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, 2024. 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, 2024 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 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 2025 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,
	2025		2024		Increase/ (Decrease)		Percent Change	2025		2024		Increase/ (Decrease)		Percent Change
Operating revenues	$	1,737,797	$	1,732,932	$	4,865	0.3	$	3,438,194	$	3,595,841	$	(157,647)	(4.4)
Net income attributable to Wynn Resorts, Limited	66,218		111,943		(45,725)		(40.8)	138,965		256,159		(117,194)		(45.8)
Diluted net income per share	0.64		0.91		(0.27)		(29.7)	1.33		2.30		(0.97)		(42.2)

The increase in operating revenues for the three months ended June 30, 2025 was largely driven by increased operating revenues of $10.0 million at our Las Vegas Operations as a result of higher gaming volumes, partially offset by a decrease in operating revenues of $6.4 million at Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.

The decrease in net income attributable to Wynn Resorts, Limited for the three months ended June 30, 2025 was primarily attributable to other non-operating income and expenses. We incurred a foreign currency remeasurement loss of $36.2 million and a loss from change in derivatives fair value of $1.1 million in the three months ended June 30, 2025. Net income

attributable to Wynn Resorts, Limited for the three months ended June 30, 2024, included a foreign currency remeasurement gain of $8.7 million and a gain from change in derivatives fair value of $15.5 million.

Financial results for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Operating revenues

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


	Three Months Ended June 30,
	2025		2024		Increase/ (Decrease)		Percent Change
Operating revenues
Macau Operations:
Wynn Palace	$	539,641	$	548,049	$	(8,408)	(1.5)
Wynn Macau	343,813		337,269		6,544		1.9
Total Macau Operations	883,454		885,318		(1,864)		(0.2)
Las Vegas Operations	638,633		628,654		9,979		1.6
Encore Boston Harbor	215,710		212,608		3,102		1.5
Corporate and other	—		6,352		(6,352)		NM
	$	1,737,797	$	1,732,932	$	4,865	0.3

NM - Not meaningful.

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


	Three Months Ended June 30,
	2025		2024		Increase/ (Decrease)		Percent Change
Operating revenues
Casino revenues	$	1,051,834	$	1,008,946	$	42,888	4.3
Non-casino revenues:
Rooms	291,053		304,521		(13,468)		(4.4)
Food and beverage	261,057		281,404		(20,347)		(7.2)
Entertainment, retail and other	133,853		138,061		(4,208)		(3.0)
Total non-casino revenues	685,963		723,986		(38,023)		(5.3)
	$	1,737,797	$	1,732,932	$	4,865	0.3

Casino revenues for the three months ended June 30, 2025 were 60.5% of operating revenues, compared to 58.2% for the same period of 2024. Non-casino revenues for the three months ended June 30, 2025 were 39.5% of operating revenues, compared to 41.8% for the same period of 2024.

Casino revenues

Casino revenues increased primarily due to higher table drop and slot machine handle at our Las Vegas Operations and higher VIP table games win at Wynn Macau.

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,
	2025			2024			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total casino revenues	$	448,298		$	444,964		$	3,334	0.7
VIP:
Average number of table games	52			57			(5)		(8.8)
VIP turnover	$	4,071,052		$	2,810,016		$	1,261,036	44.9
VIP table games win	$	116,471		$	115,297		$	1,174	1.0
VIP win as a % of turnover	2.86		%	4.10		%	(1.24)
Table games win per unit per day	$	24,438		$	22,092		$	2,346	10.6
Mass market:
Average number of table games	249			243			6		2.5
Table drop	$	1,844,054		$	1,738,260		$	105,794	6.1
Table games win	$	411,604		$	409,409		$	2,195	0.5
Table games win %	22.3		%	23.6		%	(1.3)
Table games win per unit per day	$	18,171		$	18,484		$	(313)	(1.7)
Average number of slot machines	627			607			20		3.3
Slot machine handle	$	757,815		$	642,713		$	115,102	17.9
Slot machine win	$	32,482		$	25,590		$	6,892	26.9
Slot machine win per unit per day	$	569		$	464		$	105	22.6

