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LAS VEGAS–(BUSINESS WIRE)–Wynn Resorts, Limited (NASDAQ: WYNN) (the “Company”) today reported financial results for the third quarter ended September 30, 2022.

Operating revenues were $889.7 million for the third quarter of 2022, a decrease of $104.9 million, from $994.6 million for the third quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $142.9 million, or $1.27 per diluted share, for the third quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $166.2 million, or $1.45 per diluted share, for the third quarter of 2021. Adjusted Property EBITDA(1) was $173.5 million for the third quarter of 2022, compared to Adjusted Property EBITDA of $154.6 million for the third quarter of 2021.

“Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDA at our combined North American properties. Their relentless focus on five-star hospitality, combined with our market-leading facilities, continue to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts,” said Craig Billings, CEO of Wynn Resorts, Limited. “In Macau, while COVID-related travel restrictions continued to negatively impact our results, we were pleased to experience encouraging pockets of demand during the recent October holiday period. We remain confident that the market will benefit from the return of visitation over time.”

Consolidated Results

Operating revenues were $889.7 million for the third quarter of 2022, a decrease of $104.9 million, from $994.6 million for the third quarter of 2021. For the third quarter of 2022, operating revenues increased $68.4 million and $19.6 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $106.1 million and $90.3 million at Wynn Palace and Wynn Macau, respectively, from the third quarter of 2021.

Net loss attributable to Wynn Resorts, Limited was $142.9 million, or $1.27 per diluted share, for the third quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $166.2 million, or $1.45 per diluted share, for the third quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $135.4 million, or $1.20 per diluted share, for the third quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $141.7 million, or $1.24 per diluted share, for the third quarter of 2021.

Adjusted Property EBITDA was $173.5 million for the third quarter of 2022, an increase of 12.3% compared to Adjusted Property EBITDA of $154.6 million for the third quarter of 2021. For the third quarter of 2022, Adjusted Property EBITDA increased $12.3 million and $85.8 million at our Las Vegas Operations and Wynn Interactive, respectively, and decreased $33.9 million, $41.9 million, and $3.4 million at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the third quarter of 2021.

Property Results

Macau Operations

Our casino operations at Wynn Palace and Wynn Macau were closed for a 12-day period in July 2022, in response to an outbreak of COVID-19 in Macau. The results of operations of our Macau Operations for the third quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

Wynn Palace

Operating revenues from Wynn Palace were $75.2 million for the third quarter of 2022, a decrease of $106.1 million from $181.3 million for the third quarter of 2021. Adjusted Property EBITDA from Wynn Palace was $(21.8) million for the third quarter of 2022, compared to $12.1 million for the third quarter of 2021. VIP table games win as a percentage of turnover was 3.27%, within the property’s expected range of 3.1% to 3.4% and below the 4.45% experienced in the third quarter of 2021. Table games win percentage in mass market operations was 21.5%, below the 21.8% experienced in the third quarter of 2021.

Wynn Macau

Operating revenues from Wynn Macau were $40.4 million for the third quarter of 2022, a decrease of $90.3 million from $130.7 million for the third quarter of 2021. Adjusted Property EBITDA from Wynn Macau was $(43.8) million for the third quarter of 2022, compared to $(1.9) million for the third quarter of 2021. VIP table games win as a percentage of turnover was 1.56%, below the property’s expected range of 3.1% to 3.4% and below the 2.44% experienced in the third quarter of 2021. Table games win percentage in mass market operations was 13.3%, below the 19.7% experienced in the third quarter of 2021.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $544.4 million for the third quarter of 2022, an increase of $68.4 million from $476.0 million for the third quarter of 2021. Adjusted Property EBITDA from our Las Vegas Operations for the third quarter of 2022 was $195.8 million, compared to $183.4 million for the third quarter of 2021. Table games win percentage for the third quarter of 2022 was 20.7%, below the property’s expected range of 22% to 26% and below the 21.7% experienced in the third quarter of 2021.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $211.8 million for the third quarter of 2022, an increase of $19.6 million from $192.2 million for the third quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the third quarter of 2022 was $61.1 million, compared to $64.6 million for the third quarter of 2021. Table games win percentage for the third quarter of 2022 was 21.1%, within the property’s expected range of 18% to 22% and below the 21.4% experienced in the third quarter of 2021.

Balance Sheet

Our cash and cash equivalents as of September 30, 2022 totaled $1.94 billion, comprised of approximately $997.1 million held by Wynn Macau, Limited (“WML”) and subsidiaries, approximately $486.5 million held by Wynn Resorts Finance excluding WML and subsidiaries, and approximately $459.9 million at Corporate and other. As of September 30, 2022, we also had $835.6 million of available borrowing capacity under the Wynn Resorts Finance Revolver.

Total current and long-term debt outstanding at September 30, 2022 was $12.12 billion, comprised of $6.18 billion of Macau related debt, $3.14 billion of Wynn Las Vegas debt, $2.19 billion of Wynn Resorts Finance debt, and $613.3 million of debt held by the retail joint venture which we consolidate.

In the third quarter of 2022, the Company repurchased 491,503 shares of common stock at an average price of $58.95 per share, for an aggregate cost of $29.0 million, bringing our year-to-date total repurchases to 2,873,431 shares of common stock for an aggregate cost of $166.4 million.

In the first quarter of 2022, the Company entered into a sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor. Upon closing of the related transactions, currently expected to take place in the fourth quarter of 2022 subject to regulatory approvals and customary closing conditions, we expect to receive cash consideration of approximately $1.7 billion and to concurrently enter into a lease agreement for the purpose of continuing to operate the Encore Boston Harbor property. We expect to use the cash proceeds from the sale of the real estate assets for general corporate purposes, which may include the repayment of certain debt obligations.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on November 9, 2022 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com.

On or before November 14, 2022, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 2022 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, the COVID-19 pandemic and the continued impact of its consequences, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions (including with respect to our ability to extend or renew our gaming concession in Macau, which expires on December 31, 2022, and the amendments to the Macau gaming law), dependence on key employees, general global political and economic conditions, adverse tourism trends, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction risks, cybersecurity risk and our leverage and debt service. Additional information concerning potential factors that could affect the Company’s financial results is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the Company’s other periodic reports filed with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

(1) “Adjusted Property EBITDA” is net loss before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. We use Adjusted Property EBITDA to manage the operating results of our segments. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDA because it is used by some investors to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDA calculations preopening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net loss, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, our calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) “Adjusted net loss attributable to Wynn Resorts, Limited” is net loss attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in derivatives fair value, loss on extinguishment of debt, and foreign currency remeasurement and other, net of noncontrolling interests. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net loss attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net loss and loss per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net loss attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net loss attributable to Wynn Resorts, Limited to adjusted net loss attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDA, and (iii) net loss attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

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,

 

2022

 

2021

 

2022

 

2021

Operating revenues:

 

 

 

 

 

 

 

Casino

$

359,876

 

 

$

496,264

 

 

$

1,209,323

 

 

$

1,615,228

 

Rooms

 

197,212

 

 

 

173,817

 

 

 

568,886

 

 

 

387,772

 

Food and beverage

 

224,730

 

 

 

217,501

 

 

 

628,566

 

 

 

435,152

 

Entertainment, retail and other

 

107,904

 

 

 

107,062

 

 

 

345,113

 

 

 

283,287

 

Total operating revenues

 

889,722

 

 

 

994,644

 

 

 

2,751,888

 

 

 

2,721,439

 

Operating expenses:

 

 

 

 

 

 

 

Casino

 

239,901

 

 

 

315,316

 

 

 

808,044

 

 

 

1,048,897

 

Rooms

 

67,689

 

 

 

52,100

 

 

 

191,474

 

 

 

136,187

 

Food and beverage

 

185,388

 

 

 

163,655

 

 

 

517,515

 

 

 

354,709

 

Entertainment, retail and other

 

72,964

 

 

 

156,490

 

 

 

236,853

 

 

 

310,871

 

General and administrative

 

201,275

 

 

 

197,350

 

 

 

598,433

 

 

 

574,669

 

Provision for credit losses

 

(8,186

)

 

 

(347

)

 

 

(11,331

)

 

 

7,461

 

Pre-opening

 

6,447

 

 

 

1,333

 

 

 

13,396

 

 

 

5,455

 

Depreciation and amortization

 

172,502

 

 

 

177,110

 

 

 

520,026

 

 

 

545,538

 

Property charges and other

 

4,733

 

 

 

15,301

 

 

 

77,362

 

 

 

26,569

 

Total operating expenses

 

942,713

 

 

 

1,078,308

 

 

 

2,951,772

 

 

 

3,010,356

 

Operating loss

 

(52,991

)

 

 

(83,664

)

 

 

(199,884

)

 

 

(288,917

)

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

6,892

 

