45 unchanged sentences
Key Operating Measures
−Removed: Certain key operating measures specific to the gaming industry are included in our discussion of our operational performance for the periods for which the Condensed Consolidated Statements of Income are presented.
+Added: Certain key operating measures specific to the gaming industry are included in our discussion of our operational performance for the periods for which the Condensed Consolidated Statements of Operations are presented.
These key operating measures are presented as supplemental disclosures because management and/or certain investors use these measures to better understand period-over-period fluctuations in our casino and hotel operating revenues.
38 unchanged sentences
Results of Operations
−Removed: Summary of second quarter 2025 results
+Added: Summary of third quarter 2025 results
The following table summarizes our financial results for the periods presented (dollars in thousands, except per share data):
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Increase/ (Decrease) Percent Change 2025 2024 Increase/ (Decrease) Percent Change
Operating revenues $ 1,833,747 $ 1,693,323 $ 140,424 8.3 $ 5,271,941 $ 5,289,164 $ (17,223) (0.3)
−Removed: Net income attributable to Wynn Resorts, Limited 66,218 111,943 (45,725) (40.8) 138,965 256,159 (117,194) (45.8)
−Removed: Diluted net income per share 0.64 0.91 (0.27) (29.7) 1.33 2.30 (0.97) (42.2)
−Removed: The increase in operating revenues for the three months ended June 30, 2025 was largely driven by increased operating revenues of $10.0 million at our Las Vegas Operations as a result of higher gaming volumes, partially offset by a decrease in operating revenues of $6.4 million at Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.
−Removed: The decrease in net income attributable to Wynn Resorts, Limited for the three months ended June 30, 2025 was primarily attributable to other non-operating income and expenses.
−Removed: We incurred a foreign currency remeasurement loss of $36.2 million and a loss from change in derivatives fair value of $1.1 million in the three months ended June 30, 2025.
−Removed: attributable to Wynn Resorts, Limited for the three months ended June 30, 2024, included a foreign currency remeasurement gain of $8.7 million and a gain from change in derivatives fair value of $15.5 million.
−Removed: Financial results for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
+Added: Net income (loss) attributable to Wynn Resorts, Limited 88,341 (32,053) 120,394 375.6 227,306 224,106 3,200 1.4
+Added: Diluted net income (loss) per share 0.85 (0.29) 1.14 393.1 2.18 2.02 0.16 7.9
+Added: The increase in operating revenues for the three months ended September 30, 2025 was largely driven by increased operating revenues of $129.2 million at our Macau Operations, despite a one-day closure caused by typhoon Ragasa.
+Added: The increase in net income attributable to Wynn Resorts, Limited for the three months ended September 30, 2025 was primarily attributable to the increase in operating revenues, as well as a decrease in property charges and other expenses.
+Added: Property charges and other expenses for the three months ended September 30, 2024 included $130.0 million of forfeitures pursuant to a non-prosecution agreement (the "NPA").
+Added: Financial results for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.
Operating revenues
The following table presents our operating revenues (dollars in thousands):
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
2025 2024 Increase/ (Decrease) Percent Change
10 unchanged sentences
The following table presents our casino and non-casino operating revenues (dollars in thousands):
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
2025 2024 Increase/ (Decrease) Percent Change
7 unchanged sentences
$ 1,833,747 $ 1,693,323 $ 140,424 8.3
−Removed: Casino revenues for the three months ended June 30, 2025 were 60.5% of operating revenues, compared to 58.2% for the same period of 2024.
−Removed: Non-casino revenues for the three months ended June 30, 2025 were 39.5% of operating revenues, compared to 41.8% for the same period of 2024.
+Added: Casino revenues for the three months ended September 30, 2025 were 64.1% of operating revenues, compared to 60.2% for the same period of 2024.
+Added: Non-casino revenues for the three months ended September 30, 2025 were 35.9% of operating revenues, compared to 39.8% for the same period of 2024.
Casino revenues
−Removed: Casino revenues increased primarily due to higher table drop and slot machine handle at our Las Vegas Operations and higher VIP table games win at Wynn Macau.
+Added: Casino revenues increased primarily due to higher mass market table games volume and table games win at our Macau Operations and higher casino volumes at our Las Vegas Operations, resulting in increased table games and slot machine win.
The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
2025 2024 Increase/ (Decrease) Percent Change
31 unchanged sentences
Poker rake $ 2,722 $ 3,205 $ (483) (15.1)
−Removed: Three Months Ended June 30,
+Added: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.
+Added: Three Months Ended September 30,
2025 2024 Increase/ (Decrease) Percent Change
25 unchanged sentences
The table below sets forth our room revenues and associated key operating measures:
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
2025 2024 Increase/ (Decrease) Percent Change
20 unchanged sentences
Room revenues decreased $14.3 million, primarily due to lower ADR at our Macau Operations.
−Removed: Food and beverage revenues decreased $20.3 million, primarily due to decreased covers at our Las Vegas Operations.
−Removed: Entertainment, retail and other revenues decreased $4.2 million, primarily due to a decrease in operating revenues at Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.
