Wynn Resorts reported total operating revenues of US$866 million from its two Macau integrated resorts in the three months to 31 March 2025, down 13.3% year-on-year.
Releasing its quarterly financial results early Wednesday morning (Asia time), Wynn pointed to low hold in the VIP gaming segment as a key reason for the decline although non-gaming revenue also took a significant hit at both its Cotai property Wynn Palace and peninsula IR Wynn Macau.
Adjusted Property EBITDAR in Macau fell by 25.9% year-on-year to US$252 million with margin of 29.1% down from 34.0% a year earlier, while operating income of US$127 million was 38.3% lower than in 1Q24.
At Wynn Palace, operating revenues fell by 8.7% year-on-year to US$535.9 million, including a 6.2% drop in casino revenue to US$444.5 million. While VIP turnover was 2.1% higher than the same period last year, VIP win fell by 19.2% to US$104.5 million on a significantly lower win rate. By comparison, mass table games drop was down 4.4% and win down 3.4% to US$422.4 million. Slot win fell 5.2% to US$29.4 million despite handle growing by 23.4%.
Wynn Palace reported a 20.0% year-on-year decline in Adjusted Property EBITDAR to US$161.9 million with non-gaming revenue including a 32.1% drop in hotel room revenue to US$36.6 million.
At Wynn Macau, total operating revenues were down 19.9% year-on-year to US$330.0 million, including a 20.4% decline in casino revenues to US$275.6 million.
Like its Cotai sister property, Wynn Macau suffered from a major drop in VIP win rate – from 3.39% in 1Q24 to 1.09% in 1Q25 – with win of US$15.7 million down 70.8% despite VIP turnover falling by only 9.6% to US$1.44 billion. Mass win was down 11.6% to US$288.5 million and slot win down 7.0% to US$24.4 million.
Adjusted Property EBITDAR fell by 34.3% to US$90.2 million with the hotel, F&B and retail segments all showing double figure year-on-year revenue declines.
Group-wide, Wynn Resorts reported an 8.7% decline in group-wide operating revenues to US$1.70 billion, impacted by Macau and what CEO Billings described as “impossible comps” in Las Vegas compared with the same period in 2024, when the NFL’s Super Bowl was held in the city.
Net income attributable to Wynn Resorts fell by 49.5% to US$72.7 million and Adjusted Property EBITDAR by 17.6% to US$532.9 million.
“Our first quarter results reflect continued strength throughout our business,” said Billings. “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.
“In Macau, while VIP hold negatively impacted results, we held market share in our expected range and announced an increased dividend from Wynn Macau Ltd, reflecting the strong free cash flow generated by the business.”
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