Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Wynn Resorts, Limited Reports Third Quarter 2023 Results By: Wynn Resorts, Limited via Business Wire November 09, 2023 at 16:02 PM EST Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2023. Operating revenues were $1.67 billion for the third quarter of 2023, an increase of $782.2 million from $889.7 million for the third quarter of 2022. Net loss attributable to Wynn Resorts, Limited was $116.7 million for the third quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $142.9 million for the third quarter of 2022. Diluted net loss per share was $1.03 for the third quarter of 2023, compared to diluted net loss per share of $1.27 for the third quarter of 2022. Adjusted Property EBITDAR(1) was $530.4 million for the third quarter of 2023, compared to Adjusted Property EBITDAR of $173.5 million for the third quarter of 2022. "Our third quarter results reflect continued strength across our property portfolio," said Craig Billings, CEO of Wynn Resorts, Limited. "Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDAR at our combined North American properties as we continue to elevate our properties above those of our peers. In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, construction on Wynn Al Marjan Island is well underway, and we are confident the resort will be a 'must see' tourism destination in the UAE." Consolidated Results Operating revenues were $1.67 billion for the third quarter of 2023, an increase of $782.2 million from $889.7 million for the third quarter of 2022. For the third quarter of 2023, operating revenues increased $449.5 million, $254.6 million, $74.6 million, and $4.8 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $1.4 million at Encore Boston Harbor, from the third quarter of 2022. Net loss attributable to Wynn Resorts, Limited was $116.7 million for the third quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $142.9 million for the third quarter of 2022. Diluted net loss per share was $1.03 for the third quarter of 2023, compared to diluted net loss per share of $1.27 for the third quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited(2) was $112.0 million, or $0.99 per diluted share, for the third quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $135.4 million, or $1.20 per diluted share, for the third quarter of 2022. Adjusted Property EBITDAR was $530.4 million for the third quarter of 2023, an increase of $356.8 million compared to Adjusted Property EBITDAR of $173.5 million for the third quarter of 2022. For the third quarter of 2023, Adjusted Property EBITDAR increased $198.9 million, $121.7 million, $24.0 million, and $12.9 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $0.6 million at Encore Boston Harbor, from the third quarter of 2022. Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on November 30, 2023 to stockholders of record as of November 20, 2023. Property Results Macau Operations Wynn Palace Operating revenues from Wynn Palace were $524.8 million for the third quarter of 2023, an increase of $449.5 million from $75.2 million for the third quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $177.0 million for the third quarter of 2023, compared to $(21.8) million for the third quarter of 2022. Table games win percentage in mass market operations was 23.3%, above the 21.5% experienced in the third quarter of 2022. VIP table games win as a percentage of turnover was 3.42%, above the property's expected range of 3.1% to 3.4% and above the 3.27% experienced in the third quarter of 2022. Wynn Macau Operating revenues from Wynn Macau were $295.0 million for the third quarter of 2023, an increase of $254.6 million from $40.4 million for the third quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $77.9 million for the third quarter of 2023, compared to $(43.8) million for the third quarter of 2022. Table games win percentage in mass market operations was 16.5%, above the 13.3% experienced in the third quarter of 2022. VIP table games win as a percentage of turnover was 3.52%, above the property's expected range of 3.1% to 3.4% and above the 1.56% experienced in the third quarter of 2022. Las Vegas Operations Operating revenues from our Las Vegas Operations were $619.0 million for the third quarter of 2023, an increase of $74.6 million from $544.4 million for the third quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2023 was $219.7 million, compared to $195.8 million for the third quarter of 2022. Table games win percentage for the third quarter of 2023 was 26.0%, within the property's expected range of 22% to 26% and above the 20.7% experienced in the third quarter of 2022. Encore Boston Harbor Operating revenues from Encore Boston Harbor were $210.4 million for the third quarter of 2023, a decrease of $1.4 million from $211.8 million for the third quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2023 was $60.5 million, compared to $61.1 million for the third quarter of 2022. Table games win percentage for the third quarter of 2023 was 20.8%, within the property's expected range of 18% to 22% and below the 21.1% experienced in the third quarter of 2022. Balance Sheet Our cash and cash equivalents as of September 30, 2023 totaled $2.79 billion, comprised of $1.20 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $651.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $936.7 million held at Corporate and other. In addition, as of September 30, 2023, we had $646.2 million and $145.5 million in short-term investments held at WML and Corporate and other, respectively. As of September 30, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $737.0 million, and the WM Cayman II Revolver was fully drawn. Total current and long-term debt outstanding at September 30, 2023 was $11.79 billion, comprised of $6.79 billion of Macau related debt, $2.25 billion of Wynn Las Vegas debt, $2.14 billion of WRF debt, and $613.9 million of debt held by the retail joint venture which we consolidate. In August 2023, Wynn Las Vegas repurchased $400.0 million aggregate principal amount of its 5 1/2% Senior Notes due 2025, at a price equal to 94% of the principal amount plus accrued interest and an early tender premium of $20.0 million, using cash held by Wynn Resorts. During the third quarter of 2023, the Company repurchased 596,948 shares of its common stock under its publicly announced equity repurchase program at an average price of $94.11 per share, for an aggregate cost of $56.2 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 November 9, 2023 at 1:30 p.m. PT (4:30 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 November 14, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 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, adverse macroeconomic conditions and their impact on levels of income and consumer discretionary spending, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, uncertainty surrounding the pace of recovery of tourism and travel in Asia following the COVID-19 pandemic, 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, 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 risks, cybersecurity risk and our leverage and debt service. 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, gain (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, gain (loss) on debt financing transactions, and foreign currency remeasurement and other, net of noncontrolling interests. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating revenues: Casino $ 972,453 $ 359,876 $ 2,652,444 $ 1,209,323 Rooms 289,338 197,212 838,372 568,886 Food and beverage 267,432 224,730 757,079 628,566 Entertainment, retail and other 142,713 107,904 443,542 345,113 Total operating revenues 1,671,936 889,722 4,691,437 2,751,888 Operating expenses: Casino 577,733 239,901 1,594,761 808,044 Rooms 77,790 67,689 224,275 191,474 Food and beverage 220,835 185,388 605,376 517,515 Entertainment, retail and other 82,554 72,964 261,035 236,853 General and administrative 268,445 201,275 785,538 598,433 Provision for credit losses 870 (8,186 ) (6,314 ) (11,331 ) Pre-opening 867 6,447 6,822 13,396 Depreciation and amortization 171,969 172,502 510,743 520,026 Impairment of goodwill and intangible assets 93,990 — 94,490 48,036 Property charges and other 114,288 4,733 132,265 29,326 Total operating expenses 1,609,341 942,713 4,208,991 2,951,772 Operating income (loss) 62,595 (52,991 ) 482,446 (199,884 ) Other income (expense): Interest income 46,534 6,892 130,854 10,863 Interest expense, net of amounts capitalized (188,571 ) (165,277 ) (566,554 ) (472,265 ) Change in derivatives fair value (50,637 ) 5,839 (3,255 ) 14,801 Gain (loss) on debt financing transactions 2,928 — (12,683 ) — Other 3,861 (864 ) (19,794 ) (26,090 ) Other income (expense), net (185,885 ) (153,410 ) (471,432 ) (472,691 ) Income (loss) before income taxes (123,290 ) (206,401 ) 11,014 (672,575 ) Benefit (provision) for income taxes 2,749 (1,390 ) (2,574 ) (3,248 ) Net income (loss) (120,541 ) (207,791 ) 8,440 (675,823 ) Less: net (income) loss attributable to noncontrolling interests 3,863 64,899 (7,602 ) 219,556 Net income (loss) attributable to Wynn Resorts, Limited $ (116,678 ) $ (142,892 ) $ 838 $ (456,267 ) Basic and diluted net income (loss) per common share: Net income (loss) attributable to Wynn Resorts, Limited: Basic $ (1.03 ) $ (1.27 ) $ 0.01 $ (4.00 ) Diluted $ (1.03 ) $ (1.27 ) $ 0.01 $ (4.00 ) Weighted average common shares outstanding: Basic 112,797 112,709 112,813 114,061 Diluted 112,797 112,709 113,132 114,061 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to Wynn Resorts, Limited $ (116,678 ) $ (142,892 ) $ 838 $ (456,267 ) Pre-opening expenses 867 6,447 6,822 13,396 Impairment of goodwill and intangible assets 93,990 — 94,490 48,036 Property charges and other 114,288 4,733 132,265 29,326 Change in derivatives fair value 50,637 (5,839 ) 3,255 (14,801 ) (Gain) loss on debt financing transactions (2,928 ) — 12,683 — Foreign currency remeasurement and other (3,861 ) 864 19,794 26,090 Income tax impact on adjustments (1,065 ) (88 ) (1,055 ) (96 ) Noncontrolling interests impact on adjustments (23,233 ) 1,380 (20,403 ) (14,427 ) Adjusted net income (loss) attributable to Wynn Resorts, Limited $ 112,017 $ (135,395 ) $ 248,689 $ (368,743 ) Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share $ 0.99 $ (1.20 ) $ 2.20 $ (3.23 ) Weighted average common shares outstanding - diluted 113,106 112,709 113,132 114,061 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Three Months Ended September 30, 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) $ 92,484 $ 40,065 $ (5,459 ) $ 127,090 $ 122,276 $ (19,070 ) $ (208,959 ) $ 41,258 $ 62,595 Pre-opening expenses — — — — — 6 861 — 867 Depreciation and amortization 53,985 20,331 381 74,697 57,753 31,100 6,094 2,325 171,969 Impairment of goodwill and intangible assets — — — — — — 93,990 — 93,990 Property charges and other 9,085 3,405 2 12,492 1,323 487 99,986 — 114,288 Management and license fees 16,691 9,228 — 25,919 29,379 10,265 — (65,563 ) — Corporate expenses and other 2,364 2,372 3,982 8,718 7,264 1,880 1,861 15,381 35,104 Stock-based compensation 2,439 2,538 1,094 6,071 1,745 426 1,303 6,599 16,144 Triple-net operating lease rent expense — — — — — 35,404 — — 35,404 Adjusted Property EBITDAR $ 177,048 $ 77,939 $ — $ 254,987 $ 219,740 $ 60,498 $ (4,864 ) $ — $ 530,361 Three Months Ended September 30, 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) $ (84,478 ) $ (73,833 ) $ (4,339 ) $ (162,650 ) $ 103,006 $ 9,602 $ (27,113 ) $ 24,164 $ (52,991 ) Pre-opening expenses — — — — 5,087 199 1,161 — 6,447 Depreciation and amortization 52,225 21,172 380 73,777 52,756 38,875 4,827 2,267 172,502 Property charges and other 2,467 1,419 22 3,908 1,042 34 (213 ) (38 ) 4,733 Management and license fees 2,643 2,250 — 4,893 25,798 10,308 — (40,999 ) — Corporate expenses and other 1,599 1,620 3,297 6,516 5,872 1,736 651 7,994 22,769 Stock-based compensation 3,736 3,566 640 7,942 2,199 382 2,939 6,612 20,074 Adjusted Property EBITDAR $ (21,808 ) $ (43,806 ) $ — $ (65,614 ) $ 195,760 $ 61,136 $ (17,748 ) $ — $ 173,534 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Nine Months Ended September 30, 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) $ 212,627 $ 99,581 $ (16,297 ) $ 295,911 $ 384,048 $ (45,022 ) $ (268,029 ) $ 115,538 $ 482,446 Pre-opening expenses — — — — 81 1,253 5,591 (103 ) 6,822 Depreciation and amortization 162,060 61,508 1,141 224,709 171,955 91,232 15,933 6,914 510,743 Impairment of goodwill and intangible assets — — — — — — 94,490 — 94,490 Property charges and other 12,914 10,483 15 23,412 8,474 709 99,670 — 132,265 Management and license fees 43,595 25,990 — 69,585 84,632 31,514 — (185,731 ) — Corporate expenses and other 7,475 7,591 12,034 27,100 21,150 5,693 4,841 43,558 102,342 Stock-based compensation 6,042 7,121 3,107 16,270 5,118 1,319 6,608 19,824 49,139 Triple-net operating lease rent expense — — — — — 106,318 — — 106,318 Adjusted Property EBITDAR $ 444,713 $ 212,274 $ — $ 656,987 $ 675,458 $ 193,016 $ (40,896 ) $ — $ 1,484,565 Nine Months Ended September 30, 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) $ (251,721 ) $ (182,128 ) $ (12,389 ) $ (446,238 ) $ 328,762 $ 25,551 $ (189,469 ) $ 81,510 $ (199,884 ) Pre-opening expenses — — — — 10,031 199 3,166 — 13,396 Depreciation and amortization 154,293 60,750 2,328 217,371 144,108 117,296 34,448 6,803 520,026 Impairment of goodwill and intangible assets — — — — — — 48,036 — 48,036 Property charges and other 2,918 9,366 27 12,311 3,319 674 20,107 (7,085 ) 29,326 Management and license fees 10,086 8,846 — 18,932 73,174 29,810 — (121,916 ) — Corporate expenses and other 4,729 4,910 8,262 17,901 16,862 5,382 5,504 25,156 70,805 Stock-based compensation 7,073 9,378 1,772 18,223 5,588 1,220 8,006 15,532 48,569 Adjusted Property EBITDAR $ (72,622 ) $ (88,878 ) $ — $ (161,500 ) $ 581,844 $ 180,132 $ (70,202 ) $ — $ 530,274 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to Wynn Resorts, Limited $ (116,678 ) $ (142,892 ) $ 838 $ (456,267 ) Net (loss) income attributable to noncontrolling interests (3,863 ) (64,899 ) 7,602 (219,556 ) Pre-opening expenses 867 6,447 6,822 13,396 Depreciation and amortization 171,969 172,502 510,743 520,026 Impairment of goodwill and intangible assets 93,990 — 94,490 48,036 Property charges and other 114,288 4,733 132,265 29,326 Triple-net operating lease rent expense 35,404 — 106,318 — Corporate expenses and other 35,104 22,769 102,342 70,805 Stock-based compensation 16,144 20,074 49,139 48,569 Interest income (46,534 ) (6,892 ) (130,854 ) (10,863 ) Interest expense, net of amounts capitalized 188,571 165,277 566,554 472,265 Change in derivatives fair value 50,637 (5,839 ) 3,255 (14,801 ) (Gain) loss on debt financing transactions (2,928 ) — 12,683 — Other (3,861 ) 864 19,794 26,090 (Benefit) provision for income taxes (2,749 ) 1,390 2,574 3,248 Adjusted Property EBITDAR $ 530,361 $ 173,534 $ 1,484,565 $ 530,274 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Wynn Palace Supplemental Information Operating revenues Casino $ 418,043 $ 45,361 821.6 $ 1,054,007 $ 186,968 463.7 Rooms 54,309 6,974 678.7 151,311 27,813 444.0 Food and beverage 26,215 5,727 357.7 75,028 24,027 212.3 Entertainment, retail and other 26,206 17,186 52.5 82,140 58,416 40.6 Total $ 524,773 $ 75,248 597.4 $ 1,362,486 $ 297,224 358.4 Adjusted Property EBITDAR (6) $ 177,048 $ (21,808 ) NM $ 444,713 $ (72,622 ) NM Casino Statistics: VIP: Average number of table games 58 49 18.4 55 54 1.9 VIP turnover $ 2,866,469 $ 283,744 910.2 $ 8,202,165 $ 1,593,761 414.6 VIP table games win (1) $ 98,014 $ 9,271 957.2 $ 289,492 $ 22,353 1,195.1 VIP table games win as a % of turnover 3.42 % 3.27 % 3.53 % 1.40 % Table games win per unit per day $ 18,386 $ 2,381 672.2 $ 19,233 $ 1,587 1,111.9 Mass market: Average number of table games 244 212 15.1 240 226 6.2 Table drop (2) $ 1,725,845 $ 197,066 775.8 $ 4,414,990 $ 939,474 369.9 Table games win (1) $ 402,285 $ 42,449 847.7 $ 968,967 $ 195,205 396.4 Table games win % 23.3 % 21.5 % 21.9 % 20.8 % Table games win per unit per day $ 17,913 $ 2,501 616.2 $ 14,763 $ 3,305 346.7 Average number of slot machines 563 607 (7.2 ) 579 638 (9.2 ) Slot machine handle $ 634,121 $ 121,522 421.8 $ 1,760,345 $ 502,856 250.1 Slot machine win (3) $ 22,228 $ 5,418 310.3 $ 75,236 $ 22,989 227.3 Slot machine win per unit per day $ 429 $ 112 283.0 $ 476 $ 138 244.9 Room statistics: Occupancy 96.9 % 28.1 % 93.8 % 34.4 % ADR (4) $ 342 $ 145 135.9 $ 327 $ 160 104.4 REVPAR (5) $ 331 $ 41 707.3 $ 307 $ 55 458.2 NM: Not meaningful. Note: The results of operations of Wynn Palace for the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Wynn Macau Supplemental Information Operating revenues Casino $ 230,294 $ 22,832 908.6 $ 649,627 $ 165,221 293.2 Rooms 31,673 4,395 620.7 79,774 18,547 330.1 Food and beverage 18,287 4,261 329.2 47,255 17,878 164.3 Entertainment, retail and other 14,762 8,880 66.2 50,679 32,405 56.4 Total $ 295,016 $ 40,368 630.8 $ 827,335 $ 234,051 253.5 Adjusted Property EBITDAR (6) $ 77,939 $ (43,806 ) NM $ 212,274 $ (88,878 ) NM Casino Statistics: VIP: Average number of table games 36 39 (7.7 ) 45 38 18.4 VIP turnover $ 1,192,610 $ 152,872 680.1 $ 3,727,106 $ 1,341,567 177.8 VIP table games win (1) $ 41,995 $ 2,389 1,657.8 $ 130,574 $ 50,864 156.7 VIP table games win as a % of turnover 3.52 % 1.56 % 3.50 % 3.79 % Table games win per unit per day $ 12,638 $ 771 1,539.2 $ 10,569 $ 5,164 104.7 Mass market: Average number of table games 217 230 (5.7 ) 214 242 (11.6 ) Table drop (2) $ 1,384,258 $ 167,539 726.2 $ 3,597,557 $ 852,832 321.8 Table games win (1) $ 228,323 $ 22,232 927.0 $ 613,154 $ 135,074 353.9 Table games win % 16.5 % 13.3 % 17.0 % 15.8 % Table games win per unit per day $ 11,423 $ 1,211 843.3 $ 10,485 $ 2,140 390.0 Average number of slot machines 500 641 (22.0 ) 521 630 (17.3 ) Slot machine handle $ 570,122 $ 193,680 194.4 $ 1,559,698 $ 676,531 130.5 Slot machine win (3) $ 16,143 $ 6,961 131.9 $ 47,892 $ 23,902 100.4 Slot machine win per unit per day $ 351 $ 136 158.1 $ 337 $ 145 132.4 Poker rake $ 4,494 $ 74 NM $ 13,807 $ 134 NM Room statistics: Occupancy 98.7 % 31.4 % 95.5 % 37.4 % ADR (4) $ 327 $ 137 138.7 $ 281 $ 163 72.4 REVPAR (5) $ 323 $ 43 651.2 $ 268 $ 61 339.3 NM: Not meaningful. Note: The results of operations of Wynn Macau for the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Las Vegas Operations Supplemental Information Operating revenues Casino $ 168,130 $ 134,314 25.2 $ 460,606 $ 393,930 16.9 Rooms 178,518 162,125 10.1 541,392 460,707 17.5 Food and beverage 203,066 193,733 4.8 570,695 526,389 8.4 Entertainment, retail and other 69,252 54,217 27.7 211,109 165,618 27.5 Total $ 618,966 $ 544,389 13.7 $ 1,783,802 $ 1,546,644 15.3 Adjusted Property EBITDAR (6) $ 219,740 $ 195,760 12.2 $ 675,458 $ 581,844 16.1 Casino Statistics: Average number of table games 234 237 (1.3 ) 233 234 (0.4 ) Table drop (2) $ 607,610 $ 570,419 6.5 $ 1,768,057 $ 1,683,317 5.0 Table games win (1) $ 157,873 $ 118,263 33.5 $ 431,896 $ 386,306 11.8 Table games win % 26.0 % 20.7 % 24.4 % 22.9 % Table games win per unit per day $ 7,340 $ 5,420 35.4 $ 6,777 $ 6,047 12.1 Average number of slot machines 1,631 1,693 (3.7 ) 1,650 1,711 (3.6 ) Slot machine handle $ 1,638,274 $ 1,522,512 7.6 $ 4,733,534 $ 4,026,675 17.6 Slot machine win (3) $ 115,738 $ 107,575 7.6 $ 325,883 $ 278,250 17.1 Slot machine win per unit per day $ 771 $ 691 11.6 $ 723 $ 596 21.3 Poker rake $ 5,669 $ 3,848 47.3 $ 16,243 $ 12,729 27.6 Room statistics: Occupancy 90.0 % 88.8 % 89.8 % 85.5 % ADR (4) $ 463 $ 426 8.7 $ 473 $ 440 7.5 REVPAR (5) $ 417 $ 378 10.3 $ 424 $ 376 12.8 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Encore Boston Harbor Supplemental Information Operating revenues Casino $ 155,986 $ 157,369 (0.9 ) $ 488,204 $ 463,204 5.4 Rooms 24,838 23,718 4.7 65,895 61,819 6.6 Food and beverage 19,864 21,009 (5.5 ) 64,101 60,272 6.4 Entertainment, retail and other 9,715 9,687 0.3 30,441 27,438 10.9 Total $ 210,403 $ 211,783 (0.7 ) $ 648,641 $ 612,733 5.9 Adjusted Property EBITDAR (6) $ 60,498 $ 61,136 (1.0 ) $ 193,016 $ 180,132 7.2 Casino Statistics: Average number of table games 191 188 1.6 193 185 4.3 Table drop (2) $ 343,686 $ 364,844 (5.8 ) $ 1,064,092 $ 1,077,261 (1.2 ) Table games win (1) $ 71,555 $ 76,970 (7.0 ) $ 230,170 $ 234,024 (1.6 ) Table games win % 20.8 % 21.1 % 21.6 % 21.7 % Table games win per unit per day $ 4,079 $ 4,448 (8.3 ) $ 4,368 $ 4,624 (5.5 ) Average number of slot machines 2,561 2,706 (5.4 ) 2,547 2,754 (7.5 ) Slot machine handle $ 1,336,724 $ 1,288,250 3.8 $ 3,933,388 $ 3,703,990 6.2 Slot machine win (3) $ 105,330 $ 104,122 1.2 $ 316,129 $ 298,842 5.8 Slot machine win per unit per day $ 447 $ 418 6.9 $ 455 $ 397 14.6 Poker rake $ 5,224 $ 2,554 104.5 $ 16,116 $ 4,580 251.9 Room statistics: Occupancy 96.0 % 97.0 % 92.9 % 90.6 % ADR (4) $ 421 $ 398 5.8 $ 389 $ 374 4.0 REVPAR (5) $ 405 $ 386 4.9 $ 362 $ 339 6.8 (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. View source version on businesswire.com: https://www.businesswire.com/news/home/20231109168340/en/Contacts Price Karr 702-770-7555 investorrelations@wynnresorts.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Wynn Resorts, Limited Reports Third Quarter 2023 Results By: Wynn Resorts, Limited via Business Wire November 09, 2023 at 16:02 PM EST Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2023. Operating revenues were $1.67 billion for the third quarter of 2023, an increase of $782.2 million from $889.7 million for the third quarter of 2022. Net loss attributable to Wynn Resorts, Limited was $116.7 million for the third quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $142.9 million for the third quarter of 2022. Diluted net loss per share was $1.03 for the third quarter of 2023, compared to diluted net loss per share of $1.27 for the third quarter of 2022. Adjusted Property EBITDAR(1) was $530.4 million for the third quarter of 2023, compared to Adjusted Property EBITDAR of $173.5 million for the third quarter of 2022. "Our third quarter results reflect continued strength across our property portfolio," said Craig Billings, CEO of Wynn Resorts, Limited. "Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDAR at our combined North American properties as we continue to elevate our properties above those of our peers. In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, construction on Wynn Al Marjan Island is well underway, and we are confident the resort will be a 'must see' tourism destination in the UAE." Consolidated Results Operating revenues were $1.67 billion for the third quarter of 2023, an increase of $782.2 million from $889.7 million for the third quarter of 2022. For the third quarter of 2023, operating revenues increased $449.5 million, $254.6 million, $74.6 million, and $4.8 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $1.4 million at Encore Boston Harbor, from the third quarter of 2022. Net loss attributable to Wynn Resorts, Limited was $116.7 million for the third quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $142.9 million for the third quarter of 2022. Diluted net loss per share was $1.03 for the third quarter of 2023, compared to diluted net loss per share of $1.27 for the third quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited(2) was $112.0 million, or $0.99 per diluted share, for the third quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $135.4 million, or $1.20 per diluted share, for the third quarter of 2022. Adjusted Property EBITDAR was $530.4 million for the third quarter of 2023, an increase of $356.8 million compared to Adjusted Property EBITDAR of $173.5 million for the third quarter of 2022. For the third quarter of 2023, Adjusted Property EBITDAR increased $198.9 million, $121.7 million, $24.0 million, and $12.9 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $0.6 million at Encore Boston Harbor, from the third quarter of 2022. Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on November 30, 2023 to stockholders of record as of November 20, 2023. Property Results Macau Operations Wynn Palace Operating revenues from Wynn Palace were $524.8 million for the third quarter of 2023, an increase of $449.5 million from $75.2 million for the third quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $177.0 million for the third quarter of 2023, compared to $(21.8) million for the third quarter of 2022. Table games win percentage in mass market operations was 23.3%, above the 21.5% experienced in the third quarter of 2022. VIP table games win as a percentage of turnover was 3.42%, above the property's expected range of 3.1% to 3.4% and above the 3.27% experienced in the third quarter of 2022. Wynn Macau Operating revenues from Wynn Macau were $295.0 million for the third quarter of 2023, an increase of $254.6 million from $40.4 million for the third quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $77.9 million for the third quarter of 2023, compared to $(43.8) million for the third quarter of 2022. Table games win percentage in mass market operations was 16.5%, above the 13.3% experienced in the third quarter of 2022. VIP table games win as a percentage of turnover was 3.52%, above the property's expected range of 3.1% to 3.4% and above the 1.56% experienced in the third quarter of 2022. Las Vegas Operations Operating revenues from our Las Vegas Operations were $619.0 million for the third quarter of 2023, an increase of $74.6 million from $544.4 million for the third quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2023 was $219.7 million, compared to $195.8 million for the third quarter of 2022. Table games win percentage for the third quarter of 2023 was 26.0%, within the property's expected range of 22% to 26% and above the 20.7% experienced in the third quarter of 2022. Encore Boston Harbor Operating revenues from Encore Boston Harbor were $210.4 million for the third quarter of 2023, a decrease of $1.4 million from $211.8 million for the third quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2023 was $60.5 million, compared to $61.1 million for the third quarter of 2022. Table games win percentage for the third quarter of 2023 was 20.8%, within the property's expected range of 18% to 22% and below the 21.1% experienced in the third quarter of 2022. Balance Sheet Our cash and cash equivalents as of September 30, 2023 totaled $2.79 billion, comprised of $1.20 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $651.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $936.7 million held at Corporate and other. In addition, as of September 30, 2023, we had $646.2 million and $145.5 million in short-term investments held at WML and Corporate and other, respectively. As of September 30, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $737.0 million, and the WM Cayman II Revolver was fully drawn. Total current and long-term debt outstanding at September 30, 2023 was $11.79 billion, comprised of $6.79 billion of Macau related debt, $2.25 billion of Wynn Las Vegas debt, $2.14 billion of WRF debt, and $613.9 million of debt held by the retail joint venture which we consolidate. In August 2023, Wynn Las Vegas repurchased $400.0 million aggregate principal amount of its 5 1/2% Senior Notes due 2025, at a price equal to 94% of the principal amount plus accrued interest and an early tender premium of $20.0 million, using cash held by Wynn Resorts. During the third quarter of 2023, the Company repurchased 596,948 shares of its common stock under its publicly announced equity repurchase program at an average price of $94.11 per share, for an aggregate cost of $56.2 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 November 9, 2023 at 1:30 p.m. PT (4:30 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 November 14, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 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, adverse macroeconomic conditions and their impact on levels of income and consumer discretionary spending, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, uncertainty surrounding the pace of recovery of tourism and travel in Asia following the COVID-19 pandemic, 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, 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 risks, cybersecurity risk and our leverage and debt service. 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, gain (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, gain (loss) on debt financing transactions, and foreign currency remeasurement and other, net of noncontrolling interests. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating revenues: Casino $ 972,453 $ 359,876 $ 2,652,444 $ 1,209,323 Rooms 289,338 197,212 838,372 568,886 Food and beverage 267,432 224,730 757,079 628,566 Entertainment, retail and other 142,713 107,904 443,542 345,113 Total operating revenues 1,671,936 889,722 4,691,437 2,751,888 Operating expenses: Casino 577,733 239,901 1,594,761 808,044 Rooms 77,790 67,689 224,275 191,474 Food and beverage 220,835 185,388 605,376 517,515 Entertainment, retail and other 82,554 72,964 261,035 236,853 General and administrative 268,445 201,275 785,538 598,433 Provision for credit losses 870 (8,186 ) (6,314 ) (11,331 ) Pre-opening 867 6,447 6,822 13,396 Depreciation and amortization 171,969 172,502 510,743 520,026 Impairment of goodwill and intangible assets 93,990 — 94,490 48,036 Property charges and other 114,288 4,733 132,265 29,326 Total operating expenses 1,609,341 942,713 4,208,991 2,951,772 Operating income (loss) 62,595 (52,991 ) 482,446 (199,884 ) Other income (expense): Interest income 46,534 6,892 130,854 10,863 Interest expense, net of amounts capitalized (188,571 ) (165,277 ) (566,554 ) (472,265 ) Change in derivatives fair value (50,637 ) 5,839 (3,255 ) 14,801 Gain (loss) on debt financing transactions 2,928 — (12,683 ) — Other 3,861 (864 ) (19,794 ) (26,090 ) Other income (expense), net (185,885 ) (153,410 ) (471,432 ) (472,691 ) Income (loss) before income taxes (123,290 ) (206,401 ) 11,014 (672,575 ) Benefit (provision) for income taxes 2,749 (1,390 ) (2,574 ) (3,248 ) Net income (loss) (120,541 ) (207,791 ) 8,440 (675,823 ) Less: net (income) loss attributable to noncontrolling interests 3,863 64,899 (7,602 ) 219,556 Net income (loss) attributable to Wynn Resorts, Limited $ (116,678 ) $ (142,892 ) $ 838 $ (456,267 ) Basic and diluted net income (loss) per common share: Net income (loss) attributable to Wynn Resorts, Limited: Basic $ (1.03 ) $ (1.27 ) $ 0.01 $ (4.00 ) Diluted $ (1.03 ) $ (1.27 ) $ 0.01 $ (4.00 ) Weighted average common shares outstanding: Basic 112,797 112,709 112,813 114,061 Diluted 112,797 112,709 113,132 114,061 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to Wynn Resorts, Limited $ (116,678 ) $ (142,892 ) $ 838 $ (456,267 ) Pre-opening expenses 867 6,447 6,822 13,396 Impairment of goodwill and intangible assets 93,990 — 94,490 48,036 Property charges and other 114,288 4,733 132,265 29,326 Change in derivatives fair value 50,637 (5,839 ) 3,255 (14,801 ) (Gain) loss on debt financing transactions (2,928 ) — 12,683 — Foreign currency remeasurement and other (3,861 ) 864 19,794 26,090 Income tax impact on adjustments (1,065 ) (88 ) (1,055 ) (96 ) Noncontrolling interests impact on adjustments (23,233 ) 1,380 (20,403 ) (14,427 ) Adjusted net income (loss) attributable to Wynn Resorts, Limited $ 112,017 $ (135,395 ) $ 248,689 $ (368,743 ) Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share $ 0.99 $ (1.20 ) $ 2.20 $ (3.23 ) Weighted average common shares outstanding - diluted 113,106 112,709 113,132 114,061 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Three