Wynn Resorts, Limited (NASDAQ: WYNN) yesterday reported financial results for the first quarter ended March 31, 2023.
Operating revenues were $1.42 billion for the first quarter of 2023, an increase of $470.3 million, from $953.3 million for the first quarter of 2022. Net income attributable to Wynn Resorts, Limited was $12.3 million for the first quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $183.3 million for the first quarter of 2022. Diluted net loss per share was $0.02 for the first quarter of 2023, compared to diluted net loss per share of $1.59 for the first quarter of 2022. Adjusted Property EBITDAR(1) was $429.7 million for the first quarter of 2023, compared to Adjusted Property EBITDAR of $177.6 million for the first quarter of 2022.
"For the first time in over three years, each of our resorts is generating strong financial results, which is once again a testament to our team's relentless focus on delivering five-star hospitality and experiences to our guests," said Craig Billings, CEO of Wynn Resorts, Limited. "In the U.S., Wynn Las Vegas and Encore Boston Harbor are firing on all cylinders, generating a new all-time record for Adjusted Property EBITDAR at our combined North American properties during the quarter. In Macau, after several challenging years, we were pleased to experience a meaningful return of visitation and demand, particularly in our mass gaming and retail businesses. We believe we are well-positioned for success in Macau's next phase of growth."
Additionally, the Board of Directors of Wynn Resorts is pleased to announce the resumption of our quarterly dividend program, with a cash dividend of $0.25 per share, payable on June 6, 2023 to stockholders of record as of May 23, 2023. The reinstatement of our dividend program reflects the strength of our financial results, our robust liquidity position and our commitment to returning capital to shareholders.
Consolidated Results
Operating revenues were $1.42 billion for the first quarter of 2023, an increase of $470.3 million, from $953.3 million for the first quarter of 2022. For the first quarter of 2023, operating revenues increased $145.6 million, $206.0 million, $95.6 million, and $25.5 million at our Las Vegas Operations, Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, and decreased $2.4 million at Wynn Interactive, from the first quarter of 2022.
Net income attributable to Wynn Resorts, Limited was $12.3 million for the first quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $183.3 million for the first quarter of 2022. Diluted net loss per share was $0.02 for the first quarter of 2023, compared to diluted net loss per share of $1.59 for the first quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited(2) was $33.3 million, or $0.29 per diluted share, for the first quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $139.6 million, or $1.21 per diluted share, for the first quarter of 2022.
Adjusted Property EBITDAR was $429.7 million for the first quarter of 2023, an increase of 142.0% compared to Adjusted Property EBITDAR of $177.6 million for the first quarter of 2022. For the first quarter of 2023, Adjusted Property EBITDAR increased $72.2 million, $111.9 million, $49.4 million, $8.2 million, and $10.4 million at our Las Vegas Operations, Wynn Palace, Wynn Macau, Encore Boston Harbor, and Wynn Interactive, respectively, from the first quarter of 2022.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $369.4 million for the first quarter of 2023, an increase of $206.0 million from $163.3 million for the first quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $111.1 million for the first quarter of 2023, compared to $(0.9) million for the first quarter of 2022. VIP table games win as a percentage of turnover was 2.72%, below the property's expected range of 3.1% to 3.4% and above the 2.05% experienced in the first quarter of 2022. Table games win percentage in mass market operations was 22.1%, above the 20.9% experienced in the first quarter of 2022.
Wynn Macau
Operating revenues from Wynn Macau were $230.7 million for the first quarter of 2023, an increase of $95.6 million from $135.1 million for the first quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $44.7 million for the first quarter of 2023, compared to $(4.7) million for the first quarter of 2022. VIP table games win as a percentage of turnover was 2.69%, below the property's expected range of 3.1% to 3.4% and below the 3.84% experienced in the first quarter of 2022. Table games win percentage in mass market operations was 17.0%, below the 17.5% experienced in the first quarter of 2022.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $586.8 million for the first quarter of 2023, an increase of $145.6 million from $441.2 million for the first quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the first quarter of 2023 was $231.6 million, compared to $159.4 million for the first quarter of 2022. Table games win percentage for the first quarter of 2023 was 24.3%, within the property's expected range of 22% to 26% and above the 23.6% experienced in the first quarter of 2022.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $216.3 million for the first quarter of 2023, an increase of $25.5 million from $190.8 million for the first quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the first quarter of 2023 was $63.4 million, compared to $55.3 million for the first quarter of 2022. Table games win percentage for the first quarter of 2023 was 21.7%, within the property's expected range of 18% to 22% and below the 22.2% experienced in the first quarter of 2022.
