What changed in this filing

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Item 1. Financial Statements

2023-11-09 compared with 2023-08-09 · 153 added, 125 removed, 675 unchanged (29% of the section changed)

3 unchanged sentences

(in thousands, except share data)

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

Current assets:

1 unchanged sentence

Restricted cash 983 4,819

Investment securities 288,201 —

Accounts receivable, net of allowance for credit losses of $ 57,261 and $ 78,842

Investments 791,676 —

Accounts receivable, net of allowance for credit losses of $ 59,618 and $ 78,842 , respectively

249,367 216,033

45 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,

2023 2022 2023 2022

14 unchanged sentences

Depreciation and amortization 171,969 172,502 510,743 520,026

Impairment of goodwill and intangible assets 93,990 — 94,490 48,036

Property charges and other 114,288 4,733 132,265 29,326

5 unchanged sentences

Change in derivatives fair value ( 50,637 ) 5,839 ( 3,255 ) 14,801

Loss on debt financing transactions ( 3,375 ) — ( 15,611 ) —

Gain (loss) on debt financing transactions 2,928 — ( 12,683 ) —

Other 3,861 ( 864 ) ( 19,794 ) ( 26,090 )

1 unchanged sentence

Income (loss) before income taxes ( 123,290 ) ( 206,401 ) 11,014 ( 672,575 )

Provision for income taxes ( 4,305 ) ( 718 ) ( 5,323 ) ( 1,858 )

Benefit (provision) for income taxes 2,749 ( 1,390 ) ( 2,574 ) ( 3,248 )

Net income (loss) ( 120,541 ) ( 207,791 ) 8,440 ( 675,823 )

12 unchanged sentences

(in thousands)

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

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

2023 2022 2023 2022

9 unchanged sentences

(in thousands, except share data)

For the three months ended June 30, 2023

For the Three Months Ended September 30, 2023

outstanding Par

8 unchanged sentences

stockholders'

Balances, April 1, 2023 113,808,044 $ 1,328 $ ( 1,634,706 ) $ 3,604,945 $ 10,475 $ ( 2,699,476 ) $ ( 717,434 ) $ ( 898,936 ) $ ( 1,616,370 )

Net income — — — — — 105,184 105,184 22,651 127,835

Balances, July 1, 2023 113,942,935 $ 1,329 $ ( 1,635,966 ) $ 3,619,241 $ 7,916 $ ( 2,622,773 ) $ ( 630,253 ) $ ( 876,911 ) $ ( 1,507,164 )

Net loss — — — — — ( 116,678 ) ( 116,678 ) ( 3,863 ) ( 120,541 )

Currency translation adjustment — — — — ( 1,698 ) — ( 1,698 ) ( 621 ) ( 2,319 )

Exercise of stock options 7,000 — — 478 — — 478 — 478

Issuance of restricted stock 40,099 1 — ( 1 ) — — — — —

4 unchanged sentences

Stock-based compensation — — — 14,277 — — 14,277 1,094 15,371

Balances, June 30, 2023 113,942,935 $ 1,329 $ ( 1,635,966 ) $ 3,619,241 $ 7,916 $ ( 2,622,773 ) $ ( 630,253 ) $ ( 876,911 ) $ ( 1,507,164 )

For the three months ended June 30, 2022

Balances, September 30, 2023 113,357,215 $ 1,330 $ ( 1,694,891 ) $ 3,633,517 $ 6,218 $ ( 2,767,938 ) $ ( 821,764 ) $ ( 887,285 ) $ ( 1,709,049 )

For the Three Months Ended September 30, 2022

outstanding Par

8 unchanged sentences

stockholders'

Balances, April 1, 2022 115,917,961 $ 1,318 $ ( 1,448,040 ) $ 3,571,666 $ 9,301 $ ( 2,471,285 ) $ ( 337,040 ) $ ( 696,219 ) $ ( 1,033,259 )

Balances, July 1, 2022 113,707,642 $ 1,320 $ ( 1,585,678 ) $ 3,566,498 $ 9,829 $ ( 2,601,331 ) $ ( 609,362 ) $ ( 764,892 ) $ ( 1,374,254 )

Net loss — — — — — ( 142,892 ) ( 142,892 ) ( 64,899 ) ( 207,791 )

6 unchanged sentences

Stock-based compensation — — — 16,233 — 1 16,234 2,417 18,651

Balances, June 30, 2022 113,707,642 $ 1,320 $ ( 1,585,678 ) $ 3,566,498 $ 9,829 $ ( 2,601,331 ) $ ( 609,362 ) $ ( 764,892 ) $ ( 1,374,254 )

Balances, September 30, 2022 113,373,330 $ 1,321 $ ( 1,614,997 ) $ 3,584,357 $ 10,388 $ ( 2,744,222 ) $ ( 763,153 ) $ ( 833,810 ) $ ( 1,596,963 )

