WYNN Wynn Resorts Ltd

Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2023.

Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. Net income attributable to Wynn Resorts, Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts, Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted Property EBITDAR(1) was $630.4 million for the fourth quarter of 2023, compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022.

"The strong momentum we built throughout 2023 continued during the fourth quarter with Adjusted Property EBITDAR reaching a new all-time record. These impressive results highlight our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in Las Vegas, Boston and Macau," said Craig Billings, CEO of Wynn Resorts, Limited. "On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete, and preparations underway to start vertical construction of the hotel tower. We are confident the resort will be a 'must see' tourism destination in the UAE. We are excited about the outlook for the Company, and we will continue to focus on driving long-term returns for shareholders."

Consolidated Results

Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. For the fourth quarter of 2023, operating revenues increased $411.3 million, $309.0 million, $111.3 million, and $5.1 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $1.2 million at Encore Boston Harbor, from the fourth quarter of 2022.

Net income attributable to Wynn Resorts, Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts, Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited(2) was $213.7 million, or $1.91 per diluted share, for the fourth quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022.

Adjusted Property EBITDAR was $630.4 million for the fourth quarter of 2023, an increase of $435.3 million compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022. For the fourth quarter of 2023, Adjusted Property EBITDAR increased $195.1 million, $161.0 million, $51.5 million, $26.5 million, and $1.1 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Wynn Interactive, and Encore Boston Harbor, respectively, from the fourth quarter of 2022.

For the year ended December 31, 2023, operating revenues were $6.53 billion, an increase of $2.78 billion from $3.76 billion for the year ended December 31, 2022. Operating revenues for the year ended December 31, 2023 increased $1.48 billion, $902.3 million, $348.5 million, $34.7 million, and $13.0 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, from the year ended December 31, 2022.

Net income attributable to Wynn Resorts, Limited was $730.0 million, or $6.32 per diluted share for the year ended December 31, 2023, compared to net loss attributable to Wynn Resorts, Limited of $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Adjusted net income attributable to Wynn Resorts, Limited was $462.3 million, or $4.10 per diluted share, for the year ended December 31, 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022.

Adjusted Property EBITDAR was $2.11 billion for the year ended December 31, 2023, compared to $725.4 million for the year ended December 31, 2022. Adjusted Property EBITDAR for the year ended December 31, 2023 increased $712.4 million, $462.1 million, $145.1 million, $55.8 million, and $14.0 million, at Wynn Palace, Wynn Macau, our Las Vegas Operations, Wynn Interactive, and Encore Boston Harbor, respectively, from the year ended December 31, 2022.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on February 29, 2024 to stockholders of record as of February 20, 2024.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $524.4 million for the fourth quarter of 2023, an increase of $411.3 million from $113.1 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $171.1 million for the fourth quarter of 2023, compared to $(23.9) million for the fourth quarter of 2022. Table games win percentage in mass market operations was 23.6%, above the 23.3% experienced in the fourth quarter of 2022. VIP table games win as a percentage of turnover was 2.97%, below the property's expected range of 3.1% to 3.4% and above the 0.11% experienced in the fourth quarter of 2022.

Wynn Macau

Operating revenues from Wynn Macau were $386.2 million for the fourth quarter of 2023, an increase of $309.0 million from $77.2 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $125.8 million for the fourth quarter of 2023, compared to $(35.2) million for the fourth quarter of 2022. Table games win percentage in mass market operations was 19.1%, above the 17.2% experienced in the fourth quarter of 2022. VIP table games win as a percentage of turnover was 4.37%, above the property's expected range of 3.1% to 3.4% and above the 1.20% experienced in the fourth quarter of 2022.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $696.8 million for the fourth quarter of 2023, an increase of $111.3 million from $585.5 million for the fourth quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2023 was $270.8 million, compared to $219.3 million for the fourth quarter of 2022. Table games win percentage for the fourth quarter of 2023 was 25.4%, within the property's expected range of 22% to 26% and above the 21.2% experienced in the fourth quarter of 2022.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $217.1 million for the fourth quarter of 2023, a decrease of $1.2 million from $218.3 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2023 was $64.4 million, compared to $63.3 million for the fourth quarter of 2022. Table games win percentage for the fourth quarter of 2023 was 22.0%, within the property's expected range of 18% to 22% and slightly above the 21.9% experienced in the fourth quarter of 2022.

Balance Sheet

Our cash and cash equivalents as of December 31, 2023 totaled $2.88 billion, comprised of $1.32 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $361.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $1.20 billion held at Corporate and other. In addition, as of December 31, 2023, we had $697.9 million and $147.3 million in short-term investments held at WML and Corporate and other, respectively. As of December 31, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $736.5 million, and the WM Cayman II Revolver was fully drawn.

