Wynn Resorts, Limited Reports Third Quarter 2018 Results
Wynn Resorts, Limited (Nasdaq: WYNN) yesterday reported financial results for the third quarter ended September 30, 2018. The results reflect the Company’s adoption of the new revenue recognition standard (“ASC 606”), effective January 1, 2018. Certain prior period amounts have been adjusted to reflect the full retrospective adoption of ASC 606, with no impact to operating income, net income or Adjusted Property EBITDA (1).
Operating revenues were $1.71 billion for the third quarter of 2018, an increase of 10.2%, or $157.7 million, from $1.55 billion for the same period of 2017. Operating revenues from Wynn Palace and our Wynn Macau Operations increased $205.5 million and $17.6 million, respectively, compared to the same period of 2017. Operating revenue growth at Wynn Palace and Wynn Macau was partially offset by a decrease of $65.4 million from our Las Vegas Operations.
On a U.S. generally accepted accounting principles (“GAAP”) basis, net income attributable to Wynn Resorts, Limited was $156.1 million, or $1.44 per diluted share, for the third quarter of 2018, compared to $79.8 million, or $0.78 per diluted share, for the same period of 2017. The increase in net income attributable to Wynn Resorts, Limited was primarily due to an increase in operating income from Wynn Palace and Wynn Macau, offset by a decrease in our Las Vegas Operations. Adjusted net income attributable to Wynn Resorts, Limited (2) was $182.3 million, or $1.68 per diluted share, for the third quarter of 2018, compared to $155.8 million, or $1.52 per diluted share, for the same period of 2017.
Adjusted Property EBITDA was $504.4 million for the third quarter of 2018, an increase of 6.6%, or $31.4 million, from $473.0 million for the same period of 2017. Adjusted Property EBITDA increased $87.9 million at Wynn Palace and was relatively flat at Wynn Macau compared to the same period of 2017. The increase at Wynn Palace was partially offset by a decrease of $56.2 million at our Las Vegas Operations.
Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $0.75 per share, payable on November 30, 2018 to stockholders of record as of November 21, 2018.
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $730.6 million for the third quarter of 2018, a 39.1% increase from $525.0 million for the same period of 2017. Adjusted Property EBITDA from Wynn Palace was $226.1 million for the third quarter of 2018, a 63.6% increase from $138.2 million for the same period of 2017. Entertainment, retail and other revenues and Adjusted Property EBITDA for the third quarter of 2018 include $5.4 million of business interruption insurance proceeds related to the full settlement of claims from Typhoon Hato in 2017.
Casino revenues from Wynn Palace were $625.6 million for the third quarter of 2018, a 39.9% increase from $447.1 million for the same period of 2017. Table games turnover in VIP operations was $15.53 billion, a 13.4% increase from $13.69 billion for the third quarter of 2017. VIP table games win as a percentage of turnover was 3.40%, above the expected range of 2.7% to 3.0% and an increase from the 2.99% experienced in the third quarter of 2017. Table drop in mass market operations was $1.19 billion, a 37.3% increase from $866.6 million for the third quarter of 2017. Table games win in mass market operations was $308.1 million, a 58.6% increase from $194.3 million for the third quarter of 2017. Table games win percentage in mass market operations was 25.9%, above the 22.4% table games win percentage in the third quarter of 2017. Slot machine handle was $922.5 million, a 12.8% increase from $817.5 million for the third quarter of 2017. Slot machine win increased 9.7% to $46.0 million for the third quarter of 2018, compared to $42.0 million for the third quarter of 2017.
Non-casino revenues from Wynn Palace were $105.0 million for the third quarter of 2018, a 34.7% increase from $78.0 million for the same period of 2017. Room revenues were $44.3 million for the third quarter of 2018, a 50.1% increase from $29.5 million for the same period of 2017. Average daily rate (“ADR”) was $275, a 38.2% increase from $199 for the third quarter of 2017. Occupancy was relatively flat at 96.0% for the third quarter of 2018 when compared to the same period of 2017. Revenue per available room (“REVPAR”) was $264, a 37.5% increase from $192 for the third quarter of 2017.
Wynn Macau
Operating revenues from Wynn Macau were $579.6 million for the third quarter of 2018, a 3.1% increase from $562.0 million for the same period of 2017. Adjusted Property EBITDA from Wynn Macau was relatively flat at $182.9 million for the third quarter of 2018 when compared to the same period of 2017. Entertainment, retail and other revenues and Adjusted Property EBITDA for the third quarter of 2018 include $5.3 million of business interruption insurance proceeds related to the full settlement of claims from Typhoon Hato in 2017.
Casino revenues from Wynn Macau were $503.6 million for the third quarter of 2018, a 0.9% increase from $498.8 million for the same period of 2017. Table games turnover in VIP operations was $13.97 billion, a 4.4% increase from $13.37 billion for the same period of 2017. VIP table games win as a percentage of turnover was 3.01%, slightly above the expected range of 2.7% to 3.0% and below the 3.37% experienced in the third quarter of 2017. Table drop in mass market operations was $1.18 billion, a 10.6% increase from $1.07 billion for the third quarter of 2017. Table games win in mass market operations was $250.2 million, a 15.6% increase from $216.4 million for the third quarter of 2017. Table games win percentage in mass market operations increased to 21.1%, compared with the table games win percentage of 20.2% experienced in the third quarter of 2017. Slot machine handle was $895.2 million, a 3.6% increase from $864.6 million for the third quarter of 2017, while slot machine win decreased 2.1% to $34.8 million.
Non-casino revenues from Wynn Macau were $76.1 million for the third quarter of 2018, a 20.3% increase from $63.2 million for the same period of 2017. Room revenues were $28.1 million for the third quarter of 2018, a 20.7% increase from $23.3 million for the same period of 2017. ADR was $276, a 16.0% increase from $238 for the third quarter of 2017. Occupancy increased to 99.0% for the third quarter of 2018, from 97.3% for the same period of 2017. REVPAR was $273, an 18.2% increase from $231 for the third quarter of 2017.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $398.9 million for the third quarter of 2018, a 14.1% decrease from $464.3 million for the same period of 2017. Adjusted Property EBITDA from our Las Vegas Operations was $95.3 million, a 37.1% decrease from $151.5 million for the third quarter of 2017.
Casino revenues from our Las Vegas Operations were $92.9 million for the third quarter of 2018, a 28.4% decrease from $129.7 million for the same period of 2017. Table drop was $404.0 million, an 18.6% decrease from $496.2 million for the third quarter of 2017. Table games win decreased 34.4% to $86.7 million for the third quarter of 2018, compared to $132.2 million the same period of 2017. Table games win percentage was 21.5%, below the expected range of 22% to 26% and a decrease from the table games win percentage of 26.6% experienced in the third quarter of 2017. Slot machine handle was $810.1 million, a 1.1% decrease from $819.5 million for the third quarter of 2017. Slot machine win decreased 6.2% to $55.9 million.
Non-casino revenues from our Las Vegas Operations were $306.0 million for the third quarter of 2018, an 8.5% decrease from $334.6 million for the same period of 2017. Room revenues were $110.7 million for the third quarter of 2018, a 5.9% decrease from $117.6 million for the same period of 2017. ADR was $289, a 3.0% decrease from $298 for the third quarter of 2017. Occupancy decreased to 89.6% for the third quarter of 2018, from 91.4% for the same period of 2017. REVPAR was $259, a 4.8% decrease from $272 for the third quarter of 2017. Food and beverage revenues decreased 7.3%, to $148.6 million for the third quarter of 2018, compared to the same period of 2017. Entertainment, retail and other revenues decreased 17.6%, to $46.8 million for the third quarter of 2018, compared to $56.8 million in the same period of 2017.
Encore Boston Harbor Project in Massachusetts
The Company is currently constructing Encore Boston Harbor, an integrated resort in Everett, Massachusetts, located adjacent to Boston along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings and food and beverage outlets. The total project budget, including gaming license fees, construction costs, capitalized interest, pre-opening expenses and land costs, is estimated to be approximately $2.6 billion. As of September 30, 2018, we have incurred $1.83 billion in total project costs. We expect to open Encore Boston Harbor in mid-2019.
