Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today
reported financial results for the quarter ended September 30,
2019.
"We delivered solid financial results in the third quarter,
despite negative hold impact in both Macau and Las Vegas," said
Matt Maddox, CEO of Wynn Resorts, Limited. "In Macau, the
investments we have made position us well to compete in any market
environment, as evidenced by record mass table win in the quarter.
Our strategy at Wynn Las Vegas continues to bear fruit as we
increased market share in our domestic gaming business and drove
nearly 4% year-on-year growth in RevPAR. During our first full
quarter of operations at Encore Boston Harbor, we have been
particularly pleased with the strength of our table games business
and we are encouraged by the opportunity to drive growth at the
property over the next several years."
"On the development front, we are on track to launch the
renovated West Casino at Wynn Macau beginning in late 2019, further
solidifying the property as the peninsula's marquee integrated
resort. In Las Vegas, our 430,000 square foot group space expansion
is on schedule to open in the first quarter of 2020 and feedback
from meeting planners has been very encouraging. Importantly, we
were pleased to be certified as the only casino resort in Las Vegas
as a 'Great Workplace' by the analysts at Great Place to Work®
highlighting the advancements we have made in our corporate culture
over the past eighteen months. We are excited about the outlook for
the Company and we will continue to focus on leveraging our
premium-focused business model to drive long-term returns for
shareholders."
Operating revenues were $1.65 billion for the third quarter of
2019, a decrease of 3.6%, or $61.3 million, from $1.71 billion for
the third quarter of 2018. Operating revenues decreased $132.4
million and $105.3 million at Wynn Palace and Wynn Macau,
respectively, from the third quarter of 2018, and were relatively
flat at our Las Vegas Operations. The decrease in operating
revenues at Wynn Palace and Wynn Macau was partially offset by
operating revenues from Encore Boston Harbor of $175.8 million.
On a U.S. generally accepted accounting principles ("GAAP")
basis, net loss attributable to Wynn Resorts, Limited was $3.5
million, or $0.03 per diluted share, for the third quarter of 2019,
compared to net income attributable to Wynn Resorts, Limited of
$156.1 million, or $1.44 per diluted share, in the third quarter of
2018. The change was primarily driven by a decrease in VIP table
games win at our Macau Operations. Adjusted net income attributable
to Wynn Resorts, Limited (1) was $18.5 million, or $0.17 per
diluted share, for the third quarter of 2019, compared to $182.3
million, or $1.68 per diluted share, for the third quarter of
2018.
Adjusted Property EBITDA (2) was $396.9 million for the third
quarter of 2019, a decrease of 21.3%, or $107.4 million, from
$504.4 million for the third quarter of 2018. Adjusted Property
EBITDA decreased $64.0 million, $43.9 million, and $7.3 million at
Wynn Palace, Wynn Macau, and our Las Vegas Operations,
respectively. Adjusted Property EBITDA from Encore Boston Harbor
was $7.7 million.
Wynn Resorts, Limited also announced today that the Company has
approved a cash dividend of $1.00 per share, payable on November
22, 2019 to stockholders of record as of November 14, 2019.
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $598.2 million for the
third quarter of 2019, an 18.1% decrease from $730.6 million for
the third quarter of 2018. Adjusted Property EBITDA from Wynn
Palace was $162.2 million for the third quarter of 2019, a 28.3%
decrease from $226.1 million for the third quarter of 2018.
Entertainment, retail and other revenues and Adjusted Property
EBITDA for the third quarter of 2018 included $5.4 million of
business interruption insurance proceeds related to the full
settlement of claims from Typhoon Hato in 2017.
Casino revenues from Wynn Palace were $497.7 million for the
third quarter of 2019, a 20.4% decrease from $625.6 million for the
third quarter of 2018. Table games turnover in VIP operations was
$10.52 billion, a 32.3% decrease from $15.53 billion for the third
quarter of 2018. VIP table games win as a percentage of turnover
was 3.19%, above the expected range of 2.7% to 3.0% and below the
3.40% experienced in the third quarter of 2018. Table drop in mass
market operations was $1.30 billion, a 9.2% increase from $1.19
billion in the third quarter of 2018. Table games win in mass
market operations was $324.2 million, a 5.2% increase from $308.1
million for the third quarter of 2018. Table games win percentage
in mass market operations was 25.0%, below the 25.9% experienced in
the third quarter of 2018. Slot machine handle was $973.7 million,
a 5.5% increase from $922.5 million for the third quarter of 2018.
