Wynn Resorts, Limited Reports Second Quarter 2023 Results

Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the second quarter ended June 30, 2023.

Operating revenues were $1.60 billion for the second quarter of 2023, an increase of $687.0 million from $908.8 million for the second quarter of 2022. Net income attributable to Wynn Resorts, Limited was $105.2 million for the second quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $130.1 million for the second quarter of 2022. Diluted net income per share was $0.84 for the second quarter of 2023, compared to diluted net loss per share of $1.14 for the second quarter of 2022. Adjusted Property EBITDAR(1) was $524.5 million for the second quarter of 2023, compared to Adjusted Property EBITDAR of $179.2 million for the second quarter of 2022.

"Our second quarter results reflect continued strength in North America and Macau," said Craig Billings, CEO of Wynn Resorts, Limited. "In the U.S., Wynn Las Vegas and Encore Boston Harbor continue to perform well, generating a new second quarter record for Adjusted Property EBITDAR at our combined North American properties. In Macau, the post-COVID recovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, we were excited to begin construction on Wynn Al Marjan Island, which we believe will be a 'must see' tourism destination in the UAE."

Consolidated Results

Operating revenues were $1.60 billion for the second quarter of 2023, an increase of $687.0 million from $908.8 million for the second quarter of 2022. For the second quarter of 2023, operating revenues increased $409.7 million, $243.0 million, $17.0 million, $11.8 million, and $5.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, from the second quarter of 2022.

Net income attributable to Wynn Resorts, Limited was $105.2 million for the second quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $130.1 million for the second quarter of 2022. Diluted net income per share was $0.84 for the second quarter of 2023, compared to diluted net loss per share of $1.14 for the second quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited(2) was $103.3 million, or $0.91 per diluted share, for the second quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $93.7 million, or $0.82 per diluted share, for the second quarter of 2022.

Adjusted Property EBITDAR was $524.5 million for the second quarter of 2023, an increase of $345.3 million compared to Adjusted Property EBITDAR of $179.2 million for the second quarter of 2022. For the second quarter of 2023, Adjusted Property EBITDAR increased $206.6 million, $130.0 million, $5.4 million, and $6.0 million at Wynn Palace, Wynn Macau, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $2.6 million at our Las Vegas Operations, from the second 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 August 31, 2023 to stockholders of record as of August 21, 2023.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $468.4 million for the second quarter of 2023, an increase of $409.7 million from $58.7 million for the second quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $156.6 million for the second quarter of 2023, compared to $(50.0) million for the second quarter of 2022. VIP table games win as a percentage of turnover was 4.24%, above the property's expected range of 3.1% to 3.4% and above the (1.94)% experienced in the second quarter of 2022. Table games win percentage in mass market operations was 20.3%, above the 19.7% experienced in the second quarter of 2022.

Wynn Macau

Operating revenues from Wynn Macau were $301.6 million for the second quarter of 2023, an increase of $243.0 million from $58.6 million for the second quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $89.6 million for the second quarter of 2023, compared to $(40.4) million for the second quarter of 2022. VIP table games win as a percentage of turnover was 4.16%, above the property's expected range of 3.1% to 3.4% and below the 4.79% experienced in the second quarter of 2022. Table games win percentage in mass market operations was 17.7%, above the 14.1% experienced in the second quarter of 2022.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $578.1 million for the second quarter of 2023, an increase of $17.0 million from $561.1 million for the second quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the second quarter of 2023 was $224.1 million, compared to $226.7 million for the second quarter of 2022. Table games win percentage for the second quarter of 2023 was 22.9%, within the property's expected range of 22% to 26% and below the 24.6% experienced in the second quarter of 2022.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $221.9 million for the second quarter of 2023, an increase of $11.8 million from $210.2 million for the second quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the second quarter of 2023 was $69.1 million, compared to $63.7 million for the second quarter of 2022. Table games win percentage for the second quarter of 2023 was 22.3%, above the property's expected range of 18% to 22% and above the 21.9% experienced in the second quarter of 2022.

