Document
index
| INDEX | ||||||
| Part I. | Financial Information | |||||
| Item 1. | Financial Statements | |||||
| Condensed Consolidated Balance Sheets - September 30, 2025 (unaudited) and December 31, 2024 | 3 | |||||
| Condensed Consolidated Statements of Operations (unaudited) - Three and Nine Months Ended September 30, 2025 and 2024 | 4 | |||||
| Condensed Consolidated Statements of Comprehensive Income ( Loss) (unaudited) - Three and Nine Months Ended September 30, 2025 and 2024 | 5 | |||||
| Condensed Consolidated Statements of Stockholders’ Deficit (unaudited) - Three and Nine Months Ended September 30, 2025 and 2024 | 6 | |||||
| Condensed Consolidated Statements of Cash Flows (unaudited) - Nine Months Ended September 30, 2025 and 2024 | 8 | |||||
| Notes to Condensed Consolidated Financial Statements (unaudited) | 9 | |||||
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 28 | ||||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 50 | ||||
| Item 4. | Controls and Procedures | 51 | ||||
| Part II. | Other Information | |||||
| Item 1. | Legal Proceedings | 52 | ||||
| Item 1A. | Risk Factors | 52 | ||||
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 52 | ||||
| Item 3. | Default Upon Senior Securities | 52 | ||||
| Item 4. | Mine Safety Disclosures | 52 | ||||
| Item 5. | Other Information | 52 | ||||
| Item 6. | Exhibits | 53 | ||||
| Signature | 54 |
condensed consolidated bal
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| September 30, 2025 | December 31, 2024 | ||||||||
| (unaudited) | |||||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | 1486291 | 2426155 | |||||||
| Investments | 475000 | — | |||||||
| Accounts receivable, net of allowance for credit losses of $ 45,207 and $ 37,694 , respectively | 352659 | 324016 | |||||||
| Inventories | 87848 | 75783 | |||||||
| Prepaid expenses and other | 130849 | 95725 | |||||||
| Total current assets | 2532647 | 2921679 | |||||||
| Property and equipment, net | 6579216 | 6521283 | |||||||
| Restricted cash | 96607 | 95638 | |||||||
| Intangible assets, net | 231713 | 254599 | |||||||
| Operating lease assets | 1785599 | 1797276 | |||||||
| Deferred income taxes, net | 430104 | 507716 | |||||||
| Investments in unconsolidated affiliates | 867745 | 648217 | |||||||
| Other assets | 278541 | 231555 | |||||||
| Total assets | 12802172 | 12977963 | |||||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||||
| Current liabilities: | |||||||||
| Accounts and construction payables | 204584 | 205146 | |||||||
| Customer deposits | 531646 | 508651 | |||||||
| Gaming taxes payable | 193036 | 171983 | |||||||
| Accrued compensation and benefits | 205600 | 229305 | |||||||
| Accrued interest | 104117 | 132510 | |||||||
| Current portion of long-term debt | 4705 | 41250 | |||||||
| Other accrued liabilities | 197987 | 250689 | |||||||
| Total current liabilities | 1441675 | 1539534 | |||||||
| Long-term debt | 10563486 | 10500484 | |||||||
| Long-term operating lease liabilities | 1628121 | 1623890 | |||||||
| Other long-term liabilities | 310360 | 282658 | |||||||
| Total liabilities | 13943642 | 13946566 | |||||||
| Commitments and contingencies (Note 15) | |||||||||
| Stockholders' deficit: | |||||||||
| Preferred stock, par value $ 0.01 ; 40,000,000 shares authorized; zero shares issued and outstanding | — | — | |||||||
| Common stock, par value $ 0.01 ; 400,000,000 shares authorized; 134,310,365 and 133,584,126 shares issued; 103,977,280 and 107,821,567 shares outstanding, respectively | 1343 | 1336 | |||||||
| Treasury stock, at cost; 30,333,085 and 25,762,599 shares, respectively | -2620502 | -2241607 | |||||||
| Additional paid-in capital | 3779077 | 3698800 | |||||||
| Accumulated other comprehensive loss | -1666 | -5700 | |||||||
| Accumulated deficit | -1528294 | -1676990 | |||||||
| Total Wynn Resorts, Limited stockholders' deficit | -370042 | -224161 | |||||||
| Noncontrolling interests | -771428 | -744442 | |||||||
| Total stockholders' deficit | -1141470 | -968603 | |||||||
| Total liabilities and stockholders' deficit | 12802172 | 12977963 |
consolidated income statem
| Consolidated Income Statement | |||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Operating revenues: | |||||||||||||||||||||
| Casino | 1174717 | 1018754 | 3266981 | 3149166 | |||||||||||||||||
| Rooms | 270484 | 284765 | 836058 | 916700 | |||||||||||||||||
| Food and beverage | 261990 | 262597 | 772926 | 810939 | |||||||||||||||||
| Entertainment, retail and other | 126556 | 127207 | 395976 | 412359 | |||||||||||||||||
| Total operating revenues | 1833747 | 1693323 | 5271941 | 5289164 | |||||||||||||||||
| Operating expenses: | |||||||||||||||||||||
| Casino | 705421 | 617469 | 1983362 | 1907426 | |||||||||||||||||
| Rooms | 86385 | 83376 | 256524 | 245991 | |||||||||||||||||
| Food and beverage | 231100 | 220187 | 656167 | 647351 | |||||||||||||||||
| Entertainment, retail and other | 54541 | 56184 | 174768 | 190137 | |||||||||||||||||
| General and administrative | 275035 | 271829 | 831539 | 808172 | |||||||||||||||||
| Provision for credit losses | 4505 | 1836 | 9254 | 4352 | |||||||||||||||||
| Pre-opening | 7289 | 2457 | 23862 | 6050 | |||||||||||||||||
| Depreciation and amortization | 152828 | 156273 | 461156 | 507611 | |||||||||||||||||
| Property charges and other | 6154 | 150475 | 31631 | 206238 | |||||||||||||||||
| Total operating expenses | 1523258 | 1560086 | 4428263 | 4523328 | |||||||||||||||||
| Operating income | 310489 | 133237 | 843678 | 765836 | |||||||||||||||||
| Other income (expense): | |||||||||||||||||||||
| Interest income | 16581 | 30729 | 51799 | 105785 | |||||||||||||||||
| Interest expense, net of amounts capitalized | -157581 | -167922 | -469740 | -524922 | |||||||||||||||||
| Change in derivatives fair value | -13176 | -5523 | -43827 | -7920 | |||||||||||||||||
| Loss on debt financing transactions | -618 | -109 | -1701 | -1670 | |||||||||||||||||
| Other | 33868 | 21300 | -10670 | 25323 | |||||||||||||||||
| Other income (expense), net | -120926 | -121525 | -474139 | -403404 | |||||||||||||||||
| Income before income taxes | 189563 | 11712 | 369539 | 362432 | |||||||||||||||||
| Provision for income taxes | -61136 | -17127 | -82746 | -45076 | |||||||||||||||||
| Net income (loss) | 128427 | -5415 | 286793 | 317356 | |||||||||||||||||
| Less: net income attributable to noncontrolling interests | -40086 | -26638 | -59487 | -93250 | |||||||||||||||||
