Wynn Resorts, Limited Reports First Quarter 2023 Results

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

Operating revenues were $1.42 billion for the first quarter of 2023, an increase of $470.3 million, from $953.3 million for the first quarter of 2022. Net income attributable to Wynn Resorts, Limited was $12.3 million for the first quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $183.3 million for the first quarter of 2022. Diluted net loss per share was $0.02 for the first quarter of 2023, compared to diluted net loss per share of $1.59 for the first quarter of 2022. Adjusted Property EBITDAR(1) was $429.7 million for the first quarter of 2023, compared to Adjusted Property EBITDAR of $177.6 million for the first quarter of 2022.

"For the first time in over three years, each of our resorts is generating strong financial results, which is once again a testament to our team's relentless focus on delivering five-star hospitality and experiences to our guests," said Craig Billings, CEO of Wynn Resorts, Limited. "In the U.S., Wynn Las Vegas and Encore Boston Harbor are firing on all cylinders, generating a new all-time record for Adjusted Property EBITDAR at our combined North American properties during the quarter. In Macau, after several challenging years, we were pleased to experience a meaningful return of visitation and demand, particularly in our mass gaming and retail businesses. We believe we are well-positioned for success in Macau's next phase of growth."

Additionally, the Board of Directors of Wynn Resorts is pleased to announce the resumption of our quarterly dividend program, with a cash dividend of $0.25 per share, payable on June 6, 2023 to stockholders of record as of May 23, 2023. The reinstatement of our dividend program reflects the strength of our financial results, our robust liquidity position and our commitment to returning capital to shareholders.

Consolidated Results

Operating revenues were $1.42 billion for the first quarter of 2023, an increase of $470.3 million, from $953.3 million for the first quarter of 2022. For the first quarter of 2023, operating revenues increased $145.6 million, $206.0 million, $95.6 million, and $25.5 million at our Las Vegas Operations, Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, and decreased $2.4 million at Wynn Interactive, from the first quarter of 2022.

Net income attributable to Wynn Resorts, Limited was $12.3 million for the first quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $183.3 million for the first quarter of 2022. Diluted net loss per share was $0.02 for the first quarter of 2023, compared to diluted net loss per share of $1.59 for the first quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited(2) was $33.3 million, or $0.29 per diluted share, for the first quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $139.6 million, or $1.21 per diluted share, for the first quarter of 2022.

Adjusted Property EBITDAR was $429.7 million for the first quarter of 2023, an increase of 142.0% compared to Adjusted Property EBITDAR of $177.6 million for the first quarter of 2022. For the first quarter of 2023, Adjusted Property EBITDAR increased $72.2 million, $111.9 million, $49.4 million, $8.2 million, and $10.4 million at our Las Vegas Operations, Wynn Palace, Wynn Macau, Encore Boston Harbor, and Wynn Interactive, respectively, from the first quarter of 2022.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $369.4 million for the first quarter of 2023, an increase of $206.0 million from $163.3 million for the first quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $111.1 million for the first quarter of 2023, compared to $(0.9) million for the first quarter of 2022. VIP table games win as a percentage of turnover was 2.72%, below the property's expected range of 3.1% to 3.4% and above the 2.05% experienced in the first quarter of 2022. Table games win percentage in mass market operations was 22.1%, above the 20.9% experienced in the first quarter of 2022.

Wynn Macau

Operating revenues from Wynn Macau were $230.7 million for the first quarter of 2023, an increase of $95.6 million from $135.1 million for the first quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $44.7 million for the first quarter of 2023, compared to $(4.7) million for the first quarter of 2022. VIP table games win as a percentage of turnover was 2.69%, below the property's expected range of 3.1% to 3.4% and below the 3.84% experienced in the first quarter of 2022. Table games win percentage in mass market operations was 17.0%, below the 17.5% experienced in the first quarter of 2022.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $586.8 million for the first quarter of 2023, an increase of $145.6 million from $441.2 million for the first quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the first quarter of 2023 was $231.6 million, compared to $159.4 million for the first quarter of 2022. Table games win percentage for the first quarter of 2023 was 24.3%, within the property's expected range of 22% to 26% and above the 23.6% experienced in the first quarter of 2022.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $216.3 million for the first quarter of 2023, an increase of $25.5 million from $190.8 million for the first quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the first quarter of 2023 was $63.4 million, compared to $55.3 million for the first quarter of 2022. Table games win percentage for the first quarter of 2023 was 21.7%, within the property's expected range of 18% to 22% and below the 22.2% experienced in the first quarter of 2022.

