Wynn Resorts, Limited Reports Second Quarter 2021 Results

Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended June 30, 2021.

Operating revenues were $990.1 million for the second quarter of 2021, an increase of $904.4 million, from $85.7 million for the second quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $131.4 million, or $1.15 per diluted share, for the second quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $637.6 million, or $5.97 per diluted share, in the second quarter of 2020. Net loss attributable to Wynn Resorts, Limited for the second quarter of 2020 excluded the impact of $75.7 million of expense 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, which we accrued during the first quarter of 2020. Adjusted Property EBITDA (1) at our integrated resort properties increased $164.5 million, $96.7 million, $208.8 million, and $100.7 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, when compared with the second quarter of 2020.

"We were pleased to see the strong return of our guests at both Wynn Las Vegas and Encore Boston Harbor during the second quarter with Adjusted Property EBITDA at our U.S. operations well above pre-pandemic levels, highlighting the significant pent-up demand for travel and leisure experiences," said Matt Maddox, CEO of Wynn Resorts, Limited. "While there have been some fits and starts along the road to recovery in Macau, we were encouraged by the strong demand we experienced during the May holiday period, particularly in our premium mass casino and luxury retail segments. On the development front, our WynnBET online casino and sports betting app is currently available in six states with additional launches planned over the coming months. We continue to enhance our product with frequent new feature releases and are advancing our marketing and branding strategy as we approach the upcoming NFL 2021 season."

Consolidated Results

Operating revenues were $990.1 million for the second quarter of 2021, an increase of $904.4 million, from $85.7 million for the second quarter of 2020. Operating revenues increased $261.7 million, $172.1 million, $290.2 million, and $165.0 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the second quarter of 2020.

On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $131.4 million, or $1.15 per diluted share, for the second quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $637.6 million, or $5.97 per diluted share, in the second quarter of 2020. Adjusted net loss attributable to Wynn Resorts, Limited (2) was $128.7 million, or $1.12 per diluted share, for the second quarter of 2021, compared to adjusted net loss attributable to Wynn Resorts, Limited of $655.7 million, or $6.14 per diluted share, for the second quarter of 2020.

Adjusted Property EBITDA was $206.9 million for the second quarter of 2021. Adjusted Property EBITDA was $(322.9) million for the second quarter of 2020, which excluded the impact of $75.7 million of expense 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, which was accrued during the first quarter of 2020.

Property Results

In response to the initial outbreak of COVID-19 in early 2020, each of our properties was subject to partial or full closure for varying lengths of time during 2020, and each has since reopened with certain COVID-19 specific protective measures in place. On August 3, 2021, in response to a risk of a community outbreak, the government of Macau has announced enhanced measures including tighter border control and strict mandatory COVID-19 testing requirements. We are currently unable to determine when and what additional measures may be introduced. On May 3, 2021, the Company's Las Vegas Operations were permitted by the Nevada Gaming Control Board to reopen all gaming areas to 100% of capacity, with no continuing table game or slot machine spacing restrictions. On July 27, 2021, the Governor of Nevada issued an emergency directive, in accordance with new recommendations from the Centers for Disease Control, re-imposing mask protection requirements in all public indoor areas effective July 30, 2021. On April 27, 2021, the Governor of Massachusetts announced a phased plan for further reopening and on May 28, 2021 signed an executive order rescinding the COVID-related restrictions and limitations on businesses as of May 29, 2021. The Encore Boston Harbor property continues to operate its hotel tower Thursday through Sunday.

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $270.4 million for the second quarter of 2021, an increase of $261.7 million from $8.7 million for the second quarter of 2020. Adjusted Property EBITDA from Wynn Palace was $53.6 million for the second quarter of 2021, compared with $(110.9) million for the second quarter of 2020. VIP table games win as a percentage of turnover was 3.95%, above the property's expected range of 2.7% to 3.0% and above the (1.73)% experienced in the second quarter of 2020. Table games win percentage in mass market operations was 23.1%, below the 32.5% experienced in the second quarter of 2020.