| Net income (loss) attributable to Wynn Resorts, Limited | 88341 | -32053 | 227306 | 224106 | |||||||||||||||||
| Basic and diluted net income (loss) per common share: | |||||||||||||||||||||
| Net income (loss) attributable to Wynn Resorts, Limited: | |||||||||||||||||||||
| Basic | 0.86 | -0.29 | 2.19 | 2.03 | |||||||||||||||||
| Diluted | 0.85 | -0.29 | 2.18 | 2.02 | |||||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||||
| Basic | 102909 | 109727 | 103955 | 110559 | |||||||||||||||||
| Diluted | 103636 | 109727 | 104373 | 110810 |
condensed consolidated sta
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Net income (loss) | 128427 | -5415 | 286793 | 317356 | |||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||
| Foreign currency translation adjustments, before and after tax | -16549 | -9314 | 5187 | -10968 | |||||||||||||||||
| Total comprehensive income (loss) | 111878 | -14729 | 291980 | 306388 | |||||||||||||||||
| Less: comprehensive income attributable to noncontrolling interests | -35775 | -23946 | -60640 | -90097 | |||||||||||||||||
| Comprehensive income (loss) attributable to Wynn Resorts, Limited | 76103 | -38675 | 231340 | 216291 |
condensed consolidated sta-1
| CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT | |||||||||||||||||||||||||||||||||||||||||||||||||||
| For the three months ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares outstanding |
Par value |
Treasury stock |
Additional paid-in capital |
Accumulated other comprehensive income (loss) |
Accumulated deficit | Total Wynn Resorts, Ltd. stockholders' deficit |
Noncontrolling interests |
Total stockholders' deficit |
|||||||||||||||||||||||||||||||||||||||||||
| Balances, July 1, 2025 | 103976829 | 1343 | -2618638 | 3755873 | 10572 | -1590690 | -441540 | -766434 | -1207974 | ||||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | 88341 | 88341 | 40086 | 128427 | ||||||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | -12238 | — | -12238 | -4311 | -16549 | ||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options | 4438 | — | — | 303 | — | — | 303 | — | 303 | ||||||||||||||||||||||||||||||||||||||||||
| Issuance of restricted stock | 18356 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Cancellation of restricted stock | -8826 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Shares repurchased by the Company and held as treasury shares | -13517 | — | -1864 | — | — | — | -1864 | — | -1864 | ||||||||||||||||||||||||||||||||||||||||||
| Cash dividends declared | — | — | — | — | — | -25945 | -25945 | -35810 | -61755 | ||||||||||||||||||||||||||||||||||||||||||
| Distribution to noncontrolling interest | — | — | — | — | — | — | — | -5814 | -5814 | ||||||||||||||||||||||||||||||||||||||||||
| Transactions with subsidiary minority shareholders | — | — | — | 21 | — | — | 21 | -21 | — | ||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 22880 | — | — | 22880 | 876 | 23756 | ||||||||||||||||||||||||||||||||||||||||||
| Balances, September 30, 2025 | 103977280 | 1343 | -2620502 | 3779077 | -1666 | -1528294 | -370042 | -771428 | -1141470 |
condensed consolidated sta-2
| For the three months ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares outstanding |
Par value |
Treasury stock |
Additional paid-in capital |
Accumulated other comprehensive income (loss) |
Accumulated deficit | Total Wynn Resorts, Ltd. stockholders' deficit |
Noncontrolling interests |
Total stockholders' deficit |
|||||||||||||||||||||||||||||||||||||||||||
| Balances, July 1, 2024 | 111375062 | 1335 | -1918595 | 3672049 | 2213 | -1866826 | -109824 | -792138 | -901962 | ||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — | -32053 | -32053 | 26638 | -5415 | ||||||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | -6622 | — | -6622 | -2692 | -9314 | ||||||||||||||||||||||||||||||||||||||||||
| Issuance of restricted stock | 39880 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Cancellation of restricted stock | -19042 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Shares repurchased by the Company and held as treasury shares | -1473824 | — | -118451 | — | — | — | -118451 | — | -118451 | ||||||||||||||||||||||||||||||||||||||||||
| Cash dividends declared | — | — | — | — | — | -27645 | -27645 | -14405 | -42050 | ||||||||||||||||||||||||||||||||||||||||||
| Distribution to noncontrolling interest | — | — | — | — | — | — | — | -1960 | -1960 | ||||||||||||||||||||||||||||||||||||||||||
| Transactions with subsidiary minority shareholders | — | — | — | 439 | — | — | 439 | -439 | — | ||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 12754 | — | — | 12754 | 920 | 13674 | ||||||||||||||||||||||||||||||||||||||||||
| Balances, September 30, 2024 | 109922076 | 1335 | -2037046 | 3685242 | -4409 | -1926524 | -281402 | -784076 | -1065478 |
condensed consolidated sta-3
| For the nine months ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares outstanding |
Par value |
Treasury stock |
Additional paid-in capital |
Accumulated other comprehensive loss |
Accumulated deficit | Total Wynn Resorts, Ltd. stockholders' deficit |
Noncontrolling interests |
Total stockholders' deficit |
|||||||||||||||||||||||||||||||||||||||||||
| Balances, January 1, 2025 | 107821567 | 1336 | -2241607 | 3698800 | -5700 | -1676990 | -224161 | -744442 | -968603 | ||||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | 227306 | 227306 | 59487 | 286793 | ||||||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | 4034 | — | 4034 | 1153 | 5187 | ||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options | 6700 | — | — | 457 | — | — | 457 | — | 457 | ||||||||||||||||||||||||||||||||||||||||||
| Issuance of restricted stock | 739939 | 7 | — | 7915 | — | — | 7922 | — | 7922 | ||||||||||||||||||||||||||||||||||||||||||
| Cancellation of restricted stock | -20400 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Shares repurchased by the Company and held as treasury shares | -4570526 | — | -378895 | — | — | — | -378895 | — | -378895 | ||||||||||||||||||||||||||||||||||||||||||
| Cash dividends declared | — | — | — | — | — | -78610 | -78610 | -71344 | -149954 | ||||||||||||||||||||||||||||||||||||||||||
| Distribution to noncontrolling interest | — | — | — | — | — | — | — | -18138 | -18138 | ||||||||||||||||||||||||||||||||||||||||||
| Transactions with subsidiary minority shareholders | — | — | — | 1290 | — | — | 1290 | -1290 | — | ||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 70615 | — | — | 70615 | 3146 | 73761 | ||||||||||||||||||||||||||||||||||||||||||
