What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2020-11-09 compared with 2020-08-06 · 155 added, 122 removed, 685 unchanged (29% of the section changed)

3 unchanged sentences

(in thousands, except share data)

September 30,

2020 December 31,

13 unchanged sentences

Total assets $ 13,967,116 $ 13,871,281

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current liabilities:

12 unchanged sentences

Commitments and contingencies (Note 14)

Stockholders' equity:

Stockholders' equity (deficit):

Preferred stock, par value $ 0.01 ;

11 unchanged sentences

Retained earnings (accumulated deficit) ( 1,262,947 ) 641,818

Total Wynn Resorts, Limited stockholders' equity 619,519 1,743,045

Total Wynn Resorts, Limited stockholders' equity (deficit) ( 128,703 ) 1,743,045

Noncontrolling interests ( 417,928 ) ( 201,573 )

Total stockholders' equity 274,198 1,541,472

Total liabilities and stockholders' equity $ 14,885,675 $ 13,871,281

Total stockholders' equity (deficit) ( 546,631 ) 1,541,472

Total liabilities and stockholders' equity (deficit) $ 13,967,116 $ 13,871,281

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

2 unchanged sentences

(in thousands, except per share data)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2020 2019 2020 2019

25 unchanged sentences

Income (loss) before income taxes ( 424,168 ) 46,610 ( 1,452,552 ) 348,269

(Provision) benefit for income taxes ( 80,938 ) 1,991 ( 156,738 ) 306

Provision for income taxes ( 407,365 ) ( 19,727 ) ( 564,103 ) ( 19,421 )

Net income (loss) ( 831,533 ) 26,883 ( 2,016,655 ) 328,848

13 unchanged sentences

(in thousands)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2020 2019 2020 2019

7 unchanged sentences

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

(in thousands, except share data)

For the Three Months Ended June 30, 2020

For the Three Months Ended September 30, 2020

outstanding Par

5 unchanged sentences

stockholders'

equity Noncontrolling

equity (deficit) Noncontrolling

interests Total

stockholders'

Balances, April 1, 2020 107,884,163 $ 1,234 $ ( 1,416,525 ) $ 2,526,062 $ ( 947 ) $ 132,266 $ 1,242,090 $ ( 249,610 ) $ 992,480

equity (deficit)

Balances, July 1, 2020 107,869,865 $ 1,234 $ ( 1,419,435 ) $ 2,543,718 $ ( 908 ) $ ( 505,090 ) $ 619,519 $ ( 345,321 ) $ 274,198

Net loss — — — — — ( 758,142 ) ( 758,142 ) ( 73,391 ) ( 831,533 )

4 unchanged sentences

Cash dividends declared — — — — — 285 285 15 300

Distribution to noncontrolling interest — — — — — — ( 998 ) ( 998 )

Stock-based compensation — — — 10,726 — — 10,726 1,763 12,489

Balances, June 30, 2020 107,869,865 $ 1,234 $ ( 1,419,435 ) $ 2,543,718 $ ( 908 ) $ ( 505,090 ) $ 619,519 $ ( 345,321 ) $ 274,198

For the Three Months Ended June 30, 2019

Balances, September 30, 2020 107,872,298 $ 1,234 $ ( 1,420,535 ) $ 2,554,443 $ ( 898 ) $ ( 1,262,947 ) $ ( 128,703 ) $ ( 417,928 ) $ ( 546,631 )

For the Three Months Ended September 30, 2019

outstanding Par

8 unchanged sentences

stockholders'

Balances, April 1, 2019 107,660,449 $ 1,226 $ ( 1,349,413 ) $ 2,483,026 $ ( 2,591 ) $ 945,972 $ 2,078,220 $ ( 162,977 ) $ 1,915,243

Net income — — — — — 94,551 94,551 47,683 142,234

Balances, July 1, 2019 107,610,356 $ 1,228 $ ( 1,379,644 ) $ 2,498,316 $ ( 1,986 ) $ 932,907 $ 2,050,821 $ ( 199,882 ) $ 1,850,939

Net income (loss) — — — — — ( 3,496 ) ( 3,496 ) 30,379 26,883

Currency translation adjustment — — — — ( 714 ) — ( 714 ) ( 275 ) ( 989 )

6 unchanged sentences

Stock-based compensation — — — 7,403 — — 7,403 853 8,256

Balances, June 30, 2019 107,610,356 $ 1,228 $ ( 1,379,644 ) $ 2,498,316 $ ( 1,986 ) $ 932,907 $ 2,050,821 $ ( 199,882 ) $ 1,850,939

Balances, September 30, 2019 107,362,502 $ 1,228 $ ( 1,409,717 ) $ 2,507,870 $ ( 2,700 ) $ 822,070 $ 1,918,751 $ ( 252,872 ) $ 1,665,879

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (continued)

(in thousands, except share data)

For the Six Months Ended June 30, 2020

For the Nine Months Ended September 30, 2020

outstanding Par

5 unchanged sentences

stockholders'

equity Noncontrolling

equity (deficit) Noncontrolling

interests Total

stockholders'

equity (deficit)

Balances, January 1, 2020 107,363,943 $ 1,228 $ ( 1,410,998 ) $ 2,512,676 $ ( 1,679 ) $ 641,818 $ 1,743,045 $ ( 201,573 ) $ 1,541,472

7 unchanged sentences

Stock-based compensation — — — 35,065 — — 35,065 3,248 38,313

Balances, June 30, 2020 107,869,865 $ 1,234 $ ( 1,419,435 ) $ 2,543,718 $ ( 908 ) $ ( 505,090 ) $ 619,519 $ ( 345,321 ) $ 274,198

