Wynn Resorts, Limited (NASDAQ: WYNN) (“Wynn Resorts” or the “Company”) today reported financial results for the third quarter ended September30, 2025.
Operating revenues were $1.83 billion for the third quarter of 2025, an increase of $140.4 million from $1.69 billion for the third quarter of 2024. Net income attributable to Wynn Resorts, Limited was $88.3 million for the third quarter of 2025, compared to net loss attributable to Wynn Resorts, Limited of $32.1 million for the third quarter of 2024. Diluted net income per share was $0.85 for the third quarter of 2025, compared to diluted net loss per share of $0.29 for the third quarter of 2024. Adjusted Property EBITDAR(1) was $570.1 million for the third quarter of 2025, compared to Adjusted Property EBITDAR of $527.7 million for the third quarter of 2024.
“Our third quarter results were marked by impressive EBITDA growth in Macau, and continued outperformance in Las Vegas,” said Craig Billings, CEO of Wynn Resorts, Limited. “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. 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.”
Consolidated Results
Operating revenues were $1.83 billion for the third quarter of 2025, an increase of $140.4 million from $1.69 billion for the third quarter of 2024. For the third quarter of 2025, operating revenues increased $115.7 million, $13.8 million, and $13.6 million at Wynn Palace, our Las Vegas Operations, and Wynn Macau, respectively, and decreased $2.4 million at Encore Boston Harbor, from the third quarter of 2024.
Net income attributable to Wynn Resorts, Limited was $88.3 million for the third quarter of 2025, compared to net loss attributable to Wynn Resorts, Limited of $32.1 million for the third quarter of 2024. Diluted net income per share was $0.85 for the third quarter of 2025, compared to diluted net loss per share of $0.29 for the third quarter of 2024. Adjusted net income attributable to Wynn Resorts, Limited(2) was $88.7 million, or $0.86 per diluted share, for the third quarter of 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $98.9 million, or $0.90 per diluted share, for the third quarter of 2024.
Adjusted Property EBITDAR was $570.1 million for the third quarter of 2025, an increase of $42.4 million compared to Adjusted Property EBITDAR of $527.7 million for the third quarter of 2024. For the third quarter of 2025, Adjusted Property EBITDAR increased $38.0 million, $7.4 million, and $0.7 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $4.6 million at Encore Boston Harbor, from the third quarter of 2024.
Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on November 26, 2025 to stockholders of record as of November 17, 2025.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $635.5 million for the third quarter of 2025, an increase of $115.7 million from $519.8 million for the third quarter of 2024. Adjusted Property EBITDAR from Wynn Palace was $200.3 million for the third quarter of 2025, compared to $162.3 million for the third quarter of 2024. Table games win percentage in mass market operations was 22.6%, below the 23.9% experienced in the third quarter of 2024. VIP table games win as a percentage of turnover was 4.68%, above the property's expected range of 3.1% to 3.4% and above the 3.04% experienced in the third quarter of 2024.
Wynn Macau
Operating revenues from Wynn Macau were $365.5 million for the third quarter of 2025, an increase of $13.6 million from $352.0 million for the third quarter of 2024. Adjusted Property EBITDAR from Wynn Macau was $108.0 million for the third quarter of 2025, compared to $100.6 million for the third quarter of 2024. Table games win percentage in mass market operations was 18.7%, slightly above the 18.5% experienced in the third quarter of 2024. VIP table games win as a percentage of turnover was 2.93%, below the property's expected range of 3.1% to 3.4% and below the 3.61% experienced in the third quarter of 2024.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $621.0 million for the third quarter of 2025, an increase of $13.8 million from $607.2 million for the third quarter of 2024. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2025 was $203.4 million, compared to $202.7 million for the third quarter of 2024. Table games win percentage for the third quarter of 2025 was 23.0%, within the property's expected range of 22% to 26% and slightly below the 23.3% experienced in the third quarter of 2024.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $211.8 million for the third quarter of 2025, a decrease of $2.4 million from $214.1 million for the third quarter of 2024. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2025 was $58.4 million, compared to $63.0 million for the third quarter of 2024. Table games win percentage for the third quarter of 2025 was 20.5%, within the property's expected range of 18% to 22% and below the 21.3% experienced in the third quarter of 2024.
Wynn Al Marjan Island Development
During the third quarter of 2025, the Company contributed $93.9million of cash to the 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $835.0million. Wynn Al Marjan Island is currently expected to open in 2027.
Balance Sheet
Our cash and cash equivalents as of September30, 2025 totaled$1.49 billion, excluding $475.0million of short-term investments held by Wynn Macau, Limited (“WML”). Cash and cash equivalents is comprised of $973.3 million held by WML and subsidiaries, $228.7 million held by Wynn Resorts Finance, LLC (“WRF”) and subsidiaries excluding WML, and $284.3 million held at Corporate and other. As of September30, 2025, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was$1.23 billion and $1.36 billion, respectively.
Total current and long-term debt outstanding at September30, 2025 was $10.57 billion, comprised of $5.81 billion of Macau related debt, $876.0 million of Wynn Las Vegas debt, $3.28 billion of WRF debt, and $598.1 million of debt held by the retail joint venture which we consolidate.
Recent Debt Financing Activities
In August 2025, WML issued $1.0billion aggregate principal amount of 6 3/4% Senior Notes due 2034, and in September 2025, used the net proceeds from the offering, along with cash on hand, to redeem in full the outstanding $1.0billion aggregate principal amount of its 5 1/2% Senior Notes due 2026 at a price equal to 100% of the principal amount.
As previously disclosed, in July 2025, we increased the borrowing capacity under the WM Cayman II Revolver by an additional aggregate amount of $1.0 billion equivalent through the exercise of an accordion feature under the existing facility agreement, bringing the total committed amount to $2.5 billion equivalent.
Conference Call and Other Information
The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on November6, 2025 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before November 14, 2025, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September30, 2025 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.
Forward-looking Statements
This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
(1) “Adjusted Property EBITDAR” is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
(2) “Adjusted net income attributable to Wynn Resorts, Limited” is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other expenses, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
WYNN RESORTS, LIMITED AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data)(unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Operating revenues:Casino $ 1,174,717 $ 1,018,754 $ 3,266,981 $ 3,149,166Rooms 270,484 284,765 836,058 916,700Food and beverage 261,990 262,597 772,926 810,939Entertainment, retail and other 126,556 127,207 395,976 412,359Total operating revenues 1,833,747 1,693,323 5,271,941 5,289,164Operating expenses:Casino 705,421 617,469 1,983,362 1,907,426Rooms 86,385 83,376 256,524 245,991Food and beverage 231,100 220,187 656,167 647,351Entertainment, retail and other 54,541 56,184 174,768 190,137General and administrative 275,035 271,829 831,539 808,172Provision for credit losses 4,505 1,836 9,254 4,352Pre-opening 7,289 2,457 23,862 6,050Depreciation and amortization 152,828 156,273 461,156 507,611Property charges and other 6,154 150,475 31,631 206,238Total operating expenses 1,523,258 1,560,086 4,428,263 4,523,328Operating income 310,489 133,237 843,678 765,836Other income (expense):Interest income 16,581 30,729 51,799 105,785Interest expense, net of amounts capitalized (157,581) (167,922) (469,740) (524,922)Change in derivatives fair value (13,176) (5,523) (43,827) (7,920)Loss on debt financing transactions (618) (109) (1,701) (1,670)Other 33,868 21,300 (10,670) 25,323Other income (expense), net (120,926) (121,525) (474,139) (403,404)Income before income taxes 189,563 11,712 369,539 362,432Provision for income taxes (61,136) (17,127) (82,746) (45,076)Net income (loss) 128,427 (5,415) 286,793 317,356Less: net income attributable to noncontrolling interests (40,086) (26,638) (59,487) (93,250)Net income (loss) attributable to Wynn Resorts, Limited $ 88,341 $ (32,053) $ 227,306 $ 224,106Basic and diluted net income (loss) per common share:Net income (loss) attributable to Wynn Resorts, Limited:Basic $ 0.86 $ (0.29) $ 2.19 $ 2.03Diluted $ 0.85 $ (0.29) $ 2.18 $ 2.02Weighted average common shares outstanding:Basic 102,909 109,727 103,955 110,559Diluted 103,636 109,727 104,373 110,810
