Wynn Resorts generated $1.7 billion in revenue for the quarter, falling $50 million short of analyst forecasts and marking a decline from the $1.86 billion recorded a year earlier
Wynn Resorts saw a fall in many important financial measures in the first quarter of 2025. The company fell short of what the market expected, showing it faced difficulties in both the US and overseas markets.
Revenue Drops to $1.7B as Wynn Falls Short of Forecasts
The company brought in $1.7 billion in revenue, missing analysts’ expectations by $50 million. This showed a decrease from the $1.86 billion reported during the same time last year. Net income also dropped by half, reaching $72.7 million compared to $144.2 million in Q1 2024. Earnings per share came in at $0.69, lower than $1.30 a year ago and $0.24 under what experts predicted. Adjusted property EBITDAR, which measures how much money the company makes before certain expenses, fell to $532.9 million from $646.5 million last year.
Despite the slump, CEO Craig Billings stressed that the company’s core business remains healthy. He pointed out that the Las Vegas properties performed well, considering that big events like the Super Bowl had boosted the previous year’s figures. He also talked about progress on Wynn’s newest project in the United Arab Emirates, with construction on the Al Marjan Island development now reaching the 47th floor. To date, the company has put $682.9 million into this joint venture, which is set to open in 2027.
Macau Declines Weigh on Wynn’s Q1, Buybacks Aim to Reassure Investors
In Asia, results were uneven. Wynn Palace in Macau experienced a revenue decline to $535.9 million, a $51 million drop from the previous year. The property’s earnings also fell, though mass-market table win percentage showed a small uptick. Yet, the VIP segment did not meet expectations, with win percentages coming in lower than anticipated.
Wynn Macau also reported weaker figures, with revenue sinking to $330 million, over $80 million less than the year before. The property’s adjusted EBITDAR fell to $90.2 million, and both mass-market and VIP table win percentages went down.
In the US, Wynn’s Las Vegas operations brought in $625.3 million, a bit less than the previous year. Encore Boston Harbor saw its revenue drop to $209.2 million from $217.8 million in Q1 2024.
To boost shareholder value, Wynn bought back over 2.36 million shares during the quarter. They paid an average of $84.76 per share, spending $200 million in total. The company can still use $613 million under its current buyback program.I
nvestors have seen a mix of signals. Wynn’s shares have gone up 3.67% in the last three months, but they are still down when you look at the whole year. In the long run, how well Wynn does depends a lot on how fast Asia bounces back and how successful their new project in the UAE turns out to be.
