Anne Czichos Above: Wow the customers and keep wowing them to build a fortress in the upscale customer segment no matter where you develop--Steve Wynn. Timeline: On November 27, we posted our view of Wynn Resorts, Limited (NASDAQ:WYNN) on Seeking Alpha, a day on which the stock traded at $86. Our call then: The stock is undervalued. Our price target ("PT") projected by the end of Q1 2024 was $120. Intrinsic value estimates by alpha spread were: Best case $221; base case $148; worse case $123. Thus Wynn ...

Wynn Resorts, Limited (NASDAQ:WYNN) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET Company Participants Julie Cameron-Doe - CFO Craig Billings - CEO Brian Gullbrants - President, Wynn Las Vegas, LLC Conference Call Participants Carlo Santarelli - Deutsche Bank Joe Greff - JPMorgan Shaun Kelley - Bank of America Dan Politzer - Wells Fargo Brandt Montour - Barclays Robin Farley - UBS Stephen Grambling - Morgan Stanley David Katz - Jefferies John DeCree - CBRE Securities Operator Welcome to the W ...

Financial Performance - Operating revenues for Q3 2023 reached $1,671.9 million, an increase of 87.9% compared to $889.7 million in Q3 2022[138]. - Net loss attributable to Wynn Resorts, Limited for Q3 2023 was $116.7 million, a decrease of 18.3% from a loss of $142.9 million in Q3 2022[138]. - The increase in operating revenues was primarily driven by increases of $449.5 million from Wynn Palace and $254.6 million from Wynn Macau due to higher gaming volumes and hotel occupancy[139]. - The nine-month operating revenues for 2023 were $4,691.4 million, reflecting a 70.5% increase from $2,751.9 million in the same period of 2022[138]. - Diluted net loss per share for Q3 2023 was $(1.03), an improvement from $(1.27) in Q3 2022[138]. - Total operating expenses for the three months ended September 30, 2023, increased by $666.6 million, or 70.7%, to $1,609.3 million compared to $942.7 million in 2022[150]. - Operating revenues for the nine months ended September 30, 2023, totaled $4,691.4 million, reflecting an increase of $1,939.5 million, or 70.5%, compared to $2,751.9 million in 2022[167]. - Casino revenues for the nine months ended September 30, 2023, were $2,652.4 million, representing a 119.3% increase from $1,209.3 million in 2022, accounting for 56.5% of total operating revenues[167]. - Non-casino revenues for the nine months ended September 30, 2023, were $2,038.99 million, a 32.2% increase from $1,542.57 million in 2022[167]. Revenue Breakdown - Total Macau Operations generated $819,789 in operating revenues, reflecting a 609.1% increase from $115,616 in 2022[141]. - Casino revenues increased by 170.2% to $972,453, up from $359,876 in the prior year, accounting for 58.2% of total operating revenues[141][146]. - Non-casino revenues rose by 32.0% to $699,483, compared to $529,846 in the same period last year[141]. - Room revenues in Macau Operations surged by 678.7% to $54,309, with an occupancy rate of 96.9% compared to 28.1% in 2022[146]. - Food and beverage revenues increased by $42.7 million, driven by higher restaurant covers at Macau Operations[147]. - Entertainment, retail, and other revenues grew by $34.8 million, attributed to higher business volumes in both Macau and Las Vegas Operations[148]. - Wynn Palace's total casino revenues reached $418,043, an increase of 821.6% from $45,361 in 2022[143]. - Wynn Macau's total casino revenues were $230,294, up 908.6% from $22,832 in the previous year[143]. - Las Vegas Operations reported total casino revenues of $168,130, a 25.2% increase from $134,314 in 2022[144]. Expenses and Losses - General and administrative expenses increased by $67.2 million, or 33.4%, primarily due to higher payroll and lease expenses[156]. - Impairment of goodwill and intangible assets amounted to $93.99 million, attributed to the closure of Wynn Interactive's WynnBET platform in certain jurisdictions[151]. - Interest expense increased by $23.3 million, with the weighted average interest rate rising to 6.18% from 5.41% year-over-year[159]. - The company reported a significant increase in impairment of goodwill and intangible assets, totaling $94,490,000, a 96.7% rise from $48,036,000[175]. - General and administrative expenses increased by $187,105,000, largely due to higher payroll and development costs[180]. Cash Flow and Investments - The company recorded cash flows from operating activities of $806.6 million for the nine months ended September 30, 2023, compared to a cash outflow of $153.0 million in the same period of 2022[201]. - Capital expenditures for the nine months ended September 30, 2023, totaled $329.4 million, with significant investments in Las Vegas Operations and other properties[205]. - The company purchased $786.5 million in investments during the nine months ended September 30, 2023, primarily in U.S. treasury bills and fixed deposits[205]. - Cash flows from financing activities for the nine months ended September 30, 2023, included proceeds from debt issuances totaling $1,200,000 and repayments/repurchases amounting to $1,522,812[207]. - As of September 30, 2023, total cash and cash equivalents amounted to $2,788,108, with investments of $791,676 and revolver borrowing capacity of $736,985[210]. Debt and Financing - The company issued $600.0 million in 4.50% convertible bonds due 2029, with net proceeds of $585.9 million intended for general corporate purposes[213]. - Fixed interest rate long-term debt obligations decreased by $300.0 million, resulting from $1.20 billion in debt issuances and $1.50 billion in debt repayments during the nine months ended September 30, 2023[231]. - The company declared a cash dividend of $0.25 per share for the quarters ended June 30, 2023, and September 30, 2023, totaling $28.5 million and $28.2 million, respectively[225]. - The WRF Credit Agreement was amended to transition the benchmark rate from LIBOR to Term SOFR and to reduce revolving commitments by $100.0 million, extending maturity dates to September 20, 2027[222]. - The company expects annual fixed interest payments to increase by $166.2 million thereafter, primarily due to the issuance of new senior notes and convertible bonds[231]. Market and Operational Insights - The Macau Operations experienced increased business volumes due to the relaxation of COVID-19 related restrictions, leading to improved performance in Q3 2023[139]. - VIP turnover in Macau Operations reached $8,202,165,000, up 414.6% from $1,593,761,000 in the previous year[169]. - Total room revenues in Macau Operations surged to $151,311,000, a 444.0% increase from $27,813,000 in 2022[172]. - The average daily rate (ADR) for room revenues in Macau Operations was $327, up 104.4% from $160 in 2022[172]. - Total slot machine win in Las Vegas Operations was $325,883,000, an increase of 17.1% from $278,250,000[170]. Foreign Currency and Interest Rate Management - The company recognized a foreign currency remeasurement gain of $3.9 million for the three months ended September 30, 2023, compared to a loss of $0.9 million in the same period of 2022[161]. - The company incurred a foreign currency remeasurement loss of $19.8 million for the nine months ended September 30, 2023, compared to a loss of $26.1 million in the same period of 2022[187]. - A 1% change in the U.S. dollar/Hong Kong dollar exchange rate would result in a foreign currency transaction gain/loss of $45.5 million based on balances as of September 30, 2023[241]. - Approximately 25% of the company's long-term debt was based on variable rates as of September 30, 2023[239]. - An assumed 100 basis point increase or decrease in applicable variable rates would change annual interest expense by $23.1 million[239]. - The company entered into an interest rate collar with a notional value of $615.0 million to mitigate exposure to interest rate fluctuations[240].

Wynn Resorts, Limited (NASDAQ:WYNN) Q2 2023 Earnings Conference Call August 9, 2023 4:30 PM ET Company Participants Julie Cameron-Doe - Chief Financial Officer Craig Billings - Chief Executive Officer Brian Gullbrants - President, Wynn Las Vegas, LLC Conference Call Participants Carlo Santarelli - Deutsche Bank Joe Greff - JPMorgan Shaun Kelley - Bank of America Stephen Grambling - Morgan Stanley David Katz - Jefferies Brandt Montour - Barclays Dan Politzer - Wells Fargo Chad Beynon - Macquarie John DeCree ...

