WYNN · CIK 0001174922
What Wynn Resorts, Limited told the SEC could break it.
Wynn's risk register is dominated by Macau. A significant share of its gaming customers come from mainland China, Hong Kong and Taiwan, so the region's economy and any tightening of visa, travel or exit-visa policies directly drive its Macau operations — which in turn run under a 10-year government gaming concession (signed December 2022) and a 35% special tax on gross gaming revenue that allows no deduction for uncollectible gaming debts. That same Macau footprint carries currency exposure, with its operations and WML convertible bonds denominated in Hong Kong dollars and patacas; separately, on the U.S. side, it has faced grand jury subpoenas since 2020 over its anti-money-laundering practices at Wynn Las Vegas.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Macau operations dependence on PRC/Hong Kong/Taiwan visitorshigh
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.”
Regulatory & policy
- Macau gaming concession & 35% special gaming taxhigh
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.”
SEC filing →As of 2026
Currency (FX)
- Hong Kong dollar / Macau pataca exposure (WML, convertible bonds)medium
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.”
SEC filing →As of 2026
Litigation
- U.S. anti-money-laundering investigation (USAO SDCA / grand jury subpoenas)low
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.”
SEC filing →As of 2026
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch