Wynn Resorts, Limited (NASDAQ: WYNN) yesterday reported financial results for the second quarter ended June 30, 2023.
Operating revenues were $1.60 billion for the second quarter of 2023, an increase of $687.0 million from $908.8 million for the second quarter of 2022. Net income attributable to Wynn Resorts, Limited was $105.2 million for the second quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $130.1 million for the second quarter of 2022. Diluted net income per share was $0.84 for the second quarter of 2023, compared to diluted net loss per share of $1.14 for the second quarter of 2022. Adjusted Property EBITDAR(1) was $524.5 million for the second quarter of 2023, compared to Adjusted Property EBITDAR of $179.2 million for the second quarter of 2022.
"Our second quarter results reflect continued strength in North America and Macau," said Craig Billings, CEO of Wynn Resorts, Limited. "In the U.S., Wynn Las Vegas and Encore Boston Harbor continue to perform well, generating a new second quarter record for Adjusted Property EBITDAR at our combined North American properties. In Macau, the post-COVID recovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, we were excited to begin construction on Wynn Al Marjan Island, which we believe will be a 'must see' tourism destination in the UAE."
Consolidated Results
Operating revenues were $1.60 billion for the second quarter of 2023, an increase of $687.0 million from $908.8 million for the second quarter of 2022. For the second quarter of 2023, operating revenues increased $409.7 million, $243.0 million, $17.0 million, $11.8 million, and $5.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, from the second quarter of 2022.
Net income attributable to Wynn Resorts, Limited was $105.2 million for the second quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $130.1 million for the second quarter of 2022. Diluted net income per share was $0.84 for the second quarter of 2023, compared to diluted net loss per share of $1.14 for the second quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited(2) was $103.3 million, or $0.91 per diluted share, for the second quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $93.7 million, or $0.82 per diluted share, for the second quarter of 2022.
Adjusted Property EBITDAR was $524.5 million for the second quarter of 2023, an increase of $345.3 million compared to Adjusted Property EBITDAR of $179.2 million for the second quarter of 2022. For the second quarter of 2023, Adjusted Property EBITDAR increased $206.6 million, $130.0 million, $5.4 million, and $6.0 million at Wynn Palace, Wynn Macau, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $2.6 million at our Las Vegas Operations, from the second quarter of 2022.
Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on August 31, 2023 to stockholders of record as of August 21, 2023.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $468.4 million for the second quarter of 2023, an increase of $409.7 million from $58.7 million for the second quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $156.6 million for the second quarter of 2023, compared to $(50.0) million for the second quarter of 2022. VIP table games win as a percentage of turnover was 4.24%, above the property's expected range of 3.1% to 3.4% and above the (1.94)% experienced in the second quarter of 2022. Table games win percentage in mass market operations was 20.3%, above the 19.7% experienced in the second quarter of 2022.
Wynn Macau
Operating revenues from Wynn Macau were $301.6 million for the second quarter of 2023, an increase of $243.0 million from $58.6 million for the second quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $89.6 million for the second quarter of 2023, compared to $(40.4) million for the second quarter of 2022. VIP table games win as a percentage of turnover was 4.16%, above the property's expected range of 3.1% to 3.4% and below the 4.79% experienced in the second quarter of 2022. Table games win percentage in mass market operations was 17.7%, above the 14.1% experienced in the second quarter of 2022.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $578.1 million for the second quarter of 2023, an increase of $17.0 million from $561.1 million for the second quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the second quarter of 2023 was $224.1 million, compared to $226.7 million for the second quarter of 2022. Table games win percentage for the second quarter of 2023 was 22.9%, within the property's expected range of 22% to 26% and below the 24.6% experienced in the second quarter of 2022.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $221.9 million for the second quarter of 2023, an increase of $11.8 million from $210.2 million for the second quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the second quarter of 2023 was $69.1 million, compared to $63.7 million for the second quarter of 2022. Table games win percentage for the second quarter of 2023 was 22.3%, above the property's expected range of 18% to 22% and above the 21.9% experienced in the second quarter of 2022.
Balance Sheet
Our cash and cash equivalents as of June 30, 2023 totaled $3.65 billion, comprised of $1.62 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $837.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $1.20 billion held at Corporate and other. In addition, as of June 30, 2023, we had $144.5 million and $143.7 million in short-term investment securities held at WML and Corporate and other, respectively. As of June 30, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $737.0 million, and the WM Cayman II Revolver was fully drawn.
