What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2024-02-23 compared with 2023-02-27 · 437 added, 275 removed, 1261 unchanged (36% of the section changed)

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Consolidated Statements of Operations

Consolidated Statements of Comprehensive Loss

Consolidated Statements of Stockholders’ Equity (Deficit)

Consolidated Statements of Comprehensive Income ( Loss )

Consolidated Statements of Stockholders’ Deficit

Consolidated Statements of Cash Flows

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Quarterly Consolidated Financial Information (Unaudited)

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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In our opinion, Wynn Resorts, Limited and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive loss, stockholders' equity (deficit) and cash flows for each of the three years in the period ended December 31, 2022, and the related notes and financial statement schedule listed in the Index at Item 15(a)2 and our report dated February 27, 2023 expressed an unqualified opinion thereon.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income (loss), stockholders' deficit and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a)2 and our report dated February 23, 2024 expressed an unqualified opinion thereon.

Basis for Opinion

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February 23, 2024

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Wynn Resorts, Limited and subsidiaries (the Company) as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive loss, stockholders' equity (deficit) and cash flows for each of the three years in the period ended December 31, 2022, and the related notes and financial statement schedule listed in the Index at Item 15(a)2 (collectively referred to as the “consolidated financial statements”).

We have audited the accompanying consolidated balance sheets of Wynn Resorts, Limited and subsidiaries (the Company) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income (loss), stockholders' deficit and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a)2 (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with U.S.

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The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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Accounting for the sale and leaseback of real estate assets

Description of the Matter As described in Notes 1, 5 and 15 to the Company’s consolidated financial statements, the Company closed on a sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor (the "EBH Transaction") during the year ended December 31, 2022.

Upon closing of the EBH Transaction, the Company received cash proceeds of approximately $1.7 billion in exchange for the sale of such real estate assets, recognized a gain on sale of $182.0 million, and concurrently entered into a lease agreement with respect to the sold assets for the purpose of continuing to operate the Encore Boston Harbor integrated resort.

Upon entering into the lease agreement, the Company recognized an operating lease asset and a corresponding operating lease liability of $1.5 billion.

Auditing management’s evaluation of the EBH Transaction was especially challenging due to the complexity in management’s assessment of (i) whether control of the underlying real estate assets was transferred by the Company and (ii) the lease classification as an operating or a finance lease.

Auditing these assessments made by management involved especially challenging auditor judgment, including the need to involve our valuation specialists.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over management’s assessment of the accounting for the EBH transaction, including controls over the significant judgments made in the assessment, estimates used in the assessment and the completeness and accuracy of data used by management.

To test the accounting for the EBH Transaction, our audit procedures included, among others, (i) inspection of the sale and leaseback agreements, (ii) evaluating the significant judgments made by management in the accounting assessment (e.g.

when control of the asset transferred to the buyer-lessor), and (iii) evaluating the classification of the lease under ASC 842, including evaluating the completeness and accuracy of the underlying data used by management.

With the assistance of our valuation specialists, we also tested the fair value of the property sold and the incremental borrowing rate used in the lease classification test by developing a range of independent estimates and comparing those to the estimates selected by management.

Valuation of Deferred Tax Assets

Description of the Matter As more fully described in Note 14 to the consolidated financial statements, at December 31, 2023, the Company had deferred tax assets related to foreign tax credit carryforwards, disallowed interest expense carryforwards and other U.S.

and foreign deferred tax assets of $2.2 billion reduced by a $1.3 billion valuation allowance.

Deferred tax assets are reduced by a valuation allowance if, based on the weight of all available evidence, in management’s judgment it is more likely than not that some portion, or all, of the deferred tax assets will not be realized.

During the year ended December 31, 2023, the Company released $1.1 billion of its previously recorded valuation allowance.

The Company considered the achievement of sustained profitability and cumulative income in the U.S., as well as forecasted income and tax planning strategies to be significant forms of positive evidence.

The Company determined that the positive evidence outweighed the negative evidence and supported a release of a portion of the valuation allowance.

Auditing management’s assessment of the realizability of the Company’s deferred tax assets involved complex judgments due to the significant estimation required in measuring the future utilization of deferred tax assets.

These deferred tax assets are affected by assumptions, including forecasted domestic and foreign-sourced income and related inter-company royalties, the amount of interest expense and other expenses allocated to foreign sourced income and the execution of tax planning strategies.

Fluctuations in actual results from those forecasted can have a material impact on the recoverability of these deferred tax assets.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over management’s process for evaluating the realization of the Company’s deferred tax assets, including controls over management’s review of its forecasted income and significant assumptions described above and identification and use of available tax planning strategies.

To test the valuation of deferred tax assets, we performed audit procedures that included, among others, assessing methodologies and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis.

We compared the significant assumptions used by management to the Company’s business plans and current industry and economic trends and evaluated whether changes to the Company’s business plans, economic trends and other factors would affect the significant assumptions.

We assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the valuation allowance that would result from changes in the assumptions.

We involved our tax professionals to evaluate the application of tax law in the Company’s available tax planning strategies, the scheduling of the reversal of existing taxable temporary differences and carryforward amounts, and the evaluation of the utilization of the deferred tax assets.

/s/ Ernst & Young LLP

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February 23, 2024

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

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Restricted cash 18 4,819

Investments 845,192 —

Accounts receivable, net of allowance for credit losses of $ 40,075 and $ 78,842

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Operating lease assets 1,832,896 1,853,164

Deferred income taxes, net 500,877 —

Other assets 312,434 263,305

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

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

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Gain on EBH Transaction, net — ( 181,989 ) —

Impairment of goodwill and intangible assets 94,490 48,036 10,254

Property charges and other 130,877 65,116 40,508

Total operating expenses 5,691,726 3,857,501 4,158,205

Operating loss ( 100,676 ) ( 394,541 ) ( 1,232,045 )

Operating income (loss) 840,171 ( 100,676 ) ( 394,541 )

Other income (expense):

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Change in derivatives fair value 45,098 15,956 11,360

Loss on extinguishment of debt — ( 2,060 ) ( 4,601 )

Loss on debt financing transactions ( 12,683 ) — ( 2,060 )

Other ( 11,479 ) 5,811 ( 23,926 )

Other income (expense), net ( 599,360 ) ( 616,975 ) ( 530,230 )

Loss before income taxes ( 700,036 ) ( 1,011,516 ) ( 1,762,275 )

Provision for income taxes ( 9,332 ) ( 474 ) ( 564,671 )

Net loss ( 709,368 ) ( 1,011,990 ) ( 2,326,946 )

net loss attributable to noncontrolling interests 285,512 256,204 259,701

Net loss attributable to Wynn Resorts, Limited $ ( 423,856 ) $ ( 755,786 ) $ ( 2,067,245 )

Basic and diluted net loss per common share:

Net loss attributable to Wynn Resorts, Limited:

Other expense, net ( 554,788 ) ( 599,360 ) ( 616,975 )

Income (loss) before income taxes 285,383 ( 700,036 ) ( 1,011,516 )

Benefit (provision) for income taxes 496,834 ( 9,332 ) ( 474 )

Net income (loss) 782,217 ( 709,368 ) ( 1,011,990 )

net (income) loss attributable to noncontrolling interests ( 52,223 ) 285,512 256,204

Net income (loss) attributable to Wynn Resorts, Limited $ 729,994 $ ( 423,856 ) $ ( 755,786 )

Basic and diluted net income (loss) per common share:

Net income (loss) attributable to Wynn Resorts, Limited:

Basic $ 6.49 $ ( 3.73 ) $ ( 6.64 )

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

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

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2023 2022 2021

Net loss $ ( 709,368 ) $ ( 1,011,990 ) $ ( 2,326,946 )

Net income (loss) $ 782,217 $ ( 709,368 ) $ ( 1,011,990 )

Other comprehensive income (loss):

Foreign currency translation adjustments, before and after tax 5,297 ( 8,849 ) 3,477

Total comprehensive loss ( 718,217 ) ( 1,008,513 ) ( 2,319,579 )

comprehensive loss attributable to noncontrolling interests 287,953 255,127 257,617

Comprehensive loss attributable to Wynn Resorts, Limited $ ( 430,264 ) $ ( 753,386 ) $ ( 2,061,962 )

Total comprehensive income (loss) 787,514 ( 718,217 ) ( 1,008,513 )

comprehensive (income) loss attributable to noncontrolling interests ( 53,710 ) 287,953 255,127

Comprehensive income (loss) attributable to Wynn Resorts, Limited $ 733,804 $ ( 430,264 ) $ ( 753,386 )

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

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

(in thousands, except share data)

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income (loss)

earnings (accumulated deficit) Total

Accumulated deficit Total

Wynn Resorts, Limited

stockholders'

equity (deficit) Noncontrolling

deficit Noncontrolling

Total stockholders'

equity (deficit)

Balances, January 1, 2021 107,888,336 $ 1,235 $ ( 1,422,531 ) $ 2,598,115 $ 3,604 $ ( 1,532,420 ) $ ( 351,997 ) $ ( 385,320 ) $ ( 737,317 )

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Currency translation adjustment — — — — 2,400 — 2,400 1,077 3,477

Issuance of common stock, net of $ 17.7 million underwriter discounts, commissions and other expenses

7,475,000 75 — 841,821 — — 841,896 — 841,896

Issuance of restricted stock 518,191 4 — 5,897 — — 5,901 370 6,271

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Currency translation adjustment — — — — ( 6,408 ) — ( 6,408 ) ( 2,441 ) ( 8,849 )

Issuance of common stock, net of $ 17.7 million underwriter discounts, commissions and other expenses

7,475,000 75 — 841,821 — — 841,896 — 841,896

Issuance of restricted stock 797,419 9 — 9,279 — — 9,288 — 9,288

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Shares repurchased by the Company and held as treasury shares ( 3,151,883 ) — ( 187,499 ) — — — ( 187,499 ) — ( 187,499 )

Cash dividends declared — — — — — 128 128 21 149

Wynn Interactive transactions — — — ( 20,211 ) — — ( 20,211 ) 25,372 5,161

Distribution to noncontrolling interest — — — — — — — ( 27,744 ) ( 27,744 )

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

Transactions with subsidiary minority shareholders 124,481 1 — ( 14,053 ) — — ( 14,052 ) 14,052 —

Subsidiary equity issuance — — — ( 18,717 ) — — ( 18,717 ) 21,613 2,896

Stock-based compensation — — — 56,139 — 126 56,265 10,828 67,093

Balances, December 31, 2022 113,369,439 1,323 ( 1,623,872 ) 3,583,923 ( 404 ) ( 2,711,808 ) ( 750,838 ) ( 889,527 ) ( 1,640,365 )

Net loss — — — — — ( 423,856 ) ( 423,856 ) ( 285,512 ) ( 709,368 )

Net income — — — — — 729,994 729,994 52,223 782,217

Currency translation adjustment — — — — 3,810 — 3,810 1,487 5,297

Exercise of stock options 32,284 — — 1,965 — — 1,965 — 1,965

Issuance of restricted stock 727,522 7 — 6,631 — — 6,638 — 6,638

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Shares repurchased by the Company and held as treasury shares ( 2,374,925 ) — ( 212,454 ) — — — ( 212,454 ) — ( 212,454 )

Cash dividends declared — — — — — ( 85,139 ) ( 85,139 ) — ( 85,139 )

Distribution to noncontrolling interest — — — ( 2,994 ) — — ( 2,994 ) ( 19,584 ) ( 22,578 )

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

Transactions with subsidiary minority shareholders 6,181 — — ( 754 ) — — ( 754 ) 754 —

Subsidiary equity issuance — — — ( 18,717 ) — — ( 18,717 ) 21,613 2,896

Stock-based compensation — — — 58,390 — — 58,390 5,095 63,485

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

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

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Cash flows from operating activities:

Net loss $ ( 709,368 ) $ ( 1,011,990 ) $ ( 2,326,946 )

Adjustments to reconcile net loss to net cash used in operating activities:

Net income (loss) $ 782,217 $ ( 709,368 ) $ ( 1,011,990 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization 687,270 692,318 715,962

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Amortization of debt issuance costs 39,532 29,427 27,047

Loss on extinguishment of debt — 2,060 4,601

Loss on debt financing transactions 12,683 — 2,060

Provision for credit losses ( 3,964 ) ( 7,295 ) 29,487

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Gain on EBH Transaction, net — ( 181,989 ) —

