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 ~~March 31,~~June 30, 2022


☐			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)


Nevada						46-0484987
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

3131 Las Vegas Boulevard South - Las Vegas, Nevada 89109

(Address of principal executive offices) (Zip Code)

(702) 770-7555

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01

WYNN

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.


Class						Outstanding at ~~May 3,~~August 2, 2022
Common stock, par value $0.01						~~115,964,950~~113,729,619

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

FORM 10-Q

INDEX


Part I.	Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets - ~~March 31,~~June 3 0 , 2022 (unaudited) and December 31, 2021	3
	Condensed Consolidated Statements of Operations (unaudited) - Three and Six Months Ended ~~March 31,~~June 3 0 , 2022 and 2021	4
	Condensed Consolidated Statements of Comprehensive Loss (unaudited) - Three and Six Months Ended ~~March 31,~~June 3 0 , 2022 and 2021	5
	Condensed Consolidated Statements of Stockholders’Deficit (unaudited) - Three and Six Months Ended ~~March 31,~~June 3 0 , 2022 and 2021	6
	Condensed Consolidated Statements of Cash Flows (unaudited) - ~~Three~~Six Months Ended ~~March 31,~~June 3 0 , 2022 and 2021	78
	Notes to Condensed Consolidated Financial Statements (unaudited)	89
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	2125
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3647
Item 4.	Controls and Procedures	3748

Part II.	Other Information
Item 1.	Legal Proceedings	3849
Item 1A.	Risk Factors	3849
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3849
Item 3 .3.	Default Upon Senior Securities	3849
Item 4.	Mine Safety Disclosures	3849
Item 5.	Other Information	3849
Item 6.	Exhibits	3950
Signature		4051

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


		March 31, 2022		December 31, 2021			June 30, 2022		December 31, 2021
		(unaudited)					(unaudited)
ASSETS	ASSETS					ASSETS
Current assets:	Current assets:					Current assets:
Cash and cash equivalents	Cash and cash equivalents	$	2,317,352	$	2,522,530	Cash and cash equivalents	$	2,014,898	$	2,522,530
Restricted cash	Restricted cash	5,735		4,896		Restricted cash	5,605		4,896
Accounts receivable, net of allowance for credit losses of $100,101 and $111,319		187,007		199,463
Accounts receivable, net of allowance for credit losses of $92,579 and $111,319						Accounts receivable, net of allowance for credit losses of $92,579 and $111,319	186,380		199,463
Inventories	Inventories	72,244		69,967		Inventories	69,075		69,967
Prepaid expenses and other	Prepaid expenses and other	83,269		79,061		Prepaid expenses and other	95,256		79,061
Total current assets	Total current assets	2,665,607		2,875,917		Total current assets	2,371,214		2,875,917
Property and equipment, net	Property and equipment, net	8,670,727		8,765,308		Property and equipment, net	8,596,653		8,765,308
Restricted cash	Restricted cash	3,327		3,641		Restricted cash	3,233		3,641
Goodwill and intangible assets, net	Goodwill and intangible assets, net	272,292		307,578		Goodwill and intangible assets, net	256,519		307,578
Operating lease assets	Operating lease assets	363,891		371,365		Operating lease assets	356,828		371,365
Other assets	Other assets	203,466		207,017		Other assets	204,084		207,017
Total assets	Total assets	$	12,179,310	$	12,530,826	Total assets	$	11,788,531	$	12,530,826
LIABILITIES AND STOCKHOLDERS' DEFICIT	LIABILITIES AND STOCKHOLDERS' DEFICIT					LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:	Current liabilities:					Current liabilities:
Accounts and construction payables	Accounts and construction payables	$	164,934	$	170,542	Accounts and construction payables	$	153,816	$	170,542
Customer deposits	Customer deposits	423,859		436,388		Customer deposits	412,594		436,388
Gaming taxes payable	Gaming taxes payable	40,306		73,173		Gaming taxes payable	24,986		73,173
Accrued compensation and benefits	Accrued compensation and benefits	142,490		206,225		Accrued compensation and benefits	161,801		206,225
Accrued interest	Accrued interest	144,110		132,877		Accrued interest	132,888		132,877
Current portion of long-term debt	Current portion of long-term debt	50,000		50,000		Current portion of long-term debt	544,632		50,000
Other accrued liabilities	Other accrued liabilities	188,547		218,675		Other accrued liabilities	186,552		218,675
Total current liabilities	Total current liabilities	1,154,246		1,287,880		Total current liabilities	1,617,269		1,287,880
Long-term debt	Long-term debt	11,872,894		11,884,546		Long-term debt	11,367,861		11,884,546
Long-term operating lease liabilities	Long-term operating lease liabilities	113,321		115,187		Long-term operating lease liabilities	109,641		115,187
Other long-term liabilities	Other long-term liabilities	72,108		79,428		Other long-term liabilities	68,014		79,428
Total liabilities	Total liabilities	13,212,569		13,367,041		Total liabilities	13,162,785		13,367,041
Commitments and contingencies (Note 15)		0		0
Commitments and contingencies (Note 16)						Commitments and contingencies (Note 16)	0		0
Stockholders' deficit:	Stockholders' deficit:					Stockholders' deficit:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding	Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding	—		—		Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding	—		—
Common stock, par value $0.01; 400,000,000 shares authorized; 131,789,909 and 131,449,806 shares issued; 115,917,961 and 115,714,943 shares outstanding, respectively		1,318		1,314
Treasury stock, at cost; 15,871,948 and 15,734,863 shares, respectively		(1,448,040)		(1,436,373)
Common stock, par value $0.01; 400,000,000 shares authorized; 131,964,542 and 131,449,806 shares issued; 113,707,642 and 115,714,943 shares outstanding, respectively						Common stock, par value $0.01; 400,000,000 shares authorized; 131,964,542 and 131,449,806 shares issued; 113,707,642 and 115,714,943 shares outstanding, respectively	1,320		1,314
Treasury stock, at cost; 18,256,900 and 15,734,863 shares, respectively						Treasury stock, at cost; 18,256,900 and 15,734,863 shares, respectively	(1,585,678)		(1,436,373)
Additional paid-in capital	Additional paid-in capital	3,571,666		3,502,715		Additional paid-in capital	3,566,498		3,502,715
Accumulated other comprehensive income	Accumulated other comprehensive income	9,301		6,004		Accumulated other comprehensive income	9,829		6,004
Accumulated deficit	Accumulated deficit	(2,471,285)		(2,288,078)		Accumulated deficit	(2,601,331)		(2,288,078)
Total Wynn Resorts, Limited stockholders' deficit	Total Wynn Resorts, Limited stockholders' deficit	(337,040)		(214,418)		Total Wynn Resorts, Limited stockholders' deficit	(609,362)		(214,418)
Noncontrolling interests	Noncontrolling interests	(696,219)		(621,797)		Noncontrolling interests	(764,892)		(621,797)
Total stockholders' deficit	Total stockholders' deficit	(1,033,259)		(836,215)		Total stockholders' deficit	(1,374,254)		(836,215)
Total liabilities and stockholders' deficit	Total liabilities and stockholders' deficit	$	12,179,310	$	12,530,826	Total liabilities and stockholders' deficit	$	11,788,531	$	12,530,826

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)


		Three Months Ended March 31,					Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021			2022		2021		2022		2021
Operating revenues:	Operating revenues:					Operating revenues:
Casino	Casino	$	489,862	$	516,218	Casino	$	359,585	$	602,746	$	849,447	$	1,118,964
Rooms	Rooms	170,376		76,190		Rooms	201,298		137,765		371,674		213,955
Food and beverage	Food and beverage	174,020		68,509		Food and beverage	229,816		149,142		403,836		217,651
Entertainment, retail and other	Entertainment, retail and other	119,076		75,765		Entertainment, retail and other	118,133		100,460		237,209		176,225
Total operating revenues	Total operating revenues	953,334		736,682		Total operating revenues	908,832		990,113		1,862,166		1,726,795
Operating expenses:	Operating expenses:					Operating expenses:
Casino	Casino	324,079		351,966		Casino	244,064		381,615		568,143		733,581
Rooms	Rooms	58,715		33,535		Rooms	65,070		50,552		123,785		84,087
Food and beverage	Food and beverage	146,656		73,948		Food and beverage	185,471		117,106		332,127		191,054
Entertainment, retail and other	Entertainment, retail and other	88,904		73,459		Entertainment, retail and other	74,985		80,922		163,889		154,381
General and administrative	General and administrative	196,780		179,774		General and administrative	200,378		197,545		397,158		377,319
Provision for credit losses	Provision for credit losses	342		7,367		Provision for credit losses	(3,487)		441		(3,145)		7,808
Pre-opening	Pre-opening	2,447		1,627		Pre-opening	4,502		2,495		6,949		4,122
Depreciation and amortization	Depreciation and amortization	184,556		185,121		Depreciation and amortization	162,968		183,307		347,524		368,428
Property charges and other	Property charges and other	45,720		5,617		Property charges and other	26,909		5,651		72,629		11,268
Total operating expenses	Total operating expenses	1,048,199		912,414		Total operating expenses	960,860		1,019,634		2,009,059		1,932,048
Operating loss	Operating loss	(94,865)		(175,732)		Operating loss	(52,028)		(29,521)		(146,893)		(205,253)
Other income (expense):	Other income (expense):					Other income (expense):
Interest income	Interest income	1,280		904		Interest income	2,691		720		3,971		1,624
Interest expense, net of amounts capitalized	Interest expense, net of amounts capitalized	(152,158)		(152,852)		Interest expense, net of amounts capitalized	(154,830)		(150,424)		(306,988)		(303,276)
Change in derivatives fair value	Change in derivatives fair value	7,400		4,409		Change in derivatives fair value	1,562		972		8,962		5,381
Loss on extinguishment of debt	Loss on extinguishment of debt	—		(1,322)		Loss on extinguishment of debt	—		—		—		(1,322)
Other	Other	(15,127)		(11,093)		Other	(10,099)		5,553		(25,226)		(5,540)
Other income (expense), net	Other income (expense), net	(158,605)		(159,954)		Other income (expense), net	(160,676)		(143,179)		(319,281)		(303,133)
Loss before income taxes	Loss before income taxes	(253,470)		(335,686)		Loss before income taxes	(212,704)		(172,700)		(466,174)		(508,386)
Provision for income taxes	Provision for income taxes	(1,140)		(493)		Provision for income taxes	(718)		(697)		(1,858)		(1,190)
Net loss	Net loss	(254,610)		(336,179)		Net loss	(213,422)		(173,397)		(468,032)		(509,576)
Less: net loss attributable to noncontrolling interests	Less: net loss attributable to noncontrolling interests	71,286		55,201		Less: net loss attributable to noncontrolling interests	83,371		42,028		154,657		97,229
Net loss attributable to Wynn Resorts, Limited	Net loss attributable to Wynn Resorts, Limited	$	(183,324)	$	(280,978)	Net loss attributable to Wynn Resorts, Limited	$	(130,051)	$	(131,369)	$	(313,375)	$	(412,347)
Basic and diluted net loss per common share:	Basic and diluted net loss per common share:					Basic and diluted net loss per common share:
Net loss attributable to Wynn Resorts, Limited:	Net loss attributable to Wynn Resorts, Limited:					Net loss attributable to Wynn Resorts, Limited:
Basic	Basic	$	(1.59)	$	(2.53)	Basic	$	(1.14)	$	(1.15)	$	(2.73)	$	(3.66)
Diluted	Diluted	$	(1.59)	$	(2.53)	Diluted	$	(1.14)	$	(1.15)	$	(2.73)	$	(3.66)
Weighted average common shares outstanding:	Weighted average common shares outstanding:					Weighted average common shares outstanding:
Basic	Basic	115,030		111,020		Basic	114,471		114,545		114,749		112,792
Diluted	Diluted	115,030		111,020		Diluted	114,471		114,545		114,749		112,792

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

(unaudited)


		Three Months Ended March 31,					Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021			2022		2021			2022		2021
Net loss	Net loss	$	(254,610)	$	(336,179)	Net loss	$	(213,422)	$	(173,397)		$	(468,032)	$	(509,576)
Other comprehensive income:	Other comprehensive income:					Other comprehensive income:
Foreign currency translation adjustments, before and after tax	Foreign currency translation adjustments, before and after tax	4,597		4,032		Foreign currency translation adjustments, before and after tax	884		(290)			5,481		3,742
Total comprehensive loss	Total comprehensive loss	(250,013)		(332,147)		Total comprehensive loss	(212,538)		(173,687)			(462,551)		(505,834)
Less: comprehensive loss attributable to noncontrolling interests	Less: comprehensive loss attributable to noncontrolling interests	69,986		54,066		Less: comprehensive loss attributable to noncontrolling interests	83,015		42,110			153,001		96,176
Comprehensive loss attributable to Wynn Resorts, Limited	Comprehensive loss attributable to Wynn Resorts, Limited	$	(180,027)	$	(278,081)	Comprehensive loss attributable to Wynn Resorts, Limited	$	(129,523)	$	(131,577)		$	(309,550)	$	(409,658)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

(in thousands, except share data)

(unaudited)


		For the Three Months Ended March 31, 2022																		For the Three Months Ended June 30, 2022
		Common stock																		Common stock
		Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders' deficit			Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders' deficit
Balances, January 1, 2022		115,714,943	$	1,314	$	(1,436,373)	$	3,502,715	$	6,004	$	(2,288,078)	$	(214,418)	$	(621,797)	$	(836,215)
Balances, April 1, 2022																			Balances, April 1, 2022	115,917,961	$	1,318	$	(1,448,040)	$	3,571,666	$	9,301	$	(2,471,285)	$	(337,040)	$	(696,219)	$	(1,033,259)
Net loss	Net loss	—	—		—		—		—		(183,324)		(183,324)		(71,286)		(254,610)		Net loss	—	—		—		—		—		(130,051)		(130,051)		(83,371)		(213,422)
Currency translation adjustment	Currency translation adjustment	—	—		—		—		3,297		—		3,297		1,300		4,597		Currency translation adjustment	—	—		—		—		528		—		528		356		884
Issuance of restricted stock	Issuance of restricted stock	419,198	5		—		9,283		—		—		9,288		—		9,288		Issuance of restricted stock	178,038	2		—		(2)		—		—		—		—		—
Cancellation of restricted stock	Cancellation of restricted stock	(79,095)	(1)		—		1		—		—		—		—		—		Cancellation of restricted stock	(3,405)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	Shares repurchased by the Company and held as treasury shares	(137,085)	—		(11,667)		—		—		—		(11,667)		—		(11,667)		Shares repurchased by the Company and held as treasury shares	(2,384,952)	—		(137,638)		—		—		—		(137,638)		—		(137,638)
Distribution to noncontrolling interest	Distribution to noncontrolling interest	—	—		—		—		—		—		—		(9,279)		(9,279)		Distribution to noncontrolling interest	—	—		—		—		—		—		—		(7,244)		(7,244)
Contribution from noncontrolling interest		—	—		—		48,559		—		—		48,559		1,474		50,033
Subsidiary equity issuance																			Subsidiary equity issuance	—	—		—		(16,750)		—		—		(16,750)		19,646		2,896
Stock-based compensation	Stock-based compensation	—	—		—		11,108		—		117		11,225		3,369		14,594		Stock-based compensation	—	—		—		11,584		—		5		11,589		1,940		13,529
Balances, March 31, 2022		115,917,961	$	1,318	$	(1,448,040)	$	3,571,666	$	9,301	$	(2,471,285)	$	(337,040)	$	(696,219)	$	(1,033,259)
Balances, June 30, 2022																			Balances, June 30, 2022	113,707,642	$	1,320	$	(1,585,678)	$	3,566,498	$	9,829	$	(2,601,331)	$	(609,362)	$	(764,892)	$	(1,374,254)


		For the Three Months Ended March 31, 2021																		For the Three Months Ended June 30, 2021
		Common stock																		Common stock
		Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' equity (deficit)		Noncontrolling interests		Total stockholders' deficit			Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' equity (deficit)		Noncontrolling interests		Total stockholders' deficit
Balances, January 1, 2021		107,888,336	$	1,235	$	(1,422,531)	$	2,598,115	$	3,604	$	(1,532,420)	$	(351,997)	$	(385,320)	$	(737,317)
Balances, April 1, 2021																			Balances, April 1, 2021	115,647,328	$	1,313	$	(1,426,887)	$	3,466,073	$	6,501	$	(1,813,317)	$	233,683	$	(436,622)	$	(202,939)
Net loss	Net loss	—	—		—		—		—		(280,978)		(280,978)		(55,201)		(336,179)		Net loss	—	—		—		—		—		(131,369)		(131,369)		(42,028)		(173,397)
Currency translation adjustment	Currency translation adjustment	—	—		—		—		2,897		—		2,897		1,135		4,032		Currency translation adjustment	—	—		—		—		(208)		—		(208)		(82)		(290)
Issuance of common stock, net of $17.7 million underwriter discounts, commissions and other expenses		7,475,000	75		—		841,824		—		—		841,899		—		841,899
Issuance of restricted stock	Issuance of restricted stock	335,285	3		—		5,899		—		—		5,902		370		6,272		Issuance of restricted stock	44,686	—		—		—		—		—		—		—		—
Cancellation of restricted stock	Cancellation of restricted stock	(13,099)	—		—		—		—		—		—		—		—		Cancellation of restricted stock	(6,435)	—		—		—		—		18		18		6		24
Shares repurchased by the Company and held as treasury shares	Shares repurchased by the Company and held as treasury shares	(38,194)	—		(4,356)		—		—		—		(4,356)		—		(4,356)		Shares repurchased by the Company and held as treasury shares	(1,596)	—		(207)		—		—		—		(207)		—		(207)
Cash dividends declared		—	—		—		—		—		81		81		9		90
Distribution to noncontrolling interest																			Distribution to noncontrolling interest	—	—		—		—		—		—		—		(6,479)		(6,479)
Subsidiary equity issuance																			Subsidiary equity issuance	—	—		—		(20,211)		—		—		(20,211)		25,371		5,160
Stock-based compensation	Stock-based compensation	—	—		—		20,235		—		—		20,235		2,385		22,620		Stock-based compensation	—	—		—		21,046		—		—		21,046		3,243		24,289
Balances, March 31, 2021		115,647,328	$	1,313	$	(1,426,887)	$	3,466,073	$	6,501	$	(1,813,317)	$	233,683	$	(436,622)	$	(202,939)
Balances, June 30, 2021																			Balances, June 30, 2021	115,683,983	$	1,313	$	(1,427,094)	$	3,466,908	$	6,293	$	(1,944,668)	$	102,752	$	(456,591)	$	(353,839)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

(in thousands, except share data)

(unaudited)


	For the Six Months Ended June 30, 2022
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders' deficit
Balances, January 1, 2022	115,714,943	$	1,314	$	(1,436,373)	$	3,502,715	$	6,004	$	(2,288,078)	$	(214,418)	$	(621,797)	$	(836,215)
Net loss	—	—		—		—		—		(313,375)		(313,375)		(154,657)		(468,032)
Currency translation adjustment	—	—		—		—		3,825		—		3,825		1,656		5,481
Issuance of restricted stock	597,236	7		—		9,281		—		—		9,288		—		9,288
Cancellation of restricted stock	(82,500)	(1)		—		1		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(2,522,037)	—		(149,305)		—		—		—		(149,305)		—		(149,305)
Distribution to noncontrolling interest	—	—		—		—		—		—		—		(16,523)		(16,523)
Contribution from noncontrolling interest	—	—		—		48,559		—		—		48,559		1,474		50,033
Subsidiary equity issuance	—	—		—		(16,750)		—		—		(16,750)		19,646		2,896
Stock-based compensation	—	—		—		22,692		—		122		22,814		5,309		28,123
Balances, June 30, 2022	113,707,642	$	1,320	$	(1,585,678)	$	3,566,498	$	9,829	$	(2,601,331)	$	(609,362)	$	(764,892)	$	(1,374,254)


