Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Wynn Resorts, Limited Reports Second Quarter 2022 Results


Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the second quarter ended June 30, 2022.

Operating revenues were $908.8 million for the second quarter of 2022, a decrease of $81.3 million, from $990.1 million for the second quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $130.1 million, or $1.14 per diluted share, for the second quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $131.4 million, or $1.15 per diluted share, in the second quarter of 2021. Adjusted Property EBITDA(1) was $179.2 million for the second quarter of 2022, compared to Adjusted Property EBITDA of $206.9 million in the second quarter of 2021.

"Our second quarter financial results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor. Our teams' ongoing focus on five-star hospitality and new experiences at our market-leading properties combined with very strong customer demand drove a new all-time quarterly record for Adjusted Property EBITDA at Wynn Las Vegas and a second quarter record at Encore Boston Harbor," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, while COVID-related travel restrictions continued to impact our results, we remain confident that the market will benefit from the return of visitation over time."

Consolidated Results

Operating revenues were $908.8 million for the second quarter of 2022, a decrease of $81.3 million, from $990.1 million for the second quarter of 2021. For the second quarter of 2022, operating revenues increased $206.0 million and $44.9 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $211.7 million and $125.4 million at Wynn Palace and Wynn Macau, respectively, from the second quarter of 2021.

Net loss attributable to Wynn Resorts, Limited was $130.1 million, or $1.14 per diluted share, for the second quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $131.4 million, or $1.15 per diluted share, in the second quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $93.7 million, or $0.82 per diluted share, for the second quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $128.7 million, or $1.12 per diluted share, for the second quarter of 2021.

Adjusted Property EBITDA was $179.2 million for the second quarter of 2022, compared to Adjusted Property EBITDA of $206.9 million in the second quarter of 2021. For the second quarter of 2022, Adjusted Property EBITDA increased $93.5 million and $16.8 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $103.5 million and $54.5 million at Wynn Palace and Wynn Macau, respectively, from the second quarter of 2021.

Property Results

Macau Operations

The results of operations of our Macau Operations for the second quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

Wynn Palace

Operating revenues from Wynn Palace were $58.7 million for the second quarter of 2022, a decrease of $211.7 million from $270.4 million for the second quarter of 2021. Adjusted Property EBITDA from Wynn Palace was $(50.0) million for the second quarter of 2022, compared to $53.6 million for the second quarter of 2021. VIP table games loss as a percentage of turnover was (1.94)%, below the property's expected range of 3.1% to 3.4% and below the 3.95% experienced in the second quarter of 2021. Table games win percentage in mass market operations was 19.7%, below the 23.1% experienced in the second quarter of 2021.

Wynn Macau

Operating revenues from Wynn Macau were $58.6 million for the second quarter of 2022, a decrease of $125.4 million from $184.0 million for the second quarter of 2021. Adjusted Property EBITDA from Wynn Macau was $(40.4) million for the second quarter of 2022, compared to $14.1 million for the second quarter of 2021. VIP table games win as a percentage of turnover was 4.79%, above the property's expected range of 3.1% to 3.4% and above the 2.64% experienced in the second quarter of 2021. Table games win percentage in mass market operations was 14.1%, below the 19.2% experienced in the second quarter of 2021.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $561.1 million for the second quarter of 2022, an increase of $206.0 million from $355.1 million for the second quarter of 2021. Adjusted Property EBITDA from our Las Vegas Operations for the second quarter of 2022 was $226.7 million, compared to $133.2 million for the second quarter of 2021. Table games win percentage for the second quarter of 2022 was 24.6%, within the property's expected range of 22% to 26% and above the 23.2% experienced in the second quarter of 2021.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $210.2 million for the second quarter of 2022, an increase of $44.9 million from $165.2 million for the second quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the second quarter of 2022 was $63.7 million, compared to $46.9 million for the second quarter of 2021. Table games win percentage for the second quarter of 2022 was 21.9%, within the property's expected range of 18% to 22% and above the 21.2% experienced in the second quarter of 2021.

Balance Sheet

Our cash and cash equivalents as of June 30, 2022 totaled $2.01 billion, comprised of approximately $1.11 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $419.6 million held by Wynn Resorts Finance excluding WML and subsidiaries, and approximately $488.2 million at Corporate and other.

