10-Q 1 wynn-20240930.htm 10-Q wynn-20240930
000117492212/312024Q3falsehttp://fasb.org/us-gaap/2023#Investments4.8755.55.55.6255.1254.55.55.255.1257.1256.25xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:HKDxbrli:shares00011749222024-01-012024-09-3000011749222024-10-2900011749222024-09-3000011749222023-12-310001174922us-gaap:CasinoMember2024-07-012024-09-300001174922us-gaap:CasinoMember2023-07-012023-09-300001174922us-gaap:CasinoMember2024-01-012024-09-300001174922us-gaap:CasinoMember2023-01-012023-09-300001174922us-gaap:OccupancyMember2024-07-012024-09-300001174922us-gaap:OccupancyMember2023-07-012023-09-300001174922us-gaap:OccupancyMember2024-01-012024-09-300001174922us-gaap:OccupancyMember2023-01-012023-09-300001174922us-gaap:FoodAndBeverageMember2024-07-012024-09-300001174922us-gaap:FoodAndBeverageMember2023-07-012023-09-300001174922us-gaap:FoodAndBeverageMember2024-01-012024-09-300001174922us-gaap:FoodAndBeverageMember2023-01-012023-09-300001174922wynn:EntertainmentRetailAndOtherMember2024-07-012024-09-300001174922wynn:EntertainmentRetailAndOtherMember2023-07-012023-09-300001174922wynn:EntertainmentRetailAndOtherMember2024-01-012024-09-300001174922wynn:EntertainmentRetailAndOtherMember2023-01-012023-09-3000011749222024-07-012024-09-3000011749222023-07-012023-09-3000011749222023-01-012023-09-300001174922us-gaap:CommonStockMember2024-06-300001174922us-gaap:TreasuryStockCommonMember2024-06-300001174922us-gaap:AdditionalPaidInCapitalMember2024-06-300001174922us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001174922us-gaap:RetainedEarningsMember2024-06-300001174922us-gaap:ParentMember2024-06-300001174922us-gaap:NoncontrollingInterestMember2024-06-3000011749222024-06-300001174922us-gaap:RetainedEarningsMember2024-07-012024-09-300001174922us-gaap:ParentMember2024-07-012024-09-300001174922us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001174922us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001174922us-gaap:CommonStockMember2024-07-012024-09-300001174922us-gaap:TreasuryStockCommonMember2024-07-012024-09-300001174922us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001174922us-gaap:CommonStockMember2024-09-300001174922us-gaap:TreasuryStockCommonMember2024-09-300001174922us-gaap:AdditionalPaidInCapitalMember2024-09-300001174922us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001174922us-gaap:RetainedEarningsMember2024-09-300001174922us-gaap:ParentMember2024-09-300001174922us-gaap:NoncontrollingInterestMember2024-09-300001174922us-gaap:CommonStockMember2023-06-300001174922us-gaap:TreasuryStockCommonMember2023-06-300001174922us-gaap:AdditionalPaidInCapitalMember2023-06-300001174922us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001174922us-gaap:RetainedEarningsMember2023-06-300001174922us-gaap:ParentMember2023-06-300001174922us-gaap:NoncontrollingInterestMember2023-06-3000011749222023-06-300001174922us-gaap:RetainedEarningsMember2023-07-012023-09-300001174922us-gaap:ParentMember2023-07-012023-09-300001174922us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001174922us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001174922us-gaap:CommonStockMember2023-07-012023-09-300001174922us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001174922us-gaap:TreasuryStockCommonMember2023-07-012023-09-300001174922us-gaap:CommonStockMember2023-09-300001174922us-gaap:TreasuryStockCommonMember2023-09-300001174922us-gaap:AdditionalPaidInCapitalMember2023-09-300001174922us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001174922us-gaap:RetainedEarningsMember2023-09-300001174922us-gaap:ParentMember2023-09-300001174922us-gaap:NoncontrollingInterestMember2023-09-3000011749222023-09-300001174922us-gaap:CommonStockMember2023-12-310001174922us-gaap:TreasuryStockCommonMember2023-12-310001174922us-gaap:AdditionalPaidInCapitalMember2023-12-310001174922us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001174922us-gaap:RetainedEarningsMember2023-12-310001174922us-gaap:ParentMember2023-12-310001174922us-gaap:NoncontrollingInterestMember2023-12-310001174922us-gaap:RetainedEarningsMember2024-01-012024-09-300001174922us-gaap:ParentMember2024-01-012024-09-300001174922us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001174922us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001174922us-gaap:CommonStockMember2024-01-012024-09-300001174922us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001174922us-gaap:TreasuryStockCommonMember2024-01-012024-09-300001174922us-gaap:CommonStockMember2022-12-310001174922us-gaap:TreasuryStockCommonMember2022-12-310001174922us-gaap:AdditionalPaidInCapitalMember2022-12-310001174922us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001174922us-gaap:RetainedEarningsMember2022-12-310001174922us-gaap:ParentMember2022-12-310001174922us-gaap:NoncontrollingInterestMember2022-12-3100011749222022-12-310001174922us-gaap:RetainedEarningsMember2023-01-012023-09-300001174922us-gaap:ParentMember2023-01-012023-09-300001174922us-gaap:NoncontrollingInterestMember2023-01-012023-09-300001174922us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001174922us-gaap:CommonStockMember2023-01-012023-09-300001174922us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001174922us-gaap:TreasuryStockCommonMember2023-01-012023-09-300001174922wynn:WynnPalaceandWynnMacauMember2024-09-300001174922wynn:WynnLasVegasMember2024-09-300001174922wynn:RetailJointVentureMember2024-09-300001174922wynn:Island3AMIFZLLCMember2024-09-300001174922wynn:CashHeldInTrustAccountsForDebtExtinguishmentMemberwynn:FiveandOneHalfPercentSeniorNotesDueMarchOneTwentyTwentyFiveMember2024-09-300001174922wynn:CashHeldInTrustAccountsForDebtExtinguishmentMemberwynn:FourandSevenOverEightPercentageWynnMacauLimitedSeniorNotesDueOctoberOneTwoThousandTwentyFourMember2024-09-300001174922us-gaap:CasinoMember2024-09-300001174922us-gaap:CasinoMember2023-12-310001174922srt:HotelMember2024-09-300001174922srt:HotelMember2023-12-310001174922wynn:RetailLeasesAndOtherMember2024-09-300001174922wynn:RetailLeasesAndOtherMember2023-12-310001174922srt:AsiaMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-01-012024-09-300001174922srt:AsiaMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-01-012024-03-310001174922us-gaap:ConstructionInProgressMember2024-01-012024-09-300001174922wynn:WMCaymanIIRevolverDue2025Memberus-gaap:RevolvingCreditFacilityMemberwynn:WMCaymanHoldingsLimitedIIMember2024-09-300001174922wynn:WMCaymanIIRevolverDue2025Memberus-gaap:RevolvingCreditFacilityMemberwynn:WMCaymanHoldingsLimitedIIMember2023-12-310001174922wynn:FourandSevenOverEightPercentageWynnMacauLimitedSeniorNotesDueOctoberOneTwoThousandTwentyFourMemberus-gaap:SeniorNotesMemberwynn:WynnMacauLimitedMember2024-09-300001174922wynn:FourandSevenOverEightPercentageWynnMacauLimitedSeniorNotesDueOctoberOneTwoThousandTwentyFourMemberus-gaap:SeniorNotesMemberwynn:WynnMacauLimitedMember2023-12-310001174922wynn:FiveAndOneOverTwoPercentageWynnMacauLimitedSeniorNotesDueTwoThousandTwentySixMemberus-gaap:SeniorNotesMemberwynn:WynnMacauLimitedMember2024-09-300001174922wynn:FiveAndOneOverTwoPercentageWynnMacauLimitedSeniorNotesDueTwoThousandTwentySixMemberus-gaap:SeniorNotesMemberwynn:WynnMacauLimitedMember2023-12-310001174922wynn:FiveAndOneOverTwoPercentageWynnMacauLimitedSeniorNotesDueOctoberOneTwoThousandTwentySevenMemberus-gaap:SeniorNotesMemberwynn:WynnMacauLimitedMember2024-09-300001174922wynn:FiveAndOneOverTwoPercentageWynnMacauLimitedSeniorNotesDueOctoberOneTwoThousandTwentySevenMemberus-gaap:SeniorNotesMemberwynn:WynnMacauLimitedMember2023-12-310001174922wynn:FiveAndOneOverEightPercentageWynnMacauLimitedSeniorNotesDueTwoThousandTwentyNineMemberus-gaap:SeniorNotesMemberwynn:WynnMacauLimitedMember2024-09-300001174922wynn:FiveAndOneOverEightPercentageWynnMacauLimitedSeniorNotesDueTwoThousandTwentyNineMemberus-gaap:SeniorNotesMemberwynn:WynnMacauLimitedMember2023-12-310001174922wynn:FiveAndFiveOverEightPercentageWynnMacauLimitedSeniorNotesDueTwoThousandTwentyEightMemberus-gaap:SeniorNotesMemberwynn:WynnMacauLimitedMember2024-09-300001174922wynn:FiveAndFiveOverEightPercentageWynnMacauLimitedSeniorNotesDueTwoThousandTwentyEightMemberus-gaap:SeniorNotesMemberwynn:WynnMacauLimitedMember2023-12-310001174922wynn:FourAndOneOverTwoPercentageWynnMacauLimitedConvertibleBondsDueTwoThousandTwentyNineMemberus-gaap:ConvertibleDebtMemberwynn:WynnMacauLimitedMember2024-09-300001174922wynn:FourAndOneOverTwoPercentageWynnMacauLimitedConvertibleBondsDueTwoThousandTwentyNineMemberus-gaap:ConvertibleDebtMemberwynn:WynnMacauLimitedMember2023-12-310001174922wynn:SeniorTermLoanFacilityDue2024Memberus-gaap:SecuredDebtMemberwynn:WynnResortsFinanceLLCMember2024-09-300001174922wynn:SeniorTermLoanFacilityDue2024Memberus-gaap:SecuredDebtMemberwynn:WynnResortsFinanceLLCMember2023-12-310001174922wynn:SeniorTermLoanFacilityDue2027Memberus-gaap:SecuredDebtMemberwynn:WynnResortsFinanceLLCMember2024-09-300001174922wynn:SeniorTermLoanFacilityDue2027Memberus-gaap:SecuredDebtMemberwynn:WynnResortsFinanceLLCMember2023-12-310001174922wynn:FiveandOneHalfPercentSeniorNotesDueMarchOneTwentyTwentyFiveMemberus-gaap:SeniorNotesMemberwynn:WynnLasVegasLLCandWynnLasVegasCapitalCorpMember2024-09-300001174922wynn:FiveandOneHalfPercentSeniorNotesDueMarchOneTwentyTwentyFiveMemberus-gaap:SeniorNotesMemberwynn:WynnLasVegasLLCandWynnLasVegasCapitalCorpMember2023-12-310001174922wynn:FiveAndOneOverFourPercentageSeniorNotesDueMay152027Memberus-gaap:SeniorNotesMemberwynn:WynnLasVegasLLCandWynnLasVegasCapitalCorpMember2024-09-300001174922wynn:FiveAndOneOverFourPercentageSeniorNotesDueMay152027Memberus-gaap:SeniorNotesMemberwynn:WynnLasVegasLLCandWynnLasVegasCapitalCorpMember2023-12-310001174922wynn:FiveAndOneOverEightPercentageSeniorNotesDue2029Memberus-gaap:SeniorNotesMemberwynn:WynnResortsFinanceLLCMember2024-09-300001174922wynn:FiveAndOneOverEightPercentageSeniorNotesDue2029Memberus-gaap:SeniorNotesMemberwynn:WynnResortsFinanceLLCMember2023-12-310001174922wynn:SevenAndOneOverEightPercentageSeniorNotesDue2031Memberus-gaap:SeniorNotesMemberwynn:WynnResortsFinanceLLCMember2024-09-300001174922wynn:SevenAndOneOverEightPercentageSeniorNotesDue2031Memberus-gaap:SeniorNotesMemberwynn:WynnResortsFinanceLLCMember2023-12-310001174922wynn:A614SeniorNotesDue2033Memberus-gaap:SeniorNotesMemberwynn:WynnResortsFinanceLLCMember2024-09-300001174922wynn:A614SeniorNotesDue2033Memberus-gaap:SeniorNotesMemberwynn:WynnResortsFinanceLLCMember2023-12-310001174922wynn:RetailTermLoanAgreementMemberus-gaap:MediumTermNotesMemberwynn:WynnCAPlazaPropertyOwnerLLCAndWynnCAPropertyOwnerLLCMember2024-09-300001174922wynn:RetailTermLoanAgreementMemberus-gaap:MediumTermNotesMemberwynn:WynnCAPlazaPropertyOwnerLLCAndWynnCAPropertyOwnerLLCMember2023-12-310001174922wynn:WMCaymanIIRevolverDue2025Memberwynn:SecuredOvernightFinancingRateSOFRMemberus-gaap:RevolvingCreditFacilityMemberwynn:WMCaymanHoldingsLimitedIIMember2024-01-012024-09-300001174922srt:MinimumMemberwynn:WMCaymanIIRevolverDue2025Memberus-gaap:RevolvingCreditFacilityMemberwynn:WMCaymanHoldingsLimitedIIMemberwynn:HIBOROrLIBORMember2024-01-012024-09-300001174922srt:MaximumMemberwynn:WMCaymanIIRevolverDue2025Memberus-gaap:RevolvingCreditFacilityMemberwynn:WMCaymanHoldingsLimitedIIMemberwynn:HIBOROrLIBORMember2024-01-012024-09-300001174922wynn:WMCaymanIIRevolverDue2025Memberwynn:LondonInterbankOfferedRateLIBOR1Memberus-gaap:RevolvingCreditFacilityMemberwynn:WMCaymanHoldingsLimitedIIMember2024-09-300001174922wynn:WMCaymanIIRevolverDue2025Memberwynn:HIBORMemberus-gaap:RevolvingCreditFacilityMemberwynn:WMCaymanHoldingsLimitedIIMember2024-09-300001174922wynn:WMCaymanIIRevolverDue2025Memberwynn:LondonInterbankOfferedRateLIBOR1Memberus-gaap:RevolvingCreditFacilityMemberwynn:WMCaymanHoldingsLimitedIIMember2024-01-012024-09-300001174922wynn:WMCaymanIIRevolverDue2025Memberwynn:HIBORMemberus-gaap:RevolvingCreditFacilityMemberwynn:WMCaymanHoldingsLimitedIIMember2024-01-012024-09-300001174922wynn:FourAndOneOverTwoPercentageWynnMacauLimitedConvertibleBondsDueTwoThousandTwentyNineMemberus-gaap:ConvertibleDebtMemberwynn:WynnMacauLimitedMember2024-07-012024-09-300001174922wynn:FourAndOneOverTwoPercentageWynnMacauLimitedConvertibleBondsDueTwoThousandTwentyNineMemberus-gaap:ConvertibleDebtMemberwynn:WynnMacauLimitedMember2023-07-012023-09-300001174922wynn:FourAndOneOverTwoPercentageWynnMacauLimitedConvertibleBondsDueTwoThousandTwentyNineMemberus-gaap:ConvertibleDebtMemberwynn:WynnMacauLimitedMember2024-01-012024-09-300001174922wynn:FourAndOneOverTwoPercentageWynnMacauLimitedConvertibleBondsDueTwoThousandTwentyNineMemberus-gaap:ConvertibleDebtMemberwynn:WynnMacauLimitedMember2023-01-012023-09-300001174922wynn:SecuredOvernightFinancingRateSOFRMemberus-gaap:SecuredDebtMemberwynn:WynnResortsFinanceLLCMember2024-01-012024-09-300001174922wynn:WRFSeniorSecuredCreditFacilitiesMemberwynn:SecuredOvernightFinancingRateSOFRMemberwynn:WynnResortsFinanceLLCMember2024-09-300001174922wynn:SeniorRevolvingCreditFacilityDue2024Memberus-gaap:RevolvingCreditFacilityMemberwynn:WynnResortsFinanceLLCMember2024-09-300001174922wynn:RetailTermLoanAgreementMemberwynn:SecuredOvernightFinancingRateSOFRMemberus-gaap:MediumTermNotesMemberwynn:WynnCAPlazaPropertyOwnerLLCAndWynnCAPropertyOwnerLLCMember2024-01-012024-09-300001174922us-gaap:SubsequentEventMemberwynn:RetailTermLoanAgreementMemberus-gaap:MediumTermNotesMemberwynn:WynnCAPlazaPropertyOwnerLLCAndWynnCAPropertyOwnerLLCMemberwynn:SecuredOvernightFinancingRateSOFRMember2024-10-022024-10-020001174922wynn:WMCaymanIIRevolverDue2025Memberus-gaap:RevolvingCreditFacilityMemberwynn:WMCaymanHoldingsLimitedIIMember2024-09-200001174922us-gaap:SubsequentEventMemberwynn:FourandSevenOverEightPercentageWynnMacauLimitedSeniorNotesDueOctoberOneTwoThousandTwentyFourMemberus-gaap:SeniorNotesMemberwynn:WynnMacauLimitedMember2024-10-012024-10-010001174922wynn:SeniorRevolvingCreditFacilityDue2024Memberus-gaap:RevolvingCreditFacilityMemberwynn:WynnResortsFinanceLLCMember2024-09-160001174922us-gaap:SecuredDebtMemberwynn:WynnResortsFinanceLLCMember2024-09-160001174922wynn:WRFCreditFacilityAgreementAmendmentMemberus-gaap:SecuredDebtMemberwynn:WynnResortsFinanceLLCMember2024-09-162024-09-160001174922wynn:WRFCreditFacilityAgreementAmendmentMemberus-gaap:SecuredDebtMemberwynn:WynnResortsFinanceLLCMember2024-09-300001174922wynn:SevenAndOneOverEightPercentageSeniorNotesDue2031Memberus-gaap:SeniorNotesMemberwynn:WynnResortsFinanceLLCMember2024-02-290001174922wynn:SevenAndOneOverEightPercentageSeniorNotesDue2031Memberus-gaap:SeniorNotesMemberwynn:WynnResortsFinanceLLCMember2024-02-012024-03-310001174922wynn:FiveandOneHalfPercentSeniorNotesDueMarchOneTwentyTwentyFiveMemberus-gaap:SeniorNotesMemberwynn:WynnLasVegasLLCandWynnLasVegasCapitalCorpMember2024-02-012024-03-310001174922us-gaap:SeniorNotesMemberwynn:WRF2031SeniorNotesAndWLV2025SeniorNotesMember2024-01-012024-09-300001174922us-gaap:SeniorNotesMemberwynn:WRF2031SeniorNotesAndWLV2025SeniorNotesMember2024-09-300001174922wynn:A614SeniorNotesDue2033Memberus-gaap:SeniorNotesMemberwynn:WynnResortsFinanceLLCMember2024-09-012024-09-300001174922us-gaap:SeniorNotesMemberwynn:FiveandOneHalfPercentSeniorNotesDueMarchOneTwentyTwentyFiveMember2024-03-310001174922wynn:FiveandOneHalfPercentSeniorNotesDueMarchOneTwentyTwentyFiveMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberus-gaap:SeniorNotesMember2024-03-310001174922wynn:FiveandOneHalfPercentSeniorNotesDueMarchOneTwentyTwentyFiveMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberus-gaap:SeniorNotesMember2024-02-012024-03-310001174922wynn:FiveandOneHalfPercentSeniorNotesDueMarchOneTwentyTwentyFiveMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:SeniorNotesMember2024-03-310001174922us-gaap:SeniorNotesMemberwynn:FiveandOneHalfPercentSeniorNotesDueMarchOneTwentyTwentyFiveMember2024-02-012024-03-310001174922us-gaap:SubsequentEventMemberwynn:FiveandOneHalfPercentSeniorNotesDueMarchOneTwentyTwentyFiveMemberus-gaap:SeniorNotesMember2024-10-310001174922us-gaap:SubsequentEventMemberwynn:FiveandOneHalfPercentSeniorNotesDueMarchOneTwentyTwentyFiveMemberus-gaap:SeniorNotesMember2024-10-012024-10-310001174922us-gaap:SubsequentEventMemberwynn:RetailTermLoanAgreementMemberus-gaap:MediumTermNotesMemberwynn:WynnCAPlazaPropertyOwnerLLCAndWynnCAPropertyOwnerLLCMember2024-10-022024-10-020001174922srt:MaximumMemberus-gaap:SubsequentEventMemberwynn:RetailTermLoanAgreementMemberus-gaap:MediumTermNotesMemberwynn:WynnCAPlazaPropertyOwnerLLCAndWynnCAPropertyOwnerLLCMemberwynn:SecuredOvernightFinancingRateSOFRMember2024-10-022024-10-020001174922us-gaap:MeasurementInputSharePriceMember2024-09-300001174922us-gaap:MeasurementInputSharePriceMember2023-12-310001174922us-gaap:MeasurementInputPriceVolatilityMember2024-09-300001174922us-gaap:MeasurementInputPriceVolatilityMember2023-12-310001174922us-gaap:MeasurementInputRiskFreeInterestRateMember2024-09-300001174922us-gaap:MeasurementInputRiskFreeInterestRateMember2023-12-310001174922us-gaap:MeasurementInputExpectedTermMember2024-09-300001174922us-gaap:MeasurementInputExpectedTermMember2023-12-310001174922us-gaap:MeasurementInputExpectedDividendRateMember2024-09-300001174922us-gaap:MeasurementInputExpectedDividendRateMember2023-12-310001174922wynn:WMLConvertibleBondsMemberus-gaap:ConvertibleDebtMemberwynn:WynnMacauLimitedMember2024-09-300001174922wynn:WMLConvertibleBondsMemberus-gaap:ConvertibleDebtMemberwynn:WynnMacauLimitedMember2023-12-310001174922wynn:April2016EquityRepurchaseProgramMember2016-04-300001174922wynn:April2016EquityRepurchaseProgramMember2024-07-012024-09-300001174922wynn:April2016EquityRepurchaseProgramMember2024-01-012024-09-300001174922wynn:April2016EquityRepurchaseProgramMember2023-07-012023-09-300001174922wynn:April2016EquityRepurchaseProgramMember2023-01-012023-09-300001174922wynn:April2016EquityRepurchaseProgramMember2024-09-300001174922us-gaap:SubsequentEventMember2024-11-0100011749222024-04-012024-06-3000011749222024-01-012024-03-310001174922us-gaap:RetainedEarningsMemberwynn:O2024Q1DividendsMember2024-01-012024-03-310001174922us-gaap:RetainedEarningsMemberwynn:O2024Q2DividendsMember2024-04-012024-06-300001174922us-gaap:RetainedEarningsMemberwynn:O2024Q3DividendsMember2024-07-012024-09-300001174922us-gaap:SubsequentEventMember2024-11-040001174922srt:SubsidiariesMemberwynn:WynnMacauLimitedMember2024-09-122024-09-120001174922wynn:WynnMacauLimitedMember2024-09-122024-09-120001174922srt:SubsidiariesMemberwynn:WynnMacauLimitedMember2024-06-192024-06-190001174922wynn:WynnMacauLimitedMember2024-06-192024-06-190001174922wynn:GoldmanSachsInternationalMemberwynn:SecuritiesLendingAgreementMemberwynn:WMCaymanIMember2023-03-020001174922us-gaap:SubsequentEventMemberwynn:GoldmanSachsInternationalMemberwynn:SecuritiesLendingAgreementMemberwynn:WMCaymanIMember2024-11-040001174922us-gaap:FairValueMeasurementsRecurringMember2024-09-300001174922us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-09-300001174922us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-09-300001174922us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-09-300001174922us-gaap:FairValueMeasurementsRecurringMember2023-12-310001174922us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310001174922us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001174922us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310001174922wynn:RoomsMember2024-07-012024-09-300001174922wynn:RoomsMember2023-07-012023-09-300001174922wynn:RoomsMember2024-01-012024-09-300001174922wynn:RoomsMember2023-01-012023-09-300001174922wynn:GeneralAndAdministrativeMember2024-07-012024-09-300001174922wynn:GeneralAndAdministrativeMember2023-07-012023-09-300001174922wynn:GeneralAndAdministrativeMember2024-01-012024-09-300001174922wynn:GeneralAndAdministrativeMember2023-01-012023-09-300001174922wynn:SecuritiesClassActionMember2024-08-222024-08-220001174922wynn:FederalInvestigationMember2024-09-062024-09-060001174922us-gaap:RetailMemberwynn:RetailJointVentureMember2024-09-300001174922us-gaap:RetailMemberwynn:RetailJointVentureMember2023-12-310001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2024-07-012024-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2023-07-012023-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2024-01-012024-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2023-01-012023-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2024-07-012024-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2023-07-012023-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2024-01-012024-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2023-01-012023-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2024-07-012024-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2023-07-012023-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2024-01-012024-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2023-01-012023-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2024-07-012024-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2023-07-012023-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2024-01-012024-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2023-01-012023-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2024-07-012024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2023-07-012023-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2024-01-012024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnPalaceMember2023-01-012023-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2024-07-012024-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2023-07-012023-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2024-01-012024-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2023-01-012023-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2024-07-012024-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2023-07-012023-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2024-01-012024-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2023-01-012023-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2024-07-012024-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2023-07-012023-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2024-01-012024-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2023-01-012023-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2024-07-012024-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2023-07-012023-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2024-01-012024-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2023-01-012023-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2024-07-012024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2023-07-012023-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2024-01-012024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMemberwynn:WynnMacauMember2023-01-012023-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMember2024-07-012024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMember2023-07-012023-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMember2024-01-012024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMember2023-01-012023-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2024-07-012024-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2023-07-012023-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2024-01-012024-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2023-01-012023-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2024-07-012024-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2023-07-012023-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2024-01-012024-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2023-01-012023-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2024-07-012024-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2023-07-012023-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2024-01-012024-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2023-01-012023-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2024-07-012024-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2023-07-012023-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2024-01-012024-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2023-01-012023-09-300001174922us-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2024-07-012024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2023-07-012023-09-300001174922us-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2024-01-012024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2023-01-012023-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2024-07-012024-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2023-07-012023-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2024-01-012024-09-300001174922us-gaap:CasinoMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2023-01-012023-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2024-07-012024-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2023-07-012023-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2024-01-012024-09-300001174922us-gaap:OccupancyMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2023-01-012023-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2024-07-012024-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2023-07-012023-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2024-01-012024-09-300001174922us-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2023-01-012023-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2024-07-012024-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2023-07-012023-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2024-01-012024-09-300001174922wynn:EntertainmentRetailAndOtherMemberus-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2023-01-012023-09-300001174922us-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2024-07-012024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2023-07-012023-09-300001174922us-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2024-01-012024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2023-01-012023-09-300001174922us-gaap:CorporateNonSegmentMemberwynn:EntertainmentRetailAndOtherMember2024-07-012024-09-300001174922us-gaap:CorporateNonSegmentMemberwynn:EntertainmentRetailAndOtherMember2023-07-012023-09-300001174922us-gaap:CorporateNonSegmentMemberwynn:EntertainmentRetailAndOtherMember2024-01-012024-09-300001174922us-gaap:CorporateNonSegmentMemberwynn:EntertainmentRetailAndOtherMember2023-01-012023-09-300001174922us-gaap:CorporateNonSegmentMember2024-07-012024-09-300001174922us-gaap:CorporateNonSegmentMember2023-07-012023-09-300001174922us-gaap:CorporateNonSegmentMember2024-01-012024-09-300001174922us-gaap:CorporateNonSegmentMember2023-01-012023-09-300001174922wynn:FederalInvestigationMember2024-01-012024-09-300001174922wynn:FederalInvestigationMember2024-07-012024-09-300001174922wynn:SecuritiesClassActionMember2024-01-012024-09-300001174922wynn:SecuritiesClassActionMember2024-07-012024-09-300001174922wynn:WynnInteractivesDigitalSportsBettingAndCasinoGamingBusinessMember2024-07-012024-09-300001174922wynn:WynnInteractivesDigitalSportsBettingAndCasinoGamingBusinessMember2024-01-012024-09-300001174922country:MOus-gaap:OperatingSegmentsMemberwynn:WynnPalaceMember2024-09-300001174922country:MOus-gaap:OperatingSegmentsMemberwynn:WynnPalaceMember2023-12-310001174922country:MOus-gaap:OperatingSegmentsMemberwynn:WynnMacauMember2024-09-300001174922country:MOus-gaap:OperatingSegmentsMemberwynn:WynnMacauMember2023-12-310001174922country:MOus-gaap:OperatingSegmentsMemberwynn:OtherMacauMember2024-09-300001174922country:MOus-gaap:OperatingSegmentsMemberwynn:OtherMacauMember2023-12-310001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMember2024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:MacauOperationsMember2023-12-310001174922us-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:WynnLasVegasMember2023-12-310001174922us-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2024-09-300001174922us-gaap:OperatingSegmentsMemberwynn:EncoreBostonHarborMember2023-12-310001174922us-gaap:CorporateAndOtherMember2024-09-300001174922us-gaap:CorporateAndOtherMember2023-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                 
Commission File No. 000-50028
 WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
Nevada46-0484987
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
3131 Las Vegas Boulevard South - Las Vegas, Nevada 89109
(Address of principal executive offices) (Zip Code)
(702) 770-7555
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01WYNNNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
ClassOutstanding at October 29, 2024
Common stock, par value $0.01  109,814,972

