Press Release

LAS VEGAS--(BUSINESS WIRE)--Jan. 22, 2018-- Wynn Resorts, Limited (NASDAQ: WYNN) today reported financial results for the fourth quarter and year ended December 31, 2017.

Net revenues were $1.69 billion for the fourth quarter of 2017, an increase of 29.9%, or $388.7 million, from $1.30 billion for the same period of 2016. The increase in net revenues was the result of increases of $274.7 million from Wynn Palace and $120.2 million from Wynn Macau, partially offset by a decrease of $6.2 million from our Las Vegas Operations.

On a U.S. generally accepted accounting principles ("GAAP") basis, net income attributable to Wynn Resorts, Limited was $491.7 million, or $4.77 per diluted share, for the fourth quarter of 2017, compared to $113.8 million, or $1.12 per diluted share, for the same period of 2016. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of the income tax benefit from U.S. tax reform and increases in operating income from Wynn Palace and Wynn Macau, partially offset by a smaller decrease in the Redemption Note fair value. Adjusted net income attributable to Wynn Resorts, Limited (1) was $144.3 million, or $1.40 per diluted share, for the fourth quarter of 2017, compared to $50.8 million, or $0.50 per diluted share, for the same period of 2016.

During the fourth quarter of 2017, legislation commonly known as the U.S. Tax Cuts and Jobs Act ("U.S. tax reform") was enacted. As a result, fourth quarter 2017 results reflect an estimated net tax benefit of $339.9 million in accordance with GAAP as a result of revaluing the Company's U.S. deferred tax assets and liabilities. This estimated net benefit is based on the Company's initial analysis of the U.S. tax reform and may be adjusted in future periods as the Company collects additional information and evaluates any regulatory guidance.

Adjusted Property EBITDA (2) was $480.2 million for the fourth quarter of 2017, an increase of 40.9%, or $139.3 million, from $340.9 million for the same period of 2016, primarily the result of increases of $112.6 million from Wynn Palace and $37.2 million from Wynn Macau, partially offset by a decrease of $10.5 million from our Las Vegas Operations.

For the full year, net revenues were $6.31 billion in 2017, an increase of 41.2%, or $1.84 billion, from $4.47 billion for the same period of 2016. The increase in net revenues was the result of increases of $1.56 billion, $221.7 million and $62.5 million from Wynn Palace, which opened in August 2016, Wynn Macau and our Las Vegas Operations, respectively.

On a GAAP basis, net income attributable to Wynn Resorts, Limited was $747.2 million, or $7.28 per diluted share, in 2017, compared to $242.0 million, or $2.38 per diluted share, for the same period of 2016. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of the income tax benefit from U.S. tax reform and increases in operating income from Wynn Palace, Wynn Macau and our Las Vegas Operations, partially offset by increases in the Redemption Note fair value and interest expense as the Company is no longer capitalizing interest on Wynn Palace. Adjusted net income attributable to Wynn Resorts, Limited (1) was $560.5 million, or $5.46 per diluted share, in 2017, compared to $345.9 million, or $3.40 per diluted share, for the same period of 2016.

Adjusted Property EBITDA (2) was $1.81 billion in 2017, an increase of 43.8%, or $551.4 million, from $1.26 billion for the same period of 2016. The increase in Adjusted Property EBITDA was the result of increases of $424.5 million, $79.2 million, $47.7 million from Wynn Palace, Wynn Macau and our Las Vegas Operations, respectively.

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $0.50 per share, payable on February 27, 2018 to stockholders of record as of February 15, 2018.

Macau Operations

Wynn Macau

Net revenues from Wynn Macau were $618.6 million for the fourth quarter of 2017, a 24.1% increase from $498.4 million for the same period of 2016. Adjusted Property EBITDA from Wynn Macau was $186.0 million for the fourth quarter of 2017, a 25.0% increase from $148.9 million for the same period of 2016.

Casino revenues from Wynn Macau were $582.9 million for the fourth quarter of 2017, a 25.3% increase from $465.3 million for the same period of 2016. Table games turnover in VIP operations was $15.62 billion, a 44.7% increase from $10.80 billion for the fourth quarter of 2016. VIP table games win as a percentage of turnover (calculated before commissions) was 2.89%, within the expected range of 2.7% to 3.0% and below the 3.08% we experienced in the fourth quarter of 2016. Table drop in mass market operations was $1.25 billion, a 14.1% increase from $1.10 billion for the fourth quarter of 2016. Table games win in mass market operations was $230.1 million, an 18.6% increase from $193.9 million for the fourth quarter of 2016. Table games win percentage in mass market operations was 18.4%, above the 17.7% experienced for the fourth quarter of 2016. Slot machine handle was $937.6 million, a 16.8% increase from $802.6 million for the fourth quarter of 2016, while slot machine win increased 25.3% to $40.8 million.

