Wynn Resorts Limited

05/06/2025 | Press release | Distributed by Public on 05/06/2025 15:01

Quarterly Report for Quarter Ending March 31, 2025 (Form 10-Q)

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, 2025
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 Number: 000-50028
WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
Nevada 46-0484987
(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 class Trading Symbol(s) Name of each exchange on which registered
Common stock, par value $0.01 WYNN Nasdaq 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 filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller 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.
Class Outstanding at April 30, 2025
Common stock, par value $0.01 104,554,301
Table of Contents
WYNN RESORTS, LIMITED AND SUBSIDIARIES
FORM 10-Q
INDEX
Part I. Financial Information
Item 1.
Financial Statements
Condensed Consolidated Balance Sheets - March 31, 2025 (unaudited) and December 31, 2024
3
Condensed Consolidated Statements of Income (unaudited) - Three Months Ended March 31. 2025 and 2024
4
Condensed Consolidated Statements of Comprehensive Income (unaudited) - Three Months Ended March 31, 2025 and 2024
5
Condensed Consolidated Statements of Stockholders' Deficit (unaudited) - Three Months Ended March 31, 2025 and 2024
6
Condensed Consolidated Statements of Cash Flows (unaudited) - Three Months Ended March 31, 2025 and 2024
7
Notes to Condensed Consolidated Financial Statements (unaudited)
8
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
23
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
37
Item 4.
Controls and Procedures
38
Part II. Other Information
Item 1.
Legal Proceedings
39
Item 1A.
Risk Factors
39
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
39
Item 3.
Default Upon Senior Securities
39
Item 4.
Mine Safety Disclosures
39
Item 5.
Other Information
39
Item 6.
Exhibits
40
Signature
41
2
Table of Contents
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
March 31, 2025 December 31, 2024
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 2,070,086 $ 2,426,155
Accounts receivable, net of allowance for credit losses of $40,623 and $37,694, respectively
334,004 324,016
Inventories 80,647 75,783
Prepaid expenses and other 109,711 95,725
Total current assets 2,594,448 2,921,679
Property and equipment, net 6,546,434 6,521,283
Restricted cash 95,390 95,638
Goodwill and intangible assets, net 265,233 273,062
Operating lease assets 1,792,213 1,797,276
Deferred income taxes, net 498,542 507,716
Investments in unconsolidated affiliates 706,378 648,217
Other assets 225,406 213,092
Total assets $ 12,724,044 $ 12,977,963
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts and construction payables $ 223,662 $ 205,146
Customer deposits 491,306 508,651
Gaming taxes payable 188,599 171,983
Accrued compensation and benefits 156,260 229,305
Accrued interest 107,870 132,510
Current portion of long-term debt 1,039,942 41,250
Other accrued liabilities 189,156 250,689
Total current liabilities 2,396,795 1,539,534
Long-term debt 9,513,157 10,500,484
Long-term operating lease liabilities 1,631,300 1,623,890
Other long-term liabilities 284,713 282,658
Total liabilities 13,825,965 13,946,566
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; 134,136,743 and 133,584,126 shares issued; 105,869,624 and 107,821,567 shares outstanding, respectively
1,341 1,336
Treasury stock, at cost; 28,267,119 and 25,762,599 shares, respectively
(2,455,134) (2,241,607)
Additional paid-in capital 3,727,019 3,698,800
Accumulated other comprehensive loss (3,073) (5,700)
Accumulated deficit (1,630,831) (1,676,990)
Total Wynn Resorts, Limited stockholders' deficit (360,678) (224,161)
Noncontrolling interests (741,243) (744,442)
Total stockholders' deficit (1,101,921) (968,603)
Total liabilities and stockholders' deficit $ 12,724,044 $ 12,977,963
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Table of Contents
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
2025 2024
Operating revenues:
Casino $ 1,040,430 $ 1,121,466
Rooms 274,521 327,414
Food and beverage 249,879 266,938
Entertainment, retail and other 135,567 147,091
Total operating revenues 1,700,397 1,862,909
Operating expenses:
Casino 634,833 675,439
Rooms 84,097 82,077
Food and beverage 200,667 205,821
Entertainment, retail and other 62,186 71,012
General and administrative 275,689 271,616
Provision for credit losses 1,396 87
Pre-opening 5,287 2,035
Depreciation and amortization 155,421 174,933
Property charges and other 12,232 16,948
Total operating expenses 1,431,808 1,499,968
Operating income 268,589 362,941
Other income (expense):
Interest income 19,359 40,172
Interest expense, net of amounts capitalized (157,608) (182,404)
Change in derivatives fair value (29,539) (17,914)
Loss on debt financing transactions - (1,561)
Other (8,374) (4,722)
Other income (expense), net (176,162) (166,429)
Income before income taxes 92,427 196,512
Provision for income taxes (11,022) (20,014)
Net income 81,405 176,498
Less: net income attributable to noncontrolling interests (8,658) (32,282)
Net income attributable to Wynn Resorts, Limited $ 72,747 $ 144,216
Basic and diluted net income per common share:
Net income attributable to Wynn Resorts, Limited:
Basic $ 0.69 $ 1.30
Diluted $ 0.69 $ 1.30
Weighted average common shares outstanding:
Basic 105,492 111,023
Diluted 105,730 111,333
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
Three Months Ended March 31,
2025 2024
Net income $ 81,405 $ 176,498
Other comprehensive income:
Foreign currency translation adjustments, before and after tax 3,630 1,989
Total comprehensive income 85,035 178,487
Less: comprehensive income attributable to noncontrolling interests (9,661) (32,847)
Comprehensive income attributable to Wynn Resorts, Limited $ 75,374 $ 145,640
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
(in thousands, except share data)
(unaudited)
For the three months ended March 31, 2025
Common stock
Shares
outstanding 		Par
value 		Treasury
stock 		Additional
paid-in
capital 		Accumulated
other
comprehensive
loss 		Accumulated deficit Total Wynn Resorts, Ltd.
stockholders'
deficit 		Noncontrolling
interests 		Total
stockholders'
deficit
Balances, January 1, 2025 107,821,567 $ 1,336 $ (2,241,607) $ 3,698,800 $ (5,700) $ (1,676,990) $ (224,161) $ (744,442) $ (968,603)
Net income - - - - - 72,747 72,747 8,658 81,405
Currency translation adjustment - - - - 2,627 - 2,627 1,003 3,630
Issuance of restricted stock 560,906 5 - 7,917 - - 7,922 - 7,922
Cancellation of restricted stock (8,289) - - - - - - - -
Shares repurchased by the Company and held as treasury shares (2,504,560) - (213,527) - - - (213,527) - (213,527)
Cash dividends declared - - - - - (26,588) (26,588) - (26,588)
Distribution to noncontrolling interest - - - - - - - (6,286) (6,286)
Transactions with subsidiary minority shareholders - - - 1,558 - - 1,558 (1,558) -
Stock-based compensation - - - 18,744 - - 18,744 1,382 20,126
Balances, March 31, 2025 105,869,624 $ 1,341 $ (2,455,134) $ 3,727,019 $ (3,073) $ (1,630,831) $ (360,678) $ (741,243) $ (1,101,921)
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 deficit Total Wynn Resorts, Ltd.
