Wynn Resorts Ltd. reported on Thursday a rare decline in net income for the fourth quarter of 2025, much of it as a result of a decline in casino gaming and hotel room revenue in Las Vegas.
The company, which has three resorts in Macau, one in Boston, two in Las Vegas and is building the first ever casino resort in the United Arab Emirates, reported a net profit of $100 million, 82 cents a share, on revenue of $1.87 billion. That compares to net income of $277 million, $2.29 per share, on revenue of $1.84 billion in the fourth quarter of 2025.
Table game profit was 14.2 percent for the Las Vegas company, largely because quarterly profit of $173.8 million was compared to 2025 when the company reported an extraordinary 30.9 percent hold rate at the tables. Typically, casinos expect a hold range of between 22 percent and 26 percent on tables.
Despite the downturn, Wynn CEO Craig Billings said he is optimistic about the year ahead, 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 last few years trying to convince people that we’re not going to slow down,” Billings said on 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 business, and I certainly expect that to affect us. Again, we’ll try to pick up some of that in pace. But the group business is doing really, really well, which of course in turn allows us to deliver returns in the other segments.”
During the quarter, the company’s Las Vegas properties saw slot profits rise 4.8 percent to $129.5 million, meaning Wynn Las Vegas slots earned about $898 per day, up 6.9 percent from 2025’s fourth quarter.
But the occupancy rate at Wynn Las Vegas properties was 85.2 percent, down 2.9 percentage points from 2025, even as room rates rose 2.2 percent to $611 a night.
The company missed analysts’ expectations of 3.5 percent revenue growth.
In the quarter ended Dec. 31, the company contributed $79.2 million to its 40 percent-owned Wynn Al Marjan Island project in the United Arab Emirates, 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.
Nasdaq-listed Wynn stock closed down $7.66, or 6.6 percent, at $107.85 a share on volume twice its daily average.
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