Wynn Resorts, Limited Reports Third Quarter 2020 Results
LAS VEGAS, November 5, 2020 — Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended September 30, 2020.
Operating revenues were $370.5 million for the third quarter of 2020, a decrease of 77.5%, or $1.28 billion, from $1.65 billion for the third quarter of 2019. Net loss attributable to Wynn Resorts, Limited was $758.1 million, or $7.10 per diluted share, for the third quarter of 2020, compared to net loss attributable to Wynn Resorts, Limited of $3.5 million, or $0.03 per diluted share, in the third quarter of 2019. Net loss attributable to Wynn Resorts, Limited for the third quarter of 2020 reflects a provision for income taxes of $407.4 million, primarily related to an increase in the valuation allowance against deferred tax assets no longer expected to be realized. Adjusted Property EBITDA (1) was $(65.9) million for the third quarter of 2020, compared to Adjusted Property EBITDA of $396.9 million in the third quarter of 2019.
"We are encouraged by the progress we have made in each of our properties over the past several months, despite the ongoing impact of the virus and related operating limitations," said Matt Maddox, CEO of Wynn Resorts, Limited. "Encore Boston Harbor delivered record quarterly EBITDA during the third quarter, while Wynn Las Vegas continued to experience strong leisure demand on weekends with solid hotel occupancy and casino play. In Macau, visitation restrictions have begun to gradually and thoughtfully ease, allowing us to achieve EBITDA break-even in October. We are confident that Macau will continue to benefit from the return of consumer demand as we head into 2021."
"On the development front, we have made substantial progress advancing Wynn Interactive, our majority owned sports betting and online gaming subsidiary. During the third quarter, we launched online sports and casino offerings in New Jersey to an encouraging initial customer response. Beyond New Jersey, we have secured market access in numerous other states, and are in the process of applying for licenses on a standalone basis in Tennessee and Virginia. We are also in discussions with potential partners regarding additional access agreements in other jurisdictions. Our nationally-recognized brand and unique product-led strategy position us well to generate our fair share of this important, fast-growing business over the coming years."
Consolidated Results
Operating revenues were $370.5 million for the third quarter of 2020, a decrease of 77.5%, or $1.28 billion, from $1.65 billion for the third quarter of 2019. Operating revenues decreased $582.5 million, $422.9 million, $212.8 million, and $59.1 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the third quarter of 2019.
On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $758.1 million, or $7.10 per diluted share, for the third quarter of 2020, compared to net loss attributable to Wynn Resorts, Limited of $3.5 million, or $0.03 per diluted share, in the third quarter of 2019. Net loss attributable to Wynn Resorts, Limited for the third quarter of 2020 reflects a provision for income taxes of $407.4 million, primarily related to an increase in the valuation allowance against deferred tax assets no longer expected to be realized. Adjusted net loss attributable to Wynn Resorts, Limited (2) was $751.4 million, or $7.04 per diluted share, for the third quarter of 2020, compared to adjusted net income attributable to Wynn Resorts, Limited of $18.5 million, or $0.17 per diluted share, for the third quarter of 2019.
Adjusted Property EBITDA was $(65.9) million for the third quarter of 2020, compared to $396.9 million for the third quarter of 2019. Adjusted Property EBITDA decreased $239.8 million, $173.4 million, and $67.8 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and increased $18.2 million at Encore Boston Harbor.
1
Property Results
Macau Operations
Our casino operations at Wynn Palace and Wynn 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 traveler quarantines and requirements for negative COVID-19 tests before entering Macau, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, COVID-19 negative test results requirements for entry to gaming areas, and health declarations remain in effect at the present time. We are currently unable to determine when these measures will be lifted. On September 23, 2020, mainland China authorities fully resumed the Individual Visit Scheme exit visa program, subject to certain testing requirements and health declarations.
