What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-06 compared with 2026-05-07 · 234 added, 70 removed, 323 unchanged (48% of the section changed)

86 unchanged sentences

Results of Operations

Summary of first quarter 2026 results

Summary of second quarter 2026 results

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

Three Months Ended March 31,

2026 2025 Increase/ (Decrease) Percent Change

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

2026 2025 Increase/ (Decrease) Percent Change 2026 2025 Increase/ (Decrease) Percent Change

Operating revenues $ 1,856,933 $ 1,737,797 $ 119,136 6.9 $ 3,713,695 $ 3,438,194 $ 275,501 8.0

1 unchanged sentence

Diluted net income per share 1.32 0.64 0.68 106.3 2.36 1.33 1.03 77.4

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.

The increase in operating revenues for the three months ended June 30, 2026 was largely driven by increased casino revenues of $116.1 million at Wynn Palace as a result of higher mass market table games volume and win.

The increase in net income attributable to Wynn Resorts, Limited for the three months ended June 30, 2026 was primarily attributable to a $33.0 million increase in operating income, largely due to higher casino revenues partially offset by casino expenses.

In addition, we recorded a gain in change in derivatives fair value of $43.3 million in the three months ended June 30, 2026 compared to a loss in change in derivatives fair value of $1.1 million in the three months ended June 30, 2025.

Financial results for the three months ended June 30, 2026 compared to the three months ended June 30, 2025

Operating revenues

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

Three Months Ended March 31,

Three Months Ended June 30,

2026 2025 Increase/ (Decrease) Percent Change

8 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30,

2026 2025 Increase/ (Decrease) Percent Change

7 unchanged sentences

$ 1,856,933 $ 1,737,797 $ 119,136 6.9

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 for the three months ended June 30, 2026 were 63.3% of operating revenues, compared to 60.5% for the same period of 2025.

Non-casino revenues for the three months ended June 30, 2026 were 36.7% of operating revenues, compared to 39.5% for the same period of 2025.

Casino revenues

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.

Casino revenues increased primarily due to higher mass market table games volume and win at Wynn Palace.

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 March 31,

Three Months Ended June 30,

2026 2025 Increase/ (Decrease) Percent Change

30 unchanged sentences

Slot machine win per unit per day $ 416 $ 369 $ 47 12.7

Three Months Ended March 31,

Three Months Ended June 30,

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 March 31,

Three Months Ended June 30,

2026 2025 Increase/ (Decrease) Percent Change

19 unchanged sentences

REVPAR $ 412 $ 376 $ 36 9.6

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.

Room and food and beverage revenues for the three months ended June 30, 2026 were comparable to the three months ended June 30, 2025.

Entertainment, retail and other revenues decreased $6.9 million, primarily as a result of lower entertainment venue sales at our Las Vegas Operations.

Operating expenses

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

Three Months Ended March 31,

Three Months Ended June 30,

2026 2025 Increase/ (Decrease) Percent Change

6 unchanged sentences

Provision for credit losses 6,930 3,353 3,577 NM

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

Pre-opening 9,232 11,286 (2,054) (18.2)

Depreciation and amortization 165,421 152,907 12,514 8.2

2 unchanged sentences

NM - Not meaningful.

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.

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

Casino expense increased $68.1 million and $5.9 million at Wynn Palace and Wynn Macau, respectively, which includes increases of $53.7 million and $2.2 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.

Food and beverage expense increased $6.8 million at our Las Vegas Operations largely due to costs associated with new food and beverage offerings.

Entertainment, retail and other expense decreased $4.7 million at our Las Vegas Operations due to a reduction in entertainment venue offerings.

Depreciation and amortization expense increased $12.5 million, which includes increases across all of our properties, resulting from enhancements to our properties and maintenance capital expenditures.

Property charges and other expenses for the three months ended June 30, 2026 consisted primarily of asset abandonments and disposals of $4.0 million and $1.1 million at our Las Vegas Operations and our Macau Operations, respectively, and contract termination costs of $3.3 million and $1.1 million at our Macau Operations and our Las Vegas Operations, respectively.

