Wynn Resorts reports $17.32 million net income for Q3 2026

Cover page 4 changes

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For the quarterly period ended June September 30, 2026

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Class Outstanding at July 31, 2026

Class Outstanding at October 30, 2026

Common stock, par value $0.01 102,973,891 102,551,611

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Financial statements 245 changes

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Investments 527,370 601,756

Inventories 89,945 88,478

Restricted cash 94,041 96,653

Other assets 265,127 274,907

June September 30, 2026 December 31, 2025

Cash and cash equivalents $ 1,573,353 1,642,156 $ 1,463,442

Investments 150,202 601,756

Accounts receivable, net of allowance for credit losses of $ 54,886 59,928 and $ 45,645 , respectively

Inventories 92,088 88,478

Prepaid expenses and other 126,485 137,362 127,204

Total current assets 2,653,782 2,404,733 2,683,521

Property and equipment, net 6,614,702 6,684,076 6,625,922

Long-term investments 60,384 55,791 67,594

Restricted cash 95,401 96,653

Intangible assets, net 208,232 200,720 224,242

Operating lease assets 1,764,067 1,834,813 1,778,052

Deferred income taxes, net 388,475 386,975 409,070

Investments in unconsolidated affiliates 1,110,425 1,199,519 948,156

Other assets 257,685 274,907

Total assets $ 13,159,235 13,119,713 $ 13,108,117

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Customer deposits 512,710 569,603

Accrued interest 133,814 132,772

Accounts and construction payables $ 240,734 267,306 $ 255,307

Customer deposits 527,975 569,603

Gaming taxes payable 184,474 161,383 215,581

Accrued compensation and benefits 204,457 210,294 245,550

Accrued interest 89,229 132,772

Current portion of long-term debt 1,428,965 1,159,665 9,410

Other accrued liabilities 203,403 240,770 214,955

Total current liabilities 2,908,557 2,656,622 1,643,178

Long-term debt 9,295,695 9,574,564 10,537,402

Long-term operating lease liabilities 1,617,803 1,621,285 1,629,117

Other long-term liabilities 243,847 252,280 329,699

Total liabilities 14,065,902 14,104,751 14,139,396

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Noncontrolling interests ( 737,216 ) ( 755,787 )

Common stock, par value $ 0.01 ; 400,000,000 shares authorized; 135,316,099 135,328,075 and 134,326,464 shares issued; 103,405,133 102,774,991 and 103,989,787 shares outstanding, respectively

Treasury stock, at cost; 31,910,966 32,553,084 and 30,336,677 shares, respectively ( 2,784,163 2,844,019 ) ( 2,621,394 )

Additional paid-in capital 3,852,236 3,871,851 3,801,934

Accumulated other comprehensive income (loss) 6,736 7,326 ( 3,136 )

Accumulated deficit ( 1,245,613 1,253,977 ) ( 1,454,239 )

Total Wynn Resorts, Limited stockholders' deficit ( 169,451 217,466 ) ( 275,492 )

Noncontrolling interests ( 767,572 ) ( 755,787 )

Total stockholders' deficit ( 906,667 985,038 ) ( 1,031,279 )

Total liabilities and stockholders' deficit $ 13,159,235 13,119,713 $ 13,108,117

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Three Months Ended June 30, Six Months Ended June 30,

Casino $ 1,175,288 $ 1,051,834 $ 2,352,521 $ 2,092,264

Rooms 290,303 291,053 580,684 565,574

Food and beverage 264,344 261,057 523,363 510,936

Entertainment, retail and other 126,998 133,853 257,127 269,420

Total operating revenues 1,856,933 1,737,797 3,713,695 3,438,194

Casino 721,384 643,108 1,454,054 1,277,941

Rooms 88,569 86,042 178,360 170,139

Food and beverage 236,642 224,400 465,464 425,067

Entertainment, retail and other 51,390 58,041 111,103 120,227

General and administrative 270,115 280,815 545,319 556,504

Provision for credit losses 6,930 3,353 10,987 4,749

Pre-opening 9,232 11,286 20,977 16,573

Depreciation and amortization 165,421 152,907 325,948 308,328

Property charges and other 9,662 13,245 21,291 25,477

Total operating expenses 1,559,345 1,473,197 3,133,503 2,905,005

Operating income 297,588 264,600 580,192 533,189

Three Months Ended September 30, Nine Months Ended September 30,

Casino $ 1,050,471 $ 1,174,717 $ 3,402,992 $ 3,266,981

Rooms 261,499 270,484 842,183 836,058

Food and beverage 257,657 261,990 781,020 772,926

Entertainment, retail and other 119,426 126,556 376,553 395,976

Total operating revenues 1,689,053 1,833,747 5,402,748 5,271,941

Casino 674,247 705,421 2,128,301 1,983,362

Rooms 83,425 86,385 261,785 256,524

Food and beverage 226,298 231,100 691,762 656,167

Entertainment, retail and other 49,968 54,541 161,071 174,768

General and administrative 276,413 275,035 821,732 831,539

Provision for credit losses 9,023 4,505 20,010 9,254

Pre-opening 2,644 7,289 23,621 23,862

Depreciation and amortization 166,782 152,828 492,730 461,156

Property charges and other 22,031 6,154 43,322 31,631

Total operating expenses 1,510,831 1,523,258 4,644,334 4,428,263

Operating income 178,222 310,489 758,414 843,678

1 unchanged paragraph

Interest income 12,774 15,859 25,866 35,218

Interest expense, net of amounts capitalized ( 152,177 ) ( 154,551 ) ( 304,539 ) ( 312,159 )

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and 165 more changes in the filing

Note 1: Organization 1 change

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In the Macau Special Administrative Region of the People's Republic of China ("Macau"), the Company owns approximately 72 71 % 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 operates Encore Boston Harbor, an integrated resort.

