Wynn Resorts(US:WYNN)2026-02-12 21:04Financial Performance - Operating revenues for Q4 2025 were $1.87 billion, an increase of $27.2 million from $1.84 billion in Q4 2024[3] - Net income attributable to Wynn Resorts for Q4 2025 was $100.0 million, down from $277.0 million in Q4 2024, with diluted net income per share at $0.82 compared to $2.29[5] - Adjusted Property EBITDAR for Q4 2025 was $568.8 million, a decrease of $50.3 million from $619.1 million in Q4 2024[5] - For the year ended December 31, 2025, operating revenues totaled $7.14 billion, an increase of $10.0 million from $7.13 billion in 2024[6] - Net income attributable to Wynn Resorts for the year 2025 was $327.3 million, down from $501.1 million in 2024, with diluted net income per share at $3.14 compared to $4.35[7] - Adjusted Property EBITDAR for the year 2025 was $2.22 billion, a decrease of $140.8 million from $2.36 billion in 2024[8] Revenue Breakdown - Wynn Palace's operating revenues for Q4 2025 were $596.4 million, an increase of $33.4 million from $562.9 million in Q4 2024[10] - Total operating revenues for Q4 2025 reached $1,865,983, a slight increase from $1,838,797 in Q4 2024, resulting in a year-end total of $7,137,924 compared to $7,127,961 in 2024[23] - The total operating revenues for Wynn Palace for the year ended December 31, 2025, reached $2,307,397,000, a 4.0% increase from $2,217,671,000 in 2024[30] - Wynn Macau's total operating revenues for Q4 2025 were $371.3 million, a 2.1% increase from $363.7 million in Q4 2024[32] - Las Vegas operations reported total revenues of $688.1 million in Q4 2025, a decrease of 1.6% compared to $699.5 million in Q4 2024[35] - Encore Boston Harbor's total operating revenues for Q4 2025 were $210.2 million, down 1.2% from $212.7 million in Q4 2024[38] Expenses and Debt - Total operating expenses for Q4 2025 were $1,591,277, an increase from $1,471,902 in Q4 2024, leading to a year-end total of $6,019,540 compared to $5,995,230 in 2024[23] - Total current and long-term debt outstanding as of December 31, 2025, was $10.55 billion, including $5.79 billion of Macau-related debt[16] - Interest expense for Q4 2025 was $(155,816), slightly improved from $(163,488) in Q4 2024, with a year-end total of $(625,556) compared to $(688,410) in 2024[23] - Pre-opening expenses for Q4 2025 were $14,632, significantly higher than $3,305 in Q4 2024, reflecting increased investment in new projects[24] - Wynn Resorts incurred pre-opening expenses of $38,494,000 for the year ended December 31, 2025, compared to $9,355,000 in 2024[28] Operational Metrics - The occupancy rate for Wynn Resorts was 99.1% in Q4 2025, slightly up from 98.4% in Q4 2024[30] - The average daily rate (ADR) for rooms decreased by 26.0% to $219 in Q4 2025, compared to $296 in Q4 2024[30] - The average number of table games in the mass market segment decreased by 2.0% to 241 in Q4 2025, while the table drop increased by 22.7% to $2,059,169,000[30] - Slot machine handle increased by 25.5% to $883,995,000 in Q4 2025, compared to $704,360,000 in Q4 2024[30] - The average number of table games in Las Vegas increased by 2.7% to 232 in Q4 2025, while the table games win decreased by 14.1% to $173.8 million[35] - Slot machine handle in Las Vegas increased by 3.3% to $1.98 billion in Q4 2025, with slot machine win rising by 4.8% to $129.5 million[35] Credit and Loss Provisions - The company reported a provision for credit losses of $3,570 in Q4 2025, compared to $634 in Q4 2024, indicating a rise in expected credit losses[23] Market Performance - Casino revenue for Wynn Palace increased by 9.3% to $501,470,000 in Q4 2025, compared to $458,816,000 in Q4 2024[30] - Casino revenues in Macau decreased by 2.9% year-over-year, totaling $1.2 billion for the year ended December 31, 2025[32] - Adjusted Property EBITDAR for Wynn Macau was $107.4 million in Q4 2025, down 0.7% from $108.2 million in Q4 2024[32] - Wynn Macau's VIP turnover decreased by 16.8% to $909.6 million in Q4 2025, with VIP table games win down 42.0% to $31.7 million[32] - The occupancy rate for Las Vegas operations was 85.2% in Q4 2025, down from 88.1% in Q4 2024[35] - The average daily rate (ADR) for rooms in Las Vegas increased by 2.2% to $611 in Q4 2025, while REVPAR decreased by 1.3% to $520[35]