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Wynn Resorts 2Q26 Earnings Presentation August 2026 Wynn . RESORTS
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2 Forward-Looking Statements This presentation contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could cause the Company's results to differ materially from those described in this presentation are included in the Company's Form 10-K for the year ended December 31, 2025 and the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update its forward- looking statements as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures This presentation includes non-GAAP financial measures. Non-GAAP financial measures are not measures of financial performance in accordance with GAAP and should not be considered in isolation or as an alternative to the most-directly comparable GAAP measure. Definitions of these non-GAAP financial measures may be found in the accompanying earnings release, and reconciliations to the most directly comparable GAAP measures are included in the appendix to this presentation. For Q4 earnings, reference the prior years 10K if 10K is not yet released
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3 Preeminent global designer, developer, and operator of integrated resorts, and the only gaming company vertically integrated across all three disciplines Demonstrated track record of designing and developing successful and iconic integrated resort projects around the world, led by Wynn Design and Development (“WDD”) team Superior facilities and best-in-class customer service driving fair share premiums and outperformance Strong capital allocator, investing in high-return projects and reinvesting in existing assets, while maintaining a strong balance sheet and returning capital to shareholders One of the most recognized independent hotel companies in the world(1) The World’s Only Global Luxury Integrated Resort Developer and Operator Wynn | Encore Las Vegas Wynn MacauWynn Palace Encore Boston Harbor Wynn has built a collection of the world’s leading luxury integrated resorts 1. Awarded 18 Forbes Travel Guide (“FTG”) Five-Star Awards in 2026, more FTG Five-Star Awards across more destinations than any other independent hotel company in the world.
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4 Iconic, Irreplaceable Assets in the World’s Most Attractive Gaming Markets Upon Wynn Al Marjan Island’s opening in September 2027 there will be a Wynn Resort within 8 hours of ~96% of the world’s population 1. Expected to open in September 2027. Encore Boston Harbor 8 hours Wynn | Encore Las Vegas Wynn Palace Wynn | Encore Macau Wynn Al Marjan Island (2027)(1) 8 hours Wynn Mayfair
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5 World Renowned Product and Service Our industry-leading facilities, luxury service levels and team of “proprietors” are globally recognized, in part because of a relentless attention to detail in everything we do ✓ Wynn Resorts has more Forbes Travel Guide Five-Star Awards across more destinations than any other independent hotel company in the world ✓ Wynn Palace is the largest Forbes Travel Guide Five-Star resort in the world ✓ Named to Forbes “Most Trusted Companies in America, Casinos and Resorts” for 2026 ✓ Highest ranked integrated resort company on Fortune Magazine’s “Worlds Most Admired Companies” list in 2026 ✓ Placed first in “Land-Based Operator of the Year” category at the Global Gaming Awards Americas 2025 Spa Villa Living Room – Wynn Las Vegas Delilah – Wynn Las Vegas Wing Lei Bar – Wynn Palace
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6 $87 $63 $53 $190 $84 $77 Wynn Las Vegas Competitor One (LV Strip Assets) Competitor Two (LV Strip Assets) 2019 2025 Best-in-Class Facilities and Service Levels Drive a “Wynn Premium” – Las Vegas Case Study Source: Company filings. Note: Adjusted Property EBITDAR is a non-GAAP financial measure. See Appendix for reconciliation to the most directly comparable GAAP measure for Wynn Resorts. ($ in thousands) 1.5x premium Adjusted Property EBITDAR Per Hotel Room 2.4x premium Since 2019, our Adjusted Property EBITDAR per hotel room has grown ~3x as fast as our peers in Las Vegas Add FN for 4Q earnings for CZR’s LTM calc
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7 Attractive Greenfield Opportunities in Gateway Cities, Led by Wynn Al Marjan Island in the UAE • Industry-leading product and service levels position us well to compete for new greenfield opportunities around the world • UAE is one of the most exciting new markets for Integrated Resort development in decades o Wynn Al Marjan Island and broader UAE opportunity is unique in our industry o Construction and pre-opening planning continues to advance despite ongoing conflict • Significant land banks in each of our core markets for continued long term embedded growth opportunities o Las Vegas: 166 acres o Boston: 16 acres o Macau: 13 acres o UAE: 70 acres(1) Wynn Al Marjan Island 1. Includes acreage attributable to Janu.