Months Ended September 30, 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) $ 92,484 $ 40,065 $ (5,459 ) $ 127,090 $ 122,276 $ (19,070 ) $ (208,959 ) $ 41,258 $ 62,595 Pre-opening expenses — — — — — 6 861 — 867 Depreciation and amortization 53,985 20,331 381 74,697 57,753 31,100 6,094 2,325 171,969 Impairment of goodwill and intangible assets — — — — — — 93,990 — 93,990 Property charges and other 9,085 3,405 2 12,492 1,323 487 99,986 — 114,288 Management and license fees 16,691 9,228 — 25,919 29,379 10,265 — (65,563 ) — Corporate expenses and other 2,364 2,372 3,982 8,718 7,264 1,880 1,861 15,381 35,104 Stock-based compensation 2,439 2,538 1,094 6,071 1,745 426 1,303 6,599 16,144 Triple-net operating lease rent expense — — — — — 35,404 — — 35,404 Adjusted Property EBITDAR $ 177,048 $ 77,939 $ — $ 254,987 $ 219,740 $ 60,498 $ (4,864 ) $ — $ 530,361 Three Months Ended September 30, 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) $ (84,478 ) $ (73,833 ) $ (4,339 ) $ (162,650 ) $ 103,006 $ 9,602 $ (27,113 ) $ 24,164 $ (52,991 ) Pre-opening expenses — — — — 5,087 199 1,161 — 6,447 Depreciation and amortization 52,225 21,172 380 73,777 52,756 38,875 4,827 2,267 172,502 Property charges and other 2,467 1,419 22 3,908 1,042 34 (213 ) (38 ) 4,733 Management and license fees 2,643 2,250 — 4,893 25,798 10,308 — (40,999 ) — Corporate expenses and other 1,599 1,620 3,297 6,516 5,872 1,736 651 7,994 22,769 Stock-based compensation 3,736 3,566 640 7,942 2,199 382 2,939 6,612 20,074 Adjusted Property EBITDAR $ (21,808 ) $ (43,806 ) $ — $ (65,614 ) $ 195,760 $ 61,136 $ (17,748 ) $ — $ 173,534 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Nine Months Ended September 30, 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) $ 212,627 $ 99,581 $ (16,297 ) $ 295,911 $ 384,048 $ (45,022 ) $ (268,029 ) $ 115,538 $ 482,446 Pre-opening expenses — — — — 81 1,253 5,591 (103 ) 6,822 Depreciation and amortization 162,060 61,508 1,141 224,709 171,955 91,232 15,933 6,914 510,743 Impairment of goodwill and intangible assets — — — — — — 94,490 — 94,490 Property charges and other 12,914 10,483 15 23,412 8,474 709 99,670 — 132,265 Management and license fees 43,595 25,990 — 69,585 84,632 31,514 — (185,731 ) — Corporate expenses and other 7,475 7,591 12,034 27,100 21,150 5,693 4,841 43,558 102,342 Stock-based compensation 6,042 7,121 3,107 16,270 5,118 1,319 6,608 19,824 49,139 Triple-net operating lease rent expense — — — — — 106,318 — — 106,318 Adjusted Property EBITDAR $ 444,713 $ 212,274 $ — $ 656,987 $ 675,458 $ 193,016 $ (40,896 ) $ — $ 1,484,565 Nine Months Ended September 30, 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) $ (251,721 ) $ (182,128 ) $ (12,389 ) $ (446,238 ) $ 328,762 $ 25,551 $ (189,469 ) $ 81,510 $ (199,884 ) Pre-opening expenses — — — — 10,031 199 3,166 — 13,396 Depreciation and amortization 154,293 60,750 2,328 217,371 144,108 117,296 34,448 6,803 520,026 Impairment of goodwill and intangible assets — — — — — — 48,036 — 48,036 Property charges and other 2,918 9,366 27 12,311 3,319 674 20,107 (7,085 ) 29,326 Management and license fees 10,086 8,846 — 18,932 73,174 29,810 — (121,916 ) — Corporate expenses and other 4,729 4,910 8,262 17,901 16,862 5,382 5,504 25,156 70,805 Stock-based compensation 7,073 9,378 1,772 18,223 5,588 1,220 8,006 15,532 48,569 Adjusted Property EBITDAR $ (72,622 ) $ (88,878 ) $ — $ (161,500 ) $ 581,844 $ 180,132 $ (70,202 ) $ — $ 530,274 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to Wynn Resorts, Limited $ (116,678 ) $ (142,892 ) $ 838 $ (456,267 ) Net (loss) income attributable to noncontrolling interests (3,863 ) (64,899 ) 7,602 (219,556 ) Pre-opening expenses 867 6,447 6,822 13,396 Depreciation and amortization 171,969 172,502 510,743 520,026 Impairment of goodwill and intangible assets 93,990 — 94,490 48,036 Property charges and other 114,288 4,733 132,265 29,326 Triple-net operating lease rent expense 35,404 — 106,318 — Corporate expenses and other 35,104 22,769 102,342 70,805 Stock-based compensation 16,144 20,074 49,139 48,569 Interest income (46,534 ) (6,892 ) (130,854 ) (10,863 ) Interest expense, net of amounts capitalized 188,571 165,277 566,554 472,265 Change in derivatives fair value 50,637 (5,839 ) 3,255 (14,801 ) (Gain) loss on debt financing transactions (2,928 ) — 12,683 — Other (3,861 ) 864 19,794 26,090 (Benefit) provision for income taxes (2,749 ) 1,390 2,574 3,248 Adjusted Property EBITDAR $ 530,361 $ 173,534 $ 1,484,565 $ 530,274 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Wynn Palace Supplemental Information Operating revenues Casino $ 418,043 $ 45,361 821.6 $ 1,054,007 $ 186,968 463.7 Rooms 54,309 6,974 678.7 151,311 27,813 444.0 Food and beverage 26,215 5,727 357.7 75,028 24,027 212.3 Entertainment, retail and other 26,206 17,186 52.5 82,140 58,416 40.6 Total $ 524,773 $ 75,248 597.4 $ 1,362,486 $ 297,224 358.4 Adjusted Property EBITDAR (6) $ 177,048 $ (21,808 ) NM $ 444,713 $ (72,622 ) NM Casino Statistics: VIP: Average number of table games 58 49 18.4 55 54 1.9 VIP turnover $ 2,866,469 $ 283,744 910.2 $ 8,202,165 $ 1,593,761 414.6 VIP table games win (1) $ 98,014 $ 9,271 957.2 $ 289,492 $ 22,353 1,195.1 VIP table games win as a % of turnover 3.42 % 3.27 % 3.53 % 1.40 % Table games win per unit per day $ 18,386 $ 2,381 672.2 $ 19,233 $ 1,587 1,111.9 Mass market: Average number of table games 244 212 15.1 240 226 6.2 Table drop (2) $ 1,725,845 $ 197,066 775.8 $ 4,414,990 $ 939,474 369.9 Table games win (1) $ 402,285 $ 42,449 847.7 $ 968,967 $ 195,205 396.4 Table games win % 23.3 % 21.5 % 21.9 % 20.8 % Table games win per unit per day $ 17,913 $ 2,501 616.2 $ 14,763 $ 3,305 346.7 Average number of slot machines 563 607 (7.2 ) 579 638 (9.2 ) Slot machine handle $ 634,121 $ 121,522 421.8 $ 1,760,345 $ 502,856 250.1 Slot machine win (3) $ 22,228 $ 5,418 310.3 $ 75,236 $ 22,989 227.3 Slot machine win per unit per day $ 429 $ 112 283.0 $ 476 $ 138 244.9 Room statistics: Occupancy 96.9 % 28.1 % 93.8 % 34.4 % ADR (4) $ 342 $ 145 135.9 $ 327 $ 160 104.4 REVPAR (5) $ 331 $ 41 707.3 $ 307 $ 55 458.2 NM: Not meaningful. Note: The results of operations of Wynn Palace for the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Wynn Macau Supplemental Information Operating revenues Casino $ 230,294 $ 22,832 908.6 $ 649,627 $ 165,221 293.2 Rooms 31,673 4,395 620.7 79,774 18,547 330.1 Food and beverage 18,287 4,261 329.2 47,255 17,878 164.3 Entertainment, retail and other 14,762 8,880 66.2 50,679 32,405 56.4 Total $ 295,016 $ 40,368 630.8 $ 827,335 $ 234,051 253.5 Adjusted Property EBITDAR (6) $ 77,939 $ (43,806 ) NM $ 212,274 $ (88,878 ) NM Casino Statistics: VIP: Average number of table games 36 39 (7.7 ) 45 38 18.4 VIP turnover $ 1,192,610 $ 152,872 680.1 $ 3,727,106 $ 1,341,567 177.8 VIP table games win (1) $ 41,995 $ 2,389 1,657.8 $ 130,574 $ 50,864 156.7 VIP table games win as a % of turnover 3.52 % 1.56 % 3.50 % 3.79 % Table games win per unit per day $ 12,638 $ 771 1,539.2 $ 10,569 $ 5,164 104.7 Mass market: Average number of table games 217 230 (5.7 ) 214 242 (11.6 ) Table drop (2) $ 1,384,258 $ 167,539 726.2 $ 3,597,557 $ 852,832 321.8 Table games win (1) $ 228,323 $ 22,232 927.0 $ 613,154 $ 135,074 353.9 Table games win % 16.5 % 13.3 % 17.0 % 15.8 % Table games win per unit per day $ 11,423 $ 1,211 843.3 $ 10,485 $ 2,140 390.0 Average number of slot machines 500 641 (22.0 ) 521 630 (17.3 ) Slot machine handle $ 570,122 $ 193,680 194.4 $ 1,559,698 $ 676,531 130.5 Slot machine win (3) $ 16,143 $ 6,961 131.9 $ 47,892 $ 23,902 100.4 Slot machine win per unit per day $ 351 $ 136 158.1 $ 337 $ 145 132.4 Poker rake $ 4,494 $ 74 NM $ 13,807 $ 134 NM Room statistics: Occupancy 98.7 % 31.4 % 95.5 % 37.4 % ADR (4) $ 327 $ 137 138.7 $ 281 $ 163 72.4 REVPAR (5) $ 323 $ 43 651.2 $ 268 $ 61 339.3 NM: Not meaningful. Note: The results of operations of Wynn Macau for the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Las Vegas Operations