Balance Sheet
Our cash and cash equivalents as of March 31, 2023 totaled $3.84 billion, comprised of $1.61 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $1.85 billion held by Wynn Resorts Finance, LLC ("WRF") excluding WML, and $378.5 million held at Corporate and other. As of March 31, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $837.0 million, and the WM Cayman II Revolver was fully drawn.
Total current and long-term debt outstanding at March 31, 2023 was $12.25 billion, comprised of $6.75 billion of Macau related debt, $2.64 billion of Wynn Las Vegas debt, $2.25 billion of Wynn Resorts Finance debt, and $613.6 million of debt held by the retail joint venture which we consolidate.
In February 2023, WRF and its subsidiary Wynn Resorts Capital Corp. (together with WRF, the "WRF Issuers") issued $600.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes), and used a portion of the proceeds to purchase valid tenders with respect to $506.4 million aggregate principal amount of the 7 3/4% Senior Notes due 2025 (the "2025 WRF Senior Notes") and to pay the tender premium and related fees and expenses. In April 2023, we repurchased all of the remaining outstanding 2025 WRF Senior Notes using the remaining net proceeds from the offering of the 2031 WRF Senior Notes and cash held by WRF, at a price equal to 101.938% of the principal amount plus accrued interest.
In March 2023, WML completed an offering of $600.0 million 4 1/2% convertible bonds due 2029 (the "Convertible Bonds"). WML intends to use the net proceeds for general corporate purposes. The Convertible Bonds are convertible at the option of the holder into ordinary shares of WML, at the initial conversion price of approximately HK$10.24 per share (equivalent to approximately US$1.30).
Also in March 2023, we repurchased all of our outstanding Wynn Las Vegas 4 1/4% Senior Notes due 2023, representing an aggregate principal amount of $500.0 million, using cash held by WRF, at a price equal to 100% of the principal amount plus accrued interest.
| WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) | |||||||
|
| Three Months Ended March 31, | ||||||
|
|
| 2023 |
|
|
| 2022 |
|
| Operating revenues: |
|
|
| ||||
| Casino | $ | 766,992 |
|
| $ | 489,862 |
|
| Rooms |
| 272,529 |
|
|
| 170,376 |
|
| Food and beverage |
| 232,611 |
|
|
| 174,020 |
|
| Entertainment, retail and other |
| 151,547 |
|
|
| 119,076 |
|
| Total operating revenues |
| 1,423,679 |
|
|
| 953,334 |
|
| Operating expenses: |
|
|
| ||||
| Casino |
| 473,385 |
|
|
| 324,079 |
|
| Rooms |
| 72,702 |
|
|
| 58,715 |
|
| Food and beverage |
| 180,619 |
|
|
| 146,656 |
|
| Entertainment, retail and other |
| 92,482 |
|
|
| 88,904 |
|
| General and administrative |
| 259,772 |
|
|
| 196,780 |
|
| Provision for credit losses |
| (544 | ) |
|
| 342 |
|