Total current and long-term debt outstanding at December 31, 2023 was $11.74 billion, comprised of $6.74 billion of Macau related debt, $2.25 billion of Wynn Las Vegas debt, $2.13 billion of WRF debt, and $614.1 million of debt held by the retail joint venture which we consolidate.

During the fourth quarter of 2023, the Company repurchased 1,609,625 shares of its common stock under its publicly announced equity repurchase program at an average price of $86.56 per share, for an aggregate cost of $139.3 million, bringing the total repurchases by the Company for the year ended December 31, 2023 to 2,206,573 shares of its common stock for an aggregate cost of $195.5 million.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 7, 2024 at 2:00 p.m. PT (5:00 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before March 30, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2023 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, impairment of goodwill and intangible assets, 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. We also present 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 pre-opening 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 (loss) as an indicator of our 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 (loss), 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. We have 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, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, impairment of goodwill and intangible assets, property charges and other, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and nonrecurring income tax benefit from release of valuation allowance, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income (loss) attributable to Wynn Resorts, Limited and adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income (loss) and loss per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income (loss) attributable to Wynn Resorts, Limited and adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to Wynn Resorts, Limited to adjusted net income (loss) attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Operating revenues:

 

 

 

 

 

 

 

Casino

$

1,065,958

 

 

$

423,218

 

 

$

3,718,402

 

 

$

1,632,541

 

Rooms

 

347,299

 

 

 

233,252

 

 

 

1,185,671

 

 

 

802,138

 

Food and beverage

 

271,558

 

 

 

217,648

 

 

 

1,028,637

 

 

 

846,214

 

Entertainment, retail and other

 

155,645

 

 

 

130,819

 

 

 

599,187

 

 

 

475,932

 

Total operating revenues

 

1,840,460

 

 

 

1,004,937

 

 

 

6,531,897

 

 

 

3,756,825

 

Operating expenses:

 

 

 

 

 

 

 

Casino

 

643,910

 

 

 

291,757

 

 

 

2,238,671

 

 

 

1,099,801

 

Rooms

 

82,857

 

 

 

69,869

 

 

 

307,132

 

 

 

261,343

 

Food and beverage

 

216,947

 

 

 

183,034

 

 

 

822,323

 

 

 

700,549

 

Entertainment, retail and other

 

79,402

 

 

 

91,676

 

 

 

340,437

 

 

 

328,529

 

General and administrative

 

279,484

 

 

 

232,017

 

 

 

1,065,022

 

 

 

830,450

 

Provision for credit losses

 

2,350

 

 

 

4,036

 

 

 

(3,964

)

 

 

(7,295

)

Pre-opening

 

2,646

 

 

 

7,247

 

 

 

9,468

 

 

 

20,643

 

Depreciation and amortization

 

176,527

 

 

 

172,292

 

 

 

687,270

 

 

 

692,318

 

Gain on EBH Transaction, net

 

—

 

 

 

(181,989

)

 

 

—

 

 

 

(181,989

)

Impairment of goodwill and intangible assets

 

—

 

 

 

—

 

 

 

94,490

 

 

 

48,036

 

Property charges and other

 

(1,388

)

 

 

35,790

 

 

 

130,877

 

 

 

65,116

 

Total operating expenses

 

1,482,735

 

 

 

905,729

 

 

 

5,691,726

 

 

 

3,857,501

 

Operating income (loss)

 

357,725

 

 

 

99,208

 

 

 

840,171

 

 

 

(100,676

)

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

44,931

 

 

 

18,895

 

 

 

175,785

 

 

 

29,758

 

Interest expense, net of amounts capitalized

 

(184,955

)

 

 

(178,620

)

 

 

(751,509

)

 

 

(650,885

)

Change in derivatives fair value

 

48,353

 

 

 

1,155

 

 

 

45,098

 

 

 

15,956

 

Loss on debt financing transactions

 

—

 

 

 

—

 

 

 

(12,683

)

 

 

—

 

Other

 

8,315

 

 

 

31,901

 

 

 

(11,479

)

 

 

5,811

 

Other income (expense), net

 

(83,356

)

 

 

(126,669

)

 

 

(554,788

)

 

 

(599,360

)

Income (loss) before income taxes

 

274,369

 

 

 

(27,461

)

 

 

285,383

 

 

 

(700,036

)

Benefit (provision) for income taxes

 

