Wynn Resorts, Limited Reports Third Quarter 2021 Results
LAS VEGAS, November 9, 2021 — Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended September 30, 2021.
Operating revenues were $994.6 million for the third quarter of 2021, an increase of $624.2 million, from $370.5 million for the third quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $166.2 million, or $1.45 per diluted share, for the third quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $758.1 million, or $7.10 per diluted share, in the third quarter of 2020. Adjusted Property EBITDA (1) at our integrated resort properties increased $89.8 million, $32.5 million, $163.2 million, and $38.6 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, when compared with the third quarter of 2020. Adjusted Property EBITDA was $(103.6) million at Corporate and other for the third quarter of 2021.
"We were pleased to deliver record Adjusted Property EBITDA at both Wynn Las Vegas and Encore Boston Harbor during the third quarter," said Matt Maddox, CEO of Wynn Resorts, Limited. "With our recent investments in innovative food and beverage offerings, a new convention facility in Las Vegas and a revamped casino loyalty program, the best days are ahead for our business in North America. And while there have been some fits and starts along the road to recovery in Macau, we are confident that Macau will benefit from the return of consumer demand as we progress through 2022."
Consolidated Results
Operating revenues were $994.6 million for the third quarter of 2021, an increase of $624.2 million, from $370.5 million for the third quarter of 2020. Operating revenues increased $165.6 million, $79.3 million, $289.3 million, and $75.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the third quarter of 2020.
On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $166.2 million, or $1.45 per diluted share, for the third quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $758.1 million, or $7.10 per diluted share, in the third quarter of 2020. Adjusted net loss attributable to Wynn Resorts, Limited (2) was $141.7 million, or $1.24 per diluted share, for the third quarter of 2021, compared to adjusted net loss attributable to Wynn Resorts, Limited of $751.4 million, or $7.04 per diluted share, for the third quarter of 2020.
Adjusted Property EBITDA was $154.6 million for the third quarter of 2021, compared to Adjusted Property EBITDA of $(65.9) million in the third quarter of 2020. Adjusted Property EBITDA was $(103.6) million at Corporate and other for the third quarter of 2021.
Property Results
In response to the initial outbreak of COVID-19 in early 2020, each of our properties was subject to partial or full closure for varying lengths of time during 2020, and each has since reopened. Over the course of the nine months ended September 30, 2021, the Company's Las Vegas Operations and Encore Boston Harbor have each incrementally resumed full operations, including reopening gaming areas to 100% of capacity and restoring seven-day-per-week hotel operations, as permitted by governmental authorities and in response to increased customer demand. Given the evolving conditions created by and in response to the COVID-19 pandemic, measures that have been lifted may be reintroduced if there are adverse developments in the COVID-19 situation, and management cannot reasonably estimate the impact of such developments to the Company's future results of operations, cash flows, or financial condition.
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $181.3 million for the third quarter of 2021, an increase of $165.6 million from $15.7 million for the third quarter of 2020. Adjusted Property EBITDA from Wynn Palace was $12.1 million for the third quarter of 2021, compared with $(77.6) million for the third quarter of 2020. VIP table games win as a percentage of turnover was 4.45%, above the property's expected range of 2.7% to 3.0% and above the 1.04% experienced in the third quarter of 2020. Table games win percentage in mass market operations was 21.8%, below the 22.0% experienced in the third quarter of 2020.
1
Wynn Macau
Operating revenues from Wynn Macau were $130.7 million for the third quarter of 2021, an increase of $79.3 million from $51.4 million for the third quarter of 2020. Adjusted Property EBITDA was $(1.9) million for the third quarter of 2021, compared with $(34.5) million for the third quarter of 2020. VIP table games win as a percentage of turnover was 2.44%, below the property's expected range of 2.7% to 3.0% and below the 3.95% experienced in the third quarter of 2020. Table games win percentage in mass market operations was 19.7%, above the 18.7% experienced in the third quarter of 2020.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $476.0 million for the third quarter of 2021, an increase of $289.3 million from $186.7 million for the third quarter of 2020. Adjusted Property EBITDA from our Las Vegas Operations for the third quarter of 2021 was $183.4 million, compared with $20.3 million for the third quarter of 2020. Table games win percentage for the third quarter of 2021 was 21.7%, below the property's expected range of 22% to 26% and above the 20.2% experienced in the third quarter of 2020.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $192.2 million for the third quarter of 2021, an increase of $75.5 million from $116.7 million for the third quarter of 2020. Adjusted Property EBITDA from Encore Boston Harbor for the third quarter of 2021 was $64.6 million, compared with $26.0 million for the third quarter of 2020. Table games win percentage for the third quarter of 2021 was 21.4%, within the property's expected range of 18% to 22% and below the 21.8% experienced in the third quarter of 2020.
