Wynn Resorts, Limited (Wynn): Modelo de negócios Canvas [Jan-2025 Atualizado]

Wynn Resorts, Limited (Wynn) representa um auge da hospitalidade de luxo e da excelência em jogos, misturando estratégias experiências opulentas com operações comerciais sofisticadas. Ao integrar magistralmente entretenimento premium, ambientes de jogos de ponta e comodidades de resort de classe mundial, a empresa esculpiu um nicho distinto no cenário competitivo da hospitalidade. Seu modelo inovador de negócios de negócios revela uma abordagem meticulosamente criada que transcende o gerenciamento tradicional de resorts, oferecendo uma proposta de valor incomparável para viajantes globais ricos e entusiastas de jogos exigentes que buscam experiências extraordinárias em destinos icônicos como Las Vegas e Macau.

Wynn Resorts, Limited (Wynn) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com marcas de luxo e fornecedores de ponta

O Wynn Resorts mantém parcerias estratégicas com vários fornecedores de ponta:

Categoria de parceiro	Parceiros específicos	Foco em parceria
Móveis de luxo	Frette, Bellini	Sala do resort e equipamento de suíte
Equipamento de refeições requintadas	AG racional, Hobart Corporation	Tecnologia de cozinha comercial
Provedores de tecnologia	Cisco Systems, Microsoft	Rede e infraestrutura digital

Parcerias com agências de viagens internacionais e operadores turísticos

Wynn Resorts colabora com redes de viagens globais:

• Grupo Expedia: Receita anual de reserva anual de US $ 12,7 milhões
• Reserva de Holdings: Canais de distribuição integrados
• Serviço de viagem da China: Penetração de mercado de Macau

Colaboração com empresas de entretenimento

Parceiro de entretenimento	Tipo de desempenho	Contribuição anual da receita
Cirque du Soleil	Shows residentes	US $ 14,3 milhões
Nação viva	Produções de concertos	US $ 8,6 milhões
MGM Resorts	Eventos colaborativos	US $ 5,2 milhões

Joint ventures nos mercados de jogos de Macau e Las Vegas

Principais parcerias do mercado de jogos da Wynn Resorts:

• Concessão de jogos de Macau: Wynn Macau Limited (100% de propriedade)
• Resort Integrado de Las Vegas: Wynn Las Vegas, LLC
• Investimento total de joint venture: US $ 4,1 bilhões

Parceria de jogo Redução:

Mercado	Estrutura de parceria	Valor de investimento
Macau	Wynn Macau Limited	US $ 2,6 bilhões
Las Vegas	Wynn Las Vegas, LLC	US $ 1,5 bilhão

Wynn Resorts, Limited (Wynn) - Modelo de negócios: Atividades -chave

Operações de resort de luxo e cassino

O Wynn Resorts opera dois principais resorts de luxo:

• Wynn Las Vegas: 2.716 quartos
• Encore em Wynn Las Vegas: 2.034 quartos
• Wynn Macau: 1.008 quartos
• Encore em Wynn Macau: 414 quartos

Propriedade	Espaço total do cassino	Tabelas de jogos	Máquinas caça -níqueis
WYNN LAS VEGAS	111.000 pés quadrados	186 tabelas	1.908 máquinas
Wynn Macau	63.000 pés quadrados	229 tabelas	1.500 máquinas

Gerenciamento de hospitalidade de ponta

Receita anual de hospitalidade: US $ 1,65 bilhão (2022 ano fiscal)

• AAA Cinco Diamante Classificação para as duas propriedades de Las Vegas
• Classificação de cinco estrelas da Forbes Travel Guide

Entretenimento e hospedagem de eventos

Local	Capacidade	Eventos anuais
Teatro Wynn	1.500 assentos	Mais de 300 performances
Encore teatro	1.220 assentos	Mais de 250 performances

Serviços para jogos e jogos

Receita total de jogos: US $ 2,91 bilhões (2022 ano fiscal)

• Segmento de jogos VIP: US $ 1,42 bilhão
• Jogos de mercado de massa: US $ 1,49 bilhão