WYNN RESORTS, LIMITED AND SUBSIDIARIESRECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITEDTO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED(in thousands, except per share data)(unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Net income (loss) attributable to Wynn Resorts, Limited $ 88,341 $ (32,053) $ 227,306 $ 224,106Pre-opening expenses 7,289 2,457 23,862 6,050Property charges and other 6,154 150,475 31,631 206,238Change in derivatives fair value 13,176 5,523 43,827 7,920Loss on debt financing transactions 618 109 1,701 1,670Foreign currency remeasurement and other (33,868) (21,300) 10,670 (25,323)Income tax impact on adjustments 2,846 (10,096) (2,008) (20,348)Noncontrolling interests impact on adjustments 4,143 3,787 (21,810) (105)Adjusted net income attributable to Wynn Resorts, Limited $ 88,699 $ 98,902 $ 315,179 $ 400,208Adjusted net income attributable to Wynn Resorts, Limited per diluted share $ 0.86 $ 0.90 $ 3.02 $ 3.61Weighted average common shares outstanding – diluted 103,636 109,930 104,373 110,810
WYNN RESORTS, LIMITED AND SUBSIDIARIESRECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR(in thousands)(unaudited) Three Months Ended September 30, 2025 Wynn Wynn Other Total Las Vegas Encore Corporate Total Palace Macau Macau Macau Operations Boston and Other Operations HarborOperating income (loss) $ 112,418 $ 75,195 $ (9,653) $ 177,960 $ 96,813 $ (2,888) $ 38,604 $ 310,489Pre-opening expenses 1 – – 1 210 – 7,078 7,289Depreciation and amortization 60,012 18,157 399 78,568 57,449 14,194 2,617 152,828Property charges and other 4,423 190 12 4,625 1,262 128 139 6,154Management and license fees 20,206 11,318 – 31,524 29,390 10,325 (71,239) -Corporate expenses and other 1,893 1,912 8,314 12,119 6,784 1,333 15,485 35,721Stock-based compensation 1,329 1,226 928 3,483 11,505 360 7,316 22,664Triple-net operating lease rent expense – – – – – 34,942 – 34,942Adjusted Property EBITDAR $ 200,282 $ 107,998 $ – $ 308,280 $ 203,413 $ 58,394 $ – $ 570,087
Three Months Ended September 30, 2024 Wynn Wynn Other Total Las Vegas Encore Corporate Total Palace Macau Macau Macau Operations Boston and Other Operations HarborOperating income (loss) $ 85,417 $ 66,342 $ (8,212) $ 143,547 $ (28,040) $ 4,072 $ 13,658 $ 133,237Pre-opening expenses – – – – 884 2 1,571 2,457Depreciation and amortization 55,978 19,658 395 76,031 61,071 12,766 6,405 156,273Property charges and other 879 265 12 1,156 130,367 (1,785) 20,737 150,475Management and license fees 16,694 10,943 – 27,637 28,616 10,460 (66,713) -Corporate expenses and other 2,069 2,087 6,687 10,843 7,979 1,768 15,594 36,184Stock-based compensation 1,246 1,299 1,118 3,663 1,843 354 7,810 13,670Triple-net operating lease rent expense – – – – – 35,381 – 35,381Adjusted Property EBITDAR $ 162,283 $ 100,594 $ – $ 262,877 $ 202,720 $ 63,018 $ (938) $ 527,677
WYNN RESORTS, LIMITED AND SUBSIDIARIESRECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR(in thousands)(unaudited) Nine Months Ended September 30, 2025 Wynn Wynn Other Total Las Vegas Encore Corporate Total Palace Macau Macau Macau Operations Boston and Other Operations HarborOperating income (loss) $ 267,743 $ 190,925 $ (25,276) $ 433,392 $ 323,349 $ (12,576) $ 99,513 $ 843,678Pre-opening expenses 4,205 – – 4,205 3,065 – 16,592 23,862Depreciation and amortization 175,793 55,661 1,195 232,649 178,898 42,389 7,220 461,156Property charges and other 6,246 5,629 28 11,903 10,327 6,691 2,710 31,631Management and license fees 55,311 32,339 – 87,650 88,838 30,915 (207,403) -Corporate expenses and other 6,144 6,306 21,201 33,651 22,272 4,606 58,219 118,748Stock-based compensation 3,931 3,847 2,852 10,630 34,837 2,285 23,149 70,901Triple-net operating lease rent expense – – – – – 105,397 – 105,397Adjusted Property EBITDAR $ 519,373 $ 294,707 $ – $ 814,080 $ 661,586 $ 179,707 $ – $ 1,655,373