Wynn Palace
Operating revenues from Wynn Palace were $15.7 million for the third quarter of 2020, a 97.4% decrease from $598.2 million for the third quarter of 2019. Adjusted Property EBITDA from Wynn Palace was $(77.6) million for the third quarter of 2020, compared with $162.2 million for the third quarter of 2019. VIP table games win as a percentage of turnover was 1.04%, below the property's expected range of 2.7% to 3.0% and below the 3.19% experienced in the third quarter of 2019. Table games win percentage in mass market operations was 22.0%, below the 25.0% experienced in the third quarter of 2019.
Wynn Macau
Operating revenues from Wynn Macau were $51.4 million for the third quarter of 2020, an 89.2% decrease from $474.3 million for the third quarter of 2019. Adjusted Property EBITDA was $(34.5) million for the third quarter of 2020, compared with $139.0 million for the third quarter of 2019. 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 2.76% experienced in the third quarter of 2019. Table games win percentage in mass market operations was 18.7%, below the 20.7% experienced in the third quarter of 2019.
Las Vegas Operations
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. Beginning October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to currently reduced customer demand levels. We are currently unable to determine when certain of these measures will be lifted.
Operating revenues from our Las Vegas Operations were $186.7 million for the third quarter of 2020, a 53.3% decrease from $399.5 million for the third quarter of 2019. Adjusted Property EBITDA from our Las Vegas Operations for the third quarter of 2020 was $20.3 million, compared with $88.0 million for the third quarter of 2019. Table games win percentage was 20.2%, below the property's expected range of 22% to 26% and above the 19.9% experienced in the third quarter of 2019.
Encore Boston Harbor
Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020, and reopened on July 10, 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, and 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. On November 2, 2020, the Governor of Massachusetts issued a directive limiting the operating hours of certain businesses, including restaurants and casinos, effective November 6, 2020. Encore Boston Harbor may modify its operations as a result of this directive. We are currently unable to determine when these measures will be lifted.
Operating revenues from Encore Boston Harbor were $116.7 million for the third quarter of 2020, a 33.6% decrease from $175.8 million for the third quarter of 2019. Adjusted Property EBITDA from Encore Boston Harbor for the third quarter of 2020 was $26.0 million, compared with $7.7 million for the third quarter of 2019. Table games win percentage was 21.8%, within the property's expected range of 18% to 22% and above the 19.7% experienced in the third quarter of 2019.
2
Wynn Interactive
In October 2020, Wynn Interactive, Ltd. ("Wynn Interactive") was formed through the merger of our U.S. online sports betting and gaming business, social casino business, and our strategic partner, BetBull Limited ("BetBull"). Following the merger, Wynn Resorts owns approximately 71% of Wynn Interactive and will consolidate Wynn Interactive going forward. We expect this transaction to position Wynn Resorts to capitalize on developing opportunities in digital and interactive sports betting and gaming throughout the U.S., by combining Wynn Resorts' nationally recognized brand with BetBull's digital sports betting operational capabilities and technology.
Balance Sheet
Our cash and cash equivalents as of September 30, 2020 totaled $3.55 billion, comprised of approximately $2.28 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $391.8 million held by Wynn Resorts Finance excluding WML, and approximately $881.9 million at Corporate and other.
As of September 30, 2020, the available borrowing capacity under the Wynn Resorts Finance Revolver was $15.9 million. As of September 30, 2020, the Company had no available borrowing capacity under the Wynn Macau Revolver.
Total current and long-term debt outstanding at September 30, 2020 was $12.79 billion, comprised of $5.96 billion of Macau related debt, $3.12 billion of Wynn Las Vegas debt, $3.10 billion of Wynn Resorts Finance debt, and $612.2 million of debt held by the retail joint venture which we consolidate.
As previously disclosed, on August 26, 2020, WML issued $250.0 million aggregate principal amount of 5.500% Senior Notes due 2026 and $600.0 million aggregate principal amount of 5.625% Senior Notes due 2028. WML used the net proceeds from the offering to facilitate the prepayment of term loans outstanding under the Wynn Macau Credit Facilities in September 2020.
3
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 5, 2020 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 13, 2020, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 2020 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, 2019 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.