 

 

507

 

 

 

10,863

 

 

 

2,131

 

Interest expense, net of amounts capitalized

 

(165,277

)

 

 

(150,325

)

 

 

(472,265

)

 

 

(453,601

)

Change in derivatives fair value

 

5,839

 

 

 

1,176

 

 

 

14,801

 

 

 

6,557

 

Loss on extinguishment of debt

 

 

 

 

(738

)

 

 

 

 

 

(2,060

)

Other

 

(864

)

 

 

(11,784

)

 

 

(26,090

)

 

 

(17,324

)

Other income (expense), net

 

(153,410

)

 

 

(161,164

)

 

 

(472,691

)

 

 

(464,297

)

Loss before income taxes

 

(206,401

)

 

 

(244,828

)

 

 

(672,575

)

 

 

(753,214

)

Provision for income taxes

 

(1,390

)

 

 

(1,155

)

 

 

(3,248

)

 

 

(2,345

)

Net loss

 

(207,791

)

 

 

(245,983

)

 

 

(675,823

)

 

 

(755,559

)

Less: net loss attributable to noncontrolling interests

 

64,899

 

 

 

79,734

 

 

 

219,556

 

 

 

176,963

 

Net loss attributable to Wynn Resorts, Limited

$

(142,892

)

 

$

(166,249

)

 

$

(456,267

)

 

$

(578,596

)

Basic and diluted net loss per common share:

 

 

 

 

 

 

 

Net loss attributable to Wynn Resorts, Limited:

 

 

 

 

Basic

$

(1.27

)

 

$

(1.45

)

 

$

(4.00

)

 

$

(5.10

)

Diluted

$

(1.27

)

 

$

(1.45

)

 

$

(4.00

)

 

$

(5.10

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

112,709

 

 

 

114,655

 

 

 

114,061

 

 

 

113,420

 

Diluted

 

112,709

 

 

 

114,655

 

 

 

114,061

 

 

 

113,420

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,

 

2022

 

2021

 

2022

 

2021

Net loss attributable to Wynn Resorts, Limited

$

(142,892

)

 

$

(166,249

)

 

$

(456,267

)

 

$

(578,596

)

Pre-opening expenses

 

6,447

 

 

 

1,333

 

 

 

13,396

 

 

 

5,455

 

Property charges and other

 

4,733

 

 

 

15,301

 

 

 

77,362

 

 

 

26,569

 

Change in derivatives fair value

 

(5,839

)

 

 

(1,176

)

 

 

(14,801

)

 

 

(6,557

)

Loss on extinguishment of debt

 

 

 

 

738

 

 

 

 

 

 

2,060

 

Foreign currency remeasurement and other

 

864

 

 

 

11,784

 

 

 

26,090

 

 

 

17,324

 

Income tax impact on adjustments

 

(88

)

 

 

(15

)

 

 

(96

)

 

 

(87

)

Noncontrolling interests impact on adjustments

 

1,380

 

 

 

(3,418

)

 

 

(14,427

)

 

 

(4,596

)

Adjusted net loss attributable to Wynn Resorts, Limited

$

(135,395

)

 

$

(141,702

)

 

$

(368,743

)

 

$

(538,428

)

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

$

(1.20

)

 

$

(1.24

)

 

$

(3.23

)

 

$

(4.75

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – diluted

 

112,709

 

 

 

114,655

 

 

 

114,061

 

 

 

113,420

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 

 

Three Months Ended September 30, 2022

 

Operating

income

(loss)

 

Pre-opening

expenses

 

Depreciation

and

amortization

 

Property

charges and

other

 

Management

and license

fees

 

Corporate

expenses and

other

 

Stock-based

compensation

 

Adjusted

Property

EBITDA

Macau Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wynn Palace

$ (84,478)

 

$ —

 

$ 52,225

 

$ 2,467

 

$ 2,643

 

$ 1,599

 

$ 3,736

 

$ (21,808)

Wynn Macau

(73,833)

 

 

21,172

 

1,419

 

2,250

 

1,620

 

3,566

 

(43,806)

Other Macau

(4,339)

 

 

380

 

22

 

 

3,297

 

640

 

Total Macau Operations

(162,650)

 

 

73,777

 

3,908

 

4,893

 

6,516

 

7,942

 

(65,614)

Las Vegas Operations

103,006

 

5,087

 

52,756

 

1,042

 

25,798

 

5,872

 

2,199

 

195,760

Encore Boston Harbor

9,602

 

199

 

38,875

 

34

 

10,308

 

1,736

 

382

 

61,136

Wynn Interactive

(27,113)

 

1,161

 

4,827

 

(213)

 

 

651

 

2,939

 

(17,748)

Corporate and other

24,164

 

 

2,267

 

(38)

 

(40,999)

 

7,994

 

6,612

 

Total

$ (52,991)

 

$ 6,447

 

$ 172,502

 

$ 4,733

 

$ —

 

$ 22,769

 

$ 20,074

 

$ 173,534

 

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

Wynn Interactive

(131,625)

 

 

6,064

 

12,500

 

 

2,504

 

6,964

 

(103,593)

Corporate and other

27,497

 

 

2,236

 

51

 

(42,302)

 

4,063

 

8,455

 

Total

$ (83,664)

 

$ 1,333

 

$ 177,110

 

$ 15,301

 

$ —

 

$ 18,901

 

$ 25,580

 

$ 154,561

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 

 

Nine Months Ended September 30, 2022

 

Operating

income

(loss)

 

Pre-opening

expenses

 

Depreciation

and

amortization

 

Property

charges and

other

 

Management

and license

fees

 

Corporate

expenses and

other

 

Stock-based

compensation

 

Adjusted

Property

EBITDA

Macau Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wynn Palace

$

(251,721

)

 

$

 

$

154,293

 

$

2,918

 

 

$

10,086

 

 

$

4,729

 

$

7,073

 

$

(72,622

)

Wynn Macau

 

(182,128

)

 

 

 

 

60,750

 

 

9,366

 

 

 

8,846

 

 

 

4,910

 

 

9,378

 

 

(88,878

)

Other Macau

 

(12,389

)

 

 

 

 

2,328

 

 

27

 

 

 

 

 

 

8,262

 

 

1,772

 

 

 

Total Macau Operations

 

(446,238

)

 

 

 

 

217,371

 

 

12,311

 

 

 

18,932

 

 

 

17,901

 

 

18,223

 

 

(161,500

)

Las Vegas Operations

 

328,762

 

 

 

10,031

 

 

144,108

 

 

3,319

 

 

 

73,174

 

 

 

16,862

 

 

5,588

 

 

581,844

 

Encore Boston Harbor

 

25,551

 

 

 

199

 

 

117,296

 

 

674

 

 

 

29,810

 

 

 

5,382

 

 

1,220

 

 

180,132

 

Wynn Interactive

 

(189,469

)

 

 

3,166

 

 

34,448

 

 

68,143

 

 

 

 

 

 

5,504

 

 

8,006

 

 

(70,202

)

Corporate and other

 

81,510

 

 

 

 

 

6,803

 

 

(7,085

)

 

 

(121,916

)

 

 

25,156

 

 

15,532

 

 

 

Total

$

(199,884

)

 

$

13,396

 

$

520,026

 

$

77,362

 

 

$

 

 

$

70,805

 

$

48,569

 

$

530,274

 

 

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

 

Wynn Interactive

 

(241,182

)

 

 

815

 

 

18,012

 

 

12,500

 

 

 

 

 

 

5,998

 

 

15,896

 

 

(187,961

)

Corporate and other

 

63,702

 

 

 

 

 

6,746

 

 

(416

)

 

 

(110,731

)

 

 

14,804

 

 

25,895

 

 

 

Total

$

(288,917

)

 

$

5,455

 

$

545,538

 

$

26,569

 

 

$

 

 

$

56,663

 

$

75,033

 

$

420,341

 

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,

 

2022

 

2021

 

2022

 

2021

Net loss attributable to Wynn Resorts, Limited

$

(142,892

)

 

$

(166,249

)

 

$

(456,267

)

 

$

(578,596

)

Net loss attributable to noncontrolling interests

 

(64,899

)

 

 

(79,734

)

 

 

(219,556

)

 

 

(176,963

)

Pre-opening expenses

 

6,447

 

 

 

1,333

 

 

 

13,396

 

 

 

5,455

 

Depreciation and amortization

 

172,502

 

 

 

177,110

 

 

 

520,026

 

 

 

545,538

 

Property charges and other

 

4,733

 

 

 

15,301

 

 

 

77,362

 

 

 

26,569

 

Corporate expenses and other

 

22,769

 

 

 

18,901

 

 

 

70,805

 

 

 

56,663

 

Stock-based compensation

 

20,074

 

 

 

25,580

 

 

 

48,569

 

 

 

75,033

 

