WYNN RESORTS LTD 10-Q

Item 1. Financial Statements WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) March 31, 2026 December 31, 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,187,644 $ 1,463,442 Investments 607,583 601,756 Accounts receivable, net of allowance for credit losses of $ 50,142 and $ 45,645 , respectively 388,504 402,641 Inventories 91,603 88,478 Prepaid expenses and other 153,773 127,204 Total current assets 2,429,107 2,683,521 Property and equipment, net 6,604,217 6,625,922 Long-term investments 63,962 67,594 Restricted cash 95,733 96,653 Intangible assets, net 215,770 224,242 Operating lease assets 1,772,691 1,778,052 Deferred income taxes, net 400,928 409,070 Investments in unconsolidated affiliates 1,055,289 948,156 Other assets 267,601 274,907 Total assets $ 12,905,298 $ 13,108,117 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts and construction payables $ 222,887 $ 255,307 Customer deposits 498,486 569,603 Gaming taxes payable 207,570 215,581 Accrued compensation and benefits 178,333 245,550 Accrued interest 104,680 132,772 Current portion of long-term debt 547,841 9,410 Other accrued liabilities 196,643 214,955 Total current liabilities 1,956,440 1,643,178 Long-term debt 9,976,664 10,537,402 Long-term operating lease liabilities 1,635,360 1,629,117 Other long-term liabilities 279,174 329,699 Total liabilities 13,847,638 14,139,396 Commitments and contingencies (Note 15) Stockholders' deficit: Preferred stock, par value $ 0.01 ; 40,000,000 shares authorized; zero shares issued and outstanding — — Common stock, par value $ 0.01 ; 400,000,000 shares authorized; 134,770,204 and 134,326,464 shares issued; 103,745,164 and 103,989,787 shares outstanding, respectively 1,348 1,343 Treasury stock, at cost; 31,025,040 and 30,336,677 shares, respectively ( 2,693,428 ) ( 2,621,394 ) Additional paid-in capital 3,834,138 3,801,934 Accumulated other comprehensive income (loss) 5,977 ( 3,136 ) Accumulated deficit ( 1,359,857 ) ( 1,454,239 ) Total Wynn Resorts, Limited stockholders' deficit ( 211,822 ) ( 275,492 ) Noncontrolling interests ( 730,518 ) ( 755,787 ) Total stockholders' deficit ( 942,340 ) ( 1,031,279 ) Total liabilities and stockholders' deficit $ 12,905,298 $ 13,108,117 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2026 2025 Operating revenues: Casino $ 1,177,233 $ 1,040,430 Rooms 290,381 274,521 Food and beverage 259,019 249,879 Entertainment, retail and other 130,129 135,567 Total operating revenues 1,856,762 1,700,397 Operating expenses: Casino 732,670 634,833 Rooms 89,791 84,097 Food and beverage 228,822 200,667 Entertainment, retail and other 59,713 62,186 General and administrative 275,204 275,689 Provision for credit losses 4,057 1,396 Pre-opening 11,745 5,287 Depreciation and amortization 160,527 155,421 Property charges and other 11,629 12,232 Total operating expenses 1,574,158 1,431,808 Operating income 282,604 268,589 Other income (expense): Interest income 13,092 19,359 Interest expense, net of amounts capitalized ( 152,362 ) ( 157,608 ) Change in derivatives fair value 46,770 ( 29,539 ) Other ( 29,434 ) ( 8,374 ) Other income (expense), net ( 121,934 ) ( 176,162 ) Income before income taxes 160,670 92,427 Provision for income taxes ( 10,132 ) ( 11,022 ) Net income 150,538 81,405 Less: net income attributable to noncontrolling interests ( 30,084 ) ( 8,658 ) 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 Diluted $ 1.04 $ 0.69 Weighted average common shares outstanding: Basic 103,084 105,492 Diluted 103,800 105,730 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (unaudited) Three Months Ended March 31, 2026 2025 Net income $ 150,538 $ 81,405 Other comprehensive income: Foreign currency translation adjustments, before and after tax 12,516 3,630 Total comprehensive income 163,054 85,035 Less: comprehensive income attributable to noncontrolling interests ( 33,487 ) ( 9,661 ) Comprehensive income attributable to Wynn Resorts, Limited $ 129,567 $ 75,374 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (in thousands, except share data) (unaudited) For the three months ended March 31, 2026 Common stock Shares outstanding Par value Treasury stock Additional paid-in capital Accumulated other comprehensive (loss) income Accumulated deficit Total Wynn Resorts, Ltd. stockholders' deficit Noncontrolling interests Total stockholders' deficit 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 Issuance of restricted stock 458,108 5 — 5,359 — — 5,364 — 5,364 Cancellation of restricted stock ( 14,368 ) — — — — — — — — Shares