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

2 unchanged sentences

(in thousands, except share data)

For the six months ended June 30, 2023

For the Nine Months Ended September 30, 2023

outstanding Par

19 unchanged sentences

Stock-based compensation — — — 44,746 — — 44,746 4,194 48,940

Balances, June 30, 2023 113,942,935 $ 1,329 $ ( 1,635,966 ) $ 3,619,241 $ 7,916 $ ( 2,622,773 ) $ ( 630,253 ) $ ( 876,911 ) $ ( 1,507,164 )

For the six months ended June 30, 2022

Balances, September 30, 2023 113,357,215 $ 1,330 $ ( 1,694,891 ) $ 3,633,517 $ 6,218 $ ( 2,767,938 ) $ ( 821,764 ) $ ( 887,285 ) $ ( 1,709,049 )

For the Nine Months Ended September 30, 2022

outstanding Par

16 unchanged sentences

Contribution from noncontrolling interest — — — 48,559 — — 48,559 1,474 50,033

Transaction with subsidiary minority shareholders — — — ( 16,750 ) — — ( 16,750 ) 19,646 2,896

Transactions with subsidiary minority shareholders — — — ( 15,123 ) — — ( 15,123 ) 18,019 2,896

Stock-based compensation — — — 38,925 — 123 39,048 7,726 46,774

Balances, June 30, 2022 113,707,642 $ 1,320 $ ( 1,585,678 ) $ 3,566,498 $ 9,829 $ ( 2,601,331 ) $ ( 609,362 ) $ ( 764,892 ) $ ( 1,374,254 )

Balances, September 30, 2022 113,373,330 $ 1,321 $ ( 1,614,997 ) $ 3,584,357 $ 10,388 $ ( 2,744,222 ) $ ( 763,153 ) $ ( 833,810 ) $ ( 1,596,963 )

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:

8 unchanged sentences

Change in derivatives fair value 3,255 ( 14,801 )

Impairment of goodwill and intangible assets 94,490 48,036

Property charges and other 146,298 55,416

7 unchanged sentences

Capital expenditures, net of construction payables and retention ( 329,428 ) ( 273,251 )

Purchase of investment securities ( 286,519 ) —

Purchase of investments ( 786,519 ) —

Purchase of intangible and other assets ( 62,921 ) ( 10,919 )

13 unchanged sentences

Other ( 7,773 ) —

Net cash used in financing activities ( 18,807 ) ( 150,906 )

Net cash (used in) provided by financing activities ( 527,855 ) 9,441

Effect of exchange rate on cash, cash equivalents and restricted cash ( 3,721 ) ( 1,119 )

22 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, 2023 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2023.

The results for the three and nine months ended September 30, 2023 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2023.

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, 2022.

2 unchanged sentences

For information on the Company's VIEs, see Note 17, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated.

Certain amounts in the condensed consolidated financial statements for the nine months ended September 30, 2022 have been reclassified to be consistent with the current period presentation.

These reclassifications had no effect on the previously reported net loss or operating loss.

Use of Estimates

2 unchanged sentences

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 credit losses, estimates regarding the useful lives and recoverability of long-lived and intangible assets, valuations of derivatives, and litigation and contingency estimates.

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 $ 391.4 million and $ 106.3 million for the three months ended June 30, 2023 and 2022, respectively, and $ 701.8 million and $ 283.2 million for the six months ended June 30, 2023 and 2022, respectively.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Investment Securities

Investment securities consist of short-term investments in United States treasury bills.

Short-term investments have a maturity date of less than one year.

Adjustments are made for amortization of premiums and accretion of discounts to maturity computed under the effective interest method.

Such amortization is included in interest income together with realized gains and losses and the stated interest on such securities.

As of June 30, 2023, the Company had $ 288.2 million in investment securities, recorded at amortized cost.

The estimated fair value of the Company's investment securities as of June 30, 2023 was approximately $ 286.9 million and the gross unrecognized holding loss was $ 1.3 million.

As of June 30, 2023, the Company had $ 1.7 million in accrued interest, recorded in Investment securities on the Condensed Consolidated Balance Sheets.

As of December 31, 2022, the Company had no investment securities.

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 $ 415.0 million and $ 105.2 million for the three months ended September 30, 2023 and 2022, respectively, and $ 1.12 billion and $ 388.4 million for the nine months ended September 30, 2023 and 2022, respectively.

The Company's investments include financial assets in the form of interest-bearing fixed deposits, which are recorded at fair value (see Note 10, "Fair Value Measurements"), and debt securities in the form of United States treasury bills.

Investments in debt securities which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost.

Debt securities held primarily for the purpose of selling in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in income.

Debt securities not classified as held-to-maturity or trading are classified as available-for-sale and are reported at fair value with unrealized gains and losses as a separate component of other comprehensive income.

