# WYNN RESORTS LTD (WYNN) Informational only - not investment advice. CIK: 0001174922 SIC: 7011 Hotels & Motels SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 70](/major-group/70/) > [SIC 7011 Hotels & Motels](/industry/7011/) Latest 10-K filed: 2026-03-02 SEC page: https://www.sec.gov/edgar/browse/?CIK=1174922 Filing source: https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-02 · accession 0001174922-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001174922.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 7,137,924,000 USD | 2025 | verified | | Net income | 327,334,000 USD | 2025 | verified | | Assets | 13,108,117,000 USD | 2025 | verified | | Free cash flow | 692,220,000 USD | 2025 | computed | | Net margin | 4.59% | 2025 | computed | | Operating margin | 15.67% | 2025 | computed | | Revenue YoY | +0.14% | 2025 | computed | Stockholders' equity was not positive at FY2025 year-end (-275,492,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed. Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). Peer groups: [Casinos and gaming resorts](/compare/gaming/), [Lodging and hotel operators](/compare/lodging/) · SIC 7011 Hotels & Motels No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including WYNN - Casinos and gaming resorts: [peer review](/compare/gaming/) · [market-risk page](/compare/gaming/risk/) - Lodging and hotel operators: [peer review](/compare/lodging/) · [market-risk page](/compare/lodging/risk/) ### Peer percentile fingerprint | Ratio | WYNN | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 4.6% | 5.8% | 41 | 18 | | Operating margin | 15.7% | 15.8% | 43 | 15 | | Revenue growth | 0.1% | 3.9% | 12 | 18 | | FCF margin | 9.7% | 9.6% | 53 | 18 | | ROA | 2.5% | 2.9% | 47 | 18 | | Current ratio | 1.63 | 0.80 | 100 | 14 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7011 Hotels & Motels, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 7137924000 | USD | 2025 | 2026-03-02 | | Net income | 327334000 | USD | 2025 | 2026-03-02 | | Assets | 13108117000 | USD | 2025 | 2026-03-02 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001174922.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 6,070,160,000 | 6,717,660,000 | 6,611,099,000 | 2,095,861,000 | 3,763,664,000 | 3,756,825,000 | 6,531,897,000 | 7,127,961,000 | 7,137,924,000 | | Net income | 241,975,000 | 747,181,000 | 572,430,000 | 122,985,000 | -2,067,245,000 | -755,786,000 | -423,856,000 | 729,994,000 | 501,078,000 | 327,334,000 | | Operating income | 521,662,000 | 1,055,565,000 | 735,544,000 | 878,305,000 | -1,232,045,000 | -394,541,000 | -100,676,000 | 840,171,000 | 1,132,731,000 | 1,118,384,000 | | Diluted EPS | 2.38 | 7.28 | 5.35 | 1.15 | -19.37 | -6.64 | -3.73 | 6.32 | 4.35 | 3.14 | | Operating cash flow | 970,546,000 | 1,876,577,000 | 961,489,000 | 901,070,000 | -1,072,425,000 | -222,591,000 | -71,272,000 | 1,247,879,000 | 1,426,203,000 | 1,352,653,000 | | Capital expenditures | 1,225,943,000 | 935,474,000 | 1,475,972,000 | 1,063,293,000 | 290,115,000 | 290,657,000 | 300,127,000 | 442,793,000 | 419,929,000 | 660,433,000 | | Dividends paid | 325,217,000 | 320,760,000 | 569,781,000 | 566,521,000 | 108,777,000 | 1,553,000 | 1,445,000 | 84,733,000 | 139,564,000 | 174,662,000 | | Share buybacks | 14,017,000 | 17,771,000 | 159,544,000 | 66,986,000 | 11,533,000 | 13,842,000 | 187,499,000 | 212,455,000 | 401,802,000 | 380,109,000 | | Assets | 11,953,557,000 | 12,681,739,000 | 13,216,269,000 | 13,871,281,000 | 13,869,547,000 | 12,530,826,000 | 13,415,100,000 | 13,996,223,000 | 12,977,963,000 | 13,108,117,000 | | Liabilities | 11,695,676,000 | 11,603,389,000 | 11,401,480,000 | 12,329,809,000 | 14,606,864,000 | 13,367,041,000 | 15,055,465,000 | 15,097,157,000 | 13,946,566,000 | 14,139,396,000 | | Stockholders' equity | 157,949,000 | 947,846,000 | 2,034,123,000 | 1,743,045,000 | -351,997,000 | -214,418,000 | -750,838,000 | -251,382,000 | -224,161,000 | -275,492,000 | | Cash and cash equivalents | 2,453,122,000 | 2,804,474,000 | 2,215,001,000 | 2,351,904,000 | 3,482,032,000 | 2,522,530,000 | 3,650,440,000 | 2,879,186,000 | 2,426,155,000 | 1,463,442,000 | | Free cash flow | -255,397,000 | 941,103,000 | -514,483,000 | -162,223,000 | -1,362,540,000 | -513,248,000 | -371,399,000 | 805,086,000 | 1,006,274,000 | 692,220,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 12.31% | 8.52% | 1.86% | -98.63% | -20.08% | -11.28% | 11.18% | 7.03% | 4.59% | | Operating margin | | 17.39% | 10.95% | 13.29% | -58.78% | -10.48% | -2.68% | 12.86% | 15.89% | 15.67% | | Return on assets | 2.02% | 5.89% | 4.33% | 0.89% | -14.90% | -6.03% | -3.16% | 5.22% | 3.86% | 2.50% | | Current ratio | 2.11 | 1.77 | 1.40 | 1.44 | 2.03 | 2.23 | 2.22 | 1.93 | 1.90 | 1.63 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001174922.