Wynn Resorts Reports Strong Q3 Performance, Driven by Macau

Wynn Resorts has reported a remarkable turnaround in its financial performance, posting a net income of $88.3 million for the third quarter of 2025. This marks a significant recovery from the $32.1 million loss experienced in the same period last year. The company generated $1.83 billion in operating revenues for the quarter ending September 30, an increase of 7.7% compared to Q3 2024.

Driving this resurgence was a strong performance from Wynn’s Macau properties. The company’s CEO, Craig Billings, highlighted the impressive growth in earnings before interest, taxes, depreciation, and amortization (EBITDA) in Macau. “In Macau, we achieved healthy market share and saw a significant increase in mass table drop year over year,” Billings stated. This growth was complemented by continued success in Las Vegas, where Wynn experienced a 2.2% increase in operating revenue, despite facing challenges in the broader tourism market.

While Las Vegas has struggled with declining visitor numbers—down 8.8% in September—Wynn’s performance indicates a resilience amid adversity. The Las Vegas Convention and Visitors Authority reported an 18.7% drop in convention attendance compared to September 2024, which has affected many operators in the region. Nonetheless, Wynn’s ability to capture market share suggests that its offerings remain appealing to visitors.

The company’s Macau properties, particularly the Wynn Palace, have shown significant recovery, with an 18.2% increase in operating revenues. In contrast, Wynn Macau reported a more modest increase of 3.7%. Notably, the only property to see a decline was the Encore Boston Harbor, which experienced a 1.4% drop in revenue compared to the previous year.

With the varying performance across its properties, Wynn Resorts is adjusting its strategic focus. Billings indicated that the company is prioritizing international development over domestic expansion. He pointed out that recent rezoning efforts have clarified the company’s capital allocation strategy, steering investment towards existing developments and stock buybacks. This shift reflects a strategic pivot towards markets with greater growth potential.

Wynn is in the process of completing the Wynn Al Marjan Island project in the United Arab Emirates, slated for completion in March 2027. This ambitious development will feature over 1,500 hotel rooms and 22 dining venues, underscoring Wynn’s commitment to expanding its international footprint.

As Wynn Resorts continues to navigate the complexities of the gaming industry, its Q3 performance illustrates a robust recovery, particularly in Macau. The company’s ability to adapt to changing market conditions will be crucial as it seeks to maintain momentum in both its domestic and international endeavors.