Wynn Macau

Operating revenues from Wynn Macau were $184.0 million for the second quarter of 2021, an increase of $172.1 million from $11.9 million for the second quarter of 2020. Adjusted Property EBITDA was $14.1 million for the second quarter of 2021, compared with $(82.6) million for the second quarter of 2020. VIP table games win as a percentage of turnover was 2.64%, below the property's expected range of 2.7% to 3.0% and above the (2.00)% experienced in the second quarter of 2020. Table games win percentage in mass market operations was 19.2%, above the 8.3% experienced in the second quarter of 2020.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $355.1 million for the second quarter of 2021, an increase of $290.2 million from $64.9 million for the second quarter of 2020. Adjusted Property EBITDA from our Las Vegas Operations for the second quarter of 2021 was $133.2 million. Adjusted Property EBITDA from our Las Vegas Operations for the second quarter of 2020 was $(75.6) million, which excluded the impact of $56.4 million of expense 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, which we accrued within operating expenses during the first quarter of 2020. Table games win percentage for the second quarter of 2021 was 23.2%, within the property's expected range of 22% to 26% and above the 19.7% experienced in the second quarter of 2020.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $165.2 million for the second quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the second quarter of 2021 was $46.9 million. Adjusted Property EBITDA from Encore Boston Harbor for the second quarter of 2020 was $(53.8) million, which excluded the impact of $19.3 million of expense 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, which we accrued within operating expenses during the first quarter of 2020. Table games win percentage for the second quarter of 2021 was 21.2%, within the property's expected range of 18% to 22%.

Balance Sheet

Our cash and cash equivalents as of June 30, 2021 totaled $2.80 billion, comprised of approximately $1.72 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $272.3 million held by Wynn Resorts Finance excluding WML, and approximately $808.2 million at Corporate and other.

As of June 30, 2021, the available borrowing capacity under the Wynn Resorts Finance Revolver and Wynn Macau Revolver was $834.2 million and $293.2 million, respectively.

Total current and long-term debt outstanding at June 30, 2021 was $11.92 billion, comprised of $5.94 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.24 billion of Wynn Resorts Finance debt, and $612.6 million of debt held by the retail joint venture which we consolidate.

In August 2021, a subsidiary of WML received lender commitments for a senior unsecured revolving credit facility in an aggregate principal amount of up to $1.50 billion with a final maturity four years from inception. The Company expects to enter into the facility during the third quarter of 2021, and to use a portion of the proceeds from borrowings under the new facility to facilitate the repayment of the outstanding $1.26 billion of borrowings under the existing Wynn Macau Credit Facilities at closing.

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 4, 2021 at 1:15 p.m. PT (4:15 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 13, 2021, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended June 30, 2021 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, 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. 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 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 and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. 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 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 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,

2021

2020

2021

2020

Operating revenues:

Casino

$

602,746

$

9,413

$

1,118,964

$

580,202

Rooms

137,765

17,415

213,955

170,096

Food and beverage

149,142

24,007

217,651

173,421

Entertainment, retail and other

100,460

34,863

176,225

115,695

Total operating revenues

990,113

85,698

1,726,795

1,039,414

Operating expenses:

Casino

381,615

131,138

733,581

573,828

Rooms

50,552

30,367

84,087

103,847

Food and beverage

117,106

61,889

191,054

237,799

Entertainment, retail and other

80,922

16,873

154,381

62,453

General and administrative

197,545

152,081

377,319

386,409

Provision for credit losses

441

28,347

7,808

48,960

Pre-opening

2,495

2,186

4,122

4,737

Depreciation and amortization

183,307

179,266

368,428

358,012

Property charges and other

5,651

6,567

11,268

33,796

Total operating expenses

1,019,634

608,714

1,932,048

1,809,841

Operating loss

(29,521

)

(523,016

)

(205,253

)

(770,427

)

Other income (expense):

Interest income

720

3,983

1,624

11,936

Interest expense, net of amounts capitalized

(150,424

)

(133,218

)

(303,276

)

(262,045

)

Change in derivatives fair value

972

(3,294

)

5,381

(18,954

)

Loss on extinguishment of debt

(619

)

(1,322

)

(1,462

)

Other

5,553

2,233

(5,540

)

12,568

Other income (expense), net

(143,179

)

