Wynn Resorts, Limited Reports First Quarter 2025 Results
Wynn Resorts, Limited Reports First Quarter 2025 Results
May 6, 2025 LAS VEGAS--(BUSINESS WIRE)--May 6, 2025-- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the first quarter ended March 31, 2025. Operating revenues were $1.70 billion for the first quarter of 2025, a decrease of $162.5 million from $1.86 billion for the first quarter of 2024. Net income attributable to Wynn Resorts, Limited was $72.7 million for the first quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $144.2 million for the first quarter of 2024. Diluted net income per share was $0.69 for the first quarter of 2025, compared to diluted net income per share of $1.30 for the first quarter of 2024. Adjusted Property EBITDAR was $532.9 million for the first quarter of 2025, compared to Adjusted Property EBITDAR of $646.5 million for the first quarter of 2024.
"Our first quarter results reflect continued strength throughout our business," said Craig Billings, CEO of Wynn Resorts, Limited. "In Las Vegas, where we recently celebrated the resort's 20th anniversary, the team delivered healthy results against a record prior year comparison which reflected the Las Vegas Super Bowl. In Macau, while VIP hold negatively impacted results, we held market share in our expected range, and announced an increased dividend from Wynn Macau, Limited, reflecting the strong free cash flow generated by the business. At the same time, we continued to return capital to shareholders through our regular quarterly dividend and the repurchase of $200 million of stock in the quarter."
Consolidated Results
Operating revenues were $1.70 billion for the first quarter of 2025, a decrease of $162.5 million from $1.86 billion for the first quarter of 2024. For the first quarter of 2025, operating revenues decreased $81.8 million, $51.0 million, $11.3 million, and $8.6 million at Wynn Macau, Wynn Palace, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the first quarter of 2024. Net income attributable to Wynn Resorts, Limited was $72.7 million for the first quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $144.2 million for the first quarter of 2024. Diluted net income per share was $0.69 for the first quarter of 2025, compared to diluted net income per share of $1.30 for the first quarter of 2024. Adjusted net income attributable to Wynn Resorts, Limited was $113.1 million, or $1.07 per diluted share, for the first quarter of 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $176.8 million, or $1.59 per diluted share, for the first quarter of 2024. Adjusted Property EBITDAR was $532.9 million for the first quarter of 2025, a decrease of $113.6 million compared to Adjusted Property EBITDAR of $646.5 million for the first quarter of 2024.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $535.9 million for the first quarter of 2025, a decrease of $51.0 million from $586.9 million for the first quarter of 2024. Adjusted Property EBITDAR from Wynn Palace was $161.9 million for the first quarter of 2025, compared to $202.4 million for the first quarter of 2024. Table games win percentage in mass market operations was 24.8%, above the 24.5% experienced in the first quarter of 2024.
Wynn Macau
Operating revenues from Wynn Macau were $330.0 million for the first quarter of 2025, a decrease of $81.8 million from $411.7 million for the first quarter of 2024. Adjusted Property EBITDAR from Wynn Macau was $90.2 million for the first quarter of 2025, compared to $137.2 million for the first quarter of 2024.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $625.3 million for the first quarter of 2025, a decrease of $11.3 million from $636.5 million for the first quarter of 2024. Adjusted Property EBITDAR from our Las Vegas Operations for the first quarter of 2025 was $223.4 million, compared to $246.3 million for the first quarter of 2024.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $209.2 million for the first quarter of 2025, a decrease of $8.6 million from $217.8 million for the first quarter of 2024. Adjusted Property EBITDAR from Encore Boston Harbor for the first quarter of 2025 was $57.5 million, compared to $63.1 million for the first quarter of 2024.
Wynn Al Marjan Island Development
During the first quarter of 2025, the Company contributed $51.2 million of cash into 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 $682.9 million. Wynn Al Marjan Island is currently expected to open in 2027.
Balance Sheet
Our cash and cash equivalents as of March 31, 2025 totaled $2.07 billion, comprised of $1.49 billion held by Wynn Macau, Limited and subsidiaries, $168.3 million held by Wynn Resorts Finance, LLC excluding WML, and $411.2 million held at Corporate and other. As of March 31, 2025, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $735.3 million and $353.3 million, respectively. Total current and long-term debt outstanding at March 31, 2025 was $10.55 billion, comprised of $5.80 billion of Macau related debt, $874.8 million of Wynn Las Vegas debt, $3.28 billion of WRF debt, and $597.6 million of debt held by the retail joint venture which we consolidate.