| Pre-opening |
| 4,478 |
|
|
| 2,447 |
|
| Depreciation and amortization |
| 168,812 |
|
|
| 184,556 |
|
| Property charges and other |
| 2,458 |
|
|
| 45,720 |
|
| Total operating expenses |
| 1,254,164 |
|
|
| 1,048,199 |
|
| Operating income (loss) |
| 169,515 |
|
|
| (94,865 | ) |
| Other income (expense): |
|
|
| ||||
| Interest income |
| 40,193 |
|
|
| 1,280 |
|
| Interest expense, net of amounts capitalized |
| (187,740 | ) |
|
| (152,158 | ) |
| Change in derivatives fair value |
| 23,046 |
|
|
| 7,400 |
|
| Loss on debt financing transactions |
| (12,236 | ) |
|
| — |
|
| Other |
| (30,614 | ) |
|
| (15,127 | ) |
| Other income (expense), net |
| (167,351 | ) |
|
| (158,605 | ) |
| Income (loss) before income taxes |
| 2,164 |
|
|
| (253,470 | ) |
| Provision for income taxes |
| (1,018 | ) |
|
| (1,140 | ) |
| Net income (loss) |
| 1,146 |
|
|
| (254,610 | ) |
| Less: net loss attributable to noncontrolling interests |
| 11,186 |
|
|
| 71,286 |
|
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 12,332 |
|
| $ | (183,324 | ) |
| Basic and diluted net income (loss) per common share: |
|
|
| ||||
| Net income (loss) attributable to Wynn Resorts, Limited: | |||||||
| Basic | $ | 0.11 |
|
| $ | (1.59 | ) |
| Diluted | $ | (0.02 | ) |
| $ | (1.59 | ) |
| Weighted average common shares outstanding: |
|
|
| ||||
| Basic |
| 112,753 |
|
|
| 115,030 |
|
| Diluted |
| 113,116 |
|
|
| 115,030 |
|
| WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited) | |||||||
|
| Three Months Ended March 31, | ||||||
|
|
| 2023 |
|
|
| 2022 |
|
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 12,332 |
|
| $ | (183,324 | ) |
| Pre-opening expenses |
| 4,478 |
|
|
| 2,447 |
|
| Property charges and other |
| 2,458 |
|
|
| 45,720 |
|
| Change in derivatives fair value |
| (23,046 | ) |
|
| (7,400 | ) |
| Loss on debt financing transactions |
| 12,236 |
|
|
| — |
|
| Foreign currency remeasurement and other |
| 30,614 |
|
|
| 15,127 |
|
| Income tax impact on adjustments |
| (1,492 | ) |
|
| — |
|
| Noncontrolling interests impact on adjustments |
| (4,248 | ) |
|
| (12,189 | ) |
| Adjusted net income (loss) attributable to Wynn Resorts, Limited | $ | 33,332 |
|
| $ | (139,619 | ) |
| Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share | $ | 0.29 |
|
| $ | (1.21 | ) |
|
|
|
|
| ||||
| Weighted average common shares outstanding - diluted |
| 113,116 |
|
|
| 115,030 |
|
| WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) | |||||||||||||||||||||||||||||||
|
| Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||
|
| Wynn Palace |
| Wynn Macau |
| Other Macau |
| Total Macau Operations |
| Las Vegas Operations |
| Encore Boston Harbor |
| Wynn Interactive |
| Corporate and Other |
| Total | ||||||||||||||
| Operating income (loss) | $ | 39,868 |
| $ | 12,249 |
| $ | (4,983 | ) |
