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美國
證券交易委員會
華盛頓特區20549
 表格 10-Q
☒根據1934年證券交易法第13或15(d)條款的季度報告。
截至2024年6月30日季度結束 2024年9月30日
或
☐根據1934年證券交易法第13或15(d)條款的過渡報告
到                    至                 
委員會檔案號碼。 000-50028
 永利度假村有限公司
（依憑章程所載的完整登記名稱）
內華達州46-0484987
(依據所在地或其他管轄區)
的註冊地或組織地點)		(國稅局雇主識別號碼)
識別號碼)
3131拉斯維加斯大道南 - 拉斯維加斯, 內華達州 89109
(主要行政辦公室的地址)（郵政編碼）
(702) 770-7555
(註冊公司之電話號碼，包括區號)
無可奉告
(如與上次報告不同，列明前名稱、前地址及前財政年度)

根據法案第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
普通股票，面值$0.01標的納斯達克全球貨幣選擇市場

請勾選表示，登記人（1）在過去12個月內已按照1934年證券交易法第13條或第15（d）條的要求提交了所有應提交的報告（或對於登記人需要提交此類報告的較短時期），並且（2）在過去90天內已受到此類提交要求的規定：是 ☒不☐
請在勾選符號上註明，是否在過去的12個月內（或更短的時間內，如果註冊人需提交此類文件），根據Regulation S-t第405條規定向本章第232.405條提交所需提交的每個交互式資料檔案。是  ☒不☐
請勾選相應的選項，以指示申報人是大型快速申報人、快速申報人、非快速申報人、較小型報告公司，還是新興成長型公司。詳細定義請參閱《交易所法》第1202條中的“大型快速申報人”、“快速申報人”、“較小型報告公司”和“新興成長型公司”定義。
大型加速歸檔人☒加速檔案提交者☐
非加速歸檔人☐較小報告公司☐
新興成長型企業☐
如果一家新興成長型公司，請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 ☐
請用核取標記表示登記者是否為殼公司（如交易所法120億2條所定義）。是 ☐不 ☒
請指示每一類常股的流通股份數目，截至最近實際可行日期。
Class A普通股2024年10月29日止，傑出金額
普通股票，面值$0.01  109,814,972

目錄

永利度假村，有限公司及附屬公司
表格10-Q
指数
 
第一部分。財務資訊
第二部分。其他信息

2
目錄

第一部分 基本報表資料
項目一。財務報表
永利度假村，有限公司及附屬公司
縮表合併資產負債表
(以千為單位，股份數據除外)

2024年9月30日2023年12月31日
（未經審計）
資產
流動資產:
現金及現金等價物$2,407,289 $2,879,186 
限制性現金1,205,930 18 
投資— 845,192 
應收帳款，扣除信用損失准備金 $39,186 15.140,075，分別為
388,858 341,712 
存貨75,479 75,552 
預付費用和其他113,117 99,961 
全部流動資產4,190,673 4,241,621 
物業及設備，扣除折舊後淨值6,517,830 6,688,479 
限制性現金 95,494 90,208 
商譽和無形資產，淨值280,386 329,708 
經營租賃資產1,803,441 1,832,896 
递延所得税资产，扣除递延所得税负债后净额463,098 500,877 
其他資產760,477 312,434 
資產總額$14,111,399 $13,996,223 
負債和股東權益赤字
流動負債：
應付賬款和施工應付款$212,989 $208,263 
客戶存款。538,136 543,288 
遊戲稅須支付157,134 172,832 
應計的薪資和福利費用185,210 212,645 
應計利息124,325 141,902 
長期債務的當期償還1,239,054 709,593 
其他應計負債286,457 211,931 
流動負債合計2,743,305 2,200,454 
長期負債10,547,508 11,028,744 
長期經營租賃負債 1,620,415 1,631,749 
其他長期負債265,649 236,210 
總負債15,176,877 15,097,157 
承諾和條件（附注15）
股東赤字：
優先股，面額 $0.01; 40,000,000 授權股份為 零級 股份發行及流通
— — 
普通股，面額 $0.01; 400,000,000 授權股份為 133,532,047 和 132,998,916 發行股數； 109,922,076 和 111,737,245 流通股數，分別
1,335 1,330 
庫藏股股數，成本法； 23,609,971 和 21,261,671 股，分別為
(2,037,046)(1,836,326)
資本公積額額外增資3,685,242 3,647,161 
其他綜合損益（損失）累積額(4,409)3,406 
累積虧損(1,926,524)(2,066,953)
永利度假村有限公司股東資不足總額(281,402)(251,382)
非控制權益(784,076)(849,552)
股東權益總赤字(1,065,478)(1,100,934)
負債總額和股東權益總赤字$14,111,399 $13,996,223 

相關附註是這些基本報表的一個不可或缺的部分。
3
目錄

永利度假村，有限公司及附屬公司
綜合營業損益匯縮陳述
（以千美元為單位，除每股數據外）
(未審核)

 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
營業收入：
賭場$1,018,754 $972,453 $3,149,166 $2,652,444 
客房284,765 289,338 916,700 838,372 
食品和飲料262,597 267,432 810,939 757,079 
娛樂、零售和其他127,207 142,713 412,359 443,542 
營業總收入1,693,323 1,671,936 5,289,164 4,691,437 
營業費用：
賭場617,469 577,733 1,907,426 1,594,761 
客房83,376 77,790 245,991 224,275 
食品和飲料220,187 220,835 647,351 605,376 
娛樂、零售和其他56,184 82,554 190,137 261,035 
總務與行政271,829 268,445 808,172 785,538 
信貸損失準備1,836 870 4,352 (6,314)
Pre-opening2,457 867 6,050 6,822 
折舊與攤提156,273 171,969 507,611 510,743 
商譽和無形資產的減值— 93,990 — 94,490 
物業費用及其他150,475 114,288 206,238 132,265 
營業費用總計1,560,086 1,609,341 4,523,328 4,208,991 
營業利益 133,237 62,595 765,836 482,446 
其他收入（費用）：
利息收入30,729 46,534 105,785 130,854 
利息開支，已扣除資本化金額(167,922)(188,571)(524,922)(566,554)
衍生工具公平價值變動(5,523)(50,637)(7,920)(3,255)
債務融資交易損失(利益)(109)2,928 (1,670)(12,683)
其他21,300 3,861 25,323 (19,794)
其他收入（費用），淨額(121,525)(185,885)(403,404)(471,432)
稅前收入11,712 (123,290)362,432 11,014 
（捐贈) 所得稅補充計畫(17,127)2,749 (45,076)(2,574)
凈利潤（損失）(5,415)(120,541)317,356 8,440 
減：歸屬非控制股權的淨(收益)損失(26,638)3,863 (93,250)(7,602)
凈利潤（損失）歸屬於永利度假村有限公司$(32,053)$(116,678)$224,106 $838 
每股普通股基本和稀釋凈利潤（損失）
凈利潤（損失）歸屬於永利度假村有限公司：
基礎$(0.29)$(1.03)$2.03 $0.01 
稀釋$(0.29)$(1.03)$2.02 $0.01 
加權平均普通股股本：
基礎109,727 112,797 110,559 112,813 
稀釋109,727 112,797 110,810 113,132 

相關附註是這些基本報表的一個不可或缺的部分。
4
目錄

永利度假村，有限公司及附屬公司
綜合收益（損失）簡明綜合表
（以千為單位）
（未經審計）
 
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
凈利潤（損失）$(5,415)$(120,541)$317,356 $8,440 
其他綜合損益：
貨幣兑換調整，税前和税后(9,314)(2,319)(10,968)9,249 
綜合(損益)收益總額(14,729)(122,860)306,388 17,689 
減少：应非控股权益所有人之综合收益（損失）(23,946)4,484 (90,097)(10,229)
永利度假村有限公司归属的综合收益（損失）$(38,675)$(118,376)$216,291 $7,460 

相關附註是這些基本報表的一個不可或缺的部分。
5
目錄

永利度假村，有限公司及附屬公司
股東資本赤字縮短之簡明綜合財務報表
(以千為單位，股份數據除外)
（未經審計）


截至2024年9月30日止三個月的業績，
普通股票
股份
未履行合約		Par
價值		金融部門
股票		額外的
實收資本
資本金		累計
其他
全面性
淨收益（損失）		累積虧損永利度假村有限公司總公司。
股東們的
赤字		非控制權益
利益		總計
股東們的
赤字
2024年7月1日結餘111,375,062 $1,335 $(1,918,595)$3,672,049 $2,213 $(1,866,826)$(109,824)$(792,138)$(901,962)
凈利潤（損失）— — — — — (32,053)(32,053)26,638 (5,415)
貨幣轉換調整— — — — (6,622)— (6,622)(2,692)(9,314)
限制股票發行39,880 — — — — — — — — 
取消限制股(19,042)— — — — — — — — 
公司回購並持有作為庫藏股的股份(1,473,824)— (118,451)— — — (118,451)— (118,451)
現金股息宣布— — — — — (27,645)(27,645)(14,405)(42,050)
分配給非控制權益— — — — — — — (1,960)(1,960)
與子公司少數股東的交易— — — 439 — — 439 (439)— 
股份報酬— — — 12,754 — — 12,754 920 13,674 
2024年9月30日的結餘109,922,076 $1,335 $(2,037,046)$3,685,242 $(4,409)$(1,926,524)$(281,402)$(784,076)$(1,065,478)



截至2023年9月30日止三個月
普通股票
股份
未履行合約		Par
價值		金融部門
股票		額外的
實收資本
資本金		累計
其他
全面性
所認列的增益金額（損失），其從其他綜合收益重分類到收益中		累積虧損永利度假村總額
股東們的
赤字		非控制權益
利益		總計
股東們的
赤字
2023年7月1日餘額113,942,935 $1,329 $(1,635,966)$3,619,241 $7,916 $(2,622,773)$(630,253)$(876,911)$(1,507,164)
淨損失— — — — — (116,678)(116,678)(3,863)(120,541)
貨幣轉換調整— — — — (1,698)— (1,698)(621)(2,319)
限制股票發行40,099 1 — (1)— — — — — 
取消限制性股票(2,402)— — — — — — — — 
公司回購並作為庫藏股持有的股份(623,417)— (58,925)— — — (58,925)— (58,925)
現金股息宣布— — — — — (28,487)(28,487)— (28,487)
分配給非控制權益— — — — — — — (6,984)(6,984)
股份報酬— — — 14,277 — — 14,277 1,094 15,371 
2023年9月30日結餘113,357,215 $1,330 $(1,694,891)$3,633,517 $6,218 $(2,767,938)$(821,764)$(887,285)$(1,709,049)

附註內容是這些簡明綜合財務報表的一部分。
















6
目錄

永利度假村，有限公司及附屬公司
股東資本赤字縮短之簡明綜合財務報表
(以千為單位，股份數據除外)
（未經審計）


截至2024年9月30日的九個月，持續盈利較2023年9月30日的九個月下降320億美元，主要受到已保留和已售出擁有權益收益減少460億美元的影響，主要與我們的GE HealthCare和AerCap投資有關，重組與其他費用增加30億美元以及與我們的Colibrium Additive報告部門相關的商譽損失30億美元。這些減少部分地被段利潤增加90億美元，出售業務利益增加50億美元，主要與我們的非核心許可業務出售有關，保險業務利潤增加30億美元以及前一年無重復的優先股送轉30億美元所抵銷。經調整的盈利*為360億美元，增加110億美元，這是由於段利潤增加90億美元以及調整後的企業和其他營運成本下降。
普通股票
股份
未履行合約		Par
價值		金融部門
股票		額外的
實收資本
資本金		累計
其他
全面性
淨收益（損失）		累積虧損永利度假村有限公司總計
股東們的
赤字		非控制權益
利益		總計
股東們的
赤字
2024年1月1日的結餘111,737,245 $1,330 $(1,836,326)$3,647,161 $3,406 $(2,066,953)$(251,382)$(849,552)$(1,100,934)
凈利潤— — — — — 224,106 224,106 93,250 317,356 
貨幣轉換調整— — — — (7,815)— (7,815)(3,153)(10,968)
履行股票期權 17,285 — — 1,017 — — 1,017 — 1,017 
限制股票發行544,858 5 — 8,010 — — 8,015 — 8,015 
取消限制股票(29,012)— — — — — — — — 
公司回購並作為庫藏股的股份(2,348,300)— (200,720)— — — (200,720)— (200,720)
現金股息宣布— — — — — (83,677)(83,677)(28,781)(112,458)
分配給非控制權益— — — — — — — (10,601)(10,601)
與子公司少數股東的交易— — — (11,508)— — (11,508)11,508 — 
股份報酬— — — 40,562 — — 40,562 3,253 43,815 
2024年9月30日的結餘109,922,076 $1,335 $(2,037,046)$3,685,242 $(4,409)$(1,926,524)$(281,402)$(784,076)$(1,065,478)



