What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-06 · 156 added, 307 removed, 506 unchanged (48% of the section changed)

3 unchanged sentences

(in thousands, except share data)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Current assets:

7 unchanged sentences

Property and equipment, net 6,604,217 6,625,922

Long-term investments 63,962 67,594

Restricted cash 95,733 96,653

32 unchanged sentences

Additional paid-in capital 3,834,138 3,801,934

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

Accumulated other comprehensive income (loss) 5,977 ( 3,136 )

Accumulated deficit ( 1,359,857 ) ( 1,454,239 )

7 unchanged sentences

(in thousands, except per share data)

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

2025 2024 2025 2024

Three Months Ended March 31,

Operating revenues:

20 unchanged sentences

Change in derivatives fair value 46,770 ( 29,539 )

Loss on debt financing transactions ( 618 ) ( 109 ) ( 1,701 ) ( 1,670 )

Other ( 29,434 ) ( 8,374 )

2 unchanged sentences

Provision for income taxes ( 10,132 ) ( 11,022 )

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

Net income 150,538 81,405

net income attributable to noncontrolling interests ( 30,084 ) ( 8,658 )

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:

Net income attributable to Wynn Resorts, Limited $ 120,454 $ 72,747

Basic and diluted net income per common share:

Net income attributable to Wynn Resorts, Limited:

Basic $ 1.17 $ 0.69

5 unchanged sentences

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

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

2025 2024 2025 2024

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

Other comprehensive income (loss):

Three Months Ended March 31,

Net income $ 150,538 $ 81,405

Other comprehensive income:

Foreign currency translation adjustments, before and after tax 12,516 3,630

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

Total comprehensive income 163,054 85,035

comprehensive income attributable to noncontrolling interests ( 33,487 ) ( 9,661 )

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

Comprehensive income attributable to Wynn Resorts, Limited $ 129,567 $ 75,374

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 September 30, 2025

For the three months ended March 31, 2026

outstanding Par

3 unchanged sentences

comprehensive

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

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

stockholders'

2 unchanged sentences

stockholders'

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 )

Balances, January 1, 2026 103,989,787 $ 1,343 $ ( 2,621,394 ) $ 3,801,934 $ ( 3,136 ) $ ( 1,454,239 ) $ ( 275,492 ) $ ( 755,787 ) $ ( 1,031,279 )

Net income — — — — — 120,454 120,454 30,084 150,538

Currency translation adjustment — — — — 9,113 — 9,113 3,403 12,516

Exercise of stock options 4,438 — — 303 — — 303 — 303

Issuance of restricted stock 458,108 5 — 5,359 — — 5,364 — 5,364

2 unchanged sentences

Cash dividends declared — — — — — ( 26,072 ) ( 26,072 ) 2 ( 26,070 )

Distribution to noncontrolling interest — — — — — — — ( 5,814 ) ( 5,814 )

Transactions with subsidiary minority shareholders — — — 21 — — 21 ( 21 ) —

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

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

value Treasury

stock Additional

capital Accumulated

comprehensive

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

stockholders'

deficit Noncontrolling

interests Total

stockholders'

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 )

Issuance of restricted stock 39,880 — — — — — — — —

Cancellation of restricted stock ( 19,042 ) — — — — — — — —

Shares repurchased by the Company and held as treasury shares ( 1,473,824 ) — ( 118,451 ) — — — ( 118,451 ) — ( 118,451 )

Cash dividends declared — — — — — ( 27,645 ) ( 27,645 ) ( 14,405 ) ( 42,050 )

Distribution to noncontrolling interest — — — — — — — ( 1,960 ) ( 1,960 )

Distribution to noncontrolling interests — — — — — — — ( 8,333 ) ( 8,333 )

Transactions with subsidiary minority shareholders — — — 1,262 — — 1,262 ( 1,262 ) —

Stock-based compensation — — — 25,583 — — 25,583 1,375 26,958

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 nine months ended September 30, 2025

Balances, March 31, 2026 103,745,164 $ 1,348 $ ( 2,693,428 ) $ 3,834,138 $ 5,977 $ ( 1,359,857 ) $ ( 211,822 ) $ ( 730,518 ) $ ( 942,340 )

