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Wynn Resorts, Limited Reports First Quarter 2022 Results

LAS VEGAS--(BUSINESS WIRE)--May 10, 2022-- Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended March 31, 2022.

Operating revenues were $953.3 million for the first quarter of 2022, an increase of $216.7 million, from $736.7 million for the first quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $183.3 million, or $1.59 per diluted share, for the first quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $281.0 million, or $2.53 per diluted share, in the first quarter of 2021. Adjusted Property EBITDA(1) was $177.6 million for the first quarter of 2022, compared to Adjusted Property EBITDA of $58.9 million in the first quarter of 2021.

"Our first quarter results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor where our teams' unrelenting focus on five star hospitality and world class experiences combined with very strong customer demand to deliver a new first quarter record for Adjusted Property EBITDA at both properties," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we remain confident that the market will benefit from the return of visitation when travel restrictions subside."

Consolidated Results

Operating revenues were $953.3 million for the first quarter of 2022, an increase of $216.7 million, from $736.7 million for the first quarter of 2021. For the first quarter of 2022, operating revenues increased $262.5 million and $60.7 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $74.0 million and $44.6 million at Wynn Palace and Wynn Macau, respectively, from the first quarter of 2021.

Net loss attributable to Wynn Resorts, Limited was $183.3 million, or $1.59 per diluted share, for the first quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $281.0 million, or $2.53 per diluted share, in the first quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $139.6 million, or $1.21 per diluted share, for the first quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $268.0 million, or $2.41 per diluted share, for the first quarter of 2021.

Adjusted Property EBITDA was $177.6 million for the first quarter of 2022, compared to Adjusted Property EBITDA of $58.9 million in the first quarter of 2021. For the first quarter of 2022, Adjusted Property EBITDA increased $131.3 million and $24.9 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $28.2 million and $21.2 million at Wynn Palace and Wynn Macau, respectively, from the first quarter of 2021.

Property Results

Macau Operations

The results of operations of our Macau Operations for the first quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

Wynn Palace

Operating revenues from Wynn Palace were $163.3 million for the first quarter of 2022, a decrease of $74.0 million from $237.3 million for the first quarter of 2021. Adjusted Property EBITDA from Wynn Palace was $(0.9) million for the first quarter of 2022, compared to $27.4 million for the first quarter of 2021. VIP table games win as a percentage of turnover was 2.05%, below the property's expected range of 3.1% to 3.4% and below the 4.38% experienced in the first quarter of 2021. Table games win percentage in mass market operations was 20.9%, below the 21.7% experienced in the first quarter of 2021.

Wynn Macau

Operating revenues from Wynn Macau were $135.1 million for the first quarter of 2022, a decrease of $44.6 million from $179.7 million for the first quarter of 2021. Adjusted Property EBITDA was $(4.7) million for the first quarter of 2022, compared to $16.6 million for the first quarter of 2021. VIP table games win as a percentage of turnover was 3.84%, above the property's expected range of 3.1% to 3.4% and above the 3.25% experienced in the first quarter of 2021. Table games win percentage in mass market operations was 17.5%, slightly below the 17.8% experienced in the first quarter of 2021.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $441.2 million for the first quarter of 2022, an increase of $262.5 million from $178.7 million for the first quarter of 2021. Adjusted Property EBITDA from our Las Vegas Operations for the first quarter of 2022 was $159.4 million, compared to $28.1 million for the first quarter of 2021. Table games win percentage for the first quarter of 2022 was 23.6%, within the property's expected range of 22% to 26% and in line with the 23.6% experienced in the first quarter of 2021.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $190.8 million for the first quarter of 2022, an increase of $60.7 million from $130.1 million for the first quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the first quarter of 2022 was $55.3 million, compared to $30.4 million for the first quarter of 2021. Table games win percentage for the first quarter of 2022 was 22.2%, slightly above the property's expected range of 18% to 22% and above the 21.1% experienced in the first quarter of 2021.

Balance Sheet

Our cash and cash equivalents as of March 31, 2022 totaled $2.32 billion, comprised of approximately $1.29 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $388.5 million held by Wynn Resorts Finance excluding WML, and approximately $641.6 million at Corporate and other.

