Wynn Resorts, Limited (NASDAQ: WYNN) reported financial results for the fourth quarter and year ended December 31, 2020.
Operating revenues were $686.0 million for the fourth quarter of 2020, a decrease of 58.5%, or $967.5 million, from $1.65 billion for the fourth quarter of 2019. Net loss attributable to Wynn Resorts, Limited was $269.5 million, or $2.53 per diluted share, for the fourth quarter of 2020, compared to net loss attributable to Wynn Resorts, Limited of $72.9 million, or $0.68 per diluted share, in the fourth quarter of 2019. Our fourth quarter 2019 results included a net tax provision of $157.4 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Adjusted Property EBITDA (1) was $69.8 million for the fourth quarter of 2020, compared to Adjusted Property EBITDA of $443.1 million in the fourth quarter of 2019.
"We are encouraged by the progress we have made at each of our properties over the past several months, as we continue along the road to recovery from the pandemic," said Matt Maddox, CEO of Wynn Resorts, Limited. "In Macau, the gradual and thoughtful easing of visitation restrictions allowed us to return to Adjusted Property EBITDA profitability in the fourth quarter, with particular strength in our premium mass business. In the US, our operations at both Wynn Las Vegas and Encore Boston Harbor were resilient as we continue to deliver our industry-leading service, while remaining focused on costs. On the development front, our WynnBet online casino and sports betting app is currently available in three states following successful launches in Colorado and Michigan, with additional launches planned over the coming months. We believe our product will be increasingly compelling with each release over the coming months and look forward to growing the business in 2021."
Consolidated Results
Operating revenues were $686.0 million for the fourth quarter of 2020, a decrease of 58.5%, or $967.5 million, from $1.65 billion for the fourth quarter of 2019. Operating revenues decreased $368.5 million, $343.5 million, $196.2 million, and $65.4 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the fourth quarter of 2019.
Net loss attributable to Wynn Resorts, Limited was $269.5 million, or $2.53 per diluted share, for the fourth quarter of 2020, compared to net loss attributable to Wynn Resorts, Limited of $72.9 million, or $0.68 per diluted share, in the fourth quarter of 2019. Our fourth quarter 2019 results included a net tax provision of $157.4 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Adjusted net loss attributable to Wynn Resorts, Limited (2) was $262.2 million, or $2.45 per diluted share, for the fourth quarter of 2020, compared to adjusted net loss attributable to Wynn Resorts, Limited of $65.6 million, or $0.62 per diluted share, for the fourth quarter of 2019.
Adjusted Property EBITDA was $69.8 million for the fourth quarter of 2020, compared to $443.1 million for the fourth quarter of 2019. Adjusted Property EBITDA decreased $148.9 million, $159.4 million, and $59.1 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and increased $1.4 million at Encore Boston Harbor.
For the year ended December 31, 2020, operating revenues decreased 68.3%, or $4.52 billion, to $2.10 billion, compared to $6.61 billion in the year ended December 31, 2019. Operating revenues decreased $2.04 billion, $1.60 billion, $885.5 million, and $2.3 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively. Encore Boston Harbor opened on June 23, 2019.
Net loss attributable to Wynn Resorts, Limited was $2.07 billion, or $19.37 per diluted share in 2020, compared to net income attributable to Wynn Resorts, Limited of $123.0 million, or $1.15 per diluted share in the year ended December 31, 2019. Our 2020 results included a net tax provision of $564.7 million, primarily related to an increase in the valuation allowance against deferred tax assets no longer expected to be realized. Our 2019 results included a net tax provision of $176.8 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Adjusted net loss attributable to Wynn Resorts, Limited was $2.05 billion, or $19.18 per diluted share, in 2020, compared to adjusted net income of $279.5 million, or $2.61 per diluted share, in the year ended December 31, 2019.
Full year Adjusted Property EBITDA decreased 117.9%, or $2.14 billion, to $(324.3) million, compared to $1.82 billion in the year ended December 31, 2019. Adjusted Property EBITDA decreased $879.2 million, $736.0 million, $470.2 million, and $46.9 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively.
Property Results
Macau Operations
Our casino operations at Wynn Palace and Wynn Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos' operations have since been fully restored; however, certain COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results remain in effect at the present time. On September 23, 2020, PRC authorities fully resumed the Individual Visit Scheme exit visa program, subject to certain testing requirements and health declarations. Given the evolving conditions created by and in response to the COVID-19 pandemic, we are currently unable to determine when travel-related restrictions and conditions will be further lifted. Measures that have been lifted or are expected to be lifted may be reintroduced if there are adverse developments in the COVID-19 situation in Macau and other regions with access to Macau.
Wynn Palace
Operating revenues from Wynn Palace were $221.5 million for the fourth quarter of 2020, a 62.5% decrease from $590.0 million for the fourth quarter of 2019. Adjusted Property EBITDA from Wynn Palace was $28.7 million for the fourth quarter of 2020, compared with $177.6 million for the fourth quarter of 2019. VIP table games win as a percentage of turnover was 1.97%, below the property's expected range of 2.7% to 3.0% and below the 3.07% experienced in the fourth quarter of 2019. Table games win percentage in mass market operations was 21.6%, below the 25.2% experienced in the fourth quarter of 2019.
Wynn Macau
Operating revenues from Wynn Macau were $181.9 million for the fourth quarter of 2020, a 65.4% decrease from $525.4 million for the fourth quarter of 2019. Adjusted Property EBITDA from Wynn Macau was $10.7 million for the fourth quarter of 2020, compared with $170.1 million for the fourth quarter of 2019. VIP Table games win as a percentage of turnover was 3.10%, above the property's expected range of 2.7% to 3.0% and below the 3.27% experienced in the fourth quarter of 2019. Table games win percentage in mass market operations was 17.9%, below the 20.3% experienced in the fourth quarter of 2019.
Las Vegas Operations
Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020, and reopened on June 4, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. Beginning October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to currently reduced customer demand levels. We are currently unable to determine when certain of these measures will be lifted.
Operating revenues from our Las Vegas Operations were $172.5 million for the fourth quarter of 2020, a 53.2% decrease from $368.8 million for the fourth quarter of 2019. Adjusted Property EBITDA from our Las Vegas Operations for the fourth quarter of 2020 was $21.0 million, compared with $80.1 million for the fourth quarter of 2019. Table games win percentage was 24.4%, within the property's expected range of 22% to 26% and above the 17.4% experienced in the fourth quarter of 2019.