499,408

 

 

 

(6,084

)

 

 

496,834

 

 

 

(9,332

)

Net income (loss)

 

773,777

 

 

 

(33,545

)

 

 

782,217

 

 

 

(709,368

)

Less: net (income) loss attributable to noncontrolling interests

 

(44,621

)

 

 

65,956

 

 

 

(52,223

)

 

 

285,512

 

Net income (loss) attributable to Wynn Resorts, Limited

$

729,156

 

 

$

32,411

 

 

$

729,994

 

 

$

(423,856

)

Basic and diluted net income (loss) per common share:

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Wynn Resorts, Limited:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

6.53

 

 

$

0.29

 

 

$

6.49

 

 

$

(3.73

)

Diluted

$

6.19

 

 

$

0.29

 

 

$

6.32

 

 

$

(3.73

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

111,661

 

 

 

112,321

 

 

 

112,523

 

 

 

113,623

 

Diluted

 

112,033

 

 

 

112,795

 

 

 

112,855

 

 

 

113,623

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED

TO ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net income (loss) attributable to Wynn Resorts, Limited

$

729,156

 

 

$

32,411

 

 

$

729,994

 

 

$

(423,856

)

Pre-opening expenses

 

2,646

 

 

 

7,247

 

 

 

9,468

 

 

 

20,643

 

Gain on EBH Transaction, net

 

—

 

 

 

(181,989

)

 

 

—

 

 

 

(181,989

)

Impairment of goodwill and intangible assets

 

—

 

 

 

—

 

 

 

94,490

 

 

 

48,036

 

Property charges and other

 

(1,388

)

 

 

35,790

 

 

 

130,877

 

 

 

65,116

 

Change in derivatives fair value

 

(48,353

)

 

 

(1,155

)

 

 

(45,098

)

 

 

(15,956

)

Loss on debt financing transactions

 

—

 

 

 

—

 

 

 

12,683

 

 

 

—

 

Foreign currency remeasurement and other

 

(8,315

)

 

 

(31,901

)

 

 

11,479

 

 

 

(5,811

)

Income tax impact on adjustments

 

(1,033

)

 

 

(198

)

 

 

(2,088

)

 

 

(294

)

Nonrecurring income tax benefit from release of valuation allowance

 

(474,214

)

 

 

—

 

 

 

(474,214

)

 

 

—

 

Noncontrolling interests impact on adjustments

 

15,160

 

 

 

1,110

 

 

 

(5,243

)

 

 

(13,317

)

Adjusted net income (loss) attributable to Wynn Resorts, Limited

$

213,659

 

 

$

(138,685

)

 

$

462,348

 

 

$

(507,428

)

Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share

$

1.91

 

 

$

(1.23

)

 

$

4.10

 

 

$

(4.47

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

112,033

 

 

 

112,795

 

 

 

112,855

 

 

 

113,623

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

Three Months Ended December 31, 2023

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Wynn Interactive

 

Corporate and Other

 

Total

Operating income (loss)

$

95,071

 

$

90,545

 

 

$

(15,860

)

 

$

169,756

 

 

$

167,080

 

$

(15,865

)

 

$

(8,617

)

 

$

45,371

 

 

$

357,725

 

Pre-opening expenses

 

93

 

 

 

—

 

 

 

—

 

 

 

93

 

 

 

—

 

 

33

 

 

 

—

 

 

 

2,520

 

 

 

2,646

 

Depreciation and amortization

 

54,502

 

 

 

20,165

 

 

 

381

 

 

 

75,048

 

 

 

60,730

 

 

31,220

 

 

 

6,118

 

 

 

3,411

 

 

 

176,527

 

Property charges and other

 

451

 

 

 

(676

)

 

 

4

 

 

 

(221

)

 

 

389

 

 

710

 

 

 

(2,452

)

 

 

186

 

 

 

(1,388

)

Management and license fees

 

16,782

 

 

 

12,029

 

 

 

—

 

 

 

28,811

 

 

 

33,387

 

 

10,665

 

 

 

—

 

 

 

(72,863

)

 

 

—

 

Corporate expenses and other

 

2,733

 

 

 

2,175

 

 

 

14,397

 

 

 

19,305

 

 

 

7,369

 

 

1,824

 

 

 

1,905

 

 

 

13,685

 

 

 

44,088

 

Stock-based compensation

 

1,501

 

 

 

1,579

 

 

 

1,078

 

 

 

4,158

 

 

 

1,830

 

 

402

 

 

 

1,296

 

 

 

7,690

 

 

 

15,376

 

