# Wynn Resorts 1Q25 Earnings Presentation

# May 2025

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# 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.

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The World’s Only Global Luxury Integrated Resort Developer and Operator

Preeminent global designer, developer, and operator of integrated resorts, and the only gaming company which is vertically integrated across all three disciplines

Demonstrated track record of designing and developing successful and iconic integrated resort projects around the world, led by Wynn Design and Development (“WDD”) team

World’s most recognized luxury integrated resort (1) developer and operator

Strong capital allocator, investing in high-return projects and reinvesting in existing assets, while maintaining a strong balance sheet and returning capital to shareholders

Wynn has built a collection of the world’s leading luxury integrated resorts

Wynn | Encore Las Vegas

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Iconic, Irreplaceable Assets in the World’s Most Attractive Gaming Markets

(1) The development of Wynn Al Marjan Island and pending acquisition of Crown London Aspinalls will further solidify Wynn’s position as the premier luxury global gaming operator

1. Subject to regulatory approval, transaction expected to close in 2H2025. Name and branding to be finalized post-completion.  
2. Expected to open in 1Q2027. Includes 70 acres of additional developable land, owned by the Joint Venture.  
3. Includes 13 acres of long-term leased land.  
4. Includes 166 acres of owned developable land.  
5. Includes 16 acres of owned developable land.  
6. Expected to open in 1Q2027. Includes 70 acres of additional developable land, owned by the Joint Venture.  
7. Includes 13 acres of long-term leased land.

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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

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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.

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# Attractive Greenfield Opportunities in Gateway Cities, Led by Wynn Al Marjan Island in the UAE

- Industry-leading product and service levels position us well to compete for new greenfield opportunities around the world
- **UAE is the most exciting new market for Integrated Resort development in decades**  o Wynn Al Marjan Island and broader UAE opportunity is unique in our industry o Construction is rapidly advancing
- **Encouraging (but early) progress in Thailand**  o Major tourism destination with significant tourism infrastructure o World-class service culture
- **Significant land banks in each of our markets for continued long term development Wynn Al Marjan Island**

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Diversified EBITDAR Base Further Enhanced by Opening of UAE in 1Q 2027

Combination of strong organic growth at our existing properties along with the opening of Wynn Al Marjan Island expected to drive an increase in Adjusted Property EBITDAR and geographic diversity

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

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.

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Long-Term Shareholder Value Creation

Large EBITDAR Base

• Wynn Al Marjan Island expected to add significant EBITDAR (cash flow and management fees) to our existing base

Defined Capex Cycle

• Delivering on identified capex projects in Las Vegas

Significant Free Cash Flow Generation

• Strong balance sheet and liquidity position enables return of capital to shareholders, over $1.1 billion (~10% of gross shares) returned to Wynn Resorts, Limited shareholders (2) since 2022

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# Operational Update

# 1Q25

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Operational Excellence Driving Continued Strong Performance

Las Vegas – Extending our leadership position in the world’s greatest entertainment market

o Strong financial performance in 1Q25 and continued market share gains despite union-related cost increases and challenging Y/Y comps

o Three pillars of success: 1) the best physical assets; 2) the best team and service levels; and 3) unique “Only at Wynn” programming

o Targeted high-return investments across key areas of the property continue to maintain our premium positioning relative to peers

o Market-leading fair share premiums and stable market share despite new hotel supply and amenities from peers

Boston – The East Coast’s only Forbes 5-Star Casino Resort

o Structural margin tailwinds driven by favorable mix shift and disciplined OpEx control

o Only gaming resort in the Greater Boston metro area

o Continued database growth outside our immediate catchment area

1. Quarterly Total Adj. Property EBITDAR

1. Excludes corporate and other.

(1) Annual Total Adj. Property EBITDAR

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Wynn Las Vegas – Strong Operating Performance On (1) Challenging Y/Y Comps

Extending our leadership position on the LV Strip

• Strong financial performance in 1Q25, against a prior year period that benefitted from the Super Bowl that was held in Las Vegas

• Continued market share gains further elevating us above peers

1. Refers to Las Vegas Operations as disclosed in our public filings.

Quarterly Adj. Property EBITDAR

Annual Adj. Property EBITDAR

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Encore Boston Harbor – Stable Operating Performance

The East Coast’s Only Forbes 5-Star Casino Resort

• Steady operating performance

o Strong return on equity following de-risking sale leaseback transaction

o Only casino resort in the Greater Boston metro area

o Growing our database outside the immediate catchment area

Quarterly Adj. Property EBITDAR

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(1) Macau Operations – Strong Long-Term Positioning in a Competitive Market

