Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial
results for the third quarter ended September 30, 2017.
Net revenues were $1.61 billion for the third quarter of 2017,
an increase of 45.3%, or $502.5 million, from $1.11 billion for the
same period of 2016. The increase was the result of an increase of
$390.7 million from Wynn Palace, which opened in the third quarter
of 2016, and increases of $79.3 million and $32.5 million from Wynn
Macau and our Las Vegas Operations, respectively.
On a U.S. generally accepted accounting principles ("GAAP")
basis, net income attributable to Wynn Resorts, Limited was $79.8
million, or $0.78 per diluted share, for the third quarter of 2017,
compared to a net loss attributable to Wynn Resorts, Limited of
$17.4 million, or $0.17 per diluted share, for the same period of
2016. The increase in net income attributable to Wynn Resorts,
Limited was primarily the result of a full quarter of income from
Wynn Palace and increased operating income from Wynn Macau and Wynn
Las Vegas, partially offset by a loss on extinguishment of debt, an
increase in net income attributable to noncontrolling interests and
an increase in property charges and other. Property charges and
other during the third quarter of 2017 included $19.1 million of
estimated costs primarily related to property damage caused by a
typhoon that impacted Macau during the quarter. Adjusted net income
attributable to Wynn Resorts, Limited (1) was $155.8 million, or
$1.52 per diluted share, for the third quarter of 2017, compared to
$75.5 million, or $0.74 per diluted share, for the same period of
2016.
Adjusted Property EBITDA (2) was $473.0 million for the third
quarter of 2017, an increase of 54.8%, or $167.5 million, from
$305.4 million for the same period of 2016, the result of increases
of $112.7 million, $32.2 million and $22.6 million from Wynn
Palace, Wynn Macau and our Las Vegas Operations, respectively.
Wynn Resorts, Limited also announced today that the Company has
approved a cash dividend of $0.50 per share, payable on November
28, 2017 to stockholders of record as of November 16, 2017.
Wynn Macau
Net revenues from Wynn Macau were $597.4 million for the third
quarter of 2017, a 15.3% increase from $518.1 million for the same
period of 2016. Adjusted Property EBITDA from Wynn Macau was $183.2
million for the third quarter of 2017, a 21.3% increase from $151.0
million for the same period of 2016.
Casino revenues from Wynn Macau were $567.7 million for the
third quarter of 2017, a 16.2% increase from $488.3 million for the
same period of 2016. Table games turnover in VIP operations was
$13.37 billion, a 22.2% increase from $10.94 billion for the third
quarter of 2016. VIP table games win as a percentage of turnover
(calculated before commissions) was 3.37%, above the expected range
of 2.7% to 3.0% and the 3.34% experienced in the third quarter of
2016. Table drop in mass market operations was $1.07 billion, a
3.2% decrease from $1.11 billion for the third quarter of 2016.
Table games win in mass market operations was $216.4 million, a
5.5% increase from $205.2 million for the third quarter of 2016.
Table games win percentage in mass market operations was 20.2%,
compared to 18.6% experienced in the third quarter of 2016. Slot
machine handle was $864.6 million, a 26.9% increase from $681.6
million for the third quarter of 2016, while slot machine win
increased 21.1% to $35.5 million.
Non-casino revenues before promotional allowances from Wynn
Macau were $62.2 million for the third quarter of 2017, a 2.3%
decrease from $63.7 million for the same period of 2016. Room
revenues decreased 7.9%, to $24.1 million for the third quarter of
2017, from $26.2 million for the same period of 2016. Average daily
rate ("ADR") was $246, an 8.9% decrease from $270 for the third
quarter of 2016. Occupancy increased to 97.3% for the third quarter
of 2017, from 95.1% for the same period of 2016. Revenue per
available room ("REVPAR") was $240, a 6.6% decrease from $257 for
the third quarter of 2016.
Wynn Palace
The reported financial results for the third quarter of 2016
include 40 days of operations of Wynn Palace, which opened on
August 22, 2016.
Net revenues from Wynn Palace were $555.3 million for the third
quarter of 2017, compared to $164.6 million for the same period of
2016. Adjusted Property EBITDA from Wynn Palace was $138.2 million
for the third quarter of 2017, compared to $25.5 million for the
same period of 2016.
