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Wynn Resorts, Limited Reports Third Quarter 2023 Results

Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2023.

Operating revenues were $1.67 billion for the third quarter of 2023, an increase of $782.2 million from $889.7 million for the third quarter of 2022. Net loss attributable to Wynn Resorts, Limited was $116.7 million for the third quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $142.9 million for the third quarter of 2022. Diluted net loss per share was $1.03 for the third quarter of 2023, compared to diluted net loss per share of $1.27 for the third quarter of 2022. Adjusted Property EBITDAR(1) was $530.4 million for the third quarter of 2023, compared to Adjusted Property EBITDAR of $173.5 million for the third quarter of 2022.

"Our third quarter results reflect continued strength across our property portfolio," said Craig Billings, CEO of Wynn Resorts, Limited. "Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDAR at our combined North American properties as we continue to elevate our properties above those of our peers. In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, construction on Wynn Al Marjan Island is well underway, and we are confident the resort will be a 'must see' tourism destination in the UAE."

Consolidated Results

Operating revenues were $1.67 billion for the third quarter of 2023, an increase of $782.2 million from $889.7 million for the third quarter of 2022. For the third quarter of 2023, operating revenues increased $449.5 million, $254.6 million, $74.6 million, and $4.8 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $1.4 million at Encore Boston Harbor, from the third quarter of 2022.

Net loss attributable to Wynn Resorts, Limited was $116.7 million for the third quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $142.9 million for the third quarter of 2022. Diluted net loss per share was $1.03 for the third quarter of 2023, compared to diluted net loss per share of $1.27 for the third quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited(2) was $112.0 million, or $0.99 per diluted share, for the third quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $135.4 million, or $1.20 per diluted share, for the third quarter of 2022.

Adjusted Property EBITDAR was $530.4 million for the third quarter of 2023, an increase of $356.8 million compared to Adjusted Property EBITDAR of $173.5 million for the third quarter of 2022. For the third quarter of 2023, Adjusted Property EBITDAR increased $198.9 million, $121.7 million, $24.0 million, and $12.9 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $0.6 million at Encore Boston Harbor, from the third quarter of 2022.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on November 30, 2023 to stockholders of record as of November 20, 2023.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $524.8 million for the third quarter of 2023, an increase of $449.5 million from $75.2 million for the third quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $177.0 million for the third quarter of 2023, compared to $(21.8) million for the third quarter of 2022. Table games win percentage in mass market operations was 23.3%, above the 21.5% experienced in the third quarter of 2022. VIP table games win as a percentage of turnover was 3.42%, above the property's expected range of 3.1% to 3.4% and above the 3.27% experienced in the third quarter of 2022.

Wynn Macau

Operating revenues from Wynn Macau were $295.0 million for the third quarter of 2023, an increase of $254.6 million from $40.4 million for the third quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $77.9 million for the third quarter of 2023, compared to $(43.8) million for the third quarter of 2022. Table games win percentage in mass market operations was 16.5%, above the 13.3% experienced in the third quarter of 2022. VIP table games win as a percentage of turnover was 3.52%, above the property's expected range of 3.1% to 3.4% and above the 1.56% experienced in the third quarter of 2022.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $619.0 million for the third quarter of 2023, an increase of $74.6 million from $544.4 million for the third quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2023 was $219.7 million, compared to $195.8 million for the third quarter of 2022. Table games win percentage for the third quarter of 2023 was 26.0%, within the property's expected range of 22% to 26% and above the 20.7% experienced in the third quarter of 2022.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $210.4 million for the third quarter of 2023, a decrease of $1.4 million from $211.8 million for the third quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2023 was $60.5 million, compared to $61.1 million for the third quarter of 2022. Table games win percentage for the third quarter of 2023 was 20.8%, within the property's expected range of 18% to 22% and below the 21.1% experienced in the third quarter of 2022.

Balance Sheet

Our cash and cash equivalents as of September 30, 2023 totaled $2.79 billion, comprised of $1.20 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $651.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $936.7 million held at Corporate and other. In addition, as of September 30, 2023, we had $646.2 million and $145.5 million in short-term investments held at WML and Corporate and other, respectively. As of September 30, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $737.0 million, and the WM Cayman II Revolver was fully drawn.