WYNN RESORTS, LIMITED AND SUBSIDIARIES
FORM 10-Q
INDEX
 
Part I.Financial Information
Part II.Other Information

2
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

September 30, 2024December 31, 2023
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$2,407,289 $2,879,186 
Restricted cash1,205,930 18 
Investments— 845,192 
Accounts receivable, net of allowance for credit losses of $39,186 and $40,075, respectively
388,858 341,712 
Inventories75,479 75,552 
Prepaid expenses and other113,117 99,961 
Total current assets4,190,673 4,241,621 
Property and equipment, net6,517,830 6,688,479 
Restricted cash 95,494 90,208 
Goodwill and intangible assets, net280,386 329,708 
Operating lease assets1,803,441 1,832,896 
Deferred income taxes, net463,098 500,877 
Other assets760,477 312,434 
Total assets$14,111,399 $13,996,223 
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts and construction payables$212,989 $208,263 
Customer deposits538,136 543,288 
Gaming taxes payable157,134 172,832 
Accrued compensation and benefits185,210 212,645 
Accrued interest124,325 141,902 
Current portion of long-term debt1,239,054 709,593 
Other accrued liabilities286,457 211,931 
Total current liabilities2,743,305 2,200,454 
Long-term debt10,547,508 11,028,744 
Long-term operating lease liabilities 1,620,415 1,631,749 
Other long-term liabilities265,649 236,210 
Total liabilities15,176,877 15,097,157 
Commitments and contingencies (Note 15)
Stockholders' deficit:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding
— — 
Common stock, par value $0.01; 400,000,000 shares authorized; 133,532,047 and 132,998,916 shares issued; 109,922,076 and 111,737,245 shares outstanding, respectively
1,335 1,330 
Treasury stock, at cost; 23,609,971 and 21,261,671 shares, respectively
(2,037,046)(1,836,326)
Additional paid-in capital3,685,242 3,647,161 
Accumulated other comprehensive income (loss)(4,409)3,406 
Accumulated deficit(1,926,524)(2,066,953)
Total Wynn Resorts, Limited stockholders' deficit(281,402)(251,382)
Noncontrolling interests(784,076)(849,552)
Total stockholders' deficit(1,065,478)(1,100,934)
Total liabilities and stockholders' deficit$14,111,399 $13,996,223 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Operating revenues:
Casino$1,018,754 $972,453 $3,149,166 $2,652,444 
Rooms284,765 289,338 916,700 838,372 
Food and beverage262,597 267,432 810,939 757,079 
Entertainment, retail and other127,207 142,713 412,359 443,542 
Total operating revenues1,693,323 1,671,936 5,289,164 4,691,437 
Operating expenses:
Casino617,469 577,733 1,907,426 1,594,761 
Rooms83,376 77,790 245,991 224,275 
Food and beverage220,187 220,835 647,351 605,376 
Entertainment, retail and other56,184 82,554 190,137 261,035 
General and administrative271,829 268,445 808,172 785,538 
  Provision for credit losses1,836 870 4,352 (6,314)
Pre-opening2,457 867 6,050 6,822 
Depreciation and amortization156,273 171,969 507,611 510,743 
Impairment of goodwill and intangible assets— 93,990 — 94,490 
Property charges and other150,475 114,288 206,238 132,265 
Total operating expenses1,560,086 1,609,341 4,523,328 4,208,991 
Operating income 133,237 62,595 765,836 482,446 
Other income (expense):
Interest income30,729 46,534 105,785 130,854 
Interest expense, net of amounts capitalized(167,922)(188,571)(524,922)(566,554)
Change in derivatives fair value(5,523)(50,637)(7,920)(3,255)
(Loss) gain on debt financing transactions(109)2,928 (1,670)(12,683)
Other21,300 3,861 25,323 (19,794)
Other income (expense), net(121,525)(185,885)(403,404)(471,432)
Income before income taxes11,712 (123,290)362,432 11,014 
(Provision) benefit for income taxes(17,127)2,749 (45,076)(2,574)
Net income (loss)(5,415)(120,541)317,356 8,440 
Less: net (income) loss attributable to noncontrolling interests(26,638)3,863 (93,250)(7,602)
Net income (loss) attributable to Wynn Resorts, Limited$(32,053)$(116,678)$224,106 $838 
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic$(0.29)$(1.03)$2.03 $0.01 
Diluted$(0.29)$(1.03)$2.02 $0.01 
Weighted average common shares outstanding:
Basic109,727 112,797 110,559 112,813 
Diluted109,727 112,797 110,810 113,132 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net income (loss)$(5,415)$(120,541)$317,356 $8,440 
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax(9,314)(2,319)(10,968)9,249 
Total comprehensive income (loss)(14,729)(122,860)306,388 17,689 
Less: comprehensive income (loss) attributable to noncontrolling interests(23,946)4,484 (90,097)(10,229)
Comprehensive income (loss) attributable to Wynn Resorts, Limited$(38,675)$(118,376)$216,291 $7,460 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
(in thousands, except share data)
(unaudited)


For the three months ended September 30, 2024
Common stock
Shares
outstanding		Par
value		Treasury
stock		Additional
paid-in
capital		Accumulated
other
comprehensive
income (loss)		Accumulated deficitTotal Wynn Resorts, Ltd.
stockholders'
deficit		Noncontrolling
interests		Total
stockholders'
 deficit
Balances, July 1, 2024111,375,062 $1,335 $(1,918,595)$3,672,049 $2,213 $(1,866,826)$(109,824)$(792,138)$(901,962)
Net income (loss)— — — — — (32,053)(32,053)26,638 (5,415)
Currency translation adjustment— — — — (6,622)— (6,622)(2,692)(9,314)
Issuance of restricted stock39,880 — — — — — — — — 
Cancellation of restricted stock(19,042)— — — — — — — — 
Shares repurchased by the Company and held as treasury shares(1,473,824)— (118,451)— — — (118,451)— (118,451)
Cash dividends declared— — — — — (27,645)(27,645)(14,405)(42,050)
Distribution to noncontrolling interest— — — — — — — (1,960)(1,960)
Transactions with subsidiary minority shareholders— — — 439 — — 439 (439)— 
Stock-based compensation— — — 12,754 — — 12,754 920 13,674 
Balances, September 30, 2024109,922,076 $1,335 $(2,037,046)$3,685,242 $(4,409)$(1,926,524)$(281,402)$(784,076)$(1,065,478)



For the three months ended September 30, 2023
Common stock
Shares
outstanding		Par
value		Treasury
stock		Additional
paid-in
capital		Accumulated
other
comprehensive
income		Accumulated deficitTotal Wynn Resorts, Ltd.
stockholders'
deficit		Noncontrolling
interests		Total
stockholders'
 deficit
Balances, July 1, 2023113,942,935 $1,329 $(1,635,966)$3,619,241 $7,916 $(2,622,773)$(630,253)$(876,911)$(1,507,164)
Net loss— — — — — (116,678)(116,678)(3,863)(120,541)
Currency translation adjustment— — — — (1,698)— (1,698)(621)(2,319)
Issuance of restricted stock40,099 1 — (1)— — — — — 
Cancellation of restricted stock(2,402)— — — — — — — — 
Shares repurchased by the Company and held as treasury shares(623,417)— (58,925)— — — (58,925)— (58,925)
Cash dividends declared— — — — — (28,487)(28,487)— (28,487)
Distribution to noncontrolling interest— — — — — — — (6,984)(6,984)
Stock-based compensation— — — 14,277 — — 14,277 1,094 15,371 
Balances, September 30, 2023113,357,215 $1,330 $(1,694,891)$3,633,517 $6,218 $(2,767,938)$(821,764)$(887,285)$(1,709,049)

The accompanying notes are an integral part of these condensed consolidated financial statements.
















6
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
(in thousands, except share data)
(unaudited)


For the nine months ended September 30, 2024
Common stock
Shares
outstanding		Par
value		Treasury
stock		Additional
paid-in
capital		Accumulated
other
comprehensive
income (loss)		Accumulated deficitTotal Wynn Resorts, Ltd.
stockholders'
deficit		Noncontrolling
interests		Total
stockholders'
 deficit
Balances, January 1, 2024111,737,245 $1,330 $(1,836,326)$3,647,161 $3,406 $(2,066,953)$(251,382)$(849,552)$(1,100,934)
Net income— — — — — 224,106 224,106 93,250 317,356 
Currency translation adjustment— — — — (7,815)— (7,815)(3,153)(10,968)
Exercise of stock options 17,285 — — 1,017 — — 1,017 — 1,017 
Issuance of restricted stock544,858 5 — 8,010 — — 8,015 — 8,015 
Cancellation of restricted stock(29,012)— — — — — — — — 
Shares repurchased by the Company and held as treasury shares(2,348,300)— (200,720)— — — (200,720)— (200,720)
Cash dividends declared— — — — — (83,677)(83,677)(28,781)(112,458)
Distribution to noncontrolling interest— — — — — — — (10,601)(10,601)
Transactions with subsidiary minority shareholders— — — (11,508)— — (11,508)11,508 — 
Stock-based compensation— — — 40,562 — — 40,562 3,253 43,815 
Balances, September 30, 2024109,922,076 $1,335 $(2,037,046)$3,685,242 $(4,409)$(1,926,524)$(281,402)$(784,076)$(1,065,478)



For the nine months ended September 30, 2023
Common stock
Shares
outstanding		Par
value		Treasury
stock		Additional
paid-in
capital		Accumulated
other
comprehensive
income (loss)		Accumulated deficitTotal Wynn Resorts, Ltd.
stockholders'
deficit		Noncontrolling
interests		Total
stockholders'
 deficit
Balances, January 1, 2023113,369,439 $1,323 $(1,623,872)$3,583,923 $(404)$(2,711,808)$(750,838)$(889,527)$(1,640,365)
Net income— — — — — 838 838 7,602 8,440 
Currency translation adjustment— — — — 6,622 — 6,622 2,627 9,249 
Exercise of stock options 32,284 — — 1,965 — — 1,965 — 1,965 
Issuance of restricted stock708,428 7 — 6,631 — — 6,638 — 6,638 
Cancellation of restricted stock(16,991)— — — — — — — — 
Shares repurchased by the Company and held as treasury shares(742,126)— (71,019)— — — (71,019)— (71,019)
Cash dividends declared— — — — — (56,968)(56,968)— (56,968)
Distribution to noncontrolling interest— — — (2,994)— — (2,994)(12,935)(15,929)
Transactions with subsidiary minority shareholders6,181 — — (754)— — (754)754 — 
Stock-based compensation— — — 44,746 — — 44,746 4,194 48,940 
Balances, September 30, 2023113,357,215 $1,330 $(1,694,891)$3,633,517 $6,218 $(2,767,938)$(821,764)$(887,285)$(1,709,049)

