LAS VEGAS--(BUSINESS WIRE)--Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended March 31, 2022.
Operating revenues were $953.3 million for the first quarter of 2022, an increase of $216.7 million, from $736.7 million for the first quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $183.3 million, or $1.59 per diluted share, for the first quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $281.0 million, or $2.53 per diluted share, in the first quarter of 2021. Adjusted Property EBITDA(1) was $177.6 million for the first quarter of 2022, compared to Adjusted Property EBITDA of $58.9 million in the first quarter of 2021.
"Our first quarter results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor where our teams' unrelenting focus on five star hospitality and world class experiences combined with very strong customer demand to deliver a new first quarter record for Adjusted Property EBITDA at both properties," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we remain confident that the market will benefit from the return of visitation when travel restrictions subside."
Consolidated Results
Operating revenues were $953.3 million for the first quarter of 2022, an increase of $216.7 million, from $736.7 million for the first quarter of 2021. For the first quarter of 2022, operating revenues increased $262.5 million and $60.7 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $74.0 million and $44.6 million at Wynn Palace and Wynn Macau, respectively, from the first quarter of 2021.
Net loss attributable to Wynn Resorts, Limited was $183.3 million, or $1.59 per diluted share, for the first quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $281.0 million, or $2.53 per diluted share, in the first quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $139.6 million, or $1.21 per diluted share, for the first quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $268.0 million, or $2.41 per diluted share, for the first quarter of 2021.
Adjusted Property EBITDA was $177.6 million for the first quarter of 2022, compared to Adjusted Property EBITDA of $58.9 million in the first quarter of 2021. For the first quarter of 2022, Adjusted Property EBITDA increased $131.3 million and $24.9 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $28.2 million and $21.2 million at Wynn Palace and Wynn Macau, respectively, from the first quarter of 2021.
Property Results
Macau Operations
The results of operations of our Macau Operations for the first 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.
Operating revenues from Wynn Palace were $163.3 million for the first quarter of 2022, a decrease of $74.0 million from $237.3 million for the first quarter of 2021. Adjusted Property EBITDA from Wynn Palace was $(0.9) million for the first quarter of 2022, compared to $27.4 million for the first quarter of 2021. VIP table games win as a percentage of turnover was 2.05%, below the property's expected range of 3.1% to 3.4% and below the 4.38% experienced in the first quarter of 2021. Table games win percentage in mass market operations was 20.9%, below the 21.7% experienced in the first quarter of 2021.
Operating revenues from Wynn Macau were $135.1 million for the first quarter of 2022, a decrease of $44.6 million from $179.7 million for the first quarter of 2021. Adjusted Property EBITDA was $(4.7) million for the first quarter of 2022, compared to $16.6 million for the first quarter of 2021. VIP table games win as a percentage of turnover was 3.84%, above the property's expected range of 3.1% to 3.4% and above the 3.25% experienced in the first quarter of 2021. Table games win percentage in mass market operations was 17.5%, slightly below the 17.8% experienced in the first quarter of 2021.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $441.2 million for the first quarter of 2022, an increase of $262.5 million from $178.7 million for the first quarter of 2021. Adjusted Property EBITDA from our Las Vegas Operations for the first quarter of 2022 was $159.4 million, compared to $28.1 million for the first quarter of 2021. Table games win percentage for the first quarter of 2022 was 23.6%, within the property's expected range of 22% to 26% and in line with the 23.6% experienced in the first quarter of 2021.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $190.8 million for the first quarter of 2022, an increase of $60.7 million from $130.1 million for the first quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the first quarter of 2022 was $55.3 million, compared to $30.4 million for the first quarter of 2021. Table games win percentage for the first quarter of 2022 was 22.2%, slightly above the property's expected range of 18% to 22% and above the 21.1% experienced in the first quarter of 2021.
Our cash and cash equivalents as of March 31, 2022 totaled $2.32 billion, comprised of approximately $1.29 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $388.5 million held by Wynn Resorts Finance excluding WML, and approximately $641.6 million at Corporate and other.
As of March 31, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver and WM Cayman II Revolver was $835.6 million and $211.9 million, respectively.
Total current and long-term debt outstanding at March 31, 2022 was $11.92 billion, comprised of $5.97 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.21 billion of Wynn Resorts Finance debt, and $613.0 million of debt held by the retail joint venture which we consolidate.
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 May 10, 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 May 13, 2022, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended March 31, 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 June 26, 2022, and proposed 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
|
||||||
|
2022 |
|
2021 |
||||
Operating revenues: |
|
|
|
||||
Casino |
$ |
489,862 |
|
|
$ |
516,218 |
|
Rooms |
|
170,376 |
|
|
|
76,190 |
|
Food and beverage |
|
174,020 |
|
|
|
68,509 |
|
Entertainment, retail and other |
|
119,076 |
|
|
|
75,765 |
|
Total operating revenues |
|
953,334 |
|
|
|
736,682 |
|
Operating expenses: |
|
|
|
||||
Casino |
|
324,079 |
|
|
|
351,966 |
|
Rooms |
|
58,715 |
|
|
|
33,535 |
