Wynn Resorts, Limited has reported operating revenue of $1.70 billion for the first quarter of 2025, down from $1.86 billion in Q1 2024. The year-on-year decline of $162.5 million was attributed to lower revenue across all core properties, including Wynn Macau, Wynn Palace, Las Vegas operations, and Encore Boston Harbor.
Net income for the period reached $72.7 million, compared to $144.2 million in the prior-year quarter. Diluted earnings per share came in at $0.69, a decline from $1.30 in Q1 2024. Adjusted net income stood at $113.1 million, or $1.07 per diluted share, versus $176.8 million and $1.59 per diluted share last year.
Adjusted Property EBITDAR for Q1 2025 was $532.9 million, representing a $113.6 million decrease from $646.5 million in Q1 2024. The decline included reductions of $47.0 million at Wynn Macau, $40.5 million at Wynn Palace, $22.9 million in Las Vegas operations, and $5.7 million at Encore Boston Harbor.
Wynn Resorts’ Board of Directors declared a cash dividend of $0.25 per share, payable on May 30, 2025, to shareholders of record as of May 16.
As of March 31, 2025, the company held $2.07 billion in cash and cash equivalents. This included $1.49 billion held by Wynn Macau and subsidiaries, $168.3 million held by Wynn Resorts Finance excluding WML, and $411.2 million at the corporate level. Total debt stood at $10.55 billion, with the majority related to Macau operations.
Wynn continues to monitor its balance sheet and operating strategy across its key international and U.S. markets, following a quarter marked by reduced visitation and spending across several regions.
“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, construction of our growth project in the UAE, Wynn Al Marjan Island, continued to advance with the hotel tower reaching the forty-seventh floor. At the same time we continued to return capital to shareholders through our regular quarterly dividend and the repurchase of $200 million of stock in the quarter.”