Operating expenses
The table below presents operating expenses (dollars in thousands):
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
2025 2024 Increase/ (Decrease) Percent Change
10 unchanged sentences
Total operating expenses $ 1,523,258 $ 1,560,086 $ (36,828) (2.4)
−Removed: The increase in total operating expenses was primarily due to higher casino expenses at our Macau Operations driven by an increase in gaming tax expense, partially offset by a decrease in depreciation and amortization expenses at Encore Boston Harbor and decrease in property charges and other expenses at Corporate and other.
+Added: The decrease in total operating expenses was primarily due to the decrease in property charges and other expenses at our Las Vegas Operations and Corporate and other, partially offset by an increase in casino expenses at our Macau Operations driven by an increase in gaming tax expense.
Casino expenses increased $9.6 million and $69.6 million at Wynn Macau and Wynn Palace, respectively, which includes increases of $6.1 million and $59.9 million in gaming tax expense at Wynn Macau and Wynn Palace, respectively, as a result of higher casino revenues.
−Removed: Casino expenses increased $9.3 million at our Las Vegas Operations, primarily due to higher stock-based compensation expense as a result of stock awards granted in connection with the 20th anniversary of the opening of Wynn Las Vegas ("20th Anniversary").
−Removed: Room expenses increased $5.2 million at our Las Vegas Operations, primarily due to higher stock-based compensation expense as a result of stock awards granted in connection with the 20th Anniversary.
−Removed: Entertainment, retail and other expenses decreased $4.9 million, primarily due to decreased operating costs related to Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.
−Removed: General and administrative expenses increased $16.1 million, primarily due to the one-time cost of the 20th Anniversary celebrations, including higher stock-based compensation expense as a result of stock awards granted in connection with the 20th Anniversary.
−Removed: Pre-opening expenses increased $5.5 million at Corporate and other, largely as a result of pre-opening costs associated with Wynn Al Marjan Island.
−Removed: Depreciation and amortization decreased $17.5 million at Encore Boston Harbor as a result of certain furniture, fixtures and equipment assets being fully depreciated five years after the opening of the property in June of 2019.
−Removed: Property charges and other expenses for the three months ended June 30, 2025 consisted primarily of asset abandonments and disposals of $2.3 million and $1.5 million at our Macau Operations and Corporate and other, respectively, and $6.3 million of contract termination and other costs at our Las Vegas Operations.
−Removed: Property charges and other expenses for the three months ended June 30, 2024 consisted primarily of $61.5 million of expensed project costs related to a discontinued development project, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets, both included in Corporate and other.
+Added: Food and beverage expenses increased $7.9 million at Wynn Palace, primarily as a result of increased covers;
+Added: and $4.8 million at our Las Vegas Operations largely due to higher stock-based compensation expense as a result of stock awards granted in connection with the 20th anniversary of the opening of Wynn Las Vegas ("20th Anniversary").
+Added: Property charges and other expenses for the three months ended September 30, 2025 consisted primarily of asset abandonments and disposals of $4.6 million at our Macau Operations.
+Added: Property charges and other expenses for the three months ended September 30, 2024 consisted primarily of $130.0 million of forfeitures pursuant to the NPA and the Company's $9.4 million contribution towards a legal settlement.
+Added: Property charges and other expenses for the three months ended September 30, 2024 also included $12.5 million of contract termination and other costs related to the closure of Wynn Interactive's digital sports betting and casino gaming business.
Other non-operating income and expenses
−Removed: Interest expense, net of capitalized interest, decreased $20.0 million due to a decrease in the weighted average debt balance, from $11.43 billion for the three months ended June 30, 2024, to $10.94 billion for the three months ended June 30, 2025, and a decrease in the weighted average interest rate, from 6.10% for the three months ended June 30, 2024, to 5.63% for the three months ended June 30, 2025.
−Removed: In addition, we capitalized interest of $10.9 million and $2.6 million in the three months ended June 30, 2025 and 2024, respectively.
−Removed: We recorded interest income of $15.9 million and $34.9 million in the three months ended June 30, 2025 and 2024, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.
−Removed: We incurred a foreign currency remeasurement loss of $36.2 million and a gain of $8.7 million for the three months ended June 30, 2025 and 2024, respectively.
+Added: Interest expense, net of capitalized interest, decreased $10.3 million due to a decrease in the weighted average debt balance to $11.09 billion for the three months ended September 30, 2025 from $11.40 billion for the three months ended September 30, 2024.
+Added: In addition, we capitalized interest of $11.6 million and $7.8 million in the three months ended September 30, 2025 and 2024, respectively.
+Added: We recorded interest income of $16.6 million and $30.7 million in the three months ended September 30, 2025 and 2024, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.
+Added: We incurred a foreign currency remeasurement gain of $33.9 million and $21.3 million for the three months ended September 30, 2025 and 2024, respectively.
The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S.
1 unchanged sentence
dollar denominated debt and other obligations from our Macau-related entities drove the variability between periods.
−Removed: We recorded a loss of $1.1 million for the three months ended June 30, 2025, from change in derivatives fair value, which includes a gain of $6.0 million related to the conversion feature on the WML Convertible Bonds and a loss of $5.3 million related to foreign currency swaps.
−Removed: We recorded a gain of $15.5 million for the three months ended June 30, 2024, from change in derivatives fair value, primarily related to the conversion feature on the WML Convertible Bonds.