Non-GAAP Financial Measures
(1) "Adjusted Property EBITDA" is net income (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 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 income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before nonrecurring regulatory expense, litigation settlement net gain, pre-opening expenses, property charges and other, change in derivatives fair value, loss on extinguishment of debt, foreign currency remeasurement gain (loss), and the impact from the enactment of U.S. tax reform, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income (loss) attributable to Wynn Resorts, Limited and adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. 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.
4
Adjusted net income (loss) attributable to Wynn Resorts, Limited and adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to Wynn Resorts, Limited to adjusted net income (loss) attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDA, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.
5
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,
2020
2019
2020
2019
Operating revenues:
Casino
$
201,872
$
1,108,364
$
782,074
$
3,435,968
Rooms
61,144
205,876
231,240
595,953
Food and beverage
76,586
228,508
250,007
619,749
Entertainment, retail and other
30,850
105,014
146,545
305,970
Total operating revenues
370,452
1,647,762
1,409,866
4,957,640
Operating expenses:
Casino
160,861
722,692
734,689
2,197,750
Rooms
35,940
75,188
139,787
205,042
Food and beverage
76,536
196,661
314,335
527,502
Entertainment, retail and other
13,370
42,078
75,823
129,636
General and administrative
160,896
246,442
547,305
665,988
Provision for credit losses
11,588
4,036
60,548
13,039
Pre-opening
877
1,616
5,614
99,212
Depreciation and amortization
183,486
172,998
541,498
449,824
Property charges and other
9,905
8,216
43,701
17,920
Total operating expenses
653,459
1,469,927
2,463,300
4,305,913
Operating income (loss)
(283,007)
177,835
(1,053,434)
651,727
Other income (expense):
Interest income
2,033
6,427
13,969
19,979
Interest expense, net of amounts capitalized
(145,142)
(114,652)
(407,187)
(300,981)
Change in derivatives fair value
4,675
(2,101)
(14,279)
(6,914)
Loss on extinguishment of debt
(3,139)
(12,196)
(4,601)
(12,196)
Other
412
(8,703)
12,980
(3,346)
Other income (expense), net
(141,161)
(131,225)
(399,118)
(303,458)
Income (loss) before income taxes
(424,168)
46,610
(1,452,552)
348,269
Provision for income taxes
(407,365)
(19,727)
(564,103)
(19,421)
Net income (loss)
(831,533)
26,883
(2,016,655)
328,848
Less: net (income) loss attributable to noncontrolling interests
73,391
(30,379)
218,912
(132,921)
Net income (loss) attributable to Wynn Resorts, Limited
$
(758,142)
$
(3,496)
$
(1,797,743)
$
195,927
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic
$
(7.10)
$
(0.03)
$
(16.85)
$
1.83
Diluted
$
(7.10)
$
(0.03)
$
(16.85)
$
1.83
Weighted average common shares outstanding:
Basic
106,783
106,707
106,720
106,791
Diluted
106,783
106,707
106,720
107,024
Dividends declared per common share:
$
—
$
1.00
$
—
$
2.75
6
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Net income (loss) attributable to Wynn Resorts, Limited
$
(758,142)
$
(3,496)
$
(1,797,743)
$
195,927
Nonrecurring regulatory expense
—
—
—
35,000
Litigation settlement net gain
(2,500)
—
(30,200)
—
Pre-opening expenses
877
1,616
5,614
99,212
Property charges and other
9,905
8,216
43,701
17,920
Change in derivatives fair value
(4,675)
2,101
14,279
6,914
Loss on extinguishment of debt
3,139
12,196
4,601
12,196
Foreign currency remeasurement (gain) loss
(412)
8,703
(12,980)
3,346
Income tax impact on adjustments
(812)
(5,951)
20
(18,994)
Noncontrolling interests impact on adjustments
1,183
(4,841)
(12,315)
(6,488)
Adjusted net income (loss) attributable to Wynn Resorts, Limited
$
(751,437)
$
18,544
$
(1,785,023)
$
345,033
Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share
$
(7.04)
$
0.17
$
(16.73)
$
3.22
Weighted average common shares outstanding - diluted
106,783
106,914
106,720
107,024
7
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
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)
Three Months Ended September 30, 2019
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
$
69,148
$
—
$
66,128
$
1,755
$
22,410
$
1,460
$
1,266
$
162,167
Wynn Macau
91,999
525
23,011
2,640
16,966
1,637
2,211
138,989
Other Macau
(5,049)
—
1,117
10
—
3,657
265
—
Total Macau Operations
156,098
525
90,256
4,405
39,376
6,754
3,742
301,156
Las Vegas Operations
17,579
83
44,211
2,571
18,732
3,523
1,347
88,046
Encore Boston Harbor
(41,668)
—
36,252
—
8,778
3,640
742
7,744
Corporate and other
45,826
1,008
2,279
1,240
(66,886)
12,088
4,445
—
Total
$
177,835
$
1,616
$
172,998
$
8,216
$
—
$
26,005
$
10,276
$
396,946
8
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands) (unaudited)
(continued)
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.
