Wynn Resorts, Limited · NASDAQ:WYNN
Wynn Resorts — Q1 2025 Earnings Presentation
29 slides from Wynn Resorts's earnings presentation, May 6, 2025
Slide 1: Wynn Resorts 1Q25 Earnings Presentation
Wynn Resorts 1Q25 Earnings Presentation May 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 which is vertically integrated across all three
Slide 4: Iconic, Irreplaceable Assets in the World's Most Attractive Gaming Markets
Iconic, Irreplaceable Assets in the World’s Most Attractive Gaming Markets The development of Wynn Al Marjan Island and pending acquisition of Crown London Aspinalls(1) will further solidify Wynn’s position as the premier luxury global gaming operator Encore Boston Harbor (5) Wynn Mayfair (1) Wynn A
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: 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 the most exciting new market for Integrated Resort development in decade
Slide 8: Diversified EBITDAR Base Further Enhanced by Opening of UAE in 1Q 2027
Diversified EBITDAR Base Further Enhanced by 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 Consolidat
Slide 9: Long-Term Shareholder Value Creation
Long-Term Shareholder Value Creation Significant Free Cash Large EBITDAR Base Defined Capex Cycle Flow Generation • $2.3 billion LTM 1Q25 Total • Completing the UAE • Strong balance sheet and Adjusted Property investment cycle in late liquidity position enables EBITDAR(1) 2026 return of capital to s
Slide 10: Operational Update 1Q25
Operational Update 1Q25 10
Slide 11: Operational Excellence Driving Continued Strong Performance
Operational Excellence Driving Continued Strong Performance Las Vegas – Extending our leadership position in the world’s greatest entertainment market Quarterly Total Adj. Property EBITDAR(1) ($ in millions) o Strong financial performance in 1Q25 and continued market share gains despite union-relate
Slide 12: Wynn Las Vegas – Strong Operating Performance On Challenging Y/Y Comps
Wynn Las Vegas – Strong Operating Performance On Challenging Y/Y Comps(1) Extending our leadership position on the LV Strip Quarterly Adj. Property EBITDAR • Strong financial performance in 1Q25, against a prior year period ($ in millions) that benefitted from the Super Bowl that was held in Las Veg
Slide 13: Encore Boston Harbor – Stable Operating Performance
Encore Boston Harbor – Stable Operating Performance The East Coast’s Only Forbes 5-Star Casino Resort Quarterly Adj. Property EBITDAR • Steady operating performance ($ in millions) (9.0)% o Strong return on equity following de-risking sale leaseback $63 $57 transaction • Continued runway for long-te
Slide 14: Macau Operations – Strong Long-Term Positioning in a Competitive Market
Macau Operations(1) – Strong Long-Term Positioning in a Competitive Market • Healthy balance sheet and strong free cash flow generation allows us to continue to invest in our assets and return capital to Quarterly Adj. Property EBITDAR shareholders – including an increased Final Dividend of $125 ($
Slide 15: Wynn Al Marjan Island Update
Wynn Al Marjan Island Update 15
Slide 16: Wynn Al Marjan Island – Construction Progress Update
Wynn Al Marjan Island – Construction Progress Update Construction is progressing on schedule, currently through the 47th floor of the hotel tower Note: As of April 30, 2025. 16
Slide 17: We Have Made Significant Progress Towards An Early-2027 Opening
We Have Made Significant Progress Towards An Early-2027 Opening • In 1Q25, Wynn Al Marjan Island hired 25 new team members to join the project, bringing our total employee count to date to 49, consisting of mostly senior level executives and senior management o ~327 anticipated by YE2025 o Launched
Slide 18: Free Cash Flow Update
Free Cash Flow Update 18
Slide 19: Well-Defined Capex Cycle Coming to a Natural Conclusion in late 2026
Well-Defined Capex Cycle Coming to a Natural Conclusion in late 2026 Projects(1) 2025 2026 • Remaining estimated equity contributions of • ~$350 – 375mm • ~$350 – 400mm $650 – $725mm on the project Wynn Al Marjan Island • Completion of Fairway Villas renovation • Zero Bond • Golf Course Club House &
Slide 20: Concession Capex Projects in Macau Well Underway
Concession Capex Projects in Macau Well Underway, And Continued Investment in Our Core Assets Projects(1) 2025 2026 • Wynn Palace Event and Entertainment Center Wynn Palace • ~$250 – 300mm • ~$450 – 500mm • Wynn Palace Theater and Resident Show Wynn Macau 20 1. Select larger projects, not meant to b
Slide 21: Free Cash Flow Forecast Items
Free Cash Flow Forecast Items 2025 Domestic Cash Flow Forecast Items • $750 – $800mm domestic project capex, which includes equity contributions for the development of Wynn Al Marjan Island, Project Capex as well as Las Vegas, Boston and other domestic capex projects(1) Maintenance Capex • $90 – $11
Slide 22: Building on the Extensive Capital Return Program
Building on the Extensive Capital Return Program Already Underway at Wynn Resorts, Limited ~$950 Million or ~10% (1) ~$220 Million of Gross WRL Shares Repurchased of WRL Dividends Paid Since 2023 Since 2022 Over ~$1.1 Billion of Capital Returned to WRL Shareholders Since 2022 Note: Through 3/31/2025
Slide 23: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update 23
Slide 24: Significant Liquidity and Fortified Balance Sheet With Limited Near-Term Maturities
Significant Liquidity and Fortified Balance Sheet With Limited Near-Term Maturities Wynn Resorts’ Domestic Debt Maturity Profile ($ in millions) (3) $735 $1.3bn 4.3x 6.0% (4) Net Lease- Weighted $880 Total Liquidity(1) Adj. Avg. Cost (5) Leverage(2) of Debt $1,353 $1,000 $800 $750 1 2025 2026 2027 2
Slide 25: Appendix
Appendix 25
Slide 26: Reconciliation of Operating Income to Adjusted Property EBITDAR
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDAR and Adjusted Property EBITDAR Margin 1Q25 vs. 1Q24 Three Months Ended March 31, 2025 Total Macau Las Vegas Encore Boston Reportable Corporate and (US$ in millions) Wynn Palace Wynn Macau Other Macau Total Operations Operations Ha
Slide 27: Reconciliation of Net Income to Adjusted Property EBITDAR (LTM 1Q25)
Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR LTM 1Q25 (US$ in millions) 2Q24 3Q24 4Q24 1Q25 LTM 1Q25 Net income (loss) attributable to Wynn Resorts, Limited $112 ($32) $277 $73 $430 Net income attributable to noncontrolling interests 34 27 45 9 115
Slide 28: Reconciliation of Net Income to Adjusted Property EBITDAR (LTM 1Q24)
Reconciliation of Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR LTM 1Q24 (US$ in millions) 2Q23 3Q23 4Q23 1Q24 LTM 1Q24 Net income (loss) attributable to Wynn Resorts, Limited $105 ($117) $729 $144 $862 Net income attributable to noncontrolling interests 23 (4) 45 32
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