10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                 

Commission File No. 000-50028

 WYNN RESORTS, LIMITED

(Exact name of registrant as specified in its charter)

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

3131 Las Vegas Boulevard South - Las Vegas, Nevada 89109

(Address of principal executive offices) (Zip Code)

(702) 770-7555

(Registrant's telephone number, including area code)

N/A

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01	WYNN	Nasdaq Global Select Market

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

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

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

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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

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

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

Class	Outstanding at August 1, 2023
Common stock, par value $0.01	113,936,334

WYNN RESORTS, LIMITED AND SUBSIDIARIES

FORM 10-Q

INDEX

 

Part I.	Financial Information
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets - June 30, 2023 (unaudited) and December 31, 2022	3
	Condensed Consolidated Statements of Operations (unaudited) - Three and Six Months Ended June 30, 2023 and 2022	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - Three and Six Months Ended June 30, 2023 and 2022	5
	Condensed Consolidated Statements of Stockholders’ Deficit (unaudited) - Three and Six Months Ended June 30, 2023 and 2022	6
	Condensed Consolidated Statements of Cash Flows (unaudited) - June 30, 2023 and 2022	8
	Notes to Condensed Consolidated Financial Statements (unaudited)	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49
Item 4.	Controls and Procedures	49
Part II.	Other Information
Item 1.	Legal Proceedings	50
Item 1A.	Risk Factors	50
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 3.	Default Upon Senior Securities	50
Item 4.	Mine Safety Disclosures	50
Item 5.	Other Information	50
Item 6.	Exhibits	51
Signature		52

2

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

	June 30, 2023		December 31, 2022
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	3,653,966	$	3,650,440
Restricted cash	3,904		4,819
Investment securities	288,201		—
Accounts receivable, net of allowance for credit losses of $57,261 and $78,842	229,794		216,033
Inventories	70,979		70,094
Prepaid expenses and other	104,920		88,201
Total current assets	4,351,764		4,029,587
Property and equipment, net	6,771,322		6,896,060
Restricted cash	89,927		127,731
Goodwill and intangible assets, net	444,807		245,253
Operating lease assets	1,838,054		1,853,164
Other assets	287,812		263,305
Total assets	$	13,783,686	$	13,415,100
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts and construction payables	$	178,486	$	197,474
Customer deposits	498,136		506,148
Gaming taxes payable	142,266		44,967
Accrued compensation and benefits	156,878		187,160
Accrued interest	148,377		135,630
Current portion of long-term debt	41,250		547,543
Other accrued liabilities	180,654		192,501
Total current liabilities	1,346,047		1,811,423
Long-term debt	12,101,477		11,569,316
Long-term operating lease liabilities	1,610,787		1,615,157
Other long-term liabilities	232,539		59,569
Total liabilities	15,290,850		15,055,465
Commitments and contingencies (Note 16)
Stockholders' deficit:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding	—		—
Common stock, par value $0.01; 400,000,000 shares authorized; 132,948,390 and 132,256,185 shares issued; 113,942,935 and 113,369,439 shares outstanding, respectively	1,329		1,323
Treasury stock, at cost; 19,005,455 and 18,886,746 shares, respectively	(1,635,966)		(1,623,872)
Additional paid-in capital	3,619,241		3,583,923
Accumulated other comprehensive income (loss)	7,916		(404)
Accumulated deficit	(2,622,773)		(2,711,808)
Total Wynn Resorts, Limited stockholders' deficit	(630,253)		(750,838)
Noncontrolling interests	(876,911)		(889,527)
Total stockholders' deficit	(1,507,164)		(1,640,365)
Total liabilities and stockholders' deficit	$	13,783,686	$	13,415,100

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

3

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating revenues:
Casino	$	912,999	$	359,585	$	1,679,991	$	849,447
Rooms	276,505		201,298		549,034		371,674
Food and beverage	257,036		229,816		489,647		403,836
Entertainment, retail and other	149,282		118,133		300,829		237,209
Total operating revenues	1,595,822		908,832		3,019,501		1,862,166
Operating expenses:
Casino	543,643		244,064		1,017,028		568,143
Rooms	73,783		65,070		146,485		123,785
Food and beverage	203,922		185,471		384,541		332,127
Entertainment, retail and other	85,999		74,985		178,481		163,889
General and administrative	257,321		200,378		517,093		397,158
Provision for credit losses	(6,640)		(3,487)		(7,184)		(3,145)
Pre-opening	1,477		4,502		5,955		6,949
Depreciation and amortization	169,962		162,968		338,774		347,524
Property charges and other	16,019		26,909		18,477		72,629
Total operating expenses	1,345,486		960,860		2,599,650		2,009,059
Operating income (loss)	250,336		(52,028)		419,851		(146,893)
Other income (expense):
Interest income	44,127		2,691		84,320		3,971
Interest expense, net of amounts capitalized	(190,243)		(154,830)		(377,983)		(306,988)
Change in derivatives fair value	24,336		1,562		47,382		8,962
Loss on debt financing transactions	(3,375)		—		(15,611)		—
Other	6,959		(10,099)		(23,655)		(25,226)
Other income (expense), net	(118,196)		(160,676)		(285,547)		(319,281)
Income (loss) before income taxes	132,140		(212,704)		134,304		(466,174)
Provision for income taxes	(4,305)		(718)		(5,323)		(1,858)
Net income (loss)	127,835		(213,422)		128,981		(468,032)
Less: net (income) loss attributable to noncontrolling interests	(22,651)		83,371		(11,465)		154,657
Net income (loss) attributable to Wynn Resorts, Limited	$	105,184	$	(130,051)	$	117,516	$	(313,375)
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic	$	0.93	$	(1.14)	$	1.04	$	(2.73)
Diluted	$	0.84	$	(1.14)	$	0.84	$	(2.73)
Weighted average common shares outstanding:
Basic	112,889		114,471		112,821		114,749
Diluted	113,198		114,471		113,143		114,749

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

4

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

 

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss)	$	127,835	$	(213,422)	$	128,981	$	(468,032)
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax	(3,595)		884		11,568		5,481
Total comprehensive income (loss)	124,240		(212,538)		140,549		(462,551)
Less: comprehensive (income) loss attributable to noncontrolling interests	(21,615)		83,015		(14,713)		153,001
Comprehensive income (loss) attributable to Wynn Resorts, Limited	$	102,625	$	(129,523)	$	125,836	$	(309,550)

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

5

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

(in thousands, except share data)

(unaudited)

	For the three months ended June 30, 2023
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders'  deficit
Balances, April 1, 2023	113,808,044	$	1,328	$	(1,634,706)	$	3,604,945	$	10,475	$	(2,699,476)	$	(717,434)	$	(898,936)	$	(1,616,370)
Net income	—	—		—		—		—		105,184		105,184		22,651		127,835
Currency translation adjustment	—	—		—		—		(2,559)		—		(2,559)		(1,036)		(3,595)
Exercise of stock options	7,000	—		—		478		—		—		478		—		478
Issuance of restricted stock	147,628	1		—		(2)		—		—		(1)		—		(1)
Cancellation of restricted stock	(8,209)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(11,528)	—		(1,260)		—		—		—		(1,260)		—		(1,260)
Cash dividends declared	—	—		—		—		—		(28,481)		(28,481)		—		(28,481)
Distribution to noncontrolling interest	—	—		—		(2,994)		—		—		(2,994)		(1,449)		(4,443)
Stock-based compensation	—	—		—		16,814		—		—		16,814		1,859		18,673
Balances, June 30, 2023	113,942,935	$	1,329	$	(1,635,966)	$	3,619,241	$	7,916	$	(2,622,773)	$	(630,253)	$	(876,911)	$	(1,507,164)

	For the three months ended June 30, 2022
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders'  deficit
Balances, April 1, 2022	115,917,961	$	1,318	$	(1,448,040)	$	3,571,666	$	9,301	$	(2,471,285)	$	(337,040)	$	(696,219)	$	(1,033,259)
Net loss	—	—		—		—		—		(130,051)		(130,051)		(83,371)		(213,422)
Currency translation adjustment	—	—		—		—		528		—		528		356		884
Issuance of restricted stock	178,038	2		—		(2)		—		—		—		—		—
Cancellation of restricted stock	(3,405)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(2,384,952)	—		(137,638)		—		—		—		(137,638)		—		(137,638)
Distribution to noncontrolling interest	—	—		—		—		—		—		—		(7,244)		(7,244)
Transactions with subsidiary minority shareholders	—	—		—		(16,750)		—		—		(16,750)		19,646		2,896
Stock-based compensation	—	—		—		11,584		—		5		11,589		1,940		13,529
Balances, June 30, 2022	113,707,642	$	1,320	$	(1,585,678)	$	3,566,498	$	9,829	$	(2,601,331)	$	(609,362)	$	(764,892)	$	(1,374,254)

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

6

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

(in thousands, except share data)

(unaudited)

	For the six months ended June 30, 2023
	Common stock
	Shares outstanding	Par value		Treasury stock		Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total Wynn Resorts, Ltd. stockholders' deficit		Noncontrolling interests		Total stockholders'  deficit
Balances, January 1, 2023	113,369,439	$	1,323	$	(1,623,872)	$	3,583,923	$	(404)	$	(2,711,808)	$	(750,838)	$	(889,527)	$	(1,640,365)
Net income	—	—		—		—		—		117,516		117,516		11,465		128,981
Currency translation adjustment	—	—		—		—		8,320		—		8,320		3,248		11,568
Exercise of stock options	32,284	—		—		1,965		—		—		1,965		—		1,965
Issuance of restricted stock	668,329	6		—		6,632		—		—		6,638		—		6,638
Cancellation of restricted stock	(14,589)	—		—		—		—		—		—		—		—
Shares repurchased by the Company and held as treasury shares	(118,709)	—		(12,094)		—		—		—		(12,094)		—		(12,094)
Cash dividends declared	—	—		—		—		—		(28,481)		(28,481)		—		(28,481)
Distribution to noncontrolling interest	—	—		—		(2,994)		—		—		(2,994)		(5,951)		(8,945)
Transactions with subsidiary minority shareholders	6,181	—		—		(754)		—		—		(754)		754		—
Stock-based compensation	—	—		—		30,469		—		—		30,469		3,100		33,569
Balances, June 30, 2023	113,942,935	$	1,329	$	(1,635,966)	$	3,619,241	$	7,916	$	(2,622,773)	$	(630,253)	$	(876,911)	$	(1,507,164)

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

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

7

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Six Months Ended June 30,
	2023		2022
Cash flows from operating activities:
Net income (loss)	$	128,981	$	(468,032)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	338,774		347,524
Deferred income taxes	(1,371)		429
Stock-based compensation expense	32,995		28,495
Amortization of debt issuance costs	19,095		14,588
Loss on debt financing transactions	15,611		—
Provision for credit losses	(7,184)		(3,145)
Change in derivatives fair value	(47,382)		(8,962)
Property charges and other	42,132		97,855
Increase (decrease) in cash from changes in:
Receivables, net	(9,489)		15,833
Inventories, prepaid expenses and other	(407)		(10,450)
Customer deposits	(6,465)		(21,949)
Accounts payable and accrued expenses	25,449		(149,637)
Net cash provided by (used in) operating activities	530,739		(157,451)
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	(215,299)		(186,038)
Purchase of investment securities	(286,519)		—
Purchase of intangible and other assets	(42,933)		(9,375)
Proceeds from sale of assets and other	490		29
Net cash used in investing activities	(544,261)		(195,384)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,200,000		—
Repayments of long-term debt	(1,112,500)		(25,000)
Repurchase of common stock	(12,094)		(149,305)
Proceeds from exercise of stock options	1,965		—
Proceeds from issuance of subsidiary common stock	—		2,895
Proceeds from sale of noncontrolling interest in subsidiary	—		50,033
Distribution to noncontrolling interest	(8,945)		(16,523)
Dividends paid	(28,709)		(1,291)
Finance lease payments	(9,731)		(8,602)
Payments for financing costs	(41,020)		(3,113)
Other	(7,773)		—
Net cash used in financing activities	(18,807)		(150,906)
Effect of exchange rate on cash, cash equivalents and restricted cash	(2,864)		(3,590)
Cash, cash equivalents and restricted cash:
Decrease in cash, cash equivalents and restricted cash	(35,193)		(507,331)
Balance, beginning of period	3,782,990		2,531,067
Balance, end of period	$	3,747,797	$	2,023,736

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

8

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 - Organization

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

In the Macau Special Administrative Region ("Macau") of the People's Republic of China ("PRC"), the Company owns approximately 72% of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas. Additionally, the Company is a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations. In Everett, Massachusetts, the Company operates Encore Boston Harbor, an integrated resort. The Company also holds an approximately 97% interest in, and consolidates, Wynn Interactive Ltd. ("Wynn Interactive"), through which it operates online sports betting, gaming, and social casino businesses.

Note 2 -    Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2023. 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, 2022. 

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries, and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 17, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated.

Use of Estimates

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

Gaming Taxes

The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations. These taxes totaled $391.4 million and $106.3 million for the three months ended June 30, 2023 and 2022, respectively, and $701.8 million and $283.2 million for the six months ended June 30, 2023 and 2022, respectively.

9

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Investment Securities

Investment securities consist of short-term investments in United States treasury bills. Short-term investments have a maturity date of less than one year. Adjustments are made for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in interest income together with realized gains and losses and the stated interest on such securities.

As of June 30, 2023, the Company had $288.2 million in investment securities, recorded at amortized cost. The estimated fair value of the Company's investment securities as of June 30, 2023 was approximately $286.9 million and the gross unrecognized holding loss was $1.3 million. As of June 30, 2023, the Company had $1.7 million in accrued interest, recorded in Investment securities on the Condensed Consolidated Balance Sheets.

As of December 31, 2022, the Company had no investment securities.

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, 2023, no impairment loss was recognized.

Recently Issued Accounting Standards

The Company’s management has evaluated the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.

Note 3 -    Cash, Cash Equivalents and Restricted Cash

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

	June 30, 2023		December 31, 2022
Cash and cash equivalents:
Cash (1)	$	1,294,193	$	1,699,583
Cash equivalents (2)	2,359,773		1,950,857
Total cash and cash equivalents	3,653,966		3,650,440
Restricted cash (3)	93,831		132,550
Total cash, cash equivalents and restricted cash	$	3,747,797	$	3,782,990
(1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan, and as of June 30, 2023 and December 31, 2022 included $86.7 million and $124.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Resorts (Macau) S.A.'s legal and contractual obligations through the term of the Gaming Concession Contract (as defined in Note 6, "Goodwill and Intangible Assets, net").

The following table presents the supplemental cash flow disclosures of the Company (in thousands):

	Six Months Ended June 30,
	2023		2022
Cash paid for interest, net of amounts capitalized	$	346,055	$	292,218
Liability settled with shares of common stock	$	6,639	$	9,287
Accounts and construction payables related to property and equipment	$	49,014	$	47,305
Other liabilities related to intangible assets (1)	$	205,875	$	5,586
Finance lease liabilities arising from obtaining finance lease assets	$	657	$	4,135

(1) For the six months ended June 30, 2023, included $201.5 million related to the Macau gaming premium in connection with the Gaming Concession Contract. See Note 6, "Goodwill and Intangible Assets, net" for further information.

10

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 4 -    Receivables, net

Accounts Receivable and Credit Risk

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

	June 30, 2023		December 31, 2022
Casino	$	163,699	$	171,893
Hotel	30,484		35,654
Other	92,872		87,328
	287,055		294,875
Less: allowance for credit losses	(57,261)		(78,842)
	$	229,794	$	216,033

As of June 30, 2023 and December 31, 2022, approximately 64.2% and 57.6%, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in the countries in which the Company's customers reside could affect the collectability of such receivables.

The Company’s allowance for casino credit losses was 33.2% and 43.2% of gross casino receivables as of June 30, 2023 and December 31, 2022, respectively. Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change. The Company’s allowance for credit losses from its hotel and other receivables is not material.

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

	June 30,
	2023		2022
Balance at beginning of year	$	78,842	$	111,319
Provision for credit losses	(7,184)		(3,145)
Write-offs	(22,862)		(16,894)
Recoveries of receivables previously written off	8,655		1,664
Effect of exchange rate	(190)		(365)
Balance at end of period	$	57,261	$	92,579

Note 5 -    Property and Equipment, net

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

	June 30, 2023		December 31, 2022
Buildings and improvements	$	8,348,018	$	8,363,427
Land and improvements	1,226,686		1,195,717
Furniture, fixtures and equipment	3,218,402		3,165,659
Airplanes	110,623		110,623
Construction in progress	182,151		112,034
	13,085,880		12,947,460
Less: accumulated depreciation	(6,314,558)		(6,051,400)
	$	6,771,322	$	6,896,060

11

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

As of June 30, 2023 and December 31, 2022, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.

Depreciation expense for the three months ended June 30, 2023 and 2022 was $154.8 million and $154.1 million, respectively, and depreciation expense for the six months ended June 30, 2023 and 2022 was $308.9 million and $330.4 million, respectively.

Note 6 -    Goodwill and Intangible Assets, net

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

	June 30, 2023		December 31, 2022
Finite-lived intangible assets:
Macau gaming concession	$	208,626	$	48,304
Less: accumulated amortization	(10,431)		(48,304)
	198,195		—
Massachusetts gaming license	117,700		117,700
Less: accumulated amortization	(31,561)		(27,638)
	86,139		90,062
Other finite-lived intangible assets	75,302		65,194
Less: accumulated amortization	(13,746)		(8,920)
	61,556		56,274
Total finite-lived intangible assets	345,890		146,336
Indefinite-lived intangible assets:
Water rights and other	8,397		8,397
Total indefinite-lived intangible assets	8,397		8,397
Goodwill:
Balance at beginning of year	90,520		129,738
Foreign currency translation	—		(1,457)
Impairment	—		(37,761)
Balance at end of period	90,520		90,520
Total goodwill and intangible assets, net	$	444,807	$	245,253

12

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Macau Gaming Concession

In December 2022, Wynn Resorts (Macau) S.A. ("Wynn Macau SA"), an indirect subsidiary of Wynn Resorts, Limited, entered into a definitive gaming concession contract (the "Gaming Concession Contract") with the Macau government, pursuant to which Wynn Macau SA was granted a 10-year gaming concession commencing on January 1, 2023 and expiring on December 31, 2032, to operate games of chance at Wynn Palace and Wynn Macau. Under the terms of the Gaming Concession Contract, Wynn Macau SA is required to pay the Macau government an annual gaming premium consisting of a fixed and a variable portion. The fixed portion of the premium is composed of an annual amount equal to MOP30.0 million (approximately $3.7 million). The variable portion is composed of an annual amount equal to MOP300,000 (approximately $37 thousand) per gaming table located in special gaming halls reserved exclusively to particular games or players, MOP150,000 (approximately $19 thousand) per gaming table that is not reserved exclusively to particular games or players, and MOP1,000 (approximately $124) per gaming machine, including slot machines, operated by Wynn Macau SA.

In December 2022, in accordance with the requirements of the Macau Gaming Law, Wynn Macau SA and Palo Real Estate Company Limited ("Palo"), a subsidiary of Wynn Macau SA, entered into agreements (collectively, the "Property Transfer Agreements") with the Macau government, pursuant to which Wynn Macau SA and Palo transferred the casino areas and gaming equipment of the Company's Macau Operations to the Macau government without compensation on December 31, 2022, and the Macau government agreed to transfer such casino areas and gaming equipment back to Wynn Macau SA as of January 1, 2023, for its use in the operation of games of chance at Wynn Macau and Wynn Palace as permitted under the Gaming Concession Contract through December 31, 2032. As the Company expects to continue to operate the casino areas and gaming equipment at its Macau Operations in the same manner as under the previous concession, obtain substantially all of the economic benefits, and bear all of the risks arising from the use of these assets, the Company will continue to recognize the casino areas and gaming equipment as property and equipment over their remaining estimated useful lives. In exchange for the use of such assets, Wynn Macau SA has agreed to make annual payments to the Macau government of MOP53.1 million (approximately $6.6 million) during each of the years ending December 31, 2023, 2024, and 2025, and an annual payment of MOP177.0 million (approximately $21.9 million) during each of the remaining years of the term of the Gaming Concession Contract through December 31, 2032, subject to adjustment in each year based on the average price index in Macau. Pursuant to the Gaming Concession Contract, Wynn Macau SA will revert to the Macau government the casino areas and gaming equipment, without compensation and free of encumbrance upon the rescission or termination of the gaming concession on December 31, 2032.

On January 1, 2023, the Company recognized an intangible asset and financial liability of MOP1.68 billion (approximately $208.3 million), representing the right to operate games of chance at Wynn Palace and Wynn Macau and the unconditional obligation to make payments under the Gaming Concession Contract. This intangible asset comprises the contractually obligated annual payments of fixed and variable premiums, as well as fees associated with the above-described Property Transfer Agreements. The contractually obligated annual variable premium payments associated with the intangible asset was determined using the total number of gaming tables and gaming machines that Wynn Macau SA is currently approved to operate by the Macau government. In the accompanying condensed consolidated balance sheets, the noncurrent portion of the financial liability is included in "Other long-term liabilities" and the current portion is included in "Other accrued liabilities." The intangible asset is being amortized on a straight-line basis over the 10-year term of the Gaming Concession Contract. The Company expects that amortization of the Macau Gaming Concession will be $10.4 million in the six months ending December 31, 2023, and $20.9 million each year from 2024 to 2032.

Wynn Interactive Goodwill

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

During the three months ended March 31, 2022, as a result of changes in forecasts and other industry-specific factors, the Company identified interim indicators of impairment related to the goodwill assigned to the reporting units comprising Wynn Interactive. After revisiting the estimated fair value of those reporting units based on a combination of the income and market approaches, the Company recognized impairment of $30.3 million. Impairment of goodwill and intangible assets is recorded in Property charges and other in the accompanying Condensed Consolidated Statements of Operations.

13

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 7 -    Long-Term Debt

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

	June 30, 2023		December 31, 2022
Macau Related:
WM Cayman II Revolver, due 2025 (1)	$	1,494,366	$	1,500,473
WML 4 7/8% Senior Notes, due 2024	600,000		600,000
WML 5 1/2% Senior Notes, due 2026	1,000,000		1,000,000
WML 5 1/2% Senior Notes, due 2027	750,000		750,000
WML 5 5/8% Senior Notes, due 2028	1,350,000		1,350,000
WML 5 1/8% Senior Notes, due 2029	1,000,000		1,000,000
WML 4 1/2% Convertible Bonds, due 2029 (2)	600,000		—
U.S. and Corporate Related:
WRF Credit Facilities (3):
WRF Term Loan, due 2024	75,572		837,500
WRF Term Loan, due 2027	749,428		—
WLV 4 1/4% Senior Notes, due 2023	—		500,000
WLV 5 1/2% Senior Notes, due 2025	1,780,000		1,780,000
WLV 5 1/4% Senior Notes, due 2027	880,000		880,000
WRF 7 3/4% Senior Notes, due 2025	—		600,000
WRF 5 1/8% Senior Notes, due 2029	750,000		750,000
WRF 7 1/8% Senior Notes, due 2031	600,000		—
Retail Term Loan, due 2025 (4)	615,000		615,000
	12,244,366		12,162,973
WML Convertible Bond Conversion Option Derivative	76,992		—
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(178,631)		(46,114)
	12,142,727		12,116,859
Less: Current portion of long-term debt	(41,250)		(547,543)
Total long-term debt, net of current portion	$	12,101,477	$	11,569,316

(1) As of June 30, 2023, the borrowings under the WM Cayman II Revolver bear interest at LIBOR or HIBOR plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis, subject to a floor on the interest rate margin of 2.625% per annum. Approximately $312.5 million and $1.18 billion of the WM Cayman II Revolver bears interest at a rate of LIBOR plus 2.875% per year and HIBOR plus 2.875% per year, respectively. As of June 30, 2023, the weighted average interest rate was approximately 7.81%. As of June 30, 2023, the WM Cayman II Revolver was fully drawn. Due to the global phase out of LIBOR, on June 27, 2023, WM Cayman II entered into an amended and restated facility agreement to, among other things, transition the base rate applicable to U.S. dollar-denominated loans made under the WM Cayman II Revolver from LIBOR to the term secured overnight financing rate ("Term SOFR"). The new Term SOFR base rate became effective July 4, 2023.

(2) As of June 30, 2023, the net carrying amount of the WML Convertible Bonds was $470.7 million, with unamortized debt discount and debt issuance costs of $129.3 million. The Company recorded contractual interest expense of $6.8 million and $8.6 million and amortization of discounts and issuance costs of $4.3 million and $5.4 million during the three and six months ended June 30, 2023, respectively.

