WYNN RESORTS LTDWYNN
WYNN RESORTS LTD Segments Disclosure
Segment Information
The Company has identified its reportable segments based on factors such as geography, regulatory environment, the Company's organizational and management reporting structure and the information reviewed by its chief operating decision maker, the Company's Chief Executive Officer ("CEO"). The primary profitability measure used by the Company's CEO to review segment operating results and allocate resources is Adjusted Property EBITDAR.
The Company has identified the following reportable segments: (i) Wynn Macau, representing the aggregate of Wynn Macau and Encore, an expansion at Wynn Macau, which are managed as a single integrated resort; (ii) Wynn Palace; (iii) Las Vegas Operations, representing the aggregate of Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture, which are managed as a single integrated resort; and (iv) Encore Boston Harbor. For geographical reporting purposes, Wynn Macau, Wynn Palace, and Other Macau (which represents the assets of the Company's Macau holding company and other ancillary entities) have been aggregated into Macau Operations. Corporate and other is presented solely for the purpose of reconciliation and is not a reportable segment. During the twelve months ended December 31, 2024, Wynn Interactive Ltd. no longer met the requirements for a reportable segment. As a result, its assets and results of operations are presented in Corporate and other.
The following tables present the Company's segment information (in thousands):
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||
| Wynn Palace | Wynn Macau | Las Vegas Operations | Encore Boston Harbor | Total | ||||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||||||||
| Casino | $ | 1,936,715 | $ | 1,195,001 | $ | 649,346 | $ | 629,266 | $ | 4,410,328 | ||||||||||||||||||||||
| Rooms | 149,585 | 87,443 | 813,477 | 90,649 | 1,141,154 | |||||||||||||||||||||||||||
| Food and beverage | 129,007 | 71,222 | 758,559 | 79,062 | 1,037,850 | |||||||||||||||||||||||||||
Entertainment, retail and other(1) | 92,090 | 56,954 | 351,653 | 47,895 | 548,592 | |||||||||||||||||||||||||||
| Total segment operating revenues | 2,307,397 | 1,410,620 | 2,573,035 | 846,872 | 7,137,924 | |||||||||||||||||||||||||||
Cost of revenue(2) | 581,113 | 413,895 | 1,593,519 | 425,999 | ||||||||||||||||||||||||||||
Gaming taxes(3) | 1,043,384 | 594,600 | 77,111 | 184,152 | ||||||||||||||||||||||||||||
Segment Adjusted Property EBITDAR(4) | $ | 682,900 | $ | 402,125 | $ | 902,405 | $ | 236,721 | $ | 2,224,151 | ||||||||||||||||||||||
| Pre-opening | 38,494 | |||||||||||||||||||||||||||||||
| Depreciation and amortization | 620,633 | |||||||||||||||||||||||||||||||
| Property charges and other | 49,719 | |||||||||||||||||||||||||||||||
| Corporate expense and other | 163,503 | |||||||||||||||||||||||||||||||
| Stock-based compensation | 91,927 | |||||||||||||||||||||||||||||||
| Triple-net operating lease expense | 141,491 | |||||||||||||||||||||||||||||||
| Operating income | 1,118,384 | |||||||||||||||||||||||||||||||
| Other non-operating income and expenses | ||||||||||||||||||||||||||||||||
| Interest income | 66,507 | |||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (625,556) | |||||||||||||||||||||||||||||||
| Change in derivatives fair value | (34,869) | |||||||||||||||||||||||||||||||
| Loss on debt financing transactions | (1,701) | |||||||||||||||||||||||||||||||
| Other | (8,625) | |||||||||||||||||||||||||||||||
| Total other non-operating income and expenses | (604,244) | |||||||||||||||||||||||||||||||
| Income before income taxes | 514,140 | |||||||||||||||||||||||||||||||
| Provision for income taxes | (105,005) | |||||||||||||||||||||||||||||||
| Net income | 409,135 | |||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | (81,801) | |||||||||||||||||||||||||||||||
| Net income attributable to Wynn Resorts, Limited | $ | 327,334 | ||||||||||||||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||
| Wynn Palace | Wynn Macau | Las Vegas Operations | Encore Boston Harbor | Total | ||||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||||||||
| Casino | $ | 1,795,604 | $ | 1,230,351 | $ | 600,088 | $ | 635,314 | $ | 4,261,357 | ||||||||||||||||||||||
| Rooms | 202,936 | 100,631 | 845,660 | 92,831 | 1,242,058 | |||||||||||||||||||||||||||
| Food and beverage | 125,398 | 80,779 | 778,538 | 84,402 | 1,069,117 | |||||||||||||||||||||||||||
Entertainment, retail and other(1) | 93,733 | 52,885 | 347,627 | 44,617 | 538,862 | |||||||||||||||||||||||||||
| Total segment operating revenues | 2,217,671 | 1,464,646 | 2,571,913 | 857,164 | 7,111,394 | |||||||||||||||||||||||||||