| Balances, September 30, 2025 | 103977280 | 1343 | -2620502 | 3779077 | -1666 | -1528294 | -370042 | -771428 | -1141470 |
condensed consolidated sta-4
| For the nine months ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares outstanding |
Par value |
Treasury stock |
Additional paid-in capital |
Accumulated other comprehensive income (loss) |
Accumulated deficit | Total Wynn Resorts, Ltd. stockholders' deficit |
Noncontrolling interests |
Total stockholders' deficit |
|||||||||||||||||||||||||||||||||||||||||||
| Balances, January 1, 2024 | 111737245 | 1330 | -1836326 | 3647161 | 3406 | -2066953 | -251382 | -849552 | -1100934 | ||||||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | 224106 | 224106 | 93250 | 317356 | ||||||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | -7815 | — | -7815 | -3153 | -10968 | ||||||||||||||||||||||||||||||||||||||||||
| Exercise of stock options | 17285 | — | — | 1017 | — | — | 1017 | — | 1017 | ||||||||||||||||||||||||||||||||||||||||||
| Issuance of restricted stock | 544858 | 5 | — | 8010 | — | — | 8015 | — | 8015 | ||||||||||||||||||||||||||||||||||||||||||
| Cancellation of restricted stock | -29012 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Shares repurchased by the Company and held as treasury shares | -2348300 | — | -200720 | — | — | — | -200720 | — | -200720 | ||||||||||||||||||||||||||||||||||||||||||
| Cash dividends declared | — | — | — | — | — | -83677 | -83677 | -28781 | -112458 | ||||||||||||||||||||||||||||||||||||||||||
| Distribution to noncontrolling interest | — | — | — | — | — | — | — | -10601 | -10601 | ||||||||||||||||||||||||||||||||||||||||||
| Transactions with subsidiary minority shareholders | — | — | — | -11508 | — | — | -11508 | 11508 | — | ||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 40562 | — | — | 40562 | 3253 | 43815 | ||||||||||||||||||||||||||||||||||||||||||
| Balances, September 30, 2024 | 109922076 | 1335 | -2037046 | 3685242 | -4409 | -1926524 | -281402 | -784076 | -1065478 |
consolidated cash flows
| Consolidated Cash Flows | |||||||||
| Nine Months Ended September 30, | |||||||||
| 2025 | 2024 | ||||||||
| Cash flows from operating activities: | |||||||||
| Net income | 286793 | 317356 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
| Depreciation and amortization | 461156 | 507611 | |||||||
| Deferred income taxes | 76247 | 37780 | |||||||
| Stock-based compensation expense | 70901 | 44206 | |||||||
| Amortization of debt issuance costs | 28400 | 30138 | |||||||
| Loss on debt financing transactions | 1701 | 1670 | |||||||
| Provision for credit losses | 9254 | 4352 | |||||||
| Change in derivatives fair value | 46225 | 7920 | |||||||
| Property charges and other | 45875 | 110398 | |||||||
| Increase (decrease) in cash from changes in: | |||||||||
| Receivables, net | -36531 | 408 | |||||||
| Inventories, prepaid expenses and other | -12494 | 1968 | |||||||
| Customer deposits | 20828 | -7301 | |||||||
| Accounts payable and accrued expenses | -123718 | -109331 | |||||||
| Net cash provided by operating activities | 874637 | 947175 | |||||||
| Cash flows from investing activities: | |||||||||
| Capital expenditures, net of construction payables and retention | -489185 | -292690 | |||||||
| Investments in unconsolidated affiliates | -236117 | -454980 | |||||||
| Purchase of investments | -475000 | — | |||||||
| Proceeds from maturity of investments | — | 850000 | |||||||
| Purchase of intangible and other assets | -536 | -2615 | |||||||
| Proceeds from sale of assets and other | 1107 | 26797 | |||||||
| Net cash (used in) provided by investing activities | -1199731 | 126512 | |||||||
| Cash flows from financing activities: | |||||||||
| Proceeds from issuance of long-term debt | 1752812 | 1283794 | |||||||
| Repayments of long-term debt | -1763125 | -1251210 | |||||||
| Repurchase of common stock | -379661 | -198249 | |||||||
| Proceeds from exercise of stock options | 457 | 1017 | |||||||
| Distribution to noncontrolling interest | -18138 | -10601 | |||||||
| Dividends paid | -148861 | -112045 | |||||||
| Finance lease payments | -19210 | -14498 | |||||||
| Payments for financing costs | -26446 | -31459 | |||||||
| Other | -9142 | -4486 | |||||||
| Net cash used in financing activities | -611314 | -337737 | |||||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | -2487 | 3351 | |||||||
| Cash, cash equivalents and restricted cash: | |||||||||
| (Decrease) increase in cash, cash equivalents and restricted cash | -938895 | 739301 | |||||||
| Balance, beginning of period | 2521793 | 2969412 | |||||||
| Balance, end of period | 1582898 | 3708713 |
notes to condensed consoli
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) | |||||||||
| September 30, 2025 | December 31, 2024 | ||||||||
| Cash and cash equivalents: | |||||||||
| Cash (1) | 1442922 | 1639151 | |||||||
| Cash equivalents (2) | 43369 | 787004 | |||||||
| Total cash and cash equivalents | 1486291 | 2426155 | |||||||
| Restricted cash (3) | 96607 | 95638 | |||||||
| Total cash, cash equivalents and restricted cash | 1582898 | 2521793 | |||||||
| (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consists of bank time deposits and money market funds, which excludes $ 475.0 million of short-term investments described in Note 2 - Basis of Presentation and Significant Accounting Policies. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in trusts in accordance with WML's share award plans, and as of September 30, 2025 and December 31, 2024 included $ 87.3 million and $ 87.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support the legal and contractual obligations of Wynn Resorts (Macau) S.A. ("Wynn Macau SA") through the term of Wynn Macau SA's gaming concession contract. |
notes to condensed consoli-1
| Nine Months Ended September 30, | |||||||||
| 2025 | 2024 | ||||||||
| Cash paid for interest, net of amounts capitalized | 470288 | 513893 | |||||||
| Liability settled with shares of common stock | 7922 | 8015 | |||||||
| Accounts and construction payables related to property and equipment | 77008 | 68853 | |||||||
| Net settlement of liabilities in connection with an asset sale | $— | 27665 | |||||||
| Finance lease liabilities arising from obtaining finance lease assets | 39573 | 55681 | |||||||
| Liabilities arising from obtaining property and equipment | 21400 | $— |
accounts receivable and cr
| Accounts Receivable and Credit Risk | |||||||||
| September 30, 2025 | December 31, 2024 | ||||||||