1 unchanged paragraph

Note 2: Basis of Presentation and Significant Accounting Policies 1 change

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The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States ("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 nine months ended June September 30, 2026 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2026. 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, 2025.

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Note 3: Cash, Cash Equivalents and Restricted Cash 11 changes

1 unchanged paragraph

June September 30, 2026 December 31, 2025

2 unchanged paragraphs

Total cash and cash equivalents 1,573,353 1,642,156 1,463,442

Total cash, cash equivalents and restricted cash $ 1,667,394 1,737,557 $ 1,560,095 (1) Cash consists of cash on hand and bank deposits.

(2) Cash equivalents consist of bank time deposits, U.S. government treasuries and money market funds and excludes $ 527.4 150.2 million and $ 601.8 million of short-term investments as of June September 30, 2026 and December 31, 2025, respectively, as described in Note 2, - "Basis of Presentation and Significant Accounting Policies."

(3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in trusts in accordance with WML's share award plans, and as of June September 30, 2026 and December 31, 2025 includes $ 86.7 86.6 million and $ 87.3 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support the legal and contractual obligations of Wynn Resorts (Macau) S.A. ("Wynn Macau SA") through the term of Wynn Macau SA's gaming concession contract.

1 unchanged paragraph

Six Months Ended June 30,

Nine Months Ended September 30,

Cash paid for interest, net of amounts capitalized $ 283,946 468,582 $ 296,144 470,288

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Accounts and construction payables related to property and equipment $ 111,608 134,218 $ 70,178 77,008

Finance lease liabilities arising from obtaining finance lease assets $ — 5,748 $ 39,423 39,573

Liabilities arising from obtaining investments $ 25,191 $ —

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Note 4: Receivables, net 4 changes

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Casino $ 272,937 $ 309,500

June September 30, 2026 December 31, 2025

Casino $ 300,398 $ 309,500

Less: allowance for credit losses ( 54,886 59,928 ) ( 45,645 )

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Note 5: Property and Equipment, net 9 changes

1 unchanged paragraph

June September 30, 2026 December 31, 2025

Buildings and improvements $ 8,821,986 8,807,453 $ 8,708,210

Land and improvements 1,240,411 1,240,487 1,226,834

Furniture, fixtures and equipment 3,737,097 3,767,366 3,662,869

1 unchanged paragraph

As of June 30, 2026 and December 31, 2025, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.

Construction in progress 364,791 532,236 350,286

Less: accumulated depreciation ( 7,737,180 7,851,063 ) ( 7,509,874 )

As of September 30, 2026, construction in progress consisted primarily of costs capitalized for capital enhancements at the Company's properties, including room remodels at the Company's Las Vegas Operations and expanded entertainment and event space at Wynn Palace. As of December 31, 2025, construction in progress primarily included capitalized costs for new food and beverage offerings at our Las Vegas Operations and the expansion of entertainment and event space at Wynn Palace.

Depreciation expense for the three months ended June September 30, 2026 and 2025 was $ 152.2 147.3 million and $ 140.1 139.5 million, respectively, and depreciation expense for the six nine months ended June September 30, 2026 and 2025 was $ 299.8 447.1 million and $ 282.7 422.2 million, respectively.

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Note 6: Long-Term Debt 13 changes

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June September 30, 2026 December 31, 2025

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WRF Term Loan, due 2030 752,813 748,107 752,813

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WLV 5 1/4% Senior Notes, due 2027 880,000 — 880,000

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WRF 6 7/8% Senior Notes, due 2035 900,000 —

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Debt Covenant Compliance

As of June 30, 2026, management believes the Company was in compliance with all debt covenants.

Less: Unamortized debt issuance costs and original issue discounts and premium, net ( 102,769 106,919 ) ( 118,184 )

Less: Current portion of long-term debt ( 1,428,965 1,159,665 ) ( 9,410 )

Total long-term debt, net of current portion $ 9,295,695 9,574,564 $ 10,537,402 (1) As of June September 30, 2026, the borrowings under the WM Cayman II Revolver bear interest at the term secured overnight financing rate ("Term SOFR") plus a credit adjustment spread of 0.10 % or the Hong Kong Interbank Offered Rate ("HIBOR"), in each case plus a margin of 1.875 % to 2.875 % per annum based on WM Cayman II's leverage ratio on a consolidated basis. Approximately $ 239.1 million and $ 903.6 903.1 million of the WM Cayman II Revolver bears interest at a rate of Term SOFR plus 1.975 % per year and HIBOR plus 1.875 % per year, respectively. As of June September 30, 2026, the weighted average interest rate was approximately 4.98 5.09 %. As of June September 30, 2026, the available borrowing capacity under the WM Cayman II Revolver was $ 1.35 billion.

(2) The net carrying amount of the WML Convertible Bonds, together with the WML Convertible Bond Conversion Option Derivative, is included in Current portion of long-term debt as of June September 30, 2026. WML may be required to redeem all or a portion of the WML Convertible Bonds at the option of bond holders on March 7, 2027.

