wynn-20240207
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 7, 2024
 
WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
 
Nevada000-5002846-0484987
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
3131 Las Vegas Boulevard South
Las Vegas, Nevada89109
(Address of principal executive offices)(Zip Code)
                                
(702) 770-7555
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01WYNNNasdaq Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02Results of Operations and Financial Condition.
On February 7, 2024, Wynn Resorts, Limited (the "Company) issued a press release announcing its results of operations for the fourth quarter and year ended December 31, 2023. The press release is furnished herewith as Exhibit 99.1. The information furnished under Items 2.02 and 7.01 of this report, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 7.01Regulation FD Disclosure.
The information set forth under Item 2.02 of this report is incorporated herein by reference.
Item 8.01Other Events.
On February 7, 2024, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.25 per share, payable on February 29, 2024 to stockholders of record as of February 20, 2024.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.Description
99.1
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  WYNN RESORTS, LIMITED
Dated: February 7, 2024 By: /s/ Julie Cameron-Doe
 Julie Cameron-Doe
 Chief Financial Officer


Document

Exhibit 99.1
Wynn Resorts, Limited Reports Fourth Quarter and Year End 2023 Results

LAS VEGAS, February 7, 2024 — Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2023.

Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. Net income attributable to Wynn Resorts, Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts, Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted Property EBITDAR(1) was $630.4 million for the fourth quarter of 2023, compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022.

"The strong momentum we built throughout 2023 continued during the fourth quarter with Adjusted Property EBITDAR reaching a new all-time record. These impressive results highlight our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in Las Vegas, Boston and Macau," said Craig Billings, CEO of Wynn Resorts, Limited. "On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete, and preparations underway to start vertical construction of the hotel tower. We are confident the resort will be a 'must see' tourism destination in the UAE. We are excited about the outlook for the Company, and we will continue to focus on driving long-term returns for shareholders."

Consolidated Results
Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. For the fourth quarter of 2023, operating revenues increased $411.3 million, $309.0 million, $111.3 million, and $5.1 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $1.2 million at Encore Boston Harbor, from the fourth quarter of 2022.

Net income attributable to Wynn Resorts, Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts, Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited(2) was $213.7 million, or $1.91 per diluted share, for the fourth quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022.

Adjusted Property EBITDAR was $630.4 million for the fourth quarter of 2023, an increase of $435.3 million compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022. For the fourth quarter of 2023, Adjusted Property EBITDAR increased $195.1 million, $161.0 million, $51.5 million, $26.5 million, and $1.1 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Wynn Interactive, and Encore Boston Harbor, respectively, from the fourth quarter of 2022.

For the year ended December 31, 2023, operating revenues were $6.53 billion, an increase of $2.78 billion from $3.76 billion for the year ended December 31, 2022. Operating revenues for the year ended December 31, 2023 increased $1.48 billion, $902.3 million, $348.5 million, $34.7 million, and $13.0 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, from the year ended December 31, 2022.

Net income attributable to Wynn Resorts, Limited was $730.0 million, or $6.32 per diluted share for the year ended December 31, 2023, compared to net loss attributable to Wynn Resorts, Limited of $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Adjusted net income attributable to Wynn Resorts, Limited was $462.3 million, or $4.10 per diluted share, for the year ended December 31, 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022.
1


Adjusted Property EBITDAR was $2.11 billion for the year ended December 31, 2023, compared to $725.4 million for the year ended December 31, 2022. Adjusted Property EBITDAR for the year ended December 31, 2023 increased $712.4 million, $462.1 million, $145.1 million, $55.8 million, and $14.0 million, at Wynn Palace, Wynn Macau, our Las Vegas Operations, Wynn Interactive, and Encore Boston Harbor, respectively, from the year ended December 31, 2022.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on February 29, 2024 to stockholders of record as of February 20, 2024.

Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $524.4 million for the fourth quarter of 2023, an increase of $411.3 million from $113.1 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $171.1 million for the fourth quarter of 2023, compared to $(23.9) million for the fourth quarter of 2022. Table games win percentage in mass market operations was 23.6%, above the 23.3% experienced in the fourth quarter of 2022. VIP table games win as a percentage of turnover was 2.97%, below the property's expected range of 3.1% to 3.4% and above the 0.11% experienced in the fourth quarter of 2022.

