WYNN Wynn Resorts Ltd

Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the first quarter ended March 31, 2024.

Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted Property EBITDAR(1) was $646.5 million for the first quarter of 2024, compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023.

"The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with Adjusted Property EBITDAR reaching a new all-time record. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets," said Craig Billings, CEO of Wynn Resorts, Limited. "On the development front, vertical construction on the hotel tower at Wynn Al Marjan Island is well underway, and we are confident the resort will be a 'must see' tourism destination in the UAE. We are excited about the outlook for the Company, and we believe we are well positioned to deliver continued long-term growth."

Consolidated Results

Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. For the first quarter of 2024, operating revenues increased $217.5 million, $181.0 million, $49.8 million, and $1.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the first quarter of 2023.

Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted net income attributable to Wynn Resorts, Limited(2) was $176.8 million, or $1.59 per diluted share, for the first quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $33.3 million, or $0.29 per diluted share, for the first quarter of 2023.

Adjusted Property EBITDAR was $646.5 million for the first quarter of 2024, an increase of $216.8 million compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023. For the first quarter of 2024, Adjusted Property EBITDAR increased $91.3 million, $92.4 million, and $14.7 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $0.3 million at Encore Boston Harbor, from the first quarter of 2023.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on May 31, 2024 to stockholders of record as of May 20, 2024.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $586.9 million for the first quarter of 2024, an increase of $217.5 million from $369.4 million for the first quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $202.4 million for the first quarter of 2024, compared to $111.1 million for the first quarter of 2023. Table games win percentage in mass market operations was 24.5%, above the 22.1% experienced in the first quarter of 2023. VIP table games win as a percentage of turnover was 3.30%, within the property's expected range of 3.1% to 3.4% and above the 2.72% experienced in the first quarter of 2023.

Wynn Macau

Operating revenues from Wynn Macau were $411.7 million for the first quarter of 2024, an increase of $181.0 million from $230.7 million for the first quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $137.2 million for the first quarter of 2024, compared to $44.7 million for the first quarter of 2023. Table games win percentage in mass market operations was 19.4%, above the 17.0% experienced in the first quarter of 2023. VIP table games win as a percentage of turnover was 3.39%, within the property's expected range of 3.1% to 3.4% and above the 2.69% experienced in the first quarter of 2023.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $636.5 million for the first quarter of 2024, an increase of $49.8 million from $586.8 million for the first quarter of 2023. Adjusted Property EBITDAR from our Las Vegas Operations for the first quarter of 2024 was $246.3 million, compared to $231.6 million for the first quarter of 2023. Table games win percentage for the first quarter of 2024 was 25.9%, within the property's expected range of 22% to 26% and above the 24.3% experienced in the first quarter of 2023.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $217.8 million for the first quarter of 2024, an increase of $1.5 million from $216.3 million for the first quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the first quarter of 2024 was $63.1 million, compared to $63.4 million for the first quarter of 2023. Table games win percentage for the first quarter of 2024 was 22.6%, above the property's expected range of 18% to 22% and above the 21.7% experienced in the first quarter of 2023.

Balance Sheet

Our cash and cash equivalents as of March 31, 2024 totaled $2.42 billion, comprised of $1.30 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $405.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $712.4 million held at Corporate and other. In addition, as of March 31, 2024, we had $699.6 million and $149.1 million in short-term investments held at WML and Corporate and other, respectively. As of March 31, 2024, the available borrowing capacity under the Wynn Resorts Finance Revolver and the WM Cayman II Revolver was $737.2 million and $149.6 million, respectively.

Total current and long-term debt outstanding at March 31, 2024 was $11.21 billion, comprised of $6.61 billion of Macau related debt, $1.45 billion of Wynn Las Vegas debt, $2.53 billion of WRF debt, and $614.2 million of debt held by the retail joint venture which we consolidate.

In February 2024, WRF and its subsidiary Wynn Resorts Capital Corp. issued an additional $400.0 million aggregate principal amount of 7.125% Senior Notes due 2031 (the "2031 WRF Add-On Senior Notes") at a price equal to 103.00% of the principal amount plus accrued interest. Net proceeds from the 2031 WRF Add-On Senior Notes, together with cash held by Wynn Resorts, were used to repurchase $681.0 million aggregate principal amount of 5.500% Senior Notes due 2025 issued by Wynn Las Vegas and Wynn Las Vegas Capital Corp. (the "2025 WLV Senior Notes") and to pay the tender premium and related fees and expenses. In March 2024, we repurchased $119.0 million aggregate principal amount of the remaining 2025 WLV Senior Notes using cash held at Wynn Resorts.

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 May 7, 2024 at 2:00 p.m. PT (5:00 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 May 15, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended March 31, 2024 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, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, 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 and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. 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, 2023, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. 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 EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, 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 debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR 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, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in derivatives fair value, loss on debt financing transactions, and foreign currency remeasurement and other, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income 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 net income 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.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

March 31,

 

 

2024

 

 

 

2023

 

Operating revenues:

 

 

 

Casino

$

1,121,466

 

 

$

766,992

 

Rooms

 

327,414

 

 

 

272,529

 

Food and beverage

 

266,938

 

 

 

232,611

 

Entertainment, retail and other

 

147,091

 

 

 

151,547

 

Total operating revenues

 

1,862,909

 

 

 

1,423,679

 

Operating expenses:

 

 

 

Casino

 

675,439

 

 

 

473,385

 

Rooms

 

82,077

 

 

 

72,702

 

Food and beverage

 

205,821

 

 

 

180,619

 

Entertainment, retail and other

 

71,012

 

 

 

92,482

 

General and administrative

 

271,616

 

 

 

259,772

 

Provision for credit losses

 

87

 

 

 

(544

)

Pre-opening

 

2,035

 

 

 

4,478

 

Depreciation and amortization

 

174,933

 

 

 

168,812

 

Property charges and other

 

16,948

 

 

 

2,458

 

Total operating expenses

 

1,499,968

 

 

 

1,254,164

 

Operating income

 

362,941

 

 

 

169,515

 

Other income (expense):

 

 

 

Interest income

 

40,172

 

 

 

40,193

 

Interest expense, net of amounts capitalized

 

(182,404

)

 

 

(187,740

)

Change in derivatives fair value

 

(17,914

)

 

 

23,046

 

Loss on debt financing transactions

 

(1,561

)

 

 

(12,236

)

Other

 

(4,722

)

 

 

(30,614

)

Other income (expense), net

 

(166,429

)

 

 

(167,351

)

Income before income taxes

 

196,512

 

 

 

2,164

 

Provision for income taxes

 

(20,014

)

 

 

(1,018

)

Net income

 

176,498

 

 

 

1,146

 

Less: net (income) loss attributable to noncontrolling interests

 

(32,282

)

 

 

11,186

 

Net income attributable to Wynn Resorts, Limited

$

144,216

 

 

$

12,332

 

Basic and diluted net income (loss) per common share:

 

 

 

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

 

 

 

 

 

 

 

Basic

$

1.30

 

 

$

0.11

 

Diluted

$

1.30

 

 

$

(0.02

)

Weighted average common shares outstanding:

 

 

 

Basic

 

111,023

 

 

 

112,753

 

Diluted

 

111,333

 

 

 

113,116

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

March 31,

 

 

2024

 

 

 

2023

 

Net income attributable to Wynn Resorts, Limited

$

144,216

 

 

$

12,332

 

Pre-opening expenses

 

2,035

 

 

 

4,478

 

Property charges and other

 

16,948

 

 

 

2,458

 

Change in derivatives fair value

 

17,914

 

 

 

(23,046

)

Loss on debt financing transactions

 

1,561

 

 

 

12,236

 

Foreign currency remeasurement and other

 

4,722

 

 

 

30,614

 

Income tax impact on adjustments

 

(568

)

 

 

(1,492

)

Noncontrolling interests impact on adjustments

 

(10,027

)

 

 

(4,248

)

Adjusted net income attributable to Wynn Resorts, Limited

$

176,801

 

 

$

33,332

 

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

$

1.59

 

 

$

0.29

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

111,333

 

 

