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Wynn Resorts, Limited Reports Fourth Quarter and Year End 2020 Results

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

Operating revenues were $686.0 million for the fourth quarter of 2020, a decrease of 58.5%, or $967.5 million, from $1.65 billion for the fourth quarter of 2019. Net loss attributable to Wynn Resorts, Limited was $269.5 million, or $2.53 per diluted share, for the fourth quarter of 2020, compared to net loss attributable to Wynn Resorts, Limited of $72.9 million, or $0.68 per diluted share, in the fourth quarter of 2019. Our fourth quarter 2019 results included a net tax provision of $157.4 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Adjusted Property EBITDA (1) was $69.8 million for the fourth quarter of 2020, compared to Adjusted Property EBITDA of $443.1 million in the fourth quarter of 2019.

"We are encouraged by the progress we have made at each of our properties over the past several months, as we continue along the road to recovery from the pandemic," said Matt Maddox, CEO of Wynn Resorts, Limited. "In Macau, the gradual and thoughtful easing of visitation restrictions allowed us to return to Adjusted Property EBITDA profitability in the fourth quarter, with particular strength in our premium mass business. In the US, our operations at both Wynn Las Vegas and Encore Boston Harbor were resilient as we continue to deliver our industry-leading service, while remaining focused on costs. On the development front, our WynnBet online casino and sports betting app is currently available in three states following successful launches in Colorado and Michigan, with additional launches planned over the coming months. We believe our product will be increasingly compelling with each release over the coming months and look forward to growing the business in 2021."

Consolidated Results

Operating revenues were $686.0 million for the fourth quarter of 2020, a decrease of 58.5%, or $967.5 million, from $1.65 billion for the fourth quarter of 2019. Operating revenues decreased $368.5 million, $343.5 million, $196.2 million, and $65.4 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the fourth quarter of 2019.

Net loss attributable to Wynn Resorts, Limited was $269.5 million, or $2.53 per diluted share, for the fourth quarter of 2020, compared to net loss attributable to Wynn Resorts, Limited of $72.9 million, or $0.68 per diluted share, in the fourth quarter of 2019. Our fourth quarter 2019 results included a net tax provision of $157.4 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Adjusted net loss attributable to Wynn Resorts, Limited (2) was $262.2 million, or $2.45 per diluted share, for the fourth quarter of 2020, compared to adjusted net loss attributable to Wynn Resorts, Limited of $65.6 million, or $0.62 per diluted share, for the fourth quarter of 2019.

Adjusted Property EBITDA was $69.8 million for the fourth quarter of 2020, compared to $443.1 million for the fourth quarter of 2019. Adjusted Property EBITDA decreased $148.9 million, $159.4 million, and $59.1 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and increased $1.4 million at Encore Boston Harbor.

For the year ended December 31, 2020, operating revenues decreased 68.3%, or $4.52 billion, to $2.10 billion, compared to $6.61 billion in the year ended December 31, 2019. Operating revenues decreased $2.04 billion, $1.60 billion, $885.5 million, and $2.3 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively. Encore Boston Harbor opened on June 23, 2019.

Net loss attributable to Wynn Resorts, Limited was $2.07 billion, or $19.37 per diluted share in 2020, compared to net income attributable to Wynn Resorts, Limited of $123.0 million, or $1.15 per diluted share in the year ended December 31, 2019. Our 2020 results included a net tax provision of $564.7 million, primarily related to an increase in the valuation allowance against deferred tax assets no longer expected to be realized. Our 2019 results included a net tax provision of $176.8 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Adjusted net loss attributable to Wynn Resorts, Limited was $2.05 billion, or $19.18 per diluted share, in 2020, compared to adjusted net income of $279.5 million, or $2.61 per diluted share, in the year ended December 31, 2019.

Full year Adjusted Property EBITDA decreased 117.9%, or $2.14 billion, to $(324.3) million, compared to $1.82 billion in the year ended December 31, 2019. Adjusted Property EBITDA decreased $879.2 million, $736.0 million, $470.2 million, and $46.9 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively.