Triple-net operating lease rent expense

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

35,404

 

 

 

—

 

 

 

—

 

 

 

35,404

 

Adjusted Property EBITDAR

$

171,133

 

 

$

125,817

 

 

$

—

 

 

$

296,950

 

 

$

270,785

 

$

64,393

 

 

$

(1,750

)

 

$

—

 

 

$

630,378

 

Three Months Ended December 31, 2022

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Wynn Interactive

 

Corporate and Other

 

Total

Operating income (loss)

$

(105,945

)

 

$

(65,599

)

 

$

(9,801

)

 

$

(181,345

)

 

$

121,311

 

$

184,411

 

 

$

(50,642

)

 

$

25,473

 

 

$

99,208

 

Pre-opening expenses

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,420

 

 

15

 

 

 

1,511

 

 

 

301

 

 

 

7,247

 

Depreciation and amortization

 

52,817

 

 

 

20,364

 

 

 

381

 

 

 

73,562

 

 

 

55,865

 

 

35,610

 

 

 

4,974

 

 

 

2,281

 

 

 

172,292

 

Gain on EBH Transaction, net

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

(181,989

)

 

 

—

 

 

 

—

 

 

 

(181,989

)

Property charges and other

 

20,378

 

 

 

2,116

 

 

 

16

 

 

 

22,510

 

 

 

361

 

 

692

 

 

 

12,908

 

 

 

(681

)

 

 

35,790

 

Management and license fees

 

3,809

 

 

 

2,508

 

 

 

—

 

 

 

6,317

 

 

 

27,996

 

 

10,654

 

 

 

—

 

 

 

(44,967

)

 

 

—

 

Corporate expenses and other

 

1,352

 

 

 

1,373

 

 

 

8,718

 

 

 

11,443

 

 

 

5,874

 

 

1,743

 

 

 

373

 

 

 

12,301

 

 

 

31,734

 

Stock-based compensation

 

3,654

 

 

 

4,069

 

 

 

686

 

 

 

8,409

 

 

 

2,424

 

 

345

 

 

 

2,588

 

 

 

5,292

 

 

 

19,058

 

Triple-net operating lease rent expense

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

11,773

 

 

 

—

 

 

 

—

 

 

 

11,773

 

Adjusted Property EBITDAR

$

(23,935

)

 

$

(35,169

)

 

$

—

 

 

$

(59,104

)

 

$

219,251

 

$

63,254

 

 

$

(28,288

)

 

$

—

 

 

$

195,113

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

Year Ended December 31, 2023

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Wynn Interactive

 

Corporate and Other

 

Total

Operating income (loss)

$

307,698

 

$

190,126

 

$

(32,157

)

 

$

465,667

 

$

551,128

 

$

(60,887

)

 

$

(276,646

)

 

$

160,909

 

 

$

840,171

Pre-opening expenses

 

93

 

 

 

—

 

 

 

—

 

 

 

93

 

 

 

81

 

 

1,286

 

 

 

5,591

 

 

 

2,417

 

 

 

9,468

 

Depreciation and amortization

 

216,562

 

 

 

81,673

 

 

 

1,522

 

 

 

299,757

 

 

 

232,685

 

 

122,452

 

 

 

22,051

 

 

 

10,325

 

 

 

687,270

 

Impairment of goodwill and intangible assets

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

 

 

94,490

 

 

 

—

 

 

 

94,490

 

Property charges and other

 

13,365

 

 

 

9,807

 

 

 

19

 

 

 

23,191

 

 

 

8,863

 

 

1,419

 

 

 

97,218

 

 

 

186

 

 

 

130,877

 

Management and license fees

 

60,377

 

 

 

38,019

 

 

 

—

 

 

 

98,396

 

 

 

118,019

 

 

42,179

 

 

 

—

 

 

 

(258,594

)

 

 

—

 

Corporate expenses and other

 

10,208

 

 

 

9,766

 

 

 

26,431

 

 

 

46,405

 

 

 

28,519

 

 

7,517

 

 

 

6,746

 

 

 

57,243

 

 

 

146,430

 

Stock-based compensation

 

7,543

 

 

 

8,700

 

 

 

4,185

 

 

 

20,428

 

 

 

6,948

 

 

1,721

 

 

 

7,904

 

 

 

27,514

 

 

 

64,515

 

Triple-net operating lease rent expense

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

141,722

 

 

 

—

 

 

 

—

 

 

 

141,722

 

Adjusted Property EBITDAR

$

615,846

 

 

$

338,091

 

 

$

—

 

 

$

953,937

 

 

$

946,243

 

