Wynn Resorts Ltd. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Wynn Resorts Ltd. filed its 2023 10-K report detailing operations, financial performance, and corporate structure.</b>

AI Summary

WYNN RESORTS LTD (WYNN) filed a Annual Report (10-K) with the SEC on February 23, 2024. The company operates casino resorts in Las Vegas and Massachusetts, and develops integrated resort properties in the Middle East. The filing covers the fiscal year ending December 31, 2023. Key financial data and operational segments are detailed within the report. The report includes information on common stock, treasury stock, and additional paid-in capital. It also provides details on accumulated other comprehensive income and retained earnings.

Why It Matters

For investors and stakeholders tracking WYNN RESORTS LTD, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Wynn Resorts' financial health and operational performance for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. The detailed segment information and financial data within the report are essential for understanding the company's revenue streams, profitability, and asset base, particularly in the competitive casino and hospitality industry.

Risk Assessment

Risk Level: medium — WYNN RESORTS LTD shows moderate risk based on this filing. The company operates in the highly regulated casino and hospitality industry, which is subject to significant economic and market fluctuations, as well as potential changes in regulations that could impact operations and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Wynn Resorts' performance and outlook in the current economic climate.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)

Key Players & Entities

• WYNN RESORTS LTD (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• LAS VEGAS (location) — Business address city
• NV (location) — Business address state
• 7027707555 (phone) — Business phone number

FAQ

Industry Context

Wynn Resorts operates in the highly competitive casino and hospitality industry, which is subject to economic cycles and regulatory oversight.

Regulatory Implications

The casino industry is subject to extensive regulation by gaming commissions in the jurisdictions where it operates, impacting licensing, operations, and financial reporting.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and other key performance indicators.
2. Review the risk factors section for potential impacts on future operations and profitability.
3. Compare the 2023 results with previous years to identify trends and assess performance.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ended December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share WYNN Nasdaq Global Select Mar
• $36.5 billion — nformation, annual gaming revenues were $36.5 billion in 2019, before falling to $7.6 billion
• $7.6 billion — 36.5 billion in 2019, before falling to $7.6 billion in 2020, $10.8 billion in 2021, and $5.
• $10.8 billion — before falling to $7.6 billion in 2020, $10.8 billion in 2021, and $5.3 billion in 2022, due
• $5.3 billion — ion in 2020, $10.8 billion in 2021, and $5.3 billion in 2022, due to various quarantine meas
• $22.7 billion — outbreak of COVID-19, and increased to $22.7 billion in 2023, due to Macau authorities elimi
• $8.9 billion — d, Las Vegas Strip total gaming win was $8.9 billion in 2023, a 7.4% increase from $8.3 bill
• $8.3 billion — 9 billion in 2023, a 7.4% increase from $8.3 billion in 2022. According to the Las Vegas Con
• $3.0 billion — ino market that generated approximately $3.0 billion of gross gaming revenue in each of the

Filing Documents

• wynn-20231231.htm (10-K) — 3039KB
• ex42-descriptionofregistra.htm (EX-4.2) — 29KB
• ex1012-wynnexecutiveretire.htm (EX-10.12) — 111KB
• ex211-subsidiariesofwrlx20.htm (EX-21.1) — 32KB
• ex231-eyconsentx2023.htm (EX-23.1) — 4KB
• ex311-ceoscertificationxye.htm (EX-31.1) — 10KB
• ex312-cfoscertificationxye.htm (EX-31.2) — 10KB
• ex32ceoandcfocertification.htm (EX-32) — 9KB
• ex97-clawbackpolicyxamende.htm (EX-97) — 31KB
• wynn-20231231_g1.jpg (GRAPHIC) — 296KB
• 0001174922-24-000046.txt (&nbsp;) — 17625KB
• wynn-20231231.xsd (EX-101.SCH) — 111KB
• wynn-20231231_cal.xml (EX-101.CAL) — 146KB
• wynn-20231231_def.xml (EX-101.DEF) — 652KB
• wynn-20231231_lab.xml (EX-101.LAB) — 1380KB
• wynn-20231231_pre.xml (EX-101.PRE) — 985KB
• wynn-20231231_htm.xml (XML) — 2808KB

Risk Factors

Item 1A. Risk Factors 18

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 31

Cybersecurity

Item 1C. Cybersecurity 3 2

Properties

Item 2. Properties 33

Legal Proceedings

Item 3. Legal Proceedings 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

Reserved

Item 6. Reserved 35

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 56

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 58

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 113

Controls and Procedures

Item 9A. Controls and Procedures 113

Other Information

Item 9B. Other Information 113

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 114

Executive Compensation

Item 11. Executive Compensation 114

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 114

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 114

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 114 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 116

Form 10-K Summary

Item 16. Form 10-K Summary 121

Signatures

Signatures 122 2 Table of Contents PART I

Business

Item 1. Business Our Company Wynn Resorts, Limited ("Wynn Resorts," "Wynn," or together with its subsidiaries, "we" or the "Company") is a preeminent 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. We believe that our extensive design and operational experience across numerous gaming jurisdictions provides us with a distinct advantage over other gaming enterprises. Through our approximately 72% ownership of Wynn Macau, Limited ("WML"), we operate 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 and Encore at Wynn Las Vegas, which we also refer to as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort. In addition, we hold an approximately 97% interest in Wynn Interactive Ltd. ("Wynn Interactive"), which operates WynnBET, our digital sports betting and casino gaming business. Additionally, the Company has a 40% equity interest in Island 3 AMI FZ-LLC, an unconsolidated affiliate, which is currently constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all other reports and any amendments of such reports filed with or furnished to the Securities and Exchange Commission ("SEC") are available, without charge, at the SEC's website at http://www.sec.gov . In addition, through our corporate website at www.wynnresorts.com , Wynn Resorts provides a hyperlink to a third-party SEC filing website wh

View Full Filing

View this 10-K filing on SEC EDGAR