WYNN RESORTS LTD

Previous wording

We are a 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. Through our approximately 72% ownership of Wynn Macau, Limited ("WML"), our concessionaire Wynn Resorts (Macau) S.A. ("Wynn Macau SA") operates 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. We are a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). We refer to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort.

Current wording

We are a 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. Through our approximately 71% ownership of Wynn Macau, Limited ("WML"), our concessionaire Wynn Resorts (Macau) S.A. ("Wynn Macau SA") operates 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. We are a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). We refer to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort.

Previous wording

The increase in net income attributable to Wynn Resorts, Limited for the three months ended June 30, 2026 was primarily attributable to a $33.0 million increase in operating income, largely due to higher casino revenues partially offset by casino expenses. In addition, we recorded a gain in change in derivatives fair value of $43.3 million in the three months ended June 30, 2026 compared to a loss in change in derivatives fair value of $1.1 million in the three months ended June 30, 2025.

Current wording

The decrease in net income attributable to Wynn Resorts, Limited for the three months ended September 30, 2026 was primarily attributable to a $132.3 million decrease in operating income, largely due to lower casino revenues partially offset by lower casino expenses. This decrease was partially offset by a decrease in the provision for income taxes, which was $5.6 million in the three months ended September 30, 2026 compared to $61.1 million in the three months ended September 30, 2025.

Previous wording

Casino revenues for the three months ended June 30, 2026 were 63.3% of operating revenues, compared to 60.5% for the same period of 2025. Non-casino revenues for the three months ended June 30, 2026 were 36.7% of operating revenues, compared to 39.5% for the same period of 2025.

Current wording

Casino revenues for the three months ended September 30, 2026 were 62.2% of operating revenues, compared to 64.1% for the same period of 2025. Non-casino revenues for the three months ended September 30, 2026 were 37.8% of operating revenues, compared to 35.9% for the same period of 2025.

Previous wording

Entertainment, retail and other revenues decreased $12.3 million, primarily as a result of lower entertainment venue sales at our Las Vegas Operations.

Current wording

Entertainment, retail and other revenues decreased $7.1 million for the three months ended September 30, 2026, due mainly to lower entertainment venue sales at our Las Vegas Operations.

Previous wording

The increase in total operating expenses was primarily due to the increase in casino expenses at our Macau Operations, largely driven by an increase in gaming tax expense, and an increase in food and beverage expense at our Las Vegas Operations.

Current wording

The decrease in total operating expenses was primarily due to the decrease in casino expenses at our Macau Operations, largely driven by a decrease in gaming tax expense commensurate with lower casino revenues, partially offset by an increase in property charges and depreciation and amortization.

Previous wording

Entertainment, retail and other expense decreased $7.3 million at our Las Vegas Operations due to a reduction in entertainment venue offerings.

Current wording

Entertainment, retail and other expense decreased $4.6 million, primarily due to lower entertainment production costs at our Las Vegas Operations.

Previous wording

Depreciation and amortization expense increased $17.6 million, which includes increases across all of our properties, resulting from enhancements to our properties and maintenance capital expenditures.

Current wording

Depreciation and amortization expense increased $11.2 million at our Las Vegas Operations resulting from enhancements to our property and maintenance capital expenditures.

Previous wording

Property charges and other expenses for the three months ended June 30, 2026 consisted primarily of asset abandonments and disposals of $4.0 million and $1.1 million at our Las Vegas Operations and our Macau Operations, respectively, and contract termination costs of $3.3 million and $1.1 million at our Macau Operations and our Las Vegas Operations, respectively. Property charges and other expenses for the three months ended June 30, 2025 consisted primarily of asset abandonments and disposals of $2.3 million and $1.5 million at our Macau Operations and Corporate and other, respectively, and $6.3 million of contract termination and other costs at our Las Vegas Operations.

