Wynn Resorts, Limited reported significant improvement in its Macau operations during the three months to 30 September 2025, with operating revenues rising by 14.8% year-on-year and 13.4% quarter-on-quarter to US$1.01 billion.
The company pointed to improved mass table drop – particularly at Cotai integrated resort Wynn Palace – for the improvement, as well as high VIP hold, reversing the low-hold experienced in the June quarter. Mass drop grew by 15% year-on-year in 3Q25, including a 21.4% increase in drop at Wynn Palace.
Adjusted Property EBITDA of US$308 million was up from US$263 million a year earlier and from US$254 million in 2Q25.
By property, Wynn Palace was the standout performer with casino revenue rising 29.8% year-on-year to US$542.4 million and Adjusted Property EBITDAR by 23.4% to US$200.3 million. VIP turnover grew by 1.9% to US$3.26 billion although VIP win was up 56.7% to US$152.5 million.
Mass table games win, aided by the improved table drop, grew by 15.2% to US$465.7 million while slot handle was up 19.0% with win of US$30.5 million, up 11.9%.
At peninsula property Wynn Macau, casino revenue grew by 6.0% year-on-year to US$314.5 million with Adjusted Property EBITDAR up 7.4% to US$108.0 million.
VIP turnover fell by 15.2% to US$1.02 billion with win down 31.1% to US$29.9 million while mass table drop was up 7.8% to US$1.63 billion with win up 9.2% to US$305.8 million. Slot win of US$25.6 million was up 4.7% over the same period in 2024.
“Macau delivered very strong results in the quarter which were further aided by higher-than-normal VIP hold,” said Wynn Resorts CEO Craig Billings during the company’s 3Q25 earnings call. “The business generated US$308 million in EBITDA including US$23 million of VIP hold benefit. Mass volumes were particularly strong up 15% year on year despite the weather disruption near the end of the quarter.”
Noting that volumes have remained strong through October and early November – particularly post-Golden Week, Billings added, “With sustained double digit market wide growth in GGR, we continue to be optimistic about the future of the country.”
Group-wide, Wynn Resorts reported an 8.3% increase in total operating revenues to US$1.83 billion, citing the strong performance of Macau and ongoing outperformance in Las Vegas
Net income attributable to Wynn Resorts was US$88.3 million compared to a net loss of $32.1 million in 3Q24. Adjusted Property EBITDAR climbed by 8.0% to US$570.1 million.
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