Encore Boston Harbor
Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020, and reopened on July 10, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, capacity restrictions, and mask protection. Subsequent to reopening, certain food and beverage outlets have remained temporarily closed and our hotel operations were limited to Thursday through Sunday. On November 6, 2020, pursuant to a Massachusetts directive implementing an overnight curfew on certain businesses, Encore Boston Harbor limited its daily operating hours and temporarily closed the hotel tower. On January 25, 2021, the limitations on operating hours were lifted, and Encore Boston Harbor restored certain operations and reopened its hotel tower on a Thursday through Sunday weekly schedule. The protective measures, including capacity restrictions, are still in place. We are currently unable to determine when the remaining measures will be lifted.
Operating revenues from Encore Boston Harbor were $103.9 million for the fourth quarter of 2020, a 38.6% decrease from $169.3 million for the fourth quarter of 2019. Adjusted Property EBITDA from Encore Boston Harbor for the fourth quarter of 2020 was $16.7 million, compared with $15.3 million for the fourth quarter of 2019. Table games win percentage was 20.9%, within the property's expected range of 18% to 22% and above the 19.2% experienced in the fourth quarter of 2019.
Wynn Interactive
In October 2020, Wynn Interactive Ltd. ("Wynn Interactive") was formed through the merger of our U.S. online sports betting and gaming business, social casino business, and our strategic partner, BetBull Limited ("BetBull"). Following the merger, Wynn Resorts owns approximately 72% of, and consolidates, Wynn Interactive. We believe this transaction positions Wynn Resorts to capitalize on developing opportunities in digital and interactive sports betting and gaming throughout the U.S., by combining Wynn Resorts' nationally recognized brand with BetBull's digital sports betting operational capabilities and technology. Our digital and interactive sports betting app, WynnBET, is currently operational in New Jersey, Colorado, and Michigan. In addition, subject to all necessary legislative authorizations and regulatory approvals, we have secured market access and have submitted an application for licensing in Indiana, have secured market access in Iowa and Ohio, have received conditional licensing in Tennessee, and have submitted an application for licensing in Virginia. The results of Wynn Interactive are presented within Corporate and other.
Balance Sheet
Our cash and cash equivalents as of December 31, 2020 totaled $3.48 billion, comprised of approximately $2.43 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $297.8 million held by Wynn Resorts Finance excluding WML, and approximately $755.2 million at Corporate and other.
As of December 31, 2020, the available borrowing capacity under the Wynn Macau Revolver was $343.5 million, and available borrowing capacity under the Wynn Resorts Finance Revolver was $117.9 million.
Total current and long-term debt outstanding at December 31, 2020 was $13.07 billion, comprised of $6.35 billion of Macau related debt, $3.12 billion of Wynn Las Vegas debt, $2.99 billion of Wynn Resorts Finance debt, and $612.3 million of debt held by the retail joint venture which we consolidate.
As previously disclosed, on December 22, 2020, WML issued $750.0 million aggregate principal amount of 5.625% Senior Notes due 2028. WML used approximately $412.5 million of net proceeds from the offering to facilitate the prepayment of a portion of the term loan outstanding under the Wynn Macau Credit Facilities in January 2021. In addition, WML used approximately $318.5 million of net proceeds from the offering to facilitate the repayment of revolver borrowings outstanding under the Wynn Macau Credit Facilities in December 2020. Accordingly, as of December 31, 2020, the available borrowing capacity under the Wynn Macau Revolver was $343.5 million.
| WYNN RESORTS, LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) | |||||||||||||||||||
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|
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| ||||||||||||||||
|
| Three Months Ended December 31, |
| Year Ended December 31, | ||||||||||||||||
|
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||||||
| Operating revenues: |
|
|
|
|
|
|
| ||||||||||||
| Casino | $ | 455,156 |
|
|
| $ | 1,137,956 |
|
|
| $ | 1,237,230 |
|
|
| $ | 4,573,924 |
|
|
| Rooms | 76,733 |
|
|
| 208,209 |
|
|
| 307,973 |
|
|
| 804,162 |
|
| ||||
| Food and beverage | 79,577 |
|
|
| 199,073 |
|
|
| 329,584 |
|
|
| 818,822 |
|
| ||||
| Entertainment, retail and other | 74,529 |
|
|
| 108,221 |
|
|
| 221,074 |
|
|
| 414,191 |
|
| ||||
| Total operating revenues | 685,995 |
