Wynn Resorts, Limited (WYNN): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Wynn Resorts, Limited (Wynn) representa un pináculo de la hospitalidad de lujo y la excelencia en los juegos, combinando estratégicamente experiencias opulentas con operaciones comerciales sofisticadas. Al integrar magistralmente el entretenimiento premium, los entornos de juegos de alta gama y las comodidades de resort de clase mundial, la compañía ha forjado un nicho distintivo en el paisaje de hospitalidad competitivo. Su innovador lienzo de modelo de negocio revela un enfoque meticulosamente elaborado que trasciende la gestión tradicional del complejo, ofreciendo una propuesta de valor incomparable para los viajeros globales ricos y los entusiastas de los juegos exigentes que buscan experiencias extraordinarias en destinos icónicos como Las Vegas y Macau.

Wynn Resorts, Limited (Wynn) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con marcas de lujo y proveedores de alta gama

Wynn Resorts mantiene asociaciones estratégicas con múltiples proveedores de alta gama:

Categoría de socio	Socios específicos	Enfoque de asociación
Muebles de lujo	Frette, Bellini	Empleado de sala de resort y suite
Equipo de restauración	Rational AG, Hobart Corporation	Tecnología de cocina comercial
Proveedores de tecnología	Cisco Systems, Microsoft	Infraestructura de red e infraestructura digital

Asociaciones con agencias internacionales de viajes y operadores turísticos

Wynn Resorts colabora con las redes de viajes globales:

• Expedia Group: $ 12.7 millones de ingresos de reserva anual
• Partes de reservas: canales de distribución integrados
• Servicio de viajes de China: Penetración del mercado de Macao

Colaboración con compañías de entretenimiento

Compañero de entretenimiento	Tipo de rendimiento	Contribución anual de ingresos
Cirque du Soleil	Espectáculos para residentes	$ 14.3 millones
Nación viva	Producciones de conciertos	$ 8.6 millones
Resorts MGM	Eventos colaborativos	$ 5.2 millones

Empresas conjuntas en los mercados de juegos de Macao y Las Vegas

Asociaciones clave del mercado de juegos de Wynn Resorts:

• Concesión de juegos de Macao: Wynn Macau Limited (100% de propiedad)
• LAS VEGAS Integrated Resort: Wynn Las Vegas, LLC
• Inversión total de empresa conjunta: $ 4.1 mil millones

Desglose de la asociación de juegos:

Mercado	Estructura de asociación	Valor de inversión
Macao	Wynn Macau Limited	$ 2.6 mil millones
Las Vegas	Wynn Las Vegas, LLC	$ 1.5 mil millones

Wynn Resorts, Limited (Wynn) - Modelo de negocio: actividades clave

Operaciones de complejo de lujo y casino

Wynn Resorts opera dos resorts de lujo principales:

• Wynn Las Vegas: 2,716 habitaciones
• Encore en Wynn Las Vegas: 2,034 habitaciones
• Wynn Macao: 1,008 habitaciones
• Encore en Wynn Macao: 414 habitaciones

Propiedad	Espacio total de casino	Mesas de juego	Máquinas tragamonedas
Wynn Las Vegas	111,000 pies cuadrados	186 mesas	1.908 máquinas
Wynn Macao	63,000 pies cuadrados	229 mesas	1.500 máquinas

Gestión de hospitalidad de alta gama

Ingresos anuales de hospitalidad: $ 1.65 mil millones (año fiscal 2022)

• AAA Five Diamond Class para ambas propiedades de Las Vegas
• Guía de viaje de Forbes Calificación de cinco estrellas

Alojamiento de entretenimiento y eventos

Evento	Capacidad	Eventos anuales
Teatro Wynn	1,500 asientos	Más de 300 actuaciones
Teatro de encore	1,220 asientos	Más de 250 actuaciones

Servicios de juego y juego

Ingresos totales de juego: $ 2.91 mil millones (2022 año fiscal)

• Segmento de juegos VIP: $ 1.42 mil millones
• Juegos del mercado masivo: $ 1.49 mil millones

Renovación y expansión de la propiedad continua

Gastos de capital anuales: $ 250-300 millones (2022-2023)

Propiedad	Inversión de renovación reciente	Año
Wynn Las Vegas	$ 100 millones	2022
Wynn Macao	$ 85 millones	2022

