Wynn Resorts, Limited Reports Third Quarter 2024 Results

Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2024.

Operating revenues were $1.69 billion for the third quarter of 2024, an increase of $21.4 million from $1.67 billion for the third quarter of 2023. Net loss attributable to Wynn Resorts, Limited was $32.1 million for the third quarter of 2024, compared to net loss attributable to Wynn Resorts, Limited of $116.7 million for the third quarter of 2023. Diluted net loss per share was $0.29 for the third quarter of 2024, compared to diluted net loss per share of $1.03 for the third quarter of 2023. Adjusted Property EBITDAR(1) was $527.7 million for the third quarter of 2024, compared to Adjusted Property EBITDAR of $530.4 million for the third quarter of 2023.

"Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets," said Craig Billings, CEO of Wynn Resorts, Limited. "Importantly, we are also continuing to invest in growing the business with construction on Wynn Al Marjan Island rapidly advancing. We are confident the resort will be a 'must see' tourism destination in the UAE and expect that it will support strong long-term free cash flow growth. At the same time, we continue to increase the return of capital to shareholders through our recurring dividend and opportunistic share repurchases. To that end, we are pleased to announce that the Board has increased our share repurchase authorization to $1 billion. We are excited about the outlook for the Company, and we will continue to focus on driving long-term returns for shareholders."

Consolidated Results

Operating revenues were $1.69 billion for the third quarter of 2024, an increase of $21.4 million from $1.67 billion for the third quarter of 2023. For the third quarter of 2024, operating revenues increased $56.9 million and $3.7 million at Wynn Macau and Encore Boston Harbor, respectively, and decreased $11.8 million and $5.0 million at our Las Vegas Operations and Wynn Palace, respectively, from the third quarter of 2023.

Net loss attributable to Wynn Resorts, Limited was $32.1 million for the third quarter of 2024, compared to net loss attributable to Wynn Resorts, Limited of $116.7 million for the third quarter of 2023. Diluted net loss per share was $0.29 for the third quarter of 2024, compared to diluted net loss per share of $1.03 for the third quarter of 2023. Adjusted net income attributable to Wynn Resorts, Limited(2) was $98.9 million, or $0.90 per diluted share, for the third quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $112.0 million, or $0.99 per diluted share, for the third quarter of 2023.

Adjusted Property EBITDAR was $527.7 million for the third quarter of 2024, a decrease of $2.7 million compared to Adjusted Property EBITDAR of $530.4 million for the third quarter of 2023. For the third quarter of 2024, Adjusted Property EBITDAR increased $22.7 million and $2.5 million at Wynn Macau and Encore Boston Harbor, respectively, and decreased $17.0 million and $14.8 million at our Las Vegas Operations and Wynn Palace, respectively, from the third quarter of 2023.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on November 27, 2024 to stockholders of record as of November 15, 2024.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $519.8 million for the third quarter of 2024, a decrease of $5.0 million from $524.8 million for the third quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $162.3 million for the third quarter of 2024, compared to $177.0 million for the third quarter of 2023. Table games win percentage in mass market operations was 23.9%, above the 23.3% experienced in the third quarter of 2023. VIP table games win as a percentage of turnover was 3.04%, below the property's expected range of 3.1% to 3.4% and below the 3.42% experienced in the third quarter of 2023.

Wynn Macau

Operating revenues from Wynn Macau were $352.0 million for the third quarter of 2024, an increase of $56.9 million from $295.0 million for the third quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $100.6 million for the third quarter of 2024, compared to $77.9 million for the third quarter of 2023. Table games win percentage in mass market operations was 18.5%, above the 16.5% experienced in the third quarter of 2023. VIP table games win as a percentage of turnover was 3.61%, above the property's expected range of 3.1% to 3.4% and above the 3.52% experienced in the third quarter of 2023.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $607.2 million for the third quarter of 2024, a decrease of $11.8 million from $619.0 million for the third quarter of 2023. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2024 was $202.7 million, compared to $219.7 million for the third quarter of 2023. Table games win percentage for the third quarter of 2024 was 23.3%, within the property's expected range of 22% to 26% and below the 26.0% experienced in the third quarter of 2023.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $214.1 million for the third quarter of 2024, an increase of $3.7 million from $210.4 million for the third quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2024 was $63.0 million, compared to $60.5 million for the third quarter of 2023. Table games win percentage for the third quarter of 2024 was 21.3%, within the property's expected range of 18% to 22% and above the 20.8% experienced in the third quarter of 2023.