Wynn Macau
Operating revenues from Wynn Macau were $386.2 million for the fourth quarter of 2023, an increase of $309.0 million from $77.2 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $125.8 million for the fourth quarter of 2023, compared to $(35.2) million for the fourth quarter of 2022. Table games win percentage in mass market operations was 19.1%, above the 17.2% experienced in the fourth quarter of 2022. VIP table games win as a percentage of turnover was 4.37%, above the property's expected range of 3.1% to 3.4% and above the 1.20% experienced in the fourth quarter of 2022.

Las Vegas Operations
Operating revenues from our Las Vegas Operations were $696.8 million for the fourth quarter of 2023, an increase of $111.3 million from $585.5 million for the fourth quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2023 was $270.8 million, compared to $219.3 million for the fourth quarter of 2022. Table games win percentage for the fourth quarter of 2023 was 25.4%, within the property's expected range of 22% to 26% and above the 21.2% experienced in the fourth quarter of 2022.

Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $217.1 million for the fourth quarter of 2023, a decrease of $1.2 million from $218.3 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2023 was $64.4 million, compared to $63.3 million for the fourth quarter of 2022. Table games win percentage for the fourth quarter of 2023 was 22.0%, within the property's expected range of 18% to 22% and slightly above the 21.9% experienced in the fourth quarter of 2022.

Balance Sheet
Our cash and cash equivalents as of December 31, 2023 totaled $2.88 billion, comprised of $1.32 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $361.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $1.20 billion held at Corporate and other. In addition, as of December 31, 2023, we had $697.9 million and $147.3 million in short-term investments held at WML and Corporate and other, respectively. As of December 31, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $736.5 million, and the WM Cayman II Revolver was fully drawn.
Total current and long-term debt outstanding at December 31, 2023 was $11.74 billion, comprised of $6.74 billion of Macau related debt, $2.25 billion of Wynn Las Vegas debt, $2.13 billion of WRF debt, and $614.1 million of debt held by the retail joint venture which we consolidate.

During the fourth quarter of 2023, the Company repurchased 1,609,625 shares of its common stock under its publicly announced equity repurchase program at an average price of $86.56 per share, for an aggregate cost of $139.3 million, bringing
2


the total repurchases by the Company for the year ended December 31, 2023 to 2,206,573 shares of its common stock for an aggregate cost of $195.5 million.

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 7, 2024 at 2:00 p.m. PT (5:00 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 30, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2023 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements
This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, 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 and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures
(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, impairment of goodwill and intangible assets, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, impairment of goodwill and intangible assets, property charges and other, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and nonrecurring income tax benefit from release of valuation allowance, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income (loss) attributable to Wynn Resorts, Limited and adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies.
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These measures are used by management and/or evaluated by some investors, in addition to net income (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 income (loss) attributable to Wynn Resorts, Limited and adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to Wynn Resorts, Limited to adjusted net income (loss) attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

4


WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited) 