Other revenues(5) | 16,567 | |||||||||||||||||||||||||||||||
| Total operating revenues | 7,127,961 | |||||||||||||||||||||||||||||||
Cost of revenue(2) | 533,331 | 410,810 | 1,549,877 | 422,974 | ||||||||||||||||||||||||||||
Gaming taxes(3) | 950,630 | 611,984 | 75,274 | 187,062 | ||||||||||||||||||||||||||||
Segment Adjusted Property EBITDAR(4) | $ | 733,710 | $ | 441,852 | $ | 946,762 | $ | 247,128 | $ | 2,369,452 | ||||||||||||||||||||||
| Pre-opening | 9,355 | |||||||||||||||||||||||||||||||
| Depreciation and amortization | 658,895 | |||||||||||||||||||||||||||||||
Property charges and other(6) | 215,095 | |||||||||||||||||||||||||||||||
| Corporate expense and other | 148,236 | |||||||||||||||||||||||||||||||
| Stock-based compensation | 59,029 | |||||||||||||||||||||||||||||||
| Triple-net operating lease expense | 141,576 | |||||||||||||||||||||||||||||||
Other loss(5) | 4,535 | |||||||||||||||||||||||||||||||
| Operating income | 1,132,731 | |||||||||||||||||||||||||||||||
| Other non-operating income and expenses | ||||||||||||||||||||||||||||||||
| Interest income | 130,342 | |||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (688,410) | |||||||||||||||||||||||||||||||
| Change in derivatives fair value | 42,478 | |||||||||||||||||||||||||||||||
| Loss on debt financing transactions | (2,913) | |||||||||||||||||||||||||||||||
| Other | 29,170 | |||||||||||||||||||||||||||||||
| Total other non-operating income and expenses | (489,333) | |||||||||||||||||||||||||||||||
| Income before income taxes | 643,398 | |||||||||||||||||||||||||||||||
| Provision for income taxes | (3,682) | |||||||||||||||||||||||||||||||
| Net income | 639,716 | |||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | (138,638) | |||||||||||||||||||||||||||||||
| Net income attributable to Wynn Resorts, Limited | $ | 501,078 | ||||||||||||||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||
| Wynn Palace | Wynn Macau | Las Vegas Operations | Encore Boston Harbor | Total | ||||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||||||||
| Casino | $ | 1,471,280 | $ | 970,269 | $ | 628,185 | $ | 648,668 | $ | 3,718,402 | ||||||||||||||||||||||
| Rooms | 201,783 | 109,308 | 784,385 | 90,195 | 1,185,671 | |||||||||||||||||||||||||||
| Food and beverage | 104,566 | 68,017 | 770,401 | 85,653 | 1,028,637 | |||||||||||||||||||||||||||
Entertainment, retail and other(1) | 109,215 | 65,940 | 297,635 | 41,270 | 514,060 | |||||||||||||||||||||||||||
| Total segment operating revenues | 1,886,844 | 1,213,534 | 2,480,606 | 865,786 | 6,446,770 | |||||||||||||||||||||||||||
Other revenues(5) | 85,127 | |||||||||||||||||||||||||||||||
| Total operating revenues | 6,531,897 | |||||||||||||||||||||||||||||||
Cost of revenue(2) | 486,909 | 378,178 | 1,458,789 | 418,784 | ||||||||||||||||||||||||||||
Gaming taxes(3) | 784,089 | 497,265 | 75,574 | 189,593 | ||||||||||||||||||||||||||||
Segment Adjusted Property EBITDAR(4) | $ | 615,846 | $ | 338,091 | $ | 946,243 | $ | 257,409 | $ | 2,157,589 | ||||||||||||||||||||||
| Pre-opening | 9,468 | |||||||||||||||||||||||||||||||
| Depreciation and amortization | 687,270 | |||||||||||||||||||||||||||||||
| Impairment of goodwill and intangible assets | 94,490 | |||||||||||||||||||||||||||||||
| Property charges and other | 130,877 | |||||||||||||||||||||||||||||||
| Corporate expense and other | 146,430 | |||||||||||||||||||||||||||||||
| Stock-based compensation | 64,515 | |||||||||||||||||||||||||||||||
| Triple-net operating lease expense | 141,722 | |||||||||||||||||||||||||||||||
Other loss(5) | 42,646 | |||||||||||||||||||||||||||||||
| Operating income | 840,171 | |||||||||||||||||||||||||||||||
| Other non-operating income and expenses | ||||||||||||||||||||||||||||||||
| Interest income | 175,785 | |||||||||||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (751,509) | |||||||||||||||||||||||||||||||
| Change in derivatives fair value | 45,098 | |||||||||||||||||||||||||||||||
| Loss on debt financing transactions | (12,683) | |||||||||||||||||||||||||||||||
| Other | (11,479) | |||||||||||||||||||||||||||||||
| Total other non-operating income and expenses | (554,788) | |||||||||||||||||||||||||||||||
| Income before income taxes | 285,383 | |||||||||||||||||||||||||||||||
| Benefit for income taxes | 496,834 | |||||||||||||||||||||||||||||||
| Net income | 782,217 | |||||||||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests | (52,223) | |||||||||||||||||||||||||||||||
| Net income attributable to Wynn Resorts, Limited | $ | 729,994 | ||||||||||||||||||||||||||||||
(1)Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 16, "Leases."
