Wynn Resorts, Limited Reports Fourth Quarter and Year End 2024 Results

LAS VEGAS--(BUSINESS WIRE)--Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2024. Operating revenues were $1.84 billion for the fourth quarter of 2024, flat compared to operating revenues of $1.84 billion for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited was $277.0 million for the fourth quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $729.2 million for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited for the fourth quarter of 2023 included an income tax benefit of $474.2 million related to the release of valuation allowance on certain deferred tax assets. Diluted net income per share was $2.29 for the fourth quarter of 2024, compared to diluted net income per share of $6.19 for the fourth quarter of 2023. Adjusted Property EBITDAR(1) was $619.1 million for the fourth quarter of 2024, compared to Adjusted Property EBITDAR of $630.4 million for the fourth quarter of 2023. "Our fourth quarter and full year results reflect continued strength throughout our business, setting another full-year record for Adjusted Property EBITDAR for the Company in 2024, with another annual record in Las Vegas," said Craig Billings, CEO of Wynn Resorts, Limited. "We delivered strong quarterly performance in Las Vegas on very tough comparables and drove healthy market share in Macau led by strength in both premium mass and VIP. In addition, construction of the Wynn Al Marjan Island project in the UAE continued to advance, and the thirty-fifth floor of the hotel tower was recently completed. We are confident the resort will be a 'must see' tourism destination in the UAE and will support strong long-term free cash flow growth. At the same time, during the fourth quarter, we continued to focus on the return of capital to shareholders through both a cash dividend and the repurchase of $200 million of our stock." Consolidated Results Operating revenues were $1.84 billion for the fourth quarter of 2024, flat compared to operating revenues of $1.84 billion for the fourth quarter of 2023. For the fourth quarter of 2024, operating revenues increased $38.6 million and $2.7 million at Wynn Palace and our Las Vegas Operations, respectively, and decreased $22.5 million and $4.5 million at Wynn Macau and Encore Boston Harbor, respectively, from the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited was $277.0 million for the fourth quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $729.2 million for the fourth quarter of 2023. Net income attributable to Wynn Resorts, Limited for the fourth quarter of 2023 included an income tax benefit of $474.2 million related to the release of valuation allowance on certain deferred tax assets. Diluted net income per share was $2.29 for the fourth quarter of 2024, compared to diluted net income per share of $6.19 for the fourth quarter of 2023. Adjusted net income attributable to Wynn Resorts, Limited(2) was $263.3 million, or $2.42 per diluted share, for the fourth quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $213.7 million, or $1.91 per diluted share, for the fourth quarter of 2023. Adjusted Property EBITDAR was $619.1 million for the fourth quarter of 2024, a decrease of $11.3 million compared to Adjusted Property EBITDAR of $630.4 million for the fourth quarter of 2023. For the fourth quarter of 2024, Adjusted Property EBITDAR increased $13.5 million at Wynn Palace, and decreased $17.7 million, $5.5 million, and $3.3 million at Wynn Macau, Encore Boston Harbor, and our Las Vegas Operations, respectively, from the fourth quarter of 2023. Operating revenues were $7.13 billion for the year ended December 31, 2024, an increase of $596.1 million compared to operating revenues of $6.53 billion for the year ended December 31, 2023. For the year ended December 31, 2024, operating revenues increased $330.8 million, $251.1 million, and $91.3 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $8.6 million at Encore Boston Harbor, from the year ended December 31, 2023. Net income attributable to Wynn Resorts, Limited was $501.1 million for the year ended December 31, 2024, compared to net income attributable to Wynn Resorts, Limited of $730.0 million for the year ended December 31, 2023. Net income attributable to Wynn Resorts, Limited for the fourth quarter of 2023 included an income tax benefit of $474.2 million related to the release of valuation allowance on certain deferred tax assets. Diluted net income per share was $4.35 for the year ended December 31, 2024, compared to diluted net income per share of $6.32 for the year ended December 31, 2023. Adjusted net income attributable to Wynn Resorts, Limited was $663.5 million, or $6.02 per diluted share, for the year ended December 31, 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $462.3 million, or $4.10 per diluted share, for the year ended December 31, 2023. Adjusted Property EBITDAR was $2.36 billion for the year ended December 31, 2024, an increase of $250.0 million compared to Adjusted Property EBITDAR of $2.11 billion for the year ended December 31, 2023. For the year ended December 31, 2024, Adjusted Property EBITDAR increased $117.9 million, $103.8 million, and $0.5 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $10.3 million at Encore Boston Harbor, from the year ended December 31, 2023. Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on March 5, 2025 to stockholders of record as of February 24, 2025. Property Results Macau Operations Wynn Palace Operating revenues from Wynn Palace were $562.9 million for the fourth quarter of 2024, an increase of $38.6 million from $524.4 million for the fourth quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $184.6 million for the fourth quarter of 2024, compared to $171.1 million for the fourth quarter of 2023. Table games win percentage in mass market operations was 26.0%, above the 23.6% experienced in the fourth quarter of 2023. VIP table games win as a percentage of turnover was 3.51%, above the property's expected range of 3.1% to 3.4% and above the 2.97% experienced in the fourth quarter of 2023. Wynn Macau Operating revenues from Wynn Macau were $363.7 million for the fourth quarter of 2024, a decrease of $22.5 million from $386.2 million for the fourth quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $108.2 million for the fourth quarter of 2024, compared to $125.8 million for the fourth quarter of 2023. Table games win percentage in mass market operations was 17.9%, below the 19.1% experienced in the fourth quarter of 2023. VIP table games win as a percentage of turnover was 5.01%, above the property's expected range of 3.1% to 3.4% and above the 4.37% experienced in the fourth quarter of 2023. Las Vegas Operations Operating revenues from our Las Vegas Operations were $699.5 million for the fourth quarter of 2024, an increase of $2.7 million from $696.8 million for the fourth quarter of 2023. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2024 was $267.4 million, compared to $270.8 million for the fourth quarter of 2023. Table games win percentage for the fourth quarter of 2024 was 30.9%, above the property's expected range of 22% to 26% and above the 25.4% experienced in the fourth quarter of 2023. Encore Boston Harbor Operating revenues from Encore Boston Harbor were $212.7 million for the fourth quarter of 2024, a decrease of $4.5 million from $217.1 million for the fourth quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2024 was $58.8 million, compared to $64.4 million for the fourth quarter of 2023. Table games win percentage for the fourth quarter of 2024 was 20.7%, within the property's expected range of 18% to 22% and below the 22.0% experienced in the fourth quarter of 2023. Wynn Al Marjan Island Development During the fourth quarter of 2024, the Company contributed $99.0 million of cash into a 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 $631.7 million. Wynn Al Marjan Island is currently expected to open in 2027. Balance Sheet Our cash and cash equivalents as of December 31, 2024 totaled $2.43 billion, comprised of $1.46 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $437.9 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $528.4 million held at Corporate and other. As of December 31, 2024, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $735.3 million and $353.8 million, respectively. Total current and long-term debt outstanding at December 31, 2024 was $10.54 billion, comprised of $5.78 billion of Macau related debt, $3.29 billion of WRF debt, $874.2 million of Wynn Las Vegas debt, and $597.3 million of debt held by the retail joint venture which we consolidate. Equity Repurchase Program During the fourth quarter of 2024, the Company repurchased 2,143,666 shares of its common stock under its publicly announced equity repurchase program at an average price of $93.44 per share, for an aggregate cost of $200.3 million, bringing the total repurchases by the Company for the year ended December 31, 2024 to 4,349,779 shares of its common stock for an aggregate cost of $386.0 million. As of December 31, 2024, the Company had $813.0 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 February 13, 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 March 31, 2025, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2024 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, 2023, 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, impairment of goodwill and intangible assets, 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 (loss) 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, impairment of goodwill and intangible assets, property charges and other expenses, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and nonrecurring income tax benefit from release of valuation allowance, net of noncontrolling interests 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 December 31, Year Ended December 31, 2024 2023 2024 2023 Operating revenues: Casino $ 1,112,191 $ 1,065,958 $ 4,261,357 $ 3,718,402 Rooms 325,358 347,299 1,242,058 1,185,671 Food and beverage 258,178 271,558 1,069,117 1,028,637 Entertainment, retail and other 143,070 155,645 555,429 599,187 Total operating revenues 1,838,797 1,840,460 7,127,961 6,531,897 Operating expenses: Casino 679,534 643,910 2,586,960 2,238,671 Rooms 84,368 82,857 