Total current and long-term debt outstanding at June 30, 2023 was $12.14 billion, comprised of $6.73 billion of Macau related debt, $2.65 billion of Wynn Las Vegas debt, $2.15 billion of WRF debt, and $613.8 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 June 30, |
| Six Months Ended June 30, | ||||||||||||
|
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||||||
| Operating revenues: |
|
|
|
|
|
|
| ||||||||
| Casino | $ | 912,999 |
|
| $ | 359,585 |
|
| $ | 1,679,991 |
|
| $ | 849,447 |
|
| Rooms |
| 276,505 |
|
|
| 201,298 |
|
|
| 549,034 |
|
|
| 371,674 |
|
| Food and beverage |
| 257,036 |
|
|
| 229,816 |
|
|
| 489,647 |
|
|
| 403,836 |
|
| Entertainment, retail and other |
| 149,282 |
|
|
| 118,133 |
|
|
| 300,829 |
|
|
| 237,209 |
|
| Total operating revenues |
| 1,595,822 |
|
|
| 908,832 |
|
|
| 3,019,501 |
|
|
| 1,862,166 |
|
| Operating expenses: |
|
|
|
|
|
|
| ||||||||
| Casino |
| 543,643 |
|
|
| 244,064 |
|
|
| 1,017,028 |
|
|
| 568,143 |
|
| Rooms |
| 73,783 |
|
|
| 65,070 |
|
|
| 146,485 |
|
|
| 123,785 |
|
| Food and beverage |
| 203,922 |
|
|
| 185,471 |
|
|
| 384,541 |
|
|
| 332,127 |
|
| Entertainment, retail and other |
| 85,999 |
|
|
| 74,985 |
|
|
| 178,481 |
|
|
| 163,889 |
|
| General and administrative |
| 257,321 |
|
|
| 200,378 |
|
|
| 517,093 |
|
|
| 397,158 |
|
| Provision for credit losses |
| (6,640 | ) |
|
| (3,487 | ) |
|
| (7,184 | ) |
|
| (3,145 | ) |
| Pre-opening |
| 1,477 |
|
|
| 4,502 |
|
|
| 5,955 |
|
|
| 6,949 |
|
| Depreciation and amortization |
| 169,962 |
|
|
| 162,968 |
|
|
| 338,774 |
|
|
| 347,524 |
|
| Property charges and other |
| 16,019 |
|
|
| 26,909 |
|
|
| 18,477 |
|
|
| 72,629 |
|
| Total operating expenses |
| 1,345,486 |
|
|
| 960,860 |
|
|
| 2,599,650 |
|
|
| 2,009,059 |
|
| Operating income (loss) |
| 250,336 |
|
|
| (52,028 | ) |
|
| 419,851 |
|
|
| (146,893 | ) |
| Other income (expense): |
|
|
|
|
|
|
| ||||||||
| Interest income |
| 44,127 |
|
|
| 2,691 |
|
|
| 84,320 |
|
|
| 3,971 |
|
| Interest expense, net of amounts capitalized |
| (190,243 | ) |
|
| (154,830 | ) |
|
| (377,983 | ) |
|
| (306,988 | ) |
| Change in derivatives fair value |
| 24,336 |
|
|
| 1,562 |
|
|
| 47,382 |
|
|
| 8,962 |
|
| Loss on debt financing transactions |
| (3,375 | ) |
|
| — |
|
|
| (15,611 | ) |
|
| — |
|
| Other |
| 6,959 |
|
|
| (10,099 | ) |
|
| (23,655 | ) |
|
| (25,226 | ) |
| Other income (expense), net |
| (118,196 | ) |
|
| (160,676 | ) |
|
| (285,547 | ) |
|
| (319,281 | ) |
| Income (loss) before income taxes |
| 132,140 |
|
|
| (212,704 | ) |
|
| 134,304 |
|
|
| (466,174 | ) |
| Provision for income taxes |
| (4,305 | ) |
|
| (718 | ) |
|
| (5,323 | ) |
|
| (1,858 | ) |
| Net income (loss) |
| 127,835 |
|
|
| (213,422 | ) |
|
| 128,981 |
|
|
| (468,032 | ) |
| Less: net (income) loss attributable to noncontrolling interests |
| (22,651 | ) |
|
| 83,371 |
|
|
| (11,465 | ) |
|
| 154,657 |
|
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 105,184 |
|
| $ | (130,051 | ) |
| $ | 117,516 |
|
| $ | (313,375 | ) |
| Basic and diluted net income (loss) per common share: |
|
|
|
|
|
|
| ||||||||
| Net income (loss) attributable to Wynn Resorts, Limited: |
|
|
|
| |||||||||||
| Basic | $ | 0.93 |
|
| $ | (1.14 | ) |
| $ | 1.04 |
|
| $ | (2.73 | ) |
| Diluted | $ | 0.84 |
|
| $ | (1.14 | ) |
| $ | 0.84 |
|
| $ | (2.73 | ) |
| Weighted average common shares outstanding: |
|
|
|
|
|
|
| ||||||||
| Basic |
| 112,889 |
|
|
| 114,471 |
|
|
| 112,821 |
