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WYNN RESORTS LTD

WYNN
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Business Summary

Wynn Resorts, Limited is a preeminent 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. The company operates in the casino resort industry, which is highly competitive, and competes with other high-quality resorts on the basis of the range of amenities, level of service, price, location, entertainment, themes and size, among other factors. The Macau gaming market has grown significantly since liberalization in 2002, with annual gaming revenues increasing to $30.9 billion , $28.4 billion , and $22.7 billion in 2025, 2024, and 2023, respectively. The Las Vegas gaming market is the largest in the U.S., with the Las Vegas Strip total gaming win being $8.8 billion in both 2024 and 2025. Overall Las Vegas visitor volume was 38.5 million in 2025, a 7.5% decrease from 41.7 million in 2024, and occupancy on the Las Vegas Strip was 83.2% in 2025, compared to 86.4% in 2024.

The company's primary competitors in Macau include SJM Resorts, S.A., Galaxy Casino, S.A., Venetian Macau, S.A., Melco Resorts (Macau) Limited, and MGM Grand Paradise Limited, with a total of 20 casinos currently in operation. In Las Vegas, the company competes with other high-quality resorts and hotel casinos on the Las Vegas Strip, and in Massachusetts, Encore Boston Harbor competes with both commercial and Native American casinos in the northeastern U.S. The company's competitive advantages include its extensive design and operational experience across numerous gaming jurisdictions, its in-house design, development, and construction subsidiary, and its focus on superior customer service. Wynn Resorts earned 18 Forbes Travel Guide Five-Star awards in 2026 and has the longest-running FTG Five-Star awards of all independent hotel companies in the world.

The company generates revenue through casino operations, rooms, food and beverage, and entertainment, retail and other offerings. Casino revenues for the year ended December 31, 2025 were 61.8% of operating revenues, compared to 59.8% for the year ended December 31, 2024. Non-casino revenues for the year ended December 31, 2025 were 38.2% of operating revenues, compared to 40.2% for the year ended December 31, 2024. The company extends credit to premium customers, and a significant portion of table games revenue is attributable to the play of a limited number of premium customers. The company also operates loyalty programs at each of its resorts.

The company operates four reportable segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. Wynn Palace features approximately 468,000 square feet of casino space with 305 table games and 693 slot machines, a luxury hotel tower with 1,706 guest rooms, suites, and villas, 12 food and beverage outlets, approximately 109,000 square feet of high-end retail space, and approximately 37,000 square feet of meeting and convention space. Wynn Macau features approximately 294,000 square feet of casino space with 253 table games and 911 slot machines, two luxury hotel towers with 1,014 guest rooms and suites, 11 food and beverage outlets, approximately 75,900 square feet of retail space, and approximately 31,000 square feet of meeting and convention space. Las Vegas Operations feature approximately 199,000 square feet of casino space with 231 table games and 1,558 slot machines, two luxury hotel towers with 4,748 guest rooms, suites, and villas, 35 food and beverage outlets, approximately 178,000 square feet of retail space, and approximately 510,000 square feet of meeting and convention space. Encore Boston Harbor features approximately 215,000 square feet of casino space with 172 table games, 24 poker tables and approximately 2,777 slot machines, a luxury hotel tower with 671 guest rooms and suites, 16 food and beverage outlets, approximately 8,200 square feet of retail space, and approximately 71,000 square feet of meeting and convention space.

Total operating revenues for the year ended December 31, 2025 were $7,137,924,000 , compared to $7,127,961,000 for the year ended December 31, 2024. Casino revenues were $4,410,328,000 for 2025, compared to $4,261,357,000 for 2024. Rooms revenues were $1,141,154,000 for 2025, compared to $1,242,058,000 for 2024. Food and beverage revenues were $1,037,850,000 for 2025, compared to $1,069,117,000 for 2024. Entertainment, retail and other revenues were $548,592,000 for 2025, compared to $555,429,000 for 2024. Net income attributable to Wynn Resorts, Limited was $327,334,000 for 2025, compared to $501,078,000 for 2024. Diluted net income per share was $3.14 for 2025, compared to $4.35 for 2024.

