Wynn Resorts, Limited (NASDAQ: WYNN) yesterday reported financial results for the quarter ended September 30, 2021.
Operating revenues were $994.6 million for the third quarter of 2021, an increase of $624.2 million, from $370.5 million for the third quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $166.2 million, or $1.45 per diluted share, for the third quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $758.1 million, or $7.10 per diluted share, in the third quarter of 2020. Adjusted Property EBITDA (1) at our integrated resort properties increased $89.8 million, $32.5 million, $163.2 million, and $38.6 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, when compared with the third quarter of 2020. Adjusted Property EBITDA was $(103.6) million at Corporate and other for the third quarter of 2021.
"We were pleased to deliver record Adjusted Property EBITDA at both Wynn Las Vegas and Encore Boston Harbor during the third quarter," said Matt Maddox, CEO of Wynn Resorts, Limited. "With our recent investments in innovative food and beverage offerings, a new convention facility in Las Vegas and a revamped casino loyalty program, the best days are ahead for our business in North America. And while there have been some fits and starts along the road to recovery in Macau, we are confident that Macau will benefit from the return of consumer demand as we progress through 2022."
Consolidated Results
Operating revenues were $994.6 million for the third quarter of 2021, an increase of $624.2 million, from $370.5 million for the third quarter of 2020. Operating revenues increased $165.6 million, $79.3 million, $289.3 million, and $75.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the third quarter of 2020.
On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $166.2 million, or $1.45 per diluted share, for the third quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $758.1 million, or $7.10 per diluted share, in the third quarter of 2020. Adjusted net loss attributable to Wynn Resorts, Limited (2) was $141.7 million, or $1.24 per diluted share, for the third quarter of 2021, compared to adjusted net loss attributable to Wynn Resorts, Limited of $751.4 million, or $7.04 per diluted share, for the third quarter of 2020.
Adjusted Property EBITDA was $154.6 million for the third quarter of 2021, compared to Adjusted Property EBITDA of $(65.9) million in the third quarter of 2020. Adjusted Property EBITDA was $(103.6) million at Corporate and other for the third quarter of 2021.
Property Results
In response to the initial outbreak of COVID-19 in early 2020, each of our properties was subject to partial or full closure for varying lengths of time during 2020, and each has since reopened. Over the course of the nine months ended September 30, 2021, the Company's Las Vegas Operations and Encore Boston Harbor have each incrementally resumed full operations, including reopening gaming areas to 100% of capacity and restoring seven-day-per-week hotel operations, as permitted by governmental authorities and in response to increased customer demand. Given the evolving conditions created by and in response to the COVID-19 pandemic, measures that have been lifted may be reintroduced if there are adverse developments in the COVID-19 situation, and management cannot reasonably estimate the impact of such developments to the Company's future results of operations, cash flows, or financial condition.
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $181.3 million for the third quarter of 2021, an increase of $165.6 million from $15.7 million for the third quarter of 2020. Adjusted Property EBITDA from Wynn Palace was $12.1 million for the third quarter of 2021, compared with $(77.6) million for the third quarter of 2020. VIP table games win as a percentage of turnover was 4.45%, above the property's expected range of 2.7% to 3.0% and above the 1.04% experienced in the third quarter of 2020. Table games win percentage in mass market operations was 21.8%, below the 22.0% experienced in the third quarter of 2020.
Wynn Macau
Operating revenues from Wynn Macau were $130.7 million for the third quarter of 2021, an increase of $79.3 million from $51.4 million for the third quarter of 2020. Adjusted Property EBITDA was $(1.9) million for the third quarter of 2021, compared with $(34.5) million for the third quarter of 2020. VIP table games win as a percentage of turnover was 2.44%, below the property's expected range of 2.7% to 3.0% and below the 3.95% experienced in the third quarter of 2020. Table games win percentage in mass market operations was 19.7%, above the 18.7% experienced in the third quarter of 2020.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $476.0 million for the third quarter of 2021, an increase of $289.3 million from $186.7 million for the third quarter of 2020. Adjusted Property EBITDA from our Las Vegas Operations for the third quarter of 2021 was $183.4 million, compared with $20.3 million for the third quarter of 2020. Table games win percentage for the third quarter of 2021 was 21.7%, below the property's expected range of 22% to 26% and above the 20.2% experienced in the third quarter of 2020.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $192.2 million for the third quarter of 2021, an increase of $75.5 million from $116.7 million for the third quarter of 2020. Adjusted Property EBITDA from Encore Boston Harbor for the third quarter of 2021 was $64.6 million, compared with $26.0 million for the third quarter of 2020. Table games win percentage for the third quarter of 2021 was 21.4%, within the property's expected range of 18% to 22% and below the 21.8% experienced in the third quarter of 2020.