| Casino | 278062 | 236642 | |||||||
| Hotel | 48214 | 45996 | |||||||
| Other | 71590 | 79072 | |||||||
| 397866 | 361710 | ||||||||
| Less: allowance for credit losses | -45207 | -37694 | |||||||
| 352659 | 324016 |
notes to condensed consoli-2
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) | |||||||||
| September 30, | |||||||||
| 2025 | 2024 | ||||||||
| Balance at beginning of year | 37694 | 40075 | |||||||
| Provision for credit losses | 9254 | 4352 | |||||||
| Write-offs | -7839 | -10013 | |||||||
| Recoveries of receivables previously written off | 6130 | 4693 | |||||||
| Effect of exchange rate | -32 | 79 | |||||||
| Balance at end of period | 45207 | 39186 |
note 5 property and equip
| Note 5 - Property and Equipment, net | |||||||||
| September 30, 2025 | December 31, 2024 | ||||||||
| Buildings and improvements | 8681915 | 8547922 | |||||||
| Land and improvements | 1225766 | 1210455 | |||||||
| Furniture, fixtures and equipment | 3599279 | 3424361 | |||||||
| Airplanes | 185597 | 110623 | |||||||
| Construction in progress | 314772 | 287436 | |||||||
| 14007329 | 13580797 | ||||||||
| Less: accumulated depreciation | -7428113 | -7059514 | |||||||
| 6579216 | 6521283 |
notes to condensed consoli-3
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) | |||||||||
| September 30, 2025 | December 31, 2024 | ||||||||
| Macau Related: | |||||||||
| WM Cayman II Revolver, due 2028 (1) | 1149517 | 1151874 | |||||||
| WML 5 1/2% Senior Notes, due 2026 | — | 1000000 | |||||||
| WML 5 1/2% Senior Notes, due 2027 | 750000 | 750000 | |||||||
| WML 5 5/8% Senior Notes, due 2028 | 1350000 | 1350000 | |||||||
| WML 5 1/8% Senior Notes, due 2029 | 1000000 | 1000000 | |||||||
| WML 6 3/4% Senior Notes, due 2034 | 1000000 | — | |||||||
| WML 4 1/2% Convertible Bonds, due 2029 (2) | 600000 | 600000 | |||||||
| U.S. and Corporate Related: | |||||||||
| WRF Credit Facilities (3) : | |||||||||
| WRF Term Loan, due 2027 | — | 763125 | |||||||
| WRF Term Loan, due 2030 | 752813 | — | |||||||
| WLV 5 1/4% Senior Notes, due 2027 | 880000 | 880000 | |||||||
| WRF 5 1/8% Senior Notes, due 2029 | 750000 | 750000 | |||||||
| WRF 7 1/8% Senior Notes, due 2031 | 1000000 | 1000000 | |||||||
| WRF 6 1/4% Senior Notes, due 2033 | 800000 | 800000 | |||||||
| Retail Term Loan, due 2027 (4) | 600000 | 600000 | |||||||
| 10632330 | 10644999 | ||||||||
| WML Convertible Bond Conversion Option Derivative | 61522 | 33007 | |||||||
| Less: Unamortized debt issuance costs and original issue discounts and premium, net | -125661 | -136272 | |||||||
| 10568191 | 10541734 | ||||||||
| Less: Current portion of long-term debt | -4705 | -41250 | |||||||
| Total long-term debt, net of current portion | 10563486 | 10500484 |
notes to condensed consoli-4
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) | ||||||||||
| September 30, 2025 | December 31, 2024 | |||||||||
| WML stock price | HK$ | 7.22 | HK$ | 5.39 | ||||||
| Estimated volatility | 26.7% | 31.2% | ||||||||
| Risk-free interest rate | 2.9% | 3.6% | ||||||||
| Expected term (years) | 3.4 | 4.2 | ||||||||
| Dividend yield (1) | 0.0% | 0.0% |
notes to condensed consoli-5
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) | |||||||||||||||||||||
| Fair Value Measurements Using: | |||||||||||||||||||||
| September 30, 2025 | Quoted Market Prices in Active Markets (Level 1) |
Other Observable Inputs (Level 2) |
Unobservable Inputs (Level 3) |
||||||||||||||||||
| Assets: | |||||||||||||||||||||
| Cash equivalents | 43369 | $— | 43369 | $— | |||||||||||||||||
| Restricted cash | 96607 | 6582 | 90025 | $— | |||||||||||||||||
| Fixed deposits | 475000 | $— | 475000 | $— | |||||||||||||||||
| Foreign Currency Swaps (see Note 7) | 15349 | $— | 15349 | $— | |||||||||||||||||
| Interest rate swap | 1245 | $— | 1245 | $— | |||||||||||||||||
| Liabilities: | |||||||||||||||||||||
| WML Convertible Bond Conversion Option Derivative (see Note 7) | 61522 | $— | $— | 61522 | |||||||||||||||||
| Foreign Currency Swaps (see Note 7) | 29762 | $— | 29762 | $— | |||||||||||||||||
| Interest rate swap | 599 | $— | 599 | $— | |||||||||||||||||
| Fair Value Measurements Using: | |||||||||||||||||||||
| December 31, 2024 | Quoted Market Prices in Active Markets (Level 1) |
Other Observable Inputs (Level 2) |
Unobservable Inputs (Level 3) |
||||||||||||||||||
| Assets: | |||||||||||||||||||||
| Cash equivalents | 787004 | $— | 787004 | $— | |||||||||||||||||
| Restricted cash | 95638 | 6434 | 89204 | $— | |||||||||||||||||
| Interest rate swap | 7510 | $— | 7510 | $— | |||||||||||||||||
| Liabilities: | |||||||||||||||||||||
| WML Convertible Bond Conversion Option Derivative (see Note 7) | 33007 | $— | $— | 33007 |
notes to condensed consoli-6
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) | |||||||||||||||||||||||||||||||||
| September 30, 2025 | December 31, 2024 | Increase / (decrease) | September 30, 2024 | December 31, 2023 | Increase / (decrease) | ||||||||||||||||||||||||||||
| Casino outstanding chips and front money deposits (1) | 423005 | 409928 | 13077 | 441712 | 433269 | 8443 | |||||||||||||||||||||||||||
| Advance room deposits and ticket sales (2) | 86643 | 84460 | 2183 | 84133 | 89640 | -5507 | |||||||||||||||||||||||||||
| Other gaming-related liabilities (3) | 13268 | 15458 | -2190 | 14829 | 24964 | -10135 | |||||||||||||||||||||||||||
| Loyalty program and related liabilities (4) | 31865 | 29489 | 2376 | 29001 | 31106 | -2105 | |||||||||||||||||||||||||||
| 554781 | 539335 | 15446 | 569675 | 578979 | -9304 |
note 11 stockbased compen
| Note 11 - Stock-Based Compensation | |||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Casino | 2736 | 777 | 7965 | 2243 | |||||||||||||||||
| Rooms | 1906 | 275 | 4778 | 771 | |||||||||||||||||
| Food and beverage | 4890 | 597 | 12876 | 1586 | |||||||||||||||||
| Entertainment, retail and other | 694 | 551 | 1653 | 1991 | |||||||||||||||||
| General and administrative | 12438 | 11470 | 43629 | 37615 | |||||||||||||||||
| Total stock-based compensation expense | 22664 | 13670 | 70901 | 44206 | |||||||||||||||||
| Total stock-based compensation capitalized | 1407 | 1332 | 4285 | 3953 | |||||||||||||||||
| Total stock-based compensation costs | 24071 | 15002 | 75186 | 48159 |
notes to condensed consoli-7
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) | |||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Numerator: | |||||||||||||||||||||