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 COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results remain in effect at the present time. On September 23, 2020, PRC authorities fully resumed the Individual Visit Scheme exit visa program, subject to certain testing requirements and health declarations. Given the evolving conditions created by and in response to the COVID-19 pandemic, we are currently unable to determine when travel-related restrictions and conditions will be further lifted. Measures that have been lifted or are expected to be lifted may be reintroduced if there are adverse developments in the COVID-19 situation in Macau and other regions with access to Macau.

Wynn Palace

Operating revenues from Wynn Palace were $221.5 million for the fourth quarter of 2020, a 62.5% decrease from $590.0 million for the fourth quarter of 2019. Adjusted Property EBITDA from Wynn Palace was $28.7 million for the fourth quarter of 2020, compared with $177.6 million for the fourth quarter of 2019. VIP table games win as a percentage of turnover was 1.97%, below the property's expected range of 2.7% to 3.0% and below the 3.07% experienced in the fourth quarter of 2019. Table games win percentage in mass market operations was 21.6%, below the 25.2% experienced in the fourth quarter of 2019.

Wynn Macau

Operating revenues from Wynn Macau were $181.9 million for the fourth quarter of 2020, a 65.4% decrease from $525.4 million for the fourth quarter of 2019. Adjusted Property EBITDA from Wynn Macau was $10.7 million for the fourth quarter of 2020, compared with $170.1 million for the fourth quarter of 2019. VIP Table games win as a percentage of turnover was 3.10%, above the property's expected range of 2.7% to 3.0% and below the 3.27% experienced in the fourth quarter of 2019. Table games win percentage in mass market operations was 17.9%, below the 20.3% experienced in the fourth quarter of 2019.

Las Vegas Operations

Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020, and reopened on June 4, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. Beginning October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to currently reduced customer demand levels. We are currently unable to determine when certain of these measures will be lifted.

Operating revenues from our Las Vegas Operations were $172.5 million for the fourth quarter of 2020, a 53.2% decrease from $368.8 million for the fourth quarter of 2019. Adjusted Property EBITDA from our Las Vegas Operations for the fourth quarter of 2020 was $21.0 million, compared with $80.1 million for the fourth quarter of 2019. Table games win percentage was 24.4%, within the property's expected range of 22% to 26% and above the 17.4% experienced in the fourth quarter of 2019.

Encore Boston Harbor

Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020, and reopened on July 10, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, capacity restrictions, and mask protection. Subsequent to reopening, certain food and beverage outlets have remained temporarily closed and our hotel operations were limited to Thursday through Sunday. On November 6, 2020, pursuant to a Massachusetts directive implementing an overnight curfew on certain businesses, Encore Boston Harbor limited its daily operating hours and temporarily closed the hotel tower. On January 25, 2021, the limitations on operating hours were lifted, and Encore Boston Harbor restored certain operations and reopened its hotel tower on a Thursday through Sunday weekly schedule. The protective measures, including capacity restrictions, are still in place. We are currently unable to determine when the remaining measures will be lifted.

Operating revenues from Encore Boston Harbor were $103.9 million for the fourth quarter of 2020, a 38.6% decrease from $169.3 million for the fourth quarter of 2019. Adjusted Property EBITDA from Encore Boston Harbor for the fourth quarter of 2020 was $16.7 million, compared with $15.3 million for the fourth quarter of 2019. Table games win percentage was 20.9%, within the property's expected range of 18% to 22% and above the 19.2% experienced in the fourth quarter of 2019.

Wynn Interactive

In October 2020, Wynn Interactive Ltd. ("Wynn Interactive") was formed through the merger of our U.S. online sports betting and gaming business, social casino business, and our strategic partner, BetBull Limited ("BetBull"). Following the merger, Wynn Resorts owns approximately 72% of, and consolidates, Wynn Interactive. We believe this transaction positions Wynn Resorts to capitalize on developing opportunities in digital and interactive sports betting and gaming throughout the U.S., by combining Wynn Resorts' nationally recognized brand with BetBull's digital sports betting operational capabilities and technology. Our digital and interactive sports betting app, WynnBET, is currently operational in New Jersey, Colorado, and Michigan. In addition, subject to all necessary legislative authorizations and regulatory approvals, we have secured market access and have submitted an application for licensing in Indiana, have secured market access in Iowa and Ohio, have received conditional licensing in Tennessee, and have submitted an application for licensing in Virginia. The results of Wynn Interactive are presented within Corporate and other.