Impairment of goodwill and intangible assets 94,490 48,036 10,254

Property charges and other 117,176 59,305 64,434

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Accounts payable and accrued expenses 93,663 ( 97,238 ) 117,801

Net cash used in operating activities ( 71,272 ) ( 222,591 ) ( 1,072,425 )

Net cash provided by (used in) operating activities 1,247,879 ( 71,272 ) ( 222,591 )

Cash flows from investing activities:

Capital expenditures, net of construction payables and retention ( 442,793 ) ( 300,127 ) ( 290,657 )

Purchase of investments ( 836,519 ) — —

Purchase of intangible and other assets ( 64,383 ) ( 52,377 ) ( 56,034 )

Cash acquired from business combination — — 4,604

Proceeds from EBH Transaction — 1,700,000 —

Proceeds from sale of assets and other 1,162 1,471 4,268

Net cash provided by (used in) investing activities 1,348,967 ( 342,423 ) ( 265,759 )

Net cash (used in) provided by investing activities ( 1,342,533 ) 1,348,967 ( 342,423 )

Cash flows from financing activities:

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Payments for financing costs ( 41,240 ) ( 3,165 ) ( 31,193 )

Net cash (used in) provided by financing activities ( 23,678 ) ( 388,002 ) 2,463,245

Other ( 7,773 ) — —

Net cash used in financing activities ( 719,206 ) ( 23,678 ) ( 388,002 )

Effect of exchange rate on cash, cash equivalents and restricted cash 282 ( 2,094 ) ( 2,301 )

Cash, cash equivalents and restricted cash:

Increase (decrease) in cash, cash equivalents and restricted cash 1,251,923 ( 955,317 ) 1,128,092

(Decrease) increase in cash, cash equivalents and restricted cash ( 813,578 ) 1,251,923 ( 955,317 )

Balance, beginning of period 3,782,990 2,531,067 3,486,384

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("Wynn Interactive"), through which it operates online sports betting, gaming, and social casino businesses.

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

Macau Operations

Wynn Palace features a luxury hotel tower with 1,706 guest rooms, suites and villas, approximately 468,000 square feet of casino space, 14 food and beverage outlets, approximately 37,000 square feet of meeting and convention space, approximately 107,000 square feet of retail space, public attractions including a performance lake and floral art displays, and recreation and leisure facilities.

Wynn Palace features a luxury hotel tower with 1,706 guest rooms, suites and villas, approximately 468,000 square feet of casino space, 14 food and beverage outlets, approximately 37,000 square feet of meeting and convention space, approximately 107,000 square feet of retail space, public attractions including a performance lake, an immersive entertainment center, Western and Asian art displays, and a gondola ride offering convenient street-level access.

Wynn Macau features two luxury hotel towers with a total of 1,010 guest rooms and suites, approximately 294,000 square feet of casino space, 14 food and beverage outlets, approximately 31,000 square feet of meeting and convention space, approximately 64,300 square feet of retail space, a performance lake, a rotunda show and recreation and leisure facilities.

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Public attractions include a waterfront park, floral displays, and water shuttle service to downtown Boston.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

On December 1, 2022, the Company closed on a sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor (the "EBH Transaction").

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For more information on the EBH Transaction, see Note 5, "Property and Equipment, net" and Note 16, "Leases."

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Wynn Interactive

Wynn Interactive's subsidiary operates the digital sports betting and casino gaming business known as WynnBET in Arizona, Colorado, Indiana, Louisiana, Michigan, New Jersey, New York, Tennessee, and Virginia.

In addition, subject to all necessary legislative authorizations and regulatory approvals, Wynn Interactive’s subsidiary has secured market access in Illinois, Iowa, Ohio, Maryland, Massachusetts, Pennsylvania, and West Virginia.

Recent Developments Related to COVID-19

Macau Operations

Since the outbreak of COVID-19, visitation to Macau has fallen significantly, driven by the strong deterrent effect of the COVID-19 pandemic on travel and social activities, quarantine measures put in place in Macau and elsewhere, travel and entry restrictions and conditions in Macau, the PRC, Hong Kong and Taiwan involving COVID-19 testing and mandatory quarantine, among other things, periods of mandatory closure of certain businesses and facilities, including gaming operations, and the suspension or reduced accessibility of transportation to and from Macau.

Over the course of December 2022 and January 2023, Macau authorities relaxed or eliminated most COVID-19 related protective measures, and as of February 27, 2023, there are no remaining entry restrictions or mandatory quarantine requirements in place for travelers to Macau, and testing requirements for inbound travelers from the PRC, Hong Kong, and Taiwan have been discontinued.

Nevertheless, given the inherent uncertainty around the likelihood, extent, and timing of a potential reimposition of restrictions on the general public, travel, or certain activities, management is unable to reasonably predict whether such restrictions would impact the Company's properties in the future, or the extent such restrictions, if reimposed, would impact the Company's results of operations, cash flows, or financial condition.

As of December 31, 2022, the Company had total cash and cash equivalents, excluding restricted cash, of $ 3.65 billion, and had access to $ 837.0 million of available borrowing capacity from the WRF Revolver.

As of December 31, 2022, the WM Cayman II Revolver was fully drawn.

As a result of the negative impact the COVID-19 pandemic has had, and may continue to have, on our operating income, the Company has suspended its dividend program.

Given the Company's liquidity position as of December 31, 2022, the Company believes it will be able to support continuing operations and respond to any potential reimposition of COVID-19 related restrictions on the general public, travel, or certain activities and their related economic disruptions.

In August 2023, the Company announced its decision to close WynnBET, Wynn Interactive’s digital sports betting and casino gaming business, in jurisdictions other than New York, Massachusetts, and Michigan, and in January 2024 the Company announced its decision to close WynnBET in Massachusetts.

In February 2024, the Company entered into an asset purchase agreement providing for the transfer and assignment of Wynn’s market access rights and related obligations in Michigan to Caesars Entertainment, Inc., and separately, signed an equity purchase agreement for the sale of WSI US, LLC, Wynn Interactive’s domestic operating subsidiary, which includes the Company’s gaming license in New York, to Penn Entertainment, Inc.;

in each case, subject to certain customary closing conditions.

Note 2 - Basis of Presentation and Significant Accounting Policies

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For information on the Company's VIEs, see Note 19, "Retail Joint Venture." If the entity does not qualify for consolidation and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method.

All significant intercompany accounts and transactions have been eliminated.

For more information on the Company's equity method investments, see Investments in Unconsolidated Affiliate within Note 2, "Basis of Presentation and Significant Accounting Policies." All significant intercompany accounts and transactions have been eliminated.

Certain amounts in the consolidated financial statements for the years ended December 31, 2022 and 2021 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

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Actual results could differ from those estimates.

Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for deferred tax assets and credit losses, estimates regarding the useful lives and recoverability of long-lived and intangible assets, valuations of derivatives, and litigation and contingency estimates.

Cash, Cash Equivalents and Restricted Cash

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dollar-denominated and foreign currency-denominated securities.

Cash equivalents are carried at cost,

Cash equivalents are carried at cost, which approximates fair value.

Restricted cash consists of cash collateral associated with obligations, cash held in a trust in accordance with WML's share award plan, and an amount held in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Macau SA's legal and contractual obligations under the Gaming Concession Contract.

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

which approximates fair value.

Restricted cash consists of cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan, and as of December 31, 2022 includes an amount held in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Macau SA's legal and contractual obligations under the Gaming Concession Contract.

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 December 31, 2023, the Company held $ 550.0 million in fixed deposits, recorded at fair value, and $ 295.2 million in debt securities, recorded at amortized cost within Investments on the Consolidated Balance Sheets.

The estimated fair value of the Company's debt securities as of December 31, 2023 was approximately $ 294.8 million and the gross unrecognized holding loss was $ 0.4 million.

As of December 31, 2023, the Company had $ 8.7 million in accrued interest on its debt securities, recorded in Investments on the Consolidated Balance Sheets.

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

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

The Company considers the severity of the decline in value, creditworthiness of the issuer and other relevant factors and records an allowance for credit losses, limited to the excess of amortized cost over fair value, with a corresponding charge to earnings.

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

During the year ended December 31, 2023, the Company recorded no allowance for credit losses related to its investments.

Accounts Receivable and Credit Risk

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Leasehold interest in land 25

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Costs related to improvements are capitalized, while costs of repairs and maintenance are charged to expense as incurred.

The cost and accumulated depreciation of property and equipment retired or otherwise disposed of are eliminated from the respective accounts and any resulting gain or loss is included in property charges and other.

Capitalized Interest

The interest cost associated with major development and construction projects, and interest cost associated with equity method investments incurred during the investee's initial development period, is capitalized and included in the cost of the project or investment in unconsolidated affiliate balance.

Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use.

When no debt is specifically identified as being incurred in connection with a construction project, the Company capitalizes interest on amounts expended on the project using the weighted average cost of the Company's outstanding borrowings.

Interest of $ 5.8 million was capitalized for the year ended December 31, 2023.

No interest was capitalized for the years ended December 31, 2022 and 2021.

Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed.

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The Company’s test of goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test.

If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed.

For the quantitative analysis, the Company compares the fair value of its reporting unit to its carrying value.

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Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Finance and operating lease assets and liabilities are measured and recorded upon lease commencement at the present value of the future minimum lease payments.

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For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term.

For finance leases, the Company records depreciation of the lease asset on a straight-line basis over the shorter of the lease term or useful life of the lease asset, and the lease liability accretes interest using the discount rate determined at lease commencement.The Company does not record an asset or liability for leases with a term of less than one year.

The Company does not record an asset or liability for leases with a term of less than one year.

Variable lease costs generally arise from changes in an index, such as the consumer price index.

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A finance lease would preclude sale accounting.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Lessor Arrangements

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The Company has elected to combine lease and nonlease components for the purpose of measuring lease revenue.

Investments in Unconsolidated Affiliate

The Company accounts for its investment in Island 3 AMI FZ-LLC, an unconsolidated affiliate which is currently constructing Wynn Al Marjan Island, using the equity method.

Under the equity method, the investment's carrying value is adjusted for the Company’s share of the investee's earnings and losses, capital contributions to and distributions from this company, and capitalization of interest cost incurred by the Company during the investee's initial development period.

As of December 31, 2023 and 2022, the Company had investments in unconsolidated affiliate of $ 90.9 million and $ 39.9 million, respectively, recorded in noncurrent other assets in the accompanying Consolidated Balance Sheets.

The Company classifies operating income and losses as well as gains and impairments related to its investment in unconsolidated affiliate as a component of Operating income (loss) within the Company's accompanying Consolidated Statements of Operations, and classifies non-operating income or losses related to its investments in unconsolidated affiliates as a component of Other income (expense) within the Company's accompanying Consolidated Statements of Operations, as the Company’s investments in unconsolidated affiliate are an extension of the Company's core business operations.

The Company recognized a loss on investments in unconsolidated affiliate of $ 2.4 million and $ 0.3 million during the years ended December 31, 2023 and 2022, respectively, recorded in Pre-opening within the Company's accompanying Consolidated Statements of Operations.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Debt Issuance Costs

Direct and incremental costs and original issue discounts and premiums incurred in connection with the issuance of long-term debt are deferred and amortized to interest expense using the effective interest method or, if the amounts approximate the effective interest method, on a straight-line basis.

Debt issuance costs incurred in connection with the issuance of the Company's revolving credit facilities are presented in noncurrent assets on the Consolidated Balance Sheets.

Debt issuance costs incurred in connection with the issuance of the Company's revolving credit facilities are presented in noncurrent other assets on the Consolidated Balance Sheets.

All other debt issuance costs are presented as a direct reduction of long-term debt on the Consolidated Balance Sheets.

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The fair value approximates the amount the Company would pay if the interest rate collar was settled at the respective valuation date.

See Note 8, "WML Convertible Bond Conversion Option Derivative" for accounting policy disclosures relating to the WML Convertible Bond Conversion Option Derivative (as defined therein).

Revenue Recognition

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After allocating amounts to the complimentary goods or services provided and to the points earned under the Company's loyalty programs, the residual amount is recorded as casino revenue when the wager is settled.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The transaction price for rooms, food and beverage, entertainment, retail and other transactions is the net amount collected from the customer for such goods and services and is recorded as revenue when the goods are provided, services are performed or events are held.

