Operating revenues were
"We delivered solid financial results in the fourth quarter of 2019, growing Adjusted Property EBITDA nearly 12% sequentially compared to the third quarter," said
"It was also a successful quarter on the development front as we made significant progress rolling out the industry’s leading global growth pipeline. In November, we launched key portions of the new
Consolidated Results
Operating revenues were
On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to
Adjusted Property EBITDA (2) was
For the year ended
GAAP net income attributable to
Full year Adjusted Property EBITDA decreased 11.2%, or
Property Results
Wynn Palace
Operating revenues from Wynn Palace were
Operating revenues from
Las Vegas Operations
Operating revenues from our Las Vegas Operations were
On
Development Projects
In
Balance Sheet
Our cash and cash equivalents and restricted cash as of
As previously disclosed, on
Total current and long-term debt outstanding at
Conference Call and Other Information
The Company will hold a conference call to discuss its results, including the results of
On or before
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, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, 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, 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
Non-GAAP Financial Measures
(1) "Adjusted net income (loss) attributable to
(2) "Adjusted Property EBITDA" is net income (loss) before interest, income taxes, depreciation and amortization, litigation settlement expense, 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) gain on extinguishment of debt, change in derivatives fair value, change in Redemption Note fair value and other non-operating income and expenses. 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 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
The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
|||||||||||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||||||||
Operating revenues: |
|
|
|
|
|
|
|
||||||||||||||||
Casino |
$ |
1,137,956 |
|
|
|
$ |
1,220,795 |
|
|
|
$ |
4,573,924 |
|
|
|
$ |
4,784,990 |
|
|
||||
Rooms |
|
208,209 |
|
|
|
|
192,395 |
|
|
|
|
804,162 |
|
|
|
|
751,800 |
|
|
||||
Food and beverage |
|
199,073 |
|
|
|
|
173,165 |
|
|
|
|
818,822 |
|
|
|
|
754,128 |
|
|
||||
Entertainment, retail and other |
|
108,221 |
|
|
|
|
101,231 |
|
|
|
|
414,191 |
|
|
|
|
426,742 |
|
|
||||
Total operating revenues |
|
1,653,459 |
|
|
|
|
1,687,586 |
|
|
|
|
6,611,099 |
|
|
|
|
6,717,660 |
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||||||||||
Casino |
|
726,504 |
|
|
|
|
782,141 |
|
|
|
|
2,924,254 |
|
|
|
|
3,036,907 |
|
|
||||
Rooms |
|
71,053 |
|
|
|
|
64,712 |
|
|
|
|
276,095 |
|
|
|
|
254,549 |
|
|
||||
Food and beverage |
|
168,996 |
|
|
|
|
143,441 |
|
|
|
|
696,498 |
|
|
|
|
611,706 |
|
|
||||
Entertainment, retail and other |
|
40,570 |
|
|
|
|
44,466 |
|
|
|
|
170,206 |
|
|
|
|
183,113 |
|
|
||||
General and administrative |
|
230,682 |
|
|
|
|
215,872 |
|
|
|
|
896,670 |
|
|
|
|
761,415 |
|
|
||||
Litigation settlement |
— |
|
|
— |
|
|
— |
|
|
|
463,557 |
|
|
||||||||||
Provision for doubtful accounts |
|
8,859 |
|
|
|
|
3,941 |
|
|
|
|
21,898 |
|
|
|
|
6,527 |
|
|
||||
Pre-opening |
|
2,797 |
|
|
|
|
18,235 |
|
|
|
|
102,009 |
|
|
|
|
53,490 |
|
|
||||
Depreciation and amortization |
