ウィンリゾーツの適時開示・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

現行レポート

セクション13または15に基づいて(d)

1934年の証券取引所法の

報告日（最も古いイベントの報告日）：2023年9月4日

WYNN RESORTS, LIMITED

(チャーターで指定された登録者の正確な名前)


ネバダ		000-50028	46-0484987
(会社設立の州またはその他の管轄区域)		(CommissionFile Number)	(I.R.S. EmployerIdentification No.)
3131 ラスベガス・ブルバード・サウス
Las Vegas,	ネバダ		89109
(主要経営陣の住所)			(Zip Code)

(702) 770-7555

(登録者の電話番号（市外局番を含む)

Not Applicable

(前回の報告書以降に変更があった場合、旧姓または旧住所)

法第12条(b)に従って登録された証券：

Title of each class

Trading Symbol(s)

登録されている各取引所の名称

普通株式、額面0.01ドル

WYNN

Nasdaq Global Select Market

Form8-Kの提出が、以下の条項のいずれかに基づく登録者の提出義務を同時に満たすことを意図している場合は、以下の該当するチェックボックスをチェックしてください：

☐ 証券法規則425（17 CFR 230.425）に基づく書面によるコミュニケーション

☐ 取引所法の規則14a-12（17 CFR 240.14a-12）に基づく資料の勧誘

☐ 取引所法の規則14d-2(b)(17 CFR 240.14d-2(b))に基づく開始前のコミュニケーション

☐ 取引所法の規則13e-4(c)(17 CFR 240.13e-4(c))に基づく開始前のコミュニケーション

登録者が1933年証券法規則405（本章230.405節）または1934年証券取引法規則12b-2（本章240.12b-2節）で定義される新興成長企業であるかどうかをチェックマークで示す。

Emerging growth company ☐

新興成長企業の場合、登録者が取引所法第13条(a)に従い提供される新規または改訂された財務会計基準に準拠するための移行期間の延長を利用しないことを選択した場合は、チェックマークで示す。☐


Item 7.01			Regulation FD Disclosure.

2023年9月4日、ウィン・リゾーツ社（「登録者」）の間接子会社であり、普通株式を香港証券取引所（「HKSE」）に上場しているウィン・マカオ社（「WML」）は、2023年6月30日に終了した6ヶ月間に関する中間報告書（「中間報告書」）をHKSEに提出した。登録者はWMLの普通株式の約72％を保有している。中間報告書は別紙99.1として添付されている。本フォーム8-Kおよび添付資料99.1に記載された情報は、1934年証券取引所法第18条（改正）において「提出された」とはみなされず、また、1933年証券法（改正）に基づくいかなる提出書類においても、当該提出書類において特定の参照により明示的に記載されている場合を除き、参照により組み込まれたとはみなされないものとする。


Item 9.01			Financial Statements and Exhibits.

(d)展示品


Exhibit No.			Description

99.1			2023年6月30日に終了した6ヶ月間に関するウィン・マカオ社の中間報告書
104			カバーページ・インタラクティブデータファイル - カバーページのxbrlタグがinline xbrlドキュメント内に埋め込まれています。

SIGNATURES

1934年証券取引法の要件に従い、登録者は本報告書に正式に権限を付与された署名者により、登録者を代表して署名させた。

WYNN RESORTS, LIMITED

Dated: September 5, 2023

By:

/s/ Julie Cameron-Doe

Julie Cameron-Doe

Chief Financial Officer

(プリンシパルファイナンシャル＆アカウンティングオフィサー)

EX-99.1 2 a2023wmlinterimreport.htm EX-99.1 a2023wmlinterimreport

2023 Interim Report ��

Contents 2 Corporate Information 4 Highlights 5 Management Discussion and Analysis 59 Directors and Senior Management 70 Other Information 89 Report on Review of Interim Financial Information 91 Interim Financial Information 130 Definitions 137 Glossary

2 Wynn Macau, Limited Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Craig S. Billings Ms. Linda Chen (Vice Chairman of the Board) Mr. Frederic Jean-Luc Luvisutto Non-Executive Directors Ms. Ellen F. Whittemore* Ms. Julie M. Cameron-Doe** Independent Non-Executive Directors Dr. Allan Zeman, GBM, GBS, JP (Chairman of the Board) Mr. Lam Kin Fung Jeffrey, GBM, GBS, JP Mr. Bruce Rockowitz Mr. Nicholas Sallnow-Smith Ms. Leah Dawn Xiaowei Ye AUDIT AND RISK COMMITTEE Mr. Nicholas Sallnow-Smith (Chairman) Mr. Bruce Rockowitz Dr. Allan Zeman, GBM, GBS, JP REMUNERATION COMMITTEE Mr. Nicholas Sallnow-Smith (Chairman) Mr. Craig S. Billings*** Ms. Julie M. Cameron-Doe*** Mr. Lam Kin Fung Jeffrey, GBM, GBS, JP Mr. Bruce Rockowitz * Ms. Ellen F. Whittemore was appointed as a non-executive Director, with effect from 1 January 2023. ** Ms. Julie M. Cameron-Doe was appointed as a non-executive Director, with effect from 26 May 2023. *** Mr. Craig S. Billings ceased to be a member of the Company’s remuneration committee, with effect from 17 August 2023. Ms. Julie M. Cameron-Doe was appointed as a member of the Company’s remuneration committee, with effect from 18 August 2023. NOMINATION AND CORPORATE GOVERNANCE COMMITTEE Mr. Lam Kin Fung Jeffrey, GBM, GBS, JP (Chairman) Mr. Nicholas Sallnow-Smith Ms. Leah Dawn Xiaowei Ye Dr. Allan Zeman, GBM, GBS, JP COMPANY SECRETARY Ms. Ho Wing Tsz Wendy, FCG, FCS (PE) AUTHORIZED REPRESENTATIVES Dr. Allan Zeman, GBM, GBS, JP Ms. Ho Wing Tsz Wendy, FCG, FCS (PE) AUDITOR Ernst & Young Certified Public Accountants Registered Public Interest Entity Auditor LEGAL ADVISORS As to Hong Kong law: Kirkland & Ellis Mayer Brown As to Macau law: Nuno Simões & Associados As to Cayman Islands law: Maples and Calder

3Interim Report 2023 Corporate Information REGISTERED OFFICE P.O. Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands HEADQUARTERS IN MACAU Wynn Palace Avenida da Nave Desportiva COTAI, Macau SAR PRINCIPAL PLACE OF BUSINESS IN HONG KONG 5/F, Manulife Place 348 Kwun Tong Road Kowloon Hong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Maples Fund Services (Cayman) Limited HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services Limited STOCK CODE 1128 COMPANY WEBSITE www.wynnmacaulimited.com

4 Wynn Macau, Limited Highlights FINANCIAL HIGHLIGHTS For the Six Months Ended 30 June 2023 2022 HK$ HK$ (in thousands, except for per Share amounts or otherwise stated) Casino revenues 8,271,795 2,218,716 Other revenues 2,466,820 1,029,568 Adjusted EBITDA 2,764,152 (873,101) Profit/(loss) attributable to owners 87,467 (3,597,629) Earning/(loss) per Share — basic 0.02 (0.69) Loss per Share — diluted (0.03) (0.69)

