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Read Full BioWynn Resorts, Limited, reported its Q4 financial results. Although the company saw a slight increase in revenue, net income fell dramatically, partly due to an unusually low hold in its Macau casinos. The fall in income led to the company’s stock price also falling, dropping by over 6%.
Operating revenues were $1.87 billion for the fourth quarter of 2025, an increase of $27.2 million from $1.84 billion for the fourth quarter of 2024. Despite the increase, net income fell from $277 million to $100 million.
For the year, net income fell from $501.1 million in 2024 to $327.3 million. Revenue remained stagnant, with the company reporting $7.14 billion for the year compared to $7.13 billion in 2024.
The lack of growth led to the company’s stock price falling from over $116 to as low as $103 in extended trading on Thursday. That marks a 16% drop since the start of the year, although the price remains up from this time last year, when it was down at just over $80.
Lower Holds Affect Income
The fall in income was largely attributed to lower-than-usual hold in Macau and in the US. At Wynn Palace in Macau, table games’ win percentage was 21.8%, below the 26.0% experienced in the fourth quarter of 2024. This led to Adjusted Property EBITDAR falling from $184.6 million to $163.5 million.
A similar story occurred at Wynn Macau, the other casino in the region. Adjusted Property EBITDAR fell slightly, down $800,000, despite revenue increasing by $7.7 million. Table game win percentage fell from 17.9% to 17%, while VIP table games win as a percentage of turnover was 3.49%, down from over 5% in 2024.
The company is targeting the Chinese New Year to attract more VIP customers. It plans to open a new Chairman’s Club floor at Wynn Palace, which it claims will serve as “a new standard for premium gaming space in Macau.”
Management said lower-than-normal table hold also weighed on results at the Encore Boston Harbor, but highlighted strong fundamentals as a positive. Revenue in Las Vegas also fell, down $11.4 million for the quarter. Win percentage fell from over 30% last year to 26%, leading to Adjusted Property EBITDAR dropping to $240.8 million, compared to $267.4 million in 2024.
The company’s operations in Vegas came under scrutiny as more details emerged of how Wynn VIP hosts aided Chinese underground bankers and cartels to launder money at its properties. Wynn agreed to pay $130 million to the US Department of Justice in September 2024 to resolve the scandal.
Wynn Al Marjan Island Targeted for Future Growth
In a press release, Craig Billings, CEO of Wynn Resorts, Limited, commented, “Our fourth quarter results reflect continued strength throughout the business and ongoing progress in our global development initiatives.”
“The team in Las Vegas delivered another quarter of healthy EBITDA highlighted by year-on-year improvement in ADRs and strong volumes in the casino. In Macau, we saw substantial increases in both VIP turnover and mass table drop, year-on-year as well as sequentially. We also reached a significant milestone towards the completion and planned first quarter 2027 opening of Wynn Al Marjan Island, having topped out the tower in the quarter.”
The company has forecast up to $1.67 billion in revenue from the first casino in the UAE. It invested a further $79.2 million in the 40%-owned joint venture with local Emirati partners.
