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 Fourth Quarter and Year End 2022 Results By: Wynn Resorts, Limited via Business Wire February 08, 2023 at 16:02 PM EST Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the fourth quarter and year ended December 31, 2022. Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, for the fourth quarter of 2021. Adjusted Property EBITDAR(1) was $195.1 million for the fourth quarter of 2022, compared to Adjusted Property EBITDAR of $149.1 million for the fourth quarter of 2021. "Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new fourth-quarter record for Adjusted Property EBITDAR at our combined North American properties. For the full year of 2022, these properties generated $1.04 billion of Adjusted Property EBITDAR, a record for us by a wide margin. These impressive results are a testament to our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth." Consolidated Results Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Operating revenues for the fourth quarter of 2022 increased $91.6 million and $14.4 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $80.9 million, $54.5 million, and $7.8 million at Wynn Palace, Wynn Macau, and Wynn Interactive, respectively, from the fourth quarter of 2021. Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, in the fourth quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $157.4 million, or $1.37 per diluted share, for the fourth quarter of 2021. Adjusted Property EBITDAR was $195.1 million for the fourth quarter of 2022, compared to $149.1 million for the fourth quarter of 2021. Adjusted Property EBITDAR for the fourth quarter of 2022 increased $33.1 million and $51.1 million at our Las Vegas Operations and Wynn Interactive, respectively, and decreased $22.5 million, $10.7 million, and $5.0 million at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the fourth quarter of 2021. For the year ended December 31, 2022, operating revenues were $3.76 billion, flat compared to operating revenues for the year ended December 31, 2021. Operating revenues for the year ended December 31, 2022 increased $628.5 million, $139.6 million, and $12.6 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $472.7 million and $314.8 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021. Net loss attributable to Wynn Resorts, Limited was $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022, compared to net loss attributable to Wynn Resorts, Limited of $755.8 million, or $6.64 per diluted share for the year ended December 31, 2021. Adjusted net loss attributable to Wynn Resorts, Limited was $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $695.8 million, or $6.12 per diluted share, for the year ended December 31, 2021. Adjusted Property EBITDAR was $725.4 million for the year ended December 31, 2022, compared to $569.4 million for the year ended December 31, 2021. Adjusted Property EBITDAR for the year ended December 31, 2022 increased $270.2 million, $33.3 million, and $168.9 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $188.2 million and $128.3 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021. Property Results Macau Operations Wynn Palace Operating revenues from Wynn Palace were $113.1 million for the fourth quarter of 2022, a decrease of $80.9 million from $194.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Palace was $(23.9) million for the fourth quarter of 2022, compared to $(1.4) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 0.11%, below the property's expected range of 3.1% to 3.4% and below the 2.59% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 23.3%, above the 22.7% experienced in the fourth quarter of 2021. Wynn Macau Operating revenues from Wynn Macau were $77.2 million for the fourth quarter of 2022, a decrease of $54.5 million from $131.7 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Macau was $(35.2) million for the fourth quarter of 2022, compared to $(24.5) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 1.20%, below the property's expected range of 3.1% to 3.4% and below the 2.85% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 17.2%, slightly below the 17.4% experienced in the fourth quarter of 2021. Las Vegas Operations Operating revenues from our Las Vegas Operations were $585.5 million for the fourth quarter of 2022, an increase of $91.6 million from $493.9 million for the fourth quarter of 2021. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2022 was $219.3 million, compared to $186.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.2%, below the property's expected range of 22% to 26% and above the 20.8% experienced in the fourth quarter of 2021. Encore Boston Harbor Operating revenues from Encore Boston Harbor were $218.3 million for the fourth quarter of 2022, an increase of $14.4 million from $204.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2022 was $63.3 million, compared to $68.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.9%, within the property's expected range of 18% to 22% and below the 22.2% experienced in the fourth quarter of 2021. Balance Sheet Our cash and cash equivalents as of December 31, 2022 totaled $3.65 billion, comprised of $951.9 million held by Wynn Macau, Limited ("WML") and subsidiaries, $2.31 billion held by Wynn Resorts Finance excluding WML, and $395.1 million held at Corporate and other. As of December 31, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver was $837.0 million, and the WM Cayman II Revolver was fully drawn. Total current and long-term debt outstanding at December 31, 2022 was $12.12 billion, comprised of $6.19 billion of Macau related debt, $3.14 billion of Wynn Las Vegas debt, $2.17 billion of Wynn Resorts Finance debt, and $613.5 million of debt held by the retail joint venture which we consolidate. In the fourth quarter of 2022, the Company repurchased 82,900 shares of common stock at an average price of $59.08 per share, for an aggregate cost of $4.9 million, bringing our total repurchases for the year ended December 31, 2022 to 2,956,331 shares of common stock for an aggregate cost of $171.3 million. In December 2022, we closed on our sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor (the "EBH Transaction"). Upon closing of the EBH Transaction, we received cash proceeds of approximately $1.7 billion in exchange for the sale of such real estate assets, and concurrently entered into a lease agreement for the purpose of continuing to operate the Encore Boston Harbor integrated resort. The lease agreement provides for an initial annual minimum rent of $100.0 million for an initial term of 30 years, subject to certain annual rent escalations and renewal provisions. We expect to use the proceeds from the EBH Transaction in accordance with the reinvestment and asset sale provisions of our senior secured credit facilities. Conference Call and Other Information The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 8, 2023 at 1:15 p.m. PT (4:15 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before March 31, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2022 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, the COVID-19 pandemic and the reimposition of restrictions on the general public or certain activities, 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, 2021, 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, gain on EBH Transaction, net, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. We use Adjusted Property EBITDAR to manage the operating results of our segments. 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 preopening 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 loss attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, gain on EBH Transaction, net, property charges and other, change in derivatives fair value, loss on extinguishment of debt, and foreign currency remeasurement and other, net of noncontrolling interests. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net 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 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 loss attributable to Wynn Resorts, Limited and adjusted net 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 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 CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Operating revenues: Casino $ 423,218 $ 518,192 $ 1,632,541 $ 2,133,420 Rooms 233,252 204,799 802,138 592,571 Food and beverage 217,648 198,759 846,214 633,911 Entertainment, retail and other 130,819 131,374 475,932 403,762 Total operating revenues 1,004,937 1,053,124 3,756,825 3,763,664 Operating expenses: Casino 291,757 345,201 1,099,801 1,394,098 Rooms 69,869 61,547 261,343 197,734 Food and beverage 183,034 161,682 700,549 516,391 Entertainment, retail and other 91,676 150,386 328,529 450,358 General and administrative 232,017 221,923 830,450 796,592 Provision for credit losses 4,036 22,026 (7,295 ) 29,487 Pre-opening 7,247 1,366 20,643 6,821 Depreciation and amortization 172,292 170,424 692,318 715,962 Gain on EBH Transaction, net (181,989 ) — (181,989 ) — Property charges and other 35,790 24,193 113,152 50,762 Total operating expenses 905,729 1,158,748 3,857,501 4,158,205 Operating income (loss) 99,208 (105,624 ) (100,676 ) (394,541 ) Other income (expense): Interest income 18,895 1,082 29,758 3,213 Interest expense, net of amounts capitalized (178,620 ) (151,961 ) (650,885 ) (605,562 ) Change in derivatives fair value 1,155 4,803 15,956 11,360 Loss on extinguishment of debt — — — (2,060 ) Other 31,901 (6,602 ) 5,811 (23,926 ) Other income (expense), net (126,669 ) (152,678 ) (599,360 ) (616,975 ) Loss before income taxes (27,461 ) (258,302 ) (700,036 ) (1,011,516 ) Benefit (provision) for income taxes (6,084 ) 1,871 (9,332 ) (474 ) Net loss (33,545 ) (256,431 ) (709,368 ) (1,011,990 ) Less: net loss attributable to noncontrolling interests 65,956 79,241 285,512 256,204 Net income (loss) attributable to Wynn Resorts, Limited $ 32,411 $ (177,190 ) $ (423,856 ) $ (755,786 ) Basic and diluted income (loss) per common share: Net income (loss) attributable to Wynn Resorts, Limited: Basic $ 0.29 $ (1.54 ) $ (3.73 ) $ (6.64 ) Diluted $ 0.29 $ (1.54 ) $ (3.73 ) $ (6.64 ) Weighted average common shares outstanding: Basic 112,321 114,768 113,623 113,760 Diluted 112,795 114,768 113,623 113,760 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Net income (loss) attributable to Wynn Resorts, Limited $ 32,411 $ (177,190 ) $ (423,856 ) $ (755,786 ) Pre-opening expenses 7,247 1,366 20,643 6,821 Gain on EBH Transaction, net (181,989 ) — (181,989 ) — Property charges and other 35,790 24,193 113,152 50,762 Change in derivatives fair value (1,155 ) (4,803 ) (15,956 ) (11,360 ) Loss on extinguishment of debt — — — 2,060 Foreign currency remeasurement and other (31,901 ) 6,602 (5,811 ) 23,926 Income tax impact on adjustments (198 ) 87 (294 ) — Noncontrolling interests impact on adjustments 1,110 (7,610 ) (13,317 ) (12,206 ) Adjusted net loss attributable to Wynn Resorts, Limited $ (138,685 ) $ (157,355 ) $ (507,428 ) $ (695,783 ) Adjusted net loss attributable to Wynn Resorts, Limited per diluted share $ (1.23 ) $ (1.37 ) $ (4.47 ) $ (6.12 ) Weighted average common shares outstanding - diluted 112,795 114,768 113,623 113,760 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Three Months Ended December 31, 2022 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (105,945 ) $ (65,599 ) $ (9,801 ) $ (181,345 ) $ 121,311 $ 184,411 $ (50,642 ) $ 25,473 $ 99,208 Pre-opening expenses — — — — 5,420 15 1,511 301 7,247 Depreciation and amortization 52,817 20,364 381 73,562 55,865 35,610 4,974 2,281 172,292 Gain on EBH Transaction, net — — — — — (181,989 ) — — (181,989 ) Property charges and other 20,378 2,116 16 22,510 361 692 12,908 (681 ) 35,790 Management and license fees 3,809 2,508 — 6,317 27,996 10,654 — (44,967 ) — Corporate expenses and other 1,352 1,373 8,718 11,443 5,874 1,743 373 12,301 31,734 Stock-based compensation 3,654 4,069 686 8,409 2,424 345 2,588 5,292 19,058 Triple-net operating lease rent expense — — — — — 11,773 — — 11,773 Adjusted Property EBITDAR $ (23,935 ) $ (35,169 ) $ — $ (59,104 ) $ 219,251 $ 63,254 $ (28,288 ) $ — $ 195,113 Three Months Ended December 31, 2021 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (62,718 ) $ (61,821 ) $ (3,708 ) $ (128,247 ) $ 98,505 $ 15,557 $ (109,943 ) $ 18,504 $ (105,624 ) Pre-opening expenses — — — — 852 — 514 — 1,366 Depreciation and amortization 51,959 20,424 978 73,361 48,463 39,142 7,225 2,233 170,424 Property charges and other (281 ) 7,513 — 7,232 5,286 1,014 10,661 — 24,193 Management and license fees 6,179 4,192 — 10,371 23,669 9,922 — (43,962 ) — Corporate expenses and other 1,197 1,276 2,170 4,643 7,124 2,403 8,529 15,837 38,536 Stock-based compensation 2,274 3,922 560 6,756 2,260 186 3,615 7,388 20,205 Adjusted Property EBITDAR $ (1,390 ) $ (24,494 ) $ — $ (25,884 ) $ 186,159 $ 68,224 $ (79,399 ) $ — $ 149,100 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) (continued) Year Ended December 31, 2022 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (357,666 ) $ (247,727 ) $ (22,190 ) $ (627,583 ) $ 450,073 $ 209,962 $ (240,111 ) $ 106,983 $ (100,676 ) Pre-opening expenses — — — — 15,451 214 4,677 301 20,643 Depreciation and amortization 207,110 81,114 2,709 290,933 199,973 152,906 39,422 9,084 692,318 Gain on EBH Transaction, net — — — — — (181,989 ) — — (181,989 ) Property charges and other 23,296 11,482 43 34,821 3,680 1,366 81,051 (7,766 ) 113,152 Management and license fees 13,895 11,354 — 25,249 101,170 40,464 — (166,883 ) — Corporate expenses and other 6,081 6,283 16,980 29,344 22,736 7,125 5,877 37,457 102,539 Stock-based compensation 10,727 13,447 2,458 26,632 8,012 1,565 10,594 20,824 67,627 Triple-net operating lease rent expense — — — — — 11,773 — — 11,773 Adjusted Property EBITDAR $ (96,557 ) $ (124,047 ) $ — $ (220,604 ) $ 801,095 $ 243,386 $ (98,490 ) $ — $ 725,387 Year Ended December 31, 2021 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (202,379 ) $ (132,362 ) $ (13,507 ) $ (348,248 ) $ 216,218 $ 6,408 $ (351,125 ) $ 82,206 $ (394,541 ) Pre-opening expenses 898 — — 898 4,424 170 1,329 — 6,821 Depreciation and amortization 244,939 83,486 4,223 332,648 192,506 156,592 25,237 8,979 715,962 Property charges and other 3,792 10,322 21 14,135 11,545 2,337 23,161 (416 ) 50,762 Management and license fees 29,166 20,401 — 49,567 71,621 33,505 — (154,693 ) — Corporate expenses and other 4,739 5,180 7,022 16,941 23,930 9,160 14,527 30,641 95,199 Stock-based compensation 10,491 17,182 2,241 29,914 10,634 1,896 19,511 33,283 95,238 Adjusted Property EBITDAR $ 91,646 $ 4,209 $ — $ 95,855 $ 530,878 $ 210,068 $ (267,360 ) $ — $ 569,441 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR(in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Net income (loss) attributable to Wynn Resorts, Limited $ 32,411 $ (177,190 ) $ (423,856 ) $ (755,786 ) Net loss attributable to noncontrolling interests (65,956 ) (79,241 ) (285,512 ) (256,204 ) Pre-opening expenses 7,247 1,366 20,643 6,821 Depreciation and amortization 172,292 170,424 692,318 715,962 Gain on EBH Transaction, net (181,989 ) — (181,989 ) — Property charges and other 35,790 24,193 113,152 50,762 Triple-net operating lease rent expense 11,773 — 11,773 — Corporate expenses and other 31,734 38,536 102,539 95,199 Stock-based compensation 19,058 20,205 67,627 95,238 Interest income (18,895 ) (1,082 ) (29,758 ) (3,213 ) Interest expense, net of amounts capitalized 178,620 151,961 650,885 605,562 Change in derivatives fair value (1,155 ) (4,803 ) (15,956 ) (11,360 ) Loss on extinguishment of debt — — — 2,060 Other (31,901 ) 6,602 (5,811 ) 23,926 (Benefit) provision for income taxes 6,084 (1,871 ) 9,332 474 Adjusted Property EBITDAR $ 195,113 $ 149,100 $ 725,387 $ 569,441 WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Wynn Palace Supplemental Information Operating revenues Casino $ 68,918 $ 145,877 (52.8) $ 255,886 $ 677,917 (62.3) Rooms 12,266 15,488 (20.8) 40,079 69,022 (41.9) Food and beverage 11,519 11,556 (0.3) 35,546 47,985 (25.9) Entertainment, retail and other 20,362 21,066 (3.3) 78,778 88,083 (10.6) Total $ 113,065 $ 193,987 (41.7) $ 410,289 $ 883,007 (53.5) Adjusted Property EBITDAR (6) $ (23,935 ) $ (1,390 ) NM $ (96,557 ) $ 91,646 NM Casino Statistics: VIP: Average number of table games 50 87 (42.5) 53 93 (43.0) VIP turnover $ 1,047,561 $ 1,189,652 (11.9) $ 2,641,321 $ 6,435,947 (59.0) VIP table games win (1) $ 1,118 $ 30,798 (96.4) $ 23,471 $ 253,767 (90.8) VIP table games win as a % of turnover 0.11 % 2.59 % 0.89 % 3.94 % Table games win per unit per day $ 245 $ 3,845 (93.6) $ 