PowerPoint Presentation
Wynn Resorts 1Q26 Earnings Presentation
May 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, 2025 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
- 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 2027 there will be a Wynn Resort within 8 hours of ~96% of the world’s population
Location:
- Encore Boston Harbor
- Wynn Mayfair
- Wynn Al Marjan Island (2027)
- Wynn | Encore Macau
- Wynn | Encore Las Vegas
- Wynn Palace
Distance: 8 hours
1. Expected to open in 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
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 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 continues to advance despite ongoing conflict
- 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 Opening of UAE
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
- The East Coast’s leading gaming resort
- $902M 2025A (1) EBITDAR
- UAE
- $1,085M 2025A (1) EBITDAR
- Consolidated
- Diversified sources of EBITDAR from the world’s premier integrated resorts
Note: Figures may not foot due to rounding.
- Reflects 2025A Adj. Property EBITDAR.
Long-Term Shareholder Value Creation
Large EBITDAR Base
- $2.3 billion LTM 1Q26 Total Adjusted Property (1) EBITDAR
- Geographically more diverse
- Geographically more diverse than ever before, and will become more diversified with opening of Wynn Al Marjan Island in 2027
Defined Capex Cycle
- Reflects Total Adjusted Property EBITDAR at our land-based properties.
- 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 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
- Disciplined investment into new high-return development opportunities
- Reflects Total Adjusted Property EBITDAR at our land-based properties.
- 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.
- Reflects $1.2bn 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.
Operational Update
1Q26
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
- “Only at Wynn” programming, enhanced gaming and food & beverage offerings, and revamped loyalty program driving financial performance
Quarterly Total Adj. Property EBITDAR
- Boston
- North America’s largest Forbes Five-Star Resort Destination
- Only gaming resort in the Greater Boston metro area
- Continued database growth outside our immediate catchment area
Wynn Las Vegas – Sustained Market Outperformance
- Strong financial performance in 1Q26, with all gaming volumes up Y/Y
- Successfully opened Zero Bond and Sartiano’s in 1Q26. Initial feedback has been incredibly positive
- Targeted investments continue to be made across key areas of the property including remodels of the Encore Tower rooms, XS and Encore Beach Club–allowing us to continue to take market share and drive the “Wynn Premium”
Select additional quarterly financial results:
- Tables Games Win %: 25.2%, up 90 bps vs. 1Q25
- ADR: $592, up 12.3% vs. 1Q25
- RevPAR: $506, up 9.8% vs. 1Q25
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: $366, up 2.5% vs. 1Q25
- RevPAR: $314, down (0.3%) vs. 1Q25
- OpEx Per Day: $1.22m, up 3.9% vs. 1Q25
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, Wynn Macau Tower room refresh and Chairmans Club expansion at Wynn Palace – continue to elevate our best-in-class facilities and service offerings
Combined quarterly financial results for Wynn Macau and Wynn Palace:
- VIP Turnover: $4,902m, down (9.9%) vs. 1Q25
- VIP Table Games Win %: 2.78%, up 58bps vs. 1Q25
- Mass Table Drop: $3,875m, up 19.3% vs. 1Q25
- OpEx Per Day: $2.90m, up 9.9% vs. 1Q25
Quarterly Total Adj. Property EBITDAR
Wynn Al Marjan Island Update
Wynn Al Marjan Island – Significant Progress Towards A 2027 Opening
- In 1Q26, Wynn Al Marjan Island hired a net 117 new team members, bringing total employee count to date to 368, consisting of mostly senior level executives, senior management and G&A functions
- Key division heads and senior leaders in place across all gaming and non-gaming areas
- Construction is ongoing with certain conflict-induced delays in materials. Hotel tower topped off in 4Q25
- 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 ongoing, with the hotel tower topping out in December 2025 and extensive interior works underway
Note: As of April 14, 2026.
The Enclave at Wynn Palace
Announcing The Enclave at Wynn Palace
- 432-key, all-suite hotel tower to be developed adjacent to Wynn Palace’s east entrance
- Expands Wynn Palace’s total room count by ~25% and its suite count by ~50%
- Construction expected to commence in second half of 2026, with an anticipated construction timeline of 2.5 years
- $900 – 950 million expected project cost, including imputed capitalized interest
Free Cash Flow Update
Well-Defined Capex Cycle Tapering Off by 2027
| Projects (1) | 2026E | 2027E | |
|---|---|---|---|
| Wynn Al Marjan Island | Remaining estimated equity contributions of $350-$450m on the project (2) | $375-450m | $75-100m |
| Wynn Las Vegas | Encore Tower renovation Completion of Fairway Villas renovation Cliff House Grill | $375-400m | $150-175m |
Concession Capex Projects in Macau Well Underway, And Continued Investment in Our Core Assets
Projects:
- The Enclave at Wynn Palace
- Wynn Tower refresh at Wynn Macau
Free Cash Flow Forecast Items
2026 Domestic Cash Flow Forecast Items
| Project Capex | $750-$850m 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 Expense | ~$129m cash lease expense (1) |
| Cash Interest (2) | $4.8bn of total gross domestic debt, inclusive of Wynn Resorts Finance, Wynn Las Vegas and Retail Term Loan $270-$290m cash interest Weighted avg. interest rate of 5.9% (3) (~84% of domestic debt is fixed, or swapped to fixed) |
| Cash Income Taxes | No material domestic cash income taxes expected in 2026 |
| 2026 Macau Cash Flow Forecast Items | |
| Project Capex | $400-$450m project capex, including announced Enclave at Wynn Palace project. Subject to government approvals |
| Maintenance Capex | $70-$80m |
| Cash Interest | $5.8bn of total gross Macau debt, inclusive of Wynn Macau's Credit Facility, Senior Notes, and Convertible Bond $320-$340m cash interest Weighted avg. interest rate of 5.5% (3) (~80% of Macau debt is fixed) |
Note: Estimates based on current anticipated business volumes and capital planning.