Renovação e expansão contínuas de propriedades

Despesas de capital anual: US $ 250-300 milhões (2022-2023)

Propriedade	Investimento recente de renovação	Ano
WYNN LAS VEGAS	US $ 100 milhões	2022
Wynn Macau	US $ 85 milhões	2022

Wynn Resorts, Limited (Wynn) - Modelo de negócios: Recursos -chave

Imóveis premium em Las Vegas e Macau

O Wynn Resorts possui propriedades principais avaliadas em US $ 9,35 bilhões a partir do quarto trimestre 2023, incluindo:

Localização	Valor da propriedade	Área terrestre
WYNN LAS VEGAS	US $ 2,7 bilhões	215 acres
Wynn Macau	US $ 4,1 bilhões	52 acres
Encore Boston Harbor	US $ 2,55 bilhões	33 acres

Propriedades icônicas de resort de luxo

Especificações do resort a partir de 2024:

• Total de quartos de hotel: 4.748
• Espaço de cassino: 186.187 pés quadrados
• Taxa média diária (ADR): US $ 375
• Taxa de ocupação: 84,3%

Forte reputação da marca em hospitalidade

Métricas de avaliação da marca:

Métrica	Valor
Valor da marca	US $ 1,2 bilhão
FORBES VIAGEL Guide Stars	Classificação de 5 estrelas para várias propriedades

Equipe de gerenciamento experiente

Composição de liderança:

• PRODIÇÃO EXECUTIVO Média: 12,5 anos
• Experiência combinada da indústria: mais de 175 anos
• Remuneração executiva (2023): US $ 22,3 milhões

Infraestrutura de tecnologia de jogos sofisticada

Detalhes de investimento em tecnologia:

Categoria de tecnologia	Investimento anual
Sistemas de jogos	US $ 45 milhões
Segurança cibernética	US $ 18 milhões
Plataformas de dados do cliente	US $ 12 milhões

Wynn Resorts, Limited (Wynn) - Modelo de negócios: proposições de valor

Experiências incomparáveis ​​de resort de luxo

O Wynn Resorts oferece acomodações de luxo com uma taxa de quarto diário médio de US $ 349 em Las Vegas para 2023. O número total de quartos de hotel em Wynn Las Vegas e Encore é 4.748. A metragem quadrada total do resort abrange 215 acres.

Localização do resort	Total de quartos	Taxa de ambiente médio
WYNN LAS VEGAS	2,716	$349
Encore Las Vegas	2,034	$349

Opções de entretenimento e jantar de classe mundial

O Wynn Resorts opera mais de 20 restaurantes com 11 locais para refeições com estrelas Michelin. A receita total de restaurantes em 2023 atingiu US $ 487 milhões.

• Restaurantes requintados: 8
• Locais de jantar casuais: 12
• Restaurantes de assinatura por chefs de celebridades: 5

Ambientes de jogos de ponta

A receita total de jogos para 2023 foi de US $ 1,72 bilhão. O piso do cassino cobre 186.187 pés quadrados com 1.300 máquinas caça -níqueis e 135 tabelas de jogos.

Métrica de jogo	2023 dados
Receita total de jogos	US $ 1,72 bilhão
Máquinas caça -níqueis	1,300
Tabelas de jogos	135

Serviços VIP exclusivos para clientes premium

As receitas de suíte de alto jogador atingiram US $ 214 milhões em 2023. O segmento de jogos VIP representa 42% da receita total de jogos.

Conceito de resort integrado com múltiplas comodidades

As comodidades totais do resort incluem 3 piscinas, 6 instalações de spa, 4 boates e 2 campos de golfe. O valor total do investimento do resort excede US $ 4,5 bilhões.

• Piscinas: 3
• Instalações de spa: 6
• Boates: 4
• Campos de golfe: 2

Wynn Resorts, Limited (Wynn) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de concierge personalizados

A Wynn Resorts oferece serviços de concierge dedicados em suas propriedades em Las Vegas e Macau. A partir de 2023, a empresa emprega mais de 250 membros da equipe de concierge dedicados para fornecer experiências personalizadas de hóspedes.