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8 42% 35% 9% 14% Diversified EBITDAR Base Further Enhanced by Opening of UAE $902M 2025A EBITDAR(1) $237M 2025A EBITDAR(1) $1,085M 2025A EBITDAR(1) $345M Base Case EBITDAR(2) Vegas Macau Boston UAE Continuing to elevate ourselves above our Las Vegas Strip peers Ideally positioned to compete in the current premium mass-led environment The East Coast’s leading gaming resort Extending the brand with the region’s first true integrated resort Note: Figures may not foot due to rounding. 1. Reflects 2025A Adj. Property EBITDAR. 2. Reflects estimated steady state management and license fees paid from WAMI to Wynn Resorts plus Wynn Resorts’ 40% share of Adjusted Property EBITDAR. 3. Assumes mid-point of mgmt. projection for Wynn Al Marjan Island. Consolidated Diversified sources of EBITDAR from the world’s premier integrated resorts Combination of strong organic growth at our existing properties along with the opening of Wynn Al Marjan Island expected to drive an increase in Adjusted Property EBITDAR and geographic diversity $265M Low Case EBITDAR(2) $460M High Case EBITDAR(2) $2,570M Illustrative EBITDAR(3)
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9 Long-Term Shareholder Value Creation Large EBITDAR Base Defined Capex Cycle Significant Free Cash Flow Generation • $2.3 billion LTM 2Q26 Total Adjusted Property EBITDAR(1) • Geographically more diverse than ever before, and will become more diversified with opening of Wynn Al Marjan Island in 2027 • Wynn Al Marjan Island expected to add ~$345 million of EBITDAR (cash flow and management fees) to our existing base(2) • Completing the initial UAE investment cycle in 2027 • Delivering on targeted capex projects in Las Vegas • Continued investments in Macau funded out of free cash flow and increased liquidity • Strong balance sheet and liquidity position should enable continued return of capital to shareholders over time • ~$1.6 billion (~13% of gross shares) returned to Wynn Resorts, Limited shareholders since 2022(3) • Disciplined investment into new high-return development opportunities 1. Reflects Total Adjusted Property EBITDAR at our land-based properties. 2. Reflects mid-point of estimated steady state management and license fees paid from WAMI to Wynn Resorts plus Wynn Resorts’ 40% share of Adjusted Property EBITDAR. 3. Reflects $1.2bn of WRL share repurchases since 2022 and ~$350m of WRL dividends paid since 2023. Net of shares issued during the period, ~11% of shares have been retired since 2022.
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10 Operational Update 2Q26
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11 Operational Excellence Driving Continued Strong Performance Las Vegas – Outstanding performer in the world’s greatest entertainment market o Continued market leader o Focus on quality and service allows us to continue to delight the most discerning guests in the market o Targeted high-return investments and new amenities across the property keep our offering innovative and allows us to maintain our premium positioning relative to peers Macau – Significant free cash flow generation and healthy market share in the world’s largest gaming market o Market-leading fair share premiums and healthy market share despite new hotel supply and amenities from peers o “Only at Wynn” programming, enhanced gaming and food & beverage offerings, and revamped loyalty program driving financial performance o Ongoing investment to enhance our luxury offering combined with best-in-class service attracts the top tier of premium visitation Boston – North America’s largest Forbes Five-Star Resort Destination o Stable operating performance and disciplined OpEx control o Only gaming resort in the Greater Boston metro area o Continued database growth outside our immediate catchment area Quarterly Total Adj. Property EBITDAR ($ in millions) $552 $570 $569 $562 $568 2Q25 3Q25 4Q25 1Q26 2Q26 31.8% 31.1% 30.5% 30.3% 30.6%Margin:
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12 Wynn Las Vegas(1) – Sustained Market Outperformance • Strong financial performance in 2Q26, with all gaming volumes up Y/Y • Accelerated ramp of Zero Bond and Sartiano’s in 2Q26. Initial feedback has been incredibly positive with an extensive membership wait list • Targeted investments continue to be made across key areas of the property including remodels of the Encore Tower rooms and XS – allowing us to continue to take market share and drive the “Wynn Premium” • Select additional quarterly financial results: o Tables Games Win %: 23.9%, up 210 bps vs. 2Q25 o ADR: $575, up 4.9% vs. 2Q25 o RevPAR: $501, up 2.5% vs. 2Q25 o OpEx Per Day(2): $4.50m, up 6.2% vs. 2Q25 1. Refers to Las Vegas Operations as disclosed in our public filings. 2. Represents cost of revenue, as described in Note 17 – Segment Information in our Quarterly Report on Form 10-Q, divided by the number of days in the period. 3. Excludes Race & Sports win. Quarterly Total Adj. Property EBITDAR ($ in millions) Quarterly Table Games, Slots & Poker Win(3) ($ in millions) $235 $203 $241 $232 $215 2Q25 3Q25 4Q25 1Q26 2Q26 36.8% 32.8% 35.0% 35.1% 33.5% $265 $279 $312 $297 $277 2Q25 3Q25 4Q25 1Q26 2Q26Margin: Zero Bond at Wynn Las Vegas
