Wynn Resorts, Limited Reports Fourth Quarter and Year End 2022 Results
LAS VEGAS, February 8, 2023 — Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the fourth quarter and year ended December 31, 2022.
Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, for the fourth quarter of 2021. Adjusted Property EBITDAR(1) was $195.1 million for the fourth quarter of 2022, compared to Adjusted Property EBITDAR of $149.1 million for the fourth quarter of 2021.
"Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new fourth-quarter record for Adjusted Property EBITDAR at our combined North American properties. For the full year of 2022, these properties generated $1.04 billion of Adjusted Property EBITDAR, a record for us by a wide margin. These impressive results are a testament to 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 both Las Vegas and Massachusetts," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth."
Consolidated Results
Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Operating revenues for the fourth quarter of 2022 increased $91.6 million and $14.4 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $80.9 million, $54.5 million, and $7.8 million at Wynn Palace, Wynn Macau, and Wynn Interactive, respectively, from the fourth quarter of 2021.
Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, in the fourth quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $157.4 million, or $1.37 per diluted share, for the fourth quarter of 2021.
Adjusted Property EBITDAR was $195.1 million for the fourth quarter of 2022, compared to $149.1 million for the fourth quarter of 2021. Adjusted Property EBITDAR for the fourth quarter of 2022 increased $33.1 million and $51.1 million at our Las Vegas Operations and Wynn Interactive, respectively, and decreased $22.5 million, $10.7 million, and $5.0 million at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the fourth quarter of 2021.
For the year ended December 31, 2022, operating revenues were $3.76 billion, flat compared to operating revenues for the year ended December 31, 2021. Operating revenues for the year ended December 31, 2022 increased $628.5 million, $139.6 million, and $12.6 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $472.7 million and $314.8 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021.
Net loss attributable to Wynn Resorts, Limited was $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022, compared to net loss attributable to Wynn Resorts, Limited of $755.8 million, or $6.64 per diluted share for the year ended December 31, 2021. Adjusted net loss attributable to Wynn Resorts, Limited was $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $695.8 million, or $6.12 per diluted share, for the year ended December 31, 2021.
Adjusted Property EBITDAR was $725.4 million for the year ended December 31, 2022, compared to $569.4 million for the year ended December 31, 2021. Adjusted Property EBITDAR for the year ended December 31, 2022 increased $270.2 million, $33.3 million, and $168.9 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $188.2 million and $128.3 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021.
1
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $113.1 million for the fourth quarter of 2022, a decrease of $80.9 million from $194.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Palace was $(23.9) million for the fourth quarter of 2022, compared to $(1.4) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 0.11%, below the property's expected range of 3.1% to 3.4% and below the 2.59% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 23.3%, above the 22.7% experienced in the fourth quarter of 2021.
Wynn Macau
Operating revenues from Wynn Macau were $77.2 million for the fourth quarter of 2022, a decrease of $54.5 million from $131.7 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Macau was $(35.2) million for the fourth quarter of 2022, compared to $(24.5) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 1.20%, below the property's expected range of 3.1% to 3.4% and below the 2.85% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 17.2%, slightly below the 17.4% experienced in the fourth quarter of 2021.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $585.5 million for the fourth quarter of 2022, an increase of $91.6 million from $493.9 million for the fourth quarter of 2021. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2022 was $219.3 million, compared to $186.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.2%, below the property's expected range of 22% to 26% and above the 20.8% experienced in the fourth quarter of 2021.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $218.3 million for the fourth quarter of 2022, an increase of $14.4 million from $204.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2022 was $63.3 million, compared to $68.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.9%, within the property's expected range of 18% to 22% and below the 22.2% experienced in the fourth quarter of 2021.
Balance Sheet
Our cash and cash equivalents as of December 31, 2022 totaled $3.65 billion, comprised of $951.9 million held by Wynn Macau, Limited ("WML") and subsidiaries, $2.31 billion held by Wynn Resorts Finance excluding WML, and $395.1 million held at Corporate and other. As of December 31, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver was $837.0 million, and the WM Cayman II Revolver was fully drawn.
Total current and long-term debt outstanding at December 31, 2022 was $12.12 billion, comprised of $6.19 billion of Macau related debt, $3.14 billion of Wynn Las Vegas debt, $2.17 billion of Wynn Resorts Finance debt, and $613.5 million of debt held by the retail joint venture which we consolidate.
