# Wynn Resorts 2Q25 Earnings Presentation # August 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, 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 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 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 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 1. Acquisition closed in June 2025. 2. 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 ✓ 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 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 is 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** **Wynn Al Marjan Island** --- 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 Boston Ideally positioned to compete in the current premium mass-led environment The East Coast’s leading gaming resort $947M 2024A (1) EBITDAR Consolidated Diversified sources of EBITDAR from the world’s premier integrated resorts $345M Base Case (2) EBITDAR 1. Reflects 2024A 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. 3. Assumes mid-point of mgmt. projection for Wynn Al Marjan Island. --- 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 (2) existing base • Geographically more diverse than ever before, and will become more diversified with opening of Wynn Al Marjan Island in 1Q27 • Wynn Al Marjan Island expected Defined Capex Cycle • Completing the UAE investment cycle in early 2027 1. Reflects Total Adjusted Property EBITDAR at our land-based properties (excludes corporate and other). 2. Reflects mid-point of estimated steady state management and license fees paid from WAMI to Wynn Resorts plus Wynn Resorts’ 40% share of Adjusted Property EBITDAR. • Continued investments in Macau from free cash flow and recently increased liquidity • Delivering on targeted capex projects in Las Vegas Significant Free Cash Flow Generation • Disciplined investment into new high-return development opportunities --- # Operational Update # 2Q25 --- Operational Excellence Driving Continued Strong Performance Las Vegas – Outstanding performer in the world’s greatest entertainment market - 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 – The East Coast’s only Forbes 5-Star Casino Resort (1) Quarterly Total Adj. Property EBITDAR - Stable operating performance and disciplined OpEx control - Continued database growth outside our immediate catchment area --- (1) Wynn Las Vegas – New Record for 2Q25 EBITDA - Strong financial performance in 2Q25 with new second quarter record EBITDA - Targeted investments continue to be made across key areas of the property – Pisces, Fairway Villas renovation, Zero Bond & Encore Tower Remodel – allowing us to continue to take market share and drive the “Wynn Premium” - Select additional quarterly financial results: - ADR: $548, up 3.0% vs. 2Q24 - RevPAR: $489, up 1.0% vs. 2Q24 (2) - OpEx Per Day : $4.24m, up 1.0% vs. 2Q24 1. Refers to Las Vegas Operations as disclosed in our public filings. 2. Represents cost of revenue, as disclosed in Note 17 – Segment Information in our Quarterly Report on Form 10-Q, divided by the number of days in the period. Quarterly Total Adj. Property EBITDAR 3. Excludes Race & Sports win. (3) Quarterly Table Games, Slots & Poker Win --- Encore Boston Harbor – Stable Operating Performance - As the East Coast’s only Forbes 5-Star casino resort, Encore Boston Harbor continues to expand its player database outside of the immediate catchment area, while remaining disciplined on OpEx - Select additional quarterly financial results: - ADR: $405, down (4.0%) vs. 2Q24 - RevPAR: $376, down (7.6%) vs. 2Q24 (1) - OpEx Per Day : $1.15m, up 0.3% vs. 2Q24 Quarterly Total Adj. Property EBITDAR 2. Excludes Race & Sports win. (2) Quarterly Table Games, Slots & Poker Win --- (1) Macau Operations – Strong Long-Term Positioning in a Competitive but Growing Market - Healthy balance sheet and strong free cash flow generation allows us to continue to invest in our assets, and return capital to shareholders - New capex projects – such as the recently opened Gourmet Pavilion – continue to elevate our best-in-class facilities and service offerings - Select additional quarterly financial results for combined Wynn Macau and Wynn Palace: - VIP Turnover: $5,053m, up 27.1% vs. 2Q24 (2) - VIP Table Games Win % : 2.97%, down 58bps vs. 2Q24 - Mass Table Drop: $3,462m, up 3.6% vs. 2Q24 (3) - OpEx Per Day : $2.66m, up 4.5% vs. 2Q24 Quarterly Total Adj. Property EBITDAR 2. We typically expect win as a percentage of VIP turnover to be within the range of 3.1% to 3.4%. 3. Represents cost of revenue, as disclosed in Note 17 – Segment Information in our Quarterly Report on Form 10-Q, divided by the number of days in the period. 