Wynn Resorts quarterly revenue drops to $1.7 billion, net income stands at $72.7 million.
It's All Downhill for Wynn Resorts in Q1 2025
Sure, bud, here's the rundown on Wynn Resorts' awful quarter
Wynn Resorts just dropped a bombshell with their Q1 2025 financial report, revealing a snowballing disaster across their major revenue streams. Even though the casino segment remains the heavyweight champion, most business areas took a nosedive compared to the same time last year. But what the hell, they still handed out dividends and bought back shares, just pressin' on for those shareholders, eh?
Vegas Baby, Vegas... Not So Much
The Las Vegas segment was the big earner, raking in $625.3 million. However, even that took a dip of 1.8% compared to last year. Adjusted EBITDAR for Las Vegas totaled $223.4 million, plummeting a whopping 9.3% from the previous year.
Now, let's talk about casino operations—the main earner—bringing in just over $1 billion in revenue, but guess what? It fell by 7.2% year-over-year. Ouch! Hotel rooms, food and beverage, and entertainment, retail, and other income also took a hit—$274.5 million down 16.2%; $249.9 million, a 6.4% decrease; and $135.6 million, plummeting 7.8%, respectively.
CEO Craig Billings weighed in on the situation: "Alright, our Q1 results show regard for strength all throughout the biz. In Vegas, where we recently boogied down to celebrate the resort's 20th birthday, the team did good work against tough-ass comparisons that included the Vegas Super Bowl."
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Wynn Resorts reported a total adjusted property EBITDA of $532.9 million for the quarter, a gut-wrenching 17.6% plunge compared to Q1 2024. Net income plunged to $72.7 million, barely half of what was reported last year. Operating income reached $268.6 million, which took a savage beating of nearly $100 million from Q1 2024.
The Macau Situation
Wynn Palace earned $535.9 million in revenue, slipping 8.7% year-over-year. Adjusted EBITDAR stood at a paltry $161.9 million, free-falling 20%. Meanwhile, Wynn Macau brought in almost $330 million, but that's a steep drop of 19.9% from last year. The property reported $90.2 million in adjusted EBITDAR, tanking 34.3%.
Billings acknowledged the challenges but pointed out, "Yo, even with VIP hold hitting results, we stood our ground in the Macau market, and upped the dividend from Wynn Macau, Limited, reflecting the knees-knockin' good free cash flow the biz is cookin' up. At the same time, we kept returnin' love to shareholders through our regular quarterly dividend and repurchasing $200 million of stock in the quarter."
Encore Boston Harbor Slides Away
The Beantown property also took a sharp tumble in performance. The place earned just over $209.2 million in revenue, falling 3.9% compared to the previous year. Adjusted EBITDAR was $57.5 million, dropping 9%.
Quick Facts
- Wynn Resorts missed analyst expectations in both earnings and revenues.
- Overall revenue sank to $1.70 billion in Q1 2025, down from $1.86 billion in Q1 2024.
- Net income plummeted to $72.7 million, compared to $144.2 million in Q1 2024.
- The company's adjusted property EBITDAR dropped to $532.9 million in Q1 2025, down from $646.5 million in Q1 2024.
So, bud, betting on Wynn Resorts this year might be like playing Russian Roulette—no telling where the bullet's gonna land!
- Despite the drop in performance across various business areas, Wynn Resorts still managed to total dividends and buy back shares in Q1 2025.
- The Las Vegas casino-and-gambling segment generated $625.3 million, but the adjusted EBITDAR dropped by 9.3% compared to the previous year.
- Casino-games revenue, a major earner, fell by 7.2% year-over-year, amounting to just over $1 billion.
- Wynn Resorts reported a total adjusted property EBITDA of $532.9 million for the quarter, a 17.6% decrease compared to Q1 2024.
- The Macau property, Wynn Palace, saw a year-over-year decline in revenue and adjusted EBITDAR, with revenue falling by 8.7% and adjusted EBITDAR decreasing by 20%.
