Wynn Resorts, Limited (NASDAQ: WYNN) yesterday reported financial results for the second quarter ended June 30, 2022.
Operating revenues were $908.8 million for the second quarter of 2022, a decrease of $81.3 million, from $990.1 million for the second quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $130.1 million, or $1.14 per diluted share, for the second quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $131.4 million, or $1.15 per diluted share, in the second quarter of 2021. Adjusted Property EBITDA(1) was $179.2 million for the second quarter of 2022, compared to Adjusted Property EBITDA of $206.9 million in the second quarter of 2021.
"Our second quarter financial results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor. Our teams' ongoing focus on five-star hospitality and new experiences at our market-leading properties combined with very strong customer demand drove a new all-time quarterly record for Adjusted Property EBITDA at Wynn Las Vegas and a second quarter record at Encore Boston Harbor," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, while COVID-related travel restrictions continued to impact our results, we remain confident that the market will benefit from the return of visitation over time."
Consolidated Results
Operating revenues were $908.8 million for the second quarter of 2022, a decrease of $81.3 million, from $990.1 million for the second quarter of 2021. For the second quarter of 2022, operating revenues increased $206.0 million and $44.9 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $211.7 million and $125.4 million at Wynn Palace and Wynn Macau, respectively, from the second quarter of 2021.
Net loss attributable to Wynn Resorts, Limited was $130.1 million, or $1.14 per diluted share, for the second quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $131.4 million, or $1.15 per diluted share, in the second quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $93.7 million, or $0.82 per diluted share, for the second quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $128.7 million, or $1.12 per diluted share, for the second quarter of 2021.
Adjusted Property EBITDA was $179.2 million for the second quarter of 2022, compared to Adjusted Property EBITDA of $206.9 million in the second quarter of 2021. For the second quarter of 2022, Adjusted Property EBITDA increased $93.5 million and $16.8 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $103.5 million and $54.5 million at Wynn Palace and Wynn Macau, respectively, from the second quarter of 2021.
Property Results
Macau Operations
The results of operations of our Macau Operations for the second 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 $58.7 million for the second quarter of 2022, a decrease of $211.7 million from $270.4 million for the second quarter of 2021. Adjusted Property EBITDA from Wynn Palace was $(50.0) million for the second quarter of 2022, compared to $53.6 million for the second quarter of 2021. VIP table games loss as a percentage of turnover was (1.94)%, below the property's expected range of 3.1% to 3.4% and below the 3.95% experienced in the second quarter of 2021. Table games win percentage in mass market operations was 19.7%, below the 23.1% experienced in the second quarter of 2021.
Wynn Macau
Operating revenues from Wynn Macau were $58.6 million for the second quarter of 2022, a decrease of $125.4 million from $184.0 million for the second quarter of 2021. Adjusted Property EBITDA from Wynn Macau was $(40.4) million for the second quarter of 2022, compared to $14.1 million for the second quarter of 2021. VIP table games win as a percentage of turnover was 4.79%, above the property's expected range of 3.1% to 3.4% and above the 2.64% experienced in the second quarter of 2021. Table games win percentage in mass market operations was 14.1%, below the 19.2% experienced in the second quarter of 2021.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $561.1 million for the second quarter of 2022, an increase of $206.0 million from $355.1 million for the second quarter of 2021. Adjusted Property EBITDA from our Las Vegas Operations for the second quarter of 2022 was $226.7 million, compared to $133.2 million for the second quarter of 2021. Table games win percentage for the second quarter of 2022 was 24.6%, within the property's expected range of 22% to 26% and above the 23.2% experienced in the second quarter of 2021.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $210.2 million for the second quarter of 2022, an increase of $44.9 million from $165.2 million for the second quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the second quarter of 2022 was $63.7 million, compared to $46.9 million for the second quarter of 2021. Table games win percentage for the second quarter of 2022 was 21.9%, within the property's expected range of 18% to 22% and above the 21.2% experienced in the second quarter of 2021.
Balance Sheet
Our cash and cash equivalents as of June 30, 2022 totaled $2.01 billion, comprised of approximately $1.11 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $419.6 million held by Wynn Resorts Finance excluding WML and subsidiaries, and approximately $488.2 million at Corporate and other.