During the year ended December 31, 2025, the company repurchased 4,574,118 shares of its common stock for an aggregate cost of $380,109,000 , including 4,365,212 shares repurchased pursuant to its publicly announced equity repurchase program for an aggregate cost of $358,200,000 . The company paid cash dividends of $0.25 per share on its common stock in each of the four quarters of 2025, recording an aggregate amount of $104,600,000 against accumulated deficit. In August 2025, WML issued $1,000,000,000 aggregate principal amount of 6 3/4% Senior Notes due 2034, and in September 2025, redeemed in full the outstanding $1,000,000,000 aggregate principal amount of 2026 WML Senior Notes. In June 2025, WRF and certain of its subsidiaries entered into an amendment to its existing credit agreement, extending the final maturity date of term loan commitments to June 12, 2030. The company also invested $328,928,000 in the joint venture constructing Wynn Al Marjan Island, including $282,600,000 of cash contributions.

Total operating revenues for the year ended December 31, 2025 were $7,137,924,000 , an increase of $9,963,000 or 0.1% compared to $7,127,961,000 for the year ended December 31, 2024. Net income attributable to Wynn Resorts, Limited decreased by $173,744,000 or 34.7% to $327,334,000 from $501,078,000 in the prior year. The decrease in net income was primarily attributable to an increase in the provision for income taxes of $101,300,000 and a decrease of $63,800,000 in interest income. Operating income was $1,118,384,000 for 2025, compared to $1,132,731,000 for 2024. Cash flows from operating activities were $1,352,653,000 for 2025, compared to $1,426,203,000 for 2024.

Business Outlook

The company expects to make estimated project capital expenditures between $400 million and $450 million during 2026 and between $425 million and $475 million during 2027 related to enhancements at its Macau Operations. Maintenance capital expenditures at the Macau Operations are expected to be between $70 million and $80 million during 2026. For the Las Vegas Operations, estimated project capital expenditures are expected to be between $375 million and $400 million during 2026 and between $150 million and $175 million during 2027. Total maintenance capital expenditures at the Las Vegas Operations and Encore Boston Harbor, on a combined basis, are expected to be between $90 million and $115 million during 2026.

The company is developing Wynn Al Marjan Island in Ras Al Khaimah, United Arab Emirates, which is currently under construction and anticipated to be completed and open to the public in 2027. The project will feature an over 1,500-room hotel, luxury villas, a high-end shopping mall, a state-of-the-art meeting and convention facility, an exclusive spa, more than 20 restaurants and lounges, 225,000 square feet of gaming area, a wide array of entertainment choices including a nightclub and a beach club, and other amenities. The company estimates its remaining 40% pro-rata share of the required equity for the construction of Wynn Al Marjan Island is between $425 million and $500 million , inclusive of capitalized interest, fees, and certain improvements to the island. Additionally, Island 3 has partnered with Aman Group to construct Janu Al Marjan Island, a second development adjacent to Wynn Al Marjan Island, which will feature a 132-room hotel and a residential tower with one- to five-bedroom units and a limited collection of standalone villas, expected to open in late 2028. The company's estimated capital contributions for Janu Al Marjan Island are between $25 million and $50 million , net of estimated branded residence sales and estimated 50% loan-to-cost financing.

The company is in the design stages of developing the next phase of Wynn Palace, which is currently expected to incorporate an array of amenities such as theater and expanded event space, food and beverage features, and other non-gaming offerings.

Interest expense, net of capitalized interest, decreased $62,900,000 due to a decrease in the weighted average debt balance to $10,980,000,000 for the year ended December 31, 2025 from $11,450,000,000 for the year ended December 31, 2024, and a decrease in the weighted average interest rate to 5.68% for the year ended December 31, 2025 from 6.00% for the year ended December 31, 2024. The company capitalized interest of $49,700,000 and $23,000,000 in the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, the company had total outstanding debt of approximately $10,632,410,000 . The company had unrestricted cash and cash equivalents of $1,463,442,000 , investments of $601,756,000 , and available revolver borrowing capacity of $2,588,899,000 . The company's capital allocation strategy includes share repurchases, with $454,900,000 in repurchase authority remaining under the program as of December 31, 2025. The company paid cash dividends of $0.25 per share on its common stock in each of the four quarters of 2025, and on February 12, 2026, the Board of Directors declared a cash dividend of $0.25 per share, payable on March 4, 2026.

The company's business is particularly sensitive to reductions in discretionary consumer spending, and a negative macroeconomic environment, including an economic downturn or recession, could adversely impact its business. The company faces risks from geopolitical tensions, visa and travel restrictions, and restrictions on international money transfers. The company also faces risks from the potential legalization of gaming in other Asian countries and regions, such as Japan, Taiwan, and Thailand, which could increase competition for its Macau Operations. In Las Vegas, there are several recently completed large-scale integrated resort projects in the vicinity of the company's Las Vegas Operations, which may present increased competition in the future.

