Wynn Resorts

Annual Report
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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
FORM 10-K 
È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the fiscal year ended December 31, 2024 
OR 
‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period
to
 
Commission File No. 000-50028 
WYNN RESORTS, LIMITED 
(Exact name of registrant as specified in its charter) 
Nevada 
46-0484987 
(State or other jurisdiction of 
incorporation or organization) 
(I.R.S. Employer 
Identification No.) 
3131 Las Vegas Boulevard South - Las Vegas, Nevada 89109 
(Address of principal executive offices) (Zip Code) 
(702) 770-7555 
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act: 
Title of each class 
Trading Symbol(s) 
Name of each exchange on which registered 
Common Stock, par value $0.01 per share 
WYNN 
Nasdaq Global Select Market 
Securities registered pursuant to Section 12(g) of the Act: 
None 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
È
No
‘ 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes
‘
No
È 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange 
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days.
Yes
È
No
‘ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to 
Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to 
submit such files).
Yes
È
No
‘ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting 
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and 
“emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer È 
Accelerated filer 
‘ 
Non-accelerated filer 
‘ 
Smaller reporting company ‘ 
 
 
Emerging growth company ‘ 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying 
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
‘ 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its 
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm 
that prepared or issued its audit report.
È 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant 
included in the filing reflect the correction of an error to previously issued financial statements
‘ 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based 
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b)
‘ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
‘
No
È 
The aggregate market value of the registrant’s Common Stock held by non-affiliates based on the closing price per share as reported on the 
Nasdaq Global Select Market on June 30, 2024 was approximately $9.06 billion. 
As of February 4, 2025, 106,401,372 shares of the registrant’s Common Stock, $0.01 par value, were outstanding. 
DOCUMENTS INCORPORATED BY REFERENCE 
Portions of the registrant’s definitive Proxy Statement for its 2025 Annual Meeting of Shareholders to be filed not later than 120 days after 
the end of the fiscal year covered by this report are incorporated by reference into Part III of this Form 10-K. 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
FORM 10-K 
TABLE OF CONTENTS 
PART I 
Item 1. 
Business 
3 
Item 1A. 
Risk Factors 
16 
Item 1B. 
Unresolved Staff Comments 
28 
Item 1C. 
Cybersecurity 
29 
Item 2. 
Properties 
30 
Item 3. 
Legal Proceedings 
30 
Item 4. 
Mine Safety Disclosures 
31 
PART II 
Item 5. 
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
Securities 
32 
Item 6. 
Reserved 
33 
Item 7. 
Management’s Discussion and Analysis of Financial Condition and Results of Operations 
34 
Item 7A. 
Quantitative and Qualitative Disclosures About Market Risk 
53 
Item 8. 
Financial Statements and Supplementary Data 
55 
Item 9. 
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 
110 
Item 9A. 
Controls and Procedures 
110 
Item 9B. 
Other Information 
110 
Item 9C. 
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 
110 
PART III 
Item 10. 
Directors, Executive Officers and Corporate Governance 
111 
Item 11. 
Executive Compensation 
111 
Item 12. 
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 
111 
Item 13. 
Certain Relationships and Related Transactions, and Director Independence 
111 
Item 14. 
Principal Accountant Fees and Services 
111 
PART IV 
Item 15. 
Exhibits and Financial Statement Schedules 
112 
Item 16. 
Form 10-K Summary 
118 
Signatures 
119 
2 

PART I 
Item 1. Business 
Our Company 
Wynn Resorts, Limited (“Wynn Resorts,” “Wynn,” or together with its subsidiaries, “we” or the “Company”) is a 
preeminent designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array 
of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on 
our guests, our people, and our community. We believe that our extensive design and operational experience across numerous 
gaming jurisdictions provides us with a distinct advantage over other gaming enterprises. 
Through our approximately 72% ownership of Wynn Macau, Limited (“WML”), we operate two integrated resorts in the 
Macau Special Administrative Region of the People’s Republic of China (“Macau”), Wynn Palace and Wynn Macau 
(collectively, our “Macau Operations”). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 
100% of Wynn Las Vegas and Encore at Wynn Las Vegas, which we also refer to as our Las Vegas Operations. In Everett, 
Massachusetts, we operate Encore Boston Harbor, an integrated resort. Additionally, the Company has a 40% equity interest in 
Island 3 AMI FZ-LLC, an unconsolidated affiliate, which is constructing an integrated resort property (“Wynn Al Marjan 
Island”) in Ras Al Khaimah, United Arab Emirates. 
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all other reports and 
any amendments of such reports filed with or furnished to the Securities and Exchange Commission (“SEC”) are available, 
without charge, at the SEC’s website at http://www.sec.gov. In addition, through our corporate website at 
www.wynnresorts.com, Wynn Resorts provides a hyperlink to a third-party SEC filing website which makes available all such 
reports and amendments as soon as reasonably practicable after filing with, or furnishing to the SEC, without charge. The 
information found on or linked through our website is not incorporated by reference into this Annual Report on Form 10-K, 
nor does it form a part of this Annual Report on Form 10-K or any other report we file with or furnish to the SEC. 
Our Strategy 
We conceptualize, design, build, and operate our resorts to create unforgettable customer experiences across a diverse set 
of gaming and non-gaming amenities that attract a wide range of customer segments and generate strong financial results. 
Central to our strategy is the construction of, and regular reinvestment in, world-class integrated resorts. These activities 
are led by our in-house design, development, and construction subsidiary and its senior management team, which has 
significant experience across all major design and construction disciplines. In addition, we believe superior customer service is 
the best marketing strategy to attract customers and drive repeat visitation to our resorts. Human resources and staff training 
are essential to ensuring our employees are prepared to provide the luxury service that our guests expect. We have been 
successful in attracting a wide range of premium guests both domestically and internationally. Part of this strategy includes 
leveraging our marketing team across various branch offices located internationally to connect and build relationships with our 
customers. We continually evaluate our offerings and service levels, and as a result, have made and expect to continue to make 
enhancements and refinements to our resorts. 
We plan to continue to seek out new opportunities to develop and operate world-class integrated resorts and related 
businesses around the world. Overall, we believe Wynn Resorts has a demonstrated track record of developing and operating 
integrated resorts that stimulate local and regional economic activity, by attracting a wide range of customers (including 
high-net-worth international tourists), driving international tourism, raising average hotel room rates in the region, extending 
the average length of stay per visitor, complementing existing convention and meeting business with five-star accommodations 
and appropriately scaled meeting amenities, elevating service levels with the execution of five-star customer service, and 
stimulating city-wide investment and employment. 
Our Values 
Wynn Resorts thrives in the luxury hospitality industry because of our employees, who exhibit our values at every level 
within the Company. Our values are embodied by the following concepts: 
•
Service-Driven. We foster a culture of respect, gratitude and meticulous attention to detail that makes service to 
guests our life’s work. 
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•
Excellence. Our singular focus on being the best celebrates the inherent connection between employee and guest, 
company and community. 
•
Artistry. We provide a collection of guest experiences that prize artistry and championship craftsmanship, resulting 
in Wynn Resorts being the highest ranked hotel company in the world. 
•
Progressive. Our commitment to innovation enables us to continue evolving what it means to create and operate 
world-class resort destinations. 
Our Commitment to Corporate Social Responsibility 
We are committed to our people, our communities, and our planet. Executing on our commitment to corporate social 
responsibility includes: 
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Creating a five-star workplace. 
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Investing in the growth and well-being of our people. 
•
Furthering social impact initiatives in our communities. 
•
Minimizing the consumption and maximizing the benefit on our environment by sourcing renewable energy and 
utilizing it responsibly. 
•
Elevating our corporate governance practices to ensure they appropriately support the long-term interests of our 
stakeholders. 
In North America, we have taken a leading role in the hospitality industry’s transition to clean and sustainable sources of 
energy. Our investments in low-carbon energy, including on-site solar arrays and notably, a 160-acre solar facility in northern 
Nevada, have earned us a place in the U.S. Environmental Protection Agency’s Green Power Partnership. We voluntarily use 
green power to reduce carbon emissions and drive toward our corporate sustainability goals. We encourage our employees to 
avail themselves of numerous leadership and development opportunities and use our resources to assist in the education and 
development of the next generation of employees and leaders. We are also fully committed to supporting our communities in 
the Las Vegas and Boston areas, through our corporate giving program and through the Wynn Resorts Foundation, which 
fosters charitable giving and volunteerism among Wynn employees and community partners. 
In Macau and across the Greater Bay Area, which is the region encompassing Macau, Hong Kong, and southern 
Guangdong Province, we strive to drive reinvestment in our community, encourage volunteerism, and promote responsible 
gaming through our Wynn Care program. Since launching this program, we have centralized our community-focused 
initiatives under one umbrella and meaningfully increased our involvement in various volunteer activities and community 
events in Macau, the Greater Bay Area, and beyond. We are also fully committed to supporting the sustainable development of 
Macau and endeavor to provide our guests with a premium experience while remaining environmentally conscious by 
monitoring and reducing inefficient energy and resource consumption and embracing technologies that help us to responsibly 
use our resources. In addition, we provide our employees in Macau with numerous professional development and training 
opportunities to elevate core and leadership skills. 
Executing on Our Strategy 
Reflecting our strategic focus, our values, and our commitment to delivering world-class, five-star service within luxury 
integrated resorts, the Company has received the following recognition: 
•
Collectively, Wynn Resorts earned 19 Forbes Travel Guide (“FTG”) Five-Star awards in 2025 and holds the most 
FTG Five-Star awards of any independent hotel company in the world. 
•
Wynn Resorts was once again included on FORTUNE Magazine’s 2025 World’s Most Admired Companies list in 
the hotel, casino, and resort category. 
•
Wynn Las Vegas has received the distinction of Four Green Globes, the highest achievement for energy-efficient 
and sustainable buildings from the Green Building Initiative. 
•
Encore Boston Harbor has been certified LEED Platinum, the U.S. Green Building Council’s highest level of 
certification. 
•
Wynn Palace and Wynn Macau collectively earned 12 FTG Five-Star awards in 2025, with Wynn Palace 
maintaining its status as the largest FTG Five-Star resort in the world. 
4 

Our Resorts 
We present the operating results of our four resorts in the following segments: Wynn Palace, Wynn Macau, Las Vegas 
Operations, and Encore Boston Harbor. We generally experience fluctuations in revenues and cash flows from month to 
month, including from such factors as the timing of major conventions and holidays; however, we do not believe that our 
business is materially impacted by seasonality. 
Wynn Palace 
We opened Wynn Palace in August 2016, on Macau’s Cotai Strip, conveniently located minutes from both Macau 
International Airport and the Macau Taipa Ferry Terminal and directly adjacent to a stop serviced by Macau’s light rail 
system. The property features approximately 468,000 square feet of casino space with 303 table games and 598 slot machines, 
as well as private gaming salons and sky casinos. Wynn Palace also features a luxury hotel tower with a total of 1,706 guest 
rooms, suites, and villas, offering a health club, spa, salon, and pool. In addition, Wynn Palace offers 14 food and beverage 
outlets, approximately 107,000 square feet of high-end, brand-name retail space, and approximately 37,000 square feet of 
meeting and convention space. The property’s signature public attractions and entertainment offerings include a performance 
lake, an immersive entertainment center, Western and Asian art displays, and a gondola ride offering convenient street-level 
access. 
We are in the design stages of developing the next phase of Wynn Palace. We currently expect that the next phase at 
Wynn Palace will incorporate an array of amenities such as theater and expanded event space, food and beverage features, and 
other non-gaming offerings. 
Wynn Macau 
We opened Wynn Macau in September 2006, and Encore, an expansion of Wynn Macau, in April 2010. Located in the 
heart of downtown Macau, the property features approximately 294,000 square feet of casino space with 257 table games and 
696 slot machines, as well as private gaming salons, sky casinos, and a poker room. Wynn Macau also features two luxury 
hotel towers with a total of 1,010 guest rooms and suites, offering two health clubs, two spas, a salon and a pool. In addition, 
Wynn Macau offers 12 food and beverage outlets, approximately 64,500 square feet of high-end, brand-name retail space, and 
approximately 31,000 square feet of meeting and convention space. Wynn Macau’s signature attractions include offerings such 
as the performance lake and a rotunda show featuring a Chinese zodiac-inspired ceiling along with the gold “tree of 
prosperity” show. 
Las Vegas Operations 
We opened Wynn Las Vegas in April 2005 and Encore, an expansion of Wynn Las Vegas, in December 2008. Wynn Las 
Vegas is located at the intersection of the Las Vegas Strip and Sands Avenue, and occupies approximately 215 acres of land 
fronting the Las Vegas Strip. The property features approximately 195,000 square feet of casino space with 223 table games 
and 1,577 slot machines, as well as private gaming salons, a sky casino, a poker room, and a race and sports book. Wynn Las 
Vegas also features two luxury hotel towers with a total of 4,748 guest rooms, suites, and villas, which offer swimming pools, 
private cabanas, two full service spas and salons, and a wedding chapel. In addition, Wynn Las Vegas offers 34 food and 
beverage outlets, approximately 178,000 square feet of high-end, brand-name retail space, approximately 513,000 square feet 
of meeting and convention space, and a golf course. Our nightlife and entertainment offerings at Wynn Las Vegas include two 
nightclubs and a beach club, and two theaters presenting an exclusive theatrical production and various headliner 
entertainment act. 
Encore Boston Harbor 
On June 23, 2019, we opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts, adjacent to Boston 
along the Mystic River. The property features approximately 210,000 square feet of casino space with 172 table games, 24 
poker tables and approximately 2,724 slot machines, private and high-limit gaming areas, and a sports book. Encore Boston 
Harbor also features a luxury hotel tower with a total of 671 guest rooms and suites, which offers a spa and salon. In addition, 
Encore Boston Harbor offers 16 food and beverage outlets and a nightclub, approximately 8,186 square feet of retail space, 
and approximately 71,000 square feet of meeting and convention space. Public attractions include a waterfront park, floral 
displays, and water shuttle service to downtown Boston. 
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Future Development Projects 
In January 2022, we, along with Island 3 AMI FZ-LLC and RAK HH IR FZ-LLC, announced plans for the development 
and management of Wynn Al Marjan Island, a destination integrated resort property in the Emirate of Ras Al Khaimah, United 
Arab Emirates. Wynn Al Marjan Island, which is currently under construction, is anticipated to be completed and open to the 
public in 2027, featuring an over 1,500-room hotel, luxury villas, a high-end shopping mall, a state-of-the-art meeting and 
convention facility, an exclusive spa, more than 20 restaurants and lounges, 225,000 square feet of gaming area, a wide array 
of entertainment choices including a nightclub and a beach club, and other amenities. The planned integrated resort will 
leverage Wynn Resorts’ expertise in developing and operating luxury hospitality destinations, and is expected to create 
substantial value to the local economy by accelerating tourism, creating jobs, and contributing to the growth of related sectors. 
Market and Competition 
The casino resort industry is highly competitive. We compete with other high-quality resorts on the basis of the range of 
amenities, level of service, price, location, entertainment, themes and size, among other factors. We seek to differentiate our 
integrated resorts by delivering superior design and customer service. 
Macau 
Macau, located in the Greater Bay Area, is governed as a special administrative region of China and is located 
approximately 37 miles southwest of Hong Kong. The journey between Macau and Hong Kong takes approximately 
15 minutes by helicopter, 30 minutes by road via the Hong Kong-Zhuhai-Macau Bridge, and one hour by jetfoil ferry. Macau, 
which has been a casino destination for more than 60 years, consists principally of a peninsula on mainland China and two 
neighboring islands, Taipa and Coloane, between which the Cotai area is located. In addition to Wynn Resorts (Macau) S.A. 
(“Wynn Macau SA”), SJM Resorts, S.A. (“SJM”), Galaxy Casino, S.A. (“Galaxy”), Venetian Macau, S.A. (“Venetian 
Macau”), Melco Resorts (Macau) Limited (“Melco”), and MGM Grand Paradise Limited (“MGM Macau”) are permitted to 
operate casinos in Macau, with a total of 30 casinos currently in operation. 
Both the Macau gaming market and visitation to Macau grew significantly from liberalization in 2002 up until the 
outbreak of COVID-19, and then fell meaningfully from early 2020 to December 2022 due to certain border control and other 
travel related restrictions as a result of the pandemic. Over the course of December 2022 and January 2023, Macau authorities 
eliminated these COVID-19 related protective measures and the gaming market resumed a period of growth. According to the 
Macau Statistics and Census Service Monthly Bulletin of Statistics, visitation to Macau in 2024 increased 23.8% and 512.7% 
and decreased 11.4% as compared to 2023, 2022, and 2019, respectively. 
We believe that the Macau region hosts one of the world’s largest concentrations of potential gaming and tourism 
customers. According to Macau Statistical Information, annual gaming revenues were $36.5 billion in 2019, before falling to 
$7.6 billion in 2020, $10.8 billion in 2021, and $5.3 billion in 2022, due to various quarantine measures and travel and entry 
restrictions and conditions since the outbreak of COVID-19, and increased to $22.7 billion in 2023 and $28.4 billion in 2024, 
respectively, due to Macau authorities eliminating COVID-19 related protective measures over the course of December 2022 
and January 2023. We continue to believe that Macau’s stated goal of becoming a world-class tourism destination will 
continue to drive additional visitation to the market and create future opportunities for us to invest and grow. 
Our Macau Operations face competition primarily from the 28 other casinos located throughout Macau in addition to 
casinos located throughout the world, including Singapore, South Korea, the Philippines, Vietnam, Cambodia, Malaysia, 
Australia, Las Vegas, cruise ships in Asia that offer gaming, and other casinos throughout Asia. Additionally, certain other 
Asian countries and regions have legalized or in the future may legalize gaming, such as Japan, Taiwan, and Thailand, which 
could increase competition for our Macau Operations. 
Las Vegas 
Las Vegas is the largest gaming market in the United States. The Las Vegas gaming market is highly competitive and is 
largely dependent on tourist arrivals and meeting- and convention-related visitation. According to statistics published by the 
Nevada Gaming Control Board, Las Vegas Strip total gaming win was $8.8 billion in 2024, a 1.0% decrease from $8.9 billion 
in 2023. According to the Las Vegas Convention and Visitors Authority, overall Las Vegas visitor volume was 41.7 million in 
2024, a 2.1% increase from 40.8 million in 2023. Occupancy on the Las Vegas Strip was relatively flat at 86.4%, compared to 
86.2% in 2023. 
6 

Our Las Vegas Operations are located on the Las Vegas Strip and compete with other high-quality resorts and hotel 
casinos in Las Vegas. There are several recently completed large-scale integrated resort projects in the vicinity of our Las 
Vegas Operations, which may present increased competition in the future. Our Las Vegas Operations also compete, to some 
extent, with other casino resorts throughout the United States and elsewhere in the world. 
Massachusetts 
Massachusetts and its neighboring states of Connecticut and Rhode Island are host to a large, established casino market. 
The greater Boston metropolitan area is the largest population center in New England, with a population of approximately 
5 million residents. 
Gaming in the New England region is characterized by a high degree of competition, based largely on location, product 
quality, service levels, and effectiveness in marketing to and establishing relationships with repeat visitors located in the area. 
Encore Boston Harbor competes with both commercial and Native American casinos located in the northeastern United States, 
including two Native American casinos in Connecticut, two casinos in Rhode Island, and MGM Springfield in Massachusetts. 
Differences in regulatory landscapes across state borders may impact our ability to compete with other casinos in the region. 
For example, some casino operators in the region may pay lower gaming taxes, or may be permitted to offer gaming amenities 
we are currently unable to offer at Encore Boston Harbor. We also face competition, to a lesser degree, from operations in the 
region which offer other forms of legalized gaming and related recreation and leisure facilities, such as state lotteries, horse 
racing, online gaming, and sports betting. 
Regulation and Licensing 
Macau 
On December 16, 2022, Wynn Macau SA, an indirect subsidiary of the Company, entered into a definitive gaming 
concession contract (the “Gaming Concession Contract”) with the Macau government, pursuant to which Wynn Macau SA 
was granted a 10-year gaming concession commencing on January 1, 2023 and expiring on December 31, 2032, to operate 
games of chance at Wynn Palace and Wynn Macau. 
As a casino concessionaire, Wynn Macau SA is subject to the regulatory control of the Macau government. The Macau 
government has adopted Laws and Administrative Regulations governing the operation of casinos in Macau. Only 
concessionaires are permitted to operate casinos. Each concessionaire was required to enter into a concession agreement with 
the Macau government which, together with the Laws and Administrative Regulations, form the framework for the regulation 
of the activities of the concessionaire. 
Under the Laws and Administrative Regulations, concessionaires are subject to suitability requirements relating to 
background, associations and reputation, as are stockholders of 5% or more of a concessionaire’s equity securities, officers, 
directors and key employees. The same requirements apply to any entity engaged by a concessionaire to manage casino 
operations. Concessionaires are required to satisfy minimum capitalization requirements, demonstrate and maintain adequate 
financial capacity to operate the concession and submit to continuous monitoring of their casino operations by the Macau 
government. Concessionaires also are subject to periodic financial reporting requirements and reporting obligations with 
respect to, among other things, certain contracts, financing activities and transactions with directors, financiers and key 
employees. Transfers or the encumbering of interests in concessionaires must be reported to the Macau government and are 
ineffective without government approval. 
Each concessionaire is required to engage a managing director who must be a permanent resident of Macau and the 
holder of at least 15% of the capital stock of the concessionaire. The appointment of the managing director and of any 
successor is ineffective without the approval of the Macau government. All contracts placing the management of a 
concessionaire’s casino operations with a third party also are ineffective without the approval of the Macau government. 
Concessionaires are subject to a special gaming tax of 35% of gross gaming revenue, and must also make an annual 
contribution of up to 5% of gross gaming revenue for the promotion of public interests, social security, infrastructure and 
tourism. Concessionaires are obligated to withhold applicable taxes, according to the rate in effect as set by the government, 
from any commissions paid to gaming promoters. The withholding rate may be adjusted from time to time. 
7 

The Gaming Concession Contract between Wynn Macau SA and the Macau government requires Wynn Macau SA to 
operate two casinos: “Casino Wynn Macau” and “Casino Wynn Palace.” 
Under the Gaming Concession Contract, Wynn Macau SA provided a first demand bank guarantee of MOP1.0 billion 
(approximately $125.1 million) in favor of the Macau government to support Wynn Macau SA’s legal and contractual 
obligations, from January 1, 2023 until one hundred and eighty days after the term of the Gaming Concession Contract expires 
or the rescission of the concession. 
Pursuant to the Gaming Concession Contract and the Laws and Administrative Regulations, the Macau government may 
rescind the gaming concession if Wynn Macau SA fails to fulfill its obligations, including in the circumstances of 
(i) endangerment to the national security of mainland China or Macau, (ii) failure on the part of Wynn Macau SA to perform 
its obligations under the Gaming Concession Contract, (iii) public interest, and (iv) Wynn Macau SA ceasing to be eligible for 
the gaming concession under the Macau gaming law. If the Macau government rescinds the Gaming Concession Contract due 
to Wynn Macau SA’s non-fulfilment, 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 its casino areas in Macau. Beginning in the eighth year of Wynn Macau SA’s 
concession, the Macau government may exercise its right to redeem the concession by providing Wynn Macau SA with at 
least one-year prior written notice. In such event, Wynn Macau SA would be entitled to fair and equitable compensation 
pursuant to the Macau gaming law. The amount of such compensation relating to the projects agreed with the Macau 
government would be determined based on the earnings of these projects, before interest, depreciation and amortization for the 
fiscal year immediately preceding the date the redemption is declared, multiplied by the number of years remaining on the 
term of the Gaming Concession Contract. The Macau government may assume temporary custody and control over the 
operation of a concession in certain circumstances. During any such period, the costs of operations must be borne by the 
concessionaire. 
Wynn Macau SA is required to obtain prior approval from the relevant Macau authorities or officials for various 
corporate changes and actions, including expansion of its business scope, issuance of shares, transfer or creation of any 
encumbrances over its shares, issuance of debt securities, change of its managing director or the authority delegated thereto, 
appointment of any new director, change of its articles of association, certain transfers of property rights and creditor’s rights, 
entering into a consumer loan contract or similar contract with a value equal to or exceeding MOP100.0 million 
(approximately US$12.5 million), and granting of a loan to any of its directors, shareholders or key employees. Wynn Macau 
SA is required to notify the Macau government of certain other changes, including any loan, mortgage, claim for obligation, 
guarantee or the assumption of any debt for financing its business with a value that equals to or exceeds MOP16.0 million 
(approximately US$2.0 million). In particular, Wynn Macau SA is required to notify the Chief Executive of Macau at least 
five working days in advance prior to making financial decisions (i) related to the transfer of funds within Wynn Macau SA 
which exceeds 50% of its share capital, (ii) related to employee salaries, remuneration or benefits which exceed 10% of its 
share capital, and (iii) not related to above items (i) and (ii), whose value exceeds 10% of its share capital. 
Pursuant to the Gaming Concession Contract, Wynn Macau SA is required to submit to the Macau government, for its 
approval, an annual execution proposal of the specific projects mentioned in the Investment Plan annexed to the Gaming 
Concession Contract which it intends to execute in the following year by September 30, of each calendar year, detailing each 
project in which it intends to invest, the investment amount and the execution schedule. Within 60 days after submission of 
each annual execution proposal, the Macau government will decide on its approval, and may request adjustments to specific 
projects, the investment amount and/or the execution schedule. If any of the annual execution proposals or parts thereof are not 
approved by the Macau government, Wynn Macau SA is obliged to propose allocating the relevant funds to other projects, 
which are also subject to subsequent approval by the Macau government, while the total investment amount will remain 
unchanged. The annual execution proposals for the year 2024 and the year 2025 were previously submitted in September 2023 
and 2024, respectively, and were thereafter approved by the Macau government. Wynn Macau SA is required to submit a 
report on the execution of the previous year’s execution proposal by March 31st of each calendar year. The execution report of 
the proposal for the year 2023 was submitted on March 28, 2024 and was thereafter reviewed by the Macau government. The 
execution report of the proposal presented by the concessionaires may be subject to extraordinary audit upon determination by 
the Macau government. In addition, Wynn Macau SA is subject to the supervision of the Macau government in regards to the 
execution of development projects included in the Investment Plan, and Wynn Macau SA must submit progress reports every 
two months, and may be requested to submit exceptional detailed reports whenever the normal progress of any development 
project included in the Investment Plan is compromised. 
8 

Nevada 
The ownership and operation of casino gaming facilities in Nevada are subject to the Nevada Gaming Control Act and the 
regulations made thereunder (collectively, the “Nevada Act”), as well as to various local ordinances. Our Las Vegas 
Operations are subject to the licensing and regulatory control of the Nevada Gaming Commission (“NGC”), the Nevada 
Gaming Control Board (“NGCB”) and the Clark County Liquor and Gaming Licensing Board (“CCLGLB”). The NGC and 
NGCB are referred to herein collectively as the “Nevada Gaming Authorities.” 
The laws, regulations and supervisory procedures of the Nevada Gaming Authorities are based upon declarations of 
public policy. Such public policy concerns include, among other things: 
•
preventing unsavory or unsuitable persons from being directly or indirectly involved with gaming at any time or 
in any capacity; 
•
establishing and maintaining responsible accounting practices and procedures; 
•
maintaining effective controls over the financial practices of licensees, including establishing minimum 
procedures for internal fiscal affairs and safeguarding assets and revenue, providing reliable recordkeeping and 
requiring the filing of periodic reports with the Nevada Gaming Authorities; 
•
preventing cheating and fraudulent practices; and 
•
providing a source of state and local revenue through taxation and licensing fees. 
Any changes in applicable laws, regulations and procedures could have an adverse effect on our Las Vegas gaming 
operations and our financial condition and results of operations. 
Our subsidiary, Wynn Las Vegas, LLC, the owner and operator of Wynn Las Vegas, is licensed by the Nevada Gaming 
Authorities to conduct casino gaming operations, including a race book and sports pool, pari-mutuel wagering and the 
operation of gaming salons. It is also licensed as a manufacturer and distributor. These gaming licenses are not transferable. 
We are required to be registered as a publicly traded corporation (a “registered public company”) and to be found suitable 
by the NGC to own the equity interests of Wynn Resorts Holdings, LLC (“Wynn Resorts Holdings”). Wynn Resorts Holdings 
is required to be registered as an intermediary company and to be found suitable to own the equity interests of Wynn Resorts 
Finance, LLC (“Wynn Resorts Finance”) (f/k/a Wynn America, LLC). Wynn Resorts Finance, LLC is required to be registered 
as an intermediary company and to be found suitable by the NGC to own the equity interests of Wynn America Group, LLC 
(“Wynn America Group”). Wynn America Group is required to be registered as an intermediary company and to be found 
suitable by the NGC to own the equity interests of Wynn Las Vegas Holdings, LLC (“Wynn Las Vegas Holdings”). Wynn Las 
Vegas Holdings is required to be registered as an intermediary company and to be found suitable by the NGC to own the 
equity interests of Wynn Las Vegas, LLC. Wynn Resorts Holdings, Wynn Resorts Finance, Wynn America Group, and Wynn 
Las Vegas Holdings are referred to individually as a “registered intermediary subsidiary” and collectively as the “registered 
intermediary subsidiaries.” We, the registered intermediary subsidiaries, and Wynn Las Vegas, LLC hold all the various 
registrations, approvals, permits and licenses required for Wynn Las Vegas, LLC to engage in gaming activities in Nevada. 
No person may become a member of or receive profits from Wynn Las Vegas, LLC or the registered intermediary 
subsidiaries without first registering (for equity ownership of 5% or less), or obtaining licenses and approvals from the Nevada 
Gaming Authorities. The Nevada Gaming Authorities may investigate any individual who has a material relationship to or 
material involvement with us, the registered intermediary subsidiaries and/or Wynn Las Vegas, LLC to determine whether the 
individual is suitable or should be licensed as a business associate of a gaming licensee. Officers, directors and certain key 
employees of Wynn Las Vegas, LLC and the registered intermediary subsidiaries and our officers and directors who are 
actively and directly involved in the gaming activities of Wynn Las Vegas, LLC may be required to be licensed or found 
suitable by the Nevada Gaming Authorities. The Nevada Gaming Authorities may require additional applications and may also 
deny an application for licensing for any reason which they deem appropriate. A finding of suitability is comparable to 
licensing, and both require submission of detailed personal and financial information followed by a thorough investigation. An 
applicant for licensing or an applicant for a finding of suitability must pay or must cause to be paid all the costs of the 
investigation. Changes in licensed positions must be reported to the Nevada Gaming Authorities and, in addition to their 
authority to deny an application for a finding of suitability or licensing, the Nevada Gaming Authorities have the jurisdiction 
to disapprove a change in a corporate position. 
If the Nevada Gaming Authorities were to find an officer, director, or key employee unsuitable for licensing or to 
continue having a relationship with Wynn Las Vegas, LLC, the registered intermediary subsidiaries, or us, we would have to 
9 

sever all relationships with the person. In addition, the Nevada Gaming Authorities may require Wynn Las Vegas, LLC, the 
registered intermediary subsidiaries, or us to terminate the employment of any person who refuses to file appropriate 
applications. Determinations of suitability are not subject to judicial review. 
If the NGC determines that we, Wynn Las Vegas, LLC, or a registered intermediary subsidiary have violated the Nevada 
Act, it could limit, condition, suspend or revoke our and our intermediary subsidiary registrations and Wynn Las Vegas, LLC’s 
gaming license. In addition, we and the persons involved could be subject to substantial fines for each separate violation of the 
Nevada Act at the discretion of the NGC. Further, the NGC could appoint a supervisor to operate Wynn Las Vegas and, under 
specified circumstances, earnings generated during the supervisor’s appointment (except for the reasonable rental value of the 
premises) could be forfeited to the State of Nevada. The limitation, conditioning or suspension of any of our gaming licenses 
and the appointment of a supervisor could, and revocation of any gaming license would, have a significant negative effect on 
our gaming operations. 
Periodically, we are required to submit detailed financial and operating reports to the NGC and provide any other 
information that the NGC may require. Substantially all of our material loans, leases, sales of securities and similar financing 
transactions must be reported to, and/or approved by, the NGC. 
Any beneficial owner of our voting or nonvoting securities, regardless of the number of shares owned, may be required to 
file an application, be investigated and have that person’s suitability as a beneficial owner of voting securities determined if 
the NGC has reason to believe that the ownership would be inconsistent with Nevada’s declared public policies. If the 
beneficial owner of the voting or nonvoting securities of Wynn Resorts who must be found suitable is a corporation, 
partnership, limited partnership, limited liability company or trust, it must submit detailed business and financial information, 
including a list of its beneficial owners. The applicant must pay all costs of the investigation incurred by the Nevada Gaming 
Authorities in conducting any investigation. 
The Nevada Act requires any person who acquires more than 5% of our voting securities to report the acquisition to the 
NGC. The Nevada Act requires beneficial owners of more than 10% of a registered company’s voting securities to apply to the 
NGC for a finding of suitability within 30 days after the Chair of the NGCB mails the written notice requiring such filing. 
Under certain circumstances, an “institutional investor” as defined in the Nevada Act which acquires more than 10%, but not 
more than 25%, of a registered company’s voting securities may apply to the NGC for a waiver of a finding of suitability if the 
institutional investor holds the voting securities for investment purposes only. An institutional investor that has obtained a 
waiver may hold more than 25% but not more than 29% of a registered company’s voting securities and may, in certain 
circumstances, own up to 29% of the voting securities of a registered company for a limited period of time and maintain the 
waiver. 
An institutional investor will not be deemed to hold voting securities for investment purposes unless the voting securities 
were acquired and are held in the ordinary course of business as an institutional investor and not for the purpose of causing, 
directly or indirectly, the election of a majority of the members of the Board of Directors of the registered company, a change 
in the corporate charter, bylaws, management, policies or operations of the registered company, or any of its gaming affiliates, 
or any other action which the NGC finds to be inconsistent with holding the registered company’s voting securities for 
investment purposes only. Activities which are not deemed to be inconsistent with holding voting securities for investment 
purposes only include: 
•
voting on all matters voted on by stockholders or interest holders; 
•
making financial and other inquiries of management of the type normally made by securities analysts for 
informational purposes and not to cause a change in management, policies or operations; and 
•
other activities that the NGC may determine to be consistent with such investment intent. 
We are required to maintain a current stock ledger in Nevada which may be examined by the Nevada Gaming Authorities 
at any time. If any securities are held in trust by an agent or by a nominee, the record holder may be required to disclose the 
identity of the beneficial owner to the Nevada Gaming Authorities. A failure to make the disclosure may be grounds for 
finding the record holder unsuitable. We are required to provide maximum assistance in determining the identity of the 
beneficial owner of any of our voting securities. The NGC has the power to require the stock certificates of any registered 
company to bear a legend indicating that the securities are subject to the Nevada Act. The certificates representing shares of 
Wynn Resorts’ common stock note that the shares are subject to a right of redemption and other restrictions set forth in Wynn 
Resorts’ articles of incorporation and bylaws and that the shares are, or may become, subject to restrictions imposed by 
applicable gaming laws. 
10 

Any person who fails or refuses to apply for a finding of suitability or a license within 30 days after being ordered to do 
so by the NGC or by the Chair of the NGCB, or who refuses or fails to pay the investigative costs incurred by the Nevada 
Gaming Authorities in connection with the investigation of its application may be found unsuitable. The same restrictions 
apply to a record owner if the record owner, after request, fails to identify the beneficial owner. Any person found unsuitable 
and who holds, directly or indirectly, any beneficial ownership of any voting security or debt security of a registered company 
beyond the period of time as may be prescribed by the NGC may be guilty of a criminal offense. We will be subject to 
disciplinary action if, after we receive notice that a person is unsuitable to hold an equity interest or to have any other 
relationship with us, we: 
•
pay that person any dividend or interest upon any voting securities; 
•
allow that person to exercise, directly or indirectly, any voting right held by that person relating to Wynn 
Resorts; 
•
pay remuneration in any form to that person for services rendered or otherwise; or 
•
fail to pursue all lawful efforts to require the unsuitable person to relinquish such person’s voting securities, 
including, if necessary, the immediate purchase of the voting securities for cash at fair market value. 
The NGC may, in its discretion, require the owner of any debt or similar securities of a registered public company, to file 
applications, be investigated and be found suitable to own the debt or other securities of the registered company if the NGC 
has reason to believe that such ownership would otherwise be inconsistent with Nevada’s declared public policies. If the NGC 
decides that a person is unsuitable to own the securities then, under the Nevada Act, the registered public company can be 
sanctioned, including the loss of its approvals if, without the prior approval of the NGC, it: 
•
pays to the unsuitable person any dividend, interest or any distribution whatsoever; 
•
recognizes any voting right by the unsuitable person in connection with the securities; 
•
pays the unsuitable person remuneration in any form; or 
•
makes any payment to the unsuitable person by way of principal, redemption, conversion, exchange, liquidation 
or similar transaction. 
We may not make a public offering (debt or equity) without the prior approval of the NGC if the proceeds from the 
offering are intended to be used to construct, acquire or finance gaming facilities in Nevada, or to retire or extend obligations 
incurred for those purposes or for similar transactions. On March 17, 2022, the NGC granted Wynn Resorts prior approval, 
subject to certain conditions, to make public offerings for a period of three years (the “Shelf Approval”). The Shelf Approval 
may be rescinded for good cause without prior notice upon the issuance of an interlocutory stop order by the Chair of the 
NGCB. As of the date of this report, we are in the process of seeking a renewal of our Shelf Approval for an additional three 
year period. 
Changes in control of Wynn Resorts through merger, consolidation, stock or asset acquisitions, management or 
consulting agreements, or any act or conduct by a person whereby the person obtains control may not occur without the prior 
approval of the NGC. Entities seeking to acquire control of a registered public company must satisfy the NGCB and the NGC 
concerning a variety of stringent standards prior to assuming control of the registered public company. 
The NGC may also require controlling stockholders, officers, directors and other persons having a material relationship or 
involvement with the entity proposing to acquire control to be investigated and licensed as part of the approval process relating 
to the transaction. 
The Nevada legislature has declared that some corporate acquisitions opposed by management, repurchases of voting 
securities and corporate defense tactics affecting Nevada gaming licensees and registered public companies that are affiliated 
with the operations of Nevada gaming licensees may be harmful to stable and productive corporate gaming. The NGC has 
established a regulatory scheme to reduce the potential adverse effects of these business practices upon Nevada’s gaming 
industry and to further Nevada’s policy in order to: 
•
assure the financial stability of corporate gaming licensees and their affiliated companies; 
•
preserve the beneficial aspects of conducting business in the corporate form; and 
•
promote a neutral environment for the orderly governance of corporate affairs. 
Approvals are, in certain circumstances, required from the NGC before we can make exceptional repurchases of voting 
securities above its current market price and before a corporate acquisition opposed by management can be consummated. The 
11 

Nevada Act also requires prior approval of a plan of recapitalization proposed by a registered company’s Board of Directors in 
response to a tender offer made directly to its stockholders for the purpose of acquiring control. 
The Nevada Act requires any person who individually or in association with others, acquires or holds any amount of any 
class of voting securities, or each plan sponsor of a pension or employee benefit plan that acquires or holds any amount of any 
class of voting securities in a registered public company with the intent to engage in an activity that necessitates an amendment 
to a corporate charter, bylaws, management, policies or operation of a registered public company, to engage in an activity that 
materially influences or affects the affairs of a registered public company, or to engage any other activity that the NGC 
determines is inconsistent with holding voting securities for investment purposes to, within 2 days after possession of that 
intent, notify the NGCB Chair and apply to the NGC for a finding of suitability within 30 days after notification to the NGCB 
Chair. 
License fees and taxes, computed in various ways depending on the type of gaming or activity involved, are payable to 
the State of Nevada and to the counties and cities in which the licensed subsidiaries’ respective operations are conducted. 
Depending upon the particular fee or tax involved, these fees and taxes are payable monthly, quarterly or annually and are 
based upon a percentage of the gross revenue received; the number of gaming devices operated; or the number of table games 
operated. A live entertainment tax also is imposed on admission charges where live entertainment is furnished. 
Because we are involved in gaming ventures outside of Nevada, we are required to deposit with the NGCB, and thereafter 
maintain, a revolving fund in the amount of $10,000 to pay the expenses of investigation of the NGCB of our participation in 
such foreign gaming. The revolving fund is subject to increase or decrease at the discretion of the NGC. Thereafter, we are 
also required to comply with certain reporting requirements imposed by the Nevada Act. A licensee or registrant is also subject 
to disciplinary action by the NGC if it: 
•
knowingly violates any laws of the foreign jurisdiction pertaining to the foreign gaming operation; 
•
fails to conduct the foreign gaming operation in accordance with the standards of honesty and integrity required 
of Nevada gaming operations; 
•
engages in any activity or enters into any association that is unsuitable because it poses an unreasonable threat 
to the control of gaming in Nevada, reflects or tends to reflect, discredit or disrepute upon the State of Nevada 
or gaming in Nevada, or is contrary to the gaming policies of Nevada; 
•
engages in activities or enters into associations that are harmful to the State of Nevada or its ability to collect 
gaming taxes and fees; or 
•
employs, contracts with or associates with a person in the foreign operation who has been denied a license or 
finding of suitability in Nevada on the ground of unsuitability. 
The conduct of gaming activities and the service and sale of alcoholic beverages at Wynn Las Vegas are subject to 
licensing, control and regulation by the CCLGLB, which has granted Wynn Las Vegas, LLC licenses for such purposes. In 
addition to approving Wynn Las Vegas, LLC, the CCLGLB has the authority to approve all persons owning or controlling the 
equity of any entity controlling a gaming license. Certain of our officers, directors and key employees have been or may be 
required to file applications with the CCLGLB. Clark County gaming and liquor licenses are not transferable. The County has 
full power to limit, condition, suspend or revoke any license. Any disciplinary action could, and revocation would, have a 
substantial negative impact on our operations. 
Massachusetts 
The Massachusetts Expanded Gaming Act and the regulations promulgated thereunder (collectively the “Massachusetts 
Act”) subjects the owners and operators of gaming establishments to extensive state licensing and regulatory requirements. We 
are subject to the Massachusetts Act through our ownership interest in Wynn MA, LLC, (“Wynn MA”) which operates Encore 
Boston Harbor. 
The Massachusetts Gaming Commission (“MGC”) is responsible for issuing licenses under the Massachusetts Act and 
assuring that licenses are not issued or held by unqualified, disqualified or unsuitable persons. The Investigations and 
Enforcement Bureau (“IEB”) division of the MGC, has extensive authority to conduct background investigations of applicants 
and licensees, and for generally enforcing the Massachusetts Act. The MGC has the authority to award up to three Category 1 
licenses (table games and slot machines), and one Category 2 license (slot machines only), within the Commonwealth of 
Massachusetts to qualified applicants. 
12 

On September 17, 2014, the MGC designated Wynn MA the award winner of the Category 1 Greater Boston gaming 
license effective November 7, 2014. We, our relevant subsidiaries, and individual qualifiers required to be qualified have been 
found suitable by the MGC. Additional entities and key employees have been and will be required to file applications with the 
MGC and are or may be required to be licensed or found suitable by the MGC. A finding of suitability is comparable to 
licensing, and both require submission of detailed personal and financial information followed by a thorough investigation. 
Changes in licensed positions must be reported to the MGC. 
If the MGC were to find an officer, director or key employee unsuitable for licensing or unsuitable to continue having a 
relationship with us, we would have to sever all relationships with that person. In addition, the MGC may require us to 
terminate the employment of any person who refuses to file appropriate applications. 
The initial license term is for 15 years, which commenced upon the MGC’s confirmation of its approval of the 
commencement of the operation of the gaming establishment on June 23, 2019. Wynn MA’s gaming license is conditioned 
upon Wynn MA continuing to meet applicable licensing, registration, qualification and other regulatory requirements. The 
initial license fee for Category 1 licenses is $85.0 million, which Wynn MA has paid. All Category 1 and Category 2 gaming 
licenses are also subject to additional annual fees under the Massachusetts Act. The Commonwealth of Massachusetts also 
receives 25% of gross gaming revenues for Category 1 licensees. 
Encore Boston Harbor was granted a sports wagering license by the MGC on December 8, 2022 under 2022 legislation 
legalizing sports wagering in Massachusetts. Under the 2022 legislation, Encore Boston Harbor is authorized to operate a 
sportsbook and is entitled to two individually branded mobile platforms. The initial term of the sports wagering licenses, 
which carries a $5.0 million initial license fee, is 5 years. Sports wagering licenses are also subject to additional regulatory 
fees. The Commonwealth of Massachusetts receives 15% of gross retail sports wagering revenues. 
The MGC has responsibility for the continuing regulation and licensing of the licensee and its officers, directors, 
employees and other designated persons. The MGC retains the authority to suspend, revoke or condition a Category 1 license, 
or any other license issued under the Massachusetts Act, and the IEB may levy civil penalties for regulatory and other 
violations. All licenses issued under the Massachusetts Act are expressly deemed a revocable privilege, conditioned on the 
licensee’s fulfillment of all conditions of licensure, compliance with applicable laws and regulations, and the licensee’s 
continuing qualification and suitability. Among other things, the MGC is also responsible for the collection of application, 
license and other fees, conducting investigations of and monitoring applicants and licensees, and reviewing and ruling on 
complaints, and may conduct inspections of the gaming establishment premises or the licensee’s records and equipment. 
Pursuant to the Massachusetts Act, the MGC may grant a gaming beverage license for the sale and distribution of 
alcoholic beverages for a gaming establishment. The division of gaming liquor enforcement of the Alcoholic Beverage Control 
Commission has the authority to enforce, regulate and control the distribution of alcoholic beverages in a gaming 
establishment. The MGC may revoke, suspend, refuse to renew or refuse to transfer a gaming beverage license for violations 
of the Massachusetts Act that pertain to the sale and distribution of alcohol consumed on the premises and the regulations 
adopted by the MGC. The MGC has adopted regulations for the issuance of gaming beverage licenses. These regulations and 
any changes in applicable laws, regulations and procedures could have significant negative effects on our future Massachusetts 
gaming operations and results of operations. 
Under the Massachusetts Gaming Act, the MGC is charged with “establishing the financial stability and integrity of 
gaming licensees, as well as the integrity of their sources of financing” this includes the licensure or qualification of certain 
persons with a financial interest in a gaming licensee or in a gaming establishment. The Gaming Act requires licensure of 
anyone with a financial interest in a gaming establishment, or with a financial interest in the business of the gaming licensee or 
who is a close associate of a gaming licensee. While the Gaming Act and MGC’s regulations contain exemptions for certain 
financial institutions and transactions, and generally focus on actual or beneficial ownership interests, the MGC retains 
significant discretion to require licensure of anyone with a financial interest in a gaming licensee or gaming establishment 
including any company holding over 15% of the licensee, or a holding, intermediary or subsidiary company of a licensee or of 
an individual that can exercise control or provide direction to a gaming licensee. Like its discretionary authority to require 
licensure, the MGC also has discretionary authority to grant a waiver from licensure to any person that cannot exercise control 
or provide direction to a gaming licensee or a holding, intermediary or subsidiary company thereof. 
Certain transfer of interests in a Massachusetts gaming licensee or gaming establishment may require notice to the MGC 
and approval of any new person required to be licensed as a result of the transfer. A transfer of interest that also results in a 
change in control may require further review and approval by the MGC. No notice or approval is required for the open market 
13 

transfer of less than five per cent interest in the holding company, parent or intermediary company of the licensee. The 
granting of a security interest in a gaming license or gaming establishment to certain banking or commercial financial 
institutions in return for financing does not require prior notice or approval by the MGC. 
Other Regulations 
In addition to gaming regulations, we are subject to extensive local, state, federal and foreign laws and regulations in the 
jurisdictions in which we operate. These include, but are not limited to, laws and regulations relating to alcoholic beverages, 
environmental matters, employment and immigration, currency and other transactions, taxation, zoning and building codes, 
marketing and advertising, lending, debt collection, privacy, telemarketing, money laundering, laws and regulations 
administered by the Office of Foreign Assets Control, and anti-bribery laws, including the Foreign Corrupt Practices Act (the 
“FCPA”). Such laws and regulations could change or could be interpreted differently in the future, or new laws and regulations 
could be enacted. Any material changes, new laws or regulations, or material differences in interpretations by courts or 
governmental authorities could adversely affect our business and operating results. 
Human Capital 
As of December 31, 2024, we had approximately 28,000 employees (including approximately 11,500 in Macau and 
16,500 in the United States). We foster the growth and development of our employees to ensure that they remain best-
equipped to deliver the singular customer service at each of our resorts. Across our resorts, we maintain an extensive program 
of training and development focused on skills development and career advancement. 
Our non-union employees are all eligible to participate in the Company paid health, vision, dental, life, prescription, and 
long-term disability insurance plans. The Company also provides employee paid supplemental life and accident insurance 
plans. In the U.S., to encourage employees to keep up with routine medical care and participate in its wellness program, the 
Company funds a health reimbursement account for participating employees. To help employees cover medical expenses 
pre-tax, the Company offers employees in the U.S. a flexible spending account. The Company also offers defined contribution 
retirement plans to its eligible employees, and a non-mandatory central provident fund scheme to eligible employees in Macau 
which includes contributions from employees and the employer. 
Our collective bargaining agreement with the Culinary Workers Union, Local 226, and Bartenders Union, Local 165, 
which covers approximately 6,340 culinary, housekeeping, public area, and front services employees at Wynn Las Vegas 
resort casino, is effective from August 1, 2023 through November 30, 2028. Wynn Las Vegas entered into a collective 
bargaining agreement with the United Auto Workers Union (“UAW”) effective August 28, 2021 through August 28, 2024, 
covering approximately 370 table games dealer employees. Wynn Las Vegas and the UAW have commenced negotiations 
over a successor agreement, and have agreed to extend the terms of the current collective bargaining agreement during the 
negotiations. Wynn Las Vegas entered into a collective bargaining agreement with the International Brotherhood of Teamsters 
effective July 21, 2021 through July 21, 2024, covering approximately 170 horticulture and valet employees. Wynn Las Vegas 
and the Teamsters have commenced negotiations over a successor agreement, and have agreed to extend the terms of the 
current collective bargaining agreement during the negotiations. Wynn Las Vegas entered into a collective bargaining 
agreement with the UAW effective from January 27, 2023 through January 27, 2027, covering approximately 70 slot attendant 
employees. 
Our collective bargaining agreement with UNITE HERE Local 26 affiliated with UNITE HERE and International 
Brotherhood of Teamsters, Chauffeurs, Warehousemen & Helpers, Local 25, which covers approximately 1,350 employees at 
Encore Boston Harbor, expires on August 31, 2026. In October 2023, slot attendant employees at Encore Boston Harbor voted 
to be represented by UNITE HERE Local 26 under the terms of the existing Collective Bargaining Agreement. In August 
2024, Encore Boston Harbor agreed to recognize UNITE HERE Local 26 as the representative of business services employees 
under the terms of the existing Collective Bargaining Agreement. Effective as of July 2024, Encore Boston Harbor entered 
into a collective bargaining agreement with Local 103, International Brotherhood of Electrical Workers, AFL-CIO. The 
collective bargaining agreement covers approximately 110 maintenance employees at Encore Boston Harbor, and expires in 
June 2029. Effective as of August 2022, Encore Boston Harbor entered into a collective bargaining agreement with United 
Government Security Officers of America, Local 295. The collective bargaining agreement covers approximately 140 security 
officers at Encore Boston Harbor and expires in June 2025. 
14 