For the Six Months Ended June 30, 2019

Balances, September 30, 2020 107,872,298 $ 1,234 $ ( 1,420,535 ) $ 2,554,443 $ ( 898 ) $ ( 1,262,947 ) $ ( 128,703 ) $ ( 417,928 ) $ ( 546,631 )

For the Nine Months Ended September 30, 2019

outstanding Par

18 unchanged sentences

Stock-based compensation — — — 21,754 — — 21,754 2,619 24,373

Balances, June 30, 2019 107,610,356 $ 1,228 $ ( 1,379,644 ) $ 2,498,316 $ ( 1,986 ) $ 932,907 $ 2,050,821 $ ( 199,882 ) $ 1,850,939

Balances, September 30, 2019 107,362,502 $ 1,228 $ ( 1,409,717 ) $ 2,507,870 $ ( 2,700 ) $ 822,070 $ 1,918,751 $ ( 252,872 ) $ 1,665,879

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

2 unchanged sentences

(in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities:

39 unchanged sentences

Accounts and construction payables related to property and equipment $ 85,585 $ 202,375

Other liabilities related to intangible assets $ 12,880 $ 13,463

Finance lease liabilities arising from obtaining finance lease assets $ 42,432 $ 1,413

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

9 unchanged sentences

On June 23, 2019, the Company opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts, that is owned 100% by the Company.

In October 2020, Wynn Interactive, Ltd.

("Wynn Interactive") was formed through the merger of Wynn Resorts' digital gaming businesses and Wynn's strategic partner, BetBull Limited ("BetBull").

The merger was effected through a series of transactions which resulted in the Company contributing to BetBull its interests in WSI US, LLC and Wynn Social Gaming, LLC, which operate Wynn's existing U.S.

online sports betting and gaming business and social casino business, respectively.

Following the merger, Wynn Resorts holds an approximately 71 % interest in Wynn Interactive, which Wynn Resorts will consolidate.

Recent Developments Related to COVID-19

5 unchanged sentences

On February 20, 2020, casino operations at Wynn Palace and Wynn Macau reopened on a reduced basis and have since been fully restored;

however, certain COVID-19 specific protective measures, such as traveler quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, COVID-19 negative test results requirements for entry to gaming areas, and health declarations remain in effect at the present time.

Visitation to Macau has fallen significantly since the outbreak of COVID-19, driven by the pandemic's strong deterrent effect on travel and social activities, the Chinese government's suspension of its visa and group tour schemes that allow mainland Chinese residents to travel to Macau, various quarantine measures in Macau and elsewhere, travel and entry restrictions in Macau, Hong Kong, Taiwan, and mainland China, and the suspension of ferry services to Macau from Hong Kong and mainland China and other modes of transportation within Macau.

however, certain COVID-19 specific protective measures, such as traveler quarantines and requirements for negative COVID-19 tests before entering Macau, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, COVID-19 negative test results requirements for entry to gaming areas, and health declarations remain in effect at the present time.

Visitation to Macau has fallen significantly since the outbreak of COVID-19, driven by the pandemic's strong deterrent effect on travel and social activities, the suspension in late January 2020 of the Chinese government's visa and group tour schemes that allow mainland Chinese residents to travel to Macau, quarantine and testing measures in Macau and elsewhere, travel and entry requirements, restrictions, and bans in Macau, Hong Kong, Taiwan, and certain cities and regions in mainland China, and the suspension of ferry services to Macau from Hong Kong and mainland China and other modes of transportation within Macau.

Regionally, bans on entry or enhanced quarantine requirements, depending on the person’s residency and their recent travel history, for any Macau residents, PRC citizens, Hong Kong residents and Taiwan residents attempting to enter Macau are drastically impacting visitation.

Persons who are not residents of the Greater China area are barred from entry to Macau at this time.

While most of the foregoing travel restrictions and quarantine requirements continue to weigh on visitation to Macau, beginning in June 2020 certain of these restrictions are being eased as the region gradually recovers from the COVID-19 pandemic.

In July 2020, Guangdong Province, a Chinese province adjacent to Macau, eased certain quarantine requirements for those traveling between Guangdong Province and Macau, subject to certain testing requirements and health declarations.

Quarantine requirements for those traveling between Hong Kong and Macau have been announced to remain effective until at least September 7, 2020, at which time they may be lifted.

In the initial phase of opening travel channels between Macau and other regions, it is expected that all visitors seeking entry to Macau will need to test negative for COVID-19 before entering Macau.

Although Mainland China and Macau have recently announced several policies or changes to policies which relax certain visa issuance, border control and quarantine requirements, stringent health declarations, testing and other procedures remain in place and the Individual Visitor Scheme which, prior to its suspension by the PRC government due to COVID-19 travel restrictions, permitted individual PRC citizens from nearly 50 PRC cities to travel to Macau for tourism purposes, has yet to restart.

Persons who are not residents of the Greater China area are barred from entry to Macau at this time, and quarantine requirements for those traveling between Hong Kong and Macau have been announced to remain effective until at least December 31, 2020, at which time they may be lifted.

While most of the foregoing travel restrictions and quarantine requirements continue to weigh on visitation to Macau, beginning in June 2020 certain of these restrictions have eased as certain regions gradually recover from the COVID-19 pandemic.

In July 2020, Guangdong Province, a Chinese province adjacent to Macau, eased certain quarantine requirements for

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

those traveling between Guangdong Province and Macau, subject to certain testing requirements and health declarations.

