Wynn Resorts’ third quarter results were shaped by strong performance across its key markets, with management highlighting premium gaming and hospitality demand as central drivers. CEO Craig Billings pointed to robust casino share gains in Las Vegas and Macau, while hotel revenues were supported by disciplined pricing strategies. Despite healthy top-line trends, management acknowledged higher costs from ongoing renovations and select one-time expenses. CFO Julie Cameron-Doe noted, “Unfavorable hold negatively impacted EBITDA in the quarter by just under $8 million,” while also emphasizing that operational expenses included “onetime expenses in repairs and maintenance.” The quarter’s mixed outcome reflected solid revenue growth but margin headwinds from investment and operational factors.
Is now the time to buy WYNN? Find out in our full research report (it’s free for active Edge members).
Wynn Resorts (WYNN) Q3 CY2025 Highlights:
- Revenue: $1.83 billion vs analyst estimates of $1.77 billion (8.3% year-on-year growth, 3.4% beat)
- Adjusted EPS: $0.86 vs analyst expectations of $1.15 (25.4% miss)
- Adjusted EBITDA: $476.8 million vs analyst estimates of $540.4 million (26% margin, 11.8% miss)
- Operating Margin: 16.9%, up from 7.9% in the same quarter last year
- Market Capitalization: $12.87 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Wynn Resorts’s Q3 Earnings Call
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Dan Politzer (JPMorgan) asked about the sustainability of Las Vegas’ premium gaming gains and group business pacing. CEO Craig Billings emphasized the focus on rate over occupancy and noted group bookings for 2026 were pacing ahead in both rate and room nights.
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John DeCree (CBRE) pressed on potential backlash to premium pricing in Las Vegas. Billings replied that Wynn’s target customers value experience over cost and that no material pushback on pricing had been observed, even as the broader market discussed affordability concerns.
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Stephen Grambling (Morgan Stanley) inquired about disruption impacts from property renovations and the return on investment. Billings explained that while some projects are maintenance-driven, others are expected to be EBITDA-accretive, particularly upgrades in food and beverage and room renovations.
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Robin Farley (UBS) sought clarification on Wynn’s assumptions for competition in the UAE. Billings reiterated that current projections assumed two competitors entering the market by 2029, but to date no announcements have been made, introducing conservatism into their estimates.
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David Katz (Jefferies) asked about the drivers of Macau’s recent growth and observed a bifurcation in the Chinese consumer. Billings described Macau as “premium-led,” noting high-end customer demand and new pockets of wealth as key factors supporting performance.
Catalysts in Upcoming Quarters
Looking ahead, our analysts will be closely tracking (1) the pace and impact of ongoing renovations in Las Vegas and Macau, especially as room availability fluctuates; (2) the progress and market positioning of Wynn Al Marjan Island as it approaches its opening; and (3) the company’s ability to manage labor cost pressures and maintain service quality in Boston and other U.S. properties. Developments in regulatory frameworks and competitive dynamics in both the U.S. and UAE will also be key markers of future performance.
Wynn Resorts currently trades at $124.66, up from $122.52 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free for active Edge members).
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