+Added: We recorded a loss of $13.2 million for the three months ended September 30, 2025, from change in derivatives fair value, which primarily includes a loss of $18.5 million related to the conversion feature on the WML Convertible Bonds and a gain of $6.1 million related to foreign currency swaps.
+Added: We recorded a loss of $5.5 million for the three months ended September 30, 2024, from change in derivatives fair value, primarily related to the conversion feature on the WML Convertible Bonds.
F or more information on the Company's derivative instruments, refer to Item 1—"Notes to Condensed Consolidated Financial Statements," Note 7, "Derivative Instruments."
−Removed: We recorded a $1.1 million loss on debt financing transactions for the three months ended June 30, 2025, primarily related to the amendment of the WRF credit facility.
−Removed: We recorded an income tax expense of $10.6 million and $7.9 million for the three months ended June 30, 2025 and 2024, respectively, primarily related to our U.S.-based operating profits.
+Added: We recorded a $0.6 million loss on debt financing transactions for the three months ended September 30, 2025, primarily related to the redemption of the WML 5 1/2% Senior Notes due 2026 ("2026 WML Senior Notes").
+Added: We recorded a $0.1 million loss on debt financing transactions in the three months ended September 30, 2024 related to the WRF Credit Facility amendment.
+Added: We recorded an income tax expense of $61.1 million and $17.1 million for the three months ended September 30, 2025 and 2024, respectively.
+Added: The increase in income tax expense for the three months ended September 30, 2025, primarily reflects an increase in the valuation allowance on foreign tax credit carryforwards.
Net income attributable to noncontrolling interests
−Removed: We recognized net income attributable to noncontrolling interests of $10.7 million for the three months ended June 30, 2025, primarily related to the noncontrolling interest's share of net income in the Retail Joint Venture.
−Removed: We recognized net income attributable to noncontrolling interests of $34.3 million for the three months ended June 30, 2024, primarily related to the noncontrolling interests' share of net income from WML.
−Removed: Financial results for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
+Added: We recognized net income attributable to noncontrolling interests of $40.1 million and $26.6 million for the three months ended September 30, 2025 and 2024, respectively, primarily related to the noncontrolling interest's share of net income from WML.
+Added: Financial results for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.
Operating revenues
The following table presents our operating revenues (dollars in thousands):
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
2025 2024 Increase/ (Decrease) Percent Change
10 unchanged sentences
The following table presents our casino and non-casino operating revenues (dollars in thousands):
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
2025 2024 Increase/ (Decrease) Percent Change
7 unchanged sentences
$ 5,271,941 $ 5,289,164 $ (17,223) (0.3)
−Removed: Casino revenues for the six months ended June 30, 2025 were 60.9% of operating revenues, compared to 59.2% for the same period of 2024.
−Removed: Non-casino revenues for the six months ended June 30, 2025 were 39.1% of operating revenues, compared to 40.8% for the same period of 2024.
+Added: Casino revenues for the nine months ended September 30, 2025 were 62.0% of operating revenues, compared to 59.5% for the same period of 2024.
+Added: Non-casino revenues for the nine months ended September 30, 2025 were 38.0% of operating revenues, compared to 40.5% for the same period of 2024 .
Casino revenues
−Removed: Casino revenues decreased primarily due to lower VIP win as a percentage of turnover and mass market table games win at our Macau Operations, partially offset by an increase in casino revenues from our Las Vegas Operations primarily due to higher gaming volumes during the six months ended June 30, 2025.
+Added: Casino revenues increased primarily due to higher VIP and mass market table games win at Wynn Palace and higher table games and slot machine win at our Las Vegas Operations, partially offset by decreased VIP and mass market table games win at Wynn Macau during the nine months ended September 30, 2025.
The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
2025 2024 Increase/ (Decrease) Percent Change
31 unchanged sentences
Poker rake $ 8,778 $ 11,831 $ (3,053) (25.8)
−Removed: Six Months Ended
+Added: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.
+Added: Nine Months Ended
+Added: September 30,
2025 2024 Increase/ (Decrease) Percent Change
25 unchanged sentences
The table below sets forth our room revenues and associated key operating measures:
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
2025 2024 Increase/ (Decrease) Percent Change
19 unchanged sentences
Room revenues decreased $80.6 million due to lower ADR across all of our properties.
−Removed: Food and beverage revenues decreased $37.4 million, primarily due to decreased covers at our Las Vegas Operations during the six months ended June 30, 2025.
−Removed: The six months ended June 30, 2024 included incremental food and beverage revenue from Super Bowl-related events and from outlets undergoing renovations.
+Added: Food and beverage revenues decreased $38.0 million, primarily due to a decrease in revenues from nightlife venues at our Las Vegas Operations during the nine months ended September 30, 2025.
+Added: The nine months ended September 30, 2024 included incremental food and beverage revenue at our Las Vegas Operations from Super Bowl-related events.
Entertainment, retail and other revenues decreased $16.4 million, primarily due to a decrease in operating revenues at Wynn Interactive following the closure of its digital sports betting and casino business in the third quarter of 2024.
