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Wynn Resorts, Limited Reports Fourth Quarter and Year End 2021 Results

LAS VEGAS--(BUSINESS WIRE)--Feb. 15, 2022-- Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the fourth quarter and year ended December 31, 2021.

Operating revenues were $1.05 billion for the fourth quarter of 2021, an increase of 53.5%, or $367.1 million, from $686.0 million for the fourth quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $177.2 million, or $1.54 per diluted share, for the fourth quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $269.5 million, or $2.53 per diluted share, in the fourth quarter of 2020. Adjusted Property EBITDA(1) was $149.1 million for the fourth quarter of 2021, compared to Adjusted Property EBITDA of $69.8 million in the fourth quarter of 2020.

"I’m proud of our teams at both Wynn Las Vegas and Encore Boston Harbor for delivering record Adjusted Property EBITDA at both properties during the fourth quarter," said Craig Billings, CEO of Wynn Resorts, Limited. "Our relentless focus on five-star hospitality and world class experiences allowed us to further extend our leadership positions in Las Vegas and Massachusetts in 2021. In Macau, we remain confident that the market will benefit from the return of visitation over the coming quarters.

"On the development front, we were excited to announce our plans to develop and manage a luxury integrated resort in the UAE, along with our partners, Marjan and RAK Hospitality Holding. The project further diversifies our business, extending our brand into the Middle East and Europe. We look forward to creating the one-of-a-kind guest experiences for which Wynn Resorts is renowned, and contributing to tourism and employment growth in the region."

Consolidated Results

Operating revenues were $1.05 billion for the fourth quarter of 2021, an increase of 53.5%, or $367.1 million, from $686.0 million for the fourth quarter of 2020. Operating revenues increased $321.4 million and $100.1 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $27.5 million and $50.2 million at Wynn Palace and Wynn Macau, respectively, from the fourth quarter of 2020.

Net loss attributable to Wynn Resorts, Limited was $177.2 million, or $1.54 per diluted share, for the fourth quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $269.5 million, or $2.53 per diluted share, in the fourth quarter of 2020. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $157.4 million, or $1.37 per diluted share, for the fourth quarter of 2021, compared to adjusted net loss attributable to Wynn Resorts, Limited of $262.2 million, or $2.45 per diluted share, for the fourth quarter of 2020.

Adjusted Property EBITDA was $149.1 million for the fourth quarter of 2021, compared to $69.8 million for the fourth quarter of 2020. Adjusted Property EBITDA increased $165.1 million and $51.6 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $30.1 million and $35.2 million at Wynn Palace and Wynn Macau, respectively. Adjusted Property EBITDA was $(79.4) million at Corporate and other for the fourth quarter of 2021.

For the year ended December 31, 2021, operating revenues increased 79.6%, or $1.67 billion, to $3.76 billion, compared to $2.10 billion in the year ended December 31, 2020. Operating revenues increased $377.6 million, $151.4 million, $755.7 million, and $329.9 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively.

Net loss attributable to Wynn Resorts, Limited was $755.8 million, or $6.64 per diluted share in 2021, compared to net loss attributable to Wynn Resorts, Limited of $2.07 billion, or $19.37 per diluted share in the year ended December 31, 2020. Adjusted net loss attributable to Wynn Resorts, Limited was $695.8 million, or $6.12 per diluted share, in 2021, compared to adjusted net loss of $2.05 billion, or $19.18 per diluted share, in the year ended December 31, 2020.

Adjusted Property EBITDA was $569.4 million for the year ended December 31, 2021, compared to $(324.3) million for the year ended December 31, 2020. Adjusted Property EBITDA increased $241.3 million, $91.4 million, $587.2 million, and $233.8 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively.

Property Results

In response to the initial outbreak of COVID-19 in early 2020, each of our properties was subject to partial or full closure for varying lengths of time during 2020, and each has since reopened. Over the course of 2021, the Company's Las Vegas Operations and Encore Boston Harbor incrementally resumed full operations, including reopening gaming areas to 100% of capacity and restoring seven-day-per-week hotel operations, as permitted by governmental authorities and in response to increased customer demand. Given the evolving conditions created by and in response to the COVID-19 pandemic, measures that have been lifted may be reintroduced if there are adverse developments with respect to COVID-19, and management continues to be unable to reasonably estimate the impact of such developments to the Company's future results of operations, cash flows, or financial condition.

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $194.0 million for the fourth quarter of 2021, a 12.4% decrease from $221.5 million for the fourth quarter of 2020. Adjusted Property EBITDA from Wynn Palace was $(1.4) million for the fourth quarter of 2021, compared with $28.7 million for the fourth quarter of 2020. VIP table games win as a percentage of turnover was 2.59%, below the property's expected range of 2.7% to 3.0% and above the 1.97% experienced in the fourth quarter of 2020. Table games win percentage in mass market operations was 22.7%, above the 21.6% experienced in the fourth quarter of 2020.