Wynn Macau:
Total casino revenues	$	293,380		$	280,717		$	12,663	4.5
VIP:
Average number of table games	21			30			(9)		(30.0)
VIP turnover	$	981,735		$	1,164,075		$	(182,340)	(15.7)
VIP table games win	$	33,438		$	25,473		$	7,965	31.3
VIP win as a % of turnover	3.41		%	2.19		%	1.22
Table games win per unit per day	$	17,571		$	9,449		$	8,122	86.0
Mass market:
Average number of table games	231			222			9		4.1
Table drop	$	1,617,756		$	1,602,920		$	14,836	0.9
Table games win	$	280,836		$	280,830		$	6	—
Table games win %	17.4		%	17.5		%	(0.1)
Table games win per unit per day	$	13,346		$	13,905		$	(559)	(4.0)
Average number of slot machines	751			617			134		21.7
Slot machine handle	$	1,009,092		$	801,813		$	207,279	25.9
Slot machine win	$	25,193		$	25,978		$	(785)	(3.0)
Slot machine win per unit per day	$	369		$	463		$	(94)	(20.3)
Poker rake	$	2,836		$	3,607		$	(771)	(21.4)


	Three Months Ended June 30,
	2025			2024			Increase/ (Decrease)		Percent Change
Las Vegas Operations:
Total casino revenues	$	148,502		$	129,674		$	18,828	14.5
Average number of table games	232			234			(2)		(0.9)
Table drop	$	609,232		$	536,461		$	72,771	13.6
Table games win	$	132,975		$	117,496		$	15,479	13.2
Table games win %	21.8		%	21.9		%	(0.1)
Table games win per unit per day	$	6,300		$	5,529		$	771	13.9
Average number of slot machines	1,564			1,598			(34)		(2.1)
Slot machine handle	$	1,760,253		$	1,648,364		$	111,889	6.8
Slot machine win	$	123,606		$	110,017		$	13,589	12.4
Slot machine win per unit per day	$	868		$	757		$	111	14.7
Poker rake	$	8,103		$	7,501		$	602	8.0
Encore Boston Harbor:
Total casino revenues	$	161,654		$	153,591		$	8,063	5.2
Average number of table games	172			185			(13)		(7.0)
Table drop	$	338,184		$	358,857		$	(20,673)	(5.8)
Table games win	$	72,016		$	70,471		$	1,545	2.2
Table games win %	21.3		%	19.6		%	1.7
Table games win per unit per day	$	4,601		$	4,186		$	415	9.9
Average number of slot machines	2,718			2,590			128		4.9
Slot machine handle	$	1,365,349		$	1,420,607		$	(55,258)	(3.9)
Slot machine win	$	109,472		$	105,558		$	3,914	3.7
Slot machine win per unit per day	$	443		$	448		$	(5)	(1.1)
Poker rake	$	5,430		$	5,307		$	123	2.3

Non-casino revenues

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


	Three Months Ended June 30,
	2025			2024			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total room revenues (dollars in thousands)	$	38,481		$	50,206		$	(11,725)	(23.4)
Occupancy	98.7		%	98.9		%	(0.2)
ADR	$	232		$	316		$	(84)	(26.6)
REVPAR	$	229		$	312		$	(83)	(26.6)
Wynn Macau:
Total room revenues (dollars in thousands)	$	21,742		$	23,742		$	(2,000)	(8.4)
Occupancy	99.4		%	99.4		%	—
ADR	$	216		$	236		$	(20)	(8.5)
REVPAR	$	215		$	234		$	(19)	(8.1)
Las Vegas Operations:
Total room revenues (dollars in thousands)	$	207,981		$	205,872		$	2,109	1.0
Occupancy	89.2		%	90.9		%	(1.7)
ADR	$	548		$	532		$	16	3.0
REVPAR	$	489		$	484		$	5	1.0
Encore Boston Harbor:
Total room revenues (dollars in thousands)	$	22,849		$	24,701		$	(1,852)	(7.5)
Occupancy	92.9		%	96.5		%	(3.6)
ADR	$	405		$	422		$	(17)	(4.0)
REVPAR	$	376		$	407		$	(31)	(7.6)

Room revenues decreased $13.5 million, primarily due to lower ADR at our Macau Operations.

Food and beverage revenues decreased $20.3 million, primarily due to decreased covers at our Las Vegas Operations.

Entertainment, retail and other revenues decreased $4.2 million, primarily due to a decrease in operating revenues at Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.