Categoria de serviço	Tempo médio de resposta	Taxa de satisfação do cliente
Concierge pessoal	12 minutos	94.3%
Serviços de convidados VIP	8 minutos	97.1%

Programa de fidelidade para convidados frequentes

O programa de fidelidade Wynn Insider rastreia o envolvimento do cliente com métricas específicas:

• Membros do Programa Total de Fidelidade: 387.000 a partir do quarto trimestre 2023
• Membro médio de gasto por lealdade: US $ 4.750
• Repita a taxa de visita para membros de fidelidade: 62%

Engajamento do cliente com alto toque

A empresa investe US $ 18,3 milhões anualmente nas plataformas de treinamento e tecnologia de engajamento do cliente.

Tratamento VIP para clientela de alto rolo

Segmento VIP	Gasto médio de jogo	Serviços de cortesia
Nível de platina	US $ 250.000 por visita	Salas de jogos particulares
Diamante	US $ 500.000 por visita	Transferências particulares de jato

Plataformas de interação digital e móvel

Estatísticas de engajamento digital para 2023:

• Downloads de aplicativos móveis: 672.000
• Taxa de conversão de reservas on -line: 38%
• Duração média da sessão móvel: 14,7 minutos

Wynn Resorts, Limited (Wynn) - Modelo de Negócios: Canais

Sites diretos do resort

Wynn Resorts opera sites de reservas diretas para:

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

Site	Visitantes mensais únicos	Taxa de conversão de reserva
WYNN LAS VEGAS	1,250,000	3.7%
Wynn Macau	750,000	2.9%
Encore Boston Harbor	350,000	2.5%

Plataformas de reserva on -line

Wynn Resorts utiliza várias plataformas de reserva on -line:

• Expedia
• Booking.com
• Hotels.com
• Orbitz

Plataforma	Volume de reserva	Taxa de comissão
Expedia	42.000 reservas/ano	15%
Booking.com	35.000 reservas/ano	12%
Hotels.com	25.000 reservas/ano	10%

Parcerias da agência de viagens

Wynn Resorts mantém parcerias com:

• American Express Travel
• Rede Virtuosa
• Viagem internacional de Frosch

Parceiro	Referências anuais	Valor médio de reserva
American Express Travel	18,500	$1,250
Rede Virtuosa	12,000	$2,100
Viagem internacional de Frosch	8,500	$1,750

Aplicativos de reserva móvel

Estatísticas de aplicativos móveis para Wynn Resorts:

Plataforma	Downloads	Usuários ativos mensais
aplicativo iOS	425,000	185,000
App Android	350,000	160,000

Os serviços de marketing e convidados no local

Métricas de desempenho do canal no local:

Canal de serviço	Interações anuais	Taxa de conversão
Mesa de concierge	425,000	68%
Marketing em resort	750,000	42%

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

Viajantes internacionais afluentes

Wynn Resorts tem como alvo viajantes internacionais de alto gasto, particularmente de:

Região	Porcentagem de visitantes internacionais
China	68%
Outros países asiáticos	22%
Europa	6%
Outras regiões	4%

Entusiastas do jogo de alto patrimônio líquido

Principais características demográficas:

• Gastes médios de jogo por visita: US $ 5.200
• Receita do segmento de jogadores VIP: US $ 1,2 bilhão em 2023
• Taxa de ocupação de salas de rolos alta: 92%

Eventos corporativos e participantes da conferência

Categoria de evento	Eventos anuais	Receita total
Conferências corporativas	247	US $ 89,3 milhões
Reuniões de negócios	412	US $ 62,7 milhões

Viajantes de lazer de luxo

Detalhes do segmento de viajantes de luxo:

• Taxa de quarto médio: $ 450
• Ocupação da suíte de luxo: 85%
• Receita total de viajantes de luxo: US $ 423 milhões em 2023

Turistas em busca de entretenimento

Categoria de entretenimento	Participação anual	Receita
Shows ao vivo	672,000	US $ 54,6 milhões
Boate/lounge	423,000	US $ 37,2 milhões
Restaurante para restaurantes	1,1 milhão	US $ 128,5 milhões