| Net income (loss) attributable to Wynn Resorts, Limited - basic | 88341 | -32053 | 227306 | 224106 | |||||||||||||||||
| Effect of dilutive securities of Wynn Resorts, Limited subsidiaries: | |||||||||||||||||||||
| Assumed conversion of WML Convertible Bonds (1) | — | — | — | — | |||||||||||||||||
| Net income (loss) attributable to Wynn Resorts, Limited - diluted | 88341 | -32053 | 227306 | 224106 | |||||||||||||||||
| Denominator: | |||||||||||||||||||||
| Weighted average common shares outstanding | 102909 | 109727 | 103955 | 110559 | |||||||||||||||||
| Potential dilutive effect of stock options, nonvested, and performance nonvested shares | 727 | — | 418 | 251 | |||||||||||||||||
| Weighted average common and common equivalent shares outstanding | 103636 | 109727 | 104373 | 110810 | |||||||||||||||||
| Net income (loss) attributable to Wynn Resorts, Limited per common share, basic | 0.86 | -0.29 | 2.19 | 2.03 | |||||||||||||||||
| Net income (loss) attributable to Wynn Resorts, Limited per common share, diluted | 0.85 | -0.29 | 2.18 | 2.02 | |||||||||||||||||
| Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share | 283 | 383 | 399 | 334 |
notes to condensed consoli-8
notes to condensed consoli-9
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) | ||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||
| Wynn Palace | Wynn Macau | Las Vegas Operations | Encore Boston Harbor | Corporate and Other | Total | |||||||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||||||||||||
| Casino | 542439 | 314489 | 161576 | 156213 | $— | 1174717 | ||||||||||||||||||||||||||||||
| Rooms | 37396 | 21149 | 186712 | 25227 | — | 270484 | ||||||||||||||||||||||||||||||
| Food and beverage | 33293 | 17343 | 192544 | 18810 | — | 261990 | ||||||||||||||||||||||||||||||
| Entertainment, retail and other (1) | 22344 | 12532 | 80180 | 11500 | — | 126556 | ||||||||||||||||||||||||||||||
| Total operating revenues | 635472 | 365513 | 621012 | 211750 | — | 1833747 | ||||||||||||||||||||||||||||||
| Cost of revenue (2) | 150112 | 102680 | 398718 | 107077 | — | |||||||||||||||||||||||||||||||
| Gaming taxes (3) | 285078 | 154835 | 18881 | 46279 | — | |||||||||||||||||||||||||||||||
| Adjusted Property EBITDAR (4) | 200282 | 107998 | 203413 | 58394 | $— | 570087 | ||||||||||||||||||||||||||||||
| Other operating expenses | ||||||||||||||||||||||||||||||||||||
| Pre-opening | 7289 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 152828 | |||||||||||||||||||||||||||||||||||
| Property charges and other | 6154 | |||||||||||||||||||||||||||||||||||
| Corporate expense and other | 35721 | |||||||||||||||||||||||||||||||||||
| Stock-based compensation | 22664 | |||||||||||||||||||||||||||||||||||
| Triple-net operating lease expense | 34942 | |||||||||||||||||||||||||||||||||||
| Total other operating expenses | 259598 | |||||||||||||||||||||||||||||||||||
| Operating income | 310489 | |||||||||||||||||||||||||||||||||||
| Other non-operating income and expenses | ||||||||||||||||||||||||||||||||||||
| Interest income | 16581 | |||||||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | -157581 | |||||||||||||||||||||||||||||||||||
| Change in derivatives fair value | -13176 | |||||||||||||||||||||||||||||||||||
| Loss on debt financing transactions | -618 | |||||||||||||||||||||||||||||||||||
| Other | 33868 | |||||||||||||||||||||||||||||||||||
| Total other non-operating income and expenses | -120926 | |||||||||||||||||||||||||||||||||||
| Income before income taxes | 189563 | |||||||||||||||||||||||||||||||||||
| Provision for income taxes | -61136 | |||||||||||||||||||||||||||||||||||
| Net income | 128427 | |||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | -40086 | |||||||||||||||||||||||||||||||||||
| Net income attributable to Wynn Resorts, Limited | 88341 |
notes to condensed consoli-10
notes to condensed consoli-11
notes to condensed consoli-12
notes to condensed consoli-13
notes to condensed consoli-14
| September 30, 2025 | December 31, 2024 | ||||||||
| Assets | |||||||||
| Macau Operations: | |||||||||
| Wynn Palace | 2823996 | 2813190 | |||||||
| Wynn Macau | 1150623 | 1412795 | |||||||
| Other Macau | 1025014 | 778928 | |||||||
| Total Macau Operations | 4999633 | 5004913 | |||||||
| Las Vegas Operations | 3180364 | 3157399 | |||||||
| Encore Boston Harbor | 1954362 | 1980420 | |||||||
| Corporate and other | 2667813 | 2835231 | |||||||
| Total | 12802172 | 12977963 |
summary of third quarter 2
| Summary of third quarter 2025 results | |||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||||||||||||||||||||||
| Operating revenues | 1833747 | 1693323 | 140424 | 8.3 | 5271941 | 5289164 | -17223 | -0.3 | |||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Wynn Resorts, Limited | 88341 | -32053 | 120394 | 375.6 | 227306 | 224106 | 3200 | 1.4 | |||||||||||||||||||||||||||||||||||||
| Diluted net income (loss) per share | 0.85 | -0.29 | 1.14 | 393.1 | 2.18 | 2.02 | 0.16 | 7.9 |
operating revenues
| Operating revenues | |||||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Operating revenues | |||||||||||||||||||||
| Macau Operations: | |||||||||||||||||||||
| Wynn Palace | 635472 | 519790 | 115682 | 22.3 | |||||||||||||||||
| Wynn Macau | 365513 | 351957 | 13556 | 3.9 | |||||||||||||||||
| Total Macau Operations | 1000985 | 871747 | 129238 | 14.8 | |||||||||||||||||
| Las Vegas Operations | 621012 | 607172 | 13840 | 2.3 | |||||||||||||||||
| Encore Boston Harbor | 211750 | 214121 | -2371 | -1.1 | |||||||||||||||||
| Corporate and other | — | 283 | -283 | NM | |||||||||||||||||
| 1833747 | 1693323 | 140424 | 8.3 |
operating revenues-1
| Three Months Ended September 30, | |||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Operating revenues | |||||||||||||||||||||
| Casino revenues | 1174717 | 1018754 | 155963 | 15.3 | |||||||||||||||||
| Non-casino revenues: | |||||||||||||||||||||
| Rooms | 270484 | 284765 | -14281 | -5 | |||||||||||||||||
| Food and beverage | 261990 | 262597 | -607 | -0.2 | |||||||||||||||||
| Entertainment, retail and other | 126556 | 127207 | -651 | -0.5 | |||||||||||||||||
| Total non-casino revenues | 659030 | 674569 | -15539 | -2.3 | |||||||||||||||||
| 1833747 | 1693323 | 140424 | 8.3 |
operating revenues-2
| Three Months Ended September 30, | |||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Macau Operations: | |||||||||||||||||||||
| Wynn Palace: | |||||||||||||||||||||
| Total casino revenues | 542439 | 418043 | 124396 | 29.8 | |||||||||||||||||
| VIP: | |||||||||||||||||||||