Total current and long-term debt outstanding at September 30, 2023 was $11.79 billion, comprised of $6.79 billion of Macau related debt, $2.25 billion of Wynn Las Vegas debt, $2.14 billion of WRF debt, and $613.9 million of debt held by the retail joint venture which we consolidate.

In August 2023, Wynn Las Vegas repurchased $400.0 million aggregate principal amount of its 5 1/2% Senior Notes due 2025, at a price equal to 94% of the principal amount plus accrued interest and an early tender premium of $20.0 million, using cash held by Wynn Resorts.

During the third quarter of 2023, the Company repurchased 596,948 shares of its common stock under its publicly announced equity repurchase program at an average price of $94.11 per share, for an aggregate cost of $56.2 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 November 9, 2023 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 November 14, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 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, adverse macroeconomic conditions and their impact on levels of income and consumer discretionary spending, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, uncertainty surrounding the pace of recovery of tourism and travel in Asia following the COVID-19 pandemic, 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, 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, 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, gain (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, gain (loss) on debt financing transactions, and foreign currency remeasurement and other, net of noncontrolling interests. 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. 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.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Operating revenues:

 

 

 

 

 

 

 

Casino

$

972,453

 

 

$

359,876

 

 

$

2,652,444

 

 

$

1,209,323

 

Rooms

 

289,338

 

 

 

197,212

 

 

 

838,372

 

 

 

568,886

 

Food and beverage

 

267,432

 

 

 

224,730

 

 

 

757,079

 

 

 

628,566

 

Entertainment, retail and other

 

142,713

 

 

 

107,904

 

 

 

443,542

 

 

 

345,113

 

Total operating revenues

 

1,671,936

 

 

 

889,722

 

 

 

4,691,437

 

 

 

2,751,888

 

Operating expenses:

 

 

 

 

 

 

 

Casino

 

577,733

 

 

 

239,901

 

 

 

1,594,761

 

 

 

808,044

 

Rooms

 

77,790

 

 

 

67,689

 

 

 

224,275

 

 

 

191,474

 

Food and beverage

 

220,835

 

 

 

185,388

 

 

 

605,376

 

 

 

517,515

 

Entertainment, retail and other

 

82,554

 

 

 

72,964

 

 

 

261,035

 

 

 

236,853

 

General and administrative

 

268,445

 

 

 

201,275

 

 

 

785,538

 

 

 

598,433

 

Provision for credit losses

 

870

 

 

 

(8,186

)

 

 

(6,314

)

 

 

(11,331

)

Pre-opening

 

867

 

 

 

6,447

 

 

 

6,822

 

 

 

13,396

 

Depreciation and amortization

 

171,969

 

 

 

172,502

 

 

 

510,743

 

 

 

520,026

 

Impairment of goodwill and intangible assets

 

93,990

 

 

 

 

 

 

94,490

 

 

 

48,036

 

Property charges and other

 

114,288

 

 

 

4,733

 

 

 

132,265

 

 

 

29,326

 

Total operating expenses

 

1,609,341

 

 

 

942,713

 

 

 

4,208,991

 

 

 

2,951,772

 

Operating income (loss)

 

62,595

 

 

 

(52,991

)

 

 

482,446

 

 

 

(199,884

)

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

46,534

 

 

 

6,892

 

 

 

130,854

 

 

 

10,863

 

Interest expense, net of amounts capitalized

 

(188,571

)

 

 

(165,277

)

 

 

(566,554

)

 

 

(472,265

)

Change in derivatives fair value

 

(50,637

)

 

 

5,839

 

 

 

(3,255

)

 

 

14,801

 

Gain (loss) on debt financing transactions

 

2,928

 

 

 

 

 

 

(12,683

)

 

 

 

Other

 

3,861

 

 

 

(864

)

 

 

(19,794

)

 

 

(26,090

)

Other income (expense), net

 

(185,885

)

 

 

(153,410

)

 

 

(471,432

)

 

 

(472,691

)

Income (loss) before income taxes

 

(123,290

)

 

 

(206,401

)

 

 

11,014

 

 

 

(672,575

)

Benefit (provision) for income taxes

 

2,749

 

 

 

(1,390

)

 

 

(2,574

)

 

 

(3,248

)

Net income (loss)

 

(120,541

)

 

 

(207,791

)

 

 

8,440

 

 

 

