of 2025, compared to $162.3 million for the third quarter of 2024. Table games win percentage in mass market operations was 22.6%, below the 23.9% experienced in the third quarter of 2024. VIP table games win as a percentage of turnover was 4.68%, above the property's expected range of 3.1% to 3.4% and above the 3.04% experienced in the third quarter of 2024.
Wynn Macau
Operating revenues from Wynn Macau were $365.5 million for the third quarter of 2025, an increase of $13.6 million from $352.0 million for the third quarter of 2024. Adjusted Property EBITDAR from Wynn Macau was $108.0 million for the third quarter of 2025, compared to $100.6 million for the third quarter of 2024. Table games win percentage in mass market operations was 18.7%, slightly above the 18.5% experienced in the third quarter of 2024. VIP table games win as a percentage of turnover was 2.93%, below the property's expected range of 3.1% to 3.4% and below the 3.61% experienced in the third quarter of 2024.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $621.0 million for the third quarter of 2025, an increase of $13.8 million from $607.2 million for the third quarter of 2024. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2025 was $203.4 million, compared to $202.7 million for the third quarter of 2024. Table games win percentage for the third quarter of 2025 was 23.0%, within the property's expected range of 22% to 26% and slightly below the 23.3% experienced in the third quarter of 2024.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $211.8 million for the third quarter of 2025, a decrease of $2.4 million from $214.1 million for the third quarter of 2024. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2025 was $58.4 million, compared to $63.0 million for the third quarter of 2024. Table games win percentage for the third quarter of 2025 was 20.5%, within the property's expected range of 18% to 22% and below the 21.3% experienced in the third quarter of 2024.
Wynn Al Marjan Island Development
During the third quarter of 2025, the Company contributed $93.9 million of cash to the 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $835.0 million. Wynn Al Marjan Island is currently expected to open in 2027.
Balance Sheet
Our cash and cash equivalents as of September 30, 2025 totaled $1.49 billion, excluding $475.0 million of short-term investments held by Wynn Macau, Limited ("WML"). Cash and cash equivalents is comprised of $973.3 million held by WML and subsidiaries, $228.7 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $284.3 million held at Corporate and other. As of September 30, 2025, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $1.23 billion and $1.36 billion, respectively.
Total current and long-term debt outstanding at September 30, 2025 was $10.57 billion, comprised of $5.81 billion of Macau related debt, $876.0 million of Wynn Las Vegas debt, $3.28 billion of WRF debt, and $598.1 million of debt held by the retail joint venture which we consolidate.
Recent Debt Financing Activities
In August 2025, WML issued $1.0 billion aggregate principal amount of 6 3/4% Senior Notes due 2034, and in September 2025, used the net proceeds from the offering, along with cash on hand, to redeem in full the outstanding $1.0 billion aggregate principal amount of its 5 1/2% Senior Notes due 2026 at a price equal to 100% of the principal amount.
As previously disclosed, in July 2025, we increased the borrowing capacity under the WM Cayman II Revolver by an additional aggregate amount of $1.0 billion equivalent through the exercise of an accordion feature under the existing facility agreement, bringing the total committed amount to $2.5 billion equivalent.
Conference Call and Other Information
The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on November 6, 2025 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before November 14, 2025, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 2025 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.