Property charges and other expenses for the three months ended June 30, 2025 consisted primarily of asset abandonments and disposals of $2.3 million and $1.5 million at our Macau Operations and Corporate and other, respectively, and $6.3 million of contract termination and other costs at our Las Vegas Operations.

Other non-operating income and expenses

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.

Interest expense, net of amounts capitalized, decreased $2.4 million.

We capitalized interest of $17.9 million and $10.9 million in the three months ended June 30, 2026 and 2025, respectively.

Interest expense, exclusive of capitalized interest, increased $4.6 million, primarily due to an increase in the weighted average interest rate from 6.03% for the three months ended June 30, 2025 to 6.17% for the three months ended June 30, 2026.

We recorded interest income of $12.8 million and $15.9 million in the three months ended June 30, 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 $2.7 million and $36.2 million for the three months ended June 30, 2026 and 2025, respectively.

The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S.

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

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.

We recorded a gain of $43.3 million for the three months ended June 30, 2026, from change in derivatives fair value, which includes a gain of $35.9 million related to foreign currency swaps and a gain of $7.0 million related to the conversion feature on the WML Convertible Bonds.

We recorded a loss of $1.1 million for the three months ended June 30, 2025, from change in derivatives fair value, which includes a gain of $6.0 million related to the conversion feature on the WML Convertible Bonds and a loss of $5.3 million related to foreign currency swaps.

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.

We recorded income tax expense of $16.2 million and $10.6 million for the three months ended June 30, 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 $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.

We recognized net income attributable to noncontrolling interests of $42.5 million for the three months ended June 30, 2026, primarily related to the noncontrolling interests' share of net income from WML.

We recognized net income attributable to noncontrolling interests of $10.7 million for the three months ended June 30, 2025, primarily related to the noncontrolling interest's share of net income in the Retail Joint Venture.

Financial results for the six months ended June 30, 2026 compared to the six months ended June 30, 2025

Operating revenues

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

Six Months Ended June 30,

2026 2025 Increase/ (Decrease) Percent Change

Operating revenues

Macau Operations:

Wynn Palace $ 1,312,737 $ 1,075,570 $ 237,167 22.1

Wynn Macau 680,938 673,773 7,165 1.1

Total Macau Operations 1,993,675 1,749,343 244,332 14.0

Las Vegas Operations 1,305,077 1,263,918 41,159 3.3

Encore Boston Harbor 414,943 424,933 (9,990) (2.4)

$ 3,713,695 $ 3,438,194 $ 275,501 8.0

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

Six Months Ended June 30,

2026 2025 Increase/ (Decrease) Percent Change

Operating revenues

Casino revenues $ 2,352,521 $ 2,092,264 $ 260,257 12.4

Non-casino revenues:

Rooms 580,684 565,574 15,110 2.7

Food and beverage 523,363 510,936 12,427 2.4

Entertainment, retail and other 257,127 269,420 (12,293) (4.6)

Total non-casino revenues 1,361,174 1,345,930 15,244 1.1

$ 3,713,695 $ 3,438,194 $ 275,501 8.0

Casino revenues for the six months ended June 30, 2026 were 63.3% of operating revenues, compared to 60.9% for the same period of 2025.

Non-casino revenues for the six months ended June 30, 2026 were 36.7% of operating revenues, compared to 39.1% for the same period of 2025.

Casino revenues

Casino revenues increased primarily due to higher mass market gaming volumes at our Macau Operations and higher table games win at our Las Vegas Operations during the six months ended June 30, 2026.

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

Six Months Ended

2026 2025 Increase/ (Decrease) Percent Change

Macau Operations:

Total casino revenues $ 1,129,273 $ 892,806 $ 236,467 26.5

Average number of table games 49 54 (5) (9.3)

VIP turnover $ 7,083,818 $ 8,076,093 $ (992,275) (12.3)

VIP table games win $ 216,555 $ 221,003 $ (4,448) (2.0)