截至2023年9月30日止的九個月
普通股票
股份
未履行合約		Par
價值		金融部門
股票		額外的
實收資本
資本金		累計
其他
全面性
淨收益（損失）		累積虧損永利度假村總計
股東們的
赤字		非控制權益
利益		總計
股東們的
赤字
2023年1月1日的結餘113,369,439 $1,323 $(1,623,872)$3,583,923 $(404)$(2,711,808)$(750,838)$(889,527)$(1,640,365)
凈利潤— — — — — 838 838 7,602 8,440 
貨幣轉換調整— — — — 6,622 — 6,622 2,627 9,249 
行使股票期權 32,284 — — 1,965 — — 1,965 — 1,965 
限制股票發行708,428 7 — 6,631 — — 6,638 — 6,638 
取消限制性股票(16,991)— — — — — — — — 
公司回購並持有為庫存股的股份(742,126)— (71,019)— — — (71,019)— (71,019)
現金股息宣布— — — — — (56,968)(56,968)— (56,968)
分配給非控制權益— — — (2,994)— — (2,994)(12,935)(15,929)
與子公司少數股東的交易6,181 — — (754)— — (754)754 — 
股份報酬— — — 44,746 — — 44,746 4,194 48,940 
2023年9月30日結餘113,357,215 $1,330 $(1,694,891)$3,633,517 $6,218 $(2,767,938)$(821,764)$(887,285)$(1,709,049)

附註內容是這些簡明綜合財務報表的一部分。
7
目錄

永利度假村，有限公司及附屬公司
簡明財務報表現金流量表
（以千為單位）
（未經審計）
 截至9月30日的九個月
 20242023
經營活動現金流量：
凈利潤 $317,356 $8,440 
調整淨利潤以達經營活動所提供之淨現金流量：
折舊與攤提507,611 510,743 
推延所得稅37,780 (198)
以股份為基礎之報酬支出44,206 49,139 
債務發行成本攤銷30,138 29,251 
債務融資交易損失1,670 12,683 
信貸損失準備4,352 (6,314)
衍生工具公平價值變動7,920 3,255 
商譽和無形資產的減值— 94,490 
物業費用及其他110,398 146,298 
現金增加（減少）因變動：
應收賬款，淨額408 (29,513)
存貨、預付費用和其他1,968 (34,118)
客戶存款。(7,301)12,265 
應付帳款和應計費用(109,331)10,129 
經營活動產生的淨現金流量947,175 806,550 
投資活動之現金流量:
資本支出，扣除施工應付款及保留款(292,690)(329,428)
對未納入合併財務報表的聯屬公司之投資(454,980)(52,270)
購買投資 — (786,519)
從投資到期收益850,000 — 
無形資產及其他資產的購買(2,615)(10,651)
資產銷售收益和其他26,797 490 
投資活動提供的（使用的）淨現金126,512 (1,178,378)
來自籌資活動的現金流量:
發行長期債務證券所得1,283,794 1,200,000 
償還長期債務(1,251,210)(1,522,812)
回購普通股(198,249)(71,019)
行使股票期權所得1,017 1,965 
分配給非控制權益(10,601)(15,929)
分紅派息(112,045)(56,720)
融資租賃金付款(14,498)(14,407)
支付融資成本(31,459)(41,160)
其他(4,486)(7,773)
籌集資金的淨現金流量(337,737)(527,855)
匯率對現金、現金等價物和限制性現金的影響3,351 (3,721)
現金、現金等價物及限制性現金:
現金、現金等值物和受限制現金增加（減少）739,301 (903,404)
期初餘額2,969,412 3,782,990 
期末餘額$3,708,713 $2,879,586 
相關附註是這些基本報表的一個不可或缺的部分。
8
目錄
永利度假村，有限公司及附屬公司
基本報表附註
（未經審計）
 
附註1 - 編製基礎 組織

永利度假村有限公司，一家內華達州公司（連同其子公司“永利度假村”或“公司”），是一家設計師，開發商和綜合度假村運營商，擁有豪華酒店客房，高端零售空間，各種餐飲和娛樂選項，會議和會展場所以及遊戲。

在中華人民共和國澳門特別行政區（「澳門」），本公司擁有大約 72永利澳門有限公司（「WML」）的百分比，其中包括永利皇宮及永利澳門度假村的營運。本公司稱永利皇宮及永利澳門為其澳門營運。在內華達州拉斯維加斯，該公司營運，並且除某些零售空間以外，擁有 100永利拉斯維加斯的百分比。本公司是 50.1在永利拉斯維加斯（「零售合營企業」）擁有和租賃某些零售空間的合營企業的擁有人和管理成員%。該公司稱永利拉斯維加斯、永利拉斯維加斯擴展公司 Encore，以及零售合資企業作為其拉斯維加斯營運。該公司在馬薩諸塞州埃弗里特經營 Encore 波士頓港，這是一個綜合度假村。

該公司在A&T不銹鋼公司中擁有％的股權，該公司是與青山集團聯營的聯合創業公司，生產60英寸寬不銹鋼板產品，在北美銷售。 Tsingshan於2018年以$ 的價格購買了其％的聯合風險投資份額。 A&T不銹鋼的經營包括公司位於賓夕法尼亞州米德蘭的之前關閉的直輥和醃漬（DRAP）設施。 ATI通過AA&S部門的HRPF為A&T不銹鋼提供熱軋轉換服務。 DRAP設施自2020年第三季度以來已停產。 ATI根據權益法核算A&T不銹鋼聯合風險投資。 40持有島嶼3 AMI FZ-LLC（"島嶼3"）的股權，為一家未納入合併財務報表的聯屬公司，該公司正在阿拉伯聯合大公國拉斯海瑪的馬爾詹島（"溫迪爾馬爾詹島"）建造一個綜合度假酒店物業，預計於2027年開幕。

註釋2 -    陳述基礎和重要會計政策

報告基礎

隨附的簡明綜合基本報表已根據證券交易委員會的規則和法規，由公司編製。根據該等規則和法規，按照美國普遍公認會計原則（“GAAP”）編製的財務報表中通常包含的某些信息和附註披露已被縮短或省略，儘管公司相信本披露足以使所呈現的信息不具誤導性。在管理層的意見中，隨附的簡明綜合基本報表反映了所有調整，這些調整屬於正常循環性質，必要以公正呈現呈報的中期期間結果。截至2024年9月30日三個月和九個月的結果並不一定反映預期的其他中期期間或截至2024年12月31日完整會計年度結果。這些簡明綜合基本報表應與公司所拟定的2023年12月31日結束的年度報告Form 10-K中的綜合基本報表和附註一同閱讀。

合併原則

附帶的簡明綜合基本報表包括公司、公司的控股子公司的帳戶，以及公司辨認為特殊變量利益實體（"VIEs"）的實體，公司被確定為主要受益人。有關公司的VIEs的信息，請查閱附註16，"零售合資企業"。如果該實體不符合合併條件並且公司對實體的營運和財務決策具有重大影響力，則公司根據權益法會計投資於該實體。已經消除所有重大的關聯公司帳戶和交易。 簡明匯總基本報表中某些數額，截至2023年9月30日的三個月和九個月，已重新歸類以符合目前期間的呈現方式。這些重新分類對先前報告的凈利潤或營業利潤沒有影響。

估計的使用

依據GAAP準則準備的簡明合併基本報表需要管理層進行估計和假設，該等估計和假設將影響資產和負債報告金額以及財務報表日期時的潛在資產和負債披露，以及報告期間的收入和支出金額。 實際結果可能與這些估計不同。 在基本報表中反映的重要估計和假設涉及並包括，但不限於，公司預估的推遲稅資產和信貸損失撥備的輸入，對資產和無形資產的有用生命和回收性的估計，衍生工具的估值，以及訴訟和責任估計。



9
目錄
永利度假村，有限公司及附屬公司
簡明合併財務報表附註（續）
（未經審計）
遊戲稅

公司應依所在地區的毛收入遊戲稅務負責，並視適用管轄權的調整為準。這些遊戲稅費會在附帶的綜合營運報表中記錄為賭場費用。 這些稅項總計為$437.2 百萬美元和415.0 百萬，而$1.36 分別於2024年6月30日和2023年12月31日，公司已將持有金額為10億和20億的可供出售金融資產作為回購協議的抵押物。參閱附註12-回購協議。1.12 十二月三十一日截至2024年和2023年，這些稅款分別達到十幾億美元。

投資

公司在2023年第一季從AR Facility獲得收益$300.0成熟時投資於債券的金額為3000萬美元。550.0到2024年9月30日止九個月期間，固定存款的成熟金額為3000萬美元。截至2024年9月30日，公司未持有任何短期投資。

截至2023年12月31日，公司持有固定存款$550.0百萬，按公允價值計入，以及債務證券$295.2百萬，記錄於總體財務報表上之投資中。至2023年12月31日，公司的債務證券估計公允價值約為$294.8百萬，淨未認列持有虧損為$0.4百萬。截至2023年12月31日，公司應償還債務證券利息$8.7百萬，記錄於總體財務報表上的 投資 。

截止財務報表日，公司評估未實現損失是否可歸因於信用損失或其他因素。公司考慮價值下跌程度、發行人的信用評級和其他相關因素，並記錄信用損失準備金，限於攤銷成本超過公平價值之差額，並對收益計入相應支出。準備金可能根據當前事實和情況後續增加或減少。 在截至2024年和2023年9月30日的三個月和九個月內， 無 出現了減損。

商譽

商譽代表在業務組合中，購買價格超出資產負債表上所列無形資產和有形資產的公平價值的部分。商譽不會攤銷，而是每年接受損耗測試，或者如果事件或情況變動表明這一資產可能遭損耗，則需要更頻繁地進行測試。截至2024年9月30日和2023年12月31日，公司在資產負債表的商譽和無形資產淨額中，擁有一筆$資產。18.5發生在2024年9月30日的三個月和九個月內，公司確認了損耗。 無 資產減值已經確認，發生於2024年9月30日的三個月和九個月。

投資於未納入合併財務報表的聯屬公司

公司採用權益法核算對Island 3的投資。根據權益法，投資的帳面價值會根據公司對投資者的收益和損失、對投資者的資本貢獻和分配，以及公司在投資者初始發展期間所產生的利息成本的資本化進行調整。 截至2024年9月30日和2023年12月31日，公司在未合併聯屬公司中分別擁有一筆投資，金額分別為$。542.1百萬和$90.9該公司在隨附的簡明合併資產負債表中列示了分別為$百萬的非流動其他資產的投資。