The accompanying notes are an integral part of these condensed consolidated financial statements.
7
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 Nine Months Ended September 30,
 20242023
Cash flows from operating activities:
Net income $317,356 $8,440 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization507,611 510,743 
Deferred income taxes37,780 (198)
Stock-based compensation expense44,206 49,139 
Amortization of debt issuance costs30,138 29,251 
Loss on debt financing transactions1,670 12,683 
  Provision for credit losses4,352 (6,314)
Change in derivatives fair value7,920 3,255 
Impairment of goodwill and intangible assets— 94,490 
Property charges and other110,398 146,298 
Increase (decrease) in cash from changes in:
Receivables, net408 (29,513)
Inventories, prepaid expenses and other1,968 (34,118)
Customer deposits(7,301)12,265 
Accounts payable and accrued expenses(109,331)10,129 
Net cash provided by operating activities947,175 806,550 
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention(292,690)(329,428)
Investment in unconsolidated affiliates(454,980)(52,270)
Purchase of investments — (786,519)
Proceeds from maturity of investments850,000 — 
Purchase of intangible and other assets(2,615)(10,651)
Proceeds from sale of assets and other26,797 490 
Net cash provided by (used in) investing activities126,512 (1,178,378)
Cash flows from financing activities:
Proceeds from issuance of long-term debt1,283,794 1,200,000 
Repayments of long-term debt(1,251,210)(1,522,812)
Repurchase of common stock(198,249)(71,019)
Proceeds from exercise of stock options1,017 1,965 
Distribution to noncontrolling interest(10,601)(15,929)
Dividends paid(112,045)(56,720)
Finance lease payments(14,498)(14,407)
Payments for financing costs(31,459)(41,160)
Other(4,486)(7,773)
Net cash used in financing activities(337,737)(527,855)
Effect of exchange rate on cash, cash equivalents and restricted cash3,351 (3,721)
Cash, cash equivalents and restricted cash:
Increase (decrease) in cash, cash equivalents and restricted cash739,301 (903,404)
Balance, beginning of period2,969,412 3,782,990 
Balance, end of period$3,708,713 $2,879,586 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 
Note 1 - Organization

Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, "Wynn Resorts" or the "Company"), is a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming.

In the Macau Special Administrative Region of the People's Republic of China ("Macau"), the Company owns approximately 72% of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas. The Company is a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations. In Everett, Massachusetts, the Company operates Encore Boston Harbor, an integrated resort.

The Company has a 40% equity interest in Island 3 AMI FZ-LLC ("Island 3"), an unconsolidated affiliate, which is constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates, currently expected to open in 2027.

Note 2 -    Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2024. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. 

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries, and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 16, "Retail Joint Venture." If the entity does not qualify for consolidation and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method. All significant intercompany accounts and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements for the three and nine months ended September 30, 2023 have been reclassified to be consistent with the current period presentation. These reclassifications had no effect on previously reported net income or operating income.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for deferred tax assets and credit losses, estimates regarding the useful lives and recoverability of long-lived and intangible assets, valuations of derivatives, and litigation and contingency estimates.



9
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Gaming Taxes

The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations. These taxes totaled $437.2 million and $415.0 million for the three months ended September 30, 2024 and 2023, respectively, and $1.36 billion and $1.12 billion for the nine months ended September 30, 2024 and 2023, respectively.

Investments

The Company received proceeds of $300.0 million upon the maturity of its investments in debt securities and $550.0 million upon the maturity of its investments in fixed deposits during the nine months ended September 30, 2024. The Company held no short-term investments as of September 30, 2024.

As of December 31, 2023, the Company held $550.0 million in fixed deposits, recorded at fair value, and $295.2 million in debt securities, recorded at amortized cost within Investments on the Condensed Consolidated Balance Sheets. The estimated fair value of the Company's debt securities as of December 31, 2023 was approximately $294.8 million and the gross unrecognized holding loss was $0.4 million. As of December 31, 2023, the Company had $8.7 million in accrued interest on its debt securities, recorded in Investments on the Condensed Consolidated Balance Sheets.

As of the balance sheet date, the Company evaluates whether the unrealized losses are attributable to credit losses or other factors. The Company considers the severity of the decline in value, creditworthiness of the issuer and other relevant factors and records an allowance for credit losses, limited to the excess of amortized cost over fair value, with a corresponding charge to earnings. The allowance may be subsequently increased or decreased based on the prevailing facts and circumstances. During the three and nine months ended September 30, 2024 and 2023, no impairment was recognized.

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Goodwill is not amortized, but rather is subject to impairment testing annually, or more frequently if events or changes in circumstances indicate that this asset may be impaired. As of September 30, 2024 and December 31, 2023, the Company had a goodwill balance of $18.5 million, recorded in Goodwill and intangible assets, net on the Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2024, no impairment was recognized.

Investment in Unconsolidated Affiliate

The Company accounts for its investment in Island 3 using the equity method. Under the equity method, the investment's carrying value is adjusted for the Company’s share of the investee's earnings and losses, capital contributions to and distributions from the investee, and capitalization of interest cost incurred by the Company during the investee's initial development period. As of September 30, 2024 and December 31, 2023, the Company had an investment in unconsolidated affiliate of $542.1 million and $90.9 million, respectively, recorded in non-current other assets in the accompanying Condensed Consolidated Balance Sheets.

Recently Issued Accounting Standards

The Company’s management has evaluated the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standard-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.








10
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 3 -    Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):
September 30, 2024December 31, 2023
Cash and cash equivalents:
   Cash (1)
$1,895,060 $1,076,474 
   Cash equivalents (2)
512,229 1,802,712 
     Total cash and cash equivalents 2,407,289 2,879,186 
Restricted cash (3)
1,301,424 90,226 
Total cash, cash equivalents and restricted cash $3,708,713 $2,969,412 
(1) Cash consists of cash on hand and bank deposits.
(2) Cash equivalents consist of bank time deposits and money market funds.
(3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations, cash held in trusts in accordance with WML's share award plans, and as of September 30, 2024 and December 31, 2023 included $87.5 million and $87.0 million in the form of a first demand bank guarantee in favor of the Macau government to support the legal and contractual obligations of Wynn Resorts (Macau) S.A. ("Wynn Macau SA") through the term of Wynn Macau SA's gaming concession contract. As of September 30, 2024, restricted cash also included $605.9 million and $600.0 million of cash held in trust accounts for the repurchase or payment of the Wynn Las Vegas 5 1/2% Senior Notes due 2025 and WML 4 7/8% Senior Notes due 2024, respectively, in October 2024. For additional information, see Note 6, "Long-Term Debt."

The following table presents the supplemental cash flow disclosures of the Company (in thousands):
Nine Months Ended September 30,
20242023
Cash paid for interest, net of amounts capitalized$513,893 $536,021 
Liability settled with shares of common stock$8,015 $6,639 
Accounts and construction payables related to property and equipment$68,853 $58,518 
Other liabilities related to intangible assets (1)
$201,329 $207,106 
Net settlement of liabilities in connection with an asset sale$27,665 $— 
Finance lease liabilities arising from obtaining finance lease assets$55,681 $8,191 
(1) For the nine months ended September 30, 2024 and 2023, included $201.3 million and $204.2 million, respectively, related to the Macau gaming premium in connection with Wynn Macau SA's gaming concession contract.

Note 4 -    Receivables, net

Accounts Receivable and Credit Risk

Receivables, net consisted of the following (in thousands):
September 30, 2024December 31, 2023
Casino$225,754 $218,694 
Hotel46,852 54,596 
Other155,438 108,497 
428,044 381,787 
Less: allowance for credit losses(39,186)(40,075)
$388,858 $341,712 

As of September 30, 2024 and December 31, 2023, approximately 72.4% and 68.2%, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in the countries in which the Company's customers reside could affect the collectability of such receivables.

The Company’s allowance for casino credit losses was 15.9% of gross casino receivables as of September 30, 2024 and December 31, 2023. Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change. The Company’s allowance for credit losses from its hotel and other receivables is not material.
11
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

The following table shows the movement in the Company's allowance for credit losses recognized for receivables that occurred during the periods presented (in thousands): 

September 30,
20242023
Balance at beginning of year$40,075 $78,842 
   Provision for credit losses4,352 (6,314)
   Write-offs(10,013)(23,262)
   Recoveries of receivables previously written off4,693 10,521 
   Effect of exchange rate79 (169)
Balance at end of period$39,186 $59,618 

Note 5 -    Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):

September 30, 2024December 31, 2023
Buildings and improvements$8,538,141 $8,459,085 
Land and improvements1,233,274 1,228,652 
Furniture, fixtures and equipment3,358,813 3,311,478 
Airplanes110,623 110,623 
Construction in progress234,123 162,592 
13,474,974 13,272,430 
Less: accumulated depreciation(6,957,144)(6,583,951)
$6,517,830 $6,688,479 

As of September 30, 2024 and December 31, 2023, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties. During the nine months ended September 30, 2024, the Company expensed $61.5 million of project costs related to a discontinued development project, inclusive of $4.7 million of internally allocated overhead, that had been previously capitalized. The expense was recorded in Property charges and other expenses in the accompanying Condensed Consolidated Statements of Operations for the nine months ended September 30, 2024.