As of June 30, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver and WM Cayman II Revolver was $835.6 million and $211.5 million, respectively.

Total current and long-term debt outstanding at June 30, 2022 was $11.91 billion, comprised of $5.97 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.20 billion of Wynn Resorts Finance debt, and $613.2 million of debt held by the retail joint venture which we consolidate.

In the second quarter of 2022, the Company repurchased 2,381,928 shares of its common stock at an average price of $57.70 per share, for an aggregate cost of $137.4 million.

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

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on August 9, 2022 at 2:00 p.m. PT (5:00 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 August 12, 2022, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended June 30, 2022 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at [email protected], to obtain access to such financial information.

Forward-looking Statements

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

Non-GAAP Financial Measures

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

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

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

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Operating revenues:

 

 

 

 

 

 

 

Casino

$

359,585

 

 

$

602,746

 

 

$

849,447

 

 

$

1,118,964

 

Rooms

 

201,298

 

 

 

137,765

 

 

 

371,674

 

 

 

213,955

 

Food and beverage

 

229,816

 

 

 

149,142

 

 

 

403,836

 

 

 

217,651

 

Entertainment, retail and other

 

118,133

 

 

 

100,460

 

 

 

237,209

 

 

 

176,225

 

Total operating revenues

 

908,832

 

 

 

990,113

 

 

 

1,862,166

 

 

 

1,726,795

 

Operating expenses:

 

 

 

 

 

 

 

Casino

 

244,064

 

 

 

381,615

 

 

 

568,143

 

 

 

733,581

 

Rooms

 

65,070

 

 

 

50,552

 

 

 

123,785

 

 

 

84,087

 

Food and beverage

 

185,471

 

 

 

117,106

 

 

 

332,127

 

 

 

191,054

 

Entertainment, retail and other

 

74,985

 

 

 

80,922

 

 

 

163,889

 

 

 

154,381

 

General and administrative

 

200,378

 

 

 

197,545

 

 

 

397,158

 

 

 

377,319

 

Provision for credit losses

 

(3,487

)

 

 

441

 

 

 

(3,145

)

 

 

7,808

 

Pre-opening

 

4,502

 

 

 

2,495

 

 

 

6,949

 

 

 

4,122

 

Depreciation and amortization

 

162,968

 

 

 

183,307

 

 

 

347,524

 

 

 

368,428

 

Property charges and other

 

26,909

 

 

 

5,651

 

 

 

72,629

 

 

 

11,268

 

Total operating expenses

 

960,860

 

 

 

1,019,634

 

 

 

2,009,059

 

 

 

1,932,048

 

Operating loss

 

(52,028

)

 

 

(29,521

)

 

 

(146,893

)

 

 

(205,253

)

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

2,691

 

 

 

720

 

 

 

3,971

 

 

 

1,624

 

Interest expense, net of amounts capitalized

 

(154,830

)

 

 

(150,424

)

 

 

(306,988

)

 

 

(303,276

)

Change in derivatives fair value

 

1,562

 

 

 

972

 

 

 

8,962

 

 

 

5,381

 

Loss on extinguishment of debt

 

?

 

 

 

?

 

 

 

?

 

 

 

(1,322

)

Other

 

(10,099

)

 

 

5,553

 

 

 

(25,226

)

 

 

(5,540

)

Other income (expense), net

 

(160,676

)

 

 

(143,179

)

 

 

(319,281

)

 

 

(303,133

)

Loss before income taxes

 

(212,704

)

 

 

(172,700

)

 

 

(466,174

)

 

 

(508,386

)

Provision for income taxes

 

(718

)

 

 

(697

)

 

 

(1,858

)

 

 

(1,190

)

Net loss

 

(213,422

)

 

 

(173,397

)

 

 

(468,032

)

 

 

(509,576

)

Less: net loss attributable to noncontrolling interests

 

83,371

 

 

 

42,028

 

 

 

154,657

 

 

 

97,229

 

Net loss attributable to Wynn Resorts, Limited

$

(130,051

)

 

$

(131,369

)

 

$

(313,375

)

 

$

(412,347

)