Balance Sheet

Our cash and cash equivalents as of December 31, 2020 totaled $3.48 billion, comprised of approximately $2.43 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $297.8 million held by Wynn Resorts Finance excluding WML, and approximately $755.2 million at Corporate and other.

As of December 31, 2020, the available borrowing capacity under the Wynn Macau Revolver was $343.5 million, and available borrowing capacity under the Wynn Resorts Finance Revolver was $117.9 million.

Total current and long-term debt outstanding at December 31, 2020 was $13.07 billion, comprised of $6.35 billion of Macau related debt, $3.12 billion of Wynn Las Vegas debt, $2.99 billion of Wynn Resorts Finance debt, and $612.3 million of debt held by the retail joint venture which we consolidate.

As previously disclosed, on December 22, 2020, WML issued $750.0 million aggregate principal amount of 5.625% Senior Notes due 2028. WML used approximately $412.5 million of net proceeds from the offering to facilitate the prepayment of a portion of the term loan outstanding under the Wynn Macau Credit Facilities in January 2021. In addition, WML used approximately $318.5 million of net proceeds from the offering to facilitate the repayment of revolver borrowings outstanding under the Wynn Macau Credit Facilities in December 2020. Accordingly, as of December 31, 2020, the available borrowing capacity under the Wynn Macau Revolver was $343.5 million.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 4, 2021 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com .

On or before March 31, 2021, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 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, 2020 and the Company's other periodic reports filed with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise.

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, litigation settlement net gain, pre-opening expenses, property charges and other, change in derivatives fair value, loss on extinguishment of debt, and foreign currency remeasurement and other, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net 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

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

Three Months Ended

December 31,

 

Year Ended
December 31,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating revenues:

 

 

 

 

 

 

 

Casino

$

455,156

 

 

 

$

1,137,956

 

 

 

$

1,237,230

 

 

 

$

4,573,924

 

 

Rooms

76,733

 

 

 

208,209

 

 

 

307,973

 

 

 

804,162

 

 

Food and beverage

79,577

 

 

 

199,073

 

 

 

329,584

 

 

 

818,822

 

 

Entertainment, retail and other

74,529

 

 

 

108,221

 

 

 

221,074

 

 

 

414,191

 

 

Total operating revenues

685,995

 

 

 

1,653,459

 

 

 

2,095,861

 

 

 

6,611,099

 

 

Operating expenses:

 

 

 

 

 

 

 

Casino

330,287

 

 

 

726,504

 

 

 

1,064,976

 

 

 

2,924,254

 

 

Rooms

32,436

 

 

 

71,053

 

 

 

172,223

 

 

 

276,095

 

 

Food and beverage

84,457

 

 

 

168,996

 

 

 

398,792

 

 

 

696,498

 

 

Entertainment, retail and other

31,405

 

 

 

40,570

 

 

 

107,228

 

 

 

170,206

 

 

General and administrative

173,544

 

 

 

230,682

 

 

 

720,849

 

 

 

896,670

 

 

Provision for credit losses

3,827

 

 

 

8,859

 

 

 

64,375

 

 

 

21,898

 

 

Pre-opening

892

 

 

 

2,797

 

 

 

6,506

 

 

 

102,009

 

 

Depreciation and amortization

184,004

 

 

 

175,054

 

 

 

725,502

 

 

 

624,878

 

 

Property charges and other

23,754

 

 

 

2,366

 

 

 

67,455

 

 

 

20,286

 

 

Total operating expenses

864,606

 

 

 

1,426,881

 

 

 

3,327,906

 

 

 

5,732,794

 

 

Operating income (loss)

(178,611

)

 

 

226,578

 

 

 

(1,232,045

)

 

 

878,305

 

 

Other income (expense):

 

 

 

 

 

 

 

Interest income

1,415

 

 

 

4,470

 

 

 

15,384

 

 

 

24,449

 

 

Interest expense, net of amounts capitalized

(149,287

)

 

