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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                 
Commission File No. 000-50028
 WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
Nevada46-0484987
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3131 Las Vegas Boulevard South - Las Vegas, Nevada 89109
(Address of principal executive offices) (Zip Code)
(702) 770-7555
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, 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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
ClassOutstanding at May 1, 2024
Common stock, par value $0.01  112,070,861



WYNN RESORTS, LIMITED AND SUBSIDIARIES
FORM 10-Q
INDEX
 
Part I.Financial Information
Part II.Other Information

2

Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

March 31, 2024December 31, 2023
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$2,420,203 $2,879,186 
Restricted cash 18 
Investments848,732 845,192 
Accounts receivable, net of allowance for credit losses of $40,622 and $40,075, respectively
297,192 341,712 
Inventories73,686 75,552 
Prepaid expenses and other131,099 99,961 
Total current assets3,770,912 4,241,621 
Property and equipment, net6,606,525 6,688,479 
Restricted cash 90,146 90,208 
Goodwill and intangible assets, net317,945 329,708 
Operating lease assets1,823,043 1,832,896 
Deferred income taxes, net484,103 500,877 
Other assets378,062 312,434 
Total assets$13,470,736 $13,996,223 
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts and construction payables$176,420 $208,263 
Customer deposits489,866 543,288 
Gaming taxes payable183,741 172,832 
Accrued compensation and benefits154,540 212,645 
Accrued interest125,872 141,902 
Current portion of long-term debt1,291,488 709,593 
Other accrued liabilities211,193 211,931 
Total current liabilities2,633,120 2,200,454 
Long-term debt9,920,130 11,028,744 
Long-term operating lease liabilities 1,635,035 1,631,749 
Other long-term liabilities228,831 236,210 
Total liabilities14,417,116 15,097,157 
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; 133,451,655 and 132,998,916 shares issued; 112,071,149 and 111,737,245 shares outstanding, respectively
1,335 1,330 
Treasury stock, at cost; 21,380,506 and 21,261,671 shares, respectively
(1,849,172)(1,836,326)
Additional paid-in capital3,656,809 3,647,161 
Accumulated other comprehensive income4,830 3,406 
Accumulated deficit(1,950,755)(2,066,953)
Total Wynn Resorts, Limited stockholders' deficit(136,953)(251,382)
Noncontrolling interests(809,427)(849,552)
Total stockholders' deficit(946,380)(1,100,934)
Total liabilities and stockholders' deficit$13,470,736 $13,996,223 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3

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

 Three Months Ended March 31,
 20242023
Operating revenues:
Casino$1,121,466 $766,992 
Rooms327,414 272,529 
Food and beverage266,938 232,611 
Entertainment, retail and other147,091 151,547 
Total operating revenues1,862,909 1,423,679 
Operating expenses:
Casino675,439 473,385 
Rooms82,077 72,702 
Food and beverage205,821 180,619 
Entertainment, retail and other71,012 92,482 
General and administrative271,616 259,772 
  Provision for credit losses87 (544)
Pre-opening2,035 4,478 
Depreciation and amortization174,933 168,812 
Property charges and other16,948 2,458 
Total operating expenses1,499,968 1,254,164 
Operating income 362,941 169,515 
Other income (expense):
Interest income40,172 40,193 
Interest expense, net of amounts capitalized(182,404)(187,740)
Change in derivatives fair value(17,914)23,046 
Loss on debt financing transactions(1,561)(12,236)
Other(4,722)(30,614)
Other income (expense), net(166,429)(167,351)
Income before income taxes196,512 2,164 
Provision for income taxes(20,014)(1,018)
Net income176,498 1,146 
Less: net (income) loss attributable to noncontrolling interests(32,282)11,186 
Net income attributable to Wynn Resorts, Limited$144,216 $12,332 
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic$1.30 $0.11 
Diluted$1.30 $(0.02)
Weighted average common shares outstanding:
Basic111,023 112,753 
Diluted111,333 113,116 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
 Three Months Ended March 31,
 20242023
Net income $176,498 $1,146 
Other comprehensive income:
Foreign currency translation adjustments, before and after tax1,989 15,163 
Total comprehensive income178,487 16,309 
Less: comprehensive (income) loss attributable to noncontrolling interests(32,847)6,902 
Comprehensive income attributable to Wynn Resorts, Limited$145,640 $23,211 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
(in thousands, except share data)
(unaudited)


For the Three Months Ended March 31, 2024
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income
Accumulated deficitTotal Wynn Resorts, Ltd.
stockholders'
deficit
Noncontrolling
interests
Total
stockholders'
 deficit
Balances, January 1, 2024111,737,245 $1,330 $(1,836,326)$3,647,161 $3,406 $(2,066,953)$(251,382)$(849,552)$(1,100,934)
Net income— — — — — 144,216 144,216 32,282 176,498 
Currency translation adjustment— — — — 1,424 — 1,424 565 1,989 
Exercise of stock options 17,285 — — 1,017 — — 1,017 — 1,017 
Issuance of restricted stock439,668 5 — 8,010 — — 8,015 — 8,015 
Cancellation of restricted stock(4,214)— — — — — — — — 
Shares repurchased by the Company and held as treasury shares(118,835)— (12,846)— — — (12,846)— (12,846)
Cash dividends declared— — — — — (28,018)(28,018) (28,018)
Distribution to noncontrolling interest— — — — — — — (5,996)(5,996)
Transactions with subsidiary minority shareholders— — — (11,873)— — (11,873)11,873  
Stock-based compensation— — — 12,494 — — 12,494 1,401 13,895 
Balances, March 31, 2024112,071,149 $1,335 $(1,849,172)$3,656,809 $4,830 $(1,950,755)$(136,953)$(809,427)$(946,380)