|
|
| 1,653,459 |
|
|
| 2,095,861 |
|
|
| 6,611,099 |
|
| ||||
| Operating expenses: |
|
|
|
|
|
|
| ||||||||||||
| Casino | 330,287 |
|
|
| 726,504 |
|
|
| 1,064,976 |
|
|
| 2,924,254 |
|
| ||||
| Rooms | 32,436 |
|
|
| 71,053 |
|
|
| 172,223 |
|
|
| 276,095 |
|
| ||||
| Food and beverage | 84,457 |
|
|
| 168,996 |
|
|
| 398,792 |
|
|
| 696,498 |
|
| ||||
| Entertainment, retail and other | 31,405 |
|
|
| 40,570 |
|
|
| 107,228 |
|
|
| 170,206 |
|
| ||||
| General and administrative | 173,544 |
|
|
| 230,682 |
|
|
| 720,849 |
|
|
| 896,670 |
|
| ||||
| Provision for credit losses | 3,827 |
|
|
| 8,859 |
|
|
| 64,375 |
|
|
| 21,898 |
|
| ||||
| Pre-opening | 892 |
|
|
| 2,797 |
|
|
| 6,506 |
|
|
| 102,009 |
|
| ||||
| Depreciation and amortization | 184,004 |
|
|
| 175,054 |
|
|
| 725,502 |
|
|
| 624,878 |
|
| ||||
| Property charges and other | 23,754 |
|
|
| 2,366 |
|
|
| 67,455 |
|
|
| 20,286 |
|
| ||||
| Total operating expenses | 864,606 |
|
|
| 1,426,881 |
|
|
| 3,327,906 |
|
|
| 5,732,794 |
|
| ||||
| Operating income (loss) | (178,611 | ) |
|
| 226,578 |
|
|
| (1,232,045 | ) |
|
| 878,305 |
|
| ||||
| Other income (expense): |
|
|
|
|
|
|
| ||||||||||||
| Interest income | 1,415 |
|
|
| 4,470 |
|
|
| 15,384 |
|
|
| 24,449 |
|
| ||||
| Interest expense, net of amounts capitalized | (149,287 | ) |
|
| (113,049 | ) |
|
| (556,474 | ) |
|
| (414,030 | ) |
| ||||
| Change in derivatives fair value | 1,219 |
|
|
| 3,686 |
|
|
| (13,060 | ) |
|
| (3,228 | ) |
| ||||
| Loss on extinguishment of debt | — |
|
|
| (241 | ) |
|
| (4,601 | ) |
|
| (12,437 | ) |
| ||||
| Other | 15,541 |
|
|
| 18,505 |
|
|
| 28,521 |
|
|
| 15,159 |
|
| ||||
| Other income (expense), net | (131,112 | ) |
|
| (86,629 | ) |
|
| (530,230 | ) |
|
| (390,087 | ) |
| ||||
| Income (loss) before income taxes | (309,723 | ) |
|
| 139,949 |
|
|
| (1,762,275 | ) |
|
| 488,218 |
|
| ||||
| Provision for income taxes | (568 | ) |
|
| (157,419 | ) |
|
| (564,671 | ) |
|
| (176,840 | ) |
| ||||
| Net income (loss) | (310,291 | ) |
|
| (17,470 | ) |
|
| (2,326,946 | ) |
|
| 311,378 |
|
| ||||
| Less: net (income) loss attributable to noncontrolling interests | 40,789 |
|
|
| (55,472 | ) |
|
| 259,701 |
|
|
| (188,393 | ) |
| ||||
| Net income (loss) attributable to Wynn Resorts, Limited | $ | (269,502 | ) |
|
| $ | (72,942 | ) |
|
| $ | (2,067,245 | ) |
|
| $ | 122,985 |
|
|
| Basic and diluted income (loss) per common share: |
|
|
|
|
|
|
| ||||||||||||
| Net income (loss) attributable to Wynn Resorts, Limited: | |||||||||||||||||||
| Basic | $ | (2.53 | ) |
|
| $ | (0.68 | ) |
|
| $ | (19.37 | ) |
|
| $ | 1.15 |
|
|
| Diluted | $ | (2.53 | ) |
|
| $ | (0.68 | ) |
|
| $ | (19.37 | ) |
|
| $ | 1.15 |
|
|
| Weighted average common shares outstanding: |
|
|
|
|
|
|
| ||||||||||||
| Basic | 106,818 |
|
|
| 106,608 |
|
|
| 106,745 |
|
|
| 106,745 |
|
| ||||
| Diluted | 106,818 |
|
|
| 106,608 |
|
|
| 106,745 |
|
|
| 106,985 |
|
| ||||
| Dividends declared per common share: | $ | — |
|
|
| $ | 1.00 |
|
|
| $ | 1.00 |
|
|
| $ | 3.75 |
|
|
| 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) | |||||||||||||||||||
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|
|
|
| ||||||||||||||||
|
| Three Months Ended December 31, |
| Year Ended December 31, | ||||||||||||||||
|
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||||||
| Net income (loss) attributable to Wynn Resorts, Limited | $ | (269,502 | ) |
|
| $ | (72,942 | ) |
|
| $ | (2,067,245 | ) |
|
| $ | 122,985 |
|
|
| Nonrecurring regulatory expense | — |
|
|
| — |
|
|
| — |
|
|
| 35,000 |
|
| ||||
| Litigation settlement net gain | — |
|
|
| — |
|
|
| (30,200 | ) |
|
| — |
|
| ||||
| Pre-opening expenses | 892 |
|
|
| 2,797 |
|
|
| 6,506 |
|
|
| 102,009 |
|
| ||||
| Property charges and other | 23,754 |
|
|
| 2,366 |
|
|
| 67,455 |
|
|
| 20,286 |
|
| ||||
| Change in derivatives fair value | (1,219 | ) |
|
| (3,686 | ) |
|
| 13,060 |
|
|
| 3,228 |
|
| ||||
| Loss on extinguishment of debt | — |
|
|
| 241 |
|
|
| 4,601 |
|
|
| 12,437 |
|
| ||||
| Foreign currency remeasurement and other | (15,541 | ) |
|
| (18,505 | ) |
|
| (28,521 | ) |
|
| (15,159 | ) |
| ||||
| Income tax impact on adjustments | (20 | ) |
|
| 17,445 |
|
|
| — |
|
|
| (1,549 | ) |
| ||||
| Noncontrolling interests impact on adjustments | (593 | ) |
|
| 6,714 |
|
|
| (12,908 | ) |
|
| 226 |
|
| ||||
| Adjusted net income (loss) attributable to Wynn Resorts, Limited | $ | (262,229 | ) |
|
| $ | (65,570 | ) |
|
| $ | (2,047,252 | ) |
|
| $ | 279,463 |
|
|
| Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share | $ | (2.45 | ) |
|
| $ | (0.62 | ) |
|
| $ | (19.18 | ) |
|
| $ | 2.61 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| Weighted average common shares outstanding - diluted | 106,818 |
|
|
| 106,608 |
|
|
| 106,745 |
|
|
| 106,985 |
|
