Wynn Macau’s fourth-quarter 2025 results were broadly in line with expectations, with Jefferies analysts highlighting strong VIP growth but cautioning on margin pressure from weaker win rates and higher costs.
The brokerage highlighted that Wynn’s sales rose 4 percent year-on-year to $968 million, while adjusted EBITDA fell 7 percent to $271 million, with a margin of 28 percent.
Jefferies’ analysts considered that the results were in line with expectations, with ‘VIP turnover up 48 percent YoY’, but a lower-than-normal win rate negatively impacted EBITDA by $16 million.
The brokerage also pointed to weaker mass hold, down 250 basis points year-on-year, and elevated operating expenses. ‘Opex/day excluding gaming tax was (about) $2.85 million, with the increase driven by Gourmet Pavilion costs and stronger sales volumes’, analysts Anne Ling and Jingjue Pei added.
Looking ahead, Jefferies cited management’s optimism for 2026, underpinned by refreshed Wynn Tower rooms and the expansion of the Chairman’s Club at Wynn Palace, which opens today and triples in size to about 100,000 square feet.
‘January volumes were above Q4, reinforcing confidence in the outlook’, the analysts wrote, while noting planned capex of $400–450 million for concession-related projects pending government approval.
On competition, Jefferies relayed management’s view of a ‘head-to-head daily contest’ in Macau, but stressed reinvestment levels were being adjusted without a significant jump.
