Wynn Resorts, Limited has reported a powerful third quarter for 2025, highlighting sturdy development in Macau and continued outperformance in Las Vegas. The firm posted complete working revenues of US$1.83 billion for the interval ending September 30, 2025—a rise of US$140.4 million over the identical quarter final yr. Net revenue attributable to Wynn Resorts reached US$88.3 million, reversing a US$32.1 million loss recorded in Q3 2024.
Growth Across Core Markets
According to the company’s report, adjusted property EBITDAR climbed to US$570.1 million, up from US$527.7 million within the earlier yr. Diluted earnings per share improved to US$0.85, in contrast with a lack of US$0.29 per share final yr. CEO Craig Billings mentioned the outcomes underscored the corporate’s operational power, noting, “Our third quarter results were marked by impressive EBITDA growth in Macau, and continued outperformance in Las Vegas.”
Billings added, “In Macau, we achieved healthy market share and saw a significant increase in mass table drop year over year. In Las Vegas, the team delivered another quarter of year over year EBITDA growth and continued to take gaming market share.”
Wynn additionally introduced a money dividend of US$0.25 per share, payable on November 26, 2025, to shareholders of file as of November 17, 2025.
The firm’s Macau operations had been the standout performer. Wynn Resorts reported that working revenues within the territory grew 14.8% year-on-year and 13.4% quarter-on-quarter to US$1.01 billion, pushed by stronger mass-market efficiency and a rebound in VIP maintain. Adjusted Property EBITDA in Macau rose to US$308 million, up from US$263 million in the identical interval of 2024.
At Wynn Palace, working revenues elevated 22.3% to US$635.5 million, whereas Adjusted Property EBITDAR rose 23.4% to US$200.3 million. Casino income climbed 29.8% year-on-year, with mass desk drop up 21.4% and slot deal with up 19%. VIP win surged 56.7%, reaching US$152.5 million.
Meanwhile, Wynn Macau recorded US$365.5 million in working revenues, a 3.8% annual improve. Adjusted Property EBITDAR grew 7.4% to US$108 million, supported by a 9.2% rise in mass desk win to US$305.8 million and a 4.7% acquire in slot win to US$25.6 million, regardless of a decline in VIP turnover.
Billings commented that “Macau delivered very strong results in the quarter which were further aided by higher-than-normal VIP hold. The business generated US$308 million in EBITDA including US$23 million of VIP hold benefit.” He added that mass gaming volumes “remained strong through October and early November,” citing double-digit market-wide development in gross gaming income.
Continued Success within the U.S. and International Development
In the United States, Las Vegas operations maintained development momentum, with revenues up US$13.8 million year-on-year. Wynn’s Boston property, Encore Boston Harbor, noticed a modest decline of US$2.4 million in contrast with Q3 2024. Overall, home operations remained worthwhile, bolstered by regular efficiency in gaming and hospitality segments.
The firm additionally superior development of Wynn Al Marjan Island within the United Arab Emirates, a 70-story luxurious resort at the moment slated to open in 2027. Billings mentioned, “We 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.” Wynn contributed US$93.9 million to the mission through the third quarter, bringing complete funding to US$835 million up to now.
Analysts at JP Morgan Securities (Asia Pacific) famous that Wynn Macau Ltd delivered efficiency “comfortably meeting elevated market expectations,” with EBITDA margins increasing by over 200 foundation factors quarter-on-quarter to 30.8%. The enchancment was attributed to decrease reinvestment charges and higher working effectivity.
