Wynn Resorts 4Q25 Earnings Presentation February 2026 1 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 in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and thei ...

Financial Performance - Operating revenues for Q4 2025 were $1.87 billion, an increase of $27.2 million from $1.84 billion in Q4 2024[3] - Net income attributable to Wynn Resorts for Q4 2025 was $100.0 million, down from $277.0 million in Q4 2024, with diluted net income per share at $0.82 compared to $2.29[5] - Adjusted Property EBITDAR for Q4 2025 was $568.8 million, a decrease of $50.3 million from $619.1 million in Q4 2024[5] - For the year ended December 31, 2025, operating revenues totaled $7.14 billion, an increase of $10.0 million from $7.13 billion in 2024[6] - Net income attributable to Wynn Resorts for the year 2025 was $327.3 million, down from $501.1 million in 2024, with diluted net income per share at $3.14 compared to $4.35[7] - Adjusted Property EBITDAR for the year 2025 was $2.22 billion, a decrease of $140.8 million from $2.36 billion in 2024[8] Revenue Breakdown - Wynn Palace's operating revenues for Q4 2025 were $596.4 million, an increase of $33.4 million from $562.9 million in Q4 2024[10] - Total operating revenues for Q4 2025 reached $1,865,983, a slight increase from $1,838,797 in Q4 2024, resulting in a year-end total of $7,137,924 compared to $7,127,961 in 2024[23] - The total operating revenues for Wynn Palace for the year ended December 31, 2025, reached $2,307,397,000, a 4.0% increase from $2,217,671,000 in 2024[30] - Wynn Macau's total operating revenues for Q4 2025 were $371.3 million, a 2.1% increase from $363.7 million in Q4 2024[32] - Las Vegas operations reported total revenues of $688.1 million in Q4 2025, a decrease of 1.6% compared to $699.5 million in Q4 2024[35] - Encore Boston Harbor's total operating revenues for Q4 2025 were $210.2 million, down 1.2% from $212.7 million in Q4 2024[38] Expenses and Debt - Total operating expenses for Q4 2025 were $1,591,277, an increase from $1,471,902 in Q4 2024, leading to a year-end total of $6,019,540 compared to $5,995,230 in 2024[23] - Total current and long-term debt outstanding as of December 31, 2025, was $10.55 billion, including $5.79 billion of Macau-related debt[16] - Interest expense for Q4 2025 was $(155,816), slightly improved from $(163,488) in Q4 2024, with a year-end total of $(625,556) compared to $(688,410) in 2024[23] - Pre-opening expenses for Q4 2025 were $14,632, significantly higher than $3,305 in Q4 2024, reflecting increased investment in new projects[24] - Wynn Resorts incurred pre-opening expenses of $38,494,000 for the year ended December 31, 2025, compared to $9,355,000 in 2024[28] Operational Metrics - The occupancy rate for Wynn Resorts was 99.1% in Q4 2025, slightly up from 98.4% in Q4 2024[30] - The average daily rate (ADR) for rooms decreased by 26.0% to $219 in Q4 2025, compared to $296 in Q4 2024[30] - The average number of table games in the mass market segment decreased by 2.0% to 241 in Q4 2025, while the table drop increased by 22.7% to $2,059,169,000[30] - Slot machine handle increased by 25.5% to $883,995,000 in Q4 2025, compared to $704,360,000 in Q4 2024[30] - The average number of table games in Las Vegas increased by 2.7% to 232 in Q4 2025, while the table games win decreased by 14.1% to $173.8 million[35] - Slot machine handle in Las Vegas increased by 3.3% to $1.98 billion in Q4 2025, with slot machine win rising by 4.8% to $129.5 million[35] Credit and Loss Provisions - The company reported a provision for credit losses of $3,570 in Q4 2025, compared to $634 in Q4 2024, indicating a rise in expected credit losses[23] Market Performance - Casino revenue for Wynn Palace increased by 9.3% to $501,470,000 in Q4 2025, compared to $458,816,000 in Q4 2024[30] - Casino revenues in Macau decreased by 2.9% year-over-year, totaling $1.2 billion for the year ended December 31, 2025[32] - Adjusted Property EBITDAR for Wynn Macau was $107.4 million in Q4 2025, down 0.7% from $108.2 million in Q4 2024[32] - Wynn Macau's VIP turnover decreased by 16.8% to $909.6 million in Q4 2025, with VIP table games win down 42.0% to $31.7 million[32] - The occupancy rate for Las Vegas operations was 85.2% in Q4 2025, down from 88.1% in Q4 2024[35] - The average daily rate (ADR) for rooms in Las Vegas increased by 2.2% to $611 in Q4 2025, while REVPAR decreased by 1.3% to $520[35]