 

113,116

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

Three Months Ended March 31, 2024

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

113,592

 

$

101,004

 

 

$

(8,613

)

 

$

205,983

 

$

146,449

 

$

(17,092

)

 

$

27,601

 

 

$

362,941

Pre-opening expenses

 

—

 

 

—

 

 

 

—

 

 

 

—

 

 

402

 

 

132

 

 

 

1,501

 

 

 

2,035

Depreciation and amortization

 

55,127

 

 

20,044

 

 

 

380

 

 

 

75,551

 

 

58,744

 

 

31,343

 

 

 

9,295

 

 

 

174,933

Property charges and other

 

11,420

 

 

(437

)

 

 

110

 

 

 

11,093

 

 

269

 

 

344

 

 

 

5,242

 

 

 

16,948

Management and license fees

 

18,928

 

 

12,859

 

 

 

—

 

 

 

31,787

 

 

30,242

 

 

10,628

 

 

 

(72,657

)

 

 

—

Corporate expenses and other

 

2,383

 

 

2,502

 

 

 

7,137

 

 

 

12,022

 

 

7,994

 

 

1,966

 

 

 

17,923

 

 

 

39,905

Stock-based compensation

 

920

 

 

1,214

 

 

 

986

 

 

 

3,120

 

 

2,162

 

 

410

 

 

 

8,677

 

 

 

14,369

Triple-net operating lease rent expense

 

—

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

 

35,404

 

 

 

—

 

 

 

35,404

Adjusted Property EBITDAR

$

202,370

 

$

137,186

 

 

$

—

 

 

$

339,556

 

$

246,262

 

$

63,135

 

 

$

(2,418

)

 

$

646,535

 

Three Months Ended March 31, 2023

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

39,868

 

$

12,249

 

$

(4,983

)

 

$

47,134

 

$

138,502

 

$

(14,949

)

 

$

(1,172

)

 

$

169,515

Pre-opening expenses

 

—

 

 

—

 

 

 

—

 

 

 

—

 

 

81

 

 

911

 

 

 

3,486

 

 

 

4,478

Depreciation and amortization

 

54,167

 

 

20,650

 

 

 

380

 

 

 

75,197

 

 

56,681

 

 

29,934

 

 

 

7,000

 

 

 

168,812

Property charges and other

 

2,295

 

 

475

 

 

 

1

 

 

 

2,771

 

 

213

 

 

(582

)

 

 

56

 

 

 

2,458

Management and license fees

 

11,830

 

 

7,275

 

 

 

—

 

 

 

19,105

 

 

27,812

 

 

10,503

 

 

 

(57,420

)

 

 

—

Corporate expenses and other

 

2,226

 

 

2,325

 

 

 

3,624

 

 

 

8,175

 

 

6,556

 

 

1,864

 

 

 

17,895

 

 

 

34,490

Stock-based compensation

 

672

 

 

1,771

 

 

 

978

 

 

 

3,421

 

 

1,752

 

 

450

 

 

 

9,087

 

 

 

14,710

Triple-net operating lease rent expense

 

—

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

 

35,283

 

 

 

—

 

 

 

35,283

Adjusted Property EBITDAR

$

111,058

 

$

44,745

 

 

$

—

 

 

$

155,803

 

$

231,597

 

$

63,414

 

 

$

(21,068

)

 

$

429,746

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

Three Months Ended

March 31,

 

 

2024

 

 

 

2023

 

Net income attributable to Wynn Resorts, Limited

$

144,216

 

 

$

12,332

 

Net income (loss) attributable to noncontrolling interests

 

32,282

 

 

 

(11,186

)

Pre-opening expenses

 

2,035

 

 

 

4,478

 

Depreciation and amortization

 

174,933

 

 

 

168,812

 

Property charges and other

 

16,948

 

 

 

2,458

 

Triple-net operating lease rent expense

 

35,404

 

 

 

35,283

 

Corporate expenses and other

 

39,905

 

 

 

34,490

 

Stock-based compensation

 

14,369

 

 

 

14,710

 

Interest income

 

(40,172

)

 

 

(40,193

)