 

(113,049

)

 

 

(556,474

)

 

 

(414,030

)

 

Change in derivatives fair value

1,219

 

 

 

3,686

 

 

 

(13,060

)

 

 

(3,228

)

 

Loss on extinguishment of debt

 

 

 

(241

)

 

 

(4,601

)

 

 

(12,437

)

 

Other

15,541

 

 

 

18,505

 

 

 

28,521

 

 

 

15,159

 

 

Other income (expense), net

(131,112

)

 

 

(86,629

)

 

 

(530,230

)

 

 

(390,087

)

 

Income (loss) before income taxes

(309,723

)

 

 

139,949

 

 

 

(1,762,275

)

 

 

488,218

 

 

Provision for income taxes

(568

)

 

 

(157,419

)

 

 

(564,671

)

 

 

(176,840

)

 

Net income (loss)

(310,291

)

 

 

(17,470

)

 

 

(2,326,946

)

 

 

311,378

 

 

Less: net (income) loss attributable to noncontrolling interests

40,789

 

 

 

(55,472

)

 

 

259,701

 

 

 

(188,393

)

 

Net income (loss) attributable to Wynn Resorts, Limited

$

(269,502

)

 

 

$

(72,942

)

 

 

$

(2,067,245

)

 

 

$

122,985

 

 

Basic and diluted income (loss) per common share:

 

 

 

 

 

 

 

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

Basic

$

(2.53

)

 

 

$

(0.68

)

 

 

$

(19.37

)

 

 

$

1.15

 

 

Diluted

$

(2.53

)

 

 

$

(0.68

)

 

 

$

(19.37

)

 

 

$

1.15

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

106,818

 

 

 

106,608

 

 

 

106,745

 

 

 

106,745

 

 

Diluted

106,818

 

 

 

106,608

 

 

 

106,745

 

 

 

106,985

 

 

Dividends declared per common share:

$

 

 

 

$

1.00

 

 

 

$

1.00

 

 

 

$

3.75

 

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

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

TO ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

Three Months Ended

December 31,

 

Year Ended
December 31,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss) attributable to Wynn Resorts, Limited

$

(269,502

)

 

 

$

(72,942

)

 

 

$

(2,067,245

)

 

 

$

122,985

 

 

Nonrecurring regulatory expense

 

 

 

 

 

 

 

 

 

35,000

 

 

Litigation settlement net gain

 

 

 

 

 

 

(30,200

)

 

 

 

 

Pre-opening expenses

892

 

 

 

2,797

 

 

 

6,506

 

 

 

102,009

 

 

Property charges and other

23,754

 

 

 

2,366

 

 

 

67,455

 

 

 

20,286

 

 

Change in derivatives fair value

(1,219

)

 

 

(3,686

)

 

 

13,060

 

 

 

3,228

 

 

Loss on extinguishment of debt

 

 

 

241

 

 

 

4,601

 

 

 

12,437

 

 

Foreign currency remeasurement and other

(15,541

)

 

 

(18,505

)

 

 

(28,521

)

 

 

(15,159

)

 

Income tax impact on adjustments

(20

)

 

 

17,445

 

 

 

 

 

 

(1,549

)

 

Noncontrolling interests impact on adjustments

(593

)

 

 

6,714

 

 

 

(12,908

)

 

 

226

 

 

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

$

(262,229

)

 

 

$

(65,570

)

 

 

$

(2,047,252

)

 

 

$

279,463

 

 

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

$

(2.45

)

 

 

$

(0.62

)

 

 

$

(19.18

)

 

 

$

2.61

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

106,818

 

 

 

106,608

 

 

 

106,745

 

 

 

106,985

 

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 

 

 

Three Months Ended December 31, 2020

 

Operating income
(loss)

 

Pre-opening expenses

 

Depreciation and amortization

 

Property charges and other

 

Management and license fees

 

Corporate expenses and other

 

Stock-based compensation

 

Adjusted Property EBITDA

Macau Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wynn Palace

$

(50,278

)

 

 

$

439

 

 

$

67,455

 

 

$

918

 

 

$

7,196

 

 

 

$

867

 

 

$

2,135

 

 