As of March 31, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver and WM Cayman II Revolver was $835.6 million and $211.9 million, respectively.

Total current and long-term debt outstanding at March 31, 2022 was $11.92 billion, comprised of $5.97 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.21 billion of Wynn Resorts Finance debt, and $613.0 million of debt held by the retail joint venture which we consolidate.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on May 10, 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 May 13, 2022, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended March 31, 2022 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, 2021 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 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. 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 net loss attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDA, and (iii) net loss attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended
March 31,

 

2022

 

2021

Operating revenues:

 

 

 

Casino

$

489,862

 

 

$

516,218

 

Rooms

 

170,376

 

 

 

76,190

 

Food and beverage

 

174,020

 

 

 

68,509

 

Entertainment, retail and other

 

119,076

 

 

 

75,765

 

Total operating revenues

 

953,334

 

 

 

736,682

 

Operating expenses:

 

 

 

Casino

 

324,079

 

 

 

351,966

 

Rooms

 

58,715

 

 

 

33,535

 

Food and beverage

 

146,656

 

 

 

73,948

 

Entertainment, retail and other

 

88,904

 

 

 

73,459

 

General and administrative

 

196,780

 

 

 

179,774

 

Provision for credit losses

 

342

 

 

 

7,367

 

Pre-opening

 

2,447

 

 

 

1,627

 

Depreciation and amortization

 

184,556

 

 

 

185,121

 

Property charges and other

 

45,720

 

 

 

5,617

 

Total operating expenses

 

1,048,199

 

 

 

912,414

 

Operating loss

 

(94,865

)

 

 

(175,732

)

Other income (expense):

 

 

 

Interest income

 

1,280

 

 

 

904

 

Interest expense, net of amounts capitalized

 

(152,158

)

 

 

(152,852

)

Change in derivatives fair value

 

7,400

 

 

 

4,409

 

Loss on extinguishment of debt

 

—

 

 

 

(1,322

)

Other

 

(15,127

)

 

 

(11,093

)

Other income (expense), net

 

(158,605

)

 

 

(159,954

)

Loss before income taxes

 

(253,470

)

 

 

(335,686

)

Provision for income taxes

 

(1,140

)

 

 

(493

)

Net loss

 

(254,610

)

 

 

(336,179

)

Less: net loss attributable to noncontrolling interests

 

71,286

 

 

 

55,201

 

Net loss attributable to Wynn Resorts, Limited

$

(183,324

)

 

$

(280,978

)

Basic and diluted net loss per common share:

 

 

 

Net loss attributable to Wynn Resorts, Limited:

Basic

$

(1.59

)

 

$

(2.53

)

Diluted

$

(1.59

)

 

$

(2.53

)

Weighted average common shares outstanding:

 

 

 

Basic

 

115,030

 

 

 

111,020

 

Diluted

 

115,030

 

 

 

111,020

 

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
March 31,

 

2022

 

2021

Net loss attributable to Wynn Resorts, Limited

$

(183,324

)

 

$

(280,978

)

Pre-opening expenses

 

2,447

 

 

 

1,627

 

Property charges and other

 

45,720

 

 

 

5,617

 

Change in derivatives fair value

 

(7,400

)

 

 

(4,409

)

Loss on extinguishment of debt

 

—

 

 

 

1,322

 

Foreign currency remeasurement and other

 

15,127

 

 

 

11,093

 

Noncontrolling interests impact on adjustments

 

(12,189

)

 

 

(2,268

)

Adjusted net loss attributable to Wynn Resorts, Limited

$

(139,619

)

 

$

(267,996

)

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

$

(1.21

)

 

$

(2.41

)

 

 

 

 

Weighted average common shares outstanding - diluted

 

115,030

 

 

 

111,020

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)
   

 

Three Months Ended March 31, 2022

 

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

$

(59,501

)

 

$

—

 

$

50,462

 

$

138

 

$

5,185

 

 

$

1,543

 

$

1,309

 

$

(864

)

