Wynn Resorts, Limited Reports Second Quarter 2021 Results
LAS VEGAS, August 4, 2021 — Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended June 30, 2021.
Operating revenues were $990.1 million for the second quarter of 2021, an increase of $904.4 million, from $85.7 million for the second quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $131.4 million, or $1.15 per diluted share, for the second quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $637.6 million, or $5.97 per diluted share, in the second quarter of 2020. Net loss attributable to Wynn Resorts, Limited for the second quarter of 2020 excluded the impact of $75.7 million of expense related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, which we accrued during the first quarter of 2020. Adjusted Property EBITDA (1) at our integrated resort properties increased $164.5 million, $96.7 million, $208.8 million, and $100.7 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, when compared with the second quarter of 2020.
"We were pleased to see the strong return of our guests at both Wynn Las Vegas and Encore Boston Harbor during the second quarter with Adjusted Property EBITDA at our U.S. operations well above pre-pandemic levels, highlighting the significant pent-up demand for travel and leisure experiences," said Matt Maddox, CEO of Wynn Resorts, Limited. "While there have been some fits and starts along the road to recovery in Macau, we were encouraged by the strong demand we experienced during the May holiday period, particularly in our premium mass casino and luxury retail segments. On the development front, our WynnBET online casino and sports betting app is currently available in six states with additional launches planned over the coming months. We continue to enhance our product with frequent new feature releases and are advancing our marketing and branding strategy as we approach the upcoming NFL 2021 season."
Consolidated Results
Operating revenues were $990.1 million for the second quarter of 2021, an increase of $904.4 million, from $85.7 million for the second quarter of 2020. Operating revenues increased $261.7 million, $172.1 million, $290.2 million, and $165.0 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the second quarter of 2020.
On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $131.4 million, or $1.15 per diluted share, for the second quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $637.6 million, or $5.97 per diluted share, in the second quarter of 2020. Adjusted net loss attributable to Wynn Resorts, Limited (2) was $128.7 million, or $1.12 per diluted share, for the second quarter of 2021, compared to adjusted net loss attributable to Wynn Resorts, Limited of $655.7 million, or $6.14 per diluted share, for the second quarter of 2020.
Adjusted Property EBITDA was $206.9 million for the second quarter of 2021. Adjusted Property EBITDA was $(322.9) million for the second quarter of 2020, which excluded the impact of $75.7 million of expense related to our commitment to pay salary, tips and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, which was accrued during the first quarter of 2020.
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 with certain COVID-19 specific protective measures in place. On August 3, 2021, in response to a risk of a community outbreak, the government of Macau has announced enhanced measures including tighter border control and strict mandatory COVID-19 testing requirements. We are currently unable to determine when and what additional measures may be introduced. On May 3, 2021, the Company's Las Vegas Operations were permitted by the Nevada Gaming Control Board to reopen all gaming areas to 100% of capacity, with no continuing table game or slot machine spacing restrictions. On July 27, 2021, the Governor of Nevada issued an emergency directive, in accordance with new recommendations from the Centers for Disease Control, re-imposing mask protection requirements in all public indoor areas effective July 30, 2021. 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. The Encore Boston Harbor property continues to operate its hotel tower Thursday through Sunday.
1
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $270.4 million for the second quarter of 2021, an increase of $261.7 million from $8.7 million for the second quarter of 2020. Adjusted Property EBITDA from Wynn Palace was $53.6 million for the second quarter of 2021, compared with $(110.9) million for the second quarter of 2020. VIP table games win as a percentage of turnover was 3.95%, above the property's expected range of 2.7% to 3.0% and above the (1.73)% experienced in the second quarter of 2020. Table games win percentage in mass market operations was 23.1%, below the 32.5% experienced in the second quarter of 2020.
Wynn Macau
Operating revenues from Wynn Macau were $184.0 million for the second quarter of 2021, an increase of $172.1 million from $11.9 million for the second quarter of 2020. Adjusted Property EBITDA was $14.1 million for the second quarter of 2021, compared with $(82.6) million for the second quarter of 2020. VIP table games win as a percentage of turnover was 2.64%, below the property's expected range of 2.7% to 3.0% and above the (2.00)% experienced in the second quarter of 2020. Table games win percentage in mass market operations was 19.2%, above the 8.3% experienced in the second quarter of 2020.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $355.1 million for the second quarter of 2021, an increase of $290.2 million from $64.9 million for the second quarter of 2020. Adjusted Property EBITDA from our Las Vegas Operations for the second quarter of 2021 was $133.2 million. Adjusted Property EBITDA from our Las Vegas Operations for the second quarter of 2020 was $(75.6) million, which excluded the impact of $56.4 million of expense related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, which we accrued within operating expenses during the first quarter of 2020. Table games win percentage for the second quarter of 2021 was 23.2%, within the property's expected range of 22% to 26% and above the 19.7% experienced in the second quarter of 2020.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $165.2 million for the second quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the second quarter of 2021 was $46.9 million. Adjusted Property EBITDA from Encore Boston Harbor for the second quarter of 2020 was $(53.8) million, which excluded the impact of $19.3 million of expense related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, which we accrued within operating expenses during the first quarter of 2020. Table games win percentage for the second quarter of 2021 was 21.2%, within the property's expected range of 18% to 22%.
Balance Sheet
Our cash and cash equivalents as of June 30, 2021 totaled $2.80 billion, comprised of approximately $1.72 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $272.3 million held by Wynn Resorts Finance excluding WML, and approximately $808.2 million at Corporate and other.
As of June 30, 2021, the available borrowing capacity under the Wynn Resorts Finance Revolver and Wynn Macau Revolver was $834.2 million and $293.2 million, respectively.
Total current and long-term debt outstanding at June 30, 2021 was $11.92 billion, comprised of $5.94 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.24 billion of Wynn Resorts Finance debt, and $612.6 million of debt held by the retail joint venture which we consolidate.
In August 2021, a subsidiary of WML received lender commitments for a senior unsecured revolving credit facility in an aggregate principal amount of up to $1.50 billion with a final maturity four years from inception. The Company expects to enter into the facility during the third quarter of 2021, and to use a portion of the proceeds from borrowings under the new facility to facilitate the repayment of the outstanding $1.26 billion of borrowings under the existing Wynn Macau Credit Facilities at closing.
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 August 4, 2021 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 August 13, 2021, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended June 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, 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
3
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.
4
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
Operating revenues:
Casino
$
602,746
$
9,413
$
1,118,964
$
580,202
Rooms
137,765
17,415
213,955
170,096
Food and beverage
149,142
24,007
217,651
173,421
Entertainment, retail and other
100,460
34,863
176,225
115,695
Total operating revenues
990,113
85,698
1,726,795
1,039,414
Operating expenses:
Casino
381,615
131,138
733,581
573,828
Rooms
50,552
30,367
84,087
103,847
Food and beverage
117,106
61,889
191,054
237,799
Entertainment, retail and other
80,922
16,873
154,381
62,453
General and administrative
197,545
152,081
377,319
386,409
Provision for credit losses