330,359 307,132 Food and beverage 212,075 216,947 859,426 822,323 Entertainment, retail and other 59,542 79,402 249,679 340,437 General and administrative 272,303 279,484 1,080,475 1,065,022 Provision for credit losses 634 2,350 4,986 (3,964 ) Pre-opening 3,305 2,646 9,355 9,468 Depreciation and amortization 151,284 176,527 658,895 687,270 Impairment of goodwill and intangible assets — — — 94,490 Property charges and other 8,857 (1,388 ) 215,095 130,877 Total operating expenses 1,471,902 1,482,735 5,995,230 5,691,726 Operating income 366,895 357,725 1,132,731 840,171 Other income (expense): Interest income 24,557 44,931 130,342 175,785 Interest expense, net of amounts capitalized (163,488 ) (184,955 ) (688,410 ) (751,509 ) Change in derivatives fair value 50,398 48,353 42,478 45,098 Loss on debt financing transactions (1,243 ) — (2,913 ) (12,683 ) Other 3,847 8,315 29,170 (11,479 ) Other income (expense), net (85,929 ) (83,356 ) (489,333 ) (554,788 ) Income before income taxes 280,966 274,369 643,398 285,383 Benefit (provision) for income taxes 41,394 499,408 (3,682 ) 496,834 Net income 322,360 773,777 639,716 782,217 Less: net income attributable to noncontrolling interests (45,388 ) (44,621 ) (138,638 ) (52,223 ) Net income attributable to Wynn Resorts, Limited $ 276,972 $ 729,156 $ 501,078 $ 729,994 Basic and diluted net income per common share: Net income attributable to Wynn Resorts, Limited: Basic $ 2.56 $ 6.53 $ 4.56 $ 6.49 Diluted $ 2.29 $ 6.19 $ 4.35 $ 6.32 Weighted average common shares outstanding: Basic 108,199 111,661 109,966 112,523 Diluted 108,652 112,033 110,267 112,855 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 December 31, Year Ended December 31, 2024 2023 2024 2023 Net income attributable to Wynn Resorts, Limited $ 276,972 $ 729,156 $ 501,078 $ 729,994 Pre-opening expenses 3,305 2,646 9,355 9,468 Impairment of goodwill and intangible assets — — — 94,490 Property charges and other 8,857 (1,388 ) 215,095 130,877 Change in derivatives fair value (50,398 ) (48,353 ) (42,478 ) (45,098 ) Loss on debt financing transactions 1,243 — 2,913 12,683 Foreign currency remeasurement and other (3,847 ) (8,315 ) (29,170 ) 11,479 Income tax impact on adjustments 12,564 (1,033 ) (7,784 ) (2,088 ) Nonrecurring income tax benefit from release of valuation allowance — (474,214 ) — (474,214 ) Noncontrolling interests impact on adjustments 14,643 15,160 14,538 (5,243 ) Adjusted net income attributable to Wynn Resorts, Limited $ 263,339 $ 213,659 $ 663,547 $ 462,348 Adjusted net income attributable to Wynn Resorts, Limited per diluted share $ 2.42 $ 1.91 $ 6.02 $ 4.10 Weighted average common shares outstanding - diluted 108,652 112,033 110,267 112,855 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Three Months Ended December 31, 2024 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Corporate and Other Total Operating income (loss) $ 107,661 $ 67,874 $ (14,718 ) $ 160,817 $ 160,689 $ (2,088 ) $ 47,477 $ 366,895 Pre-opening expenses 17 690 — 707 288 — 2,310 3,305 Depreciation and amortization 53,308 19,963 398 73,669 61,389 12,952 3,274 151,284 Property charges and other 2,189 4,847 16 7,052 1,563 86 156 8,857 Management and license fees 17,931 11,273 — 29,204 33,521 10,353 (73,078 ) — Corporate expenses and other 2,256 2,227 13,151 17,634 8,211 1,802 10,790 38,437 Stock-based compensation 1,236 1,287 1,153 3,676 1,786 290 9,071 14,823 Triple-net operating lease rent expense — — — — — 