|
|
| 114,749 |
|
| Diluted |
| 113,198 |
|
|
| 114,471 |
|
|
| 113,143 |
|
|
| 114,749 |
|
| 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 June 30, |
| Six Months Ended June 30, | ||||||||||||
|
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||||||
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 105,184 |
|
| $ | (130,051 | ) |
| $ | 117,516 |
|
| $ | (313,375 | ) |
| Pre-opening expenses |
| 1,477 |
|
|
| 4,502 |
|
|
| 5,955 |
|
|
| 6,949 |
|
| Property charges and other |
| 16,019 |
|
|
| 26,909 |
|
|
| 18,477 |
|
|
| 72,629 |
|
| Change in derivatives fair value |
| (24,336 | ) |
|
| (1,562 | ) |
|
| (47,382 | ) |
|
| (8,962 | ) |
| Loss on debt financing transactions |
| 3,375 |
|
|
| — |
|
|
| 15,611 |
|
|
| — |
|
| Foreign currency remeasurement and other |
| (6,959 | ) |
|
| 10,099 |
|
|
| 23,655 |
|
|
| 25,226 |
|
| Income tax impact on adjustments |
| 1,502 |
|
|
| (8 | ) |
|
| 10 |
|
|
| (8 | ) |
| Noncontrolling interests impact on adjustments |
| 7,078 |
|
|
| (3,618 | ) |
|
| 2,830 |
|
|
| (15,807 | ) |
| Adjusted net income (loss) attributable to Wynn Resorts, Limited | $ | 103,340 |
|
| $ | (93,729 | ) |
| $ | 136,672 |
|
| $ | (233,348 | ) |
| Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share | $ | 0.91 |
|
| $ | (0.82 | ) |
| $ | 1.21 |
|
| $ | (2.03 | ) |
|
|
|
|
|
|
|
|
| ||||||||
| Weighted average common shares outstanding - diluted |
| 113,198 |
|
|
| 114,471 |
|
|
| 113,143 |
|
|
| 114,749 |
|
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
| RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR | |||||||||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 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) | $ | 80,275 |
| $ | 47,267 |
| $ | (5,855 | ) |
| $ | 121,687 |
| $ | 123,270 |
| $ | (11,003 | ) |
| $ | (25,670 | ) |
| $ | 42,052 |
|
| $ | 250,336 | |||||
| Pre-opening expenses |
| — |
|
| — |
|
| — |
|
|
| — |
|
| — |
|
| 336 |
|
|
| 1,141 |
|
|
| — |
|
|
| 1,477 | |||||
| Depreciation and amortization |
| 53,908 |
|
| 20,527 |
|
| 380 |
|
|
| 74,815 |
|
| 57,521 |
|
| 30,198 |
|
|
| 5,123 |
|
|
| 2,305 |
|
|
| 169,962 | |||||
| Property charges and other |
| 1,534 |
|
| 6,603 |
|
| 12 |
|
|
| 8,149 |
|
| 6,938 |
|
| 804 |
|
|
| 128 |
|
|
| — |
|
|
| 16,019 | |||||
| Management and license fees |
| 15,074 |
|
| 9,487 |
|
| — |
|
|
| 24,561 |
|
| 27,441 |
|
| 10,746 |
|
|
| — |
|
|
| (62,748 | ) |
|
| — | |||||
| Corporate expenses and other |
| 2,885 |
|
| 2,894 |
|
| 4,428 |
|
|
| 10,207 |
|
| 7,330 |
|
| 1,949 |
|
|
| 1,598 |
|
|
| 11,664 |
|
|
| 32,748 | |||||
| Stock-based compensation |
| 2,931 |
|
| 2,812 |
|
| 1,035 |
|
|
| 6,778 |
|
| 1,621 |
|
| 443 |
|
|
| 2,716 |
|
|
| 6,727 |
|
|
| 18,285 | |||||
| Triple-net operating lease rent expense |
| — |
|
| — |
|
| — |
|
|
| — |
|
| — |
|
| 35,631 |
|
|
| — |
|
|
| — |
|
|
| 35,631 | |||||
| Adjusted Property EBITDAR | $ | 156,607 |
| $ | 89,590 |
| $ | — |
|
| $ | 246,197 |
| $ | 224,121 |
| $ | 69,104 |
|
| $ | (14,964 | ) |
| $ | — |
|
| $ | 524,458 | |||||
|
| Three Months Ended June 30, 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) | $ | (107,742 | ) |
| $ | (73,479 | ) |
| $ | (4,103 | ) |
| $ | (185,324 | ) |
| $ | 142,826 |
| $ | 13,760 |
| $ | (57,321 | ) |
| $ | 34,031 |
|
| $ | (52,028 | ) | ||
| Pre-opening expenses |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 3,547 |
|
| — |
|
| 955 |
|
|
| — |
|
|
| 4,502 |
| ||
| Depreciation and amortization |
| 51,606 |