1,259 $ 7,443 (83.1) Mass market: Average number of table games 237 235 0.9 229 229 — Table drop (2) $ 373,312 $ 592,050 (36.9) $ 1,312,786 $ 2,415,841 (45.7) Table games win (1) $ 86,933 $ 134,219 (35.2) $ 282,138 $ 540,234 (47.8) Table games win % 23.3 % 22.7 % 21.5 % 22.4 % Table games win per unit per day $ 3,987 $ 6,197 (35.7) $ 3,489 $ 6,463 (46.0) Average number of slot machines 578 715 (19.2) 623 710 (12.3) Slot machine handle $ 229,341 $ 347,518 (34.0) $ 732,197 $ 1,454,577 (49.7) Slot machine win (3) $ 8,306 $ 13,599 (38.9) $ 31,295 $ 58,152 (46.2) Slot machine win per unit per day $ 156 $ 207 (24.6) $ 142 $ 224 (36.6) Room statistics: Occupancy 50.1 % 50.9 % 38.4 % 58.5 % ADR (4) $ 146 $ 185 (21.1) $ 156 $ 182 (14.3) REVPAR (5) $ 73 $ 94 (22.3) $ 60 $ 107 (43.9) NM - Not meaningful. Note: The results of operations of Wynn Palace for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic. WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Wynn Macau Supplemental Information Operating revenues Casino $ 51,418 $ 97,389 (47.2) $ 216,639 $ 476,999 (54.6) Rooms 7,144 11,467 (37.7) 25,691 50,492 (49.1) Food and beverage 7,456 8,800 (15.3) 25,334 32,420 (21.9) Entertainment, retail and other 11,180 14,018 (20.2) 43,585 66,104 (34.1) Total $ 77,198 $ 131,674 (41.4) $ 311,249 $ 626,015 (50.3) Adjusted Property EBITDAR (6) $ (35,169 ) $ (24,494 ) NM $ (124,047 ) $ 4,209 NM Casino Statistics: VIP: Average number of table games 52 74 (29.7) 41 81 (49.4) VIP turnover $ 429,575 $ 858,131 (49.9) $ 1,771,143 $ 5,488,118 (67.7) VIP table games win (1) $ 5,135 $ 24,440 (79.0) $ 55,999 $ 155,064 (63.9) VIP table games win as a % of turnover 1.20 % 2.85 % 3.16 % 2.83 % Table games win per unit per day $ 1,074 $ 3,596 (70.1) $ 3,828 $ 5,250 (27.1) Mass market: Average number of table games 217 240 (9.6) 235 240 (2.1) Table drop (2) $ 317,801 $ 527,159 (39.7) $ 1,170,633 $ 2,230,348 (47.5) Table games win (1) $ 54,695 $ 91,517 (40.2) $ 189,769 $ 412,753 (54.0) Table games win % 17.2 % 17.4 % 16.2 % 18.5 % Table games win per unit per day $ 2,740 $ 4,146 (33.9) $ 2,284 $ 4,720 (51.6) Average number of slot machines 691 600 15.2 646 587 10.1 Slot machine handle $ 218,935 $ 254,966 (14.1) $ 895,466 $ 1,057,303 (15.3) Slot machine win (3) $ 7,867 $ 6,909 13.9 $ 31,768 $ 35,483 (10.5) Slot machine win per unit per day $ 124 $ 125 (0.8) $ 139 $ 166 (16.3) Room statistics: Occupancy 51.8 % 55.2 % 41.1 % 58.8 % ADR (4) $ 135 $ 204 (33.8) $ 154 $ 213 (27.7) REVPAR (5) $ 70 $ 112 (37.5) $ 63 $ 125 (49.6) NM - Not meaningful. Note: The results of operations of Wynn Macau for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic. WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Las Vegas Operations Supplemental Information Operating revenues Casino $ 141,349 $ 121,187 16.6 $ 535,279 $ 426,440 25.5 Rooms 190,584 159,527 19.5 651,291 425,777 53.0 Food and beverage 176,126 156,197 12.8 702,515 489,587 43.5 Entertainment, retail and other 77,433 56,985 35.9 243,051 161,877 50.1 Total $ 585,492 $ 493,896 18.5 $ 2,132,136 $ 1,503,681 41.8 Adjusted Property EBITDAR (6) $ 219,251 $ 186,159 17.8 $ 801,095 $ 530,878 50.9 Casino Statistics: Average number of table games 234 224 4.5 234 210 11.4 Table drop (2) $ 590,693 $ 584,060 1.1 $ 2,274,010 $ 1,842,792 23.4 Table games win (1) $ 125,441 $ 121,256 3.5 $ 511,746 $ 407,195 25.7 Table games win % 21.2 % 20.8 % 22.5 % 22.1 % Table games win per unit per day $ 5,823 $ 5,879 (1.0) $ 5,990 $ 5,323 12.5 Average number of slot machines 1,678 1,743 (3.7) 1,703 1,688 0.9 Slot machine handle $ 1,591,100 $ 1,316,154 20.9 $ 5,617,775 $ 4,379,421 28.3 Slot machine win (3) $ 115,802 $ 87,866 31.8 $ 394,052 $ 297,548 32.4 Slot machine win per unit per day $ 750 $ 548 36.9 $ 634 $ 483 31.3 Poker rake $ 6,950 $ 5,848 18.8 $ 19,680 $ 14,552 35.2 Room statistics: Occupancy 89.9 % 86.3 % 86.7 % 69.5 % ADR (4) $ 492 $ 441 11.6 $ 454 $ 386 17.6 REVPAR (5) $ 443 $ 380 16.6 $ 393 $ 268 46.6 WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Encore Boston Harbor Supplemental Information Operating revenues Casino $ 161,534 $ 153,739 5.1 $ 624,738 $ 552,064 13.2 Rooms 23,259 18,317 27.0 85,078 47,280 79.9 Food and beverage 22,546 22,206 1.5 82,818 63,919 29.6 Entertainment, retail and other 11,001 9,716 13.2 38,439 28,260 36.0 Total $ 218,340 $ 203,978 7.0 $ 831,073 $ 691,523 20.2 Adjusted Property EBITDAR (6) $ 63,254 $ 68,224 (7.3) $ 243,386 $ 210,068 15.9 Casino Statistics: Average number of table games 194 181 7.2 187 189 (1.1) Table drop (2) $ 370,590 $ 377,131 (1.7) $ 1,447,851 $ 1,267,908 14.2 Table games win (1) $ 81,032 $ 83,858 (3.4) $ 315,057 $ 273,174 15.3 Table games win % 21.9 % 22.2 % 21.8 % 21.5 % Table games win per unit per day $ 4,546 $ 5,033 (9.7) $ 4,604 $ 3,959 16.3 Average number of slot machines 2,601 2,741 (5.1) 2,716 2,387 13.8 Slot machine handle $ 1,303,782 $ 1,172,909 11.2 $ 5,007,772 $ 4,377,181 14.4 Slot machine win (3) $ 103,846 $ 95,630 8.6 $ 402,688 $ 358,827 12.2 Slot machine win per unit per day $ 434 $ 379 14.5 $ 406 $ 412 (1.5) Poker rake $ 4,895 $ — NM $ 9,476 $ — NM Room statistics: Occupancy 93.9 % 87.2 % 91.4 % 85.2 % ADR (4) $ 404 $ 341 18.5 $ 382 $ 328 16.5 REVPAR (5) $ 380 $ 297 27.9 $ 349 $ 279 25.1 NM - Not meaningful. Note: Encore Boston Harbor's room statistics have been computed based on 250 days of operations for the year ended December 31, 2021, representing the actual number of days the hotel was open. (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/20230208005149/en/Contacts Amir Markowitz 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 Fourth Quarter and Year End 2022 Results By: Wynn Resorts, Limited via Business Wire February 08, 2023 at 16:02 PM EST Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the fourth quarter and year ended December 31, 2022. Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, for the fourth quarter of 2021. Adjusted Property EBITDAR(1) was $195.1 million for the fourth quarter of 2022, compared to Adjusted Property EBITDAR of $149.1 million for the fourth quarter of 2021. "Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new fourth-quarter record for Adjusted Property EBITDAR at our combined North American properties. For the full year of 2022, these properties generated $1.04 billion of Adjusted Property EBITDAR, a record for us by a wide margin. These impressive results are a testament to our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth." Consolidated Results Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Operating revenues for the fourth quarter of 2022 increased $91.6 million and $14.4 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $80.9 million, $54.5 million, and $7.8 million at Wynn Palace, Wynn Macau, and Wynn Interactive, respectively, from the fourth quarter of 2021. Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, in the fourth quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $157.4 million, or $1.37 per diluted share, for the fourth quarter of 2021. Adjusted Property EBITDAR was $195.1 million for the fourth quarter of 2022, compared to $149.1 million for the fourth quarter of 2021. Adjusted Property EBITDAR for the fourth quarter of 2022 increased $33.1 million and $51.1 million at our Las Vegas Operations and Wynn Interactive, respectively, and decreased $22.5 million, $10.7 million, and $5.0 million at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the fourth quarter of 2021. For the year ended December 31, 2022, operating revenues were $3.76 billion, flat compared to operating revenues for the year ended December 31, 2021. Operating revenues for the year ended December 31, 2022 increased $628.5 million, $139.6 million, and $12.6 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $472.7 million and $314.8 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021. Net loss attributable to Wynn Resorts, Limited was $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022, compared to net loss attributable to Wynn Resorts, Limited of $755.8 million, or $6.64 per diluted share for the year ended December 31, 2021. Adjusted net loss attributable to Wynn Resorts, Limited was $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $695.8 million, or $6.12 per diluted share, for the year ended December 31, 2021. Adjusted Property EBITDAR was $725.4 million for the year ended December 31, 2022, compared to $569.4 million for the year ended December 31, 2021. Adjusted Property EBITDAR for the year ended December 31, 2022 increased $270.2 million, $33.3 million, and $168.9 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $188.2 million and $128.3 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021. Property Results Macau Operations Wynn Palace Operating revenues from Wynn Palace were $113.1 million for the fourth quarter of 2022, a decrease of $80.9 million from $194.