For the three months ended March 31, 2025

outstanding Par

11 unchanged sentences

Currency translation adjustment — — — — 2,627 — 2,627 1,003 3,630

Exercise of stock options 6,700 — — 457 — — 457 — 457

Issuance of restricted stock 560,906 5 — 7,917 — — 7,922 — 7,922

2 unchanged sentences

Cash dividends declared — — — — — ( 26,588 ) ( 26,588 ) — ( 26,588 )

Distribution to noncontrolling interest — — — — — — — ( 18,138 ) ( 18,138 )

Transactions with subsidiary minority shareholders — — — 1,290 — — 1,290 ( 1,290 ) —

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

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

value Treasury

stock Additional

capital Accumulated

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

stockholders'

deficit Noncontrolling

interests Total

stockholders'

Balances, January 1, 2024 111,737,245 $ 1,330 $ ( 1,836,326 ) $ 3,647,161 $ 3,406 $ ( 2,066,953 ) $ ( 251,382 ) $ ( 849,552 ) $ ( 1,100,934 )

Net income — — — — — 224,106 224,106 93,250 317,356

Currency translation adjustment — — — — ( 7,815 ) — ( 7,815 ) ( 3,153 ) ( 10,968 )

Exercise of stock options 17,285 — — 1,017 — — 1,017 — 1,017

Issuance of restricted stock 544,858 5 — 8,010 — — 8,015 — 8,015

Cancellation of restricted stock ( 29,012 ) — — — — — — — —

Shares repurchased by the Company and held as treasury shares ( 2,348,300 ) — ( 200,720 ) — — — ( 200,720 ) — ( 200,720 )

Cash dividends declared — — — — — ( 83,677 ) ( 83,677 ) ( 28,781 ) ( 112,458 )

Distribution to noncontrolling interest — — — — — — — ( 10,601 ) ( 10,601 )

Distribution to noncontrolling interests — — — — — — — ( 6,286 ) ( 6,286 )

Transactions with subsidiary minority shareholders — — — 1,558 — — 1,558 ( 1,558 ) —

Stock-based compensation — — — 18,744 — — 18,744 1,382 20,126

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 )

Balances, March 31, 2025 105,869,624 $ 1,341 $ ( 2,455,134 ) $ 3,727,019 $ ( 3,073 ) $ ( 1,630,831 ) $ ( 360,678 ) $ ( 741,243 ) $ ( 1,101,921 )

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

2 unchanged sentences

(in thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities:

5 unchanged sentences

Amortization of debt issuance costs 10,733 10,110

Loss on debt financing transactions 1,701 1,670

Provision for credit losses 4,057 1,396

14 unchanged sentences

Proceeds from sale of assets and other 7,962 204

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

Net cash used in investing activities ( 287,738 ) ( 221,511 )

Cash flows from financing activities:

Proceeds from issuance of long-term debt 1,752,812 1,283,794

Repayments of long-term debt — ( 10,313 )

Repurchase of common stock ( 70,047 ) ( 212,048 )

Proceeds from exercise of stock options 457 1,017

Distribution to noncontrolling interest ( 18,138 ) ( 10,601 )

Distribution to noncontrolling interests ( 8,333 ) ( 6,286 )

Dividends paid ( 26,879 ) ( 26,793 )

Finance lease payments ( 6,886 ) ( 6,348 )

Payments for financing costs ( 26,446 ) ( 31,459 )

Other ( 25,809 ) ( 5,163 )

2 unchanged sentences

Cash, cash equivalents and restricted cash:

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

Decrease in cash, cash equivalents and restricted cash ( 276,718 ) ( 356,317 )

Balance, beginning of period 1,560,095 2,521,793

11 unchanged sentences

In Everett, Massachusetts, the Company operates Encore Boston Harbor, an integrated resort.

The Company has a 40 % equity interest in Island 3 AMI FZ-LLC ("Island 3"), an unconsolidated affiliate, which is constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates, currently expected to open in 2027.

