Dive Brief:
- Wynn Resorts posted operating revenue of $1.83 billion for the third quarter of 2025, up $140.4 million year over year, according to a Thursday release. In addition, the company posted Q3 net income of $88.3 million compared to a net loss of $32.1 million for the same period last year.
- Las Vegas operating revenue rose $13.8 million year over year to $621 million. While RevPAR dropped 1.8% year over year in the quarter, Wynn CEO Craig Billings said on an earnings call that Q4 is “off to a strong start” with “notable growth” in RevPAR and strong retail sales.
- Hotel revenue in Las Vegas was largely flat year over year at $187 million, “demonstrating that our plan to accept slightly lower occupancy in order to preserve ADR and maximize EBITDA paid off during the quarter,” Billings said on the call with analysts. Wynn Las Vegas, he noted, “set an all-time monthly EBITDA record” in August.
Dive Insight:
While MGM Resorts and Caesars Entertainment posted significant third-quarter declines in Las Vegas, Wynn continued to grab market share, building on its solid second-quarter performance.
Billings attributed Wynn’s results to a focus “on rate and not on occupancy,” and told analysts on Wednesday that the company was “seeing things start to improve more broadly in Vegas.”
He also addressed Wynn’s pricing and its position in the market, which aligned with the current trend toward increased demand for the luxury segment.
“Wynn Las Vegas is not necessarily built for those visiting Las Vegas on a tight budget,” Billings said. “Our customer generally isn’t the customer who focuses on cost alone.” He added that the company has not seen the same “pushback on pricing that others in the market might have,” and that Wynn “will always be at a pricing premium.”
The same market bifurcation that has played out in the U.S. is also impacting China, where Wynn’s Macau properties have benefitted from what Billings called “a premium-led market.” He said “a shifting industrial policy in China … [is] creating new pockets of wealth,” which has served Wynn’s properties, because “that’s the end of the market that we focus on.”
Meanwhile, Wynn CFO Julie Cameron-Doe said on the call that the Boston team “has continued to do a great job of mitigating union-related payroll increases with cost efficiencies in areas of the business that do not impact the guest experience.” Third-quarter operating revenue at Encore Boston Harbor declined $2.4 million to $211.8 million for the period.
The company will focus on F1 in Las Vegas later this month, said Billings, who added that Wynn’s published room rates for the event “are once again pricing at a significant premium to the market.”
Heading into 2026, Billings said in Las Vegas, Wynn was on pace to grow both room nights and rate over 2025, although the Encore Tower remodel in spring 2026 would result in the loss of about 80,000 room nights for the year and will “present a slight headwind.”
