Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the
"Company") today reported financial results for the third quarter
ended September 30, 2023.
Operating revenues were $1.67 billion for the third quarter of
2023, an increase of $782.2 million from $889.7 million for the
third quarter of 2022. Net loss attributable to Wynn Resorts,
Limited was $116.7 million for the third quarter of 2023, compared
to net loss attributable to Wynn Resorts, Limited of $142.9 million
for the third quarter of 2022. Diluted net loss per share was $1.03
for the third quarter of 2023, compared to diluted net loss per
share of $1.27 for the third quarter of 2022. Adjusted Property
EBITDAR(1) was $530.4 million for the third quarter of 2023,
compared to Adjusted Property EBITDAR of $173.5 million for the
third quarter of 2022.
"Our third quarter results reflect continued strength across our
property portfolio," said Craig Billings, CEO of Wynn Resorts,
Limited. "Our teams at Wynn Las Vegas and Encore Boston Harbor
delivered a new third-quarter record for Adjusted Property EBITDAR
at our combined North American properties as we continue to elevate
our properties above those of our peers. In Macau, the recovery
continued to progress during the quarter, with particular strength
in our mass gaming, luxury retail and hotel businesses. On the
development front, construction on Wynn Al Marjan Island is well
underway, and we are confident the resort will be a 'must see'
tourism destination in the UAE."
Consolidated Results
Operating revenues were $1.67 billion for the third quarter of
2023, an increase of $782.2 million from $889.7 million for the
third quarter of 2022. For the third quarter of 2023, operating
revenues increased $449.5 million, $254.6 million, $74.6 million,
and $4.8 million at Wynn Palace, Wynn Macau, our Las Vegas
Operations, and Wynn Interactive, respectively, and decreased $1.4
million at Encore Boston Harbor, from the third quarter of
2022.
Net loss attributable to Wynn Resorts, Limited was $116.7
million for the third quarter of 2023, compared to net loss
attributable to Wynn Resorts, Limited of $142.9 million for the
third quarter of 2022. Diluted net loss per share was $1.03 for the
third quarter of 2023, compared to diluted net loss per share of
$1.27 for the third quarter of 2022. Adjusted net income
attributable to Wynn Resorts, Limited(2) was $112.0 million, or
$0.99 per diluted share, for the third quarter of 2023, compared to
adjusted net loss attributable to Wynn Resorts, Limited of $135.4
million, or $1.20 per diluted share, for the third quarter of
2022.
Adjusted Property EBITDAR was $530.4 million for the third
quarter of 2023, an increase of $356.8 million compared to Adjusted
Property EBITDAR of $173.5 million for the third quarter of 2022.
For the third quarter of 2023, Adjusted Property EBITDAR increased
$198.9 million, $121.7 million, $24.0 million, and $12.9 million at
Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn
Interactive, respectively, and decreased $0.6 million at Encore
Boston Harbor, from the third quarter of 2022.
Wynn Resorts, Limited also announced today that its Board of
Directors has declared a cash dividend of $0.25 per share, payable
on November 30, 2023 to stockholders of record as of November 20,
2023.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $524.8 million for the
third quarter of 2023, an increase of $449.5 million from $75.2
million for the third quarter of 2022. Adjusted Property EBITDAR
from Wynn Palace was $177.0 million for the third quarter of 2023,
compared to $(21.8) million for the third quarter of 2022. Table
games win percentage in mass market operations was 23.3%, above the
21.5% experienced in the third quarter of 2022. VIP table games win
as a percentage of turnover was 3.42%, above the property's
expected range of 3.1% to 3.4% and above the 3.27% experienced in
the third quarter of 2022.
