Wynn Resorts, Limited Reports Third Quarter 2022 Results
LAS VEGAS, November 9, 2022 — Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the third quarter ended September 30, 2022.
Operating revenues were $889.7 million for the third quarter of 2022, a decrease of $104.9 million, from $994.6 million for the third quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $142.9 million, or $1.27 per diluted share, for the third quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $166.2 million, or $1.45 per diluted share, for the third quarter of 2021. Adjusted Property EBITDA(1) was $173.5 million for the third quarter of 2022, compared to Adjusted Property EBITDA of $154.6 million for the third quarter of 2021.
"Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDA at our combined North American properties. Their relentless focus on five-star hospitality, combined with our market-leading facilities, continue to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, while COVID-related travel restrictions continued to negatively impact our results, we were pleased to experience encouraging pockets of demand during the recent October holiday period. We remain confident that the market will benefit from the return of visitation over time."
Consolidated Results
Operating revenues were $889.7 million for the third quarter of 2022, a decrease of $104.9 million, from $994.6 million for the third quarter of 2021. For the third quarter of 2022, operating revenues increased $68.4 million and $19.6 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $106.1 million and $90.3 million at Wynn Palace and Wynn Macau, respectively, from the third quarter of 2021.
Net loss attributable to Wynn Resorts, Limited was $142.9 million, or $1.27 per diluted share, for the third quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $166.2 million, or $1.45 per diluted share, for the third quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $135.4 million, or $1.20 per diluted share, for the third quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $141.7 million, or $1.24 per diluted share, for the third quarter of 2021.
Adjusted Property EBITDA was $173.5 million for the third quarter of 2022, an increase of 12.3% compared to Adjusted Property EBITDA of $154.6 million for the third quarter of 2021. For the third quarter of 2022, Adjusted Property EBITDA increased $12.3 million and $85.8 million at our Las Vegas Operations and Wynn Interactive, respectively, and decreased $33.9 million, $41.9 million, and $3.4 million at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the third quarter of 2021.
Property Results
Macau Operations
Our casino operations at Wynn Palace and Wynn Macau were closed for a 12-day period in July 2022, in response to an outbreak of COVID-19 in Macau. The results of operations of our Macau Operations for the third 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 $75.2 million for the third quarter of 2022, a decrease of $106.1 million from $181.3 million for the third quarter of 2021. Adjusted Property EBITDA from Wynn Palace was $(21.8) million for the third quarter of 2022, compared to $12.1 million for the third quarter of 2021. VIP table games win as a percentage of turnover was 3.27%, within the property's expected range of 3.1% to 3.4% and below the 4.45% experienced in the third quarter of 2021. Table games win percentage in mass market operations was 21.5%, below the 21.8% experienced in the third quarter of 2021.
1
Wynn Macau
Operating revenues from Wynn Macau were $40.4 million for the third quarter of 2022, a decrease of $90.3 million from $130.7 million for the third quarter of 2021. Adjusted Property EBITDA from Wynn Macau was $(43.8) million for the third quarter of 2022, compared to $(1.9) million for the third quarter of 2021. VIP table games win as a percentage of turnover was 1.56%, below the property's expected range of 3.1% to 3.4% and below the 2.44% experienced in the third quarter of 2021. Table games win percentage in mass market operations was 13.3%, below the 19.7% experienced in the third quarter of 2021.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $544.4 million for the third quarter of 2022, an increase of $68.4 million from $476.0 million for the third quarter of 2021. Adjusted Property EBITDA from our Las Vegas Operations for the third quarter of 2022 was $195.8 million, compared to $183.4 million for the third quarter of 2021. Table games win percentage for the third quarter of 2022 was 20.7%, below the property's expected range of 22% to 26% and below the 21.7% experienced in the third quarter of 2021.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $211.8 million for the third quarter of 2022, an increase of $19.6 million from $192.2 million for the third quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the third quarter of 2022 was $61.1 million, compared to $64.6 million for the third quarter of 2021. Table games win percentage for the third quarter of 2022 was 21.1%, within the property's expected range of 18% to 22% and below the 21.4% experienced in the third quarter of 2021.
