{"schemaVersion":1,"research":true,"symbol":"wynn","name":"Wynn Resorts","topic":"moat","path":"/stock/wynn/moat","status":"published","version":3,"updatedAt":"2026-10-18T14:56:02.846Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Wynn has a narrow moat primarily from restricted Macau gaming concessions. Its luxury reputation supports differentiation, but demonstrated pricing power and customer dependence remain limited or unproven. Higher Macau mass-market gaming volumes support the current franchise, while uneven property results, concession obligations and substantial reinvestment constrain durability. Planned developments remain potential advantages.","advantages":[{"mechanism":"intangible_assets","claim":"Wynn's position among six permitted Macau casino operators creates a current regulatory barrier to entry. Luxury service recognition supports differentiation but does not independently establish a durable pricing premium.","durability":"The Macau concession provides a contractual operating framework through December 2032, subject to compliance and government rescission powers. The barrier protects market access, without guaranteeing attractive returns or protection from existing concessionaires.","risks":"Existing operators have expanded supply; regional gaming alternatives compete for visitors. Mandatory investment and increasing concession-related payments absorb economic benefits. Recent operating performance varies substantially across properties.","invalidation":"Loss or nonrenewal of the concession, material liberalization of entry, or sustained deterioration in gaming demand and cash generation despite required investment would invalidate or materially weaken this advantage.","competitors":["SJM Resorts, S.A.","Galaxy Casino, S.A.","Venetian Macau, S.A.","Melco Resorts (Macau) Limited","MGM Grand Paradise Limited"],"evidenceIds":["e1","e2","e3","e4","e7","e8"],"counterEvidenceIds":["e5","e6","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Macau permitted operators","excerpt":"(\"Wynn Macau SA\"), SJM Resorts, S.A."},{"id":"e2","sourceId":"filing-1","location":"Business / Macau permitted operators","excerpt":"(\"SJM\"), Galaxy Casino, S.A. (\"Galaxy\"), Venetian Macau, S.A."},{"id":"e3","sourceId":"filing-1","location":"Business / Macau permitted operators and casino count","excerpt":"(\"Venetian Macau\"), Melco Resorts (Macau) Limited (\"Melco\"), and MGM Grand Paradise Limited (\"MGM Macau\") are permitted to operate casinos in Macau, with a total of 20 casinos currently in operation."},{"id":"e4","sourceId":"filing-1","location":"Note 5 / Property Transfer Agreements and concession term","excerpt":"In exchange for the use of casino areas and gaming equipment in the operations of games of chance at Wynn Macau and Wynn Palace under the Property Transfer Agreements, Wynn Macau SA has agreed to pay the Macau government an annual amount of MOP53.1 million (approximately $6.6 million) in the year ending December 31, 2023, subject to adjustment in each year based on the average price index in Macau for the years ending December 31, 2024, and 2025, and an annual amount of MOP177.0 million (approximately $22.1 million) in the year ending December 31, 2026, subject to adjustment annually based on the average price index in Macau for each of the remaining years of the term of the Gaming Concession Contract through December 31, 2032."},{"id":"e5","sourceId":"filing-1","location":"Gaming regulation / Concession rescission","excerpt":"Pursuant to the Gaming Concession Contract and the laws and administrative regulations, the Macau government may rescind the gaming concession if Wynn Macau SA fails to fulfill its obligations, including in the circumstances of (i) endangerment to the national security of mainland China or Macau, (ii) failure on the part of Wynn Macau SA to perform its obligations under the Gaming Concession Contract, (iii) public interest, and (iv) Wynn Macau SA ceasing to be eligible for the gaming concession under the Macau gaming law."},{"id":"e6","sourceId":"filing-1","location":"Gaming regulation / Asset transfer upon rescission","excerpt":"If the Macau government rescinds the Gaming Concession Contract due to Wynn Macau SA’s non-fulfillment, or perceived non-fulfillment, of its obligations, Wynn Macau SA will be required to transfer to the Macau government, free from any encumbrance or lien and without compensation, all of its casinos, gaming assets and equipment and ownership rights to its casino areas in Macau."