|
|
| 19,556 |
|
|
| 971 |
|
|
| 72,133 |
|
|
| 45,750 |
|
| 37,432 |
|
| 5,373 |
|
|
| 2,280 |
|
|
| 162,968 |
| ||
| Property charges and other |
| 313 |
|
|
| 6,478 |
|
|
| 4 |
|
|
| 6,795 |
|
|
| 955 |
|
| 19 |
|
| 26,395 |
|
|
| (7,255 | ) |
|
| 26,909 |
| ||
| Management and license fees |
| 2,258 |
|
|
| 2,272 |
|
|
| — |
|
|
| 4,530 |
|
|
| 26,349 |
|
| 10,164 |
|
| — |
|
|
| (41,043 | ) |
|
| — |
| ||
| Corporate expenses and other |
| 1,587 |
|
|
| 1,612 |
|
|
| 2,547 |
|
|
| 5,746 |
|
|
| 5,576 |
|
| 1,941 |
|
| 2,426 |
|
|
| 6,524 |
|
|
| 22,213 |
| ||
| Stock-based compensation |
| 2,028 |
|
|
| 3,171 |
|
|
| 581 |
|
|
| 5,780 |
|
|
| 1,703 |
|
| 430 |
|
| 1,219 |
|
|
| 5,463 |
|
|
| 14,595 |
| ||
| Adjusted Property EBITDAR | $ | (49,950 | ) |
| $ | (40,390 | ) |
| $ | — |
|
| $ | (90,340 | ) |
| $ | 226,706 |
| $ | 63,746 |
| $ | (20,953 | ) |
| $ | — |
|
| $ | 179,159 |
| ||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||
| RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR | |||||||||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
|
| Six Months Ended June 30, 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) | $ | 120,143 |
| $ | 59,516 |
| $ | (10,838 | ) |
| $ | 168,821 |
| $ | 261,772 |
| $ | (25,952 | ) |
| $ | (59,070 | ) |
| $ | 74,280 |
|
| $ | 419,851 | |||||
| Pre-opening expenses |
| — |
|
| — |
|
| — |
|
|
| — |
|
| 81 |
|
| 1,247 |
|
|
| 4,730 |
|
|
| (103 | ) |
|
| 5,955 | |||||
| Depreciation and amortization |
| 108,075 |
|
| 41,177 |
|
| 760 |
|
|
| 150,012 |
|
| 114,202 |
|
| 60,132 |
|
|
| 9,839 |
|
|
| 4,589 |
|
|
| 338,774 | |||||
| Property charges and other |
| 3,829 |
|
| 7,078 |
|
| 13 |
|
|
| 10,920 |
|
| 7,151 |
|
| 222 |
|
|
| 184 |
|
|
| — |
|
|
| 18,477 | |||||
| Management and license fees |
| 26,904 |
|
| 16,762 |
|
| — |
|
|
| 43,666 |
|
| 55,253 |
|
| 21,249 |
|
|
| — |
|
|
| (120,168 | ) |
|
| — | |||||
| Corporate expenses and other |
| 5,111 |
|
| 5,219 |
|
| 8,052 |
|
|
| 18,382 |
|
| 13,886 |
|
| 3,813 |
|
|
| 2,980 |
|
|
| 28,177 |
|
|
| 67,238 | |||||
| Stock-based compensation |
| 3,603 |
|
| 4,583 |
|
| 2,013 |
|
|
| 10,199 |
|
| 3,373 |
|
| 893 |
|
|
| 5,305 |
|
|
| 13,225 |
|
|
| 32,995 | |||||
| Triple-net operating lease rent expense |
| — |
|
| — |
|
| — |
|
|
| — |
|
| — |
|
| 70,914 |
|
|
| — |
|
|
| — |
|
|
| 70,914 | |||||
| Adjusted Property EBITDAR | $ | 267,665 |
| $ | 134,335 |
| $ | — |
|
| $ | 402,000 |
| $ | 455,718 |
| $ | 132,518 |
|
| $ | (36,032 | ) |
| $ | — |
|
| $ | 954,204 | |||||
|
| Six Months Ended June 30, 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) | $ | (167,243 | ) |
| $ | (108,295 | ) |
| $ | (8,050 | ) |
| $ | (283,588 | ) |
| $ | 225,756 |
| $ | 15,949 |
| $ | (162,356 | ) |
| $ | 57,346 |
|
| $ | (146,893 | ) | ||
| Pre-opening expenses |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 4,944 |
|
| — |
|
| 2,005 |
|
|
| — |
|
|
| 6,949 |
| ||
| Depreciation and amortization |
| 102,068 |
|
|
| 39,578 |
|
|
| 1,948 |
|
|
| 143,594 |
|
|
| 91,352 |
|
| 78,421 |
|
| 29,621 |
|
|
| 4,536 |
|
|
| 347,524 |
| ||
| Property charges and other |
| 451 |
|
|
| 7,947 |
|
|
| 5 |
|
|
| 8,403 |
|
|
| 2,277 |
|
| 640 |
|
| 68,356 |
|
|
| (7,047 | ) |
|
| 72,629 |
| ||
| Management and license fees |
| 7,443 |
|
|
| 6,596 |
|
|
| — |
|
|
| 14,039 |
|
|
| 47,376 |
|
| 19,502 |
|
| — |
|
|
| (80,917 | ) |
|
| — |
| ||
| Corporate expenses and other |
| 3,130 |
|
|
| 3,290 |
|
|
| 4,965 |
|
|
