Wynn Resorts posted a slight increase in operating revenue in the fourth quarter of last year, topping $1.86 billion (up by 1.47 percent yearly), however profit fell from $227 million in 4Q24 to just $100 million despite “substantial increases in both VIP turnover and mass table drop” in Macau.
Strong VIP results out of Wynn Palace
According to results released on Thursday, operating revenues at the group’s flagship Cotai property Wynn Palace were up by $33.4 million year-on-year to $596.4 million, however adjusted property EBITDAR fell from $184.6 million in 4Q24 to $163.5 million in the last quarter of 2025. The group noted that its mass market table games win percentage was just 21.8 percent, below the 26 percent seen in 4Q24. VIP table games win percentage was also down from the 3.51 percent seen in 4Q24, to 2.84 percent – below the property’s expected range of 3.1-3.4 percent.
The property’s casino revenues still rose by 9.3 percent yearly, to $501.47 million. VIP turnover was up by an impressive 70.9 percent to $5.23 billion, with table games win up by 38.2 percent to $148.49 million.
Mass market table drop at Wynn Palace rose by 22.7 percent yearly to nearly $2.06 billion, but table games win only rose by 3 percent, to $448.61 million.
The slot machine handle was up 25.5 percent to $883.99 million, while slot machine win rose34.1 percent to $34.46 million.
Operating income for Wynn Palace dropped from $107.66 million in the final quarter of 2024 to $72.42 million in 4Q25.
The property saw 99.1 percent hotel room occupancy during the quarter, up slightly from 98.4 percent in 4Q24.
Wynn Macau sees VIP downturn
At the group’s Macau peninsula property operating revenues increased by 2.1 percent yearly in 4Q25 to $371.33 million, while adjusted property EBITDAR dipped by 0.7 percent to nearly $107.42 million.
Casino revenue was up by just 1.7 percent to $311.58 million, despite a significant downturn in VIP play.
VIP turnover at Wynn Macau fell by 16.8 percent yearly to $909.57 million, while VIP table games win was down by 42 percent to $31.74 million. VIP win percentage was down from 5.01 percent in 4Q24 to 3.49 percent in 4Q25.
The mass market fared slightly better, with table drop up by 12.3 percent to $1.73 billion and table games win rising by 6.6 percent to $295.11 million. The table games win rate fell slightly from 17.9 percent in the same quarter of 2024 to 17 percent.
The slot machine handle was up by a surprising 41.1 percent, to nearly $1.11 billion, with win up by 19.2 percent to almost $31.51 million.
Operating income at Wynn Macau was $267.26 million, down from $296.39 million in 4Q24.
The property saw hotel occupancy hit 99.5 percent in 4Q25, up by just 0.1 percentage point yearly.