As of June 30, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver and WM Cayman II Revolver was $835.6 million and $211.5 million, respectively.
Total current and long-term debt outstanding at June 30, 2022 was $11.91 billion, comprised of $5.97 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.20 billion of Wynn Resorts Finance debt, and $613.2 million of debt held by the retail joint venture which we consolidate.
In the second quarter of 2022, the Company repurchased 2,381,928 shares of its common stock at an average price of $57.70 per share, for an aggregate cost of $137.4 million.
In the first quarter of 2022, the Company entered into a sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor. Upon closing of the related transactions, currently expected to take place in the fourth quarter of 2022 subject to regulatory approvals and customary closing conditions, we expect to receive cash consideration of approximately $1.7 billion and to concurrently enter into a lease agreement for the purpose of continuing to operate the Encore Boston Harbor property. We expect to use the cash proceeds from the sale of the real estate assets for general corporate purposes, which may include the repayment of certain debt obligations.
| WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Operating revenues: | |||||||||||||||
| Casino | $ | 359,585 | $ | 602,746 | $ | 849,447 | $ | 1,118,964 | |||||||
| Rooms | 201,298 | 137,765 | 371,674 | 213,955 | |||||||||||
| Food and beverage | 229,816 | 149,142 | 403,836 | 217,651 | |||||||||||
| Entertainment, retail and other | 118,133 | 100,460 | 237,209 | 176,225 | |||||||||||
| Total operating revenues | 908,832 | 990,113 | 1,862,166 | 1,726,795 | |||||||||||
| Operating expenses: | |||||||||||||||
| Casino | 244,064 | 381,615 | 568,143 | 733,581 | |||||||||||
| Rooms | 65,070 | 50,552 | 123,785 | 84,087 | |||||||||||
| Food and beverage | 185,471 | 117,106 | 332,127 | 191,054 | |||||||||||
| Entertainment, retail and other | 74,985 | 80,922 | 163,889 | 154,381 | |||||||||||
| General and administrative | 200,378 | 197,545 | 397,158 | 377,319 | |||||||||||
| Provision for credit losses | (3,487 | ) | 441 | (3,145 | ) | 7,808 | |||||||||
| Pre-opening | 4,502 | 2,495 | 6,949 | 4,122 | |||||||||||
| Depreciation and amortization | 162,968 | 183,307 | 347,524 | 368,428 | |||||||||||
| Property charges and other | 26,909 | 5,651 | 72,629 | 11,268 | |||||||||||
| Total operating expenses | 960,860 | 1,019,634 | 2,009,059 | 1,932,048 | |||||||||||
| Operating loss | (52,028 | ) | (29,521 | ) | (146,893 | ) | (205,253 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 2,691 | 720 | 3,971 | 1,624 | |||||||||||
| Interest expense, net of amounts capitalized | (154,830 | ) | (150,424 | ) | (306,988 | ) | (303,276 | ) | |||||||
| Change in derivatives fair value | 1,562 | 972 | 8,962 | 5,381 | |||||||||||
| Loss on extinguishment of debt | — | — | — | (1,322 | ) | ||||||||||
| Other | (10,099 | ) | 5,553 | (25,226 | ) | (5,540 | ) | ||||||||
| Other income (expense), net | (160,676 | ) | (143,179 | ) | (319,281 | ) | (303,133 | ) | |||||||
| Loss before income taxes | (212,704 | ) | (172,700 | ) | (466,174 | ) | (508,386 | ) | |||||||
