Wynn Resorts reported Thursday a $27.2 million fourth-quarter increase in operating revenue that it attributed to Macau, while reporting declines in Las Vegas and Boston. The casino operator reported an overall decline in adjusted earnings.
Operating revenue was $1.87 billion for the fourth quarter, an increase from $1.84 billion for the fourth quarter of 2024. Net income attributable was $100 million for the fourth quarter compared to net income of $277 million for the fourth quarter of 2024. Adjusted property EBITDAR was $568.8 million for the fourth quarter compared to adjusted property EBITDAR of $619.1 million for the fourth quarter of 2024.
For the fourth quarter of 2025, operating revenue 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 its Las Vegas operations and Encore Boston Harbor, respectively, from 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 its Las Vegas operations, Wynn Palace, Encore Boston Harbor, and Wynn Macau, respectively, from the fourth quarter of 2024.
“Our fourth quarter results reflect continued strength throughout the business and ongoing progress in our global development initiatives,” said CEO Craig Billings “The team in Las Vegas delivered another quarter of healthy EBITDA, highlighted by year-on-year improvement in (average daily rates) 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.”
Operating revenues were $7.14 billion for the year ended December 31, an increase of $10 million from $7.13 billion for the year ended 2024. For the year, operating revenue increased $89.7 million and $1.1 million at Wynn Palace and its Las Vegas operations, respectively, and decreased $54 million and $10.3 million at Wynn Macau and Encore Boston Harbor, respectively.
Adjusted property EBITDAR was $2.22 billion for the year, a decrease of $140.8 million compared to adjusted property EBITDAR of $2.36 billion for 2024. Adjusted property EBITDAR decreased $50.8 million, $39.7 million, $44.4 million, and $10.4 million at Wynn Palace, Wynn Macau, and at the Las Vegas operations, and Encore Boston Harbor, respectively.
Wynn Resorts also announced Thursday that its Board of Directors has declared a cash dividend of $0.25 per share, payable on March 4 to stockholders of record as of February 23.
Operating revenue from the 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 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%, 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.
Operating revenue from Encore Boston Harbor was $210.2 million for the fourth quarter, 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 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.
Operating revenue from Wynn Palace was $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% experienced in the fourth quarter of 2024. VIP table games win as a percentage of turnover was 2.8%, below the property’s expected range of 3.1% to 3.4% and below the 3.5% experienced in the fourth quarter of 2024.
Operating revenue from Wynn Macau was $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%, below the 17.9% experienced in the fourth quarter of 2024. VIP table games win as a percentage of turnover was 3.5%, above the property’s expected range of 3.1% to 3.4% and below the 5% experienced in the fourth quarter of 2024.
Billings also said Wynn reached a significant milestone toward the completion and planned first-quarter 2027 opening of Wynn Al Marjan Island, having topped out the tower in the quarter.
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 its life-to-date cash contributions to the project to $914.2 million.
Total current and long-term debt outstanding at December 31 was $10.55 billion, comprising $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.