5Interim Report 2023 Management Discussion and Analysis OVERVIEW We are a developer, owner and operator of two integrated destination casino resorts, Wynn Palace and Wynn Macau, located in the Greater Bay Area region of the People’s Republic of China. Our resorts in Macau include world-class hotel facilities, a variety of regional and international dining options, retail outlets and an array of one-of-a-kind entertainment options, many of which are free to the general public. Our strategy in the Greater Bay Area encompasses investment in our integrated resorts, in our people and in the broader community. To attract and retain our customers, we design and continually make enhancements to refresh, improve and expand our resorts. We also maintain numerous programs to invest in our approximately 11,000 Macau-based employees. Through a robust emphasis on human resources and staff training, we provide opportunities for movement within our Group to ensure employees can pursue their career goals with us and to elevate their functional and leadership skills. Through our “Wynn Care” program, we facilitate reinvestment in our community, encourage volunteerism and promote responsible gaming. Since launching this program, we have centralized our community-focused initiatives under one umbrella and expanded our efforts from various volunteer activities and community events in Macau into the Greater Bay Area and beyond. Through our charitable foundation “Wynn Care Foundation”, we continue to broaden our efforts in pursuing positive social impact and supporting charitable development within Macau and the PRC. We are also fully committed to supporting sustainable development for the benefit of Macau and the planet by monitoring and reducing inefficient energy and resource consumption and embracing technologies that help us to responsibly use our resources.

6 Wynn Macau, Limited Management Discussion and Analysis Wynn Palace Wynn Palace, a 6 million square foot integrated resort, was opened to the public on 22 August 2016 in the Cotai area of Macau, conveniently located minutes from both Macau International Airport and the Macau Taipa Ferry Terminal and directly adjacent to a stop serviced by Macau’s light rail system. We are in the design stages of developing the next phase of Wynn Palace. We currently expect that the next phase at Wynn Palace will incorporate an array of amenities such as theater and event space, interactive entertainment installations, food and beverage features, and other non-gaming offerings. Wynn Palace features: • Approximately 468,000 square feet of casino space and casino support and ancillary areas with 302 table games and 616 slot machines or similar electronic gaming devices, offering 24-hour gaming and a full range of games, including private gaming salons and sky casinos; • Free public entertainment attractions including an 8-acre performance lake, animated floral art displays and fine art displays; • A luxury hotel with a total of 1,706 spacious rooms, suites and villas; • 14 food and beverage outlets; • Approximately 107,000 square feet of high-end, brand-name retail shopping; • Recreation and leisure facilities, including a cable car (“SkyCab”) ride, health club, spa, salon and pool; and • Approximately 37,000 square feet of meeting and convention space.

7Interim Report 2023 Management Discussion and Analysis Wynn Macau Wynn Macau, a 3 million square foot integrated resort, was opened to the public on 6 September 2006 in the heart of the Macau Peninsula. We completed expansion works at Wynn Macau in December 2007 and November 2009, which added more gaming space and additional food and beverage and retail amenities. Encore at Wynn Macau, a further expansion of Wynn Macau that added hotel accommodations and a range of gaming and non-gaming amenities, opened in April 2010. Wynn Macau features: • Approximately 294,000 square feet of casino space and casino support and ancillary areas with 261 table games and 563 slot machines or similar electronic gaming devices, offering 24-hour gaming and a full range of games, including private gaming salons, sky casinos and a poker pit; • Free public entertainment attractions including a rotunda show featuring a Chinese zodiac- inspired ceiling along with gold “tree of prosperity” and “dragon of fortune” attractions and a performance lake; • Two luxury hotel towers with a total of 1,010 spacious rooms and suites; • 14 food and beverage outlets; • Approximately 64,300 square feet of high-end, brand-name retail shopping; • Recreation and leisure facilities, including two health clubs and spas, a salon and a pool; and • Approximately 31,000 square feet of meeting and convention space.

8 Wynn Macau, Limited Management Discussion and Analysis FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION Set forth below are the key factors affecting our results of operations and financial condition. There are also risks and uncertainties inherent in our operations, many of which are beyond our control. The outbreak of COVID-19 Pandemic caused visitation to Macau to fall significantly, as a result of the COVID-19 Pandemic, quarantine measures put in place in Macau and elsewhere, travel and entry restrictions and conditions in Macau, the PRC, Hong Kong and Taiwan requiring COVID-19 testing and mandatory quarantine, among other things, periods of mandatory closure of certain businesses and facilities, including gaming operations, and the suspension or reduced accessibility of transportation to and from Macau. Over the course of December 2022 and January 2023, Macau authorities relaxed or eliminated COVID-19 related protective measures. As of the date of this interim report, there are no remaining entry restrictions or mandatory quarantine requirements in place for travelers to Macau. However, if in the future the Macau government impose restrictions on the general public, travel, or certain activities, management is unable to reasonably predict whether such restrictions would impact the Group’s properties in the future, or the extent such restrictions, if imposed, would impact the Group’s results of operations, cash flows, or financial condition. For further details, see the section headed “Management Discussion and Analysis — Material Risk Factors” of this interim report. Regulation and Licensing On 16 December 2022, WRM, a wholly-owned subsidiary of the Company, entered into a definitive Gaming Concession Contract with the Macau government, pursuant to which WRM was granted a 10-year gaming concession commencing on 1 January 2023 and expiring on 31 December 2032, to operate games of chance at Wynn Palace and Wynn Macau. As a casino concessionaire, WRM is subject to the regulatory control of the government of Macau. The Macau government has adopted laws and administrative regulations governing the operation of casinos in Macau. Only concessionaires are permitted to operate casinos. Each concessionaire was required to enter into a concession agreement with the Macau government which, together with the law and administrative regulations, form the framework for the regulation of the activities of the concessionaire.

9Interim Report 2023 Management Discussion and Analysis Under the law and administrative regulations, concessionaires are subject to suitability requirements relating to background, associations and reputation, as are stockholders of 5% or more of a concessionaire’s equity securities, officers, directors and key employees. The same requirements apply to any entity engaged by a concessionaire to manage casino operations. Concessionaires are required to satisfy minimum capitalization requirements, demonstrate and maintain adequate financial capacity to operate the concession and submit to continuous monitoring of their casino operations by the Macau government. Concessionaires also are subject to periodic financial reporting requirements and reporting obligations with respect to, among other things, certain contracts, financing activities and transactions with directors, financiers and key employees. Transfers or the encumbering of interests in concessionaires must be reported to the Macau government and are ineffective without government approval. Each concessionaire is required to engage a managing director who must be a permanent resident of Macau and the holder of at least 15% of the capital stock of the concessionaire. The appointment of the managing director and of any successor is ineffective without the approval of the Macau government. All contracts placing the management of a concessionaire’s casino operations with a third party also are ineffective without the approval of the Macau government. Concessionaires are subject to a special gaming tax of 35% of gross gaming revenue, and must also make an annual contribution of up to 5% of gross gaming revenue for the promotion of public interests, social security, infrastructure and tourism. Concessionaires are obligated to withhold applicable taxes, according to the rate in effect as set by the government, from any commissions paid to gaming promoters. The withholding rate may be adjusted from time to time. The Gaming Concession Contract between WRM and the Macau government requires WRM to operate two casinos: “Casino Wynn Macau” and “Casino Wynn Palace”.

