Wynn Resorts, Limited (NASDAQ: WYNN) yesterday reported financial results for the quarter ended March 31, 2022.
Operating revenues were $953.3 million for the first quarter of 2022, an increase of $216.7 million, from $736.7 million for the first quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $183.3 million, or $1.59 per diluted share, for the first quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $281.0 million, or $2.53 per diluted share, in the first quarter of 2021. Adjusted Property EBITDA(1) was $177.6 million for the first quarter of 2022, compared to Adjusted Property EBITDA of $58.9 million in the first quarter of 2021.
"Our first quarter results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor where our teams' unrelenting focus on five star hospitality and world class experiences combined with very strong customer demand to deliver a new first quarter record for Adjusted Property EBITDA at both properties," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we remain confident that the market will benefit from the return of visitation when travel restrictions subside."
Consolidated Results
Operating revenues were $953.3 million for the first quarter of 2022, an increase of $216.7 million, from $736.7 million for the first quarter of 2021. For the first quarter of 2022, operating revenues increased $262.5 million and $60.7 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $74.0 million and $44.6 million at Wynn Palace and Wynn Macau, respectively, from the first quarter of 2021.
Net loss attributable to Wynn Resorts, Limited was $183.3 million, or $1.59 per diluted share, for the first quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $281.0 million, or $2.53 per diluted share, in the first quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $139.6 million, or $1.21 per diluted share, for the first quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $268.0 million, or $2.41 per diluted share, for the first quarter of 2021.
Adjusted Property EBITDA was $177.6 million for the first quarter of 2022, compared to Adjusted Property EBITDA of $58.9 million in the first quarter of 2021. For the first quarter of 2022, Adjusted Property EBITDA increased $131.3 million and $24.9 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $28.2 million and $21.2 million at Wynn Palace and Wynn Macau, respectively, from the first quarter of 2021.
Property Results
Macau Operations
The results of operations of our Macau Operations for the first quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.
Wynn Palace
Operating revenues from Wynn Palace were $163.3 million for the first quarter of 2022, a decrease of $74.0 million from $237.3 million for the first quarter of 2021. Adjusted Property EBITDA from Wynn Palace was $(0.9) million for the first quarter of 2022, compared to $27.4 million for the first quarter of 2021. VIP table games win as a percentage of turnover was 2.05%, below the property's expected range of 3.1% to 3.4% and below the 4.38% experienced in the first quarter of 2021. Table games win percentage in mass market operations was 20.9%, below the 21.7% experienced in the first quarter of 2021.
Wynn Macau
Operating revenues from Wynn Macau were $135.1 million for the first quarter of 2022, a decrease of $44.6 million from $179.7 million for the first quarter of 2021. Adjusted Property EBITDA was $(4.7) million for the first quarter of 2022, compared to $16.6 million for the first quarter of 2021. VIP table games win as a percentage of turnover was 3.84%, above the property's expected range of 3.1% to 3.4% and above the 3.25% experienced in the first quarter of 2021. Table games win percentage in mass market operations was 17.5%, slightly below the 17.8% experienced in the first quarter of 2021.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $441.2 million for the first quarter of 2022, an increase of $262.5 million from $178.7 million for the first quarter of 2021. Adjusted Property EBITDA from our Las Vegas Operations for the first quarter of 2022 was $159.4 million, compared to $28.1 million for the first quarter of 2021. Table games win percentage for the first quarter of 2022 was 23.6%, within the property's expected range of 22% to 26% and in line with the 23.6% experienced in the first quarter of 2021.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $190.8 million for the first quarter of 2022, an increase of $60.7 million from $130.1 million for the first quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the first quarter of 2022 was $55.3 million, compared to $30.4 million for the first quarter of 2021. Table games win percentage for the first quarter of 2022 was 22.2%, slightly above the property's expected range of 18% to 22% and above the 21.1% experienced in the first quarter of 2021.
Balance Sheet
Our cash and cash equivalents as of March 31, 2022 totaled $2.32 billion, comprised of approximately $1.29 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $388.5 million held by Wynn Resorts Finance excluding WML, and approximately $641.6 million at Corporate and other.
As of March 31, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver and WM Cayman II Revolver was $835.6 million and $211.9 million, respectively.
