LAS VEGAS, Feb. 12, 2026 /PRNewswire/ -- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2025.
Operating revenues were $1.87 billion for the fourth quarter of 2025, an increase of $27.2 million from $1.84 billion for the fourth quarter of 2024. Net income attributable to Wynn Resorts, Limited was $100.0 million for the fourth quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $277.0 million for the fourth quarter of 2024. Diluted net income per share was $0.82 for the fourth quarter of 2025, compared to diluted net income per share of $2.29 for the fourth quarter of 2024. Adjusted Property EBITDAR(1) was $568.8 million for the fourth quarter of 2025, compared to Adjusted Property EBITDAR of $619.1 million for the fourth quarter of 2024.
"Our fourth quarter results reflect continued strength throughout the business and ongoing progress in our global development initiatives," said Craig Billings, CEO of Wynn Resorts, Limited. "The team in Las Vegas delivered another quarter of healthy EBITDA highlighted by year-on-year improvement in ADRs and strong volumes in the casino. In Macau, we saw substantial increases in both VIP turnover and mass table drop, year-on-year as well as sequentially. We also reached a significant milestone towards the completion and planned first quarter 2027 opening of Wynn Al Marjan Island, having topped out the tower in the quarter."
Consolidated Results
Operating revenues were $1.87 billion for the fourth quarter of 2025, an increase of $27.2 million from $1.84 billion for the fourth quarter of 2024. For the fourth quarter of 2025, operating revenues increased $33.4 million and $7.7 million at Wynn Palace and Wynn Macau, respectively, and decreased $11.4 million and $2.5 million at our Las Vegas Operations and Encore Boston Harbor, respectively, from the fourth quarter of 2024.
Net income attributable to Wynn Resorts, Limited was $100.0 million for the fourth quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $277.0 million for the fourth quarter of 2024. Diluted net income per share was $0.82 for the fourth quarter of 2025, compared to diluted net income per share of $2.29 for the fourth quarter of 2024. Adjusted net income attributable to Wynn Resorts, Limited(2) was $121.9 million, or $1.17 per diluted share, for the fourth quarter of 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $263.3 million, or $2.42 per diluted share, for the fourth quarter of 2024.
Adjusted Property EBITDAR was $568.8 million for the fourth quarter of 2025, a decrease of $50.3 million compared to Adjusted Property EBITDAR of $619.1 million for the fourth quarter of 2024. For the fourth quarter of 2025, Adjusted Property EBITDAR decreased $26.6 million, $21.1 million, $1.8 million, and $0.7 million, at our Las Vegas Operations, Wynn Palace, Encore Boston Harbor, and Wynn Macau, respectively, from the fourth quarter of 2024.
Operating revenues were $7.14 billion for the year ended December 31, 2025, an increase of $10.0 million from $7.13 billion for the year ended December 31, 2024. For the year ended December 31, 2025, operating revenues increased $89.7 million and $1.1 million at Wynn Palace and our Las Vegas Operations, respectively, and decreased $54.0 million and $10.3 million at Wynn Macau and Encore Boston Harbor, respectively, from the year ended December 31, 2024.
Net income attributable to Wynn Resorts, Limited was $327.3 million for the year ended December 31, 2025, compared to net income attributable to Wynn Resorts, Limited of $501.1 million for the year ended December 31, 2024. Diluted net income per share was $3.14 for the year ended December 31, 2025, compared to diluted net income per share of $4.35 for the year ended December 31, 2024. Adjusted net income attributable to Wynn Resorts, Limited was $437.0 million, or $4.19 per diluted share, for the year ended December 31, 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $663.5 million, or $6.02 per diluted share, for the year ended December 31, 2024.
Adjusted Property EBITDAR was $2.22 billion for the year ended December 31, 2025, a decrease of $140.8 million compared to Adjusted Property EBITDAR of $2.36 billion for the year ended December 31, 2024. For the year ended December 31, 2025, Adjusted Property EBITDAR decreased $50.8 million, $39.7 million, $44.4 million, and $10.4 million at Wynn Palace, Wynn Macau, our Las Vegas Operations and Encore Boston Harbor, respectively, from the year ended December 31, 2024.
Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on March 4, 2026 to stockholders of record as of February 23, 2026.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $596.4 million for the fourth quarter of 2025, an increase of $33.4 million from $562.9 million for the fourth quarter of 2024. Adjusted Property EBITDAR from Wynn Palace was $163.5 million for the fourth quarter of 2025, compared to $184.6 million for the fourth quarter of 2024. Table games win percentage in mass market operations was 21.8%, below the 26.0% experienced in the fourth quarter of 2024. VIP table games win as a percentage of turnover was 2.84%, below the property's expected range of 3.1% to 3.4% and below the 3.51% experienced in the fourth quarter of 2024.
Wynn Macau
Operating revenues from Wynn Macau were $371.3 million for the fourth quarter of 2025, an increase of $7.7 million from $363.7 million for the fourth quarter of 2024. Adjusted Property EBITDAR from Wynn Macau was $107.4 million for the fourth quarter of 2025, compared to $108.2 million for the fourth quarter of 2024. Table games win percentage in mass market operations was 17.0%, below the 17.9% experienced in the fourth quarter of 2024. VIP table games win as a percentage of turnover was 3.49%, above the property's expected range of 3.1% to 3.4% and below the 5.01% experienced in the fourth quarter of 2024.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $688.1 million for the fourth quarter of 2025, a decrease of $11.4 million from $699.5 million for the fourth quarter of 2024. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2025 was $240.8 million, compared to $267.4 million for the fourth quarter of 2024. Table games win percentage for the fourth quarter of 2025 was 26.0%, at the top end of the property's expected range of 22% to 26% and below the 30.9% experienced in the fourth quarter of 2024.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $210.2 million for the fourth quarter of 2025, a decrease of $2.5 million from $212.7 million for the fourth quarter of 2024. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2025 was $57.0 million, compared to $58.8 million for the fourth quarter of 2024. Table games win percentage for the fourth quarter of 2025 was 18.1%, within the property's expected range of 18% to 22% and below the 20.7% experienced in the fourth quarter of 2024.
Wynn Al Marjan Island Development
During the fourth quarter of 2025, the Company contributed $79.2 million 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 $914.2 million. Wynn Al Marjan Island is currently expected to open in the first quarter of 2027.
Balance Sheet
Our cash and cash equivalents as of December 31, 2025 totaled $1.46 billion, excluding $601.8 million of short-term investments held by Wynn Macau, Limited ("WML"). Cash and cash equivalents is comprised of $916.1 million held by WML and subsidiaries, $305.6 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $241.7 million held at Corporate and other. As of December 31, 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 December 31, 2025 was $10.55 billion, comprised of $5.79 billion of Macau related debt, $3.28 billion of WRF debt, $876.6 million of Wynn Las Vegas debt, and $598.4 million of debt held by the retail joint venture which we consolidate.
