Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial
results for the third quarter ended September 30, 2016. The
reported financial results include 40 days of operations of Wynn
Palace, which opened on August 22, 2016.
Net revenues were $1.11 billion for the third quarter of 2016,
an increase of 11.4%, or $113.5 million, from $996.3 million for
the same period of 2015. The increase was the result of $164.6
million from Wynn Palace and an increase of $15.9 million from our
Las Vegas Operations, partially offset by a decrease of $67.0
million from Wynn Macau.
On a U.S. GAAP basis, net loss attributable to Wynn Resorts,
Limited was $17.4 million, or $0.17 per diluted share, for the
third quarter of 2016, a decrease of 118.1%, or $113.6 million,
from net income attributable to Wynn Resorts, Limited of $96.2
million, or $0.95 per diluted share, for the same period of 2015.
Adjusted net income attributable to Wynn Resorts, Limited (1) was
$76.2 million, or $0.75 per diluted share, for the third quarter of
2016, compared to $87.6 million, or $0.86 per diluted share, for
the same period of 2015.
Adjusted Property EBITDA (2) was $305.4 million for the third
quarter of 2016, an increase of 9.1%, or $25.5 million, from $279.9
million for the same period of 2015, primarily a result of $25.5
million from Wynn Palace.
Wynn Resorts, Limited also announced today that the Company has
approved a cash dividend of $0.50 per share, payable on November
29, 2016 to stockholders of record as of November 17, 2016.
Wynn Macau
Net revenues from Wynn Macau were $518.1 million for the third
quarter of 2016, an 11.5% decrease from $585.1 million for the same
period of 2015. Adjusted Property EBITDA from Wynn Macau was $151.0
million for the third quarter of 2016, a 7.3% decrease from $162.8
million for the same period of 2015.
Casino revenues from Wynn Macau were $488.3 million for the
third quarter of 2016, a 10.9% decrease from $547.9 million for the
same period of 2015. Table games turnover in VIP operations was
$10.94 billion, a 10.5% decrease from $12.22 billion for the third
quarter of 2015. VIP table games win as a percentage of turnover
(calculated before commissions) was 3.34%, above the expected range
of 2.7% to 3.0% and the 3.17% we experienced for the third quarter
of 2015. Table drop in mass market operations was $1.11 billion, a
7.6% decrease from $1.20 billion for the third quarter of 2015.
Table games win in mass market operations was $205.2 million, a
12.6% decrease from $234.7 million for the third quarter of 2015.
Table games win percentage in mass market operations was 18.6%,
below the 19.6% experienced for the third quarter of 2015. Slot
machine handle was $681.6 million, a 17.4% decrease from $824.6
million for the third quarter of 2015, while slot win decreased
30.0% to $29.3 million.
Non-casino revenues before promotional allowances from Wynn
Macau were $63.7 million for the third quarter of 2016, a 17.4%
decrease from the $77.1 million for the same period of 2015. Room
revenues decreased 14.6%, to $26.2 million for the third quarter of
2016, compared to $30.7 million for the same period of 2015. Our
average daily rate ("ADR") was $270, a 14.8% decrease from $317 for
the third quarter of 2015. Occupancy declined to 95.1% for the
third quarter of 2016, from 95.9% for the same period of 2015.
Revenue per available room ("REVPAR") was $257, a 15.5% decrease
from $304 for the third quarter of 2015.
Wynn Palace
On August 22, 2016, the Company opened Wynn Palace, an
integrated resort in the Cotai area of Macau. Wynn Palace features
a luxury hotel tower with 1,706 guest rooms, suites and villas,
approximately 500,000 square feet of casino space, 10 food and
beverage outlets, approximately 40,000 square feet of lounge and
meeting space, approximately 105,000 square feet of retail space,
and public attractions including a performance lake and floral art
displays, and recreation and leisure facilities.
Prior to the opening of Wynn Palace, the Gaming Inspection and
Coordination Bureau of Macau authorized 100 new table games for
operations at Wynn Palace with 25 additional table games authorized
for operation on each of January 1, 2017 and 2018 for a total of
150 new table games in the aggregate. We transferred 250 table
games from Wynn Macau for operation at Wynn Palace.
Net revenues and Adjusted Property EBITDA from Wynn Palace were
$164.6 million and $25.5 million, respectively, for the third
quarter of 2016.
