永利度假村 2025年季度报告

EXCHANGE ACT OF 1934For the transition period fromCommission File Number:000-50028WYNN RESORTS, LIMITED (Address of principal executive offices) (Zip Code)(702)770-7555(Registrant's telephone number, including area code) Large accelerated filer☒AcceleratedfilerNon-accelerated filer☐SmallerreportingcompanyEmerging growth company complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. ClassOutstanding at April 30, 202Common stock, par value $0.01104,554,301 Condensed Consolidated Balance Sheets - March 31, 2025 (unaudited) and December31, 2024Condensed Consolidated Statements ofIncome(unaudited) - Three Months Ended March 31. 2025 and2024 March 31, 2025 and 2024Condensed Consolidated Statements of Stockholders’ Deficit (unaudited) - Three Months Ended March 31, 2025and 2024Condensed Consolidated Statements of Cash Flows (unaudited) - Three Months Ended March 31, 2025 Item1. Exhibits Signature Interest expense, net of amounts capitalizedChange in derivatives fair value and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of thefinancial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those the Company's estimated allowance for deferred tax assets and credit losses, estimates regarding the useful lives and recoverability of long-lived and intangible assets, and valuations of derivatives. The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicablejurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements ofIncome.These taxes totaled $440.7million and $488.8million for the three months ended March 31, 2025 and 2024, respectively. Investments in Unconsolidated Affiliates the equity method. Under the equity method, the investment's carrying value is adjusted for the Company’s share of the investee's earningsand losses, capital contributions to and distributions from Island 3, and capitalization of interest cost incurred by the Company during the ended March 31, 2025 and 2024, respectively, in Pre-opening expense within the Condensed Consolidated Statements of Income. Recently Issued Accounting StandardsThe Company’s management has evaluated all of the recently issued, but not yet effective, accounting standards that have been issuedor proposed by the Financial Accounting Standards Board ("FASB") or other standard-setting bodies through the filing date of thesefinancial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’sfinancial position, results of operations and cash flows. Total cash and cash equivalents2,070,0862,426,155Restricted cash95,390Total cash, cash equivalents and restricted cash$2,165,476$2,521,793(1) Cash consists of cash on hand and bank deposits.(2) Cash equivalents consist of bank time deposits and money market funds.(3) Cash paid for interest, net of amounts capitalized$177,005$Liability settled with shares of common stock$7,922$Accounts and construction payables related to property and equipment$85,748$Finance lease liabilities arising from obtaining finance lease assets$39,345$ Accounts Receivable and Credit Risk Receivables, net consisted of the following (in thousands): $228,723$45,819 As of March31, 2025 and December31, 2024, approximately72.5% and70.9%, respectively, of the Company's markers were duefrom customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in thecountries in which the Company's customers reside could affect the collectability of such receivables. collections with respect to receivables could change. The Company’s allowance for credit losses from its hotel and other receivables is not The following table shows the movement in the Company's allowance for credit losses recognized for receivables that occurred duringthe periods presented (in thousands):March 31, Write-offsRecoveries of receivables previously written off Effect of exchange rateBalance at end of period Depreciation expense for the three months ended March 31, 2025 and 2024 was $142.6million and $158.1million, respectively. (2) As of March31, 2025, the net carrying amount of the WML Convertible Bonds was $503.5million, with unamortized debt discount and debt issuance costs of$96.5million. The Company recorded contractual interest expense of $6.8million and $6.8million and amortization of discounts and issuance costs of $5.0million and$4.6mill