Forward-looking Statements
This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other expenses, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Operating revenues:
Casino
$ 1,174,717
$ 1,018,754
$ 3,266,981
$ 3,149,166
Rooms
270,484
284,765
836,058
916,700
Food and beverage
261,990
262,597
772,926
810,939
Entertainment, retail and other
126,556
127,207
395,976
412,359
Total operating revenues
1,833,747
1,693,323
5,271,941
5,289,164
Operating expenses:
Casino
705,421
617,469
1,983,362
1,907,426
Rooms
86,385
83,376
256,524
245,991
Food and beverage
231,100
220,187
656,167
647,351
Entertainment, retail and other
54,541
56,184
174,768
190,137
General and administrative
275,035
271,829
831,539
808,172
Provision for credit losses
4,505
1,836
9,254
4,352
Pre-opening
7,289
2,457
23,862
6,050
Depreciation and amortization
152,828
156,273
461,156
507,611
Property charges and other
6,154
150,475
31,631
206,238
Total operating expenses
1,523,258
1,560,086
4,428,263
4,523,328
Operating income
310,489
133,237
843,678
765,836
Other income (expense):
Interest income
16,581
30,729
51,799
105,785
Interest expense, net of amounts capitalized
(157,581)
(167,922)
(469,740)
(524,922)
Change in derivatives fair value
(13,176)
(5,523)
(43,827)
(7,920)
Loss on debt financing transactions
(618)
(109)
(1,701)
(1,670)
Other
33,868
21,300
(10,670)
25,323
Other income (expense), net
(120,926)
(121,525)
(474,139)
(403,404)
Income before income taxes
189,563
11,712
369,539
362,432
Provision for income taxes
(61,136)
(17,127)
(82,746)
(45,076)
Net income (loss)
128,427
(5,415)
286,793
317,356
Less: net income attributable to noncontrolling interests
(40,086)
(26,638)
(59,487)
(93,250)
Net income (loss) attributable to Wynn Resorts, Limited
$ 88,341
$ (32,053)
$ 227,306
$ 224,106
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic
$ 0.86
$ (0.29)
$ 2.19
$ 2.03
Diluted
$ 0.85
$ (0.29)
$ 2.18
$ 2.02
Weighted average common shares outstanding:
Basic
102,909
109,727
103,955
110,559
Diluted
103,636
109,727
104,373
110,810
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Net income (loss) attributable to Wynn Resorts, Limited
$ 88,341
$ (32,053)
$ 227,306
$ 224,106
Pre-opening expenses
7,289
2,457
23,862
6,050
Property charges and other
6,154
150,475
31,631
206,238
Change in derivatives fair value
13,176
5,523
43,827
7,920
Loss on debt financing transactions
618
109
1,701
1,670
Foreign currency remeasurement and other
(33,868)
(21,300)
10,670
(25,323)
Income tax impact on adjustments
2,846
(10,096)
(2,008)
(20,348)
Noncontrolling interests impact on adjustments
4,143
3,787
(21,810)
(105)
Adjusted net income attributable to Wynn Resorts, Limited
$ 88,699
$ 98,902
$ 315,179
$ 400,208
Adjusted net income attributable to Wynn Resorts, Limited per diluted share
$ 0.86
$ 0.90
$ 3.02
$ 3.61
Weighted average common shares outstanding - diluted
103,636
109,930
104,373
110,810
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Three Months Ended September 30, 2025
Wynn
Palace
Wynn
Macau
Other
Macau
Total
Macau
Operations
Las Vegas
Operations
Encore
Boston
Harbor
Corporate
and Other
Total
Operating income (loss)
$ 112,418
$ 75,195
$ (9,653)
$ 177,960
$ 96,813
$ (2,888)
$ 38,604
$ 310,489
Pre-opening expenses
1
—
—
1
210
—
7,078
7,289
Depreciation and amortization
60,012
18,157
399
78,568
57,449
14,194
2,617
152,828
Property charges and other
4,423
190
12
4,625
1,262
128
139
6,154
Management and license fees
20,206
11,318
—
31,524
29,390
10,325
(71,239)
—
Corporate expenses and other
