What is the market's earnings forecast for Wynn Resorts next quarter?

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What were the key takeaways from Wynn Resorts's earnings call?

What guidance did Wynn Resorts's management provide for the next earnings period?

Did Wynn Resorts beat or miss consensus estimates last quarter?

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What is the revenue and EPS growth rate for Wynn Resorts year over year?

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- **Global Diversification Acceleration**: 55%+ revenue from non-US markets by 2026, with Wynn Al Marjan on track for late 2026 opening.
- **Strong Q4 2025 EBITDA Growth**: $760M (+12% YoY), driven by Macau VIP volume growth (+48% YoY) and disciplined rate management in Vegas.
- **Macau Margin Volatility**: Q4 2025 EBITDA impacted by $16M VIP hold shortfall, but 2026 outlook stable with Chairman's Club expansion.
- **Capital Allocation Focus**: $400-450M 2026 CapEx for Macau refreshes, Wynn Al Marjan equity contributions, and AI-driven customer experience upgrades.

**【CEO Opening Remarks】**
- Wynn Resorts is on track to generate over 55% of revenue from non-US dollar-denominated markets by 2026, driven by global diversification and the upcoming Wynn Al Marjan opening.
- Q4 2025 performance highlights:
  - Wynn Las Vegas: EBITDA $241M, RevPAR slightly below prior year due to intentional rate focus.
  - Boston: EBITDA $57M, strong slot handle growth despite low table hold.
  - Macau: EBITDA $271M, VIP turnover +48% YoY, mass drop +18% YoY, offset by low hold.
- 2026 challenges include 80,000 room night loss from Encore Tower remodel, partially offset by rate increases.
- Wynn Al Marjan construction milestone: 70th floor topped out, 80% exterior glass completion.

**【CFO Financial Commentary】**
- Q4 2025 consolidated EBITDA: $760M, up 12% YoY.
- Key metrics:
  - Wynn Las Vegas: Revenue $688M, EBITDA margin 35%.
  - Boston: Revenue $210M, EBITDA margin 27.1%.
  - Macau: Revenue $968M, EBITDA margin 28%.
- OpEx trends:
  - Las Vegas: $4.6M/day (up 4.1% YoY due to labor, repair costs).
  - Macau: $2.85M/day (up 6.5% YoY due to Gourmet Pavilion costs).
- Balance sheet: $4.7B liquidity, net leverage 4.4x.
- Dividend: $0.25/share quarterly, total $100M/year.

**【Q&A Highlights】**
- **Vegas Growth**: CEO confident in 2026 despite remodel headwind, citing strong group pace and ability to balance occupancy/rate.
- **Macau Margin Concerns**: Q4 2025 EBITDA impacted by $16M VIP hold shortfall, mass hold 250bps below prior year. CFO expects normalization in 2026.
- **UAE Project Progress**: Chairman's Club expansion at Wynn Palace opens Chinese New Year 2026, tripling size to 100,000 sqft.
- **AI & Technology**: Investing in customer personalization, reinvestment modeling, and SEO/Generative AI optimization for discoverability.
- **World Cup Impact**: Boston expects ADR uplift from international visitors, Vegas leveraging proximity to World Cup events.

Wynn Resorts, Limited (WYNN) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Las Vegas casino up 11%, Macau GGR +15% YoY, UAE project on track for $5B+ GGR market. 
- **Profitability**: EBITDAR margins 32.8% (LV), 30.8% (Macau), 27.6% (Boston). Free cash flow supports $0.25/share dividend. 
- **Strategic Moves**: UAE expansion with Aman partnership, Macau renovations, and disciplined group pricing strategy. 
- **Future Outlook**: 2026 group growth, UAE free cash flow inflection, and Macau premium segment dominance.