Intellectual Property 
Among our most important marks are our trademarks and service marks that use the name “WYNN.” Wynn Resorts has 
registered with the U.S. Patent and Trademark Office (“PTO”) a variety of WYNN-related trademarks and service marks in 
connection with a variety of goods and services. 
We have also filed applications with various foreign patent and trademark registries, including in Macau, China, 
Singapore, Hong Kong, Taiwan, Japan, certain European countries and various other jurisdictions throughout the world, to 
register a variety of WYNN-related trademarks and service marks in connection with a variety of goods and services. 
We recognize that our intellectual property assets, including the word and logo version of “WYNN,” are among our most 
valuable assets. As a result, and in connection with expansion of our resorts and gaming activities outside the United States, 
we have undertaken a program to register our trademarks and other intellectual property rights in relevant jurisdictions. We 
have retained counsel and intend to take all steps necessary to protect our intellectual property rights against unauthorized use 
throughout the world. 
Pursuant to the Surname Rights Agreement, dated August 6, 2004, Stephen A. Wynn (“Mr. Wynn”) granted us our 
exclusive, fully paid-up, perpetual, worldwide license to use, and to own and register trademarks and service marks 
incorporating the “Wynn” surname for casino resorts and related businesses, together with the right to sublicense the name and 
marks to affiliates. Pursuant to a separation agreement, dated February 15, 2018, by and between Mr. Wynn and the Company, 
if we cease to use the “Wynn” surname and trademark, we will assign all of our right, title, and interest in the “WYNN” marks 
to Mr. Wynn and terminate the Surname Rights Agreement. 
We have also registered various domain names with various domain registrars around the world. Our domain registrations 
extend to various foreign jurisdictions such as “.com.cn” and “.com.hk.” We pursue domain related infringement on a case by 
case basis depending on the infringing domain in question. 
For more information regarding the Company’s intellectual property matters, see Item 1A—“Risk Factors.” 
Forward-Looking Statements 
We make forward-looking statements in this Annual Report on Form 10-K based upon the beliefs and assumptions of our 
management and on information currently available to us. Forward-looking statements include, but are not limited to, 
information about our business strategy, development activities, competition and possible or assumed future results of 
operations throughout this report and are often preceded by, followed by or include the words “may,” “will,” “should,” 
“would,” “could,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “continue” or the negative of these terms or 
similar expressions. 
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 the risks and uncertainties in Item 1A—“Risk 
Factors” and other factors we describe from time to time in our periodic filings with the SEC, such as: 
•
extensive regulation of our business and the cost of compliance or failure to comply with applicable laws and 
regulations; 
•
pending or future investigations, litigation and other disputes; 
•
our dependence on key managers and employees; 
•
our ability to maintain our gaming licenses and concessions and comply with applicable gaming law; 
•
international relations, national security policies, anticorruption campaigns and other geopolitical events, which 
may impact the number of visitors to our properties and the amount of money they are willing to spend; 
•
disruptions caused by, and the impact on regional demand for casino resorts and inbound tourism and the travel 
and leisure industry more generally from, events outside of our control, including an outbreak of an infectious 
disease (such as the COVID-19 pandemic), public incidents of violence, mass shootings, riots, demonstrations, 
extreme weather patterns or natural disasters, military conflicts, civil unrest, and any future security alerts or 
terrorist attacks; 
•
public perception of our resorts and the level of service we provide; 
•
our dependence on a limited number of resorts and locations for all of our cash flow and our subsidiaries’ 
ability to pay us dividends and distributions; 
•
competition in the casino/hotel and resort industries and actions taken by our competitors, including new 
development and construction activities of competitors; 
15 

•
our ability to maintain our customer relationships and collect and enforce gaming receivables; 
•
win rates for our gaming operations; 
•
construction and regulatory risks associated with our current and future construction projects or co-investments 
in such projects; 
•
any violations by us of various anti-money laundering laws or the Foreign Corrupt Practices Act; 
•
our compliance with environmental requirements and potential cleanup responsibility and liability as an owner 
or operator of property; 
•
adverse incidents or adverse publicity concerning our resorts or our corporate responsibilities; 
•
changes in and compliance with the gaming laws or regulations in the various jurisdictions in which we operate; 
•
changes in tax laws or regulations related to taxation, including changes in the rates of taxation; 
•
our collection and use of personal data and our level of compliance with applicable governmental regulations, 
credit card industry standards and other applicable data security standards; 
•
cybersecurity risk, including cyber and physical security breaches, system failure, computer viruses, and 
negligent or intentional misuse by customers, company employees, or employees of third-party vendors; 
•
our ability to protect our intellectual property rights; 
•
labor actions and other labor problems; 
•
our current and future insurance coverage levels; 
•
risks specifically associated with our Macau Operations; 
•
the level of our indebtedness and our ability to meet our debt service obligations (including sensitivity to 
fluctuations in interest rates); and 
•
continued compliance with the covenants in our debt agreements. 
Further information on potential factors that could affect our business, financial condition, results of operations and cash 
flows are included elsewhere in this report and our other filings with the SEC. You should not place undue reliance on any 
forward-looking statements, which are based only on information available to us at the time this statement is made. We 
undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future 
developments or otherwise. 
Item 1A. Risk Factors 
You should carefully consider the risk factors set forth below, as well as the other information contained in this Annual 
Report on Form 10-K, regarding matters that could have an adverse effect, including a material one, on our business, financial 
condition, results of operations and cash flows. Additional risks and uncertainties not currently known to us or that we 
currently deem to be immaterial may also have a material adverse effect on our business, financial condition, results of 
operations and cash flows. 
Risks Related to our Business 
Our business is particularly sensitive to reductions in discretionary consumer spending, and a negative macroeconomic 
environment, including an economic downturn or recession, could adversely impact our business, results of operations, 
financial condition and cash flows. 
Our financial results are affected by the global and regional economies in which we have operations. Consumer demand 
for hotels, casino resorts, trade shows, conventions and the type of luxury amenities that we offer is particularly sensitive to 
downturns in the economies in which we operate, which could harm consumer confidence in the economy and adversely affect 
discretionary spending. Because a significant number of our customers come from the PRC, Hong Kong and Taiwan, the 
economic condition of Macau and its surrounding region, in particular, affects the gaming industry in Macau and our Macau 
Operations. As a result, changes in discretionary spending or consumer preferences brought about by factors such as perceived 
or actual negative general economic conditions, perceived or actual changes in disposable consumer income and wealth, 
inflationary pressures, economic recession, or changes in consumer confidence could reduce customer demand for the luxury 
amenities and leisure activities we offer and may negatively impact our results of operations. 
In the recent past, negative macroeconomic conditions, such as inflationary pressures, relatively low levels of unemployment, 
and centralized efforts to control and mitigate the impact of those conditions, caused an increase in interest rates, decreases in 
consumer discretionary spending and disruption and volatility within the capital markets, and although these conditions have 
improved, they continue to present fiscal and monetary policy uncertainty. As a result our gaming revenues, financial condition, 
results of operations and cash flows could be adversely affected by a further deterioration of the current macroeconomic 
environment, an economic slowdown or recession in the U.S. or global economy, or perception that any of these events may occur. 
16 

We are subject to extensive state and local regulation, and licensing and gaming authorities have significant control over 
our operations. The cost of compliance or failure to comply with such regulations and authorities could have a negative 
effect on our business, and if we fail to obtain regulatory approvals to operate in new jurisdictions, our growth prospects 
may be limited. 
The operations of our resorts are contingent upon our obtaining and maintaining all necessary licenses, permits, 
approvals, registrations, findings of suitability, orders and authorizations in the jurisdictions in which our resorts are located. 
The laws, regulations and ordinances requiring these licenses, permits and other approvals generally relate to the 
responsibility, financial stability and character of the owners and managers of gaming operations, as well as persons 
financially interested or involved in gaming operations. The NGC may require the holder of any debt or securities that we, the 
registered intermediary subsidiaries, or Wynn Las Vegas, LLC issue to file applications, be investigated and be found suitable 
to own such debt or securities if it has reason to believe that the security ownership would be inconsistent with the declared 
policies of the State of Nevada. The NGC may also require anyone with a financial interest in a gaming establishment, or with 
a financial interest in the business of the gaming licensee or applicant for a gaming license or who is a close associate of a 
gaming licensee or an applicant for a gaming license, to be qualified for licensure. 
The Company’s articles of incorporation provide that, to the extent required by the gaming authority making the 
determination of unsuitability or to the extent the Board of Directors determines, in its sole discretion, that a person is likely to 
jeopardize the Company’s or any affiliate’s application for, receipt of, approval for, right to the use of, or entitlement to, any 
gaming license, shares of Wynn Resorts’ capital stock that are owned or controlled by such unsuitable person or its affiliates 
are subject to redemption by Wynn Resorts. The redemption price may be paid in cash, by promissory note, or both, as 
required, and pursuant to the terms established by the applicable gaming authority and, if not, as Wynn Resorts elects. 
United States gaming regulatory authorities have broad powers to request detailed financial and other information, to 
limit, condition, suspend or revoke a registration, gaming license or related approvals; approve changes in our operations; and 
levy fines or require forfeiture of assets for violations of gaming laws or regulations. Complying with gaming laws, regulations 
and license requirements is costly. Any change in gaming laws, regulations or licenses applicable to our business or a violation 
of any current or future laws or regulations applicable to our business or gaming licenses could require us to make substantial 
expenditures and forfeit assets, and would negatively affect our gaming operations. 
Failure to adhere to the regulatory and gaming requirements in Macau could result in the revocation of our Macau 
Operations’ concession or otherwise negatively affect our operations in Macau. Moreover, we are subject to the risk that U.S. 
regulators may not permit us to conduct operations in Macau in a manner consistent with the way in which we intend, or the 
applicable U.S. gaming authorities require us, to conduct our operations in the United States. 
Each of these regulatory authorities has extensive power to license and oversee the operations of our casino resorts and 
has taken and could in the future take action against the Company and its related licensees, including actions that have and 
could further affect the ability or terms upon which our subsidiaries hold their gaming licenses and concessions, and the 
suitability of the Company to continue as a stockholder of those affiliates. 
Investigations, litigation and other disputes could distract management, damage our reputation, and result in negative 
publicity and additional scrutiny from regulators. 
As discussed in Item 3—“Legal Proceedings” and Item 8—“Financial Statements and Supplementary Data,” Note 18, 
“Commitments and Contingencies,” the Company is subject to various investigations, litigation and other disputes related to 
our operations. These and any additional such matters that may arise in the future, even if routine, are expensive and divert 
management’s attention from the operations of our businesses. In addition, improper conduct by our employees, agents or 
gaming promoters could damage our reputation and/or lead to litigation or legal proceedings that could result in civil or 
criminal penalties, including substantial monetary fines. In certain circumstances, it may not be economical to defend against 
such matters and/or our legal strategy may not ultimately result in us prevailing in a matter. Investigations, litigation and other 
disputes have in the past, and may in the future, lead to additional scrutiny from regulators, which could lead to investigations 
relating to, and possibly a negative impact on, the Company’s gaming licenses and the Company’s ability to bid successfully 
for new gaming market opportunities. In addition, publicity from these matters have, or in the future, could negatively impact 
our business, reputation and competitive position and reduce investor demand for shares of Wynn Resorts and WML and 
negatively impact the trading prices of those respective shares. 
For example, previously the Company received requests for information from the U.S. Attorney’s Office for the Southern 
District of California (“USAO”) relating to its anti-money laundering policies and procedures, and beginning in 2020 had 
received several grand jury subpoenas regarding various transactions at Wynn Las Vegas relating to certain patrons and agents 
who reside or operate in foreign jurisdictions. On September 6, 2024, Wynn Las Vegas entered into a non-prosecution 
17 

agreement (“NPA”) with the USAO and the United States Department of Justice, resolving such investigation. Pursuant to the 
NPA, Wynn Las Vegas agreed to forfeit $130 million in funds involved in the transactions at issue and continue to make 
certain enhancements to its compliance program. 
We depend on the continued services of key managers and employees. If we do not retain our key personnel or attract 
and retain other highly skilled employees, our business will suffer. 
Our ability to maintain our competitive position is dependent to a large degree on the services of our senior management 
team. Our success depends upon our ability to attract, hire, and retain qualified operating, marketing, financial, and technical 
personnel in the future. Given the intense competition for qualified management personnel in our industry, we may not be able 
to hire or retain the required personnel. The loss of key management and operating personnel would likely have a material 
adverse effect on our business, prospects, financial condition, and results of operations. 
Demand for our products and services may be negatively impacted by geopolitical tensions, visa and travel restrictions or 
difficulties, restrictions on international money transfers and other policies or campaigns implemented by regional 
governments. 
Geopolitical tensions, notably with respect to international trade, including increases in tariffs and company and industry 
specific restrictions, in addition to changes in national security policies and other similar and geopolitical events, could cause 
economic disruption and adversely impact our business and results of operations. Various types of restrictions and sanctions 
have been placed by government agencies on targeted industries and companies which could potentially negatively impact the 
intended subject as well as other companies and persons sharing a common country of operations. These types of events have 
also caused significant volatility in the regional economies in which these restrictions and sanctions are imposed which may 
negatively impact discretionary consumer spending, disposable consumer income and wealth or changes in consumer 
confidence, and in turn, demand for our products and services, or worsen or exacerbate the impact of current negative 
macroeconomic conditions on our business and results of operations, as further described above. 
In addition, policies adopted from time to time by governments, including any visa and travel restrictions or difficulties 
faced by our customers such as restrictions on exit visas for travelers requiring them or restrictions on visitor entry visas for 
the jurisdictions in which we operate, have and may in the future decrease the number of visitors to our properties from those 
affected places, including from the PRC, Hong Kong and Taiwan. It is not known when, or if, policies restricting visitation by 
PRC citizens will be put in place and such policies may be adjusted, without notice, in the future. Furthermore, anti-corruption 
campaigns may influence the behavior of certain of our customers and their spending patterns. Such campaigns, as well as 
monetary outflow policies, have specifically led to tighter monetary transfer regulations in a number of areas. These policies 
may affect and impact the number of visitors to our properties and the amount of money they are willing to spend on our 
products and services. The overall effect of these campaigns and monetary transfer restrictions may negatively affect our 
revenues, results of operations and cash flows. 
Our business is particularly sensitive to the willingness of our customers to travel to and spend time at our resorts. Acts 
or the threat of acts of terrorism, outbreak of infectious disease, regional political events and developments in certain 
countries could cause severe disruptions in air and other travel and may otherwise negatively impact tourists’ willingness to 
visit our resorts. Such events or developments have in the past and may in the future reduce the number of visitors to our 
facilities and have a material adverse effect on our business and financial condition, results of operations or cash flows. 
We are dependent on the willingness of our customers to travel. Most of our revenue is from customers who travel to our 
properties. Acts of terrorism or concerns over the possibility of such acts have in the past disrupted, and may again severely 
disrupt, domestic and international travel, which has resulted, and could in the future result, in a decrease in customer visits to 
our properties. Regional conflicts could have a similar effect on domestic and international travel. Disruptions in air or other 
forms of travel as a result of any terrorist act, outbreak of hostilities, escalation of war or worldwide infectious disease 
outbreak have had, and could in the future have, a material and adverse effect on our business and financial condition, results 
of operations and cash flows. Regional demand for casino resorts and inbound tourism to Macau still continues to recover. We 
cannot predict when, or even if, operations at our properties in Macau will return to pre-pandemic levels. 
In addition, governmental action and uncertainty resulting from global political trends and policies of major global 
economies, including potential barriers to travel, trade and immigration, have reduced demand for hospitality products and 
services, including visitation to our resorts. 
Furthermore, the attack in Las Vegas on October 1, 2017 underscores the possibility that large public facilities could 
become the target of mass shootings or other attacks in the future. The future occurrence or the possibility of attacks may 
cause all or portions of affected properties to be shut down for prolonged periods, resulting in a loss of revenue, reduce travel 
to affected areas for tourism and business or adversely affect the willingness of customers to stay in or avail themselves of the 
services of the affected properties. In addition, such occurrences expose us to a risk of monetary claims arising from death, 
18 

injury or damage to property caused by any such attack and may result in higher costs for security and insurance premiums, all 
of which could adversely affect our financial condition and results of operations. 
Our continued success depends on our ability to maintain the reputation of our resorts. 
Our strategy and integrated resort business model rely on positive perceptions of our resorts and the level of service we 
provide. Any deterioration in our reputation could have a material adverse effect on our business, results of operations and 
cash flows. Our reputation could be negatively impacted by our failure to deliver the superior design and customer service for 
which we are known or by events that are beyond our control. Our reputation may also suffer as a result of negative publicity 
regarding the Company or our resorts, including as a result of social media reports, regardless of the accuracy of such 
publicity. The continued expansion of media and social media formats has compounded the potential scope of negative 
publicity and has made it more difficult to control and effectively manage negative publicity. 
We are entirely dependent on a limited number of resorts for all of our cash flow, which subjects us to greater risks than 
a gaming company with more operating properties. 
We are currently entirely dependent upon our Macau Operations, Las Vegas Operations and Encore Boston Harbor for all 
of our operating cash flow. As a result, we are subject to a greater degree of risk than a gaming company with more operating 
properties or greater geographic diversification. The risks to which we have a greater degree of exposure include changes in 
local economic and competitive conditions; changes in local and state governmental laws and regulations, including gaming 
laws and regulations, and the way in which those laws and regulations are applied; natural and other disasters, including the 
potential effects of climate change such as severe storms, hurricanes, typhoons, rising sea levels, severe drought, or the 
outbreak of infectious diseases; an increase in the cost of maintaining our properties; a decline in the number of visitors to Las 
Vegas, Macau or Boston; and a decrease in gaming and non-casino activities at our resorts. Certain of these factors or events, 
such as severe storms and infectious diseases, have in the past negatively affected our results of operations, and any of these 
factors or events may in the future negatively affect our results of operations and our ability to generate sufficient cash flow to 
make payments or maintain our covenants with respect to our debt. 
We are a parent company and our primary source of cash is and will be distributions from our subsidiaries. 
We are a parent company with limited business operations of our own. Our main asset is the capital stock of our 
subsidiaries. We conduct most of our business operations through our direct and indirect subsidiaries. Accordingly, our 
primary sources of cash are dividends and distributions with respect to our ownership interests in our subsidiaries that are 
derived from the earnings and cash flow generated by our operating properties. Our subsidiaries might not generate sufficient 
earnings and cash flow to pay dividends or distributions in the future. 
Our subsidiaries’ payments to us will be contingent upon their earnings and upon other business considerations, and may 
be impacted by potential changes in laws and regulations. In addition, our subsidiaries’ debt instruments and other agreements 
limit or prohibit certain payments of dividends or other distributions to us. We expect that future debt instruments for the 
financing of our other developments will contain similar restrictions. An inability of our subsidiaries to pay us dividends and 
distributions would have a significant negative effect on our liquidity. 
Our casino, hotel, convention and other facilities and offerings face intense competition, which may increase in the 
future. 
General. The casino resort and hotel industry is highly competitive. Increased competition could result in a loss of 
customers which may negatively affect our cash flows and results of operations. 
Macau Operations. We hold one of six gaming concessions authorized by the Macau government for the operation of 
casinos in Macau. If the Macau government were to allow additional competitors to operate in Macau, we would face additional 
competition, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. 
Several of the current concessionaires have opened facilities in the Cotai area over the past few years, which has significantly 
increased gaming and non-gaming offerings in Macau, with continued development expected in the near future. 
Our Macau Operations face competition from casinos throughout the world, including Singapore, South Korea, the 
Philippines, Malaysia, Vietnam, Cambodia, Australia, Las Vegas, cruise ships in Asia that offer gaming, and other casinos 
throughout Asia. Additionally, certain other Asian countries and regions have legalized or in the future may legalize gaming, 
such as Japan, Taiwan and Thailand, which could further increase competition for our Macau Operations. 
Las Vegas Operations and Encore Boston Harbor. Our Las Vegas Operations compete with other Las Vegas Strip hotels 
and with other hotel casinos in Las Vegas on the basis of overall atmosphere, range of amenities, level of service, price, 
location, entertainment, theme and size, among other factors. There are currently several large-scale integrated resort projects 
either recently completed or under development in the vicinity of our Las Vegas Operations, which may present increased 
19 

competition in the future. Wynn Las Vegas also competes with other casino resort and hotel facilities in other cities. The 
proliferation of gaming activities in other areas could significantly harm our business as well. In particular, the legalization or 
expansion of casino gaming in or near metropolitan areas from which we attract customers could have a negative effect on our 
business. In addition, new or renovated casinos in Macau or elsewhere in Asia could draw Asian gaming customers away from 
Wynn Las Vegas. Encore Boston Harbor competes with other casinos in the northeastern United States. Additional 
competition in the northeastern United States as a result of the upgrading or expansion of facilities by existing market 
participants, the entrance of new gaming participants into a market or legislative changes may harm our business. As 
competing properties and new markets are opened, our operating results may be negatively impacted. 
Our business relies on premium customers. We often extend credit, and we may not be able to collect gaming receivables 
from our credit players or credit play may decrease. 
General. A significant portion of our table games revenue at our resorts is attributable to the play of a limited number of 
premium customers. The loss or a reduction in the play of the most significant of these customers could have a material 
adverse effect on our business, financial condition, results of operations and cash flows. Adverse global or regional economic 
conditions, as discussed above, could also reduce the frequency of visits by these customers and revenue we generate from 
them. 
We conduct our gaming activities on a credit, as well as a cash, basis. The casino credit we extend is generally unsecured 
and due on demand. We will extend casino credit to those customers whose level of play and financial resources, in the 
opinion of management, warrant such an extension. Table games players typically are extended more credit than slot players, 
and high-value players typically are extended more credit than customers who tend to wager lower amounts. The collectability 
of receivables from customers could be negatively affected by future business or economic trends or by significant events in 
the countries in which these customers reside. In addition, premium gaming is more volatile than other forms of gaming, and 
variances in win-loss results attributable to high-value gaming may have a positive or negative impact on cash flow and 
earnings in a particular quarter. 
Macau Operations. Although the law in Macau permits casino operators to extend credit to gaming customers, our Macau 
Operations may not be able to collect all of its gaming receivables from its credit players. We expect that our Macau 
Operations will be able to enforce these obligations only in a limited number of jurisdictions, including Macau. To the extent 
our gaming customers are visitors from other jurisdictions, we may not have access to a forum in which we will be able to 
collect all of our gaming receivables because, among other reasons, courts of many jurisdictions do not enforce gaming debts 
and we may encounter forums that will refuse to enforce such debts. Our inability to collect gaming debts could have a 
significant negative impact on our financial condition and results of operations. 
Currently, the gaming tax in Macau is calculated as a percentage of gross gaming revenue, including the face value of 
credit instruments issued. The gross gaming revenues calculation in Macau does not include deductions for uncollectible 
gaming debts. As a result, if we extend credit to our customers in Macau and are unable to collect on the related receivables 
from them, we remain obligated to pay taxes on our winnings from these customers regardless of whether we collect on the 
credit instrument. 
Las Vegas Operations and Encore Boston Harbor. While gaming debts evidenced by a credit instrument, including what 
is commonly referred to as a “marker,” are enforceable under the current laws of Nevada and Massachusetts, and judgments on 
gaming debts are enforceable in all states of the United States under the Full Faith and Credit Clause of the United States 
Constitution, other jurisdictions may determine that direct or indirect enforcement of gaming debts is against public policy. 
Although courts of some foreign nations will enforce gaming debts directly and the assets in the United States of foreign 
debtors may be used to satisfy a judgment, judgments on gaming debts from U.S. courts are not binding on the courts of many 
foreign nations. We cannot assure that we will be able to collect the full amount of gaming debts owed to us, even in 
jurisdictions that enforce them. Changes in economic conditions may make it more difficult to assess creditworthiness and 
more difficult to collect the full amount of any gaming debt owed to us. Our inability to collect gaming debts could have a 
significant negative impact on our financial condition and results of operations. 
Win rates for our gaming operations depend on a variety of factors, some of which are beyond our control. 
The gaming industry is characterized by an element of chance. Win rates are also affected by other factors, including 
players’ skill and experience, the mix of games played, the financial resources of players, the spread of table limits, the volume 
of bets played, the amount of time played and undiscovered acts of fraud or cheating. In addition, premium gaming is more 
volatile than other forms of gaming, and variances in win-loss results attributable to high-end gaming may have a positive or 
negative impact on cash flow and earnings in a particular quarter. Our gross gaming revenues are mainly derived from the 
difference between our casino winnings and the casino winnings of our gaming customers. Since there is an inherent element 
of chance in the gaming industry, we do not have full control over our winnings or the winnings of our gaming customers. 
20 

Acts of fraud or cheating through the use of counterfeit chips, covert schemes and other tactics, possibly in collusion with 
our employees, may be attempted or committed by our gaming customers with the aim of increasing their winnings. Our 
gaming customers, visitors and employees may also commit crimes such as theft in order to obtain chips not belonging to 
them. We have taken measures to safeguard our interests including the implementation of systems, processes and technologies 
to mitigate against these risks, extensive employee training, surveillance, security and investigation operations and adoption of 
appropriate security features on our chips such as embedded radio frequency identification tags. Despite our efforts, we may 
not be successful in preventing or detecting such culpable behavior and schemes in a timely manner and the relevant insurance 
we have obtained may not be sufficient to cover our losses depending on the incident, which could result in losses to our 
gaming operations and generate negative publicity, both of which could have an adverse effect on our reputation, business, 
results of operations and cash flows. 
We may not realize the anticipated benefits of our new projects, or co-investments in new projects. Construction projects 
are subject to development and construction risks, and being a co-investor in new projects decreases our ability to manage 
risks and exposes us to additional financial risks, which could have an adverse effect on our financial condition, results of 
operations or cash flows. 
In addition to the construction and regulatory risks associated with our current and future construction projects, we cannot 
assure you that the level of consumer demand for our casino resorts or for the type of luxury amenities that we will offer will 
meet our expectations. The operating results of our new projects may be materially different than the operating results of our 
current integrated resorts due to, among other reasons, differences in consumer and corporate spending and preferences in new 
geographic areas, increased competition from other markets or other developments that may be beyond our control. In 
addition, our new projects may be more sensitive to certain risks, including risks associated with downturns in the economy, 
and risks associated with disruptions of the supply chains through which we obtain construction materials and furniture, 
fixtures, and equipment, than the resorts we currently operate. The demands imposed by new developments on our managerial, 
operational and other resources may impact our operation of our existing resorts. Construction, equipment or staffing problems 
or difficulties in obtaining any of the requisite licenses, permits and authorizations from regulatory authorities could increase 
the total cost, delay or prevent the construction or opening or otherwise affect the design and features of our projects. If any of 
these issues were to occur, it could adversely affect our prospects, financial condition, or results of operations. 
To the extent we conduct the development of new projects or engage in new strategies through investments in entities 
alongside other co-investors (as is the case with Wynn Al Marjan Island, in which we own a 40% equity interest), our expected 
return on our investment may be limited by our inability to exercise control over certain strategic and operations decisions that 
may influence the success of the venture. Furthermore, the occurrence of risks that adversely affect the businesses of our 
co-investors or our unconsolidated affiliates could reduce the value of our investments, impair their ability to make future 
distributions or pay management fees to us, or require that we make additional capital contributions to them. Inherent 
limitations on our ability to exercise control over such ventures may limit our ability to directly manage these risks. 
In addition, investments with other investors involve risks such as the possibility that a co-investor might become 
bankrupt or not have the financial resources to meet its obligations, which could subject us to additional liability in cases 
where we may agree, on a joint and several basis with such co-investor, to provide a completion guarantee and/or other forms 
of credit support for a project (such as the completion guarantee and contingent equity credit support we provided related to 
the Wynn Al Marjan Island project as further described in Item 7—“Management’s Discussion and Analysis of Financial 
Condition and Results of Operations,” Liquidity and Capital Resources”), have economic or business interests or goals that are 
inconsistent with our business interests or goals, or take action contrary to our policies or objectives. Consequently, actions by 
a co-investor might subject the properties or businesses owned by such entities to additional risk. Further, we may be unable to 
take action without the approval of our co-investors, or our co-investors could take actions binding on the property without our 
consent. Additionally, should a co-investor become bankrupt, we could become liable for its share of liabilities, including 
pursuant to any of the above-mentioned credit support or similar types of instruments. 
We could encounter higher than expected cost increases in the development of our projects. 
The projected development costs for our projects reflect our best estimates and the actual development costs may be 
higher than expected. Contingencies that have been set aside by us to cover potential cost overruns or potential delays may be 
insufficient to cover the full amount of such overruns or delays. If these contingencies are not sufficient to cover these costs, or 
if we are not able to recover damages for these delays and contingencies, we may not have the funds required to pay the excess 
costs and our projects may not be completed. Failure to complete our projects may negatively affect our financial condition, 
our results of operations and our ability to pay our debt. 
21 

Any violation of applicable anti-money laundering laws and regulations, the Foreign Corrupt Practices Act (“FCPA”) 
and other anti-corruption laws, or resulting sanctions and penalties could adversely affect our business, performance, 
prospects, value, financial condition, and results of operations. 
We deal with significant amounts of cash in our operations and are subject to various jurisdictions’ reporting and anti-
money laundering laws and regulations. Both U.S. and Macau governmental authorities focus heavily on the gaming industry 
and compliance with anti-money laundering laws and regulations. From time to time, the Company receives governmental and 
regulatory inquiries about compliance with such laws and regulations. The Company cooperates with all such inquiries. Any 
violation of anti-money laundering laws or regulations could adversely affect our business, performance, prospects, value, 
financial condition, and results of operations. 
Further, we have operations, and a significant portion of our revenue is derived outside of the United States. We are 
therefore subject to regulations imposed by the FCPA and other anti-corruption laws that generally prohibit U.S. companies and 
their intermediaries from offering, promising, authorizing or making improper payments to foreign government officials for the 
purpose of obtaining or retaining business. Violations of the FCPA and other anti-corruption laws may result in severe criminal 
and civil sanctions as well as other penalties, and the SEC and U.S. Department of Justice have increased their enforcement 
activities with respect to such laws and regulations. The Office of Foreign Assets Control and the U.S. Department of Commerce 
administer and enforce economic and trade sanctions based on U.S. foreign policy and national security goals against targeted 
foreign states, organizations, and individuals. Failure to comply with these laws and regulations could increase our cost of 
operations, reduce our profits, or otherwise adversely affect our business, financial condition, and results of operations. 
Internal control policies and procedures and employee training and compliance programs that we have implemented to deter 
prohibited practices may not be effective in prohibiting our and our affiliates’ directors, employees, contractors or agents from 
violating or circumventing our policies and the law. If we or our affiliates, or either of our respective directors, employees or agents 
fail to comply with applicable laws or Company policies governing our operations, the Company has, in the past, and may, in the 
future, face investigations, prosecutions and other legal proceedings and actions, which could result in civil penalties, administrative 
remedies and criminal sanctions. Any such future government investigations, prosecutions or other legal proceedings or actions could 
adversely affect our business, performance, prospects, value, financial condition, and results of operations. 
Because we own real property, we are subject to extensive environmental regulation, which creates uncertainty regarding 
future environmental expenditures and liabilities. 
We have incurred, and may in the future incur, costs to comply with environmental requirements, such as those relating to 
discharges into the air, water and land, the handling and disposal of solid and hazardous waste and the cleanup of properties 
affected by hazardous substances. Under these and other environmental requirements we have been and may be required to 
investigate and clean up hazardous or toxic substances or chemical releases at our property. As an owner or operator, we could 
also be held responsible to a governmental entity or third parties for property damage, personal injury and investigation and 
cleanup costs incurred by them in connection with any contamination. 
These laws typically impose cleanup responsibility and liability without regard to whether the owner or operator knew of 
or caused the presence of the contaminants. The liability under those laws has been interpreted to be joint and several unless 
the harm is divisible and there is a reasonable basis for allocation of the responsibility. The costs of investigation, remediation 
or removal of those substances may be substantial, and the presence of those substances, or the failure to remediate a property 
properly, may impair our ability to use our property. Contamination has been identified at and in the vicinity of our site in 
Everett, Massachusetts. The ultimate cost of remediating contaminated sites is difficult to accurately predict, and we have 
exceeded our initial estimates of the remediation costs for the Everett site. We may also be required to conduct additional 
investigations and remediation with respect to this site. 
Adverse incidents or adverse publicity concerning our resorts or our corporate responsibilities could harm our brand and 
reputation and negatively impact our financial results. 
Our reputation and the value of our brand, including the perception held by our customers, business partners, other key 
stakeholders and the communities in which we do business, are important assets. Our business faces increasing scrutiny related 
to environmental, social and governance activities, and risk of damage to our reputation and the value of our brands if we fail 
to act responsibly in a number of areas, such as diversity and inclusion, environmental stewardship, supply chain management, 
sustainability, workplace conduct, human rights, philanthropy, and support for local communities. Any harm to our reputation 
could have a material adverse effect on our business, results of operations, and cash flows. 
Compliance with evolving laws and regulations, and the interpretations thereof, is expensive and results in compliance 
risks. 
Evolving laws and regulations create uncertainty for gaming companies. These evolving laws and regulations are subject 
to varying interpretations in many cases due to their complexity, ambiguity and/or lack of guidance. As a result, their 
22 

application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. In addition, 
public companies, financial institutions, the gaming industry and casinos are highly regulated, and compliance with such 
regulations is costly and subjects us to liability if we are not, or are perceived to not be, compliant. This could result in 
continuing uncertainty and higher costs regarding compliance matters. Due to our commitment to maintain high standards of 
compliance with laws and public disclosure, our efforts to comply with evolving laws, regulations and standards have resulted 
in and are likely to continue to result in increased general and administrative expense. 
We are subject to taxation by various governments and agencies. The rate of taxation could change. 
We are subject to taxation by various governments and agencies in the jurisdictions in which we operate. Changes in the 
laws and regulations related to taxation, including changes in the rates of taxation, the amount of taxes we owe and the time 
when income is subject to taxation, our ability to claim U.S. foreign tax credits, failure to renew our Macau dividend 
agreement and Macau income tax exemption on gaming profits and the imposition of foreign withholding taxes could change 
our overall effective rate of taxation. 
System failure, information leakage and the cost of maintaining sufficient cybersecurity could adversely affect our 
business. 
We rely on information technology and other systems (including those maintained by third parties with whom we contract to 
provide data services) to maintain and transmit large volumes of customer financial information, credit card settlements, credit 
card funds transmissions, mailing lists, reservation information, and other personally identifiable information. We also maintain 
important internal company data such as personally identifiable information about our employees and information relating to our 
operations. The systems and processes we have implemented to protect customers, employees and company information are 
subject to the ever-changing risk of compromised security. Attempts by others to gain unauthorized access to information 
technology and other systems and the data contained therein are becoming increasingly sophisticated and difficult to anticipate 
and prevent. As a result, we face cybersecurity risks including cyber and physical security breaches, system failure, phishing 
attacks, computer viruses, worms, ransomware, malicious software programs and negligent or intentional misuse by customers, 
company employees, or employees of our third-party information system service providers. The steps we take to deter, detect, and 
mitigate these risks may not be successful. Cybercriminals, including hackers and those working in the capacity of State actors or 
on behalf of a cybercrime group, may circumvent security measures, and our insurance coverage for protecting against claims, 
liability and damages caused by cybersecurity risks and incidents, including those related to third-party information system 
service providers, may not be sufficient. Our third-party information system service providers face risks relating to cybersecurity 
similar to ours, and we do not directly control any of such parties’ information security operations. 
Despite the security measures we currently have in place, our facilities and systems and those of our third-party 
information system service providers may be vulnerable to security breaches, acts of vandalism, phishing attacks, computer 
viruses, worms, ransomware, malicious software programs, misplaced or lost data, programming or human errors and other 
events. Cyber-attacks are becoming increasingly more difficult to anticipate, prevent and detect due to their rapidly evolving 
nature and, as a result, the technology we use to protect our systems from being breached or compromised could become 
outdated due to advances in computer capabilities or other technological developments. 
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. Any future perceived or 
actual electronic or physical security breach involving the misappropriation, loss, or other unauthorized disclosure of confidential 
or personally identifiable information, including penetration of our network security, whether by us or by a third-party 
information system service provider, could disrupt our business, damage our reputation and our relationships with our customers 
or employees, expose us to risks of litigation, significant fines and penalties and liability, result in the deterioration of our 
customers’ and employees’ confidence in us, and adversely affect our business, results of operations and financial condition. 
Since we do not control third-party information system service providers and cannot guarantee that no electronic or physical 
computer break-ins and security breaches will occur in the future, any perceived or actual unauthorized disclosure of personally 
identifiable information regarding our employees, customers or website visitors could harm our reputation and credibility and 
reduce our ability to attract and retain employees and customers. As these threats develop and grow, we may find it necessary to 
make significant further investments to protect data and our infrastructure, including the implementation of new computer 
systems or upgrades to existing systems, deployment of additional personnel and protection-related technologies, engagement of 
third-party consultants, and training of employees. The future occurrence of any of the cyber incidents described above could 
have a material adverse effect on our business, results of operations and cash flows. 
The failure to protect the integrity and security of company employee and customer information could result in damage 
to reputation and/or subject us to fines, payment of damages, lawsuits or restrictions on our use or transfer of data. 
Our business uses and transmits large volumes of employee and customer data, including credit card numbers and other 
personal information in various information systems that we maintain in areas such as human resources outsourcing, website 
23 

hosting, and various forms of electronic communications. Our customers and employees have a high expectation that we will 
adequately protect their personal information. Our collection and use of personal data are governed by privacy laws and 
regulations, and privacy law is an area that changes often and varies significantly by jurisdiction. For example, the European 
Union (EU)’s General Data Protection Regulation (“GDPR”) requires companies to meet stringent requirements regarding the 
handling of personal data. The GDPR captures data processing by non-EU firms with no EU establishment as long as firms’ 
processing relates to “offering goods or services” or the “monitoring” of individuals in the EU. In addition to governmental 
regulations, there are credit card industry standards or other applicable data security standards we must comply with as well. 
Compliance with applicable privacy regulations may increase our operating costs and/or adversely impact our ability to market 
our products, properties and services to our guests. In addition, non-compliance with applicable privacy regulations by us (or 
in some circumstances non-compliance by third parties engaged by us) or a breach of security on systems storing our data may 
result in damage of reputation and/or subject us to fines, payment of damages, lawsuits or restrictions on our use or transfer of 
data. For example, failure to meet the GDPR requirements could result in penalties of up to four percent of worldwide revenue. 
Any misappropriation of confidential or personally identifiable information gathered, stored or used by us, be it intentional or 
accidental, could have a material impact on the operation of our business, including severely damaging our reputation and our 
relationships with our customers, employees and investors. Laws in the United States in this area are also developing quickly. 
Laws in all 50 states require businesses to provide notice to customers whose personally identifiable information has been 
disclosed as a result of a data breach. Some states, such as California, Virginia and Colorado, have adopted privacy laws. Such 
adoption may indicate a trend for further legislation across all states. 
Our business could suffer if our computer systems and websites are disrupted or cease to operate effectively. 
We are dependent on our computer systems to record and process transactions and manage and operate our business, 
including processing payments, accounting for and reporting financial results, and managing our employees and employee 
benefit programs. Given the complexity of our business, it is imperative that we maintain uninterrupted operation of our 
computer hardware and software systems. Despite our preventative efforts, our systems are vulnerable to damage or 
interruption from, among other things, security breaches, computer viruses, technical malfunctions, inadequate system 
capacity, power outages, natural disasters, and usage errors by our employees or third-party consultants. If our information 
technology systems become damaged or otherwise cease to function properly, we may have to make significant investments to 
repair or replace them. Additionally, confidential or sensitive data related to our customers or employees could be lost or 
compromised. Any material disruptions in our information technology systems could have a material adverse effect on our 
business, results of operations, and financial condition. 
If a third party successfully challenges our ownership of, or right to use, the Wynn-related trademarks and/or service 
marks, our business or results of operations could be harmed. 
Our intellectual property assets, especially the logo version of “Wynn,” are among our most valuable assets. We have 
filed applications with the U.S. Patent and Trademark Office (“PTO”) and with various foreign patent and trademark registries 
including registries in Macau, China, Hong Kong, Singapore, Taiwan, Japan, certain European countries and various other 
jurisdictions throughout the world, to register a variety of WYNN-related trademarks and service marks in connection with a 
variety of goods and services. Some of the applications are based upon ongoing use and others are based upon a bona fide 
intent to use the marks in the future. 
A common element of most of these marks is the use of the surname “WYNN.” As a general rule, a surname (or the 
portion of a mark primarily constituting a surname) is not eligible for registration unless the surname has acquired “secondary 
meaning.” To date, we have been successful in demonstrating to the PTO such secondary meaning for the WYNN marks, in 
certain of the applications, based upon factors including the Company’s long-term use, advertising and promotional efforts 
related to the marks and the level of international fame achieved by the marks, but we cannot assure you that we will be 
successful with the other pending applications. 
Federal registrations are not completely dispositive of the right to such marks. Third parties who claim prior rights with 
respect to similar marks may nonetheless challenge our right to obtain registrations or our use of the marks and seek to 
overcome the presumptions afforded by such registrations. 
Furthermore, due to the increased use of technology in computerized gaming machines and in business operations 
generally, other forms of intellectual property rights (such as patents and copyrights) are becoming of increased relevance. It is 
possible that, in the future, third parties might assert superior intellectual property rights or allege that their intellectual 
property rights cover some aspect of our operations. The defense of such allegations may result in substantial expenses, and, if 
such claims are successfully prosecuted, may have a material impact on our business. There has been an increase in the 
international operation of fraudulent online gambling and investment websites attempting to scam and defraud members of the 
public. Websites offering these or similar activities and opportunities that use our names or similar names or images in 
likeness to ours, are doing so without our authorization and possibly unlawfully and with criminal intent. If our efforts to cause 
24 

these sites to be shut down through civil action and by reporting these sites to the appropriate authorities (where applicable) 
are unsuccessful or not timely completed, these unauthorized activities may continue and harm our reputation and negatively 
affect our business. Efforts we take to acquire and protect our intellectual property rights against unauthorized use throughout 
the world may be costly and may not be successful in protecting and preserving the status and value of our intellectual 
property assets. 
Labor actions and other labor problems could negatively impact our operations. 
Some of our employees are represented by labor unions. From time to time, we have experienced attempts by labor 
organizations to organize certain of our non-union employees. These efforts have achieved some success to date. We cannot 
provide any assurance that we will not experience additional and successful organizing activity in the future. 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. 
Our insurance coverage may not be adequate to cover all possible losses that we could suffer, including losses resulting 
from terrorism, and our insurance costs may increase. 
We have comprehensive property and liability insurance policies for our properties with coverage features and insured 
limits that we believe are customary in their breadth and scope. However, in the event of a substantial loss, the insurance 
coverage we carry may not be sufficient to pay the full market value or replacement cost of our lost investment or could result 
in certain losses being totally uninsured. As a result, we could lose some or all of the capital we have invested in a property, as 
well as the anticipated future revenue from the property, and we could remain obligated for debt or other financial obligations 
related to the property. 
Market forces beyond our control may limit the scope of the insurance coverage we can obtain in the future or our ability 
to obtain coverage at reasonable rates. Certain catastrophic losses may be uninsurable or too expensive to justify obtaining 
insurance. As a result, if we suffer such a catastrophic loss, we may not be successful in obtaining future insurance without 
increases in cost or decreases in coverage levels. Furthermore, our debt instruments and other material agreements require us 
to maintain a certain minimum level of insurance. Failure to satisfy these requirements could result in an event of default 
under these debt instruments or material agreements, which would negatively affect our business and financial condition. 
Risks Associated with our Macau Operations 
Our Macau Operations may be affected by adverse political and economic conditions. 
Our Macau Operations are subject to significant political, economic and social risks inherent in doing business in an 
emerging market. The future success of our Macau Operations depends on political and economic conditions in Macau and 
PRC. For example, fiscal decline, international relations, and civil, domestic or international unrest in Macau, China or the 
surrounding region could significantly harm our business, not only by reducing customer demand for casino resorts, but also 
by increasing the risk of imposition of taxes and exchange controls or other governmental restrictions, laws or regulations that 
might impede our Macau Operations or our ability to repatriate funds. 
We compete for limited labor resources in Macau and local policies may also affect our ability to employ imported labor. 
The success of our operations in Macau will be affected by our success in hiring and retaining employees. We compete 
with a large number of casino resorts in Macau for a limited number of qualified employees. In addition, only Macau residents 
are eligible for the majority of positions within the casino including dealers and other gaming staff. Competition for these 
individuals in Macau has increased and is expected to continue for the foreseeable future. We seek employees from outside 
Macau to adequately staff our resorts where permitted and certain local policies affect our ability to import labor in certain job 
classifications. We coordinate with the labor and immigration authorities to ensure our labor needs are satisfied, but cannot be 
certain that we will be able to recruit and retain a sufficient number of qualified employees for our Macau Operations or that 
we will be able to obtain required work permits for those employees. If we are unable to obtain, attract, retain and train skilled 
employees, our ability to adequately manage and staff our existing and planned casino and resort properties and operations in 
Macau could be impaired, which could have a material adverse effect on our business, financial condition, results of 
operations and cash flows. 
The smoking control legislation in Macau could have an adverse effect on our business, financial condition, results of 
operations and cash flows. 
Under the Macau Smoking Prevention and Tobacco Control Law, as of January 1, 2019, smoking on casino premises is 
only permitted in authorized segregated smoking lounges with no gaming activities and such smoking lounges are required to 
comply with the conditions set out in the regulations. 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. 
25 