Wynn Macau

 

(34,816

)

 

 

—

 

 

20,022

 

 

1,469

 

 

4,324

 

 

 

1,678

 

 

2,641

 

 

(4,682

)

Other Macau

 

(3,947

)

 

 

—

 

 

977

 

 

1

 

 

—

 

 

 

2,418

 

 

551

 

 

—

 

Total Macau Operations

 

(98,264

)

 

 

—

 

 

71,461

 

 

1,608

 

 

9,509

 

 

 

5,639

 

 

4,501

 

 

(5,546

)

Las Vegas Operations

 

82,930

 

 

 

1,397

 

 

45,602

 

 

1,322

 

 

21,027

 

 

 

5,414

 

 

1,686

 

 

159,378

 

Encore Boston Harbor

 

2,189

 

 

 

—

 

 

40,989

 

 

621

 

 

9,338

 

 

 

1,705

 

 

408

 

 

55,250

 

Wynn Interactive

 

(105,035

)

 

 

1,050

 

 

24,248

 

 

41,961

 

 

—

 

 

 

2,427

 

 

3,848

 

 

(31,501

)

Corporate and other

 

23,315

 

 

 

—

 

 

2,256

 

 

208

 

 

(39,874

)

 

 

10,638

 

 

3,457

 

 

—

 

Total

$

(94,865

)

 

$

2,447

 

$

184,556

 

$

45,720

 

$

—

 

 

$

25,823

 

$

13,900

 

$

177,581

 

 

Three Months Ended March 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

$

(54,788

)

 

$

414

 

$

67,010

 

$

2,174

 

$

8,178

 

 

$

1,178

 

$

3,203

 

$

27,369

 

Wynn Macau

 

(16,952

)

 

 

—

 

 

21,464

 

 

247

 

 

5,855

 

 

 

1,364

 

 

4,578

 

 

16,556

 

Other Macau

 

(3,270

)

 

 

—

 

 

1,108

 

 

15

 

 

—

 

 

 

1,543

 

 

604

 

 

—

 

Total Macau Operations

 

(75,010

)

 

 

414

 

 

89,582

 

 

2,436

 

 

14,033

 

 

 

4,085

 

 

8,385

 

 

43,925

 

Las Vegas Operations

 

(40,006

)

 

 

511

 

 

48,103

 

 

2,427

 

 

8,608

 

 

 

5,414

 

 

3,024

 

 

28,081

 

Encore Boston Harbor

 

(18,633

)

 

 

—

 

 

39,113

 

 

742

 

 

6,237

 

 

 

2,282

 

 

622

 

 

30,363

 

Wynn Interactive

 

(54,758

)

 

 

702

 

 

6,071

 

 

—

 

 

—

 

 

 

391

 

 

4,125

 

 

(43,469

)

Corporate and other

 

12,675

 

 

 

—

 

 

2,252

 

 

12

 

 

(28,878

)

 

 

5,749

 

 

8,190

 

 

—

 

Total

$

(175,732

)

 

$

1,627

 

$

185,121

 

$

5,617

 

$

—

 

 

$

17,921

 

$

24,346

 

$

58,900

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 

 

 

Three Months Ended
March 31,

 

2022

 

2021

Net loss attributable to Wynn Resorts, Limited

$

(183,324

)

 

$

(280,978

)

Net loss attributable to noncontrolling interests

 

(71,286

)

 

 

(55,201

)

Pre-opening expenses

 

2,447

 

 

 

1,627

 

Depreciation and amortization

 

184,556

 

 

 

185,121

 

Property charges and other

 

45,720

 

 

 

5,617

 

Corporate expenses and other

 

25,823

 

 

 

17,921

 

Stock-based compensation

 

13,900

 

 

 

24,346

 

Interest income

 

(1,280

)

 

 

(904

)

Interest expense, net of amounts capitalized

 

152,158

 

 

 

152,852

 

Change in derivatives fair value

 

(7,400

)

 

 

(4,409

)

Loss on extinguishment of debt

 

—

 

 

 

1,322

 

Other

 

15,127

 

 

 

11,093

 

