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Wynn Resorts, Limited Reports First Quarter 2020 Results

Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended March 31, 2020.

Operating revenues were $953.7 million for the first quarter of 2020, a decrease of 42.3%, or $697.8 million, from $1.65 billion for the first quarter of 2019. Net loss attributable to Wynn Resorts, Limited was $402.0 million, or $3.77 per diluted share, for the first quarter of 2020, compared to net income attributable to Wynn Resorts, Limited of $104.9 million, or $0.98 per diluted share, in the first quarter of 2019. Adjusted Property EBITDA (1) was $(5.3) million for the first quarter of 2020, which includes the impact of $75.7 million of expense accrued during the quarter related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020. Adjusted Property EBITDA was $494.8 million for the first quarter of 2019.

"Our leadership team has been working side-by-side with our host communities, fellow industry leaders and world-class medical experts to identify and implement strategies to mitigate the impact of the virus on our team members, our guests and our broader communities," said Matt Maddox, CEO of Wynn Resorts, Limited. "In mid-March we led the industry by identifying the need for short-term closure in Las Vegas and Boston, thereby doing our part to 'flatten the curve.' Concurrently, we decided to invest in the health and safety of our approximately 30,000 team members globally by committing to pay their full wages and benefits through May. We continue to play a leadership role in the industry’s re-emergence, most recently producing a detailed reopening plan on April 19, developed in consultation with medical experts from Georgetown and Johns Hopkins Universities, which we believe will be the gold standard for sanitization and customer safety."

"At the same time, we have also been focused on our long-term business prospects, taking steps to bolster our already strong liquidity position by opportunistically issuing $600 million of unsecured notes and increasing our financial flexibility. While the current environment is clearly challenging, we are confident that travel and tourism will recover in both the U.S. and China, and our industry leading assets, fortress balance sheet and talented team members position the Company to thrive in the years ahead."

Consolidated Results

Operating revenues were $953.7 million for the first quarter of 2020, a decrease of 42.3%, or $697.8 million, from $1.65 billion for the first quarter of 2019. Operating revenues decreased $467.1 million, $294.4 million, and $77.2 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, from the first quarter of 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 $140.9 million.

On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $402.0 million, or $3.77 per diluted share, for the first quarter of 2020, compared to net income attributable to Wynn Resorts, Limited of $104.9 million, or $0.98 per diluted share, in the first quarter of 2019. Adjusted net loss attributable to Wynn Resorts, Limited (2) was $377.9 million, or $3.54 per diluted share, for the first quarter of 2020, compared to adjusted net income attributable to Wynn Resorts, Limited of $172.6 million, or $1.61 per diluted share, for the first quarter of 2019.

Adjusted Property EBITDA was $(5.3) million for the first quarter of 2020, which includes the impact of $75.7 million of expense accrued during the quarter related to our commitment to pay salary, tips and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020. Adjusted Property EBITDA was $494.8 million for the first quarter of 2019. Adjusted Property EBITDA decreased $212.4 million, $144.7 million, and $130.4 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively. Adjusted Property EBITDA from Encore Boston Harbor was $(12.6) million.

The Company also announced today that it has suspended its quarterly dividend program due to the financial impact of the coronavirus pandemic.

Property Results

Macau Operations

Our casino operations at Wynn Palace and Wynn Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos’ operations have since been fully restored; however, certain public health safeguards, such as traveler quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and health declarations remain in effect at the present time. We are currently unable to determine when these measures will be lifted.

Wynn Palace

Operating revenues from Wynn Palace were $259.5 million for the first quarter of 2020, a 64.3% decrease from $726.6 million for the first quarter of 2019. Adjusted Property EBITDA from Wynn Palace was $10.2 million for the first quarter of 2020, a 95.4% decrease from $222.6 million for the first quarter of 2019. VIP table games win as a percentage of turnover was 2.91%, within the property's expected range of 2.7% to 3.0% and below the 3.91% experienced in the first quarter of 2019. Table games win percentage in mass market operations was 27.5%, above the 24.2% experienced in the first quarter of 2019.