	For the Six Months Ended June 30, 2021
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' equity (deficit)		Noncontrolling interests		Total stockholders' deficit
Balances, January 1, 2021	107,888,336	$	1,235	$	(1,422,531)	$	2,598,115	$	3,604	$	(1,532,420)	$	(351,997)	$	(385,320)	$	(737,317)
Net loss	—	—		—		—		—		(412,347)		(412,347)		(97,229)		(509,576)
Currency translation adjustment	—	—		—		—		2,689		—		2,689		1,053		3,742
Issuance of common stock, net of $17.7 million underwriter discounts, commissions and other expenses	7,475,000	75		—		841,821		—		—		841,896		—		841,896
Issuance of restricted stock	379,971	3		—		5,899		—		—		5,902		370		6,272
Cancellation of restricted stock	(19,534)	—		—		—		—		99		99		15		114
Shares repurchased by the Company and held as treasury shares	(39,790)	—		(4,563)		—		—		—		(4,563)		—		(4,563)
Distribution to noncontrolling interest	—	—		—		—		—		—		—		(6,479)		(6,479)
Subsidiary equity issuance	—	—		—		(20,211)		—		—		(20,211)		25,371		5,160
Stock-based compensation	—	—		—		41,284		—		—		41,284		5,628		46,912
Balances, June 30, 2021	115,683,983	$	1,313	$	(1,427,094)	$	3,466,908	$	6,293	$	(1,944,668)	$	102,752	$	(456,591)	$	(353,839)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


		Three Months Ended March 31,					Six Months Ended June 30,
		2022		2021			2022		2021
Cash flows from operating activities:	Cash flows from operating activities:					Cash flows from operating activities:
Net loss	Net loss	$	(254,610)	$	(336,179)	Net loss	$	(468,032)	$	(509,576)
Adjustments to reconcile net loss to net cash used in operating activities:	Adjustments to reconcile net loss to net cash used in operating activities:					Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	Depreciation and amortization	184,556		185,121		Depreciation and amortization	347,524		368,428
Deferred income taxes	Deferred income taxes	415		293		Deferred income taxes	429		(767)
Stock-based compensation expense	Stock-based compensation expense	13,900		24,346		Stock-based compensation expense	28,495		49,453
Amortization of debt issuance costs	Amortization of debt issuance costs	7,203		6,652		Amortization of debt issuance costs	14,588		13,241
Loss on extinguishment of debt	Loss on extinguishment of debt	—		1,322		Loss on extinguishment of debt	—		1,322
Provision for credit losses	Provision for credit losses	342		7,367		Provision for credit losses	(3,145)		7,808
Change in derivatives fair value	Change in derivatives fair value	(7,400)		(4,409)		Change in derivatives fair value	(8,962)		(5,381)
Property charges and other	Property charges and other	60,847		16,710		Property charges and other	97,855		16,808
Increase (decrease) in cash from changes in:	Increase (decrease) in cash from changes in:					Increase (decrease) in cash from changes in:
Receivables, net	Receivables, net	11,868		(22,947)		Receivables, net	15,833		(53,799)
Inventories, prepaid expenses and other	Inventories, prepaid expenses and other	(4,284)		(21,411)		Inventories, prepaid expenses and other	(10,450)		(35,819)
Customer deposits	Customer deposits	(11,435)		(131,336)		Customer deposits	(21,949)		(144,407)
Accounts payable and accrued expenses	Accounts payable and accrued expenses	(118,787)		20,565		Accounts payable and accrued expenses	(149,637)		65,882
Net cash used in operating activities	Net cash used in operating activities	(117,385)		(253,906)		Net cash used in operating activities	(157,451)		(226,807)
Cash flows from investing activities:	Cash flows from investing activities:					Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	Capital expenditures, net of construction payables and retention	(96,343)		(40,270)		Capital expenditures, net of construction payables and retention	(186,038)		(110,045)
Purchase of intangible and other assets	Purchase of intangible and other assets	(901)		(8,500)		Purchase of intangible and other assets	(9,375)		(15,741)
Proceeds from sale of assets and other	Proceeds from sale of assets and other	29		134		Proceeds from sale of assets and other	29		3,502
Net cash used in investing activities	Net cash used in investing activities	(97,215)		(48,636)		Net cash used in investing activities	(195,384)		(122,284)
Cash flows from financing activities:	Cash flows from financing activities:					Cash flows from financing activities:
Proceeds from issuance of long-term debt	Proceeds from issuance of long-term debt	—		50,084		Proceeds from issuance of long-term debt	—		50,058
Repayments of long-term debt	Repayments of long-term debt	(12,500)		(1,166,737)		Repayments of long-term debt	(25,000)		(1,205,099)
Proceeds from issuance of Wynn Resorts, Limited common stock	Proceeds from issuance of Wynn Resorts, Limited common stock	—		841,899		Proceeds from issuance of Wynn Resorts, Limited common stock	—		841,896
Repurchase of common stock	Repurchase of common stock	(11,667)		(4,356)		Repurchase of common stock	(149,305)		(4,563)
Proceeds from issuance of subsidiary common stock						Proceeds from issuance of subsidiary common stock	2,895		4,662
Proceeds from sale of additional interest in joint venture						Proceeds from sale of additional interest in joint venture	50,033		—
Distribution to noncontrolling interest						Distribution to noncontrolling interest	(16,523)		(6,479)
Dividends paid						Dividends paid	(1,291)		(388)
Finance lease payments	Finance lease payments	(4,443)		(3,881)		Finance lease payments	(8,602)		(7,784)
Distribution to noncontrolling interest		(9,279)		—
Contribution from noncontrolling interest		50,033		—
Dividends paid		(1,163)		(295)
Payments for debt financing costs		(109)		(2,154)
Net cash provided by (used in) financing activities		10,872		(285,440)
Payments for financing costs						Payments for financing costs	(3,113)		(2,152)
Net cash used in financing activities						Net cash used in financing activities	(150,906)		(329,849)
Effect of exchange rate on cash, cash equivalents and restricted cash	Effect of exchange rate on cash, cash equivalents and restricted cash	(925)		(1,131)		Effect of exchange rate on cash, cash equivalents and restricted cash	(3,590)		1,641
Cash, cash equivalents and restricted cash:	Cash, cash equivalents and restricted cash:					Cash, cash equivalents and restricted cash:
Decrease in cash, cash equivalents and restricted cash	Decrease in cash, cash equivalents and restricted cash	(204,653)		(589,113)		Decrease in cash, cash equivalents and restricted cash	(507,331)		(677,299)
Balance, beginning of period	Balance, beginning of period	2,531,067		3,486,384		Balance, beginning of period	2,531,067		3,486,384
Balance, end of period	Balance, end of period	$	2,326,414	$	2,897,271	Balance, end of period	$	2,023,736	$	2,809,085

Supplemental cash flow disclosures:	Supplemental cash flow disclosures:					Supplemental cash flow disclosures:
Cash paid for interest, net of amounts capitalized	Cash paid for interest, net of amounts capitalized	$	133,637	$	138,823	Cash paid for interest, net of amounts capitalized	$	292,218	$	294,011
Liability settled with shares of common stock	Liability settled with shares of common stock	$	9,287	$	6,272	Liability settled with shares of common stock	$	9,287	$	6,272
Accounts and construction payables related to property and equipment	Accounts and construction payables related to property and equipment	$	49,996	$	57,463	Accounts and construction payables related to property and equipment	$	47,305	$	66,701
Other liabilities related to intangible assets	Other liabilities related to intangible assets	$	5,501	$	13,748	Other liabilities related to intangible assets	$	5,586	$	13,796
Finance lease liabilities arising from obtaining finance lease assets	Finance lease liabilities arising from obtaining finance lease assets	$	1,119	$	7,423	Finance lease liabilities arising from obtaining finance lease assets	$	4,135	$	7,423

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 - Organization

Organization

Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, "Wynn Resorts" or the "Company"), is a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming.

In the Macau Special Administrative Region ("Macau") of the People's Republic of China ("PRC"), the Company owns approximately 72% of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas. Additionally, the Company is a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations. In Everett, Massachusetts, the Company owns 100% of and operates Encore Boston Harbor, an integrated resort. The Company also holds an approximately ~~74%~~85% interest in, and consolidates, Wynn Interactive Ltd. ("Wynn Interactive"), through which it operates online sports betting, ~~and~~ gaming, ~~businesses in the United States~~ and ~~the United Kingdom, as well as a~~ social casino ~~business.~~businesses.

Recent Developments Related to COVID-19

Macau Operations

Visitation to Macau has fallen significantly since the outbreak of COVID-19, driven by the strong deterrent effect of the COVID-19 pandemic on travel and social activities, quarantine measures put in place in Macau and elsewhere, travel and entry restrictions and conditions in Macau, the PRC, Hong Kong and Taiwan involving COVID-19 testing, and mandatory quarantine, among other things, and the suspension or reduced accessibility of transportation to and from Macau. Although there have been periods during which certain restrictions and conditions were eased by the Macau government to allow for greater visitation and quarantine-free travel to Macau, adverse conditions and evolving conditions created by and in response to the COVID-19 pandemic may cause these restrictions and conditions to be reintroduced. ~~The Company is currently unable~~For example, in response to ~~determine when~~an outbreak in Macau which initially commenced in mid-June 2022, the Macau government extended its COVID-19 containment measures, including the closures of casino operations in full as well as all non-essential business as of July 11, 2022, and the closure and the limiting of the opening hours and/or operational capacity of various areas and facilities in Macau. On July 23, 2022, casino operations at Wynn Palace and Wynn Macau resumed on a limited basis, and remain limited at the present time due to severely reduced visitation to Macau as a result of enhanced border controls. On August 2, 2022, the Macau government lifted most of the remaining enhanced COVID-19 restrictions which went into effect in June and July and limited non-gaming operations at Wynn Palace and Wynn Macau began to resume. Certain enhanced COVID-19 protective measures ~~and the suspension of certain offerings~~remain in effect at ~~our Macau Operations will be lifted.~~the present time with respect to gaming and non-gaming operations. Given the uncertainty around the extent and timing of the potential future spread or mitigation of COVID-19 and around the imposition or relaxation of ~~protective~~containment measures, management cannot predict whether future closures, in full or in part, will occur in our properties, and cannot reasonably estimate the impact to the Company's future results of operations, cash flows, or financial condition.

Liquidity

The COVID-19 pandemic has materially impacted and is likely to continue to materially impact our business, financial condition and results of operations. As of ~~March 31,~~June 30, 2022, the Company had total cash and cash equivalents, excluding restricted cash, of ~~$2.32~~$2.01 billion, and had access to $835.6 million of available borrowing capacity from the WRF Revolver and ~~$211.9~~$211.5 million of available borrowing capacity from the WM Cayman II Revolver. As a result of the negative impact the COVID-19 pandemic has had, and will likely continue to have, on our operating income, the Company has suspended its dividend program for the foreseeable future. Given the Company's liquidity position as of ~~March 31,~~June 30, 2022, the Company believes it will be able to support continuing operations and respond to the continuing impact of the COVID-19 pandemic and related economic disruptions.

Macau Gaming Concession

~~The term of the Company's gaming concession agreement with~~On June 23, 2022, Wynn Resorts (Macau) S.A. ("WRM") and the Macau government ~~ends on~~entered into a concession extension agreement (the "Concession Extension Agreement"), pursuant to which the expiration date of WRM's gaming concession was extended from June 26, 2022 to December 31, 2022. IfUnder the ~~term~~Concession Extension Agreement, WRM paid the Macau

Table of ~~this~~Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

government MOP47.0 million (approximately $6.0 million) as a contract premium for the extension, and by no later than September 23, 2022 will provide a first demand bank guarantee of not less than MOP1,210.0 million (approximately $150.0 million) in favor of the Macau government for securing the fulfillment of its labor liabilities upon the expiration of the Concession Extension Agreement.

In order to enable WRM to fulfill the relevant requirements to become eligible to obtain a concession extension, each of WRM and Palo Real Estate Company Limited ("Palo") (the land concessionaires of Wynn Macau and Wynn Palace, respectively) entered into a letter of undertaking, pursuant to which each of WRM and Palo has undertaken, pursuant to Article 40 of the Macau gaming law and Clause 43 of the concession agreement, ~~is not extended, renewed or replaced by a new gaming concession, all of the Company's gaming operations and related equipment in Macau will be automatically transferred~~to revert to the Macau government relevant gaming equipment and gaming areas at Wynn Macau and Wynn Palace, without compensation ~~on that date~~ and free of encumbrance upon the ~~Company will cease to generate gaming revenues from its Macau Operations. In addition, under~~expiration of the concession agreement term, as amended by the Concession Extension Agreement.

Under the indentures governing the Company’s $4.7 billion aggregate principal amount of WML Senior Notes and the facility agreement governing the WM Cayman II Revolver, upon the occurrence of any event after which the Company does not own or manage casino or gaming areas or operate casino games of fortune and chance in Macau in substantially the same manner and scope as of the issue date of the respective senior notes or the date of the facility agreement, for a period of 10 consecutive days or more

~~Table of Contents~~

~~WYNN RESORTS, LIMITED AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)~~

~~(unaudited)~~

in the case of the WML Senior Notes or a period of 30 consecutive days or more in the case of the WM Cayman II Revolver, and such event has a material adverse effect on the financial condition, business, properties or results of operations of WML and its subsidiaries, taken as a whole, holders of the WML Senior Notes can require the Company to repurchase all or any part of the WML Senior Notes at par, plus any accrued and unpaid interest (the ~~“Special~~"Special Put ~~Option”~~Option"), and any amounts owed under the WM Cayman II Revolver may become immediately due and payable (the ~~“Property~~"Property Mandatory Prepayment ~~Event”~~Event").

In ~~January~~June 2022, the Macau government published ~~a draft of its proposed revisions~~the amendments to the Macau gaming law ~~which is currently under review~~approved by the Macau Legislative Assembly. ~~On March 3, 2022,~~These amendments include, for example, the awarding of up to 6 gaming concessions with a term up to ten years with a maximum three-year extension possible, and an increase in the minimum capital requirement applicable to concession holders to MOP5.0 billion (approximately $625.0 million), an increase in the percentage of the share capital of the concessionaire that must be held by the local managing director to 15% from 10% and a prohibition on revenue sharing arrangements between gaming promoters and concession holders. The Macau government ~~announced its intention~~also published the administrative regulations and related documents in relation to extend the term of Macau’s six gaming concession and subconcession contracts until December 31, 2022 in order to ensure sufficient time to complete the amendment to the Macau gaming law and to conduct a public tender for the awarding of new gaming concessions ~~contracts. The Macau government invited Wynn Resorts (Macau) S.A. ("WRM") to submit a formal request for an extension along with a commitment to pay~~in July 2022. Upon the ~~Macau government approximately 47.0 million Macau pataca (MOP) (approximately $5.8 million)~~publication and ~~provided a bank guarantee to secure~~entry into force of the fulfillment of WRM’s payment obligations towards its employees should WRM be unsuccessful in tendering for a new concession contract after its concession expires. WRM submitted a request for an extension of its concession agreementrevised gaming law on ~~March 11,~~June 23, 2022, ~~which is subject to approval by~~ the ~~Macau government. The~~ Company is monitoring developments with respect to the Macau ~~government’s concession extension~~government's public tender process, including the adoption of additional administrative regulations, instructions, dispatches, and ~~renewal process,~~further adaptations to the current legal and regulatory system, and at this time believes that its concession agreement will be further extended, ~~and~~ renewed or replaced by a new gaming concession agreement beyond ~~June 26,~~December 31, 2022. However, it is possible the Macau government could further change or interpret the associated gaming laws in a manner that could negatively impact the Company.

If the Company is unable to further extend or renew its concession agreement or obtain a new gaming concession agreement, ~~and~~ an election by the WML Senior ~~Note~~Notes holders to exercise the Special Put Option and the triggering of the Property Mandatory Prepayment Event would have a material adverse effect on the ~~Company's~~Company’s business, financial condition, results of operations, and cash flows.

Note 2 - Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three and six months ended ~~March 31,~~June 30, 2022 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2022. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note ~~16,~~17, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements for the ~~first~~second quarter of 2021 have been reclassified to be consistent with the current quarter presentation. These reclassifications had no effect on the previously reported net loss or operating loss.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for credit losses, estimates regarding the useful lives and recoverability of the cost of long-lived assets, fair value estimates of intangible assets and their estimated useful lives, and litigation and contingency estimates.

~~Table of Contents~~

~~WYNN RESORTS, LIMITED AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)~~

~~(unaudited)~~

Gaming Taxes

The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations. These taxes totaled ~~$176.9~~$106.3 million and ~~$212.0~~$234.2 million for the three months ended ~~March 31,~~June 30, 2022 and 2021, respectively, and $283.2 million and $449.2 million for the six months ended June 30, 2022 and 2021, respectively.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates and, particularly, the planned cessation of the London Interbank Offered Rate (referred to as "LIBOR"), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. ASU 2020-04 also provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. ASU 2020-04 must be adopted no later than December 1, 2022 with early adoption permitted. The Company is currently assessing the impact the adoption of the new guidance will have on its consolidated financial statements.

Note 3 - Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):


		March 31, 2022		December 31, 2021			June 30, 2022		December 31, 2021
Cash and cash equivalents:	Cash and cash equivalents:					Cash and cash equivalents:
Cash (1)	Cash (1)	$	1,765,903	$	2,021,553	Cash (1)	$	1,298,200	$	2,021,553
Cash equivalents (2)	Cash equivalents (2)	551,449		500,977		Cash equivalents (2)	716,698		500,977
Total cash and cash equivalents	Total cash and cash equivalents	2,317,352		2,522,530		Total cash and cash equivalents	2,014,898		2,522,530
Restricted cash (3)	Restricted cash (3)	9,062		8,537		Restricted cash (3)	8,838		8,537
Total cash, cash equivalents and restricted cash	Total cash, cash equivalents and restricted cash	$	2,326,414	$	2,531,067	Total cash, cash equivalents and restricted cash	$	2,023,736	$	2,531,067
(1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan.	(1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan.					(1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 4 - Receivables, net

Accounts Receivable and Credit Risk

Receivables, net consisted of the following (in thousands):


		March 31, 2022		December 31, 2021			June 30, 2022		December 31, 2021
Casino	Casino	$	191,884	$	199,030	Casino	$	182,687	$	199,030
Hotel	Hotel	29,545		36,749		Hotel	31,719		36,749
Other	Other	65,679		75,003		Other	64,553		75,003
		287,108		310,782			278,959		310,782
Less: allowance for credit losses	Less: allowance for credit losses	(100,101)		(111,319)		Less: allowance for credit losses	(92,579)		(111,319)
		$	187,007	$	199,463		$	186,380	$	199,463

As of ~~March 31,~~June 30, 2022 and December 31, 2021, approximately ~~70.2%~~63.9% and 70.3%, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in the countries in which the Company's customers reside could affect the collectability of such receivables.

~~Table of Contents~~

~~WYNN RESORTS, LIMITED AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)~~

~~(unaudited)~~

The Company’s allowance for casino credit losses was ~~50.0%~~48.7% and 53.7% of gross casino receivables as of ~~March 31,~~June 30, 2022 and December 31, 2021, respectively. Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change. The Company’s allowance for credit losses from its hotel and other receivables is not material.

The following table shows the movement in the Company's allowance for credit losses recognized for receivables that occurred during the periods presented (in thousands):


		March 31,					June 30,
		2022		2021			2022		2021
Balance at beginning of year	Balance at beginning of year	$	111,319	$	100,329	Balance at beginning of year	$	111,319	$	100,329
Provision for credit losses	Provision for credit losses	342		7,367		Provision for credit losses	(3,145)		7,808
Write-offs	Write-offs	(11,720)		(5,653)		Write-offs	(16,894)		(10,490)
Recoveries of receivables previously written off	Recoveries of receivables previously written off	378		501		Recoveries of receivables previously written off	1,664		462
Effect of exchange rate	Effect of exchange rate	(218)		(132)		Effect of exchange rate	(365)		(66)
Balance at end of period	Balance at end of period	$	100,101	$	102,412	Balance at end of period	$	92,579	$	98,043

Note 5 - Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


		March 31, 2022		December 31, 2021			June 30, 2022		December 31, 2021
Buildings and improvements	Buildings and improvements	$	9,768,023	$	9,785,514	Buildings and improvements	$	9,832,607	$	9,785,514
Land and improvements	Land and improvements	1,281,292		1,278,010		Land and improvements	1,296,556		1,278,010
Furniture, fixtures and equipment	Furniture, fixtures and equipment	3,016,722		3,067,793		Furniture, fixtures and equipment	3,099,965		3,067,793
Airplanes	Airplanes	110,623		110,623		Airplanes	110,623		110,623
Construction in progress	Construction in progress	323,439		250,378		Construction in progress	194,914		250,378
		14,500,099		14,492,318			14,534,665		14,492,318
Less: accumulated depreciation	Less: accumulated depreciation	(5,829,372)		(5,727,010)		Less: accumulated depreciation	(5,938,012)		(5,727,010)
		$	8,670,727	$	8,765,308		$	8,596,653	$	8,765,308

As of ~~March 31,~~June 30, 2022, ~~and~~construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties, including reconfiguring the former Le Reve theater space at Wynn Las Vegas. As of December 31,

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

2021, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties, including the Wynn Las Vegas room ~~remodel.~~remodel, which was placed in service during the second quarter of 2022.