stockholders'
deficit 		Noncontrolling
interests 		Total
stockholders'
deficit
Balances, January 1, 2024 111,737,245 $ 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 stock 439,668 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, 2024 112,071,149 $ 1,335 $ (1,849,172) $ 3,656,809 $ 4,830 $ (1,950,755) $ (136,953) $ (809,427) $ (946,380)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended March 31,
2025 2024
Cash flows from operating activities:
Net income $ 81,405 $ 176,498
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 155,421 174,933
Deferred income taxes 9,174 16,774
Stock-based compensation expense 19,400 14,369
Amortization of debt issuance costs 10,110 10,350
Loss on debt financing transactions - 1,561
Provision for credit losses 1,396 87
Change in derivatives fair value 29,539 17,914
Property charges and other 17,683 19,261
Increase (decrease) in cash from changes in:
Receivables, net (11,681) 44,352
Inventories, prepaid expenses and other (18,861) (21,728)
Customer deposits (16,184) (53,147)
Accounts payable and accrued expenses (143,628) (86,130)
Net cash provided by operating activities 133,774 315,094
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention (159,931) (97,702)
Investments in unconsolidated affiliates (61,484) (69,928)
Purchase of intangible and other assets (300) (15)
Proceeds from sale of assets and other 204 226
Net cash used in investing activities (221,511) (167,419)
Cash flows from financing activities:
Proceeds from issuance of long-term debt - 412,000
Repayments of long-term debt (10,313) (956,666)
Repurchase of common stock (212,048) (11,374)
Proceeds from exercise of stock options - 1,017
Distribution to noncontrolling interest (6,286) (5,996)
Dividends paid (26,793) (27,959)
Finance lease payments (6,348) (5,056)
Payments for financing costs - (5,843)
Other (5,163) (4,486)
Net cash used in financing activities (266,951) (604,363)
Effect of exchange rate on cash, cash equivalents and restricted cash (1,629) (2,375)
Cash, cash equivalents and restricted cash:
Decrease in cash, cash equivalents and restricted cash (356,317) (459,063)
Balance, beginning of period 2,521,793 2,969,412
Balance, end of period $ 2,165,476 $ 2,510,349
The accompanying notes are an integral part of these condensed consolidated financial statements.
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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. Additionally, 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 ("Island 3"), 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. 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, 2025 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2025. 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, 2024.
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. Certain amounts in the condensed consolidated balance sheet as of December 31, 2024have been reclassified to be consistent with the current period presentation. These reclassifications had no effect on previously reported total assets, total liabilities, and total stockholders' deficit.
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, and valuations of derivatives.
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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 $440.7 million and $488.8 million for the three months ended March 31, 2025 and 2024, respectively.
Investments in Unconsolidated Affiliates
The Company accounts for its investment in Island 3, an unconsolidated affiliate which is constructing Wynn Al Marjan Island, using the equity method. Under the equity method, the investment's carrying value is adjusted for the Company's share of the investee's earnings and losses, capital contributions to and distributions from Island 3, and capitalization of interest cost incurred by the Company during the investee's initial development period. The Company recognized an equity-method loss of $3.3 million and $1.5 million for the three months ended March 31, 2025 and 2024, respectively, in Pre-opening expense within the Condensed Consolidated Statements of Income.
Recently Issued Accounting Standards
The Company's management has evaluated all of the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board ("FASB") 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.
Note 3 - Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash consisted of the following (in thousands):
March 31, 2025 December 31, 2024
Cash and cash equivalents:
Cash (1)
$ 1,294,316 $ 1,639,151
Cash equivalents (2)
775,770 787,004
Total cash and cash equivalents 2,070,086 2,426,155
Restricted cash (3)
95,390 95,638
Total cash, cash equivalents and restricted cash $ 2,165,476 $ 2,521,793
(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 and cash held in trusts in accordance with WML's share award plans, and as of March 31, 2025 and December 31, 2024 included $87.4 million and $87.5 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,
2025 2024
Cash paid for interest, net of amounts capitalized $ 177,005 $ 183,812
Liability settled with shares of common stock $ 7,922 $ 8,015
Accounts and construction payables related to property and equipment $ 85,748 $ 58,096
Finance lease liabilities arising from obtaining finance lease assets $ 39,345 $ 3,333
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 4 - Receivables, net
Accounts Receivable and Credit Risk
Receivables, net consisted of the following (in thousands):
March 31, 2025 December 31, 2024
Casino $ 228,723 $ 236,642
Hotel 45,819 45,996
Other 100,085 79,072
374,627 361,710
Less: allowance for credit losses (40,623) (37,694)
$ 334,004 $ 324,016
As of March 31, 2025 and December 31, 2024, approximately 72.5% and 70.9%, 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 16.7% and 14.7% of gross casino receivables as of March 31, 2025 and December 31, 2024, 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.
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,
2025 2024
Balance at beginning of year $ 37,694 $ 40,075
Provision for credit losses 1,396 87
Write-offs (2,161) (2,519)
Recoveries of receivables previously written off 3,722 2,987
Effect of exchange rate (28) (8)
Balance at end of period $ 40,623 $ 40,622
Note 5 - Property and Equipment, net
Property and equipment, net consisted of the following (in thousands):
March 31, 2025 December 31, 2024
Buildings and improvements $ 8,533,318 $ 8,547,922
Land and improvements 1,211,465 1,210,455
Furniture, fixtures and equipment 3,474,538 3,424,361
Airplanes 110,623 110,623
Construction in progress 369,205 287,436
13,699,149 13,580,797
Less: accumulated depreciation (7,152,715) (7,059,514)
$ 6,546,434 $ 6,521,283
As of March 31, 2025 and December 31, 2024, 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, 2025 and 2024 was $142.6 million and $158.1 million, respectively.
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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, 2025 December 31, 2024
Macau Related:
WM Cayman II Revolver, due 2028(1)
$ 1,150,017 $ 1,151,874
WML 5 1/2% Senior Notes, due 2026 1,000,000 1,000,000
WML 5 1/2% Senior Notes, due 2027 750,000 750,000
WML 5 5/8% Senior Notes, due 2028 1,350,000 1,350,000
WML 5 1/8% Senior Notes, due 2029 1,000,000 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 2027 752,813 763,125
WLV 5 1/4% Senior Notes, due 2027 880,000 880,000
WRF 5 1/8% Senior Notes, due 2029 750,000 750,000
WRF 7 1/8% Senior Notes, due 2031 1,000,000 1,000,000
WRF 6 1/4% Senior Notes, due 2033 800,000 800,000
Retail Term Loan, due 2027 (4)
600,000 600,000
10,632,830 10,644,999
WML Convertible Bond Conversion Option Derivative 48,982 33,007
Less: Unamortized debt issuance costs and original issue discounts and premium, net (128,713) (136,272)
10,553,099 10,541,734
Less: Current portion of long-term debt (1,039,942) (41,250)
Total long-term debt, net of current portion $ 9,513,157 $ 10,500,484
(1) As of March 31, 2025, 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 the Hong Kong Interbank Offered Rate ("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 $239.1 million and $911.0 million 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, 2025, the weighted average interest rate was approximately 5.76%. As of March 31, 2025, the available borrowing capacity under the WM Cayman II Revolver was $353.3 million.
(2) As of March 31, 2025, the net carrying amount of the WML Convertible Bonds was $503.5 million, with unamortized debt discount and debt issuance costs of $96.5 million. The Company recorded contractual interest expense of $6.8 million and $6.8 million and amortization of discounts and issuance costs of $5.0 million and $4.6 million during the three months ended March 31, 2025 and 2024, respectively.
(3) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.75% per year. As of March 31, 2025, the weighted average interest rate was approximately 6.17%. Additionally, as of March 31, 2025, the available borrowing capacity under the WRF Revolver was $735.3 million, net of $14.7 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 2.15% per year. As of March 31, 2025, the effective interest rate was 5.54%.
Debt Covenant Compliance
As of March 31, 2025, 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, 2025 and December 31, 2024 was approximately $10.45 billion and $10.46 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $10.63 billion and $10.64 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 7 - Derivative Instruments
WML Convertible Bond Conversion Option
The conversion feature contained within the WML Convertible Bonds (the "WML Convertible Bond Conversion Option Derivative") is not indexed to WML's equity and, as such, is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative, reported at fair value as of the end of each reporting period, with changes recognized in the Condensed Consolidated Statements of Income. The following table sets forth the inputs to the lattice models that were used to value the WML Convertible Bond Conversion Option Derivative:
March 31, 2025 December 31, 2024
WML stock price HK$ 5.57 HK$ 5.39
Estimated volatility 36.4 % 31.2 %
Risk-free interest rate 3.3 % 3.6 %
Expected term (years) 3.9 4.2
Dividend yield (1)
0.0 % 0.0 %
(1) Dividend yield is assumed to be zero in the lattice model used to value the WML Convertible Bond Conversion Option Derivative, due to a dividend protection feature in the WML Convertible Bond Agreement.