• Healthy balance sheet and strong free cash flow generation allows us to continue to invest in our assets and return capital to shareholders – including an increased Final Dividend of $125 million

• Low VIP hold of 2.6% and 1.1% at Wynn Palace and Wynn (2) Macau, respectively

Ample Room for Continued Long-Term Growth

• Enhanced loyalty program and smart tables driving enhanced marketing and improved OpEx efficiencies

• Continuing to yield via expanded premium offerings with best-in-class facilities and service offerings

1. Macau Operations includes combined results of the Company’s assets in Macau, including Wynn Macau and Wynn Palace.  
2. We typically expect win as a percentage of VIP turnover to be within the range of 3.1% to 3.4%.

Quarterly Adj. Property EBITDAR

Annual Adj. Property EBITDAR

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# Wynn Al Marjan Island Update

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Wynn Al Marjan Island – Construction Progress Update

th Construction is progressing on schedule, currently through the 47 floor of the hotel tower

Note: As of April 30, 2025.

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We Have Made Significant Progress Towards An Early-2027 Opening

• In 1Q25, Wynn Al Marjan Island hired 25 new team members to join the project, bringing our total employee count to date to 49, consisting of mostly senior level executives and senior management

o ~327 anticipated by YE2025

o Launched careers page

• Completed $2.4 billion construction facility with a global syndicate of lenders, including $250 million initial debt draw during 1Q25

• We have each of our key division heads in place across all gaming and non-gaming areas

• Announcement of the planned acquisition of Crown London Aspinalls in January meaningfully enhances our database building effort given significant VIP overlap between London and the UAE

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# Free Cash Flow Update

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Well-Defined Capex Cycle Coming to a Natural Conclusion in late 2026

|  | Projects(1) | 2025 | 2026 |
| --- | --- | --- | --- |
| Wynn Al Marjan Island | Remaining estimated equity contributions of $650-$725mm on the project | ~$350-375mm | ~$350-400mm |
| Wynn Las Vegas(2) | Completion of Fairway Villas renovationZero BondGolf Course Club House & GrillHigh limit table expansionEncore Tower renovation | ~$375-400mm | ~$200-225mm |

1. Select larger projects, not meant to be an exhaustive list. Excludes maintenance capex.
2. In light of the present uncertainty regarding tariffs and their potential impact on the cost of materials sourced from overseas, we are currently reassessing the timing, scope and

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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.

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# Free Cash Flow Forecast Items

## 2025 Domestic Cash Flow Forecast Items

- $750 – $800mm 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 – $115mm inclusive of Wynn Las Vegas and Encore Boston Harbor  **Boston Cash Lease**
(2) - ~$126mm cash lease expense  **Expense**

- $4.8bn of total gross domestic debt  **Cash Interest** • $280 – $300mm inclusive of Wynn Resorts Finance, Wynn Las Vegas and Wynn Las Vegas Retail Term Loan

- Weighted avg. interest rate of 6% (~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** • $250 – $300mm project capex, subject to government approvals  **Maintenance Capex** • $70 – $80mm

- $5.9bn of total gross Macau debt  **Cash Interest** • $320 – $340mm inclusive of Wynn Macau’s Credit Facility, Senior Notes, and Convertible Bond

- Weighted avg. interest rate of 5.6% (~80% of Macau debt is fixed)  Note: Estimates based on current anticipated business volumes and capital planning.

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Building on the Extensive Capital Return Program Already Underway at Wynn Resorts, Limited

(1) ~$950 Million or ~10% of Gross WRL Shares Repurchased Since 2022

~$220 Million of WRL Dividends Paid Since 2023

Over ~$1.1 Billion of Capital Returned to WRL Shareholders Since 2022

Note: Through 3/31/2025.

1. Net of shares issued during the period, ~8.5% of shares have been retired since 2022.

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# Balance Sheet & Liquidity Update

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Significant Liquidity and Fortified Balance Sheet With Limited Near-Term Maturities

$1.3bn Total  (1) Liquidity

4.3x Net Lease-Adj. (2) Leverage

6.0% Weighted Avg. Cost of Debt

Wynn Resorts’ Domestic Debt Maturity Profile

4.7x Net (2) Leverage

$1.8bn Total (1) Liquidity

5.5% Weighted Avg. Cost of Debt

01. Domestic includes $579mm of cash and $735mm of revolver availability. Macau includes $1.5bn of cash and $353mm of revolver availability.

