WYNN RESORTS LTD 10-Q

Item 1. Financial Statements WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) June 30, 2026 December 31, 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,573,353 $ 1,463,442 Investments 527,370 601,756 Accounts receivable, net of allowance for credit losses of $ 54,886 and $ 45,645 , respectively 336,629 402,641 Inventories 89,945 88,478 Prepaid expenses and other 126,485 127,204 Total current assets 2,653,782 2,683,521 Property and equipment, net 6,614,702 6,625,922 Long-term investments 60,384 67,594 Restricted cash 94,041 96,653 Intangible assets, net 208,232 224,242 Operating lease assets 1,764,067 1,778,052 Deferred income taxes, net 388,475 409,070 Investments in unconsolidated affiliates 1,110,425 948,156 Other assets 265,127 274,907 Total assets $ 13,159,235 $ 13,108,117 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts and construction payables $ 240,734 $ 255,307 Customer deposits 512,710 569,603 Gaming taxes payable 184,474 215,581 Accrued compensation and benefits 204,457 245,550 Accrued interest 133,814 132,772 Current portion of long-term debt 1,428,965 9,410 Other accrued liabilities 203,403 214,955 Total current liabilities 2,908,557 1,643,178 Long-term debt 9,295,695 10,537,402 Long-term operating lease liabilities 1,617,803 1,629,117 Other long-term liabilities 243,847 329,699 Total liabilities 14,065,902 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; 135,316,099 and 134,326,464 shares issued; 103,405,133 and 103,989,787 shares outstanding, respectively 1,353 1,343 Treasury stock, at cost; 31,910,966 and 30,336,677 shares, respectively ( 2,784,163 ) ( 2,621,394 ) Additional paid-in capital 3,852,236 3,801,934 Accumulated other comprehensive income (loss) 6,736 ( 3,136 ) Accumulated deficit ( 1,245,613 ) ( 1,454,239 ) Total Wynn Resorts, Limited stockholders' deficit ( 169,451 ) ( 275,492 ) Noncontrolling interests ( 737,216 ) ( 755,787 ) Total stockholders' deficit ( 906,667 ) ( 1,031,279 ) Total liabilities and stockholders' deficit $ 13,159,235 $ 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating revenues: Casino $ 1,175,288 $ 1,051,834 $ 2,352,521 $ 2,092,264 Rooms 290,303 291,053 580,684 565,574 Food and beverage 264,344 261,057 523,363 510,936 Entertainment, retail and other 126,998 133,853 257,127 269,420 Total operating revenues 1,856,933 1,737,797 3,713,695 3,438,194 Operating expenses: Casino 721,384 643,108 1,454,054 1,277,941 Rooms 88,569 86,042 178,360 170,139 Food and beverage 236,642 224,400 465,464 425,067 Entertainment, retail and other 51,390 58,041 111,103 120,227 General and administrative 270,115 280,815 545,319 556,504 Provision for credit losses 6,930 3,353 10,987 4,749 Pre-opening 9,232 11,286 20,977 16,573 Depreciation and amortization 165,421 152,907 325,948 308,328 Property charges and other 9,662 13,245 21,291 25,477 Total operating expenses 1,559,345 1,473,197 3,133,503 2,905,005 Operating income 297,588 264,600 580,192 533,189 Other income (expense): Interest income 12,774 15,859 25,866 35,218 Interest expense, net of amounts capitalized ( 152,177 ) ( 154,551 ) ( 304,539 ) ( 312,159 ) Change in derivatives fair value 43,287 ( 1,112 ) 90,057 ( 30,651 ) Loss on debt financing transactions — ( 1,083 ) — ( 1,083 ) Other ( 2,746 ) ( 36,164 ) ( 32,180 ) ( 44,538 ) Other income (expense), net ( 98,862 ) ( 177,051 ) ( 220,796 ) ( 353,213 ) Income before income taxes 198,726 87,549 359,396 179,976 Provision for income taxes ( 16,154 ) ( 10,588 ) ( 26,286 ) ( 21,610 ) Net income 182,572 76,961 333,110 158,366 Less: net income attributable to noncontrolling interests ( 42,510 ) ( 10,743 ) ( 72,594 ) ( 19,401 ) Net income attributable to Wynn Resorts, Limited $ 140,062 $ 66,218 $ 260,516 $ 138,965 Basic and diluted net income per common share: Net income attributable to Wynn Resorts, Limited: Basic $ 1.37 $ 0.64 $ 2.53 $ 1.33 Diluted $ 1.32 $ 0.64 $ 2.36 $ 1.33 Weighted average common shares outstanding: Basic 102,574 103,491 102,828 104,486 Diluted 102,983 103,780 103,390 104,749 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 182,572 $ 76,961 $ 333,110 $ 158,366 Other comprehensive income: Foreign currency translation adjustments, before and after tax 1,065 18,106 13,581 21,736 Total comprehensive income 183,637 95,067 346,691 180,102 Less: comprehensive income attributable to noncontrolling interests ( 42,816 ) ( 15,204 ) ( 76,303 ) ( 24,865 ) Comprehensive income attributable to Wynn Resorts, Limited $ 140,821 $ 79,863 $ 270,388 $ 155,237 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 June 30, 2026 Common stock Shares outstanding Par value Treasury stock Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Total Wynn Resorts, Ltd. stockholders' deficit Noncontrolling interests Total stockholders' deficit Balances, April 1, 2026 103,745,164 $ 1,348 $ ( 2,693,428 ) $ 3,834,138 $ 5,977 $ ( 1,359,857 ) $ ( 211,822 ) $ ( 730,518 ) $ ( 942,340 ) Net income — — — — — 140,062 140,062 42,510 182,572 Currency translation adjustment — — — — 759 — 759 306 1,065 Exercise of stock options 10,827 — — 883 — — 883 — 883 Issuance of restricted stock 566,409 5 — 262 — — 267 — 267 Cancellation of restricted stock ( 31,341 ) — — — — — — — — Shares repurchased by the Company and held as treasury shares ( 885,926 ) — ( 90,735 ) — — — ( 90,735 ) — ( 90,735 ) Cash dividends declared — — — — — ( 25,818 ) ( 25,818 ) ( 43,051 ) ( 68,869 ) Distribution to noncontrolling interests — — — — — — — ( 7,585 ) ( 7,585 ) Transactions with subsidiary minority shareholders — — — ( 330 ) — — ( 330 ) 330 — Stock-based compensation — — — 17,283 — — 17,283 792 18,075 Balances, June 30, 2026 103,405,133 $ 1,353 $ ( 2,784,163 ) $ 3,852,236 $ 6,736 $ ( 1,245,613 ) $ ( 169,451 ) $ ( 737,216 ) $ ( 906,667 ) For the three months ended June 30, 2025 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, April 1, 2025 105,869,624 $ 1,341 $ ( 2,455,134 ) $ 3,727,019 $ ( 3,073 ) $ ( 1,630,831 ) $ ( 360,678 ) $ ( 741,243 ) $ ( 1,101,921 ) Net income — — — — — 66,218 66,218 10,743 76,961 Currency translation adjustment — — — — 13,645 — 13,645 4,461 18,106 Exercise of stock options 2,262 — — 154 — — 154 — 154 Issuance of restricted stock 160,677 2 — ( 2 ) — — — — — Cancellation of restricted stock ( 3,285 ) — — — — — — — — Shares repurchased by the Company and held as treasury shares ( 2,052,449 ) — ( 163,504 ) — — — ( 163,504 ) — ( 163,504 ) Cash dividends declared — — — — — ( 26,077 ) ( 26,077 ) ( 35,534 ) ( 61,611 ) Distribution to noncontrolling interests — — — — — — — ( 6,038 ) ( 6,038 ) Transactions with subsidiary minority shareholders — — — ( 289 ) — — ( 289 ) 289 — Stock-based compensation — — — 28,991 — — 28,991 888 29,879 Balances, June 30, 2025 103,976,829 $ 1,343 $ ( 2,618,638 ) $ 3,755,873 $ 10,572 $ ( 1,590,690 ) $ ( 441,540 ) $ ( 766,434 ) $ ( 1,207,974 ) 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 STOCKHOLDERS' DEFICIT (in thousands, except share data) (unaudited) For the six months ended June 30, 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 — — — — — 260,516 260,516 72,594 333,110 Currency translation adjustment — — — — 9,872 — 9,872 3,709 13,581 Exercise of stock options 10,827 — — 883 — — 883 — 883 Issuance of restricted stock 1,024,517 10 — 5,621 — — 5,631 — 5,631 Cancellation of restricted stock ( 45,709 ) — — — — — — — — Shares repurchased by the Company and held as treasury shares ( 1,574,289 ) — ( 162,769 ) — — — ( 162,769 ) — ( 162,769 ) Cash dividends declared — — — — — ( 51,890 ) ( 51,890 ) ( 43,049 ) ( 94,939 ) Distribution to noncontrolling interests — — — — — — — ( 15,918 ) ( 15,918 ) Transactions with subsidiary minority shareholders — — — 932 — — 932 ( 932 ) — Stock-based compensation — — — 42,866 — — 42,866 2,167 45,033 Balances, June 30, 2026 103,405,133 $ 1,353 $ ( 2,784,163 ) $ 3,852,236 $ 6,736 $ ( 1,245,613 ) $ ( 169,451 ) $ ( 737,216 ) $ ( 906,667 ) For the six months ended June 30, 2025 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, 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 — — — — — 138,965 138,965 19,401 158,366 Currency translation adjustment — — — — 16,272 — 16,272 5,464 21,736 Exercise of stock options 2,262 — — 154 — — 154 — 154 Issuance of restricted stock 721,583 7 — 7,915 — — 7,922 — 7,922 Cancellation of restricted stock ( 11,574 ) — — — — — — — — Shares