(3) As of June September 30, 2026, the net carrying amount of the WML Convertible Bonds was $ 530.4 536.1 million, with unamortized debt discount and debt issuance costs of $ 69.6 63.9 million. The Company recorded contractual interest expense of $ 6.8 million in each of the three months ended June September 30, 2026 and 2025 and amortization of discounts and issuance costs of $ 5.6 5.8 million and $ 5.1 5.3 million during the three months ended June September 30, 2026 and 2025, respectively, and contractual interest expense of $ 13.5 20.3 million in each of the six nine months ended June September 30, 2026 and 2025 and amortization of discounts and issuance costs of $ 11.1 16.9 million and $ 10.1 15.4 million during the six nine months ended June September 30, 2026 and 2025, respectively.

(4) The WRF Credit Facilities Term Loan and WRF Revolver bear interest at a rate of Term SOFR plus 1.50 % and 1.75 % per year, respectively. As of June September 30, 2026, the weighted average interest rate was approximately 5.39 5.44 %. Additionally, as of June September 30, 2026, the available borrowing capacity under the WRF Revolver was $ 1.03 billion, net of $ 16.3 15.3 million in outstanding letters of credit. During the three months ended June 30, 2026, the Company drew $ 200.0 million under the WRF Revolver.

(5) The Retail Term Loan bears interest at a rate of adjusted daily simple secured overnight financing rate ("SOFR") plus 2.15 % per year. As of June September 30, 2026, the effective interest rate was 5.54 %.

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Note 7: Derivative Instruments 11 changes

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Estimated volatility 20.3 % 29.2 %

June September 30, 2026 December 31, 2025

WML stock price HK$ 5.05 5.34 HK$ 5.94

Estimated volatility 19.4 % 29.2 %

Risk-free interest rate 3.4 4.2 % 2.7 %

Expected term (years) 2.7 2.4 3.2

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Foreign Currency Swaps

The Company enters into foreign currency swap agreements (the "Foreign Currency Swaps") with the objective of managing foreign currency exchange rate risk associated with the outstanding U.S. dollar denominated WML Senior Notes. The Foreign Currency Swaps exchange predetermined amounts of Hong Kong dollars for U.S. dollars at a contractual spot rate, and as of June 30, 2026, have an aggregate notional amount of $ 4.10 billion, and have maturities between October 2027 and August 2030.

As of June 30, 2026, the net fair value of the Foreign Currency Swaps was an asset of $ 9.1 million, with $ 17.4 million recorded in Prepaid expenses and other and $ 8.3 million recorded in Other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. As of December 31, 2025, the net fair value of the Foreign Currency Swaps was a liability of $ 36.0 million, with $ 17.0 million recorded in Prepaid expenses and other and $ 53.0 million recorded in Other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets.

The fair values of the Foreign Currency Swaps were estimated based on discounted future cash flows, incorporating foreign currency spot rates and market yield curves (Level 2 inputs). Gains and losses on the Foreign Currency Swaps are recorded in earnings, as these instruments are not designated as hedges. The Company recorded a gain of $ 35.9 million and a loss of $ 5.3 million in the three months ended June 30, 2026 and 2025, respectively, and a gain of $ 57.6 million and a loss of $ 14.6 million in the six months ended June 30, 2026 and 2025, respectively, within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Operations.

The estimated fair value of the embedded derivative was $ 2.0 0.9 million recorded in Current portion of long-term debt and $ 32.6 million recorded in Long-term debt in the accompanying Condensed Consolidated Balance Sheets as of June September 30, 2026 and December 31, 2025, respectively. In connection with the change in fair value, the Company recorded a gain of $ 7.0 million and $ 6.0 million for the three months ended June 30, 2026 and 2025, respectively, and a gain of $ 30.6 million and a loss of $ 10.0 million for the six months ended June 30, 2026 and 2025, respectively, within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Operations.

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Note 8: Stockholders' Deficit 9 changes

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Noncontrolling Interests

On June 16, 2026, WML paid a cash dividend of HK$ 0.223 per share on its common stock for a total U.S. dollar equivalent of approximately $ 149.8 million. The Company's share of this dividend was $ 106.7 million, and the noncontrolling interest holders' share of this dividend was $ 43.1 million.

WML Securities Lending Agreement

In connection with the offering of the WML Convertible Bonds, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximate 72 % ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") in March 2023 (the "Securities Lending Agreement"), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending Agreement. WM Cayman I may, at its sole discretion, terminate any stock loan by giving the WML Stock Borrower no less than five business days' notice. The Securities Lending Agreement terminates on the date on which the WML Convertible Bonds have been redeemed, or converted in full, whichever is the earlier. As of the date of this report, the WML Stock Borrower held 79,774,985 WML shares under the Securities Lending Agreement.

Retail Joint Venture

The Retail Joint Venture made aggregate distributions of $ 7.6 million and $ 6.0 million during the three months ended June 30, 2026 and 2025, respectively, and $ 15.9 million and $ 12.3 million during the six months ended June 30, 2026 and 2025, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture."

During the three and six nine months ended June September 30, 2026, the Company repurchased 741,098 627,475 and 1,269,765 1,897,240 shares of its common stock at average prices of $ 101.20 92.61 and $ 101.42 98.50 per share, respectively, for an aggregate cost of $ 75.0 58.1 million and $ 128.8 186.9 million, respectively, under the equity repurchase program. During the three and six nine months ended June September 30, 2025, the Company repurchased 2,004,418 600 and 4,364,612 4,365,212 shares of its common stock at average prices of $ 78.88 99.27 and $ 82.06 per share for an aggregate cost of $ 158.1 0.1 million and $ 358.1 358.2 million, respectively, under the equity repurchase program. As of June September 30, 2026, the Company had $ 326.1 268.0 million in repurchase authority remaining under the program.