1 unchanged sentence
The table below presents operating expenses (dollars in thousands):
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
2025 2024 Increase/ (Decrease) Percent Change
10 unchanged sentences
Total operating expenses $ 4,428,263 $ 4,523,328 $ (95,065) (2.1)
−Removed: The decrease in total operating expenses was primarily due to decreased operating costs associated with lower business volumes at our properties, a decrease in depreciation and amortization expense at Encore Boston Harbor, and a decrease in property charges and other expenses at Corporate and other.
−Removed: Casino expenses decreased $22.4 million at Wynn Macau, including a decrease of $25.5 million in gaming tax expense driven by a decrease in casino revenue.
−Removed: This decrease was partially offset by a $13.7 million increase at our Las Vegas Operations, primarily related to higher stock-based compensation expense as a result of stock awards granted to employees in connection with the 20th Anniversary.
−Removed: Room expenses increased $6.9 million at our Las Vegas Operations, largely due to payroll and related costs, including higher stock-based compensation expense as a result of stock awards granted to employees in connection with the 20th Anniversary.
+Added: The decrease in total operating expenses was primarily due to a decrease in depreciation and amortization expense at Encore Boston Harbor and Corporate and other and a decrease in property charges and other expenses at our Las Vegas Operations and Corporate and other, partially offset by an increase in casino expenses at Wynn Palace.
+Added: Casino expenses increased $71.4 million at Wynn Palace, including an increase of $56.2 million in gaming tax expense driven by an increase in casino revenue, and $21.2 million at our Las Vegas Operations, primarily driven by higher stock-based compensation expense from stock awards granted in connection the 20th Anniversary.
+Added: These increases were partially offset by a $12.8 million decrease at Wynn Macau, including a decrease of $19.4 million in gaming tax expense driven by a decrease in casino revenue.
+Added: Room expenses increased $10.0 million at our Las Vegas Operations, largely due to higher stock-based compensation expense as a result of stock awards granted to employees in connection with the 20th Anniversary.
Entertainment, retail and other expenses decreased $21.7 million at Corporate and other as a result of decreased operating costs related to Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.
1 unchanged sentence
Pre-opening expense increased $12.8 million at Corporate and other largely due to pre-opening costs associated with Wynn Al Marjan Island.
−Removed: Depreciation and amortization expenses decreased $34.9 million at Encore Boston Harbor as a result of certain furniture, fixtures, and equipment assets being fully depreciated five years after the opening of the property in June of 2019.
−Removed: Property charges and other expenses for the six months ended June 30, 2025 consisted primarily of $6.6 million and $5.8 million of contract terminations and other expenses at our Las Vegas Operations and Encore Boston Harbor, respectively, and $7.1 million and $2.6 million of asset abandonments and disposals at our Macau Operations and Corporate and other, respectively.
−Removed: Property charges and other expenses for the six months ended June 30, 2024 consisted primarily of $61.5 million of expensed project costs related to a discontinued development project at Corporate and other, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets, both included in Corporate and other.
+Added: Depreciation and amortization expenses decreased $33.5 million at Encore Boston Harbor as a result of certain assets being fully depreciated five years after the opening of the property in June of 2019, and $15.5 million at Corporate and other as a result of the closure of Wynn Interactive's digital sports betting and casino gaming business in the third quarter of 2024.
+Added: Property charges and other expenses for the nine months ended September 30, 2025 consisted primarily of $6.6 million and $5.8 million of contract terminations and other expenses at our Las Vegas Operations and Encore Boston Harbor, respectively;
+Added: and $11.7 million, $3.7 million and $2.8 million of asset abandonments and disposals at our Macau Operations, our Las Vegas Operations and Corporate and other, respectively.
+Added: Property charges and other expenses for the nine months ended September 30, 2024 consisted primarily of $130.0 million of forfeitures pursuant to the NPA and the Company's $9.4 million contribution towards a legal settlement.
+Added: Property charges and other expenses for the nine months ended September 30, 2024 also included $12.6 million of asset abandonments at Wynn
+Added: Palace, $61.5 million of expensed project costs related to a discontinued development project at Corporate and other and $16.8 million of contract terminations and other costs related to Wynn Interactive, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets.
Other non-operating income and expenses
−Removed: Interest expense, net of capitalized interest, decreased $44.8 million primarily due to a decrease in the weighted average debt balance, from $11.68 billion for the six months ended June 30, 2024, to $10.94 billion for the six months ended June 30, 2025, and a decrease in the weighted average interest rate, from 6.11% for the six months ended June 30, 2024, to 5.69% for the six months ended June 30, 2025.
−Removed: In addition, we capitalized interest of $21.2 million and $5.8 million for the six months ended June 30, 2025 and 2024, respectively.
−Removed: We recorded interest income of $35.2 million and $75.1 million in the six months ended June 30, 2025 and 2024, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.
−Removed: We incurred a foreign currency remeasurement loss of $44.5 million and a gain of $4.0 million for the six months ended June 30, 2025 and 2024, respectively.
+Added: Interest expense, net of capitalized interest, decreased $55.2 million primarily due to a decrease in the weighted average debt balance to $10.99 billion for the nine months ended September 30, 2025 from $11.58 billion for the nine months ended September 30, 2024, and a decrease in the weighted average interest rate to 5.68% for the nine months ended September 30, 2025 from 5.97% for the nine months ended September 30, 2024.