Casino revenues from Wynn Palace were $146.7 million for the
third quarter of 2016. In VIP operations, table games turnover was
$4.15 billion and table games win as a percentage of turnover
(calculated before commissions) was 2.90%, within the expected
range of 2.7% to 3.0%. In mass market operations, table drop was
$275.9 million, table games win was $51.5 million and table games
win percentage was 18.7%. Slot machine handle was $204.5 million
and slot machine win was $12.6 million for the third quarter of
2016.
Non-casino revenues before promotional allowances from Wynn
Palace were $33.9 million for the third quarter of 2016. Room
revenues were $14.2 million with an ADR of $287, occupancy of 70.8%
and REVPAR of $203.
As of September 30, 2016, the total Wynn Palace investment for
the Company was $4.4 billion. This reflects a $300 million increase
to the guaranteed maximum price ("GMP") under the GMP
contract, pursuant to a final agreement that was reached on October
28, 2016, between the Company and the general contractor to fully
settle all claims at this time under the GMP contract.
Las Vegas Operations
Net revenues from our Las Vegas Operations were $427.1 million
for the third quarter of 2016, a 3.9% increase from $411.2 million
for the same period of 2015. Adjusted Property EBITDA from our Las
Vegas Operations was $128.9 million, a 10.1% increase from $117.1
million for the third quarter of 2015.
Casino revenues from our Las Vegas Operations were $153.2
million for the third quarter of 2016, a 0.7% increase from $152.1
million for the same period of 2015. Table games drop was $483.4
million, a 1.7% decrease from $491.6 million for the third quarter
of 2015. Table games win was $119.4 million, a 2.3% increase from
$116.7 million for the third quarter of 2015. Table games win
percentage was 24.7%, within the property’s expected range of 21%
to 25% and above the 23.7% experienced for the third quarter of
2015. Slot machine handle was $818.7 million, a 7.1% increase from
$764.3 million for the third quarter of 2015, while slot win
decreased 3.9% to $52.5 million.
Non-casino revenues before promotional allowances from our Las
Vegas Operations were $316.3 million for the third quarter of 2016,
a 4.2% increase from $303.6 million for the same period of 2015.
Room revenues increased 9.1%, to $112.2 million for the third
quarter of 2016, compared to $102.8 million for the same period of
2015. ADR was $288, a 4.7% increase from $275 for the third quarter
of 2015. Occupancy increased to 90.0% for the third quarter of
2016, from the 88.3% experienced for the same period of 2015.
REVPAR was $259, a 6.6% increase from $243 for the third quarter of
2015. Food and beverage revenues increased 1.8%, to $145.2 million
for the third quarter of 2016, compared to the same period of 2015.
Entertainment, retail and other revenues increased 1.1%, to $58.9
million for the third quarter of 2016, compared to the same period
of 2015.
Wynn Boston Harbor Project in Massachusetts
In November 2014, the Company was awarded a gaming license to
develop and construct Wynn Boston Harbor, an integrated resort in
Everett, Massachusetts, adjacent to Boston. Wynn Boston Harbor will
be located on a 33-acre site along the Mystic River and will
contain a hotel, a waterfront boardwalk, meeting space, casino
space, a spa, retail offerings and food and beverage outlets. The
total project budget, including construction costs, capitalized
interest, pre-opening costs and land costs, is estimated to be
between $1.9 billion and $2.1 billion. During the third quarter of
2016, we commenced construction activities and continue with site
remediation and site preparation. We expect to open Wynn Boston
Harbor in the first half of 2019.
Balance Sheet
Our cash and cash equivalents, restricted cash and investment
securities at September 30, 2016 were $2.02 billion.
Total debt outstanding at the end of the quarter was $9.44
billion, including $4.16 billion of Macau related debt, $3.17
billion of Wynn Las Vegas debt and $2.11 billion at the parent
company and other.
Conference Call Information
The Company will hold a conference call to discuss its results
on November 2, 2016 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.
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, our dependence on existing
management, results of regulatory or enforcement actions and
probity investigations, pending or future legal proceedings,
uncertainties over the development and success of new gaming and
resort properties, adverse tourism trends, general global
macroeconomic conditions, changes in gaming laws or regulations,
volatility and weakness in world-wide credit and financial markets,
and our substantial indebtedness and leverage. 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, 2015 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 net income attributable to Wynn Resorts, Limited”
is net income (loss) attributable to Wynn Resorts, Limited before
pre-opening costs, property charges and other, change in interest
rate swap fair value, change in Redemption Note fair value, loss on
extinguishment of debt, net of noncontrolling interest and taxes
calculated using the specific tax treatment applicable to the
adjustments based on their respective jurisdictions. Adjusted net
income attributable to Wynn Resorts, Limited and adjusted net
income attributable to Wynn Resorts, Limited per diluted share are
presented as supplemental disclosures to financial measures in
accordance with U.S. generally accepted accounting principles
("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 income 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 attributable to Wynn
Resorts, Limited and adjusted net income attributable to Wynn
Resorts, Limited per diluted share may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited.
(2) “Adjusted Property EBITDA” is net income (loss) before
interest, taxes, depreciation and amortization, pre-opening costs,
property charges and other, management and license fees, corporate
expenses and other (including intercompany golf course and water
rights leases), stock-based compensation, loss on extinguishment of
debt, change in interest rate swap fair value, change in Redemption
Note fair value and other non-operating income and expenses, and
includes equity in income (loss) from unconsolidated affiliates.
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. The Company also presents Adjusted Property EBITDA
because it is used by some investors as a way 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 Wynn Resorts,
Limited, have historically excluded from their EBITDA calculations
pre-opening expenses, property charges, corporate expenses and
stock-based compensation, that do not relate to the management of
specific casino properties. However, Adjusted Property EBITDA
should not be considered as an alternative to operating income as
an indicator of the Company’s 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. The Company has significant uses of cash flows, including
capital expenditures, interest payments, debt principal repayments,
taxes and other non-recurring charges, which are not reflected in
Adjusted Property EBITDA. Also, Wynn Resorts’ calculation of
Adjusted Property EBITDA may be different from the calculation
methods used by other companies and, therefore, comparability may
be limited.
The Company has included schedules in the tables that accompany
this release that reconcile (i) net income (loss) attributable
to Wynn Resorts, Limited to adjusted net income attributable to
Wynn Resorts, Limited, (ii) operating income to Adjusted
Property EBITDA, and (iii) Adjusted Property EBITDA to net income
(loss) attributable to Wynn Resorts, Limited.
WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except
per share data) (unaudited) Three
Months Ended September 30, Nine Months Ended
September 30, 2016 2015 2016
2015 Operating revenues: Casino $ 788,219 $ 700,014 $
2,263,608 $ 2,240,321 Rooms 152,608 133,460 431,047 405,427 Food
and beverage 167,997 160,283 469,072 477,312 Entertainment, retail
and other 93,230 87,008 257,256 264,843
Gross revenues 1,202,054 1,080,765 3,420,983 3,387,903 Less:
promotional allowances (92,232 ) (84,480 ) (255,119 ) (258,922 )
Net revenues 1,109,822 996,285 3,165,864
3,128,981 Operating costs and expenses: Casino
505,620 445,167 1,428,532 1,435,755 Rooms 40,188 37,293 115,937
111,563 Food and beverage 109,333 101,161 294,480 288,519
Entertainment, retail and other 40,153 39,263 116,126 118,554
General and administrative 144,206 116,639 381,156 352,546
(Benefit) provision for doubtful accounts (2,368 ) 2,885 816 13,266
Pre-opening costs 70,778 19,467 150,496 52,433 Depreciation and
amortization 106,467 80,649 264,187 245,428 Property charges and
other 18,514 987 31,366 3,963 Total
operating costs and expenses 1,032,891 843,511
2,783,096 2,622,027 Operating income 76,931
152,774 382,768 506,954
Other income (expense): Interest income 3,678 1,465 9,940 4,655
Interest expense, net of amounts capitalized (79,669 ) (74,079 )
(193,698 ) (227,298 ) Change in interest rate swap fair value 1,168
(1,287 ) (1,693 ) (7,010 ) (Increase) decrease in Redemption Note
fair value (22,218 ) 47,488 (19,239 ) 47,488 Loss on extinguishment
of debt — (5,971 ) — (126,004 ) Equity in income (loss) from
unconsolidated affiliates — (2 ) 16 68 Other 899 459
(1,046 ) 1,790 Other income (expense), net (96,142 ) (31,927
) (205,720 ) (306,311 ) Income (loss) before income
taxes (19,211 ) 120,847 177,048 200,643 Provision for income taxes
(120 ) (7,418 ) (1,145 ) (23,913 ) Net income (loss) (19,331 )
113,429 175,903 176,730 Net (income) loss attributable to
noncontrolling interest 1,894 (17,219 ) (47,728 ) (68,661 )
Net income (loss) attributable to Wynn Resorts, Limited $ (17,437 )
$ 96,210 $ 128,175 $ 108,069
Basic and diluted income per common share: Net income (loss)
attributable to Wynn Resorts, Limited: Basic $ (0.17 ) $ 0.95 $
1.26 $ 1.07 Diluted $ (0.17 ) $ 0.95 $ 1.26 $ 1.06 Weighted average
common shares outstanding: Basic 101,439 101,161 101,423 101,151
Diluted 101,439 101,581 101,835 101,708 Dividends declared per
common share: $ 0.50 $ 0.50 $ 1.50 $ 2.50
WYNN RESORTS,
LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS)
ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME
ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except
per share data) (unaudited) Three
Months Ended September 30, Nine Months Ended
September 30, 2016 2015 2016
2015 Net income (loss) attributable to Wynn Resorts, Limited
$ (17,437 ) $ 96,210 $ 128,175 $ 108,069 Pre-opening costs 70,778
19,467 150,496 52,433 Property charges and other 18,514 987 31,366
3,963 Change in interest rate swap fair value (1,168 ) 1,287 1,693
7,010 Increase (decrease) in Redemption Note fair value 22,218
(47,488 ) 19,239 (47,488 ) Loss on extinguishment of debt — 5,971 —
126,004 Income tax impact on adjustments 1,681 16,126 1,598 16,126
Noncontrolling interest impact on adjustments (18,404 ) (4,986 )
(38,181 ) (12,763 ) Adjusted net income attributable to Wynn
Resorts, Limited $ 76,182 $ 87,574 $ 294,386 $
253,354 Adjusted net income attributable to Wynn Resorts,
Limited per diluted share $ 0.75 $ 0.86 $ 2.89
$ 2.49 Weighted average common shares outstanding -
diluted 101,917 101,581 101,835 101,708
WYNN RESORTS,
LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME
(LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands)
(unaudited) Three Months Ended September
30, 2016 Operating income (loss) Pre-opening
costs Depreciation and amortization
Property charges and other Management and license
fees Corporate expense and other
Stock-based compensation Adjusted Property
EBITDA Macau Operations: Wynn Macau $ 99,461 $ — $ 24,687 $
1,758 $ 20,018 $ 2,751 $ 2,334 $ 151,009 Wynn Palace (79,226 )
65,548 31,561 8 6,554 847 255 25,547 Other Macau (4,884 ) —
902 — — 5,186 (1,204 ) — Total Macau
Operations 15,351 65,548 57,150 1,766 26,572 8,784 1,385 176,556
Las Vegas Operations 46,960 64 46,403 16,748 13,441 4,634 629
128,879 Corporate and Other 14,620 5,166 2,914
— (40,013 ) 11,279 6,034 — Total $ 76,931
$ 70,778 $ 106,467 $ 18,514 $ —