Wynn Al Marjan Island Development

During the third quarter of 2024, the Company contributed $18.2 million of cash into a 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $532.6 million. Wynn Al Marjan Island is currently expected to open in 2027.

Balance Sheet

Our cash and cash equivalents as of September 30, 2024 totaled $2.41 billion, comprised of $1.34 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $464.1 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $603.7 million held at Corporate and other. In addition, as of September 30, 2024, WML and WRF held $600.0 million and $605.9 million in short-term restricted cash, respectively, which was used to repay or repurchase certain senior notes in October 2024, as described below. As of September 30, 2024, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $735.3 million and $353.6 million, respectively.

Total current and long-term debt outstanding at September 30, 2024 was $11.79 billion, comprised of $6.41 billion of Macau related debt, $1.46 billion of Wynn Las Vegas debt, $3.30 billion of WRF debt, and $614.5 million of debt held by the retail joint venture which we consolidate.

Recent Debt Financing Activities

In September 2024, we amended the WML facility agreement to extend the maturity date of the outstanding loans under the WM Cayman II Revolver to September 2028. On October 1, 2024, we repaid the $600.0 million aggregate principal amount of WML's 4.875% Senior Notes due 2024 on their stated maturity date.

In September 2024, we amended the WRF credit agreement to extend the maturity dates of a portion of the term loans and revolving commitments under the credit facility to September 2027. In September 2024, WRF and its subsidiary Wynn Resorts Capital Corp. issued $800.0 million aggregate principal amount of 6.250% Senior Notes due 2033 (the "2033 WRF Senior Notes"), using a portion of the proceeds in October 2024 to repurchase the remaining $600.0 million aggregate principal amount of WLV 5.500% Senior Notes due 2025.

In addition, as previously disclosed, in October 2024, we amended the retail term loan agreement to extend the maturity date to July 2027.

Equity Repurchase Program

During the third quarter of 2024, the Company repurchased 1,464,773 shares of its common stock under its publicly announced equity repurchase program at an average price of $80.37 per share, for an aggregate cost of $117.7 million, bringing the total repurchases by the Company for the nine months ended September 30, 2024 to 2,206,113 shares of its common stock for an aggregate cost of $185.7 million. As of September 30, 2024, the Company had $247.7 million in repurchase authority remaining under the equity repurchase program.

On November 1, 2024, the Company’s Board of Directors authorized the Company to repurchase a total of up to $1.00 billion of the Company’s outstanding shares of common stock, increasing the previously available repurchase authorization by approximately $766 million. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time.

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 4, 2024 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before November 14, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 2024 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at [e-mail], 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, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, 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 and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. 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, 2023, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. 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 EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss (gain) on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR 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 (loss), Adjusted Property EBITDAR 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, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other expenses, change in derivatives fair value, loss (gain) on debt financing transactions, 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 income attributable to Wynn Resorts, Limited and adjusted net income 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) per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income 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 income (loss) attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

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,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Operating revenues:

 

 

 

 

 

 

 

Casino

$

1,018,754

 

 

$

972,453

 

 

$

3,149,166

 

 

$

2,652,444

 

Rooms

 

284,765

 

 

 

289,338

 

 

 

916,700

 

 

 

838,372

 

Food and beverage

 

262,597

 

 

 

267,432

 

 

 

810,939

 

 

 

757,079

 

Entertainment, retail and other

 

127,207

 

 

 

142,713

 

 

 

412,359

 

 

 

443,542

 

Total operating revenues

 

1,693,323

 

 

 

1,671,936

 

 

 

5,289,164

 

 

 

4,691,437

 

Operating expenses:

 

 

 

 

 

 

 

Casino

 

617,469

 

 

 

577,733

 

 

 

1,907,426

 

 

 

1,594,761

 

Rooms

 

83,376

 

 

 

77,790

 

 

 

245,991

 

 

 

224,275

 

Food and beverage

 

220,187

 

 

 

220,835

 

 

 

647,351

 

 

 

605,376

 

Entertainment, retail and other

 

56,184

 

 

 

82,554

 

 

 

190,137

 

 

 

261,035

 

General and administrative

 

271,829

 

 

 

268,445

 

 

 

808,172

 

 

 

785,538

 

Provision for credit losses

 

1,836

 

 

 

870

 

 

 

4,352

 

 

 

(6,314

)

