Wynn Resorts just posted numbers that tell two very different stories. Macau delivered strong growth that pushed total operating revenue higher, yet Las Vegas and Boston dragged earnings down sharply. The casino giant still made money, but profits took a clear hit.
The company reported late Thursday that operating revenue for the fourth quarter reached $1.87 billion. That marks a modest rise from $1.84 billion in the same period a year earlier. Net income, however, plunged to $100 million from $277 million a year ago, highlighting the pressure on the bottom line.
Macau Carries the Quarter
The real engine behind the revenue gain sat across the Pacific. Wynn Palace in Macau saw operating revenue jump $33.4 million year-over-year. Its sister property, Wynn Macau, added another $7.7 million. Together the two resorts offset weakness in the United States and kept the overall top line growing.
Gaming volumes and hotel bookings in Macau have rebounded strongly since China eased travel rules. VIP players and mass-market gamblers returned in big numbers during the final months of 2025. That surge gave Wynn a clear edge over rivals who rely more heavily on the U.S. market.
Las Vegas and Boston Feel the Squeeze
On the Las Vegas Strip, operating revenue at Wynn’s flagship properties fell $11.4 million compared to the fourth quarter of 2024. Encore Boston Harbor posted an even smaller drop of $2.5 million, but every dollar counts when margins tighten.
Higher labor costs, softer convention business, and cautious spending by domestic gamblers all played a role. Visitors still filled hotel rooms, yet they wagered less at tables and slots than analysts expected.
Profits Take a Bigger Hit
Adjusted property EBITDAR, a key measure of cash flow that strips out one-time items, dropped to $568.8 million from $619.1 million a year earlier. That 8% decline shows the U.S. slowdown more than erased Macau’s gains at the operating level.
The sharp fall in net income reflects rising interest expenses and a higher tax rate, not just weaker operations. Wynn continues to carry debt from past projects, and higher rates bite harder each quarter.
Here is a quick side-by-side look at the main numbers:
| Metric | Q4 2025 | Q4 2024 | Change |
|---|---|---|---|
| Operating Revenue | $1.87B | $1.84B | +$27.2M |
| Net Income | $100M | $277M | -$177M |
| Adjusted Property EBITDAR | $568.8M | $619.1M | -$50.3M |
| Wynn Palace Revenue Change | +$33.4M | ||
| Wynn Las Vegas Revenue Change | -$11.4M |
What Comes Next
Company leaders told investors they expect Macau to stay strong through Chinese New Year and beyond. New hotel towers and entertainment offerings should lock in those gains.
In Las Vegas, Wynn plans to lean harder on non-gaming revenue. More high-end retail, new restaurants, and expanded convention space aim to draw visitors who spend even when they gamble less.
The contrast between regions highlights a broader trend in the casino industry. Operators with heavy exposure to mainland China visitors enjoy faster recovery and growth. Those tied mainly to the U.S. market face slower traffic and tighter budgets from guests.
For everyday investors and travelers, the numbers send a simple message. If you want the glitz and crowded tables right now, book a flight to Macau. If you prefer the familiar buzz of the Las Vegas Strip, temper your expectations on jackpot stories for a while.
Wynn Resorts proved it can still grow the top line in a split world, yet the profit drop reminds everyone that not every market moves at the same speed. The company that built its name on luxury in the desert now banks more on the other side of the globe.