Slot machine win increased 2.7% to $47.3 million for the third
quarter of 2019, compared to $46.0 million for the third quarter of
2018.
Non-casino revenues from Wynn Palace were $100.5 million for the
third quarter of 2019, a 4.3% decrease from $105.0 million for the
third quarter of 2018. Room revenues were $44.9 million for the
third quarter of 2019, a 1.3% increase from $44.3 million for the
third quarter of 2018. Average daily rate ("ADR") was $273,
relatively flat when compared to the third quarter of 2018.
Occupancy increased to 97.2% for the third quarter of 2019, from
96.0% for the third quarter of 2018. Revenue per available room
("REVPAR") was $265, relatively flat when compared to the third
quarter of 2018.
Wynn Macau
Operating revenues from Wynn Macau were $474.3 million for the
third quarter of 2019, an 18.2% decrease from $579.6 million for
the third quarter of 2018. Adjusted Property EBITDA was $139.0
million for the third quarter of 2019, a 24.0% decrease from $182.9
million for the third quarter of 2018. Entertainment, retail and
other revenues and Adjusted Property EBITDA for the third quarter
of 2018 included $5.3 million of business interruption insurance
proceeds related to the full settlement of claims from Typhoon Hato
in 2017.
Casino revenues from Wynn Macau were $408.8 million for the
third quarter of 2019, an 18.8% decrease from $503.6 million for
the third quarter of 2018. Table games turnover in VIP operations
was $8.02 billion, a 42.5% decrease from $13.97 billion for the
third quarter of 2018. VIP table games win as a percentage of
turnover was 2.76%, within the expected range of 2.7% to 3.0% and
below the 3.01% experienced in the third quarter of 2018. Table
drop in mass market operations was $1.32 billion, an 11.5% increase
from $1.18 billion for the third quarter of 2018. Table games win
in mass market operations was $272.5 million, an 8.9% increase from
$250.2 million for the third quarter of 2018. Table games win
percentage in mass market operations was 20.7%, below the 21.1%
experienced in the third quarter of 2018. Slot machine handle was
$1.0 billion, an 11.7% increase from $895.2 million for the third
quarter of 2018. Slot machine win increased 35.1% to $47.0 million
for the third quarter of 2019, compared to $34.8 million for the
third quarter of 2018.
Non-casino revenues from Wynn Macau were $65.5 million for the
third quarter of 2019, a 13.9% decrease from $76.1 million for the
third quarter of 2018. Room revenues were $26.7 million for the
third quarter of 2019, a 4.8% decrease from $28.1 million for the
third quarter of 2018. ADR was $283, a 2.5% increase from $276 for
the third quarter of 2018. Occupancy increased to 99.4% for the
third quarter of 2019, from 99.0% for the same period of 2018.
REVPAR was $281, a 2.9% increase from $273 for the third quarter of
2018.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $399.5
million for the third quarter of 2019, relatively flat when
compared to the third quarter of 2018. Adjusted Property EBITDA
from our Las Vegas Operations was $88.0 million, a 7.6% decrease
from $95.3 million for the third quarter of 2018.
Casino revenues from our Las Vegas Operations were $87.0 million
for the third quarter of 2019, a 6.3% decrease from $92.9 million
for the third quarter of 2018. Table games drop was $430.8 million,
a 6.6% increase from $404.0 million for the third quarter of 2018.
Table games win was $85.7 million, a 1.1% decrease from $86.7
million for the third quarter of 2018. Table games win percentage
was 19.9%, below the property’s expected range of 22% to 26% and
below the 21.5% experienced in the third quarter of 2018. Slot
machine handle was $883.9 million, a 9.1% increase from $810.1
million for the third quarter of 2018. Slot machine win increased
4.0% to $58.2 million, compared to $55.9 million for the third
quarter of 2018.