On September 23, 2020, mainland China authorities fully resumed the Individual Visit Scheme exit visa program, which, prior to its suspension by the PRC government due to COVID-19 travel restrictions, permitted individual PRC citizens from nearly 50 PRC cities to travel to Macau for tourism purposes.

Stringent health declarations, testing and other procedures remain in place, and all visitors seeking entry to Macau need to test negative for COVID-19 before entering Macau.

Las Vegas Operations and Encore Boston Harbor

Wynn Las Vegas closed on March 17, 2020, and reopened on June 4, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings.

Encore Boston Harbor closed on March 15, 2020, for the remainder of the first and second quarters of 2020.

On July 12, 2020, Encore Boston Harbor reopened with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, and mask protection.

In addition, certain food and beverage outlets remain closed and hotel reservations have been limited to Thursday through Sunday.

Beginning October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to currently reduced customer demand levels.

Encore Boston Harbor closed on March 15, 2020, and reopened on July 10, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, and mask protection.

In addition, certain food and beverage outlets remain closed and hotel reservations were limited to Thursday through Sunday through the third quarter of 2020.

On November 2, 2020, the Governor of Massachusetts issued a directive limiting the operating hours of certain businesses, including restaurants and casinos, effective November 6, 2020.

Encore Boston Harbor has modified its hours of operation as a result of this directive.

The Company is currently unable to determine when these measures will be lifted.

The COVID-19 pandemic has had and will continue to have an adverse effect on the Company's results of operations.

1 unchanged sentence

Given the uncertainty around the extent and timing of the potential future spread or mitigation of COVID-19 and around the imposition or relaxation of protective measures, management cannot reasonably estimate the impact to the Company's future results of operations, cash flows, or financial condition.

As of June 30, 2020, the Company had total cash and cash equivalents, excluding restricted cash, of $ 3.80 billion, and had access to $ 15.9 million and $ 24.1 million of available borrowing capacity from the WRF Revolving Facility and Wynn Macau Revolving Facility, respectively.

As of September 30, 2020, the Company had total cash and cash equivalents, excluding restricted cash, of $ 3.55 billion, and had access to $ 15.9 million of available borrowing capacity from the WRF Revolving Facility.

In addition, the Company has suspended its dividend program and has postponed major project capital expenditures.

Given the Company's liquidity position at June 30, 2020 and the steps the Company has taken as further described in Note 6, "Long-Term Debt," the Company believes it is able to support continuing operations and respond to the current COVID-19 pandemic challenges.

Given the Company's liquidity position at September 30, 2020 and the steps the Company has taken as further described in Note 6, "Long-Term Debt," the Company believes it is able to support continuing operations and respond to the current COVID-19 pandemic challenges.

Note 2 - Basis of Presentation and Significant Accounting Policies

4 unchanged sentences

In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented.

The results for the three and six months ended June 30, 2020 are not necessarily indicative of results to be expected for the full fiscal year.

The results for the three and nine months ended September 30, 2020 are not necessarily indicative of results to be expected for the full fiscal year.

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, 2019.

2 unchanged sentences

For information on the Company's VIEs, see Note 15, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Accounts Receivable

4 unchanged sentences

Gaming promoter advances are settled shortly after each month end.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

An estimated allowance for credit losses is maintained to reduce the Company's receivables to their carrying amount, which reflects the net amount the Company expects to collect.

4 unchanged sentences

These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations.

These taxes totaled $ 12.5 million and $ 561.8 million for the three months ended June 30, 2020 and 2019, respectively, and $ 266.4 million and $ 1.15 billion for the six months ended June 30, 2020 and 2019, respectively.

These taxes totaled $ 66.1 million and $ 543.9 million for the three months ended September 30, 2020 and 2019, respectively, and $ 332.5 million and $ 1.69 billion for the nine months ended September 30, 2020 and 2019, respectively.

Recently Adopted Accounting Standards

23 unchanged sentences

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

September 30,

2020 December 31,

12 unchanged sentences

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

September 30,

2020 December 31,

6 unchanged sentences

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of casino receivables.

As of June 30, 2020 and December 31, 2019, approximately 82.3 % and 79.0 %, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia.

As of September 30, 2020 and December 31, 2019, approximately 79.3 % and 79.0 %, 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 our customers reside could affect the collectability of such receivables.

The Company believes the concentration of its credit risk in casino receivables is mitigated substantially by its credit investigation process, credit policies and collection procedures.

The Company’s allowance for casino credit losses was 31.9 % and 12.4 % of gross casino receivables as of June 30, 2020 and December 31, 2019, respectively.

The Company’s allowance for casino credit losses was 45.8 % and 12.4 % of gross casino receivables as of September 30, 2020 and December 31, 2019, respectively.

The increase in allowance for casino credit losses is primarily due to the impact of historical collection patterns and expectations of current and future collection trends in light of the COVID-19 pandemic, as well as the specific review of customer accounts.

4 unchanged sentences

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

2020 June 30,

September 30,

2020 September 30,

Balance at beginning of year $ 39,317 $ 32,694

6 unchanged sentences

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

September 30,

2020 December 31,

7 unchanged sentences

$ 9,313,066 $ 9,623,832

Depreciation expense for the three months ended June 30, 2020 and 2019 was $ 172.8 million and $ 135.6 million, and depreciation expense for the six months ended June 30, 2020 and 2019 was $ 345.1 million and $ 267.9 million, respectively.