$

28,732

 

 

Wynn Macau

(21,315

)

 

 

 

 

20,396

 

 

740

 

 

6,078

 

 

 

942

 

 

3,865

 

 

10,706

 

 

Other Macau

(2,753

)

 

 

 

 

1,108

 

 

1

 

 

 

 

 

1,203

 

 

441

 

 

 

 

Total Macau Operations

(74,346

)

 

 

439

 

 

88,959

 

 

1,659

 

 

13,274

 

 

 

3,012

 

 

6,441

 

 

39,438

 

 

Las Vegas Operations

(49,125

)

 

 

246

 

 

49,332

 

 

2,828

 

 

8,303

 

 

 

5,419

 

 

4,024

 

 

21,027

 

 

Encore Boston Harbor

(34,911

)

 

 

 

 

39,373

 

 

3,653

 

 

5,013

 

...

2,262

1,277

16,667

Corporate and other

(20,229

)

207

6,340

15,614

(26,590

)

7,296

10,011

(7,351

)

Total

$

(178,611

)

$

892

$

184,004

$

23,754

$

$

17,989

$

21,753

$

69,781

Three Months Ended December 31, 2019

Operating income (loss)

Pre-opening
expenses

Depreciation and
amortization

Property
charges and
other

Management and
license fees

Corporate
expenses and
other

Stock-based
compensation

Adjusted
Property EBITDA

Macau Operations:

Wynn Palace

$

88,303

$

$

66,337

$

(466

)

$

20,853

$

1,392

$

1,198

$

177,617

Wynn Macau

123,161

1,699

23,601

(234

)

18,475

1,536

1,848

170,086

Other Macau

(3,547

)

1,115

5

2,162

265

Total Macau Operations

207,917

1,699

91,053

(695

)

39,328

5,090

3,311

347,703

Las Vegas Operations

6,596

166

44,471

4,886

17,610

5,087

1,323

80,139

Encore Boston Harbor

(34,146

)

36,752

8,346

2,618

1,690

15,260

Corporate and other

46,211

932

2,778

(1,825

)

(65,284

)

13,584

3,604

Total

$

226,578

$

2,797

$

175,054

$

2,366

$

$

26,379

$

9,928

$

443,102

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited) (continued)

Year Ended December 31, 2020

Operating income
(loss)

Pre-opening expenses

Depreciation and amortization

Property charges and other

Management and license fees

Corporate expenses and other (1)

Stock-based compensation

Adjusted Property EBITDA

Macau Operations:

Wynn Palace

$

(477,759

)

$

1,432

$

269,110

$

24,712

$

21,121

$

4,056

$

7,681

$

(149,647

)

Wynn Macau

(214,606

)

89,527

3,612

18,741

4,562

10,975

(87,189

)

Other Macau

(11,641

)

4,443

6

5,589

1,603

Total Macau Operations

(704,006

)

1,432

363,080

28,330

39,862

14,207

20,259

(236,836

)

Las Vegas Operations

(326,729

)

2,490

196,292

3,792

35,213

23,111

9,475

(56,356

)

Encore Boston Harbor

(220,053

)

150,886

13,872

17,651

11,162

2,720

(23,762

)

Corporate and other

18,743

2,584

15,244

21,461

(92,726

)

(2,457

)

29,800

(7,351

)

Total

$

(1,232,045

)

$

6,506

$

725,502

$

67,455

$

$

46,023

$

62,254

$

(324,305

)

(1) Corporate and other includes a $30.2 million net gain recorded in relation to a derivative litigation settlement.