VIP win as a % of turnover 3.06 % 2.74 % 0.32

Table games win per unit per day $ 24,589 $ 22,735 $ 1,854 8.2

Average number of table games 281 248 33 13.3

Table drop $ 3,871,036 $ 3,548,452 $ 322,584 9.1

Table games win $ 1,087,145 $ 833,996 $ 253,149 30.4

Table games win % 28.1 % 23.5 % 4.6

Table games win per unit per day $ 21,392 $ 18,566 $ 2,826 15.2

Average number of slot machines 722 638 84 13.2

Slot machine handle $ 1,820,867 $ 1,492,685 $ 328,182 22.0

Slot machine win $ 76,151 $ 61,838 $ 14,313 23.1

Slot machine win per unit per day $ 582 $ 535 $ 47 8.8

Total casino revenues $ 577,458 $ 568,930 $ 8,528 1.5

Average number of table games 11 25 (14) (56.0)

VIP turnover $ 1,013,987 $ 2,418,782 $ (1,404,795) (58.1)

VIP table games win $ 13,321 $ 49,152 $ (35,831) (72.9)

VIP win as a % of turnover 1.31 % 2.03 % (0.72)

Table games win per unit per day $ 6,505 $ 10,777 $ (4,272) (39.6)

Average number of table games 216 226 (10) (4.4)

Table drop $ 3,655,442 $ 3,160,641 $ 494,801 15.7

Table games win $ 588,325 $ 569,385 $ 18,940 3.3

Table games win % 16.1 % 18.0 % (1.9)

Table games win per unit per day $ 15,025 $ 13,916 $ 1,109 8.0

Average number of slot machines 916 740 176 23.8

Slot machine handle $ 2,429,785 $ 1,862,499 $ 567,286 30.5

Slot machine win $ 71,138 $ 49,560 $ 21,578 43.5

Slot machine win per unit per day $ 429 $ 370 $ 59 15.9

Six Months Ended

2026 2025 Increase/ (Decrease) Percent Change

Las Vegas Operations:

Total casino revenues $ 336,295 $ 309,495 $ 26,800 8.7

Average number of table games 242 234 8 3.4

Table drop $ 1,323,544 $ 1,201,759 $ 121,785 10.1

Table games win $ 325,065 $ 277,036 $ 48,029 17.3

Table games win % 24.6 % 23.1 % 1.5

Table games win per unit per day $ 7,426 $ 6,538 $ 888 13.6

Average number of slot machines 1,566 1,577 (11) (0.7)

Slot machine handle $ 3,628,604 $ 3,538,339 $ 90,265 2.6

Slot machine win $ 237,344 $ 246,850 $ (9,506) (3.9)

Slot machine win per unit per day $ 837 $ 865 $ (28) (3.2)

Poker rake $ 11,511 $ 12,434 $ (923) (7.4)

Encore Boston Harbor:

Total casino revenues $ 309,495 $ 321,033 $ (11,538) (3.6)

Average number of table games 172 172 — —

Table drop $ 672,657 $ 678,246 $ (5,589) (0.8)

Table games win $ 128,336 $ 141,898 $ (13,562) (9.6)

Table games win % 19.1 % 20.9 % (1.8)

Table games win per unit per day $ 4,123 $ 4,558 $ (435) (9.5)

Average number of slot machines 2,676 2,718 (42) (1.5)

Slot machine handle $ 2,736,640 $ 2,722,548 $ 14,092 0.5

Slot machine win $ 220,024 $ 216,954 $ 3,070 1.4

Slot machine win per unit per day $ 454 $ 441 $ 13 2.9

Poker rake $ 10,904 $ 11,072 $ (168) (1.5)

Non-casino revenues

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

Six Months Ended

2026 2025 Increase/ (Decrease) Percent Change

Macau Operations:

Total room revenues (dollars in thousands) $ 73,822 $ 75,096 $ (1,274) (1.7)

Occupancy 99.0 % 98.5 % 0.5

ADR $ 224 $ 227 $ (3) (1.3)

REVPAR $ 222 $ 224 $ (2) (0.9)

Total room revenues (dollars in thousands) $ 42,227 $ 45,039 $ (2,812) (6.2)

Occupancy 99.5 % 99.2 % 0.3

ADR $ 216 $ 225 $ (9) (4.0)

REVPAR $ 215 $ 223 $ (8) (3.6)

Las Vegas Operations:

Total room revenues (dollars in thousands) $ 420,693 $ 403,849 $ 16,844 4.2

Occupancy 86.3 % 88.3 % (2.0)

ADR $ 583 $ 538 $ 45 8.4

REVPAR $ 504 $ 475 $ 29 6.1

Encore Boston Harbor:

Total room revenues (dollars in thousands) $ 43,942 $ 41,590 $ 2,352 5.7

Occupancy 89.3 % 90.5 % (1.2)

ADR $ 407 $ 382 $ 25 6.5

REVPAR $ 363 $ 346 $ 17 4.9

Room revenues increased $15.1 million primarily due to higher ADR at our Las Vegas Operations.

