Short answer
Wynn Resorts (WYNN) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $7.1B (+0.1% year over year) and net income of $327M.
- Top risk flagged: Wynn Las Vegas NPA with DOJ/USAO signed Sept 2024; $130M forfeiture plus mandated compliance program enhancements
FY2025 key financial metrics · XBRL
- Revenue
- $7.1B
- +0.1% YoY
- Net income
- $327M
- −34.7% YoY
- Operating margin
- 15.7%
- −0.2 pp YoY
- EPS (diluted)
- $3.14
- −27.8% YoY
- ROE
- -118.8%
- +104.7 pp YoY
- Operating cash flow
- $1.4B
- −5.2% YoY
Source: XBRL data from the Wynn Resorts (WYNN) FY2025 10-K on SEC EDGAR. USD.
Wynn Resorts FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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