Balance Sheet

Our cash and cash equivalents as of June 30, 2023 totaled $3.65 billion, comprised of $1.62 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $837.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $1.20 billion held at Corporate and other. In addition, as of June 30, 2023, we had $144.5 million and $143.7 million in short-term investment securities held at WML and Corporate and other, respectively. As of June 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 June 30, 2023 was $12.14 billion, comprised of $6.73 billion of Macau related debt, $2.65 billion of Wynn Las Vegas debt, $2.15 billion of WRF debt, and $613.8 million of debt held by the retail joint venture which we consolidate.

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 August 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 August 14, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended June 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, 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

June 30,

 

Six Months Ended

June 30,

 

2023

 

2022

 

2023

 

2022

Operating revenues:

 

 

 

 

 

 

 

Casino

$

912,999

 

 

$

359,585

 

 

$

1,679,991

 

 

$

849,447

 

Rooms

 

276,505

 

 

 

201,298

 

 

 

549,034

 

 

 

371,674

 

Food and beverage

 

257,036

 

 

 

229,816

 

 

 

489,647

 

 

 

403,836

 

Entertainment, retail and other

 

149,282

 

 

 

118,133

 

 

 

300,829

 

 

 

237,209

 

Total operating revenues

 

1,595,822

 

 

 

908,832

 

 

 

3,019,501

 

 

 

1,862,166

 

Operating expenses:

 

 

 

 

 

 

 

Casino

 

543,643

 

 

 

244,064

 

 

 

1,017,028

 

 

 

568,143

 

Rooms

 

73,783

 

 

 

65,070

 

 

 

146,485

 

 

 

123,785

 

Food and beverage

 

203,922

 

 

 

185,471

 

 

 

384,541

 

 

 

332,127

 

Entertainment, retail and other

 

85,999

 

 

 

74,985

 

 

 

178,481

 

 

 

163,889

 

General and administrative

 

257,321

 

 

 

200,378

 

 

 

517,093

 

 

 

397,158

 

Provision for credit losses

 

(6,640

)

 

 

(3,487

)

 

 

(7,184

)

 

 

(3,145

)

Pre-opening

 

1,477

 

 

 

4,502

 

 

 

5,955

 

 

 

6,949

 

Depreciation and amortization

 

169,962

 

 

 

162,968

 

 

 

338,774

 

 

 

347,524

 

Property charges and other

 

16,019

 

 

 

26,909

 

 

 

18,477

 

 

 

72,629

 

Total operating expenses

 

1,345,486

 

 

 

960,860

 

 

 

2,599,650

 

 

 

2,009,059

 

Operating income (loss)

 

250,336

 

 

 

(52,028

)

 

 

419,851

 

 

 

(146,893

)

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

44,127

 

 

 

2,691

 

 

 

84,320

 

 

 

3,971

 

Interest expense, net of amounts capitalized

 

(190,243

)

 

 

(154,830

)

 

 

(377,983

)

 

 

(306,988

)

Change in derivatives fair value

 

24,336

 

 

 

1,562

 

 

 

47,382

 

 

 

8,962

 

Loss on debt financing transactions

 

(3,375

)

 

 

 

 

 

(15,611

)

 

 

 

Other

 

6,959

 

 

 

(10,099

)

 

 

(23,655

)

 

 

(25,226

)

Other income (expense), net

 

(118,196

)

 

 

(160,676

)

 

 

(285,547

)

 

 

(319,281

)

Income (loss) before income taxes

 

132,140

 

 

 

(212,704

)

 

 

134,304

 

 

 

(466,174

)

Provision for income taxes

 

(4,305

)

 

 

(718

)

 

 

(5,323

)

 

 

(1,858

)

Net income (loss)

 

127,835

 

 

 

(213,422

)

 

 

128,981

 

 

 

(468,032

)

Less: net (income) loss attributable to noncontrolling interests

 

(22,651

)

 

 

83,371

 

 

 

(11,465

)

 

 

154,657

 

Net income (loss) attributable to Wynn Resorts, Limited

$

105,184

 