In the fourth quarter of 2022, the Company repurchased 82,900 shares of common stock at an average price of $59.08 per share, for an aggregate cost of $4.9 million, bringing our total repurchases for the year ended December 31, 2022 to 2,956,331 shares of common stock for an aggregate cost of $171.3 million.
In December 2022, we closed on our sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor (the "EBH Transaction"). Upon closing of the EBH Transaction, we received cash proceeds of approximately $1.7 billion in exchange for the sale of such real estate assets, and concurrently entered into a lease agreement for the purpose of continuing to operate the Encore Boston Harbor integrated resort. The lease agreement provides for an initial annual minimum rent of $100.0 million for an initial term of 30 years, subject to certain annual rent escalations and renewal provisions. We expect to use the proceeds from the EBH Transaction in accordance with the reinvestment and asset sale provisions of our senior secured credit facilities.
2
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 8, 2023 at 1:15 p.m. PT (4:15 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com.
On or before March 31, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 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, 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, the COVID-19 pandemic and the reimposition of restrictions on the general public or certain activities, 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, 2021, 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, gain on EBH Transaction, net, 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 extinguishment of debt, and other non-operating income and expenses. We use Adjusted Property EBITDAR to manage the operating results of our segments. 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 preopening 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 loss attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, gain on EBH Transaction, net, 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.
3
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 income (loss) attributable to Wynn Resorts, Limited to adjusted net 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
December 31,
Year Ended December 31,
2022
2021
2022
2021
Operating revenues:
Casino
$
423,218
$
518,192
$
1,632,541
$
2,133,420
Rooms
233,252
204,799
802,138
592,571
Food and beverage
217,648
198,759
846,214
633,911
Entertainment, retail and other
130,819
131,374
475,932
403,762
Total operating revenues
1,004,937
1,053,124
3,756,825
3,763,664
Operating expenses:
Casino
291,757
345,201
1,099,801
1,394,098
Rooms
69,869
61,547
261,343
197,734
Food and beverage
183,034
161,682
700,549
516,391
Entertainment, retail and other
91,676
150,386
328,529
450,358
General and administrative
232,017
221,923
830,450
796,592
Provision for credit losses
4,036
22,026
(7,295)
29,487
Pre-opening
7,247
1,366
20,643
6,821
Depreciation and amortization
172,292
170,424
692,318
715,962
Gain on EBH Transaction, net
(181,989)
—
(181,989)
—
Property charges and other
35,790
24,193
113,152
50,762
Total operating expenses
905,729
1,158,748
3,857,501
4,158,205
Operating income (loss)
99,208
(105,624)
(100,676)
(394,541)
Other income (expense):
Interest income
18,895
1,082
29,758
3,213
Interest expense, net of amounts capitalized
(178,620)
(151,961)
(650,885)
(605,562)
Change in derivatives fair value
1,155
4,803
15,956
11,360
Loss on extinguishment of debt
—
—
—
(2,060)
Other
31,901
(6,602)
5,811
(23,926)
Other income (expense), net
(126,669)
(152,678)
(599,360)
(616,975)
Loss before income taxes
(27,461)
(258,302)
(700,036)
(1,011,516)
Benefit (provision) for income taxes
(6,084)
1,871
(9,332)
(474)
Net loss
(33,545)
(256,431)
(709,368)
(1,011,990)
Less: net loss attributable to noncontrolling interests
65,956
79,241
285,512
256,204
Net income (loss) attributable to Wynn Resorts, Limited
$
32,411
$
(177,190)
$
(423,856)
$
(755,786)
Basic and diluted income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic
$
0.29
$
(1.54)
$
(3.73)
$
(6.64)
Diluted
$
0.29
$
(1.54)
$
(3.73)
$
(6.64)
Weighted average common shares outstanding:
Basic
112,321
114,768
113,623
113,760
Diluted
112,795
114,768
113,623
113,760
5
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
Three Months Ended
December 31,
Year Ended December 31,
2022
2021
2022
2021
Net income (loss) attributable to Wynn Resorts, Limited
$
32,411
$
(177,190)
$
(423,856)
$
(755,786)
Pre-opening expenses
7,247
1,366
20,643
6,821
Gain on EBH Transaction, net
(181,989)
—
(181,989)
—
Property charges and other
35,790
24,193
113,152
50,762
Change in derivatives fair value
(1,155)
(4,803)
(15,956)
(11,360)
Loss on extinguishment of debt
—
—
—
2,060
Foreign currency remeasurement and other
(31,901)
6,602
(5,811)
23,926
Income tax impact on adjustments
(198)
87
(294)
—
Noncontrolling interests impact on adjustments
1,110
(7,610)
(13,317)
(12,206)
Adjusted net loss attributable to Wynn Resorts, Limited
$
(138,685)
$
(157,355)
$
(507,428)
$
(695,783)
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share
$
(1.23)
$
(1.37)
$
(4.47)
$
(6.12)
Weighted average common shares outstanding - diluted
112,795
114,768
113,623
113,760
6
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Three Months Ended December 31, 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)
$
(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 compensation
3,654
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
Three Months Ended December 31, 2021
Wynn Palace
Wynn Macau
Other Macau
Total Macau Operations
Las Vegas Operations
Encore Boston Harbor
Wynn Interactive
Corporate and Other
Total
Operating income (loss)
$
(62,718)
$
(61,821)
$
(3,708)
$
(128,247)
$
98,505
$
15,557
$
(109,943)
$
18,504
$
(105,624)
Pre-opening expenses
—
—
—
—
852
—
514
—
1,366
Depreciation and amortization
51,959
20,424
978
73,361
48,463
39,142
7,225
2,233
170,424
Property charges and other
(281)
7,513
—
7,232
5,286
1,014
10,661
—
24,193
Management and license fees
6,179
4,192
—
10,371
23,669
9,922
—
(43,962)
—
Corporate expenses and other
1,197
1,276
2,170
4,643
7,124
2,403
8,529
15,837
38,536
Stock-based compensation
2,274
3,922
560
6,756
2,260
186
3,615
7,388
20,205
Adjusted Property EBITDAR
$
(1,390)
$
(24,494)
$
—
$
(25,884)
$
186,159
$
68,224
$
(79,399)
$
—
$
149,100
7
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited) (continued)
Year Ended December 31, 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)
$
(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)
Property charges and other
23,296
11,482
43
34,821
3,680
1,366
81,051
(7,766)
113,152
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 compensation
10,727
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
Year Ended December 31, 2021
Wynn Palace
Wynn Macau
Other Macau
Total Macau Operations
Las Vegas Operations
Encore Boston Harbor
Wynn Interactive
Corporate and Other
Total
Operating income (loss)
$
(202,379)
$
(132,362)
$
(13,507)
$
(348,248)
$
216,218
$
6,408
$
(351,125)
$
82,206
$
(394,541)
Pre-opening expenses
898
—
—
898
4,424
170
1,329
—
6,821
Depreciation and amortization
244,939
83,486
4,223
332,648
192,506
156,592
25,237
8,979
715,962
Property charges and other
3,792
10,322
21
14,135
11,545
2,337
23,161
(416)
50,762
Management and license fees
29,166
20,401
—
49,567
71,621
33,505
—
(154,693)
—
Corporate expenses and other
4,739
5,180
7,022
16,941
23,930
9,160
14,527
30,641
95,199
Stock-based compensation
10,491
17,182
2,241
29,914
10,634
1,896
19,511
33,283
95,238
Adjusted Property EBITDAR
$
91,646
$
4,209
$
—
$
95,855
$
530,878
$
210,068
$
(267,360)
$
—
$
569,441
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,
2022
2021
2022
2021
Net income (loss) attributable to Wynn Resorts, Limited
$
32,411
$
(177,190)
$
(423,856)
$
(755,786)
Net loss attributable to noncontrolling interests
(65,956)
(79,241)
(285,512)
(256,204)
Pre-opening expenses
7,247
1,366
20,643
6,821
Depreciation and amortization
172,292
170,424
692,318
715,962
Gain on EBH Transaction, net
(181,989)
—
(181,989)
—
