Wynn Resorts, Limited (Wynn): Business Model Canvas [Jan-2025 Mis à jour]

Wynn Resorts, Limited (Wynn) représente un sommet de l'hospitalité de luxe et de l'excellence des jeux, mélangeant stratégiquement des expériences opulentes avec des opérations commerciales sophistiquées. En intégrant magistralement les divertissements premium, les environnements de jeu haut de gamme et les équipements de villégiature de classe mondiale, la société a taillé un créneau distinctif dans le paysage de l'hôtellerie compétitive. Leur toile de modèle commercial innovant révèle une approche méticuleusement conçue qui transcende la gestion traditionnelle des vilrics, offrant une proposition de valeur inégalée pour les voyageurs mondiaux aisés et les amateurs de jeu exigeants à la recherche d'expériences extraordinaires dans des destinations emblématiques comme Las Vegas et Macau.

Wynn Resorts, Limited (Wynn) - Modèle commercial: partenariats clés

Alliances stratégiques avec des marques de luxe et des fournisseurs haut de gamme

Wynn Resorts maintient des partenariats stratégiques avec plusieurs fournisseurs haut de gamme:

Catégorie de partenaire	Partenaires spécifiques	Focus de partenariat
Mobilier de luxe	Frette, Bellini	Salle de villégiature et tenue de suite
Équipement gastronomique	Rational AG, Hobart Corporation	Technologie de cuisine commerciale
Fournisseurs de technologies	Cisco Systems, Microsoft	Infrastructure réseau et numérique

Partenariats avec les agences de voyage internationales et les voyagistes

Wynn Resorts collabore avec les réseaux de voyage mondiaux:

• Expedia Group: 12,7 millions de dollars de revenus annuels de réservation
• Booking Holdings: canaux de distribution intégrés
• Service de voyage en Chine: pénétration du marché de Macao

Collaboration avec des entreprises de divertissement

Partenaire de divertissement	Type de performance	Contribution annuelle des revenus
Cirque du Soleil	Spectacles résidents	14,3 millions de dollars
Nation vivante	Productions de concerts	8,6 millions de dollars
MGM Resorts	Événements collaboratifs	5,2 millions de dollars

Coentreprises sur les marchés de jeu de Macao et de Las Vegas

Partenariats principaux du marché des jeux de Wynn Resorts:

• Macao Gaming Concession: Wynn Macau Limited (100% de propriété)
• Las Vegas Integrated Resort: Wynn Las Vegas, LLC
• Investissement total de coentreprise: 4,1 milliards de dollars

Répartition du partenariat de jeu:

Marché	Structure de partenariat	Valeur d'investissement
Macao	Wynn Macau Limited	2,6 milliards de dollars
Las Vegas	Wynn Las Vegas, LLC	1,5 milliard de dollars

Wynn Resorts, Limited (Wynn) - Modèle d'entreprise: Activités clés

Opérations de complexe de luxe et de casino

Wynn Resorts exploite deux stations de luxe primaires:

• Wynn Las Vegas: 2 716 chambres
• Encore à Wynn Las Vegas: 2 034 chambres
• Wynn Macau: 1 008 chambres
• Encore à Wynn Macau: 414 chambres

Propriété	Espace de casino total	Tables de jeu	Machines à sous
Wynn Las Vegas	111 000 pieds carrés	186 tables	1 908 machines
Wynn Macau	63 000 pieds carrés	229 tables	1 500 machines

Gestion de l'hôtellerie haut de gamme

Revenus hôteliers annuels: 1,65 milliard de dollars (2022 Exercice)

• AAA Five Diamond Rating pour les deux propriétés de Las Vegas
• Note cinq étoiles Guide de voyage Forbes

Divertissement et hébergement d'événements

Lieu	Capacité	Événements annuels
Théâtre Wynn	1 500 sièges	Plus de 300 performances
Théâtre Encore	1 220 sièges	Plus de 250 performances

Services de jeu et de jeu

Revenu total de jeu: 2,91 milliards de dollars (2022 Exercice)

• Segment de jeu VIP: 1,42 milliard de dollars
• Gaming sur le marché de masse: 1,49 milliard de dollars

