Wynn Resorts, Limited (WYNN) SEC Filings & Earnings Calls

Capital commitment may reduce free cash flow available for other uses.

“Commitment of MOP1.365B to fund, though applied toward existing concession obligations.”

Higher coupon rate (6.875% vs 5.250%) increases interest expense.

“6.875% Senior Notes due 2035; redeeming 5.250% Senior Notes due 2027”

Increased debt load; high coupon rate may indicate elevated credit risk.

“6.875% coupon on $900M notes; notes are unregistered and subject to transfer restrictions.”

Increased leverage from new $900M notes, though refinancing reduces near-term maturity risk.

“plan to offer $900 million aggregate principal amount of Senior Notes due 2035” · word for word

VIP turnover decline

“VIP turnover at Wynn Palace decreased 32.0% YoY; VIP win per unit per day down 21.5%.”

Encore Boston Harbor revenue decline

“Encore Boston Harbor operating revenues decreased 3.0% YoY.”

Las Vegas Operations Adjusted Property EBITDAR declined $19.6M YoY despite revenue increase, indicating margin pressure

“Las Vegas Operations Adjusted Property EBITDAR $215.2M vs $234.8M YoY, a decrease of $19.6M”

Encore Boston Harbor revenue and EBITDAR declined YoY

“Encore Boston Harbor operating revenues $209.3M vs $215.7M YoY; Adjusted Property EBITDAR $56.1M vs $63.9M YoY”

Development timeline of 60 months may face delays due to regulatory approvals or construction challenges.

“Macau Government has allocated Palo a maximum of 60 months from the date of publication of the Amended Land Concession Contract to complete development” · word for word

Rent review every five years introduces potential cost escalation risk.

“The rent for the Expanded Resort may be reviewed by the Macau Government every five years” · word for word

Foreign Exchange Risk

“Foreign currency remeasurement losses of $29.4 million for Q1 2026, driven by Macau pataca vs USD fluctuations.” · word for word

Cost Inflation Pressure

“Operating expenses increased 9.9% YoY, with casino expenses up 15.4%, food and beverage up 14.0%.”

Wynn Macau EBITDAR decline due to lower win percentage; VIP win below expected range.

“Wynn Macau Adjusted Property EBITDAR decreased $14.6 million; VIP win percentage 0.39% vs expected 3.1%-3.4%.”

Geopolitical risk in Gulf region for UAE development project.

“Closely monitoring the broader situation in the Gulf region while taking additional precautions.” · word for word

Development project risk; unconsolidated affiliate structure limits direct control.

“Unconsolidated affiliate constructing the resort; 40% equity interest.”

Macau concession revocation risk

“If the Macau government rescinds the Gaming Concession Contract due to the Wynn Macau SA’s non-fulfillment, or perceived non-fulfillment, of its obligations, Wynn Macau SA will be required to transfer to the Macau government, free from any encumbrance or lien and without compensation, all of its casinos, gaming assets and equipment and ownership rights to it” · word for word

High leverage

“As of December 31, 2025, we had total outstanding debt of approximately $10.63 billion.” · word for word

Cybersecurity and data breach risk

“We have experienced data security incidents in the past, and expect to experience additional incidents in the future; however, to date no such incidents have been material to our business, operating results, or financial condition.” · word for word

Labor disruption risk

“The impact of any future organizing activity or labor dispute or work stoppage with respect to those of our employees who are represented by labor unions could have a material adverse effect on our business, financial condition, results of operations and cash flows.” · word for word

Macau smoking legislation impact

“The existing smoking legislation, and any smoking legislation intended to fully ban all smoking in casinos, may deter potential gaming customers who are smokers from frequenting casinos in Macau, which could have an adverse effect on our business, financial condition, results of operations and cash flows.” · word for word

Significant decline in net income and Adjusted Property EBITDAR due to lower win percentages in Macau and Las Vegas.

“Net income dropped 63.9% YoY; Adjusted Property EBITDAR fell 8.1%.”

VIP table games win percentage below expected range at Wynn Palace (2.84% vs 3.1%-3.4%).

“VIP table games win as a percentage of turnover was 2.84%, below the property's expected range of 3.1% to 3.4%.” · word for word

Las Vegas Operations revenue and EBITDAR declined despite ADR improvement.

“Operating revenues from Las Vegas Operations decreased $11.4 million; Adjusted Property EBITDAR decreased $26.6 million.”

No material risk identified; orderly succession.

“No financial metrics or risk factors mentioned.”

Macau ADR decline

“ADR at Wynn Palace decreased 25.1% to $221.”

Encore Boston Harbor revenue decline

“Encore Boston Harbor operating revenues decreased $2.4 million or 1.1%.”

Dependence on Macau and Las Vegas markets; VIP win percentage volatility; construction risk for Wynn Al Marjan Island.

“VIP table games win percentage fluctuated; Wynn Al Marjan Island development ongoing with $835M life-to-date cash contributions.”