1,893
1,912
8,314
12,119
6,784
1,333
15,485
35,721
Stock-based compensation
1,329
1,226
928
3,483
11,505
360
7,316
22,664
Triple-net operating lease rent expense
—
—
—
—
—
34,942
—
34,942
Adjusted Property EBITDAR
$ 200,282
$ 107,998
$ —
$ 308,280
$ 203,413
$ 58,394
$ —
$ 570,087
Three Months Ended September 30, 2024
Wynn
Palace
Wynn
Macau
Other
Macau
Total
Macau
Operations
Las Vegas
Operations
Encore
Boston
Harbor
Corporate
and Other
Total
Operating income (loss)
$ 85,417
$ 66,342
$ (8,212)
$ 143,547
$ (28,040)
$ 4,072
$ 13,658
$ 133,237
Pre-opening expenses
—
—
—
—
884
2
1,571
2,457
Depreciation and amortization
55,978
19,658
395
76,031
61,071
12,766
6,405
156,273
Property charges and other
879
265
12
1,156
130,367
(1,785)
20,737
150,475
Management and license fees
16,694
10,943
—
27,637
28,616
10,460
(66,713)
—
Corporate expenses and other
2,069
2,087
6,687
10,843
7,979
1,768
15,594
36,184
Stock-based compensation
1,246
1,299
1,118
3,663
1,843
354
7,810
13,670
Triple-net operating lease rent expense
—
—
—
—
—
35,381
—
35,381
Adjusted Property EBITDAR
$ 162,283
$ 100,594
$ —
$ 262,877
$ 202,720
$ 63,018
$ (938)
$ 527,677
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Nine Months Ended September 30, 2025
Wynn
Palace
Wynn
Macau
Other
Macau
Total
Macau
Operations
Las Vegas
Operations
Encore
Boston
Harbor
Corporate
and Other
Total
Operating income (loss)
$ 267,743
$ 190,925
$ (25,276)
$ 433,392
$ 323,349
$ (12,576)
$ 99,513
$ 843,678
Pre-opening expenses
4,205
—
—
4,205
3,065
—
16,592
23,862
Depreciation and amortization
175,793
55,661
1,195
232,649
178,898
42,389
7,220
461,156
Property charges and other
6,246
5,629
28
11,903
10,327
6,691
2,710
31,631
Management and license fees
55,311
32,339
—
87,650
88,838
30,915
(207,403)
—
Corporate expenses and other
6,144
6,306
21,201
33,651
22,272
4,606
58,219
118,748
Stock-based compensation
3,931
3,847
2,852
10,630
34,837
2,285
23,149
70,901
Triple-net operating lease rent expense
—
—
—
—
—
105,397
—
105,397
Adjusted Property EBITDAR
$ 519,373
$ 294,707
$ —
$ 814,080
$ 661,586
$ 179,707
$ —
$ 1,655,373
Nine Months Ended September 30, 2024
Wynn
Palace
Wynn
Macau
Other
Macau
Total
Macau
Operations
Las Vegas
Operations
Encore
Boston
Harbor
Corporate
and Other
Total
Operating income (loss)
$ 307,258
$ 228,518
$ (24,311)
$ 511,465
$ 243,147
$ (30,847)
$ 42,071
$ 765,836
Pre-opening expenses
—
—
—
—
1,620
649
3,781
6,050
Depreciation and amortization
166,421
59,737
1,165
227,323
181,700
75,842
22,746
507,611
Property charges and other
12,571
711
124
13,406
132,542
(1,615)
61,905
206,238
Management and license fees
52,982
34,288
—
87,270
88,533
31,483
(207,286)
—
Corporate expenses and other
6,457
6,588
19,807
32,852
23,930
5,486
47,531
109,799
Stock-based compensation
3,423
3,849
3,215
10,487
7,843
1,159
24,717
44,206
Triple-net operating lease rent expense
—
—
—
—
—
106,127
—
106,127
Adjusted Property EBITDAR
$ 549,112
$ 333,691
$ —
$ 882,803
$ 679,315
$ 188,284
$ (4,535)
$ 1,745,867
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Net income (loss) attributable to Wynn Resorts, Limited
$ 88,341
$ (32,053)
$ 227,306
$ 224,106
Net income attributable to noncontrolling interests
40,086
26,638
59,487
93,250
Pre-opening expenses
7,289
2,457
23,862
6,050
Depreciation and amortization
152,828
156,273
461,156
507,611
Property charges and other
6,154
150,475
31,631
206,238
Triple-net operating lease rent expense
34,942
35,381
105,397
106,127
Corporate expenses and other
35,721
36,184
