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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wynn Resorts Ltd | NASDAQ:WYNN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.9835 | -1.02% | 95.6165 | 95.80 | 95.97 | 96.895 | 95.25 | 96.25 | 1,419,971 | 00:57:36 |
Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the fourth quarter and year ended December 31, 2019.
Operating revenues were $1.65 billion for the fourth quarter of 2019, a decrease of 2.0%, or $34.1 million, from $1.69 billion for the fourth quarter of 2018. Net loss attributable to Wynn Resorts, Limited was $72.9 million, or $0.68 per diluted share, for the fourth quarter of 2019, compared to net income attributable to Wynn Resorts, Limited of $464.9 million, or $4.31 per diluted share, in the fourth quarter of 2018 (which included a net tax benefit of $390.9 million related to U.S. tax reform).
"We delivered solid financial results in the fourth quarter of 2019, growing Adjusted Property EBITDA nearly 12% sequentially compared to the third quarter," said Matt Maddox, CEO of Wynn Resorts, Limited. "In Macau, the investments we have made position us well to compete in any market environment, supported by another quarter of record mass table win. Our strategy at Wynn Las Vegas is producing results, driving year-over-year volume growth in our domestic gaming business, along with 3% growth in RevPAR. Encore Boston Harbor continues to ramp nearly doubling its Adjusted Property EBITDA sequentially and we remain excited by the opportunity to drive growth at the property over the next several years."
"It was also a successful quarter on the development front as we made significant progress rolling out the industry’s leading global growth pipeline. In November, we launched key portions of the new Lakeside Casino at Wynn Macau, further solidifying the property as the peninsula's marquee integrated resort. In Las Vegas, construction on our 430,000 square foot meeting and convention expansion is complete and we are gearing up to welcome our first groups to the new space. We are excited about the outlook for the Company and we will continue to focus on leveraging our premium-focused business model to drive long-term returns for shareholders."
Consolidated Results
Operating revenues were $1.65 billion for the fourth quarter of 2019, a decrease of 2.0%, or $34.1 million, from $1.69 billion for the fourth quarter of 2018. Operating revenues decreased $150.6 million, $28.0 million, and $24.9 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, from the fourth quarter of 2018 to 2019. The decrease in operating revenues at Wynn Palace, Wynn Macau, and our Las Vegas Operations was partially offset by operating revenues from Encore Boston Harbor of $169.3 million.
On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $72.9 million, or $0.68 per diluted share, for the fourth quarter of 2019, compared to net income attributable to Wynn Resorts, Limited of $464.9 million, or $4.31 per diluted share, in the fourth quarter of 2018. Our fourth quarter 2019 results included a net tax provision of $157.4 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Our fourth quarter 2018 results included a net tax benefit of $390.9 million recorded in connection with U.S. tax reform. Adjusted net loss attributable to Wynn Resorts, Limited (1) was $65.6 million, or $0.62 per diluted share, for the fourth quarter of 2019, compared to adjusted net income attributable to Wynn Resorts, Limited of $102.2 million, or $0.95 per diluted share, for the fourth quarter of 2018.
Adjusted Property EBITDA (2) was $443.1 million for the fourth quarter of 2019, a decrease of 11.3%, or $56.3 million, from $499.4 million for the fourth quarter of 2018. Adjusted Property EBITDA decreased $49.0 million and $25.1 million at Wynn Palace and our Las Vegas Operations, respectively, and increased $2.5 million at Wynn Macau. Adjusted Property EBITDA from Encore Boston Harbor was $15.3 million.
For the year ended December 31, 2019, operating revenues decreased 1.6%, or $106.6 million, to $6.61 billion, compared to $6.72 billion in the year ended December 31, 2018. Operating revenues decreased $213.9 million, $224.5 million, and $32.1 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively. The decrease in operating revenues at Wynn Palace, Wynn Macau, and our Las Vegas Operations was partially offset by operating revenues from Encore Boston Harbor of $363.9 million.