Pre-opening

 

2,457

 

 

 

867

 

 

 

6,050

 

 

 

6,822

 

Depreciation and amortization

 

156,273

 

 

 

171,969

 

 

 

507,611

 

 

 

510,743

 

Impairment of goodwill and intangible assets

 

—

 

 

 

93,990

 

 

 

—

 

 

 

94,490

 

Property charges and other

 

150,475

 

 

 

114,288

 

 

 

206,238

 

 

 

132,265

 

Total operating expenses

 

1,560,086

 

 

 

1,609,341

 

 

 

4,523,328

 

 

 

4,208,991

 

Operating income

 

133,237

 

 

 

62,595

 

 

 

765,836

 

 

 

482,446

 

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

30,729

 

 

 

46,534

 

 

 

105,785

 

 

 

130,854

 

Interest expense, net of amounts capitalized

 

(167,922

)

 

 

(188,571

)

 

 

(524,922

)

 

 

(566,554

)

Change in derivatives fair value

 

(5,523

)

 

 

(50,637

)

 

 

(7,920

)

 

 

(3,255

)

(Loss) gain on debt financing transactions

 

(109

)

 

 

2,928

 

 

 

(1,670

)

 

 

(12,683

)

Other

 

21,300

 

 

 

3,861

 

 

 

25,323

 

 

 

(19,794

)

Other income (expense), net

 

(121,525

)

 

 

(185,885

)

 

 

(403,404

)

 

 

(471,432

)

Income (loss) before income taxes

 

11,712

 

 

 

(123,290

)

 

 

362,432

 

 

 

11,014

 

(Provision) benefit for income taxes

 

(17,127

)

 

 

2,749

 

 

 

(45,076

)

 

 

(2,574

)

Net income (loss)

 

(5,415

)

 

 

(120,541

)

 

 

317,356

 

 

 

8,440

 

Less: net (income) loss attributable to noncontrolling interests

 

(26,638

)

 

 

3,863

 

 

 

(93,250

)

 

 

(7,602

)

Net income (loss) attributable to Wynn Resorts, Limited

$

(32,053

)

 

$

(116,678

)

 

$

224,106

 

 

$

838

 

Basic and diluted net income (loss) per common share:

 

 

 

 

 

 

 

Net income (loss) attributable to Wynn Resorts, Limited:

 

 

 

 

Basic

$

(0.29

)

 

$

(1.03

)

 

$

2.03

 

 

$

0.01

 

Diluted

$

(0.29

)

 

$

(1.03

)

 

$

2.02

 

 

$

0.01

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

109,727

 

 

 

112,797

 

 

 

110,559

 

 

 

112,813

 

Diluted

 

109,727

 

 

 

112,797

 

 

 

110,810

 

 

 

113,132

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED

TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

(in thousands, except per share data)

(unaudited)

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net income (loss) attributable to Wynn Resorts, Limited

$

(32,053

)

 

$

(116,678

)

 

$

224,106

 

 

$

838

 

Pre-opening expenses

 

2,457

 

 

 

867

 

 

 

6,050

 

 

 

6,822

 

Impairment of goodwill and intangible assets

 

—

 

 

 

93,990

 

 

 

—

 

 

 

94,490

 

Property charges and other

 

150,475

 

 

 

114,288

 

 

 

206,238

 

 

 

132,265

 

Change in derivatives fair value

 

5,523

 

 

 

50,637

 

 

 

7,920

 

 

 

3,255

 

Loss (gain) on debt financing transactions

 

109

 

 

 

(2,928

)

 

 

1,670

 

 

 

12,683

 

Foreign currency remeasurement and other

 

(21,300

)

 

 

(3,861

)

 

 

(25,323

)

 

 

19,794

 

Income tax impact on adjustments

 

(10,096

)

 

 

(1,065

)

 

 

(20,348

)

 

 

(1,055

)

Noncontrolling interests impact on adjustments

 

3,787

 

 

 

(23,233

)

 

 

(105

)

 

 

(20,403

)

Adjusted net income attributable to Wynn Resorts, Limited

$

98,902

 

 

$

112,017

 

 

$

400,208

 

 

$

248,689

 

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

$

0.90

 

 

$

0.99

 

 

$

3.61

 

 

$

2.20

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

109,930

 

 

 

113,106

 

 

 

110,810

 

 

 

113,132

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

Three Months Ended September 30, 2024

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

85,417

 

$

66,342

 