Provision for income taxes

 

1,140

 

 

 

493

 

Adjusted Property EBITDA

$

177,581

 

 

$

58,900

 

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
March 31,

 

 

 

2022

 

2021

 

Percent Change

Wynn Palace Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

114,413

 

 

$

185,909

 

 

(38.5

)

Rooms

 

13,831

 

 

 

17,012

 

 

(18.7

)

Food and beverage

 

11,443

 

 

 

11,672

 

 

(2.0

)

Entertainment, retail and other

 

23,638

 

 

 

22,733

 

 

4.0

 

Total

$

163,325

 

 

$

237,326

 

 

(31.2

)

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

(864

)

 

$

27,369

 

 

NM

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

VIP:

 

 

 

 

 

Average number of table games

 

67

 

 

 

103

 

 

(35.0

)

VIP turnover

$

965,555

 

 

$

2,200,182

 

 

(56.1

)

VIP table games win (1)

$

19,753

 

 

$

96,456

 

 

(79.5

)

VIP table games win as a % of turnover

 

2.05

%

 

 

4.38

%

 

 

Table games win per unit per day

$

3,280

 

 

$

10,375

 

 

(68.4

)

Mass market:

 

 

 

 

 

Average number of table games

 

234

 

 

 

222

 

 

5.4

 

Table drop (2)

$

531,859

 

 

$

607,518

 

 

(12.5

)

Table games win (1)

$

111,175

 

 

$

131,649

 

 

(15.6

)

Table games win %

 

20.9

%

 

 

21.7

%

 

 

Table games win per unit per day

$

5,282

 

 

$

6,596

 

 

(19.9

)

Average number of slot machines

 

670

 

 

 

687

 

 

(2.5

)

Slot machine handle

$

250,930

 

 

$

358,772

 

 

(30.1

)

Slot machine win (3)

$

12,649

 

 

$

14,243

 

 

(11.2

)

Slot machine win per unit per day

$

210

 

 

$

230

 

 

(8.7

)

Room statistics:

 

 

 

 

 

Occupancy

 

47.2

%

 

 

60.4

%

 

 

ADR (4)

$

180

 

 

$

178

 

 

1.1

 

REVPAR (5)

$

85

 

 

$

108

 

 

(21.3

)

NM - Not meaningful.

Note: The results of operations of Wynn Palace for the three months ended March 31, 2022 and 2021 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued)
       

 

Three Months Ended
March 31,

 

 

 

2022

 

2021

 

Percent Change

Wynn Macau Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

102,430

 

 

$

138,927

 

 

(26.3

)

Rooms

 

9,390

 

 

 

14,702

 

 

(36.1

)

Food and beverage

 

8,386

 

 

 

7,433

 

 

12.8

 

Entertainment, retail and other

 

14,894

 

 

 

18,589

 

 

(19.9

)

Total

$

135,100

 

 

$

179,651

 

 

(24.8

)

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

(4,682

)

 

$

16,556

 

 

NM

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

VIP:

 

 

 

 

 

Average number of table games

 

35

 

 

 

90

 

 

(61.1

)

VIP turnover

$

887,051

 

 

$

1,804,382

 

 

(50.8

)

VIP table games win (1)

$

34,029

 

 

$

58,635

 

 

(42.0

)

VIP table games win as a % of turnover

 

3.84

%

 

 

3.25

%

 

 

Table games win per unit per day

$

10,823

 

 

$

7,239

 

 

49.5

 

Mass market:

 

 

 

 

 

Average number of table games

 

248

 

 

 

240

 

 

3.3

 

Table drop (2)

$

469,138

 

 

$

590,890

 

 

(20.6

)

Table games win (1)

$

82,259

 

 

$

105,183

 

 

(21.8

)

Table games win %

 

17.5

%

 

 

17.8

%

 

 

Table games win per unit per day

$

3,680

 

 

$

4,871

 

 

(24.5

)

Average number of slot machines

 

585

 

 

 

569

 

 

2.8

 

Slot machine handle

$

283,539

 

 

$

301,271

 

 

(5.9

)

Slot machine win (3)

$

10,611

 

 

$

10,208

 

 

3.9

 

Slot machine win per unit per day

$

201

 

 

$

199

 

 

1.0

 

Room statistics:

 

 

 

 

 

Occupancy

 

49.8

%

 

 

60.8

%

 

 

ADR (4)

$

188

 

 

$

242

 

 

(22.3

)

REVPAR (5)

$

94

 

 

$

147

 

 

(36.1

)

NM - Not meaningful.