Rénovation et expansion des biens continus

Dépenses en capital annuelles: 250 à 300 millions de dollars (2022-2023)

Propriété	Investissement récent récent	Année
Wynn Las Vegas	100 millions de dollars	2022
Wynn Macau	85 millions de dollars	2022

Wynn Resorts, Limited (Wynn) - Modèle d'entreprise: Ressources clés

Immobilier premium à Las Vegas et Macao

Wynn Resorts possède des propriétés principales d'une valeur de 9,35 milliards de dollars au quatrième trimestre 2023, notamment:

Emplacement	Valeur de propriété	Superficie
Wynn Las Vegas	2,7 milliards de dollars	215 acres
Wynn Macau	4,1 milliards de dollars	52 acres
Encore le port de Boston	2,55 milliards de dollars	33 acres

Propriétés emblématiques du complexe de luxe

Spécifications de la station à partir de 2024:

• Total des chambres d'hôtel: 4 748
• Espace de casino: 186 187 pieds carrés
• Taux quotidien moyen (ADR): 375 $
• Taux d'occupation: 84,3%

Forte réputation de la marque dans l'hospitalité

Métriques d'évaluation de la marque:

Métrique	Valeur
Valeur de marque	1,2 milliard de dollars
Stars du guide de voyage de Forbes	Note 5 étoiles pour plusieurs propriétés

Équipe de gestion expérimentée

Composition du leadership:

• Pureur exécutif moyen: 12,5 ans
• Expérience combinée de l'industrie: plus de 175 ans
• Rémunération des cadres (2023): 22,3 millions de dollars

Infrastructure de technologie de jeu sophistiquée

Détails de l'investissement technologique:

Catégorie de technologie	Investissement annuel
Systèmes de jeu	45 millions de dollars
Cybersécurité	18 millions de dollars
Plateformes de données clients	12 millions de dollars

Wynn Resorts, Limited (Wynn) - Modèle d'entreprise: propositions de valeur

Expériences de villégiature de luxe inégalée

Wynn Resorts propose des hébergements de luxe avec un tarif quotidien moyen de 349 $ à Las Vegas pour 2023. Le nombre total de chambres d'hôtel à travers Wynn Las Vegas et Encore est de 4 748. Le complexe total en pieds carrés s'étend sur 215 acres.

Emplacement du complexe	Total Rooms	Taux de chambre moyen
Wynn Las Vegas	2,716	$349
Encore Las Vegas	2,034	$349

Divertissement de classe mondiale et options de restauration

Wynn Resorts exploite plus de 20 restaurants avec 11 lieux de restauration étoilés Michelin. Les revenus totaux des restaurants en 2023 ont atteint 487 millions de dollars.

• Restaurants gastronomiques: 8
• LIEUX DE DINSAGE CASSÉE: 12
• Restaurants de signature de Celebrity Chefs: 5

Environnements de jeu haut de gamme

Le chiffre d'affaires total des jeux pour 2023 était de 1,72 milliard de dollars. L'espace de plancher du casino couvre 186 187 pieds carrés avec 1 300 machines à sous et 135 tables de jeu.

Métrique de jeu	2023 données
Revenus de jeux totaux	1,72 milliard de dollars
Machines à sous	1,300
Tables de jeu	135

Services VIP exclusifs pour les clients premium

Les revenus de la suite à haut rouleau ont atteint 214 millions de dollars en 2023. Le segment de jeu VIP représente 42% des revenus totaux de jeu.

Concept de villégiature intégré avec plusieurs équipements

Les équipements totaux de villégiature comprennent 3 piscines, 6 installations de spa, 4 boîtes de nuit et 2 terrains de golf. La valeur d'investissement totale du complexe dépasse 4,5 milliards de dollars.

• Piscines: 3
• Installations de spa: 6
• Clubs de nuit: 4
• Cours de golf: 2

Wynn Resorts, Limited (Wynn) - Modèle d'entreprise: Relations clients

Services de conciergerie personnalisés

Wynn Resorts propose des services de conciergerie dédiés à travers ses propriétés à Las Vegas et à Macao. Depuis 2023, l'entreprise emploie plus de 250 membres du personnel du concierge dédié à offrir des expériences personnalisées.

