Wynn Reports $1.83 Billion Q3 Revenue Driven by Macau and Las Vegas

Wynn Resorts Ltd. announced strong Q3 performance for 2025, propelled by surging Macau operations and sustained momentum in Las Vegas. The company generated total operating revenues of $1.83 billion, a $140.4 million year-on-year increase. Meanwhile, net income hit $488.3 million, reversing a $32.1 million loss from Q3 2024.

Adjusted property EBITDA rose $570.1 million, and diluted earnings per share reached $0.85, a significant increase from last year’s $0.29. CEO Craig Billings emphasized the company’s resilience, stating, “Our third quarter results were marked by impressive EBITDA growth in Macau, and continued outperformance in Las Vegas.” He also highlighted Macau’s market share gains and mass-table growth, alongside consistent EBITDA and gaming share expansion in Las Vegas.

Macau Momentum

Wynn Resorts boosted investor confidence with a $0.25 per share cash dividend, payable to shareholders on November 26 and recorded by November 17. The company’s Macau division emerged as the quarter’s star, delivering $1.01 billion in revenue. The 14.8% annual and 13.4% quarterly gain was fueled by resurgent VIP gaming and mass-market traction. Adjusted property EBITDA in the region rose 17.1% to $308 million.

Wynn Palace spearheaded the growth, with operating revenues soaring 22.3% to $635.5 million and EBITDA rising 23.4% to $200.3 million. Casino revenue surged 29.3% YoY, driven by a 21.4% increase in mass table activity and 19% slots growth, while VIP wins skyrocketed 56.7% to $152.5 million.

CEO Outlook

Wynn Macau sustained growth with $365.5 million in operating revenues, up 3.8% YoY, as adjusted EBITDA climbed 7.4% to $109 million. Mass table wins rose 9.2% to $305.8 million, and slot wins increased 4.7% to $25.6 million, offsetting softer VIP results.

CEO Billings noted, “Macau delivered very strong results in the quarter, which were further aided by higher-than-normal VIP hold. The business generated $308 million in EBITDA, including $23 million of VIP hold benefit.” He also highlighted sustained mass gaming momentum, stating October and early November saw “double-digit market-wide growth” in gross gaming revenue.

US Stability and UAE Expansion

Wynn’s Las Vegas operations recorded growth with a $13.8 million YoY revenue increase, leading domestic performance, despite the city’s overall dull year. Meanwhile, Encore Boston Harbor dipped slightly by $2.4 million, but profitability held firm. The company continues to develop its UAE flagship, the 70-story Wynn Al-Marjan Island, targeting a 2027 opening.