Balance Sheet
Our cash and cash equivalents as of September 30, 2021 totaled $2.48 billion, comprised of approximately $1.39 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $327.4 million held by Wynn Resorts Finance excluding WML, and approximately $760.7 million at Corporate and other.
As previously disclosed, on September 16, 2021, WM Cayman Holdings Limited II, a subsidiary of WML, entered into an unsecured revolving credit facility in an aggregate principal amount of $1.50 billion (the "WM Cayman II Revolver"). Borrowings of $1.09 billion under the new facility, along with $200.0 million of cash, were used to facilitate the prepayment of the outstanding $1.26 billion of borrowings under the Wynn Macau Credit Facilities and to pay related fees and expenses.
As of September 30, 2021, the available borrowing capacity under the Wynn Resorts Finance Revolver and WM Cayman II Revolver was $834.2 million and $413.1 million, respectively.
Total current and long-term debt outstanding at September 30, 2021 was $11.74 billion, comprised of $5.77 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.23 billion of Wynn Resorts Finance debt, and $612.8 million of debt held by the retail joint venture which we consolidate.
Conference Call and Other Information
The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on November 9, 2021 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 12, 2021, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 2021 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.
Forward-looking Statements
This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, the recent global pandemic of COVID-19, caused by a novel strain of the coronavirus, and the continued impact of its consequences, extensive regulation of our business,
2
pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political and economic conditions, adverse tourism trends, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development, and success of new gaming and resort properties, construction risks, cybersecurity risk and our leverage and debt service. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and the Company's other periodic reports filed with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
(1) "Adjusted Property EBITDA" is net loss before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDA because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDA calculations preopening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, our calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
(2) "Adjusted net loss attributable to Wynn Resorts, Limited" is net loss attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in derivatives fair value, loss on extinguishment of debt, and foreign currency remeasurement and other, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net loss attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income (loss) and earnings per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net loss attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
The Company has included schedules in the tables that accompany this release that reconcile (i) net loss attributable to Wynn Resorts, Limited to adjusted net loss attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDA, and (iii) net loss attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.
3
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,
2021
2020
2021
2020
Operating revenues:
Casino
$
496,264
$
201,872
$
1,615,228
$
782,074
Rooms
173,817
61,144
387,772
231,240
Food and beverage
217,501
76,586
435,152
250,007
Entertainment, retail and other
107,062
30,850
283,287
146,545
Total operating revenues
994,644
370,452
2,721,439
1,409,866
Operating expenses:
Casino
315,316
160,861
1,048,897
734,689
Rooms
52,100
35,940
136,187
139,787
Food and beverage
163,655
76,536
354,709
314,335
Entertainment, retail and other
156,490
13,370
310,871
75,823
General and administrative
197,350
160,896
574,669
547,305
Provision for credit losses
(347)
11,588
7,461
60,548
Pre-opening
1,333
877
5,455
5,614
Depreciation and amortization
177,110
183,486
545,538
541,498
Property charges and other
