
	Three Months Ended March 31,
	2024		2023
Operating revenues
Macau Operations:
Wynn Palace
Casino	$	473,781	$	270,687
Rooms	53,936		46,910
Food and beverage	32,070		23,553
Entertainment, retail and other (1)	27,114		28,213
	586,901		369,363
Wynn Macau
Casino	346,353		176,383
Rooms	28,619		21,971
Food and beverage	21,019		14,302
Entertainment, retail and other (1)	15,753		18,070
	411,744		230,726
Total Macau Operations	998,645		600,089

Las Vegas Operations:
Casino	135,163		154,530
Rooms	224,076		185,109
Food and beverage	193,610		172,483
Entertainment, retail and other (1)	83,699		74,642
Total Las Vegas Operations	636,548		586,764

Encore Boston Harbor:
Casino	166,169		165,392
Rooms	20,783		18,539
Food and beverage	20,239		22,273
Entertainment, retail and other (1)	10,593		10,102
Total Encore Boston Harbor	217,784		216,306

Corporate and other:
Entertainment, retail and other	9,932		20,520
Total Corporate and other	9,932		20,520

Total operating revenues	$	1,862,909	$	1,423,679


	Three Months Ended March 31,
	2024		2023
Adjusted Property EBITDAR (1)
Macau Operations:
Wynn Palace	$	202,370	$	111,058
Wynn Macau	137,186		44,745
Total Macau Operations	339,556		155,803
Las Vegas Operations	246,262		231,597
Encore Boston Harbor	63,135		63,414
Corporate and other	(2,418)		(21,068)
Total	646,535		429,746
Other operating expenses
Pre-opening	2,035		4,478
Depreciation and amortization	174,933		168,812
Property charges and other	16,948		2,458
Corporate expenses and other	39,905		34,490
Stock-based compensation	14,369		14,710
Triple-net operating lease rent expense	35,404		35,283
Total other operating expenses	283,594		260,231
Operating income	362,941		169,515
Other non-operating income and expenses
Interest income	40,172		40,193
Interest expense, net of amounts capitalized	(182,404)		(187,740)
Change in derivatives fair value	(17,914)		23,046
Loss on debt financing transactions	(1,561)		(12,236)
Other	(4,722)		(30,614)
Total other non-operating income and expenses	(166,429)		(167,351)
Income before income taxes	196,512		2,164
Provision for income taxes	(20,014)		(1,018)
Net income	176,498		1,146
Net (income) loss attributable to noncontrolling interests	(32,282)		11,186
Net income attributable to Wynn Resorts, Limited	$	144,216	$	12,332

(1) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations preopening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.