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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended September 30, 2025


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

For the transition period from to

Commission File Number: 000-50028

WYNN RESORTS, LIMITED

(Exact name of registrant as specified in its charter)


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

3131 Las Vegas Boulevard South - Las Vegas, Nevada 89109

(Address of principal executive offices) (Zip Code)

(702) 770-7555

(Registrant's telephone number, including area code)

N/A

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01

WYNN

Nasdaq Global Select Market

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

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

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

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

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

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


Class						Outstanding at October 31, 2025
Common stock, par value $0.01						103,974,479

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

FORM 10-Q

INDEX


Part I.	Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets - September 30, 2025 (unaudited) and December 31, 2024	3
	Condensed Consolidated Statements of Operations (unaudited) - Three and Nine Months Ended September 30, 2025 and 2024	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - Three and Nine Months Ended September 30, 2025 and 2024	5
	Condensed Consolidated Statements of Stockholders’ Deficit (unaudited) - Three and Nine Months Ended September 30, 2025 and 2024	6
	Condensed Consolidated Statements of Cash Flows (unaudited) - Nine Months Ended September 30, 2025 and 2024	8
	Notes to Condensed Consolidated Financial Statements (unaudited)	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	51

Part II.	Other Information
Item 1.	Legal Proceedings	52
Item 1A.	Risk Factors	52
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Default Upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	53
Signature		54

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	September 30, 2025		December 31, 2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,486,291	$	2,426,155

Investments	475,000		—
Accounts receivable, net of allowance for credit losses of $45,207 and $37,694, respectively	352,659		324,016
Inventories	87,848		75,783
Prepaid expenses and other	130,849		95,725
Total current assets	2,532,647		2,921,679
Property and equipment, net	6,579,216		6,521,283
Restricted cash	96,607		95,638
Intangible assets, net	231,713		254,599
Operating lease assets	1,785,599		1,797,276
Deferred income taxes, net	430,104		507,716
Investments in unconsolidated affiliates	867,745		648,217
Other assets	278,541		231,555
Total assets	$	12,802,172	$	12,977,963
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts and construction payables	$	204,584	$	205,146
Customer deposits	531,646		508,651
Gaming taxes payable	193,036		171,983
Accrued compensation and benefits	205,600		229,305
Accrued interest	104,117		132,510
Current portion of long-term debt	4,705		41,250
Other accrued liabilities	197,987		250,689
Total current liabilities	1,441,675		1,539,534
Long-term debt	10,563,486		10,500,484
Long-term operating lease liabilities	1,628,121		1,623,890
Other long-term liabilities	310,360		282,658
Total liabilities	13,943,642		13,946,566
Commitments and contingencies (Note 15)
Stockholders' deficit:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding	—		—
Common stock, par value $0.01; 400,000,000 shares authorized; 134,310,365 and 133,584,126 shares issued; 103,977,280 and 107,821,567 shares outstanding, respectively	1,343		1,336
Treasury stock, at cost; 30,333,085 and 25,762,599 shares, respectively	(2,620,502)		(2,241,607)
Additional paid-in capital	3,779,077		3,698,800
Accumulated other comprehensive loss	(1,666)		(5,700)
Accumulated deficit	(1,528,294)		(1,676,990)
Total Wynn Resorts, Limited stockholders' deficit	(370,042)		(224,161)
Noncontrolling interests	(771,428)		(744,442)
Total stockholders' deficit	(1,141,470)		(968,603)
Total liabilities and stockholders' deficit	$	12,802,172	$	12,977,963

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

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating revenues:
Casino	$	1,174,717	$	1,018,754	$	3,266,981	$	3,149,166
Rooms	270,484		284,765		836,058		916,700
Food and beverage	261,990		262,597		772,926		810,939
Entertainment, retail and other	126,556		127,207		395,976		412,359
Total operating revenues	1,833,747		1,693,323		5,271,941		5,289,164
Operating expenses:
Casino	705,421		617,469		1,983,362		1,907,426
Rooms	86,385		83,376		256,524		245,991
Food and beverage	231,100		220,187		656,167		647,351
Entertainment, retail and other	54,541		56,184		174,768		190,137
General and administrative	275,035		271,829		831,539		808,172
Provision for credit losses	4,505		1,836		9,254		4,352
Pre-opening	7,289		2,457		23,862		6,050
Depreciation and amortization	152,828		156,273		461,156		507,611
Property charges and other	6,154		150,475		31,631		206,238
Total operating expenses	1,523,258		1,560,086		4,428,263		4,523,328
Operating income	310,489		133,237		843,678		765,836
Other income (expense):
Interest income	16,581		30,729		51,799		105,785
Interest expense, net of amounts capitalized	(157,581)		(167,922)		(469,740)		(524,922)
Change in derivatives fair value	(13,176)		(5,523)		(43,827)		(7,920)
Loss on debt financing transactions	(618)		(109)		(1,701)		(1,670)
Other	33,868		21,300		(10,670)		25,323
Other income (expense), net	(120,926)		(121,525)		(474,139)		(403,404)
Income before income taxes	189,563		11,712		369,539		362,432
Provision for income taxes	(61,136)		(17,127)		(82,746)		(45,076)
Net income (loss)	128,427		(5,415)		286,793		317,356
Less: net income attributable to noncontrolling interests	(40,086)		(26,638)		(59,487)		(93,250)
Net income (loss) attributable to Wynn Resorts, Limited	$	88,341	$	(32,053)	$	227,306	$	224,106
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic	$	0.86	$	(0.29)	$	2.19	$	2.03
Diluted	$	0.85	$	(0.29)	$	2.18	$	2.02
Weighted average common shares outstanding:
Basic	102,909		109,727		103,955		110,559
Diluted	103,636		109,727		104,373		110,810

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

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	128,427	$	(5,415)	$	286,793	$	317,356
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax	(16,549)		(9,314)		5,187		(10,968)
Total comprehensive income (loss)	111,878		(14,729)		291,980		306,388
Less: comprehensive income attributable to noncontrolling interests	(35,775)		(23,946)		(60,640)		(90,097)
Comprehensive income (loss) attributable to Wynn Resorts, Limited	$	76,103	$	(38,675)	$	231,340	$	216,291

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

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

(in thousands, except share data)

(unaudited)


	For the three months ended September 30, 2025
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders' deficit
Balances, July 1, 2025	103,976,829	$	1,343	$	(2,618,638)	$	3,755,873	$	10,572	$	(1,590,690)	$	(441,540)	$	(766,434)	$	(1,207,974)
Net income	—	—		—		—		—		88,341		88,341		40,086		128,427
Currency translation adjustment	—	—		—		—		(12,238)		—		(12,238)		(4,311)		(16,549)
Exercise of stock options	4,438	—		—		303		—		—		303		—		303
Issuance of restricted stock	18,356	—		—		—		—		—		—		—		—
Cancellation of restricted stock	(8,826)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(13,517)	—		(1,864)		—		—		—		(1,864)		—		(1,864)
Cash dividends declared	—	—		—		—		—		(25,945)		(25,945)		(35,810)		(61,755)
Distribution to noncontrolling interest	—	—		—		—		—		—		—		(5,814)		(5,814)
Transactions with subsidiary minority shareholders	—	—		—		21		—		—		21		(21)		—
Stock-based compensation	—	—		—		22,880		—		—		22,880		876		23,756
Balances, September 30, 2025	103,977,280	$	1,343	$	(2,620,502)	$	3,779,077	$	(1,666)	$	(1,528,294)	$	(370,042)	$	(771,428)	$	(1,141,470)