Supplemental Information Operating revenues Casino $ 168,130 $ 134,314 25.2 $ 460,606 $ 393,930 16.9 Rooms 178,518 162,125 10.1 541,392 460,707 17.5 Food and beverage 203,066 193,733 4.8 570,695 526,389 8.4 Entertainment, retail and other 69,252 54,217 27.7 211,109 165,618 27.5 Total $ 618,966 $ 544,389 13.7 $ 1,783,802 $ 1,546,644 15.3 Adjusted Property EBITDAR (6) $ 219,740 $ 195,760 12.2 $ 675,458 $ 581,844 16.1 Casino Statistics: Average number of table games 234 237 (1.3 ) 233 234 (0.4 ) Table drop (2) $ 607,610 $ 570,419 6.5 $ 1,768,057 $ 1,683,317 5.0 Table games win (1) $ 157,873 $ 118,263 33.5 $ 431,896 $ 386,306 11.8 Table games win % 26.0 % 20.7 % 24.4 % 22.9 % Table games win per unit per day $ 7,340 $ 5,420 35.4 $ 6,777 $ 6,047 12.1 Average number of slot machines 1,631 1,693 (3.7 ) 1,650 1,711 (3.6 ) Slot machine handle $ 1,638,274 $ 1,522,512 7.6 $ 4,733,534 $ 4,026,675 17.6 Slot machine win (3) $ 115,738 $ 107,575 7.6 $ 325,883 $ 278,250 17.1 Slot machine win per unit per day $ 771 $ 691 11.6 $ 723 $ 596 21.3 Poker rake $ 5,669 $ 3,848 47.3 $ 16,243 $ 12,729 27.6 Room statistics: Occupancy 90.0 % 88.8 % 89.8 % 85.5 % ADR (4) $ 463 $ 426 8.7 $ 473 $ 440 7.5 REVPAR (5) $ 417 $ 378 10.3 $ 424 $ 376 12.8 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Encore Boston Harbor Supplemental Information Operating revenues Casino $ 155,986 $ 157,369 (0.9 ) $ 488,204 $ 463,204 5.4 Rooms 24,838 23,718 4.7 65,895 61,819 6.6 Food and beverage 19,864 21,009 (5.5 ) 64,101 60,272 6.4 Entertainment, retail and other 9,715 9,687 0.3 30,441 27,438 10.9 Total $ 210,403 $ 211,783 (0.7 ) $ 648,641 $ 612,733 5.9 Adjusted Property EBITDAR (6) $ 60,498 $ 61,136 (1.0 ) $ 193,016 $ 180,132 7.2 Casino Statistics: Average number of table games 191 188 1.6 193 185 4.3 Table drop (2) $ 343,686 $ 364,844 (5.8 ) $ 1,064,092 $ 1,077,261 (1.2 ) Table games win (1) $ 71,555 $ 76,970 (7.0 ) $ 230,170 $ 234,024 (1.6 ) Table games win % 20.8 % 21.1 % 21.6 % 21.7 % Table games win per unit per day $ 4,079 $ 4,448 (8.3 ) $ 4,368 $ 4,624 (5.5 ) Average number of slot machines 2,561 2,706 (5.4 ) 2,547 2,754 (7.5 ) Slot machine handle $ 1,336,724 $ 1,288,250 3.8 $ 3,933,388 $ 3,703,990 6.2 Slot machine win (3) $ 105,330 $ 104,122 1.2 $ 316,129 $ 298,842 5.8 Slot machine win per unit per day $ 447 $ 418 6.9 $ 455 $ 397 14.6 Poker rake $ 5,224 $ 2,554 104.5 $ 16,116 $ 4,580 251.9 Room statistics: Occupancy 96.0 % 97.0 % 92.9 % 90.6 % ADR (4) $ 421 $ 398 5.8 $ 389 $ 374 4.0 REVPAR (5) $ 405 $ 386 4.9 $ 362 $ 339 6.8 (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. View source version on businesswire.com: https://www.businesswire.com/news/home/20231109168340/en/Contacts Price Karr 702-770-7555 investorrelations@wynnresorts.com
Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2023. Operating revenues were $1.67 billion for the third quarter of 2023, an increase of $782.2 million from $889.7 million for the third quarter of 2022. Net loss attributable to Wynn Resorts, Limited was $116.7 million for the third quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $142.9 million for the third quarter of 2022. Diluted net loss per share was $1.03 for the third quarter of 2023, compared to diluted net loss per share of $1.27 for the third quarter of 2022. Adjusted Property EBITDAR(1) was $530.4 million for the third quarter of 2023, compared to Adjusted Property EBITDAR of $173.5 million for the third quarter of 2022. "Our third quarter results reflect continued strength across our property portfolio," said Craig Billings, CEO of Wynn Resorts, Limited. "Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDAR at our combined North American properties as we continue to elevate our properties above those of our peers. In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, construction on Wynn Al Marjan Island is well underway, and we are confident the resort will be a 'must see' tourism destination in the UAE." Consolidated Results Operating revenues were $1.67 billion for the third quarter of 2023, an increase of $782.2 million from $889.7 million for the third quarter of 2022. For the third quarter of 2023, operating revenues increased $449.5 million, $254.6 million, $74.6 million, and $4.8 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $1.4 million at Encore Boston Harbor, from the third quarter of 2022. Net loss attributable to Wynn Resorts, Limited was $116.7 million for the third quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $142.9 million for the third quarter of 2022. Diluted net loss per share was $1.03 for the third quarter of 2023, compared to diluted net loss per share of $1.27 for the third quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited(2) was $112.0 million, or $0.99 per diluted share, for the third quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $135.4 million, or $1.20 per diluted share, for the third quarter of 2022. Adjusted Property EBITDAR was $530.4 million for the third quarter of 2023, an increase of $356.8 million compared to Adjusted Property EBITDAR of $173.5 million for the third quarter of 2022. For the third quarter of 2023, Adjusted Property EBITDAR increased $198.9 million, $121.7 million, $24.0 million, and $12.9 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $0.6 million at Encore Boston Harbor, from the third quarter of 2022. Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on November 30, 2023 to stockholders of record as of November 20, 2023. Property Results Macau Operations Wynn Palace Operating revenues from Wynn Palace were $524.8 million for the third quarter of 2023, an increase of $449.5 million from $75.2 million for the third quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $177.0 million for the third quarter of 2023, compared to $(21.8) million for the third quarter of 2022. Table games win percentage in mass market operations was 23.3%, above the 21.5% experienced in the third quarter of 2022. VIP table games win as a percentage of turnover was 3.42%, above the property's expected range of 3.1% to 3.4% and above the 3.27% experienced in the third quarter of 2022. Wynn Macau Operating revenues from Wynn Macau were $295.0 million for the third quarter of 2023, an increase of $254.6 million from $40.4 million for the third quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $77.9 million for the third quarter of 2023, compared to $(43.8) million for the third quarter of 2022. Table games win percentage in mass market operations was 16.5%, above the 13.3% experienced in the third quarter of 2022. VIP table games win as a percentage of turnover was 3.52%, above the property's expected range of 3.1% to 3.4% and above the 1.56% experienced in the third quarter of 2022. Las Vegas Operations Operating revenues from our Las Vegas Operations were $619.0 million for the third quarter of 2023, an increase of $74.6 million from $544.4 million for the third quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2023 was $219.7 million, compared to $195.8 million for the third quarter of 2022. Table games win percentage for the third quarter of 2023 was 26.0%, within the property's expected range of 22% to 26% and above the 20.7% experienced in the third quarter of 2022. Encore Boston Harbor Operating revenues from Encore Boston Harbor were $210.4 million for the third quarter of 2023, a decrease of $1.4 million from $211.8 million for the third quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2023 was $60.5 million, compared to $61.1 million for the third quarter of 2022. Table games win percentage for the third quarter of 2023 was 20.8%, within the property's expected range of 18% to 22% and below the 21.1% experienced in the third quarter of 2022. Balance Sheet Our cash and cash equivalents as of September 30, 2023 totaled $2.79 billion, comprised of $1.20 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $651.