| ||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) | ||||||||||||||||||||||||||||||||||
|
|
| |||||||||||||||||||||||||||||||||
|
| Three Months Ended December 31, 2020 | |||||||||||||||||||||||||||||||||
|
| Operating income (loss) |
| Pre-opening expenses |
| Depreciation and amortization |
| Property charges and other |
| Management and license fees |
| Corporate expenses and other |
| Stock-based compensation |
| Adjusted Property EBITDA | |||||||||||||||||||
| Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
| Wynn Palace | $ | (50,278 | ) |
|
| $ | 439 |
|
| $ | 67,455 |
|
| $ | 918 |
|
| $ | 7,196 |
|
|
| $ | 867 |
|
| $ | 2,135 |
|
| $ | 28,732 |
|
|
| Wynn Macau | (21,315 | ) |
|
| — |
|
| 20,396 |
|
| 740 |
|
| 6,078 |
|
|
| 942 |
|
| 3,865 |
|
| 10,706 |
|
| ||||||||
| Other Macau | (2,753 | ) |
|
| — |
|
| 1,108 |
|
| 1 |
|
| — |
|
|
| 1,203 |
|
| 441 |
|
| — |
|
| ||||||||
| Total Macau Operations | (74,346 | ) |
|
| 439 |
|
| 88,959 |
|
| 1,659 |
|
| 13,274 |
|
|
| 3,012 |
|
| 6,441 |
|
| 39,438 |
|
| ||||||||
| Las Vegas Operations | (49,125 | ) |
|
| 246 |
|
| 49,332 |
|
| 2,828 |
|
| 8,303 |
|
|
| 5,419 |
|
| 4,024 |
|
| 21,027 |
|
| ||||||||
| Encore Boston Harbor | (34,911 | ) |
|
| — |
|
| 39,373 |
|
| 3,653 |
|
| 5,013 |
|
|
| 2,262 |
|
| 1,277 |
|
| 16,667 |
|
| ||||||||
| Corporate and other | (20,229 | ) |
|
| 207 |
|
| 6,340 |
|
| 15,614 |
|
| (26,590 | ) |
|
| 7,296 |
|
| 10,011 |
|
| (7,351 | ) |
| ||||||||
| Total | $ | (178,611 | ) |
|
| $ | 892 |
|
| $ | 184,004 |
|
| $ | 23,754 |
|
| $ | — |
|
|
| $ | 17,989 |
|
| $ | 21,753 |
|
| $ | 69,781 |
|
|
|
| Three Months Ended December 31, 2019 | |||||||||||||||||||||||||||||||||
|
| Operating income (loss) |
| Pre-opening expenses |
| Depreciation and amortization |
| Property charges and other |
| Management and license fees |
| Corporate expenses and other |
| Stock-based compensation |
| Adjusted Property EBITDA | |||||||||||||||||||
| Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
| Wynn Palace | $ | 88,303 |
|
|
| $ | — |
|
| $ | 66,337 |
|
| $ | (466 | ) |
|
| $ | 20,853 |
|
|
| $ | 1,392 |
|
| $ | 1,198 |
|
| $ | 177,617 |
|
| Wynn Macau | 123,161 |
|
|
| 1,699 |
|
| 23,601 |
|
| (234 | ) |
|
| 18,475 |
|
|
| 1,536 |
|
| 1,848 |
|
| 170,086 |
| ||||||||
| Other Macau | (3,547 | ) |
|
| — |
|
| 1,115 |
|
| 5 |
|
|
| — |
|
|
| 2,162 |
|
| 265 |
|
| — |
| ||||||||
| Total Macau Operations | 207,917 |
|
|
| 1,699 |
|
| 91,053 |
|
| (695 | ) |
|
| 39,328 |
|
|
| 5,090 |
|
| 3,311 |
|
| 347,703 |
| ||||||||
| Las Vegas Operations | 6,596 |
|
|
| 166 |
|
| 44,471 |
|
| 4,886 |
|
|
| 17,610 |
|
|
| 5,087 |
|
| 1,323 |
|
| 80,139 |
| ||||||||
| Encore Boston Harbor | (34,146 | ) |
|
| — |
|
| 36,752 |
|
| — |
|
|
| 8,346 |
|
|
| 2,618 |
|
| 1,690 |
|
| 15,260 |
| ||||||||
| Corporate and other | 46,211 |
|
|
| 932 |
|
| 2,778 |
|
| (1,825 | ) |
|
| (65,284 | ) |
|
| 13,584 |
|
| 3,604 |
|
| — |
| ||||||||
| Total | $ | 226,578 |
|
|
| $ | 2,797 |
|
| $ | 175,054 |
|
| $ | 2,366 |
|
|
| $ | — |
|
|
| $ | 26,379 |
|
| $ | 9,928 |
|
| $ | 443,102 |
|
| WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) (continued) | |||||||||||||||||||||||||||||||||||
|
| Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||
|
| Operating income (loss) |
| Pre-opening expenses |
| Depreciation and amortization |
| Property charges and other |
| Management and license fees |
| Corporate expenses and other (1) |
| Stock-based compensation |
| Adjusted Property EBITDA | ||||||||||||||||||||
| Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
| Wynn Palace | $ | (477,759 | ) |
|
| $ | 1,432 |
|
| $ | 269,110 |
|
| $ | 24,712 |
|
| $ | 21,121 |
|
|
| $ | 4,056 |
|
|
| $ | 7,681 |
|
| $ | (149,647 | ) |
|
| Wynn Macau | (214,606 | ) |
|
| — |
|
| 89,527 |
|
| 3,612 |
|
| 18,741 |
|
|
| 4,562 |
|
|
| 10,975 |
|
| (87,189 | ) |
| ||||||||
| Other Macau | (11,641 | ) |
|
| — |
|
| 4,443 |
|
| 6 |
|
| — |
|
|
| 5,589 |
|
|
| 1,603 |
|
| — |
|
| ||||||||
| Total Macau Operations | (704,006 | ) |
|
| 1,432 |
|
| 363,080 |
|
| 28,330 |
|
| 39,862 |
|
|
| 14,207 |
|
|
| 20,259 |
|
| (236,836 | ) |
| ||||||||
| Las Vegas Operations | (326,729 | ) |
|
| 2,490 |
|
| 196,292 |
|
| 3,792 |
|
| 35,213 |
|
|
| 23,111 |
|
|
| 9,475 |
|
| (56,356 | ) |
| ||||||||
| Encore Boston Harbor | (220,053 | ) |
|
| — |
|
| 150,886 |
|
| 13,872 |
|
| 17,651 |
|
|
| 11,162 |
|
|
| 2,720 |
|
| (23,762 | ) |
| ||||||||
| Corporate and other | 18,743 |
|
|
| 2,584 |
|
| 15,244 |
|
| 21,461 |
|
| (92,726 | ) |
|
| (2,457 | ) |
|
| 29,800 |
|
| (7,351 | ) |
| ||||||||
| Total | $ | (1,232,045 | ) |
|
| $ | 6,506 |
|
| $ | 725,502 |
|
| $ | 67,455 |
|
| $ | — |
|
|
| $ | 46,023 |
|
|
| $ | 62,254 |
|
| $ | (324,305 | ) |
|
(1) Corporate and other includes a $30.2 million net gain recorded in relation to a derivative litigation settlement.