Property charges and other
35,790
24,193
113,152
50,762
Triple-net operating lease rent expense
11,773
—
11,773
—
Corporate expenses and other
31,734
38,536
102,539
95,199
Stock-based compensation
19,058
20,205
67,627
95,238
Interest income
(18,895)
(1,082)
(29,758)
(3,213)
Interest expense, net of amounts capitalized
178,620
151,961
650,885
605,562
Change in derivatives fair value
(1,155)
(4,803)
(15,956)
(11,360)
Loss on extinguishment of debt
—
—
—
2,060
Other
(31,901)
6,602
(5,811)
23,926
(Benefit) provision for income taxes
6,084
(1,871)
9,332
474
Adjusted Property EBITDAR
$
195,113
$
149,100
$
725,387
$
569,441
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,
2022
2021
Percent Change
2022
2021
Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino
$
68,918
$
145,877
(52.8)
$
255,886
$
677,917
(62.3)
Rooms
12,266
15,488
(20.8)
40,079
69,022
(41.9)
Food and beverage
11,519
11,556
(0.3)
35,546
47,985
(25.9)
Entertainment, retail and other
20,362
21,066
(3.3)
78,778
88,083
(10.6)
Total
$
113,065
$
193,987
(41.7)
$
410,289
$
883,007
(53.5)
Adjusted Property EBITDAR (6)
$
(23,935)
$
(1,390)
NM
$
(96,557)
$
91,646
NM
Casino Statistics:
VIP:
Average number of table games
50
87
(42.5)
53
93
(43.0)
VIP turnover
$
1,047,561
$
1,189,652
(11.9)
$
2,641,321
$
6,435,947
(59.0)
VIP table games win (1)
$
1,118
$
30,798
(96.4)
$
23,471
$
253,767
(90.8)
VIP table games win as a % of turnover
0.11
%
2.59
%
0.89
%
3.94
%
Table games win per unit per day
$
245
$
3,845
(93.6)
$
1,259
$
7,443
(83.1)
Mass market:
Average number of table games
237
235
0.9
229
229
—
Table drop (2)
$
373,312
$
592,050
(36.9)
$
1,312,786
$
2,415,841
(45.7)
Table games win (1)
$
86,933
$
134,219
(35.2)
$
282,138
$
540,234
(47.8)
Table games win %
23.3
%
22.7
%
21.5
%
22.4
%
Table games win per unit per day
$
3,987
$
6,197
(35.7)
$
3,489
$
6,463
(46.0)
Average number of slot machines
578
715
(19.2)
623
710
(12.3)
Slot machine handle
$
229,341
$
347,518
(34.0)
$
732,197
$
1,454,577
(49.7)
Slot machine win (3)
$
8,306
$
13,599
(38.9)
$
31,295
$
58,152
(46.2)
Slot machine win per unit per day
$
156
$
207
(24.6)
$
142
$
224
(36.6)
Room statistics:
Occupancy
50.1
%
50.9
%
38.4
%
58.5
%
ADR (4)
$
146
$
185
(21.1)
$
156
$
182
(14.3)
REVPAR (5)
$
73
$
94
(22.3)
$
60
$
107
(43.9)
NM - Not meaningful.
Note: The results of operations of Wynn Palace for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and 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,
2022
2021
Percent Change
2022
2021
Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino
$
51,418
$
97,389
(47.2)
$
216,639
$
476,999
(54.6)
Rooms
7,144
11,467
(37.7)
25,691
50,492
(49.1)
Food and beverage
7,456
8,800
(15.3)
25,334
32,420
(21.9)
Entertainment, retail and other
11,180
14,018
(20.2)
43,585
66,104
(34.1)
Total
$
77,198
$
131,674
(41.4)
$
311,249
$
626,015
(50.3)
Adjusted Property EBITDAR (6)
$
(35,169)
$
(24,494)
NM
$
(124,047)
$
4,209
NM
Casino Statistics:
VIP:
Average number of table games
52
74
(29.7)
41
81
(49.4)
VIP turnover
$
429,575
$
858,131
(49.9)
$
1,771,143
$
5,488,118
(67.7)
VIP table games win (1)
$
5,135
$
24,440
(79.0)
$
55,999
$
155,064
(63.9)
VIP table games win as a % of turnover
1.20
%
2.85
%
3.16
%
2.83
%
Table games win per unit per day
$
1,074
$
3,596
(70.1)
$
3,828
$
5,250
(27.1)
Mass market:
Average number of table games
217
240
(9.6)
235
240
(2.1)
Table drop (2)
$
317,801
$
527,159
(39.7)
$
1,170,633
$
2,230,348
(47.5)
Table games win (1)
$
54,695
$
91,517
(40.2)
$
189,769
$
412,753
(54.0)
Table games win %
17.2
%
17.4
%
16.2
%
18.5
%
Table games win per unit per day
$
2,740
$
4,146
(33.9)
$
2,284
$
4,720
(51.6)
Average number of slot machines
691
600
15.2
646
587
10.1
Slot machine handle
$
218,935
$
254,966
(14.1)
$
895,466
$
1,057,303
(15.3)
Slot machine win (3)
$
7,867
$
6,909
13.9
$
31,768
$
35,483
(10.5)
Slot machine win per unit per day
$
124
$
125
(0.8)
$
139
$
166
(16.3)
Room statistics:
Occupancy
51.8
%
55.2
%
41.1
%
58.8
%
ADR (4)
$
135
$
204
(33.8)
$
154
$
213
(27.7)
REVPAR (5)
$
70
$
112
(37.5)
$
63
$
125
(49.6)
NM - Not meaningful.