|
175,054 |
|
|
|
|
138,911 |
|
|
|
|
624,878 |
|
|
|
|
550,596 |
|
|
||||
Property charges and other |
|
2,366 |
|
|
|
|
29,584 |
|
|
|
|
20,286 |
|
|
|
|
60,256 |
|
|
||||
Total operating expenses |
|
1,426,881 |
|
|
|
|
1,441,303 |
|
|
|
|
5,732,794 |
|
|
|
|
5,982,116 |
|
|
||||
Operating income |
|
226,578 |
|
|
|
|
246,283 |
|
|
|
|
878,305 |
|
|
|
|
735,544 |
|
|
||||
Other income (expense): |
|
|
|
|
|
|
|
||||||||||||||||
Interest income |
|
4,470 |
|
|
|
|
8,837 |
|
|
|
|
24,449 |
|
|
|
|
29,866 |
|
|
||||
Interest expense, net of amounts capitalized |
|
(113,049 |
) |
|
|
|
(100,717 |
) |
|
|
|
(414,030 |
) |
|
|
|
(381,849 |
) |
|
||||
Change in derivatives fair value |
|
3,686 |
|
|
|
|
(4,466 |
) |
|
|
|
(3,228 |
) |
|
|
|
(4,520 |
) |
|
||||
Change in Redemption Note fair value |
— |
|
|
— |
|
|
— |
|
|
|
(69,331 |
) |
|
||||||||||
(Loss) gain on extinguishment of debt |
|
(241 |
) |
|
|
|
(2,027 |
) |
|
|
|
(12,437 |
) |
|
|
|
104 |
|
|
||||
Other |
|
18,505 |
|
|
|
|
(5,113 |
) |
|
|
|
15,159 |
|
|
|
|
(4,074 |
) |
|
||||
Other income (expense), net |
|
(86,629 |
) |
|
|
|
(103,486 |
) |
|
|
|
(390,087 |
) |
|
|
|
(429,804 |
) |
|
||||
Income before income taxes |
|
139,949 |
|
|
|
|
142,797 |
|
|
|
|
488,218 |
|
|
|
|
305,740 |
|
|
||||
(Provision) benefit for income taxes |
|
(157,419 |
) |
|
|
|
372,713 |
|
|
|
|
(176,840 |
) |
|
|
|
497,344 |
|
|
||||
Net income (loss) |
|
(17,470 |
) |
|
|
|
515,510 |
|
|
|
|
311,378 |
|
|
|
|
803,084 |
|
|
||||
Less: net income attributable to noncontrolling interests |
|
(55,472 |
) |
|
|
|
(50,644 |
) |
|
|
|
(188,393 |
) |
|
|
|
(230,654 |
) |
|
||||
Net income (loss) attributable to Wynn Resorts, Limited |
$ |
(72,942 |
) |
|
|
$ |
464,866 |
|
|
|
$ |
122,985 |
|
|
|
$ |
572,430 |
|
|
||||
Basic and diluted income per common share: |
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss) attributable to Wynn Resorts, Limited: |
|
|
|
|
|||||||||||||||||||
Basic |
$ |
(0.68 |
) |
|
|
$ |
4.32 |
|
|
|
$ |
1.15 |
|
|
|
$ |
5.37 |
|
|
||||
Diluted |
$ |
(0.68 |
) |
|
|
$ |
4.31 |
|
|
|
$ |
1.15 |
|
|
|
$ |
5.35 |
|
|
||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||||||||||
Basic |
|
106,608 |
|
|
|
|
107,619 |
|
|
|
|
106,745 |
|
|
|
|
106,529 |
|
|
||||
Diluted |
|
106,608 |
|
|
|
|
107,974 |
|
|
|
|
106,985 |
|
|
|
|
107,032 |
|
|
||||
Dividends declared per common share: |
$ |
1.00 |
|
|
|
$ |
0.75 |
|
|
|
$ |
3.75 |
|
|
|
$ |
2.75 |
|
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
|||||||||||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||||||||
Net income (loss) attributable to Wynn Resorts, Limited |
$ |
(72,942 |
) |
|
|
$ |
464,866 |
|
|
|
$ |
122,985 |
|
|
|
$ |
572,430 |
|
|
||||
Litigation settlement expense |
— |
|
|
— |
|
|
— |
|
|
|
463,557 |
|
|
||||||||||
Nonrecurring regulatory expense |
— |
|
|
— |
|
|
|
35,000 |
|
|
|
— |
|
||||||||||
Pre-opening expenses |
|
2,797 |
|
|
|
|
18,235 |
|
|
|
|
102,009 |
|
|
|
|
53,490 |
|
|
||||
Property charges and other |
|
2,366 |
|
|
|
|
29,584 |
|
|
|
|
20,286 |
|
|
|
|
60,256 |
|
|
||||
Change in derivatives fair value |
|
(3,686 |
) |
|
|
|
4,466 |
|
|
|
|
3,228 |
|
|
|
|
4,520 |
|
|
||||
Change in Redemption Note fair value |
— |
|
|
— |
|
|
— |
|
|
|
69,331 |
|
|
||||||||||
Loss (gain) on extinguishment of debt |
|
241 |
|
|
|
|
2,027 |
|
|
|
|
12,437 |
|
|
|
|