441
28,347
7,808
48,960
Pre-opening
2,495
2,186
4,122
4,737
Depreciation and amortization
183,307
179,266
368,428
358,012
Property charges and other
5,651
6,567
11,268
33,796
Total operating expenses
1,019,634
608,714
1,932,048
1,809,841
Operating loss
(29,521)
(523,016)
(205,253)
(770,427)
Other income (expense):
Interest income
720
3,983
1,624
11,936
Interest expense, net of amounts capitalized
(150,424)
(133,218)
(303,276)
(262,045)
Change in derivatives fair value
972
(3,294)
5,381
(18,954)
Loss on extinguishment of debt
—
(619)
(1,322)
(1,462)
Other
5,553
2,233
(5,540)
12,568
Other income (expense), net
(143,179)
(130,915)
(303,133)
(257,957)
Loss before income taxes
(172,700)
(653,931)
(508,386)
(1,028,384)
Provision for income taxes
(697)
(80,938)
(1,190)
(156,738)
Net loss
(173,397)
(734,869)
(509,576)
(1,185,122)
Less: net loss attributable to noncontrolling interests
42,028
97,305
97,229
145,521
Net loss attributable to Wynn Resorts, Limited
$
(131,369)
$
(637,564)
$
(412,347)
$
(1,039,601)
Basic and diluted net loss per common share:
Net loss attributable to Wynn Resorts, Limited:
Basic
$
(1.15)
$
(5.97)
$
(3.66)
$
(9.74)
Diluted
$
(1.15)
$
(5.97)
$
(3.66)
$
(9.74)
Weighted average common shares outstanding:
Basic
114,545
106,713
112,792
106,688
Diluted
114,545
106,713
112,792
106,688
Dividends declared per common share:
$
—
$
—
$
—
$
1.00
5
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 June 30,
Six Months Ended June 30,
2021
2020
2021
2020
Net loss attributable to Wynn Resorts, Limited (1)
$
(131,369)
$
(637,564)
$
(412,347)
$
(1,039,601)
Litigation settlement net gain
—
(27,700)
—
(27,700)
Pre-opening expenses
2,495
2,186
4,122
4,737
Property charges and other
5,651
6,567
11,268
33,796
Change in derivatives fair value
(972)
3,294
(5,381)
18,954
Loss on extinguishment of debt
—
619
1,322
1,462
Foreign currency remeasurement (gain) loss
(5,553)
(2,233)
5,540
(12,568)
Income tax impact on adjustments
(72)
768
(72)
832
Noncontrolling interests impact on adjustments
1,090
(1,603)
(1,178)
(13,498)
Adjusted net loss attributable to Wynn Resorts, Limited
$
(128,730)
$
(655,666)
$
(396,726)
$
(1,033,586)
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share
$
(1.12)
$
(6.14)
$
(3.52)
$
(9.69)
Weighted average common shares outstanding - diluted
114,545
106,713
112,792
106,688
(1) For the three months ended June 30, 2020, excludes $75.7 million of expense accrued during the first quarter of 2020 related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020.
6
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended June 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
$
(26,231)
$
422
$
66,062
$
980
$
8,648
$
1,177
$
2,497
$
53,555
Wynn Macau
(20,334)
—
20,782
1,945
5,999
1,266
4,428
14,086
Other Macau
(3,052)
—
1,095
2
—
1,410
545
—
Total Macau Operations
(49,617)
422
87,939
2,927
14,647
3,853
7,470
67,641
Las Vegas Operations
54,985
1,932
48,078
2,724
16,907
5,635
2,961
133,222
Encore Boston Harbor
(3,620)
28
39,155
479
7,997
2,258
619
46,916
Corporate and other
(31,269)
113
8,135
(479)
(39,551)
8,095
14,057
(40,899)
Total
$
(29,521)
$
2,495
$
183,307
$
5,651
$
—
$
19,841
$
25,107
$
206,880
Three Months Ended June 30, 2020
Operating income (loss) (1)
Pre-opening expenses
Depreciation and amortization
Property charges and other
Management and license fees
Corporate expenses and other (2)
Stock-based compensation
Adjusted Property EBITDA
Macau Operations:
Wynn Palace
$
(185,342)
$
615
$
67,222
$
993
$
2,250
$
1,360
$
1,994
$
(110,908)
Wynn Macau
(114,156)
—
23,007
480
2,250
1,485
4,288
(82,646)
Other Macau
(2,870)
—
1,108
3
—
1,364
395
—
Total Macau Operations
(302,368)
615
91,337
1,476
4,500
4,209
6,677
(193,554)
Las Vegas Operations
(136,790)
1,037
48,395
(304)
2,850
6,945
2,303
(75,564)
Encore Boston Harbor
(99,430)
—
36,894
3,617
9
4,233
898
(53,779)
Corporate and other
15,572
534
2,640
1,778
(7,359)
(24,371)
11,206
—
Total
$
(523,016)
$
2,186
$
179,266
$
6,567
$
—
$
(8,984)
$
21,084
$
(322,897)
(1) Excludes $56.4 million and $19.3 million of expense accrued during the first quarter of 2020 related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, for our Las Vegas Operations and Encore Boston Harbor, respectively.