	For the three months ended September 30, 2024
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders' deficit
Balances, July 1, 2024	111,375,062	$	1,335	$	(1,918,595)	$	3,672,049	$	2,213	$	(1,866,826)	$	(109,824)	$	(792,138)	$	(901,962)
Net income (loss)	—	—		—		—		—		(32,053)		(32,053)		26,638		(5,415)
Currency translation adjustment	—	—		—		—		(6,622)		—		(6,622)		(2,692)		(9,314)

Issuance of restricted stock	39,880	—		—		—		—		—		—		—		—
Cancellation of restricted stock	(19,042)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(1,473,824)	—		(118,451)		—		—		—		(118,451)		—		(118,451)
Cash dividends declared	—	—		—		—		—		(27,645)		(27,645)		(14,405)		(42,050)
Distribution to noncontrolling interest	—	—		—		—		—		—		—		(1,960)		(1,960)
Transactions with subsidiary minority shareholders	—	—		—		439		—		—		439		(439)		—
Stock-based compensation	—	—		—		12,754		—		—		12,754		920		13,674
Balances, September 30, 2024	109,922,076	$	1,335	$	(2,037,046)	$	3,685,242	$	(4,409)	$	(1,926,524)	$	(281,402)	$	(784,076)	$	(1,065,478)

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

Table of Contents


	For the nine months ended September 30, 2025
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive loss		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders' deficit
Balances, January 1, 2025	107,821,567	$	1,336	$	(2,241,607)	$	3,698,800	$	(5,700)	$	(1,676,990)	$	(224,161)	$	(744,442)	$	(968,603)
Net income	—	—		—		—		—		227,306		227,306		59,487		286,793
Currency translation adjustment	—	—		—		—		4,034		—		4,034		1,153		5,187
Exercise of stock options	6,700	—		—		457		—		—		457		—		457
Issuance of restricted stock	739,939	7		—		7,915		—		—		7,922		—		7,922
Cancellation of restricted stock	(20,400)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(4,570,526)	—		(378,895)		—		—		—		(378,895)		—		(378,895)
Cash dividends declared	—	—		—		—		—		(78,610)		(78,610)		(71,344)		(149,954)
Distribution to noncontrolling interest	—	—		—		—		—		—		—		(18,138)		(18,138)
Transactions with subsidiary minority shareholders	—	—		—		1,290		—		—		1,290		(1,290)		—
Stock-based compensation	—	—		—		70,615		—		—		70,615		3,146		73,761
Balances, September 30, 2025	103,977,280	$	1,343	$	(2,620,502)	$	3,779,077	$	(1,666)	$	(1,528,294)	$	(370,042)	$	(771,428)	$	(1,141,470)


	For the nine months ended September 30, 2024
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders' deficit
Balances, January 1, 2024	111,737,245	$	1,330	$	(1,836,326)	$	3,647,161	$	3,406	$	(2,066,953)	$	(251,382)	$	(849,552)	$	(1,100,934)
Net income	—	—		—		—		—		224,106		224,106		93,250		317,356
Currency translation adjustment	—	—		—		—		(7,815)		—		(7,815)		(3,153)		(10,968)
Exercise of stock options	17,285	—		—		1,017		—		—		1,017		—		1,017
Issuance of restricted stock	544,858	5		—		8,010		—		—		8,015		—		8,015
Cancellation of restricted stock	(29,012)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(2,348,300)	—		(200,720)		—		—		—		(200,720)		—		(200,720)
Cash dividends declared	—	—		—		—		—		(83,677)		(83,677)		(28,781)		(112,458)
Distribution to noncontrolling interest	—	—		—		—		—		—		—		(10,601)		(10,601)
Transactions with subsidiary minority shareholders	—	—		—		(11,508)		—		—		(11,508)		11,508		—
Stock-based compensation	—	—		—		40,562		—		—		40,562		3,253		43,815
Balances, September 30, 2024	109,922,076	$	1,335	$	(2,037,046)	$	3,685,242	$	(4,409)	$	(1,926,524)	$	(281,402)	$	(784,076)	$	(1,065,478)

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

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities:
Net income	$	286,793	$	317,356
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	461,156		507,611
Deferred income taxes	76,247		37,780
Stock-based compensation expense	70,901		44,206
Amortization of debt issuance costs	28,400		30,138
Loss on debt financing transactions	1,701		1,670
Provision for credit losses	9,254		4,352
Change in derivatives fair value	46,225		7,920
Property charges and other	45,875		110,398
Increase (decrease) in cash from changes in:
Receivables, net	(36,531)		408
Inventories, prepaid expenses and other	(12,494)		1,968
Customer deposits	20,828		(7,301)
Accounts payable and accrued expenses	(123,718)		(109,331)
Net cash provided by operating activities	874,637		947,175
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	(489,185)		(292,690)
Investments in unconsolidated affiliates	(236,117)		(454,980)
Purchase of investments	(475,000)		—
Proceeds from maturity of investments	—		850,000
Purchase of intangible and other assets	(536)		(2,615)
Proceeds from sale of assets and other	1,107		26,797
Net cash (used in) provided by investing activities	(1,199,731)		126,512
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,752,812		1,283,794
Repayments of long-term debt	(1,763,125)		(1,251,210)
Repurchase of common stock	(379,661)		(198,249)
Proceeds from exercise of stock options	457		1,017
Distribution to noncontrolling interest	(18,138)		(10,601)
Dividends paid	(148,861)		(112,045)
Finance lease payments	(19,210)		(14,498)
Payments for financing costs	(26,446)		(31,459)
Other	(9,142)		(4,486)
Net cash used in financing activities	(611,314)		(337,737)
Effect of exchange rate on cash, cash equivalents and restricted cash	(2,487)		3,351
Cash, cash equivalents and restricted cash:
(Decrease) increase in cash, cash equivalents and restricted cash	(938,895)		739,301
Balance, beginning of period	2,521,793		2,969,412
Balance, end of period	$	1,582,898	$	3,708,713

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

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 - Organization

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

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

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

Note 2 - Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three and nine months ended September 30, 2025 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2025. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries, and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 16, "Retail Joint Venture." If the entity does not qualify for consolidation and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method. All significant intercompany accounts and transactions have been eliminated. Certain amounts in the condensed consolidated balance sheet as of December 31, 2024 have been reclassified to be consistent with the current period presentation. These reclassifications had no effect on previously reported total assets, total liabilities, and total stockholders' deficit.

Use of Estimates

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

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Gaming Taxes

The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations. These taxes totaled $509.9 million and $437.2 million for the three months ended September 30, 2025 and 2024, respectively, and $1.40 billion and $1.36 billion for the nine months ended September 30, 2025 and 2024, respectively.