+Added: In addition, we capitalized interest of $32.8 million and $13.6 million for the nine months ended September 30, 2025 and 2024 , respectively.
+Added: We recorded interest income of $51.8 million and $105.8 million in the nine months ended September 30, 2025 and 2024 , respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.
+Added: We incurred a foreign currency remeasurement loss of $10.7 million and a gain of $25.3 million for the nine months ended September 30, 2025 and 2024 , respectively.
The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S.
1 unchanged sentence
dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods.
−Removed: We recorded a loss of $30.7 million for the six months ended June 30, 2025, from change in derivatives fair value, which includes a loss of $10.0 million related to the conversion feature on the WML Convertible Bonds and a loss of $14.6 million related to foreign currency swaps.
−Removed: We recorded a loss of $2.4 million from changes in derivatives fair value for the six months ended June 30, 2024, primarily related to the interest rate collar on the Retail Term Loan.
−Removed: We recorded a $1.1 million loss on debt financing transactions for the six months ended June 30, 2025 related to the amendment of the WRF credit facility.
−Removed: We recorded a $1.6 million loss on debt financing transactions for the six months ended June 30, 2024 related to the issuance of the 2031 Add-On WRF Senior Notes and the repurchase of the early tendered 2025 WRF Senior Notes.
−Removed: We recorded 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 U.S.-based operating profits.
+Added: We recorded a loss of $43.8 million for the nine months ended September 30, 2025, from change in derivatives fair value, which primarily includes a loss of $28.5 million related to the conversion feature on the WML Convertible Bonds and a loss of $8.4 million related to foreign currency swaps.
+Added: We recorded a loss of $7.9 million from changes in derivatives fair value for the nine months ended September 30, 2024, primarily related to the interest rate collar on the Retail Term Loan.
+Added: We recorded a $1.7 million loss on debt financing transactions for the nine months ended September 30, 2025 related to the amendment of the WRF credit facility and the redemption of the 2026 WML Senior Notes.
+Added: We recorded a $1.7 million loss on debt financing transactions for the nine months ended September 30, 2024, primarily related to the issuance of the 2031 Add-On WRF Senior Notes and the repurchase of the tendered 2025 WLV Senior Notes.
+Added: We recorded income tax expense of $82.7 million and $45.1 million for the nine months ended September 30, 2025 and 2024, respectively.
+Added: The increase in income tax expense for the nine months ended September 30, 2025 primarily reflects an increase in the valuation allowance on foreign tax credit carryforwards.
Net income attributable to noncontrolling interests
−Removed: We recognized net income attributable to noncontrolling interests of $19.4 million for the six months ended June 30, 2025, primarily related to the noncontrolling interest's share of net income in the Retail Joint Venture.
−Removed: We recognized net income attributable to noncontrolling interests of $66.6 million for the six months ended June 30, 2024, primarily related to the noncontrolling interests' share of net income from WML.
+Added: We recognized net income attributable to noncontrolling interests of $59.5 million and $93.3 million for the nine months ended September 30, 2025 and 2024, respectively, primarily related to the noncontrolling interest's share of net income from WML.
Segment Information
As further described in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information," we use Adjusted Property EBITDAR to manage the operating results of our segments.
−Removed: 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.
+Added: Adjusted Property EBITDAR is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss 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.
4 unchanged sentences
However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP.
−Removed: 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.
+Added: 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.
We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR.
1 unchanged sentence
The following table summarizes Adjusted Property EBITDAR (dollars in thousands) for Wynn Palace, Wynn Macau, Las Vegas Operations, Encore Boston Harbor, and Corporate and other as reviewed by management and summarized in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information." That footnote also presents a reconciliation of Adjusted Property EBITDAR to net income attributable to Wynn Resorts, Limited.
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 Increase/ (Decrease) Percent Change 2025 2024 Increase/ (Decrease) Percent Change
5 unchanged sentences
NM - Not meaningful.
−Removed: Adjusted Property EBITDAR at Wynn Palace decreased $27.3 million for the three months ended June 30, 2025 due to a decrease in operating revenues of $8.4 million primarily related to lower room revenue, coupled with an increase in operating expenses.
−Removed: Adjusted Property EBITDAR at Wynn Palace decreased $67.7 million for the six months ended June 30, 2025, primarily due to a decrease in operating revenues of $59.4 million attributable to lower VIP win as a percentage of turnover and lower ADR, coupled with higher operating expenses.
−Removed: Adjusted Property EBITDAR at Wynn Macau increased $0.6 million for the three months ended June 30, 2025 due to a $6.5 million increase in operating revenues, largely attributable to higher casino revenue, partially offset by increased casino expense, inclusive of gaming taxes.
−Removed: Adjusted Property EBITDAR for the six months ended June 30, 2025 decreased $46.4 million due to a decrease in operating revenues of $75.2 million, largely attributable to lower casino revenue, partially offset by a decrease in casino expense, inclusive of gaming taxes.
−Removed: Adjusted Property EBITDAR at our Las Vegas Operations increased $4.5 million for the three months ended June 30, 2025, primarily due to increased operating revenues of $10.0 million, partially offset by an increase in operating expenses.