| $ | 47,134 |
| $ | 138,502 |
| $ | (14,949 | ) |
| $ | (33,400 | ) |
| $ | 32,228 |
|
| $ | 169,515 | |
| Pre-opening expenses |
| — |
|
| — |
|
| — |
|
|
| — |
|
| 81 |
|
| 911 |
|
|
| 3,589 |
|
|
| (103 | ) |
|
| 4,478 | |
| Depreciation and amortization |
| 54,167 |
|
| 20,650 |
|
| 380 |
|
|
| 75,197 |
|
| 56,681 |
|
| 29,934 |
|
|
| 4,716 |
|
|
| 2,284 |
|
|
| 168,812 | |
| Property charges and other |
| 2,295 |
|
| 475 |
|
| 1 |
|
|
| 2,771 |
|
| 213 |
|
| (582 | ) |
|
| 56 |
|
|
| — |
|
|
| 2,458 | |
| Management and license fees |
| 11,830 |
|
| 7,275 |
|
| — |
|
|
| 19,105 |
|
| 27,812 |
|
| 10,503 |
|
|
| — |
|
|
| (57,420 | ) |
|
| — | |
| Corporate expenses and other |
| 2,226 |
|
| 2,325 |
|
| 3,624 |
|
|
| 8,175 |
|
| 6,556 |
|
| 1,864 |
|
|
| 1,382 |
|
|
| 16,513 |
|
|
| 34,490 | |
| Stock-based compensation |
| 672 |
|
| 1,771 |
|
| 978 |
|
|
| 3,421 |
|
| 1,752 |
|
| 450 |
|
|
| 2,589 |
|
|
| 6,498 |
|
|
| 14,710 | |
| Triple-net operating lease rent expense |
| — |
|
| — |
|
| — |
|
|
| — |
|
| — |
|
| 35,283 |
|
|
| — |
|
|
| — |
|
|
| 35,283 | |
| Adjusted Property EBITDAR | $ | 111,058 |
| $ | 44,745 |
| $ | — |
|
| $ | 155,803 |
| $ | 231,597 |
| $ | 63,414 |
|
| $ | (21,068 | ) |
| $ | — |
|
| $ | 429,746 | |
|
| Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||
|
| Wynn Palace |
| Wynn Macau |
| Other Macau |
| Total Macau Operations |
| Las Vegas Operations |
| Encore Boston Harbor |
| Wynn Interactive |
| Corporate and Other |
| Total | ||||||||||||||||
| Operating income (loss) | $ | (59,501 | ) |
| $ | (34,816 | ) |
| $ | (3,947 | ) |
| $ | (98,264 | ) |
| $ | 82,930 |
| $ | 2,189 |
| $ | (105,035 | ) |
| $ | 23,315 |
|
| $ | (94,865 | ) |
| Pre-opening expenses |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 1,397 |
|
| — |
|
| 1,050 |
|
|
| — |
|
|
| 2,447 |
|
| Depreciation and amortization |
| 50,462 |
|
|
| 20,022 |
|
|
| 977 |
|
|
| 71,461 |
|
|
| 45,602 |
|
| 40,989 |
|
| 24,248 |
|
|
| 2,256 |
|
|
| 184,556 |
|
| Property charges and other |
| 138 |
|
|
| 1,469 |
|
|
| 1 |
|
|
| 1,608 |
|
|
| 1,322 |
|
| 621 |
|
| 41,961 |
|
|
| 208 |
|
|
| 45,720 |
|
| Management and license fees |
| 5,185 |
|
|
| 4,324 |
|
|
| — |
|
|
| 9,509 |
|
|
| 21,027 |
|
| 9,338 |
|
| — |
|
|
| (39,874 | ) |
|
| — |
|
| Corporate expenses and other |
| 1,543 |
|
|
| 1,678 |
|
|
| 2,418 |
|
|
| 5,639 |
|
|
| 5,414 |
|
| 1,705 |
|
| 2,427 |
|
|
| 10,638 |
|
|
| 25,823 |
|
| Stock-based compensation |
| 1,309 |
|
|
| 2,641 |
|
|
| 551 |
|
|
| 4,501 |
|
|
| 1,686 |
|
| 408 |
|
| 3,848 |
|
|
| 3,457 |
|
|
| 13,900 |
|
| Adjusted Property EBITDAR | $ | (864 | ) |
| $ | (4,682 | ) |
| $ | — |
|
| $ | (5,546 | ) |
| $ | 159,378 |
| $ | 55,250 |
| $ | (31,501 | ) |
| $ | — |
|
| $ | 177,581 |
|
| WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited) | |||||||