Investments

As of September 30, 2025, the Company held $475.0 million in fixed deposits, recorded at fair value. As of the balance sheet date, the Company evaluates whether the unrealized losses are attributable to credit losses or other factors. The Company considers the severity of the decline in value, creditworthiness of the issuer and other relevant factors and records an allowance for credit losses, limited to the excess of amortized cost over fair value, with a corresponding charge to earnings. The allowance may be subsequently increased or decreased based on the prevailing facts and circumstances. During the three and nine months ended September 30, 2025 and 2024, no impairment was recognized.

Investments in Unconsolidated Affiliates

The Company accounts for its investment in Island 3, an unconsolidated affiliate which is constructing Wynn Al Marjan Island, using the equity method. Under the equity method, the investment's carrying value is adjusted for the Company’s share of the investee's earnings and losses, capital contributions to and distributions from Island 3, and capitalization of interest cost incurred by the Company during the investee's initial development period. The Company recognized an equity-method loss of $7.1 million and $1.6 million for the three months ended September 30, 2025 and 2024, respectively, and $16.6 million and $3.8 million for the nine months ended September 30, 2025 and 2024, respectively, in Pre-opening expense within the Condensed Consolidated Statements of Operations.

Recently Issued Accounting Standards

In July 2025, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets. ASU 2025-05 will be effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods and should be applied prospectively. The Company is currently evaluating the impact that this guidance will have on the Company's consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”), which revises the approach to accounting for internal-use software costs by eliminating all references to the stages of software development projects, thereby making the guidance adaptable to a variety of software development methodologies. ASU 2025-06 will be effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods, on a prospective, modified or retrospective basis, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on the Company's consolidated financial statements and related disclosures.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 3 - Cash, Cash Equivalents and Restricted Cash

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


	September 30, 2025		December 31, 2024
Cash and cash equivalents:
Cash (1)	$	1,442,922	$	1,639,151
Cash equivalents (2)	43,369		787,004
Total cash and cash equivalents	1,486,291		2,426,155
Restricted cash (3)	96,607		95,638
Total cash, cash equivalents and restricted cash	$	1,582,898	$	2,521,793
(1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consists of bank time deposits and money market funds, which excludes $475.0 million of short-term investments described in Note 2 - Basis of Presentation and Significant Accounting Policies. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in trusts in accordance with WML's share award plans, and as of September 30, 2025 and December 31, 2024 included $87.3 million and $87.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support the legal and contractual obligations of Wynn Resorts (Macau) S.A. ("Wynn Macau SA") through the term of Wynn Macau SA's gaming concession contract.

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


	Nine Months Ended September 30,
	2025		2024
Cash paid for interest, net of amounts capitalized	$	470,288	$	513,893
Liability settled with shares of common stock	$	7,922	$	8,015
Accounts and construction payables related to property and equipment	$	77,008	$	68,853
Net settlement of liabilities in connection with an asset sale	$	—	$	27,665
Finance lease liabilities arising from obtaining finance lease assets	$	39,573	$	55,681
Liabilities arising from obtaining property and equipment	$	21,400	$	—

Note 4 - Receivables, net

Accounts Receivable and Credit Risk

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


	September 30, 2025		December 31, 2024
Casino	$	278,062	$	236,642
Hotel	48,214		45,996
Other	71,590		79,072
	397,866		361,710
Less: allowance for credit losses	(45,207)		(37,694)
	$	352,659	$	324,016

As of September 30, 2025 and December 31, 2024, approximately 79.0% and 70.9%, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in the countries in which the Company's customers reside could affect the collectability of such receivables.

The Company’s allowance for casino credit losses was 15.5% and 14.7% of gross casino receivables as of September 30, 2025 and December 31, 2024, respectively. Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change. The Company’s allowances for credit losses from its hotel and other receivables were not material.

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

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


	September 30,
	2025		2024
Balance at beginning of year	$	37,694	$	40,075
Provision for credit losses	9,254		4,352
Write-offs	(7,839)		(10,013)
Recoveries of receivables previously written off	6,130		4,693
Effect of exchange rate	(32)		79
Balance at end of period	$	45,207	$	39,186

Note 5 - Property and Equipment, net

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


	September 30, 2025		December 31, 2024
Buildings and improvements	$	8,681,915	$	8,547,922
Land and improvements	1,225,766		1,210,455
Furniture, fixtures and equipment	3,599,279		3,424,361
Airplanes	185,597		110,623
Construction in progress	314,772		287,436
	14,007,329		13,580,797
Less: accumulated depreciation	(7,428,113)		(7,059,514)
	$	6,579,216	$	6,521,283

As of September 30, 2025 and December 31, 2024, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.

Depreciation expense for the three months ended September 30, 2025 and 2024 was $139.5 million and $142.6 million, respectively, and depreciation expense for the nine months ended September 30, 2025 and 2024 was $422.2 million and $462.9 million, respectively.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 6 - Long-Term Debt

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


	September 30, 2025		December 31, 2024
Macau Related:
WM Cayman II Revolver, due 2028 (1)	$	1,149,517	$	1,151,874
WML 5 1/2% Senior Notes, due 2026	—		1,000,000
WML 5 1/2% Senior Notes, due 2027	750,000		750,000
WML 5 5/8% Senior Notes, due 2028	1,350,000		1,350,000
WML 5 1/8% Senior Notes, due 2029	1,000,000		1,000,000
WML 6 3/4% Senior Notes, due 2034	1,000,000		—
WML 4 1/2% Convertible Bonds, due 2029 (2)	600,000		600,000

U.S. and Corporate Related:
WRF Credit Facilities (3):
WRF Term Loan, due 2027	—		763,125
WRF Term Loan, due 2030	752,813		—
WLV 5 1/4% Senior Notes, due 2027	880,000		880,000
WRF 5 1/8% Senior Notes, due 2029	750,000		750,000
WRF 7 1/8% Senior Notes, due 2031	1,000,000		1,000,000
WRF 6 1/4% Senior Notes, due 2033	800,000		800,000
Retail Term Loan, due 2027 (4)	600,000		600,000
	10,632,330		10,644,999
WML Convertible Bond Conversion Option Derivative	61,522		33,007
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(125,661)		(136,272)
	10,568,191		10,541,734
Less: Current portion of long-term debt	(4,705)		(41,250)
Total long-term debt, net of current portion	$	10,563,486	$	10,500,484

(1) As of September 30, 2025, the borrowings under the WM Cayman II Revolver bear interest at the term secured overnight financing rate ("Term SOFR") plus a credit adjustment spread of 0.10% or the Hong Kong Interbank Offered Rate ("HIBOR"), in each case plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $239.1 million and $910.5 million of the WM Cayman II Revolver bears interest at a rate of Term SOFR plus 1.975% per year and HIBOR plus 1.875% per year, respectively. As of September 30, 2025, the weighted average interest rate was approximately 5.56%. As of September 30, 2025, the available borrowing capacity under the WM Cayman II Revolver was $1.36 billion.