(104 |
) |
|
||||
Foreign currency remeasurement (gain) loss |
|
(18,505 |
) |
|
|
|
5,113 |
|
|
|
|
(15,159 |
) |
|
|
|
4,074 |
|
|
||||
Income tax impact on adjustments |
|
17,445 |
|
|
|
|
(23,599 |
) |
|
|
|
(1,549 |
) |
|
|
|
(137,975 |
) |
|
||||
Impact of U.S. tax reform |
— |
|
|
|
(390,902 |
) |
|
|
— |
|
|
|
(390,902 |
) |
|
||||||||
Noncontrolling interests impact on adjustments |
|
6,714 |
|
|
|
|
(7,568 |
) |
|
|
|
226 |
|
|
|
|
(10,961 |
) |
|
||||
Adjusted net income (loss) income attributable to Wynn Resorts, Limited |
$ |
(65,570 |
) |
|
|
$ |
102,222 |
|
|
|
$ |
279,463 |
|
|
|
$ |
687,716 |
|
|
||||
Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share |
$ |
(0.62 |
) |
|
|
$ |
0.95 |
|
|
|
$ |
2.61 |
|
|
|
$ |
6.43 |
|
|
||||
|
|
|
|
|
|
|
|
||||||||||||||||
Weighted average common shares outstanding - diluted |
|
106,608 |
|
|
|
|
107,974 |
|
|
|
|
106,985 |
|
|
|
|
107,032 |
|
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
||||||||||||||||||||||||||||||||||||||||||
|
Three Months Ended December 31, 2019 |
|||||||||||||||||||||||||||||||||||||||||
|
Operating |
|
Pre-opening |
|
Depreciation |
|
Property |
|
Management |
|
Corporate |
|
Stock-based |
|
Adjusted |
|||||||||||||||||||||||||||
Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Wynn Palace |
$ |
88,303 |
|
|
|
$ |
— |
|
|
$ |
66,337 |
|
|
$ |
(466 |
) |
|
|
$ |
20,853 |
|
|
|
$ |
1,392 |
|
|
$ |
1,198 |
|
|
$ |
177,617 |
|
||||||||
Wynn Macau |
|
123,161 |
|
|
|
|
1,699 |
|
|
|
23,601 |
|
|
|
(234 |
) |
|
|
|
18,475 |
|
|
|
|
1,536 |
|
|
|
1,848 |
|
|
|
170,086 |
|
||||||||
Other Macau |
|
(3,547 |
) |
|
|
— |
|
|
|
1,115 |
|
|
|
5 |
|
|
|
— |
|
|
|
2,162 |
|
|
|
265 |
|
|
— |
|
||||||||||||
Total Macau Operations |
|
207,917 |
|
|
|
|
1,699 |
|
|
|
91,053 |
|
|
|
(695 |
) |
|
|
|
39,328 |
|
|
|
|
5,090 |
|
|
|
3,311 |
|
|
|
347,703 |
|
||||||||
Las Vegas Operations |
|
6,596 |
|
|
|
|
166 |
|
|
|
44,471 |
|
|
|
4,886 |
|
|
|
|
17,610 |
|
|
|
|
5,087 |
|
|
|
1,323 |
|
|
|
80,139 |
|
||||||||
Encore Boston Harbor |
|
(34,146 |
) |
|
|
— |
|
|
|
36,752 |
|
|
— |
|
|
|
8,346 |
|
|
|
|
2,618 |
|
|
|
1,690 |
|
|
|
15,260 |
|
|||||||||||
Corporate and other |
|
46,211 |
|
|
|
|
932 |
|
|
|
2,778 |
|
|
|
(1,825 |
) |
|
|
|
(65,284 |
) |
|
|
|
13,584 |
|
|
|
3,604 |
|
|
— |
|
|||||||||
Total |
$ |
226,578 |
|
|
|
$ |
2,797 |
|
|
$ |
175,054 |
|
|
$ |
2,366 |
|
|
|
$ |
— |
|
|
$ |
26,379 |
|
|
$ |
9,928 |
|
|
$ |
443,102 |
|
|
Three Months Ended December 31, 2018 |
||||||||||||||||||||||||||||||||||||||||
|
Operating |
|
Pre-opening |
|
Depreciation |
|
Property |
|
Management |
|
Corporate |
|
Stock-based |
|
Adjusted |
||||||||||||||||||||||||||
Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Wynn Palace |
$ |
129,228 |
|
|
|
$ |
— |
|
|
$ |
66,037 |
|
|
$ |
708 |
|
|
$ |
27,977 |
|
|
|
$ |
|
1,639 |
|
|
$ |
996 |
|
|
$ |
226,585 |
|
|||||||
Wynn Macau |
|
114,310 |
|
|
|
— |
|
|
|
21,699 |
|
|
|
7,020 |
|
|
|
20,993 |
|
|
|
|
1,822 |
|
|
|
1,716 |
|
|
|
167,560 |
|
|||||||||
Other Macau |
|
(3,117 |
) |
|
|
— |
|
|
|
1,114 |
|
|
|
11 |
|
|
— |
|
|
|
1,821 |
|
|
|
171 |
|
|
— |
|
||||||||||||
Total Macau Operations |
|
240,421 |
|
|
|
— |
|
|
|
88,850 |
|
|
|
7,739 |
|
|
|
48,970 |
|
|
|
|
5,282 |
|
|
|
2,883 |
|
|
|
394,145 |
|
|||||||||
Las Vegas Operations |
|
24,159 |
|
|
|
|
452 |
|
|
|
46,795 |
|
|
|