Year Ended December 31, 2019

Operating income
(loss)

Pre-opening expenses

Depreciation and amortization

Property charges and other

Management and license fees

Corporate expenses and other

Stock-based compensation

Adjusted
Property
EBITDA

Macau Operations:

Wynn Palace

$

359,286

$

$

264,758

$

1,000

$

94,111

$

5,583

$

4,797

$

729,535

Wynn Macau

461,821

2,224

90,448

4,860

74,076

6,515

8,893

648,837

Other Macau

(15,586

)

4,465

23

10,023

1,075

Total Macau Operations

805,521

2,224

359,671

5,883

168,187

22,121

14,765

1,378,372

Las Vegas Operations

123,306

249

177,509

14,241

76,520

16,215

5,846

413,886

Encore Boston Harbor

(195,589

)

96,649

78,378

25

26,731

14,524

2,432

23,150

Corporate and other

145,067

2,887

9,320

137

(271,438

)

97,368

16,659

Total

$

878,305

$

102,009

$

624,878

$

20,286

$

$

150,228

$

39,702

$

1,815,408

WYNN RESORTS, LIMITED AND SUBSIDIARIES

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

ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

Three Months Ended

December 31,

Year Ended
December 31,

2020

2019

2020

2019

Net income (loss) attributable to Wynn Resorts, Limited

$

(269,502

)

$

(72,942

)

$

(2,067,245

)

$

122,985

Net income (loss) attributable to noncontrolling interests

(40,789

)

55,472

(259,701

)

188,393

Pre-opening expenses

892

2,797

6,506

102,009

Depreciation and amortization

184,004

175,054

725,502

624,878

Property charges and other

23,754

2,366

67,455

20,286

Corporate expenses and other

17,989

26,379

46,023

150,228

Stock-based compensation

21,753

9,928

62,254

39,702

Interest income

(1,415

)

(4,470

)

(15,384

)

(24,449

)

Interest expense, net of amounts capitalized

149,287

113,049

556,474

414,030

Change in derivatives fair value

(1,219

)

(3,686

)

13,060

3,228

Loss on extinguishment of debt

241

4,601

12,437

Other

(15,541

)

(18,505

)

(28,521

)

(15,159

)

Provision for income taxes

568

157,419

564,671

176,840

Adjusted Property EBITDA

$

69,781

$

443,102

$

(324,305

)

$

1,815,408

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited)

Three Months Ended December 31,

Year Ended December 31,

2020

2019

Percent Change

2020

2019

Percent Change

Wynn Palace Supplemental Information

Operating revenues

Casino

$

159,835

$

490,379

(67.4

)

$

368,284

$

2,139,756

(82.8

)

Rooms

19,463

43,194

(54.9

)

46,110

174,576

(73.6

)

Food and beverage

18,813

29,685

(36.6

)

43,198

117,376

(63.2

)

Entertainment, retail and other (7)

23,377

26,727

(12.5

)

47,828

111,986

(57.3

)

Total

$

221,488

$

589,985

(62.5

)

$

505,420

$

2,543,694

(80.1

)

Adjusted Property EBITDA (6)

$

28,732

$

177,617

(83.8

)

$

(149,647

)

$

729,535

(120.5

)

Casino Statistics:

VIP:

Average number of table games

102

104

(1.9

)

99

109

(9.2

)

VIP turnover

$

2,807,063

$

9,314,053

(69.9

)

$

9,631,018

$

45,847,647

(79.0

)

VIP table games win (1)

$

55,428

$

286,355

(80.6

)

$

168,435

$

1,519,225

(88.9

)

VIP table games win as a % of turnover

1.97

%

3.07

%

1.75

%

3.31

%

Table games win per unit per day

$

5,908

$

29,897

(80.2

)

$

4,850

$

38,224

(87.3

)

Mass market:

Average number of table games

221

222

(0.5

)

212

216

(1.9

)

Table drop (2)

$

658,501

$

1,252,993

(47.4

)

$

1,242,100

$

5,122,897

(75.8

)

Table games win (1)

$

142,284

$

315,423

(54.9

)

$

299,181

$

1,251,920

(76.1

)

Table games win %

21.6

%

25.2

%

24.1

%

24.4

%

Table games win per unit per day

$

7,006

$

15,421

(54.6

)

$

4,009

$

15,902

(74.8

)

Average number of slot machines

603

940

(35.9

)

591

1,054

(43.9

)

Slot machine handle

$

457,234

$

1,031,988

(55.7

)

$

999,942

$

3,918,554

(74.5

)

Slot machine win (3)

$

14,379

$

53,110

(72.9

)

$

39,175

$

195,367

(79.9

)

Slot machine win per unit per day

$

259

$

614

(57.8

)

$

188

$

508

(63.0

)