10 Wynn Macau, Limited Management Discussion and Analysis Pursuant to the Gaming Concession Contract and applicable Macau laws, Macau government may rescind the gaming concession if WRM fails to fulfill its obligations under the Macau law or the Gaming Concession Contract, including in the circumstances of (i) endangerment to the national security of mainland China or Macau, (ii) failure on the part of WRM to perform its obligations under the Gaming Concession Contract, (iii) public interest, and (iv) WRM ceasing to be eligible for the gaming concession under the Macau gaming law. If the Macau government rescinds the Gaming Concession Contract due to WRM’s non-fulfilment, or perceived non-fulfillment, of its obligations, WRM will be required to transfer to the Macau government, free from any encumbrance or lien and without compensation, all of its casinos, gaming assets and equipment and ownership rights to its casino areas in Macau. Beginning in the eighth year of WRM’s concession, the Macau government may exercise its right to redeem the concession by providing WRM with at least one-year prior written notice. In such event, WRM would be entitled to fair and equitable compensation pursuant to the Macau gaming law. The amount of such compensation relating to the projects agreed with the Macau government would be determined based on the earnings of these projects, before interest, depreciation and amortization for the fiscal year immediately preceding the date the redemption is declared, multiplied by the number of years remaining on the term of the Gaming Concession Contract. The government of Macau may assume temporary custody and control over the operation of a concession in certain circumstances. During any such period, the costs of operations must be borne by the concessionaire. WRM is required to obtain prior approval from the relevant Macau authorities or officials for various corporate changes and actions, including expansion of its business scope, issuance of shares, transfer of or creation of any encumbrances over its shares, issuance of debt securities, change of its managing director or the authority delegated thereto, change of its articles of association, certain transfers of property rights and creditor’s rights, entering into a consumer loan contract or similar contract with a value equal to or exceeding MOP100.0 million (approximately HK$97.1 million), and granting of a loan to any of its directors, shareholders or key employees. WRM is required to notify the Macau government of certain other changes, including any loan, mortgage, claim for obligation, guarantee or the assumption of any debt for financing its business with a value that equals to or exceeds MOP16.0 million (approximately HK$15.5 million). WRM is required to notify the Chief Executive of Macau at least five working days in advance prior to making material financial decisions (i) related to the transfer of funds within WRM which exceeds 50% of its share capital, (ii) related to employee salaries, remuneration or benefits which exceed 10% of its share capital, and (iii) not related to above items (i) and (ii), whose value exceeding 10% of its share capital.

11Interim Report 2023 Management Discussion and Analysis Pursuant to the Gaming Concession Contract, starting with year 2024, WRM is required to submit to the Macau government an annual proposal of the specific projects identified in the investment plan annexed to the Gaming Concession Contract which it intends to execute in the following year by 30 September of each prior calendar year, detailing each proposed project and the investment amount and the execution schedule for the relevant year for the purpose of government approval. Within 60 days after submission of each annual execution proposal, the Macau government will decide on its approval, and may request adjustments to specific projects, the investment amount and the execution schedule. If any of our annual execution proposals or parts thereof are not approved by the Macau government, WRM is obliged to propose allocating the relevant funds to other projects related with its activity, which are also subject to acceptance by the Macau government, while the total investment amount will remain unchanged. The annual execution proposal for the year 2023 was previously submitted in March 2023 and thereafter approved by the Macau government. WRM is required to submit a report on the execution of the previous year’s execution proposal by 31 March of each calendar year. In addition, WRM is subject to the supervision of the Macau government as regards the execution of development projects included in the investment plan, and WRM must submit regular progress reports every two months, and may be requested to submit exceptional detailed reports whenever the normal progress of any development project included in the investment plan is compromised. Macau Gaming Concession WRM committed to make the following payments throughout the term of the Gaming Concession Contract: (i) Gaming premium — The gaming premium is composed of (a) a fixed portion in an amount equal to MOP30.0 million (approximately HK$29.1 million) per year; and (b) a variable annual portion of (1) MOP300,000 (approximately HK$291,000) per gaming table located in special gaming halls reserved exclusively to particular games or players; (2) MOP150,000 (approximately HK$146,000) per gaming table that is not reserved exclusively to particular games or players; and (3) MOP1,000 (approximately HK$971) per gaming machine, including slot machines, operated by WRM. The amount of the variable portion of the premium cannot be less than the amount that would result from the permanent operation of 500 gaming tables and 1,000 gaming machines. A minimum average annual gross gaming revenue of MOP7.0 million (approximately HK$6.8 million) per gaming table and MOP300,000 (approximately HK$291,000) per gaming machine has been set by Macau government. If WRM fails to reach such minimum gross gaming revenue, WRM will be required to pay a special premium equal to the difference between the special gaming tax calculated based on the actual gross gaming revenue and that of such minimum gross gaming revenue;

12 Wynn Macau, Limited Management Discussion and Analysis (ii) Special levies, totaling 5% of gross gaming revenues. The Macau government may reduce the special levies payable by WRM (1) based on WRM’s contribution to the attraction of tourists who enter Macau for tourism and business purposes and hold travel documents issued by countries or regions other than the People’s Republic of China; or (2) if WRM’s operations are adversely affected by abnormal, unpredictable or force majeure circumstances associated with the prevailing economic conditions of Macau; or (3) factors as determined by the Chief Executive of Macau; and (iii) Special gaming tax assessed at the rate of 35% of gross gaming revenues. In accordance with the terms of the Property Transfer Agreements, WRM will pay the Macau government an annual amount calculated based on: (i) MOP750 (approximately HK$728) per square meter of the casino areas for the first year in March 2023, as adjusted annually in accordance with the average price index in Macau pursuant to the Macau gaming law for the second and third year payable in March 2024 and March 2025, respectively; and (ii) MOP2,500 (approximately HK$2,427) per square meter of the casino areas for the fourth year in March 2026, as adjusted annually for the remaining years payable in March each year in accordance with the average price index in Macau pursuant to the Macau gaming law. Pursuant to the Gaming Concession Contract, WRM will revert to Macau government the casino areas and gaming equipment, without compensation and free of encumbrance upon the rescission or termination of the gaming concession on 31 December 2032. WRM also committed to make certain non-gaming and gaming investments in the amount of MOP17.73 billion (approximately HK$17.21 billion) over the course of the ten-year term of the Gaming Concession Contract. MOP16.50 billion (approximately HK$16.02 billion) of the committed investment will be used for non-gaming capital projects and event programming in connection with, among others, attraction of foreign tourists, conventions and exhibitions, entertainment performances, sports events, culture and art, health and wellness, themed amusement, gastronomy, community tourism and maritime tourism. WRM will be required to increase its investment in non- gaming projects by 20% in the following year if market-wide gross gaming revenues increase to MOP180.00 billion (approximately HK$174.76 billion) in any one year (the “Trigger Event”). The required increase will be reduced to 16%, 12%, 8%, 4% or 0%, respectively, if the Trigger Event occurs during the sixth, seventh, eighth, ninth or tenth year of the concession period, respectively. Under the Gaming Concession Contract, WRM provided a first demand bank guarantee of MOP1.00 billion (approximately HK$0.97 billion) in favor of the Macau government to support WRM’s legal and contractual obligations, from 1 January 2023 until one hundred and eighty days after the term of the Gaming Concession Contract expires or the rescission of the concession.