The Company paid a cash dividend of $ 0.25 per share on its common stock during each of the three month periods ended March 31, 2026, and June 30, 2026 and September 30, 2026 and recorded $ 26.1 million, and $ 25.8 million and $ 25.7 million against accumulated deficit, respectively. The Company paid a cash dividend of $ 0.25 per share on its common stock during each of the three month periods ended March 31, 2025, and June 30, 2025 and September 30, 2025 and recorded $ 26.6 million, and $ 26.1 million and $ 25.9 million against accumulated deficit, respectively.

On August 4, November 5, 2026, the Company's Board of Directors declared a cash dividend of $ 0.25 per share on its common stock, payable on August 28, November 30, 2026 to stockholders of record as of August 14, November 16, 2026.

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Note 9: Fair Value Measurements 8 changes

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June September 30, 2026 Quoted

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Cash equivalents $ 152,813 $ 17,203 $ 135,610 $ —

Restricted cash $ 94,041 $ 4,362 $ 89,679 $ —

Fixed deposits $ 400,000 $ — $ 400,000 $ —

Cash equivalents $ 269,867 $ 16,011 $ 253,856 $ —

Restricted cash $ 95,401 $ 4,386 $ 91,015 $ —

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Interest rate swap $ 1,663 1,411 $ — $ 1,663 1,411 $ —

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Interest rate equity contribution agreement (see Note 15)

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Note 10: Customer Contract Liabilities 2 changes

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June September 30, 2026 December 31, 2025 Increase / (decrease) June September 30, 2025 December 31, 2024 Increase / (decrease)

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$ 554,302 $ 593,361 $ ( 39,059 ) $ 554,781 $ 539,335 $ 15,446 (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.

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Note 11: Stock-Based Compensation 18 changes

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Three Months Ended June 30, Six Months Ended June 30,

Casino $ 1,565 $ 4,321 $ 4,305 $ 5,229

Rooms 847 2,618 2,711 2,872

Food and beverage 2,790 7,199 7,647 7,986

Entertainment, retail and other 316 820 1,001 959

General and administrative 11,384 13,879 26,976 31,191

Total stock-based compensation expense 16,902 28,837 42,640 48,237

Total stock-based compensation capitalized 1,320 1,496 2,682 2,878

Total stock-based compensation costs $ 18,222 $ 30,333 $ 45,322 $ 51,115

Three Months Ended September 30, Nine Months Ended September 30,

Casino $ 5,506 $ 2,736 $ 9,811 $ 7,965

Rooms 687 1,906 3,398 4,778

Food and beverage 1,648 4,890 9,295 12,876

Entertainment, retail and other 180 694 1,181 1,653

General and administrative 12,184 12,438 39,160 43,629

Total stock-based compensation expense 20,205 22,664 62,845 70,901

Total stock-based compensation capitalized 1,329 1,407 4,011 4,285

Total stock-based compensation costs $ 21,534 $ 24,071 $ 66,856 $ 75,186

Note 12: Income Taxes 2 changes

The Company recorded income tax expense of $ 16.2 5.6 million and $ 10.6 61.1 million for the three months ended June September 30, 2026 and 2025, respectively, and income tax expense of $ 26.3 31.9 million and $ 21.6 82.7 million for the six nine months ended June September 30, 2026 and 2025, respectively, primarily related to its U.S.-based operating profits.

The difference between the statutory tax rate of 21 % and the effective tax rate of 7.3 7.9 % for the nine months ended September 30, 2026 is due to the exemption from Macau's 12% 12 % Complementary Tax on casino gaming profits earned by Wynn Macau SA.

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Note 13: Earnings Per Share 11 changes

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Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

Net income attributable to Wynn Resorts, Limited - basic $ 140,062 17,321 $ 66,218 88,341 $ 260,516 277,837 $ 138,965 227,306

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Weighted average common shares outstanding 102,574 103,491 102,828 104,486

Net income attributable to Wynn Resorts, Limited - diluted $ 135,830 17,321 $ 66,218 88,341 $ 243,869 265,736 $ 138,965 227,306

Weighted average common shares outstanding 102,005 102,909 102,550 103,955

Potential dilutive effect of stock options, nonvested, and performance nonvested shares 409 289 562 263 262 727 463 418

Weighted average common and common equivalent shares outstanding 102,983 103,780 103,390 104,749 102,267 103,636 103,013 104,373

Net income attributable to Wynn Resorts, Limited per common share, basic $ 1.37 0.17 $ 0.64 0.86 $ 2.53 2.71 $ 1.33 2.19

Net income attributable to Wynn Resorts, Limited per common share, diluted $ 1.32 0.17 $ 0.64 0.85 $ 2.36 2.58 $ 1.33 2.18

Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 301 365 405 456 391 283 400 399 (1) The assumed conversion of the WML Convertible Bonds had an anti-dilutive impact for the three months ended September 30, 2026 and six for the three and nine months ended June September 30, 2025.

