$WYNN

WYNN RESORTS LTD

CIK:0001174922|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating revenues:
Total operating revenues	$ 1,856,933	$ 1,737,797	$ 3,713,695	$ 3,438,194
Operating expenses:
Cost of goods and services sold
General and administrative	270,115	280,815	545,319	556,504
Provision for credit losses	6,930	3,353	10,987	4,749
Pre-opening	9,232	11,286	20,977	16,573
Depreciation and amortization	165,421	152,907	325,948	308,328
Property charges and other	9,662	13,245	21,291	25,477
Total operating expenses	1,559,345	1,473,197	3,133,503	2,905,005
Operating income	297,588	264,600	580,192	533,189
Other income (expense):
Interest income	12,774	15,859	25,866	35,218
Interest expense, net of amounts capitalized	(152,177)	(154,551)	(304,539)	(312,159)
Change in derivatives fair value	43,287	(1,112)	90,057	(30,651)
Loss on debt financing transactions	0	(1,083)	0	(1,083)
Other	(2,746)	(36,164)	(32,180)	(44,538)
Other income (expense), net	(98,862)	(177,051)	(220,796)	(353,213)
Income before income taxes	198,726	87,549	359,396	179,976
Provision for income taxes	(16,154)	(10,588)	(26,286)	(21,610)
Net income	182,572	76,961	333,110	158,366
Less: net income attributable to noncontrolling interests	(42,510)	(10,743)	(72,594)	(19,401)
Net income attributable to Wynn Resorts, Limited	$ 140,062	$ 66,218	$ 260,516	$ 138,965
Net income attributable to Wynn Resorts, Limited:
Basic (in usd per share)	$ 1.37	$ 0.64	$ 2.53	$ 1.33
Diluted (in usd per share)	$ 1.32	$ 0.64	$ 2.36	$ 1.33
Weighted average common shares outstanding:
Basic (in shares)	102,574	103,491	102,828	104,486
Diluted (in shares)	102,983	103,780	103,390	104,749
Casino
Operating revenues:
Total operating revenues	$ 1,175,288	$ 1,051,834	$ 2,352,521	$ 2,092,264
Operating expenses:
Cost of goods and services sold	721,384	643,108	1,454,054	1,277,941
Rooms
Operating revenues:
Total operating revenues	290,303	291,053	580,684	565,574
Operating expenses:
Cost of goods and services sold	88,569	86,042	178,360	170,139
Food and beverage
Operating revenues:
Total operating revenues	264,344	261,057	523,363	510,936
Operating expenses:
Cost of goods and services sold	236,642	224,400	465,464	425,067
Entertainment, retail and other
Operating revenues:
Total operating revenues	126,998	133,853	257,127	269,420
Operating expenses:
Cost of goods and services sold	$ 51,390	$ 58,041	$ 111,103	$ 120,227

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 333,110	$ 158,366
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	325,948	308,328
Deferred income taxes	20,595	17,684
Stock-based compensation expense	42,640	48,237
Amortization of debt issuance costs	21,542	18,916
Loss on debt financing transactions	0	1,083
Provision for credit losses	10,987	4,749
Change in derivatives fair value	(77,579)	30,651
Property charges and other	65,575	66,963
Increase (decrease) in cash from changes in:
Receivables, net	52,669	(4,641)
Inventories, prepaid expenses and other	8,798	(11,246)
Customer deposits	(54,448)	2,665
Accounts payable and accrued expenses	(104,457)	(102,919)
Net cash provided by operating activities	645,380	538,836
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	(332,087)	(325,197)
Investments in unconsolidated affiliates	(178,569)	(130,642)
Purchase of investments	(57,065)	0
Proceeds from maturity of investments	140,453	0
Purchase of intangible and other assets	0	(450)
Proceeds from sale of assets and other	8,380	253
Net cash used in investing activities	(418,888)	(456,036)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	200,000	752,812
Repayments of long-term debt	0	(763,125)
Repurchase of common stock	(165,539)	(377,645)
Proceeds from exercise of stock options	883	154
Distribution to noncontrolling interests	(15,918)	(12,324)
Dividends paid	(95,016)	(88,290)
Finance lease payments	(13,727)	(12,694)
Payments for financing costs	0	(5,732)
Other	(25,809)	(9,142)
Net cash used in financing activities	(115,126)	(515,986)
Effect of exchange rate on cash, cash equivalents and restricted cash	(4,067)	(8,579)
Cash, cash equivalents and restricted cash:
Increase (decrease) in cash, cash equivalents and restricted cash	107,299	(441,765)
Balance, beginning of period	1,560,095	2,521,793
Balance, end of period	$ 1,667,394	$ 2,080,028

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,573,353	$ 1,463,442
Investments	527,370	601,756
Accounts receivable, net of allowance for credit losses of $54,886 and $45,645, respectively	336,629	402,641
Inventories	89,945	88,478
Prepaid expenses and other	126,485	127,204
Total current assets	2,653,782	2,683,521
Property and equipment, net	6,614,702	6,625,922
Long-term investments	60,384	67,594
Restricted cash	94,041	96,653
Intangible assets, net	208,232	224,242
Operating lease assets	1,764,067	1,778,052
Deferred income taxes, net	388,475	409,070
Investments in unconsolidated affiliates	1,110,425	948,156
Other assets	265,127	274,907
Total assets	13,159,235	13,108,117
Current liabilities:
Accounts and construction payables	240,734	255,307
Customer deposits	512,710	569,603
Gaming taxes payable	184,474	215,581
Accrued compensation and benefits	204,457	245,550
Accrued interest	133,814	132,772
Current portion of long-term debt	1,428,965	9,410
Other accrued liabilities	203,403	214,955
Total current liabilities	2,908,557	1,643,178
Long-term debt	9,295,695	10,537,402
Long-term operating lease liabilities	1,617,803	1,629,117
Other long-term liabilities	243,847	329,699
Total liabilities	14,065,902	14,139,396
Commitments and contingencies (Note 15)
Stockholders' deficit:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding	0	0
Common stock, par value $0.01; 400,000,000 shares authorized; 135,316,099 and 134,326,464 shares issued; 103,405,133 and 103,989,787 shares outstanding, respectively	1,353	1,343
Treasury stock, at cost; 31,910,966 and 30,336,677 shares, respectively	(2,784,163)	(2,621,394)
Additional paid-in capital	3,852,236	3,801,934
Accumulated other comprehensive income (loss)	6,736	(3,136)
Accumulated deficit	(1,245,613)	(1,454,239)
Total Wynn Resorts, Limited stockholders' deficit	(169,451)	(275,492)
Noncontrolling interests	(737,216)	(755,787)
Total stockholders' deficit	(906,667)	(1,031,279)
Total liabilities and stockholders' deficit	$ 13,159,235	$ 13,108,117