Wynn Macau

Operating revenues from Wynn Macau were $131.7 million for the fourth quarter of 2021, a 27.6% decrease from $181.9 million for the fourth quarter of 2020. Adjusted Property EBITDA from Wynn Macau was $(24.5) million for the fourth quarter of 2021, compared with $10.7 million for the fourth quarter of 2020. VIP table games win as a percentage of turnover was 2.85%, within the property's expected range of 2.7% to 3.0% and below the 3.10% experienced in the fourth quarter of 2020. Table games win percentage in mass market operations was 17.4%, below the 17.9% experienced in the fourth quarter of 2020.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $493.9 million for the fourth quarter of 2021, a 186.3% increase from $172.5 million for the fourth quarter of 2020. Adjusted Property EBITDA from our Las Vegas Operations for the fourth quarter of 2021 was $186.2 million, compared with $21.0 million for the fourth quarter of 2020. Table games win percentage was 20.8%, below the property's expected range of 22% to 26% and below the 24.4% experienced in the fourth quarter of 2020.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $204.0 million for the fourth quarter of 2021, a 96.4% increase from $103.9 million for the fourth quarter of 2020. Adjusted Property EBITDA from Encore Boston Harbor for the fourth quarter of 2021 was $68.2 million, compared with $16.7 million for the fourth quarter of 2020. Table games win percentage was 22.2%, above the property's expected range of 18% to 22% and above the 20.9% experienced in the fourth quarter of 2020.

Balance Sheet

Our cash and cash equivalents as of December 31, 2021 totaled $2.52 billion, comprised of approximately $1.50 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $380.6 million held by Wynn Resorts Finance excluding WML, and approximately $646.2 million at Corporate and other.

As of December 31, 2021, the available borrowing capacity under the WM Cayman II Revolver was $212.5 million, and the available borrowing capacity under the Wynn Resorts Finance Revolver was $835.6 million.

Total current and long-term debt outstanding at December 31, 2021 was $11.93 billion, comprised of $5.97 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.22 billion of Wynn Resorts Finance debt, and $612.9 million of debt held by the retail joint venture which we consolidate.

On February 15, 2022, the Company announced its entry into a sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor. Upon closing of the related transactions, currently expected to take place in the fourth quarter of 2022, the Company expects to receive cash consideration of $1.7 billion in exchange for the sale of such real estate assets to an unrelated third party, and to concurrently enter into a lease agreement whereby the Company will lease such real estate assets for the purpose of continuing to operate the Encore Boston Harbor property. The lease agreement provides for an initial annual minimum rent of $100 million for an initial term of 30 years, subject to certain annual rent escalations and renewal provisions.

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 February 15, 2022 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 March 31, 2022, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2021 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, the COVID-19 pandemic, and the continued impact of its consequences, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions (including with respect to our ability to extend or renew our gaming concession in Macau, which expires on June 26, 2022, and proposed amendments to the Macau gaming law), 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 December 31, 2020 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, except as required by law.

Non-GAAP Financial Measures

(1) "Adjusted Property EBITDA" is net loss 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, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. We use Adjusted Property EBITDA to manage the operating results of our segments. 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. We also present 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 us, have historically excluded from their EBITDA calculations preopening 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 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 loss, 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. We have 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, our calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net loss attributable to Wynn Resorts, Limited" is net loss attributable to Wynn Resorts, Limited before litigation settlement net gain, pre-opening expenses, property charges and other, change in derivatives fair value, loss on extinguishment of debt, and foreign currency remeasurement and other, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net 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 loss and loss per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net 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 loss attributable to Wynn Resorts, Limited to Adjusted Property EBITDA, (ii) operating income (loss) to Adjusted Property EBITDA, and (iii) net loss attributable to Wynn Resorts, Limited to adjusted net loss attributable to Wynn Resorts, Limited.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)
       

 

Three Months Ended
December 31,

 

Year Ended
December 31,

 

2021

 

2020

 

2021

 

2020

Operating revenues:

 

 

 

 

 

 

 

Casino

$

518,192

 

 

$

455,156

 

 

$

2,133,420

 

 

$

1,237,230

 

Rooms

 

204,799

 

 

 

76,733

 

 

 

592,571

 

 

 

307,973

 

Food and beverage

 

198,759

 

 

 

79,577

 

 

 

633,911

 

 

 

329,584

 

Entertainment, retail and other

 

131,374

 

 

 

74,529

 

 

 

403,762

 

 

 

221,074

 

Total operating revenues

 

1,053,124

 

 

 

685,995

 

 

 

3,763,664

 

 

 

2,095,861

 

Operating expenses:

 

 

 

 

 

 

 

Casino

 

345,201

 

 

 

330,287

 

 

 

1,394,098

 

 

 

1,064,976

 

Rooms

 

61,547

 

 

 

32,436

 

 

 

197,734

 

 

 

172,223

 