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2021-Q3 | 2021-09-30 | | | -1.45 | reported discrete quarter | | 2022-Q1 | 2023-03-31 | | | -0.02 | reported discrete quarter | | 2022-Q2 | 2023-06-30 | 1,595,822,000 | 105,184,000 | 0.84 | reported discrete quarter | | 2022-Q3 | 2023-09-30 | 1,671,936,000 | -116,678,000 | -1.03 | reported discrete quarter | | 2024-Q1 | 2024-03-31 | 1,862,909,000 | 144,216,000 | 1.30 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,732,932,000 | 111,943,000 | 0.91 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 1,693,323,000 | -32,053,000 | -0.29 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 1,838,797,000 | 276,972,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 1,700,397,000 | 72,747,000 | 0.69 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 1,737,797,000 | 66,218,000 | 0.64 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,833,747,000 | 88,341,000 | 0.85 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 1,865,983,000 | 100,028,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,856,762,000 | 120,454,000 | 1.04 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 1,856,933,000 | 140,062,000 | 1.32 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from WYNN's latest 10-K: [/company/WYNN/business/](/company/WYNN/business/). ## Risk Factors Verbatim Item 1A Risk Factors from WYNN's latest 10-K: [/company/WYNN/risk-factors/](/company/WYNN/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1174922/000117492226000055/wynn-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 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 Quarterly Report on Form 10-Q and the audited consolidated financial statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2025. 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, 2025 and other factors we describe from time to time in our periodic filings with the Securities and Exchange Commission ("SEC"), such as: •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; •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; •disruptions caused by, and the impact on regional demand for casino resorts and inbound tourism and the travel and leisure industry more generally from, events outside of our control, including an outbreak of an infectious disease, public incidents of violence, mass shootings, riots, demonstrations, extreme weather patterns or natural disasters, military conflicts, civil unrest, and any future security alerts or terrorist attacks; •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, regulatory and other macroeconomic or geopolitical risks associated with our current and future construction projects or co-investments in such projects; •any violations by us of various anti-money laundering laws or the 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; 27 Table of Contents •our current and future insurance coverage levels; •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 business, financial condition, results of operations and cash flows are included elsewhere 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 of the People's Republic of China ("Macau"), Wynn Palace and Wynn Macau (collectively, our "Macau Operations"). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn Las Vegas. We are a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). We refer to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort. The Company has a 40% equity interest in Island 3 AMI FZ-LLC ("Island 3") and affiliated ventures (collectively, the "Al Marjan Joint Venture"), which is constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates. 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. 28 Table of Contents •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. •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 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 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 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 [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm Complete FY 2025 MD&A: /company/WYNN/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-02 Report date: 2025-12-31 Item 7. 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 consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. Discussion of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. 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 of the People's Republic of China ("Macau"), Wynn Palace and Wynn Macau (collectively, our "Macau Operations"). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn Las Vegas. We are a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). We refer to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort. The Company has a 40% equity interest in Island 3 AMI FZ-LLC ("Island 3"), an unconsolidated affiliate, which is constructing Wynn Al Marjan Island in Ras Al Khaimah, United Arab Emirates. 