Wynn Resorts, Limited · NASDAQ:WYNN
Wynn Resorts — Q1 2026 Earnings Presentation
34 slides from Wynn Resorts's earnings presentation, May 7, 2026
Slide 1: Wynn Resorts 1Q26 Earnings Presentation
Wynn Resorts 1Q26 Earnings Presentation May 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 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 Wynn | En
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: 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 2.4x 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 in the UAE
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 • $2.3 billion LTM 1Q26 Total • Completing the initial UAE • Strong balance sheet and liquidity Adjusted Property investment cycle in 2027 position should enable continued EBITDAR(1) ret
Slide 10: Operational Update 1Q26
Operational Update 1Q26 10
Slide 11: Operational Excellence Driving Continued Strong Performance
Operational Excellence Driving Continued Strong Performance Las Vegas – Outstanding performer in the world’s greatest entertainment market Quarterly Total Adj. Property EBITDAR o Continued market leader, with ongoing share gains ($ in millions) o Focus on quality and service allows us to continue to
Slide 12: Wynn Las Vegas – Sustained Market Outperformance
Wynn Las Vegas(1) – Sustained Market Outperformance • Strong financial performance in 1Q26, with all gaming volumes up Y/Y Quarterly Total Adj. Property EBITDAR • Successfully opened Zero Bond and Sartiano’s in 1Q26. Initial feedback has been incredibly positive ($ in millions) • Targeted investment
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 A 2027 Opening
Wynn Al Marjan Island – Significant Progress Towards A 2027 Opening • In 1Q26, Wynn Al Marjan Island hired a net 117 new team members, bringing total employee count to date to 368, consisting of mostly senior level executives, senior management and G&A functions • Key division heads and senior leade
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 April 14, 2026. 17
Slide 18: The Enclave at Wynn Palace
The Enclave at Wynn Palace 18
Slide 19: Announcing The Enclave at Wynn Palace
Announcing 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, with an anticipated construction tim
Slide 20: Additional Enclave Renderings
Additional Enclave Renderings 20
Slide 21: Additional Enclave Renderings
Additional Enclave Renderings 21
Slide 22: Additional Enclave Renderings
Additional Enclave Renderings 22
Slide 23: Additional Enclave Renderings
Additional Enclave Renderings 23
Slide 24: Free Cash Flow Update
Free Cash Flow Update 24
Slide 25: 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 • $75 – 100m $350 – $450m on the project(2) Wynn Al Marjan Island • Encore Tower renovation • Completion of Fairway • $375 – 400m • $150 – 175m Villas renovation • Cliff
Slide 26: 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) 2026E 2027E • The Enclave at Wynn Palace • Wynn Palace Event and Entertainment Center Wynn Palace • Wynn Palace Theater and • $400 – 450m • $700 – 750m Resident Show • Wynn Tower refresh at Wynn
Slide 27: Free Cash Flow Forecast Items
Free Cash Flow Forecast Items 2026 Domestic Cash Flow Forecast Items • $750 – $850m 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 28: Building On An Extensive Shareholder Return Program
Building On An Extensive Shareholder Return Program ~$1.2 Billion or ~12% (1) ~$300 Million in WRL Shares Repurchased Since of WRL Dividends Paid Since 2023 2022 ~$1.5 Billion Returned to WRL Shareholders Since 2022 Note: Through 3/31/2026. 28 1. Net of shares issued during the period, ~10% of share
Slide 29: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update 29
Slide 30: Significant Liquidity and Fortified Balance Sheet With Limited Near-Term Maturities
Significant Liquidity and Fortified Balance Sheet With Limited Near-Term Maturities Wynn Resorts’ Domestic Debt Maturity Profile ($ in millions) $1.6bn 4.2x 5.9% (5) Net Lease- Weighted $1,236 Total $880 (4) Adj. Avg. Cost Liquidity(1) Leverage(2) of Debt(3) $1,000 $600 $750 $753 $800 2026 2027 2028
Slide 31: Appendix
Appendix 31
Slide 32: Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Margin
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin 1Q26 vs. 1Q25 Three Months Ended March 31, 2026 Total Macau Las Vegas Encore Boston Reportable Corporate and (US$ in millions) Wynn Palace Wynn Macau Other Macau Total Operations Operations Ha
Slide 33: 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 1Q26 (US$ in millions) 2Q25 3Q25 4Q25 1Q26 LTM 1Q26 Net income attributable to Wynn Resorts, Limited $66 $88 $100 $120 $375 Net income attributable to noncontrolling interests 11 40 22 30 103 Pre-open
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