|
| Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
|
| Operating income (loss) |
| Pre-opening expenses |
| Depreciation and amortization |
| Property charges and other |
| Management and license fees |
| Corporate expenses and other |
| Stock-based compensation |
| Adjusted Property EBITDA | ||||||||||||||||||
| Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
| Wynn Palace | $ | 359,286 |
|
|
| $ | — |
|
| $ | 264,758 |
|
| $ | 1,000 |
|
| $ | 94,111 |
|
|
| $ | 5,583 |
|
| $ | 4,797 |
|
| $ | 729,535 |
|
| Wynn Macau | 461,821 |
|
|
| 2,224 |
|
| 90,448 |
|
| 4,860 |
|
| 74,076 |
|
|
| 6,515 |
|
| 8,893 |
|
| 648,837 |
| ||||||||
| Other Macau | (15,586 | ) |
|
| — |
|
| 4,465 |
|
| 23 |
|
| — |
|
|
| 10,023 |
|
| 1,075 |
|
| — |
| ||||||||
| Total Macau Operations | 805,521 |
|
|
| 2,224 |
|
| 359,671 |
|
| 5,883 |
|
| 168,187 |
|
|
| 22,121 |
|
| 14,765 |
|
| 1,378,372 |
| ||||||||
| Las Vegas Operations | 123,306 |
|
|
| 249 |
|
| 177,509 |
|
| 14,241 |
|
| 76,520 |
|
|
| 16,215 |
|
| 5,846 |
|
| 413,886 |
| ||||||||
| Encore Boston Harbor | (195,589 | ) |
|
| 96,649 |
|
| 78,378 |
|
| 25 |
|
| 26,731 |
|
|
| 14,524 |
|
| 2,432 |
|
| 23,150 |
| ||||||||
| Corporate and other | 145,067 |
|
|
| 2,887 |
|
| 9,320 |
|
| 137 |
|
| (271,438 | ) |
|
| 97,368 |
|
| 16,659 |
|
| — |
| ||||||||
| Total | $ | 878,305 |
|
|
| $ | 102,009 |
|
| $ | 624,878 |
|
| $ | 20,286 |
|
| $ | — |
|
|
| $ | 150,228 |
|
| $ | 39,702 |
|
| $ | 1,815,408 |
|
| WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) | |||||||||||||||||||
|
|
|
|
| ||||||||||||||||
|
| Three Months Ended December 31, |
| Year Ended December 31, | ||||||||||||||||
|
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||||||
| Net income (loss) attributable to Wynn Resorts, Limited | $ | (269,502 | ) |
|
| $ | (72,942 | ) |
|
| $ | (2,067,245 | ) |
|
| $ | 122,985 |
|
|
| Net income (loss) attributable to noncontrolling interests | (40,789 | ) |
|
| 55,472 |
|
|
| (259,701 | ) |
|
| 188,393 |
|
| ||||
| Pre-opening expenses | 892 |
|
|
| 2,797 |
|
|
| 6,506 |
|
|
| 102,009 |
|
| ||||
| Depreciation and amortization | 184,004 |
|
|
| 175,054 |
|
|
| 725,502 |
|
|
| 624,878 |
|
| ||||
| Property charges and other | 23,754 |
|
|
| 2,366 |
|
|
| 67,455 |
|
|
| 20,286 |
|
| ||||
| Corporate expenses and other | 17,989 |
|
|
| 26,379 |
|
|
| 46,023 |
|
|
| 150,228 |
|
| ||||
| Stock-based compensation | 21,753 |
|
|
| 9,928 |
|
|
| 62,254 |
|
|
| 39,702 |
|
| ||||
| Interest income | (1,415 | ) |
|
| (4,470 | ) |
|
| (15,384 | ) |
|
| (24,449 | ) |
| ||||
| Interest expense, net of amounts capitalized | 149,287 |
|
|
| 113,049 |
|
|
| 556,474 |
|
|
| 414,030 |
|
| ||||
| Change in derivatives fair value | (1,219 | ) |
|
| (3,686 | ) |
|
| 13,060 |
|
|
| 3,228 |
|
| ||||
| Loss on extinguishment of debt | — |
|
|
| 241 |
|
|
| 4,601 |
|
|
| 12,437 |
|
| ||||
| Other | (15,541 | ) |
|
| (18,505 | ) |
|
| (28,521 | ) |
|
| (15,159 | ) |
| ||||
| Provision for income taxes | 568 |
|
|
| 157,419 |
|
|
| 564,671 |
|
|
| 176,840 |
|
| ||||
| Adjusted Property EBITDA | $ | 69,781 |
|
|
| $ | 443,102 |
|
|
| $ | (324,305 | ) |
|
| $ | 1,815,408 |
|
|
| 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 December 31, |
|
|
| Year Ended December 31, |
|
| |||||||||||||||||||
|
| 2020 |
|
| 2019 |
|
| Percent Change |
| 2020 |
|
| 2019 |
|
| Percent Change | |||||||||||
| Wynn Palace Supplemental Information |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Operating revenues |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Casino | $ | 159,835 |
|
| $ | 490,379 |
|
| (67.4 | ) |
|
| $ | 368,284 |
|
| $ | 2,139,756 |
|
| (82.8 | ) |
| |||
| Rooms | 19,463 |
|
| 43,194 |
|
| (54.9 | ) |
|
| 46,110 |
|
| 174,576 |
|
| (73.6 | ) |
| |||||||
| Food and beverage | 18,813 |
|
| 29,685 |
|
| (36.6 | ) |
|
| 43,198 |
|
| 117,376 |
|
| (63.2 | ) |
| |||||||
| Entertainment, retail and other (7) | 23,377 |
|
| 26,727 |
|
| (12.5 | ) |
|
| 47,828 |
|
| 111,986 |
|
| (57.3 | ) |
| |||||||
| Total | $ | 221,488 |
|
| $ | 589,985 |
|
| (62.5 | ) |
|
| $ | 505,420 |
|
| $ | 2,543,694 |
|
| (80.1 | ) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Adjusted Property EBITDA (6) | $ | 28,732 |
|
| $ | 177,617 |
|
| (83.8 | ) |
|
| $ | (149,647 | ) |
| $ | 729,535 |
|
| (120.5 | ) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| VIP: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Average number of table games | 102 |
|
| 104 |
|
| (1.9 | ) |
|
| 99 |
|
| 109 |
|
| (9.2 | ) |
| |||||||
| VIP turnover | $ | 2,807,063 |
|
