Dive Brief:
- Wynn Resorts posted operating revenues of $1.74 billion for the second quarter of 2025, an increase of $4.9 million from the same quarter last year. Las Vegas operating revenues, specifically, were up $10 million to $638.6 million, according to a second-quarter earnings report released Thursday.
- On an earnings call, CEO Craig Billings said Wynn was also planning to resume the remodel of its Encore Tower in Las Vegas, which the company previously halted due to tariff concerns.
- While Wynn appears to have outperformed some of its Las Vegas peers, which posted Q2 revenue declines, the resort operator did notice “softer” midweek bookings, which led Wynn to prioritize “midweek rate over occupancy,” Billings said.
Dive Insight:
When asked on the earnings call why Wynn appeared to outperform peers like MGM Resorts International and Caesars Entertainment in Q2, Billings said, “being at the luxury end of the market helps.”
“We sit in a unique position,” Billings said on the call. “We're not the best barometer of Las Vegas writ large. We're the best barometer, I think, of a very particular portion of Las Vegas.”
He then noted that the “average check on in our fine-dining restaurants … has been pretty stable.”
Following its first-quarter earnings call — in which Wynn announced it was halting $375 million in capital expenditures, inclusive of its Encore Tower remodel, citing tariff concerts — the company revised its sourcing and procurement plans, Billings shared.
“I now expect we will kick off that renovation in spring 2026 with minor disruptions during the renovation period,” he said.
Wynn is “bullish” on the coming quarters, he added, noting that it saw its forward booking pace accelerate as July progressed.
“Our group and convention business looks strong heading into the fourth quarter, and 2026 is shaping up to be a record year for both group room nights and revenue,” Billings said.
MGM also pointed to future bookings in its Q2 earnings call last week, with CFO Jonathan Halkyard saying the operator plans to “restore a growth trajectory” following recent Las Vegas declines.
Caesars, meanwhile, posted a 3.7% year-over-year decline in Las Vegas net revenues in the quarter.
