What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-07 compared with 2025-11-06 · 96 added, 305 removed, 297 unchanged (57% of the section changed)

13 unchanged sentences

• international relations, national security policies, anticorruption campaigns and other geopolitical events, which may impact the number of visitors to our properties and the amount of money they are willing to spend;

• disruptions caused by, and the impact on regional demand for casino resorts and inbound tourism and the travel and leisure industry more generally from, events outside of our control, including an outbreak of an infectious disease (such as the COVID-19 pandemic), public incidents of violence, mass shootings, riots, demonstrations, extreme weather patterns or natural disasters, military conflicts, civil unrest, and any future security alerts or terrorist attacks;

• disruptions caused by, and the impact on regional demand for casino resorts and inbound tourism and the travel and leisure industry more generally from, events outside of our control, including an outbreak of an infectious disease, public incidents of violence, mass shootings, riots, demonstrations, extreme weather patterns or natural disasters, military conflicts, civil unrest, and any future security alerts or terrorist attacks;

• public perception of our resorts and the level of service we provide;

3 unchanged sentences

• win rates for our gaming operations;

• construction and regulatory risks associated with our current and future construction projects or co-investments in such projects;

• construction, regulatory and other macroeconomic or geopolitical risks associated with our current and future construction projects or co-investments in such projects;

• any violations by us of various anti-money laundering laws or the Foreign Corrupt Practices Act;

21 unchanged sentences

In Everett, Massachusetts, we operate 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.

The Company has a 40% equity interest in Island 3 AMI FZ-LLC ("Island 3") and affiliated ventures (collectively, the "Al Marjan Joint Venture"), which is constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates.

Key Operating Measures

40 unchanged sentences

Results of Operations

Summary of third quarter 2025 results

Summary of first quarter 2026 results

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

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

2025 2024 Increase/ (Decrease) Percent Change 2025 2024 Increase/ (Decrease) Percent Change

Three Months Ended March 31,

2026 2025 Increase/ (Decrease) Percent Change

Operating revenues $ 1,856,762 $ 1,700,397 $ 156,365 9.2

Net income (loss) attributable to Wynn Resorts, Limited 88,341 (32,053) 120,394 375.6 227,306 224,106 3,200 1.4

Diluted net income (loss) per share 0.85 (0.29) 1.14 393.1 2.18 2.02 0.16 7.9

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.

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.

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").

Financial results for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Net income attributable to Wynn Resorts, Limited 120,454 72,747 47,707 65.6

Diluted net income per share 1.04 0.69 0.35 50.7

The increase in operating revenues for the three months ended March 31, 2026 was largely driven by increased operating revenues of $123.4 million at Wynn Palace as a result of higher VIP and mass market table games win and $36.6 million at our Las Vegas Operations due to higher table games win and higher room revenues.

The increase in net income attributable to Wynn Resorts, Limited for the three months ended March 31, 2026 was primarily attributable to a $136.8 million increase in casino revenues and a $15.9 million increase in room revenues, partially offset by an increase in operating expenses.

In addition, we recorded a gain in change in derivatives fair value of $46.8 million in the three months ended March 31, 2026 compared to a loss in change in derivatives fair value of $29.5 million in the three months ended March 31, 2025.

Financial results for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Operating revenues

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

Three Months Ended September 30,

Three Months Ended March 31,

2026 2025 Increase/ (Decrease) Percent Change

6 unchanged sentences

Encore Boston Harbor 205,663 209,223 (3,560) (1.7)

Corporate and other — 283 (283) NM

$ 1,856,762 $ 1,700,397 $ 156,365 9.2

NM - Not meaningful.

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

Three Months Ended September 30,

Three Months Ended March 31,

2026 2025 Increase/ (Decrease) Percent Change

7 unchanged sentences

$ 1,856,762 $ 1,700,397 $ 156,365 9.2

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.

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 for the three months ended March 31, 2026 were 63.4% of operating revenues, compared to 61.2% for the same period of 2025.

Non-casino revenues for the three months ended March 31, 2026 were 36.6% of operating revenues, compared to 38.8% for the same period of 2025.

Casino revenues

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.

Casino revenues increased primarily due to higher VIP and mass market table games volume at Wynn Palace and higher casino volumes at our Las Vegas Operations.