$

257,409

 

 

$

(42,646

)

 

$

—

 

 

$

2,114,943

 

 

Year Ended December 31, 2022

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Wynn Interactive

 

Corporate and Other

 

Total

Operating income (loss)

$

(357,666

)

 

$

(247,727

)

 

$

(22,190

)

 

$

(627,583

)

 

$

450,073

 

$

209,962

 

 

$

(240,111

)

 

$

106,983

 

 

$

(100,676

)

Pre-opening expenses

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15,451

 

 

214

 

 

 

4,677

 

 

 

301

 

 

 

20,643

 

Depreciation and amortization

 

207,110

 

 

 

81,114

 

 

 

2,709

 

 

 

290,933

 

 

 

199,973

 

 

152,906

 

 

 

39,422

 

 

 

9,084

 

 

 

692,318

 

Gain on EBH Transaction, net

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

(181,989

)

 

 

—

 

 

 

—

 

 

 

(181,989

)

Impairment of goodwill and intangible assets

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

 

 

48,036

 

 

 

—

 

 

 

48,036

 

Property charges and other

 

23,296

 

 

 

11,482

 

 

 

43

 

 

 

34,821

 

 

 

3,680

 

 

1,366

 

 

 

33,015

 

 

 

(7,766

)

 

 

65,116

 

Management and license fees

 

13,895

 

 

 

11,354

 

 

 

—

 

 

 

25,249

 

 

 

101,170

 

 

40,464

 

 

 

—

 

 

 

(166,883

)

 

 

—

 

Corporate expenses and other

 

6,081

 

 

 

6,283

 

 

 

16,980

 

 

 

29,344

 

 

 

22,736

 

 

7,125

 

 

 

5,877

 

 

 

37,457

 

 

 

102,539

 

Stock-based compensation

 

10,727

 

 

 

13,447

 

 

 

2,458

 

 

 

26,632

 

 

 

8,012

 

 

1,565

 

 

 

10,594

 

 

 

20,824

 

 

 

67,627

 

Triple-net operating lease rent expense

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

11,773

 

 

 

—

 

 

 

—

 

 

 

11,773

 

Adjusted Property EBITDAR

$

(96,557

)

 

$

(124,047

)

 

$

—

 

 

$

(220,604

)

 

$

801,095

 

$

243,386

 

 

$

(98,490

)

 

$

—

 

 

$

725,387

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net income (loss) attributable to Wynn Resorts, Limited

$

729,156

 

 

$

32,411

 

 

$

729,994

 

 

$

(423,856

)

Net income (loss) attributable to noncontrolling interests

 

44,621

 

 

 

(65,956

)

 

 

52,223

 

 

 

(285,512

)

Pre-opening expenses

 

2,646

 

 

 

7,247

 

 

 

9,468

 

 

 

20,643

 

Depreciation and amortization

 

176,527

 

 

 

172,292

 

 

 

687,270

 

 

 

692,318

 

Gain on EBH Transaction, net

 

—

 

 

 

(181,989

)

 

 

—

 

 

 

(181,989

)

Impairment of goodwill and intangible assets

 

—

 

 

 

—

 

 

 

94,490

 

 

 

48,036

 

Property charges and other

 

(1,388

)

 

 

35,790

 

 

 

130,877

 

 

 

65,116

 

Triple-net operating lease rent expense

 

35,404

 

 

 

11,773

 

 

 

141,722

 

 

 

11,773

 

Corporate expenses and other

 

44,088

 

 

 

31,734

 

 

 

146,430

 

 

 

102,539

 

Stock-based compensation

 

15,376

 

 

 

19,058

 

 

 

64,515

 

 

 

67,627

 

Interest income

 

(44,931

)

 

 

(18,895

)

 

 

(175,785

)

 

 

(29,758

)

Interest expense, net of amounts capitalized

 

184,955

 

 

 

178,620

 

 

 

751,509

 

 

 

650,885

 

Change in derivatives fair value

 

(48,353

)

 

 

(1,155

)

 

 

(45,098

)

 

 

(15,956

)

Loss on debt financing transactions

 

—

 

 

 

—

 

 

 

12,683

 

 

 

—

 

Other

 

(8,315

)

 

 

(31,901

)

 

 

11,479

 

 

 

(5,811

)

(Benefit) provision for income taxes

 

(499,408

)

 

 

6,084

 

 

 

(496,834

)

 

 

9,332

 

Adjusted Property EBITDAR

$

630,378

 

 

$

195,113

 

 

$

2,114,943

 

 

$

725,387

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited)

 

 