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 June 30, 2023 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 No. 000-50028 WYNN RESORTS, LIMITED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizatio ...

Financial Data and Key Metrics Changes - Wynn Resorts announced a quarterly dividend of $0.25 per share after a three-year suspension, indicating financial flexibility due to strong performance in Macau and North America [4][17] - The company reported an all-time record adjusted property EBITDA of $231.6 million for Wynn Las Vegas on operating revenue of $586.8 million, with hotel occupancy at 88.8%, up 1,190 basis points year-over-year [12][13] - Macau operations generated adjusted property EBITDA of $155.8 million on $600.1 million of operating revenues, impacted by lower-than-normal VIP hold [15] Business Line Data and Key Metrics Changes - Wynn Las Vegas achieved a record adjusted property EBITDA of $231.6 million, with slot handle increasing by 33.5% year-over-year and table drop up 9.6% year-over-year [12][13] - Encore Boston Harbor generated adjusted property EBITDA of $63.4 million, with a 29.3% EBITDA margin and a record $191 million of GGR [14] - Macau's mass table drop reached 82% of Q1 2019 levels, with retail sales increasing by 60% compared to Q1 2019 [8][10] Market Data and Key Metrics Changes - The overall market in Macau showed impressive GGR momentum, with mass table drop during the May Golden Week holiday period nearly 10% above 2019 levels [9][10] - The company noted that the market is currently run rating north of $22 billion of annual GGR, with expectations for continued growth [9][58] - International customer segments are beginning to recover, with group business exceeding 2019 levels [51][52] Company Strategy and Development Direction - The company is focused on balancing high-ROI development projects in Boston and the UAE while returning capital to shareholders through dividends [26] - Wynn Resorts is making significant changes and improvements to Wynn Macau to drive long-term market share gain [10][23] - The company is advancing design and planning stages for concession-related CapEx commitments in Macau, supporting long-term diversification goals [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current operating environment, noting strong performance despite macroeconomic challenges [5][6] - The company is closely monitoring macro factors while expecting continued strength in demand and pricing power [6] - Management highlighted the importance of maintaining disciplined cost control while driving operating leverage as the business recovers [15][30] Other Important Information - The company reported a strong liquidity position with approximately $4.7 billion in global cash and revolver availability as of March 31 [17] - CapEx for the quarter was $124 million, primarily related to renovations and enhancements at Wynn Las Vegas [18] Q&A Session All Questions and Answers Question: How much of the recovery in the peninsula is related to the work versus the overall market recovery in Cotai? - Management noted that Wynn Palace is leading the recovery, with changes being made to Wynn Macau to enhance its competitiveness [20][22] Question: What was the primary thought process behind the decision to reinstitute the dividend? - The dividend is a cornerstone of the capital return strategy, balancing high-ROI projects while returning capital to shareholders [24][26] Question: Can you provide insights on the recovery in the VIP segment? - Management indicated that it is too early to forecast the overall trajectory of VIP but noted positive turnover in both direct and junket segments [34][35] Question: How should we think about the evolution of margins over time? - Management suggested a balanced approach with a $4 billion project, expecting a healthy mix of gaming and non-gaming revenues [40][41] Question: What are the insights on the competitive landscape in Macau? - Management observed that the market is recovering quickly, with rational behavior among competitors and strong margin profiles [57][58]

Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's Q1 2023 financial statements show a shift from net loss to **$12.3 million** net income, with total assets at **$13.72 billion** and positive operating cash flow of **$169.5 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $4,253,280 | $4,029,587 | | **Total assets** | $13,724,021 | $13,415,100 | | **Total current liabilities** | $1,370,915 | $1,811,423 | | **Long-term debt** | $12,106,970 | $11,569,316 | | **Total liabilities** | $15,340,391 | $15,055,465 | | **Total stockholders' deficit** | $(1,616,370) | $(1,640,365) | Condensed Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2023 | Three Months Ended Mar 31, 2022 | | :--- | :--- | :--- | | **Total operating revenues** | $1,423,679 | $953,334 | | **Operating income (loss)** | $169,515 | $(94,865) | | **Net income (loss) attributable to Wynn Resorts, Limited** | $12,332 | $(183,324) | | **Diluted net income (loss) per common share** | $(0.02) | $(1.59) | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended Mar 31, 2023 | Three Months Ended Mar 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $169,491 | $(117,385) | | **Net cash used in investing activities** | $(131,950) | $(97,215) | | **Net cash provided by financing activities** | $121,003 | $10,872 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Strong recovery in Macau and robust performance in Las Vegas and Encore Boston Harbor drove a **49.3%** revenue increase and a shift from net loss to **$12.3 million** net income, supported by strategic financing activities - Operating revenues for Q1 2023 increased by **$470.3 million (49.3%)** to **$1.42 billion**, primarily driven by the recovery of Macau operations after the relaxation of COVID-19 related protective measures[113](index=113&type=chunk)[114](index=114&type=chunk) - Net income attributable to Wynn Resorts, Limited for Q1 2023 was **$12.3 million**, a significant improvement from a net loss of **$183.3 million** in Q1 2022[113](index=113&type=chunk)[115](index=115&type=chunk) - The company resumed its quarterly dividend program, declaring a cash dividend of **$0.25 per share** on May 9, 2023[173](index=173&type=chunk) - Significant financing activities in Q1 2023 included issuing **$600 million** of WRF Senior Notes due 2031 and **$600 million** of WML Convertible Bonds due 2029, while repurchasing over **$1 billion** in existing debt[157](index=157&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Total operating revenues surged **49.3%** to **$1.42 billion** in Q1 2023, primarily due to a **101.1%** increase in Macau Operations revenue, leading to a positive operating income Operating Revenues by Segment (in thousands) | Segment | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | **Total Macau Operations** | $600,089 | $298,425 | 101.1% | | Wynn Palace | $369,363 | $163,325 | 126.2% | | Wynn Macau | $230,726 | $135,100 | 70.8% | | **Las Vegas Operations** | $586,764 | $441,186 | 33.0% | | **Encore Boston Harbor** | $216,306 | $190,796 | 13.4% | | **Wynn Interactive** | $20,520 | $22,927 | (10.5%) | | **Total** | **$1,423,679** | **$953,334** | **49.3%** | Wynn Palace Key Operating Metrics | Metric | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | **Total casino revenues (in thousands)** | $270,687K | $114,413K | 136.6% | | **VIP turnover (in thousands)** | $2,293,358K | $965,555K | 137.5% | | **Mass market table drop (in thousands)** | $1,181,998K | $531,859K | 122.2% | | **Occupancy** | 88.1% | 47.2% | +40.9 pts | | **ADR** | $321 | $180 | 78.3% | Las Vegas Operations Key Operating Metrics | Metric | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | **Total casino revenues (in thousands)** | $154,530K | $124,271K | 24.3% | | **Table drop (in thousands)** | $600,746K | $547,916K | 9.6% | | **Occupancy** | 88.8% | 76.9% | +11.9 pts | | **ADR** | $493 | $432 | 14.1% | [Segment Information](index=35&type=section&id=Segment%20Information) Adjusted Property EBITDAR showed dramatic recovery in Macau, with Wynn Palace and Wynn Macau swinging to positive results, while Las Vegas and Encore Boston Harbor maintained strong growth Adjusted Property EBITDAR by Segment (in thousands) | Segment | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | **Wynn Palace** | $111,058 | $(864) | NM | | **Wynn Macau** | $44,745 | $(4,682) | NM | | **Las Vegas Operations** | $231,597 | $159,378 | 45.3% | | **Encore Boston Harbor** | $63,414 | $55,250 | 14.8% | | **Wynn Interactive** | $(21,068) | $(31,501) | 33.1% | - The significant increase in Adjusted Property EBITDAR for Macau Operations was driven by increased business volumes following the relaxation of COVID-19 protective measures