最近發布的會計準則

公司管理層已評估基本報表的出版，但尚未生效的會計標準，透過基本報表的申報日期，並且不認為未來採納這些公告將對公司的財務狀況、營運結果和現金流量產生重大影響。








10
目錄
永利度假村，有限公司及附屬公司
簡明合併財務報表附註（續）
（未經審計）
備註3 -    現金、現金等價物和受限制現金

現金、現金等值物及受限現金包括以下項目（以千為單位）：
2024年9月30日2023年12月31日
現金及現金等價物：
現金 (1)
$1,895,060 $1,076,474 
現金等值物 (2)
512,229 1,802,712 
現金及現金等值物總額 2,407,289 2,879,186 
限制性現金 (3)
1,301,424 90,226 
現金、現金等價物和受限現金總額 $3,708,713 $2,969,412 
(1) 現金包括手頭現金和銀行存款。
(2) 現金等價物包括銀行定期存款和貨幣市場基金。
(3) 受限現金包括受特定合約限制的現金、與責任相關的現金擔保品、根據WML的股份獎勵計劃在信託中持有的現金，截至2024年9月30日及2023年12月31日，其中包含$87.5百萬和 $87.0百萬美元以第一要求銀行保證形式，支持永利度假村(澳門)S.A.（"永利澳門SA"）根據永利澳門SA的遊戲特許權合同期間，履行法律和合約義務。截至2024年9月30日，受限現金還包括$605.9百萬和$600.0百萬美元的現金，用於Wynn Las Vegas到期日為2025年的5 1/2%高級票據和WML到期日為2024年的4 7/8%高級票據贖回或支付，分別在2024年10月。更多資訊，請參見附註6「長期負債」。

以下表格列出了公司的補充現金流量披露（以千為單位）：
截至9月30日的九個月
20242023
支付利息的現金，扣除已資本化金額$513,893 $536,021 
負債以普通股結算$8,015 $6,639 
賬款和與資產和設備有關的施工應付款項$68,853 $58,518 
與無形資產相關的其他負債 (1)
$201,329 $207,106 
與資產出售有關的負債淨結算$27,665 $— 
由取得融資租賃資產產生的融資租賃債務$55,681 $8,191 
截至2024年和2023年九月三十日止的九個月中，分別包括$201.3 百萬美元和204.2百萬，涉及永利澳門SA的遊戲特許合同中的澳門遊戲保險費。

備註4 -    應收帳款淨額

應收帳款與信用風險

應收賬款淨額包括以下項目（以千為單位）：
2024年9月30日2023年12月31日
賭場$225,754 $218,694 
旅館46,852 54,596 
其他155,438 108,497 
428,044 381,787 
扣除信用損失準備(39,186)(40,075)
$388,858 $341,712 

截至2024年9月30日和2023年12月31日，大約有 72.42024年6月30日和2023年12月31日的時間點，公司從Thrivel Earlier Detection Corporation（“Thrive”），Ashion Analytics，LLC（“Ashion”）和OmicEra的收購中記錄的關於監管和產品開發里程碑的待定支付負債的公允價值總和為2.779億和2.887億美元。公司使用概率加權情境折現現金流模型評估預期的待定支付負債和相應的與監管和產品開發里程碑相關的負債的公允價值，該方法與預期待定支付負債的初始計量一致。每個潛在情境應用成功概率，然後通過現值因子計算折扣，得出相應的現值。時間的流逝以及草擬的里程碑實現時間，現值因子，實現度（如適用）和成功概率的變化可能導致公允價值測量的調整。與監管和產品開發里程碑相關的待定支付負債的公允價值是以2024年6月30日和2023年12月31日的加權平均成功概率和現值因子計算的，成功概率分別為%和%，現值因子分別為%和%。付款範圍的預測財政年度範圍為2025年至2031年。所使用的不可觀察的輸入值按待定支付負債的相對公允價值加權。 68.2公司標記的%，分別來自居住於美國以外，主要在亞洲的客戶。業務或經濟環境或其他重大事件可能會影響公司客戶所在國家的應收帳款的收回。

公司對賭場信貸損失的備抵款是 15.9的公司總賭場應收款項百分比分別為2024年9月30日及2023年12月31日。雖然公司認為其備抵款是充足的，但應收款項的現金收取估計金額可能會改變。公司對其酒店及其他應收款的信貸損失備抵款不具重要性。
11
目錄
永利度假村，有限公司及附屬公司
簡明合併財務報表附註（續）
（未經審計）

以下表格顯示了公司應收賬款呆賬準備金在所呈現期間內的變動情況（以千元為單位）： 

九月三十日，
20242023
當年期初餘額$40,075 $78,842 
信用損失備抵4,352 (6,314)
核銷(10,013)(23,262)
先前核銷應收帳款的收回4,693 10,521 
匯率影響79 (169)
期末餘額$39,186 $59,618 

筆記5 -資產和設備淨值

固定資產，淨值包括以下項目（以千為單位）：

2024年9月30日2023年12月31日
建築和修繕$8,538,141 $8,459,085 
土地和改良1,233,274 1,228,652 
傢具、裝置和設備3,358,813 3,311,478 
飛機110,623 110,623 
在建工程234,123 162,592 
13,474,974 13,272,430 
減：累積折舊(6,957,144)(6,583,951)
$6,517,830 $6,688,479 

截至2024年9月30日和2023年12月31日，施工進行主要包括對公司物業進行的各種資本增值的成本資本化。在截至2024年9月30日的九個月內，公司支出了$61.5百萬的專案成本，與一個已經資本化的中止發展專案相關，其中包括$4.7百萬的內部分配間接費用，該費用之前已資本化。該費用記錄在2024年9月30日止九個月的財務報表附註簡明綜合損益表的物業費用和其他費用中。

2024年和2023年截至9月30日三個月的折舊費分別為美元。142.6 百萬美元和156.0 2024年和2023年截至9月30日九個月的折舊費分別為美元。462.9 百萬美元和465.0 百萬。
12
目錄
永利度假村，有限公司及附屬公司
簡明合併財務報表附註（續）
（未經審計）
注意事項 6-長期債務

長期負債包括以下項目（以千元計）：
 
2024年9月30日2023年12月31日
澳門相關：
Wm開曼第二次循環貸款，到期日期為2028年 (1)
$1,150,962 $1,497,610 
WML 4 7/8% 高級票據，到期日期為2024年 (2)
600,000 600,000 
WML 5 1/2% 高級票據，到期日期為2026年1,000,000 1,000,000 
WML 5 1/2% 高級票據，到期日期為2027年750,000 750,000 
WML 5 5/8% 高級票據，到期日期為2028年1,350,000 1,350,000 
WML 5 1/8% 高級票據，截至2029年1,000,000 1,000,000 
WML 4 1/2% 可轉債，截至2029年 (3)
600,000 600,000 
美國和企業相關：
WRF 信貸設施 (4):
WRF 到期於2024年的定期貸款— 73,683 
WRF 到期於2027年的定期貸款773,438 730,692 
WLV 5 1/2% 高級票據，截至2025年 (2)
583,310 1,380,001 
WLV 5 1/4% 高級票據，截至2027年880,000 880,000 
WRF 5 1/8%資深票據，到期日為2029年750,000 750,000 
WRF 7 1/8%資深票據，到期日為2031年1,000,000 600,000 
WRF 6 1/4%資深票據，到期日為2033年800,000 — 
零售期限貸款，到期日為2027年 (5)
615,000 615,000 
11,852,710 11,826,986 
WML可轉債轉換選擇權衍生工具75,894 73,744 
減：尚未攤銷的債券發行成本及原始發行折扣和溢價，淨(142,042)(162,393)
11,786,562 11,738,337 
減：長期負債的短期部分(1,239,054)(709,593)
長期債務總額，扣除當前部分$10,547,508 $11,028,744 
(1) 截至2024年9月30日，Wm Cayman II Revolver的借款利率為隔夜有擔保期利率（“Term SOFR”）加上信貸調整價差 0.10％或HIBOR，加上％的基準加​​息，依據Wm Cayman II在合併基礎上的槓桿比率。 1.875%。 2.875％每年。 Wm Cayman II Revolver中約$百萬的借款利率為Term SOFR加％每年和HIBOR加％每年，截至2024年9月30日，加權平均利率約為239.1百萬和$911.9％。 1.975％。 1.875截至2024年9月30日，加權平均利率約為 6.33%. 截至2024年9月30日，Wm Cayman II 循環貸款的可融資能力為$353.6百萬。
(2) 於2024年10月，公司使用分別存放在WML和WRF的短期受限現金償還或回購了2024年WML優先票據和2025年WLV優先票據。
(3) 截至2024年9月30日，WML可轉債的淨攤還金額為$493.5百萬，其中未攤銷債務折扣及債務發行成本分別為$106.5百萬。 公司於截至2024年9月30日及2023年結束的三個月內，分別記錄合約利息費用$6.8百萬和$6.8百萬及折扣和發行成本攤銷$百萬。4.8百萬和$4.4百萬。20.3百萬和$15.3百萬美元和貼現和發行成本攤銷$14.0百萬和$9.7分別於2024年和2023年截至九月三十日的九個月內。
(4) WRF信貸授信設施的利率為期限SOFR加 1.85%每年。截至2024年9月30日，加權平均利率約為 6.70%。此外，截至2024年9月30日，WRF循環信貸的可借款額為$735.3發售後公司從中獲得的淨收益約為美金$100萬，扣除主要由承銷商、顧問、法律和會計費用組成的$100萬的債務發行成本。14.7百萬美元，未使用信用狀。
(5) 截至2024年9月30日，零售期限貸款的利率為調整後的每日簡單擔保過夜融通利率（"SOFR"）加 1.80% 每年，總利率為 5.54%。2024年10月2日，借款方修訂了期貸款協議，其中包括將零售期限貸款的預定到期日延長至2027年，並將零售期限貸款的利率改為一個月期SOFR加 2.15% 每年，詳細情況如下所述。

13
目錄
永利度假村有限公司和附屬公司
基本財務報表註釋（續）
(未經審計)
Wm Cayman II 工廠協議修訂

On September 20, 2024, WM Cayman II, as borrower and WML, as guarantor, entered into an amendment agreement (the “Second Amendment Agreement”) to its existing facility agreement dated as of September 16, 2021, as amended on May 5, 2022 and as amended and restated on June 27, 2023 (the "Existing Facility Agreement"), to extend the maturity date of the outstanding loans under the Existing Facility Agreement 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 Condensed Consolidated Balance Sheet.

WML高級說明書

2024年10月1日，WML使用其持有的短期受限現金支付了$600.0百萬美元的WML 4 7/8% 2024年到期的高級債券的總本金金額，以其規定的到期日支付。

WRF信貸額度協議修訂

2024年9月16日，永利度假村財務有限責任公司（"WRF"）及其子公司部分就其現有信貸協議（"WRF信貸協議"）與德意志銀行紐約分行作爲行政代理和抵押品代理及其他放款人訂立修訂協議（"WRF信貸協議修訂協議"）。

WRF信貸額度協議修訂延長了規定的到期日至$68.7借款承諾總額的$百萬和固定期限貸款承諾的$百萬從2024年9月20日延長至2027年9月20日。在WRF信貸額度協議修訂中，公司在附帶的簡明合併利潤表中確認了$百萬的債務融資交易損失，公司在簡明合併資產負債表中記錄了$百萬的債務發行成本。71.8WRF信貸額度協議修訂延長了規定的到期日至$0.1借款承諾總額的$百萬和固定期限貸款承諾的$百萬從2024年9月20日延長至2027年9月20日。在WRF信貸額度協議修訂中，公司在附帶的簡明合併利潤表中確認了$百萬的債務融資交易損失，公司在簡明合併資產負債表中記錄了$百萬的債務發行成本。0.5WRF信貸額度協議修訂延長了規定的到期日至$

WRF 高級筆記

2024年2月，永利度假村及其子公司永利度假村資本公司發行了額外$400.0百萬美元總本金的7 1/8%截至2031年到期的高級票據（"2031 WRF新增高級票據"，連同截至2031年到期的7 1/8%高級票據（"2031 WRF高級票據"）和截至2029年到期的5 1/8%高級票據（"2029 WRF高級票據"），統稱爲"WRF高級票據"），根據2023年2月16日的2021高級票據補充文件，發行了2031 WRF新增高級票據，發行價等於 103.00%的本金金額加上應計利息，淨收益爲$409.5百萬美元。來自2031 WRF新增高級票據的淨收益，連同永利度假村持有的現金，用於回購總額爲$796.7百萬美元的2025年WLV高級票據（如下所定義），支付適用的要約溢價和相關費用及支出。

關於2031年度WRF附加優先票據的發行和2024年2月和3月間回購2025年度WLV優先票據（如下文所述），公司承認了債務融資交易損失$1.6百萬美元，在隨附的損益表中記錄。5.6百萬美元，在隨附的資產負債表中記錄。

2024年9月，永利度假村及其子公司永利度假村資本公司（統稱"WRF發行人"），根據永利度假村資本公司、擔保方和作爲受託人的美國銀行信託公司就《證券法》第1933號修正案規定的豁免私募債券發行條款，發行了6 1/4%截至2033年到期的高級債券，礄$800.0百萬的總面值，即2033年WRF高級票據。2033年WRF高級票據以面值發行，融資額爲$795.0百萬，額外的$5.0百萬美元的相關費用和支出。從2033年WRF高級票據發行所得中的部分資金被分類爲截至2024年9月30日財務報表中的短期限制性現金，並於2024年10月用於全額回購2025年WLV高級票據的剩餘未償還本金。與發行2033年WRF高級票據相關，公司在財務報表中記錄了$8.2百萬美元的債務發行成本。
14
Table of Contents
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
WLV Senior Notes

In February and March 2024, Wynn Las Vegas repurchased $800.0 million aggregate principal amount of its 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 of 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.

