Wynn Resorts Ltd (NASDAQ:WYNN) Reports Mixed Q2 2025 Results with Revenue and EPS Misses Amid Operational Resilience

Wynn Resorts Ltd (NASDAQ:WYNN) reported mixed second-quarter 2025 results, missing analyst expectations on both revenue and earnings while demonstrating resilience in key operational segments. The luxury casino operator posted $1.74 billion in revenue, essentially flat compared to the $1.73 billion reported in Q2 2024 but falling short of the $1.78 billion consensus estimate. Adjusted earnings per share came in at $1.09, 9% below the $1.23 analysts had projected.

Financial Performance vs. Expectations

• Revenue: $1.74 billion actual vs. $1.78 billion estimated (2.4% miss)
• EPS: $1.09 adjusted vs. $1.23 estimated (11.4% miss)
• Net income attributable to Wynn Resorts: $66.2 million, down from $111.9 million YoY
• Adjusted Property EBITDAR: $552.4 million, down 3.4% from $571.7 million in Q2 2024

The market reaction was negative, with shares declining approximately 3% in after-hours trading following the earnings release. This suggests investor disappointment with the earnings miss and softer profitability metrics compared to last year.

Key Operational Highlights

CEO Craig Billings noted several positive developments despite the earnings shortfall:

• Las Vegas operations achieved a Q2 record for Adjusted Property EBITDAR at $234.8 million (up 2% YoY).
• Macau properties maintained healthy market share and generated significant free cash flow, though VIP hold rates negatively impacted results.
• Wynn Al Marjan Island (UAE) development remains on track for a 2027 opening, with the company committing an additional $58.2 million during the quarter.
• Shareholder returns included a $0.25 per share dividend and $158 million in stock repurchases (2 million shares at an average price of $78.88).

Segment Performance Breakdown

• Wynn Palace (Macau): Revenue declined 1.5% YoY to $539.6 million, with Adjusted Property EBITDAR down 14.8% due to weaker VIP win rates.
• Wynn Macau: Revenue rose 1.9% to $343.8 million, with EBITDAR marginally higher at $96.5 million.
• Las Vegas Operations: Revenue increased 1.6% to $638.6 million, driving EBITDAR growth to $234.8 million.
• Encore Boston Harbor: Revenue up 1.5% to $215.7 million, with EBITDAR improving to $63.9 million.

Balance Sheet & Liquidity

The company maintained a strong liquidity position with $1.98 billion in cash and equivalents. However, total debt stood at $10.54 billion, including $5.79 billion in Macau-related debt. Recent financing activities included a $500 million credit facility expansion and a $1 billion increase in borrowing capacity under the WM Cayman II Revolver.

Forward-Looking Considerations

Analysts currently project Q3 2025 revenue of $1.76 billion and full-year 2025 revenue of $7.13 billion. While Wynn didn’t provide formal guidance, management emphasized ongoing investments in Macau and the UAE development while continuing capital returns to shareholders.

For detailed earnings estimates and historical performance, review Wynn Resorts' earnings estimates page.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.