Wynn Resorts, Limited · NASDAQ:WYNN
Wynn Resorts — Investor Day (October 2024)
99 slides from Wynn Resorts's investor day presentation, October 2024
Slide 1: Wynn Al Marjan Island Analyst & Investor Update
Wynn Al Marjan Island Analyst & Investor Update October 2024 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements regarding future events and results and include, with respect to the development of the Wynn Al Marjan Island development and our joint venture investment, statements regarding estimated project costs, expected timing o
Slide 3: Agenda
▪ Introduction & Overview ▪ Introducing Wynn Al Marjan Island, MENA's First True Integrated Resort o Market Overview o Financial Model Overview o Construction Update o Design & Program Overview ▪ Putting it All Together ▪ Q&A 3
Slide 4: Introduction & Overview
Introduction & Overview RESORTS
Slide 5: Combining the Industry's Best Service and Facilities
Combining the Industry’s Best Service and Facilities Preeminent designer, developer, and operator of integrated resorts Wynn has built a collection of the world’s leading luxury integrated resorts Demonstrated track record of designing and developing successful integrated resort projects around the
Slide 6: Well Positioned With Organic Growth and High-ROI Capital Projects
Well Positioned With an Attractive Combination of Organic Growth and High-ROI Capital Projects 1 Record financial performance across the business in 2023 and 1H 2024 2 Market-leading product, 5-star service and innovative programming drive the “Wynn Premium” Attractive greenfield development opportu
Slide 7: Superior Facilities and Service Levels Driving Record Financial Results
1 Superior Facilities and Service Levels Driving Record Financial Results Consolidated Adj. Property EBITDAR – Annual (1) Las Vegas - Extending our leadership position on the LV Strip ($ in millions) o Record financial performance in 2023 o Three pillars of success: 1) best facilities; 2) best team
Slide 8: Wynn Las Vegas Enhancing the F&B Program
2 Wynn Las Vegas Enhancing the F&B Program Aft Delilah Casa Playa Overlook Mizumi Café Al Teatro 8
Slide 9: Renovated Wynn Las Vegas Hotel Tower and Villas
2 Wynn Las Vegas Renovated Wynn Las Vegas Hotel Tower and Villas Tower Suite King Room Tower Suite Salon Living Room Spa Villa Living Room 9
Slide 10: Wynn Las Vegas New Flagship Retail
2 Wynn Las Vegas New Flagship Retail 10
Slide 11: Wynn Las Vegas Innovative New Awakening Theater & Show
2 Wynn Las Vegas Innovative New Awakening Theater & Show 11
Slide 12: Wynn Las Vegas Expanded Meeting & Convention Space
2 Wynn Las Vegas Expanded Meeting & Convention Space 12
Slide 13: Wynn Las Vegas Programming – Super Bowl LVIII
2 Wynn Las Vegas “See and be Seen” Programming – SUPER BOWL LVIII 13
Slide 14: Wynn Las Vegas Programming – F1
2 Wynn Las Vegas “See and be Seen” Programming – F1 14
Slide 15: Wynn Las Vegas Programming – Concours
2 Wynn Las Vegas "Only at Wynn" Programming – CONCOURS 15
Slide 16: Wynn Las Vegas Programming – The Match
2 Wynn Las Vegas "Only at Wynn" Programming – THE MATCH 16
Slide 17: Wynn Las Vegas Programming – Netflix Cup
2 Wynn Las Vegas "Only at Wynn" Programming – NETFLIX CUP 17
Slide 18: Wynn Macau Operations Enhancing the F&B Program
2 Wynn Macau Operations Enhancing the F&B Program Lakeside Trattoria Quente! A Sichuan Bistro Broth by Andre Chiang Tekka Moutai Bar at Drunken Fish Drunken Fish 18
Slide 19: Wynn Macau Enhancing the F&B Program (Continued)
2 Wynn Macau Operations Enhancing the F&B Program (Continued) Mizumi SW Steakhouse Lakeview Palace Chef Tam’s Seasons Reserve Club 19
Slide 20: Wynn Macau East and West Casino Enhancements
2 Wynn Macau Operations Wynn Macau East and West Casino Enhancements East Casino West Casino East Casino West Casino 20
Slide 21: Wynn Macau Programming – Hypercars
2 Wynn Macau Operations "Only at Wynn" Programming– HYPERCARS 21
Slide 22: Wynn Macau Programming – Marquee Nightlife Events
