Wynn Resorts reports Q2 revenue growth and record Las Vegas earnings despite net income drop

Wynn Resorts reported a slight increase in second-quarter revenue alongside a drop in net income, as strong performance in Las Vegas was offset by weaker results in Macau and continued investment in its UAE development project.

Total operating revenue reached $1.74 billion for the quarter ended June 30, 2025, up from $1.73 billion in the same period last year. Net income fell to $66.2 million, down from $111.9 million in Q2 2024, with diluted earnings per share declining from $0.91 to $0.64. Adjusted property EBITDAR totaled $552.4 million, a decrease from $571.7 million in the prior-year quarter.

Wynn’s Las Vegas operations stood out, achieving a record second-quarter adjusted property EBITDAR of $234.8 million, a 2% year-on-year rise. Revenue from the city rose $10 million to $638.6 million, with CEO Craig Billings crediting the company’s premium positioning for its resilience in a competitive market.

“Being at the luxury end of the market helps and our premium positioning absolutely helps,” Billings said during the earnings call. “That’s the most resilient component of the customer base.”

CEO Craig Billings

In contrast, results in Macau were mixed. Revenue at Wynn Palace declined to $539.6 million from $548 million, while adjusted EBITDAR dropped to $157.2 million from $184.5 million.

The property's VIP table game hold came in below expectations at 2.86%, significantly lower than the prior year’s 4.1%. Wynn Macau posted a modest revenue increase to $343.8 million and maintained adjusted EBITDAR at $96.5 million. Mass-market table performance remained flat.

Encore Boston Harbor also delivered modest growth, with revenue up $3.1 million year-over-year to $215.7 million, and EBITDAR rising to $63.9 million from $62.1 million. Table game performance there remained within expectations.

Wynn’s $3.9 billion integrated resort project in the UAE, Wynn Al Marjan Island, continues to move forward, with construction now reaching the 61st floor of its tower. The company finalized agreements with several food and beverage partners and secured terms with retail tenants.

Rendering for Wynn Al Marjan Island

During Q2, Wynn contributed an additional $58.2 million to the project, raising its total investment to $741.1 million. The resort is expected to open in 2027, with Wynn holding a 40% stake.

Billings said the company anticipates being the UAE’s sole gaming operator at launch, although it has planned the project to remain competitive if other licenses are issued.

“We operate in the two most competitive gaming markets in the world, and we punch well above our weight… If we are the sole operator for an extended period of time, then obviously, we feel even better,” he stated.

To concentrate on the UAE, Wynn has paused other international expansion. In June, it withdrew from the race for a downstate New York casino license. Plans for Thailand are also on hold due to shifting regulatory conditions. “Our priority right now is the UAE,” Billings said, noting available land banks adjacent to existing Wynn properties could support future development when the timing is right.

During the quarter, Wynn returned capital to shareholders via a cash dividend and $158 million in share repurchases.