[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company presents its unaudited condensed consolidated financial statements for the periods ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows total assets of **$12.69 billion** as of June 30, 2025, with a slight decrease driven by lower cash reserves Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $2,504,483 | $2,921,679 | | Cash and cash equivalents | $1,984,752 | $2,426,155 | | **Total assets** | **$12,689,027** | **$12,977,963** | | **Total current liabilities** | $2,423,042 | $1,539,534 | | Long-term debt | $9,545,693 | $10,500,484 | | **Total liabilities** | **$13,897,001** | **$13,946,566** | | **Total stockholders' deficit** | **($1,207,974)** | **($968,603)** | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 2025 operating revenues remained flat at **$1.74 billion**, while net income significantly decreased to **$66.2 million** year-over-year Q2 2025 vs Q2 2024 Financial Performance (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total operating revenues | $1,737,797 | $1,732,932 | | Operating income | $264,600 | $269,658 | | Net income attributable to Wynn Resorts, Limited | $66,218 | $111,943 | | Diluted EPS | $0.64 | $0.91 | H1 2025 vs H1 2024 Financial Performance (in thousands, except per share data) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total operating revenues | $3,438,194 | $3,595,841 | | Operating income | $533,189 | $632,599 | | Net income attributable to Wynn Resorts, Limited | $138,965 | $256,159 | | Diluted EPS | $1.33 | $2.30 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities for H1 2025 was **$538.8 million**, with significant cash used for capital expenditures, debt repayments, and stock repurchases Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $538,836 | $667,854 | | Net cash used in investing activities | ($456,036) | ($271,626) | | Net cash used in financing activities | ($515,986) | ($895,791) | | **Decrease in cash, cash equivalents and restricted cash** | **($441,765)** | **($499,368)** | - Key uses of cash in H1 2025 included **$325.2 million** in capital expenditures, **$130.6 million** in investments for unconsolidated affiliates (Wynn Al Marjan Island), **$763.1 million** in debt repayments, and **$377.6 million** in common stock repurchases[18](index=18&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies, debt structure, and key developments including the Wynn Al Marjan Island project and share repurchases - The company operates integrated resorts in Macau (Wynn Palace, Wynn Macau), Las Vegas (Wynn Las Vegas), and Boston (Encore Boston Harbor)[21](index=21&type=chunk) - The company holds a **40% equity interest** in the Wynn Al Marjan Island project in the UAE, which is expected to open in 2027[22](index=22&type=chunk) - In June 2025, the company amended its WRF Credit Facility, extending the maturity of its term loan and revolving commitments to 2030[45](index=45&type=chunk)[46](index=46&type=chunk) - In July 2025, the company increased the borrowing capacity under its WM Cayman II Revolver by **$1.0 billion** to a total of **$2.5 billion**[44](index=44&type=chunk) - The company has a funding commitment for its 40% share of the Wynn Al Marjan Island project, with an estimated remaining contribution of **$600 million to $675 million**[78](index=78&type=chunk) - The company also provided a completion guarantee for the **$2.4 billion** Al Marjan Facility, jointly and severally with the government of Ras Al Khaimah[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses flat Q2 revenues with declining net income, lower H1 performance, segment results, liquidity, and major capital projects [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q2 2025 operating revenues were nearly flat at **$1.74 billion**, while net income dropped **40.8%** due to a significant foreign currency loss Q2 2025 Operating Revenues by Segment (in thousands) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Macau Operations | $883,454 | $885,318 | (0.2)% | | Las Vegas Operations | $638,633 | $628,654 | 1.6% | | Encore Boston Harbor | $215,710 | $212,608 | 1.5% | | **Total** | **$1,737,797** | **$1,732,932** | **0.3%** | - The decrease in Q2 2025 net income was primarily driven by a **$36.2 million foreign currency remeasurement