Additionally, the Company has a 40 % equity interest in Island 3 AMI FZ-LLC ("Island 3"), an unconsolidated affiliate, which is constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates, currently expected to open in 2027.

Note 2 - Basis of Presentation and Significant Accounting Policies

1 unchanged sentence

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S.

generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading.

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

The results for the three and 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.

The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2026.

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, 2025.

3 unchanged sentences

All significant intercompany accounts and transactions have been eliminated.

Certain amounts in the condensed consolidated balance sheet as of December 31, 2024 have been reclassified to be consistent with the current period presentation.

These reclassifications had no effect on previously reported total assets, total liabilities, and total stockholders' deficit.

Use of Estimates

1 unchanged sentence

Actual results could differ from those estimates.

Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for deferred tax assets and credit losses, estimates regarding the useful lives and recoverability of long-lived and intangible assets, and valuations of derivatives.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

2 unchanged sentences

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.

These taxes totaled $ 514.5 million and $ 440.7 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the Company held $ 475.0 million in fixed deposits, recorded at fair value within Investments, and $ 133.5 million and $ 64.0 million in U.S.

treasuries (including accrued interest), recorded at amortized cost within Investments and Long-term investments, respectively, in the Condensed Consolidated Balance Sheets.

The estimated fair value of the Company's U.S.

treasuries as of March 31, 2026 was approximately $ 197.2 million, as determined based on quoted market prices in active markets (Level 1 inputs), and the unrecognized holding loss was $ 0.3 million.

As of December 31, 2025, the Company held $ 475.0 million in fixed deposits, recorded at fair value within Investments, and $ 127.3 million and $ 67.6 million in U.S.

treasuries (including accrued interest), recorded at amortized cost within Investments and Long-term investments, respectively, in the Condensed Consolidated Balance Sheets.

The estimated fair value of the Company's U.S.

treasuries as of December 31, 2025 was approximately $ 194.4 million, as determined based on quoted market prices in active markets (Level 1 inputs), and the unrecognized holding loss was $ 0.5 million.

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

1 unchanged sentence

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.

During the three months ended March 31, 2026, the Company recorded no allowance for credit losses related to its investments.

Investments in Unconsolidated Affiliates

The Company accounts for its investment in Island 3, an unconsolidated affiliate which is constructing Wynn Al Marjan Island, using the equity method.

Under the equity method, the investment's carrying value is adjusted for the Company’s share of the investee's earnings and losses, capital contributions to and distributions from Island 3, and capitalization of interest cost incurred by the Company during the investee's initial development period.

The Company recognized an equity-method loss of $ 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.

The Company accounts for its investment in Island 3 and affiliated ventures (the "Al Marjan Joint Venture") using the equity method.

Under the equity method, the investment's carrying value is adjusted for the Company’s share of the investee's earnings and losses, capital contributions to and distributions from the investee, and capitalization of interest cost incurred by the Company during the investee's initial development period.

The Company records its share of income and loss on investments in unconsolidated affiliates as a component of Operating income within the Company's accompanying Condensed Consolidated Statements of Operations, as the Company’s investments in unconsolidated affiliates are an extension of the Company's core business operations.

The Company recognized a loss on investments in unconsolidated affiliates of $ 7.5 million and $ 3.3 million for the three months ended March 31, 2026 and 2025, respectively, recorded in Pre-opening expenses within the Company's accompanying Condensed Consolidated Statements of Operations.

Recently Issued Accounting Standards

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

In November 2024, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03").

The standard provides guidance on expanded disclosures related to the disaggregation of income statement expenses.

The standard specifically requires additional disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption.

This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted.

The Company's adoption of ASU 2024-03 will result in additional disclosures but is not expected to have an impact on the Company’s financial condition, results of operations and cash flows.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

In July 2025, the FASB issued ASU 2025-05, Financial 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.

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

The Company adopted ASU 2025-05 as of January 1, 2026 on a prospective basis.

The adoption of ASU 2025-05 did not have a material impact on the Company's financial statements.

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.

1 unchanged sentence

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):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Cash and cash equivalents:

7 unchanged sentences

(1) Cash consists of cash on hand and bank deposits.

(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.