Wynn Macau

Operating revenues from Wynn Macau were $229.5 million for the first quarter of 2020, a 56.2% decrease from $523.9 million for the first quarter of 2019. Adjusted Property EBITDA was $19.2 million for the first quarter of 2020, a 88.3% decrease from $163.9 million for the first quarter of 2019. VIP Table games win as a percentage of turnover was 4.14%, above the 2.90% experienced in the first quarter of 2019. Table games win percentage in mass market operations was 20.4%, slightly above the 19.6% experienced in the first quarter of 2019.

Las Vegas Operations

Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020, and will remain closed until authorized to re-open under U.S. and state government directives. Operating revenues from our Las Vegas Operations were $323.8 million for the first quarter of 2020, a 19.3% decrease from $401.0 million for the first quarter of 2019. Adjusted Property EBITDA from our Las Vegas Operations for the first quarter of 2020 was $(22.1) million, which includes the impact of $56.4 million of expense accrued during the quarter related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020. Adjusted Property EBITDA from our Las Vegas Operations was $108.3 million for the first quarter of 2019. Table games win percentage was 19.9%, below the property's expected range of 22% to 26% and below the 27.6% experienced in the first quarter of 2019.

Encore Boston Harbor

On June 23, 2019, the Company opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts. Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020, and will remain closed until authorized to re-open under U.S. and state government directives. Encore Boston Harbor's operating revenues were $140.9 million for the first quarter of 2020. Adjusted Property EBITDA from Encore Boston Harbor for the first quarter of 2020 was $(12.6) million, which includes the impact of $19.3 million of expense accrued during the quarter related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020. Table games win percentage was 20.8%, slightly above the property's expected range of 16% to 20%.

Balance Sheet

Our cash and cash equivalents and restricted cash as of March 31, 2020 totaled $2.89 billion.

Total current and long-term debt outstanding at March 31, 2020 was $11.37 billion, comprised of $5.15 billion of Macau related debt, $3.11 billion of Wynn Las Vegas debt, $2.50 billion of Wynn Resorts Finance debt, and $611.9 million of debt held by the retail joint venture which we consolidate.

As of March 31, 2020, the available borrowing capacity under the Wynn Macau Revolver was $74.2 million, and the available borrowing capacity under the Wynn Resorts Finance Revolver was $40.9 million, net of $18.1 million in outstanding letters of credit.

As previously disclosed, on April 14, 2020, Wynn Resorts Finance ("WRF") issued $600.0 million aggregate principal amount of 7.75% Senior Notes due 2025 (the "2025 Notes"). The 2025 Notes will mature on April 15, 2025 and bear interest at the rate of 7.75%. WRF plans to use the net proceeds from the offering for general corporate purposes and to pay related fees and expenses.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on May 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 May 14, 2020, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended March 31, 2020 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, the recent global pandemic of COVID-19, caused by a novel strain of the coronavirus, and the continued impact of its consequences, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political and economic conditions, adverse tourism trends, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development, and success of new gaming and resort properties, construction risks, cybersecurity risk and our leverage and debt service. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 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 Property EBITDA" is net income (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 and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDA because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDA calculations preopening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, our calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before nonrecurring regulatory expense, pre-opening expenses, property charges and other, change in derivatives fair value, loss on extinguishment of debt, foreign currency remeasurement gain (loss), and 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.

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 (loss) 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 March 31,

 

2020

 

2019

Operating revenues:

 

 

 

Casino

$

 

570,789

 

 

$

 

1,185,101

 

Rooms

 

152,681

 

 

 

191,270

 

Food and beverage

 

149,414

 

 

 

173,219

 

Entertainment, retail and other

 

80,832

 

 

 

101,956

 

Total operating revenues

 

953,716

 

 

 

1,651,546

 

Operating expenses:

 

 

 

Casino

 

442,690

 

 

 

750,071

 

Rooms

 

73,480

 

 

 

63,706

 

Food and beverage

 

175,910

 

 

 

148,761

 

Entertainment, retail and other

 

45,580

 

 

 

44,044

 

General and administrative

 

