PowerPoint Presentation
Wynn Resorts 3Q25 Earnings Presentation
November 2025
Forward-Looking Statements
This presentation contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could cause the Company's results to differ materially from those described in this presentation are included in the Company's Form 10-K for the year ended December 31, 2024 and the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update its forward-looking statements as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
This presentation includes non-GAAP financial measures. Non-GAAP financial measures are not measures of financial performance in accordance with GAAP and should not be considered in isolation or as an alternative to the most-directly comparable GAAP measure. Definitions of these non-GAAP financial measures may be found in the accompanying earnings release, and reconciliations to the most directly comparable GAAP measures are included in the appendix to this presentation.
The World’s Only Global Luxury Integrated Resort Developer and Operator
- Preeminent global designer, developer, and operator of integrated resorts, and the only gaming company 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 Company
- 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.
Iconic, Irreplaceable Assets in the World’s Most Attractive Gaming Markets
Upon Wynn Al Marjan Island’s opening in early 2027 there will be a Wynn Resort within 8 hours of ~96% of the world’s population:
- Wynn Al Marjan Island (2027)
- Encore Boston Harbor
- Wynn Mayfair
- Wynn | Encore Macau
- Wynn | Encore Las Vegas
- **Wynn Palace **
1. Expected to open in early 2027.
World Renowned Product and Service
Our industry-leading facilities, luxury service levels and team of “proprietors” are globally recognized, in part because of a relentless attention to detail in everything we do:
- 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
Best-in-Class Facilities and Service Levels Drive a “Wynn Premium” – Las Vegas Case Study
Adjusted Property EBITDAR Per Hotel Room
Source: Company filings. Note: Adjusted Property EBITDAR is a non-GAAP financial measure. See Appendix for reconciliation to the most directly comparable GAAP measure for Wynn Resorts.
Attractive Greenfield Opportunities in Gateway Cities, Led by Wynn Al Marjan Island in the UAE
- Industry-leading product and service levels position us well to compete for new greenfield opportunities around the world
- UAE is one of the most exciting new markets for Integrated Resort development in decades o Wynn Al Marjan Island and broader UAE opportunity is unique in our industry
- Construction is rapidly advancing
- Significant land banks in each of our core markets for continued long term embedded growth opportunities o Las Vegas: 166 acres o Boston: 16 acres o Macau: 13 acres o UAE: 70 acres
Diversified EBITDAR Base Further Enhanced by Expected Opening of UAE in 1Q 2027
Combination of strong organic growth at our existing properties along with the opening of Wynn Al Marjan Island expected to drive an increase in Adjusted Property EBITDAR and geographic diversity:
- Vegas: Continuing to elevate ourselves above our Las Vegas Strip peers
- Macau: Ideally positioned to compete in the current premium mass-led environment
- Boston: The East Coast’s leading gaming resort
- $947M 2024A (1) EBITDAR
- Consolidated: Diversified sources of EBITDAR from the world’s premier integrated resorts
- $345M Base Case (2) EBITDAR
1. Reflects 2024A Adj. Property EBITDAR. 2. Reflects estimated steady state management and license fees paid from WAMI to Wynn Resorts plus Wynn Resorts’ 40% share of Adjusted Property EBITDAR. Assumes mid-point of mgmt. projection for Wynn Al Marjan Island.
Long-Term Shareholder Value Creation
Large EBITDAR Base
- Wynn Al Marjan Island expected to add ~$345 million of EBITDAR (cash flow and management fees) to our existing base
- Geographically more diverse than ever before, and will become more diversified with opening of Wynn Al Marjan Island in 1Q27
- Defined Capex Cycle
- Completing the UAE investment cycle in early 2027
- Continued investments in Macau funded out of free cash flow and recently increased liquidity
Significant Free Cash Flow Generation
- Strong balance sheet and liquidity position should enable continued return of capital to shareholders over time
Operational Update
3Q25
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
- Market-leading fair share premiums and healthy market share despite new hotel supply and amenities from peers
- “Only at Wynn” programming, enhanced gaming and food & beverage offerings, and revamped loyalty program driving financial performance
Quarterly Total Adj. Property EBITDAR
- Boston: The East Coast’s only Forbes 5-Star Casino Resort
- Continued database growth outside our immediate catchment area
- Only gaming resort in the Greater Boston metro area