(130,915

)

(303,133

)

(257,957

)

Loss before income taxes

(172,700

)

(653,931

)

(508,386

)

(1,028,384

)

Provision for income taxes

(697

)

(80,938

)

(1,190

)

(156,738

)

Net loss

(173,397

)

(734,869

)

(509,576

)

(1,185,122

)

Less: net loss attributable to noncontrolling interests

42,028

97,305

97,229

145,521

Net loss attributable to Wynn Resorts, Limited

$

(131,369

)

$

(637,564

)

$

(412,347

)

$

(1,039,601

)

Basic and diluted net loss per common share:

Net loss attributable to Wynn Resorts, Limited:

Basic

$

(1.15

)

$

(5.97

)

$

(3.66

)

$

(9.74

)

Diluted

$

(1.15

)

$

(5.97

)

$

(3.66

)

$

(9.74

)

Weighted average common shares outstanding:

Basic

114,545

106,713

112,792

106,688

Diluted

114,545

106,713

112,792

106,688

Dividends declared per common share:

$

$

$

$

1.00

 

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,

2021

2020

2021

2020

Net loss attributable to Wynn Resorts, Limited (1)

$

(131,369

)

$

(637,564

)

$

(412,347

)

$

(1,039,601

)

Litigation settlement net gain

(27,700

)

(27,700

)

Pre-opening expenses

2,495

2,186

4,122

4,737

Property charges and other

5,651

6,567

11,268

33,796

Change in derivatives fair value

(972

)

3,294

(5,381

)

18,954

Loss on extinguishment of debt

619

1,322

1,462

Foreign currency remeasurement (gain) loss

(5,553

)

(2,233

)

5,540

(12,568

)

Income tax impact on adjustments

(72

)

768

(72

)

832

Noncontrolling interests impact on adjustments

1,090

(1,603

)

(1,178

)

(13,498

)

Adjusted net loss attributable to Wynn Resorts, Limited

$

(128,730

)

$

(655,666

)

$

(396,726

)

$

(1,033,586

)

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

$

(1.12

)

$

(6.14

)

$

(3.52

)

$

(9.69

)

Weighted average common shares outstanding - diluted

114,545

106,713

112,792

106,688

(1)

For the three months ended June 30, 2020, excludes $75.7 million of expense accrued during the first quarter of 2020 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 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

Corporate and other

(31,269

)

113

8,135

(479

)

(39,551

)

8,095

14,057

(40,899

)

Total

$

(29,521

)

$

2,495

$

183,307

$

5,651

$

$

19,841

$

25,107

$

206,880

 

Three Months Ended June 30, 2020

Operating

income

(loss) (1)

Pre-opening

expenses

Depreciation

and

amortization

Property

charges and

other

Management

and license

fees

Corporate

expenses and

other (2)

Stock-based

compensation

Adjusted

Property

EBITDA

Macau Operations:

Wynn Palace

$

(185,342

)

$

615

$

67,222

$

993

$

2,250

$

1,360

$

1,994

$

(110,908

)

Wynn Macau

(114,156

)

23,007

480

2,250

1,485

4,288

(82,646

)

Other Macau

(2,870

)

1,108

3

1,364

395

Total Macau Operations

(302,368

)

615

91,337

1,476

4,500

4,209

6,677

(193,554

)

Las Vegas Operations

(136,790

)

1,037

48,395

(304

)

2,850

6,945

2,303

(75,564

)

Encore Boston Harbor

(99,430

)

36,894

3,617

9

4,233

898

(53,779

)

Corporate and other

15,572

534

2,640

1,778

(7,359

)

(24,371

)

11,206

Total

$

(523,016

)

$

2,186

$

179,266

$

6,567

$

$

(8,984

)

$

21,084

$

(322,897

)

(1)

Excludes $56.4 million and $19.3 million of expense accrued during the first quarter of 2020 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.

(2)

Corporate and other includes a $27.7 million net gain recorded in relation to a derivative litigation settlement.