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Advance deposits on rooms and advance ticket sales are performance obligations that are recorded as customer deposits until services are provided to the customer.

Revenues from contracts with multiple goods or services are allocated to each good or service based on its relative standalone selling price.

Revenues from contracts with multiple goods or services are allocated to each good or service based

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

on its relative standalone selling price.

As previously noted, Entertainment, retail and other revenue also includes lease revenue, which is recognized in accordance with the relevant accounting principles.

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

These taxes totaled $ 526.3 million, $ 830.4 million, and $ 527.5 million for the years ended December 31, 2022, 2021, and 2020, respectively.

These taxes totaled $ 1.57 billion, $ 526.3 million, and $ 830.4 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Advertising Costs

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Pre-opening expenses represent personnel, advertising, and other costs incurred prior to the opening of new ventures and are expensed as incurred.

During the year ended December 31, 2022, the Company incurred pre-opening expenses primarily in connection with reconfiguring the theater space at Wynn Las Vegas to host an all-new, exclusive theatrical production, Awakening , which premiered in November 2022.

During the year ended December 31, 2023, the Company incurred pre-opening expenses primarily in connection with the launch of sports betting operations in Massachusetts.

During the year ended December 31, 2022, the Company incurred pre-opening expenses primarily in connection with reconfiguring the theater space at Wynn Las Vegas to host an exclusive theatrical production, Awakening.

During the year ended December 31, 2021, the Company incurred pre-opening expenses primarily in connection with restaurant remodels at our Las Vegas Operations.

During the year ended December 31, 2020, the Company incurred pre-opening expenses primarily in connection with restaurant remodels at our Las Vegas Operations and the meeting and convention expansion at Wynn Las Vegas, which opened in February 2020.

The Company is subject to income taxes in the U.S.

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As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Foreign Currency

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Translation adjustments resulting from this process are charged or credited to other comprehensive loss.

Comprehensive Loss and Accumulated Other Comprehensive Income (Loss)

Comprehensive loss includes net loss and all other non-stockholder changes in equity or other comprehensive loss.

Components of the Company's comprehensive loss are reported in the accompanying Consolidated Statements of Stockholders' Equity (Deficit) and Consolidated Statements of Comprehensive Loss.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity or other comprehensive income (loss).

Components of the Company's comprehensive income (loss) are reported in the accompanying Consolidated Statements of Stockholders' Deficit and Consolidated Statements of Comprehensive Income (Loss).

Fair Value Measurements

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The Company accounts for stock-based compensation in accordance with accounting standards, which require the compensation cost relating to share-based payment transactions be recognized in the Company's Consolidated Statements of Operations.

The cost is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes option pricing model for stock options, and based on the closing share price of the Company's stock on the grant date for nonvested share awards.

The cost is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes option pricing model for stock options, based on the estimated fair value of the award using the Monte Carlo simulation approach for performance share units, and based on the closing share price of the Company's stock on the grant date for nonvested share awards.

Dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant.

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(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 December 31, 2022 includes $ 124.5 million in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Macau SA's legal and contractual obligations through the term of the Gaming Concession Contract.

(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 December 31, 2023 and 2022 includes $ 87.0 million and $ 124.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Macau SA'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 disclose the supplemental cash flow disclosures of the Company (in thousands):

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Other liabilities related to intangible assets (1)

Financing costs included in accounts payable and other liabilities $ — $ 290 $ 3,116

$ 209,410 $ 4,220 $ 5,417

Dividends payable on unvested restricted stock included in other accrued liabilities $ 685 $ 229 $ 1,846

(1) For the year ended December 31, 2023, included $ 206.5 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.

Note 4 - Receivables, net

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The Company’s allowance for casino credit losses was 15.9 % and 43.2 % of gross casino receivables as of December 31, 2023 and 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.

Although the Company believes that its allowance is adequate, it is possible the estimated

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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.

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

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$ 6,688,479 $ 6,896,060

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

As of December 31, 2021, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties, including the Wynn Las Vegas room remodel.

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

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $ 625.0 million, $ 652.1 million, and $ 685.7 million, respectively.

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In December 2022, in accordance with the requirements of the Macau Gaming Law, Wynn Macau SA and Palo Real Estate Company Limited ("Palo"), a subsidiary of Wynn Macau SA, entered into agreements (collectively, the "Property Transfer Agreements") with the Macau government, pursuant to which Wynn Macau SA and Palo transferred the casino areas and gaming equipment of the Company's Macau Operations to the Macau government without compensation on December 31, 2022, and the Macau government agreed to transfer such casino areas and gaming equipment back to Wynn Macau SA as of January 1, 2023, for its use in the operation of games of chance at Wynn Macau and Wynn Palace as permitted under the Gaming Concession Contract through December 31, 2032.

In exchange for the use of such assets, Wynn Macau SA has agreed to make certain payments as outlined in Note 17, "Commitments and Contingencies." As the Company expects to continue to operate the casino areas and gaming equipment at its Macau Operations in the same manner as under the previous concession, obtain substantially all of the economic benefits, and bear all of the risks arising from the use of these assets, and believes it will be awarded a new concession upon the expiration of the Gaming Concession Contract, the Company will continue to recognize the casino areas and gaming equipment as property and equipment over their remaining estimated useful lives.

In exchange for the use of such assets, Wynn Macau SA has agreed to pay the Macau government an annual amount of MOP 53.1 million (approximately $ 6.6 million) during each of the years ending December 31, 2023, 2024, and 2025, and an annual amount of MOP 177.0 million (approximately $ 22.0 million) during each of the remaining years of the term of the Gaming Concession Contract through December 31, 2032, subject to adjustment

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

in each year based on the average price index in Macau.

As the Company expects to continue to operate the casino areas and gaming equipment at its Macau Operations in the same manner as under the previous concession, obtain substantially all of the economic benefits, and bear all of the risks arising from the use of these assets, and believes it will be awarded a new concession upon the expiration of the Gaming Concession Contract, the Company will continue to recognize the casino areas and gaming equipment as property and equipment over their remaining estimated useful lives.

Pursuant to the Gaming Concession Contract, Wynn Macau SA will revert to the Macau government the casino areas and gaming equipment, without compensation and free of encumbrance, upon the rescission or termination of the gaming concession on December 31, 2032.

Note 6 - Goodwill and Intangible Assets, net

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$ 329,708 $ 245,253

Massachusetts Finite-Lived Intangible Assets

The Massachusetts gaming license is a finite-lived intangible asset that is being amortized over the 15 year life of the license.

The Company expects that amortization of the Massachusetts gaming license will be $ 7.8 million each year from 2024 through 2033, and $ 3.7 million in 2034.

Wynn Interactive Goodwill and Finite-Lived Intangible Assets

Other finite-lived intangible assets primarily consist of market access fees and gaming license fees.

Market access fees relate to fees paid to gaming operators and other strategic partners that are approved or pending regulatory approval by a state's regulator to operate online casino wagering and online sports betting in certain jurisdictions.

Market access fees relate to fees paid to gaming operators and other strategic partners that are approved or pending regulatory approval by a state's

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

regulator to operate online casino wagering and online sports betting in certain jurisdictions.

The Company amortizes market access fees over their stated contractual term, which is typically ten years.

The Company expects that amortization of Other intangible assets will be $ 6.2 million in 2023, $ 4.9 million each year in 2024 and 2025, $ 4.1 million in 2026, $ 3.9 million in 2027, and $ 15.1 million thereafter.

The Company expects that amortization of Other intangible assets will be $ 6.0 million in 2024, $ 3.7 million in 2025, $ 3.0 million each year in 2026, 2027 and 2028, and $ 9.3 million thereafter.

During the year ended December 31, 2023, as a result of the Company's decision to cease operating Wynn Interactive's online sports betting and iGaming platform in certain jurisdictions announced in August 2023, 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 impairment test 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 December 31, 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 $ 22.4 million during the year ended December 31, 2023.

During the year ended December 31, 2022, as a result of changes in forecasts and other industry-specific factors and management's decision to cease the operations of Betbull Limited ("BetBull"), a subsidiary of Wynn Interactive, the Company recognized impairment of goodwill and other finite-lived intangible assets of $ 37.8 million and $ 10.3 million, respectively.

On November 12, 2021, Wynn Resorts announced the termination of a previously announced agreement and plan of merger which contemplated the combination of Wynn Interactive and a special purpose acquisition company.

The Company concluded that the termination of the agreement constituted a potential indicator of impairment, and as a result of revisiting its estimated fair

In November 2021, Wynn Resorts announced the termination of a previously announced agreement and plan of merger which contemplated the combination of Wynn Interactive and a special purpose acquisition company.

The Company concluded that the termination of the agreement constituted a potential indicator of impairment, and as a result of revisiting its estimated fair value of the reporting units comprising Wynn Interactive based on a combination of the income and market approaches, recognized goodwill impairment of $ 10.3 million during the year ended December 31, 2021.

Macau Gaming Concession

In December 2022, Wynn Resorts (Macau) S.A.

("Wynn Macau SA"), an indirect subsidiary of Wynn Resorts, Limited, entered into a definitive gaming concession contract (the "Gaming Concession Contract") with the Macau government, pursuant to which Wynn Macau SA was granted a 10 -year gaming concession commencing on January 1, 2023 and expiring on December 31, 2032, to operate games of chance at Wynn Palace and Wynn Macau.

Under the terms of the Gaming Concession Contract, Wynn Macau SA is required to pay the Macau government an annual gaming premium consisting of a fixed and a variable portion.

The fixed portion of the premium is composed of an annual amount equal to MOP 30.0 million (approximately $ 3.7 million).

The variable portion is composed of an annual amount equal to MOP 300,000 (approximately $ 37 thousand) per gaming table located in special gaming halls reserved exclusively to particular games or players, MOP 150,000 (approximately $ 19 thousand) per gaming table that is not reserved exclusively to particular games or players, and MOP 1,000 (approximately $ 124 ) per gaming machine, including slot machines, operated by Wynn Macau SA.

The amount of the variable portion of the premium cannot be less than the amount that would result from the permanent operation of 500 gaming tables and 1,000 gaming machines, i.e.

MOP 76.0 million (approximately $ 9.4 million).

In December 2022, in accordance with the requirements of the Macau Gaming Law, Wynn Macau SA and Palo entered into the Property Transfer Agreements (as defined in Note 5, "Property and Equipment, net").

Under the Property Transfer Agreements, Wynn Macau SA has agreed to make annual payments to the Macau government of MOP 53.1 million (approximately $ 6.6 million) during each of the years ending December 31, 2024 and 2025, and an annual payment of MOP 177.0 million (approximately $ 22.0 million) during each of the remaining years of the term of the Gaming Concession Contract through December 31, 2032, subject to adjustment in each year based on the average price index in Macau.

On January 1, 2023, the Company recognized an intangible asset and financial liability of MOP 1.68 billion (approximately $ 208.3 million), representing the right to operate games of chance at Wynn Palace and Wynn Macau and the unconditional obligation to make payments under the Gaming Concession Contract.

This intangible asset comprises the contractually obligated annual payments of fixed and variable premiums, as well as fees associated with the above-described Property Transfer Agreements.

The contractually obligated annual variable premium payments associated with the intangible asset was determined using the total number of gaming tables and gaming machines that Wynn Macau SA is currently approved to operate by the Macau government.

In the accompanying 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 $ 20.9 million each year from 2024 to 2032.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

value of the reporting units comprising Wynn Interactive based on a combination of the income and market approaches, recognized goodwill impairment of $ 10.3 million during the year ended December 31, 2021.

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

Note 7 - Long-Term Debt

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

WML 4 1/2% Convertible Bonds, due 2029 (2)

and Corporate Related:

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WRF Term Loan, due 2024 73,683 837,500

WRF Term Loan, due 2027 730,692 —

WLV 4 1/4% Senior Notes, due 2023 — 500,000

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WRF 5 1/8% Senior Notes, due 2029 750,000 750,000

WRF 7 1/8% Senior Notes, due 2031 600,000 —

Retail Term Loan, due 2025 (4)

1 unchanged sentence

11,826,986 12,162,973

WML Convertible Bond Conversion Option Derivative 73,744 —

Unamortized debt issuance costs and original issue discounts and premium, net ( 162,393 ) ( 46,114 )

2 unchanged sentences

Total long-term debt, net of current portion $ 11,028,744 $ 11,569,316

(1) 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 through June 30, 2023.