234,328

 

 

 

217,322

 

Provision for credit losses

 

20,613

 

 

 

5,422

 

Pre-opening

 

2,551

 

 

 

27,713

 

Depreciation and amortization

 

178,746

 

 

 

136,557

 

Property charges and other

 

27,229

 

 

 

2,774

 

Total operating expenses

 

1,201,127

 

 

 

1,396,370

 

Operating income (loss)

 

(247,411

)

 

 

255,176

 

Other income (expense):

 

 

 

Interest income

 

7,953

 

 

 

7,287

 

Interest expense, net of amounts capitalized

 

(128,827

)

 

 

(93,180

)

Change in derivatives fair value

 

(15,660

)

 

 

(1,509

)

Loss on extinguishment of debt

 

(843

)

 

 

 

Other

 

10,335

 

 

 

(6,358

)

Other income (expense), net

 

(127,042

)

 

 

(93,760

)

Income (loss) before income taxes

 

(374,453

)

 

 

161,416

 

Provision for income taxes

 

(75,800

)

 

 

(1,685

)

Net income (loss)

 

(450,253

)

 

 

159,731

 

Less: net (income) loss attributable to noncontrolling interests

 

48,216

 

 

 

(54,859

)

Net income (loss) attributable to Wynn Resorts, Limited

$

 

(402,037

)

 

$

 

104,872

 

Basic and diluted income (loss) per common share:

 

 

 

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

Basic

$

 

(3.77

)

 

$

 

0.98

 

Diluted

$

 

(3.77

)

 

$

 

0.98

 

Weighted average common shares outstanding:

 

 

 

Basic

 

106,663

 

 

 

106,792

 

Diluted

 

106,663

 

 

 

107,073

 

Dividends declared per common share:

$

 

1.00

 

 

$

 

0.75

 

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 March 31,

 

 

2020

 

2019

 

Net income (loss) attributable to Wynn Resorts, Limited (1)

$

 

(402,037

)

 

$

 

104,872

 

 

Nonrecurring regulatory expense

 

 

 

 

35,000

 

 

Pre-opening expenses

 

2,551

 

 

 

27,713

 

 

Property charges and other

 

27,229

 

 

 

2,774

 

 

Change in derivatives fair value

 

15,660

 

 

 

1,509

 

 

Loss on extinguishment of debt

 

843

 

 

 

 

 

Foreign currency remeasurement loss (gain)

 

(10,335

)

 

 

6,358

 

 

Income tax impact on adjustments

 

64

 

 

 

(2,692

)

 

Noncontrolling interests impact on adjustments

 

(11,895

)

 

 

(2,950

)

 

Adjusted net income (loss) attributable to Wynn Resorts, Limited

$

 

(377,920

)

 

$

 

172,584

 

 

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

$

 

(3.54

)

 

$

 

1.61

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

106,663

 

 

 

107,073

 

 

(1)

For the three months ended March 31, 2020, includes $75.7 million of expense accrued during the quarter related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 

 

Three Months Ended March 31, 2020

 

Operating
income
(loss)(1)

 

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

$

 

(91,662

)

 

 

$

 

 

 

$

 

67,009

 

 

$

 

22,299

 

 

$

 

9,425

 

 

 

$

 

1,571

 

 

$

 

1,534

 

 

 

$

 

10,176

 

 

Wynn Macau

 

(16,083

)

 

 

 

 

 

23,877

 

 

 

1,854

 

 

 

8,163

 

 

 

 

1,795

 

 

 

(398

)

 

 

 

19,208

 

 

Other Macau

 

(3,517

)

 

 

 

 

 

1,118

 

 

 

 

 

 

 

 

 

2,029

 

 

 

370

 

 

 

 

 

 

Total Macau Operations

 

(111,262

)

 

 

 

 

 

92,004

 

 

 

24,153

 

 

 

17,588

 

 

 

 

5,395

 

 

 

1,506

 

 

 

 

29,384

 

 

Las Vegas Operations

 

(93,437

)

 

 

 

1,139

 

 

 

47,245

 

 

 

113

 