Depreciation expense for the three months ended ~~March 31,~~June 30, 2022 and 2021 was ~~$176.3~~$154.1 million and ~~$177.7~~$176.1 million, respectively, and depreciation expense for the six months ended June 30, 2022 and 2021 was $330.4 million and $353.9 million, respectively.

Encore Boston Harbor Real Estate Sale and Leaseback

On February 14, 2022, Wynn MA, LLC, the owner and operator of Encore Boston Harbor and an indirect, wholly owned subsidiary of WRL (“Wynn MA”), entered into a sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor. Upon closing of the related transactions, which ~~are~~is currently expected to take place in the fourth quarter of 2022 subject to the receipt of required regulatory approvals and customary closing conditions, the Company expects to receive cash consideration of approximately $1.7 billion in exchange for the sale of such real estate assets to an unrelated third party, and to concurrently enter into a master lease agreement whereby Wynn MA and certain of its affiliates will lease such real estate assets for the purpose of continuing to operate the Encore Boston Harbor property. The master lease agreement provides for an initial annual rent of $100.0 million for a term of 30 years with one 30-year renewal option, subject to certain annual rent escalations. The Company expects to use the cash proceeds from the sale of the real estate assets for general corporate purposes, which may include the repayment of certain debt obligations.

1113

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 6 - Goodwill and Intangible Assets, net

The following table shows the movement in the Company's goodwill ~~balance~~and intangible assets, net balances that occurred during the periods presented (in thousands):


		March 31,					June 30, 2022		December 31, 2021
Finite-lived intangible assets:						Finite-lived intangible assets:
Macau gaming concession						Macau gaming concession	$	5,964	$	42,300
Less: accumulated amortization						Less: accumulated amortization	—		(41,114)
		2022		2021			5,964		1,186

Massachusetts gaming license						Massachusetts gaming license	117,700		117,700
Less: accumulated amortization						Less: accumulated amortization	(23,714)		(19,791)
							93,986		97,909

Other finite-lived intangible assets						Other finite-lived intangible assets	62,244		76,317
Less: accumulated amortization						Less: accumulated amortization	(4,591)		(5,969)
							57,653		70,348

Total finite-lived intangible assets						Total finite-lived intangible assets	157,603		169,443

Indefinite-lived intangible assets:						Indefinite-lived intangible assets:
Water rights and other						Water rights and other	8,397		8,397
Total indefinite-lived intangible assets						Total indefinite-lived intangible assets	8,397		8,397

Goodwill:						Goodwill:
Balance at beginning of year	Balance at beginning of year	$	129,738	$	144,095	Balance at beginning of year	129,738		144,095
Foreign currency translation	Foreign currency translation	(961)		1,312		Foreign currency translation	(1,458)		(4,103)
Impairment	Impairment	(30,250)		—		Impairment	(37,761)		(10,254)
Balance at end of period	Balance at end of period	$	98,527	$	145,407	Balance at end of period	90,519		129,738

Total goodwill and intangible assets, net						Total goodwill and intangible assets, net	$	256,519	$	307,578

The finite-lived intangible asset pertaining to the Company's original Macau gaming concession was acquired in 2004 and was amortized over the 20 year life of the original concession, which expired on June 26, 2022. On June 23, 2022, a Concession Extension Agreement was entered into between the Macau Government and WRM, pursuant to which the gaming concession of WRM has been extended from June 26, 2022 to December 31, 2022, in exchange for a payment to the Macau government equivalent to $6.0 million. The Company expects that amortization of the Macau gaming concession will be $6.0 million for the second half of 2022.

The Massachusetts gaming license is a finite-lived intangible asset that is being amortized over the 15 year life of the license. The Company expects that amortization of the Massachusetts gaming license will be $3.9 million for the second half of 2022, $7.8 million each year from 2023 through 2033, and $3.8 million in 2034.

During the three months ended June 30, 2022, as a result of management's decision to cease the operations of Betbull Limited ("BetBull"), a subsidiary of Wynn Interactive, the Company impaired its trademark and customer list totaling $10.3 million and impaired the remaining balance of goodwill related to the BetBull reporting unit totaling $7.5 million.

During the three months ended March 31, 2022, as a result of changes in forecasts and other industry-specific factors, the Company identified interim indicators of impairment related to the goodwill assigned to the reporting units comprising Wynn

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Interactive. After revisiting the estimated fair value of those reporting units based on a combination of the income and market approaches, the Company recognized impairment of $30.3 ~~million, which~~million. Impairment of goodwill and intangible assets is recorded in Property charges and other in the accompanying Condensed Consolidated Statements of Operations.

Note 7 - Long-Term Debt

Long-term debt consisted of the following (in thousands):


		March 31, 2022		December 31, 2021			June 30, 2022		December 31, 2021
Macau Related:	Macau Related:					Macau Related:
WM Cayman II Revolver, due 2025 (1)	WM Cayman II Revolver, due 2025 (1)	$	1,283,922	$	1,287,766	WM Cayman II Revolver, due 2025 (1)	$	1,281,271	$	1,287,766
WML 4 7/8% Senior Notes, due 2024	WML 4 7/8% Senior Notes, due 2024	600,000		600,000		WML 4 7/8% Senior Notes, due 2024	600,000		600,000
WML 5 1/2% Senior Notes, due 2026	WML 5 1/2% Senior Notes, due 2026	1,000,000		1,000,000		WML 5 1/2% Senior Notes, due 2026	1,000,000		1,000,000
WML 5 1/2% Senior Notes, due 2027	WML 5 1/2% Senior Notes, due 2027	750,000		750,000		WML 5 1/2% Senior Notes, due 2027	750,000		750,000
WML 5 5/8% Senior Notes, due 2028	WML 5 5/8% Senior Notes, due 2028	1,350,000		1,350,000		WML 5 5/8% Senior Notes, due 2028	1,350,000		1,350,000
WML 5 1/8% Senior Notes, due 2029	WML 5 1/8% Senior Notes, due 2029	1,000,000		1,000,000		WML 5 1/8% Senior Notes, due 2029	1,000,000		1,000,000

U.S. and Corporate Related:	U.S. and Corporate Related:					U.S. and Corporate Related:
WRF Credit Facilities (2):	WRF Credit Facilities (2):					WRF Credit Facilities (2):
WRF Term Loan, due 2024	WRF Term Loan, due 2024	875,000		887,500		WRF Term Loan, due 2024	862,500		887,500
WLV 4 1/4% Senior Notes, due 2023	WLV 4 1/4% Senior Notes, due 2023	500,000		500,000		WLV 4 1/4% Senior Notes, due 2023	500,000		500,000
WLV 5 1/2% Senior Notes, due 2025	WLV 5 1/2% Senior Notes, due 2025	1,780,000		1,780,000		WLV 5 1/2% Senior Notes, due 2025	1,780,000		1,780,000
WLV 5 1/4% Senior Notes, due 2027	WLV 5 1/4% Senior Notes, due 2027	880,000		880,000		WLV 5 1/4% Senior Notes, due 2027	880,000		880,000
WRF 7 3/4% Senior Notes, due 2025	WRF 7 3/4% Senior Notes, due 2025	600,000		600,000		WRF 7 3/4% Senior Notes, due 2025	600,000		600,000
WRF 5 1/8% Senior Notes, due 2029	WRF 5 1/8% Senior Notes, due 2029	750,000		750,000		WRF 5 1/8% Senior Notes, due 2029	750,000		750,000
Retail Term Loan, due 2025 (3)	Retail Term Loan, due 2025 (3)	615,000		615,000		Retail Term Loan, due 2025 (3)	615,000		615,000
		11,983,922		12,000,266			11,968,771		12,000,266
Less: Unamortized debt issuance costs and original issue discounts and premium, net	Less: Unamortized debt issuance costs and original issue discounts and premium, net	(61,028)		(65,720)		Less: Unamortized debt issuance costs and original issue discounts and premium, net	(56,278)		(65,720)
		11,922,894		11,934,546			11,912,493		11,934,546
Less: Current portion of long-term debt	Less: Current portion of long-term debt	(50,000)		(50,000)		Less: Current portion of long-term debt	(544,632)		(50,000)
Total long-term debt, net of current portion	Total long-term debt, net of current portion	$	11,872,894	$	11,884,546	Total long-term debt, net of current portion	$	11,367,861	$	11,884,546

(1) The borrowings under the WM Cayman II Revolver bear interest at LIBOR or HIBOR plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated ~~basis.~~basis, subject to a floor on the interest rate margin of 2.625% per annum through June 30, 2023. Approximately $268.2 million and ~~$1.02~~$1.01 billion of the WM Cayman II Revolver bears interest at a rate of LIBOR plus 2.625% per year and HIBOR plus 2.625% per year, respectively. As of ~~March 31,~~June 30, 2022, the weighted average interest rate was approximately ~~2.96%~~3.66%. As of ~~March 31,~~June 30, 2022, the available borrowing capacity under the WM Cayman II Revolver was ~~$211.9~~$211.5 million. In July 2022, the Company drew $211.5 million on the WM Cayman II Revolver for general corporate purposes.

(2) The WRF Credit Facilities bear interest at a rate of LIBOR plus 1.75% per year. As of ~~March 31,~~June 30, 2022, the weighted average interest rate was approximately ~~2.21%~~3.42%. Additionally, as of ~~March 31,~~June 30, 2022, the available borrowing capacity under the WRF Revolver was $835.6 million, net of $14.4 million in outstanding letters of credit.

(3) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of ~~March 31,~~June 30, 2022, the effective interest rate was ~~2.70%~~2.76%.

~~Table of Contents~~

~~WYNN RESORTS, LIMITED AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)~~

~~(unaudited)~~

WM Cayman II Revolver Amendment

On May 5, 2022, WM Cayman II and its lenders agreed to waive certain financial covenants in the facility agreement under the WM Cayman II Revolver in respect of the relevant periods ending on the following applicable test dates: (a) June 30, 2022; (b) September 30, 2022; (c) December 31, 2022; and (d) March 31, 2023; and to provide for a floor on the interest rate margin of 2.625% per annum through June 30, 2023. WML, as guarantor, may be subject to certain restrictions on payments of dividends or distributions to its shareholders, unless certain financial criteria have been satisfied through the facility agreement.

Debt Covenant Compliance

As of ~~March 31,~~June 30, 2022, management believes the Company was in compliance with all debt covenants.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Fair Value of Long-Term Debt

The estimated fair value of the Company's long-term debt as of ~~March 31,~~June 30, 2022 and December 31, 2021, was approximately ~~$11.34~~$9.83 billion and $11.72 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of ~~$11.98~~$11.97 billion and $12.00 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).

Note 8 - Stockholders' Deficit

Equity Repurchase Program

In April 2016, the Company's Board of Directors authorized an equity repurchase program of up to $1.0 billion, which may include repurchases by the Company of its common stock from time to time through open market purchases, privately negotiated transactions, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. During the three and six months ended June 30, 2022, the Company repurchased 2,381,928 shares of its common stock at an average price of $57.70 per share, for an aggregate cost of $137.4 million under the equity repurchase program. Any shares repurchased pursuant to the equity repurchase program are held as treasury shares. During the three and six months ended June 30, 2021, no repurchases were made under the equity repurchase program. As of June 30, 2022, the Company had $662.7 million in repurchase authority remaining under the program.

Equity Offering

On February 11, 2021, the Company completed a registered public offering of 7,475,000 newly issued shares of its common stock, par value $0.01 per share, at a price of $115.00 per share for proceeds of $841.9 million, net of $17.7 million in underwriting discounts and commissions. The Company used the net proceeds from this equity offering for general corporate purposes, including the repayment of debt.

Noncontrolling Interests

Retail Joint Venture

During the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021, the Retail Joint Venture made aggregate distributions of approximately ~~$9.3~~$16.5 million ~~to its non-controlling interest holder. During the three months ended March 31, 2021, the Retail Joint Venture did not make any distributions~~and $6.5 million, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note ~~16,~~17, "Retail Joint Venture".

During the three ~~three~~ months ended March 31, 2022, in exchange for cash consideration of $50.0 million, the Company sold to Crown Acquisitions Inc. ("Crown") a 49.9% interest in certain additional retail space contributed by the Company to the Retail Joint Venture. In connection with this transaction, the Company recorded $48.6 million of additional paid-in capital and $1.5 million of noncontrolling interest, within Contribution from noncontrolling interest in the accompanying Condensed Consolidated Statement of Stockholders' Deficit for the ~~three~~six months ended ~~March 31,~~June 30, 2022.

1316

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 9 - Fair Value Measurements

The following tables present assets and liabilities carried at fair value (in thousands):


				Fair Value Measurements Using:									Fair Value Measurements Using:
		March 31, 2022		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)			June 30, 2022		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:	Assets:									Assets:
Cash equivalents	Cash equivalents	$	551,449	$	—	$	551,449	$	—	Cash equivalents	$	716,697	$	—	$	716,697	$	—
Restricted cash	Restricted cash	$	9,062	$	7,789	$	1,273	$	—	Restricted cash	$	8,838	$	7,660	$	1,178	$	—
Interest rate collar		$	2,670	$	—	$	2,670	$	—

Liabilities:
Interest rate collar	Interest rate collar	$	817	$	—	$	817	$	—	Interest rate collar	$	3,415	$	—	$	3,415	$	—

				Fair Value Measurements Using:									Fair Value Measurements Using:
		December 31, 2021		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)			December 31, 2021		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:	Assets:									Assets:
Cash equivalents	Cash equivalents	$	500,977	$	—	$	500,977	$	—	Cash equivalents	$	500,977	$	—	$	500,977	$	—
Restricted cash	Restricted cash	$	8,537	$	6,950	$	1,587	$	—	Restricted cash	$	8,537	$	6,950	$	1,587	$	—

Liabilities:	Liabilities:									Liabilities:
Interest rate collar	Interest rate collar	$	5,548	$	—	$	5,548	$	—	Interest rate collar	$	5,548	$	—	$	5,548	$	—

Note 10 - Customer Contract Liabilities

In providing goods and services to its customers, there is often a timing difference between the Company receiving cash and the Company recording revenue for providing services or holding events.

The Company's primary liabilities associated with customer contracts are as follows (in thousands):


		March 31, 2022		December 31, 2021		Increase / (decrease)		March 31, 2021		December 31, 2020		Increase / (decrease)			June 30, 2022		December 31, 2021		Increase / (decrease)		June 30, 2021		December 31, 2020		Increase / (decrease)
Casino outstanding chips and front money deposits (1)	Casino outstanding chips and front money deposits (1)	$	335,426	$	352,830	$	(17,404)	$	461,343	$	596,463	$	(135,120)	Casino outstanding chips and front money deposits (1)	$	325,187	$	352,830	$	(27,643)	$	431,536	$	596,463	$	(164,927)
Advance room deposits and ticket sales (2)	Advance room deposits and ticket sales (2)	60,150		55,438		4,712		40,062		29,224		10,838		Advance room deposits and ticket sales (2)	60,777		55,438		5,339		56,208		29,224		26,984
Other gaming-related liabilities (3)	Other gaming-related liabilities (3)	25,745		26,515		(770)		9,608		7,882		1,726		Other gaming-related liabilities (3)	25,272		26,515		(1,243)		10,333		7,882		2,451
Loyalty program and related liabilities (4)	Loyalty program and related liabilities (4)	37,355		34,695		2,660		24,967		22,736		2,231		Loyalty program and related liabilities (4)	38,360		34,695		3,665		29,260		22,736		6,524
		$	458,676	$	469,478	$	(10,802)	$	535,980	$	656,305	$	(120,325)		$	449,596	$	469,478	$	(19,882)	$	527,337	$	656,305	$	(128,968)

(1) Casino outstanding chips generally represent amounts owed to gaming promoters and customers for chips in their possession, and casino front money deposits represent funds deposited by customers before gaming play occurs. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and may be recognized as revenue or redeemed for cash in the future. As of ~~March 31,~~June 30, 2022 and December 31, 2021, the Company had no agreements in place with gaming promoters.

(2) Advance room deposits and ticket sales represent cash received in advance for goods or services to be provided in the future. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and will be recognized as revenue when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenue and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenue within one year.

(3) Other gaming-related liabilities generally represent unpaid wagers primarily in the form of unredeemed slot, race and sportsbook tickets or wagers for future sporting events. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.

(4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets and are expected to be recognized as revenue within one year of being earned by customers.

1417

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 11 - Stock-Based Compensation

The total compensation cost for stock-based compensation plans was recorded as follows (in thousands):


		Three Months Ended March 31,					Three months ended June 30,				Six months ended June 30,
		2022		2021			2022		2021		2022		2021
Casino	Casino	$	2,255	$	3,891	Casino	$	2,723	$	3,686	$	4,978	$	7,577
Rooms	Rooms	187		506		Rooms	215		403		401		909
Food and beverage	Food and beverage	362		1,150		Food and beverage	411		822		773		1,972
Entertainment, retail and other(1)	Entertainment, retail and other(1)	3,895		4,300		Entertainment, retail and other(1)	1,279		4,921		5,174		9,221
General and administrative	General and administrative	7,201		14,499		General and administrative	9,967		15,275		17,169		29,774
Total stock-based compensation expense	Total stock-based compensation expense	13,900		24,346		Total stock-based compensation expense	14,595		25,107		28,495		49,453
Total stock-based compensation capitalized	Total stock-based compensation capitalized	679		905		Total stock-based compensation capitalized	777		1,124		1,457		2,029
Total stock-based compensation costs	Total stock-based compensation costs	$	14,579	$	25,251	Total stock-based compensation costs	$	15,372	$	26,231	$	29,952	$	51,482

(1) For the three and six months ended June 30, 2021, reflects compensation cost of $1.4 million and $2.7 million, respectively, recognized in connection with the vesting of restricted stock performance awards.

Note 12 - Income Taxes

The Company recorded an income tax expense of ~~$1.1~~$0.7 million and ~~$0.5~~$0.7 million for the three months ended ~~March 31,~~June 30, 2022 and 2021, respectively and an income tax expense of $1.9 million and $1.2 million for the six months ended June 30, 2022 and 2021, respectively. I~~ncome~~Income tax expense in both periods primarily related to the Macau dividend tax agreement that provides for an annual payment as complementary tax otherwise due by stockholders of WRM.

In March 2021, the Company received an extension of its Macau dividend tax agreement, providing for a payment of ~~MOP 12.8~~MOP12.8 million (approximately $1.6 million) for 2021 and ~~MOP 6.3~~MOP6.3 million (approximately $0.8 million) for the period ~~ending~~ended June 26, 2022.

The Company records valuation allowances on certain of its U.S. and foreign deferred tax assets. The Company continues to rely solely on the reversal of net taxable temporary differences in assessing a need for a valuation allowance.

In April 2020, WRM received an extension of the exemption from Macau’s 12% Complementary Tax on casino gaming profits earned from January 1, 2021 to June 26, 2022. In June 2022, WRM requested an extension of the exemption from Complementary Tax on casino gaming profits.

For the three and six months ended ~~March 31,~~June 30, 2022 and 2021, the Company did not have any casino gaming profits exempt from the Macau Complementary Tax. The Company's non-gaming profits remain subject to the Macau Complementary Tax and its casino winnings remain subject to the Macau special gaming tax and other levies in accordance with its gaming concession agreement.