$

(8,212

)

 

$

143,547

 

$

(28,040

)

 

$

4,072

 

 

$

13,658

 

 

$

133,237

Pre-opening expenses

 

—

 

 

—

 

 

—

 

 

 

—

 

 

884

 

 

 

2

 

 

 

1,571

 

 

 

2,457

Depreciation and amortization

 

55,978

 

 

19,658

 

 

395

 

 

 

76,031

 

 

61,071

 

 

 

12,766

 

 

 

6,405

 

 

 

156,273

Property charges and other

 

879

 

 

265

 

 

12

 

 

 

1,156

 

 

130,367

 

 

 

(1,785

)

 

 

20,737

 

 

 

150,475

Management and license fees

 

16,694

 

 

10,943

 

 

—

 

 

 

27,637

 

 

28,616

 

 

 

10,460

 

 

 

(66,713

)

 

 

—

Corporate expenses and other

 

2,069

 

 

2,087

 

 

6,687

 

 

 

10,843

 

 

7,979

 

 

 

1,768

 

 

 

15,594

 

 

 

36,184

Stock-based compensation

 

1,246

 

 

1,299

 

 

1,118

 

 

 

3,663

 

 

1,843

 

 

 

354

 

 

 

7,810

 

 

 

13,670

Triple-net operating lease rent expense

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

 

35,381

 

 

 

—

 

 

 

35,381

Adjusted Property EBITDAR

$

162,283

 

$

100,594

 

$

—

 

 

$

262,877

 

$

202,720

 

 

$

63,018

 

 

$

(938

)

 

$

527,677

 

Three Months Ended September 30, 2023

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

92,484

 

$

40,065

 

$

(5,459

)

 

$

127,090

 

$

122,276

 

$

(19,070

)

 

$

(167,701

)

 

$

62,595

Pre-opening expenses

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

6

 

 

 

861

 

 

 

867

Depreciation and amortization

 

53,985

 

 

20,331

 

 

381

 

 

 

74,697

 

 

57,753

 

 

31,100

 

 

 

8,419

 

 

 

171,969

Impairment of goodwill and intangible assets

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

—

 

 

 

93,990

 

 

 

93,990

Property charges and other

 

9,085

 

 

3,405

 

 

2

 

 

 

12,492

 

 

1,323

 

 

487

 

 

 

99,986

 

 

 

114,288

Management and license fees

 

16,691

 

 

9,228

 

 

—

 

 

 

25,919

 

 

29,379

 

 

10,265

 

 

 

(65,563

)

 

 

—

Corporate expenses and other

 

2,364

 

 

2,372

 

 

3,982

 

 

 

8,718

 

 

7,264

 

 

1,880

 

 

 

17,242

 

 

 

35,104

Stock-based compensation

 

2,439

 

 

2,538

 

 

1,094

 

 

 

6,071

 

 

1,745

 

 

426

 

 

 

7,902

 

 

 

16,144

Triple-net operating lease rent expense

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

35,404

 

 

 

—

 

 

 

35,404

Adjusted Property EBITDAR

$

177,048

 

$

77,939

 

$

—

 

 

$

254,987

 

$

219,740

 

$

60,498

 

 

$

(4,864

)

 

$

530,361

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

Nine Months Ended September 30, 2024

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

307,258

 

$

228,518

 

$

(24,311

)

 

$

511,465

 

$

243,147

 

$

(30,847

)

 

$

42,071

 

 

$

765,836

Pre-opening expenses

 

—

 

 

—

 

 

—

 

 

 

—

 

 

1,620

 

 

649

 

 

 

3,781

 

 

 

6,050

Depreciation and amortization

 

166,421

 

 

59,737

 

 

1,165

 

 

 

227,323

 

 

181,700

 

 

75,842

 

 

 

22,746

 

 

 

507,611

Property charges and other

 

12,571

 

 

711

 

 

124

 

 

 

13,406

 

 

132,542

 

 

(1,615

)

 

 

61,905

 

 

 

206,238

Management and license fees

 

52,982

 

 

34,288

 

 

—

 

 

 

87,270

 

 

88,533

 

 

31,483

 

 

 

(207,286

)

 

 

—

Corporate expenses and other

 

6,457

 

 

6,588

 

 

19,807

 

 

 

32,852

 

 

23,930

 

 

5,486

 

 

 

47,531

 

 

 

109,799

Stock-based compensation

 

3,423

 

 

3,849

 

