Wynn Resorts misses Q1 estimates as Macau, U.S. properties weigh on results

Wynn Resorts Ltd reported quarterly results on Tuesday that missed Wall Street estimates, hit by a slowdown across its Macau and U.S. operations and weaker-than-expected performance from high-stakes VIP gamblers.

The casino operator posted first-quarter operating revenue of $1.70 billion, down from $1.86 billion a year earlier and below analysts' average estimate of $1.74 billion, according to LSEG data.

Net income fell to $72.7 million, or $0.69 per share, from $144.2 million, or $1.30 per share, a year earlier. Adjusted earnings per share came in at $1.07, missing estimates of $1.19.

Shares of the company fell 2.4% in after-hours trading. The stock has dropped more than 9% since the start of 2025.

Revenue in Macau, which accounts for a significant portion of Wynn’s business, declined sharply. Wynn Macau revenue dropped 19.9% to $330 million, while Wynn Palace revenue fell 8.7% to $535.9 million. The company attributed the weakness to unusually high winnings by VIP players, which depressed the casino’s margins.

“In Macau, while VIP hold negatively impacted results, we held market share in our expected range,” CEO Craig Billings said.

U.S. operations also posted softer results. Las Vegas revenue slipped 1.8% to $625.3 million, and Encore Boston Harbor revenue fell 3.9% to $209.2 million. Across all segments, adjusted property EBITDAR – a key performance measure – declined to $532.9 million, down from $646.5 million a year earlier.

Despite the downturn, Billings emphasized long-term initiatives. “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,” he said. He also noted progress on the company’s UAE development, saying, “construction of our growth project in the UAE, Wynn Al Marjan Island, continued to advance with the hotel tower reaching the forty-seventh floor.”

Wynn contributed $51.2 million to the Al Marjan Island project during the quarter, bringing its total investment to $682.9 million. The project is expected to open in 2027.

The company declared a $0.25 per share dividend, payable May 30, and repurchased 2.36 million shares for $200 million, with $613 million remaining under its current buyback authorization.

The report comes as the broader travel and hospitality industry faces mounting headwinds. Major airlines and hotel chains have flagged weakening demand amid economic uncertainty and consumer caution.