🔹 Revenue: $1.70B (Est: $1.75B) 🔴
🔹 Adj EPS: $1.07 (Est: $1.31) 🔴
🔹 Adj Net Income: $113.1M (Est: $137.2M) 🔴
🔹 Adjusted Property EBITDAR: $532.9M (Est: $561.8M) 🔴
Segment Breakdown
Macau; Wynn Palace:
🔹 Revenue: $535.9M (vs. $586.9M YoY)
🔹 EBITDAR: $161.9M (vs. $202.4M YoY)
🔹 VIP win rate: 2.61% (vs. 3.30% YoY)
🔹 Mass win rate: 24.8% (vs. 24.5% YoY)
Wynn Macau:
🔹 Revenue: $330.0M (vs. $411.7M YoY)
🔹 EBITDAR: $90.2M (vs. $137.2M YoY)
🔹 VIP win rate: 1.09% (vs. 3.39% YoY)
🔹 Mass win rate: 18.7% (vs. 19.4% YoY)
U.S. Properties
🔹 Las Vegas Operations:
🔹 Revenue: $625.3M (vs. $636.5M YoY)
🔹 EBITDAR: $223.4M (vs. $246.3M YoY)
🔹 Table win %: 24.3% (within expected 22–26%)
Encore Boston Harbor:
🔹 Revenue: $209.2M (vs. $217.8M YoY)
🔹 EBITDAR: $57.5M (vs. $63.1M YoY)
🔹 Table win %: 20.5% (within expected 18–22%)
Strategic & Financial Updates
🔸 Declared $0.25/share dividend, payable May 30, 2025
🔸 Repurchased 2.36M shares for $200M in Q1; $613M buyback authorization remaining
🔸 UAE Project (Wynn Al Marjan Island): hotel tower reached 47th floor; $682.9M contributed to date
🔸 Board remains confident in long-term capital returns; continued free cash flow strength from Macau