(2) As of September 30, 2025, the net carrying amount of the WML Convertible Bonds was $513.8 million, with unamortized debt discount and debt issuance costs of $86.2 million. The Company recorded contractual interest expense of $6.8 million in each period and amortization of discounts and issuance costs of $5.3 million and $4.8 million during the three months ended September 30, 2025 and 2024, respectively, and contractual interest expense of $20.3 million in each period and amortization of discounts and issuance costs of $15.4 million and $14.0 million during the nine months ended September 30, 2025 and 2024, respectively.

(3) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.75% per year. As of September 30, 2025, the weighted average interest rate was approximately 5.91%. Additionally, as of September 30, 2025, the available borrowing capacity under the WRF Revolver was $1.23 billion, net of $16.2 million in outstanding letters of credit.

(4) The Retail Term Loan bears interest at a rate of adjusted daily simple secured overnight financing rate ("SOFR") plus 2.15% per year. As of September 30, 2025, the effective interest rate was 5.54%.

WML Senior Notes

In August 2025, WML issued $1.0 billion aggregate principal amount of 6 3/4% Senior Notes due 2034 (the "2034 WML Senior Notes") pursuant to an indenture between WML and Deutsche Bank Trust Company Americas, as trustee. The 2034 WML Senior Notes were issued at par for proceeds of $989.0 million, net of $11.0 million of related fees and expenses. In connection with the issuance of the 2034 WML Senior Notes, the Company recorded debt issuance costs of $11.0 million within the Condensed Consolidated Balance Sheet.

In September 2025, in accordance with the terms and conditions of the WML 5 1/2% Senior Notes due 2026 ("2026 WML Senior Notes") indenture, WML used the net proceeds from the 2034 WML Senior Notes, along with cash on hand, to

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(unaudited)

redeem in full the outstanding $1.0 billion aggregate principal amount of 2026 WML Senior Notes at a price equal to 100% of the principal amount.

WM Cayman II Revolver Facility Agreement

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 existing facility agreement. As a result, the total committed amount of the WM Cayman II Revolver has increased to $2.5 billion equivalent. In connection with the exercise of the accordion feature on the WM Cayman II Revolver, the Company recorded debt issuance costs of $11.6 million within the Condensed Consolidated Balance Sheet.

WRF Credit Facility Agreement Amendment

In June 2025, Wynn Resorts Finance, LLC ("WRF") and certain of its subsidiaries entered into an amendment (the "WRF Facility Amendment") to its existing credit agreement among Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto.

The WRF 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 loans 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. In addition, mandatory quarterly repayments on the outstanding term loans were extended, with quarterly repayments of $4.7 million due beginning in September 2026, increasing to $9.4 million each quarter beginning in September 2027. In connection with the WRF Facility Amendment, the Company recognized a loss on debt financing transactions of $1.1 million within the accompanying Condensed Consolidated Statement of Operations, and the Company recorded debt issuance costs of $5.9 million within the Condensed Consolidated Balance Sheet.

Debt Covenant Compliance

As of September 30, 2025, management believes the Company was in compliance with all debt covenants.

Fair Value of Long-Term Debt

The estimated fair value of the Company's long-term debt as of September 30, 2025 and December 31, 2024 was approximately $10.75 billion and $10.46 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $10.63 billion and $10.64 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).

Note 7 - Derivative Instruments

WML Convertible Bond Conversion Option

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

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(unaudited)


	September 30, 2025			December 31, 2024
WML stock price	HK$	7.22		HK$	5.39
Estimated volatility	26.7		%	31.2		%
Risk-free interest rate	2.9		%	3.6		%
Expected term (years)	3.4			4.2
Dividend yield (1)	0.0		%	0.0		%

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

As of September 30, 2025 and December 31, 2024, the estimated fair value of the embedded derivative was a liability of $61.5 million and $33.0 million, respectively, recorded in Long-term debt in the accompanying Condensed Consolidated Balance Sheets. In connection with the change in fair value, the Company recorded a loss of $18.5 million and $3.9 million for the three months ended September 30, 2025 and 2024, respectively, and a loss of $28.5 million and $2.2 million for the nine months ended September 30, 2025 and 2024, respectively, within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Operations.

Foreign Currency Swaps

During the nine months ended September 30, 2025, the Company entered into foreign currency swap agreements (the "Foreign Currency Swaps") with the objective of managing foreign currency exchange rate risk associated with the outstanding U.S. dollar denominated WML Senior Notes. The Foreign Currency Swaps exchange predetermined amounts of Hong Kong dollars for U.S. dollars at a contractual spot rate, and as of September 30, 2025, have an aggregate notional amount of $4.10 billion, and have maturities between October 2027 and August 2030.

As of September 30, 2025, the net fair value of the Foreign Currency Swaps was a liability of $14.4 million, with $15.4 million recorded in Prepaid expenses and other and $29.8 million recorded in Other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. The fair values of the Foreign Currency Swaps were estimated based on discounted future cash flows, incorporating foreign currency spot rates and market yield curves (Level 2 inputs). Gains and losses on the Foreign Currency Swaps are recorded in earnings, as these instruments are not designated as hedges. The Company recorded a gain of $6.1 million and a loss of $8.4 million in the three and nine months ended September 30, 2025, respectively, within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Operations.

Note 8 - Stockholders' Deficit

Equity Repurchase Program

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.

During the three and nine months ended September 30, 2025, the Company repurchased 600 and 4,365,212 shares of its common stock at average prices of $99.27 and $82.06 per share, respectively, for an aggregate cost of $0.1 million and $358.2 million, respectively, under the equity repurchase program. During both the three and nine months ended September 30, 2024, the Company repurchased 1,464,773 and 2,206,113 shares of its common stock at average prices of $80.37 and $84.19 per share, respectively, for an aggregate cost of $117.7 million and $185.7 million, respectively, under the equity repurchase program. As of September 30, 2025, the Company had $454.9 million in repurchase authority remaining under the program.

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(unaudited)

Dividends

The Company paid a cash dividend of $0.25 per share on its common stock during each of the three month periods ended March 31, 2025, June 30, 2025, and September 30, 2025 and recorded $26.6 million, $26.1 million, and $25.9 million against accumulated deficit, respectively. The Company paid a cash dividend of $0.25 per share on its common stock in each of the three month periods ended March 31, 2024, June 30, 2024, and September 30, 2024 and recorded $28.0 million against accumulated deficit in each of the three month periods ended March 31, 2024 and June 30, 2024 and $27.7 million in the three month period ended September 30, 2024, against accumulated deficit.

On November 6, 2025, the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on November 26, 2025 to stockholders of record as of November 17, 2025.

Noncontrolling Interests

Wynn Macau, Limited

In June 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. The Company's share of this dividend was $88.5 million, and the noncontrolling interest holders' share of this dividend was $35.5 million.

In September 2025, WML paid a cash dividend of HK$0.185 per share on its common stock for a total U.S. dollar equivalent of $125.0 million. The Company's share of this dividend was $89.2 million, and the noncontrolling interest holders' share of this dividend was $35.8 million.