118,748
109,799
Stock-based compensation
22,664
13,670
70,901
44,206
Interest income
(16,581)
(30,729)
(51,799)
(105,785)
Interest expense, net of amounts capitalized
157,581
167,922
469,740
524,922
Change in derivatives fair value
13,176
5,523
43,827
7,920
Loss on debt financing transactions
618
109
1,701
1,670
Other
(33,868)
(21,300)
10,670
(25,323)
Provision for income taxes
61,136
17,127
82,746
45,076
Adjusted Property EBITDAR
$ 570,087
$ 527,677
$ 1,655,373
$ 1,745,867
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
Percent
Change
2025
2024
Percent
Change
Wynn Palace Supplemental Information
Operating revenues
Casino
$ 542,439
$ 418,043
29.8
$ 1,435,245
$ 1,336,788
7.4
Rooms
37,396
49,145
(23.9)
112,492
153,287
(26.6)
Food and beverage
33,293
31,506
5.7
95,477
93,405
2.2
Entertainment, retail and other
22,344
21,096
5.9
67,828
71,260
(4.8)
Total
$ 635,472
$ 519,790
22.3
$ 1,711,042
$ 1,654,740
3.4
Adjusted Property EBITDAR (6)
$ 200,282
$ 162,283
23.4
$ 519,373
$ 549,112
(5.4)
Casino statistics:
VIP:
Average number of table games
52
57
(8.8)
53
58
(8.6)
VIP turnover
$ 3,261,314
$ 3,199,140
1.9
$ 11,337,407
$ 9,930,241
14.2
VIP table games win (1)
$ 152,478
$ 97,312
56.7
$ 373,481
$ 342,024
9.2
VIP table games win as a % of turnover
4.68 %
3.04 %
3.29 %
3.44 %
Table games win per unit per day
$ 32,401
$ 18,614
74.1
$ 25,888
$ 21,677
19.4
Mass market:
Average number of table games
247
247
—
248
245
1.2
Table drop (2)
$ 2,057,789
$ 1,694,575
21.4
$ 5,606,241
$ 5,215,019
7.5
Table games win (1)
$ 465,683
$ 404,307
15.2
$ 1,299,679
$ 1,251,039
3.9
Table games win %
22.6 %
23.9 %
23.2 %
24.0 %
Table games win per unit per day
$ 20,714
$ 17,801
16.4
$ 19,282
$ 18,620
3.6
Average number of slot machines
653
596
9.6
643
592
8.6
Slot machine handle
$ 710,156
$ 577,289
23.0
$ 2,202,840
$ 1,815,623
21.3
Slot machine win (3)
$ 30,482
$ 27,230
11.9
$ 92,320
$ 83,790
10.2
Slot machine win per unit per day
$ 513
$ 497
3.2
$ 528
$ 517
2.1
Room statistics:
Occupancy
98.2 %
98.3 %
98.4 %
98.7 %
ADR (4)
$ 221
$ 295
(25.1)
$ 225
$ 315
(28.6)
REVPAR (5)
$ 217
$ 289
(24.9)
$ 222
$ 311
(28.6)
Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
Percent
Change
2025
2024
Percent
Change
Wynn Macau Supplemental Information
Operating revenues
Casino
$ 314,489
$ 296,781
6.0
$ 883,419
$ 923,851
(4.4)
Rooms
21,149
23,755
(11.0)
66,188
76,116
(13.0)
Food and beverage
17,343
19,524
(11.2)
53,155
60,546
(12.2)
Entertainment, retail and other
12,532
11,897
5.3
36,524
40,457
(9.7)
Total
$ 365,513
$ 351,957
3.9
$ 1,039,286
$ 1,100,970
(5.6)
Adjusted Property EBITDAR (6)
$ 107,998
$ 100,594
7.4
$ 294,707
$ 333,691
(11.7)
Casino statistics:
VIP:
Average number of table games
17
30
(43.3)
23
30
(23.3)
VIP turnover
$ 1,019,346
$ 1,201,516
(15.2)
$ 3,438,127
$ 3,955,277
(13.1)
VIP table games win (1)
$ 29,873
$ 43,326
(31.1)
$ 79,025
$ 122,705
(35.6)
VIP table games win as a % of turnover
2.93 %
3.61 %
2.30 %
3.10 %
Table games win per unit per day
$ 18,871
$ 15,692
20.3
$ 12,862
$ 14,988
(14.2)
Mass market:
Average number of table games
238
222
7.2
230
222
3.6
Table drop (2)
$ 1,633,273
$ 1,515,462
7.8
$ 4,793,914
$ 4,801,533
(0.2)
Table games win (1)
$ 305,761
$ 280,044
9.2
$ 875,146
$ 887,194
(1.4)
Table games win %
18.7 %
18.5 %
18.3 %
18.5 %
Table games win per unit per day
$ 14,139
$ 13,713
3.1
$ 13,993
$ 14,599
(4.2)
Average number of slot machines
809
621
30.3
763
607
25.7
Slot machine handle
$ 855,707
$ 815,319
5.0
$ 2,718,205
$ 2,347,521
15.8
Slot machine win (3)