(2) Corporate and other includes a $27.7 million net gain recorded in relation to a derivative litigation settlement.
7
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands) (unaudited)
(continued)
Six Months Ended June 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
$
(81,019)
$
836
$
133,072
$
3,154
$
16,826
$
2,355
$
5,700
$
80,924
Wynn Macau
(37,286)
—
42,246
2,192
11,854
2,630
9,006
30,642
Other Macau
(6,322)
—
2,203
17
—
2,953
1,149
—
Total Macau Operations
(124,627)
836
177,521
5,363
28,680
7,938
15,855
111,566
Las Vegas Operations
14,979
2,443
96,181
5,151
25,515
11,049
5,985
161,303
Encore Boston Harbor
(22,253)
28
78,268
1,221
14,234
4,540
1,241
77,279
Corporate and other
(73,352)
815
16,458
(467)
(68,429)
14,235
26,372
(84,368)
Total
$
(205,253)
$
4,122
$
368,428
$
11,268
$
—
$
37,762
$
49,453
$
265,780
Six Months Ended June 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
$
(277,004)
$
615
$
134,231
$
23,292
$
11,675
$
2,931
$
3,528
$
(100,732)
Wynn Macau
(130,239)
—
46,884
2,334
10,413
3,280
3,890
(63,438)
Other Macau
(6,387)
—
2,226
3
—
3,393
765
—
Total Macau Operations
(413,630)
615
183,341
25,629
22,088
9,604
8,183
(164,170)
Las Vegas Operations
(230,227)
2,176
95,640
(191)
18,055
13,234
3,672
(97,641)
Encore Boston Harbor
(160,048)
—
73,768
3,865
6,958
7,365
1,677
(66,415)
Corporate and other
33,478
1,946
5,263
4,493
(47,101)
(14,995)
16,916
—
Total
$
(770,427)
$
4,737
$
358,012
$
33,796
$
—
$
15,208
$
30,448
$
(328,226)
(1) Corporate and other includes a $27.7 million net gain recorded in relation to a derivative litigation settlement.
8
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
Net loss attributable to Wynn Resorts, Limited (1)
$
(131,369)
$
(637,564)
$
(412,347)
$
(1,039,601)
Net loss attributable to noncontrolling interests
(42,028)
(97,305)
(97,229)
(145,521)
Pre-opening expenses
2,495
2,186
4,122
4,737
Depreciation and amortization
183,307
179,266
368,428
358,012
Property charges and other
5,651
6,567
11,268
33,796
Corporate expenses and other
19,841
(8,984)
37,762
15,208
Stock-based compensation
25,107
21,084
49,453
30,448
Interest income
(720)
(3,983)
(1,624)
(11,936)
Interest expense, net of amounts capitalized
150,424
133,218
303,276
262,045
Change in derivatives fair value
(972)
3,294
(5,381)
18,954
Loss on extinguishment of debt
—
619
1,322
1,462
Other
(5,553)
(2,233)
5,540
(12,568)
Provision for income taxes
697
80,938
1,190
156,738
Adjusted Property EBITDA
$
206,880
$
(322,897)
$
265,780
$
(328,226)
(1) For the three months ended June 30, 2020, excludes $75.7 million of expense accrued during the first quarter of 2020 related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020.
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 June 30,
Six Months Ended June 30,
2021
2020
Percent Change
2021
2020
Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino
$
212,067
$
(11,428)
NM
$
397,976
$
196,148
102.9
Rooms
20,883
2,431
759.0
37,895
22,141
71.2
Food and beverage
13,805
4,231
226.3
25,477
17,529
45.3
Entertainment, retail and other
23,616
13,484
75.1
46,349
32,413
43.0
Total
$
270,371
$
8,718
3,001.3
$
507,697
$
268,231
89.3
Adjusted Property EBITDA (6)
$
53,555
$
(110,908)
NM
$
80,924
$
(100,732)
NM
Casino Statistics:
VIP:
Average number of table games
94
100
(6.0)
99
95
4.2
VIP turnover
$
1,811,381
$
1,719,825
5.3
$
4,011,563
$
6,512,279
(38.4)
VIP table games win (1)
$
71,570
$
(29,806)
NM
$
168,026
$
109,763
53.1
VIP table games win as a % of turnover
3.95
%
(1.73)
%
4.19
%
1.69
%
Table games win per unit per day
$
8,346
$
(3,276)
NM
$
9,402
$
6,865
37.0
Mass market:
Average number of table games
228
221
3.2
225
201
11.9
Table drop (2)
$
707,494
$
22,029
3,111.6
$
1,315,012
$
497,252
164.5
Table games win (1)
$
163,547
$
7,168
2,181.6
$
295,196
$
137,882
114.1
Table games win %
23.1
%
32.5
%
22.4
%
27.7
%
Table games win per unit per day
$
7,877
$
357
2,106.4
$
7,249
$
4,075
77.9
Average number of slot machines
726
480
51.3
707
596
18.6
Slot machine handle
$
421,269
$
39,415
968.8
$
780,041
$
464,129
68.1
Slot machine win (3)
$
18,772
$
2,395
683.8
$
33,015
$
20,800
58.7
Slot machine win per unit per day
$
284
$
55
416.4
$
258
$
208
24.0
Room statistics:
Occupancy
70.6%
4.4%
65.6%
23.5%
ADR (4)
$
180
$
339
(46.9)
$
179
$
298
(39.9)
REVPAR (5)
$
127
$
15
746.7
$
118
$
70
68.6
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.
NM - Not meaningful.
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 June 30,
Six Months Ended June 30,
2021
2020
Percent Change
2021
2020
Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino
$
142,419
$
(3,524)
NM
$
281,346
$
186,604
50.8
Rooms
13,427
2,631
410.3
28,129
18,542
51.7
Food and beverage
8,559
3,684
132.3
15,992
13,215
21.0
Entertainment, retail and other
19,623
9,097
115.7
38,212
23,016
66.0
Total
$
184,028
$
11,888
1,448.0
$
363,679
$
241,377
50.7
Adjusted Property EBITDA (6)
$
14,086
$
(82,646)
NM
$
30,642
$
(63,438)
NM
Casino Statistics:
VIP:
Average number of table games
85
91
(6.6)
87
86
1.2
VIP turnover
$
1,489,912
$
607,144
145.4
$
3,294,294
$
3,571,290
(7.8)
VIP table games win (1)
$
39,388
$
(12,161)
NM
$
98,022
$
110,464
(11.3)
VIP table games win as a % of turnover
2.64
%
(2.00)
%
2.98
%
3.09
%
Table games win per unit per day
$
5,111
$
(1,471)
NM
$
6,201
$
7,623
(18.7)
Mass market:
Average number of table games
240
229
4.8
240
208
15.4
Table drop (2)
$
670,400
$
40,817
1,542.5
$
1,261,290
$
619,052
103.7
Table games win (1)
$
128,921
$
3,391
3,701.9
$
234,104
$
121,333
92.9
Table games win %
19.2
%
8.3
%
18.6
%
19.6
%
Table games win per unit per day
$
5,903
$
163
3,521.5
$
5,390
$
3,472
55.2
Average number of slot machines
607
440
38.0
588
529
11.2
Slot machine handle
$
300,523
$
62,011
384.6
$
601,794
$
428,549
40.4
Slot machine win (3)
$
9,223
$
2,626
251.2
$
19,431
$
15,921
22.0
Slot machine win per unit per day
$
167
$
66
153.0
$
183
$
179
2.2
Poker rake
$
—
$
—
—
$
—
$
2,083
(100.0)
Room statistics:
Occupancy
68.0%
7.5%
64.4%
28.4%
ADR (4)
$
198
$
342
(42.1)
$
219
$
324
(32.4)
REVPAR (5)
$
135
$
25
440.0
$
141
$
92
53.3
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.