loss**, compared to an $8.7 million gain in Q2 2024[118](index=118&type=chunk)[119](index=119&type=chunk)[135](index=135&type=chunk) - Operating expenses in Q2 2025 were impacted by higher stock-based compensation and one-time costs related to the **20th anniversary of Wynn Las Vegas**[128](index=128&type=chunk)[130](index=130&type=chunk) - Room revenues decreased in Q2 2025, primarily due to a **26.6% drop in Average Daily Rate (ADR)** at Wynn Palace and an 8.5% drop at Wynn Macau[125](index=125&type=chunk) [Segment Information](index=44&type=section&id=Segment%20Information) Adjusted Property EBITDAR increased for US operations in Q2 2025, while Wynn Palace experienced a significant decline due to lower room revenue Adjusted Property EBITDAR by Segment - Q2 (in thousands) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Wynn Palace | $157,206 | $184,459 | (14.8)% | | Wynn Macau | $96,510 | $95,911 | 0.6% | | Las Vegas Operations | $234,812 | $230,333 | 1.9% | | Encore Boston Harbor | $63,859 | $62,131 | 2.8% | Adjusted Property EBITDAR by Segment - H1 (in thousands) | Segment | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Wynn Palace | $319,091 | $386,829 | (17.5)% | | Wynn Macau | $186,709 | $233,097 | (19.9)% | | Las Vegas Operations | $458,173 | $476,595 | (3.9)% | | Encore Boston Harbor | $121,313 | $125,266 | (3.2)% | [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$1.98 billion** in cash and continues its share repurchase program and capital expenditure projects Total Liquidity as of June 30, 2025 (in thousands) | Category | Amount | | :--- | :--- | | Total Cash and Cash Equivalents | $1,984,752 | | Revolver Borrowing Capacity | $1,586,080 | - In H1 2025, the company repurchased **4.36 million shares for $358.1 million** under its equity repurchase program, with **$454.9 million** remaining available for repurchase[56](index=56&type=chunk)[177](index=177&type=chunk)[194](index=194&type=chunk) - The company paid cash dividends of **$0.25 per share** in both Q1 and Q2 2025 and declared another $0.25 per share dividend for Q3 2025[192](index=192&type=chunk) - Projected capital expenditures for 2025 include **$200-$250 million** for Macau and **$200-$225 million** for Las Vegas property enhancements[181](index=181&type=chunk)[187](index=187&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate and foreign currency risks, which it manages through fixed-rate debt and derivative instruments - Approximately **82% of the company's long-term debt** is at fixed rates as of June 30, 2025[205](index=205&type=chunk) - A 100 basis point change in variable interest rates would change annual interest expense by an estimated **$18.9 million**[205](index=205&type=chunk) - The company entered into four foreign currency swaps in H1 2025 to manage currency risk associated with its U.S. dollar-denominated senior notes held by its Macau subsidiary[207](index=207&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the reporting period[209](index=209&type=chunk) - **No material changes** were made to the internal control over financial reporting during the quarter ended June 30, 2025[210](index=210&type=chunk) [Part II. Other Information](index=52&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing litigation from the normal course of business is not expected to materially impact the company's financial condition - Ongoing litigation is **not expected to have a material effect** on the company's financial condition or results of operations[77](index=77&type=chunk)[211](index=211&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the 2024 Annual Report on Form 10-K have been identified - **No material changes** to the company's risk factors were reported for the six months ended June 30, 2025[212](index=212&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased approximately **2.05 million shares** in Q2 2025 as part of its ongoing **$1.0 billion** equity repurchase program Share Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 1,448,069 | $74.74 | | May 2025 | 198,936 | $92.15 | | June 2025 | 405,444 | $87.56 | - As of June 30, 2025, the company had **$454.9 million remaining** under its share repurchase authorization[213](index=213&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including credit agreement amendments and required officer certifications

