WYNN RESORTS LTD 10-Q

Item 1. Financial Statements WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) June 30, 2025 December 31, 2024 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,984,752 $ 2,426,155 Accounts receivable, net of allowance for credit losses of $ 42,917 and $ 37,694 , respectively 326,474 324,016 Inventories 80,618 75,783 Prepaid expenses and other 112,639 95,725 Total current assets 2,504,483 2,921,679 Property and equipment, net 6,531,373 6,521,283 Restricted cash 95,276 95,638 Intangible assets, net 237,852 254,599 Operating lease assets 1,793,549 1,797,276 Deferred income taxes, net 488,667 507,716 Investments in unconsolidated affiliates 769,348 648,217 Other assets 268,479 231,555 Total assets $ 12,689,027 $ 12,977,963 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts and construction payables $ 201,734 $ 205,146 Customer deposits 508,586 508,651 Gaming taxes payable 202,157 171,983 Accrued compensation and benefits 187,948 229,305 Accrued interest 133,020 132,510 Current portion of long-term debt 999,099 41,250 Other accrued liabilities 190,498 250,689 Total current liabilities 2,423,042 1,539,534 Long-term debt 9,545,693 10,500,484 Long-term operating lease liabilities 1,624,759 1,623,890 Other long-term liabilities 303,507 282,658 Total liabilities 13,897,001 13,946,566 Commitments and contingencies (Note 15) Stockholders' deficit: Preferred stock, par value $ 0.01 ; 40,000,000 shares authorized; zero shares issued and outstanding — — Common stock, par value $ 0.01 ; 400,000,000 shares authorized; 134,296,397 and 133,584,126 shares issued; 103,976,829 and 107,821,567 shares outstanding, respectively 1,343 1,336 Treasury stock, at cost; 30,319,568 and 25,762,599 shares, respectively ( 2,618,638 ) ( 2,241,607 ) Additional paid-in capital 3,755,873 3,698,800 Accumulated other comprehensive income (loss) 10,572 ( 5,700 ) Accumulated deficit ( 1,590,690 ) ( 1,676,990 ) Total Wynn Resorts, Limited stockholders' deficit ( 441,540 ) ( 224,161 ) Noncontrolling interests ( 766,434 ) ( 744,442 ) Total stockholders' deficit ( 1,207,974 ) ( 968,603 ) Total liabilities and stockholders' deficit $ 12,689,027 $ 12,977,963 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating revenues: Casino $ 1,051,834 $ 1,008,946 $ 2,092,264 $ 2,130,412 Rooms 291,053 304,521 565,574 631,935 Food and beverage 261,057 281,404 510,936 548,342 Entertainment, retail and other 133,853 138,061 269,420 285,152 Total operating revenues 1,737,797 1,732,932 3,438,194 3,595,841 Operating expenses: Casino 643,108 614,518 1,277,941 1,289,957 Rooms 86,042 80,538 170,139 162,615 Food and beverage 224,400 221,343 425,067 427,164 Entertainment, retail and other 58,041 62,941 120,227 133,953 General and administrative 280,815 264,727 556,504 536,343 Provision for credit losses 3,353 2,429 4,749 2,516 Pre-opening 11,286 1,558 16,573 3,593 Depreciation and amortization 152,907 176,405 308,328 351,338 Property charges and other 13,245 38,815 25,477 55,763 Total operating expenses 1,473,197 1,463,274 2,905,005 2,963,242 Operating income 264,600 269,658 533,189 632,599 Other income (expense): Interest income 15,859 34,884 35,218 75,056 Interest expense, net of amounts capitalized ( 154,551 ) ( 174,596 ) ( 312,159 ) ( 357,000 ) Change in derivatives fair value ( 1,112 ) 15,517 ( 30,651 ) ( 2,397 ) Loss on debt financing transactions ( 1,083 ) — ( 1,083 ) ( 1,561 ) Other ( 36,164 ) 8,745 ( 44,538 ) 4,023 Other income (expense), net ( 177,051 ) ( 115,450 ) ( 353,213 ) ( 281,879 ) Income before income taxes 87,549 154,208 179,976 350,720 Provision for income taxes ( 10,588 ) ( 7,935 ) ( 21,610 ) ( 27,949 ) Net income 76,961 146,273 158,366 322,771 Less: net income attributable to noncontrolling interests ( 10,743 ) ( 34,330 ) ( 19,401 ) ( 66,612 ) Net income attributable to Wynn Resorts, Limited $ 66,218 $ 111,943 $ 138,965 $ 256,159 Basic and diluted net income per common share: Net income attributable to Wynn Resorts, Limited: Basic $ 0.64 $ 1.01 $ 1.33 $ 2.31 Diluted $ 0.64 $ 0.91 $ 1.33 $ 2.30 Weighted average common shares outstanding: Basic 103,491 110,937 104,486 110,980 Diluted 103,780 111,175 104,749 111,222 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income $ 76,961 $ 146,273 $ 158,366 $ 322,771 Other comprehensive income: Foreign currency translation adjustments, before and after tax 18,106 ( 3,643 ) 21,736 ( 1,654 ) Total comprehensive income 95,067 142,630 180,102 321,117 Less: comprehensive income attributable to noncontrolling interests ( 15,204 ) ( 33,304 ) ( 24,865 ) ( 66,151 ) Comprehensive income attributable to Wynn Resorts, Limited $ 79,863 $ 109,326 $ 155,237 $ 254,966 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (in thousands, except share data) (unaudited) For the three months ended June 30, 2025 Common stock Shares outstanding Par value Treasury stock Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total Wynn Resorts, Ltd. stockholders' deficit Noncontrolling interests Total stockholders' deficit Balances, April 1, 2025 105,869,624 $ 1,341 $ ( 2,455,134 ) $ 3,727,019 $ ( 3,073 ) $ ( 1,630,831 ) $ ( 360,678 ) $ ( 741,243 ) $ ( 1,101,921 ) Net income — — — — — 66,218 66,218 10,743 76,961 Currency translation adjustment — — — — 13,645 — 13,645 4,461 18,106 Exercise of stock options 2,262 — — 154 — — 154 — 154 Issuance of restricted stock 160,677 2 — ( 2 ) — — — — — Cancellation of restricted stock ( 3,285 ) — — — — — — — — Shares repurchased by the Company and held as treasury shares ( 2,052,449 ) — ( 163,504 ) — — — ( 163,504 ) — ( 163,504 ) Cash dividends declared — — — — — ( 26,077 ) ( 26,077 ) ( 35,534 ) ( 61,611 ) Distribution to noncontrolling interest — — — — — — — ( 6,038 ) ( 6,038 ) Transactions with subsidiary minority shareholders — — — ( 289 ) — — ( 289 ) 289 — Stock-based compensation — — — 28,991 — — 28,991 888 29,879 Balances, June 30, 2025 103,976,829 $ 1,343 $ ( 2,618,638 ) $ 3,755,873 $ 10,572 $ ( 1,590,690 ) $ ( 441,540 ) $ ( 766,434 ) $ ( 1,207,974 ) For the three months ended June 30, 2024 Common stock Shares outstanding Par value Treasury stock Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Total Wynn Resorts, Ltd. stockholders' deficit Noncontrolling interests Total stockholders' deficit Balances, April 1, 2024 112,071,149 $ 1,335 $ ( 1,849,172 ) $ 3,656,809 $ 4,830 $ ( 1,950,755 ) $ ( 136,953 ) $ ( 809,427 ) $ ( 946,380 ) Net income — — — — — 111,943 111,943 34,330 146,273 Currency translation adjustment — — — — ( 2,617 ) — ( 2,617 ) ( 1,026 ) ( 3,643 ) Issuance of restricted stock 65,310 — — — — — — — — Cancellation of restricted stock ( 5,756 ) — — — — — — — — Shares repurchased by the Company and held as treasury shares ( 755,641 ) — ( 69,423 ) — — — ( 69,423 ) — ( 69,423 ) Cash dividends declared — — — — — ( 28,014 ) ( 28,014 ) ( 14,376 ) ( 42,390 ) Distribution to noncontrolling interest — — — — — — — ( 2,645 ) ( 2,645 ) Transactions with subsidiary minority shareholders — — — ( 74 ) — — ( 74 ) 74 — Stock-based compensation — — — 15,314 — — 15,314 932 16,246 Balances, June 30, 2024 111,375,062 $ 1,335 $ ( 1,918,595 ) $ 3,672,049 $ 2,213 $ ( 1,866,826 ) $ ( 109,824 ) $ ( 792,138 ) $ ( 901,962 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Table of Contents For the six months ended June 30, 2025 Common stock Shares outstanding Par value Treasury stock Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total Wynn Resorts, Ltd. stockholders' deficit Noncontrolling interests Total stockholders' deficit Balances, January 1, 2025 107,821,567 $ 1,336 $ ( 2,241,607 ) $ 3,698,800 $ ( 5,700 ) $ ( 1,676,990 ) $ ( 224,161 ) $ ( 744,442 ) $ ( 968,603 ) Net income — — — — — 138,965 138,965 19,401 158,366 Currency translation adjustment — — — — 16,272 — 16,272 5,464 21,736 Exercise of stock options 2,262 — — 154 — — 154 — 154 Issuance of restricted stock 721,583 7 — 7,915 — — 7,922 — 7,922 Cancellation of restricted stock ( 11,574 ) — — — — — — — — Shares repurchased by the Company and held as treasury shares ( 4,557,009 ) — ( 377,031 ) — — — ( 377,031 ) — ( 377,031 ) Cash dividends declared — — — — — ( 52,665 ) ( 52,665 ) ( 35,534 ) ( 88,199 ) Distribution to noncontrolling interest — — — — — — — ( 12,324 ) ( 12,324 ) Transactions with subsidiary minority shareholders — — — 1,269 — — 1,269 ( 1,269 ) — Stock-based compensation — — — 47,735 — — 47,735 2,270 50,005 Balances, June 30, 2025 103,976,829 $ 1,343 $ ( 2,618,638 ) $ 3,755,873 $ 10,572 $ ( 1,590,690 ) $ ( 441,540 ) $ ( 766,434 ) $ ( 1,207,974 ) For the six months ended June 30, 2024 Common stock Shares outstanding Par value Treasury stock Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Total Wynn Resorts, Ltd. stockholders' deficit Noncontrolling interests Total stockholders' deficit Balances, January 1, 2024 111,737,245 $ 1,330 $ ( 1,836,326 ) $ 3,647,161 $ 3,406 $ ( 2,066,953 ) $ ( 251,382 ) $ ( 849,552 ) $ ( 1,100,934 ) Net income — — — — — 256,159 256,159 66,612 322,771 Currency translation adjustment — — — — ( 1,193 ) — ( 1,193 ) ( 461 ) ( 1,654 ) Exercise of stock options 17,285 — — 1,017 — — 1,017 — 1,017 Issuance of restricted stock 504,978 5 — 8,010 — — 8,015 — 8,015 Cancellation of restricted stock ( 9,970 ) — — — — — — — — Shares repurchased by the Company and held as treasury shares ( 874,476 ) — ( 82,269 ) — — — ( 82,269 ) — ( 82,269 ) Cash dividends declared — — — — — ( 56,032 ) ( 56,032 ) ( 14,376 ) ( 70,408 ) Distribution to noncontrolling interest — — — — — — — ( 8,641 ) ( 8,641 ) Transactions with subsidiary minority shareholders — — — ( 11,947 ) — — ( 11,947 ) 11,947 — Stock-based compensation — — — 27,808 — — 27,808 2,333 30,141 Balances, June 30, 2024 111,375,062 $ 1,335 $ ( 1,918,595 ) $ 3,672,049 $ 2,213 $ ( 1,866,826 ) $ ( 109,824 ) $ ( 792,138 ) $ ( 901,962 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 7 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income $ 158,366 $ 322,771 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 308,328 351,338 Deferred income taxes 17,684 22,307 Stock-based compensation expense 48,237 30,536 Amortization of debt issuance costs 18,916 20,675 Loss on debt financing transactions 1,083 1,561 Provision for credit losses 4,749 2,516 Change in derivatives fair value 30,651 2,397 Property charges and other 66,963 46,927 Increase (decrease) in cash from changes in: Receivables, net ( 4,641 ) 21,633 Inventories, prepaid expenses and other ( 11,246 ) 9,829 Customer deposits 2,665 ( 55,056 ) Accounts payable and accrued expenses ( 102,919 ) ( 109,580 ) Net cash provided by operating activities 538,836 667,854 Cash flows from investing activities: Capital expenditures, net of construction payables and retention ( 325,197 ) ( 191,337 ) Investments in unconsolidated affiliates ( 130,642 ) ( 428,964 ) Proceeds from maturity of investments — 350,000 Purchase of intangible and other assets ( 450 ) ( 2,614 ) Proceeds from sale of assets and other 253 1,289 Net cash used in investing activities ( 456,036 ) ( 271,626 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 752,812 412,000 Repayments of long-term debt ( 763,125 ) ( 1,129,136 ) Repurchase of common stock ( 377,645 ) ( 80,798 ) Proceeds from exercise of stock options 154 1,017 Distribution to noncontrolling interest ( 12,324 ) ( 8,641 ) Dividends paid ( 88,290 ) ( 70,126 ) Finance lease payments ( 12,694 ) ( 9,163 ) Payments for financing costs ( 5,732 ) ( 6,458 ) Other ( 9,142 ) ( 4,486 ) Net cash used in financing activities ( 515,986 ) ( 895,791 ) Effect of exchange rate on cash, cash equivalents and restricted cash ( 8,579 ) 195 Cash, cash equivalents and restricted cash: Decrease in cash, cash equivalents and restricted cash ( 441,765 ) ( 499,368 ) Balance, beginning of period 2,521,793 2,969,412 Balance, end of period $ 2,080,028 $ 2,470,044 The accompanying notes are an integral part of these condensed consolidated financial statements. 8 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1 - Organization Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, "Wynn Resorts" or the "Company"), is a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming. In the Macau Special Administrative Region of the People's Republic of China ("Macau"), the Company owns approximately 72 % of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100 % of Wynn Las Vegas. Additionally, the Company is a 50.1 % owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations. In Everett, Massachusetts, the Company operates Encore Boston Harbor, an integrated resort. The Company 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, currently expected to open in 2027. Note 2 - Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three and six months ended June 30, 2025 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2025. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries, and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 16, "Retail Joint Venture." If the entity does not qualify for consolidation and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method. All significant intercompany accounts and transactions have been eliminated. Certain amounts in the condensed consolidated balance sheet as of December 31, 2024 have been reclassified to be consistent with the current period presentation. These reclassifications had no effect on previously reported total assets, total liabilities, and total stockholders' deficit. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for deferred tax assets and credit losses, estimates regarding the useful lives and recoverability of long-lived and intangible assets, and valuations of derivatives. 9 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Gaming Taxes The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Income. These taxes totaled $ 452.8 million and $ 436.9 million for the three months ended June 30, 2025 and 2024, respectively, and $ 893.5 million and $ 925.6 million for the six months ended June 30, 2025 and 2024, respectively. Investments in Unconsolidated Affiliates The Company accounts for its investment in Island 3, an unconsolidated affiliate which is constructing Wynn Al Marjan Island, using the equity method. Under the equity method, the investment's carrying value is adjusted for the Company’s share of the investee's earnings and losses, capital contributions to and distributions from Island 3, and capitalization of interest cost incurred by the Company during the investee's initial development period. The Company recognized an equity-method loss of $ 6.2 million and $ 0.7 million for the three months ended June 30, 2025 and 2024, respectively, and $ 9.5 million and $ 2.2 million for the six months ended June 30, 2025 and 2024, respectively, in Pre-opening expense within the Condensed Consolidated Statements of Income. Recently Issued Accounting Standards The Company’s management has evaluated all of the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standard-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows. Note 3 - Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following (in thousands): June 30, 2025 December 31, 2024 Cash and cash equivalents: Cash (1) $ 1,467,339 $ 1,639,151 Cash equivalents (2) 517,413 787,004 Total cash and cash equivalents 1,984,752 2,426,155 Restricted cash (3) 95,276 95,638 Total cash, cash equivalents and restricted cash $ 2,080,028 $ 2,521,793 (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in trusts in accordance with WML's share award plans, and as of June 30, 2025 and December 31, 2024 included $ 86.6 million and $ 87.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support the legal and contractual obligations of Wynn Resorts (Macau) S.A. ("Wynn Macau SA") through the term of Wynn Macau SA's gaming concession contract. The following table presents the supplemental cash flow disclosures of the Company (in thousands): Six Months Ended June 30, 2025 2024 Cash paid for interest, net of amounts capitalized $ 296,144 $ 342,525 Liability settled with shares of common stock $ 7,922 $ 8,015 Accounts and construction payables related to property and equipment $ 70,178 $ 59,245 Net settlement of liabilities in connection with an asset sale $ — $ 27,665 Finance lease liabilities arising from obtaining finance lease assets $ 39,423 $ 4,669 Liabilities arising from obtaining property and equipment $ 21,400 $ — 10 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 4 - Receivables, net Accounts Receivable and Credit Risk Receivables, net consisted of the following (in thousands): June 30, 2025 December 31, 2024 Casino $ 253,307 $ 236,642 Hotel 28,605 45,996 Other 87,479 79,072 369,391 361,710 Less: allowance for credit losses ( 42,917 ) ( 37,694 ) $ 326,474 $ 324,016 As of June 30, 2025 and December 31, 2024, approximately 74.8 % and 70.9 %, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in the countries in which the Company's customers reside could affect the collectability of such receivables. The Company’s allowance for casino credit losses was 16.3 % and 14.7 % of gross casino receivables as of June 30, 2025 and December 31, 2024, respectively. Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change. The Company’s allowance for credit losses from its hotel and other receivables is not material. The following table shows the movement in the Company's allowance for credit losses recognized for receivables that occurred during the periods presented (in thousands): June 30, 2025 2024 Balance at beginning of year $ 37,694 $ 40,075 Provision for credit losses 4,749 2,516 Write-offs ( 3,824 ) ( 6,377 ) Recoveries of receivables previously written off 4,475 3,261 Effect of exchange rate ( 177 ) 16 Balance at end of period $ 42,917 $ 39,491 Note 5 - Property and Equipment, net Property and equipment, net consisted of the following (in thousands): June 30, 2025 December 31, 2024 Buildings and improvements $ 8,631,094 $ 8,547,922 Land and improvements 1,225,145 1,210,455 Furniture, fixtures and equipment 3,548,040 3,424,361 Airplanes 110,623 110,623 Construction in progress 293,171 287,436 13,808,073 13,580,797 Less: accumulated depreciation ( 7,276,700 ) ( 7,059,514 ) $ 6,531,373 $ 6,521,283 As of June 30, 2025 and December 31, 2024, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties. 11 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Depreciation expense for the three months ended June 30, 2025 and 2024 was $ 140.1 million and $ 162.2 million, respectively, and depreciation expense for the six months ended June 30, 2025 and 2024 was $ 282.7 million and $ 320.3 million, respectively. Note 6 - Long-Term Debt Long-term debt consisted of the following (in thousands): June 30, 2025 December 31, 2024 Macau Related: WM Cayman II Revolver, due 2028 (1) $ 1,141,747 $ 1,151,874 WML 5 1/2% Senior Notes, due 2026 1,000,000 1,000,000 WML 5 1/2% Senior Notes, due 2027 750,000 750,000 WML 5 5/8% Senior Notes, due 2028 1,350,000 1,350,000 WML 5 1/8% Senior Notes, due 2029 1,000,000 1,000,000 WML 4 1/2% Convertible Bonds, due 2029 (2) 600,000 600,000 U.S. and Corporate Related: WRF Credit Facilities (3) : WRF Term Loan, due 2027 — 763,125 WRF Term Loan, due 2030 752,813 — WLV 5 1/4% Senior Notes, due 2027 880,000 880,000 WRF 5 1/8% Senior Notes, due 2029 750,000 750,000 WRF 7 1/8% Senior Notes, due 2031 1,000,000 1,000,000 WRF 6 1/4% Senior Notes, due 2033 800,000 800,000 Retail Term Loan, due 2027 (4) 600,000 600,000 10,624,560 10,644,999 WML Convertible Bond Conversion Option Derivative 42,996 33,007 Less: Unamortized debt issuance costs and original issue discounts and premium, net ( 122,764 ) ( 136,272 ) 10,544,792 10,541,734 Less: Current portion of long-term debt ( 999,099 ) ( 41,250 ) Total long-term debt, net of current portion $ 9,545,693 $ 10,500,484 (1) As of June 30, 2025, the borrowings under the WM Cayman II Revolver bear interest at the term secured overnight financing rate ("Term SOFR") plus a credit adjustment spread of 0.10 % or the Hong Kong Interbank Offered Rate ("HIBOR"), in each case plus a margin of 1.875 % to 2.875 % per annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $ 239.1 million and $ 902.7 million of the WM Cayman II Revolver bears interest at a rate of Term SOFR plus 1.975 % per year and HIBOR plus 1.875 % per year, respectively. As of June 30, 2025, the weighted average interest rate was approximately 3.38 %. As of June 30, 2025, the available borrowing capacity under the WM Cayman II Revolver was $ 350.7 million. (2) As of June 30, 2025, the net carrying amount of the WML Convertible Bonds was $ 508.6 million, with unamortized debt discount and debt issuance costs of $ 91.4 million. The Company recorded contractual interest expense of $ 6.8 million in each period and amortization of discounts and issuance costs of $ 5.1 million and $ 4.7 million during the three months ended June 30, 2025 and 2024, respectively, and contractual interest expense of $ 13.5 million in each period and amortization of discounts and issuance costs of $ 10.1 million and $ 9.2 million during the six months ended June 30, 2025 and 2024, respectively. (3) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.75 % per year. As of June 30, 2025, the weighted average interest rate was approximately 6.08 %. Additionally, as of June 30, 2025, the available borrowing capacity under the WRF Revolver was $ 1.24 billion, net of $ 14.7 million in outstanding letters of credit. (4) The Retail Term Loan bears interest at a rate of adjusted daily simple secured overnight financing rate ("SOFR") plus 2.15 % per year. As of June 30, 2025, the effective interest rate was 5.54 %. WM Cayman II Revolver Facility Agreement In July 2025, WM Cayman II increased borrowing capacity under the WM Cayman II Revolver by an additional aggregate amount of $ 1.0 billion equivalent through the exercise of an accordion feature under the facility agreement. As a result, the total committed amount of the WM Cayman II Revolver has increased to $ 2.5 billion equivalent. 12 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) WRF Credit Facility Agreement Amendment In June 2025, Wynn Resorts Finance, LLC ("WRF") and certain of its subsidiaries entered into an amendment (the "WRF Facility Amendment") to its existing credit agreement among Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto. The WRF Facility Amendment (i) extends the final maturity date with respect to all or a portion of the term loan commitments from September 20, 2027 to June 12, 2030, (ii) extends the termination date with respect to all or a portion of the existing revolving commitments and the maturity date with respect to the corresponding revolving loans from September 20, 2027 to June 12, 2030, and (iii) allows for $ 500.0 million of incremental extended revolving commitments with a stated maturity date of June 12, 2030. In addition, mandatory quarterly repayments on the outstanding term loans were extended, with quarterly repayments of $ 4.7 million due beginning in September 2026, increasing to $ 9.4 million each quarter beginning in September 2027. In connection with the WRF Facility Amendment, the Company recognized a loss on debt financing transactions of $ 1.1 million in the three and six months ended June 30, 2025 within the accompanying Condensed Consolidated Statement of Income, and the Company recorded debt issuance costs of $ 5.9 million within the Condensed Consolidated Balance Sheet as of June 30, 2025. Debt Covenant Compliance As of June 30, 2025, management believes the Company was in compliance with all debt covenants. Fair Value of Long-Term Debt The estimated fair value of the Company's long-term debt as of June 30, 2025 and December 31, 2024 was approximately $ 10.61 billion and $ 10.46 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $ 10.62 billion and $ 10.64 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs). 13 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 7 - Derivative Instruments WML Convertible Bond Conversion Option The conversion feature contained within the WML Convertible Bonds (the "WML Convertible Bond Conversion Option Derivative") is not indexed to WML's equity and, as such, is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative, reported at fair value as of the end of each reporting period, with changes recognized in the Condensed Consolidated Statements of Income. The following table sets forth the inputs to the lattice models that were used to value the WML Convertible Bond Conversion Option Derivative: June 30, 2025 December 31, 2024 WML stock price HK$ 5.42 HK$ 5.39 Estimated volatility 35.9 % 31.2 % Risk-free interest rate 2.6 % 3.6 % Expected term (years) 3.7 4.2 Dividend yield (1) 0.0 % 0.0 % (1) Dividend yield is assumed to be zero in the lattice model used to value the WML Convertible Bond Conversion Option Derivative, due to a dividend protection feature in the WML Convertible Bond Agreement. As of June 30, 2025 and December 31, 2024, the estimated fair value of the embedded derivative was a liability of $ 43.0 million and $ 33.0 million, respectively, recorded in Long-term debt in the accompanying Condensed Consolidated Balance Sheets. In connection with the change in fair value, the Company recorded a gain of $ 6.0 million and $ 18.0 million for the three months ended June 30, 2025 and 2024, respectively, and a loss of $ 10.0 million and a gain of $ 1.7 million for the six months ended June 30, 2025 and 2024, respectively, within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Income. Foreign Currency Swaps In the first half of 2025, the Company entered into four foreign currency swap agreements (the "Foreign Currency Swaps") with the objective of managing foreign currency exchange rate risk associated with the U.S. dollar denominated 2026 WML 5 1/2% Senior Notes, 2027 WML 5 1/2% Senior Notes, 2028 WML 5 5/8% Senior Notes, and 2029 WML 5 1/8% Senior Notes. The Foreign Currency Swaps exchange predetermined amounts of Hong Kong dollars for U.S. dollars at a contractual spot rate, have notional amounts of $ 800.0 million, $ 750.0 million, $ 1.35 billion, and $ 200.0 million, and mature in January 2026, October 2027, August 2028, and December 2029, respectively. As of June 30, 2025, the net fair value of the Foreign Currency Swaps was a liability of $ 17.5 million, with $ 0.3 million recorded in Prepaid expenses and other, $ 0.3 million recorded in Other assets, and $ 18.1 million recorded in Other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. The fair values of the Foreign Currency Swaps were estimated based on recent trades, if available, and indicative pricing from market information (Level 2 inputs). Gains and losses on the Foreign Currency Swaps are recorded in earnings, as these instruments are not designated as hedges. The Company recorded a loss of $ 5.3 million and $ 14.6 million in the three and six months ended June 30, 2025, respectively, within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Income. Note 8 - Stockholders' Deficit Equity Repurchase Program 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. 14 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) During the three and six months ended June 30, 2025, the Company repurchased 2,004,418 and 4,364,612 shares of its common stock at an average price of $ 78.88 and $ 82.06 per share for an aggregate cost of $ 158.1 million and $ 358.1 million, respectively, under the equity repurchase program. During both the three and six months ended June 30, 2024, the Company repurchased 741,340 shares of its common stock at an average price of $ 91.72 per share, for an aggregate cost of $ 68.0 million under the equity repurchase program. As of June 30, 2025, the Company had $ 454.9 million in repurchase authority remaining under the program. Dividends The Company paid a cash dividend of $ 0.25 per share on its common stock during each of the three month periods ended March 31, 2025 and June 30, 2025 and recorded $ 26.6 million and $ 26.1 million against accumulated deficit, respectively. The Company paid a cash dividend of $ 0.25 per share on its common stock in each of the three month periods ended March 31, 2024 and June 30, 2024 and recorded $ 28.0 million against accumulated deficit in each period. On August 7, 2025, the Company's Board of Directors declared a cash dividend of $ 0.25 per share on its common stock, payable on August 29, 2025 to stockholders of record as of August 18, 2025. Noncontrolling Interests Wynn Macau, Limited On June 11, 2025, WML paid a cash dividend of HK$ 0.185 per share on its common stock for a total U.S. dollar equivalent of approximately $ 124.0 million. The Company's share of this dividend was $ 88.5 million, and the noncontrolling interest holders' share of this dividend was $ 35.5 million. WML Securities Lending Agreement In connection with the offering of the WML Convertible Bonds, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximate 72 % ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") in March 2023 (the "Securities Lending Agreement"), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending Agreement. WM Cayman I may, at its sole discretion, terminate any stock loan by giving the WML Stock Borrower no less than five business days' notice. The Securities Lending Agreement terminates on the date on which the WML Convertible Bonds have been redeemed, or converted in full, whichever is the earlier. As of the date of this report, the WML Stock Borrower held 79,774,985 WML shares under the Securities Lending Agreement. Retail Joint Venture During the six months ended June 30, 2025 and 2024, the Retail Joint Venture made aggregate distributions of approximately $ 12.3 million and $ 8.6 million, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture." 15 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 9 - Fair Value Measurements The following tables present assets and liabilities carried at fair value (in thousands): Fair Value Measurements Using: June 30, 2025 Quoted Market Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets: Cash equivalents $ 517,413 $ — $ 517,413 $ — Restricted cash $ 95,276 $ 6,541 $ 88,735 $ — Foreign Currency Swaps (see Note 7) $ 554 $ — $ 554 $ — Interest rate swap $ 2,526 $ — $ 2,526 $ — Liabilities: WML Convertible Bond Conversion Option Derivative (see Note 7) $ 42,996 $ — $ — $ 42,996 Foreign Currency Swaps (see Note 7) $ 18,086 $ — $ 18,086 $ — Interest rate swap $ 1,086 $ — $ 1,086 $ — Fair Value Measurements Using: December 31, 2024 Quoted Market Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets: Cash equivalents $ 787,004 $ — $ 787,004 $ — Restricted cash $ 95,638 $ 6,434 $ 89,204 $ — Interest rate swap $ 7,510 $ — $ 7,510 $ — Liabilities: WML Convertible Bond Conversion Option Derivative (see Note 7) $ 33,007 $ — $ — $ 33,007 16 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 10 - Customer Contract Liabilities In providing goods and services to its customers, there is often a timing difference between the Company receiving cash and the Company recording revenue for providing services or holding events. The Company's primary liabilities associated with customer contracts are as follows (in thousands): June 30, 2025 December 31, 2024 Increase / (decrease) June 30, 2024 December 31, 2023 Increase / (decrease) Casino outstanding chips and front money deposits (1) $ 429,312 $ 409,928 $ 19,384 $ 405,153 $ 433,269 $ ( 28,116 ) Advance room deposits and ticket sales (2) 60,452 84,460 ( 24,008 ) 71,214 89,640 ( 18,426 ) Other gaming-related liabilities (3) 10,313 15,458 ( 5,145 ) 14,710 24,964 ( 10,254 ) Loyalty program and related liabilities (4) 32,296 29,489 2,807 28,616 31,106 ( 2,490 ) $ 532,373 $ 539,335 $ ( 6,962 ) $ 519,693 $ 578,979 $ ( 59,286 ) (1) Casino outstanding chips generally represent amounts owed to gaming promoters and customers for chips in their possession, and casino front money deposits represent funds deposited by customers before gaming play occurs. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and may be recognized as revenue or redeemed for cash in the future. (2) Advance room deposits and ticket sales represent cash received in advance for goods or services to be provided in the future. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and will be recognized as revenue when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenue and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenue within one year. (3) Other gaming-related liabilities generally represent unpaid wagers primarily in the form of unredeemed slot, race and sportsbook tickets or wagers for future sporting events. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets. (4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets and are expected to be recognized as revenue within one year of being earned by customers. Note 11 - Stock-Based Compensation The total compensation cost for stock-based compensation plans was recorded as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Casino $ 4,321 $ 791 $ 5,229 $ 1,466 Rooms 2,618 268 2,872 496 Food and beverage 7,199 577 7,986 989 Entertainment, retail and other 820 694 959 1,440 General and administrative 13,879 13,837 31,191 26,145 Total stock-based compensation expense 28,837 16,167 48,237 30,536 Total stock-based compensation capitalized 1,496 1,319 2,878 2,621 Total stock-based compensation costs $ 30,333 $ 17,486 $ 51,115 $ 33,157 17 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 12 - Income Taxes The Company recorded an income tax expense of $ 10.6 million and $ 7.9 million for the three months ended June 30, 2025 and 2024, respectively, and an income tax expense of $ 21.6 million and $ 27.9 million for the six months ended June 30, 2025 and 2024, respectively, primarily related to its U.S.-based operating profits. The difference between the statutory tax rate of 21 % and the effective tax rate of 12.0 % is due to the exemption from Macau’s 12 % Complementary Tax on casino gaming profits earned by Wynn Macau SA. On July 4, 2025, the U.S. president signed into law the budget and reconciliation bill, commonly referred to as the One Big Beautiful Bill Act, which includes a broad range of tax reform provisions that may affect the Company's financial position and results of operations. The Company is currently evaluating the impact of these provisions on the Company's effective tax rate and deferred tax assets for 2025 and future periods. 18 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 13 - Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible Bonds occurred at the later of the date of issuance or beginning of the period presented under the if-converted method, by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive. Other potentially dilutive securities include outstanding stock options and unvested restricted stock. The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Numerator: Net income attributable to Wynn Resorts, Limited - basic $ 66,218 $ 111,943 $ 138,965 $ 256,159 Effect of dilutive securities of Wynn Resorts, Limited subsidiaries: Assumed conversion of WML Convertible Bonds (1) — ( 10,586 ) — — Net income attributable to Wynn Resorts, Limited - diluted $ 66,218 $ 101,357 $ 138,965 $ 256,159 Denominator: Weighted average common shares outstanding 103,491 110,937 104,486 110,980 Potential dilutive effect of stock options, nonvested, and performance nonvested shares 289 238 263 242 Weighted average common and common equivalent shares outstanding 103,780 111,175 104,749 111,222 Net income attributable to Wynn Resorts, Limited per common share, basic $ 0.64 $ 1.01 $ 1.33 $ 2.31 Net income attributable to Wynn Resorts, Limited per common share, diluted $ 0.64 $ 0.91 $ 1.33 $ 2.30 Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 365 339 456 325 (1) The assumed conversion of the WML Convertible Bonds had an anti-dilutive impact for the three and six months ended June 30, 2025 and the six months ended June 30, 2024. Note 14 - Leases Lessor Arrangements The following table presents the minimum and contingent operating lease income for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Minimum rental income $ 35,689 $ 33,838 $ 72,149 $ 68,008 Contingent rental income 16,454 16,233 31,521 36,872 Total rental income $ 52,143 $ 50,071 $ 103,670 $ 104,880 19 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 15 - Commitments and Contingencies Litigation The Company and its affiliates are involved in litigation arising in the normal course of business. In the opinion of management, such litigation is not expected to have a material effect on the Company's financial condition, results of operations, and cash flows. Wynn Al Marjan Island Funding Commitment In connection with the construction of Wynn Al Marjan Island, the Company is required to contribute capital to Island 3 to fund 40 % of the project design and development costs in exchange for a pro-rata share of equity in Island 3. During the three and six months ended June 30, 2025, the Company contributed $ 58.2 million and $ 109.4 million of cash into Island 3, respectively, bringing our life-to-date cash contributions to $ 741.1 million. The Company's remaining 40 % pro-rata share of the required equity for the construction of Wynn Al Marjan Island is estimated to be between $ 600 million and $ 675 million inclusive of capitalized interest, fees, and certain improvements on the Island. Al Marjan Facility Completion Guarantee In February 2025, Wynn Al Marjan Island FZ-LLC (the "Borrower"), a wholly-owned subsidiary of Island 3, an unconsolidated affiliate, entered into a facility agreement with a syndicate of lenders (the "Al Marjan Facility Agreement") which provides the Borrower with 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 as a condition precedent to the Al Marjan Facility being made available to the Borrower, the Company and the government of Ras Al Khaimah, acting through the Investment and Development Office of Ras Al Khaimah (collectively the "Al Marjan Guarantors"), entered into a guarantee (the "Completion Guarantee") in favor of First Abu Dhabi Bank PJSC, as security agent for itself (the "Security Agent") and the other secured parties (collectively, the "Secured Parties") under the Al Marjan Facility Agreement. Under the terms of the Completion Guarantee, the Al Marjan Guarantors, irrevocably and unconditionally jointly and severally, (a) have guaranteed to each Secured Party punctual performance by the Borrower of certain of its obligations under the Al Marjan Facility Agreement, and (b) have undertaken with each Secured Party: (i) to provide, within 10 business days upon receiving written demand by the Security Agent, (A) sufficient funds to ensure that practical completion of the project (as provided in the Al Marjan Facility Agreement) takes place no later than June 30, 2028 and (B) to fund amounts equal to any project cost overruns, to the extent the Borrower fails to fund such overruns; and (ii) to pay, whenever the Borrower does not pay, interest, commitment fees and other finance costs payable under the Al Marjan Facility Agreement as well as scheduled payments under any interest rate hedging agreement. In addition, upon the occurrence of certain specified events of default, change of control events or credit rating downgrades under the Al Marjan Facility Agreement or the occurrence of certain commercial gaming license related events (including, among others, the loss of the commercial gaming license permitting the Borrower to conduct commercial gaming at the project and as further provided in the Al Marjan Facility Agreement), the Al Marjan Guarantors, irrevocably and unconditionally jointly and severally, have undertaken to pay, to the extent the Borrower does not pay, all then outstanding principal, interest, hedging liabilities and any and all other amounts and expenses then due and payable under the Al Marjan Facility Agreement and related agreements, within 10 business days upon receiving written demand by the Security Agent (or, in respect of the occurrence of certain commercial gaming license related events, if later, on the date falling 180 days following the occurrence of such event). The guarantees and undertakings provided by the Al Marjan Guarantors under the Completion Guarantee terminate on the earlier of: (1) the date on which all secured liabilities under the Al Marjan Facility Agreement have been paid in full, and (2) the date of practical completion of the project. 20 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 16 - Retail Joint Venture As of June 30, 2025 and December 31, 2024, the Retail Joint Venture had total assets of $ 98.4 million and $ 100.3 million, respectively, and total liabilities of $ 607.0 million and $ 605.8 million, respectively. As of June 30, 2025 and December 31, 2024, the Retail Joint Venture's liabilities included long-term debt of $ 597.8 million and $ 597.3 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan. Note 17 - Segment Information The Company has identified its reportable segments based on factors such as geography, regulatory environment, the Company's organizational and management reporting structure and the information reviewed by its chief operating decision maker, the Company's Chief Executive Officer ("CEO"). The primary profitability measure used by the Company's CEO to review segment operating results and allocate resources is Adjusted Property EBITDAR. The Company has identified the following reportable segments: (i) Wynn Macau, representing the aggregate of Wynn Macau and Encore, an expansion at Wynn Macau, which are managed as a single integrated resort; (ii) Wynn Palace; (iii) Las Vegas Operations, representing the aggregate of Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture, which are managed as a single integrated resort; and (iv) Encore Boston Harbor. For geographical reporting purposes, Wynn Macau, Wynn Palace, and Other Macau (which represents the assets of the Company's Macau holding company and other ancillary entities) have been aggregated into Macau Operations. The following tables present the Company's segment information (in thousands): 21 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Three Months Ended June 30, 2025 Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Corporate and Other Total Operating revenues Casino $ 448,298 $ 293,380 $ 148,502 $ 161,654 $ — $ 1,051,834 Rooms 38,481 21,742 207,981 22,849 — 291,053 Food and beverage 30,446 17,020 194,861 18,730 — 261,057 Entertainment, retail and other (1) 22,416 11,671 87,289 12,477 — 133,853 Total operating revenues 539,641 343,813 638,633 215,710 — 1,737,797 Cost of revenue (2) 140,659 101,698 385,577 104,991 — Gaming taxes (3) 241,776 145,605 18,244 46,860 — Adjusted Property EBITDAR (4) $ 157,206 $ 96,510 $ 234,812 $ 63,859 $ — $ 552,387 Other operating expenses Pre-opening 11,286 Depreciation and amortization 152,907 Property charges and other 13,245 Corporate expense and other 46,446 Stock-based compensation 28,837 Triple-net operating lease expense 35,066 Total other operating expenses 287,787 Operating income 264,600 Other non-operating income and expenses Interest income 15,859 Interest expense, net of amounts capitalized ( 154,551 ) Change in derivatives fair value ( 1,112 ) Loss on debt financing transactions ( 1,083 ) Other ( 36,164 ) Total other non-operating income and expenses ( 177,051 ) Income before income taxes 87,549 Provision for income taxes ( 10,588 ) Net income 76,961 Net income attributable to noncontrolling interests ( 10,743 ) Net income attributable to Wynn Resorts, Limited $ 66,218 22 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Three Months Ended June 30, 2024 Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Corporate and Other Total Operating revenues Casino $ 444,964 $ 280,717 $ 129,674 $ 153,591 $ — $ 1,008,946 Rooms 50,206 23,742 205,872 24,701 — 304,521 Food and beverage 29,829 20,003 208,418 23,154 — 281,404 Entertainment, retail and other (1) 23,050 12,807 84,690 11,162 6,352 138,061 Total operating revenues 548,049 337,269 628,654 212,608 6,352 1,732,932 Cost of revenue (2) 130,879 101,074 381,659 104,695 5,910 Gaming taxes (3) 232,711 140,284 16,662 45,782 1,621 Adjusted Property EBITDAR (4) $ 184,459 $ 95,911 $ 230,333 $ 62,131 $ ( 1,179 ) $ 571,655 Other operating expenses Pre-opening 1,558 Depreciation and amortization 176,405 Property charges and other 38,815 Corporate expense and other 33,710 Stock-based compensation 16,167 Triple-net operating lease expense 35,342 Total other operating expenses 301,997 Operating income 269,658 Other non-operating income and expenses Interest income 34,884 Interest expense, net of amounts capitalized ( 174,596 ) Change in derivatives fair value 15,517 Other 8,745 Total other non-operating income and expenses ( 115,450 ) Income before income taxes 154,208 Provision for income taxes ( 7,935 ) Net income 146,273 Net income attributable to noncontrolling interests ( 34,330 ) Net income attributable to Wynn Resorts, Limited $ 111,943 23 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Six Months Ended June 30, 2025 Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Corporate and Other Total Operating revenues Casino $ 892,806 $ 568,930 $ 309,495 $ 321,033 $ — $ 2,092,264 Rooms 75,096 45,039 403,849 41,590 — 565,574 Food and beverage 62,184 35,812 374,303 38,637 — 510,936 Entertainment, retail and other (1) 45,484 23,992 176,271 23,673 — 269,420 Total operating revenues 1,075,570 673,773 1,263,918 424,933 — 3,438,194 Cost of revenue (2) 278,411 201,406 768,893 210,745 — Gaming taxes (3) 478,068 285,658 36,852 92,875 — Adjusted Property EBITDAR (4) $ 319,091 $ 186,709 $ 458,173 $ 121,313 $ — $ 1,085,286 Other operating expenses Pre-opening 16,573 Depreciation and amortization 308,328 Property charges and other 25,477 Corporate expense and other 83,027 Stock-based compensation 48,237 Triple-net operating lease expense 70,455 Total other operating expenses 552,097 Operating income 533,189 Other non-operating income and expenses Interest income 35,218 Interest expense, net of amounts capitalized ( 312,159 ) Change in derivatives fair value ( 30,651 ) Loss on debt financing transactions ( 1,083 ) Other ( 44,538 ) Total other non-operating income and expenses ( 353,213 ) Income before income taxes 179,976 Provision for income taxes ( 21,610 ) Net income 158,366 Net income attributable to noncontrolling interests ( 19,401 ) Net income attributable to Wynn Resorts, Limited $ 138,965 24 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Six Months Ended June 30, 2024 Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Corporate and Other Total Operating revenues Casino $ 918,745 $ 627,070 $ 264,837 $ 319,760 $ — $ 2,130,412 Rooms 104,142 52,361 429,948 45,484 — 631,935 Food and beverage 61,899 41,022 402,028 43,393 — 548,342 Entertainment, retail and other (1) 50,164 28,560 168,389 21,755 16,284 285,152 Total operating revenues 1,134,950 749,013 1,265,202 430,392 16,284 3,595,841 Cost of revenue (2) 266,386 204,780 753,975 210,604 15,872 Gaming taxes (3) 481,735 311,136 34,632 94,522 4,009 Adjusted Property EBITDAR (4) $ 386,829 $ 233,097 $ 476,595 $ 125,266 $ ( 3,597 ) $ 1,218,190 Other operating expenses Pre-opening 3,593 Depreciation and amortization 351,338 Property charges and other 55,763 Corporate expense and other 73,615 Stock-based compensation 30,536 Triple-net operating lease expense 70,746 Total other operating expenses 585,591 Operating income 632,599 Other non-operating income and expenses Interest income 75,056 Interest expense, net of amounts capitalized ( 357,000 ) Change in derivatives fair value ( 2,397 ) Loss on debt financing transactions ( 1,561 ) Other 4,023 Total other non-operating income and expenses ( 281,879 ) Income before income taxes 350,720 Provision for income taxes ( 27,949 ) Net income 322,771 Net income attributable to noncontrolling interests ( 66,612 ) Net income attributable to Wynn Resorts, Limited $ 256,159 (1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases." (2) Primarily comprised of payroll, cost of goods sold, marketing, promotional, facilities, taxes and licenses (excluding gaming taxes) and other operating expenses. (3) For Las Vegas Operations, includes table and slot license fees. 25 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) (4) "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. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited. 26 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Capital expenditures Macau Operations: Wynn Palace $ 55,282 $ 19,943 $ 105,391 $ 49,408 Wynn Macau 14,769 10,985 30,249 28,330 Total Macau Operations 70,051 30,928 135,640 77,738 Las Vegas Operations 49,938 34,349 106,088 59,073 Encore Boston Harbor 6,802 10,301 11,487 22,086 Corporate and other 38,475 18,057 71,982 32,440 Total $ 165,266 $ 93,635 $ 325,197 $ 191,337 June 30, 2025 December 31, 2024 Assets Macau Operations: Wynn Palace $ 2,801,166 $ 2,813,190 Wynn Macau 1,175,233 1,412,795 Other Macau 1,011,128 778,928 Total Macau Operations 4,987,527 5,004,913 Las Vegas Operations 3,140,973 3,157,399 Encore Boston Harbor 1,960,061 1,980,420 Corporate and other 2,600,466 2,835,231 Total $ 12,689,027 $ 12,977,963 27 Table of Contents