 

3,215

 

 

 

10,487

 

 

7,843

 

 

1,159

 

 

 

24,717

 

 

 

44,206

Triple-net operating lease rent expense

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

106,127

 

 

 

—

 

 

 

106,127

Adjusted Property EBITDAR

$

549,112

 

$

333,691

 

$

—

 

 

$

882,803

 

$

679,315

 

$

188,284

 

 

$

(4,535

)

 

$

1,745,867

 

Nine Months Ended September 30, 2023

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

212,627

 

$

99,581

 

$

(16,297

)

 

$

295,911

 

$

384,048

 

$

(45,022

)

 

$

(152,491

)

 

$

482,446

Pre-opening expenses

 

—

 

 

—

 

 

—

 

 

 

—

 

 

81

 

 

1,253

 

 

 

5,488

 

 

 

6,822

Depreciation and amortization

 

162,060

 

 

61,508

 

 

1,141

 

 

 

224,709

 

 

171,955

 

 

91,232

 

 

 

22,847

 

 

 

510,743

Impairment of goodwill and intangible assets

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

—

 

 

 

94,490

 

 

 

94,490

Property charges and other

 

12,914

 

 

10,483

 

 

15

 

 

 

23,412

 

 

8,474

 

 

709

 

 

 

99,670

 

 

 

132,265

Management and license fees

 

43,595

 

 

25,990

 

 

—

 

 

 

69,585

 

 

84,632

 

 

31,514

 

 

 

(185,731

)

 

 

—

Corporate expenses and other

 

7,475

 

 

7,591

 

 

12,034

 

 

 

27,100

 

 

21,150

 

 

5,693

 

 

 

48,399

 

 

 

102,342

Stock-based compensation

 

6,042

 

 

7,121

 

 

3,107

 

 

 

16,270

 

 

5,118

 

 

1,319

 

 

 

26,432

 

 

 

49,139

Triple-net operating lease rent expense

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

106,318

 

 

 

—

 

 

 

106,318

Adjusted Property EBITDAR

$

444,713

 

$

212,274

 

$

—

 

 

$

656,987

 

$

675,458

 

$

193,016

 

 

$

(40,896

)

 

$

1,484,565

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net income (loss) attributable to Wynn Resorts, Limited

$

(32,053

)

 

$

(116,678

)

 

$

224,106

 

 

$

838

 

Net income (loss) attributable to noncontrolling interests

 

26,638

 

 

 

(3,863

)

 

 

93,250

 

 

 

7,602

 

Pre-opening expenses

 

2,457

 

 

 

867

 

 

 

6,050

 

 

 

6,822

 

Depreciation and amortization

 

156,273

 

 

 

171,969

 

 

 

507,611

 

 

 

510,743

 

Impairment of goodwill and intangible assets

 

—

 

 

 

93,990

 

 

 

—

 

 

 

94,490

 

Property charges and other

 

150,475

 

 

 

114,288

 

 

 

206,238

 

 

 

132,265

 

Triple-net operating lease rent expense

 

35,381

 

 

 

35,404

 

 

 

106,127

 

 

 

106,318

 

Corporate expenses and other

 

36,184

 

 

 

35,104

 

 

 

109,799

 

 

 

102,342

 

Stock-based compensation

 

13,670

 

 

 

16,144

 

 

 

44,206

 

 

 

49,139

 

Interest income

 

(30,729

)

 

 

(46,534

)

 

 

(105,785

)

 

 

(130,854

)

Interest expense, net of amounts capitalized

 

167,922

 

 

 

188,571

 

 

 

524,922

 

 

 

566,554

 

Change in derivatives fair value

 

5,523

 

 

 

50,637

 

 

 

7,920

 

 

 

3,255

 

Loss (gain) on debt financing transactions

 

109

 

 

 

(2,928

)

 

 

1,670

 

 

 

12,683

 

Other

 

(21,300

)

 

 

(3,861

)

 

 

(25,323

)

 

 

19,794

 

Provision (benefit) for income taxes

 

17,127

 

 

 

(2,749

)

 

 

45,076

 

 

 

2,574

 

Adjusted Property EBITDAR

$

527,677

 

 

$

530,361

 

 

$

1,745,867

 

 

$

1,484,565

 

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,

 

 

 

 

2024

 

 

 

2023

 

 

Percent Change

 

 

2024

 

 

 

2023

 

 

Percent Change

Wynn Palace Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

418,043

 

 

$

418,043

 

 

—

 

 

$

1,336,788

 

 

$

1,054,007

 

 

26.8

 

Rooms

 

49,145

 

 

 

54,309

 

 

(9.5

)

 

 

153,287

 

 

 

151,311

 

 

1.3

 

Food and beverage

 

31,506

 

 

 

26,215

 

 

20.2

 

 

 

93,405

 

 

 

75,028

 

 

24.5

 

Entertainment, retail and other

 

21,096

 

 

 

26,206

 

 

(19.5

)

 

 

71,260

 

 

 

82,140

 

 

(13.2

)

Total

$

519,790

 

 

$

524,773

 

 

(0.9

)

 

$

1,654,740

 

 

$

1,362,486

 

 

21.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

162,283

 

 

$

177,048

 

 

(8.3

)

 

$

549,112

 

 

$

444,713

 

 

23.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

57

 

 

 

58

 

 

(1.7

)

 

 

58

 

 

 

55

 

 

5.5

 

VIP turnover

$

3,199,140

 

 

$

2,866,469

 

 

11.6

 

 

$

9,930,241

 

 

$

8,202,165

 

 

21.1

 

VIP table games win (1)

$

97,312

 

 

$

98,014

 

 

(0.7

)

 

$

342,024

 

 

$

289,492

 

 

18.1

 

VIP table games win as a % of turnover

 

3.04

%

 

 

3.42

%

 

 

 

 

3.44

%

 

 

3.53

%

 

 

Table games win per unit per day

$

18,614

 

 

$

18,386

 

 

1.2

 

 

$

21,677

 

 

$

19,233

 

 

12.7

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

247

 

 

 

244

 

 

1.2

 

 

 

245

 

 

 

240

 

 

2.1

 

Table drop (2)

$

1,694,575

 

 

$

1,725,845

 

 

(1.8

)

 

$

5,215,019

 

 

$

4,414,990

 

 

18.1

 

Table games win (1)

$

404,307

 

 

$

402,285

 

 

0.5

 

 

$

1,251,039

 

 

$

968,967

 

 

29.1

 

Table games win %

 

23.9

%

 

 

23.3

%

 

 

 

 

24.0

%

 

 

21.9

%

 

 

Table games win per unit per day

$

17,801

 

 

$

17,913

 

 

(0.6

)

 

$

18,620

 

 

$

14,763

 

 

26.1

 

Average number of slot machines

 

596

 

 

 

563

 

 

5.9

 

 

 

592

 

 

 

579

 

 

2.2

 

Slot machine handle

$

577,289

 

 

$

634,121

 

 

(9.0

)

 

$

1,815,623

 

 

$

1,760,345

 

 

3.1

 

Slot machine win (3)

$

27,230

 

 

$

22,228

 

 

22.5

 

 

$

83,790

 

 

$

75,236

 

 

11.4

 

Slot machine win per unit per day

$

497

 

 

$

429

 

 

15.9

 

 

$

517

 

 

$

476

 

 

8.6

 

Poker rake

$

—

 

 

$

—

 

 

NM

 

 

$

736

 

 

$

—

 

 

NM

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

98.3

%

 

 

96.9

%

 

 

 

 

98.7

%

 

 

93.8

%

 

 

ADR (4)

$

295

 

 

$

342

 

 

(13.7

)

 

$

315

 

 

$

327

 

 

(3.7

)

REVPAR (5)

$

289

 

 

$

331

 

 

(12.7

)

 

$

311

 

 

$

307

 

 

1.3

 

NM - Not meaningful.

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,

 

 

 

 

2024

 

 

 

2023

 

 

Percent Change

 

 

2024

 

 

 

2023

 

 

Percent Change

Wynn Macau Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

296,781

 

 

$

230,294

 

 

28.9

 

 

$

923,851

 

 

$

649,627

 

 

42.2

 

Rooms

 

23,755

 

 

 

31,673

 

 

(25.0

)

 

 

76,116

 

 

 

79,774

 

 

(4.6

)

Food and beverage

 

19,524

 

 

 

18,287

 

 

6.8

 

 

 

60,546

 

 

 

47,255

 

 

28.1

 

Entertainment, retail and other

 

11,897

 

 

 

14,762

 

 

(19.4

)

 

 

40,457

 

 

 

50,679

 

 

(20.2

)

Total

$

351,957

 

 

$

295,016

 

 

19.3

 

 

$

1,100,970

 