Balance Sheet

Our cash and cash equivalents as of March 31, 2023 totaled $3.84 billion, comprised of $1.61 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $1.85 billion held by Wynn Resorts Finance, LLC ("WRF") excluding WML, and $378.5 million held at Corporate and other. As of March 31, 2023, 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 March 31, 2023 was $12.25 billion, comprised of $6.75 billion of Macau related debt, $2.64 billion of Wynn Las Vegas debt, $2.25 billion of Wynn Resorts Finance debt, and $613.6 million of debt held by the retail joint venture which we consolidate.

In February 2023, WRF and its subsidiary Wynn Resorts Capital Corp. (together with WRF, the "WRF Issuers") issued $600.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes), and used a portion of the proceeds to purchase valid tenders with respect to $506.4 million aggregate principal amount of the 7 3/4% Senior Notes due 2025 (the "2025 WRF Senior Notes") and to pay the tender premium and related fees and expenses. In April 2023, we repurchased all of the remaining outstanding 2025 WRF Senior Notes using the remaining net proceeds from the offering of the 2031 WRF Senior Notes and cash held by WRF, at a price equal to 101.938% of the principal amount plus accrued interest.

In March 2023, WML completed an offering of $600.0 million 4 1/2% convertible bonds due 2029 (the "Convertible Bonds"). WML intends to use the net proceeds for general corporate purposes. The Convertible Bonds are convertible at the option of the holder into ordinary shares of WML, at the initial conversion price of approximately HK$10.24 per share (equivalent to approximately US$1.30).

Also in March 2023, we repurchased all of our outstanding Wynn Las Vegas 4 1/4% Senior Notes due 2023, representing an aggregate principal amount of $500.0 million, using cash held by WRF, at a price equal to 100% of the principal amount plus accrued interest.

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 May 9, 2023 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before May 15, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended March 31, 2023 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, adverse macroeconomic conditions and their impact on levels of income and consumer discretionary spending, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, uncertainty surrounding the pace of recovery of tourism and travel in Asia following the COVID-19 pandemic, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction risks, cybersecurity risk and our leverage and debt service. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

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

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

March 31,

 

 

2023

 

 

 

2022

 

Operating revenues:

 

 

 

Casino

$

766,992

 

 

$

489,862

 

Rooms

 

272,529

 

 

 

170,376

 

Food and beverage

 

232,611

 

 

 

174,020

 

Entertainment, retail and other

 

151,547

 

 

 

119,076

 

Total operating revenues

 

1,423,679

 

 

 

953,334

 

Operating expenses:

 

 

 

Casino

 

473,385

 

 

 

324,079

 

Rooms

 

72,702

 

 

 

58,715

 

Food and beverage

 

180,619

 

 

 

146,656

 

Entertainment, retail and other

 

92,482

 

 

 

88,904

 

General and administrative

 

259,772

 

 

 

196,780

 

Provision for credit losses

 

(544

)

 

 

342

 

Pre-opening

 

4,478

 

 

 

2,447

 

Depreciation and amortization

 

168,812

 

 

 

184,556

 

Property charges and other

 

2,458

 

 

 

45,720

 

Total operating expenses

 

1,254,164

 

 

 

1,048,199

 

Operating income (loss)

 

169,515

 

 

 

(94,865

)

Other income (expense):

 

 

 

Interest income

 

40,193

 

 

 

1,280

 

Interest expense, net of amounts capitalized

 

(187,740

)

 

 

(152,158

)

Change in derivatives fair value

 

23,046

 

 

 

7,400

 

Loss on debt financing transactions

 

(12,236

)

 

 

 

Other

 

(30,614

)

 

 

(15,127

)

Other income (expense), net

 

(167,351

)

 

 

(158,605

)

Income (loss) before income taxes

 

2,164

 

 

 

(253,470

)

Provision for income taxes

 

(1,018

)

 

 

(1,140

)

Net income (loss)

 

1,146

 

 

 

(254,610

)

Less: net loss attributable to noncontrolling interests

 

11,186

 

 

 

71,286

 

Net income (loss) attributable to Wynn Resorts, Limited

$

12,332

 

 

$

(183,324

)

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

 

 

 

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

Basic

$

0.11

 

 

$

(1.59

)

Diluted

$

(0.02

)

 

$

(1.59

)

Weighted average common shares outstanding:

 

 

 

Basic

 

112,753

 

 

 

115,030

 

Diluted

 

113,116

 

 

 

115,030

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

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

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

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

March 31,

 

