Wynn Resorts, Limited Reports Third Quarter 2021 Results

Wynn Resorts, Limited (NASDAQ: WYNN) yesterday reported financial results for the quarter ended September 30, 2021.

Operating revenues were $994.6 million for the third quarter of 2021, an increase of $624.2 million, from $370.5 million for the third quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $166.2 million, or $1.45 per diluted share, for the third quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $758.1 million, or $7.10 per diluted share, in the third quarter of 2020. Adjusted Property EBITDA (1) at our integrated resort properties increased $89.8 million, $32.5 million, $163.2 million, and $38.6 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, when compared with the third quarter of 2020. Adjusted Property EBITDA was $(103.6) million at Corporate and other for the third quarter of 2021.

“We were pleased to deliver record Adjusted Property EBITDA at both Wynn Las Vegas and Encore Boston Harbor during the third quarter,” said Matt Maddox, CEO of Wynn Resorts, Limited. “With our recent investments in innovative food and beverage offerings, a new convention facility in Las Vegas and a revamped casino loyalty program, the best days are ahead for our business in North America. And while there have been some fits and starts along the road to recovery in Macau, we are confident that Macau will benefit from the return of consumer demand as we progress through 2022.”

Consolidated Results

Operating revenues were $994.6 million for the third quarter of 2021, an increase of $624.2 million, from $370.5 million for the third quarter of 2020. Operating revenues increased $165.6 million, $79.3 million, $289.3 million, and $75.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the third quarter of 2020.

On a U.S. generally accepted accounting principles (“GAAP”) basis, net loss attributable to Wynn Resorts, Limited was $166.2 million, or $1.45 per diluted share, for the third quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $758.1 million, or $7.10 per diluted share, in the third quarter of 2020. Adjusted net loss attributable to Wynn Resorts, Limited (2) was $141.7 million, or $1.24 per diluted share, for the third quarter of 2021, compared to adjusted net loss attributable to Wynn Resorts, Limited of $751.4 million, or $7.04 per diluted share, for the third quarter of 2020.

Adjusted Property EBITDA was $154.6 million for the third quarter of 2021, compared to Adjusted Property EBITDA of $(65.9) million in the third quarter of 2020. Adjusted Property EBITDA was $(103.6) million at Corporate and other for the third quarter of 2021.

Property Results

In response to the initial outbreak of COVID-19 in early 2020, each of our properties was subject to partial or full closure for varying lengths of time during 2020, and each has since reopened. Over the course of the nine months ended September 30, 2021, the Company’s Las Vegas Operations and Encore Boston Harbor have each incrementally resumed full operations, including reopening gaming areas to 100% of capacity and restoring seven-day-per-week hotel operations, as permitted by governmental authorities and in response to increased customer demand. Given the evolving conditions created by and in response to the COVID-19 pandemic, measures that have been lifted may be reintroduced if there are adverse developments in the COVID-19 situation, and management cannot reasonably estimate the impact of such developments to the Company’s future results of operations, cash flows, or financial condition.

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $181.3 million for the third quarter of 2021, an increase of $165.6 million from $15.7 million for the third quarter of 2020. Adjusted Property EBITDA from Wynn Palace was $12.1 million for the third quarter of 2021, compared with $(77.6) million for the third quarter of 2020. VIP table games win as a percentage of turnover was 4.45%, above the property’s expected range of 2.7% to 3.0% and above the 1.04% experienced in the third quarter of 2020. Table games win percentage in mass market operations was 21.8%, below the 22.0% experienced in the third quarter of 2020.