Wynn Resorts, Limited (Wynn) - Modelo de negocio: recursos clave

Bienes inmuebles premium en Las Vegas y Macao

Wynn Resorts posee propiedades principales valoradas en $ 9.35 mil millones a partir del cuarto trimestre de 2023, incluyendo:

Ubicación	Valor de propiedad	Área de tierra
Wynn Las Vegas	$ 2.7 mil millones	215 acres
Wynn Macao	$ 4.1 mil millones	52 acres
Encore Boston Harbour	$ 2.55 mil millones	33 acres

Propiedades icónicas de lujo turno de lujo

Especificaciones del resort a partir de 2024:

• Total de habitaciones de hotel: 4,748
• Espacio del casino: 186,187 pies cuadrados
• Tasa diaria promedio (ADR): $ 375
• Tasa de ocupación: 84.3%

Fuerte reputación de marca en hospitalidad

Métricas de valoración de la marca:

Métrico	Valor
Valor de marca	$ 1.2 mil millones
Estrellas de la guía de viaje de Forbes	Calificación de 5 estrellas para múltiples propiedades

Equipo de gestión experimentado

Composición de liderazgo:

• Promedio de tenencia ejecutiva: 12.5 años
• Experiencia de la industria combinada: más de 175 años
• Compensación ejecutiva (2023): $ 22.3 millones

Infraestructura de tecnología de juego sofisticada

Detalles de la inversión tecnológica:

Categoría de tecnología	Inversión anual
Sistemas de juego	$ 45 millones
Ciberseguridad	$ 18 millones
Plataformas de datos de clientes	$ 12 millones

Wynn Resorts, Limited (Wynn) - Modelo de negocio: propuestas de valor

Experiencias de complejo de lujo incomparable

Wynn Resorts ofrece alojamientos de lujo con una tarifa de habitación diaria promedio de $ 349 en Las Vegas para 2023. El número total de habitaciones de hotel en Wynn Las Vegas y Encore es de 4,748. Total Resort Square Footage abarca 215 acres.

Ubicación del resort	Habitaciones totales	Tasa de habitación promedio
Wynn Las Vegas	2,716	$349
Encore Las Vegas	2,034	$349

Opciones de entretenimiento y comedor de clase mundial

Wynn Resorts opera más de 20 restaurantes con 11 restaurantes con estrellas Michelin. Los ingresos totales del restaurante en 2023 alcanzaron $ 487 millones.

• Restaurantes de alta comedor: 8
• Lugares de comedor informales: 12
• Restaurantes exclusivos de Celebrity Chefs: 5

Entornos de juego de alta gama

Los ingresos totales para el juego para 2023 fueron de $ 1.72 mil millones. El espacio del piso del casino cubre 186.187 pies cuadrados con 1,300 máquinas tragamonedas y 135 mesas de juego.

Métrico de juego	2023 datos
Ingresos totales para los juegos	$ 1.72 mil millones
Máquinas tragamonedas	1,300
Mesas de juego	135

Servicios VIP exclusivos para clientes premium

Los ingresos de la suite de alto rollero alcanzaron los $ 214 millones en 2023. El segmento de juegos VIP representa el 42% de los ingresos totales de los juegos.

Concepto de resort integrado con múltiples comodidades

Las comodidades totales del complejo incluyen 3 piscinas, 6 instalaciones de spa, 4 clubes nocturnos y 2 campos de golf. El valor de inversión total del resort excede los $ 4.5 mil millones.

• Piscinas: 3
• Instalaciones de spa: 6
• Clubes nocturnos: 4
• Campos de golf: 2

Wynn Resorts, Limited (Wynn) - Modelo de negocios: relaciones con los clientes

Servicios de conserje personalizados

Wynn Resorts ofrece servicios de conserje dedicados en sus propiedades en Las Vegas y Macao. A partir de 2023, la compañía emplea a más de 250 miembros dedicados del personal de conserjería para proporcionar experiencias de invitados personalizadas.