},{"id":"e7","sourceId":"filing-1","location":"Business / Macau service awards","excerpt":"•Wynn Palace and Wynn Macau collectively earned 11 FTG Five-Star awards in 2026, with Wynn Palace maintaining its status as the largest FTG Five-Star resort in the world."},{"id":"e8","sourceId":"filing-2","location":"MD&A / Operating cash flow and gaming demand","excerpt":"During the six months ended June 30, 2026, the increase in cash flows from operating activities was largely driven by increased gaming revenue of $245.0 million at our Macau Operations as a result of higher mass market gaming volumes and $26.8 million at our Las Vegas Operations due to higher table games win, partially offset by commensurate increases in operating expenses."},{"id":"e9","sourceId":"filing-1","location":"Competition / Expanded Cotai supply","excerpt":"Several of the current concessionaires have opened facilities in the Cotai area over the past few years, which has significantly increased gaming and non-gaming offerings in Macau, with continued development expected in the near future."},{"id":"e10","sourceId":"filing-1","location":"Competition / International gaming destinations","excerpt":"Our Macau Operations face competition from casinos throughout the world, including Singapore, South Korea, the Philippines, Malaysia, Vietnam, Cambodia, Australia, Las Vegas, cruise ships in Asia that offer gaming, and other casinos throughout Asia."},{"id":"e11","sourceId":"filing-1","location":"Note 18 / Contractual Macau investment commitments","excerpt":"In addition to the Macau gaming premium and Property Transfer Agreements payment commitments as described in Note 5, \"Property and Equipment, net\" and Note 6 \"Intangible Assets, net,\" Wynn Macau SA committed to make certain non-gaming and gaming investments in the amount of MOP21.03 billion (approximately $2.62 billion) over the course of the ten-year term of the Gaming Concession Contract."},{"id":"e12","sourceId":"filing-2","location":"MD&A / Property EBITDAR comparisons","excerpt":"Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change 2026 2025 Increase/ (Decrease) Percent Change Wynn Palace $ 201,488 $ 157,206 $ 44,282 28.2 $ 405,310 $ 319,091 $ 86,219 27.0 Wynn Macau 95,511 96,510 (999) (1.0) 171,127 186,709 (15,582) (8.3) Las Vegas Operations 215,226 234,812 (19,586) (8.3) 447,686 458,173 (10,487) (2.3) Encore Boston Harbor 56,084 63,859 (7,775) (12.2) 106,603 121,313 (14,710) (12.1) Adjusted Property EBITDAR at Wynn Palace increased $44.3 million and $86.2 million for the three and six months ended June 30, 2026, respectively, largely from an increase in casino revenue partially offset by increased casino expense, inclusive of gaming taxes."},{"id":"e13","sourceId":"filing-1","location":"Business / Competitive dimensions including price","excerpt":"We compete with other high-quality resorts on the basis of the range of amenities, level of service, price, location, entertainment, themes and size, among other factors."},{"id":"e14","sourceId":"filing-1","location":"MD&A / 2025 operating cash flow decline","excerpt":"During the year ended December 31, 2025, the decrease in cash flows from operating activities was primarily due to a decrease in operating income at our Macau Operations largely driven by a decrease in rooms revenue."},{"id":"e15","sourceId":"filing-2","location":"Condensed consolidated statements of operations / First-half comparisons","excerpt":"3 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating revenues: Casino $ 1,175,288 $ 1,051,834 $ 2,352,521 $ 2,092,264 Rooms 290,303 291,053 580,684 565,574 Food and beverage 264,344 261,057 523,363 510,936 Entertainment, retail and other 126,998 133,853 257,127 269,420 Total operating revenues 1,856,933 1,737,797 3,713,695 3,438,194 Operating expenses: Casino 721,384 643,108 1,454,054 1,277,941 Rooms 88,569 86,042 178,360 170,139 Food and beverage 236,642 224,400 465,464 425,067 Entertainment, retail and other 51,390 58,041 111,103 120,227 General and administrative 270,115 280,815 545,319 556,504 Provision for credit losses 6,930 3,353 10,987 4,749 Pre-opening 9,232 11,286 20,977 16,573 Depreciation and amortization 165,421 152,907 325,948 308,328 Property charges and other 9,662 13,245 21,291 25,477 Total operating expenses 1,559,345 1,473,197 3,133,503 2,905,005 Operating income 297,588 264,600 580,192 533,189 Other income (expense): Interest income 