repurchased by the Company and held as treasury shares ( 688,363 ) — ( 72,034 ) — — — ( 72,034 ) — ( 72,034 ) Cash dividends declared — — — — — ( 26,072 ) ( 26,072 ) 2 ( 26,070 ) 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, 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 Common stock Shares outstanding Par value Treasury stock Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total Wynn Resorts, Ltd. stockholders' deficit Noncontrolling interests Total stockholders' deficit Balances, January 1, 2025 107,821,567 $ 1,336 $ ( 2,241,607 ) $ 3,698,800 $ ( 5,700 ) $ ( 1,676,990 ) $ ( 224,161 ) $ ( 744,442 ) $ ( 968,603 ) Net income — — — — — 72,747 72,747 8,658 81,405 Currency translation adjustment — — — — 2,627 — 2,627 1,003 3,630 Issuance of restricted stock 560,906 5 — 7,917 — — 7,922 — 7,922 Cancellation of restricted stock ( 8,289 ) — — — — — — — — Shares repurchased by the Company and held as treasury shares ( 2,504,560 ) — ( 213,527 ) — — — ( 213,527 ) — ( 213,527 ) Cash dividends declared — — — — — ( 26,588 ) ( 26,588 ) — ( 26,588 ) 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, 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. 6 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net income $ 150,538 $ 81,405 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 160,527 155,421 Deferred income taxes 8,142 9,174 Stock-based compensation expense 25,738 19,400 Amortization of debt issuance costs 10,733 10,110 Provision for credit losses 4,057 1,396 Change in derivatives fair value ( 40,880 ) 29,539 Property charges and other 48,116 17,683 Increase (decrease) in cash from changes in: Receivables, net 7,787 ( 11,681 ) Inventories, prepaid expenses and other ( 27,058 ) ( 18,861 ) Customer deposits ( 69,087 ) ( 16,184 ) Accounts payable and accrued expenses ( 125,158 ) ( 143,628 ) Net cash provided by operating activities 153,455 133,774 Cash flows from investing activities: Capital expenditures, net of construction payables and retention ( 179,064 ) ( 159,931 ) Investments in unconsolidated affiliates ( 114,632 ) ( 61,484 ) Purchase of investments ( 29,150 ) — Proceeds from maturity of investments 27,146 — Purchase of intangible and other assets — ( 300 ) Proceeds from sale of assets and other 7,962 204 Net cash used in investing activities ( 287,738 ) ( 221,511 ) Cash flows from financing activities: Repayments of long-term debt — ( 10,313 ) Repurchase of common stock ( 70,047 ) ( 212,048 ) Distribution to noncontrolling interests ( 8,333 ) ( 6,286 ) Dividends paid ( 26,879 ) ( 26,793 ) Finance lease payments ( 6,886 ) ( 6,348 ) Other ( 25,809 ) ( 5,163 ) Net cash used in financing activities ( 137,954 ) ( 266,951 ) Effect of exchange rate on cash, cash equivalents and restricted cash ( 4,481 ) ( 1,629 ) Cash, cash equivalents and restricted cash: Decrease in cash, cash equivalents and restricted cash ( 276,718 ) ( 356,317 ) Balance, beginning of period 1,560,095 2,521,793 Balance, end of period $ 1,283,377 $ 2,165,476 The accompanying notes are an integral part of these condensed consolidated financial statements. 7 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1 - Organization Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, "Wynn Resorts" or the "Company") is a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming. In the Macau Special Administrative Region of the People's Republic of China ("Macau"), the Company owns approximately 72 % of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100 % of Wynn Las Vegas. Additionally, the Company is a 50.1 % owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations. In Everett, Massachusetts, the Company operates Encore Boston Harbor, an integrated resort. 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 Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with 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 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. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries, and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 16, "Retail Joint Venture." If the entity does not qualify for consolidation and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method. All significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for deferred tax assets and credit losses, estimates regarding the useful lives and recoverability of long-lived and intangible assets, valuations of derivatives, and litigation and contingency estimates. 