Xin Lang Cai Jing·2026-02-12 23:44Core Viewpoint - Wynn Macau's parent company, Wynn Resorts, Limited, reported mixed financial results for the fourth quarter and full year ending December 31, 2025, with some segments showing growth while others experienced declines [1][2][3]. Financial Performance - For Q4 2025, Wynn Palace and Wynn Macau's operating income increased by $33.4 million and $7.7 million, respectively, compared to Q4 2024, while Las Vegas operations and Encore Boston Harbor saw decreases of $11.4 million and $2.5 million [1]. - Adjusted property EBITDAR for Q4 2025 decreased for Las Vegas operations, Wynn Palace, Encore Boston Harbor, and Wynn Macau by $26.6 million, $21.1 million, $1.8 million, and $0.7 million, respectively, compared to Q4 2024 [1]. - For the full year 2025, operating income for Wynn Palace and Las Vegas operations increased by $89.7 million and $1.1 million, while Wynn Macau and Encore Boston Harbor decreased by $54 million and $10.3 million, respectively [1]. EBITDAR and Gaming Performance - In Q4 2025, Wynn Palace's operating income was $596.4 million, up from $562.9 million in Q4 2024, but adjusted property EBITDAR fell to $163.5 million from $184.6 million [2]. - The win percentage for table games in the mass market at Wynn Palace was 21.8%, down from 26.0% in Q4 2024, while the VIP table win percentage was 2.84%, below the expected range of 3.1% to 3.4% and down from 3.51% in Q4 2024 [2]. - Wynn Macau's operating income for Q4 2025 was $371.3 million, an increase from $363.7 million in Q4 2024, but adjusted property EBITDAR decreased to $107.4 million from $108.2 million [3]. - The win percentage for mass market table games at Wynn Macau was 17.0%, down from 17.9% in Q4 2024, while the VIP table win percentage was 3.49%, above the expected range but lower than 5.01% in Q4 2024 [3]. Cash and Debt Position - As of December 31, 2025, the group had cash and cash equivalents totaling $1.46 billion, excluding short-term investments held by Wynn Macau Limited of $601.8 million [3]. - The available borrowing limits for WRF revolving credit and WM Cayman II revolving credit were $1.23 billion and $1.36 billion, respectively [4]. - The total outstanding current and long-term debt amounted to $10.55 billion, including Macau-related debt of $5.79 billion, WRF debt of $3.28 billion, and Wynn Las Vegas debt of $876.6 million [4].