Retail Term Loan Third Amendment

2024年10月2日，永利/加州廣場物業所有者有限責任公司和永利/加州物業所有者有限責任公司（統稱爲 「借款人」）對其現有定期貸款協議（「零售定期貸款協議」 和經第三修正案修訂的 「延長零售定期貸款協議」）進行了第三次修正案（「第三次零售定期貸款修正案」）。第三次零售定期貸款修正案自2024年10月2日起生效，對零售定期貸款協議進行了修訂，除其他外：（i）將定期貸款的預定到期日延長至2027年7月24日；（ii）規定定期貸款的利率等於一個月期限SOFR（定義並根據延長零售定期貸款協議確定）加上利差 215 點子；以及（iii）要求借款人每年達到規定的最大貸款價值比率（如果未達到該比率，則會觸發強制性的超額現金流動，直到達到該比率）以及特定的最低債務收益率。根據第三次零售定期貸款修正案的規定，借款人（a）預付了金額爲美元的定期貸款的本金15.0百萬，以及（b）爲了降低利率風險，簽訂了一項將於2027年2月到期的利率互換協議，該協議實際上將定期貸款利率的可變部分固定爲 3.385截至該日期的百分比.

債務契約遵守情況

截至2024年9月30日，管理層認爲公司在所有債務契約方面均符合要求。

我們作爲長期負債的2025年優先票據和2026年優先票據的總本金和公允價值分別顯示如下所述表格，這些票據被分類爲級別2公允價值計量。請參閱「附註6：債務」以獲取有關2025年優先票據和2026年優先票據的更多信息。

截至2024年9月30日和2023年12月31日，公司長期債務的預估公允價值分別約爲$11.82億美元和11.49億美元，分別相對於其帶有債務發行成本、原始發行折價和溢價的賬面價值$11.85億美元和11.83億美元。公司長期債務的預估公允價值基於最近的交易，如有的話，並根據市場信息的指示定價(Level 2 inputs)。

注7 - WML可轉換債券轉股期權衍生產品

WML可轉債中包含的轉換功能（即「WML可轉債轉換權衍生工具」）不與WML的股票掛鉤，因此需要從債務主戰合同中進行區分並作爲獨立衍生工具覈算，每個報告期末按公允價值報告，變動在損益表中予以確認。 以下表格列出了用於衡量WML可轉債轉換權衍生工具價值的晶格模型的輸入：
15
目錄
永利度假村有限公司和附屬公司
基本財務報表註釋（續）
(未經審計)
2024年9月30日2023年12月31日
WML股票價格港元6.76 港元6.43 
預計波動率33.3 %34.0 %
無風險利率3.0 %3.3 %
預期剩餘合同期限(年)4.4 5.2 
股息收益率 (1)
0.0 %0.0 %
(1) 在用於估值WML可轉債轉換期權衍生品的晶格模型中，假定股息收益率爲零，因爲WML可轉債協議中有股息保護功能。

截至2024年9月30日和2023年12月31日，嵌入式衍生工具的估計公允價值分別爲負債$75.91百萬美元和73.7百萬，分別記錄在附表的長期債務中。與公允價值變動相關，公司分別記錄了截至2024年9月30日和2023年3個月的損失$3.91百萬美元和48.8百萬，以及截至2024年9月30日和2023年9個月的損失$2.21百萬美元和2.3百萬，在附表的綜合損益表中的衍生工具公允價值變動中分別記錄了2024年9月30日和2023年9個月的損失。

注8 - 股東赤字

股權回購計劃

2016年4月，公司董事會授權了高達10億美元的股權回購計劃1.00該計劃可能包括公司不時通過公開市場購買、私下協商交易和符合1934年修正案下的證券交易法案規則10b5-1和100億.18的計劃中從時間到時間回購其普通股。根據股權回購計劃回購的任何股份將作爲庫存股持有。2024年9月30日結束的三個月和九個月內，公司分別回購了 1,464,773 和 2,206,113 ，平均價格爲每股美元80.37 和 $84.19 ，分別每股，合計成本爲117.71百萬美元和185.7百萬美元，分別在2013年9月30日結束的三個月和九個月內，公司回購了普通股 596,948 股票，平均價格爲$94.11 每股成本爲$56.2在股權回購計劃下，擬回購金額達1000萬美元。截至2024年9月30日，公司在該計劃下剩餘的回購授權金額爲247.71000萬美元。

2024年11月1日，公司董事會授權公司回購總額高達$1.0 十億美元的普通股，增加前面可用回購授權約$766 百萬美元。股權回購計劃授權公司不時通過公開市場購買，包括根據《證券交易法》第10b5-1條修訂案規定的計劃，私下協商的交易，加速回購，或者大宗交易，視市場情況、適用法律要求和其他因素而定。回購授權沒有到期日期，股權回購計劃可以隨時暫停、終止或加速。

股息

公司支付了每股$的現金分紅。0.25 每股在截至2024年3月31日、2024年6月30日和2024年9月30日的每個季度，記錄爲$28.0每股在截至2024年3月31日和2024年6月30日的每個季度，記錄爲27.7每股在截至2024年9月30日的季度，反對累積赤字中的$

2024年11月4日，公司董事會宣佈向每股普通股支付現金股息$0.25 ，股東紀錄日期爲2024年11月15日，股息將於2024年11月27日支付。

非控制權益

永利澳門有限公司

2024年9月12日，WML支付了每股港元現金股息0.075 ，相當於約美元50.5百萬。公司在這筆股息中的份額爲美元36.1百萬，非控股權益持有人在這筆股息中的份額爲美元14.4股票回購活動以及因員工基於股票的補償目的而重新發行國庫股的情況如下：

16
目錄
永利度假村有限公司和附屬公司
基本財務報表註釋（續）
(未經審計)
2024年6月19日，WML支付了每股港元的現金股利0.075 ，相當於約$美元50.4百萬。公司分享的股利爲$百萬36.0，非控股利益持有人分享的股利爲$14.4股票回購活動以及因員工基於股票的補償目的而重新發行國庫股的情況如下：

WML證券借貸協議

在WML可轉債發行之際，我們的全資子公司Wm開曼控股I有限公司（"Wm開曼I"），持有我們在WML中約%的股權。 72於2023年3月2日（並於2023年3月30日修改，以下簡稱"證券借貸協議"），Wm開曼I與高盛國際（"WML股票借方"）簽訂了一項股票借出和借入協議，根據該協議，Wm開曼I同意向WML股票借方出借其在WML的普通股份，數量最高爲其持有的 459,774,985 的股權，具體條款和條件見於證券借貸協議。Wm開曼I可以自主決定，通過向WML股票借方至少提前五個工作日通知的方式終止任何股票貸款。證券借貸協議將在WML可轉債已贖回或全部轉換的日期終止，以較早者爲準。截至本報告日期，WML股票借方持有 179,774,985 WML股票，根據證券借貸協議。

零售創業公司

在2024年和2023年截至9月30日的九個月中，零售合資公司向其非控股利益持有人分配了約<ApproxDollar>美元10.61百萬美元和15.9分別向其非控股權益持有人分配了約<Million>美元。有關零售合資公司的更多信息，請參見附註16，「零售合資公司」。

注9 - 公司使用估計、判斷和假設來評估公司在未來的營運期間內可能發生的壞賬準備和減值虧損。該類估計難以進行，往往受到不確定性的影響，可能導致實際結果與最初預計結果存在差異。

以下表格顯示以公允價值計量的資產和負債（以千計）。 

公平價值計量使用：
2024年9月30日報價
市場
價格在
活躍市場
（一級）		其他
可觀察的
輸入
（三級）		不可觀察的
輸入
非市場可觀察到的輸入（三級）
資產：
現金等價物$512,229 $— $512,229 $— 
受限現金$1,301,424 $1,212,316 $89,108 $— 
負債：
WML可轉債債券轉股期權衍生工具（見注7）
$75,894 $— $— $75,894 
使用的公允價值計量:
2023年12月31日報價
市場
價格在
活躍市場
（一級）		其他
可觀察的
輸入
（三級）		不可觀察的
輸入
非市場可觀察到的輸入（三級）
資產：
現金等價物$1,802,712 $— $1,802,712 $— 
限制性現金$90,226 $2,170 $88,056 $— 
定期存款$550,000 $— $550,000 $— 
利率領套$5,769 $— $5,769 $— 
負債：
WML可轉債轉股期權衍生品
(見注7)
$73,744 $— $— $73,744 
17
Table of Contents
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Note 10 - 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):
September 30, 2024December 31, 2023Increase / (decrease)September 30, 2023December 31, 2022Increase / (decrease)
Casino outstanding chips and front money deposits (1)
$441,712 $433,269 $8,443 $397,828 $390,531 $7,297 
Advance room deposits and ticket sales (2)
84,133 89,640 (5,507)97,705 85,019 12,686 
Other gaming-related liabilities (3)
14,829 24,964 (10,135)25,208 31,265 (6,057)
Loyalty program and related liabilities (4)
29,001 31,106 (2,105)34,215 35,083 (868)
$569,675 $578,979 $(9,304)$554,956 $541,898 $13,058 
(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 Condensed Consolidated Balance Sheets and may be recognized as revenue or redeemed for cash in the future.
(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 Condensed 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 Condensed Consolidated Balance Sheets.
(4) 忠誠計劃及相關負債代表將營業收入推遲，直到積分或其他贈品被兌換。這些金額已包括在綜合資產負債表的其他應計負債中，並預計在客戶賺取後的一年內確認爲營業收入。

注意事項11 - 以股票爲基礎的補償

股權激勵計劃的總補償成本記錄如下（以千爲單位）：

 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
賭場$777 $550 $2,243 $1,539 
客房275 197 771 $598 
餐飲服務597 376 1,586 $1,178 
娛樂、零售和其他551 946 1,991 $6,831 
一般行政11,470 14,075 37,615 $38,993 
共計股份獎勵支出13,670 16,144 44,206 49,139 
總股票補償費用資本化$1,332 1,563 3,953 3,697 
總股票補償成本$15,002 $17,707 $48,159 $52,836 

