Financial Data and Key Metrics Changes - Wynn Resorts reported a property EBITDA run rate of $2.2 billion, surpassing the previous peak of $2 billion in 2018, indicating significant growth and diversification in the business [4] - Adjusted property EBITDAR for Wynn Las Vegas was $224.1 million on operating revenue of $578.1 million, resulting in an EBITDA margin of 38.8% [9] - The company generated adjusted property EBITDAR of $246.2 million in Macau, with an EBITDAR margin of 32%, reflecting a 280 basis point increase compared to Q2 2019 [13] Business Line Data and Key Metrics Changes - Wynn Las Vegas experienced a 3% year-over-year increase in hold-normalized EBITDA, with strong performance across casino, hotel, and retail sectors [5] - Encore Boston Harbor achieved an all-time property record with adjusted EBITDAR of $69.1 million, driven by strong growth in both gaming and non-gaming revenues [6][11] - Macau operations showed a 72% recovery to pre-COVID EBITDAR levels, with mass table drop increasing by 4% compared to Q2 2019 [6][7] Market Data and Key Metrics Changes - The mass table drop in Macau reached 120% of daily levels seen in 2019 during July, indicating a strong recovery in visitation and demand [7][36] - Retail sales in Macau increased by 47% relative to Q2 2019, showcasing robust performance in the non-gaming segment [7] - The company reported a strong liquidity position with approximately $4.7 billion in global cash and revolver availability as of June 30 [15] Company Strategy and Development Direction - Wynn Resorts is focusing on diversifying its business, with significant growth opportunities in the UAE market, which is described as the most exciting new gaming market in decades [4][8] - The company is advancing its East of Broadway expansion project in Boston and is deep into design and planning for concession-related CapEx commitments in Macau [6][8] - The management emphasized a commitment to returning capital to shareholders, highlighted by the approval of a cash dividend of $0.25 per share [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a clear path for growth and a strong consumer willingness to spend on luxury experiences [4] - The company is closely monitoring the impact of interest rates and inflation on its luxury consumer base but has not seen significant negative effects so far [5] - Management indicated that they are prepared for various economic scenarios and are focused on maintaining operational efficiency and cost discipline [39][71] Other Important Information - The company’s CapEx for the quarter was $92 million, primarily related to renovations and enhancements at Wynn Las Vegas [16] - The EBITDAR burn rate for Wynn Interactive decreased to $15 million, reflecting improved cost management and marketing efficiency [15] Q&A Session Summary Question: Insights on Macau's OpEx and Commissions - Management noted that the reduction in daily OpEx was due to efficient operations and that commissions and discounts remain player-specific without substantial changes [18][19] Question: Las Vegas Labor Contracts and Cost Discipline - Management discussed the importance of employee compensation and the ongoing negotiations for fair wages, emphasizing a commitment to maintaining a positive work environment [20][23] Question: Renovation Impact on Macau EBITDAR - Management acknowledged that renovations caused some disruption but highlighted strong visitation recovery, particularly in Cotai [24][25] Question: Future CapEx and OpEx Related to Concessions - Management clarified that the projected CapEx of $300 million to $400 million is for the 2023-2024 period and that more than half of the commitment is CapEx related [32][33] Question: Margins and Promotions in Macau - Management indicated that they do not expect margins to decrease in Macau and that the market has been disciplined regarding promotions [55][56] Question: Las Vegas Event Visibility and Demand Indicators - Management confirmed strong forward-looking demand indicators and expressed confidence in performance during major events like F1 and Super Bowl [64][66]

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 ...

Wynn Resorts Limited (NASDAQ:WYNN) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET Company Participants Julie Cameron-Doe - CFO Craig Billings - CEO and Executive Director Brian Gullbrants - President of Encore Boston Harbor Ian Coughlan - President and Executive Director of Wynn Macau Limited Conference Call Participants Carlos Santarelli - Deutsche Bank Joe Greff - JPMorgan Shaun Kelley - Bank of America David Katz - Jefferies Dan Politzer - Wells Fargo Brandt Montour - Barclays Robin Farley - ...

Wynn Resorts, Limited (NASDAQ:WYNN) Q1 2022 Earnings Conference Call May 10, 2022 4:30 PM ET Company Participants Craig Billings - CEO Julie Cameron-Doe - CFO Ian Coughlan - President of Wynn Macau Brian Gullbrants - President of Wynn Las Vegas Conference Call Participants Carlos Santarelli - Deutsche Bank Joe Greff - JPMorgan Shaun Kelley - Bank of America Merrill Lynch Cassandra Lee - Jefferies LLC Thomas Allen - Morgan Stanley Robin Farley - UBS Warburg LLC Stephen Grambling - Goldman Sachs Operator Welc ...