Interest income

 

(6,892

)

 

 

(507

)

 

 

(10,863

)

 

 

(2,131

)

Interest expense, net of amounts capitalized

 

165,277

 

 

 

150,325

 

 

 

472,265

 

 

 

453,601

 

Change in derivatives fair value

 

(5,839

)

 

 

(1,176

)

 

 

(14,801

)

 

 

(6,557

)

Loss on extinguishment of debt

 

 

 

 

738

 

 

 

 

 

 

2,060

 

Other

 

864

 

 

 

11,784

 

 

 

26,090

 

 

 

17,324

 

Provision for income taxes

 

1,390

 

 

 

1,155

 

 

 

3,248

 

 

 

2,345

 

Adjusted Property EBITDA

$

173,534

 

 

$

154,561

 

 

$

530,274

 

 

$

420,341

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,

 

2022

 

2021

 

Percent

Change

 

2022

 

2021

 

Percent

Change

Wynn Palace Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

45,361

 

 

$

134,064

 

 

(66.2

)

 

$

186,968

 

 

$

532,040

 

 

(64.9

)

Rooms

 

6,974

 

 

 

15,639

 

 

(55.4

)

 

 

27,813

 

 

 

53,534

 

 

(48.0

)

Food and beverage

 

5,727

 

 

 

10,952

 

 

(47.7

)

 

 

24,027

 

 

 

36,429

 

 

(34.0

)

Entertainment, retail and other

 

17,186

 

 

 

20,668

 

 

(16.8

)

 

 

58,416

 

 

 

67,017

 

 

(12.8

)

Total

$

75,248

 

 

$

181,323

 

 

(58.5

)

 

$

297,224

 

 

$

689,020

 

 

(56.9

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

(21,808

)

 

$

12,112

 

 

NM

 

 

$

(72,622

)

 

$

93,036

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

49

 

 

 

89

 

 

(44.9

)

 

 

54

 

 

 

96

 

 

(43.8

)

VIP turnover

$

283,744

 

 

$

1,234,733

 

 

(77.0

)

 

$

1,593,761

 

 

$

5,246,296

 

 

(69.6

)

VIP table games win (1)

$

9,271

 

 

$

54,943

 

 

(83.1

)

 

$

22,353

 

 

$

222,968

 

 

(90.0

)

VIP table games win as a % of turnover

 

3.27

%

 

 

4.45

%

 

 

 

 

1.40

%

 

 

4.25

%

 

 

Table games win per unit per day

$

2,381

 

 

$

6,691

 

 

(64.4

)

 

$

1,587

 

 

$

8,548

 

 

(81.4

)

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

212

 

 

 

231

 

 

(8.2

)

 

 

226

 

 

 

227

 

 

(0.4

)

Table drop (2)

$

197,066

 

 

$

508,779

 

 

(61.3

)

 

$

939,474

 

 

$

1,823,792

 

 

(48.5

)

Table games win (1)

$

42,449

 

 

$

110,820

 

 

(61.7

)

 

$

195,205

 

 

$

406,016

 

 

(51.9

)

Table games win %

 

21.5

%

 

 

21.8

%

 

 

 

 

20.8

%

 

 

22.3

%

 

 

Table games win per unit per day

$

2,501

 

 

$

5,223

 

 

(52.1

)

 

$

3,305

 

 

$

6,555

 

 

(49.6

)

Average number of slot machines

 

607

 

 

 

712

 

 

(14.7

)

 

 

638

 

 

 

708

 

 

(9.9

)

Slot machine handle

$

121,522

 

 

$

327,017

 

 

(62.8

)

 

$

502,856

 

 

$

1,107,058

 

 

(54.6

)

Slot machine win (3)

$

5,418

 

 

$

11,538

 

 

(53.0

)

 

$

22,989

 

 

$

44,553

 

 

(48.4

)

Slot machine win per unit per day

$

112

 

 

$

176

 

 

(36.4

)

 

$

138

 

 

$

230

 

 

(40.0

)

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

28.1

%

 

 

51.9

%

 

 

 

 

34.4

%

 

 

61.1

%

 

 

ADR (4)

$

145

 

 

$

187

 

 

(22.5

)

 

$

160

 

 

$

181

 

 

(11.6

)

REVPAR (5)

$

41

 

 

$

97

 

 

(57.7

)

 

$

55

 

 

$

111

 

 

(50.5

)

Contacts

Vincent Zahn

702-770-7555

investorrelations@wynnresorts.com

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