wynn-20241101
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 1, 2024
 
WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
 
Nevada000-5002846-0484987
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
3131 Las Vegas Boulevard South
Las Vegas, Nevada89109
(Address of principal executive offices)(Zip Code)
                                
(702) 770-7555
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01WYNNNasdaq Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02Results of Operations and Financial Condition.
On November 4, 2024, Wynn Resorts, Limited (the "Company") issued a press release announcing its results of operations for the quarter ended September 30, 2024. The press release is furnished herewith as Exhibit 99.1. The information furnished under Items 2.02 and 7.01 of this report, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 7.01Regulation FD Disclosure.
The information set forth under Item 2.02 of this report is incorporated herein by reference.
Item 8.01Other Events.
On November 1, 2024, the Company’s Board of Directors authorized the Company to repurchase a total of up to $1.0 billion of the Company’s outstanding shares of common stock, increasing the previously available repurchase authorization by approximately $766 million. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time.

On November 4, 2024, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.25 per share, payable on November 27, 2024 to stockholders of record as of November 15, 2024.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.Description
99.1
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  WYNN RESORTS, LIMITED
Dated: November 4, 2024 By: /s/ Julie Cameron-Doe
 Julie Cameron-Doe
 Chief Financial Officer


Document

Exhibit 99.1
Wynn Resorts, Limited Reports Third Quarter 2024 Results

LAS VEGAS, November 4, 2024 — Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2024.

Operating revenues were $1.69 billion for the third quarter of 2024, an increase of $21.4 million from $1.67 billion for the third quarter of 2023. Net loss attributable to Wynn Resorts, Limited was $32.1 million for the third quarter of 2024, compared to net loss attributable to Wynn Resorts, Limited of $116.7 million for the third quarter of 2023. Diluted net loss per share was $0.29 for the third quarter of 2024, compared to diluted net loss per share of $1.03 for the third quarter of 2023. Adjusted Property EBITDAR(1) was $527.7 million for the third quarter of 2024, compared to Adjusted Property EBITDAR of $530.4 million for the third quarter of 2023.

"Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets," said Craig Billings, CEO of Wynn Resorts, Limited. "Importantly, we are also continuing to invest in growing the business with construction on Wynn Al Marjan Island rapidly advancing. We are confident the resort will be a 'must see' tourism destination in the UAE and expect that it will support strong long-term free cash flow growth. At the same time, we continue to increase the return of capital to shareholders through our recurring dividend and opportunistic share repurchases. To that end, we are pleased to announce that the Board has increased our share repurchase authorization to $1 billion. We are excited about the outlook for the Company, and we will continue to focus on driving long-term returns for shareholders."

Consolidated Results
Operating revenues were $1.69 billion for the third quarter of 2024, an increase of $21.4 million from $1.67 billion for the third quarter of 2023. For the third quarter of 2024, operating revenues increased $56.9 million and $3.7 million at Wynn Macau and Encore Boston Harbor, respectively, and decreased $11.8 million and $5.0 million at our Las Vegas Operations and Wynn Palace, respectively, from the third quarter of 2023.

Net loss attributable to Wynn Resorts, Limited was $32.1 million for the third quarter of 2024, compared to net loss attributable to Wynn Resorts, Limited of $116.7 million for the third quarter of 2023. Diluted net loss per share was $0.29 for the third quarter of 2024, compared to diluted net loss per share of $1.03 for the third quarter of 2023. Adjusted net income attributable to Wynn Resorts, Limited(2) was $98.9 million, or $0.90 per diluted share, for the third quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $112.0 million, or $0.99 per diluted share, for the third quarter of 2023.

Adjusted Property EBITDAR was $527.7 million for the third quarter of 2024, a decrease of $2.7 million compared to Adjusted Property EBITDAR of $530.4 million for the third quarter of 2023. For the third quarter of 2024, Adjusted Property EBITDAR increased $22.7 million and $2.5 million at Wynn Macau and Encore Boston Harbor, respectively, and decreased $17.0 million and $14.8 million at our Las Vegas Operations and Wynn Palace, respectively, from the third quarter of 2023.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on November 27, 2024 to stockholders of record as of November 15, 2024.

Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $519.8 million for the third quarter of 2024, a decrease of $5.0 million from $524.8 million for the third quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $162.3 million for the third quarter of 2024, compared to $177.0 million for the third quarter of 2023. Table games win percentage in mass market operations was 23.9%, above the 23.3% experienced in the third quarter of 2023. VIP table games win as a percentage of turnover was 3.04%, below the property's expected range of 3.1% to 3.4% and below the 3.42% experienced in the third quarter of 2023.

1


Wynn Macau
Operating revenues from Wynn Macau were $352.0 million for the third quarter of 2024, an increase of $56.9 million from $295.0 million for the third quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $100.6 million for the third quarter of 2024, compared to $77.9 million for the third quarter of 2023. Table games win percentage in mass market operations was 18.5%, above the 16.5% experienced in the third quarter of 2023. VIP table games win as a percentage of turnover was 3.61%, above the property's expected range of 3.1% to 3.4% and above the 3.52% experienced in the third quarter of 2023.

Las Vegas Operations
Operating revenues from our Las Vegas Operations were $607.2 million for the third quarter of 2024, a decrease of $11.8 million from $619.0 million for the third quarter of 2023. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2024 was $202.7 million, compared to $219.7 million for the third quarter of 2023. Table games win percentage for the third quarter of 2024 was 23.3%, within the property's expected range of 22% to 26% and below the 26.0% experienced in the third quarter of 2023.

Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $214.1 million for the third quarter of 2024, an increase of $3.7 million from $210.4 million for the third quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2024 was $63.0 million, compared to $60.5 million for the third quarter of 2023. Table games win percentage for the third quarter of 2024 was 21.3%, within the property's expected range of 18% to 22% and above the 20.8% experienced in the third quarter of 2023.

Wynn Al Marjan Island Development
During the third quarter of 2024, the Company contributed $18.2 million of cash into a 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $532.6 million. Wynn Al Marjan Island is currently expected to open in 2027.

Balance Sheet
Our cash and cash equivalents as of September 30, 2024 totaled $2.41 billion, comprised of $1.34 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $464.1 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $603.7 million held at Corporate and other. In addition, as of September 30, 2024, WML and WRF held $600.0 million and $605.9 million in short-term restricted cash, respectively, which was used to repay or repurchase certain senior notes in October 2024, as described below. As of September 30, 2024, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $735.3 million and $353.6 million, respectively.

Total current and long-term debt outstanding at September 30, 2024 was $11.79 billion, comprised of $6.41 billion of Macau related debt, $1.46 billion of Wynn Las Vegas debt, $3.30 billion of WRF debt, and $614.5 million of debt held by the retail joint venture which we consolidate.

Recent Debt Financing Activities

In September 2024, we amended the WML facility agreement to extend the maturity date of the outstanding loans under the WM Cayman II Revolver to September 2028. On October 1, 2024, we repaid the $600.0 million aggregate principal amount of WML's 4.875% Senior Notes due 2024 on their stated maturity date.

In September 2024, we amended the WRF credit agreement to extend the maturity dates of a portion of the term loans and revolving commitments under the credit facility to September 2027. In September 2024, WRF and its subsidiary Wynn Resorts Capital Corp. issued $800.0 million aggregate principal amount of 6.250% Senior Notes due 2033 (the "2033 WRF Senior Notes"), using a portion of the proceeds in October 2024 to repurchase the remaining $600.0 million aggregate principal amount of WLV 5.500% Senior Notes due 2025.

In addition, as previously disclosed, in October 2024, we amended the retail term loan agreement to extend the maturity date to July 2027.



2


Equity Repurchase Program

During the third quarter of 2024, the Company repurchased 1,464,773 shares of its common stock under its publicly announced equity repurchase program at an average price of $80.37 per share, for an aggregate cost of $117.7 million, bringing the total repurchases by the Company for the nine months ended September 30, 2024 to 2,206,113 shares of its common stock for an aggregate cost of $185.7 million. As of September 30, 2024, the Company had $247.7 million in repurchase authority remaining under the equity repurchase program.

On November 1, 2024, the Company’s Board of Directors authorized the Company to repurchase a total of up to $1.00 billion of the Company’s outstanding shares of common stock, increasing the previously available repurchase authorization by approximately $766 million. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time.