12,774 15,859 25,866 35,218 Interest expense, net of amounts capitalized (152,177) (154,551) (304,539) (312,159) Change in derivatives fair value 43,287 (1,112) 90,057 (30,651) Loss on debt financing transactions — (1,083) — (1,083) Other (2,746) (36,164) (32,180) (44,538) Other income (expense), net (98,862) (177,051) (220,796) (353,213) Income before income taxes 198,726 87,549 359,396 179,976 Provision for income taxes (16,154) (10,588) (26,286) (21,610) Net income 182,572 76,961 333,110 158,366 Less: net income attributable to noncontrolling interests (42,510) (10,743) (72,594) (19,401) Net income attributable to Wynn Resorts, Limited $ 140,062 $ 66,218 $ 260,516 $ 138,965 Basic and diluted net income per common share: Net income attributable to Wynn Resorts, Limited: Basic $ 1.37 $ 0.64 $ 2.53 $ 1.33 Diluted $ 1.32 $ 0.64 $ 2.36 $ 1.33 Weighted average common shares outstanding: Basic 102,574 103,491 102,828 104,486 Diluted 102,983 103,780 103,390 104,749 The accompanying notes are an integral part of these condensed consolidated financial statements."},{"id":"e16","sourceId":"filing-2","location":"Condensed consolidated statements of cash flows / Spending, financing and distributions","excerpt":"7 Table of Contents WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net income $ 333,110 $ 158,366 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 325,948 308,328 Deferred income taxes 20,595 17,684 Stock-based compensation expense 42,640 48,237 Amortization of debt issuance costs 21,542 18,916 Loss on debt financing transactions — 1,083 Provision for credit losses 10,987 4,749 Change in derivatives fair value (77,579) 30,651 Property charges and other 65,575 66,963 Increase (decrease) in cash from changes in: Receivables, net 52,669 (4,641) Inventories, prepaid expenses and other 8,798 (11,246) Customer deposits (54,448) 2,665 Accounts payable and accrued expenses (104,457) (102,919) Net cash provided by operating activities 645,380 538,836 Cash flows from investing activities: Capital expenditures, net of construction payables and retention (332,087) (325,197) Investments in unconsolidated affiliates (178,569) (130,642) Purchase of investments (57,065) — Proceeds from maturity of investments 140,453 — Purchase of intangible and other assets — (450) Proceeds from sale of assets and other 8,380 253 Net cash used in investing activities (418,888) (456,036) Cash flows from financing activities: Proceeds from issuance of long-term debt 200,000 752,812 Repayments of long-term debt — (763,125) Repurchase of common stock (165,539) (377,645) Proceeds from exercise of stock options 883 154 Distribution to noncontrolling interests (15,918) (12,324) Dividends paid (95,016) (88,290) Finance lease payments (13,727) (12,694) Payments for financing costs — (5,732) Other (25,809) (9,142) Net cash used in financing activities (115,126) (515,986) Effect of exchange rate on cash, cash equivalents and restricted cash (4,067) (8,579) Cash, cash equivalents and restricted cash: Increase (decrease) in cash, cash equivalents and restricted cash 107,299 (441,765) Balance, beginning of period 1,560,095 2,521,793 Balance, end of period $ 1,667,394 $ 2,080,028 The accompanying notes are an integral part of these condensed consolidated financial statements."},{"id":"e17","sourceId":"filing-3","location":"Chair's letter / Management assertion about returning guests","excerpt":"When our guests feel that difference—and they consistently do—they return and they tell others."},{"id":"e18","sourceId":"filing-3","location":"Governance / Voting rights, independence, ownership requirements and clawback","excerpt":"GOVERNANCE PRINCIPLES CORPORATE GOVERNANCE PRACTICE ACCOUNTABILITY TO SHAREHOLDERS ✓ Our common stock is our only outstanding class of stock, with one vote per share ✓ Our directors are elected by a majority vote standard in uncontested elections EFFECTIVE RISK OVERSIGHT ✓ Our full Board assesses risks to the Company’s long-term strategic objectives, including development projects and growth initiatives ✓ Our full Board oversees cybersecurity risk and information security ✓ An independent Compliance Committee comprised of three individuals who are not otherwise affiliated with the Board and the Company oversees and promotes compliance and ensures that the Company meets its strict policy to conduct business at the highest levels of honesty and integrity RISK MITIGATION AND ALIGNMENT OF INTERESTS ✓ Our stock