|
Food and beverage |
|
146,656 |
|
|
|
73,948 |
|
Entertainment, retail and other |
|
88,904 |
|
|
|
73,459 |
|
General and administrative |
|
196,780 |
|
|
|
179,774 |
|
Provision for credit losses |
|
342 |
|
|
|
7,367 |
|
Pre-opening |
|
2,447 |
|
|
|
1,627 |
|
Depreciation and amortization |
|
184,556 |
|
|
|
185,121 |
|
Property charges and other |
|
45,720 |
|
|
|
5,617 |
|
Total operating expenses |
|
1,048,199 |
|
|
|
912,414 |
|
Operating loss |
|
(94,865 |
) |
|
|
(175,732 |
) |
Other income (expense): |
|
|
|
||||
Interest income |
|
1,280 |
|
|
|
904 |
|
Interest expense, net of amounts capitalized |
|
(152,158 |
) |
|
|
(152,852 |
) |
Change in derivatives fair value |
|
7,400 |
|
|
|
4,409 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
(1,322 |
) |
Other |
|
(15,127 |
) |
|
|
(11,093 |
) |
Other income (expense), net |
|
(158,605 |
) |
|
|
(159,954 |
) |
Loss before income taxes |
|
(253,470 |
) |
|
|
(335,686 |
) |
Provision for income taxes |
|
(1,140 |
) |
|
|
(493 |
) |
Net loss |
|
(254,610 |
) |
|
|
(336,179 |
) |
Less: net loss attributable to noncontrolling interests |
|
71,286 |
|
|
|
55,201 |
|
Net loss attributable to Wynn Resorts, Limited |
$ |
(183,324 |
) |
|
$ |
(280,978 |
) |
Basic and diluted net loss per common share: |
|
|
|
||||
Net loss attributable to Wynn Resorts, Limited: |
|||||||
Basic |
$ |
(1.59 |
) |
|
$ |
(2.53 |
) |
Diluted |
$ |
(1.59 |
) |
|
$ |
(2.53 |
) |
Weighted average common shares outstanding: |
|
|
|
||||
Basic |
|
115,030 |
|
|
|
111,020 |
|
Diluted |
|
115,030 |
|
|
|
111,020 |
|
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
|
||||||
|
2022 |
|
2021 |
||||
Net loss attributable to Wynn Resorts, Limited |
$ |
(183,324 |
) |
|
$ |
(280,978 |
) |
Pre-opening expenses |
|
2,447 |
|
|
|
1,627 |
|
Property charges and other |
|
45,720 |
|
|
|
5,617 |
|
Change in derivatives fair value |
|
(7,400 |
) |
|
|
(4,409 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
1,322 |
|
Foreign currency remeasurement and other |
|
15,127 |
|
|
|
11,093 |
|
Noncontrolling interests impact on adjustments |
|
(12,189 |
) |
|
|
(2,268 |
) |
Adjusted net loss attributable to Wynn Resorts, Limited |
$ |
(139,619 |
) |
|
$ |
(267,996 |
) |
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share |
$ |
(1.21 |
) |
|
$ |
(2.41 |
) |
|
|
|
|
||||
Weighted average common shares outstanding - diluted |
|
115,030 |
|
|
|
111,020 |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
||||||||||||||||||||||||||
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA |
||||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||
|
Three Months Ended March 31, 2022 |
|||||||||||||||||||||||||
|
Operating
|
|
Pre-opening
|
|
Depreciation
|
|
Property
|
|
Management
|
|
Corporate
|
|
Stock-based
|
|
Adjusted
|
|||||||||||
Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Wynn Palace |
$ |
(59,501 |
) |
|
$ |
— |
|
$ |
50,462 |
|
$ |
138 |
|
$ |
5,185 |
|
|
$ |
1,543 |
|
$ |
1,309 |
|
$ |
(864 |
) |
Wynn Macau |
|
(34,816 |
) |
|
|
— |
|
|
20,022 |
|
|
1,469 |
|
|
4,324 |
|
|
|
1,678 |
|
|
2,641 |
|
|
(4,682 |
) |
Other Macau |
|
(3,947 |
) |
|
|
— |
|
|
977 |
|
|
1 |
|
|
— |
|
|
|
2,418 |
|
|
551 |
|
|
— |
|
Total Macau Operations |
|
(98,264 |
) |
|
|
— |
|
|
71,461 |
|
|
1,608 |
|
|
9,509 |
|
|
|
5,639 |
|
|
4,501 |
|
|
(5,546 |
) |
Las Vegas Operations |
|
82,930 |
|
|
|
1,397 |
|
|
45,602 |
|
|
1,322 |
|
|
21,027 |
|
|
|
5,414 |
|
|
1,686 |
|
|
159,378 |
|
Encore Boston Harbor |
|
2,189 |
|
|
|
— |
|
|
40,989 |
|
|
621 |
|
|
9,338 |
|
|
|
1,705 |
|
|
408 |
|
|
55,250 |
|
Wynn Interactive |
|
(105,035 |
) |
|
|
1,050 |
|
|
24,248 |
|
|
41,961 |
|
|
— |
|
|
|
2,427 |
|
|
3,848 |
|
|
(31,501 |
) |
Corporate and other |
|
23,315 |
|
|
|
— |
|
|
2,256 |
|
|
208 |
|
|
(39,874 |
) |
|
|
10,638 |
|
|
3,457 |
|
|
— |
|
Total |
$ |
(94,865 |
) |
|
$ |
2,447 |
|
$ |
184,556 |
|
$ |
45,720 |
|
$ |
— |
|
|
$ |
25,823 |
|
$ |
13,900 |
|
$ |
177,581 |
|
|
Three Months Ended March 31, 2021 |
|||||||||||||||||||||||||
|
Operating
|
|
Pre-opening
|
|
Depreciation
|
|
Property
|
|
Management
|
|
Corporate
|
|
Stock-based
|
|
Adjusted
|
|||||||||||
Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Wynn Palace |
$ |
(54,788 |
) |
|
$ |
414 |
|
$ |
67,010 |
|
$ |
2,174 |
|
$ |
8,178 |
|
|
$ |
1,178 |
|
$ |
3,203 |
|
$ |
27,369 |
|
Wynn Macau |
|
(16,952 |
) |
|
|
— |
|
|
21,464 |
|
|
247 |
|
|
5,855 |
|
|
|
1,364 |
|
|
4,578 |
|
|
16,556 |
|
Other Macau |
|
(3,270 |
) |
|
|
— |
|
|
1,108 |
|
|
15 |
|
|
— |
|
|
|
1,543 |
|
|
604 |
|
|
— |
|
Total Macau Operations |
|
(75,010 |
) |
|
|
414 |
|
|
89,582 |
|
|
2,436 |
|
|
14,033 |
|
|
|
4,085 |
|
|
8,385 |
|
|
43,925 |
|
Las Vegas Operations |
|
(40,006 |
) |
|
|
511 |
|
|
48,103 |
|
|
2,427 |
|
|
8,608 |
|
|
|
5,414 |
|
|
3,024 |
|
|
28,081 |
|
Encore Boston Harbor |
|
(18,633 |
) |
|
|
— |
|
|
39,113 |
|
|
742 |
|
|
6,237 |
|
|
|
2,282 |
|
|
622 |
|
|
30,363 |
|
Wynn Interactive |
|
(54,758 |
) |
|
|
702 |
|
|
6,071 |
|
|
— |
|
|
— |
|
|
|
391 |
|
|
4,125 |
|
|
(43,469 |
) |
Corporate and other |
|
12,675 |
|
|
|
— |
|
|
2,252 |
|
|
12 |
|
|
(28,878 |
) |
|
|
5,749 |
|
|
8,190 |
|
|
— |
|
Total |
$ |
(175,732 |
) |
|
$ |
1,627 |
|
$ |
185,121 |
|
$ |
5,617 |
|
$ |
— |
|
|
$ |
17,921 |
|
$ |
24,346 |
|
$ |
58,900 |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
|||||||
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO |
|||||||
ADJUSTED PROPERTY EBITDA |
|||||||
(in thousands) |
|||||||
(unaudited) |
|||||||
|
|
||||||
|
Three Months Ended
|
||||||
|
2022 |
|
2021 |
||||
Net loss attributable to Wynn Resorts, Limited |
$ |
(183,324 |
) |
|
$ |
(280,978 |
) |
Net loss attributable to noncontrolling interests |
|
(71,286 |
) |
|
|
(55,201 |
) |
Pre-opening expenses |
|
2,447 |
|
|
|
1,627 |
|
Depreciation and amortization |
|
184,556 |
|
|
|
185,121 |
|
Property charges and other |
|
45,720 |
|
|
|
5,617 |
|
Corporate expenses and other |
|
25,823 |
|
|
|
17,921 |
|
Stock-based compensation |
|
13,900 |
|
|
|
24,346 |
|
Interest income |
|
(1,280 |
) |
|
|
(904 |
) |
Interest expense, net of amounts capitalized |
|
152,158 |
|
|
|
152,852 |
|
Change in derivatives fair value |
|
(7,400 |
) |
|
|
(4,409 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