Food and beverage

 

161,682

 

 

 

84,457

 

 

 

516,391

 

 

 

398,792

 

Entertainment, retail and other

 

150,386

 

 

 

31,405

 

 

 

450,358

 

 

 

107,228

 

General and administrative

 

221,923

 

 

 

173,544

 

 

 

796,592

 

 

 

720,849

 

Provision for credit losses

 

22,026

 

 

 

3,827

 

 

 

29,487

 

 

 

64,375

 

Pre-opening

 

1,366

 

 

 

892

 

 

 

6,821

 

 

 

6,506

 

Depreciation and amortization

 

170,424

 

 

 

184,004

 

 

 

715,962

 

 

 

725,502

 

Property charges and other

 

24,193

 

 

 

23,754

 

 

 

50,762

 

 

 

67,455

 

Total operating expenses

 

1,158,748

 

 

 

864,606

 

 

 

4,158,205

 

 

 

3,327,906

 

Operating loss

 

(105,624

)

 

 

(178,611

)

 

 

(394,541

)

 

 

(1,232,045

)

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

1,082

 

 

 

1,415

 

 

 

3,213

 

 

 

15,384

 

Interest expense, net of amounts capitalized

 

(151,961

)

 

 

(149,287

)

 

 

(605,562

)

 

 

(556,474

)

Change in derivatives fair value

 

4,803

 

 

 

1,219

 

 

 

11,360

 

 

 

(13,060

)

Loss on extinguishment of debt

 

—

 

 

 

—

 

 

 

(2,060

)

 

 

(4,601

)

Other

 

(6,602

)

 

 

15,541

 

 

 

(23,926

)

 

 

28,521

 

Other income (expense), net

 

(152,678

)

 

 

(131,112

)

 

 

(616,975

)

 

 

(530,230

)

Loss before income taxes

 

(258,302

)

 

 

(309,723

)

 

 

(1,011,516

)

 

 

(1,762,275

)

Benefit (provision) for income taxes

 

1,871

 

 

 

(568

)

 

 

(474

)

 

 

(564,671

)

Net loss

 

(256,431

)

 

 

(310,291

)

 

 

(1,011,990

)

 

 

(2,326,946

)

Less: net loss attributable to noncontrolling interests

 

79,241

 

 

 

40,789

 

 

 

256,204

 

 

 

259,701

 

Net loss attributable to Wynn Resorts, Limited

$

(177,190

)

 

$

(269,502

)

 

$

(755,786

)

 

$

(2,067,245

)

Basic and diluted loss per common share:

 

 

 

 

 

 

 

Net loss attributable to Wynn Resorts, Limited:

  

Basic

$

(1.54

)

 

$

(2.53

)

 

$

(6.64

)

 

$

(19.37

)

Diluted

$

(1.54

)

 

$

(2.53

)

 

$

(6.64

)

 

$

(19.37

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

114,768

 

 

 

106,818

 

 

 

113,760

 

 

 

106,745

 

Diluted

 

114,768

 

 

 

106,818

 

 

 

113,760

 

 

 

106,745

 

Dividends declared per common share:

$

—

 

 

$

—

 

 

$

—

 

 

$

1.00

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED

TO ADJUSTED NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED

(in thousands, except per share data)

(unaudited)
       

 

Three Months Ended
December 31,

 

Year Ended
December 31,

 

2021

 

2020

 

2021

 

2020

Net loss attributable to Wynn Resorts, Limited

$

(177,190

)

 

$

(269,502

)

 

$

(755,786

)

 

$

(2,067,245

)

Litigation settlement net gain

 

—

 

 

 

—

 

 

 

—

 

 

 

(30,200

)

Pre-opening expenses

 

1,366

 

 

 

892

 

 

 

6,821

 

 

 

6,506

 

Property charges and other

 

24,193

 

 

 

23,754

 

 

 

50,762

 

 

 

67,455

 

Change in derivatives fair value

 

(4,803

)

 

 

(1,219

)

 

 

(11,360

)

 

 

13,060

 

Loss on extinguishment of debt

 

—

 

 

 

—

 

 

 

2,060

 

 

 

4,601

 

Foreign currency remeasurement and other

 

6,602

 

 

 

(15,541

)

 

 

23,926

 

 

 

(28,521

)

Income tax impact on adjustments

 

87

 

 

 

(20

)

 

 

—

 

 

 

—

 

Noncontrolling interests impact on adjustments

 

(7,610

)

 

 

(593

)

 

 

(12,206

)

 

 

(12,908

)

Adjusted net loss attributable to Wynn Resorts, Limited

$

(157,355

)

 

$

(262,229

)

 

$

(695,783

)

 

$

(2,047,252

)

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

$

(1.37

)

 

$

(2.45

)

 

$

(6.12

)

 

$

(19.18

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

114,768

 

 

 

106,818

 

 

 

113,760

 

 

 

106,745

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)
   

