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

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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;
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,

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

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.

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)


	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.

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.

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.

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.

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):


	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)


	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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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

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.

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