1,322 |
|
Other |
|
15,127 |
|
|
|
11,093 |
|
Provision for income taxes |
|
1,140 |
|
|
|
493 |
|
Adjusted Property EBITDA |
$ |
177,581 |
|
|
$ |
58,900 |
|
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
|
|
|
|||||||
|
2022 |
|
2021 |
|
Percent Change |
|||||
Wynn Palace Supplemental Information |
|
|
|
|
|
|||||
Operating revenues |
|
|
|
|
|
|||||
Casino |
$ |
114,413 |
|
|
$ |
185,909 |
|
|
(38.5 |
) |
Rooms |
|
13,831 |
|
|
|
17,012 |
|
|
(18.7 |
) |
Food and beverage |
|
11,443 |
|
|
|
11,672 |
|
|
(2.0 |
) |
Entertainment, retail and other |
|
23,638 |
|
|
|
22,733 |
|
|
4.0 |
|
Total |
$ |
163,325 |
|
|
$ |
237,326 |
|
|
(31.2 |
) |
|
|
|
|
|
|
|||||
Adjusted Property EBITDA (6) |
$ |
(864 |
) |
|
$ |
27,369 |
|
|
NM |
|
|
|
|
|
|
|
|||||
Casino Statistics: |
|
|
|
|
|
|||||
VIP: |
|
|
|
|
|
|||||
Average number of table games |
|
67 |
|
|
|
103 |
|
|
(35.0 |
) |
VIP turnover |
$ |
965,555 |
|
|
$ |
2,200,182 |
|
|
(56.1 |
) |
VIP table games win (1) |
$ |
19,753 |
|
|
$ |
96,456 |
|
|
(79.5 |
) |
VIP table games win as a % of turnover |
|
2.05 |
% |
|
|
4.38 |
% |
|
|
|
Table games win per unit per day |
$ |
3,280 |
|
|
$ |
10,375 |
|
|
(68.4 |
) |
Mass market: |
|
|
|
|
|
|||||
Average number of table games |
|
234 |
|
|
|
222 |
|
|
5.4 |
|
Table drop (2) |
$ |
531,859 |
|
|
$ |
607,518 |
|
|
(12.5 |
) |
Table games win (1) |
$ |
111,175 |
|
|
$ |
131,649 |
|
|
(15.6 |
) |
Table games win % |
|
20.9 |
% |
|
|
21.7 |
% |
|
|
|
Table games win per unit per day |
$ |
5,282 |
|
|
$ |
6,596 |
|
|
(19.9 |
) |
Average number of slot machines |
|
670 |
|
|
|
687 |
|
|
(2.5 |
) |
Slot machine handle |
$ |
250,930 |
|
|
$ |
358,772 |
|
|
(30.1 |
) |
Slot machine win (3) |
$ |
12,649 |
|
|
$ |
14,243 |
|
|
(11.2 |
) |
Slot machine win per unit per day |
$ |
210 |
|
|
$ |
230 |
|
|
(8.7 |
) |
Room statistics: |
|
|
|
|
|
|||||
Occupancy |
|
47.2 |
% |
|
|
60.4 |
% |
|
|
|
ADR (4) |
$ |
180 |
|
|
$ |
178 |
|
|
1.1 |
|
REVPAR (5) |
$ |
85 |
|
|
$ |
108 |
|
|
(21.3 |
) |
NM - Not meaningful. |
||||||||||
Note: The results of operations of Wynn Palace for the three months ended March 31, 2022 and 2021 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
|
|
|
|||||||
|
2022 |
|
2021 |
|
Percent Change |
|||||
Wynn Macau Supplemental Information |
|
|
|
|
|
|||||
Operating revenues |
|
|
|
|
|
|||||
Casino |
$ |
102,430 |
|
|
$ |
138,927 |
|
|
(26.3 |
) |
Rooms |
|
9,390 |
|
|
|
14,702 |
|
|
(36.1 |
) |
Food and beverage |
|
8,386 |
|
|
|
7,433 |
|
|
12.8 |
|
Entertainment, retail and other |
|
14,894 |
|
|
|
18,589 |
|
|
(19.9 |
) |
Total |
$ |
135,100 |
|
|
$ |
179,651 |
|
|
(24.8 |
) |
|
|
|
|
|
|
|||||
Adjusted Property EBITDA (6) |
$ |
(4,682 |
) |
|
$ |
16,556 |
|
|
NM |
|
|
|
|
|
|
|
|||||
Casino Statistics: |
|
|
|
|
|
|||||
VIP: |
|
|
|
|
|
|||||
Average number of table games |
|
35 |
|
|
|
90 |
|
|
(61.1 |
) |
VIP turnover |
$ |
887,051 |
|
|
$ |
1,804,382 |
|
|
(50.8 |
) |
VIP table games win (1) |
$ |
34,029 |
|
|
$ |
58,635 |
|
|
(42.0 |
) |
VIP table games win as a % of turnover |
|
3.84 |
% |
|
|
3.25 |
% |
|
|
|
Table games win per unit per day |
$ |
10,823 |
|
|
$ |
7,239 |
|
|
49.5 |
|
Mass market: |
|
|
|
|
|
|||||
Average number of table games |
|
248 |
|
|
|
240 |
|
|
3.3 |
|
Table drop (2) |
$ |
469,138 |
|
|
$ |
590,890 |
|
|
(20.6 |
) |
Table games win (1) |
$ |
82,259 |
|
|
$ |
105,183 |
|
|
(21.8 |
) |
Table games win % |
|
17.5 |
% |
|
|
17.8 |
% |
|
|
|
Table games win per unit per day |
$ |
3,680 |
|
|
$ |
4,871 |
|
|
(24.5 |
) |
Average number of slot machines |
|
585 |
|
|
|
569 |
|
|
2.8 |
|
Slot machine handle |
$ |
283,539 |
|
|
$ |
301,271 |
|
|
(5.9 |
) |
Slot machine win (3) |
$ |
10,611 |
|
|
$ |
10,208 |
|
|
3.9 |
|
Slot machine win per unit per day |
$ |
201 |
|
|
$ |
199 |
|
|
1.0 |
|
Room statistics: |
|
|
|
|
|
|||||
Occupancy |
|
49.8 |
% |
|
|
60.8 |
% |
|
|
|
ADR (4) |
$ |
188 |
|
|
$ |
242 |
|
|
(22.3 |
) |
REVPAR (5) |
$ |
94 |
|
|
$ |
147 |
|
|
(36.1 |
) |
NM - Not meaningful. |
||||||||||
Note: The results of operations of Wynn Macau for the three months ended March 31, 2022 and 2021 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
|
|
|
||||||
|
2022 |
|
2021 |
|
Percent Change |
||||
Las Vegas Operations Supplemental Information |
|
|
|
|
|
||||
Operating revenues |
|
|
|
|
|
||||
Casino |
$ |
124,271 |
|
|
$ |
79,903 |
|
|
55.5 |
Rooms |
|
131,466 |
|
|
|
39,761 |
|
|
230.6 |
Food and beverage |
|
136,029 |
|
|
|
40,077 |
|
|
239.4 |
Entertainment, retail and other |
|
49,420 |
|
|
|
18,975 |
|
|
160.4 |
Total |
$ |
441,186 |
|
|
$ |
178,716 |
|
|
146.9 |
|
|
|
|
|
|
||||
Adjusted Property EBITDA (6) |
$ |
159,378 |
|
|
$ |
28,081 |
|
|
467.6 |
|
|
|
|
|
|
||||
Casino Statistics: |
|
|
|
|
|
||||
Average number of table games |
|
228 |
|
|
|
172 |
|
|
32.6 |
Table drop (2) |
$ |
547,916 |
|
|
$ |
324,531 |
|
|
68.8 |
Table games win (1) |
$ |
129,164 |
|
|
$ |
76,653 |
|
|
68.5 |
Table games win % |
|
23.6 |
% |
|
|
23.6 |
% |
|
|
Table games win per unit per day |
$ |
6,300 |
|
|
$ |
4,957 |
|
|
27.1 |
Average number of slot machines |
|
1,728 |
|
|
|
1,547 |
|
|
11.7 |
Slot machine handle |
$ |
1,177,985 |
|
|
$ |
791,260 |
|
|
48.9 |
Slot machine win (3) |
$ |
80,831 |
|
|
$ |
50,489 |
|
|
60.1 |
Slot machine win per unit per day |
$ |
520 |
|
|
$ |
363 |
|
|
43.3 |
Poker rake |
$ |
3,861 |
|
|
$ |
1,867 |
|
|
106.8 |
Room statistics: |
|
|
|
|
|
||||
Occupancy |
|
76.9 |
% |
|
|
35.3 |
% |
|
|
ADR (4) |
$ |
432 |
|
|
$ |
331 |
|
|
30.5 |
REVPAR (5) |
$ |
333 |
|
|
$ |
117 |
|
|
184.6 |
Note: The results of our Las Vegas Operations for the three months ended March 31, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications. |
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
||||||||||
SUPPLEMENTAL DATA SCHEDULE |
||||||||||
(dollars in thousands, except for win per unit per day, ADR, and REVPAR) |
||||||||||
(unaudited) (continued) |
||||||||||
|
|
|
|
|||||||
|
Three Months Ended March 31, |
|
|
|||||||
|
2022 |
|
2021 |
|
Percent Change |
|||||
Encore Boston Harbor Supplemental Information |
|
|
|
|
|
|||||
Operating revenues |
|
|
|
|
|
|||||
Casino |
$ |
148,748 |
|
|
$ |
111,479 |
|
|
33.4 |
|
Rooms |
|
15,689 |
|
|
|
4,715 |
|
|
232.7 |
|
Food and beverage |
|
18,162 |