Balance Sheet
Our cash and cash equivalents as of September 30, 2022 totaled $1.94 billion, comprised of approximately $997.1 million held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $486.5 million held by Wynn Resorts Finance excluding WML and subsidiaries, and approximately $459.9 million at Corporate and other. As of September 30, 2022, we also had $835.6 million of available borrowing capacity under the Wynn Resorts Finance Revolver.
Total current and long-term debt outstanding at September 30, 2022 was $12.12 billion, comprised of $6.18 billion of Macau related debt, $3.14 billion of Wynn Las Vegas debt, $2.19 billion of Wynn Resorts Finance debt, and $613.3 million of debt held by the retail joint venture which we consolidate.
In the third quarter of 2022, the Company repurchased 491,503 shares of common stock at an average price of $58.95 per share, for an aggregate cost of $29.0 million, bringing our year-to-date total repurchases to 2,873,431 shares of common stock for an aggregate cost of $166.4 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 November 9, 2022 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 14, 2022, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 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 September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Operating revenues:
Casino
$
359,876
$
496,264
$
1,209,323
$
1,615,228
Rooms
197,212
173,817
568,886
387,772
Food and beverage
224,730
217,501
628,566
435,152
Entertainment, retail and other
107,904
107,062
345,113
283,287
Total operating revenues
889,722
994,644
2,751,888
2,721,439
Operating expenses:
Casino
239,901
315,316
808,044
1,048,897
Rooms
67,689
52,100
191,474
136,187
Food and beverage
185,388
163,655
517,515
354,709
Entertainment, retail and other
72,964
156,490
236,853
310,871
General and administrative
201,275
197,350
598,433
574,669
Provision for credit losses
(8,186)
(347)
(11,331)
7,461
Pre-opening
6,447
1,333
13,396
5,455
Depreciation and amortization
172,502
177,110
520,026
545,538
Property charges and other
4,733
15,301
77,362
26,569
Total operating expenses
942,713
1,078,308
2,951,772
3,010,356
Operating loss
(52,991)
(83,664)
(199,884)
(288,917)
Other income (expense):
Interest income
6,892
507
10,863
2,131
Interest expense, net of amounts capitalized
(165,277)
(150,325)
(472,265)
(453,601)
Change in derivatives fair value
5,839
1,176
14,801
6,557
Loss on extinguishment of debt
—
(738)
—
(2,060)
Other
(864)
(11,784)
(26,090)
(17,324)
Other income (expense), net
(153,410)
(161,164)
(472,691)
(464,297)
Loss before income taxes
(206,401)
(244,828)
(672,575)
(753,214)
Provision for income taxes
(1,390)
(1,155)
(3,248)
(2,345)
Net loss
(207,791)
(245,983)
(675,823)
(755,559)
Less: net loss attributable to noncontrolling interests
64,899
79,734
219,556
176,963
Net loss attributable to Wynn Resorts, Limited
$
(142,892)
$
(166,249)
$
(456,267)
$
(578,596)
Basic and diluted net loss per common share:
Net loss attributable to Wynn Resorts, Limited:
Basic
$
(1.27)
$
(1.45)
$
(4.00)
$
(5.10)
Diluted
$
(1.27)
$
(1.45)
$
(4.00)
$
(5.10)
Weighted average common shares outstanding:
Basic
112,709
114,655
114,061
113,420
Diluted
112,709
114,655
114,061
113,420
4
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Net loss attributable to Wynn Resorts, Limited