Current wording

Property charges and other expenses for the three months ended September 30, 2026 consisted primarily of asset abandonments and disposals of $15.5 million at our Macau Operations and contract termination costs of $3.3 million at our Las Vegas Operations. Property charges and other expenses for the three months ended September 30, 2025 consisted primarily of asset abandonments and disposals of $4.6 million at our Macau Operations.

Previous wording

Interest expense, net of amounts capitalized, decreased $2.4 million. We capitalized interest of $17.9 million and $10.9 million in the three months ended June 30, 2026 and 2025, respectively. Interest expense, exclusive of capitalized interest, increased $4.6 million, primarily due to an increase in the weighted average interest rate from 6.03% for the three months ended June 30, 2025 to 6.17% for the three months ended June 30, 2026.

Current wording

Interest expense, net of amounts capitalized, decreased $5.8 million. We capitalized interest of $21.9 million and $11.6 million in the three months ended September 30, 2026 and 2025, respectively. Interest expense, exclusive of capitalized interest, increased $4.4 million, primarily due to an increase in the weighted average interest rate from 6.08% for the three months ended September 30, 2025 to 6.23% for the three months ended September 30, 2026.

Previous wording

We recorded interest income of $12.8 million and $15.9 million in the three months ended June 30, 2026 and 2025, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.

Current wording

We recorded interest income of $12.6 million and $16.6 million in the three months ended September 30, 2026 and 2025, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.

Previous wording

We incurred foreign currency remeasurement losses of $2.7 million and $36.2 million for the three months ended June 30, 2026 and 2025, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods.

Current wording

We incurred a foreign currency remeasurement loss of $1.9 million and a gain of $33.9 million for the three months ended September 30, 2026 and 2025, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods.

Previous wording

We recorded a gain of $43.3 million for the three months ended June 30, 2026, from change in derivatives fair value, which includes a gain of $35.9 million related to foreign currency swaps and a gain of $7.0 million related to the conversion feature on the WML Convertible Bonds. We recorded a loss of $1.1 million for the three months ended June 30, 2025, from change in derivatives fair value, which includes a gain of $6.0 million related to the conversion feature on the WML Convertible Bonds and a loss of $5.3 million related to foreign currency swaps. For more information on the Company's derivative instruments, refer to Item 1—"Notes to Condensed Consolidated Financial Statements," Note 7, "Derivative Instruments."

Current wording

We recorded a gain of $10.5 million for the three months ended September 30, 2026, from change in derivatives fair value, which primarily includes a gain of $17.5 million related to foreign currency swaps and a loss of $7.9 million related to an interest rate equity contribution agreement with Wynn Al Marjan Island FZ-LLC, a subsidiary of Island 3. We recorded a loss of $13.2 million for the three months ended September 30, 2025, from change in derivatives fair value, which primarily includes a loss of $18.5 million related to the conversion feature on the WML Convertible Bonds and a gain of $6.1 million related to foreign currency swaps. For more information on the Company's derivative instruments, refer to Item 1—"Notes to Condensed Consolidated Financial Statements," Note 7, "Derivative Instruments" and Note 15, "Commitments and Contingencies."

Previous wording

We recorded income tax expense of $16.2 million and $10.6 million for the three months ended June 30, 2026 and 2025, respectively, primarily related to our U.S.-based operating profits.

Current wording

We recorded income tax expense of $5.6 million and $61.1 million for the three months ended September 30, 2026 and 2025, respectively, primarily related to our U.S.-based operating profits.

Previous wording

We recognized net income attributable to noncontrolling interests of $42.5 million for the three months ended June 30, 2026, primarily related to the noncontrolling interests' share of net income from WML.

Current wording

We recognized net income attributable to noncontrolling interests of $19.4 million and $40.1 million for the three months ended September 30, 2026 and 2025, respectively, primarily related to the noncontrolling interests' share of net income from WML.

Previous wording

Casino revenues for the six months ended June 30, 2026 were 63.3% of operating revenues, compared to 60.9% for the same period of 2025. Non-casino revenues for the six months ended June 30, 2026 were 36.7% of operating revenues, compared to 39.1% for the same period of 2025.

