Wynn Resorts, Limited Reports Second Quarter 2023 Results
LAS VEGAS, August 9, 2023 — Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the second quarter ended June 30, 2023.
Operating revenues were $1.60 billion for the second quarter of 2023, an increase of $687.0 million from $908.8 million for the second quarter of 2022. Net income attributable to Wynn Resorts, Limited was $105.2 million for the second quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $130.1 million for the second quarter of 2022. Diluted net income per share was $0.84 for the second quarter of 2023, compared to diluted net loss per share of $1.14 for the second quarter of 2022. Adjusted Property EBITDAR(1) was $524.5 million for the second quarter of 2023, compared to Adjusted Property EBITDAR of $179.2 million for the second quarter of 2022.
"Our second quarter results reflect continued strength in North America and Macau," said Craig Billings, CEO of Wynn Resorts, Limited. "In the U.S., Wynn Las Vegas and Encore Boston Harbor continue to perform well, generating a new second quarter record for Adjusted Property EBITDAR at our combined North American properties. In Macau, the post-COVID recovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, we were excited to begin construction on Wynn Al Marjan Island, which we believe will be a 'must see' tourism destination in the UAE."
Consolidated Results
Operating revenues were $1.60 billion for the second quarter of 2023, an increase of $687.0 million from $908.8 million for the second quarter of 2022. For the second quarter of 2023, operating revenues increased $409.7 million, $243.0 million, $17.0 million, $11.8 million, and $5.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, from the second quarter of 2022.
Net income attributable to Wynn Resorts, Limited was $105.2 million for the second quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $130.1 million for the second quarter of 2022. Diluted net income per share was $0.84 for the second quarter of 2023, compared to diluted net loss per share of $1.14 for the second quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited(2) was $103.3 million, or $0.91 per diluted share, for the second quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $93.7 million, or $0.82 per diluted share, for the second quarter of 2022.
Adjusted Property EBITDAR was $524.5 million for the second quarter of 2023, an increase of $345.3 million compared to Adjusted Property EBITDAR of $179.2 million for the second quarter of 2022. For the second quarter of 2023, Adjusted Property EBITDAR increased $206.6 million, $130.0 million, $5.4 million, and $6.0 million at Wynn Palace, Wynn Macau, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $2.6 million at our Las Vegas Operations, from the second quarter of 2022.
Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on August 31, 2023 to stockholders of record as of August 21, 2023.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $468.4 million for the second quarter of 2023, an increase of $409.7 million from $58.7 million for the second quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $156.6 million for the second quarter of 2023, compared to $(50.0) million for the second quarter of 2022. VIP table games win as a percentage of turnover was 4.24%, above the property's expected range of 3.1% to 3.4% and above the (1.94)% experienced in the second quarter of 2022. Table games win percentage in mass market operations was 20.3%, above the 19.7% experienced in the second quarter of 2022.
1
Wynn Macau
Operating revenues from Wynn Macau were $301.6 million for the second quarter of 2023, an increase of $243.0 million from $58.6 million for the second quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $89.6 million for the second quarter of 2023, compared to $(40.4) million for the second quarter of 2022. VIP table games win as a percentage of turnover was 4.16%, above the property's expected range of 3.1% to 3.4% and below the 4.79% experienced in the second quarter of 2022. Table games win percentage in mass market operations was 17.7%, above the 14.1% experienced in the second quarter of 2022.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $578.1 million for the second quarter of 2023, an increase of $17.0 million from $561.1 million for the second quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the second quarter of 2023 was $224.1 million, compared to $226.7 million for the second quarter of 2022. Table games win percentage for the second quarter of 2023 was 22.9%, within the property's expected range of 22% to 26% and below the 24.6% experienced in the second quarter of 2022.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $221.9 million for the second quarter of 2023, an increase of $11.8 million from $210.2 million for the second quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the second quarter of 2023 was $69.1 million, compared to $63.7 million for the second quarter of 2022. Table games win percentage for the second quarter of 2023 was 22.3%, above the property's expected range of 18% to 22% and above the 21.9% experienced in the second quarter of 2022.
Balance Sheet
Our cash and cash equivalents as of June 30, 2023 totaled $3.65 billion, comprised of $1.62 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $837.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $1.20 billion held at Corporate and other. In addition, as of June 30, 2023, we had $144.5 million and $143.7 million in short-term investment securities held at WML and Corporate and other, respectively. As of June 30, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $737.0 million, and the WM Cayman II Revolver was fully drawn.
Total current and long-term debt outstanding at June 30, 2023 was $12.14 billion, comprised of $6.73 billion of Macau related debt, $2.65 billion of Wynn Las Vegas debt, $2.15 billion of WRF debt, and $613.8 million of debt held by the retail joint venture which we consolidate.