10,054 |
|
|
|
18,644 |
|
|
|
|
4,282 |
|
|
|
836 |
|
|
|
105,222 |
|
||||||||
Encore Boston Harbor |
|
(26,658 |
) |
|
|
|
17,508 |
|
|
|
1,189 |
|
|
|
14 |
|
|
|
4,500 |
|
|
|
|
3,447 |
|
|
— |
|
|
— |
|
||||||||||
Corporate and other |
|
8,361 |
|
|
|
|
275 |
|
|
|
2,077 |
|
|
|
11,777 |
|
|
|
(72,114 |
) |
|
|
|
45,117 |
|
|
|
4,507 |
|
|
— |
|
|||||||||
Total |
$ |
246,283 |
|
|
|
$ |
18,235 |
|
|
$ |
138,911 |
|
|
$ |
29,584 |
|
|
$ |
— |
|
|
$ |
|
58,128 |
|
|
$ |
8,226 |
|
|
$ |
499,367 |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
|||||||||||||||||||||||||||||||||||||||||
|
Twelve Months Ended December 31, 2019 |
||||||||||||||||||||||||||||||||||||||||
|
Operating |
|
Pre-opening |
|
Depreciation |
|
Property |
|
Management |
|
Corporate |
|
Stock-based |
|
Adjusted |
||||||||||||||||||||||||||
Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Wynn Palace |
$ |
359,286 |
|
|
|
$ |
— |
|
|
$ |
264,758 |
|
|
$ |
1,000 |
|
|
$ |
94,111 |
|
|
$ |
5,583 |
|
|
$ |
4,797 |
|
|
$ |
729,535 |
|
|||||||||
Wynn Macau |
|
461,821 |
|
|
|
|
2,224 |
|
|
|
90,448 |
|
|
|
4,860 |
|
|
|
74,076 |
|
|
|
6,515 |
|
|
|
8,893 |
|
|
|
648,837 |
|
|||||||||
Other Macau |
|
(15,586 |
) |
|
|
— |
|
|
|
4,465 |
|
|
|
23 |
|
|
— |
|
|
10,023 |
|
|
|
1,075 |
|
|
— |
|
|||||||||||||
Total Macau Operations |
|
805,521 |
|
|
|
|
2,224 |
|
|
|
359,671 |
|
|
|
5,883 |
|
|
|
168,187 |
|
|
|
22,121 |
|
|
|
14,765 |
|
|
|
1,378,372 |
|
|||||||||
Las Vegas Operations |
|
123,306 |
|
|
|
|
249 |
|
|
|
177,509 |
|
|
|
14,241 |
|
|
|
76,520 |
|
|
|
16,215 |
|
|
|
5,846 |
|
|
|
413,886 |
|
|||||||||
Encore Boston Harbor |
|
(195,589 |
) |
|
|
|
96,649 |
|
|
|
78,378 |
|
|
|
25 |
|
|
|
26,731 |
|
|
|
14,524 |
|
|
|
2,432 |
|
|
|
23,150 |
|
|||||||||
Corporate and other |
|
145,067 |
|
|
|
|
2,887 |
|
|
|
9,320 |
|
|
|
137 |
|
|
|
(271,438 |
) |
|
|
97,368 |
|
|
|
16,659 |
|
|
— |
|
||||||||||
Total |
$ |
878,305 |
|
|
|
$ |
102,009 |
|
|
$ |
624,878 |
|
|
$ |
20,286 |
|
|
$ |
— |
|
$ |
150,228 |
|
|
$ |
39,702 |
|
|
$ |
1,815,408 |
|
|
Twelve Months Ended December 31, 2018 |
||||||||||||||||||||||||||||||||||||||||
|
Operating |
|
Pre-opening |
|
Depreciation |
|
Property |
|
Management |
|
Corporate |
|
Stock-based |
|
Adjusted |
||||||||||||||||||||||||||
Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Wynn Palace |
$ |
459,336 |
|
|
|
$ |
— |
|
|
$ |
259,898 |
|
|
$ |
9,830 |
|
|
$ |
103,765 |
|
|
$ |
6,732 |
|
|
$ |
4,341 |
|
|
$ |
|
843,902 |
|
||||||||
Wynn Macau |
|
532,377 |
|
|
|
— |
|
|
|
87,293 |
|
|
|
11,574 |
|
|
|
87,135 |
|
|
|
7,717 |
|
|
|
7,142 |
|
|
|
733,238 |
|
||||||||||
Other Macau |
|
(13,410 |
) |
|
|
— |
|
|
|
4,429 |
|
|
|
82 |
|
|
— |
|
|
8,189 |
|
|
|
710 |
|
|
— |
|
|||||||||||||
Total Macau Operations |
|
978,303 |
|
|
|
— |
|
|
|
351,620 |
|
|
|
21,486 |
|
|
|
190,900 |
|
|
|
22,638 |
|
|
|
12,193 |
|
|
|
1,577,140 |
|
||||||||||
Las Vegas Operations |
|
170,007 |
|
|
|
|
460 |
|
|
|
186,758 |
|
|
|
14,886 |
|
|
|
77,537 |
|
|
|
14,134 |
|
|
|
3,491 |
|
|
|
467,273 |
|
|||||||||
Encore Boston Harbor |
|
(81,398 |
) |
|
|
|
51,598 |
|
|
|
2,470 |
|
|
|
104 |
|
|
|
18,000 |
|
|
|
9,226 |
|
|
— |
|
|
— |
|
|||||||||||
Corporate and other |
|
(331,368 |
) |
|
|
|
1,432 |
|
|
|
9,748 |
|
|
|
23,780 |
|
|
|
(286,437 |
) |
|
|
562,038 |
|
|
|
20,807 |
|
|
— |
|
||||||||||
Total |
$ |
735,544 |
|
|
