WYNN RESORTS (WYNN) Company Report

Wynn Las Vegas generated $203.4 M EBITDA on $621 M revenue (32.8% margin), with unfavorable hold of ~$8 M and a 3.1% rise in OPEX/day.
Encore Boston Harbor delivered $58.4 M EBITDA on $211.8 M revenue (27.6% margin), driven by a 5% increase in slot revenues.
Macau operations produced $308.3 M EBITDA on $1 B revenue (30.8% margin), including $23 M VIP-hold benefit and a 15% rise in mass volumes.
Financial position remains strong with $4.6 B global liquidity, LTM adjusted EBITDA of $2.3 B, consolidated net leverage ~4.3x, $164 M Q3 capex, and a $0.25/share quarterly dividend approved.
2025 capex outlook maintained at $200–250 M; contributed $93.9 M equity to Al Marjan Island (total $835 M to date) and drawn $583.7 M on the related construction loan.

Nov 6, 2025, 9:30 PM

Transcript

Wynn Resorts reports Q3 2025 results

WYNN

Earnings

Dividends

New Projects/Investments

Wynn Resorts delivered adjusted property EBITDA of $203.4 M (32.8% margin) in Las Vegas, $58.4 M (27.6% margin) in Boston, and $308.3 M (30.8% margin) in Macau for Q3 2025.
Global liquidity stood at $4.6 B with a consolidated net leverage of 4.3× as of September 30, 2025.
Q3 CAPEX was $164 M, including $93.9 M equity contributed to Wynn Al Marjan Island (total to date $835 M), with remaining equity needs of $525–625 M and total 2025 CAPEX guidance of $200–250 M.
Returned capital to shareholders via approximately $125 M in dividends in Q3 and a $0.25 per share quarterly cash dividend approved for November 2025.

Nov 6, 2025, 9:30 PM

Transcript

Wynn Resorts reports Q3 2025 results

WYNN

Earnings

Share Buyback

New Projects/Investments

Wynn Resorts reported Q3 2025 total Adjusted Property EBITDAR of $570 million at a 31.1% margin, in line with the prior year.
Macau operations delivered $308 million of Adjusted Property EBITDAR (30.8% margin), while Las Vegas operations contributed $203 million (32.8% margin) in the quarter.
The company has returned ~$1.4 billion to shareholders since 2022, including $1.1 billion in share repurchases and $275 million in dividends.
Wynn Al Marjan Island is on track for an early 2027 opening and is expected to add ~$345 million of steady-state EBITDAR.

Nov 6, 2025, 9:30 PM

Presentation

Wynn Resorts reports Q3 2025 results

WYNN

Earnings

Dividends

Operating revenues of $1.83 billion, up from $1.69 billion a year ago; net income attributable of $88.3 million vs. a loss of $32.1 million, and diluted EPS of $0.85 vs. $(0.29) in Q3 2024.
Adjusted Property EBITDAR of $570.1 million, an 8.0% increase year-over-year.
Board declared a cash dividend of $0.25 per share, payable November 26, 2025 to holders of record as of November 17, 2025.
Cash and cash equivalents totaled $1.49 billion and total debt was $10.57 billion as of September 30, 2025.

Nov 6, 2025, 9:05 PM

8-K

Wynn Resorts reports Q3 2025 results

WYNN

Earnings

Dividends

Debt Issuance

Operating revenues of $1.83 billion, up $140.4 million year-over-year; net income attributable to Wynn Resorts of $88.3 million (diluted EPS $0.85 vs loss of $0.29 prior year).
Adjusted Property EBITDAR of $570.1 million, an increase of $42.4 million from Q3 2024.
Property performance: Wynn Palace revenues $635.5 million (+$115.7 million), Wynn Macau $365.5 million (+$13.6 million), Las Vegas Operations $621.0 million (+$13.8 million) and Encore Boston Harbor $211.8 million (–$2.4 million).
Declared cash dividend of $0.25 per share, payable November 26, 2025.
Balance sheet and financing: cash and equivalents of $1.49 billion, total debt of $10.57 billion; issued $1.0 billion of 6 3/4% senior notes due 2034 and increased revolver capacity by $1.0 billion.