ownership requirements for non-employee directors were increased in 2025 ✓ Our clawback policy provides for the recoupment of certain incentive-based compensation received by our current and former executive officers in the event the Company is required to prepare an accounting restatement due to material noncompliance with its financial reporting requirements ✓ Our Insider Trading Policy prohibits directors and executive officers from engaging in speculative transactions in the Company’s securities, such as trading in puts and calls, or selling securities short, and from all hedging and prospective pledging of Company securities as collateral for any loan 3 Table of Contents BOARD COMPOSITION INDEPENDENT CHAIR The separation of the roles of Chair of the Board and CEO are enshrined in our Bylaws 89% BOARD INDEPENDENCE Eight of our nine directors are independent 67% CEO EXPERIENCE 6 of our 9 directors have performed or are currently performing CEO roles 6 YEARS AVERAGE DIRECTOR TENURE Seven of our eight independent directors were appointed since 2018 Our Board currently has nine members: Philip Satre, who serves as independent Chair of the Board, Betsy Atkins, Craig Billings, our Chief Executive Officer, Richard Byrne, Paul Liu, Patricia Mulroy, Anthony Sanfilippo, Darnell Strom, and Winifred Webb."},{"id":"e19","sourceId":"filing-3","location":"Compensation discussion / Actual 2025 annual incentive design","excerpt":"Annual Incentives: The Compensation Committee selected the following preset performance goals for our 2025 annual incentive awards to incentivize management to drive shareholder value through short-term operational and strategic measures:"},{"id":"e20","sourceId":"filing-3","location":"Compensation discussion / North America incentive metric and weighting","excerpt":"North America, 2025 Adjusted Property EBITDAR (weighted 30%): Adjusted Property EBITDAR is an important measure of a property’s performance within its market, a key driver of return on equity and essential element to the valuation of our Company and our stock price."},{"id":"e21","sourceId":"filing-3","location":"Compensation discussion / Macau incentive target versus prior result","excerpt":"Target achievement of this goal for 2025 required Adjusted Property EBITDAR to reach $1,065 million a decrease from the Adjusted Property EBITDAR of $1,176 million in 2024."},{"id":"e22","sourceId":"filing-3","location":"Compensation discussion / Adopted retirement benefits and continued vesting","excerpt":"Under the terms of the Retirement Plan, which was amended on November 3, 2025, upon an NEO’s retirement, (i) all outstanding equity incentive awards held by the NEO on the date of retirement will remain outstanding and will continue to vest in accordance with the terms of the applicable award agreement as if the NEO were still employed by the Company (provided, that, the NEO may elect to deliver written notice to the Company expressly disavowing the continued vesting benefits, and the vesting period will expire as of the date of delivery of such notice, and all of the NEO’s outstanding equity incentive awards that remain unvested as of such date will be immediately forfeited for no consideration); (ii) the Company will pay the NEO a total amount equal to a pro-rata portion of the annual incentive award the NEO earned during the fiscal year preceding the year in which the date of retirement occurs; and (iii) during the first eighteen months following the NEO’s retirement, assuming that the NEO has timely enrolled under COBRA, the Company will pay the full COBRA monthly premiums for the NEO and their spouse and dependents, and the Company will reimburse the NEO for any medical expenses incurred by the NEO or the NEO’s dependents that are not covered by COBRA but would have been subject to reimbursement under the Company’s senior executive health program."},{"id":"e23","sourceId":"filing-1","location":"Independent auditor report / Internal control opinion","excerpt":"We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 2, 2026 expressed an unqualified opinion thereon."},{"id":"e24","sourceId":"filing-3","location":"Annual meeting proposal / Classified director terms","excerpt":"To elect three Class III directors to serve until the 2029 Annual Meeting of Shareholders"},{"id":"e25","sourceId":"filing-2","location":"Liquidity / Estimated remaining development equity commitment","excerpt":"We estimate our remaining 40% pro-rata share of the required equity for the development projects is between $525 million and $650 million, inclusive of capitalized interest and fees."},{"id":"e26","sourceId":"filing-2","location":"Development / Expected opening dates","excerpt":"Wynn Al Marjan Island is currently expected to open in September 2027 and Janu Al Marjan Island is expected to open in 2029."},{"id":"e27","sourceId":"filing-3","location":"2025 highlights / Completed operational and financing milestones","excerpt":"PERFORMANCE 67 SECURITY OWNERSHIP - Certain Beneficial Ownership and Management 71 ITEMS TO BE VOTED ON Proposal 1: Election of Directors 75 Proposal 2: Ratification of Appointment of Independent Auditors 75 - Audit and Other Fees 76 - Report of the Audit Committee 77 Proposal 3: Advisory Vote to Approve the Compensation of Named Executive Officers 79 Proposal 4: Approval of an Amendment and Restatement of the 2014 Amended and Restated Omnibus Incentive Plan to Increase the Authorized Shares By 3,000,000 Shares 80 GENERAL INFORMATION Our 2026 Annual Meeting of Shareholders 93 - How You Can Vote 94 - Shareholder Nominations and Proposals 96 - Annual Report 97 - Other Business 97 APPENDIX A Appendix A: Wynn Resorts, Limited Third Amended and Restated 2014 Omnibus Incentive Plan A-1 Table of Contents 2 0 2 6 PROXY STATEMENT 2025 Highlights LAS VEGAS OPERATIONS ENCORE BOSTON HARBOR MACAU OPERATIONS $902.4M $236.7M $1,085.0M Adjusted Property EBITDAR(1) Adjusted Property EBITDAR(1) Adjusted Property EBITDAR(1) 18 ««««« 5-STAR AWARDS FROM FORBES TRAVEL GUIDE –More Forbes Five-Star awards across more destinations than any other independent hotel company in the world 18th Year INCLUDED IN FORTUNE MAGAZINE’S MOST ADMIRED COMPANIES AND RANKED THIRD OVERALL IN THE HOTELS, CASINOS & RESORTS CATEGORY PURSUING GROWTH OPPORTUNITIES • Significantly advanced construction of Wynn Al Marjan Island, our 40%-owned planned integrated resort in the UAE, where we topped out the hotel tower in December 2025 at 283 meters in height across 70 floors • Acquired and integrated Wynn Mayfair into our global portfolio, representing our first foray into the European market and creating a conduit for Wynn guests to visit our resorts, particularly Wynn Al Marjan Island • Launched multiple new and reimagined spaces across the portfolio including the Gourmet Pavillion at Wynn Palace and PISCES Bar & Seafare at Wynn Las Vegas • Continued to advance design and planning efforts for non-gaming capital expenditure commitments related to the 10-year concession agreement in Macau STRENGTHENED BALANCE SHEET & INCREASED SHAREHOLDER ENGAGEMENT • Strengthened the balance sheet and enhanced our liquidity position through several strategic debt finance transactions which included upsizing our borrowing capacity under the Wynn Resorts Finance Credit Facility by $500 million and extending its maturity by three years, upsizing our borrowing capacity under the Wynn Macau Cayman II Credit Facility by $1 billion, and refinancing all of our remaining 2026 debt maturities."},{"id":"e28","sourceId":"filing-1","location":"Lease accounting / Retail minimum rent and contingent rental terms","excerpt":"The lease arrangements generally include minimum base rent and contingent rental clauses based on a percentage of net sales."},{"id":"e29","sourceId":"filing-1","location":"Lease accounting / Retail lease duration","excerpt":"Generally, the terms of the leases range between five and ten years."},{"id":"e30","sourceId":"filing-1","location":"Business / Management assertion about regional room rates","excerpt":"Overall, we believe Wynn Resorts has a demonstrated track record of developing and operating integrated resorts that stimulate local and regional economic activity, by attracting a wide range of customers (including high-net-worth international tourists), driving international tourism, raising average hotel room rates in the region, extending the average length of stay per visitor, complementing existing convention and meeting business with five-star accommodations and appropriately scaled meeting amenities, elevating service levels with the execution of five-star customer service, and stimulating city-wide investment and employment."