Total current and long-term debt outstanding at March 31, 2022 was $11.92 billion, comprised of $5.97 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.21 billion of Wynn Resorts Finance debt, and $613.0 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 March 31, | |||||||
| 2022 | 2021 | ||||||
| Operating revenues: | |||||||
| Casino | $ | 489,862 | $ | 516,218 | |||
| Rooms | 170,376 | 76,190 | |||||
| Food and beverage | 174,020 | 68,509 | |||||
| Entertainment, retail and other | 119,076 | 75,765 | |||||
| Total operating revenues | 953,334 | 736,682 | |||||
| Operating expenses: | |||||||
| Casino | 324,079 | 351,966 | |||||
| Rooms | 58,715 | 33,535 | |||||
| Food and beverage | 146,656 | 73,948 | |||||
| Entertainment, retail and other | 88,904 | 73,459 | |||||
| General and administrative | 196,780 | 179,774 | |||||
| Provision for credit losses | 342 | 7,367 | |||||
| Pre-opening | 2,447 | 1,627 | |||||
| Depreciation and amortization | 184,556 | 185,121 | |||||
| Property charges and other | 45,720 | 5,617 | |||||
| Total operating expenses | 1,048,199 | 912,414 | |||||
| Operating loss | (94,865 | ) | (175,732 | ) | |||
| Other income (expense): | |||||||
| Interest income | 1,280 | 904 | |||||
| Interest expense, net of amounts capitalized | (152,158 | ) | (152,852 | ) | |||
| Change in derivatives fair value | 7,400 | 4,409 | |||||
| Loss on extinguishment of debt | — | (1,322 | ) | ||||
| Other | (15,127 | ) | (11,093 | ) | |||
| Other income (expense), net | (158,605 | ) | (159,954 | ) | |||
| Loss before income taxes | (253,470 | ) | (335,686 | ) | |||
| Provision for income taxes | (1,140 | ) | (493 | ) | |||
| Net loss | (254,610 | ) | (336,179 | ) | |||
| Less: net loss attributable to noncontrolling interests | 71,286 | 55,201 | |||||
| Net loss attributable to Wynn Resorts, Limited | $ | (183,324 | ) | $ | (280,978 | ) | |
| Basic and diluted net loss per common share: | |||||||
| Net loss attributable to Wynn Resorts, Limited: | |||||||
| Basic | $ | (1.59 | ) | $ | (2.53 | ) | |
| Diluted | $ | (1.59 | ) | $ | (2.53 | ) | |
| Weighted average common shares outstanding: | |||||||
| Basic | 115,030 | 111,020 | |||||
| Diluted | 115,030 | 111,020 | |||||
| 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 March 31, | |||||||
| 2022 | 2021 | ||||||
| Net loss attributable to Wynn Resorts, Limited | $ | (183,324 | ) | $ | (280,978 | ) | |
| Pre-opening expenses | 2,447 | 1,627 | |||||
| Property charges and other | 45,720 | 5,617 | |||||
| Change in derivatives fair value | (7,400 | ) | (4,409 | ) | |||
| Loss on extinguishment of debt | — | 1,322 | |||||
| Foreign currency remeasurement and other | 15,127 | 11,093 | |||||
| Noncontrolling interests impact on adjustments | (12,189 | ) | (2,268 | ) | |||
| Adjusted net loss attributable to Wynn Resorts, Limited | $ | (139,619 | ) | $ | (267,996 | ) | |
| Adjusted net loss attributable to Wynn Resorts, Limited per diluted share | $ | (1.21 | ) | $ | (2.41 | ) | |
| Weighted average common shares outstanding - diluted | 115,030 | 111,020 | |||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | ||||||||||||||||||||||||||
| RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA | ||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||
| Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||
| Operating income (loss) | Pre-opening expenses | Depreciation and amortization | Property charges and other | Management and license fees | Corporate expenses and other | Stock-based compensation | Adjusted Property EBITDA | |||||||||||||||||||
| Macau Operations: | ||||||||||||||||||||||||||
