Wynn Resorts Tuesday reported year-over-year declines in operating revenue, net income, and adjusted earnings during the first quarter.
Operating revenues were $1.7 billion for the first quarter, 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 of $144.2 million in 2024. Diluted net income per share was $0.69 for the first quarter compared to $1.30 for the first quarter of 2024. Adjusted property EBITDAR was $532.9 million for the first quarter compared to $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.”
In addition, Billings said construction of its resort project in the United Arab Emirates, Wynn Al Marjan Island, continued to advance, with the hotel tower reaching the 47th floor.
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 to date cash contributions to the project to $682.9 million. Wynn Al Marjan Island is expected to open in 2027.
Operating revenues from Wynn Palace were $535.9 million for the first quarter, a decrease of $51 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, 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. VIP table-games win as a percentage of turnover was 2.6%, below the property’s expected range of 3.1% to 3.4% and below the 3.3% experienced in the first quarter of 2024.
Operating revenues from Wynn Macau were $330 million for the first quarter, 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 compared to $137.2 million for the first quarter of 2024. Table-games win percentage in mass-market operations was 18.7%, below the 19.4% experienced in the first quarter of 2024. VIP table-games win as a percentage of turnover was 1.1%, below the property’s expected range of 3.1% to 3.4% and below the 3.4% experienced in the first quarter of 2024.
Operating revenues from Wynn’s Las Vegas operations were $625.3 million for the first quarter, a decrease of $11.3 million from $636.5 million for the first quarter of 2024. Adjusted property EBITDAR for the first quarter was $223.4 million compared to $246.3 million for the first quarter of 2024. Table-games win percentage for the first quarter of 2025 was 24.3%, within the property’s expected range of 22% to 26% and below the 25.9% experienced in the first quarter of 2024.
Operating revenues from Encore Boston Harbor were $209.2 million for the first quarter, 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 was $57.5 million, compared to $63.1 million for the first quarter of 2024. Table-games win percentage for the first quarter of 2025 was 20.5%, within the property’s expected range of 18% to 22% and below the 22.6% experienced in the first quarter of 2024.
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 million. As of March 31, the company had $613 million in repurchase authority remaining under the equity repurchase program.
