LAS VEGAS, May 6, 2025 — Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the first quarter ended March 31, 2025.

Operating revenues were $1.70 billion for the first quarter of 2025, a decrease of $162.5 million from $1.86 billion for the first quarter of 2024. Net income attributable to Wynn Resorts, Limited was $72.7 million for the first quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $144.2 million for the first quarter of 2024. Diluted net income per share was $0.69 for the first quarter of 2025, compared to diluted net income per share of $1.30 for the first quarter of 2024. Adjusted Property EBITDAR(1) was $532.9 million for the first quarter of 2025, compared to Adjusted Property EBITDAR of $646.5 million for the first quarter of 2024.

"Our first quarter results reflect continued strength throughout our business," said Craig Billings, CEO of Wynn Resorts, Limited. "In Las Vegas, where we recently celebrated the resort's 20th anniversary, the team delivered healthy results against a record prior year comparison which reflected the Las Vegas Super Bowl. In Macau, while VIP hold negatively impacted results, we held market share in our expected range, and announced an increased dividend from Wynn Macau, Limited, reflecting the strong free cash flow generated by the business. In addition, construction of our growth project in the UAE, Wynn Al Marjan Island, continued to advance with the hotel tower reaching the forty-seventh floor. At the same time we continued to return capital to shareholders through our regular quarterly dividend and the repurchase of $200 million of stock in the quarter."

Operating revenues were $1.70 billion for the first quarter of 2025, a decrease of $162.5 million from $1.86 billion for the first quarter of 2024. For the first quarter of 2025, operating revenues decreased $81.8 million, $51.0 million, $11.3 million, and $8.6 million at Wynn Macau, Wynn Palace, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the first quarter of 2024.

Net income attributable to Wynn Resorts, Limited was $72.7 million for the first quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $144.2 million for the first quarter of 2024. Diluted net income per share was $0.69 for the first quarter of 2025, compared to diluted net income per share of $1.30 for the first quarter of 2024. Adjusted net income attributable to Wynn Resorts, Limited(2) was $113.1 million, or $1.07 per diluted share, for the first quarter of 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $176.8 million, or $1.59 per diluted share, for the first quarter of 2024.

Adjusted Property EBITDAR was $532.9 million for the first quarter of 2025, a decrease of $113.6 million compared to Adjusted Property EBITDAR of $646.5 million for the first quarter of 2024. For the first quarter of 2025, Adjusted Property EBITDAR decreased $47.0 million, $40.5 million, $22.9 million, and $5.7 million at Wynn Macau, Wynn Palace, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the first quarter of 2024.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on May 30, 2025 to stockholders of record as of May 16, 2025.

Operating revenues from Wynn Palace were $535.9 million for the first quarter of 2025, a decrease of $51.0 million from $586.9 million for the first quarter of 2024. Adjusted Property EBITDAR from Wynn Palace was $161.9 million for the first quarter of 2025, compared to $202.4 million for the first quarter of 2024. Table games win percentage in mass market operations was 24.8%, above the 24.5% experienced in the first quarter of 2024. VIP table games win as a percentage of turnover was 2.61%, below the property's expected range of 3.1% to 3.4% and below the 3.30% experienced in the first quarter of 2024.

Operating revenues from Wynn Macau were $330.0 million for the first quarter of 2025, a decrease of $81.8 million from $411.7 million for the first quarter of 2024. Adjusted Property EBITDAR from Wynn Macau was $90.2 million for the first quarter of 2025, compared to $137.2 million for the first quarter of 2024. Table games win percentage in mass market operations was 18.7%, below the 19.4% experienced in the first quarter of 2024. VIP table games win as a percentage of turnover was 1.09%, below the property's expected range of 3.1% to 3.4% and below the 3.39% experienced in the first quarter of 2024.

Operating revenues from our Las Vegas Operations were $625.3 million for the first quarter of 2025, a decrease of $11.3 million from $636.5 million for the first quarter of 2024. Adjusted Property EBITDAR from our Las Vegas Operations for the first quarter of 2025 was $223.4 million, compared to $246.3 million for the first quarter of 2024. Table games win percentage for the first quarter of 2025 was 24.3%, within the property's expected range of 22% to 26% and below the 25.9% experienced in the first quarter of 2024.

Operating revenues from Encore Boston Harbor were $209.2 million for the first quarter of 2025, a decrease of $8.6 million from $217.8 million for the first quarter of 2024. Adjusted Property EBITDAR from Encore Boston Harbor for the first quarter of 2025 was $57.5 million, compared to $63.1 million for the first quarter of 2024. Table games win percentage for the first quarter of 2025 was 20.5%, within the property's expected range of 18% to 22% and below the 22.6% experienced in the first quarter of 2024.

During the first quarter of 2025, the Company contributed $51.2 million of cash into the 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $682.9 million. Wynn Al Marjan Island is currently expected to open in 2027.

Our cash and cash equivalents as of March 31, 2025 totaled $2.07 billion, comprised of $1.49 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $168.3 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $411.2 million held at Corporate and other. As of March 31, 2025, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $735.3 million and $353.3 million, respectively.

Total current and long-term debt outstanding at March 31, 2025 was $10.55 billion, comprised of $5.80 billion of Macau related debt, $874.8 million of Wynn Las Vegas debt, $3.28 billion of WRF debt, and $597.6 million of debt held by the retail joint venture which we consolidate.

During the first quarter of 2025, the Company repurchased 2,360,194 shares of its common stock under its publicly announced equity repurchase program at an average price of $84.76 per share, for an aggregate cost of $200.0 million. As of March 31, 2025, the Company had $613.0 million in repurchase authority remaining under the equity repurchase program.

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on May 6, 2025 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before May 15, 2025, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended March 31, 2025 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

This release contains forward-looking statements regarding operating trends and future results of operations.

Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

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

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

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

 

(1)Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.

(2)In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.

(3)Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.

(4)ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.

(5)REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.

(6)Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

Wynn Resorts, Limited

Lauren Seiler

702-770-7555

investorrelations@wynnresorts.com