WYNN Wynn Resorts Ltd

Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the second quarter ended June 30, 2024.

Operating revenues were $1.73 billion for the second quarter of 2024, an increase of $137.1 million from $1.60 billion for the second quarter of 2023. Net income attributable to Wynn Resorts, Limited was $111.9 million for the second quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $105.2 million for the second quarter of 2023. Diluted net income per share was $0.91 for the second quarter of 2024, compared to diluted net income per share of $0.84 for the second quarter of 2023. Adjusted Property EBITDAR(1) was $571.7 million for the second quarter of 2024, compared to Adjusted Property EBITDAR of $524.5 million for the second quarter of 2023.

"Our second quarter results, including a new second quarter record for Adjusted Property EBITDAR, reflect continued strength throughout our business. I am incredibly proud of our teams in Las Vegas, Macau and Boston," said Craig Billings, CEO of Wynn Resorts, Limited. "Importantly, we continue to invest in growing the business, with construction on Wynn Al Marjan Island in the UAE progressing at a rapid pace. During the quarter, we also finalized a transaction to acquire our pro-rata share of the land on Al Marjan Island Three, including a sizable land bank for potential future development opportunities for Wynn Resorts or for selected third parties complementary to Wynn Al Marjan."

Consolidated Results

Operating revenues were $1.73 billion for the second quarter of 2024, an increase of $137.1 million from $1.60 billion for the second quarter of 2023. For the second quarter of 2024, operating revenues increased $79.7 million, $35.7 million, $50.6 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $9.3 million at Encore Boston Harbor, from the second quarter of 2023.

Net income attributable to Wynn Resorts, Limited was $111.9 million for the second quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $105.2 million for the second quarter of 2023. Diluted net income per share was $0.91 for the second quarter of 2024, compared to diluted net income per share of $0.84 for the second quarter of 2023. Adjusted net income attributable to Wynn Resorts, Limited(2) was $124.5 million, or $1.12 per diluted share, for the second quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $103.3 million, or $0.91 per diluted share, for the second quarter of 2023.

Adjusted Property EBITDAR was $571.7 million for the second quarter of 2024, an increase of $47.2 million compared to Adjusted Property EBITDAR of $524.5 million for the second quarter of 2023. For the second quarter of 2024, Adjusted Property EBITDAR increased $27.9 million, $6.3 million, and $6.2 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $7.0 million at Encore Boston Harbor, from the second 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 August 30, 2024 to stockholders of record as of August 19, 2024.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $548.0 million for the second quarter of 2024, an increase of $79.7 million from $468.4 million for the second quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $184.5 million for the second quarter of 2024, compared to $156.6 million for the second quarter of 2023. Table games win percentage in mass market operations was 23.6%, above the 20.3% experienced in the second quarter of 2023. VIP table games win as a percentage of turnover was 4.10%, above the property's expected range of 3.1% to 3.4% and below the 4.24% experienced in the second quarter of 2023.

Wynn Macau

Operating revenues from Wynn Macau were $337.3 million for the second quarter of 2024, an increase of $35.7 million from $301.6 million for the second quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $95.9 million for the second quarter of 2024, compared to $89.6 million for the second quarter of 2023. Table games win percentage in mass market operations was 17.5%, below the 17.7% experienced in the second quarter of 2023. VIP table games win as a percentage of turnover was 2.19%, below the property's expected range of 3.1% to 3.4% and below the 4.16% experienced in the second quarter of 2023.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $628.7 million for the second quarter of 2024, an increase of $50.6 million from $578.1 million for the second quarter of 2023. Adjusted Property EBITDAR from our Las Vegas Operations for the second quarter of 2024 was $230.3 million, compared to $224.1 million for the second quarter of 2023. Table games win percentage for the second quarter of 2024 was 21.9%, slightly below the property's expected range of 22% to 26% and below the 22.9% experienced in the second quarter of 2023.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $212.6 million for the second quarter of 2024, a decrease of $9.3 million from $221.9 million for the second quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the second quarter of 2024 was $62.1 million, compared to $69.1 million for the second quarter of 2023. Table games win percentage for the second quarter of 2024 was 19.6%, within the property's expected range of 18% to 22% and below the 22.3% experienced in the second quarter of 2023.