| Wynn Palace | $ | (59,501 | ) | $ | — | $ | 50,462 | $ | 138 | $ | 5,185 | $ | 1,543 | $ | 1,309 | $ | (864 | ) | ||||||||
| Wynn Macau | (34,816 | ) | — | 20,022 | 1,469 | 4,324 | 1,678 | 2,641 | (4,682 | ) | ||||||||||||||||
| Other Macau | (3,947 | ) | — | 977 | 1 | — | 2,418 | 551 | — | |||||||||||||||||
| Total Macau Operations | (98,264 | ) | — | 71,461 | 1,608 | 9,509 | 5,639 | 4,501 | (5,546 | ) | ||||||||||||||||
| Las Vegas Operations | 82,930 | 1,397 | 45,602 | 1,322 | 21,027 | 5,414 | 1,686 | 159,378 | ||||||||||||||||||
| Encore Boston Harbor | 2,189 | — | 40,989 | 621 | 9,338 | 1,705 | 408 | 55,250 | ||||||||||||||||||
| Wynn Interactive | (105,035 | ) | 1,050 | 24,248 | 41,961 | — | 2,427 | 3,848 | (31,501 | ) | ||||||||||||||||
| Corporate and other | 23,315 | — | 2,256 | 208 | (39,874 | ) | 10,638 | 3,457 | — | |||||||||||||||||
| Total | $ | (94,865 | ) | $ | 2,447 | $ | 184,556 | $ | 45,720 | $ | — | $ | 25,823 | $ | 13,900 | $ | 177,581 | |||||||||
| Three Months Ended March 31, 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 | $ | (54,788 | ) | $ | 414 | $ | 67,010 | $ | 2,174 | $ | 8,178 | $ | 1,178 | $ | 3,203 | $ | 27,369 | |||||||||
| Wynn Macau | (16,952 | ) | — | 21,464 | 247 | 5,855 | 1,364 | 4,578 | 16,556 | |||||||||||||||||
| Other Macau | (3,270 | ) | — | 1,108 | 15 | — | 1,543 | 604 | — | |||||||||||||||||
| Total Macau Operations | (75,010 | ) | 414 | 89,582 | 2,436 | 14,033 | 4,085 | 8,385 | 43,925 | |||||||||||||||||
| Las Vegas Operations | (40,006 | ) | 511 | 48,103 | 2,427 | 8,608 | 5,414 | 3,024 | 28,081 | |||||||||||||||||
| Encore Boston Harbor | (18,633 | ) | — | 39,113 | 742 | 6,237 | 2,282 | 622 | 30,363 | |||||||||||||||||
| Wynn Interactive | (54,758 | ) | 702 | 6,071 | — | — | 391 | 4,125 | (43,469 | ) | ||||||||||||||||
| Corporate and other | 12,675 | — | 2,252 | 12 | (28,878 | ) | 5,749 | 8,190 | — | |||||||||||||||||
| Total | $ | (175,732 | ) | $ | 1,627 | $ | 185,121 | $ | 5,617 | $ | — | $ | 17,921 | $ | 24,346 | $ | 58,900 | |||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | |||||||
| RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO | |||||||
| ADJUSTED PROPERTY EBITDA | |||||||
| (in thousands) | |||||||
| (unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2022 | 2021 | ||||||
| Net loss attributable to Wynn Resorts, Limited | $ | (183,324 | ) | $ | (280,978 | ) | |
| Net loss attributable to noncontrolling interests | (71,286 | ) | (55,201 | ) | |||
| Pre-opening expenses | 2,447 | 1,627 | |||||
| Depreciation and amortization | 184,556 | 185,121 | |||||
| Property charges and other | 45,720 | 5,617 | |||||
| Corporate expenses and other | 25,823 | 17,921 | |||||
| Stock-based compensation | 13,900 | 24,346 | |||||
| Interest income | (1,280 | ) | (904 | ) | |||
| Interest expense, net of amounts capitalized | 152,158 | 152,852 | |||||
| Change in derivatives fair value | (7,400 | ) | (4,409 | ) | |||
| Loss on extinguishment of debt | — | 1,322 | |||||
| Other | 15,127 | 11,093 | |||||
| Provision for income taxes | 1,140 | 493 | |||||
| Adjusted Property EBITDA | $ | 177,581 | $ | 58,900 | |||
| 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 March 31, | ||||||||||
| 2022 | 2021 | Percent Change | ||||||||
| Wynn Palace Supplemental Information | ||||||||||
| Operating revenues | ||||||||||
| Casino | $ | 114,413 | $ | 185,909 | (38.5 | ) | ||||
| Rooms | 13,831 | 17,012 | (18.7 | ) | ||||||
| Food and beverage | 11,443 | 11,672 | (2.0 | ) | ||||||
| Entertainment, retail and other | 23,638 | 22,733 | 4.0 | |||||||
| Total | $ | 163,325 | $ | 237,326 | (31.2 | ) | ||||