In March 2021, the Financial Services Bureau concluded its review of the 2017 and 2018 Macau income tax returns of Palo Real Estate Company Limited, a subsidiary of WRM, with no changes.

In January 2022, the Financial Services Bureau issued final tax assessments for WRM for the year 2017 and 2018. While no additional tax was due, adjustments were made to WRM's tax loss carryforwards.

In March 2022, the Financial Services Bureau commenced examination of Palo’s 2019 and 2020 Macau Complementary Tax returns.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 13 - Earnings Per Share

Basic earnings per share ("EPS") is computed by dividing net loss attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net loss attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive. Potentially dilutive securities include outstanding stock options and unvested restricted stock.

~~Table of Contents~~

~~WYNN RESORTS, LIMITED AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)~~

~~(unaudited)~~

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts):


		Three Months Ended March 31,					Three months ended June 30,				Six months ended June 30,
		2022		2021			2022		2021		2022		2021
Numerator:	Numerator:					Numerator:
Net loss attributable to Wynn Resorts, Limited	Net loss attributable to Wynn Resorts, Limited	$	(183,324)	$	(280,978)	Net loss attributable to Wynn Resorts, Limited	$	(130,051)	$	(131,369)	$	(313,375)	$	(412,347)

Denominator:	Denominator:					Denominator:
Weighted average common shares outstanding	Weighted average common shares outstanding	115,030		111,020		Weighted average common shares outstanding	114,471		114,545		114,749		112,792
Potential dilutive effect of stock options, nonvested, and performance nonvested shares	Potential dilutive effect of stock options, nonvested, and performance nonvested shares	—		—		Potential dilutive effect of stock options, nonvested, and performance nonvested shares	—		—		—		—
Weighted average common and common equivalent shares outstanding	Weighted average common and common equivalent shares outstanding	115,030		111,020		Weighted average common and common equivalent shares outstanding	114,471		114,545		114,749		112,792

Net loss attributable to Wynn Resorts, Limited per common share, basic	Net loss attributable to Wynn Resorts, Limited per common share, basic	$	(1.59)	$	(2.53)	Net loss attributable to Wynn Resorts, Limited per common share, basic	$	(1.14)	$	(1.15)	$	(2.73)	$	(3.66)
Net loss attributable to Wynn Resorts, Limited per common share, diluted	Net loss attributable to Wynn Resorts, Limited per common share, diluted	$	(1.59)	$	(2.53)	Net loss attributable to Wynn Resorts, Limited per common share, diluted	$	(1.14)	$	(1.15)	$	(2.73)	$	(3.66)

Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share	Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share	825		1,235		Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share	975		1,129		975		1,129

Note 14 - Leases

Lessor Arrangements

The following table presents the minimum and contingent operating lease income for the periods presented (in thousands):


		Three Months Ended March 31,					Three months ended June 30,				Six months ended June 30,
		2022		2021			2022		2021		2022		2021
Minimum rental income	Minimum rental income	$	24,601	$	22,738	Minimum rental income	$	37,233	$	25,218	$	61,834	$	47,957
Contingent rental income	Contingent rental income	20,623		26,006		Contingent rental income	14,092		30,110		34,715		56,115
Total rental income	Total rental income	$	45,224	$	48,744	Total rental income	$	51,325	$	55,328	$	96,549	$	104,072

Note 15 - Related Party Transactions

Home Purchase

In 2022, Linda Chen, President and Executive Director of WRM exercised an option to purchase a home provided by the Company for her use for no consideration, as provided by the terms of her employment agreement. Based on a third-party appraisal as of the date of option exercise, the estimated fair value of the home is $6.4 million. The home purchase is expected to close during the second half of 2022.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 1516 - Commitments and Contingencies

Litigation

In addition to the actions noted below, the Company and its affiliates are involved in litigation arising in the normal course of business. In the opinion of management, such litigation is not expected to have a material effect on the Company's financial condition, results of operations, and cash flows.

Macau Litigation Related to Dore

WRM has been named as a defendant in lawsuits filed in the Macau Court of First Instance by individuals who claim to be investors in or persons with credit in accounts maintained by Dore Entertainment Company Limited ~~(“Dore”~~("Dore"), an independent, Macau registered and licensed company that operated a gaming promoter business at Wynn Macau. In connection with the alleged theft, embezzlement, fraud and/or other crime(s) perpetrated by a former employee of Dore (the “Dore Incident”), the plaintiffs of the lawsuits allege that Dore failed to honor withdrawal of funds deposited with Dore as investments or gaming deposits that allegedly resulted in certain losses for these individuals. The principal allegations common to the lawsuits are that WRM, as a gaming concessionaire, should be held responsible for Dore’s conduct on the basis that WRM is responsible for the supervision of Dore’s activities at Wynn Macau that resulted in the purported losses.

~~Table of Contents~~

~~WYNN RESORTS, LIMITED AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)~~

~~(unaudited)~~

On November 19, 2021, the Macau Court of Final Appeal issued a final ruling (the “Ruling”) with respect to one such lawsuit that WRM was held jointly liable to a plaintiff. Pursuant to the Ruling, WRM was required to pay approximately $1.2 million, inclusive of accumulated interest, to such plaintiff.

The Company believes most remaining cases are without merit and unfounded and intends to vigorously defend against the remaining claims pleaded against WRM in these lawsuits. The Company has made estimates for potential litigation costs based upon its assessment of the likely outcome and has recorded provisions for such amounts in the accompanying condensed consolidated financial statements. No assurances can be provided as to the outcome of the pending Dore cases, and actual results may differ from these estimates.

Securities Action

On February 20, 2018, a putative securities class action was filed against the Company and certain current and former officers of the Company in the United States District Court, Southern District of New York (which was subsequently transferred to the United States District Court, District of Nevada) by John V. Ferris and Joann M. Ferris on behalf of all persons who purchased the Company's common stock between February 28, 2014 and January 25, 2018. The complaint alleges, among other things, certain violations of federal securities laws and seeks to recover unspecified damages as well as attorneys' fees, costs and related expenses for the plaintiffs. On April 15, 2019, the Company filed a motion to dismiss, which the court granted on May 27, 2020, with leave to amend. On July 1, 2020, the plaintiffs filed an amended complaint. On August 14, 2020, the Company filed a motion to dismiss the amended complaint. On July 28, 2021, the court granted in part, and denied in part, the Company's motion to dismiss the amended complaint, dismissing certain of plaintiffs' claims, including all claims against Mr. Billings and the individual directors, and allowing other claims to proceed against the Company and several of the Company's former executive officers, including Mr. Maddox, Stephen A. Wynn, Kimmarie Sinatra, and Steven Cootey.

The defendants in this action intend to vigorously defend against the claims pleaded against them. This action is in the preliminary stages and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these actions or reasonably estimate the range of possible loss, if any.

Federal Investigation

From time to time, the Company receives regulatory inquiries about compliance with anti-money laundering laws. The Company received requests for information from the U.S. Attorney’s Office for the Southern District of California relating to its anti-money laundering policies and procedures, and beginning in 2020 received several grand jury subpoenas regarding various transactions at Wynn Las Vegas relating to certain patrons and agents who reside or operate in foreign jurisdictions. The Company continues to cooperate with the U.S. Attorney's Office in its investigation, which remains ongoing. Because no charges or claims have been brought, the Company is unable to predict the outcome of the investigation, the extent of the materiality of the outcome, or reasonably estimate the possible range of loss, if any, which could be associated with the resolution of any possible charges or claims that may be brought against the Company.

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 1617 - Retail Joint Venture

As of ~~March 31,~~June 30, 2022 and December 31, 2021, the Retail Joint Venture had total assets of ~~$95.3~~$96.2 million and $98.0 million, respectively, and total liabilities of ~~$619.2~~$618.8 million and $624.4 million, respectively. As of ~~March 31,~~June 30, 2022 and December 31, 2021, the Retail Joint Venture's liabilities included long-term debt of ~~$613.0~~$613.2 million and $612.9 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

Note 1718 - Segment Information

The Company has identified its reportable segments based on factors such as geography, regulatory environment, the information reviewed by its chief operating decision maker, and the Company's organizational and management reporting structure.

~~Table of Contents~~

~~WYNN RESORTS, LIMITED AND SUBSIDIARIES~~

~~NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)~~

~~(unaudited)~~

The Company has identified the following reportable segments: (i) Wynn Macau, representing the aggregate of Wynn Macau and Encore, an expansion at Wynn Macau, which are managed as a single integrated resort; (ii) Wynn Palace; (iii) Las Vegas Operations, representing the aggregate of Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture, which are managed as a single integrated resort; (iv) Encore Boston Harbor; and (v) Wynn Interactive. For geographical reporting purposes, Wynn Macau, Wynn Palace, and Other Macau (which represents the assets of the Company's Macau holding company and other ancillary entities) have been aggregated into Macau Operations.

The following tables present the Company's segment information (in thousands):

Three Months Ended March 31,
2022 2021
Operating revenues
Macau Operations:
Wynn Palace
Casino $ 114,413 $ 185,909
Rooms 13,831 17,012
Food and beverage 11,443 11,672
Entertainment, retail and other (1)
23,638 22,733
163,325 237,326
Wynn Macau
Casino 102,430 138,927
Rooms 9,390 14,702
Food and beverage 8,386 7,433
Entertainment, retail and other (1)
14,894 18,589
135,100 179,651
            Total Macau Operations 298,425 416,977
Las Vegas Operations:
Casino 124,271 79,903
Rooms 131,466 39,761
Food and beverage 136,029 40,077
Entertainment, retail and other (1)
49,420 18,975
             Total Las Vegas Operations 441,186 178,716
Encore Boston Harbor:
Casino 148,748 111,479
Rooms 15,689 4,715
Food and beverage 18,162 9,327
Entertainment, retail and other (1)
8,197 4,569
            Total Encore Boston Harbor 190,796 130,090
Wynn Interactive:
Entertainment, retail and other 22,927 10,899
           Total Wynn Interactive 22,927 10,899
Total operating revenues $ 953,334 $ 736,682

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating revenues
Macau Operations:
Wynn Palace
Casino	$	27,194	$	212,067	$	141,607	$	397,976
Rooms	7,008		20,883		20,839		37,895
Food and beverage	6,857		13,805		18,300		25,477
Entertainment, retail and other (1)	17,592		23,616		41,230		46,349
	58,651		270,371		221,976		507,697
Wynn Macau
Casino	39,959		142,419		142,389		281,346
Rooms	4,762		13,427		14,152		28,129
Food and beverage	5,231		8,559		13,617		15,992
Entertainment, retail and other (1)	8,631		19,623		23,525		38,212
	58,583		184,028		193,683		363,679
Total Macau Operations	117,234		454,399		415,659		871,376

Las Vegas Operations:
Casino	135,345		112,775		259,616		192,678
Rooms	167,116		93,785		298,582		133,546
Food and beverage	196,627		112,858		332,656		152,935
Entertainment, retail and other (1)	61,981		35,648		111,401		54,623
Total Las Vegas Operations	561,069		355,066		1,002,255		533,782

Encore Boston Harbor:
Casino	157,087		135,485		305,835		246,964
Rooms	22,412		9,670		38,101		14,385
Food and beverage	21,101		13,920		39,263		23,247
Entertainment, retail and other (1)	9,554		6,166		17,751		10,735
Total Encore Boston Harbor	210,154		165,241		400,950		295,331

Wynn Interactive:
Entertainment, retail and other	20,375		15,407		43,302		26,306
Total Wynn Interactive	20,375		15,407		43,302		26,306

Total operating revenues	$	908,832	$	990,113	$	1,862,166	$	1,726,795

1822

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)


		Three Months Ended March 31,					Three months ended June 30,				Six months ended June 30,
		2022		2021			2022		2021		2022		2021
Adjusted Property EBITDA (2)	Adjusted Property EBITDA (2)					Adjusted Property EBITDA (2)
Macau Operations:	Macau Operations:					Macau Operations:
Wynn Palace	Wynn Palace	$	(864)	$	27,369	Wynn Palace	$	(49,950)	$	53,555	$	(50,814)	$	80,924
Wynn Macau	Wynn Macau	(4,682)		16,556		Wynn Macau	(40,390)		14,086		(45,072)		30,642
Total Macau Operations	Total Macau Operations	(5,546)		43,925		Total Macau Operations	(90,340)		67,641		(95,886)		111,566
Las Vegas Operations	Las Vegas Operations	159,378		28,081		Las Vegas Operations	226,706		133,222		386,084		161,303
Encore Boston Harbor	Encore Boston Harbor	55,250		30,363		Encore Boston Harbor	63,746		46,916		118,996		77,279
Wynn Interactive	Wynn Interactive	(31,501)		(43,469)		Wynn Interactive	(20,953)		(40,899)		(52,454)		(84,368)
Total	Total	177,581		58,900		Total	179,159		206,880		356,740		265,780
Other operating expenses	Other operating expenses					Other operating expenses
Pre-opening	Pre-opening	2,447		1,627		Pre-opening	4,502		2,495		6,949		4,122
Depreciation and amortization	Depreciation and amortization	184,556		185,121		Depreciation and amortization	162,968		183,307		347,524		368,428
Property charges and other	Property charges and other	45,720		5,617		Property charges and other	26,909		5,651		72,629		11,268
Corporate expenses and other	Corporate expenses and other	25,823		17,921		Corporate expenses and other	22,213		19,841		48,036		37,762
Stock-based compensation	Stock-based compensation	13,900		24,346		Stock-based compensation	14,595		25,107		28,495		49,453
Total other operating expenses	Total other operating expenses	272,446		234,632		Total other operating expenses	231,187		236,401		503,633		471,033
Operating loss	Operating loss	(94,865)		(175,732)		Operating loss	(52,028)		(29,521)		(146,893)		(205,253)
Other non-operating income and expenses	Other non-operating income and expenses					Other non-operating income and expenses
Interest income	Interest income	1,280		904		Interest income	2,691		720		3,971		1,624
Interest expense, net of amounts capitalized	Interest expense, net of amounts capitalized	(152,158)		(152,852)		Interest expense, net of amounts capitalized	(154,830)		(150,424)		(306,988)		(303,276)
Change in derivatives fair value	Change in derivatives fair value	7,400		4,409		Change in derivatives fair value	1,562		972		8,962		5,381
Loss on extinguishment of debt	Loss on extinguishment of debt	—		(1,322)		Loss on extinguishment of debt	—		—		—		(1,322)
Other	Other	(15,127)		(11,093)		Other	(10,099)		5,553		(25,226)		(5,540)
Total other non-operating income and expenses	Total other non-operating income and expenses	(158,605)		(159,954)		Total other non-operating income and expenses	(160,676)		(143,179)		(319,281)		(303,133)
Loss before income taxes	Loss before income taxes	(253,470)		(335,686)		Loss before income taxes	(212,704)		(172,700)		(466,174)		(508,386)
Provision for income taxes	Provision for income taxes	(1,140)		(493)		Provision for income taxes	(718)		(697)		(1,858)		(1,190)
Net loss	Net loss	(254,610)		(336,179)		Net loss	(213,422)		(173,397)		(468,032)		(509,576)
Net loss attributable to noncontrolling interests	Net loss attributable to noncontrolling interests	71,286		55,201		Net loss attributable to noncontrolling interests	83,371		42,028		154,657		97,229
Net loss attributable to Wynn Resorts, Limited	Net loss attributable to Wynn Resorts, Limited	$	(183,324)	$	(280,978)	Net loss attributable to Wynn Resorts, Limited	$	(130,051)	$	(131,369)	$	(313,375)	$	(412,347)

(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases".

(2) "Adjusted Property EBITDA" is net loss before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. The Company uses Adjusted Property EBITDA to manage the operating results of its segments. Adjusted Property EBITDA 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 EBITDA 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. The Company also presents Adjusted Property EBITDA 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 EBITDA 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 EBITDA 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 EBITDA should not be considered as an alternative to operating income as an indicator of the Company's 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 loss, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, the Company's calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

1923

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)


		March 31, 2022		December 31, 2021			June 30, 2022		December 31, 2021
Assets	Assets					Assets
Macau Operations:	Macau Operations:					Macau Operations:
Wynn Palace	Wynn Palace	$	3,053,611	$	3,122,424	Wynn Palace	$	2,981,546	$	3,122,424
Wynn Macau	Wynn Macau	894,110		1,032,521		Wynn Macau	765,591		1,032,521
Other Macau	Other Macau	1,096,243		1,173,913		Other Macau	1,016,683		1,173,913
Total Macau Operations	Total Macau Operations	5,043,964		5,328,858		Total Macau Operations	4,763,820		5,328,858
Las Vegas Operations	Las Vegas Operations	3,084,201		3,063,897		Las Vegas Operations	3,134,626		3,063,897
Encore Boston Harbor	Encore Boston Harbor	2,147,869		2,193,117		Encore Boston Harbor	2,123,807		2,193,117
Wynn Interactive	Wynn Interactive	238,829		287,805		Wynn Interactive	268,341		287,805
Corporate and other	Corporate and other	1,664,447		1,657,149		Corporate and other	1,497,937		1,657,149
Total	Total	$	12,179,310	$	12,530,826	Total	$	11,788,531	$	12,530,826

2024

Table of Contents

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with, and is qualified in its entirety by, the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Form 10-Q and the audited consolidated financial statements appearing in our annual report on Form 10-K for the year ended December 31, 2021. Unless the context otherwise requires, all references herein to the "Company," "we," "us," or "our," or similar terms, refer to Wynn Resorts, Limited, a Nevada corporation, and its consolidated subsidiaries. This discussion and analysis contains forward-looking statements. Please refer to the section below entitled "Forward-Looking Statements."

Forward-Looking Statements

We make forward-looking statements in this Quarterly Report on Form 10-Q based upon the beliefs and assumptions of our management and on information currently available to us. Forward-looking statements include, but are not limited to, information about our business strategy, development activities, competition and possible or assumed future results of operations, throughout this report and are often preceded by, followed by or include the words "may," "will," "should," "would," "could," "believe," "expect," "anticipate," "estimate," "intend," "plan," "continue" or the negative of these terms or similar expressions.

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 the risks and uncertainties in Item 1A — "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2021 and other factors we describe from time to time in our periodic filings with the Securities and Exchange Commission ("SEC"), such as:

•extensive regulation of our business and the cost of compliance or failure to comply with applicable laws and regulations;

•pending or future claims and legal proceedings, regulatory or enforcement actions or probity investigations;

•our ability to maintain our gaming licenses and concessions, including the renewal or extension of the concession in Macau that expires on ~~June 26,~~December 31, 2022 and the ~~proposed~~ amendments to the Macau gaming law;

•our dependence on key employees;

•general global political and economic conditions, in the U.S. and China (including the Chinese government's ongoing anti-corruption campaign), which may impact levels of travel, leisure, and consumer spending;

•restrictions or conditions on visitation by citizens of PRC and other regions to Macau;

•the impact on the travel and leisure industry from factors such as an outbreak of an infectious disease, including the COVID-19 pandemic, public incidents of violence, riots, demonstrations, extreme weather patterns or natural disasters, military conflicts, civil unrest, and any future security alerts and/or terrorist attacks;

•doing business in foreign locations such as Macau;

•our ability to maintain our customer relationships and collect and enforce gaming receivables;

•our dependence on a limited number of resorts and locations for all of our cash flow and our subsidiaries' ability to pay us dividends and distributions;

•competition in the casino/hotel and resort industries and actions taken by our competitors, including new development and construction activities of competitors;

•factors affecting the development and success of new gaming and resort properties (such as limited labor resources, government labor and gaming policies, transportation infrastructure, supply chain disruptions, cost increases, environmental regulation, and our ability to secure necessary permits and approvals);

•construction risks (including disputes with and defaults by contractors and subcontractors; construction, equipment or staffing problems; shortages of materials or skilled labor; environment, health and safety issues; and unanticipated cost increases);

•legalization and growth of gaming in other jurisdictions;

•any violations by us of the anti-money laundering laws or Foreign Corrupt Practices Act;

•adverse incidents or adverse publicity concerning our resorts or our corporate responsibilities;

•changes in gaming laws or regulations;

•changes in federal, foreign, or state tax laws or the administration of such laws;

•continued compliance with all provisions in our debt agreements;

•conditions precedent to funding under our credit facilities;

•leverage and debt service (including sensitivity to fluctuations in interest rates);

2125

Table of Contents

•cybersecurity risk, including cyber and physical security breaches, system failure, computer viruses, and negligent or intentional misuse by customers, company employees, or employees of third-party vendors;

•our ability to protect our intellectual property rights; and

•our current and future insurance coverage levels.