Three Months Ended December 31,

 

 

 

Year Ended December 31,

 

 

 

 

2023

 

 

 

2022

 

 

Percent Change

 

 

2023

 

 

 

2022

 

 

Percent Change

Wynn Palace Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

417,273

 

 

$

68,918

 

 

505.5

 

$

1,471,280

 

 

$

255,886

 

 

475.0

 

Rooms

 

50,472

 

 

 

12,266

 

 

311.5

 

 

 

201,783

 

 

 

40,079

 

 

403.5

 

Food and beverage

 

29,538

 

 

 

11,519

 

 

156.4

 

 

 

104,566

 

 

 

35,546

 

 

194.2

 

Entertainment, retail and other

 

27,075

 

 

 

20,362

 

 

33.0

 

 

 

109,215

 

 

 

78,778

 

 

38.6

 

Total

$

524,358

 

 

$

113,065

 

 

363.8

 

 

$

1,886,844

 

 

$

410,289

 

 

359.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

171,133

 

 

$

(23,935

)

 

NM

 

 

$

615,846

 

 

$

(96,557

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

59

 

 

 

50

 

 

18.0

 

 

 

56

 

 

 

53

 

 

5.7

 

VIP turnover

$

3,161,083

 

 

$

1,047,561

 

 

201.8

 

 

$

11,363,248

 

 

$

2,641,321

 

 

330.2

 

VIP table games win (1)

$

93,892

 

 

$

1,118

 

 

NM

 

 

$

383,384

 

 

$

23,471

 

 

NM

 

VIP table games win as a % of turnover

 

2.97

%

 

 

0.11

%

 

 

 

 

3.37

%

 

 

0.89

%

 

 

Table games win per unit per day

$

17,381

 

 

$

245

 

 

NM

 

 

$

18,744

 

 

$

1,259

 

 

NM

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

245

 

 

 

237

 

 

3.4

 

 

 

242

 

 

 

229

 

 

5.7

 

Table drop (2)

$

1,711,850

 

 

$

373,312

 

 

358.6

 

 

$

6,126,841

 

 

$

1,312,786

 

 

366.7

 

Table games win (1)

$

404,468

 

 

$

86,933

 

 

365.3

 

 

$

1,373,436

 

 

$

282,138

 

 

386.8

 

Table games win %

 

23.6

%

 

 

23.3

%

 

 

 

 

22.4

%

 

 

21.5

%

 

 

Table games win per unit per day

$

17,934

 

 

$

3,987

 

 

349.8

 

 

$

15,574

 

 

$

3,489

 

 

346.4

 

Average number of slot machines

 

585

 

 

 

578

 

 

1.2

 

 

 

580

 

 

 

623

 

 

(6.9

)

Slot machine handle

$

624,688

 

 

$

229,341

 

 

172.4

 

 

$

2,385,033

 

 

$

732,197

 

 

225.7

 

Slot machine win (3)

$

27,580

 

 

$

8,306

 

 

232.0

 

 

$

102,816

 

 

$

31,295

 

 

228.5

 

Slot machine win per unit per day

$

512

 

 

$

156

 

 

228.2

 

 

$

486

 

 

$

142

 

 

242.3

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

98.3

%

 

 

50.1

%

 

 

 

 

94.9

%

 

 

38.4

%

 

 

ADR (4)

$

311

 

 

$

146

 

 

113.0

 

 

$

323

 

 

$

156

 

 

107.1

 

REVPAR (5)

$

306

 

 

$

73

 

 

319.2

 

 

$

306

 

 

$

60

 

 

410.0

 

NM: Not meaningful.

Note: The results of operations of Wynn Palace for the three and twelve months ended December 31, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued)

 

 

Three Months Ended December 31,

 

 

 

Year Ended December 31,

 

 

 

 

2023

 

 

 

2022

 

 

Percent Change

 

 

2023

 

 

 

2022

 

 

Percent Change

Wynn Macau Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

320,642

 

 

$

51,418

 

 

523.6

 

 

$

970,269

 

 

$

216,639

 

 

347.9

 

Rooms

 

29,534

 

 

 

7,144

 

 

313.4

 

 

 

109,308

 

 

 

25,691

 

 

325.5

 

Food and beverage

 

20,762

 

 

 

7,456

 

 

178.5

 

 

 

68,017

 

 

 

25,334

 

 

168.5

 

Entertainment, retail and other

 

15,261

 

 

 

11,180

 

 

36.5

 

 

 

65,940

 

 

 

43,585

 

 

51.3

 

Total

$

386,199

 

 

$

77,198

 