| Adjusted Property EBITDA (6) | $ | (864 | ) | $ | 27,369 | NM | ||||
| Casino Statistics: | ||||||||||
| VIP: | ||||||||||
| Average number of table games | 67 | 103 | (35.0 | ) | ||||||
| VIP turnover | $ | 965,555 | $ | 2,200,182 | (56.1 | ) | ||||
| VIP table games win (1) | $ | 19,753 | $ | 96,456 | (79.5 | ) | ||||
| VIP table games win as a % of turnover | 2.05 | % | 4.38 | % | ||||||
| Table games win per unit per day | $ | 3,280 | $ | 10,375 | (68.4 | ) | ||||
| Mass market: | ||||||||||
| Average number of table games | 234 | 222 | 5.4 | |||||||
| Table drop (2) | $ | 531,859 | $ | 607,518 | (12.5 | ) | ||||
| Table games win (1) | $ | 111,175 | $ | 131,649 | (15.6 | ) | ||||
| Table games win % | 20.9 | % | 21.7 | % | ||||||
| Table games win per unit per day | $ | 5,282 | $ | 6,596 | (19.9 | ) | ||||
| Average number of slot machines | 670 | 687 | (2.5 | ) | ||||||
| Slot machine handle | $ | 250,930 | $ | 358,772 | (30.1 | ) | ||||
| Slot machine win (3) | $ | 12,649 | $ | 14,243 | (11.2 | ) | ||||
| Slot machine win per unit per day | $ | 210 | $ | 230 | (8.7 | ) | ||||
| Room statistics: | ||||||||||
| Occupancy | 47.2 | % | 60.4 | % | ||||||
| ADR (4) | $ | 180 | $ | 178 | 1.1 | |||||
| REVPAR (5) | $ | 85 | $ | 108 | (21.3 | ) | ||||
| NM - Not meaningful. | ||||||||||
| Note: The results of operations of Wynn Palace for the three months ended March 31, 2022 and 2021 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic. | ||||||||||
| 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 March 31, | ||||||||||
| 2022 | 2021 | Percent Change | ||||||||
| Wynn Macau Supplemental Information | ||||||||||
| Operating revenues | ||||||||||
| Casino | $ | 102,430 | $ | 138,927 | (26.3 | ) | ||||
| Rooms | 9,390 | 14,702 | (36.1 | ) | ||||||
| Food and beverage | 8,386 | 7,433 | 12.8 | |||||||
| Entertainment, retail and other | 14,894 | 18,589 | (19.9 | ) | ||||||
| Total | $ | 135,100 | $ | 179,651 | (24.8 | ) | ||||
| Adjusted Property EBITDA (6) | $ | (4,682 | ) | $ | 16,556 | NM | ||||
| Casino Statistics: | ||||||||||
| VIP: | ||||||||||
| Average number of table games | 35 | 90 | (61.1 | ) | ||||||
| VIP turnover | $ | 887,051 | $ | 1,804,382 | (50.8 | ) | ||||
| VIP table games win (1) | $ | 34,029 | $ | 58,635 | (42.0 | ) | ||||
| VIP table games win as a % of turnover | 3.84 | % | 3.25 | % | ||||||
| Table games win per unit per day | $ | 10,823 | $ | 7,239 | 49.5 | |||||
| Mass market: | ||||||||||
| Average number of table games | 248 | 240 | 3.3 | |||||||
| Table drop (2) | $ | 469,138 | $ | 590,890 | (20.6 | ) | ||||
| Table games win (1) | $ | 82,259 | $ | 105,183 | (21.8 | ) | ||||
| Table games win % | 17.5 | % | 17.8 | % | ||||||
| Table games win per unit per day | $ | 3,680 | $ | 4,871 | (24.5 | ) | ||||
| Average number of slot machines | 585 | 569 | 2.8 | |||||||
| Slot machine handle | $ | 283,539 | $ | 301,271 | (5.9 | ) | ||||
| Slot machine win (3) | $ | 10,611 | $ | 10,208 | 3.9 | |||||
| Slot machine win per unit per day | $ | 201 | $ | 199 | 1.0 | |||||
| Room statistics: | ||||||||||
| Occupancy | 49.8 | % | 60.8 | % | ||||||
| ADR (4) | $ | 188 | $ | 242 | (22.3 | ) | ||||
| REVPAR (5) | $ | 94 | $ | 147 | (36.1 | ) | ||||
| NM - Not meaningful. | ||||||||||
| Note: The results of operations of Wynn Macau for the three months ended March 31, 2022 and 2021 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic. | ||||||||||
| 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 March 31, | |||||||||
| 2022 | 2021 | Percent Change | |||||||
| Las Vegas Operations Supplemental Information | |||||||||