| Average number of table games | 52 | 57 | -5 | -8.8 | |||||||||||||||||
| VIP turnover | 3261314 | 3199140 | 62174 | 1.9 | |||||||||||||||||
| VIP table games win | 152478 | 97312 | 55166 | 56.7 | |||||||||||||||||
| VIP win as a % of turnover | 4.68% | 3.04% | 1.64 | ||||||||||||||||||
| Table games win per unit per day | 32401 | 18614 | 13787 | 74.1 | |||||||||||||||||
| Mass market: | |||||||||||||||||||||
| Average number of table games | 247 | 247 | — | — | |||||||||||||||||
| Table drop | 2057789 | 1694575 | 363214 | 21.4 | |||||||||||||||||
| Table games win | 465683 | 404307 | 61376 | 15.2 | |||||||||||||||||
| Table games win % | 22.6% | 23.9% | -1.3 | ||||||||||||||||||
| Table games win per unit per day | 20714 | 17801 | 2913 | 16.4 | |||||||||||||||||
| Average number of slot machines | 653 | 596 | 57 | 9.6 | |||||||||||||||||
| Slot machine handle | 710156 | 577289 | 132867 | 23 | |||||||||||||||||
| Slot machine win | 30482 | 27230 | 3252 | 11.9 | |||||||||||||||||
| Slot machine win per unit per day | 513 | 497 | 16 | 3.2 | |||||||||||||||||
| Wynn Macau: | |||||||||||||||||||||
| Total casino revenues | 314489 | 296781 | 17708 | 6 | |||||||||||||||||
| VIP: | |||||||||||||||||||||
| Average number of table games | 17 | 30 | -13 | -43.3 | |||||||||||||||||
| VIP turnover | 1019346 | 1201516 | -182170 | -15.2 | |||||||||||||||||
| VIP table games win | 29873 | 43326 | -13453 | -31.1 | |||||||||||||||||
| VIP win as a % of turnover | 2.93% | 3.61% | -0.68 | ||||||||||||||||||
| Table games win per unit per day | 18871 | 15692 | 3179 | 20.3 | |||||||||||||||||
| Mass market: | |||||||||||||||||||||
| Average number of table games | 238 | 222 | 16 | 7.2 | |||||||||||||||||
| Table drop | 1633273 | 1515462 | 117811 | 7.8 | |||||||||||||||||
| Table games win | 305761 | 280044 | 25717 | 9.2 | |||||||||||||||||
| Table games win % | 18.7% | 18.5% | 0.2 | ||||||||||||||||||
| Table games win per unit per day | 14139 | 13713 | 426 | 3.1 | |||||||||||||||||
| Average number of slot machines | 809 | 621 | 188 | 30.3 | |||||||||||||||||
| Slot machine handle | 855707 | 815319 | 40388 | 5 | |||||||||||||||||
| Slot machine win | 25588 | 24434 | 1154 | 4.7 | |||||||||||||||||
| Slot machine win per unit per day | 347 | 428 | -81 | -18.9 | |||||||||||||||||
| Poker rake | 2722 | 3205 | -483 | -15.1 |
operating revenues-3
| Three Months Ended September 30, | |||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Las Vegas Operations: | |||||||||||||||||||||
| Total casino revenues | 161576 | 145186 | 16390 | 11.3 | |||||||||||||||||
| Average number of table games | 233 | 235 | -2 | -0.9 | |||||||||||||||||
| Table drop | 652293 | 580800 | 71493 | 12.3 | |||||||||||||||||
| Table games win | 150073 | 135230 | 14843 | 11 | |||||||||||||||||
| Table games win % | 23.0% | 23.3% | -0.3 | ||||||||||||||||||
| Table games win per unit per day | 6994 | 6256 | 738 | 11.8 | |||||||||||||||||
| Average number of slot machines | 1573 | 1620 | -47 | -2.9 | |||||||||||||||||
| Slot machine handle | 1818133 | 1695799 | 122334 | 7.2 | |||||||||||||||||
| Slot machine win | 123500 | 112771 | 10729 | 9.5 | |||||||||||||||||
| Slot machine win per unit per day | 854 | 757 | 97 | 12.8 | |||||||||||||||||
| Poker rake | 5148 | 4629 | 519 | 11.2 | |||||||||||||||||
| Encore Boston Harbor: | |||||||||||||||||||||
| Total casino revenues | 156213 | 158744 | -2531 | -1.6 | |||||||||||||||||
| Average number of table games | 172 | 179 | -7 | -3.9 | |||||||||||||||||
| Table drop | 323981 | 347082 | -23101 | -6.7 | |||||||||||||||||
| Table games win | 66257 | 74048 | -7791 | -10.5 | |||||||||||||||||
| Table games win % | 20.5% | 21.3% | -0.8 | ||||||||||||||||||
| Table games win per unit per day | 4187 | 4507 | -320 | -7.1 | |||||||||||||||||
| Average number of slot machines | 2727 | 2611 | 116 | 4.4 | |||||||||||||||||
| Slot machine handle | 1397554 | 1378066 | 19488 | 1.4 | |||||||||||||||||
| Slot machine win | 110797 | 105550 | 5247 | 5 | |||||||||||||||||
| Slot machine win per unit per day | 442 | 439 | 3 | 0.7 | |||||||||||||||||
| Poker rake | 5410 | 5334 | 76 | 1.4 |
noncasino revenues
| Non-casino revenues | |||||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Macau Operations: | |||||||||||||||||||||
| Wynn Palace : | |||||||||||||||||||||
| Total room revenues (dollars in thousands) | 37396 | 49145 | -11749 | -23.9 | |||||||||||||||||
| Occupancy | 98.2% | 98.3% | -0.1 | ||||||||||||||||||
| ADR | 221 | 295 | -74 | -25.1 | |||||||||||||||||
| REVPAR | 217 | 289 | -72 | -24.9 | |||||||||||||||||
| Wynn Macau: | |||||||||||||||||||||
| Total room revenues (dollars in thousands) | 21149 | 23755 | -2606 | -11 | |||||||||||||||||
| Occupancy | 98.8% | 98.9% | -0.1 | ||||||||||||||||||
| ADR | 207 | 233 | -26 | -11.2 | |||||||||||||||||
| REVPAR | 205 | 230 | -25 | -10.9 | |||||||||||||||||
| Las Vegas Operations: | |||||||||||||||||||||
| Total room revenues (dollars in thousands) | 186712 | 187123 | -411 | -0.2 | |||||||||||||||||
| Occupancy | 85.7% | 89.0% | -3.3 | ||||||||||||||||||
| ADR | 505 | 495 | 10 | 2 | |||||||||||||||||
| REVPAR | 433 | 441 | -8 | -1.8 | |||||||||||||||||
| Encore Boston Harbor: | |||||||||||||||||||||
| Total room revenues (dollars in thousands) | 25227 | 24742 | 485 | 2 | |||||||||||||||||
| Occupancy | 95.5% | 96.9% | -1.4 | ||||||||||||||||||
| ADR | 431 | 426 | 5 | 1.2 | |||||||||||||||||
| REVPAR | 412 | 412 | $— | — |
operating expenses
| Operating expenses | |||||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||
| Casino | 705421 | 617469 | 87952 | 14.2 | |||||||||||||||||
| Rooms | 86385 | 83376 | 3009 | 3.6 | |||||||||||||||||
| Food and beverage | 231100 | 220187 | 10913 | 5 | |||||||||||||||||
| Entertainment, retail and other | 54541 | 56184 | -1643 | -2.9 | |||||||||||||||||
| General and administrative | 275035 | 271829 | 3206 | 1.2 | |||||||||||||||||
| Provision for credit losses | 4505 | 1836 | 2669 | 145.4 | |||||||||||||||||
| Pre-opening | 7289 | 2457 | 4832 | 196.7 | |||||||||||||||||
| Depreciation and amortization | 152828 | 156273 | -3445 | -2.2 | |||||||||||||||||
| Property charges and other | 6154 | 150475 | -144321 | -95.9 | |||||||||||||||||
| Total operating expenses | 1523258 | 1560086 | -36828 | -2.4 |
operating revenues-4
| Operating revenues | |||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Operating revenues | |||||||||||||||||||||
| Macau Operations: | |||||||||||||||||||||
| Wynn Palace | 1711042 | 1654740 | 56302 | 3.4 | |||||||||||||||||
