Wynn Resorts, Limited (NASDAQ:WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the second quarter ended June 30, 2025.

Operating revenues were $1.74 billion for the second quarter of 2025, an increase of $4.9 million from $1.73 billion for the second quarter of 2024. Net income attributable to Wynn Resorts, Limited was $66.2 million for the second quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $111.9 million for the second quarter of 2024. Diluted net income per share was $0.64 for the second quarter of 2025, compared to diluted net income per share of $0.91 for the second quarter of 2024. Adjusted Property EBITDAR⁽¹⁾ was $552.4 million for the second quarter of 2025, compared to Adjusted Property EBITDAR of $571.7 million for the second quarter of 2024.

"Our second quarter results evidenced continued strength across our business and were distinguished by a new second quarter record for Adjusted Property EBITDAR in Las Vegas," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, while VIP hold negatively impacted results, we generated healthy market share and significant free cash flow, supporting our continued investment in the Macau properties and our dividend program. At the same time, we are making progress towards the completion of our Wynn Al Marjan Island project in the UAE, where we are pouring the sixty-first floor of the tower, having finalized key food and beverage partnerships, and agreed to key terms with a number of high profile retail tenants. During the quarter we also continued to focus on the return of capital to shareholders through both a cash dividend and $158 million of stock repurchases."

Consolidated Results

Operating revenues were $1.74 billion for the second quarter of 2025, an increase of $4.9 million from $1.73 billion for the second quarter of 2024. For the second quarter of 2025, operating revenues increased $6.5 million, $10.0 million, and $3.1 million at Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, and decreased $8.4 million at Wynn Palace, from the second quarter of 2024.

Net income attributable to Wynn Resorts, Limited was $66.2 million for the second quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $111.9 million for the second quarter of 2024. Diluted net income per share was $0.64 for the second quarter of 2025, compared to diluted net income per share of $0.91 for the second quarter of 2024. Adjusted net income attributable to Wynn Resorts, Limited⁽²⁾ was $113.3 million, or $1.09 per diluted share, for the second quarter of 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $124.5 million, or $1.12 per diluted share, for the second quarter of 2024.

Adjusted Property EBITDAR was $552.4 million for the second quarter of 2025, a decrease of $19.3 million compared to Adjusted Property EBITDAR of $571.7 million for the second quarter of 2024. For the second quarter of 2025, Adjusted Property EBITDAR decreased $27.3 million at Wynn Palace and increased $4.5 million, $1.7 million, and $0.6 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Macau, respectively, from the second quarter of 2024.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on August 29, 2025 to stockholders of record as of August 18, 2025.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $539.6 million for the second quarter of 2025, a decrease of $8.4 million from $548.0 million for the second quarter of 2024. Adjusted Property EBITDAR from Wynn Palace was $157.2 million for the second quarter of 2025, compared to $184.5 million for the second quarter of 2024. Table games win percentage in mass market operations was 22.3%, below the 23.6% experienced in the second quarter of 2024. VIP table games win as a percentage of turnover was 2.86%, below the property's expected range of 3.1% to 3.4% and below the 4.10% experienced in the second quarter of 2024.

Wynn Macau

Operating revenues from Wynn Macau were $343.8 million for the second quarter of 2025, an increase of $6.5 million from $337.3 million for the second quarter of 2024. Adjusted Property EBITDAR from Wynn Macau was $96.5 million for the second quarter of 2025, compared to $95.9 million for the second quarter of 2024. Table games win percentage in mass market operations was 17.4%, slightly below the 17.5% experienced in the second quarter of 2024. VIP table games win as a percentage of turnover was 3.41%, slightly above the property's expected range of 3.1% to 3.4% and above the 2.19% experienced in the second quarter of 2024.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $638.6 million for the second quarter of 2025, an increase of $10.0 million from $628.7 million for the second quarter of 2024. Adjusted Property EBITDAR from our Las Vegas Operations for the second quarter of 2025 was $234.8 million, compared to $230.3 million for the second quarter of 2024. Table games win percentage for the second quarter of 2025 was 21.8%, slightly below the property's expected range of 22% to 26% and below the 21.9% experienced in the second quarter of 2024.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $215.7 million for the second quarter of 2025, an increase of $3.1 million from $212.6 million for the second quarter of 2024. Adjusted Property EBITDAR from Encore Boston Harbor for the second quarter of 2025 was $63.9 million, compared to $62.1 million for the second quarter of 2024. Table games win percentage for the second quarter of 2025 was 21.3%, within the property's expected range of 18% to 22% and above the 19.6% experienced in the second quarter of 2024.