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 February 12, 2026 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 March 31, 2026, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 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 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, 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 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 attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income to Adjusted Property EBITDAR, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Operating revenues:
Casino $1,143,347 $1,112,191 $4,410,328 $4,261,357
Rooms 305,096 325,358 1,141,154 1,242,058
Food and beverage 264,924 258,178 1,037,850 1,069,117
Entertainment, retail and other 152,616 143,070 548,592 555,429
Total operating revenues 1,865,983 1,838,797 7,137,924 7,127,961
Operating expenses:
Casino 732,789 679,534 2,716,151 2,586,960
Rooms 87,854 84,368 344,378 330,359
Food and beverage 226,062 212,075 882,229 859,426
Entertainment, retail and other 63,392 59,542 238,160 249,679
General and administrative 285,413 272,303 1,116,952 1,080,475
Provision for credit losses 3,570 634 12,824 4,986
Pre-opening 14,632 3,305 38,494 9,355
Depreciation and amortization 159,477 151,284 620,633 658,895
Property charges and other 18,088 8,857 49,719 215,095
Total operating expenses 1,591,277 1,471,902 6,019,540 5,995,230
Operating income 274,706 366,895 1,118,384 1,132,731
Other income (expense):
Interest income 14,708 24,557 66,507 130,342
Interest expense, net of amounts capitalized (155,816) (163,488) (625,556) (688,410)
Change in derivatives fair value 8,958 50,398 (34,869) 42,478
Loss on debt financing transactions - (1,243) (1,701) (2,913)
Other 2,045 3,847 (8,625) 29,170
Other income (expense), net (130,105) (85,929) (604,244) (489,333)
Income before income taxes 144,601 280,966 514,140 643,398
Benefit (provision) for income taxes (22,259) 41,394 (105,005) (3,682)
Net income 122,342 322,360 409,135 639,716
Less: net income attributable to noncontrolling interests (22,314) (45,388) (81,801) (138,638)
Net income attributable to Wynn Resorts, Limited $100,028 $276,972 $327,334 $501,078
Basic and diluted net income per common share:
Net income attributable to Wynn Resorts, Limited:
Basic $0.97 $2.56 $3.16 $4.56
Diluted $0.82 $2.29 $3.14 $4.35
Weighted average common shares outstanding:
Basic 102,930 108,199 103,697 109,966
Diluted 103,861 108,652 104,243 110,267
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Net income attributable to Wynn Resorts, Limited $100,028 $276,972 $327,334 $501,078
Pre-opening expenses 14,632 3,305 38,494 9,355
Property charges and other 18,088 8,857 49,719 215,095
Change in derivatives fair value (8,958) (50,398) 34,869 (42,478)
Loss on debt financing transactions - 1,243 1,701 2,913
Foreign currency remeasurement and other (2,045) (3,847) 8,625 (29,170)
Income tax impact on adjustments (1,748) 12,564 (3,755) (7,784)
Noncontrolling interests impact on adjustments 1,864 14,643 (19,946) 14,538
Adjusted net income attributable to Wynn Resorts, Limited $121,861 $263,339 $437,041 $663,547
Adjusted net income attributable to Wynn Resorts, Limited per diluted share $1.17 $2.42 $4.19 $6.02
Weighted average common shares outstanding - diluted 103,861 108,652 104,243 110,267
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Three Months Ended December 31, 2025
Wynn Wynn Other Total Las Vegas Encore Corporate Total
Palace Macau Macau Macau Operations Boston and Other
Operations Harbor
Operating income (loss) $72,425 $76,341 $(15,620) $133,146 $125,457 $(19,180) $35,283 $274,706
Pre-opening expenses 179 179 2,030 12,423 14,632
Depreciation and amortization 62,131 20,212 400 82,743 59,095 14,311 3,328 159,477
Property charges and other 5,681 (3,800) 99 1,980 2,589 13,482 37 18,088
Management and license fees 19,762 11,451 31,213 32,885 10,265 (74,363)
Corporate expenses and other 1,989 1,946 14,150 18,085 7,372 1,653 17,645 44,755
Stock-based compensation 1,360 1,268 971 3,599 11,391 389 5,647 21,026
Triple-net operating lease rent expense - 36,094 36,094
Adjusted Property EBITDAR $163,527 $107,418
$ - $270,945 $240,819 $57,014
$ - $568,778
Three Months Ended December 31, 2024
Wynn Wynn Other Total Las Vegas Encore Corporate Total
Palace Macau Macau Macau Operations Boston and Other
Operations Harbor
Operating income (loss) $107,661 $67,874 $(14,718) $160,817 $160,689 $(2,088) $47,477 $366,895
Pre-opening expenses 17 690 707 288 2,310 3,305
Depreciation and amortization 53,308 19,963 398 73,669 61,389 12,952 3,274 151,284
Property charges and other 2,189 4,847 16 7,052 1,563 86 156 8,857
Management and license fees 17,931 11,273 29,204 33,521 10,353 (73,078)
Corporate expenses and other 2,256 2,227 13,151 17,634 8,211 1,802 10,790 38,437
Stock-based compensation 1,236 1,287 1,153 3,676 1,786 290 9,071 14,823
Triple-net operating lease rent expense 35,449 35,449
Adjusted Property EBITDAR $184,598 $108,161
$ - $292,759 $267,447 $58,844
$ - $619,050
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Year Ended December 31, 2025
Wynn Wynn Other Total Las Vegas Encore Corporate Total
Palace Macau Macau Macau Operations Boston and Other
Operations Harbor
Operating income (loss) $340,168 $267,266 $(40,896) $566,538 $448,806 $(31,756) $134,796 $1,118,384
Pre-opening expenses 4,384 4,384 5,095 29,015 38,494
Depreciation and amortization 237,924 75,873 1,595 315,392 237,993 56,700 10,548 620,633
Property charges and other 11,927 1,829 127 13,883 12,916 20,173 2,747 49,719
Management and license fees 75,073 43,790 118,863 121,723 41,180 (281,766)
Corporate expenses and other 8,133 8,252 35,351 51,736 29,644 6,259 75,864 163,503
Stock-based compensation 5,291 5,115 3,823 14,229 46,228 2,674 28,796 91,927
Triple-net operating lease rent expense - 141,491 141,491
Adjusted Property EBITDAR $682,900 $402,125
$ - $1,085,025 $902,405 $236,721
$ - $2,224,151
Year Ended December 31, 2024
Wynn Wynn Other Total Las Vegas Encore Corporate Total
Palace Macau Macau Macau Operations Boston and Other
Operations Harbor
Operating income (loss) $414,919 $296,392 $(39,029) $672,282 $403,836 $(32,935) $89,548 $1,132,731
Pre-opening expenses 17 690 707 1,908 649 6,091 9,355
Depreciation and amortization 219,729 79,700 1,563 300,992 243,089 88,794 26,020 658,895
Property charges and other 14,760 5,558 140 20,458 134,105 (1,529) 62,061 215,095
Management and license fees 70,913 45,561 116,474 122,054 41,836 (280,364)
Corporate expenses and other 8,713 8,815 32,958 50,486 32,141 7,288 58,321 148,236
Stock-based compensation 4,659 5,136 4,368 14,163 9,629 1,449 33,788 59,029
Triple-net operating lease rent expense 141,576 141,576
Adjusted Property EBITDAR $733,710 $441,852
$ - $1,175,562 $946,762 $247,128 $(4,535) $2,364,917
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Net income attributable to Wynn Resorts, Limited $100,028 $276,972 $327,334 $501,078
Net income attributable to noncontrolling interests 22,314 45,388 81,801 138,638