Current wording

Casino revenues for the nine months ended September 30, 2026 were 63.0% of operating revenues, compared to 62.0% for the same period of 2025. Non-casino revenues for the nine months ended September 30, 2026 were 37.0% of operating revenues, compared to 38.0% for the same period of 2025.

Previous wording

Casino revenues increased primarily due to higher mass market table games volume and win at Wynn Palace.

Current wording

Casino revenues in the nine months ended September 30, 2026 increased primarily due to higher mass market table games win at Wynn Palace.

Previous wording

Room revenues increased $15.1 million primarily due to higher ADR at our Las Vegas Operations.

Current wording

Room revenues increased $6.1 million primarily due to higher ADR at our Las Vegas Operations, partially offset by lower ADR at our Macau Operations.

Previous wording

Food and beverage revenues increased $12.4 million, primarily due to incremental revenue from new outlets at our Las Vegas Operations during the six months ended June 30, 2026.

Current wording

Food and beverage revenues increased $11.5 million at our Las Vegas Operations, primarily due to incremental revenue from new outlets, partially offset by a decrease of $3.8 million at Encore Boston Harbor due to the closure of certain food and beverage outlets due to an ongoing labor dispute.

Previous wording

Entertainment, retail and other revenues decreased $6.9 million, primarily as a result of lower entertainment venue sales at our Las Vegas Operations.

Current wording

Entertainment, retail and other revenues decreased $19.4 million, primarily as a result of lower entertainment venue sales at our Las Vegas Operations.

Previous wording

The increase in total operating expenses was primarily due to an increase in casino expense at our Macau Operations, largely driven by an increase in gaming tax expense, and an increase in food and beverage expense at our Las Vegas Operations and our Macau Operations.

Current wording

The increase in total operating expenses was primarily due to an increase in casino expense at Wynn Palace, increases in food and beverage expense at our Las Vegas Operations and our Macau Operations, and an increase in depreciation and amortization expense across all of our properties.

Previous wording

Food and beverage expense increased $25.7 million at our Las Vegas Operations, primarily due to costs associated with new food and beverage offerings, and $14.2 million at our Macau Operations largely due to higher cost of sales.

Current wording

Food and beverage expense increased $23.3 million at our Las Vegas Operations, primarily due to costs associated with new food and beverage offerings, and $15.5 million at our Macau Operations largely due to higher cost of sales and higher payroll and related costs.

Previous wording

Entertainment, retail and other expense decreased $4.7 million at our Las Vegas Operations due to a reduction in entertainment venue offerings.

Current wording

Entertainment, retail and other expense decreased $10.1 million at our Las Vegas Operations due to a reduction in entertainment venue offerings.

Previous wording

Depreciation and amortization expense increased $12.5 million, which includes increases across all of our properties, resulting from enhancements to our properties and maintenance capital expenditures.

Current wording

Depreciation and amortization expense increased $31.6 million, which includes increases across all of our properties, resulting from enhancements to our properties and maintenance capital expenditures.

Previous wording

Property charges and other expenses for the six months ended June 30, 2026 consisted primarily of $8.3 million and $5.2 million of asset abandonments and disposals at our Las Vegas Operations and our Macau Operations, respectively, and $3.3 million of contract terminations and other expenses at our Macau Operations. Property charges and other expenses for the six months ended June 30, 2025 consisted primarily of $6.6 million and $5.8 million of contract terminations and other expenses at our Las Vegas Operations and Encore Boston Harbor, respectively, and $7.1 million and $2.6 million of asset abandonments and disposals at our Macau Operations and Corporate and other, respectively.