 

Three Months Ended December 31, 2021

 

Operating
income
(loss)

 

Pre-opening
expenses

 

Depreciation
and
amortization

 

Property
charges and
other

 

Management
and license
fees

 

Corporate
expenses and
other

 

Stock-based
compensation

 

Adjusted
Property
EBITDA

Macau Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wynn Palace

$

(62,718

)

 

$

—

  

 

$

51,959

  

 

$

(281

)

 

$

6,179

 

 

$

1,197

  

 

$

2,274

  

 

$

(1,390

)

Wynn Macau

 

(61,821

)

 

 

—

 

 

 

20,424

 

 

 

7,513

 

 

 

4,192

 

 

 

1,276

 

 

 

3,922

 

 

 

(24,494

)

Other Macau

 

(3,708

)

 

 

—

 

 

 

978

 

 

 

—

 

 

 

—

 

 

 

2,170

 

 

 

560

 

 

 

—

 

Total Macau Operations

 

(128,247

)

 

 

—

 

 

 

73,361

 

 

 

7,232

 

 

 

10,371

 

 

 

4,643

 

 

 

6,756

 

 

 

(25,884

)

Las Vegas Operations

 

98,505

 

 

 

852

 

 

 

48,463

 

 

 

5,286

 

 

 

23,669

 

 

 

7,124

 

 

 

2,260

 

 

 

186,159

 

Encore Boston Harbor

 

15,557

 

 

 

—

 

 

 

39,142

 

 

 

1,014

 

 

 

9,922

 

 

 

2,403

 

 

 

186

 

 

 

68,224

 

Corporate and other

 

(91,439

)

 

 

514

 

 

 

9,458

 

 

 

10,661

 

 

 

(43,962

)

 

 

24,366

 

 

 

11,003

 

 

 

(79,399

)

Total

$

(105,624

)

 

$

1,366

 

 

$

170,424

 

 

$

24,193

 

 

$

—

 

 

$

38,536

 

 

$

20,205

 

 

$

149,100

 

 

 

 

Three Months Ended December 31, 2020

 

Operating
loss

 

Pre-opening
expenses

 

Depreciation
and
amortization

 

Property
charges and
other

 

Management
and license
fees

 

Corporate
expenses and
other

 

Stock-based
compensation

 

Adjusted
Property
EBITDA

Macau Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wynn Palace

$

(50,278

)

 

$

439

 

 

$

67,455

 

 

$

918

 

 

$

7,196

 

 

$

867

 

 

$

2,135

 

 

$

28,732

 

Wynn Macau

 

(21,315

)

 

 

—

 

 

 

20,396

 

 

 

740

 

 

 

6,078

 

 

 

942

 

 

 

3,865

 

 

 

10,706

 

Other Macau

 

(2,753

)

 

 

—

 

 

 

1,108

 

 

 

1

 

 

 

—

 

 

 

1,203

 

 

 

441

 

 

 

—

 

Total Macau Operations

 

(74,346

)

 

 

439

 

 

 

88,959

 

 

 

1,659

 

 

 

13,274

 

 

 

3,012

 

 

 

6,441

 

 

 

39,438

 

Las Vegas Operations

 

(49,125

)

 

 

246

 

 

 

49,332

 

 

 

2,828

 

 

 

8,303

 

 

 

5,419

 

 

 

4,024

 

 

 

21,027

 

Encore Boston Harbor

 

(34,911

)

 

 

—

 

 

 

39,373

 

 

 

3,653

 

 

 

5,013

 

 

 

2,262

 

 

 

1,277

 

 

 

16,667

 

Corporate and other

 

(20,229

)

 

 

207

 

 

 

6,340

 

 

 

15,614

 

 

 

(26,590

)

 

 

7,296

 

 

 

10,011

 

 

 

(7,351

)

Total

$

(178,611

)

 

$

892

 

 

$

184,004

 

 

$

23,754

 

 

$

—

 

 

$

17,989

 

 

$

21,753

 

 

$

69,781

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited) (continued)
   

 

Year Ended December 31, 2021

 

Operating
income
(loss)

 

Pre-opening
expenses

 

Depreciation
and
amortization

 

Property
charges and
other

 

Management
and license
fees

 

Corporate
expenses and
other

 

Stock-based
compensation

 

Adjusted
Property
EBITDA

Macau Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wynn Palace

$

(202,379

)

 

$

898

  

 

$

244,939

  

 

$

3,792

  

 

$

29,166

 

 

$

4,739

  

 

$

10,491

  

 

$

91,646

 

Wynn Macau

 

(132,362

)

 

 

—

 

 

 

83,486

 

 

 

10,322

 

 

 

20,401

 

 

 

5,180

 

 

 

17,182

 

 

 

4,209

 

Other Macau

 

(13,507

)

 

 

—

 

 

 

4,223

 

 

 

21

 

 

 

—

 

 

 

7,022

 

 

 

