Wynn Resorts Reports Strong Q3 Results, Driven by Macau Growth

Wynn Resorts has reported a robust financial performance for the third quarter of 2025, marking a significant turnaround from the previous year’s losses. The company generated $1.83 billion in operating revenue for the quarter ending September 30, representing a 7.7% increase compared to Q3 2024. This resurgence was largely fueled by a strong performance in Macau, alongside positive results from its Las Vegas properties.

The casino operator posted a net income of $88.3 million during the quarter, a notable recovery from the $32.1 million loss experienced in Q3 2024. Although analysts had anticipated earnings slightly above $100 million, the overall results indicate a successful return to profitability.

Craig Billings, CEO of Wynn Resorts, highlighted the impressive growth in earnings before interest, taxes, depreciation, and amortization (EBITDA) in Macau. He noted, “Our third quarter results were marked by impressive EBITDA growth in Macau, and continued outperformance in Las Vegas.” Billings emphasized that the company achieved a healthy market share in Macau and observed a significant increase in mass table drop year over year.

In Las Vegas, Wynn Resorts experienced a 2.2% increase in operating revenue, which, while modest, comes amid challenges in the Las Vegas tourism sector. According to the Las Vegas Convention and Visitors Authority, visitor volume fell by 8.8% in September, with convention attendance down 18.7% compared to the same month in 2024. These statistics suggest that while Wynn has managed to grow within this environment, broader challenges persist.

Wynn’s Macau properties, which had struggled earlier in the year, showed significant improvement in Q3. Wynn Palace reported an impressive 18.2% increase in operating revenues, while Wynn Macau experienced a more modest growth of 3.7%. However, Encore Boston Harbor was the only property to report a decline, with operating revenues down 1.4% year over year.

With the relative strength of its international properties, Wynn Resorts is shifting its focus towards foreign development rather than domestic expansion. The company is currently making progress on the Wynn Al Marjan Island project in the UAE, slated for completion in March 2027. This integrated gaming property will feature more than 1,500 hotel rooms and 22 dining venues.

The strategic decision to invest in international developments aligns with Wynn’s assessment of capital allocation. Billings stated, “The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders, such as investment in our existing and upcoming developments and stock buybacks.”

Overall, Wynn Resorts’ Q3 2025 results demonstrate a strong recovery, driven by Macau’s resurgence and strategic growth in Las Vegas. The company remains committed to capitalizing on opportunities beyond the U.S. market, positioning itself for continued success in the competitive gaming industry.