13Interim Report 2023 Management Discussion and Analysis Macau Macau, which was a territory under Portuguese administration for approximately 450 years, was transferred from Portuguese to Chinese political control in December 1999. Macau is governed as a special administrative region of China and is located in the Greater Bay Area and approximately 37 miles southwest of Hong Kong. The journey between Macau and Hong Kong takes approximately 15 minutes by helicopter, 30 minutes by road via the opening of the Hong Kong-Zhuhai-Macau Bridge and one hour by jetfoil ferry. Macau, which has been a casino destination for more than 60 years, consists principally of a peninsula on mainland China and two neighboring islands, Taipa and Coloane, between which the Cotai area is located. In addition to WRM, SJM, Galaxy, Venetian Macau, Melco and MGM Macau are permitted to operate casinos in Macau. We believe that Macau is located in one of the world’s largest concentrations of potential gaming and tourism customers. Since the introduction of new casinos starting in 2004, the Macau market has experienced a significant increase in annual gaming revenue. According to Macau statistical information, the annual gaming revenues grew from HK$21.53 billion in 2002 to HK$283.94 billion in 2019 (pre-pandemic), before falling to HK$58.68 billion in 2020, HK$84.33 billion in 2021 and HK$40.97 billion in 2022, respectively, due to various quarantine measures and travel and entry restrictions and conditions imposed by the Macau government as a response to the outbreak of COVID-19. Over the course of December 2022 and January 2023, Macau authorities relaxed or eliminated COVID-19 related protective measures. As of the date of this interim report, there are no remaining entry restrictions or mandatory quarantine requirements in place for travelers to Macau. Casinos in Macau generated HK$77.80 billion in gaming revenue during the six months ended 30 June 2023, an increase of 205.1% compared to the HK$25.50 billion generated during the six months ended 30 June 2022 and a decrease of 46.4% compared to the HK$145.15 billion generated during the six months ended 30 June 2019. We believe that Macau’s stated goal of becoming a world-class tourism destination will continue to drive additional visitation to the market and create future opportunities for us to invest and grow. Our Macau Operations face competition primarily from the 28 other casinos located throughout Macau in addition to casinos located throughout the world, including Singapore, South Korea, the Philippines, Vietnam, Cambodia, Malaysia, Australia, Las Vegas, cruise ships in Asia that offer gaming, and other casinos throughout Asia. Additionally, certain other Asian countries and regions have legalized or in the future may legalize gaming, such as Japan, Taiwan, and Thailand, which could increase competition for our Macau Operations.

14 Wynn Macau, Limited Management Discussion and Analysis Tourism The levels of tourism and overall gaming activities in Macau are key drivers of our business. Both the Macau gaming market and visitation to Macau grew significantly from liberalization in 2002 leading up to the outbreak of COVID-19 in December 2019, but had since fallen meaningfully, primarily due to certain border control and other travel related restrictions as a result of the pandemic. Over the course of December 2022 and January 2023, Macau authorities relaxed or eliminated COVID-19 related protective measures. As of the date of this interim report, there are no remaining entry restrictions or mandatory quarantine requirements in place for travelers to Macau. According to the Macau Statistics and Census Service Monthly Bulletin of Statistics, visitation to Macau increased 236.1% and decreased 42.6% in first half of 2023 as compared to same period of 2022 and 2019, respectively. Tourism levels in Macau are affected by a number of factors which are beyond our control. Factors affecting tourism levels in Macau may include, among others: the prevailing economic conditions in the PRC and Asia; restrictions, conditions or other factors which affect visitation by citizens of the PRC and other regions to Macau; various countries’ policies on currency exchange controls, currency export, currency withdrawal, credit and debit card usage and travel restrictions or policies impacting the issuance of travel visas that may be in place from time to time; and competition from other destinations which offer gaming and/or leisure activities. Natural and man-made disasters, extreme weather conditions (such as typhoons and heavy rainstorms), outbreaks of highly infectious diseases (including the COVID-19 Pandemic), public incidents of violence, security alerts, riots and demonstrations, war and other events, particularly in Macau and nearby regions, may result in decreases to visitor arrivals to Macau from the PRC and elsewhere and disrupt travel to and between our resorts. Any of these events may also interfere with our operations and could have a material adverse effect on our business, financial condition and results of operations. Although we have insurance coverage with respect to some of these events, we cannot assure you that any such coverage will be sufficient to indemnify us fully against all direct and indirect costs, including any loss of business that could result from substantial damage to, or partial or complete destruction of, any of our properties.

15Interim Report 2023 Management Discussion and Analysis Premium Credit Play We selectively extend credit to certain customers contingent upon our marketing team’s knowledge of the customers, their financial background and payment history. We follow a series of credit procedures and require various signed documents from each credit recipient that are intended to ensure that, among other things, if permitted by applicable law, the debt can be legally enforced in the jurisdiction where the customer resides. In the event the customer does not reside in a jurisdiction where gaming debts are legally enforceable, we can attempt to assert jurisdiction over assets the customer maintains in jurisdictions where the debt is recognized. In addition, we typically require a check in the amount of the applicable credit line from credit customers, collateralizing the credit we grant. Number and Mix of Table Games and Slot Machines The mix of VIP table games, mass table games and slot machines in operation at our resorts changes from time to time as a result of marketing and operating strategies in response to changing market demand and industry competition. The shift in the mix of our games may affect casino profitability. Renovation, Development and Construction Projects Our current and future renovation, development and construction projects are and will be subject to significant development and construction risks. Such risks include unanticipated costs or cost increases, shortages in qualified labor, changes in laws and regulations and unforeseen engineering problems. Construction, equipment or staffing problems or difficulties in obtaining the requisite licenses, permits and authorizations from regulatory or governmental authorities could increase the total cost, delay or prevent the construction or opening or otherwise affect the project’s design and features, which may adversely impact the success of the project. There can be no assurance that our proposed plans and specifications will not change, and we cannot guarantee that our proposed projects will be approved, commenced or completed as contemplated by us. Failure to complete the projects on schedule or within budget may also have a significant negative effect on us and on our ability to make payments on our debt.