Equity Repurchase Program
During the first quarter of 2025, the Company repurchased 2,360,194 shares of its common stock under its publicly announced equity repurchase program at an average price of $84.76 per share, for an aggregate cost of $200.0 million. As of March 31, 2025, the Company had $613.0 million in repurchase authority remaining under the equity repurchase program.
Conference Call and Other Information
The Company will hold a conference call to discuss its results on May 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.
Forward-looking Statements
This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating revenues: | ||
| Casino | $1,040,430 | $1,121,466 |
| Rooms | 274,521 | 327,414 |
| Food and beverage | 249,879 | 266,938 |
| Entertainment, retail and other | 135,567 | 147,091 |
| Total operating revenues | 1,700,397 | 1,862,909 |
| Operating expenses: | ||
| Casino | 634,833 | 675,439 |
| Rooms | 84,097 | 82,077 |
| Food and beverage | 200,667 | 205,821 |
| Entertainment, retail and other | 62,186 | 71,012 |
| General and administrative | 275,689 | 271,616 |
| Provision for credit losses | 1,396 | 87 |
| Pre-opening | 5,287 | 2,035 |
| Depreciation and amortization | 155,421 | 174,933 |
| Property charges and other | 12,232 | 16,948 |
| Total operating expenses | 1,431,808 | 1,499,968 |
| Operating income | 268,589 | 362,941 |
| Other income (expense): | ||
| Interest income | 19,359 | 40,172 |
| Interest expense, net of amounts capitalized | (157,608) | (182,404) |
| Change in derivatives fair value | (29,539) | (17,914) |
| Loss on debt financing transactions | — | (1,561) |
| Other | (8,374) | (4,722) |
| Other income (expense), net | (176,162) | (166,429) |
| Income before income taxes | 92,427 | 196,512 |
| Provision for income taxes | (11,022) | (20,014) |
| Net income | 81,405 | 176,498 |
| Less: net income attributable to noncontrolling interests | (8,658) | (32,282) |
| Net income attributable to Wynn Resorts, Limited | $72,747 | $144,216 |
| Basic and diluted net income per common share: | ||
| Net income attributable to Wynn Resorts, Limited: | ||
| Basic | $0.69 | $1.30 |
| Diluted | $0.69 | $1.30 |
| Weighted average common shares outstanding: | ||
| Basic | 105,492 | 111,023 |
| Diluted | 105,730 | 111,333 |
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Net income attributable to Wynn Resorts, Limited | $72,747 | $144,216 |
| Pre-opening expenses | 5,287 | 2,035 |
| Property charges and other | 12,232 | 16,948 |
| Change in derivatives fair value | 29,539 | 17,914 |
| Loss on debt financing transactions | — | 1,561 |
| Foreign currency remeasurement and other | 8,374 | 4,722 |
| Income tax impact on adjustments | (1,676) | (568) |
| Noncontrolling interests impact on adjustments | (13,358) | (10,027) |
| Adjusted net income attributable to Wynn Resorts, Limited | $113,145 | $176,801 |
| Adjusted net income attributable to Wynn Resorts, Limited per diluted share | $1.07 | $1.59 |
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Three Months Ended March 31, 2025
| Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Corporate and Other | Total | |
|---|---|---|---|---|---|---|---|---|
| Operating income (loss) | $82,565 | $52,742 | $(8,159) | $127,148 | $116,079 | $(10,735) | $36,097 | $268,589 |
| Pre-opening expenses | 1,200 | - | - | 1,200 | 760 | - | 3,327 | 5,287 |
| Depreciation and amortization | 56,437 | 19,224 | 398 | 76,059 | 62,628 | 13,966 | 2,768 | 155,421 |
| Property charges and other | 708 | 4,206 | 6 | 4,920 | 702 | 5,516 | 1,094 | 12,232 |