 

$

(130,051

)

 

$

117,516

 

 

$

(313,375

)

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

 

 

 

 

 

 

 

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

 

 

 

 

Basic

$

0.93

 

 

$

(1.14

)

 

$

1.04

 

 

$

(2.73

)

Diluted

$

0.84

 

 

$

(1.14

)

 

$

0.84

 

 

$

(2.73

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

112,889

 

 

 

114,471

 

 

 

112,821

 

 

 

114,749

 

Diluted

 

113,198

 

 

 

114,471

 

 

 

113,143

 

 

 

114,749

 

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

June 30,

 

Six Months Ended

June 30,

 

2023

 

2022

 

2023

 

2022

Net income (loss) attributable to Wynn Resorts, Limited

$

105,184

 

 

$

(130,051

)

 

$

117,516

 

 

$

(313,375

)

Pre-opening expenses

 

1,477

 

 

 

4,502

 

 

 

5,955

 

 

 

6,949

 

Property charges and other

 

16,019

 

 

 

26,909

 

 

 

18,477

 

 

 

72,629

 

Change in derivatives fair value

 

(24,336

)

 

 

(1,562

)

 

 

(47,382

)

 

 

(8,962

)

Loss on debt financing transactions

 

3,375

 

 

 

 

 

 

15,611

 

 

 

 

Foreign currency remeasurement and other

 

(6,959

)

 

 

10,099

 

 

 

23,655

 

 

 

25,226

 

Income tax impact on adjustments

 

1,502

 

 

 

(8

)

 

 

10

 

 

 

(8

)

Noncontrolling interests impact on adjustments

 

7,078

 

 

 

(3,618

)

 

 

2,830

 

 

 

(15,807

)

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

$

103,340

 

 

$

(93,729

)

 

$

136,672

 

 

$

(233,348

)

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

$

0.91

 

 

$

(0.82

)

 

$

1.21

 

 

$

(2.03

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

113,198

 

 

 

114,471

 

 

 

113,143

 

 

 

114,749

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

Three Months Ended June 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)

$

80,275

 

$

47,267

 

$

(5,855

)

 

$

121,687

 

$

123,270

 

$

(11,003

)

 

$

(25,670

)

 

$

42,052

 

 

$

250,336

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

 

 

336

 

 

 

1,141

 

 

 

 

 

 

1,477

Depreciation and amortization

 

53,908

 

 

20,527

 

 

380

 

 

 

74,815

 

 

57,521

 

 

30,198

 

 

 

5,123

 

 

 

2,305

 

 

 

169,962

Property charges and other

 

1,534

 

 

6,603

 

 

12

 

 

 

8,149

 

 

6,938

 

 

804

 

 

 

128

 

 

 

 

 

 

16,019

Management and license fees

 

15,074

 

 

9,487

 

 

 

 

 

24,561

 

 

27,441

 

 

10,746

 

 

 

 

 

 

(62,748

)

 

 

Corporate expenses and other

 

2,885

 

 

2,894

 

 

4,428

 

 

 

10,207

 

 

7,330

 

 

1,949

 

 

 

1,598

 

 

 

11,664

 

 

 

32,748

Stock-based compensation

 

2,931

 

 

2,812

 

 

1,035

 

 

 

6,778

 

 

1,621

 

 

443

 

 

 

2,716

 

 

 

6,727

 

 

 

18,285

Triple-net operating lease rent expense

 

 

 

 

 

 

 

 

 

 

 

 

35,631

 

 

 

 

 

 

 

 

 

35,631

Adjusted Property EBITDAR

$

156,607

 

$

89,590

 

$

 

 

$

246,197

 

$

224,121

 

$

69,104

 

 

$

(14,964

)

 

$

 

 

$

524,458

 

Three Months Ended June 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)

$

(107,742

)

 

$

(73,479

)

 

$

(4,103

)

 

$

(185,324

)

 

$

142,826

 

$

13,760

 

$

(57,321

)

 

$

34,031

 

 

$

(52,028

)

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

3,547

 

 

