Dive Brief:
- Wynn Resorts’ operating revenues in Las Vegas, where the company operates Wynn Las Vegas and Encore, were down 1.6% year over year in the fourth quarter of 2025, according to an earnings report published Thursday.
- Wynn posted occupancy and RevPAR declines in Las Vegas in the fourth quarter, though ADRs were up 2.2% from the previous year, per the report. “The overall results reflect our ability to balance stronger ADRs with modestly lower occupancy in order to optimize performance,” CEO Craig Billings said during a Thursday earnings call.
- The results come amid a rocky tourism environment in Las Vegas. Despite the declines, Billings said performance so far in the first quarter of 2026 has been encouraging in the region.
Dive Insight:
With “casino volumes and RevPAR both holding up well,” Billings said he feels good about business in Las Vegas in 2026. Group and convention business, in particular, is pacing strong for the year ahead, he said.
Bill Hornbuckle, CEO at Wynn competitor MGM Resorts, said during a separate earnings call that he is similarly optimistic about a “solid base of group and convention business” in Las Vegas.
Both MGM and Wynn hope to capitalize on Las Vegas’ proximity to upcoming FIFA World Cup matches in Los Angeles, the CEOs shared. Wynn has developed “an entire strategy … to take advantage of the proximity of the World Cup,” Billings said.
Wynn has also benefitted from high-net-worth consumers who continue to prioritize travel amid a growing wealth bifurcation in the hospitality industry, Billings noted on the call.
Wynn Las Vegas President Brian Gullbrants said that “key business indicators are all positive” in Vegas, though out-of-order rooms from the company’s upcoming Encore Tower remodel “will certainly be a challenge in the latter half of the year.” Billings said that the remodel will begin in the second quarter of the year. Wynn previously delayed the project following the tariffs President Donald Trump imposed in April.
While Billings is leaning confident about Wynn’s Las Vegas positioning, as well as the company’s regional business, he said that “more broadly, we’re moving toward a portfolio where we expect over 55% of our revenues will be generated in non-U.S. dollar-denominated markets.”
Wynn reported that operating revenues increased at both Wynn Palace and Wynn Macau in the fourth quarter. The company is also preparing to open Wynn Al Marjan Island in the United Arab Emirates in 2027.