−Removed: Adjusted Property EBITDAR at our Las Vegas Operations decreased $18.4 million for the six months ended June 30, 2025, primarily due to an increase in operating expenses.
−Removed: Adjusted Property EBITDAR at Encore Boston Harbor increased $1.7 million for the three months ended June 30, 2025, primarily due to a $3.1 million increase in operating revenues, coupled with a decrease in operating expenses.
−Removed: Adjusted Property EBITDAR decreased $4.0 million for the six months ended June 30, 2025, primarily due to a decrease in operating revenues of $5.5 million, partially offset by a decrease in operating expenses.
−Removed: Adjusted Property EBITDAR at Corporate and other decreased $1.2 million and $3.6 million for the three and six months ended June 30, 2025, respectively, as a result of ceasing our digital sports betting and casino gaming operations in the third quarter of 2024.
+Added: Adjusted Property EBITDAR at Wynn Palace increased $38.0 million for the three months ended September 30, 2025 due to an increase in operating revenues of $115.7 million primarily related to higher casino revenue, partially offset by increased casino expense, inclusive of gaming taxes.
+Added: Adjusted Property EBITDAR at Wynn Palace decreased $29.7 million for the nine months ended September 30, 2025, primarily due to a decrease in rooms revenue as a result of lower ADR.
+Added: Adjusted Property EBITDAR at Wynn Macau increased $7.4 million for the three months ended September 30, 2025 due to a $13.6 million increase in operating revenues, largely attributable to higher casino revenue, partially offset by increased casino expense, inclusive of gaming taxes.
+Added: Adjusted Property EBITDAR at Wynn Macau for the nine months ended September 30, 2025 decreased $39.0 million due to a decrease in operating revenues of $61.7 million, largely attributable to lower casino revenue, partially offset by a decrease in casino expense, inclusive of gaming taxes.
+Added: Adjusted Property EBITDAR at our Las Vegas Operations for the three months ended September 30, 2025 increased $0.7 million.
+Added: Adjusted Property EBITDAR at our Las Vegas Operations decreased $17.7 million for the nine months ended
+Added: September 30, 2025, primarily due to a decrease of $48.5 million in non-gaming revenues, partially offset by lower operating expenses.
+Added: The nine months ended September 30, 2024 included incremental food and beverage revenue from Super Bowl-related events and from outlets undergoing renovations.
+Added: Adjusted Property EBITDAR at Encore Boston Harbor decreased $4.6 million for the three months ended September 30, 2025, primarily due to a $2.4 million decrease in operating revenues, coupled with an increase in operating expenses.
+Added: Adjusted Property EBITDAR decreased $8.6 million for the nine months ended September 30, 2025, primarily due to a decrease in operating revenues of $7.8 million.
+Added: Adjusted Property EBITDAR at Corporate and other decreased $0.9 million and $4.5 million for the three and nine months ended September 30, 2025, respectively, as a result of ceasing our digital sports betting and casino gaming operations in the third quarter of 2024.
Refer to the discussions above regarding the specific details of our results of operations.
1 unchanged sentence
Our cash flows were as follows (in thousands):
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Cash Flows - Summary 2025 2024
3 unchanged sentences
Investments in unconsolidated affiliates (236,117) (454,980)
+Added: 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
−Removed: Net cash used in investing activities (456,036) (271,626)
+Added: Net cash (used in) provided by investing activities (1,199,731) 126,512
Cash flows from financing activities:
10 unchanged sentences
Effect of exchange rate on cash, cash equivalents and restricted cash (2,487) 3,351
−Removed: Decrease in cash, cash equivalents and restricted cash $ (441,765) $ (499,368)
+Added: (Decrease) increase in cash, cash equivalents and restricted cash $ (938,895) $ 739,301
Operating Activities
5 unchanged sentences
Accordingly, operating cash flows will be impacted by changes in operating income and accounts receivable, net.
−Removed: During the six months ended June 30, 2025, the decrease in cash flows from operating activities was primarily due to decreased revenues across our properties.
+Added: During the nine months ended September 30, 2025, the decrease in cash flows from operating activities was primarily due to a decrease in operating income at our Macau Operations.
Investing Activities
Our investing activities primarily consist of project capital expenditures and maintenance capital expenditures associated with maintaining and continually refining our world-class integrated resort properties.
−Removed: During the six months ended June 30, 2025, we incurred capital expenditures of $106.1 million at our Las Vegas Operations, $105.4 million at Wynn Palace, $30.2 million at Wynn Macau, and $11.5 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $72.0 million at Corporate and other primarily related to future development projects.
−Removed: In addition, during the six months ended June 30, 2025, we invested $121.1 million, including $109.5 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan Island.
−Removed: During the six months ended June 30, 2024, we incurred capital expenditures of $59.1 million at our Las Vegas Operations, $22.1 million at Encore Boston Harbor, $49.4 million at Wynn Palace, and $28.3 million at Wynn Macau, primarily related to maintenance capital expenditures, and $32.4 million at Corporate and other primarily related to future development projects.
−Removed: In addition, during the six months ended June 30, 2024, we invested $429.0 million in the joint venture that is constructing Wynn Al Marjan Island and received proceeds of $300.0 million and $50.0 million upon the maturity of our investments in debt securities and fixed deposits, respectively.