Wynn Macau

Operating revenues from Wynn Macau were $130.7 million for the third quarter of 2021, an increase of $79.3 million from $51.4 million for the third quarter of 2020. Adjusted Property EBITDA was $(1.9) million for the third quarter of 2021, compared with $(34.5) million for the third quarter of 2020. VIP table games win as a percentage of turnover was 2.44%, below the property’s expected range of 2.7% to 3.0% and below the 3.95% experienced in the third quarter of 2020. Table games win percentage in mass market operations was 19.7%, above the 18.7% experienced in the third quarter of 2020.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $476.0 million for the third quarter of 2021, an increase of $289.3 million from $186.7 million for the third quarter of 2020. Adjusted Property EBITDA from our Las Vegas Operations for the third quarter of 2021 was $183.4 million, compared with $20.3 million for the third quarter of 2020. Table games win percentage for the third quarter of 2021 was 21.7%, below the property’s expected range of 22% to 26% and above the 20.2% experienced in the third quarter of 2020.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $192.2 million for the third quarter of 2021, an increase of $75.5 million from $116.7 million for the third quarter of 2020. Adjusted Property EBITDA from Encore Boston Harbor for the third quarter of 2021 was $64.6 million, compared with $26.0 million for the third quarter of 2020. Table games win percentage for the third quarter of 2021 was 21.4%, within the property’s expected range of 18% to 22% and below the 21.8% experienced in the third quarter of 2020.

Balance Sheet

Our cash and cash equivalents as of September 30, 2021 totaled $2.48 billion, comprised of approximately $1.39 billion held by Wynn Macau, Limited (“WML”) and subsidiaries, approximately $327.4 million held by Wynn Resorts Finance excluding WML, and approximately $760.7 million at Corporate and other.

As previously disclosed, on September 16, 2021, WM Cayman Holdings Limited II, a subsidiary of WML, entered into an unsecured revolving credit facility in an aggregate principal amount of $1.50 billion (the “WM Cayman II Revolver”). Borrowings of $1.09 billion under the new facility, along with $200.0 million of cash, were used to facilitate the prepayment of the outstanding $1.26 billion of borrowings under the Wynn Macau Credit Facilities and to pay related fees and expenses.

As of September 30, 2021, the available borrowing capacity under the Wynn Resorts Finance Revolver and WM Cayman II Revolver was $834.2 million and $413.1 million, respectively.

Total current and long-term debt outstanding at September 30, 2021 was $11.74 billion, comprised of $5.77 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.23 billion of Wynn Resorts Finance debt, and $612.8 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
September 30,

Nine Months Ended
September 30,

 

2021

2020

2021

2020

Operating revenues:

 

Casino

 

$

496,264

$

201,872

$

1,615,228

$

782,074

Rooms

 

173,817

61,144

387,772

231,240

Food and beverage

 

217,501

76,586

435,152

250,007

Entertainment, retail and other

 

107,062

30,850

283,287

146,545

Total operating revenues

 

994,644

370,452

2,721,439

1,409,866

Operating expenses:

 

Casino

 

315,316

160,861

1,048,897

734,689

Rooms

 

52,100

35,940

136,187

139,787

Food and beverage

 

163,655

76,536

354,709

314,335

Entertainment, retail and other

 

156,490

13,370

310,871

75,823

General and administrative

 

197,350

160,896

574,669

547,305

Provision for credit losses

 

(347

)

11,588

7,461

60,548

Pre-opening

 

1,333

877

5,455

5,614

Depreciation and amortization

 

177,110

183,486

545,538

541,498

Property charges and other

 

15,301

9,905

26,569

43,701

Total operating expenses

 

1,078,308

653,459

3,010,356

2,463,300

Operating loss

 

(83,664

)

(283,007

)

(288,917

)

(1,053,434

)

Other income (expense):

 

Interest income

 

507

2,033

2,131

13,969

Interest expense, net of amounts capitalized

 

(150,325

)

(145,142

)

(453,601

)

(407,187

)

Change in derivatives fair value

 

1,176

4,675

6,557

(14,279

)

Loss on extinguishment of debt

 

(738

)

(3,139

)

(2,060

)

(4,601

)

Other

 

(11,784

)