WML Securities Lending Agreement

In connection with the offering of the WML Convertible Bonds, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximate 72% ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") in March 2023 (the "Securities Lending Agreement"), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending Agreement. WM Cayman I may, at its sole discretion, terminate any stock loan by giving the WML Stock Borrower no less than five business days' notice. The Securities Lending Agreement terminates on the date on which the WML Convertible Bonds have been redeemed, or converted in full, whichever is the earlier. As of the date of this report, the WML Stock Borrower held 79,774,985 WML shares under the Securities Lending Agreement.

Retail Joint Venture

The Retail Joint Venture made aggregate distributions of $5.8 million and $2.0 million during the three months ended September 30, 2025 and 2024, respectively, and $18.1 million and $10.6 million during the nine months ended September 30, 2025 and 2024, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture."

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(unaudited)

Note 9 - Fair Value Measurements

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


			Fair Value Measurements Using:
	September 30, 2025		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	43,369	$	—	$	43,369	$	—
Restricted cash	$	96,607	$	6,582	$	90,025	$	—
Fixed deposits	$	475,000	$	—	$	475,000	$	—
Foreign Currency Swaps (see Note 7)	$	15,349	$	—	$	15,349	$	—
Interest rate swap	$	1,245	$	—	$	1,245	$	—

Liabilities:
WML Convertible Bond Conversion Option Derivative (see Note 7)	$	61,522	$	—	$	—	$	61,522
Foreign Currency Swaps (see Note 7)	$	29,762	$	—	$	29,762	$	—
Interest rate swap	$	599	$	—	$	599	$	—

			Fair Value Measurements Using:
	December 31, 2024		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	787,004	$	—	$	787,004	$	—
Restricted cash	$	95,638	$	6,434	$	89,204	$	—
Interest rate swap	$	7,510	$	—	$	7,510	$	—

Liabilities:
WML Convertible Bond Conversion Option Derivative (see Note 7)	$	33,007	$	—	$	—	$	33,007

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(unaudited)

Note 10 - Customer Contract Liabilities

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

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


	September 30, 2025		December 31, 2024		Increase / (decrease)		September 30, 2024		December 31, 2023		Increase / (decrease)
Casino outstanding chips and front money deposits (1)	$	423,005	$	409,928	$	13,077	$	441,712	$	433,269	$	8,443
Advance room deposits and ticket sales (2)	86,643		84,460		2,183		84,133		89,640		(5,507)
Other gaming-related liabilities (3)	13,268		15,458		(2,190)		14,829		24,964		(10,135)
Loyalty program and related liabilities (4)	31,865		29,489		2,376		29,001		31,106		(2,105)
	$	554,781	$	539,335	$	15,446	$	569,675	$	578,979	$	(9,304)

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

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

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

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

Note 11 - Stock-Based Compensation

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Casino	$	2,736	$	777	$	7,965	$	2,243
Rooms	1,906		275		4,778		771
Food and beverage	4,890		597		12,876		1,586
Entertainment, retail and other	694		551		1,653		1,991
General and administrative	12,438		11,470		43,629		37,615
Total stock-based compensation expense	22,664		13,670		70,901		44,206
Total stock-based compensation capitalized	1,407		1,332		4,285		3,953
Total stock-based compensation costs	$	24,071	$	15,002	$	75,186	$	48,159

Note 12 - Income Taxes

The Company recorded an income tax expense of $61.1 million and $17.1 million for the three months ended September 30, 2025 and 2024, respectively, and an income tax expense of $82.7 million and $45.1 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in income tax expense for the three and nine month periods ended September 30, 2025 primarily reflects an increase in the valuation allowance on foreign tax credit carryforwards.

The difference between the statutory tax rate of 21% and the effective tax rate of 22.4% is due to an increase in the valuation allowance on foreign tax credit carryforwards.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

On July 4, 2025, the U.S. president signed into law the budget and reconciliation bill, commonly referred to as the One Big Beautiful Bill Act, which includes a broad range of tax reform provisions. The Company has evaluated the impact of these provisions on the Company's effective tax rate and deferred tax assets for 2025 and future periods. These U.S. federal tax law changes increase tax deductions and reduce the utilization of foreign tax credit carryforwards. The Company, in response, increased its valuation allowance on foreign tax credit carryforwards during the three months ended September 30, 2025.

Note 13 - Earnings Per Share

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss) attributable to Wynn Resorts, Limited - basic	$	88,341	$	(32,053)	$	227,306	$	224,106
Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:
Assumed conversion of WML Convertible Bonds (1)	—		—		—		—
Net income (loss) attributable to Wynn Resorts, Limited - diluted	$	88,341	$	(32,053)	$	227,306	$	224,106

Denominator:
Weighted average common shares outstanding	102,909		109,727		103,955		110,559
Potential dilutive effect of stock options, nonvested, and performance nonvested shares	727		—		418		251
Weighted average common and common equivalent shares outstanding	103,636		109,727		104,373		110,810

Net income (loss) attributable to Wynn Resorts, Limited per common share, basic	$	0.86	$	(0.29)	$	2.19	$	2.03
Net income (loss) attributable to Wynn Resorts, Limited per common share, diluted	$	0.85	$	(0.29)	$	2.18	$	2.02

Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share	283		383		399		334

(1) The assumed conversion of the WML Convertible Bonds had an anti-dilutive impact for the three and nine months ended September 30, 2025 and 2024.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 14 - Leases

Lessor Arrangements

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Minimum rental income	$	38,114	$	34,529	$	110,263	$	102,537
Contingent rental income	13,593		13,835		45,114		50,707
Total rental income	$	51,707	$	48,364	$	155,377	$	153,244

Note 15 - Commitments and Contingencies

Litigation

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

Island 3 Funding Commitment

In connection with the construction of Wynn Al Marjan Island, the Company is required to contribute capital to Island 3 to fund 40% of the project design and development costs in exchange for a pro-rata share of equity in Island 3. During the three and nine months ended September 30, 2025, the Company contributed $93.9 million and $203.3 million of cash into Island 3, respectively, bringing our life-to-date cash contributions to $835.0 million. The Company's remaining 40% pro-rata share of the required equity for the construction of Wynn Al Marjan Island is estimated to be between $500 million and $575 million inclusive of capitalized interest, fees, and certain improvements on the Island.

Island 3 has partnered with Aman Group, a developer and operator of hotels, resorts and branded residences, to construct a second development adjacent to Wynn Al Marjan Island, which will feature a 132-room hotel and a residential tower with one- to five- bedroom units and a limited collection of standalone villas (“Janu Al Marjan Island”). Janu Al Marjan Island, expected to open in late 2028, will be managed and operated by Aman Group and will offer a variety of guest experiences. The Company’s estimated capital contributions to Island 3 for the construction of the Janu Al Marjan Island are between $25 million and $50 million, net of estimated branded residence sales and estimated 50% loan-to-cost financing to fund project costs.