Balance Sheet
Our cash and cash equivalents as of September 30, 2021 totaled $2.48 billion, comprised of approximately $1.39 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $327.4 million held by Wynn Resorts Finance excluding WML, and approximately $760.7 million at Corporate and other.
As previously disclosed, on September 16, 2021, WM Cayman Holdings Limited II, a subsidiary of WML, entered into an unsecured revolving credit facility in an aggregate principal amount of $1.50 billion (the "WM Cayman II Revolver"). Borrowings of $1.09 billion under the new facility, along with $200.0 million of cash, were used to facilitate the prepayment of the outstanding $1.26 billion of borrowings under the Wynn Macau Credit Facilities and to pay related fees and expenses.
As of September 30, 2021, the available borrowing capacity under the Wynn Resorts Finance Revolver and WM Cayman II Revolver was $834.2 million and $413.1 million, respectively.
Total current and long-term debt outstanding at September 30, 2021 was $11.74 billion, comprised of $5.77 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.23 billion of Wynn Resorts Finance debt, and $612.8 million of debt held by the retail joint venture which we consolidate.
| 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, | |||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Casino | $ | 496,264 | $ | 201,872 | $ | 1,615,228 | $ | 782,074 | ||||||||||||
| Rooms | 173,817 | 61,144 | 387,772 | 231,240 | ||||||||||||||||
| Food and beverage | 217,501 | 76,586 | 435,152 | 250,007 | ||||||||||||||||
| Entertainment, retail and other | 107,062 | 30,850 | 283,287 | 146,545 | ||||||||||||||||
| Total operating revenues | 994,644 | 370,452 | 2,721,439 | 1,409,866 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Casino | 315,316 | 160,861 | 1,048,897 | 734,689 | ||||||||||||||||
| Rooms | 52,100 | 35,940 | 136,187 | 139,787 | ||||||||||||||||
| Food and beverage | 163,655 | 76,536 | 354,709 | 314,335 | ||||||||||||||||
| Entertainment, retail and other | 156,490 | 13,370 | 310,871 | 75,823 | ||||||||||||||||
| General and administrative | 197,350 | 160,896 | 574,669 | 547,305 | ||||||||||||||||
| Provision for credit losses | (347 | ) | 11,588 | 7,461 | 60,548 | |||||||||||||||
| Pre-opening | 1,333 | 877 | 5,455 | 5,614 | ||||||||||||||||
| Depreciation and amortization | 177,110 | 183,486 | 545,538 | 541,498 | ||||||||||||||||
| Property charges and other | 15,301 | 9,905 | 26,569 | 43,701 | ||||||||||||||||
| Total operating expenses | 1,078,308 | 653,459 | 3,010,356 | 2,463,300 | ||||||||||||||||
| Operating loss | (83,664 | ) | (283,007 | ) | (288,917 | ) | (1,053,434 | ) | ||||||||||||
| Other income (expense): | ||||||||||||||||||||
| Interest income | 507 | 2,033 | 2,131 | 13,969 | ||||||||||||||||
| Interest expense, net of amounts capitalized | (150,325 | ) | (145,142 | ) | (453,601 | ) | (407,187 | ) | ||||||||||||
| Change in derivatives fair value | 1,176 | 4,675 | 6,557 | (14,279 | ) | |||||||||||||||
| Loss on extinguishment of debt | (738 | ) | (3,139 | ) | (2,060 | ) | (4,601 | ) | ||||||||||||
| Other | (11,784 | ) | 412 | (17,324 | ) | 12,980 | ||||||||||||||
| Other income (expense), net | (161,164 | ) | (141,161 | ) | (464,297 | ) | (399,118 | ) | ||||||||||||
| Loss before income taxes | (244,828 | ) | (424,168 | ) | (753,214 | ) | (1,452,552 | ) | ||||||||||||