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands) (unaudited)

(continued)

 

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

Corporate and other

(73,352

)

815

16,458

(467

)

(68,429

)

14,235

26,372

(84,368

)

Total

$

(205,253

)

$

4,122

$

368,428

$

11,268

$

$

37,762

$

49,453

$

265,780

 

Six Months Ended June 30, 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

$

(277,004

)

$

615

$

134,231

$

23,292

$

11,675

$

2,931

$

3,528

$

(100,732

)

Wynn Macau

(130,239

)

46,884

2,334

10,413

3,280

3,890

(63,438

)

Other Macau

(6,387

)

2,226

3

3,393

765

Total Macau Operations

(413,630

)

615

183,341

25,629

22,088

9,604

8,183

(164,170

)

Las Vegas Operations

(230,227

)

2,176

95,640

(191

)

18,055

13,234

3,672

(97,641

)

Encore Boston Harbor

(160,048

)

73,768

3,865

6,958

7,365

1,677

(66,415

)

Corporate and other

33,478

1,946

5,263

4,493

(47,101

)

(14,995

)

16,916

Total

$

(770,427

)

$

4,737

$

358,012

$

33,796

$

$

15,208

$

30,448

$

(328,226

)

(1)

Corporate and other includes a $27.7 million net gain recorded in relation to a derivative litigation settlement.

 

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,

2021

2020

2021

2020

Net loss attributable to Wynn Resorts, Limited (1)

$

(131,369

)

$

(637,564

)

$

(412,347

)

$

(1,039,601

)

Net loss attributable to noncontrolling interests

(42,028

)

(97,305

)

(97,229

)

(145,521

)

Pre-opening expenses

2,495

2,186

4,122

4,737

Depreciation and amortization

183,307

179,266

368,428

358,012

Property charges and other

5,651

6,567

11,268

33,796

Corporate expenses and other

19,841

(8,984

)

37,762

15,208

Stock-based compensation

25,107

21,084

49,453

30,448

Interest income

(720

)

(3,983

)

(1,624

)

(11,936

)

Interest expense, net of amounts capitalized

150,424

133,218

303,276

262,045

Change in derivatives fair value

(972

)

3,294

(5,381

)

18,954

Loss on extinguishment of debt

619

1,322

1,462

Other

(5,553

)

(2,233

)

5,540

(12,568

)

Provision for income taxes

697

80,938

1,190

156,738

Adjusted Property EBITDA

$

206,880

$

(322,897

)

$

265,780

$

(328,226

)

(1)

For the three months ended June 30, 2020, excludes $75.7 million of expense accrued during the first quarter of 2020 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 June 30,

Six Months Ended June 30,

2021

2020

Percent

Change

2021

2020

Percent

Change

Wynn Palace Supplemental Information

Operating revenues

Casino

$

212,067

$

(11,428

)

NM

$

397,976

$

196,148

102.9

Rooms

20,883

2,431

759.0

37,895

22,141

71.2

Food and beverage

13,805

4,231

226.3

25,477

17,529

45.3

Entertainment, retail and other

23,616

13,484

75.1

46,349

32,413

43.0

Total

$

270,371

$

8,718

3,001.3

$

507,697

$

268,231

89.3

Adjusted Property EBITDA (6)

$

53,555

$

(110,908

)

NM

$

80,924

$

(100,732

)

NM

Casino Statistics:

VIP:

Average number of table games

94

100

(6.0

)

99

95

4.2

VIP turnover

$

1,811,381

$

1,719,825

5.3

$

4,011,563

$

6,512,279

(38.4

)

VIP table games win (1)

$

71,570

$

(29,806

)

NM

$

168,026

$

109,763

53.1

VIP table games win as a % of turnover

3.95

%

(1.73

)%

4.19

%

1.69

%

Table games win per unit per day

$

8,346

$

(3,276

)

NM

$

9,402

$

6,865

37.0

Mass market:

Average number of table games

228

221

3.2

225

201

11.9

Table drop (2)

$

707,494

$

22,029

3,111.6

$

1,315,012

$

497,252

164.5

Table games win (1)

