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Wynn Resorts (WYNN) FY2025 results: revenue $7.1 billion, up 0.1% on the year

Wynn Resorts Ltd. (WYNN) reported revenue of $7.1 billion for fiscal 2025, the year ended 31 December 2025, up 0.1% on the year before. Net income was $327 million, down 34.7%, and diluted earnings per share $3.14. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.

Revenue
$7.1 billion
+0.1% on the year
FY2018FY2025
Operating margin
15.7%
15.9% a year earlier
FY2018FY2025
Net income
$327 million
-34.7% on the year
FY2018FY2025
Diluted EPS
$3.14
-27.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 kept.

  • Revenue rose, net income fell: Operating revenues were $1.87 billion, up $27.2 million. Net income attributable to Wynn Resorts was $100.0 million, against $277.0 million a year earlier.
  • Adjusted Property EBITDAR fell $50.3 million: Adjusted Property EBITDAR was $568.8 million, against $619.1 million. The largest declines were in Las Vegas and at Wynn Palace.
  • Wynn Palace revenue up, EBITDAR down: Wynn Palace revenue was $596.4 million, up $33.4 million. Mass market table hold was 21.8%, against 26.0%. VIP hold was 2.84%, against 3.51% a year earlier.
  • Wynn Palace VIP turnover rose: Wynn Palace VIP turnover was $5.23 billion, up 70.9%. Wynn Macau VIP turnover was $909.6 million, down 16.8%, in the same quarter.
  • Las Vegas EBITDAR fell $26.6 million: Las Vegas revenue was $688.1 million, down $11.4 million. Adjusted Property EBITDAR was $240.8 million, against $267.4 million. Table games win was 26.0%, against 30.9%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Wynn Resorts designs, develops and operates integrated resorts combining luxury hotel rooms, high-end retail space, dining and entertainment, meeting and convention facilities, and gaming. It reports four resorts as four segments: Wynn Palace and Wynn Macau in Macau, held through an approximate 72 percent ownership of Wynn Macau, Limited; Las Vegas Operations, meaning Wynn Las Vegas and Encore at Wynn Las Vegas, owned outright apart from certain retail space; and Encore Boston Harbor in Everett, Massachusetts. There were approximately 28,500 employees at the end of 2025, about 12,000 in Macau and 16,500 in the United States. Revenues move month to month with the timing of major conventions and holidays, but the filing states the business is not materially affected by seasonality.

Wynn Resorts Ltd., the 10-K for 2025

Wynn Resorts designs, develops and operates integrated resorts combining luxury hotel rooms, high-end retail space, dining and entertainment, meeting and convention facilities, and gaming. It reports four resorts as four segments: Wynn Palace and Wynn Macau in Macau, held through an approximate 72 percent ownership of Wynn Macau, Limited; Las Vegas Operations, meaning Wynn Las Vegas and Encore at Wynn Las Vegas, owned outright apart from certain retail space; and Encore Boston Harbor in Everett, Massachusetts. There were approximately 28,500 employees at the end of 2025, about 12,000 in Macau and 16,500 in the United States. Revenues move month to month with the timing of major conventions and holidays, but the filing states the business is not materially affected by seasonality.

Macau

Wynn Palace opened in August 2016 on Macau's Cotai Strip. It holds approximately 468,000 square feet of casino space with 305 table games and 693 slot machines, a hotel tower of 1,706 guest rooms, suites and villas, 12 food and beverage outlets and a food hall, approximately 109,000 square feet of brand-name retail and approximately 37,000 square feet of meeting and convention space. Its public attractions include a performance lake, an immersive entertainment centre and a gondola ride, and the next phase is in design; the company states it currently expects that phase to add theatre and expanded event space, food and beverage features and other non-gaming offerings. Wynn Macau opened in September 2006 in downtown Macau, with the Encore expansion in April 2010, and holds approximately 294,000 square feet of casino space with 253 table games and 911 slot machines, two hotel towers of 1,014 guest rooms and suites, 11 food and beverage outlets, approximately 75,900 square feet of retail and approximately 31,000 square feet of meeting and convention space. Its signature attractions include the performance lake and the gold tree of prosperity show.