| Provision for income taxes | (1,155 | ) | (407,365 | ) | (2,345 | ) | (564,103 | ) | ||||||||||||
| Net loss | (245,983 | ) | (831,533 | ) | (755,559 | ) | (2,016,655 | ) | ||||||||||||
| Less: net loss attributable to noncontrolling interests | 79,734 | 73,391 | 176,963 | 218,912 | ||||||||||||||||
| Net loss attributable to Wynn Resorts, Limited | $ | (166,249 | ) | $ | (758,142 | ) | $ | (578,596 | ) | $ | (1,797,743 | ) | ||||||||
| Basic and diluted net loss per common share: | ||||||||||||||||||||
| Net loss attributable to Wynn Resorts, Limited: | ||||||||||||||||||||
| Basic | $ | (1.45 | ) | $ | (7.10 | ) | $ | (5.10 | ) | $ | (16.85 | ) | ||||||||
| Diluted | $ | (1.45 | ) | $ | (7.10 | ) | $ | (5.10 | ) | $ | (16.85 | ) | ||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||
| Basic | 114,655 | 106,783 | 113,420 | 106,720 | ||||||||||||||||
| Diluted | 114,655 | 106,783 | 113,420 | 106,720 | ||||||||||||||||
| Dividends declared per common share: | $ | — | $ | — | $ | — | $ | 1.00 | ||||||||||||
| 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, | |||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||
| Net loss attributable to Wynn Resorts, Limited | $ | (166,249 | ) | $ | (758,142 | ) | $ | (578,596 | ) | $ | (1,797,743 | ) | ||||||||
| Litigation settlement net gain | — | (2,500 | ) | — | (30,200 | ) | ||||||||||||||
| Pre-opening expenses | 1,333 | 877 | 5,455 | 5,614 | ||||||||||||||||
| Property charges and other | 15,301 | 9,905 | 26,569 | 43,701 | ||||||||||||||||
| Change in derivatives fair value | (1,176 | ) | (4,675 | ) | (6,557 | ) | 14,279 | |||||||||||||
| Loss on extinguishment of debt | 738 | 3,139 | 2,060 | 4,601 | ||||||||||||||||
| Foreign currency remeasurement loss (gain) | 11,784 | (412 | ) | 17,324 | (12,980 | ) | ||||||||||||||
| Income tax impact on adjustments | (15 | ) | (812 | ) | (87 | ) | 20 | |||||||||||||
| Noncontrolling interests impact on adjustments | (3,418 | ) | 1,183 | (4,596 | ) | (12,315 | ) | |||||||||||||
| Adjusted net loss attributable to Wynn Resorts, Limited | $ | (141,702 | ) | $ | (751,437 | ) | $ | (538,428 | ) | $ | (1,785,023 | ) | ||||||||
| Adjusted net loss attributable to Wynn Resorts, Limited per diluted share | $ | (1.24 | ) | $ | (7.04 | ) | $ | (4.75 | ) | $ | (16.73 | ) | ||||||||
| Weighted average common shares outstanding - diluted | 114,655 | 106,783 | 113,420 | 106,720 | ||||||||||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
| RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA | |||||||||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Corporate and other | (104,128 | ) | — | 8,300 | 12,551 | (42,302 | ) | 6,567 | 15,419 | (103,593 | ) | ||||||||||||||||||||||||
| Total | $ | (83,664 | ) | $ | 1,333 | $ | 177,110 | $ | 15,301 | $ | — | $ | 18,901 | $ | 25,580 | $ | 154,561 | ||||||||||||||||||
| Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||
| Operating income (loss) | Pre-opening expenses | Depreciation and amortization | Property charges and other | Management and license fees | Corporate expenses and other | Stock-based compensation | Adjusted Property EBITDA | |||||||||||||||||||||||||||||
| Macau Operations: | ||||||||||||||||||||||||||||||||||||
| Wynn Palace | $ | (150,477 | ) | $ | 378 | $ | 67,424 | $ | 502 | $ | 2,250 | $ | 258 | $ | 2,018 | $ | (77,647 | ) | ||||||||||||||||||
| Wynn Macau | (63,052 | ) | — | 22,247 | 538 | 2,250 | 340 | 3,220 | (34,457 | ) | ||||||||||||||||||||||||||