$ 24,697 $ 8,048 $ 305,435
Three Months Ended September 30, 2015 Operating income
(loss) Pre-opening costs Depreciation and
amortization Property charges and other (1)
Management and license fees Corporate expense and
other Stock-based compensation Adjusted Property
EBITDA Macau Operations: Wynn Macau $ 105,762 $ — $ 27,954 $
890 $ 22,368 $ 3,049 $ 2,799 $ 162,822 Wynn Palace (17,940 ) 13,688
4,252 — — — — — Other Macau (4,772 ) — 737 — —
3,123 912 — Total Macau Operations 83,050
13,688 32,943 890 22,368 6,172 3,711 162,822 Las Vegas Operations
52,692 — 45,215 109 13,004 5,449 600 117,069 Corporate and Other
17,032 5,779 2,491 (14 ) (35,372 ) 5,185
4,899 — Total $ 152,774 $ 19,467 $
80,649 $ 985 $ — $ 16,806 $ 9,210
$ 279,891
(1) Amounts previously presented as equity
in income (loss) from unconsolidated affiliates have been combined
with property charges and other to be consistent with current year
presentation.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY
EBITDA (in thousands) (unaudited) (continued)
Nine Months Ended September 30, 2016
Operating income (loss) Pre-opening costs
Depreciation and amortization Property
charges and other Management and license fees
Corporate expense and other Stock-based
compensation Adjusted Property EBITDA Macau
Operations: Wynn Macau $ 369,490 $ — $ 74,530 $ 4,206 $ 67,154 $
9,196 $ 8,067 $ 532,643 Wynn Palace (154,602 ) 131,144 41,162 187
6,554 847 255 25,547 Other Macau (14,022 ) — 2,379 —
— 10,667 976 — Total Macau Operations
200,866 131,144 118,071 4,393 73,708 20,710 9,298 558,190 Las Vegas
Operations 138,333 2,199 137,349 26,989 38,963 14,324 2,036 360,193
Corporate and Other 43,569 17,153 8,767 —
(112,671 ) 25,660 17,522 — Total $ 382,768
$ 150,496 $ 264,187 $ 31,382 $ —
$ 60,694 $ 28,856 $ 918,383
Nine
Months Ended September 30, 2015 Operating income (loss)
Pre-opening costs Depreciation and amortization
Property charges and other (1) Management and license
fees Corporate expense and other Stock-based
compensation Adjusted Property EBITDA Macau Operations:
Wynn Macau $ 365,874 $ — $ 88,350 $ 2,585 $ 73,301 $ 9,192 $ 9,253
$ 548,555 Wynn Palace (45,188 ) 34,228 10,960 — — — — — Other Macau
(13,343 ) — 2,191 — — 8,259
2,893 — Total Macau Operations 307,343 34,228 101,501 2,585
73,301 17,451 12,146 548,555 Las Vegas Operations 158,794 — 136,704
1,208 34,458 16,547 2,072 349,783 Corporate and Other 40,817
18,205 7,223 238 (107,759 ) 25,288
15,988 — Total $ 506,954 $ 52,433 $ 245,428
$ 4,031 $ — $ 59,286 $ 30,206 $
898,338
(1) Amounts previously presented as equity
in income (loss) from unconsolidated affiliates have been combined
with property charges and other to be consistent with current year
presentation.
WYNN RESORTS, LIMITED AND SUBSIDIARIES ADJUSTED
PROPERTY EBITDA TO NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS,
LIMITED (in thousands) (unaudited)
Three Months Ended September 30, Nine Months Ended
September 30, 2016 2015 2016
2015 Adjusted Property EBITDA $ 305,435 $ 279,891 $ 918,383
$ 898,338 Pre-opening costs (70,778 ) (19,467 ) (150,496 ) (52,433
) Depreciation and amortization (106,467 ) (80,649 ) (264,187 )
(245,428 ) Property charges and other (18,514 ) (987 ) (31,366 )
(3,963 ) Corporate expense and other (24,697 ) (16,806 ) (60,694 )
(59,286 ) Stock-based compensation (8,048 ) (9,210 ) (28,856 )
(30,206 ) Interest income 3,678 1,465 9,940 4,655 Interest expense,
net of amounts capitalized (79,669 ) (74,079 ) (193,698 ) (227,298
) Change in interest rate swap fair value 1,168 (1,287 ) (1,693 )
(7,010 ) (Increase) decrease in Redemption Note fair value (22,218
) 47,488 (19,239 ) 47,488 Loss on extinguishment of debt — (5,971 )
— (126,004 ) Other 899 459 (1,046 ) 1,790 Provision for income
taxes (120 ) (7,418 ) (1,145 ) (23,913 ) Net income (loss) (19,331
) 113,429 175,903 176,730 Net (income) loss attributable to
noncontrolling interest 1,894 (17,219 ) (47,728 ) (68,661 )
Net income (loss) attributable to Wynn Resorts, Limited $ (17,437 )
