Wynn Resorts, Limited Reports Second Quarter 2022 Results
LAS VEGAS, August 9, 2022 — Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the second quarter ended June 30, 2022.
Operating revenues were $908.8 million for the second quarter of 2022, a decrease of $81.3 million, from $990.1 million for the second quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $130.1 million, or $1.14 per diluted share, for the second quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $131.4 million, or $1.15 per diluted share, in the second quarter of 2021. Adjusted Property EBITDA(1) was $179.2 million for the second quarter of 2022, compared to Adjusted Property EBITDA of $206.9 million in the second quarter of 2021.
"Our second quarter financial results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor. Our teams' ongoing focus on five-star hospitality and new experiences at our market-leading properties combined with very strong customer demand drove a new all-time quarterly record for Adjusted Property EBITDA at Wynn Las Vegas and a second quarter record at Encore Boston Harbor," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, while COVID-related travel restrictions continued to impact our results, we remain confident that the market will benefit from the return of visitation over time."
Consolidated Results
Operating revenues were $908.8 million for the second quarter of 2022, a decrease of $81.3 million, from $990.1 million for the second quarter of 2021. For the second quarter of 2022, operating revenues increased $206.0 million and $44.9 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $211.7 million and $125.4 million at Wynn Palace and Wynn Macau, respectively, from the second quarter of 2021.
Net loss attributable to Wynn Resorts, Limited was $130.1 million, or $1.14 per diluted share, for the second quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $131.4 million, or $1.15 per diluted share, in the second quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $93.7 million, or $0.82 per diluted share, for the second quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $128.7 million, or $1.12 per diluted share, for the second quarter of 2021.
Adjusted Property EBITDA was $179.2 million for the second quarter of 2022, compared to Adjusted Property EBITDA of $206.9 million in the second quarter of 2021. For the second quarter of 2022, Adjusted Property EBITDA increased $93.5 million and $16.8 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $103.5 million and $54.5 million at Wynn Palace and Wynn Macau, respectively, from the second quarter of 2021.
Property Results
Macau Operations
The results of operations of our Macau Operations for the second quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.
Wynn Palace
Operating revenues from Wynn Palace were $58.7 million for the second quarter of 2022, a decrease of $211.7 million from $270.4 million for the second quarter of 2021. Adjusted Property EBITDA from Wynn Palace was $(50.0) million for the second quarter of 2022, compared to $53.6 million for the second quarter of 2021. VIP table games loss as a percentage of turnover was (1.94)%, below the property's expected range of 3.1% to 3.4% and below the 3.95% experienced in the second quarter of 2021. Table games win percentage in mass market operations was 19.7%, below the 23.1% experienced in the second quarter of 2021.
1
Wynn Macau
Operating revenues from Wynn Macau were $58.6 million for the second quarter of 2022, a decrease of $125.4 million from $184.0 million for the second quarter of 2021. Adjusted Property EBITDA from Wynn Macau was $(40.4) million for the second quarter of 2022, compared to $14.1 million for the second quarter of 2021. VIP table games win as a percentage of turnover was 4.79%, above the property's expected range of 3.1% to 3.4% and above the 2.64% experienced in the second quarter of 2021. Table games win percentage in mass market operations was 14.1%, below the 19.2% experienced in the second quarter of 2021.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $561.1 million for the second quarter of 2022, an increase of $206.0 million from $355.1 million for the second quarter of 2021. Adjusted Property EBITDA from our Las Vegas Operations for the second quarter of 2022 was $226.7 million, compared to $133.2 million for the second quarter of 2021. Table games win percentage for the second quarter of 2022 was 24.6%, within the property's expected range of 22% to 26% and above the 23.2% experienced in the second quarter of 2021.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $210.2 million for the second quarter of 2022, an increase of $44.9 million from $165.2 million for the second quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the second quarter of 2022 was $63.7 million, compared to $46.9 million for the second quarter of 2021. Table games win percentage for the second quarter of 2022 was 21.9%, within the property's expected range of 18% to 22% and above the 21.2% experienced in the second quarter of 2021.
Balance Sheet
Our cash and cash equivalents as of June 30, 2022 totaled $2.01 billion, comprised of approximately $1.11 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $419.6 million held by Wynn Resorts Finance excluding WML and subsidiaries, and approximately $488.2 million at Corporate and other.
