Wynn Resorts, Limited (WYNN) 10-Q 2024 Q2 Quarterly report

`

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                   to                 

Commission File No. 000-50028

 WYNN RESORTS, LIMITED

(Exact name of registrant as specified in its charter)

Nevada	46-0484987
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3131 Las Vegas Boulevard South - Las Vegas, Nevada 89109

(Address of principal executive offices) (Zip Code)

(702) 770-7555

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01	WYNN	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Class	Outstanding at July 31, 2024
Common stock, par value $0.01	110,991,627

WYNN RESORTS, LIMITED AND SUBSIDIARIES

FORM 10-Q

INDEX

 

Part I.	Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets - June 30, 2024 (unaudited) and December 31, 2023	3
	Condensed Consolidated Statements of Income (unaudited) - Three and Six Months Ended June 30, 2024 and 2023	4
	Condensed Consolidated Statements of Comprehensive Income (unaudited) - Three and Six Months Ended June 30, 2024 and 2023	5
	Condensed Consolidated Statements of Stockholders’ Deficit (unaudited) - Three and Six Months Ended June 30, 2024 and 2023	6
	Condensed Consolidated Statements of Cash Flows (unaudited) - Six Months Ended June 30, 2024 and 2023	8
	Notes to Condensed Consolidated Financial Statements (unaudited)	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	46
Part II.	Other Information
Item 1.	Legal Proceedings	47
Item 1A.	Risk Factors	47
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 3.	Default Upon Senior Securities	47
Item 4.	Mine Safety Disclosures	47
Item 5.	Other Information	47
Item 6.	Exhibits	48
Signature		49

2

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

	June 30, 2024		December 31, 2023
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	2,379,415	$	2,879,186
Restricted cash	—		18
Investments	500,000		845,192
Accounts receivable, net of allowance for credit losses of $39,491 and $40,075, respectively	317,643		341,712
Inventories	72,152		75,552
Prepaid expenses and other	103,303		99,961
Total current assets	3,372,513		4,241,621
Property and equipment, net	6,492,579		6,688,479
Restricted cash	90,629		90,208
Goodwill and intangible assets, net	310,694		329,708
Operating lease assets	1,812,438		1,832,896
Deferred income taxes, net	478,570		500,877
Other assets	732,375		312,434
Total assets	$	13,289,798	$	13,996,223
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts and construction payables	$	200,652	$	208,263
Customer deposits	488,567		543,288
Gaming taxes payable	151,295		172,832
Accrued compensation and benefits	178,517		212,645
Accrued interest	138,808		141,902
Current portion of long-term debt	1,291,295		709,593
Other accrued liabilities	151,892		211,931
Total current liabilities	2,601,026		2,200,454
Long-term debt	9,739,417		11,028,744
Long-term operating lease liabilities	1,616,898		1,631,749
Other long-term liabilities	234,419		236,210
Total liabilities	14,191,760		15,097,157
Commitments and contingencies (Note 15)
Stockholders' deficit:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding	—		—
Common stock, par value $0.01; 400,000,000 shares authorized; 133,511,209 and 132,998,916 shares issued; 111,375,062 and 111,737,245 shares outstanding, respectively	1,335		1,330
Treasury stock, at cost; 22,136,147 and 21,261,671 shares, respectively	(1,918,595)		(1,836,326)
Additional paid-in capital	3,672,049		3,647,161
Accumulated other comprehensive income	2,213		3,406
Accumulated deficit	(1,866,826)		(2,066,953)
Total Wynn Resorts, Limited stockholders' deficit	(109,824)		(251,382)
Noncontrolling interests	(792,138)		(849,552)
Total stockholders' deficit	(901,962)		(1,100,934)
Total liabilities and stockholders' deficit	$	13,289,798	$	13,996,223

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating revenues:
Casino	$	1,008,946	$	912,999	$	2,130,412	$	1,679,991
Rooms	304,521		276,505		631,935		549,034
Food and beverage	281,404		257,036		548,342		489,647
Entertainment, retail and other	138,061		149,282		285,152		300,829
Total operating revenues	1,732,932		1,595,822		3,595,841		3,019,501
Operating expenses:
Casino	614,518		543,643		1,289,957		1,017,028
Rooms	80,538		73,783		162,615		146,485
Food and beverage	221,343		203,922		427,164		384,541
Entertainment, retail and other	62,941		85,999		133,953		178,481
General and administrative	264,727		257,321		536,343		517,093
Provision for credit losses	2,429		(6,640)		2,516		(7,184)
Pre-opening	1,558		1,477		3,593		5,955
Depreciation and amortization	176,405		169,962		351,338		338,774
Property charges and other	38,815		16,019		55,763		18,477
Total operating expenses	1,463,274		1,345,486		2,963,242		2,599,650
Operating income	269,658		250,336		632,599		419,851
Other income (expense):
Interest income	34,884		44,127		75,056		84,320
Interest expense, net of amounts capitalized	(174,596)		(190,243)		(357,000)		(377,983)
Change in derivatives fair value	15,517		24,336		(2,397)		47,382
Loss on debt financing transactions	—		(3,375)		(1,561)		(15,611)
Other	8,745		6,959		4,023		(23,655)
Other income (expense), net	(115,450)		(118,196)		(281,879)		(285,547)
Income before income taxes	154,208		132,140		350,720		134,304
Provision for income taxes	(7,935)		(4,305)		(27,949)		(5,323)
Net income	146,273		127,835		322,771		128,981
Less: net income attributable to noncontrolling interests	(34,330)		(22,651)		(66,612)		(11,465)
Net income attributable to Wynn Resorts, Limited	$	111,943	$	105,184	$	256,159	$	117,516
Basic and diluted net income per common share:
Net income attributable to Wynn Resorts, Limited:
Basic	$	1.01	$	0.93	$	2.31	$	1.04
Diluted	$	0.91	$	0.84	$	2.30	$	0.84
Weighted average common shares outstanding:
Basic	110,937		112,889		110,980		112,821
Diluted	111,175		113,198		111,222		113,143

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

 

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	146,273	$	127,835	$	322,771	$	128,981
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax	(3,643)		(3,595)		(1,654)		11,568
Total comprehensive income	142,630		124,240		321,117		140,549
Less: comprehensive income attributable to noncontrolling interests	(33,304)		(21,615)		(66,151)		(14,713)
Comprehensive income attributable to Wynn Resorts, Limited	$	109,326	$	102,625	$	254,966	$	125,836

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

(in thousands, except share data)

(unaudited)

	For the three months ended June 30, 2024
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders'  deficit
Balances, April 1, 2024	112,071,149	$	1,335	$	(1,849,172)	$	3,656,809	$	4,830	$	(1,950,755)	$	(136,953)	$	(809,427)	$	(946,380)
Net income	—	—		—		—		—		111,943		111,943		34,330		146,273
Currency translation adjustment	—	—		—		—		(2,617)		—		(2,617)		(1,026)		(3,643)
Exercise of stock options	—	—		—		—		—		—		—		—		—
Issuance of restricted stock	65,310	—		—		—		—		—		—		—		—
Cancellation of restricted stock	(5,756)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(755,641)	—		(69,423)		—		—		—		(69,423)		—		(69,423)
Cash dividends declared	—	—		—		—		—		(28,014)		(28,014)		(14,376)		(42,390)
Distribution to noncontrolling interest	—	—		—		—		—		—		—		(2,645)		(2,645)
Transactions with subsidiary minority shareholders	—	—		—		(74)		—		—		(74)		74		—
Stock-based compensation	—	—		—		15,314		—		—		15,314		932		16,246
Balances, June 30, 2024	111,375,062	$	1,335	$	(1,918,595)	$	3,672,049	$	2,213	$	(1,866,826)	$	(109,824)	$	(792,138)	$	(901,962)

	For the three months ended June 30, 2023
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders'  deficit
Balances, April 1, 2023	113,808,044	$	1,328	$	(1,634,706)	$	3,604,945	$	10,475	$	(2,699,476)	$	(717,434)	$	(898,936)	$	(1,616,370)
Net income	—	—		—		—		—		105,184		105,184		22,651		127,835
Currency translation adjustment	—	—		—		—		(2,559)		—		(2,559)		(1,036)		(3,595)
Exercise of stock options	7,000	—		—		478		—		—		478		—		478
Issuance of restricted stock	147,628	1		—		(2)		—		—		(1)		—		(1)
Cancellation of restricted stock	(8,209)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(11,528)	—		(1,260)		—		—		—		(1,260)		—		(1,260)
Cash dividends declared	—	—		—		—		—		(28,481)		(28,481)		—		(28,481)
Distribution to noncontrolling interest	—	—		—		(2,994)		—		—		(2,994)		(1,449)		(4,443)
Stock-based compensation	—	—		—		16,814		—		—		16,814		1,859		18,673
Balances, June 30, 2023	113,942,935	$	1,329	$	(1,635,966)	$	3,619,241	$	7,916	$	(2,622,773)	$	(630,253)	$	(876,911)	$	(1,507,164)

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

(in thousands, except share data)

(unaudited)

	For the six months ended June 30, 2024
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders'  deficit
Balances, January 1, 2024	111,737,245	$	1,330	$	(1,836,326)	$	3,647,161	$	3,406	$	(2,066,953)	$	(251,382)	$	(849,552)	$	(1,100,934)
Net income	—	—		—		—		—		256,159		256,159		66,612		322,771
Currency translation adjustment	—	—		—		—		(1,193)		—		(1,193)		(461)		(1,654)
Exercise of stock options	17,285	—		—		1,017		—		—		1,017		—		1,017
Issuance of restricted stock	504,978	5		—		8,010		—		—		8,015		—		8,015
Cancellation of restricted stock	(9,970)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(874,476)	—		(82,269)		—		—		—		(82,269)		—		(82,269)
Cash dividends declared	—	—		—		—		—		(56,032)		(56,032)		(14,376)		(70,408)
Distribution to noncontrolling interest	—	—		—		—		—		—		—		(8,641)		(8,641)
Transactions with subsidiary minority shareholders	—	—		—		(11,947)		—		—		(11,947)		11,947		—
Stock-based compensation	—	—		—		27,808		—		—		27,808		2,333		30,141
Balances, June 30, 2024	111,375,062	$	1,335	$	(1,918,595)	$	3,672,049	$	2,213	$	(1,866,826)	$	(109,824)	$	(792,138)	$	(901,962)

	For the six months ended June 30, 2023
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders'  deficit
Balances, January 1, 2023	113,369,439	$	1,323	$	(1,623,872)	$	3,583,923	$	(404)	$	(2,711,808)	$	(750,838)	$	(889,527)	$	(1,640,365)
Net income	—	—		—		—		—		117,516		117,516		11,465		128,981
Currency translation adjustment	—	—		—		—		8,320		—		8,320		3,248		11,568
Exercise of stock options	32,284	—		—		1,965		—		—		1,965		—		1,965
Issuance of restricted stock	668,329	6		—		6,632		—		—		6,638		—		6,638
Cancellation of restricted stock	(14,589)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(118,709)	—		(12,094)		—		—		—		(12,094)		—		(12,094)
Cash dividends declared	—	—		—		—		—		(28,481)		(28,481)		—		(28,481)
Distribution to noncontrolling interest	—	—		—		(2,994)		—		—		(2,994)		(5,951)		(8,945)
Transactions with subsidiary minority shareholders	6,181	—		—		(754)		—		—		(754)		754		—
Stock-based compensation	—	—		—		30,469		—		—		30,469		3,100		33,569
Balances, June 30, 2023	113,942,935	$	1,329	$	(1,635,966)	$	3,619,241	$	7,916	$	(2,622,773)	$	(630,253)	$	(876,911)	$	(1,507,164)

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities:
Net income	$	322,771	$	128,981
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	351,338		338,774
Deferred income taxes	22,307		(1,371)
Stock-based compensation expense	30,536		32,995
Amortization of debt issuance costs	20,675		19,095
Loss on debt financing transactions	1,561		15,611
Provision for credit losses	2,516		(7,184)
Change in derivatives fair value	2,397		(47,382)
Property charges and other	46,927		42,132
Increase (decrease) in cash from changes in:
Receivables, net	21,633		(9,489)
Inventories, prepaid expenses and other	9,829		(407)
Customer deposits	(55,056)		(6,465)
Accounts payable and accrued expenses	(109,580)		25,449
Net cash provided by operating activities	667,854		530,739
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	(191,337)		(215,299)
Investment in unconsolidated affiliates	(428,964)		(31,193)
Purchase of investments	—		(286,519)
Proceeds from maturity of investments	350,000		—
Purchase of intangible and other assets	(2,614)		(11,740)
Proceeds from sale of assets and other	1,289		490
Net cash used in investing activities	(271,626)		(544,261)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	412,000		1,200,000
Repayments of long-term debt	(1,129,136)		(1,112,500)
Repurchase of common stock	(80,798)		(12,094)
Proceeds from exercise of stock options	1,017		1,965
Distribution to noncontrolling interest	(8,641)		(8,945)
Dividends paid	(70,126)		(28,709)
Finance lease payments	(9,163)		(9,731)
Payments for financing costs	(6,458)		(41,020)
Other	(4,486)		(7,773)
Net cash used in financing activities	(895,791)		(18,807)
Effect of exchange rate on cash, cash equivalents and restricted cash	195		(2,864)
Cash, cash equivalents and restricted cash:
Decrease in cash, cash equivalents and restricted cash	(499,368)		(35,193)
Balance, beginning of period	2,969,412		3,782,990
Balance, end of period	$	2,470,044	$	3,747,797

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 - Organization

Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, "Wynn Resorts" or the "Company"), is a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming.