For the Three Months Ended March 31, 2023
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income
Accumulated deficitTotal Wynn Resorts, Ltd.
stockholders'
deficit
Noncontrolling
interests
Total
stockholders'
 deficit
Balances, January 1, 2023113,369,439 $1,323 $(1,623,872)$3,583,923 $(404)$(2,711,808)$(750,838)$(889,527)$(1,640,365)
Net income (loss)— — — — — 12,332 12,332 (11,186)1,146 
Currency translation adjustment— — — — 10,879 — 10,879 4,284 15,163 
Exercise of stock options 25,284 — — 1,488 — — 1,488 — 1,488 
Issuance of restricted stock520,773 5 — 6,634 — — 6,639 — 6,639 
Cancellation of restricted stock(6,380)— — — — — — — — 
Shares repurchased by the Company and held as treasury shares(107,181)— (10,834)— — — (10,834)— (10,834)
Distribution to noncontrolling interest— — — — — — — (4,502)(4,502)
Transactions with subsidiary minority shareholders6,109 — — (754)— — (754)754  
Stock-based compensation— — — 13,654 — — 13,654 1,241 14,895 
Balances, March 31, 2023113,808,044 $1,328 $(1,634,706)$3,604,945 $10,475 $(2,699,476)$(717,434)$(898,936)$(1,616,370)

The accompanying notes are an integral part of these condensed consolidated financial statements.








6

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 Three Months Ended March 31,
 20242023
Cash flows from operating activities:
Net income $176,498 $1,146 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization174,933 168,812 
Deferred income taxes16,774 (162)
Stock-based compensation expense14,369 14,710 
Amortization of debt issuance costs10,350 8,763 
Loss on debt financing transactions1,561 12,236 
  Provision for credit losses87 (544)
Change in derivatives fair value17,914 (23,046)
Property charges and other19,261 33,072 
Increase (decrease) in cash from changes in:
Receivables, net44,352 (11,048)
Inventories, prepaid expenses and other(21,728)(7,288)
Customer deposits(53,147)(13,316)
Accounts payable and accrued expenses(86,130)(13,844)
Net cash provided by operating activities315,094 169,491 
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention(97,702)(124,466)
Investments in unconsolidated affiliate(69,928) 
Purchase of intangible and other assets(15)(7,741)
Proceeds from sale of assets and other226 257 
Net cash used in investing activities(167,419)(131,950)
Cash flows from financing activities:
Proceeds from issuance of long-term debt412,000 1,200,000 
Repayments of long-term debt(956,666)(1,018,973)
Repurchase of common stock(11,374)(10,834)
Proceeds from exercise of stock options1,017  
Distribution to noncontrolling interest(5,996)(4,502)
Dividends paid(27,959)(175)
Finance lease payments(5,056)(5,410)
Payments for financing costs(5,843)(31,330)
Other(4,486)(7,773)
Net cash (used in) provided by financing activities(604,363)121,003 
Effect of exchange rate on cash, cash equivalents and restricted cash(2,375)(2,567)
Cash, cash equivalents and restricted cash:
(Decrease) increase in cash, cash equivalents and restricted cash(459,063)155,977 
Balance, beginning of period2,969,412 3,782,990 
Balance, end of period$2,510,349 $3,938,967 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 
Note 1 - Organization

Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, "Wynn Resorts" or the "Company"), is a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming.

In the Macau Special Administrative Region of the People's Republic of China ("Macau"), the Company owns approximately 72% of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas. The Company is a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations. In Everett, Massachusetts, the Company operates Encore Boston Harbor, an integrated resort.

The Company has a 40% equity interest in Island 3 AMI FZ-LLC, an unconsolidated affiliate, which is constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates, currently expected to open in 2027.

Note 2 -    Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2024. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. 

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries, and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 16, "Retail Joint Venture." If the entity does not qualify for consolidation and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method. All significant intercompany accounts and transactions have been eliminated. During the three months ended March 31, 2024, Wynn Interactive Ltd. no longer met the requirements for a reportable segment. As a result, its assets and results of operations are presented in Corporate and other and previous period amounts have been reclassified to be consistent with the current period presentation of the Company's reportable segments. These reclassifications had no effect on the previously reported net income or operating income (loss). For information on the Company's reportable segments, see Note 17, "Segment Information."

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for deferred tax assets and credit losses, estimates regarding the useful lives and recoverability of long-lived and intangible assets, valuations of derivatives, and litigation and contingency estimates.

8

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Gaming Taxes

The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Income. These taxes totaled $488.8 million and $310.4 million for the three months ended March 31, 2024 and 2023, respectively.

Investments

As of March 31, 2024, the Company held $550.0 million in fixed deposits, recorded at fair value, and $298.7 million in debt securities, recorded at amortized cost within Investments on the Condensed Consolidated Balance Sheets. The estimated fair value of the Company's debt securities as of March 31, 2024 was approximately $298.6 million and the gross unrecognized holding loss was $0.1 million. As of March 31, 2024, the Company had $12.2 million in accrued interest on its debt securities, recorded in Investments on the Condensed Consolidated Balance Sheets.

As of December 31, 2023, the Company held $550.0 million in fixed deposits, recorded at fair value, and $295.2 million in debt securities, recorded at amortized cost within Investments on the Condensed Consolidated Balance Sheets. The estimated fair value of the Company's debt securities as of December 31, 2023 was approximately $294.8 million and the gross unrecognized holding loss was $0.4 million. As of December 31, 2023, the Company had $8.7 million in accrued interest on its debt securities, recorded in Investments on the Condensed Consolidated Balance Sheets.