NM - Not meaningful.
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 June 30,
Six Months Ended June 30,
2021
2020
Percent Change
2021
2020
Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino
$
112,775
$
24,365
362.9
$
192,678
$
95,660
101.4
Rooms
93,785
12,353
659.2
133,546
118,458
12.7
Food and beverage
112,858
16,092
601.3
152,935
122,071
25.3
Entertainment, retail and other
35,648
12,076
195.2
54,623
52,521
4.0
Total
$
355,066
$
64,886
447.2
$
533,782
$
388,710
37.3
Adjusted Property EBITDA (6)
$
133,222
$
(75,564)
NM
$
161,303
$
(97,641)
NM
Casino Statistics:
Average number of table games
218
221
(1.4)
195
233
(16.3)
Table drop (2)
$
427,014
$
90,873
369.9
$
751,545
$
505,806
48.6
Table games win (1)
$
99,021
$
17,918
452.6
$
175,674
$
100,584
74.7
Table games win %
23.2%
19.7%
23.4%
19.9%
Table games win per unit per day
$
4,997
$
2,998
66.7
$
4,979
$
4,152
19.9
Average number of slot machines
1,715
1,752
(2.1)
1,631
1,762
(7.4)
Slot machine handle
$
1,115,149
$
246,393
352.6
$
1,906,409
$
911,226
109.2
Slot machine win (3)
$
78,890
$
17,523
350.2
$
129,379
$
64,197
101.5
Slot machine win per unit per day
$
506
$
371
36.4
$
438
$
350
25.1
Poker rake
$
3,927
$
—
100.0
$
5,794
$
2,175
166.4
Room statistics:
Occupancy
67.2%
43.7%
52.9%
70.6%
ADR (4)
$
333
$
226
47.3
$
332
$
350
(5.1)
REVPAR (5)
$
224
$
99
126.3
$
176
$
247
(28.7)
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%.
NM - Not meaningful.
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 June 30,
Six Months Ended June 30,
2021
2020
Percent Change
2021
2020
Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino
$
135,485
$
—
NM
$
246,964
$
101,790
142.6
Rooms
9,670
—
NM
14,385
10,955
31.3
Food and beverage
13,920
—
NM
23,247
20,606
12.8
Entertainment, retail and other
6,166
206
NM
10,735
7,745
38.6
Total
$
165,241
$
206
NM
$
295,331
$
141,096
109.3
Adjusted Property EBITDA (6)
$
46,916
$
(53,779)
NM
$
77,279
$
(66,415)
NM
Casino Statistics:
Average number of table games
195
197
160
23.1
Table drop (2)
$
306,070
$
540,632
$
275,631
96.1
Table games win (1)
$
64,874
$
114,251
$
57,286
99.4
Table games win %
21.2%
21.1%
20.8%
Table games win per unit per day
$
3,654
$
3,201
$
4,826
(33.7)
Average number of slot machines
2,171
2,031
2,837
(28.4)
Slot machine handle
$
1,094,178
$
2,007,973
$
767,739
161.5
Slot machine win (3)
$
89,560
$
164,380
$
59,448
176.5
Slot machine win per unit per day
$
453
$
447
$
283
58.0
Poker rake
$
—
$
—
$
5,105
(100.0)
Room statistics:
Occupancy
87.8%
81.1%
75.8%
ADR (4)
$
304
$
294
$
292
0.7
REVPAR (5)
$
267
$
238
$
222
7.2
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. Accordingly, statistics for the the three months ended June 30, 2020 have been omitted from the table. On July 10, 2020, Encore Boston Harbor reopened with certain COVID-19 specific protective measures in place, in addition to the limitations on operating hours. 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. Accordingly, Encore Boston Harbor's room statistics have been computed based on 53 days of operations for the three months ended June 30, 2021 and 89 days of operations for the six months ended June 30, 2021, respectively. 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. The property continues to operate its hotel tower Thursday through Sunday.
NM - Not meaningful.
(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.
