What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-05-06 compared with 2024-11-04 · 91 added, 301 removed, 309 unchanged (56% of the section changed)

43 unchanged sentences

In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort.

The results of Wynn Interactive Ltd.

("Wynn Interactive") are included in Corporate and other.

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

Key Operating Measures

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.

10 unchanged sentences

Slot machine win is after adjustment for progressive accruals and free play, but before discounts and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.

food and beverage and other revenues for services provided to casino customers on a complimentary basis.

• Poker rake is the portion of cash wagered by patrons in our poker rooms that is retained by the casino as a service fee, after adjustment for progressive accruals, but before the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.

Poker tables are not included in our measure of average number of table games.

25 unchanged sentences

Results of Operations

Summary of third quarter 2024 results

Summary of first quarter 2025 results

The following table summarizes our financial results for the periods presented (dollars in thousands, except per share data):

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

Net income (loss) attributable to Wynn Resorts, Limited (32,053) (116,678) 84,625 72.5 224,106 838 223,268 NM

Diluted net income (loss) per share (0.29) (1.03) 0.74 71.8 2.02 0.01 2.01 NM

NM - Not meaningful.

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

business, and a decrease in operating revenues at our Las Vegas Operations of $11.8 million primarily due to lower table games win.

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.

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."

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):

Three Months Ended September 30,

2024 2023 Increase/ (Decrease) Percent Change

Operating revenues

Macau Operations:

Wynn Palace $ 519,790 $ 524,773 $ (4,983) (0.9)

Wynn Macau 351,957 295,016 56,941 19.3

Total Macau Operations 871,747 819,789 51,958 6.3

Las Vegas Operations 607,172 618,966 (11,794) (1.9)

Encore Boston Harbor 214,121 210,403 3,718 1.8

Corporate and other 283 22,778 (22,495) (98.8)

$ 1,693,323 $ 1,671,936 $ 21,387 1.3

The following table presents our casino and non-casino operating revenues (dollars in thousands):

Three Months Ended September 30,

Three Months Ended March 31,

2025 2024 Increase/ (Decrease) Percent Change

Operating revenues $ 1,700,397 $ 1,862,909 $ (162,512) (8.7)

Casino revenues $ 1,018,754 $ 972,453 $ 46,301 4.8

Non-casino revenues:

Rooms 284,765 289,338 (4,573) (1.6)

Food and beverage 262,597 267,432 (4,835) (1.8)

Entertainment, retail and other 127,207 142,713 (15,506) (10.9)

Total non-casino revenues 674,569 699,483 (24,914) (3.6)

$ 1,693,323 $ 1,671,936 $ 21,387 1.3

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.

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

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):

Three Months Ended September 30,

2024 2023 Increase/ (Decrease) Percent Change

Macau Operations:

Total casino revenues $ 418,043 $ 418,043 $ — —

Average number of table games 57 58 (1) (1.7)

VIP turnover $ 3,199,140 $ 2,866,469 $ 332,671 11.6

VIP table games win $ 97,312 $ 98,014 $ (702) (0.7)

VIP win as a % of turnover 3.04 % 3.42 % (0.38)

Table games win per unit per day $ 18,614 $ 18,386 $ 228 1.2

Average number of table games 247 244 3 1.2

Table drop $ 1,694,575 $ 1,725,845 $ (31,270) (1.8)

Table games win $ 404,307 $ 402,285 $ 2,022 0.5

Table games win % 23.9 % 23.3 % 0.6

Table games win per unit per day $ 17,801 $ 17,913 $ (112) (0.6)

Average number of slot machines 596 563 33 5.9

Slot machine handle $ 577,289 $ 634,121 $ (56,832) (9.0)

Slot machine win $ 27,230 $ 22,228 $ 5,002 22.5

Slot machine win per unit per day $ 497 $ 429 $ 68 15.9

Total casino revenues $ 296,781 $ 230,294 $ 66,487 28.9

Average number of table games 30 36 (6) (16.7)

VIP turnover $ 1,201,516 $ 1,192,610 $ 8,906 0.7

VIP table games win $ 43,326 $ 41,995 $ 1,331 3.2

VIP win as a % of turnover 3.61 % 3.52 % 0.09

Table games win per unit per day $ 15,692 $ 12,638 $ 3,054 24.2

Average number of table games 222 217 5 2.3

Table drop $ 1,515,462 $ 1,384,258 $ 131,204 9.5

Table games win $ 280,044 $ 228,323 $ 51,721 22.7

Table games win % 18.5 % 16.5 % 2.0

Table games win per unit per day $ 13,713 $ 11,423 $ 2,290 20.0

Average number of slot machines 621 500 121 24.2

Slot machine handle $ 815,319 $ 570,122 $ 245,197 43.0

Slot machine win $ 24,434 $ 16,143 $ 8,291 51.4

Slot machine win per unit per day $ 428 $ 351 $ 77 21.9

Poker rake $ 3,205 $ 4,494 $ (1,289) (28.7)

Three Months Ended September 30,

2024 2023 Increase/ (Decrease) Percent Change

Las Vegas Operations:

Total casino revenues $ 145,186 $ 168,130 $ (22,944) (13.6)

Average number of table games 235 234 1 0.4

Table drop $ 580,800 $ 607,610 $ (26,810) (4.4)

Table games win $ 135,230 $ 157,873 $ (22,643) (14.3)

Table games win % 23.3 % 26.0 % (2.7)

Table games win per unit per day $ 6,256 $ 7,340 $ (1,084) (14.8)

Average number of slot machines 1,620 1,631 (11) (0.7)

Slot machine handle $ 1,695,799 $ 1,638,274 $ 57,525 3.5

Slot machine win $ 112,771 $ 115,738 $ (2,967) (2.6)

Slot machine win per unit per day $ 757 $ 771 $ (14) (1.8)

Poker rake $ 4,629 $ 5,669 $ (1,040) (18.3)

Encore Boston Harbor:

Total casino revenues $ 158,744 $ 155,986 $ 2,758 1.8

Average number of table games 179 191 (12) (6.3)

Table drop $ 347,082 $ 343,686 $ 3,396 1.0

Table games win $ 74,048 $ 71,555 $ 2,493 3.5

Table games win % 21.3 % 20.8 % 0.5

Table games win per unit per day $ 4,507 $ 4,079 $ 428 10.5

Average number of slot machines 2,611 2,561 50 2.0

Slot machine handle $ 1,378,066 $ 1,336,724 $ 41,342 3.1

Slot machine win $ 105,550 $ 105,330 $ 220 0.2

Slot machine win per unit per day $ 439 $ 447 $ (8) (1.8)

Poker rake $ 5,334 $ 5,224 $ 110 2.1

Non-casino revenues

The table below sets forth our room revenues and associated key operating measures:

Three Months Ended September 30,

2024 2023 Increase/ (Decrease) Percent Change

Macau Operations:

Wynn Palace :

Total room revenues (dollars in thousands) $ 49,145 $ 54,309 $ (5,164) (9.5)

Occupancy 98.3 % 96.9 % 1.4

ADR $ 295 $ 342 $ (47) (13.7)

REVPAR $ 289 $ 331 $ (42) (12.7)

Total room revenues (dollars in thousands) $ 23,755 $ 31,673 $ (7,918) (25.0)

Occupancy 98.9 % 98.7 % 0.2

ADR $ 233 $ 327 $ (94) (28.7)

REVPAR $ 230 $ 323 $ (93) (28.8)

Las Vegas Operations:

Total room revenues (dollars in thousands) $ 187,123 $ 178,518 $ 8,605 4.8

Occupancy 89.0 % 90.0 % (1.0)

ADR $ 495 $ 463 $ 32 6.9

REVPAR $ 441 $ 417 $ 24 5.8

Encore Boston Harbor:

Total room revenues (dollars in thousands) $ 24,742 $ 24,838 $ (96) (0.4)

Occupancy 96.9 % 96.0 % 0.9

ADR $ 426 $ 421 $ 5 1.2

REVPAR $ 412 $ 405 $ 7 1.7

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.

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.

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):

Three Months Ended September 30,

2024 2023 Increase/ (Decrease) Percent Change

Operating expenses:

Casino $ 617,469 $ 577,733 $ 39,736 6.9

Rooms 83,376 77,790 5,586 7.2

Food and beverage 220,187 220,835 (648) (0.3)

Entertainment, retail and other 56,184 82,554 (26,370) (31.9)

General and administrative 271,829 268,445 3,384 1.3

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)

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)

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.

Casino expenses increased $29.9 million and $8.2 million at Wynn Macau and Wynn Palace, respectively.

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.

Entertainment, retail and other expenses decreased $27.3 million at Corporate and other as a result of decreased operating costs related to Wynn Interactive.

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.

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.

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.

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.

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.

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

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.

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.

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.

dollar, on the remeasurements of U.S.

dollar denominated debt and other obligations from our Macau-related entities drove the variability between periods.

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.

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.

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.

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.

The income tax expense for the three months ended September 30, 2024 primarily relates to U.S.

based operating profits as well as an increase in non-deductible expenses.

The income tax benefit for the three months ended September 30, 2023 primarily related to operating profits.

Net income (loss) attributable to noncontrolling interests

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.

These amounts are primarily related to the noncontrolling interests' share of net income or loss attributable to WML.

Financial results for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

Net income attributable to Wynn Resorts, Limited 72,747 144,216 (71,469) (49.6)

Diluted net income per share 0.69 1.30 (0.61) (46.9)

The decrease in operating revenues for the three months ended March 31, 2025 was largely driven by decreased operating revenues of $132.8 million at our Macau Operations primarily as a result of lower VIP win as a percentage of turnover and mass market table games win, as well as a decrease in ADR across our properties.

The decrease in net income attributable to Wynn Resorts, Limited for the three months ended March 31, 2025 was primarily due to a decrease in operating revenues at our Macau Operations, partially offset by a decrease in operating expenses.

Financial results for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Operating revenues

The following table presents our operating revenues (dollars in thousands):

Nine Months Ended September 30,

Three Months Ended March 31,

2025 2024 Increase/ (Decrease) Percent Change

6 unchanged sentences

Encore Boston Harbor 209,223 217,784 (8,561) (3.9)

Corporate and other 16,567 69,173 (52,606) (76.0)

Corporate and other — 9,932 (9,932) NM

$ 1,700,397 $ 1,862,909 $ (162,512) (8.7)

NM - Not meaningful.

The following table presents our casino and non-casino operating revenues (dollars in thousands):

Nine Months Ended September 30,

Three Months Ended March 31,

2025 2024 Increase/ (Decrease) Percent Change

7 unchanged sentences

$ 1,700,397 $ 1,862,909 $ (162,512) (8.7)

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.

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 for the three months ended March 31, 2025 were 61.2% of operating revenues, compared to 60.2% for the same period of 2024.

Non-casino revenues for the three months ended March 31, 2025 were 38.8% of operating revenues, compared to 39.8% for the same period of 2024.

Casino revenues

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.

Casino revenues decreased primarily due to lower VIP win as a percentage of turnover and mass market table games win at our Macau Operations, partially offset by an increase in casino revenues from our Las Vegas Operations primarily due to higher slot machine handle.

The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):

Nine Months Ended

September 30,

Three Months Ended March 31,

2025 2024 Increase/ (Decrease) Percent Change

15 unchanged sentences

Slot machine win per unit per day $ 502 $ 594 $ (92) (15.5)

Poker rake $ 736 $ — $ 736 NM

Total casino revenues $ 275,550 $ 346,353 $ (70,803) (20.4)

14 unchanged sentences

Poker rake $ 3,220 $ 5,019 $ (1,799) (35.8)

Nine Months Ended

September 30,

Three Months Ended March 31,

2025 2024 Increase/ (Decrease) Percent Change

23 unchanged sentences

Poker rake $ 5,642 $ 5,781 $ (139) (2.4)

NM - Not meaningful.

Non-casino revenues

The table below sets forth our room revenues and associated key operating measures:

Nine Months Ended

September 30,

Three Months Ended March 31,

2025 2024 Increase/ (Decrease) Percent Change

Macau Operations:

Wynn Palace :

Total room revenues (dollars in thousands) $ 36,615 $ 53,936 $ (17,321) (32.1)

16 unchanged sentences

REVPAR $ 315 $ 342 $ (27) (7.9)

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.

Entertainment, retail and other revenues decreased $31.2 million, primarily due to a decrease in operating revenues at Wynn Interactive.

Room revenues decreased $52.9 million, primarily due to lower ADR.

Room revenues during the three months ended March 31, 2024 benefited from higher room rates during the Super Bowl that was held in Las Vegas.

Food and beverage revenues decreased $17.1 million primarily due to decreased covers at our Las Vegas Operations.

The three months ended March 31, 2024 included incremental food and beverage revenue from Super Bowl-related events and from outlets undergoing renovations during the three months ended March 31, 2025.

Entertainment, retail and other revenues decreased $11.5 million, primarily due to a decrease in operating revenues at Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.

Operating expenses

The table below presents operating expenses (dollars in thousands):

Nine Months Ended

September 30,

Three Months Ended March 31,

2025 2024 Increase/ (Decrease) Percent Change

8 unchanged sentences

Depreciation and amortization 155,421 174,933 (19,512) (11.2)

Impairment of goodwill and intangible assets — 94,490 (94,490) (100.0)

Property charges and other 12,232 16,948 (4,716) (27.8)

1 unchanged sentence

NM - Not meaningful.

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.

These increases resulted from higher operating costs, including increases of $141.8 million and $121.9 million in incremental gaming tax expense at Wynn Palace and Wynn Macau, respectively, driven by the increase in casino revenues.

Room expenses increased $17.7 million at our Las Vegas Operations as a result of higher operating costs, commensurate with the increase in room revenues.

Food and beverage expenses increased $23.8 million and $17.2 million at our Las Vegas Operations and our Macau Operations, respectively, as a result of higher operating costs related to increases in food and beverage revenues.

Entertainment, retail and other expenses decreased $94.0 million at Corporate and other as a result of decreased operating costs related to Wynn Interactive.

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.

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.

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.

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.

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.

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.

The decrease in total operating expenses was primarily due to lower casino expenses at our Macau Operations driven by a decrease in gaming tax expense and a decrease in depreciation and amortization expense at Encore Boston Harbor.

Casino expenses decreased $29.6 million and $11.0 million at Wynn Macau and Wynn Palace, respectively, which includes decreases of $30.8 million and $12.7 million in gaming tax expense at Wynn Macau and Wynn Palace, respectively, as a result of lower casino revenues.

Entertainment, retail and other expenses decreased $5.2 million primarily due to decreased operating costs related to Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.

Depreciation and amortization decreased $17.4 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.

Property charges and other expenses for the three months ended March 31, 2025 consisted primarily of asset abandonments of $4.8 million at our Macau Operations and contract termination costs of $5.8 million at Encore Boston Harbor.

Property charges and other expenses for the three months ended March 31, 2024 consisted primarily of asset abandonments of $11.4 million at Wynn Palace and contract terminations and other expenses of $5.1 million at Corporate and other.

Other non-operating income and expenses

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.

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.

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.

Interest expense, net of capitalized interest, decreased $24.8 million due to a decrease in the weighted average debt balance, from $11.92 billion for the three months ended March 31, 2024, to $10.94 billion for the three months ended March 31, 2025, and a decrease in the weighted average interest rate, from 6.11% for the three months ended March 31, 2024, to 5.76% for the three months ended March 31, 2025.

In addition, we capitalized interest of $10.2 million and $3.3 million in the three months ended March 31, 2025 and 2024, respectively.

We recorded interest income of $19.4 million and $40.2 million in the three months ended March 31, 2025 and 2024, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.

We incurred a foreign currency remeasurement loss of $8.4 million and $4.7 million for the three months ended March 31, 2025 and 2024, respectively.

The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S.

dollar, on the remeasurements of U.S.

dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods.

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 .

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.

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.

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.

We recorded income tax expense of $45.1 million and $2.6 million for the nine months ended September 30, 2024 and 2023, respectively.

Income tax expense in 2024 primarily relates to U.S.-based operating profits as well as an increase in non-deductible expenses.

Income tax expense in 2023 primarily related to operating profits.

dollar denominated debt and other obligations from our Macau-related entities drove the variability between periods.

We recorded a loss of $29.5 million for the three months ended March 31, 2025, from change in derivatives fair value, primarily related to the conversion feature of the WML Convertible Bonds and foreign currency swaps.

We recorded a loss of $17.9 million for the three months ended March 31, 2024, from change in derivatives fair value, primarily related to the conversion feature of the WML Convertible Bonds.

F or more information on the Company's derivative instruments, refer to Item 1—"Notes to Condensed Consolidated Financial Statements," Note 7, "Derivative Instruments."

We recorded a $1.6 million loss on debt financing transactions in the three months ended March 31, 2024, primarily related to the issuance of the 2031 Add-On WRF Senior Notes and the repurchase of the 2025 WLV Senior Notes.

We recorded an income tax expense of $11.0 million and $20.0 million for the three months ended March 31, 2025 and 2024, respectively, primarily related to our U.S.-based operating profits.

Net income attributable to noncontrolling interests

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.

We recognized net income attributable to noncontrolling interests of $8.7 million and $32.3 million for the three months ended March 31, 2025 and 2024, respectively.

These amounts are primarily related to the noncontrolling interests' share of net income attributable to WML.

Segment Information

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.

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 net income 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 on debt financing transactions, and other non-operating income and expenses.

Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies.

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However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of our 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.

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.

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

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.

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

2024 2023 Increase/ (Decrease) Percent Change 2024 2023 Increase/ (Decrease) Percent Change

Three Months Ended March 31,

2025 2024 Increase/ (Decrease) Percent Change

Wynn Palace $ 161,885 $ 202,370 $ (40,485) (20.0)

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Encore Boston Harbor 57,454 63,135 (5,681) (9.0)

Corporate and other (938) (4,864) 3,926 NM (4,535) (40,896) 36,361 NM

Corporate and other — (2,418) 2,418 NM

NM - Not meaningful.

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.

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.

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.

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.

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.

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.

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.

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.

Adjusted Property EBITDAR at Wynn Macau and Wynn Palace decreased $47.0 million and $40.5 million, respectively, for the three months ended March 31, 2025 primarily due to a combined decrease in casino revenues of $100.1 million, partially offset by a decrease in gaming tax expense.

Adjusted Property EBITDAR at our Las Vegas Operations decreased $22.9 million for the three months ended March 31, 2025 primarily due to higher operating expenses and a decrease in non-gaming revenues of $37.1 million.

During the three months ended March 31, 2024, our hotel, restaurant, and nightlife operations benefited from higher room rates and incremental food and beverage revenues during the Super Bowl that was held in Las Vegas.

The decrease for the three months ended March 31, 2025 was partially offset by an increase in casino revenues of $25.8 million.

Adjusted Property EBITDAR at Encore Boston Harbor decreased $5.7 million for the three months ended March 31, 2025, primarily due to a decrease in operating revenues of $8.6 million, partially offset by a decrease in operating expenses.

Adjusted Property EBITDAR at Corporate and other increased $2.4 million for the three months ended March 31, 2025 as a result of ceasing our digital sports betting and casino gaming operations in the third quarter of 2024.

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):

Nine Months Ended September 30,

Three Months Ended March 31,

Cash Flows - Summary 2025 2024

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Capital expenditures, net of construction payables and retention (159,931) (97,702)

Investment in unconsolidated affiliates (454,980) (52,270)

Purchase of investments — (786,519)

Proceeds from maturity of investments 850,000 —

Investments in unconsolidated affiliates (61,484) (69,928)

Purchase of intangible and other assets (300) (15)

Proceeds from sale of assets and other 204 226

Net cash provided by (used in) investing activities 126,512 (1,178,378)

Net cash used in investing activities (221,511) (167,419)

Cash flows from financing activities:

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Effect of exchange rate on cash, cash equivalents and restricted cash (1,629) (2,375)

Increase (decrease) in cash, cash equivalents and restricted cash $ 739,301 $ (903,404)

Decrease in cash, cash equivalents and restricted cash $ (356,317) $ (459,063)

Operating Activities

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Accordingly, operating cash flows will be impacted by changes in operating income and accounts receivable, net.

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.

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.

During the three months ended March 31, 2025, the decrease in cash flows from operating activities was primarily due to decreased revenues across our properties.

During the three months ended March 31, 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.

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.

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.

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.

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.

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.

During the three months ended March 31, 2025, we incurred capital expenditures of $56.2 million at our Las Vegas Operations, $50.1 million at Wynn Palace, $15.5 million at Wynn Macau, and $4.7 million at Encore Boston Harbor primarily related to enhancements at our properties and maintenance capital expenditures, and $33.5 million at Corporate and other primarily related to future development projects.

In addition, during the three months ended March 31, 2025, we invested $58.2 million, including $51.2 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan Island.

During the three months ended March 31, 2024, we incurred capital expenditures of $24.7 million at our Las Vegas Operations, $11.8 million at Encore Boston Harbor, $29.5 million at Wynn Palace, and $17.3 million at Wynn Macau primarily related to enhancements at our properties and maintenance capital expenditures, and $14.4 million at Corporate and other primarily related to future development projects.

In addition, during the three months ended March 31, 2024, we invested $68.4 million, including $68.0 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan Island.

Financing Activities

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):

During the three months ended March 31, 2025, we made a scheduled amortization payment of $10.3 million on the WRF Term Loan, due in 2027.

In addition, during the three months ended March 31, 2025, we repurchased 2,504,560 shares of our common stock for an aggregate cost of $212.0 million, including 2,360,194 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $200.0 million.

We also made dividend payments of $26.8 million and used cash of $6.3 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the three months ended March 31, 2024 (in thousands):

Proceeds from issuance Repayments and repurchases

WRF 7 1/8% Senior Notes, due 2031 $ 412,000 $ —

WRF 7 1/8% Senior Notes, due 2031 412,000 —

WM Cayman II Revolver, due 2025 — 149,663

WLV 5 1/2% Senior Notes, due 2025 — 796,691

WRF Credit Facilities:

WRF Term Loan, due 2024 — 944

Total $ 1,283,794 $ 1,251,210

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.

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.

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

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

WML 4 1/2% Convertible Bonds, due 2029 600,000 —

WRF 7 3/4% Senior Notes, due 2025 — 600,000

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

WLV 5 1/2% Senior Notes, due 2025 — 399,999

WRF Term Loan, due 2027 — 9,368

Total $ 412,000 $ 956,666

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.

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.

In addition, during the three months ended March 31, 2024, we made dividend payments of $28.0 million and used cash of $5.1 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

Capital Resources

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):

The following table summarizes our unrestricted cash and cash equivalents and available revolver borrowing capacity, presented by significant financing entity as of March 31, 2025 (in thousands):

Total Cash and Cash Equivalents Revolver Borrowing Capacity

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(1) Excluding Wynn Macau, Limited and subsidiaries.

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 .

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The WM Cayman II Revolver facility agreement contains representations, warranties, covenants and events of default customary for similar financings, including, but not limited to, restrictions on indebtedness to be incurred by WM Cayman II or its subsidiaries.

In May 2024, the WML Board of Directors announced an amendment to WML's dividend policy, pursuant to which the WML Board of Directors will meet semiannually to consider the declaration of dividends, and may also meet at any time during the year as the WML Board of Directors deems fit to consider the declaration of special dividends.

On June 19, 2024, WML paid a cash dividend of HK$0.075 per share for a total U.S.

dollar equivalent of approximately $50.4 million in respect of the year ended December 31, 2023.

Our share of this dividend was $36.0 million.

On September 12, 2024, WML paid a cash dividend of HK$0.075 per share for a total U.S.

dollar equivalent of approximately $50.5 million in respect of the six months ended June 30, 2024.

Our share of this dividend was $36.1 million.

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.

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.

If our portion of cash available for repatriation was repatriated on September 30, 2024, it would be subject to minimal U.S.

The WML Board of Directors has recommended the payment of a final dividend for the year ended December 31, 2024 of HK$0.185 per share on its common stock payable on June 11, 2025 to stockholders of record as of June 2, 2025.

The payment of the final dividend is conditional upon shareholder approval at WML's 2025 Annual General Meeting to be held on May 23, 2025.

If our portion of cash available for repatriation was repatriated on March 31, 2025, it would be subject to minimal U.S.

Wynn Resorts Finance, LLC and subsidiaries.

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In addition, WRF may utilize its available revolving borrowing capacity as needed.

We expect to use this cash to service our WRF Credit Facilities, the WRF Senior Notes, and the Wynn Las Vegas Senior Notes, and to fund working capital and capital expenditure requirements as needed.

WRF is a holding company and, as a result, its ability to pay dividends to Wynn Resorts is dependent on WRF receiving distributions from its subsidiaries.

We expect to use this cash to service our WRF Credit Facilities, the WRF Senior Notes, and the Wynn Las Vegas Senior Notes, to pay dividends or distributions to Wynn Resorts, and to fund working capital and capital expenditure requirements as needed.

In light of the present uncertainty regarding tariffs and their potential impact on the cost of materials sourced from overseas, we are currently reassessing the timing, scope and sourcing of certain planned enhancements at Wynn Las Vegas representing approximately $375 million of previously disclosed project capital expenditures.

WRF is a holding company and, as a result, its ability to pay dividends or distributions to Wynn Resorts is dependent on WRF receiving distributions from its subsidiaries.

The WRF Credit Agreement contains customary negative and financial covenants, including, but not limited to, covenants that restrict WRF's ability to pay dividends or distributions and incur additional indebtedness.

In February 2024, WRF issued an additional $400.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Add-On Senior Notes") in a private offering.

The 2031 WRF Add-On Senior Notes were issued at a price equal to 103.0% of the principal amount, for net proceeds of approximately $409.5 million.

In February and March 2024, we repurchased $800.0 million aggregate principal amount of our 5 1/2% Senior Notes due 2025 (the "2025 WLV Senior Notes"), which consisted of i) $681.0 million aggregate principal amount of 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 aggregate principal amount 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 aggregate principal amount of 2025 WLV Senior Notes held by Wynn Resorts.

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.

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").

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.

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.

The 2033 WRF Senior Notes were issued at par, for net proceeds of $795.0 million.

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.

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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Fees payable by Wynn Macau SA to Wynn Resorts, Limited under its intellectual property license agreement are capped at $150.0 million for the year ending December 31, 2025.

We expect to use cash held by Wynn Resorts, Limited and other to service our Retail Term Loan, to fund working capital needs of our subsidiaries, pay dividends, make required capital contributions to the entity which owns the Wynn Al Marjan Island development, and for general corporate purposes.

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.

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").

We expect to use cash held by Wynn Resorts, Limited and other to service our Retail Term Loan, to fund working capital needs of our subsidiaries, pay dividends, make required capital contributions to the entity which owns Wynn Al Marjan Island, and for general corporate purposes.

During the first quarter of 2025, the Company contributed $51.2 million of cash into Island 3, bringing our life-to-date cash contributions to $682.9 million.

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 $650 million and $725 million, inclusive of capitalized interest, fees, and certain improvements on the Island.

Wynn Al Marjan Island is currently expected to open in 2027.

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.

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.

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.

We also made a principal repayment of the term loan in the amount of $15.0 million.

The Company paid a cash dividend of $0.25 per share in the quarter ended March 31, 2025 and recorded $26.8 million against accumulated deficit.

On May 6, 2025, the Company announced that its Board of Directors declared a cash dividend of $0.25 per share, payable on May 30, 2025 to stockholders of record as of May 16, 2025.

Other Factors Affecting Liquidity

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For information regarding legal proceedings, see Note 15, "Commitments and Contingencies."

In April 2016, our Board of Directors authorized an equity repurchase program of up to $1.00 billion.

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").

As of September 30, 2024, we had $247.7 million in repurchase authority remaining under the program.

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.

In November 2024, the Company’s Board of Directors authorized an increase in the amount of the Company's outstanding shares of common stock available for repurchase under the previously available repurchase authorization to $1.00 billion.

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.

The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time.

As of March 31, 2025, we had $613.0 million in repurchase authority remaining under the program.

We have in the past repurchased, and in the future, we may periodically consider repurchasing our outstanding notes for cash.

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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, 2024 .

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.

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.

Off Balance Sheet Arrangements

In February 2025, Wynn Al Marjan Island FZ-LLC, a wholly-owned subsidiary of Island 3, an unconsolidated affiliate, entered into a facility agreement which provides a $2.4 billion (or equivalent in local currency) delayed draw secured term loan facility to finance the development of Wynn Al Marjan Island (the "Al Marjan Facility").

The Company is not a party to the Al Marjan Facility agreement, but entered into a guarantee in favor of the secured parties under the Al Marjan Facility agreement.

For additional information, refer to Note 15, "Commitments and Contingencies" of Part I in this Quarterly Report on Form 10-Q.

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, 2024.

There have been no significant changes to these policies for the nine months ended September 30, 2024.

There have been no significant changes to these policies for the three months ended March 31, 2025.

Recently Adopted Accounting Standards and Accounting Standards Issued But Not Yet Adopted

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What changed 10-Q

Item 2. Management’s Discussion and Analysis