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Note 14: Leases 8 changes

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Three Months Ended June 30, Six Months Ended June 30,

Minimum rental income $ 37,529 $ 35,689 $ 72,649 $ 72,149

Contingent rental income 16,685 16,454 35,339 31,521

Total rental income $ 54,214 $ 52,143 $ 107,988 $ 103,670

Three Months Ended September 30, Nine Months Ended September 30,

Minimum rental income $ 40,050 $ 38,114 $ 112,699 $ 110,263

Contingent rental income 13,629 13,593 48,968 45,114

Total rental income $ 53,679 $ 51,707 $ 161,667 $ 155,377

Note 15: Commitments and Contingencies 5 changes

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In connection with the construction of Wynn Al Marjan Island and surrounding developments, including Janu Al Marjan Island, a hotel and residential development to be operated by Aman Group, the Company is required to contribute capital to the Al Marjan Joint Venture to fund 40 % of the project design and development costs in exchange for a pro-rata share of equity. During the three and six nine months ended June September 30, 2026, the Company contributed $ 48.1 62.2 million and $ 148.2 210.4 million of cash into the Al Marjan Joint Venture, bringing our life-to-date cash contributions to $ 1.06 1.12 billion. The remaining 40 % pro-rata share of the required cash contributions for Wynn Al Marjan Island, including Janu Al Marjan Island, is currently estimated to be between $ 525 465 million and $ 650 590 million inclusive of capitalized interest and fees.

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DCP Completion Guarantee and Share Pledge

In February 2026, DCP AMI 3 FZ-LLC ("DCP"), an unconsolidated affiliate included in the Al Marjan Joint Venture, entered into a financing agreement for a U.S. dollar equivalent of approximately $ 45.1 million (the "DCP Financing"). DCP will construct and operate a district cooling plant serving Wynn Al Marjan Island and surrounding developments. In connection with the DCP Financing, the Al Marjan Guarantors entered into a completion guarantee, pursuant to which the Al Marjan Guarantors may be required to fund shortfalls necessary to achieve practical completion of the cooling plant by September 30, 2026. As of June 30, 2026, construction is substantially complete and the cooling plant is operational. Pursuant to a shareholder side letter, the Al Marjan Guarantors are required to pledge their equity interests in DCP as collateral for the DCP Financing. As

Interest Rate Equity Contribution Agreement

In July 2026, the Al Marjan Guarantors entered into an interest rate equity contribution agreement ("IRECA") in favor of the Borrower and the Secured Parties which requires the Al Marjan Guarantors to make pro-rata equity contributions to the Borrower in the event there are Hedging Shortfalls, as defined below. Pursuant to the Al Marjan Facility Agreement, the Borrower is required to enter into interest rate hedging agreements with notional amounts equal to 75 % of the aggregate principal amount of indebtedness then outstanding under the Al Marjan Facility (the "Hedging Requirement"). To the extent that the Borrower's interest rate hedging agreements are insufficient to cover the Hedging Requirement, the IRECA requires the Al Marjan Guarantors to provide financial support in the form of equity contributions to the Borrower for unhedged amounts

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Notes to the financial statements 19 changes

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 $ 517.5 million and $ 452.8 million for the three months ended June 30, 2026 and 2025, respectively, and $ 1.03 billion and $ 893.5 million for the six months ended June 30, 2026 and 2025, respectively.

As of June 30, 2026, the Company held $ 400.0 million in fixed deposits, recorded at fair value within Investments, and $ 127.4 million and $ 60.4 million in U.S. treasuries (including accrued interest), recorded at amortized cost within Investments and Long-term investments, respectively, in the Condensed Consolidated Balance Sheets. The estimated fair value of the Company's U.S. treasuries as of June 30, 2026 was approximately $ 187.2 million, as determined based on quoted market prices in active markets (Level 1 inputs), and the unrecognized holding loss was $ 0.6 million.

As of December 31, 2025, the Company held $ 475.0 million in fixed deposits, recorded at fair value within Investments, and $ 127.3 million and $ 67.6 million in U.S. treasuries (including accrued interest), recorded at amortized cost within Investments and Long-term investments, respectively, in the Condensed Consolidated Balance Sheets. The estimated fair value of the Company's U.S. treasuries as of December 31, 2025 was approximately $ 194.4 million, as determined based on quoted market prices in active markets (Level 1 inputs), and the unrecognized holding loss was $ 0.5 million.

As of the balance sheet date, the Company evaluates whether the unrealized losses are attributable to credit losses or other factors. The Company considers the severity of the decline in value, creditworthiness of the issuer and other relevant factors and records an allowance for credit losses, limited to the excess of amortized cost over fair value, with a corresponding charge to earnings. The allowance may be subsequently increased or decreased based on the prevailing facts and circumstances. During the three and six months ended June 30, 2026 and 2025, the Company recorded no allowance for credit losses related to its investments.

Investments in Unconsolidated Affiliates

The Company accounts for its investment in Island 3 and affiliated ventures (the "Al Marjan Joint Venture") using the equity method. Under the equity method, the investment's carrying value is adjusted for the Company's share of the investee's earnings and losses, capital contributions to and distributions from the investee, and capitalization of interest cost incurred by the Company during the investee's initial development period.

The Company records its share of income and loss on investments in unconsolidated affiliates as a component of Operating income within the Company's accompanying Condensed Consolidated Statements of Operations, as the Company's investments in unconsolidated affiliates are an extension of the Company's core business operations. The Company recognized a loss on investments in unconsolidated affiliates of $ 8.8 million and $ 6.2 million for the three months ended June 30, 2026 and 2025, respectively, and $ 16.3 million and $ 9.5 million for the six months ended June 30, 2026 and 2025, respectively, recorded in Pre-opening expenses within the Company's accompanying Condensed Consolidated Statements of Operations.