$
(142,892)
$
(166,249)
$
(456,267)
$
(578,596)
Pre-opening expenses
6,447
1,333
13,396
5,455
Property charges and other
4,733
15,301
77,362
26,569
Change in derivatives fair value
(5,839)
(1,176)
(14,801)
(6,557)
Loss on extinguishment of debt
—
738
—
2,060
Foreign currency remeasurement and other
864
11,784
26,090
17,324
Income tax impact on adjustments
(88)
(15)
(96)
(87)
Noncontrolling interests impact on adjustments
1,380
(3,418)
(14,427)
(4,596)
Adjusted net loss attributable to Wynn Resorts, Limited
$
(135,395)
$
(141,702)
$
(368,743)
$
(538,428)
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share
$
(1.20)
$
(1.24)
$
(3.23)
$
(4.75)
Weighted average common shares outstanding - diluted
112,709
114,655
114,061
113,420
5
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended September 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
$
(84,478)
$
—
$
52,225
$
2,467
$
2,643
$
1,599
$
3,736
$
(21,808)
Wynn Macau
(73,833)
—
21,172
1,419
2,250
1,620
3,566
(43,806)
Other Macau
(4,339)
—
380
22
—
3,297
640
—
Total Macau Operations
(162,650)
—
73,777
3,908
4,893
6,516
7,942
(65,614)
Las Vegas Operations
103,006
5,087
52,756
1,042
25,798
5,872
2,199
195,760
Encore Boston Harbor
9,602
199
38,875
34
10,308
1,736
382
61,136
Wynn Interactive
(27,113)
1,161
4,827
(213)
—
651
2,939
(17,748)
Corporate and other
24,164
—
2,267
(38)
(40,999)
7,994
6,612
—
Total
$
(52,991)
$
6,447
$
172,502
$
4,733
$
—
$
22,769
$
20,074
$
173,534
Three Months Ended September 30, 2021
Operating income (loss)
Pre-opening expenses
Depreciation and amortization
Property charges and other
Management and license fees
Corporate expenses and other
Stock-based compensation
Adjusted Property EBITDA
Macau Operations:
Wynn Palace
$
(58,642)
$
62
$
59,908
$
919
$
6,161
$
1,187
$
2,517
$
12,112
Wynn Macau
(33,255)
—
20,816
617
4,355
1,274
4,254
(1,939)
Other Macau
(3,477)
—
1,042
4
—
1,899
532
—
Total Macau Operations
(95,374)
62
81,766
1,540
10,516
4,360
7,303
10,173
Las Vegas Operations
102,734
1,129
47,862
1,108
22,437
5,757
2,389
183,416
Encore Boston Harbor
13,104
142
39,182
102
9,349
2,217
469
64,565
Wynn Interactive
(131,625)
—
6,064
12,500
—
2,504
6,964
(103,593)
Corporate and other
27,497
—
2,236
51
(42,302)
4,063
8,455
—
Total
$
(83,664)
$
1,333
$
177,110
$
15,301
$
—
$
18,901
$
25,580
$
154,561
6
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 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
$
(251,721)
$
—
$
154,293
$
2,918
$
10,086
$
4,729
$
7,073
$
(72,622)
Wynn Macau
(182,128)
—
60,750
9,366
8,846
4,910
9,378
(88,878)
Other Macau
(12,389)
—
2,328
27
—
8,262
1,772
—
Total Macau Operations
(446,238)
—
217,371
12,311
18,932
17,901
18,223
(161,500)
Las Vegas Operations
328,762
10,031
144,108
3,319
73,174
16,862
5,588
581,844
Encore Boston Harbor
25,551
199
117,296
674
29,810
5,382
1,220
180,132
Wynn Interactive
(189,469)
3,166
34,448
68,143
—
5,504
8,006
(70,202)
Corporate and other
81,510
—
6,803
(7,085)
(121,916)
25,156
15,532
—
Total
$
(199,884)
$
13,396
$
520,026
$
77,362
$
—
$
70,805
$
48,569
$
530,274
Nine Months Ended September 30, 2021
Operating income (loss)
Pre-opening expenses
Depreciation and amortization
Property charges and other
Management and license fees
Corporate expenses and other