Depreciation expense for the three months ended September 30, 2024 and 2023 was $142.6 million and $156.0 million, respectively, and depreciation expense for the nine months ended September 30, 2024 and 2023 was $462.9 million and $465.0 million, respectively.
12
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 6 -    Long-Term Debt

Long-term debt consisted of the following (in thousands):
 
September 30, 2024December 31, 2023
Macau Related:
WM Cayman II Revolver, due 2028 (1)
$1,150,962 $1,497,610 
WML 4 7/8% Senior Notes, due 2024 (2)
600,000 600,000 
WML 5 1/2% Senior Notes, due 20261,000,000 1,000,000 
WML 5 1/2% Senior Notes, due 2027750,000 750,000 
WML 5 5/8% Senior Notes, due 20281,350,000 1,350,000 
WML 5 1/8% Senior Notes, due 20291,000,000 1,000,000 
WML 4 1/2% Convertible Bonds, due 2029 (3)
600,000 600,000 
U.S. and Corporate Related:
WRF Credit Facilities (4):
WRF Term Loan, due 2024— 73,683 
WRF Term Loan, due 2027773,438 730,692 
WLV 5 1/2% Senior Notes, due 2025 (2)
583,310 1,380,001 
WLV 5 1/4% Senior Notes, due 2027880,000 880,000 
WRF 5 1/8% Senior Notes, due 2029750,000 750,000 
WRF 7 1/8% Senior Notes, due 20311,000,000 600,000 
WRF 6 1/4% Senior Notes, due 2033800,000 — 
Retail Term Loan, due 2027 (5)
615,000 615,000 
11,852,710 11,826,986 
WML Convertible Bond Conversion Option Derivative75,894 73,744 
Less: Unamortized debt issuance costs and original issue discounts and premium, net(142,042)(162,393)
11,786,562 11,738,337 
Less: Current portion of long-term debt(1,239,054)(709,593)
Total long-term debt, net of current portion$10,547,508 $11,028,744 
(1) As of September 30, 2024, the borrowings under the WM Cayman II Revolver bear interest at the term secured overnight financing rate ("Term SOFR") plus a credit adjustment spread of 0.10% or HIBOR, in each case plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $239.1 million and $911.9 million of the WM Cayman II Revolver bears interest at a rate of Term SOFR plus 1.975% per year and HIBOR plus 1.875% per year, respectively. As of September 30, 2024, the weighted average interest rate was approximately 6.33%. As of September 30, 2024, the available borrowing capacity under the WM Cayman II Revolver was $353.6 million.
(2) In October 2024, the Company repaid or repurchased the 2024 WML Senior Notes and 2025 WLV Senior Notes using short-term restricted cash held at WML and WRF, respectively.
(3) As of September 30, 2024, the net carrying amount of the WML Convertible Bonds was $493.5 million, with unamortized debt discount and debt issuance costs of $106.5 million. The Company recorded contractual interest expense of $6.8 million and $6.8 million and amortization of discounts and issuance costs of $4.8 million and $4.4 million during the three months ended September 30, 2024 and 2023, respectively, and contractual interest expense of $20.3 million and $15.3 million and amortization of discounts and issuance costs of $14.0 million and $9.7 million during the nine months ended September 30, 2024 and 2023, respectively.
(4) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.85% per year. As of September 30, 2024, the weighted average interest rate was approximately 6.70%. Additionally, as of September 30, 2024, the available borrowing capacity under the WRF Revolver was $735.3 million, net of $14.7 million in outstanding letters of credit.
(5) As of September 30, 2024, the Retail Term Loan bore interest at a rate of adjusted daily simple secured overnight financing rate ("SOFR") plus 1.80% per year, for an all-in interest rate of 5.54%. On October 2, 2024, the borrowers amended the term loan agreement to, among other things, extend the scheduled maturity of the Retail Term Loan to 2027 and change the interest rate on the Retail Term Loan to one-month term SOFR plus 2.15% per year, as further described below.

13
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
WM Cayman II Revolver Facility Agreement Amendment

On September 20, 2024, WM Cayman II, as borrower and WML, as guarantor, entered into an amendment agreement (the “Second Amendment Agreement”) to its existing facility agreement dated as of September 16, 2021, as amended on May 5, 2022 and as amended and restated on June 27, 2023 (the "Existing Facility Agreement"), to extend the maturity date of the outstanding loans under the Existing Facility Agreement from September 16, 2025 to September 16, 2028, or the immediately preceding business day if September 16, 2028 is not a business day. In connection with the Second Amendment Agreement, the Company recorded debt issuance costs of $19.2 million within the Condensed Consolidated Balance Sheet.

WML Senior Notes

On October 1, 2024, WML paid the $600.0 million aggregate principal amount of WML's 4 7/8% Senior Notes due 2024 on their stated maturity date using short-term restricted cash held at WML.

WRF Credit Facility Agreement Amendment

On September 16, 2024, Wynn Resorts Finance, LLC ("WRF") and certain of its subsidiaries entered into an amendment (the "WRF Credit Facility Agreement Amendment") to its existing credit agreement (the "WRF Credit Facility Agreement") among Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto.

The WRF Credit Facility Agreement Amendment extended the stated maturity of $68.7 million aggregate principal amount of revolving commitments and $71.8 million aggregate principal of term loan commitments from September 20, 2024 to September 20, 2027. In connection with the WRF Credit Facility Agreement Amendment, the Company recognized a loss on debt financing transactions of $0.1 million within the accompanying Condensed Consolidated Statement of Operations, and the Company recorded debt issuance costs of $0.5 million within the Condensed Consolidated Balance Sheet.

WRF Senior Notes

In February 2024, WRF and its subsidiary, Wynn Resorts Capital Corp., issued an additional $400.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Add-On Senior Notes," and collectively with the 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes") and 5 1/8% Senior Notes due 2029 (the "2029 WRF Senior Notes"), the "WRF Senior Notes") pursuant to a supplemental indenture to the 2031 Senior Notes indenture dated as of February 16, 2023. The 2031 WRF Add-On Senior Notes were issued at a price equal to 103.00% of the principal amount plus accrued interest, resulting in net proceeds of $409.5 million. The net proceeds from the 2031 WRF Add-On Senior Notes, together with cash held by Wynn Resorts, were used to repurchase an aggregate $796.7 million of the outstanding principal amount of the 2025 WLV Senior Notes (as defined below) and to pay the applicable tender premium and related fees and expenses.

In connection with the issuance of the 2031 WRF Add-On Senior Notes and the repurchase of the 2025 WLV Senior Notes in February and March 2024 (as further discussed below), the Company recognized a loss on debt financing transactions of $1.6 million within the accompanying Condensed Consolidated Statements of Operations, and the Company recorded debt issuance costs of $5.6 million within the accompanying Condensed Consolidated Balance Sheet.

In September 2024, WRF and its subsidiary Wynn Resorts Capital Corp. (together the "WRF Issuers"), issued $800.0 million aggregate principal amount of 6 1/4% Senior Notes due 2033 (the "2033 WRF Senior Notes") pursuant to an indenture among the WRF Issuers, the guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee, in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. The 2033 WRF Senior Notes were issued at par, for proceeds of $795.0 million, net of $5.0 million of related fees and expenses. A portion of the proceeds from the offering of the 2033 WRF Senior Notes was classified as short-term restricted cash as of September 30, 2024 within the Condensed Consolidated Balance Sheet and was used in October 2024 to repurchase the remaining outstanding principal amount of the 2025 WLV Senior Notes (as defined below) in full. In connection with the issuance of the 2033 WRF Senior Notes, the Company recorded debt issuance costs of $8.2 million within the Condensed Consolidated Balance Sheet.
14
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
WLV Senior Notes

In February and March 2024, Wynn Las Vegas repurchased $800.0 million aggregate principal amount of its 5 1/2% Senior Notes due 2025 (the "2025 WLV Senior Notes"), which consisted of i) $681.0 million aggregate principal amount of validly tendered notes repurchased at a price equal to 97.2% of the principal amount, plus accrued interest and an early tender premium of $20.3 million, and ii) $119.0 million aggregate principal amount of notes repurchased on a pro-rata basis at a price equal of 100% of the principal amount, plus accrued interest, under the terms of its indenture. Included in the $119.0 million repurchase was $3.3 million aggregate principal amount of 2025 WLV Senior Notes held by Wynn Resorts. The Company used the net proceeds from the 2031 WRF Add-On Senior Notes and cash held by WRF to purchase such validly tendered 2025 WLV Senior Notes and to pay the early tender premium and related fees and expenses.