15,301
9,905
26,569
43,701
Total operating expenses
1,078,308
653,459
3,010,356
2,463,300
Operating loss
(83,664)
(283,007)
(288,917)
(1,053,434)
Other income (expense):
Interest income
507
2,033
2,131
13,969
Interest expense, net of amounts capitalized
(150,325)
(145,142)
(453,601)
(407,187)
Change in derivatives fair value
1,176
4,675
6,557
(14,279)
Loss on extinguishment of debt
(738)
(3,139)
(2,060)
(4,601)
Other
(11,784)
412
(17,324)
12,980
Other income (expense), net
(161,164)
(141,161)
(464,297)
(399,118)
Loss before income taxes
(244,828)
(424,168)
(753,214)
(1,452,552)
Provision for income taxes
(1,155)
(407,365)
(2,345)
(564,103)
Net loss
(245,983)
(831,533)
(755,559)
(2,016,655)
Less: net loss attributable to noncontrolling interests
79,734
73,391
176,963
218,912
Net loss attributable to Wynn Resorts, Limited
$
(166,249)
$
(758,142)
$
(578,596)
$
(1,797,743)
Basic and diluted net loss per common share:
Net loss attributable to Wynn Resorts, Limited:
Basic
$
(1.45)
$
(7.10)
$
(5.10)
$
(16.85)
Diluted
$
(1.45)
$
(7.10)
$
(5.10)
$
(16.85)
Weighted average common shares outstanding:
Basic
114,655
106,783
113,420
106,720
Diluted
114,655
106,783
113,420
106,720
Dividends declared per common share:
$
—
$
—
$
—
$
1.00
4
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2021
2020
2021
2020
Net loss attributable to Wynn Resorts, Limited
$
(166,249)
$
(758,142)
$
(578,596)
$
(1,797,743)
Litigation settlement net gain
—
(2,500)
—
(30,200)
Pre-opening expenses
1,333
877
5,455
5,614
Property charges and other
15,301
9,905
26,569
43,701
Change in derivatives fair value
(1,176)
(4,675)
(6,557)
14,279
Loss on extinguishment of debt
738
3,139
2,060
4,601
Foreign currency remeasurement loss (gain)
11,784
(412)
17,324
(12,980)
Income tax impact on adjustments
(15)
(812)
(87)
20
Noncontrolling interests impact on adjustments
(3,418)
1,183
(4,596)
(12,315)
Adjusted net loss attributable to Wynn Resorts, Limited
$
(141,702)
$
(751,437)
$
(538,428)
$
(1,785,023)
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share
$
(1.24)
$
(7.04)
$
(4.75)
$
(16.73)
Weighted average common shares outstanding - diluted
114,655
106,783
113,420
106,720
5
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2021
Operating income (loss)
Pre-opening expenses
Depreciation and amortization
Property charges and other
Management and license fees
Corporate expenses and other
Stock-based compensation
Adjusted Property EBITDA
Macau Operations:
Wynn Palace
$
(58,642)
$
62
$
59,908
$
919
$
6,161
$
1,187
$
2,517
$
12,112
Wynn Macau
(33,255)
—
20,816
617
4,355
1,274
4,254
(1,939)
Other Macau
(3,477)
—
1,042
4
—
1,899
532
—
Total Macau Operations
(95,374)
62
81,766
1,540
10,516
4,360
7,303
10,173
Las Vegas Operations
102,734
1,129
47,862
1,108
22,437
5,757
2,389
183,416
Encore Boston Harbor
13,104
142
39,182
102
9,349
2,217
469
64,565
Corporate and other
(104,128)
—
8,300
12,551
(42,302)
6,567
15,419
(103,593)
Total
$
(83,664)
$
1,333
$
177,110
$
15,301
$
—
$
18,901
$
25,580
$
154,561
Three Months Ended September 30, 2020
Operating income (loss)
Pre-opening expenses
Depreciation and amortization
Property charges and other
Management and license fees
Corporate expenses and other
Stock-based compensation
Adjusted Property EBITDA
Macau Operations:
Wynn Palace
$
(150,477)
$
378
$
67,424
$
502
$
2,250
$
258
$
2,018
$
(77,647)
Wynn Macau
(63,052)
—
22,247
538
2,250
340
3,220
(34,457)
Other Macau
(2,501)
—
1,109
2
—
993
397
—
Total Macau Operations
(216,030)
378
90,780
1,042
4,500
1,591
5,635
(112,104)
Las Vegas Operations
(47,377)
68
51,320
1,155
8,855
4,458
1,779
20,258
Encore Boston Harbor
(25,094)
—
37,745
6,354
5,680
1,535
(234)
25,986
Corporate and other
5,494
431
3,641
1,354
(19,035)
5,242
2,873
—
Total
$
(283,007)
$
877
$
183,486
$
9,905
$
—
$
12,826
$
10,053
$
(65,860)
6
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands) (unaudited)
(continued)
Nine Months Ended September 30, 2021
Operating income (loss)
Pre-opening expenses
Depreciation and amortization
Property charges and other
Management and license fees
Corporate expenses and other
Stock-based compensation
Adjusted Property EBITDA
Macau Operations:
Wynn Palace
$
(139,661)
$
898
$
192,980
$
4,073
$
22,987
$
3,542
$
8,217
$
93,036
Wynn Macau
(70,541)
—
63,062
2,809
16,209
3,904
13,260
28,703
Other Macau
(9,799)
—
3,245
21
—
4,852
1,681
—
Total Macau Operations
(220,001)
898
259,287
6,903
39,196
12,298
23,158
121,739
Las Vegas Operations
117,713
3,572
144,043
6,259
47,952
16,806
8,374
344,719
Encore Boston Harbor
(9,149)
170
117,450
1,323
23,583
6,757
1,710
141,844
Corporate and other
(177,480)
815
24,758
12,084
(110,731)
20,802
41,791
(187,961)
Total
$
(288,917)
$
5,455
$
545,538
$
26,569
$
—
$
56,663
$
75,033
$
420,341
Nine Months Ended September 30, 2020
Operating income (loss)
Pre-opening expenses
Depreciation and amortization
Property charges and other
Management and license fees
Corporate expenses and other (1)
Stock-based compensation
Adjusted Property EBITDA
Macau Operations:
Wynn Palace
$
(427,481)
$
993
$
201,655
$
23,794
$
13,925
$
3,189
$
5,546
$
(178,379)
Wynn Macau
(193,291)
—
69,131
2,872
12,663
3,620
7,110
(97,895)
Other Macau
(8,888)
—
3,335
5
—
4,386
1,162
—
Total Macau Operations
(629,660)
993
274,121
26,671
26,588
11,195
13,818
(276,274)
Las Vegas Operations
(277,604)
2,244
146,960
964
26,910
17,692
5,451
(77,383)
Encore Boston Harbor
(185,142)
—
111,513
10,219
12,638
8,900
1,443
(40,429)
Corporate and other
38,972
2,377
8,904
5,847
(66,136)
(9,753)
19,789
—
Total
$
(1,053,434)
$
5,614
$
541,498
$
43,701
$
—
$
28,034
$
40,501
$
(394,086)
(1) Corporate and other includes a $30.2 million net gain recorded in relation to a derivative litigation settlement.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2021
2020
2021
2020
Net loss attributable to Wynn Resorts, Limited
$
(166,249)
$
(758,142)
$
(578,596)
$
(1,797,743)
Net loss attributable to noncontrolling interests
(79,734)
(73,391)
(176,963)
(218,912)
Pre-opening expenses
1,333
877
5,455
5,614
Depreciation and amortization
177,110
183,486
545,538
541,498
Property charges and other
15,301
9,905
26,569
43,701
Corporate expenses and other
18,901
12,826
56,663
28,034
Stock-based compensation
25,580
10,053
75,033
40,501
Interest income
(507)
(2,033)
(2,131)
(13,969)
Interest expense, net of amounts capitalized
150,325
145,142
453,601
407,187
Change in derivatives fair value
(1,176)
(4,675)
(6,557)
14,279
Loss on extinguishment of debt
738
3,139
2,060
4,601
Other
11,784
(412)
17,324
(12,980)
Provision for income taxes
1,155
407,365
2,345
564,103
Adjusted Property EBITDA
$
154,561
$
(65,860)
$
420,341
$
(394,086)
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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,
2021
2020
Percent Change
2021
2020
Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino
$
134,064
$
12,301
989.9
$
532,040
$
208,449
155.2
Rooms
15,639
4,506
247.1
53,534
26,647
100.9
Food and beverage
10,952
6,856
59.7
36,429
24,385
49.4
Entertainment, retail and other (7)
20,668
(7,962)
NM
67,017
24,451
174.1
Total
$
181,323
$
15,701
1,054.9
$
689,020
$
283,932
142.7
Adjusted Property EBITDA (6)
$
12,112
$
(77,647)
NM
$
93,036
$
(178,379)
NM
Casino Statistics:
VIP:
Average number of table games
89
102
(12.7)
96
97
(1.0)
VIP turnover
$
1,234,733
$
311,676
296.2
$
5,246,296
$
6,823,955
(23.1)
VIP table games win (1)
$
54,943
$
3,244
1,593.7
$
222,968
$
113,007
97.3
VIP table games win as a % of turnover
4.45
%
1.04
%
4.25
%
1.66
%
Table games win per unit per day
$
6,691
$
347
1,828.2
$
8,548
$
4,458
91.7
Mass market:
Average number of table games
231
223
3.6
227
209
8.6
Table drop (2)
$
508,779
$
86,347
489.2
$
1,823,792
$
583,599
212.5
Table games win (1)
$
110,820
$
19,015
482.8
$
406,016
$
156,897
158.8
Table games win %
21.8
%
22.0
%
22.3
%
26.9
%
Table games win per unit per day
$
5,223
$
929
462.2
$
6,555
$
2,889
126.9
Average number of slot machines
712
569
25.1
708
586
20.8
Slot machine handle
$
327,017
$
78,580
316.2
$
1,107,058
$
542,708
104.0
Slot machine win (3)
$
11,538
$
3,995
188.8
$
44,553
$
24,796
79.7
Slot machine win per unit per day
$
176
$
76
131.6
$
230
$
163
41.1
Room statistics:
Occupancy
51.9%
11.6%
61.1%
19.3%
ADR (4)
$
187
$
225
(16.9)
$
181
$
283
(36.0)
REVPAR (5)
$
97
$
26
273.1
$
111
$
54
105.6
NM - Not meaningful.
Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos' operations have since been fully restored; however, certain COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results for travelers seeking entry to Macau remain in effect at the present time. We are currently unable to determine when these measures will be lifted.
9
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,
2021
2020
Percent Change
2021
2020
Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino
$
98,264
$
27,154
261.9
$
379,610
$
213,758
77.6
Rooms
10,896
4,938
120.7
39,025
23,480
66.2
Food and beverage
7,628
5,606
36.1
23,620
18,821
25.5
Entertainment, retail and other (7)
13,874
13,670
1.5
52,086
36,686
42.0
Total
$
130,662
$
51,368
154.4
$
494,341
$
292,745
68.9
Adjusted Property EBITDA (6)
$
(1,939)
$
(34,457)
94.4
$
28,703
$
(97,895)
NM
Casino Statistics:
VIP:
Average number of table games
75
91
(17.6)
83
88
(5.7)
VIP turnover
$
1,335,694
$
498,519
167.9
$
4,629,987
$
4,069,809
13.8
VIP table games win (1)
$
32,602
$
19,679
65.7
$
130,624
$
130,143
0.4
VIP table games win as a % of turnover
2.44
%
3.95
%
2.82
%
3.20
%
Table games win per unit per day
$
4,704
$
2,351
100.1
$
5,745
$
5,692
0.9
Mass market:
Average number of table games
238
240
(0.8)
239
219
9.1
Table drop (2)
$
441,899
$
133,006
232.2
$
1,703,189
$
752,058
126.5
Table games win (1)
$
87,132
$
24,898
250.0
$
321,236
$
146,231
119.7
Table games win %
19.7
%
18.7
%
18.9
%
19.4
%
Table games win per unit per day
$
3,972
$
1,128
252.1
$
4,914
$
2,564
91.7
Average number of slot machines
574
472
21.6
583
509
14.5
Slot machine handle
$
200,543
$
87,988
127.9
$
802,337
$
516,537
55.3
Slot machine win (3)
$
9,142
$
3,072
197.6
$
28,573
$
18,993
50.4
Slot machine win per unit per day
$
173
$
71
143.7
$
179
$
144
24.3
Poker rake
$
—
$
—
—
$
—
$
2,083
(100.0)
Room statistics:
Occupancy
51.3%
16.6%
60.0%
24.4%
ADR (4)
$
211
$
291
(27.5)
$
217
$
316
(31.3)
REVPAR (5)
$
108
$
48
125.0
$
130
$
77
68.8
NM - Not meaningful.
Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos' operations have since been fully restored; however, certain COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results for travelers seeking entry to Macau remain in effect at the present time. We are currently unable to determine when these measures will be lifted.