Casino revenues from Wynn Palace were $514.5 million for the
third quarter of 2017, compared to $146.7 million for the same
period of 2016. Table games turnover in VIP operations was $13.69
billion, compared to $4.15 billion for the third quarter of 2016.
VIP table games win as a percentage of turnover was 2.99%, within
the expected range of 2.7% to 3.0% and above the 2.90% experienced
in the third quarter of 2016. Table drop in mass market operations
was $866.6 million, compared to $275.9 million for the third
quarter of 2016. Table games win in mass market operations was
$194.3 million, compared to $51.5 million for the third quarter of
2016. Table games win percentage in mass market operations was
22.4%, compared to 18.7% experienced in the third quarter of 2016.
Slot machine handle was $817.5 million, compared to $204.5 million
for the third quarter of 2016, while slot machine win increased
from $12.6 million to $42.0 million in the third quarter of
2017.
Non-casino revenues before promotional allowances from Wynn
Palace were $79.4 million for the third quarter of 2017, compared
to $33.9 million for the same period of 2016. Room revenues were
$32.9 million for the third quarter of 2017, compared to $14.2
million for the same period of 2016. ADR was $219, a 23.7% decrease
from $287 for the third quarter of 2016. Occupancy increased to
96.1% for the third quarter of 2017, from 70.8% for the same period
of 2016. REVPAR was $211, a 3.9% increase from $203 for the third
quarter of 2016.
Las Vegas Operations
Net revenues from our Las Vegas Operations were $459.6 million
for the third quarter of 2017, a 7.6% increase from $427.1 million
for the same period of 2016. Adjusted Property EBITDA from our Las
Vegas Operations was $151.5 million, a 17.6% increase from $128.9
million for the third quarter of 2016.
Casino revenues from our Las Vegas Operations were $174.4
million for the third quarter of 2017, a 13.9% increase from $153.2
million for the same period of 2016. Table games drop was $496.2
million, a 2.7% increase from $483.4 million for the third quarter
of 2016. Table games win was $132.2 million, a 10.8% increase from
$119.4 million for the third quarter of 2016. Table games win
percentage was 26.6%, above the property’s expected range of 21% to
25% and the 24.7% experienced in the third quarter of 2016. Slot
machine handle was $819.5 million, a 0.1% increase from $818.7
million for the third quarter of 2016, while slot machine win
increased 13.6% to $59.6 million.
Non-casino revenues before promotional allowances from our Las
Vegas Operations were $329.8 million for the third quarter of 2017,
a 4.3% increase from $316.3 million for the same period of 2016.
Room revenues increased 5.3%, to $118.1 million for the third
quarter of 2017, from $112.2 million for the same period of 2016.
ADR was $299, a 3.8% increase from $288 for the third quarter of
2016. Occupancy increased to 91.4% for the third quarter of 2017,
from the 90.0% experienced in the same period of 2016. REVPAR was
$273, a 5.4% increase from $259 for the third quarter of 2016. Food
and beverage revenues increased 6.6%, to $154.8 million for the
third quarter of 2017, compared to the same period of 2016.
Entertainment, retail and other revenues decreased 3.3%, to $57.0
million for the third quarter of 2017, compared to the same period
of 2016.
Wynn Boston Harbor Project in Massachusetts
The Company is currently constructing Wynn Boston Harbor, an
integrated resort in Everett, Massachusetts, located adjacent to
Boston along the Mystic River. The resort will contain a hotel, a
waterfront boardwalk, meeting and convention space, casino space, a
spa, retail offerings and food and beverage outlets. The total
project budget, including gaming license fees, construction costs,
capitalized interest, pre-opening expenses and land costs, is
estimated to be approximately $2.4 billion. As of
September 30, 2017, we have incurred $935.6 million in total
project costs. We expect to open Wynn Boston Harbor in
mid-2019.
Balance Sheet
During the quarter, Wynn Macau, Limited completed a cash tender
offer for $946.4 million principal amount of the $1.35 billion 5
1/4% Senior Notes due 2021 (the “2021 Notes”) and on October 20,
2017 redeemed the remaining untendered $403.6 million principal
amount. In connection with these transactions, Wynn Macau, Limited
issued $600 million 4 7/8% Senior Notes due 2024 and $750 million 5
1/2% Senior Notes due 2027, and used the net proceeds to cover the
majority of the cost of extinguishing the 2021 Notes. As a result
of these transactions, the Company recorded a $20.8 million loss on
extinguishment of debt during the third quarter of 2017.