Current wording

Property charges and other expenses for the nine months ended September 30, 2026 consisted primarily of $20.7 million and $9.9 million of asset abandonments and disposals at our Macau Operations and our Las Vegas Operations, respectively, and $4.8 million and $3.6 million of contract terminations and other expenses at our Las Vegas Operations and our Macau Operations, respectively. Property charges and other expenses for the nine months ended September 30, 2025 consisted primarily of $6.6 million and $5.8 million of contract terminations and other expenses at our Las Vegas Operations and Encore Boston Harbor, respectively; and $11.7 million, $3.7 million and $2.8 million of asset abandonments and disposals at our Macau Operations, our Las Vegas Operations and Corporate and other, respectively.

Previous wording

Interest expense, net of amounts capitalized, decreased $7.6 million. We capitalized interest of $34.9 million and $21.2 million in the six months ended June 30, 2026 and 2025, respectively. Interest expense, exclusive of capitalized interest, increased $6.1 million, primarily due to an increase in the weighted average interest rate from 6.08% for the six months ended June 30, 2025 to 6.18% for the six months ended June 30, 2026.

Current wording

Interest expense, net of amounts capitalized, decreased $13.5 million. We capitalized interest of $56.7 million and $32.8 million in the nine months ended September 30, 2026 and 2025, respectively. Interest expense, exclusive of capitalized interest, increased $10.5 million, primarily due to an increase in the weighted average interest rate from 6.08% for the nine months ended September 30, 2025 to 6.20% for the nine months ended September 30, 2026.

Previous wording

We recorded interest income of $25.9 million and $35.2 million in the six months ended June 30, 2026 and 2025, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.

Current wording

We recorded interest income of $38.5 million and $51.8 million in the nine months ended September 30, 2026 and 2025, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions.

Previous wording

We incurred a foreign currency remeasurement loss of $32.2 million and $44.5 million for the six months ended June 30, 2026 and 2025, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods.

Current wording

We incurred a foreign currency remeasurement loss of $34.1 million and $10.7 million for the nine months ended September 30, 2026 and 2025, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods.

Previous wording

We recorded a gain of $90.1 million for the six months ended June 30, 2026, from change in derivatives fair value, which primarily includes a gain of $57.6 million related to foreign currency swaps and a gain of $30.6 million related to the conversion feature on the WML Convertible Bonds. We recorded a loss of $30.7 million from changes in derivatives fair value for the six months ended June 30, 2025, which includes a loss of $10.0 million related to the conversion feature on the WML Convertible Bonds and a loss of $14.6 million related to foreign currency swaps.

Current wording

We recorded a gain of $100.6 million for the nine months ended September 30, 2026, from change in derivatives fair value, which primarily includes a gain of $75.1 million related to foreign currency swaps, a gain of $31.7 million related to the conversion feature on the WML Convertible Bonds, and a loss of $7.9 million related to an interest rate equity contribution agreement with Wynn Al Marjan Island FZ-LLC, a subsidiary of Island 3. We recorded a loss of $43.8 million from changes in derivatives fair value for the nine months ended September 30, 2025, which primarily includes a loss of $28.5 million related to the conversion feature on the WML Convertible Bonds and a loss of $8.4 million related to foreign currency swaps. For more information on the Company's derivative instruments, refer to Item 1—"Notes to Condensed Consolidated Financial Statements," Note 7, "Derivative Instruments" and Note 15, "Commitments and Contingencies."

Previous wording

We recorded a $1.1 million loss on debt financing transactions for the six months ended June 30, 2025 related to the amendment of the WRF credit facility.

Current wording

We recorded a $5.4 million loss on debt financing transactions for the nine months ended September 30, 2026 related to the redemption of the 2027 WLV Senior Notes. We recorded a $1.7 million loss on debt financing transactions for the nine months ended September 30, 2025 related to the amendment of the WRF credit facility and the redemption of the 2026 WML Senior Notes.

Previous wording

We recorded income tax expense of $26.3 million and $21.6 million for the six months ended June 30, 2026 and 2025, respectively. The increase in income tax expense for the six months ended June 30, 2026 primarily relates to U.S.-based operating profits.