 

 

955

 

 

 

 

 

 

4,502

 

Depreciation and amortization

 

51,606

 

 

 

19,556

 

 

 

971

 

 

 

72,133

 

 

 

45,750

 

 

37,432

 

 

5,373

 

 

 

2,280

 

 

 

162,968

 

Property charges and other

 

313

 

 

 

6,478

 

 

 

4

 

 

 

6,795

 

 

 

955

 

 

19

 

 

26,395

 

 

 

(7,255

)

 

 

26,909

 

Management and license fees

 

2,258

 

 

 

2,272

 

 

 

 

 

 

4,530

 

 

 

26,349

 

 

10,164

 

 

 

 

 

(41,043

)

 

 

 

Corporate expenses and other

 

1,587

 

 

 

1,612

 

 

 

2,547

 

 

 

5,746

 

 

 

5,576

 

 

1,941

 

 

2,426

 

 

 

6,524

 

 

 

22,213

 

Stock-based compensation

 

2,028

 

 

 

3,171

 

 

 

581

 

 

 

5,780

 

 

 

1,703

 

 

430

 

 

1,219

 

 

 

5,463

 

 

 

14,595

 

Adjusted Property EBITDAR

$

(49,950

)

 

$

(40,390

)

 

$

 

 

$

(90,340

)

 

$

226,706

 

$

63,746

 

$

(20,953

)

 

$

 

 

$

179,159

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

Six Months Ended June 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)

$

120,143

 

$

59,516

 

$

(10,838

)

 

$

168,821

 

$

261,772

 

$

(25,952

)

 

$

(59,070

)

 

$

74,280

 

 

$

419,851

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

81

 

 

1,247

 

 

 

4,730

 

 

 

(103

)

 

 

5,955

Depreciation and amortization

 

108,075

 

 

41,177

 

 

760

 

 

 

150,012

 

 

114,202

 

 

60,132

 

 

 

9,839

 

 

 

4,589

 

 

 

338,774

Property charges and other

 

3,829

 

 

7,078

 

 

13

 

 

 

10,920

 

 

7,151

 

 

222

 

 

 

184

 

 

 

 

 

 

18,477

Management and license fees

 

26,904

 

 

16,762

 

 

 

 

 

43,666

 

 

55,253

 

 

21,249

 

 

 

 

 

 

(120,168

)

 

 

Corporate expenses and other

 

5,111

 

 

5,219

 

 

8,052

 

 

 

18,382

 

 

13,886

 

 

3,813

 

 

 

2,980

 

 

 

28,177

 

 

 

67,238

Stock-based compensation

 

3,603

 

 

4,583

 

 

2,013

 

 

 

10,199

 

 

3,373

 

 

893

 

 

 

5,305

 

 

 

13,225

 

 

 

32,995

Triple-net operating lease rent expense

 

 

 

 

 

 

 

 

 

 

 

 

70,914

 

 

 

 

 

 

 

 

 

70,914

Adjusted Property EBITDAR

$

267,665

 

$

134,335

 

$

 

 

$

402,000

 

$

455,718

 

$

132,518

 

 

$

(36,032

)

 

$

 

 

$

954,204

 

Six Months Ended June 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)

$

(167,243

)

 

$

(108,295

)

 

$

(8,050

)

 

$

(283,588

)

 

$

225,756

 

$

15,949

 

$

(162,356

)

 

$

57,346

 

 

$

(146,893

)

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

4,944

 

 

 

 

2,005

 

 

 

 

 

 

6,949

 

Depreciation and amortization

 

102,068

 

 

 

39,578

 

 

 

1,948

 

 

 

143,594

 

 

 

91,352

 

 

78,421

 

 

29,621

 

 

 

4,536

 

 

 

347,524

 

Property charges and other

 

451

 

 

 

7,947

 

 

 

5

 

 

 

8,403

 

 

 

2,277

 

 

640

 

 

68,356

 

 

 

(7,047

)

 

 

72,629

 

Management and license fees

 

7,443

 

 

 

6,596

 

 

 

 

 

 

14,039

 

 

 

47,376

 

 

19,502

 

 

 

 

 

(80,917

)

 

 

 

Corporate expenses and other

 

3,130

 

 

 

3,290

 

 

 

4,965

 

 

 

11,385

 

 

 

10,990

 

 

3,646

 

 

4,853

 

 

 

17,162

 

 

 

48,036

 

Stock-based compensation

 

3,337

 

 

 

5,812

 

 

 

1,132

 

 

 

10,281

 

 

 

3,389

 

 

838

 

 

5,067

 

 

 

8,920

 

 

 

28,495

 

Adjusted Property EBITDAR

$

(50,814

)

 

$

(45,072

)

 

$

 

 

$

(95,886

)

 

$

386,084

 

$

118,996

 

$

(52,454

)

 

$

 

 

$

356,740

 

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

June 30,

 

Six Months Ended

June 30,

 

2023

 

2022

 

2023

 

2022

Net income (loss) attributable to Wynn Resorts, Limited

$

105,184

 

 

$

(130,051

)

 

$

117,516

 

 

$

(313,375

)

Net income (loss) attributable to noncontrolling interests

 

22,651

 

 

 

(83,371

)

 

 

11,465

 

 

 

(154,657

)

Pre-opening expenses

 

1,477

 

 

 

4,502

 

 

 

5,955

 

 

 

6,949

 

Depreciation and amortization

 

169,962

 

 

 

162,968

 

 

 

338,774

 

 

 

347,524

 

Property charges and other

 

16,019

 

 

 

26,909

 

 

 

18,477

 

 

 

72,629

 

Triple-net operating lease rent expense

 

35,631

 

 

 

 

 

 

70,914

 

 

 

 

Corporate expenses and other

 

32,748

 

 

 

22,213

 

 

 

67,238

 

 

 

48,036

 

Stock-based compensation

 

18,285

 

 

 

14,595

 

 

 

32,995

 

 

 

28,495

 

Interest income

 

(44,127

)

 

 

(2,691

)

 

 

(84,320

)

 

 

(3,971

)

Interest expense, net of amounts capitalized

 

190,243

 

 

 

154,830

 

 

 

377,983

 

 

 

306,988

 

Change in derivatives fair value

 

(24,336

)

 

 

(1,562

)

 

 

(47,382

)

 

 

(8,962

)

Loss on debt financing transactions

 

3,375

 

 

 

 

 

 

15,611

 

 

 

 

Other

 

(6,959

)

 

 

10,099

 

 

 

23,655

 

 

 

25,226

 

Provision for income taxes

 

4,305

 

 

 

718

 

 

 

5,323

 

 

 

1,858

 

Adjusted Property EBITDAR

$

524,458

 

 

$

179,159

 

 

$

954,204

 

 

$

356,740

 

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

June 30,

 

 

 

Six Months Ended

June 30,

 

 

 

2023

 

2022

 

Percent Change

 

2023

 

2022

 

Percent Change

Wynn Palace Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

365,277

 

 

$

27,194

 

 

1,243.2

 

 

$

635,964

 

 

$

141,607

 

 

349.1

 

Rooms

 

50,092

 

 

 

7,008

 

 

614.8

 

 

 

97,002

 

 

 

20,839

 

 

365.5

 

Food and beverage

 

25,260

 

 

 

6,857

 

 

268.4

 

 

 

48,813

 

 

 

18,300

 

 

166.7

 

Entertainment, retail and other

 

27,721

 

 

 

17,592

 

 

57.6

 

 

 

55,934

 

 

 

41,230

 

 

35.7

 

Total

$

468,350

 

 

$

58,651

 

 

698.5

 

 

$

837,713

 

 

$

221,976

 

 

277.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

156,607

 

 

$

(49,950

)

 

NM

 

 

$

267,665

 

 

$

(50,814

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

57

 

 

 

46

 

 

23.9

 

 

 

54

 

 

 

56

 

 

(3.6

)

VIP turnover

$

3,042,338

 

 

$

344,462

 

 

783.2

 

 

$

5,335,696

 

 

$

1,310,017

 

 

307.3

 

VIP table games win (loss) (1)

$

129,030

 

 

$

(6,671

)

 

NM

 

 

$

191,478

 

 

$

13,082

 

 

1,363.7

 

VIP table games win (loss) as a % of turnover

 

4.24

%

 

 

(1.94

)%

 

 

 

 

3.59

%

 

 

1.00

%

 

 

Table games win (loss) per unit per day

$

24,728

 

 

$

(1,600

)

 

NM

 

 

$

19,697

 

 

$

1,284

 

 

1,434.0

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

240

 

 

 

231

 

 

3.9

 

 

 

239

 

 

 

232

 

 

3.0

 

Table drop (2)

$

1,507,148

 

 

$

210,549

 

 

615.8

 

 

$

2,689,146

 

 

$

742,408

 

 

262.2

 

Table games win (1)

$

305,817

 

 

$

41,581

 

 

635.5

 

 

$

566,683

 

 

$

152,755

 

 

271.0

 

Table games win %

 

20.3

%

 

 

19.7

%

 

 

 

 

21.1

%

 

 

20.6

%

 

 

Table games win per unit per day

$

13,980

 

 

$

1,977

 

 

607.1

 

 

$

13,125

 

 

$

3,630

 

 

261.6

 

Average number of slot machines

 

586

 

 

 

634

 

 

(7.6

)

 

 

587

 

 

 

652

 

 

(10.0

)

Slot machine handle

$

579,626

 

 

$

130,404

 

 

344.5

 

 

$

1,126,224

 

 

$

381,333

 

 

195.3

 

Slot machine win (3)

$

27,583

 

 

$

4,922

 

 

460.4

 

 

$

53,008

 

 

$

17,571

 

 

201.7

 

Slot machine win per unit per day

$

517

 

 

$

85

 

 

508.2

 

 

$

499

 

 

$

149

 

 

234.9

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

96.5

%

 

 

28.5

%

 

 

 

 

92.2

%

 

 

37.7

%

 

 

ADR (4)

$

318

 

 

$

145

 

 

119.3

 

 

$

319

 

 

$

166

 

 

92.2

 

REVPAR (5)

$

307

 

 

$

41

 

 

648.8

 

 

$

294

 

 

$

63

 

 

366.7

 

NM: Not meaningful.

Note: The results of operations of Wynn Palace for the three and six months ended June 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

June 30,

 

 

 

Six Months Ended

June 30,

 

 

 

2023

 

2022

 

Percent Change

 

2023

 

2022

 

Percent Change

Wynn Macau Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

242,950

 

 

$

39,959

 

 

508.0

 

 

$

419,333

 

 

$

142,389

 

 

194.5

 

Rooms

 

26,130

 

 

 

4,762

 

 

448.7

 

 

 

48,101

 

 

 

14,152

 

 

239.9

 

Food and beverage

 

14,666

 

 

 

5,231

 

 

180.4

 

 

 

28,968

 

 

 

13,617

 

 

112.7

 

Entertainment, retail and other

 

17,847

 

 

 

8,631

 

 

106.8

 

 

 

35,917

 

 

 

23,525

 

 

52.7

 

Total

$

301,593

 

 

$

58,583

 

 

414.8

 

 

$

532,319

 

 

$

193,683

 

 

174.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

89,590

 

 

$

(40,390

)

 

NM

 

 

$

134,335

 

 

$

(45,072

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

48

 

 

 

40

 

 

20.0

 

 

 

50

 

 

 

37

 

 

35.1

 

VIP turnover

$

1,390,272

 

 

$

301,645

 

 

360.9

 

 

$

2,534,496

 

 

$

1,188,695

 

 

113.2

 

VIP table games win (1)

$

57,828

 

 

$

14,446

 

 

300.3

 

 

$

88,579

 

 

$

48,475

 

 

82.7

 

VIP table games win as a % of turnover

 

4.16

%

 

 

4.79

%

 

 

 

 

3.49

%

 

 

4.08

%

 

 

Table games win per unit per day

$

13,257

 

 

$

4,006

 

 

230.9

 

 

$

9,808

 

 

$

7,181

 

 

36.6

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

209

 

 

 

246

 

 

(15.0

)

 

 

213

 

 

 

247

 

 

(13.8

)

Table drop (2)

$

1,223,311

 

 

$

216,154

 

 

465.9

 

 

$

2,213,299

 

 

$

685,292

 

 

223.0

 

Table games win (1)

$

216,405

 

 

$

30,582

 

 

607.6

 

 

$

384,831

 

 

$

112,842

 

 

241.0

 

Table games win %

 

17.7

%

 

 

14.1

%

 

 

 

 

17.4

%

 

 

16.5

%

 

 

Table games win per unit per day

$

11,388

 

 

$

1,365

 

 

734.3

 

 

$

9,997

 

 

$

2,521

 

 

296.5

 

Average number of slot machines

 

533

 

 

 

665

 

 

(19.8

)

 

 

532

 

 

 

625

 

 

(14.9

)

Slot machine handle

$

519,807

 

 

$

199,312

 

 

160.8

 

 

$

989,576

 

 

$

482,851

 

 

104.9

 

Slot machine win (3)

$

15,452

 

 

$

6,329

 

 

144.1

 

 

$

31,749

 

 

$

16,941

 

 

87.4

 

Slot machine win per unit per day

$

319

 

 

$

105

 

 

203.8

 

 

$

330

 

 

$

150

 

 

120.0

 

Poker rake

$

5,376

 

 

$

60

 

 

NM

 

 

$

9,312

 

 

$

60

 

 

NM

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

96.8

%

 

 

31.3

%

 

 

 

 

93.9

%

 

 

40.5

%

 

 

ADR (4)

$

269

 

 

$

150

 

 

79.3

 

 

$

256

 

 

$

174

 

 

47.1

 

REVPAR (5)

$

260

 

 

$

47

 

 

453.2

 

 

$

240

 

 

$

70

 

 

242.9

 

NM: Not meaningful.

Note: The results of operations of Wynn Macau for the three and six months ended June 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

June 30,

 

 

 

Six Months Ended

June 30,

 

 

 

2023

 

2022

 

Percent Change

 

2023

 

2022

 

Percent Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

137,946

 

 

$

135,345

 

 

1.9

 

 

$

292,476

 

 

$

259,616

 

 

12.7

 

Rooms

 

177,765

 

 

 

167,116

 

 

6.4

 

 

 

362,874

 

 

 

298,582

 

 

21.5

 

Food and beverage

 

195,146

 

 

 

196,627

 

 

(0.8

)

 

 

367,629

 

 

 

332,656

 

 

10.5

 

Entertainment, retail and other

 

67,215

 

 

 

61,981

 

 

8.4

 

 

 

141,857

 

 

 

111,401

 

 

27.3

 

Total

$

578,072

 

 

$

561,069

 

 

3.0

 

 

$

1,164,836

 

 

$

1,002,255

 

 

16.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

224,121

 

 

$

226,706

 

 

(1.1

)

 

$

455,718

 

 

$

386,084

 

 

18.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

235

 

 

 

237

 

 

(0.8

)

 

 

233

 

 

 

232

 

 

0.4

 

Table drop (2)

$

559,701

 

 

$

564,982

 

 

(0.9

)

 

$

1,160,447

 

 

$

1,112,898

 

 

4.3

 

Table games win (1)

$

128,012

 

 

$

138,879

 

 

(7.8

)

 

$

274,022

 

 

$

268,043

 

 

2.2

 

Table games win %

 

22.9

%

 

 

24.6

%

 

 

 

 

23.6

%

 

 

24.1

%

 

 

Table games win per unit per day

$

5,997

 

 

$

6,440

 

 

(6.9

)

 

$

6,490

 

 

$

6,372

 

 

1.9

 

Average number of slot machines

 

1,651

 

 

 

1,712

 

 

(3.6

)

 

 

1,660

 

 

 

1,720

 

 

(3.5

)

Slot machine handle

$

1,522,525

 

 

$

1,326,178

 

 

14.8

 

 

$

3,095,260

 

 

$

2,504,162

 

 

23.6

 

Slot machine win (3)

$

103,357

 

 

$

89,844

 

 

15.0

 

 

$

210,145

 

 

$

170,675

 

 

23.1

 

Slot machine win per unit per day

$

688

 

 

$

577

 

 

19.2

 

 

$

700

 

 

$

548

 

 

27.7

 

Poker rake

$

6,460

 

 

$

5,021

 

 

28.7

 

 

$

10,574

 

 

$

8,882

 

 

19.0

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

90.6

%

 

 

90.5

%

 

 

 

 

89.7

%

 

 

83.8

%

 

 

ADR (4)

$

462

 

 

$

460

 

 

0.4

 

 

$

477

 

 

$

448

 

 

6.5

 

REVPAR (5)

$

418

 

 

$

417

 

 

0.2

 

 

$

428

 

 

$

375

 

 

14.1

 

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

June 30,

 

 

 

Six Months Ended

June 30,

 

 

 

2023

 

2022

 

Percent Change

 

2023

 

2022

 

Percent Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

166,826

 

 

$

157,087

 

 

6.2

 

 

$

332,218

 

 

$

305,835

 

 

8.6

 

Rooms

 

22,518

 

 

 

22,412

 

 

0.5

 

 

 

41,057

 

 

 

38,101

 

 

7.8

 

Food and beverage

 

21,964

 

 

 

21,101

 

 

4.1

 

 

 

44,237

 

 

 

39,263

 

 

12.7

 

Entertainment, retail and other

 

10,624

 

 

 

9,554

 

 

11.2

 

 

 

20,726

 

 

 

17,751

 

 

16.8

 

Total

$

221,932

 

 

$

210,154

 

 

5.6

 

 

$

438,238

 

 

$

400,950

 

 

9.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

69,104

 

 

$

63,746

 

 

8.4

 

 

$

132,518

 

 

$

118,996

 

 

11.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

190

 

 

 

184

 

 

3.3

 

 

 

194

 

 

 

184

 

 

5.4

 

Table drop (2)

$

354,365

 

 

$

366,222

 

 

(3.2

)

 

$

720,406

 

 

$

712,417

 

 

1.1

 

Table games win (1)

$

79,072

 

 

$

80,263

 

 

(1.5

)

 

$

158,615

 

 

$

157,054

 

 

1.0

 

Table games win %

 

22.3

%

 

 

21.9

%

 

 

 

 

22.0

%

 

 

22.0

%

 

 

Table games win per unit per day

$

4,573

 

 

$

4,794

 

 

(4.6

)

 

$

4,512

 

 

$

4,716

 

 

(4.3

)

Average number of slot machines

 

2,561

 

 

 

2,781

 

 

(7.9

)

 

 

2,540

 

 

 

2,778

 

 

(8.6

)

Slot machine handle

$

1,300,237

 

 

$

1,232,427

 

 

5.5

 

 

$

2,596,664

 

 

$

2,415,740

 

 

7.5

 

Slot machine win (3)

$

106,726

 

 

$

99,424

 

 

7.3

 

 

$

210,799

 

 

$

194,720

 

 

8.3

 

Slot machine win per unit per day

$

458

 

 

$

393

 

 

16.5

 

 

$

459

 

 

$

387

 

 

18.6

 

Poker rake

$

5,211

 

 

$

1,241

 

 

319.9

 

 

$

10,893

 

 

$

2,026

 

 

437.7

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

92.7

%

 

 

94.1

%

 

 

 

 

91.4

%

 

 

87.4

%

 

 

ADR (4)

$

400

 

 

$

391

 

 

2.3

 

 

$

372

 

 

$

360

 

 

3.3

 

REVPAR (5)

$

371

 

 

$

368

 

 

0.8

 

 

$

340

 

 

$

315

 

 

7.9

 

(1)

Table games win (loss) 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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