Depreciation expense for the three months ended September 30, 2020 and 2019 was $ 177.3 million and $ 166.5 million, and depreciation expense for the nine months ended September 30, 2020 and 2019 was $ 522.4 million and $ 434.4 million, respectively.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

2 unchanged sentences

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

September 30,

2020 December 31,

9 unchanged sentences

WML 5 1/8% Senior Notes, due 2029 1,000,000 1,000,000

WML 5 5/8% Senior Notes, due 2028 600,000 —

and Corporate Related:

15 unchanged sentences

(1) The borrowings under the Wynn Macau Credit Facilities bear interest at LIBOR or HIBOR plus a margin of 1.50 % to 2.25 % per annum based on Wynn Resorts Macau S.A.’s leverage ratio.

(2) As of June 30, 2020, approximately $ 1.22 billion and $ 937.0 million of the Wynn Macau Term Loan bore interest at a rate of LIBOR plus 1.75 % per year and HIBOR plus 1.75 % per year, respectively.

As of June 30, 2020, the weighted average interest rate was approximately 2.04 %.

(3) As of June 30, 2020, approximately $ 413.3 million and $ 313.7 million of the Wynn Macau Revolver bore interest at a rate of LIBOR plus 1.75 % per year and HIBOR plus 1.75 % per year, respectively.

As of June 30, 2020, the weighted average interest rate was approximately 2.09 %.

As of June 30, 2020, the available borrowing capacity under the Wynn Macau Revolver was $ 24.1 million.

(2) As of September 30, 2020, approximately $ 739.2 million and $ 567.8 million of the Wynn Macau Term Loan bore interest at a rate of LIBOR plus 2.125 % per year and HIBOR plus 2.125 % per year, respectively.

As of September 30, 2020, the weighted average interest rate was approximately 2.42 %.

(3) As of September 30, 2020, approximately $ 427.0 million and $ 324.1 million of the Wynn Macau Revolver bore interest at a rate of LIBOR plus 2.125 % per year and HIBOR plus 2.125 % per year, respectively.

As of September 30, 2020, the weighted average interest rate was approximately 2.39 %.

As of September 30, 2020, the Company had no available borrowing capacity under the Wynn Macau Revolver.

(4) The WRF Credit Facilities bear interest at a rate of LIBOR plus 1.75 % per year.

As of June 30, 2020, the weighted average interest rate was approximately 1.93 %.

Additionally, as of June 30, 2020, the available borrowing capacity under the WRF Revolver was $ 15.9 million, net of $ 18.1 million in outstanding letters of credit.

As of September 30, 2020, the weighted average interest rate was approximately 1.90 %.

Additionally, as of September 30, 2020, the available borrowing capacity under the WRF Revolver was $ 15.9 million, net of $ 18.1 million in outstanding letters of credit.

(5) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70 % per year.

As of June 30, 2020, the interest rate was 1.87 %.

WML 5 1/2% Senior Notes, due 2026

On June 19, 2020, WML issued $ 750.0 million aggregate principal amount of 5 1/2% Senior Notes due 2026 (the "2026 WML Notes") pursuant to an indenture (the "2026 Indenture").

The 2026 WML Notes will mature on January 15, 2026 and bear interest at the rate of 5 1/2% per annum payable in arrears semi-annually on January 15 and July 15 of each year, beginning on January 15, 2021.

At any time prior to June 15, 2022, WML may use the net cash proceeds from certain equity offerings to redeem up to 35 % of the aggregate principal amount of the 2026 WML Notes at a redemption price equal to 105.500 % of the aggregate principal amount of the 2026 WML Notes, plus accrued and unpaid interest, if any.

At any time prior to June 15, 2022, WML may redeem the 2026 WML Notes in whole or in part at a redemption price equal to the greater of (a) 100 % of the aggregate principal amount of the 2026 WML

As of September 30, 2020, the effective interest rate was 2.70 %.

WML Senior Notes Offering

On June 19, 2020, WML issued $ 750.0 million aggregate principal amount of 5 1/2% Senior Notes due 2026 (the "Existing 2026 WML Notes") pursuant to an indenture (the "2026 Indenture").

On August 26, 2020, WML issued additional $ 250.0 million aggregate principal amount of 5 1/2% Senior Notes due 2026 (the "Additional 2026 Notes," together with the Existing 2026 WML Notes, "2026 WML Notes") pursuant to the 2026 Indenture, and $ 600.0 million aggregate principal amount of 5 5/8% Senior Notes due 2028 (the "2028 WML Notes," together with the 2026 WML Notes, the “2026 and 2028 WML Notes”) pursuant to an indenture (the "2028 Indenture,” together with

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Notes to be redeemed, or (b) a make-whole amount as determined by an independent investment banker in accordance with the terms of the 2026 Indenture, in either case, plus accrued and unpaid interest.

the 2026 Indenture, the “2026 and 2028 Indentures”).

The Additional 2026 Notes have identical terms, other than the issue date and the issue price, to, rank equally with and form a part of a single class of securities with the Existing 2026 WML Notes.

At any time prior to June 15, 2022, WML may redeem the 2026 WML Notes in whole or in part at a redemption price equal to the greater of (a) 100 % of the aggregate principal amount of the 2026 WML Notes to be redeemed, or (b) a make-whole amount as determined by an independent investment banker in accordance with the terms of the 2026 Indenture, in either case, plus accrued and unpaid interest.

In addition, on or after June 15, 2022, WML may redeem the 2026 WML Notes in whole or in part at a premium decreasing annually from 104.125 % of the applicable principal amount to 100.000 %, plus accrued and unpaid interest.

2 unchanged sentences

Further, if a holder or beneficial owner of the 2026 WML Notes fails to meet certain requirements imposed by any Gaming Authority (as defined in the 2026 Indenture), WML may require the holder or beneficial owner to dispose of or redeem its 2026 WML Notes.