18
目錄
永利度假村有限公司和附屬公司
基本財務報表註釋（續）
(未經審計)
筆記12 - 所得稅

截至2024年5月31日的經營中，公司的所得稅費用分別爲$1千和$1千，而2018年5月31日的所得稅費用分別爲$1千和$1千。公司截至2024年5月31日三個月的有效稅率與聯邦法定稅率的差異相當大，主要是因爲公司的逆向稅收資產計提減值準備和僱主小費抵扣方面的永久差異。17.1百萬美元及所得稅收益爲$2.7百萬美元，分別用於截至2024年和2023年9月30日的三個月，並且所得稅費用爲$45.11百萬美元和2.6百萬美元，分別用於截至2024年和2023年9月30日的九個月。2024年9月30日結束的三個月和九個月的所得稅費用主要與總部在美國的營業利潤以及不可抵扣費用的增加有關。2023年9月30日結束的三個月和九個月的所得稅收益和費用主要與營業利潤有關。

法定稅率之間的區別 21% 和有效稅率 12.4％是由於澳門的豁免 12永利澳門股份公司獲得的賭場博彩利潤的補充稅百分比被不可扣除費用的增加部分抵消。

註釋13 - 每股收益

基本每股收益（"EPS"）是通過將歸屬於永利度假村的淨利潤（損失）除以期間內普通股平均持股數量來計算的。攤薄後每股收益是通過將歸屬於永利度假村的淨利潤（損失）進行調整，假設WML可轉債的轉換髮生在發行日期或開始期間之後的任何一個日期下以若轉換爲基準法，併除以期間內普通股平均持股數量，其中持股數量增加以包括已發行的潛在稀釋影響下的普通股的額外股數，僅在這種影響不具有抗稀釋性的情況下生效。其他可能具有稀釋性的證券包括未行權的期權和未解除限制的受限股。

在基本和攤薄後每股收益計算中使用的普通股和普通股等價股的加權平均數量如下（以千爲單位，除每股金額外）： 

截至9月30日的三個月截至9月30日的九個月
2024202320242023
分子：
歸屬於永利度假村有限公司的淨利潤（損失）- 基本$(32,053)$(116,678)$224,106 $838 
永利度假村有限公司子公司可稀釋證券的影響：
假設轉換WML可轉債 (1)
— — — — 
歸屬於永利度假村有限公司的淨利潤（損失）- 稀釋$(32,053)$(116,678)$224,106 $838 
分母：
加權平均流通股份109,727 112,797 110,559 112,813 
股票期權、未投資及績效未投資股份可能帶來稀釋效應— — 251 319 
加權平均普通股和普通股等價物的股本數109,727 112,797 110,810 113,132 
歸屬於永利度假村有限公司的淨利潤（虧損）每股普通股基本值$(0.29)$(1.03)$2.03 $0.01 
歸屬於永利度假村有限公司的淨利潤（虧損）每股普通股攤薄值$(0.29)$(1.03)$2.02 $0.01 
反稀釋的期權、未投資及績效未投資股份不包括在攤薄每股淨利潤計算中383 1,255 334 308 
(1) The assumed conversion of the WML Convertible Bonds had an anti-dilutive impact for the three and nine months ended September 30, 2024 and 2023.

19
Table of Contents
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 14 - Leases
Lessor Arrangements

The following table presents the minimum and contingent operating lease income for the periods presented (in thousands):

截至9月30日的三個月截至9月30日的九個月
2024202320242023
最低租金收入$34,529 $33,196 $102,537 $98,845 
有條件租金收入13,835 20,700 50,707 74,670 
總租金收入$48,364 $53,896 $153,244 $173,515 

注意事項 15 - 承諾和事後約定

訴訟

除了下面提到的行動外，公司及其關聯公司也參與了在正常業務過程中產生的訴訟。管理層認爲，這些訴訟不太可能對公司的財務狀況、運營結果和現金流產生重大影響。

7.重組 2024年5月14日，公司宣佈了一項戰略管線優先事項和重組計劃，根據該計劃，爲了專注於公司的1期產品BDC-3042、公司的新一代ISAC平台，包括針對Claudin 18.2的新臨床候選藥物BDC-4182，並減少總體營業費用，公司將停止開發trastuzumab imbotolimod。重組計劃使公司的員工規模減少了約%

2018年2月20日，在美國紐約南區地區法院（後轉移至內華達州聯邦地區法院）由John V. Ferris和Joann m. Ferris代表所有在2014年2月28日至2018年1月25日期間購買該公司普通股的人提起了一項被視爲證券集體訴訟的訴訟，針對該公司以及該公司的某些現任和前任管理人員。訴訟聲稱，除其他事項外，違反了聯邦證券法，並尋求恢復未指明的損害賠償以及訴訟原告的律師費、成本和相關費用。2021年7月28日，法院駁回了原告的某些訴求，包括所有針對現任CEO Craig Billings和個別董事的訴訟，並允許其他訴訟繼續針對該公司以及該公司的若干前執行官，包括Matthew Maddox、Stephen A. Wynn、Kimmarie Sinatra和Steven Cootey。2023年3月2日，法院批准原告的集體認證申請並指定首席律師。2024年8月22日，各方就結案達成一致，全額支付的金額爲$70.0百萬，其中公司將出資$9.4百萬。法院於2024年10月10日初步批准了和解方案。公司向和解支付的$9.4百萬淨貢獻款已在2024年9月30日結束的三個和九個月的資產費用和其他費用中記錄在附表的利潤簡表中。

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. 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 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024.

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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 16 - Retail Joint Venture

As of September 30, 2024 and December 31, 2023, the Retail Joint Venture had total assets of $109.9 million and $102.5 million, respectively, and total liabilities of $621.9 million. As of September 30, 2024 and December 31, 2023, the Retail Joint Venture's liabilities included total current and long-term debt of $614.5 million and $614.1 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

Note 17 - Segment Information

The Company has identified its reportable segments based on factors such as geography, regulatory environment, the information reviewed by its chief operating decision maker, and the Company's organizational and management reporting structure.

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. During the three months ended March 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 of the Company's reportable segments.



































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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)



The following tables present the Company's segment information (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Operating revenues
Macau Operations:
Wynn Palace
Casino $418,043 $418,043 $1,336,788 $1,054,007 
Rooms49,145 54,309 153,287 151,311 
Food and beverage31,506 26,215 93,405 75,028 
Entertainment, retail and other (1)
21,096 26,206 71,260 82,140 
519,790 524,773 1,654,740 1,362,486 
Wynn Macau
Casino 296,781 230,294 923,851 649,627 
Rooms23,755 31,673 76,116 79,774 
Food and beverage19,524 18,287 60,546 47,255 
Entertainment, retail and other (1)
11,897 14,762 40,457 50,679 
351,957 295,016 1,100,970 827,335 
            Total Macau Operations871,747 819,789 2,755,710 2,189,821 
Las Vegas Operations:
Casino 145,186 168,130 410,023 460,606 
Rooms187,123 178,518 617,071 541,392 
Food and beverage191,776 203,066 593,804 570,695 
Entertainment, retail and other (1)
83,087 69,252 251,476 211,109 
             Total Las Vegas Operations607,172 618,966 1,872,374 1,783,802 
Encore Boston Harbor:
Casino 158,744 155,986 478,504 488,204 
Rooms24,742 24,838 70,226 65,895 
Food and beverage19,791 19,864 63,184 64,101 
Entertainment, retail and other (1)
10,844 9,715 32,599 30,441 
            Total Encore Boston Harbor214,121 210,403 644,513 648,641 
Corporate and other:
Entertainment, retail and other 283 22,778 16,567 69,173 
           Total Corporate and other283 22,778 16,567 69,173 
Total operating revenues$1,693,323 $1,671,936 $5,289,164 $4,691,437 
(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases."
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Adjusted Property EBITDAR (1)
   Macau Operations:
Wynn Palace$162,283 $177,048 $549,112 $444,713 
Wynn Macau100,594 77,939 333,691 212,274 
              Total Macau Operations262,877 254,987 882,803 656,987 
    Las Vegas Operations202,720 219,740 679,315 675,458 
    Encore Boston Harbor63,018 60,498 188,284 193,016 
    Corporate and other(938)(4,864)(4,535)(40,896)
Total527,677 530,361 1,745,867 1,484,565 
Other operating expenses
Pre-opening2,457 867 6,050 6,822 
Depreciation and amortization156,273 171,969 507,611 510,743 
Impairment of goodwill and intangible assets— 93,990 — 94,490 
Property charges and other (2)
150,475 114,288 206,238 132,265 
Corporate expenses and other36,184 35,104 109,799 102,342 
Stock-based compensation13,670 16,144 44,206 49,139 
Triple-net operating lease rent expense35,381 35,404 106,127 106,318 
Total other operating expenses394,440 467,766 980,031 1,002,119 
Operating income 133,237 62,595 765,836 482,446 
Other non-operating income and expenses
Interest income30,729 46,534 105,785 130,854 
Interest expense, net of amounts capitalized (167,922)(188,571)(524,922)(566,554)
Change in derivatives fair value(5,523)(50,637)(7,920)(3,255)
(Loss) gain on debt financing transactions(109)2,928 (1,670)(12,683)
Other21,300 3,861 25,323 (19,794)
Total other non-operating income and expenses(121,525)(185,885)(403,404)(471,432)
Income (loss) before income taxes11,712 (123,290)362,432 11,014 
(Provision) benefit for income taxes(17,127)2,749 (45,076)(2,574)
Net income (loss)(5,415)(120,541)317,356 8,440 
Net income (loss) attributable to noncontrolling interests(26,638)3,863 (93,250)(7,602)
Net income (loss) attributable to Wynn Resorts, Limited$(32,053)$(116,678)$224,106 $838 
(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss (gain) 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 preopening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
(2) For each of the three and nine months ended September 30, 2024, includes $130.0 million of forfeitures pursuant to the NPA, the Company's $9.4 million contribution towards a legal settlement, $12.5 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 nine months ended September 30, 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.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
September 30, 2024December 31, 2023
Assets
Macau Operations:
Wynn Palace$2,865,203 $2,936,264 
Wynn Macau1,278,324 1,864,211 
Other Macau1,377,807 886,175 
              Total Macau Operations5,521,334 5,686,650 
Las Vegas Operations3,086,335 3,173,247 
Encore Boston Harbor1,979,031 2,006,565 
Corporate and other3,524,699 3,129,761 
Total$14,111,399 $13,996,223 


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Item 2. 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 unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2023. Unless the context otherwise requires, all references herein to the "Company," "we," "us," or "our," or similar terms, refer to Wynn Resorts, Limited, a Nevada corporation, and its consolidated subsidiaries. This discussion and analysis contains forward-looking statements. Please refer to the section below entitled "Forward-Looking Statements."

Forward-Looking Statements

We make forward-looking statements in this Quarterly Report on Form 10-Q 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" of our Annual Report on Form 10-K for the year ended December 31, 2023 and other factors we describe from time to time in our periodic filings with the Securities and Exchange Commission ("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;
•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;
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•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.

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. The results of Wynn Interactive Ltd. ("Wynn Interactive") are included in Corporate and other.

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.

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 Condensed 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,
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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.
•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 of third quarter 2024 results

The following table summarizes our financial results for the periods presented (dollars in thousands, except per share data):
Three Months Ended September 30,Nine Months Ended September 30,
20242023Increase/ (Decrease)Percent Change20242023Increase/ (Decrease)Percent Change
Operating revenues$1,693,323 $1,671,936 $21,387 1.3 $5,289,164 $4,691,437 $597,727 12.7 
Net income (loss) attributable to Wynn Resorts, Limited(32,053)(116,678)84,625 72.5 224,106 838 223,268 NM
Diluted net income (loss) per share(0.29)(1.03)0.74 71.8 2.02 0.012.01 NM
NM - Not meaningful.

The increase in operating revenues for the three months ended September 30, 2024 was primarily driven by an increase of $56.9 million from Wynn Macau as a result of higher gaming volumes, partially offset by a decrease in operating revenues at Wynn Interactive of $22.5 million following the closure of Wynn Interactive's digital sports betting and casino gaming
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business, and a decrease in operating revenues at our Las Vegas Operations of $11.8 million primarily due to lower table games win.