Basic and diluted net loss per common share:

 

 

 

 

 

 

 

Net loss attributable to Wynn Resorts, Limited:

 

 

 

 

Basic

$

(1.14

)

 

$

(1.15

)

 

$

(2.73

)

 

$

(3.66

)

Diluted

$

(1.14

)

 

$

(1.15

)

 

$

(2.73

)

 

$

(3.66

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

114,471

 

 

 

114,545

 

 

 

114,749

 

 

 

112,792

 

Diluted

 

114,471

 

 

 

114,545

 

 

 

114,749

 

 

 

112,792

 

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
June 30,

 

Six Months Ended
June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net loss attributable to Wynn Resorts, Limited

$

(130,051

)

 

$

(131,369

)

 

$

(313,375

)

 

$

(412,347

)

Pre-opening expenses

 

4,502

 

 

 

2,495

 

 

 

6,949

 

 

 

4,122

 

Property charges and other

 

26,909

 

 

 

5,651

 

 

 

72,629

 

 

 

11,268

 

Change in derivatives fair value

 

(1,562

)

 

 

(972

)

 

 

(8,962

)

 

 

(5,381

)

Loss on extinguishment of debt

 

?

 

 

 

?

 

 

 

?

 

 

 

1,322

 

Foreign currency remeasurement and other

 

10,099

 

 

 

(5,553

)

 

 

25,226

 

 

 

5,540

 

Income tax impact on adjustments

 

(8

)

 

 

(72

)

 

 

(8

)

 

 

(72

)

Noncontrolling interests impact on adjustments

 

(3,618

)

 

 

1,090

 

 

 

(15,807

)

 

 

(1,178

)

Adjusted net loss attributable to Wynn Resorts, Limited

$

(93,729

)

 

$

(128,730

)

 

$

(233,348

)

 

$

(396,726

)

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

$

(0.82

)

 

$

(1.12

)

 

$

(2.03

)

 

$

(3.52

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

114,471

 

 

 

114,545

 

 

 

114,749

 

 

 

112,792

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 

 

Three Months Ended June 30, 2022

 

Operating income (loss)

 

Pre-opening expenses

 

Depreciation and amortization

 

Property charges and other

 

Management and license fees

 

Corporate expenses and other

 

Stock-based compensation

 

Adjusted Property EBITDA

Macau Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wynn Palace

$

(107,742

)

 

$

?

 

$

51,606

 

$

313

 

 

$

2,258

 

 

$

1,587

 

$

2,028

 

$

(49,950

)

Wynn Macau

 

(73,479

)

 

 

?

 

 

19,556

 

 

6,478

 

 

 

2,272

 

 

 

1,612

 

 

3,171

 

 

(40,390

)

Other Macau

 

(4,103

)

 

 

?

 

 

971

 

 

4

 

 

 

?

 

 

 

2,547

 

 

581

 

 

?

 

Total Macau Operations

 

(185,324

)

 

 

?

 

 

72,133

 

 

6,795

 

 

 

4,530

 

 

 

5,746

 

 

5,780

 

 

(90,340

)

Las Vegas Operations

 

142,826

 

 

 

3,547

 

 

45,750

 

 

955

 

 

 

26,349

 

 

 

5,576

 

 

1,703

 

 

226,706

 

Encore Boston Harbor

 

13,760

 

 

 

?

 

 

37,432

 

 

19

 

 

 

10,164

 

 

 

1,941

 

 

430

 

 

63,746

 

Wynn Interactive

 

(57,321

)

 

 

955

 

 

5,373

 

 

26,395

 

 

 

?

 

 

 

2,426

 

 

1,219

 

 

(20,953

)

Corporate and other

 

34,031

 

 

 

?

 

 

2,280

 

 

(7,255

)

 

 

(41,043

)

 

 

6,524

 

 

5,463

 

 

?

 

Total

$

(52,028

)

 

$

4,502

 

$

162,968

 

$

26,909

 

 

$

?

 

 

$

22,213

 

$

14,595

 

$

179,159

 

 

Three Months Ended June 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

$

(26,231

)

 

$

422

 

$

66,062

 

$

980

 

 

$

8,648

 

 

$

1,177

 

$

2,497

 

$

53,555

 

Wynn Macau

 

(20,334

)

 

 

?