As of March 31, 2025 and December 31, 2024, the estimated fair value of the embedded derivative was a liability of $49.0 million and $33.0 million, respectively, recorded in Long-term debt in the accompanying Condensed Consolidated Balance Sheets. In connection with the change in fair value, the Company recorded a loss of $16.0 million and $16.3 million within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Income for the three months ended March 31, 2025 and 2024, respectively.
Foreign Currency Swaps
In March 2025, the Company entered into three foreign currency swap agreements (the "Foreign Currency Swaps") with the objective of managing foreign currency exchange rate risk associated with the U.S. dollar denominated 2026 WML 5 1/2% Senior Notes, 2027 WML 5 1/2% Senior Notes, and 2028 WML 5 5/8% Senior Notes. The Foreign Currency Swaps exchange predetermined amounts of Hong Kong dollars for U.S. dollars at a contractual spot rate, have notional amounts of $800.0 million, $750.0 million, and $1.35 billion, and mature in January 2026, October 2027, and August 2028, respectively.
As of March 31, 2025, the total fair value of the Foreign Currency Swaps was a liability of $9.3 million, of which $0.7 million was recorded in Other accrued liabilities and $8.6 million was recorded in Other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. The fair values of the Foreign Currency Swaps were estimated based on recent trades, if available, and indicative pricing from market information (Level 2 inputs). Changes in the fair values of the Foreign Currency Swaps are recorded in earnings, as these instruments are not designated as hedges. In connection with the change in fair value, the Company recorded a loss of $9.3 million within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Income for the three months ended March 31, 2025.
Note 8 - Stockholders' Deficit
Equity Repurchase Program
In November 2024, the Company's Board of Directors authorized an increase in the amount of the Company's outstanding shares of common stock available for repurchase under the previously available repurchase authorization to $1.00 billion. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
During the three months ended March 31, 2025, the Company repurchased 2,360,194 shares of its common stock at an average price of $84.76 per share for an aggregate cost of $200.0 million under the equity repurchase program. As of March 31, 2025, the Company had $613.0 million in repurchase authority remaining under the program.
Dividends
The Company paid a cash dividend of $0.25 per share on its common stock during each of the three month periods ended March 31, 2025 and 2024 and recorded $26.6 million and $28.0 million against accumulated deficit, respectively.
On May 6, 2025, the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on May 30, 2025 to stockholders of record as of May 16, 2025.
Noncontrolling Interests
Wynn Macau, Limited
The WML Board of Directors has recommended the payment of a final dividend for the year ended December 31, 2024 of HK$0.185 per share on its common stock payable on June 11, 2025 to stockholders of record as of June 2, 2025. The payment of the final dividend is conditional upon shareholder approval at WML's 2025 Annual General Meeting to be held on May 23, 2025.
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") in March 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, 2025 and 2024, the Retail Joint Venture made aggregate distributions of approximately $6.3 million and $6.0 million, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture."
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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, 2025 Quoted
Market
Prices in
Active Markets
(Level 1) 		Other
Observable
Inputs
(Level 2) 		Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents $ 775,770 $ - $ 775,770 $ -
Restricted cash $ 95,390 $ 6,487 $ 88,903 $ -
Interest rate swap $ 3,283 $ - $ 3,283 $ -
Liabilities:
WML Convertible Bond Conversion Option Derivative (see Note 7)
$ 48,982 $ - $ - $ 48,982
Foreign Currency Swaps (see Note 7)
$ 9,329 $ - $ 9,329 $ -
Fair Value Measurements Using:
December 31, 2024 Quoted
Market
Prices in
Active Markets
(Level 1) 		Other
Observable
Inputs
(Level 2) 		Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents $ 787,004 $ - $ 787,004 $ -
Restricted cash $ 95,638 $ 6,434 $ 89,204 $ -
Interest rate swap $ 7,510 $ - $ 7,510 $ -
Liabilities:
WML Convertible Bond Conversion Option Derivative
(see Note 7)
$ 33,007 $ - $ - $ 33,007
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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, 2025 December 31, 2024 Increase / (decrease) March 31, 2024 December 31, 2023 Increase / (decrease)
Casino outstanding chips and front money deposits (1)
$ 392,825 $ 409,928 $ (17,103) $ 393,603 $ 433,269 $ (39,666)
Advance room deposits and ticket sales (2)
80,645 84,460 (3,815) 82,097 89,640 (7,543)
Other gaming-related liabilities (3)
12,259 15,458 (3,199) 20,526 24,964 (4,438)
Loyalty program and related liabilities (4)
29,663 29,489 174 28,747 31,106 (2,359)
$ 515,392 $ 539,335 $ (23,943) $ 524,973 $ 578,979 $ (54,006)
(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,
2025 2024
Casino $ 908 $ 675
Rooms 254 228
Food and beverage 787 412
Entertainment, retail and other 139 746
General and administrative 17,312 12,308
Total stock-based compensation expense 19,400 14,369
Total stock-based compensation capitalized 1,382 1,302
Total stock-based compensation costs $ 20,782 $ 15,671
Note 12 - Income Taxes
The Company recorded an income tax expense of $11.0 million and $20.0 million for the three months ended March 31, 2025 and 2024, 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 11.9% is due to the exemption from Macau's 12% Complementary Tax on casino gaming profits earned by Wynn Macau SA.
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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 attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income 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,
2025 2024
Numerator:
Net income attributable to Wynn Resorts, Limited - basic $ 72,747 $ 144,216
Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:
Assumed conversion of WML Convertible Bonds (1)
- -
Net income attributable to Wynn Resorts, Limited - diluted $ 72,747 $ 144,216
Denominator:
Weighted average common shares outstanding 105,492 111,023
Potential dilutive effect of stock options, nonvested, and performance nonvested shares 238 310
Weighted average common and common equivalent shares outstanding 105,730 111,333
Net income attributable to Wynn Resorts, Limited per common share, basic $ 0.69 $ 1.30
Net income attributable to Wynn Resorts, Limited per common share, diluted $ 0.69 $ 1.30
Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 548 281
(1) The assumed conversion of the WML Convertible Bonds had an anti-dilutive impact for the three months ended March 31, 2025 and 2024.
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,
2025 2024
Minimum rental income $ 36,460 $ 34,170
Contingent rental income 15,067 20,639
Total rental income $ 51,527 $ 54,809
Note 15 - Commitments and Contingencies
Litigation
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.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Wynn Al Marjan Island Funding Commitment
In connection with the construction of Wynn Al Marjan Island, the Company is required to contribute capital to Island 3 to fund 40% of the project design and development costs in exchange for a pro-rata share of equity in Island 3. During the three months ended March 31, 2025, the Company contributed $51.2 million of cash into Island 3, bringing our life-to-date cash contributions to $682.9 million. The Company's remaining 40% pro-rata share of the required equity for the construction of Wynn Al Marjan Island is estimated to be between $650 million and $725 million inclusive of capitalized interest, fees, and certain improvements on the Island.
Al Marjan Facility Completion Guarantee
In February 2025, Wynn Al Marjan Island FZ-LLC (the "Borrower"), a wholly-owned subsidiary of Island 3, an unconsolidated affiliate, entered into a facility agreement with a syndicate of lenders (the "Al Marjan Facility Agreement") which provides the Borrower with a $2.4 billion (or equivalent in local currency) delayed draw secured term loan facility to finance the development of Wynn Al Marjan Island (the "Al Marjan Facility").
