Wynn Resorts, Limited · NASDAQ:WYNN
Wynn Resorts — Q2 2026 Earnings Presentation
31 slides from Wynn Resorts's earnings presentation, Aug 4, 2026
Slide 1: Wynn Resorts 2Q26 Earnings Presentation
Wynn Resorts 2Q26 Earnings Presentation August 2026 1
Slide 2: Forward-Looking Statements
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
Slide 3: The World's Only Global Luxury Integrated Resort Developer and Operator
The World’s Only Global Luxury Integrated Resort Developer and Operator Preeminent global designer, developer, and Wynn has built a collection of the operator of integrated resorts, and the only world’s leading luxury integrated resorts gaming company vertically integrated across all three disciplin
Slide 4: Iconic, Irreplaceable Assets in the World's Most Attractive Gaming Markets
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 Encore Boston Harbor Wynn Mayfair Wynn Al Marjan Island (2027)(1) Wynn | Encore Macau 8 hours
Slide 5: World Renowned Product and Service
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 t
Slide 6: Wynn Premium – Las Vegas Case Study
Best-in-Class Facilities and Service Levels Drive a “Wynn Premium” – Las Vegas Case Study Adjusted Property EBITDAR Per Hotel Room ($ in thousands) 1.5x premium 2.4x premium $190 Since 2019, our Adjusted Property EBITDAR per hotel room has grown ~3x as fast as our peers in Las Vegas $87 $84 $77 $63
Slide 7: Attractive Greenfield Opportunities in Gateway Cities, Led by Wynn Al Marjan Island
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 i
Slide 8: Diversified EBITDAR Base Further Enhanced by Opening of UAE
Diversified EBITDAR Base Further Enhanced by Opening of UAE 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 Vegas Macau Boston UAE Consolidated Continui
Slide 9: Long-Term Shareholder Value Creation
Long-Term Shareholder Value Creation Significant Free Cash Large EBITDAR Base Defined Capex Cycle Flow Generation • $2.3 billion LTM 2Q26 Total • Completing the initial UAE • Strong balance sheet and liquidity Adjusted Property investment cycle in 2027 position should enable continued EBITDAR(1) ret
Slide 10: Operational Update 2Q26
Operational Update 2Q26 10
Slide 11: Operational Excellence Driving Continued Strong Performance
Operational Excellence Driving Continued Strong Performance Las Vegas – Outstanding performer in the world’s greatest entertainment market Quarterly Total Adj. Property EBITDAR o Continued market leader ($ in millions) o Focus on quality and service allows us to continue to delight the most discerni
Slide 12: Wynn Las Vegas – Sustained Market Outperformance
Wynn Las Vegas(1) – Sustained Market Outperformance • Strong financial performance in 2Q26, with all gaming volumes up Y/Y Quarterly Total Adj. Property EBITDAR • Accelerated ramp of Zero Bond and Sartiano’s in 2Q26. Initial feedback has been incredibly positive with an extensive membership wait lis
Slide 13: Encore Boston Harbor – Stable Operating Performance
Encore Boston Harbor – Stable Operating Performance • As the East Coast’s only Forbes 5-Star casino resort, Encore Boston Harbor Quarterly Total Adj. Property EBITDAR continues to expand its player database outside of the immediate catchment ($ in millions) area, while remaining disciplined on OpEx
Slide 14: Macau Operations – Strong Long-Term Positioning in a Competitive but Growing Market
Macau Operations(1) – Strong Long-Term Positioning in a Competitive but Growing Market • Healthy balance sheet and strong free cash flow generation allows us to Quarterly Total Adj. Property EBITDAR continue to invest in our assets, and return capital to shareholders ($ in millions) • Upcoming capex
Slide 15: Wynn Al Marjan Island Update
Wynn Al Marjan Island Update 15
Slide 16: Wynn Al Marjan Island – Significant Progress Towards a September 2027 Opening
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 f
Slide 17: Wynn Al Marjan Island – Construction Progress Update
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. 17
Slide 18: The Enclave, Theater and Event Center at Wynn Palace
The Enclave, Theater and Event Center at Wynn Palace 18
Slide 19: The Enclave at Wynn Palace
The Enclave at Wynn Palace • 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
Slide 20: The Theater and Event Center at Wynn Palace
The Theater and Event Center at Wynn Palace • 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 Wynn Palace Event Center ▪ 2,016 event chairs ▪ 318 VIP seats • Theater o 95k tota
Slide 21: Free Cash Flow Update
Free Cash Flow Update 21
Slide 22: Well-Defined Capex Cycle Tapering Off by 2027
Well-Defined Capex Cycle Tapering Off by 2027 Projects(1) 2026E 2027E • Remaining estimated equity contributions of • $375 – 450m • $300 – 350m $525 – $650m on the project(2) Wynn Al Marjan Island • Encore Tower renovation • Completion of Fairway • $350 – 375m • $175 – 200m Villas renovation • Cliff
Slide 23: Concession Capex Projects in Macau Well Underway
Concession Capex Projects in Macau Well Underway, And Continued Investment in Our Core Assets Projects(1) 2026E 2027E • The Enclave at Wynn Palace • Wynn Palace Event and Entertainment Center Wynn Palace • Wynn Palace Theater and • $350 – 400m • $750 – 800m Resident Show • Wynn Tower refresh at Wynn
Slide 24: Free Cash Flow Forecast Items
Free Cash Flow Forecast Items 2026 Domestic Cash Flow Forecast Items • $725 – $825m domestic project capex, which includes equity contributions for the development of Wynn Al Marjan Island, as Project Capex well as Las Vegas, Boston and other domestic capex projects Maintenance Capex • $90 – $115m i
Slide 25: Building On An Extensive Shareholder Return Program
Building On An Extensive Shareholder Return Program ~$1.2 Billion or ~13% (1) ~$350 Million in WRL Shares Repurchased Since of WRL Dividends Paid Since 2023 2022 ~$1.6 Billion Returned to WRL Shareholders Since 2022 Note: Through 6/30/2026. 25 1. Net of shares issued during the period, ~11% of share
Slide 26: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update 26
Slide 27: Significant Liquidity and Fortified Balance Sheet
Significant Liquidity and Fortified Balance Sheet Wynn Resorts’ Domestic Debt Maturity Profile ($ in millions) $1.7bn 4.1x 5.9% (5) $1,034 Net Lease- Weighted Total $880 (4) Adj. Avg. Cost Liquidity(1) Leverage(2) of Debt(3) $953 $1,000 $600 $750 $800 2026 2027 2028 2029 2030 2031 2032 2033 2034 Cre
Slide 28: Appendix
Appendix 28
Slide 29: Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Margin
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin 2Q26 vs. 2Q25 Three Months Ended June 30, 2026 Total Macau Las Vegas Encore Boston Reportable Corporate and (US$ in millions) Wynn Palace Wynn Macau Other Macau Total Operations Operations Har
Slide 30: Reconciliation of Net Income Attributable to Wynn Resorts to Adjusted Property EBITDAR
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-ope
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