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13 Encore Boston Harbor – Stable Operating Performance • As the East Coast’s only Forbes 5-Star casino resort, Encore Boston Harbor continues to expand its player database outside of the immediate catchment area, while remaining disciplined on OpEx • Select additional quarterly financial results: o ADR: $445, up 9.9% vs. 2Q25 o RevPAR: $412, up 9.6% vs. 2Q25 o OpEx Per Day(1): $1.19m, up 2.9% vs. 2Q25 Encore Boston Harbor 1. Represents cost of revenue, as described in Note 17 – Segment Information in our Quarterly Report on Form 10-Q, divided by the number of days in the period. 2. Excludes Race & Sports win. Quarterly Total Adj. Property EBITDAR ($ in millions) Quarterly Table Games, Slots & Poker Win(2) ($ in millions) $64 $58 $57 $51 $56 2Q25 3Q25 4Q25 1Q26 2Q26 29.6% 27.6% 27.1% 24.6% 26.8% $187 $182 $178 $180 $179 2Q25 3Q25 4Q25 1Q26 2Q26Margin:
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14 Macau Operations(1) – Strong Long-Term Positioning in a Competitive but Growing Market 1. Macau Operations includes combined results of the Company’s assets in Macau, including Wynn Macau and Wynn Palace. 2. We typically expect win as a percentage of VIP turnover to be within the range of 3.1% to 3.4%. 3. Represents cost of revenue, as described in Note 17 – Segment Information in our Quarterly Report on Form 10-Q, divided by the number of days in the period. • Healthy balance sheet and strong free cash flow generation allows us to continue to invest in our assets, and return capital to shareholders • Upcoming capex projects – such as the recently announced Enclave Hotel Tower, Theater, and Event Center – will continue to expand hotel room capacity and our best-in-class facilities • Combined quarterly financial results for Wynn Macau and Wynn Palace: o VIP Turnover: $3,196m, down (36.8%) vs. 2Q25 o VIP Table Games Win %(2): 2.92%, down (5 bps) vs. 2Q25 o Mass Table Drop: $3,652m, up 5.5% vs. 2Q25 o OpEx Per Day(3): $2.90m, up 9.0% vs. 2Q25 Quarterly Total Adj. Property EBITDAR ($ in millions) Quarterly Table Games, Slots & Poker Win ($ in millions) $254 $308 $271 $279 $297 2Q25 3Q25 4Q25 1Q26 2Q26 28.7% 30.8% 28.0% 28.2% 29.6% $903 $1,013 $992 $1,020 $1,033 2Q25 3Q25 4Q25 1Q26 2Q26Margin: Wynn Palace Gourmet Pavilion
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15 Wynn Al Marjan Island Update
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16 Wynn Al Marjan Island – Significant Progress Towards a September 2027 Opening • Expected opening in September 2027 • In 2Q26, Wynn Al Marjan Island hired a net 57 new team members, bringing total employee count to date to 425, consisting of mostly senior level executives, senior management and G&A functions • Key division heads and senior leaders in place across all gaming and non- gaming areas • Completed acquisition of Wynn Mayfair in 2025 which enhances our database building effort given significant VIP overlap between London and the UAE
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17 Wynn Al Marjan Island – Construction Progress Update Construction ongoing, with the hotel tower topping out in December 2025 and extensive interior works underway Note: As of July 15, 2026.
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18 The Enclave, Theater and Event Center at Wynn Palace
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19 • 432-key, all-suite hotel tower to be developed adjacent to Wynn Palace’s east entrance • Expands Wynn Palace’s total room count by ~25% and its suite count by ~50% • Construction expected to commence in second half of 2026 • Anticipated construction timeline of 2.5 years with estimated opening in 2029 The Enclave at Wynn Palace
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20 • Event Center o 256k total sq. ft. with 54k sq. ft. of entertainment space and 10 concession areas o 49k sq. ft. seating area ▪ 523 standard seats ▪ 3,240 retractable seats ▪ 2,016 event chairs ▪ 318 VIP seats • Theater o 95k total sq. ft. with 23k sq. ft. of entertainment space o 8k sq. ft. seating area ▪ 612 standard seats ▪ 74 VIP seats The Theater and Event Center at Wynn Palace Wynn Palace Event Center Wynn Palace Event Center Arrival
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21 Free Cash Flow Update
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22 Well-Defined Capex Cycle Tapering Off by 2027 • Remaining estimated equity contributions of $525 – $650m on the project(2) • Encore Tower renovation • Completion of Fairway Villas renovation • Cliff House Grill Wynn Las Vegas Wynn Al Marjan Island • $375 – 450m • $350 – 375m • $300 – 350m • $175 – 200m 2026E 2027EProjects(1) 1. Select larger projects, not meant to be an exhaustive list. Excludes maintenance capex. 2. Remaining amount as of 6/30/2026. Does not include other potential developments on the Marjan Land Bank.