|
|
|
9,327 |
|
|
94.7 |
|
Entertainment, retail and other |
|
8,197 |
|
|
|
4,569 |
|
|
79.4 |
|
Total |
$ |
190,796 |
|
|
$ |
130,090 |
|
|
46.7 |
|
|
|
|
|
|
|
|||||
Adjusted Property EBITDA (6) |
$ |
55,250 |
|
|
$ |
30,363 |
|
|
82.0 |
|
|
|
|
|
|
|
|||||
Casino Statistics: |
|
|
|
|
|
|||||
Average number of table games |
|
184 |
|
|
|
199 |
|
|
(7.5 |
) |
Table drop (2) |
$ |
346,195 |
|
|
$ |
234,562 |
|
|
47.6 |
|
Table games win (1) |
$ |
76,792 |
|
|
$ |
49,377 |
|
|
55.5 |
|
Table games win % |
|
22.2 |
% |
|
|
21.1 |
% |
|
|
|
Table games win per unit per day |
$ |
4,637 |
|
|
$ |
2,752 |
|
|
68.5 |
|
Average number of slot machines |
|
2,776 |
|
|
|
1,889 |
|
|
47.0 |
|
Slot machine handle |
$ |
1,183,314 |
|
|
$ |
913,795 |
|
|
29.5 |
|
Slot machine win (3) |
$ |
95,296 |
|
|
$ |
74,820 |
|
|
27.4 |
|
Slot machine win per unit per day |
$ |
381 |
|
|
$ |
440 |
|
|
(13.4 |
) |
Poker rake |
$ |
784 |
|
|
$ |
— |
|
|
— |
|
Room statistics: |
|
|
|
|
|
|||||
Occupancy |
|
80.5 |
% |
|
|
71.0 |
% |
|
|
|
ADR (4) |
$ |
324 |
|
|
$ |
276 |
|
|
17.4 |
|
REVPAR (5) |
$ |
261 |
|
|
$ |
196 |
|
|
33.2 |
|
Note: The results of Encore Boston Harbor for the three months ended March 31, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications. Encore Boston Harbor's room statistics have been computed based on 36 days of operations for the three months ended March 31, 2021, representing the actual number of days the hotel was open. |
(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. |
ЛАС-ВЕГАС--(BUSINESS WIRE)--Wynn Resorts, Limited (NASDAQ: WYNN) ("Компания") сегодня сообщила о финансовых результатах за квартал, закончившийся 31 марта 2022 года.
Операционная выручка за первый квартал 2022 года составила 953,3 млн долларов, увеличившись на 216,7 млн долларов по сравнению с 736,7 млн долларов за первый квартал 2021 года. Чистый убыток, относящийся к Wynn Resorts, Limited, составил $183,3 млн, или $1,59 на разводненную акцию, за первый квартал 2022 года по сравнению с чистым убытком, относящимся к Wynn Resorts, Limited, в размере $281,0 млн, или $2,53 на разводненную акцию, в первом квартале 2021 года. Скорректированный показатель EBITDA от недвижимости(1) составил 177,6 млн долларов США за первый квартал 2022 года по сравнению с скорректированным показателем EBITDA от недвижимости в размере 58,9 млн долларов США в первом квартале 2021 года.
"Наши результаты за первый квартал отражают сохраняющуюся силу как в Wynn Las Vegas, так и в Encore Boston Harbor, где неустанное внимание наших команд к пятизвездочному гостеприимству и опыту мирового класса в сочетании с очень высоким потребительским спросом позволило установить новый рекорд первого квартала по скорректированной EBITDA недвижимости в обоих объектах", - сказал Крейг Биллингс, генеральный директор Wynn Resorts., Ограниченный. "В Макао мы по-прежнему уверены, что рынок выиграет от возвращения посетителей, когда ограничения на поездки спадут".
Консолидированные результаты
Операционная выручка за первый квартал 2022 года составила 953,3 млн долларов, увеличившись на 216,7 млн долларов по сравнению с 736,7 млн долларов за первый квартал 2021 года. За первый квартал 2022 года операционная выручка увеличилась на 262,5 млн долларов и 60,7 млн долларов в наших офисах в Лас-Вегасе и Encore Boston Harbor соответственно и снизилась на 74,0 млн долларов и 44,6 млн долларов в Wynn Palace и Wynn Macau соответственно по сравнению с первым кварталом 2021 года.
Чистый убыток, относящийся к Wynn Resorts, Limited, составил $183,3 млн, или $1,59 на разводненную акцию, за первый квартал 2022 года по сравнению с чистым убытком, относящимся к Wynn Resorts, Limited, в размере $281,0 млн, или $2,53 на разводненную акцию, в первом квартале 2021 года. Скорректированный чистый убыток, относящийся к Wynn Resorts, Limited(2), составил $139,6 млн, или $1,21 на разводненную акцию, за первый квартал 2022 года по сравнению с скорректированным чистым убытком, относящимся к Wynn Resorts, Limited, в размере $268,0 млн, или $2,41 на разводненную акцию, за первый квартал 2021 года.
Скорректированный показатель EBITDA от недвижимости составил $177,6 млн за первый квартал 2022 года по сравнению с скорректированным показателем EBITDA от недвижимости в размере $58,9 млн в первом квартале 2021 года. За первый квартал 2022 года скорректированный показатель EBITDA от недвижимости увеличился на 131,3 млн долларов и 24,9 млн долларов в наших офисах в Лас-Вегасе и Encore Boston Harbor соответственно и снизился на 28,2 млн долларов и 21,2 млн долларов в Wynn Palace и Wynn Macau соответственно по сравнению с первым кварталом 2021 года.
Результаты собственности
Операции в Макао
На результаты деятельности наших подразделений в Макао в первом квартале 2022 года продолжали оказывать негативное влияние определенные ограничения и условия, связанные с поездками, включая тестирование на COVID-19 и другие процедуры смягчения последствий, связанные с пандемией COVID-19.
Операционная выручка Wynn Palace за первый квартал 2022 года составила 163,3 миллиона долларов, что на 74,0 миллиона долларов меньше, чем 237,3 миллиона долларов за первый квартал 2021 года. Скорректированная EBITDA Wynn Palace от недвижимости составила $(0,9) млн за первый квартал 2022 года по сравнению с $27,4 млн за первый квартал 2021 года. Выигрыш в VIP-настольных играх в процентах от оборота составил 2,05%, что ниже ожидаемого диапазона от 3,1% до 3,4% и ниже 4,38%, наблюдавшихся в первом квартале 2021 года. Процент выигрышей в настольных играх на массовом рынке составил 20,9%, что ниже 21,7% в первом квартале 2021 года.
Операционная выручка Wynn Macau за первый квартал 2022 года составила 135,1 миллиона долларов, что на 44,6 миллиона долларов меньше, чем 179,7 миллиона долларов за первый квартал 2021 года. Скорректированный показатель EBITDA от недвижимости составил $(4,7) млн за первый квартал 2022 года по сравнению с $16,6 млн за первый квартал 2021 года. Выигрыш в VIP-настольных играх в процентах от оборота составил 3,84%, что выше ожидаемого диапазона от 3,1% до 3,4% и выше 3,25%, наблюдавшихся в первом квартале 2021 года. Процент выигрышей в настольных играх на массовом рынке составил 17,5%, что немного ниже 17,8%, зафиксированных в первом квартале 2021 года.