|
| Three Months Ended March 31, | ||||||
|
|
| 2023 |
|
|
| 2022 |
|
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 12,332 |
|
| $ | (183,324 | ) |
| Net loss attributable to noncontrolling interests |
| (11,186 | ) |
|
| (71,286 | ) |
| Pre-opening expenses |
| 4,478 |
|
|
| 2,447 |
|
| Depreciation and amortization |
| 168,812 |
|
|
| 184,556 |
|
| Property charges and other |
| 2,458 |
|
|
| 45,720 |
|
| Triple-net operating lease rent expense |
| 35,283 |
|
|
| — |
|
| Corporate expenses and other |
| 34,490 |
|
|
| 25,823 |
|
| Stock-based compensation |
| 14,710 |
|
|
| 13,900 |
|
| Interest income |
| (40,193 | ) |
|
| (1,280 | ) |
| Interest expense, net of amounts capitalized |
| 187,740 |
|
|
| 152,158 |
|
| Change in derivatives fair value |
| (23,046 | ) |
|
| (7,400 | ) |
| Loss on debt financing transactions |
| 12,236 |
|
|
| — |
|
| Other |
| 30,614 |
|
|
| 15,127 |
|
| Provision for income taxes |
| 1,018 |
|
|
| 1,140 |
|
| Adjusted Property EBITDAR | $ | 429,746 |
|
| $ | 177,581 |
|
| 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, |
|
| |||||||
|
|
| 2023 |
|
|
| 2022 |
|
| Percent Change | |
| Wynn Palace Supplemental Information |
|
|
|
|
| |||||
| Operating revenues |
|
|
|
|
| |||||
| Casino | $ | 270,687 |
|
| $ | 114,413 |
|
| 136.6 |
|
| Rooms |
| 46,910 |
|
|
| 13,831 |
|
| 239.2 |
|
| Food and beverage |
| 23,553 |
|
|
| 11,443 |
|
| 105.8 |
|
| Entertainment, retail and other |
| 28,213 |
|
|
| 23,638 |
|
| 19.4 |
|
| Total | $ | 369,363 |
|
| $ | 163,325 |
|
| 126.2 |
|
|
|
|
|
|
|
| |||||
| Adjusted Property EBITDAR (6) | $ | 111,058 |
|
| $ | (864 | ) |
| NM |
|
|
|
|
|
|
|
| |||||
| Casino Statistics: |
|
|
|
|
| |||||
| VIP: |
|
|
|
|
| |||||
| Average number of table games |
| 50 |
|
|
| 67 |
|
| (25.4 | ) |
| VIP turnover | $ | 2,293,358 |
|
| $ | 965,555 |
|
| 137.5 |
|
| VIP table games win (1) | $ | 62,448 |
|
| $ | 19,753 |
|
| 216.1 |
|
| VIP table games win as a % of turnover |
| 2.72 | % |
|
| 2.05 | % |
|
| |
| Table games win per unit per day | $ | 13,868 |
|
| $ | 3,280 |
|
| 322.8 |
|
| Mass market: |
|
|
|
|
| |||||
| Average number of table games |
| 237 |
|
|
| 234 |
|
| 1.3 |
|
| Table drop (2) | $ | 1,181,998 |
|
| $ | 531,859 |
|
| 122.2 |
|
| Table games win (1) | $ | 260,865 |
|
| $ | 111,175 |
|
| 134.6 |
|
| Table games win % |
| 22.1 | % |
|
| 20.9 | % |
|
| |
| Table games win per unit per day | $ | 12,246 |
|
| $ | 5,282 |
|
| 131.8 |
|
| Average number of slot machines |
| 587 |
|
|
| 670 |
|
| (12.4 | ) |
| Slot machine handle | $ | 546,598 |
|
| $ | 250,930 |
|
| 117.8 |
|
| Slot machine win (3) | $ | 25,425 |
|
| $ | 12,649 |
|
| 101.0 |
|
| Slot machine win per unit per day | $ | 481 |
|
| $ | 210 |
|
| 129.0 |
|
| Room statistics: |
|
|
|
|
| |||||
| Occupancy |
| 88.1 | % |
|
| 47.2 | % |