412

(17,324

)

12,980

Other income (expense), net

 

(161,164

)

(141,161

)

(464,297

)

(399,118

)

Loss before income taxes

 

(244,828

)

(424,168

)

(753,214

)

(1,452,552

)

Provision for income taxes

 

(1,155

)

(407,365

)

(2,345

)

(564,103

)

Net loss

 

(245,983

)

(831,533

)

(755,559

)

(2,016,655

)

Less: net loss attributable to noncontrolling interests

 

79,734

73,391

176,963

218,912

Net loss attributable to Wynn Resorts, Limited

 

$

(166,249

)

$

(758,142

)

$

(578,596

)

$

(1,797,743

)

Basic and diluted net loss per common share:

 

Net loss attributable to Wynn Resorts, Limited:

 

Basic

 

$

(1.45

)

$

(7.10

)

$

(5.10

)

$

(16.85

)

Diluted

 

$

(1.45

)

$

(7.10

)

$

(5.10

)

$

(16.85

)

Weighted average common shares outstanding:

 

Basic

 

114,655

106,783

113,420

106,720

Diluted

 

114,655

106,783

113,420

106,720

Dividends declared per common share:

 

$

$

$

$

1.00

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
September 30,

Nine Months Ended
September 30,

 

2021

2020

2021

2020

Net loss attributable to Wynn Resorts, Limited

 

$

(166,249

)

$

(758,142

)

$

(578,596

)

$

(1,797,743

)

Litigation settlement net gain

 

(2,500

)

(30,200

)

Pre-opening expenses

 

1,333

877

5,455

5,614

Property charges and other

 

15,301

9,905

26,569

43,701

Change in derivatives fair value

 

(1,176

)

(4,675

)

(6,557

)

14,279

Loss on extinguishment of debt

 

738

3,139

2,060

4,601

Foreign currency remeasurement loss (gain)

 

11,784

(412

)

17,324

(12,980

)

Income tax impact on adjustments

 

(15

)

(812

)

(87

)

20

Noncontrolling interests impact on adjustments

 

(3,418

)

1,183

(4,596

)

(12,315

)

Adjusted net loss attributable to Wynn Resorts, Limited

 

$

(141,702

)

$

(751,437

)

$

(538,428

)

$

(1,785,023

)

Adjusted net loss attributable to Wynn Resorts, Limited per diluted share

 

$

(1.24

)

$

(7.04

)

$

(4.75

)

$

(16.73

)

 

Weighted average common shares outstanding – diluted

 

114,655

106,783

113,420

106,720

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 
 

Three Months Ended September 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

 

$

(58,642

)

$

62

$

59,908

$

919

$

6,161

$

1,187

$

2,517

$

12,112

Wynn Macau

 

(33,255

)

20,816

617

4,355

1,274

4,254

(1,939

)

Other Macau

 

(3,477

)

1,042

4

1,899

532

Total Macau Operations

 

(95,374

)

62

81,766

1,540

10,516

4,360

7,303

10,173

Las Vegas Operations

 

102,734

1,129

47,862

1,108

22,437

5,757

2,389

183,416

Encore Boston Harbor

 

13,104

142

39,182

102

9,349

2,217

469

64,565

Corporate and other

 

(104,128

)

8,300

12,551

(42,302

)

6,567

15,419

(103,593

)

Total

 

$

(83,664

)

$

1,333

$

177,110

$

15,301

$

$

18,901

$

25,580

$

154,561

 

Three Months Ended September 30, 2020

 

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

 

$

(150,477

)

$

378

$

67,424

$

502

$

2,250

$

258

$

2,018

$

(77,647

)

Wynn Macau

 

(63,052

)

22,247

538

2,250

340

3,220

(34,457

)

Other Macau

 

(2,501

)

1,109

2

993

397

Total Macau Operations

 

(216,030

)

378

90,780

1,042

4,500

1,591

5,635

(112,104

)