35,449 — 35,449 Adjusted Property EBITDAR $ 184,598 $ 108,161 $ — $ 292,759 $ 267,447 $ 58,844 $ — $ 619,050 Three Months Ended December 31, 2023 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Corporate and Other Total Operating income (loss) $ 95,071 $ 90,545 $ (15,860 ) $ 169,756 $ 167,080 $ (15,865 ) $ 36,754 $ 357,725 Pre-opening expenses 93 — — 93 — 33 2,520 2,646 Depreciation and amortization 54,502 20,165 381 75,048 60,730 31,220 9,529 176,527 Property charges and other 451 (676 ) 4 (221 ) 389 710 (2,266 ) (1,388 ) Management and license fees 16,782 12,029 — 28,811 33,387 10,665 (72,863 ) — Corporate expenses and other 2,733 2,175 14,397 19,305 7,369 1,824 15,590 44,088 Stock-based compensation 1,501 1,579 1,078 4,158 1,830 402 8,986 15,376 Triple-net operating lease rent expense — — — — — 35,404 — 35,404 Adjusted Property EBITDAR $ 171,133 $ 125,817 $ — $ 296,950 $ 270,785 $ 64,393 $ (1,750 ) $ 630,378 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Year Ended December 31, 2024 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Corporate and Other Total Operating income (loss) $ 414,919 $ 296,392 $ (39,029 ) $ 672,282 $ 403,836 $ (32,935 ) $ 89,548 $ 1,132,731 Pre-opening expenses 17 690 — 707 1,908 649 6,091 9,355 Depreciation and amortization 219,729 79,700 1,563 300,992 243,089 88,794 26,020 658,895 Property charges and other 14,760 5,558 140 20,458 134,105 (1,529 ) 62,061 215,095 Management and license fees 70,913 45,561 — 116,474 122,054 41,836 (280,364 ) — Corporate expenses and other 8,713 8,815 32,958 50,486 32,141 7,288 58,321 148,236 Stock-based compensation 4,659 5,136 4,368 14,163 9,629 1,449 33,788 59,029 Triple-net operating lease rent expense — — — — — 141,576 — 141,576 Adjusted Property EBITDAR $ 733,710 $ 441,852 $ — $ 1,175,562 $ 946,762 $ 247,128 $ (4,535 ) $ 2,364,917 Year Ended December 31, 2023 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Corporate and Other Total Operating income (loss) $ 307,698 $ 190,126 $ (32,157 ) $ 465,667 $ 551,128 $ (60,887 ) $ (115,737 ) $ 840,171 Pre-opening expenses 93 — — 93 81 1,286 8,008 9,468 Depreciation and amortization 216,562 81,673 1,522 299,757 232,685 122,452 32,376 687,270 Impairment of goodwill and intangible assets — — — — — — 94,490 94,490 Property charges and other 13,365 9,807 19 23,191 8,863 1,419 97,404 130,877 Management and license fees 60,377 38,019 — 98,396 118,019 42,179 (258,594 ) — Corporate expenses and other 10,208 9,766 26,431 46,405 28,519 7,517 63,989 146,430 Stock-based compensation 7,543 8,700 4,185 20,428 6,948 1,721 35,418 64,515 Triple-net operating lease rent expense — — — — — 141,722 — 141,722 Adjusted Property EBITDAR $ 615,846 $ 338,091 $ — $ 953,937 $ 946,243 $ 257,409 $ (42,646 ) $ 2,114,943 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net income attributable to Wynn Resorts, Limited $ 276,972 $ 729,156 $ 501,078 $ 729,994 Net income attributable to noncontrolling interests 45,388 44,621 138,638 52,223 Pre-opening expenses 3,305 2,646 9,355 9,468 Depreciation and amortization 151,284 176,527 658,895 687,270 Impairment of goodwill and intangible assets — — — 94,490 Property charges and other 8,857 (1,388 ) 215,095 130,877 Triple-net operating lease rent expense 35,449 35,404 141,576 141,722 Corporate expenses and other 38,437 44,088 148,236 146,430 Stock-based compensation 14,823 15,376 59,029 64,515 Interest income (24,557 ) (44,931 ) (130,342 ) (175,785 ) Interest expense, net