 

 

20,782

 

 

1,945

 

 

 

5,999

 

 

 

1,266

 

 

4,428

 

 

14,086

 

Other Macau

 

(3,052

)

 

 

?

 

 

1,095

 

 

2

 

 

 

?

 

 

 

1,410

 

 

545

 

 

?

 

Total Macau Operations

 

(49,617

)

 

 

422

 

 

87,939

 

 

2,927

 

 

 

14,647

 

 

 

3,853

 

 

7,470

 

 

67,641

 

Las Vegas Operations

 

54,985

 

 

 

1,932

 

 

48,078

 

 

2,724

 

 

 

16,907

 

 

 

5,635

 

 

2,961

 

 

133,222

 

Encore Boston Harbor

 

(3,620

)

 

 

28

 

 

39,155

 

 

479

 

 

 

7,997

 

 

 

2,258

 

 

619

 

 

46,916

 

Wynn Interactive

 

(54,294

)

 

 

113

 

 

5,877

 

 

?

 

 

 

?

 

 

 

2,768

 

 

4,637

 

 

(40,899

)

Corporate and other

 

23,025

 

 

 

?

 

 

2,258

 

 

(479

)

 

 

(39,551

)

 

 

5,327

 

 

9,420

 

 

?

 

Total

$

(29,521

)

 

$

2,495

 

$

183,307

 

$

5,651

 

 

$

?

 

 

$

19,841

 

$

25,107

 

$

206,880

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 

 

Six Months Ended June 30, 2022

 

Operating income (loss)

 

Pre-opening expenses

 

Depreciation and amortization

 

Property charges and other

 

Management and license fees

 

Corporate expenses and other

 

Stock-based compensation

 

Adjusted Property EBITDA

Macau Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wynn Palace

$

(167,243

)

 

$

?

 

$

102,068

 

$

451

 

 

$

7,443

 

 

$

3,130

 

$

3,337

 

$

(50,814

)

Wynn Macau

 

(108,295

)

 

 

?

 

 

39,578

 

 

7,947

 

 

 

6,596

 

 

 

3,290

 

 

5,812

 

 

(45,072

)

Other Macau

 

(8,050

)

 

 

?

 

 

1,948

 

 

5

 

 

 

?

 

 

 

4,965

 

 

1,132

 

 

?

 

Total Macau Operations

 

(283,588

)

 

 

?

 

 

143,594

 

 

8,403

 

 

 

14,039

 

 

 

11,385

 

 

10,281

 

 

(95,886

)

Las Vegas Operations

 

225,756

 

 

 

4,944

 

 

91,352

 

 

2,277

 

 

 

47,376

 

 

 

10,990

 

 

3,389

 

 

386,084

 

Encore Boston Harbor

 

15,949

 

 

 

?

 

 

78,421

 

 

640

 

 

 

19,502

 

 

 

3,646

 

 

838

 

 

118,996

 

Wynn Interactive

 

(162,356

)

 

 

2,005

 

 

29,621

 

 

68,356

 

 

 

?

 

 

 

4,853

 

 

5,067

 

 

(52,454

)

Corporate and other

 

57,346

 

 

 

?

 

 

4,536

 

 

(7,047

)

 

 

(80,917

)

 

 

17,162

 

 

8,920

 

 

?

 

Total

$

(146,893

)

 

$

6,949

 

$

347,524

 

$

72,629

 

 

$

?

 

 

$

48,036

 

$

28,495

 

$

356,740

 

 

Six Months Ended June 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

$

(81,019

)

 

$

836

 

$

133,072

 

$

3,154

 

 

$

16,826

 

 

$

2,355

 

$

5,700

 

$

80,924

 

Wynn Macau

 

(37,286

)

 

 

?

 

 

42,246

 

 

2,192

 

 

 

11,854

 

 

 

2,630

 

 

9,006

 

 

30,642

 

Other Macau

 

(6,322

)

 

 

?

 

 

2,203

 

 

17

 

 

 

?

 

 

 

2,953

 

 

1,149

 

 

?

