What changed in this filing

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Item 1. Financial Statements

2024-05-07 compared with 2023-11-09 · 149 added, 348 removed, 480 unchanged (51% of the section changed)

3 unchanged sentences

(in thousands, except share data)

September 30, 2023 December 31, 2022

March 31, 2024 December 31, 2023

Current assets:

11 unchanged sentences

Operating lease assets 1,823,043 1,832,896

Deferred income taxes, net 484,103 500,877

Other assets 378,062 312,434

27 unchanged sentences

Additional paid-in capital 3,656,809 3,647,161

Accumulated other comprehensive income (loss) 6,218 ( 404 )

Accumulated other comprehensive income 4,830 3,406

Accumulated deficit ( 1,950,755 ) ( 2,066,953 )

5 unchanged sentences

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

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

2023 2022 2023 2022

Three Months Ended March 31,

Operating revenues:

13 unchanged sentences

Depreciation and amortization 174,933 168,812

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

Property charges and other 16,948 2,458

Total operating expenses 1,499,968 1,254,164

Operating income (loss) 62,595 ( 52,991 ) 482,446 ( 199,884 )

Operating income 362,941 169,515

Other income (expense):

2 unchanged sentences

Change in derivatives fair value ( 17,914 ) 23,046

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

Loss on debt financing transactions ( 1,561 ) ( 12,236 )

Other ( 4,722 ) ( 30,614 )

Other income (expense), net ( 166,429 ) ( 167,351 )

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

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

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

Income before income taxes 196,512 2,164

Provision for income taxes ( 20,014 ) ( 1,018 )

Net income 176,498 1,146

net (income) loss attributable to noncontrolling interests ( 32,282 ) 11,186

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

Net income attributable to Wynn Resorts, Limited $ 144,216 $ 12,332

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

7 unchanged sentences

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

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

2023 2022 2023 2022

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

Other comprehensive income (loss):

Three Months Ended March 31,

Net income $ 176,498 $ 1,146

Other comprehensive income:

Foreign currency translation adjustments, before and after tax 1,989 15,163

Total comprehensive income (loss) ( 122,860 ) ( 207,059 ) 17,689 ( 669,610 )

Total comprehensive income 178,487 16,309

comprehensive (income) loss attributable to noncontrolling interests ( 32,847 ) 6,902

Comprehensive income (loss) attributable to Wynn Resorts, Limited $ ( 118,376 ) $ ( 142,333 ) $ 7,460 $ ( 451,883 )

Comprehensive income attributable to Wynn Resorts, Limited $ 145,640 $ 23,211

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

2 unchanged sentences

(in thousands, except share data)

For the Three Months Ended September 30, 2023

outstanding Par

value Treasury

stock Additional

capital Accumulated

comprehensive

income Accumulated deficit Total Wynn Resorts, Ltd.

stockholders'

deficit Noncontrolling

interests Total

stockholders'

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

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

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

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

Cancellation of restricted stock ( 2,402 ) — — — — — — — —

Shares repurchased by the Company and held as treasury shares ( 623,417 ) — ( 58,925 ) — — — ( 58,925 ) — ( 58,925 )

Cash dividends declared — — — — — ( 28,487 ) ( 28,487 ) — ( 28,487 )

Distribution to noncontrolling interest — — — — — — — ( 6,984 ) ( 6,984 )

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

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

For the Three Months Ended September 30, 2022

For the Three Months Ended March 31, 2024

outstanding Par

8 unchanged sentences

stockholders'

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

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

Currency translation adjustment — — — — 559 — 559 173 732

Issuance of restricted stock 166,424 1 — ( 1 ) — — — — —

Cancellation of restricted stock ( 3,674 ) — — — — — — — —

Shares repurchased by the Company and held as treasury shares ( 497,062 ) — ( 29,319 ) — — — ( 29,319 ) — ( 29,319 )

Distribution to noncontrolling interest — — — — — — — ( 4,982 ) ( 4,982 )

Transactions with subsidiary minority shareholders — — — 1,627 — — 1,627 ( 1,627 ) —

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

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

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

(in thousands, except share data)

For the Nine Months Ended September 30, 2023

outstanding Par

value Treasury

stock Additional

capital Accumulated

comprehensive

income (loss) Accumulated deficit Total Wynn Resorts, Ltd.