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Palace was $(23.9) million for the fourth quarter of 2022, compared to $(1.4) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 0.11%, below the property's expected range of 3.1% to 3.4% and below the 2.59% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 23.3%, above the 22.7% experienced in the fourth quarter of 2021. Wynn Macau Operating revenues from Wynn Macau were $77.2 million for the fourth quarter of 2022, a decrease of $54.5 million from $131.7 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Macau was $(35.2) million for the fourth quarter of 2022, compared to $(24.5) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 1.20%, below the property's expected range of 3.1% to 3.4% and below the 2.85% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 17.2%, slightly below the 17.4% experienced in the fourth quarter of 2021. Las Vegas Operations Operating revenues from our Las Vegas Operations were $585.5 million for the fourth quarter of 2022, an increase of $91.6 million from $493.9 million for the fourth quarter of 2021. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2022 was $219.3 million, compared to $186.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.2%, below the property's expected range of 22% to 26% and above the 20.8% experienced in the fourth quarter of 2021. Encore Boston Harbor Operating revenues from Encore Boston Harbor were $218.3 million for the fourth quarter of 2022, an increase of $14.4 million from $204.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2022 was $63.3 million, compared to $68.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.9%, within the property's expected range of 18% to 22% and below the 22.2% experienced in the fourth quarter of 2021. Balance Sheet Our cash and cash equivalents as of December 31, 2022 totaled $3.65 billion, comprised of $951.9 million held by Wynn Macau, Limited ("WML") and subsidiaries, $2.31 billion held by Wynn Resorts Finance excluding WML, and $395.1 million held at Corporate and other. As of December 31, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver was $837.0 million, and the WM Cayman II Revolver was fully drawn. Total current and long-term debt outstanding at December 31, 2022 was $12.12 billion, comprised of $6.19 billion of Macau related debt, $3.14 billion of Wynn Las Vegas debt, $2.17 billion of Wynn Resorts Finance debt, and $613.5 million of debt held by the retail joint venture which we consolidate. In the fourth quarter of 2022, the Company repurchased 82,900 shares of common stock at an average price of $59.08 per share, for an aggregate cost of $4.9 million, bringing our total repurchases for the year ended December 31, 2022 to 2,956,331 shares of common stock for an aggregate cost of $171.3 million. In December 2022, we closed on our sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor (the "EBH Transaction"). Upon closing of the EBH Transaction, we received cash proceeds of approximately $1.7 billion in exchange for the sale of such real estate assets, and concurrently entered into a lease agreement for the purpose of continuing to operate the Encore Boston Harbor integrated resort. The lease agreement provides for an initial annual minimum rent of $100.0 million for an initial term of 30 years, subject to certain annual rent escalations and renewal provisions. We expect to use the proceeds from the EBH Transaction in accordance with the reinvestment and asset sale provisions of our senior secured credit facilities. Conference Call and Other Information The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 8, 2023 at 1:15 p.m. PT (4:15 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before March 31, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2022 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, the COVID-19 pandemic and the reimposition of restrictions on the general public or certain activities, 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, 2021, 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, gain on EBH Transaction, net, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. We use Adjusted Property EBITDAR to manage the operating results of our segments. 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 preopening 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 loss attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, gain on EBH Transaction, net, property charges and other, change in derivatives fair value, loss on extinguishment of debt, and foreign currency remeasurement and other, net of noncontrolling interests. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net 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 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 loss attributable to Wynn Resorts, Limited and adjusted net 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 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 CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Operating revenues: Casino $ 423,218 $ 518,192 $ 1,632,541 $ 2,133,420 Rooms 233,252 204,799 802,138 592,571 Food and beverage 217,648 198,759 846,214 633,911 Entertainment, retail and other 130,819 131,374 475,932 403,762 Total operating revenues 1,004,937 1,053,124 3,756,825 3,763,664 Operating expenses: Casino 291,757 345,201 1,099,801 1,394,098 Rooms 69,869 61,547 261,343 197,734 Food and beverage 183,034 161,682 700,549 516,391 Entertainment, retail and other 91,676 150,386 328,529 450,358 General and administrative 232,017 221,923 830,450 796,592 Provision for credit losses 4,036 22,026 (7,295 ) 29,487 Pre-opening 7,247 1,366 20,643 6,821 Depreciation and amortization 172,292 170,424 692,318 715,962 Gain on EBH Transaction, net (181,989 ) — (181,989 ) — Property charges and other 35,790 24,193 113,152 50,762 Total operating expenses 905,729 1,158,748 3,857,501 4,158,205 Operating income (loss) 99,208 (105,624 ) (100,676 ) (394,541 ) Other income (expense): Interest income 18,895 1,082 29,758 3,213 Interest expense, net of amounts capitalized (178,620 ) (151,961 ) (650,885 ) (605,562 ) Change in derivatives fair value 1,155 4,803 15,956 11,360 Loss on extinguishment of debt — — — (2,060 ) Other 31,901 (6,602 ) 5,811 (23,926 ) Other income (expense), net (126,669 ) (152,678 ) (599,360 ) (616,975 ) Loss before income taxes (27,461 ) (258,302 ) (700,036 ) (1,011,516 ) Benefit (provision) for income taxes (6,084 ) 1,871 (9,332 ) (474 ) Net loss (33,545 ) (256,431 ) (709,368 ) (1,011,990 ) Less: net loss attributable to noncontrolling interests 65,956 79,241 285,512 256,204 Net income (loss) attributable to Wynn Resorts, Limited $ 32,411 $ (177,190 ) $ (423,856 ) $ (755,786 ) Basic and diluted income (loss) per common share: Net income (loss) attributable to Wynn Resorts, Limited: Basic $ 0.29 $ (1.54 ) $ (3.73 ) $ (6.64 ) Diluted $ 0.29 $ (1.54 ) $ (3.73 ) $ (6.64 ) Weighted average common shares outstanding: Basic 112,321 114,768 113,623 113,760 Diluted 112,795 114,768 113,623 113,760 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Net income (loss) attributable to Wynn Resorts, Limited $ 32,411 $ (177,190 ) $ (423,856 ) $ (755,786 ) Pre-opening expenses 7,247 1,366 20,643 6,821 Gain on EBH Transaction, net (181,989 ) — (181,989 ) — Property charges and other 35,790 24,193 113,152 50,762 Change in derivatives fair value (1,155 ) (4,803 ) (15,956 ) (11,360 ) Loss on extinguishment of debt — — — 2,060 Foreign currency remeasurement and other (31,901 ) 6,602 (5,811 ) 23,926 Income tax impact on adjustments (198 ) 87 (294 ) — Noncontrolling interests impact on adjustments 1,110 (7,610 ) (13,317 ) (12,206 ) Adjusted net loss attributable to Wynn Resorts, Limited $ (138,685 ) $ (157,355 ) $ (507,428 ) $ (695,783 ) Adjusted net loss attributable to Wynn Resorts, Limited