Room statistics:

Occupancy

59.5

%

96.9

%

29.8

%

97.2

%

ADR (4)

$

192

$

268

(28.4

)

$

235

$

269

(12.6

)

REVPAR (5)

$

115

$

260

(55.8

)

$

70

$

262

(73.3

)

Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos' operations have since been fully restored; however, certain COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results 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 December 31,

Year Ended December 31,

2020

2019

Percent Change

2020

2019

Percent Change

Wynn Macau Supplemental Information

Operating revenues

Casino

$

130,837

$

455,943

(71.3

)

$

344,595

$

1,796,209

(80.8

)

Rooms

15,631

28,316

(44.8

)

39,111

110,387

(64.6

)

Food and beverage

14,273

20,888

(31.7

)

33,094

81,576

(59.4

)

Entertainment, retail and other (7)

21,171

20,236

4.6

57,857

81,857

(29.3

)

Total

$

181,912

$

525,383

(65.4

)

$

474,657

$

2,070,029

(77.1

)

Adjusted Property EBITDA (6)

$

10,706

$

170,086

(93.7

)

$

(87,189

)

$

648,837

(113.4

)

Casino Statistics:

VIP:

Average number of table games

91

99

(8.1

)

89

106

(16.0

)

VIP turnover

$

1,771,818

$

7,931,833

(77.7

)

$

5,841,627

$

35,426,483

(83.5

)

VIP table games win (1)

$

54,916

$

259,729

(78.9

)

$

185,059

$

1,081,934

(82.9

)

VIP table games win as a % of turnover

3.10

%

3.27

%

3.17

%

3.05

%

Table games win per unit per day

$

6,559

$

28,617

(77.1

)

$

5,925

$

27,864

(78.7

)

Mass market:

Average number of table games

240

213

12.7

225

207

8.7

Table drop (2)

$

632,479

$

1,391,906

(54.6

)

$

1,384,537

$

5,410,439

(74.4

)

Table games win (1)

$

113,130

$

283,172

(60.0

)

$

259,361

$

1,099,353

(76.4

)

Table games win %

17.9

%

20.3

%

18.7

%

20.3

%

Table games win per unit per day

$

5,124

$

14,425

(64.5

)

$

3,279

$

14,519

(77.4

)

Average number of slot machines

488

790

(38.2

)

504

807

(37.5

)

Slot machine handle

$

314,248

$

825,763

(61.9

)

$

830,785

$

3,545,899

(76.6

)

Slot machine win (3)

$

12,160

$

42,669

(71.5

)

$

31,153

$

170,358

(81.7

)

Slot machine win per unit per day

$

271

$

587

(53.8

)

$

176

$

578

(69.6

)

Poker rake

$

$

5,705

(100.0

)

$

2,083

$

20,835

(90.0

)

Room statistics:

Occupancy

65.5

%

99.3

%

34.8

%

99.2

%

ADR (4)

$

233

$

291

(19.9

)

$

276

$

286

(3.5

)

REVPAR (5)

$

153

$

289

(47.1

)

$

96

$

284

(66.2

)

Note: Our casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos' operations have since been fully restored; however, certain COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results 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 December 31,

Year Ended December 31,

2020

2019

Percent Change

2020

2019

Percent Change

Las Vegas Operations Supplemental Information

Operating revenues

Casino

$

75,472

$

75,665

(0.3

)

$

236,826

$

394,104

(39.9

)

Rooms

38,654

120,340

(67.9

)

202,073

483,055

(58.2

)

Food and beverage

39,312

120,257

(67.3

)

216,426

558,782

(61.3

)

Entertainment, retail and other

19,102

52,514

(63.6

)

92,622

197,516

(53.1

)

Total

$

172,540

$

368,776

(53.2

)

$

747,947

$

1,633,457

(54.2

)

Adjusted Property EBITDA (6)

$

21,027

$

80,139

(73.8

)

$

(56,356

)

$

413,886

(113.6

)

Casino Statistics:

Average number of table games

183

232

(21.1

)

214

236

(9.3

)

Table drop (2)

$

296,565

$

414,451

(28.4

)

$

1,127,309

$

1,690,132

(33.3

)