$ 96,210 $ 128,175 $ 108,069
WYNN
RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA
SCHEDULE (dollars in thousands, except for win per unit per
day, ADR and REVPAR) Three Months Ended
September 30, Nine Months Ended September 30,
2016 2015 2016 2015
Macau Operations: Wynn Macau: VIP: Average number of table
games 142 228 171 243 VIP turnover $ 10,941,100 $ 12,218,445 $
36,252,239 $ 44,883,114 VIP table games win $ 365,047 $ 387,082 $
1,214,675 $ 1,320,650 VIP table games win as a % of turnover 3.34 %
3.17 % 3.35 % 2.94 % Table games win per unit per day (1) $ 28,003
$ 18,422 $ 25,871 $ 19,953 Mass market: Average number of table
games 201 225 228 221 Table drop (2) $ 1,105,938 $ 1,196,940 $
3,489,272 $ 3,672,269 Table games win $ 205,179 $ 234,697 $ 687,876
$ 722,877 Table games win % 18.6 % 19.6 % 19.7 % 19.7 % Table games
win per unit per day (1) $ 11,089 $ 11,319 $ 11,008 $ 11,988
Average number of slot machines 804 738 787 698 Slot machine handle
$ 681,552 $ 824,646 $ 2,584,342 $ 2,891,818 Slot machine win $
29,327 $ 41,876 $ 113,098 $ 140,791 Slot machine win per unit per
day (3) $ 396 $ 617 $ 524 $ 739 Room statistics: Occupancy 95.1 %
95.9 % 93.8 % 96.6 % ADR (4) $ 270 $ 317 $ 304 $ 323 REVPAR (5) $
257 $ 304 $ 286 $ 312 Wynn Palace (6): VIP: Average number
of table games 72 — 72 — VIP turnover $ 4,150,448 $ — $ 4,150,448 $
— VIP table games win $ 120,455 $ — $ 120,455 $ — VIP table games
win as a % of turnover 2.90 % — % 2.90 % — % Table games win per
unit per day (1) $ 42,117 $ — $ 42,117 $ — Mass market: Average
number of table games 274 — 274 — Table drop (2) $ 275,898 $ — $
275,898 $ — Table games win $ 51,525 $ — $ 51,525 $ — Table games
win % 18.7 % — % 18.7 % — % Table games win per unit per day (1) $
4,702 $ — $ 4,702 $ — Average number of slot machines 1,132 — 1,132
— Slot machine handle $ 204,515 $ — $ 204,515 $ — Slot machine win
$ 12,610 $ — $ 12,610 $ — Slot machine win per unit per day (3) $
279 $ — $ 279 $ — Room statistics: Occupancy 70.8 % — % 70.8 % — %
ADR (4) $ 287 $ — $ 287 $ — REVPAR (5) $ 203 $ — $ 203 $ —
WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA
SCHEDULE (dollars in thousands, except for win per unit per
day, ADR and REVPAR) (continued)
Three Months Ended September 30, Nine
Months Ended September 30, 2016 2015
2016 2015 Las Vegas Operations: Average
number of table games 234 230 236 234 Table drop (2) $ 483,382 $
491,616 $ 1,385,963 $ 1,574,537 Table games win $ 119,388 $ 116,655
$ 340,572 $ 351,647 Table games win % 24.7 % 23.7 % 24.6 % 22.3 %
Table games win per unit per day (1) $ 5,552 $ 5,505 $ 5,264 $
5,502 Average number of slot machines 1,890 1,861 1,888 1,861 Slot
machine handle $ 818,719 $ 764,263 $ 2,286,559 $ 2,238,594 Slot
machine win $ 52,460 $ 54,614 $ 150,786 $ 154,041 Slot machine win
per unit per day (3) $ 302 $ 319 $ 291 $ 303 Room statistics:
Occupancy 90.0 % 88.3 % 85.7 % 86.6 % ADR (4) $ 288 $ 275 $ 298 $
282 REVPAR (5) $ 259 $ 243 $ 255 $ 244
(1) Table games win per unit per day is shown before discounts and
commissions, as applicable. (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. (3) Slot machine win per unit per day is
calculated as gross slot win minus progressive accruals and free
play. (4) ADR is average daily rate and is calculated by dividing
total room revenues including the retail value of promotional
allowances (less service charges, if any) by total rooms occupied
including complimentary rooms. (5) REVPAR is revenue per available
room and is calculated by dividing total room revenues including
the retail value of promotional allowances (less service charges,
if any) by total rooms available.
(6) Wynn Palace opened on August 22,
2016.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161102006432/en/
Wynn Resorts, LimitedMark Strawn,
702-770-7555investorrelations@wynnresorts.com
Wynn Resorts (NASDAQ:WYNN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wynn Resorts (NASDAQ:WYNN)
Historical Stock Chart
From Apr 2023 to Apr 2024