In October 2024, Wynn Las Vegas repurchased the remaining $600.0 million aggregate principal amount of its 2025 WLV Senior Notes at a price equal to 100.0% of the principal amount, plus a “make-whole” amount and accrued interest, under the terms of its indenture. Included in the $600.0 million repurchase was $16.7 million aggregate principal amount of 2025 WLV Senior Notes held by Wynn Resorts.

Retail Term Loan Third Amendment

On October 2, 2024, Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC (collectively, the "Borrowers") entered into a third amendment (the "Third Retail Term Loan Amendment") to their existing term loan agreement (the "Retail Term Loan Agreement" and, as amended by the Third Amendment, the "Extended Retail Term Loan Agreement"). The Third Retail Term Loan Amendment, which is effective as of October 2, 2024, amends the Retail Term Loan Agreement to, among other things: (i) extend the scheduled maturity date of the term loan to July 24, 2027; (ii) provide for an interest rate on the term loan equal to One Month Term SOFR (as defined in, and determined in accordance with, the Extended Retail Term Loan Agreement) plus a spread of 215 basis points; and (iii) require that the Borrowers meet a specified maximum loan to value ratio annually (which, if not met, triggers a mandatory excess cash sweep until such ratio has been achieved) as well as certain specified minimum debt yields. In connection with, and as provided under, the Third Retail Term Loan Amendment, the Borrowers (a) made a principal prepayment of the term loan in the amount of $15.0 million, and (b) to mitigate interest rate risk, entered into an interest rate swap agreement maturing in February 2027, which effectively fixes the variable component of the interest rate on the term loan at 3.385% through such date.

Debt Covenant Compliance

As of September 30, 2024, management believes the Company was in compliance with all debt covenants.

Fair Value of Long-Term Debt

The estimated fair value of the Company's long-term debt as of September 30, 2024 and December 31, 2023 was approximately $11.82 billion and $11.49 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $11.85 billion and $11.83 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).

Note 7 - WML Convertible Bond Conversion Option Derivative

The conversion feature contained within the WML Convertible Bonds (the "WML Convertible Bond Conversion Option Derivative") is not indexed to WML's equity and, as such, is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative, reported at fair value as of the end of each reporting period, with changes recognized in the Condensed Consolidated Statements of Operations. The following table sets forth the inputs to the lattice models that were used to value the WML Convertible Bond Conversion Option Derivative:
15
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
September 30, 2024December 31, 2023
WML stock priceHK$6.76 HK$6.43 
Estimated volatility33.3 %34.0 %
Risk-free interest rate3.0 %3.3 %
Expected term (years)4.4 5.2 
Dividend yield (1)
0.0 %0.0 %
(1) Dividend yield is assumed to be zero in the lattice model used to value the WML Convertible Bond Conversion Option Derivative, due to a dividend protection feature in the WML Convertible Bond Agreement.

As of September 30, 2024 and December 31, 2023, the estimated fair value of the embedded derivative was a liability of $75.9 million and $73.7 million, respectively, recorded in Long-term debt in the accompanying Condensed Consolidated Balance Sheets. In connection with the change in fair value, the Company recorded a loss of $3.9 million and $48.8 million for the three months ended September 30, 2024 and 2023, respectively, and a loss of $2.2 million and $2.3 million for the nine months ended September 30, 2024 and 2023, respectively, within Change in derivative fair value in the accompanying Condensed Consolidated Statements of Operations.

Note 8 - Stockholders' Deficit

Equity Repurchase Program

In April 2016, the Company's Board of Directors authorized an equity repurchase program of up to $1.00 billion, which may include repurchases by the Company of its common stock from time to time through open market purchases, privately negotiated transactions, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. Any shares repurchased pursuant to the equity repurchase program are held as treasury shares. During the three and nine months ended September 30, 2024, the Company repurchased 1,464,773 and 2,206,113 shares of its common stock, respectively, at average prices of $80.37 and $84.19 per share, respectively, for an aggregate cost of $117.7 million and $185.7 million, respectively, under the equity repurchase program. During the three and nine months ended September 30, 2023, the Company repurchased 596,948 shares of its common stock at an average price of $94.11 per share, for an aggregate cost of $56.2 million under the equity repurchase program. As of September 30, 2024, the Company had $247.7 million in repurchase authority remaining under the program.

On November 1, 2024, the Company’s Board of Directors authorized the Company to repurchase a total of up to $1.0 billion of the Company’s outstanding shares of common stock, increasing the previously available repurchase authorization by approximately $766 million. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time.

Dividends

The Company paid a cash dividend of $0.25 per share in each of the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024 and recorded $28.0 million in each of the quarters ended March 31, 2024 and June 30, 2024 and $27.7 million in the quarter ended September 30, 2024, against accumulated deficit.

On November 4, 2024, the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on November 27, 2024 to stockholders of record as of November 15, 2024.

Noncontrolling Interests

Wynn Macau, Limited

On September 12, 2024, WML paid a cash dividend of HK$0.075 per share for a total U.S. dollar equivalent of approximately $50.5 million. The Company's share of this dividend was $36.1 million, and the noncontrolling interest holders' share of this dividend was $14.4 million.

16
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
On June 19, 2024, WML paid a cash dividend of HK$0.075 per share for a total U.S. dollar equivalent of approximately $50.4 million. The Company's share of this dividend was $36.0 million, and the noncontrolling interest holders' share of this dividend was $14.4 million.

WML Securities Lending Agreement

In connection with the offering of the WML Convertible Bonds, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximate 72% ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") on March 2, 2023 (as amended on March 30, 2023, the "Securities Lending Agreement"), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending Agreement. WM Cayman I may, at its sole discretion, terminate any stock loan by giving the WML Stock Borrower no less than five business days' notice. The Securities Lending Agreement terminates on the date on which the WML Convertible Bonds have been redeemed, or converted in full, whichever is the earlier. As of the date of this report, the WML Stock Borrower held 179,774,985 WML shares under the Securities Lending Agreement.

Retail Joint Venture

During the nine months ended September 30, 2024 and 2023, the Retail Joint Venture made aggregate distributions of approximately $10.6 million and $15.9 million, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture."

Note 9 - Fair Value Measurements

The following tables present assets and liabilities carried at fair value (in thousands): 

Fair Value Measurements Using:
September 30, 2024Quoted
Market
Prices in
Active Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents$512,229 $— $512,229 $— 
Restricted cash$1,301,424 $1,212,316 $89,108 $— 
Liabilities:
WML Convertible Bond Conversion Option Derivative (see Note 7)
$75,894 $— $— $75,894 
Fair Value Measurements Using:
December 31, 2023Quoted
Market
Prices in
Active Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)
Assets:
Cash equivalents$1,802,712 $— $1,802,712 $— 
Restricted cash $90,226 $2,170 $88,056 $— 
Fixed deposits$550,000 $— $550,000 $— 
Interest rate collar$5,769 $— $5,769 $— 
Liabilities:
WML Convertible Bond Conversion Option Derivative
(see Note 7)
$73,744 $— $— $73,744 
17
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Note 10 - Customer Contract Liabilities

In providing goods and services to its customers, there is often a timing difference between the Company receiving cash and the Company recording revenue for providing services or holding events.
The Company's primary liabilities associated with customer contracts are as follows (in thousands):
September 30, 2024December 31, 2023Increase / (decrease)September 30, 2023December 31, 2022Increase / (decrease)
Casino outstanding chips and front money deposits (1)
$441,712 $433,269 $8,443 $397,828 $390,531 $7,297 
Advance room deposits and ticket sales (2)
84,133 89,640 (5,507)97,705 85,019 12,686 
Other gaming-related liabilities (3)
14,829 24,964 (10,135)25,208 31,265 (6,057)
Loyalty program and related liabilities (4)
29,001 31,106 (2,105)34,215 35,083 (868)
$569,675 $