(3) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.85% per year. As of June 30, 2023, the weighted average interest rate was approximately 6.95%. Additionally, as of June 30, 2023, the available borrowing capacity under the WRF Revolver was $737.0 million, net of $13.0 million in outstanding letters of credit.

(4) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of June 30, 2023, the interest rate was 5.45%. On June 2, 2023, the Company entered into a second amendment to the existing term loan agreement which transitions the benchmark interest rate of the Retail Term Loan from LIBOR to the adjusted daily simple secured overnight financing rate ("SOFR"), effective July 3, 2023.

WM Cayman II Revolver Facility Agreement Amendment

Due to the global phase out of LIBOR, on June 27, 2023, WM Cayman Holdings Limited II, as borrower ("WM Cayman II"), and WML, as guarantor, entered into an Amended and Restated Facility Agreement with Bank of China Limited, Macau Branch, as agent for the syndicate of lenders (as amended and restated, the "Facility Agreement"), to transition the base rate applicable to loans denominated in U.S. dollars made pursuant to the revolving credit facility provided thereunder (the "WM

14

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Cayman II Revolver") from the London Interbank Offered Rate ("LIBOR") to Term SOFR. The new Term SOFR base rate became effective July 4, 2023.

The WM Cayman II Revolver consists of a U.S. dollar tranche in an amount of $312.5 million ("Facility A") and a Hong Kong dollar tranche in an amount of HK$9.26 billion (equivalent to $1.18 billion) ("Facility B"). Pursuant to the Facility Agreement, loans provided under Facility A bear interest at a variable rate per annum equal to: (a) Term SOFR, plus 0.10% (subject to a minimum floor of 0.00%), plus (b) a margin of 1.875% to 2.875% based on the consolidated leverage ratio of WM Cayman II and its subsidiaries (as calculated pursuant to the Facility Agreement), and loans provided under Facility B bear interest at a variable rate per annum equal to: (i) the Hong Kong Interbank Offered Rate, plus (ii) a margin of 1.875% to 2.875% based on the consolidated leverage ratio of WM Cayman II and its subsidiaries (as calculated pursuant to the Facility Agreement).

WML 4 1/2% Convertible Bonds, due 2029

On March 7, 2023, WML completed an offering (the "Offering") of $600 million 4.50% convertible bonds due 2029 (the "WML Convertible Bonds"). The WML Convertible Bonds are governed by a trust deed dated March 7, 2023 (the "Trust Deed"), between WML and DB Trustees (Hong Kong) Limited, as trustee. WML, DB Trustees (Hong Kong) Limited, as trustee, and Deutsche Bank Trust Company Americas entered into an agency agreement, appointing Deutsche Bank Trust Company Americas as the principal paying agent, principal conversion agent, transfer agent and registrar in relation to the WML Convertible Bonds. The net proceeds from the Offering, after deduction of commissions and other related expenses, were $585.9 million. WML intends to use the net proceeds for general corporate purposes.

The WML Convertible Bonds bear interest on their outstanding principal amount from and including March 7, 2023 at the rate of 4.50% per annum, payable semi-annually in arrears on March 7 and September 7 of each year. At any time on or after April 17, 2023, the WML Convertible Bonds are convertible at the option of the holder thereof into fully paid ordinary shares of WML, each with a nominal value of HK$0.001 per share ("Ordinary Shares"), at the initial conversion price of approximately HK$10.24 (equivalent to approximately $1.31) per share, subject to and upon compliance with the terms and conditions of the WML Convertible Bonds (the "Terms and Conditions," and such right, the "Conversion Right"). The conversion price is at the fixed exchange rate of HK$7.8497 per $1.00, subject to standard adjustments for certain dilutive events as described in the Terms and Conditions. WML has the option upon conversion by a bondholder to pay an amount of cash equivalent described in the Terms and Conditions in order to satisfy such Conversion Right in whole or in part.

Holders of the WML Convertible Bonds have the option to require WML to redeem all or some only of such holder’s WML Convertible Bonds (i) on March 7, 2027 at their principal amount together with interest accrued but unpaid to, but excluding, the date fixed for redemption; or (ii) on the Relevant Event Redemption Date (as defined in the Terms and Conditions) at their principal amount together with interest accrued but unpaid to, but excluding, such date, following the occurrence of (a) when the Ordinary Shares cease to be listed or admitted to trading or are suspended from trading for a period equal to or exceeding 10 consecutive trading days on the Stock Exchange of Hong Kong Limited, or if applicable, the alternative stock exchange, (b) when there is a Change of Control (as defined in the Terms and Conditions), or (c) when less than 25% of WML’s total number of issued Ordinary Shares are held by the public (as interpreted under Rule 8.24 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited).

The WML Convertible Bonds may also be redeemed at the option of WML under certain circumstances specified in the Terms and Conditions, in whole, but not in part, at any time after March 7, 2027, but prior to March 7, 2029, upon giving notice to the bondholders in accordance with the Terms and Conditions. The WML Convertible Bonds constitute direct, unsubordinated, unconditional and, subject to the Terms and Conditions, unsecured obligations of WML and rank pari passu and without any preference or priority among themselves. The Ordinary Shares to be issued upon exercise of Conversion Right will be fully-paid and will in all respects rank pari passu with the fully-paid Ordinary Shares in issue on the relevant registration date set forth in the Terms and Conditions.

The Trust Deed contains covenants limiting WML's and all of its subsidiaries' ability to, among other things, create, permit to subsist or arise or have outstanding any mortgage, charge, pledge, lien or other encumbrance or certain security interest; consolidate or merge with or into another company; and sell, assign, transfer, convey or otherwise dispose of all or substantially all of its and its subsidiaries’ properties or assets, with certain exceptions. The Trust Deed also contains customary events of default.

15

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The Company determined that the conversion feature contained within the WML Convertible Bonds is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative (the "WML Convertible Bond Conversion Option Derivative"). In accordance with applicable accounting standards, the WML Convertible Bond Conversion Option Derivative will be reported at fair value as of the end of each reporting period, with changes recognized in the statement of operations. For more information, see "Note 8 - WML Convertible Bond Conversion Option Derivative." As a result, the Company recognized a debt discount of $123.5 million within Long-term debt, representing the estimated fair value of the holders' conversion option upon completion of the Offering. The debt discount will be amortized to interest expense over the term of the WML Convertible Bonds using the effective interest method. As of June 30, 2023, the estimated fair value of the WML Convertible Bond Conversion Option Derivative was a liability of $77.0 million, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheet.

WRF Credit Facility Agreement Amendment

On May 17, 2023, Wynn Resorts Finance, LLC ("WRF") and certain of its subsidiaries entered into an amendment (the "WRF Credit Facility Agreement Amendment") to its existing credit agreement (the "WRF Credit Facility Agreement") among Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto.

The WRF Credit Facility Agreement Amendment amends the WRF Credit Facility Agreement to: (i) transition the benchmark rate from LIBOR to Term SOFR and to make conforming changes, (ii) reduce the aggregate principal amount of revolving commitments under the revolving credit facility by $100.0 million, from $850.0 million to $750.0 million, (iii) extend the stated maturity date for lenders electing to extend their revolving commitments in an amount equal to approximately $681.3 million from September 20, 2024 to September 20, 2027, and (iv) extend the stated maturity date for lenders electing to extend their term loan commitments in an amount equal to approximately $749.4 million from September 20, 2024 to September 20, 2027. Lenders who elected not to extend their revolving commitments in an amount equal to approximately $68.7 million will remain subject to a stated maturity date of September 20, 2024, and lenders who elected not to extend their term loan commitments in an amount equal to approximately $75.6 million will remain subject to a stated maturity date of September 20, 2024. In connection with the WRF Credit Facility Agreement Amendment, the Company recognized a loss on debt financing transactions of $1.2 million within the accompanying Condensed Consolidated Statement of Operations, and the Company recorded debt issuance costs of $5.1 million, within the Condensed Consolidated Balance Sheet.

WRF 7 1/8% Senior Notes, due 2031 and WRF 7 3/4% Senior Notes, due 2025

On February 16, 2023, WRF and its subsidiary Wynn Resorts Capital Corp. (together with WRF, the "WRF Issuers"), each an indirect wholly owned subsidiary of the Company, issued $600.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes") pursuant to an indenture among the WRF Issuers, the guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee, in a private offering. The 2031 WRF Senior Notes were issued at par, for proceeds of $596.2 million, net of $3.8 million of related fees and expenses. Also on February 16, 2023, the WRF Issuers completed a cash tender offer for any and all of the outstanding principal amount of the 7 3/4% Senior Notes due 2025 (the "2025 WRF Senior Notes") and accepted for purchase valid tenders with respect to $506.4 million principal amount and paid a tender premium of $12.4 million to the holders of such tendered 2025 WRF Senior Notes. The Company used a portion of the net proceeds from the issuance of the 2031 WRF Senior Notes to purchase such tendered 2025 WRF Senior Notes and to pay the tender premium and related fees and expenses.

In April 2023, WRF repurchased all of the outstanding 2025 WRF Senior Notes using the remaining net proceeds from the issuance of the 2031 WRF Senior Notes and cash held by WRF, at a price equal to 101.938% of the principal amount plus accrued interest under the terms of its indenture.

In connection with the issuance of the 2031 WRF Senior Notes and purchase of the 2025 WRF Senior Notes, the Company recognized a loss on debt financing transactions of $10.6 million within the accompanying Condensed Consolidated Statement of Operations, and the Company recorded debt issuance costs of $11.4 million within the accompanying Condensed Consolidated Balance Sheet.

16

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

WLV 4 1/4% Senior Notes, due 2023

In March 2023, the Company repurchased all of its outstanding Wynn Las Vegas 4 1/4% Senior Notes due 2023, representing an aggregate principal amount of $500.0 million, using cash held by WRF, at a price equal to 100% of the principal amount plus accrued interest under the terms of its indenture. The Company recognized a loss on early extinguishment of debt of $1.0 million.

Retail Term Loan Second Amendment

On June 2, 2023, Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC (collectively, the "Borrowers") entered into a second amendment (the "Retail Term Loan Second Amendment") to their existing term loan agreement (the "Retail Term Loan Agreement"). The Retail Term Loan Second Amendment, which is effective as of July 3, 2023, amends the Retail Term Loan Agreement to transition the benchmark interest rate applicable to the secured loan in an aggregate principal amount of $615.0 million issued to the Borrowers thereunder from LIBOR to SOFR and to make related conforming changes to the Retail Term Loan Agreement.

Debt Covenant Compliance

As of June 30, 2023, management believes the Company was in compliance with all debt covenants.

Fair Value of Long-Term Debt

The estimated fair value of the Company's long-term debt as of June 30, 2023 and December 31, 2022, was approximately $11.56 billion and $11.23 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $12.24 billion and $12.16 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).

Note 8 - WML Convertible Bond Conversion Option Derivative

An embedded derivative is a feature contained within a contract that affects some or all of the cash flows or the value of other exchanges required by the contract in a manner similar to a derivative instrument. Embedded derivatives are required to be bifurcated and accounted for separately from the host contract and carried at fair value when: (a) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; and (b) a separate, freestanding instrument with the same terms would qualify as a derivative instrument. The Company determined that the conversion feature contained within the WML Convertible Bonds is not indexed to WML's equity and, as such, is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative. In accordance with applicable accounting standards, the WML Convertible Bond Conversion Option Derivative will be reported at fair value as of the end of each reporting period, with changes recognized in the statement of operations.

The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the WML Convertible Bonds. Inherent in a binomial options pricing model are unobservable (Level 3) inputs and assumptions related to expected share-price volatility, risk-free interest rate, expected term, and dividend yield. The Company estimates the volatility of shares of WML common stock based on historical volatility that matches the expected remaining term to maturity of the WML Convertible Bonds. The risk-free interest rate is based on the Hong Kong and United States benchmark yield curves on the valuation date for a maturity similar to the expected remaining term of the WML Convertible Bonds. The expected life of the WML Convertible Bonds is assumed to be equivalent to their remaining term to maturity. The dividend yield is based on the historical WML dividend rate over the last several years.

17

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The following table sets forth the inputs to the lattice models that were used to value the embedded derivatives:

	June 30, 2023			March 2, 2023 (Pricing date)
WML stock price	HK$	7.13		HK$	8.08
Estimated volatility	23.9		%	26.0		%
Risk-free interest rate	4.0		%	4.2		%
Expected term (years)	5.7			6.0
Dividend yield	0.0		%	0.0		%

In connection with the completion of the Offering on March 7, 2023, the Company recognized a debt discount and a corresponding liability for the embedded derivative, based on an estimated fair value of $123.5 million. The debt discount will be amortized to interest expense over the term of the WML Convertible Bonds using the effective interest method. As of June 30, 2023, the estimated fair value of the embedded derivative was a liability of $77.0 million, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheet. In connection with the change in fair value, the Company recorded a $21.6 million and $46.5 million gain within Change in derivatives fair value in the accompanying Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2023, respectively.

Note 9 - Stockholders' Deficit

Dividends

On June 6, 2023, the Company paid a cash dividend of $0.25 per share and recorded $28.5 million as a reduction of accumulated deficit.

On August 9, 2023, the Company announced a cash dividend of $0.25 per share, payable on August 31, 2023 to stockholders of record as of August 21, 2023.

Noncontrolling Interests

Retail Joint Venture

During the six months ended June 30, 2023 and 2022, the Retail Joint Venture made aggregate distributions of approximately $8.9 million and $16.5 million, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 17, "Retail Joint Venture."

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

WML Securities Lending Agreement

In connection with the WML Convertible Bonds Offering, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximately 72% ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") on March 2, 2023 (as amended on March 30, 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. On March 6, 2023, the WML Stock Borrower borrowed 459,774,985 ordinary shares of WML under the Securities Lending Agreement and on April 3, 2023 returned 280,000,000 of such shares to WM Cayman I. As of the date of this report, the WML Stock Borrower held 179,774,985 WML shares under the Securities Lending Agreement.

18

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 10 - Fair Value Measurements

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

			Fair Value Measurements Using:
	June 30, 2023		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	2,359,773	$	—	$	2,359,773	$	—
Restricted cash	$	93,831	$	6,017	$	87,814	$	—
Interest rate collar	$	11,302	$	—	$	11,302	$	—
Liabilities:
WML Convertible Bond Conversion Option Derivative (see Note 8)	$	76,992	$	—	$	—	$	76,992
			Fair Value Measurements Using:
	December 31, 2022		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	1,950,857	$	490,683	$	1,460,174	$	—
Restricted cash	$	132,550	$	6,891	$	125,659	$	—
Interest rate collar	$	10,408	$	—	$	10,408	$	—

Note 11 - Customer Contract Liabilities

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

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

	June 30, 2023		December 31, 2022		Increase / (decrease)		June 30, 2022		December 31, 2021		Increase / (decrease)
Casino outstanding chips and front money deposits (1)	$	398,100	$	390,531	$	7,569	$	325,187	$	352,830	$	(27,643)
Advance room deposits and ticket sales (2)	73,517		85,019		(11,502)		60,777		55,438		5,339
Other gaming-related liabilities (3)	29,047		31,265		(2,218)		25,272		26,515		(1,243)
Loyalty program and related liabilities (4)	37,799		35,083		2,716		38,360		34,695		3,665
	$	538,463	$	541,898	$	(3,435)	$	449,596	$	469,478	$	(19,882)

(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.

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

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

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

19

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 12 - Stock-Based Compensation

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Casino	$	512	$	2,723	$	989	$	4,978
Rooms	195		215		401		401
Food and beverage	393		411		802		773
Entertainment, retail and other	2,846		1,279		5,885		5,174
General and administrative	14,339		9,967		24,918		17,169
Total stock-based compensation expense	18,285		14,595		32,995		28,495
Total stock-based compensation capitalized	1,368		777		2,134		1,457
Total stock-based compensation costs	$	19,653	$	15,372	$	35,129	$	29,952

Note 13 - Income Taxes

The Company recorded an income tax expense of $4.3 million and $0.7 million for the three months ended June 30, 2023 and 2022, respectively and an income tax expense of $5.3 million and $1.9 million for the six months ended June 30, 2023 and 2022, respectively. Income tax expense in 2023 primarily relates to U.S. operating profits. Income tax expense in 2022 primarily related to the Macau dividend tax agreement that provides for an annual payment as complementary tax otherwise due by stockholders of WRM.

The Company records valuation allowances on certain of its U.S. and foreign deferred tax assets. In assessing the need for a valuation allowance, the Company considers whether it is more likely than not that the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. In the assessment of the valuation allowance, appropriate consideration is given to all positive and negative evidence including recent operating profitability, forecast of future earnings, ability to carryback, the reversal of net taxable temporary differences, the duration of statutory carryforward periods and tax planning strategies.

Given the Company’s current earnings and anticipated future earnings, the Company believes there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to reach a conclusion that a portion of the valuation allowance on certain of its U.S. deferred tax assets will no longer be needed.

Note 14 - Earnings Per Share

Basic earnings per share ("EPS") is computed by dividing net income (loss) attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible Bonds occurred as of the date of their issuance under the if-converted method, by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive. Potentially dilutive securities include outstanding stock options and unvested restricted stock.

20

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss) attributable to Wynn Resorts, Limited - basic	$	105,184	$	(130,051)	$	117,516	$	(313,375)
Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:
Assumed conversion of WML Convertible Bonds	(10,629)		—		(22,600)		—
Net income (loss) attributable to Wynn Resorts, Limited - diluted	$	94,555	$	(130,051)	$	94,916	$	(313,375)
Denominator:
Weighted average common shares outstanding	112,889		114,471		112,821		114,749
Potential dilutive effect of stock options, nonvested, and performance nonvested shares	309		—		322		—
Weighted average common and common equivalent shares outstanding	113,198		114,471		113,143		114,749
Net income (loss) attributable to Wynn Resorts, Limited per common share, basic	$	0.93	$	(1.14)	$	1.04	$	(2.73)
Net income (loss) attributable to Wynn Resorts, Limited per common share, diluted	$	0.84	$	(1.14)	$	0.84	$	(2.73)
Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share	321		975		344		975

Note 15 - Leases

Lessor Arrangements

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Minimum rental income	$	31,811	$	37,233	$	65,649	$	61,834
Contingent rental income	25,206		14,092		53,970		34,715
Total rental income	$	57,017	$	51,325	$	119,619	$	96,549

Note 16 - Commitments and Contingencies

Litigation

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

21

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Macau Litigation Related to Dore

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

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

Securities Class Action

On February 20, 2018, a putative securities class action was filed against the Company and certain current and former officers of the Company in the United States District Court, Southern District of New York (which was subsequently transferred to the United States District Court, District of Nevada) by John V. Ferris and Joann M. Ferris on behalf of all persons who purchased the Company's common stock between February 28, 2014 and January 25, 2018. The complaint alleges, among other things, certain violations of federal securities laws and seeks to recover unspecified damages as well as attorneys' fees, costs and related expenses for the plaintiffs. On April 15, 2019, the Company filed a motion to dismiss, which the court granted on May 27, 2020, with leave to amend. On July 1, 2020, the plaintiffs filed an amended complaint. On August 14, 2020, the Company filed a motion to dismiss the amended complaint. On July 28, 2021, the court granted in part, and denied in part, the Company's motion to dismiss the amended complaint, dismissing certain of plaintiffs' claims, including all claims against current CEO Craig Billings and the individual directors, and allowing other claims to proceed against the Company and several of the Company's former executive officers, including Matthew Maddox, Stephen A. Wynn, Kimmarie Sinatra, and Steven Cootey. On March 2, 2023, the court granted the plaintiffs' motion for class certification and appointed lead counsel. The parties are now proceeding with discovery.

The defendants in this action intend to vigorously defend against the claims pleaded against them and believe that the claims are without merit. This action is in the preliminary stages and the Company has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these actions or reasonably estimate the range of possible loss, if any.

Federal Investigation

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

Note 17 - Retail Joint Venture

As of June 30, 2023 and December 31, 2022, the Retail Joint Venture had total assets of $112.2 million and $102.9 million, respectively, and total liabilities of $621.9 million and $620.9 million, respectively. As of June 30, 2023 and December 31, 2022, the Retail Joint Venture's liabilities included long-term debt of $613.8 million and $613.5 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

22

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 18 - Segment Information

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

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

23

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating revenues
Macau Operations:
Wynn Palace
Casino	$	365,277	$	27,194	$	635,964	$	141,607
Rooms	50,092		7,008		97,002		20,839
Food and beverage	25,260		6,857		48,813		18,300
Entertainment, retail and other (1)	27,721		17,592		55,934		41,230
	468,350		58,651		837,713		221,976
Wynn Macau
Casino	242,950		39,959		419,333		142,389
Rooms	26,130		4,762		48,101		14,152
Food and beverage	14,666		5,231		28,968		13,617
Entertainment, retail and other (1)	17,847		8,631		35,917		23,525
	301,593		58,583		532,319		193,683
Total Macau Operations	769,943		117,234		1,370,032		415,659
Las Vegas Operations:
Casino	137,946		135,345		292,476		259,616
Rooms	177,765		167,116		362,874		298,582
Food and beverage	195,146		196,627		367,629		332,656
Entertainment, retail and other (1)	67,215		61,981		141,857		111,401
Total Las Vegas Operations	578,072		561,069		1,164,836		1,002,255
Encore Boston Harbor:
Casino	166,826		157,087		332,218		305,835
Rooms	22,518		22,412		41,057		38,101
Food and beverage	21,964		21,101		44,237		39,263
Entertainment, retail and other (1)	10,624		9,554		20,726		17,751
Total Encore Boston Harbor	221,932		210,154		438,238		400,950
Wynn Interactive:
Entertainment, retail and other	25,875		20,375		46,395		43,302
Total Wynn Interactive	25,875		20,375		46,395		43,302
Total operating revenues	$	1,595,822	$	908,832	$	3,019,501	$	1,862,166

24

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Adjusted Property EBITDAR (2)
Macau Operations:
Wynn Palace	$	156,607	$	(49,950)	$	267,665	$	(50,814)
Wynn Macau	89,590		(40,390)		134,335		(45,072)
Total Macau Operations	246,197		(90,340)		402,000		(95,886)
Las Vegas Operations	224,121		226,706		455,718		386,084
Encore Boston Harbor	69,104		63,746		132,518		118,996
Wynn Interactive	(14,964)		(20,953)		(36,032)		(52,454)
Total	524,458		179,159		954,204		356,740
Other operating expenses
Pre-opening	1,477		4,502		5,955		6,949
Depreciation and amortization	169,962		162,968		338,774		347,524
Property charges and other	16,019		26,909		18,477		72,629
Corporate expenses and other	32,748		22,213		67,238		48,036
Stock-based compensation	18,285		14,595		32,995		28,495
Triple-net operating lease expense	35,631		—		70,914		—
Total other operating expenses	274,122		231,187		534,353		503,633
Operating income (loss)	250,336		(52,028)		419,851		(146,893)
Other non-operating income and expenses
Interest income	44,127		2,691		84,320		3,971
Interest expense, net of amounts capitalized	(190,243)		(154,830)		(377,983)		(306,988)
Change in derivatives fair value	24,336		1,562		47,382		8,962
Loss on debt financing transactions	(3,375)		—		(15,611)		—
Other	6,959		(10,099)		(23,655)		(25,226)
Total other non-operating income and expenses	(118,196)		(160,676)		(285,547)		(319,281)
Income (loss) before income taxes	132,140		(212,704)		134,304		(466,174)
Provision for income taxes	(4,305)		(718)		(5,323)		(1,858)
Net income (loss)	127,835		(213,422)		128,981		(468,032)
Net (income) loss attributable to noncontrolling interests	(22,651)		83,371		(11,465)		154,657
Net income (loss) attributable to Wynn Resorts, Limited	$	105,184	$	(130,051)	$	117,516	$	(313,375)

(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 15, "Leases."

(2) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on 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. The Company also presents 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 preopening 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 the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), 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. The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

25

WYNN RESORTS, LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

	June 30, 2023		December 31, 2022
Assets
Macau Operations:
Wynn Palace	$	2,927,349	$	2,884,073
Wynn Macau	1,644,860		1,430,051
Other Macau	877,651		268,017
Total Macau Operations	5,449,860		4,582,141
Las Vegas Operations	3,140,774		3,168,597
Encore Boston Harbor	2,031,589		2,080,424
Wynn Interactive	192,335		213,837
Corporate and other	2,969,128		3,370,101
Total	$	13,783,686	$	13,415,100

26

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

The following discussion should be read in conjunction with, and is qualified in its entirety by, the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Form 10-Q and the audited consolidated financial statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2022. Unless the context otherwise requires, all references herein to the "Company," "we," "us," or "our," or similar terms, refer to Wynn Resorts, Limited, a Nevada corporation, and its consolidated subsidiaries. This discussion and analysis contains forward-looking statements. Please refer to the section below entitled "Forward-Looking Statements."

