Wynn avoids Vegas slowdown in Q2 earnings, but profits dive amid Macau softness
Summary
Wynn Resorts largely sidestepped a wider Las Vegas tourism slump in Q2 2025 by leaning on premium customers. Las Vegas average daily rate climbed to $548 (up 3% year‑on‑year), casino gaming and luxury restaurants performed well, and forward bookings — including for the Formula 1 Las Vegas Grand Prix — strengthened through July. Despite healthy Vegas results, group profits fell to $66.2m ($0.64 per share) from $111.9m a year earlier; adjusted EPS was $1.09, missing analysts’ $1.20 estimate.
Macau weakened the quarter: revenue there was $343.8m and a softer VIP hold trimmed roughly $13m from results. Vegas operating revenue was $638.6m and adjusted property EBITDA rose slightly to $234.8m. Wynn also confirmed a c. $330m renovation of the Encore Tower beginning next spring. Separately, the Wynn Al Marjan Island project in the UAE is progressing toward a 2027 opening, with $395m drawn on construction loans so far; Wynn remains the only casino currently licensed by the UAE regulator.
Source
Key Points
- • Premium positioning helped Wynn avoid much of Las Vegas’ summer tourism weakness; ADR was $548, up 3% YoY.
- • Q2 net profit tumbled to $66.2m ($0.64/share) from $111.9m; adjusted EPS $1.09 missed expectations.
- • Macau softness drove a material headwind: $343.8m revenue and a VIP hold shortfall of about $13m.
- • Las Vegas operating revenue rose to $638.6m; adjusted property EBITDA was $234.8m (slight increase YoY).
- • Planned Encore Tower renovation (~$330m, ~one year) and Wynn Al Marjan Island (UAE) remain key projects, with $395m drawn on construction loans to date.
Why should I read this?
Short and useful: if you track casino operators, investors or travel demand, this gives you the quick take — Wynn’s premium focus kept Vegas steady, Macau knocked overall profits, and Dubai (Al Marjan) is the firm’s big growth bet. We read the call so you don’t have to — get the numbers and the risks in one go.
Author take
Punchy: Wynn’s high‑end strategy paid off in Vegas, but the EPS miss and Macau VIP weakness are real reasons investors should pay attention. Watch Al Marjan — it’s the company’s next major catalyst.