Core Viewpoint - Wynn Resorts reported a mixed financial performance for the fourth quarter and year ended December 31, 2025, with operating revenues increasing but net income and adjusted earnings declining compared to the previous year [1][2]. Financial Results - Operating revenues for Q4 2025 were $1.87 billion, up $27.2 million from $1.84 billion in Q4 2024 [1]. - Net income attributable to Wynn Resorts for Q4 2025 was $100.0 million, down from $277.0 million in Q4 2024 [1]. - Diluted net income per share for Q4 2025 was $0.82, compared to $2.29 in Q4 2024 [1]. - Adjusted Property EBITDAR for Q4 2025 was $568.8 million, a decrease of $50.3 million from $619.1 million in Q4 2024 [1]. Year-End Results - For the year ended December 31, 2025, operating revenues were $7.14 billion, an increase of $10.0 million from $7.13 billion in 2024 [1]. - Net income attributable to Wynn Resorts for the year was $327.3 million, down from $501.1 million in 2024 [1]. - Diluted net income per share for the year was $3.14, compared to $4.35 in 2024 [1]. - Adjusted Property EBITDAR for the year was $2.22 billion, a decrease of $140.8 million from $2.36 billion in 2024 [1]. Segment Performance - Wynn Palace reported Q4 2025 operating revenues of $596.4 million, an increase of $33.4 million from Q4 2024 [2]. - Wynn Macau's Q4 2025 operating revenues were $371.3 million, up $7.7 million from Q4 2024 [2]. - Las Vegas Operations had Q4 2025 revenues of $688.1 million, a decrease of $11.4 million from Q4 2024 [2]. - Encore Boston Harbor's Q4 2025 revenues were $210.2 million, down $2.5 million from Q4 2024 [2]. Development Updates - The company is progressing on the Wynn Al Marjan Island project, with a cash contribution of $79.2 million in Q4 2025, totaling $914.2 million to date [2]. - The project is expected to open in Q1 2027 [2]. Balance Sheet Highlights - Cash and cash equivalents as of December 31, 2025, totaled $1.46 billion, excluding $601.8 million of short-term investments [2]. - Total current and long-term debt outstanding was $10.55 billion as of December 31, 2025 [2].

Core Insights - Wynn Resorts has received 18 Five-Star awards from Forbes Travel Guide for 2026, marking its status as the independent hotel company with the longest-running Five-Star awards globally [1] - Wynn Tower Suites at Wynn Las Vegas celebrates its 20th consecutive year of Five-Star recognition, highlighting the company's commitment to excellence in guest experiences [1] - Wynn Palace is recognized as the world's largest Forbes Travel Guide Five-Star resort for the third consecutive year, with a total of 63 stars across Wynn Macau and Wynn Palace [1] Awards and Recognition - Wynn Resorts achieved a total of 18 Five-Star awards in 2026, showcasing its dedication to high-quality service and guest satisfaction [1] - Wynn Tower Suites has maintained its Five-Star status for 20 consecutive years, the longest in Las Vegas, reflecting consistent service quality [1] - Wynn Palace holds the distinction of having the most Five-Star restaurants worldwide, with four awarded restaurants, maintaining this status for seven consecutive years [1] Company Overview - Wynn Resorts operates several luxury properties, including Wynn Las Vegas, Wynn Macau, Wynn Palace, and Encore Boston Harbor, and is constructing a new integrated resort in Ras Al Khaimah, UAE, set to open in 2027 [1] - The company’s properties feature a range of amenities, including luxury hotel rooms, fine dining, spas, and entertainment options, contributing to its high ratings [1] - Wynn Al Marjan Island, the upcoming resort in the UAE, will offer 1,542 rooms and a variety of luxury amenities, further expanding the company's portfolio [1]