Forward-Looking Statements

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

Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including the risks and uncertainties in Item 1A — "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2022 and other factors we describe from time to time in our periodic filings with the Securities and Exchange Commission ("SEC"), such as:

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

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

•pending or future investigations, litigation and other disputes;

•our dependence on key managers and employees;

•the deterioration of the macroeconomic environment, including an economic downturn or recession or worsening geopolitical tensions that could reduce discretionary consumer spending;

•our ability to maintain our gaming licenses and concessions and comply with applicable gaming law;

•international relations, national security policies, anticorruption campaigns and other geopolitical events, which may impact the number of visitors to our properties and the amount of money they are willing to spend;

•public perception of our resorts and the level of service we provide;

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

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

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

•win rates for our gaming operations;

•construction and regulatory risks associated with our current and future construction projects;

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

•our compliance with environmental requirements and potential cleanup responsibility and liability as an owner or operator of property;

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

•changes in and compliance with the gaming laws or regulations in the various jurisdictions in which we operate;

•changes in tax laws or regulations related to taxation, including changes in the rates of taxation;

•our collection and use of personal data and our level of compliance with applicable governmental regulations, credit card industry standards and other applicable data security standards;

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

•our ability to protect our intellectual property rights;

•labor actions and other labor problems;

•our current and future insurance coverage levels;

27

•risks specifically associated with our Macau Operations;

•the level of our indebtedness and our ability to meet our debt service obligations (including sensitivity to fluctuations in interest rates); and

•continued compliance with the covenants in our debt agreements

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

Overview

We are a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community. Through our approximately 72% ownership of Wynn Macau, Limited ("WML"), our concessionaire Wynn Resorts (Macau) S.A. ("Wynn Macau SA") operates two integrated resorts in the Macau Special Administrative Region ("Macau") of the People's Republic of China ("PRC"), Wynn Palace and Wynn Macau (collectively, our "Macau Operations"). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn Las Vegas. Additionally, we are a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). We refer to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort. We also hold an approximately 97% interest in, and consolidate, Wynn Interactive Ltd. ("Wynn Interactive"), through which we operate WynnBet, our digital sports betting and casino gaming business.

Key Operating Measures

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

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

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

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

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

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

•Table games win is the amount of table drop or turnover that is retained and recorded as casino revenues. Table games win is before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. Table games win does not include poker rake.

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

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

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

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

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

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

In our VIP operations in Macau, customers primarily purchase rolling chips from the casino cage and can only use them to make wagers. Winning wagers are paid in cash chips. The loss of the rolling chips in the VIP operations is recorded as turnover and provides a base for calculating VIP win percentage. It is customary in Macau to measure VIP play using this rolling chip method. We typically expect our win as a percentage of turnover from these operations to be within the range of 3.1% to 3.4%.

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

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

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

Results of Operations

Summary of second quarter 2023 results

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

	Three Months Ended June 30,							Six Months Ended June 30,
	2023		2022		Increase/ (Decrease)		Percent Change	2023		2022		Increase/ (Decrease)		Percent Change
Operating revenues	$	1,595,822	$	908,832	$	686,990	75.6	$	3,019,501	$	1,862,166	$	1,157,335	62.1
Net income (loss) attributable to Wynn Resorts, Limited	105,184		(130,051)		235,235		NM	117,516		(313,375)		430,891		NM
Diluted net income (loss) per share	0.84		(1.14)		1.98		NM	0.84		(2.73)		3.57		NM

NM - Not meaningful.

The increase in operating revenues for the three months ended June 30, 2023 was primarily driven by increases of $409.7 million and $243.0 million from Wynn Palace and Wynn Macau, respectively, resulting from an increase in gaming volumes, hotel occupancy, and covers at restaurants. The results of our Macau Operations for the three months ended June 30, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing, certain entry restrictions, and other mitigation procedures, related to the COVID-19 pandemic. Over the course of December 2022 and January 2023, Macau authorities relaxed or eliminated COVID-19 related protective measures. As of the date of this report, there are no remaining entry restrictions or mandatory quarantine requirements in place for travelers to Macau, which resulted in increased business volumes at our Macau Operations for the three months ended June 30, 2023.

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The increase in net income attributable to Wynn Resorts, Limited for the three months ended June 30, 2023 was primarily related to increased operating revenues at our Macau Operations, partially offset by increased operating expenses associated with higher business volumes at our Macau Operations.

Financial results for the three months ended June 30, 2023 compared to the three months ended June 30, 2022.

Operating revenues

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

	Three Months Ended June 30,
	2023		2022		Increase/ (Decrease)		Percent Change
Operating revenues
Macau Operations:
Wynn Palace	$	468,350	$	58,651	$	409,699	698.5
Wynn Macau	301,593		58,583		243,010		414.8
Total Macau Operations	769,943		117,234		652,709		556.8
Las Vegas Operations	578,072		561,069		17,003		3.0
Encore Boston Harbor	221,932		210,154		11,778		5.6
Wynn Interactive	25,875		20,375		5,500		27.0
	$	1,595,822	$	908,832	$	686,990	75.6

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

	Three Months Ended June 30,
	2023		2022		Increase/ (Decrease)		Percent Change
Operating revenues
Casino revenues	$	912,999	$	359,585	$	553,414	153.9
Non-casino revenues:
Rooms	276,505		201,298		75,207		37.4
Food and beverage	257,036		229,816		27,220		11.8
Entertainment, retail and other	149,282		118,133		31,149		26.4
Total non-casino revenues	682,823		549,247		133,576		24.3
	$	1,595,822	$	908,832	$	686,990	75.6

Casino revenues for the three months ended June 30, 2023 were 57.2% of operating revenues, compared to 39.6% for the same period of 2022. Non-casino revenues for the three months ended June 30, 2023 were 42.8% of operating revenues, compared to 60.4% for the same period of 2022.

Casino revenues    

Casino revenues increased primarily due to higher gaming volumes at our Macau Operations following the discontinuation of pandemic-related travel restrictions in Macau in late 2022 and early 2023.

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

30

	Three Months Ended June 30,
	2023			2022			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total casino revenues	$	365,277		$	27,194		$	338,083	1,243.2
VIP:
Average number of table games	57			46			11		23.9
VIP turnover	$	3,042,338		$	344,462		$	2,697,876	783.2
VIP table games win (loss)	$	129,030		$	(6,671)		$	135,701	NM
VIP win (loss) as a % of turnover	4.24		%	(1.94)		%	6.18
Table games win (loss) per unit per day	$	24,728		$	(1,600)		$	26,328	NM
Mass market:
Average number of table games	240			231			9		3.9
Table drop	$	1,507,148		$	210,549		$	1,296,599	615.8
Table games win	$	305,817		$	41,581		$	264,236	635.5
Table games win %	20.3		%	19.7		%	0.6
Table games win per unit per day	$	13,980		$	1,977		$	12,003	607.1
Average number of slot machines	586			634			(48)		(7.6)
Slot machine handle	$	579,626		$	130,404		$	449,222	344.5
Slot machine win	$	27,583		$	4,922		$	22,661	460.4
Slot machine win per unit per day	$	517		$	85		$	432	508.2
Wynn Macau:
Total casino revenues	$	242,950		$	39,959		$	202,991	508.0
VIP:
Average number of table games	48			40			8		20.0
VIP turnover	$	1,390,272		$	301,645		$	1,088,627	360.9
VIP table games win	$	57,828		$	14,446		$	43,382	300.3
VIP win as a % of turnover	4.16		%	4.79		%	(0.63)
Table games win per unit per day	$	13,257		$	4,006		$	9,251	230.9
Mass market:
Average number of table games	209			246			(37)		(15.0)
Table drop	$	1,223,311		$	216,154		$	1,007,157	465.9
Table games win	$	216,405		$	30,582		$	185,823	607.6
Table games win %	17.7		%	14.1		%	3.6
Table games win per unit per day	$	11,388		$	1,365		$	10,023	734.3
Average number of slot machines	533			665			(132)		(19.8)
Slot machine handle	$	519,807		$	199,312		$	320,495	160.8
Slot machine win	$	15,452		$	6,329		$	9,123	144.1
Slot machine win per unit per day	$	319		$	105		$	214	203.8
Poker rake	$	5,376		$	60		$	5,316	NM

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	Three Months Ended June 30,
	2023			2022			Increase/ (Decrease)		Percent Change
Las Vegas Operations:
Total casino revenues	$	137,946		$	135,345		$	2,601	1.9
Average number of table games	235			237			(2)		(0.8)
Table drop	$	559,701		$	564,982		$	(5,281)	(0.9)
Table games win	$	128,012		$	138,879		$	(10,867)	(7.8)
Table games win %	22.9		%	24.6		%	(1.7)
Table games win per unit per day	$	5,997		$	6,440		$	(443)	(6.9)
Average number of slot machines	1,651			1,712			(61)		(3.6)
Slot machine handle	$	1,522,525		$	1,326,178		$	196,347	14.8
Slot machine win	$	103,357		$	89,844		$	13,513	15.0
Slot machine win per unit per day	$	688		$	577		$	111	19.2
Poker rake	$	6,460		$	5,021		$	1,439	28.7
Encore Boston Harbor:
Total casino revenues	$	166,826		$	157,087		$	9,739	6.2
Average number of table games	190			184			6		3.3
Table drop	$	354,365		$	366,222		$	(11,857)	(3.2)
Table games win	$	79,072		$	80,263		$	(1,191)	(1.5)
Table games win %	22.3		%	21.9		%	0.4
Table games win per unit per day	$	4,573		$	4,794		$	(221)	(4.6)
Average number of slot machines	2,561			2,781			(220)		(7.9)
Slot machine handle	$	1,300,237		$	1,232,427		$	67,810	5.5
Slot machine win	$	106,726		$	99,424		$	7,302	7.3
Slot machine win per unit per day	$	458		$	393		$	65	16.5
Poker rake	$	5,211		$	1,241		$	3,970	319.9

NM - Not meaningful.

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Non-casino revenues

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

	Three Months Ended June 30,
	2023			2022			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total room revenues (dollars in thousands)	$	50,092		$	7,008		$	43,084	614.8
Occupancy	96.5		%	28.5		%	68.0
ADR	$	318		$	145		$	173	119.3
REVPAR	$	307		$	41		$	266	648.8
Wynn Macau:
Total room revenues (dollars in thousands)	$	26,130		$	4,762		$	21,368	448.7
Occupancy	96.8		%	31.3		%	65.5
ADR	$	269		$	150		$	119	79.3
REVPAR	$	260		$	47		$	213	453.2
Las Vegas Operations:
Total room revenues (dollars in thousands)	$	177,765		$	167,115		$	10,650	6.4
Occupancy	90.6		%	90.5		%	0.1
ADR	$	462		$	460		$	2	0.4
REVPAR	$	418		$	417		$	1	0.2
Encore Boston Harbor:
Total room revenues (dollars in thousands)	$	22,518		$	22,413		$	105	0.5
Occupancy	92.7		%	94.1		%	(1.4)
ADR	$	400		$	391		$	9	2.3
REVPAR	$	371		$	368		$	3	0.8

Room revenues increased $75.2 million, primarily due to higher occupancy and ADR at our Macau Operations.

Food and beverage revenues increased $27.2 million as a result of increased restaurant covers at our Macau Operations.

Entertainment, retail and other revenues increased $31.1 million, due to higher business volumes across our properties, including an increase in revenues of $12.5 million from our leased retail outlets at our Macau Operations.

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Operating expenses

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

	Three Months Ended June 30,
	2023		2022		Increase/ (Decrease)		Percent Change
Operating expenses:
Casino	$	543,643	$	244,064	$	299,579	122.7
Rooms	73,783		65,070		8,713		13.4
Food and beverage	203,922		185,471		18,451		9.9
Entertainment, retail and other	85,999		74,985		11,014		14.7
General and administrative	257,321		200,378		56,943		28.4
Provision for credit losses	(6,640)		(3,487)		(3,153)		90.4
Pre-opening	1,477		4,502		(3,025)		(67.2)
Depreciation and amortization	169,962		162,968		6,994		4.3
Property charges and other	16,019		26,909		(10,890)		(40.5)
Total operating expenses	$	1,345,486	$	960,860	$	384,626	40.0

Total operating expenses increased $384.6 million compared to the three months ended June 30, 2022, primarily due to increased casino, room, food and beverage, entertainment, retail and other, and general and administrative expenses, partially offset by decreased property charges and other expenses.

Casino expenses increased $189.5 million and $104.5 million at Wynn Palace and Wynn Macau, respectively. These increases resulted from higher operating costs, including $179.1 million and $102.0 million in incremental gaming tax expense at Wynn Palace and Wynn Macau, respectively, driven by the increase in casino revenues.

Room expenses increased $3.8 million and $2.8 million at our Las Vegas Operations and Wynn Palace, respectively. These increases resulted from higher operating costs related to an increase in room revenues at our Las Vegas Operations and Wynn Palace.

Food and beverage expenses increased $7.3 million and $4.1 million at Wynn Palace and Wynn Macau, respectively. These increases resulted from higher operating costs related to an increase in food and beverage revenues at Wynn Palace and Wynn Macau.

Entertainment, retail and other expenses increased $4.7 million, $2.5 million, and $1.9 million at our Las Vegas operations, Wynn Macau, and Wynn Palace, respectively. These increases resulted from higher operating costs related to increased revenues at our Las Vegas Operations and our Macau Operations. None of the increased operating costs was individually significant.

General and administrative expenses increased primarily due to triple-net operating lease expense of $35.6 million at Encore Boston Harbor following the sale-leaseback transaction in December 2022. In addition, corporate and other general and administrative expenses increased $12.2 million, primarily due to increased development costs.

For the three months ended June 30, 2023, pre-opening expenses totaled $1.5 million, which primarily related to new outlets and amenities across our properties. For the three months ended June 30, 2022, pre-opening expenses totaled $4.5 million, which primarily related to reconfiguring the theater space at Wynn Las Vegas.

Property charges and other expenses for the quarter ended June 30, 2023 consisted primarily of asset abandonments of $6.6 million and $1.1 million at our Las Vegas Operations and Wynn Palace, respectively, as well as contract termination and other expenses of $6.5 million at Wynn Macau. Our property charges and other expenses for the quarter ended June 30, 2022 consisted primarily of impairment of goodwill and other finite-lived intangible assets of $7.5 million and $10.3 million, respectively, and $7.6 million of other restructuring costs related to management's decision to cease the operations of BetBull, Limited ("BetBull"), a subsidiary of Wynn Interactive.

34

Other non-operating income and expenses

Interest expense, net of capitalized interest, increased $35.4 million primarily due to an increase in the weighted average total debt balance and an increase in the weighted average interest rate to 6.08% for the three months ended June 30, 2023, from 5.14% for the three months ended June 30, 2022.

We recorded interest income of $44.1 million for the three months ended June 30, 2023, primarily related to interest earned on cash and cash equivalents held at financial institutions.

We incurred a foreign currency remeasurement gain of $7.0 million and a loss of $10.1 million for the three months ended June 30, 2023 and 2022, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods.

We recorded a gain of $24.3 million and $1.6 million for the three months ended June 30, 2023 and 2022, respectively, from change in derivatives fair value. The change in derivatives fair value for the three months ended June 30, 2023 included a gain of $21.6 million recorded in relation to the conversion feature of the WML Convertible Bonds.

We recorded a $3.4 million loss on debt financing transactions for the three months ended June 30, 2023, primarily related to the issuance of the 2031 WRF Senior Notes, and the repurchase of the tendered 2025 WRF Senior Notes.

Income taxes

We recorded an income tax expense of $4.3 million and $0.7 million for the three months ended June 30, 2023 and 2022, respectively. Income tax expense in 2023 primarily relates to U.S. operating profits. Income tax expense in 2022 primarily related to the Macau dividend tax agreement that provides for an annual payment as complementary tax otherwise due by stockholders of WRM.

We intend to continue to maintain a valuation allowance on our deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. However, given our current earnings and anticipated future earnings, we believe there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow us to reach a conclusion that a portion of the valuation allowance on certain U.S. deferred tax assets will no longer be needed. Release of the valuation allowance would result in the recognition of our deferred tax assets and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are uncertain.

Net income (loss) attributable to noncontrolling interests

Net income attributable to noncontrolling interests was $22.7 million and net loss attributable to noncontrolling interests was $83.4 million for the three months ended June 30, 2023 and 2022, respectively. These amounts are primarily related to the noncontrolling interests' share of net income (loss) attributable to WML.

35

Financial results for the six months ended June 30, 2023 compared to the six months ended June 30, 2022.

Operating revenues

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

	Six Months Ended June 30,
	2023		2022		Increase/ (Decrease)		Percent Change
Operating revenues
Macau Operations:
Wynn Palace	$	837,713	$	221,976	$	615,737	277.4
Wynn Macau	532,319		193,683		338,636		174.8
Total Macau Operations	1,370,032		415,659		954,373		229.6
Las Vegas Operations	1,164,836		1,002,255		162,581		16.2
Encore Boston Harbor	438,238		400,950		37,288		9.3
Wynn Interactive	46,395		43,302		3,093		7.1
	$	3,019,501	$	1,862,166	$	1,157,335	62.1

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

	Six Months Ended June 30,
	2023		2022		Increase/ (Decrease)		Percent Change
Operating revenues
Casino revenues	$	1,679,991	$	849,447	$	830,544	97.8
Non-casino revenues:
Rooms	549,034		371,674		177,360		47.7
Food and beverage	489,647		403,836		85,811		21.2
Entertainment, retail and other	300,829		237,209		63,620		26.8
Total non-casino revenues	1,339,510		1,012,719		326,791		32.3
	$	3,019,501	$	1,862,166	$	1,157,335	62.1

Casino revenues for the six months ended June 30, 2023 were 55.6% of operating revenues, compared to 45.6% for the same period of 2022. Non-casino revenues for the six months ended June 30, 2023 were 44.4% of operating revenues, compared to 54.4% for the same period of 2022.

36

Casino revenues

Casino revenues increased primarily due to higher gaming volumes at our Macau Operations following the discontinuation of pandemic-related travel restrictions in Macau in late 2022 and early 2023. The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):  

	Six Months Ended June 30,
	2023			2022			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total casino revenues	$	635,964		$	141,607		$	494,357	349.1
VIP:
Average number of table games	54			56			(2)		(3.6)
VIP turnover	$	5,335,696		$	1,310,017		$	4,025,679	307.3
VIP table games win	$	191,478		$	13,082		$	178,396	1,363.7
VIP win as a % of turnover	3.59		%	1.00		%	2.59
Table games win per unit per day	$	19,697		$	1,284		$	18,413	1,434.0
Mass market:
Average number of table games	239			232			7		3.0
Table drop	$	2,689,146		$	742,408		$	1,946,738	262.2
Table games win	$	566,683		$	152,755		$	413,928	271.0
Table games win %	21.1		%	20.6		%	0.5
Table games win per unit per day	$	13,125		$	3,630		$	9,495	261.6
Average number of slot machines	587			652			(65)		(10.0)
Slot machine handle	$	1,126,224		$	381,333		$	744,891	195.3
Slot machine win	$	53,008		$	17,571		$	35,437	201.7
Slot machine win per unit per day	$	499		$	149		$	350	234.9
Wynn Macau:
Total casino revenues	$	419,333		$	142,389		$	276,944	194.5
VIP:
Average number of table games	50			37			13		35.1
VIP turnover	$	2,534,496		$	1,188,695		$	1,345,801	113.2
VIP table games win	$	88,579		$	48,475		$	40,104	82.7
VIP win as a % of turnover	3.49		%	4.08		%	(0.59)
Table games win per unit per day	$	9,808		$	7,181		$	2,627	36.6
Mass market:
Average number of table games	213			247			(34)		(13.8)
Table drop	$	2,213,299		$	685,292		$	1,528,007	223.0
Table games win	$	384,831		$	112,842		$	271,989	241.0
Table games win %	17.4		%	16.5		%	0.9
Table games win per unit per day	$	9,997		$	2,521		$	7,476	296.5
Average number of slot machines	532			625			(93)		(14.9)
Slot machine handle	$	989,576		$	482,851		$	506,725	104.9
Slot machine win	$	31,749		$	16,941		$	14,808	87.4
Slot machine win per unit per day	$	330		$	150		$	180	120.0
Poker rake	$	9,312		$	60		$	9,252	NM

37

	Six Months Ended June 30,
	2023			2022			Increase/ (Decrease)		Percent Change
Las Vegas Operations:
Total casino revenues	$	292,476		$	259,616		$	32,860	12.7
Average number of table games	233			232			1		0.4
Table drop	$	1,160,447		$	1,112,898		$	47,549	4.3
Table games win	$	274,022		$	268,043		$	5,979	2.2
Table games win %	23.6		%	24.1		%	(0.5)
Table games win per unit per day	$	6,490		$	6,372		$	118	1.9
Average number of slot machines	1,660			1,720			(60)		(3.5)
Slot machine handle	$	3,095,260		$	2,504,162		$	591,098	23.6
Slot machine win	$	210,145		$	170,675		$	39,470	23.1
Slot machine win per unit per day	$	700		$	548		$	152	27.7
Poker rake	$	10,574		$	8,882		$	1,692	19.0
Encore Boston Harbor:
Total casino revenues	$	332,218		$	305,835		$	26,383	8.6
Average number of table games	194			184			10		5.4
Table drop	$	720,406		$	712,417		$	7,989	1.1
Table games win	$	158,615		$	157,054		$	1,561	1.0
Table games win %	22.0		%	22.0		%	—
Table games win per unit per day	$	4,512		$	4,716		$	(204)	(4.3)
Average number of slot machines	2,540			2,778			(238)		(8.6)
Slot machine handle	$	2,596,664		$	2,415,740		$	180,924	7.5
Slot machine win	$	210,799		$	194,720		$	16,079	8.3
Slot machine win per unit per day	$	459		$	387		$	72	18.6
Poker rake	$	10,893		$	2,026		$	8,867	437.7

NM - Not meaningful.

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Non-casino revenues

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

	Six Months Ended June 30,
	2023			2022			Increase/ (Decrease)		Percent Change
Macau Operations:
Wynn Palace:
Total room revenues (dollars in thousands)	$	97,002		$	20,839		$	76,163	365.5
Occupancy	92.2		%	37.7		%	54.5
ADR	$	319		$	166		$	153	92.2
REVPAR	$	294		$	63		$	231	366.7
Wynn Macau:
Total room revenues (dollars in thousands)	$	48,101		$	14,152		$	33,949	239.9
Occupancy	93.9		%	40.5		%	53.4
ADR	$	256		$	174		$	82	47.1
REVPAR	$	240		$	70		$	170	242.9
Las Vegas Operations:
Total room revenues (dollars in thousands)	$	362,874		298,582			$	64,292	21.5
Occupancy	89.7		%	83.8		%	5.9
ADR	$	477		$	448		$	29	6.5
REVPAR	$	428		$	375		$	53	14.1
Encore Boston Harbor:
Total room revenues (dollars in thousands)	$	41,057		$	38,101		$	2,956	7.8
Occupancy	91.4		%	87.4		%	4.0
ADR	$	372		$	360		$	12	3.3
REVPAR	$	340		$	315		$	25	7.9

Room revenues increased $177.4 million, primarily due to higher occupancy and ADR at our Macau Operations and our Las Vegas Operations.

Food and beverage revenues increased $85.8 million, primarily due to increased restaurant covers at our Las Vegas Operations and our Macau Operations.

Entertainment, retail and other revenues increased $63.6 million due to higher business volumes across our properties, including an increase in revenues of $20.6 million from entertainment venue and convention-related sales at our Las Vegas Operations and an increase in revenues of $19.3 million from our leased retail outlets at our Macau Operations.

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Operating expenses

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

	Six Months Ended June 30,
	2023		2022		Increase/ (Decrease)		Percent Change
Operating expenses:
Casino	$	1,017,028	$	568,143	$	448,885	79.0
Rooms	146,485		123,785		22,700		18.3
Food and beverage	384,541		332,127		52,414		15.8
Entertainment, retail and other	178,481		163,889		14,592		8.9
General and administrative	517,093		397,158		119,935		30.2
Provision for credit losses	(7,184)		(3,145)		(4,039)		128.4
Pre-opening	5,955		6,949		(994)		(14.3)
Depreciation and amortization	338,774		347,524		(8,750)		(2.5)
Property charges and other	18,477		72,629		(54,152)		(74.6)
Total operating expenses	$	2,599,650	$	2,009,059	$	590,591	29.4

Total operating expenses increased $590.6 million compared to the six months ended June 30, 2022, primarily due to increased operating costs associated with higher business volumes at each of our properties, partially offset by decreased property charges and other expenses.