Financial Performance & Growth - Wynn Resorts reported a total Adjusted Property EBITDAR of $22 billion for the last twelve months (LTM) ending in the second quarter of 2025[29] - Las Vegas operations showed strong performance with a new second quarter EBITDA record[40] - Macau operations generated significant free cash flow and maintained a healthy market share[33] - Encore Boston Harbor demonstrated stable operating performance as the East Coast's only Forbes 5-Star Casino Resort[34] - Wynn Al Marjan Island is expected to add approximately $345 million in EBITDAR to the existing base upon opening[29] Capital Allocation & Investments - Approximately $135 billion, or about 12% of gross shares, has been returned to Wynn Resorts, Limited shareholders since 2022[29] - The company anticipates remaining equity contributions of $600-$675 million for the Wynn Al Marjan Island project[69] - Wynn Macau is undertaking capital expenditure projects estimated between $200-$250 million in 2025 and $450-$500 million in 2026[71] Liquidity & Debt - Wynn Resorts has total liquidity of $17 billion[82] - Wynn Macau has total liquidity of $28 billion[82]

[Consolidated Financial Highlights](index=1&type=section&id=Consolidated%20Results) Wynn Resorts reported nearly flat operating revenues for Q2 2025, with net income and Adjusted Property EBITDAR declining due to unfavorable Macau VIP hold, offset by record Las Vegas performance and capital returns Q2 2025 Consolidated Financial Results (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Operating Revenues** | $1.74 billion | $1.73 billion | +$4.9 million | | **Net Income** | $66.2 million | $111.9 million | -$45.7 million | | **Diluted EPS** | $0.64 | $0.91 | -$0.27 | | **Adjusted Property EBITDAR** | $552.4 million | $571.7 million | -$19.3 million | - CEO Craig Billings noted continued business strength, with a new Q2 record for **Adjusted Property EBITDAR in Las Vegas**, despite negative VIP hold impact on Macau results, which still generated significant free cash flow, with progress continuing on the Wynn Al Marjan Island project in the UAE[3](index=3&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.25 per share**[6](index=6&type=chunk) - The company continued its capital return program, repurchasing **$158 million** of its common stock during the quarter[3](index=3&type=chunk)[16](index=16&type=chunk) [Segment Performance Analysis](index=1&type=section&id=Property%20Results) Q2 2025 segment performance was mixed, with Las Vegas Operations achieving record Adjusted Property EBITDAR, while Macau faced headwinds from unfavorable VIP hold at Wynn Palace, and Encore Boston Harbor showed modest growth Adjusted Property EBITDAR by Segment (Q2 2025 vs Q2 2024) | Property | Q2 2025 EBITDAR | Q2 2024 EBITDAR | Change | | :--- | :--- | :--- | :--- | | Wynn Palace | $157.2 million | $184.5 million | -$27.3 million | | Wynn Macau | $96.5 million | $95.9 million | +$0.6 million | | Las Vegas Operations | $234.8 million | $230.3 million | +$4.5 million | | Encore Boston Harbor | $63.9 million | $62.1 million | +$1.7 million | [Macau Operations](index=1&type=section&id=Macau%20Operations) Macau operations saw mixed results, with Wynn Palace experiencing a decline due to unfavorable VIP hold, while Wynn Macau achieved a slight increase in operating revenues - **Wynn Palace** operating revenues decreased by **$8.4 million** to **$539.6 million**, with Adjusted Property EBITDAR falling to **$157.2 million** from **$184.5 million**, primarily due to a VIP table games win percentage of **2.86%** below the expected range[7](index=7&type=chunk) - **Wynn Macau** operating revenues increased slightly by **$6.5 million** to **$343.8 million**, with Adjusted Property EBITDAR stable at **$96.5 million**, supported by a strong VIP table games win percentage of **3.41%** above the expected range[8](index=8&type=chunk) [Las Vegas Operations](index=2&type=section&id=Las%20Vegas%20Operations) Las Vegas Operations achieved record Adjusted Property EBITDAR with increased operating revenues, despite a table games win percentage slightly below the expected range - Operating revenues grew by **$10.0 million** to **$638.6 million**, and Adjusted Property EBITDAR increased to a record **$234.8 