**【CEO Summary Section】**
- **Las Vegas Performance**: Q3 revenue growth driven by 11% increase in casino revenue and flat hotel revenue. Notable market share gains in gaming, with EBITDA up 3% on a hold-adjusted basis. Q4 off to strong start with drop and handle up YoY, and group business pacing ahead in 2026. 
- **Macau Strength**: EBITDAR of $308M, benefiting from $23M VIP hold. Mass volumes up 15% YoY despite weather disruption. Ongoing renovations at Wynn Palace and Macau Tower to enhance premium offerings. 
- **UAE Expansion**: Wynn Al Marjan Island on track for 2026 opening. First development on adjacent land bank, Janu Al Marjan by Aman Group, with minimal equity required ($25M-$50M). UAE GGR market projected at $5B+ by analysts. 
- **Boston Harbor Stability**: Slot revenues up 5% YoY, EBITDAR of $58M. Tight cost control despite labor pressures. 

**【CFO Financial Commentary】**
- **Q3 Financials**: Total revenue $3.1B, EBITDAR $1.1B. Las Vegas EBITDAR margin 32.8%, Macau 30.8%, Boston 27.6%. Free cash flow generation supported recurring dividend ($0.25/share) and $125M Macau dividend. 
- **Liquidity**: Global cash and revolver availability $4.6B. Net leverage 4.3x, healthy for sustained capital returns. 
- **CapEx Update**: $164M spent in Q3, including renovations and UAE construction. Total UAE equity contribution to date $835M, with $525M-$625M remaining. 

**【Q&A Key Highlights】**
- **Las Vegas Group Momentum**: 2026 group business pacing ahead on rate and room nights. Q4 trends strong with F1 weekend rates up YoY. 
- **UAE Competition**: No announced competitors, creating upside to base case EBITDAR projections. 
- **Macau Dynamics**: Premium segment leading growth, with 15% YoY mass drop. Management focused on profitable reinvestment vs. margin targeting. 
- **Capital Allocation**: Flexible approach to buybacks, with potential free cash flow inflection in 2027 from UAE operations. 
- **Social Media Pricing Backlash**: No material impact on visitation; focus on perceived value over price sensitivity.

Wynn Resorts, Limited (WYNN) Q3 2025 Earnings Call Transcript

- **Las Vegas Dominance**: Q2 EBITDAR up 2% YoY to $234.8M, casino rev +14.5% YoY. July momentum continues with drop/handle growth.
- **Macau Resilience**: $253.7M EBITDAR despite $13M hold impact. Mass drop +3.6% YoY, July volumes accelerate.
- **Wynn Al Marjan Catalyst**: UAE gaming market projected at $5B+ with no near-term competition. $158M share buybacks highlight capital return focus.
- **Financial Strength**: $3.6B liquidity, 4.4x net leverage. Q2 OpEx growth minimal (1-4.5% YoY) across markets.
- **UAE Upside**: Base case assumes multiple competitors, but analyst $8B GGR projections suggest significant upside potential.


**【CEO Opening Remarks】**
- **Record Performance in Las Vegas**: Q2 EBITDAR reached $234.8M, up 2% YoY. Casino revenues grew 14.5% YoY, driven by gaming market share gains. July saw continued momentum with drop and handle up vs. 2024, and strong retail sales.
- **Macau Resilience**: Despite $13M impact from lower VIP holds, Q2 EBITDAR was $253.7M. Mass drop up 3.6% YoY, and July volumes accelerated. Capital projects (Chairman's Club expansion, Wynn Tower refresh) expected to enhance premium positioning.
- **Wynn Al Marjan Progress**: 61st floor poured, on track for 2027 opening. Secured key F&B and retail partnerships. UAE market projected to generate $5B+ gaming revenue, with Wynn as sole integrated resort.
- **Share Buybacks**: $158M repurchased in Q2 at $79/share, with recurring dividends.

**【CFO Financial Commentary】**
- **Las Vegas Financials**: EBITDAR margin 36.8%, OpEx up 1% YoY due to wage inflation. Encore Tower remodel ($330M) to begin Q2 2026.
- **Boston Performance**: EBITDAR $63.9M, casino rev up 5.2% YoY. OpEx per day flat despite labor pressures.
- **Macau Liquidity**: Global cash + revolver availability $3.6B. Macau credit facility expanded by $1B post-quarter.
- **Free Cash Flow**: $1.8B LTM EBITDAR, net leverage 4.4x. $165M Q2 CapEx (Fairway Villas, Macau concessions).

