Wynn Resorts : Presentation (841c09f9 c108 4be9 bcae d48577375d13)

Published: 2026-05-07 16:32:32 ET WYNN

Published on 05/07/2026 at 04:32 pm EDT

Wynn Resorts

1Q26 Earnings Presentation May 2026

The World's Only Global Luxury Integrated Resort

Developer and Operator

Wynn Macau

Wynn Palace

Encore Boston Harbor

Wynn | Encore Las Vegas

Preeminent global designer, developer, and operator of integrated resorts, and the only gaming company vertically integrated across all three disciplines

Demonstrated track record of designing and developing successful and iconic integrated resort projects around the world, led by Wynn Design and Development ("WDD") team

Superior facilities and best-in-class customer service driving fair share premiums and outperformance

Strong capital allocator, investing in high-return projects and reinvesting in existing assets, while maintaining a strong balance sheet and returning capital to shareholders

One of the most recognized independent hotel companies in the world(1)

Awarded 18 Forbes Travel Guide ("FTG") Five-Star Awards in 2026, more FTG Five-Star Awards across more destinations than any other independent hotel company in the world.

Iconic, Irreplaceable Assets in the World's Most Attractive

Gaming Markets

Upon Wynn Al Marjan Island's opening in 2027 there will be a Wynn Resort within 8 hours of ~96% of the world's population

Wynn Al Marjan Island (2027)(1)

Wynn Mayfair

Encore Boston Harbor

Wynn | Encore Macau

8 hours

Wynn Palace

Wynn | Encore Las Vegas

8 hours

Expected to open in 2027.

World Renowned Product and Service

Our industry-leading facilities, luxury service levels and team of "proprietors" are globally recognized, in part because of a

relentless attention to detail in everything we do

Wing Lei Bar - Wynn Palace

Spa Villa Living Room - Wynn Las Vegas

Delilah - Wynn Las Vegas

Wynn Resorts has more Forbes Travel Guide Five-Star Awards across more destinations than any other independent hotel company in the world

Wynn Palace is the largest Forbes Travel Guide Five-Star resort in the world

Named to Forbes "Most

Trusted Companies in

America, Casinos and Resorts"

for 2026

Highest ranked integrated resort company on Fortune Magazine's "Worlds Most Admired Companies" list in 2026

Placed first in "Land-Based Operator of the Year" category at the Global Gaming Awards Americas 2025

Best-in-Class Facilities and Service Levels Drive a

"Wynn Premium" - Las Vegas Case Study

1.5x premium

($ in thousands)

$190

2.4x premium

Since 2019, our Adjusted Property EBITDAR per hotel room has grown ~3x as fast as our peers in Las Vegas

$87

$63

$84

$53

$77

Wynn Las Vegas

Source: Company filings.

Competitor One (LV Strip Assets)

Competitor Two (LV Strip Assets)

Note: Adjusted Property EBITDAR is a non-GAAP financial measure. See Appendix for reconciliation to the most directly comparable GAAP measure for Wynn Resorts.

Attractive Greenfield Opportunities in Gateway Cities, Led by Wynn Al Marjan Island in the UAE

Wynn Al Marjan Island

Industry-leading product and service levels position us well to compete for new greenfield opportunities around the world

Wynn Al Marjan Island and broader UAE opportunity is

unique in our industry

Construction and pre-opening planning continues to advance despite ongoing conflict

Includes acreage attributable to Janu. 7

Diversified EBITDAR Base Further Enhanced by Opening of UAE

Combination of strong organic growth at our existing properties along with the opening of Wynn Al Marjan Island expected to drive an increase in Adjusted Property EBITDAR and geographic diversity

Continuing to elevate ourselves above our Las Vegas Strip peers

$345M

Base Case EBITDAR(2)

$265M

Low Case EBITDAR(2)

$460M

High Case EBITDAR(2)

Ideally positioned to compete in the current premium mass-led environment

The East Coast's

leading gaming resort

Extending the brand with the region's first true integrated resort

14%

Illustrative EBITDAR(3)

42%

35%

Diversified sources of EBITDAR from the world's premier integrated resorts

$902M 2025A EBITDAR(1)

$1,085M 2025A EBITDAR(1)

$237M 2025A EBITDAR(1)

Note: Figures may not foot due to rounding. 8

Reflects 2025A Adj. Property EBITDAR.