| 11,385 |
|
|
| 10,990 |
|
| 3,646 |
|
| 4,853 |
|
|
| 17,162 |
|
|
| 48,036 |
| ||
| Stock-based compensation |
| 3,337 |
|
|
| 5,812 |
|
|
| 1,132 |
|
|
| 10,281 |
|
|
| 3,389 |
|
| 838 |
|
| 5,067 |
|
|
| 8,920 |
|
|
| 28,495 |
| ||
| Adjusted Property EBITDAR | $ | (50,814 | ) |
| $ | (45,072 | ) |
| $ | — |
|
| $ | (95,886 | ) |
| $ | 386,084 |
| $ | 118,996 |
| $ | (52,454 | ) |
| $ | — |
|
| $ | 356,740 |
| ||
| 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 June 30, |
| Six Months Ended June 30, | ||||||||||||
|
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||||||
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 105,184 |
|
| $ | (130,051 | ) |
| $ | 117,516 |
|
| $ | (313,375 | ) |
| Net income (loss) attributable to noncontrolling interests |
| 22,651 |
|
|
| (83,371 | ) |
|
| 11,465 |
|
|
| (154,657 | ) |
| Pre-opening expenses |
| 1,477 |
|
|
| 4,502 |
|
|
| 5,955 |
|
|
| 6,949 |
|
| Depreciation and amortization |
| 169,962 |
|
|
| 162,968 |
|
|
| 338,774 |
|
|
| 347,524 |
|
| Property charges and other |
| 16,019 |
|
|
| 26,909 |
|
|
| 18,477 |
|
|
| 72,629 |
|
| Triple-net operating lease rent expense |
| 35,631 |
|
|
| — |
|
|
| 70,914 |
|
|
| — |
|
| Corporate expenses and other |
| 32,748 |
|
|
| 22,213 |
|
|
| 67,238 |
|
|
| 48,036 |
|
| Stock-based compensation |
| 18,285 |
|
|
| 14,595 |
|
|
| 32,995 |
|
|
| 28,495 |
|
| Interest income |
| (44,127 | ) |
|
| (2,691 | ) |
|
| (84,320 | ) |
|
| (3,971 | ) |
| Interest expense, net of amounts capitalized |
| 190,243 |
|
|
| 154,830 |
|
|
| 377,983 |
|
|
| 306,988 |
|
| Change in derivatives fair value |
| (24,336 | ) |
|
| (1,562 | ) |
|
| (47,382 | ) |
|
| (8,962 | ) |
| Loss on debt financing transactions |
| 3,375 |
|
|
| — |
|
|
| 15,611 |
|
|
| — |
|
| Other |
| (6,959 | ) |
|
| 10,099 |
|
|
| 23,655 |
|
|
| 25,226 |
|
| Provision for income taxes |
| 4,305 |
|
|
| 718 |
|
|
| 5,323 |
|
|
| 1,858 |
|
| Adjusted Property EBITDAR | $ | 524,458 |
|
| $ | 179,159 |
|
| $ | 954,204 |
|
| $ | 356,740 |
|
| 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, |
|
| ||||||||||||||
|
| 2023 |
| 2022 |
| Percent Change |
| 2023 |
| 2022 |
| Percent Change | ||||||||||
| Wynn Palace Supplemental Information |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Operating revenues |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Casino | $ | 365,277 |
|
| $ | 27,194 |
|
| 1,243.2 |
|
| $ | 635,964 |
|
| $ | 141,607 |
|
| 349.1 |
|
| Rooms |
| 50,092 |
|
|
| 7,008 |
|
| 614.8 |
|
|
| 97,002 |
|
|
| 20,839 |
|
| 365.5 |
|
| Food and beverage |
| 25,260 |
|
|
| 6,857 |
|
| 268.4 |
|
|
| 48,813 |
|
|
| 18,300 |
|
| 166.7 |
|
| Entertainment, retail and other |
| 27,721 |
|
|
| 17,592 |
|
| 57.6 |
|
|
| 55,934 |
|
|
| 41,230 |
|
| 35.7 |
|
| Total | $ | 468,350 |
|
| $ | 58,651 |
|
| 698.5 |
|
| $ | 837,713 |
|
| $ | 221,976 |
|
| 277.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Adjusted Property EBITDAR (6) | $ | 156,607 |
|
| $ | (49,950 | ) |
| NM |
|
| $ | 267,665 |
|
| $ | (50,814 | ) |
| NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| VIP: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Average number of table games |
| 57 |
|
|
| 46 |
|
| 23.9 |
|
|
| 54 |
|
|
| 56 |
|
| (3.6 | ) |
| VIP turnover | $ | 3,042,338 |
|
| $ | 344,462 |
|
| 783.2 |
|
| $ | 5,335,696 |
|
| $ | 1,310,017 |
|
| 307.3 |
|
| VIP table games win (loss) (1) | $ | 129,030 |
|
| $ | (6,671 | ) |
| NM |
|
| $ | 191,478 |
|
| $ | 13,082 |
|
| 1,363.7 |
|
| VIP table games win (loss) as a % of turnover |
| 4.24 | % |
|
| (1.94 | )% |
|
|
|
| 3.59 | % |
|
| 1.00 | % |
|
| ||
| Table games win (loss) per unit per day | $ | 24,728 |
|
| $ | (1,600 | ) |
| NM |
|
| $ | 19,697 |
|
| $ | 1,284 |
|
| 1,434.0 |
|
| Mass market: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Average number of table games |
| 240 |
|
|
| 231 |
|
| 3.9 |
|
|
| 239 |
|
|
| 232 |
|
| 3.0 |
|
| Table drop (2) | $ | 1,507,148 |
|
| $ | 210,549 |
|
| 615.8 |
|
| $ | 2,689,146 |
|
| $ | 742,408 |
|
| 262.2 |
|
| Table games win (1) | $ | 305,817 |
|
| $ | 41,581 |
|
| 635.5 |
|
| $ | 566,683 |
|
| $ | 152,755 |
|
| 271.0 |
|
| Table games win % |
| 20.3 | % |
|
| 19.7 | % |
|
|
|
| 21.1 | % |
|
| 20.6 | % |
|
| ||
| Table games win per unit per day | $ | 13,980 |
|
| $ | 1,977 |
|
| 607.1 |
|
| $ | 13,125 |
|
| $ | 3,630 |
|
| 261.6 |
|
| Average number of slot machines |
| 586 |
|
|
| 634 |
|
| (7.6 | ) |
|
| 587 |
|
|
| 652 |
|
| (10.0 | ) |
| Slot machine handle | $ | 579,626 |
|
| $ | 130,404 |
|
| 344.5 |
|
| $ | 1,126,224 |
|
| $ | 381,333 |
|
| 195.3 |
|
| Slot machine win (3) | $ | 27,583 |
|
| $ | 4,922 |
|
| 460.4 |
|
| $ | 53,008 |
|
| $ | 17,571 |
|
| 201.7 |
|
| Slot machine win per unit per day | $ | 517 |
|
| $ | 85 |
|
| 508.2 |
|
| $ | 499 |
|
| $ | 149 |
|
| 234.9 |
|
| Room statistics: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Occupancy |
| 96.5 | % |
|
| 28.5 | % |
|
|
|
| 92.2 | % |
|
| 37.7 | % |
|
| ||
| ADR (4) | $ | 318 |
|
| $ | 145 |
|
| 119.3 |
|
| $ | 319 |
|
| $ | 166 |
|
| 92.2 |
|
| REVPAR (5) | $ | 307 |
|
| $ | 41 |
|
| 648.8 |
|
| $ | 294 |
|
| $ | 63 |
|
| 366.7 |
|
| NM: Not meaningful. | |||||||||||||||||||||
| Note: The results of operations of Wynn Palace for the three and six months ended June 30, 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 June 30, |
|
|
| Six Months Ended June 30, |
|
| ||||||||||||||
|
| 2023 |
| 2022 |
| Percent Change |
| 2023 |
| 2022 |
| Percent Change | ||||||||||
| Wynn Macau Supplemental Information |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Operating revenues |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Casino | $ | 242,950 |
|
| $ | 39,959 |
|
| 508.0 |
|
| $ | 419,333 |
|
| $ | 142,389 |
|
| 194.5 |
|
| Rooms |
| 26,130 |
|
|
| 4,762 |
|
| 448.7 |
|
|
| 48,101 |
|
|
| 14,152 |
|
| 239.9 |
|
| Food and beverage |
| 14,666 |
|
|
| 5,231 |
|
| 180.4 |
|
|
| 28,968 |
|
|
| 13,617 |
|
| 112.7 |
|
| Entertainment, retail and other |
| 17,847 |
|
|
| 8,631 |
|
| 106.8 |
|
|
| 35,917 |
|
|
| 23,525 |
|
| 52.7 |
|
| Total | $ | 301,593 |
|
| $ | 58,583 |
|
| 414.8 |
|
| $ | 532,319 |
|
| $ | 193,683 |
|
| 174.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Adjusted Property EBITDAR (6) | $ | 89,590 |
|
| $ | (40,390 | ) |
| NM |
|
| $ | 134,335 |
|
| $ | (45,072 | ) |
| NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| VIP: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Average number of table games |
| 48 |
|
|
| 40 |
|
| 20.0 |
|
|
| 50 |
|
|
| 37 |
|
| 35.1 |
|
| VIP turnover | $ | 1,390,272 |
|
| $ | 301,645 |
|
| 360.9 |
|
| $ | 2,534,496 |
|
| $ | 1,188,695 |
|
| 113.2 |
|
| VIP table games win (1) | $ | 57,828 |
|
| $ | 14,446 |
|
| 300.3 |
|
| $ | 88,579 |
|
| $ | 48,475 |
|
| 82.7 |
|
| VIP table games win as a % of turnover |
| 4.16 | % |
|
| 4.79 | % |
|
|
|
| 3.49 | % |
|
| 4.08 | % |
|
| ||
| Table games win per unit per day | $ | 13,257 |
|
