The Macau operations of Wynn Resorts Ltd generated operating revenues of US$883 million in the three months to 30 June 2025, basically flat with the same period in 2024 due in part to low hold across the board – particularly in the VIP gaming segment.
Adjusted Property EBITDAR of US$254 million was down from US$280 million a year earlier, with the low VIP hold impacting the company to the tune of US$13 million.
According to information released early Friday morning Macau time, the impact of low hold was primarily felt at flagship Cotai resort Wynn Palace, which saw operating revenues decline by 1.5% year-on-year to US$539.6 million and Adjusted Property EBITDAR by 14.8% to US$157.2 million. Both mass table games win percentage and VIP table games win percentage were lower than in 2Q24 with VIP win percentage of 2.86% also coming in below the expected range of 3.1% to 3.4%.
At peninsula property Wynn Macau, operating revenues increased by 1.9% to US$343.8 million with Adjusted Property EBITDAR showing very slight growth to US$96.5 million. Like Wynn Palace, mass table win percentage was down year-on-year although VIP win percentage showed strong improvement to reach 3.41%.
In color commentary provided during the company’s 2Q25 earnings call this morning, Wynn Resorts CEO Craig Billings said the company saw a steady April and strong June but a more subdued May. However, “volumes accelerated further in July, which was a standout month despite some weather disruption, with drop up year-on-year and sequentially versus June,” he said.
“For June and July combined we generated normalized EBITDAR of US$3.3 million per day, which we’ve normalized to account for high hold during that period.”
Group-wide, Wynn Resorts reported a slight increase in operating revenues to US$1.74 billion in Q2, with net income of US$66.2 million and Adjusted Property EBITDAR of US$552.4 million – down from US$571.7 million a year earlier. The results included improvements in Las Vegas compared with 2Q24 while Encore Boston Harbor remained largely in line with the prior year.
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