8 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Gaming Taxes The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations. These taxes totaled $ 514.5 million and $ 440.7 million for the three months ended March 31, 2026 and 2025, respectively. Investments 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. The Company considers the severity of the decline in value, creditworthiness of the issuer and other relevant factors and records an allowance for credit losses, limited to the excess of amortized cost over fair value, with a corresponding charge to earnings. The allowance may be subsequently increased or decreased based on the prevailing facts and circumstances. During the three 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 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 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. 9 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) 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 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. ASU 2025-06 will be effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods, on a prospective, modified or retrospective basis, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on the Company's consolidated financial statements and related disclosures. Note 3 - Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, 2026 December 31, 2025 Cash and cash equivalents: Cash (1) $ 1,087,509 $ 1,297,417 Cash equivalents (2) 100,135 166,025 Total cash and cash equivalents 1,187,644 1,463,442 Restricted cash (3) 95,733 96,653 Total cash, cash equivalents and restricted cash $ 1,283,377 $ 1,560,095 (1) Cash consists of cash on hand and bank deposits. (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): Three Months Ended March 31, 2026 2025 Cash paid for interest, net of amounts capitalized $ 172,935 $ 177,005 Liability settled with shares of common stock $ 5,364 $ 7,922 Accounts and construction payables related to property and equipment $ 89,627 $ 85,748 Finance lease liabilities arising from obtaining finance lease assets $ — $ 39,345 10 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 4 - Receivables, net Accounts Receivable and Credit Risk Receivables, net consisted of the following (in thousands): March 31, 2026 December 31, 2025 Casino $ 293,746 $ 309,500 Hotel 49,724 44,259 Other 95,176 94,527 438,646 448,286 Less: allowance for credit losses ( 50,142 ) ( 45,645 ) $ 388,504 $ 402,641 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 15.9 % 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. 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): March 31, 2026 2025 Balance at beginning of year $ 45,645 $ 37,694 Provision for credit losses 4,057 1,396 Write-offs ( 1,364 ) ( 2,161 ) Recoveries of receivables previously written off 1,942 3,722 Effect of exchange rate ( 138 ) ( 28 ) Balance at end of period $ 50,142 $ 40,623 Note 5 - Property and Equipment, net Property and equipment, net consisted of the following (in thousands): March 31, 2026 December 31, 2025 Buildings and improvements $ 8,788,796 $ 8,708,210 Land and improvements 1,240,577 1,226,834 Furniture, fixtures and equipment 3,725,495 3,662,869 Airplanes 187,597 187,597 Construction in progress 280,157 350,286 14,222,622 14,135,796 Less: accumulated depreciation ( 7,618,405 ) ( 7,509,874 ) $ 6,604,217 $ 6,625,922 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. 11 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 6 - Long-Term Debt Long-term debt consisted of the following (in thousands): March 31, 2026 December 31, 2025 Macau Related: WM Cayman II Revolver, due 2028 (1) $ 1,143,257 $ 1,149,597 WML 5 1/2% Senior Notes, due 2027 750,000 750,000 WML 5 5/8% Senior Notes, due 2028 1,350,000 1,350,000 WML 5 1/8% Senior Notes, due 2029 1,000,000 1,000,000 WML 6 3/4% Senior Notes, due 2034 1,000,000 1,000,000 WML 4 1/2% Convertible Bonds, due 2029 (2)(3) 600,000 600,000 U.S. and Corporate Related: WRF Credit Facilities (4) : WRF Term Loan, due 2030 752,813 752,813 WLV 5 1/4% Senior Notes, due 2027 880,000 880,000 WRF 5 1/8% Senior Notes, due 2029 750,000 750,000 WRF 7 1/8% Senior Notes, due 2031 1,000,000 1,000,000 WRF 6 1/4% Senior Notes, due 2033 800,000 800,000 Retail Term Loan, due 2027 (5) 600,000 600,000 10,626,070 10,632,410 WML Convertible Bond Conversion Option Derivative (2) 8,990 32,586 Less: Unamortized debt issuance costs and original issue discounts and premium, net ( 110,555 ) ( 118,184 ) 10,524,505 10,546,812 Less: Current portion of long-term debt ( 547,841 ) ( 9,410 ) Total long-term debt, net of current portion $ 9,976,664 $ 10,537,402 (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 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 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 March 31, 2026, the effective interest rate was 5.54 %. Debt Covenant Compliance 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 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). 