Even after a recent dip in Las Vegas, Wynn Resorts remains bullish on its growth as it forecasts a major operational shift from its Wynn Al Marjan resort in the United Arab Emirates.
Speaking to investors during the operator’s fourth quarter 2025 earnings call, CEO Craig Billings noted that the company is shifting toward deriving most of its income coming from non-US dollar markets, a move that will be confirmed when the UAE location opens.
During Q4, Wynn topped off its Al Marjan tower at the 70th floor, while its interior fit-out in guest rooms is underway and its exterior glass is around 80% complete.
Billings said that the opening of the resort, expected to take place in Q1 2027, and the free cash flow inflexion it will bring, reinforce the operator’s confidence that its best days are ahead.
“With the opening of Wynn Al Marjan, we are introducing a significant asset into a new and dynamic market,” stated Billings.
“More broadly, we’re moving toward a portfolio where we expect over 55% of our revenues will be generated in non-US dollar-denominated markets, from assets we developed and operate, each meticulously designed around the most valuable consumers in these key markets.
“So as we begin 2026, Wynn Resorts is on track to become one of the most globally diversified companies in our industry.”
Notable dips
The confidence expressed by Billings follows a quarter where Wynn reported an overall operational revenue increase, but notable dips across its operations in the US in comparison to the same period the previous year.
However, Billings stated on the earnings call that there is still a healthy demand for its Las Vegas and Boston operations despite the drop in performance, but headwinds are still expected in 2026 as the Encore Tower undergoes a remodel in Q2.
The operator’s Q4 operating revenues were $1.87bn, up $27.2m year-over-year (Q4 2024: $1.84bn), broken down as follows:
- Wynn Palace – $596.4m (Q4 2024: $562.9m).
- Wynn Macau – $371.3m (Q4 2024: $363.7m).
- Las Vegas – $688.1m (Q4 2024: $699.5m).
- Encore Boston Harbor – $210.2m (Q4 2024: $212.7m).
Wynn’s adjusted property EBITDAR was $568.8m in Q4, a $50.3m decrease YoY (Q4 2024: $619.1m):
- Wynn Palace – $163.5m (Q4 2024: $184.6m).
- Wynn Macau – $107.4m (Q4 2024: $108.2m).
- Las Vegas – $240.8m (Q4 2024: $267.4m).
- Encore Boston Harbor – $57m (Q4 2024: $58.8m).
During Q4 2025, Wynn contributed $79.2m to the 40%-owned joint venture that is constructing the Wynn Al Marjan Island development, bringing its total equity contributions to the project to date to $914.2m.
As of 31 December 2025, Wynn’s cash and cash equivalents were $1.46bn, excluding $601.8m of short-term investments held by Wynn Macau.
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