v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has identified its reportable segments based on factors such as geography, regulatory environment, the Company's organizational and management reporting structure and the information reviewed by its chief operating decision maker, the Company's Chief Executive Officer ("CEO"). The primary profitability measure used by the Company's CEO to review segment operating results and allocate resources is Adjusted Property EBITDAR.

The Company has identified the following reportable segments: (i) Wynn Macau, representing the aggregate of Wynn Macau and Encore, an expansion at Wynn Macau, which are managed as a single integrated resort; (ii) Wynn Palace; (iii) Las Vegas Operations, representing the aggregate of Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture, which are managed as a single integrated resort; and (iv) Encore Boston Harbor. For geographical reporting purposes, Wynn Macau, Wynn Palace, and Other Macau (which represents the assets of the Company's Macau holding company and other ancillary entities) have been aggregated into Macau Operations.

The following tables present the Company's segment information (in thousands):
Three Months Ended June 30, 2026
Wynn PalaceWynn MacauLas Vegas OperationsEncore Boston HarborTotal
Operating revenues
Casino$564,356 $300,726 $158,104 $152,102 $1,175,288 
Rooms36,188 20,907 208,132 25,076 290,303 
Food and beverage31,785 16,761 195,688 20,110 264,344 
Entertainment, retail and other(1)
21,070 12,692 81,244 11,992 126,998 
Total segment operating revenues653,399 351,086 643,168 209,280 1,856,933 
Cost of revenue(2)
156,410 107,740 409,395 108,004 
Gaming taxes(3)
295,501 147,835 18,547 45,192 
Segment Adjusted Property EBITDAR(4)
$201,488 $95,511 $215,226 $56,084 $568,309 
Pre-opening9,232 
Depreciation and amortization165,421 
Property charges and other9,662 
Corporate expense and other34,209 
Stock-based compensation16,902 
Triple-net operating lease expense35,295 
Operating income297,588 
Other non-operating income and expenses
Interest income12,774 
Interest expense, net of amounts capitalized(152,177)
Change in derivatives fair value43,287 
Other(2,746)
Total other non-operating income and expenses(98,862)
Income before income taxes198,726 
Provision for income taxes(16,154)
Net income182,572 
Net income attributable to noncontrolling interests(42,510)
Net income attributable to Wynn Resorts, Limited$140,062 
Three Months Ended June 30, 2025
Wynn PalaceWynn MacauLas Vegas OperationsEncore Boston HarborTotal
Operating revenues
Casino$448,298 $293,380 $148,502 $161,654 $1,051,834 
Rooms38,481 21,742 207,981 22,849 291,053 
Food and beverage30,446 17,020 194,861 18,730 261,057 
Entertainment, retail and other(1)
22,416 11,671 87,289 12,477 133,853 
Total segment operating revenues539,641 343,813 638,633 215,710 1,737,797 
Cost of revenue(2)
140,659 101,698 385,577 104,991 
Gaming taxes(3)
241,776 145,605 18,244 46,860 
Segment Adjusted Property EBITDAR(4)
$157,206 $96,510 $234,812 $63,859 $552,387 
Pre-opening11,286 
Depreciation and amortization152,907 
Property charges and other13,245 
Corporate expense and other46,446 
Stock-based compensation28,837 
Triple-net operating lease expense35,066 
Operating income264,600 
Other non-operating income and expenses
Interest income15,859 
Interest expense, net of amounts capitalized(154,551)
Change in derivatives fair value(1,112)
Loss on debt financing transactions(1,083)
Other(36,164)
Total other non-operating income and expenses(177,051)
Income before income taxes87,549 
Provision for income taxes(10,588)
Net income76,961 
Net income attributable to noncontrolling interests(10,743)
Net income attributable to Wynn Resorts, Limited$66,218 
Six Months Ended June 30, 2026
Wynn PalaceWynn MacauLas Vegas OperationsEncore Boston HarborTotal
Operating revenues
Casino$1,129,273 $577,458 $336,295 $309,495 $2,352,521 
Rooms73,822 42,227 420,693 43,942 580,684 
Food and beverage64,820 36,031 384,416 38,096 523,363 
Entertainment, retail and other(1)
44,822 25,222 163,673 23,410 257,127 
Total segment operating revenues1,312,737 680,938 1,305,077 414,943 3,713,695 
Cost of revenue(2)
308,713 216,412 818,831 217,915 
Gaming taxes(3)
598,714 293,399 38,560 90,425 
Segment Adjusted Property EBITDAR(4)
$405,310 $171,127 $447,686 $106,603 $1,130,726 
Pre-opening20,977 
Depreciation and amortization325,948 
Property charges and other21,291 
Corporate expense and other69,019 
Stock-based compensation42,640 
Triple-net operating lease expense70,659 
Operating income580,192 
Other non-operating income and expenses
Interest income25,866 
Interest expense, net of amounts capitalized(304,539)
Change in derivatives fair value90,057 
Other(32,180)
Total other non-operating income and expenses(220,796)
Income before income taxes359,396 
Provision for income taxes(26,286)
Net income333,110 
Net income attributable to noncontrolling interests(72,594)
Net income attributable to Wynn Resorts, Limited$260,516 
Six Months Ended June 30, 2025
Wynn PalaceWynn MacauLas Vegas OperationsEncore Boston HarborTotal
Operating revenues
Casino$892,806 $568,930 $309,495 $321,033 $2,092,264 
Rooms75,096 45,039 403,849 41,590 565,574 
Food and beverage62,184 35,812 374,303 38,637 510,936 
Entertainment, retail and other(1)
45,484 23,992 176,271 23,673 269,420 
Total segment operating revenues1,075,570 673,773 1,263,918 424,933 3,438,194 
Cost of revenue(2)
278,411 201,406 768,893 210,745 
Gaming taxes(3)
478,068 285,658 36,852 92,875 
Segment Adjusted Property EBITDAR(4)
$319,091 $186,709 $458,173 $121,313 $1,085,286 
Pre-opening16,573 
Depreciation and amortization308,328 
Property charges and other25,477 
Corporate expense and other83,027 
Stock-based compensation48,237 
Triple-net operating lease expense70,455 
Operating income533,189 
Other non-operating income and expenses
Interest income35,218 
Interest expense, net of amounts capitalized(312,159)
Change in derivatives fair value(30,651)
Loss on debt financing transactions(1,083)
Other(44,538)
Total other non-operating income and expenses(353,213)
Income before income taxes179,976 
Provision for income taxes(21,610)
Net income158,366 
Net income attributable to noncontrolling interests(19,401)
Net income attributable to Wynn Resorts, Limited$138,965 
(1)    Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases."
(2)    Primarily comprised of payroll, cost of goods sold, marketing, promotional, facilities, taxes and licenses (excluding gaming taxes) and other operating expenses.
(3)    For Las Vegas Operations, includes table and slot license fees.
(4)    "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Capital expenditures
Macau Operations:
Wynn Palace$31,196 $55,282 $84,374 $105,391 
Wynn Macau22,697 14,769 60,462 30,249 
Total Macau Operations53,893 70,051 144,836 135,640 
Las Vegas Operations90,578 49,938 174,932 106,088 
Encore Boston Harbor3,500 6,802 7,057 11,487 
Corporate and other5,052 38,475 5,262 71,982 
Total$153,023 $165,266 $332,087 $325,197 

June 30, 2026December 31, 2025
Assets
Macau Operations:
Wynn Palace$2,688,561 $2,817,363 
Wynn Macau1,414,233 1,329,671 
Other Macau881,946 1,013,979 
Total Macau Operations4,984,740 5,161,013 
Las Vegas Operations3,310,903 3,252,007 
Encore Boston Harbor1,912,523 1,946,783 
Corporate and other2,951,069 2,748,314 
Total$13,159,235 $13,108,117