(675,823

)

Less: net (income) loss attributable to noncontrolling interests

 

3,863

 

 

 

64,899

 

 

 

(7,602

)

 

 

219,556

 

Net income (loss) attributable to Wynn Resorts, Limited

$

(116,678

)

 

$

(142,892

)

 

$

838

 

 

$

(456,267

)

Basic and diluted net income (loss) per common share:

 

 

 

 

 

 

 

Net income (loss) attributable to Wynn Resorts, Limited:

 

 

 

 

Basic

$

(1.03

)

 

$

(1.27

)

 

$

0.01

 

 

$

(4.00

)

Diluted

$

(1.03

)

 

$

(1.27

)

 

$

0.01

 

 

$

(4.00

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

112,797

 

 

 

112,709

 

 

 

112,813

 

 

 

114,061

 

Diluted

 

112,797

 

 

 

112,709

 

 

 

113,132

 

 

 

114,061

 

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

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net income (loss) attributable to Wynn Resorts, Limited

$

(116,678

)

 

$

(142,892

)

 

$

838

 

 

$

(456,267

)

Pre-opening expenses

 

867

 

 

 

6,447

 

 

 

6,822

 

 

 

13,396

 

Impairment of goodwill and intangible assets

 

93,990

 

 

 

 

 

 

94,490

 

 

 

48,036

 

Property charges and other

 

114,288

 

 

 

4,733

 

 

 

132,265

 

 

 

29,326

 

Change in derivatives fair value

 

50,637

 

 

 

(5,839

)

 

 

3,255

 

 

 

(14,801

)

(Gain) loss on debt financing transactions

 

(2,928

)

 

 

 

 

 

12,683

 

 

 

 

Foreign currency remeasurement and other

 

(3,861

)

 

 

864

 

 

 

19,794

 

 

 

26,090

 

Income tax impact on adjustments

 

(1,065

)

 

 

(88

)

 

 

(1,055

)

 

 

(96

)

Noncontrolling interests impact on adjustments

 

(23,233

)

 

 

1,380

 

 

 

(20,403

)

 

 

(14,427

)

Adjusted net income (loss) attributable to Wynn Resorts, Limited

$

112,017

 

 

$

(135,395

)

 

$

248,689

 

 

$

(368,743

)

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

$

0.99

 

 

$

(1.20

)

 

$

2.20

 

 

$

(3.23

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

113,106

 

 

 

112,709

 

 

 

113,132

 

 

 

114,061

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

Three Months Ended September 30, 2023

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Wynn Interactive

 

Corporate and Other

 

Total

Operating income (loss)

$

92,484

 

 

$

40,065

 

 

$

(5,459

)

 

$

127,090

 

 

$

122,276

 

$

(19,070

)

 

$

(208,959

)

 

$

41,258

 

 

$

62,595

 

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

861

 

 

 

 

 

 

867

 

Depreciation and amortization

 

53,985

 

 

 

20,331

 

 

 

381

 

 

 

74,697

 

 

 

57,753

 

 

31,100

 

 

 

6,094

 

 

 

2,325

 

 

 

171,969

 

Impairment of goodwill and intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

93,990

 

 

 

 

 

 

93,990

 

Property charges and other

 

9,085

 

 

 

3,405

 

 

 

2

 

 

 

12,492

 

 

 

1,323

 

 

487

 

 

 

99,986

 

 

 

 

 

 

114,288

 

Management and license fees

 

16,691

 

 

 

9,228

 

 

 

 

 

 

25,919

 

 

 

29,379

 

 

10,265

 

 

 

 

 

 

(65,563

)

 

 

 

Corporate expenses and other

 

2,364

 

 

 

2,372

 

 

 

3,982

 

 

 

8,718

 

 

 

7,264

 

 

1,880

 

 

 

1,861

 

 

 

15,381

 

 

 

35,104

 

Stock-based compensation

 

2,439

 

 

 

2,538

 

 

 

1,094

 

 

 

6,071

 

 

 

1,745

 

 

426

 

 

 

1,303

 

 

 

6,599

 

 

 

16,144

 

Triple-net operating lease rent expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,404

 

 

 

 

 

 

 

 

 

35,404

 

Adjusted Property EBITDAR

$

177,048

 

 

$

77,939

 

 

$

 

 

$

254,987

 