 Three Months Ended December 31,Year Ended
December 31,
 2023202220232022
Operating revenues:
Casino$1,065,958 $423,218 $3,718,402 $1,632,541 
Rooms347,299 233,252 1,185,671 802,138 
Food and beverage271,558 217,648 1,028,637 846,214 
Entertainment, retail and other155,645 130,819 599,187 475,932 
Total operating revenues1,840,460 1,004,937 6,531,897 3,756,825 
Operating expenses:
Casino643,910 291,757 2,238,671 1,099,801 
Rooms82,857 69,869 307,132 261,343 
Food and beverage216,947 183,034 822,323 700,549 
Entertainment, retail and other79,402 91,676 340,437 328,529 
General and administrative279,484 232,017 1,065,022 830,450 
    Provision for credit losses2,350 4,036 (3,964)(7,295)
Pre-opening 2,646 7,247 9,468 20,643 
Depreciation and amortization176,527 172,292 687,270 692,318 
Gain on EBH Transaction, net— (181,989)— (181,989)
Impairment of goodwill and intangible assets— — 94,490 48,036 
Property charges and other(1,388)35,790 130,877 65,116 
Total operating expenses1,482,735 905,729 5,691,726 3,857,501 
Operating income (loss)357,725 99,208 840,171 (100,676)
Other income (expense):
Interest income44,931 18,895 175,785 29,758 
Interest expense, net of amounts capitalized(184,955)(178,620)(751,509)(650,885)
Change in derivatives fair value48,353 1,155 45,098 15,956 
Loss on debt financing transactions— — (12,683)— 
Other8,315 31,901 (11,479)5,811 
Other income (expense), net(83,356)(126,669)(554,788)(599,360)
Income (loss) before income taxes274,369 (27,461)285,383 (700,036)
Benefit (provision) for income taxes499,408 (6,084)496,834 (9,332)
Net income (loss) 773,777 (33,545)782,217 (709,368)
Less: net (income) loss attributable to noncontrolling interests(44,621)65,956 (52,223)285,512 
Net income (loss) attributable to Wynn Resorts, Limited$729,156 $32,411 $729,994 $(423,856)
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic$6.53 $0.29 $6.49 $(3.73)
Diluted$6.19 $0.29 $6.32 $(3.73)
Weighted average common shares outstanding:
Basic111,661 112,321 112,523 113,623 
Diluted112,033 112,795 112,855 113,623 
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
 
 Three Months Ended December 31,Year Ended
December 31,
 2023202220232022
Net income (loss) attributable to Wynn Resorts, Limited$729,156 $32,411 $729,994 $(423,856)
Pre-opening expenses2,646 7,247 9,468 20,643 
Gain on EBH Transaction, net— (181,989)— (181,989)
Impairment of goodwill and intangible assets— — 94,490 48,036 
Property charges and other(1,388)35,790 130,877 65,116 
Change in derivatives fair value(48,353)(1,155)(45,098)(15,956)
Loss on debt financing transactions— — 12,683 — 
Foreign currency remeasurement and other (8,315)(31,901)11,479 (5,811)
Income tax impact on adjustments(1,033)(198)(2,088)(294)
Nonrecurring income tax benefit from release of valuation allowance(474,214)— (474,214)— 
Noncontrolling interests impact on adjustments15,160 1,110 (5,243)(13,317)
Adjusted net income (loss) attributable to Wynn Resorts, Limited$213,659 $(138,685)$462,348 $(507,428)
Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share$1.91 $(1.23)$4.10 $(4.47)
Weighted average common shares outstanding - diluted112,033 112,795 112,855 113,623 




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WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)

Three Months Ended December 31, 2023
Wynn Palace Wynn MacauOther Macau Total Macau Operations Las Vegas Operations Encore Boston HarborWynn InteractiveCorporate and Other Total
Operating income (loss)$95,071 $90,545 $(15,860)$169,756 $167,080 $(15,865)$(8,617)$45,371 $357,725 
Pre-opening expenses93 — — 93 — 33 — 2,520 2,646 
Depreciation and amortization 54,502 20,165 381 75,048 60,730 31,220 6,118 3,411 176,527 
Property charges and other 451 (676)(221)389 710 (2,452)186 (1,388)
Management and license fees 16,782 12,029  28,811 33,387 10,665 — (72,863) 
Corporate expenses and other 2,733 2,175 14,397 19,305 7,369 1,824 1,905 13,685 44,088 
Stock-based compensation 1,501 1,579 1,078 4,158 1,830 402 1,296 7,690 15,376 
Triple-net operating lease rent expense — — —  — 35,404 — — 35,404 
Adjusted Property EBITDAR$171,133 $125,817 $ $296,950 $270,785 $64,393 $(1,750)$ $630,378 