Extreme weather conditions have had and may in the future have an adverse impact on our Macau Operations. 
Macau’s subtropical climate and location on the South China Sea are subject to extreme weather conditions including 
typhoons and heavy rainstorms, such as Typhoon Mangkhut in 2018 and Typhoon Hato in 2017. Unfavorable weather conditions 
could negatively affect the profitability of our resorts and prevent or discourage guests from traveling to Macau. Flooding, 
unscheduled interruption in the technology or transportation services or interruption in the supply of public utilities may lead to a 
shutdown of any of our resorts in Macau. The occurrence and timing of such events cannot be predicted or controlled by us and 
may have a material adverse effect on our business, financial condition, results of operations, and cash flows. 
If our Macau Operations fail to comply with the Gaming Concession Contract, or applicable Macau laws and 
administrative regulations, the Macau government may rescind our concession without compensation to us, which would 
have a material adverse effect on our business and financial condition. 
Pursuant to the Gaming Concession Contract and the Laws and Administrative Regulations, the Macau government may 
rescind the gaming concession if Wynn Macau SA fails to fulfill its obligations under the Macau law or the Gaming 
Concession Contract, including in the circumstances of (i) endangerment to the national security of mainland China or Macau, 
(ii) failure on the part of Wynn Macau SA to perform its obligations under the Gaming Concession Contract, (iii) public 
interest, and (iv) Wynn Macau SA ceasing to be eligible for the gaming concession under the Macau gaming law. If the Macau 
government rescinds the Gaming Concession Contract due to the Wynn Macau SA’s non-fulfilment, 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 its 
casino areas in Macau. Beginning in the eighth year of Wynn Macau SA’s concession, the Macau government may exercise its 
right to redeem the concession by providing Wynn Macau SA with at least one-year prior written notice. In such event, Wynn 
Macau SA would be entitled to fair and equitable compensation pursuant to the Macau gaming law. The amount of such 
compensation relating to the projects agreed with the Macau government would be determined based on the earnings of these 
projects, before interest, depreciation and amortization for the fiscal year immediately preceding the date the redemption is 
declared, multiplied by the number of years remaining on the term of the Gaming Concession Contract. Wynn Macau SA is 
currently in its third year of concession. The loss of our concession would prohibit us from conducting gaming operations in 
Macau, which would have a material adverse effect on our business and financial condition. 
Certain Nevada gaming laws apply to our gaming activities and associations outside of Nevada. 
Certain Nevada gaming laws also apply to gaming activities and associations in jurisdictions outside of Nevada. We and 
our subsidiaries that must be licensed to conduct gaming operations in Nevada are required to comply with certain reporting 
requirements concerning gaming activities and associations conducted by our subsidiaries in other jurisdictions. We and our 
licensed Nevada subsidiaries also will be subject to disciplinary action by the NGC if our subsidiaries operating in other 
jurisdictions knowingly violate any laws relating to their gaming operations; fail to conduct operations in other jurisdictions in 
accordance with the standards of honesty and integrity required of Nevada gaming operations; engage in any activity or enter 
into any association that is unsuitable for us because it poses an unreasonable threat to the control of gaming in Nevada, 
reflects or tends to reflect discredit or disrepute upon Nevada or gaming in Nevada, or is contrary to Nevada gaming policies; 
engage in any activity or enter into any association that interferes with the ability of Nevada to collect gaming taxes and fees; 
or employ, contract with or associate with any person in the foreign gaming operation who has been denied a license or a 
finding of suitability in Nevada on the ground of unsuitability, or who has been found guilty of cheating at gambling. Such 
disciplinary action could include suspension, conditioning, limitation or revocation of the registration, licenses or approvals 
held by us and our licensed Nevada subsidiaries, including Wynn Las Vegas, LLC, and the imposition of substantial fines. 
In addition, if the NGCB determines that any actual or intended activities or associations of our subsidiaries operating in 
other states may be prohibited pursuant to one or more of the standards described above, the NGCB can require us and our 
licensed Nevada subsidiaries to file an application with the NGC for a finding of suitability of the activity or association. If the 
NGC finds that the activity or association in the other jurisdictions unsuitable or prohibited, those subsidiaries will either be 
required to terminate the activity or association, or will be prohibited from undertaking the activity or association. 
Consequently, should the NGC find that our subsidiaries’ gaming activities or associations in other jurisdictions are unsuitable, 
those subsidiaries may be prohibited from undertaking their planned gaming activities or associations in the other jurisdiction 
or be required to divest their investment in the other jurisdiction, possibly on unfavorable terms. 
The Massachusetts Gaming Commission has broad authority to consider conduct outside of Massachusetts for continued 
licensure in Massachusetts. 
The Massachusetts Gaming Act requires a gaming licensee to affirmatively maintain its suitability to hold a gaming 
license in Massachusetts. Under the MGC’s continuing duty regulations, we are required to report to notify and update the 
MGC of certain matters including but not limited to any denial, suspension or revocation in any jurisdiction of a gaming 
related license; any discipline, including a fine or warning, related to gaming operations imposed upon the gaming licensee or 
26 

qualifier by any government agency in any jurisdiction; any arrest, indictment, charge or criminal conviction of any qualifier 
in any jurisdiction; any complaints, allegations, or notice of investigation thereof against the gaming licensee, qualifier, or any 
gaming entity owned or operated by the parent to the gaming licensee, that if substantiated could reasonably lead to potential 
revocation or suspension of the license or approval held by the gaming licensee, qualifier, or gaming entity owned or operated 
by the parent to the gaming licensee, in that jurisdiction and/or imposition of a fine of $50,000 or greater. 
Licensing or other disciplinary action against us outside of Massachusetts, including by the government of Macau, may 
be considered by the MGC in assessment of our ongoing suitability to hold a license in Massachusetts and may subject us to 
fines, license conditions, license suspension or revocation. 
Unfavorable changes in currency exchange rates may increase our Macau Operations’ obligations under the concession 
agreement and cause fluctuations in the value of our investment in Macau. 
The currency delineated in our Macau Operations’ concession agreement with the Macau government is the Macau 
pataca. The Macau pataca is linked to the Hong Kong dollar, and the two are often used interchangeably in Macau. The Hong 
Kong dollar is linked to the U.S. dollar and the exchange rate between these two currencies has remained relatively stable over 
the past several years. 
If the Hong Kong dollar and the Macau pataca are no longer linked to the U.S. dollar, the exchange rate for these 
currencies may severely fluctuate. The current rate of exchange fixed by the applicable monetary authorities for these 
currencies may also change. 
Many of our Macau Operations’ payment and expenditure obligations are in Macau patacas. We expect that most of the 
revenues for any casino that we operate in Macau will be in Hong Kong dollars. As a result, we are subject to foreign 
exchange risk with respect to the exchange rate between Macau patacas and Hong Kong dollars and the Hong Kong dollar and 
the U.S. dollar. Because certain debt obligations of our Macau-related entities have incurred U.S. dollar-denominated debt, 
fluctuations in the exchange rates of the Macau pataca or the Hong Kong dollar, in relation to the U.S. dollar, could have 
adverse effects on our results of operations, financial condition and ability to service our debt. 
Currency exchange controls and currency export restrictions could negatively impact our Macau Operations. 
Currency exchange controls and restrictions on the export of currency by certain countries may negatively impact the 
success of our Macau Operations. For example, there are currently existing currency exchange controls and restrictions on the 
export of the renminbi, the currency of the PRC. Restrictions on the export of the renminbi may impede the flow of gaming 
customers from the PRC to Macau, inhibit the growth of gaming in Macau and negatively impact our Macau Operations. 
Conflicts of interest may arise because certain of our directors and officers are also directors of Wynn Macau, Limited. 
Wynn Macau, Limited, an indirect majority owned subsidiary of Wynn Resorts and the developer, owner and operator of 
Wynn Macau and Wynn Palace, listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited in 
October 2009. As of December 31, 2024, Wynn Resorts owned approximately 72% of Wynn Macau, Limited’s ordinary shares of 
common stock. As a result of Wynn Macau, Limited having stockholders who are not affiliated with us, we and certain of our 
officers and directors who also serve as officers and/or directors of Wynn Macau, Limited may have conflicting fiduciary 
obligations to our stockholders and to the minority stockholders of Wynn Macau, Limited. Decisions that could have different 
implications for Wynn Resorts and Wynn Macau, Limited, including contractual arrangements that we have entered into or may 
in the future enter into with Wynn Macau, Limited, may give rise to the appearance of a potential conflict of interest. 
The Macau government has established a maximum number of gaming tables that can be operated in Macau and has 
limited the number of new gaming tables at new gaming areas in Macau. 
As of December 31, 2024, we had a total of 303 table games at Wynn Palace and 257 at Wynn Macau approved by the 
Macau’s DICJ. We are approved by the Macau government to operate 570 gaming tables and 1,100 gaming machines at our 
Macau Operations currently. The mix of table games in operation at Wynn Palace and Wynn Macau changes from time to time 
as a result of marketing and operating strategies in response to changing market demand and industry competition. Failure to 
shift the mix of our table games in anticipation of market demands and industry trends may negatively impact our operating 
results. 
Risks Related to Share Ownership and Stockholder Matters 
Certain stockholders are able to exert significant influence over our operations and future direction. 
As of December 31, 2024, Elaine P. Wynn owned approximately 8.85% of our outstanding common stock. As a result, 
Elaine P. Wynn may be able to exert influence over all matters requiring our stockholders’ approval, including the approval of 
significant corporate transactions. On August 3, 2018, we entered into a Cooperation Agreement (the “Cooperation 
Agreement”) with Elaine P. Wynn regarding the composition of the Company’s Board of Directors and certain other matters, 
27 

including, among other things, the appointment of Mr. Philip G. Satre to the Company’s Board of Directors, standstill 
restrictions, releases, non-disparagement and reimbursement of expenses. The term of the Cooperation Agreement expires on 
the date that Phil Satre no longer serves as Chair of the Board, unless earlier terminated pursuant to the circumstances 
described in the Cooperation Agreement. 
Our stock price may be volatile. 
The trading price of our common stock has been and may continue to be subject to wide fluctuations. Our stock price may 
fluctuate in response to a number of events and factors, such as general United States, China, and world economic and 
financial conditions, our own quarterly variations in operating results, increased competition, changes in financial estimates 
and recommendations by securities analysts, changes in applicable laws or regulations, changes affecting the travel industry, 
and other events impacting our business. The stock market in general, and prices for companies in our industry in particular, 
has experienced extreme volatility that may be unrelated to the operating performance of a particular company. These broad 
market and industry fluctuations may adversely affect the price of our common stock, regardless of our operating performance. 
Risks Related to our Indebtedness 
We are highly leveraged and future cash flow may not be sufficient for us to meet our obligations, and we might have 
difficulty obtaining more financing. 
We have a substantial amount of consolidated debt in relation to our equity. As of December 31, 2024, we had total 
outstanding debt of approximately $10.64 billion. We may incur additional indebtedness in connection with the construction of 
future development projects or major capital enhancement at our existing properties. See Item 1—Business “Our Resorts.” 
Failure to meet our payment obligations or other obligations could result in acceleration of our indebtedness, foreclosure 
upon our assets that serve as collateral or bankruptcy and trigger cross defaults under other agreements. Servicing our 
indebtedness requires a substantial portion of our cash flow from our operations and reduces the amount of available cash to 
fund working capital and other cash requirements or pay for other capital expenditures. We may not be able to obtain 
additional financing, if needed. The applicable rates with respect to a portion of the interest we pay will fluctuate with market 
rates and, accordingly, our interest expense will increase as market interest rates increase. 
We are permitted to incur additional indebtedness if certain conditions are met, including conditions under our WM 
Cayman II Revolver, our WRF Credit Facilities, and our indentures. If we incur additional indebtedness, the risks described 
above will be exacerbated. 
The agreements governing our debt facilities contain certain covenants that restrict our ability to engage in certain 
transactions and may impair our ability to respond to changing business and economic conditions. 
Some of our debt facilities require us to satisfy various financial covenants, which include requirements for minimum 
interest coverage ratios and leverage ratios pertaining to total debt to earnings before interest, tax, depreciation and 
amortization and a minimum earnings before interest, tax, depreciation and amortization. For more information on financial 
covenants we are subject to under our debt facilities, see Item 8—“Financial Statements and Supplementary Data,” Note 7, 
“Long-Term Debt.” Future indebtedness or other contracts could contain covenants more restrictive than those contained in 
our existing debt facilities. 
The agreements governing our debt facilities also contain restrictions on our ability to engage in certain transactions and may 
limit our ability to respond to changing business and economic conditions. These restrictions include, among other things, 
limitations on our ability and the ability of our restricted subsidiaries to pay dividends or distributions or repurchase equity; incur 
additional debt; make investments; create liens on assets to secure debt; enter into transactions with affiliates; issue stock of, or 
member’s interests in, subsidiaries; enter into sale-leaseback transactions; engage in other businesses; merge or consolidate with 
another company; undergo a change of control; transfer, sell or otherwise dispose of assets; issue disqualified stock; create 
dividend and other payment restrictions affecting subsidiaries; and designate restricted and unrestricted subsidiaries. 
Our ability to comply with the terms of our outstanding facilities may be affected by general economic conditions, 
industry conditions and other events outside of our control. As a result, we may not be able to maintain compliance with these 
covenants. If our properties’ operations fail to generate adequate cash flow, we may violate those covenants, causing a default 
under our agreements, which would materially and adversely affect our financial condition and results of operations or result 
in our lenders or holders of our debt taking action to enforce their security interests in our various assets or cause all 
outstanding amounts to be due and payable immediately. 
Item 1B. Unresolved Staff Comments 
None. 
28 

Item 1C. Cybersecurity 
Wynn Resorts’ information security program is designed to preserve the accuracy and integrity of all forms of 
information processed by us and to protect such information, including our employees’ and guests’ personally identifiable 
information and information related to our operations, from misuse, loss, or theft. Our information security program is founded 
on principles and standards of the National Institute of Standards and Technology Framework for Improving Critical 
Infrastructure Cybersecurity issued by the U.S. government and is integrated into our overall enterprise risk management 
system. 
The Chief Information Security Officer (“CISO”) works closely with the Chief Information Officer and the Chief Privacy 
Counsel to collectively manage our global information security, information technology and data privacy programs. The 
Company’s information security program includes a robust set of controls and safeguards for the systems, applications, and 
databases of the Company and of its third-party vendors. The CISO manages the information security program and sets annual 
targets and security objectives. The program includes regular risk assessments and recurring internal and external audits to 
assess the program’s maturity and effectiveness. The results of these assessments and audits help inform decisions to make 
program adjustments and evaluate whether the program’s security objectives are effective and up to date. Additional features 
of our cybersecurity program include security controls, such as firewalls and intrusion detection systems; data loss prevention 
tools; penetration testing of network, cloud, and application platforms; security assessments of our third-party vendors; and 
security awareness education for our employees and specialized training for our information security specialists. 
We have implemented security monitoring capabilities, designed to alert us to suspicious activity and have developed an 
incident response program that includes periodic coordinated response exercises designed to restore business operations as 
quickly and as orderly as practicable in the event of a breach. In the event of cyber incident which may be considered 
“material” under the SEC’s disclosure rules, Wynn Resorts has established a separate committee comprised of the General 
Counsel, the Chief Financial Officer, the Chief Privacy Counsel, and the CISO. The Materiality Committee is responsible for 
determining whether a cyber incident, or series of incidents, is “material” and requires disclosure under Item 1.05 of Form 8-K 
as well as informing the Board of Directors about the incident from a risk oversight perspective. 
The Board of Directors oversees risks relating to cybersecurity. The CISO presents to the Board of Directors on a 
quarterly basis and the results of the risk assessments and audits on at least an annual basis. These reports also include detailed 
updates on the Company’s performance preparing for, preventing, detecting, responding to, and recovering from cyber 
incidents. The CISO has overseen the Company’s information security program for the last 15 years. He holds a Bachelor of 
Arts degree in Business Administration, and has over 30 years’ total experience in the information technology and security 
field, including various leadership roles before joining Wynn Resorts. In addition, he holds several industry technical 
certifications in information security, network engineering, systems engineering, database management, application 
development, and security intrusions. 
Failure of our information security program to prevent or detect a cyber incident could result in the compromise of 
Company and customer information, reputational damage, and/or financial loss. During the periods covered by this report, we 
did not experience any material cyber incidents and the expenses we incurred from cyber incidents were immaterial. While 
prior incidents have not had a material impact on us, future incidents could have a material adverse effect on our business, 
results of operations and cash flows. For additional information about our cybersecurity risks, see “System failure, information 
leakage and the cost of maintaining sufficient cybersecurity could adversely affect our business” in Item 1A — “Risk Factors.” 
29 

Item 2. Properties 
The following table presents our significant land holdings. We own or have obtained the right to use these properties. We 
also own or lease various other improved and unimproved properties which may be used for development projects. 
Property 
Approximate 
Acres 
Location 
Macau Operations (1) 
 
 
Wynn Palace 
51 
Located in the Cotai area of Macau. 
Wynn Macau 
16 
Located in downtown Macau’s inner harbor. 
 
67 
 
 
 
 
Las Vegas Operations 
 
 
Wynn Las Vegas (main 
parcel) 
75 
Located at the intersection of Las Vegas Boulevard and Sands Avenue. 
Golf course land (2) 
128 
Located adjacent to Wynn Las Vegas. 
Meeting and Convention 
Expansion 
12 
Located adjacent to Wynn Las Vegas. 
Employee parking lot and 
office building 
18 
Located across Sands Avenue. 
Office building 
5
 
Located adjacent to golf course land. 
 
238 
 
 
 
 
Encore Boston Harbor (3) 
34 
Located in Everett, Massachusetts, adjacent to Boston along the Mystic River. 
 
 
 
Other (4) 
53 
Located in Las Vegas, Nevada, and Everett, Massachusetts. 
(1) The government of Macau owns most of the land in Macau. In most cases, private interests in real property located in Macau are obtained through long-
term leases known as concessions and other grants of rights to use land from the government. Wynn Palace and Wynn Macau are built on land leased 
under land concession contracts each with terms of 25 years from May 2012 and August 2004, respectively, which may be renewed with government 
approval for successive periods. 
(2) We own approximately 834 acre-feet of permitted and certificated water rights, which we use to irrigate the golf course. We also own approximately 
151.5 acre-feet of permitted and certificated water rights for commercial use. There are significant cost savings and conservation benefits associated with 
using water supplied pursuant to our water rights. 
(3) Subject to a triple-net lease with an initial term of 30 years, with one 30-year renewal option. 
(4) Includes approximately 38 acres of land on the Las Vegas Strip directly across from Wynn Las Vegas, and approximately 15 acres of land adjacent to 
Encore Boston Harbor in Everett, Massachusetts. This land may be used for future development. 
Item 3. Legal Proceedings 
We are occasionally party to lawsuits. As with all litigation, no assurance can be provided as to the outcome of such 
matters and we note that litigation inherently involves significant costs. For information regarding the Company’s legal 
proceedings see Item 8—“Financial Statements and Supplementary Data,” Note 18, “Commitments and Contingencies—
Litigation” in this Annual Report on Form 10-K, which is incorporated herein by reference, and Item 1A—“Risk Factors” in 
this Annual Report on Form 10-K. 
On September 6, 2024, Wynn Las Vegas, LLC, a wholly owned indirect subsidiary of Wynn Resorts, entered into a 
non-prosecution agreement (“NPA”) with the United States Attorney’s Office for the Southern District of California and the 
United States Department of Justice (the “DOJ”), resolving the previously-disclosed investigation into various transactions at 
Wynn Las Vegas relating to certain patrons who reside or operate in foreign jurisdictions which were facilitated by former 
employees, agents and other third parties that were unlicensed money transmitting businesses, in violation of 18 U.S.C. § 
1960. 
Pursuant to the NPA, Wynn Las Vegas agreed to forfeit $130 million in funds involved in the transactions at issue and 
continue to make certain enhancements to its compliance program. The DOJ agreed that, subject to Wynn Las Vegas’s 
fulfillment of its obligations under the NPA, it will not bring any criminal charges against Wynn Las Vegas concerning the 
subject matter of its investigation, subject to standard reservations of rights and certain reserved claims. 
In reaching the resolution set forth in the NPA, the DOJ took into account the historical nature of the transactions at issue; 
Wynn Las Vegas’s cooperation with the DOJ’s multi-year investigation; that Wynn Las Vegas no longer employs or is 
30 

affiliated with any of the individuals implicated in the transactions at issue; and Wynn Las Vegas’s extensive remedial 
measures, many of which were undertaken prior to the parties entering into the NPA. 
The NPA resolves all prior U.S. federal regulatory inquiries commenced in or about 2014 regarding compliance by Wynn 
Las Vegas with 18 U.S.C. § 1960 and the Bank Secrecy Act. 
Item 4. Mine Safety Disclosures 
Not applicable. 
31 

PART II 
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
Securities 
Market Information 
Our outstanding common stock trades on the Nasdaq Global Select Market under the symbol “WYNN.” 
Holders 
There were approximately 129 holders of record of our common stock as of February 4, 2025. This number does not 
include an estimate of the indeterminate number of beneficial holders whose shares may be held by brokerage firms and 
clearing agencies. 
Dividends 
During the year ended December 31, 2024, cash dividends of approximately $111.1 million were paid to holders of our 
common stock. Any decision to declare and pay dividends on our common stock in the future, including the timing and 
amount of any such dividends, will be made at the discretion of our Board of Directors and will depend on, among things, our 
results of operations, financial conditions, cash requirements, contractual restrictions and other factors deemed relevant at the 
time. 
Issuer Purchases of Equity Securities 
The following table summarizes the share repurchases made by the Company during the three months ended 
December 31, 2024: 
For the Month Ended 
Number of Shares 
Repurchased (1) (2) 
Weighted Average Price 
Paid Per Share 
Shares Repurchased as 
Part of a Publicly 
Announced Program (2) 
Approximate Dollar Value 
Remaining Under the 
Program (in thousands) 
October 1, 2024 to 
October 31, 2024 
135,421 
$
98.58 
134,591 
$
234,419 
November 1, 2024 to 
November 30, 2024 
912,043 
$
91.74 
904,306 
$
917,001 
December 1, 2024 to 
December 31, 2024 
1,105,124 
$
94.16 
1,104,769 
$
813,000 
(1) Shares purchased in October 2024, November 2024, and December 2024 include 830, 7,737 and 355 shares, respectively, purchased in satisfaction of 
employee tax withholding obligations in connection with the vesting of restricted stock awards granted under our stock incentive plans. Refer to Item 8, 
“Financial Statements and Supplementary Data” for additional details on our stock incentive plans. 
(2) On April 20, 2016, the Company announced that the Board of Directors authorized an equity repurchase program of up to $1.0 billion of our common 
stock, with no expiration. On November 1, 2024, the Company’s Board of Directors authorized the Company to repurchase a total of up to $1.0 billion of 
the Company’s outstanding shares of common stock, increasing the previously available repurchase authorization by approximately $766 million. The 
equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to 
plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share 
repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration 
date, and the equity repurchase program may be suspended, discontinued or accelerated at any time. Any shares acquired are expected to be held as 
treasury shares and available for general corporate purposes. 
32 

Stock Performance Graph 
The graph below compares the five-year cumulative total return on our common stock to the cumulative total return of 
the Standard & Poor’s 500 Stock Index (“S&P 500”) and the Dow Jones US Gambling Index. The performance graph assumes 
that $100 was invested on December 31, 2019 in each of the Company’s common stock, the S&P 500 and the Dow Jones US 
Gambling Index, and that all dividends were reinvested. The stock price performance shown in this graph is neither necessarily 
indicative of, nor intended to suggest, future stock price performance. 
 
Item 6. Reserved 
33 

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 
The following discussion should be read in conjunction with, and is qualified in its entirety by, the consolidated financial 
statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. 
Discussion of 2022 items and year-to-year comparisons between 2023 and 2022 that are not included in this Form 10-K 
can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 
of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 
Overview 
We are a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an 
array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled 
focus on our guests, our people, and our community. Through our approximately 72% ownership of Wynn Macau, Limited 
(“WML”), our concessionaire Wynn Resorts (Macau) S.A. (“Wynn Macau SA”) operates two integrated resorts in the Macau 
Special Administrative Region of the People’s Republic of China (“Macau”), Wynn Palace and Wynn Macau (collectively, 
our “Macau Operations”). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of 
Wynn Las Vegas. We are a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at 
Wynn Las Vegas (the “Retail Joint Venture”). We refer to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and 
the Retail Joint Venture as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an 
integrated resort. During the twelve months ended December 31, 2024, Wynn Interactive Ltd. no longer met the requirements 
for a reportable segment due to the Company’s decision to cease operating Wynn Interactive’s digital sports betting and casino 
business. As a result, its assets and results of operations are presented in Corporate and other and previous period amounts 
have been reclassified to be consistent with the current period presentation of the Company’s reportable segments. 
The Company has a 40% equity interest in Island 3 AMI FZ-LLC (“Island 3”), an unconsolidated affiliate, which is 
constructing Wynn Al Marjan Island in Ras Al Khaimah, United Arab Emirates. 
Key Operating Measures 
Certain key operating measures specific to the gaming industry are included in our discussion of our operational 
performance for the periods for which the Consolidated Statements of Operations are presented. These key operating measures 
are presented as supplemental disclosures because management and/or certain investors use these measures to better 
understand period-over-period fluctuations in our casino and hotel operating revenues. These key operating measures are 
defined below: 
•
Table drop in mass market for our Macau Operations is the amount of cash that is deposited in a gaming table’s 
drop box plus cash chips purchased at the casino cage. 
•
Table drop for our Las Vegas Operations is the amount of cash and net markers issued that are deposited in a 
gaming table’s drop box. 
•
Table drop for Encore Boston Harbor is the amount of cash and gross markers issued that are deposited in a 
gaming table’s drop box. 
•
Rolling chips are non-negotiable identifiable chips that are used to track turnover for purposes of calculating 
incentives within our Macau Operations’ VIP program. 
•
Turnover is the sum of all losing rolling chip wagers within our Macau Operations’ VIP program. 
•
Table games win is the amount of table drop or turnover that is retained and recorded as casino revenues. Table 
games win is before discounts, commissions and the allocation of casino revenues to rooms, food and beverage 
and other revenues for services provided to casino customers on a complimentary basis. Table games win does 
not include poker rake. 
•
Slot machine win is the amount of handle (representing the total amount wagered) that is retained by us and is 
recorded as casino revenues. Slot machine win is after adjustment for progressive accruals and free play, but 
before discounts and the allocation of casino revenues to rooms, food and beverage and other revenues for 
services provided to casino customers on a complimentary basis. 
•
Poker rake is the portion of cash wagered by patrons in our poker rooms that is retained by the casino as a 
service fee, after adjustment for progressive accruals, but before the allocation of casino revenues to rooms, 
food and beverage and other revenues for services provided to casino customers on a complimentary basis. 
Poker tables are not included in our measure of average number of table games. 
34 

•
Average daily rate (“ADR”) is calculated by dividing total room revenues, including complimentaries (less 
service charges, if any), by total rooms occupied. 
•
Revenue per available room (“REVPAR”) is calculated by dividing total room revenues, including 
complimentaries (less service charges, if any), by total rooms available. 
•
Occupancy is calculated by dividing total occupied rooms, including complimentary rooms, by the total rooms 
available. 
Below is a discussion of the methodologies used to calculate win percentages at our resorts. 
In our mass market operations in Macau, customers may purchase cash chips at either the gaming tables or at the casino 
cage. The measurements from our VIP and mass market operations are not comparable as the measurement method used in our 
mass market operations tracks the initial purchase of chips at the table and at the casino cage, while the measurement method 
from our VIP operations tracks the sum of all losing wagers. Accordingly, the base measurement from the VIP operations is 
much larger than the base measurement from the mass market operations. As a result, the expected win percentage with the 
same amount of gaming win is lower in the VIP operations when compared to the mass market operations. 
In our VIP operations in Macau, customers primarily purchase rolling chips from the casino cage and can only use them 
to make wagers. Winning wagers are paid in cash chips. The loss of the rolling chips in the VIP operations is recorded as 
turnover and provides a base for calculating VIP win percentage. It is customary in Macau to measure VIP play using this 
rolling chip method. We typically expect our win as a percentage of turnover from these operations to be within the range of 
3.1% to 3.4%. 
In Las Vegas, customers purchase chips at the gaming tables in exchange for cash and markers. Customers may then 
redeem markers at the gaming tables or at the casino cage. The cash and markers, net of redemptions, used to purchase chips 
are deposited in the gaming table’s drop box. This is the base of measurement that we use for calculating win percentage. Each 
type of table game has its own theoretical win percentage. Our expected table games win percentage is 22% to 26%. 
At Encore Boston Harbor, customers purchase chips at the gaming tables in exchange for cash and markers. Customers 
may then redeem markers only at the casino cage. The cash and gross markers used to purchase chips are deposited in the 
gaming table’s drop box. This is the base of measurement that we use for calculating win percentage. Each type of table game 
has its own theoretical win percentage. Our expected table games win percentage is 18% to 22%. 
Results of Operations 
Summary annual results 
The following table summarizes our financial results for the periods presented (dollars in thousands, except per share 
data): 
 
Year Ended December 31, 
 
 
 
2024 
2023 
Increase/ 
(Decrease) 
Percent 
Change 
Operating revenues 
$
7,127,961 
$
6,531,897 
$
596,064 
9.1 
Net income attributable to Wynn Resorts, Limited 
501,078 
729,994 
(228,916) 
(31.4) 
Diluted net income per share 
4.35 
6.32 
(1.97) 
(31.2) 
The increase in operating revenues for the year ended December 31, 2024 was primarily driven by increases of 
$330.8 million, $251.1 million, and $91.3 million from Wynn Palace, Wynn Macau, and our Las Vegas Operations, 
respectively, primarily due to an increase in gaming volumes and restaurant covers at our Macau Operations and an increase in 
ADR, entertainment venue sales and revenue from leased retail outlets at our Las Vegas Operations. 
The decrease in net income attributable to Wynn Resorts, Limited for the year ended December 31, 2024 was primarily 
related to a decrease in the benefit from income taxes of $500.5 million, partially offset by increased revenues at our Macau 
Operations. 
35 

Financial results for the year ended December 31, 2024 compared to the year ended December 31, 2023 
Operating revenues 
The following table presents our operating revenues (dollars in thousands): 
 
Year Ended December 31, 
 
 
 
2024 
2023 
Increase/ 
(Decrease) 
Percent 
Change 
Operating revenues 
 
 
 
 
Macau Operations: 
 
 
 
 
Wynn Palace 
$
2,217,671 
$
1,886,844 
$
330,827 
17.5 
Wynn Macau 
1,464,646 
1,213,534 
251,112 
20.7 
Total Macau Operations 
3,682,317 
3,100,378 
581,939 
18.8 
Las Vegas Operations 
2,571,913 
2,480,606 
91,307 
3.7 
Encore Boston Harbor 
857,164 
865,786 
(8,622) 
(1.0) 
Corporate and other 
16,567 
85,127 
(68,560) 
(80.5) 
 
$
7,127,961 
$
6,531,897 
$
596,064 
9.1 
The following table presents our casino and non-casino operating revenues (dollars in thousands): 
 
Year Ended December 31, 
 
 
 
2024 
2023 
Increase/ 
(Decrease) 
Percent 
Change 
Operating revenues 
 
 
 
 
Casino revenues 
$
4,261,357 
$
3,718,402 
$
542,955 
14.6 
Non-casino revenues: 
 
 
 
 
Rooms 
1,242,058 
1,185,671 
56,387 
4.8 
Food and beverage 
1,069,117 
1,028,637 
40,480 
3.9 
Entertainment, retail and other 
555,429 
599,187 
(43,758) 
(7.3) 
Total non-casino revenues 
2,866,604 
2,813,495 
53,109 
1.9 
 
$
7,127,961 
$
6,531,897 
$
596,064 
9.1 
Casino revenues for the year ended December 31, 2024 were 59.8% of operating revenues, compared to 56.9% for the 
year ended December 31, 2023. Non-casino revenues for the year ended December 31, 2024 were 40.2% of operating 
revenues, compared to 43.1% for the year ended December 31, 2023. 
36 

Casino revenues 
Casino revenues increased primarily due to higher gaming volumes at our Macau Operations which benefited from 
growing tourism in Macau during the year ended December 31, 2024. The table below sets forth our casino revenues and 
associated key operating measures (dollars in thousands, except for win per unit per day): 
 
Year Ended December 31, 
 
 
 
2024 
2023 
Increase/ 
(Decrease) 
Percent 
Change 
Macau Operations: 
 
 
 
 
Wynn Palace: 
 
 
 
 
Total casino revenues 
$
1,795,604 
$
1,471,280 
$
324,324 
22.0 
VIP: 
 
 
 
 
Average number of table games 
57 
56 
1 
1.8 
VIP turnover 
$
12,991,235 
$
11,363,248 
$
1,627,987 
14.3 
VIP table games win 
$
449,461 
$
383,384 
$
66,077 
17.2 
VIP win as a % of turnover 
3.46 % 
3.37 % 
0.09 
 
Table games win per unit per day 
$
21,495 
$
18,744 
$
2,751 
14.7 
Mass market: 
 
 
 
 
Average number of table games 
245 
242 
3 
1.2 
Table drop 
$
6,893,092 
$
6,126,841 
$
766,251 
12.5 
Table games win 
$
1,686,503 
$
1,373,436 
$
313,067 
22.8 
Table games win % 
24.5 % 
22.4 % 
2.1 
 
Table games win per unit per day 
$
18,770 
$
15,574 
$
3,196 
20.5 
Average number of slot machines 
603 
580 
23 
4.0 
Slot machine handle 
$
2,519,983 
$
2,385,033 
$
134,950 
5.7 
Slot machine win 
$
109,488 
$
102,816 
$
6,672 
6.5 
Slot machine win per unit per day 
$
496 
$
486 
$
10 
2.1 
Poker rake 
$
736 
$
— 
$
736 
NM 
Wynn Macau: 
 
 
 
 
Total casino revenues 
$
1,230,351 
$
970,269 
$
260,082 
26.8 
VIP: 
 
 
 
 
Average number of table games 
30 
41 
(11) 
(26.8) 
VIP turnover 
$
5,047,888 
$
5,132,628 
$
(84,740) 
(1.7) 
VIP table games win 
$
177,435 
$
191,936 
$
(14,501) 
(7.6) 
VIP win as a % of turnover 
3.52 % 
3.74 % 
(0.22) 
 
Table games win per unit per day 
$
16,084 
$
12,699 
$
3,385 
26.7 
Mass market: 
 
 
 
 
Average number of table games 
221 
216 
5 
2.3 
Table drop 
$
6,344,794 
$
5,155,929 
$
1,188,865 
23.1 
Table games win 
$
1,164,012 
$
910,825 
$
253,187 
27.8 
Table games win % 
18.3 % 
17.7 % 
0.6 
 
Table games win per unit per day 
$
14,367 
$
11,560 
$
2,807 
24.3 
Average number of slot machines 
615 
530 
85 
16.0 
Slot machine handle 
$
3,133,488 
$
2,212,196 
$
921,292 
41.6 
Slot machine win 
$
103,030 
$
68,667 
$
34,363 
50.0 
Slot machine win per unit per day 
$
458 
$
355 
$
103 
29.0 
Poker rake 
$
15,275 
$
18,266 
$
(2,991) 
(16.4) 
37 

 
Year Ended December 31, 
 
 
 
2024 
2023 
Increase/ 
(Decrease) 
Percent 
Change 
Las Vegas Operations: 
 
 
 
 
Total casino revenues 
$
600,088 
$
628,185 
$
(28,097) 
(4.5) 
Average number of table games 
232 
233 
(1) 
(0.4) 
Table drop 
$
2,376,473 
$
2,425,621 
$
(49,148) 
(2.0) 
Table games win 
$
611,663 
$
599,001 
$
12,662 
2.1 
Table games win % 
25.7 % 
24.7 % 
1.0 
 
Table games win per unit per day 
$
7,200 
$
7,038 
$
162 
2.3 
Average number of slot machines 
1,609 
1,645 
(36) 
(2.2) 
Slot machine handle 
$
6,752,952 
$
6,423,374 
$
329,578 
5.1 
Slot machine win 
$
446,152 
$
451,833 
$
(5,681) 
(1.3) 
Slot machine win per unit per day 
$
758 
$
752 
$
6 
0.8 
Poker rake 
$
24,599 
$
25,720 
$
(1,121) 
(4.4) 
Encore Boston Harbor: 
 
 
 
 
Total casino revenues 
$
635,314 
$
648,668 
$
(13,354) 
(2.1) 
Average number of table games 
180 
191 
(11) 
(5.8) 
Table drop 
$
1,410,319 
$
1,422,416 
$
(12,097) 
(0.9) 
Table games win 
$
297,369 
$
308,890 
$
(11,521) 
(3.7) 
Table games win % 
21.1 % 
21.7 % 
(0.6) 
 
Table games win per unit per day 
$
4,519 
$
4,429 
$
90 
2.0 
Average number of slot machines 
2,633 
2,550 
83 
3.3 
Slot machine handle 
$
5,604,462 
$
5,256,696 
$
347,766 
6.6 
Slot machine win 
$
424,152 
$
421,190 
$
2,962 
0.7 
Slot machine win per unit per day 
$
440 
$
452 
$
(12) 
(2.7) 
Poker rake 
$
21,750 
$
21,505 
$
245 
1.1 
NM - Not meaningful. 
38 

Non-casino revenues 
The table below sets forth our room revenues and associated key operating measures: 
 
Year Ended December 31, 
 
 
 
2024 
2023 
Increase/ 
(Decrease) 
Percent 
Change 
Macau Operations: 
 
 
 
 
Wynn Palace: 
 
 
 
 
Total room revenues (dollars in thousands) 
$
202,936 
$
201,783 
$
1,153 
0.6 
Occupancy 
98.6 % 
94.9 % 
3.7 
 
ADR 
$
310 
$
323 
$
(13) 
(4.0) 
REVPAR 
$
306 
$
306 
$
— 
— 
Wynn Macau: 
 
 
 
 
Total room revenues (dollars in thousands) 
$
100,631 
$
109,308 
$
(8,677) 
(7.9) 
Occupancy 
99.3 % 
96.5 % 
2.8 
 
ADR 
$
248 
$
281 
$
(33) 
(11.7) 
REVPAR 
$
246 
$
271 
$
(25) 
(9.2) 
Las Vegas Operations: 
 
 
 
 
Total room revenues (dollars in thousands) 
$
845,660 
$
784,385 
$
61,275 
7.8 
Occupancy 
89.0 % 
89.6 % 
(0.6) 
 
ADR 
$
555 
$
513 
$
42 
8.2 
REVPAR 
$
494 
$
459 
$
35 
7.6 
Encore Boston Harbor: 
 
 
 
 
Total room revenues (dollars in thousands) 
$
92,831 
$
90,195 
$
2,636 
2.9 
Occupancy 
93.6 % 
93.0 % 
0.6 
 
ADR 
$
412 
$
398 
$
14 
3.5 
REVPAR 
$
385 
$
370 
$
15 
4.1 
Room revenues increased $56.4 million, primarily due to higher ADR at our Las Vegas Operations. 
Food and beverage revenues increased $40.5 million, primarily due to increased restaurant covers and average check 
amounts at our Las Vegas Operations and our Macau Operations. 
Entertainment, retail and other revenues decreased $43.8 million, primarily due to a decrease in operating revenues at 
Wynn Interactive as a result of our decision to close Wynn Interactive’s digital sports betting and casino gaming business. 
39 

Operating expenses 
The table below presents operating expenses (dollars in thousands): 
 
Year Ended December 31, 
 
 
 
2024 
2023 
Increase/ 
(Decrease) 
Percent 
Change 
Operating expenses: 
 
 
 
 
Casino 
$
2,586,960 
$
2,238,671 
$
348,289 
15.6 
Rooms 
330,359 
307,132 
23,227 
7.6 
Food and beverage 
859,426 
822,323 
37,103 
4.5 
Entertainment, retail and other 
249,679 
340,437 
(90,758) 
(26.7) 
General and administrative 
1,080,475 
1,065,022 
15,453 
1.5 
Provision for credit losses 
4,986 
(3,964) 
8,950 
NM 
Pre-opening 
9,355 
9,468 
(113) 
(1.2) 
Depreciation and amortization 
658,895 
687,270 
(28,375) 
(4.1) 
Impairment of goodwill and intangible assets 
— 
94,490 
(94,490) 
(100.0) 
Property charges and other 
215,095 
130,877 
84,218 
64.3 
Total operating expenses 
$
5,995,230 
$
5,691,726 
$
303,504 
5.3 
NM - Not meaningful. 
The increase in total operating expenses was primarily due to increased operating costs associated with higher business 
volumes at our properties, partially offset by decreased operating expenses related to Wynn Interactive following the closure 
of Wynn Interactive’s digital sports betting and casino gaming business. 
Casino expenses increased $194.4 million and $133.4 million at Wynn Palace and Wynn Macau, respectively. These 
increases resulted from higher operating costs, including increases of $166.5 million and $114.7 million in incremental gaming 
tax expense at Wynn Palace and Wynn Macau, respectively, driven by the increase in casino revenues. 
Room expenses increased $18.2 million at our Las Vegas Operations as a result of higher payroll and other operating 
costs. 
Food and beverage expenses increased $19.2 million and $16.2 million at our Las Vegas Operations and our Macau 
Operations, respectively, as a result of higher payroll and other operating costs. 
Entertainment, retail and other expenses decreased $112.6 million at Corporate and other as a result of decreased 
operating costs related to Wynn Interactive. This decrease was partially offset by an increase of $26.7 million at our Las Vegas 
Operations primarily due to increased costs from entertainment venue related revenue. 
Depreciation and amortization decreased $33.7 million at Encore Boston Harbor as result of certain furniture, fixtures and 
equipment assets being fully depreciated five years after the opening of the property in June of 2019. 
During the year ended December 31, 2023, the Company recognized impairment of goodwill and other finite-lived 
intangible assets of $72.1 million and $22.4 million, respectively, as a result of our decision to close Wynn Interactive’s digital 
sports betting and casino gaming business. 
Property charges and other expenses for the year ended December 31, 2024 consisted primarily of $130.0 million of 
forfeitures pursuant to a non-prosecution agreement and the Company’s $9.4 million contribution towards a legal settlement, 
both of which are described in Item 8—“Financial Statements and Supplementary Data,” Note 18, “Commitments and 
Contingencies.” Property charges and other expenses for the year ended December 31, 2024 also included $20.7 million of 
asset abandonments at our Macau Operations, $61.5 million of expensed project costs related to a discontinued development 
project at Corporate and other, $16.9 million of contract termination and other costs related to Wynn Interactive and a gain of 
$24.6 million related to the sale of certain Wynn Interactive assets. 
40 

Property charges and other expenses for the year ended December 31, 2023 consisted primarily of contract termination 
and other expenses of $94.6 million, as a result of our decision to close Wynn Interactive’s digital sports betting and casino 
gaming business. Property charges and other expenses for the year ended December 31, 2023 also included other contract 
terminations of $8.7 million at Wynn Macau and asset abandonments of $12.7 million and $8.0 million at Wynn Palace and 
our Las Vegas Operations, respectively. 
Other non-operating income and expenses 
Interest expense, net of capitalized interest, decreased $63.1 million primarily due to a decrease in the weighted average 
debt balance, from $12.38 billion for the year ended December 31, 2023, to $11.45 billion for the year ended December 31, 
2024. In addition, we capitalized interest of $23.0 million and $5.8 million in the years ended December 31, 2024 and 2023, 
respectively. 
We recorded interest income of $130.3 million and $175.8 million for the years ended December 31, 2024 and 2023, 
respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions. 
We incurred a foreign currency remeasurement gain of $29.2 million and a loss of $11.5 million for the years ended 
December 31, 2024 and 2023, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the 
U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities 
drove the variability between periods. 
We recorded a gain of $42.5 million and $45.1 million for the years ended December 31, 2024 and 2023, respectively, 
primarily related to the change in derivative fair value of the conversion feature of the WML Convertible Bonds. 
We recorded a $2.9 million loss on debt financing transactions for the year ended December 31, 2024, primarily related to 
the issuance of the 2031 Add-On WRF Senior Notes, 2033 WRF Senior Notes, and the repurchase of the 2025 WLV Senior 
Notes. We recorded a $12.7 million loss on debt financing transactions for the year ended December 31, 2023, primarily 
related to the issuance of the 2031 WRF Senior Notes and the repurchase of the tendered 2025 WRF Senior Notes. 
Income Taxes 
For the years ended December 31, 2024 and 2023, we recorded an income tax expense of $3.7 million and a benefit of 
$496.8 million, respectively. The 2024 income tax expense primarily relates to U.S. profitability as well as an increase in 
non-deductible expenses offset by the release of valuation allowance on certain deferred tax assets. The 2023 income tax 
benefit primarily relates to the release of valuation allowance on certain deferred tax assets. 
In 2024, Wynn Macau SA received an exemption from Macau’s 12% Complementary Tax on casino gaming profits from 
January 1, 2023 through December 31, 2027. Our non-gaming profits remain subject to the Macau Complementary Tax and 
casino winnings remain subject to the Macau special gaming tax and other levies in accordance with our concession 
agreement. 
Net income attributable to noncontrolling interests 
Net income attributable to noncontrolling interests was $138.6 million and $52.2 million for the years ended 
December 31, 2024 and 2023, respectively. These amounts are primarily related to the noncontrolling interests’ share of net 
income from WML. 
Segment Information 
As further described in Item 8—“Financial Statements and Supplementary Data,” Note 20, “Segment Information,” we 
use Adjusted Property EBITDAR to manage the operating results of our segments. Adjusted Property EBITDAR is net income 
(loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, impairment of goodwill and 
intangible assets, 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 
41 

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. We also present 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 our 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. We have 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, our calculation of Adjusted 
Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may 
be limited. 
The following table summarizes Adjusted Property EBITDAR (in thousands) for Wynn Palace, Wynn Macau, Las Vegas 
Operations, Encore Boston Harbor, and Corporate and other as reviewed by management and summarized in Item 8—“Financial 
Statements and Supplementary Data,” Note 20, “Segment Information.” That footnote also presents a reconciliation of Adjusted 
Property EBITDAR to net income (loss) attributable to Wynn Resorts, Limited. 
 