million**, with table games win percentage at **21.8%**[9](index=9&type=chunk) [Encore Boston Harbor](index=2&type=section&id=Encore%20Boston%20Harbor) Encore Boston Harbor reported modest growth in operating revenues and Adjusted Property EBITDAR, benefiting from a table games win percentage within the expected range - Operating revenues rose by **$3.1 million** to **$215.7 million**, and Adjusted Property EBITDAR increased to **$63.9 million**, benefiting from a table games win percentage of **21.3%** within the expected range[10](index=10&type=chunk) [Development, Balance Sheet, and Capital Allocation](index=2&type=section&id=Development%2C%20Balance%20Sheet%2C%20and%20Capital%20Allocation) The company is advancing its Wynn Al Marjan Island project for a 2027 opening, managing its $10.54 billion debt with $1.98 billion cash, and returning capital through stock repurchases - **Wynn Al Marjan Island Development:** The company contributed **$58.2 million** in Q2 2025 to the UAE joint venture, with the project expected to open in **2027**[11](index=11&type=chunk) Balance Sheet Summary (as of June 30, 2025) | Item | Amount | | :--- | :--- | | Cash and Cash Equivalents | $1.98 billion | | Total Debt Outstanding | $10.54 billion | | Available Borrowing Capacity | $1.59 billion | - **Recent Debt Financing:** The company amended its WRF credit facility to extend maturities to **June 2030** and increased its WM Cayman II Revolver capacity by **$1.0 billion**[14](index=14&type=chunk)[15](index=15&type=chunk) - **Equity Repurchase Program:** Repurchased **2,004,418 shares** for **$158.1 million** in Q2 2025, with **$454.9 million** remaining in repurchase authority[16](index=16&type=chunk) [Financial Statements and Supplemental Data](index=6&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) This section provides detailed unaudited financial tables for Q2 2025, including consolidated statements of income, GAAP to non-GAAP reconciliations, and supplemental operational data for each property Condensed Consolidated Statement of Income (Q2 2025) | Line Item (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Total operating revenues** | **$1,737,797** | **$1,732,932** | | Operating income | $264,600 | $269,658 | | Net income | $76,961 | $146,273 | | **Net income attributable to Wynn Resorts, Limited** | **$66,218** | **$111,943** | | Diluted net income per common share | $0.64 | $0.91 | - The financial tables provide detailed reconciliations of Net Income to Adjusted Net Income and Operating Income to Adjusted Property EBITDAR, clarifying adjustments for depreciation, pre-opening expenses, and stock-based compensation[25](index=25&type=chunk)[26](index=26&type=chunk)[29](index=29&type=chunk) - Supplemental data schedules offer granular operating metrics for each property, including casino statistics (turnover, win percentage) and room statistics (ADR, REVPAR), providing deeper insight into segment performance[31](index=31&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk)

Core Viewpoint - Wynn Resorts is expected to report quarterly earnings of $1.20 per share, reflecting a 7.1% increase year-over-year, with revenues projected at $1.74 billion, a 0.5% increase from the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised 0.4% lower in the last 30 days, indicating a reevaluation by analysts [1][2] - Changes in earnings estimates are crucial for predicting investor reactions and short-term stock performance [2] Revenue Projections - Analysts estimate 'Operating revenues- Encore Boston Harbor' at $212.33 million, a decrease of 0.1% year-over-year [4] - 'Operating revenues- Las Vegas Operations' are projected to be $618.61 million, down 1.6% from the previous year [4] - 'Operating revenues- Wynn Macau' is expected to reach $342.44 million, an increase of 1.5% year-over-year [5] - 'Operating revenues- Wynn Palace' is forecasted at $563.27 million, reflecting a 2.8% increase from the year-ago quarter [5] Gaming Metrics - 'Table Games Win - Las Vegas Operations' is expected to be $127.74 million, up from $117.50 million year-over-year [6] - 'Slot Machine Win - Las Vegas Operations' is projected at $119.24 million, compared to $110.02 million last year [6] - 'Table Drop - Las Vegas Operations' is estimated at $528.02 million, down from $536.46 million