Stock-based compensation
Adjusted Property EBITDA
Macau Operations:
Wynn Palace
$
(139,661)
$
898
$
192,980
$
4,073
$
22,987
$
3,542
$
8,217
$
93,036
Wynn Macau
(70,541)
—
63,062
2,809
16,209
3,904
13,260
28,703
Other Macau
(9,799)
—
3,245
21
—
4,852
1,681
—
Total Macau Operations
(220,001)
898
259,287
6,903
39,196
12,298
23,158
121,739
Las Vegas Operations
117,713
3,572
144,043
6,259
47,952
16,806
8,374
344,719
Encore Boston Harbor
(9,149)
170
117,450
1,323
23,583
6,757
1,710
141,844
Wynn Interactive
(241,182)
815
18,012
12,500
—
5,998
15,896
(187,961)
Corporate and other
63,702
—
6,746
(416)
(110,731)
14,804
25,895
—
Total
$
(288,917)
$
5,455
$
545,538
$
26,569
$
—
$
56,663
$
75,033
$
420,341
7
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Net loss attributable to Wynn Resorts, Limited
$
(142,892)
$
(166,249)
$
(456,267)
$
(578,596)
Net loss attributable to noncontrolling interests
(64,899)
(79,734)
(219,556)
(176,963)
Pre-opening expenses
6,447
1,333
13,396
5,455
Depreciation and amortization
172,502
177,110
520,026
545,538
Property charges and other
4,733
15,301
77,362
26,569
Corporate expenses and other
22,769
18,901
70,805
56,663
Stock-based compensation
20,074
25,580
48,569
75,033
Interest income
(6,892)
(507)
(10,863)
(2,131)
Interest expense, net of amounts capitalized
165,277
150,325
472,265
453,601
Change in derivatives fair value
(5,839)
(1,176)
(14,801)
(6,557)
Loss on extinguishment of debt
—
738
—
2,060
Other
864
11,784
26,090
17,324
Provision for income taxes
1,390
1,155
3,248
2,345
Adjusted Property EBITDA
$
173,534
$
154,561
$
530,274
$
420,341
8
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,
2022
2021
Percent Change
2022
2021
Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino
$
45,361
$
134,064
(66.2)
$
186,968
$
532,040
(64.9)
Rooms
6,974
15,639
(55.4)
27,813
53,534
(48.0)
Food and beverage
5,727
10,952
(47.7)
24,027
36,429
(34.0)
Entertainment, retail and other
17,186
20,668
(16.8)
58,416
67,017
(12.8)
Total
$
75,248
$
181,323
(58.5)
$
297,224
$
689,020
(56.9)
Adjusted Property EBITDA (6)
$
(21,808)
$
12,112
NM
$
(72,622)
$
93,036
NM
Casino Statistics:
VIP:
Average number of table games
49
89
(44.9)
54
96
(43.8)
VIP turnover
$
283,744
$
1,234,733
(77.0)
$
1,593,761
$
5,246,296
(69.6)
VIP table games win (1)
$
9,271
$
54,943
(83.1)
$
22,353
$
222,968
(90.0)
VIP table games win as a % of turnover
3.27
%
4.45
%
1.40
%
4.25
%
Table games win per unit per day
$
2,381
$
6,691
(64.4)
$
1,587
$
8,548
(81.4)
Mass market:
Average number of table games
212
231
(8.2)
226
227
(0.4)
Table drop (2)
$
197,066
$
508,779
(61.3)
$
939,474
$
1,823,792
(48.5)
Table games win (1)
$
42,449
$
110,820
(61.7)
$
195,205
$
406,016
(51.9)
Table games win %
21.5
%
21.8
%
20.8
%
22.3
%
Table games win per unit per day
$
2,501
$
5,223
(52.1)
$
3,305
$
6,555
(49.6)
Average number of slot machines
607
712
(14.7)
638
708
(9.9)
Slot machine handle
$
121,522
$
327,017
(62.8)
$
502,856
$
1,107,058
(54.6)
Slot machine win (3)
$
5,418
$
11,538
(53.0)
$
22,989
$
44,553
(48.4)
Slot machine win per unit per day
$
112
$
176
(36.4)
$
138
$
230
(40.0)
Room statistics:
Occupancy
28.1
%
51.9
%
34.4
%
61.1
%
ADR (4)
$
145
$
187
(22.5)
$
160
$
181
(11.6)
REVPAR (5)
$
41
$
97
(57.7)
$
55
$
111
(50.5)
NM: Not meaningful.