12 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 7 - Derivative Instruments WML Convertible Bond Conversion Option The conversion feature contained within the WML Convertible Bonds (the "WML Convertible Bond Conversion Option Derivative") is not indexed to WML's equity and, as such, is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative, reported at fair value as of the end of each reporting period, with changes recognized in the Condensed Consolidated Statements of Operations. The following table sets forth the inputs to the lattice models that were used to value the WML Convertible Bond Conversion Option Derivative: March 31, 2026 December 31, 2025 WML stock price HK$ 5.46 HK$ 5.94 Estimated volatility 26.0 % 29.2 % Risk-free interest rate 2.8 % 2.7 % Expected term (years) 2.9 3.2 Dividend yield (1) 0.0 % 0.0 % (1) Dividend yield is assumed to be zero in the lattice model used to value the WML Convertible Bond Conversion Option Derivative, due to a dividend protection feature in the WML Convertible Bond Agreement. 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 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 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 $ 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. 13 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 8 - Stockholders' Deficit Equity Repurchase Program In November 2024, the Company’s Board of Directors authorized an increase in the amount of the Company's outstanding shares of common stock available for repurchase under the previously available repurchase authorization to $ 1.00 billion. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time. 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. Dividends The Company paid a cash dividend of $ 0.25 per share on its common stock during each of the three month periods ended March 31, 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 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 In connection with the offering of the WML Convertible Bonds, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximate 72 % ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") in March 2023 (the "Securities Lending Agreement"), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending Agreement. WM Cayman I may, at its sole discretion, terminate any stock loan by giving the WML Stock Borrower no less than five business days' notice. The Securities Lending Agreement terminates on the date on which the WML Convertible Bonds have been redeemed, or converted in full, whichever is the earlier. As of the date of this report, the WML Stock Borrower held 79,774,985 WML shares under the Securities Lending Agreement. Retail Joint Venture 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." 14 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 9 - Fair Value Measurements The following tables present assets and liabilities carried at fair value (in thousands): Fair Value Measurements Using: March 31, 2026 Quoted Market Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets: Cash equivalents $ 100,135 $ 5,682 $ 94,453 $ — Restricted cash $ 95,733 $ 6,673 $ 89,060 $ — Fixed deposits $ 475,000 $ — $ 475,000 $ — Foreign Currency Swaps (see Note 7) $ 17,668 $ — $ 17,668 $ — Interest rate swap $ 1,338 $ — $ 1,338 $ — Liabilities: WML Convertible Bond Conversion Option Derivative (see Note 7) $ 8,990 $ — $ — $ 8,990 Foreign Currency Swaps (see Note 7) $ 37,923 $ — $ 37,923 $ — Fair Value Measurements Using: December 31, 2025 Quoted Market Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets: Cash equivalents $ 166,025 $ 6,544 $ 159,481 $ — 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 $ — Liabilities: WML Convertible Bond Conversion Option Derivative (see Note 7) $ 32,586 $ — $ — $ 32,586 Foreign Currency Swaps (see Note 7) $ 53,036 $ — $ 53,036 $ — Interest rate swap $ 268 $ — $ 268 $ — 15 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 10 - Customer Contract Liabilities In providing goods and services to its customers, there is often a timing difference between the Company receiving cash and the Company recording revenue for providing services or holding events. The Company's primary liabilities