 

Total Macau Operations

 

(124,627

)

 

 

836

 

 

177,521

 

 

5,363

 

 

 

28,680

 

 

 

7,938

 

 

15,855

 

 

111,566

 

Las Vegas Operations

 

14,979

 

 

 

2,443

 

 

96,181

 

 

5,151

 

 

 

25,515

 

 

 

11,049

 

 

5,985

 

 

161,303

 

Encore Boston Harbor

 

(22,253

)

 

 

28

 

 

78,268

 

 

1,221

 

 

 

14,234

 

 

 

4,540

 

 

1,241

 

 

77,279

 

Wynn Interactive

 

(109,557

)

 

 

815

 

 

11,948

 

 

?

 

 

 

?

 

 

 

3,494

 

 

8,932

 

 

(84,368

)

Corporate and other

 

36,205

 

 

 

?

 

 

4,510

 

 

(467

)

 

 

(68,429

)

 

 

10,741

 

 

17,440

 

 

?

 

Total

$

(205,253

)

 

$

4,122

 

$

368,428

 

$

11,268

 

 

$

?

 

 

$

37,762

 

$

49,453

 

$

265,780

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net loss attributable to Wynn Resorts, Limited

$

(130,051

)

 

$

(131,369

)

 

$

(313,375

)

 

$

(412,347

)

Net loss attributable to noncontrolling interests

 

(83,371

)

 

 

(42,028

)

 

 

(154,657

)

 

 

(97,229

)

Pre-opening expenses

 

4,502

 

 

 

2,495

 

 

 

6,949

 

 

 

4,122

 

Depreciation and amortization

 

162,968

 

 

 

183,307

 

 

 

347,524

 

 

 

368,428

 

Property charges and other

 

26,909

 

 

 

5,651

 

 

 

72,629

 

 

 

11,268

 

Corporate expenses and other

 

22,213

 

 

 

19,841

 

 

 

48,036

 

 

 

37,762

 

Stock-based compensation

 

14,595

 

 

 

25,107

 

 

 

28,495

 

 

 

49,453

 

Interest income

 

(2,691

)

 

 

(720

)

 

 

(3,971

)

 

 

(1,624

)

Interest expense, net of amounts capitalized

 

154,830

 

 

 

150,424

 

 

 

306,988

 

 

 

303,276

 

Change in derivatives fair value

 

(1,562

)

 

 

(972

)

 

 

(8,962

)

 

 

(5,381

)

Loss on extinguishment of debt

 

?

 

 

 

?

 

 

 

?

 

 

 

1,322

 

Other

 

10,099

 

 

 

(5,553

)

 

 

25,226

 

 

 

5,540

 

Provision for income taxes

 

718

 

 

 

697

 

 

 

1,858

 

 

 

1,190

 

Adjusted Property EBITDA

$

179,159

 

 

$

206,880

 

 

$

356,740

 

 

$

265,780

 

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

June 30,

 

 

 

Six Months Ended

June 30,

 

 

 

 

2022

 

 

 

2021

 

 

Percent Change

 

 

2022

 

 

 

2021

 

 

Percent Change

Wynn Palace Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

27,194

 

 

$

212,067

 

 

(87.2

)

 

$

141,607

 

 

$

397,976

 

 

(64.4

)

Rooms

 

7,008

 

 

 

20,883

 

 

(66.4

)

 

 

20,839

 

 

 

37,895

 

 

(45.0

)

Food and beverage

 

6,857

 

 

 

13,805

 

 

(50.3

)

 

 

18,300

 

 

 

25,477

 

 

(28.2

)

Entertainment, retail and other

 

17,592

 

 

 

23,616

 

 

(25.5

)

 

 

41,230

 

 

 

46,349

 

 

(11.0

)

Total

$

58,651

 

 

$

270,371

 

 

(78.3

)

 

$

221,976

 

 

$

507,697

 

 

(56.3

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

(49,950

)

 

$

53,555

 

 

NM

 

 

$

(50,814

)

 

$

80,924

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

46

 

 

 

94

 

 

(51.1

)

 

 

56

 

 

 

99

 

 

(43.4

)

VIP turnover

$

344,462

 

 

$

1,811,381

 

 

(81.0

)

 

$

1,310,017

 

 

$

4,011,563

 