Al Marjan Facility Completion Guarantee

In February 2025, Wynn Al Marjan Island FZ-LLC (the "Borrower"), a wholly-owned subsidiary of Island 3, an unconsolidated affiliate, entered into a facility agreement with a syndicate of lenders (the "Al Marjan Facility Agreement") which provides the Borrower with 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 as a condition precedent to the Al Marjan Facility being made available to the Borrower, the Company and the government of Ras Al Khaimah, acting through the Investment and Development Office of Ras Al Khaimah (collectively the "Al Marjan Guarantors"), entered into a guarantee (the "Completion Guarantee") in favor of First Abu Dhabi Bank PJSC, as security agent for itself (the "Security Agent") and the other secured parties (collectively, the "Secured Parties") under the Al Marjan Facility Agreement.

Under the terms of the Completion Guarantee, the Al Marjan Guarantors, irrevocably and unconditionally jointly and severally, (a) have guaranteed to each Secured Party punctual performance by the Borrower of certain of its obligations under the Al Marjan Facility Agreement, and (b) have undertaken with each Secured Party: (i) to provide, within 10 business days upon receiving written demand by the Security Agent, (A) sufficient funds to ensure that practical completion of the project (as provided in the Al Marjan Facility Agreement) takes place no later than June 30, 2028 and (B) to fund amounts equal to any

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(unaudited)

project cost overruns, to the extent the Borrower fails to fund such overruns; and (ii) to pay, whenever the Borrower does not pay, interest, commitment fees and other finance costs payable under the Al Marjan Facility Agreement as well as scheduled payments under any interest rate hedging agreement.

In addition, upon the occurrence of certain specified events of default, change of control events or credit rating downgrades under the Al Marjan Facility Agreement or the occurrence of certain commercial gaming license related events (including, among others, the loss of the commercial gaming license permitting the Borrower to conduct commercial gaming at the project and as further provided in the Al Marjan Facility Agreement), the Al Marjan Guarantors, irrevocably and unconditionally jointly and severally, have undertaken to pay, to the extent the Borrower does not pay, all then outstanding principal, interest, hedging liabilities and any and all other amounts and expenses then due and payable under the Al Marjan Facility Agreement and related agreements, within 10 business days upon receiving written demand by the Security Agent (or, in respect of the occurrence of certain commercial gaming license related events, if later, on the date falling 180 days following the occurrence of such event).

The guarantees and undertakings provided by the Al Marjan Guarantors under the Completion Guarantee terminate on the earlier of: (1) the date on which all secured liabilities under the Al Marjan Facility Agreement have been paid in full, and (2) the date of practical completion of the project.

Note 16 - Retail Joint Venture

As of September 30, 2025 and December 31, 2024, the Retail Joint Venture had total assets of $99.5 million and $100.3 million, respectively, and total liabilities of $607.2 million and $605.8 million, respectively. As of September 30, 2025 and December 31, 2024, the Retail Joint Venture's liabilities included long-term debt of $598.1 million and $597.3 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

Note 17 - Segment Information

The Company has identified its reportable segments based on factors such as geography, regulatory environment, the Company's organizational and management reporting structure and the information reviewed by its chief operating decision maker, the Company's Chief Executive Officer ("CEO"). The primary profitability measure used by the Company's CEO to review segment operating results and allocate resources is Adjusted Property EBITDAR.

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

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

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(unaudited)


	Three Months Ended September 30, 2025
	Wynn Palace		Wynn Macau		Las Vegas Operations		Encore Boston Harbor		Corporate and Other		Total
Operating revenues
Casino	$	542,439	$	314,489	$	161,576	$	156,213	$	—	$	1,174,717
Rooms	37,396		21,149		186,712		25,227		—		270,484
Food and beverage	33,293		17,343		192,544		18,810		—		261,990
Entertainment, retail and other(1)	22,344		12,532		80,180		11,500		—		126,556
Total operating revenues	635,472		365,513		621,012		211,750		—		1,833,747

Cost of revenue(2)	150,112		102,680		398,718		107,077		—
Gaming taxes(3)	285,078		154,835		18,881		46,279		—
Adjusted Property EBITDAR(4)	$	200,282	$	107,998	$	203,413	$	58,394	$	—	$	570,087

Other operating expenses
Pre-opening											7,289
Depreciation and amortization											152,828
Property charges and other											6,154
Corporate expense and other											35,721
Stock-based compensation											22,664
Triple-net operating lease expense											34,942
Total other operating expenses											259,598
Operating income											310,489
Other non-operating income and expenses
Interest income											16,581
Interest expense, net of amounts capitalized											(157,581)
Change in derivatives fair value											(13,176)
Loss on debt financing transactions											(618)
Other											33,868
Total other non-operating income and expenses											(120,926)
Income before income taxes											189,563
Provision for income taxes											(61,136)
Net income											128,427
Net income attributable to noncontrolling interests											(40,086)
Net income attributable to Wynn Resorts, Limited											$	88,341

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)


	Three Months Ended September 30, 2024
	Wynn Palace		Wynn Macau		Las Vegas Operations		Encore Boston Harbor		Corporate and Other		Total
Operating revenues
Casino	$	418,043	$	296,781	$	145,186	$	158,744	$	—	$	1,018,754
Rooms	49,145		23,755		187,123		24,742		—		284,765
Food and beverage	31,506		19,524		191,776		19,791		—		262,597
Entertainment, retail and other(1)	21,096		11,897		83,087		10,844		283		127,207
Total operating revenues	519,790		351,957		607,172		214,121		283		1,693,323

Cost of revenue(2)	132,340		102,612		386,783		105,068		1,221
Gaming taxes(3)	225,167		148,751		17,669		46,035		—
Adjusted Property EBITDAR(4)	$	162,283	$	100,594	$	202,720	$	63,018	$	(938)	$	527,677

Other operating expenses
Pre-opening											2,457
Depreciation and amortization											156,273
Property charges and other(5)											150,475
Corporate expense and other											36,184
Stock-based compensation											13,670
Triple-net operating lease expense											35,381
Total other operating expenses											394,440
Operating income											133,237
Other non-operating income and expenses
Interest income											30,729
Interest expense, net of amounts capitalized											(167,922)
Change in derivatives fair value											(5,523)
Loss on debt financing transactions											(109)
Other											21,300
Total other non-operating income and expenses											(121,525)
Income before income taxes											11,712
Provision for income taxes											(17,127)
Net loss											(5,415)
Net income attributable to noncontrolling interests											(26,638)
Net loss attributable to Wynn Resorts, Limited											$	(32,053)

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)


	Nine Months Ended September 30, 2025
	Wynn Palace		Wynn Macau		Las Vegas Operations		Encore Boston Harbor		Corporate and Other		Total
Operating revenues
Casino	$	1,435,245	$	883,419	$	471,071	$	477,246	$	—	$	3,266,981
Rooms	112,492		66,188		590,561		66,817		—		836,058
Food and beverage	95,477		53,155		566,847		57,447		—		772,926
Entertainment, retail and other(1)	67,828		36,524		256,451		35,173		—		395,976
Total operating revenues	1,711,042		1,039,286		1,884,930		636,683		—		5,271,941

Cost of revenue(2)	428,523		304,086		1,167,611		317,822		—
Gaming taxes(3)	763,146		440,493		55,733		139,154		—
Adjusted Property EBITDAR(4)	$	519,373	$	294,707	$	661,586	$	179,707	$	—	$	1,655,373