 

 

15,205

 

 

 

 

6,289

 

 

 

1,369

 

 

 

 

(22,077

)

 

Encore Boston Harbor

 

(60,618

)

 

 

 

 

 

36,874

 

 

 

248

 

 

 

6,949

 

 

 

 

3,132

 

 

 

779

 

 

 

 

(12,636

)

 

Corporate and other

 

17,906

 

 

 

 

1,412

 

 

 

2,623

 

 

 

2,715

 

 

 

(39,742

)

 

 

 

9,376

 

 

 

5,710

 

 

 

 

 

 

Total

$

 

(247,411

)

 

 

$

 

2,551

 

 

$

 

178,746

 

 

$

 

27,229

 

 

$

 

 

 

 

$

 

24,192

 

 

$

 

9,364

 

 

 

$

 

(5,329

)

 

(1)

Includes $56.4 million and $19.3 million of expense accrued during the quarter related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, for our Las Vegas Operations and Encore Boston Harbor, respectively.

 

Three Months Ended March 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

$

 

125,791

 

 

 

$

 

 

 

$

 

66,066

 

 

$

 

1,120

 

 

$

 

27,220

 

 

 

$

 

1,284

 

 

$

 

1,105

 

 

$

 

222,586

 

Wynn Macau

 

118,397

 

 

 

 

 

 

21,912

 

 

 

393

 

 

 

18,986

 

 

 

 

1,495

 

 

 

2,706

 

 

 

163,889

 

Other Macau

 

(3,303

)

 

 

 

 

 

1,117

 

 

 

6

 

 

 

 

 

 

 

1,913

 

 

 

267

 

 

 

 

Total Macau Operations

 

240,885

 

 

 

 

 

 

 

 

89,095

 

 

 

1,519

 

 

 

46,206

 

 

 

 

4,692

 

 

 

4,078

 

 

 

386,475

 

Las Vegas Operations

 

38,924

 

 

 

 

 

 

 

44,590

 

 

 

510

 

 

 

18,721

 

 

 

 

3,965

 

 

 

1,592

 

 

 

108,302

 

Encore Boston Harbor

 

(36,368

)

 

 

 

27,316

 

 

 

876

 

 

 

25

 

 

 

4,500

 

 

 

 

3,651

 

 

 

 

 

 

 

Corporate and other

 

11,735

 

 

 

 

397

 

 

 

1,996

 

 

 

720

 

 

 

(69,427

)

 

 

 

50,241

 

 

 

4,338

 

 

 

 

Total

$

 

255,176

 

 

 

$

 

27,713

 

 

$

 

136,557

 

 

$

 

2,774

 

 

$

 

 

 

 

$

 

62,549

 

 

$

 

10,008

 

 

$

 

494,777

 

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 March 31,

 

2020

 

2019

Net income (loss) attributable to Wynn Resorts, Limited (1)

$

 

(402,037

)

 

$

 

104,872

 

Net income (loss) attributable to noncontrolling interests

 

(48,216

)

 

 

54,859

 

Pre-opening expenses

 

2,551

 

 

 

27,713

 

Depreciation and amortization

 

178,746

 

 

 

136,557

 

Property charges and other

 

27,229

 

 

 

2,774

 

Corporate expenses and other

 

24,192

 

 

 

62,549

 

Stock-based compensation

 

9,364

 

 

 

10,008

 

Interest income

 

(7,953

)

 

 

(7,287

)

Interest expense, net of amounts capitalized

 

128,827

 

 

 

93,180

 

Change in derivatives fair value

 

15,660

 

 

 

1,509

 

Loss on extinguishment of debt

 

843

 

 

 

 

Other

 

(10,335

)

 

 

6,358

 

Provision for income taxes

 

75,800

 

 

 

1,685

 

Adjusted Property EBITDA

$

 

(5,329

)

 

$

 

494,777

 

(1)

For the three months ended March 31, 2020, includes $75.7 million of expense accrued during the quarter related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020.