Operating expenses

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


	Three Months Ended June 30,
	2025		2024		Increase/ (Decrease)		Percent Change
Operating expenses:
Casino	$	643,108	$	614,518	$	28,590	4.7
Rooms	86,042		80,538		5,504		6.8
Food and beverage	224,400		221,343		3,057		1.4
Entertainment, retail and other	58,041		62,941		(4,900)		(7.8)
General and administrative	280,815		264,727		16,088		6.1
Provision for credit losses	3,353		2,429		924		38.0
Pre-opening	11,286		1,558		9,728		624.4
Depreciation and amortization	152,907		176,405		(23,498)		(13.3)
Property charges and other	13,245		38,815		(25,570)		(65.9)
Total operating expenses	$	1,473,197	$	1,463,274	$	9,923	0.7

The increase in total operating expenses was primarily due to higher casino expenses at our Macau Operations driven by an increase in gaming tax expense, partially offset by a decrease in depreciation and amortization expenses at Encore Boston Harbor and decrease in property charges and other expenses at Corporate and other.

Casino expenses increased $7.2 million and $12.8 million at Wynn Macau and Wynn Palace, respectively, which includes increases of $5.3 million and $9.1 million in gaming tax expense at Wynn Macau and Wynn Palace, respectively, as a result of higher casino revenues. Casino expenses increased $9.3 million at our Las Vegas Operations, primarily due to higher stock-based compensation expense as a result of stock awards granted in connection with the 20th anniversary of the opening of Wynn Las Vegas ("20th Anniversary").

Room expenses increased $5.2 million at our Las Vegas Operations, primarily due to higher stock-based compensation expense as a result of stock awards granted in connection with the 20th Anniversary.

Entertainment, retail and other expenses decreased $4.9 million, primarily due to decreased operating costs related to Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.

General and administrative expenses increased $16.1 million, primarily due to the one-time cost of the 20th Anniversary celebrations, including higher stock-based compensation expense as a result of stock awards granted in connection with the 20th Anniversary.

Pre-opening expenses increased $5.5 million at Corporate and other, largely as a result of pre-opening costs associated with Wynn Al Marjan Island.

Depreciation and amortization decreased $17.5 million at Encore Boston Harbor as a result of certain furniture, fixtures and equipment assets being fully depreciated five years after the opening of the property in June of 2019.

Property charges and other expenses for the three months ended June 30, 2025 consisted primarily of asset abandonments and disposals of $2.3 million and $1.5 million at our Macau Operations and Corporate and other, respectively, and $6.3 million of contract termination and other costs at our Las Vegas Operations. 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.

Other non-operating income and expenses

Interest expense, net of capitalized interest, decreased $20.0 million due to a decrease in the weighted average debt balance, from $11.43 billion for the three months ended June 30, 2024, to $10.94 billion for the three months ended June 30, 2025, and a decrease in the weighted average interest rate, from 6.10% for the three months ended June 30, 2024, to 5.63% for the three months ended June 30, 2025. In addition, we capitalized interest of $10.9 million and $2.6 million in the three months ended June 30, 2025 and 2024, respectively.

We recorded interest income of $15.9 million and $34.9 million in the three months ended June 30, 2025 and 2024, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.

We incurred a foreign currency remeasurement loss of $36.2 million and a gain of $8.7 million for the three months ended June 30, 2025 and 2024, 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 loss of $1.1 million for the three months ended June 30, 2025, from change in derivatives fair value, which includes a gain of $6.0 million related to the conversion feature on the WML Convertible Bonds and a loss of $5.3 million related to foreign currency swaps. We recorded a gain of $15.5 million for the three months ended June 30, 2024, from change in derivatives fair value, primarily related to the conversion feature on the WML Convertible Bonds. For more information on the Company's derivative instruments, refer to Item 1—"Notes to Condensed Consolidated Financial Statements," Note 7, "Derivative Instruments."

We recorded a $1.1 million loss on debt financing transactions for the three months ended June 30, 2025, primarily related to the amendment of the WRF credit facility.

Income taxes

We recorded an income tax expense of $10.6 million and $7.9 million for the three months ended June 30, 2025 and 2024, respectively, primarily related to our U.S.-based operating profits.

Net income attributable to noncontrolling interests

We recognized net income attributable to noncontrolling interests of $10.7 million for the three months ended June 30, 2025, primarily related to the noncontrolling interest's share of net income in the Retail Joint Venture.

We recognized net income attributable to noncontrolling interests of $34.3 million for the three months ended June 30, 2024, primarily related to the noncontrolling interests' share of net income from WML.

