Wynn Resorts, Limited Reports Fourth Quarter and Year End 2025 Results

LAS VEGAS, Feb. 12, 2026 /PRNewswire/ -- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2025.

Operating revenues were $1.87 billion for the fourth quarter of 2025, an increase of $27.2 million from $1.84 billion for the fourth quarter of 2024. Net income attributable to Wynn Resorts, Limited was $100.0 million for the fourth quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $277.0 million for the fourth quarter of 2024. Diluted net income per share was $0.82 for the fourth quarter of 2025, compared to diluted net income per share of $2.29 for the fourth quarter of 2024. Adjusted Property EBITDAR (1) was $568.8 million for the fourth quarter of 2025, compared to Adjusted Property EBITDAR of $619.1 million for the fourth quarter of 2024.

"Our fourth quarter results reflect continued strength throughout the business and ongoing progress in our global development initiatives," said Craig Billings, CEO of Wynn Resorts, Limited. "The team in Las Vegas delivered another quarter of healthy EBITDA highlighted by year-on-year improvement in ADRs and strong volumes in the casino. In Macau, we saw substantial increases in both VIP turnover and mass table drop, year-on-year as well as sequentially. We also reached a significant milestone towards the completion and planned first quarter 2027 opening of Wynn Al Marjan Island, having topped out the tower in the quarter."

Consolidated Results

Operating revenues were $1.87 billion for the fourth quarter of 2025, an increase of $27.2 million from $1.84 billion for the fourth quarter of 2024. For the fourth quarter of 2025, operating revenues increased $33.4 million and $7.7 million at Wynn Palace and Wynn Macau, respectively, and decreased $11.4 million and $2.5 million at our Las Vegas Operations and Encore Boston Harbor, respectively, from the fourth quarter of 2024.

Net income attributable to Wynn Resorts, Limited was $100.0 million for the fourth quarter of 2025, compared to net income attributable to Wynn Resorts, Limited of $277.0 million for the fourth quarter of 2024. Diluted net income per share was $0.82 for the fourth quarter of 2025, compared to diluted net income per share of $2.29 for the fourth quarter of 2024. Adjusted net income attributable to Wynn Resorts, Limited (2) was $121.9 million, or $1.17 per diluted share, for the fourth quarter of 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $263.3 million, or $2.42 per diluted share, for the fourth quarter of 2024.

Adjusted Property EBITDAR was $568.8 million for the fourth quarter of 2025, a decrease of $50.3 million compared to Adjusted Property EBITDAR of $619.1 million for the fourth quarter of 2024. For the fourth quarter of 2025, Adjusted Property EBITDAR decreased $26.6 million, $21.1 million, $1.8 million, and $0.7 million, at our Las Vegas Operations, Wynn Palace, Encore Boston Harbor, and Wynn Macau, respectively, from the fourth quarter of 2024.

Operating revenues were $7.14 billion for the year ended December 31, 2025, an increase of $10.0 million from $7.13 billion for the year ended December 31, 2024. For the year ended December 31, 2025, operating revenues increased $89.7 million and $1.1 million at Wynn Palace and our Las Vegas Operations, respectively, and decreased $54.0 million and $10.3 million at Wynn Macau and Encore Boston Harbor, respectively, from the year ended December 31, 2024.

Net income attributable to Wynn Resorts, Limited was $327.3 million for the year ended December 31, 2025, compared to net income attributable to Wynn Resorts, Limited of $501.1 million for the year ended December 31, 2024. Diluted net income per share was $3.14 for the year ended December 31, 2025, compared to diluted net income per share of $4.35 for the year ended December 31, 2024. Adjusted net income attributable to Wynn Resorts, Limited was $437.0 million, or $4.19 per diluted share, for the year ended December 31, 2025, compared to adjusted net income attributable to Wynn Resorts, Limited of $663.5 million, or $6.02 per diluted share, for the year ended December 31, 2024.

