While occupancy was down in the last three months of last year, Wynn Resorts’ CEO pointed to a big difference in hold between the fourth quarters of 2024 and 2025 to account for the decline in revenue and adjusted earnings at the company’s Las Vegas properties. He noted that demand at its luxury resort remains healthy to start 2026.
CEO Craig Billings said the adjusted earnings of $241 million in Las Vegas during the fourth quarter was robust and that the showing in 2024 benefited from a 31% hold. When normalized, the fourth quarter of 2025 was just above the 2024 comparison, he noted.
“Demand for our product in Las Vegas remained healthy across the board with drops, handle and (average daily room rates) up year-on-year,” Billings said. “While (revenue per room) was slightly below last year, the overall results reflect our ability to balance stronger ADRs with modestly lower occupancy in order to optimize the performance of the building. We remain well positioned.”
During the first quarter in Las Vegas, Billings said performance has been encouraging with casino volumes and revenue per room holding up well.
“Looking further out, we feel good about the business in 2026,” Billings said. “The visibility we have into forward demand is through our group and convention business, which continues to look strong and on pace to grow room nights and rate relative to 2025.”
The Encore tower remodel will begin in the second quarter and Wynn expects to lose about 80,000 room nights in 2026, Billings said. The operator expects to recapture some of that in rates but it does mean a headwind for performance, he added.
In taking questions from Wall Street analysts about the luxury market in Las Vegas, Billings said as long as group business plays out as expected they feel good about their ability to price rooms.
“We feel good about our ability to perform in 2026,” Billings said. “By any historical standards, Wynn Las Vegas is absolutely crushing it so we don’t see anything at the moment that would change our view on our ability to do so.”
As for Boston, Billings reported $57 million of EBITDAR in the fourth quarter with lower normal table hold masking what was otherwise strong financial performance with revenue per room, table drop and slot handle up year-over-year.
“More recently demand in Boston has remained healthy into February besides days impacted by poor weather,” Billings said.
Wynn owns 16 acres adjacent to Encore Boston Harbor and is considering providing a portion of that land for a land lease. It has an agreement with the city of Everett to facilitate development in the neighborhood, including a potential rail stop and a possible Major League Soccer stadium. There is no plan for hotel expansion there, Billings said.
Macau’s strong performance was about volume growth with unusually low hold in both VIP and mass, Billings said. VIP turnover was up 48% and mass drop was up 18%. Mass hold was below expectations.
“Momentum in Macau has persisted into the first quarter with volumes in January just above those we saw in the fourth quarter,” Billings said. “We’re also excited about the upcoming opening of the Chairman’s Club floor, a 63,000 square-foot addition dedicated to our highest value customers featuring gaming alongside a suite of bespoke amenities. We expect to be welcoming guests to this space for Chinese New Year.”
Following double-digit gaming revenue growth in the back half of 2025, Billings said they remain optimistic about the future of Macau. The premium segment continues to lead the market – a segment they are well positioned to capture the demand in 2026 and beyond.
Billings acknowledged the accomplishments of Chief Financial Officer Julie Cameron-Doe who will retire before the second quarter earnings call and thanked her for significant contributions over the last four years.
“It’s been such an honor to serve as CFO here at Wynn,” Cameron-Doe said. “We are known for our beautiful buildings and our service, but what sets this company apart from all others are its people. At all levels and across the globe it is extremely rare to work somewhere where everyone is bringing their A-game every day. That’s exactly how it is at Wynn. It’s incredibly special.”