Операции в Лас-Вегасе
Операционная выручка от наших операций в Лас-Вегасе за первый квартал 2022 года составила 441,2 миллиона долларов, увеличившись на 262,5 миллиона долларов с 178,7 миллиона долларов за первый квартал 2021 года. Скорректированный показатель EBITDA от операций с недвижимостью в Лас-Вегасе за первый квартал 2022 года составил 159,4 миллиона долларов по сравнению с 28,1 миллиона долларов за первый квартал 2021 года. Процент выигрышей в настольных играх за первый квартал 2022 года составил 23,6%, что соответствует ожидаемому диапазону от 22% до 26% и соответствует 23,6%, зафиксированным в первом квартале 2021 года.
На бис Бостонская гавань
Операционная выручка Encore Boston Harbor за первый квартал 2022 года составила 190,8 млн долларов, увеличившись на 60,7 млн долларов по сравнению со 130,1 млн долларов за первый квартал 2021 года. Скорректированный показатель EBITDA Encore Boston Harbor за первый квартал 2022 года составил 55,3 миллиона долларов по сравнению с 30,4 миллиона долларов за первый квартал 2021 года. Процент выигрышей в настольных играх за первый квартал 2022 года составил 22,2%, что немного выше ожидаемого диапазона от 18% до 22% и выше 21,1%, наблюдавшегося в первом квартале 2021 года.
Наши денежные средства и их эквиваленты по состоянию на 31 марта 2022 года составили 2,32 миллиарда долларов, включая примерно 1,29 миллиарда долларов, принадлежащих Wynn Macau, Limited ("WML") и дочерним компаниям, примерно 388,5 миллиона долларов, принадлежащих Wynn Resorts Finance, исключая WML, и примерно 641,6 миллиона долларов в корпоративных и других.
По состоянию на 31 марта 2022 года доступный объем заимствований по Wynn Resorts Finance Revolver и WM Cayman II Revolver составлял 835,6 млн долларов США и 211,9 млн долларов США соответственно.
Общая текущая и долгосрочная задолженность по состоянию на 31 марта 2022 года составляла 11,92 миллиарда долларов, включая долг, связанный с Макао, в размере 5,97 миллиарда долларов, долг Wynn Las Vegas в размере 3,13 миллиарда долларов, долг Wynn Resorts Finance в размере 2,21 миллиарда долларов и долг в размере 613,0 миллионов долларов, принадлежащий совместному предприятию розничной торговли, которое мы консолидируем.
Конференц-связь и Другая информация
Компания проведет телефонную конференцию для обсуждения своих результатов, в том числе результатов Wynn Resorts Finance, LLC и Wynn Las Vegas, LLC, 10 мая 2022 года в 1:30 вечера по североамериканскому времени (4:30 вечера по восточному времени). Заинтересованным сторонам предлагается присоединиться к призыву, получив доступ к прямой аудиотрансляции по адресу http://www.wynnresorts.com .
Не позднее 13 мая 2022 года Компания предоставит держателям облигаций, потенциальным инвесторам, брокерам-дилерам и аналитикам по ценным бумагам финансовую информацию Wynn Resorts Finance, LLC и Wynn Las Vegas, LLC за квартал, закончившийся 31 марта 2022 года. Пожалуйста, свяжитесь с нашим отделом по связям с инвесторами по телефону 702-770-7555 или по адресу investorrelations@wynnresorts.com , чтобы получить доступ к такой финансовой информации.
Прогнозные заявления
Этот релиз содержит прогнозные заявления относительно операционных тенденций и будущих результатов деятельности. Такие прогнозные заявления подвержены ряду рисков и неопределенностей, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые мы выражаем в этих прогнозных заявлениях, включая, но не ограничиваясь этим, пандемию COVID-19 и продолжающееся воздействие ее последствий, широкое регулирование нашего бизнеса, ожидающие или будущие судебные разбирательства, способность сохранять игровые лицензии и концессии (в том числе в отношении нашей способности продлевать или продлевать нашу игровую концессию в Макао, срок действия которой истекает 26 июня 2022 года, и предлагаемые поправки к закону об игорном бизнесе Макао), зависимость от ключевых сотрудников, общие глобальные политические и экономические условия, неблагоприятные тенденции в туризме, зависимость от ограниченного числа курортов, конкуренция в индустрии казино/отелей и курортов, неопределенность в отношении развития и успеха новых объектов игорной и курортной недвижимости, риски строительства, риски кибербезопасности, а также наши заемные средства и обслуживание долга. Дополнительная информация о потенциальных факторах, которые могут повлиять на финансовые результаты Компании, включена в Годовой отчет Компании по форме 10-K за год, закончившийся 31 декабря 2021 года, и другие периодические отчеты Компании, представленные в Комиссию по ценным бумагам и биржам. Компания не несет никаких обязательств (и прямо отказывается от любых таких обязательств) обновлять или пересматривать свои прогнозные заявления в результате новой информации, будущих событий или иным образом, за исключением случаев, предусмотренных законом.
Финансовые показатели, Не относящиеся к ОПБУ
(1) "Скорректированный показатель EBITDA по имуществу" - это чистый убыток до вычета процентов, налогов на прибыль, износа и амортизации, расходов перед открытием, имущественных сборов и прочего, платы за управление и лицензию, корпоративных расходов и прочего (включая внутрифирменное поле для гольфа, встречи и конференции, а также аренда прав на воду), компенсация на основе акций, изменение справедливой стоимости производных финансовых инструментов, убыток от погашения долга и прочие внереализационные доходы и расходы. Мы используем скорректированный показатель EBITDA от собственности для управления операционными результатами наших сегментов. Скорректированный показатель EBITDA от собственности представлен исключительно в качестве дополнительной информации, поскольку руководство считает, что он широко используется для оценки эффективности и в качестве основы для оценки игровых компаний. Руководство использует скорректированный показатель EBITDA от собственности в качестве показателя операционной эффективности своих сегментов и для сравнения операционных показателей своих объектов с показателями своих конкурентов, а также в качестве основы для определения определенной стимулирующей компенсации. Мы также представляем скорректированный показатель EBITDA от собственности, поскольку он используется некоторыми инвесторами для оценки способности компании брать на себя и обслуживать долги, осуществлять капитальные затраты и удовлетворять потребности в оборотном капитале. Игровые компании исторически отчитывались о EBITDA в качестве дополнения к GAAP. Чтобы рассматривать деятельность своих казино на более автономной основе, игровые компании, включая нас, исторически исключали из своих расчетов EBITDA расходы на подготовку к открытию, имущественные сборы, корпоративные расходы и компенсацию на основе акций, которые не связаны с управлением конкретными объектами казино. Однако скорректированный показатель EBITDA от собственности не следует рассматривать как альтернативу операционному доходу в качестве показателя нашей деятельности, как альтернативу денежным потокам от операционной деятельности в качестве показателя ликвидности или как альтернативу любому другому показателю, определяемому в соответствии с GAAP. В отличие от чистого убытка, скорректированный показатель EBITDA имущества не включает амортизацию или процентные расходы и, следовательно, не отражает текущие или будущие капитальные затраты или стоимость капитала. Мы в значительной степени используем денежные потоки, включая капитальные затраты, выплаты процентов, погашение основной суммы долга, налоги на прибыль и другие единовременные платежи, которые не отражаются в скорректированном показателе EBITDA имущества. Кроме того, наш расчет Скорректированной EBITDA от собственности может отличаться от методов расчета, используемых другими компаниями, и, следовательно, сопоставимость может быть ограниченной.