 

$

219,740

 

$

60,498

 

 

$

(4,864

)

 

$

 

 

$

530,361

 

 

 

Three Months Ended September 30, 2022

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Wynn Interactive

 

Corporate and Other

 

Total

Operating income (loss)

$

(84,478

)

 

$

(73,833

)

 

$

(4,339

)

 

$

(162,650

)

 

$

103,006

 

$

9,602

 

 

$

(27,113

)

 

$

24,164

 

 

$

(52,991

)

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

5,087

 

 

199

 

 

 

1,161

 

 

 

 

 

 

6,447

 

Depreciation and amortization

 

52,225

 

 

 

21,172

 

 

 

380

 

 

 

73,777

 

 

 

52,756

 

 

38,875

 

 

 

4,827

 

 

 

2,267

 

 

 

172,502

 

Property charges and other

 

2,467

 

 

 

1,419

 

 

 

22

 

 

 

3,908

 

 

 

1,042

 

 

34

 

 

 

(213

)

 

 

(38

)

 

 

4,733

 

Management and license fees

 

2,643

 

 

 

2,250

 

 

 

 

 

 

4,893

 

 

 

25,798

 

 

10,308

 

 

 

 

 

 

(40,999

)

 

 

 

Corporate expenses and other

 

1,599

 

 

 

1,620

 

 

 

3,297

 

 

 

6,516

 

 

 

5,872

 

 

1,736

 

 

 

651

 

 

 

7,994

 

 

 

22,769

 

Stock-based compensation

 

3,736

 

 

 

3,566

 

 

 

640

 

 

 

7,942

 

 

 

2,199

 

 

382

 

 

 

2,939

 

 

 

6,612

 

 

 

20,074

 

Adjusted Property EBITDAR

$

(21,808

)

 

$

(43,806

)

 

$

 

 

$

(65,614

)

 

$

195,760

 

$

61,136

 

 

$

(17,748

)

 

$

 

 

$

173,534

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

Nine Months Ended September 30, 2023

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Wynn Interactive

 

Corporate and Other

 

Total

Operating income (loss)

$

212,627

 

 

$

99,581

 

 

$

(16,297

)

 

$

295,911

 

 

$

384,048

 

$

(45,022

)

 

$

(268,029

)

 

$

115,538

 

 

$

482,446

 

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

81

 

 

1,253

 

 

 

5,591

 

 

 

(103

)

 

 

6,822

 

Depreciation and amortization

 

162,060

 

 

 

61,508

 

 

 

1,141

 

 

 

224,709

 

 

 

171,955

 

 

91,232

 

 

 

15,933

 

 

 

6,914

 

 

 

510,743

 

Impairment of goodwill and intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94,490

 

 

 

 

 

 

94,490

 

Property charges and other

 

12,914

 

 

 

10,483

 

 

 

15

 

 

 

23,412

 

 

 

8,474

 

 

709

 

 

 

99,670

 

 

 

 

 

 

132,265

 

Management and license fees

 

43,595

 

 

 

25,990

 

 

 

 

 

 

69,585

 

 

 

84,632

 

 

31,514

 

 

 

 

 

 

(185,731

)

 

 

 

Corporate expenses and other

 

7,475

 

 

 

7,591

 

 

 

12,034

 

 

 

27,100

 

 

 

21,150

 

 

5,693

 

 

 

4,841

 

 

 

43,558

 

 

 

102,342

 

Stock-based compensation

 

6,042

 

 

 

7,121

 

 

 

3,107

 

 

 

16,270

 

 

 

5,118

 

 

1,319

 

 

 

6,608

 

 

 

19,824

 

 

 

49,139

 

Triple-net operating lease rent expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

106,318

 

 

 

 

 

 

 

 

 

106,318

 

Adjusted Property EBITDAR

$

444,713

 

 

$

212,274

 

 

$

 

 

$

656,987

 

 

$

675,458

 

$

193,016

 

 

$

(40,896

)

 

$

 

 

$

1,484,565

 

 

 

Nine Months Ended September 30, 2022

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Wynn Interactive

 

Corporate and Other

 

Total

Operating income (loss)

$

(251,721

)

 

$

(182,128

)

 

$

(12,389

)

 

$

(446,238

)

 

$

328,762

 

$

25,551

 

 