stockholders'

deficit Noncontrolling

interests Total

stockholders'

Balances, January 1, 2024 111,737,245 $ 1,330 $ ( 1,836,326 ) $ 3,647,161 $ 3,406 $ ( 2,066,953 ) $ ( 251,382 ) $ ( 849,552 ) $ ( 1,100,934 )

9 unchanged sentences

Stock-based compensation — — — 12,494 — — 12,494 1,401 13,895

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

For the Nine Months Ended September 30, 2022

Balances, March 31, 2024 112,071,149 $ 1,335 $ ( 1,849,172 ) $ 3,656,809 $ 4,830 $ ( 1,950,755 ) $ ( 136,953 ) $ ( 809,427 ) $ ( 946,380 )

For the Three Months Ended March 31, 2023

outstanding Par

9 unchanged sentences

Balances, January 1, 2023 113,369,439 $ 1,323 $ ( 1,623,872 ) $ 3,583,923 $ ( 404 ) $ ( 2,711,808 ) $ ( 750,838 ) $ ( 889,527 ) $ ( 1,640,365 )

Net loss — — — — — ( 456,267 ) ( 456,267 ) ( 219,556 ) ( 675,823 )

Net income (loss) — — — — — 12,332 12,332 ( 11,186 ) 1,146

Currency translation adjustment — — — — 10,879 — 10,879 4,284 15,163

Exercise of stock options 25,284 — — 1,488 — — 1,488 — 1,488

Issuance of restricted stock 520,773 5 — 6,634 — — 6,639 — 6,639

2 unchanged sentences

Distribution to noncontrolling interest — — — — — — — ( 4,502 ) ( 4,502 )

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

Transactions with subsidiary minority shareholders 6,109 — — ( 754 ) — — ( 754 ) 754 —

Stock-based compensation — — — 13,654 — — 13,654 1,241 14,895

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

Balances, March 31, 2023 113,808,044 $ 1,328 $ ( 1,634,706 ) $ 3,604,945 $ 10,475 $ ( 2,699,476 ) $ ( 717,434 ) $ ( 898,936 ) $ ( 1,616,370 )

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

2 unchanged sentences

(in thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities:

Net income (loss) $ 8,440 $ ( 675,823 )

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

Net income $ 176,498 $ 1,146

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 174,933 168,812

5 unchanged sentences

Change in derivatives fair value 17,914 ( 23,046 )

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

Property charges and other 19,261 33,072

4 unchanged sentences

Accounts payable and accrued expenses ( 86,130 ) ( 13,844 )

Net cash provided by (used in) operating activities 806,550 ( 153,038 )

Net cash provided by operating activities 315,094 169,491

Cash flows from investing activities:

Capital expenditures, net of construction payables and retention ( 97,702 ) ( 124,466 )

Purchase of investments ( 786,519 ) —

Investments in unconsolidated affiliate ( 69,928 ) —

Purchase of intangible and other assets ( 15 ) ( 7,741 )

6 unchanged sentences

Proceeds from exercise of stock options 1,017 —

Proceeds from issuance of subsidiary common stock — 2,895

Proceeds from sale of noncontrolling interest in subsidiary — 50,033

Distribution to noncontrolling interest ( 5,996 ) ( 4,502 )

6 unchanged sentences

Cash, cash equivalents and restricted cash:

Decrease in cash, cash equivalents and restricted cash ( 903,404 ) ( 428,401 )

(Decrease) increase in cash, cash equivalents and restricted cash ( 459,063 ) 155,977

Balance, beginning of period 2,969,412 3,782,990

5 unchanged sentences

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

In the Macau Special Administrative Region ("Macau") of the People's Republic of China ("PRC"), the Company owns approximately 72 % of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts.

In the Macau Special Administrative Region of the People's Republic of China ("Macau"), the Company owns approximately 72 % of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts.

The Company refers to Wynn Palace and Wynn Macau as its Macau Operations.

In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100 % of Wynn Las Vegas.

Additionally, the Company is a 50.1 % owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture").

The Company is a 50.1 % owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture").

The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations.

In Everett, Massachusetts, the Company operates Encore Boston Harbor, an integrated resort.