year-over-year [6] Macau Operations - The average number of table games in Macau Operations at Wynn Palace for VIP is estimated to be 73, up from 57 in the same quarter last year [7] - 'Vip Turnover - Macau Operations - Wynn Palace - VIP' is projected at $3.71 billion, compared to $2.81 billion in the previous year [7] - 'Vip Table Games Win - Macau Operations - Wynn Palace - VIP' is expected to be $98.78 million, down from $115.30 million year-over-year [8] - 'Table Games Win Per Unit Per Day - Macau Operations - Wynn Palace - VIP' is forecasted at $14.85 billion, compared to $22.09 billion last year [8] - The average number of table games in Macau Operations for mass market at Wynn Palace is estimated to be 235, down from 243 year-over-year [9] Stock Performance - Over the past month, Wynn shares have recorded a return of -1.5%, while the Zacks S&P 500 composite increased by 1% [10] - Based on its Zacks Rank 3 (Hold), Wynn is expected to perform in line with the overall market in the upcoming period [10]

Company Overview - Wynn Resorts (WYNN) is expected to report a year-over-year increase in earnings, with a projected EPS of $1.20, reflecting a +7.1% change, and revenues of $1.74 billion, up 0.5% from the previous year [3][12] - The earnings report is scheduled for August 7, and the actual results will significantly influence the stock price depending on whether they meet or exceed expectations [2][12] Earnings Estimates and Revisions - The consensus EPS estimate has been revised down by 0.43% over the last 30 days, indicating a reassessment by analysts [4] - Wynn's Most Accurate Estimate is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +7.09%, suggesting a bullish outlook from analysts [12] Historical Performance - In the last reported quarter, Wynn's actual earnings of $1.07 per share fell short of the expected $1.22, resulting in a surprise of -12.30% [13] - Over the past four quarters, Wynn has only beaten consensus EPS estimates once [14] Industry Context - In the Zacks Gaming industry, Light & Wonder (LNW) is also expected to report earnings of $1.44 per share, with a year-over-year change of +1.4% and revenues of $859.95 million, up 5.1% [18] - Light & Wonder's consensus EPS estimate has been revised up by 3.1% in the last 30 days, but it currently has a negative Earnings ESP of -1.39%, making it difficult to predict a beat [19]

Core Concept - Wynn Resorts is launching Enclave, a luxurious integrated resort at Wynn Al Marjan Island, set to open in 2027, featuring exclusive accommodations and high-end amenities designed for discerning international travelers [10][16]. Group 1: Accommodations - Enclave will offer a total of 313 rooms, including six distinct plans, with sizes ranging from 800 square feet for Enclave King Suites to 16,000 square feet for two-story Royal Apartments [2][9]. - The design of the suites reflects a blend of timeless elegance and cultural influences, with in-room amenities tailored to meet the expectations of global clientele [2][3]. Group 2: Amenities and Services - Enclave features a private reserve pool and beach area, designed for various experiences, including family gatherings and secluded retreats, with beach butlers providing on-demand dining service [4]. - A restaurant above the grand lobby will serve exclusive breakfast for Enclave guests and transform into a vibrant Lebanese dining experience for lunch and dinner, led by a renowned restaurateur [5]. - The private Lobby Lounge will offer a luxurious setting for morning coffee, afternoon tea, and evening cocktails, enhancing the overall guest experience [6]. Group 3: Design and Experience - The design ethos of Enclave emphasizes intimacy within grandeur, with a focus on personal recognition and exceptional craftsmanship [7][8]. - The resort's architecture and curated art collection aim to create a unique storytelling experience, blending contemporary and ancient influences [8]. Group 4: Resort Overview - Wynn Al Marjan Island will span over 60 hectares, featuring 1,217 resort rooms, 297 Enclave suites, and various luxury amenities, including a deep-water marina and extensive dining options [9][16]. - The resort is strategically located 50 minutes from Dubai International Airport, enhancing its appeal to a sophisticated global clientele [16].