+Added: During the nine months ended September 30, 2025, we incurred capital expenditures of $188.8 million at our Las Vegas Operations, $132.4 million at Wynn Palace, $48.8 million at Wynn Macau, and $17.9 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $101.3 million at Corporate and other primarily related to future development projects.
+Added: In addition, during the nine months ended September 30, 2025, we invested $236.1 million, including $203.3 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan Island and purchased $475.0 million in investments, comprised of fixed deposits maturing in less than one year.
+Added: During the nine months ended September 30, 2024, we incurred capital expenditures of $106.0 million at our Las Vegas Operations, $72.1 million at Wynn Palace, $38.8 million at Wynn Macau, and $27.5 million at Encore Boston Harbor, primarily related to maintenance capital expenditures, and $48.4 million at Corporate and other primarily related to future development projects.
+Added: In addition, during the nine months ended September 30, 2024, we invested $455.0 million, including $442.7 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan Island and received proceeds of $300.0 million and $550.0 million upon the maturity of our investments in debt securities and fixed deposits, respectively.
Financing Activities
−Removed: The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the six months ended June 30, 2025 (in thousands):
+Added: The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the nine months ended September 30, 2025 (in thousands):
Proceeds from issuance Repayments and repurchases
+Added: WML 6 3/4% Senior Notes, due 2034 ("2034 WML Senior Notes") $ 1,000,000 $ —
+Added: WML 5 1/2% Senior Notes, due 2026 ("2026 WML Senior Notes") — 1,000,000
WRF Credit Facilities:
2 unchanged sentences
Total $ 1,752,812 $ 1,763,125
−Removed: In addition, during the six months ended June 30, 2025, we repurchased shares of our common stock for an aggregate cost of $377.6 million, including 4,364,612 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $358.1 million.
−Removed: We also made dividend payments of $88.3 million, finance lease payments of $12.7 million, and used cash of $12.3 million for distributions to noncontrolling interest holders of the Retail Joint Venture.
−Removed: The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the six months ended June 30, 2024 (in thousands):
+Added: In addition, during the nine months ended September 30, 2025, we repurchased shares of our common stock for an aggregate cost of $379.7 million, including 4,365,212 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $358.2 million.
+Added: We also made dividend payments of $148.9 million, finance lease payments of $19.2 million, paid $26.4 million for financing costs related to the financing activities above, and used cash of $18.1 million for distributions to noncontrolling interest holders of the Retail Joint Venture.
+Added: The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the nine months ended September 30, 2024 (in thousands):
Proceeds from issuance Repayments and repurchases
WRF 6 1/4% Senior Notes, due 2033 $ 800,000 $ —
+Added: WRF 7 1/8% Senior Notes, due 2031 412,000 —
WM Cayman II Revolver, due 2028 — 351,787
2 unchanged sentences
WRF Term Loan, due 2027 71,794 102,732
−Removed: WRF Term Loan, due 2027 — 18,736
Total $ 1,283,794 $ 1,251,210
−Removed: In addition, during the six months ended June 30, 2024, we repurchased shares of our common stock for an aggregate cost of $80.8 million, including 741,340 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $68.0 million.
−Removed: We also made dividend payments of $70.1 million, finance lease payments of $9.2 million, and used cash of $8.6 million for distributions to noncontrolling interest holders of the Retail Joint Venture.
+Added: In addition, during the nine months ended September 30, 2024, we repurchased shares of our common stock for an aggregate cost of $198.2 million, including 2,206,113 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $185.7 million.
+Added: We also made dividend payments of $112.0 million, finance lease payments of $14.5 million, paid $31.5 million for financing costs related to the financing activities above, and used cash of $10.6 million for distributions to noncontrolling interest holders of the Retail Joint Venture.
Capital Resources
−Removed: The following table summarizes our unrestricted cash and cash equivalents and available revolver borrowing capacity, presented by significant financing entity as of June 30, 2025 (in thousands):
−Removed: Total Cash and Cash Equivalents Revolver Borrowing Capacity
+Added: The following table summarizes our unrestricted cash and cash equivalents, investments and available revolver borrowing capacity, presented by significant financing entity as of September 30, 2025 (in thousands):
+Added: Total Cash and Cash Equivalents Investments (1)
+Added: Revolver Borrowing Capacity
Wynn Macau, Limited and subsidiaries $ 973,301 $ 475,000 $ 1,355,012
3 unchanged sentences
Total $ 1,486,291 $ 475,000 $ 2,588,795
+Added: (1) Investments consist of fixed deposits maturing in less than one year.
(2) Excluding Wynn Macau, Limited and subsidiaries.
7 unchanged sentences
The WM Cayman II Revolver facility agreement contains representations, warranties, covenants and events of default customary for similar financings, including, but not limited to, restrictions on indebtedness to be incurred by WM Cayman II or its subsidiaries.
−Removed: On June 11, 2025, WML paid a cash dividend of HK$0.185 per share on its common stock for a total U.S.
+Added: 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 in respect of the year ended December 31, 2024.
Our share of this dividend was $88.5 million.
−Removed: 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.
+Added: In September 2025, WML paid a cash dividend of HK$0.185 per share on its common stock for a total U.S.
