# Wynn Resorts 4Q24 Earnings Presentation # February 2025 --- ## Forward-Looking Statements This presentation 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 from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could cause the Company's results to differ materially from those described in this presentation are included in the Company's Form 10-K for the year ended December 31, 2023 and the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update its forward-looking statements as a result of new information, future events or otherwise, except as required by law. ## Non-GAAP Financial Measures This presentation includes non-GAAP financial measures. Non-GAAP financial measures are not measures of financial performance in accordance with GAAP and should not be considered in isolation or as an alternative to the most-directly comparable GAAP measure. Definitions of these non-GAAP financial measures may be found in the accompanying earnings release, and reconciliations to the most directly comparable GAAP measures are included in the appendix to this presentation. --- ### The World’s Only Global Luxury Integrated Resort Developer and Operator Preeminent global designer, developer, and operator of integrated resorts, and the only gaming company which is vertically integrated across all three disciplines. Demonstrated track record of designing and developing successful and iconic integrated resort projects around the world, led by Wynn Design and Development ("WDD") team. World’s most recognized luxury integrated resort developer and operator. Strong capital allocator, investing in high-return projects and reinvesting in existing assets, while maintaining a strong balance sheet and returning capital to shareholders. Wynn has built a collection of the world’s leading luxury integrated resorts. Wynn | Encore Las Vegas --- ### Iconic, Irreplaceable Assets in the World’s Most Attractive Gaming Markets The development of Wynn Al Marjan Island and pending acquisition of Crown London Aspinalls will further solidify Wynn’s position as the premier luxury global gaming operator. 1. Subject to regulatory approval, transaction expected to close in 2H2025. Name and branding to be finalized post-completion. 2. Expected to open in 1Q2027. Includes 70 acres of additional developable land, owned by the Joint Venture. 3. Includes 13 acres of long-term leased land. 4. Includes 166 acres of owned developable land. 5. Includes 16 acres of owned developable land. --- ### World Renowned Product and Service Our industry-leading facilities, luxury service levels and team of “proprietors” are globally recognized, in part because of a relentless attention to detail in everything we do. - Collectively, Wynn Resorts has earned more Forbes Five Star awards than any other independent hotel company in the world. - Wynn Palace is the largest Forbes Travel Guide Five-Star resort in the world. - Improved ranking in Newsweek’s America’s “Greatest Workplaces for Diversity” list. - Highest ranked gaming resort company on Fortune Magazine’s “World’s Most Admired Companies” list in 2025. Wing Lei Bar – Wynn Palace --- ### Best-in-Class Facilities and Service Levels Drive a “Wynn Premium” – Las Vegas Case Study Adjusted Property EBITDAR Per Hotel Room --- ### Attractive Greenfield Opportunities in Gateway Cities, Led by Wynn Al Marjan Island in the UAE - Industry-leading product and service levels position us well to compete for new greenfield opportunities around the world. - **UAE is the most exciting new market for Integrated Resort development in decades.** - Construction is rapidly advancing. - **Encouraging (but early) progress in Thailand.** - Significant land banks in each of our markets for continued long term development Wynn Al Marjan Island. --- ### Diversified EBITDAR Base Further Enhanced by Opening of UAE in 1Q 2027 Combination of strong organic growth at our existing properties along with the opening of Wynn Al Marjan Island expected to drive an increase in Adjusted Property EBITDAR and geographic diversity. - Continuing to elevate ourselves above our Las Vegas Strip peers. - Ideally positioned to compete in the current premium mass-led environment. $947M 2024A (1) EBITDAR --- ### Long-Term Shareholder Value Creation Matrix Large EBITDAR Base • Wynn Al Marjan Island expected to add significant EBITDAR (cash flow