Wynn Resorts, Limited Reports First Quarter 2026 Results

Published: 2026-05-07 16:02:14 ET WYNN

Published on 05/07/2026 at 04:02 pm EDT

LAS VEGAS, May 7, 2026 /PRNewswire/ -- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the first quarter ended March 31, 2026.

Operating revenues were $1.86 billion for the first quarter of 2026, an increase of $156.4 million from $1.70 billion for the first quarter of 2025. Net income attributable to Wynn Resorts, Limited was $120.5 million for the first quarter of 2026, compared to net income attributable to Wynn Resorts, Limited of $72.7 million for the first quarter of 2025. Diluted net income per share was $1.04 for the first quarter of 2026, compared to diluted net income per share of $0.69 for the first quarter of 2025. Adjusted Property EBITDAR(1) was $562.4 million for the first quarter of 2026, compared to Adjusted Property EBITDAR of $532.9 million for the first quarter of 2025.

"Our first quarter results reflect the strength of Wynn's business across all of our markets," said Craig Billings, CEO of Wynn Resorts, Limited. "Las Vegas delivered another quarter of EBITDAR growth and continued to make gains in gaming market share. In Macau, we saw a meaningful increase in gaming volumes year-over-year alongside healthy market share, and we were pleased to increase the dividend from Wynn Macau, Limited — a reflection of the strong free cash flow the business is generating. Construction on Wynn Al Marjan Island continues to progress, and we are closely monitoring the broader situation in the Gulf region while taking additional precautions to ensure the safety and well-being of our team on the ground. We also continued to return capital to shareholders through our regular quarterly dividend and the repurchase of $54 million of stock in the quarter."

Consolidated Results

Operating revenues were $1.86 billion for the first quarter of 2026, an increase of $156.4 million from $1.70 billion for the first quarter of 2025. For the first quarter of 2026, operating revenues increased $123.4 million and $36.6 million at Wynn Palace and our Las Vegas Operations, respectively, and decreased $3.6 million at Encore Boston Harbor, from the first quarter of 2025. Operating revenues at Wynn Macau for the first quarter of 2026 were in line with the first quarter of 2025.

Net income attributable to Wynn Resorts, Limited was $120.5 million for the first quarter of 2026, compared to net income attributable to Wynn Resorts, Limited of $72.7 million for the first quarter of 2025. Diluted net income per share was $1.04 for the first quarter of 2026, compared to diluted net income per share of $0.69 for the first quarter of 2025. Adjusted net income attributable to Wynn Resorts, Limited(2) was $129.7 million, or $1.25 per diluted share, for the first quarter of 2026, compared to adjusted net income attributable to Wynn Resorts, Limited of $113.1 million, or $1.07 per diluted share, for the first quarter of 2025.

Adjusted Property EBITDAR was $562.4 million for the first quarter of 2026, an increase of $29.5 million compared to Adjusted Property EBITDAR of $532.9 million for the first quarter of 2025. For the first quarter of 2026, Adjusted Property EBITDAR increased $41.9 million and $9.1 million at Wynn Palace and our Las Vegas Operations, respectively, and decreased $14.6 million and $6.9 million at Wynn Macau and Encore Boston Harbor, respectively, from the first quarter of 2025.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on May 29, 2026 to stockholders of record as of May 18, 2026.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $659.3 million for the first quarter of 2026, an increase of $123.4 million from $535.9 million for the first quarter of 2025. Adjusted Property EBITDAR from Wynn Palace was $203.8 million for the first quarter of 2026, compared to $161.9 million for the first quarter of 2025. Table games win percentage in mass market operations was 26.6%, above the 24.8% experienced in the first quarter of 2025. VIP table games win as a percentage of turnover was 3.11%, within the property's expected range of 3.1% to 3.4% and above the 2.61% experienced in the first quarter of 2025.

Wynn Macau

Operating revenues from Wynn Macau were $329.9 million for the first quarter of 2026, in line with $330.0 million for the first quarter of 2025. Adjusted Property EBITDAR from Wynn Macau was $75.6 million for the first quarter of 2026, compared to $90.2 million for the first quarter of 2025. Table games win percentage in mass market operations was 15.1%, below the 18.7% experienced in the first quarter of 2025. VIP table games win as a percentage of turnover was 0.39%, below the property's expected range of 3.1% to 3.4% and below the 1.09% experienced in the first quarter of 2025.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $661.9 million for the first quarter of 2026, an increase of $36.6 million from $625.3 million for the first quarter of 2025. Adjusted Property EBITDAR from our Las Vegas Operations for the first quarter of 2026 was $232.5 million, compared to $223.4 million for the first quarter of 2025. Table games win percentage for the first quarter of 2026 was 25.2%, within the property's expected range of 22% to 26% and above the 24.3% experienced in the first quarter of 2025.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $205.7 million for the first quarter of 2026, a decrease of $3.6 million from $209.2 million for the first quarter of 2025. Adjusted Property EBITDAR from Encore Boston Harbor for the first quarter of 2026 was $50.5 million, compared to $57.5 million for the first quarter of 2025. Table games win percentage for the first quarter of 2026 was 20.2%, within the property's expected range of 18% to 22% and slightly below the 20.5% experienced in the first quarter of 2025.

Wynn Al Marjan Island Development

During the first quarter of 2026, the Company contributed $100.1 million of cash to the 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $1.01 billion. Wynn Al Marjan Island is currently expected to open in 2027.

Balance Sheet

Our cash and cash equivalents as of March 31, 2026 totaled $1.19 billion, excluding $607.6 million of short-term investments held by Wynn Macau, Limited ("WML"). Cash and cash equivalents is comprised of $850.9 million held by WML and subsidiaries, $212.1 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $124.6 million held at Corporate and other. As of March 31, 2026, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $1.24 billion and $1.35 billion, respectively.

Total current and long-term debt outstanding at March 31, 2026 was $10.52 billion, comprised of $5.76 billion of Macau related debt, $877.2 million of Wynn Las Vegas debt, $3.28 billion of WRF debt, and $598.6 million of debt held by the retail joint venture which we consolidate.

Equity Repurchase Program

During the first quarter of 2026, the Company repurchased 528,667 shares of its common stock under its publicly announced equity repurchase program at an average price of $101.72 per share, for an aggregate cost of $53.8 million. As of March 31, 2026, the Company had $401.1 million in repurchase authority remaining under the equity repurchase program.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on May 7, 2026 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before May 15, 2026, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended March 31, 2026 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at [email protected], to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, geopolitical conflicts, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

(1) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other expenses, change in derivatives fair value, foreign currency remeasurement and other, and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended

March 31,

2026

2025

Operating revenues:

Casino

$ 1,177,233

$ 1,040,430

Rooms

290,381

274,521

Food and beverage

259,019

249,879

Entertainment, retail and other

130,129

135,567

Total operating revenues

1,856,762

1,700,397

Operating expenses:

Casino

732,670

634,833

Rooms

89,791

84,097

Food and beverage

228,822

200,667

Entertainment, retail and other

59,713

62,186

General and administrative

275,204

275,689

Provision for credit losses

4,057

1,396

Pre-opening

11,745

5,287

Depreciation and amortization

160,527

155,421

Property charges and other

11,629

12,232

Total operating expenses

1,574,158

1,431,808

Operating income

282,604

268,589

Other income (expense):

Interest income

13,092

19,359

Interest expense, net of amounts capitalized

(152,362)

(157,608)

Change in derivatives fair value

46,770

(29,539)

Other

(29,434)

(8,374)

Other income (expense), net

(121,934)

(176,162)

Income before income taxes

160,670

92,427

Provision for income taxes

(10,132)

(11,022)

Net income

150,538

81,405

Less: net income attributable to noncontrolling interests

(30,084)

(8,658)

Net income attributable to Wynn Resorts, Limited

$ 120,454

$ 72,747

Basic and diluted net income per common share:

Net income attributable to Wynn Resorts, Limited:

Basic

$ 1.17

$ 0.69

Diluted

$ 1.04

$ 0.69

Weighted average common shares outstanding:

Basic

103,084

105,492

Diluted

103,800

105,730

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

(in thousands, except per share data)

(unaudited)

Three Months Ended

March 31,

2026

2025

Net income attributable to Wynn Resorts, Limited

$ 120,454

$ 72,747

Pre-opening expenses

11,745

5,287

Property charges and other

11,629

12,232

Change in derivatives fair value

(46,770)

29,539

Foreign currency remeasurement and other

29,434

8,374

Income tax impact on adjustments

(1,130)

(1,676)

Noncontrolling interests impact on adjustments

4,370

(13,358)

Adjusted net income attributable to Wynn Resorts, Limited

$ 129,732

$ 113,145

Adjusted net income attributable to Wynn Resorts, Limited per diluted share

$ 1.25

$ 1.07

Weighted average common shares outstanding - diluted

103,800

105,730

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

Three Months Ended March 31, 2026

Wynn

Palace

Wynn

Macau

Other

Macau

Total

Macau

Operations

Las Vegas

Operations

Encore

Boston

Harbor

Corporate

and Other

Total

Operating income (loss)

$ 112,790

$ 40,972

$ (8,499)

$ 145,263

$ 112,833

$ (14,038)

$ 38,546

$ 282,604

Pre-opening expenses

662

—

662

3,560

—

7,523

11,745

Depreciation and amortization

61,233

20,373

398

82,004

60,775

14,451

3,297

160,527

Property charges and other

3,910

195

4,112

4,659

2,483

375

11,629

Management and license fees

21,306

10,098

—

31,404

31,030

9,949

(72,383)

—

Corporate expenses and other

2,545

2,669

7,292

12,506

8,107

1,833

12,364

34,810

Stock-based compensation

1,376

1,309

802

3,487

11,496

477

10,278

25,738

Triple-net operating lease rent expense

—

35,364

—

35,364

Adjusted Property EBITDAR

$ 203,822

$ 75,616

$ —

$ 279,438

$ 232,460

$ 50,519

$ —

$ 562,417

Three Months Ended March 31, 2025

Wynn

Palace

Wynn

Macau

Other

Macau

Total

Macau

Operations

Las Vegas

Operations

Encore

Boston

Harbor

Corporate

and Other

Total

Operating income (loss)

$ 82,565

$ 52,742

$ (8,159)

$ 127,148

$ 116,079

$ (10,735)

$ 36,097

$ 268,589

Pre-opening expenses

1,200

—

1,200

760

—

3,327

5,287

Depreciation and amortization

56,437

19,224

398

76,059

62,628

13,966

2,768

155,421

Property charges and other

708

4,206

4,920

702

5,516

1,094

12,232

Management and license fees

17,500

10,373

—

27,873

29,323

10,141

(67,337)

—

Corporate expenses and other

2,206

2,315

6,750

11,271

7,894

1,688

15,728

36,581

Stock-based compensation

1,269

1,339

1,005

3,613

5,975

1,489

8,323

19,400

Triple-net operating lease rent expense

—

35,389

—

35,389

Adjusted Property EBITDAR

$ 161,885

$ 90,199

$ —

$ 252,084

$ 223,361

$ 57,454

$ —

$ 532,899

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

Three Months Ended

March 31,

2026

2025

Net income attributable to Wynn Resorts, Limited

$ 120,454

$ 72,747

Net income attributable to noncontrolling interests

30,084

8,658

Pre-opening expenses

11,745

5,287

Depreciation and amortization

160,527

155,421

Property charges and other

11,629

12,232

Triple-net operating lease rent expense

35,364

35,389

Corporate expenses and other

34,810

36,581

Stock-based compensation

25,738

19,400

Interest income

(13,092)

(19,359)

Interest expense, net of amounts capitalized

152,362

157,608

Change in derivatives fair value

(46,770)

29,539

Other

29,434

8,374

Provision for income taxes

10,132

11,022

Adjusted Property EBITDAR

$ 562,417

$ 532,899

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited)

Three Months Ended

March 31,

2026

2025

Percent

Change

Wynn Palace Supplemental Information

Operating revenues

Casino

$ 564,917

$ 444,508

27.1

Rooms

37,634

36,615

2.8

Food and beverage

33,035

31,738

4.1

Entertainment, retail and other

23,752

23,068

3.0

Total

$ 659,338

$ 535,929

23.0

Adjusted Property EBITDAR(6)

$ 203,822

$ 161,885

25.9

Casino statistics:

VIP:

Average number of table games

(9.1)

VIP turnover

$ 4,316,314

$ 4,005,041

7.8

VIP table games win (1)

$ 134,242

$ 104,532

28.4

VIP table games win as a % of turnover

3.11 %

2.61 %

Table games win per unit per day

$ 29,739

$ 21,096

41.0

Mass market:

Average number of table games

275

247

11.3

Table drop (2)

$ 1,971,051

$ 1,704,398

15.6

Table games win (1)

$ 523,796

$ 422,392

24.0

Table games win %

26.6 %

24.8 %

Table games win per unit per day

$ 21,182

$ 18,968

11.7

Average number of slot machines

724

650

11.4

Slot machine handle

$ 860,523

$ 734,869

17.1

Slot machine win (3)

$ 35,456

$ 29,356

20.8

Slot machine win per unit per day

$ 544

$ 502

8.4

Room statistics:

Occupancy

99.1 %

98.3 %

ADR (4)

$ 230

$ 222

3.6

REVPAR (5)

$ 228

$ 218

4.6

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued)

Three Months Ended

March 31,

2026

2025

Percent

Change

Wynn Macau Supplemental Information

Operating revenues

Casino

$ 276,732

$ 275,550

0.4

Rooms

21,320

23,297

(8.5)

Food and beverage

19,270

18,792

2.5

Entertainment, retail and other

12,530

12,321

1.7

Total

$ 329,852

$ 329,960

—

Adjusted Property EBITDAR (6)

$ 75,616

$ 90,199

(16.2)

Casino statistics:

VIP:

Average number of table games

(60.0)

VIP turnover

$ 585,886

$ 1,437,047

(59.2)

VIP table games win (1)

$ 2,278

$ 15,714

(85.5)

VIP table games win as a % of turnover

0.39 %

1.09 %

Table games win per unit per day

$ 2,082

$ 5,912

(64.8)

Mass market:

Average number of table games

219

221

(0.9)

Table drop (2)

$ 1,903,561

$ 1,542,885

23.4

Table games win (1)

$ 288,126

$ 288,549

(0.1)

Table games win %

15.1 %

18.7 %

Table games win per unit per day

$ 14,603

$ 14,520

0.6

Average number of slot machines

909

729

24.7

Slot machine handle

$ 1,239,093

$ 853,407

45.2

Slot machine win (3)

$ 36,212

$ 24,367

48.6

Slot machine win per unit per day

$ 442

$ 372

18.8

Room statistics:

Occupancy

99.7 %

99.1 %

ADR (4)

$ 223

$ 234

(4.7)

REVPAR (5)

$ 222

$ 232

(4.3)

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued)

Three Months Ended

March 31,

2026

2025

Percent

Change

Las Vegas Operations Supplemental Information

Operating revenues

Casino

$ 178,191

$ 160,993

10.7

Rooms

212,561

195,868

8.5

Food and beverage

188,728

179,442

5.2

Entertainment, retail and other

82,429

88,982

(7.4)

Total

$ 661,909

$ 625,285

5.9

Adjusted Property EBITDAR (6)

$ 232,460

$ 223,361

4.1

Casino statistics:

Average number of table games

241

236

2.1

Table drop (2)

$ 685,300

$ 592,527

15.7

Table games win (1)

$ 172,406

$ 144,061

19.7

Table games win %

25.2 %

24.3 %

Table games win per unit per day

$ 7,939

$ 6,774

17.2

Average number of slot machines

1,574

1,590

(1.0)

Slot machine handle

$ 1,815,479

$ 1,778,087

2.1

Slot machine win (3)

$ 120,334

$ 123,244

(2.4)

Slot machine win per unit per day

$ 849

$ 861

(1.4)

Poker rake

$ 3,799

$ 4,332

(12.3)

Room statistics:

Occupancy

85.5 %

87.4 %

ADR (4)

$ 592

$ 527

12.3

REVPAR (5)

$ 506

$ 461

9.8

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR, and REVPAR)

(unaudited) (continued)

Three Months Ended

March 31,

2026

2025

Percent

Change

Encore Boston Harbor Supplemental Information

Operating revenues

Casino

$ 157,393

$ 159,379

(1.2)

Rooms

18,866

18,741

0.7

Food and beverage

17,986

19,907

(9.6)

Entertainment, retail and other

11,418

11,196

2.0

Total

$ 205,663

$ 209,223

(1.7)

Adjusted Property EBITDAR (6)

$ 50,519

$ 57,454

(12.1)

Casino statistics:

Average number of table games

172

—

Table drop (2)

$ 324,276

$ 340,062

(4.6)

Table games win (1)

$ 65,423

$ 69,883

(6.4)

Table games win %

20.2 %

20.5 %

Table games win per unit per day

$ 4,226

$ 4,514

(6.4)

Average number of slot machines

2,783

2,717

2.4

Slot machine handle

$ 1,345,079

$ 1,357,199

(0.9)

Slot machine win (3)

$ 109,580

$ 107,482

2.0

Slot machine win per unit per day

$ 437

$ 439

(0.5)

Poker rake

$ 5,374

$ 5,642

(4.8)

Room statistics:

Occupancy

85.8 %

88.1 %

ADR (4)

$ 366

$ 357

2.5

REVPAR (5)

$ 314

$ 315

(0.3)

(1)

Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.

(2)

In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.

(3)

Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.

(4)

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

(5)

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

(6)

Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

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SOURCE Wynn Resorts, Limited