GAAP net income attributable to Wynn Resorts, Limited was $123.0 million, or $1.15 per diluted share in 2019, compared to $572.4 million, or $5.35 per diluted share in the year ended December 31, 2018. Our 2019 results included a net tax provision of $176.8 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Our 2018 results included a net tax benefit of $390.9 million recorded in connection with U.S. tax reform. Adjusted net income attributable to Wynn Resorts, Limited was $279.5 million, or $2.61 per diluted share, in 2019, compared to $687.7 million, or $6.43 per diluted share, in the year ended December 31, 2018.
Full year Adjusted Property EBITDA decreased 11.2%, or $229.0 million, to $1.82 billion, compared to $2.04 billion in the year ended December 31, 2018. Adjusted Property EBITDA decreased $114.4 million, $84.4 million and $53.4 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively. Adjusted Property EBITDA at Encore Boston Harbor was $23.2 million.
Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $1.00 per share, payable on March 6, 2020 to stockholders of record as of February 26, 2020.
Property Results
Wynn Palace
Operating revenues from Wynn Palace were $590.0 million for the fourth quarter of 2019, a 20.3% decrease from $740.6 million for the fourth quarter of 2018. Adjusted Property EBITDA from Wynn Palace was $177.6 million for the fourth quarter of 2019, a 21.6% decrease from $226.6 million for the fourth quarter of 2018. VIP table games win as a percentage of turnover was 3.07%, slightly above the expected range of 2.7% to 3.0% and below the 3.25% experienced in the fourth quarter of 2018. Table games win percentage in mass market operations was 25.2%, above the 23.6% experienced in the fourth quarter of 2018.
Wynn Macau
Operating revenues from Wynn Macau were $525.4 million for the fourth quarter of 2019, a 5.1% decrease from $553.4 million for the fourth quarter of 2018. Adjusted Property EBITDA was $170.1 million for the fourth quarter of 2019, a 1.5% increase from $167.6 million for the fourth quarter of 2018. VIP table games win as a percentage of turnover was 3.27%, above the expected range of 2.7% to 3.0% and above the 2.86% experienced in the fourth quarter of 2018. Table games win percentage in mass market operations was 20.3%, consistent with the 20.3% experienced in the fourth quarter of 2018.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $368.8 million for the fourth quarter of 2019, a 6.3% decrease from $393.6 million for the fourth quarter of 2018. Adjusted Property EBITDA from our Las Vegas Operations was $80.1 million, a 23.8% decrease from $105.2 million for the fourth quarter of 2018. Table games win percentage was 17.4%, below the property's expected range of 22% to 26% and below the 22.4% experienced in the fourth quarter of 2018.
Encore Boston Harbor
On June 23, 2019, the Company opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts. For the fourth quarter of 2019, Encore Boston Harbor's operating revenues were $169.3 million and Adjusted Property EBITDA was $15.3 million. Table games win percentage was 19.2%, within the property's expected range of 16% to 20%.
Development Projects
In February 2020, we are opening our meeting and convention expansion at Wynn Las Vegas. Once open, the space will feature approximately 217,000 square feet of incremental state-of-the-art meeting and convention space (430,000 square feet of gross space), which will nearly double our group footprint in Las Vegas. We estimate the total project budget, including the redesigned golf course that reopened in October 2019, to be approximately $425 million. As of December 31, 2019, we have incurred $351.3 million in total project costs.
Balance Sheet
Our cash and cash equivalents and restricted cash as of December 31, 2019 totaled $2.36 billion and was comprised of $1.81 billion at Wynn Macau, Limited and its subsidiaries, $125.8 million at Wynn Resorts Finance, LLC (excluding Wynn Macau, Limited and its subsidiaries), and $419.3 million at Wynn Resorts and other.
As previously disclosed, on December 17, 2019, Wynn Macau, Limited ("WML") issued $1.0 billion aggregate principal amount of 5 1/8% Senior Notes due 2029 (the "2029 WML Notes"). WML intends to use the net proceeds from the 2029 WML Notes to facilitate the repayment of a portion of the amounts outstanding under the Wynn Macau Term Loan.
Total current and long-term debt outstanding at December 31, 2019 was $10.4 billion, comprised of $4.96 billion of Macau-related debt (inclusive of $1.0 billion of Wynn Macau Term Loan we anticipate we will repay in connection with the issuance of the 2029 WML Notes), $3.11 billion of Wynn Las Vegas debt, $1.72 billion of Wynn Resorts Finance debt, and $611.7 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 February 6, 2020 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 March 20, 2020, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2019 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, 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, 2019 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.
Non-GAAP Financial Measures
(1) "Adjusted net income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before litigation settlement expense, nonrecurring regulatory expense, pre-opening expenses, property charges and other, change in derivatives fair value, change in Redemption Note fair value, (loss) gain on extinguishment of debt, foreign currency remeasurement gain (loss), the impact from the enactment of U.S. tax reform, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income (loss) attributable to Wynn Resorts, Limited and adjusted net income (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 income (loss) attributable to Wynn Resorts, Limited and adjusted net income (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.
(2) "Adjusted Property EBITDA" is net income (loss) before interest, income taxes, depreciation and amortization, litigation settlement expense, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course and water rights leases), stock-based compensation, (loss) gain on extinguishment of debt, change in derivatives fair value, change in Redemption Note fair value 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. The Company also presents 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 Wynn Resorts, Limited, have historically excluded from their EBITDA calculations pre-opening 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 the Company's 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 (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. The Company has 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, Wynn Resorts' calculation of Adjusted Property EBITDA 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 income (loss) attributable to Wynn Resorts, Limited to adjusted net income (loss) attributable to Wynn Resorts, Limited, (ii) operating income to Adjusted Property EBITDA, and (iii) net income (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 December 31,
Twelve Months Ended December 31,
2019
2018
2019
2018
Operating revenues:
Casino
$
1,137,956
$
1,220,795
$
4,573,924
$
4,784,990
Rooms
208,209
192,395
804,162
751,800
Food and beverage
199,073
173,165
818,822
754,128
Entertainment, retail and other
108,221
101,231
414,191
426,742
