Wynn Resorts defies trends on the Las Vegas Strip, reporting a robust performance in Q2.
In a remarkable turn of events, Wynn Resorts reported record adjusted earnings on the Strip in the United States during the second quarter of 2025. This impressive feat was largely due to a new second quarter record for Adjusted Property EBITDAR in Las Vegas, which increased 2% year-over-year to nearly $235 million.
The strong hotel performance, with higher average daily rates, supported increased room revenues. Operational efficiencies and the resilience of the luxury market enabled the business to achieve this record EBITDAR despite a challenging overall market. Sustained demand and strong visitation trends in Las Vegas underpinned revenue growth, with operating revenues from Las Vegas operations reaching $638.6 million for Q2 2025, up $10 million from the prior year quarter.
While net income saw some decline compared to 2024, Wynn's Las Vegas segment notably defied wider market slowdowns by growing its core profitability metrics and maintaining strong cash flow. The company benefits from diversified investments including Macau and the UAE, but it was clear that the Las Vegas operation itself was the driver behind the record property-level earnings in Q2 2025.
Wynn Resorts' Chief Operating Officer, Brian Gulbrants, stated that the booking pace for the fourth quarter continues to look "quite good" and July had some of the best bookings of the year. In July, Wynn's casino and retail business continued to show momentum compared to July 2024. The Formula One race in Las Vegas the week before Thanksgiving is also pacing well, according to Gulbrants.
Despite a lull in Las Vegas over the summer, Wynn Resorts is feeling good about their current performance. Casino volumes have been very good, and they have been able to hold rate, a good indicator of demand for what they offer. Wynn's Macau operations logged a steady April and strong June, offset by a more subdued May.
Looking ahead, Wynn Resorts is prioritizing the expansion of the Chairman's Club gaming area at Wynn Palace and a refresh of Wynn Tower rooms at Wynn Macau to enhance their premium positioning. Wynn expects to kick off room renovations in Las Vegas' Encore Tower in the spring. While minor disruptions are anticipated at the end of the year from these projects, Wynn anticipates further elevating their offerings at both properties once completed.
Interestingly, Wynn Resorts is maintaining its rates for the Formula One race, unlike some competitors. Despite this, Wynn grew revenue per room by more than 1% during the second quarter. July was a "standout month" for Wynn Resorts, with casino volumes accelerating year-over-year and over June.
In conclusion, Wynn Resorts' record earnings in Las Vegas in 2025 were a testament to their operational strength and resilience in the face of challenging market conditions. With ongoing investments in their properties and a promising outlook for the future, Wynn Resorts continues to set the pace in the premium segment of the market.
In July, Wynn Resorts' casino and retail business showed a noticeable growth compared to the same month in 2024, indicative of the casino-games sector's performance in Las Vegas. Amidst the casino-culture of Las Vegas, the company's Las Vegas segment became the primary contributor to Wynn Resorts' record property-level earnings in Q2 2025.