| Provision for income taxes | (718 | ) | (697 | ) | (1,858 | ) | (1,190 | ) | |||||||
| Net loss | (213,422 | ) | (173,397 | ) | (468,032 | ) | (509,576 | ) | |||||||
| Less: net loss attributable to noncontrolling interests | 83,371 | 42,028 | 154,657 | 97,229 | |||||||||||
| Net loss attributable to Wynn Resorts, Limited | $ | (130,051 | ) | $ | (131,369 | ) | $ | (313,375 | ) | $ | (412,347 | ) | |||
| Basic and diluted net loss per common share: | |||||||||||||||
| Net loss attributable to Wynn Resorts, Limited: | |||||||||||||||
| Basic | $ | (1.14 | ) | $ | (1.15 | ) | $ | (2.73 | ) | $ | (3.66 | ) | |||
| Diluted | $ | (1.14 | ) | $ | (1.15 | ) | $ | (2.73 | ) | $ | (3.66 | ) | |||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 114,471 | 114,545 | 114,749 | 112,792 | |||||||||||
| Diluted | 114,471 | 114,545 | 114,749 | 112,792 | |||||||||||
| 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 June 30, | Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net loss attributable to Wynn Resorts, Limited | $ | (130,051 | ) | $ | (131,369 | ) | $ | (313,375 | ) | $ | (412,347 | ) | |||
| Pre-opening expenses | 4,502 | 2,495 | 6,949 | 4,122 | |||||||||||
| Property charges and other | 26,909 | 5,651 | 72,629 | 11,268 | |||||||||||
| Change in derivatives fair value | (1,562 | ) | (972 | ) | (8,962 | ) | (5,381 | ) | |||||||
| Loss on extinguishment of debt | — | — | — | 1,322 | |||||||||||
| Foreign currency remeasurement and other | 10,099 | (5,553 | ) | 25,226 | 5,540 | ||||||||||
| Income tax impact on adjustments | (8 | ) | (72 | ) | (8 | ) | (72 | ) | |||||||
| Noncontrolling interests impact on adjustments | (3,618 | ) | 1,090 | (15,807 | ) | (1,178 | ) | ||||||||
| Adjusted net loss attributable to Wynn Resorts, Limited | $ | (93,729 | ) | $ | (128,730 | ) | $ | (233,348 | ) | $ | (396,726 | ) | |||
| Adjusted net loss attributable to Wynn Resorts, Limited per diluted share | $ | (0.82 | ) | $ | (1.12 | ) | $ | (2.03 | ) | $ | (3.52 | ) | |||
| Weighted average common shares outstanding - diluted | 114,471 | 114,545 | 114,749 | 112,792 | |||||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) | |||||||||||||||||||||||||||
| Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||
| Operating income (loss) | Pre-opening expenses | Depreciation and amortization | Property charges and other | Management and license fees | Corporate expenses and other | Stock-based compensation | Adjusted Property EBITDA | ||||||||||||||||||||
| Macau Operations: | |||||||||||||||||||||||||||
| Wynn Palace | $ | (107,742 | ) | $ | — | $ | 51,606 | $ | 313 | $ | 2,258 | $ | 1,587 | $ | 2,028 | $ | (49,950 | ) | |||||||||
| Wynn Macau | (73,479 | ) | — | 19,556 | 6,478 | 2,272 | 1,612 | 3,171 | (40,390 | ) | |||||||||||||||||
| Other Macau | (4,103 | ) | — | 971 | 4 | — | 2,547 | 581 | — | ||||||||||||||||||
| Total Macau Operations | (185,324 | ) | — | 72,133 | 6,795 | 4,530 | 5,746 | 5,780 | (90,340 | ) | |||||||||||||||||
| Las Vegas Operations | 142,826 | 3,547 | 45,750 | 955 | 26,349 | 5,576 | 1,703 | 226,706 | |||||||||||||||||||
| Encore Boston Harbor | 13,760 | — | 37,432 | 19 | 10,164 | 1,941 | 430 | 63,746 | |||||||||||||||||||
| Wynn Interactive | (57,321 | ) | 955 | 5,373 | 26,395 | — | 2,426 | 1,219 | (20,953 | ) | |||||||||||||||||