Premiums and discounts on debt securities are amortized or accreted into interest income using the effective interest method.

All of the Company’s debt securities are classified as held-to-maturity.

As of September 30, 2023, the Company held $ 500.0 million in fixed deposits, recorded at fair value, and $ 291.7 million in debt securities, recorded at amortized cost within Investments on the Condensed Consolidated Balance Sheets.

The estimated fair value of the Company's debt securities as of September 30, 2023 was approximately $ 290.7 million and the gross unrecognized holding loss was $ 1.0 million.

As of September 30, 2023, the Company had $ 5.2 million in accrued interest on its debt securities, recorded in Investments on the Condensed Consolidated Balance Sheets.

As of December 31, 2022, the Company had no investments in fixed deposits or debt securities recorded within Investments on the Condensed Consolidated Balance Sheets.

As of the balance sheet date, the Company evaluates whether the unrealized losses are attributable to credit losses or other factors.

1 unchanged sentence

The allowance may be subsequently increased or decreased based on the prevailing facts and circumstances.

During the three and six months ended June 30, 2023, no impairment loss was recognized.

During the three and nine months ended September 30, 2023, no impairment was recognized.

Recently Issued Accounting Standards

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

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 3 - Cash, Cash Equivalents and Restricted Cash

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

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

Cash and cash equivalents:

8 unchanged sentences

(2) Cash equivalents consist of bank time deposits and money market funds.

(3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan, and as of June 30, 2023 and December 31, 2022 included $ 86.7 million and $ 124.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Resorts (Macau) S.A.'s legal and contractual obligations through the term of the Gaming Concession Contract (as defined in Note 6, "Goodwill and Intangible Assets, net").

(3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan, and as of September 30, 2023 and December 31, 2022 included $ 87.3 million and $ 124.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Resorts (Macau) S.A.'s legal and contractual obligations through the term of the Gaming Concession Contract (as defined in Note 6, "Goodwill and Intangible Assets, net").

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

Six Months Ended June 30,

Nine Months Ended September 30,

Cash paid for interest, net of amounts capitalized $ 536,021 $ 437,760

4 unchanged sentences

Finance lease liabilities arising from obtaining finance lease assets $ 8,191 $ 4,778

(1) For the six months ended June 30, 2023, included $ 201.5 million related to the Macau gaming premium in connection with the Gaming Concession Contract.

(1) For the nine months ended September 30, 2023, included $ 204.2 million related to the Macau gaming premium in connection with the Gaming Concession Contract.

See Note 6, "Goodwill and Intangible Assets, net" for further information.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 4 - Receivables, net

1 unchanged sentence

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

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

Casino $ 179,522 $ 171,893

4 unchanged sentences

$ 249,367 $ 216,033

As of June 30, 2023 and December 31, 2022, approximately 64.2 % and 57.6 %, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia.

As of September 30, 2023 and December 31, 2022, approximately 66.8 % and 57.6 %, 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 33.2 % and 43.2 % of gross casino receivables as of June 30, 2023 and December 31, 2022, respectively.

The Company’s allowance for casino credit losses was 31.3 % and 43.2 % of gross casino receivables as of September 30, 2023 and December 31, 2022, respectively.

Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change.

The Company’s allowance for credit losses from its hotel and other receivables is not material.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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,

Balance at beginning of year $ 78,842 $ 111,319

6 unchanged sentences

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

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

Buildings and improvements $ 8,360,768 $ 8,363,427

6 unchanged sentences

$ 6,730,797 $ 6,896,060

As of September 30, 2023 and December 31, 2022, 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, 2023 and 2022 was $ 156.0 million and $ 161.7 million, respectively, and depreciation expense for the nine months ended September 30, 2023 and 2022 was $ 465.0 million and $ 492.1 million, respectively.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

As of June 30, 2023 and December 31, 2022, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.

Depreciation expense for the three months ended June 30, 2023 and 2022 was $ 154.8 million and $ 154.1 million, respectively, and depreciation expense for the six months ended June 30, 2023 and 2022 was $ 308.9 million and $ 330.4 million, respectively.

Note 6 - Goodwill and Intangible Assets, net

The following table shows the movement in the Company's goodwill and intangible assets balances that occurred during the periods presented (in thousands):

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

Finite-lived intangible assets:

16 unchanged sentences

Total goodwill and intangible assets, net $ 340,397 $ 245,253

Wynn Interactive Goodwill and Finite-Lived Intangible Assets

During the three months ended September 30, 2023, as a result of the Company's decision to cease operating Wynn Interactive's online sports betting and iGaming platform in certain jurisdictions, the Company identified interim indicators of impairment related to the goodwill assigned to the WynnBET reporting unit within the Wynn Interactive reportable segment.