2,241

 

 

 

—

 

Total Macau Operations

 

(348,248

)

 

 

898

 

 

 

332,648

 

 

 

14,135

 

 

 

49,567

 

 

 

16,941

 

 

 

29,914

 

 

 

95,855

 

Las Vegas Operations

 

216,218

 

 

 

4,424

 

 

 

192,506

 

 

 

11,545

 

 

 

71,621

 

 

 

23,930

 

 

 

10,634

 

 

 

530,878

 

Encore Boston Harbor

 

6,408

 

 

 

170

 

 

 

156,592

 

 

 

2,337

 

 

 

33,505

 

 

 

9,160

 

 

 

1,896

 

 

 

210,068

 

Corporate and other

 

(268,919

)

 

 

1,329

 

 

 

34,216

 

 

 

22,745

 

 

 

(154,693

)

 

 

45,168

 

 

 

52,794

 

 

 

(267,360

)

Total

$

(394,541

)

 

$

6,821

 

 

$

715,962

 

 

$

50,762

 

 

$

—

 

 

$

95,199

 

 

$

95,238

 

 

$

569,441

 

 

 

 

Year Ended December 31, 2020

 

Operating
income
(loss)

 

Pre-opening
expenses

 

Depreciation
and
amortization

 

Property
charges and
other

 

Management
and license
fees

 

Corporate
expenses and
other (1)

 

Stock-based
compensation

 

Adjusted
Property
EBITDA

Macau Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wynn Palace

$

(477,759

)

 

$

1,432

 

 

$

269,110

 

 

$

24,712

 

 

$

21,121

 

 

$

4,056

 

 

$

7,681

 

 

$

(149,647

)

Wynn Macau

 

(214,606

)

 

 

—

 

 

 

89,527

 

 

 

3,612

 

 

 

18,741

 

 

 

4,562

 

 

 

10,975

 

 

 

(87,189

)

Other Macau

 

(11,641

)

 

 

—

 

 

 

4,443

 

 

 

6

 

 

 

—

 

 

 

5,589

 

 

 

1,603

 

 

 

—

 

Total Macau Operations

 

(704,006

)

 

 

1,432

 

 

 

363,080

 

 

 

28,330

 

 

 

39,862

 

 

 

14,207

 

 

 

20,259

 

 

 

(236,836

)

Las Vegas Operations

 

(326,729

)

 

 

2,490

 

 

 

196,292

 

 

 

3,792

 

 

 

35,213

 

 

 

23,111

 

 

 

9,475

 

 

 

(56,356

)

Encore Boston Harbor

 

(220,053

)

 

 

—

 

 

 

150,886

 

 

 

13,872

 

 

 

17,651

 

 

 

11,162

 

 

 

2,720

 

 

 

(23,762

)

Corporate and other

 

18,743

 

 

 

2,584

 

 

 

15,244

 

 

 

21,461

 

 

 

(92,726

)

 

 

(2,457

)

 

 

29,800

 

 

 

(7,351

)

Total

$

(1,232,045

)

 

$

6,506

 

 

$

725,502

 

 

$

67,455

 

 

$

—

 

 

$

46,023

 

 

$

62,254

 

 

$

(324,305

)
 

(1) Corporate and other includes a $30.2 million net gain recorded in relation to a derivative litigation settlement.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)
       

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

2021

 

2020

 

2021

 

2020

Net loss attributable to Wynn Resorts, Limited

$

(177,190

)

 

$

(269,502

)

 

$

(755,786

)

 

$

(2,067,245

)

Net loss attributable to noncontrolling interests

 

(79,241

)

 

 

(40,789

)

 

 

(256,204

)

 

 

(259,701

)

Pre-opening expenses

 

1,366

 

 

 

892

 

 

 

6,821

 

 

 

6,506

 

Depreciation and amortization

 

170,424

 

 

 

184,004

 

 

 

715,962

 

 

 

725,502

 

Property charges and other

 

24,193

 

 

 

23,754

 

 

 

50,762

 

 

 

67,455

 

Corporate expenses and other

 

38,536

 

 

 

17,989

 

 

 

95,199

 

 

 

46,023

 

Stock-based compensation

 

20,205

 

 

 

21,753

 

 

 

95,238

 

 

 

62,254

 

Interest income

 

(1,082

)

 

 

(1,415

)

 

 

(3,213

)

 

 

(15,384

)

Interest expense, net of amounts capitalized

 

151,961

 

 

 

149,287

 

 

 

605,562

 

 

 

556,474

 

Change in derivatives fair value

 

(4,803

)

 

 

(1,219

)

 

 

(11,360

)

 

 

13,060

 

Loss on extinguishment of debt

 

—

 

 

 

—

 

 

 

2,060

 

 

 

4,601

 

Other

 

6,602

 

 

 

(15,541

)

 

 

23,926

 

 

 

(28,521

)

(Benefit) provision for income taxes

 

