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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210804005966/en/
Wynn Resorts, Limited Vincent Zahn 702-770-7555
investorrelations@wynnresorts.com
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