Wynn Resorts Ltd. on Thursday reported a rare decline in net income for the fourth quarter of 2025, much of it resulting from a downturn in casino play and hotel room revenue in Las Vegas.
The company, which has three resorts in Macao, one in Boston, two in Las Vegas and is building the first-ever casino resort in the United Arab Emirates, reported net income of $100 million, 82 cents a share, on revenue of $1.87 billion. That compares with net income of $277 million, $2.29 a share, on revenue of $1.84 billion in the fourth quarter of 2025.
Table game win was off 14.2 percent for the company in Las Vegas, largely because the $173.8 million quarterly win was compared to 2025 when the company reported an extraordinary 30.9 percent hold rate at the tables. Ordinarily, casinos expect a hold range of between 22 percent and 26 percent on tables.
Despite the downturn, Wynn CEO Craig Billings said he’s optimistic about the year, even though some Encore rooms will be taken offline later in the year for maintenance.
“It’s kind of funny because I feel like we’ve spent the past few years trying to convince people that we weren’t going to decelerate,” Billings said in an earnings conference call with investors.
“And we’ve continued to hold up very, very well,” he said. “If you look at the drivers in 2026, I noted the headwind of the rooms that will be out of service, and certainly I expect that will impact us. Again, we’ll try to pick up some of that in rate. But the group business is doing really, really well, which of course in turn allows us to yield in the other segments.”
In the quarter, the company’s Las Vegas properties had slot machine win up 4.8 percent to $129.5 million, meaning Wynn Las Vegas slot machines each made about $898 a day, up 6.9 percent from 2025’s fourth quarter.
But the occupancy rate at the Wynn Las Vegas properties was at 85.2 percent, down 2.9 percentage points from 2025, even though room rates were up 2.2 percent to $611 a night.
The company missed analysts’ expectations of 3.5 percent revenue growth.
During the quarter, which ended Dec. 31, the company contributed $79.2 million toward its 40 percent-owned Wynn Al Marjan Island project in the UAE, bringing its total investment there to $914.2 million.
The $5.1 billion, 1,542-unit resort development is expected to open in the first quarter of 2027.
Wynn shares, traded on the Nasdaq exchange, closed down $7.66, 6.6 percent, to $107.85 a share on volume twice the daily average.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.