| $ | 4,006 |
|
| 230.9 |
|
| $ | 9,808 |
|
| $ | 7,181 |
|
| 36.6 |
|
| Mass market: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Average number of table games |
| 209 |
|
|
| 246 |
|
| (15.0 | ) |
|
| 213 |
|
|
| 247 |
|
| (13.8 | ) |
| Table drop (2) | $ | 1,223,311 |
|
| $ | 216,154 |
|
| 465.9 |
|
| $ | 2,213,299 |
|
| $ | 685,292 |
|
| 223.0 |
|
| Table games win (1) | $ | 216,405 |
|
| $ | 30,582 |
|
| 607.6 |
|
| $ | 384,831 |
|
| $ | 112,842 |
|
| 241.0 |
|
| Table games win % |
| 17.7 | % |
|
| 14.1 | % |
|
|
|
| 17.4 | % |
|
| 16.5 | % |
|
| ||
| Table games win per unit per day | $ | 11,388 |
|
| $ | 1,365 |
|
| 734.3 |
|
| $ | 9,997 |
|
| $ | 2,521 |
|
| 296.5 |
|
| Average number of slot machines |
| 533 |
|
|
| 665 |
|
| (19.8 | ) |
|
| 532 |
|
|
| 625 |
|
| (14.9 | ) |
| Slot machine handle | $ | 519,807 |
|
| $ | 199,312 |
|
| 160.8 |
|
| $ | 989,576 |
|
| $ | 482,851 |
|
| 104.9 |
|
| Slot machine win (3) | $ | 15,452 |
|
| $ | 6,329 |
|
| 144.1 |
|
| $ | 31,749 |
|
| $ | 16,941 |
|
| 87.4 |
|
| Slot machine win per unit per day | $ | 319 |
|
| $ | 105 |
|
| 203.8 |
|
| $ | 330 |
|
| $ | 150 |
|
| 120.0 |
|
| Poker rake | $ | 5,376 |
|
| $ | 60 |
|
| NM |
|
| $ | 9,312 |
|
| $ | 60 |
|
| NM |
|
| Room statistics: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Occupancy |
| 96.8 | % |
|
| 31.3 | % |
|
|
|
| 93.9 | % |
|
| 40.5 | % |
|
| ||
| ADR (4) | $ | 269 |
|
| $ | 150 |
|
| 79.3 |
|
| $ | 256 |
|
| $ | 174 |
|
| 47.1 |
|
| REVPAR (5) | $ | 260 |
|
| $ | 47 |
|
| 453.2 |
|
| $ | 240 |
|
| $ | 70 |
|
| 242.9 |
|
| NM: Not meaningful. | |||||||||||||||||||||
| Note: The results of operations of Wynn Macau for the three and six months ended June 30, 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 June 30, |
|
|
| Six Months Ended June 30, |
|
| ||||||||||||||
|
| 2023 |
| 2022 |
| Percent Change |
| 2023 |
| 2022 |
| Percent Change | ||||||||||
| Las Vegas Operations Supplemental Information |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Operating revenues |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Casino | $ | 137,946 |
|
| $ | 135,345 |
|
| 1.9 |
|
| $ | 292,476 |
|
| $ | 259,616 |
|
| 12.7 |
|
| Rooms |
| 177,765 |
|
|
| 167,116 |
|
| 6.4 |
|
|
| 362,874 |
|
|
| 298,582 |
|
| 21.5 |
|
| Food and beverage |
| 195,146 |
|
|
| 196,627 |
|
| (0.8 | ) |
|
| 367,629 |
|
|
| 332,656 |
|
| 10.5 |
|
| Entertainment, retail and other |
| 67,215 |
|
|
| 61,981 |
|
| 8.4 |
|
|
| 141,857 |
|
|
| 111,401 |
|
| 27.3 |
|
| Total | $ | 578,072 |
|
| $ | 561,069 |
|
| 3.0 |
|
| $ | 1,164,836 |
|
| $ | 1,002,255 |
|
| 16.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Adjusted Property EBITDAR (6) | $ | 224,121 |
|
| $ | 226,706 |
|
| (1.1 | ) |
| $ | 455,718 |
|
| $ | 386,084 |
|
| 18.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Average number of table games |
| 235 |
|
|
| 237 |
|
| (0.8 | ) |
|
| 233 |
|
|
| 232 |
|
| 0.4 |
|
| Table drop (2) | $ | 559,701 |
|
| $ | 564,982 |
|
| (0.9 | ) |
| $ | 1,160,447 |
|
| $ | 1,112,898 |
|
| 4.3 |
|
| Table games win (1) | $ | 128,012 |
|
| $ | 138,879 |
|
| (7.8 | ) |
| $ | 274,022 |
|
| $ | 268,043 |
|
| 2.2 |
|
| Table games win % |
| 22.9 | % |
|
| 24.6 | % |
|
|
|
| 23.6 | % |
|
| 24.1 | % |
|
| ||
| Table games win per unit per day | $ | 5,997 |
|
| $ | 6,440 |
|
| (6.9 | ) |
| $ | 6,490 |
|
| $ | 6,372 |
|
| 1.9 |
|
| Average number of slot machines |
| 1,651 |
|
|
| 1,712 |
|
| (3.6 | ) |
|
| 1,660 |
|
|
| 1,720 |
|