In the Macau Special Administrative Region of the People's Republic of China ("Macau"), the Company owns approximately 72% of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas. The Company is a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations. In Everett, Massachusetts, the Company operates Encore Boston Harbor, an integrated resort.

The Company has a 40% equity interest in Island 3 AMI FZ-LLC ("Island 3"), an unconsolidated affiliate, which is constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates, currently expected to open in 2027.

Note 2 -    Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three and six months ended June 30, 2024 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2024. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. 

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries, and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 16, "Retail Joint Venture." If the entity does not qualify for consolidation and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method. All significant intercompany accounts and transactions have been eliminated. During the three months ended March 31, 2024, Wynn Interactive Ltd. no longer met the requirements for a reportable segment. As a result, its assets and results of operations are presented in Corporate and other and previous period amounts have been reclassified to be consistent with the current period presentation of the Company's reportable segments. These reclassifications had no effect on the previously reported net income or operating income. For information on the Company's reportable segments, see Note 17, "Segment Information."

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for deferred tax assets and credit losses, estimates regarding the useful lives and recoverability of long-lived and intangible assets, valuations of derivatives, and litigation and contingency estimates.

9

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Gaming Taxes

The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Income. These taxes totaled $436.9 million and $391.4 million for the three months ended June 30, 2024 and 2023, respectively, and $925.6 million and $701.8 million for the six months ended June 30, 2024 and 2023, respectively.

Investments

As of June 30, 2024, the Company held $500.0 million in fixed deposits, recorded at fair value. The Company received proceeds of $300.0 million upon the maturity of its investments in debt securities and $50.0 million upon the maturity of its investments in fixed deposits during the three months ended June 30, 2024.

As of December 31, 2023, the Company held $550.0 million in fixed deposits, recorded at fair value, and $295.2 million in debt securities, recorded at amortized cost within Investments on the Condensed Consolidated Balance Sheets. The estimated fair value of the Company's debt securities as of December 31, 2023 was approximately $294.8 million and the gross unrecognized holding loss was $0.4 million. As of December 31, 2023, the Company had $8.7 million in accrued interest on its debt securities, recorded in Investments on the Condensed Consolidated Balance Sheets.

As of the balance sheet date, the Company evaluates whether the unrealized losses are attributable to credit losses or other factors. The Company considers the severity of the decline in value, creditworthiness of the issuer and other relevant factors and records an allowance for credit losses, limited to the excess of amortized cost over fair value, with a corresponding charge to earnings. The allowance may be subsequently increased or decreased based on the prevailing facts and circumstances. During the three and six months ended June 30, 2024 and 2023, no impairment was recognized.

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Goodwill is not amortized, but rather is subject to impairment testing annually, or more frequently if events or changes in circumstances indicate that this asset may be impaired. As of June 30, 2024 and December 31, 2023, the Company had a goodwill balance of $18.5 million, recorded in Goodwill and intangible assets, net on the Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2024, no impairment was recognized.

Investment in Unconsolidated Affiliate

The Company accounts for its investment in Island 3 using the equity method. Under the equity method, the investment's carrying value is adjusted for the Company’s share of the investee's earnings and losses, capital contributions to and distributions from the investee, and capitalization of interest cost incurred by the Company during the investee's initial development period. As of June 30, 2024 and December 31, 2023, the Company had an investment in unconsolidated affiliate of $517.6 million and $90.9 million, respectively, recorded in noncurrent other assets in the accompanying Condensed Consolidated Balance Sheets.

Recently Issued Accounting Standards

The Company’s management has evaluated the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standard-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.

10

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 3 -    Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):

	June 30, 2024		December 31, 2023
Cash and cash equivalents:
Cash (1)	$	1,137,449	$	1,076,474
Cash equivalents (2)	1,241,966		1,802,712
Total cash and cash equivalents	2,379,415		2,879,186
Restricted cash (3)	90,629		90,226
Total cash, cash equivalents and restricted cash	$	2,470,044	$	2,969,412
(1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations, cash held in trusts in accordance with WML's share award plans, and as of June 30, 2024 and December 31, 2023 included $87.0 million in the form of a first demand bank guarantee in favor of the Macau government to support the legal and contractual obligations of Wynn Resorts (Macau) S.A. ("Wynn Macau SA") through the term of Wynn Macau SA's gaming concession contract.

The following table presents the supplemental cash flow disclosures of the Company (in thousands):

	Six Months Ended June 30,
	2024		2023
Cash paid for interest, net of amounts capitalized	$	342,525	$	346,055
Liability settled with shares of common stock	$	8,015	$	6,639
Accounts and construction payables related to property and equipment	$	59,245	$	49,014
Other liabilities related to intangible assets (1)	$	200,251	$	205,875
Net settlement of liabilities in connection with an asset sale	$	27,665	$	—
Finance lease liabilities arising from obtaining finance lease assets	$	4,669	$	657

(1) For the six months ended June 30, 2024 and 2023, included $198.8 million and $201.5 million, respectively, related to the Macau gaming premium in connection with Wynn Macau SA's gaming concession contract.

Note 4 -    Receivables, net

Accounts Receivable and Credit Risk

Receivables, net consisted of the following (in thousands):

	June 30, 2024		December 31, 2023
Casino	$	183,958	$	218,694
Hotel	45,267		54,596
Other	127,909		108,497
	357,134		381,787
Less: allowance for credit losses	(39,491)		(40,075)
	$	317,643	$	341,712

As of June 30, 2024 and December 31, 2023, approximately 75.4% and 68.2%, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in the countries in which the Company's customers reside could affect the collectability of such receivables.

The Company’s allowance for casino credit losses was 18.0% and 15.9% of gross casino receivables as of June 30, 2024 and December 31, 2023, respectively. Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change. The Company’s allowance for credit losses from its hotel and other receivables is not material.

11

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The following table shows the movement in the Company's allowance for credit losses recognized for receivables that occurred during the periods presented (in thousands): 

	June 30,
	2024		2023
Balance at beginning of year	$	40,075	$	78,842
Provision for credit losses	2,516		(7,184)
Write-offs	(6,377)		(22,862)
Recoveries of receivables previously written off	3,261		8,655
Effect of exchange rate	16		(190)
Balance at end of period	$	39,491	$	57,261

Note 5 -    Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):

	June 30, 2024		December 31, 2023
Buildings and improvements	$	8,490,529	$	8,459,085
Land and improvements	1,234,583		1,228,652
Furniture, fixtures and equipment	3,366,334		3,311,478
Airplanes	110,623		110,623
Construction in progress	169,259		162,592
	13,371,328		13,272,430
Less: accumulated depreciation	(6,878,749)		(6,583,951)
	$	6,492,579	$	6,688,479

As of June 30, 2024 and December 31, 2023, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties. During the three months ended June 30, 2024, the Company expensed $61.5 million of project costs related to a discontinued development project, inclusive of $4.7 million of internally allocated overhead, that had been previously capitalized. The expense was recorded in Property charges and other in the accompanying Condensed Consolidated Statements of Income.

Depreciation expense for the three months ended June 30, 2024 and 2023 was $162.2 million and $154.8 million, respectively, and depreciation expense for the six months ended June 30, 2024 and 2023 was $320.3 million and $308.9 million, respectively.

12

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 6 -    Long-Term Debt

Long-term debt consisted of the following (in thousands):

	June 30, 2024		December 31, 2023
Macau Related:
WM Cayman II Revolver, due 2025 (1)	$	1,186,448	$	1,497,610
WML 4 7/8% Senior Notes, due 2024	600,000		600,000
WML 5 1/2% Senior Notes, due 2026	1,000,000		1,000,000
WML 5 1/2% Senior Notes, due 2027	750,000		750,000
WML 5 5/8% Senior Notes, due 2028	1,350,000		1,350,000
WML 5 1/8% Senior Notes, due 2029	1,000,000		1,000,000
WML 4 1/2% Convertible Bonds, due 2029 (2)	600,000		600,000
U.S. and Corporate Related:
WRF Credit Facilities (3):
WRF Term Loan, due 2024	71,794		73,683
WRF Term Loan, due 2027	711,956		730,692
WLV 5 1/2% Senior Notes, due 2025	583,310		1,380,001
WLV 5 1/4% Senior Notes, due 2027	880,000		880,000
WRF 5 1/8% Senior Notes, due 2029	750,000		750,000
WRF 7 1/8% Senior Notes, due 2031	1,000,000		600,000
Retail Term Loan, due 2025 (4)	615,000		615,000
	11,098,508		11,826,986
WML Convertible Bond Conversion Option Derivative	72,039		73,744
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(139,835)		(162,393)
	11,030,712		11,738,337
Less: Current portion of long-term debt	(1,291,295)		(709,593)
Total long-term debt, net of current portion	$	9,739,417	$	11,028,744

(1) As of June 30, 2024, the borrowings under the WM Cayman II Revolver bear interest at the term secured overnight financing rate ("Term SOFR") plus a credit adjustment spread of 0.10% or HIBOR, in each case plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $247.4 million and $939.1 million of the WM Cayman II Revolver bears interest at a rate of Term SOFR plus 1.975% per year and HIBOR plus 1.875% per year, respectively. As of June 30, 2024, the weighted average interest rate was approximately 6.66%. As of June 30, 2024, the available borrowing capacity under the WM Cayman II Revolver was $312.2 million. In July 2024, the Company repaid approximately $40.0 million of outstanding WM Cayman II Revolver borrowings.

(2) As of June 30, 2024, the net carrying amount of the WML Convertible Bonds was $488.8 million, with unamortized debt discount and debt issuance costs of $111.2 million. The Company recorded contractual interest expense of $6.8 million and $6.8 million and amortization of discounts and issuance costs of $4.7 million and $4.3 million during the three months ended June 30, 2024 and 2023, respectively, and contractual interest expense of $13.5 million and $8.6 million and amortization of discounts and issuance costs of $9.2 million and $5.4 million during the six months ended June 30, 2024 and 2023, respectively.

(3) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.85% per year. As of June 30, 2024, the weighted average interest rate was approximately 7.19%. Additionally, as of June 30, 2024, the available borrowing capacity under the WRF Revolver was $735.3 million, net of $14.7 million in outstanding letters of credit.

(4) The Retail Term Loan bears interest at a rate of adjusted daily simple secured overnight financing rate ("SOFR") plus 1.80% per year. As of June 30, 2024, the interest rate was 5.47%.