4. Excludes Race & Sports win. 5. Represents cost of revenue, as disclosed in Note 17 – Segment Information in our Quarterly Report on Form 10-Q, divided by the number of days in the period. 6. Excludes Race & Sports win. --- # Wynn Al Marjan Island Update --- # Wynn Al Marjan Island – Significant Progress Towards An Early 2027 Opening - In 2Q25, Wynn Al Marjan Island hired 52 new team members, bringing total employee count to date to 100, consisting of mostly senior level executives, senior management and G&A functions ## o ~327 anticipated by Dec 31, 2025 - Key division heads and senior leaders in place across all gaming and non-gaming areas - Completed acquisition of Wynn Mayfair in June 2025, expected to meaningfully enhance our database building effort given significant VIP overlap between London and the UAE --- Wynn Al Marjan Island – Construction Progress Update Construction is progressing on schedule, currently through the 61 floor of the hotel tower Note: As of July 28, 2025. --- # Free Cash Flow Update --- Well-Defined Capex Cycle Tapering Off by Late 2026 | | Projects(1) | 2025E | 2026E | | --- | --- | --- | --- | | Wynn Al Marjan Island | Remaining estimated equity contributions of $600-$675m on the project(2) | $350-375m | $350-400m | | Wynn Las Vegas | Completion of Fairway Villas renovation, Zero Bond, Golf Course Club House & Grill, High limit table expansion, Encore Tower renovation | $200-225m | $375-400m | 1. Select larger projects, not meant to be an exhaustive list. Excludes maintenance capex. 2. Remaining amount as of 6/30/2025. Does not include other developments on the Marjan Land Bank. 3. Select larger projects, not meant to be an exhaustive list. Excludes maintenance capex. 4. Remaining amount as of 6/30/2025. Does not include other developments on the Marjan Land Bank. --- Concession Capex Projects in Macau Well Underway, And Continued Investment in Our Core Assets 1. Select larger projects, not meant to be an exhaustive list. Excludes maintenance capex. --- # Free Cash Flow Forecast Items ## 2025 Domestic Cash Flow Forecast Items - $575 – $625m domestic project capex, which includes equity contributions for the development of Wynn Al Marjan Island, as well as Las Vegas, Boston and other domestic capex projects ### Maintenance Capex - $90 – $115m inclusive of Wynn Las Vegas and Encore Boston Harbor ### Boston Cash Lease (1) - ~$126m cash lease expense **Expense** - $4.8bn of total gross domestic debt, inclusive of Wynn Resorts Finance, Wynn Las Vegas and Retail Term Loan ### Cash Interest **(2)** - $280 – $300m cash interest • Weighted avg. interest rate of 6% (3) (~84% of domestic debt is fixed, or swapped to fixed) ### Cash Income Taxes - No material domestic cash income taxes expected in 2025 ## 2025 Macau Cash Flow Forecast Items ### Project Capex - $200 – $250m project capex, subject to government approvals ### Maintenance Capex - $70 – $80m - $5.8bn of total gross Macau debt, inclusive of Wynn Macau’s Credit Facility, Senior Notes, and Convertible Bond ### Cash Interest - $320 – $340m cash interest • Weighted avg. interest rate of 5% (3) (~80% of Macau debt is fixed) Note: Estimates based on current anticipated business volumes and capital planning. 1. Inclusive of certain payments in lieu of taxes (“PILOT”). 2. Excludes financing associated with Wynn Al Marjan Island. 3. Current as of 6/30/2025. --- Building on the Extensive Shareholder Return Program Already Underway at Wynn Resorts, Limited (1)~$1.1 Billion or ~12% in WRL Shares Repurchased Since 2022 ~$250 Million of WRL Dividends Paid Since 2023 Note: Through 6/30/2025. 1. Net of shares issued during the period, ~10% of net shares have been retired since 2022. ~$1.4 Billion Returned to WRL Shareholders Since 2022 --- # Balance Sheet & Liquidity Update --- Significant Liquidity and Fortified Balance Sheet With Limited Near-Term Maturities $1.7bn Total (1) Liquidity 4.0x Net Lease-Adj. (2) Leverage Wynn Resorts’ Domestic Debt Maturity Profile 6.0% Weighted Avg. Cost (3) of Debt Wynn Macau, Limited Debt Maturity Profile 4.9x Net (2) Leverage Note: As of 6/30/2025. Domestic defined as all US entities, plus Management & License Fees from Macau as well as Wynn Resorts, Limited’s ~72% share of dividends from Macau. Includes Corporate and Other. 1. Domestic includes $510m of cash and $1.2bn of revolver availability. Macau includes $1.5bn of cash and $1.4bn of revolver availability, pro forma for July 2025 $1bn accordion. 