Non-casino revenues from our Las Vegas Operations were $312.5
million for the third quarter of 2019, a 2.1% increase from $306.0
million for the third quarter of 2018. Room revenues were $116.1
million for the third quarter of 2019, a 4.9% increase from $110.7
million for the third quarter of 2018. ADR was $306, a 5.9%
increase from $289 in the third quarter of 2018. Occupancy
decreased to 87.9% for the third quarter of 2019, from 89.6% for
the third quarter of 2018. REVPAR was $269, a 3.9% increase from
$259 for the third quarter of 2018. Food and beverage revenues were
$149.7 million for the third quarter of 2019, relatively flat when
compared to the third quarter of 2018. Entertainment, retail and
other revenues were $46.7 million for the third quarter of 2019,
relatively flat when compared to the third quarter of 2018.
Encore Boston Harbor
On June 23, 2019, the Company opened Encore Boston Harbor, an
integrated resort in Everett, Massachusetts. During the third
quarter of 2019, which was its first full quarter in operation,
Encore Boston Harbor's operating revenues were $175.8 million and
Adjusted Property EBITDA was $7.7 million.
Casino revenues from Encore Boston Harbor were $114.9 million
for the third quarter of 2019. Table games drop was $379.6 million
and table games win was $74.9 million. Table games win percentage
was 19.7%, within the property's expected range of 16% to 20%. Slot
machine handle was $892.7 million and slot machine win was $62.4
million.
Non-casino revenues from Encore Boston Harbor were $60.9 million
for the third quarter of 2019. Room revenues were $18.2 million and
ADR was $465. Occupancy was 69.6% and REVPAR was $324. Food and
beverage revenues and entertainment, retail and other revenues were
$29.0 million and $13.8 million, respectively, for the third
quarter of 2019.
Development Projects
We recently completed our reconfiguration of the Wynn Las Vegas
golf course and opened the golf course on October 11, 2019. We are
constructing an approximately 430,000 square foot meeting and
convention facility at Wynn Las Vegas. The facility will feature
approximately 217,000 square feet of state-of-the-art meeting and
convention space available for group reservations. Based on current
designs, we estimate the total project budget to be approximately
$425 million. As of September 30, 2019, we have incurred $302.7
million in total project costs. We expect to open the additional
meeting and convention space in the first quarter of 2020.
Balance Sheet
Our cash and cash equivalents and restricted cash as of
September 30, 2019 totaled $1.68 billion.
As previously disclosed, on September 20, 2019, Wynn Resorts
Finance, LLC (formerly known as Wynn America, LLC) ("WRF") and
certain subsidiaries of WRF, issued $750.0 million aggregate
principal amount of 5 1/8% Senior Notes due 2029 (the "2029
Notes"). The 2029 Notes will mature on October 1, 2029 and bear
interest at the rate of 5 1/8% per year.
Concurrently with the issuance of the 2029 Notes, WRF entered
into a credit agreement to provide for a $1.0 billion term loan and
an $850.0 million revolving credit facility (the "WRF Credit
Agreement"). The WRF Credit Agreement matures on September 20, 2024
and bears interest at a rate of LIBOR plus 1.75% per year.
We used the net proceeds from the above transactions to
refinance the existing Wynn America credit facilities and the Wynn
Resorts term loan and to pay related fees and expenses.
Total current and long-term debt outstanding at September 30,
2019 was $9.54 billion, comprised of $4.06 billion of Macau related
debt, $3.11 billion of Wynn Las Vegas debt, $1.76 billion of Wynn
Resorts Finance debt, and $611 million of debt held by the retail
joint venture which we consolidate.
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 November 6, 2019 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 November 14, 2019, the Company will make Wynn
Resorts Finance, LLC and Wynn Las Vegas, LLC financial information
for the quarter ended September 30, 2019 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, controversy, regulatory action,
litigation and investigations related to Stephen A. Wynn and his
separation from the Company, extensive regulation of our business,
pending or future claims and 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, 2018 and the Company’s other periodic reports filed with the
Securities and Exchange Commission. The Company is under no
obligation to (and expressly disclaims any such obligation to)
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
Non-GAAP Financial Measures
(1) "Adjusted net income attributable to Wynn Resorts, Limited"
is net income (loss) attributable to Wynn Resorts, Limited before
litigation settlement expense, nonrecurring regulatory expense,
pre-opening expenses, property charges and other, change in
derivatives fair value, change in Redemption Note fair value,
(loss) gain on extinguishment of debt, foreign currency
remeasurement loss, 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 (loss) attributable to Wynn Resorts, Limited and adjusted
net income (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 income (loss) attributable to Wynn Resorts, Limited and
adjusted net income (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.