| Other Macau | (2,501 | ) | — | 1,109 | 2 | — | 993 | 397 | — | |||||||||||||||||||||||||||
| Total Macau Operations | (216,030 | ) | 378 | 90,780 | 1,042 | 4,500 | 1,591 | 5,635 | (112,104 | ) | ||||||||||||||||||||||||||
| Las Vegas Operations | (47,377 | ) | 68 | 51,320 | 1,155 | 8,855 | 4,458 | 1,779 | 20,258 | |||||||||||||||||||||||||||
| Encore Boston Harbor | (25,094 | ) | — | 37,745 | 6,354 | 5,680 | 1,535 | (234 | ) | 25,986 | ||||||||||||||||||||||||||
| Corporate and other | 5,494 | 431 | 3,641 | 1,354 | (19,035 | ) | 5,242 | 2,873 | — | |||||||||||||||||||||||||||
| Total | $ | (283,007 | ) | $ | 877 | $ | 183,486 | $ | 9,905 | $ | — | $ | 12,826 | $ | 10,053 | $ | (65,860 | ) | ||||||||||||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
| RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA | |||||||||||||||||||||||||||||||||||
| (in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||
| (continued) | |||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||
| Corporate and other | (177,480 | ) | 815 | 24,758 | 12,084 | (110,731 | ) | 20,802 | 41,791 | (187,961 | ) | ||||||||||||||||||||||||
| Total | $ | (288,917 | ) | $ | 5,455 | $ | 545,538 | $ | 26,569 | $ | — | $ | 56,663 | $ | 75,033 | $ | 420,341 | ||||||||||||||||||
| Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||
| Operating income (loss) | Pre-opening expenses | Depreciation and amortization | Property charges and other | Management and license fees | Corporate expenses and other (1) | Stock-based compensation | Adjusted Property EBITDA | |||||||||||||||||||||||||||||
| Macau Operations: | ||||||||||||||||||||||||||||||||||||
| Wynn Palace | $ | (427,481 | ) | $ | 993 | $ | 201,655 | $ | 23,794 | $ | 13,925 | $ | 3,189 | $ | 5,546 | $ | (178,379 | ) | ||||||||||||||||||
| Wynn Macau | (193,291 | ) | — | 69,131 | 2,872 | 12,663 | 3,620 | 7,110 | (97,895 | ) | ||||||||||||||||||||||||||
| Other Macau | (8,888 | ) | — | 3,335 | 5 | — | 4,386 | 1,162 | — | |||||||||||||||||||||||||||
| Total Macau Operations | (629,660 | ) | 993 | 274,121 | 26,671 | 26,588 | 11,195 | 13,818 | (276,274 | ) | ||||||||||||||||||||||||||
| Las Vegas Operations | (277,604 | ) | 2,244 | 146,960 | 964 | 26,910 | 17,692 | 5,451 | (77,383 | ) | ||||||||||||||||||||||||||
| Encore Boston Harbor | (185,142 | ) | — | 111,513 | 10,219 | 12,638 | 8,900 | 1,443 | (40,429 | ) | ||||||||||||||||||||||||||
| Corporate and other | 38,972 | 2,377 | 8,904 | 5,847 | (66,136 | ) | (9,753 | ) | 19,789 | — | ||||||||||||||||||||||||||
| Total | $ | (1,053,434 | ) | $ | 5,614 | $ | 541,498 | $ | 43,701 | $ | — | $ | 28,034 | $ | 40,501 | $ | (394,086 | ) | ||||||||||||||||||
| (1) Corporate and other includes a $30.2 million net gain recorded in relation to a derivative litigation settlement. | ||||||||||||||||||||||||||||||||||||
| 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, | |||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||
| Net loss attributable to Wynn Resorts, Limited | $ | (166,249 | ) | $ | (758,142 | ) | $ | (578,596 | ) | $ | (1,797,743 | ) | ||||||||
| Net loss attributable to noncontrolling interests | (79,734 | ) | (73,391 | ) | (176,963 | ) | (218,912 | ) | ||||||||||||
| Pre-opening expenses | 1,333 | 877 | 5,455 | 5,614 | ||||||||||||||||
| Depreciation and amortization | 177,110 | 183,486 | 545,538 | 541,498 | ||||||||||||||||
