Wynn Macau raises dividend despite profit falling 49% in 2025

Wynn Macau has announced a higher final dividend for the year ended December 31st, 2025, even as its net profit fell sharply amid rising operating costs.

The board has recommended a final dividend of HK$0.223 ($0.0285) per share, up from HK$0.185 ($0.0236) per share in 2024, subject to shareholder approval at the upcoming annual general meeting.

The latest recommendation follows an interim dividend of HK$0.185 ($0.0236) per share declared earlier in the year, underscoring the company’s continued commitment to shareholder returns despite weaker earnings performance.

According to its annual report released on Friday, Wynn Macau reported total operating revenue of HK$28.99 billion ($3.7 billion), a year-on-year increase of 0.9 percent. However, profit attributable to owners declined by 49 percent to HK$1.63 billion ($208 million), compared with HK$3.2 billion ($409 million) in the prior year.

The drop in profitability was largely driven by higher operating expenses. Gaming taxes and premiums rose by 4.7 percent to HK$12.79 billion ($1.63 billion), in line with increased casino revenues, while staff costs climbed 4.6 percent due to salary adjustments and workforce expansion. Other operating expenses also increased by 5.7 percent, reflecting higher spending on advertising, supplies, and services.

Casino revenues, which remain the company’s core earnings driver, grew to HK$24.42 billion ($3.12 billion), supported by improved volumes at Wynn Palace. Mass market table games and slot machine performance recorded gains, while VIP performance showed mixed results across its properties.

In contrast, non-gaming revenue declined by 10.8 percent to HK$4.57 billion ($584 million). Room revenue dropped due to lower average daily rates, while food and beverage income also edged lower amid softer customer spending.

Adjusted EBITDA fell to HK$7.48 billion ($955 million) from HK$8.21 billion ($1.05 billion) a year earlier, reflecting margin pressure from rising costs despite relatively stable top-line growth.

Wynn Macau operates two integrated resorts in the city – Wynn Palace in Cotai and Wynn Macau on the peninsula – and continues to invest in enhancing its non-gaming offerings and customer experience as competition intensifies in the region.