Table games win (1)

$

72,295

$

71,935

0.5

$

238,490

$

395,439

(39.7

)

Table games win %

24.4

%

17.4

%

21.2

%

23.4

%

Table games win per unit per day

$

4,305

$

3,364

28.0

$

3,873

$

4,581

(15.5

)

Average number of slot machines

1,601

1,773

(9.7

)

1,703

1,788

(4.8

)

Slot machine handle

$

802,294

$

942,940

(14.9

)

$

2,452,811

$

3,427,820

(28.4

)

Slot machine win (3)

$

46,923

$

63,106

(25.6

)

$

159,387

$

230,954

(31.0

)

Slot machine win per unit per day

$

319

$

387

(17.6

)

$

325

$

354

(8.2

)

Poker rake

$

1,079

$

3,012

(64.2

)

$

3,264

$

12,569

(74.0

)

Room statistics:

Occupancy

34.2

%

89.4

%

49.6

%

87.5

%

ADR (4)

$

305

$

322

(5.3

)

$

319

$

325

(1.8

)

REVPAR (5)

$

105

$

288

(63.5

)

$

158

$

284

(44.4

)

Note: Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020 and reopened on June 4, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. 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 December 31,

Year Ended December 31,

2020

2019

Percent Change

2020

2019

Percent Change

Encore Boston Harbor Supplemental Information (8)

Operating revenues

Casino

$

89,012

$

115,969

(23.2

)

$

287,525

$

243,855

17.9

Rooms

2,985

16,359

(81.8

)

20,679

36,144

(42.8

)

Food and beverage

7,179

28,243

(74.6

)

36,866

61,088

(39.7

)

Entertainment, retail and other

4,708

8,744

(46.2

)

16,596

22,832

(27.3

)

Total

$

103,884

$

169,315

(38.6

)

$

361,666

$

363,919

(0.6

)

Adjusted Property EBITDA (6)

$

16,667

$

15,260

9.2

$

(23,762

)

$

23,150

(202.6

)

Casino Statistics:

Average number of table games

196

160

22.5

182

152

19.7

Table drop (2)

$

204,445

$

362,696

(43.6

)

$

697,873

$

778,898

(10.4

)

Table games win (1)

$

42,697

$

69,766

(38.8

)

$

147,512

$

151,247

(2.5

)

Table games win %

20.9

%

19.2

%

21.1

%

19.4

%

Table games win per unit per day

$

2,371

$

4,726

(49.8

)

$

3,256

$

5,178

(37.1

)

Average number of slot machines

1,869

2,933

(36.3

)

2,159

3,023

(28.6

)

Slot machine handle

$

722,408

$

856,446

(15.7

)

$

2,303,582

$

1,847,080

24.7

Slot machine win (3)

$

57,301

$

67,383

(15.0

)

$

180,207

$

138,264

30.3

Slot machine win per unit per day

$

333

$

250

33.2

$

335

$

238

40.8

Poker rake

$

$

5,660

(100.0

)

$

5,105

$

12,324

(58.6

)

Room statistics:

Occupancy

73.8

%

76.0

%

74.5

%

72.6

%

ADR (4)

$

303

$

352

(13.9

)

$

294

$

391

(24.8

)

REVPAR (5)

$

223

$

267

(16.5

)

$

219

$

284

(22.9

)

Note: Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020, for the remainder of the first and second quarters of 2020. On July 10, 2020, Encore Boston Harbor reopened with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, and mask protection. We are currently unable to determine when these measures will be lifted. In addition, certain food and beverage outlets remain closed, and hotel reservations were limited to Thursday through Sunday until their temporary closure on November 6, 2020, pursuant to a state directive limiting the operating hours of certain businesses, including restaurants and casinos. Accordingly, Encore Boston Harbor's room statistics have been computed based on 20 and 141 days of operations for the three months and year ended December 31, 2020, respectively.

(1) Table games win is presented net of loyalty program accruals but 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 and loyalty program accruals.
(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) For the year ended December 31, 2020, reflects the impact of rent concessions provided to tenants.
(8) Encore Boston Harbor opened on June 23, 2019.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006001/en/

Contacts

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