Further information on potential factors that could affect our financial condition, results of operations and business are included in this report and our other filings with the SEC. You should not place undue reliance on any forward-looking statements, which are based only on information available to us at the time this statement is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

We are a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community. Through our approximately 72% ownership of Wynn Macau, Limited ("WML"), we operate two integrated resorts in the Macau Special Administrative Region ("Macau") of the People's Republic of China ("PRC"), Wynn Palace and Wynn Macau (collectively, our "Macau Operations"). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn Las Vegas. Additionally, we are a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). We refer to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as our Las Vegas Operations. In Everett, Massachusetts, we own 100% of and ~~operates~~operate Encore Boston Harbor, an integrated resort. We also hold an approximately ~~74%~~85% interest in, and consolidate, Wynn Interactive Ltd. ("Wynn Interactive"), through which we operate online sports betting, ~~and~~ gaming, ~~businesses in the United States~~ and ~~the United Kingdom, as well as a~~ social casino ~~business.~~businesses.

Recent Developments Related to COVID-19

Macau Operations

Visitation to Macau has fallen significantly since the outbreak of COVID-19, driven by the strong deterrent effect of the COVID-19 pandemic on travel and social activities, quarantine measures put in place in Macau and elsewhere, travel and entry restrictions and conditions in Macau, the PRC, Hong Kong and Taiwan involving COVID-19 testing, and mandatory quarantine, among other things, and the suspension or reduced accessibility of transportation to and from Macau. Although there have been periods during which certain restrictions and conditions were eased by the Macau government to allow for greater visitation and quarantine-free travel to Macau, adverse conditions and evolving conditions created by and in response to the COVID-19 pandemic may cause these restrictions and conditions to be reintroduced. ~~We are currently unable~~For example, in response to ~~determine when~~an outbreak in Macau which initially commenced in mid-June 2022, the Macau government extended its COVID-19 containment measures, including the closures of casino operations in full as well as all non-essential business as of July 11, 2022, and the closure and the limiting of the opening hours and/or operational capacity of various areas and facilities in Macau. On July 23, 2022, casino operations at Wynn Palace and Wynn Macau resumed on a limited basis, and remain limited at the present time due to severely reduced visitation to Macau as a result of enhanced border controls. On August 2, 2022, the Macau government lifted most of the remaining enhanced COVID-19 restrictions which went into effect in June and July and limited non-gaming operations at Wynn Palace and Wynn Macau began to resume. Certain enhanced COVID-19 protective measures ~~and the suspension of certain offerings~~remain in effect at ~~our Macau Operations will be lifted.~~the present time with respect to gaming and non-gaming operations. Given the uncertainty around the extent and timing of the potential future spread or mitigation of COVID-19 and around the imposition or relaxation of ~~protective~~containment measures, management cannot predict whether future closures, in full or in part, will occur in our properties, and cannot reasonably estimate the impact to our future results of operations, cash flows, or financial condition.

Macau Gaming Concession

~~The term of our gaming concession agreement with~~On June 23, 2022, Wynn Resorts (Macau) S.A. ("WRM") and the Macau government ~~ends on~~entered into a concession extension agreement (the "Concession Extension Agreement"), pursuant to which the expiration date of WRM's gaming concession was extended from June 26, 2022 to December 31, 2022. IfUnder the ~~term~~Concession Extension Agreement, WRM paid the Macau government MOP47.0 million (approximately $6.0 million) as a contract premium for the extension, and by no later than September 23, 2022 will provide a first demand bank guarantee of ~~this~~not less than MOP1,210.0 million (approximately $150.0 million) in favor of the Macau government for securing the fulfillment of its labor liabilities upon the expiration of the Concession Extension Agreement.

Table of Contents

In order to enable WRM to fulfill the relevant requirements to become eligible to obtain a concession extension, each of WRM and Palo Real Estate Company Limited ("Palo") (the land concessionaires of Wynn Macau and Wynn Palace, respectively) entered into a letter of undertaking, pursuant to which each of WRM and Palo has undertaken, pursuant to Article 40 of the Macau gaming law and Clause 43 of the concession agreement, ~~is not extended, renewed, or replaced by a new gaming concession, all of our gaming operations and related equipment in Macau will be automatically transferred~~to revert to the Macau government relevant gaming equipment and gaming areas at Wynn Macau and Wynn Palace, without compensation ~~on that date~~ and ~~we will cease to generate gaming revenues from its Macau Operations. In addition, under~~free of encumbrance upon the expiration of the concession agreement term, as amended by the Concession Extension Agreement.

Under the indentures governing our $4.7 billion aggregate principal amount of WML Senior Notes and the facility agreement governing the WM Cayman II Revolver, upon the occurrence of any event after which we do not own or manage casino or gaming areas or operate casino games of fortune and chance in Macau in substantially the same manner and scope as of the issue date of the respective senior notes or the date of the facility agreement, for a period of 10 consecutive days or more in the case of the WML Senior Notes or a period of 30 consecutive days or more in the case of the WM Cayman II Revolver, and such event has a material adverse effect on the financial condition, business, properties or results of operations of WML and its subsidiaries, taken as a whole, holders of the WML Senior Notes can require us to repurchase all or any part of the WML Senior Notes at par, plus any accrued and unpaid interest (the ~~“Special~~"Special Put ~~Option”~~Option"), and any amounts owed under the WM Cayman II Revolver may become immediately due and payable (the ~~“Property~~"Property Mandatory Prepayment ~~Event”~~Event").

~~Table of Contents~~

In ~~January~~June 2022, the Macau government published ~~a draft of its proposed revisions~~the amendments to the Macau gaming law ~~which is currently under review~~approved by the Macau Legislative Assembly. ~~On March 3, 2022,~~These amendments include, for example, the awarding of up to six gaming concessions with a term up to ten years with a maximum three-year extension possible, and an increase in the minimum capital requirement applicable to concession holders to MOP5.0 billion (approximately $625.0 million), an increase in the percentage of the share capital of the concessionaire that must be held by the local managing director to 15% from 10% and a prohibition on revenue sharing arrangements between gaming promoters and concession holders. The Macau government ~~announced its intention~~also published the administrative regulations and related documents in relation to extend the term of Macau’s six gaming concession and subconcession contracts until December 31, 2022 in order to ensure sufficient time to complete the amendment to the Macau gaming law and to conduct a public tender for the awarding of new gaming concessions ~~contracts. The Macau government invited Wynn Resorts (Macau) S.A. ("WRM") to submit a formal request for an extension along with a commitment to pay~~in July 2022. Upon the ~~Macau government approximately 47.0 million Macau pataca (MOP) (approximately $5.8 million)~~publication and ~~provided a bank guarantee to secure~~entry into force of the fulfillment of WRM’s payment obligations towards its employees should WRM be unsuccessful in tendering for a new concession contract after its concession expires. WRM submitted a request for an extension of its concession agreementrevised gaming law on ~~March 11,~~June 23, 2022, ~~which is subject to approval by the Macau government. We~~we are monitoring developments with respect to the Macau ~~government’s concession extension~~government's public tender process, including the adoption of additional administrative regulations, instructions, dispatches, and ~~renewal process,~~further adaptations to the current legal and regulatory system, and at this time believe that our concession agreement will be further extended, ~~and~~ renewed or replaced by a new gaming concession agreement beyond ~~June 26,~~December 31, 2022. However, it is possible the Macau government could further change or interpret the associated gaming laws in a manner that could negatively impact the Company.

If we are unable to further extend or renew our concession agreement or obtain a new gaming concession agreement, ~~and~~ an election by the WML Senior ~~Note~~Notes holders to exercise the Special Put Option and the triggering of the Property Mandatory Prepayment Event would have a material adverse effect on our business, financial condition, results of operations, and cash flows.

Key Operating Measures

Certain key operating measures specific to the gaming industry are included in our discussion of our operational performance for the periods for which the Condensed Consolidated Statements of Operations are presented. These key operating measures are presented as supplemental disclosures because management and/or certain investors use these measures to better understand period-over-period fluctuations in our casino and hotel operating revenues. These key operating measures are defined below:

•Table drop in mass market for our Macau Operations is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage.

•Table drop for our Las Vegas Operations is the amount of cash and net markers issued that are deposited in a gaming table's drop box.

•Table drop for Encore Boston Harbor is the amount of cash and gross markers issued that are deposited in a gaming table's drop box.

•Rolling chips are non-negotiable identifiable chips that are used to track turnover for purposes of calculating incentives within our Macau Operations' VIP program.

•Turnover is the sum of all losing rolling chip wagers within our Macau Operations' VIP program.

•Table games win is the amount of table drop or turnover that is retained and recorded as casino revenues. Table games win is before discounts, commissions and the allocation of casino revenues to rooms, food and

Table of Contents

beverage and other revenues for services provided to casino customers on a complimentary basis. Table games win does not include poker rake.

•Slot machine win is the amount of handle (representing the total amount wagered) that is retained by us and is recorded as casino revenues. Slot machine win is after adjustment for progressive accruals and free play, but before discounts and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.

•Poker rake is the portion of cash wagered by patrons in our poker rooms that is retained by the casino as a service fee, after adjustment for progressive accruals, but before the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. Poker tables are not included in our measure of average number of table games.

•Average daily rate ("ADR") is calculated by dividing total room revenues, including complimentaries (less service charges, if any), by total rooms occupied.

•Revenue per available room ("REVPAR") is calculated by dividing total room revenues, including complimentaries (less service charges, if any), by total rooms available.

•Occupancy is calculated by dividing total occupied rooms, including complimentary rooms, by the total rooms available.

Below is a discussion of the methodologies used to calculate win percentages at our resorts.

~~Table of Contents~~

In our VIP operations in Macau, customers primarily purchase rolling chips from the casino cage and can only use them to make wagers. Winning wagers are paid in cash chips. The loss of the rolling chips in the VIP operations is recorded as turnover and provides a base for calculating VIP win percentage. It is customary in Macau to measure VIP play using this rolling chip method. We typically expect our win as a percentage of turnover from these operations to be within the range of 3.1% to 3.4%.; however, reduced gaming volumes as a result of COVID-19 containment measures implemented in Macau may cause volatility in our Macau Operations’ VIP win percentages.

In our mass market operations in Macau, customers may purchase cash chips at either the gaming tables or at the casino cage. The measurements from our VIP and mass market operations are not comparable as the measurement method used in our mass market operations tracks the initial purchase of chips at the table and at the casino cage, while the measurement method from our VIP operations tracks the sum of all losing wagers. Accordingly, the base measurement from the VIP operations is much larger than the base measurement from the mass market operations. As a result, the expected win percentage with the same amount of gaming win is lower in the VIP operations when compared to the mass market operations.

In Las Vegas, customers purchase chips at the gaming tables in exchange for cash and markers. Customers may then redeem markers at the gaming tables or at the casino cage. The cash and markers, net of redemptions, used to purchase chips are deposited in the gaming table's drop box. This is the base of measurement that we use for calculating win percentage. Each type of table game has its own theoretical win percentage. Our expected table games win percentage is 22% to 26%.

At Encore Boston Harbor, customers purchase chips at the gaming tables in exchange for cash and markers. Customers may then redeem markers only at the casino cage. The cash and gross markers used to purchase chips are deposited in the gaming table's drop box. This is the base of measurement that we use for calculating win percentage. Each type of table game has its own theoretical win percentage. Our expected table games win percentage is 18% to 22%.

2428

Table of Contents

Results of Operations

Summary of ~~first~~second quarter 2022 results

The following table summarizes our financial results for the periods presented (dollars in thousands, except per share data):


		Three Months Ended March 31,								Three Months Ended June 30,							Six Months Ended June 30,
		2022		2021		Increase/ (Decrease)		Percent Change		2022		2021		Increase/ (Decrease)		Percent Change	2022		2021		Increase/ (Decrease)		Percent Change
Operating revenues	Operating revenues	$	953,334	$	736,682	$	216,652	29.4	Operating revenues	$	908,832	$	990,113	$	(81,281)	(8.2)	$	1,862,166	$	1,726,795	$	135,371	7.8
Net loss attributable to Wynn Resorts, Limited	Net loss attributable to Wynn Resorts, Limited	(183,324)		(280,978)		97,654		34.8	Net loss attributable to Wynn Resorts, Limited	(130,051)		(131,369)		1,318		1.0	(313,375)		(412,347)		98,972		24.0
Diluted net loss per share	Diluted net loss per share	(1.59)		(2.53)		0.94		37.2	Diluted net loss per share	(1.14)		(1.15)		0.01		0.9	(2.73)		(3.66)		0.93		25.4
Adjusted Property EBITDA (1)	Adjusted Property EBITDA (1)	177,581		58,900		118,681		201.5	Adjusted Property EBITDA (1)	179,159		206,880		(27,721)		(13.4)	356,740		265,780		90,960		34.2

(1) See Item 1—"Financial Statements," Note ~~17,~~18, "Segment Information," for a reconciliation of Adjusted Property EBITDA to net loss attributable to Wynn Resorts, Limited.

The ~~increase~~decrease in operating revenues for the three months ended ~~March 31,~~June 30, 2022 was primarily driven by ~~increases~~decreases of ~~$262.5~~$211.7 million and ~~$60.7~~$125.4 million from Wynn Palace and and Wynn Macau, respectively, resulting from a decrease in gaming volumes due to certain travel-related restrictions and conditions, including COVID-19 testing and other procedures related to the COVID-19 pandemic. The decrease in operating revenues was partially offset by an increase in operating revenues of $206.0 million and $44.9 million at our Las Vegas Operations and Encore Boston Harbor, respectively, ~~as a result of~~resulting from increased gaming volumes as well as increases in hotel occupancy and covers at restaurants. The results of our Las Vegas Operations and Encore Boston Harbor for the three months ended ~~March 31,~~June 30, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications, which were no longer in effect during the three months ended ~~March 31,~~June 30, 2022. The increase in operating revenues was partially offset by a decrease in operating revenues of $74.0 million and $44.6 million at Wynn Palace and Wynn Macau, respectively, resulting from decreased gaming volumes due to certain travel-related restrictions and conditions, including COVID-19 testing and other procedures related to the COVID-19 pandemic.

The decrease in net loss attributable to Wynn Resorts, Limited for the three months ended ~~March 31,~~June 30, 2022 was primarily related to increased operating revenues at our Las Vegas Operations and Encore Boston Harbor, respectively, partially offset by increased operating expenses associated with higher business volumes at our Las Vegas Operations and Encore Boston Harbor.

The ~~increase~~decrease in Adjusted Property EBITDA for the three months ended ~~March 31,~~June 30, 2022 was primarily driven by decreased gaming volumes at Wynn Palace and Wynn Macau, primarily due to certain travel-related restrictions and conditions, including COVID-19 testing and other procedures related to the COVID-19 pandemic, partially offset by increased operating revenues ~~at our Las Vegas Operations~~ and ~~Encore Boston Harbor, respectively, partially offset by an increase in~~ operating expenses at our Las Vegas Operations and Encore Boston Harbor, respectively. Adjusted Property EBITDA ~~increased $131.3 million, $24.9~~decreased $103.5 million and ~~$12.0~~$54.5 million at Wynn Palace and Wynn Macau, respectively, and increased $93.5 million, $16.8 million, and $19.9 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, ~~respectively, and decreased $28.2 million and $21.2 million at Wynn Palace and Wynn Macau,~~ respectively.

2529

Table of Contents

Financial results for the three months ended ~~March 31,~~June 30, 2022 compared to the three months ended ~~March 31,~~June 30, 2021.

Operating revenues

The following table presents our operating revenues (dollars in thousands):


		Three Months Ended March 31,								Three Months Ended June 30,
		2022		2021		Increase/ (Decrease)		Percent Change		2022		2021		Increase/ (Decrease)		Percent Change
Operating revenues	Operating revenues								Operating revenues
Macau Operations:	Macau Operations:								Macau Operations:
Wynn Palace	Wynn Palace	$	163,325	$	237,326	$	(74,001)	(31.2)	Wynn Palace	$	58,651	$	270,371	$	(211,720)	(78.3)
Wynn Macau	Wynn Macau	135,100		179,651		(44,551)		(24.8)	Wynn Macau	58,583		184,028		(125,445)		(68.2)
Total Macau Operations	Total Macau Operations	298,425		416,977		(118,552)		(28.4)	Total Macau Operations	117,234		454,399		(337,165)		(74.2)
Las Vegas Operations	Las Vegas Operations	441,186		178,716		262,470		146.9	Las Vegas Operations	561,069		355,066		206,003		58.0
Encore Boston Harbor	Encore Boston Harbor	190,796		130,090		60,706		46.7	Encore Boston Harbor	210,154		165,241		44,913		27.2
Wynn Interactive	Wynn Interactive	22,927		10,899		12,028		110.4	Wynn Interactive	20,375		15,407		4,968		32.2
		$	953,334	$	736,682	$	216,652	29.4		$	908,832	$	990,113	$	(81,281)	(8.2)

The following table presents our casino and non-casino operating revenues (dollars in thousands):


		Three Months Ended March 31,								Three Months Ended June 30,
		2022		2021		Increase/ (Decrease)		Percent Change		2022		2021		Increase/ (Decrease)		Percent Change
Operating revenues	Operating revenues								Operating revenues
Casino revenues	Casino revenues	$	489,862	$	516,218	$	(26,356)	(5.1)	Casino revenues	$	359,585	$	602,746	$	(243,161)	(40.3)
Non-casino revenues:	Non-casino revenues:								Non-casino revenues:
Rooms	Rooms	170,376		76,190		94,186		123.6	Rooms	201,298		137,765		63,533		46.1
Food and beverage	Food and beverage	174,020		68,509		105,511		154.0	Food and beverage	229,816		149,142		80,674		54.1
Entertainment, retail and other	Entertainment, retail and other	119,076		75,765		43,311		57.2	Entertainment, retail and other	118,133		100,460		17,673		17.6
Total non-casino revenues	Total non-casino revenues	463,472		220,464		243,008		110.2	Total non-casino revenues	549,247		387,367		161,880		41.8
		$	953,334	$	736,682	$	216,652	29.4		$	908,832	$	990,113	$	(81,281)	(8.2)

Casino revenues for the three months ended ~~March 31,~~June 30, 2022 were ~~51.4%~~39.6% of operating revenues, compared to ~~70.1%~~60.9% for the same period of 2021. Non-casino revenues for the three months ended ~~March 31,~~June 30, 2022 were ~~48.6%~~60.4% of operating revenues, compared to ~~29.9%~~39.1% for the same period of 2021.

Casino revenues

The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):

2630

Table of Contents


		Three Months Ended March 31,										Three Months Ended June 30,
		2022			2021			Increase/ (Decrease)		Percent Change		2022			2021			Increase/ (Decrease)		Percent Change
Macau Operations:	Macau Operations:										Macau Operations:
Wynn Palace:	Wynn Palace:										Wynn Palace:
Total casino revenues	Total casino revenues	$	114,413		$	185,909		$	(71,496)	(38.5)	Total casino revenues	$	27,194		$	212,067		$	(184,873)	(87.2)
VIP:	VIP:										VIP:
Average number of table games	Average number of table games	67			103			(36)		(35.0)	Average number of table games	46			94			(48)		(51.1)
VIP turnover	VIP turnover	$	965,555		$	2,200,182		$	(1,234,627)	(56.1)	VIP turnover	$	344,462		$	1,811,381		$	(1,466,919)	(81.0)
VIP table games win		$	19,753		$	96,456		$	(76,703)	(79.5)
VIP win as a % of turnover		2.05		%	4.38		%	(2.33)
Table games win per unit per day		$	3,280		$	10,375		$	(7,095)	(68.4)
VIP table games (loss) win											VIP table games (loss) win	$	(6,671)		$	71,570		$	(78,241)	NM
VIP (loss) win as a % of turnover											VIP (loss) win as a % of turnover	(1.94)		%	3.95		%	(5.89)
Table games (loss) win per unit per day											Table games (loss) win per unit per day	$	(1,600)		$	8,346		$	(9,946)	NM
Mass market:	Mass market:										Mass market:
Average number of table games	Average number of table games	234			222			12		5.4	Average number of table games	231			228			3		1.3
Table drop	Table drop	$	531,859		$	607,518		$	(75,659)	(12.5)	Table drop	$	210,549		$	707,494		$	(496,945)	(70.2)
Table games win	Table games win	$	111,175		$	131,649		$	(20,474)	(15.6)	Table games win	$	41,581		$	163,547		$	(121,966)	(74.6)
Table games win %	Table games win %	20.9		%	21.7		%	(0.8)			Table games win %	19.7		%	23.1		%	(3.4)
Table games win per unit per day	Table games win per unit per day	$	5,282		$	6,596		$	(1,314)	(19.9)	Table games win per unit per day	$	1,977		$	7,877		$	(5,900)	(74.9)
Average number of slot machines	Average number of slot machines	670			687			(17)		(2.5)	Average number of slot machines	634			726			(92)		(12.7)
Slot machine handle	Slot machine handle	$	250,930		$	358,772		$	(107,842)	(30.1)	Slot machine handle	$	130,404		$	421,269		$	(290,865)	(69.0)
Slot machine win	Slot machine win	$	12,649		$	14,243		$	(1,594)	(11.2)	Slot machine win	$	4,922		$	18,772		$	(13,850)	(73.8)
Slot machine win per unit per day	Slot machine win per unit per day	$	210		$	230		$	(20)	(8.7)	Slot machine win per unit per day	$	85		$	284		$	(199)	(70.1)
Wynn Macau:	Wynn Macau:										Wynn Macau:
Total casino revenues	Total casino revenues	$	102,430		$	138,927		$	(36,497)	(26.3)	Total casino revenues	$	39,959		$	142,419		$	(102,460)	(71.9)
VIP:	VIP:										VIP:
Average number of table games	Average number of table games	35			90			(55)		(61.1)	Average number of table games	40			85			(45)		(52.9)
VIP turnover	VIP turnover	$	887,051		$	1,804,382		$	(917,331)	(50.8)	VIP turnover	$	301,645		$	1,489,912		$	(1,188,267)	(79.8)
VIP table games win	VIP table games win	$	34,029		$	58,635		$	(24,606)	(42.0)	VIP table games win	$	14,446		$	39,388		$	(24,942)	(63.3)
VIP win as a % of turnover	VIP win as a % of turnover	3.84		%	3.25		%	0.59			VIP win as a % of turnover	4.79		%	2.64		%	2.15
Table games win per unit per day	Table games win per unit per day	$	10,823		$	7,239		$	3,584	49.5	Table games win per unit per day	$	4,006		$	5,111		$	(1,105)	(21.6)
Mass market:	Mass market:										Mass market:
Average number of table games	Average number of table games	248			240			8		3.3	Average number of table games	246			240			6		2.5
Table drop	Table drop	$	469,138		$	590,890		$	(121,752)	(20.6)	Table drop	$	216,154		$	670,400		$	(454,246)	(67.8)
Table games win	Table games win	$	82,259		$	105,183		$	(22,924)	(21.8)	Table games win	$	30,582		$	128,921		$	(98,339)	(76.3)
Table games win %	Table games win %	17.5		%	17.8		%	(0.3)			Table games win %	14.1		%	19.2		%	(5.1)
Table games win per unit per day	Table games win per unit per day	$	3,680		$	4,871		$	(1,191)	(24.5)	Table games win per unit per day	$	1,365		$	5,903		$	(4,538)	(76.9)
Average number of slot machines	Average number of slot machines	585			569			16		2.8	Average number of slot machines	665			607			58		9.6
Slot machine handle	Slot machine handle	$	283,539		$	301,271		$	(17,732)	(5.9)	Slot machine handle	$	199,312		$	300,523		$	(101,211)	(33.7)
Slot machine win	Slot machine win	$	10,611		$	10,208		$	403	3.9	Slot machine win	$	6,329		$	9,223		$	(2,894)	(31.4)
Slot machine win per unit per day	Slot machine win per unit per day	$	201		$	199		$	2	1.0	Slot machine win per unit per day	$	105		$	167		$	(62)	(37.1)

2731

Table of Contents


		Three Months Ended March 31,										Three Months Ended June 30,
		2022			2021			Increase/ (Decrease)		Percent Change		2022			2021			Increase/ (Decrease)		Percent Change
Las Vegas Operations (1):	Las Vegas Operations (1):										Las Vegas Operations (1):
Total casino revenues	Total casino revenues	$	124,271		$	79,903		$	44,368	55.5	Total casino revenues	$	135,345		$	112,775		$	22,570	20.0
Average number of table games	Average number of table games	228			172			56		32.6	Average number of table games	237			218			19		8.7
Table drop	Table drop	$	547,916		$	324,531		$	223,385	68.8	Table drop	$	564,982		$	427,014		$	137,968	32.3
Table games win	Table games win	$	129,164		$	76,653		$	52,511	68.5	Table games win	$	138,879		$	99,021		$	39,858	40.3
Table games win %	Table games win %	23.6		%	23.6		%	—			Table games win %	24.6		%	23.2		%	1.4
Table games win per unit per day	Table games win per unit per day	$	6,300		$	4,957		$	1,343	27.1	Table games win per unit per day	$	6,440		$	4,997		$	1,443	28.9
Average number of slot machines	Average number of slot machines	1,728			1,547			181		11.7	Average number of slot machines	1,712			1,715			(3)		(0.2)
Slot machine handle	Slot machine handle	$	1,177,985		$	791,260		$	386,725	48.9	Slot machine handle	$	1,326,178		$	1,115,149		$	211,029	18.9
Slot machine win	Slot machine win	$	80,831		$	50,489		$	30,342	60.1	Slot machine win	$	89,844		$	78,890		$	10,954	13.9
Slot machine win per unit per day	Slot machine win per unit per day	$	520		$	363		$	157	43.3	Slot machine win per unit per day	$	577		$	506		$	71	14.0
Poker rake	Poker rake	$	3,861		$	1,867		$	1,994	106.8	Poker rake	$	5,021		$	3,927		$	1,094	27.9
Encore Boston Harbor (2):	Encore Boston Harbor (2):										Encore Boston Harbor (2):
Total casino revenues	Total casino revenues	$	148,748		$	111,479		$	37,269	33.4	Total casino revenues	$	157,087		$	135,485		$	21,602	15.9
Average number of table games	Average number of table games	184			199			(15)		(7.5)	Average number of table games	184			195			(11)		(5.6)
Table drop	Table drop	$	346,195		$	234,562		$	111,633	47.6	Table drop	$	366,222		$	306,070		$	60,152	19.7
Table games win	Table games win	$	76,792		$	49,377		$	27,415	55.5	Table games win	$	80,263		$	64,874		$	15,389	23.7
Table games win %	Table games win %	22.2		%	21.1		%	1.1			Table games win %	21.9		%	21.2		%	0.7
Table games win per unit per day	Table games win per unit per day	$	4,637		$	2,752		$	1,885	68.5	Table games win per unit per day	$	4,794		$	3,654		$	1,140	31.2
Average number of slot machines	Average number of slot machines	2,776			1,889			887		47.0	Average number of slot machines	2,781			2,171			610		28.1
Slot machine handle	Slot machine handle	$	1,183,314		$	913,795		$	269,519	29.5	Slot machine handle	$	1,232,427		$	1,094,178		$	138,249	12.6
Slot machine win	Slot machine win	$	95,296		$	74,820		$	20,476	27.4	Slot machine win	$	99,424		$	89,560		$	9,864	11.0
Slot machine win per unit per day	Slot machine win per unit per day	$	381		$	440		$	(59)	(13.4)	Slot machine win per unit per day	$	393		$	453		$	(60)	(13.2)
Poker rake											Poker rake	$	1,241		$	—		$	1,241	NM

NM - Not meaningful.

(1) On October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to reduced customer demand levels. ~~This adjusted operating schedule remained in effect through the first quarter of 2021, and on~~On April 8, 2021, Encore at Wynn Las Vegas resumed full operations.

(2) On January 25, 2021, Encore Boston Harbor restored 24-hour casino operations and reopened its hotel tower on a Thursday through Sunday weekly schedule. The property reopened its hotel tower to seven days per week as of September 1, 2021.

2832

Table of Contents

Non-casino revenues

The table below sets forth our room revenues and associated key operating measures:


		Three Months Ended March 31,										Three Months Ended June 30,
		2022			2021			Increase/ (Decrease)		Percent Change		2022			2021			Increase/ (Decrease)		Percent Change
Macau Operations:	Macau Operations:										Macau Operations:
Wynn Palace:	Wynn Palace:										Wynn Palace:
Total room revenues (dollars in thousands)	Total room revenues (dollars in thousands)	$	13,831		$	17,012		$	(3,181)	(18.7)	Total room revenues (dollars in thousands)	$	7,008		$	20,883		$	(13,875)	(66.4)
Occupancy	Occupancy	47.2		%	60.4		%	(13.2)			Occupancy	28.5		%	70.6		%	(42.1)
ADR	ADR	$	180		$	178		$	2	1.1	ADR	$	145		$	180		$	(35)	(19.4)
REVPAR	REVPAR	$	85		$	108		$	(23)	(21.3)	REVPAR	$	41		$	127		$	(86)	(67.7)
Wynn Macau:	Wynn Macau:										Wynn Macau:
Total room revenues (dollars in thousands)	Total room revenues (dollars in thousands)	$	9,390		$	14,702		$	(5,312)	(36.1)	Total room revenues (dollars in thousands)	$	4,762		$	13,427		$	(8,665)	(64.5)
Occupancy	Occupancy	49.8		%	60.8		%	(11.0)			Occupancy	31.3		%	68.0		%	(36.7)
ADR	ADR	$	188		$	242		$	(54)	(22.3)	ADR	$	150		$	198		$	(48)	(24.2)
REVPAR	REVPAR	$	94		$	147		$	(53)	(36.1)	REVPAR	$	47		$	135		$	(88)	(65.2)
Las Vegas Operations:	Las Vegas Operations:										Las Vegas Operations:
Total room revenues (dollars in thousands)	Total room revenues (dollars in thousands)	$	131,466		$	39,761		$	91,705	230.6	Total room revenues (dollars in thousands)	$	167,115		$	93,785		$	73,330	78.2
Occupancy	Occupancy	76.9		%	35.3		%	41.6			Occupancy	90.5		%	67.2		%	23.3
ADR	ADR	$	432		$	331		$	101	30.5	ADR	$	460		$	333		$	127	38.1
REVPAR	REVPAR	$	333		$	117		$	216	184.6	REVPAR	$	417		$	224		$	193	86.2
Encore Boston Harbor (1):	Encore Boston Harbor (1):										Encore Boston Harbor (1):
Total room revenues (dollars in thousands)	Total room revenues (dollars in thousands)	$	15,689		$	4,715		$	10,974	232.7	Total room revenues (dollars in thousands)	$	22,413		$	9,670		$	12,743	131.8
Occupancy	Occupancy	80.5		%	71.0		%	9.5			Occupancy	94.1		%	87.8		%	6.3
ADR	ADR	$	324		$	276		$	48	17.4	ADR	$	391		$	304		$	87	28.6
REVPAR	REVPAR	$	261		$	196		$	65	33.2	REVPAR	$	368		$	267		$	101	37.8

(1) Encore Boston Harbor room statistics have been computed based on 3653 days of operation in three months ended ~~March 31,~~June 30, 2021, representing the number of nights hotel rooms were offered for sale to the public.

Room revenues increased ~~$94.2~~$63.5 million, primarily due to higher occupancy and ADR at our Las Vegas Operations and Encore Boston Harbor, respectively. The hotel tower at Encore Boston Harbor was closed pursuant to a COVID-19 related state directive from November 6, 2020 through January 25, 2021, when it reopened its hotel tower on a Thursday through Sunday weekly schedule. Encore Boston Harbor reopened its hotel tower to seven days per week as of September 1, 2021.

Food and beverage revenues increased ~~$105.5~~$80.7 million, primarily due to increased restaurant covers ~~at our restaurants~~ and ~~an increase in~~ nightlife revenues at our Las Vegas ~~Operations as a result of ongoing recovery from the effects of COVID-19.~~Operations.

Entertainment, retail and other revenues increased ~~$43.3~~$17.7 million, primarily due to an increase in visitation to our Las Vegas Operations as a result of ongoing recovery from the effects of COVID-19 and an increase of $12.0 million in revenues at Wynn Interactive primarily due to the continued expansion and ramp up of its operations.Operations.

2933

Table of Contents

Operating expenses

The table below presents operating expenses (dollars in thousands):


		Three Months Ended March 31,								Three Months Ended June 30,
		2022		2021		Increase/ (Decrease)		Percent Change		2022		2021		Increase/ (Decrease)		Percent Change
Operating expenses:	Operating expenses:								Operating expenses:
Casino	Casino	$	324,079	$	351,966	$	(27,887)	(7.9)	Casino	$	244,064	$	381,615	$	(137,551)	(36.0)
Rooms	Rooms	58,715		33,535		25,180		75.1	Rooms	65,070		50,552		14,518		28.7
Food and beverage	Food and beverage	146,656		73,948		72,708		98.3	Food and beverage	185,471		117,106		68,365		58.4
Entertainment, retail and other	Entertainment, retail and other	88,904		73,459		15,445		21.0	Entertainment, retail and other	74,985		80,922		(5,937)		(7.3)
General and administrative	General and administrative	196,780		179,774		17,006		9.5	General and administrative	200,378		197,545		2,833		1.4
Provision for credit losses	Provision for credit losses	342		7,367		(7,025)		(95.4)	Provision for credit losses	(3,487)		441		(3,928)		NM
Pre-opening	Pre-opening	2,447		1,627		820		50.4	Pre-opening	4,502		2,495		2,007		80.4
Depreciation and amortization	Depreciation and amortization	184,556		185,121		(565)		(0.3)	Depreciation and amortization	162,968		183,307		(20,339)		(11.1)
Property charges and other	Property charges and other	45,720		5,617		40,103		714.0	Property charges and other	26,909		5,651		21,258		376.2
Total operating expenses	Total operating expenses	$	1,048,199	$	912,414	$	135,785	14.9	Total operating expenses	$	960,860	$	1,019,634	$	(58,774)	(5.8)

NM - Not meaningful.

Total operating expenses ~~increased $135.8~~decreased $58.8 million compared to the three months ended ~~March 31,~~June 30, 2021, primarily due to decreased casino, entertainment, retail and other, provision for credit losses, and depreciation and amortization expenses, partially offset by increased room, food and beverage, ~~entertainment, retail and other, general and administrative expenses,~~ and property charges and other ~~partially offset by decreased casino and provision for credit losses~~ expenses.

Casino expenses decreased ~~$42.4~~$99.0 million and ~~$22.9~~$61.4 million at Wynn Palace and Wynn Macau, respectively. These decreases were primarily due to reductions in gaming tax expense ~~commensurate with~~driven by the declines in casino revenues at each of Wynn Palace and Wynn Macau, resulting from the effects of the COVID-19 pandemic, partially offset by increased casino expenses of ~~$19.9~~$10.7 million and ~~$17.5~~$12.2 million at our Las Vegas Operations and Encore Boston Harbor, respectively, primarily due to increased operating costs including gaming tax expense driven by the increase in casino revenues.

Room expenses increased ~~$21.1~~$13.3 million and ~~$4.5~~$4.2 million at our Las Vegas Operations and Encore Boston Harbor, respectively. These increases were primarily a result of higher operating costs related to the increase in occupancy.

Food and beverage expenses increased ~~$64.7~~$67.7 million and ~~$6.5~~$6.7 million at our Las Vegas Operations and Encore Boston Harbor, respectively. These increases were primarily a result of higher operating costs related to the increase in food and beverage revenues as well as higher nightlife entertainment ~~costs.~~costs associated with increased business volumes at our Las Vegas Operations' nightlife venues.

Entertainment, retail and other expenses ~~increased $14.5~~decreased $18.9 million at Wynn Interactive, primarily due to decreased marketing costs, partially offset by an increase of $11.2 million at our Las Vegas ~~operations.~~ operations, primarily due to higher operating associated with increased levels of business.

Provision for credit losses decreased $3.7 million and $3.0 million at our Las Vegas Operations and Wynn Macau, respectively and increased $2.1 million at Wynn Palace. These changes were primarily due to the impact of historical collection patterns and expectations of current and future collection trends, as well as the specific review of customer accounts, on our estimated credit loss for the respective periods.

Depreciation and amortization decreased $14.5 million at Wynn Palace, primarily due to certain furniture, fixture and equipment assets reaching the end of their useful lives in the first quarter of 2022.

Our property charges and other expenses for the quarter ended June 30, 2022 consisted primarily of impairment of goodwill and other finite-lived intangible assets of $7.5 million and $10.3 million, respectively, and $7.6 million of other restructuring costs related to management's decision to cease the operations of BetBull, Limited ("BetBull"), a subsidiary of Wynn Interactive. Our property charges and other expenses for the quarter ended June 30, 2021 consisted primarily of asset disposals, abandonments and retirements of $1.4 million, $1.2 million, and $1.0 million at our Las Vegas Operations, Wynn Macau, and Wynn Palace, respectively.

Table of Contents

Interest expense, net of capitalized interest

The following table summarizes information related to interest expense (dollars in thousands):


	Three Months Ended June 30,
		2022			2021			Increase/ (Decrease)		Percent Change
Interest expense
Interest cost, including amortization of debt issuance costs and original issue discount and premium		$	154,830		$	150,424		$	4,406	2.9

Weighted average total debt balance		$	12,038,961		$	12,105,755
Weighted average interest rate		5.14		%	4.97		%

Interest costs increased primarily due to an increase in the weighted average interest rate.

Other non-operating income and expenses

We incurred a foreign currency remeasurement loss of $10.1 million and a gain of $5.6 million for the three months ended June 30, 2022 and 2021, respectively. The impact of the exchange rate fluctuation of the MOP, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods.

We recorded a gain of $1.6 million and $1.0 million for the three months ended June 30, 2022 and 2021, respectively, from change in derivatives fair value.

Income taxes

We recorded an income tax expense of $0.7 million in each of the three months ended June 30, 2022 and 2021. Income tax expense in both periods primarily related to the Macau dividend tax agreement that provides for an annual payment as complementary tax otherwise due by stockholders of WRM.

Net loss attributable to noncontrolling interests

Net loss attributable to noncontrolling interests was $83.4 million and $42.0 million for the three months ended June 30, 2022 and 2021, respectively. These amounts are primarily related to the noncontrolling interests' share of net loss attributable to WML.

Table of Contents

Financial results for the six months ended June 30, 2022 compared to the six months ended June 30, 2021.

Operating revenues

The following table presents our operating revenues (dollars in thousands):


	Six Months Ended June 30,
	2022		2021		Increase/ (Decrease)		Percent Change
Operating revenues
Macau Operations:
Wynn Palace	$	221,976	$	507,697	$	(285,721)	(56.3)
Wynn Macau	193,683		363,679		(169,996)		(46.7)
Total Macau Operations	415,659		871,376		(455,717)		(52.3)
Las Vegas Operations	1,002,255		533,782		468,473		87.8
Encore Boston Harbor	400,950		295,331		105,619		35.8
Wynn Interactive	43,302		26,306		16,996		64.6
	$	1,862,166	$	1,726,795	$	135,371	7.8

The following table presents casino and non-casino operating revenues (dollars in thousands):


	Six Months Ended June 30,
	2022		2021		Increase/ (Decrease)		Percent Change
Operating revenues
Casino revenues	$	849,447	$	1,118,964	$	(269,517)	(24.1)
Non-casino revenues:
Rooms	371,674		213,955		157,719		73.7
Food and beverage	403,836		217,651		186,185		85.5
Entertainment, retail and other	237,209		176,225		60,984		34.6
Total non-casino revenues	1,012,719		607,831		404,888		66.6
	$	1,862,166	$	1,726,795	$	135,371	7.8

Casino revenues for the six months ended June 30, 2022 were 45.6% of operating revenues, compared to 64.8% for the same period of 2021. Non-casino revenues for the six months ended June 30, 2022 were 54.4% of operating revenues, compared to 35.2% for the same period of 2021.