The Company is not a party to the Al Marjan Facility Agreement, but as a condition precedent to the Al Marjan Facility being made available to the Borrower, the Company and the government of Ras Al Khaimah, acting through the Investment and Development Office of Ras Al Khaimah (collectively the "Al Marjan Guarantors"), entered into a guarantee (the "Completion Guarantee") in favor of First Abu Dhabi Bank PJSC, as security agent for itself (the "Security Agent") and the other secured parties (collectively, the "Secured Parties") under the Al Marjan Facility Agreement.
Under the terms of the Completion Guarantee, the Al Marjan Guarantors, irrevocably and unconditionally jointly and severally, (a) have guaranteed to each Secured Party punctual performance by the Borrower of certain of its obligations under the Al Marjan Facility Agreement, and (b) have undertaken with each Secured Party: (i) to provide, within 10 business days upon receiving written demand by the Security Agent, (A) sufficient funds to ensure that practical completion of the project (as provided in the Al Marjan Facility Agreement) takes place no later than June 30, 2028 and (B) to fund amounts equal to any project cost overruns, to the extent the Borrower fails to fund such overruns; and (ii) to pay, whenever the Borrower does not pay, interest, commitment fees and other finance costs payable under the Al Marjan Facility Agreement as well as scheduled payments under any interest rate hedging agreement.
In addition, upon the occurrence of certain specified events of default, change of control events or credit rating downgrades under the Al Marjan Facility Agreement or the occurrence of certain commercial gaming license related events (including, among others, the loss of the commercial gaming license permitting the Borrower to conduct commercial gaming at the project and as further provided in the Al Marjan Facility Agreement), the Al Marjan Guarantors, irrevocably and unconditionally jointly and severally, have undertaken to pay, to the extent the Borrower does not pay, all then outstanding principal, interest, hedging liabilities and any and all other amounts and expenses then due and payable under the Al Marjan Facility Agreement and related agreements, within 10 business days upon receiving written demand by the Security Agent (or, in respect of the occurrence of certain commercial gaming license related events, if later, on the date falling 180 days following the occurrence of such event).
The guarantees and undertakings provided by the Al Marjan Guarantors under the Completion Guarantee terminate on the earlier of: (1) the date on which all secured liabilities under the Al Marjan Facility Agreement have been paid in full, and (2) the date of practical completion of the project.
Note 16 - Retail Joint Venture
As of March 31, 2025 and December 31, 2024, the Retail Joint Venture had total assets of $96.4 million and $100.3 million, respectively, and total liabilities of $605.4 million and $605.8 million, respectively. As of March 31, 2025 and December 31, 2024, the Retail Joint Venture's liabilities included long-term debt of $597.6 million and $597.3 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 17 - Segment Information
The Company has identified its reportable segments based on factors such as geography, regulatory environment, the Company's organizational and management reporting structure and the information reviewed by its chief operating decision maker, the Company's Chief Executive Officer. The primary profitability measure used by the Company's CEO to review segment operating results and allocate resources is Adjusted Property EBITDAR.
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 following tables present the Company's segment information (in thousands):
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Three Months Ended March 31, 2025
Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Corporate and Other Total
Operating revenues
Casino $ 444,508 $ 275,550 $ 160,993 $ 159,379 $ - $ 1,040,430
Rooms 36,615 23,297 195,868 18,741 - 274,521
Food and beverage 31,738 18,792 179,442 19,907 - 249,879
Entertainment, retail and other(1)
23,068 12,321 88,982 11,196 - 135,567
Total operating revenues 535,929 329,960 625,285 209,223 - 1,700,397
Cost of revenue(2)
137,752 99,708 383,316 105,754 -
Gaming taxes(3)
236,292 140,053 18,608 46,015 -
Adjusted Property EBITDAR(4)
$ 161,885 $ 90,199 $ 223,361 $ 57,454 $ - $ 532,899
Other operating expenses
Pre-opening 5,287
Depreciation and amortization 155,421
Property charges and other 12,232
Corporate expense and other 36,581
Stock-based compensation 19,400
Triple-net operating lease expense 35,389
Total other operating expenses 264,310
Operating income 268,589
Other non-operating income and expenses
Interest income 19,359
Interest expense, net of amounts capitalized (157,608)
Change in derivatives fair value (29,539)
Other (8,374)
Total other non-operating income and expenses (176,162)
Income before income taxes 92,427
Provision for income taxes (11,022)
Net income 81,405
Net income attributable to noncontrolling interests (8,658)
Net income attributable to Wynn Resorts, Limited $ 72,747
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Three Months Ended March 31, 2024
Wynn Palace Wynn Macau Las Vegas Operations Encore Boston Harbor Corporate and Other Total
Operating revenues
Casino $ 473,781 $ 346,353 $ 135,163 $ 166,169 $ - $ 1,121,466
Rooms 53,936 28,619 224,076 20,783 - 327,414
Food and beverage 32,070 21,019 193,610 20,239 - 266,938
Entertainment, retail and other(1)
27,114 15,753 83,699 10,593 9,932 147,091
Total operating revenues 586,901 411,744 636,548 217,784 9,932 1,862,909
Cost of revenue(2)
135,507 103,706 372,316 105,909 9,962
Gaming taxes(3)
249,024 170,852 17,970 48,740 2,388
Adjusted Property EBITDAR(4)
$ 202,370 $ 137,186 $ 246,262 $ 63,135 $ (2,418) $ 646,535
Other operating expenses
Pre-opening 2,035
Depreciation and amortization 174,933
Property charges and other 16,948
Corporate expense and other 39,905
Stock-based compensation 14,369
Triple-net operating lease expense 35,404
Total other operating expenses 283,594
Operating income 362,941
Other non-operating income and expenses
Interest income 40,172
Interest expense, net of amounts capitalized (182,404)
Change in derivatives fair value (17,914)
Loss on debt financing transactions (1,561)
Other (4,722)
Total other non-operating income and expenses (166,429)
Income before income taxes 196,512
Provision for income taxes (20,014)
Net income 176,498
Net income attributable to noncontrolling interests (32,282)
Net income attributable to Wynn Resorts, Limited $ 144,216
(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases."
(2) Primarily comprised of payroll, cost of goods sold, marketing, promotional, facilities, taxes and licenses (excluding gaming taxes) and other operating expenses.
(3) For Las Vegas Operations, includes table and slot license fees.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
(4) "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. 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 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 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.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Three Months Ended March 31,
2025 2024
Capital expenditures
Macau Operations:
Wynn Palace $ 50,109 $ 29,465
Wynn Macau 15,480 17,345
Total Macau Operations 65,589 46,810
Las Vegas Operations 56,150 24,724
Encore Boston Harbor 4,685 11,785
Corporate and other 33,507 14,383
Total $ 159,931 $ 97,702
March 31, 2025 December 31, 2024
Assets
Macau Operations:
Wynn Palace $ 2,819,349 $ 2,813,190
Wynn Macau 1,399,308 1,412,795
Other Macau 807,672 778,928
Total Macau Operations 5,026,329 5,004,913
Las Vegas Operations 3,148,655 3,157,399
Encore Boston Harbor 1,972,445 1,980,420
Corporate and other 2,576,615 2,835,231
Total $ 12,724,044 $ 12,977,963
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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, 2024. 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, 2024 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;
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•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 Company has a 40% equity interest in Island 3 AMI FZ-LLC ("Island 3"), 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, 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.
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•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 2025 results
The following table summarizes our financial results for the periods presented (dollars in thousands, except per share data):
Three Months Ended March 31,
2025 2024 Increase/ (Decrease) Percent Change
Operating revenues $ 1,700,397 $ 1,862,909 $ (162,512) (8.7)
Net income attributable to Wynn Resorts, Limited 72,747 144,216 (71,469) (49.6)
Diluted net income per share 0.69 1.30 (0.61) (46.9)
The decrease in operating revenues for the three months ended March 31, 2025 was largely driven by decreased operating revenues of $132.8 million at our Macau Operations primarily as a result of lower VIP win as a percentage of turnover and mass market table games win, as well as a decrease in ADR across our properties.