Conference Call and Other Information
The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on November 4, 2024 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before November 14, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 2024 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements
This release 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 affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as supplemented by 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 or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

3


Non-GAAP Financial Measures
(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss (gain) on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other expenses, change in derivatives fair value, loss (gain) on debt financing transactions, and foreign currency remeasurement and other, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income (loss) per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
4


WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited) 

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Operating revenues:
Casino$1,018,754 $972,453 $3,149,166 $2,652,444 
Rooms284,765 289,338 916,700 838,372 
Food and beverage262,597 267,432 810,939 757,079 
Entertainment, retail and other127,207 142,713 412,359 443,542 
Total operating revenues1,693,323 1,671,936 5,289,164 4,691,437 
Operating expenses:
Casino617,469 577,733 1,907,426 1,594,761 
Rooms83,376 77,790 245,991 224,275 
Food and beverage220,187 220,835 647,351 605,376 
Entertainment, retail and other56,184 82,554 190,137 261,035 
General and administrative271,829 268,445 808,172 785,538 
    Provision for credit losses1,836 870 4,352 (6,314)
Pre-opening 2,457 867 6,050 6,822 
Depreciation and amortization156,273 171,969 507,611 510,743 
Impairment of goodwill and intangible assets 93,990 — 94,490 
Property charges and other150,475 114,288 206,238 132,265 
Total operating expenses1,560,086 1,609,341 4,523,328 4,208,991 
Operating income 133,237 62,595 765,836 482,446 
Other income (expense):
Interest income30,729 46,534 105,785 130,854 
Interest expense, net of amounts capitalized(167,922)(188,571)(524,922)(566,554)
Change in derivatives fair value(5,523)(50,637)(7,920)(3,255)
(Loss) gain on debt financing transactions(109)2,928 (1,670)(12,683)
Other21,300 3,861 25,323 (19,794)
Other income (expense), net(121,525)(185,885)(403,404)(471,432)
Income (loss) before income taxes11,712 (123,290)362,432 11,014 
(Provision) benefit for income taxes(17,127)2,749 (45,076)(2,574)
Net income (loss)(5,415)(120,541)317,356 8,440 
Less: net (income) loss attributable to noncontrolling interests(26,638)3,863 (93,250)(7,602)
Net income (loss) attributable to Wynn Resorts, Limited$(32,053)$(116,678)$224,106 $838 
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic$(0.29)$(1.03)$2.03 $0.01 
Diluted$(0.29)$(1.03)$2.02 $0.01 
Weighted average common shares outstanding:
Basic109,727 112,797 110,559 112,813 
Diluted109,727 112,797 110,810 113,132 
5


WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Net income (loss) attributable to Wynn Resorts, Limited$(32,053)$(116,678)$224,106 $838 
Pre-opening expenses2,457 867 6,050 6,822 
Impairment of goodwill and intangible assets— 93,990 — 94,490 
Property charges and other150,475 114,288 206,238 132,265 
Change in derivatives fair value5,523 50,637 7,920 3,255 
Loss (gain) on debt financing transactions109 (2,928)1,670 12,683 
Foreign currency remeasurement and other (21,300)(3,861)(25,323)19,794 
Income tax impact on adjustments(10,096)(1,065)(20,348)(1,055)
Noncontrolling interests impact on adjustments3,787 (23,233)(105)(20,403)
Adjusted net income attributable to Wynn Resorts, Limited$98,902 $112,017 $400,208 $248,689 
Adjusted net income attributable to Wynn Resorts, Limited per diluted share$0.90 $0.99 $3.61 $2.20 
Weighted average common shares outstanding - diluted109,930 113,106 110,810 113,132 




6


WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)

Three Months Ended September 30, 2024
Wynn Palace Wynn MacauOther Macau Total Macau Operations Las Vegas Operations Encore Boston HarborCorporate and Other Total
Operating income (loss)$85,417 $66,342 $(8,212)$143,547 $(28,040)$4,072 $13,658 $133,237 
Pre-opening expenses— — —  884 1,571 2,457 
Depreciation and amortization 55,978 19,658 395 76,031 61,071 12,766 6,405 156,273 
Property charges and other 879 265 12 1,156 130,367 (1,785)20,737 150,475 
Management and license fees 16,694 10,943  27,637 28,616 10,460 (66,713) 
Corporate expenses and other 2,069 2,087 6,687 10,843 7,979 1,768 15,594 36,184 
Stock-based compensation 1,246 1,299 1,118 3,663 1,843 354 7,810 13,670 
Triple-net operating lease rent expense — — —  — 35,381 — 35,381 
Adjusted Property EBITDAR$162,283 $100,594 $ $262,877 $202,720 $63,018 $(938)$527,677 


Three Months Ended September 30, 2023
Wynn Palace Wynn MacauOther Macau Total Macau Operations Las Vegas Operations Encore Boston HarborCorporate and Other Total
Operating income (loss)$92,484 $40,065 $(5,459)$127,090 $122,276 $(19,070)$(167,701)$62,595 
Pre-opening expenses— — —  — 861 867 
Depreciation and amortization 53,985 20,331 381 74,697 57,753 31,100 8,419 171,969 
Impairment of goodwill and intangible assets— — —  — — 93,990 93,990 
Property charges and other 9,085 3,405 12,492 1,323 487 99,986 114,288 
Management and license fees 16,691 9,228 — 25,919 29,379 10,265 (65,563) 
Corporate expenses and other 2,364 2,372 3,982 8,718 7,264 1,880 17,242 35,104 
Stock-based compensation2,439 2,538 1,094 6,071 1,745 426 7,902 16,144 
Triple-net operating lease rent expense— — —  — 35,404 — 35,404 
Adjusted Property EBITDAR$177,048 $77,939 $ $254,987 $219,740 $60,498 $(4,864)$530,361 






















7


WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)

Nine Months Ended September 30, 2024
Wynn Palace Wynn MacauOther Macau Total Macau Operations Las Vegas Operations Encore Boston HarborCorporate and Other Total
Operating income (loss)$307,258 $228,518 $(24,311)$511,465 $243,147 $(30,847)$42,071 $765,836 
Pre-opening expenses— — —  1,620 649 3,781 6,050 
Depreciation and amortization 166,421 59,737 1,165 227,323 181,700 75,842 22,746 507,611 
Property charges and other 12,571 711 124 13,406 132,542 (1,615)61,905 206,238 
Management and license fees 52,982 34,288  87,270 88,533 31,483 (207,286) 
Corporate expenses and other 6,457 6,588 19,807 32,852 23,930 5,486 47,531 109,799 
Stock-based compensation 3,423 3,849 3,215 10,487 7,843 1,159 24,717 44,206 
Triple-net operating lease rent expense — — —  — 106,127 — 106,127 
Adjusted Property EBITDAR$549,112 $333,691 $ $882,803 $679,315 $188,284 $(4,535)$1,745,867 


Nine Months Ended September 30, 2023
Wynn Palace Wynn MacauOther Macau Total Macau Operations Las Vegas Operations Encore Boston HarborCorporate and Other Total
Operating income (loss)$212,627 $99,581 $(16,297)$295,911 $384,048 $(45,022)$(152,491)$482,446 
Pre-opening expenses— — —  81 1,253 5,488 6,822 
Depreciation and amortization 162,060 61,508 1,141 224,709 171,955 91,232 22,847 510,743 
Impairment of goodwill and intangible assets— — —  — — 94,490 94,490 
Property charges and other 12,914 10,483 15 23,412 8,474 709 99,670 132,265 
Management and license fees 43,595 25,990 — 69,585 84,632 31,514 (185,731) 
Corporate expenses and other 7,475 7,591 12,034 27,100 21,150 5,693 48,399 102,342 
Stock-based compensation6,042 7,121 3,107 16,270 5,118 1,319 26,432 49,139 
Triple-net operating lease rent expense— — —  — 106,318 — 106,318 
Adjusted Property EBITDAR$444,713 $212,274 $ $656,987 $675,458 $193,016 $(40,896)$1,484,565 
8



WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Net income (loss) attributable to Wynn Resorts, Limited$(32,053)$(116,678)$224,106 $838 
Net income (loss) attributable to noncontrolling interests26,638 (3,863)93,250 7,602 
Pre-opening expenses2,457 867 6,050 6,822 
Depreciation and amortization156,273 171,969 507,611 510,743 
Impairment of goodwill and intangible assets— 93,990 — 94,490 
Property charges and other150,475 114,288 206,238 132,265 
Triple-net operating lease rent expense35,381 35,404 106,127 106,318 
Corporate expenses and other36,184 35,104 109,799 102,342 
Stock-based compensation13,670 16,144 44,206 49,139 
Interest income(30,729)(46,534)(105,785)(130,854)
Interest expense, net of amounts capitalized167,922 188,571 524,922 566,554 
Change in derivatives fair value5,523 50,637 7,920 3,255 
Loss (gain) on debt financing transactions109 (2,928)1,670 12,683 
Other (21,300)(3,861)(25,323)19,794 
Provision (benefit) for income taxes17,127 (2,749)45,076 2,574 
Adjusted Property EBITDAR$527,677 $530,361 $1,745,867 $1,484,565 

9


WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 20242023Percent Change20242023Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino$418,043$418,043— $1,336,788$1,054,00726.8 
Rooms49,14554,309(9.5)153,287151,3111.3 
Food and beverage31,50626,21520.2 93,40575,02824.5 
Entertainment, retail and other21,09626,206(19.5)71,26082,140(13.2)
Total$519,790$524,773(0.9)$1,654,740$1,362,48621.5 
Adjusted Property EBITDAR (6)
$162,283$177,048(8.3)$549,112$444,71323.5 
Casino statistics:
VIP:
Average number of table games5758(1.7)58555.5 
VIP turnover$3,199,140$2,866,46911.6 $9,930,241$8,202,16521.1 
VIP table games win (1)
$97,312$98,014(0.7)$342,024$289,49218.1 
VIP table games win as a % of turnover3.04 %3.42 %3.44 %3.53 %
Table games win per unit per day$18,614$18,3861.2 $21,677$19,23312.7 
Mass market:
Average number of table games2472441.2 2452402.1 
Table drop (2)
$1,694,575$1,725,845(1.8)$5,215,019$4,414,99018.1 
Table games win (1)
$404,307$402,2850.5 $1,251,039$968,96729.1 
Table games win %23.9 %23.3 %24.0 %21.9 %
Table games win per unit per day$17,801$17,913(0.6)$18,620$14,76326.1 
Average number of slot machines5965635.9 5925792.2 
Slot machine handle$577,289$634,121(9.0)$1,815,623$1,760,3453.1 
Slot machine win (3)
$27,230$22,22822.5 $83,790$75,23611.4 
Slot machine win per unit per day$497$42915.9 $517$4768.6 
Poker rake$$NM$736$NM
Room statistics:
Occupancy98.3 %96.9 %98.7 %93.8 %
ADR (4)
$295$342(13.7)$315$327(3.7)
REVPAR (5)
$289$331(12.7)$311$3071.3 
NM - Not meaningful.









10


WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)

Three Months Ended
September 30,
Nine Months Ended
September 30,
20242023Percent Change20242023Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino$296,781$230,29428.9 $923,851$649,62742.2 
Rooms23,75531,673(25.0)76,11679,774(4.6)
Food and beverage19,52418,2876.8 60,54647,25528.1 
Entertainment, retail and other11,89714,762(19.4)40,45750,679(20.2)
Total$351,957$295,01619.3 $1,100,970$827,33533.1 
Adjusted Property EBITDAR (6)
$100,594$77,93929.1 $333,691$212,27457.2 
Casino statistics:
VIP:
Average number of table games3036(16.7)3045(33.3)
VIP turnover$1,201,516$1,192,6100.7 $3,955,277$3,727,1066.1 
VIP table games win (1)
$43,326$41,9953.2 $122,705$130,574(6.0)
VIP table games win as a % of turnover3.61 %3.52 %3.10 %3.50 %
Table games win per unit per day $15,692$12,63824.2 $14,988$10,56941.8 
Mass market:
Average number of table games2222172.3 2222143.7 
Table drop (2)
$1,515,462$1,384,2589.5 $4,801,533$3,597,55733.5 
Table games win (1)
$280,044$228,32322.7 $887,194$613,15444.7 
Table games win %18.5 %16.5 %18.5 %17.0 %
Table games win per unit per day $13,713$11,42320.0 $14,599$10,48539.2 
Average number of slot machines62150024.2 60752116.5 
Slot machine handle$815,319$570,12243.0 $2,347,521$1,559,69850.5 
Slot machine win (3)
$24,434$16,14351.4 $76,604$47,89260.0 
Slot machine win per unit per day $428$35121.9 $461$33736.8 
Poker rake $3,205$4,494(28.7)$11,831$13,807(14.3)
Room statistics:
Occupancy98.9 %98.7 %99.2 %95.5 %
ADR (4)
$233$327(28.7)$251$281(10.7)
REVPAR (5)
$230$323(28.8)$249$268(7.1)




11


WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 20242023Percent Change20242023Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino$145,186$168,130(13.6)$410,023$460,606(11.0)
Rooms187,123178,5184.8 617,071541,39214.0 
Food and beverage191,776203,066(5.6)593,804570,6954.0 
Entertainment, retail and other83,08769,25220.0 251,476211,10919.1 
Total$607,172$618,966(1.9)$1,872,374$1,783,8025.0 
Adjusted Property EBITDAR (6)
$202,720$219,740(7.7)$679,315$675,4580.6 
Casino statistics:
Average number of table games2352340.4 2342330.4 
Table drop (2)
$580,800$607,610(4.4)$1,721,435$1,768,057(2.6)
Table games win (1)
$135,230$157,873(14.3)$409,336$431,896(5.2)
Table games win %23.3 %26.0 %23.8 %24.4 %
Table games win per unit per day$6,256$7,340(14.8)$6,380$6,777(5.9)
Average number of slot machines1,6201,631(0.7)1,6121,650(2.3)
Slot machine handle$1,695,799$1,638,2743.5 $4,840,241$4,733,5342.3 
Slot machine win (3)
$112,771$115,738(2.6)$322,544$325,883(1.0)
Slot machine win per unit per day$757$771(1.8)$730$7231.0 
Poker rake$4,629$5,669(18.3)$16,652$16,2432.5 
Room statistics:
Occupancy89.0 %90.0 %89.3 %89.8 %
ADR (4)
$495$4636.9 $541$47314.4 
REVPAR (5)
$441$4175.8 $483$42413.9 









12


WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR, and REVPAR)
(unaudited) (continued)

Three Months Ended
September 30,
Nine Months Ended
September 30,
20242023Percent Change20242023Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino$158,744$155,9861.8 $478,504$488,204(2.0)
Rooms24,74224,838(0.4)70,22665,8956.6 
Food and beverage19,79119,864(0.4)63,18464,101(1.4)
Entertainment, retail and other10,8449,71511.6 32,59930,4417.1 
Total$214,121$210,4031.8 $644,513$648,641(0.6)
Adjusted Property EBITDAR (6)
$63,018$60,4984.2 $188,284$193,016(2.5)
Casino statistics:
Average number of table games179191(6.3)182193(5.7)
Table drop (2)
$347,082$343,6861.0 $1,072,750$1,064,0920.8 
Table games win (1)
$74,048$71,5553.5 $227,496$230,170(1.2)
Table games win %21.3 %20.8 %21.2 %21.6 %
Table games win per unit per day$4,507$4,07910.5 $4,553$4,3684.2 
Average number of slot machines2,6112,5612.0 2,6122,5472.6 
Slot machine handle$1,378,066$1,336,7243.1 $4,201,520$3,933,3886.8 
Slot machine win (3)
$105,550$105,3300.2 $315,773$316,129(0.1)
Slot machine win per unit per day$439$447(1.8)$441$455(3.1)
Poker rake$5,334$5,2242.1 $16,422$16,1161.9 
Room statistics:
Occupancy96.9 %96.0 %94.4 %92.9 %
ADR (4)
$426$4211.2 $410$3895.4 
REVPAR (5)
$412$4051.7 $387$3626.9 
(1)Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2)In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3)Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4)ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5)REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6)Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.





13


SOURCE:
Wynn Resorts, Limited
CONTACT:
Price Karr
702-770-7555
investorrelations@wynnresorts.com
14