Upon the occurrence of (a) any event after which none of WML or any subsidiary of WML has the applicable gaming concessions or authorizations in Macau in substantially the same manner and scope as WML and its subsidiaries are entitled to at the date on which the 2026 WML Notes are issued, for a period of ten consecutive days or more, and such event has a material adverse effect on WML and its subsidiaries, taken as a whole;

or (b) the termination or modification of any such concessions or authorizations which has a material adverse effect on WML and its subsidiaries, taken as a whole, each holder of the 2026 WML Notes will have the right to require WML to repurchase all or any part of such holder's 2026 WML Notes at a purchase price in cash equal to 100 % of the principal amount thereof, plus accrued and unpaid interest.

The 2026 WML Notes are WML's general unsecured obligations and rank pari passu in right of payment with all of WML's existing and future senior unsecured indebtedness;

The 2028 WML Notes will mature on August 26, 2028 and bear interest at the rate of 5 5/8% per annum payable in arrears semi-annually on February 26 and August 26 of each year, beginning on February 26, 2021.

At any time prior to August 26, 2023, WML may use the net cash proceeds from certain equity offerings to redeem up to 35 % of the aggregate principal amount of the 2028 WML Notes at a redemption price equal to 105.625 % of the aggregate principal amount of the 2028 WML Notes, plus accrued and unpaid interest, if any.

At any time prior to August 26, 2023, WML may redeem the 2028 WML Notes in whole or in part at a redemption price equal to the greater of (a) 100 % of the aggregate principal amount of the 2028 WML Notes to be redeemed, or (b) a make-whole amount as determined by an independent investment banker in accordance with the terms of the 2028 Indenture, in either case, plus accrued and unpaid interest.

In addition, on or after August 26, 2023, WML may redeem the 2028 WML Notes in whole or in part at a premium decreasing annually from 102.813 % of the applicable principal amount to 100.000 %, plus accrued and unpaid interest.

If WML undergoes a Change of Control (as defined in the 2028 Indenture), it must offer to repurchase the 2028 WML Notes at a price equal to 101 % of the aggregate principal amount thereof, plus accrued and unpaid interest.

In addition, WML may redeem the 2028 WML Notes, in whole but not in part, at a redemption price equal to 100 % of the principal amount, plus accrued and unpaid interest, in response to any change in or amendment to certain tax laws or tax positions.

Further, if a holder or beneficial owner of the 2028 WML Notes fails to meet certain requirements imposed by any Gaming Authority (as defined in the 2028 Indenture), WML may require the holder or beneficial owner to dispose of or redeem its 2028 WML Notes.

Upon the occurrence of (a) any event after which none of WML or any subsidiary of WML has the applicable gaming concessions or authorizations in Macau in substantially the same manner and scope as WML and its subsidiaries are entitled to at the date on which the 2026 and 2028 WML Notes are issued, for a period of 10 consecutive days or more, and such event has a material adverse effect on WML and its subsidiaries, taken as a whole;

or (b) the termination or modification of any such concessions or authorizations which has a material adverse effect on WML and its subsidiaries, taken as a whole, each holder of the 2026 and 2028 WML Notes will have the right to require WML to repurchase all or any part of such holder’s 2026 and 2028 WML Notes at a purchase price in cash equal to 100 % of the principal amount thereof, plus accrued and unpaid interest.

The 2026 and 2028 WML Notes are WML’s general unsecured obligations and rank pari passu in right of payment with all of WML’s existing and future senior unsecured indebtedness;

will rank senior to all of WML’s future subordinated indebtedness, if any;

1 unchanged sentence

and will be structurally subordinated to all existing and future obligations of WML’s subsidiaries, including WML’s existing credit facilities.

The 2026 WML Notes are not registered under the Securities Act of 1933, as amended (the "Securities Act"), and the 2026 WML Notes are subject to restrictions on transferability and resale.

The 2026 Indenture contains covenants limiting WML's (and certain of its subsidiaries') ability to, among other things:

The 2026 and 2028 WML Notes are not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the 2026 and 2028 WML Notes are subject to restrictions on transferability and resale.

The 2026 and 2028 Indentures contain covenants limiting WML’s (and certain of its subsidiaries’) ability to, among other things:

merge or consolidate with another company;

transfer or sell all or substantially all of its properties or assets;

and lease all or substantially all of its properties or assets.

The terms of the 2026 Indenture contain customary events of default, including, but not limited to:

default for 30 days in the payment when due of interest on the 2026 WML Notes;

default in the payment when due of the principal of, or premium, if any, on the 2026 WML Notes;

failure to comply with any payment obligations relating to the repurchase by WML of the 2026 WML Notes upon a change of control;

failure to comply with certain covenants in the 2026 Indenture;

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

lease all or substantially all of its properties or assets.

The terms of the 2026 and 2028 Indentures contain customary events of default, including, but not limited to:

default for 30 days in the payment when due of interest on the 2026 and 2028 WML Notes;

default in the payment when due of the principal of, or premium, if any, on the 2026 and 2028 WML Notes;

failure to comply with any payment obligations relating to the repurchase by WML of the 2026 and 2028 WML Notes upon a change of control;

failure to comply with certain covenants in the 2026 and 2028 Indentures;

certain defaults on certain other indebtedness;

1 unchanged sentence

and certain events of bankruptcy or insolvency.

In the case of an event of default arising from certain events of bankruptcy or insolvency, all 2026 WML Notes then outstanding will become due and payable immediately without further action or notice.

WML intends to use the net proceeds from the 2026 WML Notes for general corporate purposes until WML's business recovers from the effects of the COVID-19 pandemic, and then to facilitate the repayment of a portion of the amounts outstanding under the Wynn Macau Credit Facilities.

