
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating revenues
Macau Operations:
Wynn Palace
Casino	$	444,964	$	365,277	$	918,745	$	635,964
Rooms	50,206		50,092		104,142		97,002
Food and beverage	29,829		25,260		61,899		48,813
Entertainment, retail and other (1)	23,050		27,721		50,164		55,934
	548,049		468,350		1,134,950		837,713
Wynn Macau
Casino	280,717		242,950		627,070		419,333
Rooms	23,742		26,130		52,361		48,101
Food and beverage	20,003		14,666		41,022		28,968
Entertainment, retail and other (1)	12,807		17,847		28,560		35,917
	337,269		301,593		749,013		532,319
Total Macau Operations	885,318		769,943		1,883,963		1,370,032

Las Vegas Operations:
Casino	129,674		137,946		264,837		292,476
Rooms	205,872		177,765		429,948		362,874
Food and beverage	208,418		195,146		402,028		367,629
Entertainment, retail and other (1)	84,690		67,215		168,389		141,857
Total Las Vegas Operations	628,654		578,072		1,265,202		1,164,836

Encore Boston Harbor:
Casino	153,591		166,826		319,760		332,218
Rooms	24,701		22,518		45,484		41,057
Food and beverage	23,154		21,964		43,393		44,237
Entertainment, retail and other (1)	11,162		10,624		21,755		20,726
Total Encore Boston Harbor	212,608		221,932		430,392		438,238

Corporate and other:
Entertainment, retail and other	6,352		25,875		16,284		46,395
Total Corporate and other	6,352		25,875		16,284		46,395

Total operating revenues	$	1,732,932	$	1,595,822	$	3,595,841	$	3,019,501


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Adjusted Property EBITDAR (1)
Macau Operations:
Wynn Palace	$	184,459	$	156,607	$	386,829	$	267,665
Wynn Macau	95,911		89,590		233,097		134,335
Total Macau Operations	280,370		246,197		619,926		402,000
Las Vegas Operations	230,333		224,121		476,595		455,718
Encore Boston Harbor	62,131		69,104		125,266		132,518
Corporate and other	(1,179)		(14,964)		(3,597)		(36,032)
Total	571,655		524,458		1,218,190		954,204
Other operating expenses
Pre-opening	1,558		1,477		3,593		5,955
Depreciation and amortization	176,405		169,962		351,338		338,774
Property charges and other (2)	38,815		16,019		55,763		18,477
Corporate expenses and other	33,710		32,748		73,615		67,238
Stock-based compensation	16,167		18,285		30,536		32,995
Triple-net operating lease rent expense	35,342		35,631		70,746		70,914
Total other operating expenses	301,997		274,122		585,591		534,353
Operating income	269,658		250,336		632,599		419,851
Other non-operating income and expenses
Interest income	34,884		44,127		75,056		84,320
Interest expense, net of amounts capitalized	(174,596)		(190,243)		(357,000)		(377,983)
Change in derivatives fair value	15,517		24,336		(2,397)		47,382
Loss on debt financing transactions	—		(3,375)		(1,561)		(15,611)
Other	8,745		6,959		4,023		(23,655)
Total other non-operating income and expenses	(115,450)		(118,196)		(281,879)		(285,547)
Income before income taxes	154,208		132,140		350,720		134,304
Provision for income taxes	(7,935)		(4,305)		(27,949)		(5,323)
Net income	146,273		127,835		322,771		128,981
Net income attributable to noncontrolling interests	(34,330)		(22,651)		(66,612)		(11,465)
Net income attributable to Wynn Resorts, Limited	$	111,943	$	105,184	$	256,159	$	117,516

(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.