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 March 31,

 

 

 

2020

 

2019

 

Percent Change

Wynn Palace Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

 

 

207,576

 

 

$

 

 

623,175

 

 

(66.7

)

Rooms

 

19,710

 

 

 

43,314

 

 

(54.5

)

Food and beverage

 

13,298

 

 

 

28,625

 

 

(53.5

)

Entertainment, retail and other

 

18,929

 

 

 

31,508

 

 

(39.9

)

Total

$

 

 

259,513

 

 

$

 

 

726,622

 

 

(64.3

)

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

 

 

10,176

 

 

$

 

 

222,586

 

 

(95.4

)

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

VIP:

 

 

 

 

 

Average number of table games

 

89

 

 

 

111

 

 

(19.8

)

VIP turnover

$

 

 

4,792,454

 

 

$

 

 

12,627,262

 

 

(62.0

)

VIP table games win (1)

$

 

 

139,569

 

 

$

 

 

493,184

 

 

(71.7

)

VIP table games win as a % of turnover

 

2.91

%

 

 

3.91

%

 

 

Table games win per unit per day

$

 

 

20,257

 

 

$

 

 

49,156

 

 

(58.8

)

Mass market:

 

 

 

 

 

Average number of table games

 

179

 

 

 

211

 

 

(15.2

)

Table drop (2)

$

 

 

475,223

 

 

$

 

 

1,303,924

 

 

(63.6

)

Table games win (1)

$

 

 

130,714

 

 

$

 

 

315,469

 

 

(58.6

)

Table games win %

 

27.5

%

 

 

24.2

%

 

 

Table games win per unit per day

$

 

 

9,507

 

 

$

 

 

16,646

 

 

(42.9

)

Average number of slot machines

 

733

 

 

 

1,091

 

 

(32.8

)

Slot machine handle

$

 

 

424,714

 

 

$

 

 

975,048

 

 

(56.4

)

Slot machine win (3)

$

 

 

18,405

 

 

$

 

 

51,401

 

 

(64.2

)

Slot machine win per unit per day

$

 

 

326

 

 

$

 

 

524

 

 

(37.8

)

Room statistics:

 

 

 

 

 

Occupancy

 

41.6

%

 

 

97.2

%

 

 

ADR (4)

$

 

 

294

 

 

$

 

 

271

 

 

8.4

 

REVPAR (5)

$

 

 

122

 

 

$

 

 

264

 

 

(53.8

)

Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos’ operations have since been fully restored; however, certain public health safeguards, such as traveler quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and health declarations remain in effect at the present time. We are currently unable to determine when these measures will be lifted.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited) (continued)

 

 

Three Months Ended March 31,

 

 

 

2020

 

2019

 

Percent Change

Wynn Macau Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

190,128

 

 

$

450,242

 

 

(57.8)

 

Rooms

15,911

 

 

28,867

 

 

(44.9)

 

Food and beverage

9,531

 

 

20,975

 

 

(54.6)

 

Entertainment, retail and other

13,919

 

 

23,807

 

 

(41.5)

 

Total

$

229,489

 

 

$

523,891

 

 

(56.2)

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

19,208

 

 

$

163,889

 

 

(88.3)

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

VIP:

 

 

 

 

 

Average number of table games

81

 

 

113

 

 

(28.3)

 

VIP turnover

2,964,146

 

 

10,194,031

 

 

(70.9)

 

VIP table games win (1)

122,625

 

 

295,298

 

 

(58.5)

 

VIP table games win as a % of turnover

4.14

%

 

2.90

%

 

 

Table games win per unit per day

$

19,702

 

 

$

29,099

 

 

(32.3)

 

Mass market:

 

 

 

 

 

Average number of table games

183

 

 

206

 

 

(11.2)

 

Table drop (2)

578,235

 

 

1,351,693

 

 

(57.2)

 

Table games win (1)

117,941

 

 

264,542

 

 

(55.4)

 

Table games win %

20.4

%

 

19.6

%

 

 

Table games win per unit per day

$

8,372

 

 

$

14,283

 

 

(41.4)

 

Average number of slot machines

634

 

 

826

 

 

(23.2)

 

Slot machine handle

366,537

 