$

(189,469

)

 

$

81,510

 

 

$

(199,884

)

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

10,031

 

 

199

 

 

 

3,166

 

 

 

 

 

 

13,396

 

Depreciation and amortization

 

154,293

 

 

 

60,750

 

 

 

2,328

 

 

 

217,371

 

 

 

144,108

 

 

117,296

 

 

 

34,448

 

 

 

6,803

 

 

 

520,026

 

Impairment of goodwill and intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,036

 

 

 

 

 

 

48,036

 

Property charges and other

 

2,918

 

 

 

9,366

 

 

 

27

 

 

 

12,311

 

 

 

3,319

 

 

674

 

 

 

20,107

 

 

 

(7,085

)

 

 

29,326

 

Management and license fees

 

10,086

 

 

 

8,846

 

 

 

 

 

 

18,932

 

 

 

73,174

 

 

29,810

 

 

 

 

 

 

(121,916

)

 

 

 

Corporate expenses and other

 

4,729

 

 

 

4,910

 

 

 

8,262

 

 

 

17,901

 

 

 

16,862

 

 

5,382

 

 

 

5,504

 

 

 

25,156

 

 

 

70,805

 

Stock-based compensation

 

7,073

 

 

 

9,378

 

 

 

1,772

 

 

 

18,223

 

 

 

5,588

 

 

1,220

 

 

 

8,006

 

 

 

15,532

 

 

 

48,569

 

Adjusted Property EBITDAR

$

(72,622

)

 

$

(88,878

)

 

$

 

 

$

(161,500

)

 

$

581,844

 

$

180,132

 

 

$

(70,202

)

 

$

 

 

$

530,274

 

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

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net income (loss) attributable to Wynn Resorts, Limited

$

(116,678

)

 

$

(142,892

)

 

$

838

 

 

$

(456,267

)

Net (loss) income attributable to noncontrolling interests

 

(3,863

)

 

 

(64,899

)

 

 

7,602

 

 

 

(219,556

)

Pre-opening expenses

 

867

 

 

 

6,447

 

 

 

6,822

 

 

 

13,396

 

Depreciation and amortization

 

171,969

 

 

 

172,502

 

 

 

510,743

 

 

 

520,026

 

Impairment of goodwill and intangible assets

 

93,990

 

 

 

 

 

 

94,490

 

 

 

48,036

 

Property charges and other

 

114,288

 

 

 

4,733

 

 

 

132,265

 

 

 

29,326

 

Triple-net operating lease rent expense

 

35,404

 

 

 

 

 

 

106,318

 

 

 

 

Corporate expenses and other

 

35,104

 

 

 

22,769

 

 

 

102,342

 

 

 

70,805

 

Stock-based compensation

 

16,144

 

 

 

20,074

 

 

 

49,139

 

 

 

48,569

 

Interest income

 

(46,534

)

 

 

(6,892

)

 

 

(130,854

)

 

 

(10,863

)

Interest expense, net of amounts capitalized

 

188,571

 

 

 

165,277

 

 

 

566,554

 

 

 

472,265

 

Change in derivatives fair value

 

50,637

 

 

 

(5,839

)

 

 

3,255

 

 

 

(14,801

)

(Gain) loss on debt financing transactions

 

(2,928

)

 

 

 

 

 

12,683

 

 

 

 

Other

 

(3,861

)

 

 

864

 

 

 

19,794

 

 

 

26,090

 

(Benefit) provision for income taxes

 

(2,749

)

 

 

1,390

 

 

 

2,574

 

 

 

3,248

 

Adjusted Property EBITDAR

$

530,361

 

 

$

173,534

 

 

$

1,484,565

 

 

$

530,274

 

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

September 30,

 

 

 

Nine Months Ended

September 30,

 

 

 

 

2023

 

 

 

2022

 

 

Percent Change

 

 

2023

 

 

 

2022

 

 

Percent Change

Wynn Palace Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

418,043

 

 

$

45,361

 

 

821.6

 

 

$

1,054,007

 

 

$

186,968

 

 

463.7

 

Rooms

 

54,309

 

 

 

6,974

 

 

678.7

 

 

 

151,311

 

 

 

27,813

 

 

444.0

 

Food and beverage

 

26,215

 

 

 

5,727

 

 

357.7

 

 

 

75,028

 

 