(2) Cash equivalents consist of bank time deposits, U.S.

government treasuries and money market funds and excludes $ 607.6 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 March 31, 2026 and December 31, 2025 includes $ 86.7 million and $ 87.3 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):

Nine Months Ended September 30,

Three Months Ended March 31,

Cash paid for interest, net of amounts capitalized $ 172,935 $ 177,005

1 unchanged sentence

Accounts and construction payables related to property and equipment $ 89,627 $ 85,748

Net settlement of liabilities in connection with an asset sale $ — $ 27,665

Finance lease liabilities arising from obtaining finance lease assets $ — $ 39,345

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):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Casino $ 293,746 $ 309,500

4 unchanged sentences

$ 388,504 $ 402,641

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.

As of March 31, 2026 and December 31, 2025, approximately 73.9 % and 77.5 %, respectively, of the Company's markers were due from customers residing outside the U.S., 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 15.5 % and 14.7 % of gross casino receivables as of September 30, 2025 and December 31, 2024, respectively.

The Company’s allowance for casino credit losses was 15.9 % and 14.3 % of gross casino receivables as of March 31, 2026 and December 31, 2025, 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 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 $ 45,645 $ 37,694

6 unchanged sentences

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Buildings and improvements $ 8,788,796 $ 8,708,210

6 unchanged sentences

$ 6,604,217 $ 6,625,922

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.

As of March 31, 2026 and December 31, 2025, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.

Depreciation expense for the three months ended March 31, 2026 and 2025 was $ 147.6 million and $ 142.6 million, respectively.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

2 unchanged sentences

Long-term debt consisted of the following (in thousands):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Macau Related:

5 unchanged sentences

WML 6 3/4% Senior Notes, due 2034 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)(3)

3 unchanged sentences

WRF Term Loan, due 2030 752,813 752,813

WRF Term Loan, due 2030 752,813 —

WLV 5 1/4% Senior Notes, due 2027 880,000 880,000

10 unchanged sentences

Total long-term debt, net of current portion $ 9,976,664 $ 10,537,402

(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.

(1) As of March 31, 2026, 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 $ 904.2 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 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.

As of March 31, 2026, the weighted average interest rate was approximately 4.43 %.

As of March 31, 2026, the available borrowing capacity under the WM Cayman II Revolver was $ 1.35 billion.

(2) The net carrying amount of the WML Convertible Bonds, together with the WML Convertible Bond Conversion Option Derivative, is included in Current portion of long-term debt as of March 31, 2026.

WML may be required to redeem all or a portion of the WML Convertible Bonds at the option of bond holders on March 7, 2027.

(3) As of March 31, 2026, the net carrying amount of the WML Convertible Bonds was $ 524.7 million, with unamortized debt discount and debt issuance costs of $ 75.3 million.

The Company recorded contractual interest expense of $ 6.8 million in each of the three months ended March 31, 2026 and 2025 and amortization of discounts and issuance costs of $ 5.5 million and $ 5.0 million during the three months ended March 31, 2026 and 2025, respectively.

(4) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.75 % per year.

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.

As of March 31, 2026, the weighted average interest rate was approximately 5.42 %.

Additionally, as of March 31, 2026, the available borrowing capacity under the WRF Revolver was $ 1.24 billion, net of $ 14.3 million in outstanding letters of credit.

(5) 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 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

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.

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

In June 2025, Wynn Resorts Finance, LLC ("WRF") and certain of its subsidiaries entered into an amendment (the "WRF Facility Amendment") to its existing credit agreement among Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto.

The WRF Facility Amendment (i) extends the final maturity date with respect to all or a portion of the term loan commitments from September 20, 2027 to June 12, 2030, (ii) extends the termination date with respect to all or a portion of the existing revolving commitments and the maturity date with respect to the corresponding revolving loans from September 20, 2027 to June 12, 2030, and (iii) allows for $ 500.0 million of incremental extended revolving commitments with a stated maturity date of June 12, 2030.

In addition, mandatory quarterly repayments on the outstanding term loans were extended, with quarterly repayments of $ 4.7 million due beginning in September 2026, increasing to $ 9.4 million each quarter beginning in September 2027.