Wynn Al Marjan Island Development

During the second quarter of 2025, the Company contributed $58.2 million of cash to the 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $741.1 million. Wynn Al Marjan Island is currently expected to open in 2027.

Balance Sheet

Our cash and cash equivalents as of June 30, 2025 totaled $1.98 billion, comprised of $1.47 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $231.2 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $278.6 million held at Corporate and other. As of June 30, 2025, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $1.24 billion and $350.7 million, respectively.

Total current and long-term debt outstanding at June 30, 2025 was $10.54 billion, comprised of $5.79 billion of Macau related debt, $875.4 million of Wynn Las Vegas debt, $3.28 billion of WRF debt, and $597.8 million of debt held by the retail joint venture which we consolidate.

Recent Debt Financing Activities

In June 2025, we amended the WRF credit agreement to obtain $500.0 million in incremental revolving commitments and extend the maturity dates of the term loans and revolving commitments under the credit facility to June 2030.

In July 2025, we increased the borrowing capacity under the WM Cayman II Revolver by an additional aggregate amount of $1.0 billion equivalent through the exercise of an accordion feature under the facility agreement. As a result, the total committed amount of the WM Cayman II Revolver was increased to $2.5 billion equivalent.

Equity Repurchase Program

During the second quarter of 2025, the Company repurchased 2,004,418 shares of its common stock under its publicly announced equity repurchase program at an average price of $78.88 per share, for an aggregate cost of $158.1 million. As of June 30, 2025, the Company had $454.9 million in repurchase authority remaining under the equity repurchase program.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on August 7, 2025 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before August 14, 2025, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended June 30, 2025 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements

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

Non-GAAP Financial Measures

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

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

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


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

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Operating revenues:
Casino	$	1,051,834		$	1,008,946		$	2,092,264		$	2,130,412
Rooms		291,053			304,521			565,574			631,935
Food and beverage		261,057			281,404			510,936			548,342
Entertainment, retail and other		133,853			138,061			269,420			285,152
Total operating revenues		1,737,797			1,732,932			3,438,194			3,595,841
Operating expenses:
Casino		643,108			614,518			1,277,941			1,289,957
Rooms		86,042			80,538			170,139			162,615
Food and beverage		224,400			221,343			425,067			427,164
Entertainment, retail and other		58,041			62,941			120,227			133,953
General and administrative		280,815			264,727			556,504			536,343
Provision for credit losses		3,353			2,429			4,749			2,516
Pre-opening		11,286			1,558			16,573			3,593
Depreciation and amortization		152,907			176,405			308,328			351,338
Property charges and other		13,245			38,815			25,477			55,763
Total operating expenses		1,473,197			1,463,274			2,905,005			2,963,242
Operating income		264,600			269,658			533,189			632,599
Other income (expense):
Interest income		15,859			34,884			35,218			75,056
Interest expense, net of amounts capitalized		(154,551	)		(174,596	)		(312,159	)		(357,000	)
Change in derivatives fair value		(1,112	)		15,517			(30,651	)		(2,397	)
Loss on debt financing transactions		(1,083	)		—			(1,083	)		(1,561	)
Other		(36,164	)		8,745			(44,538	)		4,023
Other income (expense), net		(177,051	)		(115,450	)		(353,213	)		(281,879	)
Income before income taxes		87,549			154,208			179,976			350,720
Provision for income taxes		(10,588	)		(7,935	)		(21,610	)		(27,949	)
Net income		76,961			146,273			158,366			322,771
Less: net income attributable to noncontrolling interests		(10,743	)		(34,330	)		(19,401	)		(66,612	)
Net income attributable to Wynn Resorts, Limited	$	66,218		$	111,943		$	138,965		$	256,159
Basic and diluted net income per common share:
Net income attributable to Wynn Resorts, Limited:
Basic	$	0.64		$	1.01		$	1.33		$	2.31
Diluted	$	0.64		$	0.91		$	1.33		$	2.30
Weighted average common shares outstanding:
Basic		103,491			110,937			104,486			110,980
Diluted		103,780			111,175			104,749			111,222


WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Net income attributable to Wynn Resorts, Limited	$	66,218		$	111,943		$	138,965		$	256,159
Pre-opening expenses		11,286			1,558			16,573			3,593
Property charges and other		13,245			38,815			25,477			55,763
Change in derivatives fair value		1,112			(15,517	)		30,651			2,397
Loss on debt financing transactions		1,083			—			1,083			1,561
Foreign currency remeasurement and other		36,164			(8,745	)		44,538			(4,023	)
Income tax impact on adjustments		(3,178	)		(9,684	)		(4,854	)		(10,252	)
Noncontrolling interests impact on adjustments		(12,595	)		6,135			(25,953	)		(3,892	)
Adjusted net income attributable to Wynn Resorts, Limited	$	113,335		$	124,505		$	226,480		$	301,306
Adjusted net income attributable to Wynn Resorts, Limited per diluted share	$	1.09		$	1.12		$	2.16		$	2.71

Weighted average common shares outstanding - diluted		103,780			111,175			104,749			111,222


WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)

	Three Months Ended June 30, 2025
	Wynn Palace		Wynn Macau		Other Macau			Total Macau Operations		Las Vegas Operations		Encore Boston Harbor		Corporate and Other			Total
Operating income (loss)	$	72,760	$	62,988	$	(7,464	)	$	128,284	$	110,457	$	1,047	$	24,812		$	264,600
Pre-opening expenses		3,004		—		—			3,004		2,095		—		6,187			11,286
Depreciation and amortization		59,344		18,280		398			78,022		58,821		14,229		1,835			152,907
Property charges and other		1,115		1,233		10			2,358		8,363		1,047		1,477			13,245
Management and license fees		17,605		10,648		—			28,253		30,125		10,449		(68,827	)		—
Corporate expenses and other		2,045		2,079		6,137			10,261		7,594		1,585		27,006			46,446
Stock-based compensation		1,333		1,282		919			3,534		17,357		436		7,510			28,837
Triple-net operating lease rent expense		—		—		—			—		—		35,066		—			35,066
Adjusted Property EBITDAR	$	157,206	$	96,510	$	—		$	253,716	$	234,812	$	63,859	$	—		$	552,387

	Three Months Ended June 30, 2024
	Wynn Palace		Wynn Macau		Other Macau			Total Macau Operations		Las Vegas Operations		Encore Boston Harbor			Corporate and Other			Total
Operating income (loss)	$	108,249	$	61,172	$	(7,486	)	$	161,935	$	124,738	$	(17,827	)	$	812		$	269,658
Pre-opening expenses		—		—		—			—		334		515			709			1,558
Depreciation and amortization		55,316		20,035		390			75,741		61,885		31,733			7,046			176,405
Property charges and other		272		883		2			1,157		1,906		(174	)		35,926			38,815
Management and license fees		17,360		10,486		—			27,846		29,675		10,395			(67,916	)		—
Corporate expenses and other		2,005		1,999		5,983			9,987		7,957		1,752			14,014			33,710
Stock-based compensation		1,257		1,336		1,111			3,704		3,838		395			8,230			16,167
Triple-net operating lease rent expense		—		—		—			—		—		35,342			—			35,342
Adjusted Property EBITDAR	$	184,459	$	95,911	$	—		$	280,370	$	230,333	$	62,131		$	(1,179	)	$	571,655


WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)