As a result, the Company performed an interim impairment test as of September 30, 2023, and determined that the carrying value of its goodwill exceeded the estimated fair value of that reporting unit based on a combination of the income and cost approaches, causing the Company to recognize a goodwill impairment loss of $ 72.1 million.

As of September 30, 2023, the Company had no remaining goodwill recorded related to the acquisition of BetBull Limited ("BetBull"), a subsidiary of Wynn Interactive.

The Company also recognized impairment of other finite-lived intangible assets related to Wynn Interactive's closed operations totaling $ 21.9 million during the three months ended September 30, 2023.

During the nine months ended September 30, 2022, the Company identified interim indicators of impairment of Wynn Interactive's BetBull reporting unit following management's decision to cease the operations of BetBull as well as changes in forecasts and other industry-specific factors.

After revisiting the estimated fair value of the BetBull reporting units based on a combination of the income and market approaches, the Company recognized impairment of goodwill totaling $ 37.8 million and impairment of other finite-lived intangible totaling $ 10.3 million.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

14 unchanged sentences

In the accompanying condensed consolidated balance sheets, the noncurrent portion of the financial liability is included in "Other long-term liabilities" and the current portion is included in "Other accrued liabilities." The intangible asset is being amortized on a straight-line basis over the 10 -year term of the Gaming Concession Contract.

The Company expects that amortization of the Macau Gaming Concession will be $ 10.4 million in the six months ending December 31, 2023, and $ 20.9 million each year from 2024 to 2032.

Wynn Interactive Goodwill

During the three months ended June 30, 2022, as a result of management's decision to cease the operations of Betbull Limited ("BetBull"), a subsidiary of Wynn Interactive, the Company impaired its trademark and customer list totaling $ 10.3 million and impaired the remaining balance of goodwill related to the BetBull reporting unit totaling $ 7.5 million.

During the three months ended March 31, 2022, as a result of changes in forecasts and other industry-specific factors, the Company identified interim indicators of impairment related to the goodwill assigned to the reporting units comprising Wynn Interactive.

After revisiting the estimated fair value of those reporting units based on a combination of the income and market approaches, the Company recognized impairment of $ 30.3 million.

Impairment of goodwill and intangible assets is recorded in Property charges and other in the accompanying Condensed Consolidated Statements of Operations.

The Company expects that amortization of the Macau Gaming Concession will be $ 5.2 million in the three months ending December 31, 2023, and $ 20.9 million each year from 2024 to 2032.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

2 unchanged sentences

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

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

Macau Related:

25 unchanged sentences

Total long-term debt, net of current portion $ 11,678,732 $ 11,569,316

(1) As of June 30, 2023, the borrowings under the WM Cayman II Revolver bear interest at LIBOR or HIBOR plus a margin of 1.875 % to 2.875 % per annum based on WM Cayman II’s leverage ratio on a consolidated basis, subject to a floor on the interest rate margin of 2.625 % per annum.

Approximately $ 312.5 million and $ 1.18 billion of the WM Cayman II Revolver bears interest at a rate of LIBOR plus 2.875 % per year and HIBOR plus 2.875 % per year, respectively.

As of June 30, 2023, the weighted average interest rate was approximately 7.81 %.

As of June 30, 2023, the WM Cayman II Revolver was fully drawn.

Due to the global phase out of LIBOR, on June 27, 2023, WM Cayman II entered into an amended and restated facility agreement to, among other things, transition the base rate applicable to U.S.

dollar-denominated loans made under the WM Cayman II Revolver from LIBOR to the term secured overnight financing rate ("Term SOFR").

The new Term SOFR base rate became effective July 4, 2023.

(2) As of June 30, 2023, the net carrying amount of the WML Convertible Bonds was $ 470.7 million, with unamortized debt discount and debt issuance costs of $ 129.3 million.

The Company recorded contractual interest expense of $ 6.8 million and $ 8.6 million and amortization of discounts and issuance costs of $ 4.3 million and $ 5.4 million during the three and six months ended June 30, 2023, respectively.

(1) As of September 30, 2023, the borrowings under the WM Cayman II Revolver bear interest at the term secured overnight financing rate ("Term SOFR") plus a credit adjustment spread of 0.10 % or HIBOR, in each case plus a margin of 1.875 % to 2.875 % per annum based on WM Cayman II’s leverage ratio on a consolidated basis.

Approximately $ 312.5 million and $ 1.18 billion of the WM Cayman II Revolver bears interest at a rate of Term SOFR plus 2.1 % per year and HIBOR plus 2.0 % per year, respectively.

As of September 30, 2023, the weighted average interest rate was approximately 7.35 %.

As of September 30, 2023, the WM Cayman II Revolver was fully drawn.

(2) As of September 30, 2023, the net carrying amount of the WML Convertible Bonds was $ 475.1 million, with unamortized debt discount and debt issuance costs of $ 124.9 million.