In connection with the WRF Facility Amendment, the Company recognized a loss on debt financing transactions of $ 1.1 million 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.

As of March 31, 2026, the effective interest rate was 5.54 %.

Debt Covenant Compliance

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

As of March 31, 2026, 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 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 as of March 31, 2026 and December 31, 2025 was approximately $ 10.52 billion and $ 10.74 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $ 10.63 billion for each period.

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

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The following table sets forth the inputs to the lattice models that were used to value the WML Convertible Bond Conversion Option Derivative:

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

WML stock price HK$ 5.46 HK$ 5.94

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 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.

The estimated fair value of the embedded derivative was $ 9.0 million recorded in Current portion of long-term debt and $ 32.6 million recorded in Long-term debt in the accompanying Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

In connection with the change in fair value, the Company recorded a gain of $ 23.6 million and loss of $ 16.0 million for the three months ended March 31, 2026 and 2025, respectively, within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Operations.

Foreign Currency Swaps

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.

The Company enters 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, 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.

dollars at a contractual spot rate, and as of March 31, 2026, have an aggregate notional amount of $ 4.10 billion, and have maturities between October 2027 and August 2030.

As of March 31, 2026, the net fair value of the Foreign Currency Swaps was a liability of $ 20.2 million, with $ 17.7 million recorded in Prepaid expenses and other and $ 37.9 million recorded in Other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets.

As of December 31, 2025, the net fair value of the Foreign Currency Swaps was a liability of $ 36.0 million, with $ 17.0 million recorded in Prepaid expenses and other and $ 53.0 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 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.

The Company recorded a gain of $ 21.7 million and a loss of $ 9.3 million in the three months ended March 31, 2026 and 2025, respectively, within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Operations.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 8 - Stockholders' Deficit

3 unchanged sentences

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)

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.

During the three months ended March 31, 2026, the Company repurchased 528,667 shares of its common stock at an average price of $ 101.72 per share for an aggregate cost of $ 53.8 million under the equity repurchase program.

During the three months ended March 31, 2025, the Company repurchased 2,360,194 shares of its common stock at an average price of $ 84.76 per share for an aggregate cost of $ 200.0 million under the equity repurchase program.

As of March 31, 2026, the Company had $ 401.1 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, 2026 and 2025 and recorded $ 26.1 million and $ 26.6 million against accumulated deficit, respectively.

On May 7, 2026, the Company's Board of Directors declared a cash dividend of $ 0.25 per share on its common stock, payable on May 29, 2026 to stockholders of record as of May 18, 2026.

Noncontrolling Interests

Wynn Macau, Limited

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.

In March 2026, the WML Board of Directors recommended the payment of a final dividend for the year ended December 31, 2025 of HK$ 0.223 per share on its common stock payable on June 16, 2026 to stockholders of record as of June 5, 2026.

The payment of the final dividend is conditional upon shareholder approval at WML's 2026 Annual General Meeting which is currently scheduled to be held on May 28, 2026.

WML Securities Lending Agreement

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Retail Joint Venture

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.

The Retail Joint Venture made aggregate distributions of $ 8.3 million and $ 6.3 million during the three months ended March 31, 2026 and 2025, respectively, to its non-controlling interest holder.

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

4 unchanged sentences

Fair Value Measurements Using:

September 30, 2025 Quoted

March 31, 2026 Quoted

Active Markets

11 unchanged sentences

$ 37,923 $ — $ 37,923 $ —

Interest rate swap $ 599 $ — $ 599 $ —

Fair Value Measurements Using:

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Restricted cash $ 96,653 $ 6,631 $ 90,022 $ —

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

Foreign Currency Swaps (see Note 7)

$ 16,980 $ — $ 16,980 $ —

Interest rate swap $ 124 $ — $ 124 $ —

1 unchanged sentence

$ 32,586 $ — $ — $ 32,586

Foreign Currency Swaps (see Note 7)

$ 53,036 $ — $ 53,036 $ —

Interest rate swap $ 268 $ — $ 268 $ —

WYNN RESORTS, LIMITED AND SUBSIDIARIES

3 unchanged sentences

The Company's primary liabilities associated with customer contracts are as follows (in thousands):

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

March 31, 2026 December 31, 2025 Increase / (decrease) March 31, 2025 December 31, 2024 Increase / (decrease)

Casino outstanding chips and front money deposits (1)

19 unchanged sentences

The total compensation cost for stock-based compensation plans was recorded as follows (in thousands):

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

2025 2024 2025 2024

Three Months Ended March 31,

Casino $ 2,740 $ 908

7 unchanged sentences

Note 12 - Income Taxes

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.