}],"changes":["Retain the previous narrow verdict: restricted Macau market access remains the strongest evidenced advantage.","Add criterion-level assessments using disclosed operating results, actual incentive arrangements and governance practices; separate management assertions about repeat guests and room rates from demonstrated outcomes.","Explicitly distinguish first-half 2026 demand improvement from declining results at several individual properties and from unproven returns on future developments."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates, retaining dateKind=filed; they are not treated as publication or retrieval dates.","Named competitor coverage establishes Macau peers but provides no comparative market shares, pricing premiums or investment returns. Las Vegas and Boston competitor companies are not established by the supplied competition passages.","Awards are reported by the issuer. Claims about superior culture, repeat guests and raising regional room rates do not establish exceptional durability or realized pricing power.","Room revenue and gaming win do not isolate price, occupancy, customer mix or gaming hold. No direct room-rate series or repeat-customer statistics are supplied.","Proxy passages establish actual governance and incentive practices, but executive ownership amounts and full award outcomes are missing. The proposed 3,000,000-share plan increase is not treated as adopted.","Generic regulatory and competitive risks are treated as possible erosion channels, rather than evidence that concession loss or competitive displacement has occurred."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Restricted Macau access among six permitted operators is a demonstrated entry barrier. Service awards support differentiation, but superiority over licensed peers and durable excess returns are not established.","evidenceIds":["e1","e2","e3","e7"]},{"criterion":"durability","grade":2,"rationale":"The concession framework extends through 2032, but rescission powers, uncompensated asset-transfer provisions and mandatory investment materially qualify its durability.","evidenceIds":["e4","e5","e6","e11"]},{"criterion":"customer_dependency","grade":1,"rationale":"Disclosed competition spans price, amenities, service and alternative destinations, indicating substantial customer choice. Higher gaming volumes support attraction, but do not establish dependence or switching friction.","evidenceIds":["e8","e10","e13"]},{"criterion":"erosion_resilience","grade":2,"rationale":"First-half 2026 gaming demand and consolidated operating income improved despite expanded supply, but property EBITDAR declined at Wynn Macau, Las Vegas and Boston. Resilience is demonstrated unevenly.","evidenceIds":["e8","e9","e12","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Room revenues and gaming win cannot isolate realized prices. Management's claim about increasing regional room rates supplies no observed Wynn pricing series or premium.","evidenceIds":["e14","e15","e30"]},{"criterion":"retention","grade":2,"rationale":"Higher mass-market gaming volumes provide indirect evidence of sustained customer demand. Management also asserts guests return, but cohort retention, repeat-visit rates and the contribution of new customers are undisclosed.","evidenceIds":["e8","e17"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 operating income rose faster than revenue, supporting modest consolidated resilience. Expense increases and declining EBITDAR at three properties offset that evidence; this does not itself establish pricing power.","evidenceIds":["e8","e12","e15"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Retail leases disclose minimum rent, sales-linked rent and five-to-ten-year terms, but do not establish repricing rights. The passages do not disclose price-setting constraints or discretion for the core gaming and hotel business.","evidenceIds":["e28","e29"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half operating cash flow of $645.4 million exceeded capital expenditures of $332.1 million and affiliate investments of $178.6 million combined. Repurchases and distributions accompanied $200 million of debt issuance, while substantial remaining development equity is required. Financing milestones support execution, but completed-project returns are unproven.","evidenceIds":["e16","e25","e26","e27"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual 2025 incentives used preset operating targets, alongside ownership requirements and clawback provisions. EBITDAR emphasis excludes important capital costs, the Macau target was below the prior year's result, and adopted retirement benefits preserve award vesting. Actual