Approximately $ 312.5 million and $ 1.19 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.

(1) As of December 31, 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 $ 1.19 billion of the WM Cayman II Revolver bears interest at a rate of Term SOFR plus 1.975 % per year and HIBOR plus 1.875 % per year, respectively.

As of December 31, 2023 and 2022, the weighted average interest rate was approximately 7.20 % and 7.30 %, respectively.

As of December 31, 2023, the WM Cayman II Revolver was fully drawn.

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

As of December 31, 2022 and 2021, the weighted average interest rate was 6.14 % and 1.86 %, respectively.

(2) As of December 31, 2023, the net carrying amount of the WML Convertible Bonds was $ 479.5 million, with unamortized debt discount and debt issuance costs of $ 120.5 million.

The Company recorded contractual interest expense of $ 22.1 million and amortization of discounts and issuance costs of $ 14.2 million during the year ended December 31, 2023.

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

As of December 31, 2023 and 2022, the weighted average interest rate was approximately 7.21 % and 6.14 %, respectively.

Additionally, as of December 31, 2023, the available borrowing capacity under the WRF Revolver was $ 736.5 million, net of $ 13.5 million in outstanding letters of credit.

The Company repaid $ 716.0 million of the outstanding borrowings under the WRF Revolver in February 2021.

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

(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 December 31, 2023 and 2022, the effective interest rate was 5.47 % and 5.45 %, respectively.

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WM Cayman II Revolver

On September 16, 2021, WM Cayman Holdings Limited II, an indirect wholly owned subsidiary of WML, as borrower ("WM Cayman II") and WML as guarantor, each an indirect subsidiary of Wynn Resorts, entered into a facility agreement with, among others, Bank of China Limited, Macau Branch as agent and a syndicate of lenders (the "Facility Agreement"), pursuant to which the lenders will make available in an aggregate amount of $ 1.50 billion equivalent revolving unsecured credit facility consisting of one tranche in an amount of $ 312.5 million and one tranche in an amount of HK$ 9.26 billion (approximately $ 1.19 billion) to WM Cayman II (the "WM Cayman II Revolver").

dollar tranche in an amount of $ 312.5 million ("Facility A") and a Hong Kong dollar tranche ("Facility B") in an amount of HK$ 9.26 billion (approximately $ 1.19 billion) to WM Cayman II (the "WM Cayman II Revolver").

WM Cayman II has the ability to upsize the total WM Cayman II Revolver by an additional $ 1.00 billion equivalent under the Facility Agreement and related agreements upon the satisfaction of various conditions.

Due to the global phase out of London Interbank Offered Rate ("LIBOR"), on June 27, 2023, WM Cayman II, as borrower 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 "Amended and Restated Facility Agreement"), to transition the base rate applicable to loans denominated in U.S.

dollars provided under WM Cayman II Revolver from LIBOR to Term SOFR.

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

Pursuant to the Amended and Restated Facility Agreement, loans provided under Facility A 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 Amended and Restated 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 Amended and Restated Facility Agreement).

The final maturity of all outstanding loans under the WM Cayman II Revolver is September 16, 2025, by which time any outstanding borrowings from the WM Cayman II Revolver must be repaid.

On May 5, 2022, WM Cayman II and its lenders agreed to waive certain financial covenants in the Facility Agreement under the WM Cayman II Revolver in respect of the relevant periods ending on the following applicable test dates:

(a) June 30, 2022;

(b) September 30, 2022;

and (d) March 31, 2023;

and to provide for a floor on the interest rate margin of 2.625 % per annum through June 30, 2023.

WML , as guarantor, may be subject to certain restrictions on payments of dividends or distributions to its shareholders, unless certain financial criteria have been satisfied through the Facility Agreement.

WML Convertible Bonds

On March 7, 2023, WML completed an offering (the "Offering") of $ 600 million 4.50 % convertible bonds due 2029 (the "WML Convertible Bonds").

The WML Convertible Bonds are governed by a trust deed dated March 7, 2023 (the "Trust Deed"), between WML and DB Trustees (Hong Kong) Limited, as trustee.

WML, DB Trustees (Hong Kong) Limited, as trustee, and Deutsche Bank Trust Company Americas entered into an agency agreement, appointing Deutsche Bank Trust Company Americas as the principal paying agent, principal conversion agent, transfer agent and registrar in relation to the WML Convertible Bonds.

The net proceeds from the Offering, after deduction of commissions and other related expenses, were $ 585.9 million.

WML intends to use the net proceeds for general corporate purposes.

The WML Convertible Bonds bear interest on their outstanding principal amount from and including March 7, 2023 at the rate of 4.50 % per annum, payable semi-annually in arrears on March 7 and September 7 of each year.

At any time on or after April 17, 2023, the WML Convertible Bonds are convertible at the option of the holder thereof into fully paid ordinary shares of WML, each with a nominal value of HK$ 0.001 per share ("Ordinary Shares"), at the initial conversion price of approximately HK$ 10.24 (equivalent to approximately $ 1.31 ) per share, subject to and upon compliance with the terms and conditions of the WML Convertible Bonds (the "Terms and Conditions," and such right, the "Conversion Right").

The conversion price is at the fixed exchange rate of HK$ 7.8497 per $1.00, subject to standard adjustments for certain dilutive events as described in the Terms and Conditions.

WML has the option upon conversion by a bondholder to pay an amount of cash equivalent described in the Terms and Conditions in order to satisfy such Conversion Right in whole or in part.

Holders of the WML Convertible Bonds have the option to require WML to redeem all or some only of such holder’s WML Convertible Bonds (i) on March 7, 2027 at their principal amount together with interest accrued but unpaid to, but excluding, the date fixed for redemption;

or (ii) on the Relevant Event Redemption Date (as defined in the Terms and Conditions) at their principal amount together with interest accrued but unpaid to, but excluding, such date, following the occurrence of (a) when the Ordinary Shares cease to be listed or admitted to trading or are suspended from trading for a period

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

equal to or exceeding 10 consecutive trading days on the Stock Exchange of Hong Kong Limited, or if applicable, the alternative stock exchange, (b) when there is a Change of Control (as defined in the Terms and Conditions), or (c) when less than 25% of WML’s total number of issued Ordinary Shares are held by the public (as interpreted under Rule 8.24 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited).

The WML Convertible Bonds may also be redeemed at the option of WML under certain circumstances specified in the Terms and Conditions, in whole, but not in part, at any time after March 7, 2027, but prior to March 7, 2029, upon giving notice to the bondholders in accordance with the Terms and Conditions.

The WML Convertible Bonds constitute direct, unsubordinated, unconditional and, subject to the Terms and Conditions, unsecured obligations of WML and rank pari passu and without any preference or priority among themselves.

The Ordinary Shares to be issued upon exercise of Conversion Right will be fully-paid and will in all respects rank pari passu with the fully-paid Ordinary Shares in issue on the relevant registration date set forth in the Terms and Conditions.

The Trust Deed contains covenants limiting WML's and all of its subsidiaries' ability to, among other things, create, permit to subsist or arise or have outstanding any mortgage, charge, pledge, lien or other encumbrance or certain security interest;

consolidate or merge with or into another company; and sell, assign, transfer, convey or otherwise dispose of all or substantially all of its and its subsidiaries’ properties or assets, with certain exceptions.

The Trust Deed also contains customary events of default.

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 statements 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 December 31, 2023, the estimated fair value of the WML Convertible Bond Conversion Option Derivative was a liability of $ 73.7 million, recorded within Long-term debt within the accompanying Consolidated Balance Sheet.

WML Senior Notes

During 2020, WML issued $ 1.00 billion of 5 1/2% Senior Notes due 2026 and $ 1.35 billion of 5 5/8% Senior Notes due 2028 (the "2026 and 2028 WML Senior Notes" and collectively with the WML 4 7/8% Senior Notes, due 2024, the WML 5 1/2% Senior Notes, due 2027, and the WML 5 1/8% Senior Notes, due 2029, the "WML Senior Notes").

The Company used the proceeds from the 2026 and 2028 WML Senior Notes to facilitate repayments on the Wynn Macau Credit Facilities and for general corporate purposes.

The WML Senior Notes bear interest at each of their respective interest rates and interest is payable semi-annually.

In connection with the issuance of the 2026 and 2028 WML Senior Notes, the Company paid fees and expenses totaling $ 20.7 million, which were recorded as debt issuance costs within the Consolidated Balance Sheets.

WML's 4 7/8% Senior Notes due 2024, 5 1/2% Senior Notes due 2026, 5 1/2% Senior Notes due 2027, 5 5/8% Senior Notes due 2028, and 5 1/8% Senior Notes due 2029 (collectively, the "WML Senior Notes") bear interest at each of their respective interest rates and interest is payable semi-annually.

The WML Senior 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;

11 unchanged sentences

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 WML Senior Notes will have the right to require WML to repurchase all or any part of such holder’s WML Senior Notes at a purchase price in cash equal to 100 % of the principal amount thereof, plus accrued and unpaid interest.

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

If WML undergoes a

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

and Corporate Related Debt

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Following the termination of the Financial Covenant Relief Period, WRF may not permit the consolidated first lien net leverage ratio as of the last day of any fiscal quarter to exceed 3.75 to 1.00.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

In May 2023, WRF and certain of its subsidiaries entered into an amendment (the "WRF Credit Facility Agreement Amendment") to its existing credit agreement among Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto.

The WRF Credit Facility Agreement Amendment amends the WRF Credit Facility Agreement to:

(i) transition the benchmark rate from LIBOR to Term SOFR and to make conforming changes, (ii) reduce the aggregate principal amount of revolving commitments under the revolving credit facility by $ 100.0 million, from $ 850.0 million to $ 750.0 million, (iii) extend the stated maturity date for lenders electing to extend their revolving commitments in an amount equal to approximately $ 681.3 million from September 20, 2024 to September 20, 2027, and (iv) extend the stated maturity date for lenders electing to extend their term loan commitments in an amount equal to approximately $ 749.4 million from September 20, 2024 to September 20, 2027.

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 Consolidated Statements of Operations, and the Company recorded debt issuance costs of $ 5.1 million, within the Consolidated Balance Sheet.

WRF Senior Notes

During 2020 and 2019, WRF and its subsidiary Wynn Resorts Capital Corp.

(collectively with WRF, the "WRF Issuers"), each an indirect wholly owned subsidiary of the Company issued $ 600.0 million aggregate principal amount of 7 3/4% Senior Notes due 2025 (the "2025 WRF Senior Notes") and $ 750.0 million aggregate principal amount of 5 1/8% Senior Notes due 2029 (the "2029 WRF Senior Notes"), respectively.

The Company used the proceeds from the 2025 Senior Notes for general corporate purposes.

WRF used the net proceeds from the 2029 WRF Senior Notes to refinance the existing Wynn America credit facilities and the Wynn Resorts term loan and to pay related fees and expenses.

On February 16, 2023, the WRF Issuers issued $ 600.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes," and collectively with the 2025 WRF Senior Notes and 2029 Senior Notes, the "WRF Senior Notes") pursuant to an indenture among the WRF Issuers, the guarantors party thereto, and the Trustee, in a private offering.

(collectively with WRF, the "WRF Issuers"), each an indirect wholly owned subsidiary of the Company, issued $ 600.0 million aggregate principal amount of 7 3/4% Senior Notes due 2025 (the "2025 WRF Senior Notes") and $ 750.0 million aggregate principal amount of 5 1/8% Senior Notes due 2029 (the "2029 WRF Senior Notes").

In February 2023, the WRF Issuers issued $ 600.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes") pursuant to an indenture among the WRF Issuers, the guarantors party thereto, and the Trustee, in a private offering.

The 2031 WRF Senior Notes were issued at par, for proceeds of $ 596.2 million, net of $ 3.8 million of related fees and expenses.

Also on February 16, 2023, the WRF Issuers completed a cash tender offer for any and all of the outstanding principal amount of the 2025 WRF Senior Notes, and accepted for purchase valid tenders with respect to $ 506.4 million and paid a tender premium of $ 12.4 million.

The Company used a portion of the net proceeds from the offering of the 2031 WRF

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Senior Notes to purchase such tendered 2025 WRF Senior Notes and to pay related fees and expenses, and intends to use the remaining net proceeds for general corporate purposes.

The Company used a portion of the net proceeds from the offering of the 2031 WRF Senior Notes to purchase such tendered 2025 WRF Senior Notes and to pay related fees and expenses.