As of June 30, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver and WM Cayman II Revolver was $835.6 million and $211.5 million, respectively.
Total current and long-term debt outstanding at June 30, 2022 was $11.91 billion, comprised of $5.97 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.20 billion of Wynn Resorts Finance debt, and $613.2 million of debt held by the retail joint venture which we consolidate.
In the second quarter of 2022, the Company repurchased 2,381,928 shares of its common stock at an average price of $57.70 per share, for an aggregate cost of $137.4 million.
In the first quarter of 2022, the Company entered into a sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor. Upon closing of the related transactions, currently expected to take place in the fourth quarter of 2022 subject to regulatory approvals and customary closing conditions, we expect to receive cash consideration of approximately $1.7 billion and to concurrently enter into a lease agreement for the purpose of continuing to operate the Encore Boston Harbor property. We expect to use the cash proceeds from the sale of the real estate assets for general corporate purposes, which may include the repayment of certain debt obligations.
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 9, 2022 at 2:00 p.m. PT (5:00 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 12, 2022, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended June 30, 2022 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.
2
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 COVID-19 pandemic, and the continued impact of its consequences, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions (including with respect to our ability to extend or renew our gaming concession in Macau, which expires on December 31, 2022, and the amendments to the Macau gaming law), 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, 2021 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. We use Adjusted Property EBITDA to manage the operating results of our segments. 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 loss, 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. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net loss attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net loss and loss per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. 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 June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Operating revenues:
Casino
$
359,585
$
602,746
$
849,447
$
1,118,964
Rooms
201,298
137,765
371,674
213,955
Food and beverage
229,816
149,142
403,836
217,651
Entertainment, retail and other
118,133
100,460
237,209
176,225
Total operating revenues
908,832
990,113
1,862,166
1,726,795
Operating expenses:
Casino
244,064
381,615
568,143
733,581
Rooms
65,070
50,552
123,785
84,087
Food and beverage
185,471
117,106
332,127
191,054
Entertainment, retail and other
74,985
80,922
163,889
154,381
General and administrative
200,378
197,545
397,158
377,319
Provision for credit losses
(3,487)
441
(3,145)
7,808
Pre-opening
4,502
2,495
6,949
4,122
Depreciation and amortization
162,968
183,307
347,524
368,428
Property charges and other
26,909
5,651
72,629
11,268
Total operating expenses
960,860
1,019,634
2,009,059
1,932,048
Operating loss
(52,028)
(29,521)
(146,893)
(205,253)
Other income (expense):
Interest income
2,691
720
3,971
1,624
Interest expense, net of amounts capitalized
(154,830)
(150,424)
(306,988)
(303,276)
Change in derivatives fair value
1,562
972
8,962
5,381
Loss on extinguishment of debt
—
—
—
(1,322)
Other
(10,099)
5,553
(25,226)
(5,540)
Other income (expense), net
(160,676)
(143,179)
(319,281)
(303,133)
Loss before income taxes
(212,704)
(172,700)
(466,174)
(508,386)
Provision for income taxes
(718)
(697)
(1,858)
(1,190)
Net loss
(213,422)
(173,397)
(468,032)
(509,576)
Less: net loss attributable to noncontrolling interests