 

$

827,335

 

 

33.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

100,594

 

 

$

77,939

 

 

29.1

 

 

$

333,691

 

 

$

212,274

 

 

57.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

30

 

 

 

36

 

 

(16.7

)

 

 

30

 

 

 

45

 

 

(33.3

)

VIP turnover

$

1,201,516

 

 

$

1,192,610

 

 

0.7

 

 

$

3,955,277

 

 

$

3,727,106

 

 

6.1

 

VIP table games win (1)

$

43,326

 

 

$

41,995

 

 

3.2

 

 

$

122,705

 

 

$

130,574

 

 

(6.0

)

VIP table games win as a % of turnover

 

3.61

%

 

 

3.52

%

 

 

 

 

3.10

%

 

 

3.50

%

 

 

Table games win per unit per day

$

15,692

 

 

$

12,638

 

 

24.2

 

 

$

14,988

 

 

$

10,569

 

 

41.8

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

222

 

 

 

217

 

 

2.3

 

 

 

222

 

 

 

214

 

 

3.7

 

Table drop (2)

$

1,515,462

 

 

$

1,384,258

 

 

9.5

 

 

$

4,801,533

 

 

$

3,597,557

 

 

33.5

 

Table games win (1)

$

280,044

 

 

$

228,323

 

 

22.7

 

 

$

887,194

 

 

$

613,154

 

 

44.7

 

Table games win %

 

18.5

%

 

 

16.5

%

 

 

 

 

18.5

%

 

 

17.0

%

 

 

Table games win per unit per day

$

13,713

 

 

$

11,423

 

 

20.0

 

 

$

14,599

 

 

$

10,485

 

 

39.2

 

Average number of slot machines

 

621

 

 

 

500

 

 

24.2

 

 

 

607

 

 

 

521

 

 

16.5

 

Slot machine handle

$

815,319

 

 

$

570,122

 

 

43.0

 

 

$

2,347,521

 

 

$

1,559,698

 

 

50.5

 

Slot machine win (3)

$

24,434

 

 

$

16,143

 

 

51.4

 

 

$

76,604

 

 

$

47,892

 

 

60.0

 

Slot machine win per unit per day

$

428

 

 

$

351

 

 

21.9

 

 

$

461

 

 

$

337

 

 

36.8

 

Poker rake

$

3,205

 

 

$

4,494

 

 

(28.7

)

 

$

11,831

 

 

$

13,807

 

 

(14.3

)

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

98.9

%

 

 

98.7

%

 

 

 

 

99.2

%

 

 

95.5

%

 

 

ADR (4)

$

233

 

 

$

327

 

 

(28.7

)

 

$

251

 

 

$

281

 

 

(10.7

)

REVPAR (5)

$

230

 

 

$

323

 

 

(28.8

)

 

$

249

 

 

$

268

 

 

(7.1

)

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,

 

 

 

 

2024

 

 

 

2023

 

 

Percent Change

 

 

2024

 

 

 

2023

 

 

Percent Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

145,186

 

 

$

168,130

 

 

(13.6

)

 

$

410,023

 

 

$

460,606

 

 

(11.0

)

Rooms

 

187,123

 

 

 

178,518

 

 

4.8

 

 

 

617,071

 

 

 

541,392

 

 

14.0

 

Food and beverage

 

191,776

 

 

 

203,066

 

 

(5.6

)

 

 

593,804

 

 

 

570,695

 

 

4.0

 

Entertainment, retail and other

 

83,087

 

 

 

69,252

 

 

20.0

 

 

 

251,476

 

 

 

211,109

 

 

19.1

 

Total

$

607,172

 

 

$

618,966

 

 

(1.9

)

 

$

1,872,374

 

 

$

1,783,802

 

 

5.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

202,720

 

 

$

219,740

 

 

(7.7

)

 

$

679,315

 

 

$

675,458

 

 

0.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

235

 

 

 

234

 

 

0.4

 

 

 

234

 

 

 

233

 

 

0.4

 

Table drop (2)

$

580,800

 

 

$

607,610

 

 

(4.4

)

 

$

1,721,435

 

 

$

1,768,057

 

 

(2.6

)

Table games win (1)

$

135,230

 

 

$

157,873

 

 

(14.3

)

 

$

409,336

 

 

$

431,896

 

 

(5.2

)

Table games win %

 

23.3

%

 

 

26.0

%

 

 

 

 

23.8

%

 

 