Las Vegas Operations

 

(47,377

)

68

51,320

1,155

8,855

4,458

1,779

20,258

Encore Boston Harbor

 

(25,094

)

37,745

6,354

5,680

1,535

(234

)

25,986

Corporate and other

 

5,494

431

3,641

1,354

(19,035

)

5,242

2,873

Total

 

$

(283,007

)

$

877

$

183,486

$

9,905

$

$

12,826

$

10,053

$

(65,860

)

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands) (unaudited)

(continued)

 
 

Nine Months Ended September 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

 

$

(139,661

)

$

898

$

192,980

$

4,073

$

22,987

$

3,542

$

8,217

$

93,036

Wynn Macau

 

(70,541

)

63,062

2,809

16,209

3,904

13,260

28,703

Other Macau

 

(9,799

)

3,245

21

4,852

1,681

Total Macau Operations

 

(220,001

)

898

259,287

6,903

39,196

12,298

23,158

121,739

Las Vegas Operations

 

117,713

3,572

144,043

6,259

47,952

16,806

8,374

344,719

Encore Boston Harbor

 

(9,149

)

170

117,450

1,323

23,583

6,757

1,710

141,844

Corporate and other

 

(177,480

)

815

24,758

12,084

(110,731

)

20,802

41,791

(187,961

)

Total

 

$

(288,917

)

$

5,455

$

545,538

$

26,569

$

$

56,663

$

75,033

$

420,341

 

Nine Months Ended September 30, 2020

 

Operating
income (loss)

Pre-opening
expenses

Depreciation
and
amortization

Property
charges and
other

Management
and license
fees

Corporate
expenses and
other (1)

Stock-based
compensation

Adjusted
Property
EBITDA

Macau Operations:

 

Wynn Palace

 

$

(427,481

)

$

993

$

201,655

$

23,794

$

13,925

$

3,189

$

5,546

$

(178,379

)

Wynn Macau

 

(193,291

)

69,131

2,872

12,663

3,620

7,110

(97,895

)

Other Macau

 

(8,888

)

3,335

5

4,386

1,162

Total Macau Operations

 

(629,660

)

993

274,121

26,671

26,588

11,195

13,818

(276,274

)

Las Vegas Operations

 

(277,604

)

2,244

146,960

964

26,910

17,692

5,451

(77,383

)

Encore Boston Harbor

 

(185,142

)

111,513

10,219

12,638

8,900

1,443

(40,429

)

Corporate and other

 

38,972

2,377

8,904

5,847

(66,136

)

(9,753

)

19,789

Total

 

$

(1,053,434

)

$

5,614

$

541,498

$

43,701

$

$

28,034

$

40,501

$

(394,086

)

(1) Corporate and other includes a $30.2 million net gain recorded in relation to a derivative litigation settlement.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

         
 

Three Months Ended
September 30,

Nine Months Ended
September 30,

 

2021

2020

2021

2020

Net loss attributable to Wynn Resorts, Limited

 

$

(166,249

)

$

(758,142

)

$

(578,596

)

$

(1,797,743

)

Net loss attributable to noncontrolling interests

 

(79,734

)

(73,391

)

(176,963

)

(218,912

)

Pre-opening expenses

 

1,333

877

5,455

5,614

Depreciation and amortization

 

177,110

183,486

545,538

541,498

Property charges and other

 

15,301

9,905

26,569

43,701

Corporate expenses and other

 

18,901

12,826

56,663

28,034

Stock-based compensation

 

25,580

10,053

75,033

40,501

Interest income

 

(507

)

(2,033

)

(2,131

)

(13,969

)

Interest expense, net of amounts capitalized

 

150,325

145,142

453,601

407,187

Change in derivatives fair value

 

(1,176

)

(4,675

)

(6,557

)

14,279

Loss on extinguishment of debt

 

738

3,139

2,060

4,601

Other

 