Year Ended December 31, 
 
 
2024 
2023 
Increase/ 
(Decrease) 
Wynn Palace 
$
733,710 
$
615,846 
$
117,864 
Wynn Macau 
441,852 
338,091 
103,761 
Las Vegas Operations 
946,762 
946,243 
519 
Encore Boston Harbor 
247,128 
257,409 
(10,281) 
Corporate and other 
(4,535) 
(42,646) 
38,111 
Adjusted Property EBITDAR at Wynn Palace and Wynn Macau increased $117.9 million and $103.8 million, 
respectively, for the year ended December 31, 2024, primarily due to an increase in operating revenues of $330.8 million and 
$251.1 million, respectively, partially offset by an increase in operating expenses. 
Adjusted Property EBITDAR at our Las Vegas Operations remained relatively consistent in the years ended 
December 31, 2024 and 2023. 
Adjusted Property EBITDAR at Encore Boston Harbor decreased $10.3 million for the year ended December 31, 2024, 
primarily due to a decrease in operating revenues of $8.6 million. 
Adjusted Property EBITDAR at Corporate and other increased $38.1 million for the year ended December 31, 2024, 
primarily due to a decrease in marketing and promotional expenses related to Wynn Interactive following our decision, 
announced in August 2023, to close Wynn Interactive’s digital sports betting and casino gaming business. 
Refer to the discussions above regarding the specific details of our results of operations. 
42 

Liquidity and Capital Resources  
Our cash flows were as follows (in thousands): 
 
Year Ended December 31, 
Cash Flows - Summary 
2024 
2023 
Cash flows from operating activities 
$
1,426,203 $
1,247,879 
 
 
 
Cash flows from investing activities: 
 
 
Capital expenditures, net of construction payables and retention 
(419,929) 
(442,793) 
Investment in unconsolidated affiliates 
(563,418) 
(53,631) 
Purchase of investments 
— 
(836,519) 
Proceeds from maturity of investments 
850,000 
— 
Purchase of intangible and other assets 
(2,615) 
(10,752) 
Proceeds from sale of assets and other 
52,404 
1,162 
Net cash used in investing activities 
(83,558) 
(1,342,533) 
 
 
 
Cash flows from financing activities: 
 
 
Proceeds from issuance of long-term debt 
1,883,794 
1,200,000 
Repayments of long-term debt 
(3,059,832) 
(1,533,124) 
Repurchase of common stock 
(401,802) 
(212,455) 
Proceeds from exercise of stock options 
1,017 
1,965 
Distribution to noncontrolling interest 
(16,988) 
(22,579) 
Dividends paid 
(139,564) 
(84,733) 
Finance lease payments 
(19,219) 
(19,267) 
Payments for financing costs 
(36,714) 
(41,240) 
Other 
(4,486) 
(7,773) 
Net cash used in financing activities 
(1,793,794) 
(719,206) 
 
 
 
Effect of exchange rate on cash, cash equivalents and restricted cash 
3,530 
282 
Decrease in cash, cash equivalents and restricted cash 
$
(447,619) $
(813,578) 
Operating Activities 
Our operating cash flows primarily consist of operating income (excluding depreciation and amortization and other 
non-cash charges), interest paid and earned, and changes in working capital accounts such as receivables, inventories, prepaid 
expenses, and payables. Our table games play is a mix of cash play and credit play, while our slot machine play is conducted 
primarily on a cash basis. A significant portion of our table games revenue is attributable to the play of a limited number of 
premium customers who gamble on credit. The ability to collect these gaming receivables may impact our operating cash flow 
for the period. Our rooms, food and beverage, and entertainment, retail and other revenue is conducted on a cash and credit 
basis. Accordingly, operating cash flows will be impacted by changes in operating income and accounts receivable, net. 
During the year ended December 31, 2024, the increase in cash flows from operating activities was primarily due to 
increased revenues from our Macau Operations and our Las Vegas Operations, which was partially offset by an increase in 
operating expenses associated with higher business volumes. 
During the year ended December 31, 2023, the increase in cash flows from operating activities was primarily due to 
increased revenues from our Macau Operations and our Las Vegas Operations, which was partially offset by an increase in 
operating expenses associated with higher business volumes. 
Investing Activities 
Our investing activities primarily consist of project capital expenditures and maintenance capital expenditures associated 
with maintaining and continually refining our world-class integrated resort properties. 
43 

During the year ended December 31, 2024, we incurred capital expenditures of $159.8 million at our Las Vegas 
Operations, $107.5 million at Wynn Palace, $57.7 million at Wynn Macau, and $32.7 million at Encore Boston Harbor, 
primarily related to enhancements at our properties and maintenance capital expenditures, and $62.4 million at Corporate and 
other, primarily related to future development projects. In addition, during the year ended December 31, 2024, we invested 
$557.3 million, including $541.7 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan 
Island, and received proceeds of $850.0 million upon the maturity of investments. 
During the year ended December 31, 2023, we incurred capital expenditures of $187.2 million at our Las Vegas 
Operations, $70.6 million at Encore Boston Harbor, $66.3 million at Wynn Palace, and $25.6 million at Wynn Macau, 
primarily related to enhancements at our properties and maintenance capital expenditures, and $93.2 million at Corporate and 
other primarily related to future development projects. In addition, during the year ended December 31, 2023, we purchased 
$836.5 million in investments, comprised of debt securities and fixed deposits maturing in less than one year. 
Financing Activities 
The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments 
during the year ended December 31, 2024 (in thousands): 
 
Proceeds from 
issuance 
Repayments and 
repurchases 
WRF 6 1/4% Senior Notes, due 2033 
$
800,000 
$
— 
WRF 7 1/8% Senior Notes, due 2031 
412,000 
— 
WML 4 7/8% Senior Notes, due 2024 
— 
600,000 
WM Cayman II Revolver, due 2028 
— 
351,787 
WLV 5 1/2% Senior Notes, due 2025 
— 
1,380,001 
WRF Term Loan, due 2024 
— 
73,683 
WRF Term Loan, due 2027 
71,794 
39,361 
Retail Term Loan, due 2025 
— 
600,000 
Retail Term Loan, due 2027 
600,000 
15,000 
Total 
$
1,883,794 
$
3,059,832 
In addition, during the year ended December 31, 2024, we repurchased 4,500,888 shares of our common stock for an 
aggregate cost of $401.8 million, including 4,349,779 shares of our common stock repurchased pursuant to our publicly 
announced equity repurchase program for an aggregate cost of $386.0 million. We also made dividend payments of 
$139.6 million, paid $36.7 million for financing costs related to the debt financing activities above and used cash of 
$17.0 million for distributions to the noncontrolling interest holder of the Retail Joint Venture. 
The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments 
during the year ended December 31, 2023 (in thousands): 
 
Proceeds from 
issuance 
Repayments and 
repurchases 
WRF 7 1/8% Senior Notes, due 2031 
$
600,000 
$
— 
WML 4 1/2% Convertible Bonds, due 2029 
600,000 
— 
WRF 7 3/4% Senior Notes, due 2025 
— 
600,000 
WLV 4 1/4% Senior Notes, due 2023 
— 
500,000 
WLV 5 1/2% Senior Notes, due 2025 
— 
399,999 
WRF Term Loan, due 2024 
— 
14,390 
WRF Term Loan, due 2027 
— 
18,735 
Total 
$
1,200,000 
$
1,533,124 
In addition, during the year ended December 31, 2023, we repurchased 2,374,925 shares of our common stock for an 
aggregate cost of $212.5 million, including 2,206,573 shares of our common stock repurchased pursuant to our publicly 
44 

announced equity repurchase program for an aggregate cost of $195.5 million. We also made dividend payments of 
$84.7 million, paid $41.2 million for financing costs related to the debt financing activities above and used cash of 
$22.6 million for distributions to the noncontrolling interest holder of the Retail Joint Venture. 
Capital Resources 
The following table summarizes our unrestricted cash and cash equivalents and available revolver borrowing capacity, 
presented by significant financing entity as of December 31, 2024 (in thousands): 
 
Total Cash and 
Cash Equivalents 
Revolver Borrowing 
Capacity 
Wynn Macau, Limited and subsidiaries 
$
1,459,860 
$
353,847 
Wynn Resorts Finance, LLC (1) 
437,870 
735,306 
Wynn Resorts, Limited and other 
528,425 
— 
Total 
$
2,426,155 
$
1,089,153 
(1) Excluding Wynn Macau, Limited and subsidiaries. 
Wynn Macau, Limited and subsidiaries. WML generates cash from our Macau Operations and may utilize proceeds from 
the WM Cayman II Revolver as needed. We expect to use this cash to service our WML Senior Notes, WM Cayman II 
Revolver, and WML Convertible Bonds, to pay dividends to shareholders of WML (of which we own approximately 72%), 
and to fund working capital and capital expenditure requirements at WML and our Macau Operations. 
We expect to make estimated project capital expenditures of between $250 million and $300 million during 2025 and 
between $450 million and $500 million during 2026 related to enhancements at our Macau Operations. We expect to make 
maintenance capital expenditures at our Macau Operations of between $70 million and $80 million during 2025. 
WML is a holding company and, as a result, its ability to pay dividends to WRF is dependent on WML receiving 
distributions from its subsidiaries. WML, as guarantor under the WM Cayman II Revolver facility agreement, may be subject 
to certain restrictions on payments of dividends or distributions to its shareholders, unless certain financial criteria have been 
satisfied. The WM Cayman II Revolver facility agreement contains representations, warranties, covenants and events of 
default customary for similar financings, including, but not limited to, restrictions on indebtedness to be incurred by WM 
Cayman II or its subsidiaries. 
In May 2024, the WML Board of Directors announced an amendment to WML’s dividend policy, pursuant to which the 
WML Board of Directors will meet semiannually to consider the declaration of dividends, and may also meet at any time 
during the year as the WML Board of Directors deems fit to consider the declaration of special dividends. On June 19, 2024, 
WML paid a cash dividend of HK$0.075 per share for a total U.S. dollar equivalent of approximately $50.4 million in respect 
of the year ended December 31, 2023. Our share of this dividend was $36.0 million. On September 12, 2024, WML paid a 
cash dividend of HK$0.075 per share for a total U.S. dollar equivalent of approximately $50.5 million in respect of the six 
months ended June 30, 2024. Our share of this dividend was $36.1 million. 
In September 2024, WM Cayman II and WML entered into an amendment agreement to its existing facility agreement to 
extend the maturity date of the outstanding loans under the existing facility agreement from September 2025 to September 
2028. 
In October 2024, we repaid the $600.0 million aggregate principal amount of WML’s 4 7/8% Senior Notes due 2024 on 
their stated maturity date. 
If our portion of cash available for repatriation was repatriated on December 31, 2024, it would be subject to minimal 
U.S. taxes. 
Wynn Resorts Finance, LLC and subsidiaries. Wynn Resorts Finance, LLC (“WRF” or “Wynn Resorts Finance”) 
generates cash from distributions from its subsidiaries, which include our Macau Operations, Wynn Las Vegas, and Encore 
Boston Harbor, and capital contributions from Wynn Resorts, as required. In addition, WRF may utilize its available revolving 
borrowing capacity as needed. We expect to use this cash to service our WRF Credit Facilities, the WRF Senior Notes, and the 
Wynn Las Vegas Senior Notes, and to fund working capital and capital expenditure requirements as needed. 
45 

We expect to make estimated project capital expenditures of between $375 million and $400 million during 2025 and 
between $200 million and $225 million during 2026 related to enhancements at our Las Vegas Operations. We expect to make 
total maintenance capital expenditures at our Las Vegas Operations and Encore Boston Harbor of between $90 million and 
$115 million, on a combined basis, during 2025. 
WRF is a holding company and, as a result, its ability to pay dividends to Wynn Resorts is dependent on WRF receiving 
distributions from its subsidiaries. The WRF Credit Agreement contains customary negative and financial covenants, 
including, but not limited to, covenants that restrict WRF’s ability to pay dividends or distributions and incur additional 
indebtedness. 
In February 2024, WRF issued an additional $400.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 
(the “2031 WRF Add-On Senior Notes”) in a private offering. The 2031 WRF Add-On Senior Notes were issued at a price 
equal to 103.0% of the principal amount, for net proceeds of approximately $409.5 million. 
In February and March 2024, we repurchased $800.0 million aggregate principal amount of our 5 1/2% Senior Notes due 
2025 (the “2025 WLV Senior Notes”), which consisted of i) $681.0 million aggregate principal amount of validly tendered 
notes repurchased at a price equal to 97.2% of the principal amount, plus accrued interest and an early tender premium of 
$20.3 million, and ii) $119.0 million aggregate principal amount of notes repurchased on a pro-rata basis at a price equal to 
100% of the principal amount plus accrued interest under the terms of its indenture. Included in the $119.0 million repurchase 
was $3.3 million aggregate principal amount of 2025 WLV Senior Notes held by Wynn Resorts. We used the net proceeds 
from the 2031 WRF Add-On Senior Notes and cash held by WRF to purchase such validly tendered 2025 WLV Senior Notes 
and to pay the early tender premium and related fees and expenses. 
In September 2024, WRF and certain of its subsidiaries entered into an amendment (the “WRF Credit Agreement 
Amendment”) to its existing credit agreement (the “WRF Credit Agreement”). The WRF Credit Agreement Amendment 
amends the WRF Credit Agreement to (i) extend the stated maturity date for lenders electing to extend their revolving 
commitments in an amount equal to approximately $68.7 million from September 20, 2024 to September 20, 2027, and 
(ii) extend the stated maturity date for lenders electing to extend their term loan commitments in an amount equal to 
approximately $71.8 million from September 20, 2024 to September 20, 2027. 
Also in September 2024, WRF issued $800 million aggregate principal amount of 6 1/4% Senior Notes due 2033 (the 
“2033 WRF Senior Notes”) in a private offering exempt from the registration requirements of the Securities Act, as amended. 
The 2033 WRF Senior Notes were issued at par, for net proceeds of $795.0 million. A portion of the proceeds from the 
offering of the 2033 WRF Senior Notes was used in October 2024 to repurchase the remaining outstanding $600.0 million 
aggregate principal amount of WLV 5.500% Senior Notes due 2025 at a price equal to 100.0% of the principal amount, plus 
accrued interest. Included in the $600.0 million repurchase was $16.7 million aggregate principal amount of 2025 WLV Senior 
Notes held by Wynn Resorts. 
Wynn Resorts, Limited and other subsidiaries. Wynn Resorts, Limited is a holding company and, as a result, our ability to 
pay dividends is dependent on our ability to obtain funds and our subsidiaries’ ability to provide funds to us. Wynn Resorts, 
Limited and other primarily generates cash from royalty (including intellectual property license) and management agreements 
with our resorts, dividends and distributions from our subsidiaries, and the operations of the Retail Joint Venture of which we 
own 50.1%. Fees payable by Wynn Macau SA to Wynn Resorts, Limited under its intellectual property license agreement are 
capped at $150.0 million for the year ending December 31, 2025. We expect to use cash held by Wynn Resorts, Limited and 
other to service our Retail Term Loan, to fund working capital needs of our subsidiaries, pay dividends, make required capital 
contributions to the entity which owns Wynn Al Marjan Island, and for general corporate purposes. 
During the year ended December 31, 2024, the Company determined not to proceed with its planned phased development 
project adjacent to Encore Boston Harbor, and expensed $61.5 million of costs, including $4.7 million of internally allocated 
overhead, that had been previously capitalized. 
During the year ended December 31, 2024, the Company contributed $541.7 million of cash into Island 3, bringing our 
life-to-date cash contributions to $631.7 million. The cash contributed during the year was used primarily to fund our pro rata 
portion of the purchase of approximately 155 acres of land underlying the Wynn Al Marjan Island development site, including 
the remaining 70 acres of land on Island 3 for potential future development (the “Marjan Land Bank”). We estimate our 
remaining 40% pro-rata share of the required equity for the construction of Wynn Al Marjan Island is between $700 million 
and $775 million inclusive of capitalized interest, fees, and certain improvements on the Island. Wynn Al Marjan Island is 
currently expected to open in 2027. 
46 

The Company paid a cash dividend of $0.25 per share in each of the quarters ended March 31, 2024, June 30, 2024, 
September 30, 2024, and December 31, 2024 and recorded an aggregate amount of $111.1 million against accumulated deficit 
in the year ended December 31, 2024. 
On February 13, 2025, the Company’s Board of Directors declared a cash dividend of $0.25 per share on its common 
stock, payable on March 5, 2025 to stockholders of record as of February 24, 2025. 
In October 2024, we amended the retail term loan agreement to, among other things, extend the scheduled maturity date 
to July 2027 and provide for an interest rate adjustment. We also made a principal repayment of the term loan in the amount of 
$15.0 million. 
Other Factors Affecting Liquidity 
We may refinance all or a portion of our indebtedness on or before maturity. We cannot assure you that we will be able to 
refinance any of the indebtedness on acceptable terms or at all. 
Legal proceedings in which we are involved also may impact our liquidity. No assurance can be provided as to the 
outcome of such proceedings. In addition, litigation inherently involves significant costs. For information regarding legal 
proceedings, see Item 8—“Financial Statements and Supplementary Data,” Note 18, “Commitments and Contingencies.” 
In November 2024, the Company’s Board of Directors authorized the Company to repurchase a total of up to $1.0 billion 
of the Company’s outstanding shares of common stock, increasing the previously available repurchase authorization by 
approximately $766 million. The equity repurchase program authorizes discretionary repurchases by the Company from time 
to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities 
Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to 
market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and 
the equity repurchase program may be suspended, discontinued or accelerated at any time. As of December 31, 2024, we had 
$813.0 million in repurchase authority remaining under the program. 
We have in the past repurchased, and in the future, we may periodically consider repurchasing our outstanding notes for 
cash. The amount of any shares and/or notes to be repurchased, as well as the timing of any repurchases, will be based on 
business, market and other conditions and factors, including price, contractual requirements or consents, and capital 
availability. 
New business developments or other unforeseen events may occur, resulting in the need to raise additional funds. We 
continue to explore opportunities to develop additional gaming or related businesses in domestic and international markets. 
There can be no assurances regarding the business prospects with respect to any other opportunity. Any new development may 
require us to obtain additional financing. We may decide to conduct any such development through Wynn Resorts, Limited or 
through subsidiaries separate from the Las Vegas, Boston or Macau-related entities. 
Off Balance Sheet Arrangements 
In February 2025, Wynn Al Marjan Island FZ-LLC (the “Borrower”), a wholly-owned subsidiary of Island 3, an 
unconsolidated affiliate, entered into a facility agreement with a syndicate of lenders (the “Al Marjan Facility Agreement”) 
which provides the Borrower with a $2.4 billion (or equivalent in local currency) delayed draw secured term loan facility to 
finance the development of Wynn Al Marjan Island (the “Al Marjan Facility”). The Company is not a party to the Al Marjan 
Facility Agreement, but as a condition precedent to the Al Marjan Facility being made available to the Borrower, the Company 
and the government of Ras Al Khaimah entered into a completion guarantee agreement in favor of certain secured parties 
under the Al Marjan Facility Agreement. For additional information, refer to Item 8—“Financial Statements and 
Supplementary Data,” Note 18, “Commitments and Contingencies. 
47 

Contractual Commitments 
The following table summarizes our scheduled contractual commitments as of December 31, 2024 (in thousands): 
 
Payments Due By Period 
 
Less Than 
1 Year 
1 to 3 
Years 
4 to 5 
Years 
After 
5 Years 
Total 
Long-term debt obligations 
$
41,250 
$
3,951,875 
$
4,851,874 
$
1,800,000 
$
10,644,999 
Fixed interest payments 
456,325 
765,754 
491,651 
240,573 
1,954,303 
Estimated variable interest payments (1) 
156,325 
280,405 
54,431 
— 
491,161 
Macau gaming premium (2) 
14,583 
29,166 
29,166 
44,653 
117,568 
Macau Property Transfer Agreement 
payments (3) 
7,073 
44,277 
44,277 
66,415 
162,042 
Construction contracts and commitments 
133,571 
11,612 
— 
— 
145,183 
Operating leases 
141,522 
287,189 
293,659 
3,680,177 
4,402,547 
Finance leases 
23,412 
45,255 
18,366 
60,806 
147,839 
Employment agreements (4) 
106,871 
102,423 
6,092 
1,276 
216,662 
Massachusetts surrounding community 
payments (5) 
15,194 
31,166 
32,248 
57,963 
136,571 
Other (6) 
179,838 
65,469 
32,242 
20,909 
298,458 
Total contractual commitments 
$
1,275,964 
$
5,614,591 
$
5,854,006 
$
5,972,772 
$
18,717,333 
(1) Amounts for all periods represent our estimated future interest payments on our debt facilities based upon amounts outstanding and SOFR or HIBOR 
rates as of December 31, 2024. Actual rates will vary. 
(2) Represents the fixed and minimum variable gaming premium amounts payable under the Gaming Concession Contract, based on the number and type of 
gaming tables and machines we operate. 
(3) Represents amounts payable under the Property Transfer Agreements (as defined in Item 8—“Financial Statements and Supplementary Data,” Note 5, 
“Property and Equipment, net”). 
(4) Represents payments to executive officers, other members of management and certain key employees. Employment agreements generally have three to 
five year terms and typically indicate a base salary and often contain provisions for discretionary bonuses. Certain of the executives are also entitled to a 
separation payment if terminated without “cause” or upon voluntary termination of employment for “good reason” following a “change of control” (as 
these terms are defined in the employment contracts). 
(5) Represents payments to certain communities surrounding Encore Boston Harbor, required as a condition of the gaming license awarded to Wynn MA, 
LLC. 
(6) Other includes open purchase orders, future charitable contributions, performance contracts and other contracts. As further discussed in Item 8—
“Financial Statements and Supplementary Data,” Note 14, “Income Taxes,” we had $131.0 million of unrecognized tax benefits as of December 31, 2024. 
Due to the inherent uncertainty of the underlying tax positions, it is not practicable to assign the related potential tax obligations to any particular year and 
therefore it is not included in the table above as of December 31, 2024. 
Gaming Concession Contract 
In December 2022, Wynn Macau SA entered into a definitive gaming concession contract (the “Gaming Concession 
Contract”) with the government of Macau, pursuant to which Wynn Macau SA was granted a 10-year gaming concession 
commencing on January 1, 2023 and expiring on December 31, 2032, to operate games of chance at Wynn Palace and Wynn 
Macau. 
In addition to the Macau gaming premium and Property Transfer Agreements payment commitments included in the table 
above, Wynn Macau SA committed to make certain non-gaming and gaming investments in the amount of MOP21.03 billion 
(approximately $2.63 billion) over the course of the ten-year term of the Gaming Concession Contract. MOP19.80 billion 
(approximately $2.48 billion) of the committed investment will be used for non-gaming capital projects and event 
programming in connection with, among others, attraction of foreign tourists, conventions and exhibitions, entertainment 
performances, sports events, culture and art, health and wellness, themed amusement, gastronomy, community tourism and 
maritime tourism. 
Additionally, Wynn Macau SA committed to make the following payments throughout the term of the Gaming 
Concession Contract: 
(i) Special gaming premium - Wynn Macau SA is obligated to pay a special annual gaming premium if the average of the 
gross gaming revenues of the Company’s gaming tables and gaming machines is lower than a certain minimum amount 
48 

determined by the Macau government. A minimum average annual gross gaming revenue of MOP7.0 million (approximately 
$0.9 million) per gaming table and MOP300,000 (approximately $38 thousand) per gaming machine has been set by Macau 
government. If Wynn Macau SA fails to reach such minimum gross gaming revenue, Wynn Macau SA will be required to pay 
a special premium equal to the difference between the special gaming tax calculated based on the actual gross gaming revenue 
and that of such minimum gross gaming revenue. No special gaming premium was paid for the year ended December 31, 2024 
and 2023; 
(ii) Special levies, totaling 5% of gross gaming revenues. The Macau government may reduce the special levies payable 
by Wynn Macau SA (1) based on Wynn Macau SA’s contribution to the attraction of tourists who enter Macau for tourism and 
business purposes and hold travel documents issued by countries or regions other than the People’s Republic of China; (2) if 
Wynn Macau SA’s operations are adversely affected by abnormal, unpredictable or force majeure circumstances associated 
with the prevailing economic conditions of Macau; or (3) factors as determined by the Chief Executive of Macau; and 
(iii) Special gaming tax assessed at the rate of 35% of gross gaming revenues. 
See Item 8—“Financial Statements and Supplementary Data,” Note 18, “Commitments and Contingencies,” for 
additional information regarding the amounts owed under the Gaming Concession Contract and Macau Gaming Law. 
Wynn Al Marjan Island Funding Commitment 
We estimate our remaining 40% pro-rata share of the required equity for the construction of Wynn Al Marjan Island 
integrated resort is between $700 million and $775 million inclusive of capitalized interest, fees, and certain improvements on 
the Island. Wynn Al Marjan Island is currently expected to open in 2027. 
Critical Accounting Policies and Estimates 
The preparation of our consolidated financial statements in conformity with GAAP involves the use of estimates and 
assumptions that affect the amounts reported in the consolidated financial statements. Certain of our accounting policies 
require management to apply significant judgment in defining the appropriate assumptions integral to financial estimates and 
on an ongoing basis, management evaluates those estimates. Judgments are based on historical experience, terms of existing 
contracts, industry trends and information available from outside sources, as appropriate. However, by their nature, judgments 
are subject to an inherent degree of uncertainty, and therefore actual results could differ from our estimates. 
Income Taxes 
We are subject to income taxes in the United States and other foreign jurisdictions where we operate. Accounting 
standards require the recognition of deferred tax assets, net of applicable reserves, and liabilities for the estimated future tax 
consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and 
their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using 
enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect 
of a change in tax rates on the income tax provision and deferred tax assets and liabilities generally is recognized in the results 
of operations in the period that includes the enactment date. Accounting standards require recognition of a future tax benefit to 
the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. 
As of December 31, 2024, we had deferred tax assets of $1.50 billion, including a foreign tax credit (“FTC”) 
carryforward of $533.5 million and deferred tax assets related to interest expense carryforwards of $157.6 million and net 
operating loss carryforwards of $201.7 million. In assessing the need for a valuation allowance, the Company considers 
whether it is more likely than not that the deferred tax assets will be realized. In this assessment, appropriate consideration was 
given to all positive and negative evidence including recent operating profitability, forecasts of future earnings, ability to 
carryback, the reversal of net taxable temporary differences, the duration of statutory carryforward periods, and tax planning 
strategies. The need for valuation allowances against deferred tax assets will be reassessed on a continuous basis in future 
periods and, as a result, the allowance may increase or decrease based on changes in facts and circumstances. 
In 2024, we recorded a $735.9 million net decrease to valuation allowances, including a $693.3 million decrease to 
valuation allowance on FTC carryforwards. Of the $693.3 million net decrease, $614.9 million relates to expirations of FTCs 
in 2024 and the remaining $78.4 million represents FTCs more likely than not to be realized based on changes in future 
taxable income and tax planning strategies. 
49 

In 2023, we considered both the achievement of sustained profitability and cumulative income as well as forecasted 
income and tax planning strategies to be significant forms of positive evidence. We determined that the positive evidence 
outweighed the negative evidence and supported a release of a portion of the valuation allowance. Therefore, we recorded a 
$1.10 billion net decrease to valuation allowances, including a $971.7 million decrease to the valuation allowance on FTC 
carryforwards. Of the $971.7 million decrease, $97.5 million related to utilization and $572.6 million related to expirations of 
FTCs in 2023. The remaining $301.6 million represented FTCs more likely than not to be realized based on future taxable 
income and tax planning strategies. We also recorded a $158.0 million decrease in valuation allowance on disallowed interest 
expense carryforward. 
Our income tax returns are subject to examination by the IRS and other tax authorities in the locations where we operate. 
We assess potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes. 
The accounting standards prescribe a minimum recognition threshold that a tax position is required to meet before being 
recognized in the financial statements. 
Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards 
utilize a two-step approach for evaluating tax positions. The tax benefit is measured as the largest amount of benefit that is 
more likely than not to be realized upon settlement. 
As applicable, we recognize accrued penalties and interest related to unrecognized tax benefits in the provision for 
income taxes. 
Recommendations made by the Organization for Economic Cooperation and Development’s Base Erosion and Profit 
Shifting 2.0 (“BEPS 2.0”) project have the potential to lead to changes in the tax laws in numerous countries, including the 
implementation of a global minimum tax. Several countries around the world have enacted or proposed changes to their 
existing tax laws based on these recommendations. We are monitoring the potential changes in tax laws resulting from the 
Organization for Economic Cooperation and Development’s multi-jurisdictional plan of action to address base erosion and 
profit shifting, which could impact our effective tax rate. 
WML Convertible Bond Conversion Option Derivative 
In March 2023, WML completed the offering of the WML Convertible Bonds. The Company determined that the 
conversion feature contained within the WML Convertible Bonds is not indexed to WML’s equity and, as such, is required to 
be bifurcated from the debt host contract and accounted for as a free-standing derivative (the “WML Convertible Bonds 
Conversion Option Derivative”). In accordance with applicable accounting standards, the WML Convertible Bond Conversion 
Option Derivative is reported at fair value as of the end of each reporting period, with changes recognized in the statements of 
operations. 
The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the WML 
Convertible Bonds. Inherent in a binomial options pricing model are unobservable (Level 3) inputs and assumptions related to 
expected share-price volatility, risk-free interest rate, expected term, and dividend yield. The Company estimates the volatility 
of shares of WML common stock based on historical volatility that matches the expected remaining term to maturity of the 
WML Convertible Bonds. The risk-free interest rate is based on the Hong Kong and United States benchmark yield curves on 
the valuation date for a maturity similar to the expected remaining term of the WML Convertible Bonds. The expected life of 
the WML Convertible Bonds is assumed to be equivalent to their remaining term to maturity. Dividend yield is assumed to be 
zero due to a dividend protection feature in the WML Convertible Bond agreement. The output of the lattice model can be 
highly sensitive to fluctuations in its inputs. 
Allowance for Credit Losses 
A substantial portion of our outstanding receivables relates to casino credit play. Credit play, through the issuance of 
markers, represents a significant portion of the table games volume. Our goal is to maintain strict controls over the issuance of 
credit and aggressively pursue collection from those customers who fail to pay their balances in a timely fashion. These 
collection efforts may include the mailing of statements and delinquency notices, personal contacts, the use of outside 
collection agencies, and litigation. Markers issued at our Las Vegas Operations and Encore Boston Harbor are generally 
legally enforceable instruments in the United States, and United States assets of foreign customers may be used to satisfy 
judgments entered in the United States. 
50 

The enforceability of markers and other forms of credit related to gaming debt outside of the United States varies from 
country to country. Some foreign countries do not recognize the enforceability of gaming related debt, or make enforcement 
burdensome. We closely consider the likelihood and difficulty of enforceability, among other factors, when issuing credit to 
customers who are not residents of the United States. In addition to our internal credit and collection departments, we have a 
network of legal, accounting and collection professionals to assist us in our determinations regarding enforceability and our 
overall collection efforts. 
We regularly evaluate our reserve for credit losses based on a specific review of customer accounts and outstanding 
gaming promoter accounts, taking into consideration the amount owed, the age of the account, the customer’s financial 
condition, management’s experience with historical and current collection trends, current economic and business conditions, 
and management’s expectations of future economic and business conditions and forecasts. Accounts are written off when 
management deems them to be uncollectible. Recoveries of accounts previously written off are recorded when received. 
The following table presents key statistics related to our casino accounts receivable (dollars in thousands): 
 
December 31, 
 
2024 
2023 
Casino accounts receivable 
$
236,642 
$
218,694 
Allowance for casino credit losses 
$
34,676 
$
34,739 
Allowance as a percentage of casino accounts receivable 
14.7 % 
15.9 % 
The decrease in allowance for casino credit losses as shown in the table above is primarily due to the impact of historical 
collection patterns and expectations of current and future collection trends, as well as the specific review of customer accounts. 
Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with 
respect to receivables could change. Our allowance for credit losses is based on our estimates of amounts collectible and 
depends on the risk assessments and judgments by management regarding realizability, the current and expected future state of 
the economy and our credit policy. Our reserve methodology is applied similarly to credit extended at each of our resorts. As 
of December 31, 2024 and 2023, 40.3% and 41.8%, respectively, of our outstanding casino accounts receivable balance 
originated at our Macau Operations. 
As of December 31, 2024, a 100 basis point change in the allowance for credit losses as a percentage of casino accounts 
receivable would change the provision for credit losses by approximately $2.4 million. 
As our customer payment experience evolves, we will continue to refine our estimated allowance for credit losses. 
Accordingly, the associated provision for credit losses may fluctuate. Because individual customer account balances can be 
significant, the reserve and the provision can change significantly between periods as we become aware of additional 
information about a customer or changes occur in a region’s economy or legal system. 
Impairment of Long-lived Assets, Intangible assets, and Goodwill 
We evaluate our property and equipment and other long-lived assets for impairment in accordance with applicable 
accounting standards. For assets to be disposed of we recognize the asset at the lower of carrying value or fair market value 
less costs of disposal, as estimated based on comparable asset sales, solicited offers, or a discounted cash flow model. For 
assets to be held and used, we review for impairment whenever indicators of impairment exist. In reviewing for impairment, 
we compare the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the 
undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed 
the carrying value, an impairment is recorded based on the fair value of the asset, typically measured using a discounted cash 
flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized 
impairment losses, whether for assets to be disposed of or assets to be held and used, are recorded as operating expenses. 
The Company tests goodwill for impairment annually, or more frequently if events or changes in circumstances indicate 
that this asset may be impaired. The Company’s test of goodwill impairment starts with a qualitative assessment to determine 
whether it is necessary to perform a quantitative goodwill impairment test. If qualitative factors indicate that the fair value of 
the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is 
performed. For the quantitative analysis, the Company compares the fair value of its reporting unit to its carrying value. If the 
estimated fair value exceeds its carrying value, goodwill is considered not to be impaired and no additional steps are 
necessary. However, if the fair value of the reporting unit is less than its carrying amount, goodwill impairment is recorded 
51 

equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount 
of goodwill. The Company did not recognize any goodwill impairment losses during the year ended December 31, 2024. 
During the year ended December 31, 2023, as a result of the Company’s decision to cease operating Wynn Interactive’s 
digital sports betting and casino business, the Company identified interim indicators of impairment related to the goodwill 
assigned to the WynnBET reporting unit. As a result, the Company performed an impairment test as of December 31, 2023, 
and determined that the carrying value of its goodwill exceeded the estimated fair value of that reporting unit based on a 
combination of the income and cost approaches, causing the Company to recognize a goodwill impairment loss of 
$72.1 million. As of December 31, 2023, the Company had no remaining goodwill recorded related to the acquisition of 
BetBull Limited (“BetBull”), a subsidiary of Wynn Interactive. The Company also recognized impairment of other finite-lived 
intangible assets related to Wynn Interactive’s closed operations totaling $22.4 million during the year ended December 31, 
2023. 
During the year ended December 31, 2022, as a result of changes in forecasts and other industry-specific factors and 
management’s decision to cease the operations of Betbull, the Company recognized impairment of goodwill and other finite-
lived intangible assets of $37.8 million and $10.3 million, respectively. 
Litigation and Contingency Estimates 
We are subject to various claims, legal actions and other contingencies, and we accrue for these matters when they are 
both probable and estimable. For matters that arose on or prior to the balance sheet date, we estimate any accruals based on the 
relevant facts and circumstances available through the date of issuance of the financial statements. We include the accruals 
associated with any contingent matters in other accrued liabilities on the Consolidated Balance Sheets. 
Sale-leaseback Transaction 
In December 2022, the Company closed on a sale-leaseback arrangement with respect to certain real estate assets related 
to Encore Boston Harbor (the “EBH Transaction”). Upon closing of the EBH Transaction, the Company received cash 
proceeds of approximately $1.70 billion in exchange for the sale of such real estate assets, recognizing a gain on sale of 
$182.0 million, and concurrently entered into a lease agreement with respect to the sold assets for the purpose of continuing to 
operate the Encore Boston Harbor integrated resort. Upon entering into the lease agreement, the Company recognized an 
operating lease asset and a corresponding operating lease liability of $1.51 billion. 
Accounting for sale-leaseback transactions requires significant management judgement and estimates, including with 
respect to the determination of whether the transaction qualifies as a sale as defined within GAAP, operating versus finance 
lease classification, and inputs into the measurement of lease assets and liabilities. 
In determining whether the transaction qualifies as a sale, we are required to assess whether a contract exists and if so, 
whether control has passed to the counterparty in the contract. Control indicators include, but are not limited to, whether the 
entity has a present right to payment for the asset, whether the customer has legal title to the asset, whether the entity has 
transferred physical possession of the asset, whether the customer has significant risks and rewards of ownership of the asset, 
and whether the customer has accepted the asset. Concluding whether a sale has occurred requires significant judgement in 
determining whether the rights and obligations created by the sale agreement convey control to the counterparty in the 
transaction. 
In a sale-leaseback arrangement, we are required to determine whether the lease is classified as an operating lease or a 
finance lease. A finance lease would preclude sale accounting. A lessee is required to classify a lease as a finance lease if, 
among other factors, 1) the term is for the major part of the remaining economic life of the underlying asset or 2) the present 
value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying asset. Lease terms 
include options to extend the lease when it is reasonably certain that such option will be exercised. The Company’s operating 
lease related to Encore Boston Harbor contains an initial term of 30 years from December 2022 to November 2052 with one 
thirty-year renewal period at the Company’s option, which, in management judgement, is not considered to be reasonably 
certain of being exercised. The determination of whether the present value of the sum of the lease payments equals or exceeds 
substantially all of the fair value of the underlying asset requires the use of estimates, in both determining the discount rate to 
measure the present value of the sum of the lease payments and in determining the fair value of the underlying assets. As the 
interest rate implicit in our leases is not readily determinable, we use our incremental borrowing rate, which is defined by 
GAAP as the “rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount 
equal to the lease payments in a similar economic environment,” to determine the present value of lease payments. Inputs into 
our selected incremental borrowing rate which require management’s judgement include quantifying our entity-specific credit 
52 

risk and risks associated with the economic environment specific to the leased assets. In determining the fair value of the 
underlying assets, we use a combination of the income, market, and cost approaches, which include inputs such as estimated 
future cash flows, the selection of recently sold comparable properties, and estimated cost to construct a comparable asset. 
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 
Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign 
currency exchange rates and commodity prices. 
Interest Rate Risks 
One of our primary exposures to market risk is interest rate risk associated with our debt facilities that bear interest based 
on floating rates. We attempt to manage interest rate risk by managing the mix of long-term fixed rate borrowings and variable 
rate borrowings, supplemented by hedging activities as believed by us to be appropriate. We cannot assure you that these risk 
management strategies will have the desired effect, and interest rate fluctuations could have a negative impact on our results of 
operations and cash flows. 
The following table provides estimated future cash flow information derived from our best estimates of repayments as of 
December 31, 2024, of our expected long-term indebtedness and related weighted average interest rates by expected maturity 
dates. However, we cannot predict the SOFR or HIBOR rates that will be in effect in the future. Actual rates will vary. The 
one-month SOFR and HIBOR rates as of December 31, 2024 of 4.49% and 4.60%, respectively, were used for all variable rate 
calculations in the table below. 
The information is presented in U.S. dollar equivalents as applicable. 
 