Food and beverage revenues increased $12.4 million, primarily due to incremental revenue from new outlets at our Las Vegas Operations during the six months ended June 30, 2026.

Entertainment, retail and other revenues decreased $12.3 million, primarily as a result of lower entertainment venue sales at our Las Vegas Operations.

Operating expenses

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

Six Months Ended

2026 2025 Increase/ (Decrease) Percent Change

Operating expenses:

Casino $ 1,454,054 $ 1,277,941 $ 176,113 13.8

Rooms 178,360 170,139 8,221 4.8

Food and beverage 465,464 425,067 40,397 9.5

Entertainment, retail and other 111,103 120,227 (9,124) (7.6)

General and administrative 545,319 556,504 (11,185) (2.0)

Provision for credit losses 10,987 4,749 6,238 NM

Pre-opening 20,977 16,573 4,404 26.6

Depreciation and amortization 325,948 308,328 17,620 5.7

Property charges and other 21,291 25,477 (4,186) (16.4)

Total operating expenses $ 3,133,503 $ 2,905,005 $ 228,498 7.9

NM - Not meaningful.

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

Casino expense increased $142.9 million and $17.2 million at Wynn Palace and Wynn Macau, respectively, which includes increases of $120.6 million and $7.7 million, respectively, in gaming tax expense driven by an increase in casino revenue.

Food and beverage expense increased $25.7 million at our Las Vegas Operations, primarily due to costs associated with new food and beverage offerings, and $14.2 million at our Macau Operations largely due to higher cost of sales.

Entertainment, retail and other expense decreased $7.3 million at our Las Vegas Operations due to a reduction in entertainment venue offerings.

Depreciation and amortization expense increased $17.6 million, which includes increases across all of our properties, resulting from enhancements to our properties and maintenance capital expenditures.

Property charges and other expenses for the six months ended June 30, 2026 consisted primarily of $8.3 million and $5.2 million of asset abandonments and disposals at our Las Vegas Operations and our Macau Operations, respectively, and $3.3 million of contract terminations and other expenses at our Macau Operations.

Property charges and other expenses for the six months ended June 30, 2025 consisted primarily of $6.6 million and $5.8 million of contract terminations and other expenses at our Las Vegas Operations and Encore Boston Harbor, respectively, and $7.1 million and $2.6 million of asset abandonments and disposals at our Macau Operations and Corporate and other, respectively.

Other non-operating income and expenses

Interest expense, net of amounts capitalized, decreased $7.6 million.

We capitalized interest of $34.9 million and $21.2 million in the six months ended June 30, 2026 and 2025, respectively.

Interest expense, exclusive of capitalized interest, increased $6.1 million, primarily due to an increase in the weighted average interest rate from 6.08% for the six months ended June 30, 2025 to 6.18% for the six months ended June 30, 2026.

We recorded interest income of $25.9 million and $35.2 million in the six months ended June 30, 2026 and 2025, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.

We incurred a foreign currency remeasurement loss of $32.2 million and $44.5 million for the six months ended June 30, 2026 and 2025, 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 primarily drove the variability between periods.

We recorded a gain of $90.1 million for the six months ended June 30, 2026, from change in derivatives fair value, which primarily includes a gain of $57.6 million related to foreign currency swaps and a gain of $30.6 million related to the conversion feature on the WML Convertible Bonds.

We recorded a loss of $30.7 million from changes in derivatives fair value for the six months ended June 30, 2025, which includes a loss of $10.0 million related to the conversion feature on the WML Convertible Bonds and a loss of $14.6 million related to foreign currency swaps.

We recorded a $1.1 million loss on debt financing transactions for the six months ended June 30, 2025 related to the amendment of the WRF credit facility.