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23 Concession Capex Projects in Macau Well Underway, And Continued Investment in Our Core Assets • The Enclave at Wynn Palace • Wynn Palace Event and Entertainment Center • Wynn Palace Theater and Resident Show • Wynn Tower refresh at Wynn Macau Wynn Macau • $350 – 400m • $750 – 800m 2026E 2027EProjects(1) 1. Select larger projects, not meant to be an exhaustive list. Excludes maintenance capex. Wynn Palace
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24 Free Cash Flow Forecast Items Project Capex • $725 – $825m domestic project capex, which includes equity contributions for the development of Wynn Al Marjan Island, as well as Las Vegas, Boston and other domestic capex projects Maintenance Capex • $90 – $115m inclusive of Wynn Las Vegas and Encore Boston Harbor Boston Cash Lease Expense • ~$129m cash lease expense(1) Cash Interest(2) • $5.0bn of total gross domestic debt, inclusive of Wynn Resorts Finance, Wynn Las Vegas and Retail Term Loan • $280 – $300m cash interest • Weighted avg. interest rate of 5.9%(3) (~81% of domestic debt is fixed, or swapped to fixed) Cash Income Taxes • No material domestic cash income taxes expected in 2026 2026 Macau Cash Flow Forecast Items 2026 Domestic Cash Flow Forecast Items Project Capex • $350 – $400m project capex, including Enclave at Wynn Palace project Maintenance Capex • $70 – $80m Cash Interest • $5.8bn of total gross Macau debt, inclusive of Wynn Macau’s Credit Facility, Senior Notes, and Convertible Bond • $320 – $340m cash interest • Weighted avg. interest rate of 5.6%(3) (~80% of Macau debt is fixed) Note: Estimates based on current anticipated business volumes and capital planning. 1. Inclusive of certain payments in lieu of taxes (“PILOT”). 2. Excludes financing associated with Wynn Al Marjan Island. 3. Current as of 6/30/2026. Inclusive of unused fees on our WRF and Cayman II Credit Facilities.
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25 Building On An Extensive Shareholder Return Program ~$1.2 Billion or ~13% (1) in WRL Shares Repurchased Since 2022 ~$350 Million of WRL Dividends Paid Since 2023 ~$1.6 Billion Returned to WRL Shareholders Since 2022 Note: Through 6/30/2026. 1. Net of shares issued during the period, ~11% of shares have been retired since 2022.
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26 Balance Sheet & Liquidity Update
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27 $600 $953 $880 $750 $1,000 $800 $1,034 2026 2027 2028 2029 2030 2031 2032 2033 2034 Credit Facilities Senior Notes Undrawn Credit Facility Significant Liquidity and Fortified Balance Sheet ($ in millions) Wynn Resorts’ Domestic Debt Maturity Profile Note: As of 6/30/2026. Domestic defined as all US entities, plus Management & License Fees from Macau as well as Wynn Resorts, Limited’s ~72% share of dividends from Macau. Includes Corporate and Other. 1. Domestic includes $629m of cash and ~$1.0bn of revolver availability. Macau includes $945m of cash, $527m of short-term fixed deposits and U.S. treasury bills and ~$1.3bn of revolver availability. 2. Domestic leverage is calculated using LTM 2Q26 Adj. Property EBITDAR of $1,114m, less corporate expense of $95m, plus Management & License Fees from Macau of $125m as well as Wynn Resorts, Limited’s ~72% share of dividends from Macau of $196m, and assumes Encore Boston Harbor triple-net operating lease rent of $142m is capitalized at 8.0x. Macau leverage is calculated using LTM 2Q26 Adj. Property EBITDAR of $1,156m less corporate expense of $54m and less Management & License Fees paid to Wynn Resorts, Limited of $125m. 3. Current as of 6/30/2026. Inclusive of unused fees on our WRF and Cayman II Credit Facilities. 4. Net of $20m portion owned by Wynn Resorts, Limited. 