The decrease in net income attributable to Wynn Resorts, Limited for the three months ended March 31, 2025 was primarily due to a decrease in operating revenues at our Macau Operations, partially offset by a decrease in operating expenses.
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Financial results for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.
Operating revenues
The following table presents our operating revenues (dollars in thousands):
Three Months Ended March 31,
2025 2024 Increase/ (Decrease) Percent Change
Operating revenues
Macau Operations:
Wynn Palace $ 535,929 $ 586,901 $ (50,972) (8.7)
Wynn Macau 329,960 411,744 (81,784) (19.9)
Total Macau Operations 865,889 998,645 (132,756) (13.3)
Las Vegas Operations 625,285 636,548 (11,263) (1.8)
Encore Boston Harbor 209,223 217,784 (8,561) (3.9)
Corporate and other - 9,932 (9,932) NM
$ 1,700,397 $ 1,862,909 $ (162,512) (8.7)
NM - Not meaningful.
The following table presents our casino and non-casino operating revenues (dollars in thousands):
Three Months Ended March 31,
2025 2024 Increase/ (Decrease) Percent Change
Operating revenues
Casino revenues $ 1,040,430 $ 1,121,466 $ (81,036) (7.2)
Non-casino revenues:
Rooms 274,521 327,414 (52,893) (16.2)
Food and beverage 249,879 266,938 (17,059) (6.4)
Entertainment, retail and other 135,567 147,091 (11,524) (7.8)
Total non-casino revenues 659,967 741,443 (81,476) (11.0)
$ 1,700,397 $ 1,862,909 $ (162,512) (8.7)
Casino revenues for the three months ended March 31, 2025 were 61.2% of operating revenues, compared to 60.2% for the same period of 2024. Non-casino revenues for the three months ended March 31, 2025 were 38.8% of operating revenues, compared to 39.8% for the same period of 2024.
Casino revenues
Casino revenues decreased primarily due to lower VIP win as a percentage of turnover and mass market table games win at our Macau Operations, partially offset by an increase in casino revenues from our Las Vegas Operations primarily due to higher slot machine handle.
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The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):
Three Months Ended March 31,
2025 2024 Increase/ (Decrease) Percent Change
Macau Operations:
Wynn Palace:
Total casino revenues $ 444,508 $ 473,781 $ (29,273) (6.2)
VIP:
Average number of table games 55 59 (4) (6.8)
VIP turnover $ 4,005,041 $ 3,921,085 $ 83,956 2.1
VIP table games win $ 104,532 $ 129,414 $ (24,882) (19.2)
VIP win as a % of turnover 2.61 % 3.30 % (0.69)
Table games win per unit per day $ 21,096 $ 24,276 $ (3,180) (13.1)
Mass market:
Average number of table games 247 245 2 0.8
Table drop $ 1,704,398 $ 1,782,184 $ (77,786) (4.4)
Table games win $ 422,392 $ 437,323 $ (14,931) (3.4)
Table games win % 24.8 % 24.5 % 0.3
Table games win per unit per day $ 18,968 $ 19,589 $ (621) (3.2)
Average number of slot machines 650 573 77 13.4
Slot machine handle $ 734,869 $ 595,621 $ 139,248 23.4
Slot machine win $ 29,356 $ 30,970 $ (1,614) (5.2)
Slot machine win per unit per day $ 502 $ 594 $ (92) (15.5)
Wynn Macau:
Total casino revenues $ 275,550 $ 346,353 $ (70,803) (20.4)
VIP:
Average number of table games 30 30 - -
VIP turnover $ 1,437,047 $ 1,589,685 $ (152,638) (9.6)
VIP table games win $ 15,714 $ 53,906 $ (38,192) (70.8)
VIP win as a % of turnover 1.09 % 3.39 % (2.30)
Table games win per unit per day $ 5,912 $ 19,746 $ (13,834) (70.1)
Mass market:
Average number of table games 221 221 - -
Table drop $ 1,542,885 $ 1,683,151 $ (140,266) (8.3)
Table games win $ 288,549 $ 326,320 $ (37,771) (11.6)
Table games win % 18.7 % 19.4 % (0.7)
Table games win per unit per day $ 14,520 $ 16,194 $ (1,674) (10.3)
Average number of slot machines 729 583 146 25.0
Slot machine handle $ 853,407 $ 730,389 $ 123,018 16.8
Slot machine win $ 24,367 $ 26,192 $ (1,825) (7.0)
Slot machine win per unit per day $ 372 $ 494 $ (122) (24.7)
Poker rake $ 3,220 $ 5,019 $ (1,799) (35.8)
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Three Months Ended March 31,
2025 2024 Increase/ (Decrease) Percent Change
Las Vegas Operations:
Total casino revenues $ 160,993 $ 135,163 $ 25,830 19.1
Average number of table games 236 234 2 0.9
Table drop $ 592,527 $ 604,174 $ (11,647) (1.9)
Table games win $ 144,061 $ 156,611 $ (12,550) (8.0)
Table games win % 24.3 % 25.9 % (1.6)
Table games win per unit per day $ 6,774 $ 7,357 $ (583) (7.9)
Average number of slot machines 1,590 1,618 (28) (1.7)
Slot machine handle $ 1,778,087 $ 1,496,078 $ 282,009 18.8
Slot machine win $ 123,244 $ 99,756 $ 23,488 23.5
Slot machine win per unit per day $ 861 $ 677 $ 184 27.2
Poker rake $ 4,332 $ 4,522 $ (190) (4.2)
Encore Boston Harbor:
Total casino revenues $ 159,379 $ 166,169 $ (6,790) (4.1)
Average number of table games 172 183 (11) (6.0)
Table drop $ 340,062 $ 366,812 $ (26,750) (7.3)
Table games win $ 69,883 $ 82,978 $ (13,095) (15.8)
Table games win % 20.5 % 22.6 % (2.1)
Table games win per unit per day $ 4,514 $ 4,970 $ (456) (9.2)
Average number of slot machines 2,717 2,635 82 3.1
Slot machine handle $ 1,357,199 $ 1,402,847 $ (45,648) (3.3)
Slot machine win $ 107,482 $ 104,665 $ 2,817 2.7
Slot machine win per unit per day $ 439 $ 437 $ 2 0.5
Poker rake $ 5,642 $ 5,781 $ (139) (2.4)
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Non-casino revenues
The table below sets forth our room revenues and associated key operating measures:
Three Months Ended March 31,
2025 2024 Increase/ (Decrease) Percent Change
Macau Operations:
Wynn Palace:
Total room revenues (dollars in thousands) $ 36,615 $ 53,936 $ (17,321) (32.1)
Occupancy 98.3 % 98.8 % (0.5)
ADR $ 222 $ 337 $ (115) (34.1)
REVPAR $ 218 $ 333 $ (115) (34.5)
Wynn Macau:
Total room revenues (dollars in thousands) $ 23,297 $ 28,619 $ (5,322) (18.6)
Occupancy 99.1 % 99.4 % (0.3)
ADR $ 234 $ 284 $ (50) (17.6)
REVPAR $ 232 $ 282 $ (50) (17.7)
Las Vegas Operations:
Total room revenues (dollars in thousands) $ 195,868 $ 224,076 $ (28,208) (12.6)
Occupancy 87.4 % 88.0 % (0.6)
ADR $ 527 $ 595 $ (68) (11.4)
REVPAR $ 461 $ 524 $ (63) (12.0)
Encore Boston Harbor:
Total room revenues (dollars in thousands) $ 18,741 $ 20,783 $ (2,042) (9.8)
Occupancy 88.1 % 89.7 % (1.6)
ADR $ 357 $ 381 $ (24) (6.3)
REVPAR $ 315 $ 342 $ (27) (7.9)
Room revenues decreased $52.9 million, primarily due to lower ADR. Room revenues during the three months ended March 31, 2024 benefited from higher room rates during the Super Bowl that was held in Las Vegas.