The company's Macau Operations are subject to significant political, economic and social risks inherent in doing business in an emerging market. The Macau government may rescind the gaming concession if Wynn Macau SA fails to fulfill its obligations, including in circumstances of endangerment to national security, failure to perform obligations under the Gaming Concession Contract, public interest, or ceasing to be eligible for the concession. If the concession is rescinded due to non-fulfillment, Wynn Macau SA will be required to transfer to the Macau government, free from any encumbrance or lien and without compensation, all of its casinos, gaming assets and equipment and ownership rights to its casino areas in Macau. The company also faces risks from currency exchange controls and restrictions on the export of the renminbi, which may impede the flow of gaming customers from the PRC to Macau.

Risk Factors

The company is highly leveraged with total outstanding debt of approximately $10.63 billion as of December 31, 2025, and failure to meet payment obligations could result in acceleration of indebtedness or foreclosure. The company's Macau Operations are subject to the risk that the Macau government may rescind the gaming concession without compensation if Wynn Macau SA fails to fulfill its obligations, which would require the transfer of all casinos, gaming assets, and equipment to the government free from encumbrance. The company is entirely dependent on a limited number of resorts for all of its cash flow, subjecting it to greater risks than a gaming company with more operating properties. The company faces intense competition in all its markets, and the legalization of gaming in other Asian countries could increase competition for its Macau Operations. The company's business is particularly sensitive to reductions in discretionary consumer spending, and a negative macroeconomic environment could adversely impact its results. The company also faces risks from its inability to collect gaming receivables, as a significant portion of its table games revenue is attributable to a limited number of premium customers who gamble on credit, and the enforceability of gaming debts outside the U.S. varies from country to country.

Management Priorities

Management's message emphasizes the company's position as a preeminent designer, developer, and operator of integrated resorts, with a strategy centered on constructing and regularly reinvesting in world-class integrated resorts, led by an in-house design, development, and construction subsidiary. Management highlights the company's success in attracting a wide range of premium guests both domestically and internationally, leveraging its marketing team across various international branch offices. The company's strategic priorities include continuing to seek out new opportunities to develop and operate world-class integrated resorts and related businesses around the world, as evidenced by the development of Wynn Al Marjan Island in Ras Al Khaimah, United Arab Emirates, currently expected to open in 2027. Management also emphasizes the company's commitment to corporate social responsibility, including creating a five-star workplace, investing in the growth and well-being of its people, furthering social impact initiatives, minimizing environmental resource consumption, and elevating corporate governance practices. The company expects to make estimated project capital expenditures between $400 million and $450 million during 2026 and between $425 million and $475 million during 2027 related to enhancements at its Macau Operations, and between $375 million and $400 million during 2026 and between $150 million and $175 million during 2027 related to enhancements at its Las Vegas Operations.

View Source Annual Report on SEC.gov ↗

References

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  9. [9] Item 7, MD&A — Results of Operations
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  13. [13] Item 8, Consolidated Statements of Income
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  27. [27] Item 7, MD&A — Financing Activities
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  32. [32] Item 8, Note 9 — Stockholders' Deficit
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  35. [35] Item 7, MD&A — Investing Activities
  36. [36] Item 7, MD&A — Capital Resources
  37. [37] Item 7, MD&A — Results of Operations
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  47. [47] Item 8, Consolidated Statements of Income
  48. [48] Item 8, Consolidated Statements of Income
  49. [49] Item 8, Consolidated Statements of Cash Flows
  50. [50] Item 8, Consolidated Statements of Cash Flows
  51. [51] Item 7, MD&A — Capital Resources
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  67. [67] Item 7, MD&A — Other non-operating income and expenses
  68. [68] Item 7, MD&A — Other non-operating income and expenses
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  70. [70] Item 7, MD&A — Other non-operating income and expenses
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  74. [74] Item 1A, Risk Factors — Risks Related to our Indebtedness
  75. [75] Item 7, MD&A — Capital Resources
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  78. [78] Item 7, MD&A — Other Factors Affecting Liquidity
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  81. [81] Item 1A, Risk Factors — Risks Related to our Indebtedness
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  90. [90] Item 8, Consolidated Statements of Income
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  100. [100] Item 1A, Risk Factors — Risks Related to our Indebtedness
  101. [101] Item 8, Consolidated Balance Sheets
  102. [102] Item 8, Consolidated Statements of Income
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  106. [106] Item 7, MD&A — Operating expenses
  107. [107] Item 7, MD&A — Segment Information
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Analysis on 6/22/2026