The Company recorded an income tax expense of $ 10.1 million and $ 11.0 million for the three months ended March 31, 2026 and 2025, 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 6.3 % is due to the exemption from Macau's 12% Complementary Tax on casino gaming profits earned by Wynn Macau SA.

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 (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.

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

Diluted EPS is computed by dividing net income attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible Bonds occurred at the later of the date of issuance or beginning of the period presented under the if-converted method, by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive.

Other potentially dilutive securities include share-based awards outstanding under the Wynn Resorts, Limited Second Amended and Restated 2014 Omnibus Incentive Plan.

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 September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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

Three Months Ended March 31,

Net income attributable to Wynn Resorts, Limited - basic $ 120,454 $ 72,747

Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:

Assumed conversion of WML Convertible Bonds (1)

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

Net income attributable to Wynn Resorts, Limited - diluted $ 108,015 $ 72,747

Weighted average common shares outstanding 103,084 105,492

1 unchanged sentence

Weighted average common and common equivalent shares outstanding 103,800 105,730

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

Net income attributable to Wynn Resorts, Limited per common share, basic $ 1.17 $ 0.69

Net income attributable to Wynn Resorts, Limited per common share, diluted $ 1.04 $ 0.69

Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 509 548

(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)

(1) The assumed conversion of the WML Convertible Bonds had an anti-dilutive impact for the three months ended March 31, 2025.

Note 14 - Leases

1 unchanged sentence

The following table presents the minimum and contingent operating lease income for the periods presented (in thousands):

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

2025 2024 2025 2024

Three Months Ended March 31,

Minimum rental income $ 35,120 $ 36,460

1 unchanged sentence

Total rental income $ 53,774 $ 51,527

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 15 - Commitments and Contingencies

1 unchanged sentence

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.

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 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 Island Funding Commitments

In connection with the construction of Wynn Al Marjan Island and surrounding developments, including Janu Al Marjan Island, a hotel and residential development to be operated by Aman Group, the Company is required to contribute capital to the Al Marjan Joint Venture to fund 40 % of the project design and development costs in exchange for a pro-rata share of equity.

During the three months ended March 31, 2026, the Company contributed $ 100.1 million of cash into the Al Marjan Joint Venture, bringing our life-to-date cash contributions to $ 1.01 billion.

The remaining 40 % pro-rata share of the required cash contributions for Wynn Al Marjan Island and the surrounding development projects, including Janu Al-Marjan, is currently estimated to be between $ 350 million and $ 450 million inclusive of capitalized interest, fees, and certain improvements on the island.

Al Marjan Facility Completion Guarantee

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

The Company is not a party to the Al Marjan Facility Agreement, but as a condition precedent to the Al Marjan Facility being made available to the Borrower, the Company and the government of Ras Al Khaimah, acting through the Investment and Development Office of Ras Al Khaimah (collectively the "Al Marjan Guarantors"), entered into a guarantee (the "Completion Guarantee") in favor of First Abu Dhabi Bank PJSC, as security agent for itself (the "Security Agent") and the other secured parties (collectively, the "Secured Parties") under the Al Marjan Facility Agreement.

Under the terms of the Completion Guarantee, the Al Marjan Guarantors, irrevocably and unconditionally jointly and severally, (a) have guaranteed to each Secured Party punctual performance by the Borrower of certain of its obligations under the Al Marjan Facility Agreement, and (b) have undertaken with each Secured Party:

(i) to provide, within 10 business days upon receiving written demand by the Security Agent, (A) sufficient funds to ensure that practical completion of the project (as provided in the Al Marjan Facility Agreement) takes place no later than June 30, 2028 and (B) to fund amounts equal to any

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.