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

Three Months Ended September 30,

Three Months Ended March 31,

2026 2025 Increase/ (Decrease) Percent Change

30 unchanged sentences

Slot machine win per unit per day $ 442 $ 372 $ 70 18.8

Poker rake $ 2,722 $ 3,205 $ (483) (15.1)

Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.

Three Months Ended September 30,

Three Months Ended March 31,

2026 2025 Increase/ (Decrease) Percent Change

25 unchanged sentences

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

Three Months Ended September 30,

Three Months Ended March 31,

2026 2025 Increase/ (Decrease) Percent Change

19 unchanged sentences

REVPAR $ 314 $ 315 $ (1) (0.3)

Room revenues decreased $14.3 million, primarily due to lower ADR at our Macau Operations.

Room revenues increased $15.9 million, primarily due to higher ADR at our Las Vegas Operations.

Food and beverage revenues increased $9.1 million, primarily due to higher restaurant covers and average check amounts at our Las Vegas Operations.

Entertainment, retail and other revenues decreased $5.4 million, primarily as a result of lower entertainment venue sales.

Operating expenses

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

Three Months Ended September 30,

Three Months Ended March 31,

2026 2025 Increase/ (Decrease) Percent Change

5 unchanged sentences

General and administrative 275,204 275,689 (485) (0.2)

Provision for credit losses 4,505 1,836 2,669 145.4

Pre-opening 7,289 2,457 4,832 196.7

Provision for credit losses 4,057 1,396 2,661 NM

Pre-opening 11,745 5,287 6,458 NM

Depreciation and amortization 160,527 155,421 5,106 3.3

1 unchanged sentence

Total operating expenses $ 1,574,158 $ 1,431,808 $ 142,350 9.9

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.

Food and beverage expenses increased $7.9 million at Wynn Palace, primarily as a result of increased covers;

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").

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.

Property charges and other expenses for the three months ended September 30, 2024 consisted primarily of $130.0 million of forfeitures pursuant to the NPA and the Company's $9.4 million contribution towards a legal settlement.

Property charges and other expenses for the three months ended September 30, 2024 also included $12.5 million of contract termination and other costs related to the closure of Wynn Interactive's digital sports betting and casino gaming business.

Other non-operating income and expenses

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.

In addition, we capitalized interest of $11.6 million and $7.8 million in the three months ended September 30, 2025 and 2024, respectively.

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.

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.

dollar, on the remeasurements of U.S.

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

We recorded a loss of $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.

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."

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").

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.

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.

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

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.

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):

Nine Months Ended September 30,

2025 2024 Increase/ (Decrease) Percent Change

Operating revenues

Macau Operations:

Wynn Palace $ 1,711,042 $ 1,654,740 $ 56,302 3.4

Wynn Macau 1,039,286 1,100,970 (61,684) (5.6)

Total Macau Operations 2,750,328 2,755,710 (5,382) (0.2)

Las Vegas Operations 1,884,930 1,872,374 12,556 0.7

Encore Boston Harbor 636,683 644,513 (7,830) (1.2)

Corporate and other — 16,567 (16,567) NM

$ 5,271,941 $ 5,289,164 $ (17,223) (0.3)

NM - Not meaningful.

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

Nine Months Ended September 30,

2025 2024 Increase/ (Decrease) Percent Change

Operating revenues

Casino revenues $ 3,266,981 $ 3,149,166 $ 117,815 3.7

Non-casino revenues:

Rooms 836,058 916,700 (80,642) (8.8)

Food and beverage 772,926 810,939 (38,013) (4.7)

Entertainment, retail and other 395,976 412,359 (16,383) (4.0)

Total non-casino revenues 2,004,960 2,139,998 (135,038) (6.3)

$ 5,271,941 $ 5,289,164 $ (17,223) (0.3)

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.

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

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):

Nine Months Ended

September 30,

2025 2024 Increase/ (Decrease) Percent Change

Macau Operations:

Total casino revenues $ 1,435,245 $ 1,336,788 $ 98,457 7.4

Average number of table games 53 58 (5) (8.6)

VIP turnover $ 11,337,407 $ 9,930,241 $ 1,407,166 14.2

VIP table games win $ 373,481 $ 342,024 $ 31,457 9.2

VIP win as a % of turnover 3.29 % 3.44 % (0.15)

Table games win per unit per day $ 25,888 $ 21,677 $ 4,211 19.4

Average number of table games 248 245 3 1.2

Table drop $ 5,606,241 $ 5,215,019 $ 391,222 7.5

Table games win $ 1,299,679 $ 1,251,039 $ 48,640 3.9

Table games win % 23.2 % 24.0 % (0.8)

Table games win per unit per day $ 19,282 $ 18,620 $ 662 3.6

Average number of slot machines 643 592 51 8.6

Slot machine handle $ 2,202,840 $ 1,815,623 $ 387,217 21.3

Slot machine win $ 92,320 $ 83,790 $ 8,530 10.2

Slot machine win per unit per day $ 528 $ 517 $ 11 2.1

Total casino revenues $ 883,419 $ 923,851 $ (40,432) (4.4)

Average number of table games 23 30 (7) (23.3)

VIP turnover $ 3,438,127 $ 3,955,277 $ (517,150) (13.1)

VIP table games win $ 79,025 $ 122,705 $ (43,680) (35.6)

VIP win as a % of turnover 2.30 % 3.10 % (0.80)

Table games win per unit per day $ 12,862 $ 14,988 $ (2,126) (14.2)

Average number of table games 230 222 8 3.6

Table drop $ 4,793,914 $ 4,801,533 $ (7,619) (0.2)

Table games win $ 875,146 $ 887,194 $ (12,048) (1.4)

Table games win % 18.3 % 18.5 % (0.2)

Table games win per unit per day $ 13,993 $ 14,599 $ (606) (4.2)

Average number of slot machines 763 607 156 25.7

Slot machine handle $ 2,718,205 $ 2,347,521 $ 370,684 15.8

Slot machine win $ 75,148 $ 76,604 $ (1,456) (1.9)

Slot machine win per unit per day $ 362 $ 461 $ (99) (21.5)

Poker rake $ 8,778 $ 11,831 $ (3,053) (25.8)

Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.

Nine Months Ended

September 30,

2025 2024 Increase/ (Decrease) Percent Change

Las Vegas Operations:

Total casino revenues $ 471,071 $ 410,023 $ 61,048 14.9

Average number of table games 234 234 — —

Table drop $ 1,854,052 $ 1,721,435 $ 132,617 7.7

Table games win $ 427,109 $ 409,336 $ 17,773 4.3

Table games win % 23.0 % 23.8 % (0.8)

Table games win per unit per day $ 6,691 $ 6,380 $ 311 4.9

Average number of slot machines 1,575 1,612 (37) (2.3)

Slot machine handle $ 5,356,473 $ 4,840,241 $ 516,232 10.7

Slot machine win $ 370,350 $ 322,544 $ 47,806 14.8

Slot machine win per unit per day $ 861 $ 730 $ 131 17.9

Poker rake $ 17,583 $ 16,652 $ 931 5.6

Encore Boston Harbor:

Total casino revenues $ 477,246 $ 478,504 $ (1,258) (0.3)

Average number of table games 172 182 (10) (5.5)

Table drop $ 1,002,226 $ 1,072,750 $ (70,524) (6.6)

Table games win $ 208,155 $ 227,496 $ (19,341) (8.5)

Table games win % 20.8 % 21.2 % (0.4)

Table games win per unit per day $ 4,433 $ 4,553 $ (120) (2.6)

Average number of slot machines 2,721 2,612 109 4.2

Slot machine handle $ 4,120,102 $ 4,201,520 $ (81,418) (1.9)

Slot machine win $ 327,752 $ 315,773 $ 11,979 3.8

Slot machine win per unit per day $ 441 $ 441 $ — —

Poker rake $ 16,482 $ 16,422 $ 60 0.4

Non-casino revenues

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

Nine Months Ended

September 30,

2025 2024 Increase/ (Decrease) Percent Change

Macau Operations:

Total room revenues (dollars in thousands) $ 112,492 $ 153,287 $ (40,795) (26.6)

Occupancy 98.4 % 98.7 % (0.3)

ADR $ 225 $ 315 $ (90) (28.6)

REVPAR $ 222 $ 311 $ (89) (28.6)