Balance Sheet
Our cash, cash equivalents and restricted cash as of September 30, 2018 were $1.95 billion.
Total current and long-term debt outstanding at the end of the quarter was $8.93 billion, including $4.24 billion of Macau related debt, $3.10 billion of Wynn Las Vegas debt, $985 million of Wynn America debt, and $611 million of debt held by the retail joint venture which we consolidate.
As previously disclosed, on September 19, 2018, the Company entered into a commitment letter (as subsequently amended and restated to add additional lenders, the “Commitment Letter”) to provide for a 364-day term loan facility to the Company in an aggregate principal amount of up to $750 million, which remained fully available as of September 30, 2018.
On October 30, 2018, the Company and certain subsidiaries of the Company entered into a credit agreement to provide for a $500 million six-year term loan (the “Credit Agreement”). The Credit Agreement matures on October 30, 2024 and bears interest at a rate of LIBOR plus 2.25% per year. On October 24, 2018, the Company agreed to terminate $500 million of the lenders’ commitments under the Commitment Letter.
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| (as adjusted) | (as adjusted) | |||||||||||||||
| Operating revenues: | ||||||||||||||||
| Casino | $ | 1,222,029 | $ | 1,075,577 | $ | 3,564,195 | $ | 3,067,145 | ||||||||
| Rooms | 183,044 | 170,371 | 559,405 | 504,135 | ||||||||||||
| Food and beverage | 193,874 | 200,051 | 580,963 | 568,878 | ||||||||||||
| Entertainment, retail and other | 110,125 | 105,348 | 325,511 | 307,838 | ||||||||||||
| Total operating revenues | 1,709,072 | 1,551,347 | 5,030,074 | 4,447,996 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Casino | 783,171 | 678,495 | 2,254,766 | 1,956,907 | ||||||||||||
| Rooms | 62,965 | 61,390 | 189,837 | 184,178 | ||||||||||||
| Food and beverage | 162,311 | 151,796 | 468,265 | 438,308 | ||||||||||||
| Entertainment, retail and other | 44,028 | 48,996 | 138,647 | 142,988 | ||||||||||||
| General and administrative | 192,327 | 178,504 | 545,543 | 502,635 | ||||||||||||
| Litigation settlement | — | — | 463,557 | — | ||||||||||||
| Provision (benefit) for doubtful accounts | 3,285 | 1,656 | 2,586 | (4,593 | ) | |||||||||||
| Pre-opening | 13,714 | 6,908 | 35,255 | 19,445 | ||||||||||||
| Depreciation and amortization | 137,458 | 137,982 | 411,685 | 415,488 | ||||||||||||
| Property charges and other | 18,830 | 28,293 | 30,672 | 38,494 | ||||||||||||
| Total operating expenses | 1,418,089 | 1,294,020 | 4,540,813 | 3,693,850 | ||||||||||||
| Operating income | 290,983 | 257,327 | 489,261 | 754,146 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 6,948 | 8,447 | 21,029 | 21,998 | ||||||||||||
| Interest expense, net of amounts capitalized | (93,007 | ) | (95,874 | ) | (281,132 | ) | (291,875 | ) | ||||||||
| Change in derivatives fair value | (54 | ) | (2 | ) | (54 | ) | (1,056 | ) | ||||||||
| Change in Redemption Note fair value | — | (41,718 | ) | (69,331 | ) | (69,982 | ) | |||||||||
| (Loss) gain on extinguishment of debt | (198 | ) | (20,774 | ) | 2,131 | (43,061 | ) | |||||||||
| Other | 11,216 | (1,894 | ) | 1,039 | (19,840 | ) | ||||||||||
| Other income (expense), net | (75,095 | ) | (151,815 | ) | (326,318 | ) | (403,816 | ) | ||||||||