| Wynn Macau | 1039286 | 1100970 | -61684 | -5.6 | |||||||||||||||||
| Total Macau Operations | 2750328 | 2755710 | -5382 | -0.2 | |||||||||||||||||
| Las Vegas Operations | 1884930 | 1872374 | 12556 | 0.7 | |||||||||||||||||
| Encore Boston Harbor | 636683 | 644513 | -7830 | -1.2 | |||||||||||||||||
| Corporate and other | — | 16567 | -16567 | NM | |||||||||||||||||
| 5271941 | 5289164 | -17223 | -0.3 |
operating revenues-5
| Nine Months Ended September 30, | |||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Operating revenues | |||||||||||||||||||||
| Casino revenues | 3266981 | 3149166 | 117815 | 3.7 | |||||||||||||||||
| Non-casino revenues: | |||||||||||||||||||||
| Rooms | 836058 | 916700 | -80642 | -8.8 | |||||||||||||||||
| Food and beverage | 772926 | 810939 | -38013 | -4.7 | |||||||||||||||||
| Entertainment, retail and other | 395976 | 412359 | -16383 | -4 | |||||||||||||||||
| Total non-casino revenues | 2004960 | 2139998 | -135038 | -6.3 | |||||||||||||||||
| 5271941 | 5289164 | -17223 | -0.3 |
casino revenues
| Casino revenues | |||||||||||||||||||||
| Nine Months Ended September 30, |
|||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Macau Operations: | |||||||||||||||||||||
| Wynn Palace: | |||||||||||||||||||||
| Total casino revenues | 1435245 | 1336788 | 98457 | 7.4 | |||||||||||||||||
| VIP: | |||||||||||||||||||||
| Average number of table games | 53 | 58 | -5 | -8.6 | |||||||||||||||||
| VIP turnover | 11337407 | 9930241 | 1407166 | 14.2 | |||||||||||||||||
| VIP table games win | 373481 | 342024 | 31457 | 9.2 | |||||||||||||||||
| VIP win as a % of turnover | 3.29% | 3.44% | -0.15 | ||||||||||||||||||
| Table games win per unit per day | 25888 | 21677 | 4211 | 19.4 | |||||||||||||||||
| Mass market: | |||||||||||||||||||||
| Average number of table games | 248 | 245 | 3 | 1.2 | |||||||||||||||||
| Table drop | 5606241 | 5215019 | 391222 | 7.5 | |||||||||||||||||
| Table games win | 1299679 | 1251039 | 48640 | 3.9 | |||||||||||||||||
| Table games win % | 23.2% | 24.0% | -0.8 | ||||||||||||||||||
| Table games win per unit per day | 19282 | 18620 | 662 | 3.6 | |||||||||||||||||
| Average number of slot machines | 643 | 592 | 51 | 8.6 | |||||||||||||||||
| Slot machine handle | 2202840 | 1815623 | 387217 | 21.3 | |||||||||||||||||
| Slot machine win | 92320 | 83790 | 8530 | 10.2 | |||||||||||||||||
| Slot machine win per unit per day | 528 | 517 | 11 | 2.1 | |||||||||||||||||
| Wynn Macau: | |||||||||||||||||||||
| Total casino revenues | 883419 | 923851 | -40432 | -4.4 | |||||||||||||||||
| VIP: | |||||||||||||||||||||
| Average number of table games | 23 | 30 | -7 | -23.3 | |||||||||||||||||
| VIP turnover | 3438127 | 3955277 | -517150 | -13.1 | |||||||||||||||||
| VIP table games win | 79025 | 122705 | -43680 | -35.6 | |||||||||||||||||
| VIP win as a % of turnover | 2.30% | 3.10% | -0.8 | ||||||||||||||||||
| Table games win per unit per day | 12862 | 14988 | -2126 | -14.2 | |||||||||||||||||
| Mass market: | |||||||||||||||||||||
| Average number of table games | 230 | 222 | 8 | 3.6 | |||||||||||||||||
| Table drop | 4793914 | 4801533 | -7619 | -0.2 | |||||||||||||||||
| Table games win | 875146 | 887194 | -12048 | -1.4 | |||||||||||||||||
| Table games win % | 18.3% | 18.5% | -0.2 | ||||||||||||||||||
| Table games win per unit per day | 13993 | 14599 | -606 | -4.2 | |||||||||||||||||
| Average number of slot machines | 763 | 607 | 156 | 25.7 | |||||||||||||||||
| Slot machine handle | 2718205 | 2347521 | 370684 | 15.8 | |||||||||||||||||
| Slot machine win | 75148 | 76604 | -1456 | -1.9 | |||||||||||||||||
| Slot machine win per unit per day | 362 | 461 | -99 | -21.5 | |||||||||||||||||
| Poker rake | 8778 | 11831 | -3053 | -25.8 |
casino revenues-1
| Nine Months Ended September 30, |
|||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Las Vegas Operations: | |||||||||||||||||||||
| Total casino revenues | 471071 | 410023 | 61048 | 14.9 | |||||||||||||||||
| Average number of table games | 234 | 234 | — | — | |||||||||||||||||
| Table drop | 1854052 | 1721435 | 132617 | 7.7 | |||||||||||||||||
| Table games win | 427109 | 409336 | 17773 | 4.3 | |||||||||||||||||
| Table games win % | 23.0% | 23.8% | -0.8 | ||||||||||||||||||
| Table games win per unit per day | 6691 | 6380 | 311 | 4.9 | |||||||||||||||||
| Average number of slot machines | 1575 | 1612 | -37 | -2.3 | |||||||||||||||||
| Slot machine handle | 5356473 | 4840241 | 516232 | 10.7 | |||||||||||||||||
| Slot machine win | 370350 | 322544 | 47806 | 14.8 | |||||||||||||||||
| Slot machine win per unit per day | 861 | 730 | 131 | 17.9 | |||||||||||||||||
| Poker rake | 17583 | 16652 | 931 | 5.6 | |||||||||||||||||
| Encore Boston Harbor: | |||||||||||||||||||||
| Total casino revenues | 477246 | 478504 | -1258 | -0.3 | |||||||||||||||||
| Average number of table games | 172 | 182 | -10 | -5.5 | |||||||||||||||||
| Table drop | 1002226 | 1072750 | -70524 | -6.6 | |||||||||||||||||
| Table games win | 208155 | 227496 | -19341 | -8.5 | |||||||||||||||||
| Table games win % | 20.8% | 21.2% | -0.4 | ||||||||||||||||||
| Table games win per unit per day | 4433 | 4553 | -120 | -2.6 | |||||||||||||||||
| Average number of slot machines | 2721 | 2612 | 109 | 4.2 | |||||||||||||||||
| Slot machine handle | 4120102 | 4201520 | -81418 | -1.9 | |||||||||||||||||
| Slot machine win | 327752 | 315773 | 11979 | 3.8 | |||||||||||||||||
| Slot machine win per unit per day | 441 | 441 | $— | — | |||||||||||||||||
| Poker rake | 16482 | 16422 | 60 | 0.4 |
noncasino revenues-1
| Non-casino revenues | |||||||||||||||||||||
| Nine Months Ended September 30, |
|||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Macau Operations: | |||||||||||||||||||||
| Wynn Palace: | |||||||||||||||||||||
| Total room revenues (dollars in thousands) | 112492 | 153287 | -40795 | -26.6 | |||||||||||||||||
| Occupancy | 98.4% | 98.7% | -0.3 | ||||||||||||||||||
| ADR | 225 | 315 | -90 | -28.6 | |||||||||||||||||
| REVPAR | 222 | 311 | -89 | -28.6 | |||||||||||||||||
| Wynn Macau: | |||||||||||||||||||||
| Total room revenues (dollars in thousands) | 66188 | 76116 | -9928 | -13 | |||||||||||||||||
| Occupancy | 99.1% | 99.2% | -0.1 | ||||||||||||||||||
| ADR | 219 | 251 | -32 | -12.7 | |||||||||||||||||
| REVPAR | 217 | 249 | -32 | -12.9 | |||||||||||||||||
| Las Vegas Operations: | |||||||||||||||||||||
| Total room revenues (dollars in thousands) | 590561 | 617071 | -26510 | -4.3 | |||||||||||||||||