|
| |
| ADR (4) | $ | 321 |
|
| $ | 180 |
|
| 78.3 |
|
| REVPAR (5) | $ | 282 |
|
| $ | 85 |
|
| 231.8 |
|
| NM: Not meaningful. | ||||||||||
| Note: The results of operations of Wynn Palace for the three months ended March 31, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic. | ||||||||||
| 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, |
|
| |||||||
|
|
| 2023 |
|
|
| 2022 |
|
| Percent Change | |
| Wynn Macau Supplemental Information |
|
|
|
|
| |||||
| Operating revenues |
|
|
|
|
| |||||
| Casino | $ | 176,383 |
|
| $ | 102,430 |
|
| 72.2 |
|
| Rooms |
| 21,971 |
|
|
| 9,390 |
|
| 134.0 |
|
| Food and beverage |
| 14,302 |
|
|
| 8,386 |
|
| 70.5 |
|
| Entertainment, retail and other |
| 18,070 |
|
|
| 14,894 |
|
| 21.3 |
|
| Total | $ | 230,726 |
|
| $ | 135,100 |
|
| 70.8 |
|
|
|
|
|
|
|
| |||||
| Adjusted Property EBITDAR (6) | $ | 44,745 |
|
| $ | (4,682 | ) |
| NM |
|
|
|
|
|
|
|
| |||||
| Casino Statistics: |
|
|
|
|
| |||||
| VIP: |
|
|
|
|
| |||||
| Average number of table games |
| 52 |
|
|
| 35 |
|
| 48.6 |
|
| VIP turnover | $ | 1,144,224 |
|
| $ | 887,051 |
|
| 29.0 |
|
| VIP table games win (1) | $ | 30,751 |
|
| $ | 34,029 |
|
| (9.6 | ) |
| VIP table games win as a % of turnover |
| 2.69 | % |
|
| 3.84 | % |
|
| |
| Table games win per unit per day | $ | 6,586 |
|
| $ | 10,823 |
|
| (39.1 | ) |
| Mass market: |
|
|
|
|
| |||||
| Average number of table games |
| 217 |
|
|
| 248 |
|
| (12.5 | ) |
| Table drop (2) | $ | 989,988 |
|
| $ | 469,138 |
|
| 111.0 |
|
| Table games win (1) | $ | 168,426 |
|
| $ | 82,259 |
|
| 104.8 |
|
| Table games win % |
| 17.0 | % |
|
| 17.5 | % |
|
| |
| Table games win per unit per day | $ | 8,642 |
|
| $ | 3,680 |
|
| 134.8 |
|
| Average number of slot machines |
| 531 |
|
|
| 585 |
|
| (9.2 | ) |
| Slot machine handle | $ | 469,769 |
|
| $ | 283,539 |
|
| 65.7 |
|
| Slot machine win (3) | $ | 16,296 |
|
| $ | 10,611 |
|
| 53.6 |
|
| Slot machine win per unit per day | $ | 341 |
|
| $ | 201 |
|
| 69.7 |
|
| Poker rake | $ | 3,936 |
|
| $ | — |
|
| NM |
|
| Room statistics: |
|
|
|
|
| |||||
| Occupancy |
| 90.9 | % |
|
| 49.8 | % |
|
| |
| ADR (4) | $ | 242 |
|
| $ | 188 |
|
| 28.7 |
|
| REVPAR (5) | $ | 220 |
|
| $ | 94 |
|
| 134.0 |
|
| NM: Not meaningful. | ||||||||||
| Note: The results of operations of Wynn Macau for the three months ended March 31, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic. | ||||||||||
| 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, |
|
| |||||||
|
|
| 2023 |
|
|
| 2022 |
|
| Percent Change | |
| Las Vegas Operations Supplemental Information |
|
|
|
|
| |||||
| Operating revenues |
|
|
|
|
| |||||
| Casino | $ | 154,530 |
|
| $ | 124,271 |
|
| 24.3 |
|
| Rooms |
| 185,109 |
|
|
| 131,466 |
|
| 40.8 |
|
| Food and beverage |
| 172,483 |
|
|
| 136,029 |
|
| 26.8 |
|