11,784

(412

)

17,324

(12,980

)

Provision for income taxes

 

1,155

407,365

2,345

564,103

Adjusted Property EBITDA

 

$

154,561

$

(65,860

)

$

420,341

$

(394,086

)

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,

 

2021

2020

Percent
Change

2021

2020

Percent
Change

Wynn Palace Supplemental Information

 

Operating revenues

 

Casino

 

$

134,064

$

12,301

989.9

$

532,040

$

208,449

155.2

Rooms

 

15,639

4,506

247.1

53,534

26,647

100.9

Food and beverage

 

10,952

6,856

59.7

36,429

24,385

49.4

Entertainment, retail and other (7)

 

20,668

(7,962)

 

NM

67,017

24,451

174.1

Total

 

$

181,323

$

15,701

1,054.9

$

689,020

$

283,932

142.7

 

Adjusted Property EBITDA (6)

 

$

12,112

$

(77,647)

 

NM

$

93,036

$

(178,379)

 

NM

 

Casino Statistics:

 

VIP:

 

Average number of table games

 

89

102

(12.7

)

96

97

(1.0

)

VIP turnover

 

$

1,234,733

$

311,676

296.2

$

5,246,296

$

6,823,955

(23.1

)

VIP table games win (1)

 

$

54,943

$

3,244

1,593.7

$

222,968

$

113,007

97.3

VIP table games win as a % of turnover

 

4.45

%

1.04

%

4.25

%

1.66

%

Table games win per unit per day

 

$

6,691

$

347

1,828.2

$

8,548

$

4,458

91.7

Mass market:

 

Average number of table games

 

231

223

3.6

227

209

8.6

Table drop (2)

 

$

508,779

$

86,347

489.2

$

1,823,792

$

583,599

212.5

Table games win (1)

 

$

110,820

$

19,015

482.8

$

406,016

$

156,897

158.8

Table games win %

 

21.8

%

22.0

%

22.3

%

26.9

%

Table games win per unit per day

 

$

5,223

$

929

462.2

$

6,555

$

2,889

126.9

Average number of slot machines

 

712

569

25.1

708

586

20.8

Slot machine handle

 

$

327,017

$

78,580

316.2

$

1,107,058

$

542,708

104.0

Slot machine win (3)

 

$

11,538

$

3,995

188.8

$

44,553

$

24,796

79.7

Slot machine win per unit per day

 

$

176

$

76

131.6

$

230

$

163

41.1

Room statistics:

 

Occupancy

 

51.9%

 

11.6%

 

61.1%

 

19.3%

 

ADR (4)

 

$

187

$

225

(16.9

)

$

181

$

283

(36.0

)

REVPAR (5)

 

$

97

$

26

273.1

$

111

$

54

105.6

NM – Not meaningful.

Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos’ operations have since been fully restored; however, certain COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results for travelers seeking entry to Macau remain in effect at the present time. We are currently unable to determine when these measures will be lifted.

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,

 

2021

2020

Percent
Change

2021

2020

Percent
Change

Wynn Macau Supplemental Information

 

Operating revenues

 

Casino

 

$

98,264

$

27,154

261.9

$

379,610

$

213,758

77.6

Rooms

 

10,896

4,938

120.7

39,025

23,480

66.2

Food and beverage

 

7,628

5,606

36.1

23,620

18,821

25.5

Entertainment, retail and other (7)

 

13,874

13,670

1.5

52,086

36,686

42.0

Total

 

$

130,662

$

51,368

154.4

$

494,341

$

292,745

68.9

 

Adjusted Property EBITDA (6)

 

$

(1,939)

 

$

(34,457)

 

94.4

$

28,703

$

(97,895)

 

NM

 

Casino Statistics:

 

VIP:

 

Average number of table games

 

75

91

(17.6

)

83

88

(5.7

)

VIP turnover

 