| Occupancy | 87.4% | 89.3% | -1.9 | ||||||||||||||||||
| ADR | 527 | 541 | -14 | -2.6 | |||||||||||||||||
| REVPAR | 461 | 483 | -22 | -4.6 | |||||||||||||||||
| Encore Boston Harbor: | |||||||||||||||||||||
| Total room revenues (dollars in thousands) | 66817 | 70226 | -3409 | -4.9 | |||||||||||||||||
| Occupancy | 92.2% | 94.4% | -2.2 | ||||||||||||||||||
| ADR | 399 | 410 | -11 | -2.7 | |||||||||||||||||
| REVPAR | 368 | 387 | -19 | -4.9 |
operating expenses-1
| Operating expenses | |||||||||||||||||||||
| Nine Months Ended September 30, |
|||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||
| Casino | 1983362 | 1907426 | 75936 | 4 | |||||||||||||||||
| Rooms | 256524 | 245991 | 10533 | 4.3 | |||||||||||||||||
| Food and beverage | 656167 | 647351 | 8816 | 1.4 | |||||||||||||||||
| Entertainment, retail and other | 174768 | 190137 | -15369 | -8.1 | |||||||||||||||||
| General and administrative | 831539 | 808172 | 23367 | 2.9 | |||||||||||||||||
| Provision for credit losses | 9254 | 4352 | 4902 | 112.6 | |||||||||||||||||
| Pre-opening | 23862 | 6050 | 17812 | 294.4 | |||||||||||||||||
| Depreciation and amortization | 461156 | 507611 | -46455 | -9.2 | |||||||||||||||||
| Property charges and other | 31631 | 206238 | -174607 | -84.7 | |||||||||||||||||
| Total operating expenses | 4428263 | 4523328 | -95065 | -2.1 |
segment information
| Segment Information | |||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | Increase/ (Decrease) | Percent Change | 2025 | 2024 | Increase/ (Decrease) | Percent Change | ||||||||||||||||||||||||||||||||||||||
| Wynn Palace | 200282 | 162283 | 37999 | 23.4 | 519373 | 549112 | -29739 | -5.4 | |||||||||||||||||||||||||||||||||||||
| Wynn Macau | 107998 | 100594 | 7404 | 7.4 | 294707 | 333691 | -38984 | -11.7 | |||||||||||||||||||||||||||||||||||||
| Las Vegas Operations | 203413 | 202720 | 693 | 0.3 | 661586 | 679315 | -17729 | -2.6 | |||||||||||||||||||||||||||||||||||||
| Encore Boston Harbor | 58394 | 63018 | -4624 | -7.3 | 179707 | 188284 | -8577 | -4.6 | |||||||||||||||||||||||||||||||||||||
| Corporate and other | — | -938 | 938 | NM | — | -4535 | 4535 | NM |
liquidity and capital reso
| Liquidity and Capital Resources | |||||||||
| Nine Months Ended September 30, | |||||||||
| Cash Flows - Summary | 2025 | 2024 | |||||||
| Cash flows from operating activities | 874637 | 947175 | |||||||
| Cash flows from investing activities: | |||||||||
| Capital expenditures, net of construction payables and retention | -489185 | -292690 | |||||||
| Investments in unconsolidated affiliates | -236117 | -454980 | |||||||
| Purchase of investments | -475000 | — | |||||||
| Proceeds from maturity of investments | — | 850000 | |||||||
| Purchase of intangible and other assets | -536 | -2615 | |||||||
| Proceeds from sale of assets and other | 1107 | 26797 | |||||||
| Net cash (used in) provided by investing activities | -1199731 | 126512 | |||||||
| Cash flows from financing activities: | |||||||||
| Proceeds from issuance of long-term debt | 1752812 | 1283794 | |||||||
| Repayments of long-term debt | -1763125 | -1251210 | |||||||
| Repurchase of common stock | -379661 | -198249 | |||||||
| Proceeds from exercise of stock options | 457 | 1017 | |||||||
| Distribution to noncontrolling interest | -18138 | -10601 | |||||||
| Dividends paid | -148861 | -112045 | |||||||
| Finance lease payments | -19210 | -14498 | |||||||
| Payments for financing costs | -26446 | -31459 | |||||||
| Other | -9142 | -4486 | |||||||
| Net cash used in financing activities | -611314 | -337737 | |||||||
| Effect of exchange rate on cash, cash equivalents and restricted cash | -2487 | 3351 | |||||||
| (Decrease) increase in cash, cash equivalents and restricted cash | -938895 | 739301 |
financing activities
| Financing Activities | |||||||||
| Proceeds from issuance | Repayments and repurchases | ||||||||
| WML 6 3/4% Senior Notes, due 2034 ("2034 WML Senior Notes") | 1000000 | $— | |||||||
| WML 5 1/2% Senior Notes, due 2026 ("2026 WML Senior Notes") | — | 1000000 | |||||||
| WRF Credit Facilities: | |||||||||
| WRF Term Loan, due 2027 | — | 763125 | |||||||
| WRF Term Loan, due 2030 | 752812 | — | |||||||
| Total | 1752812 | 1763125 |
financing activities-1
| Proceeds from issuance | Repayments and repurchases | ||||||||
| WRF 6 1/4% Senior Notes, due 2033 | 800000 | $— | |||||||
| WRF 7 1/8% Senior Notes, due 2031 | 412000 | — | |||||||
| WM Cayman II Revolver, due 2028 | — | 351787 | |||||||
| WLV 5 1/2% Senior Notes, due 2025 | — | 796691 | |||||||
| WRF Credit Facilities: | |||||||||
| WRF Term Loan, due 2027 | 71794 | 102732 | |||||||
| Total | 1283794 | 1251210 |
capital resources
| Capital Resources | |||||||||||||||
| Total Cash and Cash Equivalents | Investments (1) | Revolver Borrowing Capacity | |||||||||||||
| Wynn Macau, Limited and subsidiaries | 973301 | 475000 | 1355012 | ||||||||||||
| Wynn Resorts Finance, LLC (2) | 228739 | — | 1233783 | ||||||||||||
| Wynn Resorts, Limited and other | 284251 | — | — | ||||||||||||
| Total | 1486291 | 475000 | 2588795 |
issuer purchases of equity
| Issuer Purchases of Equity Securities | ||||||||||||||||||||||||
| Period | Total Number of Shares Purchased (1) (2) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands) | ||||||||||||||||||||
| July 1, 2025 to July 31, 2025 | 2905 | 103.3 | 600 | 454880 | ||||||||||||||||||||
| August 1, 2025 to August 31, 2025 | 4974 | 108.36 | — | 454880 | ||||||||||||||||||||
| September 1, 2025 to September 30, 2025 | 5638 | 125 | — | 454880 |
certification of the chief
| Certification of the Chief Executive Officer | ||||||||||||
| Date: November 6, 2025 | /s/ Craig S. Billings | |||||||||||
| Craig S. Billings Chief Executive Officer (Principal Executive Officer) |
certification of the chief-1
| Certification of the Chief Financial Officer | ||||||||||||
| Date: November 6, 2025 | /s/ Julie Cameron-Doe | |||||||||||
| Julie Cameron-Doe Chief Financial Officer (Principal Financial and Accounting Officer) |
certification of the chief-2
| Certification of the Chief Executive Officer and the Chief Financial Officer | |||
| /s/ Craig S. Billings | |||
| Name: | Craig S. Billings | ||
| Title: | Chief Executive Officer | ||
| (Principal Executive Officer) | |||
| Date: | November 6, 2025 |
certification of the chief-3
| /s/ Julie Cameron-Doe | |||
| Name: | Julie Cameron-Doe | ||
| Title: | Chief Financial Officer | ||
| (Principal Financial and Accounting Officer) | |||
| Date: | November 6, 2025 |