The Company recorded contractual interest expense of $ 6.8 million and $ 15.3 million and amortization of discounts and issuance costs of $ 4.4 million and $ 9.7 million during the three and nine months ended September 30, 2023, respectively.

(3) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.85 % per year.

As of June 30, 2023, the weighted average interest rate was approximately 6.95 %.

Additionally, as of June 30, 2023, the available borrowing capacity under the WRF Revolver was $ 737.0 million, net of $ 13.0 million in outstanding letters of credit.

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

As of June 30, 2023, the interest rate was 5.45 %.

On June 2, 2023, the Company entered into a second amendment to the existing term loan agreement which transitions the benchmark interest rate of the Retail Term Loan from LIBOR to the adjusted daily simple secured overnight financing rate ("SOFR"), effective July 3, 2023.

As of September 30, 2023, the weighted average interest rate was approximately 7.17 %.

Additionally, as of September 30, 2023, the available borrowing capacity under the WRF Revolver was $ 737.0 million, net of $ 13.0 million in outstanding letters of credit.

(4) The Retail Term Loan bears interest at a rate of adjusted daily simple secured overnight financing rate ("SOFR") plus 1.80 % per year.

As of September 30, 2023, the interest rate was 5.47 %.

WM Cayman II Revolver Facility Agreement Amendment

Due to the global phase out of LIBOR, on June 27, 2023, WM Cayman Holdings Limited II, as borrower ("WM Cayman II"), and WML, as guarantor, entered into an Amended and Restated Facility Agreement with Bank of China Limited, Macau Branch, as agent for the syndicate of lenders (as amended and restated, the "Facility Agreement"), to transition the base rate applicable to loans denominated in U.S.

dollars made pursuant to the revolving credit facility provided thereunder (the "WM

Due to the global phase out of London Interbank Offered Rate ("LIBOR"), on June 27, 2023, WM Cayman Holdings Limited II, as borrower ("WM Cayman II"), and WML, as guarantor, entered into an Amended and Restated Facility Agreement with Bank of China Limited, Macau Branch, as agent for the syndicate of lenders (as amended and restated, the "Facility Agreement"), to transition the base rate applicable to loans denominated in U.S.

dollars made pursuant to the revolving credit facility provided thereunder (the "WM Cayman II Revolver") from LIBOR to Term SOFR.

The new Term SOFR base rate became effective July 4, 2023.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Cayman II Revolver") from the London Interbank Offered Rate ("LIBOR") to Term SOFR.

The new Term SOFR base rate became effective July 4, 2023.

The WM Cayman II Revolver consists of a U.S.

1 unchanged sentence

Pursuant to the Facility Agreement, loans provided under Facility A bear interest at a variable rate per annum equal to:

(a) Term SOFR, plus 0.10 % (subject to a minimum floor of 0.00 %), plus (b) a margin of 1.875 % to 2.875 % based on the consolidated leverage ratio of WM Cayman II and its subsidiaries (as calculated pursuant to the Facility Agreement), and loans provided under Facility B bear interest at a variable rate per annum equal to:

(a) Term SOFR, plus a credit adjustment spread of 0.10 % (subject to a minimum floor of 0.00 %), plus (b) a margin of 1.875 % to 2.875 % based on the consolidated leverage ratio of WM Cayman II and its subsidiaries (as calculated pursuant to the Facility Agreement), and loans provided under Facility B bear interest at a variable rate per annum equal to:

(i) the Hong Kong Interbank Offered Rate, plus (ii) a margin of 1.875 % to 2.875 % based on the consolidated leverage ratio of WM Cayman II and its subsidiaries (as calculated pursuant to the Facility Agreement).

20 unchanged sentences

The Company determined that the conversion feature contained within the WML Convertible Bonds is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative (the "WML Convertible Bond Conversion Option Derivative").

In accordance with applicable accounting standards, the WML Convertible Bond Conversion Option Derivative will be reported at fair value as of the end of each reporting period, with changes recognized in the statement of operations.

For more information, see "Note 8 - WML Convertible Bond Conversion Option Derivative." As a result, the Company recognized a debt discount of $ 123.5 million within Long-term debt, representing the estimated fair value of the holders' conversion option upon completion of the Offering.

The debt discount will be amortized to interest expense over the term of the WML Convertible Bonds using the effective interest method.

As of June 30, 2023, the estimated fair value of the WML Convertible Bond Conversion Option Derivative was a liability of $ 77.0 million, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheet.

As of September 30, 2023, the estimated fair value of the WML Convertible Bond Conversion Option Derivative was a liability of $ 125.8 million, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheet.

WRF Credit Facility Agreement Amendment

3 unchanged sentences

Lenders who elected not to extend their revolving commitments in an amount equal to approximately $ 68.7 million will remain subject to a stated maturity date of September 20, 2024, and lenders who elected not to extend their term loan commitments in an amount equal to approximately $ 75.6 million will remain subject to a stated maturity date of September 20, 2024.