02. Domestic leverage is calculated using LTM 1Q25 Adj. Property EBITDAR of $1,163mm, less corporate expense of $95mm, plus Management & License Fees from Macau of $113mm as well as Wynn Resorts, Limited’s ~72% share of dividends from Macau ($73mm), and assumes Encore Boston Harbor triple-net operating lease rent of $142mm is capitalized at 8.0x. Macau leverage is calculated using LTM 1Q25 Adj. Property EBITDAR of $1,088mm less corporate expense of $50mm and less Management & License Fees paid to Wynn Resorts, Limited of $113mm.

03. Net of $15mm Letters of Credit.

04. Net of $15mm Letters of Credit.

05. Net of $20mm portion owned by Wynn Resorts, Limited.

06. Includes $753mm Wynn Resorts Finance Term Loan and $600mm Retail Term Loan. Wynn Resorts owns 50.1% of the Retail Joint Venture.

07. Net of $15mm Letters of Credit.

08. Net of $20mm portion owned by Wynn Resorts, Limited.

09. Net of $20mm portion owned by Wynn Resorts, Limited.

10. Includes $753mm Wynn Resorts Finance Term Loan and $600mm Retail Term Loan. Wynn Resorts owns 50.1% of the Retail Joint Venture.

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# Appendix

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Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin

Property EBITDAR and Adjusted Property EBITDAR Margin 1Q25 vs. 1Q24

Property EBITDAR and Adjusted Property EBITDAR Margin

Three Months Ended March 31, 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) | $536 | $330 | - | $866 | $625 | $209 | $1,700 | - | $1,700 |
| Operating income(loss) | $83 | $53 | ($8) | $127 | $116 | ($11) | $232 | $36 | $269 |
| Pre-opening expenses | 1 | - | - | 1 | 1 | - | 2 | 3 | 5 |
| Depreciation and amortization | 56 | 19 | 0 | 76 | 63 | 14 | 153 | 3 | 155 |
| Property charges and other | 1 | 4 | 0 | 5 | 1 | 6 | 11 | 1 | 12 |
| Management and license fees | 18 | 10 | - | 28 | 29 | 10 | 67 | (67) | - |
| Corporate expenses and other | 2 | 2 | 7 | 11 | 8 | 2 | 21 | 16 | 37 |
| Stock-based compensation | 1 | 1 | 1 | 4 | 6 | 1 | 11 | 8 | 19 |
| Triple-net operating lease rent expense | - | - | - | - | - | 35 | 35 | - | 35 |
| Adjusted Property EBITDAR(b) | $162 | $90 | ($0) | $252 | $223 | $57 | $533 | ($0) | $533 |
| Adjusted Property EBITDAR Margin(=b/a) | 30.2% | 27.3% | - | 29.1% | 35.7% | 27.5% | 31.3% |  |  |

Note: Figures may not foot due to rounding.

1. Reflects the sum of Total Macau Operations, Las Vegas Operations and Encore Boston Harbor.

| (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) | $587 | $412 | - | $999 | $637 | $218 | $1,853 | $10 | $1,863 |
| Operating income(loss) | $114 | $101 | ($9) | $206 | $146 | ($17) | $335 | $28 | $363 |
| Pre-opening expenses | - | - | - | - | 0 | 0 | 1 | 2 | 2 |
| Depreciation and amortization | 55 | 20 | 0 | 76 | 59 | 31 | 166 | 9 | 175 |
| Property charges and other | 11 | (0) | 0 | 11 | 0 | 0 | 12 | 5 | 17 |
| Management and license fees | 19 | 13 | - | 32 | 30 | 11 | 73 | (73) | - |
| Corporate expenses and other | 2 | 3 | 7 | 12 | 8 | 2 | 22 | 18 | 40 |
| Stock-based compensation | 1 | 1 | 1 | 3 | 2 | 0 | 6 | 9 | 14 |
| Triple-net operating lease rent expense | - | - | - | - | - | 35 | 35 | - | 35 |
| Adjusted Property EBITDAR(b) | $202 | $137 | $0 | $340 | $246 | $63 | $649 | ($2) | $647 |
| Adjusted Property EBITDAR Margin(=b/a) | 34.5% | 33.3% | - | 34.0% | 38.7% | 29.0% | 35.0% |  |  |

1. Reflects the sum of Total Macau Operations, Las Vegas Operations and Encore Boston Harbor.

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Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR LTM 1Q25

Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR

| (US$ in millions) | 2Q24 | 3Q24 | 4Q24 | 1Q25 | LTM 1Q25 |
| --- | --- | --- | --- | --- | --- |
| Net income (loss) attributable to Wynn Resorts, Limited | $112 | ($32) | $277 | $73 | $430 |
| Net income attributable to noncontrolling interests | 34 | 27 | 45 | 9 | 115 |
| Pre-opening expenses | 2 | 2 | 3 | 5 | 13 |
| Depreciation and amortization | 176 | 156 | 151 | 155 | 639 |
| Property charges and other | 39 | 150 | 9 | 12 | 210 |
| Triple-net operating lease rent expense | 35 | 35 | 35 | 35 | 141 |
| Corporate expenses and other | 34 | 36 | 38 | 37 | 145 |
| Stock-based compensation | 16 | 14 | 15 | 19 | 64 |
| Interest income | (35) | (31) | (25) | (19) | (110) |
| Interest expense, net of amounts capitalized | 175 | 168 | 163 | 158 | 664 |
| Change in derivatives fair value | (16) | 6 | (50) | 30 | (31) |
| Loss on debt financing transactions | - | 0 | 1 | - | 1 |
| Other | (9) | (21) | (4) | 8 | (25) |
| Provision (benefit) for income taxes | 8 | 17 | (41) | 11 | (5) |
| Adjusted Property EBITDAR | $572 | $528 | $619 | $533 | $2,251 |
| Adjusted Property EBITDAR |  |  |  |  |  |
| Wynn Palace | $185 | $162 | $185 | $162 | $693 |
| Wynn Macau | 96 | 101 | 108 | 90 | 395 |
| Total Macau Operations | $280 | $263 | $293 | $252 | $1,088 |
| Las Vegas Operations | 230 | 203 | 267 | 223 | 924 |
| Encore Boston Harbor | 62 | 63 | 59 | 57 | 241 |
| Corporate and other | (1) | (1) | - | - | (2) |
| Adjusted Property EBITDAR | $572 | $528 | $619 | $533 | $2,251 |

Note: Figures may not foot due to rounding.

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Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR LTM 1Q24

Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR

| (US$ in millions) | 2Q23 | 3Q23 | 4Q23 | 1Q24 | LTM 1Q24 |
| --- | --- | --- | --- | --- | --- |
| Net income (loss) attributable to Wynn Resorts, Limited | $105 | ($117) | $729 | $144 | $862 |
| Net income attributable to noncontrolling interests | 23 | (4) | 45 | 32 | 96 |
| Pre-opening expenses | 1 | 1 | 3 | 2 | 7 |
| Depreciation and amortization | 170 | 172 | 177 | 175 | 693 |
| Impairment of goodwill and intangible assets | - | 94 | - | - | 94 |
| Property charges and other | 16 | 114 | (1) | 17 | 146 |
| Triple-net operating lease rent expense | 36 | 35 | 35 | 35 | 142 |
| Corporate expenses and other | 33 | 35 | 44 | 40 | 152 |
| Stock-based compensation | 18 | 16 | 15 | 14 | 64 |
| Interest income | (44) | (47) | (45) | (40) | (176) |
| Interest expense, net of amounts capitalized | 190 | 189 | 185 | 182 | 746 |
| Change in derivatives fair value | (24) | 51 | (48) | 18 | (4) |
| Loss(gain) on debt financing transactions | 3 | (3) | - | 2 | 2 |
| Other | (7) | (4) | (8) | 5 | (14) |
| Provision(benefit) for income taxes | 4 | (3) | (499) | 20 | (478) |
| Adjusted Property EBITDAR | $524 | $530 | $630 | $647 | $2,332 |
| Adjusted Property EBITDAR |  |  |  |  |  |
| Wynn Palace | $157 | $177 | $171 | $202 | $707 |
| Wynn Macau | 90 | 78 | 126 | 137 | 431 |
| Total Macau Operations | $246 | $255 | $297 | $340 | $1,138 |
| Las Vegas Operations | 224 | 220 | 271 | 246 | 961 |
| Encore Boston Harbor | 69 | 60 | 64 | 63 | 257 |
| Corporate and other | (15) | (5) | (2) | (2) | (24) |
| Adjusted Property EBITDAR | $524 | $530 | $630 | $647 | $2,332 |

Note: Figures may not foot due to rounding.

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Wynn.
RESORTS