| Property charges and other | 15,301 | 9,905 | 26,569 | 43,701 | ||||||||||||||||
| Corporate expenses and other | 18,901 | 12,826 | 56,663 | 28,034 | ||||||||||||||||
| Stock-based compensation | 25,580 | 10,053 | 75,033 | 40,501 | ||||||||||||||||
| Interest income | (507 | ) | (2,033 | ) | (2,131 | ) | (13,969 | ) | ||||||||||||
| Interest expense, net of amounts capitalized | 150,325 | 145,142 | 453,601 | 407,187 | ||||||||||||||||
| Change in derivatives fair value | (1,176 | ) | (4,675 | ) | (6,557 | ) | 14,279 | |||||||||||||
| Loss on extinguishment of debt | 738 | 3,139 | 2,060 | 4,601 | ||||||||||||||||
| Other | 11,784 | (412 | ) | 17,324 | (12,980 | ) | ||||||||||||||
| Provision for income taxes | 1,155 | 407,365 | 2,345 | 564,103 | ||||||||||||||||
| Adjusted Property EBITDA | $ | 154,561 | $ | (65,860 | ) | $ | 420,341 | $ | (394,086 | ) | ||||||||||
| 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, | |||||||||||||||||||||||||||
| 2021 | 2020 | Percent Change | 2021 | 2020 | Percent Change | |||||||||||||||||||||||
| Wynn Palace Supplemental Information | ||||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||||
| Casino | $ | 134,064 | $ | 12,301 | 989.9 | $ | 532,040 | $ | 208,449 | 155.2 | ||||||||||||||||||
| Rooms | 15,639 | 4,506 | 247.1 | 53,534 | 26,647 | 100.9 | ||||||||||||||||||||||
| Food and beverage | 10,952 | 6,856 | 59.7 | 36,429 | 24,385 | 49.4 | ||||||||||||||||||||||
| Entertainment, retail and other (7) | 20,668 | (7,962) | NM | 67,017 | 24,451 | 174.1 | ||||||||||||||||||||||
| Total | $ | 181,323 | $ | 15,701 | 1,054.9 | $ | 689,020 | $ | 283,932 | 142.7 | ||||||||||||||||||
| Adjusted Property EBITDA (6) | $ | 12,112 | $ | (77,647) | NM | $ | 93,036 | $ | (178,379) | NM | ||||||||||||||||||
| Casino Statistics: | ||||||||||||||||||||||||||||
| VIP: | ||||||||||||||||||||||||||||
| Average number of table games | 89 | 102 | (12.7 | ) | 96 | 97 | (1.0 | ) | ||||||||||||||||||||
| VIP turnover | $ | 1,234,733 | $ | 311,676 | 296.2 | $ | 5,246,296 | $ | 6,823,955 | (23.1 | ) | |||||||||||||||||
| VIP table games win (1) | $ | 54,943 | $ | 3,244 | 1,593.7 | $ | 222,968 | $ | 113,007 | 97.3 | ||||||||||||||||||
| VIP table games win as a % of turnover | 4.45 | % | 1.04 | % | 4.25 | % | 1.66 | % | ||||||||||||||||||||
| Table games win per unit per day | $ | 6,691 | $ | 347 | 1,828.2 | $ | 8,548 | $ | 4,458 | 91.7 | ||||||||||||||||||
| Mass market: | ||||||||||||||||||||||||||||
| Average number of table games | 231 | 223 | 3.6 | 227 | 209 | 8.6 | ||||||||||||||||||||||
| Table drop (2) | $ | 508,779 | $ | 86,347 | 489.2 | $ | 1,823,792 | $ | 583,599 | 212.5 | ||||||||||||||||||
| Table games win (1) | $ | 110,820 | $ | 19,015 | 482.8 | $ | 406,016 | $ | 156,897 | 158.8 | ||||||||||||||||||
| Table games win % | 21.8 | % | 22.0 | % | 22.3 | % | 26.9 | % | ||||||||||||||||||||
| Table games win per unit per day | $ | 5,223 | $ | 929 | 462.2 | $ | 6,555 | $ | 2,889 | 126.9 | ||||||||||||||||||
| Average number of slot machines | 712 | 569 | 25.1 | 708 | 586 | 20.8 | ||||||||||||||||||||||
| Slot machine handle | $ | 327,017 | $ | 78,580 | 316.2 | $ | 1,107,058 | $ | 542,708 | 104.0 | ||||||||||||||||||
| Slot machine win (3) | $ | 11,538 | $ | 3,995 | 188.8 | $ | 44,553 | $ | 24,796 | 79.7 | ||||||||||||||||||
| Slot machine win per unit per day | $ | 176 | $ | 76 | 131.6 | $ | 230 | $ | 163 | 41.1 | ||||||||||||||||||
| Room statistics: | ||||||||||||||||||||||||||||