Catégorie de service	Temps de réponse moyen	Taux de satisfaction client
Concierge personnel	12 minutes	94.3%
Services d'invité VIP	8 minutes	97.1%

Programme de fidélité pour les clients fréquents

Le programme de fidélité Wynn Insider suit l'engagement client avec des mesures spécifiques:

• Membres du programme de fidélité totale: 387 000 au T2 2023
• Dépenses annuelles moyennes par fidélité Membre: 4 750 $
• Répéter le taux de visite pour les membres de fidélité: 62%

Engagement client élevé

L'entreprise investit 18,3 millions de dollars par an dans les plateformes de formation et de technologie de l'engagement client.

Traitement VIP pour une clientèle à haut rouleau

Segment VIP	Dépenses de jeu moyen	Services complémentaires
Niveau de platine	250 000 $ par visite	Salles de jeu privées
Niveau de diamant	500 000 $ par visite	Transferts de jet privé

Plates-formes d'interaction client numérique et mobile

Statistiques d'engagement numérique pour 2023:

• Téléchargements d'applications mobiles: 672 000
• Taux de conversion de réservation en ligne: 38%
• Durée moyenne de la session mobile: 14,7 minutes

Wynn Resorts, Limited (Wynn) - Modèle d'entreprise: canaux

Sites Web Direct Resort

Wynn Resorts exploite des sites Web de réservation directe pour:

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

Site web	Visiteurs mensuels uniques	Taux de conversion de réservation
Wynn Las Vegas	1,250,000	3.7%
Wynn Macau	750,000	2.9%
Encore le port de Boston	350,000	2.5%

Plateformes de réservation en ligne

Wynn Resorts utilise plusieurs plateformes de réservation en ligne:

• Expedia
• Réservation.com
• Hotels.com
• Orbite

Plate-forme	Volume de réservation	Taux de commission
Expedia	42 000 réservations / an	15%
Réservation.com	35 000 réservations / an	12%
Hotels.com	25 000 réservations / an	10%

Partenariats de l'agence de voyage

Wynn Resorts maintient des partenariats avec:

• American Express Travel
• Réseau virtuose
• Frosch International Travel

Partenaire	Références annuelles	Valeur de réservation moyenne
American Express Travel	18,500	$1,250
Réseau virtuose	12,000	$2,100
Frosch International Travel	8,500	$1,750

Applications de réservation mobile

Statistiques des applications mobiles pour Wynn Resorts:

Plate-forme	Téléchargements	Utilisateurs actifs mensuels
Application iOS	425,000	185,000
Application Android	350,000	160,000

Marketing sur place et services à l'invité

Métriques de performance des canaux sur place:

Canal de service	Interactions annuelles	Taux de conversion
Bureau de conciergerie	425,000	68%
Marketing en vertu de compte	750,000	42%

Wynn Resorts, Limited (Wynn) - Modèle d'entreprise: segments de clientèle

Voyageurs internationaux aisés

Wynn Resorts cible les voyageurs internationaux à dépenses élevées, en particulier à partir de:

Région	Pourcentage de visiteurs internationaux
Chine	68%
Autres pays asiatiques	22%
Europe	6%
Autres régions	4%

Passionnés de jeu à haute nette

Caractéristiques démographiques clés:

• Dépenses de jeu moyen par visite: 5 200 $
• Revenu du segment des joueurs VIP: 1,2 milliard de dollars en 2023
• Taux d'occupation élevé des rouleaux de rouleaux: 92%

Événements d'entreprise et participants à la conférence

Catégorie d'événements	Événements annuels	Revenus totaux
Conférences d'entreprise	247	89,3 millions de dollars
Réunions d'affaires	412	62,7 millions de dollars

Voyageurs de loisir de luxe

Détails du segment des voyageurs de luxe:

• Tarif moyen: 450 $
• Occupation de la suite de luxe: 85%
• Revenu total des voyageurs de luxe: 423 millions de dollars en 2023

Touristes de recherche de divertissement

Catégorie de divertissement	Fréquentation annuelle	Revenu
Spectacles en direct	672,000	54,6 millions de dollars
Boîte de nuit / salon	423,000	37,2 millions de dollars
Restauration	1,1 million	128,5 millions de dollars