| Management and license fees | 17,500 | 10,373 | - | 27,873 | 29,323 | 10,141 | (67,337) | - |
| Corporate expenses and other | 2,206 | 2,315 | 6,750 | 11,271 | 7,894 | 1,688 | 15,728 | 36,581 |
| Stock-based compensation | 1,269 | 1,339 | 1,005 | 3,613 | 5,975 | 1,489 | 8,323 | 19,400 |
| Triple-net operating lease rent expense | - | - | - | - | - | 35,389 | - | 35,389 |
| Adjusted Property EBITDAR | $161,885 | $90,199 | $- | $252,084 | $223,361 | $57,454 | $- | $532,899 |
Adjusted Property EBITDAR
Three Months Ended March 31, 2024
| Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Corporate and Other | Total | |
|---|---|---|---|---|---|---|---|---|
| Operating income (loss) | $113,592 | $101,004 | $(8,613) | $205,983 | $146,449 | $(17,092) | $27,601 | $362,941 |
| Pre-opening expenses | - | - | - | - | 402 | 132 | 1,501 | 2,035 |
| Depreciation and amortization | 55,127 | 20,044 | 380 | 75,551 | 58,744 | 31,343 | 9,295 | 174,933 |
| Property charges and other | 11,420 | (437) | 110 | 11,093 | 269 | 344 | 5,242 | 16,948 |
| Management and license fees | 18,928 | 12,859 | - | 31,787 | 30,242 | 10,628 | (72,657) | - |
| Corporate expenses and other | 2,383 | 2,502 | 7,137 | 12,022 | 7,994 | 1,966 | 17,923 | 39,905 |
| Stock-based compensation | 920 | 1,214 | 986 | 3,120 | 2,162 | 410 | 8,677 | 14,369 |
| Triple-net operating lease rent expense | - | - | - | - | - | 35,404 | - | 35,404 |
| Adjusted Property EBITDAR | $202,370 | $137,186 | $- | $339,556 | $246,262 | $63,135 | $-(2,418) | $646,535 |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Net income attributable to Wynn Resorts, Limited | $72,747 | $144,216 |
| Net income attributable to noncontrolling interests | 8,658 | 32,282 |
| Pre-opening expenses | 5,287 | 2,035 |
| Depreciation and amortization | 155,421 | 174,933 |
| Property charges and other | 12,232 | 16,948 |
| Triple-net operating lease rent expense | 35,389 | 35,404 |
| Corporate expenses and other | 36,581 | 39,905 |
| Stock-based compensation | 19,400 | 14,369 |
| Interest income | (19,359) | (40,172) |
| Interest expense, net of amounts capitalized | 157,608 | 182,404 |
| Change in derivatives fair value | 29,539 | 17,914 |
| Loss on debt financing transactions | — | 1,561 |
| Other | 8,374 | 4,722 |
| Provision for income taxes | 11,022 | 20,014 |
| Adjusted Property EBITDAR | 532,899 | 646,535 |
Adjusted Property EBITDAR
Three Months Ended
March 31,
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | Percent Change |
| Wynn Palace Supplemental Information | ||
| Operating revenues | ||
| Casino | $444,508 | $473,781 |
| Rooms | 36,615 | 53,936 |
| Food and beverage | 31,738 | 32,070 |
| Entertainment, retail and other | 23,068 | 27,114 |
| Total | $535,929 | $586,901 |
| Adjusted Property EBITDAR | $161,885 | $202,370 |
| Casino statistics: | ||
| VIP: | ||
| Average number of table games | 55 | 59 |
| VIP turnover | $4,005,041 | $3,921,085 |
| VIP table games win | $104,532 | $129,414 |
| VIP table games win as a % of turnover | 2.61% | 3.30% |
| Table games win per unit per day | $21,096 | $24,276 |
| Mass market: | ||
| Average number of table games | 247 | 245 |
| Table drop | $1,704,398 | $1,782,184 |
| Table games win | $422,392 | $437,323 |
| Table games win % | 24.8% | 24.5% |
| Table games win per unit per day | $18,968 | $19,589 |
| Average number of slot machines | 650 | 573 |
| Slot machine handle | $734,869 | $595,621 |
| Slot machine win | $29,356 | $30,970 |
| Slot machine win per unit per day | $502 | $594 |