| $ | 9,314,053 |
|
| (69.9 | ) |
|
| $ | 9,631,018 |
|
| $ | 45,847,647 |
|
| (79.0 | ) |
| |||
| VIP table games win (1) | $ | 55,428 |
|
| $ | 286,355 |
|
| (80.6 | ) |
|
| $ | 168,435 |
|
| $ | 1,519,225 |
|
| (88.9 | ) |
| |||
| VIP table games win as a % of turnover | 1.97 | % |
| 3.07 | % |
|
|
| 1.75 | % |
| 3.31 | % |
|
| |||||||||||
| Table games win per unit per day | $ | 5,908 |
|
| $ | 29,897 |
|
| (80.2 | ) |
|
| $ | 4,850 |
|
| $ | 38,224 |
|
| (87.3 | ) |
| |||
| Mass market: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Average number of table games | 221 |
|
| 222 |
|
| (0.5 | ) |
|
| 212 |
|
| 216 |
|
| (1.9 | ) |
| |||||||
| Table drop (2) | $ | 658,501 |
|
| $ | 1,252,993 |
|
| (47.4 | ) |
|
| $ | 1,242,100 |
|
| $ | 5,122,897 |
|
| (75.8 | ) |
| |||
| Table games win (1) | $ | 142,284 |
|
| $ | 315,423 |
|
| (54.9 | ) |
|
| $ | 299,181 |
|
| $ | 1,251,920 |
|
| (76.1 | ) |
| |||
| Table games win % | 21.6 | % |
| 25.2 | % |
|
|
| 24.1 | % |
| 24.4 | % |
|
| |||||||||||
| Table games win per unit per day | $ | 7,006 |
|
| $ | 15,421 |
|
| (54.6 | ) |
|
| $ | 4,009 |
|
| $ | 15,902 |
|
| (74.8 | ) |
| |||
| Average number of slot machines | 603 |
|
| 940 |
|
| (35.9 | ) |
|
| 591 |
|
| 1,054 |
|
| (43.9 | ) |
| |||||||
| Slot machine handle | $ | 457,234 |
|
| $ | 1,031,988 |
|
| (55.7 | ) |
|
| $ | 999,942 |
|
| $ | 3,918,554 |
|
| (74.5 | ) |
| |||
| Slot machine win (3) | $ | 14,379 |
|
| $ | 53,110 |
|
| (72.9 | ) |
|
| $ | 39,175 |
|
| $ | 195,367 |
|
| (79.9 | ) |
| |||
| Slot machine win per unit per day | $ | 259 |
|
| $ | 614 |
|
| (57.8 | ) |
|
| $ | 188 |
|
| $ | 508 |
|
| (63.0 | ) |
| |||
| Room statistics: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Occupancy | 59.5 | % |
| 96.9 | % |
|
|
| 29.8 | % |
| 97.2 | % |
|
| |||||||||||
| ADR (4) | $ | 192 |
|
| $ | 268 |
|
| (28.4 | ) |
|
| $ | 235 |
|
| $ | 269 |
|
| (12.6 | ) |
| |||
| REVPAR (5) | $ | 115 |
|
| $ | 260 |
|
| (55.8 | ) |
|
| $ | 70 |
|
| $ | 262 |
|
| (73.3 | ) |
| |||
Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos' operations have since been fully restored; however, certain COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results remain in effect at the present time. We are currently unable to determine when these measures will be lifted.
| 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 December 31, |
|
|
| Year Ended December 31, |
|
| |||||||||||||||||||
|
| 2020 |
|
| 2019 |
|
| Percent Change |
| 2020 |
|
| 2019 |
|
| Percent Change | |||||||||||
| Wynn Macau Supplemental Information |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Operating revenues |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Casino | $ | 130,837 |
|
| $ | 455,943 |
|
| (71.3 | ) |
|
| $ | 344,595 |
|
| $ | 1,796,209 |
|
| (80.8 | ) |
| |||
| Rooms | 15,631 |
|
| 28,316 |
|
| (44.8 | ) |
|
| 39,111 |
|
| 110,387 |
|
| (64.6 | ) |
| |||||||
| Food and beverage | 14,273 |
|
| 20,888 |
|
| (31.7 | ) |
|
| 33,094 |
|
| 81,576 |
|
| (59.4 | ) |
| |||||||
| Entertainment, retail and other (7) | 21,171 |
|
| 20,236 |
|
| 4.6 |
|
|
| 57,857 |
|
| 81,857 |
|
| (29.3 | ) |
| |||||||
| Total | $ | 181,912 |
|
| $ | 525,383 |
|
| (65.4 | ) |
|
| $ | 474,657 |
|
| $ | 2,070,029 |
|
| (77.1 | ) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Adjusted Property EBITDA (6) | $ | 10,706 |
|
| $ | 170,086 |
|
| (93.7 | ) |
|
| $ | (87,189 | ) |
| $ | 648,837 |
|
| (113.4 | ) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| VIP: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Average number of table games | 91 |
|
| 99 |
|
| (8.1 | ) |
|
| 89 |
|
| 106 |
|
| (16.0 | ) |
| |||||||
| VIP turnover | $ | 1,771,818 |
|
| $ | 7,931,833 |
|
| (77.7 | ) |
|
| $ | 5,841,627 |
|
| $ | 35,426,483 |
|
| (83.5 | ) |
| |||
| VIP table games win (1) | $ | 54,916 |
|
| $ | 259,729 |
|
| (78.9 | ) |
|
| $ | 185,059 |
|
| $ | 1,081,934 |
|
| (82.9 | ) |
| |||
| VIP table games win as a % of turnover | 3.10 | % |
| 3.27 | % |
|
|
| 3.17 | % |
| 3.05 | % |
|
| |||||||||||
| Table games win per unit per day | $ | 6,559 |
|
| $ | 28,617 |
|
| (77.1 | ) |
|
| $ | 5,925 |
|
| $ | 27,864 |
|
| (78.7 | ) |
| |||
| Mass market: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Average number of table games | 240 |
|
| 213 |
|
| 12.7 |
|
|
| 225 |
|
| 207 |
|
| 8.7 |
|
| |||||||
| Table drop (2) | $ | 632,479 |
|
| $ | 1,391,906 |
|
| (54.6 | ) |
|
| $ | 1,384,537 |
|
| $ | 5,410,439 |
|
| (74.4 | ) |
| |||
| Table games win (1) | $ | 113,130 |
|
| $ | 283,172 |
|
| (60.0 | ) |
|
| $ | 259,361 |
|