Current wording

We recorded income tax expense of $31.9 million and $82.7 million for the nine months ended September 30, 2026 and 2025, respectively, primarily related to our U.S.-based operating profits.

Previous wording

We recognized net income attributable to noncontrolling interests of $72.6 million for the six months ended June 30, 2026, primarily related to the noncontrolling interests' share of net income from WML.

Current wording

We recognized net income attributable to noncontrolling interests of $92.0 million and $59.5 million for the nine months ended September 30, 2026 and 2025, respectively, primarily related to the noncontrolling interests' share of net income from WML.

Previous wording

During the six months ended June 30, 2026, we incurred capital expenditures of $174.9 million at our Las Vegas Operations, $84.4 million at Wynn Palace, $60.5 million at Wynn Macau, and $7.1 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $5.3 million at Corporate and other. In addition, during the six months ended June 30, 2026, we invested $178.6 million, including $148.2 million of cash contributions, in the Al Marjan Joint Venture, purchased $57.1 million of U.S. treasuries and received proceeds of $140.5 million upon the maturity of investments.

Current wording

During the nine months ended September 30, 2026, we incurred capital expenditures of $314.1 million at our Las Vegas Operations, $124.7 million at Wynn Palace, $70.1 million at Wynn Macau, and $16.1 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $8.6 million at Corporate and other. In addition, during the nine months ended September 30, 2026, we invested $257.8 million, including $210.4 million of cash contributions, in the Al Marjan Joint Venture, purchased $93.5 million of U.S. treasuries and received proceeds of $574.2 million upon the maturity of investments.

Previous wording

During the six months ended June 30, 2025, we incurred capital expenditures of $106.1 million at our Las Vegas Operations, $105.4 million at Wynn Palace, $30.2 million at Wynn Macau, and $11.5 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $72.0 million at Corporate and other primarily related to future development projects. In addition, during the six months ended June 30, 2025, we invested $121.1 million, including $109.5 million of cash contributions, in the Al Marjan Joint Venture.

Current wording

During the nine months ended September 30, 2025, we incurred capital expenditures of $188.8 million at our Las Vegas Operations, $132.4 million at Wynn Palace, $48.8 million at Wynn Macau, and $17.9 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $101.3 million at Corporate and other primarily related to future development projects. In addition, during the nine months ended September 30, 2025, we invested $236.1 million, including $203.3 million of cash contributions, in the Al Marjan Joint Venture and purchased $475.0 million in investments, comprised of fixed deposits maturing in less than one year.

Previous wording

During the six months ended June 30, 2025, we received net proceeds of $752.8 million from the issuance of the WRF Term Loan due 2030 and repaid $763.1 million of aggregate principal amounts outstanding under the WRF Term Loan due 2027. In addition, during the six months ended June 30, 2025, we repurchased 4,557,009 shares of our common stock for an aggregate cost of $377.6 million, including 4,364,612 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $358.1 million. We also made dividend payments of $88.3 million, finance lease payments of $12.7 million, and used cash of $12.3 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

Current wording

In addition, during the nine months ended September 30, 2026, we repurchased 2,216,407 shares of our common stock for an aggregate cost of $223.6 million, including 1,897,240 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $186.9 million. We also made dividend payments of $163.4 million, finance lease payments of $21.1 million, paid $12.5 million for financing costs related to the financing activities discussed above, and used cash of $23.8 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

Previous wording

During the six months ended June 30, 2026, we borrowed $200.0 million under the WRF Revolver. In addition, we repurchased 1,574,289 shares of our common stock for an aggregate cost of $165.5 million, including 1,269,765 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $128.8 million. We also made dividend payments of $95.0 million, finance lease payments of $13.7 million, and used cash of $15.9 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

Current wording

In addition, during the nine months ended September 30, 2025, we repurchased 4,570,526 shares of our common stock for an aggregate cost of $379.7 million, including 4,365,212 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $358.2 million. We also made dividend payments of $148.9 million, finance lease payments of $19.2 million, paid $26.4 million for financing costs related to the financing activities above, and used cash of $18.1 million for distributions to noncontrolling interest holders of the Retail Joint Venture.

