Wynn Resorts Reports 8.7% Revenue Decline and 49.6% Drop in Net Income for Q1 2025

Wynn Resorts, Limited reported a decline in financial performance for the first quarter of 2025, with total operating revenues of $1.7 billion, down 8.7% from $1.86 billion in the same period last year. The company's net income attributable to Wynn Resorts decreased significantly by 49.6%, falling to $72.7 million from $144.2 million. This decline was primarily driven by reduced revenues from the company's Macau operations, which experienced a decrease of $132.8 million, attributed to lower VIP win percentages and a decrease in average daily rates (ADR) across properties.

In terms of operational metrics, the company reported a decrease in casino revenues, which accounted for 61.2% of total operating revenues, down from 60.2% in the previous year. Non-casino revenues also fell, with room revenues decreasing by 16.2% to $274.5 million, food and beverage revenues down 6.4% to $249.9 million, and entertainment, retail, and other revenues declining by 7.8% to $135.6 million. The overall decline in revenues was partially offset by a reduction in operating expenses, which decreased by 4.5% to $1.43 billion.

Wynn Resorts has also made strategic moves during the quarter, including a significant investment in its joint venture, Island 3, which is developing the Wynn Al Marjan Island resort in the UAE. The company contributed $51.2 million to this project, bringing total contributions to $682.9 million. Additionally, the company repurchased 2.36 million shares of its common stock at an average price of $84.76 per share, totaling $200 million, as part of its ongoing share repurchase program.

The company’s balance sheet reflects total assets of $12.72 billion as of March 31, 2025, a decrease from $12.98 billion at the end of 2024. Current liabilities increased significantly to $2.4 billion, primarily due to a rise in the current portion of long-term debt. The total stockholders' deficit widened to $1.1 billion, compared to $968.6 million at the end of the previous fiscal year.

Looking ahead, Wynn Resorts anticipates continued challenges in the gaming and hospitality sectors, particularly in Macau, where market conditions remain volatile. The company is focused on enhancing its operational efficiencies and managing costs while pursuing growth opportunities in both existing and new markets. The management remains committed to its strategic initiatives, including the development of Wynn Al Marjan Island, which is expected to open in 2027.