Wynn Las Vegas – Sustained Market Outperformance
- Strong financial performance in 3Q25, with all gaming volumes up Y/Y
- Targeted investments continue to be made across key areas of the property including the Fairway Villas renovation, Zero Bond & Encore Tower Remodel – allowing us to continue to take market share and drive the “Wynn Premium”
- Select additional quarterly financial results:
- ADR: $505, up 2.0% vs. 3Q24
- RevPAR: $433, down (1.8%) vs. 3Q24
- OpEx Per Day : $4.33m, up 3.1% vs. 3Q24
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: $431, up 1.2% vs. 3Q24
- RevPAR: $412, flat vs. 3Q24
- OpEx Per Day : $1.16m, up 1.9% vs. 3Q24
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 Tower room refresh and Chairmans Club expansion – continue to elevate our best-in-class facilities and service offerings
- Combined quarterly financial results for Wynn Macau and Wynn Palace:
- VIP Turnover: $4,281m, down (2.7%) vs. 3Q24
- VIP Table Games Win % : 4.26%, up 106bps vs. 3Q24
- Mass Table Drop: $3,691m, up 15.0% vs. 3Q24
- OpEx Per Day : $2.75m, up 7.6% vs. 3Q24
Wynn Al Marjan Island Update
Wynn Al Marjan Island – Significant Progress Towards An Early 2027 Opening
- In 3Q25, Wynn Al Marjan Island hired 98 new team members, bringing total employee count to date to 195, consisting of mostly senior level executives, senior management and G&A functions
- ~300 anticipated by Dec 31, 2025
- Completed acquisition of Wynn Mayfair in June 2025, expected to enhance our database building effort given significant VIP overlap between London and the UAE
- Key division heads and senior leaders in place across all gaming and non-gaming areas
- Onboarding of line staff will increase beginning in 2026
Wynn Al Marjan Island – Construction Progress Update
- Construction is on schedule, currently progressing through the 70th floor of the hotel, and will top out in December
- Note: As of October 27, 2025.
Announcing Janu Al Marjan Island
- 132 hotel rooms, plus an exclusive number of Janu-branded residences and a limited collection of standalone villas
- The resort is the sixth Janu property from Aman Group, a proven ultra-high-end operator
- Aligned with our vision of a cohesive luxury experience across the island
- Significant interest in pre-sale of residences, which de-risks equity funding requirement
- Anticipated equity from Wynn Resorts of approximately $25-50 million
1.
Excluding land that was funded during 2Q24 as part of the initial acquisition of the Marjan Land Bank. Includes branded residence sales and estimated 50% loan-to-cost financing to fund project costs.
Free Cash Flow Update
Well-Defined Capex Cycle Tapering Off by 2027
| Projects(1) | 2025E | 2026E | |
|---|---|---|---|
| Wynn Al Marjan Island | Remaining estimated equity contributions of $525-$625m on the project(2) | $350-375m | $375-450m |
| Wynn Las Vegas | Completion of Fairway Villas renovation, Zero Bond, Golf Course Club House & Grill, High limit table expansion, Encore Tower renovation | $200-225m | $375-400m |
Note: Remaining amount as of 9/30/2025. Includes $25 - $50m of estimated equity related to Janu. Does not include other potential developments on the Marjan Land Bank.
Building On An Extensive Shareholder Return Program
- ~$1.1 Billion or ~12% in WRL Shares Repurchased Since 2022
- ~$275 Million of WRL Dividends Paid Since 2023
- ~$1.4 Billion Returned to WRL Shareholders Since 2022
Balance Sheet & Liquidity Update
Significant Liquidity and Fortified Balance Sheet With Limited Near-Term Maturities
$1.7bn Total Liquidity: 3.8x Net Lease-Adj. Leverage
Wynn Resorts’ Domestic Debt Maturity Profile: 6.0% Weighted Avg. Cost of Debt
Note: As of 9/30/2025. Domestic defined as all US entities, plus Management & License Fees from Macau as well as Wynn Resorts, Limited’s ~72% share of dividends from Macau. Includes Corporate and Other.
Appendix
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin
Property EBITDAR and Adjusted Property EBITDAR Margin 3Q25 vs. 3Q24
| (US$ in millions) | Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Reportable Segment Total | Corporate and Other | Total |
|---|---|---|---|---|---|---|---|---|---|
| Total operating revenues(a) | $635 | $366 | - | $1,001 | $621 | $212 | $1,834 | - | $1,834 |
| Operating income(loss) | $112 | $75 | ($10) | $178 | $97 | ($3) | $272 | $39 | $310 |
| Adjusted Property EBITDAR(b) | $200 | $108 | ($0) | $308 | $203 | $58 | $570 | ($0) | $570 |
| Adjusted Property EBITDAR Margin(=b/a) | 31.5% | 29.5% | - | 30.8% | 32.8% | 27.6% | 31.1% |
Note: Figures may not foot due to rounding.
Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR LTM 3Q25
| (US$ in millions) | 4Q24 | 1Q25 | 2Q25 | 3Q25 | LTM 3Q25 |
|---|---|---|---|---|---|
| Net income (loss) attributable to Wynn Resorts, Limited | $277 | $73 | $66 | $88 | $504 |
| Adjusted Property EBITDAR | $619 | $533 | $552 | $570 | $2,274 |
Note: Figures may not foot due to rounding.