Wynn Resorts, Limited reported that Wynn Palace and Wynn Macau recorded contrasting revenue and profitability trends for the fourth quarter ended 31 December 2025. Wynn Palace’s operating revenue rose to $596.4 million, an increase of $33.4 million from $562.9 million in the same quarter of 2024, while Adjusted Property EBITDAR declined to $163.5 million from $184.6 million. Wynn Macau posted a smaller revenue gain, rising to $371.3 million from $363.7 million, with Adjusted Property EBITDAR slightly down to $107.4 million from $108.2 million.
Macau casino revenue trends
The fourth-quarter figures reflected growth in VIP and mass market segments at Wynn Palace, despite lower table games win percentages. Mass market table games recorded a win percentage of 21.8 percent, down from 26.0 percent a year earlier, while VIP table games win as a percentage of turnover stood at 2.84 percent, below both the property’s expected range of 3.1 to 3.4 percent and the 3.51 percent achieved in Q4 2024. Slot machine revenue grew by 34.1 percent to $34.5 million, supported by a 15 percent increase in the number of machines and higher wins per unit per day. Room revenue fell by 25.3 percent to $37.1 million, reflecting lower average daily rates.
At Wynn Macau, VIP turnover decreased by 16.8 percent to $909.6 million, with VIP table games win falling by 42.0 percent to $31.7 million. Mass market table drop grew by 12.3 percent to $1.73 billion, generating table games win of $295.1 million, a rise of 6.6 percent year-on-year. Slot machine handle increased 41.1 percent to $1.11 billion, with wins rising to $31.5 million. Room revenue declined 13.3 percent to $21.3 million, contributing to an overall revenue increase of only 2.1 percent for the property.
Both properties experienced operational disruptions in September 2025 when Macau casino operations closed for one day due to Typhoon Ragasa. Despite this, Wynn Palace achieved near-full occupancy at 99.1 percent, while Wynn Macau recorded 99.5 percent. Revenue per available room (REVPAR) fell 25.4 percent at Wynn Palace and 9.7 percent at Wynn Macau, reflecting lower average daily rates amid broader market pressures.
Liquidity, balance sheet, and operational context
As of 31 December 2025, Wynn Resorts reported cash and cash equivalents of $1.46 billion, excluding $601.8 million in short-term investments held by Wynn Macau, Limited. Of this, $916.1 million was held by Wynn Macau and its subsidiaries, $305.6 million by Wynn Resorts Finance, LLC and subsidiaries, and $241.7 million at corporate and other levels. Available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver stood at $1.23 billion and $1.36 billion, respectively. Total debt outstanding was $10.55 billion, including $5.79 billion of Macau-related debt.
Adjusted Property EBITDAR, a non-GAAP financial measure used by management to compare the companies’ properties, decreased at both Macau properties. For the full year ended 31 December 2025, Wynn Palace generated Adjusted Property EBITDAR of $682.9 million, a decline from the $733.7 million generated in 2024. Adjusted Property EBITDAR for Wynn Macau also decreased from $441.9 million to $402.1 million. The numbers reflect operating income, pre-opening expenses, depreciation and amortisation expense, property charges, management fees, licence fees, corporate expenses, and stock-based compensation expenses.
Operational metrics highlighted a shift in table game utilisation. Wynn Palace’s average number of table games in the VIP segment fell by 8.9 percent to 51, while mass market tables averaged 241, slightly lower than 246 a year earlier. Wynn Macau reduced VIP tables by 41.9 percent to 18, while increasing mass market tables by 10.5 percent to 243. Slot machine count rose considerably on both properties, helping drive handle volume growth while win percentages per machine in Macau were down.
The earnings announcement also provided some context for year-over-year comparisons across the different entities under its portfolio. For example, even though revenue growth has been positive at Wynn Palace, a decline in adjusted EBITDAR came from lower gaming win percentages. Wynn Macau modestly growing revenue, contrasted with a significant decline in the VIP gaming contributions of Wynn Resorts in Macau.
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