WRF Senior Notes

In February 2024, Wynn Resorts Finance, LLC ("WRF") and its subsidiary, Wynn Resorts Capital Corp., issued an additional $400.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Add-On Senior Notes," and collectively with the 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes") and 5 1/8% Senior Notes due 2029 (the "2029 WRF Senior Notes"), the "WRF Senior Notes") pursuant to a supplemental indenture to the 2031 Senior Notes indenture dated as of February 16, 2023. The 2031 WRF Add-On Senior Notes were issued at a price equal to 103.00% of the principal amount plus accrued interest, resulting in net proceeds of $409.5 million. The net proceeds from the 2031 WRF Add-On Senior Notes, together with cash held by Wynn Resorts, were used to repurchase an aggregate $796.7 million of the

13

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

outstanding principal amount of the 2025 WLV Senior Notes (as defined below) and to pay the applicable tender premium and related fees and expenses.

In connection with the issuance of the 2031 WRF Add-On Senior Notes and the repurchase of the 2025 WLV Senior Notes (as further discussed below), the Company recognized a loss on debt financing transactions of $1.6 million within the accompanying Condensed Consolidated Statements of Income, and the Company recorded debt issuance costs of $5.6 million within the accompanying Condensed Consolidated Balance Sheet.

WLV Senior Notes

In February and March 2024, Wynn Las Vegas repurchased $800.0 million aggregate principal amount of its 5 1/2% Senior Notes due 2025 (the "2025 WLV Senior Notes"), which consisted of i) $681.0 million aggregate principal amount of validly tendered notes repurchased at a price equal to 97.2% of the principal amount, plus accrued interest and an early tender premium of $20.3 million, and ii) $119.0 million aggregate principal amount of notes repurchased on a pro-rata basis at a price equal of 100% of the principal amount, plus accrued interest, under the terms of its indenture. Included in the $119.0 million repurchase was $3.3 million aggregate principal amount of 2025 WLV Senior Notes held by Wynn Resorts. The Company used the net proceeds from the 2031 WRF Add-On Senior Notes and cash held by WRF to purchase such validly tendered 2025 WLV Senior Notes and to pay the early tender premium and related fees and expenses.

Debt Covenant Compliance

As of June 30, 2024, management believes the Company was in compliance with all debt covenants.

Fair Value of Long-Term Debt

The estimated fair value of the Company's long-term debt as of June 30, 2024 and December 31, 2023 was approximately $10.85 billion and $11.49 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $11.10 billion and $11.83 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).

Note 7 - WML Convertible Bond Conversion Option Derivative

The conversion feature contained within the WML Convertible Bonds (the "WML Convertible Bond Conversion Option Derivative") is not indexed to WML's equity and, as such, is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative, reported at fair value as of the end of each reporting period, with changes recognized in the Condensed Consolidated Statements of Income. The following table sets forth the inputs to the lattice models that were used to value the WML Convertible Bond Conversion Option Derivative:

	June 30, 2024			December 31, 2023
WML stock price	HK$	6.40		HK$	6.43
Estimated volatility	34.0		%	34.0		%
Risk-free interest rate	3.8		%	3.3		%
Expected term (years)	4.7			5.2
Dividend yield (1)	0.0		%	0.0		%

(1) Dividend yield is assumed to be zero in the lattice model used to value the WML Convertible Bond Conversion Option Derivative, due to a dividend protection feature in the WML Convertible Bond Agreement.

As of June 30, 2024 and December 31, 2023, the estimated fair value of the embedded derivative was a liability of $72.0 million and $73.7 million, respectively, recorded in Long-term debt in the accompanying Condensed Consolidated Balance Sheets. In connection with the change in fair value, the Company recorded a gain of $18.0 million and $21.6 million for the three months ended June 30, 2024 and 2023, respectively, and a gain of $1.7 million and $46.5 million for the six months ended June 30, 2024 and 2023, respectively, within Change in derivative fair value in the accompanying Condensed Consolidated Statements of Income.

14

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 8 - Stockholders' Deficit

Equity Repurchase Program

In April 2016, the Company's Board of Directors authorized an equity repurchase program of up to $1.00 billion, which may include repurchases by the Company of its common stock from time to time through open market purchases, privately negotiated transactions, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. Any shares repurchased pursuant to the equity repurchase program are held as treasury shares. During the three and six months ended June 30, 2024, the Company repurchased 741,340 shares of its common stock at an average price of $91.72 per share, for an aggregate cost of $68.0 million under the equity repurchase program. No shares were repurchased during the three and six months ended June 30, 2023. As of June 30, 2024, the Company had $365.4 million in repurchase authority remaining under the program.

Dividends

The Company paid a cash dividend of $0.25 per share in each of the quarters ended March 31, 2024 and June 30, 2024 and recorded $28.0 million in each period against accumulated deficit.

On August 6, 2024, the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on August 30, 2024 to stockholders of record as of August 19, 2024.

Noncontrolling Interests

Wynn Macau, Limited

On June 19, 2024, WML paid a cash dividend of HK$0.075 per share for a total U.S. dollar equivalent of approximately $50.4 million. The Company's share of this dividend was $36.0 million, and the noncontrolling interest holders' share of this dividend was $14.4 million.

WML Securities Lending Agreement

In connection with the offering of the WML Convertible Bonds, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximate 72% ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") on March 2, 2023 (as amended on March 30, 2023, the "Securities Lending Agreement"), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending Agreement. WM Cayman I may, at its sole discretion, terminate any stock loan by giving the WML Stock Borrower no less than five business days' notice. The Securities Lending Agreement terminates on the date on which the WML Convertible Bonds have been redeemed, or converted in full, whichever is the earlier. As of the date of this report, the WML Stock Borrower held 179,774,985 WML shares under the Securities Lending Agreement.

Retail Joint Venture

During the six months ended June 30, 2024 and 2023, the Retail Joint Venture made aggregate distributions of approximately $8.6 million and $8.9 million, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture."

15

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 9 - Fair Value Measurements

The following tables present assets and liabilities carried at fair value (in thousands): 

			Fair Value Measurements Using:
	June 30, 2024		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	1,241,966	$	—	$	1,241,966	$	—
Restricted cash	$	90,629	$	2,204	$	88,425	$	—
Fixed deposits	$	500,000	$	—	$	500,000	$	—
Interest rate collar	$	1,668	$	—	$	1,668	$	—
Liabilities:
WML Convertible Bond Conversion Option Derivative (see Note 7)	$	72,039	$	—	$	—	$	72,039
			Fair Value Measurements Using:
	December 31, 2023		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	1,802,712	$	—	$	1,802,712	$	—
Restricted cash	$	90,226	$	2,170	$	88,056	$	—
Fixed deposits	$	550,000	$	—	$	550,000	$	—
Interest rate collar	$	5,769	$	—	$	5,769	$	—
Liabilities:
WML Convertible Bond Conversion Option Derivative (see Note 7)	$	73,744	$	—	$	—	$	73,744

16

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 10 - Customer Contract Liabilities

In providing goods and services to its customers, there is often a timing difference between the Company receiving cash and the Company recording revenue for providing services or holding events.

The Company's primary liabilities associated with customer contracts are as follows (in thousands):

	June 30, 2024		December 31, 2023		Increase / (decrease)		June 30, 2023		December 31, 2022		Increase / (decrease)
Casino outstanding chips and front money deposits (1)	$	405,153	$	433,269	$	(28,116)	$	398,100	$	390,531	$	7,569
Advance room deposits and ticket sales (2)	71,214		89,640		(18,426)		73,517		85,019		(11,502)
Other gaming-related liabilities (3)	14,710		24,964		(10,254)		29,047		31,265		(2,218)
Loyalty program and related liabilities (4)	28,616		31,106		(2,490)		37,799		35,083		2,716
	$	519,693	$	578,979	$	(59,286)	$	538,463	$	541,898	$	(3,435)

(1) Casino outstanding chips generally represent amounts owed to gaming promoters and customers for chips in their possession, and casino front money deposits represent funds deposited by customers before gaming play occurs. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and may be recognized as revenue or redeemed for cash in the future.

(2) Advance room deposits and ticket sales represent cash received in advance for goods or services to be provided in the future. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and will be recognized as revenue when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenue and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenue within one year.

(3) Other gaming-related liabilities generally represent unpaid wagers primarily in the form of unredeemed slot, race and sportsbook tickets or wagers for future sporting events. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.

(4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets and are expected to be recognized as revenue within one year of being earned by customers.

Note 11 - Stock-Based Compensation

The total compensation cost for stock-based compensation plans was recorded as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Casino	$	791	$	512	$	1,466	$	989
Rooms	268		195		496		$	401
Food and beverage	577		393		989		$	802
Entertainment, retail and other	694		2,846		1,440		$	5,885
General and administrative	13,837		14,339		26,145		$	24,918
Total stock-based compensation expense	16,167		18,285		30,536		32,995
Total stock-based compensation capitalized	$	1,319	1,368		2,621		2,134
Total stock-based compensation costs	$	17,486	$	19,653	$	33,157	$	35,129

Note 12 - Income Taxes

The Company recorded an income tax expense of $7.9 million and $4.3 million for the three months ended June 30, 2024 and 2023, respectively, and an income tax expense of $27.9 million and $5.3 million for the six months ended June 30, 2024 and 2023, respectively, primarily related to its U.S.-based operating profits.

The difference between the statutory tax rate of 21% and the effective tax rate of 8.0% is due to the exemption from Macau’s 12% Complementary Tax on casino gaming profits that Wynn Macau SA received.

17

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 13 - Earnings Per Share

Basic earnings per share ("EPS") is computed by dividing net income attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible Bonds occurred at the later of the date of issuance or beginning of the period presented under the if-converted method, by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive. Other potentially dilutive securities include outstanding stock options and unvested restricted stock.

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): 

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income attributable to Wynn Resorts, Limited - basic	$	111,943	$	105,184	$	256,159	$	117,516
Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:
Assumed conversion of WML Convertible Bonds	(10,586)		(10,629)		—		(22,600)
Net income attributable to Wynn Resorts, Limited - diluted	$	101,357	$	94,555	$	256,159	$	94,916
Denominator:
Weighted average common shares outstanding	110,937		112,889		110,980		112,821
Potential dilutive effect of stock options, nonvested, and performance nonvested shares	238		309		242		322
Weighted average common and common equivalent shares outstanding	111,175		113,198		111,222		113,143
Net income attributable to Wynn Resorts, Limited per common share, basic	$	1.01	$	0.93	$	2.31	$	1.04
Net income attributable to Wynn Resorts, Limited per common share, diluted	$	0.91	$	0.84	$	2.30	$	0.84
Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share	339		321		325		344

Note 14 - Leases

Lessor Arrangements

The following table presents the minimum and contingent operating lease income for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Minimum rental income	$	33,838	$	31,811	$	68,008	$	65,649
Contingent rental income	16,233		25,206		36,872		53,970
Total rental income	$	50,071	$	57,017	$	104,880	$	119,619

18

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 15 - Commitments and Contingencies

Litigation

In addition to the actions noted below, the Company and its affiliates are involved in litigation arising in the normal course of business. In the opinion of management, such litigation is not expected to have a material effect on the Company's financial condition, results of operations, and cash flows.

Securities Class Action

On February 20, 2018, a putative securities class action was filed against the Company and certain current and former officers of the Company in the United States District Court, Southern District of New York (which was subsequently transferred to the United States District Court, District of Nevada) by John V. Ferris and Joann M. Ferris on behalf of all persons who purchased the Company's common stock between February 28, 2014 and January 25, 2018. The complaint alleges, among other things, certain violations of federal securities laws and seeks to recover unspecified damages as well as attorneys' fees, costs and related expenses for the plaintiffs. On April 15, 2019, the Company filed a motion to dismiss, which the court granted on May 27, 2020, with leave to amend. On July 1, 2020, the plaintiffs filed an amended complaint. On August 14, 2020, the Company filed a motion to dismiss the amended complaint. On July 28, 2021, the court granted in part, and denied in part, the Company's motion to dismiss the amended complaint, dismissing certain of plaintiffs' claims, including all claims against current CEO Craig Billings and the individual directors, and allowing other claims to proceed against the Company and several of the Company's former executive officers, including Matthew Maddox, Stephen A. Wynn, Kimmarie Sinatra, and Steven Cootey. On March 2, 2023, the court granted the plaintiffs' motion for class certification and appointed lead counsel. The parties are now proceeding with discovery.