per diluted share $ (1.23 ) $ (1.37 ) $ (4.47 ) $ (6.12 ) Weighted average common shares outstanding - diluted 112,795 114,768 113,623 113,760 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Three Months Ended December 31, 2022 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (105,945 ) $ (65,599 ) $ (9,801 ) $ (181,345 ) $ 121,311 $ 184,411 $ (50,642 ) $ 25,473 $ 99,208 Pre-opening expenses — — — — 5,420 15 1,511 301 7,247 Depreciation and amortization 52,817 20,364 381 73,562 55,865 35,610 4,974 2,281 172,292 Gain on EBH Transaction, net — — — — — (181,989 ) — — (181,989 ) Property charges and other 20,378 2,116 16 22,510 361 692 12,908 (681 ) 35,790 Management and license fees 3,809 2,508 — 6,317 27,996 10,654 — (44,967 ) — Corporate expenses and other 1,352 1,373 8,718 11,443 5,874 1,743 373 12,301 31,734 Stock-based compensation 3,654 4,069 686 8,409 2,424 345 2,588 5,292 19,058 Triple-net operating lease rent expense — — — — — 11,773 — — 11,773 Adjusted Property EBITDAR $ (23,935 ) $ (35,169 ) $ — $ (59,104 ) $ 219,251 $ 63,254 $ (28,288 ) $ — $ 195,113 Three Months Ended December 31, 2021 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (62,718 ) $ (61,821 ) $ (3,708 ) $ (128,247 ) $ 98,505 $ 15,557 $ (109,943 ) $ 18,504 $ (105,624 ) Pre-opening expenses — — — — 852 — 514 — 1,366 Depreciation and amortization 51,959 20,424 978 73,361 48,463 39,142 7,225 2,233 170,424 Property charges and other (281 ) 7,513 — 7,232 5,286 1,014 10,661 — 24,193 Management and license fees 6,179 4,192 — 10,371 23,669 9,922 — (43,962 ) — Corporate expenses and other 1,197 1,276 2,170 4,643 7,124 2,403 8,529 15,837 38,536 Stock-based compensation 2,274 3,922 560 6,756 2,260 186 3,615 7,388 20,205 Adjusted Property EBITDAR $ (1,390 ) $ (24,494 ) $ — $ (25,884 ) $ 186,159 $ 68,224 $ (79,399 ) $ — $ 149,100 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) (continued) Year Ended December 31, 2022 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (357,666 ) $ (247,727 ) $ (22,190 ) $ (627,583 ) $ 450,073 $ 209,962 $ (240,111 ) $ 106,983 $ (100,676 ) Pre-opening expenses — — — — 15,451 214 4,677 301 20,643 Depreciation and amortization 207,110 81,114 2,709 290,933 199,973 152,906 39,422 9,084 692,318 Gain on EBH Transaction, net — — — — — (181,989 ) — — (181,989 ) Property charges and other 23,296 11,482 43 34,821 3,680 1,366 81,051 (7,766 ) 113,152 Management and license fees 13,895 11,354 — 25,249 101,170 40,464 — (166,883 ) — Corporate expenses and other 6,081 6,283 16,980 29,344 22,736 7,125 5,877 37,457 102,539 Stock-based compensation 10,727 13,447 2,458 26,632 8,012 1,565 10,594 20,824 67,627 Triple-net operating lease rent expense — — — — — 11,773 — — 11,773 Adjusted Property EBITDAR $ (96,557 ) $ (124,047 ) $ — $ (220,604 ) $ 801,095 $ 243,386 $ (98,490 ) $ — $ 725,387 Year Ended December 31, 2021 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (202,379 ) $ (132,362 ) $ (13,507 ) $ (348,248 ) $ 216,218 $ 6,408 $ (351,125 ) $ 82,206 $ (394,541 ) Pre-opening expenses 898 — — 898 4,424 170 1,329 — 6,821 Depreciation and amortization 244,939 83,486 4,223 332,648 192,506 156,592 25,237 8,979 715,962 Property charges and other 3,792 10,322 21 14,135 11,545 2,337 23,161 (416 ) 50,762 Management and license fees 29,166 20,401 — 49,567 71,621 33,505 — (154,693 ) — Corporate expenses and other 4,739 5,180 7,022 16,941 23,930 9,160 14,527 30,641 95,199 Stock-based compensation 10,491 17,182 2,241 29,914 10,634 1,896 19,511 33,283 95,238 Adjusted Property EBITDAR $ 91,646 $ 4,209 $ — $ 95,855 $ 530,878 $ 210,068 $ (267,360 ) $ — $ 569,441 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR(in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Net income (loss) attributable to Wynn Resorts, Limited $ 32,411 $ (177,190 ) $ (423,856 ) $ (755,786 ) Net loss attributable to noncontrolling interests (65,956 ) (79,241 ) (285,512 ) (256,204 ) Pre-opening expenses 7,247 1,366 20,643 6,821 Depreciation and amortization 172,292 170,424 692,318 715,962 Gain on EBH Transaction, net (181,989 ) — (181,989 ) — Property charges and other 35,790 24,193 113,152 50,762 Triple-net operating lease rent expense 11,773 — 11,773 — Corporate expenses and other 31,734 38,536 102,539 95,199 Stock-based compensation 19,058 20,205 67,627 95,238 Interest income (18,895 ) (1,082 ) (29,758 ) (3,213 ) Interest expense, net of amounts capitalized 178,620 151,961 650,885 605,562 Change in derivatives fair value (1,155 ) (4,803 ) (15,956 ) (11,360 ) Loss on extinguishment of debt — — — 2,060 Other (31,901 ) 6,602 (5,811 ) 23,926 (Benefit) provision for income taxes 6,084 (1,871 ) 9,332 474 Adjusted Property EBITDAR $ 195,113 $ 149,100 $ 725,387 $ 569,441 WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Wynn Palace Supplemental Information Operating revenues Casino $ 68,918 $ 145,877 (52.8) $ 255,886 $ 677,917 (62.3) Rooms 12,266 15,488 (20.8) 40,079 69,022 (41.9) Food and beverage 11,519 11,556 (0.3) 35,546 47,985 (25.9) Entertainment, retail and other 20,362 21,066 (3.3) 78,778 88,083 (10.6) Total $ 113,065 $ 193,987 (41.7) $ 410,289 $ 883,007 (53.5) Adjusted Property EBITDAR (6) $ (23,935 ) $ (1,390 ) NM $ (96,557 ) $ 91,646 NM Casino Statistics: VIP: Average number of table games 50 87 (42.5) 53 93 (43.0) VIP turnover $ 1,047,561 $ 1,189,652 (11.9) $ 2,641,321 $ 6,435,947 (59.0) VIP table games win (1) $ 1,118 $ 30,798 (96.4) $ 23,471 $ 253,767 (90.8) VIP table games win as a % of turnover 0.11 % 2.59 % 0.89 % 3.94 % Table games win per unit per day $ 245 $ 3,845 (93.6) $ 1,259 $ 7,443 (83.1) Mass market: Average number of table games 237 235 0.9 229 229 — Table drop (2) $ 373,312 $ 592,050 (36.9) $ 1,312,786 $ 2,415,841 (45.7) Table games win (1) $ 86,933 $ 134,219 (35.2) $ 282,138 $ 540,234 (47.8) Table games win % 23.3 % 22.7 % 21.5 % 22.4 % Table games win per unit per day $ 3,987 $ 6,197 (35.7) $ 3,489 $ 6,463 (46.0) Average number of slot machines 578 715 (19.2) 623 710 (12.3) Slot machine handle $ 229,341 $ 347,518 (34.0) $ 732,197 $ 1,454,577 (49.7) Slot machine win (3) $ 8,306 $ 13,599 (38.9) $ 31,295 $ 58,152 (46.2) Slot machine win per unit per day $ 156 $ 207 (24.6) $ 142 $ 224 (36.6) Room statistics: Occupancy 50.1 % 50.9 % 38.4 % 58.5 % ADR (4) $ 146 $ 185 (21.1) $ 156 $ 182 (14.3) REVPAR (5) $ 73 $ 94 (22.3) $ 60 $ 107 (43.9) NM - Not meaningful. Note: The results of operations of Wynn Palace for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic. WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Wynn Macau Supplemental Information Operating revenues Casino $ 51,418 $ 97,389 (47.2) $ 216,639 $ 476,999 (54.6) Rooms 7,144 11,467 (37.7) 25,691 50,492 (49.1) Food and beverage 7,456 8,800 (15.3) 25,334 32,420 (21.9) Entertainment, retail and other 11,180 14,018 (20.2) 43,585 66,104 (34.1) Total $ 77,198 $ 131,674 (41.4) $ 311,249 $ 626,015 (50.3) Adjusted Property EBITDAR (6) $ (35,169 ) $ (24,494 ) NM $ (124,047 ) $ 4,209 NM Casino Statistics: VIP: Average number of table games 52 74 (29.7) 41 81 (49.4) VIP turnover $ 429,575 $ 858,131 (49.9) $ 1,771,143 $ 5,488,118 (67.7) VIP table games win (1) $ 5,135 $ 24,440 (79.0) $ 55,999 $ 155,064 (63.9) VIP table games win as a % of turnover 1.20 % 2.85 % 3.16 % 2.83 % Table games win per unit per day $ 1,074 $ 3,596 (70.1) $ 3,828 $ 5,250 (27.1) Mass market: Average number of table games 217 240 (9.6) 235 240 (2.1) Table drop (2) $ 317,801 $ 527,159 (39.7) $ 1,170,633 $ 2,230,348 (47.5) Table games win (1) $ 54,695 $ 91,517 (40.2) $ 189,769 $ 412,753 (54.0) Table games win % 17.2 % 17.4 % 16.2 % 18.5 % Table games win per unit per day $ 2,740 $ 4,146 (33.9) $ 2,284 $ 4,720 (51.6) Average number of slot machines 691 600 15.2 646 587 10.1 Slot machine handle $ 218,935 $ 254,966 (14.1) $ 895,466 $ 1,057,303 (15.3) Slot machine win (3) $ 7,867 $ 6,909 13.9 $ 31,768 $ 35,483 (10.5) Slot machine win per unit per day $ 124 $ 125 (0.8) $ 139 $ 166 (16.3) Room statistics: Occupancy 51.8 % 55.2 % 41.1 % 58.8 % ADR (4) $ 135 $ 204 (33.8) $ 154 $ 213 (27.7) REVPAR (5) $ 70 $ 112 (37.5) $ 63 $ 125 (49.6) NM - Not meaningful. Note: The results of operations of Wynn Macau for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic. WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Las Vegas Operations Supplemental Information Operating revenues Casino $ 141,349 $ 121,187 16.6 $ 535,279 $ 426,440 25.5 Rooms 190,584 159,527 19.5 651,291 425,777 53.0 Food and beverage 176,126 156,197 12.8 702,515 489,587 43.5 Entertainment, retail and other 77,433 56,985 35.9 243,051 161,877 50.1 Total $ 585,492 $ 493,896 18.5 $ 2,132,136 $ 1,503,681 41.8 Adjusted Property EBITDAR (6) $ 219,251 $ 186,159 17.8 $ 801,095 $ 530,878 50.9 Casino Statistics: Average number of table games 234 224 4.5 234 210 11.4 Table drop (2) $ 590,693 $ 584,060 1.1 $ 2,274,010 $ 1,842,792 23.4 Table games win (1) $ 125,441 $ 121,256 3.5 $ 511,746 $ 407,195 25.7 Table games win % 21.2 % 20.8 % 22.5 % 22.1 % Table games win per unit per day $ 5,823 $ 5,879 (1.0) $ 5,990 $ 5,323 12.5 Average number of slot machines 1,678 1,743 (3.7) 1,703 1,688 0.9 Slot machine handle $ 1,591,100 $ 1,316,154 20.9 $ 5,617,775 $ 4,379,421 28.3 Slot machine win (3) $ 115,802 $ 87,866 31.8 $ 394,052 $ 297,548 32.4 Slot machine win per unit per day $ 750 $ 548 36.9 $ 634 $ 483 31.3 Poker rake $ 6,950 $ 5,848 18.8 $ 19,680 $ 14,552 35.2 Room statistics: Occupancy 89.9 % 86.3 % 86.7 % 69.5 % ADR (4) $ 492 $ 441 11.6 $ 454 $ 386 17.6 REVPAR (5) $ 443 $ 380 16.6 $ 393 $ 268 46.6 WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Encore Boston Harbor Supplemental Information Operating revenues Casino $ 161,534 $ 153,739 5.1 $ 624,738 $ 552,064 13.2 Rooms 23,259 18,317 27.0 85,078 47,280 79.9 Food and beverage 22,546 22,206 1.5 82,818 63,919 29.6 Entertainment, retail and other 11,001 9,716 13.2 38,439 28,260 36.0 Total $ 218,340 $ 203,978 7.0 $ 831,073 $ 691,523 20.2 Adjusted Property EBITDAR (6) $ 63,254 $ 68,224 (7.3) $ 243,386 $ 210,068 15.9 Casino Statistics: Average number of table games 194 181 7.2 187 189 (1.1) Table drop (2) $ 370,590 $ 377,131 (1.7) $ 1,447,851 $ 1,267,908 14.2 Table games win (1) $ 81,032 $ 83,858 (3.4) $ 315,057 $ 273,174 15.3 Table games win % 21.9 % 22.2 % 21.8 % 21.5 % Table games win per unit per day $ 4,546 $ 5,033 (9.7) $ 4,604 $ 3,959 16.3 Average number of slot machines 2,601 2,741 (5.1) 2,716 2,387 13.8 Slot machine handle $ 1,303,782 $ 1,172,909 11.2 $ 5,007,772 $ 4,377,181 14.4 Slot machine win (3) $ 103,846 $ 95,630 8.6 $ 402,688 $ 358,827 12.2 Slot machine win per unit per day $ 434 $ 379 14.5 $ 406 $ 412 (1.5) Poker rake $ 4,895 $ — NM $ 9,476 $ — NM Room statistics: Occupancy 93.9 % 87.2 % 91.4 % 85.2 % ADR (4) $ 404 $ 341 18.5 $ 382 $ 328 16.5 REVPAR (5) $ 380 $ 297 27.9 $ 349 $ 279 25.1 NM - Not meaningful. Note: Encore Boston Harbor's room statistics have been computed based on 250 days of operations for the year ended December 31, 2021, representing the actual number of days the hotel was open. (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/20230208005149/en/Contacts Amir Markowitz 702-770-7555 investorrelations@wynnresorts.com
Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the fourth quarter and year ended December 31, 2022. Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, for the fourth quarter of 2021. Adjusted Property EBITDAR(1) was $195.1 million for the fourth quarter of 2022, compared to Adjusted Property EBITDAR of $149.1 million for the fourth quarter of 2021. "Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new fourth-quarter record for Adjusted Property EBITDAR at our combined North American properties. For the full year of 2022, these properties generated $1.04 billion of Adjusted Property EBITDAR, a record for us by a wide margin. These impressive results are a testament to our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth." Consolidated Results Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Operating revenues for the fourth quarter of 2022 increased $91.6 million and $14.4 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $80.9 million, $54.5 million, and $7.8 million at Wynn Palace, Wynn Macau, and Wynn Interactive, respectively, from the fourth quarter of 2021. Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, in the fourth quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $157.4 million, or $1.37 per diluted share, for the fourth quarter of 2021. Adjusted Property EBITDAR was $195.1 million for the fourth quarter of 2022, compared to $149.1 million for the fourth quarter of 2021. Adjusted Property EBITDAR for the fourth quarter of 2022 increased $33.1 million and $51.1 million at our Las Vegas Operations and Wynn Interactive, respectively, and decreased $22.5 million, $10.7 million, and $5.0 million at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the fourth quarter of 2021. For the year ended December 31, 2022, operating revenues were $3.76 billion, flat compared to operating revenues for the year ended December 31, 2021. Operating revenues for the year ended December 31, 2022 increased $628.5 million, $139.6 million, and $12.6 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $472.7 million and $314.8 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021. Net loss attributable to Wynn Resorts, Limited was $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022, compared to net loss attributable to Wynn Resorts, Limited of $755.8 million, or $6.64 per diluted share for the year ended December 31, 2021. Adjusted net loss attributable to Wynn Resorts, Limited was $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $695.8 million, or $6.12 per diluted share, for the year ended December 31, 2021. Adjusted Property EBITDAR was $725.4 million for the year ended December 31, 2022, compared to $569.4 million for the year ended December 31, 2021. Adjusted Property EBITDAR for the year ended December 31, 2022 increased $270.2 million, $33.3 million, and $168.9 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $188.2 million and $128.3 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021. Property Results Macau Operations Wynn Palace Operating revenues from Wynn Palace were $113.1 million for the fourth quarter of 2022, a decrease of $80.9 million from $194.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Palace was $(23.9) million for the fourth quarter of 2022, compared to $(1.4) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 0.11%, below the property's expected range of 3.1% to 3.4% and below the 2.59% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 23.3%, above the 22.7% experienced in the fourth quarter of 2021. Wynn Macau Operating revenues from Wynn Macau were $77.2 million for the fourth quarter of 2022, a decrease of $54.5 million from $131.7 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Macau was $(35.2) million for the fourth quarter of 2022, compared to $(24.5) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 1.20%, below the property's expected range of 3.1% to 3.4% and below the 2.85% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 17.2%, slightly below the 17.4% experienced in the fourth quarter of 2021. Las Vegas Operations Operating revenues from our Las Vegas Operations were $585.5 million for the fourth quarter of 2022, an increase of $91.6 million from $493.9 million for the fourth quarter of 2021. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2022 was $219.3 million, compared to $186.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.2%, below the property's expected range of 22% to 26% and above the 20.8% experienced in the fourth quarter of 2021. Encore Boston Harbor Operating revenues from Encore Boston Harbor were $218.3 million for the fourth quarter of 2022, an increase of $14.4 million from $204.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2022 was $63.3 million, compared to $68.