Wynn Al Marjan Island Development

During the second quarter of 2024, the Company contributed $356.5 million of cash into a 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $514.4 million. The cash contributed in the quarter was used primarily to fund our pro rata portion of the purchase of approximately 155 acres of land underlying the integrated resort development site, including over 70 acres of land for potential future development in Ras Al Khaimah. Wynn Al Marjan Island is currently expected to open in 2027.

Balance Sheet

Our cash and cash equivalents as of June 30, 2024 totaled $2.38 billion, comprised of $1.38 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $281.1 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $715.6 million held at Corporate and other. In addition, as of June 30, 2024, we had $500.0 million in short-term investments held at WML. As of June 30, 2024, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $735.3 million and $312.2 million, respectively.

Total current and long-term debt outstanding at June 30, 2024 was $11.03 billion, comprised of $6.44 billion of Macau related debt, $1.46 billion of Wynn Las Vegas debt, $2.52 billion of WRF debt, and $614.4 million of debt held by the retail joint venture which we consolidate.

During the second quarter of 2024, the Company repurchased 741,340 shares of its common stock under its publicly announced equity repurchase program at an average price of $91.72 per share, for an aggregate cost of $68.0 million. As of June 30, 2024, the Company had $365.4 million in repurchase authority remaining under the program.

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 6, 2024 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 or before August 14, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended June 30, 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 June 30,

 

Six Months Ended June 30,

 

 

2024

 

2023

 

2024

 

2023

Operating revenues:

 

 

 

 

Casino

$

1,008,946

 

$

912,999

 

$

2,130,412

 

$

1,679,991

 

Rooms

 

304,521

 

 

276,505

 

 

631,935

 

 

549,034

 

Food and beverage

 

281,404

 

 

257,036

 

 

548,342

 

 

489,647

 

Entertainment, retail and other

 

138,061

 

 

149,282

 

 

285,152

 

 

300,829

 

Total operating revenues

 

1,732,932

 

 

1,595,822

 

 

3,595,841

 

 

3,019,501

 

Operating expenses:

 

 

 

 

Casino

 

614,518

 

 

543,643

 

 

1,289,957

 

 

1,017,028

 

Rooms

 

80,538

 

 

73,783

 

 

162,615

 

 

146,485

 

Food and beverage

 

221,343

 

 

203,922

 

 

427,164

 

 

384,541

 

Entertainment, retail and other

 

62,941

 

 

85,999

 

 

133,953

 

 

178,481

 

General and administrative

 

264,727

 

 

257,321

 

 

536,343

 

 

517,093

 

Provision for credit losses

 

2,429

 

 

(6,640

)

 

2,516

 

 

(7,184

)

Pre-opening

 

1,558

 

 

1,477

 

 

3,593

 

 

5,955

 

Depreciation and amortization

 

176,405

 

 

169,962

 

 

351,338

 

 

338,774

 

Property charges and other

 

38,815

 

 

16,019

 

 

55,763

 

 

18,477

 

Total operating expenses

 

1,463,274

 

 

1,345,486

 

 

2,963,242

 

 

2,599,650

 

Operating income

 

269,658

 

 

250,336

 

 

632,599

 

 

419,851

 

Other income (expense):

 

 

 

 

Interest income

 

34,884

 

 

44,127

 

 

75,056

 

 

84,320

 

Interest expense, net of amounts capitalized

 

(174,596

)

 

(190,243

)

 

(357,000

)

 

(377,983

)

Change in derivatives fair value

 

15,517

 

 

24,336

 

 

(2,397

)

 

47,382

 

Loss on debt financing transactions

 

—

 

 

(3,375

)

 

(1,561

)

 

(15,611

)

Other

 

8,745

 

 

6,959

 

 

4,023

 

 

(23,655

)

Other income (expense), net

 

(115,450

)

 

(118,196

)

 

(281,879

)

 

(285,547

)

Income before income taxes

 

154,208

 

 

132,140

 

 

350,720

 

 

134,304

 

Provision for income taxes

 

(7,935

)

 

(4,305

)

 

(27,949

)

 

(5,323

)

Net income

 

146,273

 

 

127,835

 

 

322,771

 

 

128,981

 

Less: net income attributable to noncontrolling interests

 

(34,330

)

 

(22,651

)

 

(66,612

)