16 Wynn Macau, Limited Management Discussion and Analysis ADJUSTED EBITDA Adjusted EBITDA is earnings or losses before finance costs, finance revenues, net foreign currency differences, changes in derivative fair value, loss on debt financing transaction, income taxes, depreciation and amortization, property charges and other, share-based payments, Wynn Macau, Limited corporate expenses, and other non-operating income and expenses. Adjusted EBITDA is presented exclusively as a supplemental disclosure because our Directors believe that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Our Adjusted EBITDA presented herein also differs from the Adjusted Property EBITDA presented by Wynn Resorts, Limited for its Macau segments in its filings with the SEC, primarily due to the inclusion of license fees, adjustments for IFRS differences with U.S. GAAP, corporate support and other support services in arriving at operating profit/(loss). The following table sets forth a quantitative reconciliation of Adjusted EBITDA to its most directly comparable IFRS measurement and operating profit/(loss). For the Six Months Ended 30 June 2023 2022 HK$ HK$ (in thousands) Operating profit/(loss) 1,326,675 (2,208,059) Add Depreciation and amortization 1,190,192 1,134,843 Property charges and other 85,453 63,961 Share-based payments 83,293 83,591 Wynn Macau, Limited corporate expenses 78,539 52,563 Adjusted EBITDA 2,764,152 (873,101)

17Interim Report 2023 Management Discussion and Analysis REVIEW OF HISTORICAL OPERATING RESULTS Summary Breakdown Table The following table presents certain selected condensed consolidated statement of profit or loss and other comprehensive income line items and certain other data. For the Six Months Ended 30 June 2023 2022 HK$ HK$ (in thousands) Wynn Palace: Casino(1) 4,985,058 1,105,868 Rooms 760,273 162,840 Food and beverage 382,549 143,059 Retail and other 438,451 322,607 Wynn Macau: Casino(1) 3,286,737 1,112,848 Rooms 377,014 110,621 Food and beverage 227,012 106,484 Retail and other 281,521 183,957 Total operating revenues 10,738,615 3,248,284

18 Wynn Macau, Limited Management Discussion and Analysis For the Six Months Ended 30 June 2023 2022 HK$ HK$ (in thousands, except for averages, win per unit per day figures and number of tables and slot machines) Wynn Palace: VIP: VIP table games turnover 41,819,291 10,230,975 VIP table games win(1) 1,501,341 102,011 VIP table games win as a percentage of turnover 3.59% 1.00% Average number of gaming tables(2) 54 56 Table games win per unit per day(3) 154,443 10,010 Mass market: Mass market table drop 21,076,355 5,799,923 Mass market table games win(1) 4,441,481 1,193,176 Mass market table games win percentage 21.07% 20.57% Average number of gaming tables(2) 239 232 Table games win per unit per day(3) 102,867 28,355 Slot machine handle 8,826,134 2,980,173 Slot machine win(1) 415,436 137,268 Average number of slots(2) 587 652 Slot machine win per unit per day(3) 3,912 1,163 Wynn Macau: VIP: VIP table games turnover 19,866,441 9,285,256 VIP table games win(1) 694,698 379,109 VIP table games win as a percentage of turnover 3.50% 4.08% Average number of gaming tables(2) 50 37 Table games win per unit per day(3) 76,924 56,164

19Interim Report 2023 Management Discussion and Analysis For the Six Months Ended 30 June 2023 2022 HK$ HK$ (in thousands, except for averages, win per unit per day figures and number of tables and slot machines) Mass market: Mass market table drop 17,347,223 5,355,297 Mass market table games win(1) 3,015,931 881,626 Mass market table games win percentage 17.39% 16.46% Average number of gaming tables(2) 213 247 Table games win per unit per day(3) 78,350 19,700 Slot machine handle 7,754,130 3,775,660 Slot machine win(1) 248,788 132,453 Average number of slots(2) 532 625 Slot machine win per unit per day(3) 2,584 1,170

20 Wynn Macau, Limited Management Discussion and Analysis Notes: (1) Total casino revenues do not equal the sum of “VIP table games win”, “mass market table games win” and “slot machine win” primarily because casino revenues are reported net of the relevant commissions and others (including complimentary revenues allocated from casino revenues to rooms, food and beverage, retail and other revenues). The following table presents a reconciliation of the sum of “VIP table games win”, “mass market table games win” and “slot machine win” to total casino revenues. For the Six Months Ended 30 June 2023 2022 HK$ HK$ (in thousands) VIP table games win 2,196,039 481,120 Mass market table games win 7,457,412 2,074,802 Slot machine win 664,224 269,721 Poker revenues 73,008 469 Commissions and others (including complimentary revenues allocated from casino revenues to rooms, food and beverage, retail and other revenues) (2,118,888) (607,396) Total casino revenues 8,271,795 2,218,716 (2) For purposes of this table, we calculate average number of gaming tables and average number of slots as the average numbers of gaming tables and slot machines in service on each day in the period. (3) Table games win per unit per day and slot machine win per unit per day are presented in this table on the basis of the average number of gaming tables and average number of slots, respectively, over the number of days Wynn Palace, Wynn Macau and Encore were open in the applicable period.

21Interim Report 2023 Management Discussion and Analysis Discussion of Results of Operations Financial results for the six months ended 30 June 2023 compared to financial results for the six months ended 30 June 2022 Operating Revenues Total operating revenues increased by 230.6% from HK$3.25 billion in the six months ended 30 June 2022 to HK$10.74 billion in the six months ended 30 June 2023, resulting from an increase in gaming volumes, hotel occupancy, and covers at restaurants. The results for the six months ended 30 June 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing, certain entry restrictions and other mitigation procedures, related to the COVID-19 Pandemic. Over the course of December 2022 and January 2023, Macau authorities relaxed or eliminated COVID-19 related protective measures. As of the date of this interim report, there are no remaining entry restrictions or mandatory quarantine requirements in place for travelers to Macau, which resulted in increased business volumes at our Macau Operations for the six months ended 30 June 2023. Casino Revenues Casino revenues increased from HK$2.22 billion (68.3% of total operating revenues) in the six months ended 30 June 2022 to HK$8.27 billion (77.0% of total operating revenues) in the six months ended 30 June 2023 resulting from higher gaming volumes following the discontinuation of pandemic-related travel restrictions in Macau in late 2022 and early 2023. The components of casino revenues are as follows: VIP casino gaming operations. VIP table games win increased by 356.4%, from HK$0.48 billion in the six months ended 30 June 2022 to HK$2.20 billion in the six months ended 30 June 2023, with total VIP table games turnover up 216.1%, from HK$19.52 billion in the six months ended 30 June 2022 to HK$61.69 billion in the six months ended 30 June 2023. Mass market casino gaming operations. Mass market table games win increased by 259.4%, from HK$2.07 billion in the six months ended 30 June 2022 to HK$7.46 billion in the six months ended 30 June 2023, with total mass market table drop up 244.4%, from HK$11.16 billion in the six months ended 30 June 2022 to HK$38.42 billion in the six months ended 30 June 2023. Slot machine gaming operations. Slot machine win increased by 146.3% from HK$269.7 million in the six months ended 30 June 2022 to HK$664.2 million in the six months ended 30 June 2023. Total slot machine handle increased by 145.4% from HK$6.76 billion in the six months ended 30 June 2022 to HK$16.58 billion in the six months ended 30 June 2023.