 

2023

 

 

 

2022

 

Net income (loss) attributable to Wynn Resorts, Limited

$

12,332

 

 

$

(183,324

)

Pre-opening expenses

 

4,478

 

 

 

2,447

 

Property charges and other

 

2,458

 

 

 

45,720

 

Change in derivatives fair value

 

(23,046

)

 

 

(7,400

)

Loss on debt financing transactions

 

12,236

 

 

 

 

Foreign currency remeasurement and other

 

30,614

 

 

 

15,127

 

Income tax impact on adjustments

 

(1,492

)

 

 

 

Noncontrolling interests impact on adjustments

 

(4,248

)

 

 

(12,189

)

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

$

33,332

 

 

$

(139,619

)

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

$

0.29

 

 

$

(1.21

)

 

 

 

 

Weighted average common shares outstanding - diluted

 

113,116

 

 

 

115,030

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

Three Months Ended March 31, 2023

 

Wynn

Palace

 

Wynn

Macau

 

Other

Macau

 

Total

Macau

Operations

 

Las Vegas

Operations

 

Encore

Boston

Harbor

 

Wynn

Interactive

 

Corporate

and Other

 

Total

Operating income (loss)

$

39,868

 

$

12,249

 

$

(4,983

)

 

$

47,134

 

$

138,502

 

$

(14,949

)

 

$

(33,400

)

 

$

32,228

 

 

$

169,515

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

81

 

 

911

 

 

 

3,589

 

 

 

(103

)

 

 

4,478

Depreciation and amortization

 

54,167

 

 

20,650

 

 

380

 

 

 

75,197

 

 

56,681

 

 

29,934

 

 

 

4,716

 

 

 

2,284

 

 

 

168,812

Property charges and other

 

2,295

 

 

475

 

 

1

 

 

 

2,771

 

 

213

 

 

(582

)

 

 

56

 

 

 

 

 

 

2,458

Management and license fees

 

11,830

 

 

7,275

 

 

 

 

 

19,105

 

 

27,812

 

 

10,503

 

 

 

 

 

 

(57,420

)

 

 

Corporate expenses and other

 

2,226

 

 

2,325

 

 

3,624

 

 

 

8,175

 

 

6,556

 

 

1,864

 

 

 

1,382

 

 

 

16,513

 

 

 

34,490

Stock-based compensation

 

672

 

 

1,771

 

 

978

 

 

 

3,421

 

 

1,752

 

 

450

 

 

 

2,589

 

 

 

6,498

 

 

 

14,710

Triple-net operating lease rent expense

 

 

 

 

 

 

 

 

 

 

 

 

35,283

 

 

 

 

 

 

 

 

 

35,283

Adjusted Property EBITDAR

$

111,058

 

$

44,745

 

$

 

 

$

155,803

 

$

231,597

 

$

63,414

 

 

$

(21,068

)

 

$

 

 

$

429,746

 

Three Months Ended March 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)

$

(59,501

)

 

$

(34,816

)

 

$

(3,947

)

 

$

(98,264

)

 

$

82,930

 

$

2,189

 

$

(105,035

)

 

$

23,315

 

 

$

(94,865

)

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

1,397

 

 

 

 

1,050

 

 

 

 

 

 

2,447

 

Depreciation and amortization

 

50,462

 

 

 

20,022

 

 

 

977

 

 

 

71,461

 

 

 

45,602

 

 

40,989

 

 

24,248

 

 

 

2,256

 

 

 

184,556

 

Property charges and other

 

138

 

 

 

1,469

 

 

 

1

 

 

 

1,608

 

 

 

1,322

 

 

621

 

 

41,961

 

 

 

208

 

 

 

45,720

 

Management and license fees

 

5,185

 

 

 

4,324

 

 

 

 

 

 

9,509

 

 

 

21,027

 

 

9,338

 

 

 

 

 

(39,874

)

 

 

 

Corporate expenses and other

 

1,543

 

 

 

1,678

 

 

 

2,418

 

 

 

5,639

 

 

 

5,414

 

 

1,705

 

 

2,427

 

 

 

10,638

 

 

 

25,823

 

Stock-based compensation

 

1,309

 

 

 

2,641

 

 

 

551

 

 

 

4,501

 

 

 

1,686

 

 

408

 

 

3,848

 

 

 

3,457

 

 

 

13,900

 

Adjusted Property EBITDAR

$

(864

)

 

$

(4,682

)

 

$

 

 

$

(5,546

)

 

$

159,378

 

$

55,250

 

