Wynn records $1.7bn revenue for Q2 2025, net income falls 40.8% year-over-year

Wynn Resorts has reported its financial performance for Q2 2025, as revenue slightly increased by 0.3% year-over-year for a total of $1.7bn, while net income decreased by 40.8% from the prior year period to $66.2m for the operator. 

Las Vegas operations still managed to generate an increase in revenue of 1.6% year-over-year to $638.6m, as the operator’s Encore Boston Harbor property reported a Q2 2025 revenue of $215.7m, growing 1.5%. 

Wynn Resorts’ adjusted property EBITDAR fell 3.4% for a total of nearly $552.4m for Q2. Wynn Palace reported a decrease in revenue of 1.5% year-over-year to $539.6m, as Wynn Macau generated $343.8m of revenue for Q2 2025, equating to growth of 1.9%.

For the operator’s segment revenue throughout Q2 2025, rooms, food & beverage and entertainment, retail and other all witnessed decreases in revenue year-over-year. Rooms revenue fell by 4.4% to $291.1m, while food & beverage and entertainment, retail and other reported Q2 2025 revenues of $261.1m and $133.9m, respectively, representing decreases of 7.2% and 3% year-over-year. 

Wynn Resorts’ casino operations were the only segment to witness an increase in revenue, reported to be just over $1.05bn and growing 4.3% year-over-year. Operating expenses for each segment saw minimal change from the prior year period, as Wynn’s costs for Q2 2025 came out to $1.47bn, just $10m greater than the total reported for the second quarter of 2024. 

Las Vegas operations revenue was primarily driven by room and food & beverage, however, reported to be $208m and $194.9m, respectively, for the second quarter of 2025. Casino operations accounted for $148.5m of the total revenue from Wynn’s Las Vegas business, increasing 14.5% from the prior year period. 

The segment’s adjusted property EBITDAR was reported to be $234.8m throughout Q2 2025, increasing 1.9% year-over-year, while Encore Boston Harbor generated an adjusted property EBITDAR of $63.9m for growth of 2.8% from the prior year period. 

In June 2025, Wynn officially completed its purchase of the Wynn Mayfair casino location from Crown Resorts, having been granted all necessary authorizations from the Gambling Commission. The acquisition will look to expand Wynn’s footprint across Europe and the Middle East ahead of Wynn Al Marjan Island’s resort opening in the United Arab Emirates (UAE) in early 2027.

Good to know: While operators such as Century Casinos and Penn Entertainment reported its Q2 2025 results earlier today, Caesars and MGM Resorts released its figures back in July 2025

On May 19, the operator withdrew its attempt to apply for a gaming license in New York according to a statement from Wynn Resorts, effectively ending any hopes of developing its Hudson Yards project in the Empire State.

The decision came as a slight surprise to the project’s supporters, given the Hudson Yards proposal was approved by the City Planning Commission on April 10, although the Commission also reiterated the vote did not determine whether the casino development would actually be allowed.

Between 2021-24, the quintessential post-Covid-19 recovery period for land-based casinos, Wynn almost doubled its Q2 revenue totals – and more than doubled its H1 tallies. Heavily affected by performance (and restrictions) at its Macau properties, Wynn had seen revenue growth across all of its prior three H1 reports. 

However, 2022 actually saw revenue fall marginally for Q2, from just shy of $1bn ($990m) in 2021 to $900m in 2022. Prior to Wynn reporting its financial results for the second quarter of 2025, analysts projected a revenue total of $1.74bn for the operator, which would’ve equated to an increase of 0.5% from the prior year period. Las Vegas operations for Wynn were estimated to be just over $618.6m for Q2 2025, representing a presumed decrease of 1.6% year-over-year. 

The consensus among analysts predicted Wynn Macau operations would generate $324.4m of revenue for the operator throughout Q2 2025, while Wynn Palace would provide an additional $563.3m, estimating increases of 1.5% and 2.8%, respectively, from the prior year period. 

The Q2 performance of Wynn’s US competitors naturally makes for interesting reading. With Bally’s still to report on August 11, MGM leads the way by a considerable margin with $4.4bn in revenue. Caesars’ net revenue comes in second, at $2.9bn, with Penn also reporting $1.77bn. All three of these firms also have significant digital revenue streams boosting their tallies – with Wynn more reliant on its retail elements. 

Boyd Gaming – also mainly land-based – comes in at the $1bn mark for Q2 revenue, while Red Rock, Gaming & Leisure Properties and Century Casinos are far lower down the list. For H1 revenue, MGM extends its lead further at $8.7m, with Caesars having posted $5.7bn in net revenue. Penn and the rest of the pack follow the same pattern as in Q2.

Kirk Geller

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