executive ownership and complete realized award outcomes are missing.","evidenceIds":["e18","e19","e20","e21","e22"]},{"criterion":"execution","grade":2,"rationale":"Disclosed construction, integration and refinancing milestones, together with higher operating cash flow, demonstrate execution. Operating evidence remains mixed across properties, and unfinished developments have not demonstrated commercial returns. Assessment partly uses indirect operating evidence.","evidenceIds":["e12","e16","e26","e27"]},{"criterion":"governance","grade":2,"rationale":"An independent chair, eight independent directors out of nine, one vote per share and an unqualified internal-control opinion support oversight. Classified director terms limit immediate accountability; these disclosures establish mixed governance rather than exceptional long-term effectiveness.","evidenceIds":["e18","e23","e24"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"c7d945e4434298db98d5c91f7183effd6ab15acb1e84e8ec6ed326acb4c8deeb","updatedAt":"2026-10-18T14:56:02.846Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm","publishedAt":"2026-03-02","sha256":"97c486ee2bb03ad86598cefade6c13d649c66571204dfb50b51e922781e513c1","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1174922/000117492226000055/wynn-20260630.htm","publishedAt":"2026-08-06","sha256":"84074b2eb0a60577303f2890a0cc81e3dca4552b58e966f7a014806f1b6fa91b","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1174922/000119312526124077/d26334ddef14a.htm","publishedAt":"2026-03-25","sha256":"2bd16f6c07f09f871952bf32805c7ef677eaded0d6e490ee1380fb6b0c38ce4a","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1174922/000117492225000039/wynn-20241231.htm","publishedAt":"2025-02-13","sha256":"9cc8c086a089d4823b40cec2db1d69d993f1b447b2a965f10597e8c9b9221f44","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1174922/000117492224000046/wynn-20231231.htm","publishedAt":"2024-02-23","sha256":"979d85a7340246c247a1fd4c3e51764c73132bef72bfa6e6dc28677f5c23ad47","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1174922/000117492226000035/wynn-20260331.htm","publishedAt":"2026-05-07","sha256":"fd6bb4f17498d32f3167c3ec3b9033429eb0e3e988fc63fb14b014cd5ba740d0","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:2f8648ba930ea4abc0675d67d7c67d4a1652e5a6de7bab197461ba39545048d1","usage":{"input_tokens":89754,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3381,"reasoning_output_tokens":112}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":-10.48289645409367,"roic":null,"fcf_margin":-13.636924018722182,"sbc_revenue":2.5304596797163614},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":-2.6798160680894108,"roic":null,"fcf_margin":-9.885980848189629,"sbc_revenue":1.8001104656192397},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":12.862588004679193,"roic":null,"fcf_margin":12.32545461142452,"sbc_revenue":0.987691630777399},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":15.891374826545768,"roic":15.112164922183652,"fcf_margin":14.117277016526886,"sbc_revenue":0.8281330383261075},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":15.668197083633842,"roic":11.710872472158243,"fcf_margin":9.697777673172201,"sbc_revenue":1.2878674527775864},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm","publishedAt":"2026-03-02","sha256":"97c486ee2bb03ad86598cefade6c13d649c66571204dfb50b51e922781e513c1","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1174922/000117492226000055/wynn-20260630.htm","publishedAt":"2026-08-06","sha256":"84074b2eb0a60577303f2890a0cc81e3dca4552b58e966f7a014806f1b6fa91b","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1174922/000119312526124077/d26334ddef14a.htm","publishedAt":"2026-03-25","sha256":"2bd16f6c07f09f871952bf32805c7ef677eaded0d6e490ee1380fb6b0c38ce4a","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1174922/000117492225000039/wynn-20241231.htm","publishedAt":"2025-02-13","sha256":"9cc8c086a089d4823b40cec2db1d69d993f1b447b2a965f10597e8c9b9221f44","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1174922/000117492224000046/wynn-20231231.htm","publishedAt":"2024-02-23","sha256":"979d85a7340246c247a1fd4c3e51764c73132bef72bfa6e6dc28677f5c23ad47","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1174922/000117492226000035/wynn-20260331.htm","publishedAt":"2026-05-07","sha256":"fd6bb4f17498d32f3167c3ec3b9033429eb0e3e988fc63fb14b014cd5ba740d0","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}