Note: Our casino operations in Macau were closed for a 12-day period in July 2022 and resumed operations on a reduced basis on July 23, 2022. The results of operations of Wynn Palace for the three and nine months ended September 30, 2022 and 2021 were negatively impacted by the casino closures, 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 September 30,
Nine Months Ended September 30,
2022
2021
Percent Change
2022
2021
Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino
$
22,832
$
98,264
(76.8)
$
165,221
$
379,610
(56.5)
Rooms
4,395
10,896
(59.7)
18,547
39,025
(52.5)
Food and beverage
4,261
7,628
(44.1)
17,878
23,620
(24.3)
Entertainment, retail and other
8,880
13,874
(36.0)
32,405
52,086
(37.8)
Total
$
40,368
$
130,662
(69.1)
$
234,051
$
494,341
(52.7)
Adjusted Property EBITDA (6)
$
(43,806)
$
(1,939)
NM
$
(88,878)
$
28,703
NM
Casino Statistics:
VIP:
Average number of table games
39
75
(48.0)
38
83
(54.2)
VIP turnover
$
152,872
$
1,335,694
(88.6)
$
1,341,567
$
4,629,987
(71.0)
VIP table games win (1)
$
2,389
$
32,602
(92.7)
$
50,864
$
130,624
(61.1)
VIP table games win as a % of turnover
1.56
%
2.44
%
3.79
%
2.82
%
Table games win per unit per day
$
771
$
4,704
(83.6)
$
5,164
$
5,745
(10.1)
Mass market:
Average number of table games
230
238
(3.4)
242
239
1.3
Table drop (2)
$
167,539
$
441,899
(62.1)
$
852,832
$
1,703,189
(49.9)
Table games win (1)
$
22,232
$
87,132
(74.5)
$
135,074
$
321,236
(58.0)
Table games win %
13.3
%
19.7
%
15.8
%
18.9
%
Table games win per unit per day
$
1,211
$
3,972
(69.5)
$
2,140
$
4,914
(56.5)
Average number of slot machines
641
574
11.7
630
583
8.1
Slot machine handle
$
193,680
$
200,543
(3.4)
$
676,531
$
802,337
(15.7)
Slot machine win (3)
$
6,961
$
9,142
(23.9)
$
23,902
$
28,573
(16.3)
Slot machine win per unit per day
$
136
$
173
(21.4)
$
145
$
179
(19.0)
Room statistics:
Occupancy
31.4
%
51.3
%
37.4
%
60.0
%
ADR (4)
$
137
$
211
(35.1)
$
163
$
217
(24.9)
REVPAR (5)
$
43
$
108
(60.2)
$
61
$
130
(53.1)
NM: Not meaningful.