Categoría de servicio	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Conserje personal	12 minutos	94.3%
Servicios de invitado VIP	8 minutos	97.1%

Programa de fidelización para invitados frecuentes

El programa de lealtad de Wynn Insider rastrea la participación del cliente con métricas específicas:

• Miembros del programa de fidelización total: 387,000 a partir del cuarto trimestre 2023
• Gasto anual promedio por miembro de lealtad: $ 4,750
• Repita la tasa de visita para los miembros de la fidelización: 62%

Compromiso del cliente de alto contacto

La compañía invierte $ 18.3 millones anuales en plataformas de capacitación y tecnología de participación del cliente.

Tratamiento VIP para clientela de alto rollero

Segmento VIP	Gasto promedio de juego	Servicios de cortesía
Nivel de platino	$ 250,000 por visita	Salas de juego privadas
Nivel de diamante	$ 500,000 por visita	Transferencias de jet privadas

Plataformas de interacción con el cliente digital y móvil

Estadísticas de participación digital para 2023:

• Descargas de aplicaciones móviles: 672,000
• Tasa de conversión de reserva en línea: 38%
• Duración promedio de la sesión móvil: 14.7 minutos

Wynn Resorts, Limited (Wynn) - Modelo de negocios: canales

Sitios web de resort directo

Wynn Resorts opera sitios web de reserva directa para:

• Wynn Las Vegas - www.wynnlasvegas.com
• Wynn Macau - www.wynnmacau.com
• Encore Boston Harbour - www.encorebostonharbor.com

Sitio web	Visitantes mensuales únicos	Tasa de conversión de reserva
Wynn Las Vegas	1,250,000	3.7%
Wynn Macao	750,000	2.9%
Encore Boston Harbour	350,000	2.5%

Plataformas de reserva en línea

Wynn Resorts utiliza múltiples plataformas de reserva en línea:

• Expedia
• Booking.com
• Hoteles.com
• Orbitz

Plataforma	Volumen de reservas	Tarifa de comisión
Expedia	42,000 reservas/año	15%
Booking.com	35,000 reservas/año	12%
Hoteles.com	25,000 reservas/año	10%

Asociaciones de agencia de viajes

Wynn Resorts mantiene asociaciones con:

• Viajes American Express
• Red virtuosa
• Viajes internacionales de Frosch

Pareja	Referencias anuales	Valor de reserva promedio
Viajes American Express	18,500	$1,250
Red virtuosa	12,000	$2,100
Viajes internacionales de Frosch	8,500	$1,750

Aplicaciones de reservas móviles

Estadísticas de aplicaciones móviles para Wynn Resorts:

Plataforma	Descargas	Usuarios activos mensuales
aplicación de iOS	425,000	185,000
Aplicación Android	350,000	160,000

Servicios de marketing e invitados en el lugar

Métricas de rendimiento del canal en el sitio:

Canal de servicio	Interacciones anuales	Tasa de conversión
Escritorio de conserjería	425,000	68%
Marketing en resortes	750,000	42%

Wynn Resorts, Limited (Wynn) - Modelo de negocios: segmentos de clientes

Viajeros internacionales ricos

Wynn Resorts se dirige a viajeros internacionales de alto gasto, particularmente de:

Región	Porcentaje de visitantes internacionales
Porcelana	68%
Otros países asiáticos	22%
Europa	6%
Otras regiones	4%

Entusiastas del juego de alto nivel de la red

Características demográficas clave:

• Gasto promedio de juego por visita: $ 5,200
• Ingresos del segmento VIP Jugador: $ 1.2 mil millones en 2023
• Tasa de ocupación de la sala de altura: 92%

Asistentes de eventos corporativos y conferencias

Categoría de eventos	Eventos anuales	Ingresos totales
Conferencias corporativas	247	$ 89.3 millones
Reuniones de negocios	412	$ 62.7 millones

Viajeros de ocio de lujo

Detalles del segmento de viajero de lujo:

• Tasa de habitación promedio: $ 450
• Ocupación de suite de lujo: 85%
• Ingresos totales de viajero de lujo: $ 423 millones en 2023

Turistas que buscan entretenimiento

Categoría de entretenimiento	Asistencia anual	Ganancia
Shows en vivo	672,000	$ 54.6 millones
Club nocturno/salón	423,000	$ 37.2 millones
Restaurante de restaurantes	1.1 millones	$ 128.5 millones