Interest expense, net of amounts capitalized

 

182,404

 

 

 

187,740

 

Change in derivatives fair value

 

17,914

 

 

 

(23,046

)

Loss on debt financing transactions

 

1,561

 

 

 

12,236

 

Other

 

4,722

 

 

 

30,614

 

Provision for income taxes

 

20,014

 

 

 

1,018

 

Adjusted Property EBITDAR

$

646,535

 

 

$

429,746

 

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

March 31,

 

 

 

 

2024

 

 

 

2023

 

 

Percent Change

Wynn Palace Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

473,781

 

 

$

270,687

 

 

75.0

 

Rooms

 

53,936

 

 

 

46,910

 

 

15.0

 

Food and beverage

 

32,070

 

 

 

23,553

 

 

36.2

 

Entertainment, retail and other

 

27,114

 

 

 

28,213

 

 

(3.9

)

Total

$

586,901

 

 

$

369,363

 

 

58.9

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

202,370

 

 

$

111,058

 

 

82.2

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

VIP:

 

 

 

 

 

Average number of table games

 

59

 

 

 

50

 

 

18.0

 

VIP turnover

$

3,921,085

 

 

$

2,293,358

 

 

71.0

 

VIP table games win (1)

$

129,414

 

 

$

62,448

 

 

107.2

 

VIP table games win as a % of turnover

 

3.30

%

 

 

2.72

%

 

 

Table games win per unit per day

$

24,276

 

 

$

13,868

 

 

75.1

 

Mass market:

 

 

 

 

 

Average number of table games

 

245

 

 

 

237

 

 

3.4

 

Table drop (2)

$

1,782,184

 

 

$

1,181,998

 

 

50.8

 

Table games win (1)

$

437,323

 

 

$

260,865

 

 

67.6

 

Table games win %

 

24.5

%

 

 

22.1

%

 

 

Table games win per unit per day

$

19,589

 

 

$

12,246

 

 

60.0

 

Average number of slot machines

 

573

 

 

 

587

 

 

(2.4

)

Slot machine handle

$

595,621

 

 

$

546,598

 

 

9.0

 

Slot machine win (3)

$

30,970

 

 

$

25,425

 

 

21.8

 

Slot machine win per unit per day

$

594

 

 

$

481

 

 

23.5

 

Room statistics:

 

 

 

 

 

Occupancy

 

98.8

%

 

 

88.1

%

 

 

ADR (4)

$

337

 

 

$

321

 

 

5.0

 

REVPAR (5)

$

333

 

 

$

282

 

 

18.1

 

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

March 31,

 

 

 

 

2024

 

 

 

2023

 

 

Percent Change

Wynn Macau Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

346,353

 

 

$

176,383

 

 

96.4

 

Rooms

 

28,619

 

 

 

21,971

 

 

30.3

 

Food and beverage

 

21,019

 

 

 

14,302

 

 

47.0

 

Entertainment, retail and other

 

15,753

 

 

 

18,070

 

 

(12.8

)

Total

$

411,744

 

 

$

230,726

 

 

78.5

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

137,186

 

 

$

44,745

 

 

206.6

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

VIP:

 

 

 

 

 

Average number of table games

 

30

 

 

 

52

 

 

(42.3

)

VIP turnover

$

1,589,685

 

 

$

1,144,224

 

 

38.9

 

VIP table games win (1)

$

53,906

 

 

$

30,751

 

 

75.3

 

VIP table games win as a % of turnover

 

3.39

%

 

 

2.69

%

 

 

Table games win per unit per day

$

19,746

 

 

$

6,586

 

 

199.8

 

Mass market:

 

 

 

 

 

Average number of table games

 

221

 

 

 

217

 

 

1.8

 

Table drop (2)

$

1,683,151

 

 

$

989,988

 

 

70.0

 

Table games win (1)

$

326,320

 

 

$

168,426

 

 

93.7

 

Table games win %

 

19.4

%

 

 

17.0

%

 

 

Table games win per unit per day

$

16,194

 

 

$

8,642

 

 

87.4

 

Average number of slot machines

 

583

 

 

 

531

 

 

9.8

 