| Income before income taxes | 215,888 | 105,512 | 162,943 | 350,330 | ||||||||||||
| Benefit (provision) for income taxes | 3,884 | 457 | 124,631 | (5,040 | ) | |||||||||||
| Net income | 219,772 | 105,969 | 287,574 | 345,290 | ||||||||||||
| Less: net income attributable to noncontrolling interests | (63,657 | ) | (26,202 | ) | (180,010 | ) | (89,791 | ) | ||||||||
| Net income attributable to Wynn Resorts, Limited | $ | 156,115 | $ | 79,767 | $ | 107,564 | $ | 255,499 | ||||||||
| Basic and diluted income per common share: | ||||||||||||||||
| Net income attributable to Wynn Resorts, Limited: | ||||||||||||||||
| Basic | $ | 1.44 | $ | 0.78 | $ | 1.01 | $ | 2.51 | ||||||||
| Diluted | $ | 1.44 | $ | 0.78 | $ | 1.01 | $ | 2.49 | ||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 108,064 | 102,173 | 106,162 | 101,960 | ||||||||||||
| Diluted | 108,533 | 102,794 | 106,721 | 102,460 | ||||||||||||
| Dividends declared per common share: | $ | 0.75 | $ | 0.50 | $ | 2.00 | $ | 1.50 | ||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | ||||||||||||||||
| RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED | ||||||||||||||||
| TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Net income attributable to Wynn Resorts, Limited | $ | 156,115 | $ | 79,767 | $ | 107,564 | $ | 255,499 | ||||||||
| Litigation settlement expense | — | — | 463,557 | — | ||||||||||||
| Pre-opening expenses | 13,714 | 6,908 | 35,255 | 19,445 | ||||||||||||
| Property charges and other | 18,830 | 28,293 | 30,672 | 38,494 | ||||||||||||
| Change in derivatives fair value | 54 | 2 | 54 | 1,056 | ||||||||||||
| Change in Redemption Note fair value | — | 41,718 | 69,331 | 69,982 | ||||||||||||
| Loss (gain) on extinguishment of debt | 198 | 20,774 | (2,131 | ) | 43,061 | |||||||||||
| Foreign currency remeasurement (gain) loss | (11,216 | ) | 1,894 | (1,039 | ) | 19,840 | ||||||||||
| Income tax impact on adjustments | 3,010 | (9,983 | ) | (114,376 | ) | (11,753 | ) | |||||||||
| Noncontrolling interests impact on adjustments | 1,609 | (13,556 | ) | (3,393 | ) | (19,483 | ) | |||||||||
| Adjusted net income attributable to Wynn Resorts, Limited | $ | 182,314 | $ | 155,817 | $ | 585,494 | $ | 416,141 | ||||||||
| Adjusted net income attributable to Wynn Resorts, Limited per diluted share | $ | 1.68 | $ | 1.52 | $ | 5.49 | $ | 4.06 | ||||||||
| Weighted average common shares outstanding – diluted | 108,533 | 102,794 | 106,721 | 102,460 | ||||||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | ||||||||||||||||||||||||||
| RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA | ||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||
| Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||
|
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 | $ | 128,136 | $ | — | $ | 64,980 | $ | 2,462 | $ | 27,900 | $ | 1,621 | $ | 1,042 | $ | 226,141 | ||||||||||
| Wynn Macau | 132,338 | — | 21,820 | 3,065 | 22,288 | 1,807 | 1,610 | 182,928 | ||||||||||||||||||
| Other Macau | (3,147 | ) | — | 1,104 | 8 | — | 1,830 | 205 | — | |||||||||||||||||
| Total Macau Operations | 257,327 | — | 87,904 | 5,535 | 50,188 | 5,258 | 2,857 | 409,069 | ||||||||||||||||||
| Las Vegas Operations | 22,824 | — | 46,601 | 3,074 | 18,555 | 3,202 | 1,042 | 95,298 | ||||||||||||||||||