associated with customer contracts are as follows (in thousands): March 31, 2026 December 31, 2025 Increase / (decrease) March 31, 2025 December 31, 2024 Increase / (decrease) Casino outstanding chips and front money deposits (1) $ 398,219 $ 467,994 $ ( 69,775 ) $ 392,825 $ 409,928 $ ( 17,103 ) Advance room deposits and ticket sales (2) 83,393 77,569 5,824 80,645 84,460 ( 3,815 ) Other gaming-related liabilities (3) 10,981 15,519 ( 4,538 ) 12,259 15,458 ( 3,199 ) Loyalty program and related liabilities (4) 33,917 32,279 1,638 29,663 29,489 174 $ 526,510 $ 593,361 $ ( 66,851 ) $ 515,392 $ 539,335 $ ( 23,943 ) (1) Casino outstanding chips generally represent amounts owed to gaming promoters and customers for chips in their possession, and casino front money deposits represent funds deposited by customers before gaming play occurs. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and may be recognized as revenue or redeemed for cash in the future. (2) Advance room deposits and ticket sales represent cash received in advance for goods or services to be provided in the future. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and will be recognized as revenue when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenue and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenue within one year. (3) Other gaming-related liabilities generally represent unpaid wagers primarily in the form of unredeemed slot, race and sportsbook tickets or wagers for future sporting events. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets. (4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets and are expected to be recognized as revenue within one year of being earned by customers. Note 11 - Stock-Based Compensation The total compensation cost for stock-based compensation plans was recorded as follows (in thousands): Three Months Ended March 31, 2026 2025 Casino $ 2,740 $ 908 Rooms 1,864 254 Food and beverage 4,857 787 Entertainment, retail and other 685 139 General and administrative 15,592 17,312 Total stock-based compensation expense 25,738 19,400 Total stock-based compensation capitalized 1,362 1,382 Total stock-based compensation costs $ 27,100 $ 20,782 Note 12 - Income Taxes 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. 16 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 13 - Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible Bonds occurred at the later of the date of issuance or beginning of the period presented under the if-converted method, by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive. Other potentially dilutive securities include 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 March 31, 2026 2025 Numerator: 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) ( 12,439 ) — Net income attributable to Wynn Resorts, Limited - diluted $ 108,015 $ 72,747 Denominator: Weighted average common shares outstanding 103,084 105,492 Potential dilutive effect of stock options, nonvested, and performance nonvested shares 716 238 Weighted average common and common equivalent shares outstanding 103,800 105,730 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 months ended March 31, 2025. Note 14 - Leases Lessor Arrangements The following table presents the minimum and contingent operating lease income for the periods presented (in thousands): Three Months Ended March 31, 2026 2025 Minimum rental income $ 35,120 $ 36,460 Contingent rental income 18,654 15,067 Total rental income $ 53,774 $ 51,527 17 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 15 - Commitments and Contingencies Litigation The Company and its affiliates are involved in litigation arising in the normal course of business. In the opinion of management, such litigation is not expected to have a material effect on the Company's financial condition, results of operations, and cash flows. 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 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 (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 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. 