Wynn Macau
Operating revenues from Wynn Macau were $295.0 million for the
third quarter of 2023, an increase of $254.6 million from $40.4
million for the third quarter of 2022. Adjusted Property EBITDAR
from Wynn Macau was $77.9 million for the third quarter of 2023,
compared to $(43.8) million for the third quarter of 2022. Table
games win percentage in mass market operations was 16.5%, above the
13.3% experienced in the third quarter of 2022. VIP table games win
as a percentage of turnover was 3.52%, above the property's
expected range of 3.1% to 3.4% and above the 1.56% experienced in
the third quarter of 2022.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $619.0
million for the third quarter of 2023, an increase of $74.6 million
from $544.4 million for the third quarter of 2022. Adjusted
Property EBITDAR from our Las Vegas Operations for the third
quarter of 2023 was $219.7 million, compared to $195.8 million for
the third quarter of 2022. Table games win percentage for the third
quarter of 2023 was 26.0%, within the property's expected range of
22% to 26% and above the 20.7% experienced in the third quarter of
2022.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $210.4 million
for the third quarter of 2023, a decrease of $1.4 million from
$211.8 million for the third quarter of 2022. Adjusted Property
EBITDAR from Encore Boston Harbor for the third quarter of 2023 was
$60.5 million, compared to $61.1 million for the third quarter of
2022. Table games win percentage for the third quarter of 2023 was
20.8%, within the property's expected range of 18% to 22% and below
the 21.1% experienced in the third quarter of 2022.
Balance Sheet
Our cash and cash equivalents as of September 30, 2023 totaled
$2.79 billion, comprised of $1.20 billion held by Wynn Macau,
Limited ("WML") and subsidiaries, $651.5 million held by Wynn
Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and
$936.7 million held at Corporate and other. In addition, as of
September 30, 2023, we had $646.2 million and $145.5 million in
short-term investments held at WML and Corporate and other,
respectively. As of September 30, 2023, the available borrowing
capacity under the Wynn Resorts Finance Revolver was $737.0
million, and the WM Cayman II Revolver was fully drawn.
Total current and long-term debt outstanding at September 30,
2023 was $11.79 billion, comprised of $6.79 billion of Macau
related debt, $2.25 billion of Wynn Las Vegas debt, $2.14 billion
of WRF debt, and $613.9 million of debt held by the retail joint
venture which we consolidate.
In August 2023, Wynn Las Vegas repurchased $400.0 million
aggregate principal amount of its 5 1/2% Senior Notes due 2025, at
a price equal to 94% of the principal amount plus accrued interest
and an early tender premium of $20.0 million, using cash held by
Wynn Resorts.
During the third quarter of 2023, the Company repurchased
596,948 shares of its common stock under its publicly announced
equity repurchase program at an average price of $94.11 per share,
for an aggregate cost of $56.2 million.
Conference Call and Other Information
The Company will hold a conference call to discuss its results,
including the results of Wynn Resorts Finance, LLC and Wynn Las
Vegas, LLC, on November 9, 2023 at 1:30 p.m. PT (4:30 p.m. ET).
Interested parties are invited to join the call by accessing a live
audio webcast at http://www.wynnresorts.com. On or before November
14, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn
Las Vegas, LLC financial information for the quarter ended
September 30, 2023 available to noteholders, prospective investors,
broker-dealers and securities analysts. Please contact our investor
relations office at 702-770-7555 or at
investorrelations@wynnresorts.com, to obtain access to such
financial information.
Forward-looking Statements
This release contains forward-looking statements regarding
operating trends and future results of operations. Such
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those we express in these forward-looking statements,
including, but not limited to, adverse macroeconomic conditions and
their impact on levels of income and consumer discretionary
spending, changes in interest rates, inflation, a decline in
general economic activity or recession in the U.S. and/or global
economies, uncertainty surrounding the pace of recovery of tourism
and travel in Asia following the COVID-19 pandemic, extensive
regulation of our business, pending or future legal proceedings,
ability to maintain gaming licenses and concessions, dependence on
key employees, general global political conditions, adverse tourism
trends, dependence on a limited number of resorts, competition in
the casino/hotel and resort industries, uncertainties over the
development and success of new gaming and resort properties,
construction risks, cybersecurity risk and our leverage and debt
service. Additional information concerning potential factors that
could affect the Company's financial results is included in the
Company's Annual Report on Form 10-K for the year ended December
31, 2022, as supplemented by the Company's other periodic reports
filed with the Securities and Exchange Commission from time to
time. The Company is under no obligation to (and expressly
disclaims any such obligation to) update or revise its
forward-looking statements as a result of new information, future
events or otherwise, except as required by law.
