Wynn Resorts avoided much of the weakness that weighed on the broader Las Vegas market through most of 2025. But fourth-quarter results showed the strain reaching the high end of the Strip, as softer table play and hotel metrics pulled down earnings despite growth in Macau.

For the quarter ended Dec. 31, Wynn posted $688.1 million in Las Vegas revenue, a 1.6% year-over-year decline. Full-year revenue in the segment was flat at $2.5 billion. Adjusted EBITDAR in Las Vegas fell 10% in the fourth quarter to $240 million and declined 5% for the year to $904 million. Casino revenue rose 8% in 2025, but hotel revenue dropped 4% and food and beverage revenue fell 2.5%. Companywide, Wynn reported $1.87 billion in fourth-quarter revenue, up 1.5% from a year earlier. Full-year revenue was flat at $7.1 billion. Adjusted EBITDA declined 8% in the quarter to $568.7 million and fell 6% for the year to $2.2 billion.

Net income dropped more sharply. Wynn earned $100 million in the fourth quarter, down from $277 million a year earlier. Full-year net income totaled $327 million, compared with $501 million in 2024.

CEO points to global diversification

On the earnings call, CEO Craig Billings outlined what he described as an “increasingly multipolar world,” with the United States, China and the Middle East serving as the primary global wealth hubs. Those regions align with Wynn’s core markets in Las Vegas, Macau and the United Arab Emirates.

Macau operations helped offset U.S. softness in the fourth quarter. Wynn Palace reported a 6% increase in quarterly revenue, while Wynn Macau posted a 2% gain. However, full-year adjusted EBITDAR declined 7% at Wynn Palace and 9% at Wynn Macau. Wynn continues construction on Wynn Al Marjan Island in the UAE, which is scheduled to open in the first quarter of 2027. The company contributed $79 million in cash to the project during the fourth quarter.

Wynn is more reliant than most Strip operators on high-value customers, a strategy that has insulated it from some consumer weakness. Billings said that trend has continued even as overall visitation to Las Vegas has softened. “I would humbly say that we have continued to distance ourselves in the market,” he said, adding that high-value patrons have remained resilient compared with lower-income segments.

Still, fourth-quarter table game performance in Las Vegas declined. Table game win and win per unit per day both fell more than 15% year over year. For the full year, both metrics were down 2%. High-limit baccarat, a key revenue driver on the Strip, remains volatile because of large average wagers. Hotel metrics also weakened. Average daily rate declined 1.5% for the year, while revenue per available room fell 4%.

Renovations and land bank in focus

Wynn said it will begin renovations at the Encore tower in mid-May, with work expected to last about 12 months and affect both 2026 and 2027. The project was delayed from last year due to uncertain market conditions and rising costs tied in part to tariffs imposed by Donald Trump. Billings said the company will stagger construction during lower-demand periods to limit the impact on performance. An analyst estimate that the renovation could reduce EBITDA by $50 million was “a little high,” he said.

Investors also pressed Wynn on its roughly 38-acre land parcel on the Strip, acquired in 2017 for $336 million. Analysts estimate the site could now be worth $1 billion or more, citing nearby transactions such as a 6.2-acre purchase by Tilman Fertitta for $270 million in 2022. Billings said the company would wait for the right time to develop or monetize the property, noting that recent Strip openings have struggled to expand overall visitation and instead taken share from incumbents. “You have to choose the right time to flex that land bank,” he said.

We feel good about our ability to perform really, really well [in Las Vegas] in 2026… By any historical standards, Wynn Las Vegas is absolutely crushing it.

Balance sheet and stock performance

Wynn ended the year with $1.46 billion in cash and $10.5 billion in total debt.

Shares rose about 6% to $114 in Friday trading following the earnings release. The stock is up 42% over the past year but roughly 2% over the last six months. While Billings expressed confidence in Wynn’s ability to “perform really, really well” in Las Vegas in 2026, fourth-quarter results suggest that even the Strip’s most premium-focused operator is not immune to broader market pressures.

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