+Added: dollar equivalent of $125.0 million in respect of the six months ended June 30, 2025.
+Added: Our share of this dividend was $89.2 million.
+Added: 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 existing facility agreement.
As a result, the total committed amount of the WM Cayman II Revolver has increased to $2.5 billion equivalent.
−Removed: If our portion of cash available for repatriation was repatriated on June 30, 2025, it would be subject to minimal U.S.
+Added: In connection with the exercise of the accordion feature on the WM Cayman II Revolver, we recorded debt issuance costs of $11.6 million.
+Added: In August 2025, WML issued $1.0 billion aggregate principal amount of the 2034 WML Senior Notes.
+Added: 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.
+Added: In September 2025, we redeemed in full the outstanding $1.0 billion aggregate principal amount of 2026 WML Senior Notes using net proceeds from the issuance of the 2034 WML Senior Notes, along with cash on hand, at a price equal to 100% of the principal amount.
+Added: If our portion of cash available for repatriation was repatriated on September 30, 2025, it would be subject to minimal U.S.
Wynn Resorts Finance, LLC and subsidiaries.
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We expect to use cash held by Wynn Resorts, Limited and other to service our Retail Term Loan, to fund working capital needs of our subsidiaries, pay dividends, make required capital contributions to the entity which owns Wynn Al Marjan Island, and for general corporate purposes.
−Removed: During the second quarter of 2025, the Company contributed $58.2 million of cash into Island 3, bringing our life-to-date cash contributions to $741.1 million.
+Added: During the third quarter of 2025, the Company contributed $93.9 million of cash into Island 3, bringing our life-to-date cash contributions to $835.0 million.
We estimate our remaining 40% pro-rata share of the required equity for the construction of the Wynn Al Marjan Island integrated resort is between $500 million and $575 million, inclusive of capitalized interest, fees, and certain improvements on the Island.
Wynn Al Marjan Island is currently expected to open in 2027.
−Removed: The Company paid a cash dividend of $0.25 per share in each of the quarters ended March 31, 2025 and June 30, 2025 and recorded $26.6 million and $26.1 million in the quarters ended March 31, 2025 and June 30, 2025, respectively, against accumulated deficit.
−Removed: On August 7, 2025, the Company announced that its Board of Directors declared a cash dividend of $0.25 per share, payable on August 29, 2025 to stockholders of record as of August 18, 2025.
+Added: 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”).
+Added: 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.
+Added: 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.
+Added: The Company paid a cash dividend of $0.25 per share in each of the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, and recorded $26.6 million, $26.1 million, $25.9 million in the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, respectively, against accumulated deficit.
+Added: On November 6, 2025, the Company announced that its Board of Directors declared a cash dividend of $0.25 per share, payable on November 26, 2025 to stockholders of record as of November 17, 2025.
Other Factors Affecting Liquidity
8 unchanged sentences
The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time.
−Removed: As of June 30, 2025, we had $454.9 million in repurchase authority remaining under the program.
+Added: As of September 30, 2025, we had $454.9 million in repurchase authority remaining under the program.
We have in the past repurchased, and in the future, we may periodically consider repurchasing our outstanding notes for cash.
6 unchanged sentences
Contractual Commitments
−Removed: During the six months ended June 30, 2025, except as described below, there have been no material changes to the contractual obligations previously reported in our Annual Report on Form 10-K for the year ended December 31, 2024 .
−Removed: As a result of the financing transactions described in our discussion of capital resources above, our long-term debt obligations will decrease by $30.9 million in the remainder of 2025, $31.8 million in 2026, and $652.4 million in 2027 and will increase by $37.6 million in each of 2028 and 2029 and $639.9 million thereafter.
−Removed: Our annual variable interest payments are expected to decrease by $0.7 million in 2025 and increase by $1.8 million in 2026, $13.5 million in 2027, $42.6 million in 2028, $40.3 million in 2029, and $30.8 million thereafter.
+Added: During the nine months ended September 30, 2025, except as described below, there have been no material changes to the contractual obligations previously reported in our Annual Report on Form 10-K for the year ended December 31, 2024 .
+Added: As a result of the financing transactions described in our discussion of capital resources above, our long-term debt obligations will decrease by $10.3 million in the remainder of 2025, $1.03 billion in 2026, $652.4 million in 2027 and will increase by $37.6 million in each of 2028 and 2029, and $1.64 billion thereafter.
+Added: As of September 30, 2025, our annual fixed interest payments are expected to increase by $39.3 million in 2026, $67.5 million in each of 2027, 2028, and 2029, and $303.8 million thereafter.
+Added: Our variable interest payments are expected to decrease by $0.2 million in the remainder of 2025 and increase by $1.8 million in 2026, $13.5 million in 2027, $42.6 million in 2028, $40.3 million in 2029, and $30.8 million thereafter.
Off Balance Sheet Arrangements
4 unchanged sentences
A description of our critical accounting policies is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.
−Removed: There have been no significant changes to these policies for the six months ended June 30, 2025.
+Added: There have been no significant changes to these policies for the nine months ended September 30, 2025.
Recently Adopted Accounting Standards and Accounting Standards Issued But Not Yet Adopted
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.