24.4

%

 

 

Table games win per unit per day

$

6,256

 

 

$

7,340

 

 

(14.8

)

 

$

6,380

 

 

$

6,777

 

 

(5.9

)

Average number of slot machines

 

1,620

 

 

 

1,631

 

 

(0.7

)

 

 

1,612

 

 

 

1,650

 

 

(2.3

)

Slot machine handle

$

1,695,799

 

 

$

1,638,274

 

 

3.5

 

 

$

4,840,241

 

 

$

4,733,534

 

 

2.3

 

Slot machine win (3)

$

112,771

 

 

$

115,738

 

 

(2.6

)

 

$

322,544

 

 

$

325,883

 

 

(1.0

)

Slot machine win per unit per day

$

757

 

 

$

771

 

 

(1.8

)

 

$

730

 

 

$

723

 

 

1.0

 

Poker rake

$

4,629

 

 

$

5,669

 

 

(18.3

)

 

$

16,652

 

 

$

16,243

 

 

2.5

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

89.0

%

 

 

90.0

%

 

 

 

 

89.3

%

 

 

89.8

%

 

 

ADR (4)

$

495

 

 

$

463

 

 

6.9

 

 

$

541

 

 

$

473

 

 

14.4

 

REVPAR (5)

$

441

 

 

$

417

 

 

5.8

 

 

$

483

 

 

$

424

 

 

13.9

 

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,

 

 

 

 

2024

 

 

 

2023

 

 

Percent Change

 

 

2024

 

 

 

2023

 

 

Percent Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

158,744

 

 

$

155,986

 

 

1.8

 

 

$

478,504

 

 

$

488,204

 

 

(2.0

)

Rooms

 

24,742

 

 

 

24,838

 

 

(0.4

)

 

 

70,226

 

 

 

65,895

 

 

6.6

 

Food and beverage

 

19,791

 

 

 

19,864

 

 

(0.4

)

 

 

63,184

 

 

 

64,101

 

 

(1.4

)

Entertainment, retail and other

 

10,844

 

 

 

9,715

 

 

11.6

 

 

 

32,599

 

 

 

30,441

 

 

7.1

 

Total

$

214,121

 

 

$

210,403

 

 

1.8

 

 

$

644,513

 

 

$

648,641

 

 

(0.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

63,018

 

 

$

60,498

 

 

4.2

 

 

$

188,284

 

 

$

193,016

 

 

(2.5

)

 

 

 

 

 

 

 

 

 

 

 

 

Casino statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

179

 

 

 

191

 

 

(6.3

)

 

 

182

 

 

 

193

 

 

(5.7

)

Table drop (2)

$

347,082

 

 

$

343,686

 

 

1.0

 

 

$

1,072,750

 

 

$

1,064,092

 

 

0.8

 

Table games win (1)

$

74,048

 

 

$

71,555

 

 

3.5

 

 

$

227,496

 

 

$

230,170

 

 

(1.2

)

Table games win %

 

21.3

%

 

 

20.8

%

 

 

 

 

21.2

%

 

 

21.6

%

 

 

Table games win per unit per day

$

4,507

 

 

$

4,079

 

 

10.5

 

 

$

4,553

 

 

$

4,368

 

 

4.2

 

Average number of slot machines

 

2,611

 

 

 

2,561

 

 

2.0

 

 

 

2,612

 

 

 

2,547

 

 

2.6

 

Slot machine handle

$

1,378,066

 

 

$

1,336,724

 

 

3.1

 

 

$

4,201,520

 

 

$

3,933,388

 

 

6.8

 

Slot machine win (3)

$

105,550

 

 

$

105,330

 

 

0.2

 

 

$

315,773

 

 

$

316,129

 

 

(0.1

)

Slot machine win per unit per day

$

439

 

 

$

447

 

 

(1.8

)

 

$

441

 

 

$

455

 

 

(3.1

)

Poker rake

$

5,334

 

 

$

5,224

 

 

2.1

 

 

$

16,422

 

 

$

16,116

 

 

1.9

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

96.9

%

 

 

96.0

%

 

 

 

 

94.4

%

 

 

92.9

%

 

 

ADR (4)

$

426

 

 

$

421

 

 

1.2

 

 

$

410

 

 

$

389

 

 

5.4

 

REVPAR (5)

$

412

 

 

$

405

 

 

1.7

 

 

$

387

 

 

$

362

 

 

6.9

 

(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 EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

 

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