| Occupancy | 51.9% | 11.6% | 61.1% | 19.3% | ||||||||||||||||||||||||
| ADR (4) | $ | 187 | $ | 225 | (16.9 | ) | $ | 181 | $ | 283 | (36.0 | ) | ||||||||||||||||
| REVPAR (5) | $ | 97 | $ | 26 | 273.1 | $ | 111 | $ | 54 | 105.6 | ||||||||||||||||||
| NM - Not meaningful. | ||||||||||||||||||||||||||||
| 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 for travelers seeking entry to Macau 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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
| 2021 | 2020 | Percent Change | 2021 | 2020 | Percent Change | |||||||||||||||||||||||
| Wynn Macau Supplemental Information | ||||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||||
| Casino | $ | 98,264 | $ | 27,154 | 261.9 | $ | 379,610 | $ | 213,758 | 77.6 | ||||||||||||||||||
| Rooms | 10,896 | 4,938 | 120.7 | 39,025 | 23,480 | 66.2 | ||||||||||||||||||||||
| Food and beverage | 7,628 | 5,606 | 36.1 | 23,620 | 18,821 | 25.5 | ||||||||||||||||||||||
| Entertainment, retail and other (7) | 13,874 | 13,670 | 1.5 | 52,086 | 36,686 | 42.0 | ||||||||||||||||||||||
| Total | $ | 130,662 | $ | 51,368 | 154.4 | $ | 494,341 | $ | 292,745 | 68.9 | ||||||||||||||||||
| Adjusted Property EBITDA (6) | $ | (1,939) | $ | (34,457) | 94.4 | $ | 28,703 | $ | (97,895) | NM | ||||||||||||||||||
| Casino Statistics: | ||||||||||||||||||||||||||||
| VIP: | ||||||||||||||||||||||||||||
| Average number of table games | 75 | 91 | (17.6 | ) | 83 | 88 | (5.7 | ) | ||||||||||||||||||||
| VIP turnover | $ | 1,335,694 | $ | 498,519 | 167.9 | $ | 4,629,987 | $ | 4,069,809 | 13.8 | ||||||||||||||||||
| VIP table games win (1) | $ | 32,602 | $ | 19,679 | 65.7 | $ | 130,624 | $ | 130,143 | 0.4 | ||||||||||||||||||
| VIP table games win as a % of turnover | 2.44 | % | 3.95 | % | 2.82 | % | 3.20 | % | ||||||||||||||||||||
| Table games win per unit per day | $ | 4,704 | $ | 2,351 | 100.1 | $ | 5,745 | $ | 5,692 | 0.9 | ||||||||||||||||||
| Mass market: | ||||||||||||||||||||||||||||
| Average number of table games | 238 | 240 | (0.8 | ) | 239 | 219 | 9.1 | |||||||||||||||||||||
| Table drop (2) | $ | 441,899 | $ | 133,006 | 232.2 | $ | 1,703,189 | $ | 752,058 | 126.5 | ||||||||||||||||||
| Table games win (1) | $ | 87,132 | $ | 24,898 | 250.0 | $ | 321,236 | $ | 146,231 | 119.7 | ||||||||||||||||||
| Table games win % | 19.7 | % | 18.7 | % | 18.9 | % | 19.4 | % | ||||||||||||||||||||
| Table games win per unit per day | $ | 3,972 | $ | 1,128 | 252.1 | $ | 4,914 | $ | 2,564 | 91.7 | ||||||||||||||||||
| Average number of slot machines | 574 | 472 | 21.6 | 583 | 509 | 14.5 | ||||||||||||||||||||||
| Slot machine handle | $ | 200,543 | $ | 87,988 | 127.9 | $ | 802,337 | $ | 516,537 | 55.3 | ||||||||||||||||||
| Slot machine win (3) | $ | 9,142 | $ | 3,072 | 197.6 | $ | 28,573 | $ | 18,993 | 50.4 | ||||||||||||||||||
| Slot machine win per unit per day | $ | 173 | $ | 71 | 143.7 | $ | 179 | $ | 144 | 24.3 | ||||||||||||||||||
| Poker rake | $ | — | $ | — | — | $ | — | $ | 2,083 | (100.0 | ) | |||||||||||||||||
| Room statistics: | ||||||||||||||||||||||||||||
| Occupancy | 51.3% | 16.6% | 60.0% | 24.4% | ||||||||||||||||||||||||
| ADR (4) | $ | 211 | $ | 291 | (27.5 | ) | $ | 217 | $ | 316 | (31.3 | ) | ||||||||||||||||
| REVPAR (5) | $ | 108 | $ | 48 | 125.0 | $ | 130 | $ | 77 | 68.8 | ||||||||||||||||||
| NM - Not meaningful. | ||||||||||||||||||||||||||||
| 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 for travelers seeking entry to Macau 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2021 | 2020 | Percent Change | 2021 | 2020 | Percent Change | ||||||||||||||||||||
| Las Vegas Operations Supplemental Information | |||||||||||||||||||||||||
| Operating revenues | |||||||||||||||||||||||||
| Casino | $ | 112,575 | $ | 65,694 | 71.4 | $ | 305,253 | $ | 161,354 | 89.2 | |||||||||||||||
| Rooms | 132,704 | 44,961 | 195.2 | 266,250 | 163,419 | 62.9 | |||||||||||||||||||
| Food and beverage | 180,455 | 55,043 | 227.8 | 333,390 | 177,114 | 88.2 | |||||||||||||||||||
| Entertainment, retail and other | 50,269 | 20,999 | 139.4 | 104,892 | 73,520 | 42.7 | |||||||||||||||||||
| Total | $ | 476,003 | $ | 186,697 | 155.0 | $ | 1,009,785 | $ | 575,407 | 75.5 | |||||||||||||||
| Adjusted Property EBITDA (6) | $ | 183,416 | $ | 20,258 | 805.4 | $ | 344,719 | $ | (77,383 | ) | NM | ||||||||||||||
| Casino Statistics: | |||||||||||||||||||||||||
| Average number of table games | 224 | 223 | 0.4 | 205 | 228 | (10.1 | ) | ||||||||||||||||||
| Table drop (2) | $ | 507,188 | $ | 324,939 | 56.1 | $ | 1,258,733 | $ | 830,745 | 51.5 | |||||||||||||||
| Table games win (1) | $ | 110,265 | $ | 65,611 | 68.1 | $ | 285,939 | $ | 166,196 | 72.0 | |||||||||||||||
| Table games win % | 21.7% | 20.2% | 22.7% | 20.0% | |||||||||||||||||||||
| Table games win per unit per day | $ | 5,354 | $ | 3,191 | 67.8 | $ | 5,117 | $ | 3,711 | 37.9 | |||||||||||||||
| Average number of slot machines | 1,746 | 1,738 | 0.5 | 1,670 | 1,751 | (4.6 | ) | ||||||||||||||||||
| Slot machine handle | $ | 1,156,858 | $ | 739,291 | 56.5 | $ | 3,063,267 | $ | 1,650,517 | 85.6 | |||||||||||||||
| Slot machine win (3) | $ | 80,303 | $ | 48,267 | 66.4 | $ | 209,682 | $ | 112,464 | 86.4 | |||||||||||||||
| Slot machine win per unit per day | $ | 500 | $ | 302 | 65.6 | $ | 460 | $ | 328 | 40.2 | |||||||||||||||
| Poker rake | $ | 2,910 | $ | 10 | NM | $ | 8,704 | $ | 2,185 | 298.4 | |||||||||||||||
| Room statistics: | |||||||||||||||||||||||||
| Occupancy | 83.0% | 39.2% | 63.4% | 55.8% | |||||||||||||||||||||
| ADR (4) | $ | 392 | $ | 269 | 45.7 | $ | 360 | $ | 323 | 11.5 | |||||||||||||||
| REVPAR (5) | $ | 326 | $ | 105 | 210.5 | $ | 228 | $ | 180 | 26.7 | |||||||||||||||
| NM - Not meaningful. | |||||||||||||||||||||||||
| 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. On October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to reduced customer demand levels. This adjusted operating schedule remained in effect through the first quarter of 2021, and on April 8, 2021, Encore at Wynn Las Vegas resumed full operations. On May 3, 2021, all industry restrictions were lifted and capacity limits increased to 100%. | |||||||||||||||||||||||||
| 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, | |||||||||||||||||||||||
| 2021 | 2020 | Percent Change | 2021 | 2020 | Percent Change | |||||||||||||||||||
| Encore Boston Harbor Supplemental Information | ||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||
| Casino | $ | 151,361 | $ | 96,723 | 56.5 | $ | 398,325 | $ | 198,513 | 100.7 | ||||||||||||||
| Rooms | 14,578 | 6,739 | 116.3 | 28,963 | 17,694 | 63.7 | ||||||||||||||||||
| Food and beverage | 18,466 | 9,081 | 103.3 | 41,713 | 29,687 | 40.5 | ||||||||||||||||||
| Entertainment, retail and other | 7,809 | 4,143 | 88.5 | 18,544 | 11,888 | 56.0 | ||||||||||||||||||