 

24,027

 

 

212.3

 

Entertainment, retail and other

 

26,206

 

 

 

17,186

 

 

52.5

 

 

 

82,140

 

 

 

58,416

 

 

40.6

 

Total

$

524,773

 

 

$

75,248

 

 

597.4

 

 

$

1,362,486

 

 

$

297,224

 

 

358.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

177,048

 

 

$

(21,808

)

 

NM

 

 

$

444,713

 

 

$

(72,622

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

58

 

 

 

49

 

 

18.4

 

 

 

55

 

 

 

54

 

 

1.9

 

VIP turnover

$

2,866,469

 

 

$

283,744

 

 

910.2

 

 

$

8,202,165

 

 

$

1,593,761

 

 

414.6

 

VIP table games win (1)

$

98,014

 

 

$

9,271

 

 

957.2

 

 

$

289,492

 

 

$

22,353

 

 

1,195.1

 

VIP table games win as a % of turnover

 

3.42

%

 

 

3.27

%

 

 

 

 

3.53

%

 

 

1.40

%

 

 

Table games win per unit per day

$

18,386

 

 

$

2,381

 

 

672.2

 

 

$

19,233

 

 

$

1,587

 

 

1,111.9

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

244

 

 

 

212

 

 

15.1

 

 

 

240

 

 

 

226

 

 

6.2

 

Table drop (2)

$

1,725,845

 

 

$

197,066

 

 

775.8

 

 

$

4,414,990

 

 

$

939,474

 

 

369.9

 

Table games win (1)

$

402,285

 

 

$

42,449

 

 

847.7

 

 

$

968,967

 

 

$

195,205

 

 

396.4

 

Table games win %

 

23.3

%

 

 

21.5

%

 

 

 

 

21.9

%

 

 

20.8

%

 

 

Table games win per unit per day

$

17,913

 

 

$

2,501

 

 

616.2

 

 

$

14,763

 

 

$

3,305

 

 

346.7

 

Average number of slot machines

 

563

 

 

 

607

 

 

(7.2

)

 

 

579

 

 

 

638

 

 

(9.2

)

Slot machine handle

$

634,121

 

 

$

121,522

 

 

421.8

 

 

$

1,760,345

 

 

$

502,856

 

 

250.1

 

Slot machine win (3)

$

22,228

 

 

$

5,418

 

 

310.3

 

 

$

75,236

 

 

$

22,989

 

 

227.3

 

Slot machine win per unit per day

$

429

 

 

$

112

 

 

283.0

 

 

$

476

 

 

$

138

 

 

244.9

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

96.9

%

 

 

28.1

%

 

 

 

 

93.8

%

 

 

34.4

%

 

 

ADR (4)

$

342

 

 

$

145

 

 

135.9

 

 

$

327

 

 

$

160

 

 

104.4

 

REVPAR (5)

$

331

 

 

$

41

 

 

707.3

 

 

$

307

 

 

$

55

 

 

458.2

 

NM: Not meaningful.

Note: The results of operations of Wynn Palace for the three and nine months ended September 30, 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.

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

September 30,

 

 

 

Nine Months Ended

September 30,

 

 

 

 

2023

 

 

 

2022

 

 

Percent Change

 

 

2023

 

 

 

2022

 

 

Percent Change

Wynn Macau Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

230,294

 

 

$

22,832

 

 

908.6

 

 

$

649,627

 

 

$

165,221

 

 

293.2

 

Rooms

 

31,673

 

 

 

4,395

 

 

620.7

 

 

 

79,774

 

 

 

18,547

 

 

330.1

 

Food and beverage

 

18,287

 

 

 

4,261

 

 

329.2

 

 

 

47,255

 

 

 

17,878

 

 

164.3

 

Entertainment, retail and other

 

14,762

 

 

 

8,880

 

 

66.2

 

 

 

50,679

 

 

 

32,405

 

 

56.4

 

Total

$

295,016

 

 

$

40,368

 

 

630.8

 

 

$

827,335

 

 

$

234,051

 

 

253.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

77,939

 

 

$

(43,806

)

 

NM

 

 

$

212,274

 

 

$

(88,878

)

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

36

 

 

 

39

 

 

(7.7

)

 

 

45

 

 

 

38

 

 

18.4

 

VIP turnover

$

1,192,610

 