|
$ |
53,490 |
|
|
$ |
550,596 |
|
|
$ |
60,256 |
|
|
$ |
— |
|
$ |
608,036 |
|
|
$ |
36,491 |
|
|
$ |
|
2,044,413 |
|
(1) |
Corporate expenses and other includes litigation settlement expense of $463.6 million in the first quarter of 2018. |
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
|||||||||||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||||||||
Net income (loss) attributable to Wynn Resorts, Limited |
$ |
(72,942 |
) |
|
|
$ |
464,866 |
|
|
|
$ |
122,985 |
|
|
|
$ |
572,430 |
|
|
||||
Net income attributable to noncontrolling interests |
|
55,472 |
|
|
|
|
50,644 |
|
|
|
|
188,393 |
|
|
|
|
230,654 |
|
|
||||
Litigation settlement expense |
— |
|
|
— |
|
|
— |
|
|
|
463,557 |
|
|
||||||||||
Pre-opening expenses |
|
2,797 |
|
|
|
|
18,235 |
|
|
|
|
102,009 |
|
|
|
|
53,490 |
|
|
||||
Depreciation and amortization |
|
175,054 |
|
|
|
|
138,911 |
|
|
|
|
624,878 |
|
|
|
|
550,596 |
|
|
||||
Property charges and other |
|
2,366 |
|
|
|
|
29,584 |
|
|
|
|
20,286 |
|
|
|
|
60,256 |
|
|
||||
Corporate expenses and other |
|
26,379 |
|
|
|
|
58,128 |
|
|
|
|
150,228 |
|
|
|
|
144,479 |
|
|
||||
Stock-based compensation |
|
9,928 |
|
|
|
|
8,226 |
|
|
|
|
39,702 |
|
|
|
|
36,491 |
|
|
||||
Interest income |
|
(4,470 |
) |
|
|
|
(8,837 |
) |
|
|
|
(24,449 |
) |
|
|
|
(29,866 |
) |
|
||||
Interest expense, net of amounts capitalized |
|
113,049 |
|
|
|
|
100,717 |
|
|
|
|
414,030 |
|
|
|
|
381,849 |
|
|
||||
Change in derivatives fair value |
|
(3,686 |
) |
|
|
|
4,466 |
|
|
|
|
3,228 |
|
|
|
|
4,520 |
|
|
||||
Change in Redemption Note fair value |
— |
|
|
— |
|
|
— |
|
|
|
69,331 |
|
|
||||||||||
Loss (gain) on extinguishment of debt |
|
241 |
|
|
|
|
2,027 |
|
|
|
|
12,437 |
|
|
|
|
(104 |
) |
|
||||
Other |
|
(18,505 |
) |
|
|
|
5,113 |
|
|
|
|
(15,159 |
) |
|
|
|
4,074 |
|
|
||||
Provision (benefit) for income taxes |
|
157,419 |
|
|
|
|
(372,713 |
) |
|
|
|
176,840 |
|
|
|
|
(497,344 |
) |
|
||||
Adjusted Property EBITDA |
$ |
443,102 |
|
|
|
$ |
499,367 |
|
|
|
$ |
1,815,408 |
|
|
|
$ |
2,044,413 |
|
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
|||||||||||||||||||||||||||
|
Three Months Ended December 31, |
|
|
|
Twelve Months Ended December 31, |
|
|
||||||||||||||||||||
|
2019 |
|
2018 |
|
Percent |
|
2019 |
|
2018 |
|
Percent |
||||||||||||||||
Wynn Palace Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Casino |
$ |
490,379 |
|
|
$ |
636,949 |
|
|
(23.0 |
) |
|
|
$ |
2,139,756 |
|
|
$ |
2,356,022 |
|
|
(9.2 |
) |
|
||||
Rooms |
|
43,194 |
|
|
|
44,606 |
|
|
(3.2 |
) |
|
|
|
174,576 |
|
|
|
170,067 |
|
|
2.7 |
|
|
||||
Food and beverage |
|
29,685 |
|
|
|
30,119 |
|
|
(1.4 |
) |
|
|
|
117,376 |
|
|
|
110,638 |
|
|
6.1 |
|
|
||||
Entertainment, retail and other |
|
26,727 |
|
|
|
28,888 |
|
|
(7.5 |
) |
|
|
|
111,986 |
|
|
|
120,839 |
|
|
(7.3 |
) |
|
||||
Total |
$ |
589,985 |
|
|
$ |
740,562 |
|
|
(20.3 |
) |
|
|
$ |
2,543,694 |
|
|
$ |
2,757,566 |
|
|
(7.8 |
) |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted Property EBITDA (6) |
$ |
177,617 |
|
|
$ |
226,585 |
|
|
(21.6 |
) |
|
|
$ |
729,535 |
|
|
$ |
843,902 |
|
|
(13.6 |
) |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
VIP: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Average number of table games |
|
104 |
|
|
|
114 |
|
|
(8.8 |
) |
|
|
|
109 |
|
|
|
114 |
|
|
(4.4 |
) |
|
||||
VIP turnover |
