Wynn Resorts CEO bullish despite Q1 revenue falling 9% amid Macau struggles

Luxury hotel and casino group Wynn Resorts saw revenues fall by nearly 9% in Q1 2025, pulling in $1.7 billion globally, while its net income was sliced in half to just $72.7 million.

Despite the disappointing Q1 earnings call figures, CEO Craig Billings remained adamant about overcoming the financial setback, listing a number of factors in the firm’s favour.

Commenting on the noticeable drop in earnings, Billings was quick to point out the unusual nature of Q1 last year.

Most prevalent was last year’s Super Bowl in Las Vegas, which skewed the previous year’s income. He claimed that, if extracted from the figures, it actually revealed a slight uptick on their year-on-year (YoY) metrics.

Meanwhile, the group’s casino revenue fell by 7.2% YoY but remained the company’s largest revenue earner, posting over $1 billion. Mirroring the drop in casino revenues, the firm’s hotel, food, beverage, and entertainment segments all posted mid-to-high single-digit drops, too.

Macau, a sizable cog in Wynn’s global portfolio, didn’t escape the slowdown. Revenue at Wynn Macau sank by 19.9%, while its adjusted EBITDAR ended up plunging 34.3% to just $90.2 million.

Billing blamed Macau’s poor figures on its poor VIP foothold – a division in the region that itself is experiencing a slump as it tries to adapt to a more mid-tier mass-market tourist approach.

That being said, Billings emphasised that they maintained their market share, announcing a dividend increase in the process, which signalled his confidence in Wynn Macau’s long-term cash flow.

Elsewhere, Wynn had to pause $375 million in planned projects, including renovating its Encore Tower in Las Vegas. Billings said of the disclosure that these projects were postponed rather than cancelled.

Internationally, the Al Marjan Island project in the UAE is surging ahead, with construction now on the 47th floor. That being said, Billings expressed on the earnings call the firm’s ongoing interest in expanding in Japan and Thailand, but remained wary of announcing any imminent proposals.

Despite the CapEx caution, Wynn Resorts returned over $200 million to its shareholders through share buybacks and a proposed $0.25 dividend. With over $2.07 billion in cash, Wynn Resorts remains on sturdy foundations, and while they stay in the hunt for a New York casino license, the expectations are that they’ll bounce back in Q2.