| $ | 1,099,353 |
|
| (76.4 | ) |
| |||
| Table games win % | 17.9 | % |
| 20.3 | % |
|
|
| 18.7 | % |
| 20.3 | % |
|
| |||||||||||
| Table games win per unit per day | $ | 5,124 |
|
| $ | 14,425 |
|
| (64.5 | ) |
|
| $ | 3,279 |
|
| $ | 14,519 |
|
| (77.4 | ) |
| |||
| Average number of slot machines | 488 |
|
| 790 |
|
| (38.2 | ) |
|
| 504 |
|
| 807 |
|
| (37.5 | ) |
| |||||||
| Slot machine handle | $ | 314,248 |
|
| $ | 825,763 |
|
| (61.9 | ) |
|
| $ | 830,785 |
|
| $ | 3,545,899 |
|
| (76.6 | ) |
| |||
| Slot machine win (3) | $ | 12,160 |
|
| $ | 42,669 |
|
| (71.5 | ) |
|
| $ | 31,153 |
|
| $ | 170,358 |
|
| (81.7 | ) |
| |||
| Slot machine win per unit per day | $ | 271 |
|
| $ | 587 |
|
| (53.8 | ) |
|
| $ | 176 |
|
| $ | 578 |
|
| (69.6 | ) |
| |||
| Poker rake | $ | — |
|
| $ | 5,705 |
|
| (100.0 | ) |
|
| $ | 2,083 |
|
| $ | 20,835 |
|
| (90.0 | ) |
| |||
| Room statistics: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Occupancy | 65.5 | % |
| 99.3 | % |
|
|
| 34.8 | % |
| 99.2 | % |
|
| |||||||||||
| ADR (4) | $ | 233 |
|
| $ | 291 |
|
| (19.9 | ) |
|
| $ | 276 |
|
| $ | 286 |
|
| (3.5 | ) |
| |||
| REVPAR (5) | $ | 153 |
|
| $ | 289 |
|
| (47.1 | ) |
|
| $ | 96 |
|
| $ | 284 |
|
| (66.2 | ) |
| |||
Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos' operations have since been fully restored; however, certain COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results remain in effect at the present time. We are currently unable to determine when these measures will be lifted.
| 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 December 31, |
|
|
| Year Ended December 31, |
|
| |||||||||||||||||||||
|
| 2020 |
|
| 2019 |
|
| Percent Change |
| 2020 |
|
|
| 2019 |
|
| Percent Change | ||||||||||||
| Las Vegas Operations Supplemental Information |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Operating revenues |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Casino | $ | 75,472 |
|
| $ | 75,665 |
|
| (0.3 | ) |
|
| $ | 236,826 |
|
|
| $ | 394,104 |
|
| (39.9 | ) |
| ||||
| Rooms | 38,654 |
|
| 120,340 |
|
| (67.9 | ) |
|
| 202,073 |
|
|
| 483,055 |
|
| (58.2 | ) |
| ||||||||
| Food and beverage | 39,312 |
|
| 120,257 |
|
| (67.3 | ) |
|
| 216,426 |
|
|
| 558,782 |
|
| (61.3 | ) |
| ||||||||
| Entertainment, retail and other | 19,102 |
|
| 52,514 |
|
| (63.6 | ) |
|
| 92,622 |
|
|
| 197,516 |
|
| (53.1 | ) |
| ||||||||
| Total | $ | 172,540 |
|
| $ | 368,776 |
|
| (53.2 | ) |
|
| $ | 747,947 |
|
|
| $ | 1,633,457 |
|
| (54.2 | ) |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Adjusted Property EBITDA (6) | $ | 21,027 |
|
| $ | 80,139 |
|
| (73.8 | ) |
|
| $ | (56,356 | ) |
| $ | 413,886 |
|
| (113.6 | ) |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Average number of table games | 183 |
|
| 232 |
|
| (21.1 | ) |
|
| 214 |
|
|
| 236 |
|
| (9.3 | ) |
| ||||||||
| Table drop (2) | $ | 296,565 |
|
| $ | 414,451 |
|
| (28.4 | ) |
|
| $ | 1,127,309 |
|
|
| $ | 1,690,132 |
|
| (33.3 | ) |
| ||||
| Table games win (1) | $ | 72,295 |
|
| $ | 71,935 |
|
| 0.5 |
|
|
| $ | 238,490 |
|
|
| $ | 395,439 |
|
| (39.7 | ) |
| ||||
| Table games win % | 24.4 | % |
| 17.4 | % |
|
|
| 21.2 | % |
| 23.4 | % |
|
| |||||||||||||
| Table games win per unit per day | $ | 4,305 |
|
| $ | 3,364 |
|
| 28.0 |
|
|
| $ | 3,873 |
|
|
| $ | 4,581 |
|
| (15.5 | ) |
| ||||
| Average number of slot machines | 1,601 |
|
| 1,773 |
|
| (9.7 | ) |
|
| 1,703 |
|
|
| 1,788 |
|
| (4.8 | ) |
| ||||||||
| Slot machine handle | $ | 802,294 |
|
| $ | 942,940 |
|
| (14.9 | ) |
|
| $ | 2,452,811 |
|
|
| $ | 3,427,820 |
|
| (28.4 | ) |
| ||||
| Slot machine win (3) | $ | 46,923 |
|
| $ | 63,106 |
|
| (25.6 | ) |
|
| $ | 159,387 |
|
|
| $ | 230,954 |
|
| (31.0 | ) |
| ||||
| Slot machine win per unit per day | $ | 319 |
|
| $ | 387 |
|
| (17.6 | ) |
|
| $ | 325 |
|
|
| $ | 354 |
|
| (8.2 | ) |
| ||||
| Poker rake | $ | 1,079 |
|
| $ | 3,012 |
|
| (64.2 | ) |
|
| $ | 3,264 |
|
|
| $ | 12,569 |
|
| (74.0 | ) |
| ||||
| Room statistics: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| Occupancy | 34.2 | % |
| 89.4 | % |
|
|
| 49.6 | % |
| 87.5 | % |
|
| |||||||||||||
| ADR (4) | $ | 305 |
|
| $ | 322 |
|
| (5.3 | ) |
|
| $ | 319 |
|
|
| $ | 325 |
|
| (1.8 | ) |
| ||||
| REVPAR (5) | $ | 105 |
|
| $ | 288 |
|
| (63.5 | ) |
|
| $ | 158 |
|
|
| $ | 284 |
|
| (44.4 | ) |
| ||||
Note: Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020 and reopened on June 4, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. We are currently unable to determine when these measures will be lifted.