Casino expenses increased $281.4 million and $144.9 million at Wynn Palace and Wynn Macau, respectively. These increases resulted from higher operating costs, including increases of $265.5 million and $141.6 million in incremental gaming tax expense at Wynn Palace and Wynn Macau, respectively, driven by the increase in casino revenues.

Room expenses increased $12.9 million and $4.6 million at our Las Vegas Operations and Wynn Palace, respectively. These increases resulted from higher operating costs related to an increase in room revenues at our Las Vegas Operations and Wynn Palace.

Food and beverage expenses increased $31.0 million and $10.3 million at our Las Vegas Operations and Wynn Palace, respectively. These increases resulted from higher operating costs related to an increase in food and beverage revenues at our Las Vegas Operations and Wynn Palace.

Entertainment, retail and other expenses increased $22.0 million at our Las Vegas operations as a result of higher operating costs associated with live and theatrical entertainment. The increase was partially offset by a decrease of $13.0 million at Wynn Interactive, primarily due to decreased marketing costs.

General and administrative expenses increased primarily due to triple-net operating lease expense of $70.9 million at Encore Boston Harbor following the sale-leaseback transaction in December 2022, an increase of $15.7 million at our Las Vegas Operations attributable to payroll and other general and administrative expenses required to support higher business volumes, and increased corporate and other general and administrative expenses of $24.3 million, primarily due to development costs.

For the six months ended June 30, 2023, pre-opening expenses totaled $6.0 million, which primarily related to the launch of sports betting operations in Massachusetts. For the six months ended June 30, 2022, pre-opening expenses totaled $6.9 million, which primarily related to reconfiguring the theater space at Wynn Las Vegas.

Property charges and other expenses for the six months ended June 30, 2023 consisted primarily of asset abandonments of $6.7 million and $3.4 million at our Las Vegas Operations and Wynn Palace, respectively, as well as contract termination and other expenses of $6.5 million at Wynn Macau. Our property charges and other expenses for the six months ended June 30, 2022 consisted primarily of impairment of goodwill and other finite-lived intangible assets of $37.8 million and $10.3 million, respectively, and $7.6 million of restructuring costs related to Wynn Interactive's BetBull operations, as well as other contract termination expenses of $10.6 million and asset abandonments of $2.1 million related to Wynn Interactive.

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Other non-operating income and expenses

Interest expense, net of capitalized interest, increased $71.0 million primarily due to an increase in the weighted average total debt balance and an increase in the weighted average interest rate to 6.02% for the six months ended June 30, 2023, from 5.09% for the six months ended June 30, 2022.

We recorded interest income of $84.3 million for the six months ended June 30, 2023, primarily related to interest earned on cash and cash equivalents held at financial institutions.

We incurred a foreign currency remeasurement loss of $23.7 million and $25.2 million for the six months ended June 30, 2023 and 2022, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods.

We recorded a gain of $47.4 million and $9.0 million for the six months ended June 30, 2023 and 2022, respectively, from change in derivatives fair value. The change in derivatives fair value for the six months ended June 30, 2023 included a gain of $46.5 million recorded in relation to the conversion feature of the WML Convertible Bonds.

We recorded a $15.6 million loss on debt financing transactions for the six months ended June 30, 2023, primarily related to the issuance of the 2031 WRF Senior Notes and the repurchase of the tendered 2025 WRF Senior Notes.

Income taxes

We recorded income tax expense of $5.3 million and $1.9 million for the six months ended June 30, 2023 and 2022, respectively. Income tax expense in 2023 primarily relates to U.S. operating profits. Income tax expense in 2022 primarily related to the Macau dividend tax agreement that provides for an annual payment as complementary tax otherwise due by stockholders of WRM.

We intend to continue to maintain a valuation allowance on our deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. However, given our current earnings and anticipated future earnings, we believe there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow us to reach a conclusion that a portion of the valuation allowance on certain U.S. deferred tax assets will no longer be needed. Release of the valuation allowance would result in the recognition of our deferred tax assets and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are uncertain.

Net income (loss) attributable to noncontrolling interests

Net income attributable to noncontrolling interests was $11.5 million and net loss attributable to noncontrolling interests was $154.7 million for the six months ended June 30, 2023 and 2022, respectively. These amounts are primarily related to the noncontrolling interests' share of net income (loss) from WML.

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Segment Information

As further described in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 18, "Segment Information," we use Adjusted Property EBITDAR to manage the operating results of our segments. Adjusted Property EBITDAR is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on 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 preopening 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 (loss), 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.

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

	Three Months Ended June 30,							Six Months Ended June 30,
	2023		2022		Increase/ (Decrease)		Percent Change	2023		2022		Increase/ (Decrease)		Percent Change
Wynn Palace	$	156,607	$	(49,950)	$	206,557	NM	$	267,665	$	(50,814)	$	318,479	NM
Wynn Macau	89,590		(40,390)		129,980		NM	134,335		(45,072)		179,407		NM
Las Vegas Operations	224,121		226,706		(2,585)		(1.1)	455,718		386,084		69,634		18.0
Encore Boston Harbor	69,104		63,746		5,358		8.4	132,518		118,996		13,522		11.4
Wynn Interactive	(14,964)		(20,953)		5,989		28.6	(36,032)		(52,454)		16,422		31.3

NM - Not meaningful.

Adjusted Property EBITDAR at Wynn Palace and Wynn Macau increased $206.6 million and $130.0 million for the three months ended June 30, 2023, respectively, and $318.5 million and $179.4 million for the six months ended June 30, 2023, respectively, primarily due to an increase in operating revenues of $409.7 million and $243.0 million for the three months ended June 30, 2023, respectively, and $615.7 million and $338.6 million for the six months ended June 30, 2023, respectively, partially offset by an increase in operating expenses. Our Macau Operations for the three and six months ended June 30, 2022 were negatively impacted by certain travel-related restrictions and conditions related to the COVID-19 pandemic. Over the course of December 2022 and January 2023, the Macau authorities relaxed or eliminated COVID-19 related protective measures, which resulted in increased business volumes at our Macau Operations for the three and six months ended June 30, 2023.

Adjusted Property EBITDAR at our Las Vegas Operations decreased $2.6 million for the three months ended June 30, 2023, primarily due to an increase in operating expenses, partially off by an increase in revenues. Adjusted Property EBITDAR at our Las Vegas Operations increased $69.6 million for the six months ended June 30, 2023, primarily due to an increase in revenues from casino, hotel, and food and beverage operations, partially offset by increased operating expenses.

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Adjusted Property EBITDAR at Encore Boston Harbor increased $5.4 million and $13.5 million for the three and six months ended June 30, 2023, primarily due to an increase in revenues from casino operations, partially offset by increased operating expenses.

Adjusted Property EBITDAR at Wynn Interactive increased $6.0 million and $16.4 million for the three and six months ended June 30, 2023, primarily due to a decrease in marketing and promotional expense.

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

43

Liquidity and Capital Resources

Our cash flows were as follows (in thousands):

	Six Months Ended June 30,
Cash Flows - Summary	2023		2022
Cash flows from operating activities	$	530,739	$	(157,451)
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	(215,299)		(186,038)
Purchase of investment securities	(286,519)		—
Purchase of intangible and other assets	(42,933)		(9,375)
Proceeds from sale of assets and other	490		29
Net cash used in investing activities	(544,261)		(195,384)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,200,000		—
Repayments of long-term debt	(1,112,500)		(25,000)
Repurchase of common stock	(12,094)		(149,305)
Proceeds from exercise of stock options	1,965		—
Proceeds from issuance of subsidiary common stock	—		2,895
Proceeds from sale of noncontrolling interest in subsidiary	—		50,033
Distribution to noncontrolling interest	(8,945)		(16,523)
Dividends paid	(28,709)		(1,291)
Finance lease payments	(9,731)		(8,602)
Payments for financing costs	(41,020)		(3,113)
Other	(7,773)		—
Net cash used in financing activities	(18,807)		(150,906)
Effect of exchange rate on cash, cash equivalents and restricted cash	(2,864)		(3,590)
Decrease in cash, cash equivalents and restricted cash	$	(35,193)	$	(507,331)

Operating Activities

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

During the six months ended June 30, 2023, the increase in cash flows from operating activities was primarily due to increased revenues from our Macau Operations, our Las Vegas Operations, and Encore Boston Harbor, which was partially offset by an increase in operating expenses associated with higher business volumes. During the six months ended June 30, 2022, the decrease in net cash used in operating activities was primarily due to increased revenues from our Las Vegas Operations and Encore Boston Harbor, which was partially offset by decreases in revenues from Wynn Palace and Wynn Macau.

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Investing Activities

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

During the six months ended June 30, 2023, we incurred capital expenditures of $96.1 million at our Las Vegas Operations, $41.3 million at Encore Boston Harbor, $14.1 million at Wynn Palace, and $8.9 million at Wynn Macau primarily related to maintenance capital expenditures, and $55.0 million at Corporate and other primarily related to future development projects. In addition, during the six months ended June 30, 2023, we purchased $286.5 million in investment securities.

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

Financing Activities

During the six months ended June 30, 2023, the cash flows from financing activities was primarily due to the following debt issuances and repayments (in thousands):

	Proceeds from issuance		Repayments
WRF 7 1/8% Senior Notes, due 2031	$	600,000	$	—
WML 4 1/2% Convertible Bonds, due 2029	600,000		—
WRF 7 3/4% Senior Notes, due 2025	—		600,000
Wynn Las Vegas 4 1/4% Senior Notes, due 2023	—		500,000
WRF Term Loan, due 2024	—		12,500
Total	$	1,200,000	$	1,112,500

In addition, during the six months ended June 30, 2023, we made dividend payments of $28.7 million, paid $41.1 million for financing costs related to the financing activities above and used cash of $8.9 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

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

Capital Resources

The following table summarizes our unrestricted cash and cash equivalents and available revolver borrowing capacity presented by significant financing entity as of June 30, 2023 (in thousands):

	Total Cash and Cash Equivalents		Revolver Borrowing Capacity
Wynn Macau, Limited and subsidiaries	$	1,616,733	$	—
Wynn Resorts Finance, LLC (1)	837,483		736,985
Wynn Resorts, Limited and other	1,199,750		—
Total	$	3,653,966	$	736,985

(1) Excluding Wynn Macau, Limited and subsidiaries.

Wynn Macau, Limited and subsidiaries. WML generates cash from our Macau Operations. We expect to use this cash to fund working capital and capital expenditure requirements at WML and our Macau Operations, and to service our WML Senior Notes, WM Cayman II Revolver, and WML Convertible Bonds. WML paid no dividends during 2022 or the first half of 2023.

45

The borrowings under the WM Cayman II Revolver bore interest at LIBOR or HIBOR plus a margin of 1.875% to 2.875% per annum based on WM Cayman II's leverage ratio on a consolidated basis subject to a floor on the interest rate margin of 2.625% per annum through June 30, 2023. Pursuant to the amended and restated facility agreement dated June 27, 2023, the base rate applicable to loans denominated in U.S. dollars made pursuant to the WM Cayman II Revolver transitioned to the term secured overnight financing rate ("Term SOFR"), plus 0.10% (which is subject to a minimum floor of 0.00%), plus (b) a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. The new Term SOFR base rate became effective July 4, 2023. The final maturity of all outstanding loans under the Revolving Facility remains unchanged at September 16, 2025.

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

On March 7, 2023, WML completed an offering (the "Offering") of $600.0 million 4.50% convertible bonds due 2029 (the "WML Convertible Bonds"). The WML Convertible Bonds are governed by a trust deed dated March 7, 2023 (the "Trust Deed"). The net proceeds from the Offering, after deduction of commission and other related expenses, were $585.9 million. WML intends to use the proceeds for general corporate purposes. The WML Convertible Bonds bear interest on their outstanding principal amount from and including March 7, 2023 at the rate of 4.50% per annum.

The WML Convertible Bonds are convertible at the option of the holder thereof into fully paid ordinary shares of WML, at the initial conversion price of approximately HK$10.24 (equivalent to approximately $1.31) per share, subject to and upon compliance with the terms and conditions of the WML Convertible Bonds (the "Terms and Conditions," and such right, the "Conversion Right"). The conversion price is at the fixed rate of HK$7.8497 (equivalent to US$1.00), subject to standard adjustments for certain dilutive events as described in the Terms and Conditions. WML has the option, in its sole discretion, to pay to the relevant bondholder an amount of cash equivalent in order to satisfy the Conversion Right in whole or in part.

The holders of the WML Convertible Bonds have the option to require WML to redeem all or some only of such holder’s Bonds (i) on March 7, 2027 at their principal amount together with interest accrued but unpaid to (but excluding) the date fixed for redemption; or (ii) on the Relevant Event Redemption Date (as defined in the Terms and Conditions) at their principal amount together with interest accrued but unpaid to, but excluding such date, following the occurrence of (a) when the Ordinary Shares cease to be listed or admitted to trading or are suspended from trading for a period equal to or exceeding 10 consecutive trading days on the Stock Exchange of Hong Kong Limited, or if applicable, the alternative stock exchange, (b) when there is a Change of Control (as defined in the Terms and Conditions), or (c) when less than 25% of WML’s total number of issued Ordinary Shares are held by the public (as interpreted under Rule 8.24 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited). The WML Convertible Bonds may also be redeemed at the option of WML in whole, but not in part, at any time after March 7, 2027, but prior to March 7, 2029, upon giving notice to the bondholders in accordance with the Terms and Conditions, under certain circumstances specified in the Trust Deed.

If our portion of our cash and cash equivalents were repatriated to the U.S. on June 30, 2023, it would be subject to minimal U.S. taxes in the year of repatriation.

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

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

On February 16, 2023, WRF and its subsidiary Wynn Resorts Capital Corp. (together with WRF, the "WRF Issuers") issued $600.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes") in a private

46

offering. The 2031 WRF Senior Notes were issued at par, for proceeds of $596.2 million, net of $3.8 million of related fees and expenses. Also on February 16, 2023, WRF completed a cash tender offer for any and all of the outstanding principal amount of the 2025 WRF Senior Notes, and accepted for purchase valid tenders with respect to $506.4 million and paid a tender premium of $12.4 million. We used a portion of the net proceeds from the offering of the 2031 WRF Senior Notes to purchase such tendered 2025 WRF Senior Notes and to pay related fees and expenses, and intend to use the remaining net proceeds for general corporate purposes. In April 2023, we repurchased the remaining outstanding 2025 WRF Senior Notes using the remaining net proceeds from the issuance of the 2031 WRF Senior Notes and cash held by WRF, at a price equal to 101.938% of the principal amount plus accrued interest under the terms of its indenture.

In March 2023, we repurchased all of the outstanding Wynn Las Vegas 4.25% Senior Notes due 2023 of $500.0 million using cash held by WRF, at a price equal to 100% of the principal amount plus accrued interest under the terms of their indenture.

On May 17, 2023, WRF and certain of its subsidiaries entered into an amendment (the "WRF Credit Agreement Amendment") to its existing credit agreement (the "WRF Credit Agreement").

The WRF Credit Agreement Amendment amends the WRF Credit Agreement to: (i) transition the benchmark rate from LIBOR to Term SOFR and to make conforming changes, (ii) reduce the aggregate principal amount of revolving commitments under the revolving credit facility by $100.0 million, from $850.0 million to $750.0 million, (iii) extend the stated maturity date for lenders electing to extend their revolving commitments in an amount equal to approximately $681.3 million from September 20, 2024 to September 20, 2027, and (iv) extend the stated maturity date for lenders electing to extend their term loan commitments in an amount equal to approximately $749.4 million from September 20, 2024 to September 20, 2027. Lenders who elected not to extend their revolving commitments in an amount equal to approximately $68.7 million will remain subject to a stated maturity date of September 20, 2024, and lenders who elected not to extend their term loan commitments in an amount equal to approximately $75.6 million will remain subject to a stated maturity date of September 20, 2024.

Wynn Resorts, Limited and other subsidiaries. Wynn Resorts, Limited is a holding company and, as a result, our ability to pay dividends is dependent on our ability to obtain funds and our subsidiaries' ability to provide funds to us. Wynn Resorts, Limited and other primarily generates cash from royalty (including intellectual property license) and management agreements with our resorts, dividends and distributions from our subsidiaries, and the operations of the Retail Joint Venture of which we own 50.1%. Fees payable by Wynn Macau SA to Wynn Resorts, Limited under its intellectual property license agreement are capped at $115.1 million for the year ended December 31, 2023. We expect to use cash held by Wynn Resorts, Limited and other to service our Retail Term Loan, to pay dividends, to fund future development projects, and for general corporate purposes.

On June 2, 2023, the Company entered into a second amendment to the existing term loan agreement (the "Retail Term Loan Amendment") which transitions the benchmark interest rate of the Retail Term Loan from LIBOR to the adjusted daily simple secured overnight financing rate ("SOFR") and to make related conforming changes, effective July 3, 2023.

On June 6, 2023, the Company paid a cash dividend of $0.25 per share to stockholders of record as of May 23, 2023. On August 9, 2023, the Company declared a cash dividend of $0.25 per share, payable on August 31, 2023 to stockholders of record as of August 21, 2023.

Other Factors Affecting Liquidity

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

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

In April 2016, our Board of Directors has authorized an equity repurchase program of up to $1.00 billion. Under the equity repurchase program, we may repurchase the Company's outstanding shares from time to time through open market purchases, in privately negotiated transactions, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). During the three and six months ended June 30, 2023, we did not

47

repurchase any shares of our common stock under this equity repurchase program. As of June 30, 2023, we had $628.8 million in repurchase authority remaining under the program.

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

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

Contractual Commitments

During the six months ended June 30, 2023, except as described below, there have been no material changes to the contractual obligations previously reported in our Annual Report on Form 10-K for the year ended December 31, 2022.

During the six months ended June 30, 2023, our fixed interest rate long-term debt obligations increased by a net amount of $100.0 million, as a result of $1.20 billion in long-term debt issuances, net of $1.10 billion in debt repayments. Additionally, our annual fixed interest payments are expected to increase $10.4 million in 2023, $23.3 million in 2024, $56.2 million in 2025, $69.8 million in each of 2026 and 2027, and $166.2 million thereafter, primarily as a result of the issuance of the WRF 2031 Senior Notes and the WML Convertible Bonds and the repurchase of the tendered 2025 WRF Senior Notes and the 2023 Wynn Las Vegas Senior Notes, each as described above.

Critical Accounting Policies and Estimates

A description of our critical accounting policies is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2022. Except as described below, there have been no significant changes to these policies for the six months ended June 30, 2023:

WML Convertible Bond Conversion Option Derivative

On March 7, 2023, WML completed the Offering of the WML Convertible Bonds. The Company determined that the conversion feature contained within the WML Convertible Bonds is not indexed to WML's equity and, as such, is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative (the "WML Convertible Bonds Conversion Option Derivative"). In accordance with applicable accounting standards, the WML Convertible Bond Conversion Option Derivative will be reported at fair value as of the end of each reporting period, with changes recognized in the statement of operations.

The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the WML Convertible Bonds. Inherent in a binomial options pricing model are unobservable (Level 3) inputs and assumptions related to expected share-price volatility, risk-free interest rate, expected term, and dividend yield. The Company estimates the volatility of shares of WML common stock based on historical volatility that matches the expected remaining term to maturity of the WML Convertible Bonds. The risk-free interest rate is based on the Hong Kong and United States benchmark yield curves on the valuation date for a maturity similar to the expected remaining term of the WML Convertible Bonds. The expected life of the WML Convertible Bonds is assumed to be equivalent to their remaining term to maturity. The dividend yield is based on the historical WML dividend rate over the last several years. The output of the lattice model can be highly sensitive to fluctuations in its inputs.

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

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

48

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Interest Rate Risks

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

Interest Rate Sensitivity

As of June 30, 2023, approximately 24% of our long-term debt was based on variable rates. Based on our outstanding borrowings as of June 30, 2023, an assumed 100 basis point increase and decrease in the applicable variable rates would have caused our annual interest expense to change by $23.2 million.

In order to mitigate exposure to interest rate fluctuations on the Retail Term Loan, the Company entered into an interest rate collar with a notional value of $615.0 million. The interest rate collar establishes a range whereby the Company will pay the counterparty if one-month LIBOR falls below the established floor rate of 1.00%, and the counterparty will pay the Company if one-month LIBOR exceeds the ceiling rate of 3.75%, and as of the July 3, 2023 effective date of the Retail Term Loan Amendment, the Company pays the counterparty if one-month SOFR falls below the established floor rate of 1.00%, and the counterparty will pay the Company if one-month SOFR exceeds the ceiling rate of 3.67%.

Foreign Currency Risks

We expect most of the revenues and expenses for any casino that we operate in Macau will be denominated in Hong Kong dollars or Macau patacas; however, a significant portion of the debt issued by WML is denominated in U.S. dollars. Fluctuations in the exchange rates resulting in weakening of the Macau pataca or the Hong Kong dollar in relation to the U.S. dollar could have materially adverse effects on our results, financial condition and ability to service debt. Based on our balances as of June 30, 2023, an assumed 1% change in the U.S. dollar/Hong Kong dollar exchange rate would cause a foreign currency transaction gain/loss of $44.1 million.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

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

Changes in Internal Control Over Financial Reporting

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

49

Part II. OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

A description of our risk factors can be found in Item 1A, Part I of our Annual Report on Form 10-K for the year ended December 31, 2022. There were no material changes to those risk factors during the six months ended June 30, 2023.

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

Issuer Purchases of Equity Securities

There were no share repurchases made by the Company under its publicly announced equity prepurchase program during the three and six months ended June 30, 2023. As of June 30, 2023, the Company had $628.8 million in repurchase authority remaining under the program.

The following table summarizes the shares we repurchased in satisfaction of employee tax withholding obligations on vested restricted stock during the three months ended June 30, 2023, which were not part of the Company's publicly announced equity repurchase program:

For the Month Ended	Number of Shares Repurchased	Weighted Average Price Paid Per Share		Approximate Dollar Value of Repurchased Shares (in thousands)
April 30, 2023	8,653	$	111.51	$	965
May 31, 2023	948	$	109.43	$	104
June 30, 2023	1,927	$	99.17	$	191

Item 3. Default Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Insider Trading Arrangements

None of the Company's directors or officers (as defined in Section 16 of the Exchange Act) adopted 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 Company's fiscal quarter ended June 30, 2023.

50

Item 6. Exhibits

(a)Exhibits

 

Exhibit No.	Description
3.1	Third Amended and Restated Articles of Incorporation of the Registrant. (Incorporated by reference from the Quarterly Report on Form 10-Q filed by the Registrant on May 8, 2015.)
3.2	Ninth Amended and Restated Bylaws of the Registrant. (Incorporated by reference from the Annual Report on Form 10-K filed by the Registrant on February 28, 2020.)
10.1	Amendment No. 3 to Credit Agreement, dated as of May 17, 2023, by and among Wynn Resorts Finance, LLC, as borrower, the subsidiaries of borrower party hereto, as guarantors, Deutsche Bank AG New York Branch, as administrative agent (Incorporated by reference from the Current Report on Form 8-K filed by the Registrant on May 17, 2023.)
10.1.1	Exhibit A to Amendment No. 3 - Credit Agreement, dated as of September 20, 2019 (as amended by Amendment No. 1 dated as of April 10, 2020, Amendment No. 2 dated as of November 27, 2020, and Amendment No. 3 dated as of May 17, 2023), by and among Wynn Resorts Finance, LLC, as borrower, the subsidiaries of borrower party hereto, as guarantors, Deutsche Bank AG New York Branch, as administrative agent and as collateral agent (Incorporated by reference from the Current Report on Form 8-K filed by the Registrant on May 17, 2023.)
10.2	Second Amendment to Term Loan Agreement, dated as of June 2, 2023, by and among Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC, as borrowers, United Overseas Bank Limited, New York Agency, as administrative agent, and the lenders party thereto (Incorporated by reference from the Current Report on Form 8-K filed by the Registrant on June 5, 2023.)
10.3	Amendment and Restatement Agreement to Facility Agreement, dated as of June 27, 2023, by and among WM Cayman Holdings Limited II, as borrower, Wynn Macau, Limited, as guarantor, Bank of China Limited, Macau Branch, as agent and a syndicate of lenders party thereto (Incorporated by reference from the Current Report on Form 8-K filed by the Registrant on June 30, 2023.)
10.4	First Amendment to Employment Agreement, dated as of June 1, 2023, by and between Wynn Resorts, Limited and Craig S. Billings (Incorporated by reference from the Current Report on Form 8-K filed by the Registrant on June 2, 2023.)
10.5	Second Amendment to Employment Agreement, dated as of June 1, 2023, by and between Wynn Resorts, Limited and Julie Cameron-Doe (Incorporated by reference from the Current Report on Form 8-K filed by the Registrant on June 2, 2023.)
*31.1	Certification of Chief Executive Officer of Periodic Report Pursuant to Rule 13a – 14(a) and Rule 15d – 14(a).
*31.2	Certification of Chief Financial Officer of Periodic Report Pursuant to Rule 13a – 14(a) and Rule 15d – 14(a).
32	Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350 (furnished herewith).
101	The following material from Wynn Resorts, Limited's Quarterly Report on Form 10-Q, formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022; (ii) the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022; (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2023 and 2022; (iv) the Condensed Consolidated Statements of Stockholders' Deficit for the three and six months ended June 30, 2023 and 2022; (v) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022; and (vi) Notes to Condensed Consolidated Financial Statements. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
104	Cover Page Interactive Data File - The cover page XBRL tags are embedded within the Inline XBRL document.