Conference Call and Other Information
The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on August 9, 2023 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 August 14, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended June 30, 2023 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, adverse macroeconomic conditions and their impact on levels of income and consumer discretionary spending, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, uncertainty surrounding the pace of recovery of tourism and travel in Asia following the COVID-19 pandemic, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political 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, 2022, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to
2
time. 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 EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, 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 debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) 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 (loss), Adjusted Property EBITDAR 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, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR 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 pre-opening expenses, property charges and other, change in derivatives fair value, loss on debt financing transactions, and foreign currency remeasurement and other, net of noncontrolling interests. 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 income (loss) per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. 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 EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
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,
2023
2022
2023
2022
Operating revenues:
Casino
$
912,999
$
359,585
$
1,679,991
$
849,447
Rooms
276,505
201,298
549,034
371,674
Food and beverage
257,036
229,816
489,647
403,836
Entertainment, retail and other
149,282
118,133
300,829
237,209
Total operating revenues
1,595,822
908,832
3,019,501
1,862,166
Operating expenses:
Casino
543,643
244,064
1,017,028
568,143
Rooms
73,783
65,070
146,485
123,785
Food and beverage
203,922
185,471
384,541
332,127
Entertainment, retail and other
85,999
74,985
178,481
163,889
General and administrative
257,321
200,378
517,093
397,158
Provision for credit losses
(6,640)
(3,487)
(7,184)
(3,145)
Pre-opening
1,477
4,502
5,955
6,949
Depreciation and amortization
169,962
162,968
338,774
347,524
Property charges and other
16,019
26,909
18,477
72,629
Total operating expenses
1,345,486
960,860
2,599,650
2,009,059
Operating income (loss)
250,336
(52,028)
419,851
(146,893)
Other income (expense):
Interest income
44,127
2,691
84,320
3,971
Interest expense, net of amounts capitalized
(190,243)
(154,830)
(377,983)
(306,988)
Change in derivatives fair value
24,336
1,562
47,382
8,962
Loss on debt financing transactions
(3,375)
—
(15,611)
—
Other
6,959
(10,099)
(23,655)
(25,226)
Other income (expense), net
(118,196)
(160,676)
(285,547)
(319,281)
Income (loss) before income taxes
132,140
(212,704)
134,304
(466,174)
Provision for income taxes
(4,305)
(718)
(5,323)
(1,858)
Net income (loss)
127,835
(213,422)
128,981
(468,032)
Less: net (income) loss attributable to noncontrolling interests
(22,651)
83,371
(11,465)
154,657
Net income (loss) attributable to Wynn Resorts, Limited
$
105,184
$
(130,051)
$
117,516
$
(313,375)
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic
$
0.93
$
(1.14)
$
1.04
$
(2.73)
Diluted
$
0.84
$
(1.14)
$
0.84
$
(2.73)
Weighted average common shares outstanding:
Basic
112,889
114,471
112,821
114,749
Diluted
113,198
114,471
113,143
114,749
4
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 June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Net income (loss) attributable to Wynn Resorts, Limited
$
105,184
$
(130,051)
$
117,516
$
(313,375)
Pre-opening expenses
1,477
4,502
5,955
6,949
Property charges and other
16,019
26,909
18,477
72,629
Change in derivatives fair value
(24,336)
(1,562)
(47,382)
(8,962)
Loss on debt financing transactions
3,375
—
15,611
—
Foreign currency remeasurement and other
(6,959)
10,099
23,655
25,226
Income tax impact on adjustments
1,502
(8)
10
(8)
Noncontrolling interests impact on adjustments