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 Consolidated Statements of Operations, and the Company recorded debt issuance costs of $ 11.4 million within the accompanying Consolidated Balance Sheet.

In February 2024, the WRF Issuers issued an additional $ 400.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Add-On Senior Notes" and collectively with the 2031 Senior Notes and 2029 Senior Notes, the "WRF Senior Notes") pursuant to a supplemental indenture to the 2031 Senior Notes indenture dated as of February 16, 2023.

The 2031 WRF Add-On Senior Notes were issued at a price equal to 103.0 % of the principal amount, for net proceeds of approximately $ 409 million.

The Company used the net proceeds from the offering of the 2031 WRF Add-On Senior Notes and cash held by Wynn Resorts to repurchase $ 678.0 million of the outstanding principal amount of the 2025 WLV Senior Notes (see definition below) and to pay related fees and expenses.

The WRF Senior Notes were issued pursuant to indentures (the "WRF Indentures") among the WRF Issuers, the guarantors party thereto, and U.S.

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The WRF Senior Notes are the WRF Issuers' senior unsecured obligations and rank pari passu in right of payment with the WLV Senior Notes (as defined below), and rank equally in right of payment with Wynn Las Vegas' guarantee of the WRF Credit Facilities, and rank senior in right of payment to all of the WRF Issuers' existing and future subordinated debt.

The WRF Senior Notes are effectively subordinated in right of payment to all of the WRF Issuers' existing and future secured debt (to the extent of the value of the collateral securing such debt), and structurally subordinated to all of the liabilities of any of the WRF Issuers' subsidiaries that do not guarantee the WRF Senior Notes, including WML and its subsidiaries.

The WRF Senior Notes are effectively subordinated in right of payment to all of the WRF Issuers' existing and future secured debt (to the

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

extent of the value of the collateral securing such debt), and structurally subordinated to all of the liabilities of any of the WRF Issuers' subsidiaries that do not guarantee the WRF Senior Notes, including WML and its subsidiaries.

The WRF Senior Notes are jointly and severally guaranteed by each of WRF's existing domestic restricted subsidiaries that guarantee indebtedness under the WRF Credit Agreement, including Wynn Las Vegas, LLC and each of its subsidiaries that guarantees the WLV Senior Notes.

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The WRF Indentures also contain customary events of default, including, but not limited to, failure to make required payments, failure to comply with certain covenants, certain events of bankruptcy and insolvency, and failure to pay certain judgments.

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

The WRF Senior Notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act.

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("Capital Corp." and together with Wynn Las Vegas, LLC, the "Issuers") issued $ 500.0 million 4 1/4% Senior Notes due 2023 (the "2023 WLV Senior Notes"), $ 1.80 billion 5 1/2% Senior Notes due 2025 (the “2025 WLV Senior Notes”), and $ 900.0 million 5 1/4% Senior Notes due 2027 (the 2027 WLV Senior Notes) pursuant to indentures, dated as of May 22, 2013 (the "2023 Indenture"), February 18, 2015 (the "2025 Indenture"), and May 11, 2017 (the "2027 Indenture"), respectively, among the Issuers, the Guarantors (as defined below) and the Trustee.

The 2023 WLV Senior Notes, 2025 WLV Senior Notes, and 2027 WLV Senior Notes are collectively referred to as the "WLV Senior Notes." The 2023 Indenture, 2025 Indenture, and 2027 Indenture are collectively referred to as the "WLV Indentures."

In March 2023, the Company repurchased all of its outstanding 2023 WLV Senior Notes, 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.

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

In August 2023, Wynn Las Vegas repurchased $ 400.0 million aggregate principal amount of its 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 Consolidated Statements of Operations.

In February 2024, Wynn Las Vegas repurchased $ 678.0 million aggregate principal amount of its 2025 WLV Senior Notes, at a price equal to 97.2 % of the principal amount, plus accrued interest and an early tender premium of $ 20.3 million to the holders of validly tendered 2025 WLV Senior Notes.

The Company used the net proceeds from the 2031 WRF Add-On Senior Notes and cash held by Wynn Resorts, to purchase such validly tendered 2025 WLV Senior Notes and to pay the tender premium and related fees and expenses.

The 2025 WLV Senior Notes and 2027 WLV Senior Notes are collectively referred to as the "WLV Senior Notes." The 2025 Indenture and 2027 Indenture are collectively referred to as the "WLV Indentures."

The WLV Senior Notes are the WLV Issuers' senior unsecured obligations and each rank pari passu in right of payment.

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If Wynn Resorts receives an investment grade rating from one or more ratings agencies, the first priority pledge securing the WLV Senior Notes will be released.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The WLV Senior Notes are jointly and severally guaranteed by all of the Issuers' subsidiaries, other than Capital Corp., which was a co-issuer.

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The guarantees rank equally in right of payment with all existing and future liabilities of the guarantors that are not so subordinated and will be effectively subordinated in right of payment to all of such guarantors' existing and future secured debt (to the extent of the collateral securing such debt).

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The WLV Indentures contain covenants limiting the WLV Issuers' and the guarantors' ability to create liens on assets to secure debt;

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In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to the WLV Issuers or any guarantor, all WLV Senior Notes then outstanding will become due and payable immediately without further action or notice.

In 2018, Wynn Resorts purchased $ 20.0 million principal amount of the 2025 WLV Senior Notes and 2027 WLV Senior Notes, respectively through open market purchases.

In 2018, Wynn Resorts purchased $ 20.0 million principal amount of each of the 2025 WLV Senior Notes and 2027 WLV Senior Notes through open market purchases, for a total of $ 40.0 million.

As of December 31, 2023, Wynn Resorts holds this debt and has not contributed it to its wholly owned subsidiary, Wynn Las Vegas, LLC.

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Retail Term Loan

On July 25, 2018, and as amended on May 5, 2020, Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC (collectively, the "Retail Borrowers"), subsidiaries of the Retail Joint Venture, entered into a term loan agreement (as amended, the "Retail Term Loan Agreement").

In 2018, Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC (collectively, the "Retail Borrowers"), subsidiaries of the Retail Joint Venture, entered into a term loan agreement (together with its subsequent amendments, the "Retail Term Loan Agreement").

On June 2, 2023, the Borrowers entered into an amendment effective as of July 3, 2023, which amended the Retail Term Loan Agreement to transition the benchmark interest rate applicable to the secured loan in an aggregate principal amount of $ 615.0 million issued to the Borrowers thereunder from LIBOR to SOFR and to make related conforming changes to the Retail Term Loan Agreement.

The Retail Term Loan Agreement provides for a term loan facility to the Retail Borrowers of $ 615.0 million (the "Retail Term Loan").

The Retail Term Loan is secured by substantially all of the assets of the Retail Borrowers.

The Retail Term Loan matures on July 24, 2025 and bears interest at a rate of LIBOR plus 1.70 % per annum.

In accordance with the Retail Term Loan Agreement, the Retail Borrowers entered into an interest rate collar agreement with a LIBOR floor of 1.00 % and a ceiling of 3.75 %.

The Retail Term Loan matures on July 24, 2025 and bears interest at a rate of SOFR plus an adjustment of 0.10 % plus 1.70 % per annum.

The Retail Borrowers distributed approximately $ 589 million of the net proceeds of the Retail Term Loan to their members on a proportionate basis to each member's ownership percentage.

The Retail Borrowers may prepay the Retail Term Loan, in whole or in part, at any time with no premium above the principal amount.

In accordance with the Retail Term Loan Second Amendment, the Retail Borrowers entered into an interest rate collar agreement with a SOFR floor of 1.00 % and a ceiling of 3.67 %.

The Retail Term Loan Agreement contains customary representations and warranties, events of default and affirmative and negative covenants for debt facilities of this type, including, among other things, limitations on leasing matters, incurrence of indebtedness, distributions and transactions with affiliates.

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In addition, the Company will indemnify the lenders under the Retail Term Loan and be liable, in each case, for certain customary environmental and non-recourse carve out matters pursuant to a hazardous materials indemnity agreement and a recourse indemnity agreement, each entered into concurrently with the execution of the Retail Term Loan Agreement.

In accordance with the terms of the Retail Term Loan Agreement, the Retail Borrowers entered into a five year interest rate collar with a notional value of $ 615.0 million for a cash payment of $ 3.9 million in July 2018.

The interest rate collar establishes a range whereby the Retail Borrowers will pay the counterparty if one-month LIBOR falls below the established floor rate of 1.00 %, and the counterparty will pay the Retail Borrowers if one-month LIBOR exceeds the ceiling rate of 3.75 %.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

In accordance with the terms of the Retail Term Loan Agreement, the Retail Borrowers entered into an interest rate collar with a notional value of $ 615.0 million, the underlying reference rate of which was transitioned from LIBOR to SOFR concurrently with the Retail Term Loan.

The interest rate collar establishes a range whereby the Retail Borrowers will pay the counterparty if one-month SOFR falls below the established floor rate of 1.00 %, and the counterparty will pay the Retail Borrowers if one-month SOFR exceeds the ceiling rate of 3.67 %.

The interest rate collar settles monthly through the termination date in August 2024.

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The Company measures the fair value of the interest rate collar at each balance sheet date based on a Black-Scholes option pricing model, which incorporates observable market inputs such as market volatility and interest rates, with changes in fair value recorded in earnings.

As of December 31, 2022, the fair value of the interest rate collar was an asset of $ 10.4 million, of

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

which $ 6.7 million was recorded in Prepaid expenses and other, and $ 3.7 million was recorded in Other assets in the accompanying Consolidated Balance Sheets.

As of December 31, 2021, the fair value of the interest rate collar was a liability of $ 5.5 million, of which $ 3.9 million was recorded in Other accrued liabilities and $ 1.6 million was recorded in Other long-term liabilities in the accompanying Consolidated Balance Sheets.

As of December 31, 2023, the fair value of the interest rate collar was an asset of $ 5.8 million, recorded in Prepaid expenses and other in the accompanying Consolidated Balance Sheets.

As of December 31, 2022, the fair value of the interest rate collar was a liability of $ 10.4 million, of which $ 6.7 million was recorded in Prepaid expenses and other, and $ 3.7 million was recorded in Other assets in the accompanying Consolidated Balance Sheets.

Debt Covenant Compliance

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Thereafter 2,950,000

WML Convertible Bond Conversion Option Derivative 73,744

Unamortized debt issuance costs and original issue discounts and premium, net ( 162,393 )

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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 8 - Stockholders' Equity (Deficit)

Note 8 - WML Convertible Bond Conversion Option Derivative

An embedded derivative is a feature contained within a contract that affects some or all of the cash flows or the value of other exchanges required by the contract in a manner similar to a derivative instrument.

Embedded derivatives are required to be bifurcated and accounted for separately from the host contract and carried at fair value when:

(a) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract;

and (b) a separate, freestanding instrument with the same terms would qualify as a derivative instrument.

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.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

Inherent in a binomial options pricing model are unobservable (Level 3) inputs and assumptions related to expected share-price volatility, risk-free interest rate, expected term, and dividend yield.

The Company estimates the volatility of shares of WML common stock based on historical volatility that matches the expected remaining term to maturity of the WML Convertible Bonds.

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

December 31, 2023 March 2, 2023 (Pricing date)

WML stock price HK$ 6.43 HK$ 8.08

Estimated volatility 34.0 % 26.0 %

Risk-free interest rate 3.3 % 4.2 %

Expected term (years) 5.2 6.0

Dividend yield 0.0 % 0.0 %

In connection with the completion of the Offering on March 7, 2023, the Company recognized a debt discount and a corresponding liability for the embedded derivative, based on an estimated fair value of $ 123.5 million.

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

As of December 31, 2023, the estimated fair value of the embedded derivative was a liability of $ 73.7 million, recorded within Long-term debt within the accompanying Consolidated Balance Sheet.

In connection with the change in fair value, the Company recorded a gain of $ 49.7 million within Change in derivatives fair value in the accompanying Consolidated Statements of Operations for the year ended December 31, 2023.

Note 9 - Stockholders' Deficit

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.

During the year ended December 31, 2022, the Company repurchased 2,956,331 shares of its common stock at average prices of $ 57.95 per share for an aggregate cost of $ 171.3 million under the equity repurchase program.

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

During the year ended December 31, 2021, the Company did not repurchase any of its shares under the program.