The defendants in this action intend to vigorously defend against the claims pleaded against them and believe that the claims are without merit. This action is in the preliminary stages and the Company has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these actions or reasonably estimate the range of possible loss, if any.

Federal Investigation

From time to time, the Company receives regulatory inquiries about compliance with anti-money laundering laws. The Company received requests for information from the U.S. Attorney’s Office for the Southern District of California relating to its anti-money laundering policies and procedures, and beginning in 2020 received several grand jury subpoenas regarding various transactions at Wynn Las Vegas relating to certain patrons and agents who reside or operate in foreign jurisdictions. The Company continues to cooperate with the U.S. Attorney's Office in its investigation, which remains ongoing. Because no charges or claims have been brought, the Company is unable to predict the outcome of the investigation, the extent of the materiality of the outcome, or reasonably estimate the possible range of loss, if any, which could be associated with the resolution of any possible charges or claims that may be brought against the Company.

Note 16 - Retail Joint Venture

As of June 30, 2024 and December 31, 2023, the Retail Joint Venture had total assets of $104.3 million and $102.5 million, respectively, and total liabilities of $621.8 million and $621.9 million, respectively. As of June 30, 2024 and December 31, 2023, the Retail Joint Venture's liabilities included long-term debt of $614.4 million and $614.1 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

19

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 17 - Segment Information

The Company has identified its reportable segments based on factors such as geography, regulatory environment, the information reviewed by its chief operating decision maker, and the Company's organizational and management reporting structure.

The Company has identified the following reportable segments: (i) Wynn Macau, representing the aggregate of Wynn Macau and Encore, an expansion at Wynn Macau, which are managed as a single integrated resort; (ii) Wynn Palace; (iii) Las Vegas Operations, representing the aggregate of Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture, which are managed as a single integrated resort; and (iv) Encore Boston Harbor. For geographical reporting purposes, Wynn Macau, Wynn Palace, and Other Macau (which represents the assets of the Company's Macau holding company and other ancillary entities) have been aggregated into Macau Operations. The assets and results of operations of Wynn Interactive are presented in Corporate and other.

20

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The following tables present the Company's segment information (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating revenues
Macau Operations:
Wynn Palace
Casino	$	444,964	$	365,277	$	918,745	$	635,964
Rooms	50,206		50,092		104,142		97,002
Food and beverage	29,829		25,260		61,899		48,813
Entertainment, retail and other (1)	23,050		27,721		50,164		55,934
	548,049		468,350		1,134,950		837,713
Wynn Macau
Casino	280,717		242,950		627,070		419,333
Rooms	23,742		26,130		52,361		48,101
Food and beverage	20,003		14,666		41,022		28,968
Entertainment, retail and other (1)	12,807		17,847		28,560		35,917
	337,269		301,593		749,013		532,319
Total Macau Operations	885,318		769,943		1,883,963		1,370,032
Las Vegas Operations:
Casino	129,674		137,946		264,837		292,476
Rooms	205,872		177,765		429,948		362,874
Food and beverage	208,418		195,146		402,028		367,629
Entertainment, retail and other (1)	84,690		67,215		168,389		141,857
Total Las Vegas Operations	628,654		578,072		1,265,202		1,164,836
Encore Boston Harbor:
Casino	153,591		166,826		319,760		332,218
Rooms	24,701		22,518		45,484		41,057
Food and beverage	23,154		21,964		43,393		44,237
Entertainment, retail and other (1)	11,162		10,624		21,755		20,726
Total Encore Boston Harbor	212,608		221,932		430,392		438,238
Corporate and other:
Entertainment, retail and other	6,352		25,875		16,284		46,395
Total Corporate and other	6,352		25,875		16,284		46,395
Total operating revenues	$	1,732,932	$	1,595,822	$	3,595,841	$	3,019,501

(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases."

21

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Adjusted Property EBITDAR (1)
Macau Operations:
Wynn Palace	$	184,459	$	156,607	$	386,829	$	267,665
Wynn Macau	95,911		89,590		233,097		134,335
Total Macau Operations	280,370		246,197		619,926		402,000
Las Vegas Operations	230,333		224,121		476,595		455,718
Encore Boston Harbor	62,131		69,104		125,266		132,518
Corporate and other	(1,179)		(14,964)		(3,597)		(36,032)
Total	571,655		524,458		1,218,190		954,204
Other operating expenses
Pre-opening	1,558		1,477		3,593		5,955
Depreciation and amortization	176,405		169,962		351,338		338,774
Property charges and other (2)	38,815		16,019		55,763		18,477
Corporate expenses and other	33,710		32,748		73,615		67,238
Stock-based compensation	16,167		18,285		30,536		32,995
Triple-net operating lease rent expense	35,342		35,631		70,746		70,914
Total other operating expenses	301,997		274,122		585,591		534,353
Operating income	269,658		250,336		632,599		419,851
Other non-operating income and expenses
Interest income	34,884		44,127		75,056		84,320
Interest expense, net of amounts capitalized	(174,596)		(190,243)		(357,000)		(377,983)
Change in derivatives fair value	15,517		24,336		(2,397)		47,382
Loss on debt financing transactions	—		(3,375)		(1,561)		(15,611)
Other	8,745		6,959		4,023		(23,655)
Total other non-operating income and expenses	(115,450)		(118,196)		(281,879)		(285,547)
Income before income taxes	154,208		132,140		350,720		134,304
Provision for income taxes	(7,935)		(4,305)		(27,949)		(5,323)
Net income	146,273		127,835		322,771		128,981
Net income attributable to noncontrolling interests	(34,330)		(22,651)		(66,612)		(11,465)
Net income attributable to Wynn Resorts, Limited	$	111,943	$	105,184	$	256,159	$	117,516

(1) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations preopening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) For each of the three and six months ended June 30, 2024, includes $61.5 million of expensed project costs related to a discontinued development project, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets, both included in Corporate and other.

22

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

	June 30, 2024		December 31, 2023
Assets
Macau Operations:
Wynn Palace	$	2,849,362	$	2,936,264
Wynn Macau	1,848,162		1,864,211
Other Macau	761,612		886,175
Total Macau Operations	5,459,136		5,686,650
Las Vegas Operations	3,073,105		3,173,247
Encore Boston Harbor	1,957,746		2,006,565
Corporate and other	2,799,811		3,129,761
Total	$	13,289,798	$	13,996,223

23

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with, and is qualified in its entirety by, the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2023. Unless the context otherwise requires, all references herein to the "Company," "we," "us," or "our," or similar terms, refer to Wynn Resorts, Limited, a Nevada corporation, and its consolidated subsidiaries. This discussion and analysis contains forward-looking statements. Please refer to the section below entitled "Forward-Looking Statements."

Forward-Looking Statements

We make forward-looking statements in this Quarterly Report on Form 10-Q based upon the beliefs and assumptions of our management and on information currently available to us. Forward-looking statements include, but are not limited to, information about our business strategy, development activities, competition and possible or assumed future results of operations, throughout this report and are often preceded by, followed by or include the words "may," "will," "should," "would," "could," "believe," "expect," "anticipate," "estimate," "intend," "plan," "continue" or the negative of these terms or similar expressions.

Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including the risks and uncertainties in Item 1A — "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2023 and other factors we describe from time to time in our periodic filings with the Securities and Exchange Commission ("SEC"), such as:

•extensive regulation of our business and the cost of compliance or failure to comply with applicable laws and regulations;

•pending or future investigations, litigation and other disputes;

•our dependence on key managers and employees;

•our ability to maintain our gaming licenses and concessions and comply with applicable gaming law;

•international relations, national security policies, anticorruption campaigns and other geopolitical events, which may impact the number of visitors to our properties and the amount of money they are willing to spend;

•disruptions caused by, and the impact on regional demand for casino resorts and inbound tourism and the travel and leisure industry more generally from, events outside of our control, including an outbreak of an infectious disease (such as the COVID-19 pandemic), public incidents of violence, mass shootings, riots, demonstrations, extreme weather patterns or natural disasters, military conflicts, civil unrest, and any future security alerts or terrorist attacks;

•public perception of our resorts and the level of service we provide;

•our dependence on a limited number of resorts and locations for all of our cash flow and our subsidiaries' ability to pay us dividends and distributions;

•competition in the casino/hotel and resort industries and actions taken by our competitors, including new development and construction activities of competitors;

•our ability to maintain our customer relationships and collect and enforce gaming receivables;

•win rates for our gaming operations;

•construction and regulatory risks associated with our current and future construction projects or co-investments in such projects;

•any violations by us of various anti-money laundering laws or the Foreign Corrupt Practices Act;

•our compliance with environmental requirements and potential cleanup responsibility and liability as an owner or operator of property;

•adverse incidents or adverse publicity concerning our resorts or our corporate responsibilities;

•changes in and compliance with the gaming laws or regulations in the various jurisdictions in which we operate;

•changes in tax laws or regulations related to taxation, including changes in the rates of taxation;

•our collection and use of personal data and our level of compliance with applicable governmental regulations, credit card industry standards and other applicable data security standards;

•cybersecurity risk, including cyber and physical security breaches, system failure, computer viruses, and negligent or intentional misuse by customers, company employees, or employees of third-party vendors;

•our ability to protect our intellectual property rights;

24

•labor actions and other labor problems;

•our current and future insurance coverage levels;

•risks specifically associated with our Macau Operations;

•the level of our indebtedness and our ability to meet our debt service obligations (including sensitivity to fluctuations in interest rates); and

•continued compliance with the covenants in our debt agreements.

Further information on potential factors that could affect our business, financial condition, results of operations and cash flows are included elsewhere in this report and our other filings with the SEC. You should not place undue reliance on any forward-looking statements, which are based only on information available to us at the time this statement is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

We are a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community. Through our approximately 72% ownership of Wynn Macau, Limited ("WML"), our concessionaire Wynn Resorts (Macau) S.A. ("Wynn Macau SA") operates two integrated resorts in the Macau Special Administrative Region of the People's Republic of China ("Macau"), Wynn Palace and Wynn Macau (collectively, our "Macau Operations"). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn Las Vegas. We are a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). We refer to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort. The results of Wynn Interactive Ltd. ("Wynn Interactive") are included in Corporate and other.

The Company has a 40% equity interest in Island 3 AMI FZ-LLC ("Island 3"), an unconsolidated affiliate, which is constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates.

Key Operating Measures

Certain key operating measures specific to the gaming industry are included in our discussion of our operational performance for the periods for which the Condensed Consolidated Statements of Income are presented. These key operating measures are presented as supplemental disclosures because management and/or certain investors use these measures to better understand period-over-period fluctuations in our casino and hotel operating revenues. These key operating measures are defined below:

•Table drop in mass market for our Macau Operations is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage.

•Table drop for our Las Vegas Operations is the amount of cash and net markers issued that are deposited in a gaming table's drop box.

•Table drop for Encore Boston Harbor is the amount of cash and gross markers issued that are deposited in a gaming table's drop box.

•Rolling chips are non-negotiable identifiable chips that are used to track turnover for purposes of calculating incentives within our Macau Operations' VIP program.

•Turnover is the sum of all losing rolling chip wagers within our Macau Operations' VIP program.

•Table games win is the amount of table drop or turnover that is retained and recorded as casino revenues. Table games win is before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. Table games win does not include poker rake.

•Slot machine win is the amount of handle (representing the total amount wagered) that is retained by us and is recorded as casino revenues. Slot machine win is after adjustment for progressive accruals and free play, but before discounts and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.

•Poker rake is the portion of cash wagered by patrons in our poker rooms that is retained by the casino as a service fee, after adjustment for progressive accruals, but before the allocation of casino revenues to rooms,

25

food and beverage and other revenues for services provided to casino customers on a complimentary basis. Poker tables are not included in our measure of average number of table games.

•Average daily rate ("ADR") is calculated by dividing total room revenues, including complimentaries (less service charges, if any), by total rooms occupied.

•Revenue per available room ("REVPAR") is calculated by dividing total room revenues, including complimentaries (less service charges, if any), by total rooms available.

•Occupancy is calculated by dividing total occupied rooms, including complimentary rooms, by the total rooms available.

Below is a discussion of the methodologies used to calculate win percentages at our resorts.