Table of Contents

Casino revenues

Casino revenues decreased primarily due to decreased VIP turnover and table games win and mass market table drop and table games win at our Macau Operations, partially offset by increased table drop, table games win and slot machine win at our Las Vegas Operations and Encore Boston Harbor, respectively. The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):


	Six Months Ended June 30,
	2022			2021			Increase/(Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total casino revenues	$	141,607		$	397,976		$	(256,369)	(64.4)
VIP:
Average number of table games	56			99			(43)		(43.4)
VIP turnover	$	1,310,017		$	4,011,563		$	(2,701,546)	(67.3)
VIP table games win	$	13,082		$	168,026		$	(154,944)	(92.2)
VIP win as a % of turnover	1.00		%	4.19		%	(3.19)
Table games win per unit per day	$	1,284		$	9,402		$	(8,118)	(86.3)
Mass market:
Average number of table games	232			225			7		3.1
Table drop	$	742,408		$	1,315,012		$	(572,604)	(43.5)
Table games win	$	152,755		$	295,196		$	(142,441)	(48.3)
Table games win %	20.6		%	22.4		%	(1.8)
Table games win per unit per day	$	3,630		$	7,249		$	(3,619)	(49.9)
Average number of slot machines	652			707			(55)		(7.8)
Slot machine handle	$	381,333		$	780,041		$	(398,708)	(51.1)
Slot machine win	$	17,571		$	33,015		$	(15,444)	(46.8)
Slot machine win per unit per day	$	149		$	258		$	(109)	(42.2)
Wynn Macau:
Total casino revenues	$	142,389		$	281,346		$	(138,957)	(49.4)
VIP:
Average number of table games	37			87			(50)		(57.5)
VIP turnover	$	1,188,695		$	3,294,294		$	(2,105,599)	(63.9)
VIP table games win	$	48,475		$	98,022		$	(49,547)	(50.5)
VIP win as a % of turnover	4.08		%	2.98		%	1.10
Table games win per unit per day	$	7,181		$	6,201		$	980	15.8
Mass market:
Average number of table games	247			240			7		2.9
Table drop	$	685,292		$	1,261,290		$	(575,998)	(45.7)
Table games win	$	112,842		$	234,104		$	(121,262)	(51.8)
Table games win %	16.5		%	18.6		%	(2.1)
Table games win per unit per day	$	2,521		$	5,390		$	(2,869)	(53.2)
Average number of slot machines	625			588			37		6.3
Slot machine handle	$	482,851		$	601,794		$	(118,943)	(19.8)
Slot machine win	$	16,941		$	19,431		$	(2,490)	(12.8)
Slot machine win per unit per day	$	150		$	183		$	(33)	(18.0)

Table of Contents


	Six Months Ended June 30,
	2022			2021			Increase/(Decrease)		Percent Change
Las Vegas Operations (1):
Total casino revenues	$	259,616		$	192,678		$	66,938	34.7
Average number of table games	232			195			37		19.0
Table drop	$	1,112,898		$	751,545		$	361,353	48.1
Table games win	$	268,043		$	175,674		$	92,369	52.6
Table games win %	24.1		%	23.4		%	0.7
Table games win per unit per day	$	6,372		$	4,979		$	1,393	28.0
Average number of slot machines	1,720			1,631			89		5.5
Slot machine handle	$	2,504,162		$	1,906,409		$	597,753	31.4
Slot machine win	$	170,675		$	129,379		$	41,296	31.9
Slot machine win per unit per day	$	548		$	438		$	110	25.1
Poker rake	$	8,882		$	5,794		$	3,088	53.3
Encore Boston Harbor (2):
Total casino revenues	$	305,835		$	246,964		$	58,871	23.8
Average number of table games	184			197			(13)		(6.6)
Table drop	$	712,417		$	540,632		$	171,785	31.8
Table games win	$	157,054		$	114,251		$	42,803	37.5
Table games win %	22.0		%	21.1		%	0.9
Table games win per unit per day	$	4,716		$	3,201		$	1,515	47.3
Average number of slot machines	2,778			2,031			747		36.8
Slot machine handle	$	2,415,740		$	2,007,973		$	407,767	20.3
Slot machine win	$	194,720		$	164,380		$	30,340	18.5
Slot machine win per unit per day	$	387		$	447		$	(60)	(13.4)
Poker rake	$	2,026		$	—		$	2,026	NM

NM - Not meaningful.

(1) On October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to reduced customer demand levels.

On April 8, 2021, Encore at Wynn Las Vegas resumed full operations.

Table of Contents

Non-casino revenues

The table below sets forth our room revenues and associated key operating measures:


	Six Months Ended June 30,
	2022			2021			Increase/(Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total room revenues (dollars in thousands)	$	20,839		$	37,895		$	(17,056)	(45.0)
Occupancy	37.7		%	65.6		%	(27.9)
ADR	$	166		$	179		$	(13)	(7.3)
REVPAR	$	63		$	118		$	(55)	(46.6)
Wynn Macau:
Total room revenues (dollars in thousands)	$	14,152		$	28,129		$	(13,977)	(49.7)
Occupancy	40.5		%	64.4		%	(23.9)
ADR	$	174		$	219		$	(45)	(20.5)
REVPAR	$	70		$	141		$	(71)	(50.4)
Las Vegas Operations:
Total room revenues (dollars in thousands)	$	298,582		$	133,546		$	165,036	123.6
Occupancy	83.8		%	52.9		%	30.9
ADR	$	448		$	332		$	116	34.9
REVPAR	$	375		$	176		$	199	113.1
Encore Boston Harbor (1):
Total room revenues (dollars in thousands)	$	38,101		$	14,385		$	23,716	164.9
Occupancy	87.4		%	81.1		%	6.3
ADR	$	360		$	294		$	66	22.4
REVPAR	$	315		$	238		$	77	32.4

(1) Encore Boston Harbor room statistics have been computed based on 89 days of operation in six months ended June 30, 2021, representing the number of nights hotel rooms were offered for sale to the public.

Room revenues increased $157.7 million, primarily due to higher occupancy and ADR at our Las Vegas Operations and Encore Boston Harbor, respectively. The hotel tower at Encore Boston Harbor was closed pursuant to a COVID-19 related state directive from November 6, 2020 through January 25, 2021, when it reopened its hotel tower on a Thursday through Sunday weekly schedule. Encore Boston Harbor reopened its hotel tower to seven days per week as of September 1, 2021.

Food and beverage revenues increased $186.2 million, primarily due to increased restaurant covers and nightlife revenues at our Las Vegas Operations.

Entertainment, retail and other revenues increased $61.0 million, primarily due to an increase in visitation to our Las Vegas Operations.

Table of Contents

Operating expenses

The table below presents operating expenses (dollars in thousands):


	Six Months Ended June 30,
	2022		2021		Increase/ (Decrease)		Percent Change
Operating expenses:
Casino	$	568,143	$	733,581	$	(165,438)	(22.6)
Rooms	123,785		84,087		39,698		47.2
Food and beverage	332,127		191,054		141,073		73.8
Entertainment, retail and other	163,889		154,381		9,508		6.2
General and administrative	397,158		377,319		19,839		5.3
Provision for credit losses	(3,145)		7,808		(10,953)		NM
Pre-opening	6,949		4,122		2,827		68.6
Depreciation and amortization	347,524		368,428		(20,904)		(5.7)
Property charges and other	72,629		11,268		61,361		544.6
Total operating expenses	$	2,009,059	$	1,932,048	$	77,011	4.0

NM - Not meaningful.

Total operating expenses increased $77.0 million compared to the six months ended June 30, 2021, primarily due to increased room, food and beverage, entertainment, retail and other, general and administrative expenses, and property charges and other, partially offset by decreased casino, provision for credit losses, and depreciation and amortization expenses.

Casino expenses decreased $141.3 million and $84.3 million at Wynn Palace and Wynn Macau, respectively. These decreases were primarily due to reductions in gaming tax expense driven by the declines in casino revenues at each of Wynn Palace and Wynn Macau, resulting from the effects of the COVID-19 pandemic, partially offset by increased casino expenses of $30.5 million and $29.7 million at our Las Vegas Operations and Encore Boston Harbor, respectively primarily due to increased operating costs including gaming tax expense driven by the increase in casino revenues.

Room expenses increased $34.5 million and $8.7 million at our Las Vegas Operations and Encore Boston Harbor, respectively. These increases were primarily a result of higher operating costs related to anthe increase in ~~visitation.~~occupancy.

Food and beverage expenses increased $132.4 million and $13.2 million at our Las Vegas Operations and Encore Boston Harbor, respectively. These increases were primarily a result of higher operating costs related to the increase in food and beverage revenues as well as higher nightlife entertainment costs associated with increased business volumes at our Las Vegas Operations' nightlife venues.

Entertainment, retail and other expenses increased $25.6 million at our Las Vegas operations primarily due to higher operating costs associated with increased levels of business, partially offset by a decrease of $19.2 million at Wynn Interactive, primarily due to decreased marketing costs.

General and administrative expenses increased primarily due to increases of ~~$12.5~~$24.8 million and ~~$5.8~~$8.8 million at our Las Vegas Operations and Encore Boston Harbor, respectively. These increases were primarily attributable to increased payroll, operating costs, and general and administrative expenses required to support higher business volumes, partially offset by decreased general and administrative expenses of $8.4 million and $6.9 million, at Wynn Palace and Wynn Macau, respectively, primarily due to decreased payroll and operating costs attributable to lower business volumes.

~~Provision~~

The provision for credit losses decreased ~~$3.0 million, $2.4~~$6.2 million and ~~$1.5~~$4.5 million at ~~Wynn Palace,~~ our Las Vegas Operations and Wynn Macau, respectively. The decreases were primarily due to the impact of historical collection patterns and expectations of current and future collection trends, as well as the specific review of customer accounts, on our estimated credit loss for the respective periods.

Our property charges and other expenses for the quarter ended March 31, 2022 consisted primarily of impairment of goodwill of $30.3 million at Wynn Interactive, asset abandonments of $1.0 million and $2.1 million at our Las Vegas Operations and Wynn Interactive, respectively, and contract termination expenses of $9.6 million at Wynn Interactive. Our property charges and other expenses for the quarter ended March 31, 2021 consisted primarily of asset abandonments of $2.1 million and $2.2 million at our Las Vegas Operations and Wynn Palace, respectively.

3040

Table of Contents

For the six months ended June 30, 2022, pre-opening expenses totaled $6.9 million, which primarily related to reconfiguring the former Le Reve theater space at Wynn Las Vegas. For the six months ended June 30, 2021, pre-opening expenses totaled $4.1 million, which primarily related to restaurant remodels at our Las Vegas Operations.

Depreciation and amortization decreased $31.0 million at Wynn Palace primarily due to certain furniture, fixture and equipment assets reaching the end of their useful lives in the first quarter of 2022.

Our property charges and other expenses for the six months ended June 30, 2022 consisted primarily of impairment of goodwill and other finite-lived intangible assets of $37.8 million and $10.3 million, respectively, and $7.6 million of restructuring costs related to Wynn Interactive's BetBull operations, as well as other contract termination expenses of $10.6 million and asset abandonments of $2.1 million related to Wynn Interactive. Our property charges and other expenses for the six months ended June 30, 2021 consisted primarily of asset abandonments of $3.5 million and $3.2 million at our Las Vegas Operations and Wynn Palace, respectively.

Interest expense, net of capitalized interest

The following table summarizes information related to interest expense (dollars in thousands):


		Three Months Ended March 31,									Six Months Ended June 30,
			2022			2021			Increase/ (Decrease)			Percent Change		2022			2021			Increase/ (Decrease)		Percent Change
Interest expense	Interest expense												Interest expense
Interest cost, including amortization of debt issuance costs and original issue discount and premium	Interest cost, including amortization of debt issuance costs and original issue discount and premium		$	152,158		$	152,852		$	(694)		(0.5)	Interest cost, including amortization of debt issuance costs and original issue discount and premium	$	306,988		$	303,276		$	3,712	1.2

Weighted average total debt balance	Weighted average total debt balance		$	12,057,742		$	12,628,361						Weighted average total debt balance	$	12,048,299		$	12,365,615
Weighted average interest rate	Weighted average interest rate		5.05		%	4.84		%					Weighted average interest rate	5.09		%	4.90		%

Interest costs ~~decreased~~increased primarily due to ~~a decrease~~an increase in the weighted average ~~debt balance.~~interest rate.

Other non-operating income and expenses

We incurred a foreign currency remeasurement loss of ~~$15.1~~$25.2 million and ~~$11.1~~$5.5 million for the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021, respectively. The impact of the exchange rate fluctuation of the ~~MOP,~~Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities drove the variability between periods.

We recorded a gain of ~~$7.4~~$9.0 million and ~~$4.4~~$5.4 million for the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021, respectively, from change in derivatives fair value.

We recorded a $1.3 million loss on extinguishment of debt for the ~~three~~six months ended ~~March 31,~~June 30, 2021 related to the partial prepayment of the Wynn Macau Term Loan.

Income taxes

We recorded an income tax expense of ~~$1.1~~$1.9 million and ~~$0.5~~$1.2 million for the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021, respectively. The income tax expense in both periods primarily related to the Macau dividend tax agreement that provides for an annual payment as complementary tax otherwise due by stockholders of WRM.

Net loss attributable to noncontrolling interests

Net loss attributable to noncontrolling interests was ~~$71.3~~$154.7 million and ~~$55.2~~$97.2 million for the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021, respectively. These amounts are primarily related to the noncontrolling interests' share of net loss ~~attributable to~~from WML.

Table of Contents

Adjusted Property EBITDA

We use Adjusted Property EBITDA to manage the operating results of our segments. Adjusted Property EBITDA is net loss before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. We use Adjusted Property EBITDA to manage the operating results of our segments. Adjusted Property EBITDA 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 EBITDA 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 EBITDA 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 EBITDA 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

~~Table of Contents~~

historically excluded from their EBITDA calculations preopening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net loss, Adjusted Property EBITDA 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, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, our calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The following table summarizes Adjusted Property EBITDA ~~(dollar~~(dollars in thousands) for Wynn Palace, Wynn Macau, Las Vegas Operations, ~~and~~ Encore Boston Harbor, and Wynn Interactive as reviewed by management and summarized in Item 1—"Notes to Condensed Consolidated Financial Statements," Note ~~17,~~18, "Segment Information." That footnote also presents a reconciliation of Adjusted Property EBITDA to net loss attributable to Wynn Resorts, Limited.


		Three Months Ended March 31,								Three Months Ended June 30,							Six Months Ended June 30,
		2022		2021		Increase/ (Decrease)		Percent Change		2022		2021		Increase/ (Decrease)		Percent Change	2022		2021		Increase/ (Decrease)		Percent Change
Wynn Palace	Wynn Palace	$	(864)	$	27,369	$	(28,233)	(103.2)	Wynn Palace	$	(49,950)	$	53,555	$	(103,505)	NM	$	(50,814)	$	80,924	$	(131,738)	NM
Wynn Macau	Wynn Macau	(4,682)		16,556		(21,238)		(128.3)	Wynn Macau	(40,390)		14,086		(54,476)		NM	(45,072)		30,642		(75,714)		NM
Las Vegas Operations	Las Vegas Operations	159,378		28,081		131,297		467.6	Las Vegas Operations	226,706		133,222		93,484		70.2	386,084		161,303		224,781		139.4
Encore Boston Harbor	Encore Boston Harbor	55,250		30,363		24,887		82.0	Encore Boston Harbor	63,746		46,916		16,830		35.9	118,996		77,279		41,717		54.0
Wynn Interactive	Wynn Interactive	(31,501)		(43,469)		11,968		27.5	Wynn Interactive	(20,953)		(40,899)		19,946		48.8	(52,454)		(84,368)		31,914		37.8

NM - Not meaningful.

Adjusted Property EBITDA at Wynn Palace and Wynn Macau decreased ~~$28.2~~$103.5 million and ~~$21.2~~$54.5 million for the three months ended ~~March 31,~~June 30, 2022 and $131.7 million and $75.7 million for the six months ended June 30, 2022, respectively, primarily due to a decrease in operating revenues, partially offset by a decrease in operating expenses. Our Macau Operations for the ~~first quarter of~~three and six months ended June 30, 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other procedures related to the COVID-19 pandemic.

Adjusted Property EBITDA at our Las Vegas Operations increased ~~$131.3~~$93.5 million and $224.8 million for the three and six months ended ~~March 31,~~June 30, 2022, primarily due to an increase in operating revenues, partially offset by an increase in operating expenses. Our Las Vegas Operations for the ~~first quarter of~~three and six months ended June 30, 2021 were negatively impacted by the limitation or suspension of certain offerings and certain capacity limitations related to the COVID-19 pandemic.

Adjusted Property EBITDA at Encore Boston Harbor increased ~~$24.9~~$16.8 million and $41.7 million for the three and six months ended ~~March 31,~~June 30, 2022, primarily due to an increase in operating revenues, partially offset by an increase in operating expenses. Operating revenue at Encore Boston Harbor for the ~~first quarter of~~three and six months ended June 30, 2021 was negatively impacted by the limitation or suspension of certain offerings and certain capacity limitations related to the COVID-19 pandemic.

Table of Contents

Adjusted Property EBITDA at Wynn Interactive ~~was $(31.5)~~increased $19.9 million and $31.9 million for the three and six months ended ~~March 31,~~June 30, 2022, primarily due to ~~increased marketing and promotional expenses incurred in connection with the launch of its operations in New York and Louisiana, offset by~~ increased operating revenues due to the continued expansion and ramp up of ~~operations. Adjusted Property EBITDA at Wynn Interactive was $(43.5) million for the three months ended March 31, 2021, primarily due to the ramp up of Wynn Interactive operations.~~operations and decreased marketing and promotional expenses.

Refer to the discussions above regarding the specific details of our results of operations.

3243

Table of Contents

Liquidity and Capital Resources

Our cash flows were as follows (in thousands):


		Three Months Ended March 31,					Six Months Ended June 30,
Cash Flows - Summary	Cash Flows - Summary	2022		2021		Cash Flows - Summary	2022		2021
Cash flows from operating activities	Cash flows from operating activities	$	(117,385)	$	(253,906)	Cash flows from operating activities	$	(157,451)	$	(226,807)

Cash flows from investing activities:	Cash flows from investing activities:					Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	Capital expenditures, net of construction payables and retention	(96,343)		(40,270)		Capital expenditures, net of construction payables and retention	(186,038)		(110,045)
Purchase of intangible and other assets	Purchase of intangible and other assets	(901)		(8,500)		Purchase of intangible and other assets	(9,375)		(15,741)
Proceeds from sale of assets and other	Proceeds from sale of assets and other	29		134		Proceeds from sale of assets and other	29		3,502
Net cash used in investing activities	Net cash used in investing activities	(97,215)		(48,636)		Net cash used in investing activities	(195,384)		(122,284)

Cash flows from financing activities:	Cash flows from financing activities:					Cash flows from financing activities:
Proceeds from issuance of long-term debt	Proceeds from issuance of long-term debt	—		50,084		Proceeds from issuance of long-term debt	—		50,058
Repayments of long-term debt	Repayments of long-term debt	(12,500)		(1,166,737)		Repayments of long-term debt	(25,000)		(1,205,099)
Proceeds from issuance of Wynn Resorts, Limited common stock	Proceeds from issuance of Wynn Resorts, Limited common stock	—		841,899		Proceeds from issuance of Wynn Resorts, Limited common stock	—		841,896
Repurchase of common stock	Repurchase of common stock	(11,667)		(4,356)		Repurchase of common stock	(149,305)		(4,563)
Proceeds from issuance of subsidiary common stock						Proceeds from issuance of subsidiary common stock	2,895		4,662
Proceeds from sale of additional interest in joint venture						Proceeds from sale of additional interest in joint venture	50,033		—
Distribution to noncontrolling interest						Distribution to noncontrolling interest	(16,523)		(6,479)
Dividends paid						Dividends paid	(1,291)		(388)
Finance lease payments	Finance lease payments	(4,443)		(3,881)		Finance lease payments	(8,602)		(7,784)
Distribution to noncontrolling interest		(9,279)		—
Contribution from noncontrolling interest		50,033		—
Dividends paid		(1,163)		(295)
Payments for debt financing costs		(109)		(2,154)
Net cash provided by (used in) financing activities		10,872		(285,440)
Payments for financing costs						Payments for financing costs	(3,113)		(2,152)
Net cash used in financing activities						Net cash used in financing activities	(150,906)		(329,849)

Effect of exchange rate on cash, cash equivalents and restricted cash	Effect of exchange rate on cash, cash equivalents and restricted cash	(925)		(1,131)		Effect of exchange rate on cash, cash equivalents and restricted cash	(3,590)		1,641
Decrease in cash, cash equivalents and restricted cash	Decrease in cash, cash equivalents and restricted cash	$	(204,653)	$	(589,113)	Decrease in cash, cash equivalents and restricted cash	$	(507,331)	$	(677,299)

Operating Activities

Our operating cash flows primarily consist of operating income (excluding depreciation and amortization and other non-cash charges), interest paid and earned, and changes in working capital accounts such as receivables, inventories, prepaid expenses, and payables. Our table games play is a mix of cash play and credit play, while our slot machine play is conducted primarily on a cash basis. A significant portion of our table games revenue is attributable to the play of a limited number of premium customers who gamble on credit. The ability to collect these gaming receivables may impact our operating cash flow for the period. Our rooms, food and beverage, and entertainment, retail and other revenue is conducted on a cash and credit basis. Accordingly, operating cash flows will be impacted by changes in operating income and accounts receivable, net.