During the year ended December 31, 2023, the Company repurchased 2,206,573 shares of its common stock at an average price of $ 88.61 per share for an aggregate cost of $ 195.5 million under the equity repurchase program.

During the year ended December 31, 2022, repurchased 2,956,331 shares of its common stock at an average price of $ 57.95 per share for an aggregate cost of $ 171.3 million under the equity repurchase program.

As of December 31, 2023, the Company had $ 433.4 million in repurchase authority remaining under the program.

Equity Offering

On February 11, 2021, the Company completed a registered public offering of 7,475,000 newly issued shares of its common stock, par value $ 0.01 per share, at a price of $ 115.00 per share for proceeds of $ 841.9 million, net of $ 17.7 million in underwriting discounts and commissions.

The Company used the net proceeds from this equity offering for general corporate purposes, including the repayment of debt.

During the first quarter of 2020, the Company paid a cash dividend of $ 1.00 per share.

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.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

During the year ended December 31, 2020, the Company recorded $ 107.5 million as a reduction of retained earnings from cash dividends declared.

The Company paid a cash dividend of $ 0.25 per share in each of the quarters ended June 30, 2023, September 30, 2023 and December 31, 2023 and recorded $ 28.5 million, $ 28.2 million and $ 28.4 million respectively, against accumulated deficit.

No dividends were paid during the years ended December 31, 2022 and 2021.

On February 7, 2024, the Company declared a cash dividend of $ 0.25 per share, payable on February 29, 2024 to stockholders of record as of February 20, 2024.

Noncontrolling Interests

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In October 2009, WML, the developer, owner and operator of Wynn Macau and Wynn Palace, listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited through an initial public offering.

The Company currently owns approximately 72 % of this subsidiary's common stock.

The Company currently owns

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

approximately 72 % of this subsidiary's common stock.

The shares of WML were not and will not be registered under the Securities Act and may not be offered or sold in the United States absent a registration under the Securities Act, or an applicable exception from such registration requirements.

The WML board of directors concluded not to recommend the payment of a dividend with respect to the years ended December 31, 2022, 2021, and 2020 due to the financial impact of the COVID-19 pandemic.

As such, WML paid no dividends during 2022, 2021, and 2020.

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 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.

The Securities Lending Agreement terminates on the date on which the WML Convertible Bonds have been redeemed, or converted in full, whichever is the earlier.

On March 6, 2023, the WML Stock Borrower borrowed 459,774,985 ordinary shares of WML under the Securities Lending Agreement and on April 3, 2023 returned 280,000,000 of such shares to WM Cayman I.

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

Retail Joint Venture

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Restricted cash $ 90,226 $ 2,170 $ 88,056 $ —

Fixed deposits $ 550,000 $ — $ 550,000 $ —

Interest rate collar $ 5,769 $ — $ 5,769 $ —

WML Convertible Bond Conversion Option Derivative (see Note 8)

$ 73,744 $ — $ — $ 73,744

Fair Value Measurements Using:

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non-union employees in July 2000.

The plan allows employees to defer, within prescribed limits, a percentage of their income on a pre-tax basis through contributions to this plan.

The plan allows employees to defer, within prescribed limits, a percentage of their income through contributions to this plan.

The Company matches 50 % of employee contributions, up to 6 % of employees' eligible compensation.

During the year ended December 31, 2022, 2021 and 2020, the Company recorded matching contribution expenses of $ 8.7 million, $ 8.0 million, and no contributions, respectively.

During the years ended December 31, 2023, 2022 and 2021, the Company recorded matching contribution expenses of $ 10.2 million, $ 8.7 million, and $ 8.0 million contributions, respectively.

Wynn Macau SA also operates a defined contribution retirement benefit plan (the "Wynn Macau Plan").

9 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Multi-Employer Pension Plan

Wynn Las Vegas, LLC contributes to a multi-employer defined benefit pension plan for certain of its union employees under the terms of the collective-bargaining agreement with the Culinary Workers Union, Local 226, and Bartenders Union, Local 165, which expires July 31, 2023.

The term of the collective-bargaining agreement was extended through Memoranda of Agreement that the Company and the Culinary and Bartenders' Unions entered into in April 2020 and January 2021, respectively.

Multi-Employer Pension Plans

The legal name of the multi-employer pension plan is the Southern Nevada Culinary and Bartenders Pension Plan (the "Plan") (EIN:

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Based on information the Company received from the Plan, it was certified to be in neither endangered nor critical status for the 2022 plan year.

Wynn Las Vegas, LLC contributes to a multi-employer defined benefit pension plan for certain of its union employees under the terms of the collective bargaining agreement with the International Brotherhood of Teamsters, Local 986, which expires July 21, 2024.

The legal name of the multi-employer pension plan is the Western Conference of Teamsters Pension Trust Fund (the "Fund") (EIN:

91-6145047 Plan Numbers:

217718, 217830).

The Company recorded expenses of $ 0.2 million for contributions to the Fund for the year ended December 31, 2023.

Beginning as of January 1, 2024, Encore Boston Harbor contributes to multi-employer defined benefit pension plans for certain of its union employees under the terms of the collective-bargaining agreement with UNITE HERE Local 26 affiliated with UNITE HERE and International Brotherhood of Teamsters, Chauffeurs, Warehousemen & Helpers, Local 25, which expires on August 31, 2026.

The legal names of the multi-employer pension plans are the UNITE HERE!

Workers and Hospitality Employers Variable Defined Benefit Pension Fund (the "UNITE Plan") (EIN:

45-4227067 Plan Number:

026) and the New England Teamsters Pension Fund (the "Teamsters Plan") (EIN:

04-6372430 Plan Number:

Based on information the Company received from the UNITE Plan, it was certified to be in neither endangered nor critical status for 2022.

Based on information the Company received from the Teamsters Plan, it is in critical and declining status for 2024 as defined in the Pension Protection Act of 2006, and as amended by the Multiemployer Pension Reform Act of 2014.

Risks of participating in a multi-employer plan differ from single-employer plans for the following reasons:

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The amounts are included in other accrued liabilities on the Consolidated Balance Sheets.

(4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed.

The amounts are included in other accrued liabilities on the 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 CONSOLIDATED FINANCIAL STATEMENTS (continued)

(4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed.

The amounts are included in other accrued liabilities on the Consolidated Balance Sheets and are expected to be recognized as revenue within one year of being earned by customers.

Note 13 - Stock-Based Compensation

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On June 25, 2020, the Company's shareholders approved an amendment to the WRL Omnibus Plan that increases the shares authorized for issuance by 1,500,000 shares, for an aggregate number of shares authorized for issuance to 5,909,390 shares.

As of December 31, 2022, the Company had an aggregate of 2,322,022 shares of its common stock available for grant as share-based awards under the WRL Omnibus Plan.

As of December 31, 2023, the Company had 1,585,472 shares of its common stock available for grant as share-based awards under the WRL Omnibus Plan.

Wynn Macau, Limited Share Option and Share Award Plans

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The shares available for issuance under these plans are separate and distinct from the common stock of Wynn Resorts' share plan and are not available for issuance for any awards under the Wynn Resorts share plan.

The maximum number of shares which may be issued pursuant to WML's stock-based compensation plans is a combined aggregate of 523,843,160 shares.

As of December 31, 2023, there were 521,567,160 shares available for issuance under WML's stock-based compensation plans.

WML Share Option Plan ("WML Share Option Plan")

WML adopted the WML Share Option Plan for the grant of stock options to purchase shares of WML to eligible directors and employees of WML and its subsidiaries.

WML adopted the WML Share Option Plan on May 25, 2023 to supersede its share option plan adopted on May 30, 2019.

The WML share option plan allows for the grant of stock options to purchase shares of WML to eligible directors and employees of WML, its subsidiaries, and related entities, and service providers of WML and its subsidiaries.

The WML Share Option Plan is administered by WML's board of directors, which has the discretion on the vesting and service requirements, exercise price, performance targets to exercise if applicable and other conditions, subject to certain limits .

The WML S hare O ption P lan was adopted for a period of 10 years commencing from May 25, 2023.

The maximum number of shares which may be issued pursuant to the WML Share Option Plan is 519,695,860 shares.

As of December 31, 2022, there were 496,951,860 shares available for issuance under the WML Share Option Plan.

WML Employee Share Ownership Scheme (the "WML Share Award Plan")

On June 30, 2014, WML adopted the WML Share Award Plan.

The Share Award Plan allows for the grant of nonvested shares of WML's common stock to eligible employees.

The WML Share Award Plan has been mandated under the plan to allot, issue and process the transfer of a maximum of 75,000,000 shares.

As of December 31, 2022, there were 16,196,672 shares available for issuance under the WML Share Award Plan.

WML adopted the WML Share Award Plan on May 25, 2023 to supersede its employee ownership scheme adopted on June 30, 2014.

The Share Award Plan allows for the grant of nonvested shares of WML's common stock to eligible directors and employees of WML, its subsidiaries, and related entities, and service providers of WML and its subsidiaries.

The WML Share Award Plan was adopted for a period of 10 years commencing from May 25, 2023.

Wynn Interactive Ltd.

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Fair value of shares vested $ 3,941 $ 20,547 $ 4,771

As of December 31, 2022, there was $ 40.1 million of unamortized compensation expense related to nonvested shares, which is expected to be recognized over a weighted average period of 2.09 years under the WRL Omnibus Plan.

As of December 31, 2022, there was $ 11.1 million of unamortized compensation expense, which is expected to be recognized over a weighted average period of 2.96 years under the WML Share Award Plan.

As of December 31, 2023, there was $ 55.8 million of unamortized compensation expense related to nonvested shares under the WRL Omnibus Plan, which is expected to be recognized over a weighted average period of 2.24 years.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

December 31, 2023, there was $ 12.5 million of unamortized compensation expense under the WML Share Award Plan, which is expected to be recognized over a weighted average period of 2.51 years.

Performance Share Units ("PSUs")

Certain members of the Wynn Resorts executive management team receive grants of PSUs that are subject to service and market conditions.

Each PSU represents the right to receive between 0 and 1.6 shares of Wynn Resorts common stock depending on the performance of the common stock over a three-year period.

The summary of PSU activity during the year ended December 31, 2023 is provided below:

Units Weighted

Nonvested as of January 1, 2023 — $ —

Granted 24,910 $ 121.70

Forfeited — $ —

Nonvested as of December 31, 2023 24,910 $ 121.70

The fair value of PSUs granted under the WRL Omnibus Plan during the year ended December 31, 2023 was estimated on the date of grant using a risk-free rate of 3.80 % and expected volatility of 55.0 %.

Annual Incentive Bonus

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2023 2022 2021

$ 12,401 $ 13,899 $ 8,538

Casino $ 2,163 $ 12,401 $ 13,899

Rooms 800 1,252 1,525

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Total stock-based compensation costs $ 69,783 $ 70,873 $ 100,296

(1) In 2020, reflects the reversal of $ 3.3 million of compensation cost previously recognized for awards forfeited in connection with the departure of an employee.

(1) In 2021, reflects compensation cost of $ 2.7 million recognized in connection with the vesting of restricted stock performance awards.

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Additionally, during the years ended December 31, 2023, 2022, and 2021, the Company realized tax benefits of $ 7.5 million, $ 8.9 million, and $ 8.0 million, respectively, related to stock option exercises and restricted stock vesting that occurred in those years.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 14 - Income Taxes

5 unchanged sentences

Total $ 285,383 $ ( 700,036 ) $ ( 1,011,516 )

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The income tax provision (benefit) attributable to income before income taxes is as follows (in thousands):

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Effective income tax rate ( 174.1 ) % ( 1.3 ) % — %

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

In April 2020, Wynn Macau SA received an extension of the exemption from Macau's 12% Complementary Tax on casino gaming profits earned from January 1, 2021 to June 26, 2022.

In September 2022, Wynn Macau SA received an extension of the exemption from the Complementary Tax on casino gaming profits through December 31, 2022.

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

The application is subject to approval.

For the years ended December 31, 2022 and 2021, the Company did not have any casino gaming profits exempt from the Macau Complementary Tax.

In 2024, Wynn Macau SA received an exemption from Macau's 12 % Complementary Tax on casino gaming profits from January 1, 2023 through December 31, 2027.

For the year ended December 31, 2022, the Company did not have any casino gaming profits exempt from the Macau Complementary Tax.

