Good Morning. The Wynn-ing strategy. Wynn Resorts’ VIP-centric focus in Macau is paying off, with strong increases in high-worth play helping boost results. But low win rates across both VIP and mass cut into its expected gains for the fourth quarter. The opening of its revamped Chairman’s Club is expected to offset this in 1Q26, with strong demand for the Chinese New Year. Meanwhile, its portfolio diversification is expected to drive further growth, as Wynn Al Marjan Island could see rooms go on sale as early as 3Q26. Meanwhile, Melco saw its 4Q25 results boosted by Macau play, with net income significantly up to $185 million amongst improved margins across its properties. Also, casino moguls again ranked on the Forbes rich list for Hong Kong, with Galaxy’s Francis Lui taking 9th place.
What you need to know
- Wynn Resorts’s Macau operations performed below expectations in 4Q25, with profit and EBITDAR falling on decreases in win rate.
- Wynn opens revamped Chairman’s Club at Wynn Palace, tapping VIP customers for Chinese New Year.
- Wynn Al Marjan key in portfolio diversification, rooms are expected to go on sale by late 3Q26, high-value players keen for opening.
- Macau gaming recovery powers Melco’s 2025 profit to $185M, supported by improved EBITDA and late-year momentum.
- Forbes’ 2026 Hong Kong rich list sees Francis Lui rank 9th amid rising fortunes of casino and hospitality leaders.
On the radar
- Crane NXT posts solid 2025 results, increases dividends.
- Hong Kong Jockey Club CEO warns of rampant illegal betting: report.
- Cambodia drafts new law to combat telecom and online scams.
- Macau forecasts up to 6.2M cross-border trips over 9-day CNY break.
- BetMakers confirms informal takeover talks with Tabcorp.
- Curacao Gaming Authority warns public of unlicensed TrumpBet website.
AGB Intelligence
RESULTS
Wynn’s Macau results below expectations on low win rates
Wynn highlighted the breadth of its portfolio in its 4Q25 results release, showcasing how its diversification helps offset any low points from one particular market. Such a low point was seen in Macau, as win rates came in below expectations, despite strong VIP play in the SAR. This VIP boost should continue, as it opens its revamped Chairman’s Club just in time for the Chinese New Year. Looking to the UAE, Wynn Al Marjan Island is already seeing significant interest from high-value players, with rooms potentially going on sale by late 3Q26.
Industry Updates
- Aristocrat Gaming’s Lightning 10 Year Storm debuts at WinStar Casino.
- Melco takes first place for the 2026 Forbes Travel Guide Five‑Star Awards.
- Sands China secures 2nd consecutive “Top Employer” certification.
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