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Wynn Resorts, Limited Reports Third Quarter 2021 Results

Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today 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.

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, 2021 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 12, 2021, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 2021 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 recent global pandemic of COVID-19, caused by a novel strain of the coronavirus, and the continued impact of its consequences, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, 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, 2020 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. 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 income, 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 and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. 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 income (loss) and earnings 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,

 

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

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