For the year ended December 31, 2023, the Company was exempt from the payment of Macau Complementary Tax totaling $ 77.4 million or $ 0.69 per diluted share.

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.

Wynn Macau SA also entered into an agreement with the Macau government that provides for an annual payment of MOP 12.8 million (approximately $ 1.6 million) as complementary tax otherwise due by stockholders of Wynn Macau SA on dividend distributions through 2020.

In March 2021, the Company received an extension of its Macau dividend tax agreement, providing for a payment of MOP 12.8 million (approximately $ 1.6 million) for 2021 and MOP 6.3 million (approximately $ 0.8 million) for the period ending June 26, 2022.

In December 2022, Wynn Macau SA applied for an extension of this agreement from June 27, 2022 through December 31, 2022, the date Concession Extension Agreement expired.

The extension is subject to approval.

As a result of the stockholder dividend tax agreements, income tax expense includes $ 1.6 million for each of the years ended December 31, 2022, 2021, and 2020.

The Macau special gaming tax is 35 % of gross gaming revenue.

tax laws only allow a foreign tax credit ("FTC") up to 21 % of foreign source income.

In February 2010, the Company and the IRS entered into a Pre-Filing Agreement ("PFA") providing that the Macau special gaming tax qualifies as a tax paid in lieu of an income tax and could be claimed as a U.S.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

In 2024, Wynn Macau SA renewed its agreement with the Macau government that provides for a payment in lieu of complementary tax on dividend distributions which would otherwise be borne by stockholders of Wynn Macau SA from January 1, 2023 through December 31, 2025.

The payment is $ 5.5 million for the year ended December 31, 2023.

Accounting standards require recognition of a future tax benefit to the extent that realization of such benefit is more likely than not;

otherwise, a valuation allowance is applied.

During the years ended December 31, 2022 and 2021, the aggregate valuation allowance for deferred tax assets decreased $ 64.1 million and $ 485.4 million, respectively.

During the years ended December 31, 2023 and 2022, the aggregate

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

valuation allowance for deferred tax assets decreased $ 1.10 billion and $ 64.1 million, respectively.

The 2023 decrease is primarily related to the release of valuation allowance on foreign tax credits ("FTCs") and certain deferred tax assets as a result of achieving sustained profitability in the U.S.

The 2022 decrease is primarily related to utilization of FTCs and expiration of NOL carryforwards.

The 2021 decrease is primarily related to the expiration of FTCs.

The Company recorded tax benefits resulting from the exercise of nonqualified stock options and the value of vested restricted stock and accrued dividends of $ 2.3 million, $ 0.7 million, and $ 1.9 million for the years ended December 31, 2023, 2022, and 2021, respectively, in excess of the amounts reported for such items as compensation costs under accounting standards related to stock-based compensation.

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Property and equipment 87,849 74,439

Pre-opening expenses — 1,536

Other 3,275 3,688

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Property and equipment ( 2,357 ) ( 2,628 )

Intangibles — ( 77 )

( 2,357 ) ( 2,628 )

Net deferred tax asset (liability) $ 500,877 $ ( 1,905 )

As of December 31, 2023, the Company had FTC carryforwards (net of uncertain tax positions) of $ 1.2 billion.

Of this amount, $ 710.7 million will expire in 2024, $ 47.2 million in 2025, and $ 486.2 million in 2027.

The Company has a disallowed

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

As of December 31, 2022, the Company had FTC carryforwards (net of uncertain tax positions) of $ 1.9 billion.

Of this amount, $ 673.7 million will expire in 2023, $ 710.7 million in 2024, $ 47.2 million in 2025 and $ 486.2 million in 2027.

The Company has a disallowed interest carryforward of $ 719.2 million which does not expire.

interest carryforward of $ 682.3 million which does not expire.

As of December 31, 2023, the Company had U.S.

federal tax loss carryforwards of $ 417.3 million.

federal and state tax loss carryforwards of $ 624.6 million.

As of December 31, 2022, the Company had U.S.

federal and state tax loss carryforwards of $ 343.1 million and $ 74.4 million, respectively.

federal and state tax loss carryforwards of $ 417.3 million.

federal tax loss carryforwards do not expire.

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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, ability to carryback, the reversal of net taxable temporary differences, the duration of statutory carryforward periods and tax planning strategies.

The Company relied solely on the reversal of net taxable temporary differences in assessing the need for a valuation allowance in the years ended December 31, 2022 and 2021.

In 2023, the Company considered both the achievement of sustained profitability and cumulative income as well as forecasted income and tax planning strategies to be significant forms of positive evidence.

The Company determined that the positive evidence outweighed the negative evidence and supported a release of a portion of the valuation allowance.

Therefore, the Company recorded a $ 1.10 billion net decrease to valuation allowances, including a $ 971.7 million decrease to valuation allowance on FTC carryforwards.

Of the $ 971.7 million decrease, $ 97.5 million relates to current year utilization and $ 572.6 million relates to expirations of FTCs in 2023.

The remaining $ 301.6 million represents FTCs more likely than not to be realized based on future taxable income and tax planning strategies.

The Company also recorded a $ 158.0 million decrease in valuation allowance on disallowed interest expense carryforward.

The need for valuation allowances against deferred tax assets will be reassessed on a continuous basis in future periods and, as a result, the allowance may increase or decrease based on changes in facts and circumstances.

The Company relied solely on the reversal of net taxable temporary differences in assessing the need for a valuation allowance in the year ended December 31, 2022.

As of December 31, 2023 and 2022, the Company had valuation allowances provided on its deferred tax assets as follows (in thousands):

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Balance at end of period $ 135,671 $ 135,979 $ 141,515

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

As of December 31, 2023, 2022 and 2021, unrecognized tax benefits of $ 135.7 million, $ 135.9 million and $ 141.5 million, respectively, were recorded as reductions in deferred income taxes, net.

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The Company anticipates that the 2019 statute of limitations will expire in the next 12 months for certain foreign tax jurisdictions.

Also, the Company's unrecognized tax benefits include certain income tax accounting methods, which govern the

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

timing and deductibility of income tax deductions.

Also, the Company's unrecognized tax benefits include certain income tax accounting methods, which govern the timing and deductibility of income tax deductions.

As a result, the Company's unrecognized tax benefits could decrease up to $ 1.5 million over the next 12 months.

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Note 15 - Earnings Per Share

Basic earnings per share ("EPS") is computed by dividing net income (loss) attributable to Wynn Resorts by the weighted average number of common shares outstanding during the year.

Diluted EPS is computed by dividing net income (loss) attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive.

Basic earnings per share ("EPS") is computed by dividing net income (loss) attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period.

Diluted EPS is computed by dividing net income (loss) attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible Bonds occurred as of the date of their issuance under the if-converted method, by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive.

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

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NOTES TO 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):

1 unchanged sentence

2023 2022 2021

Net loss attributable to Wynn Resorts, Limited $ ( 423,856 ) $ ( 755,786 ) $ ( 2,067,245 )

Net income (loss) attributable to Wynn Resorts, Limited - basic $ 729,994 $ ( 423,856 ) $ ( 755,786 )

Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:

Assumed conversion of WML Convertible Bonds ( 16,495 ) — —

Net income (loss) attributable to Wynn Resorts, Limited - diluted $ 713,499 $ ( 423,856 ) $ ( 755,786 )

Weighted average common shares outstanding 112,523 113,623 113,760

1 unchanged sentence

Weighted average common and common equivalent shares outstanding 112,855 113,623 113,760

Net loss attributable to Wynn Resorts, Limited per common share, basic $ ( 3.73 ) $ ( 6.64 ) $ ( 19.37 )

Net loss attributable to Wynn Resorts, Limited per common share, diluted $ ( 3.73 ) $ ( 6.64 ) $ ( 19.37 )

Net income (loss) attributable to Wynn Resorts, Limited per common share, basic $ 6.49 $ ( 3.73 ) $ ( 6.64 )

Net income (loss) attributable to Wynn Resorts, Limited per common share, diluted $ 6.32 $ ( 3.73 ) $ ( 6.64 )

Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 238 895 925

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The Company leases the real estate assets of Encore Boston Harbor pursuant to a triple-net operating lease agreement with an initial term of 30 years from December 2022 to November 2052, which may be renewed for one additional thirty-year term.

The lease has an initial base rent of $ 100 million, which increases at a fixed rate of 1.75 % for the first ten years and the greater of 1.75 % or change in consumer price index, subject to a cap of 2.5 %, for the remaining term of the lease.

The lease has an initial base rent of $ 100 million per year, which increases at a fixed rate of 1.75 % per year for the first ten years and the greater of 1.75 % or change in consumer price index, subject to a cap of 2.5 %, each year for the remaining term of the lease.

In addition, certain fixed payments in lieu of taxes ("PILOT") made on behalf of the lessor are included in lease payments for the purpose of measuring the associated operating lease assets and liabilities.

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The Company leases approximately 16 acres of undeveloped land on Las Vegas Boulevard directly across from Wynn Las Vegas in Las Vegas, Nevada, pursuant to a lease agreement which expires in 2097.

The ground lease payments, which increase at a fixed rate over the term of the lease, are $ 3.9 million in 2023, $ 4.0 million per year from 2024 to 2027 and total payments of $ 351.8 million thereafter.

The ground lease payments, which increase at a fixed rate over the term of the lease, are $ 4.0 million per year from 2024 to 2028 and total payments of $ 347.8 million thereafter.

As of December 31, 2023 and 2022, the liability associated with this lease was $ 64.8 million and $ 64.3 million, respectively.

At December 31, 2023 and 2022, operating lease assets included approximately $ 82.5 million and $ 83.6 million, respectively, related to an amount allocated to the leasehold interest in land upon the acquisition of a group of assets in 2018.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

At December 31, 2022 and 2021, operating lease assets included approximately $ 83.6 million and $ 84.7 million, respectively, related to an amount allocated to the leasehold interest in land upon the acquisition of a group of assets in 2018.

The Company expects that the amortization of this amount will be $ 1.1 million each year from 2024 through 2096 and $ 0.7 million in 2097.

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Minimum rental income $ 131,901 $ 126,226 $ 104,860

$ 126,226 $ 104,860 $ 77,946

Contingent rental income 96,831 62,586 97,521

Total rental income $ 228,732 $ 188,812 $ 202,381

(1) For the year ended December 31, 2020, reflects the impact of rent concessions provided to tenants.

The following table presents the future minimum rentals to be received under operating leases (in thousands):

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Note 17 - Related Party Transactions

Wynn Al Marjan Island Agreements

In 2022, the Company, its co-investors in Wynn Al Marjan Island, and Island 3 AMI FZ-LLC entered into agreements whereby the Company has agreed to perform certain design and development services with respect to Wynn Al Marjan Island as well as certain related preopening services, in exchange for the reimbursement of its costs incurred in performing such services.

The Company has additionally agreed to perform management services of the Wynn Al Marjan Island integrated resort upon its opening, expected to be in 2027.

During the year ended December 31, 2023, the Company was reimbursed $ 19.8 million by Island 3 AMI FZ-LLC, for reimbursable costs.

No costs were reimbursed during the year ended December 31, 2022.

As of December 31, 2023 and 2022, the Company was owed $ 8.7 million and $ 5.0 million, respectively, by Island 3 AMI FZ-LLC, for reimbursable costs recorded in "Prepaid expenses and other" in the accompanying consolidated balance sheets.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Home Purchase

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Wynn regarding the composition of the Company's Board of Directors and certain other matters, including, among other things, the appointment of Mr.

Satre to the Company's Board of Directors, standstill restrictions, releases, non-disparagement,

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

reimbursement of expenses and the grant of certain complimentary privileges.

Satre to the Company's Board of Directors, standstill restrictions, releases, non-disparagement, reimbursement of expenses and the grant of certain complimentary privileges.

The term of the Cooperation Agreement expires on the date that Mr.

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Macau Gaming Concession

Wynn Macau SA committed to make the following payments throughout the term of the Gaming Concession Contract:

(i) Gaming premium - The gaming premium is composed of (a) a fixed portion in an amount equal to MOP 30.0 million (approximately $ 3.7 million) per year;

and (b) a variable annual portion of (1) MOP 300,000 (approximately $ 37 thousand) per gaming table located in special gaming halls reserved exclusively to particular games or players;

(2) MOP 150,000 (approximately $ 19 thousand) per gaming table that is not reserved exclusively to particular games or players;

and (3) MOP 1,000 (approximately $ 125 ) per gaming machine, including slot machines, operated by Wynn Macau SA.

