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Bond Market News
Wynn Reports Weaker Than Expected Results
May 7, 2025
Wynn Resorts reported softer-than-expected Q1 results, owing to a slowdown across its luxury properties. Revenues declined 8.7% at Wynn Palace and 19.9% at Wynn Macau. Particularly in Macau, the company stated that higher-than-usual winnings by high-stakes gamblers reduced casino profitability. In the US, revenues fell 1.8% in Las Vegas and 3.9% at Encore Boston Harbor. Total operating revenue stood at $1.70bn, below the anticipated $1.74bn, and adjusted EPS was at $1.07, missing estimates of $1.19. CEO Craig Billings noted that despite challenges in Macau, the company maintained its expected market share and continued construction on its UAE project, Wynn Al Marjan Island. The broader travel and hospitality sector is also experiencing a downturn, influenced by cautious consumer sentiment amid geopolitical tensions. In contrast, competitor MGM Resorts outperformed expectations, benefiting from robust online sports betting. In April, Macau’s broader gross gaming revenues (GGR) rose by 1.7% YoY to MOP 18.9bn ($2.4bn). Revenues also surpassed analysts’ expectations for a 1.25% drop, after seeing 520,065 visitor arrivals during the Easter break from April 18-21.
Its shares declined 2.4% in after-hours trading, and are down over 9% YTD. Wynn Macau’s dollar bonds traded stable with its 5.5% 2027s at 97.12, yielding 6.82%
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