Our cash and cash equivalents, restricted cash and investment
securities at September 30, 2017 were $3.26 billion and
included $403.6 million that was used to redeem the remaining
principal amount of the untendered 2021 Notes on October 20,
2017.
Total debt outstanding at the end of the quarter was $10.18
billion, including $4.15 billion of Macau related debt, $3.16
billion of Wynn Las Vegas debt and $2.87 billion at the parent
company and other. Our Macau related debt at the end of the quarter
includes the $403.6 million principal amount of untendered 2021
Notes that was redeemed on October 20, 2017.
Conference Call and Other Information
The Company will hold a conference call to discuss its results,
including the results of Wynn Las Vegas, LLC, on October 26,
2017 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 November 8, 2017, the Company will make Wynn Las Vegas, LLC
financial information for the quarter ended September 30, 2017
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, our dependence on Stephen A. Wynn,
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, extensive regulation of our business, pending
or future legal proceedings, 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, 2016 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 expenses, property charges and other, change in
interest rate swap fair value, change in Redemption Note fair
value, loss on extinguishment of debt, foreign currency
remeasurement gain (loss), net of noncontrolling interests 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 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
expenses, 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 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 (loss) to
Adjusted Property EBITDA, and (iii) net income (loss) attributable
to Wynn Resorts, Limited to Adjusted Property EBITDA.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
data)
(unaudited)
Three Months Ended September 30, Nine Months Ended
September 30, 2017 2016
2017 2016 Operating revenues:
Casino $ 1,256,602 $ 788,219 $ 3,574,059 $ 2,263,608 Rooms 175,108
152,608 531,558 431,047 Food and beverage 190,854 167,997 537,807
469,072 Entertainment, retail and other 105,500 93,230
310,636 257,256 Gross revenues 1,728,064
1,202,054 4,954,060 3,420,983 Less: promotional allowances (115,733
) (92,232 ) (336,788 ) (255,119 ) Net revenues 1,612,331
1,109,822 4,617,272 3,165,864 Operating
expenses: Casino 799,978 505,620 2,303,435 1,428,532 Rooms 44,070
40,188 134,394 115,937 Food and beverage 113,452 109,333 323,840
294,480 Entertainment, retail and other 44,159 40,153 129,986
116,126 General and administrative 178,506 144,206 502,637 381,156
(Benefit) provision for doubtful accounts 1,656 (2,368 ) (4,593 )
816 Pre-opening 6,908 70,778 19,445 150,496 Depreciation and
amortization 137,982 106,467 415,488 264,187 Property charges and
other 28,293 18,514 38,494 31,366 Total
operating expenses 1,355,004 1,032,891 3,863,126
2,783,096 Operating income 257,327 76,931
754,146 382,768 Other income (expense):
Interest income 8,447 3,678 21,998 9,940 Interest expense, net of
amounts capitalized (95,874 ) (79,669 ) (291,875 ) (193,698 )
Change in interest rate swap fair value (2 ) 1,168 (1,056 ) (1,693
) Change in Redemption Note fair value (41,718 ) (22,218 ) (69,982
) (19,239 ) Loss on extinguishment of debt (20,774 ) — (43,061 ) —
Equity in income from unconsolidated affiliates — — — 16 Other
(1,894 ) 899 (19,840 ) (1,046 ) Other income (expense), net
(151,815 ) (96,142 ) (403,816 ) (205,720 ) Income (loss) before
income taxes 105,512 (19,211 ) 350,330 177,048 Benefit (provision)
for income taxes 457 (120 ) (5,040 ) (1,145 ) Net income
(loss) 105,969 (19,331 ) 345,290 175,903 Less: net (income) loss
attributable to noncontrolling interests (26,202 ) 1,894
(89,791 ) (47,728 ) Net income (loss) attributable to Wynn Resorts,
Limited $ 79,767 $ (17,437 ) $ 255,499 $ 128,175
Basic and diluted income (loss) per common share: Net income
(loss) attributable to Wynn Resorts, Limited: Basic $ 0.78 $ (0.17
) $ 2.51 $ 1.26 Diluted $ 0.78 $ (0.17 ) $ 2.49 $ 1.26 Weighted
average common shares outstanding: Basic 102,173 101,439 101,960
101,423 Diluted 102,794 101,439 102,460 101,835 Dividends declared
per common share: $ 0.50 $ 0.50 $ 1.50 $ 1.50
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, 2017 2016
2017 2016 Net income (loss)
attributable to Wynn Resorts, Limited $ 79,767 $ (17,437 ) $
255,499 $ 128,175 Pre-opening expenses 6,908 70,778 19,445 150,496
Property charges and other 28,293 18,514 38,494 31,366 Change in
interest rate swap fair value 2 (1,168 ) 1,056 1,693 Change in
Redemption Note fair value 41,718 22,218 69,982 19,239 Loss on
extinguishment of debt 20,774 — 43,061 — Foreign currency
remeasurement (gain) loss 1,894 (899 ) 19,840 1,046 Income tax
impact on adjustments (9,983 ) 1,681 (11,753 ) 1,598 Noncontrolling
interests impact on adjustments (13,556 ) (18,153 ) (19,483 )
(38,472 ) Adjusted net income attributable to Wynn Resorts, Limited
$ 155,817 $ 75,534 $ 416,141 $ 295,141
Adjusted net income attributable to Wynn Resorts, Limited per
diluted share $ 1.52 $ 0.74 $ 4.06 $ 2.90
Weighted average common shares outstanding - diluted
102,794 101,917 102,460 101,835
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME
(LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2017
Operating
income
(loss)
Pre-opening
expenses
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 $ 124,566 $ — $ 24,734 $ 6,396 $
23,099 $ 2,384 $ 2,040 $ 183,219 Wynn Palace 28,432 — 65,062 19,493
21,769 2,198 1,274 138,228 Other Macau (6,551 ) — 1,115
157 — 5,111 168 — Total Macau
Operations 146,447 — 90,911 26,046 44,868 9,693 3,482 321,447 Las
Vegas Operations 76,785 237 44,549 2,247 22,513 4,740 438 151,509
Corporate and Other 34,095 6,671 2,522 —
(67,381 ) 17,510 6,583 — Total $ 257,327
$ 6,908 $ 137,982 $ 28,293 $ — $
31,943 $ 10,503 $ 472,956
Three
Months Ended September 30, 2016
Operating
income
(loss)
Pre-opening
expenses
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
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME
(LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2017
Operating
income
(loss)
Pre-opening
expenses
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 $ 406,418 $ — $ 74,043 $ 7,932 $
72,727 $ 7,586 $ 6,017 $ 574,723 Wynn Palace 56,443 — 193,749
20,253 56,520 6,744 3,778 337,487 Other Macau (12,515 ) —
3,376 163 — 8,480 496 — Total
Macau Operations 450,346 — 271,168 28,348 129,247 22,810 10,291
912,210 Las Vegas Operations 205,119 748 136,561 9,657 47,246
17,583 1,382 418,296 Corporate and Other 98,681 18,697
7,759 489 (176,493 ) 33,250 17,617
— Total $ 754,146 $ 19,445 $ 415,488 $
38,494 $ — $ 73,643 $ 29,290 $
1,330,506
Nine Months Ended September 30, 2016
Operating
income
(loss)
Pre-opening
expenses
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
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 September 30, Nine Months Ended
September 30, 2017 2016
2017 2016 Net income (loss)
attributable to Wynn Resorts, Limited $ 79,767 $ (17,437 ) $
255,499 $ 128,175 Net income (loss) attributable to noncontrolling
interests 26,202 (1,894 ) 89,791 47,728 Pre-opening expenses 6,908
70,778 19,445 150,496 Depreciation and amortization 137,982 106,467
415,488 264,187 Property charges and other 28,293 18,514 38,494