Non-GAAP Financial Measures
(1) "Adjusted Property EBITDAR" is net income (loss) before
interest, income taxes, depreciation and amortization, pre-opening
expenses, impairment of goodwill and intangible assets, property
charges and other, triple-net operating lease rent expense related
to Encore Boston Harbor, management and license fees, corporate
expenses and other (including intercompany golf course, meeting and
convention, and water rights leases), stock-based compensation,
change in derivatives fair value, gain (loss) on debt financing
transactions, and other non-operating income and expenses. Adjusted
Property EBITDAR is presented exclusively as a supplemental
disclosure because management believes that it is widely used to
measure the performance, and as a basis for valuation, of gaming
companies. Management uses Adjusted Property EBITDAR as a measure
of the operating performance of its segments and to compare the
operating performance of its properties with those of its
competitors, as well as a basis for determining certain incentive
compensation. We also present Adjusted Property EBITDAR because it
is used by some investors to measure a company's ability to incur
and service debt, make capital expenditures and meet working
capital requirements. Gaming companies have historically reported
EBITDAR as a supplement to GAAP. In order to view the operations of
their casinos on a more stand-alone basis, gaming companies,
including us, have historically excluded from their EBITDAR
calculations pre-opening expenses, property charges, corporate
expenses and stock-based compensation, that do not relate to the
management of specific casino properties. However, Adjusted
Property EBITDAR should not be considered as an alternative to
operating income (loss) as an indicator of our performance, as an
alternative to cash flows from operating activities as a measure of
liquidity, or as an alternative to any other measure determined in
accordance with GAAP. Unlike net income (loss), Adjusted Property
EBITDAR does not include depreciation or interest expense and
therefore does not reflect current or future capital expenditures
or the cost of capital. We have significant uses of cash flows,
including capital expenditures, triple-net operating lease rent
expense related to Encore Boston Harbor, interest payments, debt
principal repayments, income taxes and other non-recurring charges,
which are not reflected in Adjusted Property EBITDAR. Also, our
calculation of Adjusted Property EBITDAR may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited.
(2) "Adjusted net income (loss) attributable to Wynn Resorts,
Limited" is net income (loss) attributable to Wynn Resorts, Limited
before pre-opening expenses, impairment of goodwill and intangible
assets, property charges and other, change in derivatives fair
value, gain (loss) on debt financing transactions, and foreign
currency remeasurement and other, net of noncontrolling interests.
Adjusted net income (loss) attributable to Wynn Resorts, Limited
and adjusted net income (loss) attributable to Wynn Resorts,
Limited per diluted share are presented as supplemental disclosures
to financial measures in accordance with GAAP because management
believes that these non-GAAP financial measures are widely used to
measure the performance, and as a principal basis for valuation, of
gaming companies. These measures are used by management and/or
evaluated by some investors, in addition to net income (loss) and
loss per share computed in accordance with GAAP, as an additional
basis for assessing period-to-period results of our business.
Adjusted net income (loss) attributable to Wynn Resorts, Limited
and adjusted net income (loss) attributable to Wynn Resorts,
Limited per diluted share may be different from the calculation
methods used by other companies and, therefore, comparability may
be limited.