$

1,335,694

$

498,519

167.9

$

4,629,987

$

4,069,809

13.8

VIP table games win (1)

 

$

32,602

$

19,679

65.7

$

130,624

$

130,143

0.4

VIP table games win as a % of turnover

 

2.44

%

3.95

%

2.82

%

3.20

%

Table games win per unit per day

 

$

4,704

$

2,351

100.1

$

5,745

$

5,692

0.9

Mass market:

 

Average number of table games

 

238

240

(0.8

)

239

219

9.1

Table drop (2)

 

$

441,899

$

133,006

232.2

$

1,703,189

$

752,058

126.5

Table games win (1)

 

$

87,132

$

24,898

250.0

$

321,236

$

146,231

119.7

Table games win %

 

19.7

%

18.7

%

18.9

%

19.4

%

Table games win per unit per day

 

$

3,972

$

1,128

252.1

$

4,914

$

2,564

91.7

Average number of slot machines

 

574

472

21.6

583

509

14.5

Slot machine handle

 

$

200,543

$

87,988

127.9

$

802,337

$

516,537

55.3

Slot machine win (3)

 

$

9,142

$

3,072

197.6

$

28,573

$

18,993

50.4

Slot machine win per unit per day

 

$

173

$

71

143.7

$

179

$

144

24.3

Poker rake

 

$

$

$

$

2,083

(100.0

)

Room statistics:

 

Occupancy

 

51.3%

 

16.6%

 

60.0%

 

24.4%

 

ADR (4)

 

$

211

$

291

(27.5

)

$

217

$

316

(31.3

)

REVPAR (5)

 

$

108

$

48

125.0

$

130

$

77

68.8

NM – Not meaningful.

Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos’ operations have since been fully restored; however, certain COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results for travelers seeking entry to Macau remain in effect at the present time. We are currently unable to determine when these measures will be lifted.

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,

 

2021

2020

Percent
Change

2021

2020

Percent
Change

Las Vegas Operations Supplemental Information

 

Operating revenues

 

Casino

 

$

112,575

$

65,694

71.4

$

305,253

$

161,354

89.2

Rooms

 

132,704

44,961

195.2

266,250

163,419

62.9

Food and beverage

 

180,455

55,043

227.8

333,390

177,114

88.2

Entertainment, retail and other

 

50,269

20,999

139.4

104,892

73,520

42.7

Total

 

$

476,003

$

186,697

155.0

$

1,009,785

$

575,407

75.5

 

Adjusted Property EBITDA (6)

 

$

183,416

$

20,258

805.4

$

344,719

$

(77,383

)

NM

 

Casino Statistics:

 

Average number of table games

 

224

223

0.4

205

228

(10.1

)

Table drop (2)

 

$

507,188

$

324,939

56.1

$

1,258,733

$

830,745

51.5

Table games win (1)

 

$

110,265

$

65,611

68.1

$

285,939

$

166,196

72.0

Table games win %

 

21.7%

 

20.2%

 

22.7%

 

20.0%

 

Table games win per unit per day

 

$

5,354

$

3,191

67.8

$

5,117

$

3,711

37.9

Average number of slot machines

 

1,746

1,738

0.5

1,670

1,751

(4.6

)

Slot machine handle

 

$

1,156,858

$

739,291

56.5

$

3,063,267

$

1,650,517

85.6

Slot machine win (3)

 

$

80,303

$

48,267

66.4

$

209,682

$

112,464

86.4

Slot machine win per unit per day

 

$

500

$

302

65.6

$

460

$

328

40.2

Poker rake

 

$

2,910

$

10

NM

$

8,704

$

2,185

298.4

Room statistics:

 

Occupancy

 

83.0%

 

39.2%

 

63.4%

 

55.8%

 

ADR (4)

 

$

392

$

269

45.7

$

360

$

323

11.5

REVPAR (5)

 

$

326

$

105

210.5

$

228

$

180

26.7

NM – Not meaningful.