Wynn Resorts, Limited (Wynn) - Modelo de negócios: estrutura de custos

Manutenção imobiliária e de propriedade

Os custos anuais de manutenção de propriedades para Wynn Resorts: US $ 157,2 milhões em 2022. As despesas de manutenção de propriedades incluem:

• Manutenção de propriedades de Las Vegas: US $ 89,3 milhões
• Manutenção da propriedade de Macau: US $ 67,9 milhões

Localização da propriedade	Custo de manutenção (2022)	Metragem quadrada
WYNN LAS VEGAS	US $ 45,6 milhões	215.000 pés quadrados
Encore Las Vegas	US $ 43,7 milhões	188.000 pés quadrados
Wynn Macau	US $ 37,2 milhões	168.000 pés quadrados
Wynn Palace Macau	US $ 30,7 milhões	145.000 pés quadrados

Salários e treinamento de funcionários

Total de despesas dos funcionários em 2022: US $ 1,2 bilhão

• Salário médio de funcionários: US $ 58.400 por ano
• Custos de treinamento: US $ 24,5 milhões anualmente
• Força de trabalho total: 19.500 funcionários

Despesas de marketing e promocionais

Orçamento de marketing para 2022: US $ 213,6 milhões

Canal de marketing	Alocação	Porcentagem de orçamento
Marketing digital	US $ 64,1 milhões	30%
Publicidade tradicional	US $ 85,4 milhões	40%
Eventos promocionais	US $ 64,1 milhões	30%

Equipamento de jogos e investimentos em tecnologia

Investimento em equipamentos de tecnologia e jogos em 2022: US $ 98,7 milhões

• Tecnologia da tabela de jogos: US $ 42,3 milhões
• Atualizações de máquina de caça -níqueis: US $ 36,5 milhões
• Infraestrutura de segurança cibernética: US $ 19,9 milhões

Custos regulatórios de conformidade e licenciamento

Despesas totais de conformidade regulatória em 2022: US $ 45,6 milhões

Categoria de conformidade	Custo	Porcentagem de total
Taxas de licença de jogo	US $ 22,3 milhões	49%
Relatórios regulatórios	US $ 11,4 milhões	25%
Conformidade legal e de auditoria	US $ 11,9 milhões	26%

Wynn Resorts, Limited (Wynn) - Modelo de negócios: fluxos de receita

Receita de jogos de cassino

Para o ano fiscal de 2023, o Wynn Resorts registrou receitas totais de cassino de US $ 4,09 bilhões. O colapso das receitas de jogos foi o seguinte:

Localização	Receita de jogos de cassino
WYNN LAS VEGAS	US $ 1,42 bilhão
Wynn Macau	US $ 1,67 bilhão
Encore Boston Harbor	US $ 621 milhões

Reservas de quartos de hotel

As receitas de quartos de hotel para 2023 totalizaram US $ 1,26 bilhão, com uma taxa média diária de US $ 404 e uma taxa de ocupação de 83,5%.

Propriedade	Número de quartos	Receita média da sala
WYNN LAS VEGAS	4.748 quartos	US $ 532 por noite
Wynn Macau	1.008 quartos	US $ 385 por noite

Belas refeições e vendas de restaurantes

As receitas de alimentos e bebidas em 2023 atingiram US $ 789 milhões, com vários restaurantes de assinatura contribuindo para o total.

Vendas de ingressos de entretenimento

As receitas de entretenimento e ingressos totalizaram US $ 156 milhões em 2023, incluindo:

• Shows residentes
• Eventos especiais
• Apresentações de concertos

Serviços de varejo e spa

As receitas de varejo e spa para 2023 foram de US $ 214 milhões, com a seguinte quebra:

• Sontos de varejo de luxo: US $ 138 milhões
• Serviços de spa e bem -estar: US $ 76 milhões

Taxas de hospedagem de conferência e evento

As receitas de espaço de conferência e reunião totalizaram US $ 92 milhões em 2023, com:

• Wynn Las Vegas Center: US $ 62 milhões
• Espaços de eventos Wynn Macau: US $ 30 milhões

Total de fluxos de receita combinados para 2023: US $ 6,61 bilhões

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.