Wynn Resorts reported revenue of $1.87 billion for the quarter ended December 2025, up 1.5% year on year. Earnings per share were $1.17, down from $2.42 a year earlier.
Revenue was 0.67% above the Zacks Consensus Estimate of $1.85 billion. EPS was 12.17% below the consensus estimate of $1.33.
Las Vegas table drop was $667.57 million versus an estimate of $671.2 million. Table games win was $173.84 million versus $161.94 million, and slot machine win was $129.52 million versus $131.97 million.
Macau VIP table games win at Wynn Palace was $148.5 million versus $160.01 million. Wynn Macau operating revenue was $371.33 million versus $370 million, up 2.1% year on year, while Wynn Palace was $596.36 million versus $614.32 million, up 5.9%.
Encore Boston Harbor operating revenue was $210.19 million versus $210.69 million, down 1.2% year on year. Las Vegas operating revenue was $688.11 million versus $667.42 million, down 1.6% year on year.
Las Vegas casino revenue was $178.28 million versus $177.77 million, down 6.2%, while Encore Boston Harbor casino revenue was $152.02 million versus $156.78 million, down 3.1%. Las Vegas rooms revenue was $222.92 million versus $221.8 million, down 2.5%, and food and beverage was $191.71 million versus $182.13 million, up 3.8%.
The significant miss on earnings per share is the most critical takeaway from this report, suggesting profitability challenges despite a slight revenue increase. This earnings weakness, a -12.17% surprise, will likely overshadow the minor revenue beat in the coming weeks. We believe this points to potential downward pressure on the stock’s price.
We see concerning signs in the U.S. operations, with year-over-year operating revenue declining in both Las Vegas and Boston. This aligns with recent data from the Las Vegas Convention and Visitors Authority, which showed that visitor volume growth stalled in the final quarter of 2025, breaking a multi-year recovery trend. The dip in casino-specific revenue is particularly worrying for the core domestic business.
While Macau operations provided top-line growth, the details reveal a loss of momentum that is cause for concern. Wynn Palace revenue missed analyst estimates, and more importantly, so did the VIP gaming segment, a key high-margin driver. This report is compounded by newly released January 2026 figures from Macau’s Gaming Inspection and Coordination Bureau, which showed city-wide gaming revenue grew by only 4.5%, missing the consensus forecast of 6% due to a softer-than-expected start to the Lunar New Year holiday period.
Given the pressure on profits and weakening trends in both the U.S. and Macau, we are positioning for downside or a cap on the stock’s potential upside. Derivative traders should consider strategies that benefit from a drop in the stock’s price, such as buying put options or establishing bear call spreads to capitalize on this sentiment. These positions can hedge against a potential price decline over the next several weeks.
This situation feels similar to what we observed back in mid-2025, when a previous earnings report also showed slowing growth and the stock subsequently dropped over 8% in two weeks. Furthermore, recent Federal Reserve commentary has highlighted expectations for a slowdown in U.S. consumer discretionary spending through 2026. This broader economic headwind adds credibility to the idea that luxury and travel-related stocks like Wynn may underperform.