Note: The results of operations of Wynn Macau for the three months ended March 31, 2022 and 2021 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued)
       

 

Three Months Ended
March 31,

 

 

 

2022

 

2021

 

Percent Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

124,271

 

 

$

79,903

 

 

55.5

Rooms

 

131,466

 

 

 

39,761

 

 

230.6

Food and beverage

 

136,029

 

 

 

40,077

 

 

239.4

Entertainment, retail and other

 

49,420

 

 

 

18,975

 

 

160.4

Total

$

441,186

 

 

$

178,716

 

 

146.9

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

159,378

 

 

$

28,081

 

 

467.6

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

Average number of table games

 

228

 

 

 

172

 

 

32.6

Table drop (2)

$

547,916

 

 

$

324,531

 

 

68.8

Table games win (1)

$

129,164

 

 

$

76,653

 

 

68.5

Table games win %

 

23.6

%

 

 

23.6

%

 

 

Table games win per unit per day

$

6,300

 

 

$

4,957

 

 

27.1

Average number of slot machines

 

1,728

 

 

 

1,547

 

 

11.7

Slot machine handle

$

1,177,985

 

 

$

791,260

 

 

48.9

Slot machine win (3)

$

80,831

 

 

$

50,489

 

 

60.1

Slot machine win per unit per day

$

520

 

 

$

363

 

 

43.3

Poker rake

$

3,861

 

 

$

1,867

 

 

106.8

Room statistics:

 

 

 

 

 

Occupancy

 

76.9

%

 

 

35.3

%

 

 

ADR (4)

$

432

 

 

$

331

 

 

30.5

REVPAR (5)

$

333

 

 

$

117

 

 

184.6

Note: The results of our Las Vegas Operations for the three months ended March 31, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications.

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

March 31,

 

 

 

2022

 

2021

 

Percent Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

148,748

 

 

$

111,479

 

 

33.4

 

Rooms

 

15,689

 

 

 

4,715

 

 

232.7

 

Food and beverage

 

18,162

 

 

 

9,327

 

 

94.7

 

Entertainment, retail and other

 

8,197

 

 

 

4,569

 

 

79.4

 

Total

$

190,796

 

 

$

130,090

 

 

46.7

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

55,250

 

 

$

30,363

 

 

82.0

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

Average number of table games

 

184

 

 

 

199

 

 

(7.5

)

Table drop (2)

$

346,195

 

 

$

234,562

 

 

47.6

 

Table games win (1)

$

76,792

 

 

$

49,377

 

 

55.5

 

Table games win %

 

22.2

%

 

 

21.1

%

 

 

Table games win per unit per day

$

4,637

 

 

$

2,752

 

 

68.5

 

Average number of slot machines

 

2,776

 

 

 

1,889

 

 

47.0

 

Slot machine handle

$

1,183,314

 

 

$

913,795

 

 

29.5

 

Slot machine win (3)

$

95,296

 

 

$

74,820

 

 

27.4

 

Slot machine win per unit per day

$

381

 

 

$

440

 

 

(13.4

)

Poker rake

$

784

 

 

$

—

 

 

—

 

Room statistics:

 

 

 

 

 

Occupancy

 

80.5

%

 

 

71.0

%

 

 

ADR (4)

$

324

 

 

$

276

 

 

17.4

 

REVPAR (5)

$

261

 

 

$

196

 

 

33.2

 

Note: The results of Encore Boston Harbor for the three months ended March 31, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications. Encore Boston Harbor's room statistics have been computed based on 36 days of operations for the three months ended March 31, 2021, representing the actual number of days the hotel was open.

(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.

 

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

Source: Wynn Resorts, Limited