Wynn Resorts published its 4Q25 financial results on Friday morning (Asia time), which highlighted a 4.4% increase in total operating revenues compared with the same period last year to US$968 million. However, Adjusted Property EBITDAR of US$271 million was 7.5% lower on reduced EBITDAR margin and significantly lower casino win rates across both of the company’s Macau resorts.
While flagship Cotai property Wynn Palace reported a 5.9% increase in total revenues to US$596.4 million, including a 9.3% rise in casino revenue to US$501.5 million, Adjusted Property EBITDAR fell by 11.4% to US$163.5 million. Notably, while VIP table games turnover grew by 70.9% to US$5.23 billion, win was only up by 38.2% to US$148.5 million with win percentage falling from 3.51% to 2.84%. Likewise, mass table drop was up 22.7% to US$2.06 billion while win grew by 3.0% on a win rate of 21.8%, down from 26.0% in 4Q24.
The company also revealed a 25.3% decline in hotel room revenue at Wynn Palace as Average Daily Rate (ADR) fell from US$296 to US$219.
At peninsula property Wynn Macau, total revenues grew 2.1% to US$371.3 million with casino revenue up 1.7% to US$311.6 million. However, Adjusted EBITDA fell slightly by 0.7% to US$107.4 million.
It was similar theme at Wynn Macau, with VIP table games turnover down 16.8% year-on-year to US$909.6 million but VIP win dropping more substantially by 42.0% to US$31.7 million. Win rate fell from a high 5.01% a year earlier to 3.49%. Mass table drop grew 12.3% to US$1.73 billion while mass table win was up by 6.6% to US$295.1 million on slightly lower win rate of 17.0% versus 17.9% in 4Q24.
Wynn Resorts CEO Craig Billings described the Macau hold rates for the quarter as “unusually low” during the company’s earnings call, adding that margins had been impacted by a variety of factors. These included “a significant jump in VIP volumes but low hold, unusually low hold in mass … and incremental op-ex [increases].”
Billings added, “Beyond that, there wasn’t really any fundamental shift in the business. VIP can be incredibly lumpy – it’s just the nature of the business – so I wouldn’t be proclaiming a market-wide shift or any ‘wind shift’ in the sources of business.”
Group-wide, Wynn Resorts Ltd reported consolidated operating revenues of US$1.87 billion in 4Q25, up from US$1.84 billion a year earlier. Adjusted Property EBITDA fell by 8.1% to US$568.8 million while net income fell from US$277 million to US$100.0 million.
“Our fourth quarter results reflect continued strength throughout the business and ongoing progress in our global development initiatives,” added Billings. “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.”