Non-casino revenues before promotional allowances from Wynn Macau were $73.9 million for the fourth quarter of 2017, a 14.5% increase from the $64.6 million for the same period of 2016. Room revenues were flat at $25.9 million for the fourth quarter of 2017, compared to the same period of 2016. Our average daily rate ("ADR") was $258, a 1.5% decrease from $262 for the fourth quarter of 2016. Occupancy increased to 99.4% for the fourth quarter of 2017, from 96.3% for the same period of 2016. Revenue per available room ("REVPAR") was $257, a 2.0% increase from $252 for the fourth quarter of 2016.

Wynn Palace

Net revenues from Wynn Palace were $693.4 million for the fourth quarter of 2017, a 65.6% increase from $418.7 million for the same period of 2016. Adjusted Property EBITDA from Wynn Palace was $190.1 million for the fourth quarter of 2017, a 145.3% increase from $77.5 million for the same period of 2016.

Casino revenues from Wynn Palace were $648.6 million for the fourth quarter of 2017, a 73.8% increase from $373.2 million for the same period of 2016. Table games turnover in VIP operations was $16.23 billion, a 57.1% increase from $10.33 billion for the fourth quarter of 2016. VIP table games win as a percentage of turnover (calculated before commissions) was 3.02%, above the expected range of 2.7% to 3.0% and the 2.68% we experienced in the fourth quarter of 2016. Table drop in mass market operations was $1.12 billion, a 55.1% increase from $725.0 million for the fourth quarter of 2016. Table games win in mass market operations was $264.5 million, a 65.7% increase from $159.6 million for the fourth quarter of 2016. Table games win percentage in mass market operations was 23.5%, above the 22.0% experienced for the fourth quarter of 2016. Slot machine handle was $920.6 million, a 72.3% increase from $534.4 million for the fourth quarter of 2016, while slot machine win increased 96.2% to $55.0 million.

Non-casino revenues before promotional allowances from Wynn Palace were $90.8 million for the fourth quarter of 2017, a 5.5% increase from $86.1 million for the same period of 2016. Room revenues were $38.9 million for the fourth quarter of 2017, a 4.1% decrease from $40.6 million for the same period of 2016. ADR was $236, a 13.2% decrease from $272 for the fourth quarter of 2016. Occupancy increased to 96.8% for the fourth quarter of 2017, from 88.4% for the same period of 2016. REVPAR was $228, a 5.4% decrease from $241 for the fourth quarter of 2016.

Las Vegas Operations

Net revenues from our Las Vegas Operations were $377.0 million for the fourth quarter of 2017, a 1.6% decrease from $383.3 million for the same period of 2016. Adjusted Property EBITDA from our Las Vegas Operations was $104.1 million for the fourth quarter of 2017, a 9.2% decrease from $114.6 million for the same period of 2016.

Casino revenues from our Las Vegas Operations were $142.7 million for the fourth quarter of 2017, a 14.1% decrease from $166.0 million for the same period of 2016. Table games drop was $430.8 million, a 4.8% decrease from $452.5 million for the fourth quarter of 2016. Table games win was $101.3 million, an 18.6% decrease from $124.5 million for the fourth quarter of 2016. Table games win percentage was 23.5%, within the expected range of 21% to 25% and below the 27.5% experienced for the fourth quarter of 2016. Slot machine handle was $833.2 million, a 3.3% decrease from $862.1 million for the fourth quarter of 2016, while slot win decreased 1.2% to $56.6 million.

Non-casino revenues before promotional allowances from our Las Vegas Operations were $275.2 million for the fourth quarter of 2017, a 5.8% increase from $260.2 million for the same period of 2016. Room revenues were $107.8 million for the fourth quarter of 2017, a 1.9% increase from $105.7 million for the same period of 2016. ADR was $305, a 4.8% increase from $291 for the fourth quarter of 2016. Occupancy decreased to 82.1% for the fourth quarter of 2017, from 84.1% for the same period of 2016. REVPAR was $250, a 2.0% increase from $245 for the fourth quarter of 2016. Food and beverage revenues increased 9.9%, to $108.0 million for the fourth quarter of 2017, compared to the same period of 2016. Entertainment, retail and other revenues increased 5.8%, to $59.5 million for the fourth quarter of 2017, compared to the same period of 2016.