	Six Months Ended June 30, 2025
	Wynn Palace		Wynn Macau		Other Macau			Total Macau Operations		Las Vegas Operations		Encore Boston Harbor			Corporate and Other			Total
Operating income (loss)	$	155,325	$	115,730	$	(15,623	)	$	255,432	$	226,536	$	(9,688	)	$	60,909		$	533,189
Pre-opening expenses		4,204		—		—			4,204		2,855		—			9,514			16,573
Depreciation and amortization		115,781		37,504		796			154,081		121,449		28,195			4,603			308,328
Property charges and other		1,823		5,439		16			7,278		9,065		6,563			2,571			25,477
Management and license fees		35,105		21,021		—			56,126		59,448		20,590			(136,164	)		—
Corporate expenses and other		4,251		4,394		12,887			21,532		15,488		3,273			42,734			83,027
Stock-based compensation		2,602		2,621		1,924			7,147		23,332		1,925			15,833			48,237
Triple-net operating lease rent expense		—		—		—			—		—		70,455			—			70,455
Adjusted Property EBITDAR	$	319,091	$	186,709	$	—		$	505,800	$	458,173	$	121,313		$	—		$	1,085,286

	Six Months Ended June 30, 2024
	Wynn Palace		Wynn Macau		Other Macau			Total Macau Operations		Las Vegas Operations		Encore Boston Harbor			Corporate and Other			Total
Operating income (loss)	$	221,841	$	162,176	$	(16,099	)	$	367,918	$	271,187	$	(34,919	)	$	28,413		$	632,599
Pre-opening expenses		—		—		—			—		736		647			2,210			3,593
Depreciation and amortization		110,443		40,079		770			151,292		120,629		63,076			16,341			351,338
Property charges and other		11,692		446		112			12,250		2,175		170			41,168			55,763
Management and license fees		36,288		23,345		—			59,633		59,917		21,023			(140,573	)		—
Corporate expenses and other		4,388		4,501		13,120			22,009		15,951		3,718			31,937			73,615
Stock-based compensation		2,177		2,550		2,097			6,824		6,000		805			16,907			30,536
Triple-net operating lease rent expense		—		—		—			—		—		70,746			—			70,746
Adjusted Property EBITDAR	$	386,829	$	233,097	$	—		$	619,926	$	476,595	$	125,266		$	(3,597	)	$	1,218,190


WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Net income attributable to Wynn Resorts, Limited	$	66,218		$	111,943		$	138,965		$	256,159
Net income attributable to noncontrolling interests		10,743			34,330			19,401			66,612
Pre-opening expenses		11,286			1,558			16,573			3,593
Depreciation and amortization		152,907			176,405			308,328			351,338
Property charges and other		13,245			38,815			25,477			55,763
Triple-net operating lease rent expense		35,066			35,342			70,455			70,746
Corporate expenses and other		46,446			33,710			83,027			73,615
Stock-based compensation		28,837			16,167			48,237			30,536
Interest income		(15,859	)		(34,884	)		(35,218	)		(75,056	)
Interest expense, net of amounts capitalized		154,551			174,596			312,159			357,000
Change in derivatives fair value		1,112			(15,517	)		30,651			2,397
Loss on debt financing transactions		1,083			—			1,083			1,561
Other		36,164			(8,745	)		44,538			(4,023	)
Provision for income taxes		10,588			7,935			21,610			27,949
Adjusted Property EBITDAR	$	552,387		$	571,655		$	1,085,286		$	1,218,190


WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited)

	Three Months Ended June 30,								Six Months Ended June 30,
		2025			2024		Percent Change			2025			2024		Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino	$	448,298		$	444,964		0.7		$	892,806		$	918,745		(2.8	)
Rooms		38,481			50,206		(23.4	)		75,096			104,142		(27.9	)
Food and beverage		30,446			29,829		2.1			62,184			61,899		0.5
Entertainment, retail and other		22,416			23,050		(2.8	)		45,484			50,164		(9.3	)
Total	$	539,641		$	548,049		(1.5	)	$	1,075,570		$	1,134,950		(5.2	)

Adjusted Property EBITDAR ⁽⁶⁾	$	157,206		$	184,459		(14.8	)	$	319,091		$	386,829		(17.5	)