| Operating revenues | |||||||||
| Casino | $ | 124,271 | $ | 79,903 | 55.5 | ||||
| Rooms | 131,466 | 39,761 | 230.6 | ||||||
| Food and beverage | 136,029 | 40,077 | 239.4 | ||||||
| Entertainment, retail and other | 49,420 | 18,975 | 160.4 | ||||||
| Total | $ | 441,186 | $ | 178,716 | 146.9 | ||||
| Adjusted Property EBITDA (6) | $ | 159,378 | $ | 28,081 | 467.6 | ||||
| Casino Statistics: | |||||||||
| Average number of table games | 228 | 172 | 32.6 | ||||||
| Table drop (2) | $ | 547,916 | $ | 324,531 | 68.8 | ||||
| Table games win (1) | $ | 129,164 | $ | 76,653 | 68.5 | ||||
| Table games win % | 23.6 | % | 23.6 | % | |||||
| Table games win per unit per day | $ | 6,300 | $ | 4,957 | 27.1 | ||||
| Average number of slot machines | 1,728 | 1,547 | 11.7 | ||||||
| Slot machine handle | $ | 1,177,985 | $ | 791,260 | 48.9 | ||||
| Slot machine win (3) | $ | 80,831 | $ | 50,489 | 60.1 | ||||
| Slot machine win per unit per day | $ | 520 | $ | 363 | 43.3 | ||||
| Poker rake | $ | 3,861 | $ | 1,867 | 106.8 | ||||
| Room statistics: | |||||||||
| Occupancy | 76.9 | % | 35.3 | % | |||||
| ADR (4) | $ | 432 | $ | 331 | 30.5 | ||||
| REVPAR (5) | $ | 333 | $ | 117 | 184.6 | ||||
| Note: The results of our Las Vegas Operations for the three months ended March 31, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications. | |||||||||
| 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 March 31, | ||||||||||
| 2022 | 2021 | Percent Change | ||||||||
| Encore Boston Harbor Supplemental Information | ||||||||||
| Operating revenues | ||||||||||
| Casino | $ | 148,748 | $ | 111,479 | 33.4 | |||||
| Rooms | 15,689 | 4,715 | 232.7 | |||||||
| Food and beverage | 18,162 | 9,327 | 94.7 | |||||||
| Entertainment, retail and other | 8,197 | 4,569 | 79.4 | |||||||
| Total | $ | 190,796 | $ | 130,090 | 46.7 | |||||
| Adjusted Property EBITDA (6) | $ | 55,250 | $ | 30,363 | 82.0 | |||||
| Casino Statistics: | ||||||||||
| Average number of table games | 184 | 199 | (7.5 | ) | ||||||
| Table drop (2) | $ | 346,195 | $ | 234,562 | 47.6 | |||||
| Table games win (1) | $ | 76,792 | $ | 49,377 | 55.5 | |||||
| Table games win % | 22.2 | % | 21.1 | % | ||||||
| Table games win per unit per day | $ | 4,637 | $ | 2,752 | 68.5 | |||||
| Average number of slot machines | 2,776 | 1,889 | 47.0 | |||||||
| Slot machine handle | $ | 1,183,314 | $ | 913,795 | 29.5 | |||||
| Slot machine win (3) | $ | 95,296 | $ | 74,820 | 27.4 | |||||
| Slot machine win per unit per day | $ | 381 | $ | 440 | (13.4 | ) | ||||
| Poker rake | $ | 784 | $ | — | — | |||||
| Room statistics: | ||||||||||
| Occupancy | 80.5 | % | 71.0 | % | ||||||
| ADR (4) | $ | 324 | $ | 276 | 17.4 | |||||
| REVPAR (5) | $ | 261 | $ | 196 | 33.2 | |||||
| Note: The results of Encore Boston Harbor for the three months ended March 31, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications. Encore Boston Harbor's room statistics have been computed based on 36 days of operations for the three months ended March 31, 2021, representing the actual number of days the hotel was open. | ||||||||||
| (1) | Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. |
| (2) | In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box. |
| (3) | Slot machine win is calculated as gross slot machine win minus progressive accruals and free play. |
| (4) | ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied. |
| (5) | REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available. |
| (6) | Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDA and Net Loss Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA. |