(1,871

)

 

 

568

 

 

 

474

 

 

 

564,671

 

Adjusted Property EBITDA

$

149,100

 

 

$

69,781

 

 

$

569,441

 

 

$

(324,305

)

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,

 

 

 

Year Ended December 31,

 

 

 

2021

 

2020

 

Percent
Change

 

2021

 

2020

 

Percent
Change

Wynn Palace Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

145,877

 

 

$

159,835

 

 

(8.7

)

 

$

677,917

 

 

$

368,284

 

 

84.1

 

Rooms

 

15,488

 

 

 

19,463

 

 

(20.4

)

 

 

69,022

 

 

 

46,110

 

 

49.7

 

Food and beverage

 

11,556

 

 

 

18,813

 

 

(38.6

)

 

 

47,985

 

 

 

43,198

 

 

11.1

 

Entertainment, retail and other (7)

 

21,066

 

 

 

23,377

 

 

(9.9

)

 

 

88,083

 

 

 

47,828

 

 

84.2

 

Total

$

193,987

 

 

$

221,488

 

 

(12.4

)

 

$

883,007

 

 

$

505,420

 

 

74.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

(1,390

)

 

$

28,732

 

 

NM

 

 

$

91,646

 

 

$

(149,647

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

87

 

 

 

102

 

 

(14.7

)

 

 

93

 

 

 

99

 

 

(6.1

)

VIP turnover

$

1,189,652

 

 

$

2,807,063

 

 

(57.6

)

 

$

6,435,947

 

 

$

9,631,018

 

 

(33.2

)

VIP table games win (1)

$

30,798

 

 

$

55,428

 

 

(44.4

)

 

$

253,767

 

 

$

168,435

 

 

50.7

 

VIP table games win as a % of turnover

 

2.59

%

 

 

1.97

%

 

 

 

 

3.94

%

 

 

1.75

%

 

 

Table games win per unit per day

$

3,845

 

 

$

5,908

 

 

(34.9

)

 

$

7,443

 

 

$

4,850

 

 

53.5

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

235

 

 

 

221

 

 

6.3

 

 

 

229

 

 

 

212

 

 

8.0

 

Table drop (2)

$

592,050

 

 

$

658,501

 

 

(10.1

)

 

$

2,415,841

 

 

$

1,242,100

 

 

94.5

 

Table games win (1)

$

134,219

 

 

$

142,284

 

 

(5.7

)

 

$

540,234

 

 

$

299,181

 

 

80.6

 

Table games win %

 

22.7

%

 

 

21.6

%

 

 

 

 

22.4

%

 

 

24.1

%

 

 

Table games win per unit per day

$

6,197

 

 

$

7,006

 

 

(11.5

)

 

$

6,463

 

 

$

4,009

 

 

61.2

 

Average number of slot machines

 

715

 

 

 

603

 

 

18.6

 

 

 

710

 

 

 

591

 

 

20.1

 

Slot machine handle

$

347,518

 

 

$

457,234

 

 

(24.0

)

 

$

1,454,577

 

 

$

999,942

 

 

45.5

 

Slot machine win (3)

$

13,599

 

 

$

14,379

 

 

(5.4

)

 

$

58,152

 

 

$

39,175

 

 

48.4

 

Slot machine win per unit per day

$

207

 

 

$

259

 

 

(20.1

)

 

$

224

 

 

$

188

 

 

19.1

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

50.9

%

 

 

59.5

%

 

 

 

 

58.5

%

 

 

29.8

%

 

 

ADR (4)

$

185

 

 

$

192

 

 

(3.6

)

 

$

182

 

 

$

235

 

 

(22.6

)

REVPAR (5)

$

94

 

 

$

115

 

 

(18.3

)

 

$

107

 

 

$

70

 

 

52.9

 

NM - Not meaningful.

Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos' operations have since been fully restored; however, certain COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines, and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results for travelers seeking entry to Macau remain in effect at the present time. We are currently unable to determine when these measures will be lifted.

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 December 31,

 

 

 

Year Ended December 31,

 

 

 

2021

 

2020

 

Percent
Change

 

2021

 

2020

 

Percent
Change

Wynn Macau Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

97,389

 

 

$

130,837

 

 

(25.6

)

 

$

476,999

 

 

$

344,595

 

 

38.4

 

Rooms

 

11,467

 

 

 

15,631

 

 

(26.6

)

 

 

50,492

 

 

 

39,111

 

 

29.1

 

Food and beverage

 

8,800

 

 

 

14,273

 

 

(38.3

)

 

 

32,420

 

 

 

33,094

 

 

(2.0

)

Entertainment, retail and other (7)

 

14,018

 

 

 

21,171

 

 

(33.8

)

 

 

66,104

 

 

 

57,857

 

 

14.3

 

Total

$

131,674

 

 

$

181,912

 

 

(27.6

)

 

$

626,015

 

 

$

474,657

 

 