Adjusted Property EBITDAR was $2.22 billion for the year ended December 31, 2025, a decrease of $140.8 million compared to Adjusted Property EBITDAR of $2.36 billion for the year ended December 31, 2024. For the year ended December 31, 2025, Adjusted Property EBITDAR decreased $50.8 million, $39.7 million, $44.4 million, and $10.4 million at Wynn Palace, Wynn Macau, our Las Vegas Operations and Encore Boston Harbor, respectively, from the year ended December 31, 2024.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on March 4, 2026 to stockholders of record as of February 23, 2026.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $596.4 million for the fourth quarter of 2025, an increase of $33.4 million from $562.9 million for the fourth quarter of 2024. Adjusted Property EBITDAR from Wynn Palace was $163.5 million for the fourth quarter of 2025, compared to $184.6 million for the fourth quarter of 2024. Table games win percentage in mass market operations was 21.8%, below the 26.0% experienced in the fourth quarter of 2024. VIP table games win as a percentage of turnover was 2.84%, below the property's expected range of 3.1% to 3.4% and below the 3.51% experienced in the fourth quarter of 2024.

Wynn Macau

Operating revenues from Wynn Macau were $371.3 million for the fourth quarter of 2025, an increase of $7.7 million from $363.7 million for the fourth quarter of 2024. Adjusted Property EBITDAR from Wynn Macau was $107.4 million for the fourth quarter of 2025, compared to $108.2 million for the fourth quarter of 2024. Table games win percentage in mass market operations was 17.0%, below the 17.9% experienced in the fourth quarter of 2024. VIP table games win as a percentage of turnover was 3.49%, above the property's expected range of 3.1% to 3.4% and below the 5.01% experienced in the fourth quarter of 2024.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $688.1 million for the fourth quarter of 2025, a decrease of $11.4 million from $699.5 million for the fourth quarter of 2024. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2025 was $240.8 million, compared to $267.4 million for the fourth quarter of 2024. Table games win percentage for the fourth quarter of 2025 was 26.0%, at the top end of the property's expected range of 22% to 26% and below the 30.9% experienced in the fourth quarter of 2024.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $210.2 million for the fourth quarter of 2025, a decrease of $2.5 million from $212.7 million for the fourth quarter of 2024. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2025 was $57.0 million, compared to $58.8 million for the fourth quarter of 2024. Table games win percentage for the fourth quarter of 2025 was 18.1%, within the property's expected range of 18% to 22% and below the 20.7% experienced in the fourth quarter of 2024.

Wynn Al Marjan Island Development

During the fourth quarter of 2025, the Company contributed $79.2 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 $914.2 million. Wynn Al Marjan Island is currently expected to open in the first quarter of 2027.

Balance Sheet

Our cash and cash equivalents as of December 31, 2025 totaled $1.46 billion, excluding $601.8 million of short-term investments held by Wynn Macau, Limited ("WML"). Cash and cash equivalents is comprised of $916.1 million held by WML and subsidiaries, $305.6 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $241.7 million held at Corporate and other. As of December 31, 2025, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $1.23 billion and $1.36 billion, respectively.

Total current and long-term debt outstanding at December 31, 2025 was $10.55 billion, comprised of $5.79 billion of Macau related debt, $3.28 billion of WRF debt, $876.6 million of Wynn Las Vegas debt, and $598.4 million of debt held by the retail joint venture which we consolidate.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 12, 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 March 31, 2026, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2025 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, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, 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, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income 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, loss on debt financing transactions, 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 to Adjusted Property EBITDAR, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Operating revenues:

Casino

$ 1,143,347

$ 1,112,191

$ 4,410,328

$ 4,261,357

Rooms

305,096

325,358

1,141,154

1,242,058

Food and beverage

264,924

258,178

1,037,850

1,069,117

Entertainment, retail and other

152,616

143,070

548,592

555,429

Total operating revenues

1,865,983

1,838,797

7,137,924

7,127,961

Operating expenses:

Casino

732,789

679,534

2,716,151

2,586,960

Rooms

87,854

84,368

344,378

330,359

Food and beverage

226,062

212,075

882,229

859,426

Entertainment, retail and other

63,392

59,542

238,160

249,679

General and administrative

285,413

272,303

1,116,952

1,080,475

Provision for credit losses

3,570

634

12,824

4,986

Pre-opening

14,632

3,305

38,494

9,355

Depreciation and amortization

159,477

151,284

620,633

658,895

Property charges and other

18,088

8,857

49,719

215,095

Total operating expenses

1,591,277

1,471,902

6,019,540

5,995,230

Operating income

274,706

366,895

1,118,384

1,132,731

Other income (expense):

Interest income

14,708

24,557

66,507

130,342

Interest expense, net of amounts capitalized

(155,816)

(163,488)

(625,556)

(688,410)