 

(11,465

)

Net income attributable to Wynn Resorts, Limited

$

111,943

 

$

105,184

 

$

256,159

 

$

117,516

 

Basic and diluted net income per common share:

 

 

 

 

Net income attributable to Wynn Resorts, Limited:

 

 

Basic

$

1.01

 

$

0.93

 

$

2.31

 

$

1.04

 

Diluted

$

0.91

 

$

0.84

 

$

2.30

 

$

0.84

 

Weighted average common shares outstanding:

 

 

 

 

Basic

 

110,937

 

 

112,889

 

 

110,980

 

 

112,821

 

Diluted

 

111,175

 

 

113,198

 

 

111,222

 

 

113,143

 

 

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 June 30,

Six Months Ended June 30,

 

2024

2023

2024

2023

Net income attributable to Wynn Resorts, Limited

$

111,943

 

$

105,184

 

$

256,159

 

$

117,516

 

Pre-opening expenses

 

1,558

 

 

1,477

 

 

3,593

 

 

5,955

 

Property charges and other

 

38,815

 

 

16,019

 

 

55,763

 

 

18,477

 

Change in derivatives fair value

 

(15,517

)

 

(24,336

)

 

2,397

 

 

(47,382

)

Loss on debt financing transactions

 

—

 

 

3,375

 

 

1,561

 

 

15,611

 

Foreign currency remeasurement and other

 

(8,745

)

 

(6,959

)

 

(4,023

)

 

23,655

 

Income tax impact on adjustments

 

(9,684

)

 

1,502

 

 

(10,252

)

 

10

 

Noncontrolling interests impact on adjustments

 

6,135

 

 

7,078

 

 

(3,892

)

 

2,830

 

Adjusted net income attributable to Wynn Resorts, Limited

$

124,505

 

$

103,340

 

$

301,306

 

$

136,672

 

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

$

1.12

 

$

0.91

 

$

2.71

 

$

1.21

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

111,175

 

 

113,198

 

 

111,222

 

 

113,143

 

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

 

 

 

Three Months Ended June 30, 2024

 

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

108,249

$

61,172

$

(7,486

)

$

161,935

$

124,738

$

(17,827

)

$

812

 

$

269,658

Pre-opening expenses

 

—

 

—

 

—

 

 

—

 

334

 

515

 

 

709

 

 

1,558

Depreciation and amortization

 

55,316

 

20,035

 

390

 

 

75,741

 

61,885

 

31,733

 

 

7,046

 

 

176,405

Property charges and other

 

272

 

883

 

2

 

 

1,157

 

1,906

 

(174

)

 

35,926

 

 

38,815

Management and license fees

 

17,360

 

10,486

 

—

 

 

27,846

 

29,675

 

10,395

 

 

(67,916

)

 

—

Corporate expenses and other

 

2,005

 

1,999

 

5,983

 

 

9,987

 

7,957

 

1,752

 

 

14,014

 

 

33,710

Stock-based compensation

 

1,257

 

1,336

 

1,111

 

 

3,704

 

3,838

 

395

 

 

8,230

 

 

16,167

Triple-net operating lease rent expense

 

—

 

—

 

—

 

 

—

 

—

 

35,342

 

 

—

 

 

35,342

Adjusted Property EBITDAR

$

184,459

$

95,911

$

—

 

$

280,370

$

230,333

$

62,131

 

$

(1,179

)

$

571,655

 

Three Months Ended June 30, 2023

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

80,275

$

47,267

$

(5,855

)

$

121,687

$

123,270

$

(11,003

)

$

16,382

 

$

250,336

Pre-opening expenses

 

—

 

—

 

—

 

 

—

 

—

 

336

 

 

1,141

 

 

1,477

Depreciation and amortization

 

53,908

 

20,527

 

380

 

 

74,815

 

57,521

 

30,198

 

 

7,428

 

 

169,962

Property charges and other

 

1,534

 

6,603

 

12

 

 

8,149

 

6,938

 

804

 

 

128

 

 

16,019

Management and license fees

 

15,074

 

9,487

 

—

 

 

24,561

 

27,441

 

10,746

 

 

(62,748

)

 

—

Corporate expenses and other

 

2,885

 

2,894

 

4,428

 

 

10,207

 

7,330

 

1,949

 