Total operating revenues
1,653,459
1,687,586
6,611,099
6,717,660
Operating expenses:
Casino
726,504
782,141
2,924,254
3,036,907
Rooms
71,053
64,712
276,095
254,549
Food and beverage
168,996
143,441
696,498
611,706
Entertainment, retail and other
40,570
44,466
170,206
183,113
General and administrative
230,682
215,872
896,670
761,415
Litigation settlement
—
—
—
463,557
Provision for doubtful accounts
8,859
3,941
21,898
6,527
Pre-opening
2,797
18,235
102,009
53,490
Depreciation and amortization
175,054
138,911
624,878
550,596
Property charges and other
2,366
29,584
20,286
60,256
Total operating expenses
1,426,881
1,441,303
5,732,794
5,982,116
Operating income
226,578
246,283
878,305
735,544
Other income (expense):
Interest income
4,470
8,837
24,449
29,866
Interest expense, net of amounts capitalized
(113,049
)
(100,717
)
(414,030
)
(381,849
)
Change in derivatives fair value
3,686
(4,466
)
(3,228
)
(4,520
)
Change in Redemption Note fair value
—
—
—
(69,331
)
(Loss) gain on extinguishment of debt
(241
)
(2,027
)
(12,437
)
104
Other
18,505
(5,113
)
15,159
(4,074
)
Other income (expense), net
(86,629
)
(103,486
)
(390,087
)
(429,804
)
Income before income taxes
139,949
142,797
488,218
305,740
(Provision) benefit for income taxes
(157,419
)
372,713
(176,840
)
497,344
Net income (loss)
(17,470
)
515,510
311,378
803,084
Less: net income attributable to noncontrolling interests
(55,472
)
(50,644
)
(188,393
)
(230,654
)
Net income (loss) attributable to Wynn Resorts, Limited
$
(72,942
)
$
464,866
$
122,985
$
572,430
Basic and diluted income per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic
$
(0.68
)
$
4.32
$
1.15
$
5.37
Diluted
$
(0.68
)
$
4.31
$
1.15
$
5.35
Weighted average common shares outstanding:
Basic
106,608
107,619
106,745
106,529
Diluted
106,608
107,974
106,985
107,032
Dividends declared per common share:
$
1.00
$
0.75
$
3.75
$
2.75
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2019
2018
2019
2018
Net income (loss) attributable to Wynn Resorts, Limited
$
(72,942
)
$
464,866
$
122,985
$
572,430
Litigation settlement expense
—
—
—
463,557
Nonrecurring regulatory expense
—
—
35,000
—
Pre-opening expenses
2,797
18,235
102,009
53,490
Property charges and other
2,366
29,584
20,286
60,256
Change in derivatives fair value
(3,686
)
4,466
3,228
4,520
Change in Redemption Note fair value
—
—
—
69,331
Loss (gain) on extinguishment of debt
241
2,027
12,437
(104
)
Foreign currency remeasurement (gain) loss
(18,505
)
5,113
(15,159
)
4,074
Income tax impact on adjustments
17,445
(23,599
)
(1,549
)
(137,975
)
Impact of U.S. tax reform
—
(390,902
)
—
(390,902
)
Noncontrolling interests impact on adjustments
6,714
(7,568
)
226
(10,961
)
Adjusted net income (loss) income attributable to Wynn Resorts, Limited
$
(65,570
)
$
102,222
$
279,463
$
687,716
Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share
$
(0.62
)
$
0.95
$
2.61
$
6.43
Weighted average common shares outstanding - diluted
106,608
107,974
106,985
107,032
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited)
Three Months Ended December 31, 2019
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
$
88,303
$
—
$
66,337
$
(466
)
$
20,853
$
1,392
$
1,198
$
177,617
Wynn Macau
123,161
1,699
23,601
(234
)
18,475
1,536
1,848
170,086
Other Macau
(3,547
)
—
1,115
5
—
2,162
265
—
Total Macau Operations
207,917
1,699
91,053
(695
)
39,328
5,090
3,311
347,703
Las Vegas Operations
6,596
166
44,471
4,886
17,610
5,087
1,323
80,139
Encore Boston Harbor
(34,146
)
—
36,752
—
8,346
2,618
1,690
15,260
Corporate and other
46,211
932
2,778
(1,825
)
(65,284
)
13,584
3,604
—
Total
$
226,578
$
2,797
$
175,054
$
2,366
$
—
$
26,379
$
9,928
$
443,102
Three Months Ended December 31, 2018
Operating income (loss)
Pre-opening expenses
Depreciation and amortization
Property charges and other
Management and license fees
Corporate expenses and other
Stock-based compensation
Adjusted Property EBITDA
Macau Operations:
Wynn Palace
$
129,228
$
—
$
66,037
$
708
$
27,977
$
1,639
$
996
$
226,585
Wynn Macau
114,310
—
21,699
7,020
20,993
1,822
1,716
167,560
Other Macau
(3,117
)
—
1,114
11
—
1,821
171
—
Total Macau Operations
240,421
—
88,850
7,739
48,970
5,282
2,883
394,145
Las Vegas Operations
24,159
452
46,795
10,054
18,644
4,282
836
105,222
Encore Boston Harbor
(26,658
)
17,508
1,189
14
4,500
3,447
—
—
Corporate and other
8,361
275
2,077
11,777
(72,114
)
45,117
4,507
—
Total
$
246,283
$
18,235
$
138,911
$
29,584
$
—
$
58,128
$
8,226
$
499,367
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) (continued)
Twelve Months Ended December 31, 2019
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
$
359,286
$
—
$
264,758
$
1,000
$
94,111
$
5,583
$
4,797
$
729,535
Wynn Macau
461,821
2,224
90,448
4,860
74,076
6,515
8,893
648,837
Other Macau
(15,586
)
—
4,465
23
—
10,023
1,075
—
Total Macau Operations
805,521
2,224
359,671
5,883
168,187
22,121
14,765
1,378,372
Las Vegas Operations
123,306
249
177,509
14,241
76,520
16,215
5,846
413,886
Encore Boston Harbor
(195,589
)
96,649
78,378
25
26,731
14,524
2,432
23,150
Corporate and other
145,067
2,887
9,320
137
(271,438
)
97,368
16,659
—
Total
$
878,305
$
102,009
$
624,878
$
20,286
$
—
$
150,228
$
39,702
$
1,815,408
Twelve Months Ended December 31, 2018
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
$
459,336
$
—
$
259,898
$
9,830
$
103,765
$
6,732
$
4,341
$
843,902
Wynn Macau
532,377
—
87,293
11,574
87,135
7,717
7,142
733,238
Other Macau
(13,410
)
—
4,429
82
—
8,189
710
—
Total Macau Operations
978,303
—
351,620
21,486
190,900
22,638
12,193
1,577,140
Las Vegas Operations
170,007
460
186,758
14,886
77,537
14,134
3,491
467,273
Encore Boston Harbor
(81,398
)
51,598
2,470
104
18,000
9,226
—
—
Corporate and other
(331,368
)
1,432
9,748
23,780
(286,437
)
562,038
20,807
—
Total
$
735,544
$
53,490
$
550,596
$
60,256
$
—
$
608,036
$
36,491
$
2,044,413
(1)
Corporate expenses and other includes litigation settlement expense of $463.6 million in the first quarter of 2018.
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2019
2018
2019
2018
Net income (loss) attributable to Wynn Resorts, Limited
$
(72,942
)
$
464,866
$
122,985
$
572,430
Net income attributable to noncontrolling interests
55,472
50,644
188,393
230,654
Litigation settlement expense
—
—
—
463,557
Pre-opening expenses
2,797
18,235
102,009
53,490
Depreciation and amortization
175,054
138,911
624,878
550,596
Property charges and other
2,366
29,584
20,286
60,256
Corporate expenses and other
26,379
58,128
150,228
144,479
Stock-based compensation
9,928
8,226
39,702
36,491
Interest income
(4,470
)
(8,837
)
(24,449
)
(29,866
)
Interest expense, net of amounts capitalized
113,049
100,717
