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Wynn Resorts Is Expanding Aggressively — But What Will Its UAE Monopoly Look Like?

Wynn Resorts reported its third-quarter 2025 financial results, showcasing mixed performance across its various geographic markets. In Las Vegas, the company reported EBITDA growth adjusted for hold of 3% to $211 million, despite encountering a difficult comparable quarter. Gaming market share increased, driven by strong casino revenues which surged by 10%, while hotel revenue remained stagnant at $187 million. This result illustrates Wynn Resorts’ willingness to accept lower occupancy rates to maintain average daily rates (ADR) and maximize EBITDA. A notable achievement during the quarter was setting an all-time monthly EBITDA record in August at Wynn Las Vegas. The company’s presence in the Boston market showed strong fundamentals with $58 million in EBITDAR and a significant year-over-year increase in slot revenues, suggesting robust demand continuity in that region. Macau operations experienced a robust quarter, generating $308 million in EBITDAR, further bolstered by an advantageous VIP hold adding $23 million.