$

(31,501

)

 

$

 

 

$

177,581

 

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

March 31,

 

 

2023

 

 

 

2022

 

Net income (loss) attributable to Wynn Resorts, Limited

$

12,332

 

 

$

(183,324

)

Net loss attributable to noncontrolling interests

 

(11,186

)

 

 

(71,286

)

Pre-opening expenses

 

4,478

 

 

 

2,447

 

Depreciation and amortization

 

168,812

 

 

 

184,556

 

Property charges and other

 

2,458

 

 

 

45,720

 

Triple-net operating lease rent expense

 

35,283

 

 

 

 

Corporate expenses and other

 

34,490

 

 

 

25,823

 

Stock-based compensation

 

14,710

 

 

 

13,900

 

Interest income

 

(40,193

)

 

 

(1,280

)

Interest expense, net of amounts capitalized

 

187,740

 

 

 

152,158

 

Change in derivatives fair value

 

(23,046

)

 

 

(7,400

)

Loss on debt financing transactions

 

12,236

 

 

 

 

Other

 

30,614

 

 

 

15,127

 

Provision for income taxes

 

1,018

 

 

 

1,140

 

Adjusted Property EBITDAR

$

429,746

 

 

$

177,581

 

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

March 31,

 

 

 

 

2023

 

 

 

2022

 

 

Percent

Change

Wynn Palace Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

270,687

 

 

$

114,413

 

 

136.6

 

Rooms

 

46,910

 

 

 

13,831

 

 

239.2

 

Food and beverage

 

23,553

 

 

 

11,443

 

 

105.8

 

Entertainment, retail and other

 

28,213

 

 

 

23,638

 

 

19.4

 

Total

$

369,363

 

 

$

163,325

 

 

126.2

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

111,058

 

 

$

(864

)

 

NM

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

VIP:

 

 

 

 

 

Average number of table games

 

50

 

 

 

67

 

 

(25.4

)

VIP turnover

$

2,293,358

 

 

$

965,555

 

 

137.5

 

VIP table games win (1)

$

62,448

 

 

$

19,753

 

 

216.1

 

VIP table games win as a % of turnover

 

2.72

%

 

 

2.05

%

 

 

Table games win per unit per day

$

13,868

 

 

$

3,280

 

 

322.8

 

Mass market:

 

 

 

 

 

Average number of table games

 

237

 

 

 

234

 

 

1.3

 

Table drop (2)

$

1,181,998

 

 

$

531,859

 

 

122.2

 

Table games win (1)

$

260,865

 

 

$

111,175

 

 

134.6

 

Table games win %

 

22.1

%

 

 

20.9

%

 

 

Table games win per unit per day

$

12,246

 

 

$

5,282

 

 

131.8

 

Average number of slot machines

 

587

 

 

 

670

 

 

(12.4

)

Slot machine handle

$

546,598

 

 

$

250,930

 

 

117.8

 

Slot machine win (3)

$

25,425

 

 

$

12,649

 

 

101.0

 

Slot machine win per unit per day

$

481

 

 

$

210

 

 

129.0

 

Room statistics:

 

 

 

 

 

Occupancy

 

88.1

%

 

 

47.2

%

 

 

ADR (4)

$

321

 

 

$

180

 

 

78.3

 

REVPAR (5)

$

282

 

 

$

85

 

 

231.8

 

NM: Not meaningful.

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited) (continued)

 

 

Three Months Ended

March 31,

 

 

 

 

2023

 

 

 

2022

 

 

Percent

Change

Wynn Macau Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

176,383

 

 

$

102,430

 

 

72.2

 

Rooms

 

21,971

 

 

 

9,390

 

 

134.0

 

Food and beverage

 

14,302

 

 

 

8,386

 

 

70.5

 

Entertainment, retail and other

 

18,070

 

 

 

14,894

 

 

21.3

 

Total

$

230,726

 

 

$

135,100

 

 

70.8

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

44,745

 

 

$

(4,682

)

 

NM

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

VIP:

 

 

 

 

 

Average number of table games

 

52

 

 

 

35

 

 

48.6

 

VIP turnover

$

1,144,224

 

 

$

887,051

 

 

29.0

 

VIP table games win (1)

$

30,751

 

 

$

34,029

 

 

(9.6

)

VIP table games win as a % of turnover

 

2.69

%

 

 

3.84

%

 

 

Table games win per unit per day

$

6,586

 

 

$

10,823

 

 

(39.1

)

Mass market:

 

 

 

 

 

Average number of table games

 

217

 

 

 

248

 