| Corporate and other | 34,031 | — | 2,280 | (7,255 | ) | (41,043 | ) | 6,524 | 5,463 | — | |||||||||||||||||
| Total | $ | (52,028 | ) | $ | 4,502 | $ | 162,968 | $ | 26,909 | $ | — | $ | 22,213 | $ | 14,595 | $ | 179,159 | ||||||||||
| Three Months Ended June 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 | $ | (26,231 | ) | $ | 422 | $ | 66,062 | $ | 980 | $ | 8,648 | $ | 1,177 | $ | 2,497 | $ | 53,555 | ||||||||||
| Wynn Macau | (20,334 | ) | — | 20,782 | 1,945 | 5,999 | 1,266 | 4,428 | 14,086 | ||||||||||||||||||
| Other Macau | (3,052 | ) | — | 1,095 | 2 | — | 1,410 | 545 | — | ||||||||||||||||||
| Total Macau Operations | (49,617 | ) | 422 | 87,939 | 2,927 | 14,647 | 3,853 | 7,470 | 67,641 | ||||||||||||||||||
| Las Vegas Operations | 54,985 | 1,932 | 48,078 | 2,724 | 16,907 | 5,635 | 2,961 | 133,222 | |||||||||||||||||||
| Encore Boston Harbor | (3,620 | ) | 28 | 39,155 | 479 | 7,997 | 2,258 | 619 | 46,916 | ||||||||||||||||||
| Wynn Interactive | (54,294 | ) | 113 | 5,877 | — | — | 2,768 | 4,637 | (40,899 | ) | |||||||||||||||||
| Corporate and other | 23,025 | — | 2,258 | (479 | ) | (39,551 | ) | 5,327 | 9,420 | — | |||||||||||||||||
| Total | $ | (29,521 | ) | $ | 2,495 | $ | 183,307 | $ | 5,651 | $ | — | $ | 19,841 | $ | 25,107 | $ | 206,880 | ||||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) | |||||||||||||||||||||||||||
| Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||
| Operating income (loss) | Pre-opening expenses | Depreciation and amortization | Property charges and other | Management and license fees | Corporate expenses and other | Stock-based compensation | Adjusted Property EBITDA | ||||||||||||||||||||
| Macau Operations: | |||||||||||||||||||||||||||
| Wynn Palace | $ | (167,243 | ) | $ | — | $ | 102,068 | $ | 451 | $ | 7,443 | $ | 3,130 | $ | 3,337 | $ | (50,814 | ) | |||||||||
| Wynn Macau | (108,295 | ) | — | 39,578 | 7,947 | 6,596 | 3,290 | 5,812 | (45,072 | ) | |||||||||||||||||
| Other Macau | (8,050 | ) | — | 1,948 | 5 | — | 4,965 | 1,132 | — | ||||||||||||||||||
| Total Macau Operations | (283,588 | ) | — | 143,594 | 8,403 | 14,039 | 11,385 | 10,281 | (95,886 | ) | |||||||||||||||||
| Las Vegas Operations | 225,756 | 4,944 | 91,352 | 2,277 | 47,376 | 10,990 | 3,389 | 386,084 | |||||||||||||||||||
| Encore Boston Harbor | 15,949 | — | 78,421 | 640 | 19,502 | 3,646 | 838 | 118,996 | |||||||||||||||||||
| Wynn Interactive | (162,356 | ) | 2,005 | 29,621 | 68,356 | — | 4,853 | 5,067 | (52,454 | ) | |||||||||||||||||
| Corporate and other | 57,346 | — | 4,536 | (7,047 | ) | (80,917 | ) | 17,162 | 8,920 | — | |||||||||||||||||
| Total | $ | (146,893 | ) | $ | 6,949 | $ | 347,524 | $ | 72,629 | $ | — | $ | 48,036 | $ | 28,495 | $ | 356,740 | ||||||||||
| Six Months Ended June 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 | $ | (81,019 | ) | $ | 836 | $ | 133,072 | $ | 3,154 | $ | 16,826 | $ | 2,355 | $ | 5,700 | $ | 80,924 | ||||||||||
| Wynn Macau | (37,286 | ) | — | 42,246 | 2,192 | 11,854 | 2,630 | 9,006 | 30,642 | ||||||||||||||||||
| Other Macau | (6,322 | ) | — | 2,203 | 17 | — | 2,953 | 1,149 | — | ||||||||||||||||||
| Total Macau Operations | (124,627 | ) | 836 | 177,521 | 5,363 | 28,680 | 7,938 | 15,855 | 111,566 | ||||||||||||||||||