**【Q&A Highlights】**
- **Vegas Outperformance**: Attributed to premium positioning, operational efficiency, and gaming share gains. Q3/Q4 booking pace strong, with F1 2025 rates maintained vs. competitors.
- **Macau Inflection**: July EBITDAR run rate $3.3M/day (normalized). Entertainment-driven visitation and volume growth expected to continue.
- **UAE Upside**: Base case EBITDAR $265-460M assumes multiple competitors. Analysts project $8B+ GGR, with Wynn as sole operator for years. Preopening campaigns and partnerships (Mayfair, nightlife) underway.
- **Expense Management**: OpEx controlled across markets (Vegas OpEx +1%, Macau +4.5% YoY). Flexible staffing and cost efficiencies maintain margins.


Wynn Resorts, Limited (WYNN) Q2 2025 Earnings Call Transcript

- **Revenue Resilience**: Las Vegas casino rev +4%, Macau VIP turnover +31%. 
- **CapEx Delay**: $375M paused due to tariffs, UAE dev on track. 
- **Share Buybacks**: $300M+ returned to shareholders Q1-Q2. 
- **Macau Strategy**: New amenities drive +2,400 daily covers, EBITDA margin 29.1%. 
- **Future Growth**: Wynn Al Marjan targeting $5B+ GGR, 2026 group bookings strong. 


**【CEO Opening Remarks】**
- Celebrated 20th anniversary of Wynn Las Vegas, emphasizing team dedication and resilience. 
- Tariffs impact: $375M CapEx delay (Encore Tower remodel), OpEx impact negligible. 
- Market performance: Q1 2025 Las Vegas EBITDA down $11M vs 2024 Super Bowl comp, +4% casino rev. Macau EBITDA $252M (-$38M due to VIP hold). 
- Development: Wynn Al Marjan on track, UAE's only integrated resort targeting $5B+ GGR market. 
- Share buybacks: $200M Q1, $100M+ Q2, reflecting undervalued stock. 

**【CFO Financial Details】**
- Wynn Las Vegas: Q1 EBITDA $223.4M (35.7% margin), +5.4% rev vs prior year (ex-Super Bowl). 
- Boston: EBITDA $57.5M (27.5% margin), +3% slot vol. 
- Macau: EBITDA $252.1M (29.1% margin), +31% VIP turnover. 
- Liquidity: $3.2B global cash, 4.3x net leverage. 
- Dividends: Wynn Macau final dividend up to $125M, Wynn Resorts $0.25/share. 

**【Q&A Key Takeaways】**
- **Tariffs & CapEx**: Resuming projects post-tariff clarity; UAE dev unaffected. 
- **Macau Competition**: Focused on service, amenities (e.g., Gourmet Pavilion +2,400 daily covers). 
- **New York & Japan**: Exploring opportunities, prioritizing stable setups. 
- **Group Bookings**: 2026 pace strong (NADA, CONEXPO), no softening seen. 
- **Inflation**: Managing labor costs, no material impact on margins. 


Wynn Resorts, Limited (WYNN)-6 May 25-2025 Q1 Earnings call transcript

- **Record EBITDA Growth**: Las Vegas and Macau delivered new highs, with slot handle up 13% YoY and strong cost control.
- **UAE Project Momentum**: Wynn Al Marjan construction on track for 2027 opening, with $2.4 billion financing secured.
- **Share Buybacks**: $350 million repurchased in Q4 and Q1, driven by undervaluation and strong free cash flow.
- **Global Expansion**: London acquisition bolsters access to high-net-worth customers in key gateway cities.


**【CEO Opening Remarks】**
- **Record Performance**: 2024 marked another year of record adjusted property EBITDAR, including a new high in Las Vegas. Key metrics such as table games drop and slot handle showed strong growth, with slot handle up 13% YoY.
- **Strategic Investments**: The UAE project, Wynn Al Marjan, is progressing rapidly, with construction reaching the 35th floor. The company also acquired Aspinalls in London to strengthen its presence in key global markets.
- **Share Repurchases**: $200 million in Q4 and $150 million in Q1 2025 were repurchased, driven by undervaluation and strong free cash flow. Management emphasized long-term value creation over short-term market reactions.