Recently Issued Accounting Standards

In November 2024, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). The standard provides guidance on expanded disclosures related to the disaggregation of income statement expenses. The standard specifically requires additional disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company's adoption of ASU 2024-03 will result in additional disclosures but is not expected to have an impact on the Company's financial condition, results of operations and cash flows.

when the Emirates Interbank Offered Rate or the Term SOFR rate exceeds 5.0 % and 4.5 %, respectively (the "Hedging Shortfalls").

The Company accounts for its pro-rata portion of obligations under the IRECA as a derivative and reports it at fair value as of the end of each reporting period, with changes recognized in the statements of operations. The initial fair value of the IRECA was $ 10.0 million and is recorded within Investments in unconsolidated affiliates. The Company estimates the fair value of the IRECA using a combination of observable (Level 2) and unobservable (Level 3) inputs, including forecasted draws and hedging transactions of the Borrower, forward interest rate curves, discount rates and interest rate volatility. As of September 30, 2026, the estimated fair value of the IRECA was a liability of $ 17.9 million, with $ 0.7 million and $ 17.2 million recorded in Other accrued liabilities and Other long-term liabilities, respectively. The Company recorded a loss of $ 7.9 million for the three and nine months ended September 30, 2026 within Change in derivatives fair value in the accompanying Condensed Consolidated Statements of Operations.

DCP Completion Guarantee and Share Pledge

In February 2026, DCP AMI 3 FZ-LLC ("DCP"), an unconsolidated affiliate included in the Al Marjan Joint Venture, entered into a financing agreement for a U.S. dollar equivalent of approximately $ 45.1 million (the "DCP Financing"). DCP will construct and operate a district cooling plant serving Wynn Al Marjan Island and surrounding developments. In connection with the DCP Financing, the Al Marjan Guarantors entered into a completion guarantee, pursuant to which the Al Marjan Guarantors may be required to fund shortfalls necessary to achieve practical completion of the cooling plant by September 30, 2026. As of September 30, 2026, practical completion has been achieved and the cooling plant is operational. Pursuant to a shareholder side letter, the Al Marjan Guarantors are required to pledge their equity interests in DCP as collateral for the DCP Financing. As of September 30, 2026, the Company's investment in DCP was $ 18.4 million and is presented in Investments in unconsolidated affiliates in the Condensed Consolidated Balance Sheet.

Macau Land Concession

In July 2026, Palo Real Estate Company Limited ("Palo") and Wynn Macau SA, each an indirect subsidiary of the Company, accepted the terms and conditions of an amended and restated land concession contract from the Macau government (the "Amended Land Concession Contract"). The Amended Land Concession Contract amends and restates the original land concession contract among Palo, Wynn Macau SA and the Macau government published in the Official Gazette of Macau on May 2, 2012 (the "Land Concession Contract").

Pursuant to the Land Concession Contract, Palo leases 51 acres of land in the Cotai area of Macau (the "Cotai Land") from the Macau government for an initial term of 25 years from May 2, 2012 until May 1, 2037, with the right to renew for additional periods, subject to applicable legislation. The Land Concession Contract also requires that Wynn Macau SA, as a gaming concessionaire, operate and manage gaming operations on the Cotai Land.

The Amended Land Concession Contract permits Palo and Wynn Macau SA to expand Wynn Palace to develop a new five-star hotel, a theater and an event and entertainment center on the Cotai Land (the "Expanded Resort"). The Macau government has allocated Palo a maximum of 60 months from the date of publication of the Amended Land Concession Contract to complete development of the Expanded Resort on the Cotai Land. Upon acceptance of the conditions of the Amended Land Concession Contract, Palo paid an additional land premium of MOP 652.3 million (approximately $ 80.8 million) as a one-time lump sum payment. Palo is also required to pay an additional annual rent to the Macau government, resulting in a total annual rent of MOP 9.5 million (approximately $ 1.2 million) for the Expanded Resort. The rent for the Expanded Resort may be reviewed by the Macau government every five years since the date of publication of the Amended Land Concession Contract. Palo also provided the Macau government with an additional guarantee by means of a deposit or bank guarantee for an amount equal to the annual rent payable under the Amended Land Concession Contract.

Macau Government Investment Fund

In October 2026, Wynn Macau SA and Macau Project Management (No. 2) Limited, a limited liability company established by the Macau government, entered into a subscription agreement (the "Subscription Agreement"), pursuant to which Wynn Macau SA agreed to commit capital investments of up to MOP 1.37 billion (approximately $ 168.9 million) to the Macau SAR Government Guidance Fund No. 2, Limited Partnership Fund (the "Fund"), which was established by the Macau government to support Macau's economic diversification. The amounts to be contributed to the Fund, pursuant to the

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Note 16: Retail Joint Venture 1 change

As of June September 30, 2026 and December 31, 2025, the Retail Joint Venture had total assets of $ 97.9 97.6 million and $ 96.5 million, respectively, and total liabilities of $ 608.2 608.4 million and $ 607.3 million, respectively. As of June September 30, 2026 and December 31, 2025, the Retail Joint Venture's liabilities included long-term debt of $ 598.9 599.1 million and $ 598.4 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

Forward-looking statements 490 changes

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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% 71% ownership of Wynn Macau, Limited ("WML"), our concessionaire Wynn Resorts (Macau) S.A. ("Wynn Macau SA") operates two integrated resorts in the Macau Special Administrative Region of the People's Republic of China ("Macau"), 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. 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 operate Encore Boston Harbor, an integrated resort.