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 September 30,
Nine Months Ended September 30,
2021
2020
Percent Change
2021
2020
Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino
$
112,575
$
65,694
71.4
$
305,253
$
161,354
89.2
Rooms
132,704
44,961
195.2
266,250
163,419
62.9
Food and beverage
180,455
55,043
227.8
333,390
177,114
88.2
Entertainment, retail and other
50,269
20,999
139.4
104,892
73,520
42.7
Total
$
476,003
$
186,697
155.0
$
1,009,785
$
575,407
75.5
Adjusted Property EBITDA (6)
$
183,416
$
20,258
805.4
$
344,719
$
(77,383)
NM
Casino Statistics:
Average number of table games
224
223
0.4
205
228
(10.1)
Table drop (2)
$
507,188
$
324,939
56.1
$
1,258,733
$
830,745
51.5
Table games win (1)
$
110,265
$
65,611
68.1
$
285,939
$
166,196
72.0
Table games win %
21.7%
20.2%
22.7%
20.0%
Table games win per unit per day
$
5,354
$
3,191
67.8
$
5,117
$
3,711
37.9
Average number of slot machines
1,746
1,738
0.5
1,670
1,751
(4.6)
Slot machine handle
$
1,156,858
$
739,291
56.5
$
3,063,267
$
1,650,517
85.6
Slot machine win (3)
$
80,303
$
48,267
66.4
$
209,682
$
112,464
86.4
Slot machine win per unit per day
$
500
$
302
65.6
$
460
$
328
40.2
Poker rake
$
2,910
$
10
NM
$
8,704
$
2,185
298.4
Room statistics:
Occupancy
83.0%
39.2%
63.4%
55.8%
ADR (4)
$
392
$
269
45.7
$
360
$
323
11.5
REVPAR (5)
$
326
$
105
210.5
$
228
$
180
26.7
NM - Not meaningful.
Note: Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020 and reopened on June 4, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. On October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to reduced customer demand levels. This adjusted operating schedule remained in effect through the first quarter of 2021, and on April 8, 2021, Encore at Wynn Las Vegas resumed full operations. On May 3, 2021, all industry restrictions were lifted and capacity limits increased to 100%.
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 September 30,
Nine Months Ended September 30,
2021
2020
Percent Change
2021
2020
Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino
$
151,361
$
96,723
56.5
$
398,325
$
198,513
100.7
Rooms
14,578
6,739
116.3
28,963
17,694
63.7
Food and beverage
18,466
9,081
103.3
41,713
29,687
40.5
Entertainment, retail and other
7,809
4,143
88.5
18,544
11,888
56.0
Total
$
192,214
$
116,686
64.7
$
487,545
$
257,782
89.1
Adjusted Property EBITDA (6)
$
64,565
$
25,986
148.5
$
141,844
$
(40,429)
NM
Casino Statistics:
Average number of table games
181
186
(2.7)
192
174
10.3
Table drop (2)
$
350,145
$
217,797
60.8
$
890,777
$
493,428
80.5
Table games win (1)
$
74,818
$
47,528
57.4
$
189,070
$
104,814
80.4
Table games win %
21.4%
21.8%
21.2%
21.2%
Table games win per unit per day
$
4,498
$
3,079
46.1
$
3,613
$
3,839
(5.9)
Average number of slot machines
2,734
1,877
45.7
2,268
2,330
(2.7)
Slot machine handle
$
1,196,299
$
813,435
47.1
$
3,204,272
$
1,581,174
102.7
Slot machine win (3)
$
98,816
$
63,458
55.7
$
263,197
$
122,906
114.1
Slot machine win per unit per day
$
393
$
407
(3.4)
$
425
$
336
26.5
Poker rake
$
—
$
—
—
$
—
$
5,105
(100.0)
Room statistics:
Occupancy
87.8%
72.7%
84.1%
74.6%
ADR (4)
$
351
$
294
19.4
$
320
$
293
9.2
REVPAR (5)
$
308
$
214
43.9
$
269
$
218
23.4
NM - Not meaningful.
Note: Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020, for the remainder of the first and second quarters of 2020. On July 10, 2020, Encore Boston Harbor reopened with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection. In addition, certain food and beverage outlets remain closed, and hotel reservations were limited to Thursday through Sunday through the third quarter of 2020. Accordingly, Encore Boston Harbor's room statistics have been computed based on 47 and 121 days of operation for the three and nine months ended September 30, 2020, respectively. On January 25, 2021, the limitations on operating hours were lifted, and Encore Boston Harbor restored 24-hour casino operations and reopened its hotel tower on a Thursday through Sunday schedule. On April 27, 2021, the Governor of Massachusetts announced a phased plan for further reopening and on May 28, 2021 signed an executive order rescinding the COVID-related restrictions and limitations on businesses as of May 29, 2021. On September 1, 2021, Encore Boston Harbor reopened its hotel tower to seven days per week. Accordingly, Encore Boston Harbor's room statistics have been computed based on 69 and 158 days of operations for the three and nine months ended September 30, 2021, respectively.
(1) Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2) In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3) Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4) ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5) REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6) Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDA and Net Loss Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.
(7) For the three and nine months ended September 30, 2020, reflects the impact of rent concessions provided to tenants.