In addition, upon the occurrence of certain specified events of default, change of control events or credit rating downgrades under the Al Marjan Facility Agreement or the occurrence of certain commercial gaming license related events (including, among others, the loss of the commercial gaming license permitting the Borrower to conduct commercial gaming at the project and as further provided in the Al Marjan Facility Agreement), the Al Marjan Guarantors, irrevocably and unconditionally jointly and severally, have undertaken to pay, to the extent the Borrower does not pay, all then outstanding principal, interest, hedging liabilities and any and all other amounts and expenses then due and payable under the Al Marjan Facility Agreement and related agreements, within 10 business days upon receiving written demand by the Security Agent (or, in respect of the occurrence of certain commercial gaming license related events, if later, on the date falling 180 days following the occurrence of such event).

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

The Company is not a party to the Al Marjan Facility Agreement, but as a condition precedent to the Al Marjan Facility being made available to the Borrower, the Company and the government of Ras Al Khaimah, acting through the Investment and Development Office of Ras Al Khaimah (collectively, the "Al Marjan Guarantors"), entered into a guarantee (the "Completion Guarantee") in favor of First Abu Dhabi Bank PJSC, as security agent for itself and the other secured parties (collectively, the "Secured Parties") under the Al Marjan Facility Agreement.

The guarantees and undertakings provided by the Al Marjan Guarantors under the Completion Guarantee terminate on the earlier of:

(1) the date on which all secured liabilities under the Al Marjan Facility Agreement have been paid in full, and (2) the date of practical completion of the project.

(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 (as provided in the Al Marjan Facility Agreement), taking place no later than June 30, 2028.

DCP Completion Guarantee and Share Pledge

In February 2026, DCP AMI 3 FZ-LLC ("DCP"), an unconsolidated affiliate included in the Al Marjan Joint Venture, entered into a financing agreement for a U.S.

dollar equivalent of approximately $ 45.1 million (the "DCP Financing").

DCP will construct and operate a district cooling plant serving Wynn Al Marjan Island and surrounding developments.

In connection with the DCP Financing, the Al Marjan Guarantors entered into a completion guarantee, pursuant to which the Al Marjan Guarantors may be required to fund shortfalls necessary to achieve practical completion of the cooling plant by September 30, 2026.

As of March 31, 2026, construction is substantially complete and the cooling plant is operational.

Pursuant to a shareholder side letter, the Al Marjan Guarantors are required to pledge their equity interests in DCP as collateral for the DCP Financing.

As of March 31, 2026, the Company's investment in DCP was $ 27.5 million and is presented in Investments in unconsolidated affiliates in Condensed Consolidated Balance Sheet.

Note 16 - Retail Joint Venture

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.

As of March 31, 2026 and December 31, 2025, the Retail Joint Venture had total assets of $ 95.4 million and $ 96.5 million, respectively, and total liabilities of $ 607.6 million and $ 607.3 million, respectively.

As of March 31, 2026 and December 31, 2025, the Retail Joint Venture's liabilities included long-term debt of $ 598.6 million and $ 598.4 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note 17 - Segment Information

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three Months Ended September 30, 2025

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

Operating revenues

Casino $ 542,439 $ 314,489 $ 161,576 $ 156,213 $ — $ 1,174,717

Rooms 37,396 21,149 186,712 25,227 — 270,484

Food and beverage 33,293 17,343 192,544 18,810 — 261,990

Entertainment, retail and other (1)

22,344 12,532 80,180 11,500 — 126,556

Total operating revenues 635,472 365,513 621,012 211,750 — 1,833,747

Cost of revenue (2)

150,112 102,680 398,718 107,077 —

Gaming taxes (3)

285,078 154,835 18,881 46,279 —

Adjusted Property EBITDAR (4)

$ 200,282 $ 107,998 $ 203,413 $ 58,394 $ — $ 570,087

Other operating expenses

Pre-opening 7,289

Depreciation and amortization 152,828

Property charges and other 6,154

Corporate expense and other 35,721

Stock-based compensation 22,664

Triple-net operating lease expense 34,942

Total other operating expenses 259,598

Operating income 310,489

Other non-operating income and expenses

Interest income 16,581

Interest expense, net of amounts capitalized ( 157,581 )