7,078
(3,618)
2,830
(15,807)
Adjusted net income (loss) attributable to Wynn Resorts, Limited
$
103,340
$
(93,729)
$
136,672
$
(233,348)
Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share
$
0.91
$
(0.82)
$
1.21
$
(2.03)
Weighted average common shares outstanding - diluted
113,198
114,471
113,143
114,749
5
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
Wynn Palace
Wynn Macau
Other Macau
Total Macau Operations
Las Vegas Operations
Encore Boston Harbor
Wynn Interactive
Corporate and Other
Total
Operating income (loss)
$
80,275
$
47,267
$
(5,855)
$
121,687
$
123,270
$
(11,003)
$
(25,670)
$
42,052
$
250,336
Pre-opening expenses
—
—
—
—
—
336
1,141
—
1,477
Depreciation and amortization
53,908
20,527
380
74,815
57,521
30,198
5,123
2,305
169,962
Property charges and other
1,534
6,603
12
8,149
6,938
804
128
—
16,019
Management and license fees
15,074
9,487
—
24,561
27,441
10,746
—
(62,748)
—
Corporate expenses and other
2,885
2,894
4,428
10,207
7,330
1,949
1,598
11,664
32,748
Stock-based compensation
2,931
2,812
1,035
6,778
1,621
443
2,716
6,727
18,285
Triple-net operating lease rent expense
—
—
—
—
—
35,631
—
—
35,631
Adjusted Property EBITDAR
$
156,607
$
89,590
$
—
$
246,197
$
224,121
$
69,104
$
(14,964)
$
—
$
524,458
Three Months Ended June 30, 2022
Wynn Palace
Wynn Macau
Other Macau
Total Macau Operations
Las Vegas Operations
Encore Boston Harbor
Wynn Interactive
Corporate and Other
Total
Operating income (loss)
$
(107,742)
$
(73,479)
$
(4,103)
$
(185,324)
$
142,826
$
13,760
$
(57,321)
$
34,031
$
(52,028)
Pre-opening expenses
—
—
—
—
3,547
—
955
—
4,502
Depreciation and amortization
51,606
19,556
971
72,133
45,750
37,432
5,373
2,280
162,968
Property charges and other
313
6,478
4
6,795
955
19
26,395
(7,255)
26,909
Management and license fees
2,258
2,272
—
4,530
26,349
10,164
—
(41,043)
—
Corporate expenses and other
1,587
1,612
2,547
5,746
5,576
1,941
2,426
6,524
22,213
Stock-based compensation
2,028
3,171
581
5,780
1,703
430
1,219
5,463
14,595
Adjusted Property EBITDAR
$
(49,950)
$
(40,390)
$
—
$
(90,340)
$
226,706
$
63,746
$
(20,953)
$
—
$
179,159
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Six Months Ended June 30, 2023
Wynn Palace
Wynn Macau
Other Macau
Total Macau Operations
Las Vegas Operations
Encore Boston Harbor
Wynn Interactive
Corporate and Other
Total
Operating income (loss)
$
120,143
$
59,516
$
(10,838)
$
168,821
$
261,772
$
(25,952)
$
(59,070)
$
74,280
$
419,851
Pre-opening expenses
—
—
—
—
81
1,247
4,730
(103)
5,955
Depreciation and amortization
108,075
41,177
760
150,012
114,202
60,132
9,839
4,589
338,774
Property charges and other
3,829
7,078
13
10,920
7,151
222
184
—
18,477
Management and license fees
26,904
16,762
—
43,666
55,253
21,249
—
(120,168)
—
Corporate expenses and other
5,111
5,219
8,052
18,382
13,886
3,813
2,980
28,177
67,238
Stock-based compensation
3,603
4,583
2,013
10,199
3,373
893
5,305
13,225
32,995
Triple-net operating lease rent expense
—
—
—
—
—
70,914
—
—
70,914
Adjusted Property EBITDAR
$
267,665
$
134,335
$
—
$
402,000
$
455,718
$
132,518
$
(36,032)
$
—
$
954,204
Six Months Ended June 30, 2022
Wynn Palace
Wynn Macau
Other Macau
Total Macau Operations
Las Vegas Operations
Encore Boston Harbor
Wynn Interactive
Corporate and Other
Total
Operating income (loss)
$
(167,243)
$
(108,295)
$
(8,050)
$
(283,588)
$
225,756
$
15,949
$
(162,356)
$
57,346
$
(146,893)
Pre-opening expenses
—
—
—
—
4,944
—
2,005
—
6,949
Depreciation and amortization
102,068
39,578
1,948
143,594
91,352
78,421
29,621
4,536
347,524
Property charges and other
451
7,947
5
8,403
2,277
640
68,356
(7,047)
72,629
Management and license fees
7,443
6,596
—
14,039
47,376
19,502
—
(80,917)
—
Corporate expenses and other
3,130
3,290
4,965
11,385
10,990
3,646
4,853
17,162
48,036
Stock-based compensation
3,337
5,812
1,132
10,281
3,389
838
5,067
8,920
28,495
Adjusted Property EBITDAR
$
(50,814)
$
(45,072)
$
—
$
(95,886)
$
386,084
$
118,996
$
(52,454)
$
—
$
356,740
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Net income (loss) attributable to Wynn Resorts, Limited
$
105,184
$
(130,051)
$
117,516
$
(313,375)
Net income (loss) attributable to noncontrolling interests
22,651
(83,371)
11,465
(154,657)