The Company has included schedules in the tables that accompany
this release that reconcile (i) net income (loss) attributable to
Wynn Resorts, Limited to adjusted net income (loss) attributable to
Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted
Property EBITDAR, and (iii) net income (loss) attributable to Wynn
Resorts, Limited to Adjusted Property EBITDAR.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Operating revenues:
Casino
$
972,453
$
359,876
$
2,652,444
$
1,209,323
Rooms
289,338
197,212
838,372
568,886
Food and beverage
267,432
224,730
757,079
628,566
Entertainment, retail and other
142,713
107,904
443,542
345,113
Total operating revenues
1,671,936
889,722
4,691,437
2,751,888
Operating expenses:
Casino
577,733
239,901
1,594,761
808,044
Rooms
77,790
67,689
224,275
191,474
Food and beverage
220,835
185,388
605,376
517,515
Entertainment, retail and other
82,554
72,964
261,035
236,853
General and administrative
268,445
201,275
785,538
598,433
Provision for credit losses
870
(8,186
)
(6,314
)
(11,331
)
Pre-opening
867
6,447
6,822
13,396
Depreciation and amortization
171,969
172,502
510,743
520,026
Impairment of goodwill and intangible
assets
93,990
—
94,490
48,036
Property charges and other
114,288
4,733
132,265
29,326
Total operating expenses
1,609,341
942,713
4,208,991
2,951,772
Operating income (loss)
62,595
(52,991
)
482,446
(199,884
)
Other income (expense):
Interest income
46,534
6,892
130,854
10,863
Interest expense, net of amounts
capitalized
(188,571
)
(165,277
)
(566,554
)
(472,265
)
Change in derivatives fair value
(50,637
)
5,839
(3,255
)
14,801
Gain (loss) on debt financing
transactions
2,928
—
(12,683
)
—
Other
3,861
(864
)
(19,794
)
(26,090
)
Other income (expense), net
(185,885
)
(153,410
)
(471,432
)
(472,691
)
Income (loss) before income
taxes
(123,290
)
(206,401
)
11,014
(672,575
)
Benefit (provision) for income taxes
2,749
(1,390
)
(2,574
)
(3,248
)
Net income (loss)
(120,541
)
(207,791
)
8,440
(675,823
)
Less: net (income) loss attributable to
noncontrolling interests
3,863
64,899
(7,602
)
219,556
Net income (loss) attributable to Wynn
Resorts, Limited
$
(116,678
)
$
(142,892
)
$
838
$
(456,267
)
Basic and diluted net income (loss) per
common share:
Net income (loss) attributable to Wynn
Resorts, Limited:
Basic
$
(1.03
)
$
(1.27
)
$
0.01
$
(4.00
)
Diluted
$
(1.03
)
$
(1.27
)
$
0.01
$
(4.00
)
Weighted average common shares
outstanding:
Basic
112,797
112,709
112,813
114,061
Diluted
112,797
112,709
113,132
114,061
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME
(LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME (LOSS)
ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per
share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net income (loss) attributable to Wynn
Resorts, Limited
$
(116,678
)
$
(142,892
)
$
838
$
(456,267
)
Pre-opening expenses
867
6,447
6,822
13,396
Impairment of goodwill and intangible
assets
93,990
—
94,490
48,036
Property charges and other
114,288
4,733
132,265
29,326
Change in derivatives fair value
50,637
(5,839
)
3,255
(14,801
)
(Gain) loss on debt financing
transactions
(2,928
)
—
12,683
—
Foreign currency remeasurement and
other
(3,861
)
864
19,794
26,090
Income tax impact on adjustments
(1,065
)
(88
)
(1,055
)
(96
)
Noncontrolling interests impact on
adjustments
(23,233
)
1,380
(20,403
)
(14,427
)
Adjusted net income (loss) attributable
to Wynn Resorts, Limited
$
112,017
$
(135,395
)
$
248,689
$
(368,743
)
Adjusted net income (loss) attributable
to Wynn Resorts, Limited per diluted share
$
0.99
$
(1.20
)
$
2.20
$
(3.23
)