31,366 Corporate expense and other 31,943 24,697 73,643 60,694
Stock-based compensation 10,503 8,048 29,290 28,856 Interest income
(8,447 ) (3,678 ) (21,998 ) (9,940 ) Interest expense, net of
amounts capitalized 95,874 79,669 291,875 193,698 Change in
interest rate swap fair value 2 (1,168 ) 1,056 1,693 Change in
Redemption Note fair value 41,718 22,218 69,982 19,239 Loss on
extinguishment of debt 20,774 — 43,061 — Other expenses 1,894 (899
) 19,840 1,046 (Benefit) provision for income taxes (457 ) 120
5,040 1,145 Adjusted Property EBITDA $ 472,956
$ 305,435 $ 1,330,506 $ 918,383
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 September 30, Nine Months Ended
September 30, 2017 2016
2017 2016 Macau
Operations: Wynn Macau: VIP: Average number of table games 96
142 93 171 VIP turnover $ 13,373,060 $ 10,941,100 $ 42,680,904 $
36,252,239 VIP table games win $ 451,136 $ 365,047 $ 1,456,139 $
1,214,675 VIP table games win as a % of turnover 3.37 % 3.34 % 3.41
% 3.35 % Table games win per unit per day (1) $ 51,324 $ 28,003 $
57,095 $ 25,871 Mass market: Average number of table games 206 201
205 228 Table drop (2) $ 1,070,119 $ 1,105,938 $ 3,274,733 $
3,489,272 Table games win $ 216,439 $ 205,179 $ 650,911 $ 687,876
Table games win % 20.2 % 18.6 % 19.9 % 19.7 % Table games win per
unit per day (1) $ 11,408 $ 11,089 $ 11,637 $ 11,008 Average number
of slot machines 918 804 907 787 Slot machine handle $ 864,553 $
681,552 $ 2,589,125 $ 2,584,342 Slot machine win $ 35,522 $ 29,327
$ 113,607 $ 113,098 Slot machine win per unit per day (3) $ 421 $
396 $ 459 $ 524 Room statistics: Occupancy 97.3 % 95.1 % 96.9 %
93.8 % ADR (4) $ 246 $ 270 $ 256 $ 304 REVPAR (5) $ 240 $ 257 $ 248
$ 286 Wynn Palace (6): VIP: Average number of table games
106 72 101 72 VIP turnover $ 13,694,250 $ 4,150,448 $ 36,340,603 $
4,150,448 VIP table games win $ 409,648 $ 120,455 $ 997,031 $
120,455 VIP table games win as a % of turnover 2.99 % 2.90 % 2.74 %
2.90 % Table games win per unit per day (1) $ 42,015 $ 42,117 $
36,290 $ 42,117 Mass market: Average number of table games 201 274
205 274 Table drop (2) $ 866,637 $ 275,898 $ 2,365,661 $ 275,898
Table games win $ 194,294 $ 51,525 $ 530,668 $ 51,525 Table games
win % 22.4 % 18.7 % 22.4 % 18.7 % Table games win per unit per day
(1) $ 10,491 $ 4,702 $ 9,507 $ 4,702 Average number of slot
machines 1,100 1,132 1,041 1,132 Slot machine handle $ 817,543 $
204,515 $ 2,132,973 $ 204,515 Slot machine win $ 41,965 $ 12,610 $
110,712 $ 12,610 Slot machine win per unit per day (3) $ 415 $ 279
$ 390 $ 279 Room statistics: Occupancy 96.1 % 70.8 % 96.0 % 70.8 %
ADR (4) $ 219 $ 287 $ 237 $ 287 REVPAR (5) $ 211 $ 203 $ 227 $ 203
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 September 30, Nine Months Ended
September 30, 2017 2016
2017 2016 Las Vegas
Operations: Average number of table games 237 234 236 236 Table
drop (2) $ 496,233 $ 483,382 $ 1,374,167 $ 1,385,963 Table games
win $ 132,227 $ 119,388 $ 364,374 $ 340,572 Table games win % 26.6
% 24.7 % 26.5 % 24.6 % Table games win per unit per day (1) $ 6,065
$ 5,552 $ 5,657 $ 5,264 Average number of slot machines 1,849 1,890
1,864 1,888 Slot machine handle $ 819,462 $ 818,719 $ 2,350,162 $
2,286,559 Slot machine win $ 59,605 $ 52,460 $ 162,340 $ 150,786
Slot machine win per unit per day (3) $ 350 $ 302 $ 319 $ 291 Room
statistics: Occupancy 91.4 % 90.0 % 88.5 % 85.7 % ADR (4) $ 299 $
288 $ 305 $ 298 REVPAR (5) $ 273 $ 259 $ 270 $ 255 (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 machine 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/20171026006564/en/
Wynn Resorts, LimitedRobert Amerine,
702-770-7555investorrelations@wynnresorts.com
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