2 Wynn Macau Operations “Only at Wynn” Programming – MARQUEE NIGHTLIFE EVENTS 22
Slide 23: Wynn Macau Revamped Rewards Program
2 Wynn Macau Operations Revamped Rewards Program 23
Slide 24: Our Success Continues to Gain Recognition
2 Our Success Continues to Gain Recognition from the Industry and Beyond Our industry-leading facilities, luxury service levels and team of “proprietors” continue to gain recognition from the industry and others ✓ 22 Forbes Travel Guide Five Star Awards, the most of any independent hotel company in
Slide 25: Wynn Las Vegas – Setting the Standard for Luxury Product and Service
2 Wynn Las Vegas – Setting the Standard for Luxury Product and Service Levels in the Hospitality Industry Wynn | Encore Net Promoter Score vs. Industry Benchmarks 68 59 44 Wynn | Encore Luxury Hotels and Casinos Overall Hotels and Casinos YTD Aug 2024 Benchmark 2024 Benchmark 2024 Source: 2024 Medal
Slide 26: Driving the Wynn Premium – Las Vegas Case Study
2 Driving the “Wynn Premium” – Las Vegas Case Study EBITDA Per Hotel Room ($ in thousands) 1.5x premium 2.4x premium 2.4x premium Wynn as egas ompetitor One ompetitor o ( trip Assets) ( trip Assets) M Source: Company filings. 26
Slide 27: Attractive Greenfield Opportunities in Gateway Cities
3 Attractive Greenfield Opportunities in Gateway Cities • Industry-leading facilities and 5-star service position us well to compete for greenfield opportunities • UAE is the most exciting market for Integrated Resort development in decades o Wynn Al Marjan Island is unique in our industry o Constru
Slide 28: Significant Land Banks in Vegas, Boston, Macau and the UAE
3 Significant Land Banks in Vegas, Boston, Macau and the UAE for Continued Long-Term Development Wynn Las Vegas Encore Boston Harbor PARADISE ROAD WYNN CHAMBER ESAT DESERT ROAD BLDG Existing golf course SANDS AVENUE 128 Acres EVENTS PAVILION PHASE 1A CONVENTION EXPANSION 5.6 Acres 13.1 Acres WEST DE
Slide 29: Significant Land Banks (Cont'd)
3 Significant Land Banks in Vegas, Boston, Macau and the UAE for Continued Long-Term Development (Cont’d) Wynn Palace Wynn Al Marjan Island EAST PARCEL 1.1 Acres Future Theater(1) 70 Total 4.1 Acres Acres 7.4 Acres Future Event NORTH PARCEL Center(1) SOUTH PARCEL Owned Developable Land Note: Maps ar
Slide 30: Returning Capital to Shareholders
4 Returning Capital to Shareholders $435 Million ~$170 Million $100 Million of WRL Share of WRL Dividends of WML Dividends Repurchases Since Paid Since 2023 Paid During 2024 2022 Over $700 Million of Capital Returned to WRL and WML Shareholders Since 2022 30
Slide 31: Wynn Al Marjan Island Introduction
Wynn Al Marjan Island Introduction 31
Slide 32: Full Cycle Design & Development Capabilities
A Refresher on Wynn Design and Development – Full Cycle Design & Development Capabilities Architecture Design Construction Management ▪ 40+ years designing the ▪ Our capabilities in design ▪ Decades of experience orld’s most iconic integrated transformed the industry, overseeing complex resorts esta
Slide 33: Our Team Pioneered the Integrated Resort
Our Team Pioneered the Integrated Resort… 1989 1993 1998 2005 2008 Wynn and The Mirage Treasure Island The Bellagio Encore Las Vegas 33
Slide 34: ...And Continues to Innovate
…And Continues to Innovate 2016: Wynn Palace 2019: Encore Boston Harbor 34
Slide 35: Introducing Wynn Al Marjan Island
Introducing Wynn Al Marjan Island • Wynn Al Marjan Island is a full-scale luxury integrated resort development located in Ras Al Khaimah (“RAK”) United Arab Emirates • Partnership with RAK Hospitality Holding LLC and Al Marjan Island LLC provides extensive local expertise and a committed long-term p
Slide 36: Veteran Operating Team
Veteran Operating Team With Significant Integrated Resort and Luxury Hospitality Experience Max Tappeiner Robert Gansmo Tom Roelens David Patent Gerard Moss President Chief Financial Officer Chief Operating Officer EVP, Casino Operations VP, Human Resources 36
Slide 37: Al Marjan Islands Overview
Al Marjan Islands Overview Island IV Island III Island I Island II Peninsula To Dubai ~60 Miles 37
Slide 38: Al Marjan Island Overview
Al Marjan Island 3 Overview 1 Beach 2 2 Marina Estates 3 3 Marina 1 4 4 Conference Center 6 5 5 Hotel and Casino 6 Retail 7 Al Marjan Island 2 7 Wynn Al Marjan Main Site 8 Mainland Bridge Marjan Land Bank 38 8
Slide 39: Programming Overview – Full Array of Amenities
Programming Overview – Full Array of Destination- Defining Amenities 1,542 Hotel Rooms ~225K Sq. Ft. of Gaming Area (Including 297 Suites, 6 Townhouses and 22 Villas) 16 World-Class Restaurants 6 Bars & Lounges ~130K Sq. Ft of Luxury Retail ~145K Sq. Ft. of MICE Space 39
Slide 40: Compelling Development Opportunity in the UAE
Compelling Development Opportunity in the UAE Pristine beachfront location ~50-minutes from Dubai International Airport, putting a Wynn Resort A within an 8- our flight of % of the orld’s population B Extending the brand and further diversifying the business Favorable business, tourism, governance a
Slide 41: Meaningfully Increasing Wynn's Global Reach
A Meaningfully Increasing Wynn’s Global Reach… Upon completion of Wynn Al Marjan Island, a Wynn resort will be within an 8-hour flight of 96 of the world’s population Encore Boston Harbor Wynn Palace Wynn Al Marjan Island 8 hours 8 hours h Wynn | Encore Las 8 hours Vegas Wynn | Encore Macau 8 hours
Slide 42: Extending the Brand
B …Extending the Brand… $500-800mm / EBITDAM(1) / Margin $946mm / 38% $257mm / 30% $338mm / 28% $616mm / 33% 36% - 43% GFA sq. ft. 5.2mm 10.7mm 3.1mm 3.0mm 5.8mm Rooms & Suites 1,542 4,748 671 1,010 1,706 Gaming sq. ft. / % of 225,000 / 4% 194,000 / 2% 210,000 / 7% 294,000 / 10% 468,000 / 8% GFA F&B
Slide 43: Further Diversifying Our Business
B …And Further Diversifying Our Business Consensus 2026E Adj. Property EBITDAR (Pro Forma 2019A Adj. Property EBITDAR For 100% of Wynn Al Marjan Island) (1) % % % % % % % Macau as egas Boston (2) Macau as egas Boston UAE (3) Source: Public filings and Wall Street Research. 1. Reflects 2026E consensu
Slide 44: Strong Demographics and Favorable Climate in the UAE
C Strong Demographics and Favorable Business and Political Climate in the UAE Support IR Development $15bn ~10mm 28mm $514bn Greenfield Hotel GDP Population Foreign Direct Guests Investments Oil is a strong Steady growth on the Ranked second globally Ranked highest in the contributor to GDP, but bac
Slide 45: Economic Benefits To Ras Al Khaimah
D Project Expected to Drive Meaningful Long-Term Economic Benefits To Ras Al Khaimah Increased Leisure & MICE Tourism Increased Employment with Over 7,500 FTEs Expected at Opening ~$4.6bn Project Marks Largest-of-its-Kind Foreign Direct Hospitality Investment in Ras Al Khaimah (1) Tax Revenues Suppo
Slide 46: Wynn Has Outperformed Wall Street Expectations for New Openings
E Wynn has Consistently Outperformed Wall Street’s Expectations for New Openings… Wall Street Estimated Stabilized EBITDAR vs. Actual Performance ($ in Millions) Δ 17% Δ 22% Δ 21% Δ 69% Δ 2% $417 $439 $502 $844 $257 $252 $355 $416 $360 $500 Estimate Actual Estimate Actual Estimate Actual Estimate Ac
Slide 47: Driving Strong Long-Term Total Shareholder Returns
E … Driving Strong Long-Term Total Shareholder Returns TSR Following Property Opening (1,2,3) 103% 76% 74% 49% 42% 32% 17% 19% 15% 16% S&P 500 Wynn S&P 500 Wynn S&P 500 Wynn Hang Seng Wynn Macau S&P 500 Wynn Index Wynn Las Vegas Encore Las Vegas Wynn Macau Wynn Palace Encore Boston Harbor Start Date
Slide 48: Large & Underserved Addressable Market
Wynn Al Marjan Island Large & Underserved Addressable Market 48
Slide 49: First True Integrated Resort in the Region
First True Integrated Resort in the Region Ideal location within ~8-hour flight of over 75% of the world’s population ~4-hour flight ~8-hour flight Source: RAKTDA. 49