Note: The results of operations of Wynn Macau for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and 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,
2022
2021
Percent Change
2022
2021
Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino
$
141,349
$
121,187
16.6
$
535,279
$
426,440
25.5
Rooms
190,584
159,527
19.5
651,291
425,777
53.0
Food and beverage
176,126
156,197
12.8
702,515
489,587
43.5
Entertainment, retail and other
77,433
56,985
35.9
243,051
161,877
50.1
Total
$
585,492
$
493,896
18.5
$
2,132,136
$
1,503,681
41.8
Adjusted Property EBITDAR (6)
$
219,251
$
186,159
17.8
$
801,095
$
530,878
50.9
Casino Statistics:
Average number of table games
234
224
4.5
234
210
11.4
Table drop (2)
$
590,693
$
584,060
1.1
$
2,274,010
$
1,842,792
23.4
Table games win (1)
$
125,441
$
121,256
3.5
$
511,746
$
407,195
25.7
Table games win %
21.2
%
20.8
%
22.5
%
22.1
%
Table games win per unit per day
$
5,823
$
5,879
(1.0)
$
5,990
$
5,323
12.5
Average number of slot machines
1,678
1,743
(3.7)
1,703
1,688
0.9
Slot machine handle
$
1,591,100
$
1,316,154
20.9
$
5,617,775
$
4,379,421
28.3
Slot machine win (3)
$
115,802
$
87,866
31.8
$
394,052
$
297,548
32.4
Slot machine win per unit per day
$
750
$
548
36.9
$
634
$
483
31.3
Poker rake
$
6,950
$
5,848
18.8
$
19,680
$
14,552
35.2
Room statistics:
Occupancy
89.9
%
86.3
%
86.7
%
69.5
%
ADR (4)
$
492
$
441
11.6
$
454
$
386
17.6
REVPAR (5)
$
443
$
380
16.6
$
393
$
268
46.6
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,
2022
2021
Percent Change
2022
2021
Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino
$
161,534
$
153,739
5.1
$
624,738
$
552,064
13.2
Rooms
23,259
18,317
27.0
85,078
47,280
79.9
Food and beverage
22,546
22,206
1.5
82,818
63,919
29.6
Entertainment, retail and other
11,001
9,716
13.2
38,439
28,260
36.0
Total
$
218,340
$
203,978
7.0
$
831,073
$
691,523
20.2
Adjusted Property EBITDAR (6)
$
63,254
$
68,224
(7.3)
$
243,386
$
210,068
15.9
Casino Statistics:
Average number of table games
194
181
7.2
187
189
(1.1)
Table drop (2)
$
370,590
$
377,131
(1.7)
$
1,447,851
$
1,267,908
14.2
Table games win (1)
$
81,032
$
83,858
(3.4)
$
315,057
$
273,174
15.3
Table games win %
21.9
%
22.2
%
21.8
%
21.5
%
Table games win per unit per day
$
4,546
$
5,033
(9.7)
$
4,604
$
3,959
16.3
Average number of slot machines
2,601
2,741
(5.1)
2,716
2,387
13.8
Slot machine handle
$
1,303,782
$
1,172,909
11.2
$
5,007,772
$
4,377,181
14.4
Slot machine win (3)
$
103,846
$
95,630
8.6
$
402,688
$
358,827
12.2
Slot machine win per unit per day
$
434
$
379
14.5
$
406
$
412
(1.5)
Poker rake
$
4,895
$
—
NM
$
9,476
$
—
NM
Room statistics:
Occupancy
93.9
%
87.2
%
91.4
%
85.2
%
ADR (4)
$
404
$
341
18.5
$
382
$
328
16.5
REVPAR (5)
$
380
$
297
27.9
$
349
$
279
25.1
NM - Not meaningful.
Note: Encore Boston Harbor's room statistics have been computed based on 250 days of operations for the year ended December 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 EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