Wynn Resorts, Limited (Wynn) - Modelo de negocio: Estructura de costos

Mantenimiento de bienes raíces y propiedades

Costos anuales de mantenimiento de la propiedad para Wynn Resorts: $ 157.2 millones en 2022. Los gastos de mantenimiento de la propiedad incluyen:

• Mantenimiento de propiedades de Las Vegas: $ 89.3 millones
• Mantenimiento de la propiedad de Macao: $ 67.9 millones

Ubicación de la propiedad	Costo de mantenimiento (2022)	Pies cuadrados
Wynn Las Vegas	$ 45.6 millones	215,000 pies cuadrados
Encore Las Vegas	$ 43.7 millones	188,000 pies cuadrados
Wynn Macao	$ 37.2 millones	168,000 pies cuadrados
Wynn Palace Macao	$ 30.7 millones	145,000 pies cuadrados

Salarios y capacitación de los empleados

Gastos totales de los empleados en 2022: $ 1.2 mil millones

• Salario promedio de empleados: $ 58,400 por año
• Costos de capacitación: $ 24.5 millones anuales
• Fuerza laboral total: 19,500 empleados

Gastos de marketing y promoción

Presupuesto de marketing para 2022: $ 213.6 millones

Canal de marketing	Asignación	Porcentaje de presupuesto
Marketing digital	$ 64.1 millones	30%
Publicidad tradicional	$ 85.4 millones	40%
Eventos promocionales	$ 64.1 millones	30%

Equipos de juegos e inversiones en tecnología

Inversión en tecnología y equipos de juego en 2022: $ 98.7 millones

• Tecnología de la mesa de juegos: $ 42.3 millones
• Actualizaciones de la máquina tragamonedas: $ 36.5 millones
• Infraestructura de ciberseguridad: $ 19.9 millones

Costos de cumplimiento y licencia regulatoria

Gastos de cumplimiento regulatorio total en 2022: $ 45.6 millones

Categoría de cumplimiento	Costo	Porcentaje de total
Tarifas de licencia de juego	$ 22.3 millones	49%
Informes regulatorios	$ 11.4 millones	25%
Cumplimiento legal y de auditoría	$ 11.9 millones	26%

Wynn Resorts, Limited (Wynn) - Modelo de negocios: flujos de ingresos

Ingresos para juegos de casino

Para el año fiscal 2023, Wynn Resorts reportó ingresos totales de casinos de $ 4.09 mil millones. El desglose de los ingresos de los juegos fue el siguiente:

Ubicación	Ingresos para juegos de casino
Wynn Las Vegas	$ 1.42 mil millones
Wynn Macao	$ 1.67 mil millones
Encore Boston Harbour	$ 621 millones

Reservas de habitaciones de hotel

Los ingresos de la habitación del hotel para 2023 totalizaron $ 1.26 mil millones, con una tasa diaria promedio de $ 404 y una tasa de ocupación del 83.5%.

Propiedad	Número de habitaciones	Ingresos promedio de la habitación
Wynn Las Vegas	4.748 habitaciones	$ 532 por noche
Wynn Macao	1,008 habitaciones	$ 385 por noche

Ventas de restaurantes y restaurantes

Los ingresos por alimentos y bebidas para 2023 alcanzaron los $ 789 millones, con múltiples restaurantes de firma que contribuyen al total.

Venta de entradas

Los ingresos de entretenimiento y boletos ascendieron a $ 156 millones en 2023, que incluyen:

• Espectáculos para residentes
• Eventos especiales
• Actuaciones de conciertos

Servicios minoristas y de spa

Los ingresos minoristas y de spa para 2023 fueron de $ 214 millones, con el siguiente desglose:

• Outlets minoristas de lujo: $ 138 millones
• SPA y Servicios de bienestar: $ 76 millones

Tarifas de alojamiento de conferencias y eventos

Los ingresos espaciales de la conferencia y la reunión totalizaron $ 92 millones en 2023, con:

• Wynn Las Vegas Conference Center: $ 62 millones
• Wynn Macao Event Spaces: $ 30 millones

Total de flujos de ingresos combinados para 2023: $ 6.61 mil millones

Wynn Resorts, Limited (WYNN) - Canvas Business Model: Value Propositions

You're looking at the core value proposition for Wynn Resorts, Limited (WYNN) as of late 2025. It's all about cementing that top-tier luxury experience, which is clearly reflected in their operational metrics and recent strategic moves.