Core Insights - The gaming sector is experiencing a mixed performance, with MGM reporting a solid quarter despite a challenging 2025, while expectations for Wynn and DraftKings are cautiously optimistic as they prepare for upcoming earnings reports [1][2][3]. MGM Insights - MGM faced a difficult 2025 with high single-digit declines in visitation and gross gaming revenue, but anticipates a better performance in 2026, particularly in the latter half of the year [2][3]. - Growth in Macau and the digital business is highlighted as a positive aspect of MGM's diversified operations, despite the stock underperforming in 2025 [3][4]. Wynn Insights - Wynn is positioned as a luxury play within the gaming sector, expected to perform better than mid-tier operators, with positive outlooks for both its Vegas operations and the recovering Macau market [5][6]. - The stock is trading at approximately 20 times earnings, with significant luxury assets and plans to open a property in the UAE by late 2026 [7]. DraftKings Insights - DraftKings is expected to exceed Q4 expectations, driven by a strong December performance, although guidance for 2026 may be slightly below expectations due to investments in prediction markets [9][10]. - The company is rolling out a prediction product in markets where sports betting is not available, and initial tracking indicates positive reception [11]. Market Trends - The luxury segment in the gaming and lodging industry is showing growth, while other segments are declining, reflecting a K-shaped economic recovery [5]. - The Chinese market is seen as a bright spot for gaming companies, particularly with the upcoming Chinese New Year [8].

Core Viewpoint - Wynn Resorts (WYNN) is expected to report a quarterly earnings per share (EPS) of $1.33, reflecting a year-over-year decline of 45%, while revenues are projected to be $1.85 billion, an increase of 0.8% from the previous year [1]. Earnings Projections - Analysts have adjusted the consensus EPS estimate upward by 0.5% over the past 30 days, indicating a reassessment of initial projections [1][2]. Revenue Estimates - The average estimate for 'Operating revenues - Las Vegas Operations' is $667.42 million, showing a year-over-year decline of 4.6% [4]. - The consensus for 'Operating revenues - Encore Boston Harbor' is $210.69 million, indicating a decrease of 0.9% from the previous year [4]. - 'Operating revenues - Macau Operations' are expected to reach $963.02 million, reflecting a year-over-year increase of 3.9% [4]. - 'Operating revenues - Wynn Macau' is estimated at $370.00 million, showing a growth of 1.7% from the previous year [5]. Key Metrics - 'Table Drop - Las Vegas Operations' is projected to be $671.20 million, compared to $655.04 million in the same quarter last year [5]. - 'Table Games Win - Las Vegas Operations' is expected to be $161.94 million, down from $202.33 million year-over-year [6]. - 'Slot Machine Win - Las Vegas Operations' is forecasted at $131.97 million, up from $123.61 million in the same quarter last year [6]. - 'Vip Table Games Win - Macau Operations - Wynn Palace - VIP' is expected to reach $160.01 million, compared to $107.44 million in the same quarter last year [7]. - 'Vip Turnover - Macau Operations - Wynn Palace - VIP' is projected at $4.97 billion, up from $3.06 billion year-over-year [7]. Occupancy and Revenue Per Available Room (REVPAR) - 'Macau Operations - Wynn Palace - REVPAR' is expected to be $244.61, down from $291.00 in the same quarter last year [8]. - 'Macau Operations - Wynn Palace - ADR' is projected at $248.10, compared to $296.00 in the same quarter last year [8]. - 'Macau Operations - Wynn Palace - Occupancy' is expected to reach 98.6%, slightly up from 98.4% in the same quarter last year [9]. Stock Performance - Over the past month, Wynn shares have recorded a return of +0.1%, while the Zacks S&P 500 composite has shown no change [10].