| Las Vegas Operations | 14,979 | 2,443 | 96,181 | 5,151 | 25,515 | 11,049 | 5,985 | 161,303 | |||||||||||||||||||
| Encore Boston Harbor | (22,253 | ) | 28 | 78,268 | 1,221 | 14,234 | 4,540 | 1,241 | 77,279 | ||||||||||||||||||
| Wynn Interactive | (109,557 | ) | 815 | 11,948 | — | — | 3,494 | 8,932 | (84,368 | ) | |||||||||||||||||
| Corporate and other | 36,205 | — | 4,510 | (467 | ) | (68,429 | ) | 10,741 | 17,440 | — | |||||||||||||||||
| Total | $ | (205,253 | ) | $ | 4,122 | $ | 368,428 | $ | 11,268 | $ | — | $ | 37,762 | $ | 49,453 | $ | 265,780 | ||||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net loss attributable to Wynn Resorts, Limited | $ | (130,051 | ) | $ | (131,369 | ) | $ | (313,375 | ) | $ | (412,347 | ) | |||
| Net loss attributable to noncontrolling interests | (83,371 | ) | (42,028 | ) | (154,657 | ) | (97,229 | ) | |||||||
| Pre-opening expenses | 4,502 | 2,495 | 6,949 | 4,122 | |||||||||||
| Depreciation and amortization | 162,968 | 183,307 | 347,524 | 368,428 | |||||||||||
| Property charges and other | 26,909 | 5,651 | 72,629 | 11,268 | |||||||||||
| Corporate expenses and other | 22,213 | 19,841 | 48,036 | 37,762 | |||||||||||
| Stock-based compensation | 14,595 | 25,107 | 28,495 | 49,453 | |||||||||||
| Interest income | (2,691 | ) | (720 | ) | (3,971 | ) | (1,624 | ) | |||||||
| Interest expense, net of amounts capitalized | 154,830 | 150,424 | 306,988 | 303,276 | |||||||||||
| Change in derivatives fair value | (1,562 | ) | (972 | ) | (8,962 | ) | (5,381 | ) | |||||||
| Loss on extinguishment of debt | — | — | — | 1,322 | |||||||||||
| Other | 10,099 | (5,553 | ) | 25,226 | 5,540 | ||||||||||
| Provision for income taxes | 718 | 697 | 1,858 | 1,190 | |||||||||||
| Adjusted Property EBITDA | $ | 179,159 | $ | 206,880 | $ | 356,740 | $ | 265,780 | |||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) | |||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
| 2022 | 2021 | Percent Change | 2022 | 2021 | Percent Change | ||||||||||||||||
| Wynn Palace Supplemental Information | |||||||||||||||||||||
| Operating revenues | |||||||||||||||||||||
| Casino | $ | 27,194 | $ | 212,067 | (87.2 | ) | $ | 141,607 | $ | 397,976 | (64.4 | ) | |||||||||
| Rooms | 7,008 | 20,883 | (66.4 | ) | 20,839 | 37,895 | (45.0 | ) | |||||||||||||
| Food and beverage | 6,857 | 13,805 | (50.3 | ) | 18,300 | 25,477 | (28.2 | ) | |||||||||||||
| Entertainment, retail and other | 17,592 | 23,616 | (25.5 | ) | 41,230 | 46,349 | (11.0 | ) | |||||||||||||
| Total | $ | 58,651 | $ | 270,371 | (78.3 | ) | $ | 221,976 | $ | 507,697 | (56.3 | ) | |||||||||
| Adjusted Property EBITDA (6) | $ | (49,950 | ) | $ | 53,555 | NM | $ | (50,814 | ) | $ | 80,924 | NM | |||||||||
| Casino Statistics: | |||||||||||||||||||||
| VIP: | |||||||||||||||||||||
| Average number of table games | 46 | 94 | (51.1 | ) | 56 | 99 | (43.4 | ) | |||||||||||||
| VIP turnover | $ | 344,462 | $ | 1,811,381 | (81.0 | ) | $ | 1,310,017 | $ | 4,011,563 | (67.3 | ) | |||||||||
| VIP table games (loss) win (1) | $ | (6,671 | ) | $ | 71,570 | NM | $ | 13,082 | $ | 168,026 | (92.2 | ) | |||||||||
| VIP table games (loss) win as a % of turnover | (1.94 | ) % | 3.95 | % | 1.00 | % | 4.19 | % | |||||||||||||