Weighted average common shares outstanding
- diluted
113,106
112,709
113,132
114,061
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING
INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Three Months Ended September
30, 2023
Wynn Palace
Wynn Macau
Other Macau
Total Macau Operations
Las Vegas Operations
Encore Boston Harbor
Wynn Interactive
Corporate and Other
Total
Operating income (loss)
$
92,484
$
40,065
$
(5,459
)
$
127,090
$
122,276
$
(19,070
)
$
(208,959
)
$
41,258
$
62,595
Pre-opening expenses
—
—
—
—
—
6
861
—
867
Depreciation and amortization
53,985
20,331
381
74,697
57,753
31,100
6,094
2,325
171,969
Impairment of goodwill and intangible
assets
—
—
—
—
—
—
93,990
—
93,990
Property charges and other
9,085
3,405
2
12,492
1,323
487
99,986
—
114,288
Management and license fees
16,691
9,228
—
25,919
29,379
10,265
—
(65,563
)
—
Corporate expenses and other
2,364
2,372
3,982
8,718
7,264
1,880
1,861
15,381
35,104
Stock-based compensation
2,439
2,538
1,094
6,071
1,745
426
1,303
6,599
16,144
Triple-net operating lease rent
expense
—
—
—
—
—
35,404
—
—
35,404
Adjusted Property EBITDAR
$
177,048
$
77,939
$
—
$
254,987
$
219,740
$
60,498
$
(4,864
)
$
—
$
530,361
Three Months Ended September
30, 2022
Wynn Palace
Wynn Macau
Other Macau
Total Macau Operations
Las Vegas Operations
Encore Boston Harbor
Wynn Interactive
Corporate and Other
Total
Operating income (loss)
$
(84,478
)
$
(73,833
)
$
(4,339
)
$
(162,650
)
$
103,006
$
9,602
$
(27,113
)
$
24,164
$
(52,991
)
Pre-opening expenses
—
—
—
—
5,087
199
1,161
—
6,447
Depreciation and amortization
52,225
21,172
380
73,777
52,756
38,875
4,827
2,267
172,502
Property charges and other
2,467
1,419
22
3,908
1,042
34
(213
)
(38
)
4,733
Management and license fees
2,643
2,250
—
4,893
25,798
10,308
—
(40,999
)
—
Corporate expenses and other
1,599
1,620
3,297
6,516
5,872
1,736
651
7,994
22,769
Stock-based compensation
3,736
3,566
640
7,942
2,199
382
2,939
6,612
20,074
Adjusted Property EBITDAR
$
(21,808
)
$
(43,806
)
$
—
$
(65,614
)
$
195,760
$
61,136
$
(17,748
)
$
—
$
173,534
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING
INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Nine Months Ended September
30, 2023
Wynn Palace
Wynn Macau
Other Macau
Total Macau Operations
Las Vegas Operations
Encore Boston Harbor
Wynn Interactive
Corporate and Other
Total
Operating income (loss)
$
212,627
$
99,581
$
(16,297
)
$
295,911
$
384,048
$
(45,022
)
$
(268,029
)
$
115,538
$
482,446
Pre-opening expenses
—
—
—
—
81
1,253
5,591
(103
)
6,822
Depreciation and amortization
162,060
61,508
1,141
224,709
171,955
91,232
15,933
6,914
510,743
Impairment of goodwill and intangible
assets
—
—
—
—
—
—
94,490
—
94,490
Property charges and other
12,914
10,483
15
23,412
8,474
709
99,670
—
132,265
Management and license fees
43,595
25,990
—
69,585
84,632
31,514
—
(185,731
)
—
Corporate expenses and other
7,475
7,591
12,034
27,100
21,150
5,693
4,841
43,558
102,342
Stock-based compensation
6,042
7,121
3,107
16,270
5,118
1,319
6,608
19,824
49,139
Triple-net operating lease rent
expense
—
—
—
—
—
106,318
—
—
106,318
Adjusted Property EBITDAR
$
444,713
$
212,274
$
—
$
656,987
$
675,458
$
193,016
$
(40,896
)
$
—
$
1,484,565
Nine Months Ended September
30, 2022
Wynn Palace
Wynn Macau
Other Macau
Total Macau Operations
Las Vegas Operations
Encore Boston Harbor
Wynn Interactive
Corporate and Other
Total
Operating income (loss)
$
(251,721
)
$
(182,128
)
$
(12,389
)
$
(446,238
)
$
328,762
$
25,551
$
(189,469
)
$
81,510
$
(199,884
)
Pre-opening expenses
—
—
—
—
10,031
199
3,166
—
13,396
Depreciation and amortization
154,293
60,750
2,328
