PowerPoint Presentation
Wynn Resorts 4Q25 Earnings Presentation
February 2026
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, 2024 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 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
- Strong capital allocator, investing in high-return projects and reinvesting in existing assets, while maintaining a strong balance sheet and returning capital to shareholders
- One of the most recognized independent hotel companies in the world
Iconic, Irreplaceable Assets in the World’s Most Attractive Gaming Markets
Upon Wynn Al Marjan Island’s opening in early 2027 there will be a Wynn Resort within 8 hours of ~96% of the world’s population
- Encore Boston Harbor
- Wynn Mayfair
- Wynn Al Marjan Island (2027)
- Wynn
- Encore Macau
- Wynn
- Encore Las Vegas
- Wynn Palace
1. Expected to open in early 2027.
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
- Wynn Resorts has more Forbes Travel Guide Five-Star Awards across more destinations than any other independent hotel company in the world
- Wynn Palace is the largest
- Highest ranked integrated resort company on Fortune Magazine’s “Worlds Most Admired Companies” list in 2026
- Named to Forbes “Most Trusted Companies in America, Casinos and Resorts” for 2026
Best-in-Class Facilities and Service Levels Drive a “Wynn Premium” – Las Vegas Case Study
Adjusted Property EBITDAR Per Hotel Room
Source: Company filings.
Note: Adjusted Property EBITDAR is a non-GAAP financial measure. See Appendix for reconciliation to the most directly comparable GAAP measure for Wynn Resorts.
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 one of the most exciting new markets for Integrated Resort development in decades
- Wynn Al Marjan Island and broader UAE opportunity is unique in our industry
- Construction and pre-opening planning are rapidly advancing
- Significant land banks in each of our core markets for continued long-term embedded growth opportunities
- Las Vegas: 166 acres
- Boston: 16 acres
- Macau: 13 acres
- UAE: 70 acres 1. Includes acreage attributable to Janu.
Diversified EBITDAR Base Further Enhanced by Expected 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
- Vegas: Continuing to elevate ourselves above our Las Vegas Strip peers
- Macau: Ideally positioned to compete in the current premium mass-led environment
- Boston: The East Coast’s leading gaming resort
$902M
2025A
1. Reflects 2025A Adj. Property EBITDAR.
2. Reflects estimated steady state management and license fees paid from WAMI to Wynn Resorts plus Wynn Resorts’ 40% share of Adjusted Property EBITDAR.
Note: Figures may not foot due to rounding.
Long-Term Shareholder Value Creation
Large EBITDAR Base
- Wynn Al Marjan Island expected to add ~$345 million of EBITDAR (cash flow and management fees) to our existing base
- Geographically more diverse than ever before, and will become more diversified with opening of Wynn Al Marjan Island in 1Q27
Defined Capex Cycle
- Completing the UAE investment cycle in early 2027
- Continued investments in Macau funded out of free cash flow and recently increased liquidity
Significant Free Cash Flow Generation
- Strong balance sheet and liquidity position should enable continued return of capital to shareholders over time
- Reflects $1.1bn of WRL share repurchases since 2022 and ~$300m of WRL dividends paid since 2023. Net of shares issued during the period, ~10% of shares have been retired since 2022.
- ~$1.4 billion (12% of gross shares) returned to Wynn Resorts, Limited shareholders since 2022
Operational Update
4Q25
Operational Excellence Driving Continued Strong Performance
- Las Vegas
- Outstanding performer in the world’s greatest entertainment market
- Continued market leader, with ongoing share gains
- Focus on quality and service allows us to continue to delight the most discerning guests in the market
- Targeted high-return investments and new amenities across the property keep our offering innovative and allows us to maintain our premium positioning relative to peers
- Macau
- Significant free cash flow generation and healthy market share in the world’s largest gaming market
- Market-leading fair share premiums and healthy market share despite new hotel supply and amenities from peers
- “Only at Wynn” programming, enhanced gaming and food & beverage offerings, and revamped loyalty program driving financial performance
- Boston
- North America’s largest Forbes Five-Star Resort Destination
- Stable operating performance and disciplined OpEx control
- Continued database growth outside our immediate catchment area
1. Excludes corporate and other.
Wynn Al Marjan Island Update
Wynn Al Marjan Island – Significant Progress Towards An Early 2027 Opening
- In 4Q25, Wynn Al Marjan Island hired a net 56 new team members, bringing total employee count to date to 251, consisting of mostly senior level executives, senior management and G&A functions
- ~3,000 anticipated by Dec 31, 2026
- Key division heads and senior leaders in place across all gaming and non-gaming areas
- Onboarding of line staff will rapidly increase over the course of 2026
- Completed acquisition of Wynn Mayfair in 2025 enhances our database building effort given significant VIP overlap between London and the UAE
Wynn Al Marjan Island – Construction Progress Update
Construction remains on schedule, with the hotel tower topping out in December and extensive interior works underway
Note: As of February 10, 2026.
Free Cash Flow Update
Well-Defined Capex Cycle Tapering Off by 2027
| Projects(1) | 2026E | 2027E | |
|---|---|---|---|
| Wynn Al Marjah Island | Remaining estimated equity contributions of $450-$550m on the project(2) | $375-450m | $75-100m |
| Wynn Las Vegas | Encore Tower renovation Completion of Fairway Villas renovation Zero Bond Golf Course Club House & Grill High limit table expansion | $375-400m | $150-175m |
1. Select larger projects, not meant to be an exhaustive list. Excludes maintenance capex. 2. Remaining amount as of 12/31/2025. Includes $25 - $50m of estimated equity related to Janu. Does not include other potential developments on the Marjan Land Bank.
Balance Sheet & Liquidity Update
Significant Liquidity and Fortified Balance Sheet With Limited Near-Term Maturities
$1.8bn
Total Liquidity
3.8x Net Lease-Adj. Leverage
5.9% Weighted Avg. Cost of Debt
Appendix
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin 4Q25 vs. 4Q24
| (US$ 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) | $596 | $371 | - | $968 | $688 | $210 | $1,866 | - | $1,866 |
| Operating income(loss) | $72 | $76 | ($16) | $133 | $125 | ($19) | $239 | $35 | $275 |
| Pre-opening expenses | 0 | - | - | 0 | 2 | - | 2 | 12 | 15 |
| Depreciation and amortization | 62 | 20 | 0 | 83 | 59 | 14 | 156 | 3 | 159 |
| Property charges and other | 6 | (4) | 0 | 2 | 3 | 13 | 18 | 0 | 18 |
| Management and license fees | 20 | 11 | - | 31 | 33 | 10 | 74 | (74) | - |
| Corporate expenses and other | 2 | 2 | 14 | 18 | 7 | 2 | 27 | 18 | 45 |
| Stock-based compensation | 1 | 1 | 1 | 4 | 11 | 0 | 15 | 6 | 21 |
| Triple-net operating lease rent expense | - | - | - | - | - | 36 | 36 | - | 36 |
| Adjusted Property EBITDAR(b) | $164 | $107 | $0 | $271 | $241 | $57 | $569 | $0 | $569 |
| Adjusted Property EBITDAR Margin(=b/a) | 27.4% | 28.9% | - | 28.0% | 35.0% | 27.1% | 30.5% |
Note: Figures may not foot due to rounding.
1. Reflects the sum of Total Macau Operations, Las Vegas Operations and Encore Boston Harbor.