The amount of the variable portion of the premium cannot be less than the amount that would result from the permanent operation of 500 gaming tables and 1,000 gaming machines, i.e., MOP 76.0 million (approximately $ 9.5 million).

Wynn Macau SA committed to make certain non-gaming and gaming investments in the amount of MOP 17.73 billion (approximately $ 2.20 billion) over the course of the ten-year term of the Gaming Concession Contract.

MOP 16.50 billion (approximately $ 2.05 billion) of the committed investment will be used for non-gaming capital projects and event programming in connection with, among others, attraction of foreign tourists, conventions and exhibitions, entertainment performances, sports events, culture and art, health and wellness, themed amusement, gastronomy, community tourism and maritime tourism.

Wynn Macau SA agreed, as part of its commitment for its Gaming Concession Contract, to increase its investment in non-gaming projects (original commitment of MOP 16.50 billion (approximately $ 2.05 billion) by 20 % once market-wide gross gaming revenues reached MOP 180.00 billion (approximately $ 22.36 billion) in any one year (the "Trigger Event").

As market wide gross gaming revenue exceeded MOP 180.00 billion (approximately $ 22.36 billion) in 2023, the Trigger Event occurred at the end of 2023 and each gaming concessionaire is now required to increase its original committed investment amount in non-gaming projects by 20 %.

Wynn Macau SA will comply with its further investment commitment by investing MOP 3.30 billion (approximately $ 409.9 million) over the course of the remaining 9 years of the Gaming Concession Contract in non-gaming capital projects.

The scope, nature and timing of the additional investment in non-gaming capital projects will be mutually agreed between Wynn Macau SA and the Macau SAR Government in due course and according to the terms of the Gaming Concession Contract.

Additionally, Wynn Macau SA committed to make the following payments throughout the term of the Gaming Concession Contract:

(i) Special gaming premium - The Company is obligated to pay a special annual gaming premium if the average of the gross gaming revenues of the Company's gaming tables and gaming machines is lower than a certain minimum amount determined by the Macau government.

A minimum average annual gross gaming revenue of MOP 7.0 million (approximately $ 0.9 million) per gaming table and MOP 300,000 (approximately $ 37 thousand) per gaming machine has been set by Macau government.

1 unchanged sentence

(ii) Special levies, totaling 5 % of gross gaming revenues.

The Macau government may reduce the special levies payable by Wynn Macau SA (1) based on Wynn Macau SA’s contribution to the attraction of tourists who enter Macau for tourism and business purposes and hold travel documents issued by countries or regions other than the People’s Republic of China;

The Macau government may reduce the special levies payable by Wynn Macau SA (1) based on Wynn Macau SA’s contribution to the attraction of tourists who enter Macau for tourism and

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

business purposes and hold travel documents issued by countries or regions other than the People’s Republic of China;

(2) if Wynn Macau SA’s operations are adversely affected by abnormal, unpredictable or force majeure circumstances associated with the prevailing economic conditions of Macau;

1 unchanged sentence

(iii) Special gaming tax assessed at the rate of 35 % of gross gaming revenues.

In accordance with the terms of the Property Transfer Agreements (as defined in Note 5, "Property and Equipment, net"), Wynn Macau SA will pay the Macau government an annual amount of MOP 53.1 million (approximately $ 6.6 million) during each of the years ending December 31, 2023, 2024, and 2025, and an annual amount of MOP 177.0 million (approximately $ 22.0 million) during each of the remaining years of the term of the Gaming Concession Contract through December 31, 2032;

subject to adjustment in each year based on the average price index in Macau.

Pursuant to the Gaming Concession Contract, Wynn Macau SA will revert to Macau government the casino areas and gaming equipment, without compensation and free of encumbrance upon the rescission or termination of the gaming concession on December 31, 2032.

Wynn Macau SA also committed to make certain non-gaming and gaming investments in the amount of MOP 17.73 billion (approximately $ 2.21 billion) over the course of the ten-year term of the Gaming Concession Contract.

Wynn Macau SA will be required to increase its investment in non-gaming projects by 20 % in the following year if market-wide gross gaming revenues increase to MOP 180.00 billion (approximately $ 22.41 billion) in any one year (the "Trigger Event").

The required increase will be reduced to 16 %, 12 %, 8 %, 4 % or 0 %, respectively, if the Trigger Event occurs during the sixth, seventh, eighth, ninth or tenth year of the concession period, respectively.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Wynn Al Marjan Island Funding Commitment

Pursuant to the shareholders' agreement governing Island 3 AMI FZ-LLC, the unconsolidated entity in which the Company has a 40 % ownership interest and which owns the Wynn Al Marjan Island integrated resort development project in Ras Al Khaimah, United Arab Emirates, the Company, and the entity's other shareholders, have committed to fund the development of the project through capital contributions in an amount up to its pro rata share of at least 20 % of the project budget.

The amount and timing of such contributions are subject to approval by the entity's shareholders.

Employment Agreements

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Wynn Macau SA has been named as a defendant in lawsuits filed in the Macau Court of First Instance by individuals who claim to be investors in, or persons with credit in accounts maintained by, Dore Entertainment Company Limited ("Dore"), an independent, Macau registered and licensed company that operated a gaming promoter business at Wynn Macau.

In connection with the alleged theft, embezzlement, fraud and/or other crime(s) perpetrated by a former employee of Dore (the “Dore Incident”), the plaintiffs of the lawsuits allege that Dore failed to honor withdrawal of funds deposited with Dore as investments or gaming deposits that allegedly resulted in certain losses for these individuals.

In connection

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

with the alleged theft, embezzlement, fraud and/or other crime(s) perpetrated by a former employee of Dore (the "Dore Incident"), the plaintiffs of the lawsuits allege that Dore failed to honor withdrawal of funds deposited with Dore as investments or gaming deposits that allegedly resulted in certain losses for these individuals.

The principal allegations common to the lawsuits are that Wynn Macau SA, as a gaming concessionaire, should be held responsible for Dore’s conduct on the basis that Wynn Macau SA is responsible for the supervision of Dore’s activities at Wynn Macau that resulted in the purported losses.

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No assurances can be provided as to the outcome of the pending Dore cases, and actual results may differ from these estimates.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Securities Class Action

6 unchanged sentences

On August 14, 2020, the Company filed a motion to dismiss the amended complaint.

On July 28, 2021, the court granted in part, and denied in part, the Company's motion to dismiss the amended complaint, dismissing certain of plaintiffs' claims, including all claims against Mr.

Billings and the individual directors, and allowing other claims to proceed against the Company and several of the Company's former executive officers, including Mr.

Maddox, Stephen A.

On July 28, 2021, the court granted in part, and denied in part, the Company's motion to dismiss the amended complaint, dismissing certain of plaintiffs' claims, including all claims against current CEO Craig Billings and the individual directors, and allowing other claims to proceed against the Company and several of the Company's former executive officers, including Matthew Maddox, Stephen A.

Wynn, Kimmarie Sinatra, and Steven Cootey.

On March 2, 2023, the court granted the plaintiffs' motion for class certification and appointed lead counsel.

The parties are now proceeding with discovery.

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

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The Company assessed its ownership in the Retail Joint Venture based on consolidation accounting guidance with an evaluation being performed to determine if the Retail Joint Venture is a VIE, if the Company has a variable interest in the Retail Joint Venture and if the Company is the primary beneficiary of the Retail Joint Venture.

The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity.

The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and who

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity.

The Company concluded that the Retail Joint Venture is a VIE and the Company is the primary beneficiary based on its involvement in the leasing activities of the Retail Joint Venture.

3 unchanged sentences

The Retail Joint Venture's total liabilities as of December 31, 2023 and 2022 included long-term debt of $ 614.1 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 CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 20 - Segment Information

45 unchanged sentences

Total operating revenues $ 6,531,897 $ 3,756,825 $ 3,763,664

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

For more information on leases, see Note 16, "Leases".

WYNN RESORTS, LIMITED AND SUBSIDIARIES

15 unchanged sentences

Gain on EBH Transaction, net — ( 181,989 ) —

Impairment of goodwill and intangible assets 94,490 48,036 10,254

Property charges and other (2)

Corporate expenses and other (3)

130,877 65,116 40,508

Corporate expenses and other 146,430 102,539 95,199

Stock-based compensation 64,515 67,627 95,238

1 unchanged sentence

Total other operating expenses 1,274,772 826,063 963,982

Operating loss ( 100,676 ) ( 394,541 ) ( 1,232,045 )

Operating income (loss) 840,171 ( 100,676 ) ( 394,541 )

Other non-operating income and expenses

2 unchanged sentences

Change in derivatives fair value 45,098 15,956 11,360

Loss on extinguishment of debt — ( 2,060 ) ( 4,601 )

Loss on debt financing transactions ( 12,683 ) — ( 2,060 )

Other ( 11,479 ) 5,811 ( 23,926 )

Total other non-operating income and expenses ( 554,788 ) ( 599,360 ) ( 616,975 )

Loss before income taxes ( 700,036 ) ( 1,011,516 ) ( 1,762,275 )

Provision for income taxes ( 9,332 ) ( 474 ) ( 564,671 )

Net loss ( 709,368 ) ( 1,011,990 ) ( 2,326,946 )

Net loss attributable to noncontrolling interests 285,512 256,204 259,701

Net loss attributable to Wynn Resorts, Limited $ ( 423,856 ) $ ( 755,786 ) $ ( 2,067,245 )

(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, gain on EBH Transaction, net, 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 extinguishment of debt, and other non-operating income and expenses.

We use Adjusted Property EBITDAR to manage the operating results of our segments.

Income (loss) before income taxes 285,383 ( 700,036 ) ( 1,011,516 )

Benefit (provision) for income taxes 496,834 ( 9,332 ) ( 474 )

Net income (loss) 782,217 ( 709,368 ) ( 1,011,990 )

Net (income) loss attributable to noncontrolling interests ( 52,223 ) 285,512 256,204

Net income (loss) attributable to Wynn Resorts, Limited $ 729,994 $ ( 423,856 ) $ ( 755,786 )

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, gain on EBH Transaction, net, 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, 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.

2 unchanged sentences

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.

(3) For the year ended December 31, 2020, includes a $ 30.2 million net gain recorded in relation to a derivative litigation settlement.

(2) For the year ended December 31, 2023, includes $ 94.9 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

36 unchanged sentences

Operating revenues $ 1,423,679 $ 1,595,822 $ 1,671,936 $ 1,840,460 $ 6,531,897

Operating income (loss) $ (94,865) $ (52,028) $ (52,991) $ 99,208 $ (100,676)

Net loss $ (254,610) $ (213,422) $ (207,791) $ (33,545) $ (709,368)

Operating income $ 169,515 $ 250,336 $ 62,595 $ 357,725 $ 840,171

Net income (loss) $ 1,146 $ 127,835 $ (120,541) $ 773,777 $ 782,217

Net income (loss) attributable to Wynn Resorts, Limited $ 12,332 $ 105,184 $ (116,678) $ 729,156 $ 729,994

4 unchanged sentences

Operating revenues $ 953,334 $ 908,832 $ 889,722 $ 1,004,937 $ 3,756,825

Operating loss $ (175,732) $ (29,521) $ (83,664) $ (105,624) $ (394,541)

Operating income (loss) $ (94,865) $ (52,028) $ (52,991) $ 99,208 $ (100,676)

Net loss $ (254,610) $ (213,422) $ (207,791) $ (33,545) $ (709,368)

Net loss attributable to Wynn Resorts, Limited $ (280,978) $ (131,369) $ (166,249) $ (177,190) $ (755,786)

Basic loss per share $ (2.53) $ (1.15) $ (1.45) $ (1.54) $ (6.64)

Diluted loss per share $ (2.53) $ (1.15) $ (1.45) $ (1.54) $ (6.64)

Net income (loss) attributable to Wynn Resorts, Limited $ (183,324) $ (130,051) $ (142,892) $ 32,411 $ (423,856)

Basic income (loss) per share $ (1.59) $ (1.14) $ (1.27) $ 0.29 $ (3.73)

Diluted income (loss) per share $ (1.59) $ (1.14) $ (1.27) $ 0.29 $ (3.73)

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

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-K

Item 8. Financial Statements and Supplementary Data