and management fees) to our existing base. • $2.4bn 2024A Total Adjusted Property (1) EBITDAR. Defined Capex Cycle • Completing the UAE investment cycle in late 2026. Significant Free Cash Flow Generation • Strong balance sheet and liquidity position enables return of capital to shareholders, over $1B (2) returned since 2022. --- # Operational Update ## 4Q24 --- ### Operational Excellence Driving Continued Record Annual Performance Las Vegas - Extending our leadership position in the world’s greatest entertainment market. - Record financial performance in 2024 and continued market share gains, despite union-related cost increases. - Three pillars of success: 1) the best physical assets; 2) the best team and service levels; and 3) unique “Only at Wynn” programming. Well-positioned to compete in Macau as the market continues to grow. Boston - The East Coast’s leading 5-star casino resort. --- ### Wynn Las Vegas – Another Year of Record EBITDAR (1) Performance Extending our leadership position on the LV Strip. - Record financial performance in 2024 on very challenging year-on-year comps. - Current business trends and forward demand indicators remain healthy. --- ### Encore Boston Harbor – Strong Performance in a Challenging Regional Gaming Environment The East Coast’s Leading 5-star Casino Resort. - Steady operating performance. --- ### Macau Operations – Strong Long-Term Positioning in a Competitive Market Significant free cash flow generation. - Healthy balance sheet position and strong free cash flow generation allows us to continue to invest in the market and return capital to shareholders. --- # Wynn Al Marjan Island Update --- ### Wynn Al Marjan Island – Construction Progress Update Construction is progressing on schedule, currently through the 35th floor of the hotel tower. Note: As of February 10, 2025. --- ### We Have Made Significant Progress Towards An Early-2027 Opening - In 4Q24, Wynn Al Marjan Island hired 9 new team members to join the project, bringing our total employee count to date to 36, consisting of mostly senior level executives. - Announcement of the planned acquisition of Crown London Aspinalls in January meaningfully enhances our database building effort given significant VIP overlap between London and the UAE. --- # Free Cash Flow Update --- ### Well-Defined Capex Cycle Coming to a Natural Conclusion in late 2026 | | Projects(1) | 2025 | 2026 | | --- | --- | --- | --- | | Wynn Al Marjan Island | Remaining est. equity contributions of $700-$775mm on the project | ~$350-375mm | ~$350-400mm | | Wynn Las Vegas | Encore Tower renovation Completion of Fairway Villas renovation Zero Bond Golf Course Club House & Grill High limit table expansion | ~$375-400mm | ~$200-225mm | --- # Building on the Extensive Capital Return Program Already Underway ~$755 Million of WRL Share Repurchases Since 2022. ~$195 Million of WRL Dividends Paid Since 2023. ~$100 Million of WML Dividends Paid During 2024. Over ~$1 Billion of Capital Returned to WRL and WML Shareholders Since 2022. --- # Balance Sheet & Liquidity Update Significant Liquidity and Fortified Balance Sheet With No Near-Term Maturities. $1.7bn Total (1) Liquidity 3.9x Net Lease-Adj. (2) Leverage --- # Appendix --- ### Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin 4Q24 vs. 4Q23 | (US$ in millions) | Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Reportable Segment Total(1) | Corporate and Other | Total | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Total operating revenues(a) | $563 | $364 | - | $927 | $700 | $213 | $1,839 | - | $1,839 | | Operating income(loss) | $108 | $68 | ($15) | $161 | $161 | ($2) | $319 | $47 | $367 | | Pre-opening expenses | 0 | 1 | - | 1 | 0 | - | 1 | 2 | 3 | | Depreciation and amortization | 53 | 20 | 0 | 74 | 61 | 13 | 148 | 3 | 151 | | Property charges and other | 2 | 5 | 0 | 7 | 2 | 0 | 9 | 0 | 9 | | Management and license fees | 18 | 11 | - | 29 | 34 | 10 | 73 | (73) | - | | Corporate expenses and other | 2 | 2 | 13 | 18 | 8 | 2 | 28 | 11 | 38 | | Stock-based compensation | 1 | 1 | 1 | 4 | 2 | 0 | 6 | 9 | 15 | | Triple-net operating lease rent expense | - | - | - | - | - | 35 | 35 | - | 35 | | Adjusted Property EBITDAR(b) | $185 | $108 | - | $293 | $267 | $59 | $619 | - | $619 | | Adjusted Property EBITDAR Margin(=b/a) | 32.8% | 29.7% | - | 31.6% | 38.2% | 27.7% | 33.7% | | | ---