Change in derivatives fair value ( 13,176 )

Loss on debt financing transactions ( 618 )

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

Income before income taxes 189,563

Provision for income taxes ( 61,136 )

Net income 128,427

Net income attributable to noncontrolling interests ( 40,086 )

Net income attributable to Wynn Resorts, Limited $ 88,341

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Three Months Ended September 30, 2024

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

Operating revenues

Casino $ 418,043 $ 296,781 $ 145,186 $ 158,744 $ — $ 1,018,754

Rooms 49,145 23,755 187,123 24,742 — 284,765

Food and beverage 31,506 19,524 191,776 19,791 — 262,597

Entertainment, retail and other (1)

21,096 11,897 83,087 10,844 283 127,207

Total operating revenues 519,790 351,957 607,172 214,121 283 1,693,323

Cost of revenue (2)

132,340 102,612 386,783 105,068 1,221

Gaming taxes (3)

225,167 148,751 17,669 46,035 —

Adjusted Property EBITDAR (4)

$ 162,283 $ 100,594 $ 202,720 $ 63,018 $ ( 938 ) $ 527,677

Other operating expenses

Pre-opening 2,457

Depreciation and amortization 156,273

Property charges and other (5)

Corporate expense and other 36,184

Stock-based compensation 13,670

Triple-net operating lease expense 35,381

Total other operating expenses 394,440

Operating income 133,237

Other non-operating income and expenses

Interest income 30,729

Interest expense, net of amounts capitalized ( 167,922 )

Change in derivatives fair value ( 5,523 )

Loss on debt financing transactions ( 109 )

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

Income before income taxes 11,712

Provision for income taxes ( 17,127 )

Net loss ( 5,415 )

Net income attributable to noncontrolling interests ( 26,638 )

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Nine Months Ended September 30, 2025

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

Three Months Ended March 31, 2026

Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Total

Operating revenues

4 unchanged sentences

23,752 12,530 82,429 11,418 130,129

Total operating revenues 1,711,042 1,039,286 1,884,930 636,683 — 5,271,941

Total segment operating revenues 659,338 329,852 661,909 205,663 1,856,762

Cost of revenue (2)

2 unchanged sentences

303,213 145,565 20,013 45,233

Adjusted Property EBITDAR (4)

Segment Adjusted Property EBITDAR (4)

$ 203,822 $ 75,616 $ 232,460 $ 50,519 $ 562,417

Other operating expenses

Pre-opening 11,745

4 unchanged sentences

Triple-net operating lease expense 35,364

Total other operating expenses 811,695

Operating income 282,604

3 unchanged sentences

Change in derivatives fair value 46,770

Loss on debt financing transactions ( 1,701 )

Other ( 29,434 )

7 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

Nine Months Ended September 30, 2024

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

Three Months Ended March 31, 2025

Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Total

Operating revenues

4 unchanged sentences

23,068 12,321 88,982 11,196 135,567

Total operating revenues 1,654,740 1,100,970 1,872,374 644,513 16,567 5,289,164

Total segment operating revenues 535,929 329,960 625,285 209,223 1,700,397

Cost of revenue (2)

2 unchanged sentences

236,292 140,053 18,608 46,015

Adjusted Property EBITDAR (4)

Segment Adjusted Property EBITDAR (4)

$ 161,885 $ 90,199 $ 223,361 $ 57,454 $ 532,899

Other operating expenses

Pre-opening 5,287

4 unchanged sentences

Triple-net operating lease expense 35,389

Total other operating expenses 980,031

Operating income 268,589

3 unchanged sentences

Change in derivatives fair value ( 29,539 )

Loss on debt financing transactions ( 1,670 )

Other ( 8,374 )

Total other non-operating income and expenses ( 176,162 )

10 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(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.

(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, 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 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 (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.

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

The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR.

Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(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 September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Capital expenditures

7 unchanged sentences

Total $ 179,064 $ 159,931

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Macau Operations:

8 unchanged sentences

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