In our mass market operations in Macau, customers may purchase cash chips at either the gaming tables or at the casino cage. The measurements from our VIP and mass market operations are not comparable as the measurement method used in our mass market operations tracks the initial purchase of chips at the table and at the casino cage, while the measurement method from our VIP operations tracks the sum of all losing wagers. Accordingly, the base measurement from the VIP operations is much larger than the base measurement from the mass market operations. As a result, the expected win percentage with the same amount of gaming win is lower in the VIP operations when compared to the mass market operations.

In our VIP operations in Macau, customers primarily purchase rolling chips from the casino cage and can only use them to make wagers. Winning wagers are paid in cash chips. The loss of the rolling chips in the VIP operations is recorded as turnover and provides a base for calculating VIP win percentage. It is customary in Macau to measure VIP play using this rolling chip method. We typically expect our win as a percentage of turnover from these operations to be within the range of 3.1% to 3.4%.

In Las Vegas, customers purchase chips at the gaming tables in exchange for cash and markers. Customers may then redeem markers at the gaming tables or at the casino cage. The cash and markers, net of redemptions, used to purchase chips are deposited in the gaming table's drop box. This is the base of measurement that we use for calculating win percentage. Each type of table game has its own theoretical win percentage. Our expected table games win percentage is 22% to 26%.

At Encore Boston Harbor, customers purchase chips at the gaming tables in exchange for cash and markers. Customers may then redeem markers only at the casino cage. The cash and gross markers used to purchase chips are deposited in the gaming table's drop box. This is the base of measurement that we use for calculating win percentage. Each type of table game has its own theoretical win percentage. Our expected table games win percentage is 18% to 22%.

Results of Operations

Summary of second quarter 2024 results

The following table summarizes our financial results for the periods presented (dollars in thousands, except per share data):

	Three Months Ended June 30,							Six Months Ended June 30,
	2024		2023		Increase/ (Decrease)		Percent Change	2024		2023	Increase/ (Decrease)	Percent Change
Operating revenues	$	1,732,932	$	1,595,822	$	137,110	8.6	$	3,595,841	3,019,501	576,340	19.1
Net income attributable to Wynn Resorts, Limited	111,943		105,184		6,759		6.4	256,159		117,516	138,643	118.0
Diluted net income per share	0.91		0.84		0.07		8.3	2.30		0.84	1.46	173.8

The increase in operating revenues for the three months ended June 30, 2024 was primarily driven by increases of $79.7 million and $35.7 million from Wynn Palace and Wynn Macau, respectively, resulting from an increase in mass market gaming volumes and covers at our restaurants. Since the elimination of COVID-19 related protective measures by Macau authorities in January 2023, visitation to Macau and to our Macau Operations has continued to improve, resulting in increased business

26

volumes at our Macau Operations for the three months ended June 30, 2024. Operating revenues at our Las Vegas Operations also increased $50.6 million primarily due to increases in ADR and restaurant covers.

The increase in net income attributable to Wynn Resorts, Limited for the three months ended June 30, 2024 was primarily due to increased operating revenues at our Macau Operations and our Las Vegas Operations, partially offset by an increase in operating expenses.

Financial results for the three months ended June 30, 2024 compared to the three months ended June 30, 2023.

Operating revenues

The following table presents our operating revenues (dollars in thousands):

	Three Months Ended June 30,
	2024		2023		Increase/ (Decrease)		Percent Change
Operating revenues
Macau Operations:
Wynn Palace	$	548,049	$	468,350	$	79,699	17.0
Wynn Macau	337,269		301,593		35,676		11.8
Total Macau Operations	885,318		769,943		115,375		15.0
Las Vegas Operations	628,654		578,072		50,582		8.8
Encore Boston Harbor	212,608		221,932		(9,324)		(4.2)
Corporate and other	6,352		25,875		(19,523)		(75.5)
	$	1,732,932	$	1,595,822	$	137,110	8.6

The following table presents our casino and non-casino operating revenues (dollars in thousands):

	Three Months Ended June 30,
	2024		2023		Increase/ (Decrease)		Percent Change
Operating revenues
Casino revenues	$	1,008,946	$	912,999	$	95,947	10.5
Non-casino revenues:
Rooms	304,521		276,505		28,016		10.1
Food and beverage	281,404		257,036		24,368		9.5
Entertainment, retail and other	138,061		149,282		(11,221)		(7.5)
Total non-casino revenues	723,986		682,823		41,163		6.0
	$	1,732,932	$	1,595,822	$	137,110	8.6

Casino revenues for the three months ended June 30, 2024 were 58.2% of operating revenues, compared to 57.2% for the same period of 2023. Non-casino revenues for the three months ended June 30, 2024 were 41.8% of operating revenues, compared to 42.8% for the same period of 2023.

Casino revenues    

Casino revenues increased primarily due to higher mass market volumes at our Macau Operations which continued to benefit from higher visitation following the elimination of COVID-19 related protective measures by Macau authorities in January 2023.

27

The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):

	Three Months Ended June 30,
	2024			2023			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total casino revenues	$	444,964		$	365,277		$	79,687	21.8
VIP:
Average number of table games	57			57			—		—
VIP turnover	$	2,810,016		$	3,042,338		$	(232,322)	(7.6)
VIP table games win	$	115,297		$	129,030		$	(13,733)	(10.6)
VIP win as a % of turnover	4.10		%	4.24		%	(0.14)
Table games win per unit per day	$	22,092		$	24,728		$	(2,636)	(10.7)
Mass market:
Average number of table games	243			240			3		1.3
Table drop	$	1,738,260		$	1,507,148		$	231,112	15.3
Table games win	$	409,409		$	305,817		$	103,592	33.9
Table games win %	23.6		%	20.3		%	3.3
Table games win per unit per day	$	18,484		$	13,980		$	4,504	32.2
Average number of slot machines	607			586			21		3.6
Slot machine handle	$	642,713		$	579,626		$	63,087	10.9
Slot machine win	$	25,590		$	27,583		$	(1,993)	(7.2)
Slot machine win per unit per day	$	464		$	517		$	(53)	(10.3)
Poker rake	$	736		$	—		$	736	NM
Wynn Macau:
Total casino revenues	$	280,717		$	242,950		$	37,767	15.5
VIP:
Average number of table games	30			48			(18)		(37.5)
VIP turnover	$	1,164,075		$	1,390,272		$	(226,197)	(16.3)
VIP table games win	$	25,473		$	57,828		$	(32,355)	(56.0)
VIP win as a % of turnover	2.19		%	4.16		%	(1.97)
Table games win per unit per day	$	9,449		$	13,257		$	(3,808)	(28.7)
Mass market:
Average number of table games	222			209			13		6.2
Table drop	$	1,602,920		$	1,223,311		$	379,609	31.0
Table games win	$	280,830		$	216,405		$	64,425	29.8
Table games win %	17.5		%	17.7		%	(0.2)
Table games win per unit per day	$	13,905		$	11,388		$	2,517	22.1
Average number of slot machines	617			533			84		15.8
Slot machine handle	$	801,813		$	519,807		$	282,006	54.3
Slot machine win	$	25,978		$	15,452		$	10,526	68.1
Slot machine win per unit per day	$	463		$	319		$	144	45.1
Poker rake	$	3,607		$	5,376		$	(1,769)	(32.9)

28

	Three Months Ended June 30,
	2024			2023			Increase/ (Decrease)		Percent Change
Las Vegas Operations:
Total casino revenues	$	129,674		$	137,946		$	(8,272)	(6.0)
Average number of table games	234			235			(1)		(0.4)
Table drop	$	536,461		$	559,701		$	(23,240)	(4.2)
Table games win	$	117,496		$	128,012		$	(10,516)	(8.2)
Table games win %	21.9		%	22.9		%	(1.0)
Table games win per unit per day	$	5,529		$	5,997		$	(468)	(7.8)
Average number of slot machines	1,598			1,651			(53)		(3.2)
Slot machine handle	$	1,648,364		$	1,522,525		$	125,839	8.3
Slot machine win	$	110,017		$	103,357		$	6,660	6.4
Slot machine win per unit per day	$	757		$	688		$	69	10.0
Poker rake	$	7,501		$	6,460		$	1,041	16.1
Encore Boston Harbor:
Total casino revenues	$	153,591		$	166,826		$	(13,235)	(7.9)
Average number of table games	185			190			(5)		(2.6)
Table drop	$	358,857		$	354,365		$	4,492	1.3
Table games win	$	70,471		$	79,072		$	(8,601)	(10.9)
Table games win %	19.6		%	22.3		%	(2.7)
Table games win per unit per day	$	4,186		$	4,573		$	(387)	(8.5)
Average number of slot machines	2,590			2,561			29		1.1
Slot machine handle	$	1,420,607		$	1,300,237		$	120,370	9.3
Slot machine win	$	105,558		$	106,726		$	(1,168)	(1.1)
Slot machine win per unit per day	$	448		$	458		$	(10)	(2.2)
Poker rake	$	5,307		$	5,211		$	96	1.8

NM - Not meaningful.

29

Non-casino revenues

The table below sets forth our room revenues and associated key operating measures:

	Three Months Ended June 30,
	2024			2023			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total room revenues (dollars in thousands)	$	50,206		$	50,092		$	114	0.2
Occupancy	98.9		%	96.5		%	2.4
ADR	$	316		$	318		$	(2)	(0.6)
REVPAR	$	312		$	307		$	5	1.6
Wynn Macau:
Total room revenues (dollars in thousands)	$	23,742		$	26,130		$	(2,388)	(9.1)
Occupancy	99.4		%	96.8		%	2.6
ADR	$	236		$	269		$	(33)	(12.3)
REVPAR	$	234		$	260		$	(26)	(10.0)
Las Vegas Operations:
Total room revenues (dollars in thousands)	$	205,872		$	177,765		$	28,107	15.8
Occupancy	90.9		%	90.6		%	0.3
ADR	$	532		$	462		$	70	15.2
REVPAR	$	484		$	418		$	66	15.8
Encore Boston Harbor:
Total room revenues (dollars in thousands)	$	24,701		$	22,518		$	2,183	9.7
Occupancy	96.5		%	92.7		%	3.8
ADR	$	422		$	400		$	22	5.5
REVPAR	$	407		$	371		$	36	9.7

Room revenues increased $28.0 million, primarily due to higher ADR at our Las Vegas Operations.

Food and beverage revenues increased $24.4 million, primarily due to increased restaurant covers and average check amounts at our Las Vegas Operations and our Macau Operations.

Entertainment, retail and other revenues decreased $11.2 million, primarily due to a decrease in operating revenues at Wynn Interactive of $19.5 million following the closure of Wynn Interactive's digital sports betting and casino gaming business in certain jurisdictions, partially offset by a $10.7 million increase in operating revenues from entertainment venue and convention-related sales at our Las Vegas Operations.

30

Operating expenses

The table below presents operating expenses (dollars in thousands):

	Three Months Ended June 30,
	2024		2023		Increase/ (Decrease)		Percent Change
Operating expenses:
Casino	$	614,518	$	543,643	$	70,875	13.0
Rooms	80,538		73,783		6,755		9.2
Food and beverage	221,343		203,922		17,421		8.5
Entertainment, retail and other	62,941		85,999		(23,058)		(26.8)
General and administrative	264,727		257,321		7,406		2.9
Provision for credit losses	2,429		(6,640)		9,069		NM
Pre-opening	1,558		1,477		81		5.5
Depreciation and amortization	176,405		169,962		6,443		3.8
Property charges and other	38,815		16,019		22,796		142.3
Total operating expenses	$	1,463,274	$	1,345,486	$	117,788	8.8

NM - Not meaningful.

The increase in total operating expenses was primarily due to increased operating costs associated with higher business volumes at our properties, partially offset by decreased entertainment, retail and other expenses related to Wynn Interactive following the closure of WynnBET, Wynn Interactive's digital sports betting and casino gaming business, in certain jurisdictions.

Casino expenses increased $43.5 million and $22.5 million at Wynn Palace and Wynn Macau, respectively. These increases resulted from higher operating costs, including $36.3 million and $17.0 million in incremental gaming tax expense at Wynn Palace and Wynn Macau, respectively, driven by the increase in casino revenues.