Three Months Ended December 31, 2022
Wynn Palace Wynn MacauOther Macau Total Macau Operations Las Vegas Operations Encore Boston HarborWynn InteractiveCorporate and Other Total
Operating income (loss)$(105,945)$(65,599)$(9,801)$(181,345)$121,311 $184,411 $(50,642)$25,473 $99,208 
Pre-opening expenses— — —  5,420 15 1,511 301 7,247 
Depreciation and amortization 52,817 20,364 381 73,562 55,865 35,610 4,974 2,281 172,292 
Gain on EBH Transaction, net— — —  — (181,989)— — (181,989)
Property charges and other 20,378 2,116 16 22,510 361 692 12,908 (681)35,790 
Management and license fees 3,809 2,508 — 6,317 27,996 10,654 — (44,967) 
Corporate expenses and other 1,352 1,373 8,718 11,443 5,874 1,743 373 12,301 31,734 
Stock-based compensation3,654 4,069 686 8,409 2,424 345 2,588 5,292 19,058 
Triple-net operating lease rent expense— — —  — 11,773 — — 11,773 
Adjusted Property EBITDAR$(23,935)$(35,169)$ $(59,104)$219,251 $63,254 $(28,288)$ $195,113 






















7


WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)

Year Ended December 31, 2023
Wynn Palace Wynn MacauOther Macau Total Macau Operations Las Vegas Operations Encore Boston HarborWynn InteractiveCorporate and Other Total
Operating income (loss)$307,698 $190,126 $(32,157)$465,667 $551,128 $(60,887)$(276,646)$160,909 $840,171 
Pre-opening expenses93 — — 93 81 1,286 5,591 2,417 9,468 
Depreciation and amortization 216,562 81,673 1,522 299,757 232,685 122,452 22,051 10,325 687,270 
Impairment of goodwill and intangible assets— — —  — — 94,490 — 94,490 
Property charges and other 13,365 9,807 19 23,191 8,863 1,419 97,218 186 130,877 
Management and license fees 60,377 38,019  98,396 118,019 42,179 — (258,594) 
Corporate expenses and other 10,208 9,766 26,431 46,405 28,519 7,517 6,746 57,243 146,430 
Stock-based compensation 7,543 8,700 4,185 20,428 6,948 1,721 7,904 27,514 64,515 
Triple-net operating lease rent expense — — —  — 141,722 — — 141,722 
Adjusted Property EBITDAR$615,846 $338,091 $ $953,937 $946,243 $257,409 $(42,646)$ $2,114,943 


Year Ended December 31, 2022
Wynn Palace Wynn MacauOther Macau Total Macau Operations Las Vegas Operations Encore Boston HarborWynn InteractiveCorporate and Other Total
Operating income (loss)$(357,666)$(247,727)$(22,190)$(627,583)$450,073 $209,962 $(240,111)$106,983 $(100,676)
Pre-opening expenses— — —  15,451 214 4,677 301 20,643 
Depreciation and amortization 207,110 81,114 2,709 290,933 199,973 152,906 39,422 9,084 692,318 
Gain on EBH Transaction, net— — —  — (181,989)— — (181,989)
Impairment of goodwill and intangible assets— — —  — — 48,036 — 48,036 
Property charges and other 23,296 11,482 43 34,821 3,680 1,366 33,015 (7,766)65,116 
Management and license fees 13,895 11,354 — 25,249 101,170 40,464 — (166,883) 
Corporate expenses and other 6,081 6,283 16,980 29,344 22,736 7,125 5,877 37,457 102,539 
Stock-based compensation10,727 13,447 2,458 26,632 8,012 1,565 10,594 20,824 67,627 
Triple-net operating lease rent expense— — —  — 11,773 — — 11,773 
Adjusted Property EBITDAR$(96,557)$(124,047)$ $(220,604)$801,095 $243,386 $(98,490)$ $725,387 

















8


WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)