Casino statistics:
VIP:
Average number of table games		52			57		(8.8	)		54			58		(6.9	)
VIP turnover	$	4,071,052		$	2,810,016		44.9		$	8,076,093		$	6,731,100		20.0
VIP table games win ⁽¹⁾	$	116,471		$	115,297		1.0		$	221,003		$	244,712		(9.7	)
VIP table games win as a % of turnover		2.86	%		4.10	%				2.74	%		3.64	%
Table games win per unit per day	$	24,438		$	22,092		10.6		$	22,735		$	23,195		(2.0	)
Mass market:
Average number of table games		249			243		2.5			248			244		1.6
Table drop ⁽²⁾	$	1,844,054		$	1,738,260		6.1		$	3,548,452		$	3,520,444		0.8
Table games win ⁽¹⁾	$	411,604		$	409,409		0.5		$	833,996		$	846,732		(1.5	)
Table games win %		22.3	%		23.6	%				23.5	%		24.1	%
Table games win per unit per day	$	18,171		$	18,484		(1.7	)	$	18,566		$	19,039		(2.5	)
Average number of slot machines		627			607		3.3			638			590		8.1
Slot machine handle	$	757,815		$	642,713		17.9		$	1,492,685		$	1,238,334		20.5
Slot machine win ⁽³⁾	$	32,482		$	25,590		26.9		$	61,838		$	56,560		9.3
Slot machine win per unit per day	$	569		$	464		22.6		$	535		$	527		1.5
Room statistics:
Occupancy		98.7	%		98.9	%				98.5	%		98.9	%
ADR ⁽⁴⁾	$	232		$	316		(26.6	)	$	227		$	326		(30.4	)
REVPAR ⁽⁵⁾	$	229		$	312		(26.6	)	$	224		$	323		(30.7	)


WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued)

	Three Months Ended June 30,								Six Months Ended June 30,
		2025			2024		Percent Change			2025			2024		Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino	$	293,380		$	280,717		4.5		$	568,930		$	627,070		(9.3	)
Rooms		21,742			23,742		(8.4	)		45,039			52,361		(14.0	)
Food and beverage		17,020			20,003		(14.9	)		35,812			41,022		(12.7	)
Entertainment, retail and other		11,671			12,807		(8.9	)		23,992			28,560		(16.0	)
Total	$	343,813		$	337,269		1.9		$	673,773		$	749,013		(10.0	)

Adjusted Property EBITDAR⁽⁶⁾	$	96,510		$	95,911		0.6		$	186,709		$	233,097		(19.9	)

Casino statistics:
VIP:
Average number of table games		21			30		(30.0	)		25			30		(16.7	)
VIP turnover	$	981,735		$	1,164,075		(15.7	)	$	2,418,782		$	2,753,760		(12.2	)
VIP table games win ⁽¹⁾	$	33,438		$	25,473		31.3		$	49,152		$	79,379		(38.1	)
VIP table games win as a % of turnover		3.41	%		2.19	%				2.03	%		2.88	%
Table games win per unit per day	$	17,571		$	9,449		86.0		$	10,777		$	14,629		(26.3	)
Mass market:
Average number of table games		231			222		4.1			226			222		1.8
Table drop ⁽²⁾	$	1,617,756		$	1,602,920		0.9		$	3,160,641		$	3,286,071		(3.8	)
Table games win ⁽¹⁾	$	280,836		$	280,830		—		$	569,385		$	607,150		(6.2	)
Table games win %		17.4	%		17.5	%				18.0	%		18.5	%
Table games win per unit per day	$	13,346		$	13,905		(4.0	)	$	13,916		$	15,048		(7.5	)
Average number of slot machines		751			617		21.7			740			600		23.3
Slot machine handle	$	1,009,092		$	801,813		25.9		$	1,862,499		$	1,532,202		21.6
Slot machine win ⁽³⁾	$	25,193		$	25,978		(3.0	)	$	49,560		$	52,170		(5.0	)
Slot machine win per unit per day	$	369		$	463		(20.3	)	$	370		$	478		(22.6	)
Poker rake	$	2,836		$	3,607		(21.4	)	$	6,056		$	8,626		(29.8	)
Room statistics:
Occupancy		99.4	%		99.4	%				99.2	%		99.4	%
ADR ⁽⁴⁾	$	216		$	236		(8.5	)	$	225		$	260		(13.5	)
REVPAR ⁽⁵⁾	$	215		$	234		(8.1	)	$	223		$	258		(13.6	)


WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued)