**【CFO Financial Details】**
- **Las Vegas**: Adjusted EBITDA of $267.4 million, margin 38.2%. Slot handle growth offset flat table games drop, with strong cost control despite union-related expenses.
- **Boston**: EBITDA of $58.8 million, margin 27.7%. Slot revenue set a new record, mitigating payroll increases.
- **Macau**: EBITDA of $292.8 million, margin 31.6%. Digital table rollout and OpEx discipline maintained margin stability despite market competition.
- **Balance Sheet**: Global liquidity of $3.5 billion, with net leverage ratio at 4x. Wynn Al Marjan financing secured at $2.4 billion, the largest hospitality financing in UAE history.

**【Q&A Highlights】**
- **Las Vegas Slot Growth**: Broad-based strength across the quarter, not tied to specific events, reflecting strong demand for Wynn's offerings.
- **Macau Market Dynamics**: Focused on EBITDA and margin, with premium mass outperforming base mass during Chinese New Year.
- **Wynn Al Marjan Strategy**: Emphasized first-mover advantage in UAE, with no foreseeable competition. The London acquisition positions the brand for global luxury travelers.
- **Capital Allocation**: Prioritizes free cash flow generation while maintaining flexibility for future developments. Share buybacks continue as long-term value is underappreciated.


Actual														-3.54	-6.14	-7.04	-2.45	-2.41	-1.12	-1.24	-1.37	-1.21	-0.82	-1.2	-1.23	0.29	0.91	0.99	1.91	1.59	1.12	0.9	2.42	1.07	1.09	0.86	1.17
Forecast														-1.2038	-4.9412	-3.4554	-2.4022	-2.0247	-1.5548	-1.3124	-1.2321	-1.1658	-1.113	-1.1437	-1.1676	0.0413	0.6399	0.7381	1.1528	1.2947	1.1389	1.0376	1.3358	1.2783	1.1971	1.153	1.4734
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-194.07%	-24.26%	-103.74%	-1.99%	-19.03%	+27.97%	+5.52%	-11.19%	-3.79%	+26.33%	-4.92%	-5.34%	+602.18%	+42.21%	+34.13%	+65.68%	+22.81%	-1.66%	-13.26%	+81.16%	-16.30%	-8.95%	-25.41%	-20.59%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	953.72M	85.70M	370.45M	686.00M	725.78M	990.11M	994.64M	1.05B	953.33M	908.83M	889.72M	1.00B	1.42B	1.60B	1.67B	1.84B	1.86B	1.73B	1.69B	1.84B	1.70B	1.74B	1.83B	1.87B
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	1.02B	215.47M	434.49M	678.39M	758.02M	915.68M	978.32M	994.08M	986.35M	980.85M	871.21M	954.52M	1.40B	1.54B	1.58B	1.74B	1.80B	1.74B	1.73B	1.77B	1.74B	1.75B	1.77B	1.85B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-6.48%	-60.23%	-14.74%	+1.12%	-4.25%	+8.13%	+1.67%	+5.94%	-3.35%	-7.34%	+2.12%	+5.28%	+1.76%	+3.77%	+5.56%	+5.86%	+3.56%	-0.63%	-1.99%	+3.63%	-2.05%	-0.62%	+3.32%	+0.73%

WYNN

WYNN fundamentals

WYNN Q4 2025 Earnings

Earnings Call

You can ask Aime

WYNN

WYNN fundamentals

WYNN Q4 2025 Earnings

Earnings Call

WYNN Earnings Call Summary for Q4/20254:30 PM on Feb 12, 2026

WYNN Earnings Call Summary for Q3/20254:30 PM on Nov 6, 2025

WYNN Earnings Call Summary for Q2/20254:30 PM on Aug 7, 2025

WYNN Earnings Call Summary for Q1/20254:30 PM on May 6, 2025

WYNN Earnings Call Summary for Q4/20244:30 PM on Feb 13, 2025

You can ask Aime