 Three Months Ended December 31,Year Ended
December 31,
 2023202220232022
Net income (loss) attributable to Wynn Resorts, Limited$729,156 $32,411 $729,994 $(423,856)
Net income (loss) attributable to noncontrolling interests44,621 (65,956)52,223 (285,512)
Pre-opening expenses2,646 7,247 9,468 20,643 
Depreciation and amortization176,527 172,292 687,270 692,318 
Gain on EBH Transaction, net— (181,989)— (181,989)
Impairment of goodwill and intangible assets— — 94,490 48,036 
Property charges and other(1,388)35,790 130,877 65,116 
Triple-net operating lease rent expense35,404 11,773 141,722 11,773 
Corporate expenses and other44,088 31,734 146,430 102,539 
Stock-based compensation15,376 19,058 64,515 67,627 
Interest income(44,931)(18,895)(175,785)(29,758)
Interest expense, net of amounts capitalized184,955 178,620 751,509 650,885 
Change in derivatives fair value(48,353)(1,155)(45,098)(15,956)
Loss on debt financing transactions— — 12,683 — 
Other (8,315)(31,901)11,479 (5,811)
(Benefit) provision for income taxes(499,408)6,084 (496,834)9,332 
Adjusted Property EBITDAR$630,378 $195,113 $2,114,943 $725,387 

9


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,
 20232022Percent Change20232022Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino$417,273$68,918505.5 $1,471,280 $255,886475.0 
Rooms50,47212,266311.5 201,783 40,079403.5 
Food and beverage29,53811,519156.4 104,566 35,546194.2 
Entertainment, retail and other27,07520,36233.0 109,215 78,77838.6 
Total$524,358$113,065363.8 $1,886,844 $410,289359.9 
Adjusted Property EBITDAR (6)
$171,133$(23,935)NM$615,846$(96,557)NM
Casino Statistics:
VIP:
Average number of table games595018.0 56535.7 
VIP turnover$3,161,083$1,047,561201.8 $11,363,248$2,641,321330.2 
VIP table games win (1)
$93,892$1,118NM$383,384$23,471NM
VIP table games win as a % of turnover2.97 %0.11 %3.37 %0.89 %
Table games win per unit per day$17,381$245NM$18,744$1,259NM
Mass market:
Average number of table games2452373.4 2422295.7 
Table drop (2)
$1,711,850$373,312358.6 $6,126,841$1,312,786366.7 
Table games win (1)
$404,468$86,933365.3 $1,373,436$282,138386.8 
Table games win %23.6 %23.3 %22.4 %21.5 %
Table games win per unit per day$17,934$3,987349.8 $15,574$3,489346.4 
Average number of slot machines5855781.2 580623(6.9)
Slot machine handle$624,688$229,341172.4 $2,385,033$732,197225.7 
Slot machine win (3)
$27,580$8,306232.0 $102,816$31,295228.5 
Slot machine win per unit per day$512$156228.2 $486$142242.3 
Room statistics:
Occupancy98.3 %50.1 %94.9 %38.4 %
ADR (4)
$311$146113.0 $323$156107.1 
REVPAR (5)
$306$73319.2 $306$60410.0 
NM: Not meaningful.
Note: The results of operations of Wynn Palace for the three and twelve months ended December 31, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.








10


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,
20232022Percent Change20232022Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino$320,642$51,418523.6 $970,269 $216,639 347.9 
Rooms29,5347,144313.4 109,308 25,691 325.5 
Food and beverage20,7627,456178.5 68,017 25,334 168.5 
Entertainment, retail and other15,26111,18036.5 65,940 43,585 51.3 
Total$386,199$77,198400.3 $1,213,534 $311,249 289.9 
Adjusted Property EBITDAR (6)
$125,817$(35,169)NM$338,091$(124,047)NM
Casino Statistics:
VIP:
Average number of table games3052(42.3)4141— 
VIP turnover$1,405,523$429,575227.2 $5,132,628$1,771,143189.8 
VIP table games win (1)
$61,362$5,135NM$191,936$55,999242.7 
VIP table games win as a % of turnover4.37 %1.20 %3.74 %3.16 %
Table games win per unit per day $22,233$1,074NM$12,699$3,828231.7 
Mass market:
Average number of table games2212171.8 216235(8.1)
Table drop (2)
$1,558,372$317,801390.4 $5,155,929$1,170,633340.4 
Table games win (1)
$297,671$54,695444.2 $910,825$189,769380.0 
Table games win %19.1 %17.2 %17.7 %16.2 %
Table games win per unit per day $14,655$2,740434.9 $11,560$2,284406.1 
Average number of slot machines557691(19.4)530646(18.0)
Slot machine handle$652,498$218,935198.0 $2,212,196$895,466147.0 
Slot machine win (3)
$20,775$7,867164.1 $68,667$31,768116.2 
Slot machine win per unit per day $405$124226.6 $355$139155.4 
Poker rake $4,460$223NM$18,266$357NM
Room statistics:
Occupancy99.4 %51.8 %96.5 %41.1 %
ADR (4)
$282$135108.9 $281$15482.5 
REVPAR (5)
$281$70301.4 $271$63330.2 
NM: Not meaningful.
Note: The results of operations of Wynn Macau for three and twelve months ended December 31, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.


