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Intangible Assets, net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net Intangible Assets, net
Intangible assets, net consisted of the following (in thousands):
 December 31,
20252024
Finite-lived intangible assets:
     Macau gaming concession$210,105 $210,630 
     Less: accumulated amortization(63,031)(42,126)
147,074 168,504 
     Massachusetts gaming license117,700 117,700 
     Less: accumulated amortization(51,178)(43,331)
66,522 74,369 
     Other finite-lived intangible assets5,400 5,400 
     Less: accumulated amortization(3,151)(2,071)
2,249 3,329 
     Total finite-lived intangible assets215,845 246,202 
Indefinite-lived intangible assets:
Water rights and other8,397 8,397 
     Total indefinite-lived intangible assets8,397 8,397 
Total intangible assets, net
$224,242 $254,599 

Massachusetts Finite-Lived Intangible Assets

The Massachusetts gaming license is a finite-lived intangible asset that is being amortized over the 15 year life of the license. The Company expects that amortization of the Massachusetts gaming license will be $7.8 million each year from 2026 through 2033, and $3.7 million in 2034.

Macau Gaming Concession

On January 1, 2023, the Company recognized an intangible asset and financial liability of MOP1.68 billion (approximately $209.6 million), representing the right to operate games of chance at Wynn Palace and Wynn Macau and the unconditional obligation to make payments under the Gaming Concession Contract. This intangible asset comprises the contractually obligated annual payments of fixed and variable premiums, as well as fees associated with the Property Transfer Agreements (as described in Note 5, "Property and Equipment, net"). The contractually obligated annual variable premium payments associated with the intangible asset were determined using the total number of gaming tables and gaming machines that Wynn Macau SA is currently approved to operate by the Macau government. In the accompanying Consolidated Balance Sheets, the noncurrent portion of the financial liability is included in "Other long-term liabilities" and the current portion is included in "Other accrued liabilities." The intangible asset is being amortized on a straight-line basis over the 10-year term of the Gaming Concession Contract. The Company expects that amortization of the Macau Gaming Concession will be $21.0 million each year from 2026 to 2032.

As of December 31, 2025, the Company expects to pay fixed and variable premium payment amounts of $14.5 million in each of the years ending December 31, 2026, 2027, 2028, 2029, and 2030, and an aggregate amount of $30.0 million thereafter through December 31, 2032.