Change in derivatives fair value

8,958

50,398

(34,869)

42,478

Loss on debt financing transactions

—

(1,243)

(1,701)

(2,913)

Other

2,045

3,847

(8,625)

29,170

Other income (expense), net

(130,105)

(85,929)

(604,244)

(489,333)

Income before income taxes

144,601

280,966

514,140

643,398

Benefit (provision) for income taxes

(22,259)

41,394

(105,005)

(3,682)

Net income

122,342

322,360

409,135

639,716

Less: net income attributable to noncontrolling interests

(22,314)

(45,388)

(81,801)

(138,638)

Net income attributable to Wynn Resorts, Limited

$ 100,028

$ 276,972

$ 327,334

$ 501,078

Basic and diluted net income per common share:

Net income attributable to Wynn Resorts, Limited:

Basic

$ 0.97

$ 2.56

$ 3.16

$ 4.56

Diluted

$ 0.82

$ 2.29

$ 3.14

$ 4.35

Weighted average common shares outstanding:

Basic

102,930

108,199

103,697

109,966

Diluted

103,861

108,652

104,243

110,267

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

(in thousands, except per share data)

(unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Net income attributable to Wynn Resorts, Limited

$ 100,028

$ 276,972

$ 327,334

$ 501,078

Pre-opening expenses

14,632

3,305

38,494

9,355

Property charges and other

18,088

8,857

49,719

215,095

Change in derivatives fair value

(8,958)

(50,398)

34,869

(42,478)

Loss on debt financing transactions

—

1,243

1,701

2,913

Foreign currency remeasurement and other

(2,045)

(3,847)

8,625

(29,170)

Income tax impact on adjustments

(1,748)

12,564

(3,755)

(7,784)

Noncontrolling interests impact on adjustments

1,864

14,643

(19,946)

14,538

Adjusted net income attributable to Wynn Resorts, Limited

$ 121,861

$ 263,339

$ 437,041

$ 663,547

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

$ 1.17

$ 2.42

$ 4.19

$ 6.02

Weighted average common shares outstanding - diluted

103,861

108,652

104,243

110,267

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

Three Months Ended December 31, 2025

Wynn

Palace

Wynn

Macau

Other

Macau

Total

Macau

Operations

Las Vegas

Operations

Encore

Boston

Harbor

Corporate

and Other

Total

Operating income (loss)

$ 72,425

$ 76,341

$ (15,620)

$ 133,146

$ 125,457

$ (19,180)

$ 35,283

$ 274,706

Pre-opening expenses

179

—

179

2,030

—

12,423

14,632

Depreciation and amortization

62,131

20,212

400

82,743

59,095

14,311

3,328

159,477

Property charges and other

5,681

(3,800)

1,980

2,589

13,482

18,088

Management and license fees

19,762

11,451

—

31,213

32,885

10,265

(74,363)

—

Corporate expenses and other

1,989

1,946

14,150

18,085

7,372

1,653

17,645

44,755

Stock-based compensation

1,360

1,268

971

3,599

11,391

389

5,647

21,026

Triple-net operating lease rent expense

—

36,094

—

36,094

Adjusted Property EBITDAR

$ 163,527

$ 107,418

$ —

$ 270,945

$ 240,819

$ 57,014

$ —

$ 568,778

Three Months Ended December 31, 2024

Wynn

Palace

Wynn

Macau

Other

Macau

Total

Macau

Operations

Las Vegas

Operations

Encore

Boston

Harbor

Corporate

and Other

Total

Operating income (loss)

$ 107,661

$ 67,874

$ (14,718)

$ 160,817

$ 160,689

$ (2,088)

$ 47,477

$ 366,895

Pre-opening expenses

690

—

707

288

—

2,310

3,305

Depreciation and amortization

53,308

19,963

398

73,669

61,389

12,952

3,274

151,284

Property charges and other

2,189

4,847

7,052

1,563

156

8,857

Management and license fees

17,931

11,273

—

29,204

33,521

10,353

(73,078)

—

Corporate expenses and other

2,256

2,227

13,151

17,634

8,211

1,802

10,790

38,437

Stock-based compensation

1,236

1,287

1,153

3,676

1,786

290

9,071

14,823

Triple-net operating lease rent expense

—

35,449

—

35,449

Adjusted Property EBITDAR

$ 184,598

$ 108,161

$ —

$ 292,759

$ 267,447

$ 58,844

$ —

$ 619,050

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

Year Ended December 31, 2025

Wynn

Palace

Wynn

Macau

Other

Macau

Total

Macau

Operations

Las Vegas

Operations

Encore

Boston

Harbor

Corporate

and Other

Total

Operating income (loss)

$ 340,168

$ 267,266

$ (40,896)

$ 566,538

$ 448,806

$ (31,756)

$ 134,796

$ 1,118,384

Pre-opening expenses

4,384

—

4,384

5,095

—

29,015

38,494

Depreciation and amortization

237,924

75,873

1,595

315,392

237,993

56,700

10,548

620,633

Property charges and other

11,927

1,829

127

13,883

12,916

20,173

2,747

49,719

Management and license fees

75,073

43,790

—

118,863

121,723

41,180

(281,766)

—

Corporate expenses and other

8,133

8,252

35,351

51,736

29,644

6,259

75,864

163,503

Stock-based compensation

5,291

5,115

3,823

14,229

46,228

2,674

28,796

91,927

Triple-net operating lease rent expense

—

141,491

—

141,491

Adjusted Property EBITDAR

$ 682,900

$ 402,125

$ —

$ 1,085,025

$ 902,405

$ 236,721

$ —

$ 2,224,151

Year Ended December 31, 2024

Wynn

Palace

Wynn

Macau

Other

Macau

Total

Macau

Operations

Las Vegas

Operations

Encore

Boston

Harbor

Corporate

and Other

Total

Operating income (loss)

$ 414,919

$ 296,392

$ (39,029)

$ 672,282

$ 403,836

$ (32,935)

$ 89,548

$ 1,132,731

Pre-opening expenses

690

—

707

1,908

649

6,091

9,355

Depreciation and amortization

219,729

79,700

1,563

300,992

243,089

88,794

26,020

658,895

Property charges and other

14,760

5,558

140

20,458

134,105

(1,529)

62,061

215,095

Management and license fees

70,913

45,561

—

116,474

122,054

41,836

(280,364)

—

Corporate expenses and other

8,713

8,815

32,958

50,486

32,141

7,288

58,321

148,236

Stock-based compensation

4,659

5,136

4,368

14,163

9,629

1,449

33,788

59,029

Triple-net operating lease rent expense

—

141,576

—

141,576

Adjusted Property EBITDAR

$ 733,710

$ 441,852

$ —

$ 1,175,562

$ 946,762

$ 247,128

$ (4,535)

$ 2,364,917

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Net income attributable to Wynn Resorts, Limited

$ 100,028

$ 276,972

$ 327,334

$ 501,078

Net income attributable to noncontrolling interests

22,314

45,388

81,801

138,638

Pre-opening expenses

14,632

3,305

38,494

9,355

Depreciation and amortization

159,477

151,284

620,633

658,895

Property charges and other

18,088

8,857

49,719

215,095

Triple-net operating lease rent expense

36,094

35,449

141,491

141,576

Corporate expenses and other

44,755

38,437

163,503

148,236

Stock-based compensation

21,026

14,823

91,927

59,029

Interest income

(14,708)

(24,557)

(66,507)

(130,342)

Interest expense, net of amounts capitalized

155,816

163,488

625,556

688,410

Change in derivatives fair value

(8,958)

(50,398)

34,869

(42,478)

Loss on debt financing transactions

—

1,243

1,701

2,913

Other

(2,045)

(3,847)

8,625

(29,170)

(Benefit) provision for income taxes

22,259

(41,394)

105,005

3,682

Adjusted Property EBITDAR

$ 568,778

$ 619,050

$ 2,224,151

$ 2,364,917

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

Percent

Change

2025

2024

Percent

Change

Wynn Palace Supplemental Information

Operating revenues

Casino

$ 501,470

$ 458,816

9.3

$ 1,936,715

$ 1,795,604

7.9

Rooms

37,093

49,649

(25.3)

149,585

202,936

(26.3)

Food and beverage

33,530

31,993

4.8

129,007

125,398

2.9

Entertainment, retail and other

24,262

22,473

8.0

92,090

93,733

(1.8)

Total

$ 596,355

$ 562,931

5.9

$ 2,307,397

$ 2,217,671

4.0

Adjusted Property EBITDAR (6)

$ 163,527

$ 184,598

(11.4)

$ 682,900

$ 733,710

(6.9)

Casino Statistics:

VIP:

Average number of table games

(8.9)

(7.0)

VIP turnover

$ 5,230,720

$ 3,060,994

70.9

$ 16,568,127

$ 12,991,235

27.5

VIP table games win (1)

$ 148,498

$ 107,438

38.2

$ 521,979

$ 449,461

16.1

VIP table games win as a % of turnover

2.84 %

3.51 %

3.15 %

3.46 %

Table games win per unit per day

$ 31,475

$ 20,935

50.3

$ 27,265

$ 21,495

26.8

Mass market:

Average number of table games

241

246

(2.0)

246

245

0.4

Table drop (2)

$ 2,059,169

$ 1,678,073

22.7

$ 7,665,410

$ 6,893,092

11.2

Table games win (1)

$ 448,611

$ 435,465

3.0

$ 1,748,290

$ 1,686,503

3.7

Table games win %

21.8 %

26.0 %

22.8 %

24.5 %

Table games win per unit per day

$ 20,200

$ 19,214

5.1

$ 19,510

$ 18,770

3.9

Average number of slot machines

729

634

15.0

665

603

10.3

Slot machine handle

$ 883,995

$ 704,360

25.5

$ 3,086,835

$ 2,519,983

22.5

Slot machine win (3)

$ 34,465

$ 25,698

34.1

$ 126,785

$ 109,488

15.8

Slot machine win per unit per day

$ 514

$ 440

16.8

$ 524

$ 496

5.6

Room statistics:

Occupancy

99.1 %

98.4 %

98.6 %

ADR (4)

$ 219

$ 296

(26.0)

$ 223

$ 310

(28.1)

REVPAR (5)

$ 217

$ 291

(25.4)

$ 220

$ 306

(28.1)

Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited) (continued)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

Percent

Change

2025

2024

Percent

Change

Wynn Macau Supplemental Information

Operating revenues

Casino

$ 311,582

$ 306,500

1.7

$ 1,195,001

$ 1,230,351

(2.9)

Rooms

21,255

24,515

(13.3)

87,443

100,631

(13.1)

Food and beverage

18,067

20,233

(10.7)

71,222

80,779

(11.8)

Entertainment, retail and other

20,430

12,428

64.4

56,954

52,885

7.7

Total

$ 371,334

$ 363,676

2.1

$ 1,410,620

$ 1,464,646

(3.7)

Adjusted Property EBITDAR (6)

$ 107,418

$ 108,161

(0.7)

$ 402,125

$ 441,852

(9.0)

Casino Statistics:

VIP:

Average number of table games

(41.9)

(30.0)

VIP turnover

$ 909,572

$ 1,092,611

(16.8)

$ 4,347,699

$ 5,047,888

(13.9)

VIP table games win (1)

$ 31,746

$ 54,730

(42.0)

$ 110,770

$ 177,435

(37.6)

VIP table games win as a % of turnover

3.49 %

5.01 %

2.55 %

3.52 %

Table games win per unit per day

$ 19,693

$ 19,237

2.4

$ 14,282

$ 16,084

(11.2)

Mass market:

Average number of table games

243

220

10.5

233

221

5.4

Table drop (2)

$ 1,732,741

$ 1,543,261

12.3

$ 6,526,655

$ 6,344,794

2.9

Table games win (1)

$ 295,116

$ 276,817

6.6

$ 1,170,262

$ 1,164,012

0.5

Table games win %

17.0 %

17.9 %

18.3 %

Table games win per unit per day

$ 13,195

$ 13,668

(3.5)

$ 13,783

$ 14,367

(4.1)

Average number of slot machines

906

639

41.8

799

615

29.9

Slot machine handle

$ 1,109,253

$ 785,967

41.1

$ 3,827,458

$ 3,133,488

22.1

Slot machine win (3)

$ 31,508

$ 26,426

19.2

$ 106,657

$ 103,030

3.5

Slot machine win per unit per day

$ 378

$ 449

(15.8)

$ 367

$ 458

(19.9)

Poker rake

$ 2,137

$ 3,444

(38.0)

$ 10,915

$ 15,275

(28.5)

Room statistics:

Occupancy

99.5 %

99.4 %

99.2 %

99.3 %

ADR (4)

$ 216

$ 240

(10.0)

$ 218

$ 248

(12.1)

REVPAR (5)

$ 215

$ 238

(9.7)

