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

February 12, 2026 LAS VEGAS, Feb. 12, 2026 /PRNewswire/ -- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2025. 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(1) 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. "The team in Las Vegas delivered another quarter of healthy EBITDA highlighted by year-on-year improvement in ADRs and strong volumes in the casino. In Macau, we saw substantial increases in both VIP turnover and mass table drop, year-on-year as well as sequentially. We also reached a significant milestone towards the completion and planned first quarter 2027 opening of Wynn Al Marjan Island, having topped out the tower in the quarter."

Consolidated 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. For the fourth quarter of 2025, operating revenues increased $33.4 million and $7.7 million at Wynn Palace and Wynn Macau, respectively, and decreased $11.4 million and $2.5 million at our Las Vegas Operations and Encore Boston Harbor, respectively, from 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 net income attributable to Wynn Resorts, Limited(2) was $121.9 million, or $1.17 per diluted share, for the fourth quarter of 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $263.3 million, or $2.42 per diluted share, for the fourth quarter of 2024. Adjusted Property EBITDAR was $568.8 million for the fourth quarter of 2025, a decrease of $50.3 million compared to Adjusted Property EBITDAR of $619.1 million for the fourth quarter of 2024. For the fourth quarter of 2025, Adjusted Property EBITDAR decreased $26.6 million, $21.1 million, $1.8 million, and $0.7 million, at our Las Vegas Operations, Wynn Palace, Encore Boston Harbor, and Wynn Macau, respectively, from the fourth quarter of 2024.

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. For the year ended December 31, 2025, operating revenues increased $89.7 million and $1.1 million at Wynn Palace and our Las Vegas Operations, respectively, and decreased $54.0 million and $10.3 million at Wynn Macau and Encore Boston Harbor, respectively, from the year ended December 31, 2024. Net income attributable to Wynn Resorts, Limited was $327.3 million for the year ended December 31, 2025, compared to net income attributable to Wynn Resorts, Limited of $501.1 million for the year ended December 31, 2024. Diluted net income per share was $3.14 for the year ended December 31, 2025, compared to diluted net income per share of $4.35 for the year ended December 31, 2024. Adjusted net income attributable to Wynn Resorts, Limited was $437.0 million, or $4.19 per diluted share, for the year ended December 31, 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $663.5 million, or $6.02 per diluted share, for the year ended December 31, 2024. Adjusted Property EBITDAR was $2.22 billion for the year ended December 31, 2025, a decrease of $140.8 million compared to Adjusted Property EBITDAR of $2.36 billion for the year ended December 31, 2024. For the year ended December 31, 2025, Adjusted Property EBITDAR decreased $50.8 million, $39.7 million, $44.4 million, and $10.4 million at Wynn Palace, Wynn Macau, our Las Vegas Operations and Encore Boston Harbor, respectively, from the year ended December 31, 2024. Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on March 4, 2026 to stockholders of record as of February 23, 2026.

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 2025. VIP table games win as a percentage of turnover was 2.84%, below the property's expected range of 3.1% to 3.4% and below the 3.51% 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. Table games win percentage in mass market operations was 17.0%, below the 17.9% experienced in the fourth quarter of 2026. VIP table games win as a percentage of turnover was 3.49%, above the property's expected range of 3.1% to 3.4% and below the 5.01% experienced in 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. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2025 was $240.8 million, compared to $267.4 million for the fourth quarter of 2024. Table games win percentage for the fourth quarter of 2025 was 26.0%, at the top end of the property's expected range of 22% to 26% and below the 30.9% experienced in 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. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2025 was $57.0 million, compared to $58.8 million for the fourth quarter of 2024. Table games win percentage for the fourth quarter of 2025 was 18.1%, within the property's expected range of 18% to 22% and below the 20.7% experienced in 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 held by Wynn Macau, Limited ("WML"). Cash and cash equivalents is comprised of $916.1 million held by WML and subsidiaries, $305.6 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $241.7 million held at Corporate and other. As of December 31, 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 December 31, 2025 was $10.55 billion, comprised of $5.79 billion of Macau related debt, $3.28 billion of WRF debt, $876.6 million of Wynn Las Vegas debt, and $598.4 million of debt held by the retail joint venture which we consolidate.

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 February 12, 2026 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 March 31, 2026, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 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.

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.