Slot machine handle

$

730,389

 

 

$

469,769

 

 

55.5

 

Slot machine win (3)

$

26,192

 

 

$

16,296

 

 

60.7

 

Slot machine win per unit per day

$

494

 

 

$

341

 

 

44.9

 

Poker rake

$

5,019

 

 

$

3,936

 

 

27.5

 

Room statistics:

 

 

 

 

 

Occupancy

 

99.4

%

 

 

90.9

%

 

 

ADR (4)

$

284

 

 

$

242

 

 

17.4

 

REVPAR (5)

$

282

 

 

$

220

 

 

28.2

 

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

March 31,

 

 

 

 

2024

 

 

 

2023

 

 

Percent Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

135,163

 

 

$

154,530

 

 

(12.5

)

Rooms

 

224,076

 

 

 

185,109

 

 

21.1

 

Food and beverage

 

193,610

 

 

 

172,483

 

 

12.2

 

Entertainment, retail and other

 

83,699

 

 

 

74,642

 

 

12.1

 

Total

$

636,548

 

 

$

586,764

 

 

8.5

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

246,262

 

 

$

231,597

 

 

6.3

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

Average number of table games

 

234

 

 

 

232

 

 

0.9

 

Table drop (2)

$

604,174

 

 

$

600,746

 

 

0.6

 

Table games win (1)

$

156,611

 

 

$

146,010

 

 

7.3

 

Table games win %

 

25.9

%

 

 

24.3

%

 

 

Table games win per unit per day

$

7,357

 

 

$

6,994

 

 

5.2

 

Average number of slot machines

 

1,618

 

 

 

1,668

 

 

(3.0

)

Slot machine handle

$

1,496,078

 

 

$

1,572,735

 

 

(4.9

)

Slot machine win (3)

$

99,756

 

 

$

106,788

 

 

(6.6

)

Slot machine win per unit per day

$

677

 

 

$

711

 

 

(4.8

)

Poker rake

$

4,522

 

 

$

4,114

 

 

9.9

 

Room statistics:

 

 

 

 

 

Occupancy

 

88.0

%

 

 

88.8

%

 

 

ADR (4)

$

595

 

 

$

493

 

 

20.7

 

REVPAR (5)

$

524

 

 

$

438

 

 

19.6

 

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

March 31,

 

 

 

 

2024

 

 

 

2023

 

 

Percent Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

Operating revenues

 

 

 

 

 

Casino

$

166,169

 

 

$

165,392

 

 

0.5

 

Rooms

 

20,783

 

 

 

18,539

 

 

12.1

 

Food and beverage

 

20,239

 

 

 

22,273

 

 

(9.1

)

Entertainment, retail and other

 

10,593

 

 

 

10,102

 

 

4.9

 

Total

$

217,784

 

 

$

216,306

 

 

0.7

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

63,135

 

 

$

63,414

 

 

(0.4

)

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

Average number of table games

 

183

 

 

 

199

 

 

(8.0

)

Table drop (2)

$

366,812

 

 

$

366,041

 

 

0.2

 

Table games win (1)

$

82,978

 

 

$

79,544

 

 

4.3

 

Table games win %

 

22.6

%

 

 

21.7

%

 

 

Table games win per unit per day

$

4,970

 

 

$

4,452

 

 

11.6

 

Average number of slot machines

 

2,635

 

 

 

2,518

 

 

4.6

 

Slot machine handle

$

1,402,847

 

 

$

1,296,427

 

 

8.2

 

Slot machine win (3)

$

104,665

 

 

$

104,073

 

 

0.6

 

Slot machine win per unit per day

$

437

 

 

$

459

 

 

(4.8

)

Poker rake

$

5,781

 

 

$

5,682

 

 

1.7

 

Room statistics:

 

 

 

 

 

Occupancy

 

89.7

%

 

 

90.0

%

 

 

ADR (4)

$

381

 

 

$

343

 

 

11.1

 

REVPAR (5)

$

342

 

 

$

309

 

 

10.7

 

(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 EBITDAR and Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240507487307/en/

Price Karr 702-770-7555 investorrelations@wynnresorts.com