Wynn Resorts (WYNN) FY2025 10-K Annual Report
Wynn Resorts (WYNN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Wynn Resorts FY2025 10-K Analysis
Business Overview
- • Luxury integrated resort operator across Macau (2 properties, ~72% WML stake), Las Vegas, and Encore Boston Harbor
- • Wynn Al Marjan Island (UAE, 40% equity stake) under construction; 1,500+ rooms, 225,000 sq ft gaming, 20+ restaurants, opening targeted 2027 — first Middle East property
- • Macau gaming market revenues grew to $30.9B in 2025 vs $28.4B in 2024; visitation up 14.7% YoY, reinforcing recovery momentum
- • 28,500 total employees as of Dec 31, 2025 (~12,000 Macau, ~16,500 US); new UAW and Teamsters CBAs signed at Wynn Las Vegas in 2024
- • Las Vegas visitor volume fell 7.5% to 38.5M in 2025 (from 41.7M), with Strip occupancy dropping to 83.2% from 86.4% — notable demand headwind for core US market
Management Discussion & Analysis
- • Revenue $7.14B, up 0.1% YoY ($+$10M); casino revenues +3.5% to $4.41B offset by non-casino revenues -4.8% to $2.73B
- • Net income attributable to Wynn $327M vs $501M (-34.7%); driven by $101M higher income tax expense and $63.8M drop in interest income
- • Best segment: Las Vegas Operations EBITDAR $902M; worst: Encore Boston Harbor $237M, down from $247M (-4.2%)
- • Operating cash flow $1.35B; capex $660M; buybacks $380M; dividends $175M; Wynn Al Marjan Island investment $329M
- • Forward risk: $425-500M remaining UAE equity commitment; Wynn Al Marjan Island opening 2027; rising U.S. tax burden from One Big Beautiful Bill Act reducing FTC utilization
Risk Factors
- • Wynn Las Vegas NPA with DOJ/USAO signed Sept 2024; $130M forfeiture plus mandated compliance program enhancements
- • Total consolidated debt ~$10.63B as of Dec 31, 2025; subsidiary dividend restrictions limit cash flow to parent
- • Macau Operations dependent on PRC/Hong Kong/Taiwan customer base; renminbi export controls and visa restrictions directly threaten visitation
- • Gaming concession rescission risk: Macau government can redeem concession from year 8 with 1-year notice; Wynn Macau SA currently in year 4
- • All operating cash flow from three properties only — Macau Operations, Las Vegas, and Encore Boston Harbor — with no geographic diversification buffer
Wynn Resorts FY2025 Key Financial MetricsXBRL
Revenue
$7.1B
▲ +0.1% YoY
Net Income
$327M
▼ -34.7% YoY
Operating Margin
15.7%
▼ -22bp YoY
Net Margin
4.6%
▼ -244bp YoY
ROE
-118.8%
▲ +10472bp YoY
Total Assets
$13.1B
▲ +1.0% YoY
EPS (Diluted)
$3.14
▼ -27.8% YoY
Operating Cash Flow
$1.4B
▼ -5.2% YoY
Source: XBRL data from Wynn Resorts FY2025 10-K filing on SEC EDGAR. All figures in USD.
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