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Wynn Resorts Limited Third Quarter Financial Results for 2025

On November 6, 2025, Wynn Resorts Limited (NASDAQ: WYNN) reported its financial results for the third quarter ended September 30, 2025, revealing a robust performance that has analysts optimistic about the company's trajectory. The company recorded operating revenues of $1.83 billion, reflecting an increase of $140.4 million compared to the same quarter of 2024. This substantial growth underscores Wynn Resorts' ability to capitalize on favorable market conditions.

Financial Highlights

The net income attributable to Wynn Resorts Limited reached $88.3 million for Q3 2025, a remarkable turnaround from a net loss of $32.1 million experienced in Q3 2024. This improvement translates to a diluted net income per share of $0.85, compared to a diluted net loss per share of $0.29 for the previous year.

Furthermore, the company’s Adjusted Property EBITDAR was $570.1 million, an increase from $527.7 million year-over-year, driven by strong performance in its Macau and Las Vegas locations.

CEO Commentary

Wynn's CEO, Craig Billings, emphasized the encouraging results from both Macau and Las Vegas. He noted, "Our third quarter results were marked by impressive EBITDA growth in Macau and continued outperformance in Las Vegas. We achieved healthy market share in Macau with a significant increase in mass table drop year-over-year. Meanwhile, our team in Las Vegas delivered another quarter of year-over-year EBITDA growth while gaining gaming market share."

The Macau operations particularly stood out, with revenues from Wynn Palace rising to $635.5 million, a notable increase compared to $519.8 million in Q3 2024. Adjusted Property EBITDAR from Wynn Palace surged to $200.3 million, indicating a strong recovery and performance consistency in the high-stakes market.

Operational Breakdown

• - Macau Operations:

- Wynn Palace: Revenue rose to $635.5 million with a table games win percentage of 22.6%.
- Wynn Macau: Revenue increased by $13.6 million to $365.5 million, with an adjusted EBITDAR of $108 million.

• - Las Vegas Operations:

- The Las Vegas segment reported revenues of $621 million, slightly up from $607 million in Q3 2024.
- This location also posted an Adjusted Property EBITDAR of $203.4 million.

• - Encore Boston Harbor: In contrast to other properties, Encore Boston Harbor experienced a minor revenue drop to $211.8 million, with EBITDAR of $58.4 million.

Future Perspectives

Wynn Resorts also provided updates on future developments, including Wynn Al Marjan Island, set to launch in 2027. The company invested $93.9 million in cash into this UAE-based venture, highlighting ongoing commitments to expand its global footprint.

The firm declared a cash dividend of $0.25 per share payable to shareholders on November 26, 2025, signifying confidence in sustained profitability and shareholder value enhancement.

Capital Management

As of September 30, 2025, Wynn's cash and cash equivalents totaled $1.49 billion, representing a solid financial position. Total debt stood at $10.57 billion, comprising various debts across operations, including $5.81 billion related to Macau. Wynn’s management continues to explore strategies for debt management and operational efficiencies in light of the improving market conditions.

With these promising results, Wynn Resorts appears well-positioned for continued success in 2025 and beyond, bolstered by strategic initiatives and operational excellence across its venues. Investors will be closely monitoring the upcoming conference call for further insights into the company's future direction.