Retail Joint Venture

In December 2016, the Company entered into a joint venture arrangement (the “Retail Joint Venture”), of which the Company owns 50.1%, with Crown Acquisitions Inc. ("Crown") to own and operate approximately 88,000 square feet of existing retail space at Wynn Las Vegas. In November 2017, the Company contributed approximately 74,000 square feet of additional retail space to the Retail Joint Venture, the majority of which is currently under construction at Wynn Las Vegas, and received cash of $180.0 million from Crown. The Company expects to open the additional retail space in the third quarter of 2018. Based on the applicable accounting guidance, the Company will continue to consolidate the Retail Joint Venture in its consolidated financial statements.

Wynn Boston Harbor Project in Massachusetts

The Company is currently constructing Wynn Boston Harbor, an integrated resort in Everett, Massachusetts, located adjacent to Boston along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings and food and beverage outlets. The total project budget, including gaming license fees, construction costs, capitalized interest, pre-opening expenses and land costs, is estimated to be approximately $2.4 billion. As of December 31, 2017, we have incurred $1.13 billion in total project costs. We expect to open Wynn Boston Harbor in mid-2019.

Balance Sheet

Our cash and cash equivalents, restricted cash and investment securities as of December 31, 2017 totaled $3.13 billion.

Total debt outstanding at the end of the quarter was $9.63 billion, including $3.60 billion of Macau related debt, $3.16 billion of Wynn Las Vegas debt and $2.87 billion at the parent company and other.

During the fourth quarter of 2017, Wynn Macau, Limited redeemed the remaining $403.6 million of untendered 5 1/4 % Senior Notes, due 2021 and recorded a $12.3 million loss on extinguishment of debt.

In December 2017, we reached agreements to acquire approximately 38 acres of land on the Las Vegas Strip directly across from Wynn Las Vegas for $336.2 million, approximately 16 acres of which are subject to a ground lease that expires in 2097. We currently expect to complete these transactions in the first quarter of 2018.

Conference Call Information

The Company will hold a conference call to discuss its results on January 22, 2018 at 9:00 a.m. PT (12:00 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com.

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, our dependence on Stephen A. Wynn, general global political and economic 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, extensive regulation of our business, pending or future legal proceedings, cybersecurity risk, the impact of the U.S. tax reform, 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, 2017 and the Company’s other periodic reports filed with the Securities and Exchange Commission. 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.

Non-GAAP Financial Measures

(1) “Adjusted net income attributable to Wynn Resorts, Limited” is net income attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in interest rate swap fair value, change in Redemption Note fair value, loss on extinguishment of debt, foreign currency remeasurement gain (loss), the impact from enactment of U.S. tax reform, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income 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 income and earnings per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income 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.