83,371
42,028
154,657
97,229
Net loss attributable to Wynn Resorts, Limited
$
(130,051)
$
(131,369)
$
(313,375)
$
(412,347)
Basic and diluted net loss per common share:
Net loss attributable to Wynn Resorts, Limited:
Basic
$
(1.14)
$
(1.15)
$
(2.73)
$
(3.66)
Diluted
$
(1.14)
$
(1.15)
$
(2.73)
$
(3.66)
Weighted average common shares outstanding:
Basic
114,471
114,545
114,749
112,792
Diluted
114,471
114,545
114,749
112,792
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 June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Net loss attributable to Wynn Resorts, Limited
$
(130,051)
$
(131,369)
$
(313,375)
$
(412,347)
Pre-opening expenses
4,502
2,495
6,949
4,122
Property charges and other
26,909
5,651
72,629
11,268
Change in derivatives fair value
(1,562)
(972)
(8,962)
(5,381)
Loss on extinguishment of debt
—
—
—
1,322
Foreign currency remeasurement and other
10,099
(5,553)
25,226
5,540
Income tax impact on adjustments
(8)
(72)
(8)
(72)
Noncontrolling interests impact on adjustments
(3,618)
1,090
(15,807)
(1,178)
Adjusted net loss attributable to Wynn Resorts, Limited
$
(93,729)
$
(128,730)
$
(233,348)
$
(396,726)
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share
$
(0.82)
$
(1.12)
$
(2.03)
$
(3.52)
Weighted average common shares outstanding - diluted
114,471
114,545
114,749
112,792
5
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2022
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
$
(107,742)
$
—
$
51,606
$
313
$
2,258
$
1,587
$
2,028
$
(49,950)
Wynn Macau
(73,479)
—
19,556
6,478
2,272
1,612
3,171
(40,390)
Other Macau
(4,103)
—
971
4
—
2,547
581
—
Total Macau Operations
(185,324)
—
72,133
6,795
4,530
5,746
5,780
(90,340)
Las Vegas Operations
142,826
3,547
45,750
955
26,349
5,576
1,703
226,706
Encore Boston Harbor
13,760
—
37,432
19
10,164
1,941
430
63,746
Wynn Interactive
(57,321)
955
5,373
26,395
—
2,426
1,219
(20,953)
Corporate and other
34,031
—
2,280
(7,255)
(41,043)
6,524
5,463
—
Total
$
(52,028)
$
4,502
$
162,968
$
26,909
$
—
$
22,213
$
14,595
$
179,159
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
Wynn Interactive
(54,294)
113
5,877
—
—
2,768
4,637
(40,899)
Corporate and other
23,025
—
2,258
(479)
(39,551)
5,327
9,420
—
Total
$
(29,521)
$
2,495
$
183,307
$
5,651
$
—
$
19,841
$
25,107
$
206,880
6
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2022
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
$
(167,243)
$
—
$
102,068
$
451
$
7,443
$
3,130
$
3,337
$
(50,814)
Wynn Macau
(108,295)
—
39,578
7,947
6,596
3,290
5,812
(45,072)
Other Macau
(8,050)
—
1,948
5
—
4,965
1,132
—
Total Macau Operations
(283,588)
—
143,594
8,403
14,039
11,385
10,281
(95,886)
Las Vegas Operations
225,756
4,944
91,352
2,277
47,376
10,990
3,389
386,084
Encore Boston Harbor
15,949
—
78,421
640
19,502
3,646
838
118,996
Wynn Interactive
(162,356)
2,005
29,621
68,356
—
4,853
5,067
(52,454)
Corporate and other
57,346
—
4,536
(7,047)
(80,917)
17,162
8,920
—
Total
$
(146,893)
$
6,949
$
347,524
$
72,629
$
—
$
48,036
$
28,495
$
356,740
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
Wynn Interactive
(109,557)
815
11,948
—
—
3,494
8,932
(84,368)
Corporate and other
36,205
—
4,510
(467)
(68,429)
10,741
17,440
—
Total
$
(205,253)
$
4,122
$
368,428
$
11,268
$
—
$
37,762
$
49,453
$
265,780
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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 June 30,
Six Months Ended June 30,
2022
2021
2022
2021
Net loss attributable to Wynn Resorts, Limited
$
(130,051)
$
(131,369)
$
(313,375)
$
(412,347)
Net loss attributable to noncontrolling interests
(83,371)
(42,028)
(154,657)
(97,229)
Pre-opening expenses
4,502
2,495
6,949
4,122
Depreciation and amortization
162,968
183,307
347,524
368,428
Property charges and other
26,909
5,651
72,629
11,268
Corporate expenses and other
22,213
19,841
48,036
37,762
Stock-based compensation
14,595
25,107
28,495
49,453
Interest income
(2,691)
(720)
(3,971)
(1,624)