In connection with the WRF Credit Facility Agreement Amendment, the Company recognized a loss on debt financing transactions of $ 1.2 million within the accompanying Condensed Consolidated Statement of Operations, and the Company recorded debt issuance costs of $ 5.1 million, within the Condensed Consolidated Balance Sheet.

In connection with the WRF Credit Facility Agreement Amendment, the Company recognized a loss on debt financing transactions of $ 1.2 million within the accompanying Condensed Consolidated Statements of Operations, and the Company recorded debt issuance costs of $ 5.1 million, within the Condensed Consolidated Balance Sheet.

WRF 7 1/8% Senior Notes, due 2031 and WRF 7 3/4% Senior Notes, due 2025

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In April 2023, WRF repurchased all of the outstanding 2025 WRF Senior Notes using the remaining net proceeds from the issuance of the 2031 WRF Senior Notes and cash held by WRF, at a price equal to 101.938 % of the principal amount plus accrued interest under the terms of its indenture.

In connection with the issuance of the 2031 WRF Senior Notes and purchase of the 2025 WRF Senior Notes, the Company recognized a loss on debt financing transactions of $ 10.6 million within the accompanying Condensed Consolidated Statement of Operations, and the Company recorded debt issuance costs of $ 11.4 million within the accompanying Condensed Consolidated Balance Sheet.

In connection with the issuance of the 2031 WRF Senior Notes and purchase of the 2025 WRF Senior Notes, the Company recognized a loss on debt financing transactions of $ 10.6 million within the accompanying Condensed Consolidated Statements of Operations, and the Company recorded debt issuance costs of $ 11.4 million within the accompanying Condensed Consolidated Balance Sheet.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

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WLV 5 1/2% Senior Notes, due 2025

In August 2023, Wynn Las Vegas repurchased $ 400.0 million aggregate principal amount of its 5 1/2% Senior Notes due 2025 (the "2025 WLV Senior Notes"), at a price equal to 94 % of the principal amount, plus accrued interest and an early tender premium of $ 20.0 million to the holders of validly tendered 2025 WLV Senior Notes.

WRF used cash held by Wynn Resorts to purchase such tendered 2025 WLV Senior Notes and to pay the tender premium and related fees and expenses.

In connection with the completion of the tender, the Company recognized a gain on debt financing transaction of $ 2.9 million within the accompanying Condensed Consolidated Statements of Operations.

WLV 4 1/4% Senior Notes, due 2023

In March 2023, the Company repurchased all of its outstanding Wynn Las Vegas 4 1/4% Senior Notes due 2023, representing an aggregate principal amount of $ 500.0 million, using cash held by WRF, at a price equal to 100 % of the principal amount plus accrued interest under the terms of its indenture.

The Company recognized a loss on early extinguishment of debt of $ 1.0 million.

In connection with the repurchase, the Company recognized a loss on debt financing transaction of $ 1.0 million within the accompanying Condensed Consolidated Statements of Operations.

Retail Term Loan Second Amendment

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Debt Covenant Compliance

As of June 30, 2023, management believes the Company was in compliance with all debt covenants.

As of September 30, 2023, management believes the Company was in compliance with all debt covenants.

Fair Value of Long-Term Debt

The estimated fair value of the Company's long-term debt as of June 30, 2023 and December 31, 2022, was approximately $ 11.56 billion and $ 11.23 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $ 12.24 billion and $ 12.16 billion, respectively.

The estimated fair value of the Company's long-term debt as of September 30, 2023 and December 31, 2022, was approximately $ 11.13 billion and $ 11.23 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $ 11.84 billion and $ 12.16 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).

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The Company determined that the conversion feature contained within the WML Convertible Bonds 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.

The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the WML Convertible Bonds.

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The risk-free interest rate is based on the Hong Kong and United States benchmark yield curves on the valuation date for a maturity similar to the expected remaining term of the WML Convertible Bonds.

The expected life of the WML Convertible Bonds is assumed to be equivalent to their remaining term to maturity.

The dividend yield is based on the historical WML dividend rate over the last several years.

The expected life of

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

the WML Convertible Bonds is assumed to be equivalent to their remaining term to maturity.

The dividend yield is based on the historical WML dividend rate over the last several years.

The following table sets forth the inputs to the lattice models that were used to value the embedded derivatives:

June 30, 2023 March 2, 2023 (Pricing date)

September 30, 2023 March 2, 2023 (Pricing date)

WML stock price HK$ 7.50 HK$ 8.08

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The debt discount will be amortized to interest expense over the term of the WML Convertible Bonds using the effective interest method.

As of June 30, 2023, the estimated fair value of the embedded derivative was a liability of $ 77.0 million, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheet.