$ 216

$ 246

(12.2)

Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited) (continued)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

Percent

Change

2025

2024

Percent

Change

Las Vegas Operations Supplemental Information

Operating revenues

Casino

$ 178,275

$ 190,065

(6.2)

$ 649,346

$ 600,088

8.2

Rooms

222,916

228,589

(2.5)

813,477

845,660

(3.8)

Food and beverage

191,712

184,734

3.8

758,559

778,538

(2.6)

Entertainment, retail and other

95,202

96,151

(1.0)

351,653

347,627

1.2

Total

$ 688,105

$ 699,539

(1.6)

$ 2,573,035

$ 2,571,913

—

Adjusted Property EBITDAR (6)

$ 240,819

$ 267,447

(10.0)

$ 902,405

$ 946,762

(4.7)

Casino Statistics:

Average number of table games

232

226

2.7

233

232

0.4

Table drop (2)

$ 667,574

$ 655,038

1.9

$ 2,521,626

$ 2,376,473

6.1

Table games win (1)

$ 173,842

$ 202,326

(14.1)

$ 600,951

$ 611,663

(1.8)

Table games win %

26.0 %

30.9 %

23.8 %

25.7 %

Table games win per unit per day

$ 8,138

$ 9,729

(16.4)

$ 7,054

$ 7,200

(2.0)

Average number of slot machines

1,568

1,599

(1.9)

1,574

1,609

(2.2)

Slot machine handle

$ 1,975,655

$ 1,912,711

3.3

$ 7,332,128

$ 6,752,952

8.6

Slot machine win (3)

$ 129,521

$ 123,609

4.8

$ 499,871

$ 446,152

12.0

Slot machine win per unit per day

$ 898

$ 840

6.9

$ 870

$ 758

14.8

Poker rake

$ 8,242

$ 7,948

3.7

$ 25,824

$ 24,599

5.0

Room statistics:

Occupancy

85.2 %

88.1 %

86.9 %

89.0 %

ADR (4)

$ 611

$ 598

2.2

$ 547

$ 555

(1.4)

REVPAR (5)

$ 520

$ 527

(1.3)

$ 476

$ 494

(3.6)

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited) (continued)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

Percent

Change

2025

2024

Percent

Change

Encore Boston Harbor Supplemental Information

Operating revenues

Casino

$ 152,020

$ 156,810

(3.1)

$ 629,266

$ 635,314

(1.0)

Rooms

23,832

22,605

5.4

90,649

92,831

(2.4)

Food and beverage

21,615

21,218

1.9

79,062

84,402

(6.3)

Entertainment, retail and other

12,722

12,018

5.9

47,895

44,617

7.3

Total

$ 210,189

$ 212,651

(1.2)

$ 846,872

$ 857,164

(1.2)

Adjusted Property EBITDAR (6)

$ 57,014

$ 58,844

(3.1)

$ 236,721

$ 247,128

(4.2)

Casino Statistics:

Average number of table games

172

—

172

180

(4.4)

Table drop (2)

$ 342,160

$ 337,570

1.4

$ 1,344,387

$ 1,410,319

(4.7)

Table games win (1)

$ 61,991

$ 69,873

(11.3)

$ 270,147

$ 297,369

(9.2)

Table games win %

18.1 %

20.7 %

20.1 %

21.1 %

Table games win per unit per day

$ 3,918

$ 4,412

(11.2)

$ 4,303

$ 4,519

(4.8)

Average number of slot machines

2,722

2,694

1.0

2,721

2,633

3.3

Slot machine handle

$ 1,413,168

$ 1,402,942

0.7

$ 5,533,270

$ 5,604,462

(1.3)

Slot machine win (3)

$ 110,845

$ 108,379

2.3

$ 438,597

$ 424,152

3.4

Slot machine win per unit per day

$ 443

$ 437

1.4

$ 442

$ 440

0.5

Poker rake

$ 5,508

$ 5,328

3.4

$ 21,990

$ 21,750

1.1

Room statistics:

Occupancy

92.3 %

91.1 %

92.2 %

93.6 %

ADR (4)

$ 420

$ 416

1.0

$ 405

$ 412

(1.7)

REVPAR (5)

$ 388

$ 379

2.4

$ 373

$ 385

(3.1)

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

CONTACT:

Lauren Seiler

702-770-7555

[email protected]

SOURCE Wynn Resorts, Limited