Interest expense, net of amounts capitalized
154,830
150,424
306,988
303,276
Change in derivatives fair value
(1,562)
(972)
(8,962)
(5,381)
Loss on extinguishment of debt
—
—
—
1,322
Other
10,099
(5,553)
25,226
5,540
Provision for income taxes
718
697
1,858
1,190
Adjusted Property EBITDA
$
179,159
$
206,880
$
356,740
$
265,780
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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 June 30,
Six Months Ended June 30,
2022
2021
Percent Change
2022
2021
Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino
$
27,194
$
212,067
(87.2)
$
141,607
$
397,976
(64.4)
Rooms
7,008
20,883
(66.4)
20,839
37,895
(45.0)
Food and beverage
6,857
13,805
(50.3)
18,300
25,477
(28.2)
Entertainment, retail and other
17,592
23,616
(25.5)
41,230
46,349
(11.0)
Total
$
58,651
$
270,371
(78.3)
$
221,976
$
507,697
(56.3)
Adjusted Property EBITDA (6)
$
(49,950)
$
53,555
NM
$
(50,814)
$
80,924
NM
Casino Statistics:
VIP:
Average number of table games
46
94
(51.1)
56
99
(43.4)
VIP turnover
$
344,462
$
1,811,381
(81.0)
$
1,310,017
$
4,011,563
(67.3)
VIP table games (loss) win (1)
$
(6,671)
$
71,570
NM
$
13,082
$
168,026
(92.2)
VIP table games (loss) win as a % of turnover
(1.94)
%
3.95
%
1.00
%
4.19
%
Table games (loss) win per unit per day
$
(1,600)
$
8,346
NM
$
1,284
$
9,402
(86.3)
Mass market:
Average number of table games
231
228
1.3
232
225
3.1
Table drop (2)
$
210,549
$
707,494
(70.2)
$
742,408
$
1,315,012
(43.5)
Table games win (1)
$
41,581
$
163,547
(74.6)
$
152,755
$
295,196
(48.3)
Table games win %
19.7
%
23.1
%
20.6
%
22.4
%
Table games win per unit per day
$
1,977
$
7,877
(74.9)
$
3,630
$
7,249
(49.9)
Average number of slot machines
634
726
(12.7)
652
707
(7.8)
Slot machine handle
$
130,404
$
421,269
(69.0)
$
381,333
$
780,041
(51.1)
Slot machine win (3)
$
4,922
$
18,772
(73.8)
$
17,571
$
33,015
(46.8)
Slot machine win per unit per day
$
85
$
284
(70.1)
$
149
$
258
(42.2)
Room statistics:
Occupancy
28.5
%
70.6
%
37.7
%
65.6
%
ADR (4)
$
145
$
180
(19.4)
$
166
$
179
(7.3)
REVPAR (5)
$
41
$
127
(67.7)
$
63
$
118
(46.6)
NM: Not meaningful.
Note: The results of operations of Wynn Palace for the three and six months ended June 30, 2022 and 2021 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.
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 June 30,
Six Months Ended June 30,
2022
2021
Percent Change
2022
2021
Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino
$
39,959
$
142,419
(71.9)
$
142,389
$
281,346
(49.4)
Rooms
4,762
13,427
(64.5)
14,152
28,129
(49.7)
Food and beverage
5,231
8,559
(38.9)
13,617
15,992
(14.9)
Entertainment, retail and other
8,631
19,623
(56.0)
23,525
38,212
(38.4)
Total
$
58,583
$
184,028
(68.2)
$
193,683
$
363,679
(46.7)
Adjusted Property EBITDA (6)
$
(40,390)
$
14,086
NM
$
(45,072)
$
30,642
NM
Casino Statistics:
VIP:
Average number of table games
40
85
(52.9)
37
87
(57.5)
VIP turnover
$
301,645
$
1,489,912
(79.8)
$
1,188,695
$
3,294,294
(63.9)
VIP table games win (1)
$
14,446
$
39,388
(63.3)
$
48,475
$
98,022
(50.5)
VIP table games win as a % of turnover
4.79
%
2.64
%
4.08
%
2.98
%
Table games win per unit per day
$
4,006
$
5,111
(21.6)
$
7,181
$
6,201
15.8
Mass market:
Average number of table games
246
240
2.5
247
240
2.9
Table drop (2)
$
216,154
$
670,400
(67.8)
$
685,292
$
1,261,290
(45.7)
Table games win (1)
$
30,582
$
128,921
(76.3)
$
112,842
$
234,104
(51.8)
Table games win %
14.1
%
19.2
%
16.5
%
18.6
%
Table games win per unit per day
$
1,365
$
5,903
(76.9)
$
2,521
$
5,390
(53.2)
Average number of slot machines
665
607
9.6
625
588
6.3
Slot machine handle
$
199,312
$
300,523
(33.7)
$
482,851
$
601,794
(19.8)
Slot machine win (3)
$
6,329
$
9,223
(31.4)
$
16,941
$
19,431
(12.8)
Slot machine win per unit per day
$
105
$
167
(37.1)
$
150
$
183
(18.0)
Room statistics:
Occupancy
31.3
%
68.0
%
40.5
%
64.4
%
ADR (4)
$
150
$
198
(24.2)
$
174
$
219
(20.5)
REVPAR (5)
$
47
$
135
(65.2)
$
70
$
141
(50.4)
NM: Not meaningful.