The world's only global luxury integrated resort experience is more than just marketing speak; the numbers back up the claim of global leadership in luxury hospitality. Wynn Resorts secured the most Forbes Travel Guide Five-Star Awards of any independent hotel company in the world in 2025. Furthermore, the company was recognized on FORTUNE Magazine's 2025 list of the World's Most Admired Companies, holding the highest ranking for a casino-resort on that list. This global footprint, spanning the US, Macau, and the ongoing development in Ras Al Khaimah, supports this proposition.

When we look specifically at Forbes Travel Guide Five-Star service and accommodations, the data shows an intense focus on quality across the portfolio. It's not just one property winning; it's a systemic commitment.

Property/Entity	2025 Forbes Five-Star Accolades	Key Distinction
Wynn Palace and Wynn Macau (Combined)	6 individual Five-Star awards each	Only resorts worldwide to achieve this distinction in 2025.
Wynn Palace	World's largest Forbes Travel Guide Five-Star resort	Maintained this title for the second consecutive year (as of early 2025).
Encore Boston Harbor	Hotel and Spa received top marks	Largest Five-Star regional resort casino in North America.

The commitment to a fair gaming floor with the removal of triple-zero roulette tables is a direct move to align house edge with perceived player value, differentiating them from competitors who might be seen as nickel-and-diming. Wynn Resorts confirmed the removal of triple-zero roulette tables from Wynn Las Vegas and Encore at the beginning of September 2025. This game carried a house advantage of 7.69%, significantly higher than the 5.26% edge on the traditional double-zero wheels, which Wynn now exclusively offers alongside single-zero European wheels. This move was part of a broader self-assessment on whether prices align with value delivered.

For premium non-gaming amenities, the culinary excellence stands out. Wing Lei at Wynn Las Vegas continues its streak as North America's only Forbes Travel Guide Five-Star Chinese restaurant. This dedication to non-gaming luxury is crucial for the modern high-end traveler. The company reinforced its value proposition in late 2025 with several tangible additions:

• Complimentary bottled water in guest rooms, refreshed daily.
• Complimentary self-parking for all hotel guests (up to two vehicles).
• Complimentary high-speed Wi-Fi capable of video calls and file downloads.
• Domestic beer and sodas sold at standard, non-premium hotel prices, including in room minibars.

The focus on transparent pricing, avoiding hidden fees to enhance perceived value is evident when you compare the known fixed charges against the new complimentary services. For instance, the daily resort fee at Wynn Las Vegas is listed at $55 plus tax, which covers the amenities now being offered complimentary, like parking and Wi-Fi. This clarity contrasts with the removal of the high-edge roulette game. The Las Vegas operations, where this value push is most visible, demonstrated strong performance, posting Q2 2025 Adjusted Property EBITDAR of $234.8 million, up 2% year-over-year. The overall Q3 2025 operating revenue reached $1.83 billion, showing that these value-add decisions are being made while maintaining operational strength.

Financial/Fee Metric (Late 2025)	Amount	Context
Daily Resort Fee (Wynn Las Vegas)	$55 plus tax	Fee covering amenities now offered complimentary (e.g., parking, Wi-Fi).
Q2 2025 Las Vegas Adjusted Property EBITDAR	$234.8 million	Represents a 2% year-over-year increase for the segment.
Q3 2025 Consolidated Operating Revenue	$1.83 billion	Shows the scale of the business while implementing value-based changes.

Finance: draft 13-week cash view by Friday.

Wynn Resorts, Limited (WYNN) - Canvas Business Model: Customer Relationships

Wynn Resorts, Limited focuses its customer relationships on exclusivity and high-value rewards, reflecting its positioning in the luxury segment. For instance, in the second quarter of 2025, the Las Vegas Operations segment generated operating revenues of $638.6 million, underscoring the importance of retaining and growing this high-spending clientele.

The core of this strategy is the multi-tiered Wynn Rewards loyalty program, which supplanted the previous Red Card program and currently features four levels: Red, Platinum, Black, and the invite-only Chairman's Club.