Total room revenues (dollars in thousands) $ 66,188 $ 76,116 $ (9,928) (13.0)

Occupancy 99.1 % 99.2 % (0.1)

ADR $ 219 $ 251 $ (32) (12.7)

REVPAR $ 217 $ 249 $ (32) (12.9)

Las Vegas Operations:

Total room revenues (dollars in thousands) $ 590,561 $ 617,071 $ (26,510) (4.3)

Occupancy 87.4 % 89.3 % (1.9)

ADR $ 527 $ 541 $ (14) (2.6)

REVPAR $ 461 $ 483 $ (22) (4.6)

Encore Boston Harbor:

Total room revenues (dollars in thousands) $ 66,817 $ 70,226 $ (3,409) (4.9)

Occupancy 92.2 % 94.4 % (2.2)

ADR $ 399 $ 410 $ (11) (2.7)

REVPAR $ 368 $ 387 $ (19) (4.9)

Room revenues decreased $80.6 million due to lower ADR across all of our properties.

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.

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.

Operating expenses

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

Nine Months Ended

September 30,

2025 2024 Increase/ (Decrease) Percent Change

Operating expenses:

Casino $ 1,983,362 $ 1,907,426 $ 75,936 4.0

Rooms 256,524 245,991 10,533 4.3

Food and beverage 656,167 647,351 8,816 1.4

Entertainment, retail and other 174,768 190,137 (15,369) (8.1)

General and administrative 831,539 808,172 23,367 2.9

Provision for credit losses 9,254 4,352 4,902 112.6

Pre-opening 23,862 6,050 17,812 294.4

Depreciation and amortization 461,156 507,611 (46,455) (9.2)

Property charges and other 31,631 206,238 (174,607) (84.7)

Total operating expenses $ 4,428,263 $ 4,523,328 $ (95,065) (2.1)

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.

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.

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.

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.

General and administrative expenses increased $23.4 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.

Pre-opening expense increased $12.8 million at Corporate and other largely due to pre-opening costs associated with Wynn Al Marjan Island.

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.

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;

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.

Property charges and other expenses for the nine months ended September 30, 2024 consisted primarily of $130.0 million of forfeitures pursuant to the NPA and the Company's $9.4 million contribution towards a legal settlement.

Property charges and other expenses for the nine months ended September 30, 2024 also included $12.6 million of asset abandonments at Wynn

Palace, $61.5 million of expensed project costs related to a discontinued development project at Corporate and other and $16.8 million of contract 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.

The increase in total operating expenses was primarily due to the increase in casino expenses at our Macau Operations, primarily driven by an increase in gaming tax expense, and an increase in food and beverage expense at our Las Vegas Operations and Wynn Palace.

Casino expense increased $74.8 million and $11.3 million at Wynn Palace and Wynn Macau, respectively, which includes increases of $66.9 million and $5.5 million in gaming tax expense at Wynn Palace and Wynn Macau, respectively.

Casino expenses increased $10.3 million at our Las Vegas Operations, primarily driven by higher payroll and related costs, including stock-based compensation expense from stock awards granted in connection with the 20th anniversary of the opening of Wynn Las Vegas ("20th Anniversary").

Rooms expense increased $4.8 million at our Las Vegas Operations, primarily related to higher payroll and related costs, including higher stock-based compensation expense as a result of stock awards granted in connection with the 20th Anniversary.

Food and beverage expense increased $8.4 million at Wynn Palace, primarily as a result of increased cost of sales, and $18.9 million at our Las Vegas Operations largely due to costs associated with new food and beverage offerings and higher payroll and related costs, including higher stock-based compensation expense as a result of stock awards granted in connection with the 20th Anniversary.

Pre-opening expense increased $6.5 million largely due to pre-opening costs associated with Wynn Al Marjan Island.

Property charges and other expenses for the three months ended March 31, 2026 consisted primarily of asset abandonments and disposals of $4.3 million and $4.1 million at our Las Vegas Operations and our Macau Operations, respectively, and contract termination costs of $1.7 million at Encore Boston Harbor.

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

Other non-operating income and expenses

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.

In addition, we capitalized interest of $32.8 million and $13.6 million for the nine months ended September 30, 2025 and 2024 , respectively.