Room expenses increased $6.5 million at our Las Vegas Operations as a result of higher operating costs, commensurate with the increase in room revenues.

Food and beverage expenses increased $11.0 million and $6.0 million at our Las Vegas Operations and Macau Operations, respectively, as a result of higher operating costs related to increases in food and beverage revenues.

Entertainment, retail and other expenses decreased $35.5 million at Corporate and other as a result of decreased operating costs related to Wynn Interactive. This decrease is partially offset by an increase of $12.8 million at our Las Vegas Operations primarily due to increased entertainment venue and convention-related revenue.

General and administrative expenses increased primarily due to an increase of $9.5 million at our Las Vegas Operations attributable to payroll, marketing-related costs, and other general and administrative expenses. This increase was partially offset by decreases of $2.9 million and $1.3 million at Encore Boston Harbor and our Macau Operations, respectively.

Property charges and other expenses for the three months ended June 30, 2024 consisted primarily of $61.5 million of expensed project costs related to a discontinued development project, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets, both included in Corporate and other. Property charges and other expenses for the three months ended June 30, 2023 consisted primarily of asset abandonments of $6.6 million and $1.1 million at our Las Vegas Operations and Wynn Palace, respectively, as well as contract termination and other expenses of $6.5 million at Wynn Macau.

31

Other non-operating income and expenses

Interest expense, net of capitalized interest, decreased $15.6 million primarily due to a decrease in the weighted average debt balance, from $12.50 billion for the three months ended June 30, 2023, to $11.43 billion for the three months ended June 30, 2024.

We recorded interest income of $34.9 million and $44.1 million in the three months ended June 30, 2024 and 2023, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.

We incurred a foreign currency remeasurement gain of $8.7 million and $7.0 million for the three months ended June 30, 2024 and 2023, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities drove the variability between periods.

We recorded a gain of $15.5 million and $24.3 million for the three months ended June 30, 2024 and 2023, respectively, from change in derivatives fair value, primarily related to the conversion feature of the WML Convertible Bonds.

We recorded a $3.4 million loss on debt financing transactions for the three months ended June 30, 2023, primarily related to the issuance of the 2031 WRF Senior Notes and the repurchase of the tendered 2025 WRF Senior Notes.

Income taxes

We recorded an income tax expense of $7.9 million and $4.3 million for the three months ended June 30, 2024 and 2023, respectively, primarily related to our U.S. based operating profits.

Net income attributable to noncontrolling interests

Net income attributable to noncontrolling interests was $34.3 million and $22.7 million for the three months ended June 30, 2024 and 2023, respectively. These amounts are primarily related to the noncontrolling interests' share of net income attributable to WML.

32

Financial results for the six months ended June 30, 2024 compared to the six months ended June 30, 2023.

Operating revenues

The following table presents our operating revenues (dollars in thousands):

	Six Months Ended June 30,
	2024		2023		Increase/ (Decrease)		Percent Change
Operating revenues
Macau Operations:
Wynn Palace	$	1,134,950	$	837,713	$	297,237	35.5
Wynn Macau	749,013		532,319		216,694		40.7
Total Macau Operations	1,883,963		1,370,032		513,931		37.5
Las Vegas Operations	1,265,202		1,164,836		100,366		8.6
Encore Boston Harbor	430,392		438,238		(7,846)		(1.8)
Corporate and other	16,284		46,395		(30,111)		(64.9)
	$	3,595,841	$	3,019,501	$	576,340	19.1

The following table presents our casino and non-casino operating revenues (dollars in thousands):

	Six Months Ended June 30,
	2024		2023		Increase/ (Decrease)		Percent Change
Operating revenues
Casino revenues	$	2,130,412	$	1,679,991	$	450,421	26.8
Non-casino revenues:
Rooms	631,935		549,034		82,901		15.1
Food and beverage	548,342		489,647		58,695		12.0
Entertainment, retail and other	285,152		300,829		(15,677)		(5.2)
Total non-casino revenues	1,465,429		1,339,510		125,919		9.4
	$	3,595,841	$	3,019,501	$	576,340	19.1

Casino revenues for the six months ended June 30, 2024 were 59.2% of operating revenues, compared to 55.6% for the same period of 2023. Non-casino revenues for the six months ended June 30, 2024 were 40.8% of operating revenues, compared to 44.4% for the same period of 2023.

Casino revenues

Casino revenues increased primarily due to higher gaming volumes at our Macau Operations which continued to benefit from higher visitation following the elimination of COVID-19 related protective measures by Macau authorities in January 2023.

The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):  

33

	Six Months Ended June 30,
	2024			2023			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total casino revenues	$	918,745		$	635,964		$	282,781	44.5
VIP:
Average number of table games	58			54			4		7.4
VIP turnover	$	6,731,100		$	5,335,696		$	1,395,404	26.2
VIP table games win	$	244,712		$	191,478		$	53,234	27.8
VIP win as a % of turnover	3.64		%	3.59		%	0.05
Table games win per unit per day	$	23,195		$	19,697		$	3,498	17.8
Mass market:
Average number of table games	244			239			5		2.1
Table drop	$	3,520,444		$	2,689,146		$	831,298	30.9
Table games win	$	846,732		$	566,683		$	280,049	49.4
Table games win %	24.1		%	21.1		%	3.0
Table games win per unit per day	$	19,039		$	13,125		$	5,914	45.1
Average number of slot machines	590			587			3		0.5
Slot machine handle	$	1,238,334		$	1,126,224		$	112,110	10.0
Slot machine win	$	56,560		$	53,008		$	3,552	6.7
Slot machine win per unit per day	$	527		$	499		$	28	5.6
Poker rake	$	736		$	—		$	736	NM
Wynn Macau:
Total casino revenues	$	627,070		$	419,333		$	207,737	49.5
VIP:
Average number of table games	30			50			(20)		(40.0)
VIP turnover	$	2,753,760		$	2,534,496		$	219,264	8.7
VIP table games win	$	79,379		$	88,579		$	(9,200)	(10.4)
VIP win as a % of turnover	2.88		%	3.49		%	(0.61)
Table games win per unit per day	$	14,629		$	9,808		$	4,821	49.2
Mass market:
Average number of table games	222			213			9		4.2
Table drop	$	3,286,071		$	2,213,299		$	1,072,772	48.5
Table games win	$	607,150		$	384,831		$	222,319	57.8
Table games win %	18.5		%	17.4		%	1.1
Table games win per unit per day	$	15,048		$	9,997		$	5,051	50.5
Average number of slot machines	600			532			68		12.8
Slot machine handle	$	1,532,202		$	989,576		$	542,626	54.8
Slot machine win	$	52,170		$	31,749		$	20,421	64.3
Slot machine win per unit per day	$	478		$	330		$	148	44.8
Poker rake	$	8,626		$	9,312		$	(686)	(7.4)

34

	Six Months Ended June 30,
	2024			2023			Increase/ (Decrease)		Percent Change
Las Vegas Operations:
Total casino revenues	$	264,837		$	292,476		$	(27,639)	(9.5)
Average number of table games	234			233			1		0.4
Table drop	$	1,140,635		$	1,160,447		$	(19,812)	(1.7)
Table games win	$	274,107		$	274,022		$	85	—
Table games win %	24.0		%	23.6		%	0.4
Table games win per unit per day	$	6,444		$	6,490		$	(46)	(0.7)
Average number of slot machines	1,608			1,660			(52)		(3.1)
Slot machine handle	$	3,144,442		$	3,095,260		$	49,182	1.6
Slot machine win	$	209,773		$	210,145		$	(372)	(0.2)
Slot machine win per unit per day	$	717		$	700		$	17	2.4
Poker rake	$	12,023		$	10,574		$	1,449	13.7
Encore Boston Harbor:
Total casino revenues	$	319,760		$	332,218		$	(12,458)	(3.7)
Average number of table games	184			194			(10)		(5.2)
Table drop	$	725,668		$	720,406		$	5,262	0.7
Table games win	$	153,449		$	158,615		$	(5,166)	(3.3)
Table games win %	21.1		%	22.0		%	(0.9)
Table games win per unit per day	$	4,576		$	4,512		$	64	1.4
Average number of slot machines	2,613			2,540			73		2.9
Slot machine handle	$	2,823,454		$	2,596,664		$	226,790	8.7
Slot machine win	$	210,223		$	210,799		$	(576)	(0.3)
Slot machine win per unit per day	$	442		$	459		$	(17)	(3.7)
Poker rake	$	11,088		$	10,893		$	195	1.8

NM - Not meaningful.

35

Non-casino revenues

The table below sets forth our room revenues and associated key operating measures:

	Six Months Ended June 30,
	2024			2023			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total room revenues (dollars in thousands)	$	104,142		$	97,002		$	7,140	7.4
Occupancy	98.9		%	92.2		%	6.7
ADR	$	326		$	319		$	7	2.2
REVPAR	$	323		$	294		$	29	9.9
Wynn Macau:
Total room revenues (dollars in thousands)	$	52,361		$	48,101		$	4,260	8.9
Occupancy	99.4		%	93.9		%	5.5
ADR	$	260		$	256		$	4	1.6
REVPAR	$	258		$	240		$	18	7.5
Las Vegas Operations:
Total room revenues (dollars in thousands)	$	429,948		362,874			$	67,074	18.5
Occupancy	89.4		%	89.7		%	(0.3)
ADR	$	563		$	477		$	86	18.0
REVPAR	$	504		$	428		$	76	17.8
Encore Boston Harbor:
Total room revenues (dollars in thousands)	$	45,484		$	41,057		$	4,427	10.8
Occupancy	93.1		%	91.4		%	1.7
ADR	$	403		$	372		$	31	8.3
REVPAR	$	375		$	340		$	35	10.3

Room revenues increased $82.9 million, primarily due to higher occupancy and ADR at our Macau Operations and higher ADR at our Las Vegas Operations.

Food and beverage revenues increased $58.7 million, primarily due to increased restaurant covers and average check amounts at our Las Vegas Operations and our Macau Operations.

Entertainment, retail and other revenues decreased $15.7 million primarily due to $30.1 million of decreased operating revenues at Wynn Interactive following the closure of Wynn Interactive's digital sports betting and casino gaming business in certain jurisdictions, partially offset by a $13.7 million increase in operating revenues from entertainment venue and convention-related sales at our Las Vegas Operations.

36

Operating expenses

The table below presents operating expenses (dollars in thousands):

	Six Months Ended June 30,
	2024		2023		Increase/ (Decrease)		Percent Change
Operating expenses:
Casino	$	1,289,957	$	1,017,028	$	272,929	26.8
Rooms	162,615		146,485		16,130		11.0
Food and beverage	427,164		384,541		42,623		11.1
Entertainment, retail and other	133,953		178,481		(44,528)		(24.9)
General and administrative	536,343		517,093		19,250		3.7
Provision for credit losses	2,516		(7,184)		9,700		NM
Pre-opening	3,593		5,955		(2,362)		(39.7)
Depreciation and amortization	351,338		338,774		12,564		3.7
Property charges and other	55,763		18,477		37,286		201.8
Total operating expenses	$	2,963,242	$	2,599,650	$	363,592	14.0

NM - Not meaningful.

The increase in total operating expenses was primarily due to increased operating costs associated with higher business volumes at our properties, partially offset by decreased entertainment, retail and other expenses related to Wynn Interactive following the closure of WynnBET, Wynn Interactive's digital sports betting and casino gaming business, in certain jurisdictions.

Casino expenses increased $154.6 million and $105.8 million at Wynn Palace and Wynn Macau, respectively. These increases resulted from higher operating costs, including increases of $138.6 million and $95.6 million in incremental gaming tax expense at Wynn Palace and Wynn Macau, respectively, driven by the increase in casino revenues.

Room expenses increased $14.3 million at our Las Vegas Operations as a result of higher operating costs, commensurate with the increase in room revenues.

Food and beverage expenses increased $29.0 million and $13.3 million at our Las Vegas Operations and our Macau Operations, respectively, as a result of higher operating costs related to increases in food and beverage revenues.

Entertainment, retail and other expenses decreased $66.7 million at Corporate and other as a result of decreased operating costs related to Wynn Interactive. This decrease is partially offset by an increase of $17.9 million at our Las Vegas Operations primarily due to entertainment venue and convention-related revenue.