(2) “Adjusted Property EBITDA” is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course and water rights leases), stock-based compensation, loss on extinguishment of debt, change in interest rate swap fair value, change in Redemption Note fair value and other non-operating income and expenses, and includes equity in income from unconsolidated affiliates. Adjusted Property EBITDA 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 EBITDA 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. The Company also presents Adjusted Property EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Wynn Resorts, Limited, have historically excluded from their EBITDA 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 EBITDA should not be considered as an alternative to operating income as an indicator of the Company’s 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, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, Wynn Resorts’ calculation of Adjusted Property EBITDA 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 attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income to Adjusted Property EBITDA, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
		Three Months Ended December 31,								Twelve Months Ended December 31,
		2017				2016				2017				2016
Operating revenues:
Casino		$	1,374,260			$	1,004,533			$	4,948,319			$	3,268,141
Rooms		172,644				172,225				704,202				603,272
Food and beverage		153,135				132,442				690,942				601,514
Entertainment, retail and other		114,147				106,172				424,783				363,428
Gross revenues		1,814,186				1,415,372				6,768,246				4,836,355
Less: promotional allowances		(125,090		)		(114,939		)		(461,878		)		(370,058		)
Net revenues		1,689,096				1,300,433				6,306,368				4,466,297
Operating expenses:
Casino		894,294				651,208				3,197,729				2,079,740
Rooms		43,117				41,967				177,511				157,904
Food and beverage		86,985				80,754				410,825				375,234
Entertainment, retail and other		47,342				45,018				177,328				161,144
General and administrative		182,848				166,985				685,485				548,141
(Benefit) provision for doubtful accounts		(2,118		)		7,387				(6,711		)		8,203
Pre-opening		7,247				4,221				26,692				154,717
Depreciation and amortization		136,880				140,543				552,368				404,730
Property charges and other		(8,918		)		23,456				29,576				54,822
Total operating expenses		1,387,677				1,161,539				5,250,803				3,944,635
Operating income		301,419				138,894				1,055,565				521,662
Other income (expense):
Interest income		9,195				3,596				31,193				13,536
Interest expense, net of amounts capitalized		(96,789		)		(95,667		)		(388,664		)		(289,365		)
Change in interest rate swap fair value		—				2,126				(1,056		)		433
Change in Redemption Note fair value		10,282				84,282				(59,700		)		65,043
Loss on extinguishment of debt		(12,299		)		—				(55,360		)		—
Equity in income from unconsolidated affiliates		—				—				—				16
Other		(1,869		)		318				(21,709		)		(728		)
Other income (expense), net		(91,480		)		(5,345		)		(495,296		)		(211,065		)
Income before income taxes		209,939				133,549				560,269				310,597
Benefit (provision) for income taxes		334,025				(6,983		)		328,985				(8,128		)
Net income		543,964				126,566				889,254				302,469
Less: net income attributable to noncontrolling interests		(52,282		)		(12,766		)		(142,073		)		(60,494		)
Net income attributable to Wynn Resorts, Limited		$	491,682			$	113,800			$	747,181			$	241,975
Basic and diluted income per common share:
Net income attributable to Wynn Resorts, Limited:
Basic		$	4.80			$	1.12			$	7.32			$	2.39
Diluted		$	4.77			$	1.12			$	7.28			$	2.38
Weighted average common shares outstanding:
Basic		102,402				101,509				102,071				101,445
Diluted		103,065				101,910				102,598				101,855
Dividends declared per common share:		$	0.50			$	0.50			$	2.00			$	2.00

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
			Three Months Ended December 31,								Twelve Months Ended December 31,
			2017				2016				2017				2016
Net income attributable to Wynn Resorts, Limited			$	491,682			$	113,800			$	747,181			$	241,975
Pre-opening expenses			7,247				4,221				26,692				154,717
Property charges and other			(8,918		)		23,456				29,576				54,822
Change in interest rate swap fair value			—				(2,126		)		1,056				(433		)
Change in Redemption Note fair value			(10,282		)		(84,282		)		59,700				(65,043		)
Loss on extinguishment of debt			12,299				—				55,360				—
Foreign currency remeasurement (gain) loss			1,869				(318		)		21,709				728
Income tax impact on adjustments			(8,158		)		(4,611		)		(19,911		)		(3,013		)
Impact of U.S. tax reform			(339,921		)		—				(339,921		)		—
Noncontrolling interests impact on adjustments			(1,489		)		635				(20,972		)		(37,838		)
Adjusted net income attributable to Wynn Resorts, Limited			$	144,329			$	50,775			$	560,470			$	345,915
Adjusted net income attributable to Wynn Resorts, Limited per diluted share			$	1.40			$	0.50			$	5.46			$	3.40
Weighted average common shares outstanding - diluted			103,065				101,910				102,598				101,855

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
			Three Months Ended December 31, 2017
			Operating income (loss)				Pre-opening expenses				Depreciation and amortization				Property charges and other				Management and license fees				Corporate expense and other				Stock-based compensation				Adjusted Property EBITDA
Macau Operations:
Wynn Macau			$	133,923			$	—			$	23,249			$	(1,244	)		$	24,042			$	3,499			$	2,560			$	186,029
Wynn Palace			101,443				—				64,475				(7,590		)		27,014				3,213				1,541				190,096
Other Macau			(2,686		)		—				1,107				16				—				1,395				168				—
Total Macau Operations			232,680				—				88,831				(8,818		)		51,056				8,107				4,269				376,125
Las Vegas Operations			37,338				(522		)		45,318				(5,059		)		17,352				8,995				679				104,101
Corporate and Other			31,401				7,769				2,731				4,959				(68,408		)		11,815				9,733				—
Total			$	301,419			$	7,247			$	136,880			$	(8,918	)		$	—			$	28,917			$	14,681			$	480,226