22 Wynn Macau, Limited Management Discussion and Analysis Non-casino Revenues Net non-casino revenues, which include rooms, food and beverage and retail and other revenues, increased by 139.6% from HK$1.03 billion (31.7% of total operating revenues) in the six months ended 30 June 2022 to HK$2.47 billion (23.0% of total operating revenues) in the six months ended 30 June 2023. Rooms. Our room revenues increased by 315.9% from HK$273.5 million in the six months ended 30 June 2022 to HK$1.14 billion in the six months ended 30 June 2023, primarily due to higher occupancy rates and Average Daily Rate at both Wynn Palace and Wynn Macau following the discontinuation of pandemic-related travel restrictions in Macau in late 2022 and early 2023. The following table presents additional information about our room revenues for Wynn Palace and Wynn Macau: Room revenues information For the Six Months Ended 30 June 2023 2022 Wynn Palace: Average Daily Rate HK$2,502 HK$1,301 Occupancy(1) 92.2% 37.7% REVPAR HK$2,308 HK$491 Wynn Macau: Average Daily Rate HK$2,005 HK$1,357 Occupancy(1) 93.9% 40.5% REVPAR HK$1,882 HK$550 Note: (1) Occupancy is the number of total hotel room nights occupied as a percentage of the number of total hotel room nights available in the applicable period. Available hotel rooms exclude those rooms out of service during the applicable period.

23Interim Report 2023 Management Discussion and Analysis Food and beverage. Food and beverage revenues increased by 144.3% from HK$249.5 million in the six months ended 30 June 2022 to HK$609.6 million in the six months ended 30 June 2023 as a result of increased covers at restaurants of both Wynn Palace and Wynn Macau. Retail and other. Our retail and other revenues increased by 42.1% from HK$506.6 million in the six months ended 30 June 2022 to HK$720.0 million in the six months ended 30 June 2023, primarily due to an increase in visitation at both Wynn Palace and Wynn Macau. Operating Costs and Expenses Gaming taxes and premiums. Gaming taxes and premiums increased by 249.2% from HK$1.26 billion in the six months ended 30 June 2022 to HK$4.39 billion in the six months ended 30 June 2023. The increase was driven by the increase in casino revenues. WRM is subject to a 35% gaming tax on gross gaming win. In addition, WRM is also required to pay 5% of its gross gaming win as contributions for public development and social facilities. Staff costs. Staff costs increased by 5.5% from HK$1.98 billion in the six months ended 30 June 2022 to HK$2.08 billion in the six months ended 30 June 2023. The increase in staff costs was mainly due to increased business volume at both Wynn Palace and Wynn Macau. Other operating expenses. Other operating expenses increased by 62.0% from HK$1.02 billion in the six months ended 30 June 2022 to HK$1.66 billion in the six months ended 30 June 2023. The increase was mainly driven by increases in license fees, cost of sales, advertising and promotions expenditures and operating supplies and equipment costs. The reversal of provision for credit losses increased from HK$7.7 million for the six months ended 30 June 2022 to HK$63.9 million for the same period of 2023, primarily due to the impact of historical collection patterns and expectations of current and future collection trends, as well as the specific review of customer accounts, on our estimated credit loss for the respective periods. Depreciation and amortization. Depreciation and amortization increased by 4.9% from HK$1.13 billion in the six months ended 30 June 2022 to HK$1.19 billion in the six months ended 30 June 2023. The increase was primarily driven by the amortization of intangible asset, partially offset by the result of certain assets at both Wynn Palace and Wynn Macau being fully depreciated. Property charges and other. Property charges and other increased from HK$64.0 million in the six months ended 30 June 2022 to HK$85.5 million in the six months ended 30 June 2023. The increase was mainly driven by an increase in losses incurred on contract terminations and other expenses as well as costs related to assets retired or abandoned. The increase was partially offset by the decrease in other contingency expenses.

24 Wynn Macau, Limited Management Discussion and Analysis As a result of the foregoing, total operating costs and expenses increased by 72.5% from HK$5.46 billion in the six months ended 30 June 2022 to HK$9.41 billion in the six months ended 30 June 2023. Finance Revenues Finance revenues increased from HK$15.6 million in the six months ended 30 June 2022 to HK$226.2 million in the six months ended 30 June 2023. The increase was primarily due to the increase in both of the average investment balance and average interest rate during the six months ended 30 June 2023 compared to the same period in 2022. During 2023 and 2022, our short-term investment strategy has been to preserve capital while retaining sufficient liquidity. The majority of our cash equivalents were primarily in time deposits and fixed deposits with a maturity of three months or less. Finance Costs Finance costs increased by 34.4% from HK$1.20 billion in the six months ended 30 June 2022 to HK$1.62 billion in the six months ended 30 June 2023. The increase was mainly due to an increase in both of the average loan balance and average interest rate during the six months ended 30 June 2023 compared to the same period in 2022. Change in derivative fair value The change in derivative fair value for the six months ended 30 June 2023 represented a gain of HK$364.5 million recorded in relation to the conversion feature of the WML Convertible Bonds. Income Tax Expense Income tax expense remained flat from HK$6.1 million in the six months ended 30 June 2022 to HK$6.2 million in the six months ended 30 June 2023. Our income tax expense for the six months ended 30 June 2023 and 2022 relates to the current tax expense recorded by our subsidiaries owning WRM’s shares under the WRM Shareholder Dividend Tax Agreement. The agreement expired on 31 December 2022 and we intend to apply for an extension of this agreement for five years or more. Net Profit Attributable to Owners of the Company As a result of the foregoing, as compared to net loss of HK$3.60 billion for the six months ended 30 June 2022, net profit attributable to owners of the Company was HK$87.5 million for the six months ended 30 June 2023.

25Interim Report 2023 Management Discussion and Analysis LIQUIDITY AND CAPITAL RESOURCES Capital Resources Our cash and cash equivalents balance as at 30 June 2023 were approximately HK$12.67 billion. This cash is available for operations, new development activities, enhancements to our operating properties, debt service and retirement, and general corporate purposes. The Company paid no dividends during 2022 or the six months ended 30 June 2023. WML Convertible Bonds. On 7 March 2023, WML completed an offering of US$600.0 million (approximately HK$4.70 billion) 4.50% convertible bonds due 2029. WML intends to use the proceeds for general corporate purposes. Interest on the WML Convertible Bonds is payable semi- annually in arrears on 7 March and 7 September in each year. WRL Revolving Loan Facility. On 14 June 2022, the Company entered into a loan agreement with WRL, which was amended by way of an amendment letter dated 30 December 2022, pursuant to which WRL agreed to make available an unsecured revolving loan facility in an amount of up to US$500.0 million (approximately HK$3.92 billion). The current term of the WRL Revolving Loan Facility is twenty-four months after the date of the original loan agreement dated 14 June 2022 and the current interest rate of the loan is 9% per annum on funded amounts or any other rate (to take into account any prevailing market conditions and other applicable factors) as agreed between the Company and WRL from time to time. As at 30 June 2023, the WRL Revolving Loan Facility remained undrawn with US$500.0 million (approximately HK$3.92 billion) available. WM Cayman II Revolver. On 16 September 2021, WM Cayman II, an indirect wholly owned subsidiary of WML, entered into an unsecured revolving credit facility agreement in an aggregate principal amount of HK$11.71 billion consisting of one tranche in an amount of US$312.5 million (approximately HK$2.45 billion) and one tranche in an amount of HK$9.26 billion. WM Cayman II has the ability to upsize the total revolving credit facility by an additional US$1.00 billion (approximately HK$7.84 billion) under the facility agreement and related agreements upon the satisfaction of various conditions. The borrowings under the WM Cayman II Revolver bore interest at LIBOR or HIBOR plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis subject to a floor on the interest rate margin of 2.625% per annum through 30 June 2023.