Financial results for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Operating revenues

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


	Six Months Ended June 30,
	2025		2024		Increase/ (Decrease)		Percent Change
Operating revenues
Macau Operations:
Wynn Palace	$	1,075,570	$	1,134,950	$	(59,380)	(5.2)
Wynn Macau	673,773		749,013		(75,240)		(10.0)
Total Macau Operations	1,749,343		1,883,963		(134,620)		(7.1)
Las Vegas Operations	1,263,918		1,265,202		(1,284)		(0.1)
Encore Boston Harbor	424,933		430,392		(5,459)		(1.3)
Corporate and other	—		16,284		(16,284)		NM
	$	3,438,194	$	3,595,841	$	(157,647)	(4.4)

NM - Not meaningful.

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


	Six Months Ended June 30,
	2025		2024		Increase/ (Decrease)		Percent Change
Operating revenues
Casino revenues	$	2,092,264	$	2,130,412	$	(38,148)	(1.8)
Non-casino revenues:
Rooms	565,574		631,935		(66,361)		(10.5)
Food and beverage	510,936		548,342		(37,406)		(6.8)
Entertainment, retail and other	269,420		285,152		(15,732)		(5.5)
Total non-casino revenues	1,345,930		1,465,429		(119,499)		(8.2)
	$	3,438,194	$	3,595,841	$	(157,647)	(4.4)

Casino revenues for the six months ended June 30, 2025 were 60.9% of operating revenues, compared to 59.2% for the same period of 2024. Non-casino revenues for the six months ended June 30, 2025 were 39.1% of operating revenues, compared to 40.8% for the same period of 2024.

Casino revenues

Casino revenues decreased primarily due to lower VIP win as a percentage of turnover and mass market table games win at our Macau Operations, partially offset by an increase in casino revenues from our Las Vegas Operations primarily due to higher gaming volumes during the six months ended June 30, 2025.

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,
	2025			2024			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total casino revenues	$	892,806		$	918,745		$	(25,939)	(2.8)
VIP:
Average number of table games	54			58			(4)		(6.9)
VIP turnover	$	8,076,093		$	6,731,100		$	1,344,993	20.0
VIP table games win	$	221,003		$	244,712		$	(23,709)	(9.7)
VIP win as a % of turnover	2.74		%	3.64		%	(0.90)
Table games win per unit per day	$	22,735		$	23,195		$	(460)	(2.0)
Mass market:
Average number of table games	248			244			4		1.6
Table drop	$	3,548,452		$	3,520,444		$	28,008	0.8
Table games win	$	833,996		$	846,732		$	(12,736)	(1.5)
Table games win %	23.5		%	24.1		%	(0.6)
Table games win per unit per day	$	18,566		$	19,039		$	(473)	(2.5)
Average number of slot machines	638			590			48		8.1
Slot machine handle	$	1,492,685		$	1,238,334		$	254,351	20.5
Slot machine win	$	61,838		$	56,560		$	5,278	9.3
Slot machine win per unit per day	$	535		$	527		$	8	1.5
Wynn Macau:
Total casino revenues	$	568,930		$	627,070		$	(58,140)	(9.3)
VIP:
Average number of table games	25			30			(5)		(16.7)
VIP turnover	$	2,418,782		$	2,753,760		$	(334,978)	(12.2)
VIP table games win	$	49,152		$	79,379		$	(30,227)	(38.1)
VIP win as a % of turnover	2.03		%	2.88		%	(0.85)
Table games win per unit per day	$	10,777		$	14,629		$	(3,852)	(26.3)
Mass market:
Average number of table games	226			222			4		1.8
Table drop	$	3,160,641		$	3,286,071		$	(125,430)	(3.8)
Table games win	$	569,385		$	607,150		$	(37,765)	(6.2)
Table games win %	18.0		%	18.5		%	(0.5)
Table games win per unit per day	$	13,916		$	15,048		$	(1,132)	(7.5)
Average number of slot machines	740			600			140		23.3
Slot machine handle	$	1,862,499		$	1,532,202		$	330,297	21.6
Slot machine win	$	49,560		$	52,170		$	(2,610)	(5.0)
Slot machine win per unit per day	$	370		$	478		$	(108)	(22.6)
Poker rake	$	6,056		$	8,626		$	(2,570)	(29.8)