The Company also holds an approximately 97 % interest in, and consolidates, Wynn Interactive Ltd.

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

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

Note 2 - Basis of Presentation and Significant Accounting Policies

4 unchanged sentences

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

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

The results for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2024.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

1 unchanged sentence

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries, and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary.

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

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

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

For information on the Company's VIEs, see Note 16, "Retail Joint Venture." If the entity does not qualify for consolidation and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method.

All significant intercompany accounts and transactions have been eliminated.

During the three months ended March 31, 2024, Wynn Interactive Ltd.

no longer met the requirements for a reportable segment.

As a result, its assets and results of operations are presented in Corporate and other and previous period amounts have been reclassified to be consistent with the current period presentation of the Company's reportable segments.

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

For information on the Company's reportable segments, see Note 17, "Segment Information."

Use of Estimates

1 unchanged sentence

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

1 unchanged sentence

The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments.

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

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

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

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

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

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

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

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

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

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

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

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

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

These taxes totaled $ 488.8 million and $ 310.4 million for the three months ended March 31, 2024 and 2023, respectively.

As of March 31, 2024, the Company held $ 550.0 million in fixed deposits, recorded at fair value, and $ 298.7 million in debt securities, recorded at amortized cost within Investments on the Condensed Consolidated Balance Sheets.

The estimated fair value of the Company's debt securities as of March 31, 2024 was approximately $ 298.6 million and the gross unrecognized holding loss was $ 0.1 million.

As of March 31, 2024, the Company had $ 12.2 million in accrued interest on its debt securities, recorded in Investments on the Condensed Consolidated Balance Sheets.

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 Condensed 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 Condensed Consolidated Balance Sheets.

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

1 unchanged sentence

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

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

During the three months ended March 31, 2024 and 2023, no impairment was recognized.

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.

Goodwill is not amortized, but rather is subject to impairment testing annually, or more frequently if events or changes in circumstances indicate that this asset may be impaired.

As of March 31, 2024 and December 31, 2023, the Company had a goodwill balance of $ 18.5 million, recorded in Goodwill and intangible assets, net on the Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2024, no impairment was recognized.

Recently Issued Accounting Standards

4 unchanged sentences

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

September 30, 2023 December 31, 2022

March 31, 2024 December 31, 2023

Cash and cash equivalents:

8 unchanged sentences

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

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

(3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations, cash held in a trust in accordance with WML's share award plan, and as of March 31, 2024 and December 31, 2023 included $ 86.9 million and $ 87.0 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support the legal and contractual obligations of Wynn Resorts (Macau) S.A.

("Wynn Macau SA") through the term of Wynn Macau SA's gaming concession contract.

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

Nine Months Ended September 30,

Three Months Ended March 31,

Cash paid for interest, net of amounts capitalized $ 183,812 $ 181,667

4 unchanged sentences

Finance lease liabilities arising from obtaining finance lease assets $ 3,333 $ 400

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

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

Financing costs included in accounts payable and other liabilities $ 850 $ 1,804

(1) For the three months ended March 31, 2024 and 2023, included $ 196.9 million and $ 199.6 million related to the Macau gaming premium in connection with Wynn Macau SA's gaming concession contract.

Note 4 - Receivables, net

1 unchanged sentence

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

September 30, 2023 December 31, 2022

March 31, 2024 December 31, 2023

Casino $ 172,491 $ 218,694

4 unchanged sentences

$ 297,192 $ 341,712

As of September 30, 2023 and December 31, 2022, approximately 66.8 % and 57.6 %, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia.

As of March 31, 2024 and December 31, 2023, approximately 68.4 % and 68.2 %, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia.

Business or economic conditions or other significant events in the countries in which the Company's customers reside could affect the collectability of such receivables.

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

The Company’s allowance for casino credit losses was 20.7 % and 15.9 % of gross casino receivables as of March 31, 2024 and December 31, 2023, 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.

