Wynn Resorts Thursday reported a record for property-level adjusted earnings for its Las Vegas resorts.
Wynn reported companywide operating revenues were $1.74 billion, an increase of $4.9 million from $1.73 billion for the second quarter of 2024.
For the second quarter, operating revenue increased $6.5 million, $10 million, and $3.1 million at Wynn Macau, Las Vegas, and Encore Boston Harbor, respectively, and decreased $8.4 million at Wynn Palace from the second quarter of 2024.
Adjusted property EBITDAR was $552.4 million for the second quarter, compared to adjusted property EBITDAR of $571.7 million for the second quarter of 2024.
Adjusted property EBITDAR decreased $27.3 million at Wynn Palace and increased $4.5 million, $1.7 million, and $0.6 million at its Las Vegas operations, Encore Boston Harbor, and Wynn Macau, respectively, from the second quarter of 2024.
“Our second-quarter results evidenced continued strength across our business and were distinguished by a new second-quarter record for adjusted property EBITDAR in Las Vegas,” said Craig Billings, CEO of Wynn Resorts. “In Macau, while VIP hold negatively impacted results, we generated healthy market share and significant free cash flow, supporting our continued investment in the Macau properties and our dividend program.”
Billings said they’re making progress toward the completion of its Wynn Al Marjan Island project in the UAE. They’re pouring the sixty-first floor of the tower, having finalized key food and beverage partnerships and agreed to key terms with a number of high-profile retail tenants.
During the second quarter, Wynn contributed $58.2 million of cash to the 40%-owned joint venture constructing the Wynn Al Marjan Island development, bringing the life-to-date cash contributions to the project to $741.1 million. Wynn Al Marjan Island is currently expected to open in 2027.
Operating revenues from Wynn Palace were $539.6 million for the second quarter of 2025, a decrease of $8.4 million from $548 million for the second quarter of 2024. Adjusted property EBITDAR from Wynn Palace was $157.2 million for the second quarter compared to $184.5 million. Table games win percentage in mass market operations was 22.3%, below the 23.6% experienced in the second quarter of 2024. VIP table games win as a percentage of turnover was 2.9%, below the property’s expected range of 3.1%-3.4% and below the 4.1% experienced in the second quarter of 2024.
Operating revenue from Wynn Macau was $343.8 million for the second quarter, an increase of $6.5 million from $337.3 million for the second quarter of 2024. Adjusted property EBITDAR from Wynn Macau was $96.5 million for the second quarter compared to $95.9 million for the second quarter of 2024. Table games win percentage in mass market operations was 17.4%, slightly below the 17.5% in the second quarter of 2024. VIP table games win as a percentage of turnover was 3.4%, slightly above the property’s expected range of 3.1% to 3.4% and above the 2.2% in the second quarter of 2024.
Operating revenue for Las Vegas was $638.6 million for the second quarter, an increase of $10 million from $628.7 million for the second quarter of 2024. Adjusted property EBITDAR was $234.8 million compared to $230.3 million for the second quarter of 2024. Table games win percentage for the second quarter of 2025 was 21.8%, slightly below the property’s expected range of 22% to 26% and below the 21.9% in the second quarter of 2024.
Operating revenue from Encore Boston Harbor was $215.7 million for the second quarter, an increase of $3.1 million from $212.6 million for the second quarter of 2024. Adjusted property EBITDAR from Encore Boston Harbor for the second quarter was $63.9 million compared to $62.1 million for the second quarter of 2024. Table games win percentage for the second quarter was 21.3%, within the property’s expected range of 18%-22% and above the 19.6% experienced in the second quarter of 2024.
Net income was $66.2 million for the second quarter compared to net income of $111.9 million for the second quarter of 2024.
During the quarter, Wynn also continued to focus on the return of capital to shareholders through both a cash dividend and $158 million of stock repurchases, Billings said.