Group 1 - U.S. equities showed mixed performance, with the S&P 500 and Nasdaq declining from record highs while the Dow Jones Industrial Average increased [1][5] - Tesla (TSLA) shares fell due to a renewed conflict between CEO Elon Musk and President Trump, who suggested an investigation into Tesla's subsidies [1][5] - Sweetgreen (SG) shares dropped following a downgrade and price target cut by TD Cowen, citing weakness in urban locations [2] - AeroVironment (AVAV) shares decreased after announcing a $1.35 billion stock and convertible notes offering to finance its $4.1 billion acquisition of BlueHalo [2] Group 2 - Shares of Wynn Resorts (WYNN), Las Vegas Sands (LVS), and MGM Resorts International (MGM) surged after Macau casinos reported June gambling revenues exceeding expectations [3][5] - Packaging Corporation of America (PKG) shares rose after acquiring Greif's containerboard business for $1.8 billion [3] - Hasbro (HAS) shares increased following an upgrade from Goldman Sachs, which highlighted potential benefits from the "Magic: The Gathering" card game [3] Group 3 - Oil and gold futures experienced an increase, while the yield on the 10-year Treasury note advanced [4] - The U.S. dollar strengthened against the euro and pound but weakened against the yen [4] - Most major cryptocurrencies traded lower [4]

Macau Gaming Revenue Resurgence - Macau's gambling sector is experiencing a post-pandemic recovery, with June gross gaming revenue showing a 19% year-over-year improvement [1] - June gambling revenue reached $26 billion [2] - Gaming revenue jump may be a result of promotional spending [3] - Macau has not yet returned to pre-pandemic levels, making future earnings reports crucial for insight [4] Stock Market Impact - Casino stocks with Macau exposure are rising, including Wind (up 8%), Las Vegas Sands (up 8%), Melco (up 11%), and MGM Resorts (up 6%) [2] - Melco has seen gains of 52% over the last 3 months [3] Diversification Efforts - Macau is attempting to diversify its economy beyond gambling, focusing on shows and events like NBA exhibition games [5][6] - The success of attracting non-gambling spending is yet to be determined [6] Economic Factors - The Chinese macro backdrop remains a key consideration for Macau casinos [4] - There can be a divergence between the Chinese economy and gambling activity in Macau, as it is fueled by serious gamblers [5]

Wynn Interactive Reorganization - Wynn Resorts reorganized its interactive assets and partnered with BetBull Limited, forming Wynn Interactive, a majority-owned (71%) subsidiary[5] - Wynn Resorts invested approximately $80 million in Wynn Interactive to support growth and expansion[6, 9] - The reorganization combines BetBull's international gaming operations, Wynn Sports Interactive's (WSI) U S operations, and Wynn Slots' social casino operations[6] Market Access and Expansion - Wynn Interactive has secured market access in nine states, covering approximately 24% of the total potential addressable U S market[9, 33] - The company is in discussions for market access in five additional states, representing approximately 29% of the total potential addressable U S market[33] - Wynn Interactive is in advanced stages of seeking access in Tennessee and Virginia, representing approximately 5% of the total potential addressable U S market[33] Team and Products - The Wynn Interactive team includes Craig Billings, Sadok Kohen, and Norbert Teufelberger, experienced professionals in the digital gaming industry[9, 16] - Wynn Interactive's products include BetBull, a UK-facing sports betting and iCasino business, and WynnBET, a U S-facing product[18, 26] Financials - The combined 2019 gross revenue of the combined entities was $21 million[12]

Core Viewpoint - Wynn Resorts, Limited is initiated with a Strong Buy rating and a price target of $187, focusing on its luxury integrated resorts in Macau, Las Vegas, and Boston, which provide industry-leading gaming, hospitality, and entertainment [1] Company Overview - Wynn Resorts, Limited engages in the design, development, and operation of luxury integrated resorts [1] - The company operates in key markets including Macau, Las Vegas, and Boston [1] Research Methodology - Moretus Research employs a structured, repeatable framework to identify companies with durable business models and mispriced cash flow potential [1] - The research combines rigorous fundamental analysis with a judgment-driven process, focusing on comparability, simplicity, and relevance [1] - The coverage tends to favor underappreciated companies undergoing structural change or temporary dislocation, aiming for asymmetric returns [1] Investment Philosophy - Moretus Research emphasizes a deep respect for capital, discipline, and long-term compounding [1] - The goal is to raise the standard for independent investment research by providing professional-grade insights and actionable valuation [1]