(2) "Скорректированный чистый убыток, относящийся к Wynn Resorts, Limited" - это чистый убыток, относящийся к Wynn Resorts, Limited, за вычетом расходов до открытия, расходов на имущество и прочего, изменения справедливой стоимости производных финансовых инструментов, убытка от погашения долга, переоценки в иностранной валюте и прочего, за вычетом неконтролирующих долей участия. Скорректированный чистый убыток, относящийся к Wynn Resorts, Limited, и скорректированный чистый убыток, относящийся к Wynn Resorts, Limited на разводненную акцию, представлены в качестве дополнительной информации к финансовым показателям в соответствии с GAAP, поскольку руководство считает, что эти финансовые показатели, не относящиеся к GAAP, широко используются для оценки эффективности и в качестве основной основы для оценки игровых компании. Эти показатели используются руководством и/или оцениваются некоторыми инвесторами в дополнение к чистым убыткам и убыткам на акцию, рассчитанным в соответствии с GAAP, в качестве дополнительной основы для оценки результатов нашей деятельности за период. Скорректированный чистый убыток, относящийся к Wynn Resorts, Limited, и скорректированный чистый убыток, относящийся к Wynn Resorts, Limited, на разводненную акцию могут отличаться от методов расчета, используемых другими компаниями, и, следовательно, сопоставимость может быть ограниченной.
Компания включила графики в таблицы, прилагаемые к этому релизу, которые сверяют (i) чистый убыток, относящийся к Wynn Resorts, ограниченный скорректированным чистым убытком, относящимся к Wynn Resorts, Ограниченный, (ii) операционный доход (убыток) с скорректированной EBITDA имущества, и (iii) чистый убыток, относящийся к Wynn Resorts, ограниченный Скорректированным Показатель EBITDA недвижимости.
Wynn Resorts, LIMITED AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
(in thousands, except per share data) |
|||||||
(unaudited) |
|||||||
|
|
||||||
|
Three Months Ended
|
||||||
|
2022 |
|
2021 |
||||
Operating revenues: |
|
|
|
||||
Casino |
$ |
489,862 |
|
|
$ |
516,218 |
|
Rooms |
|
170,376 |
|
|
|
76,190 |
|
Food and beverage |
|
174,020 |
|
|
|
68,509 |
|
Entertainment, retail and other |
|
119,076 |
|
|
|
75,765 |
|
Total operating revenues |
|
953,334 |
|
|
|
736,682 |
|
Operating expenses: |
|
|
|
||||
Casino |
|
324,079 |
|
|
|
351,966 |
|
Rooms |
|
58,715 |
|
|
|
33,535 |
|
Food and beverage |
|
146,656 |
|
|
|
73,948 |
|
Entertainment, retail and other |
|
88,904 |
|
|
|
73,459 |
|
General and administrative |
|
196,780 |
|
|
|
179,774 |
|
Provision for credit losses |
|
342 |
|
|
|
7,367 |
|
Pre-opening |
|
2,447 |
|
|
|
1,627 |
|
Depreciation and amortization |
|
184,556 |
|
|
|
185,121 |
|
Property charges and other |
|
45,720 |
|
|
|
5,617 |
|
Total operating expenses |
|
1,048,199 |
|
|
|
912,414 |
|
Operating loss |
|
(94,865 |
) |
|
|
(175,732 |
) |
Other income (expense): |
|
|
|
||||
Interest income |
|
1,280 |
|
|
|
904 |
|
Interest expense, net of amounts capitalized |
|
(152,158 |
) |
|
|
(152,852 |
) |
Change in derivatives fair value |
|
7,400 |
|
|
|
4,409 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
(1,322 |
) |
Other |
|
(15,127 |
) |
|
|
(11,093 |
) |
Other income (expense), net |
|
(158,605 |
) |
|
|
(159,954 |
) |
Loss before income taxes |
|
(253,470 |
) |
|
|
(335,686 |
) |
Provision for income taxes |
|
(1,140 |
) |
|
|
(493 |
) |
Net loss |
|
(254,610 |
) |
|
|
(336,179 |
) |
Less: net loss attributable to noncontrolling interests |
|
71,286 |
|
|
|
55,201 |
|
Net loss attributable to Wynn Resorts, Limited |
$ |
(183,324 |
) |
|
$ |
(280,978 |
) |
Basic and diluted net loss per common share: |
|
|
|
||||
Net loss attributable to Wynn Resorts, Limited: |
|||||||
Basic |
$ |
(1.59 |
) |
|
$ |
(2.53 |
) |
Diluted |
$ |
(1.59 |
) |
|
$ |
(2.53 |
) |
Weighted average common shares outstanding: |
|
|
|
||||
Basic |
|
115,030 |
|
|
|
111,020 |
|
Diluted |
|
115,030 |
|
|
|
111,020 |
|
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
|
||||||
|
2022 |
|
2021 |
||||
Net loss attributable to Wynn Resorts, Limited |
$ |
(183,324 |
) |
|
$ |
(280,978 |
) |
Pre-opening expenses |
|
2,447 |
|
|
|
1,627 |
|
Property charges and other |
|
45,720 |
|
|
|
5,617 |
|
Change in derivatives fair value |
|
(7,400 |
) |
|
|
(4,409 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
1,322 |
|
Foreign currency remeasurement and other |
|
15,127 |
|
|
|
11,093 |
|
Noncontrolling interests impact on adjustments |
|
(12,189 |
) |
|
|
(2,268 |
) |
Adjusted net loss attributable to Wynn Resorts, Limited |
$ |
(139,619 |
) |
|
$ |
(267,996 |
) |
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share |
$ |
(1.21 |
) |
|
$ |
(2.41 |
) |
|
|
|
|
||||
Weighted average common shares outstanding - diluted |
|
115,030 |
|
|
|
111,020 |
|
Wynn Resorts, LIMITED AND SUBSIDIARIES |
||||||||||||||||||||||||||
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA |
||||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||
|
Three Months Ended March 31, 2022 |
|||||||||||||||||||||||||
|
Operating
|
|
Pre-opening
|
|
Depreciation
|
|
Property
|
|
Management
|
|
Corporate
|
|
Stock-based
|
|
Adjusted
|
|||||||||||
Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Wynn Palace |
$ |
(59,501 |
) |
|
$ |
— |
|
$ |
50,462 |
|
$ |
138 |
|
$ |
5,185 |
|
|
$ |
1,543 |
|
$ |
1,309 |
|
$ |
(864 |
) |
Wynn Macau |
|
(34,816 |
) |
|
|
— |
|
|
20,022 |
|
|
1,469 |
|
|
4,324 |
|
|
|
1,678 |
|
|
2,641 |
|
|
(4,682 |