The decrease in net loss attributable to Wynn Resorts, Limited for the three months ended September 30, 2024 was primarily due to a decrease in operating expenses in connection with the closure of Wynn Interactive's digital sports betting and casino gaming business. The decrease in net loss attributable to Wynn Resorts, Limited for the three months ended September 30, 2024 was partially offset by $130.0 million of forfeitures pursuant to the NPA, as described in Note 15, "Commitments and Contingencies" of Item 1—"Notes to Condensed Consolidated Financial Statements."

Financial results for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

Operating revenues

The following table presents our operating revenues (dollars in thousands):

 Three Months Ended September 30,
 20242023Increase/ (Decrease)Percent Change
Operating revenues
   Macau Operations:
Wynn Palace$519,790 $524,773 $(4,983)(0.9)
Wynn Macau351,957 295,016 56,941 19.3 
   Total Macau Operations871,747 819,789 51,958 6.3 
   Las Vegas Operations607,172 618,966 (11,794)(1.9)
   Encore Boston Harbor214,121 210,403 3,718 1.8 
Corporate and other283 22,778 (22,495)(98.8)
$1,693,323 $1,671,936 $21,387 1.3 

The following table presents our casino and non-casino operating revenues (dollars in thousands):

 Three Months Ended September 30,
 20242023Increase/ (Decrease)Percent Change
Operating revenues
Casino revenues$1,018,754 $972,453 $46,301 4.8 
Non-casino revenues:
          Rooms284,765 289,338 (4,573)(1.6)
          Food and beverage262,597 267,432 (4,835)(1.8)
          Entertainment, retail and other127,207 142,713 (15,506)(10.9)
            Total non-casino revenues674,569 699,483 (24,914)(3.6)
$1,693,323 $1,671,936 $21,387 1.3 

Casino revenues for the three months ended September 30, 2024 were 60.2% of operating revenues, compared to 58.2% for the same period of 2023. Non-casino revenues for the three months ended September 30, 2024 were 39.8% of operating revenues, compared to 41.8% for the same period of 2023.

Casino revenues    

Casino revenues increased primarily due to higher gaming volumes at Wynn Macau, which was partially offset by a decrease in casino revenues from our Las Vegas Operations primarily due to lower gaming volumes.
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The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):

 Three Months Ended September 30,
 20242023Increase/ (Decrease)Percent Change
Macau Operations:
  Wynn Palace:
Total casino revenues$418,043 $418,043 $— — 
VIP:
Average number of table games57 58 (1)(1.7)
VIP turnover$3,199,140 $2,866,469 $332,671 11.6 
VIP table games win $97,312 $98,014 $(702)(0.7)
VIP win as a % of turnover3.04 %3.42 %(0.38)
Table games win per unit per day$18,614 $18,386 $228 1.2 
Mass market:
Average number of table games247 244 3 1.2 
Table drop$1,694,575 $1,725,845 $(31,270)(1.8)
Table games win$404,307 $402,285 $2,022 0.5 
Table games win %23.9 %23.3 %0.6 
Table games win per unit per day$17,801 $17,913 $(112)(0.6)
Average number of slot machines596 563 33 5.9 
Slot machine handle$577,289 $634,121 $(56,832)(9.0)
Slot machine win$27,230 $22,228 $5,002 22.5 
Slot machine win per unit per day$497 $429 $68 15.9 
  Wynn Macau:
Total casino revenues$296,781 $230,294 $66,487 28.9 
VIP:
Average number of table games30 36 (6)(16.7)
VIP turnover$1,201,516 $1,192,610 $8,906 0.7 
VIP table games win$43,326 $41,995 $1,331 3.2 
VIP win as a % of turnover3.61 %3.52 %0.09 
Table games win per unit per day$15,692 $12,638 $3,054 24.2 
Mass market:
Average number of table games222 217 5 2.3 
Table drop$1,515,462 $1,384,258 $131,204 9.5 
Table games win$280,044 $228,323 $51,721 22.7 
Table games win %18.5 %16.5 %2.0 
Table games win per unit per day$13,713 $11,423 $2,290 20.0 
Average number of slot machines621 500 121 24.2 
Slot machine handle$815,319 $570,122 $245,197 43.0 
Slot machine win$24,434 $16,143 $8,291 51.4 
Slot machine win per unit per day$428 $351 $77 21.9 
Poker rake$3,205 $4,494 $(1,289)(28.7)

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 Three Months Ended September 30,
 20242023Increase/ (Decrease)Percent Change
Las Vegas Operations:
Total casino revenues$145,186 $168,130 $(22,944)(13.6)
Average number of table games235 234 1 0.4 
Table drop$580,800 $607,610 $(26,810)(4.4)
Table games win$135,230 $157,873 $(22,643)(14.3)
Table games win %23.3 %26.0 %(2.7)
Table games win per unit per day$6,256 $7,340 $(1,084)(14.8)
Average number of slot machines1,620 1,631 (11)(0.7)
Slot machine handle$1,695,799 $1,638,274 $57,525 3.5 
Slot machine win$112,771 $115,738 $(2,967)(2.6)
Slot machine win per unit per day$757 $771 $(14)(1.8)
Poker rake$4,629 $5,669 $(1,040)(18.3)
Encore Boston Harbor:
Total casino revenues$158,744 $155,986 $2,758 1.8 
Average number of table games179 191 (12)(6.3)
Table drop$347,082 $343,686 $3,396 1.0 
Table games win$74,048 $71,555 $2,493 3.5 
Table games win %21.3 %20.8 %0.5 
Table games win per unit per day$4,507 $4,079 $428 10.5 
Average number of slot machines2,611 2,561 50 2.0 
Slot machine handle$1,378,066 $1,336,724 $41,342 3.1 
Slot machine win$105,550 $105,330 $220 0.2 
Slot machine win per unit per day$439 $447 $(8)(1.8)
Poker rake$5,334 $5,224 $110 2.1 



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Non-casino revenues

The table below sets forth our room revenues and associated key operating measures:
Three Months Ended September 30,
20242023Increase/ (Decrease)Percent Change
Macau Operations:
   Wynn Palace:
Total room revenues (dollars in thousands)$49,145 $54,309 $(5,164)(9.5)
Occupancy98.3 %96.9 %1.4 
ADR$295 $342 $(47)(13.7)
REVPAR$289 $331 $(42)(12.7)
   Wynn Macau:
Total room revenues (dollars in thousands)$23,755 $31,673 $(7,918)(25.0)
Occupancy98.9 %98.7 %0.2 
ADR$233 $327 $(94)(28.7)
REVPAR$230 $323 $(93)(28.8)
Las Vegas Operations:
Total room revenues (dollars in thousands)$187,123 $178,518 $8,605 4.8 
Occupancy89.0 %90.0 %(1.0)
ADR$495 $463 $32 6.9 
REVPAR$441 $417 $24 5.8 
Encore Boston Harbor:
Total room revenues (dollars in thousands)$24,742 $24,838 $(96)(0.4)
Occupancy96.9 %96.0 %0.9 
ADR$426 $421 $5 1.2 
REVPAR$412 $405 $7 1.7 

Room revenues decreased $4.6 million, primarily due to lower ADR at our Macau Operations, which was partially offset by higher ADR at our Las Vegas Operations.

Food and beverage revenues decreased $4.8 million, primarily due to a $11.3 million decrease in food and beverage revenues at our Las Vegas Operations as a result of decreased restaurant covers, partially offset by a $5.3 million increase at Wynn Palace from increased restaurant covers and average check amounts.

Entertainment, retail and other revenues decreased $15.5 million, primarily due to a decrease in operating revenues at Wynn Interactive.










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Operating expenses

The table below presents operating expenses (dollars in thousands):

 Three Months Ended September 30,
 20242023Increase/ (Decrease)Percent Change
Operating expenses:
Casino$617,469 $577,733 $39,736 6.9 
Rooms83,376 77,790 5,586 7.2 
Food and beverage220,187 220,835 (648)(0.3)
Entertainment, retail and other56,184 82,554 (26,370)(31.9)
General and administrative271,829 268,445 3,384 1.3 
  Provision for credit losses1,836 870 966 111.0 
Pre-opening2,457 867 1,590 183.4 
Depreciation and amortization156,273 171,969 (15,696)(9.1)
Impairment of goodwill and intangible assets— 93,990 (93,990)(100.0)
Property charges and other150,475 114,288 36,187 31.7 
Total operating expenses$1,560,086 $1,609,341 $(49,255)(3.1)

The decrease in total operating expenses was primarily due to goodwill and intangible asset impairments recognized in the three months ended September 30, 2023 in connection with the closure of Wynn Interactive's digital sports betting and casino gaming business, as well as decreased entertainment, retail and other expenses related to Wynn Interactive's operations during the three months ended September 30, 2024.

Casino expenses increased $29.9 million and $8.2 million at Wynn Macau and Wynn Palace, respectively. These increases resulted from higher operating costs, including $26.3 million and $3.3 million in incremental gaming tax expense at Wynn Macau and Wynn Palace, respectively, driven by an increase in casino revenues.

Room expenses increased $3.4 million at our Las Vegas Operations as a result of higher operating costs, commensurate with the increase in room revenues.

Entertainment, retail and other expenses decreased $27.3 million at Corporate and other as a result of decreased operating costs related to Wynn Interactive.

Depreciation and amortization decreased $18.3 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 three months ended September 30, 2023, the Company recognized impairment of goodwill and other finite-lived intangible assets of $72.1 million and $21.9 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 three months ended September 30, 2024 consisted primarily of $130.0 million of forfeitures pursuant to the NPA and the Company's $9.4 million contribution towards a legal settlement. Property charges and other expenses for the three months ended September 30, 2024 also included $12.5 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 three months ended September 30, 2023 consisted primarily of contract termination and other expenses of $97.7 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 three months ended September 30, 2023 also included other contract terminations and asset abandonments of $9.1 million, $3.4 million, and $1.3 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively.

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Other non-operating income and expenses

Interest expense, net of capitalized interest, decreased $20.6 million due to a decrease in the weighted average debt balance, from $12.33 billion for the three months ended September 30, 2023, to $11.40 billion for the three months ended September 30, 2024, and a decrease in the weighted average interest rate, from 6.18% for the three months ended September 30, 2023, to 5.67% for the three months ended September 30, 2024.

We recorded interest income of $30.7 million and $46.5 million in the three months ended September 30, 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 $21.3 million and $3.9 million for the three months ended September 30, 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 loss of $5.5 million and $50.6 million for the three months ended September 30, 2024 and 2023, respectively, from change in derivatives fair value, primarily related to the conversion feature of the WML Convertible Bonds.

We recorded a $0.1 million loss on debt financing transactions in the three months ended September 30, 2024 related to the WRF Credit Facility Agreement Amendment. During the three months ended September 30, 2023, we recorded a $2.9 million gain on debt financing transactions related to the repurchase of the tendered 2025 WRF Senior Notes.

Income taxes

We recorded an income tax expense of $17.1 million and a benefit $2.7 million for the three months ended September 30, 2024 and 2023, respectively. The income tax expense for the three months ended September 30, 2024 primarily relates to U.S. based operating profits as well as an increase in non-deductible expenses. The income tax benefit for the three months ended September 30, 2023 primarily related to operating profits.

Net income (loss) attributable to noncontrolling interests

We recognized net income attributable to noncontrolling interests and net loss attributable to noncontrolling interests of $26.6 million and $3.9 million for the three months ended September 30, 2024 and 2023, respectively. These amounts are primarily related to the noncontrolling interests' share of net income or loss attributable to WML.