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Summary of second third quarter 2026 results

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Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

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Operating revenues $ 1,856,933 $ 1,737,797 $ 119,136 6.9 $ 3,713,695 $ 3,438,194 $ 275,501 8.0

Net income attributable to Wynn Resorts, Limited 140,062 66,218 73,844 111.5 260,516 138,965 121,551 87.5

Diluted net income per share 1.32 0.64 0.68 106.3 2.36 1.33 1.03 77.4

The increase in operating revenues for the three months ended June 30, 2026 was largely driven by increased casino revenues of $116.1 million at Wynn Palace as a result of higher mass market table games volume and win.

Operating revenues $ 1,689,053 $ 1,833,747 $ (144,694) (7.9) $ 5,402,748 $ 5,271,941 $ 130,807 2.5

Net income attributable to Wynn Resorts, Limited 17,321 88,341 (71,020) (80.4) 277,837 227,306 50,531 22.2

Diluted net income per share 0.17 0.85 (0.68) (80.0) 2.58 2.18 0.40 18.3

The decrease in operating revenues for the three months ended September 30, 2026 was primarily due to a decrease in casino revenues of $124.2 million, largely driven by lower gaming volumes across all of our properties.

The increase decrease in net income attributable to Wynn Resorts, Limited for the three months ended June September 30, 2026 was primarily attributable to a $33.0 $132.3 million increase decrease in operating income, largely due to higher lower casino revenues partially offset by lower casino expenses. In addition, we recorded This decrease was partially offset by a gain in change decrease in derivatives fair value of $43.3 the provision for income taxes, which was $5.6 million in the three months ended June September 30, 2026 compared to a loss in change in derivatives fair value of $1.1 $61.1 million in the three months ended June September 30, 2025.

Financial results for the three months ended June September 30, 2026 compared to the three months ended June September 30, 2025

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Three Months Ended June September 30,

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Wynn Palace $ 653,399 $ 539,641 $ 113,758 21.1

Wynn Macau 351,086 343,813 7,273 2.1

Total Macau Operations 1,004,485 883,454 121,031 13.7

Las Vegas Operations 643,168 638,633 4,535 0.7

Encore Boston Harbor 209,280 215,710 (6,430) (3.0)

Wynn Palace $ 583,771 $ 635,472 $ (51,701) (8.1)

Wynn Macau 335,428 365,513 (30,085) (8.2)

Total Macau Operations 919,199 1,000,985 (81,786) (8.2)

Las Vegas Operations 575,154 621,012 (45,858) (7.4)

Encore Boston Harbor 194,700 211,750 (17,050) (8.1)

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Three Months Ended June September 30,

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Casino revenues $ 1,175,288 $ 1,051,834 $ 123,454 11.7

Casino revenues $ 1,050,471 $ 1,174,717 $ (124,246) (10.6)

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Rooms 290,303 291,053 (750) (0.3)

Food and beverage 264,344 261,057 3,287 1.3

Entertainment, retail and other 126,998 133,853 (6,855) (5.1)

Total non-casino revenues 681,645 685,963 (4,318) (0.6)

Casino revenues increased primarily due to higher mass market table games volume and win at Wynn Palace.

Rooms 261,499 270,484 (8,985) (3.3)

Food and beverage 257,657 261,990 (4,333) (1.7)

Entertainment, retail and other 119,426 126,556 (7,130) (5.6)

Total non-casino revenues 638,582 659,030 (20,448) (3.1)

Casino revenues for the three months ended June September 30, 2026 were 63.3% 62.2% of operating revenues, compared to 60.5% 64.1% for the same period of 2025. Non-casino revenues for the three months ended June September 30, 2026 were 36.7% 37.8% of operating revenues, compared to 39.5% 35.9% for the same period of 2025.

Casino revenues decreased primarily due to lower gaming volumes across all of our properties.

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Three Months Ended June September 30,

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Total casino revenues $ 564,356 $ 448,298 $ 116,058 25.9

Average number of table games 47 52 (5) (9.6)

VIP turnover $ 2,767,504 $ 4,071,052 $ (1,303,548) (32.0)

VIP table games win $ 82,313 $ 116,471 $ (34,158) (29.3)

VIP win as a % of turnover 2.97 % 2.86 % 0.11

Table games win per unit per day $ 19,174 $ 24,438 $ (5,264) (21.5)

Average number of table games 287 249 38 15.3

Table drop $ 1,899,985 $ 1,844,054 $ 55,931 3.0

Table games win $ 563,348 $ 411,604 $ 151,744 36.9

Table games win % 29.7 % 22.3 % 7.4

Table games win per unit per day $ 21,590 $ 18,171 $ 3,419 18.8

Average number of slot machines 721 627 94 15.0

Slot machine handle $ 960,344 $ 757,815 $ 202,529 26.7

Slot machine win $ 40,695 $ 32,482 $ 8,213 25.3

Total casino revenues $ 300,726 $ 293,380 $ 7,346 2.5

VIP turnover $ 428,101 $ 981,735 $ (553,634) (56.4)

VIP table games win $ 11,044 $ 33,438 $ (22,394) (67.0)

VIP win as a % of turnover 2.58 % 3.41 % (0.83)

Table games win per unit per day $ 11,576 $ 17,571 $ (5,995) (34.1)

Average number of table games 213 231 (18) (7.8)