of amounts capitalized 163,488 184,955 688,410 751,509 Change in derivatives fair value (50,398 ) (48,353 ) (42,478 ) (45,098 ) Loss on debt financing transactions 1,243 — 2,913 12,683 Other (3,847 ) (8,315 ) (29,170 ) 11,479 (Benefit) provision for income taxes (41,394 ) (499,408 ) 3,682 (496,834 ) Adjusted Property EBITDAR $ 619,050 $ 630,378 $ 2,364,917 $ 2,114,943 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 December 31, Year Ended December 31, 2024 2023 Percent Change 2024 2023 Percent Change Wynn Palace Supplemental Information Operating revenues Casino $ 458,816 $ 417,273 10.0 $ 1,795,604 $ 1,471,280 22.0 Rooms 49,649 50,472 (1.6 ) 202,936 201,783 0.6 Food and beverage 31,993 29,538 8.3 125,398 104,566 19.9 Entertainment, retail and other 22,473 27,075 (17.0 ) 93,733 109,215 (14.2 ) Total $ 562,931 $ 524,358 7.4 $ 2,217,671 $ 1,886,844 17.5 Adjusted Property EBITDAR (6) $ 184,598 $ 171,133 7.9 $ 733,710 $ 615,846 19.1 Casino Statistics: VIP: Average number of table games 56 59 (5.1 ) 57 56 1.8 VIP turnover $ 3,060,994 $ 3,161,083 (3.2 ) $ 12,991,235 $ 11,363,248 14.3 VIP table games win (1) $ 107,438 $ 93,892 14.4 $ 449,461 $ 383,384 17.2 VIP table games win as a % of turnover 3.51 % 2.97 % 3.46 % 3.37 % Table games win per unit per day $ 20,935 $ 17,381 20.4 $ 21,495 $ 18,744 14.7 Mass market: Average number of table games 246 245 0.4 245 242 1.2 Table drop (2) $ 1,678,073 $ 1,711,850 (2.0 ) $ 6,893,092 $ 6,126,841 12.5 Table games win (1) $ 435,465 $ 404,468 7.7 $ 1,686,503 $ 1,373,436 22.8 Table games win % 26.0 % 23.6 % 24.5 % 22.4 % Table games win per unit per day $ 19,214 $ 17,934 7.1 $ 18,770 $ 15,574 20.5 Average number of slot machines 634 585 8.4 603 580 4.0 Slot machine handle $ 704,360 $ 624,688 12.8 $ 2,519,983 $ 2,385,033 5.7 Slot machine win (3) $ 25,698 $ 27,580 (6.8 ) $ 109,488 $ 102,816 6.5 Slot machine win per unit per day $ 440 $ 512 (14.1 ) $ 496 $ 486 2.1 Poker rake $ — $ — NM $ 736 $ — NM Room statistics: Occupancy 98.4 % 98.3 % 98.6 % 94.9 % ADR (4) $ 296 $ 311 (4.8 ) $ 310 $ 323 (4.0 ) REVPAR (5) $ 291 $ 306 (4.9 ) $ 306 $ 306 — NM - Not meaningful. 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 December 31, Year Ended December 31, 2024 2023 Percent Change 2024 2023 Percent Change Wynn Macau Supplemental Information Operating revenues Casino $ 306,500 $ 320,642 (4.4 ) $ 1,230,351 $ 970,269 26.8 Rooms 24,515 29,534 (17.0 ) 100,631 109,308 (7.9 ) Food and beverage 20,233 20,762 (2.5 ) 80,779 68,017 18.8 Entertainment, retail and other 12,428 15,261 (18.6 ) 52,885 65,940 (19.8 ) Total $ 363,676 $ 386,199 (5.8 ) $ 1,464,646 $ 1,213,534 20.7 Adjusted Property EBITDAR (6) $ 108,161 $ 125,817 (14.0 ) $ 441,852 $ 338,091 30.7 Casino Statistics: VIP: Average number of table games 31 30 3.3 30 41 (26.8 ) VIP turnover $ 1,092,611 $ 1,405,523 (22.3 ) $ 5,047,888 $ 5,132,628 (1.7 ) VIP table games win (1) $ 54,730 $ 61,362 (10.8 ) $ 177,435 $ 191,936 (7.6 ) VIP table games win as a % of turnover 5.01 % 4.37 % 3.52 % 3.74 % Table games win per unit per day $ 19,237 $ 22,233 (13.5 ) $ 16,084 $ 12,699 26.7 Mass market: Average number of table games 220 221 (0.5 ) 221 216 2.3 Table drop (2) $ 1,543,261 $ 1,558,372 (1.0 ) $ 6,344,794 $ 5,155,929 23.1 Table games win (1) $ 276,817 $ 297,671 (7.0 ) $ 1,164,012 $ 910,825 27.8 Table games win % 17.9 % 19.1 % 18.3 % 17.7 % Table games win per unit per day $ 13,668 $ 14,655 (6.7 ) $ 14,367 $ 11,560 24.3 Average number of slot