We recorded income tax expense of $26.3 million and $21.6 million for the six months ended June 30, 2026 and 2025, respectively.

The increase in income tax expense for the six months ended June 30, 2026 primarily relates to U.S.-based operating profits.

Net income attributable to noncontrolling interests

We recognized net income attributable to noncontrolling interests of $72.6 million for the six months ended June 30, 2026, primarily related to the noncontrolling interests' share of net income from WML.

We recognized net income attributable to noncontrolling interests of $19.4 million for the six months ended June 30, 2025, primarily related to the noncontrolling interest's share of net income in the Retail Joint Venture.

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 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.

6 unchanged sentences

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.

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

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

2026 2025 Increase/ (Decrease) Percent Change 2026 2025 Increase/ (Decrease) Percent Change

Wynn Palace $ 201,488 $ 157,206 $ 44,282 28.2 $ 405,310 $ 319,091 $ 86,219 27.0

2 unchanged sentences

Encore Boston Harbor 56,084 63,859 (7,775) (12.2) 106,603 121,313 (14,710) (12.1)

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.

Adjusted Property EBITDAR at Wynn Palace increased $44.3 million and $86.2 million for the three and six months ended June 30, 2026, respectively, largely from an increase in casino revenue partially offset by increased casino expense, inclusive of gaming taxes.

Adjusted Property EBITDAR at Wynn Macau for the three months ended June 30, 2026 was relatively consistent with the three months ended June 30, 2025.

Adjusted Property EBITDAR at Wynn Macau decreased $15.6 million for the six months ended June 30, 2026, primarily due to an increase in casino expense, inclusive of gaming taxes.

Adjusted Property EBITDAR at our Las Vegas Operations for the three and six months ended June 30, 2026 decreased $19.6 million and $10.5 million, respectively, due to increased operating expenses, partially offset by increased operating revenues.

Adjusted Property EBITDAR at Encore Boston Harbor decreased $7.8 million and $14.7 million for the three and six months ended June 30, 2026, respectively, primarily due to a decrease in operating revenues of $6.4 million and $10.0 million, respectively.

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

1 unchanged sentence

Our cash flows were as follows (in thousands):

Three Months Ended March 31,

Six Months Ended June 30,

Cash Flows - Summary 2026 2025

9 unchanged sentences

Cash flows from financing activities:

Proceeds from issuance of long-term debt 200,000 752,812

Repayments of long-term debt — (763,125)

Repurchase of common stock (165,539) (377,645)

Proceeds from exercise of stock options 883 154

Distribution to noncontrolling interests (15,918) (12,324)

1 unchanged sentence

Finance lease payments (13,727) (12,694)

Payments for financing costs — (5,732)

Other (25,809) (9,142)

1 unchanged sentence

Effect of exchange rate on cash, cash equivalents and restricted cash (4,067) (8,579)

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

Increase (decrease) in cash, cash equivalents and restricted cash $ 107,299 $ (441,765)

Operating Activities

5 unchanged sentences

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

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.

During the six months ended June 30, 2026, the increase in cash flows from operating activities was largely driven by increased gaming revenue of $245.0 million at our Macau Operations as a result of higher mass market gaming volumes and $26.8 million at our Las Vegas Operations due to higher table games win, 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 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.

During the six months ended June 30, 2026, we incurred capital expenditures of $174.9 million at our Las Vegas Operations, $84.4 million at Wynn Palace, $60.5 million at Wynn Macau, and $7.1 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $5.3 million at Corporate and other.

In addition, during the six months ended June 30, 2026, we invested $178.6 million, including $148.2 million of cash contributions, in the Al Marjan Joint Venture, purchased $57.1 million of U.S.

treasuries and received proceeds of $140.5 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.

During the six months ended June 30, 2025, we incurred capital expenditures of $106.1 million at our Las Vegas Operations, $105.4 million at Wynn Palace, $30.2 million at Wynn Macau, and $11.5 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $72.0 million at Corporate and other primarily related to future development projects.

In addition, during the six months ended June 30, 2025, we invested $121.1 million, including $109.5 million of cash contributions, in the Al Marjan Joint Venture.

Financing Activities

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.

During the six months ended June 30, 2026, we borrowed $200.0 million under the WRF Revolver.

In addition, we repurchased 1,574,289 shares of our common stock for an aggregate cost of $165.5 million, including 1,269,765 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $128.8 million.

We also made dividend payments of $95.0 million, finance lease payments of $13.7 million, and used cash of $15.9 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.

During the six months ended June 30, 2025, we received net proceeds of $752.8 million from the issuance of the WRF Term Loan due 2030 and repaid $763.1 million of aggregate principal amounts outstanding under the WRF Term Loan due 2027.

In addition, during the six months ended June 30, 2025, we repurchased 4,557,009 shares of our common stock for an aggregate cost of $377.6 million, including 4,364,612 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $358.1 million.

We also made dividend payments of $88.3 million, finance lease payments of $12.7 million, and used cash of $12.3 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

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 March 31, 2026 (in thousands):

Total Cash and Cash Equivalents Investments (1)

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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 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.

On June 16, 2026, WML paid a cash dividend of HK$0.223 per share on its common stock for a total U.S.

dollar equivalent of approximately $149.8 million in respect of the year ended December 31, 2025.

Our share of this dividend was $106.7 million.

If our portion of cash available for repatriation was repatriated on June 30, 2026, it would be subject to minimal U.S.

Wynn Resorts Finance, LLC and subsidiaries.

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In addition, WRF may utilize its available revolving borrowing capacity as needed.

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 use this cash to service our WRF Credit Facilities and the WRF 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 between $350 million and $375 million during 2026 and between $175 million and $200 million during 2027 related to enhancements at our Las Vegas Operations.

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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.

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.

Wynn Resorts, Limited is a holding company and, as a result, our ability to pay dividends is dependent on our ability to obtain funds and our subsidiaries' ability to provide funds to us.

Wynn Resorts, Limited and other primarily generates cash from royalty (including intellectual property license) and management agreements with our resorts, dividends and distributions from our subsidiaries, and the operations of the Retail Joint Venture of which we own 50.1%.

Wynn Resorts, Limited primarily generates cash from royalty (including intellectual property license) and management agreements with our resorts, dividends and distributions from our subsidiaries, and the operations of the Retail Joint Venture of which we own 50.1%.

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 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.

During the second quarter of 2026, the Company contributed $48.1 million of cash into Wynn Al Marjan Island and Janu Al Marjan Island, a hotel and residential development operated by Aman Group, bringing our life-to-date cash contributions to $1.06 billion.

We estimate our remaining 40% pro-rata share of the required equity for the development projects is between $525 million and $650 million, inclusive of capitalized interest and fees.

Wynn Al Marjan Island is currently expected to open in September 2027 and Janu Al Marjan Island is expected to open in 2029.

The Company paid a cash dividend of $0.25 per share on its common stock in the quarters ended March 31, 2026 and June 30, 2026 and recorded $26.1 million and $25.8 million, respectively, against accumulated deficit.

On August 4, 2026, the Company announced that its Board of Directors declared a cash dividend of $0.25 per share, payable on August 28, 2026 to stockholders of record as of August 14, 2026.

Other Factors Affecting Liquidity

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

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

As of June 30, 2026, we had $326.1 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 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 .

In July 2026, Palo Real Estate Company Limited ("Palo") and Wynn Macau SA, each an indirect subsidiary of the Company, accepted the terms and conditions of an amended and restated land concession contract from the Macau government (the "Amended Land Concession Contract").

The Amended Land Concession Contract permits Palo and Wynn Macau SA to expand Wynn Palace to develop a new five-star hotel, a theater and an event and entertainment center on the Cotai Land (the "Expanded Resort").

The Macau government has allocated Palo a maximum of 60 months from the date of publication of the Amended Land Concession Contract to complete development of the Expanded Resort on the Cotai Land.

As acceptance of the conditions of the Amended Land Concession Contract, Palo paid an additional land premium of MOP652.3 million (approximately $80.8 million) as a one-time lump sum payment.

Palo is also required to pay an additional annual rent to the Macau government.

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

Off Balance Sheet Arrangements

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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 three months ended March 31, 2026.

There have been no significant changes to these policies for the six months ended June 30, 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