 

400.3

 

 

$

1,213,534

 

 

$

311,249

 

 

289.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

125,817

 

 

$

(35,169

)

 

NM

 

 

$

338,091

 

 

$

(124,047

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

30

 

 

 

52

 

 

(42.3

)

 

 

41

 

 

 

41

 

 

—

 

VIP turnover

$

1,405,523

 

 

$

429,575

 

 

227.2

 

 

$

5,132,628

 

 

$

1,771,143

 

 

189.8

 

VIP table games win (1)

$

61,362

 

 

$

5,135

 

 

NM

 

 

$

191,936

 

 

$

55,999

 

 

242.7

 

VIP table games win as a % of turnover

 

4.37

%

 

 

1.20

%

 

 

 

 

3.74

%

 

 

3.16

%

 

 

Table games win per unit per day

$

22,233

 

 

$

1,074

 

 

NM

 

 

$

12,699

 

 

$

3,828

 

 

231.7

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

221

 

 

 

217

 

 

1.8

 

 

 

216

 

 

 

235

 

 

(8.1

)

Table drop (2)

$

1,558,372

 

 

$

317,801

 

 

390.4

 

 

$

5,155,929

 

 

$

1,170,633

 

 

340.4

 

Table games win (1)

$

297,671

 

 

$

54,695

 

 

444.2

 

 

$

910,825

 

 

$

189,769

 

 

380.0

 

Table games win %

 

19.1

%

 

 

17.2

%

 

 

 

 

17.7

%

 

 

16.2

%

 

 

Table games win per unit per day

$

14,655

 

 

$

2,740

 

 

434.9

 

 

$

11,560

 

 

$

2,284

 

 

406.1

 

Average number of slot machines

 

557

 

 

 

691

 

 

(19.4

)

 

 

530

 

 

 

646

 

 

(18.0

)

Slot machine handle

$

652,498

 

 

$

218,935

 

 

198.0

 

 

$

2,212,196

 

 

$

895,466

 

 

147.0

 

Slot machine win (3)

$

20,775

 

 

$

7,867

 

 

164.1

 

 

$

68,667

 

 

$

31,768

 

 

116.2

 

Slot machine win per unit per day

$

405

 

 

$

124

 

 

226.6

 

 

$

355

 

 

$

139

 

 

155.4

 

Poker rake

$

4,460

 

 

$

223

 

 

NM

 

 

$

18,266

 

 

$

357

 

 

NM

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

99.4

%

 

 

51.8

%

 

 

 

 

96.5

%

 

 

41.1

%

 

 

ADR (4)

$

282

 

 

$

135

 

 

108.9

 

 

$

281

 

 

$

154

 

 

82.5

 

REVPAR (5)

$

281

 

 

$

70

 

 

301.4

 

 

$

271

 

 

$

63

 

 

330.2

 

NM: Not meaningful.

Note: The results of operations of Wynn Macau for three and twelve months ended December 31, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued)

 

 

Three Months Ended December 31,

 

 

 

Year Ended December 31,

 

 

 

 

2023

 

 

 

2022

 

 

Percent

Change

 

 

2023

 

 

 

2022

 

 

Percent

Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

167,579

 

 

$

141,349

 

 

18.6

 

 

$

628,185

 

 

$

535,279

 

 

17.4

 

Rooms

 

242,993

 

 

 

190,584

 

 

27.5

 

 

 

784,385

 

 

 

651,291

 

 

20.4

 

Food and beverage

 

199,706

 

 

 

176,126

 

 

13.4

 

 

 

770,401

 

 

 

702,515

 

 

9.7

 

Entertainment, retail and other

 

86,526

 

 

 

77,433

 

 

11.7

 

 

 

297,635

 

 

 

243,051

 

 

22.5

 

Total

$

696,804

 

 

$

585,492

 

 

19.0

 

 

$

2,480,606

 

 

$

2,132,136

 

 

16.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

270,785

 

 

$

219,251

 

 

23.5

 

 

$

946,243

 

 

$

801,095

 

 

18.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

232

 

 

 

234

 

 

(0.9

)

 

 

233

 

 

 

234

 

 

(0.4

)

Table drop (2)

$

657,564

 

 

$

590,693

 

 

11.3

 

 

$

2,425,621

 

 

$

2,274,010

 

 

6.7

 

Table games win (1)

$

167,106

 

 

$

125,441

 

 

33.2

 

 

$

599,001

 

 

$

511,746

 

 

17.1

 

Table games win %

 

25.4

%

 

 

21.2

%

 

 

 

 

24.7

%

 