31.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

(24,494

)

 

$

10,706

 

 

NM

 

 

$

4,209

 

 

$

(87,189

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

74

 

 

 

91

 

 

(18.7

)

 

 

81

 

 

 

89

 

 

(9.0

)

VIP turnover

$

858,131

 

 

$

1,771,818

 

 

(51.6

)

 

$

5,488,118

 

 

$

5,841,627

 

 

(6.1

)

VIP table games win (1)

$

24,440

 

 

$

54,916

 

 

(55.5

)

 

$

155,064

 

 

$

185,059

 

 

(16.2

)

VIP table games win as a % of turnover

 

2.85

%

 

 

3.10

%

 

 

 

 

2.83

%

 

 

3.17

%

 

 

Table games win per unit per day

$

3,596

 

 

$

6,559

 

 

(45.2

)

 

$

5,250

 

 

$

5,925

 

 

(11.4

)

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

240

 

 

 

240

 

 

—

 

 

 

240

 

 

 

225

 

 

6.7

 

Table drop (2)

$

527,159

 

 

$

632,479

 

 

(16.7

)

 

$

2,230,348

 

 

$

1,384,537

 

 

61.1

 

Table games win (1)

$

91,517

 

 

$

113,130

 

 

(19.1

)

 

$

412,753

 

 

$

259,361

 

 

59.1

 

Table games win %

 

17.4

%

 

 

17.9

%

 

 

 

 

18.5

%

 

 

18.7

%

 

 

Table games win per unit per day

$

4,146

 

 

$

5,124

 

 

(19.1

)

 

$

4,720

 

 

$

3,279

 

 

43.9

 

Average number of slot machines

 

600

 

 

 

488

 

 

23.0

 

 

 

587

 

 

 

504

 

 

16.5

 

Slot machine handle

$

254,966

 

 

$

314,248

 

 

(18.9

)

 

$

1,057,303

 

 

$

830,785

 

 

27.3

 

Slot machine win (3)

$

6,909

 

 

$

12,160

 

 

(43.2

)

 

$

35,483

 

 

$

31,153

 

 

13.9

 

Slot machine win per unit per day

$

125

 

 

$

271

 

 

(53.9

)

 

$

166

 

 

$

176

 

 

(5.7

)

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

55.2

%

 

 

65.5

%

 

 

 

 

58.8

%

 

 

34.8

%

 

 

ADR (4)

$

204

 

 

$

233

 

 

(12.4

)

 

$

213

 

 

$

276

 

 

(22.8

)

REVPAR (5)

$

112

 

 

$

153

 

 

(26.8

)

 

$

125

 

 

$

96

 

 

30.2

 

NM - Not meaningful.

Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos' operations have since been fully restored; however, certain COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines, and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results for travelers seeking entry to Macau remain in effect at the present time. We are currently unable to determine when these measures will be lifted.

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 December 31,

 

 

 

Year Ended December 31,

 

 

 

2021

 

2020

 

Percent
Change

 

2021

 

2020

 

Percent
Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

121,187

 

 

$

75,472

 

 

60.6

  

 

$

426,440

 

 

$

236,826

 

 

80.1

 

Rooms

 

159,527

 

 

 

38,654

 

 

312.7

 

 

 

425,777

 

 

 

202,073

 

 

110.7

 

Food and beverage

 

156,197

 

 

 

39,312

 

 

297.3

 

 

 

489,587

 

 

 

216,426

 

 

126.2

 

Entertainment, retail and other

 

56,985

 

 

 

19,102

 

 

198.3

 

 

 

161,877

 

 

 

92,622

 

 

74.8

 

Total

$

493,896

 

 

$

172,540

 

 

186.3

 

 

$

1,503,681

 

 

$

747,947

 

 

101.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

186,159

 

 

$

21,027

 

 

785.3

 

 

$

530,878

 

 

$

(56,356

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

224

 

 

 

183

 

 

22.4

 

 

 

210

 

 

 

214

 

 

(1.9

)

Table drop (2)

$

584,060

 

 

$

296,565

 

 

96.9

 

 

$

1,842,792

 

 

$

1,127,309

 

 

63.5

 

Table games win (1)

$

121,256

 

 

$

72,295

 

 

67.7

 

 

$

407,195

 

 

$

238,490

 

 

70.7

 

Table games win %

 

20.8

%

 

 

24.4

%

 

 

 

 

22.1

%

 

 

21.2

%

 

 

Table games win per unit per day

$

5,879

 

 

$

4,305

 

 

36.6

 

 

$

5,323

 

 

$

3,873

 

 

37.4

 

Average number of slot machines

 

1,743

 

 

 

1,601

 

 

8.9

 

 

 

1,688

 

 

 

1,703

 

 

(0.9

)

Slot machine handle

$

1,316,154

 

 

$

802,294

 

 

64.0

 

 

$

4,379,421

 

 

$

2,452,811

 

 

78.5

 

Slot machine win (3)

$

87,866

 

 

$

46,923

 

 

87.3

 

 

$

297,548

 

 

$

159,387

 

 

86.7

 

Slot machine win per unit per day

$

548

 

 

$

319

 

 

71.8

 

 

$

483

 

 

$

325

 

 

48.6

 

Poker rake

$

5,848

 

 

$

1,079

 

 

442.0

 

 

$

14,552

 

 

$

3,264

 

 

345.8

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

86.3

%

 

 

34.2

%

 

 

 

 

69.5

%

 

 

49.6

%

 

 

ADR (4)

$

441

 

 

$

305

 

 

44.6

 

 

$

386

 

 

$

319

 

 

21.0

 

REVPAR (5)

$

380

 

 

$

105

 

 

261.9

 

 

$

268

 

 

$

158

 

 

69.6

 

NM - Not meaningful.

Note: Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020 and reopened on June 4, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. On October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to reduced customer demand levels. This adjusted operating schedule remained in effect through the first quarter of 2021, and on April 8, 2021, Encore at Wynn Las Vegas resumed full operations. On May 3, 2021, all industry restrictions were lifted and capacity limits increased to 100%.

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 December 31,

 

 

 

Year Ended December 31,

 

 

 

2021

 

2020

 

Percent
Change

 

2021

 

2020

 

Percent
Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

153,739

 

 

$

89,012

 

 

72.7

 

 

$

552,064

 

 

$

287,525

 

 

92.0

 

Rooms

 

18,317

 

 

 

2,985

 

 

513.6

 

 

 

47,280

 

 

 

20,679

 

 

128.6

 

Food and beverage

 

22,206

 

 

 

7,179

 

 

209.3

 

 

 

63,919

 

 

 

36,866

 

 

73.4

 

Entertainment, retail and other

 

9,716

 

 

 

4,708

 

 

106.4

 

 

 

28,260

 

 

 

16,596

 

 

70.3

 

Total

$

203,978

 

 

$

103,884

 

 

96.4

 

 

$

691,523

 

 

$

361,666

 

 

91.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

68,224

 

 

$

16,667

 

 

309.3

 

 

$

210,068

 

 

$

(23,762

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

181

 

 

 

196

 

 

(7.7

)

 

 

189

 

 

 

182

 

 

3.8

 

Table drop (2)

$

377,131

 

 

$

204,445

 

 

84.5

 

 

$

1,267,908

 

 

$

697,873

 

 

81.7

 

Table games win (1)

$

83,858

 

 

$

42,697

 

 

96.4

 

 

$

273,174

 

 

$

147,512

 

 

85.2

 

Table games win %

 

22.2

%

 

 

20.9

%

 

 

 

 

21.5

%

 

 

21.1

%

 

 

Table games win per unit per day

$

5,033

 

 

$

2,371

 

 

112.3

 

 

$

3,959

 

 

$

3,256

 

 

21.6

 

Average number of slot machines

 

2,741

 

 

 

1,869

 

 

46.7

 

 

 

2,387

 

 

 

2,159

 

 

10.6

 

Slot machine handle

$

1,172,909

 

 

$

722,408

 

 

62.4

 

 

$

4,377,181

 

 

$

2,303,582

 

 

90.0

 

Slot machine win (3)

$

95,630

 

 

$

57,301

 

 

66.9

 

 

$

358,827

 

 

$

180,207

 

 

99.1

 

Slot machine win per unit per day

$

379

 

 

$

333

 

 

13.8

 

 

$

412

 

 

$

335

 

 

23.0

 

Poker rake

$

—

 

 

$

—

 

 

—

 

 

$

—

 

 

$

5,105

 

 

(100.0

)

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

87.2

%

 

 

73.8

%

 

 

 

 

85.2

%

 

 

74.5

%

 

 

ADR (4)

$

341

 

 

$

303

 

 

12.5

 

 

$

328

 

 

$

294

 

 

11.6

 

REVPAR (5)

$

297

 

 

$

223

 

 

33.2

 

 

$

279

 

 

$

219

 

 

27.4

 

NM - Not meaningful.

Note: Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020. On July 10, 2020, Encore Boston Harbor reopened with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game and slot machine spacing, which were subsequently lifted in May 2021. In addition, hotel reservations were closed or limited for varying spans of time beginning with the March 2020 closure until September 1, 2021, when Encore Boston Harbor reopened its hotel tower to seven days per week. Accordingly, Encore Boston Harbor's room statistics have been computed based on 250 days of operations for the year ended December 31, 2021, and 20 days and 141 days of operations for the three months and year ended December 31, 2020, respectively.

(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 Loss Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

(7)

  

For the year ended December 31, 2020, reflects the impact of rent concessions provided to tenants.

SOURCE:
Wynn Resorts, Limited

Vincent Zahn
702-770-7555
investorrelations@wynnresorts.com

Source: Wynn Resorts, Limited