Wynn Resorts Returns to Profit in Q3 2025 as Macau Performance Surges
Wynn Resorts, Limited reversed its financial performance in the third quarter of 2025, moving from a net loss to a profit. The company reported $1.83 billion in operating revenues, an increase of $140.4 million from the $1.69 billion recorded in the same period in 2024.
Net income attributable to Wynn Resorts reached $88.3 million, a significant swing from the $32.1 million net loss reported in Q3 2024.
This performance translated to a diluted net income of $0.85 per share, compared to a net loss of $0.29 per share a year ago. Consolidated adjusted Property EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent) also increased, rising by $42.4 million to $570.1 million.
Macau Drives Key Financial Uplift
The primary driver for the improved results was the company’s operations in Macau. Both Wynn properties in the region showed strong revenue and adjusted EBITDAR growth, confirming the market’s recovery.
- Wynn Palace increased its operating revenues by $115.7 million year-over-year. The property’s adjusted property EBITDAR grew by $38.0 million, marking the largest increase across the company’s portfolio.
- Wynn Macau also contributed to the growth, with operating revenues rising by $13.6 million and adjusted property EBITDAR increasing by $7.4 million.
The company’s CEO, Craig Billings, highlighted the strength in Asia. “Our third quarter results were marked by impressive EBITDA growth in Macau, and continued outperformance in Las Vegas,” Billings said. He added that in Macau, the company “achieved healthy market share and saw a significant increase in mass table drop year over year.”
Stable Performance in US Markets
Wynn’s domestic operations maintained a steady, high-performing presence.
- Las Vegas Operations reported a modest increase in adjusted property EBITDAR of $0.7 million, alongside a $13.8 million rise in operating revenues. Billings noted that the Las Vegas team “delivered another quarter of year over year EBITDA growth and continued to take gaming market share.”
- Encore Boston Harbor saw a slight decline, with operating revenues decreasing by $2.4 million and adjusted property EBITDAR dropping by $4.6 million.
Looking ahead, Billings mentioned progress on a major new project. “We also made significant progress on the completion of Wynn Al Marjan Island, where we are now pouring concrete for the remaining few floors of the 70-story tower,” he stated.
As of September 30, 2025, Wynn Resorts held $1.49 billion in cash and equivalents. Total current and long-term debt was $10.57 billion. The company announced a quarterly cash dividend of $0.25 per share, payable on November 26, 2025.
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