WYNN RESORTS LTDWYNN
WYNN RESORTS LTD Leases Disclosure
Leases
Lessee Arrangements
The following table summarizes the balance sheet classification of the Company's lease assets and liabilities (in thousands):
| December 31, | |||||||||||||||||
| Balance Sheet Classification | 2025 | 2024 | |||||||||||||||
| Assets | |||||||||||||||||
| Operating leases | Operating lease assets | $ | 1,778,052 | $ | 1,797,276 | ||||||||||||
| Finance leases | $ | 104,028 | $ | 94,656 | |||||||||||||
| Current liabilities | |||||||||||||||||
| Operating leases | $ | 14,566 | $ | 10,869 | |||||||||||||
| Finance leases | $ | 27,810 | $ | 18,367 | |||||||||||||
| Non-current liabilities | |||||||||||||||||
| Operating leases | Long-term operating lease liabilities | $ | 1,629,117 | $ | 1,623,890 | ||||||||||||
| Finance leases | $ | 73,749 | $ | 71,592 | |||||||||||||
The following tables disclose the components of the Company's lease cost, supplemental cash flow disclosures, and other information regarding the Company's lease arrangements (in thousands):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Lease cost: | |||||||||||||||||
| Operating lease cost | $ | 17,403 | $ | 17,146 | $ | 17,173 | |||||||||||
| Triple-net operating lease cost related to Encore Boston Harbor | 141,491 | 141,576 | 141,722 | ||||||||||||||
| Short-term lease cost | 21,832 | 30,443 | 27,468 | ||||||||||||||
| Amortization of leasehold interests in land | 13,716 | 13,704 | 13,666 | ||||||||||||||
| Variable lease cost | 2,790 | 2,493 | 1,868 | ||||||||||||||
| Finance lease interest cost | 7,137 | 3,391 | 2,363 | ||||||||||||||
| Total lease cost | $ | 204,369 | $ | 208,753 | $ | 204,260 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Supplemental cash flow disclosures: | |||||||||||||||||
| Operating lease liabilities arising from obtaining operating lease assets | $ | 20,510 | $ | 3,803 | $ | 26,657 | |||||||||||
| Finance lease liabilities arising from obtaining finance lease assets | $ | 41,154 | $ | 80,021 | $ | 8,842 | |||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
| Cash used in operating activities - Operating leases | $ | 143,538 | $ | 141,004 | $ | 139,054 | |||||||||||
| Cash used in financing activities - Finance leases | $ | 25,804 | $ | 19,219 | $ | 19,267 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Other information: | |||||||||||||||||
| Weighted-average remaining lease term - Operating leases | 28.1 years | 29.1 years | 30.1 years | ||||||||||||||
| Weighted-average remaining lease term - Finance leases | 8.6 years | 10.5 years | 19.7 years | ||||||||||||||
| Weighted-average discount rate - Operating leases | 8.0 | % | 8.0 | % | 8.0 | % | |||||||||||
| Weighted-average discount rate - Finance leases | 6.3 | % | 6.3 | % | 5.8 | % | |||||||||||
The following table presents an analysis of lease liability maturities as of December 31, 2025 (in thousands):
| Year Ending December 31, | Operating Leases | Finance Leases | ||||||||||||
| 2026 | $ | 146,106 | $ | 33,228 | ||||||||||
| 2027 | 148,270 | 32,964 | ||||||||||||
| 2028 | 148,935 | 28,933 | ||||||||||||
| 2029 | 150,760 | 1,357 | ||||||||||||
| 2030 | 151,243 | 989 | ||||||||||||
| Thereafter | 3,548,988 | 59,817 | ||||||||||||
| Total undiscounted cash flows | $ | 4,294,302 | $ | 157,288 | ||||||||||
| Present value | ||||||||||||||
| Short-term lease liabilities | $ | 14,566 | $ | 27,810 | ||||||||||
| Long-term lease liabilities | 1,629,117 | 73,749 | ||||||||||||
| Total lease liabilities | $ | 1,643,683 | $ | 101,559 | ||||||||||
| Interest on lease liabilities | $ | 2,650,619 | $ | 55,729 | ||||||||||
Encore Boston Harbor Lease
The Company leases the real estate assets of Encore Boston Harbor pursuant to a triple-net operating lease agreement with an initial term of 30 years from December 2022 to November 2052, which may be renewed for one additional thirty-year term. The lease has an initial base rent of $100 million per year, which increases at a fixed rate of 1.75% per year for the first ten years and the greater of 1.75% or change in consumer price index, subject to a cap of 2.5%, each year for the remaining term of the lease. In addition, certain fixed payments in lieu of taxes ("PILOT") made on behalf of the lessor are included in lease payments for the purpose of measuring the associated operating lease assets and liabilities.
The lease payments, inclusive of PILOT payments, are $128.8 million in 2026, $131.3 million in 2027, $133.7 million in 2028, $136.3 million in 2029, $138.8 million in 2030, and $3.15 billion thereafter. At December 31, 2025 and 2024, the total liability associated with the lease was $1.51 billion.
Ground Leases
Undeveloped Land - Las Vegas
The Company leases approximately 16 acres of undeveloped land on Las Vegas Boulevard directly across from Wynn Las Vegas in Las Vegas, Nevada, pursuant to a lease agreement which expires in 2097. The ground lease payments, which increase at a fixed rate over the term of the lease, are $4.0 million per year from 2026 to 2030 and total payments of $339.8 million thereafter. As of December 31, 2025 and 2024, the liability associated with this lease was $65.6 million and $65.2 million, respectively.
At December 31, 2025 and 2024, operating lease assets included approximately $80.2 million and $81.3 million, respectively, related to an amount allocated to the leasehold interest in land upon the acquisition of a group of assets in 2018.
The Company expects that the amortization of this amount will be $1.1 million each year from 2026 through 2096 and $0.7 million in 2097.
Macau Land Concessions
Wynn Palace and Wynn Macau were built on land that is leased under Macau land concession contracts each with terms of 25 years from May 2012 and August 2004, respectively, which may be renewed with government approval for successive 10-year periods in accordance with Macau legislation. The land concession payments are expected to be $1.5 million per year through 2028, $1.3 million in 2029, $1.0 million in 2030, and total payments of $6.2 million thereafter through 2037. At December 31, 2025 and 2024, the total liability associated with these leases was $9.0 million and $9.8 million, respectively.
At December 31, 2025 and 2024, operating lease assets included $116.5 million and $129.5 million of leasehold interests in land related to the Wynn Palace and Wynn Macau land concessions. The Company expects that the amortization associated with these leasehold interests will be approximately $12.6 million per year from 2026 through 2028, approximately $11.2 million in 2029, approximately $9.2 million per year from 2030 through 2036 and approximately $3.1 million in 2037.
Lessor Arrangements
The following table presents the minimum and contingent operating lease income for the periods presented (in thousands):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Minimum rental income | $ | 150,201 | $ | 138,604 | $ | 131,901 | |||||||||||
| Contingent rental income | 60,407 | 66,526 | 96,831 | ||||||||||||||
| $ | 210,608 | $ | 205,130 | $ | 228,732 | ||||||||||||
The following table presents the future minimum rentals to be received under operating leases (in thousands):
| Year Ending December 31, | Operating Leases | ||||
| 2026 | $ | 136,149 | |||
| 2027 | 120,305 | ||||
| 2028 | 96,968 | ||||
| 2029 | 70,532 | ||||
| 2030 | 55,307 | ||||
| Thereafter | 220,490 | ||||
| Total future minimum rentals | $ | 699,751 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.