 

794,367

 

 

(53.9)

 

Slot machine win (3)

13,295

 

 

37,894

 

 

(64.9)

 

Slot machine win per unit per day

$

272

 

 

$

510

 

 

(46.6)

 

Poker rake

$

2,083

 

 

$

5,752

 

 

(63.8)

 

Room statistics:

 

 

 

 

 

Occupancy

49.2

%

 

99.3

%

 

 

ADR (4)

$

321

 

 

$

290

 

 

10.9

 

REVPAR (5)

$

158

 

 

$

288

 

 

(45.1)

 

Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos’ operations have since been fully restored; however, certain public health safeguards, such as traveler quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and health declarations remain in effect at the present time. We are currently unable to determine when these measures will be lifted.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited) (continued)

 

 

Three Months Ended March 31,

 

 

 

2020

 

2019

 

Percent Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

71,295

 

 

$

111,684

 

 

(36.2)

 

Rooms

106,105

 

 

119,089

 

 

(10.9)

 

Food and beverage

105,979

 

 

123,619

 

 

(14.3)

 

Entertainment, retail and other

40,445

 

 

46,641

 

 

(13.3)

 

Total

$

323,824

 

 

$

401,033

 

 

(19.3)

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

(22,077)

 

 

$

108,302

 

 

(120.4)

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

Average number of table games

237

 

 

238

 

 

(0.4)

 

Table drop (2)

$

414,933

 

 

$

404,073

 

 

2.7

 

Table games win (1)

$

82,666

 

 

$

111,370

 

 

(25.8)

 

Table games win %

19.9

%

 

27.6

%

 

 

Table games win per unit per day

$

4,530

 

 

$

5,198

 

 

(12.9)

 

Average number of slot machines

1,766

 

 

1,807

 

 

(2.3)

 

Slot machine handle

$

664,834

 

 

$

789,310

 

 

(15.8)

 

Slot machine win (3)

$

46,674

 

 

$

54,544

 

 

(14.4)

 

Slot machine win per unit per day

$

343

 

 

$

335

 

 

2.4

 

Poker rake

$

2,175

 

 

$

2,460

 

 

(11.6)

 

Room statistics:

 

 

 

 

 

Occupancy

80.1

%

 

82.6

%

 

 

ADR (4)

$

374

 

 

$

338

 

 

10.7

 

REVPAR (5)

$

299

 

 

$

279

 

 

7.2

 

Note: Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020, and will remain closed until authorized to re-open under U.S. and state government directives.

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 March 31,

 

 

 

2020

 

2019

 

Percent Change

Encore Boston Harbor Supplemental Information (7)

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

 

101,790

 

 

$

 

 

 

 

Rooms

 

10,955

 

 

 

 

 

Food and beverage

 

20,606

 

 

 

 

 

Entertainment, retail and other

 

7,539

 

 

 

 

 

Total

$

 

140,890

 

 

$

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

 

(12,636

)

 

$

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

Average number of table games

 

160

 

 

 

 

 

Table drop (2)

 

275,631

 

 

 

 

 

Table games win (1)

 

57,286

 

 

$

 

 

 

 

Table games win %

 

20.8

%

 

%

 

 

Table games win per unit per day

$

 

4,826

 

 

$

 

 

 

 

Average number of slot machines

 

2,837

 

 

 

 

 

Slot machine handle

 

767,739

 

 

$

 

 

 

 

Slot machine win (3)

 

59,448

 

 

$

 

 

 

 

Slot machine win per unit per day

$

 

283

 

 

$

 

 

 

 

Poker rake

$

 

5,105

 

 

$

 

 

 

 

Room statistics:

 

 

 

 

 

Occupancy

 

75.8

%

 

%

 

 

ADR (4)

$

 

292

 

 

$

 

 

 

 

REVPAR (5)

$

 

222

 

 

$

 

 

 

 

Note: Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020, and will remain closed until authorized to re-open under U.S. and state government directives.

(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/20200506006023/en/

Contacts

Vincent Zahn
702-770-7555
investorrelations@wynnresorts.com