General and administrative expenses increased primarily due to an increase of $11.9 million at our Las Vegas Operations, attributable to payroll, including stock-based compensation, marketing-related costs, and other general and administrative expenses. In addition, general and administrative expenses increased $9.3 million at Corporate and other, primarily due to an increase in payroll and other general and administrative expenses.

Property charges and other expenses for the six months ended June 30, 2024 consisted primarily of $61.5 million of expensed project costs related to a discontinued development project, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets, both included in Corporate and other. Property charges and other expenses for the six months ended June 30, 2023 consisted primarily of asset abandonments of $6.7 million and $3.4 million at our Las Vegas Operations and Wynn Palace, respectively, as well as contract termination and other expenses of $6.5 million at Wynn Macau.

37

Other non-operating income and expenses

Interest expense, net of capitalized interest, decreased $21.0 million primarily due to a decrease in the weighted average debt balance, from $12.55 billion for the six months ended June 30, 2023, to $11.68 billion for the six months ended June 30, 2024, the effect of which was partially offset by an increase in the weighted average interest rate from 6.02% for the six months ended June 30, 2023, to 6.11% for the six months ended June 30, 2024.

We recorded interest income of $75.1 million and $84.3 million in the six months ended June 30, 2024 and 2023, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.

We incurred a foreign currency remeasurement gain of $4.0 million and a loss of $23.7 million for the six months ended June 30, 2024 and 2023, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods.

We recorded a loss of $2.4 million for the six months ended June 30, 2024, from change in derivatives fair value, primarily related to the interest rate collar on the Retail Term Loan. We recorded a gain of $47.4 million for the six months ended June 30, 2023, from change in derivatives fair value, primarily related to the conversion feature of the WML Convertible Bonds.

We recorded a $1.6 million loss on debt financing transactions for the six months ended June 30, 2024, primarily related to the issuance of the 2031 Add-On WRF Senior Notes and the repurchase of the tendered 2025 WLV Senior Notes. We recorded a $15.6 million loss on debt financing transactions for the six months ended June 30, 2023, primarily related to the issuance of the 2031 WRF Senior Notes and the repurchase of the early tendered 2025 WRF Senior Notes.

Income taxes

We recorded income tax expense of $27.9 million and $5.3 million for the six months ended June 30, 2024 and 2023, respectively. Income tax expense in 2024 and 2023 primarily related to U.S. operating profits.

Net income attributable to noncontrolling interests

Net income attributable to noncontrolling interests was $66.6 million and $11.5 million for the six months ended June 30, 2024 and 2023, respectively. These amounts are primarily related to the noncontrolling interests' share of net income from WML.

38

Segment Information

As further described in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information," we use Adjusted Property EBITDAR to manage the operating results of our segments. Adjusted Property EBITDAR is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The following table summarizes Adjusted Property EBITDAR (dollars in thousands) for Wynn Palace, Wynn Macau, Las Vegas Operations, Encore Boston Harbor, and Corporate and other as reviewed by management and summarized in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information." That footnote also presents a reconciliation of Adjusted Property EBITDAR to net income attributable to Wynn Resorts, Limited.

	Three Months Ended June 30,							Six Months Ended June 30,
	2024		2023		Increase/ (Decrease)		Percent Change	2024		2023		Increase/ (Decrease)		Percent Change
Wynn Palace	$	184,459	$	156,607	$	27,852	17.8	$	386,829	$	267,665	$	119,164	44.5
Wynn Macau	95,911		89,590		6,321		7.1	233,097		134,335		98,762		73.5
Las Vegas Operations	230,333		224,121		6,212		2.8	476,595		455,718		20,877		4.6
Encore Boston Harbor	62,131		69,104		(6,973)		(10.1)	125,266		132,518		(7,252)		(5.5)
Corporate and other	(1,179)		(14,964)		13,785		NM	(3,597)		(36,032)		32,435		NM

NM - Not meaningful.

Adjusted Property EBITDAR at Wynn Palace and Wynn Macau increased $27.9 million and $6.3 million for the three months ended June 30, 2024, respectively, and $119.2 million and $98.8 million for the six months ended June 30, 2024, respectively, primarily due to an increase in operating revenues of $79.7 million and $35.7 million for the three months ended June 30, 2024, respectively, and $297.2 million and $216.7 million for the six months ended June 30, 2024, respectively, partially offset by an increase in operating expenses. Since the elimination of COVID-19 related protective measures by Macau authorities in January 2023, visitation to Macau and to our Macau Operations has improved, resulting in increased business volumes at our Macau Operations for the six months ended June 30, 2024.

Adjusted Property EBITDAR at our Las Vegas Operations increased $6.2 million and $20.9 million for the three and six months ended June 30, 2024, respectively, primarily due to an increase in non-casino revenues of $58.9 million and $128.0 million, respectively, partially offset by an increase in operating expenses.

Adjusted Property EBITDAR at Encore Boston Harbor decreased $7.0 million and $7.3 million for the three and six months ended June 30, 2024, respectively, primarily due to a decrease in casino revenues of $13.2 million and $12.5 million, respectively, partially offset by a decrease in operating expenses.

39

Adjusted Property EBITDAR at Corporate and other increased $13.8 million and $32.4 million for the three and six months ended June 30, 2024, respectively, primarily due to a decrease in marketing and promotional expense of $10.9 million and $26.4 million, respectively, related to Wynn Interactive following our decision, announced in August 2023, to close WynnBET, Wynn Interactive's digital sports betting and casino gaming business, in certain jurisdictions.

Refer to the discussions above regarding the specific details of our results of operations.

40

Liquidity and Capital Resources

Our cash flows were as follows (in thousands):

	Six Months Ended June 30,
Cash Flows - Summary	2024		2023
Cash flows from operating activities	$	667,854	$	530,739
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	(191,337)		(215,299)
Investment in unconsolidated affiliates	(428,964)		(31,193)
Purchase of investments	—		(286,519)
Proceeds from maturity of investments	350,000		—
Purchase of intangible and other assets	(2,614)		(11,740)
Proceeds from sale of assets and other	1,289		490
Net cash used in investing activities	(271,626)		(544,261)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	412,000		1,200,000
Repayments of long-term debt	(1,129,136)		(1,112,500)
Repurchase of common stock	(80,798)		(12,094)
Proceeds from exercise of stock options	1,017		1,965
Distribution to noncontrolling interest	(8,641)		(8,945)
Dividends paid	(70,126)		(28,709)
Finance lease payments	(9,163)		(9,731)
Payments for financing costs	(6,458)		(41,020)
Other	(4,486)		(7,773)
Net cash used in financing activities	(895,791)		(18,807)
Effect of exchange rate on cash, cash equivalents and restricted cash	195		(2,864)
Decrease increase in cash, cash equivalents and restricted cash	$	(499,368)	$	(35,193)

Operating Activities

Our operating cash flows primarily consist of operating income (excluding depreciation and amortization and other non-cash charges), interest paid and earned, and changes in working capital accounts such as receivables, inventories, prepaid expenses, and payables. Our table games play is a mix of cash play and credit play, while our slot machine play is conducted primarily on a cash basis. A significant portion of our table games revenue is attributable to the play of a limited number of premium customers who gamble on credit. The ability to collect these gaming receivables may impact our operating cash flow for the period. Our rooms, food and beverage, and entertainment, retail and other revenue is conducted on a cash and credit basis. Accordingly, operating cash flows will be impacted by changes in operating income and accounts receivable, net.

During the six months ended June 30, 2024, the increase in cash flows from operating activities was primarily due to increased revenues from our Macau Operations and our Las Vegas Operations, which was partially offset by an increase in operating expenses associated with higher business volumes. During the six months ended June 30, 2023, the increase in cash flows from operating activities was primarily due to increased revenues from our Macau Operations, our Las Vegas Operations, and Encore Boston Harbor, which was partially offset by an increase in operating expenses associated with higher business volumes.

41

Investing Activities

Our investing activities primarily consist of project capital expenditures and maintenance capital expenditures associated with maintaining and continually refining our world-class integrated resort properties.

During the six months ended June 30, 2024, we incurred capital expenditures of $59.1 million at our Las Vegas Operations, $22.1 million at Encore Boston Harbor, $49.4 million at Wynn Palace, and $28.3 million at Wynn Macau primarily related to maintenance capital expenditures, and $32.4 million at Corporate and other primarily related to future development projects. In addition, during the six months ended June 30, 2024, we contributed $429.0 million in cash to Island 3 and received proceeds of $300.0 million and $50.0 million upon the maturity of our investments in debt securities and fixed deposits, respectively.

During the six months ended June 30, 2023, we incurred capital expenditures of $96.1 million at our Las Vegas Operations, $41.3 million at Encore Boston Harbor, $14.1 million at Wynn Palace, and $8.9 million at Wynn Macau primarily related to maintenance capital expenditures, and $55.0 million at Corporate and other primarily related to future development projects. In addition, during the six months ended June 30, 2023, we purchased $286.5 million in investment securities.

Financing Activities

The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the six months ended June 30, 2024 (in thousands):

	Proceeds from issuance		Repayments and repurchases
WRF 7 1/8% Senior Notes, due 2031	$	412,000	$	—
WM Cayman II Revolver, due 2025	—		311,820
WLV 5 1/2% Senior Notes, due 2025	—		796,691
WRF Credit Facilities:
WRF Term Loan, due 2024	—		1,889
WRF Term Loan, due 2027	—		18,736
Total	$	412,000	$	1,129,136

The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the six months ended June 30, 2023 (in thousands):

	Proceeds from issuance		Repayments and repurchases
WRF 7 1/8% Senior Notes, due 2031	$	600,000	$	—
WML 4 1/2% Convertible Bonds, due 2029	600,000		—
WRF 7 3/4% Senior Notes, due 2025	—		600,000
WLV 4 1/4% Senior Notes, due 2023	—		500,000
WLV 5 1/2% Senior Notes, due 2025	—		—
WRF Term Loan, due 2024	—		12,500
Total	$	1,200,000	$	1,112,500

42

Capital Resources

The following table summarizes our unrestricted cash and cash equivalents, investments, and available revolver borrowing capacity, excluding capacity under intercompany loan agreements, presented by significant financing entity as of June 30, 2024 (in thousands):

	Total Cash and Cash Equivalents		Investments (1)		Revolver Borrowing Capacity
Wynn Macau, Limited and subsidiaries	$	1,382,651	$	500,000	$	312,229
Wynn Resorts Finance, LLC (2)	281,129		—		735,306
Wynn Resorts, Limited and other	715,635		—		—
Total	$	2,379,415	$	500,000	$	1,047,535

(1) Investments consist of investments in fixed deposits maturing in less than one year.

(2) Excluding Wynn Macau, Limited and subsidiaries.

Wynn Macau, Limited and subsidiaries. WML generates cash from our Macau Operations and may utilize proceeds from the WM Cayman II Revolver to fund working capital requirements as needed. We expect to use this cash to service our WML Senior Notes, WM Cayman II Revolver, and WML Convertible Bonds, to pay dividends to shareholders of WML (of which we own approximately 72%), and to fund working capital and capital expenditure requirements at WML and our Macau Operations. In July 2024, the Company repaid approximately $40.0 million of outstanding WM Cayman II Revolver borrowings.

WML is a holding company and, as a result, its ability to pay dividends to WRF is dependent on WML receiving distributions from its subsidiaries. WML, as guarantor under the WM Cayman II Revolver facility agreement, may be subject to certain restrictions on payments of dividends or distributions to its shareholders, unless certain financial criteria have been satisfied. The WM Cayman II Revolver facility agreement contains representations, warranties, covenants and events of default customary for similar financings, including, but not limited to, restrictions on indebtedness to be incurred by WM Cayman II or its subsidiaries.

In May 2024, the WML Board of Directors announced an amendment to WML's dividend policy, pursuant to which the WML Board of Directors will meet semiannually to consider the declaration of dividends, and may also meet at any time during the year as the WML Board of Directors deems fit to consider the declaration of special dividends. On June 19, 2024, WML paid a cash dividend of HK$0.075 per share for a total U.S. dollar equivalent of approximately $50.4 million in respect of the year ended December 31, 2023. Our share of this dividend was $36.0 million.