Nine Months Ended September 30, 2024 Wynn Wynn Other Total Las Vegas Encore Corporate Total Palace Macau Macau Macau Operations Boston and Other Operations HarborOperating income (loss) $ 307,258 $ 228,518 $ (24,311) $ 511,465 $ 243,147 $ (30,847) $ 42,071 $ 765,836Pre-opening expenses – – – – 1,620 649 3,781 6,050Depreciation and amortization 166,421 59,737 1,165 227,323 181,700 75,842 22,746 507,611Property charges and other 12,571 711 124 13,406 132,542 (1,615) 61,905 206,238Management and license fees 52,982 34,288 – 87,270 88,533 31,483 (207,286) -Corporate expenses and other 6,457 6,588 19,807 32,852 23,930 5,486 47,531 109,799Stock-based compensation 3,423 3,849 3,215 10,487 7,843 1,159 24,717 44,206Triple-net operating lease rent expense – – – – – 106,127 – 106,127Adjusted Property EBITDAR $ 549,112 $ 333,691 $ – $ 882,803 $ 679,315 $ 188,284 $ (4,535) $ 1,745,867
WYNN RESORTS, LIMITED AND SUBSIDIARIESRECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TOADJUSTED PROPERTY EBITDAR(in thousands)(unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024Net income (loss) attributable to Wynn Resorts, Limited $ 88,341 $ (32,053) $ 227,306 $ 224,106Net income attributable to noncontrolling interests 40,086 26,638 59,487 93,250Pre-opening expenses 7,289 2,457 23,862 6,050Depreciation and amortization 152,828 156,273 461,156 507,611Property charges and other 6,154 150,475 31,631 206,238Triple-net operating lease rent expense 34,942 35,381 105,397 106,127Corporate expenses and other 35,721 36,184 118,748 109,799Stock-based compensation 22,664 13,670 70,901 44,206Interest income (16,581) (30,729) (51,799) (105,785)Interest expense, net of amounts capitalized 157,581 167,922 469,740 524,922Change in derivatives fair value 13,176 5,523 43,827 7,920Loss on debt financing transactions 618 109 1,701 1,670Other (33,868) (21,300) 10,670 (25,323)Provision for income taxes 61,136 17,127 82,746 45,076Adjusted Property EBITDAR $ 570,087 $ 527,677 $ 1,655,373 $ 1,745,867
WYNN RESORTS, LIMITED AND SUBSIDIARIESSUPPLEMENTAL DATA SCHEDULE(dollars in thousands, except for win per unit per day, ADR and REVPAR)(unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 Percent 2025 2024 Percent Change ChangeWynn Palace Supplemental InformationOperating revenuesCasino $ 542,439 $ 418,043 29.8 $ 1,435,245 $ 1,336,788 7.4Rooms 37,396 49,145 (23.9) 112,492 153,287 (26.6)Food and beverage 33,293 31,506 5.7 95,477 93,405 2.2Entertainment, retail and other 22,344 21,096 5.9 67,828 71,260 (4.8)Total $ 635,472 $ 519,790 22.3 $ 1,711,042 $ 1,654,740 3.4Adjusted Property EBITDAR(6) $ 200,282 $ 162,283 23.4 $ 519,373 $ 549,112 (5.4)Casino statistics:VIP:Average number of table games 52 57 (8.8) 53 58 (8.6)VIP turnover $ 3,261,314 $ 3,199,140 1.9 $ 11,337,407 $ 9,930,241 14.2VIP table games win (1) $ 152,478 $ 97,312 56.7 $ 373,481 $ 342,024 9.2VIP table games win as a % of turnover 4.68% 3.04% 3.29% 3.44%Table games win per unit per day $ 32,401 $ 18,614 74.1 $ 25,888 $ 21,677 19.4Mass market:Average number of table games 247 247 – 248 245 1.2Table drop (2) $ 2,057,789 $ 1,694,575 21.4 $ 5,606,241 $ 5,215,019 7.5Table games win (1) $ 465,683 $ 404,307 15.2 $ 1,299,679 $ 1,251,039 3.9Table games win % 22.6% 23.9% 23.2% 24.0%Table games win per unit per day $ 20,714 $ 17,801 16.4 $ 19,282 $ 18,620 3.6Average number of slot machines 653 596 9.6 643 592 8.6Slot machine handle $ 710,156 $ 577,289 23.0 $ 2,202,840 $ 1,815,623 21.3Slot machine win (3) $ 30,482 $ 27,230 11.9 $ 92,320 $ 83,790 10.2Slot machine win per unit per day $ 513 $ 497 3.2 $ 528 $ 517 2.1Room statistics:Occupancy 98.2% 98.3% 98.4% 98.7%ADR (4) $ 221 $ 295 (25.1) $ 225 $ 315 (28.6)REVPAR (5) $ 217 $ 289 (24.9) $ 222 $ 311 (28.6)Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.