Pre-opening expenses
1,477
4,502
5,955
6,949
Depreciation and amortization
169,962
162,968
338,774
347,524
Property charges and other
16,019
26,909
18,477
72,629
Triple-net operating lease rent expense
35,631
—
70,914
—
Corporate expenses and other
32,748
22,213
67,238
48,036
Stock-based compensation
18,285
14,595
32,995
28,495
Interest income
(44,127)
(2,691)
(84,320)
(3,971)
Interest expense, net of amounts capitalized
190,243
154,830
377,983
306,988
Change in derivatives fair value
(24,336)
(1,562)
(47,382)
(8,962)
Loss on debt financing transactions
3,375
—
15,611
—
Other
(6,959)
10,099
23,655
25,226
Provision for income taxes
4,305
718
5,323
1,858
Adjusted Property EBITDAR
$
524,458
$
179,159
$
954,204
$
356,740
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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,
2023
2022
Percent Change
2023
2022
Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino
$
365,277
$
27,194
1,243.2
$
635,964
$
141,607
349.1
Rooms
50,092
7,008
614.8
97,002
20,839
365.5
Food and beverage
25,260
6,857
268.4
48,813
18,300
166.7
Entertainment, retail and other
27,721
17,592
57.6
55,934
41,230
35.7
Total
$
468,350
$
58,651
698.5
$
837,713
$
221,976
277.4
Adjusted Property EBITDAR (6)
$
156,607
$
(49,950)
NM
$
267,665
$
(50,814)
NM
Casino Statistics:
VIP:
Average number of table games
57
46
23.9
54
56
(3.6)
VIP turnover
$
3,042,338
$
344,462
783.2
$
5,335,696
$
1,310,017
307.3
VIP table games win (loss) (1)
$
129,030
$
(6,671)
NM
$
191,478
$
13,082
1,363.7
VIP table games win (loss) as a % of turnover
4.24
%
(1.94)
%
3.59
%
1.00
%
Table games win (loss) per unit per day
$
24,728
$
(1,600)
NM
$
19,697
$
1,284
1,434.0
Mass market:
Average number of table games
240
231
3.9
239
232
3.0
Table drop (2)
$
1,507,148
$
210,549
615.8
$
2,689,146
$
742,408
262.2
Table games win (1)
$
305,817
$
41,581
635.5
$
566,683
$
152,755
271.0
Table games win %
20.3
%
19.7
%
21.1
%
20.6
%
Table games win per unit per day
$
13,980
$
1,977
607.1
$
13,125
$
3,630
261.6
Average number of slot machines
586
634
(7.6)
587
652
(10.0)
Slot machine handle
$
579,626
$
130,404
344.5
$
1,126,224
$
381,333
195.3
Slot machine win (3)
$
27,583
$
4,922
460.4
$
53,008
$
17,571
201.7
Slot machine win per unit per day
$
517
$
85
508.2
$
499
$
149
234.9
Room statistics:
Occupancy
96.5
%
28.5
%
92.2
%
37.7
%
ADR (4)
$
318
$
145
119.3
$
319
$
166
92.2
REVPAR (5)
$
307
$
41
648.8
$
294
$
63
366.7
NM: Not meaningful.
Note: The results of operations of Wynn Palace for the three and six months ended June 30, 2022 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,
2023
2022
Percent Change
2023
2022
Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino
$
242,950
$
39,959
508.0
$
419,333
$
142,389
194.5
Rooms
26,130
4,762
448.7
48,101
14,152
239.9
Food and beverage
14,666
5,231
180.4
28,968
13,617
112.7
Entertainment, retail and other
17,847
8,631
106.8
35,917
23,525
52.7
Total
$
301,593
$
58,583
414.8
$
532,319
$
193,683
174.8
Adjusted Property EBITDAR (6)
$
89,590
$
(40,390)
NM
$
134,335
$
(45,072)
NM
Casino Statistics:
VIP:
Average number of table games
48
40
20.0
50
37
35.1
VIP turnover
$
1,390,272
$
301,645
360.9
$
2,534,496
$
1,188,695
113.2
VIP table games win (1)
$
57,828
$
14,446
300.3
$
88,579
$
48,475
82.7
VIP table games win as a % of turnover
4.16
%
4.79
%
3.49
%
4.08
%
Table games win per unit per day
$
13,257
$
4,006
230.9
$
9,808
$
7,181
36.6
Mass market:
Average number of table games
209
246
(15.0)
213
247
(13.8)
Table drop (2)
$
1,223,311
$
216,154
465.9
$
2,213,299
$
685,292
223.0
Table games win (1)
$
216,405
$
30,582
607.6
$
384,831
$
112,842
241.0
Table games win %
17.7
%
14.1
%
17.4
%
16.5
%
Table games win per unit per day
$
11,388
$
1,365
734.3
$
9,997
$
2,521
296.5
Average number of slot machines
533
665
(19.8)
532
625
(14.9)
Slot machine handle
$
519,807
$
199,312
160.8
$
989,576
$
482,851
104.9
Slot machine win (3)
$
15,452
$
6,329
144.1
$
31,749
$
16,941
87.4
Slot machine win per unit per day
$
319
$
105
203.8
$
330
$
150
120.0
Poker rake
$
5,376
$
60
NM
$
9,312
$
60
NM
Room statistics:
Occupancy
96.8
%
31.3
%
93.9
%
40.5
%
ADR (4)
$
269
$
150
79.3
$
256
$
174
47.1
REVPAR (5)
$
260
$
47
453.2
$
240
$
70
242.9
NM: Not meaningful.