Nine Months Ended September 30, 2019
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
$
270,983
$
—
$
198,421
$
1,466
$
73,258
$
4,191
$
3,599
$
551,918
Wynn Macau
338,660
525
66,847
5,094
55,601
4,979
7,045
478,751
Other Macau
(12,039)
—
3,350
18
—
7,861
810
—
Total Macau Operations
597,604
525
268,618
6,578
128,859
17,031
11,454
1,030,669
Las Vegas Operations
116,710
83
133,038
9,355
58,910
11,128
4,523
333,747
Encore Boston Harbor
(161,443)
96,649
41,626
25
18,385
11,906
742
7,890
Corporate and other
98,856
1,955
6,542
1,962
(206,154)
83,784
13,055
—
Total
$
651,727
$
99,212
$
449,824
$
17,920
$
—
$
123,849
$
29,774
$
1,372,306
9
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Net income (loss) attributable to Wynn Resorts, Limited
$
(758,142)
$
(3,496)
$
(1,797,743)
$
195,927
Net income (loss) attributable to noncontrolling interests
(73,391)
30,379
(218,912)
132,921
Pre-opening expenses
877
1,616
5,614
99,212
Depreciation and amortization
183,486
172,998
541,498
449,824
Property charges and other
9,905
8,216
43,701
17,920
Corporate expenses and other
12,826
26,005
28,034
123,849
Stock-based compensation
10,053
10,276
40,501
29,774
Interest income
(2,033)
(6,427)
(13,969)
(19,979)
Interest expense, net of amounts capitalized
145,142
114,652
407,187
300,981
Change in derivatives fair value
(4,675)
2,101
14,279
6,914
Loss on extinguishment of debt
3,139
12,196
4,601
12,196
Other
(412)
8,703
(12,980)
3,346
Provision for income taxes
407,365
19,727
564,103
19,421
Adjusted Property EBITDA
$
(65,860)
$
396,946
$
(394,086)
$
1,372,306
10
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,
2020
2019
Percent Change
2020
2019
Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino
$
12,301
$
497,657
(97.5)
$
208,449
$
1,649,377
(87.4)
Rooms
4,506
44,884
(90.0)
26,647
131,382
(79.7)
Food and beverage
6,856
30,256
(77.3)
24,385
87,691
(72.2)
Entertainment, retail and other (7)
(7,962)
25,374
(131.4)
24,451
85,259
(71.3)
Total
$
15,701
$
598,171
(97.4)
$
283,932
$
1,953,709
(85.5)
Adjusted Property EBITDA (6)
$
(77,647)
$
162,167
(147.9)
$
(178,379)
$
551,918
(132.3)
Casino Statistics:
VIP:
Average number of table games
102
108
(5.6)
97
111
(12.6)
VIP turnover
$
311,676
$
10,517,685
(97.0)
$
6,823,955
$
36,533,594
(81.3)
VIP table games win (1)
$
3,244
$
335,277
(99.0)
$
113,007
$
1,232,870
(90.8)
VIP table games win as a % of turnover
1.04
%
3.19
%
1.66
%
3.37
%
Table games win per unit per day
$
347
$
33,595
(99.0)
$
4,458
$
40,868
(89.1)
Mass market:
Average number of table games
223
216
3.2
209
213
(1.9)
Table drop (2)
$
86,347
$
1,298,827
(93.4)
$
583,599
$
3,869,904
(84.9)
Table games win (1)
$
19,015
$
324,177
(94.1)
$
156,897
$
936,497
(83.2)
Table games win %
22.0
%
25.0
%
26.9
%
24.2
%
Table games win per unit per day
$
929
$
16,346
(94.3)
$
2,889
$
16,071
(82.0)
Average number of slot machines
569
1,087
(47.7)
586
1,092
(46.3)
Slot machine handle
$
78,580
$
973,676
(91.9)
$
542,708
$
2,886,566
(81.2)
Slot machine win (3)
$
3,995
$
47,289
(91.6)
$
24,796
$
142,257
(82.6)
Slot machine win per unit per day
$
76
$
473
(83.9)
$
163
$
477
(65.8)
Room statistics:
Occupancy
11.6%
97.2%
19.3%
97.3%
ADR (4)
$
225
$
273
(17.6)
$
283
$
270
4.8
REVPAR (5)
$
26
$
265
(90.2)
$
54
$
262
(79.4)
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 traveler quarantines and requirements for negative COVID-19 tests before entering Macau, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, COVID-19 negative test results requirements for entry to gaming areas, and health declarations remain in effect at the present time. We are currently unable to determine when these measures will be lifted.
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,
2020
2019
Percent Change
2020
2019
Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino
$
27,154
$
408,820
(93.4)
$
213,758
$
1,340,266
(84.1)
Rooms
4,938
26,740
(81.5)
23,480
82,071
(71.4)
Food and beverage
5,606
19,584
(71.4)
18,821
60,688
(69.0)
Entertainment, retail and other (7)
13,670
19,137
(28.6)
36,686
61,621
(40.5)
Total
$
51,368
$
474,281
(89.2)
$
292,745
$
1,544,646
(81.0)
Adjusted Property EBITDA (6)
$
(34,457)
$
138,989
(124.8)
$
(97,895)
$
478,751
(120.4)
Casino Statistics:
VIP:
Average number of table games
91
104
(12.5)
88
109
(19.3)
VIP turnover
$
498,519
$
8,024,990
(93.8)
$
4,069,809
$
27,494,650
(85.2)
VIP table games win (1)
$
19,679
$
221,097
(91.1)
$
130,143
$
822,204
(84.2)
VIP table games win as a % of turnover
3.95
%
2.76
%
3.20
%
2.99
%
Table games win per unit per day
$
2,351
$
23,036
(89.8)
$
5,692
$
27,634
(79.4)
Mass market:
Average number of table games
240
205
17.1
219
205
6.8
Table drop (2)
$
133,006
$
1,319,405
(89.9)
$
752,058
$
4,018,533
(81.3)
Table games win (1)
$
24,898
$
272,511
(90.9)
$
146,231
$
816,180
(82.1)
Table games win %
18.7
%
20.7
%
19.4
%
20.3
%
Table games win per unit per day
$
1,128
$
14,440
(92.2)
$
2,564
$
14,551
(82.4)
Average number of slot machines
472
786
(39.9)
509
813
(37.4)
Slot machine handle
$
87,988
$
999,985
(91.2)
$
516,537
$
2,720,137
(81.0)
Slot machine win (3)
$
3,072
$
46,981
(93.5)
$
18,993
$
127,690
(85.1)
Slot machine win per unit per day
$
71
$
649
(89.1)
$
144
$
575
(75.0)
Poker rake
$
—
$
4,703
(100.0)
$
2,083
$
15,130
(86.2)
Room statistics:
Occupancy
16.6%
99.4%
24.4%
99.2%
ADR (4)
$
291
$
283
2.8
$
316
$
285
10.9
REVPAR (5)
$
48
$
281
(82.9)
$
77
$
282
(72.7)
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 traveler quarantines and requirements for negative COVID-19 tests before entering Macau, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, COVID-19 negative test results requirements for entry to gaming areas, and health declarations remain in effect at the present time. We are currently unable to determine when these measures will be lifted.