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.

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.

Interest expense, net of amounts capitalized, decreased $5.2 million, primarily as a result of capitalized interest of $17.0 million in the three months ended March 31, 2026 compared to $10.2 million capitalized in the three months ended 2025.

We recorded interest income of $13.1 million and $19.4 million in the three months ended March 31, 2026 and 2025, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.

We incurred foreign currency remeasurement losses of $29.4 million and $8.4 million for the three months ended March 31, 2026 and 2025, 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.

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.

We recorded a loss of $7.9 million from changes in derivatives fair value for the nine months ended September 30, 2024, primarily related to the interest rate collar on the Retail Term Loan.

We recorded a $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.

We recorded a $1.7 million loss on debt financing transactions for the nine months ended September 30, 2024, primarily related to the issuance of the 2031 Add-On WRF Senior Notes and the repurchase of the tendered 2025 WLV Senior Notes.

We recorded 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 nine months ended September 30, 2025 primarily reflects an increase in the valuation allowance on foreign tax credit carryforwards.

We recorded a gain of $46.8 million for the three months ended March 31, 2026, from change in derivatives fair value, which includes a gain of $23.6 million related to the conversion feature on the WML Convertible Bonds and a gain of $21.7 million related to foreign currency swaps.

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

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

We recorded 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 our U.S.-based operating profits.

Net income attributable to noncontrolling interests

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.

We recognized net income attributable to noncontrolling interests of $30.1 million and $8.7 million for the three months ended March 31, 2026 and 2025, 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.

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 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.

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However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP.

Unlike net income (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.

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

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

The following table summarizes Adjusted Property EBITDAR (dollars in thousands) for Wynn Palace, Wynn Macau, Las Vegas Operations, Encore Boston Harbor, and Corporate and other as reviewed by management and summarized in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information." That footnote also presents a reconciliation of Adjusted Property EBITDAR to net income attributable to Wynn Resorts, Limited.

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

2025 2024 Increase/ (Decrease) Percent Change 2025 2024 Increase/ (Decrease) Percent Change

Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and,

therefore, comparability may be limited.

The following table summarizes Adjusted Property EBITDAR (dollars in thousands) for Wynn Palace, Wynn Macau, Las Vegas Operations and Encore Boston Harbor, 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.

Three Months Ended March 31,

2026 2025 Increase/ (Decrease) Percent Change

Wynn Palace $ 203,822 $ 161,885 $ 41,937 25.9

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Encore Boston Harbor 50,519 57,454 (6,935) (12.1)

Corporate and other — (938) 938 NM — (4,535) 4,535 NM

NM - Not meaningful.

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.

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.

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.

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.

Adjusted Property EBITDAR at our Las Vegas Operations for the three months ended September 30, 2025 increased $0.7 million.

Adjusted Property EBITDAR at our Las Vegas Operations decreased $17.7 million for the nine months ended

September 30, 2025, primarily due to a decrease of $48.5 million in non-gaming revenues, partially offset by lower operating expenses.

The nine months ended September 30, 2024 included incremental food and beverage revenue from Super Bowl-related events and from outlets undergoing renovations.

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.

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.

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.

Adjusted Property EBITDAR at Wynn Palace increased $41.9 million for the three months ended March 31, 2026, largely from an increase in casino revenue of $120.4 million, partially offset by increased casino expense, inclusive of gaming taxes.

Adjusted Property EBITDAR at Wynn Macau decreased $14.6 million for the three months ended March 31, 2026, primarily due to an increase in casino expense, inclusive of gaming taxes.

Adjusted Property EBITDAR at our Las Vegas Operations for the three months ended March 31, 2026 increased $9.1 million due to an increase in operating revenues of $36.6 million, partially offset by an increase in operating expenses.

Adjusted Property EBITDAR at Encore Boston Harbor decreased $6.9 million for the three months ended March 31, 2026, primarily due to a $3.6 million decrease in operating revenues.

Refer to the discussions above regarding the specific details of our results of operations.

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Our cash flows were as follows (in thousands):

Nine Months Ended September 30,

Three Months Ended March 31,

Cash Flows - Summary 2026 2025

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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)

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Effect of exchange rate on cash, cash equivalents and restricted cash (4,481) (1,629)

(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)

Operating Activities

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

During the nine months ended September 30, 2025, the decrease in cash flows from operating activities was primarily due to a decrease in operating income at our Macau Operations.