Note: The results of operations of Wynn Macau for the three and six months ended June 30, 2022 and 2021 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.
10
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
Three Months Ended June 30,
Six Months Ended June 30,
2022
2021
Percent Change
2022
2021
Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino
$
135,345
$
112,775
20.0
$
259,616
$
192,678
34.7
Rooms
167,116
93,785
78.2
298,582
133,546
123.6
Food and beverage
196,627
112,858
74.2
332,656
152,935
117.5
Entertainment, retail and other
61,981
35,648
73.9
111,401
54,623
103.9
Total
$
561,069
$
355,066
58.0
$
1,002,255
$
533,782
87.8
Adjusted Property EBITDA (6)
$
226,706
$
133,222
70.2
$
386,084
$
161,303
139.4
Casino Statistics:
Average number of table games
237
218
8.7
232
195
19.0
Table drop (2)
$
564,982
$
427,014
32.3
$
1,112,898
$
751,545
48.1
Table games win (1)
$
138,879
$
99,021
40.3
$
268,043
$
175,674
52.6
Table games win %
24.6
%
23.2
%
24.1
%
23.4
%
Table games win per unit per day
$
6,440
$
4,997
28.9
$
6,372
$
4,979
28.0
Average number of slot machines
1,712
1,715
(0.2)
1,720
1,631
5.5
Slot machine handle
$
1,326,178
$
1,115,149
18.9
$
2,504,162
$
1,906,409
31.4
Slot machine win (3)
$
89,844
$
78,890
13.9
$
170,675
$
129,379
31.9
Slot machine win per unit per day
$
577
$
506
14.0
$
548
$
438
25.1
Poker rake
$
5,021
$
3,927
27.9
$
8,882
$
5,794
53.3
Room statistics:
Occupancy
90.5
%
67.2
%
83.8
%
52.9
%
ADR (4)
$
460
$
333
38.1
$
448
$
332
34.9
REVPAR (5)
$
417
$
224
86.2
$
375
$
176
113.1
Note: The results of our Las Vegas Operations for the three and six months ended June 30, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications.
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,
2022
2021
Percent Change
2022
2021
Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino
$
157,087
$
135,485
15.9
$
305,835
$
246,964
23.8
Rooms
22,412
9,670
131.8
38,101
14,385
164.9
Food and beverage
21,101
13,920
51.6
39,263
23,247
68.9
Entertainment, retail and other
9,554
6,166
54.9
17,751
10,735
65.4
Total
$
210,154
$
165,241
27.2
$
400,950
$
295,331
35.8
Adjusted Property EBITDA (6)
$
63,746
$
46,916
35.9
$
118,996
$
77,279
54.0
Casino Statistics:
Average number of table games
184
195
(5.6)
184
197
(6.6)
Table drop (2)
$
366,222
$
306,070
19.7
$
712,417
$
540,632
31.8
Table games win (1)
$
80,263
$
64,874
23.7
$
157,054
$
114,251
37.5
Table games win %
21.9
%
21.2
%
22.0
%
21.1
%
Table games win per unit per day
$
4,794
$
3,654
31.2
$
4,716
$
3,201
47.3
Average number of slot machines
2,781
2,171
28.1
2,778
2,031
36.8
Slot machine handle
$
1,232,427
$
1,094,178
12.6
$
2,415,740
$
2,007,973
20.3
Slot machine win (3)
$
99,424
$
89,560
11.0
$
194,720
$
164,380
18.5
Slot machine win per unit per day
$
393
$
453
(13.2)
$
387
$
447
(13.4)
Poker rake
$
1,241
$
—
NM
$
2,026
$
—
NM
Room statistics:
Occupancy
94.1
%
87.8
%
87.4
%
81.1
%
ADR (4)
$
391
$
304
28.6
$
360
$
294
22.4
REVPAR (5)
$
368
$
267
37.8
$
315
$
238
32.4
NM: Not meaningful.
Note: The results of Encore Boston Harbor for the three and six months ended June 30, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications. 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, representing the actual number of days the hotel was open.
(1) Table games win (loss) 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.