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 September 30,
Nine Months Ended September 30,
2020
2019
Percent Change
2020
2019
Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino
$
65,694
$
87,002
(24.5)
$
161,354
$
318,439
(49.3)
Rooms
44,961
116,072
(61.3)
163,419
362,715
(54.9)
Food and beverage
55,043
149,708
(63.2)
177,114
438,525
(59.6)
Entertainment, retail and other
20,999
46,724
(55.1)
73,520
145,002
(49.3)
Total
$
186,697
$
399,506
(53.3)
$
575,407
$
1,264,681
(54.5)
Adjusted Property EBITDA (6)
$
20,258
$
88,046
(77.0)
$
(77,383)
$
333,747
(123.2)
Casino Statistics:
Average number of table games
223
237
(5.9)
228
238
(4.2)
Table drop (2)
$
324,939
$
430,837
(24.6)
$
830,745
$
1,275,676
(34.9)
Table games win (1)
$
65,611
$
85,738
(23.5)
$
166,196
$
323,503
(48.6)
Table games win %
20.2%
19.9%
20.0%
25.4%
Table games win per unit per day
$
3,191
$
3,927
(18.7)
$
3,711
$
4,982
(25.5)
Average number of slot machines
1,738
1,783
(2.5)
1,751
1,793
(2.3)
Slot machine handle
$
739,291
$
883,931
(16.4)
$
1,650,517
$
2,484,880
(33.6)
Slot machine win (3)
$
48,267
$
58,176
(17.0)
$
112,464
$
167,848
(33.0)
Slot machine win per unit per day
$
302
$
355
(14.9)
$
328
$
343
(4.4)
Poker rake
$
10
$
2,977
(99.7)
$
2,185
$
9,557
(77.1)
Room statistics:
Occupancy
39.2%
87.9%
55.8%
86.9%
ADR (4)
$
269
$
306
(12.1)
$
323
$
325
(0.6)
REVPAR (5)
$
105
$
269
(61.0)
$
180
$
283
(36.4)
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. We are currently unable to determine when these measures will be lifted.
13
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,
2020
2019
Percent Change
2020
2019
Percent Change
Encore Boston Harbor Supplemental Information (8)
Operating revenues
Casino
$
96,723
$
114,885
(15.8)
$
198,513
$
127,886
55.2
Rooms
6,739
18,180
(62.9)
17,694
19,785
(10.6)
Food and beverage
9,081
28,960
(68.6)
29,687
32,845
(9.6)
Entertainment, retail and other
4,143
13,779
(69.9)
11,888
14,088
(15.6)
Total
$
116,686
$
175,804
(33.6)
$
257,782
$
194,604
32.5
Adjusted Property EBITDA (6)
$
25,986
$
7,744
235.6
$
(40,429)
$
7,890
(612.4)
Casino Statistics:
Average number of table games
186
145
28.3
174
144
20.8
Table drop (2)
$
217,797
$
379,626
(42.6)
$
493,428
$
416,202
18.6
Table games win (1)
$
47,528
$
74,882
(36.5)
$
104,814
$
81,482
28.6
Table games win %
21.8%
19.7%
21.2%
19.6%
Table games win per unit per day
$
3,079
$
5,631
(45.3)
$
3,839
$
5,639
(31.9)
Average number of slot machines
1,877
3,101
(39.5)
2,330
3,105
(25.0)
Slot machine handle
$
813,435
$
892,706
(8.9)
$
1,581,174
$
990,634
59.6
Slot machine win (3)
$
63,458
$
62,381
1.7
$
122,906
$
70,880
73.4
Slot machine win per unit per day
$
407
$
219
85.8
$
336
$
228
47.4
Poker rake
$
—
$
5,984
(100.0)
$
5,105
$
6,664
(23.4)
Room statistics:
Occupancy
72.7%
69.6%
74.6%
69.3%
ADR (4)
$
294
$
465
(36.8)
$
293
$
493
(40.6)
REVPAR (5)
$
214
$
324
(34.0)
$
218
$
341
(36.1)
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, and mask protection. We are currently unable to determine when these measures will be lifted. 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.
(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 Income (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.