) |
Other Macau |
|
(3,947 |
) |
|
|
— |
|
|
977 |
|
|
1 |
|
|
— |
|
|
|
2,418 |
|
|
551 |
|
|
— |
|
Total Macau Operations |
|
(98,264 |
) |
|
|
— |
|
|
71,461 |
|
|
1,608 |
|
|
9,509 |
|
|
|
5,639 |
|
|
4,501 |
|
|
(5,546 |
) |
Las Vegas Operations |
|
82,930 |
|
|
|
1,397 |
|
|
45,602 |
|
|
1,322 |
|
|
21,027 |
|
|
|
5,414 |
|
|
1,686 |
|
|
159,378 |
|
Encore Boston Harbor |
|
2,189 |
|
|
|
— |
|
|
40,989 |
|
|
621 |
|
|
9,338 |
|
|
|
1,705 |
|
|
408 |
|
|
55,250 |
|
Wynn Interactive |
|
(105,035 |
) |
|
|
1,050 |
|
|
24,248 |
|
|
41,961 |
|
|
— |
|
|
|
2,427 |
|
|
3,848 |
|
|
(31,501 |
) |
Corporate and other |
|
23,315 |
|
|
|
— |
|
|
2,256 |
|
|
208 |
|
|
(39,874 |
) |
|
|
10,638 |
|
|
3,457 |
|
|
— |
|
Total |
$ |
(94,865 |
) |
|
$ |
2,447 |
|
$ |
184,556 |
|
$ |
45,720 |
|
$ |
— |
|
|
$ |
25,823 |
|
$ |
13,900 |
|
$ |
177,581 |
|
|
Three Months Ended March 31, 2021 |
|||||||||||||||||||||||||
|
Operating
|
|
Pre-opening
|
|
Depreciation
|
|
Property
|
|
Management
|
|
Corporate
|
|
Stock-based
|
|
Adjusted
|
|||||||||||
Macau Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Wynn Palace |
$ |
(54,788 |
) |
|
$ |
414 |
|
$ |
67,010 |
|
$ |
2,174 |
|
$ |
8,178 |
|
|
$ |
1,178 |
|
$ |
3,203 |
|
$ |
27,369 |
|
Wynn Macau |
|
(16,952 |
) |
|
|
— |
|
|
21,464 |
|
|
247 |
|
|
5,855 |
|
|
|
1,364 |
|
|
4,578 |
|
|
16,556 |
|
Other Macau |
|
(3,270 |
) |
|
|
— |
|
|
1,108 |
|
|
15 |
|
|
— |
|
|
|
1,543 |
|
|
604 |
|
|
— |
|
Total Macau Operations |
|
(75,010 |
) |
|
|
414 |
|
|
89,582 |
|
|
2,436 |
|
|
14,033 |
|
|
|
4,085 |
|
|
8,385 |
|
|
43,925 |
|
Las Vegas Operations |
|
(40,006 |
) |
|
|
511 |
|
|
48,103 |
|
|
2,427 |
|
|
8,608 |
|
|
|
5,414 |
|
|
3,024 |
|
|
28,081 |
|
Encore Boston Harbor |
|
(18,633 |
) |
|
|
— |
|
|
39,113 |
|
|
742 |
|
|
6,237 |
|
|
|
2,282 |
|
|
622 |
|
|
30,363 |
|
Wynn Interactive |
|
(54,758 |
) |
|
|
702 |
|
|
6,071 |
|
|
— |
|
|
— |
|
|
|
391 |
|
|
4,125 |
|
|
(43,469 |
) |
Corporate and other |
|
12,675 |
|
|
|
— |
|
|
2,252 |
|
|
12 |
|
|
(28,878 |
) |
|
|
5,749 |
|
|
8,190 |
|
|
— |
|
Total |
$ |
(175,732 |
) |
|
$ |
1,627 |
|
$ |
185,121 |
|
$ |
5,617 |
|
$ |
— |
|
|
$ |
17,921 |
|
$ |
24,346 |
|
$ |
58,900 |
|
Wynn Resorts, LIMITED AND SUBSIDIARIES |
|||||||
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO Wynn Resorts, LIMITED TO |
|||||||
ADJUSTED PROPERTY EBITDA |
|||||||
(in thousands) |
|||||||
(unaudited) |
|||||||
|
|
||||||
|
Three Months Ended
|
||||||
|
2022 |
|
2021 |
||||
Net loss attributable to Wynn Resorts, Limited |
$ |
(183,324 |
) |
|
$ |
(280,978 |
) |
Net loss attributable to noncontrolling interests |
|
(71,286 |
) |
|
|
(55,201 |
) |
Pre-opening expenses |
|
2,447 |
|
|
|
1,627 |
|
Depreciation and amortization |
|
184,556 |
|
|
|
185,121 |
|
Property charges and other |
|
45,720 |
|
|
|
5,617 |
|
Corporate expenses and other |
|
25,823 |
|
|
|
17,921 |
|
Stock-based compensation |
|
13,900 |
|
|
|
24,346 |
|
Interest income |
|
(1,280 |
) |
|
|
(904 |
) |
Interest expense, net of amounts capitalized |
|
152,158 |
|
|
|
152,852 |
|
Change in derivatives fair value |
|
(7,400 |
) |
|
|
(4,409 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
1,322 |
|
Other |
|
15,127 |
|
|
|
11,093 |
|
Provision for income taxes |
|
1,140 |
|
|
|
493 |
|
Adjusted Property EBITDA |
$ |
177,581 |
|
|
$ |
58,900 |
|
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
|
|
|
|||||||
|
2022 |
|
2021 |
|
Percent Change |
|||||
Wynn Palace Supplemental Information |
|
|
|
|
|
|||||
Operating revenues |
|
|
|
|
|
|||||
Casino |
$ |
114,413 |
|
|
$ |
185,909 |
|
|
(38.5 |
) |
Rooms |
|
13,831 |
|
|
|
17,012 |
|
|
(18.7 |
) |
Food and beverage |
|
11,443 |
|
|
|
11,672 |
|
|
(2.0 |
) |
Entertainment, retail and other |
|
23,638 |
|
|
|
22,733 |
|
|
4.0 |
|
Total |
$ |
163,325 |
|
|
$ |
237,326 |
|
|
(31.2 |
) |
|
|
|
|
|
|
|||||
Adjusted Property EBITDA (6) |
$ |
(864 |
) |
|
$ |
27,369 |
|
|
NM |
|
|
|
|
|
|
|
|||||
Casino Statistics: |
|
|
|
|
|
|||||
VIP: |
|
|
|
|
|
|||||
Average number of table games |
|
67 |
|
|
|
103 |
|
|
(35.0 |
) |
VIP turnover |
$ |
965,555 |
|
|
$ |
2,200,182 |
|
|
(56.1 |
) |
VIP table games win (1) |
$ |
19,753 |
|
|
$ |
96,456 |
|
|
(79.5 |
) |
VIP table games win as a % of turnover |
|
2.05 |
% |
|
|
4.38 |
% |
|
|
|
Table games win per unit per day |
$ |
3,280 |
|
|
$ |
10,375 |
|
|
(68.4 |
) |
Mass market: |
|
|
|
|
|
|||||
Average number of table games |
|
234 |
|
|
|
222 |
|
|
5.4 |
|
Table drop (2) |
$ |
531,859 |
|
|
$ |
607,518 |
|
|
(12.5 |
) |
Table games win (1) |
$ |
111,175 |
|
|
$ |
131,649 |
|
|
(15.6 |
) |
Table games win % |
|
20.9 |
% |
|
|
21.7 |
% |
|
|
|
Table games win per unit per day |
$ |
5,282 |
|
|
$ |
6,596 |
|
|
(19.9 |
) |
Average number of slot machines |
|
670 |
|
|
|
687 |
|
|
(2.5 |
) |
Slot machine handle |
$ |
250,930 |
|
|
$ |
358,772 |
|
|
(30.1 |
) |
Slot machine win (3) |
$ |
12,649 |
|
|
$ |
14,243 |
|
|
(11.2 |
) |
Slot machine win per unit per day |
$ |
210 |
|
|
$ |
230 |
|
|
(8.7 |
) |
Room statistics: |
|
|
|
|
|
|||||
Occupancy |
|
47.2 |
% |
|
|
60.4 |
% |
|
|
|
ADR (4) |
$ |
180 |
|
|
$ |
178 |
|
|
1.1 |
|
REVPAR (5) |
$ |
85 |
|
|
$ |
108 |
|
|
(21.3 |
) |
NM - Not meaningful. |
||||||||||
Note: The results of operations of Wynn Palace for the three months ended March 31, 2022 and 2021 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
|
|
|
|||||||
|
2022 |
|
2021 |
|
Percent Change |
|||||
Wynn Macau Supplemental Information |
|
|
|
|