2. Domestic leverage is calculated using LTM 2Q25 Adj. Property EBITDAR of $1,171m, less corporate expense of $108m, plus Management & License Fees from Macau of $113m as well as Wynn Resorts, Limited’s ~72% share of dividends from Macau of $162m, and assumes Encore Boston Harbor triple-net operating lease rent of $141m is capitalized at 8.0x. Macau leverage is calculated using LTM 2Q25 Adj. Property EBITDAR of $1,061m less corporate expense of $50m and less Management & License Fees paid to Wynn Resorts, Limited of $113m. 3. Current as of 6/30/2025. EBITDAR of $1,061m less corporate expense of $50m and less Management & License Fees paid to Wynn Resorts, Limited of $113m. --- # Appendix --- Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin Property EBITDAR and Adjusted Property EBITDAR Margin 2Q25 vs. 2Q24 Property EBITDAR and Adjusted Property EBITDAR Margin Three Months Ended June 30, 2025 | (US$ 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) | $540 | $344 | - | $883 | $639 | $216 | $1,738 | - | $1,738 | | Operating income(loss) | $73 | $63 | ($7) | $128 | $110 | $1 | $240 | $25 | $265 | | Pre-opening expenses | 3 | - | - | 3 | 2 | - | 5 | 6 | 11 | | Depreciation and amortization | 59 | 18 | 0 | 78 | 59 | 14 | 151 | 2 | 153 | | Property charges and other | 1 | 1 | 0 | 2 | 8 | 1 | 12 | 1 | 13 | | Management and license fees | 18 | 11 | - | 28 | 30 | 10 | 69 | (69) | - | | Corporate expenses and other | 2 | 2 | 6 | 10 | 8 | 2 | 19 | 27 | 46 | | Stock-based compensation | 1 | 1 | 1 | 4 | 17 | 0 | 21 | 8 | 29 | | Triple-net operating lease rent expense | - | - | - | - | - | 35 | 35 | - | 35 | | Adjusted Property EBITDAR(b) | $157 | $97 | ($0) | $254 | $235 | $64 | $552 | $0 | $552 | | Adjusted Property EBITDAR Margin(=b/a) | 29.1% | 28.1% | - | 28.7% | 36.8% | 29.6% | 31.8% | | | | (US$ 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) | $548 | $337 | - | $885 | $629 | $213 | $1,727 | $6 | $1,733 | | Operating income(loss) | $108 | $61 | ($7) | $162 | $125 | ($18) | $269 | $1 | $270 | | Pre-opening expenses | - | - | - | - | 0 | 1 | 1 | 1 | 2 | | Depreciation and amortization | 55 | 20 | 0 | 76 | 62 | 32 | 169 | 7 | 176 | | Property charges and other | 0 | 1 | 0 | 1 | 2 | (0) | 3 | 36 | 39 | | Management and license fees | 17 | 10 | - | 28 | 30 | 10 | 68 | (68) | - | | Corporate expenses and other | 2 | 2 | 6 | 10 | 8 | 2 | 20 | 14 | 34 | | Stock-based compensation | 1 | 1 | 1 | 4 | 4 | 0 | 8 | 8 | 16 | | Triple-net operating lease rent expense | - | - | - | - | - | 35 | 35 | - | 35 | | Adjusted Property EBITDAR(b) | $185 | $96 | ($0) | $280 | $230 | $62 | $573 | ($1) | $572 | | Adjusted Property EBITDAR Margin(=b/a) | 33.7% | 28.4% | - | 31.7% | 36.6% | 29.2% | 33.2% | | | Note: Figures may not foot due to rounding. 1. Reflects the sum of Total Macau Operations, Las Vegas Operations and Encore Boston Harbor. --- Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR LTM 2Q25 Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR | (US$ in millions) | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | LTM 2Q25 | | --- | --- | --- | --- | --- | --- | --- | | Net income (loss) attributable to Wynn Resorts, Limited | $112 | ($32) | $277 | $73 | $66 | $384 | | Net income attributable to noncontrolling interests | 34 | 27 | 45 | 9 | 11 | 91 | | Pre-opening expenses | 2 | 2 | 3 | 5 | 11 | 22 | | Depreciation and amortization | 176 | 156 | 151 | 155 | 153 | 616 | | Property charges and other | 39 | 150 | 9 | 12 | 13 | 185 | | Triple-net operating lease rent expense | 35 | 35 | 35 | 35 | 35 | 141 | | Corporate expenses and other | 34 | 36 | 38 | 37 | 46 | 158 | | Stock-based compensation | 16 | 14 | 15 | 19 | 29 | 77 | | Interest income | (35) | (31) | (25) | (19) | (16) | (91) | | Interest expense, net of amounts capitalized | 175 | 168 | 163 | 158 | 155 | 643 | | Change in derivatives fair value | (16) | 6 | (50) | 30 | 1 | (14) | | Loss on debt financing transactions | - | 0 | 1 | - | 1 | 2 | | Other | (9) | (21) | (4) | 8 | 36 | 19 | | Provision (benefit) for income taxes | 8 | 17 | (41) | 11 | 11 | (3) | | Adjusted Property EBITDAR | $572 | $528 | $619 | $533 | $552 | $2,232 | | Adjusted Property EBITDAR | | | | | | | | Wynn Palace | $185 | $162 | $185 | $162 | $157 | $666 | | Wynn Macau | 96 | 101 | 108 | 90 | 97 | 396 | | Total Macau Operations | $280 | $263 | $293 | $252 | $254 | $1,062 | | Las Vegas Operations | 230 | 203 | 267 | 223 | 235 | 928 | | Encore Boston Harbor | 62 | 63 | 59 | 57 | 64 | 243 | | Corporate and other | (1) | (1) | - | - | - | (1) | | Adjusted Property EBITDAR | $572 | $528 | $619 | $533 | $552 | $2,232 | Note: Figures may not foot due to rounding. --- Wynn. RESORTS