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.
Digital net revenues grew 24% year-over-year to $343 million with adjusted EBITDA margins increasing by 880 basis points to 23.3%.
Digital segment delivered its best quarter ever with $80 million of adjusted EBITDA, doubling last year's figure.
iCasino net revenues grew 51% driven by volume, hold, and average monthly active users.
Las Vegas segment reported same-store adjusted EBITDA of $469 million with 97% occupancy versus 99% last year.
Redeemed most expensive debt early in Q3, generating annual free cash flow savings exceeding $40 million.
Regional segment adjusted EBITDA was $439 million, negatively impacted by several onetime items but would have been flat year-over-year excluding those.
Second quarter consolidated net revenues were $2.9 billion with adjusted EBITDA of $955 million.
Sportsbook hold increased 170 basis points to a record 8.9%, with handle roughly flat year-over-year.
Tax changes reduced pro forma cash taxes as a percentage of EBITDAR from 5% to 3-4%, improving cash flow.
Adjusted diluted EPS was $1.33, up 11% on a comparable basis, driven by EBITDA growth, share repurchases, and lower depreciation.
Adjusted EBITDA was $195 million, growing 5% on a comparable basis, partially offset by higher operating expenses.
Adjusted free cash flow was $88 million in Q2 and $168 million year-to-date, with a conversion rate of approximately 50%.
Ancillary fee streams increased nearly 20%, with continued expansion in U.S. and international royalty rates.
Comparable adjusted EBITDA grew by 5% and EPS increased by 11% despite a challenging RevPAR environment.
Net leverage ratio was 3.5x at quarter end, with $580 million in total liquidity.
Returned $109 million to shareholders in Q2 through $77 million in share repurchases and $32 million in dividends.
Second quarter fee-related and other revenues were $397 million, up $31 million year-over-year, driven by higher royalties, franchise fees, and ancillary fees.
Wyndham reported global system growth of 4% and sequential net room growth across every region.
Adjusted earnings per share increased 32% year-over-year, helped by a 5% lower average share count.
Adjusted EBITDA grew 28% year-over-year, driven by revenue outperformance and disciplined expense management.
Adjusted fixed operating expenses increased 11% year-over-year, impacted by performance-based compensation, cloud costs, and a legal settlement.
Alternative accommodations room nights grew 10%, outpacing core hotel business growth.
Booking Holdings reported strong Q2 2025 results with room nights reaching 309 million, an 8% year-over-year increase, exceeding prior expectations.
Free cash flow was $3.1 billion in the quarter, with ending cash and investments at $18.2 billion, up from $16.1 billion in Q1.
Gross bookings increased 13% year-over-year and revenue grew 16%, both above the high end of guidance.
Marketing expenses increased 10% year-over-year but were a source of leverage due to lower brand marketing and higher direct mix.
Share repurchases totaled $1.3 billion and dividends $300 million in the quarter.
Transformation program savings of $45 million were realized in-quarter, with $150 million expected in 2025 and total run rate savings of $350 million anticipated.
Dafinchi