| 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 December 31, |
|
|
| Year Ended December 31, |
|
| |||||||||||||||||
|
| 2020 |
|
| 2019 |
|
| Percent Change |
| 2020 |
|
|
| 2019 |
|
| Percent Change | ||||||||
| Encore Boston Harbor Supplemental Information (8) |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Operating revenues |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Casino | $ | 89,012 |
|
| $ | 115,969 |
|
| (23.2 | ) |
|
| $ | 287,525 |
|
|
| $ | 243,855 |
|
| 17.9 |
|
|
| Rooms | 2,985 |
|
| 16,359 |
|
| (81.8 | ) |
|
| 20,679 |
|
|
| 36,144 |
|
| (42.8 | ) |
| ||||
| Food and beverage | 7,179 |
|
| 28,243 |
|
| (74.6 | ) |
|
| 36,866 |
|
|
| 61,088 |
|
| (39.7 | ) |
| ||||
| Entertainment, retail and other | 4,708 |
|
| 8,744 |
|
| (46.2 | ) |
|
| 16,596 |
|
|
| 22,832 |
|
| (27.3 | ) |
| ||||
| Total | $ | 103,884 |
|
| $ | 169,315 |
|
| (38.6 | ) |
|
| $ | 361,666 |
|
|
| $ | 363,919 |
|
| (0.6 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Adjusted Property EBITDA (6) | $ | 16,667 |
|
| $ | 15,260 |
|
| 9.2 |
|
|
| $ | (23,762 | ) |
| $ | 23,150 |
|
| (202.6 | ) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Average number of table games | 196 |
|
| 160 |
|
| 22.5 |
|
|
| 182 |
|
|
| 152 |
|
| 19.7 |
|
| ||||
| Table drop (2) | $ | 204,445 |
|
| $ | 362,696 |
|
| (43.6 | ) |
|
| $ | 697,873 |
|
|
| $ | 778,898 |
|
| (10.4 | ) |
|
| Table games win (1) | $ | 42,697 |
|
| $ | 69,766 |
|
| (38.8 | ) |
|
| $ | 147,512 |
|
|
| $ | 151,247 |
|
| (2.5 | ) |
|
| Table games win % | 20.9 | % |
| 19.2 | % |
|
|
| 21.1 | % |
| 19.4 | % |
|
| |||||||||
| Table games win per unit per day | $ | 2,371 |
|
| $ | 4,726 |
|
| (49.8 | ) |
|
| $ | 3,256 |
|
|
| $ | 5,178 |
|
| (37.1 | ) |
|
| Average number of slot machines | 1,869 |
|
| 2,933 |
|
| (36.3 | ) |
|
| 2,159 |
|
|
| 3,023 |
|
| (28.6 | ) |
| ||||
| Slot machine handle | $ | 722,408 |
|
| $ | 856,446 |
|
| (15.7 | ) |
|
| $ | 2,303,582 |
|
|
| $ | 1,847,080 |
|
| 24.7 |
|
|
| Slot machine win (3) | $ | 57,301 |
|
| $ | 67,383 |
|
| (15.0 | ) |
|
| $ | 180,207 |
|
|
| $ | 138,264 |
|
| 30.3 |
|
|
| Slot machine win per unit per day | $ | 333 |
|
| $ | 250 |
|
| 33.2 |
|
|
| $ | 335 |
|
|
| $ | 238 |
|
| 40.8 |
|
|
| Poker rake | $ | — |
|
| $ | 5,660 |
|
| (100.0 | ) |
|
| $ | 5,105 |
|
|
| $ | 12,324 |
|
| (58.6 | ) |
|
| Room statistics: |
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Occupancy | 73.8 | % |
| 76.0 | % |
|
|
| 74.5 | % |
| 72.6 | % |
|
| |||||||||
| ADR (4) | $ | 303 |
|
| $ | 352 |
|
| (13.9 | ) |
|
| $ | 294 |
|
|
| $ | 391 |
|
| (24.8 | ) |
|
| REVPAR (5) | $ | 223 |
|
| $ | 267 |
|
| (16.5 | ) |
|
| $ | 219 |
|
|
| $ | 284 |
|
| (22.9 | ) |
|
Note: Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020, for the remainder of the first and second quarters of 2020. On July 10, 2020, Encore Boston Harbor reopened with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, and mask protection. We are currently unable to determine when these measures will be lifted. In addition, certain food and beverage outlets remain closed, and hotel reservations were limited to Thursday through Sunday until their temporary closure on November 6, 2020, pursuant to a state directive limiting the operating hours of certain businesses, including restaurants and casinos. Accordingly, Encore Boston Harbor's room statistics have been computed based on 20 and 141 days of operations for the three months and year ended December 31, 2020, respectively.
(1) Table games win is presented net of loyalty program accruals but 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 and loyalty program accruals.
(4) ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5) REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6) Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDA and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.
(7) For the year ended December 31, 2020, reflects the impact of rent concessions provided to tenants.
(8) Encore Boston Harbor opened on June 23, 2019.