During the ~~three~~six months ended ~~March 31,~~June 30, 2022, the decrease in net cash used in operating activities was primarily due to increased revenues from our Las Vegas Operations and Encore Boston Harbor, which was partially offset by decreases in revenues from Wynn Palace and Wynn Macau. During the six months ended June 30, 2021, the decrease in net cash used in operating activities was primarily due to increased operating revenues, partially offset by an increase in operating ~~expenses. During the three months ended March 31, 2021, the increase in net cash used in operating activities was primarily due to~~expenses and changes in working capital accounts.

Investing Activities

Our investing activities primarily consist of project capital expenditures and maintenance capital expenditures associated with maintaining and continually refining our world-class integrated resort properties.

During the three months ended March 31, 2022, we incurred capital expenditures of $67.8 million at our Las Vegas Operations primarily related to the Wynn Las Vegas room remodel, and $7.5 million at Encore Boston Harbor, $13.1 million at Wynn Palace, and $4.2 million at Wynn Macau, each primarily related to maintenance capital expenditures.

3344

Table of Contents

During the ~~three~~six months ended ~~March 31,~~June 30, 2022, we incurred capital expenditures of $140.8 million at our Las Vegas Operations primarily related to the Wynn Las Vegas room remodel and the reconfiguration of the former Le Reve theater space, and $10.6 million at Encore Boston Harbor, $22.3 million at Wynn Palace, and $7.7 million at Wynn Macau primarily related to maintenance capital expenditures.

During the six months ended June 30, 2021, we incurred capital expenditures of ~~$19.8~~$54.6 million at our Las Vegas Operations primarily related to the Wynn Las Vegas room remodel, and ~~$6.3~~$17.9 million at Encore Boston Harbor, ~~$7.4~~$13.6 million at Wynn Palace, and ~~$4.8~~$9.8 million at Wynn Macau ~~each~~ primarily related to maintenance capital expenditures.

Financing Activities

During the ~~three~~six months ended ~~March 31,~~June 30, 2022, we repurchased 2,381,928 shares of our common stock for approximately $137.4 million. In addition, we received a $50.0 million contribution from a noncontrolling interest holder in exchange for a 49.9% interest in certain retail space contributed by the Company to the Retail Joint ~~Venture.~~Venture, ~~In addition, we~~used cash of $16.5 million for distributions to noncontrolling interest holders of the Retail Joint Venture, and made ~~a $12.5 million~~ quarterly amortization ~~payment~~payments under the WRF Term Loan ~~Facility.~~totaling $25.0 million.

During the ~~three~~six months ended ~~March 31,~~June 30, 2021, we received proceeds of $841.9 million from our February 2021 equity offering and used $716.0 million of the proceeds from the equity offering to repay the outstanding borrowings under the WRF Revolver. In addition, we borrowed $50.1 million under the Wynn Macau Revolver, ~~made a $438.6~~paid $464.7 million ~~prepayment~~ of outstanding principal owed under the Wynn Macau Term Loan, and made ~~a $12.5 million~~ quarterly amortization ~~payment~~payments under the WRF Term ~~Loan.~~Loan totaling $25.0 million.

Capital Resources

The COVID-19 pandemic has materially impacted and is likely to continue to materially impact, our business, financial condition and results of operations. While we believe our unrestricted cash, cash flows from operations and revolver borrowing capacity will enable us to fund our current obligations for the foreseeable future, COVID-19 has resulted in significant disruptions to our operations and to the U.S. and other global economies, which has had and will likely continue to have a negative impact on our operating income and could have a negative impact on our ability to access capital in the future.

The following table summarizes our unrestricted cash and cash equivalents and available revolver borrowing capacity, excluding capacity under ~~the Company~~intercompany loan agreements, as of ~~March 31,~~June 30, 2022 (in thousands):


		Total Cash and Cash Equivalents		Revolver Borrowing Capacity			Total Cash and Cash Equivalents		Revolver Borrowing Capacity
Wynn Macau, Limited and subsidiaries	Wynn Macau, Limited and subsidiaries	$	1,287,256	$	211,906	Wynn Macau, Limited and subsidiaries	$	1,107,061	$	211,466
Wynn Resorts Finance, LLC (1)	Wynn Resorts Finance, LLC (1)	388,532		835,600		Wynn Resorts Finance, LLC (1)	419,598		835,600
Wynn Resorts, Limited and other	Wynn Resorts, Limited and other	641,564		—		Wynn Resorts, Limited and other	488,239		—
Total	Total	$	2,317,352	$	1,047,506	Total	$	2,014,898	$	1,047,066

(1) Excluding Wynn Macau, Limited and subsidiaries.

Wynn Macau, Limited and subsidiaries. WML generates cash from our Macau Operations and may utilize proceeds from the WM Cayman II Revolver and its intercompany revolving loan facility with Wynn Resorts, Limited to fund working capital requirements as needed. In July 2022, we drew $211.5 million on the WM Cayman II Revolver for general corporate purposes.We expect to use this cash to fund working capital and capital expenditure requirements at WML and our Macau Operations, and to service our WML Senior Notes and WM Cayman II Revolver. WML paid no dividends during 2021 or the first ~~quarter~~half of 2022.

The borrowings under the WM Cayman II Revolver bear interest at LIBOR or HIBOR plus a margin of 2.625% per annum until June 30, 2022, the date from which the margin will be 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated ~~basis.~~ basis, subject to a floor on the interest rate margin of 2.625% per annum through June 30, 2023. The final maturity of all outstanding loans under the Revolving Facility is September 16, 2025.

Table of Contents

If our portion of our cash and cash equivalents were repatriated to the U.S. on ~~March 31,~~June 30, 2022, it would be subject to minimal U.S. taxes in the year of repatriation.

~~Table of Contents~~

Wynn Resorts Finance, LLC and subsidiaries. Wynn Resorts Finance, LLC ("WRF" or "Wynn Resorts Finance") generates cash from distributions from its subsidiaries, which include our Macau Operations, Wynn Las Vegas, and Encore Boston Harbor, and capital contributions from Wynn Resorts, as required. In addition, WRF may utilize its available revolving borrowing capacity as needed. We expect to use this cash to service our WRF Credit Facilities, the WRF Senior Notes due 2025, the WRF Senior Notes due 2029, and the Wynn Las Vegas (WLV) Senior Notes, and to fund working capital and capital expenditure requirements as needed.

WRF is a holding company and, as a result, its ability to pay dividends to Wynn Resorts is dependent on WRF receiving distributions from its subsidiaries, which include WML, Wynn Las Vegas, LLC, and Wynn MA. The WRF Credit Agreement contains customary negative and financial covenants, including, but not limited to, covenants that restrict WRF's ability to pay dividends or distributions and incur additional indebtedness.

In June 2022, Wynn Las Vegas ~~is currently undergoing~~completed its ~~planned~~hotel room remodel ~~which we temporarily postponed during 2020. We expect to incur between $50~~for total project costs of $215.2 million, ~~and $60~~inclusive of approximately $16.0 million of remaining project ~~costs related to this remodel, which we expect to complete during the second quarter of 2022.~~

costs. We are currently reconfiguring the former Le Reve theater space at Wynn Las Vegas. The specially redesigned theater will host an all-new, exclusive theatrical production. We expect to incur between ~~$55~~$40 million and ~~$65~~$50 million of remaining project costs related to the reconfigured theater and theatrical production, which we anticipate will open during the ~~third~~fourth quarter of 2022.

As previously discussed, on February 15, 2022, we announced our entry into a sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor. Upon closing of the related transactions, currently expected to take place in the fourth quarter of 2022, subject to regulatory approvals and customary closing conditions, we expect to receive cash consideration of approximately $1.7 billion in exchange for the sale of such real estate assets to an unrelated third party, and to concurrently enter into a lease agreement whereby the Company will lease such real estate assets for the purpose of continuing to operate the Encore Boston Harbor property. The lease agreement provides for an initial annual minimum rent of $100.0 million for an initial term of 30 years, subject to certain annual rent escalations and renewal provisions. We expect to use the cash proceeds from the sale of the real estate assets for general corporate purposes, which may include the repayment of certain debt obligations.

Wynn Resorts, Limited and other subsidiaries. Wynn Resorts, Limited is a holding company and, as a result, our ability to pay dividends is dependent on our ability to obtain funds and our subsidiaries' ability to provide funds to us. Wynn Resorts, Limited and other primarily generates cash from royalty and management agreements with our resorts, dividends and distributions from our subsidiaries, and the operations of the Retail Joint Venture of which we own 50.1%. We expect to use this cash to service our Retail Term Loan, to fund working capital needs of ~~Wynn Interactive,~~our subsidiaries, and for general corporate purposes.

Other Factors Affecting Liquidity

We may refinance all or a portion of our indebtedness on or before maturity. We cannot assure you that we will be able to refinance any of the indebtedness on acceptable terms or at all.

Legal proceedings in which we are involved also may impact our liquidity. No assurance can be provided as to the outcome of such proceedings. In addition, litigation inherently involves significant costs. For information regarding legal proceedings, see Note ~~15,~~16, "Commitments and Contingencies."

~~Our~~In April 2016, our Board of Directors has authorized an equity repurchase program of up to $1.0 billion. Under the equity repurchase program, we may repurchase the Company's outstanding shares from time to time through open market purchases, in privately negotiated transactions, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We repurchased 2,381,928 shares of our common stock at an average price of

Table of Contents

$57.70 per share, for an aggregate cost of $137.4 million under this equity repurchase program during the three months ended June 30, 2022. As of ~~March 31,~~June 30, 2022, we had ~~$800.1~~$662.7 million in repurchase authority remaining under the program. ~~We did not repurchase shares under the repurchase program during the three months ended March 31, 2022.~~

We have in the past repurchased, and in the future, we may periodically consider repurchasing our outstanding notes for cash. The amount of any notes to be repurchased, as well as the timing of any repurchases, will be based on business, market and other conditions and factors, including price, contractual requirements or consents, and capital availability.

~~Table of Contents~~

New business developments or other unforeseen events, including related to COVID-19, may occur, resulting in the need to raise additional funds. We continue to explore opportunities to develop additional gaming or related businesses in domestic and international markets. There can be no assurances regarding the business prospects with respect to any other opportunity. Any new development may require us to obtain additional financing. We may decide to conduct any such development through Wynn Resorts, Limited or through subsidiaries separate from the Las Vegas, Boston or Macau-related entities.

Critical Accounting Policies and Estimates

A description of our critical accounting policies is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2021. There have been no significant changes to these policies for the ~~three~~six months ended ~~March��31,~~June 30, 2022.

Recently Adopted Accounting Standards and Accounting Standards Issued But Not Yet Adopted

See related disclosure in Note 2, "Basis of Presentation and Significant Accounting ~~Policies."~~Policies" of Part I in this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices.

Interest Rate Risks

One of our primary exposures to market risk is interest rate risk associated with our debt facilities that bear interest based on floating rates. We attempt to manage interest rate risk by managing the mix of long-term fixed rate borrowings and variable rate borrowings, supplemented by hedging activities as believed by us to be appropriate. We cannot assure you that these risk management strategies will have the desired effect, and interest rate fluctuations could have a negative impact on our results of operations.

Interest Rate Sensitivity

As of ~~March 31,~~June 30, 2022, approximately 77% of our long-term debt was based on fixed rates. Based on our borrowings as of ~~March 31,~~June 30, 2022 and an interest rate collar on the Retail Term Loan, an assumed 100 basis point ~~change~~increase or decrease in the variable rates would cause our annual interest expense to change by ~~$23.0 million.~~$27.6 million or $21.8 million, respectively.

In order to mitigate exposure to interest rate fluctuations on the Retail Term Loan, the Company entered into an interest rate collar with a notional value of $615.0 million. The interest rate collar establishes a range whereby the Company will pay the counterparty if one-month LIBOR falls below the established floor rate of 1.00%, and the counterparty will pay the Company if one-month LIBOR exceeds the ceiling rate of 3.75%.

Foreign Currency Risks

We expect most of the revenues and expenses for any casino that we operate in Macau will be denominated in Hong Kong dollars or Macau patacas; however, a significant portion of the debt issued by WML is denominated in U.S. dollars. Fluctuations in the exchange rates resulting in weakening of the Macau pataca or the Hong Kong dollar in relation to the U.S. dollar could have materially adverse effects on our results, financial condition and ability to service debt. Based on our balances as of ~~March 31,~~June 30, 2022, an assumed 1% change in the U.S. dollar/Hong Kong dollar exchange rate would cause a foreign currency transaction gain/loss of ~~$39.6~~$40.5 million.

3647

Table of Contents

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The Company's management, with the participation of the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), has evaluated the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this report. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on such evaluation, the Company's CEO and CFO have concluded that, as of the period covered by this report, the Company's disclosure controls and procedures were effective, at the reasonable assurance level, in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or furnishes under the Exchange Act and were effective in ensuring that information required to be disclosed by the Company in the reports that it files or furnishes under the Exchange Act is accumulated and communicated to the Company's management, including the Company's CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter to which this report relates that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

3748

Table of Contents

Part II. OTHER INFORMATION

Item 1. Legal Proceedings

We are occasionally party to lawsuits. As with all litigation, no assurance can be provided as to the outcome of such matters and we note that litigation inherently involves significant costs. For information regarding the Company's legal proceedings see Item 1—"Notes to Condensed Consolidated Financial Statements," Note ~~15,~~16, "Commitments and Contingencies" of Part I in this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

A description of our risk factors can be found in Item 1A, Part I of our Annual Report on Form 10-K for the year ended December 31, 2021. There were no material changes to those risk factors during the ~~three~~six months ended ~~March 31,~~June 30, 2022.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table summarizes the share repurchases made by the Company under its publicly announced equity repurchase program during the three months ended June 30, 2022:


For the Month Ended	Number of Shares Repurchased	Weighted Average Price Paid Per Share		Shares Repurchased as Part of a Publicly Announced Program	Approximate Dollar Value Remaining Under the Program (in thousands) (1)
April 30, 2022	—	$	—	—	$	800,149
May 31, 2022	1,094,245	$	59.80	1,094,245	$	734,713
June 30, 2022	1,287,683	$	55.91	1,287,683	$	662,713

(1) In April 2016, the Company's Board of Directors authorized an equity repurchase program of up to $1.0 billion of our common stock. Repurchases may be made at the discretion of the Company from time to time on the open market or in privately negotiated transactions. The Company is not obligated to make any repurchases, and the repurchase program may be discontinued at any time. Any shares acquired are available for general corporate purposes. Any shares repurchased during the periods presented are held as treasury shares.

As of June 30, 2022, we had $662.7 million in repurchase authority under the equity repurchase program.

The following table summarizes the shares we repurchased in satisfaction of employee tax withholding obligations ~~upon the vesting of~~on vested restricted stock during the three months ended ~~March 31, 2022:~~

For the Month Ended Number of Shares Repurchased Weighted Average Price Paid Per Share Approximate Dollar Value of Repurchased Shares
(in thousands)
January 31, 2022 113,708 $ 85.50 $ 9,722
February 28, 2022 7,080 $ 86.85 $ 615
March 31, 2022 16,297 $ 81.64 $ 1,330

~~None of the foregoing repurchases that occurred during the three months ended March 31,~~June 30, 2022, which were not part of the Company's publicly announced equity repurchase ~~program. As of March 31, 2022, we had $800.1 million in repurchase authority under the program.~~program:


For the Month Ended	Number of Shares Repurchased	Weighted Average Price Paid Per Share		Approximate Dollar Value of Repurchased Shares (in thousands)
April 30, 2022	982	$	73.01	$	71,699
May 31, 2022	413	$	63.90	$	26,391
June 30, 2022	1,629	$	64.25	$	104,668

Item 3. Default Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

3849

Table of Contents

Item 6. Exhibits

(a)Exhibits


Exhibit No.						Description
3.1						Third Amended and Restated Articles of Incorporation of the Registrant. (Incorporated by reference from the Quarterly Report on Form 10-Q filed by the Registrant on May 8, 2015.)
3.2						Ninth Amended and Restated Bylaws of the Registrant. (Incorporated by reference from the Annual Report on Form 10-K filed by the Registrant on February 28, 2020.)
*~~10.3.2~~10.1						~~Amendment to~~Concession Extension Contract for the ~~Facility Agreement,~~Operation of Games of Chance or Other Games in Casinos in the Macau Special Administrative Region, dated ~~as of May 5,~~June 2 3 , 2022 by , between the Macau Special Administrative Region and ~~among WM Cayman Holdings Limited II, as borrower, Wynn Macau, Limited, as guarantor, and Bank of China Limited, Macau Branch, as agent and a syndicate of lenders.~~
*10.7.4.1						~~First Amendment to Employment Agreement, dated as of April 13, 2022, by and between~~ Wynn Resorts ~~Limited and Julie Cameron-Doe.~~(Macau), S.A.
*31.1						Certification of Chief Executive Officer of Periodic Report Pursuant to Rule 13a – 14(a) and Rule 15d – 14(a).
*31.2						Certification of Chief Financial Officer of Periodic Report Pursuant to Rule 13a – 14(a) and Rule 15d – 14(a).
32						Certification of CEO and CFO Pursuant to 1 8 18 U.S.C. Section 1350 (furnished herewith).
101						The following material from Wynn Resorts, Limited's Quarterly Report on Form 10-Q, formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of ~~March 31,~~June 30, 2022 and December 31, 2021; (ii) the Condensed Consolidated Statements of Operations for the three and six months ended ~~March 31,~~June 30, 2022 and 2021; (iii) the Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended ~~March 31,~~June 30, 2022 and 2021; (iv) the Condensed Consolidated Statements of Stockholders' Deficit for the three and six months ended ~~March 31,~~June 30, 2022 and 2021; (v) the Condensed Consolidated Statements of Cash Flows for the ~~three~~six months ended ~~March 31,~~June 30, 2022 and 2021; and (vi) Notes to Condensed Consolidated Financial Statements. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104						Cover Page Interactive Data File - The cover page XBRL tags are embedded within the Inline XBRL document.

Wynn Resorts, Limited agrees to furnish to the U.S. Securities and Exchange Commission, upon request, a copy of each agreement with respect to long-term debt not filed herewith in reliance upon the exemption from filing applicable to any series of debt which does not exceed 10% of the total consolidated assets of the company.

* Filed herewith.

3950

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

WYNN RESORTS, LIMITED

Dated: ~~May 10,~~August 9, 2022

By:

/s/ Julie Cameron-Doe

Julie Cameron-Doe

Chief Financial Officer

(Principal Financial and Accounting Officer)

4051