 

(12.5

)

Table drop (2)

$

989,988

 

 

$

469,138

 

 

111.0

 

Table games win (1)

$

168,426

 

 

$

82,259

 

 

104.8

 

Table games win %

 

17.0

%

 

 

17.5

%

 

 

Table games win per unit per day

$

8,642

 

 

$

3,680

 

 

134.8

 

Average number of slot machines

 

531

 

 

 

585

 

 

(9.2

)

Slot machine handle

$

469,769

 

 

$

283,539

 

 

65.7

 

Slot machine win (3)

$

16,296

 

 

$

10,611

 

 

53.6

 

Slot machine win per unit per day

$

341

 

 

$

201

 

 

69.7

 

Poker rake

$

3,936

 

 

$

 

 

NM

 

Room statistics:

 

 

 

 

 

Occupancy

 

90.9

%

 

 

49.8

%

 

 

ADR (4)

$

242

 

 

$

188

 

 

28.7

 

REVPAR (5)

$

220

 

 

$

94

 

 

134.0

 

NM: Not meaningful.

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited) (continued)

 

 

Three Months Ended

March 31,

 

 

 

 

2023

 

 

 

2022

 

 

Percent

Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

154,530

 

 

$

124,271

 

 

24.3

 

Rooms

 

185,109

 

 

 

131,466

 

 

40.8

 

Food and beverage

 

172,483

 

 

 

136,029

 

 

26.8

 

Entertainment, retail and other

 

74,642

 

 

 

49,420

 

 

51.0

 

Total

$

586,764

 

 

$

441,186

 

 

33.0

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

231,597

 

 

$

159,378

 

 

45.3

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

Average number of table games

 

232

 

 

 

228

 

 

1.8

 

Table drop (2)

$

600,746

 

 

$

547,916

 

 

9.6

 

Table games win (1)

$

146,010

 

 

$

129,164

 

 

13.0

 

Table games win %

 

24.3

%

 

 

23.6

%

 

 

Table games win per unit per day

$

6,994

 

 

$

6,300

 

 

11.0

 

Average number of slot machines

 

1,668

 

 

 

1,728

 

 

(3.5

)

Slot machine handle

$

1,572,735

 

 

$

1,177,985

 

 

33.5

 

Slot machine win (3)

$

106,788

 

 

$

80,831

 

 

32.1

 

Slot machine win per unit per day

$

711

 

 

$

520

 

 

36.7

 

Poker rake

$

4,114

 

 

$

3,861

 

 

6.6

 

Room statistics:

 

 

 

 

 

Occupancy

 

88.8

%

 

 

76.9

%

 

 

ADR (4)

$

493

 

 

$

432

 

 

14.1

 

REVPAR (5)

$

438

 

 

$

333

 

 

31.5

 

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

March 31,

 

 

 

 

2023

 

 

 

2022

 

 

Percent

Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

165,392

 

 

$

148,748

 

 

11.2

 

Rooms

 

18,539

 

 

 

15,689

 

 

18.2

 

Food and beverage

 

22,273

 

 

 

18,162

 

 

22.6

 

Entertainment, retail and other

 

10,102

 

 

 

8,197

 

 

23.2

 

Total

$

216,306

 

 

$

190,796

 

 

13.4

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

63,414

 

 

$

55,250

 

 

14.8

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

Average number of table games

 

199

 

 

 

184

 

 

8.2

 

Table drop (2)

$

366,041

 

 

$

346,195

 

 

5.7

 

Table games win (1)

$

79,544

 

 

$

76,792

 

 

3.6

 

Table games win %

 

21.7

%

 

 

22.2

%

 

 

Table games win per unit per day

$

4,452

 

 

$

4,637

 

 

(4.0

)

Average number of slot machines

 

2,518

 

 

 

2,776

 

 

(9.3

)

Slot machine handle

$

1,296,427

 

 

$

1,183,314

 

 

9.6

 

Slot machine win (3)

$

104,073

 

 

$

95,296

 

 

9.2

 

Slot machine win per unit per day

$

459

 

 

$

381

 

 

20.5

 

Poker rake

$

5,682

 

 

$

784

 

 

624.7

 

Room statistics:

 

 

 

 

 

Occupancy

 

90.0

%

 

 

80.5

%

 

 

ADR (4)

$

343

 

 

$

324

 

 

5.9

 

REVPAR (5)

$

309

 

 

$

261

 

 

18.4

 

 (1)

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

 (2)

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

 (3)

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

 (4)

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

 (5)

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

 (6)

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

 

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