$

163,547

$

7,168

2,181.6

$

295,196

$

137,882

114.1

Table games win %

23.1

%

32.5

%

22.4

%

27.7

%

Table games win per unit per day

$

7,877

$

357

2,106.4

$

7,249

$

4,075

77.9

Average number of slot machines

726

480

51.3

707

596

18.6

Slot machine handle

$

421,269

$

39,415

968.8

$

780,041

$

464,129

68.1

Slot machine win (3)

$

18,772

$

2,395

683.8

$

33,015

$

20,800

58.7

Slot machine win per unit per day

$

284

$

55

416.4

$

258

$

208

24.0

Room statistics:

Occupancy

70.6

%

4.4

%

65.6

%

23.5

%

ADR (4)

$

180

$

339

(46.9

)

$

179

$

298

(39.9

)

REVPAR (5)

$

127

$

15

746.7

$

118

$

70

68.6

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 for travelers seeking entry to Macau remain in effect at the present time. We are currently unable to determine when these measures will be lifted.

NM - Not meaningful.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited) (continued)

 

Three Months Ended June 30,

Six Months Ended June 30,

2021

2020

Percent

Change

2021

2020

Percent

Change

Wynn Macau Supplemental Information

Operating revenues

Casino

$

142,419

$

(3,524

)

NM

$

281,346

$

186,604

50.8

Rooms

13,427

2,631

410.3

28,129

18,542

51.7

Food and beverage

8,559

3,684

132.3

15,992

13,215

21.0

Entertainment, retail and other

19,623

9,097

115.7

38,212

23,016

66.0

Total

$

184,028

$

11,888

1,448.0

$

363,679

$

241,377

50.7

Adjusted Property EBITDA (6)

$

14,086

$

(82,646

)

NM

$

30,642

$

(63,438

)

NM

Casino Statistics:

VIP:

Average number of table games

85

91

(6.6

)

87

86

1.2

VIP turnover

$

1,489,912

$

607,144

145.4

$

3,294,294

$

3,571,290

(7.8

)

VIP table games win (1)

$

39,388

$

(12,161

)

NM

$

98,022

$

110,464

(11.3

)

VIP table games win as a % of turnover

2.64

%

(2.00

)%

2.98

%

3.09

%

Table games win per unit per day

$

5,111

$

(1,471

)

NM

$

6,201

$

7,623

(18.7

)

Mass market:

Average number of table games

240

229

4.8

240

208

15.4

Table drop (2)

$

670,400

$

40,817

1,542.5

$

1,261,290

$

619,052

103.7

Table games win (1)

$

128,921

$

3,391

3,701.9

$

234,104

$

121,333

92.9

Table games win %

19.2

%

8.3

%

18.6

%

19.6

%

Table games win per unit per day

$

5,903

$

163

3,521.5

$

5,390

$

3,472

55.2

Average number of slot machines

607

440

38.0

588

529

11.2

Slot machine handle

$

300,523

$

62,011

384.6

$

601,794

$

428,549

40.4

Slot machine win (3)

$

9,223

$

2,626

251.2

$

19,431

$

15,921

22.0

Slot machine win per unit per day

$

167

$

66

153.0

$

183

$

179

2.2

Poker rake

$

$

$

$

2,083

(100.0

)

Room statistics:

Occupancy

68.0

%

7.5

%

64.4

%

28.4

%

ADR (4)

$

198

$

342

(42.1

)

$

219

$

324

(32.4

)

REVPAR (5)

$

135

$

25

440.0

$

141

$

92

53.3

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 for travelers seeking entry to Macau remain in effect at the present time. We are currently unable to determine when these measures will be lifted.

NM - Not meaningful.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited) (continued)

 

Three Months Ended June 30,

Six Months Ended June 30,

2021

2020

Percent

Change

2021

2020

Percent

Change

Las Vegas Operations Supplemental Information

Operating revenues

Casino

$

112,775

$

24,365

362.9

$

192,678

$

95,660

101.4

Rooms

93,785

12,353

659.2

133,546

118,458

12.7

Food and beverage

112,858

16,092

601.3

152,935

122,071

25.3

Entertainment, retail and other

35,648

12,076

195.2

54,623

52,521

4.0

Total

$

355,066

$

64,886

447.2

$

533,782

$

388,710

37.3

Adjusted Property EBITDA (6)

$

133,222

$

(75,564

)

NM

$

161,303

$

(97,641

)

NM

Casino Statistics:

Average number of table games

218

221

(1.4

)

195

233

(16.3

)

Table drop (2)

$

427,014

$

90,873

369.9

$

751,545

$

505,806

48.6

Table games win (1)

$

99,021

$

17,918

452.6

$

175,674

$

100,584

74.7

Table games win %

23.2

%

19.7

%

23.4

%

19.9

%

Table games win per unit per day

$

4,997

$

2,998

66.7

$

4,979

$

4,152

19.9

Average number of slot machines

1,715

1,752

(2.1

)

1,631

1,762

(7.4

)

Slot machine handle

$

1,115,149

$

246,393

352.6

$

1,906,409

$

911,226

109.2

Slot machine win (3)

$

78,890

$

17,523

350.2

$

129,379

$

64,197

101.5

Slot machine win per unit per day

$

506

$

371

36.4

$

438

$

350

25.1

Poker rake

$

3,927

$

100.0

$

5,794

$

2,175

166.4

Room statistics:

Occupancy

67.2

%

43.7

%

52.9

%

70.6

%

ADR (4)

$

333

$

226

47.3

$

332

$

350

(5.1

)

REVPAR (5)

$

224

$

99

126.3

$

176

$

247

(28.7

)

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. On October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to reduced customer demand levels. This adjusted operating schedule remained in effect through the first quarter of 2021, and on April 8, 2021, Encore at Wynn Las Vegas resumed full operations. On May 3, 2021, all industry restrictions were lifted and capacity limits increased to 100%.

NM - Not meaningful.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

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

(unaudited) (continued)

 

Three Months Ended June 30,

Six Months Ended June 30,

2021

2020

Percent

Change

2021

2020

Percent

Change

Encore Boston Harbor Supplemental Information

Operating revenues

Casino

$

135,485

$

NM

$

246,964

$

101,790

142.6

Rooms

9,670

NM

14,385

10,955

31.3

Food and beverage

13,920

NM

23,247

20,606

12.8

Entertainment, retail and other

6,166

206

NM

10,735

7,745

38.6

Total

$

165,241

$

206

NM

$

295,331

$

141,096

109.3

Adjusted Property EBITDA (6)

$

46,916

$

(53,779

)

NM

$

77,279

$

(66,415

)

NM

Casino Statistics:

Average number of table games

195

197

160

23.1

Table drop (2)

$

306,070

$

540,632

$

275,631

96.1

Table games win (1)

$

64,874

$

114,251

$

57,286

99.4

Table games win %

21.2

%

21.1

%

20.8

%

Table games win per unit per day

$

3,654

$

3,201

$

4,826

(33.7

)

Average number of slot machines

2,171

2,031

2,837

(28.4

)

Slot machine handle

$

1,094,178

$

2,007,973

$

767,739

161.5

Slot machine win (3)

$

89,560

$

164,380

$

59,448

176.5

Slot machine win per unit per day

$

453

$

447

$

283

58.0

Poker rake

$

$

$

5,105

(100.0

)

Room statistics:

Occupancy

87.8

%

81.1

%

75.8

%

ADR (4)

$

304

$

294

$

292

0.7

REVPAR (5)

$

267

$

238

$

222

7.2

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. Accordingly, statistics for the three months ended June 30, 2020 have been omitted from the table. On July 10, 2020, Encore Boston Harbor reopened with certain COVID-19 specific protective measures in place, in addition to the limitations on operating hours. On January 25, 2021, the limitations on operating hours were lifted, and Encore Boston Harbor restored 24-hour casino operations and reopened its hotel tower on a Thursday through Sunday schedule. Accordingly, 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. On April 27, 2021, the Governor of Massachusetts announced a phased plan for further reopening and on May 28, 2021 signed an executive order rescinding the COVID-related restrictions and limitations on businesses as of May 29, 2021. The property continues to operate its hotel tower Thursday through Sunday.

NM - Not meaningful.

(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 Loss Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

Contacts:

Wynn Resorts, Limited
Vincent Zahn
702-770-7555
investorrelations@wynnresorts.com

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