Table drop $ 1,751,881 $ 1,617,756 $ 134,125 8.3

Table games win $ 300,200 $ 280,836 $ 19,364 6.9

Table games win per unit per day $ 15,453 $ 13,346 $ 2,107 15.8

Average number of slot machines 922 751 171 22.8

Slot machine handle $ 1,190,692 $ 1,009,092 $ 181,600 18.0

Slot machine win $ 34,925 $ 25,193 $ 9,732 38.6

Total casino revenues $ 495,808 $ 542,439 $ (46,631) (8.6)

Average number of table games 10 21 (11) (52.4) 48 52 (4) (7.7)

VIP turnover $ 2,794,816 $ 3,261,314 $ (466,498) (14.3)

VIP table games win $ 106,876 $ 152,478 $ (45,602) (29.9)

VIP win as a % of turnover 3.82 % 4.68 % (0.86)

Table games win per unit per day $ 24,323 $ 32,401 $ (8,078) (24.9)

Average number of table games 286 247 39 15.8

Table drop $ 1,791,654 $ 2,057,789 $ (266,135) (12.9)

Table games win $ 462,711 $ 465,683 $ (2,972) (0.6)

Table games win % 25.8 % 22.6 % 3.2

Table games win per unit per day $ 17,587 $ 20,714 $ (3,127) (15.1)

Average number of slot machines 711 653 58 8.9

Slot machine handle $ 711,487 $ 710,156 $ 1,331 0.2

Slot machine win $ 29,897 $ 30,482 $ (585) (1.9)

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and 410 more changes in the filing

Market risk 3 changes

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As of June September 30, 2026, approximately 81% of our long-term debt was based on fixed rates. Based on our outstanding borrowings as of June September 30, 2026 and after giving effect to the interest rate swap on the Retail Term Loan , an assumed 100 basis point change in the variable rates would cause our annual interest expense to change by $21.0 $20.9 million.

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The Company is a party to foreign currency swap agreements with the objective of managing foreign currency exchange rate risk associated with the outstanding U.S. dollar denominated WML Senior Notes. The foreign currency swaps exchange predetermined amounts of Hong Kong dollars for U.S. dollars at a contractual spot rate, and as of June September 30, 2026, have an aggregate notional amount of $4.10 billion, and have maturities between October 2027 and August 2030. For additional information, refer to Note 7, "Derivative Instruments" of Part I in this Quarterly Report on Form 10-Q.

Based on our balances as of June September 30, 2026 and after giving effect to our foreign currency swaps, an assumed 1% change in the U.S. dollar/Hong Kong dollar exchange rate would cause a foreign currency gain/loss of $2.9 $0.9 million.

Risk factors 1 change

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, 2025. There were no material changes to those risk factors during the six nine months ended June September 30, 2026.

Unregistered sales of stock 6 changes

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The following table summarizes the share repurchases made by the Company during the three months ended June September 30, 2026:

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April 1, 2026 to April 30, 2026 410,098 $ 104.96 272,617 $ 372,671

May 1, 2026 to May 31, 2026 322,463 $ 98.21 317,638 $ 341,485

July 1, 2026 to July 31, 2026 434,694 $ 97.19 433,240 $ 284,009

August 1, 2026 to August 31, 2026 5,095 $ 99.92 — $ 284,009

June September 1, 2026 to June September 30, 2026 153,365 202,329 $ 101.95 150,843 82.55 194,235 $ 326,116 268,006 (1) Shares purchased in April July 2026, May August 2026, and June September 2026 include 137,481, 4,825 1,454, 5,095 and 2,522 8,094 shares, respectively, purchased in satisfaction of employee tax withholding obligations on vested restricted stock granted under our stock incentive plans. Refer to Note 13, "Stock-Based Compensation" in our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional details on our stock incentive plans.

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Other information 1 change

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None of the Company's directors or officers (as defined in Section 16 of the Exchange Act) adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" (each as defined in Item 408(a) and (c) of Regulation S-K) during the three months ended June September 30, 2026.

Exhibits 6 changes

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10.1 Employment Agreement, dated as of January 8, 2026, by and between Wynn Resorts, Limited and Craig Fullalove. (Incorporated by reference from the Current Report on Form 8-K filed by the Registrant on January 9, 2026.)

10.2 First Amendment to the Land Concession Contract, published on July 22, 2026, by and among Palo Real Estate Company Limited, Wynn Resorts (Macau), S.A. and the Macau Special Administrative Region of the People's Republic of China (translated to English from traditional Chinese and Portuguese). (Incorporated by reference from the Current Report on Form 8-K filed by the Registrant on July 22, 2026.)

4.1 Indenture, dated September 22, 2026, by and among Wynn Resorts Finance, LLC, and Wynn Resorts Capital Corp., as joint and several obligors and the Guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference from the Current Report on Form 8-K filed by the Registrant on September 22, 2026.)

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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 June September 30, 2026 and December 31, 2025; (ii) the Condensed Consolidated Statements of Operations for the three and six nine months ended June September 30, 2026 and 2025; (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and six nine months ended June September 30, 2026 and 2025; (iv) the Condensed Consolidated Statements of Stockholders' Deficit for the three and six nine months ended June September 30, 2026 and 2025; (v) the Condensed Consolidated Statements of Cash Flows for the six nine months ended June September 30, 2026 and 2025; 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.

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Dated: November 5, 2026

Dated: August 6, 2026 By: /s/ Craig J. Fullalove

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