Wynn Resorts, Limited has reported a strong third quarter for 2025, highlighting robust growth in Macau and continued outperformance in Las Vegas. The company posted total operating revenues of US$1.83 billion for the period ending September 30, 2025—an increase of US$140.4 million over the same quarter last year. Net income attributable to Wynn Resorts reached US$88.3 million, reversing a US$32.1 million loss recorded in Q3 2024.
Growth Across Core Markets
According to the company’s report, adjusted property EBITDAR climbed to US$570.1 million, up from US$527.7 million in the previous year. Diluted earnings per share improved to US$0.85, compared with a loss of US$0.29 per share last year. CEO Craig Billings said the results underscored the company’s operational strength, noting, “Our third quarter results were marked by impressive EBITDA growth in Macau, and continued outperformance in Las Vegas.”
Billings added, “In Macau, we achieved 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.”
Wynn also announced a cash dividend of US$0.25 per share, payable on November 26, 2025, to shareholders of record as of November 17, 2025.
The company’s Macau operations were the standout performer. Wynn Resorts reported that operating revenues in the territory grew 14.8% year-on-year and 13.4% quarter-on-quarter to US$1.01 billion, driven by stronger mass-market performance and a rebound in VIP hold. Adjusted Property EBITDA in Macau rose to US$308 million, up from US$263 million in the same period of 2024.
At Wynn Palace, operating revenues increased 22.3% to US$635.5 million, while Adjusted Property EBITDAR rose 23.4% to US$200.3 million. Casino revenue climbed 29.8% year-on-year, with mass table drop up 21.4% and slot handle up 19%. VIP win surged 56.7%, reaching US$152.5 million.
Meanwhile, Wynn Macau recorded US$365.5 million in operating revenues, a 3.8% annual increase. Adjusted Property EBITDAR grew 7.4% to US$108 million, supported by a 9.2% rise in mass table win to US$305.8 million and a 4.7% gain in slot win to US$25.6 million, despite a decline in VIP turnover.
Billings commented that “Macau delivered very strong results in the quarter which were further aided by higher-than-normal VIP hold. The business generated US$308 million in EBITDA including US$23 million of VIP hold benefit.” He added that mass gaming volumes “remained strong through October and early November,” citing double-digit market-wide growth in gross gaming revenue.
Continued Success in the U.S. and International Development
In the United States, Las Vegas operations maintained growth momentum, with revenues up US$13.8 million year-on-year. Wynn’s Boston property, Encore Boston Harbor, saw a modest decline of US$2.4 million compared with Q3 2024. Overall, domestic operations remained profitable, bolstered by steady performance in gaming and hospitality segments.
The company also advanced construction of Wynn Al Marjan Island in the United Arab Emirates, a 70-story luxury resort currently slated to open in 2027. Billings said, “We made significant progress on the completion of Wynn Al Marjan Island, where we are now pouring concrete for the remaining few floors of the 70-story tower.” Wynn contributed US$93.9 million to the project during the third quarter, bringing total investment to US$835 million to date.
Analysts at JP Morgan Securities (Asia Pacific) noted that Wynn Macau Ltd delivered performance “comfortably meeting elevated market expectations,” with EBITDA margins expanding by over 200 basis points quarter-on-quarter to 30.8%. The improvement was attributed to lower reinvestment rates and better operating efficiency.