			Three Months Ended December 31, 2016
			Operating income (loss)				Pre-opening expenses				Depreciation and amortization				Property charges and other				Management and license fees				Corporate expense and other				Stock-based compensation				Adjusted Property EBITDA
Macau Operations:
Wynn Macau			$	95,622			$	—			$	23,997			$	1,291			$	18,846			$	4,643			$	4,467			$	148,866
Wynn Palace			(8,035		)		(1,371		)		64,722				243				16,510				4,360				1,060				77,489
Other Macau			(2,755		)		—				1,130				1				—				1,644				(20		)		—
Total Macau Operations			84,832				(1,371		)		89,849				1,535				35,356				10,647				5,507				226,355
Las Vegas Operations			40,046				75				47,768				7,848				12,072				5,751				1,029				114,589
Corporate and Other			14,016				5,517				2,926				14,073				(47,428		)		3,070				7,826				—
Total			$	138,894			$	4,221			$	140,543			$	23,456			$	—			$	19,468			$	14,362			$	340,944

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands) (unaudited)
(continued)
			Twelve Months Ended December 31, 2017
			Operating income (loss)				Pre-opening expenses				Depreciation and amortization				Property charges and other				Management and license fees				Corporate expense and other				Stock-based compensation				Adjusted Property EBITDA
Macau Operations:
Wynn Macau			$	540,341			$	—			$	97,292			$	6,688			$	96,769			$	11,085			$	8,577			$	760,752
Wynn Palace			157,886				—				258,224				12,663				83,534				9,957				5,319				527,583
Other Macau			(15,201		)		—				4,483				179				—				9,875				664				—
Total Macau Operations			683,026				—				359,999				19,530				180,303				30,917				14,560				1,288,335
Las Vegas Operations			242,457				226				181,879				4,598				64,598				26,578				2,061				522,397
Corporate and Other			130,082				26,466				10,490				5,448				(244,901		)		45,065				27,350				—
Total			$	1,055,565			$	26,692			$	552,368			$	29,576			$	—			$	102,560			$	43,971			$	1,810,732
			Twelve Months Ended December 31, 2016
			Operating income (loss)				Pre-opening expenses				Depreciation and amortization				Property charges and other				Management and license fees				Corporate expense and other				Stock-based compensation				Adjusted Property EBITDA
Macau Operations:
Wynn Macau			$	465,112			$	—			$	98,527			$	5,497			$	86,000			$	13,839			$	12,534			$	681,509
Wynn Palace			(162,637		)		129,773				105,884				430				23,064				5,207				1,315				103,036
Other Macau			(16,777		)		—				3,509				1				—				12,311				956				—
Total Macau Operations			285,698				129,773				207,920				5,928				109,064				31,357				14,805				784,545
Las Vegas Operations			178,379				2,274				185,117				34,837				51,035				20,075				3,065				474,782
Corporate and Other			57,585				22,670				11,693				14,073				(160,099		)		28,730				25,348				—
Total			$	521,662			$	154,717			$	404,730			$	54,838			$	—			$	80,162			$	43,218			$	1,259,327

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
			Three Months Ended December 31,								Twelve Months Ended December 31,
			2017				2016				2017				2016
Net income attributable to Wynn Resorts, Limited			$	491,682			$	113,800			747,181				$	241,975
Net income attributable to noncontrolling interests			52,282				12,766				142,073				60,494
Pre-opening expenses			7,247				4,221				26,692				154,717
Depreciation and amortization			136,880				140,543				552,368				404,730
Property charges and other			(8,918		)		23,456				29,576				54,822
Corporate expense and other			28,917				19,468				102,560				80,162
Stock-based compensation			14,681				14,362				43,971				43,218
Interest income			(9,195		)		(3,596		)		(31,193		)		(13,536		)
Interest expense, net of amounts capitalized			96,789				95,667				388,664				289,365
Change in interest rate swap fair value			—				(2,126		)		1,056				(433		)
Change in Redemption Note fair value			(10,282		)		(84,282		)		59,700				(65,043		)
Loss on extinguishment of debt			12,299				—				55,360				—
Other			1,869				(318		)		21,709				728
(Benefit) provision for income taxes			(334,025		)		6,983				(328,985		)		8,128
Adjusted Property EBITDA			$	480,226			$	340,944			$	1,810,732			$	1,259,327

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited)
				Three Months Ended December 31,								Twelve Months Ended December 31,
				2017				2016				2017				2016
Macau Operations:
Wynn Macau:
VIP:
Average number of table games				102				83				96				149
VIP turnover				$	15,622,932			$	10,796,516			$	58,303,836			$	47,048,754
VIP table games win				$	451,486			$	332,586			$	1,907,625			$	1,547,261
VIP table games win as a % of turnover				2.89		%		3.08		%		3.27		%		3.29		%
Table games win per unit per day (1)				$	48,267			$	43,419			$	54,726			$	28,332
Mass market:
Average number of table games				202				182				204				216
Table drop (2)				$	1,250,994			$	1,096,204			$	4,525,727			$	4,585,476
Table games win				$	230,053			$	193,921			$	880,964			$	881,797
Table games win %				18.4		%		17.7		%		19.5		%		19.2		%
Table games win per unit per day (1)				$	12,370			$	11,590			$	11,820			$	11,131
Average number of slot machines				934				845				914				802
Slot machine handle				$	937,622			$	802,630			$	3,526,747			$	3,386,973
Slot machine win				$	40,818			$	32,582			$	154,425			$	145,680
Slot machine win per unit per day (3)				$	475			$	419			$	463			$	497
Room statistics:
Occupancy				99.4		%		96.3		%		97.5		%		94.4		%
ADR (4)				$	258			$	262			$	257			$	293
REVPAR (5)				$	257			$	252			$	251			$	277
Wynn Palace (6):
VIP:
Average number of table games				112				86				104				81
VIP turnover				$	16,232,654			$	10,329,574			$	52,573,258			$	14,480,023
VIP table games win				$	489,643			$	276,499			$	1,486,674			$	396,954
VIP table games win as a % of turnover				3.02		%		2.68		%		2.83		%		2.74		%
Table games win per unit per day (1)				$	47,395			$	35,151			$	39,325			$	37,009
Mass market:
Average number of table games				197				233				202				245
Table drop (2)				$	1,124,702			$	724,982			$	3,490,363			$	1,000,881
Table games win				$	264,492			$	159,620			$	795,159			$	211,146
Table games win %				23.5		%		22.0		%		22.8		%		21.1		%
Table games win per unit per day (1)				$	14,623			$	7,461			$	10,759			$	6,527
Average number of slot machines				983				888				1,026				962
Slot machine handle				$	920,641			$	534,391			$	3,053,614			$	738,907
Slot machine win				$	55,042			$	28,054			$	165,754			$	40,664
Slot machine win per unit per day (3)				$	609			$	344			$	443			$	320
Room statistics:
Occupancy				96.8		%		88.4		%		96.2		%		83.2		%
ADR (4)				$	236			$	272			$	237			$	276
REVPAR (5)				$	228			$	241			$	227			$	230

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(continued) (unaudited)
			Three Months Ended December 31,								Twelve Months Ended December 31,
			2017				2016				2017				2016
Las Vegas Operations:
Average number of table games			235				232				236				235
Table drop (2)			$	430,821			$	452,517			$	1,804,988			$	1,838,479
Table games win			$	101,290			$	124,469			$	465,664			$	465,041
Table games win %			23.5		%		27.5		%		25.8		%		25.3		%
Table games win per unit per day (1)			$	4,692			$	5,837			$	5,415			$	5,406
Average number of slot machines			1,834				1,908				1,856				1,893
Slot machine handle			$	833,207			$	862,052			$	3,183,369			$	3,148,610
Slot machine win			$	56,557			$	57,238			$	218,897			$	208,024
Slot machine win per unit per day (3)			$	335			$	326			$	323			$	300
Room statistics:
Occupancy			82.1		%		84.1		%		86.9		%		85.3		%
ADR (4)			$	305			$	291			$	305			$	296
REVPAR (5)			$	250			$	245			$	265			$	252

(1) Table games win per unit per day is shown before discounts and commissions, as applicable.
(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.
(3) Slot machine win per unit per day 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 the retail value of promotional allowances (less service charges, if any) by total rooms occupied including complimentary rooms.
(5) REVPAR is revenue per available room and is calculated by dividing total room revenues including the retail value of promotional allowances (less service charges, if any) by total rooms available.
(6) Wynn Palace opened on August 22, 2016.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180122005966/en/

Source: Wynn Resorts, Limited

Wynn Resorts, Limited
Robert Amerine, 702-770-7555
investorrelations@wynnresorts.com