Food and beverage revenues decreased $17.1 million primarily due to decreased covers at our Las Vegas Operations. The three months ended March 31, 2024 included incremental food and beverage revenue from Super Bowl-related events and from outlets undergoing renovations during the three months ended March 31, 2025.
Entertainment, retail and other revenues decreased $11.5 million, primarily due to a decrease in operating revenues at Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.
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Operating expenses
The table below presents operating expenses (dollars in thousands):
Three Months Ended March 31,
2025 2024 Increase/ (Decrease) Percent Change
Operating expenses:
Casino $ 634,833 $ 675,439 $ (40,606) (6.0)
Rooms 84,097 82,077 2,020 2.5
Food and beverage 200,667 205,821 (5,154) (2.5)
Entertainment, retail and other 62,186 71,012 (8,826) (12.4)
General and administrative 275,689 271,616 4,073 1.5
Provision for credit losses 1,396 87 1,309 NM
Pre-opening 5,287 2,035 3,252 159.8
Depreciation and amortization 155,421 174,933 (19,512) (11.2)
Property charges and other 12,232 16,948 (4,716) (27.8)
Total operating expenses $ 1,431,808 $ 1,499,968 $ (68,160) (4.5)
NM - Not meaningful.
The decrease in total operating expenses was primarily due to lower casino expenses at our Macau Operations driven by a decrease in gaming tax expense and a decrease in depreciation and amortization expense at Encore Boston Harbor.
Casino expenses decreased $29.6 million and $11.0 million at Wynn Macau and Wynn Palace, respectively, which includes decreases of $30.8 million and $12.7 million in gaming tax expense at Wynn Macau and Wynn Palace, respectively, as a result of lower casino revenues.
Entertainment, retail and other expenses decreased $5.2 million primarily due to decreased operating costs related to Wynn Interactive following the closure of its digital sports betting and casino gaming business in the third quarter of 2024.
Depreciation and amortization decreased $17.4 million at Encore Boston Harbor as result of certain furniture, fixtures and equipment assets being fully depreciated five years after the opening of the property in June of 2019.
Property charges and other expenses for the three months ended March 31, 2025 consisted primarily of asset abandonments of $4.8 million at our Macau Operations and contract termination costs of $5.8 million at Encore Boston Harbor. Property charges and other expenses for the three months ended March 31, 2024 consisted primarily of asset abandonments of $11.4 million at Wynn Palace and contract terminations and other expenses of $5.1 million at Corporate and other.
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Other non-operating income and expenses
Interest expense, net of capitalized interest, decreased $24.8 million due to a decrease in the weighted average debt balance, from $11.92 billion for the three months ended March 31, 2024, to $10.94 billion for the three months ended March 31, 2025, and a decrease in the weighted average interest rate, from 6.11% for the three months ended March 31, 2024, to 5.76% for the three months ended March 31, 2025. In addition, we capitalized interest of $10.2 million and $3.3 million in the three months ended March 31, 2025 and 2024, respectively.
We recorded interest income of $19.4 million and $40.2 million in the three months ended March 31, 2025 and 2024, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.
We incurred a foreign currency remeasurement loss of $8.4 million and $4.7 million for the three months ended March 31, 2025 and 2024, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities drove the variability between periods.
We recorded a loss of $29.5 million for the three months ended March 31, 2025, from change in derivatives fair value, primarily related to the conversion feature of the WML Convertible Bonds and foreign currency swaps. We recorded a loss of $17.9 million for the three months ended March 31, 2024, from change in derivatives fair value, primarily related to the conversion feature of the WML Convertible Bonds. For more information on the Company's derivative instruments, refer to Item 1-"Notes to Condensed Consolidated Financial Statements," Note 7, "Derivative Instruments."
We recorded a $1.6 million loss on debt financing transactions in the three months ended March 31, 2024, primarily related to the issuance of the 2031 Add-On WRF Senior Notes and the repurchase of the 2025 WLV Senior Notes.
Income taxes
We recorded an income tax expense of $11.0 million and $20.0 million for the three months ended March 31, 2025 and 2024, respectively, primarily related to our U.S.-based operating profits.
Net income attributable to noncontrolling interests
We recognized net income attributable to noncontrolling interests of $8.7 million and $32.3 million for the three months ended March 31, 2025 and 2024, respectively. These amounts are primarily related to the noncontrolling interests' share of net income attributable to WML.
Segment Information
As further described in Item 1-"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information," we use Adjusted Property EBITDAR to manage the operating results of our segments. 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
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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.
The following table summarizes Adjusted Property EBITDAR (dollars in thousands) for Wynn Palace, Wynn Macau, Las Vegas Operations, Encore Boston Harbor, and Corporate and other as reviewed by management and summarized in Item 1-"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information." That footnote also presents a reconciliation of Adjusted Property EBITDAR to net income attributable to Wynn Resorts, Limited.
Three Months Ended March 31,
2025 2024 Increase/ (Decrease) Percent Change
Wynn Palace $ 161,885 $ 202,370 $ (40,485) (20.0)
Wynn Macau 90,199 137,186 (46,987) (34.3)
Las Vegas Operations 223,361 246,262 (22,901) (9.3)
Encore Boston Harbor 57,454 63,135 (5,681) (9.0)
Corporate and other - (2,418) 2,418 NM
NM - Not meaningful.
Adjusted Property EBITDAR at Wynn Macau and Wynn Palace decreased $47.0 million and $40.5 million, respectively, for the three months ended March 31, 2025 primarily due to a combined decrease in casino revenues of $100.1 million, partially offset by a decrease in gaming tax expense.
Adjusted Property EBITDAR at our Las Vegas Operations decreased $22.9 million for the three months ended March 31, 2025 primarily due to higher operating expenses and a decrease in non-gaming revenues of $37.1 million. During the three months ended March 31, 2024, our hotel, restaurant, and nightlife operations benefited from higher room rates and incremental food and beverage revenues during the Super Bowl that was held in Las Vegas. The decrease for the three months ended March 31, 2025 was partially offset by an increase in casino revenues of $25.8 million.
Adjusted Property EBITDAR at Encore Boston Harbor decreased $5.7 million for the three months ended March 31, 2025, primarily due to a decrease in operating revenues of $8.6 million, partially offset by a decrease in operating expenses.
Adjusted Property EBITDAR at Corporate and other increased $2.4 million for the three months ended March 31, 2025 as a result of ceasing our digital sports betting and casino gaming operations in the third quarter of 2024.
Refer to the discussions above regarding the specific details of our results of operations.
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Liquidity and Capital Resources
Our cash flows were as follows (in thousands):
Three Months Ended March 31,
Cash Flows - Summary 2025 2024
Cash flows from operating activities $ 133,774 $ 315,094
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention (159,931) (97,702)
Investments in unconsolidated affiliates (61,484) (69,928)
Purchase of intangible and other assets (300) (15)
Proceeds from sale of assets and other 204 226
Net cash used in investing activities (221,511) (167,419)
Cash flows from financing activities:
Proceeds from issuance of long-term debt - 412,000
Repayments of long-term debt (10,313) (956,666)
Repurchase of common stock (212,048) (11,374)
Proceeds from exercise of stock options - 1,017
Distribution to noncontrolling interest (6,286) (5,996)
Dividends paid (26,793) (27,959)
Finance lease payments (6,348) (5,056)
Payments for financing costs - (5,843)
Other (5,163) (4,486)
Net cash used in financing activities (266,951) (604,363)
Effect of exchange rate on cash, cash equivalents and restricted cash (1,629) (2,375)
Decrease in cash, cash equivalents and restricted cash $ (356,317) $ (459,063)
Operating Activities
Our operating cash flows primarily consist of operating income (excluding depreciation and amortization and other non-cash charges), interest paid and earned, and changes in working capital accounts such as receivables, inventories, prepaid expenses, and payables. Our table games play is a mix of cash play and credit play, while our slot machine play is conducted primarily on a cash basis. A significant portion of our table games revenue is attributable to the play of a limited number of premium customers who gamble on credit. The ability to collect these gaming receivables may impact our operating cash flow for the period. Our rooms, food and beverage, and entertainment, retail and other revenue is conducted on a cash and credit basis. Accordingly, operating cash flows will be impacted by changes in operating income and accounts receivable, net.