Nov 6, 2025, 9:01 PM

Press Release

Wynn Resorts analyst trims position after 70% rally

WYNN

Portfolio manager Jim Lebenthal cut his Wynn Resorts stake by 50%, after the stock surged 70% over the past year, 40% in the last three months and 16% in the past month.
He attributes the rally partly to 2027 earnings estimates rising as the new Al Marjan Dubai resort becomes priced into forecasts.
The shares trade at 24x forward earnings, following a 30% three-year annualized return, leading him to view current valuations as overly rich.
Lebenthal retains a smaller position and plans to rebuild on any pullback, maintaining a long-term positive view despite short-term pricing concerns.

Aug 29, 2025, 5:39 PM

CNBC Television

Wynn Resorts upgraded to Buy by UBS on UAE resort project

WYNN

New Projects/Investments

UBS has upgraded Wynn Resorts from Neutral to Buy, raising its price target to $147 on confidence in the company’s growth prospects.
The $3.9 billion Al Marjan resort, slated to open in 2027, makes Wynn the sole gaming operator in the UAE and is expected to draw high-net-worth international customers.
UBS is bullish on both Wynn’s Macau operations and the Al Marjan project, forecasting potential premium resort market share gains post-pandemic.
The average price target of $123.66 from 16 analysts implies a modest 1.95% downside from the current share price.

Aug 28, 2025, 9:46 AM

CNBC

Wynn Macau applies for listing of US$1 bn 6.75% senior notes

WYNN

Debt Issuance

Delisting/Listing Issues

Applied to the Hong Kong Stock Exchange to list and trade US$1,000,000,000 6.750% senior notes due 2034, with listing expected to become effective on or about 20 August 2025.
Notes were issued on 19 August 2025 at 100% of principal, pay interest semi-annually on 15 February and 15 August, and mature on 15 February 2034.
Estimated net proceeds of US$989.0 million to be applied to general corporate purposes, including repayment of indebtedness under the WM Cayman II Revolver and existing senior notes.
Issuance closed on 19 August 2025 and notes will be listed on the HKSE on 20 August 2025.

Aug 19, 2025, 12:00 AM

8-K

Wynn Resorts subsidiary issues $1.0 B 6.75% senior notes due 2034

WYNN

Debt Issuance

Wynn Macau, an indirect subsidiary of Wynn Resorts, entered into a purchase agreement on August 12, 2025 to issue US$1.0 billion 6.750% senior notes due February 15, 2034, expected to settle on August 19, 2025.
The notes are offered at 100% of par, accrue interest semi-annually, rank equally with existing senior unsecured debt and are unsecured and structurally subordinated to subsidiary liabilities.
Net proceeds are estimated at US$989.0 million, to be used for general corporate purposes, including repayment of the WM Cayman II Revolver and/or other notes.
The indenture includes covenants limiting mergers and asset disposals and features a change-of-control repurchase option at 101% of principal plus accrued interest.

Aug 13, 2025, 12:00 AM

8-K

Wynn Resorts amends credit agreement to extend loan maturities

WYNN

Debt Issuance

Wynn Resorts Finance, LLC and its subsidiaries entered into Amendment No. 5 to their Credit Agreement, originally dated September 20, 2019, with Deutsche Bank AG New York Branch as Administrative Agent, effective June 12, 2025.
The amendment extends scheduled maturities, resulting in $1,250,000,000 of Extended Revolving Commitments and $752,812,500 of Extended Term A Facility Commitments.
As part of the amendment, Wynn Resorts will repay all outstanding non-extended Term A Facility Loans and terminate related revolver commitments held by Credit Agricole Corporate and Investment Bank, which will cease to be a lender.
The current report includes Exhibit 10.1 (Amendment No. 5) and Exhibit 10.1.1 (Exhibit A to the Amendment), and is signed by CFO Julie Cameron-Doe.

Jun 12, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for WYNN RESORTS.

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