repurchased by the Company and held as treasury shares ( 4,557,009 ) — ( 377,031 ) — — — ( 377,031 ) — ( 377,031 ) Cash dividends declared — — — — — ( 52,665 ) ( 52,665 ) ( 35,534 ) ( 88,199 ) Distribution to noncontrolling interests — — — — — — — ( 12,324 ) ( 12,324 ) Transactions with subsidiary minority shareholders — — — 1,269 — — 1,269 ( 1,269 ) — Stock-based compensation — — — 47,735 — — 47,735 2,270 50,005 Balances, June 30, 2025 103,976,829 $ 1,343 $ ( 2,618,638 ) $ 3,755,873 $ 10,572 $ ( 1,590,690 ) $ ( 441,540 ) $ ( 766,434 ) $ ( 1,207,974 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 7 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net income $ 333,110 $ 158,366 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 325,948 308,328 Deferred income taxes 20,595 17,684 Stock-based compensation expense 42,640 48,237 Amortization of debt issuance costs 21,542 18,916 Loss on debt financing transactions — 1,083 Provision for credit losses 10,987 4,749 Change in derivatives fair value ( 77,579 ) 30,651 Property charges and other 65,575 66,963 Increase (decrease) in cash from changes in: Receivables, net 52,669 ( 4,641 ) Inventories, prepaid expenses and other 8,798 ( 11,246 ) Customer deposits ( 54,448 ) 2,665 Accounts payable and accrued expenses ( 104,457 ) ( 102,919 ) Net cash provided by operating activities 645,380 538,836 Cash flows from investing activities: Capital expenditures, net of construction payables and retention ( 332,087 ) ( 325,197 ) Investments in unconsolidated affiliates ( 178,569 ) ( 130,642 ) Purchase of investments ( 57,065 ) — Proceeds from maturity of investments 140,453 — Purchase of intangible and other assets — ( 450 ) Proceeds from sale of assets and other 8,380 253 Net cash used in investing activities ( 418,888 ) ( 456,036 ) 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 ) Dividends paid ( 95,016 ) ( 88,290 ) Finance lease payments ( 13,727 ) ( 12,694 ) Payments for financing costs — ( 5,732 ) Other ( 25,809 ) ( 9,142 ) Net cash used in financing activities ( 115,126 ) ( 515,986 ) Effect of exchange rate on cash, cash equivalents and restricted cash ( 4,067 ) ( 8,579 ) Cash, cash equivalents and restricted cash: Increase (decrease) in cash, cash equivalents and restricted cash 107,299 ( 441,765 ) Balance, beginning of period 1,560,095 2,521,793 Balance, end of period $ 1,667,394 $ 2,080,028 The accompanying notes are an integral part of these condensed consolidated financial statements. 8 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 September 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 and six months ended June 30, 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. 9 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 $ 517.5 million and $ 452.8 million for the three months ended June 30, 2026 and 2025, respectively, and $ 1.03 billion and $ 893.5 million for the six months ended June 30, 2026 and 2025, respectively. Investments As of June 30, 2026, the Company held $ 400.0 million in fixed deposits, recorded at fair value within Investments, and $ 127.4 million and $ 60.4 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 June 30, 2026 was approximately $ 187.2 million, as determined based on quoted market prices in active markets (Level 1 inputs), and the unrecognized holding loss was $ 0.6 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 and six months ended June 30, 2026 and 2025, 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 $ 8.8 million and $ 6.2 million for the three months ended June 30, 2026 and 2025, respectively, and $ 16.3 million and $ 9.5 million for the six months ended June 30, 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. 