Note: The results of operations of Wynn Macau for the three and six months ended June 30, 2022 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,
2023
2022
Percent Change
2023
2022
Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino
$
137,946
$
135,345
1.9
$
292,476
$
259,616
12.7
Rooms
177,765
167,116
6.4
362,874
298,582
21.5
Food and beverage
195,146
196,627
(0.8)
367,629
332,656
10.5
Entertainment, retail and other
67,215
61,981
8.4
141,857
111,401
27.3
Total
$
578,072
$
561,069
3.0
$
1,164,836
$
1,002,255
16.2
Adjusted Property EBITDAR (6)
$
224,121
$
226,706
(1.1)
$
455,718
$
386,084
18.0
Casino Statistics:
Average number of table games
235
237
(0.8)
233
232
0.4
Table drop (2)
$
559,701
$
564,982
(0.9)
$
1,160,447
$
1,112,898
4.3
Table games win (1)
$
128,012
$
138,879
(7.8)
$
274,022
$
268,043
2.2
Table games win %
22.9
%
24.6
%
23.6
%
24.1
%
Table games win per unit per day
$
5,997
$
6,440
(6.9)
$
6,490
$
6,372
1.9
Average number of slot machines
1,651
1,712
(3.6)
1,660
1,720
(3.5)
Slot machine handle
$
1,522,525
$
1,326,178
14.8
$
3,095,260
$
2,504,162
23.6
Slot machine win (3)
$
103,357
$
89,844
15.0
$
210,145
$
170,675
23.1
Slot machine win per unit per day
$
688
$
577
19.2
$
700
$
548
27.7
Poker rake
$
6,460
$
5,021
28.7
$
10,574
$
8,882
19.0
Room statistics:
Occupancy
90.6
%
90.5
%
89.7
%
83.8
%
ADR (4)
$
462
$
460
0.4
$
477
$
448
6.5
REVPAR (5)
$
418
$
417
0.2
$
428
$
375
14.1
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,
2023
2022
Percent Change
2023
2022
Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino
$
166,826
$
157,087
6.2
$
332,218
$
305,835
8.6
Rooms
22,518
22,412
0.5
41,057
38,101
7.8
Food and beverage
21,964
21,101
4.1
44,237
39,263
12.7
Entertainment, retail and other
10,624
9,554
11.2
20,726
17,751
16.8
Total
$
221,932
$
210,154
5.6
$
438,238
$
400,950
9.3
Adjusted Property EBITDAR (6)
$
69,104
$
63,746
8.4
$
132,518
$
118,996
11.4
Casino Statistics:
Average number of table games
190
184
3.3
194
184
5.4
Table drop (2)
$
354,365
$
366,222
(3.2)
$
720,406
$
712,417
1.1
Table games win (1)
$
79,072
$
80,263
(1.5)
$
158,615
$
157,054
1.0
Table games win %
22.3
%
21.9
%
22.0
%
22.0
%
Table games win per unit per day
$
4,573
$
4,794
(4.6)
$
4,512
$
4,716
(4.3)
Average number of slot machines
2,561
2,781
(7.9)
2,540
2,778
(8.6)
Slot machine handle
$
1,300,237
$
1,232,427
5.5
$
2,596,664
$
2,415,740
7.5
Slot machine win (3)
$
106,726
$
99,424
7.3
$
210,799
$
194,720
8.3
Slot machine win per unit per day
$
458
$
393
16.5
$
459
$
387
18.6
Poker rake
$
5,211
$
1,241
319.9
$
10,893
$
2,026
437.7
Room statistics:
Occupancy
92.7
%
94.1
%
91.4
%
87.4
%
ADR (4)
$
400
$
391
2.3
$
372
$
360
3.3
REVPAR (5)
$
371
$
368
0.8
$
340
$
315
7.9
(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 EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