| Entertainment, retail and other |
| 74,642 |
|
|
| 49,420 |
|
| 51.0 |
|
| Total | $ | 586,764 |
|
| $ | 441,186 |
|
| 33.0 |
|
|
|
|
|
|
|
| |||||
| Adjusted Property EBITDAR (6) | $ | 231,597 |
|
| $ | 159,378 |
|
| 45.3 |
|
|
|
|
|
|
|
| |||||
| Casino Statistics: |
|
|
|
|
| |||||
| Average number of table games |
| 232 |
|
|
| 228 |
|
| 1.8 |
|
| Table drop (2) | $ | 600,746 |
|
| $ | 547,916 |
|
| 9.6 |
|
| Table games win (1) | $ | 146,010 |
|
| $ | 129,164 |
|
| 13.0 |
|
| Table games win % |
| 24.3 | % |
|
| 23.6 | % |
|
| |
| Table games win per unit per day | $ | 6,994 |
|
| $ | 6,300 |
|
| 11.0 |
|
| Average number of slot machines |
| 1,668 |
|
|
| 1,728 |
|
| (3.5 | ) |
| Slot machine handle | $ | 1,572,735 |
|
| $ | 1,177,985 |
|
| 33.5 |
|
| Slot machine win (3) | $ | 106,788 |
|
| $ | 80,831 |
|
| 32.1 |
|
| Slot machine win per unit per day | $ | 711 |
|
| $ | 520 |
|
| 36.7 |
|
| Poker rake | $ | 4,114 |
|
| $ | 3,861 |
|
| 6.6 |
|
| Room statistics: |
|
|
|
|
| |||||
| Occupancy |
| 88.8 | % |
|
| 76.9 | % |
|
| |
| ADR (4) | $ | 493 |
|
| $ | 432 |
|
| 14.1 |
|
| REVPAR (5) | $ | 438 |
|
| $ | 333 |
|
| 31.5 |
|
| 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, |
|
| |||||||
|
|
| 2023 |
|
|
| 2022 |
|
| Percent Change | |
| Encore Boston Harbor Supplemental Information |
|
|
|
|
| |||||
| Operating revenues |
|
|
|
|
| |||||
| Casino | $ | 165,392 |
|
| $ | 148,748 |
|
| 11.2 |
|
| Rooms |
| 18,539 |
|
|
| 15,689 |
|
| 18.2 |
|
| Food and beverage |
| 22,273 |
|
|
| 18,162 |
|
| 22.6 |
|
| Entertainment, retail and other |
| 10,102 |
|
|
| 8,197 |
|
| 23.2 |
|
| Total | $ | 216,306 |
|
| $ | 190,796 |
|
| 13.4 |
|
|
|
|
|
|
|
| |||||
| Adjusted Property EBITDAR (6) | $ | 63,414 |
|
| $ | 55,250 |
|
| 14.8 |
|
|
|
|
|
|
|
| |||||
| Casino Statistics: |
|
|
|
|
| |||||
| Average number of table games |
| 199 |
|
|
| 184 |
|
| 8.2 |
|
| Table drop (2) | $ | 366,041 |
|
| $ | 346,195 |
|
| 5.7 |
|
| Table games win (1) | $ | 79,544 |
|
| $ | 76,792 |
|
| 3.6 |
|
| Table games win % |
| 21.7 | % |
|
| 22.2 | % |
|
| |
| Table games win per unit per day | $ | 4,452 |
|
| $ | 4,637 |
|
| (4.0 | ) |
| Average number of slot machines |
| 2,518 |
|
|
| 2,776 |
|
| (9.3 | ) |
| Slot machine handle | $ | 1,296,427 |
|
| $ | 1,183,314 |
|
| 9.6 |
|
| Slot machine win (3) | $ | 104,073 |
|
| $ | 95,296 |
|
| 9.2 |
|
| Slot machine win per unit per day | $ | 459 |
|
| $ | 381 |
|
| 20.5 |
|
| Poker rake | $ | 5,682 |
|
| $ | 784 |
|
| 624.7 |
|
| Room statistics: |
|
|
|
|
| |||||
| Occupancy |
| 90.0 | % |
|
| 80.5 | % |
|
| |
| ADR (4) | $ | 343 |
|
| $ | 324 |
|
| 5.9 |
|
| REVPAR (5) | $ | 309 |
|
| $ | 261 |
|
| 18.4 |
|
| (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 EBITDAR and Net Income (loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR. |