	Three Months Ended June 30,								Six Months Ended June 30,
		2025			2024		Percent Change			2025			2024		Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino	$	148,502		$	129,674		14.5		$	309,495		$	264,837		16.9
Rooms		207,981			205,872		1.0			403,849			429,948		(6.1	)
Food and beverage		194,861			208,418		(6.5	)		374,303			402,028		(6.9	)
Entertainment, retail and other		87,289			84,690		3.1			176,271			168,389		4.7
Total	$	638,633		$	628,654		1.6		$	1,263,918		$	1,265,202		(0.1	)

Adjusted Property EBITDAR ⁽⁶⁾	$	234,812		$	230,333		1.9		$	458,173		$	476,595		(3.9	)

Casino statistics:
Average number of table games		232			234		(0.9	)		234			234		—
Table drop ⁽²⁾	$	609,232		$	536,461		13.6		$	1,201,759		$	1,140,635		5.4
Table games win ⁽¹⁾	$	132,975		$	117,496		13.2		$	277,036		$	274,107		1.1
Table games win %		21.8	%		21.9	%				23.1	%		24.0	%
Table games win per unit per day	$	6,300		$	5,529		13.9		$	6,538		$	6,444		1.5
Average number of slot machines		1,564			1,598		(2.1	)		1,577			1,608		(1.9	)
Slot machine handle	$	1,760,253		$	1,648,364		6.8		$	3,538,339		$	3,144,442		12.5
Slot machine win ⁽³⁾	$	123,606		$	110,017		12.4		$	246,850		$	209,773		17.7
Slot machine win per unit per day	$	868		$	757		14.7		$	865		$	717		20.6
Poker rake	$	8,103		$	7,501		8.0		$	12,434		$	12,023		3.4
Room statistics:
Occupancy		89.2	%		90.9	%				88.3	%		89.4	%
ADR ⁽⁴⁾	$	548		$	532		3.0		$	538		$	563		(4.4	)
REVPAR ⁽⁵⁾	$	489		$	484		1.0		$	475		$	504		(5.8	)


WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR, and REVPAR) (unaudited) (continued)

	Three Months Ended June 30,								Six Months Ended June 30,
		2025			2024		Percent Change			2025			2024		Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino	$	161,654		$	153,591		5.2		$	321,033		$	319,760		0.4
Rooms		22,849			24,701		(7.5	)		41,590			45,484		(8.6	)
Food and beverage		18,730			23,154		(19.1	)		38,637			43,393		(11.0	)
Entertainment, retail and other		12,477			11,162		11.8			23,673			21,755		8.8
Total	$	215,710		$	212,608		1.5		$	424,933		$	430,392		(1.3	)

Adjusted Property EBITDAR ⁽⁶⁾	$	63,859		$	62,131		2.8		$	121,313		$	125,266		(3.2	)

Casino statistics:
Average number of table games		172			185		(7.0	)		172			184		(6.5	)
Table drop ⁽²⁾	$	338,184		$	358,857		(5.8	)	$	678,246		$	725,668		(6.5	)
Table games win ⁽¹⁾	$	72,016		$	70,471		2.2		$	141,898		$	153,449		(7.5	)
Table games win %		21.3	%		19.6	%				20.9	%		21.1	%
Table games win per unit per day	$	4,601		$	4,186		9.9		$	4,558		$	4,576		(0.4	)
Average number of slot machines		2,718			2,590		4.9			2,718			2,613		4.0
Slot machine handle	$	1,365,349		$	1,420,607		(3.9	)	$	2,722,548		$	2,823,454		(3.6	)
Slot machine win ⁽³⁾	$	109,472		$	105,558		3.7		$	216,954		$	210,223		3.2
Slot machine win per unit per day	$	443		$	448		(1.1	)	$	441		$	442		(0.2	)
Poker rake	$	5,430		$	5,307		2.3		$	11,072		$	11,088		(0.1	)
Room statistics:
Occupancy		92.9	%		96.5	%				90.5	%		93.1	%
ADR ⁽⁴⁾	$	405		$	422		(4.0	)	$	382		$	403		(5.2	)
REVPAR ⁽⁵⁾	$	376		$	407		(7.6	)	$	346		$	375		(7.7	)

(1)		Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2)		In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3)		Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4)		ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5)		REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6)		Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250807641460/en/

Lauren Seiler

702-770-7555

investorrelations@wynnresorts.com

Wynn Resorts, Limited Reports Second Quarter 2025 Results