$ |
9,314,053 |
|
|
$ |
16,156,992 |
|
|
(42.4 |
) |
|
|
$ |
45,847,647 |
|
|
$ |
61,097,527 |
|
|
(25.0 |
) |
|
||||
VIP table games win (1) |
$ |
286,355 |
|
|
$ |
525,898 |
|
|
(45.5 |
) |
|
|
$ |
1,519,225 |
|
|
$ |
1,874,189 |
|
|
(18.9 |
) |
|
||||
VIP table games win as a % of turnover |
|
3.07 |
% |
|
|
3.25 |
% |
|
|
|
|
3.31 |
% |
|
|
3.07 |
% |
|
|
||||||||
Table games win per unit per day |
$ |
29,897 |
|
|
$ |
50,057 |
|
|
(40.3 |
) |
|
|
$ |
38,224 |
|
|
$ |
45,006 |
|
|
(15.1 |
) |
|
||||
Mass market: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Average number of table games |
|
222 |
|
|
|
208 |
|
|
6.7 |
|
|
|
|
216 |
|
|
|
209 |
|
|
3.3 |
|
|
||||
Table drop (2) |
$ |
1,252,993 |
|
|
$ |
1,300,388 |
|
|
(3.6 |
) |
|
|
$ |
|
5,122,897 |
|
|
$ |
|
4,926,347 |
|
|
4.0 |
|
|
||
Table games win (1) |
$ |
315,423 |
|
|
$ |
307,368 |
|
|
2.6 |
|
|
|
$ |
|
1,251,920 |
|
|
$ |
|
1,206,244 |
|
|
3.8 |
|
|
||
Table games win % |
|
25.2 |
% |
|
|
23.6 |
% |
|
|
|
|
24.4 |
% |
|
|
24.5 |
% |
|
|
||||||||
Table games win per unit per day |
$ |
15,421 |
|
|
$ |
16,084 |
|
|
(4.1 |
) |
|
|
$ |
15,902 |
|
|
$ |
15,834 |
|
|
0.4 |
|
|
||||
Average number of slot machines |
|
940 |
|
|
|
1,074 |
|
|
(12.5 |
) |
|
|
|
1,054 |
|
|
|
1,065 |
|
|
(1.0 |
) |
|
||||
Slot machine handle |
$ |
1,031,988 |
|
|
$ |
1,011,482 |
|
|
2.0 |
|
|
|
$ |
3,918,554 |
|
|
$ |
3,933,064 |
|
|
(0.4 |
) |
|
||||
Slot machine win (3) |
$ |
53,110 |
|
|
$ |
57,575 |
|
|
(7.8 |
) |
|
|
$ |
195,367 |
|
|
$ |
203,568 |
|
|
(4.0 |
) |
|
||||
Slot machine win per unit per day |
$ |
614 |
|
|
$ |
583 |
|
|
5.3 |
|
|
|
$ |
508 |
|
|
$ |
524 |
|
|
(3.1 |
) |
|
||||
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Occupancy |
|
96.9 |
% |
|
|
97.2 |
% |
|
|
|
|
97.2 |
% |
|
|
96.5 |
% |
|
|
||||||||
ADR (4) |
$ |
268 |
|
|
$ |
277 |
|
|
(3.2 |
) |
|
|
$ |
269 |
|
|
$ |
265 |
|
|
1.5 |
|
|
||||
REVPAR (5) |
$ |
260 |
|
|
$ |
269 |
|
|
(3.3 |
) |
|
|
$ |
262 |
|
|
$ |
255 |
|
|
2.7 |
|
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
|||||||||||||||||||||||||||
|
Three Months Ended December 31, |
|
|
|
Twelve Months Ended December 31, |
|
|
||||||||||||||||||||
|
2019 |
|
2018 |
|
Percent |
|
2019 |
|
2018 |
|
Percent |
||||||||||||||||
Wynn Macau Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Casino |
$ |
455,943 |
|
|
$ |
479,027 |
|
|
(4.8 |
) |
|
|
$ |
1,796,209 |
|
|
$ |
1,994,885 |
|
|
(10.0 |
) |
|
||||
Rooms |
|
28,316 |
|
|
|
29,919 |
|
|
(5.4 |
) |
|
|
|
110,387 |
|
|
|
113,495 |
|
|
(2.7 |
) |
|
||||
Food and beverage |
|
20,888 |
|
|
|
21,176 |
|
|
(1.4 |
) |
|
|
|
81,576 |
|
|
|
76,369 |
|
|
6.8 |
|
|
||||
Entertainment, retail and other |
|
20,236 |
|
|
|
23,259 |
|
|
(13.0 |
) |
|
|
|
81,857 |
|
|
|
109,776 |
|
|
(25.4 |
) |
|
||||
Total |
$ |
525,383 |
|
|
$ |
553,381 |
|
|
(5.1 |
) |
|
|
$ |
2,070,029 |
|
|
$ |
2,294,525 |
|
|
(9.8 |
) |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted Property EBITDA (6) |
$ |
170,086 |
|
|
$ |
167,560 |
|
|
1.5 |
|
|
|
$ |
648,837 |
|
|
$ |
733,238 |
|
|
(11.5 |
) |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
VIP: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Average number of table games |
|
99 |
|
|
|
111 |
|
|
(10.8 |
) |
|
|
|
106 |
|
|
|
111 |
|
|
(4.5 |
) |
|
||||
VIP turnover |
$ |
7,931,833 |
|
|
$ |
12,776,758 |
|
|
(37.9 |
) |
|
|