|
|||||
Operating revenues |
|
|
|
|
|
|||||
Casino |
$ |
102,430 |
|
|
$ |
138,927 |
|
|
(26.3 |
) |
Rooms |
|
9,390 |
|
|
|
14,702 |
|
|
(36.1 |
) |
Food and beverage |
|
8,386 |
|
|
|
7,433 |
|
|
12.8 |
|
Entertainment, retail and other |
|
14,894 |
|
|
|
18,589 |
|
|
(19.9 |
) |
Total |
$ |
135,100 |
|
|
$ |
179,651 |
|
|
(24.8 |
) |
|
|
|
|
|
|
|||||
Adjusted Property EBITDA (6) |
$ |
(4,682 |
) |
|
$ |
16,556 |
|
|
NM |
|
|
|
|
|
|
|
|||||
Casino Statistics: |
|
|
|
|
|
|||||
VIP: |
|
|
|
|
|
|||||
Average number of table games |
|
35 |
|
|
|
90 |
|
|
(61.1 |
) |
VIP turnover |
$ |
887,051 |
|
|
$ |
1,804,382 |
|
|
(50.8 |
) |
VIP table games win (1) |
$ |
34,029 |
|
|
$ |
58,635 |
|
|
(42.0 |
) |
VIP table games win as a % of turnover |
|
3.84 |
% |
|
|
3.25 |
% |
|
|
|
Table games win per unit per day |
$ |
10,823 |
|
|
$ |
7,239 |
|
|
49.5 |
|
Mass market: |
|
|
|
|
|
|||||
Average number of table games |
|
248 |
|
|
|
240 |
|
|
3.3 |
|
Table drop (2) |
$ |
469,138 |
|
|
$ |
590,890 |
|
|
(20.6 |
) |
Table games win (1) |
$ |
82,259 |
|
|
$ |
105,183 |
|
|
(21.8 |
) |
Table games win % |
|
17.5 |
% |
|
|
17.8 |
% |
|
|
|
Table games win per unit per day |
$ |
3,680 |
|
|
$ |
4,871 |
|
|
(24.5 |
) |
Average number of slot machines |
|
585 |
|
|
|
569 |
|
|
2.8 |
|
Slot machine handle |
$ |
283,539 |
|
|
$ |
301,271 |
|
|
(5.9 |
) |
Slot machine win (3) |
$ |
10,611 |
|
|
$ |
10,208 |
|
|
3.9 |
|
Slot machine win per unit per day |
$ |
201 |
|
|
$ |
199 |
|
|
1.0 |
|
Room statistics: |
|
|
|
|
|
|||||
Occupancy |
|
49.8 |
% |
|
|
60.8 |
% |
|
|
|
ADR (4) |
$ |
188 |
|
|
$ |
242 |
|
|
(22.3 |
) |
REVPAR (5) |
$ |
94 |
|
|
$ |
147 |
|
|
(36.1 |
) |
NM - Not meaningful. |
||||||||||
Note: The results of operations of Wynn Macau for the three months ended March 31, 2022 and 2021 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
|
|
|
||||||
|
2022 |
|
2021 |
|
Percent Change |
||||
Las Vegas Operations Supplemental Information |
|
|
|
|
|
||||
Operating revenues |
|
|
|
|
|
||||
Casino |
$ |
124,271 |
|
|
$ |
79,903 |
|
|
55.5 |
Rooms |
|
131,466 |
|
|
|
39,761 |
|
|
230.6 |
Food and beverage |
|
136,029 |
|
|
|
40,077 |
|
|
239.4 |
Entertainment, retail and other |
|
49,420 |
|
|
|
18,975 |
|
|
160.4 |
Total |
$ |
441,186 |
|
|
$ |
178,716 |
|
|
146.9 |
|
|
|
|
|
|
||||
Adjusted Property EBITDA (6) |
$ |
159,378 |
|
|
$ |
28,081 |
|
|
467.6 |
|
|
|
|
|
|
||||
Casino Statistics: |
|
|
|
|
|
||||
Average number of table games |
|
228 |
|
|
|
172 |
|
|
32.6 |
Table drop (2) |
$ |
547,916 |
|
|
$ |
324,531 |
|
|
68.8 |
Table games win (1) |
$ |
129,164 |
|
|
$ |
76,653 |
|
|
68.5 |
Table games win % |
|
23.6 |
% |
|
|
23.6 |
% |
|
|
Table games win per unit per day |
$ |
6,300 |
|
|
$ |
4,957 |
|
|
27.1 |
Average number of slot machines |
|
1,728 |
|
|
|
1,547 |
|
|
11.7 |
Slot machine handle |
$ |
1,177,985 |
|
|
$ |
791,260 |
|
|
48.9 |
Slot machine win (3) |
$ |
80,831 |
|
|
$ |
50,489 |
|
|
60.1 |
Slot machine win per unit per day |
$ |
520 |
|
|
$ |
363 |
|
|
43.3 |
Poker rake |
$ |
3,861 |
|
|
$ |
1,867 |
|
|
106.8 |
Room statistics: |
|
|
|
|
|
||||
Occupancy |
|
76.9 |
% |
|
|
35.3 |
% |
|
|
ADR (4) |
$ |
432 |
|
|
$ |
331 |
|
|
30.5 |
REVPAR (5) |
$ |
333 |
|
|
$ |
117 |
|
|
184.6 |
Note: The results of our Las Vegas Operations for the three months ended March 31, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications. |
Wynn Resorts, LIMITED AND SUBSIDIARIES |
||||||||||
SUPPLEMENTAL DATA SCHEDULE |
||||||||||
(dollars in thousands, except for win per unit per day, ADR, and REVPAR) |
||||||||||
(unaudited) (continued) |
||||||||||
|
|
|
|
|||||||
|
Three Months Ended March 31, |
|
|
|||||||
|
2022 |
|
2021 |
|
Percent Change |
|||||
Encore Boston Harbor Supplemental Information |
|
|
|
|
|
|||||
Operating revenues |
|
|
|
|
|
|||||
Casino |
$ |
148,748 |
|
|
$ |
111,479 |
|
|
33.4 |
|
Rooms |
|
15,689 |
|
|
|
4,715 |
|
|
232.7 |
|
Food and beverage |
|
18,162 |
|
|
|
9,327 |
|
|
94.7 |
|
Entertainment, retail and other |
|
8,197 |
|
|
|
4,569 |
|
|
79.4 |
|
Total |
$ |
190,796 |
|
|
$ |
130,090 |
|
|
46.7 |
|
|
|
|
|
|
|
|||||
Adjusted Property EBITDA (6) |
$ |
55,250 |
|
|
$ |
30,363 |
|
|
82.0 |
|
|
|
|
|
|
|
|||||
Casino Statistics: |
|
|
|
|
|
|||||
Average number of table games |
|
184 |
|
|
|
199 |
|
|
(7.5 |
) |
Table drop (2) |
$ |
346,195 |
|
|
$ |
234,562 |
|
|
47.6 |
|
Table games win (1) |
$ |
76,792 |
|
|
$ |
49,377 |
|
|
55.5 |
|
Table games win % |
|
22.2 |
% |
|
|
21.1 |
% |
|
|
|
Table games win per unit per day |
$ |
4,637 |
|
|
$ |
2,752 |
|
|
68.5 |
|
Average number of slot machines |
|
2,776 |
|
|
|
1,889 |
|
|
47.0 |
|
Slot machine handle |
$ |
1,183,314 |
|
|
$ |
913,795 |
|
|
29.5 |
|
Slot machine win (3) |
$ |
95,296 |
|
|
$ |
74,820 |
|
|
27.4 |
|
Slot machine win per unit per day |
$ |
381 |
|
|
$ |
440 |
|
|
(13.4 |
) |
Poker rake |
$ |
784 |
|
|
$ |
— |
|
|
— |
|
Room statistics: |
|
|
|
|
|
|||||
Occupancy |
|
80.5 |
% |
|
|
71.0 |
% |
|
|
|
ADR (4) |
$ |
324 |
|
|
$ |
276 |
|
|
17.4 |
|
REVPAR (5) |
$ |
261 |
|
|
$ |
196 |
|
|
33.2 |
|
Note: The results of Encore Boston Harbor for the three months ended March 31, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications. Encore Boston Harbor's room statistics have been computed based on 36 days of operations for the three months ended March 31, 2021, representing the actual number of days the hotel was open. |
(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. |