| Table games (loss) win per unit per day | $ | (1,600 | ) | $ | 8,346 | NM | $ | 1,284 | $ | 9,402 | (86.3 | ) | |||||||||
| Mass market: | |||||||||||||||||||||
| Average number of table games | 231 | 228 | 1.3 | 232 | 225 | 3.1 | |||||||||||||||
| Table drop (2) | $ | 210,549 | $ | 707,494 | (70.2 | ) | $ | 742,408 | $ | 1,315,012 | (43.5 | ) | |||||||||
| Table games win (1) | $ | 41,581 | $ | 163,547 | (74.6 | ) | $ | 152,755 | $ | 295,196 | (48.3 | ) | |||||||||
| Table games win % | 19.7 | % | 23.1 | % | 20.6 | % | 22.4 | % | |||||||||||||
| Table games win per unit per day | $ | 1,977 | $ | 7,877 | (74.9 | ) | $ | 3,630 | $ | 7,249 | (49.9 | ) | |||||||||
| Average number of slot machines | 634 | 726 | (12.7 | ) | 652 | 707 | (7.8 | ) | |||||||||||||
| Slot machine handle | $ | 130,404 | $ | 421,269 | (69.0 | ) | $ | 381,333 | $ | 780,041 | (51.1 | ) | |||||||||
| Slot machine win (3) | $ | 4,922 | $ | 18,772 | (73.8 | ) | $ | 17,571 | $ | 33,015 | (46.8 | ) | |||||||||
| Slot machine win per unit per day | $ | 85 | $ | 284 | (70.1 | ) | $ | 149 | $ | 258 | (42.2 | ) | |||||||||
| Room statistics: | |||||||||||||||||||||
| Occupancy | 28.5 | % | 70.6 | % | 37.7 | % | 65.6 | % | |||||||||||||
| ADR (4) | $ | 145 | $ | 180 | (19.4 | ) | $ | 166 | $ | 179 | (7.3 | ) | |||||||||
| REVPAR (5) | $ | 41 | $ | 127 | (67.7 | ) | $ | 63 | $ | 118 | (46.6 | ) | |||||||||
NM: Not meaningful.
Note: The results of operations of Wynn Palace for the three and six months ended June 30, 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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||
| 2022 | 2021 | Percent Change | 2022 | 2021 | Percent Change | ||||||||||||||||
| Wynn Macau Supplemental Information | |||||||||||||||||||||
| Operating revenues | |||||||||||||||||||||
| Casino | $ | 39,959 | $ | 142,419 | (71.9 | ) | $ | 142,389 | $ | 281,346 | (49.4 | ) | |||||||||
| Rooms | 4,762 | 13,427 | (64.5 | ) | 14,152 | 28,129 | (49.7 | ) | |||||||||||||
| Food and beverage | 5,231 | 8,559 | (38.9 | ) | 13,617 | 15,992 | (14.9 | ) | |||||||||||||
| Entertainment, retail and other | 8,631 | 19,623 | (56.0 | ) | 23,525 | 38,212 | (38.4 | ) | |||||||||||||
| Total | $ | 58,583 | $ | 184,028 | (68.2 | ) | $ | 193,683 | $ | 363,679 | (46.7 | ) | |||||||||
| Adjusted Property EBITDA (6) | $ | (40,390 | ) | $ | 14,086 | NM | $ | (45,072 | ) | $ | 30,642 | NM | |||||||||
| Casino Statistics: | |||||||||||||||||||||
| VIP: | |||||||||||||||||||||
| Average number of table games | 40 | 85 | (52.9 | ) | 37 | 87 | (57.5 | ) | |||||||||||||
| VIP turnover | $ | 301,645 | $ | 1,489,912 | (79.8 | ) | $ | 1,188,695 | $ | 3,294,294 | (63.9 | ) | |||||||||
| VIP table games win (1) | $ | 14,446 | $ | 39,388 | (63.3 | ) | $ | 48,475 | $ | 98,022 | (50.5 | ) | |||||||||
| VIP table games win as a % of turnover | 4.79 | % | 2.64 | % | 4.08 | % | 2.98 | % | |||||||||||||
| Table games win per unit per day | $ | 4,006 | $ | 5,111 | (21.6 | ) | $ | 7,181 | $ | 6,201 | 15.8 | ||||||||||
| Mass market: | |||||||||||||||||||||
| Average number of table games | 246 | 240 | 2.5 | 247 | 240 | 2.9 | |||||||||||||||
| Table drop (2) | $ | 216,154 | $ | 670,400 | (67.8 | ) | $ | 685,292 | $ | 1,261,290 | (45.7 | ) | |||||||||
