Wynn Resorts has published a set of mixed results for the second quarter of 2025, reporting an increase in operating revenues and a strong performance in Las Vegas, but a decline in net income.
The Nevada-based developer of high-end hotels and casinos posted $1.74 billion operating revenue for Q2 2025, showing a small increase of $4.9 million on the $1.73 billion recorded for the same period last year.
Net income showed a dramatic fall, almost halving from $111.9 million in 2024 to $66.2 million between April and June this year.
Earlier this year Wynn was winding down its online casino and sportsbook operation WynnBET.
In February, Caesars bought WynnBET’s Michigan iGaming operations and in the same month PENN Entertainment entered the New York sports betting market after acquiring WynnBET’s license.
For Q2 2025, Wynn’s adjusted earnings before interest, taxes, depreciation, amortisation and restructuring or rent costs (EBITDAR) reached $552.4 million, down $19.3 million from the $571.7 million posted in the same quarter in 2024.
Wynn Property Results For Q2 2025
There was encouraging news from Wynn’s Las Vegas operation, which achieved a record second-quarter adjusted property EBITDAR of $234.8 million, a year-on-year rise of 2%.
Revenue from the city was also on the increase, totalling $638.6 million, a $10 million rise on the same period last year.
CEO Craig Billings attributed this success to being in a prime location, while talking in the company’s earnings conference call.
“Being at the luxury end of the market helps and our premium positioning absolutely helps,” Billings said.
“That’s the most resilient component of the customer base.”
Macau-based operations generated operating revenues of $883.4 million with Wynn Palace contributing $539.6 million, a drop of $8.4 million from the $548 million it achieved in 2024.
Wynn Macau reported a more robust return, with a 1.9% increase in operating revenues which totalled $343.8 million, up from $337.3 million in the second quarter last year.
Encore Boston Harbor did its best to match the strong performance recorded in Las Vegas.
It showed operating revenues of $215.7 million, an increase of $3.1 million over the $212.6 million for last year’s second quarter.
Adjusted property EBITDAR from Encore Boston Harbor was $63.9 million, compared to $62.1 million in 2024.
New Development In The UAE
In this year’s second quarter, Wynn Resorts contributed $58.2 million to the 40%-owned joint venture responsible for constructing the Wynn Al Marjan Island development in the UAE.
That brought Wynn’s total contributions to $741.1 million for the project, which will see the arrival of the first regulated casino in the Middle East.
Wynn Al Marjan Island is expected to open at the beginning of 2027.
Jim Munro is a betting industry and gambling expert who has been a national newspaper journalist for over 30 years, predominantly at The Sunday Times and The Sun, where he wrote a weekly soccer betting column. Jim also worked on the launch of Virgin Bet with Gamesys and was subsequently head of editorial at LiveScore, the sports media and betting group.