 

13,262

 

 

32,748

Stock-based compensation

 

2,931

 

2,812

 

1,035

 

 

6,778

 

1,621

 

443

 

 

9,443

 

 

18,285

Triple-net operating lease rent expense

 

—

 

—

 

—

 

 

—

 

—

 

35,631

 

 

—

 

 

35,631

Adjusted Property EBITDAR

$

156,607

$

89,590

$

—

 

$

246,197

$

224,121

$

69,104

 

$

(14,964

)

$

524,458

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

 

 

 

Six Months Ended June 30, 2024

 

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

221,841

$

162,176

$

(16,099

)

$

367,918

$

271,187

$

(34,919

)

$

28,413

 

$

632,599

Pre-opening expenses

 

—

 

—

 

—

 

 

—

 

736

 

647

 

 

2,210

 

 

3,593

Depreciation and amortization

 

110,443

 

40,079

 

770

 

 

151,292

 

120,629

 

63,076

 

 

16,341

 

 

351,338

Property charges and other

 

11,692

 

446

 

112

 

 

12,250

 

2,175

 

170

 

 

41,168

 

 

55,763

Management and license fees

 

36,288

 

23,345

 

—

 

 

59,633

 

59,917

 

21,023

 

 

(140,573

)

 

—

Corporate expenses and other

 

4,388

 

4,501

 

13,120

 

 

22,009

 

15,951

 

3,718

 

 

31,937

 

 

73,615

Stock-based compensation

 

2,177

 

2,550

 

2,097

 

 

6,824

 

6,000

 

805

 

 

16,907

 

 

30,536

Triple-net operating lease rent expense

 

—

 

—

 

—

 

 

—

 

—

 

70,746

 

 

—

 

 

70,746

Adjusted Property EBITDAR

$

386,829

$

233,097

$

—

 

$

619,926

$

476,595

$

125,266

 

$

(3,597

)

$

1,218,190

 

Six Months Ended June 30, 2023

 

Wynn Palace

 

Wynn Macau

 

Other Macau

 

Total Macau Operations

 

Las Vegas Operations

 

Encore Boston Harbor

 

Corporate and Other

 

Total

Operating income (loss)

$

120,143

$

59,516

$

(10,838

)

$

168,821

$

261,772

$

(25,952

)

$

15,210

 

$

419,851

Pre-opening expenses

 

—

 

—

 

—

 

 

—

 

81

 

1,247

 

 

4,627

 

 

5,955

Depreciation and amortization

 

108,075

 

41,177

 

760

 

 

150,012

 

114,202

 

60,132

 

 

14,428

 

 

338,774

Property charges and other

 

3,829

 

7,078

 

13

 

 

10,920

 

7,151

 

222

 

 

184

 

 

18,477

Management and license fees

 

26,904

 

16,762

 

—

 

 

43,666

 

55,253

 

21,249

 

 

(120,168

)

 

—

Corporate expenses and other

 

5,111

 

5,219

 

8,052

 

 

18,382

 

13,886

 

3,813

 

 

31,157

 

 

67,238

Stock-based compensation

 

3,603

 

4,583

 

2,013

 

 

10,199

 

3,373

 

893

 

 

18,530

 

 

32,995

Triple-net operating lease rent expense

 

—

 

—

 

—

 

 

—

 

—

 

70,914

 

 

—

 

 

70,914

Adjusted Property EBITDAR

$

267,665

$

134,335

$

—

 

$

402,000

$

455,718

$

132,518

 

$

(36,032

)

$

954,204

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

2023

 

2024

 

2023

Net income attributable to Wynn Resorts, Limited

$

111,943

 

$

105,184

 

$

256,159

 

$

117,516

 

Net income attributable to noncontrolling interests

 

34,330

 

 

22,651

 

 

66,612

 

 

11,465

 

Pre-opening expenses

 

1,558

 

 

1,477

 

 

3,593

 

 

5,955

 

Depreciation and amortization

 

176,405

 

 

169,962

 

 

351,338

 

 

338,774

 

Property charges and other

 

38,815

 

 

16,019

 

 

55,763

 

 

18,477

 

Triple-net operating lease rent expense

 

35,342

 

 

35,631

 

 

70,746

 

 

70,914

 

Corporate expenses and other

 

