Q2 2025 Wynn Resorts Ltd Earnings Call Transcript
Key Points
- Wynn Resorts Ltd (WYNN) achieved a new second quarter record for EBITDA in Las Vegas, growing 2% year-over-year to nearly $235 million.
- The company saw a 14.5% increase in total casino revenues in Las Vegas, indicating strong demand and market share gains.
- Encore Boston Harbor reported a 3% year-on-year increase in EBITDAR, with casino revenues growing over 5%.
- Macau operations delivered solid results with $266 million in VIP normalized EBITDA, despite lower than normal VIP holds.
- Wynn Al Marjan Island project is progressing rapidly, with the tower expected to top out later this year, and is seen as a compelling development opportunity in a potentially $5 billion-plus gaming revenue market.
- Macau experienced lower than normal VIP holds, negatively impacting EBITDA by nearly $13 million.
- The Las Vegas market faced softer midweek occupancy, prompting a focus on midweek rates over occupancy.
- Operational expenses in Macau increased by 4.5% year-on-year, driven by the Gourmet Pavilion and cost of living increases.
- The company faces macroeconomic uncertainties, including tariffs, which have affected development plans in Las Vegas.
- The Encore Tower remodel in Las Vegas, set to begin in spring 2026, is expected to cause minor disruptions during the renovation period.
Welcome to the Wynn Resorts' second quarter 2025 earnings call. (Operator Instructions) This call is being recorded. If you have any objections, you may disconnect at this time.
I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.
Thank you, operator, and good afternoon everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Jenny Holaday, Linda Chen and Frederic Luvisutto.
Please note that we published a presentation to provide more color on the company and recent performance ahead of this call. You can find the presentation on our Investor Relations website. I want to remind you that we may make forward-looking statements under Safe Harbor federal securities laws, and those statements may or may not come true. I will now turn the call over to Craig Billings.
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