During the three months ended March 31, 2025, the decrease in cash flows from operating activities was primarily due to decreased revenues across our properties. During the three months ended March 31, 2024, the increase in cash flows from operating activities was primarily due to increased revenues from our Macau Operations and our Las Vegas Operations, which was partially offset by an increase in operating expenses associated with higher business volumes.
Investing Activities
Our investing activities primarily consist of project capital expenditures and maintenance capital expenditures associated with maintaining and continually refining our world-class integrated resort properties.
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During the three months ended March 31, 2025, we incurred capital expenditures of $56.2 million at our Las Vegas Operations, $50.1 million at Wynn Palace, $15.5 million at Wynn Macau, and $4.7 million at Encore Boston Harbor primarily related to enhancements at our properties and maintenance capital expenditures, and $33.5 million at Corporate and other primarily related to future development projects. In addition, during the three months ended March 31, 2025, we invested $58.2 million, including $51.2 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan Island.
During the three months ended March 31, 2024, we incurred capital expenditures of $24.7 million at our Las Vegas Operations, $11.8 million at Encore Boston Harbor, $29.5 million at Wynn Palace, and $17.3 million at Wynn Macau primarily related to enhancements at our properties and maintenance capital expenditures, and $14.4 million at Corporate and other primarily related to future development projects. In addition, during the three months ended March 31, 2024, we invested $68.4 million, including $68.0 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan Island.
Financing Activities
During the three months ended March 31, 2025, we made a scheduled amortization payment of $10.3 million on the WRF Term Loan, due in 2027. In addition, during the three months ended March 31, 2025, we repurchased 2,504,560 shares of our common stock for an aggregate cost of $212.0 million, including 2,360,194 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $200.0 million. We also made dividend payments of $26.8 million and used cash of $6.3 million for distributions to noncontrolling interest holders of the Retail Joint Venture.
The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the three months ended March 31, 2024 (in thousands):
Proceeds from issuance Repayments and repurchases
WRF 7 1/8% Senior Notes, due 2031 $ 412,000 $ -
WM Cayman II Revolver, due 2025 - 149,663
WLV 5 1/2% Senior Notes, due 2025 - 796,691
WRF Credit Facilities:
WRF Term Loan, due 2024 - 944
WRF Term Loan, due 2027 - 9,368
Total $ 412,000 $ 956,666
In addition, during the three months ended March 31, 2024, we made dividend payments of $28.0 million and used cash of $5.1 million for distributions to noncontrolling interest holders of the Retail Joint Venture.
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Capital Resources
The following table summarizes our unrestricted cash and cash equivalents and available revolver borrowing capacity, presented by significant financing entity as of March 31, 2025 (in thousands):
Total Cash and Cash Equivalents Revolver Borrowing Capacity
Wynn Macau, Limited and subsidiaries $ 1,490,599 $ 353,280
Wynn Resorts Finance, LLC (1)
168,268 735,306
Wynn Resorts, Limited and other 411,219 -
Total $ 2,070,086 $ 1,088,586
(1) Excluding Wynn Macau, Limited and subsidiaries.
Wynn Macau, Limited and subsidiaries. WML generates cash from our Macau Operations and may utilize proceeds from the WM Cayman II Revolver as needed. We expect to use this cash to service our WML Senior Notes, WM Cayman II Revolver, and WML Convertible Bonds, to pay dividends to shareholders of WML (of which we own approximately 72%), and to fund working capital and capital expenditure requirements at WML and our Macau Operations.
WML is a holding company and, as a result, its ability to pay dividends to WRF is dependent on WML receiving distributions from its subsidiaries. WML, as guarantor under the WM Cayman II Revolver facility agreement, may be subject to certain restrictions on payments of dividends or distributions to its shareholders, unless certain financial criteria have been satisfied. The WM Cayman II Revolver 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 subsidiaries.
The WML Board of Directors has recommended the payment of a final dividend for the year ended December 31, 2024 of HK$0.185 per share on its common stock payable on June 11, 2025 to stockholders of record as of June 2, 2025. The payment of the final dividend is conditional upon shareholder approval at WML's 2025 Annual General Meeting to be held on May 23, 2025.
If our portion of cash available for repatriation was repatriated on March 31, 2025, it would be subject to minimal U.S. taxes.
Wynn Resorts Finance, LLC and subsidiaries.Wynn Resorts Finance, LLC ("WRF" or "Wynn Resorts Finance") generates cash from distributions from its subsidiaries, which include our Macau Operations, Wynn Las Vegas, and Encore Boston Harbor, and capital contributions from Wynn Resorts, as required. In addition, WRF may utilize its available revolving borrowing capacity as needed. We expect to use this cash to service our WRF Credit Facilities, the WRF Senior Notes, and the Wynn Las Vegas Senior Notes, to pay dividends or distributions to Wynn Resorts, and to fund working capital and capital expenditure requirements as needed.
In light of the present uncertainty regarding tariffs and their potential impact on the cost of materials sourced from overseas, we are currently reassessing the timing, scope and sourcing of certain planned enhancements at Wynn Las Vegas representing approximately $375 million of previously disclosed project capital expenditures.
WRF is a holding company and, as a result, its ability to pay dividends or distributions to Wynn Resorts is dependent on WRF receiving distributions from its subsidiaries. The WRF Credit Agreement contains customary negative and financial covenants, including, but not limited to, covenants that restrict WRF's ability to pay dividends or distributions and incur additional indebtedness.
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Wynn Resorts, Limited and other subsidiaries.Wynn Resorts, Limited is a holding company and, as a result, our ability to pay dividends is dependent on our ability to obtain funds and our subsidiaries' ability to provide funds to us. Wynn Resorts, Limited and other primarily generates cash from royalty (including intellectual property license) and management agreements with our resorts, dividends and distributions from our subsidiaries, and the operations of the Retail Joint Venture of which we own 50.1%. Fees payable by Wynn Macau SA to Wynn Resorts, Limited under its intellectual property license agreement are capped at $150.0 million for the year ending December 31, 2025. We expect to use cash held by Wynn Resorts, Limited and other to service our Retail Term Loan, to fund working capital needs of our subsidiaries, pay dividends, make required capital contributions to the entity which owns Wynn Al Marjan Island, and for general corporate purposes.
During the first quarter of 2025, the Company contributed $51.2 million of cash into Island 3, bringing our life-to-date cash contributions to $682.9 million. We estimate our remaining 40% pro-rata share of the required equity for the construction of the Wynn Al Marjan Island integrated resort is between $650 million and $725 million, inclusive of capitalized interest, fees, and certain improvements on the Island. Wynn Al Marjan Island is currently expected to open in 2027.
The Company paid a cash dividend of $0.25 per share in the quarter ended March 31, 2025 and recorded $26.8 million against accumulated deficit.
On May 6, 2025, the Company announced that its Board of Directors declared a cash dividend of $0.25 per share, payable on May 30, 2025 to stockholders of record as of May 16, 2025.
Other Factors Affecting Liquidity
We may refinance all or a portion of our indebtedness on or before maturity. We cannot assure you that we will be able to refinance any of the indebtedness on acceptable terms or at all.
Legal proceedings in which we are involved also may impact our liquidity. No assurance can be provided as to the outcome of such proceedings. In addition, litigation inherently involves significant costs. For information regarding legal proceedings, see Note 15, "Commitments and Contingencies."