In connection with the change in fair value, the Company recorded a $ 21.6 million and $ 46.5 million gain within Change in derivatives fair value in the accompanying Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2023, respectively.

As of September 30, 2023, the estimated fair value of the embedded derivative was a liability of $ 125.8 million, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheet.

In connection with the change in fair value, the Company recorded a loss of $ 48.8 million and $ 2.3 million within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023, respectively.

Note 9 - Stockholders' Deficit

On June 6, 2023, the Company paid a cash dividend of $ 0.25 per share and recorded $ 28.5 million as a reduction of accumulated deficit.

On August 9, 2023, the Company announced a cash dividend of $ 0.25 per share, payable on August 31, 2023 to stockholders of record as of August 21, 2023.

Equity Repurchase Program

In April 2016, the Company's board of directors authorized an equity repurchase program of up to $ 1.00 billion, which may include repurchases by the Company of its common stock from time to time through open market purchases, privately negotiated transactions, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.

Any shares repurchased pursuant to the equity repurchase program are held as treasury shares.

During the three and nine months ended September 30, 2023, the Company repurchased 596,948 shares of its common stock at an average price of $ 94.11 per share, for an aggregate cost of $ 56.2 million under the equity repurchase program.

During the three and nine months ended September 30, 2022, the Company repurchased 491,503 and 2,873,431 shares of its common stock, respectively, at average prices of $ 58.95 and $ 57.91 per share, respectively, for an aggregate cost of $ 29.0 million and $ 166.4 million, respectively, under the equity repurchase program.

As of September 30, 2023, the Company had $ 572.7 million in repurchase authority remaining under the program.

The Company paid a cash dividend of $ 0.25 per share in each of the quarters ended June 30, 2023 and September 30, 2023 and recorded $ 28.5 million and $ 28.2 million, respectively, against accumulated deficit.

On November 9, 2023, the Company declared a cash dividend of $ 0.25 per share, payable on November 30, 2023 to stockholders of record as of November 20, 2023.

Noncontrolling Interests

Retail Joint Venture

During the six months ended June 30, 2023 and 2022, the Retail Joint Venture made aggregate distributions of approximately $ 8.9 million and $ 16.5 million, respectively, to its non-controlling interest holder.

During the nine months ended September 30, 2023 and 2022, the Retail Joint Venture made aggregate distributions of approximately $ 15.9 million and $ 21.5 million, respectively, to its non-controlling interest holder.

For more information on the Retail Joint Venture, see Note 17, "Retail Joint Venture."

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("Crown") a 49.9 % interest in certain additional retail space contributed by the Company to the Retail Joint Venture.

In connection with this transaction, the Company recorded $ 48.6 million of additional paid-in capital and $ 1.5 million of noncontrolling interest, within Contribution from noncontrolling interest in the accompanying Condensed Consolidated Statement of Stockholders' Deficit for the three months ended March 31, 2022.

In connection with this transaction, the Company recorded $ 48.6 million of additional paid-in capital and

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

$ 1.5 million of noncontrolling interest, within Contribution from noncontrolling interest in the accompanying Condensed Consolidated Statement of Stockholders' Deficit for the three months ended March 31, 2022.

WML Securities Lending Agreement

In connection with the WML Convertible Bonds Offering, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximately 72 % ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") on March 2, 2023 (as amended on March 30, 2023, the "Securities Lending Agreement"), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending Agreement.

In connection with the WML Convertible Bonds Offering, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximate 72 % ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") on March 2, 2023 (as amended on March 30, 2023, the "Securities Lending Agreement"), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending Agreement.

WM Cayman I may, at its sole discretion, terminate any stock loan by giving the WML Stock Borrower no less than five business days' notice.

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As of the date of this report, the WML Stock Borrower held 179,774,985 WML shares under the Securities Lending Agreement.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 10 - Fair Value Measurements

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Fair Value Measurements Using:

June 30, 2023 Quoted

September 30, 2023 Quoted

Active Markets

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Restricted cash $ 91,478 $ 3,110 $ 88,368 $ —

Fixed deposits $ 500,000 $ — $ 500,000 $ —

Interest rate collar $ 9,425 $ — $ 9,425 $ —

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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.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

June 30, 2023 December 31, 2022 Increase / (decrease) June 30, 2022 December 31, 2021 Increase / (decrease)

September 30, 2023 December 31, 2022 Increase / (decrease) September 30, 2022 December 31, 2021 Increase / (decrease)

Casino outstanding chips and front money deposits (1)

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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.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 12 - Stock-Based Compensation

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

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

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

2023 2022 2023 2022

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Note 13 - Income Taxes

The Company recorded an income tax expense of $ 4.3 million and $ 0.7 million for the three months ended June 30, 2023 and 2022, respectively and an income tax expense of $ 5.3 million and $ 1.9 million for the six months ended June 30, 2023 and 2022, respectively.