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.9%, within the property's expected range of 18% to 22% and below the 22.2% experienced in the fourth quarter of 2021. Balance Sheet Our cash and cash equivalents as of December 31, 2022 totaled $3.65 billion, comprised of $951.9 million held by Wynn Macau, Limited ("WML") and subsidiaries, $2.31 billion held by Wynn Resorts Finance excluding WML, and $395.1 million held at Corporate and other. As of December 31, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver was $837.0 million, and the WM Cayman II Revolver was fully drawn. Total current and long-term debt outstanding at December 31, 2022 was $12.12 billion, comprised of $6.19 billion of Macau related debt, $3.14 billion of Wynn Las Vegas debt, $2.17 billion of Wynn Resorts Finance debt, and $613.5 million of debt held by the retail joint venture which we consolidate. In the fourth quarter of 2022, the Company repurchased 82,900 shares of common stock at an average price of $59.08 per share, for an aggregate cost of $4.9 million, bringing our total repurchases for the year ended December 31, 2022 to 2,956,331 shares of common stock for an aggregate cost of $171.3 million. In December 2022, we closed on our sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor (the "EBH Transaction"). Upon closing of the EBH Transaction, we received cash proceeds of approximately $1.7 billion in exchange for the sale of such real estate assets, and concurrently entered into a lease agreement for the purpose of continuing to operate the Encore Boston Harbor integrated resort. The lease agreement provides for an initial annual minimum rent of $100.0 million for an initial term of 30 years, subject to certain annual rent escalations and renewal provisions. We expect to use the proceeds from the EBH Transaction in accordance with the reinvestment and asset sale provisions of our senior secured credit facilities. Conference Call and Other Information The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 8, 2023 at 1:15 p.m. PT (4:15 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before March 31, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2022 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, the COVID-19 pandemic and the reimposition of restrictions on the general public or certain activities, 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, 2021, 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, gain on EBH Transaction, net, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. We use Adjusted Property EBITDAR to manage the operating results of our segments. 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 preopening 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 loss attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, gain on EBH Transaction, net, property charges and other, change in derivatives fair value, loss on extinguishment of debt, and foreign currency remeasurement and other, net of noncontrolling interests. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net 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 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 loss attributable to Wynn Resorts, Limited and adjusted net 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 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 CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Operating revenues: Casino $ 423,218 $ 518,192 $ 1,632,541 $ 2,133,420 Rooms 233,252 204,799 802,138 592,571 Food and beverage 217,648 198,759 846,214 633,911 Entertainment, retail and other 130,819 131,374 475,932 403,762 Total operating revenues 1,004,937 1,053,124 3,756,825 3,763,664 Operating expenses: Casino 291,757 345,201 1,099,801 1,394,098 Rooms 69,869 61,547 261,343 197,734 Food and beverage 183,034 161,682 700,549 516,391 Entertainment, retail and other 91,676 150,386 328,529 450,358 General and administrative 232,017 221,923 830,450 796,592 Provision for credit losses 4,036 22,026 (7,295 ) 29,487 Pre-opening 7,247 1,366 20,643 6,821 Depreciation and amortization 172,292 170,424 692,318 715,962 Gain on EBH Transaction, net (181,989 ) — (181,989 ) — Property charges and other 35,790 24,193 113,152 50,762 Total operating expenses 905,729 1,158,748 3,857,501 4,158,205 Operating income (loss) 99,208 (105,624 ) (100,676 ) (394,541 ) Other income (expense): Interest income 18,895 1,082 29,758 3,213 Interest expense, net of amounts capitalized (178,620 ) (151,961 ) (650,885 ) (605,562 ) Change in derivatives fair value 1,155 4,803 15,956 11,360 Loss on extinguishment of debt — — — (2,060 ) Other 31,901 (6,602 ) 5,811 (23,926 ) Other income (expense), net (126,669 ) (152,678 ) (599,360 ) (616,975 ) Loss before income taxes (27,461 ) (258,302 ) (700,036 ) (1,011,516 ) Benefit (provision) for income taxes (6,084 ) 1,871 (9,332 ) (474 ) Net loss (33,545 ) (256,431 ) (709,368 ) (1,011,990 ) Less: net loss attributable to noncontrolling interests 65,956 79,241 285,512 256,204 Net income (loss) attributable to Wynn Resorts, Limited $ 32,411 $ (177,190 ) $ (423,856 ) $ (755,786 ) Basic and diluted income (loss) per common share: Net income (loss) attributable to Wynn Resorts, Limited: Basic $ 0.29 $ (1.54 ) $ (3.73 ) $ (6.64 ) Diluted $ 0.29 $ (1.54 ) $ (3.73 ) $ (6.64 ) Weighted average common shares outstanding: Basic 112,321 114,768 113,623 113,760 Diluted 112,795 114,768 113,623 113,760 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Net income (loss) attributable to Wynn Resorts, Limited $ 32,411 $ (177,190 ) $ (423,856 ) $ (755,786 ) Pre-opening expenses 7,247 1,366 20,643 6,821 Gain on EBH Transaction, net (181,989 ) — (181,989 ) — Property charges and other 35,790 24,193 113,152 50,762 Change in derivatives fair value (1,155 ) (4,803 ) (15,956 ) (11,360 ) Loss on extinguishment of debt — — — 2,060 Foreign currency remeasurement and other (31,901 ) 6,602 (5,811 ) 23,926 Income tax impact on adjustments (198 ) 87 (294 ) — Noncontrolling interests impact on adjustments 1,110 (7,610 ) (13,317 ) (12,206 ) Adjusted net loss attributable to Wynn Resorts, Limited $ (138,685 ) $ (157,355 ) $ (507,428 ) $ (695,783 ) Adjusted net loss attributable to Wynn Resorts, Limited per diluted share $ (1.23 ) $ (1.37 ) $ (4.47 ) $ (6.12 ) Weighted average common shares outstanding - diluted 112,795 114,768 113,623 113,760 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) Three Months Ended December 31, 2022 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (105,945 ) $ (65,599 ) $ (9,801 ) $ (181,345 ) $ 121,311 $ 184,411 $ (50,642 ) $ 25,473 $ 99,208 Pre-opening expenses — — — — 5,420 15 1,511 301 7,247 Depreciation and amortization 52,817 20,364 381 73,562 55,865 35,610 4,974 2,281 172,292 Gain on EBH Transaction, net — — — — — (181,989 ) — — (181,989 ) Property charges and other 20,378 2,116 16 22,510 361 692 12,908 (681 ) 35,790 Management and license fees 3,809 2,508 — 6,317 27,996 10,654 — (44,967 ) — Corporate expenses and other 1,352 1,373 8,718 11,443 5,874 1,743 373 12,301 31,734 Stock-based compensation 3,654 4,069 686 8,409 2,424 345 2,588 5,292 19,058 Triple-net operating lease rent expense — — — — — 11,773 — — 11,773 Adjusted Property EBITDAR $ (23,935 ) $ (35,169 ) $ — $ (59,104 ) $ 219,251 $ 63,254 $ (28,288 ) $ — $ 195,113 Three Months Ended December 31, 2021 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (62,718 ) $ (61,821 ) $ (3,708 ) $ (128,247 ) $ 98,505 $ 15,557 $ (109,943 ) $ 18,504 $ (105,624 ) Pre-opening expenses — — — — 852 — 514 — 1,366 Depreciation and amortization 51,959 20,424 978 73,361 48,463 39,142 7,225 2,233 170,424 Property charges and other (281 ) 7,513 — 7,232 5,286 1,014 10,661 — 24,193 Management and license fees 6,179 4,192 — 10,371 23,669 9,922 — (43,962 ) — Corporate expenses and other 1,197 1,276 2,170 4,643 7,124 2,403 8,529 15,837 38,536 Stock-based compensation 2,274 3,922 560 6,756 2,260 186 3,615 7,388 20,205 Adjusted Property EBITDAR $ (1,390 ) $ (24,494 ) $ — $ (25,884 ) $ 186,159 $ 68,224 $ (79,399 ) $ — $ 149,100 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) (continued) Year Ended December 31, 2022 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (357,666 ) $ (247,727 ) $ (22,190 ) $ (627,583 ) $ 450,073 $ 209,962 $ (240,111 ) $ 106,983 $ (100,676 ) Pre-opening expenses — — — — 15,451 214 4,677 301 20,643 Depreciation and amortization 207,110 81,114 2,709 290,933 199,973 152,906 39,422 9,084 692,318 Gain on EBH Transaction, net — — — — — (181,989 ) — — (181,989 ) Property charges and other 23,296 11,482 43 34,821 3,680 1,366 81,051 (7,766 ) 113,152 Management and license fees 13,895 11,354 — 25,249 101,170 40,464 — (166,883 ) — Corporate expenses and other 6,081 6,283 16,980 29,344 22,736 7,125 5,877 37,457 102,539 Stock-based compensation 10,727 13,447 2,458 26,632 8,012 1,565 10,594 20,824 67,627 Triple-net operating lease rent expense — — — — — 11,773 — — 11,773 Adjusted Property EBITDAR $ (96,557 ) $ (124,047 ) $ — $ (220,604 ) $ 801,095 $ 243,386 $ (98,490 ) $ — $ 725,387 Year Ended December 31, 2021 Wynn Palace Wynn Macau Other Macau Total Macau Operations Las Vegas Operations Encore