Wynn Resorts(WYNN) - 2025 Q2 - Quarterly Results

Consolidated Financial Highlights Wynn Resorts reported nearly flat operating revenues for Q2 2025, with net income and Adjusted Property EBITDAR declining due to unfavorable Macau VIP hold, offset by record Las Vegas performance and capital returns Q2 2025 Consolidated Financial Results (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Revenues | $1.74 billion | $1.73 billion | +$4.9 million | | Net Income | $66.2 million | $111.9 million | -$45.7 million | | Diluted EPS | $0.64 | $0.91 | -$0.27 | | Adjusted Property EBITDAR | $552.4 million | $571.7 million | -$19.3 million | - CEO Craig Billings noted continued business strength, with a new Q2 record for Adjusted Property EBITDAR in Las Vegas, despite negative VIP hold impact on Macau results, which still generated significant free cash flow, with progress continuing on the Wynn Al Marjan Island project in the UAE[3] - The Board of Directors declared a quarterly cash dividend of $0.25 per share[6] - The company continued its capital return program, repurchasing $158 million of its common stock during the quarter[3][16] Segment Performance Analysis Q2 2025 segment performance was mixed, with Las Vegas Operations achieving record Adjusted Property EBITDAR, while Macau faced headwinds from unfavorable VIP hold at Wynn Palace, and Encore Boston Harbor showed modest growth Adjusted Property EBITDAR by Segment (Q2 2025 vs Q2 2024) | Property | Q2 2025 EBITDAR | Q2 2024 EBITDAR | Change | | :--- | :--- | :--- | :--- | | Wynn Palace | $157.2 million | $184.5 million | -$27.3 million | | Wynn Macau | $96.5 million | $95.9 million | +$0.6 million | | Las Vegas Operations | $234.8 million | $230.3 million | +$4.5 million | | Encore Boston Harbor | $63.9 million | $62.1 million | +$1.7 million | Macau Operations Macau operations saw mixed results, with Wynn Palace experiencing a decline due to unfavorable VIP hold, while Wynn Macau achieved a slight increase in operating revenues - Wynn Palace operating revenues decreased by $8.4 million to $539.6 million, with Adjusted Property EBITDAR falling to $157.2 million from $184.5 million, primarily due to a VIP table games win percentage of 2.86% below the expected range[7] - Wynn Macau operating revenues increased slightly by $6.5 million to $343.8 million, with Adjusted Property EBITDAR stable at $96.5 million, supported by a strong VIP table games win percentage of 3.41% above the expected range[8] Las Vegas Operations Las Vegas Operations achieved record Adjusted Property EBITDAR with increased operating revenues, despite a table games win percentage slightly below the expected range - Operating revenues grew by $10.0 million to $638.6 million, and Adjusted Property EBITDAR increased to a record $234.8 million, with table games win percentage at 21.8%[9] Encore Boston Harbor Encore Boston Harbor reported modest growth in operating revenues and Adjusted Property EBITDAR, benefiting from a table games win percentage within the expected range - Operating revenues rose by $3.1 million to $215.7 million, and Adjusted Property EBITDAR increased to $63.9 million, benefiting from a table games win percentage of 21.3% within the expected range[10] Development, Balance Sheet, and Capital Allocation The company is advancing its Wynn Al Marjan Island project for a 2027 opening, managing its $10.54 billion debt with $1.98 billion cash, and returning capital through stock repurchases - Wynn Al Marjan Island Development: The company contributed $58.2 million in Q2 2025 to the UAE joint venture, with the project expected to open in 2027[11] Balance Sheet Summary (as of June 30, 2025) | Item | Amount | | :--- | :--- | | Cash and Cash Equivalents | $1.98 billion | | Total Debt Outstanding | $10.54 billion | | Available Borrowing Capacity | $1.59 billion | - Recent Debt Financing: The company amended its WRF credit facility to extend maturities to June 2030 and increased its WM Cayman II Revolver capacity by $1.0 billion[14][15] - Equity Repurchase Program: Repurchased 2,004,418 shares for $158.1 million in Q2 2025, with $454.9 million remaining in repurchase authority[16] Financial Statements and Supplemental Data This section provides detailed unaudited financial tables for Q2 2025, including consolidated statements of income, GAAP to non-GAAP reconciliations, and supplemental operational data for each property Condensed Consolidated Statement of Income (Q2 2025) | Line Item (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total operating revenues | $1,737,797 | $1,732,932 | | Operating income | $264,600 | $269,658 | | Net income | $76,961 | $146,273 | | Net income attributable to Wynn Resorts, Limited | $66,218 | $111,943 | | Diluted net income per common share | $0.64 | $0.91 | - The financial tables provide detailed reconciliations of Net Income to Adjusted Net Income and Operating Income to Adjusted Property EBITDAR, clarifying adjustments for depreciation, pre-opening expenses, and stock-based compensation[25][26][29] - Supplemental data schedules offer granular operating metrics for each property, including casino statistics (turnover, win percentage) and room statistics (ADR, REVPAR), providing deeper insight into segment performance[31][33][35]