| Table games win (1) | $ | 30,582 | $ | 128,921 | (76.3 | ) | $ | 112,842 | $ | 234,104 | (51.8 | ) | |||||||||
| Table games win % | 14.1 | % | 19.2 | % | 16.5 | % | 18.6 | % | |||||||||||||
| Table games win per unit per day | $ | 1,365 | $ | 5,903 | (76.9 | ) | $ | 2,521 | $ | 5,390 | (53.2 | ) | |||||||||
| Average number of slot machines | 665 | 607 | 9.6 | 625 | 588 | 6.3 | |||||||||||||||
| Slot machine handle | $ | 199,312 | $ | 300,523 | (33.7 | ) | $ | 482,851 | $ | 601,794 | (19.8 | ) | |||||||||
| Slot machine win (3) | $ | 6,329 | $ | 9,223 | (31.4 | ) | $ | 16,941 | $ | 19,431 | (12.8 | ) | |||||||||
| Slot machine win per unit per day | $ | 105 | $ | 167 | (37.1 | ) | $ | 150 | $ | 183 | (18.0 | ) | |||||||||
| Room statistics: | |||||||||||||||||||||
| Occupancy | 31.3 | % | 68.0 | % | 40.5 | % | 64.4 | % | |||||||||||||
| ADR (4) | $ | 150 | $ | 198 | (24.2 | ) | $ | 174 | $ | 219 | (20.5 | ) | |||||||||
| REVPAR (5) | $ | 47 | $ | 135 | (65.2 | ) | $ | 70 | $ | 141 | (50.4 | ) | |||||||||
NM: Not meaningful.
Note: The results of operations of Wynn Macau for the three and six months ended June 30, 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 June 30, | Six Months Ended June 30, | |||||||||||||||||||
| 2022 | 2021 | Percent Change | 2022 | 2021 | Percent Change | |||||||||||||||
| Las Vegas Operations Supplemental Information | ||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||
| Casino | $ | 135,345 | $ | 112,775 | 20.0 | $ | 259,616 | $ | 192,678 | 34.7 | ||||||||||
| Rooms | 167,116 | 93,785 | 78.2 | 298,582 | 133,546 | 123.6 | ||||||||||||||
| Food and beverage | 196,627 | 112,858 | 74.2 | 332,656 | 152,935 | 117.5 | ||||||||||||||
| Entertainment, retail and other | 61,981 | 35,648 | 73.9 | 111,401 | 54,623 | 103.9 | ||||||||||||||
| Total | $ | 561,069 | $ | 355,066 | 58.0 | $ | 1,002,255 | $ | 533,782 | 87.8 | ||||||||||
| Adjusted Property EBITDA (6) | $ | 226,706 | $ | 133,222 | 70.2 | $ | 386,084 | $ | 161,303 | 139.4 | ||||||||||
| Casino Statistics: | ||||||||||||||||||||
| Average number of table games | 237 | 218 | 8.7 | 232 | 195 | 19.0 | ||||||||||||||
| Table drop (2) | $ | 564,982 | $ | 427,014 | 32.3 | $ | 1,112,898 | $ | 751,545 | 48.1 | ||||||||||
| Table games win (1) | $ | 138,879 | $ | 99,021 | 40.3 | $ | 268,043 | $ | 175,674 | 52.6 | ||||||||||
| Table games win % | 24.6 | % | 23.2 | % | 24.1 | % | 23.4 | % | ||||||||||||
| Table games win per unit per day | $ | 6,440 | $ | 4,997 | 28.9 | $ | 6,372 | $ | 4,979 | 28.0 | ||||||||||
| Average number of slot machines | 1,712 | 1,715 | (0.2 | ) | 1,720 | 1,631 | 5.5 | |||||||||||||
| Slot machine handle | $ | 1,326,178 | $ | 1,115,149 | 18.9 | $ | 2,504,162 | $ | 1,906,409 | 31.4 | ||||||||||
| Slot machine win (3) | $ | 89,844 | $ | 78,890 | 13.9 | $ | 170,675 | $ | 129,379 | 31.9 | ||||||||||
| Slot machine win per unit per day | $ | 577 | $ | 506 | 14.0 | $ | 548 | $ | 438 | 25.1 | ||||||||||
| Poker rake | $ | 5,021 | $ | 3,927 | 27.9 | $ | 8,882 | $ | 5,794 | 53.3 | ||||||||||
| Room statistics: | ||||||||||||||||||||
| Occupancy | 90.5 | % | 67.2 | % | 83.8 | % | 52.9 | % | ||||||||||||
| ADR (4) | $ | 460 | $ | 333 | 38.1 | $ | 448 | $ | 332 | 34.9 | ||||||||||
