47 unchanged sentences
Key Operating Measures
−Removed: Certain key operating measures specific to the gaming industry are included in our discussion of our operational performance for the periods for which the Condensed Consolidated Statements of Income are presented.
+Added: Certain key operating measures specific to the gaming industry are included in our discussion of our operational performance for the periods for which the Condensed Consolidated Statements of Operations are presented.
These key operating measures are presented as supplemental disclosures because management and/or certain investors use these measures to better understand period-over-period fluctuations in our casino and hotel operating revenues.
39 unchanged sentences
Results of Operations
−Removed: Summary of second quarter 2024 results
+Added: Summary of third quarter 2024 results
The following table summarizes our financial results for the periods presented (dollars in thousands, except per share data):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 Increase/ (Decrease) Percent Change 2024 2023 Increase/ (Decrease) Percent Change
Operating revenues $ 1,693,323 $ 1,671,936 $ 21,387 1.3 $ 5,289,164 $ 4,691,437 $ 597,727 12.7
−Removed: Net income attributable to Wynn Resorts, Limited 111,943 105,184 6,759 6.4 256,159 117,516 138,643 118.0
−Removed: Diluted net income per share 0.91 0.84 0.07 8.3 2.30 0.84 1.46 173.8
−Removed: The increase in operating revenues for the three months ended June 30, 2024 was primarily driven by increases of $79.7 million and $35.7 million from Wynn Palace and Wynn Macau, respectively, resulting from an increase in mass market gaming volumes and covers at our restaurants.
−Removed: Since the elimination of COVID-19 related protective measures by Macau authorities in January 2023, visitation to Macau and to our Macau Operations has continued to improve, resulting in increased business
−Removed: volumes at our Macau Operations for the three months ended June 30, 2024.
−Removed: Operating revenues at our Las Vegas Operations also increased $50.6 million primarily due to increases in ADR and restaurant covers.
−Removed: The increase in net income attributable to Wynn Resorts, Limited for the three months ended June 30, 2024 was primarily due to increased operating revenues at our Macau Operations and our Las Vegas Operations, partially offset by an increase in operating expenses.
−Removed: Financial results for the three months ended June 30, 2024 compared to the three months ended June 30, 2023.
+Added: Net income (loss) attributable to Wynn Resorts, Limited (32,053) (116,678) 84,625 72.5 224,106 838 223,268 NM
+Added: Diluted net income (loss) per share (0.29) (1.03) 0.74 71.8 2.02 0.01 2.01 NM
+Added: NM - Not meaningful.
+Added: The increase in operating revenues for the three months ended September 30, 2024 was primarily driven by an increase of $56.9 million from Wynn Macau as a result of higher gaming volumes, partially offset by a decrease in operating revenues at Wynn Interactive of $22.5 million following the closure of Wynn Interactive's digital sports betting and casino gaming
+Added: business, and a decrease in operating revenues at our Las Vegas Operations of $11.8 million primarily due to lower table games win.
+Added: The decrease in net loss attributable to Wynn Resorts, Limited for the three months ended September 30, 2024 was primarily due to a decrease in operating expenses in connection with the closure of Wynn Interactive's digital sports betting and casino gaming business.
+Added: The decrease in net loss attributable to Wynn Resorts, Limited for the three months ended September 30, 2024 was partially offset by $130.0 million of forfeitures pursuant to the NPA, as described in Note 15, "Commitments and Contingencies" of Item 1—"Notes to Condensed Consolidated Financial Statements."
+Added: Financial results for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.
Operating revenues
The following table presents our operating revenues (dollars in thousands):
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
2024 2023 Increase/ (Decrease) Percent Change
9 unchanged sentences
The following table presents our casino and non-casino operating revenues (dollars in thousands):
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
2024 2023 Increase/ (Decrease) Percent Change
7 unchanged sentences
$ 1,693,323 $ 1,671,936 $ 21,387 1.3
−Removed: Casino revenues for the three months ended June 30, 2024 were 58.2% of operating revenues, compared to 57.2% for the same period of 2023.
−Removed: Non-casino revenues for the three months ended June 30, 2024 were 41.8% of operating revenues, compared to 42.8% for the same period of 2023.
+Added: Casino revenues for the three months ended September 30, 2024 were 60.2% of operating revenues, compared to 58.2% for the same period of 2023.
+Added: Non-casino revenues for the three months ended September 30, 2024 were 39.8% of operating revenues, compared to 41.8% for the same period of 2023.
Casino revenues
−Removed: Casino revenues increased primarily due to higher mass market volumes at our Macau Operations which continued to benefit from higher visitation following the elimination of COVID-19 related protective measures by Macau authorities in January 2023.
+Added: Casino revenues increased primarily due to higher gaming volumes at Wynn Macau, which was partially offset by a decrease in casino revenues from our Las Vegas Operations primarily due to lower gaming volumes.
The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
2024 2023 Increase/ (Decrease) Percent Change
15 unchanged sentences
Slot machine win per unit per day $ 497 $ 429 $ 68 15.9
−Removed: Poker rake $ 736 $ — $ 736 NM
Total casino revenues $ 296,781 $ 230,294 $ 66,487 28.9
14 unchanged sentences
Poker rake $ 3,205 $ 4,494 $ (1,289) (28.7)
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
2024 2023 Increase/ (Decrease) Percent Change
23 unchanged sentences
Poker rake $ 5,334 $ 5,224 $ 110 2.1
−Removed: NM - Not meaningful.
Non-casino revenues
The table below sets forth our room revenues and associated key operating measures:
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
2024 2023 Increase/ (Decrease) Percent Change
19 unchanged sentences
REVPAR $ 412 $ 405 $ 7 1.7
−Removed: Room revenues increased $28.0 million, primarily due to higher ADR at our Las Vegas Operations.
−Removed: Food and beverage revenues increased $24.4 million, primarily due to increased restaurant covers and average check amounts at our Las Vegas Operations and our Macau Operations.
−Removed: Entertainment, retail and other revenues decreased $11.2 million, primarily due to a decrease in operating revenues at Wynn Interactive of $19.5 million following the closure of Wynn Interactive's digital sports betting and casino gaming business in certain jurisdictions, partially offset by a $10.7 million increase in operating revenues from entertainment venue and convention-related sales at our Las Vegas Operations.
+Added: Room revenues decreased $4.6 million, primarily due to lower ADR at our Macau Operations, which was partially offset by higher ADR at our Las Vegas Operations.
+Added: Food and beverage revenues decreased $4.8 million, primarily due to a $11.3 million decrease in food and beverage revenues at our Las Vegas Operations as a result of decreased restaurant covers, partially offset by a $5.3 million increase at Wynn Palace from increased restaurant covers and average check amounts.
+Added: Entertainment, retail and other revenues decreased $15.5 million, primarily due to a decrease in operating revenues at Wynn Interactive.
Operating expenses
The table below presents operating expenses (dollars in thousands):
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
2024 2023 Increase/ (Decrease) Percent Change
5 unchanged sentences
General and administrative 271,829 268,445 3,384 1.3
−Removed: Provision for credit losses 2,429 (6,640) 9,069 NM
+Added: Provision for credit losses 1,836 870 966 111.0
Pre-opening 2,457 867 1,590 183.4
Depreciation and amortization 156,273 171,969 (15,696) (9.1)
+Added: Impairment of goodwill and intangible assets — 93,990 (93,990) (100.0)
Property charges and other 150,475 114,288 36,187 31.7
Total operating expenses $ 1,560,086 $ 1,609,341 $ (49,255) (3.1)
−Removed: NM - Not meaningful.
−Removed: The increase in total operating expenses was primarily due to increased operating costs associated with higher business volumes at our properties, partially offset by decreased entertainment, retail and other expenses related to Wynn Interactive following the closure of WynnBET, Wynn Interactive's digital sports betting and casino gaming business, in certain jurisdictions.
−Removed: Casino expenses increased $43.5 million and $22.5 million at Wynn Palace and Wynn Macau, respectively.
−Removed: These increases resulted from higher operating costs, including $36.3 million and $17.0 million in incremental gaming tax expense at Wynn Palace and Wynn Macau, respectively, driven by the increase in casino revenues.
+Added: The decrease in total operating expenses was primarily due to goodwill and intangible asset impairments recognized in the three months ended September 30, 2023 in connection with the closure of Wynn Interactive's digital sports betting and casino gaming business, as well as decreased entertainment, retail and other expenses related to Wynn Interactive's operations during the three months ended September 30, 2024.
+Added: Casino expenses increased $29.9 million and $8.2 million at Wynn Macau and Wynn Palace, respectively.
+Added: These increases resulted from higher operating costs, including $26.3 million and $3.3 million in incremental gaming tax expense at Wynn Macau and Wynn Palace, respectively, driven by an increase in casino revenues.
Room expenses increased $3.4 million at our Las Vegas Operations as a result of higher operating costs, commensurate with the increase in room revenues.
−Removed: Food and beverage expenses increased $11.0 million and $6.0 million at our Las Vegas Operations and Macau Operations, respectively, as a result of higher operating costs related to increases in food and beverage revenues.
Entertainment, retail and other expenses decreased $27.3 million at Corporate and other as a result of decreased operating costs related to Wynn Interactive.
−Removed: This decrease is partially offset by an increase of $12.8 million at our Las Vegas Operations primarily due to increased entertainment venue and convention-related revenue.
−Removed: General and administrative expenses increased primarily due to an increase of $9.5 million at our Las Vegas Operations attributable to payroll, marketing-related costs, and other general and administrative expenses.
−Removed: This increase was partially offset by decreases of $2.9 million and $1.3 million at Encore Boston Harbor and our Macau Operations, respectively.
−Removed: Property charges and other expenses for the three months ended June 30, 2024 consisted primarily of $61.5 million of expensed project costs related to a discontinued development project, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets, both included in Corporate and other.
−Removed: Property charges and other expenses for the three months ended June 30, 2023 consisted primarily of asset abandonments of $6.6 million and $1.1 million at our Las Vegas Operations and Wynn Palace, respectively, as well as contract termination and other expenses of $6.5 million at Wynn Macau.
+Added: Depreciation and amortization decreased $18.3 million at Encore Boston Harbor as result of certain furniture, fixtures and equipment assets being fully depreciated five years after the opening of the property in June of 2019.
+Added: During the three months ended September 30, 2023, the Company recognized impairment of goodwill and other finite-lived intangible assets of $72.1 million and $21.9 million, respectively, as a result of our decision to close Wynn Interactive's digital sports betting and casino gaming business.
+Added: Property charges and other expenses for the three months ended September 30, 2024 consisted primarily of $130.0 million of forfeitures pursuant to the NPA and the Company's $9.4 million contribution towards a legal settlement.
+Added: Property charges and other expenses for the three months ended September 30, 2024 also included $12.5 million of contract termination and other costs related to the closure of Wynn Interactive's digital sports betting and casino gaming business.
+Added: Property charges and other expenses for the three months ended September 30, 2023 consisted primarily of contract termination and other expenses of $97.7 million, as a result of our decision to close Wynn Interactive's digital sports betting and casino gaming business.
+Added: Property charges and other expenses for the three months ended September 30, 2023 also included other contract terminations and asset abandonments of $9.1 million, $3.4 million, and $1.3 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively.
Other non-operating income and expenses
−Removed: Interest expense, net of capitalized interest, decreased $15.6 million primarily due to a decrease in the weighted average debt balance, from $12.50 billion for the three months ended June 30, 2023, to $11.43 billion for the three months ended June 30, 2024.
−Removed: We recorded interest income of $34.9 million and $44.1 million in the three months ended June 30, 2024 and 2023, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.
−Removed: We incurred a foreign currency remeasurement gain of $8.7 million and $7.0 million for the three months ended June 30, 2024 and 2023, respectively.
+Added: Interest expense, net of capitalized interest, decreased $20.6 million due to a decrease in the weighted average debt balance, from $12.33 billion for the three months ended September 30, 2023, to $11.40 billion for the three months ended September 30, 2024, and a decrease in the weighted average interest rate, from 6.18% for the three months ended September 30, 2023, to 5.67% for the three months ended September 30, 2024.
+Added: We recorded interest income of $30.7 million and $46.5 million in the three months ended September 30, 2024 and 2023, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.
+Added: We incurred a foreign currency remeasurement gain of $21.3 million and $3.9 million for the three months ended September 30, 2024 and 2023, respectively.
The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S.
1 unchanged sentence
dollar denominated debt and other obligations from our Macau-related entities drove the variability between periods.
−Removed: We recorded a gain of $15.5 million and $24.3 million for the three months ended June 30, 2024 and 2023, respectively, from change in derivatives fair value, primarily related to the conversion feature of the WML Convertible Bonds.
−Removed: We recorded a $3.4 million loss on debt financing transactions for the three months ended June 30, 2023, primarily related to the issuance of the 2031 WRF Senior Notes and the repurchase of the tendered 2025 WRF Senior Notes.
−Removed: We recorded an income tax expense of $7.9 million and $4.3 million for the three months ended June 30, 2024 and 2023, respectively, primarily related to our U.S.
−Removed: based operating profits.
−Removed: Net income attributable to noncontrolling interests
−Removed: Net income attributable to noncontrolling interests was $34.3 million and $22.7 million for the three months ended June 30, 2024 and 2023, respectively.
−Removed: These amounts are primarily related to the noncontrolling interests' share of net income attributable to WML.
−Removed: Financial results for the six months ended June 30, 2024 compared to the six months ended June 30, 2023.
+Added: We recorded a loss of $5.5 million and $50.6 million for the three months ended September 30, 2024 and 2023, respectively, from change in derivatives fair value, primarily related to the conversion feature of the WML Convertible Bonds.
+Added: We recorded a $0.1 million loss on debt financing transactions in the three months ended September 30, 2024 related to the WRF Credit Facility Agreement Amendment.
+Added: During the three months ended September 30, 2023, we recorded a $2.9 million gain on debt financing transactions related to the repurchase of the tendered 2025 WRF Senior Notes.
+Added: We recorded an income tax expense of $17.1 million and a benefit $2.7 million for the three months ended September 30, 2024 and 2023, respectively.
+Added: The income tax expense for the three months ended September 30, 2024 primarily relates to U.S.
+Added: based operating profits as well as an increase in non-deductible expenses.
+Added: The income tax benefit for the three months ended September 30, 2023 primarily related to operating profits.
+Added: Net income (loss) attributable to noncontrolling interests
+Added: We recognized net income attributable to noncontrolling interests and net loss attributable to noncontrolling interests of $26.6 million and $3.9 million for the three months ended September 30, 2024 and 2023, respectively.
+Added: These amounts are primarily related to the noncontrolling interests' share of net income or loss attributable to WML.
+Added: Financial results for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.
Operating revenues
The following table presents our operating revenues (dollars in thousands):
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
2024 2023 Increase/ (Decrease) Percent Change
9 unchanged sentences
The following table presents our casino and non-casino operating revenues (dollars in thousands):
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
2024 2023 Increase/ (Decrease) Percent Change
7 unchanged sentences
$ 5,289,164 $ 4,691,437 $ 597,727 12.7
−Removed: Casino revenues for the six months ended June 30, 2024 were 59.2% of operating revenues, compared to 55.6% for the same period of 2023.
−Removed: Non-casino revenues for the six months ended June 30, 2024 were 40.8% of operating revenues, compared to 44.4% for the same period of 2023.
+Added: Casino revenues for the nine months ended September 30, 2024 were 59.5% of operating revenues, compared to 56.5% for the same period of 2023.
+Added: Non-casino revenues for the nine months ended September 30, 2024 were 40.5% of operating revenues, compared to 43.5% for the same period of 2023.
Casino revenues
−Removed: Casino revenues increased primarily due to higher gaming volumes at our Macau Operations which continued to benefit from higher visitation following the elimination of COVID-19 related protective measures by Macau authorities in January 2023.
+Added: Casino revenues increased primarily due to higher gaming volumes at our Macau Operations which benefited from growing tourism in Macau during the nine months ended September 30, 2024.
The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
2024 2023 Increase/ (Decrease) Percent Change
32 unchanged sentences
Poker rake $ 11,831 $ 13,807 $ (1,976) (14.3)
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
2024 2023 Increase/ (Decrease) Percent Change
26 unchanged sentences
The table below sets forth our room revenues and associated key operating measures:
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
2024 2023 Increase/ (Decrease) Percent Change
18 unchanged sentences
REVPAR $ 387 $ 362 $ 25 6.9
−Removed: Room revenues increased $82.9 million, primarily due to higher occupancy and ADR at our Macau Operations and higher ADR at our Las Vegas Operations.
+Added: Room revenues increased $78.3 million, primarily due to higher ADR at our Las Vegas Operations.
Food and beverage revenues increased $53.9 million, primarily due to increased restaurant covers and average check amounts at our Las Vegas Operations and our Macau Operations.
−Removed: Entertainment, retail and other revenues decreased $15.7 million primarily due to $30.1 million of decreased operating revenues at Wynn Interactive following the closure of Wynn Interactive's digital sports betting and casino gaming business in certain jurisdictions, partially offset by a $13.7 million increase in operating revenues from entertainment venue and convention-related sales at our Las Vegas Operations.
+Added: Entertainment, retail and other revenues decreased $31.2 million, primarily due to a decrease in operating revenues at Wynn Interactive.
Operating expenses
The table below presents operating expenses (dollars in thousands):
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
2024 2023 Increase/ (Decrease) Percent Change
8 unchanged sentences
Depreciation and amortization 507,611 510,743 (3,132) (0.6)
+Added: Impairment of goodwill and intangible assets — 94,490 (94,490) (100.0)
Property charges and other 206,238 132,265 73,973 55.9
1 unchanged sentence
NM - Not meaningful.
−Removed: The increase in total operating expenses was primarily due to increased operating costs associated with higher business volumes at our properties, partially offset by decreased entertainment, retail and other expenses related to Wynn Interactive following the closure of WynnBET, Wynn Interactive's digital sports betting and casino gaming business, in certain jurisdictions.
+Added: The increase in total operating expenses was primarily due to increased operating costs associated with higher business volumes at our properties, partially offset by decreased operating expenses related to Wynn Interactive following the closure of Wynn Interactive's digital sports betting and casino gaming business.
Casino expenses increased $162.9 million and $135.7 million at Wynn Palace and Wynn Macau, respectively.
3 unchanged sentences
Entertainment, retail and other expenses decreased $94.0 million at Corporate and other as a result of decreased operating costs related to Wynn Interactive.
−Removed: This decrease is partially offset by an increase of $17.9 million at our Las Vegas Operations primarily due to entertainment venue and convention-related revenue.
−Removed: General and administrative expenses increased primarily due to an increase of $11.9 million at our Las Vegas Operations, attributable to payroll, including stock-based compensation, marketing-related costs, and other general and administrative expenses.
−Removed: In addition, general and administrative expenses increased $9.3 million at Corporate and other, primarily due to an increase in payroll and other general and administrative expenses.
−Removed: Property charges and other expenses for the six months ended June 30, 2024 consisted primarily of $61.5 million of expensed project costs related to a discontinued development project, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets, both included in Corporate and other.
−Removed: Property charges and other expenses for the six months ended June 30, 2023 consisted primarily of asset abandonments of $6.7 million and $3.4 million at our Las Vegas Operations and Wynn Palace, respectively, as well as contract termination and other expenses of $6.5 million at Wynn Macau.
+Added: This decrease is partially offset by an increase of $24.4 million at our Las Vegas Operations primarily due to increased costs from entertainment venue and convention-related revenue.
+Added: During the nine months ended September 30, 2023, the Company recognized impairment of goodwill and other finite-lived intangible assets of $72.1 million and $22.4 million, respectively, as a result of our decision to close Wynn Interactive's online sports betting and casino gaming business.
+Added: Property charges and other expenses for the nine months ended September 30, 2024 consisted primarily of $130.0 million of forfeitures pursuant to the NPA and the Company's $9.4 million contribution towards a legal settlement.
+Added: Property charges and other expenses for the nine months ended September 30, 2024 also included $12.6 million of asset abandonments at Wynn Palace, $61.5 million of expensed project costs related to a discontinued development project at Corporate and other and $16.8 million of contract termination and other costs related to Wynn Interactive, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets.
+Added: Property charges and other expenses for the nine months ended September 30, 2023 consisted primarily of contract termination and other expenses of $97.7 million, as a result of our decision to close Wynn Interactive's digital sports betting and casino gaming business.
+Added: Property charges and other expenses for the nine months ended September 30, 2023 also included other contract terminations of $9.6 million at Wynn Macau, and asset abandonments of $12.2 million and $8.0 million at Wynn Palace and our Las Vegas Operations, respectively.
Other non-operating income and expenses
−Removed: Interest expense, net of capitalized interest, decreased $21.0 million primarily due to a decrease in the weighted average debt balance, from $12.55 billion for the six months ended June 30, 2023, to $11.68 billion for the six months ended June 30, 2024, the effect of which was partially offset by an increase in the weighted average interest rate from 6.02% for the six months ended June 30, 2023, to 6.11% for the six months ended June 30, 2024.
−Removed: We recorded interest income of $75.1 million and $84.3 million in the six months ended June 30, 2024 and 2023, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.
−Removed: We incurred a foreign currency remeasurement gain of $4.0 million and a loss of $23.7 million for the six months ended June 30, 2024 and 2023, respectively.
+Added: Interest expense, net of capitalized interest, decreased $41.6 million primarily due to a decrease in the weighted average debt balance, from $12.48 billion for the nine months ended September 30, 2023, to $11.58 billion for the nine months ended September 30, 2024.
+Added: We recorded interest income of $105.8 million and $130.9 million in the nine months ended September 30, 2024 and 2023, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.
+Added: We incurred a foreign currency remeasurement gain of $25.3 million and a loss of $19.8 million for the nine months ended September 30, 2024 and 2023, respectively.
The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S.
1 unchanged sentence
dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods.
−Removed: We recorded a loss of $2.4 million for the six months ended June 30, 2024, from change in derivatives fair value, primarily related to the interest rate collar on the Retail Term Loan .
−Removed: We recorded a gain of $47.4 million for the six months ended June 30, 2023, from change in derivatives fair value, primarily related to the conversion feature of the WML Convertible Bonds.
−Removed: We recorded a $1.6 million loss on debt financing transactions for the six months ended June 30, 2024, primarily related to the issuance of the 2031 Add-On WRF Senior Notes and the repurchase of the tendered 2025 WLV Senior Notes.
−Removed: We recorded a $15.6 million loss on debt financing transactions for the six months ended June 30, 2023, primarily related to the issuance of the 2031 WRF Senior Notes and the repurchase of the early tendered 2025 WRF Senior Notes.
−Removed: We recorded income tax expense of $27.9 million and $5.3 million for the six months ended June 30, 2024 and 2023, respectively.
−Removed: Income tax expense in 2024 and 2023 primarily related to U.S.
−Removed: operating profits.
+Added: We recorded a loss of $7.9 million from changes in derivatives fair value for the nine months ended September 30, 2024, primarily related to the interest rate collar on the Retail Term Loan .
+Added: We recorded a loss of $3.3 million from changes in derivatives fair value for the nine months ended September 30, 2023, primarily related to the conversion feature of the WML Convertible Bonds.
+Added: We recorded a $1.7 million loss on debt financing transactions for the nine months ended September 30, 2024, primarily related to the issuance of the 2031 Add-On WRF Senior Notes and the repurchase of the tendered 2025 WLV Senior Notes.
+Added: We recorded a $12.7 million loss on debt financing transactions for the nine months ended September 30, 2023, primarily related to the issuance of the 2031 WRF Senior Notes and the repurchase of the early tendered 2025 WRF Senior Notes.
+Added: We recorded income tax expense of $45.1 million and $2.6 million for the nine months ended September 30, 2024 and 2023, respectively.
+Added: Income tax expense in 2024 primarily relates to U.S.-based operating profits as well as an increase in non-deductible expenses.
+Added: Income tax expense in 2023 primarily related to operating profits.
Net income attributable to noncontrolling interests
−Removed: Net income attributable to noncontrolling interests was $66.6 million and $11.5 million for the six months ended June 30, 2024 and 2023, respectively.
+Added: Net income attributable to noncontrolling interests was $93.3 million and $7.6 million for the nine months ended September 30, 2024 and 2023, respectively.
These amounts are primarily related to the noncontrolling interests' share of net income from WML.
1 unchanged sentence
As further described in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information," we use Adjusted Property EBITDAR to manage the operating results of our segments.
−Removed: 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.
+Added: Adjusted Property EBITDAR is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss (gain) 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.
7 unchanged sentences
Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
−Removed: The following table summarizes Adjusted Property EBITDAR (dollars in thousands) for Wynn Palace, Wynn Macau, Las Vegas Operations, Encore Boston Harbor, and Corporate and other as reviewed by management and summarized in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information." That footnote also presents a reconciliation of Adjusted Property EBITDAR to net income attributable to Wynn Resorts, Limited.
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: The following table summarizes Adjusted Property EBITDAR (dollars in thousands) for Wynn Palace, Wynn Macau, Las Vegas Operations, Encore Boston Harbor, and Corporate and other as reviewed by management and summarized in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information." That footnote also presents a reconciliation of Adjusted Property EBITDAR to net income (loss) attributable to Wynn Resorts, Limited.
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 Increase/ (Decrease) Percent Change 2024 2023 Increase/ (Decrease) Percent Change
5 unchanged sentences
NM - Not meaningful.
−Removed: Adjusted Property EBITDAR at Wynn Palace and Wynn Macau increased $27.9 million and $6.3 million for the three months ended June 30, 2024, respectively, and $119.2 million and $98.8 million for the six months ended June 30, 2024, respectively, primarily due to an increase in operating revenues of $79.7 million and $35.7 million for the three months ended June 30, 2024, respectively, and $297.2 million and $216.7 million for the six months ended June 30, 2024, respectively, partially offset by an increase in operating expenses.
−Removed: Since the elimination of COVID-19 related protective measures by Macau authorities in January 2023, visitation to Macau and to our Macau Operations has improved, resulting in increased business volumes at our Macau Operations for the six months ended June 30, 2024.
−Removed: Adjusted Property EBITDAR at our Las Vegas Operations increased $6.2 million and $20.9 million for the three and six months ended June 30, 2024, respectively, primarily due to an increase in non-casino revenues of $58.9 million and $128.0 million, respectively, partially offset by an increase in operating expenses.
−Removed: Adjusted Property EBITDAR at Encore Boston Harbor decreased $7.0 million and $7.3 million for the three and six months ended June 30, 2024, respectively, primarily due to a decrease in casino revenues of $13.2 million and $12.5 million, respectively, partially offset by a decrease in operating expenses.
−Removed: Adjusted Property EBITDAR at Corporate and other increased $13.8 million and $32.4 million for the three and six months ended June 30, 2024, respectively, primarily due to a decrease in marketing and promotional expense of $10.9 million and $26.4 million, respectively, related to Wynn Interactive following our decision, announced in August 2023, to close WynnBET, Wynn Interactive's digital sports betting and casino gaming business, in certain jurisdictions.
+Added: Adjusted Property EBITDAR at Wynn Macau increased $22.7 million for the three months ended September 30, 2024 primarily due to an increase in casino revenues of $66.5 million, partially offset by an increase in operating expenses.
+Added: Adjusted Property EBITDAR at Wynn Palace decreased $14.8 million for the three months ended September 30, 2024, primarily due to decreases in non-casino revenues of $5.0 million coupled with an increase of $8.2 million in casino expenses, inclusive of gaming taxes.
+Added: Adjusted Property EBITDAR at Wynn Palace and Wynn Macau increased $104.4 million and $121.4 million, respectively, for the nine months ended September 30, 2024, primarily due to an increase in operating revenues of $292.3 million and $273.6 million, respectively, partially offset by an increase in operating expenses.
+Added: Adjusted Property EBITDAR at our Las Vegas Operations decreased $17.0 million for the three months ended September 30, 2024 primarily due to decreases in casino revenues of $22.9 million which was primarily attributable to lower table games win.
+Added: Adjusted Property EBITDAR at our Las Vegas Operations increased $3.9 million for the nine months ended September 30, 2024, primarily due to an increase in non-casino revenues of $139.2 million, partially offset by a decrease in casino revenues of $50.6 million and increases in operating expenses.
+Added: Adjusted Property EBITDAR at Encore Boston Harbor increased $2.5 million for the three months ended September 30, 2024, primarily due to an increase in operating revenues of $3.7 million, partially offset by an increase in operating expenses.
+Added: Adjusted Property EBITDAR at Encore Boston Harbor decreased $4.7 million for the nine months ended September 30, 2024, primarily due to a decrease in operating revenues of $4.1 million.
+Added: Adjusted Property EBITDAR at Corporate and other increased $3.9 million and $36.4 million for the three and nine months ended September 30, 2024, respectively, primarily due to a decrease in marketing and promotional expense of $5.7 million and $32.0 million, respectively, related to Wynn Interactive following our decision, announced in August 2023, to close Wynn Interactive's digital sports betting and casino gaming business.
Refer to the discussions above regarding the specific details of our results of operations.
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Our cash flows were as follows (in thousands):
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Cash Flows - Summary 2024 2023
7 unchanged sentences
Proceeds from sale of assets and other 26,797 490
−Removed: Net cash used in investing activities (271,626) (544,261)
+Added: Net cash provided by (used in) investing activities 126,512 (1,178,378)
Cash flows from financing activities:
10 unchanged sentences
Effect of exchange rate on cash, cash equivalents and restricted cash 3,351 (3,721)
−Removed: Decrease increase in cash, cash equivalents and restricted cash $ (499,368) $ (35,193)
+Added: Increase (decrease) in cash, cash equivalents and restricted cash $ 739,301 $ (903,404)
Operating Activities
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Accordingly, operating cash flows will be impacted by changes in operating income and accounts receivable, net.
−Removed: During the six months ended June 30, 2024, the increase in cash flows from operating activities was primarily due to increased revenues from our Macau Operations and our Las Vegas Operations, which was partially offset by an increase in operating expenses associated with higher business volumes.
−Removed: During the six months ended June 30, 2023, the increase in cash flows from operating activities was primarily due to increased revenues from our Macau Operations, our Las Vegas Operations, and Encore Boston Harbor, which was partially offset by an increase in operating expenses associated with higher business volumes.
+Added: During the nine months ended September 30, 2024, the increase in cash flows from operating activities was primarily due to increased revenues from our Macau Operations and our Las Vegas Operations, which was partially offset by an increase in operating expenses associated with higher business volumes.
+Added: During the nine months ended September 30, 2023, the increase in cash flows from operating activities was primarily due to increased revenues from our Macau Operations and our Las Vegas Operations, which was partially offset by an increase in operating expenses associated with higher business volumes.
Investing Activities
Our investing activities primarily consist of project capital expenditures and maintenance capital expenditures associated with maintaining and continually refining our world-class integrated resort properties.
−Removed: During the six months ended June 30, 2024, we incurred capital expenditures of $59.1 million at our Las Vegas Operations, $22.1 million at Encore Boston Harbor, $49.4 million at Wynn Palace, and $28.3 million at Wynn Macau primarily related to maintenance capital expenditures, and $32.4 million at Corporate and other primarily related to future development projects.
−Removed: In addition, during the six months ended June 30, 2024, we contributed $429.0 million in cash to Island 3 and received proceeds of $300.0 million and $50.0 million upon the maturity of our investments in debt securities and fixed deposits, respectively.
−Removed: During the six months ended June 30, 2023, we incurred capital expenditures of $96.1 million at our Las Vegas Operations, $41.3 million at Encore Boston Harbor, $14.1 million at Wynn Palace, and $8.9 million at Wynn Macau primarily related to maintenance capital expenditures, and $55.0 million at Corporate and other primarily related to future development projects.
−Removed: In addition, during the six months ended June 30, 2023, we purchased $286.5 million in investment securities.
+Added: During the nine months ended September 30, 2024, we incurred capital expenditures of $106.0 million at our Las Vegas Operations, $72.1 million at Wynn Palace, $38.8 million at Wynn Macau, and $27.5 million at Encore Boston Harbor primarily related to maintenance capital expenditures, and $48.4 million at Corporate and other primarily related to future development projects.
+Added: In addition, during the nine months ended September 30, 2024, we invested $455.0 million, including $442.7 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan Island, and received proceeds of $300.0 million and $550.0 million upon the maturity of our investments in debt securities and fixed deposits, respectively.
+Added: During the nine months ended September 30, 2023, we incurred capital expenditures of $137.7 million at our Las Vegas Operations, $56.5 million at Encore Boston Harbor, $38.1 million at Wynn Palace, and $18.8 million at Wynn Macau primarily related to maintenance capital expenditures, and $78.4 million at Corporate and other primarily related to future development projects.
+Added: In addition, during the nine months ended September 30, 2023, we purchased $786.5 million in investments, comprised of United States treasury bills and fixed deposits maturing in less than one year.
Financing Activities
−Removed: The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the six months ended June 30, 2024 (in thousands):
+Added: The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the nine months ended September 30, 2024 (in thousands):
Proceeds from issuance Repayments and repurchases
WRF 6 1/4% Senior Notes, due 2033 $ 800,000 $ —
+Added: WRF 7 1/8% Senior Notes, due 2031 412,000 —
WM Cayman II Revolver, due 2028
WLV 5 1/2% Senior Notes, due 2025 — 796,691
−Removed: WRF Credit Facilities:
WRF Term Loan, due 2027 71,794 102,732
−Removed: WRF Term Loan, due 2027 — 18,736
Total $ 1,283,794 $ 1,251,210
−Removed: The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the six months ended June 30, 2023 (in thousands):
+Added: In addition, during the nine months ended September 30, 2024, we repurchased 2,206,113 shares of our common stock under our equity repurchase program for an aggregate cost of $185.7 million.
+Added: We also made dividend payments of $112.0 million, paid $31.5 million for financing costs related to the financing activities above and used cash of $10.6 million for distributions to noncontrolling interest holders of the Retail Joint Venture.
+Added: The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the nine months ended September 30, 2023 (in thousands):
Proceeds from issuance Repayments and repurchases
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Total $ 1,200,000 $ 1,522,812
+Added: In addition, during the nine months ended September 30, 2023, we repurchased 596,948 shares of our common stock under our equity repurchase program for an aggregate cost of $56.2 million.
+Added: We also made dividend payments of $56.7 million, paid $41.2 million for financing costs related to the financing activities above and used cash of $15.9 million for distributions to noncontrolling interest holders of the Retail Joint Venture.
Capital Resources
−Removed: The following table summarizes our unrestricted cash and cash equivalents, investments, and available revolver borrowing capacity, excluding capacity under intercompany loan agreements, presented by significant financing entity as of June 30, 2024 (in thousands):
−Removed: Total Cash and Cash Equivalents Investments (1)
−Removed: Revolver Borrowing Capacity
+Added: The following table summarizes our unrestricted cash and cash equivalents and available revolver borrowing capacity, presented by significant financing entity as of September 30, 2024 (in thousands):
+Added: Total Cash and Cash Equivalents Revolver Borrowing Capacity
Wynn Macau, Limited and subsidiaries $ 1,339,495 $ 353,562
3 unchanged sentences
Total $ 2,407,289 $ 1,088,868
−Removed: (1) Investments consist of investments in fixed deposits maturing in less than one year.
(1) Excluding Wynn Macau, Limited and subsidiaries.
+Added: In addition to the cash and cash equivalents and available revolver borrowing capacity presented above, as of September 30, 2024, we also held restricted cash of $605.9 million and $600.0 million at WRF and WML, respectively, in trust accounts for the October 2024 repurchase or payment of the Wynn Las Vegas 5 1/2% Senior Notes due 2025 and WML 4 7/8% Senior Notes due 2024, as discussed below.
Wynn Macau, Limited and subsidiaries .
−Removed: WML generates cash from our Macau Operations and may utilize proceeds from the WM Cayman II Revolver to fund working capital requirements as needed.
+Added: WML generates cash from our Macau Operations and may utilize proceeds from the WM Cayman II Revolver as needed.
We expect to use this cash to service our WML Senior Notes, WM Cayman II Revolver, and WML Convertible Bonds, to pay dividends to shareholders of WML (of which we own approximately 72%), and to fund working capital and capital expenditure requirements at WML and our Macau Operations.
−Removed: In July 2024, the Company repaid approximately $40.0 million of outstanding WM Cayman II Revolver borrowings.
WML is a holding company and, as a result, its ability to pay dividends to WRF is dependent on WML receiving distributions from its subsidiaries.
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Our share of this dividend was $36.0 million.
−Removed: If our portion of cash available for repatriation was repatriated on June 30, 2024, it would be subject to minimal U.S.
+Added: On September 12, 2024, WML paid a cash dividend of HK$0.075 per share for a total U.S.
+Added: dollar equivalent of approximately $50.5 million in respect of the six months ended June 30, 2024.
+Added: Our share of this dividend was $36.1 million.
+Added: In September 2024, WM Cayman II and WML entered into an amendment agreement to its existing facility agreement to extend the maturity date of the outstanding loans under the existing facility agreement for three years to September 2028.
+Added: In October 2024, we repaid the $600.0 million aggregate principal amount of WML's 4 7/8% Senior Notes due 2024 on their stated maturity date using short-term restricted cash held at WML.
+Added: If our portion of cash available for repatriation was repatriated on September 30, 2024, it would be subject to minimal U.S.
Wynn Resorts Finance, LLC and subsidiaries.
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We 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 early tender premium and related fees and expenses.
+Added: In September 2024, WRF and certain of its subsidiaries entered into an amendment (the "WRF Credit Agreement Amendment") to its existing credit agreement (the "WRF Credit Agreement").
+Added: The WRF Credit Agreement Amendment amends the WRF Credit Agreement to (i) extend the stated maturity date for lenders electing to extend their revolving commitments in an amount equal to approximately $68.7 million from September 20, 2024 to September 20, 2027, and (ii) extend the stated maturity date for lenders electing to extend their term loan commitments in an amount equal to approximately $71.8 million from September 20, 2024 to September 20, 2027.
+Added: Also in September 2024, WRF issued $800 million aggregate principal amount of 6 1/4% Senior Notes due 2033 (the "2033 WRF Senior Notes") in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended.
+Added: The 2033 WRF Senior Notes were issued at par, for net proceeds of $795.0 million.
+Added: A portion of the proceeds from the offering of the 2033 WRF Senior Notes was classified as short-term restricted cash as of September 30, 2024 within the Condensed Consolidated Balance Sheet and was used in October 2024 to repurchase the remaining outstanding $600.0 million aggregate principal amount of WLV 5.500% Senior Notes due 2025 at a price equal to 100.0% of the principal amount, plus accrued interest.
+Added: Included in the $600.0 million repurchase was $16.7 million aggregate principal amount of 2025 WLV Senior Notes held by Wynn Resorts.
Wynn Resorts, Limited and other subsidiaries.
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During the three months ended June 30, 2024, the Company determined not to proceed with its planned phased development project adjacent to Encore Boston Harbor, and expensed $61.5 million of costs, including $4.7 million of internally allocated overhead, that had been previously capitalized.
−Removed: During the second quarter of 2024, the Company contributed $356.5 million of cash into Island 3, bringing our life-to-date cash contributions to $514.4 million.
+Added: During the third quarter of 2024, the Company contributed $18.2 million of cash into Island 3, bringing our life-to-date cash contributions to $532.6 million.
The cash contributed in the quarter was used primarily to fund our pro rata portion of the purchase of approximately 155 acres of land underlying the Wynn Al Marjan Island integrated resort development site, including the remaining 70 acres of land on Island 3 for potential future development (the "Marjan Land Bank").
−Removed: We estimate our remaining 40% pro-rata share of the required equity is approximately $900 million, inclusive of capitalized interest, fees, and certain improvements on the Island.
+Added: We estimate our remaining 40% pro-rata share of the required equity for the construction of the Wynn Al Marjan Island integrated resort is between $800 million and $875 million, inclusive of capitalized interest, fees, and certain improvements on the Island.
Wynn Al Marjan Island is currently expected to open in 2027.
−Removed: The Company paid a cash dividend of $0.25 per share in each of the quarters ended March 31, 2024 and June 30, 2024 and recorded $28.0 million in each period, against accumulated deficit.
−Removed: On August 6, 2024, the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on August 30, 2024 to stockholders of record as of August 19, 2024.
+Added: The Company paid a cash dividend of $0.25 per share in each of the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024 and recorded $28.0 million in each of the quarters ended March 31, 2024 and June 30, 2024 and $27.7 million in the quarter ended September 30, 2024, against accumulated deficit.
+Added: On November 4, 2024, the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on November 27, 2024 to stockholders of record as of November 15, 2024.
+Added: In October 2024, we amended the retail term loan agreement to, among other things, extend the scheduled maturity date to July 2027 and provide for an interest rate adjustment.
+Added: We also made a principal repayment of the term loan in the amount of $15.0 million.
Other Factors Affecting Liquidity
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Under the equity repurchase program, we may repurchase the Company's outstanding shares from time to time through open market purchases, in privately negotiated transactions, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
−Removed: As of June 30, 2024, we had $365.4 million in repurchase authority remaining under the program.
+Added: As of September 30, 2024, we had $247.7 million in repurchase authority remaining under the program.
+Added: On November 1, 2024, the Company’s Board of Directors authorized the Company to repurchase a total of up to $1.0 billion of the Company’s outstanding shares of common stock, increasing the previously available repurchase authorization by approximately $766 million.
+Added: The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors.
+Added: The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time.
We have in the past repurchased, and in the future, we may periodically consider repurchasing our outstanding notes for cash.
3 unchanged sentences
There can be no assurances regarding the business prospects with respect to any other opportunity.
−Removed: Any new development may
−Removed: require us to obtain additional financing.
+Added: Any new development may require us to obtain additional financing.
We may decide to conduct any such development through Wynn Resorts, Limited or through subsidiaries separate from the Las Vegas, Boston or Macau-related entities.
Contractual Commitments
−Removed: During the six months ended June 30, 2024 , except as described below, there have been no material changes to the contractual obligations previously reported in our Annual Report on Form 10-K for the year ended December 31, 2023 .
−Removed: During the six months ended June 30, 2024 , our fixed interest rate long-term debt obligations decreased by a net amount of $396.7 million, as a result of $796.7 million in debt repayments in connection with the repurchase of the 2025 WLV Senior Notes , net of $400.0 million in long-term debt issuances in connection with the issuance of the 2031 Add-On Senior Notes, as described above.
−Removed: As a result, our annual fixed interest payments are expected to decrease $12.5 million for 2024 , and increase $21.2 million in 2025, $28.5 million in each of 2026, 2027, and 2028, and $60.6 million thereafter.
+Added: Except as described below, there have been no material changes to the contractual obligations previously reported in our Annual Report on Form 10-K for the year ended December 31, 2023 .
+Added: As a result of the financing transactions described in our discussion of capital resources above, our long-term debt obligations decreased by $55.8 million in 2024 and $3.49 billion in 2025 and increased by $3.8 million in 2026, $662.3 million in 2027, $1.15 billion in 2028, and $1.20 billion thereafter.
+Added: Our annual fixed interest payments are expected to decrease $12.8 million in 2024 and increase $65.8 million in 2025, $78.5 million in each of 2026, 2027, and 2028, and $271.0 million thereafter and our annual variable interest payments are expected to decrease $34.6 million in 2024 and increase $15.7 million in 2025, $110.2 million in 2026, $95.3 million in 2027, and $53.6 million in 2028.
Critical Accounting Policies and Estimates
A description of our critical accounting policies is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023.
−Removed: There have been no significant changes to these policies for the six months ended June 30, 2024.
+Added: There have been no significant changes to these policies for the nine months ended September 30, 2024.
Recently Adopted Accounting Standards and Accounting Standards Issued But Not Yet Adopted
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.