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 Consolidated Statements of Income 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. 36 Table of Contents •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 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 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 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 annual results The following table summarizes our financial results for the periods presented (dollars in thousands, except per share data): [[GREPCENT_TABLE]] [["","Year Ended December 31,"],["","2025","","2024","","Increase/ (Decrease)","","Percent Change"],["Operating revenues","$","7,137,924","","","$","7,127,961","","","$","9,963","","","0.1"],["Net income attributable to Wynn Resorts, Limited","327,334","","","501,078","","","(173,744)","","","(34.7)"],["Diluted net income per share","3.14","","","4.35","","","(1.21)","","","(27.8)"]] [[/GREPCENT_TABLE]] The decrease in net income attributable to Wynn Resorts, Limited for the year ended December 31, 2025 was primarily attributable to an increase in the provision for income taxes of $101.3 million and a decrease of $63.8 million in interest income. 37 Table of Contents Financial results for the year ended December 31, 2025 compared to the year ended December 31, 2024 Operating revenues The following table presents our operating revenues (dollars in thousands): [[GREPCENT_TABLE]] [["","Year Ended December 31,"],["","2025","","2024","","Increase/ (Decrease)","","Percent Change"],["Operating revenues"],["Macau Operations:"],["Wynn Palace","$","2,307,397","","","$","2,217,671","","","$","89,726","","","4.0"],["Wynn Macau","1,410,620","","","1,464,646","","","(54,026)","","","(3.7)"],["Total Macau Operations","3,718,017","","","3,682,317","","","35,700","","","1.0"],["Las Vegas Operations","2,573,035","","","2,571,913","","","1,122","","","\u2014"],["Encore Boston Harbor","846,872","","","857,164","","","(10,292)","","","(1.2)"],["Corporate and other","\u2014","","","16,567","","","(16,567)","","","(100.0)"],["","$","7,137,924","","","$","7,127,961","","","$","9,963","","","0.1"]] [[/GREPCENT_TABLE]] The following table presents our casino and non-casino operating revenues (dollars in thousands): [[GREPCENT_TABLE]] [["","Year Ended December 31,"],["","2025","","2024","","Increase/ (Decrease)","","Percent Change"],["Operating revenues"],["Casino revenues","$","4,410,328","","","$","4,261,357","","","$","148,971","","","3.5"],["Non-casino revenues:"],["Rooms","1,141,154","","","1,242,058","","","(100,904)","","","(8.1)"],["Food and beverage","1,037,850","","","1,069,117","","","(31,267)","","","(2.9)"],["Entertainment, retail and other","548,592","","","555,429","","","(6,837)","","","(1.2)"],["Total non-casino revenues","2,727,596","","","2,866,604","","","(139,008)","","","(4.8)"],["","$","7,137,924","","","$","7,127,961","","","$","9,963","","","0.1"]] [[/GREPCENT_TABLE]] Casino revenues for the year ended December 31, 2025 were 61.8% of operating revenues, compared to 59.8% for the year ended December 31, 2024. Non-casino revenues for the year ended December 31, 2025 were 38.2% of operating revenues, compared to 40.2% for the year ended December 31, 2024. Casino revenues Casino revenues increased primarily due to higher casino volumes at Wynn Palace and higher slot machine handle at our Las Vegas Operations, which was partially offset by a decrease in VIP table games win at Wynn Macau. The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day): 38 Table of Contents [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/WYNN/mda/fy2025/ All MD&A years: /company/WYNN/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/WYNN/mda/fy2024/): filed 2025-02-13; accession 0001174922-25-000039 (https://www.sec.gov/Archives/edgar/data/1174922/000117492225000039/wynn-20241231.htm) - [FY 2023 MD&A](/company/WYNN/mda/fy2023/): filed 2024-02-23; accession 0001174922-24-000046 (https://www.sec.gov/Archives/edgar/data/1174922/000117492224000046/wynn-20231231.htm) - [FY 2022 MD&A](/company/WYNN/mda/fy2022/): filed 2023-02-27; accession 0001174922-23-000048 (https://www.sec.gov/Archives/edgar/data/1174922/000117492223000048/wynn-20221231.htm) - [FY 2021 MD&A](/company/WYNN/mda/fy2021/): filed 2022-02-28; accession 0001174922-22-000031 (https://www.sec.gov/Archives/edgar/data/1174922/000117492222000031/wynn-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7011 Hotels & Motels) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/WYNN.md · JSON record: /company/WYNN.json · verified financials: /company/WYNN/financials.json / /company/WYNN/financials.csv · machine TOC for the whole site: /llms.txt