During the three months ended March 31, 2026, the increase in cash flows from operating activities was largely driven by increased operating revenues of $123.4 million at Wynn Palace as a result of higher VIP and mass market table games win and $36.6 million at our Las Vegas Operations due to higher table games win and higher room revenues, partially offset by commensurate increases in operating expenses.

Investing Activities

Our investing activities primarily consist of project capital expenditures and maintenance capital expenditures associated with maintaining and continually refining our world-class integrated resort properties.

During the nine months ended September 30, 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.

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.

During the nine months ended September 30, 2024, we incurred capital expenditures of $106.0 million at our Las Vegas Operations, $72.1 million at Wynn Palace, $38.8 million at Wynn Macau, and $27.5 million at Encore Boston Harbor, primarily related to maintenance capital expenditures, and $48.4 million at Corporate and other primarily related to future development projects.

In addition, during the nine months ended September 30, 2024, we invested $455.0 million, including $442.7 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan Island and received proceeds of $300.0 million and $550.0 million upon the maturity of our investments in debt securities and fixed deposits, respectively.

During the three months ended March 31, 2026, we incurred capital expenditures of $84.4 million at our Las Vegas Operations, $53.2 million at Wynn Palace, $37.8 million at Wynn Macau, and $3.6 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $0.2 million at Corporate and other.

In addition, during the three months ended March 31, 2026, we invested $114.6 million, including $100.1 million of cash contributions, in the Al Marjan Joint Venture, purchased $29.1 million of U.S.

treasuries, and received proceeds of $27.1 million upon the maturity of investments.

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

In addition, during the three months ended March 31, 2025, we invested $58.2 million, including $51.2 million of cash contributions, in the Al Marjan Joint Venture.

Financing Activities

The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the nine months ended September 30, 2025 (in thousands):

Proceeds from issuance Repayments and repurchases

WML 6 3/4% Senior Notes, due 2034 ("2034 WML Senior Notes") $ 1,000,000 $ —

WML 5 1/2% Senior Notes, due 2026 ("2026 WML Senior Notes") — 1,000,000

WRF Credit Facilities:

WRF Term Loan, due 2027 — 763,125

WRF Term Loan, due 2030 752,812 —

Total $ 1,752,812 $ 1,763,125

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.

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.

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 $ —

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

WM Cayman II Revolver, due 2028 — 351,787

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

WRF Credit Facilities:

WRF Term Loan, due 2027 71,794 102,732

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

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.

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.

During the three months ended March 31, 2026, we repurchased 688,363 shares of our common stock for an aggregate cost of $70.0 million, including 528,667 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $53.8 million.

We also made dividend payments of $26.9 million, finance lease payments of $6.9 million, and used cash of $8.3 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

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

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

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

Capital Resources

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):

Total Cash and Cash Equivalents Investments (1)

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Total $ 1,187,644 $ 607,583 $ 2,582,932

(1) Investments consist of fixed deposits maturing in less than one year.

(1) Investments consist of U.S.

treasuries and fixed deposits maturing in less than one year and exclude long-term investments of $64.0 million.

(2) Excluding Wynn Macau, Limited and subsidiaries.

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We expect to use this cash to service our WML Senior Notes, WM Cayman II Revolver, and WML Convertible Bonds, to pay dividends to shareholders of WML (of which we own approximately 72%), and to fund working capital and capital expenditure requirements at WML and our Macau Operations.

We expect to make estimated project capital expenditures of between $200 million and $250 million during 2025 and between $450 million and $500 million during 2026 related to enhancements at our Macau Operations.

We expect to make maintenance capital expenditures at our Macau Operations of between $70 million and $80 million during 2025.

We are constructing the Enclave at Wynn Palace, a 432-key, all-suite hotel tower to be developed adjacent to Wynn Palace’s east entrance.

The estimated project budget for the Enclave at Wynn Palace is between $900 million and $950 million, inclusive of capitalized interest.

Construction is expected to begin in the second half of 2026 and span 2.5 years.