 

22.5

%

 

 

Table games win per unit per day

$

7,816

 

 

$

5,823

 

 

34.2

 

 

$

7,038

 

 

$

5,990

 

 

17.5

 

Average number of slot machines

 

1,631

 

 

 

1,678

 

 

(2.8

)

 

 

1,645

 

 

 

1,703

 

 

(3.4

)

Slot machine handle

$

1,689,839

 

 

$

1,591,100

 

 

6.2

 

 

$

6,423,374

 

 

$

5,617,775

 

 

14.3

 

Slot machine win (3)

$

125,950

 

 

$

115,802

 

 

8.8

 

 

$

451,833

 

 

$

394,052

 

 

14.7

 

Slot machine win per unit per day

$

840

 

 

$

750

 

 

12.0

 

 

$

752

 

 

$

634

 

 

18.6

 

Poker rake

$

9,477

 

 

$

6,950

 

 

36.4

 

 

$

25,720

 

 

$

19,680

 

 

30.7

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

88.9

%

 

 

89.9

%

 

 

 

 

89.6

%

 

 

86.7

%

 

 

ADR (4)

$

631

 

 

$

492

 

 

28.3

 

 

$

513

 

 

$

454

 

 

13.0

 

REVPAR (5)

$

561

 

 

$

443

 

 

26.6

 

 

$

459

 

 

$

393

 

 

16.8

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR, and REVPAR)

(unaudited) (continued)

 

 

Three Months Ended December 31,

 

 

 

Year Ended December 31,

 

 

 

 

2023

 

 

 

2022

 

 

Percent Change

 

 

2023

 

 

 

2022

 

 

Percent Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

160,464

 

 

$

161,534

 

 

(0.7

)

 

$

648,668

 

 

$

624,738

 

 

3.8

 

Rooms

 

24,300

 

 

 

23,259

 

 

4.5

 

 

 

90,195

 

 

 

85,078

 

 

6.0

 

Food and beverage

 

21,552

 

 

 

22,546

 

 

(4.4

)

 

 

85,653

 

 

 

82,818

 

 

3.4

 

Entertainment, retail and other

 

10,829

 

 

 

11,001

 

 

(1.6

)

 

 

41,270

 

 

 

38,439

 

 

7.4

 

Total

$

217,145

 

 

$

218,340

 

 

(0.5

)

 

$

865,786

 

 

$

831,073

 

 

4.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

64,393

 

 

$

63,254

 

 

1.8

 

 

$

257,409

 

 

$

243,386

 

 

5.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

185

 

 

 

194

 

 

(4.6

)

 

 

191

 

 

 

187

 

 

2.1

 

Table drop (2)

$

358,324

 

 

$

370,590

 

 

(3.3

)

 

$

1,422,416

 

 

$

1,447,851

 

 

(1.8

)

Table games win (1)

$

78,720

 

 

$

81,032

 

 

(2.9

)

 

$

308,890

 

 

$

315,057

 

 

(2.0

)

Table games win %

 

22.0

%

 

 

21.9

%

 

 

 

 

21.7

%

 

 

21.8

%

 

 

Table games win per unit per day

$

4,621

 

 

$

4,546

 

 

1.6

 

 

$

4,429

 

 

$

4,604

 

 

(3.8

)

Average number of slot machines

 

2,560

 

 

 

2,601

 

 

(1.6

)

 

 

2,550

 

 

 

2,716

 

 

(6.1

)

Slot machine handle

$

1,323,309

 

 

$

1,303,782

 

 

1.5

 

 

$

5,256,696

 

 

$

5,007,772

 

 

5.0

 

Slot machine win (3)

$

105,061

 

 

$

103,846

 

 

1.2

 

 

$

421,190

 

 

$

402,688

 

 

4.6

 

Slot machine win per unit per day

$

446

 

 

$

434

 

 

2.8

 

 

$

452

 

 

$

406

 

 

11.3

 

Poker rake

$

5,389

 

 

$

4,895

 

 

10.1

 

 

$

21,505

 

 

$

9,476

 

 

126.9

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

93.3

%

 

 

93.9

%

 

 

 

 

93.0

%

 

 

91.4

%

 

 

ADR (4)

$

424

 

 

$

404

 

 

5.0

 

 

$

398

 

 

$

382

 

 

4.2

 

REVPAR (5)

$

395

 

 

$

380

 

 

3.9

 

 

$

370

 

 

$

349

 

 

6.0

 

(1)

Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.

(2)

In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.

(3)

Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.

(4)

ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.

(5)

REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.

(6)

Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

 

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