10 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) 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): June 30, 2026 December 31, 2025 Cash and cash equivalents: Cash (1) $ 1,420,540 $ 1,297,417 Cash equivalents (2) 152,813 166,025 Total cash and cash equivalents 1,573,353 1,463,442 Restricted cash (3) 94,041 96,653 Total cash, cash equivalents and restricted cash $ 1,667,394 $ 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 $ 527.4 million and $ 601.8 million of short-term investments as of June 30, 2026 and December 31, 2025, respectively, as 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 June 30, 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): Six Months Ended June 30, 2026 2025 Cash paid for interest, net of amounts capitalized $ 283,946 $ 296,144 Liability settled with shares of common stock $ 5,631 $ 7,922 Accounts and construction payables related to property and equipment $ 111,608 $ 70,178 Finance lease liabilities arising from obtaining finance lease assets $ — $ 39,423 Liabilities arising from obtaining property and equipment $ — $ 21,400 Note 4 - Receivables, net Accounts Receivable and Credit Risk Receivables, net consisted of the following (in thousands): June 30, 2026 December 31, 2025 Casino $ 272,937 $ 309,500 Hotel 28,517 44,259 Other 90,061 94,527 391,515 448,286 Less: allowance for credit losses ( 54,886 ) ( 45,645 ) $ 336,629 $ 402,641 11 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) As of June 30, 2026 and December 31, 2025, approximately 70.0 % 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 18.9 % and 14.3 % of gross casino receivables as of June 30, 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): June 30, 2026 2025 Balance at beginning of year $ 45,645 $ 37,694 Provision for credit losses 10,987 4,749 Write-offs ( 3,791 ) ( 3,824 ) Recoveries of receivables previously written off 2,198 4,475 Effect of exchange rate ( 153 ) ( 177 ) Balance at end of period $ 54,886 $ 42,917 Note 5 - Property and Equipment, net Property and equipment, net consisted of the following (in thousands): June 30, 2026 December 31, 2025 Buildings and improvements $ 8,821,986 $ 8,708,210 Land and improvements 1,240,411 1,226,834 Furniture, fixtures and equipment 3,737,097 3,662,869 Airplanes 187,597 187,597 Construction in progress 364,791 350,286 14,351,882 14,135,796 Less: accumulated depreciation ( 7,737,180 ) ( 7,509,874 ) $ 6,614,702 $ 6,625,922 As of June 30, 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 June 30, 2026 and 2025 was $ 152.2 million and $ 140.1 million, respectively, and depreciation expense for the six months ended June 30, 2026 and 2025 was $ 299.8 million and $ 282.7 million, respectively. 12 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): June 30, 2026 December 31, 2025 Macau Related: WM Cayman II Revolver, due 2028 (1) $ 1,142,653 $ 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 WRF Revolver, due 2030 200,000 — 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 10,825,466 10,632,410 WML Convertible Bond Conversion Option Derivative (2) 1,963 32,586 Less: Unamortized debt issuance costs and original issue discounts and premium, net ( 102,769 ) ( 118,184 ) 10,724,660 10,546,812 Less: Current portion of long-term debt ( 1,428,965 ) ( 9,410 ) Total long-term debt, net of current portion $ 9,295,695 $ 10,537,402 (1) As of June 30, 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 $ 903.6 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 June 30, 2026, the weighted average interest rate was approximately 4.98 %. As of June 30, 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 June 30, 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 June 30, 2026, the net carrying amount of the WML Convertible Bonds was $ 530.4 million, with unamortized debt discount and debt issuance costs of $ 69.6 million. The Company recorded contractual interest expense of $ 6.8 million in each of the three months ended June 30, 2026 and 2025 and amortization of discounts and issuance costs of $ 5.6 million and $ 5.1 million during the three months ended June 30, 2026 and 2025, respectively, and contractual interest expense of $ 13.5 million in each of the six months ended June 30, 2026 and 2025 and amortization of discounts and issuance costs of $ 11.1 million and $ 10.1 million during the six months ended June 30, 2026 and 2025, respectively. (4) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.75 % per year. As of June 30, 2026, the weighted average interest rate was approximately 5.39 %. Additionally, as of June 30, 2026, the available borrowing capacity under the WRF Revolver was $ 1.03 billion, net of $ 16.3 million in outstanding letters of credit. During the three months ended June 30, 2026, the Company drew $ 200.0 million under the WRF Revolver. (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 June 30, 2026, the effective interest rate was 5.54 %. Debt Covenant Compliance As of June 30, 2026, management believes the Company was in compliance with all debt covenants. 13 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Fair Value of Long-Term Debt The estimated fair value of the Company's long-term debt as of June 30, 2026 and December 31, 2025 was approximately $ 10.83 billion and $ 10.74 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $ 10.83 billion and $ 10.63 billion, respectively. 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). 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: June 30, 2026 December 31, 2025 WML stock price HK$ 5.05 HK$ 5.94 Estimated volatility 20.3 % 29.2 % Risk-free interest rate 3.4 % 2.7 % Expected term (years) 2.7 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 $ 2.0 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 June 30, 2026 and December 31, 2025, respectively. In connection with the change in fair value, the Company recorded a gain of $ 7.0 million and $ 6.0 million for the three months ended June 30, 2026 and 2025, respectively, and a gain of $ 30.6 million and a loss of $ 10.0 million for the six months ended June 30, 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 June 30, 2026, have an aggregate notional amount of $ 4.10 billion, and have maturities between October 2027 and August 2030. As of June 30, 2026, the net fair value of the Foreign Currency Swaps was an asset of $ 9.1 million, with $ 17.4 million recorded in Prepaid expenses and other and $ 8.3 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 $ 35.9 million and a loss of $ 5.3 million in the three months ended June 30, 2026 and 2025, respectively, and a gain of $ 57.6 million and a loss of $ 14.6 million in the six months ended June 30, 2026 and 2025, respectively, within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Operations. 14 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 and six months ended June 30, 2026, the Company repurchased 741,098 and 1,269,765 shares of its common stock at average prices of $ 101.20 and $ 101.42 per share, respectively, for an aggregate cost of $ 75.0 million and $ 128.8 million, respectively, under the equity repurchase program. During the three and six months ended June 30, 2025, the Company repurchased 2,004,418 and 4,364,612 shares of its common stock at average prices of $ 78.88 and $ 82.06 per share for an aggregate cost of $ 158.1 million and $ 358.1 million, respectively, under the equity repurchase program. As of June 30, 2026, the Company had $ 326.1 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 June 30, 2026 and recorded $ 26.1 million and $ 25.8 million against accumulated deficit, respectively. The Company paid a cash dividend of $ 0.25 per share on its common stock during each of the three month periods ended March 31, 2025 and June 30, 2025 and recorded $ 26.6 million and $ 26.1 million against accumulated deficit, respectively. On August 4, 2026, the Company's Board of Directors declared a cash dividend of $ 0.25 per share on its common stock, payable on August 28, 2026 to stockholders of record as of August 14, 2026. Noncontrolling Interests Wynn Macau, Limited 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. The Company's share of this dividend was $ 106.7 million, and the noncontrolling interest holders' share of this dividend was $ 43.1 million. 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 $ 7.6 million and $ 6.0 million during the three months ended June 30, 2026 and 2025, respectively, and $ 15.9 million and $ 12.3 million during the six months ended June 30, 2026 and 2025, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture." 15 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: June 30, 2026 Quoted Market Prices in Active Markets (Level 1) Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Assets: Cash equivalents $ 152,813 $ 17,203 $ 135,610 $ — Restricted cash $ 94,041 $ 4,362 $ 89,679 $ — Fixed deposits $ 400,000 $ — $ 400,000 $ — Foreign Currency Swaps (see Note 7) $ 17,430 $ — $ 17,430 $ — Interest rate swap $ 1,663 $ — $ 1,663 $ — Liabilities: WML Convertible Bond Conversion Option Derivative (see Note 7) $ 1,963 $ — $ — $ 1,963 Foreign Currency Swaps (see Note 7) $ 8,338 $ — $ 8,338 $ — 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 $ — 16 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): June 30, 2026 December 31, 2025 Increase / (decrease) June 30, 2025 December 31, 2024 Increase / (decrease) Casino outstanding chips and front money deposits (1) $ 419,389 $ 467,994 $ ( 48,605 ) $ 429,312 $ 409,928 $ 19,384 Advance room deposits and ticket sales (2) 75,706 77,569 ( 1,863 ) 60,452 84,460 ( 24,008 ) Other gaming-related liabilities (3) 9,658 15,519 ( 5,861 ) 10,313 15,458 ( 5,145 ) Loyalty program and related liabilities (4) 35,556 32,279 3,277 32,296 29,489 2,807 $ 540,309 $ 593,361 $ ( 53,052 ) $ 532,373 $ 539,335 $ ( 6,962 ) (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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Casino $ 1,565 $ 4,321 $ 4,305 $ 5,229 Rooms 847 2,618 2,711 2,872 Food and beverage 2,790 7,199 7,647 7,986 Entertainment, retail and other 316 820 1,001 959 General and administrative 11,384 13,879 26,976 31,191 Total stock-based compensation expense 16,902 28,837 42,640 48,237 Total stock-based compensation capitalized 1,320 1,496 2,682 2,878 Total stock-based compensation costs $ 18,222 $ 30,333 $ 45,322 $ 51,115 Note 12 - Income Taxes The Company recorded income tax expense of $ 16.2 million and $ 10.6 million for the three months ended June 30, 2026 and 2025, respectively, and income tax expense of $ 26.3 million and $ 21.6 million for the six months ended June 30, 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 7.3 % is due to the exemption from Macau's 12% Complementary Tax on casino gaming profits earned by Wynn Macau SA. 17 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 Third 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Numerator: Net income attributable to Wynn Resorts, Limited - basic $ 140,062 $ 66,218 $ 260,516 $ 138,965 Effect of dilutive securities of Wynn Resorts, Limited subsidiaries: Assumed conversion of WML Convertible Bonds (1) ( 4,232 ) — ( 16,647 ) — Net income attributable to Wynn Resorts, Limited - diluted $ 135,830 $ 66,218 $ 243,869 $ 138,965 Denominator: Weighted average common shares outstanding 102,574 103,491 102,828 104,486 Potential dilutive effect of stock options, nonvested, and performance nonvested shares 409 289 562 263 Weighted average common and common equivalent shares outstanding 102,983 103,780 103,390 104,749 Net income attributable to Wynn Resorts, Limited per common share, basic $ 1.37 $ 0.64 $ 2.53 $ 1.33 Net income attributable to Wynn Resorts, Limited per common share, diluted $ 1.32 $ 0.64 $ 2.36 $ 1.33 Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 301 365 405 456 (1) The assumed conversion of the WML Convertible Bonds had an anti-dilutive impact for the three and six months ended June 30, 2025. 18 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Minimum rental income $ 37,529 $ 35,689 $ 72,649 $ 72,149 Contingent rental income 16,685 16,454 35,339 31,521 Total rental income $ 54,214 $ 52,143 $ 107,988 $ 103,670 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 and six months ended June 30, 2026, the Company contributed $ 48.1 million and $ 148.2 million of cash into the Al Marjan Joint Venture, bringing our life-to-date cash contributions to $ 1.06 billion. The remaining 40 % pro-rata share of the required cash contributions for Wynn Al Marjan Island, including Janu Al Marjan, is currently estimated to be between $ 525 million and $ 650 million inclusive of capitalized interest and fees. 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 June 30, 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 19 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) of June 30, 2026, the Company's investment in DCP was $ 18.2 million and is presented in Investments in unconsolidated affiliates in the Condensed Consolidated Balance Sheet. Macau Land Concession 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 amends and restates the original land concession contract among Palo, Wynn Macau SA and the Macau government published in the Official Gazette of Macau on May 2, 2012 (the "Land Concession Contract"). Pursuant to the Land Concession Contract, Palo leases 51 acres of land in the Cotai area of Macau (the "Cotai Land") from the Macau government for an initial term of 25 years from May 2, 2012 until May 1, 2037, with the right to renew for additional periods, subject to applicable legislation. The Land Concession Contract also requires that Wynn Macau SA, as a gaming concessionaire, operate and manage gaming operations on the Cotai Land. 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 MOP 652.3 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, resulting in a total annual rent of MOP 9.5 million (approximately $ 1.2 million) for the Expanded Resort. The rent for the Expanded Resort may be reviewed by the Macau government every five years since the date of publication of the Amended Land Concession Contract. Palo must also provide the Macau government with an additional guarantee by means of a deposit or bank guarantee for an amount equal to the annual rent payable under the Amended Land Concession Contract. Note 16 - Retail Joint Venture As of June 30, 2026 and December 31, 2025, the Retail Joint Venture had total assets of $ 97.9 million and $ 96.5 million, respectively, and total liabilities of $ 608.2 million and $ 607.3 million, respectively. As of June 30, 2026 and December 31, 2025, the Retail Joint Venture's liabilities included long-term debt of $ 598.9 million and $ 598.4 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan. 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): 20 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Three Months Ended June 30, 2026 Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Total Operating revenues Casino $ 564,356 $ 300,726 $ 158,104 $ 152,102 $ 1,175,288 Rooms 36,188 20,907 208,132 25,076 290,303 Food and beverage 31,785 16,761 195,688 20,110 264,344 Entertainment, retail and other (1) 21,070 12,692 81,244 11,992 126,998 Total segment operating revenues 653,399 351,086 643,168 209,280 1,856,933 Cost of revenue (2) 156,410 107,740 409,395 108,004 Gaming taxes (3) 295,501 147,835 18,547 45,192 Segment Adjusted Property EBITDAR (4) $ 201,488 $ 95,511 $ 215,226 $ 56,084 $ 568,309 Pre-opening 9,232 Depreciation and amortization 165,421 Property charges and other 9,662 Corporate expense and other 34,209 Stock-based compensation 16,902 Triple-net operating lease expense 35,295 Operating income 297,588 Other non-operating income and expenses Interest income 12,774 Interest expense, net of amounts capitalized ( 152,177 ) Change in derivatives fair value 43,287 Other ( 2,746 ) Total other non-operating income and expenses ( 98,862 ) Income before income taxes 198,726 Provision for income taxes ( 16,154 ) Net income 182,572 Net income attributable to noncontrolling interests ( 42,510 ) Net income attributable to Wynn Resorts, Limited $ 140,062 21 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Three Months Ended June 30, 2025 Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Total Operating revenues Casino $ 448,298 $ 293,380 $ 148,502 $ 161,654 $ 1,051,834 Rooms 38,481 21,742 207,981 22,849 291,053 Food and beverage 30,446 17,020 194,861 18,730 261,057 Entertainment, retail and other (1) 22,416 11,671 87,289 12,477 133,853 Total segment operating revenues 539,641 343,813 638,633 215,710 1,737,797 Cost of revenue (2) 140,659 101,698 385,577 104,991 Gaming taxes (3) 241,776 145,605 18,244 46,860 Segment Adjusted Property EBITDAR (4) $ 157,206 $ 96,510 $ 234,812 $ 63,859 $ 552,387 Pre-opening 11,286 Depreciation and amortization 152,907 Property charges and other 13,245 Corporate expense and other 46,446 Stock-based compensation 28,837 Triple-net operating lease expense 35,066 Operating income 264,600 Other non-operating income and expenses Interest income 15,859 Interest expense, net of amounts capitalized ( 154,551 ) Change in derivatives fair value ( 1,112 ) Loss on debt financing transactions ( 1,083 ) Other ( 36,164 ) Total other non-operating income and expenses ( 177,051 ) Income before income taxes 87,549 Provision for income taxes ( 10,588 ) Net income 76,961 Net income attributable to noncontrolling interests ( 10,743 ) Net income attributable to Wynn Resorts, Limited $ 66,218 22 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Six Months Ended June 30, 2026 Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Total Operating revenues Casino $ 1,129,273 $ 577,458 $ 336,295 $ 309,495 $ 2,352,521 Rooms 73,822 42,227 420,693 43,942 580,684 Food and beverage 64,820 36,031 384,416 38,096 523,363 Entertainment, retail and other (1) 44,822 25,222 163,673 23,410 257,127 Total segment operating revenues 1,312,737 680,938 1,305,077 414,943 3,713,695 Cost of revenue (2) 308,713 216,412 818,831 217,915 Gaming taxes (3) 598,714 293,399 38,560 90,425 Segment Adjusted Property EBITDAR (4) $ 405,310 $ 171,127 $ 447,686 $ 106,603 $ 1,130,726 Pre-opening 20,977 Depreciation and amortization 325,948 Property charges and other 21,291 Corporate expense and other 69,019 Stock-based compensation 42,640 Triple-net operating lease expense 70,659 Operating income 580,192 Other non-operating income and expenses Interest income 25,866 Interest expense, net of amounts capitalized ( 304,539 ) Change in derivatives fair value 90,057 Other ( 32,180 ) Total other non-operating income and expenses ( 220,796 ) Income before income taxes 359,396 Provision for income taxes ( 26,286 ) Net income 333,110 Net income attributable to noncontrolling interests ( 72,594 ) Net income attributable to Wynn Resorts, Limited $ 260,516 23 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Six Months Ended June 30, 2025 Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Total Operating revenues Casino $ 892,806 $ 568,930 $ 309,495 $ 321,033 $ 2,092,264 Rooms 75,096 45,039 403,849 41,590 565,574 Food and beverage 62,184 35,812 374,303 38,637 510,936 Entertainment, retail and other (1) 45,484 23,992 176,271 23,673 269,420 Total segment operating revenues 1,075,570 673,773 1,263,918 424,933 3,438,194 Cost of revenue (2) 278,411 201,406 768,893 210,745 Gaming taxes (3) 478,068 285,658 36,852 92,875 Segment Adjusted Property EBITDAR (4) $ 319,091 $ 186,709 $ 458,173 $ 121,313 $ 1,085,286 Pre-opening 16,573 Depreciation and amortization 308,328 Property charges and other 25,477 Corporate expense and other 83,027 Stock-based compensation 48,237 Triple-net operating lease expense 70,455 Operating income 533,189 Other non-operating income and expenses Interest income 35,218 Interest expense, net of amounts capitalized ( 312,159 ) Change in derivatives fair value ( 30,651 ) Loss on debt financing transactions ( 1,083 ) Other ( 44,538 ) Total other non-operating income and expenses ( 353,213 ) Income before income taxes 179,976 Provision for income taxes ( 21,610 ) Net income 158,366 Net income attributable to noncontrolling interests ( 19,401 ) Net income attributable to Wynn Resorts, Limited $ 138,965 (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. 24 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, loss on debt financing transactions and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. 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. 25 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Capital expenditures Macau Operations: Wynn Palace $ 31,196 $ 55,282 $ 84,374 $ 105,391 Wynn Macau 22,697 14,769 60,462 30,249 Total Macau Operations 53,893 70,051 144,836 135,640 Las Vegas Operations 90,578 49,938 174,932 106,088 Encore Boston Harbor 3,500 6,802 7,057 11,487 Corporate and other 5,052 38,475 5,262 71,982 Total $ 153,023 $ 165,266 $ 332,087 $ 325,197 June 30, 2026 December 31, 2025 Assets Macau Operations: Wynn Palace $ 2,688,561 $ 2,817,363 Wynn Macau 1,414,233 1,329,671 Other Macau 881,946 1,013,979 Total Macau Operations 4,984,740 5,161,013 Las Vegas Operations 3,310,903 3,252,007 Encore Boston Harbor 1,912,523 1,946,783 Corporate and other 2,951,069 2,748,314 Total $ 13,159,235 $ 13,108,117 26 Table of Contents