Las Vegas

Wynn Las Vegas opened in April 2005 and the Encore expansion in December 2008, on approximately 215 acres fronting the Las Vegas Strip at Sands Avenue. The casino space runs to approximately 199,000 square feet with 231 table games and 1,558 slot machines, plus private gaming salons, a sky casino, a poker room and a race and sports book. Two hotel towers hold 4,748 guest rooms, suites and villas. There are 35 food and beverage outlets, approximately 178,000 square feet of brand-name retail, approximately 510,000 square feet of meeting and convention space, a golf course, two nightclubs, a beach club and two theatres carrying an exclusive theatrical production and headliner acts.

Boston

Encore Boston Harbor opened on 23 June 2019 in Everett, Massachusetts, next to Boston on the Mystic River. The casino space is approximately 215,000 square feet with 172 table games, 24 poker tables and approximately 2,777 slot machines, plus private and high-limit gaming areas and a sports book. The hotel tower holds 671 guest rooms and suites, and there are 16 food and beverage outlets, a nightclub, approximately 8,200 square feet of retail and approximately 71,000 square feet of meeting and convention space. Public attractions include a waterfront park and a water shuttle to downtown Boston.

The concession

A subsidiary, Wynn Macau SA, holds a 10-year gaming concession granted on 16 December 2022, running from 1 January 2023 to 31 December 2032, to operate games of chance at Wynn Palace and Wynn Macau. Only concessionaires may operate casinos there, and the subsidiary provided a first demand bank guarantee of MOP1.0 billion in favour of the Macau government. The government may rescind the concession for non-fulfilment of obligations, in which case all casinos, gaming assets and equipment and the ownership rights to the casino areas transfer to it without compensation; from the eighth year it may instead redeem the concession on at least one year's notice, with fair and equitable compensation. The concession also carries an investment plan: each September the subsidiary submits the next year's projects, amounts and schedules for approval, reports on the previous year's execution by 31 March, and files progress reports every two months.

Ras Al Khaimah

The company holds a 40 percent equity interest in Island 3 AMI FZ-LLC, an unconsolidated affiliate building Wynn Al Marjan Island in the Emirate of Ras Al Khaimah in the United Arab Emirates. Plans announced in January 2022 cover a hotel of more than 1,500 rooms, luxury villas, a shopping mall, a meeting and convention facility, a spa, more than 20 restaurants and lounges, 225,000 square feet of gaming area, a nightclub and a beach club. The filing states it is anticipated to open to the public in 2027.

From Wynn Resorts' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 2 March 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue7,1387,1286,532+0.1%
Selling, general and administrative1,1171,0801,065+3.4%
Operating income1,1181,133840-1.3%
Operating margin15.7%15.9%12.9%
Interest expense626688752-9.1%
Pre-tax income514643285-20.1%
Income tax1053.7-497+2,751.8%
Effective tax rate20.4%0.6%-174.1%
Net income327501730-34.7%
Net margin4.6%7.0%11.2%
Diluted EPS$3.14$4.35$6.32-27.8%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,3531,4261,248-5.2%
Capital expenditure660420443+57.3%
Free cash flow6921,006805-31.2%
Free cash flow margin9.7%14.1%12.3%
Cash from investing-1,657-83.6-1,343
Cash from financing-653-1,794-719
Depreciation and amortisation621659687-5.8%
Share-based compensation91.959.064.5+55.7%
Buybacks380402212-5.4%
Dividends paid17514084.7+25.1%
Diluted shares, weighted104m110m113m-5.5%
Shares outstanding at period end104m108m112m-3.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity-275-224-251
Non-controlling interest-756-744-850
Debt10,54710,54211,738+0.0%
Operating lease liabilities1,6291,6241,632+0.3%
Finance lease liabilities73.771.624.0+3.0%
Other liabilities1,8901,7091,703+10.6%
Total liabilities and equity13,10812,97813,996+1.0%
Fixed assets6,6266,5216,688+1.6%
Goodwilln/a18.518.5
Intangible assets224255303-11.9%
Cash and equivalents1,4632,4262,879-39.7%
Receivables403324342+24.3%
Inventory88.575.875.6+16.8%
Other assets4,3033,3583,690+28.2%
Total assets13,10812,97813,996+1.0%

10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.