Wynn Resorts has seen an almost 9% decline in its first quarter, but the company is remaining positive as it cites ‘continued strength throughout our business.’
Operating revenues for Q1 were $1.70 billion, a decrease of $162.5 million from $1.86 billion for the first quarter of 2024.
The net income was $72.7 million for the first quarter of 2025, which marks another reduction as 2024 saw $144.2 million.
While the report includes several declines, the CEO Craig Billings stated: “Our first quarter results reflect continued strength throughout our business.”
Looking back, he explains that the Super Bowl was held in Las Vegas last year, whereas this year, it was held in New Orleans.
“In Las Vegas, where we recently celebrated the resort’s 20th anniversary, the team delivered healthy results against a record prior year comparison which reflected the Las Vegas Super Bowl.
The operating revenues for each venue were shared by the company too: “For the first quarter of 2025, operating revenues decreased $81.8 million, $51.0 million, $11.3 million, and $8.6 million at Wynn Macau, Wynn Palace, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the first quarter of 2024.”
Wynn continues to advance on its growth project in the UAE
Despite the decrease, the company is planning the construction of a growth project in the UAE. In October, the company secured a commercial gaming operator’s license in the United Arab Emirates.
While it hasn’t been mentioned in the report, Q1 of 2025 has been a trying time for many businesses as they come to grapple with President Donald Trump’s recently enforced tariffs.
Since these were brought in, the Harry Reid International Airport in Las Vegas shared it had seen a 7.5% decrease in travelers. This slowdown marked the largest monthly decline since the Covid-19 pandemic.
It’s not known whether that was due to recent trade policy changes, but The Guardian also reported that passenger bookings on Canada to US routes are currently down by over 70% compared to the same period last year.
Featured Image: Credit to Håkan Dahlström from Malmö, Sweden on Wikimedia Commons