33,710

 

 

32,748

 

 

73,615

 

 

67,238

 

Stock-based compensation

 

16,167

 

 

18,285

 

 

30,536

 

 

32,995

 

Interest income

 

(34,884

)

 

(44,127

)

 

(75,056

)

 

(84,320

)

Interest expense, net of amounts capitalized

 

174,596

 

 

190,243

 

 

357,000

 

 

377,983

 

Change in derivatives fair value

 

(15,517

)

 

(24,336

)

 

2,397

 

 

(47,382

)

Loss on debt financing transactions

 

—

 

 

3,375

 

 

1,561

 

 

15,611

 

Other

 

(8,745

)

 

(6,959

)

 

(4,023

)

 

23,655

 

Provision for income taxes

 

7,935

 

 

4,305

 

 

27,949

 

 

5,323

 

Adjusted Property EBITDAR

$

571,655

 

$

524,458

 

$

1,218,190

 

$

954,204

 

 

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,

 

 

 

 

2024

 

2023

 

Percent Change

 

2024

 

2023

 

Percent Change

Wynn Palace Supplemental Information

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Casino

$

444,964

 

$

365,277

 

21.8

 

$

918,745

 

$

635,964

 

44.5

 

Rooms

 

50,206

 

 

50,092

 

0.2

 

 

104,142

 

 

97,002

 

7.4

 

Food and beverage

 

29,829

 

 

25,260

 

18.1

 

 

61,899

 

 

48,813

 

26.8

 

Entertainment, retail and other

 

23,050

 

 

27,721

 

(16.9

)

 

50,164

 

 

55,934

 

(10.3

)

Total

$

548,049

 

$

468,350

 

17.0

 

$

1,134,950

 

$

837,713

 

35.5

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

184,459

 

$

156,607

 

17.8

 

$

386,829

 

$

267,665

 

44.5

 

 

 

 

 

 

 

 

Casino statistics:

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

Average number of table games

 

57

 

 

57

 

—

 

 

58

 

 

54

 

7.4

 

VIP turnover

$

2,810,016

 

$

3,042,338

 

(7.6

)

$

6,731,100

 

$

5,335,696

 

26.2

 

VIP table games win (1)

$

115,297

 

$

129,030

 

(10.6

)

$

244,712

 

$

191,478

 

27.8

 

VIP table games win as a % of turnover

 

4.10

%

 

4.24

%

 

 

3.64

%

 

3.59

%

 

Table games win per unit per day

$

22,092

 

$

24,728

 

(10.7

)

$

23,195

 

$

19,697

 

17.8

 

Mass market:

 

 

 

 

 

 

Average number of table games

 

243

 

 

240

 

1.3

 

 

244

 

 

239

 

2.1

 

Table drop (2)

$

1,738,260

 

$

1,507,148

 

15.3

 

$

3,520,444

 

$

2,689,146

 

30.9

 

Table games win (1)

$

409,409

 

$

305,817

 

33.9

 

$

846,732

 

$

566,683

 

49.4

 

Table games win %

 

23.6

%

 

20.3

%

 

 

24.1

%

 

21.1

%

 

Table games win per unit per day

$

18,484

 

$

13,980

 

32.2

 

$

19,039

 

$

13,125

 

45.1

 

Average number of slot machines

 

607

 

 

586

 

3.6

 

 

590

 

 

587

 

0.5

 

Slot machine handle

$

642,713

 

$

579,626

 

10.9

 

$

1,238,334

 

$

1,126,224

 

10.0

 

Slot machine win (3)

$

25,590

 

$

27,583

 

(7.2

)

$

56,560

 

$

53,008

 

6.7

 

Slot machine win per unit per day

$

464

 

$

517

 

(10.3

)

$

527

 

$

499

 

5.6

 

Poker rake

$

736

 

$

—

 

NM

 

$

736

 

$

—

 

NM

 

Room statistics:

 

 

 

 

 

 

Occupancy

 

98.9

%

 

96.5

%

 

 

98.9

%

 

92.2

%

 

ADR (4)

$

316

 

$

318

 

(0.6

)

$

326

 

$

319

 

2.2

 

REVPAR (5)

$

312

 

$

307

 

1.6

 

$

323

 

$

294

 

9.9

 

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,

 

 

 

 

2024

 