Slide 50: Our Core Target Markets Include a Large, Wealthy and Underserved Market
Our Core Target Markets Include a Large, Wealthy and Underserved Market 9.7mm High 1.9bn People Net Worth Representing $20tn GDP Individuals ~25% of the Reflecting Reflecting World’s 20% of Global Nearly 20% of Population (in GDP World’s Core Markets) Millionaires (1) Source: International Monetary
Slide 51: Positive Attitude Towards Integrated Resorts
Positive Attitude Towards Integrated Resorts in Select Target Markets Select Core Target Markets for Wynn Al Marjan Island % % % % % ore Europe India UAE U Acceptable Either for me or Others 51 Source: Hearts + Minds Strategies, Wynn RAK Country Segmentation Research Study 2023. N=4,155 across all c
Slide 52: UAE – Robust Economy and Rapidly Growing Tourism Market
UAE – Robust Economy and Rapidly Growing Tourism Market Gross Domestic Product (GDP) Tourist Arrivals International Tourism Receipts ($ in billions) (In millions) ($ in billions) 2023-2027 CAGR $55 8.1% 2023-2027 34 2023-2027 CAGR 8.3% CAGR 4.3% $609 2013-2023 $41 CAGR 2.6% $514 2013-2023 25 CAGR 5.
Slide 53: UAE – One of the Largest Global Tourism Destinations
UAE – One of the Largest Global Tourism Destinations, With Spend per Visit Comparable to Other Large Integrated Resort Markets Comparison of Tourism Statistics Tourism Spend per Visit (1) Hong UAE Singapore Las Vegas Kong $1,539 $1,414 Annual Airport $1,261 Passengers (2) $1,158 134+ 59 58 40 Pass T
Slide 54: Convenient Access to Dubai International Airport
Convenient Access to Dubai International Airport and Ease of Travel Within the UAE Hong Kong International Airport ~90 minutes Hong Kong Airport Wynn Macau Wynn Al Marjan Island Ras Al Khaimah Wynn Palace Dubai International Airport 50 minutes • Dubai International Airport is a 87mm passengers E611
Slide 55: UAE – High Propensity to Spend on Luxury Goods
UAE – High Propensity to Spend on Luxury Goods GCC High End Fashion Market Commentary ($ in millions) % growth % growth • GCC high end fashion market reached USD$4.0bn in 2023, 4% 10% up 10% from 2022 o Primarily luxury-oriented, with 55% ultra high end luxury and 29% high end luxury 15% 7% • High e
Slide 56: Dubai Propensity to Spend on High-End F&B and Hotels
Dubai, Our Key Source Market, Has Extraordinary Propensity to Spend on High-End F&B and Hotels 53K 5-Star Hotel Rooms from Innovative Restaurant Scene Leading Luxury Brands – Restaurants in Dubai Were Awarded 23 Michelin Stars in 2024 56 Source: Dubai Economy + Tourism and Michelin Guide.
Slide 57: Strong Overnight Visitation in Ras Al Khaimah
Strong Historical and Projected Overnight Visitation in Ras Al Khaimah Total Overnight Guests in Ras Al Khaimah (In millions) 12.0% CAGR 23.2% 26.9% A A A E Source: RAK Center for Statistics & Studies, E&Y Research & Analysis. 57
Slide 58: Ras Al Khaimah Hotel Supply Set to Increase
Ras Al Khaimah Hotel Supply Set to Increase to Meet Strong Projected Overnight Visitation Demand Hotel Supply by 2027E (Room Count) 8,495 Current: 2027E: 7,787 rooms 15,096 rooms 1,542 +102% • Ras Al Khaimah’s hotel inventory is e pected to nearly double by 2027E 2,754 4,397 • Wynn Al Marjan Island
Slide 59: Ras Al Khaimah – Deliberate Urban Planning
Ras Al Khaimah – Deliberate Urban Planning Supports Long-Term Economic Growth ~$35bn of development and infrastructure spend planned or underway 400,000+ new residents anticipated 120,000+ new residential units over 25+ years 17.0 sq. miles of new development ~400mm sq. ft. total GFA Source: Ras al
Slide 60: Al Marjan Island – Fastest Growing Tourism Destinations
Al Marjan Island – One of the Fastest Growing Tourism Destinations in the Region • Man-made cluster of four islands extending out into the Arabian Al Marjan Island Gulf RAK City Center • Located ~20-minutes from the Ras Al Khaimah International Approximately 50 min Airport and, ~50-minutes from the
Slide 61: Significant Hotel and Residential Investment on Al Marjan Island