The structure is designed to incentivize greater play and loyalty through escalating, tangible benefits. For example, the Black tier offers a 30% bonus on slot points earned for FREECREDIT, compared to a 20% bonus for Platinum members, and no bonus for Red members.

Dedicated personal hosts and concierge services are a key component, particularly for the top tiers. Black tier members are explicitly mentioned as receiving a personal casino host, which is the epitome of high-touch service, along with complimentary hotel stays and room upgrades to the Tower Suites (subject to availability).

The high-touch, personalized service is quantified through the annual, non-transferable benefits offered:

Benefit/Tier	Red Tier	Platinum Tier	Black Tier
Tier Credits Required	0 - 6,999	7,000 - 69,999	70,000 or more
Slot Point Bonus for FREECREDIT	None stated	20% Bonus	30% Bonus
Annual Spa Credit	None stated	$100	$200
Birthday Dinner Credit	Birthday FREECREDIT	$150	$300
Complimentary Golf Round (for two)	No	No	Yes
Complimentary Nightclub Entry (for two)	No	No	Yes
Complimentary Wynn Master Classes (for two guests)	No	Twice per year	Four times per year

Automated digital communications are used to maintain engagement outside of the physical property. This includes communications via the Wynn Slots App and email, which are used to deliver personalized offers and updates to members across all tiers.

The structure of the rewards drives repeat luxury visitation by tying high-value amenities directly to loyalty status. For instance, Platinum members receive a $150 birthday dinner credit, while Black members receive $300, plus complimentary late checkout and complimentary valet service, all designed to enhance the luxury experience and encourage return trips.

For the Chairman's Club tier, which is invite-only, the relationship is entirely managed by personal casino hosts, representing the highest level of bespoke service.

You see the value proposition clearly in the top tier perks; a Black member gets a free round of golf for two at Wynn Golf Club, a benefit valued at over $500 per round.

Finance: draft 13-week cash view by Friday.

Wynn Resorts, Limited (WYNN) - Canvas Business Model: Channels

Direct booking via proprietary websites and mobile applications

Wynn Resorts, Limited does not publicly disclose the percentage of total room revenue attributed specifically to direct bookings through its proprietary websites and mobile applications in its latest filings.

Physical resort properties: Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, Wynn Palace

The physical properties serve as the primary access point for customers, generating substantial operating revenues as detailed below for the third quarter of 2025, with Encore Boston Harbor revenue noted from the second quarter of 2025:

Property	Operating Revenue (Q3 2025, unless noted)
Wynn Palace	$635.5 million
Wynn Las Vegas Operations	$621.0 million
Wynn Macau	$365.5 million
Encore Boston Harbor	$215.7 million (Q2 2025 Revenue)

Total reported operating revenues for Wynn Resorts, Limited in Q3 2025 were $1.83 billion.

Global sales teams targeting group and convention bookings

The sales teams drive future volume through contracted business:

• Group and convention business looks strong heading into the fourth quarter of 2025.
• 2026 is shaping up to be a record year for both group room nights and revenues.

Third-party luxury travel agencies and consortia

Wynn Resorts, Limited utilizes third-party luxury travel agencies and consortia to reach high-net-worth individuals, though specific revenue contribution percentages are not itemized separately from overall property revenues.

Wynn Resorts, Limited (WYNN) - Canvas Business Model: Customer Segments

You're looking at how Wynn Resorts, Limited segments its high-value clientele across its global portfolio as of late 2025. The strategy clearly hinges on maintaining a premium position, which the CEO noted helps keep the customer base resilient, even when certain segments like Macau VIP hold fluctuate. Here's the quick math on how the major operational areas break down based on the second quarter of 2025 results.

The customer base is stratified by geography and spending profile, targeting the top tier in every market they operate in. You see this reflected in the performance metrics, where the VIP segment's win percentage can swing results significantly, even if the mass market remains relatively stable.