WYNN RESORTS, LIMITED AND SUBSIDIARIESSUPPLEMENTAL DATA SCHEDULE(dollars in thousands, except for win per unit per day, ADR and REVPAR)(unaudited) (continued) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 Percent 2025 2024 Percent Change ChangeWynn Macau Supplemental InformationOperating revenuesCasino $ 314,489 $ 296,781 6.0 $ 883,419 $ 923,851 (4.4)Rooms 21,149 23,755 (11.0) 66,188 76,116 (13.0)Food and beverage 17,343 19,524 (11.2) 53,155 60,546 (12.2)Entertainment, retail and other 12,532 11,897 5.3 36,524 40,457 (9.7)Total $ 365,513 $ 351,957 3.9 $ 1,039,286 $ 1,100,970 (5.6)Adjusted Property EBITDAR (6) $ 107,998 $ 100,594 7.4 $ 294,707 $ 333,691 (11.7)Casino statistics:VIP:Average number of table games 17 30 (43.3) 23 30 (23.3)VIP turnover $ 1,019,346 $ 1,201,516 (15.2) $ 3,438,127 $ 3,955,277 (13.1)VIP table games win (1) $ 29,873 $ 43,326 (31.1) $ 79,025 $ 122,705 (35.6)VIP table games win as a % of turnover 2.93% 3.61% 2.30% 3.10%Table games win per unit per day $ 18,871 $ 15,692 20.3 $ 12,862 $ 14,988 (14.2)Mass market:Average number of table games 238 222 7.2 230 222 3.6Table drop (2) $ 1,633,273 $ 1,515,462 7.8 $ 4,793,914 $ 4,801,533 (0.2)Table games win (1) $ 305,761 $ 280,044 9.2 $ 875,146 $ 887,194 (1.4)Table games win % 18.7% 18.5% 18.3% 18.5%Table games win per unit per day $ 14,139 $ 13,713 3.1 $ 13,993 $ 14,599 (4.2)Average number of slot machines 809 621 30.3 763 607 25.7Slot machine handle $ 855,707 $ 815,319 5.0 $ 2,718,205 $ 2,347,521 15.8Slot machine win (3) $ 25,588 $ 24,434 4.7 $ 75,148 $ 76,604 (1.9)Slot machine win per unit per day $ 347 $ 428 (18.9) $ 362 $ 461 (21.5)Poker rake $ 2,722 $ 3,205 (15.1) $ 8,778 $ 11,831 (25.8)Room statistics:Occupancy 98.8% 98.9% 99.1% 99.2%ADR (4) $ 207 $ 233 (11.2) $ 219 $ 251 (12.7)REVPAR (5) $ 205 $ 230 (10.9) $ 217 $ 249 (12.9)Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.