| Corporate and Other | 10,832 | 13,714 | 2,953 | 10,221 | (68,743 | ) | 23,303 | 7,720 | — | |||||||||||||||||
| Total | $ | 290,983 | $ | 13,714 | $ | 137,458 | $ | 18,830 | $ | — | $ | 31,763 | $ | 11,619 | $ | 504,367 | ||||||||||
| Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||
|
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 | $ | 28,432 | $ | — | $ | 65,062 | $ | 19,493 | $ | 21,769 | $ | 2,198 | $ | 1,274 | $ | 138,228 | ||||||||||
| Wynn Macau | 124,566 | — | 24,734 | 6,396 | 23,099 | 2,384 | 2,040 | 183,219 | ||||||||||||||||||
| Other Macau | (6,551 | ) | — | 1,115 | 157 | — | 5,111 | 168 | — | |||||||||||||||||
| Total Macau Operations | 146,447 | — | 90,911 | 26,046 | 44,868 | 9,693 | 3,482 | 321,447 | ||||||||||||||||||
| Las Vegas Operations | 76,785 | 237 | 44,549 | 2,247 | 22,513 | 4,740 | 438 | 151,509 | ||||||||||||||||||
| Corporate and Other | 34,095 | 6,671 | 2,522 | — | (67,381 | ) | 17,510 | 6,583 | — | |||||||||||||||||
| Total | $ | 257,327 | $ | 6,908 | $ | 137,982 | $ | 28,293 | $ | — | $ | 31,943 | $ | 10,503 | $ | 472,956 | ||||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | ||||||||||||||||||||||||||
| RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA | ||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||
| (unaudited) (continued) | ||||||||||||||||||||||||||
| Nine Months Ended September 30, 2018 | ||||||||||||||||||||||||||
|
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 | $ | 330,108 | $ | — | $ | 193,861 | $ | 9,122 | $ | 75,788 | $ | 5,094 | $ | 3,344 | $ | 617,317 | ||||||||||
| Wynn Macau | 418,068 | — | 65,594 | 4,554 | 66,142 | 5,894 | 5,425 | 565,677 | ||||||||||||||||||
| Other Macau | (10,293 | ) | — | 3,315 | 71 | — | 6,368 | 539 | — | |||||||||||||||||
| Total Macau Operations | 737,883 | — | 262,770 | 13,747 | 141,930 | 17,356 | 9,308 | 1,182,994 | ||||||||||||||||||
| Las Vegas Operations | 145,849 | 8 | 139,964 | 4,832 | 58,892 | 9,851 | 2,655 | 362,051 | ||||||||||||||||||
| Corporate and Other (1) | (394,471 | ) | 35,247 | 8,951 | 12,093 | (200,822 | ) | 522,700 | 16,302 | — | ||||||||||||||||
| Total | $ | 489,261 | $ | 35,255 | $ | 411,685 | $ | 30,672 | $ | — | $ | 549,907 | $ | 28,265 | $ | 1,545,045 | ||||||||||
| Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||
|
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 | $ | 56,443 | $ | — | $ | 193,749 | $ | 20,253 | $ | 56,520 | $ | 6,744 | $ | 3,778 | $ | 337,487 | ||||||||||
| Wynn Macau | 406,418 | — | 74,043 | 7,932 | 72,727 | 7,586 | 6,017 | 574,723 | ||||||||||||||||||
| Other Macau | (12,515 | ) | — | 3,376 | 163 | — | 8,480 | 496 | — | |||||||||||||||||
| Total Macau Operations | 450,346 | — | 271,168 | 28,348 | 129,247 | 22,810 | 10,291 | 912,210 | ||||||||||||||||||
| Las Vegas Operations | 205,119 | 748 | 136,561 | 9,657 | 47,246 | 17,583 | 1,382 | 418,296 | ||||||||||||||||||
| Corporate and Other | 98,681 | 18,697 | 7,759 | 489 | (176,493 | ) | 33,250 | 17,617 | — | |||||||||||||||||
| Total | $ | 754,146 | $ | 19,445 | $ | 415,488 | $ | 38,494 | $ | — | $ | 73,643 | $ | 29,290 | $ | 1,330,506 | ||||||||||
| (1) | Corporate expenses and other includes litigation settlement expense of $463.6 million. | |
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | ||||||||||||||||
| RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO | ||||||||||||||||
| ADJUSTED PROPERTY EBITDA | ||||||||||||||||
| (in thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Net income attributable to Wynn Resorts, Limited | $ | 156,115 | $ | 79,767 | $ | 107,564 | $ | 255,499 | ||||||||
| Net income attributable to noncontrolling interests | 63,657 | 26,202 | 180,010 | 89,791 | ||||||||||||
| Litigation settlement expense | — | — | 463,557 | — | ||||||||||||
| Pre-opening expenses | 13,714 | 6,908 | 35,255 | 19,445 | ||||||||||||
| Depreciation and amortization | 137,458 | 137,982 | 411,685 | 415,488 | ||||||||||||
| Property charges and other | 18,830 | 28,293 | 30,672 | 38,494 | ||||||||||||
| Corporate expenses and other | 31,763 | 31,943 | 86,350 | 73,643 | ||||||||||||
| Stock-based compensation | 11,619 | 10,503 | 28,265 | 29,290 | ||||||||||||
| Interest income | (6,948 | ) | (8,447 | ) | (21,029 | ) | (21,998 | ) | ||||||||
| Interest expense, net of amounts capitalized | 93,007 | 95,874 | 281,132 | 291,875 | ||||||||||||
| Change in derivatives fair value | 54 | 2 | 54 | 1,056 | ||||||||||||
| Change in Redemption Note fair value | — | 41,718 | 69,331 | 69,982 | ||||||||||||
| Loss (gain) on extinguishment of debt | 198 | 20,774 | (2,131 | ) | 43,061 | |||||||||||
| Other | (11,216 | ) | 1,894 | (1,039 | ) | 19,840 | ||||||||||
| (Benefit) provision for income taxes | (3,884 | ) | (457 | ) | (124,631 | ) | 5,040 | |||||||||
| Adjusted Property EBITDA | $ | 504,367 | $ | 472,956 | $ | 1,545,045 | $ | 1,330,506 | ||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | ||||||||||||||||
| SUPPLEMENTAL DATA SCHEDULE | ||||||||||||||||
| (dollars in thousands, except for win per unit per day, ADR and REVPAR) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Macau Operations: | ||||||||||||||||
| Wynn Palace: | ||||||||||||||||
| VIP: | ||||||||||||||||
| Average number of table games | 112 | 106 | 114 | 101 | ||||||||||||
| VIP turnover | $ | 15,525,637 | $ | 13,694,250 | $ | 44,940,535 | $ | 36,340,603 | ||||||||
| VIP table games win (1) | $ | 528,219 | $ | 409,648 | $ | 1,348,291 | $ | 997,031 | ||||||||
| VIP table games win as a % of turnover | 3.40 | % | 2.99 | % | 3.00 | % | 2.74 | % | ||||||||
| Table games win per unit per day | $ | 51,463 | $ | 42,015 | $ | 43,302 | $ | 36,290 | ||||||||
| Mass market: | ||||||||||||||||
| Average number of table games | 206 | 201 | 209 | 205 | ||||||||||||
| Table drop (2) | $ | 1,189,895 | $ | 866,637 | $ | 3,625,959 | $ | 2,365,661 | ||||||||
| Table games win (1) | $ | 308,149 | $ | 194,294 | $ | 898,876 | $ | 530,668 | ||||||||
| Table games win % | 25.9 | % | 22.4 | % | 24.8 | % | 22.4 | % | ||||||||
| Table games win per unit per day | $ | 16,291 | $ | 10,491 | $ | 15,750 | $ | 9,507 | ||||||||
| Average number of slot machines | 1,056 | 1,100 | 1,062 | 1,041 | ||||||||||||
| Slot machine handle | $ | 922,514 | $ | 817,543 | $ | 2,921,582 | $ | 2,132,973 | ||||||||
| Slot machine win (3) | $ | 46,044 | $ | 41,965 | $ | 145,993 | $ | 110,712 | ||||||||
| Slot machine win per unit per day | $ | 474 | $ | 415 | $ | 503 | $ | 390 | ||||||||
| Room statistics: | ||||||||||||||||
| Occupancy | 96.0 | % | 96.1 | % | 96.3 | % | 96.0 | % | ||||||||
| ADR (4) | $ | 275 | $ | 199 | $ | 261 | $ | 193 | ||||||||