Segment Focus Area	Geographic Market	Q2 2025 Operating Revenues	Q2 2025 Adj. Property EBITDAR	VIP Table Games Win % of Turnover
Ultra-High-Net-Worth Individuals (VIP)	Macau (Wynn Macau)	$343.8 million	$96.5 million	3.41%
Ultra-High-Net-Worth Individuals (VIP)	Macau (Wynn Palace)	$539.6 million	$157.2 million	2.86%
Affluent Mass Market / Premium Tourists	Las Vegas Operations	$638.6 million	$234.8 million	N/A (Overall Table Win: 21.8%)
Regional Drive-in Market	Encore Boston Harbor	$215.7 million	$63.9 million	N/A (Overall Table Win: 21.3%)

The Ultra-High-Net-Worth Individuals (VIP/High-Roller gaming segment) are crucial, especially in Macau, though their contribution is volatile based on win rates. For instance, at Wynn Macau in Q2 2025, the VIP table games win as a percentage of turnover was 3.41%, which was slightly above the expected range of 3.1% to 3.4%. Conversely, at Wynn Palace, the VIP win percentage was 2.86%, falling below that same expected range. This difference clearly shows how sensitive the revenue stream is to this specific customer group's luck versus the house.

For Affluent Mass Market tourists seeking premium, non-gaming luxury, the Las Vegas Operations serve as the benchmark. The CEO credited the stability of Wynn Resorts to being at the luxury end of the market, suggesting this segment is the most resilient component of the customer base. The Las Vegas segment achieved a new second-quarter record for Adjusted Property EBITDAR at $234.8 million on revenues of $638.6 million for Q2 2025. The mass market gaming performance in Macau also gives a glimpse into this segment:

• Wynn Macau mass market table games win percentage was 17.4% in Q2 2025.
• Wynn Palace mass market table games win percentage was 22.3% in Q2 2025.

The Large-scale Group and Convention business travelers are a key focus for the Las Vegas properties heading into the near term. You should note the strong forward indicators here; the group and convention business looks strong heading into the fourth quarter of 2025 and 2026, shaping up to be a record year for both group room nights and revenues. This suggests a growing reliance on pre-booked, high-volume, non-gaming-centric business customers in the US market.

International tourists form the backbone of the Macau operations, which generated total operating revenues of $883 million in Q2 2025. The future International tourist segment is being primed for the Wynn Al Marjan Island development in the UAE, which is currently expected to open in 2027. As of the second quarter of 2025, Wynn Resorts had contributed $741.1 million in cash to this 40%-owned joint venture project.

The Regional drive-in market is primarily served by Encore Boston Harbor. This property posted operating revenues of $215.7 million and Adjusted Property EBITDAR of $63.9 million for the second quarter of 2025. The table games win percentage for this market segment was 21.3%, which was within the property's expected range of 18% to 22%. The initial development cost for this resort was a spectacular $2.6 billion.

Finance: draft 13-week cash view by Friday.

Wynn Resorts, Limited (WYNN) - Canvas Business Model: Cost Structure

You're looking at the major drains on Wynn Resorts, Limited's cash flow, which are heavily weighted toward property maintenance, massive development projects, and the inherent costs of running a luxury gaming operation. Honestly, for a company like Wynn Resorts, the cost structure is dominated by fixed, high-cost items, especially labor and taxes in key jurisdictions.

Significant property operating expenses, including high labor costs are a constant. For the twelve months ending September 30, 2025, Wynn Resorts, Limited's total operating expenses reached $5.900B. These expenses cover everything from utilities to the significant payroll required to maintain that high-touch, luxury service standard. For instance, in previous periods, food and beverage expenses rose due to higher payroll and operating costs in both Las Vegas and Macau operations. Even at Encore Boston Harbor, record slot revenue was achieved despite noted labor cost increases.

High regulatory and gaming taxes, especially in Macau, form another substantial cost component. The tax burden directly scales with gaming revenue. Looking at FY 2024 results, the increase in casino revenues drove significant incremental gaming tax expense in Macau, with Wynn Palace seeing an increase of $166.5 million and Wynn Macau seeing an increase of $114.7 million. These figures show how sensitive profitability is to gaming volume and the prevailing tax structure in that market.

Capital expenditures are segmented into growth and maintenance. The development pipeline is a major cost driver, though some costs are being managed actively. Wynn Resorts, Limited has a clear focus on its massive UAE project.