WYNN RESORTS, LIMITED AND SUBSIDIARIESSUPPLEMENTAL DATA SCHEDULE(dollars in thousands, except for win per unit per day, ADR and REVPAR)(unaudited) (continued) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 Percent 2025 2024 Percent Change ChangeLas Vegas Operations Supplemental InformationOperating revenuesCasino $ 161,576 $ 145,186 11.3 $ 471,071 $ 410,023 14.9Rooms 186,712 187,123 (0.2) 590,561 617,071 (4.3)Food and beverage 192,544 191,776 0.4 566,847 593,804 (4.5)Entertainment, retail and other 80,180 83,087 (3.5) 256,451 251,476 2.0Total $ 621,012 $ 607,172 2.3 $ 1,884,930 $ 1,872,374 0.7Adjusted Property EBITDAR (6) $ 203,413 $ 202,720 0.3 $ 661,586 $ 679,315 (2.6)Casino statistics:Average number of table games 233 235 (0.9) 234 234 -Table drop (2) $ 652,293 $ 580,800 12.3 $ 1,854,052 $ 1,721,435 7.7Table games win (1) $ 150,073 $ 135,230 11.0 $ 427,109 $ 409,336 4.3Table games win % 23.0% 23.3% 23.0% 23.8%Table games win per unit per day $ 6,994 $ 6,256 11.8 $ 6,691 $ 6,380 4.9Average number of slot machines 1,573 1,620 (2.9) 1,575 1,612 (2.3)Slot machine handle $ 1,818,133 $ 1,695,799 7.2 $ 5,356,473 $ 4,840,241 10.7Slot machine win (3) $ 123,500 $ 112,771 9.5 $ 370,350 $ 322,544 14.8Slot machine win per unit per day $ 854 $ 757 12.8 $ 861 $ 730 17.9Poker rake $ 5,148 $ 4,629 11.2 $ 17,583 $ 16,652 5.6Room statistics:Occupancy 85.7% 89.0% 87.4% 89.3%ADR (4) $ 505 $ 495 2.0 $ 527 $ 541 (2.6)REVPAR (5) $ 433 $ 441 (1.8) $ 461 $ 483 (4.6)
WYNN RESORTS, LIMITED AND SUBSIDIARIESSUPPLEMENTAL DATA SCHEDULE(dollars in thousands, except for win per unit per day, ADR, and REVPAR)(unaudited) (continued) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 Percent 2025 2024 Percent Change ChangeEncore Boston Harbor Supplemental InformationOperating revenuesCasino $ 156,213 $ 158,744 (1.6) $ 477,246 $ 478,504 (0.3)Rooms 25,227 24,742 2.0 66,817 70,226 (4.9)Food and beverage 18,810 19,791 (5.0) 57,447 63,184 (9.1)Entertainment, retail and other 11,500 10,844 6.0 35,173 32,599 7.9Total $ 211,750 $ 214,121 (1.1) $ 636,683 $ 644,513 (1.2)Adjusted Property EBITDAR (6) $ 58,394 $ 63,018 (7.3) $ 179,707 $ 188,284 (4.6)Casino statistics:Average number of table games 172 179 (3.9) 172 182 (5.5)Table drop (2) $ 323,981 $ 347,082 (6.7) $ 1,002,226 $ 1,072,750 (6.6)Table games win (1) $ 66,257 $ 74,048 (10.5) $ 208,155 $ 227,496 (8.5)Table games win % 20.5% 21.3% 20.8% 21.2%Table games win per unit per day $ 4,187 $ 4,507 (7.1) $ 4,433 $ 4,553 (2.6)Average number of slot machines 2,727 2,611 4.4 2,721 2,612 4.2Slot machine handle $ 1,397,554 $ 1,378,066 1.4 $ 4,120,102 $ 4,201,520 (1.9)Slot machine win (3) $ 110,797 $ 105,550 5.0 $ 327,752 $ 315,773 3.8Slot machine win per unit per day $ 442 $ 439 0.7 $ 441 $ 441 -Poker rake $ 5,410 $ 5,334 1.4 $ 16,482 $ 16,422 0.4Room statistics:Occupancy 95.5% 96.9% 92.2% 94.4%ADR (4) $ 431 $ 426 1.2 $ 399 $ 410 (2.7)REVPAR (5) $ 412 $ 412 – $ 368 $ 387 (4.9)
(1) Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.(2) In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.(3) Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.(4) ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.(5) REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.(6) Refer to accompanying reconciliations ofOperating Income (Loss) to Adjusted Property EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
CONTACT:Lauren Seiler702-770-7555investorrelations@wynnresorts.com
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