	Six Months Ended June 30,
	2025			2024			Increase/ (Decrease)		Percent Change
Las Vegas Operations:
Total casino revenues	$	309,495		$	264,837		$	44,658	16.9
Average number of table games	234			234			—		—
Table drop	$	1,201,759		$	1,140,635		$	61,124	5.4
Table games win	$	277,036		$	274,107		$	2,929	1.1
Table games win %	23.1		%	24.0		%	(0.9)
Table games win per unit per day	$	6,538		$	6,444		$	94	1.5
Average number of slot machines	1,577			1,608			(31)		(1.9)
Slot machine handle	$	3,538,339		$	3,144,442		$	393,897	12.5
Slot machine win	$	246,850		$	209,773		$	37,077	17.7
Slot machine win per unit per day	$	865		$	717		$	148	20.6
Poker rake	$	12,434		$	12,023		$	411	3.4
Encore Boston Harbor:
Total casino revenues	$	321,033		$	319,760		$	1,273	0.4
Average number of table games	172			184			(12)		(6.5)
Table drop	$	678,246		$	725,668		$	(47,422)	(6.5)
Table games win	$	141,898		$	153,449		$	(11,551)	(7.5)
Table games win %	20.9		%	21.1		%	(0.2)
Table games win per unit per day	$	4,558		$	4,576		$	(18)	(0.4)
Average number of slot machines	2,718			2,613			105		4.0
Slot machine handle	$	2,722,548		$	2,823,454		$	(100,906)	(3.6)
Slot machine win	$	216,954		$	210,223		$	6,731	3.2
Slot machine win per unit per day	$	441		$	442		$	(1)	(0.2)
Poker rake	$	11,072		$	11,088		$	(16)	(0.1)

Non-casino revenues

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


	Six Months Ended June 30,
	2025			2024			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total room revenues (dollars in thousands)	$	75,096		$	104,142		$	(29,046)	(27.9)
Occupancy	98.5		%	98.9		%	(0.4)
ADR	$	227		$	326		$	(99)	(30.4)
REVPAR	$	224		$	323		$	(99)	(30.7)
Wynn Macau:
Total room revenues (dollars in thousands)	$	45,039		$	52,361		$	(7,322)	(14.0)
Occupancy	99.2		%	99.4		%	(0.2)
ADR	$	225		$	260		$	(35)	(13.5)
REVPAR	$	223		$	258		$	(35)	(13.6)
Las Vegas Operations:
Total room revenues (dollars in thousands)	$	403,849		$	429,948		$	(26,099)	(6.1)
Occupancy	88.3		%	89.4		%	(1.1)
ADR	$	538		$	563		$	(25)	(4.4)
REVPAR	$	475		$	504		$	(29)	(5.8)
Encore Boston Harbor:
Total room revenues (dollars in thousands)	$	41,590		$	45,484		$	(3,894)	(8.6)
Occupancy	90.5		%	93.1		%	(2.6)
ADR	$	382		$	403		$	(21)	(5.2)
REVPAR	$	346		$	375		$	(29)	(7.7)

Room revenues decreased $66.4 million due to lower ADR across all of our properties.

Food and beverage revenues decreased $37.4 million, primarily due to decreased covers at our Las Vegas Operations during the six months ended June 30, 2025. The six months ended June 30, 2024 included incremental food and beverage revenue from Super Bowl-related events and from outlets undergoing renovations.

Entertainment, retail and other revenues decreased $15.7 million, primarily due to a decrease in operating revenues at Wynn Interactive following the closure of its digital sports betting and casino business in the third quarter of 2024.

Operating expenses

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


	Six Months Ended June 30,
	2025		2024		Increase/ (Decrease)		Percent Change
Operating expenses:
Casino	$	1,277,941	$	1,289,957	$	(12,016)	(0.9)
Rooms	170,139		162,615		7,524		4.6
Food and beverage	425,067		427,164		(2,097)		(0.5)
Entertainment, retail and other	120,227		133,953		(13,726)		(10.2)
General and administrative	556,504		536,343		20,161		3.8
Provision for credit losses	4,749		2,516		2,233		88.8
Pre-opening	16,573		3,593		12,980		361.3
Depreciation and amortization	308,328		351,338		(43,010)		(12.2)

Property charges and other	25,477		55,763		(30,286)		(54.3)
Total operating expenses	$	2,905,005	$	2,963,242	$	(58,237)	(2.0)

The decrease in total operating expenses was primarily due to decreased operating costs associated with lower business volumes at our properties, a decrease in depreciation and amortization expense at Encore Boston Harbor, and a decrease in property charges and other expenses at Corporate and other.

Casino expenses decreased $22.4 million at Wynn Macau, including a decrease of $25.5 million in gaming tax expense driven by a decrease in casino revenue. This decrease was partially offset by a $13.7 million increase at our Las Vegas Operations, primarily related to higher stock-based compensation expense as a result of stock awards granted to employees in connection with the 20th Anniversary.