5. Net of $16m Letters of Credit and $200m drawn amount as of 6/30/2026. 6. WML Convertible Notes have an investor put option on 3/7/2027 (fixed date), where investors can elect to require WML to redeem the bonds at par. $1,143$750 $1,350 $1,000 $1,000 $600 $1,346 2026 2027 2028 2029 2030 2031 2032 2033 2034 Credit Facility Senior Notes Convertible Notes Undrawn Credit Facility ($ in millions) Wynn Macau, Limited Debt Maturity Profile $1.7bn Total Liquidity(1) 4.1x Net Lease- Adj. Leverage(2) 5.9% Weighted Avg. Cost of Debt(3) $2.8bn Total Liquidity(1) 4.5x Net Leverage(2) 5.6% Weighted Avg. Cost of Debt(3) (5) (4) (6)
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28 Appendix
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29 Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin 2Q26 vs. 2Q25 Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 (US$ in millions) Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Reportable Segment Total (1) Corporate and Other Total Total operating revenues (a) $653 $351 – $1,004 $643 $209 $1,857 – $1,857 Operating income (loss) $113 $58 ($8) $163 $102 ($6) $259 $39 $298 Pre-opening expenses – – – – – – – 9 9 Depreciation and amortization 63 21 – 84 63 15 161 4 165 Property charges and other 2 3 – 4 5 – 10 – 10 Management and license fees 21 11 – 31 30 10 72 (72) – Corporate expenses and other 2 2 7 11 8 2 21 13 34 Stock-based compensation 1 1 1 3 6 – 10 7 17 Triple-net operating lease rent expense – – – – – 35 35 – 35 Adjusted Property EBITDAR (b) $201 $96 – $297 $215 $56 $568 – $568 Adjusted Property EBITDAR Margin (=b/a) 30.8% 27.2% – 29.6% 33.5% 26.8% 30.6% (US$ in millions) Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Reportable Segment Total (1) Corporate and Other Total Total operating revenues (a) $540 $344 – $883 $639 $216 $1,738 – $1,738 Operating income (loss) $73 $63 ($7) $128 $110 $1 $240 $25 $265 Pre-opening expenses 3 – – 3 2 – 5 6 11 Depreciation and amortization 59 18 – 78 59 14 151 2 153 Property charges and other 1 1 – 2 8 1 12 1 13 Management and license fees 18 11 – 28 30 10 69 (69) – Corporate expenses and other 2 2 6 10 8 2 19 27 46 Stock-based compensation 1 1 1 4 17 – 21 8 29 Triple-net operating lease rent expense – – – – – 35 35 – 35 Adjusted Property EBITDAR (b) $157 $97 – $254 $235 $64 $552 – $552 Adjusted Property EBITDAR Margin (=b/a) 29.1% 28.1% – 28.7% 36.8% 29.6% 31.8% Note: Figures may not foot due to rounding. 1. Reflects the sum of Total Macau Operations, Las Vegas Operations and Encore Boston Harbor.
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30 Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR LTM 2Q26 (US$ in millions) 3Q25 4Q25 1Q26 2Q26 LTM 2Q26 Net income attributable to Wynn Resorts, Limited $88 $100 $120 $140 $449 Net income attributable to noncontrolling interests 40 22 30 43 135 Pre-opening expenses 7 15 12 9 43 Depreciation and amortization 153 159 161 165 638 Property charges and other 6 18 12 10 46 Triple-net operating lease rent expense 35 36 35 35 142 Corporate expenses and other 36 45 35 34 149 Stock-based compensation 23 21 26 17 86 Interest income (17) (15) (13) (13) (57) Interest expense, net of amounts capitalized 158 156 152 152 618 Change in derivatives fair value 13 (9) (47) (43) (86) Loss on debt financing transactions 1 – – – 1 Other (34) (2) 29 3 (4) Provision for income taxes 61 22 10 16 110 Adjusted Property EBITDAR $570 $569 $562 $568 $2,270 Adjusted Property EBITDAR Wynn Palace $200 $164 $204 $201 $769 Wynn Macau 108 107 76 96 387 Total Macau Operations $308 $271 $279 $297 $1,156 Las Vegas Operations 203 241 232 215 892 Encore Boston Harbor 58 57 51 56 222 Corporate and other – – – – – Adjusted Property EBITDAR $570 $569 $562 $568 $2,270 Note: Figures may not foot due to rounding.
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