Wynn Resorts (WYNN) Risk Factor Changes

We are permitted to incur additional indebtedness if certain conditions are met under certain of our credit facilities and our indentures.

We have a substantial amount of consolidated debt in relation to our equity.

In the past, the trading price of our common stock has been subject to wide fluctuations.

We are party to a Cooperation Agreement (the "Cooperation Agreement") with Elaine P.

As of December 31, 2025, we had a total of 305 table games at Wynn Palace and 253 at Wynn Macau approved by the Macau's Gaming Inspection and Coordination Bureau.

The Massachusetts Gaming Act requires a gaming licensee to affirmatively maintain its suitability to hold a gaming license in the Commonwealth of Massachusetts.

Under the Macau Smoking Prevention and Tobacco Control Law, as of January 1, 2019, smoking on casino premises is only permitted in authorized segregated smoking lounges with no gaming activities and such smoking loung…

Some of our employees are represented by labor unions under various collective bargaining agreements with different expiration dates.

Further, we have operations, and a significant portion of our revenue is derived outside of the U.S.

Any violation of applicable anti-money laundering laws and regulations, the FCPA and other anti-corruption laws, or resulting sanctions and penalties could adversely affect our business, performance, prospects, value,…

operations and generate negative publicity, both of which could have an adverse effect on our reputation, business, results of operations and cash flows.

Acts of fraud or cheating through the use of counterfeit chips, covert schemes and other tactics, possibly in collusion with our employees, may be attempted or committed by our gaming customers with the aim of increas…

We conduct our gaming activities on a credit, as well as a cash, basis.

We are currently entirely dependent upon our Macau Operations, Las Vegas Operations and Encore Boston Harbor for all of our operating cash flow.

We are dependent on the willingness of our customers to travel.

U.S.

In the past, negative macroeconomic conditions, such as inflationary pressures, relatively low levels of unemployment, and increases in interest rates, caused decreases in consumer discretionary spending and disruptio…

The Massachusetts Gaming Act requires a gaming licensee to affirmatively maintain its suitability to hold a gaming license in Massachusetts.

Further, we have operations, and a significant portion of our revenue is derived outside of the United States.

variances in win-loss results attributable to high-value gaming may have a positive or negative impact on cash flow and earnings in a particular quarter.

factors or events may in the future negatively affect our results of operations and our ability to generate sufficient cash flow to make payments or maintain our covenants with respect to our debt.

and license requirements is costly.

stock; create dividend and other payment restrictions affecting subsidiaries; and designate restricted and unrestricted subsidiaries.

As of December 31, 2025, certain trusts created by Elaine P.

demand and industry competition.

fully ban all smoking in casinos, may deter potential gaming customers who are smokers from frequenting casinos in Macau, which could have an adverse effect on our business, financial condition, results of operations…

The smoking control legislation in Macau could have an adverse effect on our business, financial condition, results of operations and cash flows.