What Wynn Resorts, Limited told the SEC could break it.

A significant number of Wynn's customers come from the PRC, Hong Kong and Taiwan, so the economic condition of Macau and surrounding China region — plus visa/travel restrictions and exit-visa policies — materially affects Wynn's Macau gaming operations.

“Because a significant number of our customers come from the PRC, Hong Kong and Taiwan, the economic condition of Macau and its surrounding region, in particular, affects the gaming industry in Macau and our Macau Operations.”

Wynn's Macau business operates under a 10-year gaming concession (signed Dec 16, 2022) and pays a 35% special gaming tax on gross gaming revenue (with no deduction for uncollectible gaming debts), making it highly dependent on Macau government concession terms and tax policy.

“Special gaming tax assessed at the rate of 35% of gross gaming revenues. See Item 8—"Financial Statements and Supplementary Data," Note 18, "Commitments and Contingencies," for additional information regarding the amounts owed under the Gaming Concession Contract and Macau Gaming Law.”

Wynn's Macau operations and the WML convertible bonds are denominated in HK dollars/Macau patacas (e.g. HK$10.24 conversion price at a fixed HK$7.8497/$1 rate), exposing the company to foreign-currency risk managed in part with foreign currency swaps.

“The conversion price is at the fixed exchange rate of HK$ 7.8497 per $1.00, subject to standard adjustments for certain dilutive events as described in the Terms and Conditions.”

Wynn has faced U.S. Attorney's Office (SDCA) information requests and grand jury subpoenas since 2020 regarding its AML policies and certain Wynn Las Vegas transactions involving foreign patrons and agents, an area of ongoing reputational and regulatory risk.

“For example, previously the Company received requests for information from the U.S. Attorney's Office for the Southern District of California ("USAO") relating to its anti-money laundering policies and procedures, and beginning in 2020 had received several grand jury subpoenas regarding various transactions at Wynn Las Vegas relating to certain patrons and agents who reside or operate in foreign jurisdictions.”