In addition, WML used a portion of the net proceeds from the 2026 WML Notes to pay related fees and expenses totaling $ 7.1 million, which was recorded as debt issuance costs within the Condensed Consolidated Balance Sheet.

In the case of an event of default arising from certain events of bankruptcy or insolvency, all 2026 and 2028 WML Notes then outstanding will become due and payable immediately without further action or notice.

WML intends to use the net proceeds from the Existing 2026 WML Notes for general corporate purposes until WML's business recovers from the effects of the COVID-19 pandemic, and then to facilitate the repayment of a portion of the amounts outstanding under the Wynn Macau Credit Facilities.

WML used the net proceeds from the Additional 2026 and 2028 WML Notes to facilitate the prepayment of term loans outstanding under the Wynn Macau Credit Facilities in September 2020.

WML used a portion of the proceeds from the 2026 and 2028 WML Notes to pay related fees and expenses totaling $ 14.2 million, which was recorded as debt issuance costs within the Condensed Consolidated Balance Sheet.

WRF 7 3/4% Senior Notes, due 2025

5 unchanged sentences

The WRF Issuers may redeem some or all of the 2025 WRF Notes at any time prior to April 15, 2022 at a redemption price equal to 100 % of the aggregate principal amount of the 2025 WRF Notes to be redeemed plus a "make-whole" premium and accrued and unpaid interest.

In addition, at any time prior to April 15, 2022, the WRF Issuers may, on any one or more occasions, redeem up to 35 % of the original

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

aggregate principal amount of the 2025 WRF Notes with the proceeds of one or more equity offerings at a redemption price equal to 107.75 % of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date.

In addition, at any time prior to April 15, 2022, the WRF Issuers may, on any one or more occasions, redeem up to 35 % of the original aggregate principal amount of the 2025 WRF Notes with the proceeds of one or more equity offerings at a redemption price equal to 107.75 % of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date.

On or after April 15, 2022, the WRF Issuers may redeem some or all of the 2025 WRF Notes at the redemption prices set forth in the 2025 Indenture plus accrued and unpaid interest.

7 unchanged sentences

The 2025 WRF Notes were offered pursuant to an exemption under the Securities Act of 1933, as amended (the "Securities Act").

The 2025 WRF Notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act or outside the United States to certain persons in reliance on Regulation S under the Securities Act.

The 2025 WRF Notes were offered only to qualified institutional buyers in reliance on Rule 144A under the

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Securities Act or outside the United States to certain persons in reliance on Regulation S under the Securities Act.

The 2025 WRF Notes have not been and will not be registered under the Securities Act or under any state securities laws.

4 unchanged sentences

The WRF Credit Agreement Amendment amends the WRF Credit Agreement to, among other things, implement a financial covenant relief period (the "Financial Covenant Relief Period") through April 1, 2021 (unless earlier terminated by WRF), implement a financial covenant increase period (the "Financial Covenant Increase Period") commencing on the first day after the expiration of the Financial Covenant Relief Period and ending on the first day of the fourth fiscal quarter after the expiration of the Financial Covenant Relief Period (unless earlier terminated by WRF), amend the definition of "Consolidated EBITDA" in the WRF Credit Agreement during the Financial Covenant Increase Period, amend WRF's financial reporting obligations (including extensions to certain deadlines), add certain restrictions on restricted payments (including restrictions on a portion of dividends received from WRF's subsidiaries) during the Financial Covenant Relief Period and the Financial Covenant Increase Period, and amend the definition of "Material Adverse Effect" in the WRF Credit Agreement to take into consideration COVID-19.

During the Financial Covenant Relief Period, the existing consolidated first lien net leverage ratio financial covenant will be replaced with a minimum liquidity financial covenant that requires WRF and its restricted subsidiaries to maintain liquidity of at least $ 300.0 million at all times (with liquidity being the sum of unrestricted operating cash, as defined in the WRF Credit

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Agreement, and the available borrowing capacity under the WRF Revolver).

Following the Financial Covenant Relief Period and for as long as the Financial Covenant Increase Period is in effect, WRF may not permit the consolidated first lien net leverage ratio as of the last day of any fiscal quarter to exceed for the first fiscal quarter of the Financial Covenant Increase Period, 4.50 to 1.00, for the second fiscal quarter of the Financial Covenant Increase Period, 4.25 to 1.00, for the third fiscal quarter of the Financial Covenant Increase Period, 4.00 to 1.00, and for each subsequent fiscal quarter thereafter (including from and including the first fiscal quarter during which the Financial Covenant Increase Period has been terminated by WRF), 3.75 to 1.00.

3 unchanged sentences

Debt Covenant Compliance

As of June 30, 2020, management believes the Company was in compliance with all debt covenants.

As of September 30, 2020, management believes the Company was in compliance with all debt covenants.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Fair Value of Long-Term Debt

The estimated fair value of the Company's long-term debt as of June 30, 2020 and December 31, 2019, was approximately $ 12.03 billion and $ 10.80 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $ 12.89 billion and $ 10.52 billion, respectively.

The estimated fair value of the Company's long-term debt as of September 30, 2020 and December 31, 2019, was approximately $ 12.34 billion and $ 10.80 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $ 12.90 billion and $ 10.52 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 - Stockholders' Equity

Note 7 - Stockholders' Equity (Deficit)

During the first quarter of 2020, the Company paid a cash dividend of $ 1.00 per share, and recorded $ 107.5 million as a reduction of retained earnings from cash dividends declared.