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

*     Filed herewith.

51

SIGNATURE

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

 

		WYNN RESORTS, LIMITED
Dated: August 9, 2023	By:	/s/ Julie Cameron-Doe
	Julie Cameron-Doe
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

52

EX-31.1

Exhibit 31.1

Certification of the Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Craig S. Billings, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Wynn Resorts, Limited;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2023	/s/ Craig S. Billings
	Craig S. Billings Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification of the Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Julie Cameron-Doe, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Wynn Resorts, Limited;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2023	/s/ Julie Cameron-Doe
	Julie Cameron-Doe Chief Financial Officer (Principal Financial and Accounting Officer)

EX-32

Exhibit 32

Certification of the Chief Executive Officer and the Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Wynn Resorts, Limited (the “Company”) for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Craig S. Billings, as Chief Executive Officer of the Company, and Julie Cameron-Doe, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Craig S. Billings
Name:	Craig S. Billings
Title:	Chief Executive Officer
	(Principal Executive Officer)
Date:	August 9, 2023

	/s/ Julie Cameron-Doe
Name:	Julie Cameron-Doe
Title:	Chief Financial Officer
	(Principal Financial and Accounting Officer)
Date:	August 9, 2023

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Wynn Resorts, Limited and will be retained by Wynn Resorts, Limited and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-50028
Entity Registrant Name	WYNN RESORTS, LIMITED
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	46-0484987
Entity Address, Address Line One	3131 Las Vegas Boulevard South
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89109
City Area Code	702
Local Phone Number	770-7555
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	WYNN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		113,936,334
Amendment Flag	false
Entity Central Index Key	0001174922
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

XML

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,653,966,000	$ 3,650,440,000
Restricted cash	3,904,000	4,819,000
Investment securities	288,201,000	0
Accounts receivable, net of allowance for credit losses of $57,261 and $78,842	229,794,000	216,033,000
Inventories	70,979,000	70,094,000
Prepaid expenses and other	104,920,000	88,201,000
Total current assets	4,351,764,000	4,029,587,000
Property and equipment, net	6,771,322,000	6,896,060,000
Restricted cash	89,927,000	127,731,000
Goodwill and intangible assets, net	444,807,000	245,253,000
Operating lease assets	1,838,054,000	1,853,164,000
Other assets	287,812,000	263,305,000
Total assets	13,783,686,000	13,415,100,000
Current liabilities:
Accounts and construction payables	178,486,000	197,474,000
Customer deposits	498,136,000	506,148,000
Gaming taxes payable	142,266,000	44,967,000
Accrued compensation and benefits	156,878,000	187,160,000
Accrued interest	148,377,000	135,630,000
Current portion of long-term debt	41,250,000	547,543,000
Other accrued liabilities	180,654,000	192,501,000
Total current liabilities	1,346,047,000	1,811,423,000
Long-term debt	12,101,477,000	11,569,316,000
Long-term operating lease liabilities	1,610,787,000	1,615,157,000
Other long-term liabilities	232,539,000	59,569,000
Total liabilities	15,290,850,000	15,055,465,000
Commitments and contingencies (Note 16)
Stockholders' deficit:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding	0	0
Common stock, par value $0.01; 400,000,000 shares authorized; 132,948,390 and 132,256,185 shares issued; 113,942,935 and 113,369,439 shares outstanding, respectively	1,329,000	1,323,000
Treasury stock, at cost; 19,005,455 and 18,886,746 shares, respectively	(1,635,966,000)	(1,623,872,000)
Additional paid-in capital	3,619,241,000	3,583,923,000
Accumulated other comprehensive income (loss)	7,916,000	(404,000)
Accumulated deficit	(2,622,773,000)	(2,711,808,000)
Total Wynn Resorts, Limited stockholders' deficit	(630,253,000)	(750,838,000)
Noncontrolling interests	(876,911,000)	(889,527,000)
Total stockholders' deficit	(1,507,164,000)	(1,640,365,000)
Total liabilities and stockholders' deficit	$ 13,783,686,000	$ 13,415,100,000

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 57,261	$ 78,842
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	40,000,000	40,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	132,948,390	132,256,185
Common stock, outstanding (in shares)	113,942,935	113,369,439
Treasury stock (in shares)	19,005,455	18,886,746

XML

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating revenues:
Total operating revenues	$ 1,595,822	$ 908,832	$ 3,019,501	$ 1,862,166
Operating expenses:
General and administrative	257,321	200,378	517,093	397,158
Provision for credit losses	(6,640)	(3,487)	(7,184)	(3,145)
Pre-opening	1,477	4,502	5,955	6,949
Depreciation and amortization	169,962	162,968	338,774	347,524
Property charges and other	16,019	26,909	18,477	72,629
Total operating expenses	1,345,486	960,860	2,599,650	2,009,059
Operating income (loss)	250,336	(52,028)	419,851	(146,893)
Other income (expense):
Interest income	44,127	2,691	84,320	3,971
Interest expense, net of amounts capitalized	(190,243)	(154,830)	(377,983)	(306,988)
Change in derivatives fair value	24,336	1,562	47,382	8,962
Loss on debt financing transactions	(3,375)	0	(15,611)	0
Other	6,959	(10,099)	(23,655)	(25,226)
Other income (expense), net	(118,196)	(160,676)	(285,547)	(319,281)
Income (loss) before income taxes	132,140	(212,704)	134,304	(466,174)
Provision for income taxes	(4,305)	(718)	(5,323)	(1,858)
Net income (loss)	127,835	(213,422)	128,981	(468,032)
Less: net (income) loss attributable to noncontrolling interests	(22,651)	83,371	(11,465)	154,657
Net income (loss) attributable to Wynn Resorts, Limited	$ 105,184	$ (130,051)	$ 117,516	$ (313,375)
Net income (loss) attributable to Wynn Resorts, Limited:
Basic (in usd per share)	$ 0.93	$ (1.14)	$ 1.04	$ (2.73)
Diluted (in usd per share)	$ 0.84	$ (1.14)	$ 0.84	$ (2.73)
Weighted average common shares outstanding:
Basic (in shares)	112,889	114,471	112,821	114,749
Diluted (in shares)	113,198	114,471	113,143	114,749
Casino
Operating revenues:
Total operating revenues	$ 912,999	$ 359,585	$ 1,679,991	$ 849,447
Operating expenses:
Cost of goods and services sold	543,643	244,064	1,017,028	568,143
Rooms
Operating revenues:
Total operating revenues	276,505	201,298	549,034	371,674
Operating expenses:
Cost of goods and services sold	73,783	65,070	146,485	123,785
Food and beverage
Operating revenues:
Total operating revenues	257,036	229,816	489,647	403,836
Operating expenses:
Cost of goods and services sold	203,922	185,471	384,541	332,127
Entertainment, retail and other
Operating revenues:
Total operating revenues	149,282	118,133	300,829	237,209
Operating expenses:
Cost of goods and services sold	$ 85,999	$ 74,985	$ 178,481	$ 163,889

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Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 127,835	$ (213,422)	$ 128,981	$ (468,032)
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax	(3,595)	884	11,568	5,481
Total comprehensive income (loss)	124,240	(212,538)	140,549	(462,551)
Less: comprehensive (income) loss attributable to noncontrolling interests	(21,615)	83,015	(14,713)	153,001
Comprehensive income (loss) attributable to Wynn Resorts, Limited	$ 102,625	$ (129,523)	$ 125,836	$ (309,550)

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Condensed Consolidated Statement of Stockholders' Deficit (unaudited) - USD ($) $ in Thousands	Total	Total Wynn Resorts, Ltd. stockholders' deficit	Common stock	Treasury stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2021			115,714,943
Beginning balance at Dec. 31, 2021	$ (836,215)	$ (214,418)	$ 1,314	$ (1,436,373)	$ 3,502,715	$ 6,004	$ (2,288,078)	$ (621,797)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(468,032)	(313,375)					(313,375)	(154,657)
Currency translation adjustment	5,481	3,825				3,825		1,656
Issuance of restricted stock (in shares)			597,236
Issuance of restricted stock	9,288	9,288	$ 7		9,281
Cancellation of restricted stock (in shares)			(82,500)
Cancellation of restricted stock	0	0	$ (1)		1
Shares repurchased by the Company and held as treasury shares (in shares)			(2,522,037)
Shares repurchased by the Company and held as treasury shares	(149,305)	(149,305)		(149,305)
Distribution to noncontrolling interest	(16,523)							(16,523)
Contribution from noncontrolling interest	50,033	48,559			48,559			1,474
Transactions with subsidiary minority shareholders	2,896	(16,750)			(16,750)			19,646
Stock-based compensation	28,123	22,814			22,692		122	5,309
Ending balance (in shares) at Jun. 30, 2022			113,707,642
Ending balance at Jun. 30, 2022	(1,374,254)	(609,362)	$ 1,320	(1,585,678)	3,566,498	9,829	(2,601,331)	(764,892)
Beginning balance (in shares) at Mar. 31, 2022			115,917,961
Beginning balance at Mar. 31, 2022	(1,033,259)	(337,040)	$ 1,318	(1,448,040)	3,571,666	9,301	(2,471,285)	(696,219)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(213,422)	(130,051)					(130,051)	(83,371)
Currency translation adjustment	884	528				528		356
Issuance of restricted stock (in shares)			178,038
Issuance of restricted stock	0	0	$ 2		(2)
Cancellation of restricted stock (in shares)			(3,405)
Shares repurchased by the Company and held as treasury shares (in shares)			(2,384,952)
Shares repurchased by the Company and held as treasury shares	(137,638)	(137,638)		(137,638)
Distribution to noncontrolling interest	(7,244)							(7,244)
Transactions with subsidiary minority shareholders	2,896	(16,750)			(16,750)			19,646
Stock-based compensation	13,529	11,589			11,584		5	1,940
Ending balance (in shares) at Jun. 30, 2022			113,707,642
Ending balance at Jun. 30, 2022	(1,374,254)	(609,362)	$ 1,320	(1,585,678)	3,566,498	9,829	(2,601,331)	(764,892)
Beginning balance (in shares) at Dec. 31, 2022			113,369,439
Beginning balance at Dec. 31, 2022	(1,640,365)	(750,838)	$ 1,323	(1,623,872)	3,583,923	(404)	(2,711,808)	(889,527)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	128,981	117,516					117,516	11,465
Currency translation adjustment	11,568	8,320				8,320		3,248
Exercise of stock options (in shares)			32,284
Exercise of stock options	1,965	1,965			1,965
Issuance of restricted stock (in shares)			668,329
Issuance of restricted stock	6,638	6,638	$ 6		6,632
Cancellation of restricted stock (in shares)			(14,589)
Cancellation of restricted stock	0	0	$ 0		0
Shares repurchased by the Company and held as treasury shares (in shares)			(118,709)
Shares repurchased by the Company and held as treasury shares	(12,094)	(12,094)		(12,094)
Cash dividends declared	(28,481)	(28,481)					(28,481)
Distribution to noncontrolling interest	(8,945)	(2,994)			(2,994)			(5,951)
Transactions with subsidiary minority shareholders (in shares)			6,181
Transactions with subsidiary minority shareholders	0	(754)			(754)			754
Stock-based compensation	33,569	30,469			30,469			3,100
Ending balance (in shares) at Jun. 30, 2023			113,942,935
Ending balance at Jun. 30, 2023	(1,507,164)	(630,253)	$ 1,329	(1,635,966)	3,619,241	7,916	(2,622,773)	(876,911)
Beginning balance (in shares) at Mar. 31, 2023			113,808,044
Beginning balance at Mar. 31, 2023	(1,616,370)	(717,434)	$ 1,328	(1,634,706)	3,604,945	10,475	(2,699,476)	(898,936)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	127,835	105,184					105,184	22,651
Currency translation adjustment	(3,595)	(2,559)				(2,559)		(1,036)
Exercise of stock options (in shares)			7,000
Exercise of stock options	478	478			478
Issuance of restricted stock (in shares)			147,628
Issuance of restricted stock	(1)	(1)	$ 1		(2)
Cancellation of restricted stock (in shares)			(8,209)
Shares repurchased by the Company and held as treasury shares (in shares)			(11,528)
Shares repurchased by the Company and held as treasury shares	(1,260)	(1,260)		(1,260)
Cash dividends declared	(28,481)	(28,481)					(28,481)
Distribution to noncontrolling interest	(4,443)	(2,994)			(2,994)			(1,449)
Stock-based compensation	18,673	16,814			16,814			1,859
Ending balance (in shares) at Jun. 30, 2023			113,942,935
Ending balance at Jun. 30, 2023	$ (1,507,164)	$ (630,253)	$ 1,329	$ (1,635,966)	$ 3,619,241	$ 7,916	$ (2,622,773)	$ (876,911)

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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 128,981	$ (468,032)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	338,774	347,524
Deferred income taxes	(1,371)	429
Stock-based compensation expense	32,995	28,495
Amortization of debt issuance costs	19,095	14,588
Loss on debt financing transactions	15,611	0
Provision for credit losses	(7,184)	(3,145)
Change in derivatives fair value	(47,382)	(8,962)
Property charges and other	42,132	97,855
Increase (decrease) in cash from changes in:
Receivables, net	(9,489)	15,833
Inventories, prepaid expenses and other	(407)	(10,450)
Customer deposits	(6,465)	(21,949)
Accounts payable and accrued expenses	25,449	(149,637)
Net cash provided by (used in) operating activities	530,739	(157,451)
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	(215,299)	(186,038)
Purchase of investment securities	(286,519)	0
Purchase of intangible and other assets	(42,933)	(9,375)
Proceeds from sale of assets and other	490	29
Net cash used in investing activities	(544,261)	(195,384)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,200,000	0
Repayments of long-term debt	(1,112,500)	(25,000)
Repurchase of common stock	(12,094)	(149,305)
Proceeds from exercise of stock options	1,965	0
Proceeds from issuance of subsidiary common stock	0	2,895
Proceeds from sale of noncontrolling interest in subsidiary	0	50,033
Distribution to noncontrolling interest	(8,945)	(16,523)
Dividends paid	(28,709)	(1,291)
Finance lease payments	(9,731)	(8,602)
Payments for financing costs	(41,020)	(3,113)
Other	(7,773)	0
Net cash used in financing activities	(18,807)	(150,906)
Effect of exchange rate on cash, cash equivalents and restricted cash	(2,864)	(3,590)
Cash, cash equivalents and restricted cash:
Decrease in cash, cash equivalents and restricted cash	(35,193)	(507,331)
Balance, beginning of period	3,782,990	2,531,067
Balance, end of period	$ 3,747,797	$ 2,023,736

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Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	OrganizationWynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, "Wynn Resorts" or the "Company"), is a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming. In the Macau Special Administrative Region ("Macau") of the People's Republic of China ("PRC"), the Company owns approximately 72% of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas. Additionally, the Company is a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations. In Everett, Massachusetts, the Company operates Encore Boston Harbor, an integrated resort. The Company also holds an approximately 97% interest in, and consolidates, Wynn Interactive Ltd. ("Wynn Interactive"), through which it operates online sports betting, gaming, and social casino businesses.

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Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2023. 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, 2022. 

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries, and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 17, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated.

Use of Estimates

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

Gaming Taxes

The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations. These taxes totaled $391.4 million and $106.3 million for the three months ended June 30, 2023 and 2022, respectively, and $701.8 million and $283.2 million for the six months ended June 30, 2023 and 2022, respectively.

Investment Securities

Investment securities consist of short-term investments in United States treasury bills. Short-term investments have a maturity date of less than one year. Adjustments are made for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in interest income together with realized gains and losses and the stated interest on such securities.

As of June 30, 2023, the Company had $288.2 million in investment securities, recorded at amortized cost. The estimated fair value of the Company's investment securities as of June 30, 2023 was approximately $286.9 million and the gross unrecognized holding loss was $1.3 million. As of June 30, 2023, the Company had $1.7 million in accrued interest, recorded in Investment securities on the Condensed Consolidated Balance Sheets.

As of December 31, 2022, the Company had no investment securities.

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, 2023, no impairment loss was recognized.

Recently Issued Accounting Standards

The Company’s management has evaluated the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.

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Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

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

	June 30, 2023		December 31, 2022
Cash and cash equivalents:
Cash (1)	$	1,294,193	$	1,699,583
Cash equivalents (2)	2,359,773		1,950,857
Total cash and cash equivalents	3,653,966		3,650,440
Restricted cash (3)	93,831		132,550
Total cash, cash equivalents and restricted cash	$	3,747,797	$	3,782,990
(1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan, and as of June 30, 2023 and December 31, 2022 included $86.7 million and $124.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Resorts (Macau) S.A.'s legal and contractual obligations through the term of the Gaming Concession Contract (as defined in Note 6, "Goodwill and Intangible Assets, net").

The following table presents the supplemental cash flow disclosures of the Company (in thousands):

	Six Months Ended June 30,
	2023		2022
Cash paid for interest, net of amounts capitalized	$	346,055	$	292,218
Liability settled with shares of common stock	$	6,639	$	9,287
Accounts and construction payables related to property and equipment	$	49,014	$	47,305
Other liabilities related to intangible assets (1)	$	205,875	$	5,586
Finance lease liabilities arising from obtaining finance lease assets	$	657	$	4,135

(1) For the six months ended June 30, 2023, included $201.5 million related to the Macau gaming premium in connection with the Gaming Concession Contract. See Note 6, "Goodwill and Intangible Assets, net" for further information.

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Receivables, net

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Receivables, net

Receivables, net

Accounts Receivable and Credit Risk

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

	June 30, 2023		December 31, 2022
Casino	$	163,699	$	171,893
Hotel	30,484		35,654
Other	92,872		87,328
	287,055		294,875
Less: allowance for credit losses	(57,261)		(78,842)
	$	229,794	$	216,033

As of June 30, 2023 and December 31, 2022, approximately 64.2% and 57.6%, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in the countries in which the Company's customers reside could affect the collectability of such receivables.

The Company’s allowance for casino credit losses was 33.2% and 43.2% of gross casino receivables as of June 30, 2023 and December 31, 2022, respectively. Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change. The Company’s allowance for credit losses from its hotel and other receivables is not material.

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

	June 30,
	2023		2022
Balance at beginning of year	$	78,842	$	111,319
Provision for credit losses	(7,184)		(3,145)
Write-offs	(22,862)		(16,894)
Recoveries of receivables previously written off	8,655		1,664
Effect of exchange rate	(190)		(365)
Balance at end of period	$	57,261	$	92,579

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Property and Equipment, net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and Equipment, net

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

	June 30, 2023		December 31, 2022
Buildings and improvements	$	8,348,018	$	8,363,427
Land and improvements	1,226,686		1,195,717
Furniture, fixtures and equipment	3,218,402		3,165,659
Airplanes	110,623		110,623
Construction in progress	182,151		112,034
	13,085,880		12,947,460
Less: accumulated depreciation	(6,314,558)		(6,051,400)
	$	6,771,322	$	6,896,060

As of June 30, 2023 and December 31, 2022, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.Depreciation expense for the three months ended June 30, 2023 and 2022 was $154.8 million and $154.1 million, respectively, and depreciation expense for the six months ended June 30, 2023 and 2022 was $308.9 million and $330.4 million, respectively.

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Goodwill and Intangible Assets, net

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

Goodwill and Intangible Assets, net

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

	June 30, 2023		December 31, 2022
Finite-lived intangible assets:
Macau gaming concession	$	208,626	$	48,304
Less: accumulated amortization	(10,431)		(48,304)
	198,195		—
Massachusetts gaming license	117,700		117,700
Less: accumulated amortization	(31,561)		(27,638)
	86,139		90,062
Other finite-lived intangible assets	75,302		65,194
Less: accumulated amortization	(13,746)		(8,920)
	61,556		56,274
Total finite-lived intangible assets	345,890		146,336
Indefinite-lived intangible assets:
Water rights and other	8,397		8,397
Total indefinite-lived intangible assets	8,397		8,397
Goodwill:
Balance at beginning of year	90,520		129,738
Foreign currency translation	—		(1,457)
Impairment	—		(37,761)
Balance at end of period	90,520		90,520
Total goodwill and intangible assets, net	$	444,807	$	245,253

Macau Gaming Concession

In December 2022, Wynn Resorts (Macau) S.A. ("Wynn Macau SA"), an indirect subsidiary of Wynn Resorts, Limited, entered into a definitive gaming concession contract (the "Gaming Concession Contract") with the Macau government, pursuant to which Wynn Macau SA was granted a 10-year gaming concession commencing on January 1, 2023 and expiring on December 31, 2032, to operate games of chance at Wynn Palace and Wynn Macau. Under the terms of the Gaming Concession Contract, Wynn Macau SA is required to pay the Macau government an annual gaming premium consisting of a fixed and a variable portion. The fixed portion of the premium is composed of an annual amount equal to MOP30.0 million (approximately $3.7 million). The variable portion is composed of an annual amount equal to MOP300,000 (approximately $37 thousand) per gaming table located in special gaming halls reserved exclusively to particular games or players, MOP150,000 (approximately $19 thousand) per gaming table that is not reserved exclusively to particular games or players, and MOP1,000 (approximately $124) per gaming machine, including slot machines, operated by Wynn Macau SA.

In December 2022, in accordance with the requirements of the Macau Gaming Law, Wynn Macau SA and Palo Real Estate Company Limited ("Palo"), a subsidiary of Wynn Macau SA, entered into agreements (collectively, the "Property Transfer Agreements") with the Macau government, pursuant to which Wynn Macau SA and Palo transferred the casino areas and gaming equipment of the Company's Macau Operations to the Macau government without compensation on December 31, 2022, and the Macau government agreed to transfer such casino areas and gaming equipment back to Wynn Macau SA as of January 1, 2023, for its use in the operation of games of chance at Wynn Macau and Wynn Palace as permitted under the Gaming Concession Contract through December 31, 2032. As the Company expects to continue to operate the casino areas and gaming equipment at its Macau Operations in the same manner as under the previous concession, obtain substantially all of the economic benefits, and bear all of the risks arising from the use of these assets, the Company will continue to recognize the casino areas and gaming equipment as property and equipment over their remaining estimated useful lives. In exchange for the use of such assets, Wynn Macau SA has agreed to make annual payments to the Macau government of MOP53.1 million (approximately $6.6 million) during each of the years ending December 31, 2023, 2024, and 2025, and an annual payment of MOP177.0 million (approximately $21.9 million) during each of the remaining years of the term of the Gaming Concession Contract through December 31, 2032, subject to adjustment in each year based on the average price index in Macau. Pursuant to the Gaming Concession Contract, Wynn Macau SA will revert to the Macau government the casino areas and gaming equipment, without compensation and free of encumbrance upon the rescission or termination of the gaming concession on December 31, 2032.

On January 1, 2023, the Company recognized an intangible asset and financial liability of MOP1.68 billion (approximately $208.3 million), representing the right to operate games of chance at Wynn Palace and Wynn Macau and the unconditional obligation to make payments under the Gaming Concession Contract. This intangible asset comprises the contractually obligated annual payments of fixed and variable premiums, as well as fees associated with the above-described Property Transfer Agreements. The contractually obligated annual variable premium payments associated with the intangible asset was determined using the total number of gaming tables and gaming machines that Wynn Macau SA is currently approved to operate by the Macau government. In the accompanying condensed consolidated balance sheets, the noncurrent portion of the financial liability is included in "Other long-term liabilities" and the current portion is included in "Other accrued liabilities." The intangible asset is being amortized on a straight-line basis over the 10-year term of the Gaming Concession Contract. The Company expects that amortization of the Macau Gaming Concession will be $10.4 million in the six months ending December 31, 2023, and $20.9 million each year from 2024 to 2032.