Boston Harbor Wynn Interactive Corporate and Other Total Operating income (loss) $ (202,379 ) $ (132,362 ) $ (13,507 ) $ (348,248 ) $ 216,218 $ 6,408 $ (351,125 ) $ 82,206 $ (394,541 ) Pre-opening expenses 898 — — 898 4,424 170 1,329 — 6,821 Depreciation and amortization 244,939 83,486 4,223 332,648 192,506 156,592 25,237 8,979 715,962 Property charges and other 3,792 10,322 21 14,135 11,545 2,337 23,161 (416 ) 50,762 Management and license fees 29,166 20,401 — 49,567 71,621 33,505 — (154,693 ) — Corporate expenses and other 4,739 5,180 7,022 16,941 23,930 9,160 14,527 30,641 95,199 Stock-based compensation 10,491 17,182 2,241 29,914 10,634 1,896 19,511 33,283 95,238 Adjusted Property EBITDAR $ 91,646 $ 4,209 $ — $ 95,855 $ 530,878 $ 210,068 $ (267,360 ) $ — $ 569,441 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR(in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Net income (loss) attributable to Wynn Resorts, Limited $ 32,411 $ (177,190 ) $ (423,856 ) $ (755,786 ) Net loss attributable to noncontrolling interests (65,956 ) (79,241 ) (285,512 ) (256,204 ) Pre-opening expenses 7,247 1,366 20,643 6,821 Depreciation and amortization 172,292 170,424 692,318 715,962 Gain on EBH Transaction, net (181,989 ) — (181,989 ) — Property charges and other 35,790 24,193 113,152 50,762 Triple-net operating lease rent expense 11,773 — 11,773 — Corporate expenses and other 31,734 38,536 102,539 95,199 Stock-based compensation 19,058 20,205 67,627 95,238 Interest income (18,895 ) (1,082 ) (29,758 ) (3,213 ) Interest expense, net of amounts capitalized 178,620 151,961 650,885 605,562 Change in derivatives fair value (1,155 ) (4,803 ) (15,956 ) (11,360 ) Loss on extinguishment of debt — — — 2,060 Other (31,901 ) 6,602 (5,811 ) 23,926 (Benefit) provision for income taxes 6,084 (1,871 ) 9,332 474 Adjusted Property EBITDAR $ 195,113 $ 149,100 $ 725,387 $ 569,441 WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Wynn Palace Supplemental Information Operating revenues Casino $ 68,918 $ 145,877 (52.8) $ 255,886 $ 677,917 (62.3) Rooms 12,266 15,488 (20.8) 40,079 69,022 (41.9) Food and beverage 11,519 11,556 (0.3) 35,546 47,985 (25.9) Entertainment, retail and other 20,362 21,066 (3.3) 78,778 88,083 (10.6) Total $ 113,065 $ 193,987 (41.7) $ 410,289 $ 883,007 (53.5) Adjusted Property EBITDAR (6) $ (23,935 ) $ (1,390 ) NM $ (96,557 ) $ 91,646 NM Casino Statistics: VIP: Average number of table games 50 87 (42.5) 53 93 (43.0) VIP turnover $ 1,047,561 $ 1,189,652 (11.9) $ 2,641,321 $ 6,435,947 (59.0) VIP table games win (1) $ 1,118 $ 30,798 (96.4) $ 23,471 $ 253,767 (90.8) VIP table games win as a % of turnover 0.11 % 2.59 % 0.89 % 3.94 % Table games win per unit per day $ 245 $ 3,845 (93.6) $ 1,259 $ 7,443 (83.1) Mass market: Average number of table games 237 235 0.9 229 229 — Table drop (2) $ 373,312 $ 592,050 (36.9) $ 1,312,786 $ 2,415,841 (45.7) Table games win (1) $ 86,933 $ 134,219 (35.2) $ 282,138 $ 540,234 (47.8) Table games win % 23.3 % 22.7 % 21.5 % 22.4 % Table games win per unit per day $ 3,987 $ 6,197 (35.7) $ 3,489 $ 6,463 (46.0) Average number of slot machines 578 715 (19.2) 623 710 (12.3) Slot machine handle $ 229,341 $ 347,518 (34.0) $ 732,197 $ 1,454,577 (49.7) Slot machine win (3) $ 8,306 $ 13,599 (38.9) $ 31,295 $ 58,152 (46.2) Slot machine win per unit per day $ 156 $ 207 (24.6) $ 142 $ 224 (36.6) Room statistics: Occupancy 50.1 % 50.9 % 38.4 % 58.5 % ADR (4) $ 146 $ 185 (21.1) $ 156 $ 182 (14.3) REVPAR (5) $ 73 $ 94 (22.3) $ 60 $ 107 (43.9) NM - Not meaningful. Note: The results of operations of Wynn Palace for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic. WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Wynn Macau Supplemental Information Operating revenues Casino $ 51,418 $ 97,389 (47.2) $ 216,639 $ 476,999 (54.6) Rooms 7,144 11,467 (37.7) 25,691 50,492 (49.1) Food and beverage 7,456 8,800 (15.3) 25,334 32,420 (21.9) Entertainment, retail and other 11,180 14,018 (20.2) 43,585 66,104 (34.1) Total $ 77,198 $ 131,674 (41.4) $ 311,249 $ 626,015 (50.3) Adjusted Property EBITDAR (6) $ (35,169 ) $ (24,494 ) NM $ (124,047 ) $ 4,209 NM Casino Statistics: VIP: Average number of table games 52 74 (29.7) 41 81 (49.4) VIP turnover $ 429,575 $ 858,131 (49.9) $ 1,771,143 $ 5,488,118 (67.7) VIP table games win (1) $ 5,135 $ 24,440 (79.0) $ 55,999 $ 155,064 (63.9) VIP table games win as a % of turnover 1.20 % 2.85 % 3.16 % 2.83 % Table games win per unit per day $ 1,074 $ 3,596 (70.1) $ 3,828 $ 5,250 (27.1) Mass market: Average number of table games 217 240 (9.6) 235 240 (2.1) Table drop (2) $ 317,801 $ 527,159 (39.7) $ 1,170,633 $ 2,230,348 (47.5) Table games win (1) $ 54,695 $ 91,517 (40.2) $ 189,769 $ 412,753 (54.0) Table games win % 17.2 % 17.4 % 16.2 % 18.5 % Table games win per unit per day $ 2,740 $ 4,146 (33.9) $ 2,284 $ 4,720 (51.6) Average number of slot machines 691 600 15.2 646 587 10.1 Slot machine handle $ 218,935 $ 254,966 (14.1) $ 895,466 $ 1,057,303 (15.3) Slot machine win (3) $ 7,867 $ 6,909 13.9 $ 31,768 $ 35,483 (10.5) Slot machine win per unit per day $ 124 $ 125 (0.8) $ 139 $ 166 (16.3) Room statistics: Occupancy 51.8 % 55.2 % 41.1 % 58.8 % ADR (4) $ 135 $ 204 (33.8) $ 154 $ 213 (27.7) REVPAR (5) $ 70 $ 112 (37.5) $ 63 $ 125 (49.6) NM - Not meaningful. Note: The results of operations of Wynn Macau for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic. WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Las Vegas Operations Supplemental Information Operating revenues Casino $ 141,349 $ 121,187 16.6 $ 535,279 $ 426,440 25.5 Rooms 190,584 159,527 19.5 651,291 425,777 53.0 Food and beverage 176,126 156,197 12.8 702,515 489,587 43.5 Entertainment, retail and other 77,433 56,985 35.9 243,051 161,877 50.1 Total $ 585,492 $ 493,896 18.5 $ 2,132,136 $ 1,503,681 41.8 Adjusted Property EBITDAR (6) $ 219,251 $ 186,159 17.8 $ 801,095 $ 530,878 50.9 Casino Statistics: Average number of table games 234 224 4.5 234 210 11.4 Table drop (2) $ 590,693 $ 584,060 1.1 $ 2,274,010 $ 1,842,792 23.4 Table games win (1) $ 125,441 $ 121,256 3.5 $ 511,746 $ 407,195 25.7 Table games win % 21.2 % 20.8 % 22.5 % 22.1 % Table games win per unit per day $ 5,823 $ 5,879 (1.0) $ 5,990 $ 5,323 12.5 Average number of slot machines 1,678 1,743 (3.7) 1,703 1,688 0.9 Slot machine handle $ 1,591,100 $ 1,316,154 20.9 $ 5,617,775 $ 4,379,421 28.3 Slot machine win (3) $ 115,802 $ 87,866 31.8 $ 394,052 $ 297,548 32.4 Slot machine win per unit per day $ 750 $ 548 36.9 $ 634 $ 483 31.3 Poker rake $ 6,950 $ 5,848 18.8 $ 19,680 $ 14,552 35.2 Room statistics: Occupancy 89.9 % 86.3 % 86.7 % 69.5 % ADR (4) $ 492 $ 441 11.6 $ 454 $ 386 17.6 REVPAR (5) $ 443 $ 380 16.6 $ 393 $ 268 46.6 WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued) Three Months Ended December 31, Year Ended December 31, 2022 2021 Percent Change 2022 2021 Percent Change Encore Boston Harbor Supplemental Information Operating revenues Casino $ 161,534 $ 153,739 5.1 $ 624,738 $ 552,064 13.2 Rooms 23,259 18,317 27.0 85,078 47,280 79.9 Food and beverage 22,546 22,206 1.5 82,818 63,919 29.6 Entertainment, retail and other 11,001 9,716 13.2 38,439 28,260 36.0 Total $ 218,340 $ 203,978 7.0 $ 831,073 $ 691,523 20.2 Adjusted Property EBITDAR (6) $ 63,254 $ 68,224 (7.3) $ 243,386 $ 210,068 15.9 Casino Statistics: Average number of table games 194 181 7.2 187 189 (1.1) Table drop (2) $ 370,590 $ 377,131 (1.7) $ 1,447,851 $ 1,267,908 14.2 Table games win (1) $ 81,032 $ 83,858 (3.4) $ 315,057 $ 273,174 15.3 Table games win % 21.9 % 22.2 % 21.8 % 21.5 % Table games win per unit per day $ 4,546 $ 5,033 (9.7) $ 4,604 $ 3,959 16.3 Average number of slot machines 2,601 2,741 (5.1) 2,716 2,387 13.8 Slot machine handle $ 1,303,782 $ 1,172,909 11.2 $ 5,007,772 $ 4,377,181 14.4 Slot machine win (3) $ 103,846 $ 95,630 8.6 $ 402,688 $ 358,827 12.2 Slot machine win per unit per day $ 434 $ 379 14.5 $ 406 $ 412 (1.5) Poker rake $ 4,895 $ — NM $ 9,476 $ — NM Room statistics: Occupancy 93.9 % 87.2 % 91.4 % 85.2 % ADR (4) $ 404 $ 341 18.5 $ 382 $ 328 16.5 REVPAR (5) $ 380 $ 297 27.9 $ 349 $ 279 25.1 NM - Not meaningful. Note: Encore Boston Harbor's room statistics have been computed based on 250 days of operations for the year ended December 31, 2021, representing the actual number of days the hotel was open. (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/20230208005149/en/