On May 6, 2020, the Company announced that it had suspended its quarterly dividend program due to the financial impact of the COVID-19 pandemic.

During the first and second quarter of 2019, the Company paid a cash dividend of $ 0.75 and $ 1.00 per share, respectively, and recorded $ 80.7 million and $ 107.6 million, respectively, as a reduction of retained earnings from cash dividends declared.

During the first, second, and third quarter of 2019, the Company paid cash dividends of $ 0.75 , $ 1.00 , and $ 1.00 per share, respectively, and recorded $ 80.7 million, $ 107.6 million, and $ 107.3 million, respectively, as a reduction of retained earnings from cash dividends declared.

Noncontrolling Interests

The board of directors of WML concluded not to recommend the payment of a dividend with respect to the year ended December 31, 2019 due to the financial impact of the COVID-19 pandemic.

During the three months ended June 30, 2019 , WML paid a cash dividend of HK$ 0.45 per share for a total of $ 298.0 million.

On September 16, 2019, WML paid a cash dividend of HK$ 0.45 per share for a total of $ 298.0 million.

The Company's share of this dividend was $ 215.1 million with a reduction of $ 82.9 million to noncontrolling interest in the accompanying Condensed Consolidated Balance Sheet.

On June 19, 2019, WML paid a cash dividend of HK$ 0.45 per share for a total of $ 298.0 million.

The Company's share of this dividend was $ 215.0 million with a reduction of $ 83.0 million to noncontrolling interest in the accompanying Condensed Consolidated Balance Sheet.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

3 unchanged sentences

Fair Value Measurements Using:

September 30,

(Level 1) Other

12 unchanged sentences

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

June 30, 2020 December 31, 2019 Increase (decrease) June 30, 2019 December 31, 2018 Increase (decrease)

September 30, 2020 December 31, 2019 Increase (decrease) September 30, 2019 December 31, 2018 Increase (decrease)

Casino outstanding chips and front money deposits (1)

21 unchanged sentences

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

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2020 2019 2020 2019

9 unchanged sentences

Total stock-based compensation costs $ 10,712 $ 10,357 $ 41,863 $ 30,672

(1) For the six months ended June 30, 2020, reflects the reversal of $ 3.3 million of compensation cost previously recognized for awards forfeited in connection with the departure of an employee.

(2) For the three and six months ended June 30, 2020, reflects compensation cost of $ 4.4 million recognized in connection with the vesting of restricted stock performance awards.

(1) For the nine months ended September 30, 2020, reflects the reversal of $ 3.3 million of compensation cost previously recognized for awards forfeited in connection with the departure of an employee.

(2) For the nine months ended September 30, 2020, reflects compensation cost of $ 4.4 million recognized in connection with the vesting of restricted stock performance awards.

Note 11 - Income Taxes

The Company recorded an income tax expense of $ 80.9 million and an income tax benefit of $ 2.0 million for the three months ended June 30, 2020 and 2019, respectively, and an income tax expense of $ 156.7 million and an income tax benefit of $ 0.3 million for the six months ended June 30, 2020 and 2019.

The 2020 income tax expense primarily related to the increase in the valuation allowances for U.S foreign tax credits and U.S.

loss carryforwards.

The 2019 income tax benefit primarily related to the decrease in the valuation allowance for U.S foreign tax credits.

The Company recorded an income tax expense of $ 407.4 million and $ 19.7 million for the three months ended September 30, 2020 and 2019, respectively, and an income tax expense of $ 564.1 million and $ 19.4 million for the nine months ended September 30, 2020 and 2019.

The 2020 income tax expense primarily related to the increase in the valuation allowances for U.S foreign tax credits, U.S.

loss carryforwards and other U.S.

deferred tax assets.

The 2019 income tax expense primarily related to the increase in the valuation allowance for U.S.

foreign tax credits.

The Company records valuation allowances on certain of its U.S.

and foreign deferred tax assets.

In assessing the need for a valuation allowance, the Company considers whether it is more likely than not that the deferred tax assets will be realized.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income.

In the assessment of the valuation allowance, appropriate consideration is given to all positive and negative evidence including recent operating profitability, forecast of future earnings and the duration of statutory carryforward periods.

During the third quarter of 2020, the Company concluded it could no longer rely on forecasted future taxable income in assessing a valuation allowance on its deferred tax assets.

This conclusion was reached due to cumulative operating losses incurred by the Company and recent tax legislation that reduced future sources of taxable income.

As of September 30, 2020, the Company now relies solely on the reversal of net taxable temporary differences in its establishment of a valuation allowance.

Wynn Macau SA received a five year exemption from Macau's 12 % Complementary Tax on casino gaming profits through December 31, 2020.

Accordingly, for the three months ended June 30, 2019, the Company was exempt from the payment of such taxes totaling $ 19.8 million.

For the six months ended June 30, 2019, the Company was exempt from the payment of such taxes totaling $ 42.6 million.

For the three and six months ended June 30, 2020, the Company did not have any casino gaming profits exempt from the Macau Complementary Tax.

Accordingly, for the three months ended September 30, 2019, the Company was exempt from the payment of such taxes totaling $ 13.4 million.

For the nine months ended September 30, 2019, the Company was exempt from the payment of such taxes totaling $ 56.0 million.

For the three and nine months ended September 30, 2020, the Company did not have any casino gaming profits exempt from the Macau Complementary Tax.

The Company's non-gaming profits remain subject to the Macau Complementary Tax and its casino winnings remain subject to the Macau special gaming tax and other levies in accordance with its concession agreement.

7 unchanged sentences

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

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2020 2019 2020 2019

9 unchanged sentences

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

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2020 2019 2020 2019

Minimum rental income (1)

$ ( 2,430 ) $ 33,643 $ 57,293 $ 100,022

Contingent rental income 15,280 13,589 23,798 40,505

Total rental income $ 12,850 $ 47,232 $ 81,091 $ 140,527

(1) For the three and nine months ended September 30, 2020, reflects the impact of rent concessions provided to tenants.

Note 14 - Commitments and Contingencies

42 unchanged sentences

Following dismissal of the only appeal, the settlement agreement has now become effective and final.

Following the dismissal, the Company has received net proceeds of $ 27.7 million, which has been recognized as a reduction of general and administrative expense within the accompanying Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020.

Following the dismissal, the Company has received net proceeds of $ 30.2 million, which has been recognized as a reduction of general and administrative expense within the accompanying Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020.

In 2018, several actions filed in the United States District Court, District of Nevada were consolidated as In re Wynn Resorts, Ltd.

11 unchanged sentences

Individual Stockholder Actions

A number of stockholders have filed individual actions in the Eighth Judicial District Court of Clark County, Nevada against certain current and former members of the Company's Board of Directors and certain of the Company's current and former officers ("Individual Stockholder Actions").

Each of the complaints alleges that defendants, among other things, breached their fiduciary duties in failing to detect, prevent and remedy alleged inappropriate personal conduct by Stephen A.

A number of stockholders filed individual actions in the Eighth Judicial District Court of Clark County, Nevada against certain current and former members of the Company's Board of Directors and certain of the Company's current and former officers ("Individual Stockholder Actions").

Each of the complaints alleged that defendants, among other things, breached their fiduciary duties in failing to detect, prevent and remedy alleged inappropriate personal conduct by Stephen A.

Wynn in the workplace causing injury to each of the individual stockholders.

1 unchanged sentence

On December 12, 2019, the district court entered an order denying the motions to dismiss, which the defendants appealed to the Nevada Supreme Court on December 24, 2019.

On January 7, 2020, the Nevada Supreme Court stayed the underlying Individual Stockholder Actions pending a decision on the defendants' appeal.

On July 27, 2020, the Supreme Court issued an order mandating that the district court dismiss the action.

As of September 2, 2020, all of the Individual Stockholder Actions have been dismissed.

Securities Action

5 unchanged sentences

On July 1, 2020, the plaintiffs filed an amended complaint.

The Company is now preparing a motion to dismiss the amended complaint.

On August 14, 2020, the Company filed a motion to dismiss the amended complaint, which is pending decision from the court.

The defendants in these actions will vigorously defend against the claims pleaded against them.

8 unchanged sentences

Note 15 - Retail Joint Venture

As of June 30, 2020 and December 31, 2019, the Retail Joint Venture had total assets of $ 97.0 million and $ 90.0 million, respectively, and total liabilities of $ 640.5 million and $ 622.4 million, respectively.

As of June 30, 2020 and December 31, 2019, the Retail Joint Venture's liabilities included long-term debt of $ 612.0 million and $ 611.7 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

As of September 30, 2020 and December 31, 2019, the Retail Joint Venture had total assets of $ 100.4 million and $ 90.0 million, respectively, and total liabilities of $ 635.3 million and $ 622.4 million, respectively.

As of September 30, 2020 and December 31, 2019, the Retail Joint Venture's liabilities included long-term debt of $ 612.2 million and $ 611.7 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

11 unchanged sentences

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

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2020 2019 2020 2019

31 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2020 2019 2020 2019

5 unchanged sentences

Las Vegas Operations 20,258 88,046 ( 77,383 ) 333,747

( 75,564 ) 137,399 ( 97,641 ) 245,701

Encore Boston Harbor 25,986 7,744 ( 40,429 ) 7,890

( 53,779 ) 146 ( 66,415 ) 146

Total ( 65,860 ) 396,946 ( 394,086 ) 1,372,306

17 unchanged sentences

Income (loss) before income taxes ( 424,168 ) 46,610 ( 1,452,552 ) 348,269

(Provision) benefit for income taxes ( 80,938 ) 1,991 ( 156,738 ) 306

Provision for income taxes ( 407,365 ) ( 19,727 ) ( 564,103 ) ( 19,421 )

Net income (loss) ( 831,533 ) 26,883 ( 2,016,655 ) 328,848

13 unchanged sentences

Also, our calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(3) For the three months ended June 30, 2020, ex cludes $ 56.4 million of expense acc rued during the first quarter of 2020 related to the Company's commitment to pay salary, tips, and benefits continuation for all of our U.S.

employees for the period from April 1 through May 15, 2020.

(4) For the three months ended June 30, 2020, excludes $ 19.3 million of expense accrued during the first quarter of 2020 related to the Company's commitment to pay salary, tips, and benefits continuation for all of our U.S.

employees for the period from April 1 through May 15, 2020.

(5) For the three and six months ended June 30, 2020, includes a $ 27.7 million net gain recorded in relation to a derivative litigation settlement.

For the six months ended June 30, 2019, includes a $ 35.0 million nonrecurring regulatory expense.

(6) Excludes $ 0.4 million and $ 0.7 million included in pre-opening expenses for the three and six months ended June 30, 2019, respectively.

(3) For the nine months ended September 30, 2020, includes a $ 30.2 million net gain recorded in relation to a derivative litigation settlement.

For the nine months ended September 30, 2019, includes a $ 35.0 million nonrecurring regulatory expense.

(4) Excludes $ 0.7 million included in pre-opening expenses for the nine months ended September 30, 2019.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

September 30,

2020 December 31,

9 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements