What changed in this filing

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Item 1. Financial Statements

2025-11-06 compared with 2025-08-07 · 158 added, 125 removed, 655 unchanged (30% of the section changed)

3 unchanged sentences

(in thousands, except share data)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Current assets:

Cash and cash equivalents $ 1,486,291 $ 2,426,155

Investments 475,000 —

Accounts receivable, net of allowance for credit losses of $ 45,207 and $ 37,694 , respectively

38 unchanged sentences

Additional paid-in capital 3,779,077 3,698,800

Accumulated other comprehensive income (loss) 10,572 ( 5,700 )

Accumulated other comprehensive loss ( 1,666 ) ( 5,700 )

Accumulated deficit ( 1,528,294 ) ( 1,676,990 )

5 unchanged sentences

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Three Months Ended June 30, Six Months Ended June 30,

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

2025 2024 2025 2024

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Provision for income taxes ( 61,136 ) ( 17,127 ) ( 82,746 ) ( 45,076 )

Net income 76,961 146,273 158,366 322,771

Net income (loss) 128,427 ( 5,415 ) 286,793 317,356

net income attributable to noncontrolling interests ( 40,086 ) ( 26,638 ) ( 59,487 ) ( 93,250 )

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:

Net income (loss) attributable to Wynn Resorts, Limited $ 88,341 $ ( 32,053 ) $ 227,306 $ 224,106

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

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

Basic $ 0.86 $ ( 0.29 ) $ 2.19 $ 2.03

5 unchanged sentences

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

Three Months Ended June 30, Six Months Ended June 30,

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

2025 2024 2025 2024

Net income $ 76,961 $ 146,273 $ 158,366 $ 322,771

Other comprehensive income:

Net income (loss) $ 128,427 $ ( 5,415 ) $ 286,793 $ 317,356

Other comprehensive income (loss):

Foreign currency translation adjustments, before and after tax ( 16,549 ) ( 9,314 ) 5,187 ( 10,968 )

Total comprehensive income 95,067 142,630 180,102 321,117

Total comprehensive income (loss) 111,878 ( 14,729 ) 291,980 306,388

comprehensive income attributable to noncontrolling interests ( 35,775 ) ( 23,946 ) ( 60,640 ) ( 90,097 )

Comprehensive income attributable to Wynn Resorts, Limited $ 79,863 $ 109,326 $ 155,237 $ 254,966

Comprehensive income (loss) attributable to Wynn Resorts, Limited $ 76,103 $ ( 38,675 ) $ 231,340 $ 216,291

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

2 unchanged sentences

(in thousands, except share data)

For the three months ended June 30, 2025

For the three months ended September 30, 2025

outstanding Par

3 unchanged sentences

comprehensive

loss Accumulated deficit Total Wynn Resorts, Ltd.

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

stockholders'

2 unchanged sentences

stockholders'

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 )

Balances, July 1, 2025 103,976,829 $ 1,343 $ ( 2,618,638 ) $ 3,755,873 $ 10,572 $ ( 1,590,690 ) $ ( 441,540 ) $ ( 766,434 ) $ ( 1,207,974 )

Net income — — — — — 88,341 88,341 40,086 128,427

8 unchanged sentences

Stock-based compensation — — — 22,880 — — 22,880 876 23,756

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

Balances, September 30, 2025 103,977,280 $ 1,343 $ ( 2,620,502 ) $ 3,779,077 $ ( 1,666 ) $ ( 1,528,294 ) $ ( 370,042 ) $ ( 771,428 ) $ ( 1,141,470 )

For the three months ended September 30, 2024

outstanding Par

3 unchanged sentences

comprehensive

income Accumulated deficit Total Wynn Resorts, Ltd.

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

stockholders'

2 unchanged sentences

stockholders'

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

Balances, July 1, 2024 111,375,062 $ 1,335 $ ( 1,918,595 ) $ 3,672,049 $ 2,213 $ ( 1,866,826 ) $ ( 109,824 ) $ ( 792,138 ) $ ( 901,962 )

Net income (loss) — — — — — ( 32,053 ) ( 32,053 ) 26,638 ( 5,415 )

Currency translation adjustment — — — — ( 6,622 ) — ( 6,622 ) ( 2,692 ) ( 9,314 )

6 unchanged sentences

Stock-based compensation — — — 12,754 — — 12,754 920 13,674

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 )

Balances, September 30, 2024 109,922,076 $ 1,335 $ ( 2,037,046 ) $ 3,685,242 $ ( 4,409 ) $ ( 1,926,524 ) $ ( 281,402 ) $ ( 784,076 ) $ ( 1,065,478 )

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

For the six months ended June 30, 2025

For the nine months ended September 30, 2025

outstanding Par

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Stock-based compensation — — — 70,615 — — 70,615 3,146 73,761

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

Balances, September 30, 2025 103,977,280 $ 1,343 $ ( 2,620,502 ) $ 3,779,077 $ ( 1,666 ) $ ( 1,528,294 ) $ ( 370,042 ) $ ( 771,428 ) $ ( 1,141,470 )

For the nine months ended September 30, 2024

outstanding Par

2 unchanged sentences

capital Accumulated

comprehensive

income Accumulated deficit Total Wynn Resorts, Ltd.

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

stockholders'

13 unchanged sentences

Stock-based compensation — — — 40,562 — — 40,562 3,253 43,815

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 )

Balances, September 30, 2024 109,922,076 $ 1,335 $ ( 2,037,046 ) $ 3,685,242 $ ( 4,409 ) $ ( 1,926,524 ) $ ( 281,402 ) $ ( 784,076 ) $ ( 1,065,478 )

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

2 unchanged sentences

(in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities:

18 unchanged sentences

Investments in unconsolidated affiliates ( 236,117 ) ( 454,980 )

Purchase of investments ( 475,000 ) —

Proceeds from maturity of investments — 850,000

1 unchanged sentence

Proceeds from sale of assets and other 1,107 26,797

Net cash used in investing activities ( 456,036 ) ( 271,626 )

Net cash (used in) provided by investing activities ( 1,199,731 ) 126,512

Cash flows from financing activities:

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Cash, cash equivalents and restricted cash:

Decrease in cash, cash equivalents and restricted cash ( 441,765 ) ( 499,368 )

(Decrease) increase in cash, cash equivalents and restricted cash ( 938,895 ) 739,301

Balance, beginning of period 2,521,793 2,969,412

18 unchanged sentences

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

The results for the three and 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.

The results for the three and nine months ended September 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.

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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.

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

These taxes totaled $ 509.9 million and $ 437.2 million for the three months ended September 30, 2025 and 2024 , respectively, and $ 1.40 billion and $ 1.36 billion for the nine months ended September 30, 2025 and 2024 , respectively.

As of September 30, 2025, the Company held $ 475.0 million in fixed deposits, recorded at fair value.

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

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

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

During the three and nine months ended September 30, 2025 and 2024 , no impairment was recognized.

Investments in Unconsolidated Affiliates

1 unchanged sentence

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.

The Company recognized an equity-method loss of $ 7.1 million and $ 1.6 million for the three months ended September 30, 2025 and 2024 , respectively, and $ 16.6 million and $ 3.8 million for the nine months ended September 30, 2025 and 2024 , respectively, in Pre-opening expense within the Condensed Consolidated Statements of Operations.

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.

In July 2025, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2025-05, F inancial Instruments — Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets.

ASU 2025-05 will be effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods and should be applied prospectively.

The Company is currently evaluating the impact that this guidance will have on the Company's consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”), which revises the approach to accounting for internal-use software costs by eliminating all references to the stages of software development projects, thereby making the guidance adaptable to a variety of software development methodologies.

ASU 2025-06 will be effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods, on a prospective, modified or retrospective basis, with early adoption permitted.

The Company is currently evaluating the impact that this guidance will have on the Company's consolidated financial statements and related disclosures.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

September 30, 2025 December 31, 2024

Cash and cash equivalents:

7 unchanged sentences

(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.

(2) Cash equivalents consists of bank time deposits and money market funds, which excludes $ 475.0 million of short-term investments described in Note 2 - Basis of Presentation and Significant Accounting Policies.

(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 September 30, 2025 and December 31, 2024 included $ 87.3 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,

Nine Months Ended September 30,

Cash paid for interest, net of amounts capitalized $ 470,288 $ 513,893

4 unchanged sentences

Liabilities arising from obtaining property and equipment $ 21,400 $ —

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 4 - Receivables, net

1 unchanged sentence

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Casino $ 278,062 $ 236,642

4 unchanged sentences

$ 352,659 $ 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.

As of September 30, 2025 and December 31, 2024, approximately 79.0 % 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.

The Company’s allowance for casino credit losses was 15.5 % and 14.7 % of gross casino receivables as of September 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 Company’s allowances for credit losses from its hotel and other receivables were not material.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

September 30,

Balance at beginning of year $ 37,694 $ 40,075

6 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Buildings and improvements $ 8,681,915 $ 8,547,922

6 unchanged sentences

$ 6,579,216 $ 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.

As of September 30, 2025 and December 31, 2024, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.

Depreciation expense for the three months ended September 30, 2025 and 2024 was $ 139.5 million and $ 142.6 million, respectively, and depreciation expense for the nine months ended September 30, 2025 and 2024 was $ 422.2 million and $ 462.9 million, respectively.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

September 30, 2025 December 31, 2024

Macau Related:

5 unchanged sentences

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

WML 6 3/4% Senior Notes, due 2034 1,000,000 —

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

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Total long-term debt, net of current portion $ 10,563,486 $ 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.

(1) As of September 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 $ 910.5 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.

As of September 30, 2025, the weighted average interest rate was approximately 5.56 %.

As of September 30, 2025, the available borrowing capacity under the WM Cayman II Revolver was $ 1.36 billion.

(2) As of September 30, 2025, the net carrying amount of the WML Convertible Bonds was $ 513.8 million, with unamortized debt discount and debt issuance costs of $ 86.2 million.

The Company recorded contractual interest expense of $ 6.8 million in each period and amortization of discounts and issuance costs of $ 5.3 million and $ 4.8 million during the three months ended September 30, 2025 and 2024, respectively, and contractual interest expense of $ 20.3 million in each period and amortization of discounts and issuance costs of $ 15.4 million and $ 14.0 million during the nine months ended September 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.

As of September 30, 2025, the weighted average interest rate was approximately 5.91 %.

Additionally, as of September 30, 2025, the available borrowing capacity under the WRF Revolver was $ 1.23 billion, net of $ 16.2 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.

As of September 30, 2025, the effective interest rate was 5.54 %.

WML Senior Notes

In August 2025, WML issued $ 1.0 billion aggregate principal amount of 6 3/4% Senior Notes due 2034 (the "2034 WML Senior Notes") pursuant to an indenture between WML and Deutsche Bank Trust Company Americas, as trustee.

The 2034 WML Senior Notes were issued at par for proceeds of $ 989.0 million, net of $ 11.0 million of related fees and expenses.

In connection with the issuance of the 2034 WML Senior Notes, the Company recorded debt issuance costs of $ 11.0 million within the Condensed Consolidated Balance Sheet.

In September 2025, in accordance with the terms and conditions of the WML 5 1/2% Senior Notes due 2026 ("2026 WML Senior Notes") indenture, WML used the net proceeds from the 2034 WML Senior Notes, along with cash on hand, to

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

redeem in full the outstanding $ 1.0 billion aggregate principal amount of 2026 WML Senior Notes at a price equal to 100 % of the principal amount.

WM Cayman II Revolver Facility Agreement

As a result, the total committed amount of the WM Cayman II Revolver has increased to $ 2.5 billion equivalent.

In connection with the exercise of the accordion feature on the WM Cayman II Revolver, the Company recorded debt issuance costs of $ 11.6 million within the Condensed Consolidated Balance Sheet.

WRF Credit Facility Agreement Amendment

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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.

In connection with the WRF Facility Amendment, the Company recognized a loss on debt financing transactions of $ 1.1 million within the accompanying Condensed Consolidated Statement of Operations, and the Company recorded debt issuance costs of $ 5.9 million within the Condensed Consolidated Balance Sheet.

Debt Covenant Compliance

As of June 30, 2025, management believes the Company was in compliance with all debt covenants.

As of September 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 as of September 30, 2025 and December 31, 2024 was approximately $ 10.75 billion and $ 10.46 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $ 10.63 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).

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

September 30, 2025 December 31, 2024

WML stock price HK$ 7.22 HK$ 5.39

4 unchanged sentences

(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.

As of September 30, 2025 and December 31, 2024, the estimated fair value of the embedded derivative was a liability of $ 61.5 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 loss of $ 18.5 million and $ 3.9 million for the three months ended September 30, 2025 and 2024 , respectively, and a loss of $ 28.5 million and $ 2.2 million for the nine months ended September 30, 2025 and 2024 , respectively, within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Operations.