Pre-opening expenses 14,632 3,305 38,494 9,355
Depreciation and amortization 159,477 151,284 620,633 658,895
Property charges and other 18,088 8,857 49,719 215,095
Triple-net operating lease rent expense 36,094 35,449 141,491 141,576
Corporate expenses and other 44,755 38,437 163,503 148,236
Stock-based compensation 21,026 14,823 91,927 59,029
Interest income (14,708) (24,557) (66,507) (130,342)
Interest expense, net of amounts capitalized 155,816 163,488 625,556 688,410
Change in derivatives fair value (8,958) (50,398) 34,869 (42,478)
Loss on debt financing transactions - 1,243 1,701 2,913
Other (2,045) (3,847) 8,625 (29,170)
(Benefit) provision for income taxes 22,259 (41,394) 105,005 3,682
Adjusted Property EBITDAR $568,778 $619,050 $2,224,151 $2,364,917
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 Percent 2025 2024 Percent
Change Change
Wynn Palace Supplemental Information
Operating revenues
Casino $501,470 $458,816 9.3 $1,936,715 $1,795,604 7.9
Rooms 37,093 49,649 (25.3) 149,585 202,936 (26.3)
Food and beverage 33,530 31,993 4.8 129,007 125,398 2.9
Entertainment, retail and other 24,262 22,473 8.0 92,090 93,733 (1.8)
Total $596,355 $562,931 5.9 $2,307,397 $2,217,671 4.0
Adjusted Property EBITDAR (6) $163,527 $184,598 (11.4) $682,900 $733,710 (6.9)
Casino Statistics:
VIP:
Average number of table games 51 56 (8.9) 53 57 (7.0)
VIP turnover $5,230,720 $3,060,994 70.9 $16,568,127 $12,991,235 27.5
VIP table games win (1) $148,498 $107,438 38.2 $521,979 $449,461 16.1
VIP table games win as a % of turnover 2.84 % 3.51 % 3.15 % 3.46 %
Table games win per unit per day $31,475 $20,935 50.3 $27,265 $21,495 26.8
Mass market:
Average number of table games 241 246 (2.0) 246 245 0.4
Table drop (2) $2,059,169 $1,678,073 22.7 $7,665,410 $6,893,092 11.2
Table games win (1) $448,611 $435,465 3.0 $1,748,290 $1,686,503 3.7
Table games win % 21.8 % 26.0 % 22.8 % 24.5 %
Table games win per unit per day $20,200 $19,214 5.1 $19,510 $18,770 3.9
Average number of slot machines 729 634 15.0 665 603 10.3
Slot machine handle $883,995 $704,360 25.5 $3,086,835 $2,519,983 22.5
Slot machine win (3) $34,465 $25,698 34.1 $126,785 $109,488 15.8
Slot machine win per unit per day $514 $440 16.8 $524 $496 5.6
Room statistics:
Occupancy 99.1 % 98.4 % 98.6 % 98.6 %
ADR (4) $219 $296 (26.0) $223 $310 (28.1)
REVPAR (5) $217 $291 (25.4) $220 $306 (28.1)
Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 Percent 2025 2024 Percent
Change Change
Wynn Macau Supplemental Information
Operating revenues
Casino $311,582 $306,500 1.7 $1,195,001 $1,230,351 (2.9)
Rooms 21,255 24,515 (13.3) 87,443 100,631 (13.1)
Food and beverage 18,067 20,233 (10.7) 71,222 80,779 (11.8)
Entertainment, retail and other 20,430 12,428 64.4 56,954 52,885 7.7
Total $371,334 $363,676 2.1 $1,410,620 $1,464,646 (3.7)
Adjusted Property EBITDAR
(6) $107,418 $108,161 (0.7) $402,125 $441,852 (9.0)
Casino Statistics:
VIP:
Average number of table games 18 31 (41.9) 21 30 (30.0)
VIP turnover $909,572 $1,092,611 (16.8) $4,347,699 $5,047,888 (13.9)
VIP table games win (1) $31,746 $54,730 (42.0) $110,770 $177,435 (37.6)
VIP table games win as a % of turnover 3.49 % 5.01 % 2.55 % 3.52 %
Table games win per unit per day $19,693 $19,237 2.4 $14,282 $16,084 (11.2)
Mass market:
Average number of table games 243 220 10.5 233 221 5.4
Table drop (2) $1,732,741 $1,543,261 12.3 $6,526,655 $6,344,794 2.9
Table games win (1) $295,116 $276,817 6.6 $1,170,262 $1,164,012 0.5
Table games win % 17.0 % 17.9 % 17.9 % 18.3 %