| REVPAR (5) | $ | 264 | $ | 192 | $ | 251 | $ | 185 | ||||||||
| Wynn Macau: | ||||||||||||||||
| VIP: | ||||||||||||||||
| Average number of table games | 109 | 96 | 111 | 93 | ||||||||||||
| VIP turnover | $ | 13,966,931 | $ | 13,373,060 | $ | 44,982,849 | $ | 42,680,904 | ||||||||
| VIP table games win (1) | $ | 420,864 | $ | 451,136 | $ | 1,223,219 | $ | 1,456,139 | ||||||||
| VIP table games win as a % of turnover | 3.01 | % | 3.37 | % | 2.72 | % | 3.41 | % | ||||||||
| Table games win per unit per day | $ | 42,061 | $ | 51,324 | $ | 40,204 | $ | 57,095 | ||||||||
| Mass market: | ||||||||||||||||
| Average number of table games | 200 | 206 | 202 | 205 | ||||||||||||
| Table drop (2) | $ | 1,183,667 | $ | 1,070,119 | $ | 3,799,636 | $ | 3,274,733 | ||||||||
| Table games win (1) | $ | 250,229 | $ | 216,439 | $ | 758,748 | $ | 650,911 | ||||||||
| Table games win % | 21.1 | % | 20.2 | % | 20.0 | % | 19.9 | % | ||||||||
| Table games win per unit per day | $ | 13,625 | $ | 11,408 | $ | 13,747 | $ | 11,637 | ||||||||
| Average number of slot machines | 845 | 918 | 902 | 907 | ||||||||||||
| Slot machine handle | $ | 895,249 | $ | 864,553 | $ | 2,861,703 | $ | 2,589,125 | ||||||||
| Slot machine win (3) | $ | 34,769 | $ | 35,522 | $ | 116,960 | $ | 113,607 | ||||||||
| Slot machine win per unit per day | $ | 447 | $ | 421 | $ | 475 | $ | 459 | ||||||||
| Room statistics: | ||||||||||||||||
| Occupancy | 99.0 | % | 97.3 | % | 99.1 | % | 96.9 | % | ||||||||
| ADR (4) | $ | 276 | $ | 238 | $ | 280 | $ | 240 | ||||||||
| REVPAR (5) | $ | 273 | $ | 231 | $ | 277 | $ | 232 | ||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | ||||||||||||||||
| SUPPLEMENTAL DATA SCHEDULE | ||||||||||||||||
| (dollars in thousands, except for win per unit per day, ADR and REVPAR) | ||||||||||||||||
| (unaudited) (continued) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Las Vegas Operations: | ||||||||||||||||
| Average number of table games | 235 | 237 | 237 | 236 | ||||||||||||
| Table drop (2) | $ | 404,033 | $ | 496,233 | $ | 1,344,344 | $ | 1,374,167 | ||||||||
| Table games win (1) | $ | 86,709 | $ | 132,227 | $ | 342,129 | $ | 364,374 | ||||||||
| Table games win % | 21.5 | % | 26.6 | % | 25.4 | % | 26.5 | % | ||||||||
| Table games win per unit per day | $ | 4,003 | $ | 6,065 | $ | 5,297 | $ | 5,657 | ||||||||
| Average number of slot machines | 1,823 | 1,849 | 1,824 | 1,864 | ||||||||||||
| Slot machine handle | $ | 810,120 | $ | 819,462 | $ | 2,332,700 | $ | 2,350,162 | ||||||||
| Slot machine win (3) | $ | 55,937 | $ | 59,605 | $ | 154,618 | $ | 162,340 | ||||||||
| Slot machine win per unit per day | $ | 334 | $ | 350 | $ | 310 | $ | 319 | ||||||||
| Room statistics: | ||||||||||||||||
| Occupancy | 89.6 | % | 91.4 | % | 87.1 | % | 88.5 | % | ||||||||
| ADR (4) | $ | 289 | $ | 298 | $ | 313 | $ | 304 | ||||||||
| REVPAR (5) | $ | 259 | $ | 272 | $ | 273 | $ | 269 | ||||||||
| (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. | |
| (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. The prior period amounts have been adjusted to reflect the full retrospective adoption of ASC 606. | |
| (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. The prior period amounts have been adjusted to reflect the full retrospective adoption of ASC 606. |