| Room statistics: | ||
| Occupancy | 98.3% | 98.8% |
| ADR | $222 | $337 |
| REVPAR | $218 | $333 |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
Wynn Macau Supplemental Information
Operating revenues
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Casino | $275,550 | $346,353 |
| Rooms | 23,297 | 28,619 |
| Food and beverage | 18,792 | 21,019 |
| Entertainment, retail and other | 12,321 | 15,753 |
| Total | $329,960 | $411,744 |
| Adjusted Property EBITDAR | $90,199 | $137,186 |
| Casino statistics: | ||
| VIP: | ||
| Average number of table games | 30 | 30 |
| VIP turnover | $1,437,047 | $1,589,685 |
| VIP table games win | $15,714 | $53,906 |
| VIP table games win as a % of turnover | 1.09% | 3.39% |
| Table games win per unit per day | $5,912 | $19,746 |
| Mass market: | ||
| Average number of table games | 221 | 221 |
| Table drop | $1,542,885 | $1,683,151 |
| Table games win | $288,549 | $326,320 |
| Table games win% | 18.7% | 19.4% |
| Table games win per unit per day | $14,520 | $16,194 |
| Average number of slot machines | 729 | 583 |
| Slot machine handle | $853,407 | $730,389 |
| Slot machine win | $24,367 | $26,192 |
| Slot machine win per unit per day | $372 | $494 |
| Poker rake | $3,220 | $5,019 |
| Room statistics: | ||
| Occupancy | 99.1% | 99.4% |
| ADR | $234 | $284 |
| REVPAR | $232 | $282 |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
Las Vegas Operations Supplemental Information
Operating revenues | | Three Months Ended March 31, | |
| --- | --- | --- |
| | 2025 | 2024 | Percent Change |
| Casino | $160,993 | $135,163 | 19.1 |
| Rooms | 195,868 | 224,076 | (12.6) |
| Food and beverage | 179,442 | 193,610 | (7.3) |
| Entertainment, retail and other | 88,982 | 83,699 | 6.3 |
| Total | $625,285 | $636,548 | (1.8) |
| Adjusted Property EBITDAR | $223,361 | $246,262 | (9.3) |
| Casino statistics: | | |
| Average number of table games | 236 | 234 | 0.9 |
| Table drop | $592,527 | $604,174 | (1.9) |
| Table games win | $144,061 | $156,611 | (8.0) |
| Table games win% | 24.3% | 25.9% | |
| Table games win per unit per day | $6,774 | $7,357 | (7.9) |
| Average number of slot machines | 1,590 | 1,618 | (1.7) |
| Slot machine handle | $1,778,087 | $1,496,078 | 18.8 |
| Slot machine win | $123,244 | $99,756 | 23.5 |
| Slot machine win per unit per day | $861 | $677 | 27.2 |
| Poker rake | $4,332 | $4,522 | (4.2) |
| Room statistics: | | |
| Occupancy | 87.4% | 88.0% | |
| ADR | $527 | $595 | (11.4) |
| REVPAR | $461 | $524 | (12.0) |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
Encore Boston Harbor Supplemental Information
Operating revenues
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Casino | $159,379 | $166,169 |
| Rooms | 18,741 | 20,783 |
| Food and beverage | 19,907 | 20,239 |
| Entertainment, retail and other | 11,196 | 10,593 |
| Total | $209,223 | $217,784 |
| Adjusted Property EBITDAR | $57,454 | $63,135 |
| Casino statistics: | ||
| Average number of table games | 172 | 183 |
| Table drop | $340,062 | $366,812 |
| Table games win | $69,883 | $82,978 |
| Table games win% | 20.5% | 22.6% |
| Table games win per unit per day | $4,514 | $4,970 |
| Average number of slot machines | 2,717 | 2,635 |
| Slot machine handle | $1,357,199 | $1,402,847 |
| Slot machine win | $107,482 | $104,665 |
| Slot machine win per unit per day | $439 | $437 |
| Poker rake | $5,642 | $5,781 |
| Room statistics: | ||
| Occupancy | 88.1% | 89.7% |
| ADR | $357 | $381 |
| REVPAR | $315 | $342 |
(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.