3 unchanged sentences

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

September 30,

Balance at beginning of year $ 40,075 $ 78,842

6 unchanged sentences

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

September 30, 2023 December 31, 2022

March 31, 2024 December 31, 2023

Buildings and improvements $ 8,457,299 $ 8,459,085

6 unchanged sentences

$ 6,606,525 $ 6,688,479

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

Depreciation expense for the three months ended September 30, 2023 and 2022 was $ 156.0 million and $ 161.7 million, respectively, and depreciation expense for the nine months ended September 30, 2023 and 2022 was $ 465.0 million and $ 492.1 million, respectively.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 6 - Goodwill and Intangible Assets, net

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

September 30, 2023 December 31, 2022

Finite-lived intangible assets:

Macau gaming concession $ 208,810 $ 48,304

accumulated amortization ( 15,661 ) ( 48,304 )

Massachusetts gaming license 117,700 117,700

accumulated amortization ( 33,523 ) ( 27,638 )

84,177 90,062

Other finite-lived intangible assets 50,054 65,194

accumulated amortization ( 13,845 ) ( 8,920 )

36,209 56,274

Total finite-lived intangible assets 313,535 146,336

Indefinite-lived intangible assets:

Water rights and other 8,397 8,397

Total indefinite-lived intangible assets 8,397 8,397

Balance at beginning of year 90,520 129,738

Foreign currency translation — ( 1,457 )

Impairment ( 72,055 ) ( 37,761 )

Balance at end of period 18,465 90,520

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

Wynn Interactive Goodwill and Finite-Lived Intangible Assets

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

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

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

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

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

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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.

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.

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, 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 make annual payments to the Macau government of MOP 53.1 million (approximately $ 6.6 million) during each of the years ending December 31, 2023, 2024, and 2025, and an annual payment of MOP 177.0 million (approximately $ 21.9 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 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.

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

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

As of March 31, 2024 and December 31, 2023, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.

Depreciation expense for the three months ended March 31, 2024 and 2023 was $ 158.1 million and $ 154.1 million, respectively.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

2 unchanged sentences

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

September 30, 2023 December 31, 2022

March 31, 2024 December 31, 2023

Macau Related:

7 unchanged sentences

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

600,000 600,000

and Corporate Related:

4 unchanged sentences

WLV 5 1/4% Senior Notes, due 2027 880,000 880,000

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

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

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

Retail Term Loan, due 2025 (4)

6 unchanged sentences

Total long-term debt, net of current portion $ 9,920,130 $ 11,028,744

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

(1) As of March 31, 2024, 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 $ 281.3 million and $ 1.07 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 September 30, 2023, the weighted average interest rate was approximately 7.35 %.

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

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

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

As of March 31, 2024, the weighted average interest rate was approximately 6.80 %.

As of March 31, 2024, the available borrowing capacity under the WM Cayman II Revolver was $ 149.6 million.

(2) As of March 31, 2024, the net carrying amount of the WML Convertible Bonds was $ 484.1 million, with unamortized debt discount and debt issuance costs of $ 115.9 million.

The Company recorded contractual interest expense of $ 6.8 million and $ 1.8 million and amortization of discounts and issuance costs of $ 4.6 million and $ 1.1 million during the three months ended March 31, 2024 and 2023, respectively.

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

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

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

As of March 31, 2024, the weighted average interest rate was approximately 7.18 %.

Additionally, as of March 31, 2024, the available borrowing capacity under the WRF Revolver was $ 737.2 million, net of $ 12.8 million in outstanding letters of credit.

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

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

On June 2, 2023, the Company entered into a second amendment to the existing term loan agreement which transitions the benchmark interest rate of the Retail Term Loan from LIBOR to SOFR, effective July 3, 2023.

WM Cayman II Revolver Facility Agreement Amendment

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

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

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

dollar tranche in an amount of $ 312.5 million ("Facility A") and a Hong Kong dollar tranche in an amount of HK$ 9.26 billion (equivalent to $ 1.18 billion) ("Facility B").

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

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

WML 4 1/2% Convertible Bonds, due 2029

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 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.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

WRF Credit Facility Agreement Amendment

On May 17, 2023, Wynn Resorts Finance, LLC ("WRF") and certain of its subsidiaries entered into an amendment (the "WRF Credit Facility Agreement Amendment") to its existing credit agreement (the "WRF Credit Facility 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 Condensed Consolidated Statements of Operations, and the Company recorded debt issuance costs of $ 5.1 million, within the Condensed Consolidated Balance Sheet.

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

On February 16, 2023, WRF and its subsidiary Wynn Resorts Capital Corp.

(together with WRF, the "WRF Issuers"), each an indirect wholly owned subsidiary of the Company, 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 U.S.

Bank Trust Company, National Association, as 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 7 3/4% Senior Notes due 2025 (the "2025 WRF Senior Notes") and accepted for purchase valid tenders with respect to $ 506.4 million principal amount and paid a tender premium of $ 12.4 million to the holders of such tendered 2025 WRF Senior Notes.

The Company used a portion of the net proceeds from the issuance of the 2031 WRF Senior Notes to purchase such tendered 2025 WRF Senior Notes and to pay the tender premium and 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 Condensed Consolidated Statements of Operations, and the Company recorded debt issuance costs of $ 11.4 million within the accompanying Condensed Consolidated Balance Sheet.

As of March 31, 2024, the interest rate was 5.47 %.

WRF Senior Notes

In February 2024, Wynn Resorts Finance, LLC ("WRF") and its subsidiary, Wynn Resorts Capital Corp., 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 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes") and 5 1/8% Senior Notes due 2029 (the "2029 WRF 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 103.00 % of the principal amount plus accrued interest, resulting in net proceeds of $ 409.5 million.

The net proceeds from the 2031 WRF Add-On Senior Notes, together with cash held by Wynn Resorts, were used to repurchase an aggregate $ 796.7 million of the outstanding principal amount of the 2025 WLV Senior Notes (as defined below) and to pay the applicable tender premium and related fees and expenses.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

WLV 5 1/2% Senior Notes, due 2025

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

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

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

WLV 4 1/4% Senior Notes, due 2023

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

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

Retail Term Loan Second Amendment

On June 2, 2023, Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC (collectively, the "Borrowers") entered into a second amendment (the "Retail Term Loan Second Amendment") to their existing term loan agreement (the "Retail Term Loan Agreement").

The Retail Term Loan Second Amendment, which is effective as of July 3, 2023, amends 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.

In connection with the issuance of the 2031 WRF Add-On Senior Notes and the repurchase of the 2025 WLV Senior Notes (as further discussed below), the Company recognized a loss on debt financing transactions of $ 1.6 million within the accompanying Condensed Consolidated Statements of Income, and the Company recorded debt issuance costs of $ 5.6 million within the accompanying Condensed Consolidated Balance Sheet.

WLV Senior Notes

In February and March 2024, Wynn Las Vegas repurchased $ 800.0 million aggregate principal amount of its 5 1/2% Senior Notes due 2025 (the "2025 WLV Senior Notes"), which consisted of i) $ 681.0 million validly tendered notes repurchased at a price equal to 97.2 % of the principal amount, plus accrued interest and an early tender premium of $ 20.3 million and ii) $ 119.0 million of notes repurchased on a pro-rata basis at a price equal of 100 % of the principal amount plus accrued interest under the terms of its indenture.

Included in the $ 119.0 million repurchase was $ 3.3 million of 2025 WLV Senior Notes held by Wynn Resorts.

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

Debt Covenant Compliance

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

As of March 31, 2024, management believes the Company was in compliance with all debt covenants.

Fair Value of Long-Term Debt

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

The estimated fair value of the Company's long-term debt as of March 31, 2024 and December 31, 2023, was approximately $ 11.04 billion and $ 11.49 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $ 11.27 billion and $ 11.83 billion, respectively.

The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).

Note 7 - 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.

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

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

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

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

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

The following table sets forth the inputs to the lattice models that were used to value the WML Convertible Bond Conversion Option Derivative:

March 31, 2024 December 31, 2023

WML stock price HK$ 6.99 HK$ 6.43

3 unchanged sentences

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

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

Note 9 - Stockholders' Deficit

Equity Repurchase Program

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

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

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

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

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

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

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

Noncontrolling Interests

Retail Joint Venture

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

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

During the three months ended March 31, 2022, in exchange for cash consideration of $ 50.0 million, the Company sold to Crown Acquisitions Inc.

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

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

As of March 31, 2024 and December 31, 2023, the estimated fair value of the embedded derivative was a liability of $ 90.0 million and $ 73.7 million, respectively, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheets.

In connection with the change in fair value, the Company recorded a loss of $ 16.3 million and a gain of $ 24.9 million within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023, respectively.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

Note 8 - Stockholders' Deficit

The Company paid a cash dividend of $ 0.25 per share on its common stock during the three months ended March 31, 2024 and recorded $ 28.0 million against accumulated deficit.

On May 7, 2024, the Company's Board of Directors declared a cash dividend of $ 0.25 per share on its common stock, payable on May 31, 2024 to stockholders of record as of May 20, 2024.

Noncontrolling Interests

Wynn Macau, Limited

The WML Board of Directors has recommended the payment of a final dividend of HK$ 0.075 per share on its common stock, for a total U.S.

dollar equivalent of approximately $ 50.3 million, in respect of the year ended December 31, 2023.

The payment of the final dividend is conditional upon shareholder approval at WML's 2024 Annual General Meeting to be held on May 30, 2024.

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.

In connection with the offering of the WML Convertible Bonds, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximate 72 % ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") 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

During the three months ended March 31, 2024 and 2023, the Retail Joint Venture made aggregate distributions of approximately $ 6.0 million and $ 4.5 million, respectively, to its non-controlling interest holder.

For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture."

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 9 - Fair Value Measurements

1 unchanged sentence

Fair Value Measurements Using:

September 30, 2023 Quoted

March 31, 2024 Quoted

Active Markets

5 unchanged sentences

Interest rate collar $ 4,136 $ — $ 4,136 $ —

WML Convertible Bond Conversion Option Derivative (see Note 8)

WML Convertible Bond Conversion Option Derivative

$ 90,025 $ — $ — $ 90,025

6 unchanged sentences

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

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

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

Note 11 - Customer Contract Liabilities

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

WML Convertible Bond Conversion Option Derivative

$ 73,744 $ — $ — $ 73,744

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 10 - Customer Contract Liabilities

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

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

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

March 31, 2024 December 31, 2023 Increase / (decrease) March 31, 2023 December 31, 2022 Increase / (decrease)

Casino outstanding chips and front money deposits (1)

19 unchanged sentences

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

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

2023 2022 2023 2022

Three Months Ended March 31,

Casino $ 675 $ 477

7 unchanged sentences

Note 12 - Income Taxes

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

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

operating profits.

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

deferred taxes.

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

and foreign deferred tax assets.

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

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

In the assessment of the valuation allowance, appropriate consideration is given to all positive and negative evidence including recent operating profitability, forecast of future earnings, ability to carryback, the reversal of net taxable temporary differences, the duration of statutory carryforward periods and tax planning strategies.

Given the Company’s current earnings and anticipated future earnings, the Company believes there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to reach a conclusion that a portion of the valuation allowance on certain of its U.S.

deferred tax assets will no longer be needed.

The Company recorded an income tax expense of $ 20.0 million and $ 1.0 million for the three months ended March 31, 2024 and 2023, respectively, primarily related to its U.S.-based operating profits.

The difference between the statutory tax rate of 21 % and the effective tax rate of 10.2 % is due to the exemption from Macau’s 12 % Complementary Tax on casino gaming profits that Wynn Macau SA received.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

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

The application is subject to approval.

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

The Company is evaluating an extension of this agreement.

Note 13 - Earnings Per Share

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

Diluted EPS is computed by dividing net income (loss) attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible Bonds occurred 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.

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

Other potentially dilutive securities include outstanding stock options and unvested restricted stock.

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

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

2023 2022 2023 2022

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

Three Months Ended March 31,

Net income attributable to Wynn Resorts, Limited - basic $ 144,216 $ 12,332

Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:

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Weighted average common and common equivalent shares outstanding 111,333 113,116

Net income (loss) attributable to Wynn Resorts, Limited per common share, basic $ ( 1.03 ) $ ( 1.27 ) $ 0.01 $ ( 4.00 )

Net income attributable to Wynn Resorts, Limited per common share, basic $ 1.30 $ 0.11

Net income (loss) attributable to Wynn Resorts, Limited per common share, diluted $ 1.30 $ ( 0.02 )

Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 281 38

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 14 - Leases

1 unchanged sentence

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

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

2023 2022 2023 2022

Three Months Ended March 31,

Minimum rental income $ 34,170 $ 33,838

1 unchanged sentence

Total rental income $ 54,809 $ 62,602

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 15 - Commitments and Contingencies

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In the opinion of management, such litigation is not expected to have a material effect on the Company's financial condition, results of operations, and cash flows.

Macau Litigation Related to Dore

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.

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.

The Company believes these cases are without merit and unfounded and intends to vigorously defend against the remaining claims pleaded against Wynn Macau SA in these lawsuits.

The Company has made estimates for potential litigation costs based upon its assessment of the likely outcome and has recorded provisions for such amounts in the accompanying condensed consolidated financial statements.

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

Securities Class Action

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

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

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

Federal Investigation

5 unchanged sentences

Because no charges or claims have been brought, the Company is unable to predict the outcome of the investigation, the extent of the materiality of the outcome, or reasonably estimate the possible range of loss, if any, which could be associated with the resolution of any possible charges or claims that may be brought against the Company.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 16 - Retail Joint Venture

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

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

As of March 31, 2024 and December 31, 2023, the Retail Joint Venture had total assets of $ 100.4 million and $ 102.5 million, respectively, and total liabilities of $ 622.3 million and $ 621.9 million, respectively.

As of March 31, 2024 and December 31, 2023, the Retail Joint Venture's liabilities included long-term debt of $ 614.2 million and $ 614.1 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

Note 17 - Segment Information

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(iii) Las Vegas Operations, representing the aggregate of Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture, which are managed as a single integrated resort;

(iv) Encore Boston Harbor;

and (v) Wynn Interactive.

and (iv) Encore Boston Harbor.

For geographical reporting purposes, Wynn Macau, Wynn Palace, and Other Macau (which represents the assets of the Company's Macau holding company and other ancillary entities) have been aggregated into Macau Operations.

The assets and results of operations of Wynn Interactive are presented in Corporate and other.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

1 unchanged sentence

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

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

2023 2022 2023 2022

Three Months Ended March 31,

Operating revenues

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Total Encore Boston Harbor 217,784 216,306

Wynn Interactive:

Corporate and other:

Entertainment, retail and other 9,932 20,520

Total Wynn Interactive 22,778 17,934 69,173 61,236

Total Corporate and other 9,932 20,520

Total operating revenues $ 1,862,909 $ 1,423,679

3 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

2023 2022 2023 2022

Three Months Ended March 31,

Adjusted Property EBITDAR (1)

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Encore Boston Harbor 63,135 63,414

Wynn Interactive ( 4,864 ) ( 17,748 ) ( 40,896 ) ( 70,202 )

Corporate and other ( 2,418 ) ( 21,068 )

Total 646,535 429,746

2 unchanged sentences

Depreciation and amortization 174,933 168,812

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

Property charges and other 16,948 2,458

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

Corporate expenses and other 39,905 34,490

Stock-based compensation 14,369 14,710

Triple-net operating lease expense 35,404 — 106,318 —

Triple-net operating lease rent expense 35,404 35,283

Total other operating expenses 283,594 260,231

Operating income (loss) 62,595 ( 52,991 ) 482,446 ( 199,884 )

Operating income 362,941 169,515

Other non-operating income and expenses

2 unchanged sentences

Change in derivatives fair value ( 17,914 ) 23,046

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

Loss on debt financing transactions ( 1,561 ) ( 12,236 )

Other ( 4,722 ) ( 30,614 )

Total other non-operating income and expenses ( 166,429 ) ( 167,351 )

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

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

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

Income before income taxes 196,512 2,164

Provision for income taxes ( 20,014 ) ( 1,018 )

Net income 176,498 1,146

Net (income) loss attributable to noncontrolling interests ( 32,282 ) 11,186

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

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

Net income attributable to Wynn Resorts, Limited $ 144,216 $ 12,332

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

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 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.

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.

However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP.

Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital.

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

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

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

September 30, 2023 December 31, 2022

March 31, 2024 December 31, 2023

Macau Operations:

5 unchanged sentences

Encore Boston Harbor 1,982,407 2,006,565

Wynn Interactive 86,067 213,837

Corporate and other 2,786,406 3,129,761

1 unchanged sentence

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

What changed 10-Q

Item 1. Financial Statements