11


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,
 20232022Percent Change20232022Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino$167,579$141,34918.6 $628,185$535,27917.4 
Rooms242,993190,58427.5 784,385651,29120.4 
Food and beverage199,706176,12613.4 770,401702,5159.7 
Entertainment, retail and other86,52677,43311.7 297,635243,05122.5 
Total$696,804$585,49219.0 $2,480,606$2,132,13616.3 
Adjusted Property EBITDAR (6)
$270,785$219,25123.5 $946,243$801,09518.1 
Casino Statistics:
Average number of table games232234(0.9)233234(0.4)
Table drop (2)
$657,564$590,69311.3 $2,425,621$2,274,0106.7 
Table games win (1)
$167,106$125,44133.2 $599,001$511,74617.1 
Table games win %25.4 %21.2 %24.7 %22.5 %
Table games win per unit per day$7,816$5,82334.2 $7,038$5,99017.5 
Average number of slot machines1,6311,678(2.8)1,6451,703(3.4)
Slot machine handle$1,689,839$1,591,1006.2 $6,423,374$5,617,77514.3 
Slot machine win (3)
$125,950$115,8028.8 $451,833$394,05214.7 
Slot machine win per unit per day$840$75012.0 $752$63418.6 
Poker rake$9,477$6,95036.4 $25,720$19,68030.7 
Room statistics:
Occupancy88.9 %89.9 %89.6 %86.7 %
ADR (4)
$631$49228.3 $513$45413.0 
REVPAR (5)
$561$44326.6 $459$39316.8 









12


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,
20232022Percent Change20232022Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino$160,464$161,534(0.7)$648,668$624,7383.8 
Rooms24,30023,2594.5 90,19585,0786.0 
Food and beverage21,55222,546(4.4)85,65382,8183.4 
Entertainment, retail and other10,82911,001(1.6)41,27038,4397.4 
Total$217,145$218,340(0.5)$865,786$831,0734.2 
Adjusted Property EBITDAR (6)
$64,393$63,2541.8 $257,409$243,3865.8 
Casino Statistics:
Average number of table games185194(4.6)1911872.1 
Table drop (2)
$358,324$370,590(3.3)$1,422,416$1,447,851(1.8)
Table games win (1)
$78,720$81,032(2.9)$308,890$315,057(2.0)
Table games win %22.0 %21.9 %21.7 %21.8 %
Table games win per unit per day$4,621$4,5461.6 $4,429$4,604(3.8)
Average number of slot machines2,5602,601(1.6)2,5502,716(6.1)
Slot machine handle$1,323,309$1,303,7821.5 $5,256,696$5,007,7725.0 
Slot machine win (3)
$105,061$103,8461.2 $421,190$402,6884.6 
Slot machine win per unit per day$446$4342.8 $452$40611.3 
Poker rake$5,389$4,89510.1 $21,505$9,476126.9 
Room statistics:
Occupancy93.3 %93.9 %93.0 %91.4 %
ADR (4)
$424$4045.0 $398$3824.2 
REVPAR (5)
$395$3803.9 $370$3496.0 
(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 EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.





13


SOURCE:
Wynn Resorts, Limited
CONTACT:
Price Karr
702-770-7555
investorrelations@wynnresorts.com
14