Wynn Resorts has released its first-quarter report for 2025, showing a year-over-year decline across its major revenue streams. While the casino segment remained the largest contributor, most business areas recorded lower numbers compared to Q1 2024. Despite the dips across several areas, Wynn Resorts continued to distribute dividends and buy back shares, signaling ongoing commitment to shareholder returns even during a slower quarter.
Good to know
- Wynn Resorts generated $1.7 billion in Q1 2025 revenue, down 8.7% from last year.
- Net income dropped nearly 50% to $72.7 million.
- Las Vegas delivered the highest revenue for the quarter at $625.3 million.
The Las Vegas segment brought in the most revenue, hitting $625.3 million. However, that was still 1.8% less than in the same quarter last year. Adjusted property EBITDAR for Las Vegas came in at $223.4 million, reflecting a 9.3% drop from the previous year.
Casino operations led the company’s income overall, contributing just over $1 billion in revenue. But even that fell by 7.2% year-over-year. Other segments also recorded declines: hotel rooms brought in $274.5 million, down 16.2%; food and beverage earned $249.9 million, a 6.4% decrease; and entertainment, retail, and other income totaled $135.6 million, down 7.8%.
CEO Craig Billings shared thoughts on the latest results. “Our first quarter results reflect continued strength throughout our business. 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.”
The company reported total adjusted property EBITDA of $532.9 million for the quarter, a 17.6% decrease compared to Q1 2024. Net income dropped to $72.7 million, nearly half of what was reported in the same period last year. Operating income reached $268.6 million, which was down by nearly $100 million from Q1 2024.
In Macau, Wynn Palace earned $535.9 million in revenue, showing an 8.7% year-over-year decline. Its adjusted property EBITDAR was $161.9 million, down 20%. Meanwhile, Wynn Macau brought in nearly $330 million, but that figure marked a 19.9% decrease from last year. The property reported $90.2 million in adjusted property EBITDAR, a 34.3% drop.
Billings pointed out that despite challenges, the company held its position in the Macau market. “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. At the same time we continued to return capital to shareholders through our regular quarterly dividend and the repurchase of $200m of stock in the quarter.”
Encore Boston Harbor also reported a drop in performance. The property earned just over $209.2 million in revenue, 3.9% lower than the previous year. Adjusted property EBITDAR came to $57.5 million, down 9%.
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