Significant Hotel and Residential Investment on Al Marjan Island Select Hotel Projects Select Residential Projects Rixos Bab Al Bahr Movenpick Resort Pacific 715 keys – 5 stars 418 keys – 5 stars 1,440 units Ushuaia The Unexpected Hilton MOONSTONE by Missoni Cala Del Mar – Ellington – Almal Capital
Slide 62: Headline-Grabbing Developments in Ras Al Khaimah
Headline-Grabbing Developments in Ras Al Khaimah Leading to Increased Global Attention 62
Slide 63: Robust Regulatory Framework Compares Favorably
Robust Regulatory Framework Compares Favorably With the Largest Integrated Resort Markets in the World Item UAE Macau Singapore Las Vegas VIP (tiered): 8-12% Tax Rate Blended 10-12% 40% 6.75% Mass (tiered): 18-22% Maximum of one land- Number of Licenses based license per 6 2 Unlimited Emirate Licens
Slide 64: Significant Investment In-Line With Other Integrated Resorts
Significant Investment In-Line With Other Integrated Resorts Inflation Adjusted Project Cost (Including Land, Capitalized Interest and Fees) ($ in billions) Marina Bay ands (1) Wynn & Encore as Wynn Palace Wynn Al Mar an Encore Boston arbor egas Island 64 1. Marina Bay Sands is owned by Las Vegas Sa
Slide 65: Financial Model Overview
Wynn Al Marjan Island Financial Model Overview 65
Slide 66: Expect Strong Gaming and Non-Gaming Revenue
We Expect Wynn Al Marjan Island Will Generate Strong Gaming and Non-Gaming Revenue • Assumes UAE market size of ~$3 - $5bn • Assumes two other competitive integrated resorts operating in the UAE, with Wynn GGR market share of 33% and a "Wynn Premium" of 1.2x GGR fair share based on 11K positions in
Slide 67: Substantial Untapped GGR Opportunity in the UAE
Substantial Untapped GGR Opportunity in the UAE GGR as a % of GDP in Major Win per Position Markets GGR in Major Markets (2) per Day (3) ($ in billions) $27.6 % % % % % % % (1) o Base igh ingapore Australia U Mac au o Base igh Macau Australia ingapore o Base igh Wynn Marina Wynn as trip Palace Bay e
Slide 68: Diverse Sources of Demand
Wynn Al Marjan Island – Diverse Sources of Demand Steady State GGR Potential (1) • International VVIP: ultra high net-worth international customers expected to visit Wynn Al Marjan Island o Wynn brand, facilities and 5-star service appeals to industry’s most desirable guests % % o everage Wynn’s e i
Slide 69: Leveraging Wynn's Global Database of Customers
Leveraging Wynn’s Global Database of Customers in the Region +100K Existing Gaming and Non- aming ustomers rom Wynn’s Global Database 3X 0k-1k Higher Daily Spend on Average > 1k-5k vs. our Overall Wynn Las Vegas ~8 hours Database Gaming Customer > 5k-20k > 20k+ 69
Slide 70: Strong Luxury Hotel Market in the UAE
Strong Luxury Hotel Market in the UAE and Power of Integrated Resorts to Drive Robust ADR and Occupancy 2023A Comparable Hotel ADR 2023A Comparable Hotel Occupancy % % % % Marina Bay Wynn as Dubai u ury Encore Boston Marina Bay Wynn as Dubai u ury Encore Boston ands egas lass arbor ands egas lass ar
Slide 71: A Culinary Destination
Wynn Al Marjan Island Will be a Culinary Destination, With a Full Array of Fine Dining and Casual Restaurants 2023A F&B Revenue per Occupied Room Night Expect significant visitation and spend at Wynn Al Marjan Island from ~11,000 4- and 5-star hotel keys in Ras Al Khaimah (1) and ~96,000 4- and 5-st
Slide 72: Retail, Entertainment & Other
Retail, Entertainment & Other 2023A Retail, Entertainment & Other Revenue per Occupied Room Night Ocean Promenade Parterre Shops Marina Bay ands(1) Wynn as egas Encore Boston arbor Source: Company data and industry research. 1. Based on 2,100 keys per LVS filings. 72
Slide 73: OpEx and Adjusted Property EBITDA Margin Comparison
OpEx and Adjusted Property EBITDA Margin Comparison 5-star service combined with globally competitive GGR tax rates and favorable opex environment drive healthy expected Adjusted Property EBITDAM margins at Wynn Al Marjan Island LTM Q2 2024 Operating Expenses (Excl. GGR Taxes) per Day ($mm) % EBITDA
Slide 74: Substantial Potential Expected to Drive Meaningful EBITDAM
Wynn Al Marjan Island – Substantial Gaming and Non-Gaming Potential Expected to Drive Meaningful EBITDAM • Adjusted Property EBITDAM compares favorably to other high-end peers • Conservatively reflects competitive environment, assuming two other Integrated Resorts open in the UAE • Robust gaming reg
Slide 75: Project Sources & Uses – Conservative Financing Structure
Project Sources & Uses – Conservative Financing Structure Commentary Sources & Uses (1) (2) • Total estimated project budget including land, fees and Sources Uses capitalized interest of $5.1bn (1) ($ in millions) $ % $ % • Wynn equity contribution expected to be $1.1bn with ~$900mm left to spend (2
Slide 76: Expect Strong Long-Term Returns for WRL Shareholders
Expect Strong Long-Term Returns for WRL Shareholders Commentary Wynn Al Marjan Free Cash Flow (WRL Attributable Share) • 40% equity ownership in project + management Steady State and license fees drives strong long-term returns ($ in millions) Low Base High for WRL shareholders Net Revenue $1,375 $1
Slide 77: Construction Update
Wynn Al Marjan Island Construction Update 77
Slide 78: Pacing to Q1 2027 Opening
Pacing to Q1 2027 Opening Note: As of 9/30/2024. 78
Slide 79: Construction Budget is Significantly De-Risked
Construction Budget is Significantly De-Risked Wynn Development Approach Fixed fees, unit pricing and provisional sums vs a Significant buyout or fixed unit Highly aligned General guaranteed maximum price pricing Contractor (“GMP”) contract to reduce risk Full scale mockups of guest Significant proj
Slide 80: Construction Budget is Significantly De-Risked (Cont'd)
Construction Budget is Significantly De-Risked (Cont’d) • By the end of 4Q24, we expect 89% of hard construction cost of ~$2.7bn will be bought out, significantly de-risking the project • Key remaining items including FF&E and interiors have a lower degree of variability and risk Projected Buyout St
Slide 81: Remaining Milestones for a Q1 2027 Opening
Remaining Milestones for a Q1 2027 Opening Q4 2025 Tower Topping Out Q4 2025- Q1 2027 Interiors Q4 2025- Q1 2027 FF&E Q1 2027 Pre-Opening 81
Slide 82: Design & Program Overview
Wynn Al Marjan Island Design & Program Overview 82
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Slide 93: Putting it All Together – Looking Forward to Wynn Al Marjan Island Opening
Putting it All Together – Looking Forward to Wynn Al Marjan Island Opening 93
Slide 94: Well Positioned for Long Term Growth (Consensus EBITDA)
Well Positioned for Long Term Growth (Consensus EBITDA) Combination of strong organic growth at our existing properties along with the opening of Wynn Al Marjan Island expected to drive an increase in Adjusted Property EBITDA and geographic diversity Vegas Macau Boston UAE Consolidated $920M $1,300M
Slide 95: Free Cash Flow Acceleration – Potential for ~$16 per Share
Free Cash Flow Acceleration – Potential for ~$16 per Share in Discretionary Free Cash Flow Discretionary Free Cash Flow Wynn Resorts Discretionary Free Cash Flow (1) Growth (1) % growth: 45% 52% 62% ($ in millions, except Free Cash Flow per Share) Consensus 2026E (Pro-Forma for Wynn Al Marjan Island
Slide 96: Continued Long-Term Growth
Continued Long-Term Growth • 213-acre land bank across existing markets • 70+ additional acres for potential future development at Wynn Al Marjan Island • Exploring greenfield development opportunities in attractive gateway cities 96
Slide 97: Driving Long-Term Shareholder Value Creation
Driving Long-Term Shareholder Value Creation Significant Free Cash Large EBITDAR Base Defined Capex Cycle Flow Generation • $2.8bn illustrative 2026E • Delivering on identified • Strong balance sheet EBITDA (1) capex projects in Las and liquidity position Vegas enables return of capital • Wynn Al Ma
Slide 98: Q&A
Q&A RESORTS
Slide 99: Thank you.
Thank you. 99