Wynn Resorts, Limited (Wynn) - Modèle d'entreprise: Structure des coûts

Entretien de l'immobilier et des biens

Coûts annuels de maintenance immobilière pour Wynn Resorts: 157,2 millions de dollars en 2022. Les frais de maintenance des biens comprennent:

• Maintenance des propriétés de Las Vegas: 89,3 millions de dollars
• Maintenance des propriétés Macao: 67,9 millions de dollars

Emplacement de la propriété	Coût de maintenance (2022)	En pieds carrés
Wynn Las Vegas	45,6 millions de dollars	215 000 pieds carrés
Encore Las Vegas	43,7 millions de dollars	188 000 pieds carrés
Wynn Macau	37,2 millions de dollars	168 000 pieds carrés
Wynn Palace Macau	30,7 millions de dollars	145 000 pieds carrés

Salaires et formation des employés

Total des dépenses des employés en 2022: 1,2 milliard de dollars

• Salaire moyen des employés: 58 400 $ par an
• Coûts de formation: 24,5 millions de dollars par an
• Total de main-d'œuvre: 19 500 employés

Dépenses marketing et promotionnelles

Budget marketing pour 2022: 213,6 millions de dollars

Canal de marketing	Allocation	Pourcentage de budget
Marketing numérique	64,1 millions de dollars	30%
Publicité traditionnelle	85,4 millions de dollars	40%
Événements promotionnels	64,1 millions de dollars	30%

Équipement de jeu et investissements technologiques

Investissement de la technologie et de l'équipement de jeu en 2022: 98,7 millions de dollars

• Technologie de la table de jeu: 42,3 millions de dollars
• Mises à niveau des machines à sous: 36,5 millions de dollars
• Infrastructure de cybersécurité: 19,9 millions de dollars

Coûts de conformité réglementaire et de licence

Total des dépenses de conformité réglementaire en 2022: 45,6 millions de dollars

Catégorie de conformité	Coût	Pourcentage du total
Frais de licence de jeu	22,3 millions de dollars	49%
Représentation réglementaire	11,4 millions de dollars	25%
Conformité juridique et d'audit	11,9 millions de dollars	26%

Wynn Resorts, Limited (Wynn) - Modèle d'entreprise: Strots de revenus

Revenus de jeu de casino

Pour l'exercice 2023, Wynn Resorts a déclaré des revenus totaux de casino de 4,09 milliards de dollars. La rupture des revenus du jeu était la suivante:

Emplacement	Revenus de jeux de casino
Wynn Las Vegas	1,42 milliard de dollars
Wynn Macau	1,67 milliard de dollars
Encore le port de Boston	621 millions de dollars

Réservations de chambres d'hôtel

Les revenus de la chambre d'hôtel pour 2023 ont totalisé 1,26 milliard de dollars, avec un taux quotidien moyen de 404 $ et un taux d'occupation de 83,5%.

Propriété	Nombre de chambres	Revenus moyens de la pièce
Wynn Las Vegas	4 748 chambres	532 $ par nuit
Wynn Macau	1 008 chambres	385 $ par nuit

Gastronomie et ventes de restaurants

Les revenus de la nourriture et des boissons pour 2023 ont atteint 789 millions de dollars, avec plusieurs restaurants signature contribuant au total.

Ventes de billets de divertissement

Les revenus de divertissement et de billetterie s'élevaient à 156 millions de dollars en 2023, notamment:

• Spectacles résidents
• Événements spéciaux
• Performances de concert

Services de vente au détail et de spa

Les revenus de la vente au détail et du spa pour 2023 se sont élevés à 214 millions de dollars, avec la ventilation suivante:

• Points de vente au détail de luxe: 138 millions de dollars
• Spa and Wellness Services: 76 millions de dollars

Frais d'hébergement de conférence et d'événements

Les revenus de l'espace de conférence et de réunion ont totalisé 92 millions de dollars en 2023, avec:

• Centre de conférence Wynn Las Vegas: 62 millions de dollars
• Espaces d'événements Wynn Macau: 30 millions de dollars

Total des sources de revenus combinés pour 2023: 6,61 milliards de dollars

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.