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Financial results for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

Operating revenues

The following table presents our operating revenues (dollars in thousands):

Nine Months Ended September 30,
20242023Increase/ (Decrease)Percent Change
Operating revenues
Macau Operations:
Wynn Palace$1,654,740 $1,362,486 $292,254 21.5 
Wynn Macau1,100,970 827,335 273,635 33.1 
Total Macau Operations2,755,710 2,189,821 565,889 25.8 
Las Vegas Operations1,872,374 1,783,802 88,572 5.0 
Encore Boston Harbor644,513 648,641 (4,128)(0.6)
Corporate and other16,567 69,173 (52,606)(76.0)
$5,289,164 $4,691,437 $597,727 12.7 

The following table presents our casino and non-casino operating revenues (dollars in thousands):

Nine Months Ended September 30,
20242023Increase/ (Decrease)Percent Change
Operating revenues
Casino revenues$3,149,166 $2,652,444 $496,722 18.7 
Non-casino revenues:
          Rooms916,700 838,372 78,328 9.3 
          Food and beverage810,939 757,079 53,860 7.1 
          Entertainment, retail and other412,359 443,542 (31,183)(7.0)
             Total non-casino revenues 2,139,998 2,038,993 101,005 5.0 
$5,289,164 $4,691,437 $597,727 12.7 

Casino revenues for the nine months ended September 30, 2024 were 59.5% of operating revenues, compared to 56.5% for the same period of 2023. Non-casino revenues for the nine months ended September 30, 2024 were 40.5% of operating revenues, compared to 43.5% for the same period of 2023.

Casino revenues

Casino revenues increased primarily due to higher gaming volumes at our Macau Operations which benefited from growing tourism in Macau during the nine months ended September 30, 2024.

The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day):  

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Nine Months Ended
September 30,
20242023Increase/ (Decrease)Percent Change
Macau Operations:
Wynn Palace:
Total casino revenues$1,336,788 $1,054,007 $282,781 26.8 
VIP:
Average number of table games58 55 3 5.5 
VIP turnover$9,930,241 $8,202,165 $1,728,076 21.1 
VIP table games win$342,024 $289,492 $52,532 18.1 
VIP win as a % of turnover3.44 %3.53 %(0.09)
Table games win per unit per day$21,677 $19,233 $2,444 12.7 
Mass market:
Average number of table games245 240 5 2.1 
Table drop$5,215,019 $4,414,990 $800,029 18.1 
Table games win$1,251,039 $968,967 $282,072 29.1 
Table games win %24.0 %21.9 %2.1 
Table games win per unit per day$18,620 $14,763 $3,857 26.1 
Average number of slot machines592 579 13 2.2 
Slot machine handle$1,815,623 $1,760,345 $55,278 3.1 
Slot machine win$83,790 $75,236 $8,554 11.4 
Slot machine win per unit per day$517 $476 $41 8.6 
Poker rake$736 $— $736 NM
Wynn Macau:
Total casino revenues$923,851 $649,627 $274,224 42.2 
VIP:
Average number of table games30 45 (15)(33.3)
VIP turnover$3,955,277 $3,727,106 $228,171 6.1 
VIP table games win$122,705 $130,574 $(7,869)(6.0)
VIP win as a % of turnover3.10 %3.50 %(0.40)
Table games win per unit per day$14,988 $10,569 $4,419 41.8 
Mass market:
Average number of table games222 214 8 3.7 
Table drop$4,801,533 $3,597,557 $1,203,976 33.5 
Table games win$887,194 $613,154 $274,040 44.7 
Table games win %18.5 %17.0 %1.5 
Table games win per unit per day$14,599 $10,485 $4,114 39.2 
Average number of slot machines607 521 86 16.5 
Slot machine handle$2,347,521 $1,559,698 $787,823 50.5 
Slot machine win$76,604 $47,892 $28,712 60.0 
Slot machine win per unit per day$461 $337 $124 36.8 
Poker rake$11,831 $13,807 $(1,976)(14.3)



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Nine Months Ended
September 30,
20242023Increase/ (Decrease)Percent Change
Las Vegas Operations:
Total casino revenues$410,023 $460,606 $(50,583)(11.0)
Average number of table games234 233 1 0.4 
Table drop$1,721,435 $1,768,057 $(46,622)(2.6)
Table games win$409,336 $431,896 $(22,560)(5.2)
Table games win %23.8 %24.4 %(0.6)
Table games win per unit per day$6,380 $6,777 $(397)(5.9)
Average number of slot machines1,612 1,650 (38)(2.3)
Slot machine handle$4,840,241 $4,733,534 $106,707 2.3 
Slot machine win$322,544 $325,883 $(3,339)(1.0)
Slot machine win per unit per day$730 $723 $7 1.0 
Poker rake$16,652 $16,243 $409 2.5 
Encore Boston Harbor:
Total casino revenues$478,504 $488,204 $(9,700)(2.0)
Average number of table games182 193 (11)(5.7)
Table drop$1,072,750 $1,064,092 $8,658 0.8 
Table games win$227,496 $230,170 $(2,674)(1.2)
Table games win %21.2 %21.6 %(0.4)
Table games win per unit per day$4,553 $4,368 $185 4.2 
Average number of slot machines2,612 2,547 65 2.6 
Slot machine handle$4,201,520 $3,933,388 $268,132 6.8 
Slot machine win$315,773 $316,129 $(356)(0.1)
Slot machine win per unit per day$441 $455 $(14)(3.1)
Poker rake$16,422 $16,116 $306 1.9 
NM - Not meaningful.


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Non-casino revenues

The table below sets forth our room revenues and associated key operating measures:

Nine Months Ended
September 30,
20242023Increase/ (Decrease)Percent Change
Macau Operations:
Wynn Palace:
Total room revenues (dollars in thousands)$153,287 $151,311 $1,976 1.3 
Occupancy98.7 %93.8 %4.9 
ADR$315 $327 $(12)(3.7)
REVPAR$311 $307 $4 1.3 
Wynn Macau:
Total room revenues (dollars in thousands)$76,116 $79,774 $(3,658)(4.6)
Occupancy99.2 %95.5 %3.7 
ADR$251 $281 $(30)(10.7)
REVPAR$249 $268 $(19)(7.1)
Las Vegas Operations:
Total room revenues (dollars in thousands)$617,071 541,392 $75,679 14.0 
Occupancy89.3 %89.8 %(0.5)
ADR$541 $473 $68 14.4 
REVPAR$483 $424 $59 13.9 
Encore Boston Harbor:
Total room revenues (dollars in thousands)$70,226 $65,895 $4,331 6.6 
Occupancy94.4 %92.9 %1.5 
ADR$410 $389 $21 5.4 
REVPAR$387 $362 $25 6.9 

Room revenues increased $78.3 million, primarily due to higher ADR at our Las Vegas Operations.

Food and beverage revenues increased $53.9 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 $31.2 million, primarily due to a decrease in operating revenues at Wynn Interactive.





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Operating expenses

The table below presents operating expenses (dollars in thousands):
 Nine Months Ended
September 30,
 20242023Increase/ (Decrease)Percent Change
Operating expenses:
Casino$1,907,426 $1,594,761 $312,665 19.6 
Rooms245,991 224,275 21,716 9.7 
Food and beverage647,351 605,376 41,975 6.9 
Entertainment, retail and other190,137 261,035 (70,898)(27.2)
General and administrative808,172 785,538 22,634 2.9 
  Provision for credit losses4,352 (6,314)10,666 NM
Pre-opening6,050 6,822 (772)(11.3)
Depreciation and amortization507,611 510,743 (3,132)(0.6)
Impairment of goodwill and intangible assets— 94,490 (94,490)(100.0)
Property charges and other206,238 132,265 73,973 55.9 
Total operating expenses$4,523,328 $4,208,991 $314,337 7.5 
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 $162.9 million and $135.7 million at Wynn Palace and Wynn Macau, respectively. These increases resulted from higher operating costs, including increases of $141.8 million and $121.9 million in incremental gaming tax expense at Wynn Palace and Wynn Macau, respectively, driven by the increase in casino revenues.

Room expenses increased $17.7 million at our Las Vegas Operations as a result of higher operating costs, commensurate with the increase in room revenues.

Food and beverage expenses increased $23.8 million and $17.2 million at our Las Vegas Operations and our Macau Operations, respectively, as a result of higher operating costs related to increases in food and beverage revenues.

Entertainment, retail and other expenses decreased $94.0 million at Corporate and other as a result of decreased operating costs related to Wynn Interactive. This decrease is partially offset by an increase of $24.4 million at our Las Vegas Operations primarily due to increased costs from entertainment venue and convention-related revenue.

During the nine months ended September 30, 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 online sports betting and casino gaming business.

Property charges and other expenses for the nine months ended September 30, 2024 consisted primarily of $130.0 million of forfeitures pursuant to the NPA and the Company's $9.4 million contribution towards a legal settlement. Property charges and other expenses for the nine months ended September 30, 2024 also included $12.6 million of asset abandonments at Wynn Palace, $61.5 million of expensed project costs related to a discontinued development project at Corporate and other and $16.8 million of contract termination and other costs related to Wynn Interactive, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets.

Property charges and other expenses for the nine months ended September 30, 2023 consisted primarily of contract termination and other expenses of $97.7 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 nine months ended September 30, 2023 also included other contract terminations of $9.6 million at Wynn Macau, and asset abandonments of $12.2 million and $8.0 million at Wynn Palace and our Las Vegas Operations, respectively.
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Other non-operating income and expenses

Interest expense, net of capitalized interest, decreased $41.6 million primarily due to a decrease in the weighted average debt balance, from $12.48 billion for the nine months ended September 30, 2023, to $11.58 billion for the nine months ended September 30, 2024.

We recorded interest income of $105.8 million and $130.9 million in the nine months ended September 30, 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 $25.3 million and a loss of $19.8 million for the nine months ended September 30, 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 primarily drove the variability between periods.

We recorded a loss of $7.9 million from changes in derivatives fair value for the nine months ended September 30, 2024, primarily related to the interest rate collar on the Retail Term Loan. We recorded a loss of $3.3 million from changes in derivatives fair value for the nine months ended September 30, 2023, primarily related to the conversion feature of the WML Convertible Bonds.

We recorded a $1.7 million loss on debt financing transactions for the nine months ended September 30, 2024, primarily related to the issuance of the 2031 Add-On WRF Senior Notes and the repurchase of the tendered 2025 WLV Senior Notes. We recorded a $12.7 million loss on debt financing transactions for the nine months ended September 30, 2023, primarily related to the issuance of the 2031 WRF Senior Notes and the repurchase of the early tendered 2025 WRF Senior Notes.
Income taxes

We recorded income tax expense of $45.1 million and $2.6 million for the nine months ended September 30, 2024 and 2023, respectively. Income tax expense in 2024 primarily relates to U.S.-based operating profits as well as an increase in non-deductible expenses. Income tax expense in 2023 primarily related to operating profits.

Net income attributable to noncontrolling interests

Net income attributable to noncontrolling interests was $93.3 million and $7.6 million for the nine months ended September 30, 2024 and 2023, respectively. These amounts are primarily related to the noncontrolling interests' share of net income from WML.
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Segment Information

As further described in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "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, 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 (gain) 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. 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 (dollars 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 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information." That footnote also presents a reconciliation of Adjusted Property EBITDAR to net income (loss) attributable to Wynn Resorts, Limited.

 Three Months Ended September 30,Nine Months Ended September 30,
 20242023Increase/ (Decrease)Percent Change20242023Increase/ (Decrease)Percent Change
Wynn Palace$162,283 $177,048 $(14,765)(8.3)$549,112 $444,713 $104,399 23.5 
Wynn Macau100,594 77,939 22,655 29.1 333,691 212,274 121,417 57.2 
Las Vegas Operations202,720 219,740 (17,020)(7.7)679,315 675,458 3,857 0.6 
Encore Boston Harbor 63,018 60,498 2,520 4.2 188,284 193,016 (4,732)(2.5)
Corporate and other(938)(4,864)3,926 NM(4,535)(40,896)36,361 NM
NM - Not meaningful.

Adjusted Property EBITDAR at Wynn Macau increased $22.7 million for the three months ended September 30, 2024 primarily due to an increase in casino revenues of $66.5 million, partially offset by an increase in operating expenses. Adjusted Property EBITDAR at Wynn Palace decreased $14.8 million for the three months ended September 30, 2024, primarily due to decreases in non-casino revenues of $5.0 million coupled with an increase of $8.2 million in casino expenses, inclusive of gaming taxes.