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $936.7 million held at Corporate and other. In addition, as of September 30, 2023, we had $646.2 million and $145.5 million in short-term investments held at WML and Corporate and other, respectively. As of September 30, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $737.0 million, and the WM Cayman II Revolver was fully drawn. Total current and long-term debt outstanding at September 30, 2023 was $11.79 billion, comprised of $6.79 billion of Macau related debt, $2.25 billion of Wynn Las Vegas debt, $2.14 billion of WRF debt, and $613.9 million of debt held by the retail joint venture which we consolidate. In August 2023, Wynn Las Vegas repurchased $400.0 million aggregate principal amount of its 5 1/2% Senior Notes due 2025, at a price equal to 94% of the principal amount plus accrued interest and an early tender premium of $20.0 million, using cash held by Wynn Resorts. During the third quarter of 2023, the Company repurchased 596,948 shares of its common stock under its publicly announced equity repurchase program at an average price of $94.11 per share, for an aggregate cost of $56.2 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 November 9, 2023 at 1:30 p.m. PT (4:30 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 November 14, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 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, adverse macroeconomic conditions and their impact on levels of income and consumer discretionary spending, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, uncertainty surrounding the pace of recovery of tourism and travel in Asia following the COVID-19 pandemic, 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, 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 risks, cybersecurity risk and our leverage and debt service. 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, gain (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, gain (loss) on debt financing transactions, and foreign currency remeasurement and other, net of noncontrolling interests. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating revenues: Casino $ 972,453 $ 359,876 $ 2,652,444 $ 1,209,323 Rooms 289,338 197,212 838,372 568,886 Food and beverage 267,432 224,730 757,079 628,566 Entertainment, retail and other 142,713 107,904 443,542 345,113 Total operating revenues 1,671,936 889,722 4,691,437 2,751,888 Operating expenses: Casino 577,733 239,901 1,594,761 808,044 Rooms 77,790 67,689 224,275 191,474 Food and beverage 220,835 185,388 605,376 517,515 Entertainment, retail and other 82,554 72,964 261,035 236,853 General and administrative 268,445 201,275 785,538 598,433 Provision for credit losses 870 (8,186 ) (6,314 ) (11,331 ) Pre-opening 867 6,447 6,822 13,396 Depreciation and amortization 171,969 172,502 510,743 520,026 Impairment of goodwill and intangible assets 93,990 — 94,490 48,036 Property charges and other 114,288 4,733 132,265 29,326 Total operating expenses 1,609,341 942,713 4,208,991 2,951,772 Operating income (loss) 62,595 (52,991 ) 482,446 (199,884 ) Other income (expense): Interest income 46,534 6,892 130,854 10,863 Interest expense, net of amounts capitalized (188,571 ) (165,277 ) (566,554 ) (472,265 ) Change in derivatives fair value (50,637 ) 5,839 (3,255 ) 14,801 Gain (loss) on debt financing transactions 2,928 — (12,683 ) — Other 3,861 (864 ) (19,794 ) (26,090 ) Other income (expense), net (185,885 ) (153,410 ) (471,432 ) (472,691 ) Income (loss) before income taxes (123,290 ) (206,401 ) 11,014 (672,575 ) Benefit (provision) for income taxes 2,749 (1,390 ) (2,574 ) (3,248 ) Net income (loss) (120,541 ) (207,791 ) 8,440 (675,823 ) Less: net (income) loss attributable to noncontrolling interests 3,863 64,899 (7,602 ) 219,556 Net income (loss) attributable to Wynn Resorts, Limited $ (116,678 ) $ (142,892 ) $ 838 $ (456,267 ) Basic and diluted net income (loss) per common share: Net income (loss) attributable to Wynn Resorts, Limited: Basic $ (1.03 ) $ (1.27 ) $ 0.01 $ (4.00 ) Diluted $ (1.03 ) $ (1.27 ) $ 0.01 $ (4.00 ) Weighted average common shares outstanding: Basic 112,797 112,709 112,813 114,061 Diluted 112,797 112,709 113,132 114,061 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to Wynn Resorts, Limited $ (116,678 ) $ (142,892 ) $ 838 $ (456,267 ) Pre-opening expenses 867 6,447 6,822 13,396 Impairment of goodwill and intangible assets 93,990 — 94,490 48,036 Property charges and other 114,288 4,733 132,265 29,326 Change in derivatives fair value 50,637 (5,839 ) 3,255 (14,801 ) (Gain) loss on debt financing transactions (2,928 ) — 12,683 — Foreign currency remeasurement and other (3,861 ) 864 19,794 26,090 Income tax impact on adjustments (1,065 ) (88 ) (1,055 ) (96 ) Noncontrolling interests impact on adjustments (23,233 ) 1,380 (20,403 ) (14,427 ) Adjusted net income (loss) attributable to Wynn Resorts, Limited $ 112,017 $ (135,395 ) $ 248,689 $ (368,743 ) Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share $ 0.99 $ (1.20 ) $ 2.20 $ (3.23 ) Weighted average common shares outstanding - diluted 113,106 112,709 113,132 114,061 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Three Months Ended September 30, 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) $ 92,484 $ 40,065 $ (5,459 ) $ 127,090 $ 122,276 $ (19,070 ) $ (208,959 ) $ 41,258 $ 62,595 Pre-opening expenses — — — — — 6 861 — 867 Depreciation and amortization 53,985 20,331 381 74,697 57,753 31,100 6,094 2,325 171,969 Impairment of goodwill and intangible assets — — — — — — 93,990 — 93,990 Property charges and other 9,085 3,405 2 12,492 1,323 487 99,986 — 114,288 Management and license fees 16,691 9,228 — 25,919 29,379 10,265 — (65,563 ) — Corporate expenses and other 2,364 2,372 3,982 8,718 7,264 1,880 1,861 15,381 35,104 Stock-based compensation 2,439 2,538 1,094 6,071 1,745 426 1,303 6,599 16,144 Triple-net operating lease rent expense — — — — — 35,404 — — 35,404 Adjusted Property EBITDAR $ 177,048 $ 77,939 $ — $ 254,987 $ 219,740 $ 60,498 $ (4,864 ) $ — $ 530,361 Three Months Ended September 30, 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) $ (84,478 ) $ (73,833 ) $ (4,339 ) $ (162,650 ) $ 103,006 $ 9,602 $ (27,113 ) $ 24,164 $ (52,991 ) Pre-opening expenses — — — — 5,087 199 1,161 — 6,447 Depreciation and amortization 52,225 21,172 380 73,777 52,756 38,875 4,827 2,267 172,502 Property charges and other 2,467 1,419 22 3,908 1,042 34 (213 ) (38 ) 4,733 Management and license fees 2,643 2,250 — 4,893 25,798 10,308 — (40,999 ) — Corporate expenses and other 1,599 1,620 3,297 6,516 5,872 1,736 651 7,994 22,769 Stock-based compensation 3,736 3,566 640 7,942 2,199 382 2,939 6,612 20,074 Adjusted Property EBITDAR $ (21,808 ) $ (43,806 ) $ — $ (65,614 ) $ 195,760 $ 61,136 $ (17,748 ) $ — $ 173,534 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Nine Months Ended September 30, 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) $ 212,627 $ 99,581 $ (16,297 ) $ 295,911 $ 384,048 $ (45,022 ) $ (268,029 ) $ 115,538 $ 482,446 Pre-opening expenses — — — — 81 1,253 5,591 (103 ) 6,822 Depreciation and amortization 162,060 61,508 1,141 224,709 171,955 91,232 15,933 6,914 510,743 Impairment of goodwill and intangible assets — — — — — — 94,490 — 94,490 Property charges and other 12,914 10,483 15 23,412 8,474 709 99,670 — 132,265 Management and license fees 43,595 25,990 — 69,585 84,632 31,514 — (185,731 ) — Corporate expenses and other 7,475 7,591 12,034 27,100 21,150 5,693 4,841 43,558 102,342 Stock-based compensation 6,042 7,121 3,107 16,270 5,118 1,319 6,608 19,824 49,139 Triple-net operating lease rent expense — — — — — 106,318 — — 106,318 Adjusted Property EBITDAR $ 444,713 $ 212,274 $ — $ 656,987 $ 675,458 $ 193,016 $ (40,896 ) $ — $ 1,484,565 Nine Months Ended September 30, 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) $ (251,721 ) $ (182,128 ) $ (12,389 ) $ (446,238 ) $ 328,762 $ 25,551 $ (189,469 ) $ 81,510 $ (199,884 ) Pre-opening expenses — — — — 10,031 199 3,166 — 13,396 Depreciation and amortization 154,293 60,750 2,328 217,371 144,108 117,296 34,448 6,803 520,026 Impairment of goodwill and intangible assets — — — — — — 48,036 — 48,036 Property charges and other 2,918 9,366 27 12,311 3,319 674 20,107 (7,085 ) 29,326 Management and license fees 10,086 8,846 — 18,932 73,174 29,810 — (121,916 ) — Corporate expenses and other 4,729 4,910 8,262 17,901 16,862 5,382 5,504 25,156 70,805 Stock-based compensation 7,073 9,378 1,772 18,223 5,588 1,220 8,006 15,532 48,569 Adjusted Property EBITDAR $ (72,622 ) $ (88,878 ) $ — $ (161,500 ) $ 581,844 $ 180,132 $ (70,202 ) $ — $ 530,274 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to Wynn Resorts, Limited $ (116,678 ) $ (142,892 ) $ 838 $ (456,267 ) Net (loss) income attributable to noncontrolling interests (3,863 ) (64,899 ) 7,602 (219,556 ) Pre-opening expenses 867 6,447 6,822 13,396 Depreciation and amortization 171,969 172,502 510,743 520,026 Impairment of goodwill and intangible assets 93,990 — 94,490 48,036 Property charges and other 114,288 4,733 132,265 29,326 Triple-net operating lease rent expense 35,404 — 106,318 — Corporate expenses and other 35,104 22,769 102,342 70,805 Stock-based compensation 16,144 20,074 49,139 48,569 Interest income (46,534 ) (6,892 ) (130,854 ) (10,863 ) Interest expense, net of amounts capitalized 188,571 165,277 566,554 472,265 Change in derivatives fair value 50,637 (5,839 ) 3,255 (14,801 ) (Gain) loss on debt financing transactions (2,928 ) — 12,683 — Other (3,861 ) 864 19,794 26,090 (Benefit) provision for income taxes (2,749 ) 1,390 2,574 3,248 Adjusted Property EBITDAR $ 530,361 $ 173,534 $ 1,484,565 $ 530,274 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Wynn Palace Supplemental Information Operating revenues Casino $ 418,043 $ 45,361 821.6 $ 1,054,007 $ 186,968 463.7 Rooms 54,309 6,974 678.7 151,311 27,813 444.0 Food and beverage 26,215 5,727 357.7 75,028 24,027 212.3 Entertainment, retail and other 26,206 17,186 52.5 82,140 58,416 40.6 Total $ 524,773 $ 75,248 597.4 $ 1,362,486 $ 297,224 358.4 Adjusted Property EBITDAR (6) $ 177,048 $ (21,808 ) NM $ 444,713 $ (72,622 ) NM Casino Statistics: VIP: Average number of table games 58 49 18.4 55 54 1.9 VIP turnover $ 2,866,469 $ 283,744 910.2 $ 8,202,165 $ 1,593,761 414.6 VIP table games win (1) $ 98,014 $ 9,271 957.2 $ 289,492 $ 22,353 1,195.1 VIP table games win as a % of turnover 3.42 % 3.27 % 3.53 % 1.40 % Table games win per unit per day $ 18,386 $ 2,381 672.2 $ 19,233 $ 1,587 1,111.9 Mass market: Average number of table games 244 212 15.1 240 226 6.2 Table drop (2) $ 1,725,845 $ 197,066 775.8 $ 4,414,990 $ 939,474 369.9 Table games win (1) $ 402,285 $ 42,449 847.7 $ 968,967 $ 195,205 396.4 Table games win % 23.3 % 21.5 % 21.9 % 20.8 % Table games win per unit per day $ 17,913 $ 2,501 616.2 $ 14,763 $ 3,305 346.7 Average number of slot machines 563 607 (7.2 ) 579 638 (9.2 ) Slot machine handle $ 634,121 $ 121,522 421.8 $ 1,760,345 $ 502,856 250.1 Slot machine win (3) $ 22,228 $ 5,418 310.3 $ 75,236 $ 22,989 227.3 Slot machine win per unit per day $ 429 $ 112 283.0 $ 476 $ 138 244.9 Room statistics: Occupancy 96.9 % 28.1 % 93.8 % 34.4 % ADR (4) $ 342 $ 145 135.9 $ 327 $ 160 104.4 REVPAR (5) $ 331 $ 41 707.3 $ 307 $ 55 458.2 NM: Not meaningful. Note: The results of operations of Wynn Palace for the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Wynn Macau Supplemental Information Operating revenues Casino $ 230,294 $ 22,832 908.6 $ 649,627 $ 165,221 293.2 Rooms 31,673 4,395 620.7 79,774 18,547 330.1 Food and beverage 18,287 4,261 329.2 47,255 17,878 164.3 Entertainment, retail and other 14,762 8,880 66.2 50,679 32,405 56.4 Total $ 295,016 $ 40,368 630.8 $ 827,335 $ 234,051 253.5 Adjusted Property EBITDAR (6) $ 77,939 $ (43,806 ) NM $ 212,274 $ (88,878 ) NM Casino Statistics: VIP: Average number of table games 36 39 (7.7 ) 45 38 18.4 VIP turnover $ 1,192,610 $ 152,872 680.1 $ 3,727,106 $ 1,341,567 177.8 VIP table games win (1) $ 41,995 $ 2,389 1,657.8 $ 130,574 $ 50,864 156.7 VIP table games win as a % of turnover 3.52 % 1.56 % 3.50 % 3.79 % Table games win per unit per day $ 12,638 $ 771 1,539.2 $ 10,569 $ 5,164 104.7 Mass market: Average number of table games 217 230 (5.7 ) 214 242 (11.6 ) Table drop (2) $ 1,384,258 $ 167,539 726.2 $ 3,597,557 $ 852,832 321.8 Table games win (1) $ 228,323 $ 22,232 927.0 $ 613,154 $ 135,074 353.9 Table games win % 16.5 % 13.3 % 17.0 % 15.8 % Table games win per unit per day $ 11,423 $ 1,211 843.3 $ 10,485 $ 2,140 390.0 Average number of slot machines 500 641 (22.0 ) 521 630 (17.3 ) Slot machine handle $ 570,122 $ 193,680 194.4 $ 1,559,698 $ 676,531 130.5 Slot machine win (3) $ 16,143 $ 6,961 131.9 $ 47,892 $ 23,902 100.4 Slot machine win per unit per day $ 351 $ 136 158.1 $ 337 $ 145 132.4 Poker rake $ 4,494 $ 74 NM $ 13,807 $ 134 NM Room statistics: Occupancy 98.7 % 31.4 % 95.5 % 37.4 % ADR (4) $ 327 $ 137 138.7 $ 281 $ 163 72.4 REVPAR (5) $ 323 $ 43 651.2 $ 268 $ 61 339.3 NM: Not meaningful. Note: The results of operations of Wynn Macau for the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Las Vegas Operations Supplemental Information Operating revenues Casino $ 168,130 $ 134,314 25.2 $ 460,606 $ 393,930 16.9 Rooms 178,518 162,125 10.1 541,392 460,707 17.5 Food and beverage 203,066 193,733 4.8 570,695 526,389 8.4 Entertainment, retail and other 69,252 54,217 27.7 211,109 165,618 27.5 Total $ 618,966 $ 544,389 13.7 $ 1,783,802 $ 1,546,644 15.3 Adjusted Property EBITDAR (6) $ 219,740 $ 195,760 12.2 $ 675,458 $ 581,844 16.1 Casino Statistics: Average number of table games 234 237 (1.3 ) 233 234 (0.4 ) Table drop (2) $ 607,610 $ 570,419 6.5 $ 1,768,057 $ 1,683,317 5.0 Table games win (1) $ 157,873 $ 118,263 33.5 $ 431,896 $ 386,306 11.8 Table games win % 26.0 % 20.7 % 24.4 % 22.9 % Table games win per unit per day $ 7,340 $ 5,420 35.4 $ 6,777 $ 6,047 12.1 Average number of slot machines 1,631 1,693 (3.7 ) 1,650 1,711 (3.6 ) Slot machine handle $ 1,638,274 $ 1,522,512 7.6 $ 4,733,534 $ 4,026,675 17.6 Slot machine win (3) $ 115,738 $ 107,575 7.6 $ 325,883 $ 278,250 17.1 Slot machine win per unit per day $ 771 $ 691 11.6 $ 723 $ 596 21.3 Poker rake $ 5,669 $ 3,848 47.3 $ 16,243 $ 12,729 27.6 Room statistics: Occupancy 90.0 % 88.8 % 89.8 % 85.5 % ADR (4) $ 463 $ 426 8.7 $ 473 $ 440 7.5 REVPAR (5) $ 417 $ 378 10.3 $ 424 $ 376 12.8 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 September 30, Nine Months Ended September 30, 2023 2022 Percent Change 2023 2022 Percent Change Encore Boston Harbor Supplemental Information Operating revenues Casino $ 155,986 $ 157,369 (0.9 ) $ 488,204 $ 463,204 5.4 Rooms 24,838 23,718 4.7 65,895 61,819 6.6 Food and beverage 19,864 21,009 (5.5 ) 64,101 60,272 6.4 Entertainment, retail and other 9,715 9,687 0.3 30,441 27,438 10.9 Total $ 210,403 $ 211,783 (0.7 ) $ 648,641 $ 612,733 5.9 Adjusted Property EBITDAR (6) $ 60,498 $ 61,136 (1.0 ) $ 193,016 $ 180,132 7.2 Casino Statistics: Average number of table games 191 188 1.6 193 185 4.3 Table drop (2) $ 343,686 $ 364,844 (5.8 ) $ 1,064,092 $ 1,077,261 (1.2 ) Table games win (1) $ 71,555 $ 76,970 (7.0 ) $ 230,170 $ 234,024 (1.6 ) Table games win % 20.8 % 21.1 % 21.6 % 21.7 % Table games win per unit per day $ 4,079 $ 4,448 (8.3 ) $ 4,368 $ 4,624 (5.5 ) Average number of slot machines 2,561 2,706 (5.4 ) 2,547 2,754 (7.5 ) Slot machine handle $ 1,336,724 $ 1,288,250 3.8 $ 3,933,388 $ 3,703,990 6.2 Slot machine win (3) $ 105,330 $ 104,122 1.2 $ 316,129 $ 298,842 5.8 Slot machine win per unit per day $ 447 $ 418 6.9 $ 455 $ 397 14.6 Poker rake $ 5,224 $ 2,554 104.5 $ 16,116 $ 4,580 251.9 Room statistics: Occupancy 96.0 % 97.0 % 92.9 % 90.6 % ADR (4) $ 421 $ 398 5.8 $ 389 $ 374 4.0 REVPAR (5) $ 405 $ 386 4.9 $ 362 $ 339 6.8 (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. View source version on businesswire.com: https://www.businesswire.com/news/home/20231109168340/en/