Other operating expenses
Pre-opening											23,862
Depreciation and amortization											461,156
Property charges and other											31,631
Corporate expense and other											118,748
Stock-based compensation											70,901
Triple-net operating lease expense											105,397
Total other operating expenses											811,695
Operating income											843,678
Other non-operating income and expenses
Interest income											51,799
Interest expense, net of amounts capitalized											(469,740)
Change in derivatives fair value											(43,827)
Loss on debt financing transactions											(1,701)
Other											(10,670)
Total other non-operating income and expenses											(474,139)
Income before income taxes											369,539
Provision for income taxes											(82,746)
Net income											286,793
Net income attributable to noncontrolling interests											(59,487)
Net income attributable to Wynn Resorts, Limited											$	227,306

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)


	Nine Months Ended September 30, 2024
	Wynn Palace		Wynn Macau		Las Vegas Operations		Encore Boston Harbor		Corporate and Other		Total
Operating revenues
Casino	$	1,336,788	$	923,851	$	410,023	$	478,504	$	—	$	3,149,166
Rooms	153,287		76,116		617,071		70,226		—		916,700
Food and beverage	93,405		60,546		593,804		63,184		—		810,939
Entertainment, retail and other(1)	71,260		40,457		251,476		32,599		16,567		412,359
Total operating revenues	1,654,740		1,100,970		1,872,374		644,513		16,567		5,289,164

Cost of revenue(2)	398,726		307,392		1,140,758		315,672		17,285
Gaming taxes(3)	706,902		459,887		52,301		140,557		3,817
Adjusted Property EBITDAR(4)	$	549,112	$	333,691	$	679,315	$	188,284	$	(4,535)	$	1,745,867

Other operating expenses
Pre-opening											6,050
Depreciation and amortization											507,611
Property charges and other(5)											206,238
Corporate expense and other											109,799
Stock-based compensation											44,206
Triple-net operating lease expense											106,127
Total other operating expenses											980,031
Operating income											765,836
Other non-operating income and expenses
Interest income											105,785
Interest expense, net of amounts capitalized											(524,922)
Change in derivatives fair value											(7,920)
Loss on debt financing transactions											(1,670)
Other											25,323
Total other non-operating income and expenses											(403,404)
Income before income taxes											362,432
Provision for income taxes											(45,076)
Net income											317,356
Net income attributable to noncontrolling interests											(93,250)
Net income attributable to Wynn Resorts, Limited											$	224,106

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

(2) Primarily comprised of payroll, cost of goods sold, marketing, promotional, facilities, taxes and licenses (excluding gaming taxes) and other operating expenses.

(3) For Las Vegas Operations, includes table and slot license fees.

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

(4) "Adjusted Property EBITDAR" is net income (loss) 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. The Company also presents Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations 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 the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(5) For each of the three and nine months ended September 30, 2024, includes $130.0 million of forfeitures pursuant to a non-prosecution agreement, the Company's $9.4 million contribution towards a legal settlement, $12.5 million of contract termination and other costs related to the closure of Wynn Interactive's digital sports betting and casino gaming business. Property charges and other expenses for the nine months ended September 30, 2024 also included $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.

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Capital expenditures
Macau Operations:
Wynn Palace	$	27,009	$	22,704	$	132,400	$	72,112
Wynn Macau	18,526		10,428		48,775		38,758
Total Macau Operations	45,535		33,132		181,175		110,870
Las Vegas Operations	82,756		46,894		188,844		105,967
Encore Boston Harbor	6,416		5,405		17,903		27,491
Corporate and other	29,281		15,922		101,263		48,362
Total	$	163,988	$	101,353	$	489,185	$	292,690


	September 30, 2025		December 31, 2024
Assets
Macau Operations:
Wynn Palace	$	2,823,996	$	2,813,190
Wynn Macau	1,150,623		1,412,795
Other Macau	1,025,014		778,928
Total Macau Operations	4,999,633		5,004,913
Las Vegas Operations	3,180,364		3,157,399
Encore Boston Harbor	1,954,362		1,980,420
Corporate and other	2,667,813		2,835,231
Total	$	12,802,172	$	12,977,963

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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;

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•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.

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 Operations 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.

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•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 third quarter 2025 results

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


	Three Months Ended September 30,							Nine Months Ended September 30,
	2025		2024		Increase/ (Decrease)		Percent Change	2025		2024		Increase/ (Decrease)		Percent Change
Operating revenues	$	1,833,747	$	1,693,323	$	140,424	8.3	$	5,271,941	$	5,289,164	$	(17,223)	(0.3)
Net income (loss) attributable to Wynn Resorts, Limited	88,341		(32,053)		120,394		375.6	227,306		224,106		3,200		1.4
Diluted net income (loss) per share	0.85		(0.29)		1.14		393.1	2.18		2.02		0.16		7.9

The increase in operating revenues for the three months ended September 30, 2025 was largely driven by increased operating revenues of $129.2 million at our Macau Operations, despite a one-day closure caused by typhoon Ragasa.

The increase in net income attributable to Wynn Resorts, Limited for the three months ended September 30, 2025 was primarily attributable to the increase in operating revenues, as well as a decrease in property charges and other expenses. Property charges and other expenses for the three months ended September 30, 2024 included $130.0 million of forfeitures pursuant to a non-prosecution agreement (the "NPA").

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

Operating revenues

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


	Three Months Ended September 30,
	2025		2024		Increase/ (Decrease)		Percent Change
Operating revenues
Macau Operations:
Wynn Palace	$	635,472	$	519,790	$	115,682	22.3
Wynn Macau	365,513		351,957		13,556		3.9
Total Macau Operations	1,000,985		871,747		129,238		14.8
Las Vegas Operations	621,012		607,172		13,840		2.3
Encore Boston Harbor	211,750		214,121		(2,371)		(1.1)
Corporate and other	—		283		(283)		NM
	$	1,833,747	$	1,693,323	$	140,424	8.3

NM - Not meaningful.

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


	Three Months Ended September 30,
	2025		2024		Increase/ (Decrease)		Percent Change
Operating revenues
Casino revenues	$	1,174,717	$	1,018,754	$	155,963	15.3
Non-casino revenues:
Rooms	270,484		284,765		(14,281)		(5.0)
Food and beverage	261,990		262,597		(607)		(0.2)
Entertainment, retail and other	126,556		127,207		(651)		(0.5)
Total non-casino revenues	659,030		674,569		(15,539)		(2.3)
	$	1,833,747	$	1,693,323	$	140,424	8.3

Casino revenues for the three months ended September 30, 2025 were 64.1% of operating revenues, compared to 60.2% for the same period of 2024. Non-casino revenues for the three months ended September 30, 2025 were 35.9% of operating revenues, compared to 39.8% for the same period of 2024.

Casino revenues

Casino revenues increased primarily due to higher mass market table games volume and table games win at our Macau Operations and higher casino volumes at our Las Vegas Operations, resulting in increased table games and slot machine win.

