Away from its exotic headline-grabbing ventures in Macau and the U.A.E.’s Al-Marjan, Wynn Resorts reported essentially flatline results for Q2. And a notable decline in net income.
The U.S. casino resort leviathan posted operating revenues of US$1.74 billion (£1.29bn) for the quarter, ending June 30, a marginal increase from its $1.73 billion in Q2 2024. Net income almost halved, to US$66.2 million (£49.24m), down from US$111.9 million (£83.23m) of 2024’s second quarter.
Diluted earnings-per-share fell to US$0.64 from US$0.91. Adjusted net income was reported at US$113.3 million (£84.3m), or US$1.09 per diluted share, down slightly from US$124.5 million (£92.62m), or US$1.12 per share, in Q2 2024.
Adjusted Property EBITDAR, meantime, came in at US$552.4 million (£410.96m), a 3.4 percent decline, year-on-year.
By region, results varied across Wynn’s operations.
Revenue from the Las Vegas properties, for example, increased by US$10 million to $638.6 million (£474.96), with adjusted property EBITDAR of US$234.8 million (£174.63m).
Macau
In its Macau China gateway, Wynn Palace reported US$539.6 million in revenue (£401.29m), down US$8.4 million year-on-year.
Adjusted property EBITDAR fell to US$157.2 million (£116.9m) from US$184.5 million.
And Wynn Macau reported a revenue increase of US$6.5 million to US$343.8 million (£255.72m), with adjusted EBITDAR, again, relatively flat at US$96.5 million (£71.77m).
Overall, Wynn’s casino operations contributed over US$1.05 billion (£781m) to the omnichannel’s total revenue, modest growth from the US$1.01 billion of Q2 2024.
Table game win percentages were mixed across regions.
Wynn Win Rate
In mass market operations, Wynn Palace recorded a win rate of 22.3 percent, while VIP win rate was 2.86 percent, below the property’s expected range. Wynn Macau posted a VIP win percentage of 3.41 percent, slightly above expectations.
Outside Asia and North America, Wynn continued funding its international expansion.
The company contributed US$58.2 million (£43.28m) during Q2 to its 40 percent-owned joint-venture developing Wynn Al Marjan Island in the UAE. Total investment in the project has now reached US$741.1 million (£551.18m), as of June 30, 2025.
Wynn Resorts’ board declared a quarterly dividend of US$0.25 per share, payable on August 29, 2025.
The company’s cash and cash equivalents totalled US$1.98 billion (£1.47bn). Total debt stood at US$10.54 billion (£7.83bn).
Pressures
Wynn’s Q2 2025 results suggest stable operational performance across core markets, but pressures remain on margins and bottom-line profitability as global projects and development investments continue.
This report follows earlier updates from other major igaming and land-based operators, with Wynn continuing to demonstrate a hybrid focus on resort operations and capital-intensive global developments.
“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.
“At the same time, we are making progress towards the completion of our Wynn Al Marjan Island project in the UAE, where we are 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 quarter we also continued to focus on the return of capital to shareholders through both a cash dividend and US$158 million of stock repurchases,” Billings concluded.