217,371
144,108
117,296
34,448
6,803
520,026
Impairment of goodwill and intangible
assets
—
—
—
—
—
—
48,036
—
48,036
Property charges and other
2,918
9,366
27
12,311
3,319
674
20,107
(7,085
)
29,326
Management and license fees
10,086
8,846
—
18,932
73,174
29,810
—
(121,916
)
—
Corporate expenses and other
4,729
4,910
8,262
17,901
16,862
5,382
5,504
25,156
70,805
Stock-based compensation
7,073
9,378
1,772
18,223
5,588
1,220
8,006
15,532
48,569
Adjusted Property EBITDAR
$
(72,622
)
$
(88,878
)
$
—
$
(161,500
)
$
581,844
$
180,132
$
(70,202
)
$
—
$
530,274
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME
(LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY
EBITDAR
(in thousands)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Net income (loss) attributable to Wynn
Resorts, Limited
$
(116,678
)
$
(142,892
)
$
838
$
(456,267
)
Net (loss) income attributable to
noncontrolling interests
(3,863
)
(64,899
)
7,602
(219,556
)
Pre-opening expenses
867
6,447
6,822
13,396
Depreciation and amortization
171,969
172,502
510,743
520,026
Impairment of goodwill and intangible
assets
93,990
—
94,490
48,036
Property charges and other
114,288
4,733
132,265
29,326
Triple-net operating lease rent
expense
35,404
—
106,318
—
Corporate expenses and other
35,104
22,769
102,342
70,805
Stock-based compensation
16,144
20,074
49,139
48,569
Interest income
(46,534
)
(6,892
)
(130,854
)
(10,863
)
Interest expense, net of amounts
capitalized
188,571
165,277
566,554
472,265
Change in derivatives fair value
50,637
(5,839
)
3,255
(14,801
)
(Gain) loss on debt financing
transactions
(2,928
)
—
12,683
—
Other
(3,861
)
864
19,794
26,090
(Benefit) provision for income taxes
(2,749
)
1,390
2,574
3,248
Adjusted Property EBITDAR
$
530,361
$
173,534
$
1,484,565
$
530,274
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
SUPPLEMENTAL DATA
SCHEDULE
(dollars in thousands, except
for win per unit per day, ADR and REVPAR)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
Percent Change
2023
2022
Percent Change
Wynn Palace Supplemental
Information
Operating revenues
Casino
$
418,043
$
45,361
821.6
$
1,054,007
$
186,968
463.7
Rooms
54,309
6,974
678.7
151,311
27,813
444.0
Food and beverage
26,215
5,727
357.7
75,028
24,027
212.3
Entertainment, retail and other
26,206
17,186
52.5
82,140
58,416
40.6
Total
$
524,773
$
75,248
597.4
$
1,362,486
$
297,224
358.4
Adjusted Property EBITDAR (6)
$
177,048
$
(21,808
)
NM
$
444,713
$
(72,622
)
NM
Casino Statistics:
VIP:
Average number of table games
58
49
18.4
55
54
1.9
VIP turnover
$
2,866,469
$
283,744
910.2
$
8,202,165
$
1,593,761
414.6
VIP table games win (1)
$
98,014
$
9,271
957.2
$
289,492
$
22,353
1,195.1
VIP table games win as a % of turnover
3.42
%
3.27
%
3.53
%
1.40
%
Table games win per unit per day
$
18,386
$
2,381
672.2
$
19,233
$
1,587
1,111.9
Mass market:
Average number of table games
244
212
15.1
240
226
6.2
Table drop (2)
$
1,725,845
$
197,066
775.8
$
4,414,990
$
939,474
369.9
Table games win (1)
$
402,285
$
42,449
847.7
$
968,967
$
195,205
396.4
Table games win %
23.3
%
21.5
%
21.9
%
20.8
%
Table games win per unit per day
$
17,913
$
2,501
616.2
$
14,763
$
3,305
346.7
Average number of slot machines
563
607
(7.2
)
579
638
(9.2
)
Slot machine handle
$
634,121
$
121,522
421.8
$
1,760,345
$
502,856
250.1
Slot machine win (3)
$
22,228
$
5,418
310.3
$
75,236
$
22,989
227.3
Slot machine win per unit per day
$
429
$
112
283.0
$
476
$
138
244.9
Room statistics:
Occupancy
96.9
%
28.1
%
93.8
%
34.4
%
ADR (4)
$
342
$
145
135.9
$
327
$
160
104.4
REVPAR (5)
$
331
$
41
707.3
$
307
$
55
458.2
NM: Not meaningful.
Note: The results of operations of Wynn
Palace for the three and nine months ended September 30, 2022 were
negatively impacted by certain travel-related restrictions and
conditions, including COVID-19 testing and other mitigation
procedures, related to the COVID-19 pandemic.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
SUPPLEMENTAL DATA
SCHEDULE
(dollars in thousands, except
for win per unit per day, ADR and REVPAR)
(unaudited)
(continued)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
Percent Change
2023
2022
Percent Change
Wynn Macau Supplemental
Information
Operating revenues
Casino
$
230,294
$
22,832
908.6
$
649,627
$
165,221
293.2
Rooms
31,673
4,395
620.7
79,774
18,547
330.1
Food and beverage
18,287
4,261
329.2
47,255
17,878
164.3
Entertainment, retail and other
14,762
8,880
66.2
50,679
32,405
56.4
Total
$
295,016
$
40,368
630.8
$
827,335
$
234,051
253.5
Adjusted Property EBITDAR (6)
$
77,939
$
(43,806
)
NM
$
212,274
$
(88,878
)
NM
Casino Statistics:
VIP:
Average number of table games
36
39
(7.7
)
45
38
18.4
VIP turnover
$
1,192,610
$
152,872
680.1
$
3,727,106
$
1,341,567
177.8
VIP table games win (1)
$
41,995
$
2,389
1,657.8
$
130,574
$
50,864
156.7
VIP table games win as a % of turnover
3.52
%
1.56
%
3.50
%
3.79
%
Table games win per unit per day
$
12,638
$
771
1,539.2
$
10,569
$
5,164
104.7
Mass market:
Average number of table games
217
230
(5.7
)
214
242
(11.6
)
Table drop (2)
$
1,384,258
$
167,539
726.2
$
3,597,557
$
852,832
321.8
Table games win (1)
$
228,323
$
22,232
927.0
$
613,154
$
135,074
353.9
Table games win %
16.5
%
13.3
%
17.0
%
15.8
%
Table games win per unit per day
$
11,423
$
1,211
843.3
$
10,485
$
2,140
390.0
Average number of slot machines
500
641
(22.0
)
521
630
(17.3
)
Slot machine handle
$
570,122
$
193,680
194.4
$
1,559,698
$
676,531
130.5
Slot machine win (3)
$
16,143
$
6,961
131.9
$
47,892
$
23,902
100.4
Slot machine win per unit per day
$
351
$
136
158.1
$
337
$
145
132.4
Poker rake
$
4,494
$
74
NM
$
13,807
$
134
NM
Room statistics:
Occupancy
98.7
%
31.4
%
95.5
%
37.4
%
ADR (4)
$
327
$
137
138.7
$
281
$
163
72.4
REVPAR (5)
$
323
$
43
651.2
$
268
$
61
339.3
NM: Not meaningful.
Note: The results of operations of Wynn
Macau for the three and nine months ended September 30, 2022 were
negatively impacted by certain travel-related restrictions and
conditions, including COVID-19 testing and other mitigation
procedures, related to the COVID-19 pandemic.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
SUPPLEMENTAL DATA
SCHEDULE
(dollars in thousands, except
for win per unit per day, ADR and REVPAR)
(unaudited)
(continued)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
Percent Change
2023
2022
Percent Change
Las Vegas Operations Supplemental
Information
Operating revenues
Casino
$
168,130
$
134,314
25.2
$
460,606
$
393,930
16.9
Rooms
178,518
162,125
10.1
541,392
460,707
17.5
Food and beverage
203,066
193,733
4.8
570,695
526,389
8.4
Entertainment, retail and other
69,252
54,217
27.7
211,109
165,618
27.5
Total
$
618,966
$
544,389
13.7
$
1,783,802
$
1,546,644
15.3
Adjusted Property EBITDAR (6)
$
219,740
$
195,760
12.2
$
675,458
$
581,844
16.1
Casino Statistics:
Average number of table games
234
237
(1.3
)
233
234
(0.4
)
Table drop (2)
$
607,610
$
570,419
6.5
$
1,768,057
$
1,683,317
5.0
Table games win (1)
$
157,873
$
118,263
33.5
$
431,896
$
386,306
11.8
Table games win %
26.0
%
20.7
%
24.4
%
22.9
%
Table games win per unit per day
$
7,340
$
5,420
35.4
$
6,777
$
6,047
12.1
Average number of slot machines
1,631
1,693
(3.7
)
1,650
1,711
(3.6
)
Slot machine handle
$
1,638,274
$
1,522,512
7.6
$
4,733,534
$
4,026,675
17.6
Slot machine win (3)
$
115,738
$
107,575
7.6
$
325,883
$
278,250
17.1
Slot machine win per unit per day
$
771
$
691
11.6
$
723
$
596
21.3
Poker rake
$
5,669
$
3,848
47.3
$
16,243
$
12,729
27.6
Room statistics:
Occupancy
90.0
%
88.8
%
89.8
%
85.5
%
ADR (4)
$
463
$
426
8.7
$
473
$
440
7.5
REVPAR (5)
$
417
$
378
10.3
$
424
$
376
12.8
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
SUPPLEMENTAL DATA
SCHEDULE
(dollars in thousands, except
for win per unit per day, ADR, and REVPAR)
(unaudited)
(continued)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
Percent Change
2023
2022
Percent Change
Encore Boston Harbor Supplemental
Information
Operating revenues
Casino
$
155,986
$
157,369
(0.9
)
$
488,204
$
463,204
5.4
Rooms
24,838
23,718
4.7
65,895
61,819
6.6
Food and beverage
19,864
21,009
(5.5
)
64,101
60,272
6.4
Entertainment, retail and other
9,715
9,687
0.3
30,441
27,438
10.9
Total
$
210,403
$
211,783
(0.7
)
$
648,641
$
612,733
5.9
Adjusted Property EBITDAR (6)
$
60,498
$
61,136
(1.0
)
$
193,016
$
180,132
7.2
Casino Statistics:
Average number of table games
191
188
1.6
193
185
4.3
Table drop (2)
$
343,686
$
364,844
(5.8
)
$
1,064,092
$
1,077,261
(1.2
)
Table games win (1)
$
71,555
$
76,970
(7.0
)
$
230,170
$
234,024
(1.6
)
Table games win %
20.8
%
21.1
%
21.6
%
21.7
%
Table games win per unit per day
$
4,079
$
4,448
(8.3
)
$
4,368
$
4,624
(5.5
)
Average number of slot machines
2,561
2,706
(5.4
)
2,547
2,754
(7.5
)
Slot machine handle
$
1,336,724
$
1,288,250
3.8
$
3,933,388
$
3,703,990
6.2
Slot machine win (3)
$
105,330
$
104,122
1.2
$
316,129
$
298,842
5.8
Slot machine win per unit per day
$
447
$
418
6.9
$
455
$
397
14.6
Poker rake
$
5,224
$
2,554
104.5
$
16,116
$
4,580
251.9
Room statistics:
Occupancy
96.0
%
97.0
%
92.9
%
90.6
%
ADR (4)
$
421
$
398
5.8
$
389
$
374
4.0
REVPAR (5)
$
405
$
386
4.9
$
362
$
339
6.8
(1)
Table games win is shown before discounts,
commissions and the allocation of casino revenues to rooms, food
and beverage and other revenues for services provided to casino
customers on a complimentary basis.
(2)
In Macau, table drop is the amount of cash
that is deposited in a gaming table's drop box plus cash chips
purchased at the casino cage. In Las Vegas, table drop is the
amount of cash and net markers issued that are deposited in a
gaming table's drop box. At Encore Boston Harbor, table drop is the
amount of cash and gross markers that are deposited in a gaming
table's drop box.
(3)
Slot machine win is calculated as gross
slot machine win minus progressive accruals and free play.
(4)
ADR is average daily rate and is
calculated by dividing total room revenues including
complimentaries (less service charges, if any) by total rooms
occupied.
(5)
REVPAR is revenue per available room and
is calculated by dividing total room revenues including
complimentaries (less service charges, if any) by total rooms
available.
(6)
Refer to accompanying reconciliations of
Operating Income (Loss) to Adjusted Property EBITDAR and Net Income
(Loss) Attributable to Wynn Resorts, Limited to Adjusted Property
EBITDAR.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109168340/en/
Price Karr 702-770-7555 investorrelations@wynnresorts.com
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