machines 639 557 14.7 615 530 16.0 Slot machine handle $ 785,967 $ 652,498 20.5 $ 3,133,488 $ 2,212,196 41.6 Slot machine win (3) $ 26,426 $ 20,775 27.2 $ 103,030 $ 68,667 50.0 Slot machine win per unit per day $ 449 $ 405 10.9 $ 458 $ 355 29.0 Poker rake $ 3,444 $ 4,460 (22.8 ) $ 15,275 $ 18,266 (16.4 ) Room statistics: Occupancy 99.4 % 99.4 % 99.3 % 96.5 % ADR (4) $ 240 $ 282 (14.9 ) $ 248 $ 281 (11.7 ) REVPAR (5) $ 238 $ 281 (15.3 ) $ 246 $ 271 (9.2 ) 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 December 31, Year Ended December 31, 2024 2023 Percent Change 2024 2023 Percent Change Las Vegas Operations Supplemental Information Operating revenues Casino $ 190,065 $ 167,579 13.4 $ 600,088 $ 628,185 (4.5 ) Rooms 228,589 242,993 (5.9 ) 845,660 784,385 7.8 Food and beverage 184,734 199,706 (7.5 ) 778,538 770,401 1.1 Entertainment, retail and other 96,151 86,526 11.1 347,627 297,635 16.8 Total $ 699,539 $ 696,804 0.4 $ 2,571,913 $ 2,480,606 3.7 Adjusted Property EBITDAR (6) $ 267,447 $ 270,785 (1.2 ) $ 946,762 $ 946,243 0.1 Casino Statistics: Average number of table games 226 232 (2.6 ) 232 233 (0.4 ) Table drop (2) $ 655,038 $ 657,564 (0.4 ) $ 2,376,473 $ 2,425,621 (2.0 ) Table games win (1) $ 202,326 $ 167,106 21.1 $ 611,663 $ 599,001 2.1 Table games win % 30.9 % 25.4 % 25.7 % 24.7 % Table games win per unit per day $ 9,729 $ 7,816 24.5 $ 7,200 $ 7,038 2.3 Average number of slot machines 1,599 1,631 (2.0 ) 1,609 1,645 (2.2 ) Slot machine handle $ 1,912,711 $ 1,689,839 13.2 $ 6,752,952 $ 6,423,374 5.1 Slot machine win (3) $ 123,609 $ 125,950 (1.9 ) $ 446,152 $ 451,833 (1.3 ) Slot machine win per unit per day $ 840 $ 840 — $ 758 $ 752 0.8 Poker rake $ 7,948 $ 9,477 (16.1 ) $ 24,599 $ 25,720 (4.4 ) Room statistics: Occupancy 88.1 % 88.9 % 89.0 % 89.6 % ADR (4) $ 598 $ 631 (5.2 ) $ 555 $ 513 8.2 REVPAR (5) $ 527 $ 561 (6.1 ) $ 494 $ 459 7.6 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 December 31, Year Ended December 31, 2024 2023 Percent Change 2024 2023 Percent Change Encore Boston Harbor Supplemental Information Operating revenues Casino $ 156,810 $ 160,464 (2.3 ) $ 635,314 $ 648,668 (2.1 ) Rooms 22,605 24,300 (7.0 ) 92,831 90,195 2.9 Food and beverage 21,218 21,552 (1.5 ) 84,402 85,653 (1.5 ) Entertainment, retail and other 12,018 10,829 11.0 44,617 41,270 8.1 Total $ 212,651 $ 217,145 (2.1 ) $ 857,164 $ 865,786 (1.0 ) Adjusted Property EBITDAR (6) $ 58,844 $ 64,393 (8.6 ) $ 247,128 $ 257,409 (4.0 ) Casino Statistics: Average number of table games 172 185 (7.0 ) 180 191 (5.8 ) Table drop (2) $ 337,570 $ 358,324 (5.8 ) $ 1,410,319 $ 1,422,416 (0.9 ) Table games win (1) $ 69,873 $ 78,720 (11.2 ) $ 297,369 $ 308,890 (3.7 ) Table games win % 20.7 % 22.0 % 21.1 % 21.7 % Table games win per unit per day $ 4,412 $ 4,621 (4.5 ) $ 4,519 $ 4,429 2.0 Average number of slot machines 2,694 2,560 5.2 2,633 2,550 3.3 Slot machine handle $ 1,402,942 $ 1,323,309 6.0 $ 5,604,462 $ 5,256,696 6.6 Slot machine win (3) $ 108,379 $ 105,061 3.2 $ 424,152 $ 421,190 0.7 Slot machine win per unit per day $ 437 $ 446 (2.0 ) $ 440 $ 452 (2.7 ) Poker rake $ 5,328 $ 5,389 (1.1 ) $ 21,750 $ 21,505 1.1 Room statistics: Occupancy 91.1 % 93.3 % 93.6 % 93.0 % ADR (4) $ 416 $ 424 (1.9 ) $ 412 $ 398 3.5 REVPAR (5) $ 379 $ 395 (4.1 ) $ 385 $ 370 4.1 (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.

Wynn Resorts, Limited Reports Fourth Quarter and Year End 2024 Results

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