Wynn Resorts (WYNN) Q1 2025 earnings summary

Executive summary

• Q1 2025 operating revenues were $1.70B, down 8.7% year-over-year, with net income at $72.7M, a 49.6% decrease, mainly due to lower Macau gaming results and ADR declines.

• Adjusted Property EBITDAR was $532.9M, down 17.9% year-over-year, with margin declining to 31.3%; all segments saw lower EBITDAR.

• The company continued to invest in Wynn Al Marjan Island, with construction reaching the 47th floor and opening expected in 2027.

• Significant capital returns included $200M in share repurchases and a $0.25/share dividend declared for Q1 2025.

• Wynn maintained industry leadership, earning 19 Forbes Five-Star awards and advancing the acquisition of Crown London Aspinalls.

Financial highlights

• Casino revenues were $1.04B, down 7.2% year-over-year; non-casino revenues fell 11.0% to $660M.

• Las Vegas generated $223.4M in adjusted property EBITDA on $625.3M revenue (35.7% margin); Encore Boston Harbor posted $57.5M on $209.2M (27.5% margin); Macau delivered $252.1M on $865.9M (29.1% margin).

• Diluted EPS was $0.69, down from $1.30 in Q1 2024; adjusted net income per diluted share was $1.07, down from $1.59.

• Global cash and revolver availability stood at $3.2B as of March 31, 2024; $2.07B in cash and $1.09B in revolver capacity as of March 31, 2025.

• Over $1.1B of capital returned to shareholders since 2022, including ~$950M in share repurchases and ~$220M in dividends.

Outlook and guidance

• Wynn Al Marjan Island is on track for a 2027 opening, with remaining equity contributions estimated at $650–$725M.

• CAPEX in Macau for 2025 expected to be $250–$300M, subject to government approvals; domestic project CAPEX for 2025 is $750–$800M.

• Forward demand in Las Vegas and Macau remains solid, with group bookings pacing ahead for 2026.

• No material domestic cash income taxes are expected in 2025.