Reflects estimated steady state management and license fees paid from WAMI to Wynn Resorts plus Wynn Resorts' 40% share of Adjusted Property EBITDAR.

Assumes mid-point of mgmt. projection for Wynn Al Marjan Island.

Significant Free Cash

Flow Generation

Long-Term Shareholder Value Creation

Large EBITDAR Base

Defined Capex Cycle

$2.3 billion LTM 1Q26 Total Adjusted Property EBITDAR(1)

Geographically more diverse than ever before, and will become more diversified with opening of Wynn Al Marjan Island in 2027

Wynn Al Marjan Island expected to add ~$345 million of EBITDAR (cash flow and management fees) to our existing base(2)

Reflects Total Adjusted Property EBITDAR at our land-based properties.

Completing the initial UAE investment cycle in 2027

Delivering on targeted capex projects in Las Vegas

Continued investments in Macau funded out of free cash flow and recently increased liquidity

Strong balance sheet and liquidity position should enable continued return of capital to shareholders over time

~$1.5 billion (~12% of gross shares) returned to Wynn Resorts, Limited shareholders since 2022(3)

Disciplined investment into new high-return development opportunities

Reflects mid-point of estimated steady state management and license fees paid from WAMI to Wynn Resorts plus Wynn Resorts' 40% share of Adjusted Property EBITDAR.

Reflects $1.2bn of WRL share repurchases since 2022 and ~$300m of WRL dividends paid since 2023. Net of shares issued during the period, ~10% of shares have been retired since 2022.

Operational Update

1Q26

Operational Excellence Driving Continued Strong Performance

Continued market leader, with ongoing share gains

Focus on quality and service allows us to continue to delight the most discerning guests in the market

Targeted high-return investments and new amenities across the property keep our offering innovative and allows us to maintain our premium positioning relative to peers

Market-leading fair share premiums and healthy market share despite new hotel supply and amenities from peers

"Only at Wynn" programming, enhanced gaming and food & beverage offerings, and revamped loyalty program driving financial performance

Ongoing investment to enhance our luxury offering combined with best-in-class service attracts the top tier of premium visitation

($ in millions)

$552

$533

$570 $569 $562

Stable operating performance and disciplined OpEx control

Only gaming resort in the Greater Boston metro area

Continued database growth outside our immediate catchment area

Margin:

1Q25 2Q25 3Q25 4Q25 1Q26

31.3%

31.8%

31.1%

30.5%

30.3%

Wynn Las Vegas(1) - Sustained Market Outperformance

Strong financial performance in 1Q26, with all gaming volumes up Y/Y

Successfully opened Zero Bond and Sartiano's in 1Q26. Initial feedback has

been incredibly positive

($ in millions)

Targeted investments continue to be made across key areas of the property including remodels of the Encore Tower rooms, XS and Encore Beach Club-allowing us to continue to take market share and drive the "Wynn Premium"

Select additional quarterly financial results:

Tables Games Win %: 25.2%, up 90 bps vs. 1Q25

ADR: $592, up 12.3% vs. 1Q25

$235

$241 $232

RevPAR: $506, up 9.8% vs. 1Q25

OpEx Per Day(2): $4.55m, up 6.8% vs. 1Q25

Margin:

$223

$203

35.7%

36.8%

32.8%

35.0%

35.1%

1Q25 2Q25 3Q25 4Q25 1Q26

Zero Bond at Wynn Las Vegas

($ in millions)

$272

$265

$279

$312 $297

1Q25 2Q25 3Q25 4Q25 1Q26

Refers to Las Vegas Operations as disclosed in our public filings. 12

Represents cost of revenue, as described in Note 17 - Segment Information in our Quarterly Report on Form 10-Q, divided by the number of days in the period.

Excludes Race & Sports win.

Encore Boston Harbor - Stable Operating Performance

As the East Coast's only Forbes 5-Star casino resort, Encore Boston Harbor continues to expand its player database outside of the immediate catchment area, while remaining disciplined on OpEx

Select additional quarterly financial results:

o ADR: $366, up 2.5% vs. 1Q25

o RevPAR: $314, down (0.3%) vs. 1Q25

o OpEx Per Day(1): $1.22m, up 3.9% vs. 1Q25

($ in millions)

Encore Boston Harbor

$64

$57

$58

$57

$51

27.5%

29.6%

27.6%

27.1%

24.6%

1Q25 2Q25 3Q25 4Q25 1Q26

Margin:

($ in millions)

$183 $187 $182 $178 $180

1Q25 2Q25 3Q25 4Q25 1Q26

Represents cost of revenue, as described in Note 17 - Segment Information in our Quarterly Report on Form 10-Q, divided by the number of days in the period.

Excludes Race & Sports win.

Macau Operations(1) - Strong Long-Term Positioning in a Competitive but Growing Market

Healthy balance sheet and strong free cash flow generation allows us to continue to invest in our assets, and return capital to shareholders

New capex projects - such as the recently opened Gourmet Pavilion, Wynn Macau Tower room refresh and Chairmans Club expansion at Wynn Palace - continue to elevate our best-in-class facilities and service offerings

Combined quarterly financial results for Wynn Macau and Wynn Palace:

o VIP Turnover: $4,902m, down (9.9%) vs. 1Q25

o VIP Table Games Win %(2): 2.78%, up 58bps vs. 1Q25

($ in millions)

$252

$254

$271

$279

$308

o Mass Table Drop: $3,875m, up 19.3% vs. 1Q25

1Q25

2Q25

3Q25

4Q25

1Q26

o OpEx Per Day(3): $2.90m, up 9.9% vs. 1Q25

Margin:

29.1%

28.7%

30.8%

28.0%

28.2%

Wynn Palace Gourmet Pavilion

($ in millions)

$888

$903

$1,013 $992 $1,020

1Q25 2Q25 3Q25 4Q25 1Q26

Macau Operations includes combined results of the Company's assets in Macau, including Wynn Macau and Wynn Palace. 14

We typically expect win as a percentage of VIP turnover to be within the range of 3.1% to 3.4%.

Represents cost of revenue, as described in Note 17 - Segment Information in our Quarterly Report on Form 10-Q, divided by the number of days in the period.

Wynn Al Marjan Island Update

Wynn Al Marjan Island - Significant Progress Towards A 2027 Opening

In 1Q26, Wynn Al Marjan Island hired a net 117 new team members, bringing total employee count to date to 368, consisting of mostly senior level executives, senior management and G&A functions

Key division heads and senior leaders in place across all gaming and non-gaming areas

Construction is ongoing with certain conflict-induced delays in materials. Hotel tower topped off in 4Q25

Completed acquisition of Wynn Mayfair in 2025 enhances our database building effort given significant VIP overlap between London and the UAE

Wynn Al Marjan Island - Construction Progress Update

Construction ongoing, with the hotel tower topping out in December 2025 and extensive interior works underway

Note: As of April 14, 2026. 17

The Enclave at Wynn Palace

Announcing The Enclave at Wynn Palace

432-key, all-suite hotel tower to be developed

adjacent to Wynn Palace's east entrance

Expands Wynn Palace's total room count by ~25%

and its suite count by ~50%

Construction expected to commence in second half of 2026, with an anticipated construction timeline of 2.5 years

$900 - 950 million expected project cost, including

imputed capitalized interest

Additional Enclave Renderings

Disclaimer

Wynn Resorts Limited published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 20:28 UTC.