2023

 

Percent Change

 

2024

 

2023

 

Percent Change

Wynn Macau Supplemental Information

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Casino

$

280,717

 

$

242,950

 

15.5

 

$

627,070

 

$

419,333

 

49.5

 

Rooms

 

23,742

 

 

26,130

 

(9.1

)

 

52,361

 

 

48,101

 

8.9

 

Food and beverage

 

20,003

 

 

14,666

 

36.4

 

 

41,022

 

 

28,968

 

41.6

 

Entertainment, retail and other

 

12,807

 

 

17,847

 

(28.2

)

 

28,560

 

 

35,917

 

(20.5

)

Total

$

337,269

 

$

301,593

 

11.8

 

$

749,013

 

$

532,319

 

40.7

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

95,911

 

$

89,590

 

7.1

 

$

233,097

 

$

134,335

 

73.5

 

 

 

 

 

 

 

 

Casino statistics:

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

Average number of table games

 

30

 

 

48

 

(37.5

)

 

30

 

 

50

 

(40.0

)

VIP turnover

$

1,164,075

 

$

1,390,272

 

(16.3

)

$

2,753,760

 

$

2,534,496

 

8.7

 

VIP table games win (1)

$

25,473

 

$

57,828

 

(56.0

)

$

79,379

 

$

88,579

 

(10.4

)

VIP table games win as a % of turnover

 

2.19

%

 

4.16

%

 

 

2.88

%

 

3.49

%

 

Table games win per unit per day

$

9,449

 

$

13,257

 

(28.7

)

$

14,629

 

$

9,808

 

49.2

 

Mass market:

 

 

 

 

 

 

Average number of table games

 

222

 

 

209

 

6.2

 

 

222

 

 

213

 

4.2

 

Table drop (2)

$

1,602,920

 

$

1,223,311

 

31.0

 

$

3,286,071

 

$

2,213,299

 

48.5

 

Table games win (1)

$

280,830

 

$

216,405

 

29.8

 

$

607,150

 

$

384,831

 

57.8

 

Table games win %

 

17.5

%

 

17.7

%

 

 

18.5

%

 

17.4

%

 

Table games win per unit per day

$

13,905

 

$

11,388

 

22.1

 

$

15,048

 

$

9,997

 

50.5

 

Average number of slot machines

 

617

 

 

533

 

15.8

 

 

600

 

 

532

 

12.8

 

Slot machine handle

$

801,813

 

$

519,807

 

54.3

 

$

1,532,202

 

$

989,576

 

54.8

 

Slot machine win (3)

$

25,978

 

$

15,452

 

68.1

 

$

52,170

 

$

31,749

 

64.3

 

Slot machine win per unit per day

$

463

 

$

319

 

45.1

 

$

478

 

$

330

 

44.8

 

Poker rake

$

3,607

 

$

5,376

 

(32.9

)

$

8,626

 

$

9,312

 

(7.4

)

Room statistics:

 

 

 

 

 

 

Occupancy

 

99.4

%

 

96.8

%

 

 

99.4

%

 

93.9

%

 

ADR (4)

$

236

 

$

269

 

(12.3

)

$

260

 

$

256

 

1.6

 

REVPAR (5)

$

234

 

$

260

 

(10.0

)

$

258

 

$

240

 

7.5

 

 

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,

 

 

2024

2023

Percent Change

2024

2023

Percent Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Casino

$

129,674

 

$

137,946

 

(6.0

)

$

264,837

 

$

292,476

 

(9.5

)

Rooms

 

205,872

 

 

177,765

 

15.8

 

 

429,948

 

 

362,874

 

18.5

 

Food and beverage

 

208,418

 

 

195,146

 

6.8

 

 

402,028

 

 

367,629

 

9.4

 

Entertainment, retail and other

 

84,690

 

 

67,215

 

26.0

 

 

168,389

 

 

141,857

 

18.7

 

Total

$

628,654

 

$

578,072

 

8.8

 

$

1,265,202

 

$

1,164,836

 

8.6

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

230,333

 

$

224,121

 

2.8

 

$

476,595

 

$

455,718

 

4.6

 

 

 

 

 

 

 

 

Casino statistics:

 

 

 

 

 

 

Average number of table games

 

234

 

 

235

 

(0.4

)