Note: Our casino operations in Macau were closed for a 12-day period in July 2022 and resumed operations on a reduced basis on July 23, 2022. The results of operations of Wynn Macau for the three and nine months ended September 30, 2022 and 2021 were negatively impacted by the casino closures, 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 September 30,
Nine Months Ended September 30,
2022
2021
Percent Change
2022
2021
Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino
$
134,314
$
112,575
19.3
$
393,930
$
305,253
29.1
Rooms
162,125
132,704
22.2
460,707
266,250
73.0
Food and beverage
193,733
180,455
7.4
526,389
333,390
57.9
Entertainment, retail and other
54,217
50,269
7.9
165,618
104,892
57.9
Total
$
544,389
$
476,003
14.4
$
1,546,644
$
1,009,785
53.2
Adjusted Property EBITDA (6)
$
195,760
$
183,416
6.7
$
581,844
$
344,719
68.8
Casino Statistics:
Average number of table games
237
224
5.8
234
205
14.1
Table drop (2)
$
570,419
$
507,188
12.5
$
1,683,317
$
1,258,733
33.7
Table games win (1)
$
118,263
$
110,265
7.3
$
386,306
$
285,939
35.1
Table games win %
20.7
%
21.7
%
22.9
%
22.7
%
Table games win per unit per day
$
5,420
$
5,354
1.2
$
6,047
$
5,117
18.2
Average number of slot machines
1,693
1,746
(3.0)
1,711
1,670
2.5
Slot machine handle
$
1,522,512
$
1,156,858
31.6
$
4,026,675
$
3,063,267
31.5
Slot machine win (3)
$
107,575
$
80,303
34.0
$
278,250
$
209,682
32.7
Slot machine win per unit per day
$
691
$
500
38.2
$
596
$
460
29.6
Poker rake
$
3,848
$
2,910
32.2
$
12,729
$
8,704
46.2
Room statistics:
Occupancy
88.8
%
83.0
%
85.5
%
63.4
%
ADR (4)
$
426
$
392
8.7
$
440
$
360
22.2
REVPAR (5)
$
378
$
326
16.0
$
376
$
228
64.9
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,
2022
2021
Percent Change
2022
2021
Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino
$
157,369
$
151,361
4.0
$
463,204
$
398,325
16.3
Rooms
23,718
14,578
62.7
61,819
28,963
113.4
Food and beverage
21,009
18,466
13.8
60,272
41,713
44.5
Entertainment, retail and other
9,687
7,809
24.0
27,438
18,544
48.0
Total
$
211,783
$
192,214
10.2
$
612,733
$
487,545
25.7
Adjusted Property EBITDA (6)
$
61,136
$
64,565
(5.3)
$
180,132
$
141,844
27.0
Casino Statistics:
Average number of table games
188
181
3.9
185
192
(3.6)
Table drop (2)
$
364,844
$
350,145
4.2
$
1,077,261
$
890,777
20.9
Table games win (1)
$
76,970
$
74,818
2.9
$
234,024
$
189,070
23.8
Table games win %
21.1
%
21.4
%
21.7
%
21.2
%
Table games win per unit per day
$
4,448
$
4,498
(1.1)
$
4,624
$
3,613
28.0
Average number of slot machines
2,706
2,734
(1.0)
2,754
2,268
21.4
Slot machine handle
$
1,288,250
$
1,196,299
7.7
$
3,703,990
$
3,204,272
15.6
Slot machine win (3)
$
104,122
$
98,816
5.4
$
298,842
$
263,197
13.5
Slot machine win per unit per day
$
418
$
393
6.4
$
397
$
425
(6.6)
Poker rake
$
2,554
$
—
NM
$
4,580
$
—
NM
Room statistics:
Occupancy
97.0
%
87.8
%
90.6
%
84.1
%
ADR (4)
$
398
$
351
13.4
$
374
$
320
16.9
REVPAR (5)
$
386
$
308
25.3
$
339
$
269
26.0
NM: Not meaningful.
Note: Encore Boston Harbor's room statistics have been computed based on 69 days of operations for the three months ended September 30, 2021 and 158 days of operations for the nine months ended September 30, 2021, respectively, representing the actual number of days the hotel was open.
(1) Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2) In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3) Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4) ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5) REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6) Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDA and Net Loss Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.