26 Wynn Macau, Limited Management Discussion and Analysis Due to the global phase out of LIBOR, on 27 June 2023, WM Cayman II, as borrower, and WML, as guarantor, entered into an amended and restated facility agreement with Bank of China Limited, Macau Branch, as agent for the syndicate of lenders. Pursuant to the amended and restated facility agreement, the base rate applicable to loans denominated in United States dollars made pursuant to the WM Cayman II Revolver transitioned from LIBOR to Term SOFR, plus 0.10% (which is subject to a minimum floor of 0.00%), plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. The new Term SOFR base rate became effective on 4 July 2023. The final maturity of all outstanding loans under the revolving facility remains unchanged at 16 September 2025. The amended and restated facility agreement also reflected the prior agreement of the lenders under the WM Cayman II Revolver to waive certain financial covenants therein in respect of the relevant periods ending on the following applicable test dates: (a) 30 June 2022; (b) 30 September 2022; (c) 31 December 2022; and (d) 31 March 2023; and to provide for a floor on the interest rate margin of 2.625% per annum through 30 June 2023. WML, as guarantor, may be subject to certain restrictions on payments of dividends or distributions to its shareholders, unless certain financial criteria have been satisfied. As at 30 June 2023, the WM Cayman II Revolver was fully drawn.

27Interim Report 2023 Management Discussion and Analysis Gearing Ratio The gearing ratio is a key indicator of our Group’s capital structure. The gearing ratio is net debt divided by total capital deficiency plus net debt. The table below presents the calculation of our gearing ratio. As at 30 June 2023 As at 31 December 2022 HK$ HK$ (in thousands, except for percentages) Interest-bearing borrowings 52,739,665 48,228,497 Accounts payable 486,234 400,524 Construction payables and accruals and construction retentions payable 225,609 144,323 Other payables and accruals 4,619,788 3,854,441 Amounts due to related companies 102,000 242,831 Other liabilities 1,747,035 185,762 Lease liabilities 122,642 168,471 Less: cash and cash equivalents (12,671,669) (7,422,901) restricted cash and cash equivalents (688,219) (979,746) Net debt 46,683,085 44,822,202 Deficiency in assets (16,965,524) (17,152,261) Total capital deficiency (16,965,524) (17,152,261) Capital and net debt 29,717,561 27,669,941 Gearing ratio 157.1% 162.0%

28 Wynn Macau, Limited Management Discussion and Analysis Cash Flows The following table presents a summary of the Group’s cash flows. For the Six Months Ended 30 June 2023 2022 HK$ HK$ (in millions) Net cash generated from/(used in) operating activities 3,032.3 (1,558.9) Net cash used in investing activities (869.1) (264.8) Net cash generated from/(used in) financing activities 3,068.5 (1,204.7) Net increase/(decrease) in cash and cash equivalents 5,231.7 (3,028.4) Cash and cash equivalents at beginning of period 7,422.9 11,664.1 Effect of foreign exchange rate changes, net 17.1 53.0 Cash and cash equivalents at end of period 12,671.7 8,688.7 Net cash generated from operating activities Our net cash generated from operating activities is primarily driven by changes in our working capital and operating profit/loss generated by our Macau Operations. Net cash generated from operating activities was HK$3.03 billion for the six months ended 30 June 2023, compared to net cash of HK$1.56 billion used in operating activities for the six months ended 30 June 2022. Operating profit was HK$1.33 billion for the six months ended 30 June 2023, compared to operating loss of HK$2.21 billion for the six months ended 30 June 2022. The increase in net cash from operating activities was primarily due to the increased operating profit and changes in working capital accounts. During the six months ended 30 June 2022, the increase in net cash used in operating activities was primarily due to increased operating loss and partially offset by changes in working capital accounts.

29Interim Report 2023 Management Discussion and Analysis Net cash used in investing activities Net cash used in investing activities was HK$869.1 million for the six months ended 30 June 2023, compared to net cash of HK$264.8 million used in investing activities for the six months ended 30 June 2022. Net cash used in investing activities in the six months ended 30 June 2023 included HK$1.13 billion purchase of investment securities and HK$175.5 million of costs, primarily related to maintenance capital expenditures, partially offset by HK$291.1 million of a decrease in restricted cash and cash equivalents and HK$139.9 million of interest receipts. Net cash used in the six months ended 30 June 2022 included HK$230.9 million of costs, primarily related to maintenance capital expenditures, and HK$46.8 million of contract premium and related cost paid for the Concession Extension Agreement, partially offset by HK$12.5 million of interest receipts. Net cash generated from financing activities Net cash generated from financing activities was HK$3.07 billion during the six months ended 30 June 2023, compared to net cash of HK$1.20 billion used in financing activities during the six months ended 30 June 2022. During the six months ended 30 June 2023, net cash generated from financing activities was primarily due to receipt of HK$4.71 billion proceeds from the issuance of WML Convertible Bonds, partially offset by HK$1.38 billion of interest payments, HK$115.7 million payments of financial liability associated with the intangible asset, HK$109.4 million payments on financing costs and HK$30.0 million payments for principal and interest components of lease liabilities. During the six months ended 30 June 2022, net cash used in financing activities was primarily due to HK$1.15 billion of interest payments, HK$33.7 million payments for principal and interest components of lease liabilities and HK$25.1 million payments on debt financing costs.

30 Wynn Macau, Limited Management Discussion and Analysis Indebtedness The following table presents a summary of our indebtedness. Indebtedness information As at 30 June 2023 As at 31 December 2022 HK$ HK$ (in thousands) Bank loans 11,711,620 11,699,029 Senior notes 36,834,767 36,645,398 Convertible bonds 4,702,311 — 53,248,698 48,344,427 WML Convertible Bond Conversion Option Derivative 603,403 — Unamortized debt financing costs, debt discount and premiums, net (1,112,436) (115,930) Total interest-bearing borrowings 52,739,665 48,228,497 WM Cayman II Revolver On 16 September 2021, WM Cayman II, an indirect wholly owned subsidiary of WML, as borrower and WML as guarantor, entered into a facility agreement with, among others, Bank of China Limited, Macau Branch as agent and a syndicate of lenders, pursuant to which the lenders will make available in an aggregate amount of HK$11.71 billion equivalent revolving unsecured credit facility consisting of one tranche in an amount of US$312.5 million (approximately HK$2.45 billion) and one tranche in an amount of HK$9.26 billion to WM Cayman II. WM Cayman II has the ability to upsize the total WM Cayman II Revolver by an additional US$1.00 billion (approximately HK$7.84 billion) under the facility agreement and related agreements upon the satisfaction of various conditions. The borrowings under the WM Cayman II Revolver bore interest at LIBOR or HIBOR plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis subject to a floor on the interest rate margin of 2.625% per annum through 30 June 2023.