 

$

152,872

 

 

680.1

 

 

$

3,727,106

 

 

$

1,341,567

 

 

177.8

 

VIP table games win (1)

$

41,995

 

 

$

2,389

 

 

1,657.8

 

 

$

130,574

 

 

$

50,864

 

 

156.7

 

VIP table games win as a % of turnover

 

3.52

%

 

 

1.56

%

 

 

 

 

3.50

%

 

 

3.79

%

 

 

Table games win per unit per day

$

12,638

 

 

$

771

 

 

1,539.2

 

 

$

10,569

 

 

$

5,164

 

 

104.7

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

217

 

 

 

230

 

 

(5.7

)

 

 

214

 

 

 

242

 

 

(11.6

)

Table drop (2)

$

1,384,258

 

 

$

167,539

 

 

726.2

 

 

$

3,597,557

 

 

$

852,832

 

 

321.8

 

Table games win (1)

$

228,323

 

 

$

22,232

 

 

927.0

 

 

$

613,154

 

 

$

135,074

 

 

353.9

 

Table games win %

 

16.5

%

 

 

13.3

%

 

 

 

 

17.0

%

 

 

15.8

%

 

 

Table games win per unit per day

$

11,423

 

 

$

1,211

 

 

843.3

 

 

$

10,485

 

 

$

2,140

 

 

390.0

 

Average number of slot machines

 

500

 

 

 

641

 

 

(22.0

)

 

 

521

 

 

 

630

 

 

(17.3

)

Slot machine handle

$

570,122

 

 

$

193,680

 

 

194.4

 

 

$

1,559,698

 

 

$

676,531

 

 

130.5

 

Slot machine win (3)

$

16,143

 

 

$

6,961

 

 

131.9

 

 

$

47,892

 

 

$

23,902

 

 

100.4

 

Slot machine win per unit per day

$

351

 

 

$

136

 

 

158.1

 

 

$

337

 

 

$

145

 

 

132.4

 

Poker rake

$

4,494

 

 

$

74

 

 

NM

 

 

$

13,807

 

 

$

134

 

 

NM

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

98.7

%

 

 

31.4

%

 

 

 

 

95.5

%

 

 

37.4

%

 

 

ADR (4)

$

327

 

 

$

137

 

 

138.7

 

 

$

281

 

 

$

163

 

 

72.4

 

REVPAR (5)

$

323

 

 

$

43

 

 

651.2

 

 

$

268

 

 

$

61

 

 

339.3

 

NM: Not meaningful.

Note: The results of operations of Wynn Macau for the three and nine months ended September 30, 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.

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

September 30,

 

 

 

Nine Months Ended

September 30,

 

 

 

 

2023

 

 

 

2022

 

 

Percent Change

 

 

2023

 

 

 

2022

 

 

Percent Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

168,130

 

 

$

134,314

 

 

25.2

 

 

$

460,606

 

 

$

393,930

 

 

16.9

 

Rooms

 

178,518

 

 

 

162,125

 

 

10.1

 

 

 

541,392

 

 

 

460,707

 

 

17.5

 

Food and beverage

 

203,066

 

 

 

193,733

 

 

4.8

 

 

 

570,695

 

 

 

526,389

 

 

8.4

 

Entertainment, retail and other

 

69,252

 

 

 

54,217

 

 

27.7

 

 

 

211,109

 

 

 

165,618

 

 

27.5

 

Total

$

618,966

 

 

$

544,389

 

 

13.7

 

 

$

1,783,802

 

 

$

1,546,644

 

 

15.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

219,740

 

 

$

195,760

 

 

12.2

 

 

$

675,458

 

 

$

581,844

 

 

16.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

234

 

 

 

237

 

 

(1.3

)

 

 

233

 

 

 

234

 

 

(0.4

)

Table drop (2)

$

607,610

 

 

$

570,419

 

 

6.5

 

 

$

1,768,057

 

 

$

1,683,317

 

 

5.0

 

Table games win (1)

$

157,873

 

 

$

118,263

 

 

33.5

 

 

$

431,896

 

 

$

386,306

 

 

11.8

 

Table games win %

 

26.0

%

 

 

20.7

%

 

 

 

 

24.4

%

 

 

22.9

%

 

 

Table games win per unit per day

$

7,340

 

 

$

5,420

 