Building On An Extensive Shareholder Return Program
- ~$1.2 Billion or ~12% in WRL Shares Repurchased Since 2022
- ~$300 Million of WRL Dividends Paid Since 2023
- ~$1.5 Billion Returned to WRL Shareholders Since 2022
Note: Through 3/31/2026.
- Net of shares issued during the period, ~10% of shares have been retired since 2022.
Balance Sheet & Liquidity Update
Significant Liquidity and Fortified Balance Sheet With Limited Near-Term Maturities
- $1.6bn Total (1) Liquidity
- 4.2x Net Lease-Adj. (2) Leverage
- 5.9% Weighted Avg. Cost (3) of Debt
Wynn Resorts’ Domestic Debt Maturity Profile
- $2.8bn Total (1) Liquidity
Note: As of 3/31/2026. 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.
- Domestic includes $337m of cash and $1.2bn of revolver availability. Macau includes $851m of cash, $608m of short-term fixed deposits and U.S. treasury bills and $1.3bn of revolver availability.
- Domestic leverage is calculated using LTM 1Q26 Adj. Property EBITDAR of $1,141m, less corporate expense of $109m, plus Management & License Fees from Macau of $122m as well as Wynn Resorts, Limited’s 5.5% Weighted Avg. Cost (3) of Debt.
- Current as of 3/31/2026. Inclusive of unused fees on our WRF and Cayman II Credit Facilities.
Appendix
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin 1Q26 vs. 1Q25
| (US$ 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) | $659 | $330 | - | $989 | $662 | $206 | $1,857 | - | $1,857 |
| Operating income (loss) | $113 | $41 | ($8) | $145 | $113 | ($14) | $244 | $39 | $283 |
| Pre-opening expenses | 1 | - | - | 1 | 4 | - | 4 | 8 | 12 |
| Depreciation and amortization | 61 | 20 | 0 | 82 | 61 | 14 | 157 | 3 | 161 |
| Property charges and other | 4 | 0 | 0 | 4 | 5 | 2 | 11 | 0 | 12 |
| Management and license fees | 21 | 10 | - | 31 | 31 | 10 | 72 | (72) | - |
| Corporate expenses and other | 3 | 3 | 7 | 13 | 8 | 2 | 22 | 12 | 35 |
| Stock-based compensation | 1 | 1 | 1 | 3 | 11 | 0 | 15 | 10 | 26 |
| Triple-net operating lease rent expense | - | - | - | - | - | 35 | 35 | - | 35 |
| Adjusted Property EBITDAR (b) | $204 | $76 | ($0) | $279 | $232 | $51 | $562 | $0 | $562 |
| Adjusted Property EBITDAR Margin (=b/a) | 30.9% | 22.9% | - | 28.2% | 35.1% | 24.6% | 30.3% |
Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR
| (US$ in millions) | 2Q25 | 3Q25 | 4Q25 | 1Q26 | LTM 1Q26 |
|---|---|---|---|---|---|
| Net income attributable to Wynn Resorts, Limited | $66 | $88 | $100 | $120 | $375 |
| Net income attributable to noncontrolling interests | 11 | 40 | 22 | 30 | 103 |
| Pre-opening expenses | 11 | 7 | 15 | 12 | 45 |
| Depreciation and amortization | 153 | 153 | 159 | 161 | 626 |
| Property charges and other | 13 | 6 | 18 | 12 | 49 |
| Triple-net operating lease rent expense | 35 | 35 | 36 | 35 | 141 |
| Corporate expenses and other | 46 | 36 | 45 | 35 | 162 |
| Stock-based compensation | 29 | 23 | 21 | 26 | 98 |
| Interest income | (16) | (17) | (15) | (13) | (60) |
| Interest expense, net of amounts capitalized | 155 | 158 | 156 | 152 | 620 |
| Change in derivatives fair value | 1 | 13 | (9) | (47) | (41) |
| Loss on debt financing transactions | 1 | 1 | - | - | 2 |
| Other | 36 | (34) | (2) | 29 | 30 |
| Provision for income taxes | 11 | 61 | 22 | 10 | 104 |
| Adjusted Property EBITDAR | $552 | $570 | $569 | $562 | $2,254 |
| Adjusted Property EBITDAR | |||||
| Wynn Palace | $157 | $200 | $164 | $204 | $725 |
| Wynn Macau | 97 | 108 | 107 | 76 | 388 |
| Total Macau Operations | $254 | $308 | $271 | $279 | $1,112 |
| Las Vegas Operations | 235 | 203 | 241 | 232 | 912 |
| Encore Boston Harbor | 64 | 58 | 57 | 51 | 230 |
| Corporate and other | - | - | - | 0 | 0 |
| Adjusted Property EBITDAR | $552 | $570 | $569 | $562 | $2,254 |