in late 2022 and early 2023[146](index=146&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity strengthened with **$169.5 million** in positive operating cash flow and **$3.84 billion** in total cash, supported by new debt issuances and dividend resumption Cash and Revolver Capacity by Entity (as of March 31, 2023, in thousands) | Entity | Total Cash and Cash Equivalents | Revolver Borrowing Capacity | | :--- | :--- | :--- | | Wynn Macau, Limited and subsidiaries | $1,613,207 | $— | | Wynn Resorts Finance, LLC | $1,851,777 | $836,985 | | Wynn Resorts, Limited and other | $378,544 | $— | | **Total** | **$3,843,528** | **$836,985** | - In March 2023, WML issued **$600 million** in 4.50% convertible bonds due 2029, with net proceeds of **$585.9 million** for general corporate purposes[164](index=164&type=chunk) - In February 2023, WRF issued **$600 million** in 7 1/8% Senior Notes due 2031 and used proceeds to tender for **$506.4 million** of its 7 3/4% Senior Notes due 2025[170](index=170&type=chunk) - In March 2023, the company repurchased all **$500 million** of its outstanding Wynn Las Vegas 4.25% Senior Notes due 2023[171](index=171&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate and foreign currency risks, with **24%** of long-term debt variable-rate and a **1%** USD/HKD change impacting results by **$44.8 million** - As of March 31, 2023, approximately **24%** of the company's long-term debt was based on variable rates[185](index=185&type=chunk) - A hypothetical 100 basis point increase in variable interest rates would increase annual interest expense by **$23.2 million**[185](index=185&type=chunk) - A **1%** change in the U.S. dollar/Hong Kong dollar exchange rate would cause a foreign currency transaction gain/loss of **$44.8 million** due to USD-denominated debt held by Macau entities[188](index=188&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[189](index=189&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[190](index=190&type=chunk) Part II. Other Information [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including litigation related to the Dore gaming promoter, a securities class action, and a federal anti-money laundering investigation - The company is defending lawsuits in Macau related to the Dore Entertainment Company Limited incident, where plaintiffs allege Wynn Macau SA is responsible for Dore's conduct[81](index=81&type=chunk)[83](index=83&type=chunk) - A putative securities class action lawsuit is proceeding with discovery after the court granted class certification on March 2, 2023[85](index=85&type=chunk) - The company is cooperating with an ongoing investigation by the U.S. Attorney's Office for the Southern District of California regarding anti-money laundering policies and procedures at Wynn Las Vegas[87](index=87&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported during the first quarter of 2023, as detailed in the Annual Report on Form 10-K - No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022, occurred during the first quarter of 2023[193](index=193&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares under its public program but repurchased **107,181** shares for **$10.8 million** to cover employee tax withholding obligations - As of March 31, 2023, the company had **$628.8 million** in repurchase authority remaining under its equity repurchase program[194](index=194&type=chunk) - No shares were repurchased under the publicly announced program during Q1 2023[194](index=194&type=chunk) - The company repurchased **107,181 shares** for a total of **$10.8 million** during the quarter to satisfy employee tax withholding obligations on vested restricted stock[195](index=195&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period to Commission File No. 000-50028 WYNN RESORTS, LIMITED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or or ...

Wynn Resorts, Limited (NASDAQ:WYNN) Q4 2022 Results Conference Call February 8, 2023 4:15 PM ET Company Participants Craig Billings - CEO Julie Cameron-Doe - CFO Brian Gullbrants - President, Wynn Las Vegas, LLC Frederic Luvisutto - COO, Wynn Macau Ltd Conference Call Participants Carlo Santarelli - Deutsche Bank Joe Greff - JPMorgan Shaun Kelley - Bank of America Cassandra Lee - Jefferies Robin Farley - UBS Daniel Politzer - Wells Fargo Stephen Grambling - Morgan Stanley Operator Welcome to the Wynn Resort ...