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.

During the nine months ended September 30, 2025, the Company entered into foreign currency swap agreements (the "Foreign Currency Swaps") with the objective of managing foreign currency exchange rate risk associated with the outstanding U.S.

dollar denominated WML 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).

dollars at a contractual spot rate, and as of September 30, 2025, have an aggregate notional amount of $ 4.10 billion, and have maturities between October 2027 and August 2030.

As of September 30, 2025, the net fair value of the Foreign Currency Swaps was a liability of $ 14.4 million, with $ 15.4 million recorded in Prepaid expenses and other and $ 29.8 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 discounted future cash flows, incorporating foreign currency spot rates and market yield curves (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.

The Company recorded a gain of $ 6.1 million and a loss of $ 8.4 million in the three and nine months ended September 30, 2025, respectively, within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Operations.

Note 8 - Stockholders' Deficit

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

During the three and nine months ended September 30, 2025, the Company repurchased 600 and 4,365,212 shares of its common stock at average prices of $ 99.27 and $ 82.06 per share, respectively, for an aggregate cost of $ 0.1 million and $ 358.2 million, respectively, under the equity repurchase program.

During both the three and nine months ended September 30, 2024, the Company repurchased 1,464,773 and 2,206,113 shares of its common stock at average prices of $ 80.37 and $ 84.19 per share, respectively, for an aggregate cost of $ 117.7 million and $ 185.7 million, respectively, under the equity repurchase program.

As of September 30, 2025, the Company had $ 454.9 million in repurchase authority remaining under the program.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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.

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.

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, June 30, 2025, and September 30, 2025 and recorded $ 26.6 million, $ 26.1 million, and $ 25.9 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, June 30, 2024, and September 30, 2024 and recorded $ 28.0 million against accumulated deficit in each of the three month periods ended March 31, 2024 and June 30, 2024 and $ 27.7 million in the three month period ended September 30, 2024, against accumulated deficit.

On November 6, 2025, the Company's Board of Directors declared a cash dividend of $ 0.25 per share on its common stock, payable on November 26, 2025 to stockholders of record as of November 17, 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.

In June 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.

In September 2025, WML paid a cash dividend of HK$ 0.185 per share on its common stock for a total U.S.

dollar equivalent of $ 125.0 million.

The Company's share of this dividend was $ 89.2 million, and the noncontrolling interest holders' share of this dividend was $ 35.8 million.

WML Securities Lending Agreement

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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.

The Retail Joint Venture made aggregate distributions of $ 5.8 million and $ 2.0 million during the three months ended September 30, 2025 and 2024, respectively, and $ 18.1 million and $ 10.6 million during the nine months ended September 30, 2025 and 2024, respectively, to its non-controlling interest holder.

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

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Fair Value Measurements Using:

June 30, 2025 Quoted

September 30, 2025 Quoted

Active Markets

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Restricted cash $ 96,607 $ 6,582 $ 90,025 $ —

Fixed deposits $ 475,000 $ — $ 475,000 $ —

Foreign Currency Swaps (see Note 7)

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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)

September 30, 2025 December 31, 2024 Increase / (decrease) September 30, 2024 December 31, 2023 Increase / (decrease)

Casino outstanding chips and front money deposits (1)

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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,

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

2025 2024 2025 2024

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Total stock-based compensation costs $ 24,071 $ 15,002 $ 75,186 $ 48,159

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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.

The Company recorded an income tax expense of $ 61.1 million and $ 17.1 million for the three months ended September 30, 2025 and 2024 , respectively, and an income tax expense of $ 82.7 million and $ 45.1 million for the nine months ended September 30, 2025 and 2024 , respectively.

The increase in income tax expense for the three and nine month periods ended September 30, 2025 primarily reflects an increase in the valuation allowance on foreign tax credit carryforwards.

The difference between the statutory tax rate of 21 % and the effective tax rate of 22.4 % is due to an increase in the valuation allowance on foreign tax credit carryforwards.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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.

The Company has evaluated the impact of these provisions on the Company's effective tax rate and deferred tax assets for 2025 and future periods.

federal tax law changes increase tax deductions and reduce the utilization of foreign tax credit carryforwards.