 

(67.3

)

VIP table games (loss) win (1)

$

(6,671

)

 

$

71,570

 

 

NM

 

 

$

13,082

 

 

$

168,026

 

 

(92.2

)

VIP table games (loss) win as a % of turnover

 

(1.94

) %

 

 

3.95

%

 

 

 

 

1.00

%

 

 

4.19

%

 

 

Table games (loss) win per unit per day

$

(1,600

)

 

$

8,346

 

 

NM

 

 

$

1,284

 

 

$

9,402

 

 

(86.3

)

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

231

 

 

 

228

 

 

1.3

 

 

 

232

 

 

 

225

 

 

3.1

 

Table drop (2)

$

210,549

 

 

$

707,494

 

 

(70.2

)

 

$

742,408

 

 

$

1,315,012

 

 

(43.5

)

Table games win (1)

$

41,581

 

 

$

163,547

 

 

(74.6

)

 

$

152,755

 

 

$

295,196

 

 

(48.3

)

Table games win %

 

19.7

%

 

 

23.1

%

 

 

 

 

20.6

%

 

 

22.4

%

 

 

Table games win per unit per day

$

1,977

 

 

$

7,877

 

 

(74.9

)

 

$

3,630

 

 

$

7,249

 

 

(49.9

)

Average number of slot machines

 

634

 

 

 

726

 

 

(12.7

)

 

 

652

 

 

 

707

 

 

(7.8

)

Slot machine handle

$

130,404

 

 

$

421,269

 

 

(69.0

)

 

$

381,333

 

 

$

780,041

 

 

(51.1

)

Slot machine win (3)

$

4,922

 

 

$

18,772

 

 

(73.8

)

 

$

17,571

 

 

$

33,015

 

 

(46.8

)

Slot machine win per unit per day

$

85

 

 

$

284

 

 

(70.1

)

 

$

149

 

 

$

258

 

 

(42.2

)

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

28.5

%

 

 

70.6

%

 

 

 

 

37.7

%

 

 

65.6

%

 

 

ADR (4)

$

145

 

 

$

180

 

 

(19.4

)

 

$

166

 

 

$

179

 

 

(7.3

)

REVPAR (5)

$

41

 

 

$

127

 

 

(67.7

)

 

$

63

 

 

$

118

 

 

(46.6

)

NM: Not meaningful.
Note: The results of operations of Wynn Palace for the three and six months ended June 30, 2022 and 2021 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued)

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

 

 

Six Months Ended

June 30,

 

 

 

 

2022

 

 

 

2021

 

 

Percent Change

 

 

2022

 

 

 

2021

 

 

Percent Change

Wynn Macau Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

39,959

 

 

$

142,419

 

 

(71.9

)

 

$

142,389

 

 

$

281,346

 

 

(49.4

)

Rooms

 

4,762

 

 

 

13,427

 

 

(64.5

)

 

 

14,152

 

 

 

28,129

 

 

(49.7

)

Food and beverage

 

5,231

 

 

 

8,559

 

 

(38.9

)

 

 

13,617

 

 

 

15,992

 

 

(14.9

)

Entertainment, retail and other

 

8,631

 

 

 

19,623

 

 

(56.0

)

 

 

23,525

 

 

 

38,212

 

 

(38.4

)

Total

$

58,583

 

 

$

184,028

 

 

(68.2

)

 

$

193,683

 

 

$

363,679

 

 

(46.7

)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

(40,390

)

 

$

14,086

 

 

NM

 

 

$

(45,072

)

 

$

30,642

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

40

 

 

 

85

 

 

(52.9

)

 

 

37

 

 

 

87

 

 

(57.5

)

VIP turnover

$

301,645

 

 

$

1,489,912

 

 

(79.8

)

 

$

1,188,695

 

 

$

3,294,294

 

 

(63.9

)

VIP table games win (1)

$

14,446

 

 

$

39,388

 

 

(63.3

)

 

$

48,475

 

 

$

98,022

 

 

(50.5

)

VIP table games win as a % of turnover

 

4.79

%

 

 

2.64

%

 

 

 

 

4.08

%

 

 

2.98

%

 

 

Table games win per unit per day

$

4,006

 