| REVPAR (5) | $ | 417 | $ | 224 | 86.2 | $ | 375 | $ | 176 | 113.1 | ||||||||||
Note: The results of our Las Vegas Operations for the three and six months ended June 30, 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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||
| 2022 | 2021 | Percent Change | 2022 | 2021 | Percent Change | ||||||||||||||||
| Encore Boston Harbor Supplemental Information | |||||||||||||||||||||
| Operating revenues | |||||||||||||||||||||
| Casino | $ | 157,087 | $ | 135,485 | 15.9 | $ | 305,835 | $ | 246,964 | 23.8 | |||||||||||
| Rooms | 22,412 | 9,670 | 131.8 | 38,101 | 14,385 | 164.9 | |||||||||||||||
| Food and beverage | 21,101 | 13,920 | 51.6 | 39,263 | 23,247 | 68.9 | |||||||||||||||
| Entertainment, retail and other | 9,554 | 6,166 | 54.9 | 17,751 | 10,735 | 65.4 | |||||||||||||||
| Total | $ | 210,154 | $ | 165,241 | 27.2 | $ | 400,950 | $ | 295,331 | 35.8 | |||||||||||
| Adjusted Property EBITDA (6) | $ | 63,746 | $ | 46,916 | 35.9 | $ | 118,996 | $ | 77,279 | 54.0 | |||||||||||
| Casino Statistics: | |||||||||||||||||||||
| Average number of table games | 184 | 195 | (5.6 | ) | 184 | 197 | (6.6 | ) | |||||||||||||
| Table drop (2) | $ | 366,222 | $ | 306,070 | 19.7 | $ | 712,417 | $ | 540,632 | 31.8 | |||||||||||
| Table games win (1) | $ | 80,263 | $ | 64,874 | 23.7 | $ | 157,054 | $ | 114,251 | 37.5 | |||||||||||
| Table games win % | 21.9 | % | 21.2 | % | 22.0 | % | 21.1 | % | |||||||||||||
| Table games win per unit per day | $ | 4,794 | $ | 3,654 | 31.2 | $ | 4,716 | $ | 3,201 | 47.3 | |||||||||||
| Average number of slot machines | 2,781 | 2,171 | 28.1 | 2,778 | 2,031 | 36.8 | |||||||||||||||
| Slot machine handle | $ | 1,232,427 | $ | 1,094,178 | 12.6 | $ | 2,415,740 | $ | 2,007,973 | 20.3 | |||||||||||
| Slot machine win (3) | $ | 99,424 | $ | 89,560 | 11.0 | $ | 194,720 | $ | 164,380 | 18.5 | |||||||||||
| Slot machine win per unit per day | $ | 393 | $ | 453 | (13.2 | ) | $ | 387 | $ | 447 | (13.4 | ) | |||||||||
| Poker rake | $ | 1,241 | $ | — | NM | $ | 2,026 | $ | — | NM | |||||||||||
| Room statistics: | |||||||||||||||||||||
| Occupancy | 94.1 | % | 87.8 | % | 87.4 | % | 81.1 | % | |||||||||||||
| ADR (4) | $ | 391 | $ | 304 | 28.6 | $ | 360 | $ | 294 | 22.4 | |||||||||||
| REVPAR (5) | $ | 368 | $ | 267 | 37.8 | $ | 315 | $ | 238 | 32.4 | |||||||||||
NM: Not meaningful.
Note: The results of Encore Boston Harbor for the three and six months ended June 30, 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 53 days of operations for the three months ended June 30, 2021 and 89 days of operations for the six months ended June 30, 2021, respectively, representing the actual number of days the hotel was open.
| (1) | Table games win (loss) is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. |
| (2) | In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box. |
| (3) | Slot machine win is calculated as gross slot machine win minus progressive accruals and free play. |
| (4) | ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied. |
| (5) | REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available. |
| (6) | Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDA and Net Loss Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA. |
SOURCE: Wynn Resorts, Limited