Room expenses increased $6.9 million at our Las Vegas Operations, largely due to payroll and related costs, including higher stock-based compensation expense as a result of stock awards granted to employees in connection with the 20th Anniversary.

Entertainment, retail and other expenses decreased $20.4 million at Corporate and other as a result of decreased operating costs related to Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.

General and administrative expenses increased $20.2 million, primarily due to the one-time cost of the 20th Anniversary celebrations, including higher stock-based compensation expense as a result of stock awards granted in connection with the 20th Anniversary.

Pre-opening expense increased $7.3 million at Corporate and other largely due to pre-opening costs associated with Wynn Al Marjan Island.

Depreciation and amortization expenses decreased $34.9 million at Encore Boston Harbor as a result of certain furniture, fixtures, and equipment assets being fully depreciated five years after the opening of the property in June of 2019.

Property charges and other expenses for the six months ended June 30, 2025 consisted primarily of $6.6 million and $5.8 million of contract terminations and other expenses at our Las Vegas Operations and Encore Boston Harbor, respectively, and $7.1 million and $2.6 million of asset abandonments and disposals at our Macau Operations and Corporate and other, respectively. 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 at Corporate and other, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets, both included in Corporate and other.

Other non-operating income and expenses

Interest expense, net of capitalized interest, decreased $44.8 million primarily due to a decrease in the weighted average debt balance, from $11.68 billion for the six months ended June 30, 2024, to $10.94 billion for the six months ended June 30, 2025, and a decrease in the weighted average interest rate, from 6.11% for the six months ended June 30, 2024, to 5.69% for the six months ended June 30, 2025. In addition, we capitalized interest of $21.2 million and $5.8 million for the six months ended June 30, 2025 and 2024, respectively.

We recorded interest income of $35.2 million and $75.1 million in the six months ended June 30, 2025 and 2024, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.

We incurred a foreign currency remeasurement loss of $44.5 million and a gain of $4.0 million for the six months ended June 30, 2025 and 2024, 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 $30.7 million for the six months ended June 30, 2025, from change in derivatives fair value, which includes a loss of $10.0 million related to the conversion feature on the WML Convertible Bonds and a loss of $14.6 million related to foreign currency swaps. We recorded a loss of $2.4 million from changes in derivatives fair value for the six months ended June 30, 2024, primarily related to the interest rate collar on the Retail Term Loan.

We recorded a $1.1 million loss on debt financing transactions for the six months ended June 30, 2025 related to the amendment of the WRF credit facility. We recorded a $1.6 million loss on debt financing transactions for the six months ended June 30, 2024 related to the issuance of the 2031 Add-On WRF Senior Notes and the repurchase of the early tendered 2025 WRF Senior Notes.

Income taxes

We recorded income tax expense of $21.6 million and $27.9 million for the six months ended June 30, 2025 and 2024, respectively, primarily related to U.S.-based operating profits.

Net income attributable to noncontrolling interests

We recognized net income attributable to noncontrolling interests of $19.4 million for the six months ended June 30, 2025, primarily related to the noncontrolling interest's share of net income in the Retail Joint Venture.

We recognized net income attributable to noncontrolling interests of $66.6 million for the six months ended June 30, 2024, 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 expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (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,
	2025		2024		Increase/ (Decrease)		Percent Change	2025		2024		Increase/ (Decrease)		Percent Change
Wynn Palace	$	157,206	$	184,459	$	(27,253)	(14.8)	$	319,091	$	386,829	$	(67,738)	(17.5)
Wynn Macau	96,510		95,911		599		0.6	186,709		233,097		(46,388)		(19.9)
Las Vegas Operations	234,812		230,333		4,479		1.9	458,173		476,595		(18,422)		(3.9)
Encore Boston Harbor	63,859		62,131		1,728		2.8	121,313		125,266		(3,953)		(3.2)
Corporate and other	—		(1,179)		1,179		NM	—		(3,597)		3,597		NM

NM - Not meaningful.

Adjusted Property EBITDAR at Wynn Palace decreased $27.3 million for the three months ended June 30, 2025 due to a decrease in operating revenues of $8.4 million primarily related to lower room revenue, coupled with an increase in operating expenses. Adjusted Property EBITDAR at Wynn Palace decreased $67.7 million for the six months ended June 30, 2025, primarily due to a decrease in operating revenues of $59.4 million attributable to lower VIP win as a percentage of turnover and lower ADR, coupled with higher operating expenses.

