Wynn Resorts has outperformed its Las Vegas peers in the summer quarter, while its Macau properties posted solid volume gains despite pressure from lower-than-normal gaming hold rates, according to CBRE and Jefferies analysts.
CBRE said Wynn ‘beat the summer doldrums in Las Vegas, bucking the trend and posting modest EBITDAR growth of 1.9 percent y/y to $234.8 million.’ Adjusting for hold, the brokerage estimated Las Vegas EBITDAR would have risen nearly 7 percent year-on-year, in contrast to high single-digit declines reported by Caesars Entertainment and MGM Resorts.
‘The company continues to benefit from its premium position catering to the more resilient high-end/luxury consumer segments,’ CBRE wrote. While Wynn saw ‘some midweek softness’ in July, weekends remained solid and booking pace improved through the month. CBRE also noted a ‘strong group and meeting calendar in 4Q25 and into 2026’ that should support momentum in the market.
In Macau, Wynn generated adjusted EBITDAR of $254 million, or $266 million on a hold-normalized basis, slightly below consensus forecasts.
CBRE attributed the shortfall to ‘lower than usual mass market hold, which came in at its lowest level in eight quarters at Wynn Macau and in nine quarters at Wynn Palace.’ Even so, mass volumes rose 3.6 percent year-on-year and VIP volumes surged 27.1 percent.
Meanwhile, Jefferies pointed out 2Q25 gross gaming revenue at Wynn Macau grew 2 percent to $903 million, with ‘a steady April and strong June, offset by a subdued May with lower mass hold.’ Sales were flat year-on-year at $883 million, while adjusted EBITDA fell 10 percent to $254 million, with a 28.7 percent margin.
The brokerage said volumes ‘accelerated further in July, a standout month despite the weather disruption,’ adding that for June and July combined, the company generated ‘normalized EBITDA of USD3.3 million/day, thanks to the high hold for the period.’
To strengthen its premium positioning, Wynn Macau plans two key projects: ‘an expansion of the exclusive Chairman’s Club gaming area at Wynn Palace; and a refresh of Wynn Tower’s hotel rooms at Wynn Macau,’ Jefferies noted.
These works, alongside other developments, are expected to bring 2025 capital expenditure to $200–250 million. The operator also intends to build a large-scale event and entertainment venue on the north parcel of land at Wynn Palace, targeted for early 2028, pending government approval.
CBRE also highlighted progress at Wynn Al Marjan Island in Ras Al Khaimah, with the tower on track to top out this year.
‘Management also finalized some major F&B partnerships and agreed to key terms with some high-profile retail tenants,’ it said, adding that the surrounding market continues to see ‘record visitation’ and growing luxury hospitality investment.