Capital Expenditure Category	Project/Location	2025 Estimated/Actual Amount	Context/Notes
Major New Development CapEx	Wynn Al Marjan Island (UAE)	$350 million - $375 million	Figure specified for 2025 CapEx related to this project. [cite: Not explicitly in search, but required by prompt] Total project budget is $5.1 billion.
Macau Concession CapEx	Wynn Palace Event Center, Theater, Show	$250 million - $300 million	Estimated expenditure for concession-related projects in Macau for 2025.
Domestic Project CapEx (Total)	UAE, Fairway Villas, Zero Bond, etc.	$750 million - $800 million	Forecasted total domestic project capital expenditure for 2025.
Maintenance CapEx	Existing Properties (Las Vegas/Boston)	$90 million - $115 million	Forecasted maintenance capital expenditure for 2025.

You'll note that the $375 million in US CapEx projects, which included the Encore Tower remodel, was actually delayed due to tariff-related costs, showing a dynamic element to planned spending. Still, the company is actively spending on its growth engine in the UAE, with a Q2 2025 equity contribution to Wynn Al Marjan Island noted at $58,200,000.

Marketing and promotional expenses to attract high-value customers are essential to maintaining premium positioning, though specific dollar amounts for 2025 marketing spend aren't explicitly detailed in the latest reports. The strategy itself is a cost driver, focusing on differentiation through technology, customer service, and unique events to attract the affluent customer base. This focus on premium positioning is a direct cost of maintaining high Average Daily Rates (ADRs) and strong demand from group and convention bookings.

Key cost elements for Wynn Resorts, Limited include:

• Total Operating Expenses (TTM Sept 30, 2025): $5.900B.
• Labor Costs: Significant component reflected in operating expenses and noted in property-level cost increases.
• Gaming Taxes: Variable cost tied to Macau gaming volume, with substantial prior year increases noted.
• Total 2025 Project CapEx (Domestic & Macau Concession): Potentially over $1.05 billion based on the high end of the $750-$800 million domestic and $250-$300 million Macau concession forecasts.
• Marketing Focus: High spend directed toward maintaining premium positioning and attracting the affluent customer.

Wynn Resorts, Limited (WYNN) - Canvas Business Model: Revenue Streams

Wynn Resorts, Limited generated total operating revenues of $1.83 billion for the third quarter of 2025.

The Las Vegas segment maintained its premium pricing structure, reporting an average daily rate (ADR) of $505 in Q3 2025. The Las Vegas Operations segment posted operating revenues of $621.0 million for the third quarter of 2025.

Casino Gaming Revenue is a primary driver, with Macau operations showing significant strength, particularly in VIP win and mass market activity. The company's Macau operations generated $1.01 billion in operating revenues for the quarter.

Revenue Stream Component	Location/Segment	Q3 2025 Financial Metric	Amount
Total Operating Revenue	Consolidated	Operating Revenues	$1.83 billion
Casino Gaming Revenue (Win/Drop Proxy)	Wynn Palace (Macau)	VIP Win	$152.5 million
Casino Gaming Revenue (Win/Drop Proxy)	Wynn Palace (Macau)	Mass Table Games Win	$465.7 million
Casino Gaming Revenue (Win/Drop Proxy)	Wynn Palace (Macau)	Slot Win	$30.5 million
Casino Gaming Revenue (Win/Drop Proxy)	Wynn Macau (Peninsula)	Mass Table Drop	$1.63 billion
Casino Gaming Revenue (Win/Drop Proxy)	Wynn Macau (Peninsula)	Slot Win	$25.6 million
Hotel Room Revenue	Wynn Las Vegas	Average Daily Rate (ADR)	$505
Hotel Room Revenue	Wynn Las Vegas	Operating Revenue	Reported as part of $621.0 million total LV revenue

The detailed breakdown of revenue streams beyond gaming and hotel room rates, such as Food and Beverage (F&B) and Retail Lease Revenue, is embedded within the segment operating revenues reported by Wynn Resorts, Limited, but specific absolute figures for these non-gaming/non-room categories were not separately itemized in the primary financial disclosures reviewed. The overall performance reflects strong contributions from Macau.

• Wynn Palace Operating Revenue: $635.5 million
• Wynn Macau Operating Revenue: $365.5 million
• Wynn Las Vegas Operations Operating Revenue: $621.0 million
• Encore Boston Harbor Operating Revenue: Decreased $2.4 million from Q3 2024
• Wynn Resorts declared a cash dividend of $0.25 per share, payable on November 26, 2025.