Adjusted Property EBITDAR at Wynn Macau increased $0.6 million for the three months ended June 30, 2025 due to a $6.5 million increase in operating revenues, largely attributable to higher casino revenue, partially offset by increased casino expense, inclusive of gaming taxes. Adjusted Property EBITDAR for the six months ended June 30, 2025 decreased $46.4 million due to a decrease in operating revenues of $75.2 million, largely attributable to lower casino revenue, partially offset by a decrease in casino expense, inclusive of gaming taxes.

Adjusted Property EBITDAR at our Las Vegas Operations increased $4.5 million for the three months ended June 30, 2025, primarily due to increased operating revenues of $10.0 million, partially offset by an increase in operating expenses. Adjusted Property EBITDAR at our Las Vegas Operations decreased $18.4 million for the six months ended June 30, 2025, primarily due to an increase in operating expenses.

Adjusted Property EBITDAR at Encore Boston Harbor increased $1.7 million for the three months ended June 30, 2025, primarily due to a $3.1 million increase in operating revenues, coupled with a decrease in operating expenses. Adjusted Property EBITDAR decreased $4.0 million for the six months ended June 30, 2025, primarily due to a decrease in operating revenues of $5.5 million, partially offset by a decrease in operating expenses.

Adjusted Property EBITDAR at Corporate and other decreased $1.2 million and $3.6 million for the three and six months ended June 30, 2025, respectively, as a result of ceasing our digital sports betting and casino gaming operations in the third quarter of 2024.

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	2025		2024
Cash flows from operating activities	$	538,836	$	667,854

Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	(325,197)		(191,337)
Investments in unconsolidated affiliates	(130,642)		(428,964)
Proceeds from maturity of investments	—		350,000
Purchase of intangible and other assets	(450)		(2,614)
Proceeds from sale of assets and other	253		1,289
Net cash used in investing activities	(456,036)		(271,626)

Cash flows from financing activities:
Proceeds from issuance of long-term debt	752,812		412,000
Repayments of long-term debt	(763,125)		(1,129,136)
Repurchase of common stock	(377,645)		(80,798)
Proceeds from exercise of stock options	154		1,017
Distribution to noncontrolling interest	(12,324)		(8,641)
Dividends paid	(88,290)		(70,126)
Finance lease payments	(12,694)		(9,163)
Payments for financing costs	(5,732)		(6,458)
Other	(9,142)		(4,486)
Net cash used in financing activities	(515,986)		(895,791)

Effect of exchange rate on cash, cash equivalents and restricted cash	(8,579)		195
Decrease in cash, cash equivalents and restricted cash	$	(441,765)	$	(499,368)

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, 2025, the decrease in cash flows from operating activities was primarily due to decreased revenues across our properties.

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, 2025, we incurred capital expenditures of $106.1 million at our Las Vegas Operations, $105.4 million at Wynn Palace, $30.2 million at Wynn Macau, and $11.5 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $72.0 million at Corporate and other primarily related to future development projects. In addition, during the six months ended June 30, 2025, we invested $121.1 million, including $109.5 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan Island.

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 invested $429.0 million in the joint venture that is constructing Wynn Al Marjan Island and received proceeds of $300.0 million and $50.0 million upon the maturity of our investments in debt securities and fixed deposits, respectively.

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, 2025 (in thousands):


	Proceeds from issuance		Repayments and repurchases
WRF Credit Facilities:
WRF Term Loan, due 2027	$	—	$	763,125
WRF Term Loan, due 2030	752,812		—
Total	$	752,812	$	763,125

In addition, during the six months ended June 30, 2025, we repurchased shares of our common stock for an aggregate cost of $377.6 million, including 4,364,612 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $358.1 million. We also made dividend payments of $88.3 million, finance lease payments of $12.7 million, and used cash of $12.3 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

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

In addition, during the six months ended June 30, 2024, we repurchased shares of our common stock for an aggregate cost of $80.8 million, including 741,340 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $68.0 million. We also made dividend payments of $70.1 million, finance lease payments of $9.2 million, and used cash of $8.6 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

Capital Resources

The following table summarizes our unrestricted cash and cash equivalents and available revolver borrowing capacity, presented by significant financing entity as of June 30, 2025 (in thousands):


	Total Cash and Cash Equivalents		Revolver Borrowing Capacity
Wynn Macau, Limited and subsidiaries	$	1,474,887	$	350,734
Wynn Resorts Finance, LLC (1)	231,236		1,235,346
Wynn Resorts, Limited and other	278,629		—
Total	$	1,984,752	$	1,586,080

(1) 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 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.