Wynn Interactive Goodwill

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

During the three months ended March 31, 2022, as a result of changes in forecasts and other industry-specific factors, the Company identified interim indicators of impairment related to the goodwill assigned to the reporting units comprising Wynn Interactive. After revisiting the estimated fair value of those reporting units based on a combination of the income and market approaches, the Company recognized impairment of $30.3 million. Impairment of goodwill and intangible assets is recorded in Property charges and other in the accompanying Condensed Consolidated Statements of Operations.

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Long-Term Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

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

	June 30, 2023		December 31, 2022
Macau Related:
WM Cayman II Revolver, due 2025 (1)	$	1,494,366	$	1,500,473
WML 4 7/8% Senior Notes, due 2024	600,000		600,000
WML 5 1/2% Senior Notes, due 2026	1,000,000		1,000,000
WML 5 1/2% Senior Notes, due 2027	750,000		750,000
WML 5 5/8% Senior Notes, due 2028	1,350,000		1,350,000
WML 5 1/8% Senior Notes, due 2029	1,000,000		1,000,000
WML 4 1/2% Convertible Bonds, due 2029 (2)	600,000		—
U.S. and Corporate Related:
WRF Credit Facilities (3):
WRF Term Loan, due 2024	75,572		837,500
WRF Term Loan, due 2027	749,428		—
WLV 4 1/4% Senior Notes, due 2023	—		500,000
WLV 5 1/2% Senior Notes, due 2025	1,780,000		1,780,000
WLV 5 1/4% Senior Notes, due 2027	880,000		880,000
WRF 7 3/4% Senior Notes, due 2025	—		600,000
WRF 5 1/8% Senior Notes, due 2029	750,000		750,000
WRF 7 1/8% Senior Notes, due 2031	600,000		—
Retail Term Loan, due 2025 (4)	615,000		615,000
	12,244,366		12,162,973
WML Convertible Bond Conversion Option Derivative	76,992		—
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(178,631)		(46,114)
	12,142,727		12,116,859
Less: Current portion of long-term debt	(41,250)		(547,543)
Total long-term debt, net of current portion	$	12,101,477	$	11,569,316

(1) As of June 30, 2023, the borrowings under the WM Cayman II Revolver bear interest at LIBOR or HIBOR plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis, subject to a floor on the interest rate margin of 2.625% per annum. Approximately $312.5 million and $1.18 billion of the WM Cayman II Revolver bears interest at a rate of LIBOR plus 2.875% per year and HIBOR plus 2.875% per year, respectively. As of June 30, 2023, the weighted average interest rate was approximately 7.81%. As of June 30, 2023, the WM Cayman II Revolver was fully drawn. Due to the global phase out of LIBOR, on June 27, 2023, WM Cayman II entered into an amended and restated facility agreement to, among other things, transition the base rate applicable to U.S. dollar-denominated loans made under the WM Cayman II Revolver from LIBOR to the term secured overnight financing rate ("Term SOFR"). The new Term SOFR base rate became effective July 4, 2023.

(2) As of June 30, 2023, the net carrying amount of the WML Convertible Bonds was $470.7 million, with unamortized debt discount and debt issuance costs of $129.3 million. The Company recorded contractual interest expense of $6.8 million and $8.6 million and amortization of discounts and issuance costs of $4.3 million and $5.4 million during the three and six months ended June 30, 2023, respectively.

(3) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.85% per year. As of June 30, 2023, the weighted average interest rate was approximately 6.95%. Additionally, as of June 30, 2023, the available borrowing capacity under the WRF Revolver was $737.0 million, net of $13.0 million in outstanding letters of credit.

(4) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of June 30, 2023, the interest rate was 5.45%. On June 2, 2023, the Company entered into a second amendment to the existing term loan agreement which transitions the benchmark interest rate of the Retail Term Loan from LIBOR to the adjusted daily simple secured overnight financing rate ("SOFR"), effective July 3, 2023.

WM Cayman II Revolver Facility Agreement Amendment

Due to the global phase out of LIBOR, on June 27, 2023, WM Cayman Holdings Limited II, as borrower ("WM Cayman II"), and WML, as guarantor, entered into an Amended and Restated Facility Agreement with Bank of China Limited, Macau Branch, as agent for the syndicate of lenders (as amended and restated, the "Facility Agreement"), to transition the base rate applicable to loans denominated in U.S. dollars made pursuant to the revolving credit facility provided thereunder (the "WM

Cayman II Revolver") from the London Interbank Offered Rate ("LIBOR") to Term SOFR. The new Term SOFR base rate became effective July 4, 2023.

The WM Cayman II Revolver consists of a U.S. dollar tranche in an amount of $312.5 million ("Facility A") and a Hong Kong dollar tranche in an amount of HK$9.26 billion (equivalent to $1.18 billion) ("Facility B"). Pursuant to the Facility Agreement, loans provided under Facility A bear interest at a variable rate per annum equal to: (a) Term SOFR, plus 0.10% (subject to a minimum floor of 0.00%), plus (b) a margin of 1.875% to 2.875% based on the consolidated leverage ratio of WM Cayman II and its subsidiaries (as calculated pursuant to the Facility Agreement), and loans provided under Facility B bear interest at a variable rate per annum equal to: (i) the Hong Kong Interbank Offered Rate, plus (ii) a margin of 1.875% to 2.875% based on the consolidated leverage ratio of WM Cayman II and its subsidiaries (as calculated pursuant to the Facility Agreement).

WML 4 1/2% Convertible Bonds, due 2029

On March 7, 2023, WML completed an offering (the "Offering") of $600 million 4.50% convertible bonds due 2029 (the "WML Convertible Bonds"). The WML Convertible Bonds are governed by a trust deed dated March 7, 2023 (the "Trust Deed"), between WML and DB Trustees (Hong Kong) Limited, as trustee. WML, DB Trustees (Hong Kong) Limited, as trustee, and Deutsche Bank Trust Company Americas entered into an agency agreement, appointing Deutsche Bank Trust Company Americas as the principal paying agent, principal conversion agent, transfer agent and registrar in relation to the WML Convertible Bonds. The net proceeds from the Offering, after deduction of commissions and other related expenses, were $585.9 million. WML intends to use the net proceeds for general corporate purposes.

The WML Convertible Bonds bear interest on their outstanding principal amount from and including March 7, 2023 at the rate of 4.50% per annum, payable semi-annually in arrears on March 7 and September 7 of each year. At any time on or after April 17, 2023, the WML Convertible Bonds are convertible at the option of the holder thereof into fully paid ordinary shares of WML, each with a nominal value of HK$0.001 per share ("Ordinary Shares"), at the initial conversion price of approximately HK$10.24 (equivalent to approximately $1.31) per share, subject to and upon compliance with the terms and conditions of the WML Convertible Bonds (the "Terms and Conditions," and such right, the "Conversion Right"). The conversion price is at the fixed exchange rate of HK$7.8497 per $1.00, subject to standard adjustments for certain dilutive events as described in the Terms and Conditions. WML has the option upon conversion by a bondholder to pay an amount of cash equivalent described in the Terms and Conditions in order to satisfy such Conversion Right in whole or in part.

Holders of the WML Convertible Bonds have the option to require WML to redeem all or some only of such holder’s WML Convertible Bonds (i) on March 7, 2027 at their principal amount together with interest accrued but unpaid to, but excluding, the date fixed for redemption; or (ii) on the Relevant Event Redemption Date (as defined in the Terms and Conditions) at their principal amount together with interest accrued but unpaid to, but excluding, such date, following the occurrence of (a) when the Ordinary Shares cease to be listed or admitted to trading or are suspended from trading for a period equal to or exceeding 10 consecutive trading days on the Stock Exchange of Hong Kong Limited, or if applicable, the alternative stock exchange, (b) when there is a Change of Control (as defined in the Terms and Conditions), or (c) when less than 25% of WML’s total number of issued Ordinary Shares are held by the public (as interpreted under Rule 8.24 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited).

The WML Convertible Bonds may also be redeemed at the option of WML under certain circumstances specified in the Terms and Conditions, in whole, but not in part, at any time after March 7, 2027, but prior to March 7, 2029, upon giving notice to the bondholders in accordance with the Terms and Conditions. The WML Convertible Bonds constitute direct, unsubordinated, unconditional and, subject to the Terms and Conditions, unsecured obligations of WML and rank pari passu and without any preference or priority among themselves. The Ordinary Shares to be issued upon exercise of Conversion Right will be fully-paid and will in all respects rank pari passu with the fully-paid Ordinary Shares in issue on the relevant registration date set forth in the Terms and Conditions.

The Trust Deed contains covenants limiting WML's and all of its subsidiaries' ability to, among other things, create, permit to subsist or arise or have outstanding any mortgage, charge, pledge, lien or other encumbrance or certain security interest; consolidate or merge with or into another company; and sell, assign, transfer, convey or otherwise dispose of all or substantially all of its and its subsidiaries’ properties or assets, with certain exceptions. The Trust Deed also contains customary events of default.

The Company determined that the conversion feature contained within the WML Convertible Bonds is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative (the "WML Convertible Bond Conversion Option Derivative"). In accordance with applicable accounting standards, the WML Convertible Bond Conversion Option Derivative will be reported at fair value as of the end of each reporting period, with changes recognized in the statement of operations. For more information, see "Note 8 - WML Convertible Bond Conversion Option Derivative." As a result, the Company recognized a debt discount of $123.5 million within Long-term debt, representing the estimated fair value of the holders' conversion option upon completion of the Offering. The debt discount will be amortized to interest expense over the term of the WML Convertible Bonds using the effective interest method. As of June 30, 2023, the estimated fair value of the WML Convertible Bond Conversion Option Derivative was a liability of $77.0 million, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheet.

WRF Credit Facility Agreement Amendment

On May 17, 2023, Wynn Resorts Finance, LLC ("WRF") and certain of its subsidiaries entered into an amendment (the "WRF Credit Facility Agreement Amendment") to its existing credit agreement (the "WRF Credit Facility Agreement") among Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto.

The WRF Credit Facility Agreement Amendment amends the WRF Credit Facility Agreement to: (i) transition the benchmark rate from LIBOR to Term SOFR and to make conforming changes, (ii) reduce the aggregate principal amount of revolving commitments under the revolving credit facility by $100.0 million, from $850.0 million to $750.0 million, (iii) extend the stated maturity date for lenders electing to extend their revolving commitments in an amount equal to approximately $681.3 million from September 20, 2024 to September 20, 2027, and (iv) extend the stated maturity date for lenders electing to extend their term loan commitments in an amount equal to approximately $749.4 million from September 20, 2024 to September 20, 2027. Lenders who elected not to extend their revolving commitments in an amount equal to approximately $68.7 million will remain subject to a stated maturity date of September 20, 2024, and lenders who elected not to extend their term loan commitments in an amount equal to approximately $75.6 million will remain subject to a stated maturity date of September 20, 2024. In connection with the WRF Credit Facility Agreement Amendment, the Company recognized a loss on debt financing transactions of $1.2 million within the accompanying Condensed Consolidated Statement of Operations, and the Company recorded debt issuance costs of $5.1 million, within the Condensed Consolidated Balance Sheet.

WRF 7 1/8% Senior Notes, due 2031 and WRF 7 3/4% Senior Notes, due 2025

On February 16, 2023, WRF and its subsidiary Wynn Resorts Capital Corp. (together with WRF, the "WRF Issuers"), each an indirect wholly owned subsidiary of the Company, issued $600.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes") pursuant to an indenture among the WRF Issuers, the guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee, in a private offering. The 2031 WRF Senior Notes were issued at par, for proceeds of $596.2 million, net of $3.8 million of related fees and expenses. Also on February 16, 2023, the WRF Issuers completed a cash tender offer for any and all of the outstanding principal amount of the 7 3/4% Senior Notes due 2025 (the "2025 WRF Senior Notes") and accepted for purchase valid tenders with respect to $506.4 million principal amount and paid a tender premium of $12.4 million to the holders of such tendered 2025 WRF Senior Notes. The Company used a portion of the net proceeds from the issuance of the 2031 WRF Senior Notes to purchase such tendered 2025 WRF Senior Notes and to pay the tender premium and related fees and expenses.

In April 2023, WRF repurchased all of the outstanding 2025 WRF Senior Notes using the remaining net proceeds from the issuance of the 2031 WRF Senior Notes and cash held by WRF, at a price equal to 101.938% of the principal amount plus accrued interest under the terms of its indenture.

In connection with the issuance of the 2031 WRF Senior Notes and purchase of the 2025 WRF Senior Notes, the Company recognized a loss on debt financing transactions of $10.6 million within the accompanying Condensed Consolidated Statement of Operations, and the Company recorded debt issuance costs of $11.4 million within the accompanying Condensed Consolidated Balance Sheet.

WLV 4 1/4% Senior Notes, due 2023

In March 2023, the Company repurchased all of its outstanding Wynn Las Vegas 4 1/4% Senior Notes due 2023, representing an aggregate principal amount of $500.0 million, using cash held by WRF, at a price equal to 100% of the principal amount plus accrued interest under the terms of its indenture. The Company recognized a loss on early extinguishment of debt of $1.0 million.

Retail Term Loan Second Amendment

On June 2, 2023, Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC (collectively, the "Borrowers") entered into a second amendment (the "Retail Term Loan Second Amendment") to their existing term loan agreement (the "Retail Term Loan Agreement"). The Retail Term Loan Second Amendment, which is effective as of July 3, 2023, amends the Retail Term Loan Agreement to transition the benchmark interest rate applicable to the secured loan in an aggregate principal amount of $615.0 million issued to the Borrowers thereunder from LIBOR to SOFR and to make related conforming changes to the Retail Term Loan Agreement.

Debt Covenant Compliance

As of June 30, 2023, management believes the Company was in compliance with all debt covenants.

Fair Value of Long-Term Debt

The estimated fair value of the Company's long-term debt as of June 30, 2023 and December 31, 2022, was approximately $11.56 billion and $11.23 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $12.24 billion and $12.16 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).

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WML Convertible Bond Conversion Option Derivative

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

WML Convertible Bond Conversion Option Derivative

WML Convertible Bond Conversion Option Derivative

An embedded derivative is a feature contained within a contract that affects some or all of the cash flows or the value of other exchanges required by the contract in a manner similar to a derivative instrument. Embedded derivatives are required to be bifurcated and accounted for separately from the host contract and carried at fair value when: (a) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; and (b) a separate, freestanding instrument with the same terms would qualify as a derivative instrument. The Company determined that the conversion feature contained within the WML Convertible Bonds is not indexed to WML's equity and, as such, is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative. In accordance with applicable accounting standards, the WML Convertible Bond Conversion Option Derivative will be reported at fair value as of the end of each reporting period, with changes recognized in the statement of operations.

The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the WML Convertible Bonds. Inherent in a binomial options pricing model are unobservable (Level 3) inputs and assumptions related to expected share-price volatility, risk-free interest rate, expected term, and dividend yield. The Company estimates the volatility of shares of WML common stock based on historical volatility that matches the expected remaining term to maturity of the WML Convertible Bonds. The risk-free interest rate is based on the Hong Kong and United States benchmark yield curves on the valuation date for a maturity similar to the expected remaining term of the WML Convertible Bonds. The expected life of the WML Convertible Bonds is assumed to be equivalent to their remaining term to maturity. The dividend yield is based on the historical WML dividend rate over the last several years.

The following table sets forth the inputs to the lattice models that were used to value the embedded derivatives:

	June 30, 2023			March 2, 2023 (Pricing date)
WML stock price	HK$	7.13		HK$	8.08
Estimated volatility	23.9		%	26.0		%
Risk-free interest rate	4.0		%	4.2		%
Expected term (years)	5.7			6.0
Dividend yield	0.0		%	0.0		%

In connection with the completion of the Offering on March 7, 2023, the Company recognized a debt discount and a corresponding liability for the embedded derivative, based on an estimated fair value of $123.5 million. The debt discount will be amortized to interest expense over the term of the WML Convertible Bonds using the effective interest method. As of June 30, 2023, the estimated fair value of the embedded derivative was a liability of $77.0 million, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheet. In connection with the change in fair value, the Company recorded a $21.6 million and $46.5 million gain within Change in derivatives fair value in the accompanying Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2023, respectively.

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Stockholders' Deficit

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders' Deficit

Stockholders' Deficit

Dividends

On June 6, 2023, the Company paid a cash dividend of $0.25 per share and recorded $28.5 million as a reduction of accumulated deficit.

On August 9, 2023, the Company announced a cash dividend of $0.25 per share, payable on August 31, 2023 to stockholders of record as of August 21, 2023.

Noncontrolling Interests

Retail Joint Venture

During the six months ended June 30, 2023 and 2022, the Retail Joint Venture made aggregate distributions of approximately $8.9 million and $16.5 million, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 17, "Retail Joint Venture."

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

WML Securities Lending Agreement

In connection with the WML Convertible Bonds Offering, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximately 72% ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") on March 2, 2023 (as amended on March 30, 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. On March 6, 2023, the WML Stock Borrower borrowed 459,774,985 ordinary shares of WML under the Securities Lending Agreement and on April 3, 2023 returned 280,000,000 of such shares to WM Cayman I. As of the date of this report, the WML Stock Borrower held 179,774,985 WML shares under the Securities Lending Agreement.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

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

			Fair Value Measurements Using:
	June 30, 2023		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	2,359,773	$	—	$	2,359,773	$	—
Restricted cash	$	93,831	$	6,017	$	87,814	$	—
Interest rate collar	$	11,302	$	—	$	11,302	$	—
Liabilities:
WML Convertible Bond Conversion Option Derivative (see Note 8)	$	76,992	$	—	$	—	$	76,992
			Fair Value Measurements Using:
	December 31, 2022		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	1,950,857	$	490,683	$	1,460,174	$	—
Restricted cash	$	132,550	$	6,891	$	125,659	$	—
Interest rate collar	$	10,408	$	—	$	10,408	$	—

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Customer Contract Liabilities

6 Months Ended

Jun. 30, 2023

Revenue Recognition [Abstract]

Customer Contract Liabilties

Customer Contract Liabilities

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

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

	June 30, 2023		December 31, 2022		Increase / (decrease)		June 30, 2022		December 31, 2021		Increase / (decrease)
Casino outstanding chips and front money deposits (1)	$	398,100	$	390,531	$	7,569	$	325,187	$	352,830	$	(27,643)
Advance room deposits and ticket sales (2)	73,517		85,019		(11,502)		60,777		55,438		5,339
Other gaming-related liabilities (3)	29,047		31,265		(2,218)		25,272		26,515		(1,243)
Loyalty program and related liabilities (4)	37,799		35,083		2,716		38,360		34,695		3,665
	$	538,463	$	541,898	$	(3,435)	$	449,596	$	469,478	$	(19,882)

(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.

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

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

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

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Casino	$	512	$	2,723	$	989	$	4,978
Rooms	195		215		401		401
Food and beverage	393		411		802		773
Entertainment, retail and other	2,846		1,279		5,885		5,174
General and administrative	14,339		9,967		24,918		17,169
Total stock-based compensation expense	18,285		14,595		32,995		28,495
Total stock-based compensation capitalized	1,368		777		2,134		1,457
Total stock-based compensation costs	$	19,653	$	15,372	$	35,129	$	29,952

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Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company recorded an income tax expense of $4.3 million and $0.7 million for the three months ended June 30, 2023 and 2022, respectively and an income tax expense of $5.3 million and $1.9 million for the six months ended June 30, 2023 and 2022, respectively. Income tax expense in 2023 primarily relates to U.S. operating profits. Income tax expense in 2022 primarily related to the Macau dividend tax agreement that provides for an annual payment as complementary tax otherwise due by stockholders of WRM.

The Company records valuation allowances on certain of its U.S. and foreign deferred tax assets. In assessing the need for a valuation allowance, the Company considers whether it is more likely than not that the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. In the assessment of the valuation allowance, appropriate consideration is given to all positive and negative evidence including recent operating profitability, forecast of future earnings, ability to carryback, the reversal of net taxable temporary differences, the duration of statutory carryforward periods and tax planning strategies.

Given the Company’s current earnings and anticipated future earnings, the Company believes there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to reach a conclusion that a portion of the valuation allowance on certain of its U.S. deferred tax assets will no longer be needed.

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Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareBasic earnings per share ("EPS") is computed by dividing net income (loss) attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible Bonds occurred as of the date of their issuance under the if-converted method, by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive. Potentially dilutive securities include outstanding stock options and unvested restricted stock.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss) attributable to Wynn Resorts, Limited - basic	$	105,184	$	(130,051)	$	117,516	$	(313,375)
Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:
Assumed conversion of WML Convertible Bonds	(10,629)		—		(22,600)		—
Net income (loss) attributable to Wynn Resorts, Limited - diluted	$	94,555	$	(130,051)	$	94,916	$	(313,375)
Denominator:
Weighted average common shares outstanding	112,889		114,471		112,821		114,749
Potential dilutive effect of stock options, nonvested, and performance nonvested shares	309		—		322		—
Weighted average common and common equivalent shares outstanding	113,198		114,471		113,143		114,749
Net income (loss) attributable to Wynn Resorts, Limited per common share, basic	$	0.93	$	(1.14)	$	1.04	$	(2.73)
Net income (loss) attributable to Wynn Resorts, Limited per common share, diluted	$	0.84	$	(1.14)	$	0.84	$	(2.73)
Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share	321		975		344		975

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Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Leases

Lessor Arrangements

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Minimum rental income	$	31,811	$	37,233	$	65,649	$	61,834
Contingent rental income	25,206		14,092		53,970		34,715
Total rental income	$	57,017	$	51,325	$	119,619	$	96,549

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Litigation

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

Macau Litigation Related to Dore

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

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

Securities Class Action

On February 20, 2018, a putative securities class action was filed against the Company and certain current and former officers of the Company in the United States District Court, Southern District of New York (which was subsequently transferred to the United States District Court, District of Nevada) by John V. Ferris and Joann M. Ferris on behalf of all persons who purchased the Company's common stock between February 28, 2014 and January 25, 2018. The complaint alleges, among other things, certain violations of federal securities laws and seeks to recover unspecified damages as well as attorneys' fees, costs and related expenses for the plaintiffs. On April 15, 2019, the Company filed a motion to dismiss, which the court granted on May 27, 2020, with leave to amend. On July 1, 2020, the plaintiffs filed an amended complaint. On August 14, 2020, the Company filed a motion to dismiss the amended complaint. On July 28, 2021, the court granted in part, and denied in part, the Company's motion to dismiss the amended complaint, dismissing certain of plaintiffs' claims, including all claims against current CEO Craig Billings and the individual directors, and allowing other claims to proceed against the Company and several of the Company's former executive officers, including Matthew Maddox, Stephen A. Wynn, Kimmarie Sinatra, and Steven Cootey. On March 2, 2023, the court granted the plaintiffs' motion for class certification and appointed lead counsel. The parties are now proceeding with discovery.

The defendants in this action intend to vigorously defend against the claims pleaded against them and believe that the claims are without merit. This action is in the preliminary stages and the Company has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these actions or reasonably estimate the range of possible loss, if any.