31Interim Report 2023 Management Discussion and Analysis Due to the global phase out of LIBOR, on 27 June 2023, WM Cayman II, as borrower, and WML, as guarantor, entered into an amended and restated facility agreement with Bank of China Limited, Macau Branch, as agent for the syndicate of lenders. Pursuant to the amended and restated facility agreement, the base rate applicable to loans denominated in United States dollars made pursuant to the WM Cayman II Revolver transitioned from LIBOR to Term SOFR, plus 0.10% (which is subject to a minimum floor of 0.00%), plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. The new Term SOFR base rate became effective on 4 July 2023. The final maturity of all outstanding loans under the revolving facility remains unchanged at 16 September 2025. The amended and restated facility agreement also reflected the prior agreement of the lenders under the WM Cayman II Revolver to waive certain financial covenants therein in respect of the relevant periods ending on the following applicable test dates: (a) 30 June 2022; (b) 30 September 2022; (c) 31 December 2022; and (d) 31 March 2023; and to provide for a floor on the interest rate margin of 2.625% per annum through 30 June 2023. WML, as guarantor, may be subject to certain restrictions on payments of dividends or distributions to its shareholders, unless certain financial criteria have been satisfied. The facility agreement contains representations, warranties, covenants and events of default customary for similar financings, including, but not limited to, restrictions on indebtedness to be incurred by WM Cayman II or its group members and restrictions on creating security over the assets of WM Cayman II or by its group members. The facility agreement also requires WM Cayman II to maintain a certain leverage ratio and interest coverage ratio from time to time as provided under the facility agreement. The facility agreement also contains certain events of default (some of which are subject to grace and remedy periods and materiality qualifiers). It is a property mandatory prepayment event under the facility agreement if there is a loss of gaming operation or gaming concession by the Group. Customary fees and expenses were paid by WM Cayman II in connection with the facility agreement and related agreements. It is a mandatory prepayment event under the facility agreement if Wynn Resorts, Limited ceases to legally and beneficially own and control, directly or indirectly, more than 50% of the outstanding share capital of WM Cayman II through the Company measured by voting power. As at 30 June 2023, the WM Cayman II Revolver was fully drawn. As at 30 June 2023, the Directors confirmed that there was no non-compliance with covenants contained in the WM Cayman II Revolver.

32 Wynn Macau, Limited Management Discussion and Analysis WML Senior Notes On 20 September 2017, the Company issued the WML 2024 Notes and WML 2027 Notes. Interest on the WML 2024 Notes and WML 2027 Notes is payable semi-annually in arrears on 1 April and 1 October of each year, beginning on 1 April 2018. The WML 2024 Notes and WML 2027 Notes mature on 1 October 2024 and 1 October 2027, respectively. The Company used the net proceeds from the WML 2024 Notes and WML 2027 Notes and cash on hand to repurchase and redeem the WML 2021 Notes. On 17 December 2019, the Company issued the WML 2029 Notes. Interest on the WML 2029 Notes is payable semi-annually in arrears on 15 June and 15 December of each year, beginning on 15 June 2020. The WML 2029 Notes mature on 15 December 2029. The Company used the net proceeds from the WML 2029 Notes to facilitate the repayment of a portion of the Wynn Macau Credit Facilities and for general corporate purposes. During 2020, the Company issued the WML 2026 Notes and WML 2028 Notes. Interest on the WML 2026 Notes is payable semi-annually in arrears on 15 January and 15 July of each year, beginning on 15 January 2021. Interest on the WML 2028 Notes is payable semi-annually in arrears on 26 February and 26 August of each year, beginning on 26 February 2021. The WML 2026 Notes and WML 2028 Notes mature on 15 January 2026 and 26 August 2028, respectively. The Company used net proceeds of the WML 2026 Notes and WML 2028 Notes to facilitate repayments of the Wynn Macau Credit Facilities and for general corporate purposes. The WML Senior Notes are WML’s general unsecured obligations; rank pari passu in right of payment with all of WML’s existing and future senior unsecured indebtedness; rank senior to all of WML’s future subordinated indebtedness, if any; are effectively subordinated to all of WML’s future secured indebtedness, if any, to the extent of the value of the assets securing such indebtedness; and are structurally subordinated to all existing and future obligations of WML’s subsidiaries, including the WM Cayman II Revolver. The WML Senior Notes are listed on the Hong Kong Stock Exchange. The WML Senior Notes indentures contain covenants limiting WML’s (and certain of its subsidiaries’) ability to, among other things: merge or consolidate with or into another company; and transfer or sell all or substantially all of its properties or assets. The WML Senior Notes indentures also contain customary events of default. In the case of an event of default arising from certain events of bankruptcy or insolvency, all WML Senior Notes then outstanding will become due and payable immediately without further action or notice.

33Interim Report 2023 Management Discussion and Analysis Upon the occurrence of (1) any event after which none of the Company or any of its subsidiaries have such licenses, concessions, subconcessions or other permits or authorizations as necessary to conduct gaming activities in substantially the same manner and scope as it does on the date on which each of the WML Senior Notes were issued, for a period of ten consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties, or results of operations of WML and its subsidiaries, taken as a whole, or (2) the termination, rescission, revocation or modification of any such licenses, concessions, subconcessions or other permits or authorizations which has had a material adverse effect on the financial condition, business, properties, or results of operations of the Company and its subsidiaries, taken as a whole, each holder of the WML Senior Notes will have the right to require the Company to repurchase all or any part of such holder’s WML Senior Notes at a purchase price in cash equal to 100% of the principal amount thereof, plus accrued and unpaid interest. If the Company undergoes certain Changes of Control (as defined in the WML Senior Notes indentures), it must offer to repurchase the WML Senior Notes at a price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest. Under the indentures governing the WML 2024 Notes and WML 2027 Notes, the circumstances that will constitute a Change of Control include, among others, the sale, transfer, conveyance or other disposition of all or substantially all of the properties or assets of the Group to any person other than to the Company’s former Chairman and Chief Executive Officer or a related party of the Company’s former Chairman and Chief Executive Officer, the consummation of any transaction that results in any party other than the Company’s former Chairman and Chief Executive Officer and his related parties becoming the beneficial owner, directly or indirectly, of more than 50% of the outstanding voting stock of WRL, measured by voting power rather than number of equity interests, and a majority of the members of the Board not being continuing directors. Under the indentures governing the WML 2026 Notes, WML 2028 Notes and WML 2029 Notes, the circumstances that will constitute a Change of Control include, among others, the sale, transfer, conveyance or other disposition of all or substantially all of the properties or assets of the Group to any person other than to WRL or any affiliate of WRL, the consummation of any transaction that results in any party other than WRL or any affiliate of WRL becoming the beneficial owner, directly or indirectly, of more than 50% of the outstanding voting stock of the Company, measured by voting power rather than number of equity interests, and a majority of the members of the Board not being continuing directors.

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