Dive Brief:
- Wynn Resorts’ operating revenues in Las Vegas, where the company operates Wynn Las Vegas and Encore, decreased roughly 2% year over year in the first quarter of 2025, on “impossible” comparables to last year’s Q1 when the market hosted the Super Bowl, CEO Craig Billings said on a Tuesday earnings call.
- Wynn also posted decreased adjusted EBITDAR in Las Vegas in Q1. However, if Super Bowl weekend was removed, Las Vegas operating revenues and adjusted EBITDAR would be up 5.4% and 2.7% year over year, respectively, in Q1, Wynn CFO Julie Cameron-Doe shared on the call.
- Looking ahead, RevPAR and demand fundamentals in Las Vegas appear solid, according to Billings. However, the operator has halted $375 million worth of capital expenditures following President Donald Trump’s April tariffs, the CEO shared.
Dive Insight:
Wynn anticipates the direct impact of tariffs on its operations expenditures, including food and beverage, “to be low and entirely manageable,” according to Billings. However, the impact on its capital expenditures is a “different story,” he said on the call, noting the company has delayed several projects, most notably its Encore Tower remodel.
As material costs rise in light of Trump’s tariffs, commercial construction projects across industries will be impacted, industry experts told Construction Dive last month.
Beyond the impact on capital expenditures, Billings shared that ongoing economic uncertainty has not yet negatively impacted Wynn.
“While we are certainly better insulated than some given our more resilient affluent customer base, there's obviously uncertainty out there,” Billings said. “So far, however, our businesses in Vegas and Macau are holding up quite well.”
Billings shared that in Las Vegas, April RevPAR was up slightly year over year and group activity was “as expected.”
Wynn Las Vegas President Brian Gullbrants, meanwhile, said on the call that group business for 2026 is pacing “even better than expected.”
Other Las Vegas operators, MGM Resorts and Caesars Entertainment, also expressed optimism about the city’s future performance growth in Q1 earnings calls, though they reported a recent decline in Canadian leisure visitors.