Core Insights - Wynn Resorts, Limited (WYNN) is set to report its fourth-quarter 2025 results on February 12, with a history of mixed earnings surprises, averaging a 12% surprise rate over the past four quarters [2] Estimate Revisions - The Zacks Consensus Estimate for adjusted earnings per share (EPS) has decreased to $1.33 from $1.37 in the last 30 days, indicating a 45% decline from the previous year's EPS of $2.42 [3] - Revenue estimates are pegged at approximately $1.85 billion, reflecting a 0.8% increase from the same quarter last year [3] Factors Influencing Quarterly Results - The fourth-quarter revenue is expected to benefit from strong demand in key markets, particularly in Las Vegas, Macau, and Boston, with management noting improved trends in gaming volumes and retail activity [4] - Las Vegas operations are projected to see a 2.4% year-over-year revenue increase to $683.1 million, driven by elevated casino drop and handle, market share gains, and premium customer activity [5] - Macau's revenues are anticipated to decline by 1.1% year-over-year to $916.4 million, despite strong mass volumes and premium play, due to higher operating expenses and project-related disruptions [6] - Encore Boston Harbor is expected to deliver stable performance with revenues declining 0.7% year-over-year to $211.2 million, supported by slot revenue growth and cost control [7] Profitability Pressures - Profitability in the fourth quarter may be impacted by lower hotel occupancy in Las Vegas, increased repair and maintenance costs, and higher operating expenses in Macau due to rising volumes and ongoing renovations [8][9] - Total operating expenses are projected to rise 8.3% year-over-year to $1.6 billion [9] Earnings Prediction - The model predicts an earnings beat for Wynn Resorts, supported by a positive Earnings ESP of +7.54% and a Zacks Rank of 3 (Hold) [10][11]

Core Insights - Wynn Resorts has been recognized in FORTUNE Magazine's World's Most Admired Companies list, maintaining its leadership in the Hotels, Casinos & Resorts category as the highest-ranked casino resort company [1] - The company improved its overall ranking to third place and achieved first place for Quality of Products/Services and People Management [1] - Wynn Resorts received high marks in Innovation and Quality of Management, further solidifying its reputation in the industry [1]

Core Viewpoint - Wynn Resorts Ltd is preparing for its fourth-quarter earnings report, with shares showing a significant increase over the past nine months but experiencing volatility recently [1][2]. Group 1: Stock Performance - Shares of Wynn Resorts are currently trading at $109.46, up 1.9% [1][2]. - The stock has increased by 32.2% over the past nine months but has declined from a four-year high of $134.72 reached on December 1 [1][2]. - Recently, shares dropped to their lowest level since August [1][2]. Group 2: Earnings Expectations - Historically, Wynn's stock has finished higher after earnings reports 50% of the time, with the most recent report in November resulting in a 2.9% gain [4]. - Options traders are anticipating a larger move of 10.2% this time, compared to an average next-day swing of 4.2% over the last two years [4]. Group 3: Technical Indicators - Wynn is currently within 3% of its 12-month moving average and has closed above a historically bullish long-term trendline for the past five months [2]. - This trendline signal has historically resulted in a 70% chance of the stock being higher one month later, with an average gain of 4.2% [2]. Group 4: Short Interest and Volatility - Short interest in Wynn has decreased by 20.2% recently, but it still represents 5.8% of the available float, indicating potential for a short squeeze [5]. - The stock has a Schaeffer's Volatility Scorecard (SVS) of 73 out of 100, suggesting it has experienced higher volatility than what options pricing indicates [5].

Core Viewpoint - Jefferies reported that the average daily gaming revenue in Macau reached 695 million MOP as of January 25, reflecting an 18% year-on-year increase, but a slight week-on-week decline of 1% [1] Group 1: Revenue Insights - The estimated average daily gaming revenue for the remaining days of the month is projected to be between 650 million and 720 million MOP, indicating a total monthly revenue of 21.7 billion to 22.1 billion MOP, which represents a year-on-year growth of 19% to 21% [1] Group 2: Market Sentiment - The firm anticipates that the upcoming fourth-quarter earnings reports from gaming companies will restore short-term market confidence and holds a positive outlook for the performance during the Lunar New Year [1] Group 3: Company Outlook - Jefferies continues to favor stocks of Wynn Macau, Sands China, Galaxy Entertainment, Las Vegas Sands, and Wynn Resorts [1]