 

234

 

 

233

 

0.4

 

Table drop (2)

$

536,461

 

$

559,701

 

(4.2

)

$

1,140,635

 

$

1,160,447

 

(1.7

)

Table games win (1)

$

117,496

 

$

128,012

 

(8.2

)

$

274,107

 

$

274,022

 

—

 

Table games win %

 

21.9

%

 

22.9

%

 

 

24.0

%

 

23.6

%

 

Table games win per unit per day

$

5,529

 

$

5,997

 

(7.8

)

$

6,444

 

$

6,490

 

(0.7

)

Average number of slot machines

 

1,598

 

 

1,651

 

(3.2

)

 

1,608

 

 

1,660

 

(3.1

)

Slot machine handle

$

1,648,364

 

$

1,522,525

 

8.3

 

$

3,144,442

 

$

3,095,260

 

1.6

 

Slot machine win (3)

$

110,017

 

$

103,357

 

6.4

 

$

209,773

 

$

210,145

 

(0.2

)

Slot machine win per unit per day

$

757

 

$

688

 

10.0

 

$

717

 

$

700

 

2.4

 

Poker rake

$

7,501

 

$

6,460

 

16.1

 

$

12,023

 

$

10,574

 

13.7

 

Room statistics:

 

 

 

 

 

 

Occupancy

 

90.9

%

 

90.6

%

 

 

89.4

%

 

89.7

%

 

ADR (4)

$

532

 

$

462

 

15.2

 

$

563

 

$

477

 

18.0

 

REVPAR (5)

$

484

 

$

418

 

15.8

 

$

504

 

$

428

 

17.8

 

 

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,

 

 

 

 

2024

 

2023

 

Percent Change

 

2024

 

2023

 

Percent Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

Casino

$

153,591

 

$

166,826

 

(7.9

)

$

319,760

 

$

332,218

 

(3.7

)

Rooms

 

24,701

 

 

22,518

 

9.7

 

 

45,484

 

 

41,057

 

10.8

 

Food and beverage

 

23,154

 

 

21,964

 

5.4

 

 

43,393

 

 

44,237

 

(1.9

)

Entertainment, retail and other

 

11,162

 

 

10,624

 

5.1

 

 

21,755

 

 

20,726

 

5.0

 

Total

$

212,608

 

$

221,932

 

(4.2

)

$

430,392

 

$

438,238

 

(1.8

)

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

62,131

 

$

69,104

 

(10.1

)

$

125,266

 

$

132,518

 

(5.5

)

 

 

 

 

 

 

 

Casino statistics:

 

 

 

 

 

 

Average number of table games

 

185

 

 

190

 

(2.6

)

 

184

 

 

194

 

(5.2

)

Table drop (2)

$

358,857

 

$

354,365

 

1.3

 

$

725,668

 

$

720,406

 

0.7

 

Table games win (1)

$

70,471

 

$

79,072

 

(10.9

)

$

153,449

 

$

158,615

 

(3.3

)

Table games win %

 

19.6

%

 

22.3

%

 

 

21.1

%

 

22.0

%

 

Table games win per unit per day

$

4,186

 

$

4,573

 

(8.5

)

$

4,576

 

$

4,512

 

1.4

 

Average number of slot machines

 

2,590

 

 

2,561

 

1.1

 

 

2,613

 

 

2,540

 

2.9

 

Slot machine handle

$

1,420,607

 

$

1,300,237

 

9.3

 

$

2,823,454

 

$

2,596,664

 

8.7

 

Slot machine win (3)

$

105,558

 

$

106,726

 

(1.1

)

$

210,223

 

$

210,799

 

(0.3

)

Slot machine win per unit per day

$

448

 

$

458

 

(2.2

)

$

442

 

$

459

 

(3.7

)

Poker rake

$

5,307

 

$

5,211

 

1.8

 

$

11,088

 

$

10,893

 

1.8

 

Room statistics:

 

 

 

 

 

 

Occupancy

 

96.5

%

 

92.7

%

 

 

93.1

%

 

91.4

%

 

ADR (4)

$

422

 

$

400

 

5.5

 

$

403

 

$

372

 

8.3

 

REVPAR (5)

$

407

 

$

371

 

9.7

 

$

375

 

$

340

 

10.3

 

(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.

 

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