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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 September 30,
	2025			2024			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total casino revenues	$	542,439		$	418,043		$	124,396	29.8
VIP:
Average number of table games	52			57			(5)		(8.8)
VIP turnover	$	3,261,314		$	3,199,140		$	62,174	1.9
VIP table games win	$	152,478		$	97,312		$	55,166	56.7
VIP win as a % of turnover	4.68		%	3.04		%	1.64
Table games win per unit per day	$	32,401		$	18,614		$	13,787	74.1
Mass market:
Average number of table games	247			247			—		—
Table drop	$	2,057,789		$	1,694,575		$	363,214	21.4
Table games win	$	465,683		$	404,307		$	61,376	15.2
Table games win %	22.6		%	23.9		%	(1.3)
Table games win per unit per day	$	20,714		$	17,801		$	2,913	16.4
Average number of slot machines	653			596			57		9.6
Slot machine handle	$	710,156		$	577,289		$	132,867	23.0
Slot machine win	$	30,482		$	27,230		$	3,252	11.9
Slot machine win per unit per day	$	513		$	497		$	16	3.2

Wynn Macau:
Total casino revenues	$	314,489		$	296,781		$	17,708	6.0
VIP:
Average number of table games	17			30			(13)		(43.3)
VIP turnover	$	1,019,346		$	1,201,516		$	(182,170)	(15.2)
VIP table games win	$	29,873		$	43,326		$	(13,453)	(31.1)
VIP win as a % of turnover	2.93		%	3.61		%	(0.68)
Table games win per unit per day	$	18,871		$	15,692		$	3,179	20.3
Mass market:
Average number of table games	238			222			16		7.2
Table drop	$	1,633,273		$	1,515,462		$	117,811	7.8
Table games win	$	305,761		$	280,044		$	25,717	9.2
Table games win %	18.7		%	18.5		%	0.2
Table games win per unit per day	$	14,139		$	13,713		$	426	3.1
Average number of slot machines	809			621			188		30.3
Slot machine handle	$	855,707		$	815,319		$	40,388	5.0
Slot machine win	$	25,588		$	24,434		$	1,154	4.7
Slot machine win per unit per day	$	347		$	428		$	(81)	(18.9)
Poker rake	$	2,722		$	3,205		$	(483)	(15.1)

Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.

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	Three Months Ended September 30,
	2025			2024			Increase/ (Decrease)		Percent Change
Las Vegas Operations:
Total casino revenues	$	161,576		$	145,186		$	16,390	11.3
Average number of table games	233			235			(2)		(0.9)
Table drop	$	652,293		$	580,800		$	71,493	12.3
Table games win	$	150,073		$	135,230		$	14,843	11.0
Table games win %	23.0		%	23.3		%	(0.3)
Table games win per unit per day	$	6,994		$	6,256		$	738	11.8
Average number of slot machines	1,573			1,620			(47)		(2.9)
Slot machine handle	$	1,818,133		$	1,695,799		$	122,334	7.2
Slot machine win	$	123,500		$	112,771		$	10,729	9.5
Slot machine win per unit per day	$	854		$	757		$	97	12.8
Poker rake	$	5,148		$	4,629		$	519	11.2
Encore Boston Harbor:
Total casino revenues	$	156,213		$	158,744		$	(2,531)	(1.6)
Average number of table games	172			179			(7)		(3.9)
Table drop	$	323,981		$	347,082		$	(23,101)	(6.7)
Table games win	$	66,257		$	74,048		$	(7,791)	(10.5)
Table games win %	20.5		%	21.3		%	(0.8)
Table games win per unit per day	$	4,187		$	4,507		$	(320)	(7.1)
Average number of slot machines	2,727			2,611			116		4.4
Slot machine handle	$	1,397,554		$	1,378,066		$	19,488	1.4
Slot machine win	$	110,797		$	105,550		$	5,247	5.0
Slot machine win per unit per day	$	442		$	439		$	3	0.7
Poker rake	$	5,410		$	5,334		$	76	1.4

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Non-casino revenues

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


	Three Months Ended September 30,
	2025			2024			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total room revenues (dollars in thousands)	$	37,396		$	49,145		$	(11,749)	(23.9)
Occupancy	98.2		%	98.3		%	(0.1)
ADR	$	221		$	295		$	(74)	(25.1)
REVPAR	$	217		$	289		$	(72)	(24.9)
Wynn Macau:
Total room revenues (dollars in thousands)	$	21,149		$	23,755		$	(2,606)	(11.0)
Occupancy	98.8		%	98.9		%	(0.1)
ADR	$	207		$	233		$	(26)	(11.2)
REVPAR	$	205		$	230		$	(25)	(10.9)
Las Vegas Operations:
Total room revenues (dollars in thousands)	$	186,712		$	187,123		$	(411)	(0.2)
Occupancy	85.7		%	89.0		%	(3.3)
ADR	$	505		$	495		$	10	2.0
REVPAR	$	433		$	441		$	(8)	(1.8)
Encore Boston Harbor:
Total room revenues (dollars in thousands)	$	25,227		$	24,742		$	485	2.0
Occupancy	95.5		%	96.9		%	(1.4)
ADR	$	431		$	426		$	5	1.2
REVPAR	$	412		$	412		$	—	—

Room revenues decreased $14.3 million, primarily due to lower ADR at our Macau Operations.

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Operating expenses

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


	Three Months Ended September 30,
	2025		2024		Increase/ (Decrease)		Percent Change
Operating expenses:
Casino	$	705,421	$	617,469	$	87,952	14.2
Rooms	86,385		83,376		3,009		3.6
Food and beverage	231,100		220,187		10,913		5.0
Entertainment, retail and other	54,541		56,184		(1,643)		(2.9)
General and administrative	275,035		271,829		3,206		1.2
Provision for credit losses	4,505		1,836		2,669		145.4
Pre-opening	7,289		2,457		4,832		196.7
Depreciation and amortization	152,828		156,273		(3,445)		(2.2)
Property charges and other	6,154		150,475		(144,321)		(95.9)
Total operating expenses	$	1,523,258	$	1,560,086	$	(36,828)	(2.4)

The decrease in total operating expenses was primarily due to the decrease in property charges and other expenses at our Las Vegas Operations and Corporate and other, partially offset by an increase in casino expenses at our Macau Operations driven by an increase in gaming tax expense.

Casino expenses increased $9.6 million and $69.6 million at Wynn Macau and Wynn Palace, respectively, which includes increases of $6.1 million and $59.9 million in gaming tax expense at Wynn Macau and Wynn Palace, respectively, as a result of higher casino revenues.

Food and beverage expenses increased $7.9 million at Wynn Palace, primarily as a result of increased covers; and $4.8 million at our Las Vegas Operations largely 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").

Property charges and other expenses for the three months ended September 30, 2025 consisted primarily of asset abandonments and disposals of $4.6 million at our Macau Operations. Property charges and other expenses for the three months ended September 30, 2024 consisted primarily of $130.0 million of forfeitures pursuant to the NPA and the Company's $9.4 million contribution towards a legal settlement. Property charges and other expenses for the three months ended September 30, 2024 also included $12.5 million of contract termination and other costs related to the closure of Wynn Interactive's digital sports betting and casino gaming business.

WYNN RESORTS LTD 10-Q