As of the balance sheet date, the Company evaluates whether the unrealized losses are attributable to credit losses or other factors. The Company considers the severity of the decline in value, creditworthiness of the issuer and other relevant factors and records an allowance for credit losses, limited to the excess of amortized cost over fair value, with a corresponding charge to earnings. The allowance may be subsequently increased or decreased based on the prevailing facts and circumstances. During the three months ended March 31, 2024 and 2023, no impairment was recognized.

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Goodwill is not amortized, but rather is subject to impairment testing annually, or more frequently if events or changes in circumstances indicate that this asset may be impaired. As of March 31, 2024 and December 31, 2023, the Company had a goodwill balance of $18.5 million, recorded in Goodwill and intangible assets, net on the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2024, no impairment was recognized.

Recently Issued Accounting Standards

The Company’s management has evaluated the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standard-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.
9

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Note 3 -    Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):
March 31, 2024December 31, 2023
Cash and cash equivalents:
   Cash (1)
$1,218,328 $1,076,474 
   Cash equivalents (2)
1,201,875 1,802,712 
     Total cash and cash equivalents 2,420,203 2,879,186 
Restricted cash (3)
90,146 90,226 
Total cash, cash equivalents and restricted cash $2,510,349 $2,969,412 
(1) Cash consists of cash on hand and bank deposits.
(2) Cash equivalents consist of bank time deposits and money market funds.
(3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations, cash held in a trust in accordance with WML's share award plan, and as of March 31, 2024 and December 31, 2023 included $86.9 million and $87.0 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.

The following table presents the supplemental cash flow disclosures of the Company (in thousands):
Three Months Ended March 31,
20242023
Cash paid for interest, net of amounts capitalized$183,812 $181,667 
Liability settled with shares of common stock$8,015 $6,639 
Accounts and construction payables related to property and equipment$58,096 $42,911 
Other liabilities related to intangible assets (1)
$199,807 $203,926 
Finance lease liabilities arising from obtaining finance lease assets$3,333 $400 
Financing costs included in accounts payable and other liabilities$850 $1,804 
(1) For the three months ended March 31, 2024 and 2023, included $196.9 million and $199.6 million related to the Macau gaming premium in connection with Wynn Macau SA's gaming concession contract.

Note 4 -    Receivables, net

Accounts Receivable and Credit Risk

Receivables, net consisted of the following (in thousands):
March 31, 2024December 31, 2023
Casino$172,491 $218,694 
Hotel54,795 54,596 
Other110,528 108,497 
337,814 381,787 
Less: allowance for credit losses(40,622)(40,075)
$297,192 $341,712 

As of March 31, 2024 and December 31, 2023, approximately 68.4% and 68.2%, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in the countries in which the Company's customers reside could affect the collectability of such receivables.

The Company’s allowance for casino credit losses was 20.7% and 15.9% of gross casino receivables as of March 31, 2024 and December 31, 2023, respectively. Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change. The Company’s allowance for credit losses from its hotel and other receivables is not material.

10

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
The following table shows the movement in the Company's allowance for credit losses recognized for receivables that occurred during the periods presented (in thousands): 

March 31,
20242023
Balance at beginning of year$40,075 $78,842 
   Provision for credit losses87 (544)
   Write-offs(2,519)(22,220)
   Recoveries of receivables previously written off2,987 1,294 
   Effect of exchange rate(8)(236)
Balance at end of period$40,622 $57,136 

Note 5 -    Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):

March 31, 2024December 31, 2023
Buildings and improvements$8,457,299 $8,459,085 
Land and improvements1,229,729 1,228,652 
Furniture, fixtures and equipment3,347,883 3,311,478 
Airplanes110,623 110,623 
Construction in progress188,842 162,592 
13,334,376 13,272,430 
Less: accumulated depreciation(6,727,851)(6,583,951)
$6,606,525 $6,688,479 

As of March 31, 2024 and December 31, 2023, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.

Depreciation expense for the three months ended March 31, 2024 and 2023 was $158.1 million and $154.1 million, respectively.
11

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 6 -    Long-Term Debt

Long-term debt consisted of the following (in thousands):
 
March 31, 2024December 31, 2023
Macau Related:
WM Cayman II Revolver, due 2025 (1)
$1,346,764 $1,497,610 
WML 4 7/8% Senior Notes, due 2024600,000 600,000 
WML 5 1/2% Senior Notes, due 20261,000,000 1,000,000 
WML 5 1/2% Senior Notes, due 2027750,000 750,000 
WML 5 5/8% Senior Notes, due 20281,350,000 1,350,000 
WML 5 1/8% Senior Notes, due 20291,000,000 1,000,000 
WML 4 1/2% Convertible Bonds, due 2029 (2)
600,000 600,000 
U.S. and Corporate Related:
WRF Credit Facilities (3):
WRF Term Loan, due 202472,739 73,683 
WRF Term Loan, due 2027721,324 730,692 
WLV 5 1/2% Senior Notes, due 2025583,310 1,380,001 
WLV 5 1/4% Senior Notes, due 2027880,000 880,000 
WRF 5 1/8% Senior Notes, due 2029750,000 750,000 
WRF 7 1/8% Senior Notes, due 20311,000,000 600,000 
Retail Term Loan, due 2025 (4)
615,000 615,000 
11,269,137 11,826,986 
WML Convertible Bond Conversion Option Derivative90,025 73,744 
Less: Unamortized debt issuance costs and original issue discounts and premium, net(147,544)(162,393)
11,211,618 11,738,337 
Less: Current portion of long-term debt(1,291,488)(709,593)
Total long-term debt, net of current portion$9,920,130 $11,028,744 
(1) As of March 31, 2024, the borrowings under the WM Cayman II Revolver bear interest at the term secured overnight financing rate ("Term SOFR") plus a credit adjustment spread of 0.10% or HIBOR, in each case plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $281.3 million and $1.07 billion of the WM Cayman II Revolver bears interest at a rate of Term SOFR plus 1.975% per year and HIBOR plus 1.875% per year, respectively. As of March 31, 2024, the weighted average interest rate was approximately 6.80%. As of March 31, 2024, the available borrowing capacity under the WM Cayman II Revolver was $149.6 million.
(2) As of March 31, 2024, the net carrying amount of the WML Convertible Bonds was $484.1 million, with unamortized debt discount and debt issuance costs of $115.9 million. The Company recorded contractual interest expense of $6.8 million and $1.8 million and amortization of discounts and issuance costs of $4.6 million and $1.1 million during the three months ended March 31, 2024 and 2023, respectively.
(3) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.85% per year. As of March 31, 2024, the weighted average interest rate was approximately 7.18%. Additionally, as of March 31, 2024, the available borrowing capacity under the WRF Revolver was $737.2 million, net of $12.8 million in outstanding letters of credit.
(4) The Retail Term Loan bears interest at a rate of adjusted daily simple secured overnight financing rate ("SOFR") plus 1.80% per year. As of March 31, 2024, the interest rate was 5.47%.

WRF Senior Notes

In February 2024, Wynn Resorts Finance, LLC ("WRF") and its subsidiary, Wynn Resorts Capital Corp., issued an additional $400.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Add-On Senior Notes," and collectively with the 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes") and 5 1/8% Senior Notes due 2029 (the "2029 WRF Senior Notes"), the "WRF Senior Notes") pursuant to a supplemental indenture to the 2031 Senior Notes indenture dated as of February 16, 2023. The 2031 WRF Add-On Senior Notes were issued at a price equal to 103.00% of the principal amount plus accrued interest, resulting in net proceeds of $409.5 million. The net proceeds from the 2031 WRF Add-On Senior Notes, together with cash held by Wynn Resorts, were used to repurchase an aggregate $796.7 million of the outstanding principal amount of the 2025 WLV Senior Notes (as defined below) and to pay the applicable tender premium and related fees and expenses.
12

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
In connection with the issuance of the 2031 WRF Add-On Senior Notes and the repurchase of the 2025 WLV Senior Notes (as further discussed below), the Company recognized a loss on debt financing transactions of $1.6 million within the accompanying Condensed Consolidated Statements of Income, and the Company recorded debt issuance costs of $5.6 million within the accompanying Condensed Consolidated Balance Sheet.

WLV Senior Notes

In February and March 2024, Wynn Las Vegas repurchased $800.0 million aggregate principal amount of its 5 1/2% Senior Notes due 2025 (the "2025 WLV Senior Notes"), which consisted of i) $681.0 million validly tendered notes repurchased at a price equal to 97.2% of the principal amount, plus accrued interest and an early tender premium of $20.3 million and ii) $119.0 million of notes repurchased on a pro-rata basis at a price equal of 100% of the principal amount plus accrued interest under the terms of its indenture. Included in the $119.0 million repurchase was $3.3 million of 2025 WLV Senior Notes held by Wynn Resorts. The Company used the net proceeds from the 2031 WRF Add-On Senior Notes and cash held by WRF, to purchase such validly tendered 2025 WLV Senior Notes and to pay the tender premium and related fees and expenses.

Debt Covenant Compliance

As of March 31, 2024, management believes the Company was in compliance with all debt covenants.

Fair Value of Long-Term Debt

The estimated fair value of the Company's long-term debt as of March 31, 2024 and December 31, 2023, was approximately $11.04 billion and $11.49 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $11.27 billion and $11.83 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).

Note 7 - WML Convertible Bond Conversion Option Derivative

The conversion feature contained within the WML Convertible Bonds (the "WML Convertible Bond Conversion Option Derivative") is not indexed to WML's equity and, as such, is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative, reported at fair value as of the end of each reporting period, with changes recognized in the Condensed Consolidated Statements of Income. The following table sets forth the inputs to the lattice models that were used to value the WML Convertible Bond Conversion Option Derivative:
March 31, 2024December 31, 2023
WML stock priceHK$6.99 HK$6.43 
Estimated volatility34.8 %34.0 %
Risk-free interest rate3.9 %3.3 %
Expected term (years)4.9 5.2 
Dividend yield0.0 %0.0 %

As of March 31, 2024 and December 31, 2023, the estimated fair value of the embedded derivative was a liability of $90.0 million and $73.7 million, respectively, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheets. In connection with the change in fair value, the Company recorded a loss of $16.3 million and a gain of $24.9 million within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023, respectively.







13

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 8 - Stockholders' Deficit

Dividends

The Company paid a cash dividend of $0.25 per share on its common stock during the three months ended March 31, 2024 and recorded $28.0 million against accumulated deficit.

On May 7, 2024, the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on May 31, 2024 to stockholders of record as of May 20, 2024.

Noncontrolling Interests

Wynn Macau, Limited

The WML Board of Directors has recommended the payment of a final dividend of HK$0.075 per share on its common stock, for a total U.S. dollar equivalent of approximately $50.3 million, in respect of the year ended December 31, 2023. The payment of the final dividend is conditional upon shareholder approval at WML's 2024 Annual General Meeting to be held on May 30, 2024.

