Wynn Resorts (WYNN) investor relations material

Executive summary

• Achieved $2.3 billion LTM 1Q26 Total Adjusted Property EBITDAR, with continued strong performance across Las Vegas, Boston, and Macau, and further diversification expected with the opening of Wynn Al Marjan Island in 2027.

• Operating revenues rose to $1.86 billion in Q1 2026, up $156.4 million year-over-year, with net income attributable to shareholders increasing to $120.5 million.

• Ongoing investments in Las Vegas, Macau, and Boston, including the Enclave at Wynn Palace and continued construction at Wynn Al Marjan Island, support premium positioning and market share gains.

• Recognized for industry-leading luxury service, with more Forbes Travel Guide Five-Star Awards than any other independent hotel company globally.

• Regular quarterly dividend declared at $0.25 per share; $54 million of stock repurchased in the quarter.

Financial highlights

• 1Q26 consolidated Adjusted Property EBITDAR was $562.4 million, with a margin of 30.3%, and Las Vegas EBITDAR reached $232.5 million (35.1% margin); Macau EBITDAR was $279 million (28.2% margin); Encore Boston Harbor EBITDAR was $51 million (24.6% margin).

• Wynn Palace operating revenues grew by $123.4 million to $659.3 million; Las Vegas operations revenue increased by $36.6 million to $661.9 million.

• Macau delivered $279.4 million in adjusted property EBITDA on $989.2 million revenue, with mass drop up 19% and handle up 32% year-on-year.

• Global cash and revolver availability stood at $4.4 billion as of March 31, with a consolidated net leverage ratio just over 4.4x.

• Net income attributable to shareholders increased to $120.5 million from $72.7 million year-over-year.

Outlook and guidance

• Wynn Al Marjan Island in the UAE is progressing, with opening expected in 2027 and anticipated to add ~$345 million EBITDAR.

• Capex cycle expected to taper off by 2027, with major projects completing and focus shifting to free cash flow generation.

• Encore Tower remodel to begin soon, with phased work through 2026 and early 2027.

• No material domestic cash income taxes expected in 2026.

• No change in long-term conviction or financial targets for Wynn Al Marjan despite regional uncertainties.