Core Insights - Wynn Resorts, Limited (WYNN) reported mixed fourth-quarter 2025 results, with earnings missing estimates while revenues exceeded expectations [1][3][9] Financial Performance - Adjusted earnings per share (EPS) for the quarter was $1.17, below the Zacks Consensus Estimate of $1.33, and down from $2.42 in the prior-year quarter [3][9] - Quarterly operating revenues reached $1.87 billion, surpassing the consensus mark by 0.7% and reflecting a year-over-year increase of 1.5% [3][9] Operational Highlights - Wynn Resorts experienced steady performance in key markets, particularly in Las Vegas and Macau, with Las Vegas showing EBITDA growth due to higher average daily rates and solid casino volumes [2][9] - Macau operations benefited from increased VIP turnover and mass table drop, contributing to improved property performance [9] Segment Performance - Wynn Palace's operating revenues were $596.4 million, up 5.9% year over year, but adjusted property EBITDAR decreased by 11.4% to $163.5 million [4] - Wynn Macau's operating revenues were $371.3 million, a 2.1% increase year over year, with adjusted property EBITDAR slightly down by 0.7% [6] - Las Vegas operations reported revenues of $688.1 million, down 1.6% year over year, with adjusted property EBITDAR decreasing by 10% [8] - Encore Boston Harbor's operating revenues were $210.2 million, down 1.2% year over year, with adjusted property EBITDAR falling by 3.1% [10] Cash and Debt Position - As of December 31, 2025, Wynn Resorts had cash and cash equivalents totaling $1.46 billion, a slight decrease from $1.49 billion in the prior quarter [12] - Total outstanding debt at the end of the fourth quarter amounted to $10.55 billion, including significant Macau-related debt [12] Overall Assessment - The adjusted property EBITDAR for the quarter totaled $568.8 million, down from $619.1 million in the prior-year quarter, with EBITDAR margin contracting to 30.5% from 33.7% [11]

Hotel Industry Trends - Hotel rooms are shrinking in size [1] - Hotels are finding ways to keep guests happy despite smaller rooms [1] Design and Innovation - Leading hotel designers are adapting to the trend of smaller rooms [1] - Design strategies are being employed to maximize guest satisfaction in smaller spaces [1]