Federal Investigation

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

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Retail Joint Venture	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Retail Joint Venture	Retail Joint VentureAs of June 30, 2023 and December 31, 2022, the Retail Joint Venture had total assets of $112.2 million and $102.9 million, respectively, and total liabilities of $621.9 million and $620.9 million, respectively. As of June 30, 2023 and December 31, 2022, the Retail Joint Venture's liabilities included long-term debt of $613.8 million and $613.5 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

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Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

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

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

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating revenues
Macau Operations:
Wynn Palace
Casino	$	365,277	$	27,194	$	635,964	$	141,607
Rooms	50,092		7,008		97,002		20,839
Food and beverage	25,260		6,857		48,813		18,300
Entertainment, retail and other (1)	27,721		17,592		55,934		41,230
	468,350		58,651		837,713		221,976
Wynn Macau
Casino	242,950		39,959		419,333		142,389
Rooms	26,130		4,762		48,101		14,152
Food and beverage	14,666		5,231		28,968		13,617
Entertainment, retail and other (1)	17,847		8,631		35,917		23,525
	301,593		58,583		532,319		193,683
Total Macau Operations	769,943		117,234		1,370,032		415,659
Las Vegas Operations:
Casino	137,946		135,345		292,476		259,616
Rooms	177,765		167,116		362,874		298,582
Food and beverage	195,146		196,627		367,629		332,656
Entertainment, retail and other (1)	67,215		61,981		141,857		111,401
Total Las Vegas Operations	578,072		561,069		1,164,836		1,002,255
Encore Boston Harbor:
Casino	166,826		157,087		332,218		305,835
Rooms	22,518		22,412		41,057		38,101
Food and beverage	21,964		21,101		44,237		39,263
Entertainment, retail and other (1)	10,624		9,554		20,726		17,751
Total Encore Boston Harbor	221,932		210,154		438,238		400,950
Wynn Interactive:
Entertainment, retail and other	25,875		20,375		46,395		43,302
Total Wynn Interactive	25,875		20,375		46,395		43,302
Total operating revenues	$	1,595,822	$	908,832	$	3,019,501	$	1,862,166

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Adjusted Property EBITDAR (2)
Macau Operations:
Wynn Palace	$	156,607	$	(49,950)	$	267,665	$	(50,814)
Wynn Macau	89,590		(40,390)		134,335		(45,072)
Total Macau Operations	246,197		(90,340)		402,000		(95,886)
Las Vegas Operations	224,121		226,706		455,718		386,084
Encore Boston Harbor	69,104		63,746		132,518		118,996
Wynn Interactive	(14,964)		(20,953)		(36,032)		(52,454)
Total	524,458		179,159		954,204		356,740
Other operating expenses
Pre-opening	1,477		4,502		5,955		6,949
Depreciation and amortization	169,962		162,968		338,774		347,524
Property charges and other	16,019		26,909		18,477		72,629
Corporate expenses and other	32,748		22,213		67,238		48,036
Stock-based compensation	18,285		14,595		32,995		28,495
Triple-net operating lease expense	35,631		—		70,914		—
Total other operating expenses	274,122		231,187		534,353		503,633
Operating income (loss)	250,336		(52,028)		419,851		(146,893)
Other non-operating income and expenses
Interest income	44,127		2,691		84,320		3,971
Interest expense, net of amounts capitalized	(190,243)		(154,830)		(377,983)		(306,988)
Change in derivatives fair value	24,336		1,562		47,382		8,962
Loss on debt financing transactions	(3,375)		—		(15,611)		—
Other	6,959		(10,099)		(23,655)		(25,226)
Total other non-operating income and expenses	(118,196)		(160,676)		(285,547)		(319,281)
Income (loss) before income taxes	132,140		(212,704)		134,304		(466,174)
Provision for income taxes	(4,305)		(718)		(5,323)		(1,858)
Net income (loss)	127,835		(213,422)		128,981		(468,032)
Net (income) loss attributable to noncontrolling interests	(22,651)		83,371		(11,465)		154,657
Net income (loss) attributable to Wynn Resorts, Limited	$	105,184	$	(130,051)	$	117,516	$	(313,375)

(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 15, "Leases."

(2) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on 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. The Company also presents 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 preopening 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 the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), 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. The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

	June 30, 2023		December 31, 2022
Assets
Macau Operations:
Wynn Palace	$	2,927,349	$	2,884,073
Wynn Macau	1,644,860		1,430,051
Other Macau	877,651		268,017
Total Macau Operations	5,449,860		4,582,141
Las Vegas Operations	3,140,774		3,168,597
Encore Boston Harbor	2,031,589		2,080,424
Wynn Interactive	192,335		213,837
Corporate and other	2,969,128		3,370,101
Total	$	13,783,686	$	13,415,100

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to Wynn Resorts, Limited - basic	$ 105,184	$ (130,051)	$ 117,516	$ (313,375)

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Presentation and Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries, and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 17, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated.

Use of Estimates

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

Gaming Taxes

Gaming TaxesThe 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.

Recently Issued and Adopted Accounting Standards

Recently Issued Accounting Standards

The Company’s management has evaluated the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.

Investment Securities

Investment Securities

Investment securities consist of short-term investments in United States treasury bills. Short-term investments have a maturity date of less than one year. Adjustments are made for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in interest income together with realized gains and losses and the stated interest on such securities.

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.

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Cash, Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

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

	June 30, 2023		December 31, 2022
Cash and cash equivalents:
Cash (1)	$	1,294,193	$	1,699,583
Cash equivalents (2)	2,359,773		1,950,857
Total cash and cash equivalents	3,653,966		3,650,440
Restricted cash (3)	93,831		132,550
Total cash, cash equivalents and restricted cash	$	3,747,797	$	3,782,990
(1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan, and as of June 30, 2023 and December 31, 2022 included $86.7 million and $124.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Resorts (Macau) S.A.'s legal and contractual obligations through the term of the Gaming Concession Contract (as defined in Note 6, "Goodwill and Intangible Assets, net").

Schedule of Restricted Cash and Cash Equivalents

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

	June 30, 2023		December 31, 2022
Cash and cash equivalents:
Cash (1)	$	1,294,193	$	1,699,583
Cash equivalents (2)	2,359,773		1,950,857
Total cash and cash equivalents	3,653,966		3,650,440
Restricted cash (3)	93,831		132,550
Total cash, cash equivalents and restricted cash	$	3,747,797	$	3,782,990
(1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan, and as of June 30, 2023 and December 31, 2022 included $86.7 million and $124.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Resorts (Macau) S.A.'s legal and contractual obligations through the term of the Gaming Concession Contract (as defined in Note 6, "Goodwill and Intangible Assets, net").

Schedule of Supplemental Cash Flow Disclosures

The following table presents the supplemental cash flow disclosures of the Company (in thousands):

	Six Months Ended June 30,
	2023		2022
Cash paid for interest, net of amounts capitalized	$	346,055	$	292,218
Liability settled with shares of common stock	$	6,639	$	9,287
Accounts and construction payables related to property and equipment	$	49,014	$	47,305
Other liabilities related to intangible assets (1)	$	205,875	$	5,586
Finance lease liabilities arising from obtaining finance lease assets	$	657	$	4,135

(1) For the six months ended June 30, 2023, included $201.5 million related to the Macau gaming premium in connection with the Gaming Concession Contract. See Note 6, "Goodwill and Intangible Assets, net" for further information.

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Receivables, net (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Receivables, net

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

	June 30, 2023		December 31, 2022
Casino	$	163,699	$	171,893
Hotel	30,484		35,654
Other	92,872		87,328
	287,055		294,875
Less: allowance for credit losses	(57,261)		(78,842)
	$	229,794	$	216,033

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

	June 30,
	2023		2022
Balance at beginning of year	$	78,842	$	111,319
Provision for credit losses	(7,184)		(3,145)
Write-offs	(22,862)		(16,894)
Recoveries of receivables previously written off	8,655		1,664
Effect of exchange rate	(190)		(365)
Balance at end of period	$	57,261	$	92,579

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Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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

	June 30, 2023		December 31, 2022
Buildings and improvements	$	8,348,018	$	8,363,427
Land and improvements	1,226,686		1,195,717
Furniture, fixtures and equipment	3,218,402		3,165,659
Airplanes	110,623		110,623
Construction in progress	182,151		112,034
	13,085,880		12,947,460
Less: accumulated depreciation	(6,314,558)		(6,051,400)
	$	6,771,322	$	6,896,060

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Goodwill and Intangible Assets, net (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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

	June 30, 2023		December 31, 2022
Finite-lived intangible assets:
Macau gaming concession	$	208,626	$	48,304
Less: accumulated amortization	(10,431)		(48,304)
	198,195		—
Massachusetts gaming license	117,700		117,700
Less: accumulated amortization	(31,561)		(27,638)
	86,139		90,062
Other finite-lived intangible assets	75,302		65,194
Less: accumulated amortization	(13,746)		(8,920)
	61,556		56,274
Total finite-lived intangible assets	345,890		146,336
Indefinite-lived intangible assets:
Water rights and other	8,397		8,397
Total indefinite-lived intangible assets	8,397		8,397
Goodwill:
Balance at beginning of year	90,520		129,738
Foreign currency translation	—		(1,457)
Impairment	—		(37,761)
Balance at end of period	90,520		90,520
Total goodwill and intangible assets, net	$	444,807	$	245,253

Schedule of Finite-Lived Intangible Assets

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

	June 30, 2023		December 31, 2022
Finite-lived intangible assets:
Macau gaming concession	$	208,626	$	48,304
Less: accumulated amortization	(10,431)		(48,304)
	198,195		—
Massachusetts gaming license	117,700		117,700
Less: accumulated amortization	(31,561)		(27,638)
	86,139		90,062
Other finite-lived intangible assets	75,302		65,194
Less: accumulated amortization	(13,746)		(8,920)
	61,556		56,274
Total finite-lived intangible assets	345,890		146,336
Indefinite-lived intangible assets:
Water rights and other	8,397		8,397
Total indefinite-lived intangible assets	8,397		8,397
Goodwill:
Balance at beginning of year	90,520		129,738
Foreign currency translation	—		(1,457)
Impairment	—		(37,761)
Balance at end of period	90,520		90,520
Total goodwill and intangible assets, net	$	444,807	$	245,253

Schedule of Indefinite-Lived Intangible Assets

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

	June 30, 2023		December 31, 2022
Finite-lived intangible assets:
Macau gaming concession	$	208,626	$	48,304
Less: accumulated amortization	(10,431)		(48,304)
	198,195		—
Massachusetts gaming license	117,700		117,700
Less: accumulated amortization	(31,561)		(27,638)
	86,139		90,062
Other finite-lived intangible assets	75,302		65,194
Less: accumulated amortization	(13,746)		(8,920)
	61,556		56,274
Total finite-lived intangible assets	345,890		146,336
Indefinite-lived intangible assets:
Water rights and other	8,397		8,397
Total indefinite-lived intangible assets	8,397		8,397
Goodwill:
Balance at beginning of year	90,520		129,738
Foreign currency translation	—		(1,457)
Impairment	—		(37,761)
Balance at end of period	90,520		90,520
Total goodwill and intangible assets, net	$	444,807	$	245,253

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Long-Term Debt

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

	June 30, 2023		December 31, 2022
Macau Related:
WM Cayman II Revolver, due 2025 (1)	$	1,494,366	$	1,500,473
WML 4 7/8% Senior Notes, due 2024	600,000		600,000
WML 5 1/2% Senior Notes, due 2026	1,000,000		1,000,000
WML 5 1/2% Senior Notes, due 2027	750,000		750,000
WML 5 5/8% Senior Notes, due 2028	1,350,000		1,350,000
WML 5 1/8% Senior Notes, due 2029	1,000,000		1,000,000
WML 4 1/2% Convertible Bonds, due 2029 (2)	600,000		—
U.S. and Corporate Related:
WRF Credit Facilities (3):
WRF Term Loan, due 2024	75,572		837,500
WRF Term Loan, due 2027	749,428		—
WLV 4 1/4% Senior Notes, due 2023	—		500,000
WLV 5 1/2% Senior Notes, due 2025	1,780,000		1,780,000
WLV 5 1/4% Senior Notes, due 2027	880,000		880,000
WRF 7 3/4% Senior Notes, due 2025	—		600,000
WRF 5 1/8% Senior Notes, due 2029	750,000		750,000
WRF 7 1/8% Senior Notes, due 2031	600,000		—
Retail Term Loan, due 2025 (4)	615,000		615,000
	12,244,366		12,162,973
WML Convertible Bond Conversion Option Derivative	76,992		—
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(178,631)		(46,114)
	12,142,727		12,116,859
Less: Current portion of long-term debt	(41,250)		(547,543)
Total long-term debt, net of current portion	$	12,101,477	$	11,569,316

(1) As of June 30, 2023, the borrowings under the WM Cayman II Revolver bear interest at LIBOR or HIBOR plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis, subject to a floor on the interest rate margin of 2.625% per annum. Approximately $312.5 million and $1.18 billion of the WM Cayman II Revolver bears interest at a rate of LIBOR plus 2.875% per year and HIBOR plus 2.875% per year, respectively. As of June 30, 2023, the weighted average interest rate was approximately 7.81%. As of June 30, 2023, the WM Cayman II Revolver was fully drawn. Due to the global phase out of LIBOR, on June 27, 2023, WM Cayman II entered into an amended and restated facility agreement to, among other things, transition the base rate applicable to U.S. dollar-denominated loans made under the WM Cayman II Revolver from LIBOR to the term secured overnight financing rate ("Term SOFR"). The new Term SOFR base rate became effective July 4, 2023.

(2) As of June 30, 2023, the net carrying amount of the WML Convertible Bonds was $470.7 million, with unamortized debt discount and debt issuance costs of $129.3 million. The Company recorded contractual interest expense of $6.8 million and $8.6 million and amortization of discounts and issuance costs of $4.3 million and $5.4 million during the three and six months ended June 30, 2023, respectively.

(3) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.85% per year. As of June 30, 2023, the weighted average interest rate was approximately 6.95%. Additionally, as of June 30, 2023, the available borrowing capacity under the WRF Revolver was $737.0 million, net of $13.0 million in outstanding letters of credit.

(4) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of June 30, 2023, the interest rate was 5.45%. On June 2, 2023, the Company entered into a second amendment to the existing term loan agreement which transitions the benchmark interest rate of the Retail Term Loan from LIBOR to the adjusted daily simple secured overnight financing rate ("SOFR"), effective July 3, 2023.

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WML Convertible Bond Conversion Option Derivative (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Valuation Techniques for Embedded Derivative

The following table sets forth the inputs to the lattice models that were used to value the embedded derivatives:

	June 30, 2023			March 2, 2023 (Pricing date)
WML stock price	HK$	7.13		HK$	8.08
Estimated volatility	23.9		%	26.0		%
Risk-free interest rate	4.0		%	4.2		%
Expected term (years)	5.7			6.0
Dividend yield	0.0		%	0.0		%

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Carried at Fair Value

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

			Fair Value Measurements Using:
	June 30, 2023		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	2,359,773	$	—	$	2,359,773	$	—
Restricted cash	$	93,831	$	6,017	$	87,814	$	—
Interest rate collar	$	11,302	$	—	$	11,302	$	—
Liabilities:
WML Convertible Bond Conversion Option Derivative (see Note 8)	$	76,992	$	—	$	—	$	76,992
			Fair Value Measurements Using:
	December 31, 2022		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	1,950,857	$	490,683	$	1,460,174	$	—
Restricted cash	$	132,550	$	6,891	$	125,659	$	—
Interest rate collar	$	10,408	$	—	$	10,408	$	—

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Customer Contract Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Revenue Recognition [Abstract]

Schedule of Customer Contract Liabilities

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

	June 30, 2023		December 31, 2022		Increase / (decrease)		June 30, 2022		December 31, 2021		Increase / (decrease)
Casino outstanding chips and front money deposits (1)	$	398,100	$	390,531	$	7,569	$	325,187	$	352,830	$	(27,643)
Advance room deposits and ticket sales (2)	73,517		85,019		(11,502)		60,777		55,438		5,339
Other gaming-related liabilities (3)	29,047		31,265		(2,218)		25,272		26,515		(1,243)
Loyalty program and related liabilities (4)	37,799		35,083		2,716		38,360		34,695		3,665
	$	538,463	$	541,898	$	(3,435)	$	449,596	$	469,478	$	(19,882)

(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.

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

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

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

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share Based Compensation Allocated Costs

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Casino	$	512	$	2,723	$	989	$	4,978
Rooms	195		215		401		401
Food and beverage	393		411		802		773
Entertainment, retail and other	2,846		1,279		5,885		5,174
General and administrative	14,339		9,967		24,918		17,169
Total stock-based compensation expense	18,285		14,595		32,995		28,495
Total stock-based compensation capitalized	1,368		777		2,134		1,457
Total stock-based compensation costs	$	19,653	$	15,372	$	35,129	$	29,952

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Shares used in Calculation of Earnings Per Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss) attributable to Wynn Resorts, Limited - basic	$	105,184	$	(130,051)	$	117,516	$	(313,375)
Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:
Assumed conversion of WML Convertible Bonds	(10,629)		—		(22,600)		—
Net income (loss) attributable to Wynn Resorts, Limited - diluted	$	94,555	$	(130,051)	$	94,916	$	(313,375)
Denominator:
Weighted average common shares outstanding	112,889		114,471		112,821		114,749
Potential dilutive effect of stock options, nonvested, and performance nonvested shares	309		—		322		—
Weighted average common and common equivalent shares outstanding	113,198		114,471		113,143		114,749
Net income (loss) attributable to Wynn Resorts, Limited per common share, basic	$	0.93	$	(1.14)	$	1.04	$	(2.73)
Net income (loss) attributable to Wynn Resorts, Limited per common share, diluted	$	0.84	$	(1.14)	$	0.84	$	(2.73)
Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share	321		975		344		975

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Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Minimum and Contingent Operating Lease Income

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Minimum rental income	$	31,811	$	37,233	$	65,649	$	61,834
Contingent rental income	25,206		14,092		53,970		34,715
Total rental income	$	57,017	$	51,325	$	119,619	$	96,549

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Summary of Operations by Segment

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating revenues
Macau Operations:
Wynn Palace
Casino	$	365,277	$	27,194	$	635,964	$	141,607
Rooms	50,092		7,008		97,002		20,839
Food and beverage	25,260		6,857		48,813		18,300
Entertainment, retail and other (1)	27,721		17,592		55,934		41,230
	468,350		58,651		837,713		221,976
Wynn Macau
Casino	242,950		39,959		419,333		142,389
Rooms	26,130		4,762		48,101		14,152
Food and beverage	14,666		5,231		28,968		13,617
Entertainment, retail and other (1)	17,847		8,631		35,917		23,525
	301,593		58,583		532,319		193,683
Total Macau Operations	769,943		117,234		1,370,032		415,659
Las Vegas Operations:
Casino	137,946		135,345		292,476		259,616
Rooms	177,765		167,116		362,874		298,582
Food and beverage	195,146		196,627		367,629		332,656
Entertainment, retail and other (1)	67,215		61,981		141,857		111,401
Total Las Vegas Operations	578,072		561,069		1,164,836		1,002,255
Encore Boston Harbor:
Casino	166,826		157,087		332,218		305,835
Rooms	22,518		22,412		41,057		38,101
Food and beverage	21,964		21,101		44,237		39,263
Entertainment, retail and other (1)	10,624		9,554		20,726		17,751
Total Encore Boston Harbor	221,932		210,154		438,238		400,950
Wynn Interactive:
Entertainment, retail and other	25,875		20,375		46,395		43,302
Total Wynn Interactive	25,875		20,375		46,395		43,302
Total operating revenues	$	1,595,822	$	908,832	$	3,019,501	$	1,862,166

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Adjusted Property EBITDAR (2)
Macau Operations:
Wynn Palace	$	156,607	$	(49,950)	$	267,665	$	(50,814)
Wynn Macau	89,590		(40,390)		134,335		(45,072)
Total Macau Operations	246,197		(90,340)		402,000		(95,886)
Las Vegas Operations	224,121		226,706		455,718		386,084
Encore Boston Harbor	69,104		63,746		132,518		118,996
Wynn Interactive	(14,964)		(20,953)		(36,032)		(52,454)
Total	524,458		179,159		954,204		356,740
Other operating expenses
Pre-opening	1,477		4,502		5,955		6,949
Depreciation and amortization	169,962		162,968		338,774		347,524
Property charges and other	16,019		26,909		18,477		72,629
Corporate expenses and other	32,748		22,213		67,238		48,036
Stock-based compensation	18,285		14,595		32,995		28,495
Triple-net operating lease expense	35,631		—		70,914		—
Total other operating expenses	274,122		231,187		534,353		503,633
Operating income (loss)	250,336		(52,028)		419,851		(146,893)
Other non-operating income and expenses
Interest income	44,127		2,691		84,320		3,971
Interest expense, net of amounts capitalized	(190,243)		(154,830)		(377,983)		(306,988)
Change in derivatives fair value	24,336		1,562		47,382		8,962
Loss on debt financing transactions	(3,375)		—		(15,611)		—
Other	6,959		(10,099)		(23,655)		(25,226)
Total other non-operating income and expenses	(118,196)		(160,676)		(285,547)		(319,281)
Income (loss) before income taxes	132,140		(212,704)		134,304		(466,174)
Provision for income taxes	(4,305)		(718)		(5,323)		(1,858)
Net income (loss)	127,835		(213,422)		128,981		(468,032)
Net (income) loss attributable to noncontrolling interests	(22,651)		83,371		(11,465)		154,657
Net income (loss) attributable to Wynn Resorts, Limited	$	105,184	$	(130,051)	$	117,516	$	(313,375)

(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 15, "Leases."

(2) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on 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. The Company also presents 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 preopening 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 the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), 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. The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

Summary of Assets by Segment

	June 30, 2023		December 31, 2022
Assets
Macau Operations:
Wynn Palace	$	2,927,349	$	2,884,073
Wynn Macau	1,644,860		1,430,051
Other Macau	877,651		268,017
Total Macau Operations	5,449,860		4,582,141
Las Vegas Operations	3,140,774		3,168,597
Encore Boston Harbor	2,031,589		2,080,424
Wynn Interactive	192,335		213,837
Corporate and other	2,969,128		3,370,101
Total	$	13,783,686	$	13,415,100

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Organization (Details)	Jun. 30, 2023
Wynn Palace and Wynn Macau
Organization and Basis of Presentation [Line Items]
Percentage of ownership	72.00%
Wynn Las Vegas
Organization and Basis of Presentation [Line Items]
Percentage of ownership	100.00%
Retail Joint Venture
Organization and Basis of Presentation [Line Items]
Percentage of ownership	50.10%
Wynn Interactive
Organization and Basis of Presentation [Line Items]
Percentage of ownership	97.00%

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Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Gaming tax expenses	$ 391,400,000	$ 106,300,000	$ 701,800,000	$ 283,200,000
Investment securities, amortized cost	288,201,000		288,201,000		$ 0
Investment securities, fair value	286,900,000		286,900,000		$ 0
Investment securities, unrecognized holding loss	1,300,000		1,300,000
Investment securities, accrued interest	1,700,000		1,700,000
Investment securities, impairment loss	$ 0		$ 0

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Cash, Cash Equivalents and Restricted Cash - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash	$ 1,294,193	$ 1,699,583
Cash equivalents	2,359,773	1,950,857
Total cash and cash equivalents	3,653,966	3,650,440
Restricted cash	93,831	132,550
Total cash, cash equivalents and restricted cash	3,747,797	3,782,990	$ 2,023,736	$ 2,531,067
Restricted cash, bank guarantee	$ 86,700	$ 124,500

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Cash, Cash Equivalents and Restricted Cash - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Cash paid for interest, net of amounts capitalized	$ 346,055	$ 292,218
Liability settled with shares of common stock	6,639	9,287
Accounts and construction payables related to property and equipment	49,014	47,305
Other liabilities related to intangible assets	205,875	5,586
Finance lease liabilities arising from obtaining finance lease assets	657	$ 4,135
Other liabilities related to intangible assets, gaming premium	$ 201,500

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Receivables, net (Details) - USD ($) $ in Thousands		6 Months Ended
	Dec. 31, 2022	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	$ 294,875	$ 287,055
Less: allowance for credit losses	(78,842)	(57,261)
Receivables, net	$ 216,033	$ 229,794
Geographic Concentration Risk | Receivables | Outside the United States, primarily Asia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of markers due from customers	57.60%	64.20%
Casino
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	$ 171,893	$ 163,699
Allowance for credit losses, percent of gross casino receivables	43.20%	33.20%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	$ 35,654	$ 30,484
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	$ 87,328	$ 92,872

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Receivables, net - Schedule of Movement in Allowance for Credit Losses Recognized for Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of year			$ 78,842	$ 111,319
Provision for credit losses	$ (6,640)	$ (3,487)	(7,184)	(3,145)
Write-offs			(22,862)	(16,894)
Recoveries of receivables previously written off			8,655	1,664
Effect of exchange rate			(190)	(365)
Balance at end of period	$ 57,261	$ 92,579	$ 57,261	$ 92,579

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Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Buildings and improvements	$ 8,348,018	$ 8,363,427
Land and improvements	1,226,686	1,195,717
Furniture, fixtures and equipment	3,218,402	3,165,659
Airplanes	110,623	110,623
Construction in progress	182,151	112,034
Property and equipment, gross	13,085,880	12,947,460
Less: accumulated depreciation	(6,314,558)	(6,051,400)
Property and equipment, net	$ 6,771,322	$ 6,896,060

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Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 154.8	$ 154.1	$ 330.4	$ 308.9

