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Wynn Resorts’ Macau Evolution: High-End Experiences, Tactical Reinvestment & Margin Discipline Collide!

Wynn Resorts reported its financial and operational results for the fourth quarter of 2025, reflecting continued strength across its diversified global portfolio, alongside ongoing investments and some operational headwinds. The company is progressing toward significant geographic diversification, with over 55% of revenues expected from non-U.S. dollar-denominated markets. This diversification strategy is anchored by the forthcoming opening of Wynn Al Marjan on the UAE’s Al Marjan Islands, a project nearing completion and expected to contribute meaningfully to future free cash flow. At Wynn Las Vegas, adjusted property EBITDA reached $241 million, with operating revenues of $688 million and a 35% EBITDA margin. The quarter benefited from a slightly elevated hold, positively impacting EBITDA by approximately $8 million. Although RevPAR was slightly below the prior year, a deliberate strategy to optimize pricing led to increased average daily rates offset by modestly reduced occupancy.