The Company recorded an income tax benefit of $ 2.7 million and an expense of $ 1.4 million for the three months ended September 30, 2023 and 2022, respectively and an income tax expense of $ 2.6 million and $ 3.2 million for the nine months ended September 30, 2023 and 2022, respectively.

Income tax expense in 2023 primarily relates to U.S.

operating profits.

Income tax expense in 2022 primarily related to the Macau dividend tax agreement that provides for an annual payment as complementary tax otherwise due by stockholders of WRM.

Income tax expense in 2022 primarily related to changes in U.S.

deferred taxes.

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

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deferred tax assets will no longer be needed.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

WRM received an exemption from Macau's 12 % Complementary Tax on casino gaming profits (the "Tax Holiday") through December 31, 2022.

In December 2022, the Company applied for an exemption from Complementary Tax on casino gaming profits commencing January 1, 2023.

The application is subject to approval.

WRM had an agreement with the Macau government that provided for a payment of MOP 12.8 million (approximately $ 1.6 million) as complementary tax otherwise due by stockholders of WRM through December 31, 2022.

The Company is evaluating an extension of this agreement.

Note 14 - Earnings Per Share

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Potentially dilutive securities include outstanding stock options and unvested restricted stock.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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,

2023 2022 2023 2022

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Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 1,255 1,087 308 1,087

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 15 - Leases

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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,

2023 2022 2023 2022

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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.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Macau Litigation Related to Dore

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The defendants in this action intend to vigorously defend against the claims pleaded against them and believe that the claims are without merit.

This action is in the preliminary stages and the Company has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these actions or reasonably estimate the range of possible loss, if any.

This action is in the preliminary stages and the Company has determined that based on proceedings to

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

date, it is currently unable to determine the probability of the outcome of these actions or reasonably estimate the range of possible loss, if any.

Federal Investigation

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Note 17 - Retail Joint Venture

As of June 30, 2023 and December 31, 2022, the Retail Joint Venture had total assets of $ 112.2 million and $ 102.9 million, respectively, and total liabilities of $ 621.9 million and $ 620.9 million, respectively.

As of June 30, 2023 and December 31, 2022, the Retail Joint Venture's liabilities included long-term debt of $ 613.8 million and $ 613.5 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

As of September 30, 2023 and December 31, 2022, the Retail Joint Venture had total assets of $ 107.7 million and $ 102.9 million, respectively, and total liabilities of $ 622.3 million and $ 620.9 million, respectively.

As of September 30, 2023 and December 31, 2022, the Retail Joint Venture's liabilities included long-term debt of $ 613.9 million and $ 613.5 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

Note 18 - Segment Information

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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,

2023 2022 2023 2022

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Total operating revenues $ 1,671,936 $ 889,722 $ 4,691,437 $ 2,751,888

(1) Includes lease revenue accounted for under lease accounting guidance.

For more information on leases, see Note 15, "Leases."

WYNN RESORTS, LIMITED AND SUBSIDIARIES

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,

2023 2022 2023 2022

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Depreciation and amortization 171,969 172,502 510,743 520,026

Impairment of goodwill and intangible assets 93,990 — 94,490 48,036

Property charges and other (2)

114,288 4,733 132,265 29,326

Corporate expenses and other 35,104 22,769 102,342 70,805

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Change in derivatives fair value ( 50,637 ) 5,839 ( 3,255 ) 14,801

Loss on debt financing transactions ( 3,375 ) — ( 15,611 ) —

Gain (loss) on debt financing transactions 2,928 — ( 12,683 ) —

Other 3,861 ( 864 ) ( 19,794 ) ( 26,090 )

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Income (loss) before income taxes ( 123,290 ) ( 206,401 ) 11,014 ( 672,575 )

Provision for income taxes ( 4,305 ) ( 718 ) ( 5,323 ) ( 1,858 )

Benefit (provision) for income taxes 2,749 ( 1,390 ) ( 2,574 ) ( 3,248 )

Net income (loss) ( 120,541 ) ( 207,791 ) 8,440 ( 675,823 )

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Net income (loss) attributable to Wynn Resorts, Limited $ ( 116,678 ) $ ( 142,892 ) $ 838 $ ( 456,267 )

(1) Includes lease revenue accounted for under lease accounting guidance.

For more information on leases, see Note 15, "Leases."

(2) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses.

(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, impairment of goodwill and intangible assets, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, gain (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.

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Gaming companies have historically reported EBITDAR as a supplement to GAAP.

In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations preopening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties.

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 (loss) 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, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR.

The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR.

Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) For the three and nine months ended September 30, 2023, includes $ 97.7 million related to the Company's decision to cease operating Wynn Interactive's online sports betting and iGaming platform in certain jurisdictions.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

Macau Operations:

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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