$ |
35,426,483 |
|
|
$ |
57,759,607 |
|
|
(38.7 |
) |
|
||||
VIP table games win (1) |
$ |
259,729 |
|
|
$ |
364,783 |
|
|
(28.8 |
) |
|
|
$ |
1,081,934 |
|
|
$ |
1,588,002 |
|
|
(31.9 |
) |
|
||||
VIP table games win as a % of turnover |
|
3.27 |
% |
|
|
2.86 |
% |
|
|
|
|
3.05 |
% |
|
|
2.75 |
% |
|
|
||||||||
Table games win per unit per day |
$ |
28,617 |
|
|
$ |
35,851 |
|
|
(20.2 |
) |
|
|
$ |
27,864 |
|
|
$ |
39,113 |
|
|
(28.8 |
) |
|
||||
Mass market: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Average number of table games |
|
213 |
|
|
|
205 |
|
|
3.9 |
|
|
|
|
207 |
|
|
|
203 |
|
|
2.0 |
|
|
||||
Table drop (2) |
$ |
1,391,906 |
|
|
$ |
1,258,696 |
|
|
10.6 |
|
|
|
$ |
5,410,439 |
|
|
$ |
5,058,332 |
|
|
7.0 |
|
|
||||
Table games win (1) |
$ |
283,172 |
|
|
$ |
255,736 |
|
|
10.7 |
|
|
|
$ |
|
1,099,353 |
|
|
$ |
1,014,484 |
|
|
8.4 |
|
|
|||
Table games win % |
|
20.3 |
% |
|
|
20.3 |
% |
|
|
|
|
20.3 |
% |
|
|
20.1 |
% |
|
|
||||||||
Table games win per unit per day |
$ |
14,425 |
|
|
$ |
13,554 |
|
|
6.4 |
|
|
|
$ |
14,519 |
|
|
$ |
13,698 |
|
|
6.0 |
|
|
||||
Average number of slot machines |
|
790 |
|
|
|
805 |
|
|
(1.9 |
) |
|
|
|
807 |
|
|
|
877 |
|
|
(8.0 |
) |
|
||||
Slot machine handle |
$ |
825,763 |
|
|
$ |
878,393 |
|
|
(6.0 |
) |
|
|
$ |
3,545,899 |
|
|
$ |
3,740,096 |
|
|
(5.2 |
) |
|
||||
Slot machine win (3) |
$ |
42,669 |
|
|
$ |
44,424 |
|
|
(4.0 |
) |
|
|
$ |
170,358 |
|
|
$ |
161,384 |
|
|
5.6 |
|
|
||||
Slot machine win per unit per day |
$ |
587 |
|
|
$ |
600 |
|
|
(2.2 |
) |
|
|
$ |
578 |
|
|
$ |
504 |
|
|
14.7 |
|
|
||||
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Occupancy |
|
99.3 |
% |
|
|
99.3 |
% |
|
|
|
|
99.2 |
% |
|
|
99.2 |
% |
|
|
||||||||
ADR (4) |
$ |
291 |
|
|
$ |
294 |
|
|
(1.0 |
) |
|
|
$ |
286 |
|
|
$ |
283 |
|
|
1.1 |
|
|
||||
REVPAR (5) |
$ |
289 |
|
|
$ |
292 |
|
|
(1.0 |
) |
|
|
$ |
284 |
|
|
$ |
281 |
|
|
1.1 |
|
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
|||||||||||||||||||||||
|
Three Months Ended December 31, |
|
|
|
Twelve Months Ended December 31, |
|
|
||||||||||||||||
|
2019 |
|
2018 |
|
Percent |
|
2019 |
|
2018 |
|
Percent |
||||||||||||
Las Vegas Operations Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Casino |
$ |
75,665 |
|
|
$ |
104,819 |
|
|
(27.8 |
) |
|
|
$ |
394,104 |
|
|
$ |
434,083 |
|
|
(9.2 |
) |
|
Rooms |
|
120,340 |
|
|
|
117,870 |
|
|
2.1 |
|
|
|
|
483,055 |
|
|
|
468,238 |
|
|
3.2 |
|
|
Food and beverage |
|
120,257 |
|
|
|
121,872 |
|
|
(1.3 |
) |
|
|
|
558,782 |
|
|
|
567,121 |
|
|
(1.5 |
) |
|
Entertainment, retail and other |
|
52,514 |
|
|
|
49,083 |
|
|
7.0 |
|
|
|
|
197,516 |
|
|
|
196,127 |
|
|
0.7 |
|
|
Total |
$ |
368,776 |
|
|
$ |
393,644 |
|
|
(6.3 |
) |
|
|
$ |
1,633,457 |
|
|
$ |
1,665,569 |
|
|
(1.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted Property EBITDA (6) |
$ |
80,139 |
|
|
$ |
105,222 |
|
|
(23.8 |
) |
|
|
$ |
413,886 |
|
|
$ |
467,273 |
|
|
(11.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average number of table games |
|
232 |
|
|
|
236 |
|
|
(1.7 |
) |
|
|
|
236 |
|
|
|
237 |
|
|
(0.4 |
) |
|
Table drop (2) |
$ |
414,451 |
|
|
$ |
508,472 |
|
|
(18.5 |
) |
|
|
$ |
1,690,132 |
|
|
$ |
1,852,816 |
|
|
(8.8 |
) |
|
Table games win (1) |
$ |
71,935 |
|
|
$ |
113,892 |
|
|
(36.8 |
) |
|
|
$ |
395,439 |
|
|
$ |
456,021 |
|
|
(13.3 |
) |
|
Table games win % |