414,030
381,849
Change in derivatives fair value
(3,686
)
4,466
3,228
4,520
Change in Redemption Note fair value
—
—
—
69,331
Loss (gain) on extinguishment of debt
241
2,027
12,437
(104
)
Other
(18,505
)
5,113
(15,159
)
4,074
Provision (benefit) for income taxes
157,419
(372,713
)
176,840
(497,344
)
Adjusted Property EBITDA
$
443,102
$
499,367
$
1,815,408
$
2,044,413
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 December 31,
Twelve Months Ended December 31,
2019
2018
Percent Change
2019
2018
Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino
$
490,379
$
636,949
(23.0
)
$
2,139,756
$
2,356,022
(9.2
)
Rooms
43,194
44,606
(3.2
)
174,576
170,067
2.7
Food and beverage
29,685
30,119
(1.4
)
117,376
110,638
6.1
Entertainment, retail and other
26,727
28,888
(7.5
)
111,986
120,839
(7.3
)
Total
$
589,985
$
740,562
(20.3
)
$
2,543,694
$
2,757,566
(7.8
)
Adjusted Property EBITDA (6)
$
177,617
$
226,585
(21.6
)
$
729,535
$
843,902
(13.6
)
Casino Statistics:
VIP:
Average number of table games
104
114
(8.8
)
109
114
(4.4
)
VIP turnover
$
9,314,053
$
16,156,992
(42.4
)
$
45,847,647
$
61,097,527
(25.0
)
VIP table games win (1)
$
286,355
$
525,898
(45.5
)
$
1,519,225
$
1,874,189
(18.9
)
VIP table games win as a % of turnover
3.07
%
3.25
%
3.31
%
3.07
%
Table games win per unit per day
$
29,897
$
50,057
(40.3
)
$
38,224
$
45,006
(15.1
)
Mass market:
Average number of table games
222
208
6.7
216
209
3.3
Table drop (2)
$
1,252,993
$
1,300,388
(3.6
)
$
5,122,897
$
4,926,347
4.0
Table games win (1)
$
315,423
$
307,368
2.6
$
1,251,920
$
1,206,244
3.8
Table games win %
25.2
%
23.6
%
24.4
%
24.5
%
Table games win per unit per day
$
15,421
$
16,084
(4.1
)
$
15,902
$
15,834
0.4
Average number of slot machines
940
1,074
(12.5
)
1,054
1,065
(1.0
)
Slot machine handle
$
1,031,988
$
1,011,482
2.0
$
3,918,554
$
3,933,064
(0.4
)
Slot machine win (3)
$
53,110
$
57,575
(7.8
)
$
195,367
$
203,568
(4.0
)
Slot machine win per unit per day
$
614
$
583
5.3
$
508
$
524
(3.1
)
Room statistics:
Occupancy
96.9
%
97.2
%
97.2
%
96.5
%
ADR (4)
$
268
$
277
(3.2
)
$
269
$
265
1.5
REVPAR (5)
$
260
$
269
(3.3
)
$
262
$
255
2.7
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 December 31,
Twelve Months Ended December 31,
2019
2018
Percent Change
2019
2018
Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino
$
455,943
$
479,027
(4.8
)
$
1,796,209
$
1,994,885
(10.0
)
Rooms
28,316
29,919
(5.4
)
110,387
113,495
(2.7
)
Food and beverage
20,888
21,176
(1.4
)
81,576
76,369
6.8
Entertainment, retail and other
20,236
23,259
(13.0
)
81,857
109,776
(25.4
)
Total
$
525,383
$
553,381
(5.1
)
$
2,070,029
$
2,294,525
(9.8
)
Adjusted Property EBITDA (6)
$
170,086
$
167,560
1.5
$
648,837
$
733,238
(11.5
)
Casino Statistics:
VIP:
Average number of table games
99
111
(10.8
)
106
111
(4.5
)
VIP turnover
$
7,931,833
$
12,776,758
(37.9
)
$
35,426,483
$
57,759,607
(38.7
)
VIP table games win (1)
$
259,729
$
364,783
(28.8
)
$
1,081,934
$
1,588,002
(31.9
)
VIP table games win as a % of turnover
3.27
%
2.86
%
3.05
%
2.75
%
Table games win per unit per day
$
28,617
$
35,851
(20.2
)
$
27,864
$
39,113
(28.8
)
Mass market:
Average number of table games
213
205
3.9
207
203
2.0
Table drop (2)
$
1,391,906
$
1,258,696
10.6
$
5,410,439
$
5,058,332
7.0
Table games win (1)
$
283,172
$
255,736
10.7
$
1,099,353
$
1,014,484
