Wynn Resorts, Limited · NASDAQ:WYNN
Wynn Resorts — Q3 2025 Earnings Presentation
29 slides from Wynn Resorts's earnings presentation, Nov 6, 2025
Slide 1: Wynn Resorts 3Q25 Earnings Presentation
Wynn Resorts 3Q25 Earnings Presentation November 2025 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 early 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 Wyn
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 ✓ Collectively, Wynn Resorts has earned more Forbes Five Star awards than any other ind
Slide 6: Best-in-Class Facilities and Service Levels Drive a "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 2.3x premium Since 2019, our Adjusted Property EBITDAR per hotel $199 room has grown ~2.5x as fast as our peers in Las Vegas $87 $92 $83 $6
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 Expected Opening of UAE in 1Q 2027
Diversified EBITDAR Base Further Enhanced by Expected Opening of UAE in 1Q 2027 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 C
Slide 9: Long-Term Shareholder Value Creation
Long-Term Shareholder Value Creation Significant Free Cash Large EBITDAR Base Defined Capex Cycle Flow Generation • $2.3 billion LTM 3Q25 Total • Completing the UAE investment • Strong balance sheet and liquidity Adjusted Property cycle in early 2027 position should enable continued EBITDAR(1) retur
Slide 10: Operational Update 3Q25
Operational Update 3Q25 10
Slide 11: Operational Excellence Driving Continued Strong Performance
Operational Excellence Driving Continued Strong Performance Las Vegas – Outstanding performer in the world’s greatest entertainment market Quarterly Total Adj. Property EBITDAR(1) o Continued market leader, with ongoing share gains ($ in millions) o Focus on quality and service allows us to continue
Slide 12: Wynn Las Vegas – Sustained Market Outperformance
Wynn Las Vegas(1) – Sustained Market Outperformance • Strong financial performance in 3Q25, with all gaming volumes up Y/Y Quarterly Total Adj. Property EBITDAR • Targeted investments continue to be made across key areas of the property ($ in millions) including the Fairway Villas renovation, Zero B
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) • New capex proj
Slide 15: Wynn Al Marjan Island Update
Wynn Al Marjan Island Update 15
Slide 16: Wynn Al Marjan Island – Significant Progress Towards An Early 2027 Opening
Wynn Al Marjan Island – Significant Progress Towards An Early 2027 Opening • In 3Q25, Wynn Al Marjan Island hired 98 new team members, bringing total employee count to date to 195, consisting of mostly senior level executives, senior management and G&A functions o ~300 anticipated by Dec 31, 2025 •
Slide 17: Wynn Al Marjan Island – Construction Progress Update
Wynn Al Marjan Island – Construction Progress Update Construction is on schedule, currently progressing through the 70th floor of the hotel, and will top out in December Note: As of October 27, 2025. 17
Slide 18: Announcing Janu Al Marjan Island
Announcing Janu Al Marjan Island • 132 hotel rooms, plus an exclusive number of Janu-branded residences and a limited collection of standalone villas • The resort is the sixth Janu property from Aman Group, a proven ultra-high-end operator • Aligned with our vision of a cohesive luxury experience ac
Slide 19: Free Cash Flow Update
Free Cash Flow Update 19
Slide 20: Well-Defined Capex Cycle Tapering Off by 2027
Well-Defined Capex Cycle Tapering Off by 2027 Projects(1) 2025E 2026E • Remaining estimated equity contributions of • $350 – 375m • $375 – 450m $525 – $625m on the project(2) Wynn Al Marjan Island • Completion of Fairway Villas renovation • Zero Bond • Golf Course Club House & • $200 – 225m • $375 –
Slide 21: Concession Capex Projects in Macau Well Underway, And Continued Investment in Our Core Assets
Concession Capex Projects in Macau Well Underway, And Continued Investment in Our Core Assets Projects(1) 2025E 2026E • Chairman’s Club at Wynn Palace • Wynn Tower refresh at Wynn Macau Wynn Palace • $200 – 250m • $450 – 500m • Wynn Palace Event and Entertainment Center • Wynn Palace Theater and Res
Slide 22: Free Cash Flow Forecast Items
Free Cash Flow Forecast Items 2025 Domestic Cash Flow Forecast Items • $575 – $625m 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 23: Building On An Extensive Shareholder Return Program
Building On An Extensive Shareholder Return Program ~$1.1 Billion or ~12% (1) ~$275 Million in WRL Shares Repurchased Since of WRL Dividends Paid Since 2023 2022 ~$1.4 Billion Returned to WRL Shareholders Since 2022 Note: Through 9/30/2025. 23 1. Net of shares issued during the period, ~10% of share
Slide 24: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update 24
Slide 25: Significant Liquidity and Fortified Balance Sheet With Limited Near-Term Maturities
Significant Liquidity and Fortified Balance Sheet With Limited Near-Term Maturities Wynn Resorts’ Domestic Debt Maturity Profile ($ in millions) $1.7bn 3.8x 6.0% (5) Net Lease- Weighted (4) $1,234 Total $880 Adj. Avg. Cost Liquidity(1) Leverage(2) of Debt(3) $1,000 $600 $750 $753 $800 1 2025 2026 20
Slide 26: Appendix
Appendix 26
Slide 27: Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Margin
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin 3Q25 vs. 3Q24 Three Months Ended September 30, 2025 Total Macau Las Vegas Encore Boston Reportable Corporate and (US$ in millions) Wynn Palace Wynn Macau Other Macau Total Operations Operation
Slide 28: Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR
Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR LTM 3Q25 (US$ in millions) 4Q24 1Q25 2Q25 3Q25 LTM 3Q25 Net income (loss) attributable to Wynn Resorts, Limited $277 $73 $66 $88 $504 Net income attributable to noncontrolling interests 45 9 11 40 105 Pre
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