 

$

5,111

 

 

(21.6

)

 

$

7,181

 

 

$

6,201

 

 

15.8

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

246

 

 

 

240

 

 

2.5

 

 

 

247

 

 

 

240

 

 

2.9

 

Table drop (2)

$

216,154

 

 

$

670,400

 

 

(67.8

)

 

$

685,292

 

 

$

1,261,290

 

 

(45.7

)

Table games win (1)

$

30,582

 

 

$

128,921

 

 

(76.3

)

 

$

112,842

 

 

$

234,104

 

 

(51.8

)

Table games win %

 

14.1

%

 

 

19.2

%

 

 

 

 

16.5

%

 

 

18.6

%

 

 

Table games win per unit per day

$

1,365

 

 

$

5,903

 

 

(76.9

)

 

$

2,521

 

 

$

5,390

 

 

(53.2

)

Average number of slot machines

 

665

 

 

 

607

 

 

9.6

 

 

 

625

 

 

 

588

 

 

6.3

 

Slot machine handle

$

199,312

 

 

$

300,523

 

 

(33.7

)

 

$

482,851

 

 

$

601,794

 

 

(19.8

)

Slot machine win (3)

$

6,329

 

 

$

9,223

 

 

(31.4

)

 

$

16,941

 

 

$

19,431

 

 

(12.8

)

Slot machine win per unit per day

$

105

 

 

$

167

 

 

(37.1

)

 

$

150

 

 

$

183

 

 

(18.0

)

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

31.3

%

 

 

68.0

%

 

 

 

 

40.5

%

 

 

64.4

%

 

 

ADR (4)

$

150

 

 

$

198

 

 

(24.2

)

 

$

174

 

 

$

219

 

 

(20.5

)

REVPAR (5)

$

47

 

 

$

135

 

 

(65.2

)

 

$

70

 

 

$

141

 

 

(50.4

)

NM: Not meaningful.
Note: The results of operations of Wynn Macau for the three and six months ended June 30, 2022 and 2021 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued)

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

 

 

Six Months Ended

June 30,

 

 

 

 

2022

 

 

 

2021

 

 

Percent Change

 

 

2022

 

 

 

2021

 

 

Percent Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

135,345

 

 

$

112,775

 

 

20.0

 

 

$

259,616

 

 

$

192,678

 

 

34.7

Rooms

 

167,116

 

 

 

93,785

 

 

78.2

 

 

 

298,582

 

 

 

133,546

 

 

123.6

Food and beverage

 

196,627

 

 

 

112,858

 

 

74.2

 

 

 

332,656

 

 

 

152,935

 

 

117.5

Entertainment, retail and other

 

61,981

 

 

 

35,648

 

 

73.9

 

 

 

111,401

 

 

 

54,623

 

 

103.9

Total

$

561,069

 

 

$

355,066

 

 

58.0

 

 

$

1,002,255

 

 

$

533,782

 

 

87.8

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

226,706

 

 

$

133,222

 

 

70.2

 

 

$

386,084

 

 

$

161,303

 

 

139.4

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

237

 

 

 

218

 

 

8.7

 

 

 

232

 

 

 

195

 

 

19.0

Table drop (2)

$

564,982

 

 

$

427,014

 

 

32.3

 

 

$

1,112,898

 

 

$

751,545

 

 

48.1

Table games win (1)

$

138,879

 

 

$

99,021

 

 

40.3

 

 

$

268,043

 

 

$

175,674

 

 

52.6

Table games win %

 

24.6

%

 

 

23.2

%

 

 

 

 

24.1

%

 

 

23.4

%

 

 

Table games win per unit per day

$

6,440

 

 

$

4,997

 

 

28.9

 

 

$

6,372

 

 

$

4,979

 

 

28.0

Average number of slot machines

 

1,712

 

 

 

1,715

 

 

(0.2

)

 

 

1,720

 

 

 

1,631

 

 

5.5

Slot machine handle

$

1,326,178

 

 

$

1,115,149

 

 

18.9

 

 

$

2,504,162

 

 

$

1,906,409

 

 

31.4

Slot machine win (3)

$

89,844

 

 

$

78,890

 

 

13.9

 

 

$

170,675

 