Adjusted Property EBITDAR at Wynn Palace and Wynn Macau increased $104.4 million and $121.4 million, respectively, for the nine months ended September 30, 2024, primarily due to an increase in operating revenues of $292.3 million and $273.6 million, respectively, partially offset by an increase in operating expenses.

Adjusted Property EBITDAR at our Las Vegas Operations decreased $17.0 million for the three months ended September 30, 2024 primarily due to decreases in casino revenues of $22.9 million which was primarily attributable to lower table games win. Adjusted Property EBITDAR at our Las Vegas Operations increased $3.9 million for the nine months ended September 30, 2024, primarily due to an increase in non-casino revenues of $139.2 million, partially offset by a decrease in casino revenues of $50.6 million and increases in operating expenses.
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Adjusted Property EBITDAR at Encore Boston Harbor increased $2.5 million for the three months ended September 30, 2024, primarily due to an increase in operating revenues of $3.7 million, partially offset by an increase in operating expenses. Adjusted Property EBITDAR at Encore Boston Harbor decreased $4.7 million for the nine months ended September 30, 2024, primarily due to a decrease in operating revenues of $4.1 million.

Adjusted Property EBITDAR at Corporate and other increased $3.9 million and $36.4 million for the three and nine months ended September 30, 2024, respectively, primarily due to a decrease in marketing and promotional expense of $5.7 million and $32.0 million, respectively, 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.
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Liquidity and Capital Resources

Our cash flows were as follows (in thousands):
Nine Months Ended September 30,
Cash Flows - Summary20242023
Cash flows from operating activities$947,175 $806,550 
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention(292,690)(329,428)
Investment in unconsolidated affiliates(454,980)(52,270)
Purchase of investments — (786,519)
Proceeds from maturity of investments850,000 — 
Purchase of intangible and other assets(2,615)(10,651)
Proceeds from sale of assets and other26,797 490 
Net cash provided by (used in) investing activities126,512 (1,178,378)
Cash flows from financing activities:
Proceeds from issuance of long-term debt1,283,794 1,200,000 
Repayments of long-term debt(1,251,210)(1,522,812)
Repurchase of common stock(198,249)(71,019)
Proceeds from exercise of stock options1,017 1,965 
Distribution to noncontrolling interest(10,601)(15,929)
Dividends paid(112,045)(56,720)
Finance lease payments(14,498)(14,407)
Payments for financing costs(31,459)(41,160)
Other(4,486)(7,773)
Net cash used in financing activities(337,737)(527,855)
Effect of exchange rate on cash, cash equivalents and restricted cash3,351 (3,721)
Increase (decrease) in cash, cash equivalents and restricted cash$739,301 $(903,404)

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 nine months ended September 30, 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 nine months ended September 30, 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.



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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.

During the nine months ended September 30, 2024, we incurred capital expenditures of $106.0 million at our Las Vegas Operations, $72.1 million at Wynn Palace, $38.8 million at Wynn Macau, and $27.5 million at Encore Boston Harbor primarily related to maintenance capital expenditures, and $48.4 million at Corporate and other primarily related to future development projects. In addition, during the nine months ended September 30, 2024, we invested $455.0 million, including $442.7 million of cash contributions, in the joint venture that is constructing Wynn Al Marjan Island, and received proceeds of $300.0 million and $550.0 million upon the maturity of our investments in debt securities and fixed deposits, respectively.

During the nine months ended September 30, 2023, we incurred capital expenditures of $137.7 million at our Las Vegas Operations, $56.5 million at Encore Boston Harbor, $38.1 million at Wynn Palace, and $18.8 million at Wynn Macau primarily related to maintenance capital expenditures, and $78.4 million at Corporate and other primarily related to future development projects. In addition, during the nine months ended September 30, 2023, we purchased $786.5 million in investments, comprised of United States treasury bills 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 nine months ended September 30, 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 2031412,000 — 
WM Cayman II Revolver, due 2028
— 351,787 
WLV 5 1/2% Senior Notes, due 2025— 796,691 
WRF Term Loan, due 202771,794 102,732 
Total $1,283,794 $1,251,210 

In addition, during the nine months ended September 30, 2024, we repurchased 2,206,113 shares of our common stock under our equity repurchase program for an aggregate cost of $185.7 million. We also made dividend payments of $112.0 million, paid $31.5 million for financing costs related to the financing activities above and used cash of $10.6 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

The below table presents proceeds from the issuance, repayments, and repurchases of the specified debt instruments during the nine months ended September 30, 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 2029600,000 — 
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— 22,813 
Total $1,200,000 $1,522,812 

In addition, during the nine months ended September 30, 2023, we repurchased 596,948 shares of our common stock under our equity repurchase program for an aggregate cost of $56.2 million. We also made dividend payments of $56.7 million, paid $41.2 million for financing costs related to the financing activities above and used cash of $15.9 million for distributions to noncontrolling interest holders of the Retail Joint Venture.
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Capital Resources

The following table summarizes our unrestricted cash and cash equivalents and available revolver borrowing capacity, presented by significant financing entity as of September 30, 2024 (in thousands):
Total Cash and Cash EquivalentsRevolver Borrowing Capacity
Wynn Macau, Limited and subsidiaries$1,339,495 $353,562 
Wynn Resorts Finance, LLC (1)
464,113 735,306 
Wynn Resorts, Limited and other603,681 — 
Total $2,407,289 $1,088,868 
(1) Excluding Wynn Macau, Limited and subsidiaries.

In addition to the cash and cash equivalents and available revolver borrowing capacity presented above, as of September 30, 2024, we also held restricted cash of $605.9 million and $600.0 million at WRF and WML, respectively, in trust accounts for the October 2024 repurchase or payment of the Wynn Las Vegas 5 1/2% Senior Notes due 2025 and WML 4 7/8% Senior Notes due 2024, as discussed below.

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.

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 for three years 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 using short-term restricted cash held at WML.

If our portion of cash available for repatriation was repatriated on September 30, 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.

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.
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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 of 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 of 1933, 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 classified as short-term restricted cash as of September 30, 2024 within the Condensed Consolidated Balance Sheet and 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 $140.0 million for the year ending December 31, 2024. 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 the Wynn Al Marjan Island development, and for general corporate purposes.

During the three months ended June 30, 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 third quarter of 2024, the Company contributed $18.2 million of cash into Island 3, bringing our life-to-date cash contributions to $532.6 million. The cash contributed in the quarter was used primarily to fund our pro rata portion of the purchase of approximately 155 acres of land underlying the Wynn Al Marjan Island integrated resort 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 the Wynn Al Marjan Island integrated resort is between $800 million and $875 million, inclusive of capitalized interest, fees, and certain improvements on the Island. Wynn Al Marjan Island is currently expected to open in 2027.

The Company paid a cash dividend of $0.25 per share in each of the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024 and recorded $28.0 million in each of the quarters ended March 31, 2024 and June 30, 2024 and $27.7 million in the quarter ended September 30, 2024, against accumulated deficit. On November 4, 2024, the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on November 27, 2024 to stockholders of record as of November 15, 2024.

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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 Note 15, "Commitments and Contingencies."

In April 2016, our Board of Directors authorized an equity repurchase program of up to $1.00 billion. Under the equity repurchase program, we may repurchase the Company's outstanding shares from time to time through open market purchases, in privately negotiated transactions, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As of September 30, 2024, we had $247.7 million in repurchase authority remaining under the program.

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.

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.

Contractual Commitments

Except as described below, there have been no material changes to the contractual obligations previously reported in our Annual Report on Form 10-K for the year ended December 31, 2023.

As a result of the financing transactions described in our discussion of capital resources above, our long-term debt obligations decreased by $55.8 million in 2024 and $3.49 billion in 2025 and increased by $3.8 million in 2026, $662.3 million in 2027, $1.15 billion in 2028, and $1.20 billion thereafter. Our annual fixed interest payments are expected to decrease $12.8 million in 2024 and increase $65.8 million in 2025, $78.5 million in each of 2026, 2027, and 2028, and $271.0 million thereafter and our annual variable interest payments are expected to decrease $34.6 million in 2024 and increase $15.7 million in 2025, $110.2 million in 2026, $95.3 million in 2027, and $53.6 million in 2028.

Critical Accounting Policies and Estimates

A description of our critical accounting policies is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes to these policies for the nine months ended September 30, 2024.
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Recently Adopted Accounting Standards and Accounting Standards Issued But Not Yet Adopted

See related disclosure in Note 2, "Basis of Presentation and Significant Accounting Policies" of Part I in this Quarterly Report on Form 10-Q.

Item 3. 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.

Additional information about market risks to which we are exposed is included within our Annual Report on Form 10-K for the year ended December 31, 2023.

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.

Interest Rate Sensitivity

As of September 30, 2024, approximately 79% of our long-term debt was based on fixed rates. Based on our outstanding borrowings as of September 30, 2024, an assumed 100 basis point change in the variable rates would cause our annual interest expense to change by $19.2 million.

In order to mitigate exposure to interest rate fluctuations on the Retail Term Loan, the Company previously entered into an interest rate collar with a notional value of $615.0 million, which expired on August 1, 2024. On October 2, 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.

Foreign Currency Risks

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 the debt issued by WML 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 September 30, 2024, an assumed 1% change in the U.S. dollar/Hong Kong dollar exchange rate would cause a foreign currency transaction gain/loss of $41.6 million.

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Item 4. 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 Exchange Act) as of the end of the period covered by this 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 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 furnishes 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 furnishes 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.

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 to which this report relates that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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Part II. OTHER INFORMATION

Item 1. 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 1—"Notes to Condensed Consolidated Financial Statements," Note 15, "Commitments and Contingencies" of Part I in this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

A description of our risk factors can be found in Item 1A, Part I of our Annual Report on Form 10-K for the year ended December 31, 2023. There were no material changes to those risk factors during the nine months ended September 30, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table summarizes the share repurchases made by the Company during the three months ended September 30, 2024:
Period
Total Number of Shares Purchased (1) (2)
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands)
July 1, 2024 to July 31, 2024374,100 $85.96 372,605 $333,359 
August 1, 2024 to August 31, 2024375,583 $76.08 368,377 $305,360 
September 1, 2024 to September 30, 2024724,141 $79.71 723,791 $247,680 

(1) Shares purchased in July 2024, August 2024, and September 2024 include 1,495, 7,206 and 350 shares, respectively, purchased in satisfaction of employee tax withholding obligations on vested restricted stock granted under our stock incentive plans. Refer to Note 13, "Stock-Based Compensation" to our Consolidated Financial Statements included in our 2023 Form 10-K 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.

Item 3. Default Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Insider Trading Arrangements

None of the Company’s directors or officers (as defined in Section 16 of the Exchange Act) adopted, modified 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 September 30, 2024.
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Item 6. Exhibits
(a)Exhibits
 
Exhibit
No.		Description
3.1
3.2
4.1
10.1
10.1.1
10.2
10.3
*31.1
*31.2
32
101
The following material from Wynn Resorts, Limited's Quarterly Report on Form 10-Q, formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023; (ii) the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023; (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023; (iv) the Condensed Consolidated Statements of Stockholders' Deficit for the three and nine months ended September 30, 2024 and 2023; (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023; and (vi) Notes to Condensed 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.
104Cover Page Interactive Data File - The cover page XBRL tags are embedded within the Inline XBRL document.
 
Wynn Resorts, Limited agrees to furnish to the U.S. Securities and Exchange Commission, upon request, a copy of each agreement with respect to long-term debt not filed herewith in reliance upon the exemption from filing applicable to any series of debt which does not exceed 10% of the total consolidated assets of the Company.
*     Filed herewith.



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SIGNATURE

Pursuant to the requirements 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: November 4, 2024 By:/s/ Julie Cameron-Doe
 Julie Cameron-Doe
 Chief Financial Officer
 (Principal Financial and Accounting Officer)
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