Wynn Resorts, Limited Reports Fourth Quarter and Year End 2025 Results

Core Viewpoint - Wynn Resorts reported a mixed financial performance for the fourth quarter and year ended December 31, 2025, with operating revenues increasing but net income and adjusted earnings declining compared to the previous year [1][2]. Financial Results - Operating revenues for Q4 2025 were $1.87 billion, up $27.2 million from $1.84 billion in Q4 2024 [1]. - Net income attributable to Wynn Resorts for Q4 2025 was $100.0 million, down from $277.0 million in Q4 2024 [1]. - Diluted net income per share for Q4 2025 was $0.82, compared to $2.29 in Q4 2024 [1]. - Adjusted Property EBITDAR for Q4 2025 was $568.8 million, a decrease of $50.3 million from $619.1 million in Q4 2024 [1]. Year-End Results - For the year ended December 31, 2025, operating revenues were $7.14 billion, an increase of $10.0 million from $7.13 billion in 2024 [1]. - Net income attributable to Wynn Resorts for the year was $327.3 million, down from $501.1 million in 2024 [1]. - Diluted net income per share for the year was $3.14, compared to $4.35 in 2024 [1]. - Adjusted Property EBITDAR for the year was $2.22 billion, a decrease of $140.8 million from $2.36 billion in 2024 [1]. Segment Performance - Wynn Palace reported Q4 2025 operating revenues of $596.4 million, an increase of $33.4 million from Q4 2024 [2]. - Wynn Macau's Q4 2025 operating revenues were $371.3 million, up $7.7 million from Q4 2024 [2]. - Las Vegas Operations had Q4 2025 revenues of $688.1 million, a decrease of $11.4 million from Q4 2024 [2]. - Encore Boston Harbor's Q4 2025 revenues were $210.2 million, down $2.5 million from Q4 2024 [2]. Development Updates - The company is progressing on the Wynn Al Marjan Island project, with a cash contribution of $79.2 million in Q4 2025, totaling $914.2 million to date [2]. - The project is expected to open in Q1 2027 [2]. Balance Sheet Highlights - Cash and cash equivalents as of December 31, 2025, totaled $1.46 billion, excluding $601.8 million of short-term investments [2]. - Total current and long-term debt outstanding was $10.55 billion as of December 31, 2025 [2].