$ 25,588
$ 24,434
4.7
$ 75,148
$ 76,604
(1.9)
Slot machine win per unit per day
$ 347
$ 428
(18.9)
$ 362
$ 461
(21.5)
Poker rake
$ 2,722
$ 3,205
(15.1)
$ 8,778
$ 11,831
(25.8)
Room statistics:
Occupancy
98.8 %
98.9 %
99.1 %
99.2 %
ADR (4)
$ 207
$ 233
(11.2)
$ 219
$ 251
(12.7)
REVPAR (5)
$ 205
$ 230
(10.9)
$ 217
$ 249
(12.9)
Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
Percent
Change
2025
2024
Percent
Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino
$ 161,576
$ 145,186
11.3
$ 471,071
$ 410,023
14.9
Rooms
186,712
187,123
(0.2)
590,561
617,071
(4.3)
Food and beverage
192,544
191,776
0.4
566,847
593,804
(4.5)
Entertainment, retail and other
80,180
83,087
(3.5)
256,451
251,476
2.0
Total
$ 621,012
$ 607,172
2.3
$ 1,884,930
$ 1,872,374
0.7
Adjusted Property EBITDAR (6)
$ 203,413
$ 202,720
0.3
$ 661,586
$ 679,315
(2.6)
Casino statistics:
Average number of table games
233
235
(0.9)
234
234
—
Table drop (2)
$ 652,293
$ 580,800
12.3
$ 1,854,052
$ 1,721,435
7.7
Table games win (1)
$ 150,073
$ 135,230
11.0
$ 427,109
$ 409,336
4.3
Table games win %
23.0 %
23.3 %
23.0 %
23.8 %
Table games win per unit per day
$ 6,994
$ 6,256
11.8
$ 6,691
$ 6,380
4.9
Average number of slot machines
1,573
1,620
(2.9)
1,575
1,612
(2.3)
Slot machine handle
$ 1,818,133
$ 1,695,799
7.2
$ 5,356,473
$ 4,840,241
10.7
Slot machine win (3)
$ 123,500
$ 112,771
9.5
$ 370,350
$ 322,544
14.8
Slot machine win per unit per day
$ 854
$ 757
12.8
$ 861
$ 730
17.9
Poker rake
$ 5,148
$ 4,629
11.2
$ 17,583
$ 16,652
5.6
Room statistics:
Occupancy
85.7 %
89.0 %
87.4 %
89.3 %
ADR (4)
$ 505
$ 495
2.0
$ 527
$ 541
(2.6)
REVPAR (5)
$ 433
$ 441
(1.8)
$ 461
$ 483
(4.6)
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR, and REVPAR)
(unaudited) (continued)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
Percent
Change
2025
2024
Percent
Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino
$ 156,213
$ 158,744
(1.6)
$ 477,246
$ 478,504
(0.3)
Rooms
25,227
24,742
2.0
66,817
70,226
(4.9)
Food and beverage
18,810
19,791
(5.0)
57,447
63,184
(9.1)
Entertainment, retail and other
11,500
10,844
6.0
35,173
32,599
7.9
Total
$ 211,750
$ 214,121
(1.1)
$ 636,683
$ 644,513
(1.2)
Adjusted Property EBITDAR (6)
$ 58,394
$ 63,018
(7.3)
$ 179,707
$ 188,284
(4.6)
Casino statistics:
Average number of table games
172
179
(3.9)
172
182
(5.5)
Table drop (2)
$ 323,981
$ 347,082
(6.7)
$ 1,002,226
$ 1,072,750
(6.6)
Table games win (1)
$ 66,257
$ 74,048
(10.5)
$ 208,155
$ 227,496
(8.5)
Table games win %
20.5 %
21.3 %
20.8 %
21.2 %
Table games win per unit per day
$ 4,187
$ 4,507
(7.1)
$ 4,433
$ 4,553
(2.6)
Average number of slot machines
2,727
2,611
4.4
2,721
2,612
4.2
Slot machine handle
$ 1,397,554
$ 1,378,066
1.4
$ 4,120,102
$ 4,201,520
(1.9)
Slot machine win (3)
$ 110,797
$ 105,550
5.0
$ 327,752
$ 315,773
3.8
Slot machine win per unit per day
$ 442
$ 439
0.7
$ 441
$ 441
—
Poker rake
$ 5,410
$ 5,334
1.4
$ 16,482
$ 16,422
0.4
Room statistics:
Occupancy
95.5 %
96.9 %
92.2 %
94.4 %
ADR (4)
$ 431
$ 426
1.2
$ 399
$ 410
(2.7)
REVPAR (5)
$ 412
$ 412
—
$ 368
$ 387
(4.9)
(1)
Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2)
In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3)
Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4)
ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5)
REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6)
Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
CONTACT:
Lauren Seiler
702-770-7555
investorrelations@wynnresorts.com
SOURCE Wynn Resorts, Limited