 

$

129,379

 

 

31.9

Slot machine win per unit per day

$

577

 

 

$

506

 

 

14.0

 

 

$

548

 

 

$

438

 

 

25.1

Poker rake

$

5,021

 

 

$

3,927

 

 

27.9

 

 

$

8,882

 

 

$

5,794

 

 

53.3

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

90.5

%

 

 

67.2

%

 

 

 

 

83.8

%

 

 

52.9

%

 

 

ADR (4)

$

460

 

 

$

333

 

 

38.1

 

 

$

448

 

 

$

332

 

 

34.9

REVPAR (5)

$

417

 

 

$

224

 

 

86.2

 

 

$

375

 

 

$

176

 

 

113.1

Note: The results of our Las Vegas Operations for the three and six months ended June 30, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR, and REVPAR)

(unaudited) (continued)

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

 

 

Six Months Ended

June 30,

 

 

 

 

2022

 

 

 

2021

 

 

Percent Change

 

 

2022

 

 

 

2021

 

 

Percent Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

157,087

 

 

$

135,485

 

 

15.9

 

 

$

305,835

 

 

$

246,964

 

 

23.8

 

Rooms

 

22,412

 

 

 

9,670

 

 

131.8

 

 

 

38,101

 

 

 

14,385

 

 

164.9

 

Food and beverage

 

21,101

 

 

 

13,920

 

 

51.6

 

 

 

39,263

 

 

 

23,247

 

 

68.9

 

Entertainment, retail and other

 

9,554

 

 

 

6,166

 

 

54.9

 

 

 

17,751

 

 

 

10,735

 

 

65.4

 

Total

$

210,154

 

 

$

165,241

 

 

27.2

 

 

$

400,950

 

 

$

295,331

 

 

35.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

63,746

 

 

$

46,916

 

 

35.9

 

 

$

118,996

 

 

$

77,279

 

 

54.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

184

 

 

 

195

 

 

(5.6

)

 

 

184

 

 

 

197

 

 

(6.6

)

Table drop (2)

$

366,222

 

 

$

306,070

 

 

19.7

 

 

$

712,417

 

 

$

540,632

 

 

31.8

 

Table games win (1)

$

80,263

 

 

$

64,874

 

 

23.7

 

 

$

157,054

 

 

$

114,251

 

 

37.5

 

Table games win %

 

21.9

%

 

 

21.2

%

 

 

 

 

22.0

%

 

 

21.1

%

 

 

Table games win per unit per day

$

4,794

 

 

$

3,654

 

 

31.2

 

 

$

4,716

 

 

$

3,201

 

 

47.3

 

Average number of slot machines

 

2,781

 

 

 

2,171

 

 

28.1

 

 

 

2,778

 

 

 

2,031

 

 

36.8

 

Slot machine handle

$

1,232,427

 

 

$

1,094,178

 

 

12.6

 

 

$

2,415,740

 

 

$

2,007,973

 

 

20.3

 

Slot machine win (3)

$

99,424

 

 

$

89,560

 

 

11.0

 

 

$

194,720

 

 

$

164,380

 

 

18.5

 

Slot machine win per unit per day

$

393

 

 

$

453

 

 

(13.2

)

 

$

387

 

 

$

447

 

 

(13.4

)

Poker rake

$

1,241

 

 

$

?

 

 

NM

 

 

$

2,026

 

 

$

?

 

 

NM

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

94.1

%

 

 

87.8

%

 

 

 

 

87.4

%

 

 

81.1

%

 

 

ADR (4)

$

391

 

 

$

304

 

 

28.6

 

 

$

360

 

 

$

294

 

 

22.4

 

REVPAR (5)

$

368

 

 

$

267

 

 

37.8

 

 

$

315

 

 

$

238

 

 

32.4

 

NM: Not meaningful.
Note: The results of Encore Boston Harbor for the three and six months ended June 30, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications. Encore Boston Harbor's room statistics have been computed based on 53 days of operations for the three months ended June 30, 2021 and 89 days of operations for the six months ended June 30, 2021, respectively, representing the actual number of days the hotel was open.

(1)

Table games win (loss) 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.

SOURCE:
Wynn Resorts, Limited


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