Wynn Resorts' 2025 Q2: Contradictions in Macau Dynamics, Vegas Trends, and CapEx Impact

Macau market dynamics and competitiveness, Las Vegas customer trends and demand, impact of tariffs on CapEx, Macau market stability, and Las Vegas gaming volume increase are the key contradictions discussed in Wynn Resorts' latest 2025Q2 earnings call.



Las Vegas Performance:
- Wynn Las Vegas reported EBITDAR of $235 million for Q2, up 2% year-over-year, with normalized EBITDAR reaching $246 million.
- The growth was driven by taking gaming market share, strong demand, and a focus on premium positioning.

Macau Market Dynamics:
- Macau operations generated $266 million in VIP normalized EBITDAR with a 4% increase in mass drop year-on-year.
- The results were impacted by lower-than-normal VIP holds but benefited from strong June and July performance, indicating market recovery.

Future Expansion Projects:
- Wynn Al Marjan Island is set to open with the most compelling development opportunity in the industry, targeting a $5-plus billion gaming revenue market.
- The project's progress aligns with the company's vision, and strong market receptivity suggests potential upside to its EBITDAR estimates.

Capital Management:
- Wynn Resorts purchased $158 million of stock in Q2, highlighting a commitment to returning capital to shareholders, while maintaining a strong liquidity position with $3.6 billion in cash and revolver availability.
- The company also increased its dividend in Macau and the U.S., demonstrating financial stability and confidence.