Wynn Resorts reports $1.83 billion in Q3 revenue and swings to $88 million profit

Wynn Resorts reported a sharp turnaround in its third quarter earnings for 2025, fueled by a strong rebound in Macau and steady performance in Las Vegas, even as its Boston property posted a modest decline.

The casino and hospitality group posted operating revenue of $1.83 billion for the three months ending September 30, a $140.4 million increase from a year earlier. Net income reached $88.3 million, reversing a $32.1 million loss in the same period of 2024, while diluted earnings per share rose to $0.85 from a $0.29 loss per share a year ago.

CEO Craig Billings said the latest results reflected “impressive EBITDA growth in Macau and continued outperformance in Las Vegas.”

He added: “In Macau, we achieved a healthy market share and saw a significant increase in mass table drop year over year. In Las Vegas, the team delivered another quarter of year-over-year EBITDA growth and continued to take gaming market share. We also made significant progress on the completion of Wynn Al Marjan Island, where we’re now pouring concrete for the remaining few floors of the 70-story tower.”

CEO Craig Billings

Growth in the quarter was anchored by Wynn Palace, which generated $635.5 million in revenue, up $115.7 million year-on-year, and produced $200.3 million in adjusted property EBITDAR compared with $162.3 million last year. Wynn Macau contributed $365.5 million, up $13.6 million from 2024, with adjusted EBITDAR climbing to $108 million.

In the U.S., the company’s flagship Las Vegas operations brought in $621 million in revenue, slightly higher than last year’s $607.2 million, while Encore Boston Harbor saw revenue slip to $211.8 million, down $2.4 million. Adjusted property EBITDAR rose modestly in Las Vegas to $203.4 million but declined in Boston to $58.4 million.

Across the group, adjusted property EBITDAR increased to $570.1 million from $527.7 million a year earlier. The company’s board declared a quarterly cash dividend of $0.25 per share, payable on November 26 to shareholders of record as of November 17.

Wynn also continued advancing its overseas investment pipeline. During the quarter, the company added $93.9 million in funding to its 40%-owned Wynn Al Marjan Island project in the United Arab Emirates, bringing total contributions to $835 million. The integrated resort, now approaching structural completion of its 70-story tower, remains on track for a 2027 opening.

Wynn Al Marjan Island project

As of the end of September, Wynn held $1.49 billion in cash and cash equivalents, excluding $475 million in short-term investments at Wynn Macau. The group’s total debt stood at $10.57 billion, with $5.81 billion linked to Macau operations, $876 million to Wynn Las Vegas, and $3.28 billion to Wynn Resorts Finance.

In August, Wynn Macau issued $1 billion in senior notes due 2034 at a 6.75% rate, using proceeds the following month to redeem earlier 5.5% notes maturing in 2026. The company also boosted borrowing capacity under its WM Cayman II revolving credit facility by an additional $1 billion in July, expanding total available credit to $2.5 billion.