Wynn Resorts’ first quarter results for 2025 came in below Wall Street’s expectations, with both revenue and adjusted profit missing analyst estimates. Management attributed the year-over-year decline primarily to challenging comparisons given last year’s Super Bowl boost in Las Vegas and lower VIP hold in Macau. CEO Craig Billings highlighted, “We were pleased to deliver another solid quarter of EBITDA here in Las Vegas on an impossible comp against the 2024 Super Bowl,” while also noting stable demand in core segments. The company managed to maintain healthy visitation and slot business, but operating margins compressed due to ongoing labor cost pressures and lower-than-normal VIP win rates.
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Wynn Resorts (WYNN) Q1 CY2025 Highlights:
- Revenue: $1.7 billion vs analyst estimates of $1.73 billion (8.7% year-on-year decline, 1.8% miss)
- Adjusted EPS: $1.07 vs analyst expectations of $1.24 (14% miss)
- Adjusted EBITDA: $441.5 million vs analyst estimates of $574.4 million (26% margin, 23.1% miss)
- Operating Margin: 15.8%, down from 19.5% in the same quarter last year
- Market Capitalization: $9.59 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 Wynn Resorts’s Q1 Earnings Call
- Carlo Santarelli (Deutsche Bank) asked about changes in Las Vegas promotional activity and how it relates to Super Bowl comps. CEO Craig Billings clarified that promotional reinvestment is closely tied to average daily rates and the Super Bowl effect, confirming no structural change in strategy.
- Sean Kelley (Bank of America) inquired about the mix of international inbound travelers and potential rate volatility for Las Vegas. Billings noted international visitation can be easily backfilled and current booking and pricing trends remain stable, though short booking windows require careful monitoring.
- David Katz (Jefferies) questioned the competitive dynamics in Macau and the nature of the heightened competition. Billings explained that while promotional intensity has stabilized, competition remains strong across service, amenities, and offer development, with no significant negative trajectory compared to prior periods.
- Robin Farley (UBS) sought clarity on the scale and nature of delayed CapEx projects and any implications for future developments like New York. Billings and CFO Julie Cameron-Doe explained delays are concentrated in the Encore Tower remodel, driven by tariff uncertainty, and do not provide direct read-through to greenfield projects.
- Ben Chaiken (Mizuho) asked about expected customer segments for Wynn Al Marjan Island and the relative importance of inbound, local, and destination luxury customers. Billings stressed each segment is strategically vital and programming is tailored to attract all three groups.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will closely track (1) the timing and resumption of delayed CapEx projects in the U.S. as tariff clarity emerges, (2) stabilization or improvement in competitive positioning and margin performance in Macau, and (3) construction milestones and capital deployment for Wynn Al Marjan Island. Progress on regulatory developments in New York and Thailand, as well as continued cost management, will also be important markers.
Wynn Resorts currently trades at $92.97, up from $83.54 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).
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