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Goodwill and Intangible Assets, net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2022	Jun. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Intangible Assets [Line Items]
Finite-lived intangible assets, net		$ 345,890		$ 146,336
Indefinite-lived intangible assets		8,397		8,397
Goodwill:
Balance at beginning of year	$ 129,738	90,520	$ 129,738
Foreign currency translation		0	(1,457)
Impairment	$ (30,300)	0	$ (37,761)
Balance at end of period		90,520
Goodwill and intangible assets, net		444,807		245,253
Water Rights and Other
Schedule of Intangible Assets [Line Items]
Indefinite-lived intangible assets		8,397		8,397
Macau Gaming Concession
Schedule of Intangible Assets [Line Items]
Finite-lived intangible assets, gross		208,626		48,304
Less: accumulated amortization		(10,431)		(48,304)
Finite-lived intangible assets, net		198,195		0
Massachusetts Gaming License
Schedule of Intangible Assets [Line Items]
Finite-lived intangible assets, gross		117,700		117,700
Less: accumulated amortization		(31,561)		(27,638)
Finite-lived intangible assets, net		86,139		90,062
Other
Schedule of Intangible Assets [Line Items]
Finite-lived intangible assets, gross		75,302		65,194
Less: accumulated amortization		(13,746)		(8,920)
Finite-lived intangible assets, net		$ 61,556		$ 56,274

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Goodwill and Intangible Assets, net - Narrative (Details) MOP$ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Mar. 31, 2023	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 MOP (MOP$)
Schedule of Intangible Assets [Line Items]
Other commitment, fixed portion				$ 3,700,000		MOP$ 30,000
Expected amortization, remainder of 2023				10,400,000
Expected amortization, 2024 to 2032				20,900,000
Impairment			$ 30,300,000	0	$ 37,761,000
Betbull Transaction
Schedule of Intangible Assets [Line Items]
Impairment of intangible assets		$ 10,300,000
Impairment		$ 7,500,000
Wynn Macau SA
Schedule of Intangible Assets [Line Items]
Financial liability related to gaming concession				$ 208,300,000		1,680,000
Macau Gaming and Non-Gaming Investments | Wynn Macau SA
Schedule of Intangible Assets [Line Items]
Other commitment, term	10 years			10 years
Macau Gaming Concession | Wynn Macau SA
Schedule of Intangible Assets [Line Items]
Other commitment, to be paid, 2023 to 2025				$ 6,600,000		53,100
Other commitment, to be paid, 2026 to 2032				21,900,000		177,000
Macau Gaming Concession | Wynn Macau SA | Scenario One
Schedule of Intangible Assets [Line Items]
Other commitment, variable portion				37,000		300
Macau Gaming Concession | Wynn Macau SA | Scenario Two
Schedule of Intangible Assets [Line Items]
Other commitment, variable portion				19,000		150
Macau Gaming Concession | Wynn Macau SA | Scenario Three
Schedule of Intangible Assets [Line Items]
Other commitment, variable portion				$ 124		MOP$ 1

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Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Feb. 16, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 12,244,366		$ 12,162,973
WML Convertible Bond Conversion Option Derivative	76,992		0
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(178,631)		(46,114)
Long-term debt total	12,142,727		12,116,859
Less: Current portion of long-term debt	(41,250)		(547,543)
Total long-term debt, net of current portion	12,101,477		11,569,316
WRF 7 1/8% Senior Notes, due 2031 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 596,200
WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	1,494,366		1,500,473
WML | WML 4 7/8% Senior Notes, due 2024 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 600,000		600,000
Stated interest rate	4.875%
WML | WML 5 1/2% Senior Notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000,000		1,000,000
Stated interest rate	5.50%
WML | WML 5 1/2% Senior Notes, due 2027 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 750,000		750,000
Stated interest rate	5.50%
WML | WML 5 5/8% Senior Notes, due 2028 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,350,000		1,350,000
Stated interest rate	5.625%
WML | WML 5 1/8% Senior Notes, due 2029 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000,000		1,000,000
Stated interest rate	5.125%
WML | WML 4 1/2% Convertible Bonds, due 2029 (2) | Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 600,000		0
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(129,300)
Long-term debt total	470,700
WRF | WRF Term Loan, due 2024 | Senior Secured Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	75,572		837,500
WRF | WRF Term Loan, due 2027 | Senior Secured Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	749,428		0
WRF | WRF 7 3/4% Senior Notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		600,000
Stated interest rate	7.75%
WRF | WRF 5 1/8% Senior Notes, due 2029 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 750,000		750,000
Stated interest rate	5.125%
WRF | WRF 7 1/8% Senior Notes, due 2031 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 600,000		0
WLV | WLV 4 1/4% Senior Notes, due 2023 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		500,000
Stated interest rate	4.25%
WLV | WLV 5 1/2% Senior Notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,780,000		1,780,000
Stated interest rate	5.50%
WLV | WLV 5 1/4% Senior Notes, due 2027 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 880,000		880,000
Stated interest rate	5.125%
Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) | Retail Term Loan, due 2025 | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 615,000		$ 615,000

XML

Long-Term Debt - Summary of Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 12,244,366	$ 12,244,366	$ 12,162,973
Long-term debt	12,142,727	12,142,727	12,116,859
Unamortized debt issuance costs and original issue discounts and premium, net	178,631	178,631	46,114
WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,494,366	$ 1,494,366	1,500,473
Weighted average interest rate (percent)	7.81%	7.81%
WML | WML 4 1/2% Convertible Bonds, due 2029 (2) | Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 600,000	$ 600,000	0
Long-term debt	470,700	470,700
Unamortized debt issuance costs and original issue discounts and premium, net	129,300	129,300
Interest expense	6,800	8,600
Amortization of debt issuance costs and discounts	4,300	5,400
WRF | Senior Revolving Credit Facility, Due 2024 | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Available borrowing capacity	737,000	737,000
Outstanding letters of credit	13,000	13,000
Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) | Retail Term Loan, due 2025 | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	615,000	$ 615,000	$ 615,000
HIBOR or LIBOR | WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Interest in addition to variable rate		1.875%
HIBOR or LIBOR | WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Interest in addition to variable rate		2.875%
Base Rate | WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Interest in addition to variable rate		2.625%
LIBOR | WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Interest in addition to variable rate		2.875%
Long-term debt, gross	312,500	$ 312,500
HIBOR | WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Interest in addition to variable rate		2.875%
Long-term debt, gross	$ 1,180,000	$ 1,180,000
SOFR | WRF | Senior Secured Term Loan
Debt Instrument [Line Items]
Interest in addition to variable rate		1.85%
SOFR | WRF | WRF Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate (percent)	6.95%	6.95%
SOFR | Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) | Retail Term Loan, due 2025 | Term Loan
Debt Instrument [Line Items]
Interest in addition to variable rate		1.70%
Interest rate during period		5.45%

XML

Long-Term Debt - Additional Information (Detail) $ / shares in Units, $ / shares in Units, $ in Millions				1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 27, 2023 USD ($)	Mar. 07, 2023 USD ($) $ / shares	Feb. 16, 2023 USD ($)	Apr. 30, 2023	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 27, 2023 HKD ($)	Jun. 02, 2023 USD ($)	May 17, 2023 USD ($)	May 16, 2023 USD ($)	Mar. 07, 2023 $ / shares	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Derivative liability						$ 76,992,000		$ 76,992,000							$ 0
Long-term debt, gross						12,244,366,000		12,244,366,000							12,162,973,000
Payment of fees and expenses related to repayment of credit facilities								41,020,000	$ 3,113,000
Loss on debt financing transactions						3,375,000	$ 0	15,611,000	$ 0
Debt instrument, fair value disclosure						11,560,000,000		11,560,000,000							11,230,000,000
WML Convertible Bonds | Convertible Debt | WML
Debt Instrument [Line Items]
Debt instrument, face amount		$ 600,000,000
Stated interest rate		4.50%
Proceeds from convertible debt		$ 585,900,000
Share price (in dollars per share) | $ / shares														$ 0.001
Debt instrument, convertible, conversion price (in dollars per share) | (per share)		$ 1.31												$ 10.24
Debt instrument, convertible, conversion ratio		7.8497
Debt instrument, unamortized discount		$ 123,500,000
Derivative liability						77,000,000		77,000,000
WRF Credit Facility Agreement
Debt Instrument [Line Items]
Loss on restructuring of debt								1,200,000
Debt issuance costs						5,100,000		5,100,000
WRF Credit Facility Agreement | Senior Secured Term Loan
Debt Instrument [Line Items]
Commitment extended												$ 749,400,000
Commitment not extended												75,600,000
WRF 7 1/8% Senior Notes, due 2031 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 600,000,000
Long-term debt, gross			596,200,000
Payment of fees and expenses related to repayment of credit facilities			3,800,000
2025 WRF Notes | Senior Notes
Debt Instrument [Line Items]
Loss on restructuring of debt								10,600,000
Debt issuance costs						11,400,000		11,400,000
Debt instrument, repurchase amount			506,400,000
Debt instrument, early tender premium			$ 12,400,000
Debt redemption price as percentage of principal				101.938%
WLV 4 1/4% Senior Notes, due 2023 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, repurchase amount					$ 500,000,000
Debt redemption price as percentage of principal					100.00%
Loss on debt financing transactions					$ 1,000,000
Retail Term Loan Agreement | Medium-term Notes [Member] | Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers)
Debt Instrument [Line Items]
Debt instrument, face amount											$ 615,000,000
Long-term debt, gross						$ 615,000,000		$ 615,000,000							$ 615,000,000
Retail Term Loan Agreement | Medium-term Notes [Member] | SOFR | Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers)
Debt Instrument [Line Items]
Interest in addition to variable rate								1.70%
Senior Secured Revolving Credit Facility | WM Cayman II Revolver, due 2025 | Credit Agreement
Debt Instrument [Line Items]
Floor rate	0.00%
Senior Secured Revolving Credit Facility | WM Cayman II Revolver, due 2025 | Credit Agreement | SOFR
Debt Instrument [Line Items]
Adjustment rate	0.10%
Senior Secured Revolving Credit Facility | Facility A | Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 312,500,000
Senior Secured Revolving Credit Facility | Facility A | Credit Agreement | SOFR | Minimum
Debt Instrument [Line Items]
Interest in addition to variable rate	1.875%
Senior Secured Revolving Credit Facility | Facility A | Credit Agreement | SOFR | Maximum
Debt Instrument [Line Items]
Interest in addition to variable rate	2.875%
Senior Secured Revolving Credit Facility | Facility B | Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 1,180,000,000									$ 9,260
Senior Secured Revolving Credit Facility | Facility B | Credit Agreement | Hong Kong Interbank Offered Rate | Minimum
Debt Instrument [Line Items]
Interest in addition to variable rate	1.875%
Senior Secured Revolving Credit Facility | Facility B | Credit Agreement | Hong Kong Interbank Offered Rate | Maximum
Debt Instrument [Line Items]
Interest in addition to variable rate	2.875%
Senior Secured Revolving Credit Facility | WRF Credit Facility Agreement | Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity												750,000,000	$ 850,000,000
Maximum borrowing capacity, limit decrease												100,000,000
Commitment extended												681,300,000
Commitment not extended												$ 68,700,000

XML

WML Convertible Bond Conversion Option Derivative - Valuation Techniques for Embedded Derivative (Details)	Jun. 30, 2023	Mar. 02, 2023
WML stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	7.13	8.08
Estimated volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.239	0.260
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.040	0.042
Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	5.7	6.0
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.000	0.000

XML

WML Convertible Bond Conversion Option Derivative - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Mar. 07, 2023	Dec. 31, 2022
Derivative [Line Items]
WML Convertible Bond Conversion Option Derivative	$ 76,992	$ 76,992		$ 0
Gain on embedded derivative	21,600	46,500
WML Convertible Bonds | Convertible Debt | WML
Derivative [Line Items]
Debt instrument, unamortized discount			$ 123,500
WML Convertible Bond Conversion Option Derivative	$ 77,000	$ 77,000

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Stockholders' Deficit (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Jun. 06, 2023	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 09, 2023	May 10, 2023	Apr. 03, 2023	Mar. 06, 2023	Mar. 02, 2023
Subsidiary, Sale of Stock [Line Items]
Cash dividend paid (usd per share)	$ 0.25
Accumulated deficit	$ 28,500	$ 2,711,808	$ 2,622,773
Distribution to noncontrolling interest			8,945	$ 16,523
Additional paid-in capital		$ 3,583,923	$ 3,619,241
Common stock, authorized (in shares)		400,000,000	400,000,000
Common stock, issued (in shares)		132,256,185	132,948,390
Common stock, outstanding (in shares)		113,369,439	113,942,935
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Dividends payable (usd per share)					$ 0.25
Wynn Palace and Wynn Macau
Subsidiary, Sale of Stock [Line Items]
Percentage of ownership			72.00%
WM Cayman I | Goldman Sachs International | Securities Lending Agreement
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)									459,774,985
Common stock, issued (in shares)								459,774,985
Common Stock, returned (in shares)							280,000,000
Common stock, outstanding (in shares)						179,774,985
Retail Joint Venture | Crown Acquisitions Inc.
Subsidiary, Sale of Stock [Line Items]
Proceeds from real estate joint ventures		$ 50,000
Additional paid-in capital			$ 48,600
Increase from subsidiary equity issuance			$ 1,500
Retail Joint Venture | Crown Acquisitions Inc. | Wynn Resorts Ltd.
Subsidiary, Sale of Stock [Line Items]
Percentage of ownership		49.90%

XML

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Cash equivalents	$ 2,359,773	$ 1,950,857
Liabilities:
WML Convertible Bond Conversion Option Derivative	76,992	0
Fair Value, Measurements, Recurring
Assets:
Cash equivalents	2,359,773	1,950,857
Restricted cash	93,831	132,550
Interest rate collar	11,302	10,408
Liabilities:
WML Convertible Bond Conversion Option Derivative	76,992
Fair Value, Measurements, Recurring | Quoted Market Prices in Active Markets (Level 1)
Assets:
Cash equivalents	0	490,683
Restricted cash	6,017	6,891
Interest rate collar	0	0
Liabilities:
WML Convertible Bond Conversion Option Derivative	0
Fair Value, Measurements, Recurring | Other Observable Inputs (Level 2)
Assets:
Cash equivalents	2,359,773	1,460,174
Restricted cash	87,814	125,659
Interest rate collar	11,302	10,408
Liabilities:
WML Convertible Bond Conversion Option Derivative	0
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Assets:
Cash equivalents	0	0
Restricted cash	0	0
Interest rate collar	0	$ 0
Liabilities:
WML Convertible Bond Conversion Option Derivative	$ 76,992

XML

Customer Contract Liabilities Schedule of Customer Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition [Abstract]
Casino outstanding chips and front money deposits	$ 398,100	$ 325,187	$ 390,531	$ 352,830
Change in outstanding chips and front money deposits	7,569	(27,643)
Advanced room deposits and ticket sales	73,517	60,777	85,019	55,438
Change in advanced room deposits and ticket sales	(11,502)	5,339
Other gaming related liabilities	29,047	25,272	31,265	26,515
Change in other gaming related liabilities	(2,218)	(1,243)
Loyalty program liabilities	37,799	38,360	35,083	34,695
Change in loyalty program liabilities	2,716	3,665
Total customer contract liabilities	538,463	449,596	$ 541,898	$ 469,478
Change in total customer contract liabilities	$ (3,435)	$ (19,882)

XML

Stock-Based Compensation - Share Based Compensation Allocated Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 18,285	$ 14,595	$ 32,995	$ 28,495
Total stock-based compensation capitalized	1,368	777	2,134	1,457
Total stock-based compensation costs	19,653	15,372	35,129	29,952
Casino
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	512	2,723	989	4,978
Rooms
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	195	215	401	401
Food and beverage
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	393	411	802	773
Entertainment, retail and other
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,846	1,279	5,885	5,174
General and administrative
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 14,339	$ 9,967	$ 24,918	$ 17,169

XML

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 4,305	$ 718	$ 5,323	$ 1,858

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Earnings Per Share - Schedule of Shares used in Calculation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss) attributable to Wynn Resorts, Limited - basic	$ 105,184	$ (130,051)	$ 117,516	$ (313,375)
Assumed conversion of WML Convertible Bonds	(10,629)	0	(22,600)	0
Net income (loss) attributable to Wynn Resorts, Limited - diluted	$ 94,555	$ (130,051)	$ 94,916	$ (313,375)
Denominator:
Weighted average common shares outstanding (shares)	112,889	114,471	112,821	114,749
Potential dilutive effect of stock options and restricted stock (shares)	309	0	322	0
Weighted average common and common equivalent shares outstanding (shares)	113,198	114,471	113,143	114,749
Net income (loss) attributable to Wynn Resorts, Limited per common share, basic (in usd per share)	$ 0.93	$ (1.14)	$ 1.04	$ (2.73)
Net income attributable to Wynn Resorts, Ltd. per common share, diluted (in usd per share)	$ 0.84	$ (1.14)	$ 0.84	$ (2.73)
Antidilutive securities excluded from computation of earnings per share (shares)	321	975	344	975

XML

Leases - Minimum and Contingent Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Minimum rental income	$ 31,811	$ 37,233	$ 65,649	$ 61,834
Contingent rental income	25,206	14,092	53,970	34,715
Total rental income	$ 57,017	$ 51,325	$ 119,619	$ 96,549

XML

Retail Joint Venture - Additional information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Variable Interest Entities [Line Items]
Assets	$ 13,783,686	$ 13,415,100
Liabilities	15,290,850	15,055,465
Long-term debt	12,142,727	12,116,859
Retail Joint Venture | Retail
Schedule of Variable Interest Entities [Line Items]
Assets	112,200	102,900
Liabilities	621,900	620,900
Long-term debt	$ 613,800	$ 613,500

XML

Segment Information - Summary of Results of Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total operating revenues	$ 1,595,822	$ 908,832	$ 3,019,501	$ 1,862,166
Adjusted Property EBITDA	524,458	179,159	954,204	356,740
Other operating expenses
Pre-opening	1,477	4,502	5,955	6,949
Depreciation and amortization	169,962	162,968	338,774	347,524
Property charges and other	16,019	26,909	18,477	72,629
Corporate expenses and other	32,748	22,213	67,238	48,036
Stock-based compensation	18,285	14,595	32,995	28,495
Triple-net operating lease expense	35,631	0	70,914	0
Total other operating expenses	274,122	231,187	534,353	503,633
Operating income (loss)	250,336	(52,028)	419,851	(146,893)
Other non-operating income and expenses
Interest income	44,127	2,691	84,320	3,971
Interest expense, net of amounts capitalized	(190,243)	(154,830)	(377,983)	(306,988)
Change in derivatives fair value	24,336	1,562	47,382	8,962
Loss on debt financing transactions	(3,375)	0	(15,611)	0
Other	6,959	(10,099)	(23,655)	(25,226)
Total other non-operating income and expenses	(118,196)	(160,676)	(285,547)	(319,281)
Income (loss) before income taxes	132,140	(212,704)	134,304	(466,174)
Provision for income taxes	(4,305)	(718)	(5,323)	(1,858)
Net income (loss)	127,835	(213,422)	128,981	(468,032)
Net (income) loss attributable to noncontrolling interests	(22,651)	83,371	(11,465)	154,657
Net income (loss) attributable to Wynn Resorts, Limited - basic	105,184	(130,051)	117,516	(313,375)
Operating Segments | Total Macau Operations
Segment Reporting Information [Line Items]
Total operating revenues	769,943	117,234	1,370,032	415,659
Adjusted Property EBITDA	246,197	(90,340)	402,000	(95,886)
Operating Segments | Total Macau Operations | Wynn Palace
Segment Reporting Information [Line Items]
Total operating revenues	468,350	58,651	837,713	221,976
Adjusted Property EBITDA	156,607	(49,950)	267,665	(50,814)
Operating Segments | Total Macau Operations | Wynn Macau
Segment Reporting Information [Line Items]
Total operating revenues	301,593	58,583	532,319	193,683
Adjusted Property EBITDA	89,590	(40,390)	134,335	(45,072)
Operating Segments | Las Vegas Operations
Segment Reporting Information [Line Items]
Total operating revenues	578,072	561,069	1,164,836	1,002,255
Adjusted Property EBITDA	224,121	226,706	455,718	386,084
Operating Segments | Encore Boston Harbor
Segment Reporting Information [Line Items]
Total operating revenues	221,932	210,154	438,238	400,950
Adjusted Property EBITDA	69,104	63,746	132,518	118,996
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total operating revenues	25,875	20,375	46,395	43,302
Corporate, Non-Segment | Wynn Interactive
Segment Reporting Information [Line Items]
Adjusted Property EBITDA	(14,964)	(20,953)	(36,032)	(52,454)
Casino
Segment Reporting Information [Line Items]
Total operating revenues	912,999	359,585	1,679,991	849,447
Casino | Operating Segments | Total Macau Operations | Wynn Palace
Segment Reporting Information [Line Items]
Total operating revenues	365,277	27,194	635,964	141,607
Casino | Operating Segments | Total Macau Operations | Wynn Macau
Segment Reporting Information [Line Items]
Total operating revenues	242,950	39,959	419,333	142,389
Casino | Operating Segments | Las Vegas Operations
Segment Reporting Information [Line Items]
Total operating revenues	137,946	135,345	292,476	259,616
Casino | Operating Segments | Encore Boston Harbor
Segment Reporting Information [Line Items]
Total operating revenues	166,826	157,087	332,218	305,835
Rooms
Segment Reporting Information [Line Items]
Total operating revenues	276,505	201,298	549,034	371,674
Rooms | Operating Segments | Total Macau Operations | Wynn Palace
Segment Reporting Information [Line Items]
Total operating revenues	50,092	7,008	97,002	20,839
Rooms | Operating Segments | Total Macau Operations | Wynn Macau
Segment Reporting Information [Line Items]
Total operating revenues	26,130	4,762	48,101	14,152
Rooms | Operating Segments | Las Vegas Operations
Segment Reporting Information [Line Items]
Total operating revenues	177,765	167,116	362,874	298,582
Rooms | Operating Segments | Encore Boston Harbor
Segment Reporting Information [Line Items]
Total operating revenues	22,518	22,412	41,057	38,101
Food and beverage
Segment Reporting Information [Line Items]
Total operating revenues	257,036	229,816	489,647	403,836
Food and beverage | Operating Segments | Total Macau Operations | Wynn Palace
Segment Reporting Information [Line Items]
Total operating revenues	25,260	6,857	48,813	18,300
Food and beverage | Operating Segments | Total Macau Operations | Wynn Macau
Segment Reporting Information [Line Items]
Total operating revenues	14,666	5,231	28,968	13,617
Food and beverage | Operating Segments | Las Vegas Operations
Segment Reporting Information [Line Items]
Total operating revenues	195,146	196,627	367,629	332,656
Food and beverage | Operating Segments | Encore Boston Harbor
Segment Reporting Information [Line Items]
Total operating revenues	21,964	21,101	44,237	39,263
Entertainment, retail and other
Segment Reporting Information [Line Items]
Total operating revenues	149,282	118,133	300,829	237,209
Entertainment, retail and other | Operating Segments | Total Macau Operations | Wynn Palace
Segment Reporting Information [Line Items]
Total operating revenues	27,721	17,592	55,934	41,230
Entertainment, retail and other | Operating Segments | Total Macau Operations | Wynn Macau
Segment Reporting Information [Line Items]
Total operating revenues	17,847	8,631	35,917	23,525
Entertainment, retail and other | Operating Segments | Las Vegas Operations
Segment Reporting Information [Line Items]
Total operating revenues	67,215	61,981	141,857	111,401
Entertainment, retail and other | Operating Segments | Encore Boston Harbor
Segment Reporting Information [Line Items]
Total operating revenues	10,624	9,554	20,726	17,751
Entertainment, retail and other | Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total operating revenues	$ 25,875	$ 20,375	$ 46,395	$ 43,302

XML

Segment Information - Summary of Assets by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 13,783,686	$ 13,415,100
Corporate and other
Segment Reporting Information [Line Items]
Assets	2,969,128	3,370,101
Operating Segments | Total Macau Operations
Segment Reporting Information [Line Items]
Assets	5,449,860	4,582,141
Operating Segments | Las Vegas Operations
Segment Reporting Information [Line Items]
Assets	3,140,774	3,168,597
Operating Segments | Encore Boston Harbor
Segment Reporting Information [Line Items]
Assets	2,031,589	2,080,424
Operating Segments | Wynn Interactive
Segment Reporting Information [Line Items]
Assets	192,335	213,837
Operating Segments | Macau | Wynn Palace
Segment Reporting Information [Line Items]
Assets	2,927,349	2,884,073
Operating Segments | Macau | Wynn Macau
Segment Reporting Information [Line Items]
Assets	1,644,860	1,430,051
Operating Segments | Macau | Other Macau
Segment Reporting Information [Line Items]
Assets	$ 877,651	$ 268,017