WML Securities Lending Agreement

In connection with the offering of the WML Convertible Bonds, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximate 72% ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") on March 2, 2023 (as amended on March 30, 2023, the "Securities Lending Agreement"), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending Agreement. WM Cayman I may, at its sole discretion, terminate any stock loan by giving the WML Stock Borrower no less than five business days' notice. The Securities Lending Agreement terminates on the date on which the WML Convertible Bonds have been redeemed, or converted in full, whichever is the earlier. As of the date of this report, the WML Stock Borrower held 179,774,985 WML shares under the Securities Lending Agreement.

Retail Joint Venture

During the three months ended March 31, 2024 and 2023, the Retail Joint Venture made aggregate distributions of approximately $6.0 million and $4.5 million, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture."

14

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 9 - Fair Value Measurements

The following tables present assets and liabilities carried at fair value (in thousands): 

Fair Value Measurements Using:
March 31, 2024Quoted
Market
Prices in
Active Markets
(Level 1)
Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents$1,201,875 $ $1,201,875 $ 
Restricted cash$90,146 $2,178 $87,968 $ 
Fixed deposits$550,000 $ $550,000 $ 
Interest rate collar$4,136 $ $4,136 $ 
Liabilities:
WML Convertible Bond Conversion Option Derivative
(see Note 7)
$90,025 $ $ $90,025 
Fair Value Measurements Using:
December 31, 2023Quoted
Market
Prices in
Active Markets
(Level 1)
Other
Observable
Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents$1,802,712 $ $1,802,712 $ 
Restricted cash $90,226 $2,170 $88,056 $ 
Fixed deposits$550,000 $ $550,000 $ 
Interest rate collar$5,769 $ $5,769 $ 
Liabilities:
WML Convertible Bond Conversion Option Derivative
(see Note 7)
$73,744 $ $ $73,744 


15

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Note 10 - Customer Contract Liabilities

In providing goods and services to its customers, there is often a timing difference between the Company receiving cash and the Company recording revenue for providing services or holding events.
The Company's primary liabilities associated with customer contracts are as follows (in thousands):
March 31, 2024December 31, 2023Increase / (decrease)March 31, 2023December 31, 2022Increase / (decrease)
Casino outstanding chips and front money deposits (1)
$393,603 $433,269 $(39,666)$376,911 $390,531 $(13,620)
Advance room deposits and ticket sales (2)
82,097 89,640 (7,543)80,419 85,019 (4,600)
Other gaming-related liabilities (3)
20,526 24,964 (4,438)33,452 31,265 2,187 
Loyalty program and related liabilities (4)
28,747 31,106 (2,359)37,524 35,083 2,441 
$524,973 $578,979 $(54,006)$528,306 $541,898 $(13,592)
(1) Casino outstanding chips generally represent amounts owed to gaming promoters and customers for chips in their possession, and casino front money deposits represent funds deposited by customers before gaming play occurs. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and may be recognized as revenue or redeemed for cash in the future.
(2) Advance room deposits and ticket sales represent cash received in advance for goods or services to be provided in the future. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and will be recognized as revenue when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenue and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenue within one year.
(3) Other gaming-related liabilities generally represent unpaid wagers primarily in the form of unredeemed slot, race and sportsbook tickets or wagers for future sporting events. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.
(4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets and are expected to be recognized as revenue within one year of being earned by customers.

Note 11 - Stock-Based Compensation

The total compensation cost for stock-based compensation plans was recorded as follows (in thousands):

 Three Months Ended March 31,
 20242023
Casino$675 $477 
Rooms228 206 
Food and beverage412 409 
Entertainment, retail and other746 2,633 
General and administrative12,308 10,985 
Total stock-based compensation expense14,369 14,710 
Total stock-based compensation capitalized1,302 766 
Total stock-based compensation costs$15,671 $15,476 

Note 12 - Income Taxes

The Company recorded an income tax expense of $20.0 million and $1.0 million for the three months ended March 31, 2024 and 2023, respectively, primarily related to its U.S.-based operating profits.

The difference between the statutory tax rate of 21% and the effective tax rate of 10.2% is due to the exemption from Macau’s 12% Complementary Tax on casino gaming profits that Wynn Macau SA received.






16

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Note 13 - Earnings Per Share

Basic earnings per share ("EPS") is computed by dividing net income (loss) attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible Bonds occurred at the later of the date of issuance or beginning of the period presented under the if-converted method, by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive. Other potentially dilutive securities include outstanding stock options and unvested restricted stock.

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): 

Three Months Ended March 31,
20242023
Numerator:
Net income attributable to Wynn Resorts, Limited - basic$144,216 $12,332 
Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:
Assumed conversion of WML Convertible Bonds (14,566)
Net income (loss) attributable to Wynn Resorts, Limited - diluted$144,216 $(2,234)
Denominator:
Weighted average common shares outstanding111,023 112,753 
Potential dilutive effect of stock options, nonvested, and performance nonvested shares310 363 
Weighted average common and common equivalent shares outstanding111,333 113,116 
Net income attributable to Wynn Resorts, Limited per common share, basic$1.30 $0.11 
Net income (loss) attributable to Wynn Resorts, Limited per common share, diluted$1.30 $(0.02)
Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share281 38 

Note 14 - Leases
Lessor Arrangements

The following table presents the minimum and contingent operating lease income for the periods presented (in thousands):

Three Months Ended March 31,
20242023
Minimum rental income$34,170 $33,838 
Contingent rental income20,639 28,764 
Total rental income$54,809 $62,602 
17

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Note 15 - Commitments and Contingencies

Litigation

In addition to the actions noted below, the Company and its affiliates are involved in litigation arising in the normal course of business. In the opinion of management, such litigation is not expected to have a material effect on the Company's financial condition, results of operations, and cash flows.

Securities Class Action

On February 20, 2018, a putative securities class action was filed against the Company and certain current and former officers of the Company in the United States District Court, Southern District of New York (which was subsequently transferred to the United States District Court, District of Nevada) by John V. Ferris and Joann M. Ferris on behalf of all persons who purchased the Company's common stock between February 28, 2014 and January 25, 2018. The complaint alleges, among other things, certain violations of federal securities laws and seeks to recover unspecified damages as well as attorneys' fees, costs and related expenses for the plaintiffs. On April 15, 2019, the Company filed a motion to dismiss, which the court granted on May 27, 2020, with leave to amend. On July 1, 2020, the plaintiffs filed an amended complaint. On August 14, 2020, the Company filed a motion to dismiss the amended complaint. On July 28, 2021, the court granted in part, and denied in part, the Company's motion to dismiss the amended complaint, dismissing certain of plaintiffs' claims, including all claims against current CEO Craig Billings and the individual directors, and allowing other claims to proceed against the Company and several of the Company's former executive officers, including Matthew Maddox, Stephen A. Wynn, Kimmarie Sinatra, and Steven Cootey. On March 2, 2023, the court granted the plaintiffs' motion for class certification and appointed lead counsel. The parties are now proceeding with discovery.

The defendants in this action intend to vigorously defend against the claims pleaded against them and believe that the claims are without merit. This action is in the preliminary stages and the Company has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these actions or reasonably estimate the range of possible loss, if any.

Federal Investigation

From time to time, the Company receives regulatory inquiries about compliance with anti-money laundering laws. The Company received requests for information from the U.S. Attorney’s Office for the Southern District of California relating to its anti-money laundering policies and procedures, and beginning in 2020 received several grand jury subpoenas regarding various transactions at Wynn Las Vegas relating to certain patrons and agents who reside or operate in foreign jurisdictions. The Company continues to cooperate with the U.S. Attorney's Office in its investigation, which remains ongoing. Because no charges or claims have been brought, the Company is unable to predict the outcome of the investigation, the extent of the materiality of the outcome, or reasonably estimate the possible range of loss, if any, which could be associated with the resolution of any possible charges or claims that may be brought against the Company.

18

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Note 16 - Retail Joint Venture

As of March 31, 2024 and December 31, 2023, the Retail Joint Venture had total assets of $100.4 million and $102.5 million, respectively, and total liabilities of $622.3 million and $621.9 million, respectively. As of March 31, 2024 and December 31, 2023, the Retail Joint Venture's liabilities included long-term debt of $614.2 million and $614.1 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

Note 17 - Segment Information

The Company has identified its reportable segments based on factors such as geography, regulatory environment, the information reviewed by its chief operating decision maker, and the Company's organizational and management reporting structure.

The Company has identified the following reportable segments: (i) Wynn Macau, representing the aggregate of Wynn Macau and Encore, an expansion at Wynn Macau, which are managed as a single integrated resort; (ii) Wynn Palace; (iii) Las Vegas Operations, representing the aggregate of Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture, which are managed as a single integrated resort; and (iv) Encore Boston Harbor. For geographical reporting purposes, Wynn Macau, Wynn Palace, and Other Macau (which represents the assets of the Company's Macau holding company and other ancillary entities) have been aggregated into Macau Operations. The assets and results of operations of Wynn Interactive are presented in Corporate and other.




































19

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
The following tables present the Company's segment information (in thousands):

Three Months Ended March 31,
20242023
Operating revenues
Macau Operations:
Wynn Palace
Casino $473,781 $270,687 
Rooms53,936 46,910 
Food and beverage32,070 23,553 
Entertainment, retail and other (1)
27,114 28,213 
586,901 369,363 
Wynn Macau
Casino 346,353 176,383 
Rooms28,619 21,971 
Food and beverage21,019 14,302 
Entertainment, retail and other (1)
15,753 18,070 
411,744 230,726 
            Total Macau Operations998,645 600,089 
Las Vegas Operations:
Casino 135,163 154,530 
Rooms224,076 185,109 
Food and beverage193,610 172,483 
Entertainment, retail and other (1)
83,699 74,642 
             Total Las Vegas Operations636,548 586,764 
Encore Boston Harbor:
Casino 166,169 165,392 
Rooms20,783 18,539 
Food and beverage20,239 22,273 
Entertainment, retail and other (1)
10,593 10,102 
            Total Encore Boston Harbor217,784 216,306 
Corporate and other:
Entertainment, retail and other 9,932 20,520 
           Total Corporate and other9,932 20,520 
Total operating revenues$1,862,909 $1,423,679 
(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases."
20

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Three Months Ended March 31,
20242023
Adjusted Property EBITDAR (1)
   Macau Operations:
Wynn Palace$202,370 $111,058 
Wynn Macau137,186 44,745 
              Total Macau Operations339,556 155,803 
    Las Vegas Operations246,262 231,597 
    Encore Boston Harbor63,135 63,414 
Corporate and other(2,418)(21,068)
Total646,535 429,746 
Other operating expenses
Pre-opening2,035 4,478 
Depreciation and amortization174,933 168,812 
Property charges and other16,948 2,458 
Corporate expenses and other39,905 34,490 
Stock-based compensation14,369 14,710 
Triple-net operating lease rent expense35,404 35,283 
Total other operating expenses283,594 260,231 
Operating income 362,941 169,515 
Other non-operating income and expenses
Interest income40,172 40,193 
Interest expense, net of amounts capitalized (182,404)(187,740)
Change in derivatives fair value(17,914)23,046 
Loss on debt financing transactions(1,561)(12,236)
Other(4,722)(30,614)
Total other non-operating income and expenses(166,429)(167,351)
Income before income taxes196,512 2,164 
Provision for income taxes(20,014)(1,018)
Net income 176,498 1,146 
Net (income) loss attributable to noncontrolling interests(32,282)11,186 
Net income attributable to Wynn Resorts, Limited$144,216 $12,332 
(1) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss 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. The Company also presents 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 preopening 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 the Company's 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, 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. The Company has 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, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.


21

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
March 31, 2024December 31, 2023
Assets
Macau Operations:
Wynn Palace$2,866,726 $2,936,264 
Wynn Macau1,883,289 1,864,211 
Other Macau846,476 886,175 
              Total Macau Operations5,596,491 5,686,650 
Las Vegas Operations3,105,432 3,173,247 
Encore Boston Harbor1,982,407 2,006,565 
Corporate and other2,786,406 3,129,761 
Total$13,470,736 $13,996,223 


22

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with, and is qualified in its entirety by, the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2023. Unless the context otherwise requires, all references herein to the "Company," "we," "us," or "our," or similar terms, refer to Wynn Resorts, Limited, a Nevada corporation, and its consolidated subsidiaries. This discussion and analysis contains forward-looking statements. Please refer to the section below entitled "Forward-Looking Statements."

Forward-Looking Statements

We make forward-looking statements in this Quarterly Report on Form 10-Q based upon the beliefs and assumptions of our management and on information currently available to us. Forward-looking statements include, but are not limited to, information about our business strategy, development activities, competition and possible or assumed future results of operations, throughout this report and are often preceded by, followed by or include the words "may," "will," "should," "would," "could," "believe," "expect," "anticipate," "estimate," "intend," "plan," "continue" or the negative of these terms or similar expressions.

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 the risks and uncertainties in Item 1A — "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2023 and other factors we describe from time to time in our periodic filings with the Securities and Exchange Commission ("SEC"), such as:

extensive regulation of our business and the cost of compliance or failure to comply with applicable laws and regulations;
pending or future investigations, litigation and other disputes;
our dependence on key managers and employees;
our ability to maintain our gaming licenses and concessions and comply with applicable gaming law;
international relations, national security policies, anticorruption campaigns and other geopolitical events, which may impact the number of visitors to our properties and the amount of money they are willing to spend;
disruptions caused by, and the impact on regional demand for casino resorts and inbound tourism and the travel and leisure industry more generally from, events outside of our control, including an outbreak of an infectious disease (such as the COVID-19 pandemic), public incidents of violence, mass shootings, riots, demonstrations, extreme weather patterns or natural disasters, military conflicts, civil unrest, and any future security alerts or terrorist attacks;
public perception of our resorts and the level of service we provide;
our dependence on a limited number of resorts and locations for all of our cash flow and our subsidiaries' ability to pay us dividends and distributions;
competition in the casino/hotel and resort industries and actions taken by our competitors, including new development and construction activities of competitors;
our ability to maintain our customer relationships and collect and enforce gaming receivables;
win rates for our gaming operations;
construction and regulatory risks associated with our current and future construction projects or co-investments in such projects;
any violations by us of various anti-money laundering laws or the Foreign Corrupt Practices Act;
our compliance with environmental requirements and potential cleanup responsibility and liability as an owner or operator of property;
adverse incidents or adverse publicity concerning our resorts or our corporate responsibilities;
changes in and compliance with the gaming laws or regulations in the various jurisdictions in which we operate;
changes in tax laws or regulations related to taxation, including changes in the rates of taxation;
our collection and use of personal data and our level of compliance with applicable governmental regulations, credit card industry standards and other applicable data security standards;
cybersecurity risk, including cyber and physical security breaches, system failure, computer viruses, and negligent or intentional misuse by customers, company employees, or employees of third-party vendors;
our ability to protect our intellectual property rights;
23

labor actions and other labor problems;
our current and future insurance coverage levels;
risks specifically associated with our Macau Operations;
the level of our indebtedness and our ability to meet our debt service obligations (including sensitivity to fluctuations in interest rates); and
continued compliance with the covenants in our debt agreements.

Further information on potential factors that could affect our business, financial condition, results of operations and cash flows are included elsewhere in this report and our other filings with the SEC. You should not place undue reliance on any forward-looking statements, which are based only on information available to us at the time this statement is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

We are a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community. Through our approximately 72% ownership of Wynn Macau, Limited ("WML"), our concessionaire Wynn Resorts (Macau) S.A. ("Wynn Macau SA") operates two integrated resorts in the Macau Special Administrative Region of the People's Republic of China ("Macau"), Wynn Palace and Wynn Macau (collectively, our "Macau Operations"). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn Las Vegas. We are a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). We refer to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort. The results of Wynn Interactive Ltd. ("Wynn Interactive") are included in Corporate and other.

The Company has a 40% equity interest in Island 3 AMI FZ-LLC, an unconsolidated affiliate, which is constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates.

Key Operating Measures

Certain key operating measures specific to the gaming industry are included in our discussion of our operational performance for the periods for which the Condensed Consolidated Statements of Income are presented. These key operating measures are presented as supplemental disclosures because management and/or certain investors use these measures to better understand period-over-period fluctuations in our casino and hotel operating revenues. These key operating measures are defined below:

Table drop in mass market for our Macau Operations is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage.
Table drop for our Las Vegas Operations is the amount of cash and net markers issued that are deposited in a gaming table's drop box.
Table drop for Encore Boston Harbor is the amount of cash and gross markers issued that are deposited in a gaming table's drop box.
Rolling chips are non-negotiable identifiable chips that are used to track turnover for purposes of calculating incentives within our Macau Operations' VIP program.
Turnover is the sum of all losing rolling chip wagers within our Macau Operations' VIP program.
Table games win is the amount of table drop or turnover that is retained and recorded as casino revenues. Table games win is 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. Table games win does not include poker rake.
Slot machine win is the amount of handle (representing the total amount wagered) that is retained by us and is recorded as casino revenues. Slot machine win is after adjustment for progressive accruals and free play, but before discounts and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
Poker rake is the portion of cash wagered by patrons in our poker rooms that is retained by the casino as a service fee, after adjustment for progressive accruals, but before the allocation of casino revenues to rooms,
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food and beverage and other revenues for services provided to casino customers on a complimentary basis. Poker tables are not included in our measure of average number of table games.
Average daily rate ("ADR") is calculated by dividing total room revenues, including complimentaries (less service charges, if any), by total rooms occupied.
Revenue per available room ("REVPAR") is calculated by dividing total room revenues, including complimentaries (less service charges, if any), by total rooms available.
Occupancy is calculated by dividing total occupied rooms, including complimentary rooms, by the total rooms available.

Below is a discussion of the methodologies used to calculate win percentages at our resorts.

In our mass market operations in Macau, customers may purchase cash chips at either the gaming tables or at the casino cage. The measurements from our VIP and mass market operations are not comparable as the measurement method used in our mass market operations tracks the initial purchase of chips at the table and at the casino cage, while the measurement method from our VIP operations tracks the sum of all losing wagers. Accordingly, the base measurement from the VIP operations is much larger than the base measurement from the mass market operations. As a result, the expected win percentage with the same amount of gaming win is lower in the VIP operations when compared to the mass market operations.

In our VIP operations in Macau, customers primarily purchase rolling chips from the casino cage and can only use them to make wagers. Winning wagers are paid in cash chips. The loss of the rolling chips in the VIP operations is recorded as turnover and provides a base for calculating VIP win percentage. It is customary in Macau to measure VIP play using this rolling chip method. We typically expect our win as a percentage of turnover from these operations to be within the range of 3.1% to 3.4%.

In Las Vegas, customers purchase chips at the gaming tables in exchange for cash and markers. Customers may then redeem markers at the gaming tables or at the casino cage. The cash and markers, net of redemptions, used to purchase chips are deposited in the gaming table's drop box. This is the base of measurement that we use for calculating win percentage. Each type of table game has its own theoretical win percentage. Our expected table games win percentage is 22% to 26%.

At Encore Boston Harbor, customers purchase chips at the gaming tables in exchange for cash and markers. Customers may then redeem markers only at the casino cage. The cash and gross markers used to purchase chips are deposited in the gaming table's drop box. This is the base of measurement that we use for calculating win percentage. Each type of table game has its own theoretical win percentage. Our expected table games win percentage is 18% to 22%.

Results of Operations

Summary of first quarter 2024 results

The following table summarizes our financial results for the periods presented (dollars in thousands, except per share data):
Three Months Ended March 31,
20242023Increase/ (Decrease)Percent Change
Operating revenues$1,862,909 $1,423,679 $439,230 30.9 
Net income attributable to Wynn Resorts, Limited144,216 12,332 131,884 NM
Diluted net income (loss) per share1.30 (0.02)1.32 NM
NM - Not meaningful.

The increase in operating revenues for the three months ended March 31, 2024 was primarily driven by increases of $217.5 million and $181.0 million from Wynn Palace and Wynn Macau, respectively, resulting from an increase in gaming volumes, hotel occupancy, and covers at our restaurants. Since the elimination of COVID-19 related protective measures by Macau authorities in January 2023, visitation to Macau and to our Macau Operations has improved, resulting in increased business volumes at our Macau Operations for the three months ended March 31, 2024.

The increase in net income attributable to Wynn Resorts, Limited for the three months ended March 31, 2024 was primarily due to increased operating revenues at our Macau Operations, partially offset by an increase in operating expenses.
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Financial results for the three months ended March 31, 2024 compared to the three months ended March 31, 2023.

Operating revenues

The following table presents our operating revenues (dollars in thousands):

 Three Months Ended March 31,
 20242023Increase/ (Decrease)Percent Change
Operating revenues
   Macau Operations:
Wynn Palace$586,901 $369,363 $217,538 58.9 
Wynn Macau411,744 230,726 181,018 78.5 
   Total Macau Operations998,645 600,089 398,556 66.4 
   Las Vegas Operations636,548 586,764 49,784 8.5 
   Encore Boston Harbor217,784 216,306 1,478 0.7 
Corporate and other9,932 20,520 (10,588)(51.6)
$1,862,909 $1,423,679 $439,230 30.9 

The following table presents our casino and non-casino operating revenues (dollars in thousands):

 Three Months Ended March 31,
 20242023Increase/ (Decrease)Percent Change
Operating revenues
Casino revenues$1,121,466 $766,992 $354,474 46.2 
Non-casino revenues:
          Rooms327,414 272,529 54,885 20.1 
          Food and beverage266,938 232,611