Note: Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020 and reopened on June 4, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. On October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to reduced customer demand levels. This adjusted operating schedule remained in effect through the first quarter of 2021, and on April 8, 2021, Encore at Wynn Las Vegas resumed full operations. On May 3, 2021, all industry restrictions were lifted and capacity limits increased to 100%.

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,

 

2021

2020

Percent
Change

2021

2020

Percent
Change

Encore Boston Harbor Supplemental Information

 

Operating revenues

 

Casino

 

$

151,361

$

96,723

56.5

$

398,325

$

198,513

100.7

Rooms

 

14,578

6,739

116.3

28,963

17,694

63.7

Food and beverage

 

18,466

9,081

103.3

41,713

29,687

40.5

Entertainment, retail and other

 

7,809

4,143

88.5

18,544

11,888

56.0

Total

 

$

192,214

$

116,686

64.7

$

487,545

$

257,782

89.1

 

Adjusted Property EBITDA (6)

 

$

64,565

$

25,986

148.5

$

141,844

$

(40,429)

 

NM

 

Casino Statistics:

 

Average number of table games

 

181

186

(2.7

)

192

174

10.3

Table drop (2)

 

$

350,145

$

217,797

60.8

$

890,777

$

493,428

80.5

Table games win (1)

 

$

74,818

$

47,528

57.4

$

189,070

$

104,814

80.4

Table games win %

 

21.4%

 

21.8%

 

21.2%

 

21.2%

 

Table games win per unit per day

 

$

4,498

$

3,079

46.1

$

3,613

$

3,839

(5.9

)

Average number of slot machines

 

2,734

1,877

45.7

2,268

2,330

(2.7

)

Slot machine handle

 

$

1,196,299

$

813,435

47.1

$

3,204,272

$

1,581,174

102.7

Slot machine win (3)

 

$

98,816

$

63,458

55.7

$

263,197

$

122,906

114.1

Slot machine win per unit per day

 

$

393

$

407

(3.4

)

$

425

$

336

26.5

Poker rake

 

$

$

$

$

5,105

(100.0

)

Room statistics:

 

Occupancy

 

87.8%

 

72.7%

 

84.1%

 

74.6%

 

ADR (4)

 

$

351

$

294

19.4

$

320

$

293

9.2

REVPAR (5)

 

$

308

$

214

43.9

$

269

$

218

23.4

NM – Not meaningful.
Note: Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020, for the remainder of the first and second quarters of 2020. On July 10, 2020, Encore Boston Harbor reopened with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection. In addition, certain food and beverage outlets remain closed, and hotel reservations were limited to Thursday through Sunday through the third quarter of 2020. Accordingly, Encore Boston Harbor’s room statistics have been computed based on 47 and 121 days of operation for the three and nine months ended September 30, 2020, respectively. On January 25, 2021, the limitations on operating hours were lifted, and Encore Boston Harbor restored 24-hour casino operations and reopened its hotel tower on a Thursday through Sunday schedule. On April 27, 2021, the Governor of Massachusetts announced a phased plan for further reopening and on May 28, 2021 signed an executive order rescinding the COVID-related restrictions and limitations on businesses as of May 29, 2021. On September 1, 2021, Encore Boston Harbor reopened its hotel tower to seven days per week. Accordingly, Encore Boston Harbor’s room statistics have been computed based on 69 and 158 days of operations for the three and nine months ended September 30, 2021, respectively.

(1)

 

Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.

(2)

 

In Macau, table drop is the amount of cash that is deposited in a gaming table’s drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table’s drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table’s drop box.

(3)

 

Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.

(4)

 

ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.

(5)

 

REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.

(6)

 

Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDA and Net Loss Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

(7)

 

For the three and nine months ended September 30, 2020, reflects the impact of rent concessions provided to tenants.

SOURCE:
Wynn Resorts, Limited