The Company, in response, increased its valuation allowance on foreign tax credit carryforwards during the three months ended September 30, 2025.

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.

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

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

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

2025 2024 2025 2024

Net income attributable to Wynn Resorts, Limited - basic $ 66,218 $ 111,943 $ 138,965 $ 256,159

Net income (loss) attributable to Wynn Resorts, Limited - basic $ 88,341 $ ( 32,053 ) $ 227,306 $ 224,106

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

Net income (loss) attributable to Wynn Resorts, Limited - diluted $ 88,341 $ ( 32,053 ) $ 227,306 $ 224,106

Weighted average common shares outstanding 102,909 109,727 103,955 110,559

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Weighted average common and common equivalent shares outstanding 103,636 109,727 104,373 110,810

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

Net income (loss) attributable to Wynn Resorts, Limited per common share, basic $ 0.86 $ ( 0.29 ) $ 2.19 $ 2.03

Net income (loss) attributable to Wynn Resorts, Limited per common share, diluted $ 0.85 $ ( 0.29 ) $ 2.18 $ 2.02

Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 283 383 399 334

(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.

(1) The assumed conversion of the WML Convertible Bonds had an anti-dilutive impact for the three and nine months ended September 30, 2025 and 2024.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 14 - Leases

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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,

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

2025 2024 2025 2024

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Total rental income $ 51,707 $ 48,364 $ 155,377 $ 153,244

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 15 - Commitments and Contingencies

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

Wynn Al Marjan Island Funding Commitment

Island 3 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.

During the three and nine months ended September 30, 2025, the Company contributed $ 93.9 million and $ 203.3 million of cash into Island 3, respectively, bringing our life-to-date cash contributions to $ 835.0 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 $ 500 million and $ 575 million inclusive of capitalized interest, fees, and certain improvements on the Island.

Island 3 has partnered with Aman Group, a developer and operator of hotels, resorts and branded residences, to construct a second development adjacent to Wynn Al Marjan Island, which will feature a 132-room hotel and a residential tower with one- to five- bedroom units and a limited collection of standalone villas (“Janu Al Marjan Island”).

Janu Al Marjan Island, expected to open in late 2028, will be managed and operated by Aman Group and will offer a variety of guest experiences.

The Company’s estimated capital contributions to Island 3 for the construction of the Janu Al Marjan Island are between $ 25 million and $ 50 million, net of estimated branded residence sales and estimated 50 % loan-to-cost financing to fund project costs.

Al Marjan Facility Completion Guarantee

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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;

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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.

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(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.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

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.

As of September 30, 2025 and December 31, 2024, the Retail Joint Venture had total assets of $ 99.5 million and $ 100.3 million, respectively, and total liabilities of $ 607.2 million and $ 605.8 million, respectively.

As of September 30, 2025 and December 31, 2024, the Retail Joint Venture's liabilities included long-term debt of $ 598.1 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

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Corporate and Other Total

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Loss on debt financing transactions ( 618 )

Other ( 36,164 )

Total other non-operating income and expenses ( 120,926 )

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Corporate and Other Total

25 unchanged sentences

Change in derivatives fair value ( 5,523 )

Loss on debt financing transactions ( 109 )

Total other non-operating income and expenses ( 121,525 )

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Provision for income taxes ( 17,127 )

Net income 146,273

Net loss ( 5,415 )

Net income attributable to noncontrolling interests ( 26,638 )

Net income attributable to Wynn Resorts, Limited $ 111,943

Net loss attributable to Wynn Resorts, Limited $ ( 32,053 )

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Corporate and Other Total

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Corporate and Other Total

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(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.

(4) "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 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 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.

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

The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, 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.

(5) For each of the three and nine months ended September 30, 2024, includes $ 130.0 million of forfeitures pursuant to a non-prosecution agreement, the Company's $ 9.4 million contribution towards a legal settlement, $ 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 nine months ended September 30, 2024 also included $ 61.5 million of expensed project costs related to a discontinued development project, partially offset by a gain of $ 24.6 million related to the sale of certain Wynn Interactive assets.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three Months Ended June 30, Six Months Ended June 30,

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

2025 2024 2025 2024

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Total $ 163,988 $ 101,353 $ 489,185 $ 292,690

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Macau Operations:

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

What changed 10-Q

Item 1. Financial Statements