|
17.4 |
% |
|
|
22.4 |
% |
|
|
|
|
23.4 |
% |
|
|
24.6 |
% |
|
|
||||
Table games win per unit per day |
$ |
3,364 |
|
|
$ |
5,237 |
|
|
(35.8 |
) |
|
|
$ |
4,581 |
|
|
$ |
5,282 |
|
|
(13.3 |
) |
|
Average number of slot machines |
|
1,773 |
|
|
|
1,815 |
|
|
(2.3 |
) |
|
|
|
1,788 |
|
|
|
1,822 |
|
|
(1.9 |
) |
|
Slot machine handle |
$ |
942,940 |
|
|
$ |
904,385 |
|
|
4.3 |
|
|
|
$ |
3,427,820 |
|
|
$ |
3,237,085 |
|
|
5.9 |
|
|
Slot machine win (3) |
$ |
63,106 |
|
|
$ |
58,407 |
|
|
8.0 |
|
|
|
$ |
230,954 |
|
|
$ |
213,025 |
|
|
8.4 |
|
|
Slot machine win per unit per day |
$ |
387 |
|
|
$ |
350 |
|
|
10.6 |
|
|
|
$ |
354 |
|
|
$ |
320 |
|
|
10.6 |
|
|
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Occupancy |
|
89.4 |
% |
|
|
88.6 |
% |
|
|
|
|
87.5 |
% |
|
|
87.5 |
% |
|
|
||||
ADR (4) |
$ |
322 |
|
|
$ |
315 |
|
|
2.2 |
|
|
|
$ |
325 |
|
|
$ |
314 |
|
|
3.5 |
|
|
REVPAR (5) |
$ |
288 |
|
|
$ |
279 |
|
|
3.2 |
|
|
|
$ |
284 |
|
|
$ |
274 |
|
|
3.6 |
|
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
|||||||||||||||||||||
|
Three Months Ended December 31, |
|
|
|
Twelve Months Ended December 31, |
|
|
||||||||||||||
|
2019 |
|
2018 |
|
Percent |
|
2019 |
|
2018 |
|
Percent |
||||||||||
Encore Boston Harbor Supplemental Information (7) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino |
$ |
115,969 |
|
|
$ |
— |
|
|
— |
|
|
$ |
243,855 |
|
|
$ |
— |
|
|
— |
|
Rooms |
|
16,359 |
|
|
— |
|
|
— |
|
|
|
36,144 |
|
|
— |
|
|
— |
|
||
Food and beverage |
|
28,243 |
|
|
— |
|
|
— |
|
|
|
61,088 |
|
|
— |
|
|
— |
|
||
Entertainment, retail and other |
|
8,744 |
|
|
— |
|
|
— |
|
|
|
22,832 |
|
|
— |
|
|
— |
|
||
Total |
$ |
169,315 |
|
|
$ |
— |
|
|
— |
|
|
$ |
363,919 |
|
|
$ |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Property EBITDA (6) |
$ |
15,260 |
|
|
$ |
— |
|
|
— |
|
|
$ |
23,150 |
|
|
$ |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average number of table games |
|
160 |
|
|
— |
|
|
— |
|
|
|
152 |
|
|
— |
|
|
— |
|
||
Table drop (2) |
$ |
362,696 |
|
|
$ |
— |
|
|
— |
|
|
$ |
778,898 |
|
|
$ |
— |
|
|
— |
|
Table games win (1) |
$ |
69,766 |
|
|
$ |
— |
|
|
— |
|
|
$ |
151,247 |
|
|
$ |
— |
|
|
— |
|
Table games win % |
|
19.2 |
% |
|
— |
% |
|
|
|
|
19.4 |
% |
|
— |
% |
|
|
||||
Table games win per unit per day |
$ |
4,726 |
|
|
$ |
— |
|
|
— |
|
|
$ |
5,178 |
|
|
$ |
— |
|
|
— |
|
Average number of slot machines |
|
2,933 |
|
|
— |
|
|
— |
|
|
|
3,023 |
|
|
— |
|
|
— |
|
||
Slot machine handle |
$ |
856,446 |
|
|
$ |
— |
|
|
— |
|
|
$ |
1,847,080 |
|
|
$ |
— |
|
|
— |
|
Slot machine win (3) |
$ |
67,383 |
|
|
$ |
— |
|
|
— |
|
|
$ |
138,264 |
|
|
$ |
— |
|
|
— |
|
Slot machine win per unit per day |
$ |
250 |
|
|
$ |
— |
|
|
— |
|
|
$ |
238 |
|
|
$ |
— |
|
|
— |
|
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Occupancy |
|
76.0 |
% |
|
— |
% |
|
|
|
|
72.6 |
% |
|
— |
% |
|
|
||||
ADR (4) |
$ |
352 |
|
|
$ |
— |
|
|
— |
|
|
$ |
391 |
|
|
$ |
— |
|
|
— |
|
REVPAR (5) |
$ |
267 |
|
|
$ |
— |
|
|
— |
|
|
$ |
284 |
|
|
$ |
— |
|
|
— |
|
(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 EBITDA and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA. |
|
(7) |
Encore Boston Harbor opened on June 23, 2019. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200206005831/en/
Source:
Vincent Zahn
702-770-7555
investorrelations@wynnresorts.com