Table games win per unit per day $13,195 $13,668 (3.5) $13,783 $14,367 (4.1)
Average number of slot machines 906 639 41.8 799 615 29.9
Slot machine handle $1,109,253 $785,967 41.1 $3,827,458 $3,133,488 22.1
Slot machine win (3) $31,508 $26,426 19.2 $106,657 $103,030 3.5
Slot machine win per unit per day $378 $449 (15.8) $367 $458 (19.9)
Poker rake $2,137 $3,444 (38.0) $10,915 $15,275 (28.5)
Room statistics:
Occupancy 99.5 % 99.4 % 99.2 % 99.3 %
ADR (4) $216 $240 (10.0) $218 $248 (12.1)
REVPAR (5) $215 $238 (9.7) $216 $246 (12.2)
Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 Percent 2025 2024 Percent
Change Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino $178,275 $190,065 (6.2) $649,346 $600,088 8.2
Rooms 222,916 228,589 (2.5) 813,477 845,660 (3.8)
Food and beverage 191,712 184,734 3.8 758,559 778,538 (2.6)
Entertainment, retail and other 95,202 96,151 (1.0) 351,653 347,627 1.2
Total $688,105 $699,539 (1.6) $2,573,035 $2,571,913
Adjusted Property EBITDAR
(6) $240,819 $267,447 (10.0) $902,405 $946,762 (4.7)
Casino Statistics:
Average number of table games 232 226 2.7 233 232 0.4
Table drop (2) $667,574 $655,038 1.9 $2,521,626 $2,376,473 6.1
Table games win (1) $173,842 $202,326 (14.1) $600,951 $611,663 (1.8)
Table games win % 26.0 % 30.9 % 23.8 % 25.7 %
Table games win per unit per day $8,138 $9,729 (16.4) $7,054 $7,200 (2.0)
Average number of slot machines 1,568 1,599 (1.9) 1,574 1,609 (2.2)
Slot machine handle $1,975,655 $1,912,711 3.3 $7,332,128 $6,752,952 8.6
Slot machine win (3) $129,521 $123,609 4.8 $499,871 $446,152 12.0
Slot machine win per unit per day $898 $840 6.9 $870 $758 14.8
Poker rake $8,242 $7,948 3.7 $25,824 $24,599 5.0
Room statistics:
Occupancy 85.2 % 88.1 % 86.9 % 89.0 %
ADR (4) $611 $598 2.2 $547 $555 (1.4)
REVPAR (5) $520 $527 (1.3) $476 $494 (3.6)
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR, and REVPAR)
(unaudited) (continued)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 Percent 2025 2024 Percent
Change Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino $152,020 $156,810 (3.1) $629,266 $635,314 (1.0)
Rooms 23,832 22,605 5.4 90,649 92,831 (2.4)
Food and beverage 21,615 21,218 1.9 79,062 84,402 (6.3)
Entertainment, retail and other 12,722 12,018 5.9 47,895 44,617 7.3
Total $210,189 $212,651 (1.2) $846,872 $857,164 (1.2)
Adjusted Property EBITDAR
(6) $57,014 $58,844 (3.1) $236,721 $247,128 (4.2)
Casino Statistics:
Average number of table games 172 172 172 180 (4.4)
Table drop (2) $342,160 $337,570 1.4 $1,344,387 $1,410,319 (4.7)
Table games win (1) $61,991 $69,873 (11.3) $270,147 $297,369 (9.2)
Table games win % 18.1 % 20.7 % 20.1 % 21.1 %
Table games win per unit per day $3,918 $4,412 (11.2) $4,303 $4,519 (4.8)
Average number of slot machines 2,722 2,694 1.0 2,721 2,633 3.3
Slot machine handle $1,413,168 $1,402,942 0.7 $5,533,270 $5,604,462 (1.3)
Slot machine win (3) $110,845 $108,379 2.3 $438,597 $424,152 3.4
Slot machine win per unit per day $443 $437 1.4 $442 $440 0.5
Poker rake $5,508 $5,328 3.4 $21,990 $21,750 1.1
Room statistics:
Occupancy 92.3 % 91.1 % 92.2 % 93.6 %
ADR (4) $420 $416 1.0 $405 $412 (1.7)
REVPAR (5) $388 $379 2.4 $373 $385 (3.1)
(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 of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income Attributable
to Wynn Resorts, Limited to Adjusted Property EBITDAR.
CONTACT:
Lauren Seiler
702-770-7555
investorrelations@wynnresorts.com
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SOURCE Wynn Resorts, Limited
