Casino concessionaire Wynn Macau Ltd reported aggregate operating revenues of US$967.7 million for the fourth quarter of 2025, a 4.4-percent increase from a year ago.
Adjusted property earnings before interest, taxation, depreciation, amortisation, and rents (EBITDAR) for the three months to December 31 stood at US$270.9 million, down 7.5 percent year-on-year.
Wynn Macau Ltd operates the resorts Wynn Macau (pictured), on the Macau peninsula, and Wynn Palace in the city’s Cotai district. The company is controlled by the U.S.-based casino firm Wynn Resorts Ltd, which announced its quarterly results on Thursday in the United States.
On a property basis, Wynn Macau recorded operating revenue of US$371.3 million in the final quarter of 2025, up from US$363.7 million a year ago. The property’s adjusted EBITDAR stood at US$107.4 million, compared to US$108.2 million for the fourth quarter of 2024.
The Wynn Macau complex recorded operating casino revenue of US$311.6 million for the three months ended December 31, a 1.7-percent increase from a year ago.
Wynn Palace saw fourth-quarter operating revenue increase by 5.9 percent year-on-year to US$596.4 million. Adjusted EBITDAR for the property stood at US$163.5 million, down 11.4 percent from a year ago. The complex recorded operating casino revenue of nearly US$501.5 million for the quarter, up 9.3 percent from the prior-year period.
“Our fourth-quarter results reflect continued strength throughout the business and ongoing progress in our global development initiatives,” said Wynn Resorts’ chief executive, Craig Billings, in prepared remarks accompanying the group’s results.
“In Macau, we saw substantial increases in both VIP turnover and mass table drop, year-on-year as well as sequentially,” he added.
For full-year 2025, Wynn Macau Ltd’s operating income fell 15.7 percent from the previous year to just over US$566.5 million. That was on adjusted EBITDAR of nearly US$1.09 billion, down 7.7 percent year-on-year.
Parent company Wynn Resorts reported group-wide net income of US$100.0 million for the three months to December 31, on operating revenue that rose 1.5 percent year-on-year, to just under US$1.87 billion.
The parent declared a dividend of US$0.25 per share, payable on March 4.
For full-year 2025, Wynn Resorts’ net income fell 34.7 percent year-on-year to US$327.3 million, on revenue of US$7.14 billion, flat from the prior year.
In a separate presentation deck, the casino group said capital expenditure in Macau in 2026 would be in the range of US$400 million to US$450 million, subject to government approvals for the relevant projects. For 2027, capital expenditure was estimated at between US$425 million and US$475 million.
The figures cover several investments at the two Macau properties, including an event and entertainment centre and a theatre and resident show at Wynn Palace.