Total project capital expenditures for the Enclave at Wynn Palace and other enhancements at our Macau Operations are expected to be between $400 million and $450 million during 2026 and between $700 million and $750 million during 2027.

Maintenance capital expenditures at our Macau Operations are expected to be between $70 million and $80 million during 2026.

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

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

In 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.

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 in respect of the six months ended June 30, 2025.

Our share of this dividend was $89.2 million.

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, we recorded debt issuance costs of $11.6 million.

In August 2025, WML issued $1.0 billion aggregate principal amount of the 2034 WML Senior Notes.

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 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.

If our portion of cash available for repatriation was repatriated on September 30, 2025, it would be subject to minimal U.S.

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.

If our portion of cash available for repatriation was repatriated on March 31, 2026, it would be subject to minimal U.S.

Wynn Resorts Finance, LLC and subsidiaries.

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

We expect to make estimated project capital expenditures of between $200 million and $225 million during 2025 and between $375 million and $400 million during 2026 related to enhancements at our Las Vegas Operations.

We expect to make maintenance capital expenditures at our Las Vegas Operations and Encore Boston Harbor of between $90 million and $115 million, on a combined basis, during 2025.

We expect to make estimated project capital expenditures between $375 million and $400 million during 2026 and between $150 million and $175 million during 2027 related to enhancements at our Las Vegas Operations.

We expect to make total maintenance capital expenditures at our Las Vegas Operations and Encore Boston Harbor between $90 million and $115 million, on a combined basis, during 2026.

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

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

In June 2025, WRF and certain of its subsidiaries entered into an amendment (the "WRF Credit Facility Amendment") to its existing credit agreement.

The WRF Credit 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 commitments 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.

The WRF Credit Agreement contains customary negative and financial

covenants, including, but not limited to, covenants that restrict WRF's ability to pay dividends or distributions and incur additional indebtedness.

Wynn Resorts, Limited and other subsidiaries.

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Fees payable by Wynn Macau SA to Wynn Resorts, Limited under its intellectual property license agreement are capped at $150.0 million for the year ending December 31, 2026.

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

During the 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.

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.

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.

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.

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 Al Marjan Joint Venture, and for general corporate purposes.

During the first quarter of 2026, the Company contributed $100.1 million of cash into Wynn Al Marjan Island and surrounding developments, including Janu Al Marjan Island, a hotel and residential development operated by Aman Group, bringing our life-to-date cash contributions to $1.01 billion.

We estimate our remaining 40% pro-rata share of the required equity for the development projects is between $350 million and $450 million, inclusive of capitalized interest, fees, and certain improvements on the island.

Wynn Al Marjan Island is currently expected to open in 2027 and Janu Al Marjan Island is expected to open in 2028.

The Company paid a cash dividend of $0.25 per share on its common stock in the quarter ended March 31, 2026 and recorded $26.1 million against accumulated deficit.

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

Other Factors Affecting Liquidity

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

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

In November 2024, the Company's Board of Directors authorized the Company to repurchase a total of up to $1.0 billion of the Company's outstanding shares of common stock, increasing the previously available repurchase authorization by approximately $766 million.

The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors.

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

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

As of March 31, 2026, we had $401.1 million in repurchase authority remaining under the program.

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

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Contractual Commitments

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 .

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.

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.

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.

During the three months ended March 31, 2026, 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, 2025 .

Off Balance Sheet Arrangements

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

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

A subsidiary of Island 3 is party to a facility agreement which provides a $2.4 billion (or equivalent in local currency) delayed draw secured term loan facility to finance the development of Wynn Al Marjan Island (the "Al Marjan Facility").

The Company is not a party to the Al Marjan Facility agreement, but as a condition precedent to the Al Marjan Facility being made available to the Borrower, the Company and the government of Ras Al Khaimah entered into a completion guarantee agreement in favor of certain secured parties under the Al Marjan Facility agreement.

Additionally, the Company and certain partners in the Al Marjan Joint Venture entered into a completion guarantee, pursuant to which the Company may be required to fund shortfalls necessary to achieve practical completion of a district cooling plant serving Wynn Al Marjan Island.

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

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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, 2025.

There have been no significant changes to these policies for the nine months ended September 30, 2025.

There have been no significant changes to these policies for the three months ended March 31, 2026.

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

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis