## Wynn Resorts, Limited Reports First Quarter 2023 Results

Wynn Resorts, Limited (NASDAQ: WYNN) today reported financial results for the first quarter ended March 31, 2023. Operating revenues were $1.42 billion for the first quarter of 2023, an increase of $470.3 million from $953.3 million for the first quarter of 2022. Net income attributable to Wynn Resorts, Limited was $12.3 million for the first quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $183.3 million for the first quarter of 2022. Diluted net loss per share was $0.02 for the first quarter of 2023, compared to diluted net loss per share of $1.59 for the first quarter of 2022.

### Consolidated Results

Operating revenues were $1.42 billion for the first quarter of 2023, an increase of $470.3 million from $953.3 million for the first quarter of 2022. For the first quarter of 2023, operating revenues increased $145.6 million, $206.0 million, $95.6 million, and $25.5 million at our Las Vegas Operations, Wynn Palace, Wynn Macau, and Encore Boston Harbor respectively, and decreased $2.4 million at Wynn Interactive.

Net income attributable to Wynn Resorts, Limited was $12.3 million for the first quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $183.3 million for the first quarter of 2022.

Diluted net loss per share was $0.02 for the first quarter of 2023, compared to diluted net loss per share of $1.59 for the first quarter of 2022.

**Adjusted Property EBITDAR** was $429.7 million for the first quarter of 2023, compared to Adjusted Property EBITDAR of $177.6 million for the first quarter of 2022.

### Property Results

#### Macau Operations
**Wynn Palace**

Operating revenues from Wynn Palace were $369.4 million for the first quarter of 2023, an increase of $206.0 million from $163.3 million for the first quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $111.1 million for the first quarter of 2023, compared to $(0.9) million for the first quarter of 2022.

**Wynn Macau**

Operating revenues from Wynn Macau were $230.7 million for the first quarter of 2023, an increase of $95.6 million from $135.1 million for the first quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $44.7 million for the first quarter of 2023, compared to $(4.7) million for the first quarter of 2022.

#### Las Vegas Operations

Operating revenues from our Las Vegas Operations were $586.8 million for the first quarter of 2023, an increase of $145.6 million from $441.2 million for the first quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the first quarter of 2023 was $231.6 million, compared to $159.4 million for the first quarter of 2022.

#### Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $216.3 million for the first quarter of 2023, an increase of $25.5 million from $190.8 million for the first quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the first quarter of 2023 was $63.4 million, compared to $55.3 million for the first quarter of 2022.

### Balance Sheet

Our cash and cash equivalents as of March 31, 2023 totaled $3.84 billion, comprised of $1.61 billion held by Wynn Macau, Limited and subsidiaries, $1.85 billion held by Wynn Resorts Finance, LLC excluding WML, and $378.5 million held at Corporate and other.

Total current and long-term debt outstanding at March 31, 2023, was $12.25 billion, comprised of $6.75 billion of Macau related debt, $2.64 billion of Wynn Las Vegas debt, $2.25 billion of Wynn Resorts Finance debt, and $613.6 million of debt held by the retail joint venture which we consolidate.

### Conference Call and Other Information

The Company will hold a conference call to discuss its results on May 9, 2023 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at [wynnresorts.com](/content/site-root.html).

### Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially.

**Non-GAAP Financial Measures**

(1) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges, and other.

(2) "Adjusted net income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in derivatives fair value, and loss on debt financing transactions.

### Supplementary Financial Information

**WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**
(in thousands, except per share data)
(unaudited)

|  | Three Months Ended March 31, |  |
| --- | --- | --- |
| 2023 | 2022 |  |
| Operating revenues: |  |  |
| Casino | $766,992 | $489,862 |
| Rooms | 272,529 | 170,376 |
| Food and beverage | 232,611 | 174,020 |
| Entertainment, retail and other | 151,547 | 119,076 |
| Total operating revenues | 1,423,679 | 953,334 |
| Operating expenses: |  |  |
| Casino | 473,385 | 324,079 |
| Rooms | 72,702 | 58,715 |
| Food and beverage | 180,619 | 146,656 |
| Entertainment, retail and other | 92,482 | 88,904 |
| General and administrative | 259,772 | 196,780 |
| Provision for credit losses | (544) | 342 |
| Pre-opening | 4,478 | 2,447 |
| Depreciation and amortization | 168,812 | 184,556 |
| Property charges and other | 2,458 | 45,720 |
| Total operating expenses | 1,254,164 | 1,048,199 |
| Operating income (loss) | 169,515 | (94,865) |
| Other income (expense): |  |  |
| Interest income | 40,193 | 1,280 |
| Interest expense, net of amounts capitalized | (187,740) | (152,158) |
| Change in derivatives fair value | 23,046 | 7,400 |
| Loss on debt financing transactions | (12,236) | — |
| Other | (30,614) | (15,127) |
| Other income (expense), net | (167,351) | (158,605) |
| Income (loss) before income taxes | 2,164 | (253,470) |
| Provision for income taxes | (1,018) | (1,140) |
| Net income (loss) | 1,146 | (254,610) |
| Less: net loss attributable to noncontrolling interests | 11,186 | 71,286 |
| Net income (loss) attributable to Wynn Resorts, Limited | $12,332 | $(183,324) |

### Adjusted Property EBITDAR

|  | Three Months Ended March 31, |  |
| --- | --- | --- |
|  | 2023 | 2022 |
| Net income (loss) attributable to Wynn Resorts, Limited | $12,332 | $(183,324) |
| Adjusted Property EBITDAR(6) | 429,746 | 177,581 |

### Supplemental Data Schedule

| Wynn Palace Supplemental Information | 2023 |  | 2022 |  | Percent Change |
| --- | --- | --- | --- | --- | --- |
| Operating revenues |  |  |  |  |  |
| Casino | $270,687 |  | $114,413 |  | 136.6 |
| Rooms | 46,910 |  | 13,831 |  | 239.2 |
| Food and beverage | 23,553 |  | 11,443 |  | 105.8 |
| Total | $369,363 |  | $163,325 |  | 126.2 |
| Adjusted Property EBITDAR(6) | $111,058 |  | (864) |  | NM |

| Wynn Macau Supplemental Information |  |  |  |  |
| --- | --- | --- | --- | --- |
| Casino | $176,383 | $102,430 | 72.2 |
| Rooms | 21,971 | 9,390 | 134.0 |
| Food and beverage | 14,302 | 8,386 | 70.5 |
| Total | $230,726 | $135,100 | 70.8 |
| Adjusted Property EBITDAR(6) | $44,745 | (4,682) | NM |

| Las Vegas Operations Supplemental Information |  |  |  |  |
| --- | --- | --- | --- | --- |
| Casino | $154,530 | $124,271 | 24.3 |
| Rooms | 185,109 | 131,466 | 40.8 |
| Food and beverage | 172,483 | 136,029 | 26.8 |
| Total | $586,764 | $441,186 | 33.0 |
| Adjusted Property EBITDAR(6) | $231,597 | $159,378 | 45.3 |

| Encore Boston Harbor Supplemental Information |  |  |  |  |
| --- | --- | --- | --- | --- |
| Casino | $165,392 | $148,748 | 11.2 |
| Rooms | 18,539 | 15,689 | 18.2 |
| Food and beverage | 22,273 | 18,162 | 22.6 |
| Total | $216,306 | $190,796 | 13.4 |
| Adjusted Property EBITDAR(6) | $63,414 | $55,250 | 14.8 |

Note: NM = Not meaningful.