 

35.4

 

 

$

6,777

 

 

$

6,047

 

 

12.1

 

Average number of slot machines

 

1,631

 

 

 

1,693

 

 

(3.7

)

 

 

1,650

 

 

 

1,711

 

 

(3.6

)

Slot machine handle

$

1,638,274

 

 

$

1,522,512

 

 

7.6

 

 

$

4,733,534

 

 

$

4,026,675

 

 

17.6

 

Slot machine win (3)

$

115,738

 

 

$

107,575

 

 

7.6

 

 

$

325,883

 

 

$

278,250

 

 

17.1

 

Slot machine win per unit per day

$

771

 

 

$

691

 

 

11.6

 

 

$

723

 

 

$

596

 

 

21.3

 

Poker rake

$

5,669

 

 

$

3,848

 

 

47.3

 

 

$

16,243

 

 

$

12,729

 

 

27.6

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

90.0

%

 

 

88.8

%

 

 

 

 

89.8

%

 

 

85.5

%

 

 

ADR (4)

$

463

 

 

$

426

 

 

8.7

 

 

$

473

 

 

$

440

 

 

7.5

 

REVPAR (5)

$

417

 

 

$

378

 

 

10.3

 

 

$

424

 

 

$

376

 

 

12.8

 

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

September 30,

 

 

 

Nine Months Ended

September 30,

 

 

 

 

2023

 

 

 

2022

 

 

Percent Change

 

 

2023

 

 

 

2022

 

 

Percent Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

155,986

 

 

$

157,369

 

 

(0.9

)

 

$

488,204

 

 

$

463,204

 

 

5.4

 

Rooms

 

24,838

 

 

 

23,718

 

 

4.7

 

 

 

65,895

 

 

 

61,819

 

 

6.6

 

Food and beverage

 

19,864

 

 

 

21,009

 

 

(5.5

)

 

 

64,101

 

 

 

60,272

 

 

6.4

 

Entertainment, retail and other

 

9,715

 

 

 

9,687

 

 

0.3

 

 

 

30,441

 

 

 

27,438

 

 

10.9

 

Total

$

210,403

 

 

$

211,783

 

 

(0.7

)

 

$

648,641

 

 

$

612,733

 

 

5.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

60,498

 

 

$

61,136

 

 

(1.0

)

 

$

193,016

 

 

$

180,132

 

 

7.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

191

 

 

 

188

 

 

1.6

 

 

 

193

 

 

 

185

 

 

4.3

 

Table drop (2)

$

343,686

 

 

$

364,844

 

 

(5.8

)

 

$

1,064,092

 

 

$

1,077,261

 

 

(1.2

)

Table games win (1)

$

71,555

 

 

$

76,970

 

 

(7.0

)

 

$

230,170

 

 

$

234,024

 

 

(1.6

)

Table games win %

 

20.8

%

 

 

21.1

%

 

 

 

 

21.6

%

 

 

21.7

%

 

 

Table games win per unit per day

$

4,079

 

 

$

4,448

 

 

(8.3

)

 

$

4,368

 

 

$

4,624

 

 

(5.5

)

Average number of slot machines

 

2,561

 

 

 

2,706

 

 

(5.4

)

 

 

2,547

 

 

 

2,754

 

 

(7.5

)

Slot machine handle

$

1,336,724

 

 

$

1,288,250

 

 

3.8

 

 

$

3,933,388

 

 

$

3,703,990

 

 

6.2

 

Slot machine win (3)

$

105,330

 

 

$

104,122

 

 

1.2

 

 

$

316,129

 

 

$

298,842

 

 

5.8

 

Slot machine win per unit per day

$

447

 

 

$

418

 

 

6.9

 

 

$

455

 

 

$

397

 

 

14.6

 

Poker rake

$

5,224

 

 

$

2,554

 

 

104.5

 

 

$

16,116

 

 

$

4,580

 

 

251.9

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

96.0

%

 

 

97.0

%

 

 

 

 

92.9

%

 

 

90.6

%

 

 

ADR (4)

$

421

 

 

$

398

 

 

5.8

 

 

$

389

 

 

$

374

 

 

4.0

 

REVPAR (5)

$

405

 

 

$

386

 

 

4.9

 

 

$

362

 

 

$

339

 

 

6.8

 

(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.

 

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