| (3.5 | ) |
| Slot machine handle | $ | 1,522,525 |
|
| $ | 1,326,178 |
|
| 14.8 |
|
| $ | 3,095,260 |
|
| $ | 2,504,162 |
|
| 23.6 |
|
| Slot machine win (3) | $ | 103,357 |
|
| $ | 89,844 |
|
| 15.0 |
|
| $ | 210,145 |
|
| $ | 170,675 |
|
| 23.1 |
|
| Slot machine win per unit per day | $ | 688 |
|
| $ | 577 |
|
| 19.2 |
|
| $ | 700 |
|
| $ | 548 |
|
| 27.7 |
|
| Poker rake | $ | 6,460 |
|
| $ | 5,021 |
|
| 28.7 |
|
| $ | 10,574 |
|
| $ | 8,882 |
|
| 19.0 |
|
| Room statistics: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Occupancy |
| 90.6 | % |
|
| 90.5 | % |
|
|
|
| 89.7 | % |
|
| 83.8 | % |
|
| ||
| ADR (4) | $ | 462 |
|
| $ | 460 |
|
| 0.4 |
|
| $ | 477 |
|
| $ | 448 |
|
| 6.5 |
|
| REVPAR (5) | $ | 418 |
|
| $ | 417 |
|
| 0.2 |
|
| $ | 428 |
|
| $ | 375 |
|
| 14.1 |
|
| 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, |
|
| ||||||||||||||
|
| 2023 |
| 2022 |
| Percent Change |
| 2023 |
| 2022 |
| Percent Change | ||||||||||
| Encore Boston Harbor Supplemental Information |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Operating revenues |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Casino | $ | 166,826 |
|
| $ | 157,087 |
|
| 6.2 |
|
| $ | 332,218 |
|
| $ | 305,835 |
|
| 8.6 |
|
| Rooms |
| 22,518 |
|
|
| 22,412 |
|
| 0.5 |
|
|
| 41,057 |
|
|
| 38,101 |
|
| 7.8 |
|
| Food and beverage |
| 21,964 |
|
|
| 21,101 |
|
| 4.1 |
|
|
| 44,237 |
|
|
| 39,263 |
|
| 12.7 |
|
| Entertainment, retail and other |
| 10,624 |
|
|
| 9,554 |
|
| 11.2 |
|
|
| 20,726 |
|
|
| 17,751 |
|
| 16.8 |
|
| Total | $ | 221,932 |
|
| $ | 210,154 |
|
| 5.6 |
|
| $ | 438,238 |
|
| $ | 400,950 |
|
| 9.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Adjusted Property EBITDAR (6) | $ | 69,104 |
|
| $ | 63,746 |
|
| 8.4 |
|
| $ | 132,518 |
|
| $ | 118,996 |
|
| 11.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Casino Statistics: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Average number of table games |
| 190 |
|
|
| 184 |
|
| 3.3 |
|
|
| 194 |
|
|
| 184 |
|
| 5.4 |
|
| Table drop (2) | $ | 354,365 |
|
| $ | 366,222 |
|
| (3.2 | ) |
| $ | 720,406 |
|
| $ | 712,417 |
|
| 1.1 |
|
| Table games win (1) | $ | 79,072 |
|
| $ | 80,263 |
|
| (1.5 | ) |
| $ | 158,615 |
|
| $ | 157,054 |
|
| 1.0 |
|
| Table games win % |
| 22.3 | % |
|
| 21.9 | % |
|
|
|
| 22.0 | % |
|
| 22.0 | % |
|
| ||
| Table games win per unit per day | $ | 4,573 |
|
| $ | 4,794 |
|
| (4.6 | ) |
| $ | 4,512 |
|
| $ | 4,716 |
|
| (4.3 | ) |
| Average number of slot machines |
| 2,561 |
|
|
| 2,781 |
|
| (7.9 | ) |
|
| 2,540 |
|
|
| 2,778 |
|
| (8.6 | ) |
| Slot machine handle | $ | 1,300,237 |
|
| $ | 1,232,427 |
|
| 5.5 |
|
| $ | 2,596,664 |
|
| $ | 2,415,740 |
|
| 7.5 |
|
| Slot machine win (3) | $ | 106,726 |
|
| $ | 99,424 |
|
| 7.3 |
|
| $ | 210,799 |
|
| $ | 194,720 |
|
| 8.3 |
|
| Slot machine win per unit per day | $ | 458 |
|
| $ | 393 |
|
| 16.5 |
|
| $ | 459 |
|
| $ | 387 |
|
| 18.6 |
|
| Poker rake | $ | 5,211 |
|
| $ | 1,241 |
|
| 319.9 |
|
| $ | 10,893 |
|
| $ | 2,026 |
|
| 437.7 |
|
| Room statistics: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Occupancy |
| 92.7 | % |
|
| 94.1 | % |
|
|
|
| 91.4 | % |
|
| 87.4 | % |
|
| ||
| ADR (4) | $ | 400 |
|
| $ | 391 |
|
| 2.3 |
|
| $ | 372 |
|
| $ | 360 |
|
| 3.3 |
|
| REVPAR (5) | $ | 371 |
|
| $ | 368 |
|
| 0.8 |
|
| $ | 340 |
|
| $ | 315 |
|
| 7.9 |
|
| (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 EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR. |