Release Details

Wynn Resorts, Limited Reports Fourth Quarter and Year End 2025 Results

February 12, 2026

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Operating Results
Operating revenues were $1.87 billion for the fourth quarter of 2025, an increase of $27.2 million from $1.84 billion for the fourth quarter of 2024. Net income attributable to Wynn Resorts, Limited was $100.0 million for the fourth quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $277.0 million for the fourth quarter of 2024. Diluted net income per share was $0.82 for the fourth quarter of 2025, compared to diluted net income per share of $2.29 for the fourth quarter of 2024. Adjusted Property EBITDAR was $568.8 million for the fourth quarter of 2025, compared to Adjusted Property EBITDAR of $619.1 million for the fourth quarter of 2024.

"Our fourth quarter results reflect continued strength throughout the business and ongoing progress in our global development initiatives," said Craig Billings, CEO of Wynn Resorts, Limited.

Consolidated Results

Operating revenues were $7.14 billion for the year ended December 31, 2025, an increase of $10.0 million from $7.13 billion for the year ended December 31, 2024.

Property Results

Macau Operations

• Wynn Palace
  Operating revenues from Wynn Palace were $596.4 million for the fourth quarter of 2025, an increase of $33.4 million from $562.9 million for the fourth quarter of 2024. Adjusted Property EBITDAR from Wynn Palace was $163.5 million for the fourth quarter of 2025, compared to $184.6 million for the fourth quarter of 2024.
  Table games win percentage in mass market operations was 21.8%, below the 26.0% experienced in the fourth quarter of 2024.

• Wynn Macau
  Operating revenues from Wynn Macau were $371.3 million for the fourth quarter of 2025, an increase of $7.7 million from $363.7 million for the fourth quarter of 2024. Adjusted Property EBITDAR from Wynn Macau was $107.4 million for the fourth quarter of 2025, compared to $108.2 million for the fourth quarter of 2024.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $688.1 million for the fourth quarter of 2025, a decrease of $11.4 million from $699.5 million for the fourth quarter of 2024.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $210.2 million for the fourth quarter of 2025, a decrease of $2.5 million from $212.7 million for the fourth quarter of 2024.

Wynn Al Marjan Island Development

During the fourth quarter of 2025, the Company contributed $79.2 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 $914.2 million. Wynn Al Marjan Island is currently expected to open in the first quarter of 2027.

Balance Sheet

Our cash and cash equivalents as of December 31, 2025 totaled $1.46 billion, excluding $601.8 million of short-term investments. Total current and long-term debt outstanding at December 31, 2025 was $10.55 billion.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially.

Supplemental Data Schedule

• Three Months Ended December 31, 2025

  • Wynn Palace: Operating revenues were $596.4 million, Adjusted Property EBITDAR was $163.5 million.
  • Wynn Macau: Operating revenues were $371.3 million, Adjusted Property EBITDAR was $107.4 million.
  • Las Vegas Operations: Operating revenues were $688.1 million, Adjusted Property EBITDAR was $240.8 million.
  • Encore Boston Harbor: Operating revenues were $210.2 million, Adjusted Property EBITDAR was $57.0 million.

• Year Ended December 31, 2025

  • Operating revenues totaled $7.14 billion, with Adjusted Property EBITDAR totaling $2.22 billion.

Note: Our casino operations in Macau were closed for a period due to Typhoon Ragasa.