| Total | $ | 192,214 | $ | 116,686 | 64.7 | $ | 487,545 | $ | 257,782 | 89.1 | ||||||||||||||
| Adjusted Property EBITDA (6) | $ | 64,565 | $ | 25,986 | 148.5 | $ | 141,844 | $ | (40,429) | NM | ||||||||||||||
| Casino Statistics: | ||||||||||||||||||||||||
| Average number of table games | 181 | 186 | (2.7 | ) | 192 | 174 | 10.3 | |||||||||||||||||
| Table drop (2) | $ | 350,145 | $ | 217,797 | 60.8 | $ | 890,777 | $ | 493,428 | 80.5 | ||||||||||||||
| Table games win (1) | $ | 74,818 | $ | 47,528 | 57.4 | $ | 189,070 | $ | 104,814 | 80.4 | ||||||||||||||
| Table games win % | 21.4% | 21.8% | 21.2% | 21.2% | ||||||||||||||||||||
| Table games win per unit per day | $ | 4,498 | $ | 3,079 | 46.1 | $ | 3,613 | $ | 3,839 | (5.9 | ) | |||||||||||||
| Average number of slot machines | 2,734 | 1,877 | 45.7 | 2,268 | 2,330 | (2.7 | ) | |||||||||||||||||
| Slot machine handle | $ | 1,196,299 | $ | 813,435 | 47.1 | $ | 3,204,272 | $ | 1,581,174 | 102.7 | ||||||||||||||
| Slot machine win (3) | $ | 98,816 | $ | 63,458 | 55.7 | $ | 263,197 | $ | 122,906 | 114.1 | ||||||||||||||
| Slot machine win per unit per day | $ | 393 | $ | 407 | (3.4 | ) | $ | 425 | $ | 336 | 26.5 | |||||||||||||
| Poker rake | $ | — | $ | — | — | $ | — | $ | 5,105 | (100.0 | ) | |||||||||||||
| Room statistics: | ||||||||||||||||||||||||
| Occupancy | 87.8% | 72.7% | 84.1% | 74.6% | ||||||||||||||||||||
| ADR (4) | $ | 351 | $ | 294 | 19.4 | $ | 320 | $ | 293 | 9.2 | ||||||||||||||
| REVPAR (5) | $ | 308 | $ | 214 | 43.9 | $ | 269 | $ | 218 | 23.4 | ||||||||||||||
| NM - Not meaningful. | ||||||||||||||||||||||||
| 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, mask protection. In addition, certain food and beverage outlets remain closed, and hotel reservations were limited to Thursday through Sunday through the third quarter of 2020. Accordingly, Encore Boston Harbor's room statistics have been computed based on 47 and 121 days of operation for the three and nine months ended September 30, 2020, respectively. On January 25, 2021, the limitations on operating hours were lifted, and Encore Boston Harbor restored 24-hour casino operations and reopened its hotel tower on a Thursday through Sunday schedule. On April 27, 2021, the Governor of Massachusetts announced a phased plan for further reopening and on May 28, 2021 signed an executive order rescinding the COVID-related restrictions and limitations on businesses as of May 29, 2021. On September 1, 2021, Encore Boston Harbor reopened its hotel tower to seven days per week. Accordingly, Encore Boston Harbor's room statistics have been computed based on 69 and 158 days of operations for the three and nine months ended September 30, 2021, respectively. | ||||||||||||||||||||||||
| (1) | Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. | |
| (2) | In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box. | |
| (3) | Slot machine win is calculated as gross slot machine win minus progressive accruals and free play. | |
| (4) | ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied. | |
| (5) | REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available. | |
| (6) | Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDA and Net Loss Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA. | |
| (7) | For the three and nine months ended September 30, 2020, reflects the impact of rent concessions provided to tenants. |
SOURCE:
Wynn Resorts, Limited