Previous wording

(1) Investments consist of U.S. treasuries and fixed deposits maturing in less than one year and exclude long-term investments of $60.4 million.

Current wording

(1) Investments consist of U.S. treasuries maturing in less than one year and exclude long-term investments of $55.8 million.

Previous wording

Wynn Macau, Limited and subsidiaries. WML generates cash from our Macau Operations and may utilize proceeds from the WM Cayman II Revolver as needed. We expect to use this cash to service our WML Senior Notes, WM Cayman II Revolver, and WML Convertible Bonds, to pay dividends to shareholders of WML (of which we own approximately 72%), and to fund working capital and capital expenditure requirements at WML and our Macau Operations.

Current wording

Wynn Macau, Limited and subsidiaries. WML generates cash from our Macau Operations and may utilize proceeds from the WM Cayman II Revolver as needed. We expect to use this cash to service our WML Senior Notes, WM Cayman II Revolver, and WML Convertible Bonds, to pay dividends to shareholders of WML (of which we own approximately 71%), and to fund working capital and capital expenditure requirements at WML and our Macau Operations.

Previous wording

We are constructing the Enclave at Wynn Palace, a 432-key, all-suite hotel tower to be developed adjacent to Wynn Palace’s east entrance. The estimated project budget for the Enclave at Wynn Palace is between $900 million and $950 million, inclusive of capitalized interest. Construction is expected to begin in the second half of 2026 and span 2.5 years. Total project capital expenditures for the Enclave at Wynn Palace and other enhancements at our Macau Operations are expected to be between $350 million and $400 million during 2026 and between $750 million and $800 million during 2027. Maintenance capital expenditures at our Macau Operations are expected to be between $70 million and $80 million during 2026.

Current wording

We are constructing the Enclave at Wynn Palace, a 432-key, all-suite hotel tower to be developed adjacent to Wynn Palace’s east entrance. The estimated project budget for the Enclave at Wynn Palace is between $900 million and $950 million, inclusive of capitalized interest. Construction began in the second half of 2026 and is expected to span 2.5 years. Total project capital expenditures for the Enclave at Wynn Palace and other enhancements at our Macau Operations are expected to be between $350 million and $400 million during 2026 and between $750 million and $800 million during 2027. Maintenance capital expenditures at our Macau Operations are expected to be between $70 million and $80 million during 2026.

Previous wording

On June 16, 2026, WML paid a cash dividend of HK$0.223 per share on its common stock for a total U.S. dollar equivalent of approximately $149.8 million in respect of the year ended December 31, 2025. Our share of this dividend was $106.7 million.

Current wording

On June 16, 2026, WML paid a cash dividend of HK$0.223 per share on its common stock for a total U.S. dollar equivalent of approximately $149.8 million with respect to the year ended December 31, 2025. Our share of this dividend was $106.7 million.

Previous wording

During the second quarter of 2026, the Company contributed $48.1 million of cash into Wynn Al Marjan Island and Janu Al Marjan Island, a hotel and residential development operated by Aman Group, bringing our life-to-date cash contributions to $1.06 billion. 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. Wynn Al Marjan Island is currently expected to open in September 2027 and Janu Al Marjan Island is expected to open in 2029.

Current wording

During the third quarter of 2026, the Company contributed $62.2 million of cash into Wynn Al Marjan Island and Janu Al Marjan Island, a hotel and residential development to be operated by Aman Group, bringing our life-to-date cash contributions to $1.12 billion. We estimate our remaining 40% pro-rata share of the required equity for the development projects is between $465 million and $590 million, inclusive of capitalized interest and fees. Wynn Al Marjan Island is currently expected to open in September 2027 and Janu Al Marjan Island is expected to open in 2029.