Wynn Las Vegas achieved a new second quarter EBITDAR record of nearly $235 million, up 2% YoY, with adjusted EBITDAR at $246 million, indicating strong demand.
Demand was healthy with notable increases in both drop and handle, driving a 14.5% rise in casino revenues, reflecting Wynn's ability to grow market share.
Management attributes success to premium positioning and building quality, with a focus on high-end customers, which they consider the most resilient segment.
Operational adjustments in July prioritized midweek rates over occupancy, aligning with luxury branding and demand patterns.
Booking pace accelerated in July, with strong group and convention business expected to lead into Q4 and 2026, which is projected to be a record year for group room nights and revenues.
Adjusted earnings per share grew 9% to $1.65, driven by vacation ownership strength and share repurchases.
Adjusted EBITDA was $250 million, up 2% year-over-year, with a consistent margin of 25%.
Adjusted free cash flow was $123 million for the first half of the year, with $107 million returned to shareholders in Q2 through dividends and share repurchases.
Liquidity remains strong with over $800 million available, and leverage at 3.4x with expectations to end the year below that level.
Travel and Membership segment revenue declined 6% to $166 million, with adjusted EBITDA down 11% due to industry consolidation and M&A impacts.
Travel and Membership segment revenue declined 6% to $166 million, with an 11% decline in adjusted EBITDA to $55 million due to industry consolidation and M&A impacts.
Travel + Leisure reported over $1 billion in revenue for Q2 2025, a 3% increase year-over-year.
Vacation Ownership segment revenue grew 6% to $853 million, with a 3% increase in tours and a 7% increase in volume per guest (VPG) to $3,251.
For Q3, the company expects 4-6% revenue growth and 19-21% adjusted EBITDA margin, with specific growth expectations for Viator, Tripadvisor, and TheFork.
Viator anticipates high single-digit revenue growth and a 16-18% EBITDA margin, with bookings improving sequentially in July.
The company remains confident about revenue reacceleration in Q4 despite tough comps, driven by healthy booking trends and ongoing product enhancements.
Strategic Revenue Management and Partnership Expansion with Disney and National Geographic
Implementation of new revenue management capabilities and strategic pricing architecture.
Enhanced partnership with Disney leading to a 45% increase in bookings from Disney travel advisers and enabling Disney Vacation Club members to redeem points for cruises.
Launch of National Geographic Refrain Travel campaign increasing search volumes by 122%.
Reactivation of youth travel program 'Explorers and Training' targeting multigenerational travel, with nearly 25% of travelers under 16 during peak seasons.
Dafinchi