Year Ending December 31, 
 
Expected Maturity Date 
 
2025 
2026 
2027 
2028 
2029 
Thereafter 
Total 
 
(dollars in millions) 
Long-term debt: 
 
 
 
 
 
 
 
Fixed rate 
$
— 
$
1,000.0 
$
1,630.0 
$
1,350.0 
$
2,350.0 
$
1,800.0 
$
8,130.0 
Average interest rate 
— % 
5.5 % 
5.4 % 
5.6 % 
5.0 % 
6.7 % 
5.6 % 
Variable rate 
$
41.3 
$
41.3 
$
1,280.5 
$
1,151.9 
$
— 
$
— 
$
2,515.0 
Average interest rate 
6.2 % 
6.2 % 
5.9 % 
6.4 % 
— % 
— % 
6.1 % 
Interest Rate Sensitivity 
As of December 31, 2024, approximately 76.0% of our long-term debt was based on fixed rates. In order to mitigate 
exposure to interest rate fluctuations on the Retail Term Loan, in October 2024, the Company entered into an interest rate 
swap with a notional value of $600.0 million, maturing in February 2027. The interest rate swap effectively fixes the variable 
component of the interest rate on the Retail Term Loan at 3.385% through February 2027. 
Based on our outstanding borrowings as of December 31, 2024 and an interest rate swap on the Retail Term Loan, an 
assumed 100 basis point change in the variable rates would cause our annual interest expense to change by $19.1 million. 
Foreign Currency Risks 
The currency delineated in Wynn Macau SA’s Gaming Concession Contract with the government of Macau is the Macau 
pataca (see Item 1—“Business—Regulation and Licensing—Macau” for further discussion). The Macau pataca, which is not a 
freely convertible currency, is linked to the Hong Kong dollar, and in many cases the two are used interchangeably in Macau. 
The Hong Kong dollar is linked to the U.S. dollar and the exchange rate between these two currencies has remained relatively 
stable over the past several years. However, the exchange linkages of the Hong Kong dollar and the Macau pataca, and the 
Hong Kong dollar and the U.S. dollar, are subject to potential changes due to, among other things, changes in Chinese 
governmental policies and international economic and political developments. 
If the Hong Kong dollar and the Macau pataca are not linked to the U.S. dollar in the future, severe fluctuations in the 
exchange rate for these currencies may result. We also cannot assure you that the current rate of exchange fixed by the 
applicable monetary authorities for these currencies will remain at the same level. 
53 

We expect most of the revenues and expenses for any casino that we operate in Macau will be denominated in Hong 
Kong dollars or Macau patacas; however, a significant portion of our Wynn Macau, Limited and Wynn Macau SA debt is 
denominated in U.S. dollars. Fluctuations in the exchange rates resulting in weakening of the Macau pataca or the Hong Kong 
dollar in relation to the U.S. dollar could have materially adverse effects on our results, financial condition, and ability to 
service debt. Based on our balances as of December 31, 2024, an assumed 1% change in the U.S. dollar/Hong Kong dollar 
exchange rate would cause a foreign currency transaction gain/loss of $41.5 million. 
54 

Item 8. Financial Statements and Supplementary Data 
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS 
 
Page 
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56 
Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59 
Consolidated Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60 
Consolidated Statements of Comprehensive Income (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61 
Consolidated Statements of Stockholders’ Deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62 
Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63 
Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64 
Quarterly Consolidated Financial Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109 
55 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
To the Board of Directors and Stockholders of Wynn Resorts, Limited and subsidiaries 
Opinion on Internal Control Over Financial Reporting 
We have audited Wynn Resorts, Limited and subsidiaries’ internal control over financial reporting as of December 31, 2024, 
based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations 
of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Wynn Resorts, Limited and subsidiaries 
(the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, 
based on the COSO criteria. 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated 
statements of operations, comprehensive income (loss), stockholders’ deficit and cash flows for each of the three years in the 
period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a)2 and 
our report dated February 13, 2025 expressed an unqualified opinion thereon. 
Basis for Opinion 
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s 
Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal 
control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable 
rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all 
material respects. 
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material 
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, 
and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a 
reasonable basis for our opinion. 
Definition and Limitations of Internal Control Over Financial Reporting 
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures 
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to 
permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and 
expenditures of the company are being made only in accordance with authorizations of management and directors of the 
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements. 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 
/s/ Ernst & Young LLP 
Las Vegas, Nevada 
February 13, 2025 
56 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
The Board of Directors and Stockholders of Wynn Resorts, Limited and subsidiaries 
Opinion on the Financial Statements 
We have audited the accompanying consolidated balance sheets of Wynn Resorts, Limited and subsidiaries (the Company) as 
of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss), 
stockholders’ deficit and cash flows for each of the three years in the period ended December 31, 2024, and the related notes 
and financial statement schedule listed in the Index at Item 15(a)2 (collectively referred to as the “consolidated financial 
statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position 
of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years 
in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in 
Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 
(2013 framework), and our report dated February 13, 2025 expressed an unqualified opinion thereon. 
Basis for Opinion 
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on 
the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable 
rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform 
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due 
to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial 
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included 
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also 
included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the 
overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 
Critical Audit Matter 
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that 
was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that 
are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The 
communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, 
taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical 
audit matter or on the accounts or disclosure to which it relates. 
57 

Valuation of Deferred Tax Assets 
Description of the 
Matter 
As more fully described in Note 14 to the consolidated financial statements, at December 31, 2024, the 
Company had deferred tax assets related to foreign tax credit carryforwards, disallowed interest expense 
carryforwards and other U.S. and foreign deferred tax assets of $1.5 billion reduced by a $604.6 million 
valuation allowance. Deferred tax assets are reduced by a valuation allowance if, based on the weight of 
all available evidence, in management’s judgment it is more likely than not that some portion, or all, of 
the deferred tax assets will not be realized. 
Auditing management’s assessment of the realizability of the Company’s deferred tax assets involved 
complex judgments due to the significant estimation required in measuring deferred tax assets. The 
measurement of deferred tax assets is affected by significant assumptions, including forecasted domestic 
and foreign-sourced income and related intercompany royalties, the amount of interest expense and other 
expenses allocated to foreign sourced income and the execution of tax planning strategies. Fluctuations in 
actual results from those forecasted can have a material impact on the measurement of deferred tax assets. 
How We 
Addressed the 
Matter in Our 
Audit 
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over 
management’s process for evaluating the realization of the Company’s deferred tax assets, including 
controls over management’s review of its significant assumptions described above and identification and 
use of available tax planning strategies. 
To test the valuation of deferred tax assets, we performed audit procedures that included, among others, 
assessing methodologies and testing the significant assumptions described above and the underlying data 
used by the Company in its analysis. We compared the significant assumptions used by management to 
the Company’s business plans and current industry and economic trends and evaluated whether changes to 
the Company’s business plans, economic trends and other factors would affect the significant 
assumptions. We assessed the historical accuracy of management’s estimates and performed sensitivity 
analyses of significant assumptions to evaluate the changes in the valuation allowance that would result 
from changes in the assumptions. We involved our tax professionals to evaluate the application of tax law 
in the Company’s available tax planning strategies, the scheduling of the reversal of existing taxable 
temporary differences and carryforward amounts, and the evaluation of the utilization of the deferred tax 
assets. 
/s/ Ernst & Young LLP 
We have served as the Company’s auditor since 2006. 
Las Vegas, Nevada 
February 13, 2025 
58 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
CONSOLIDATED BALANCE SHEETS 
(in thousands, except share data) 
 
December 31, 
 
2024 
2023 
ASSETS 
 
 
Current assets: 
 
 
Cash and cash equivalents 
$
2,426,155 
$
2,879,186 
Restricted cash 
— 
18 
Investments 
— 
845,192 
Accounts receivable, net of allowance for credit losses of $37,694 and $40,075 
324,016 
341,712 
Inventories 
75,783 
75,552 
Prepaid expenses and other 
95,725 
99,961 
Total current assets 
2,921,679 
4,241,621 
Property and equipment, net 
6,521,283 
6,688,479 
Restricted cash 
95,638 
90,208 
Goodwill and intangible assets, net 
273,062 
329,708 
Operating lease assets 
1,797,276 
1,832,896 
Deferred income taxes, net 
507,716 
500,877 
Other assets 
861,309 
312,434 
Total assets 
$
12,977,963 
$
13,996,223 
LIABILITIES AND STOCKHOLDERS’ DEFICIT 
 
 
Current liabilities: 
 
 
Accounts and construction payables 
$
205,146 
$
208,263 
Customer deposits 
508,651 
543,288 
Gaming taxes payable 
171,983 
172,832 
Accrued compensation and benefits 
229,305 
212,645 
Accrued interest 
132,510 
141,902 
Current portion of long-term debt 
41,250 
709,593 
Other accrued liabilities 
250,689 
211,931 
Total current liabilities 
1,539,534 
2,200,454 
Long-term debt 
10,500,484 
11,028,744 
Long-term operating lease liabilities 
1,623,890 
1,631,749 
Other long-term liabilities 
282,658 
236,210 
Total liabilities 
13,946,566 
15,097,157 
Commitments and contingencies (Note 18) 
 
 
Stockholders’ deficit: 
 
 
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and 
outstanding 
— 
— 
Common stock, par value $0.01; 400,000,000 shares authorized; 133,584,126 and 132,998,916 
shares issued; 107,821,567 and 111,737,245 shares outstanding, respectively 
1,336 
1,330 
Treasury stock, at cost; 25,762,599 and 21,261,671 shares, respectively 
(2,241,607) 
(1,836,326) 
Additional paid-in capital 
3,698,800 
3,647,161 
Accumulated other comprehensive income (loss) 
(5,700) 
3,406 
Accumulated deficit 
(1,676,990) 
(2,066,953) 
Total Wynn Resorts, Limited stockholders’ deficit 
(224,161) 
(251,382) 
Noncontrolling interests 
(744,442) 
(849,552) 
Total stockholders’ deficit 
(968,603) 
(1,100,934) 
Total liabilities and stockholders’ deficit 
$
12,977,963 
$
13,996,223 
The accompanying notes are an integral part of these consolidated financial statements. 
59 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF OPERATIONS 
(in thousands, except per share data) 
 
Year Ended December 31, 
 
2024 
2023 
2022 
Operating revenues: 
 
 
 
Casino 
$
4,261,357 
$
3,718,402 
$
1,632,541 
Rooms 
1,242,058 
1,185,671 
802,138 
Food and beverage 
1,069,117 
1,028,637 
846,214 
Entertainment, retail and other 
555,429 
599,187 
475,932 
Total operating revenues 
7,127,961 
6,531,897 
3,756,825 
Operating expenses: 
 
 
 
Casino 
2,586,960 
2,238,671 
1,099,801 
Rooms 
330,359 
307,132 
261,343 
Food and beverage 
859,426 
822,323 
700,549 
Entertainment, retail and other 
249,679 
340,437 
328,529 
General and administrative 
1,080,475 
1,065,022 
830,450 
Provision for credit losses 
4,986 
(3,964) 
(7,295) 
Pre-opening 
9,355 
9,468 
20,643 
Depreciation and amortization 
658,895 
687,270 
692,318 
Gain on EBH Transaction, net 
— 
— 
(181,989) 
Impairment of goodwill and intangible assets 
— 
94,490 
48,036 
Property charges and other 
215,095 
130,877 
65,116 
Total operating expenses 
5,995,230 
5,691,726 
3,857,501 
Operating income (loss) 
1,132,731 
840,171 
(100,676) 
Other income (expense): 
 
 
 
Interest income 
130,342 
175,785 
29,758 
Interest expense, net of amounts capitalized 
(688,410) 
(751,509) 
(650,885) 
Change in derivatives fair value 
42,478 
45,098 
15,956 
Loss on debt financing transactions 
(2,913) 
(12,683) 
— 
Other 
29,170 
(11,479) 
5,811 
Other expense, net 
(489,333) 
(554,788) 
(599,360) 
Income (loss) before income taxes 
643,398 
285,383 
(700,036) 
(Provision) benefit for income taxes 
(3,682) 
496,834 
(9,332) 
Net income (loss) 
639,716 
782,217 
(709,368) 
Less: net (income) loss attributable to noncontrolling interests 
(138,638) 
(52,223) 
285,512 
Net income (loss) attributable to Wynn Resorts, Limited 
$
501,078 
$
729,994 
$
(423,856) 
Basic and diluted net income (loss) per common share: 
 
 
 
Net income (loss) attributable to Wynn Resorts, Limited: 
 
 
 
Basic 
$
4.56 
$
6.49 
$
(3.73) 
Diluted 
$
4.35 
$
6.32 
$
(3.73) 
Weighted average common shares outstanding: 
 
 
 
Basic 
109,966 
112,523 
113,623 
Diluted 
110,267 
112,855 
113,623 
The accompanying notes are an integral part of these consolidated financial statements. 
60 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 
(in thousands) 
 
Year Ended December 31, 
 
2024 
2023 
2022 
Net income (loss) 
$
639,716 
$
782,217 
$
(709,368) 
Other comprehensive income (loss): 
 
 
 
Foreign currency translation adjustments, before and after tax 
(12,700) 
5,297 
(8,849) 
Total comprehensive income (loss) 
627,016 
787,514 
(718,217) 
Less: comprehensive (income) loss attributable to noncontrolling 
interests 
(135,044) 
(53,710) 
287,953 
Comprehensive income (loss) attributable to Wynn Resorts, Limited 
$
491,972 
$
733,804 
$
(430,264) 
The accompanying notes are an integral part of these consolidated financial statements. 
61 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT 
(in thousands, except share data) 
 
Common stock 
 
 
 
 
 
 
 
 
Shares 
outstanding 
Par 
value 
Treasury 
stock 
Additional 
paid-in 
capital 
Accumulated 
other 
comprehensive 
income (loss) 
Accumulated 
deficit 
Total 
Wynn Resorts, 
Limited 
stockholders’ 
deficit 
Noncontrolling 
interests 
Total 
stockholders’ 
deficit 
Balances, January 1, 2022 
115,714,943 
$1,314 
$ (1,436,373) $
3,502,715 
$
6,004 
$
(2,288,078) $
(214,418) $
(621,797) $
(836,215) 
Net loss 
— 
— 
— 
— 
— 
(423,856) 
(423,856) 
(285,512) 
(709,368) 
Currency translation adjustment 
— 
— 
— 
— 
(6,408) 
— 
(6,408) 
(2,441) 
(8,849) 
Issuance of restricted stock 
797,419 
9 
— 
9,279 
— 
— 
9,288 
— 
9,288 
Cancellation of restricted stock 
(115,521) 
(1) 
— 
1 
— 
— 
— 
— 
— 
Shares repurchased by the 
Company and held as treasury 
shares 
(3,151,883) 
— 
(187,499) 
— 
— 
— 
(187,499) 
— 
(187,499) 
Distribution to noncontrolling 
interest 
— 
— 
— 
— 
— 
— 
— 
(27,744) 
(27,744) 
Contribution from noncontrolling 
interest 
— 
— 
— 
48,559 
— 
— 
48,559 
1,474 
50,033 
Transactions with subsidiary 
minority shareholders 
124,481 
1 
— 
(14,053) 
— 
— 
(14,052) 
14,052 
— 
Subsidiary equity issuance 
— 
— 
— 
(18,717) 
— 
— 
(18,717) 
21,613 
2,896 
Stock-based compensation 
— 
— 
— 
56,139 
— 
126 
56,265 
10,828 
67,093 
Balances, December 31, 2022 
113,369,439 
1,323 
(1,623,872) 
3,583,923 
(404) 
(2,711,808) 
(750,838) 
(889,527) 
(1,640,365) 
Net income 
— 
— 
— 
— 
— 
729,994 
729,994 
52,223 
782,217 
Currency translation adjustment 
— 
— 
— 
— 
3,810 
— 
3,810 
1,487 
5,297 
Exercise of stock options 
32,284 
— 
— 
1,965 
— 
— 
1,965 
— 
1,965 
Issuance of restricted stock 
727,522 
7 
— 
6,631 
— 
— 
6,638 
— 
6,638 
Cancellation of restricted stock 
(23,256) 
— 
— 
— 
— 
— 
— 
— 
— 
Shares repurchased by the 
Company and held as treasury 
shares 
(2,374,925) 
— 
(212,454) 
— 
— 
— 
(212,454) 
— 
(212,454) 
Cash dividends declared 
— 
— 
— 
— 
— 
(85,139) 
(85,139) 
— 
(85,139) 
Distribution to noncontrolling 
interest 
— 
— 
— 
(2,994) 
— 
— 
(2,994) 
(19,584) 
(22,578) 
Transactions with subsidiary 
minority shareholders 
6,181 
— 
— 
(754) 
— 
— 
(754) 
754 
— 
Stock-based compensation 
— 
— 
— 
58,390 
— 
— 
58,390 
5,095 
63,485 
Balances, December 31, 2023 
111,737,245 
1,330 
(1,836,326) 
3,647,161 
3,406 
(2,066,953) 
(251,382) 
(849,552) 
(1,100,934) 
Net income 
— 
— 
— 
— 
— 
501,078 
501,078 
138,638 
639,716 
Currency translation adjustment 
— 
— 
— 
— 
(9,106) 
— 
(9,106) 
(3,594) 
(12,700) 
Exercise of stock options 
17,285 
— 
— 
1,017 
— 
— 
1,017 
— 
1,017 
Issuance of restricted stock 
597,633 
6 
— 
8,009 
— 
— 
8,015 
38 
8,053 
Cancellation of restricted stock 
(29,708) 
— 
— 
— 
— 
— 
— 
— 
— 
Shares repurchased by the 
Company and held as treasury 
shares 
(4,500,888) 
— 
(405,281) 
— 
— 
— 
(405,281) 
— 
(405,281) 
Cash dividends declared 
— 
— 
— 
— 
— 
(111,115) 
(111,115) 
(28,779) 
(139,894) 
Distribution to noncontrolling 
interest 
— 
— 
— 
— 
— 
— 
— 
(16,988) 
(16,988) 
Transactions with subsidiary 
minority shareholders 
— 
— 
— 
(11,643) 
— 
— 
(11,643) 
11,643 
— 
Stock-based compensation 
— 
— 
— 
54,256 
— 
— 
54,256 
4,152 
58,408 
Balances, December 31, 2024 
107,821,567 
$1,336 
$(2,241,607) 
$
3,698,800 
$
(5,700) 
$
(1,676,990) 
$
(224,161) 
$
(744,442) 
$
(968,603) 
The accompanying notes are an integral part of these consolidated financial statements. 
62 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(in thousands) 
 
Year Ended December 31, 
 
2024 
2023 
2022 
Cash flows from operating activities: 
 
 
 
Net income (loss) 
$
639,716 
$
782,217 
$
(709,368) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating 
activities: 
 
 
 
Depreciation and amortization 
658,895 
687,270 
692,318 
Deferred income taxes 
(6,838) 
(502,784) 
3,241 
Stock-based compensation expense 
59,029 
64,515 
67,627 
Amortization of debt issuance costs 
39,428 
39,532 
29,427 
Loss on debt financing transactions 
2,913 
12,683 
— 
Provision for credit losses 
4,986 
(3,964) 
(7,295) 
Change in derivatives fair value 
(42,478) 
(45,098) 
(15,956) 
Gain on EBH Transaction, net 
— 
— 
(181,989) 
Impairment of goodwill and intangible assets 
— 
94,490 
48,036 
Property charges and other 
106,332 
117,176 
59,305 
Increase (decrease) in cash from changes in: 
 
 
 
Receivables, net 
13,478 
(123,747) 
(9,335) 
Inventories, prepaid expenses and other 
26,632 
(6,025) 
(19,737) 
Customer deposits 
(36,967) 
37,951 
69,692 
Accounts payable and accrued expenses 
(38,923) 
93,663 
(97,238) 
Net cash provided by (used in) operating activities 
1,426,203 
1,247,879 
(71,272) 
Cash flows from investing activities: 
 
 
 
Capital expenditures, net of construction payables and retention 
(419,929) 
(442,793) 
(300,127) 
Investment in unconsolidated affiliates 
(563,418) 
(53,631) 
(40,181) 
Purchase of investments 
— 
(836,519) 
— 
Proceeds from maturity of investments 
850,000 
— 
— 
Purchase of intangible and other assets 
(2,615) 
(10,752) 
(12,196) 
Proceeds from EBH Transaction 
— 
— 
1,700,000 
Proceeds from sale of assets and other 
52,404 
1,162 
1,471 
Net cash (used in) provided by investing activities 
(83,558) 
(1,342,533) 
1,348,967 
Cash flows from financing activities: 
 
 
 
Proceeds from issuance of long-term debt 
1,883,794 
1,200,000 
211,435 
Repayments of long-term debt 
(3,059,832) 
(1,533,124) 
(50,000) 
Repurchase of common stock 
(401,802) 
(212,455) 
(187,499) 
Proceeds from exercise of stock options 
1,017 
1,965 
— 
Proceeds from issuance of subsidiary common stock 
— 
— 
2,895 
Proceeds from sale of noncontrolling interest in subsidiary 
— 
— 
50,033 
Distribution to noncontrolling interest 
(16,988) 
(22,579) 
(27,744) 
Dividends paid 
(139,564) 
(84,733) 
(1,445) 
Finance lease payments 
(19,219) 
(19,267) 
(18,188) 
Payments for financing costs 
(36,714) 
(41,240) 
(3,165) 
Other 
(4,486) 
(7,773) 
— 
Net cash used in financing activities 
(1,793,794) 
(719,206) 
(23,678) 
Effect of exchange rate on cash, cash equivalents and restricted cash 
3,530 
282 
(2,094) 
Cash, cash equivalents and restricted cash: 
 
 
 
(Decrease) increase in cash, cash equivalents and restricted cash 
(447,619) 
(813,578) 
1,251,923 
Balance, beginning of period 
2,969,412 
3,782,990 
2,531,067 
Balance, end of period 
$
2,521,793 
$
2,969,412 
$
3,782,990 
The accompanying notes are an integral part of these consolidated financial statements. 
63 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
Note 1 - Organization and Business 
Organization 
Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, “Wynn Resorts” or the “Company”) is a 
designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining 
and entertainment options, meeting and convention facilities, and gaming. 
In the Macau Special Administrative Region of the People’s Republic of China (“Macau”), the Company owns 
approximately 72% of Wynn Macau, Limited (“WML”), which includes the operations of the Wynn Palace and Wynn Macau 
resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company 
operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas. Additionally, the Company is a 
50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the 
“Retail Joint Venture”). The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail 
Joint Venture as its Las Vegas Operations. In Everett, Massachusetts, the Company operates Encore Boston Harbor, an 
integrated resort. Additionally, the Company has a 40% equity interest in Island 3 AMI FZ-LLC (“Island 3”), an 
unconsolidated affiliate, which is constructing an integrated resort property (“Wynn Al Marjan Island”) in Ras Al Khaimah, 
United Arab Emirates, currently expected to open in 2027. 
Macau Operations 
Wynn Palace features a luxury hotel tower with 1,706 guest rooms, suites and villas, approximately 468,000 square feet 
of casino space, 14 food and beverage outlets, approximately 37,000 square feet of meeting and convention space, 
approximately 107,000 square feet of retail space, public attractions including a performance lake, an immersive entertainment 
center, Western and Asian art displays, and a gondola ride offering convenient street-level access. 
Wynn Macau features two luxury hotel towers with a total of 1,010 guest rooms and suites, approximately 294,000 square 
feet of casino space, 12 food and beverage outlets, approximately 31,000 square feet of meeting and convention space, 
approximately 64,500 square feet of retail space, a performance lake, a rotunda show and recreation and leisure facilities. 
In December 2022, Wynn Resorts (Macau), S.A. (“Wynn Macau SA”), an indirect subsidiary of the Company, entered 
into a definitive gaming concession contract (the “Gaming Concession Contract”) with the Macau government, pursuant to 
which Wynn Macau SA was granted a 10-year gaming concession commencing on January 1, 2023 and expiring on 
December 31, 2032, to operate games of chance at Wynn Palace and Wynn Macau. 
Las Vegas Operations 
Wynn Las Vegas features two luxury hotel towers with a total of 4,748 guest rooms, suites and villas, approximately 
195,000 square feet of casino space, 34 food and beverage outlets, approximately 513,000 square feet of meeting and 
convention space, approximately 178,000 square feet of retail space (the majority of which is owned and operated under a joint 
venture of which the Company owns 50.1%), as well as two theaters, two nightclubs and a beach club and recreation and 
leisure facilities. 
Encore Boston Harbor 
Encore Boston Harbor, an integrated resort in Everett, Massachusetts, adjacent to Boston along the Mystic River, features 
a luxury hotel tower with a total of 671 guest rooms and suites, approximately 210,000 square feet of casino space, 16 food 
and beverage outlets, one nightclub, approximately 71,000 square feet of meeting and convention space, and approximately 
8,186 square feet of retail space. Public attractions include a waterfront park, floral displays, and water shuttle service to 
downtown Boston. 
In December 2022, the Company closed on a sale-leaseback arrangement with respect to certain real estate assets related 
to Encore Boston Harbor (the “EBH Transaction”). Upon closing of the EBH Transaction, the Company received cash 
proceeds of approximately $1.70 billion in exchange for the sale of such real estate assets, and concurrently entered into a 
lease agreement for the purpose of continuing to operate the Encore Boston Harbor integrated resort. For more information on 
the EBH Transaction, see Note 5, “Property and Equipment, net” and Note 16, “Leases.” 
64 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Note 2 - Basis of Presentation and Significant Accounting Policies 
Basis of Presentation and Principles of Consolidation 
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted 
accounting principles (“GAAP”) and include the accounts of the Company, its majority-owned subsidiaries, and entities the 
Company identifies as variable interest entities (“VIEs”) of which the Company is determined to be the primary beneficiary. 
For information on the Company’s VIEs, see Note 19, “Retail Joint Venture.” If the entity does not qualify for consolidation 
and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for 
the entity under the equity method. For more information on the Company’s equity method investments, see Investments in 
Unconsolidated Affiliate within Note 2, “Basis of Presentation and Significant Accounting Policies.” All significant 
intercompany accounts and transactions have been eliminated. Certain amounts in the consolidated financial statements for the 
years ended December 31, 2023 and 2022 have been reclassified to be consistent with the current period presentation. These 
reclassifications had no effect on the previously reported net income (loss) or operating income (loss). 
Use of Estimates 
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates 
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at 
the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual 
results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to 
and include, but are not limited to, inputs into the Company’s estimated allowance for deferred tax assets and credit losses, 
estimates regarding the useful lives and recoverability of long-lived and intangible assets, valuations of derivatives, and 
litigation and contingency estimates. 
Cash, Cash Equivalents and Restricted Cash 
Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less 
and include both U.S. dollar-denominated and foreign currency-denominated securities. Cash equivalents are carried at cost, 
which approximates fair value. Restricted cash consists of cash collateral associated with obligations, cash held in a trust in 
accordance with WML’s share award plan, and an amount held in the form of a first demand bank guarantee in favor of the 
Macau government to support Wynn Macau SA’s legal and contractual obligations under the Gaming Concession Contract. 
Investments 
The Company’s investments include financial assets in the form of interest-bearing fixed deposits with original maturities 
of greater than three months, which are recorded at fair value (see Note 10, “Fair Value Measurements”), and debt securities in 
the form of United States treasury bills. Investments in debt securities which the Company has the positive intent and ability to 
hold to maturity are classified as held-to-maturity and are carried at amortized cost. Debt securities held primarily for the 
purpose of selling in the near term are classified as trading securities and are reported at fair value, with unrealized gains and 
losses included in income. Debt securities not classified as held-to-maturity or trading are classified as available-for-sale and 
are reported at fair value with unrealized gains and losses as a separate component of other comprehensive income. Premiums 
and discounts on debt securities are amortized or accreted into interest income using the effective interest method. All of the 
Company’s debt securities are classified as held-to-maturity. 
The Company received proceeds of $300.0 million upon the maturity of its investments in debt securities and 
$550.0 million upon the maturity of its investments in fixed deposits during the year ended December 31, 2024. The Company 
held no short-term investments as of December 31, 2024. 
As of December 31, 2023, the Company held $550.0 million in fixed deposits, recorded at fair value, and $295.2 million 
in debt securities, recorded at amortized cost within Investments on the Consolidated Balance Sheets. The estimated fair value 
of the Company’s debt securities as of December 31, 2023 was approximately $294.8 million and the gross unrecognized 
holding loss was $0.4 million. As of December 31, 2023, the Company had $8.7 million in accrued interest on its debt 
securities, recorded in Investments on the Consolidated Balance Sheets. 
65 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
As of the balance sheet date, the Company evaluates whether the unrealized losses are attributable to credit losses or other 
factors. The Company considers the severity of the decline in value, creditworthiness of the issuer and other relevant factors 
and records an allowance for credit losses, limited to the excess of amortized cost over fair value, with a corresponding charge 
to earnings. The allowance may be subsequently increased or decreased based on the prevailing facts and circumstances. 
During the years ended December 31, 2024 and 2023, the Company recorded no allowance for credit losses related to its 
investments. 
Accounts Receivable and Credit Risk 
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of casino 
accounts receivable. The Company issues credit in the form of “markers” to approved casino customers following 
investigations of creditworthiness. 
Accounts receivable, including casino and hotel receivables, are typically non-interest bearing and are recorded at 
amortized cost. Casino receivables primarily consist of credit issued to patrons in the form of markers. The Company issues 
credit based on factors such as level of play and financial resources, following background and credit checks. The casino credit 
extended by the Company is generally unsecured and due on demand. 
An estimated allowance for credit losses is maintained to reduce the Company’s receivables to their carrying amount, 
which reflects the net amount the Company expects to collect. The allowance estimate reflects specific review of customer 
accounts taking into consideration the amount owed, the age of the account, the customer’s financial condition, management’s 
experience with historical and current collection trends, current economic and business conditions, and management’s 
expectations of future economic and business conditions and forecasts. Accounts are written off when management deems 
them to be uncollectible. Recoveries of accounts previously written off are recorded when received. 
Inventories 
Inventories consist of retail merchandise and food and beverage items, which are stated at the lower of cost or net 
realizable value, and certain operating supplies. Cost is determined by the first-in, first-out, weighted average and specific 
identification methods. 
Property and Equipment 
Purchases of property and equipment are stated at cost, and when placed into service, are depreciated over the estimated 
useful lives of the assets using the straight-line method as follows: 
 
Estimated Useful Life in Years
 
Buildings and improvements 
10 - 45 
Land improvements 
10 - 45 
Furniture, fixtures and equipment 
3 - 20 
Leasehold interest in land 
25 
Airplanes 
20 
Costs related to improvements are capitalized, while costs of repairs and maintenance are charged to expense as incurred. 
The cost and accumulated depreciation of property and equipment retired or otherwise disposed of are eliminated from the 
respective accounts and any resulting gain or loss is included in property charges and other expenses in the accompanying 
Consolidated Statements of Operations. 
Capitalized Interest 
The interest cost associated with major development and construction projects, and interest cost associated with equity 
method investments incurred during the investee’s initial development period, is capitalized and included in the cost of the 
project or investment in unconsolidated affiliate balance. Interest capitalization ceases once a project is substantially complete 
or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as 
66 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
being incurred in connection with a construction project, the Company capitalizes interest on amounts expended on the project 
using the weighted average cost of the Company’s outstanding borrowings. Interest of $23.0 million and $5.8 million was 
capitalized for the years ended December 31, 2024 and 2023, respectively, including $21.7 million and $3.6 million related to 
equity method investments for the years ended December 31, 2024 and 2023, respectively. No interest was capitalized for the 
year ended December 31, 2022. 
Goodwill 
Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and 
intangible assets acquired and the liabilities assumed. Goodwill is not amortized, but rather is subject to an annual impairment 
test. 
The Company tests goodwill for impairment annually, or more frequently if events or changes in circumstances indicate 
that this asset may be impaired. The Company’s test of goodwill impairment starts with a qualitative assessment to determine 
whether it is necessary to perform a quantitative goodwill impairment test. If qualitative factors indicate that the fair value of 
the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is 
performed. For the quantitative analysis, the Company compares the fair value of its reporting unit to its carrying value. If the 
estimated fair value exceeds its carrying amount, goodwill is considered not to be impaired and no additional steps are 
necessary. However, if the fair value of the reporting unit is less than its carrying amount, goodwill impairment is recorded 
equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount 
of goodwill. 
Intangible Assets other than Goodwill 
The Company’s intangible assets other than goodwill consist primarily of finite-lived intangible assets, including its 
Macau gaming concession and Massachusetts gaming license. Finite-lived intangible assets are amortized over the shorter of 
their contractual terms or estimated useful lives. The Company’s indefinite-lived intangible assets are not amortized, but are 
reviewed for impairment annually. 
Long-Lived Assets 
Long-lived assets, which are to be held and used, including finite-lived intangible assets and property and equipment, are 
periodically reviewed by management for impairment whenever events or changes in circumstances indicate that the carrying 
value of the asset may not be recoverable. If an indicator of impairment exists, the Company compares the estimated future 
cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the 
carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment 
is measured as the difference between fair value and carrying value, with fair value typically based on a discounted cash flow 
model. If an asset is still under development, future cash flows include remaining construction costs. 
Leases 
Lessee Arrangements 
The Company is the lessee under non-cancelable real estate and equipment leases. The Company determines if an 
arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if 
there are identified assets and the right to control the use of an identified asset is conveyed for a period of time in exchange for 
consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the 
economic benefits from the use of the asset and the right to direct the use of the asset. 
Finance and operating lease assets and liabilities are measured and recorded upon lease commencement at the present 
value of the future minimum lease payments. The Company combines lease and nonlease components in its determination of 
minimum lease payments, except for certain asset classes that have significant nonlease components. As the interest rate 
implicit in its leases is not readily determinable, the Company uses its incremental borrowing rate as the discount rate to 
determine the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain 
67 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
that such option will be exercised. The Company’s triple-net operating lease related to Encore Boston Harbor contains a 
renewal period at the Company’s option, which is not considered to be reasonably certain of being exercised. Many of the 
Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. A lessee is 
required to classify a lease as a finance lease if, among other factors, 1) the term is for the major part of the remaining 
economic life of the underlying asset or 2) the present value of the sum of the lease payments equals or exceeds substantially 
all of the fair value of the underlying asset. For operating leases, lease expense for minimum lease payments is recognized on a 
straight-line basis over the expected lease term. For finance leases, the Company records depreciation of the lease asset on a 
straight-line basis over the shorter of the lease term or useful life of the lease asset, and the lease liability accretes interest 
using the discount rate determined at lease commencement. The Company does not record an asset or liability for leases with a 
term of less than one year. Variable lease costs generally arise from changes in an index, such as the consumer price index. 
Variable lease costs are expensed as incurred and are not included in the determination of lease assets or liabilities. 
For sale-leaseback arrangements, such as the EBH Transaction, the Company is required to determine whether the 
transaction qualifies as a sale, which includes assessing whether a contract exists and if so, whether control has passed to the 
counterparty in the contract. Control indicators include, but are not limited to, whether the entity has a present right to payment 
for the asset, whether the customer has legal title to the asset, whether the entity has transferred physical possession of the 
asset, whether the customer has significant risks and rewards of ownership of the asset, and whether the customer has accepted 
the asset. If it is determined that a sale has occurred, the Company recognizes an operating or finance lease based on the 
factors outlined in the preceding paragraph. A finance lease would preclude sale accounting. 
Lessor Arrangements 
The Company is the lessor under non-cancelable operating leases for retail and food and beverage outlet space at its 
integrated resorts, which represents approximately 102,000, 63,000, 187,000, and 52,000 square feet of space at Wynn Palace, 
Wynn Macau, Wynn Las Vegas, and Encore Boston Harbor, respectively. The lease arrangements generally include minimum 
base rent and contingent rental clauses based on a percentage of net sales. Generally, the terms of the leases range between five 
and 10 years. The Company records revenue on a straight-line basis over the term of the lease, and recognizes revenue for 
contingent rentals when the contingency has been resolved. The Company has elected to combine lease and nonlease 
components for the purpose of measuring lease revenue. 
Investments in Unconsolidated Affiliate 
The Company accounts for its investment in Island 3, an unconsolidated affiliate which is constructing Wynn Al Marjan 
Island, using the equity method. Under the equity method, the investment’s carrying value is adjusted for the Company’s share 
of the investee’s earnings and losses, capital contributions to and distributions from this company, and capitalization of interest 
cost incurred by the Company during the investee’s initial development period. As of December 31, 2024 and 2023, the 
Company had investments in unconsolidated affiliate of $648.2 million and $90.9 million, respectively, recorded in noncurrent 
other assets in the accompanying Consolidated Balance Sheets. 
The Company classifies operating income and losses as well as gains and impairments related to its investment in 
unconsolidated affiliate as a component of Operating income (loss) within the Company’s accompanying Consolidated 
Statements of Operations, and classifies non-operating income or losses related to its investments in unconsolidated affiliates 
as a component of Other income (expense) within the Company’s accompanying Consolidated Statements of Operations, as 
the Company’s investments in unconsolidated affiliate are an extension of the Company’s core business operations. The 
Company recognized a loss on investments in unconsolidated affiliate of $6.1 million and $2.4 million during the years ended 
December 31, 2024 and 2023, respectively, recorded in Pre-opening within the Company’s accompanying Consolidated 
Statements of Operations. 
Debt Issuance Costs 
Direct and incremental costs and original issue discounts and premiums incurred in connection with the issuance of 
long-term debt are deferred and amortized to interest expense using the effective interest method or, if the amounts 
approximate the effective interest method, on a straight-line basis. Debt issuance costs incurred in connection with the 
issuance of the Company’s revolving credit facilities are presented in noncurrent other assets on the Consolidated Balance 
68 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Sheets. All other debt issuance costs are presented as a direct reduction of long-term debt on the Consolidated Balance Sheets. 
Approximately $39.3 million, $39.5 million, and $29.4 million was amortized to interest expense during the years ended 
December 31, 2024, 2023, and 2022, respectively. 
Derivative Financial Instruments 
The Company enters into interest rate protection agreements to manage interest rate exposure on certain debt. The fair 
value of such agreements is recognized as an asset or liability at each balance sheet date, with changes in fair value recorded in 
earnings as these agreements do not qualify for hedge accounting. See Note 7, “Long-Term Debt” for additional information. 
See Note 8, “WML Convertible Bond Conversion Option Derivative” for accounting policy disclosures relating to the 
WML Convertible Bond Conversion Option Derivative (as defined therein). 
Revenue Recognition 
The Company’s revenue from contracts with customers primarily consists of casino wagers and sales of rooms, food and 
beverage, entertainment, retail and other goods and services. 
Gross casino revenues are measured by the aggregate net difference between gaming wins and losses. The Company 
applies a practical expedient by accounting for its casino wagering transactions on a portfolio basis versus an individual basis 
as all wagers have similar characteristics. Commissions rebated to customers either directly or indirectly through games 
promoters and cash discounts and other cash incentives earned by customers are recorded as a reduction of casino revenues. In 
addition to the wager, casino transactions typically include performance obligations related to complimentary goods or 
services provided to incentivize future gaming or in exchange for points earned under the Company’s loyalty programs. 
For casino transactions that include complimentary goods or services provided by the Company to incentivize future 
gaming, the Company allocates the standalone selling price of each good or service to the appropriate revenue type based on 
the good or service provided. Complimentary goods or services that are provided under the Company’s control and discretion 
and supplied by third parties are recorded as an operating expense. 
The Company offers loyalty programs at each of its resorts. Customers earn points based on their level of table games and 
slots play, which can be redeemed for slots free play, gifts and complimentary goods or services provided by the Company. 
For casino transactions that include points earned under the Company’s loyalty programs, the Company defers a portion of the 
revenue by recording the estimated standalone selling price of the earned points that are expected to be redeemed as a liability. 
Upon redemption of the points for Company-owned goods or services, the standalone selling price of each good or 
service is allocated to the appropriate revenue type based on the good or service provided. Upon the redemption of points with 
third parties, the redemption amount is deducted from the liability and paid directly to the third party with any difference 
between the amount paid and the stand-alone selling price recorded as Entertainment, retail and other revenue in the 
accompanying Consolidated Statements of Operations. 
After allocating amounts to the complimentary goods or services provided and to the points earned under the Company’s 
loyalty programs, the residual amount is recorded as casino revenue when the wager is settled. 
The transaction price for rooms, food and beverage, entertainment, retail and other transactions is the net amount 
collected from the customer for such goods and services and is recorded as revenue when the goods are provided, services are 
performed or events are held. Sales tax and other applicable taxes collected by the Company are excluded from revenues. 
Advance deposits on rooms and advance ticket sales are performance obligations that are recorded as customer deposits until 
services are provided to the customer. Revenues from contracts with multiple goods or services are allocated to each good or 
service based on its relative standalone selling price. As previously noted, Entertainment, retail and other revenue also includes 
lease revenue, which is recognized in accordance with the relevant accounting principles. 
69 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Gaming Taxes 
The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to 
applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Consolidated 
Statements of Operations. These taxes totaled $1.83 billion, $1.57 billion, and $526.3 million for the years ended 
December 31, 2024, 2023, and 2022, respectively. 
Advertising Costs 
The cost of advertising is expensed as incurred, and totaled $50.9 million, $112.6 million, and $148.6 million for the 
years ended December 31, 2024, 2023, and 2022, respectively. 
Pre-opening Expenses 
Pre-opening expenses represent personnel, advertising, and other costs incurred prior to the opening of new ventures and 
are expensed as incurred. During the year ended December 31, 2024, pre-opening expenses primarily included the Company’s 
share of net losses from Island 3, the unconsolidated affiliate constructing Wynn Al Marjan Island. During the year ended 
December 31, 2023, the Company incurred pre-opening expenses primarily in connection with the launch of sports betting 
operations in Massachusetts. During the year ended December 31, 2022, the Company incurred pre-opening expenses 
primarily in connection with reconfiguring the theater space at Wynn Las Vegas to host an exclusive theatrical production, 
Awakening. 
Income Taxes 
The Company is subject to income taxes in the U.S. and foreign jurisdictions where it operates. Accounting standards 
require the recognition of deferred tax assets, net of applicable reserves, and liabilities for the estimated future tax 
consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and 
their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using 
enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect 
of a change in tax rates on the income tax provision and deferred tax assets and liabilities generally is recognized in the results 
of operations in the period that includes the enactment date. Accounting standards also require recognition of a future tax 
benefit to the extent that realization of such benefit is more likely than not; otherwise, a valuation allowance is applied. 
The Company’s income tax returns are subject to examination by the Internal Revenue Service (“IRS”) and other tax 
authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations 
based on accounting standards for uncertain income taxes. The accounting standards prescribe a minimum recognition 
threshold a tax position is required to meet before being recognized in the financial statements. 
Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards 
utilize a two-step approach for evaluating tax positions. If a tax position, based on its technical merits, is deemed more likely 
than not to be sustained, then the tax benefit is measured as the largest amount of benefit that is more likely than not to be 
realized upon settlement. 
As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the 
provision for income taxes. 
Foreign Currency 
Gains or losses from foreign currency remeasurements are included in Other income (expense) in the accompanying 
Consolidated Statements of Operations. Balance sheet accounts are translated at the exchange rate in effect at each balance 
sheet date and income statement accounts are translated at the average rate of exchange prevailing during the year. Translation 
adjustments resulting from this process are charged or credited to other comprehensive loss. 
70 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) 
Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity or other 
comprehensive income (loss). Components of the Company’s comprehensive income (loss) are reported in the accompanying 
Consolidated Statements of Stockholders’ Deficit and Consolidated Statements of Comprehensive Income (Loss). 
Fair Value Measurements 
The Company measures certain of its financial assets and liabilities, at fair value on a recurring basis pursuant to 
accounting standards for fair value measurements. Fair value is the price that would be received to sell an asset or paid to 
transfer a liability in an orderly transaction between market participants at the measurement date. These accounting standards 
establish a three-tier fair value hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: 
•
Level 1 - Observable inputs such as quoted prices in active markets. 
•
Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable. 
•
Level 3 - Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own 
assumptions. 
Stock-Based Compensation 
The Company accounts for stock-based compensation in accordance with accounting standards, which require the 
compensation cost relating to share-based payment transactions be recognized in the Company’s Consolidated Statements of 
Operations. The cost is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes 
option pricing model for stock options, based on the estimated fair value of the award using the Monte Carlo simulation 
approach for performance share units, and based on the closing share price of the Company’s stock on the grant date for 
nonvested share awards. Dividend yield is based on the estimate of annual dividends expected to be paid at the time of the 
grant. Expected volatility is based on implied and historical factors related to the Company’s common stock. The risk-free 
interest rate used for each period presented is based on the U.S. Treasury yield curve for stock options issued under the WRL 
Omnibus Plan (as defined and discussed in Note 13, “Stock-Based Compensation”) and the Hong Kong Exchange Fund rates 
for stock options issued under the WML Share Option Plan (as defined in Note 13, “Stock-Based Compensation”), both at the 
time of grant for the period equal to the expected term. Expected term represents the weighted average time between the 
option’s grant date and its exercise date. The Company uses historical award exercise activity and termination activity in 
estimating the expected term for the WRL Omnibus Plan and WML Share Option Plan. The cost is recognized as an expense 
on a straight-line basis over the employee’s requisite service period (the vesting period of the award), and forfeitures are 
recognized as they occur. The Company’s stock-based employee compensation arrangements are more fully discussed in Note 
13, “Stock-Based Compensation.” 
Recently Issued Accounting Standards 
The Company’s management has evaluated all of the recently issued, but not yet effective, accounting standards that have 
been issued or proposed by the Financial Accounting Standards Board (“FASB”) or other standards-setting bodies through the 
filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a 
material effect on the Company’s financial position, results of operations and cash flows. 
71 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Note 3 - Cash, Cash Equivalents and Restricted Cash 
Cash, cash equivalents and restricted cash consisted of the following (in thousands): 
 
December 31, 
 
2024 
2023 
Cash and cash equivalents: 
 
 
Cash(1) 
$
1,639,151 
$
1,076,474 
Cash equivalents(2) 
787,004 
1,802,712 
Total cash and cash equivalents 
2,426,155 
2,879,186 
Restricted cash(3) 
95,638 
90,226 
Total cash, cash equivalents and restricted cash 
$
2,521,793 
$
2,969,412 
(1) Cash consists of cash on hand and bank deposits. 
(2) Cash equivalents consist of bank time deposits and money market funds. 
(3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance 
with WML’s share award plan, and as of December 31, 2024 and 2023 includes $87.5 million and $87.0 million, respectively, in the form of a first 
demand bank guarantee in favor of the Macau government to support Wynn Macau SA’s legal and contractual obligations through the term of the Gaming 
Concession Contract. 
The following table disclose the supplemental cash flow disclosures of the Company (in thousands): 
 
Year Ended December 31, 
 
2024 
2023 
2022 
Cash paid for interest, net of amounts capitalized 
$
658,438 
$
688,350 
$
618,395 
Capitalized stock-based compensation 
$
5,242 
$
5,268 
$
3,246 
Cash paid for income taxes 
$
10,160 
$
10,310 
$
5,290 
Finance lease liabilities arising from obtaining finance lease assets 
$
80,021 
$
8,842 
$
5,906 
Liability settled with shares of common stock 
$
8,015 
$
6,639 
$
9,287 
Accounts and construction payables related to property and equipment 
$
85,949 
$
60,313 
$
64,861 
Other liabilities related to intangible assets(1) 
$
— 
$
209,410 
$
4,220 
Net settlement of liabilities in connection with an asset sale 
$
27,655 
$
— 
$
— 
(1) For the year ended December 31, 2023, included $206.5 million related to the Macau gaming premium in connection with the Gaming Concession 
Contract. See Note 6, “Goodwill and Intangible Assets, net” for further information. 
Note 4 - Receivables, net 
Receivables, net consisted of the following (in thousands): 
 
December 31, 
 
2024 
2023 
Casino 
$
236,642 
$
218,694 
Hotel 
45,996 
54,596 
Other 
79,072 
108,497 
 
361,710 
381,787 
Less: allowance for credit losses 
(37,694) 
(40,075) 
 
$
324,016 
$
341,712 
As of December 31, 2024 and 2023, approximately 70.9% and 68.2%, respectively, of the Company’s markers were due 
from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant 
events in the countries in which the Company’s customers reside could affect the collectability of such receivables. 
72 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
The Company’s allowance for casino credit losses was 14.7% and 15.9% of gross casino receivables as of December 31, 
2024 and 2023, respectively. Although the Company believes that its allowance is adequate, it is possible the estimated 
amounts of cash collections with respect to receivables could change. The Company’s allowance for credit losses from its 
hotel and other receivables is not material. 
The following table shows the movement in the Company’s allowance for credit losses recognized for receivables that 
occurred during the period (in thousands): 
 
December 31, 
 
2024 
2023 
Balance at beginning of year 
$
40,075 
$
78,842 
Provision for credit losses 
4,986 
(3,964) 
Write-offs 
(13,262) 
(47,611) 
Recoveries of receivables previously written-off 
5,801 
12,897 
Effect of exchange rate 
94 
(89) 
Balance at end of period 
$
37,694 
$
40,075 
Note 5 - Property and Equipment, net 
Property and equipment, net consisted of the following (in thousands): 
 
December 31, 
 
2024 
2023 
Buildings and improvements 
$
8,547,922 
$
8,459,085 
Land and improvements 
1,210,455 
1,228,652 
Furniture, fixtures and equipment 
3,424,361 
3,311,478 
Airplanes 
110,623 
110,623 
Construction in progress 
287,436 
162,592 
 
13,580,797 
13,272,430 
Less: accumulated depreciation 
(7,059,514) 
(6,583,951) 
 
$
6,521,283 
$
6,688,479 
As of December 31, 2024 and 2023, construction in progress consisted primarily of costs capitalized for various capital 
enhancements at the Company’s properties. During the year ended December 31, 2024, the Company expensed $61.5 million 
of project costs related to a discontinued development project, inclusive of $4.7 million of internally allocated overhead, that 
had been previously capitalized. The expense was recorded in Property charges and other expenses in the accompanying 
Consolidated Statements of Operations for the year ended December 31, 2024. 
Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $601.4 million, $625.0 million, and 
$652.1 million, respectively. 
Encore Boston Harbor Real Estate Sale 
Upon closing of the EBH Transaction in December 2022, the Company received cash proceeds of approximately 
$1.70 billion in exchange for the sale of certain real estate assets associated with Encore Boston Harbor. In connection with the 
sale, the Company recognized a gain of $182.0 million in the fourth quarter of 2022. 
Macau Operations Property Transfer Agreements 
In December 2022, in accordance with the requirements of the Macau Gaming Law, Wynn Macau SA and Palo Real 
Estate Company Limited (“Palo”), a subsidiary of Wynn Macau SA, entered into agreements (collectively, the “Property 
73 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Transfer Agreements”) with the Macau government, pursuant to which Wynn Macau SA and Palo transferred the casino areas 
and gaming equipment of the Company’s Macau Operations to the Macau government without compensation on December 31, 
2022, and the Macau government agreed to transfer such casino areas and gaming equipment back to Wynn Macau SA as of 
January 1, 2023, for its use in the operation of games of chance at Wynn Macau and Wynn Palace as permitted under the 
Gaming Concession Contract through December 31, 2032. As the Company expects to continue to operate the casino areas and 
gaming equipment at its Macau Operations in the same manner as under the previous concession, obtain substantially all of the 
economic benefits, and bear all of the risks arising from the use of these assets, and believes it will be awarded a new 
concession upon the expiration of the Gaming Concession Contract, the Company will continue to recognize the casino areas 
and gaming equipment as property and equipment over their remaining estimated useful lives. Pursuant to the Gaming 
Concession Contract, Wynn Macau SA will revert to the Macau government the casino areas and gaming equipment, without 
compensation and free of encumbrance, upon the rescission or termination of the gaming concession on December 31, 2032. 
In exchange for the use of casino areas and gaming equipment in the operations of games of chance at Wynn Macau and 
Wynn Palace under the Property Transfer Agreements, Wynn Macau SA has agreed to pay the Macau government an annual 
amount of MOP53.1 million (approximately $6.6 million) in the year ending December 31, 2023, subject to adjustment in each 
year based on the average price index in Macau for the years ending December 31, 2024, and 2025, and an annual amount of 
MOP177.0 million (approximately $22.1 million) in the year ending December 31, 2026, subject to adjustment annually based 
on the average price index in Macau for each of the remaining years of the term of the Gaming Concession Contract through 
December 31, 2032. 
Note 6 - Goodwill and Intangible Assets, net 
Goodwill and intangible assets, net consisted of the following (in thousands): 
 
December 31, 
 
2024 
2023 
Finite-lived intangible assets: 
 
 
Macau gaming concession 
$
210,630 
$
209,199 
Less: accumulated amortization 
(42,126) 
(20,920) 
 
168,504 
188,279 
 
 
 
Massachusetts gaming license 
117,700 
117,700 
Less: accumulated amortization 
(43,331) 
(35,484) 
 
74,369 
82,216 
 
 
 
Other finite-lived intangible assets 
5,400 
50,154 
Less: accumulated amortization 
(2,071) 
(17,801) 
 
3,329 
32,353 
 
 
 
Total finite-lived intangible assets 
246,202 
302,848 
 
 
 
Indefinite-lived intangible assets: 
 
 
Water rights and other 
8,397 
8,397 
Total indefinite-lived intangible assets 
8,397 
8,397 
 
 
 
Goodwill: 
 
 
Balance at beginning of year 
18,463 
90,520 
Impairment 
— 
(72,057) 
Balance end of period 
18,463 
18,463 
 
 
 
Total goodwill and intangible assets, net 
$
273,062 
$
329,708 
74 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Massachusetts Finite-Lived Intangible Assets 
The Massachusetts gaming license is a finite-lived intangible asset that is being amortized over the 15 year life of the 
license. The Company expects that amortization of the Massachusetts gaming license will be $7.8 million each year from 2025 
through 2033, and $3.7 million in 2034. 
Wynn Interactive Goodwill and Finite-Lived Intangible Assets 
Other finite-lived intangible assets consisted of market access rights and gaming license fees. During the year ended 
December 31, 2024, the Company sold its market access rights and related obligations in Michigan, and pursuant to a separate 
equity purchase agreement, sold WSI US, LLC, Wynn Interactive’s domestic operating subsidiary, which included the 
Company’s gaming license in New York. As a result of these transactions, the Company recognized a gain of $24.6 million in 
Property charges and other expenses in the accompanying Consolidated Statements of Operations for the year ended 
December 31, 2024. As of December 31, 2024, the Company had no remaining goodwill or intangible assets related to Wynn 
Interactive. 
During the year ended December 31, 2023, as a result of the Company’s decision to cease operating Wynn Interactive’s 
digital sports betting and casino platform announced in August 2023, the Company identified interim indicators of impairment 
related to the goodwill assigned to the WynnBet reporting unit. As a result, the Company performed an impairment test and 
determined that the carrying value of its goodwill exceeded the estimated fair value of that reporting unit based on a 
combination of the income and cost approaches, causing the Company to recognize a goodwill impairment loss of 
$72.1 million. The Company also recognized impairment of other finite-lived intangible assets related to Wynn Interactive’s 
closed operations totaling $22.4 million during the year ended December 31, 2023. 
During the year ended December 31, 2022, as a result of changes in forecasts and other industry-specific factors and 
management’s decision to cease the operations of Betbull Limited, a subsidiary of Wynn Interactive, the Company recognized 
impairment of goodwill and other finite-lived intangible assets of $37.8 million and $10.3 million, respectively. 
Macau Gaming Concession 
On January 1, 2023, the Company recognized an intangible asset and financial liability of MOP1.68 billion 
(approximately $208.3 million), representing the right to operate games of chance at Wynn Palace and Wynn Macau and the 
unconditional obligation to make payments under the Gaming Concession Contract. This intangible asset comprises the 
contractually obligated annual payments of fixed and variable premiums, as well as fees associated with the Property Transfer 
Agreements (as described in Note 5, “Property and Equipment, net”). The contractually obligated annual variable premium 
payments associated with the intangible asset were determined using the total number of gaming tables and gaming machines 
that Wynn Macau SA is currently approved to operate by the Macau government. In the accompanying Consolidated Balance 
Sheets, the noncurrent portion of the financial liability is included in “Other long-term liabilities” and the current portion is 
included in “Other accrued liabilities.” The intangible asset is being amortized on a straight-line basis over the 10-year term of 
the Gaming Concession Contract. The Company expects that amortization of the Macau Gaming Concession will be 
$21.1 million each year from 2025 to 2032. 
As of December 31, 2024, the Company expects to pay fixed and variable premium payment amounts of $14.6 million in 
each of the years ending December 31, 2025, 2026, 2027, 2028, and 2029, and an aggregate amount of $44.7 million thereafter 
through December 31, 2032. 
75 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Note 7 - Long-Term Debt 
Long-term debt consisted of the following (in thousands): 
 
December 31, 
 
2024 
2023 
Macau Related: 
 
 
WM Cayman II Revolver, due 2028(1) 
$
1,151,874 
$
1,497,610 
WML 4 7/8% Senior Notes, due 2024(2) 
— 
600,000 
WML 5 1/2% Senior Notes, due 2026 
1,000,000 
1,000,000 
WML 5 1/2% Senior Notes, due 2027 
750,000 
750,000 
WML 5 5/8% Senior Notes, due 2028 
1,350,000 
1,350,000 
WML 5 1/8% Senior Notes, due 2029 
1,000,000 
1,000,000 
WML 4 1/2% Convertible Bonds, due 2029(3) 
600,000 
600,000 
 
 
 
U.S. and Corporate Related: 
 
 
WRF Credit Facilities(4): 
 
 
WRF Term Loan, due 2024 
— 
73,683 
WRF Term Loan, due 2027 
763,125 
730,692 
WLV 5 1/2% Senior Notes, due 2025(2) 
— 
1,380,001 
WLV 5 1/4% Senior Notes, due 2027 
880,000 
880,000 
WRF 5 1/8% Senior Notes, due 2029 
750,000 
750,000 
WRF 7 1/8% Senior Notes, due 2031 
1,000,000 
600,000 
WRF 6 1/4% Senior Notes, due 2033 
800,000 
— 
Retail Term Loan, due 2027(5) 
600,000 
615,000 
 
10,644,999 
11,826,986 
WML Convertible Bond Conversion Option Derivative 
33,007 
73,744 
Less: Unamortized debt issuance costs and original issue discounts and premium, net 
(136,272) 
(162,393) 
 
10,541,734 
11,738,337 
Less: Current portion of long-term debt 
(41,250) 
(709,593) 
Total long-term debt, net of current portion 
$
10,500,484 
$
11,028,744 
(1) As of December 31, 2024, the borrowings under the WM Cayman II Revolver bear interest at the term secured overnight financing rate (“Term SOFR”) 
plus a credit adjustment spread of 0.10% or the Hong Kong Interbank Offered Rate (“HIBOR”), in each case plus a margin of 1.875% to 2.875% per 
annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $239.1 million and $912.8 million of the WM Cayman II 
Revolver bears interest at a rate of Term SOFR plus 1.975% per year and HIBOR plus 1.875% per year, respectively. As of December 31, 2024 and 2023, 
the weighted average interest rate was approximately 6.43% and 7.20%, respectively. As of December 31, 2024, the available borrowing capacity under 
the WM Cayman II Revolver was $353.8 million. 
(2) In October 2024, the Company repaid or repurchased the 2024 WML Senior Notes and 2025 WLV Senior Notes. 
(3) As of December 31, 2024, the net carrying amount of the WML Convertible Bonds was $498.4 million, with unamortized debt discount and debt issuance 
costs of $101.6 million. The Company recorded contractual interest expense of $27.0 million and $22.1 million and amortization of discounts and 
issuance costs of $18.9 million and $14.2 million during the years ended December 31, 2024 and 2023. 
(4) The WRF Credit Facilities bear interest at a rate of Term SOFR plus 1.75% per year. As of December 31, 2024 and 2023, the weighted average interest 
rate was approximately 6.21% and 7.21%, respectively. Additionally, as of December 31, 2024, the available borrowing capacity under the WRF 
Revolver was $735.3 million, net of $14.7 million in outstanding letters of credit. 
(5) As of December 31, 2024, the Retail Term Loan bears interest at a rate of adjusted daily simple secured overnight financing rate (“SOFR”) plus 2.15% 
per year. As of December 31, 2023, the Retail Term Loan bore interest at a rate of adjusted daily SOFR plus 1.80% per year. As of December 31, 2024 
and 2023, the effective interest rate was 5.54% and 5.47%, respectively. 
76 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Macau Related Debt 
WM Cayman II Revolver 
In September 2021, WM Cayman Holdings Limited II, an indirect wholly owned subsidiary of WML, as borrower (“WM 
Cayman II”) and WML as guarantor, each an indirect subsidiary of Wynn Resorts, entered into a facility agreement with, 
among others, Bank of China Limited, Macau Branch as agent and a syndicate of lenders (the “Facility Agreement”), pursuant 
to which the lenders will make available in an aggregate amount of $1.50 billion equivalent revolving unsecured credit facility 
consisting of a U.S. dollar tranche in an amount of $312.5 million (“Facility A”) and a Hong Kong dollar tranche (“Facility 
B”) in an amount of HK$9.26 billion (approximately $1.19 billion) to WM Cayman II (the “WM Cayman II Revolver”). WM 
Cayman II has the ability to upsize the total WM Cayman II Revolver by an additional $1.00 billion equivalent under the 
Facility Agreement and related agreements upon the satisfaction of various conditions. WML, as guarantor, may be subject to 
certain restrictions on payments of dividends or distributions to its shareholders, unless certain financial criteria have been 
satisfied through the Facility Agreement. 
Pursuant to the Facility Agreement, as amended in May 2022 and as amended and restated in June 2023 (the “Amended 
and Restated Facility Agreement”), loans provided under Facility A bear interest at a variable rate per annum equal to: 
(a) Term SOFR, plus a credit adjustment spread of 0.10% (subject to a minimum floor of 0.00%), plus (b) a margin of 1.875% 
to 2.875% based on the consolidated leverage ratio of WM Cayman II and its subsidiaries (as calculated pursuant to the 
Amended and Restated Facility Agreement), and loans provided under Facility B bear interest at a variable rate per annum 
equal to: (i) HIBOR plus (ii) a margin of 1.875% to 2.875% based on the consolidated leverage ratio of WM Cayman II and its 
subsidiaries (as calculated pursuant to the Amended and Restated Facility Agreement). 
In September 2024, WM Cayman II, as borrower and WML, as guarantor, entered into an amendment agreement (the 
“Second Amendment Agreement”) to the Amended and Restated Facility Agreement, to extend the maturity date of the 
outstanding loans from September 16, 2025 to September 16, 2028, or the immediately preceding business day if 
September 16, 2028 is not a business day. In connection with the Second Amendment Agreement, the Company recorded debt 
issuance costs of $19.2 million within the Consolidated Balance Sheet. 
WML Convertible Bonds 
In March 2023, WML completed an offering of $600 million 4.50% convertible bonds due 2029 (the “WML Convertible 
Bonds”). The WML Convertible Bonds are governed by a trust deed dated March 7, 2023 (the “Trust Deed”), between WML 
and DB Trustees (Hong Kong) Limited, as trustee. WML, DB Trustees (Hong Kong) Limited, as trustee, and Deutsche Bank 
Trust Company Americas entered into an agency agreement, appointing Deutsche Bank Trust Company Americas as the 
principal paying agent, principal conversion agent, transfer agent and registrar in relation to the WML Convertible Bonds. 
The WML Convertible Bonds bear interest on their outstanding principal amount from and including March 7, 2023 at 
the rate of 4.50% per annum, payable semi-annually in arrears on March 7 and September 7 of each year. At any time on or 
after April 17, 2023, the WML Convertible Bonds are convertible at the option of the holder thereof into fully paid ordinary 
shares of WML, each with a nominal value of HK$0.001 per share (“Ordinary Shares”), at the initial conversion price of 
approximately HK$10.24 (equivalent to approximately $1.32) per share, subject to and upon compliance with the terms and 
conditions of the WML Convertible Bonds (the “Terms and Conditions,” and such right, the “Conversion Right”). The 
conversion price is at the fixed exchange rate of HK$7.8497 per $1.00, subject to standard adjustments for certain dilutive 
events as described in the Terms and Conditions. WML has the option upon conversion by a bondholder to pay an amount of 
cash equivalent described in the Terms and Conditions in order to satisfy such Conversion Right in whole or in part. As of 
December 31, 2024, the adjusted conversion price was HK$10.01 (equivalent to approximately $1.29) per share as a result of 
dividend payments made by WML during the year ended December 31, 2024. 
Holders of the WML Convertible Bonds have the option to require WML to redeem all or some of such holder’s WML 
Convertible Bonds (i) on March 7, 2027 at their principal amount together with interest accrued but unpaid to, but excluding, 
the date fixed for redemption; or (ii) on the Relevant Event Redemption Date (as defined in the Terms and Conditions) at their 
principal amount together with interest accrued but unpaid to, but excluding, such date, following the occurrence of (a) when 
the Ordinary Shares cease to be listed or admitted to trading or are suspended from trading for a period equal to or exceeding 
77 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
10 consecutive trading days on the Stock Exchange of Hong Kong Limited (“HKSE”), or if applicable, the alternative stock 
exchange, (b) when there is a Change of Control (as defined in the Terms and Conditions), or (c) when less than 25% of 
WML’s total number of issued Ordinary Shares are held by the public (as interpreted under Rule 8.24 of the Rules Governing 
the Listing of Securities on the HKSE). 
The WML Convertible Bonds may also be redeemed at the option of WML under certain circumstances specified in the 
Terms and Conditions, in whole, but not in part, at any time after March 7, 2027, but prior to March 7, 2029, upon giving 
notice to the bondholders in accordance with the Terms and Conditions. The WML Convertible Bonds constitute direct, 
unsubordinated, unconditional and, subject to the Terms and Conditions, unsecured obligations of WML and rank pari passu 
and without any preference or priority among themselves. The Ordinary Shares to be issued upon exercise of Conversion Right 
will be fully-paid and will in all respects rank pari passu with the fully-paid Ordinary Shares in issue on the relevant 
registration date set forth in the Terms and Conditions. 
The Trust Deed contains covenants limiting WML’s and all of its subsidiaries’ ability to, among other things, create, 
permit to subsist or arise or have outstanding any mortgage, charge, pledge, lien or other encumbrance or certain security 
interest; consolidate or merge with or into another company; and sell, assign, transfer, convey or otherwise dispose of all or 
substantially all of its and its subsidiaries’ properties or assets, with certain exceptions. The Trust Deed also contains 
customary events of default. 
The Company determined that the conversion feature contained within the WML Convertible Bonds is required to be 
bifurcated from the debt host contract and accounted for as a free-standing derivative (the “WML Convertible Bond 
Conversion Option Derivative”) recorded within Long-term debt within the accompanying Consolidated Balance Sheet. In 
accordance with applicable accounting standards, the WML Convertible Bond Conversion Option Derivative is reported at fair 
value as of the end of each reporting period, with changes recognized in the statements of operations. For more information, 
see “Note 8 - WML Convertible Bond Conversion Option Derivative.” 
WML Senior Notes 
WML 5 1/2% Senior Notes due 2026, WML 5 1/2% Senior Notes due 2027, WML 5 5/8% Senior Notes due 2028, and 
WML 5 1/8% Senior Notes due 2029 (collectively, the “WML Senior Notes”) bear interest at each of their respective interest 
rates and interest is payable semi-annually. The WML Senior Notes are WML’s general unsecured obligations and rank pari 
passu in right of payment with all of WML’s existing and future senior unsecured indebtedness, will rank senior to all of 
WML’s future subordinated indebtedness, if any; will be effectively subordinated to all of WML’s future secured indebtedness 
to the extent of the value of the assets securing such debt; and will be structurally subordinated to all existing and future 
obligations of WML’s subsidiaries, including the WM Cayman II Revolver. The WML Senior Notes are not registered under 
the Securities Act of 1933, as amended (the “Securities Act”) and are subject to restrictions on transferability and resale. 
The WML Senior Notes were issued pursuant to indentures between WML and Deutsche Bank Trust Company Americas, 
as trustee (the “WML Senior Notes Indentures”). The WML Senior Notes Indentures contain covenants limiting WML’s (and 
certain of its subsidiaries’) ability to, among other things: merge or consolidate with another company; transfer or sell all or 
substantially all of its properties or assets; and lease all or substantially all of its properties or assets. The WML Senior Notes 
Indentures also contain customary events of default. In the case of an event of default arising from certain events of 
bankruptcy or insolvency, all WML Senior Notes then outstanding will become due and payable immediately without further 
action or notice. 
Upon the occurrence of (a) any event after which none of WML or any subsidiary of WML has the applicable gaming 
concessions or authorizations in Macau in substantially the same manner and scope as WML and its subsidiaries are entitled to 
at the date on which each of the WML Senior Notes are issued, for a period of 10 consecutive days or more, and such event 
has a material adverse effect on WML and its subsidiaries, taken as a whole; or (b) the termination or modification of any such 
concessions or authorizations which has a material adverse effect on WML and its subsidiaries, taken as a whole, each holder 
of the WML Senior Notes will have the right to require WML to repurchase all or any part of such holder’s WML Senior 
Notes at a purchase price in cash equal to 100% of the principal amount thereof, plus accrued and unpaid interest. If WML 
undergoes a Change of Control (as defined in the WML Senior Notes Indentures), it must offer to repurchase the WML Senior 
Notes at a price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest. 
78 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
In October 2024, WML repaid the $600.0 million aggregate principal amount of WML’s 4 7/8% Senior Notes due 2024 
on their stated maturity date. 
U.S. and Corporate Related Debt 
WRF Credit Facilities 
During 2019, WRF entered into a credit agreement (the “WRF Credit Agreement”) providing for a first lien term loan 
facility in an aggregate principal amount of $1.00 billion (the “WRF Term Loan”) and a first lien revolving credit facility in an 
aggregate principal amount of $850.0 million (the “WRF Revolver” and together with the WRF Term Loan, the “WRF Credit 
Facilities”). 
In May 2023, WRF and certain of its subsidiaries entered into an amendment to the WRF Credit Facility Agreement to: 
(i) transition the benchmark rate from LIBOR to Term SOFR and to make conforming changes, (ii) reduce the aggregate 
principal amount of revolving commitments under the revolving credit facility by $100.0 million, from $850.0 million to 
$750.0 million, (iii) extend the stated maturity date for lenders electing to extend their revolving commitments in an amount 
equal to approximately $681.3 million from September 20, 2024 to September 20, 2027, and (iv) extend the stated maturity 
date for lenders electing to extend their term loan commitments in an amount equal to approximately $749.4 million from 
September 20, 2024 to September 20, 2027. Lenders who elected not to extend their revolving commitments in an amount 
equal to approximately $68.7 million remained subject to a stated maturity date of September 20, 2024, and lenders who 
elected not to extend their term loan commitments in an amount equal to approximately $75.6 million remained subject to a 
stated maturity date of September 20, 2024. 
Subject to certain exceptions, the WRF Credit Facilities bear interest at Term SOFR plus 1.75% per annum. The annual 
fee required to pay for unborrowed amounts under the WRF Revolver, if any, is 0.25% per annum. The Company is required 
to make quarterly repayments on the WRF Term Loan of $10.3 million, with any remaining principal amount outstanding 
repayable in full on the term loan’s respective stated maturity date. 
In September 2024, WRF and certain of its subsidiaries entered into an amendment (the “WRF Credit Facility 
Amendment”) to its existing credit agreement to extend the stated maturity of $68.7 million aggregate principal amount of 
revolving commitments and $71.8 million aggregate principal of term loan commitments from September 20, 2024 to 
September 20, 2027. In connection with the 2024 WRF Credit Facility Amendment, the Company recognized a loss on debt 
financing transactions of $0.1 million within the accompanying Consolidated Statement of Operations, and the Company 
recorded debt issuance costs of $0.5 million within the Consolidated Balance Sheet. 
The WRF Credit Agreement contains customary representations and warranties, events of default and negative and 
affirmative covenants, including, but not limited to, covenants that restrict our ability to pay dividends or distributions to any 
direct or indirect subsidiaries, to incur and/or repay indebtedness, to make certain restricted payments, and to enter into 
mergers and acquisitions, negative pledges, liens, transactions with affiliates, and sales of assets. In addition, WRF is subject 
to financial covenants, including maintaining a Consolidated First Lien Net Leverage Ratio, as defined in the WRF Credit 
Agreement. The Consolidated Senior Secured Net Leverage Ratio is not to exceed 3.75 to 1.00. 
The WRF Credit Facilities are guaranteed by each of WRF’s existing and future wholly owned domestic restricted 
subsidiaries (the “Guarantors”), subject to certain exceptions, and are secured by a first priority lien on substantially all of 
WRF’s and each of the guarantors’ existing and future property and assets, subject to certain exceptions, including a limitation 
on the amount of collateral granted by Wynn Las Vegas, LLC (“WLV”) and its subsidiaries so as to not violate the indenture 
governing WLV’s outstanding senior notes. 
WRF Senior Notes 
In April 2020, WRF and its subsidiary Wynn Resorts Capital Corp. (collectively with WRF, the “WRF Issuers”), each an 
indirect wholly owned subsidiary of the Company, issued $750.0 million aggregate principal amount of 5 1/8% Senior Notes 
due 2029 (the “2029 WRF Senior Notes”). 
79 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
In February 2023, the WRF Issuers issued $600.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 
(the “2031 WRF Senior Notes”) in a private offering. The 2031 WRF Senior Notes were issued at par, for net proceeds of 
$596.2 million, which were used to repurchase WRF senior notes outstanding at that time. 
In February 2024, the WRF Issuers issued an additional $400.0 million aggregate principal amount of 7 1/8% Senior 
Notes due 2031 (the “2031 WRF Add-On Senior Notes”), and collectively with the 7 1/8% Senior Notes due 2031 (the “2031 
WRF Senior Notes”). The 2031 WRF Add-On Senior Notes were issued at a price equal to 103.00% of the principal amount 
plus accrued interest, resulting in net proceeds of $409.5 million. The net proceeds from the 2031 WRF Add-On Senior Notes, 
together with cash held by Wynn Resorts, were used to repurchase an aggregate $796.7 million of the outstanding principal 
amount of the 2025 WLV Senior Notes (as defined below) and to pay the applicable tender premium and related fees and 
expenses. In connection with the issuance of the 2031 WRF Add-On Senior Notes and the repurchase of the 2025 WLV Senior 
Notes in February and March 2024 (as further discussed below), the Company recognized a loss on debt financing transactions 
of $1.6 million within the accompanying Consolidated Statements of Operations, and the Company recorded debt issuance 
costs of $5.6 million within the accompanying Consolidated Balance Sheet. 
In September 2024, the WRF Issuers issued $800.0 million aggregate principal amount of 6 1/4% Senior Notes due 2033 
(the “2033 WRF Senior Notes”) in a private offering exempt from the registration requirements of the Securities Act, as 
amended. The 2033 WRF Senior Notes were issued at par, for proceeds of $795.0 million, net of $5.0 million of related fees 
and expenses. A portion of the proceeds from the offering of the 2033 WRF Senior Notes was used in October 2024 to 
repurchase the remaining outstanding principal amount of the 2025 WLV Senior Notes (as defined below) in full. In 
connection with the issuance of the 2033 WRF Senior Notes and the repurchase of the 2025 WLV Senior Notes in October 
2024 (as further discussed below), the Company recognized a loss on debt financing transactions of $1.1 million within the 
accompanying Consolidated Statements of Operations, and the Company recorded debt issuance costs of $8.2 million within 
the accompanying Consolidated Balance Sheet. 
The 2029 WRF Senior Notes, the 2031 WRF Senior Notes and the 2033 WRF Senior Notes (collectively the “WRF 
Senior Notes”) were issued pursuant to indentures (the “WRF Indentures”) among the WRF Issuers, the Guarantors party 
thereto, and U.S. Bank National Association, as trustee (the “Trustee”). The WRF Senior Notes bear interest at each of their 
respective interest rates and interest is payable semi-annually. 
The WRF Senior Notes are the WRF Issuers’ senior unsecured obligations and rank pari passu in right of payment with 
the WLV Senior Notes (as defined below), and rank equally in right of payment with Wynn Las Vegas’ guarantee of the WRF 
Credit Facilities, and rank senior in right of payment to all of the WRF Issuers’ existing and future subordinated debt. The 
WRF Senior Notes are effectively subordinated in right of payment to all of the WRF Issuers’ existing and future secured debt 
(to the extent of the value of the collateral securing such debt), and structurally subordinated to all of the liabilities of any of 
the WRF Issuers’ subsidiaries that do not guarantee the WRF Senior Notes, including WML and its subsidiaries. 
The WRF Senior Notes are jointly and severally guaranteed by each of WRF’s existing domestic restricted subsidiaries 
that guarantee indebtedness under the WRF Credit Agreement, including Wynn Las Vegas, LLC and each of its subsidiaries 
that guarantees the WLV Senior Notes. The guarantees are senior unsecured obligations of the Guarantors and rank senior in 
right of payment to all of their future subordinated debt. The guarantees rank equally in right of payment with all existing and 
future liabilities of the Guarantors that are not so subordinated and will be effectively subordinated in right of payment to all of 
such Guarantors’ existing and future secured debt (to the extent of the collateral securing such debt). 
The WRF Indentures contains covenants that limit the ability of the WRF Issuers and the Guarantors to, among other things, 
enter into sale-leaseback transactions, create or incur liens to secure debt, and merge, consolidate or sell all or substantially all of 
the WRF Issuers’ assets. These covenants are subject to exceptions and qualifications set forth in the WRF Indentures. The WRF 
Indentures also contain customary events of default, including, but not limited to, failure to make required payments, failure to 
comply with certain covenants, certain events of bankruptcy and insolvency, and failure to pay certain judgments. 
The WRF Senior Notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities 
Act. The WRF Senior Notes have not been and will not be registered under the Securities Act or under any state securities 
laws. Therefore, the WRF Senior Notes may not be offered or sold within the United States to, or for the account or benefit of, 
any United States person unless the offer or sale would qualify for a registration exemption from the Securities Act and 
applicable state securities laws. 
80 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
WLV Senior Notes 
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. (“Capital Corp.” and together with Wynn Las Vegas, LLC, 
the “Issuers”) issued $1.80 billion 5 1/2% Senior Notes due 2025 (the “2025 WLV Senior Notes”), and $900.0 million 5 1/4% 
Senior Notes due 2027 (the 2027 WLV Senior Notes) pursuant to indentures, dated February 18, 2015 (the “2025 Indenture”), 
and May 11, 2017 (the “2027 Indenture”), respectively, among the Issuers, the WLV Guarantors (as defined below) and the 
Trustee. 
In February and March 2024, Wynn Las Vegas repurchased $800.0 million aggregate principal amount of 2025 WLV 
Senior Notes, which consisted of i) $681.0 million aggregate principal amount of validly tendered notes repurchased at a price 
equal to 97.2% of the principal amount, plus accrued interest and an early tender premium of $20.3 million, and ii) 
$119.0 million aggregate principal amount of notes repurchased on a pro-rata basis at a price equal to 100% of the principal 
amount, plus accrued interest, under the terms of its indenture. Included in the $119.0 million repurchase was $3.3 million 
aggregate principal amount of 2025 WLV Senior Notes held by Wynn Resorts. The Company used the net proceeds from the 
2031 WRF Add-On Senior Notes and cash held by WRF to purchase such validly tendered 2025 WLV Senior Notes and to 
pay the early tender premium and related fees and expenses. 
In October 2024, Wynn Las Vegas repurchased the remaining $600.0 million aggregate principal amount of its 2025 
WLV Senior Notes at a price equal to 100.0% of the principal amount, plus a “make-whole” amount and accrued interest, 
under the terms of its indenture. Included in the $600.0 million repurchase was $16.7 million aggregate principal amount of 
2025 WLV Senior Notes held by Wynn Resorts. 
In 2018, Wynn Resorts purchased $20.0 million principal amount of 2027 WLV Senior Notes through open market 
purchases. As of December 31, 2024, Wynn Resorts holds the 2027 WLV Senior Notes and has not contributed it to its wholly 
owned subsidiary, WLV. 
The 2027 WLV Senior Notes are the WLV Issuers’ senior unsecured obligations and each rank pari passu in right of 
payment. The 2027 WLV Senior Notes are unsecured, except by the first priority pledge by Wynn Las Vegas Holdings, LLC 
(“WLVH”), a direct wholly owned subsidiary of Wynn Resorts Finance, LLC, of its equity interests in Wynn Las Vegas, LLC. 
If Wynn Resorts receives an investment grade rating from one or more ratings agencies, the first priority pledge securing the 
2027 WLV Senior Notes will be released. 
The 2027 WLV Senior Notes are jointly and severally guaranteed by all of the WLV Issuers’ subsidiaries, other than 
Capital Corp., which was a co-issuer (the “WLV Guarantors”). The guarantees are senior unsecured obligations of the WLV 
Guarantors and rank senior in right of payment to all of their existing and future subordinated debt. The guarantees rank 
equally in right of payment with all existing and future liabilities of the WLV Guarantors that are not so subordinated and will 
be effectively subordinated in right of payment to all of such WLV Guarantors’ existing and future secured debt (to the extent 
of the collateral securing such debt). 
The 2027 Indenture contains covenants limiting the WLV Issuers’ and the WLV Guarantors’ ability to create liens on 
assets to secure debt; enter into sale-leaseback transactions; and merge or consolidate with another company. These covenants 
are subject to a number of important and significant limitations, qualifications and exceptions. Events of default under the 
2027 Indenture includes, among others, the following: default for 30 days in the payment of interest when due on the 2027 
WLV Senior Notes; default in payment of the principal or premium, if any, when due on the 2027 WLV Senior Notes; failure 
to comply with certain covenants in the 2027 Indenture; and certain events of bankruptcy or insolvency. In the case of an event 
of default arising from certain events of bankruptcy or insolvency with respect to the Issuers or any WLV Guarantor, all 2027 
WLV Senior Notes then outstanding will become due and payable immediately without further action or notice. 
The Issuers and certain of their subsidiaries will guarantee and secure their obligation under the WRF Credit Facilities 
with liens on substantially all of their assets, with such liens limiting the amount of such obligations secured to 15% of their 
total assets. 
The 2027 WLV Senior Notes were offered pursuant to an exemption under the Securities Act only to qualified 
institutional buyers in reliance on Rule 144A under the Securities Act. The 2027 WLV Senior Notes have not been and will 
not be registered under the Securities Act or under any state securities laws. Therefore, the 2027 WLV Senior Notes may not 
81 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
be offered or sold within the United States to, or for the account or benefit of, any United States person unless the offer or sale 
would qualify for a registration exemption from the Securities Act and applicable state securities laws. 
Retail Term Loan 
In 2018, Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC (collectively, the “Retail 
Borrowers”), subsidiaries of the Retail Joint Venture, entered into a term loan agreement (together with its subsequent 
amendments, the “Retail Term Loan Agreement”). On June 2, 2023, the Borrowers entered into an amendment effective as of 
July 3, 2023, which amended the Retail Term Loan Agreement to transition the benchmark interest rate applicable to the 
secured loan in an aggregate principal amount of $615.0 million issued to the Borrowers thereunder from LIBOR to SOFR and 
to make related conforming changes to the Retail Term Loan Agreement. The Retail Term Loan Agreement provides for a 
term loan facility to the Retail Borrowers of $615.0 million (the “Retail Term Loan”). The Retail Term Loan is secured by 
substantially all of the assets of the Retail Borrowers. The Retail Borrowers distributed approximately $589 million of the net 
proceeds of the Retail Term Loan to their members on a proportionate basis to each member’s ownership percentage. The 
Retail Borrowers may prepay the Retail Term Loan, in whole or in part, at any time with no premium above the principal 
amount. 
In accordance with the terms of the Retail Term Loan Agreement, the Retail Borrowers entered into an interest rate collar 
with a notional value of $615.0 million and a termination date of August 1, 2024, the underlying reference rate of which was 
transitioned from LIBOR to SOFR concurrently with the Retail Term Loan. The Company measured the fair value of the 
interest rate collar based on a Black-Scholes option pricing model, which incorporates observable market inputs such as 
market volatility and interest rates, with changes in fair value recorded in earnings. As of December 31, 2023, the fair value of 
the interest rate collar was an asset of $5.8 million, recorded in Prepaid expenses and other in the accompanying Consolidated 
Balance Sheets. 
In October 2024, the Retail Borrowers entered into a third amendment (the “Retail Term Loan Amendment”) to their 
existing term loan agreement. The Retail Term Loan Amendment, amends the Retail Term Loan Agreement to, among other 
things: (i) extend the scheduled maturity date of the term loan to July 24, 2027; (ii) provide for an interest rate on the term loan 
equal to One Month Term SOFR (as defined in, and determined in accordance with, the Retail Term Loan Agreement) plus a 
spread of 215 basis points; and (iii) require that the Retail Borrowers meet a specified maximum loan to value ratio annually 
(which, if not met, triggers a mandatory excess cash sweep until such ratio has been achieved) as well as certain specified 
minimum debt yields. In connection with, and as provided under, the Retail Term Loan Amendment, the Retail Borrowers 
made a principal prepayment of the term loan in the amount of $15.0 million. In connection with the Retail Term Loan 
Amendment, the Company recognized a loss on debt financing transaction of $0.1 million within the accompanying 
Consolidated Statements of Operations, and the Company recorded debt issuance costs of $2.4 million within the 
accompanying Consolidated Balance Sheet. 
In accordance with the terms of the Retail Term Loan Amendment, the Retail Borrowers entered into an interest rate 
swap agreement in October 2024 with a notional value of $600.0 million. The interest rate swap effectively fixes the variable 
component of the interest rate on the Retail Term Loan at 3.385% whereby the Retail Borrowers will pay the counterparty 
3.385% and the counterparty will pay the Retail Borrowers one-month SOFR. The interest rate swap settles monthly through 
the termination date in February 2027. The Company measures the fair value of the interest rate swap at each balance sheet 
date based on a discounting the future cash flows of both the fixed and variable rate interest payments based on market yield 
curves, with changes in fair value recorded in earnings. As of December 31, 2024, the fair value of the interest rate swap was 
an asset of $7.5 million, of which $3.9 million was recorded in Prepaid expenses and other and $3.6 million was recorded in 
Other assets in the accompanying Consolidated Balance Sheets. 
The Retail Term Loan Agreement contains customary representations and warranties, events of default and affirmative 
and negative covenants for debt facilities of this type, including, among other things, limitations on leasing matters, incurrence 
of indebtedness, distributions and transactions with affiliates. The Retail Term Loan Agreement also provides for customary 
sweeps of the Retail Borrowers’ excess cash in the event of a default or in the event the Retail Borrowers fail to maintain 
certain financial ratios as defined in the Retail Term Loan Agreement. In addition, the Company will indemnify the lenders 
under the Retail Term Loan and be liable, in each case, for certain customary environmental and non-recourse carve out 
matters pursuant to a hazardous materials indemnity agreement and a recourse indemnity agreement, each entered into 
concurrently with the execution of the Retail Term Loan Agreement. 
82 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Debt Covenant Compliance 
As of December 31, 2024, management believes the Company was in compliance with all debt covenants. 
Scheduled Maturities of Long-Term Debt 
Scheduled maturities of long-term debt as of December 31, 2024 were as follows (in thousands): 
Years Ending December 31, 
 
2025 
$
41,250 
2026 
1,041,250 
2027 
2,910,625 
2028 
2,501,874 
2029 
2,350,000 
Thereafter 
1,800,000 
 
10,644,999 
WML Convertible Bond Conversion Option Derivative 
33,007 
Unamortized debt issuance costs and original issue discounts and premium, net 
(136,272) 
 
$
10,541,734 
Fair Value of Long-Term Debt 
The estimated fair value of the Company’s long-term debt as of December 31, 2024 and 2023, was approximately 
$10.46 billion and $11.49 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue 
discount and premium, of $10.64 billion, and $11.83 billion, respectively. The estimated fair value of the Company’s long-
term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs). 
Note 8 - WML Convertible Bond Conversion Option Derivative 
An embedded derivative is a feature contained within a contract that affects some or all of the cash flows or the value of 
other exchanges required by the contract in a manner similar to a derivative instrument. Embedded derivatives are required to 
be bifurcated and accounted for separately from the host contract and carried at fair value when: (a) the embedded derivative 
possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; 
and (b) a separate, freestanding instrument with the same terms would qualify as a derivative instrument. The Company 
determined that the conversion feature contained within the WML Convertible Bonds is not indexed to WML’s equity and, as 
such, is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative. In accordance 
with applicable accounting standards, the WML Convertible Bond Conversion Option Derivative will be reported at fair value 
as of the end of each reporting period, with changes recognized in the statements of operations. 
The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the WML 
Convertible Bonds. Inherent in a binomial options pricing model are unobservable (Level 3) inputs and assumptions related to 
expected share-price volatility, risk-free interest rate, expected term, and dividend yield. The Company estimates the volatility 
of shares of WML common stock based on historical volatility that matches the expected remaining term to maturity of the 
WML Convertible Bonds. The risk-free interest rate is based on the Hong Kong and United States benchmark yield curves on 
the valuation date for a maturity similar to the expected remaining term of the WML Convertible Bonds. The expected life of 
the WML Convertible Bonds is assumed to be equivalent to their remaining term to maturity. Dividend yield is assumed to be 
zero due to a dividend protection feature in the WML Convertible Bond Agreement. 
83 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
The following table sets forth the inputs to the lattice models that were used to value the embedded derivative: 
 
December 31, 
2024 
 
December 31, 
2023 
WML stock price 
HK$
5.39  HK$
6.43 
Estimated volatility 
31.2%  
34.0% 
Risk-free interest rate 
3.6%  
3.3% 
Expected term (years) 
4.2  
5.2 
Dividend yield (1) 
0.0%  
0.0% 
(1) Dividend yield is assumed to be zero in the lattice model used to value the WML Convertible Bond Conversion Option Derivative, due to a dividend 
protection feature in the WML Convertible Bond Agreement. 
In connection with the completion of the offering of the WML Convertible Bonds in March 2023, the Company 
recognized a debt discount and a corresponding liability for the embedded derivative, based on an estimated fair value of 
$123.5 million. The debt discount will be amortized to interest expense over the term of the WML Convertible Bonds using 
the effective interest method. As of December 31, 2024 and 2023, the estimated fair value of the embedded derivative was a 
liability of $33.0 million and $73.7 million, recorded within Long-term debt within the accompanying Consolidated Balance 
Sheet. In connection with the change in fair value, the Company recorded a gain of $40.7 million and $49.7 million within 
Change in derivatives fair value in the accompanying Consolidated Statements of Operations for the years ended 
December 31, 2024 and 2023. 
Note 9 - Stockholders’ Deficit 
Equity Repurchase Program 
In November 2024, the Company’s Board of Directors authorized the Company to repurchase a total of up to $1.0 billion 
of the Company’s outstanding shares of common stock, increasing the previously available repurchase authorization by 
approximately $766.0 million. The equity repurchase program authorizes discretionary repurchases by the Company from time 
to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities 
Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to 
market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and 
the equity repurchase program may be suspended, discontinued or accelerated at any time. 
During the year ended December 31, 2024, the Company repurchased 4,349,779 shares of its common stock at an average 
price of $88.75 per share for an aggregate cost of $386.0 million under the equity repurchase program. During the year ended 
December 31, 2023, the Company repurchased 2,206,573 shares of its common stock at an average price of $88.61 per share 
for an aggregate cost of $195.5 million under the equity repurchase program. As of December 31, 2024, the Company had 
$813.0 million in repurchase authority remaining under the program. 
Dividends 
The Company paid a cash dividend of $0.25 per share in each of the quarters ended March 31, 2024, June 30, 2024, 
September 30, 2024 and December 31, 2024 and recorded an aggregate amount of $111.1 million against accumulated deficit 
in the year ended December 31, 2024. 
The Company paid a cash dividend of $0.25 per share in each of the quarters ended June 30, 2023, September 30, 2023 
and December 31, 2023 and recorded an aggregate amount of $85.1 million against accumulated deficit in the year ended 
December 31, 2023. No dividends were paid during the year ended December 31, 2022. 
On February 13, 2025, the Company declared a cash dividend of $0.25 per share, payable on March 5, 2025 to 
stockholders of record as of February 24, 2025. 
84 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Noncontrolling Interests 
Wynn Macau, Limited 
WML’s ordinary shares of common stock are listed on The Stock Exchange of Hong Kong Limited. As of December 31, 
2024, the Company owned approximately 72% of this subsidiary’s common stock. The shares of WML were not and will not 
be registered under the Securities Act and may not be offered or sold in the United States absent a registration under the 
Securities Act, or an applicable exception from such registration requirements. 
In June 2024 and September 2024, WML paid a cash dividend of HK$0.075 per share for a total U.S. dollar equivalent of 
approximately $50.4 million and $50.5 million, respectively. The Company’s share of these dividends were $36.0 million and 
$36.1 million, respectively, and the noncontrolling interest holders’ share of this dividend was $14.4 million in each of the 
quarters ended June 30, 2024 and September 30, 2024. 
WML Securities Lending Agreement 
In connection with the WML Convertible Bonds Offering, WM Cayman Holdings I Limited (“WM Cayman I”), a wholly 
owned subsidiary of the Company and holder of our approximate 72% ownership interest in WML, entered into a stock 
borrowing and lending agreement with Goldman Sachs International (the “WML Stock Borrower”) in March 2023 (the 
“Securities Lending Agreement”), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 
459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending 
Agreement. WM Cayman I may, at its sole discretion, terminate any stock loan by giving the WML Stock Borrower no less 
than five business days’ notice. The Securities Lending Agreement terminates on the date on which the WML Convertible 
Bonds have been redeemed, or converted in full, whichever is the earlier. In March 2023, the WML Stock Borrower borrowed 
459,774,985 ordinary shares of WML under the Securities Lending Agreement and in April 2023 returned 280,000,000 of 
such shares to WM Cayman I. As of the date of this report, the WML Stock Borrower held 179,774,985 WML shares under 
the Securities Lending Agreement. 
Retail Joint Venture 
During the years ended December 31, 2024, 2023 and 2022, the Retail Joint Venture made aggregate distributions of 
$17.0 million, $22.6 million and $27.7 million, respectively, to its non-controlling interest holder. For more information on the 
Retail Joint Venture, see Note 19, “Retail Joint Venture.” 
Note 10 - Fair Value Measurements 
The following tables present assets and liabilities carried at fair value (in thousands): 
 
 
Fair Value Measurements Using: 
 
December 31, 
2024 
Quoted 
Market 
Prices in 
Active 
Markets 
(Level 1) 
Other 
Observable 
Inputs 
(Level 2) 
Unobservable 
Inputs 
(Level 3) 
Assets: 
 
 
 
 
Cash equivalents 
$
787,004 
$
— 
$ 787,004 
$
— 
Restricted cash 
$
95,638 
$
6,434 
$
89,204 
$
— 
Interest rate swap 
$
7,510 
$
— 
$
7,510 
$
— 
 
 
 
 
 
Liabilities: 
 
 
 
 
WML Convertible Bond Conversion Option Derivative 
(see Note 8) 
$
33,007 
$
— 
$
— 
$
33,007 
85 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
 
 
Fair Value Measurements Using: 
 
December 31, 
2023 
Quoted 
Market 
Prices in 
Active 
Markets 
(Level 1) 
Other 
Observable 
Inputs 
(Level 2) 
Unobservable 
Inputs 
(Level 3) 
Assets: 
 
 
 
 
Cash equivalents 
$
1,802,712 
$
— 
$1,802,712 
$
— 
Restricted cash 
$
90,226 
$
2,170 
$
88,056 
$
— 
Fixed deposits 
$
550,000 
$
— 
$ 550,000 
$
— 
Interest rate collar 
$
5,769 
$
— 
$
5,769 
$
— 
 
 
 
 
 
Liabilities: 
 
 
 
 
WML Convertible Bond Conversion Option Derivative 
(see Note 8) 
$
73,744 
$
— 
$
— 
$
73,744 
Note 11 - Benefit Plans 
Defined Contribution Plans 
The Company established a retirement savings plan under Section 401(k) of the Internal Revenue Code covering its U.S. 
non-union employees in July 2000. The plan allows employees to defer, within prescribed limits, a percentage of their income 
through contributions to this plan. The Company matches 50% of employee contributions, up to 6% of employees’ eligible 
compensation. During the years ended December 31, 2024, 2023 and 2022, the Company recorded matching contribution 
expenses of $9.6 million, $10.2 million, and $8.7 million, respectively. 
Wynn Macau SA also operates a defined contribution retirement benefit plan (the “Wynn Macau Plan”). Eligible 
employees are allowed to contribute 5% of their base salary to the Wynn Macau Plan and the Company matches any 
contributions. On July 1, 2019, the Company offered the option for the eligible Macau resident employees to join the 
non-mandatory central provident fund (the “CPF”) system. Eligible Macau resident employees joining the Company from 
July 1, 2019 onwards have the option of enrolling in the CPF system while the Company’s existing Macau resident employees 
who are currently members of the Wynn Macau Plan will be provided with the option of joining the CPF system or staying in 
the existing Wynn Macau Plan, which will continue to be in effect in parallel. The CPF system allows eligible employees to 
contribute 5% or more of their base salary to the CPF while the Company matches with a 5% of such salary as employer’s 
contribution to the CPF. The Company’s matching contributions vest to the employee at 10% per year with full vesting in ten 
years. The assets of the Wynn Macau Plan and the CPF are held separately from those of the Company in independently 
administered funds and overseen by the Macau government. Forfeitures of unvested contributions are used to reduce the 
Company’s liability for its contributions payable. During the years ended December 31, 2024, 2023 and 2022, the Company 
recorded matching contribution expenses of $17.1 million, $16.3 million, and $17.0 million, respectively. 
Multi-Employer Pension Plans 
Risks of participating in a multi-employer plan differ from single-employer plans for the following reasons: (1) assets 
contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating 
employers; (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by 
the remaining participating employers; (3) if a participating employer stops participating, it may be required to pay those plans 
an amount based on the underfunded status of the plan, referred to as a withdrawal liability; and (4) if the plan is terminated by 
withdrawal of all employers and if the value of the nonforfeitable benefits exceeds plan assets and withdrawal liability 
payments, employers are required by law to make up the insufficient difference. 
The following table outlines the Company’s participation in multi-employer pension plans. The “EIN/Pension 
Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The most recent 
Pension Protection Act Zone Status (“Zone Status”) is based on information certified by each plan’s actuary and represents 
plan information available in 2024 and 2023, the plans’ two most recent fiscal year-ends. Plans certified in the green zone are 
86 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
at least 80% funded and plans certified in the red zone are generally less than 65% funded and require a rehabilitation plan. As 
of December 31, 2024 and 2023, all plans requiring a rehabilitation plan have had the respective plan implemented. 
The Company participates in the following multi-employer pension plans (in thousands): 
 
 
 
Zone Status 
Contributions by the Company 
Company 
Contribution 
> 5% 
Expiration Date 
of Collective 
Bargaining 
Agreements 
Pension Fund 
Employer 
EIN/ 
Pension Plan 
Number 
2023(1) 
2022(1) 
2024 
2023 
2022 
Southern 
Nevada 
Culinary and 
Bartenders 
Pension Plan(2) 
Wynn Las 
Vegas, LLC 
88-6016617/1 
Green 
Green $17,272 $15,849 $13,462 
Yes 
11/30/2028 
Western 
Conference of 
Teamsters 
Pension Trust 
Fund 
Wynn Las 
Vegas, LLC 
91-6145047/ 
217718,217830 
Green 
Green 
285 
226 
72 
No 
7/31/2029 
UNITE HERE! 
Workers and 
Hospitality 
Employers 
Variable 
Defined Benefit 
Pension Fund(3) 
Encore 
Boston 
Harbor 
45-4227067/026 
Green 
Green 
3,955 
— 
— 
No 
8/31/2026 
New England 
Teamster 
Pension Fund(3) 
Encore 
Boston 
Harbor 
04-6372430/001 
Red(4) 
Red(4) 
516 
— 
— 
No 
8/31/2026 
(1) Represents plan status for plan years ending in 2023 and 2022, which are the the most recent years for which plan data is available. 
(2) Includes union employees under the terms of the collective-bargaining agreements with the Culinary Workers Union, Local 226, and Bartenders Union, 
Local 165. 
(3) Contributions by the Company began on January 1, 2024. 
(4) Plan has implemented a rehabilitation plan for the plan years presented. 
Note 12 - Customer Contract Liabilities 
In providing goods and services to its customers, there is often a timing difference between the Company receiving cash 
and the Company recording revenue for providing services or holding events. 
The Company’s primary liabilities associated with customer contracts are as follows (in thousands): 
 
December 31, 
2024 
December 31, 
2023 
Increase/ 
(Decrease) 
December 31, 
2023 
December 31, 
2022 
Increase/ 
(Decrease) 
Casino outstanding chips and front money 
deposits(1) 
$
409,928 $
433,269 $
(23,341) $
433,269 $
390,531 $
42,738 
Advance room deposits and ticket sales(2) 
84,460 
89,640 
(5,180) 
89,640 
85,019 
4,621 
Other gaming-related liabilities(3) 
15,458 
24,964 
(9,506) 
24,964 
31,265 
(6,301) 
Loyalty program and related liabilities(4) 
29,489 
31,106 
(1,617) 
31,106 
35,083 
(3,977) 
 
$
539,335 $
578,979 $
(39,644) $
578,979 $
541,898 $
37,081 
(1) Casino outstanding chips generally represent amounts owed to gaming promoters and customers for chips in their possession, and casino front money 
deposits represent funds deposited by customers before gaming play occurs. These amounts are included in customer deposits on the Consolidated 
Balance Sheets and may be recognized as revenue or redeemed for cash in the future. 
87 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
(2) Advance room deposits and ticket sales represent cash received in advance for goods or services to be provided in the future. These amounts are included 
in customer deposits on the Consolidated Balance Sheets and will be recognized as revenue when the goods or services are provided or the events are 
held. Decreases in this balance generally represent the recognition of revenue and increases in the balance represent additional deposits made by 
customers. The deposits are expected to primarily be recognized as revenue within one year. 
(3) Other gaming-related liabilities generally represent unpaid wagers primarily in the form of unredeemed slot, race and sportsbook tickets or wagers for 
future sporting events. The amounts are included in other accrued liabilities on the Consolidated Balance Sheets. 
(4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed. The amounts are 
included in other accrued liabilities on the Consolidated Balance Sheets and are expected to be recognized as revenue within one year of being earned by 
customers. 
Note 13 - Stock-Based Compensation 
The Company has adopted equity plans that allow for grants of stock-based compensation awards. The following sections 
describe each of these plans. 
Wynn Resorts, Limited Second Amended and Restated 2014 Omnibus Incentive Plan (the “WRL Omnibus Plan”) 
In January 2017, the Company adopted the WRL Omnibus Plan after approval from its stockholders, which was adopted 
for a period of 10 years. From time to time, the Company reserves additional shares of its common stock for issuance under 
the WRL Omnibus Plan. The WRL Omnibus Plan allows for the grant of stock options, restricted stock, restricted stock units, 
stock appreciation rights, performance awards, and other share-based awards to eligible participants. 
In May 2024, the Company’s shareholders approved an amendment to the WRL Omnibus Plan that increases the shares 
authorized for issuance by 2,000,000 shares, for an aggregate number of shares authorized for issuance to 7,909,390 shares. 
As of December 31, 2024, the Company had 3,000,262 shares of its common stock available for grant as share-based 
awards under the WRL Omnibus Plan. 
Wynn Macau, Limited Share Option and Share Award Plans 
The Company’s majority-owned subsidiary, WML, has two stock-based compensation plans that provide awards based 
on shares of WML’s common stock. The shares available for issuance under these plans are separate and distinct from the 
common stock of Wynn Resorts’ share plan and are not available for issuance for any awards under the Wynn Resorts share 
plan. The maximum number of shares which may be issued pursuant to WML’s stock-based compensation plans is a combined 
aggregate of 523,843,160 shares. As of December 31, 2024, there were 512,897,160 shares available for issuance under 
WML’s stock-based compensation plans. 
WML Share Option Plan (“WML Share Option Plan”) 
WML adopted the WML Share Option Plan in May 2023 to supersede its share option plan adopted in May 2019. The 
WML share option plan allows for the grant of stock options to purchase shares of WML to eligible directors and employees 
of WML, its subsidiaries, and related entities, and service providers of WML and its subsidiaries. The WML Share Option 
Plan is administered by WML’s board of directors, which has the discretion on the vesting and service requirements, exercise 
price, performance targets to exercise if applicable and other conditions, subject to certain limits. The WML Share Option Plan 
was adopted for a period of 10 years commencing from May 25, 2023. 
WML Employee Share Ownership Scheme (the “WML Share Award Plan”) 
WML adopted the WML Share Award Plan in May 2023 to supersede its employee ownership scheme adopted on 
June 30, 2014. The Share Award Plan allows for the grant of nonvested shares of WML’s common stock to eligible directors 
and employees of WML, its subsidiaries, and related entities, and service providers of WML and its subsidiaries. The WML 
Share Award Plan was adopted for a period of 10 years commencing from May 25, 2023. 
88 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Stock Options 
The summary of stock option activity for the year ended December 31, 2024 is presented below: 
 
Options 
Weighted 
Average 
Exercise 
Price 
Weighted 
Average 
Remaining 
Contractual 
Term (in years) 
Aggregate 
Intrinsic 
Value 
WRL Omnibus Plan 
 
 
 
 
Outstanding as of January 1, 2024 
23,985 
$61.48 
 
 
Granted 
— 
$
— 
 
 
Exercised 
(17,285) 
$58.85 
 
 
Forfeited or expired 
— 
$
— 
 
 
Outstanding as of December 31, 2024 
6,700 
$68.25 
0.8 
$
119,997 
Fully vested and expected to vest as of December 31, 2024 
6,700 
$68.25 
0.8 
$
119,997 
Exercisable as of December 31, 2024 
6,700 
$68.25 
0.8 
$
119,997 
 
 
 
 
 
WML Share Option Plan 
 
 
 
 
Outstanding as of January 1, 2024 
37,220,400 
$ 1.52 
 
 
Granted 
4,983,000 
$ 0.75 
 
 
Exercised 
— 
$
— 
 
 
Forfeited or expired 
(644,000) 
$ 4.00 
 
 
Outstanding as of December 31, 2024 
41,559,400 
$ 1.40 
6.4 
$
419,076 
Fully vested and expected to vest as of December 31, 2024 
41,559,400 
$ 1.40 
6.4 
$
419,076 
Exercisable as of December 31, 2024 
24,287,400 
$ 1.75 
5.2 
$
167,630 
The following is provided for stock options under the Company’s stock-based compensation plans (in thousands, except 
weighted average grant date fair value): 
 
Year Ended December 31, 
 
2024 
2023 
2022 
WRL Omnibus Plan (1) 
 
 
 
Weighted average grant date fair value 
$
— 
$
— 
$
18.56 
Intrinsic value of stock options exercised 
$
832 
$
1,475 
$
— 
Cash received from the exercise of stock options 
$
1,017 
$
1,965 
$
— 
 
 
 
 
 
 
 
 
WML Share Option Plan (2) 
 
 
 
Weighted average grant date fair value 
$
0.25 
$
0.25 
$
0.26 
Intrinsic value of stock options exercised 
$
— 
$
— 
$
— 
Cash received from the exercise of stock options 
$
— 
$
— 
$
— 
(1) As of December 31, 2024, there was no unamortized compensation expense related to stock options. 
(2) As of December 31, 2024, there was $4.3 million of unamortized compensation expense related to stock options, which is expected to be recognized over 
a weighted average period of 3.26 years. 
89 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Option Valuation Inputs 
The fair value of stock options granted under the WRL Omnibus Plan was estimated on the date of grant using the 
following weighted average assumption: 
 
Year Ended December 31, 
 
2024
 
2023
 
2022
 
Expected dividend yield 
— % 
— % 
— % 
Expected volatility 
— % 
— % 
56.9 % 
Risk-free interest rate 
— % 
— % 
2.7 % 
Expected term (years) 
—
 
—
 
1.8
 
The fair value of stock options granted under WML’s Share Option Plan was estimated on the date of grant using the 
following weighted average assumptions: 
 
Year Ended December 31, 
 
2024
 
2023
 
2022
 
Expected dividend yield 
5.4 % 
5.7 % 
1.3 % 
Expected volatility 
54.2 % 
53.8 % 
45.7 % 
Risk-free interest rate 
3.1 % 
3.6 % 
3.2 % 
Expected term (years) 
6.5
 
6.5
 
6.5
 
Nonvested and performance nonvested shares 
The summary of nonvested and performance nonvested share activity under the Company’s stock-based compensation 
plans for the year ended December 31, 2024 is presented below: 
 
Shares 
Weighted 
Average 
Grant Date 
Fair Value 
WRL Omnibus Plan 
 
 
Nonvested as of January 1, 2024 
977,658 
$ 96.63 
Granted 
597,633 
$ 93.12 
Vested 
(526,612) 
$ 94.62 
Forfeited 
(29,708) 
$102.97 
Nonvested as of December 31, 2024 
1,018,971 
$ 95.52 
 
 
 
WML Share Award Plan 
 
 
Nonvested as of January 1, 2024 
22,331,806 
$
0.92 
Granted 
8,931,255 
$
0.90 
Vested 
(5,487,607) 
$
1.04 
Forfeited 
(1,253,005) 
$
0.95 
Nonvested as of December 31, 2024 
24,522,449 
$
0.89 
Certain members of the executive management team receive grants of nonvested share awards that are subject to service 
and performance conditions. Generally, these awards vest if certain fair share metrics (as approved by the Company’s 
Compensation Committee of the Board of Directors) are attained over a one-, two-, or three-year performance period. The 
Company records expense for these awards if it determines that vesting is probable. At December 31, 2024, all performance 
nonvested awards were deemed to be probable of vesting; however, none of the performance criteria contingencies have been 
resolved. The activity for these performance nonvested shares is included in the table above. 
90 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
The following is provided for the share awards under the Company’s stock-based compensation plans (in thousands, 
except weighted average grant date fair value): 
 
Year Ended December 31, 
 
2024 
2023 
2022 
WRL Omnibus Plan 
 
 
 
Weighted average grant date fair value 
$
93.12 
$
94.13 
$
62.34 
Fair value of shares vested 
$
49,544 
$
56,689 
$
52,965 
 
 
 
 
WML Share Award Plan 
 
 
 
Weighted average grant date fair value 
$
0.90 
$
1.08 
$
0.62 
Fair value of shares vested 
$
4,422 
$
3,941 
$
20,547 
As of December 31, 2024, there was $54.5 million of unamortized compensation expense related to nonvested shares 
under the WRL Omnibus Plan, which is expected to be recognized over a weighted average period of 1.88 years. As of 
December 31, 2024, there was $11.2 million of unamortized compensation expense under the WML Share Award Plan, which 
is expected to be recognized over a weighted average period of 2.09 years. 
Performance Share Units (“PSUs”) 
Certain members of the Wynn Resorts executive management team receive grants of PSUs that are subject to service and 
market conditions. Each PSU represents the right to receive between 0 and 1.6 shares of Wynn Resorts common stock 
depending on the performance of the common stock over a three-year period. The summary of PSU activity during the year 
ended December 31, 2024 is provided below: 
 
Units 
Weighted 
Average 
Grant Date 
Fair Value 
Nonvested as of January 1, 2024 
24,910 
$
121.70 
Granted 
25,885 
$
110.40 
Vested 
— 
$
— 
Forfeited 
— 
$
— 
Nonvested as of December 31, 2024 
50,795 
$
115.94 
The fair value of PSUs granted under the WRL Omnibus Plan was estimated on the date of grant using the following 
weighted average assumptions: 
 
Year Ended December 31, 
 
2024 
2023 
Expected volatility 
45% 
55% 
Risk-free interest rate 
4.1% 
3.8% 
Annual Incentive Bonus 
Certain members of the Company’s management team receive a portion of their annual incentive bonus in shares of the 
Company’s stock. The number of shares is determined based on the closing stock price on the date the annual incentive bonus 
is settled. As the number of shares is variable, the Company records a liability for the fixed monetary amount over the service 
period. The Company recorded stock-based compensation expense associated with these awards of $7.8 million, $8.0 million 
and $6.6 million for each of the years ended December 31, 2024, 2023 and 2022, respectively. The Company settled its 
obligations for the 2024, 2023, and 2022 annual incentive bonuses by issuing 94,350, 84,130, and 67,320 of vested shares with 
a weighted-average grant date fair value of $82.45, $95.26, and $98.61, in January of the respective following year. 
91 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Compensation Cost 
The total compensation cost for stock-based compensation plans was recorded as follows (in thousands): 
 
Year Ended December 31, 
 
2024 
2023 
2022 
Casino 
$
3,065 
$
2,163 
$
12,401 
Rooms 
1,028 
800 
1,252 
Food and beverage 
2,197 
1,636 
2,417 
Entertainment, retail and other 
1,108 
8,230 
10,964 
General and administrative 
51,631 
51,686 
40,593 
Total stock-based compensation expense 
59,029 
64,515 
67,627 
Total stock-based compensation capitalized 
5,242 
5,268 
3,246 
Total stock-based compensation costs 
$
64,271 
$
69,783 
$
70,873 
During the years ended December 31, 2024, 2023 and 2022, the Company recognized income tax benefits related to 
stock-based compensation expense in the Consolidated Statements of Operations of $9.9 million, $10.0 million, and 
$9.3 million, respectively. Additionally, during the years ended December 31, 2024, 2023, and 2022, the Company realized tax 
benefits related to stock option exercises and restricted stock vesting of $5.8 million, $7.5 million, and $8.9 million, 
respectively. 
Note 14 - Income Taxes 
Consolidated income (loss) before taxes for United States (“U.S.”) and foreign operations consisted of the following 
(in thousands): 
 
Year Ended December 31, 
 
2024 
2023 
2022 
United States 
$
251,003 
$
142,775 
$
339,513 
Foreign 
392,395 
142,608 
(1,039,549) 
Total 
$
643,398 
$
285,383 
$
(700,036) 
The income tax provision (benefit) attributable to income before income taxes is as follows (in thousands): 
 
December 31, 
 
2024 
2023 
2022 
Current 
 
 
 
U.S. Federal 
$
894 
$
(248) 
$
825 
U.S. State 
9,496 
6,337 
2,882 
Foreign 
141 
(194) 
2,510 
Total 
10,531 
5,895 
6,217 
Deferred 
 
 
 
U.S. Federal 
(4,585) 
(483,786) 
1,450 
U.S. State 
(2,264) 
(20,310) 
1,674 
Foreign 
— 
1,367 
(9) 
Total 
(6,849) 
(502,729) 
3,115 
Total income tax provision (benefit) 
$
3,682 
$
(496,834) 
$
9,332 
92 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
The reconciliation of the U.S. federal statutory tax rate to the actual tax rate is as follows: 
 
December 31, 
 
2024 
2023 
2022 
U.S. Federal statutory rate 
21.0 % 
21.0 % 
21.0 % 
State tax 
1.0 % 
(2.8)% 
0.3 % 
Foreign tax credits, net of valuation allowance 
(12.2)% 
(139.8)% 
12.5 % 
Non-taxable foreign income 
(6.3)% 
(9.6)% 
(5.7)% 
Foreign tax rate differential 
(3.9)% 
0.4 % 
(17.0)% 
Valuation allowance, other 
(6.6)% 
(43.8)% 
(3.1)% 
Other, net 
7.6 % 
0.5 % 
(9.3)% 
Effective income tax rate 
0.6 % 
(174.1)% 
(1.3)% 
In 2024, Wynn Macau SA received an exemption from Macau’s 12% Complementary Tax on casino gaming profits from 
January 1, 2023 through December 31, 2027. For the year ended December 31, 2023, the Company was exempt from the 
payment of Macau Complementary Tax totaling $77.4 million or $0.69 per diluted share. For the year ended December 31, 
2024, the Company was exempt from the payment of Macau Complementary Tax totaling $107.3 million or $0.97 per diluted 
share. The Company’s non-gaming profits remain subject to the Macau Complementary Tax and its casino winnings remain 
subject to the Macau special gaming tax and other levies in accordance with its concession agreement. 
93 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
The tax effects of significant temporary differences representing net deferred tax assets and liabilities consisted of the 
following (in thousands): 
 
December 31, 
 
2024 
2023 
Deferred tax assets—U.S.: 
 
 
Foreign tax credit carryforwards 
$
533,473 
$
1,244,149 
Disallowed interest expense carryforward 
157,586 
156,224 
Net operating loss carryforward 
169,598 
160,778 
Lease liability 
370,110 
371,032 
Property and equipment 
72,286 
50,903 
Receivables, inventories, accrued liabilities and other 
21,491 
21,854 
Stock-based compensation 
9,020 
9,984 
Other tax credit carryforwards 
21,562 
19,813 
Intangibles and related other 
36,371 
41,914 
Other 
1,858 
— 
 
1,393,355 
2,076,651 
Less: valuation allowance 
(479,854) 
(1,172,982) 
 
913,501 
903,669 
Deferred tax liabilities—U.S.: 
 
 
Leased asset 
(370,110) 
(371,032) 
Prepaid insurance, maintenance and taxes 
(15,447) 
(16,186) 
Other 
(20,228) 
(15,584) 
 
(405,785) 
(402,802) 
Deferred tax assets—Foreign: 
 
 
Net operating loss carryforwards 
32,114 
78,842 
Property and equipment 
91,884 
87,849 
Other 
2,952 
3,275 
 
126,950 
169,966 
Less: valuation allowance 
(124,791) 
(167,599) 
 
2,159 
2,367 
Deferred tax liabilities—Foreign: 
 
 
Property and equipment 
(2,159) 
(2,357) 
 
(2,159) 
(2,357) 
 
 
 
Net deferred tax asset 
$
507,716 
$
500,877 
As of December 31, 2024, the Company had foreign tax credit (“FTC”) carryforwards (net of uncertain tax positions) of 
$533.5 million. Of this amount, $47.2 million will expire in 2025, and $486.3 million will expire in 2027. The Company has a 
disallowed interest carryforward of $688.3 million which does not expire. As of December 31, 2024, the Company had U.S. 
federal and state tax loss carryforwards of $658.9 million. As of December 31, 2023, the Company had U.S. federal and state 
tax loss carryforwards of $624.6 million. U.S. federal tax loss carryforwards do not expire. State net operating losses generally 
carry forward 20 years and will begin to expire in 2040. The Company has foreign tax losses available of $38.2 million, 
$55.1 million and $154.6 million related to losses incurred in the tax years ended December 31, 2024, 2023 and 2022, 
respectively. The majority of foreign tax loss carryforwards expire in 2027, 2026, and 2025, respectively. 
94 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
The Company records valuation allowances on certain of its U.S. and foreign deferred tax assets. In assessing the need for 
a valuation allowance, the Company considers whether it is more likely than not that the deferred tax assets will be realized. 
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. In the assessment of 
the valuation allowance, appropriate consideration is given to all positive and negative evidence including recent operating 
profitability, forecast of future earnings, ability to carry back, the reversal of net taxable temporary differences, the duration of 
statutory carryforward periods and tax planning strategies. The need for valuation allowances against deferred tax assets will 
be assessed on a continuous basis and, as a result, the allowance may increase or decrease based on changes in facts and 
circumstances. 
In 2024, the Company recorded a $735.9 million net decrease to valuation allowances, including a $693.3 million 
decrease to valuation allowance on FTC carryforwards. Of the $693.3 million net decrease, $614.9 million relates to 
expirations of FTCs in 2024 and the remaining $78.4 million represents FTCs more likely than not to be realized based on 
changes in future taxable income and tax planning strategies. 
In 2023, the Company considered both the achievement of sustained profitability and cumulative income as well as 
forecasted income and tax planning strategies to be significant forms of positive evidence. The Company determined that the 
positive evidence outweighed the negative evidence and supported a release of a portion of the valuation allowance. Therefore, 
the Company recorded a $1.10 billion net decrease to valuation allowances, including a $971.7 million decrease to valuation 
allowance on FTC carryforwards. Of the $971.7 million decrease, $97.5 million related to utilization and $572.6 million 
related to expirations of FTCs in 2023. The remaining $301.6 million represented FTCs more likely than not to be realized 
based on future taxable income and tax planning strategies. The Company also recorded a $158.0 million decrease in valuation 
allowance on disallowed interest expense carryforward. 
As of December 31, 2024 and 2023, the Company had valuation allowances provided on its deferred tax assets as follows 
(in thousands): 
 
December 31, 
 
2024 
2023 
Foreign tax credits 
$
247,973 
$
941,249 
Intangible assets 
36,850 
46,084 
U.S. loss carryforwards 
169,598 
160,778 
Other U.S. deferred tax assets 
25,432 
24,872 
Foreign loss carryforwards 
32,674 
80,569 
Other foreign deferred tax assets 
92,118 
87,029 
Total 
$
604,645 
$
1,340,581 
The Company had the following activity for unrecognized tax benefits as follows (in thousands): 
 
December 31, 
 
2024 
2023 
2022 
Balance at beginning of period 
$
135,671 
$
135,979 
$
141,515 
Increases based on tax positions of the current year 
11,635 
15,818 
12,068 
Reductions based on tax positions of prior years 
— 
— 
(2,637) 
Reductions due to lapse in statutes of limitations 
(16,288) 
(16,126) 
(14,967) 
Balance at end of period 
$
131,018 
$
135,671 
$
135,979 
As of December 31, 2024, 2023 and 2022, unrecognized tax benefits of $130.9 million, $135.7 million and 
$135.9 million, respectively, were recorded as reductions in deferred income taxes, net. The Company had $0.1 million of 
unrecognized tax benefits recorded in other long-term liabilities as of December 31, 2024. The Company had no unrecognized 
tax benefits recorded in other long-term liabilities as of December 31, 2023 and 2022. 
95 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
As of December 31, 2024, 2023 and 2022, $65.8 million, $69.0 million and $69.0 million, respectively, of unrecognized 
tax benefits would, if recognized, impact the effective tax rate. 
The Company recognizes penalties and interest related to unrecognized tax benefits in the provision for income taxes. 
During each of the years ended December 31, 2024, 2023 and 2022, the Company recognized no interest and penalties. 
The Company anticipates that the 2020 statute of limitations will expire in the next 12 months for certain foreign tax 
jurisdictions. Also, the Company’s unrecognized tax benefits include certain income tax accounting methods, which govern 
the timing and deductibility of income tax deductions. As a result, the Company’s unrecognized tax benefits could increase up 
to $2.6 million over the next 12 months. 
The Company files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. The 
Company’s income tax returns are subject to examination by the IRS and other tax authorities in the locations where it 
operates. The Company’s 2002 to 2020 domestic income tax returns remain subject to examination by the IRS to the extent tax 
attributes carryforward to future years. The Company’s 2021 to 2023 domestic income tax returns also remain subject to 
examination by the IRS. The Company’s 2020 to 2023 Macau income tax returns remain subject to examination by the 
Financial Services Bureau. 
The Company has participated in the IRS Compliance Assurance Program (“CAP”) for the 2012 through 2024 tax years 
and will continue to participate in the IRS CAP for the 2025 tax year. 
In January 2025, the Financial Services Bureau commenced an examination of the 2021 Macau income tax return of 
Wynn Macau SA. 
On December 31, 2024, 2023 and 2022, the statute of limitations for the 2019, 2018, and 2017 Macau Complementary tax 
return expired, respectively. As a result of the expiration of the statute of limitations for the Macau Complementary Tax return, 
the total amount of unrecognized tax benefits decreased by $16.3 million, $16.1 million, and $15.0 million, respectively. 
Note 15 - Earnings Per Share 
Basic earnings per share (“EPS”) is computed by dividing net income (loss) attributable to Wynn Resorts by the weighted 
average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) 
attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible 
Bonds occurred as of the date of their issuance under the if-converted method, by the weighted average number of common 
shares outstanding during the period increased to include the number of additional shares of common stock that would have 
been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive. Potentially 
dilutive securities include share-based awards outstanding under the WRL Omnibus Plan. 
96 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS 
consisted of the following (in thousands, except per share amounts): 
 
Year Ended December 31, 
 
2024 
2023 
2022 
Numerator: 
 
 
 
Net income (loss) attributable to Wynn Resorts, Limited - basic 
$
501,078 
$
729,994 
$
(423,856) 
Effect of dilutive securities of Wynn Resorts, Limited subsidiaries: 
 
 
 
Assumed conversion of WML Convertible Bonds 
(21,005) 
(16,495) 
— 
Net income (loss) attributable to Wynn Resorts, Limited - diluted 
$
480,073 
$
713,499 
$
(423,856) 
 
 
 
 
Denominator: 
 
 
 
Weighted average common shares outstanding 
109,966 
112,523 
113,623 
Potential dilutive effect of stock options, nonvested, and performance 
nonvested shares 
301 
332 
— 
Weighted average common and common equivalent shares 
outstanding 
110,267 
112,855 
113,623 
 
 
 
 
Net income (loss) attributable to Wynn Resorts, Limited per common 
share, basic 
$
4.56 
$
6.49 
$
(3.73) 
Net income (loss) attributable to Wynn Resorts, Limited per common 
share, diluted 
$
4.35 
$
6.32 
$
(3.73) 
 
 
 
 
Anti-dilutive stock options, nonvested, and performance nonvested 
shares excluded from the calculation of diluted net income per share 
310 
238 
895 
Note 16 - Leases 
Lessee Arrangements 
The following table summarizes the balance sheet classification of the Company’s lease assets and liabilities 
(in thousands): 
 
 
December 31, 
 
Balance Sheet Classification 
2024 
2023 
Assets 
 
 
 
Operating leases 
Operating lease assets 
$
1,797,276 
$
1,832,896 
Finance leases 
Property and equipment, net 
$
94,656 
$
43,078 
 
 
 
 
Current liabilities 
 
 
 
Operating leases 
Other accrued liabilities 
$
10,869 
$
9,295 
Finance leases 
Other accrued liabilities 
$
18,367 
$
13,412 
 
 
 
 
Non-current liabilities 
 
 
 
Operating leases 
Long-term operating lease liabilities 
$
1,623,890 
$
1,631,749 
Finance leases 
Other long-term liabilities 
$
71,592 
$
24,028 
97 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
The following tables disclose the components of the Company’s lease cost, supplemental cash flow disclosures, and other 
information regarding the Company’s lease arrangements (in thousands): 
 
Year Ended December 31, 
 
2024 
2023 
2022 
Lease cost: 
 
 
 
Operating lease cost 
$
17,146 
$
17,173 
$
18,321 
Triple-net operating lease cost related to Encore Boston Harbor 
141,576 
141,722 
11,773 
Short-term lease cost 
30,443 
27,468 
21,060 
Amortization of leasehold interests in land 
13,704 
13,666 
13,728 
Variable lease cost 
2,493 
1,868 
1,081 
Finance lease interest cost 
3,391 
2,363 
2,131 
Total lease cost 
$
208,753 
$
204,260 
$
68,094 
 
Year Ended December 31, 
 
2024 
2023 
2022 
Supplemental cash flow disclosures: 
 
 
 
Operating lease liabilities arising from obtaining operating lease assets 
$
3,803 
$
26,657 
$1,519,628 
Finance lease liabilities arising from obtaining finance lease assets 
$
80,021 
$
8,842 
$
5,906 
Cash paid for amounts included in the measurement of lease liabilities: 
 
 
 
Cash used in operating activities - Operating leases 
$
141,004 
$
139,054 
$
26,094 
Cash used in financing activities - Finance leases 
$
19,219 
$
19,267 
$
18,188 
 
Year Ended December 31, 
 
2024 
2023 
2022 
Other information: 
 
 
 
Weighted-average remaining lease term - Operating leases 
29.1 years 
30.1 years 
31.1 years 
Weighted-average remaining lease term - Finance leases 
10.5 years 
19.7 years 
16.0 years 
 
 
 
 
Weighted-average discount rate - Operating leases 
8.0 % 
8.0 % 
8.0 % 
Weighted-average discount rate - Finance leases 
6.3 % 
5.8 % 
5.0 % 
The following table presents an analysis of lease liability maturities as of December 31, 2024 (in thousands): 
Year Ending December 31, 
Operating Leases 
Finance Leases 
2025 
$
141,522 
$
23,412 
2026 
142,422 
23,080 
2027 
144,767 
22,175 
2028 
145,727 
17,377 
2029 
147,932 
989 
Thereafter 
3,680,177 
60,806 
Total undiscounted cash flows 
$
4,402,547 
$
147,839 
Present value 
 
 
Short-term lease liabilities 
$
10,869 
$
18,367 
Long-term lease liabilities 
1,623,890 
71,592 
Total lease liabilities 
$
1,634,759 
$
89,959 
Interest on lease liabilities 
$
2,767,788 
$
57,880 
98 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
Encore Boston Harbor Lease 
The Company leases the real estate assets of Encore Boston Harbor pursuant to a triple-net operating lease agreement 
with an initial term of 30 years from December 2022 to November 2052, which may be renewed for one additional thirty-year 
term. The lease has an initial base rent of $100 million per year, which increases at a fixed rate of 1.75% per year for the first 
ten years and the greater of 1.75% or change in consumer price index, subject to a cap of 2.5%, each year for the remaining 
term of the lease. In addition, certain fixed payments in lieu of taxes (“PILOT”) made on behalf of the lessor are included in 
lease payments for the purpose of measuring the associated operating lease assets and liabilities. 
The lease payments, inclusive of PILOT payments, are $126.4 million in 2025, $128.8 million in 2026, $131.3 million in 
2027, $133.7 million in 2028, $136.3 million in 2029, and $3.29 billion thereafter. At December 31, 2024 and 2023, the total 
liability associated with the lease was $1.51 billion. 
Ground Leases 
Undeveloped Land - Las Vegas 
The Company leases approximately 16 acres of undeveloped land on Las Vegas Boulevard directly across from Wynn 
Las Vegas in Las Vegas, Nevada, pursuant to a lease agreement which expires in 2097. The ground lease payments, which 
increase at a fixed rate over the term of the lease, are $4.0 million per year from 2025 to 2029 and total payments of 
$343.8 million thereafter. As of December 31, 2024 and 2023, the liability associated with this lease was $65.2 million and 
$64.8 million, respectively. 
At December 31, 2024 and 2023, operating lease assets included approximately $81.3 million and $82.5 million, 
respectively, related to an amount allocated to the leasehold interest in land upon the acquisition of a group of assets in 2018. 
The Company expects that the amortization of this amount will be $1.1 million each year from 2025 through 2096 and 
$0.7 million in 2097. 
Macau Land Concessions 
Wynn Palace and Wynn Macau were built on land that is leased under Macau land concession contracts each with terms 
of 25 years from May 2012 and August 2004, respectively, which may be renewed with government approval for successive 
10-year periods in accordance with Macau legislation. The land concession payments are expected to be $1.5 million per year 
through 2028, $1.3 million in 2029, and total payments of $7.2 million thereafter through 2037. At December 31, 2024 and 
2023, the total liability associated with these leases was $9.8 million and $10.4 million, respectively. 
At December 31, 2024 and 2023, operating lease assets included $129.5 million and $141.2 million of leasehold interests 
in land related to the Wynn Palace and Wynn Macau land concessions. The Company expects that the amortization associated 
with these leasehold interests will be approximately $12.6 million per year from 2025 through 2028, approximately 
$11.3 million in 2029, approximately $9.2 million per year from 2030 through 2036 and approximately $3.1 million in 2037. 
Lessor Arrangements 
The following table presents the minimum and contingent operating lease income for the periods presented 
(in thousands): 
 
Year Ended December 31, 
 
2024 
2023 
2022 
Minimum rental income 
$
138,604 
$
131,901 
$
126,226 
Contingent rental income 
66,526 
96,831 
62,586 
Total rental income 
$
205,130 
$
228,732 
$
188,812 
99 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
The following table presents the future minimum rentals to be received under operating leases (in thousands): 
Year Ending December 31, 
Operating Leases
 
2025 
$
135,387 
2026 
104,509 
2027 
86,405 
2028 
59,360 
2029 
33,977 
Thereafter 
93,451 
Total future minimum rentals 
$
513,089 
Note 17 - Related Party Transactions 
Wynn Al Marjan Island Agreements 
In 2022, the Company, its co-investors in Wynn Al Marjan Island, and Island 3 entered into agreements whereby the 
Company has agreed to perform certain design and development services with respect to Wynn Al Marjan Island as well as 
certain related preopening services, in exchange for the reimbursement of its costs incurred in performing such services. The 
Company has additionally agreed to perform management services at Wynn Al Marjan Island upon its opening, expected to be 
in 2027. The Company billed Island 3 $49.5 million and $28.3 million for reimbursable costs during the years ended 
December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the Company was owed $6.9 million and 
$8.7 million, respectively, by Island 3, for reimbursable costs recorded in “Prepaid expenses and other” in the accompanying 
consolidated balance sheets. 
In February 2025, a wholly-owned subsidiary of Island 3 entered into a financing arrangement to fund the construction of 
Wynn Al Marjan Island, in connection with which the Company and the government of Ras Al Khaimah entered into a 
completion guarantee agreement, as described in Note 18, “Commitments and Contingencies. 
Cooperation Agreement 
On August 3, 2018, the Company entered into a Cooperation Agreement (the “Cooperation Agreement”) with Elaine P. 
Wynn regarding the composition of the Company’s Board of Directors and certain other matters, including, among other 
things, the appointment of Mr. Philip G. Satre to the Company’s Board of Directors, standstill restrictions, releases, 
non-disparagement, reimbursement of expenses and the grant of certain complimentary privileges. The term of the 
Cooperation Agreement expires on the date that Mr. Satre no longer serves as Chair of the Board, unless earlier terminated 
pursuant to the circumstances described in the Cooperation Agreement. 
Amounts Due to Officers, Directors and Former Directors 
The Company periodically provides services to certain executive officers, directors or former directors of the Company, 
including the personal use of employees, construction work and other personal services, for which the officers, directors or 
former directors reimburse the Company. The Company requires prepayment for any such services, which amounts are 
replenished on an ongoing basis as needed. As of December 31, 2024 and 2023, these net deposit balances with the Company 
were immaterial, as were the services provided. 
Note 18 - Commitments and Contingencies 
Macau Gaming Concession 
In addition to the fixed and variable gaming premium and property transfer agreement payment obligations as described 
in Note 5, “Property and Equipment, net” and Note 6, “Goodwill and Intangible Assets, net,” Wynn Macau SA committed to 
make certain non-gaming and gaming investments in the amount of MOP21.03 billion (approximately $2.63 billion) over the 
course of the ten-year term of the Gaming Concession Contract. MOP19.80 billion (approximately $2.48 billion) of the 
100 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
committed investment will be used for non-gaming capital projects and event programming in connection with, among others, 
attraction of foreign tourists, conventions and exhibitions, entertainment performances, sports events, culture and art, health 
and wellness, themed amusement, gastronomy, community tourism and maritime tourism. 
Additionally, Wynn Macau SA committed to make the following payments throughout the term of the Gaming 
Concession Contract: 
(i) Special gaming premium - The Company is obligated to pay a special annual gaming premium if the average of the 
gross gaming revenues of the Company’s gaming tables and gaming machines is lower than a certain minimum amount 
determined by the Macau government. A minimum average annual gross gaming revenue of MOP7.0 million (approximately 
$0.9 million) per gaming table and MOP300,000 (approximately $38 thousand) per gaming machine has been set by Macau 
government. If Wynn Macau SA fails to reach such minimum gross gaming revenue, Wynn Macau SA will be required to pay 
a special premium equal to the difference between the special gaming tax calculated based on the actual gross gaming revenue 
and that of such minimum gross gaming revenue. No special gaming premium was paid for the year ended December 31, 2024 
and 2023. 
(ii) Special levies, totaling 5% of gross gaming revenues. The Macau government may reduce the special levies payable 
by Wynn Macau SA (1) based on Wynn Macau SA’s contribution to the attraction of tourists who enter Macau for tourism and 
business purposes and hold travel documents issued by countries or regions other than the People’s Republic of China; (2) if 
Wynn Macau SA’s operations are adversely affected by abnormal, unpredictable or force majeure circumstances associated 
with the prevailing economic conditions of Macau; or (3) factors as determined by the Chief Executive of Macau; 
(iii) Special gaming tax assessed at the rate of 35% of gross gaming revenue. 
Wynn Al Marjan Island Funding Commitment 
In 2022, the Company, its co-investors in Wynn Al Marjan Island, and Island 3 entered into agreements whereby the 
Company is required to contribute capital to Island 3 to fund 40% of the project design and development costs in exchange for 
a pro-rata share of equity in Island 3. During the year ended December 31, 2024, the Company contributed $541.7 million of 
cash into Island 3, bringing our life-to-date cash contributions to $631.7 million. The cash contributed during the year was 
used primarily to fund our pro rata portion of the purchase of approximately 155 acres of land underlying the Wynn Al Marjan 
Island development site, including the remaining 70 acres of land on Island 3 for potential future development (the “Marjan 
Land Bank”). The remaining 40% pro-rata share of the required equity for the construction of Wynn Al Marjan Island is 
estimated to be between $700 million and $775 million inclusive of capitalized interest, fees, and certain improvements on the 
Island. Wynn Al Marjan Island is currently expected to open in 2027. 
In February 2025, Wynn Al Marjan Island FZ-LLC (the “Borrower”), a wholly-owned subsidiary of Island 3, an 
unconsolidated affiliate, entered into a facility agreement with a syndicate of lenders (the “Al Marjan Facility Agreement”) 
which provides the Borrower with approximately $2.4 billion (or equivalent in local currency) delayed draw secured term loan 
facility to finance the development of Wynn Al Marjan Island (the “Al Marjan Facility”). 
The Company is not a party to the Al Marjan Facility Agreement, but as a condition precedent to the Al Marjan Facility 
being made available to the Borrower, the Company and the government of Ras Al Khaimah, acting through the Investment 
and Development Office of Ras Al Khaimah (collectively the “Al Marjan Guarantors”), entered into a guarantee (the 
“Completion Guarantee”) in favor of First Abu Dhabi Bank PJSC, as security agent for itself and the other secured parties 
(collectively, the “Secured Parties”) under the Al Marjan Facility Agreement (the “Security Agent”). 
Under the terms of the Completion Guarantee, the Al Marjan Guarantors, irrevocably and unconditionally jointly and 
severally, (a) have guaranteed to each Secured Party punctual performance by the Borrower of certain of its obligations under 
the Al Marjan Facility Agreement, and (b) have undertaken with each Secured Party: (i) to provide, within 10 business days 
upon receiving written demand by the Security Agent, (A) sufficient funds to ensure that practical completion of the project 
(as provided in the Al Marjan Facility Agreement) takes place no later than June 30, 2028 and (B) to fund amounts equal to 
any project cost overruns, to the extent the Borrower fails to fund such overruns; and (ii) to pay, whenever the Borrower does 
not pay, interest, commitment fees and other finance costs payable under the Al Marjan Facility Agreement as well as 
scheduled payments under any interest rate hedging agreement. 
101 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
In addition, upon the occurrence of certain specified events of default, change of control events or credit rating 
downgrades under the Al Marjan Facility Agreement or the occurrence of certain commercial gaming license related events 
(including, among others, the loss of the commercial gaming license permitting the Borrower to conduct commercial gaming 
at the project and as further provided in the Al Marjan Facility Agreement), the Al Marjan Guarantors, irrevocably and 
unconditionally jointly and severally, have undertaken to pay, to the extent the Borrower does not pay, all then outstanding 
principal, interest, hedging liabilities and any and all other amounts and expenses then due and payable under the Al Marjan 
Facility Agreement and related agreements, within 10 business days upon receiving written demand by the Security Agent (or, 
in respect of the occurrence of certain commercial gaming license related events, if later, on the date falling 180 days 
following the occurrence of such event). 
The guarantees and undertakings provided by the Al Marjan Guarantors under the Completion Guarantee terminate on the 
earlier of: (1) the date on which all secured liabilities under the Al Marjan Facility Agreement have been paid in full, and 
(2) the date of practical completion of the project. 
Employment Agreements 
The Company has entered into employment agreements with several executive officers, other members of management 
and certain key employees. These agreements generally have three- to five-year terms and typically indicate a base salary and 
often contain provisions for discretionary bonuses. Certain of the executives are also entitled to a separation payment if 
terminated without “cause” or upon voluntary termination of employment for “good reason” following a “change of control” 
(as these terms are defined in the employment contracts). As of December 31, 2024, future payment amounts of 
$106.9 million, $70.2 million, $32.3 million, $4.6 million, $1.5 million, and $1.3 million will be paid during the years ending 
December 31, 2025, 2026, 2027, 2028, 2029, and thereafter, respectively. 
Other Commitments 
The Company has additional commitments for open purchase orders, construction contracts, payment obligations to 
communities surrounding Encore Boston Harbor, and performance and other miscellaneous contracts. As of December 31, 
2024, the Company was obligated under these arrangements to make future minimum payments as follows (in thousands): 
Year Ending December 31, 
 
2025 
$
328,603 
2026 
65,906 
2027 
42,341 
2028 
34,726 
2029 
29,764 
Thereafter 
78,873 
Total minimum payments 
$
580,213 
Letters of Credit 
As of December 31, 2024, the Company had outstanding letters of credit of $14.7 million. 
Litigation 
In addition to the actions noted below, the Company and its affiliates are involved in litigation arising in the normal 
course of business. In the opinion of management, such litigation is not expected to have a material effect on the Company’s 
financial condition, results of operations, and cash flows. 
Securities Class Action 
On February 20, 2018, a putative securities class action was filed against the Company and certain current and former 
officers of the Company in the United States District Court, Southern District of New York (which was subsequently 
102 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
transferred to the United States District Court, District of Nevada) by John V. Ferris and Joann M. Ferris on behalf of all 
persons who purchased the Company’s common stock between February 28, 2014 and January 25, 2018. The complaint 
alleged, among other things, certain violations of federal securities laws and sought to recover unspecified damages as well as 
attorneys’ fees, costs and related expenses for the plaintiffs. On July 28, 2021, the court dismissed certain of plaintiffs’ claims, 
including all claims against current CEO Craig Billings and the individual directors, and allowed other claims to proceed 
against the Company and several of the Company’s former executive officers, including Matthew Maddox, Stephen A. Wynn, 
Kimmarie Sinatra, and Steven Cootey. On March 2, 2023, the court granted the plaintiffs’ motion for class certification and 
appointed lead counsel. On August 22, 2024, the parties reached an agreement to settle the action, in its entirety, for the 
amount of $70.0 million, of which the Company contributed $9.4 million. The court preliminarily approved the settlement on 
October 10, 2024, and issued its final approval of the settlement on January 27, 2025. The Company’s $9.4 million net 
contribution toward the settlement is recorded within Property charges and other expenses within the accompanying 
Consolidated Statements of Operations for the year ended December 31, 2024. 
Federal Investigation 
From time to time, the Company receives regulatory inquiries about compliance with anti-money laundering laws. The 
Company received requests for information from the U.S. Attorney’s Office for the Southern District of California (“USAO”) 
relating to its anti-money laundering policies and procedures, and beginning in 2020 received several grand jury subpoenas 
regarding various transactions at Wynn Las Vegas relating to certain patrons and agents who reside or operate in foreign 
jurisdictions. On September 6, 2024, Wynn Las Vegas entered into a non-prosecution agreement (the “NPA”) with the USAO 
and the United States Department of Justice (the “DOJ”) resolving such investigation. Pursuant to the NPA, Wynn Las Vegas 
agreed to forfeit $130.0 million in funds involved in transactions at issue and continue to make certain enhancements to its 
compliance program. The DOJ agreed that, subject to Wynn Las Vegas’s fulfillment of its obligations under the NPA, it will 
not bring any criminal charges against Wynn Las Vegas concerning the subject matter of its investigation, subject to standard 
reservations of rights and certain reserved claims. In reaching the resolution set forth in the NPA, the DOJ took into account 
the historical nature of the transactions at issue; Wynn Las Vegas’s cooperation with the DOJ’s multi-year investigation; that 
Wynn Las Vegas no longer employs or is affiliated with any of the individuals implicated in the transactions at issue; and 
Wynn Las Vegas’s extensive remedial measures, many of which were undertaken prior to the parties entering into the NPA. 
The NPA resolves all prior U.S. federal regulatory inquiries commenced in or about 2014 regarding compliance by Wynn Las 
Vegas with 18 U.S.C. § 1960 and the Bank Secrecy Act. The $130.0 million forfeiture is recorded within Property charges and 
other expenses within the accompanying Consolidated Statements of Operations for the year ended December 31, 2024. As set 
forth in the NPA, Wynn Las Vegas paid $65.0 million in 2024 and recorded the remaining $65.0 million (which will be paid in 
2025) in Other accrued liabilities on the Consolidated Balance Sheet as of December 31, 2024. 
Note 19 - Retail Joint Venture 
In December 2016, the Company entered into the Retail Joint Venture with Crown Acquisitions Inc. (“Crown”) to own 
and operate approximately 88,000 square feet of existing retail space at Wynn Las Vegas. In November 2017 and March 2022, 
the Company contributed approximately 74,000 square feet and 70,000 square feet of additional retail space to the Retail Joint 
Venture. The Company maintains a 50.1% ownership in the Retail Joint Venture and is the managing member. The 
Company’s responsibilities with respect to the Retail Joint Venture include day-to-day business operations, property 
management services and a role in the leasing decisions of the retail space. 
The Company assessed its ownership in the Retail Joint Venture based on consolidation accounting guidance with an 
evaluation being performed to determine if the Retail Joint Venture is a VIE, if the Company has a variable interest in the 
Retail Joint Venture and if the Company is the primary beneficiary of the Retail Joint Venture. The primary beneficiary is the 
party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and 
who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be 
significant to the entity. 
The Company concluded that the Retail Joint Venture is a VIE and the Company is the primary beneficiary based on its 
involvement in the leasing activities of the Retail Joint Venture. As a result, the Company consolidates all of the Retail Joint 
Venture’s assets, liabilities and results of operations. The Company will evaluate its primary beneficiary designation on an 
ongoing basis and will assess the appropriateness of the Retail Joint Venture’s VIE status when changes occur.
 
103 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
As of December 31, 2024 and 2023, the Retail Joint Venture had total assets of $100.3 million and $102.5 million, 
respectively, and total liabilities of $605.8 million and $621.9 million, respectively. The Retail Joint Venture’s total liabilities 
as of December 31, 2024 and 2023 included long-term debt of $597.3 million and $614.1 million, respectively, net of debt 
issuance costs, related to the outstanding borrowings under the Retail Term Loan. 
Note 20 - 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. 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. Corporate and other is presented solely for 
the purpose of reconciliation and is not a reportable segment. During the twelve months ended December 31, 2024, Wynn 
Interactive Ltd. no longer met the requirements for a reportable segment. As a result, its assets and results of operations are 
presented in Corporate and other and previous period amounts have been reclassified to be consistent with the current period 
presentation. 
104 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
The following tables present the Company’s segment information (in thousands): 
 
Year Ended December 31, 2024 
 
Wynn Palace Wynn Macau 
Las Vegas 
Operations 
Encore 
Boston 
Harbor 
Corporate 
and Other 
Total 
Operating revenues 
 
 
 
 
 
 
Casino 
$1,795,604 $1,230,351 $ 600,088 $635,314 $
— $4,261,357 
Rooms 
202,936 
100,631 
845,660 
92,831 
— 
1,242,058 
Food and beverage 
125,398 
80,779 
778,538 
84,402 
— 
1,069,117 
Entertainment, retail and other(1) 
93,733 
52,885 
347,627 
44,617 
16,567 
555,429 
Total operating revenues 
2,217,671 
1,464,646 
2,571,913 
857,164 
16,567 
7,127,961 
 
 
 
 
 
 
 
Cost of revenue(2) 
533,331 
410,810 
1,549,877 
422,974 
17,283 
 
Gaming taxes(3) 
950,630 
611,984 
75,274 
187,062 
3,819 
 
Adjusted Property EBITDAR(4) 
$ 733,710 $ 441,852 $ 946,762 $247,128 $ (4,535) $2,364,917 
 
 
 
 
 
 
 
Other operating expenses 
 
 
 
 
 
 
Pre-opening 
 
 
 
 
 
9,355 
Depreciation and amortization 
 
 
 
 
 
658,895 
Property charges and other(5) 
 
 
 
 
 
215,095 
Corporate expense and other 
 
 
 
 
 
148,236 
Stock-based compensation 
 
 
 
 
 
59,029 
Triple-net operating lease expense 
 
 
 
 
 
141,576 
Total other operating expenses 
 
 
 
 
 
1,232,186 
Operating income 
 
 
 
 
 
1,132,731 
Other non-operating income and expenses 
 
 
 
 
 
 
Interest income 
 
 
 
 
 
130,342 
Interest expense, net of amounts capitalized 
 
 
 
 
 
(688,410) 
Change in derivatives fair value 
 
 
 
 
 
42,478 
Loss on debt financing transactions 
 
 
 
 
 
(2,913) 
Other 
 
 
 
 
 
29,170 
Total other non-operating income and expenses 
 
 
 
 
(489,333) 
Income before income taxes 
 
 
 
 
 
643,398 
Provision for income taxes 
 
 
 
 
 
(3,682) 
Net income 
 
 
 
 
 
639,716 
Net income attributable to noncontrolling interests 
 
 
 
 
(138,638) 
Net income attributable to Wynn Resorts, Limited 
 
 
 
 $ 501,078 
105 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
 
Year Ended December 31, 2023 
 
Wynn 
Palace 
Wynn 
Macau 
Las Vegas 
Operations 
Encore 
Boston 
Harbor 
Corporate 
and Other 
Total 
Operating revenues 
 
 
 
 
 
 
Casino 
$1,471,280 
$ 970,269 
$ 628,185 
$648,668 
$
— 
$3,718,402 
Rooms 
201,783 
109,308 
784,385 
90,195 
— 
1,185,671 
Food and beverage 
104,566 
68,017 
770,401 
85,653 
— 
1,028,637 
Entertainment, retail and other(1) 
109,215 
65,940 
297,635 
41,270 
85,127 
599,187 
Total operating revenues 
1,886,844 
1,213,534 
2,480,606 
865,786 
85,127 
6,531,897 
 
 
 
 
 
 
 
Cost of revenue(2) 
486,909 
378,178 
1,458,789 
418,784 
106,752 
 
Gaming taxes(3) 
784,089 
497,265 
75,574 
189,593 
21,021 
 
Adjusted Property EBITDAR(4) 
$ 615,846 
$ 338,091 
$ 946,243 
$257,409 
$ (42,646) 
$2,114,943 
 
 
 
 
 
 
 
Other operating expenses 
 
 
 
 
 
 
Pre-opening 
 
 
 
 
 
9,468 
Depreciation and amortization 
 
 
 
 
 
687,270 
Impairment of goodwill and intangible assets 
 
 
 
 
94,490 
Property charges and other(5) 
 
 
 
 
 
130,877 
Corporate expense and other 
 
 
 
 
 
146,430 
Stock-based compensation 
 
 
 
 
 
64,515 
Triple-net operating lease expense 
 
 
 
 
 
141,722 
Total other operating expenses 
 
 
 
 
1,274,772 
Operating income 
 
 
 
 
 
840,171 
Other non-operating income and expenses 
 
 
 
 
 
Interest income 
 
 
 
 
 
175,785 
Interest expense, net of amounts capitalized 
 
 
 
 
(751,509) 
Change in derivatives fair value 
 
 
 
 
 
45,098 
Loss on debt financing transactions 
 
 
 
 
 
(12,683) 
Other 
 
 
 
 
 
(11,479) 
Total other non-operating income and expenses 
 
 
 
(554,788) 
Income before income taxes 
 
 
 
 
 
285,383 
Benefit for income taxes 
 
 
 
 
 
496,834 
Net income 
 
 
 
 
 
782,217 
Net loss attributable to noncontrolling interests 
 
 
 
(52,223) 
Net income attributable to Wynn Resorts, Limited 
 
 
 
$ 729,994 
106 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
 
Year Ended December 31, 2022 
 
Wynn 
Palace 
Wynn 
Macau 
Las Vegas 
Operations 
Encore 
Boston 
Harbor 
Corporate 
and Other 
Total 
Operating revenues 
 
 
 
 
 
 
Casino 
$255,886 
$ 216,639 
$ 535,279 
$624,738 
$
— 
$1,632,541 
Rooms 
40,079 
25,691 
651,291 
85,078 
— 
802,138 
Food and beverage 
35,546 
25,334 
702,515 
82,818 
— 
846,214 
Entertainment, retail and other(1) 
78,778 
43,585 
243,051 
38,439 
72,078 
475,932 
Total operating revenues 
410,289 
311,249 
2,132,136 
831,073 
72,078 
3,756,825 
 
 
 
 
 
 
 
Cost of revenue(2) 
365,064 
319,443 
1,265,818 
405,413 
148,233 
 
Gaming taxes(3) 
141,782 
115,853 
65,223 
182,274 
22,335 
 
Adjusted Property EBITDAR(4) 
$ (96,557) 
$(124,047) 
$ 801,095 
$243,386 
$ (98,490) 
$ 725,387 
 
 
 
 
 
 
 
Other operating expenses 
 
 
 
 
 
 
Pre-opening 
 
 
 
 
 
20,643 
Depreciation and amortization 
 
 
 
 
 
692,318 
Gain on EBH Transactions, net 
 
 
 
 
 
(181,989) 
Impairment of goodwill and intangible assets 
 
 
 
 
48,036 
Property charges and other 
 
 
 
 
 
65,116 
Corporate expense and other 
 
 
 
 
 
102,539 
Stock-based compensation 
 
 
 
 
 
67,627 
Triple-net operating lease expense 
 
 
 
 
 
11,773 
Total other operating expenses 
 
 
 
 
 
826,063 
Operating loss 
 
 
 
 
 
(100,676) 
Other non-operating income and expenses 
 
 
 
 
 
Interest income 
 
 
 
 
 
29,758 
Interest expense, net of amounts capitalized 
 
 
 
 
(650,885) 
Change in derivatives fair value 
 
 
 
 
 
15,956 
Loss on debt financing transactions 
 
 
 
 
 
— 
Other 
 
 
 
 
 
5,811 
Total other non-operating income and expenses 
 
 
 
(599,360) 
Loss before income taxes 
 
 
 
 
 
(700,036) 
Provision for income taxes 
 
 
 
 
 
(9,332) 
Net loss 
 
 
 
 
 
(709,368) 
Net income attributable to noncontrolling interests 
 
 
 
 
285,512 
Net loss attributable to Wynn Resorts, Limited 
 
 
 
 
$ (423,856) 
(1) Except for Corporate and other, includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 16, 
“Leases”. 
107 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
(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 (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, gain on EBH 
Transaction, net, impairment of goodwill and intangible assets, 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 (loss) 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 (loss), 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. 
(5) For the year ended December 31, 2024, includes $130.0 million of forfeitures pursuant to the NPA, the Company’s $9.4 million contribution towards a 
legal settlement, $16.9 million of contract termination and other costs related to the closure of Wynn Interactive’s digital sports betting and casino gaming 
business. Property charges and other expenses for the year ended December 31, 2024 also included $61.5 million of expensed project costs related to a 
discontinued development project, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets. For the year ended 
December 31, 2023, includes $94.9 million related to the Company’s decision to cease operating Wynn Interactive’s online sports betting and iGaming 
platform in certain jurisdictions. 
 
Year Ended December 31, 
 
2024 
2023 
2022 
Capital expenditures 
 
 
 
Macau Operations: 
 
 
 
Wynn Palace 
$
107,458 
$
66,262 
$
31,946 
Wynn Macau 
57,669 
25,602 
13,003 
Total Macau Operations 
165,127 
91,864 
44,949 
Las Vegas Operations 
159,789 
187,150 
226,386 
Encore Boston Harbor 
32,652 
70,578 
20,187 
Corporate and other 
62,361 
93,201 
8,605 
Total 
$
419,929 
$
442,793 
$
300,127 
 
December 31, 
 
2024 
2023 
2022 
Assets 
 
 
 
Macau Operations: 
 
 
 
Wynn Palace 
$
2,813,190 
$
2,936,264 
$
2,884,073 
Wynn Macau 
1,412,795 
1,864,211 
1,430,051 
Other Macau 
778,928 
886,175 
268,017 
Total Macau Operations 
5,004,913 
5,686,650 
4,582,141 
Las Vegas Operations 
3,157,399 
3,173,247 
3,168,597 
Encore Boston Harbor 
1,980,420 
2,006,565 
2,080,424 
Corporate and other 
2,835,231 
3,129,761 
3,583,938 
Total 
$
12,977,963 
$
13,996,223 
$
13,415,100 
108 

WYNN RESORTS, LIMITED AND SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 
 
December 31, 
 
2024 
2023 
2022 
Long-lived assets 
 
 
 
Macau 
$
3,095,411 
$
3,191,134 
$
3,382,284 
United States 
6,019,723 
5,585,943 
5,570,249 
Total 
$
9,115,134 
$
8,777,077 
$
8,952,533 
Quarterly Consolidated Financial Information (Unaudited) 
The following tables (in thousands, except per share data) present selected quarterly financial information for 2024 and 
2023, as previously reported. Because income (loss) per share amounts are calculated using the weighted average number of 
common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four 
quarters may not equal the total income per share amounts for the year. 
 
Year Ended December 31, 2024 
 
First 
Second 
Third 
Fourth 
Year 
Operating revenues 
$
1,862,909 
$
1,732,932 
$
1,693,323 
$
1,838,797 
$
7,127,961 
Operating income 
$
362,941 
$
269,658 
$
133,237 
$
366,895 
$
1,132,731 
Net income (loss) 
$
176,498 
$
146,273 
$
(5,415) 
$
322,360 
$
639,716 
Net income (loss) attributable to 
Wynn Resorts, Limited 
$
144,216 
$
111,943 
$
(32,053) 
$
276,972 
$
501,078 
Basic income (loss) per share 
$
1.30 
$
1.01 
$
(0.29) 
$
2.56 
$
4.56 
Diluted income (loss) per share 
$
1.30 
$
0.91 
$
(0.29) 
$
2.29 
$
4.35 
 
Year Ended December 31, 2023 
 
First 
Second 
Third 
Fourth 
Year 
Operating revenues 
$
1,423,679 
$
1,595,822 
$
1,671,936 
$
1,840,460 
$
6,531,897 
Operating income 
$
169,515 
$
250,336 
$
62,595 
$
357,725 
$
840,171 
Net income (loss) 
$
1,146 
$
127,835 
$
(120,541) 
$
773,777 
$
782,217 
Net income (loss) attributable to 
Wynn Resorts, Limited 
$
12,332 
$
105,184 
$
(116,678) 
$
729,156 
$
729,994 
Basic income (loss) per share 
$
0.11 
$
0.93 
$
(1.03) 
$
6.53 
$
6.49 
Diluted income (loss) per share 
$
(0.02) 
$
0.84 
$
(1.03) 
$
6.19 
$
6.32 
109 

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 
None. 
Item 9A. Controls and Procedures 
Disclosure Controls and Procedures 
The Company’s management, with the participation of the Company’s Chief Executive Officer (“CEO”) and Chief 
Financial Officer (“CFO”), has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term 
is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as 
of the end of the period covered by this annual report. In designing and evaluating the disclosure controls and procedures, 
management recognized that any controls and procedures, no matter how well designed and operated, can only provide 
reasonable assurance of achieving the desired control objectives and management is required to apply its judgment in 
evaluating the cost-benefit relationship of possible controls and procedures. Based on such evaluation, the Company’s CEO 
and CFO have concluded that, as of the period covered by this annual report, the Company’s disclosure controls and 
procedures were effective, at the reasonable assurance level, in recording, processing, summarizing and reporting, on a timely 
basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and 
were effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under 
the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s CEO and CFO, 
as appropriate to allow timely decisions regarding required disclosure. 
Management’s Report on Internal Control Over Financial Reporting 
Management of the Company is responsible for establishing and maintaining adequate internal control over financial 
reporting, as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act. 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 
Also, projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become 
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 
Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024. In 
making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the 
Treadway Commission (“COSO”) in Internal Control-Integrated Framework (2013). Based on our assessment, management 
believes that, as of December 31, 2024, our internal control over financial reporting was effective based on those criteria. 
The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited by Ernst & 
Young, LLP, an independent registered public accounting firm. Their attestation report appears under “Report of Independent 
Registered Public Accounting Firm on Internal Control Over Financial Reporting.” 
Changes in Internal Control Over Financial Reporting 
There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 
15d-15(f) under the Exchange Act) during the quarter ended December 31, 2024 that materially affected, or are reasonably 
likely to materially affect, our internal control over financial reporting. 
Item 9B. Other Information 
Insider Trading Arrangements. 
None of the Company’s directors or officers (as defined in Section 16 of the Exchange Act) adopted or terminated a 
“Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (each as defined in Item 408(a) and (c) of 
Regulation S-K) during the Company’s fiscal quarter ended December 31, 2024. 
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 
Not applicable. 
110 

PART III 
Item 10. Directors, Executive Officers and Corporate Governance 
The information required by this item will be contained in the Registrant’s definitive Proxy Statement for its 2025 Annual 
Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after December 31, 2024 
(the “2025 Proxy Statement”) under the captions “Election of Directors,” “Executive Officers,” “Governance” and 
“Delinquent Section 16(a) Reports,” and is incorporated herein by reference. 
As part of the Company’s commitment to integrity, the Board of Directors has adopted a Code of Business Conduct and 
Ethics (“Code”) applicable to all directors, officers and employees of the Company and its subsidiaries. This Code is 
periodically reviewed by the Board of Directors. In the event we determine to amend certain provisions of this Code, or the 
Board of Directors grants any waivers of its requirements for any of our directors or executive officers, we intend to disclose 
such amendments or waivers on our website at https://wynnresortslimited.gcs-web.com/corporate-governance/code-business-
conduct-and-ethics to the extent required by the Nasdaq listing standards. 
Item 11. Executive Compensation 
The information called for by this item will be contained in the 2025 Proxy Statement under the captions “Non-Employee 
Director Compensation Table,” “Compensation Committee Report,” “Executive Compensation Tables,” “Summary 
Compensation Table” and “Compensation Discussion and Analysis” and is incorporated herein by reference. Although the 
Compensation Committee Report is being incorporated herein by reference, it shall not be deemed to be “filed” for purposes of 
Section 18 of the Exchange Act. 
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 
Certain information required by this item will be contained in the 2025 Proxy Statement under the caption “Certain 
Beneficial Ownership and Management” and is incorporated herein by reference. 
Securities Authorized for Issuance Under Equity Compensation Plans 
The following table summarizes compensation plans under which our equity securities are authorized for issuance, 
aggregated as to: (i) all compensation plans previously approved by stockholders, and (ii) all compensation plans not 
previously approved by stockholders. 
Plan Category 
Number of 
Securities to 
be Issued 
Upon 
Exercise of 
Outstanding 
Options, 
Warrants 
and Rights 
(a) 
Weighted- 
Average 
Exercise 
Price of 
Outstanding 
Options, 
Warrants 
and Rights 
(b) 
Number of 
Securities 
Remaining 
Available for 
Future Issuance 
Under Equity 
Compensation 
Plans 
(Excluding 
Securities Reflected 
in Column (a)) 
(c) 
Equity compensation plans approved by security holders 
6,700 
$
68.25 
3,000,262 
Equity compensation plans not approved by security holders 
— 
— 
— 
Total 
6,700 
$
68.25 
3,000,262 
Item 13. Certain Relationships and Related Transactions, and Director Independence 
The information called for by this item will be contained in the 2025 Proxy Statement under the captions “Certain 
Relationships and Transactions” and “Governance” and is incorporated herein by reference. 
Item 14. Principal Accountant Fees and Services 
The information called for by this item will be contained in the 2025 Proxy Statement under the caption “Ratification of 
Appointment of Registered Public Accounting Firm” and is incorporated herein by reference. 
111 

PART IV 
Item 15. Exhibits and Financial Statement Schedules 
(a)1. The following consolidated financial statements of the Company are filed as part of this report under Item 8—
“Financial Statements and Supplementary Data.” 
•
Reports of Independent Registered Public Accounting Firm 
•
Consolidated Balance Sheets as of December 31, 2024 and 2023 
•
Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 
•
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2024, 2023, and 
2022 
•
Consolidated Statements of Stockholders’ Deficit for the years ended December 31, 2024, 2023, and 2022 
•
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022 
•
Notes to Consolidated Financial Statements 
•
Quarterly Consolidated Financial Information (Unaudited) 
(a)2. Financial Statement Schedule filed in Part IV of this report: 
•
Schedule II—Valuation and Qualifying Accounts 
We have omitted all other financial statement schedules because they are not required or are not applicable, or the 
required information is shown in the consolidated financial statements or notes to the consolidated financial statements. 
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS 
(in thousands) 
Description 
Balance at 
Beginning of 
Year 
Provision for 
Credit Losses 
Write-offs, 
Net of 
Recoveries 
Balance at 
End of Year 
Allowance for credit losses: 
 
 
 
 
2024 
$
40,075 
4,986 
(7,367) 
$
37,694 
2023 
$
78,842 
(3,964) 
(34,803) 
$
40,075 
2022 
$
111,319 
(7,295) 
(25,182) 
$
78,842 
Description 
Balance at 
Beginning of 
Year 
Additions 
Deductions 
Balance at 
End of Year 
Deferred income tax asset valuation allowance: 
 
 
 
 
2024 
$
1,340,581 
50,568 
(786,504) 
$
604,645 
2023 
$
2,437,202 
96,623 
(1,193,244) 
$
1,340,581 
2022 
$
2,501,263 
108,150 
(172,211) 
$
2,437,202 
112 

(a)3. Exhibits 
Exhibits that are not filed herewith have been previously filed with the SEC and are incorporated herein by reference. 
 
 
Incorporated by Reference 
Exhibit 
No. 
Description 
Form 
Filing Date 
2.1 
Equity Purchase Agreement, dated as of February 14, 2022 by and between Wynn MA, LLC 
and Realty Income Corporation. 
8-K 
2/14/2022 
3.1 
Third Amended and Restated Articles of Incorporation of the Registrant. 
10-Q 
5/8/2015 
3.2 
Ninth Amended and Restated Bylaws of the Registrant. 
10-K 
2/28/2020 
4.1.0 
Specimen certificate for shares of Common Stock, $0.01 par value per share of the 
Registrant. 
S-1 
10/7/2002 
4.1.1 
Indenture, dated as of April 14, 2020, by and among Wynn Resorts Finance, LLC, and Wynn 
Resorts Capital Corp., as joint and several obligors and the Guarantors named therein and 
U.S. Bank National Association, as trustee. 
10-Q 
5/8/2020 
4.1.2 
Indenture, dated as of June 17, 2020, by and between Wynn Macau, Limited and Deutsche 
Bank Trust Company Americas, as trustee, related to senior notes due 2026. 
10-Q 
8/6/2020 
4.1.3 
Indenture, dated as of August 26, 2020, by and between Wynn Macau, Limited and Deutsche 
Bank Trust Company Americas, as trustee, related to senior notes due 2028. 
10-Q 
11/9/2020 
4.1.4 
Supplemental Indenture, dated February 23, 2024, by and among Wynn Resorts Finance, 
LLC, and Wynn Resorts Capital Corp., as joint and several obligors and the Guarantors 
named therein and U.S. Bank National Association, as trustee. 
8-K 
2/23/2024 
4.1.5 
Indenture, dated September 20, 2024, by and among Wynn Resorts Finance, LLC, and Wynn 
Resorts Capital Corp., as joint and several obligors and the Guarantors named therein and 
U.S. Bank National Association, as trustee. 
8-K 
9/20/2024 
4.2 
Description of Registrant’s Securities. 
10-K 
2/23/2024 
4.3 
Indenture, dated as of May 22, 2013, by and among Wynn Las Vegas, LLC, Wynn Las 
Vegas Capital Corp., the Guarantors named therein and U.S. Bank National Association, as 
trustee. 
8-K 
5/22/2013 
4.4 
Supplemental Indenture, dated as of February 18, 2015, to Indenture, dated as of May 22, 
2013, by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp., the Guarantors 
named therein and U.S. Bank National Association, as trustee. 
10-K 
3/2/2015 
4.5 
Second Supplemental Indenture, dated as of March 20, 2018, to Indenture, dated as of 
May 22, 2013, by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp., the 
guarantors party thereto and U.S. Bank National Association. 
8-K 
3/21/2018 
4.6 
Indenture, dated as of February 18, 2015, by and among Wynn Las Vegas, LLC, Wynn Las 
Vegas Capital Corp., the Guarantors named therein and U.S. Bank National Association, as 
trustee. 
8-K 
2/18/2015 
4.7 
Indenture, dated as of May 11, 2017, by and among Wynn Las Vegas, LLC, Wynn Las 
Vegas Capital Corp., the Guarantors named therein and U.S. Bank National Association, as 
trustee. 
8-K 
5/11/2017 
4.8 
Indenture, dated as of September 20, 2017, by and between Wynn Macau, Limited and 
Deutsche Bank Trust Company Americas, as trustee, relating to senior notes due 2024. 
10-Q 
11/8/2017 
4.9 
Indenture, dated as of September 20, 2017, by and between Wynn Macau, Limited and 
Deutsche Bank Trust Company Americas, as trustee, relating to senior notes due 2027. 
10-Q 
11/8/2017 
4.10 
Indenture, dated as of December 17, 2019, by and between Wynn Macau, Limited and 
Deutsche Bank Trust Company Americas, as trustee, related to senior notes due 2029. 
10-K 
2/28/2020 
4.11 
Indenture, dated as of September 20, 2019, by and among Wynn Resorts Finance, LLC, and 
Wynn Resorts Capital Corp., as joint and several obligors and the Guarantors named therein 
and U.S. Bank National Association, as trustee. 
10-Q 
11/6/2019 
4.12 
Indenture, dated as of February 16, 2023, by and among Wynn Resorts Finance, LLC, and 
Wynn Resorts Capital Corp., as joint and several obligors and the Guarantors named therein 
and U.S. Bank National Association, as trustee. 
8-K 
2/16/2023 
113 

4.13 
Trust Deed, dated as of March 7, 2023, by and between Wynn Macau, Limited and DB 
Trustees (Hong Kong) Limited, as trustee, relating to convertible bonds due 2029 convertible 
into ordinary shares of Wynn Macau, Limited. 
8-K 
3/7/2023 
4.14 
Agency Agreement, dated as of March 7, 2023, by and between Wynn Macau, Limited, DB 
Trustees (Hong Kong) Limited, as trustee, and Deutsche Bank Trust Company Americas, as 
principal paying agent, principal conversion agent, transfer agent and registrar, relating to 
convertible bonds due 2029 convertible into ordinary shares of Wynn Macau, Limited. 
8-K 
3/7/2023 
4.15 
Indenture, dated September 20, 2024, by and among Wynn Resorts Finance, LLC, and Wynn 
Resorts Capital Corp., as joint and several obligors and the Guarantors named therein and 
U.S. Bank National Association, as trustee. 
8-K 
9/20/2024 
10.1.0 
Credit Agreement, dated as of September 20, 2019, by and among Wynn Resorts Finance, 
LLC, as borrower, the subsidiaries of borrower party hereto, as guarantors, Deutsche Bank 
AG New York Branch, as administrative agent and as collateral agent. 
10-Q 11/6/2019 
10.1.1 
Incremental Joinder Agreement No. 1, dated as of March 8, 2019, by and among Wynn 
Resorts, Limited, as borrower, Wynn Group Asia, Inc. and Wynn Resorts Holdings, LLC, as 
Guarantors, and Deutsche Bank AG New York Branch, as administrative agent. 
10-Q 
5/9/2019 
10.1.2 
First Amendment to Credit Agreement, dated as of April 10, 2020, by and among Wynn 
Resorts Finance, LLC, as borrower, the subsidiaries of borrower party hereto, as guarantors, 
Deutsche Bank AG New York Branch, as administrative agent and as collateral agent. 
10-Q 
5/8/2020 
10.1.3 
First Amendment to Term Loan Agreement, dated as of May 5, 2020, by and among Wynn/
CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC, as borrowers, United 
Overseas Bank Limited, New York Agency, as administrative agent, and the lenders party 
thereto. 
10-Q 
8/6/2020 
10.1.4 
Amendment No. 2 to Credit Agreement, dated as of November 27, 2020, by and among 
Wynn Resorts Finance, LLC, as borrower, the subsidiaries of borrower party hereto, as 
guarantors, Deutsche Bank AG New York Branch, as administrative agent. 
10-K 2/26/2021 
10.1.5 
Amendment No. 3 to Credit Agreement, dated as of May 17, 2023, by and among Wynn 
Resorts Finance, LLC, as borrower, the subsidiaries of borrower party hereto, as guarantors, 
Deutsche Bank AG New York Branch, as administrative agent. 
8-K 
5/17/2023 
10.1.6 
Exhibit A to Amendment No. 3 - Credit Agreement, dated as of September 20, 2019 (as 
amended by Amendment No. 1 dated as of April 10, 2020, Amendment No. 2 dated as of 
November 27, 2020, and Amendment No. 3 dated as of May 17, 2023), by and among Wynn 
Resorts Finance, LLC, as borrower, the subsidiaries of borrower party hereto, as guarantors, 
Deutsche Bank AG New York Branch, as administrative agent and as collateral agent. 
8-K 
5/17/2023 
10.1.7 
Concession Extension Contract for the Operation of Games of Chance or Other Games in 
Casinos in the Macau Special Administrative Region, dated June 23, 2022, between the 
Macau Special Administrative Region and Wynn Resorts (Macau), S.A. 
10-Q 
8/9/2022 
10.1.8 
Lease, dated as of December 1, 2022 by and among EBH MA Property, LLC, MDC Encore 
Holdings, LLC, Wynn MA, LLC and Everett Property, LLC. 
8-K 
12/1/2022 
10.1.9 
Amendment No. 4 to Credit Agreement, dated as of September 16, 2024, by and among 
Wynn Resorts Finance, LLC, as borrower, the subsidiaries of borrower party hereto, as 
guarantors, Deutsche Bank AG New York Branch, as administrative agent. 
8-K 
9/16/2024 
10.1.10 
Exhibit A to Amendment No. 4 - Credit Agreement, dated as of September 20, 2019 (as 
amended by Amendment No. 1 dated as of April 10, 2020, Amendment No. 2 dated as of 
November 27, 2020, and Amendment No. 3 dated as of May 17, 2023, Amendment No. 4 
dated as of September 16, 2024), by and among Wynn Resorts Finance, LLC, as borrower, 
the subsidiaries of borrower party hereto, as guarantors, Deutsche Bank AG New York 
Branch, as administrative agent and as collateral agent. 
8-K 
9/16/2024 
10.2.1 
Common Terms Agreement Sixth Amendment Agreement, dated December 21, 2018, 
between, among others, Wynn Resorts (Macau) S.A. as the company and Bank of China 
Limited, Macau Branch as security agent. 
10-Q 2/28/2019 
10.2.2 
Term Facility Agreement Fifth Amendment Agreement, dated December 21, 2018, by and 
among Wynn Resorts (Macau) S.A. and Bank of China Limited, Macau Branch as Hotel 
Facility Agent and Hotel Facility Lender. 
10-Q 2/28/2019 
114 

10.2.3 
Revolving Credit Facility Agreement Second Amendment Agreement, dated as of 
December 21, 2018, by and among Wynn Resorts (Macau) S.A. and Bank of China Limited, 
Macau Branch as Revolving Credit Facility Agent and Revolving Credit Facility Lender. 
10-Q 2/28/2019 
10.2.4 
Common Terms Agreement Fifth Amendment Agreement, dated September 30, 2015, 
between, among others, Wynn Resorts (Macau) S.A. as the company and Bank of China 
Limited, Macau Branch as security agent. 
10-Q 11/6/2015 
10.2.5 
Term Facility Agreement Fourth Amendment Agreement, dated September 30, 2015, by and 
among Wynn Resorts (Macau) S.A. and Bank of China Limited, Macau Branch as Hotel 
Facility Agent and Hotel Facility Lender. 
10-Q 11/6/2015 
10.2.6 
Revolving Credit Facility Agreement Amendment Agreement, dated as of September 30, 
2015, by and among Wynn Resorts (Macau) S.A. and Bank of China Limited, Macau Branch 
as Revolving Credit Facility Agent and Revolving Credit Facility Lender. 
10-Q 11/6/2015 
10.2.7 
Debenture, dated as of September 14, 2004, between Wynn Resorts (Macau), S.A. and 
Société Générale, Hong Kong Branch as the Security Agent. 
10-Q 11/4/2004 
10.2.8 
Second Amendment Agreement to the Existing Facility Agreement, dated as of 
September 20, 2024, by and among WM Cayman Holdings Limited II, as borrower, Wynn 
Macau, Limited, as guarantor, and Bank of China Limited, Macau Branch, as agent and a 
syndicate of lenders. 
8-K 
9/23/2024 
10.3.0 
Term Loan Agreement, dated as of July 25, 2018, by and among Wynn/CA Plaza Property 
Owner, LLC and Wynn/CA Property Owner, LLC, as borrowers, United Overseas Bank 
Limited, New York Agency, as administrative agent and lead arranger, Fifth Third Bank, as 
joint lead arranger, Sumitomo Mitsui Banking Corporation, as joint lead arranger, Credit 
Agricole Corporate and Investment Bank, as managing agent, and the lenders party thereto. 
10-Q 7/30/2018 
10.3.0.1 
Second Amendment to Term Loan Agreement, dated as of June 2, 2023, by and among 
Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC, as borrowers, 
United Overseas Bank Limited, New York Agency, as administrative agent, and the lenders 
party thereto. 
8-K 
6/5/2023 
10.3.1 
Facility Agreement, dated as of September 16, 2021, by and among WM Cayman Holdings 
Limited II, as borrower, Wynn Macau, Limited, as guarantor, and Bank of China Limited, 
Macau Branch, as agent and a syndicate of lenders. 
10-Q 11/9/2021 
10.3.2 
Amendment to the Facility Agreement, dated as of May 5, 2022, by and among WM Cayman 
Holdings Limited II, as borrower, Wynn Macau, Limited, as guarantor, and Bank of China 
Limited, Macau Branch, as agent and a syndicate of lenders. 
10-Q 5/10/2022 
10.3.3 
Amendment and Restatement Agreement to Facility Agreement, dated as of June 27, 2023, 
by and among WM Cayman Holdings Limited II, as borrower, Wynn Macau, Limited, as 
guarantor, Bank of China Limited, Macau Branch, as agent and a syndicate of lenders party 
thereto. 
8-K 
6/30/2023 
10.3.4 
Third Amendment to Term Loan Agreement and First Amendment to Recourse Indemnity 
Agreement, dated as of October 2, 2024, by and among Wynn/CA Plaza Property Owner, 
LLC and Wynn/CA Property Owner, LLC, as borrowers, United Overseas Bank Limited, 
New York Agency, as administrative agent, and the guarantors and lenders party thereto. 
8-K 
10/3/2024 
10.4.1 
Concession Contract for the Operation of Games of Chance or Other Games in Casinos in the 
Macau Special Administrative Region, dated June 24, 2002, between the Macau Special 
Administrative Region and Wynn Resorts (Macau), S.A. (English translation of Portuguese 
version of Concession Agreement). 
10-Q 8/20/2002 
10.4.2 
Concession Contract for Operating Casino Gaming or Other Forms of Gaming in the Macau 
Special Administrative Region, dated June 24, 2002, between the Macau Special 
Administrative Region and Wynn Resorts (Macau), S.A. (English translation of Chinese 
version of Concession Agreement). 
10-Q 9/18/2002 
10.4.3 
Unofficial English translation of Land Concession Contract between the Macau Special 
Administrative Region and Wynn Resorts (Macau), S.A. 
10-Q 
8/3/2004 
10.4.4 
Land Concession Contract, published on May 2, 2012, by and among Palo Real Estate 
Company Limited, Wynn Resorts (Macau), S.A. and the Macau Special Administrative 
Region of the People’s Republic of China (translated to English from traditional Chinese and 
Portuguese). 
10-Q 
5/2/2012 
115 

10.4.5 
Bank Guarantee Reimbursement Agreement, dated as of September 14, 2004, between Wynn 
Resorts (Macau), S.A. and Banco Nacional Ultramarino. 
10-Q 11/4/2004 
10.4.6 
Concession Contract for Operating Casino Gaming or Other Forms of Gaming in the Macau 
Special Administrative Region, dated December 16, 2022, between the Macau Special 
Administrative Region and Wynn Resorts (Macau), S.A. (English translation of Chinese 
version). 
10-K 2/27/2023 
10.4.7 
Deed of Reversion (Wynn Palace), dated as of December 30, 2022, by and among Wynn 
Resorts (Macau) S.A., Palo Real Estate Company Limited, and the Macau Special 
Administrative Region. 
10-K 2/27/2023 
10.4.8 
Deed of Reversion (Wynn Macau), dated as of December 30, 2022, by and among Wynn 
Resorts (Macau) S.A. and the Macau Special Administrative Region. 
10-K 2/27/2023 
10.4.9 
Handover Deed, dated as of December 30, 2022, by and between Wynn Resorts (Macau) 
S.A. and the Macau Special Administrative Region. 
10-K 2/27/2023 
10.5.1 
Corporate Allocation Agreement, dated as of September 19, 2009, by Wynn Macau, Limited 
and Wynn Resorts, Limited. 
10-Q 
3/2/2015 
10.5.2 
Amended and Restated Corporate Allocation Agreement, dated as of September 19, 2009, by 
Wynn Resorts (Macau), S.A., and Wynn Resorts, Limited. 
10-Q 
3/2/2015 
10.5.3 
Management Fee and Corporate Allocation Agreement, dated as of February 26, 2015, by 
and between Wynn Las Vegas, LLC and Wynn Resorts, Limited. 
10-Q 
3/2/2015 
10.5.4 
Management Fee and Corporate Allocation Agreement, dated as of November 20, 2014, by 
and among Wynn MA, LLC and Wynn Resorts, Limited. 
10-Q 2/29/2016 
10.6.1 
Intellectual Property License Agreement, dated as of September 19, 2009, by and among 
Wynn Resorts Holdings, LLC, Wynn Resorts, Limited and Wynn Macau, Limited. 
10-Q 
3/2/2015 
10.6.2 
Amended and Restated Intellectual Property License Agreement, dated as of September 19, 
2009, by and among Wynn Resorts Holdings, LLC, Wynn Resorts, Limited and Wynn 
Resorts (Macau), S.A. 
10-Q 
3/2/2015 
10.6.3 
2015 Intellectual Property License Agreement, dated as of February 26, 2015, by and 
between Wynn Resorts Holdings, LLC, Wynn Resorts, Limited and Wynn Las Vegas, LLC. 
10-Q 
5/8/2015 
10.6.4 
2014 Intellectual Property License Agreement, dated as of November 20, 2014, by and 
between Wynn Resorts Holdings, LLC, Wynn Resorts, Limited and Wynn MA, LLC. 
10-Q 2/29/2016 
10.6.5 
Surname Rights Agreement, dated as of August 6, 2004, by and between Stephen A. Wynn 
and Wynn Resorts Holdings, LLC. 
10-Q 11/4/2004 
10.6.6 
Rights of Publicity License, dated as of August 6, 2004, by and between Stephen A. Wynn 
and Wynn Resorts Holdings, LLC. 
10-Q 11/4/2004 
10.6.7 
Intellectual Property License Agreement, dated as of January 1, 2025, by and between Wynn 
NKH, LLC, and Wynn Macau, Limited. 
10-K 
* 
10.6.8 
Intellectual Property License Agreement, dated as of January 1, 2025, by and between Wynn 
NKH, LLC, and Wynn Resorts (Macau), S.A. 
10-K 
* 
10.6.9 
Intellectual Property License Agreement, dated as of January 1, 2025, by and between Wynn 
Resorts, Holdings, LLC, Wynn Resorts, Limited and Wynn NKH, LLC. 
10-K 
* 
10.7.1 
Second Amended and Restated Shareholders’ Agreement, dated June 21, 2024, by and 
among Wynn Resorts, Limited, RAK Hospitality Holding LLC, Al Marjan Island LLC, 
Wynn Resorts FZ-LLC, RAK HH IR FZ-LLC, AMI Island 3 IR FZ-LLC and Island 3 AMI 
FZ-LLC. 
10-K 
* 
+10.7.2.0 
Employment Agreement, dated as of January 27, 2017 by and between Wynn Resorts, 
Limited and Craig Billings. 
10-Q 
5/4/2017 
+10.7.2.1 
First Amendment to Employment Agreement, dated as of April 17, 2018, by and between 
Wynn Resorts, Limited and Craig S. Billings. 
10-Q 
5/9/2018 
+10.7.2.2 
Second Amendment to Employment Agreement, dated as of May 29, 2019, by and between 
Wynn Resorts, Limited and Craig Billings. 
10-Q 
8/8/2019 
+10.7.2.3 
Third Amended and Restated Employment Agreement dated as of January 1, 2021, by and 
between Wynn Resorts, Limited and Craig S. Billings. 
10-K 2/26/2021 
116 

+10.7.2.4 
Fourth Amended and Restated Employment Agreement dated as of May 24, 2021, by and 
between Wynn Resorts, Limited and Craig S. Billings. 
8-K 
5/24/2021 
+10.7.2.5 
Employment Agreement, dated November 9, 2021, by and between Wynn Resorts, Limited 
and Craig S. Billings. 
10-Q 11/9/2021 
+10.7.2.6 
First Amendment to Employment Agreement, dated as of June 1, 2023, by and between 
Wynn Resorts, Limited and Craig S. Billings. 
8-K 
6/2/2023 
+10.7.3.0 
Employment Agreement, dated as of August 2, 2018, by and between Wynn Resorts, Limited 
and Ellen Whittemore. 
10-Q 
8/8/2018 
+10.7.3.1 
First Amendment to Employment Agreement, dated as of May 29, 2019, by and between 
Wynn Resorts, Limited and Ellen Whittemore. 
10-Q 
8/8/2019 
+10.7.3.2 
Second Amended and Restated Employment Agreement dated as of January 1, 2021, by and 
between Wynn Resorts, Limited and Ellen F. Whittemore. 
10-K 2/26/2021 
+10.7.3.3 
Third Amended and Restated Employment Agreement dated as of January 12, 2022, by and 
between Wynn Resorts, Limited and Ellen F. Whittemore. 
10-K 2/28/2022 
+10.7.4.0 
Employment Agreement, dated as of December 7, 2021 by and between Wynn Resorts, 
Limited and Julie Cameron-Doe. 
10-K 2/28/2022 
+10.7.4.1 
First Amendment to Employment Agreement, dated as of April 13, 2022, by and between 
Wynn Resorts, Limited and Julie Cameron-Doe. 
10-Q 5/10/2022 
+10.7.4.2 
Second Amendment to Employment Agreement, dated as of June 1, 2023, by and between 
Wynn Resorts, Limited and Julie Cameron-Doe. 
8-K 
6/2/2023 
+10.7.5.1 
Employment Agreement, dated as of September 15, 2024 by and between Wynn Resorts, 
Limited and Jacqui Krum. 
10-K 
* 
+10.7.5.2 
First Amendment to Employment Agreement, dated as of November 25, 2024 by and 
between Wynn Resorts, Limited and Jacqui Krum. 
10-K 
* 
+10.8 
Amended and Restated 2014 Omnibus Incentive Plan, dated January 1, 2017. 
10-Q 2/24/2017 
+10.9 
Second Amended and Restated 2014 Omnibus Incentive Plan 
S-8 
8/12/2024 
10.10 
Cooperation Agreement, dated as of August 3, 2018, by and between Wynn Resorts, Limited 
and Elaine P. Wynn. 
10-Q 
8/6/2018 
10.11 
Second Amended and Restated Shareholders’ Agreement, dated as of January 14, 2016, by 
and among Wynn Resorts (Macau), Ltd., Wynn Resorts International, Ltd., Chen Chi Ling 
Linda and Wynn Resorts (Macau), S.A. 
10-Q 2/28/2018 
10.12 
Form of Indemnity Agreement. 
10-Q 9/18/2002 
+10.13 
Wynn Resorts, Limited Executive Retirement Plan 
10-K 2/23/2024 
10.14 
Guarantee, dated as of February 5, 2025, between the Government of Ras Al Khaimah acting 
through the Investment and Development Office of Ras Al Khaimah and Wynn Resorts, 
Limited in favor of First Abu Dhabi Bank PJSC for itself and as security agent for the other 
Secured Parties. 
8-K 
2/6/2025 
19.1 
Wynn Resorts, Limited Insider Trading Policy. 
10-K 
* 
21.1 
Subsidiaries of the Registrant. 
10-K 
* 
23.1 
Consent of Ernst & Young LLP, Independent Registered Accounting Firm. 
10-K 
* 
31.1 
Certification of Chief Executive Officer of Periodic Report Pursuant to Rule 13a – 14(a) and 
Rule 15d – 14(a). 
10-K 
* 
31.2 
Certification of Chief Financial Officer of Periodic Report pursuant to Rule 13a – 14(a) and 
Rule 15d – 14(a). 
10-K 
* 
32 
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 
Section 1350 (furnished herewith) 
10-K 
* 
97 
Wynn Resorts, Limited Clawback Policy 
10-K 2/23/2024 
117 

101 
The following material from Wynn Resorts, Limited’s Annual Report on Form 10-K, 
formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) the 
Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023; (ii) the 
Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 
2022; (iii) the Consolidated Statements of Comprehensive Income (Loss) for the years ended 
December 31, 2024, 2023, and 2022; (iv) the Consolidated Statements of Stockholders’ 
Deficit for the years ended December 31, 2024, 2023, and 2022; (v) the Consolidated 
Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022; and 
(vi) Notes to Consolidated Financial Statements. The instance document does not appear in 
the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 
document. 
10-K 
* 
104 
Cover Page Interactive Data File - The cover page XBRL tags are embedded within the Inline 
XBRL document. 
 
 
* 
Filed herewith. 
+ 
Denotes management contract or compensatory plan or arrangement. 
Item 16. Form 10-K Summary 
Not applicable. 
118 

SIGNATURES 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has 
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
 
 
WYNN RESORTS, LIMITED 
 Dated: February 13, 2025 
By:  
/s/ Craig S. Billings 
 
 
 
 Craig S. Billings 
 
 
 
 Chief Executive Officer (Principal Executive Officer) 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the 
following persons on behalf of the Registrant and in the capacities and on the dates indicated. 
Signature 
Title 
Date 
/s/ Craig S. Billings 
Director, Chief Executive Officer 
(Principal Executive Officer) 
February 13, 2025 
Craig S. Billings 
/s/ Julie Cameron-Doe 
Chief Financial Officer (Principal Financial and 
Accounting Officer) 
February 13, 2025 
Julie Cameron-Doe 
/s/ Philip G. Satre 
Non-Executive Chair of the Board and Director 
February 13, 2025 
Philip G. Satre 
/s/ Betsy S. Atkins 
Director 
February 13, 2025 
Betsy S. Atkins 
/s/ Richard J. Byrne 
Director 
February 13, 2025 
Richard J. Byrne 
/s/ Paul Liu 
Director 
February 13, 2025 
Paul Liu 
/s/ Patricia Mulroy 
Director 
February 13, 2025 
Patricia Mulroy 
/s/ Margaret J. Myers 
Director 
February 13, 2025 
Margaret J. Myers 
/s/ Darnell Strom 
Director 
February 13, 2025 
Darnell Strom 
/s/ Winifred Webb 
Director 
February 13, 2025 
Winifred Webb 
119 

Corporate Headquarters
3131 Las Vegas Boulevard South
Las Vegas, Nevada 89109
Web Site
Visit the Company’s websites at:
www.wynnresorts.com
www.wynnlasvegas.com
www.wynnmacau.com
www.wynnmacaulimited.com
www.wynnpalace.com
www.encorebostonharbor.com
Annual Report on Form 10-K
Our Annual Report on Form 10-K (including the
financial statements and financial statement
schedules relating thereto) filed with the Securities
and Exchange Commission may be obtained upon
written request and without charge. Requests
should be directed to Wynn Resorts, Limited, c/o
Investor Relations, 3131 Las Vegas Boulevard South,
Las Vegas, Nevada 89109, telephone (702) 770-7555
or investorrelations@wynnresorts.com. In addition,
the electronic version of the Annual Report can be
found at www.wynnresorts.com.
Annual Meeting
Our 2025 Annual Meeting will be held entirely online.
To participate in the virtual Annual Meeting, please
visit www.virtualshareholdermeeting.com/wynn2025.
March 5, 2025 is the record date for determining the
shareholders entitled to notice of, and to vote at, the
Annual Meeting of Shareholders.
Common Stock
Our common stock is traded on the NASDAQ Global
Select Market under the symbol “WYNN.”
Common Stock Transfer Agent and Registrar
Equiniti Trust Company, LLC
48 Wall Street, 23rd floor
New York, NY 10043
(800) 937-5449
Wynn and Encore are registered trademarks of Wynn
Resorts Holdings, LLC.
Board of Directors
Philip G. Satre
Non-Executive Chair of the Board
Former CEO and Chair of Harrah’s Entertainment,
Inc.
Former Chair of the Board of International Game
Technology, PLC from 2009 to 2018
Betsy S. Atkins
Director
Chief Executive Officer and Founder of Baja
Corporation
Craig S. Billings
Director, Chief Executive Officer
Richard J. Byrne
Director
CEO, Chair of the Board of Franklin BSP Realty
Trust, Inc.
Paul Liu
Director
Former Partner, Egon Zehnder AG
Patricia Mulroy
Director
Non-Resident Senior Fellow for Climate Adaptation &
Environmental Policy, Practitioner in Residence,
Saltman Center for Conflict Resolution
Chief Executive of the Southern Nevada Water
Authority from 1993 to 2014
Margaret J. Myers
Director
Senior Advisor to the Governor of California and
Director of the Governor’s Office of Business and
Economic Development
Darnell O. Strom
Partner & Head of Culture and Leadership for UTA
Winifred M. Webb
Director
Founder, Kestrel Corporate Advisors
Executive Officers
Craig S. Billings
Chief Executive Officer
Julie Cameron-Doe
Chief Financial Officer
Jacqui Krum
Executive Vice President, General Counsel and
Secretary
Information on this page is as of March 5, 2025.