If our portion of cash available for repatriation was repatriated on June 30, 2024, it would be subject to minimal U.S. taxes.

Wynn Resorts Finance, LLC and subsidiaries. Wynn Resorts Finance, LLC ("WRF" or "Wynn Resorts Finance") generates cash from distributions from its subsidiaries, which include our Macau Operations, Wynn Las Vegas, and Encore Boston Harbor, and capital contributions from Wynn Resorts, as required. In addition, WRF may utilize its available revolving borrowing capacity as needed. We expect to use this cash to service our WRF Credit Facilities, the WRF Senior Notes, and the Wynn Las Vegas Senior Notes, and to fund working capital and capital expenditure requirements as needed.

WRF is a holding company and, as a result, its ability to pay dividends to Wynn Resorts is dependent on WRF receiving distributions from its subsidiaries. The WRF Credit Agreement contains customary negative and financial covenants, including, but not limited to, covenants that restrict WRF's ability to pay dividends or distributions and incur additional indebtedness.

In February 2024, WRF issued an additional $400.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Add-On Senior Notes") in a private offering. The 2031 WRF Add-On Senior Notes were issued at a price equal to 103.0% of the principal amount, for net proceeds of approximately $409.5 million.

43

In February and March 2024, we repurchased $800.0 million aggregate principal amount of our 5 1/2% Senior Notes due 2025 (the "2025 WLV Senior Notes"), which consisted of i) $681.0 million aggregate principal amount of validly tendered notes repurchased at a price equal to 97.2% of the principal amount, plus accrued interest and an early tender premium of $20.3 million, and ii) $119.0 million aggregate principal amount of notes repurchased on a pro-rata basis at a price equal of 100% of the principal amount plus accrued interest under the terms of its indenture. Included in the $119.0 million repurchase was $3.3 million aggregate principal amount of 2025 WLV Senior Notes held by Wynn Resorts. We used the net proceeds from the 2031 WRF Add-On Senior Notes and cash held by WRF to purchase such validly tendered 2025 WLV Senior Notes and to pay the early tender premium and related fees and expenses.

Wynn Resorts, Limited and other subsidiaries. Wynn Resorts, Limited is a holding company and, as a result, our ability to pay dividends is dependent on our ability to obtain funds and our subsidiaries' ability to provide funds to us. Wynn Resorts, Limited and other primarily generates cash from royalty (including intellectual property license) and management agreements with our resorts, dividends and distributions from our subsidiaries, and the operations of the Retail Joint Venture of which we own 50.1%. Fees payable by Wynn Macau SA to Wynn Resorts, Limited under its intellectual property license agreement are capped at $140.0 million for the year ending December 31, 2024. We expect to use cash held by Wynn Resorts, Limited and other to service our Retail Term Loan, to fund working capital needs of our subsidiaries, pay dividends, make required capital contributions to the entity which owns the Wynn Al Marjan Island development, and for general corporate purposes.

During the three months ended June 30, 2024, the Company determined not to proceed with its planned phased development project adjacent to Encore Boston Harbor, and expensed $61.5 million of costs, including $4.7 million of internally allocated overhead, that had been previously capitalized.

During the second quarter of 2024, the Company contributed $356.5 million of cash into Island 3, bringing our life-to-date cash contributions to $514.4 million. The cash contributed in the quarter was used primarily to fund our pro rata portion of the purchase of approximately 155 acres of land underlying the Wynn Al Marjan Island integrated resort development site, including the remaining 70 acres of land on Island 3 for potential future development (the "Marjan Land Bank"). We estimate our remaining 40% pro-rata share of the required equity is approximately $900 million, inclusive of capitalized interest, fees, and certain improvements on the Island. Wynn Al Marjan Island is currently expected to open in 2027.

The Company paid a cash dividend of $0.25 per share in each of the quarters ended March 31, 2024 and June 30, 2024 and recorded $28.0 million in each period, against accumulated deficit. On August 6, 2024, the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on August 30, 2024 to stockholders of record as of August 19, 2024.

Other Factors Affecting Liquidity

We may refinance all or a portion of our indebtedness on or before maturity. We cannot assure you that we will be able to refinance any of the indebtedness on acceptable terms or at all.

Legal proceedings in which we are involved also may impact our liquidity. No assurance can be provided as to the outcome of such proceedings. In addition, litigation inherently involves significant costs. For information regarding legal proceedings, see Note 15, "Commitments and Contingencies."

In April 2016, our Board of Directors authorized an equity repurchase program of up to $1.00 billion. Under the equity repurchase program, we may repurchase the Company's outstanding shares from time to time through open market purchases, in privately negotiated transactions, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As of June 30, 2024, we had $365.4 million in repurchase authority remaining under the program.

We have in the past repurchased, and in the future, we may periodically consider repurchasing our outstanding notes for cash. The amount of any shares and/or notes to be repurchased, as well as the timing of any repurchases, will be based on business, market and other conditions and factors, including price, contractual requirements or consents, and capital availability.

New business developments or other unforeseen events may occur, resulting in the need to raise additional funds. We continue to explore opportunities to develop additional gaming or related businesses in domestic and international markets. There can be no assurances regarding the business prospects with respect to any other opportunity. Any new development may

44

require us to obtain additional financing. We may decide to conduct any such development through Wynn Resorts, Limited or through subsidiaries separate from the Las Vegas, Boston or Macau-related entities.

Contractual Commitments

During the six months ended June 30, 2024, except as described below, there have been no material changes to the contractual obligations previously reported in our Annual Report on Form 10-K for the year ended December 31, 2023.

During the six months ended June 30, 2024, our fixed interest rate long-term debt obligations decreased by a net amount of $396.7 million, as a result of $796.7 million in debt repayments in connection with the repurchase of the 2025 WLV Senior Notes, net of $400.0 million in long-term debt issuances in connection with the issuance of the 2031 Add-On Senior Notes, as described above. As a result, our annual fixed interest payments are expected to decrease $12.5 million for 2024, and increase $21.2 million in 2025, $28.5 million in each of 2026, 2027, and 2028, and $60.6 million thereafter.

Critical Accounting Policies and Estimates

A description of our critical accounting policies is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes to these policies for the six months ended June 30, 2024.

Recently Adopted Accounting Standards and Accounting Standards Issued But Not Yet Adopted

See related disclosure in Note 2, "Basis of Presentation and Significant Accounting Policies" of Part I in this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices.

Additional information about market risks to which we are exposed is included within our Annual Report on Form 10-K for the year ended December 31, 2023.

Interest Rate Risks

One of our primary exposures to market risk is interest rate risk associated with our debt facilities that bear interest based on floating rates. We attempt to manage interest rate risk by managing the mix of long-term fixed rate borrowings and variable rate borrowings, supplemented by hedging activities as believed by us to be appropriate. We cannot assure you that these risk management strategies will have the desired effect, and interest rate fluctuations could have a negative impact on our results of operations.

Interest Rate Sensitivity

As of June 30, 2024, approximately 77% of our long-term debt was based on fixed rates. Based on our outstanding borrowings as of June 30, 2024 and an interest rate collar on the Retail Term Loan, an assumed 100 basis point change in the variable rates would cause our annual interest expense to change by $19.7 million.

In order to mitigate exposure to interest rate fluctuations on the Retail Term Loan, the Company entered into an interest rate collar with a notional value of $615.0 million. The interest rate collar establishes a range whereby the Company will pay the counterparty if one-month SOFR falls below the established floor rate of 1.00%, and the counterparty will pay the Company if one-month SOFR exceeds the ceiling rate of 3.67%.

Foreign Currency Risks

We expect most of the revenues and expenses for any casino that we operate in Macau will be denominated in Hong Kong dollars or Macau patacas; however, a significant portion of the debt issued by WML is denominated in U.S. dollars. Fluctuations in the exchange rates resulting in weakening of the Macau pataca or the Hong Kong dollar in relation to the U.S. dollar could have materially adverse effects on our results, financial condition and ability to service debt. Based on our balances

45

as of June 30, 2024, an assumed 1% change in the U.S. dollar/Hong Kong dollar exchange rate would cause a foreign currency transaction gain/loss of $46.5 million.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The Company's management, with the participation of the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), has evaluated the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on such evaluation, the Company's CEO and CFO have concluded that, as of the period covered by this report, the Company's disclosure controls and procedures were effective, at the reasonable assurance level, in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or furnishes under the Exchange Act and were effective in ensuring that information required to be disclosed by the Company in the reports that it files or furnishes under the Exchange Act is accumulated and communicated to the Company's management, including the Company's CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter to which this report relates that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

46

Part II. OTHER INFORMATION

Item 1. Legal Proceedings

We are occasionally party to lawsuits. As with all litigation, no assurance can be provided as to the outcome of such matters and we note that litigation inherently involves significant costs. For information regarding the Company's legal proceedings see Item 1—"Notes to Condensed Consolidated Financial Statements," Note 15, "Commitments and Contingencies" of Part I in this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

A description of our risk factors can be found in Item 1A, Part I of our Annual Report on Form 10-K for the year ended December 31, 2023. There were no material changes to those risk factors during the six months ended June 30, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table summarizes the share repurchases made by the Company during the three months ended June 30, 2024:

Period	Total Number of Shares Purchased (1) (2)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands)
April 1, 2024 to April 30, 2024	10,210	$	—	—	$	—
May 1, 2024 to May 31, 2024	223,635	$	95.17	220,738	$	412,360
June 1, 2024 to June 30, 2024	521,796	$	90.27	520,602	$	365,378

(1) Shares purchased in April 2024, May 2024, and June 2024 include 10,210, 2,897 and 1,194 shares, respectively, purchased in satisfaction of employee tax withholding obligations on vested restricted stock granted under our stock incentive plans. Refer to Note 13, "Stock-Based Compensation" to our Consolidated Financial Statements included in our 2023 Form 10-K for additional details on our stock incentive plans.

(2) On April 20, 2016, the Company announced that the Board of Directors authorized an equity repurchase program of up to $1.0 billion of our common stock, with no expiration. Under the program, repurchases may be made at the discretion of the Company from time to time on the open market or in privately negotiated transactions. The Company is not obligated to make any repurchases, and the repurchase program may be discontinued at any time. Any shares acquired are held as treasury shares and available for general corporate purposes.

Item 3. Default Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Insider Trading Arrangements

None of the Company’s directors or officers (as defined in Section 16 of the Exchange Act) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (each as defined in Item 408(a) and (c) of Regulation S-K) during the Company’s fiscal quarter ended June 30, 2024.

47

Item 6. Exhibits

(a)Exhibits

 

Exhibit No.	Description
3.1	Third Amended and Restated Articles of Incorporation of the Registrant. (Incorporated by reference from the Quarterly Report on Form 10-Q filed by the Registrant on May 8, 2015.)
3.2	Ninth Amended and Restated Bylaws of the Registrant. (Incorporated by reference from the Annual Report on Form 10-K filed by the Registrant on February 28, 2020.)
*31.1	Certification of Chief Executive Officer of Periodic Report Pursuant to Rule 13a – 14(a) and Rule 15d – 14(a).
*31.2	Certification of Chief Financial Officer of Periodic Report Pursuant to Rule 13a – 14(a) and Rule 15d – 14(a).
32	Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350 (furnished herewith).
101	The following material from Wynn Resorts, Limited's Quarterly Report on Form 10-Q, formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023; (ii) the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023; (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023; (iv) the Condensed Consolidated Statements of Stockholders' Deficit for the three and six months ended June 30, 2024 and 2023; (v) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023; and (vi) Notes to Condensed Consolidated Financial Statements. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104	Cover Page Interactive Data File - The cover page XBRL tags are embedded within the Inline XBRL document.

Wynn Resorts, Limited agrees to furnish to the U.S. Securities and Exchange Commission, upon request, a copy of each agreement with respect to long-term debt not filed herewith in reliance upon the exemption from filing applicable to any series of debt which does not exceed 10% of the total consolidated assets of the Company.

*     Filed herewith.

48

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

		WYNN RESORTS, LIMITED
Dated: August 6, 2024	By:	/s/ Julie Cameron-Doe
		Julie Cameron-Doe
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

49