18 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Note 17 - Segment Information The Company has identified its reportable segments based on factors such as geography, regulatory environment, the Company's organizational and management reporting structure and the information reviewed by its chief operating decision maker, the Company's Chief Executive Officer ("CEO"). The primary profitability measure used by the Company's CEO to review segment operating results and allocate resources is Adjusted Property EBITDAR. The Company has identified the following reportable segments: (i) Wynn Macau, representing the aggregate of Wynn Macau and Encore, an expansion at Wynn Macau, which are managed as a single integrated resort; (ii) Wynn Palace; (iii) Las Vegas Operations, representing the aggregate of Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture, which are managed as a single integrated resort; and (iv) Encore Boston Harbor. For geographical reporting purposes, Wynn Macau, Wynn Palace, and Other Macau (which represents the assets of the Company's Macau holding company and other ancillary entities) have been aggregated into Macau Operations. The following tables present the Company's segment information (in thousands): 19 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Three Months Ended March 31, 2026 Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Total Operating revenues Casino $ 564,917 $ 276,732 $ 178,191 $ 157,393 $ 1,177,233 Rooms 37,634 21,320 212,561 18,866 290,381 Food and beverage 33,035 19,270 188,728 17,986 259,019 Entertainment, retail and other (1) 23,752 12,530 82,429 11,418 130,129 Total segment operating revenues 659,338 329,852 661,909 205,663 1,856,762 Cost of revenue (2) 152,303 108,671 409,436 109,911 Gaming taxes (3) 303,213 145,565 20,013 45,233 Segment Adjusted Property EBITDAR (4) $ 203,822 $ 75,616 $ 232,460 $ 50,519 $ 562,417 Pre-opening 11,745 Depreciation and amortization 160,527 Property charges and other 11,629 Corporate expense and other 34,810 Stock-based compensation 25,738 Triple-net operating lease expense 35,364 Operating income 282,604 Other non-operating income and expenses Interest income 13,092 Interest expense, net of amounts capitalized ( 152,362 ) Change in derivatives fair value 46,770 Other ( 29,434 ) Total other non-operating income and expenses ( 121,934 ) Income before income taxes 160,670 Provision for income taxes ( 10,132 ) Net income 150,538 Net income attributable to noncontrolling interests ( 30,084 ) Net income attributable to Wynn Resorts, Limited $ 120,454 20 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Three Months Ended March 31, 2025 Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Total Operating revenues Casino $ 444,508 $ 275,550 $ 160,993 $ 159,379 $ 1,040,430 Rooms 36,615 23,297 195,868 18,741 274,521 Food and beverage 31,738 18,792 179,442 19,907 249,879 Entertainment, retail and other (1) 23,068 12,321 88,982 11,196 135,567 Total segment operating revenues 535,929 329,960 625,285 209,223 1,700,397 Cost of revenue (2) 137,752 99,708 383,316 105,754 Gaming taxes (3) 236,292 140,053 18,608 46,015 Segment Adjusted Property EBITDAR (4) $ 161,885 $ 90,199 $ 223,361 $ 57,454 $ 532,899 Pre-opening 5,287 Depreciation and amortization 155,421 Property charges and other 12,232 Corporate expense and other 36,581 Stock-based compensation 19,400 Triple-net operating lease expense 35,389 Operating income 268,589 Other non-operating income and expenses Interest income 19,359 Interest expense, net of amounts capitalized ( 157,608 ) Change in derivatives fair value ( 29,539 ) Other ( 8,374 ) Total other non-operating income and expenses ( 176,162 ) Income before income taxes 92,427 Provision for income taxes ( 11,022 ) Net income 81,405 Net income attributable to noncontrolling interests ( 8,658 ) Net income attributable to Wynn Resorts, Limited $ 72,747 (1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases." (2) Primarily comprised of payroll, cost of goods sold, marketing, promotional, facilities, taxes and licenses (excluding gaming taxes) and other operating expenses. (3) For Las Vegas Operations, includes table and slot license fees. 21 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) (4) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited. 22 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Three Months Ended March 31, 2026 2025 Capital expenditures Macau Operations: Wynn Palace $ 53,178 $ 50,109 Wynn Macau 37,765 15,480 Total Macau Operations 90,943 65,589 Las Vegas Operations 84,354 56,150 Encore Boston Harbor 3,557 4,685 Corporate and other 210 33,507 Total $ 179,064 $ 159,931 March 31, 2026 December 31, 2025 Assets Macau Operations: Wynn Palace $ 2,748,643 $ 2,817,363 Wynn Macau 1,259,625 1,329,671 Other Macau 1,042,997 1,013,979 Total Macau Operations 5,051,265 5,161,013 Las Vegas Operations 3,280,791 3,252,007 Encore Boston Harbor 1,930,262 1,946,783 Corporate and other 2,642,980 2,748,314 Total $ 12,905,298 $ 13,108,117 23 Table of Contents