(2)Primarily comprised of payroll, cost of goods sold, marketing, promotional, facilities, taxes and licenses (excluding gaming taxes) and other operating expenses.
(3)For Las Vegas Operations, includes table and slot license fees.
(4)"Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, impairment of goodwill and intangible assets, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income 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.
(5)Represents operating revenues and losses attributable to Wynn Interactive Limited, which does not meet the quantitative or qualitative thresholds for presentation as a reportable segment.
(6)For the year ended December 31, 2024, includes $130.0 million of forfeitures pursuant to the NPA, the Company's $9.4 million contribution towards a legal settlement, $16.9 million of contract termination and other costs related to the closure of Wynn Interactive's digital sports betting and casino gaming business. Property charges and other expenses for the year ended December 31, 2024 also included $61.5 million of expensed project costs related to a discontinued development project, partially offset by a gain of $24.6 million related to the sale of certain Wynn Interactive assets. For the year ended December 31, 2023, includes $94.9 million related to the Company's decision to cease operating Wynn Interactive's online sports betting and iGaming platform in certain jurisdictions.
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Capital expenditures | |||||||||||||||||
| Macau Operations: | |||||||||||||||||
| Wynn Palace | $ | 167,199 | $ | 107,458 | $ | 66,262 | |||||||||||
| Wynn Macau | 72,764 | 57,669 | 25,602 | ||||||||||||||
| Total Macau Operations | 239,963 | 165,127 | 91,864 | ||||||||||||||
| Las Vegas Operations | 287,638 | 159,789 | 187,150 | ||||||||||||||
| Encore Boston Harbor | 26,901 | 32,652 | 70,578 | ||||||||||||||
| Corporate and other | 105,931 | 62,361 | 93,201 | ||||||||||||||
| Total | $ | 660,433 | $ | 419,929 | $ | 442,793 | |||||||||||
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Assets | |||||||||||||||||
| Macau Operations: | |||||||||||||||||
| Wynn Palace | $ | 2,817,363 | $ | 2,813,190 | $ | 2,936,264 | |||||||||||
| Wynn Macau | 1,329,671 | 1,412,795 | 1,864,211 | ||||||||||||||
| Other Macau | 1,013,979 | 778,928 | 886,175 | ||||||||||||||
| Total Macau Operations | 5,161,013 | 5,004,913 | 5,686,650 | ||||||||||||||
| Las Vegas Operations | 3,252,007 | 3,157,399 | 3,173,247 | ||||||||||||||
| Encore Boston Harbor | 1,946,783 | 1,980,420 | 2,006,565 | ||||||||||||||
| Corporate and other | 2,748,314 | 2,835,231 | 3,129,761 | ||||||||||||||
| Total | $ | 13,108,117 | $ | 12,977,963 | $ | 13,996,223 | |||||||||||
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Long-lived assets | |||||||||||||||||
| Macau | $ | 3,040,599 | $ | 3,095,411 | $ | 3,191,134 | |||||||||||
| U.S. | 6,480,969 | 6,019,723 | 5,585,943 | ||||||||||||||
| Total | $ | 9,521,568 | $ | 9,115,134 | $ | 8,777,077 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.