8.4
Table games win %
20.3
%
20.3
%
20.3
%
20.1
%
Table games win per unit per day
$
14,425
$
13,554
6.4
$
14,519
$
13,698
6.0
Average number of slot machines
790
805
(1.9
)
807
877
(8.0
)
Slot machine handle
$
825,763
$
878,393
(6.0
)
$
3,545,899
$
3,740,096
(5.2
)
Slot machine win (3)
$
42,669
$
44,424
(4.0
)
$
170,358
$
161,384
5.6
Slot machine win per unit per day
$
587
$
600
(2.2
)
$
578
$
504
14.7
Room statistics:
Occupancy
99.3
%
99.3
%
99.2
%
99.2
%
ADR (4)
$
291
$
294
(1.0
)
$
286
$
283
1.1
REVPAR (5)
$
289
$
292
(1.0
)
$
284
$
281
1.1
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 December 31,
Twelve Months Ended December 31,
2019
2018
Percent Change
2019
2018
Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino
$
75,665
$
104,819
(27.8
)
$
394,104
$
434,083
(9.2
)
Rooms
120,340
117,870
2.1
483,055
468,238
3.2
Food and beverage
120,257
121,872
(1.3
)
558,782
567,121
(1.5
)
Entertainment, retail and other
52,514
49,083
7.0
197,516
196,127
0.7
Total
$
368,776
$
393,644
(6.3
)
$
1,633,457
$
1,665,569
(1.9
)
Adjusted Property EBITDA (6)
$
80,139
$
105,222
(23.8
)
$
413,886
$
467,273
(11.4
)
Casino Statistics:
Average number of table games
232
236
(1.7
)
236
237
(0.4
)
Table drop (2)
$
414,451
$
508,472
(18.5
)
$
1,690,132
$
1,852,816
(8.8
)
Table games win (1)
$
71,935
$
113,892
(36.8
)
$
395,439
$
456,021
(13.3
)
Table games win %
17.4
%
22.4
%
23.4
%
24.6
%
Table games win per unit per day
$
3,364
$
5,237
(35.8
)
$
4,581
$
5,282
(13.3
)
Average number of slot machines
1,773
1,815
(2.3
)
1,788
1,822
(1.9
)
Slot machine handle
$
942,940
$
904,385
4.3
$
3,427,820
$
3,237,085
5.9
Slot machine win (3)
$
63,106
$
58,407
8.0
$
230,954
$
213,025
8.4
Slot machine win per unit per day
$
387
$
350
10.6
$
354
$
320
10.6
Room statistics:
Occupancy
89.4
%
88.6
%
87.5
%
87.5
%
ADR (4)
$
322
$
315
2.2
$
325
$
314
3.5
REVPAR (5)
$
288
$
279
3.2
$
284
$
274
3.6
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 December 31,
Twelve Months Ended December 31,
2019
2018
Percent Change
2019
2018
Percent Change
Encore Boston Harbor Supplemental Information (7)
Operating revenues
Casino
$
115,969
$
—
—
$
243,855
$
—
—
Rooms
16,359
—
—
36,144
—
—
Food and beverage
28,243
—
—
61,088
—
—
Entertainment, retail and other
8,744
—
—
22,832
—
—
Total
$
169,315
$
—
—
$
363,919
$
—
—
Adjusted Property EBITDA (6)
$
15,260
$
—
—
$
23,150
$
—
—
Casino Statistics:
Average number of table games
160
—
—
152
—
—
Table drop (2)
$
362,696
$
—
—
$
778,898
$
—
—
Table games win (1)
$
69,766
$
—
—
$
151,247
$
—
—
Table games win %
19.2
%
—
%
19.4
%
—
%
Table games win per unit per day
$
4,726
$
—
—
$
5,178
$
—
—
Average number of slot machines
2,933
—
—
3,023
—
—
Slot machine handle
$
856,446
$
—
—
$
1,847,080
$
—
—
Slot machine win (3)
$
67,383
$
—
—
$
138,264
$
—
—
Slot machine win per unit per day
$
250
$
—
—
$
238
$
—
—
Room statistics:
Occupancy
76.0
%
—
%
72.6
%
—
%
ADR (4)
$
352
$
—
—
$
391
$
—
—
REVPAR (5)
$
267
$
—
—
$
284
$
—
—
(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 Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.
(7)
Encore Boston Harbor opened on June 23, 2019.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200206005831/en/
Vincent Zahn 702-770-7555 investorrelations@wynnresorts.com
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