In November 2024, the Company's Board of Directors authorized an increase in the amount of the Company's outstanding shares of common stock available for repurchase under the previously available repurchase authorization to $1.00 billion. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time. As of March 31, 2025, we had $613.0 million in repurchase authority remaining under the program.
We have in the past repurchased, and in the future, we may periodically consider repurchasing our outstanding notes for cash. The amount of any shares and/or notes to be repurchased, as well as the timing of any repurchases, will be based on business, market and other conditions and factors, including price, contractual requirements or consents, and capital availability.
New business developments or other unforeseen events may occur, resulting in the need to raise additional funds. We continue to explore opportunities to develop additional gaming or related businesses in domestic and international markets. There can be no assurances regarding the business prospects with respect to any other opportunity. Any new development may require us to obtain additional financing. We may decide to conduct any such development through Wynn Resorts, Limited or through subsidiaries separate from the Las Vegas, Boston or Macau-related entities.
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Contractual Commitments
Except as described below, there have been no material changes to the contractual obligations previously reported in our Annual Report on Form 10-K for the year ended December 31, 2024.
Off Balance Sheet Arrangements
In February 2025, Wynn Al Marjan Island FZ-LLC, a wholly-owned subsidiary of Island 3, an unconsolidated affiliate, entered into a facility agreement which provides a $2.4 billion (or equivalent in local currency) delayed draw secured term loan facility to finance the development of Wynn Al Marjan Island (the "Al Marjan Facility"). The Company is not a party to the Al Marjan Facility agreement, but entered into a guarantee in favor of the secured parties under the Al Marjan Facility agreement. For additional information, refer to Note 15, "Commitments and Contingencies" of Part I in this Quarterly Report on Form 10-Q.
Critical Accounting Policies and Estimates
A description of our critical accounting policies is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no significant changes to these policies for the three months ended March 31, 2025.
Recently Adopted Accounting Standards and Accounting Standards Issued But Not Yet Adopted
See related disclosure in Note 2, "Basis of Presentation and Significant Accounting Policies" of Part I in this Quarterly Report on Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices.
Additional information about market risks to which we are exposed is included within our Annual Report on Form 10-K for the year ended December 31, 2024.
Interest Rate Risks
One of our primary exposures to market risk is interest rate risk associated with our debt facilities that bear interest based on floating rates. We attempt to manage interest rate risk by managing the mix of long-term fixed rate borrowings and variable rate borrowings, supplemented by hedging activities as believed by us to be appropriate. We cannot assure you that these risk management strategies will have the desired effect, and interest rate fluctuations could have a negative impact on our results of operations.
Interest Rate Sensitivity
In order to mitigate exposure to interest rate fluctuations on the Retail Term Loan, in October 2024, the Company entered into an interest rate swap with a notional value of $600.0 million, maturing in February 2027. The interest rate swap effectively fixes the variable component of the interest rate on the Retail Term Loan at 3.385% through February 2027.
As of March 31, 2025, approximately 76% of our long-term debt was based on fixed rates. Based on our outstanding borrowings as of March 31, 2025 and after giving effect to the interest rate swap on the Retail Term Loan, an assumed 100 basis point change in the variable rates would cause our annual interest expense to change by$19.0 million.
Foreign Currency Risks
We expect most of the revenues and expenses for any casino that we operate in Macau will be denominated in Hong Kong dollars or Macau patacas; however, a significant portion of the debt issued by WML is denominated in U.S. dollars. Fluctuations in the exchange rates resulting in weakening of the Macau pataca or the Hong Kong dollar in relation to the U.S. dollar could have materially adverse effects on our results, financial condition and ability to service debt.
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In order to mitigate exposure to foreign currency fluctuations, in March 2025, the Company entered into three foreign currency swaps with the objective of managing foreign currency exchange rate risk associated with the U.S. dollar denominated 2026 WML 5 1/2% Senior Notes, 2027 WML 5 1/2% Senior Notes, and 2028 WML 5 5/8% Senior Notes. The foreign currency swaps exchange predetermined amounts of Hong Kong dollars for U.S. dollars at a contractual spot rate, have notional amounts of $800.0 million, $750.0 million, and $1.35 billion, and mature in January 2026, October 2027, and August 2028, respectively. For additional information, refer to Note 7, "Derivative Instruments" of Part I in this Quarterly Report on Form 10-Q.
Based on our balances as of March 31, 2025 and after giving effect to our foreign currency swaps, an assumed 1% change in the U.S. dollar/Hong Kong dollar exchange rate would cause a gain/loss of $12.5 million to our income before income taxes.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
The Company's management, with the participation of the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), has evaluated the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on such evaluation, the Company's CEO and CFO have concluded that, as of the period covered by this report, the Company's disclosure controls and procedures were effective, at the reasonable assurance level, in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and were effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company's management, including the Company's CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter to which this report relates that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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Part II. OTHER INFORMATION
Item 1. Legal Proceedings
We are occasionally party to lawsuits. As with all litigation, no assurance can be provided as to the outcome of such matters and we note that litigation inherently involves significant costs. For information regarding the Company's legal proceedings see Item 1-"Notes to Condensed Consolidated Financial Statements," Note 15, "Commitments and Contingencies" of Part I in this Quarterly Report on Form 10-Q.
Item 1A. Risk Factors
A description of our risk factors can be found in Item 1A, Part I of our Annual Report on Form 10-K for the year ended December 31, 2024. There were no material changes to those risk factors during the three months ended March 31, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table summarizes the share repurchases made by the Company during the three months ended March 31, 2025:
Period
Total Number of Shares Purchased (1) (2)
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands)
January 1, 2025 to January 31, 2025 1,659,169 $ 84.06 1,543,731 $ 683,001
February 1, 2025 to February 28, 2025 408,163 $ 85.90 385,166 $ 650,001
March 1, 2025 to March 31, 2025 437,228 $ 85.82 41,297 $ 613,001
(1) Shares purchased in January 2025, February 2025, and March 2025 include 115,377, 21,194 and 5,931 shares, respectively, purchased in satisfaction of employee tax withholding obligations on vested restricted stock granted under our stock incentive plans. Refer to Note 13, "Stock-Based Compensation" to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional details on our stock incentive plans.
(2) On April 20, 2016, the Company announced that the Board of Directors authorized an equity repurchase program of up to $1.0 billion of our common stock, with no expiration. On November 1, 2024, the Company's Board of Directors authorized the Company to repurchase a total of up to $1.0 billion of the Company's outstanding shares of common stock, increasing the previously available repurchase authorization by approximately $766 million. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time. Any shares acquired are expected to be held as treasury shares and available for general corporate purposes.
Item 3. Default Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Insider Trading Arrangements
None of the Company's directors or officers (as defined in Section 16 of the Exchange Act) adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" (each as defined in Item 408(a) and (c) of Regulation S-K) during the three months ended March 31, 2025.
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Item 6. Exhibits
(a)Exhibits
Exhibit
No. 		Description
3.1
3.2
*10.1
Wynn Resorts, Limited Executive Retirement Plan
10.2
*31.1
Certification of Chief Executive Officer of Periodic Report Pursuant to Rule 13a-4(a) and Rule 15d-14(a).
*31.2
Certification of Chief Financial Officer of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a).
32
Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350 (furnished herewith).
101
The following material from Wynn Resorts, Limited's Quarterly Report on Form 10-Q, formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024; (ii) the Condensed Consolidated Statements of Income for the three months ended March 31, 2025 and 2024; (iii) the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024; (iv) the Condensed Consolidated Statements of Stockholders' Deficit for the three months ended March 31, 2025 and 2024; (v) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024; and (vi) Notes to Condensed Consolidated Financial Statements. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104 Cover Page Interactive Data File - The cover page XBRL tags are embedded within the Inline XBRL document.
* Filed herewith.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
WYNN RESORTS, LIMITED
Dated: May 6, 2025 By: /s/ Julie Cameron-Doe
Julie Cameron-Doe
Chief Financial Officer
(Principal Financial and Accounting Officer)
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