We expect to make estimated project capital expenditures of between $200 million and $250 million during 2025 and between $450 million and $500 million during 2026 related to enhancements at our Macau Operations. We expect to make maintenance capital expenditures at our Macau Operations of between $70 million and $80 million during 2025.

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.

On June 11, 2025, WML paid a cash dividend of HK$0.185 per share on its common stock for a total U.S. dollar equivalent of approximately $124.0 million in respect of the year ended December 31, 2024. Our share of this dividend was $88.5 million.

In July 2025, WM Cayman II increased borrowing capacity under the WM Cayman II Revolver by an additional aggregate amount of $1.0 billion equivalent through the exercise of an accordion feature under the facility agreement. As a result, the total committed amount of the WM Cayman II Revolver has increased to $2.5 billion equivalent.

If our portion of cash available for repatriation was repatriated on June 30, 2025, 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, to pay dividends or distributions to Wynn Resorts, and to fund working capital and capital expenditure requirements as needed.

We expect to make estimated project capital expenditures of between $200 million and $225 million during 2025 and between $375 million and $400 million during 2026 related to enhancements at our Las Vegas Operations. We expect to make maintenance capital expenditures at our Las Vegas Operations and Encore Boston Harbor of between $90 million and $115 million, on a combined basis, during 2025.

WRF is a holding company and, as a result, its ability to pay dividends or distributions 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 June 2025, WRF and certain of its subsidiaries entered into an amendment (the "WRF Credit Facility Amendment") to its existing credit agreement. The WRF Credit Facility Amendment (i) extends the final maturity date with respect to all or a portion of the term loan commitments from September 20, 2027 to June 12, 2030, (ii) extends the termination date with respect to all or a portion of the existing revolving commitments and the maturity date with respect to the corresponding revolving commitments from September 20, 2027 to June 12, 2030 and (iii) allows for $500.0 million of incremental extended revolving commitments with a stated maturity date of June 12, 2030.

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 $150.0 million for the year ending December 31, 2025. 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 Wynn Al Marjan Island, and for general corporate purposes.

During the second quarter of 2025, the Company contributed $58.2 million of cash into Island 3, bringing our life-to-date cash contributions to $741.1 million. We estimate our remaining 40% pro-rata share of the required equity for the construction of the Wynn Al Marjan Island integrated resort is between $600 million and $675 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, 2025 and June 30, 2025 and recorded $26.6 million and $26.1 million in the quarters ended March 31, 2025 and June 30, 2025, respectively, against accumulated deficit.

On August 7, 2025, the Company announced that its Board of Directors declared a cash dividend of $0.25 per share, payable on August 29, 2025 to stockholders of record as of August 18, 2025.

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 November 2024, the Company’s Board of Directors authorized an increase in the amount of the Company's outstanding shares of common stock available for repurchase under the previously available repurchase authorization to $1.00 billion. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time. As of June 30, 2025, we had $454.9 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, 2025, 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, 2024.

As a result of the financing transactions described in our discussion of capital resources above, our long-term debt obligations will decrease by $30.9 million in the remainder of 2025, $31.8 million in 2026, and $652.4 million in 2027 and will increase by $37.6 million in each of 2028 and 2029 and $639.9 million thereafter. Our annual variable interest payments are expected to decrease by $0.7 million in 2025 and increase by $1.8 million in 2026, $13.5 million in 2027, $42.6 million in 2028, $40.3 million in 2029, and $30.8 million thereafter.

Off Balance Sheet Arrangements

In February 2025, Wynn Al Marjan Island FZ-LLC, a wholly-owned subsidiary of Island 3, an unconsolidated affiliate, entered into a facility agreement which provides a $2.4 billion (or equivalent in local currency) delayed draw secured term loan facility to finance the development of Wynn Al Marjan Island (the "Al Marjan Facility"). The Company is not a party to the Al Marjan Facility agreement, but entered into a guarantee in favor of the secured parties under the Al Marjan Facility agreement. For additional information, refer to Note 15, "Commitments and Contingencies" of Part I in this Quarterly Report on Form 10-Q.

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, 2024. There have been no significant changes to these policies for the six months ended June 30, 2025.

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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