(2) "Adjusted Property EBITDA" is net income (loss) before
interest, income taxes, depreciation and amortization, litigation
settlement expense, pre-opening expenses, property charges and
other, management and license fees, corporate expenses and other,
stock-based compensation, (loss) gain on extinguishment of debt,
change in derivatives fair value, change in Redemption Note fair
value 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. The Company also presents 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 Wynn Resorts, Limited, have historically
excluded from their EBITDA calculations pre-opening expenses,
property charges, corporate expenses and stock-based compensation,
that do not relate to the management of specific casino properties.
However, Adjusted Property EBITDA should not be considered as an
alternative to operating income as an indicator of the Company’s
performance, as an alternative to cash flows from operating
activities as a measure of liquidity, or as an alternative to any
other measure determined in accordance with GAAP. Unlike net
income, Adjusted Property EBITDA does not include depreciation or
interest expense and therefore does not reflect current or future
capital expenditures or the cost of capital. The Company has
significant uses of cash flows, including capital expenditures,
interest payments, debt principal repayments, income taxes and
other non-recurring charges, which are not reflected in Adjusted
Property EBITDA. Also, Wynn Resorts’ calculation of Adjusted
Property EBITDA may be different from the calculation methods used
by other companies and, therefore, comparability may be
limited.
The Company has included schedules in the tables that accompany
this release that reconcile (i) net income (loss) attributable to
Wynn Resorts, Limited to adjusted net income attributable to Wynn
Resorts, Limited, (ii) operating income to Adjusted Property
EBITDA, and (iii) net income (loss) attributable to Wynn Resorts,
Limited to Adjusted Property EBITDA.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share data)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Operating revenues:
Casino
$
1,108,364
$
1,222,029
$
3,435,968
$
3,564,195
Rooms
205,876
183,044
595,953
559,405
Food and beverage
228,508
193,874
619,749
580,963
Entertainment, retail and other
105,014
110,125
305,970
325,511
Total operating revenues
1,647,762
1,709,072
4,957,640
5,030,074
Operating expenses:
Casino
722,692
783,171
2,197,750
2,254,766
Rooms
75,188
62,965
205,042
189,837
Food and beverage
196,661
162,311
527,502
468,265
Entertainment, retail and other
42,078
44,028
129,636
138,647
General and administrative
246,442
192,327
665,988
545,543
Litigation settlement
—
—
—
463,557
Provision for doubtful accounts
4,036
3,285
13,039
2,586
Pre-opening
1,616
13,714
99,212
35,255
Depreciation and amortization
172,998
137,458
449,824
411,685
Property charges and other
8,216
18,830
17,920
30,672
Total operating expenses
1,469,927
1,418,089
4,305,913
4,540,813
Operating income
177,835
290,983
651,727
489,261
Other income (expense):
Interest income
6,427
6,948
19,979
21,029
Interest expense, net of amounts
capitalized
(114,652
)
(93,007
)
(300,981
)
(281,132
)
Change in derivatives fair value
(2,101
)
(54
)
(6,914
)
(54
)
Change in Redemption Note fair value
—
—
—
(69,331
)
(Loss) gain on extinguishment of debt
(12,196
)
(198
)
(12,196
)
2,131
Other
(8,703
)
11,216
(3,346
)
1,039
Other income (expense), net
(131,225
)
(75,095
)
(303,458
)
(326,318
)
Income before income taxes
46,610
215,888
348,269
162,943
Benefit (provision) for income taxes
(19,727
)
3,884
(19,421
)
124,631
Net income
26,883
219,772
328,848
287,574
Less: net income attributable to
noncontrolling interests
(30,379
)
(63,657
)
(132,921
)
(180,010
)
Net income (loss) attributable to Wynn
Resorts, Limited
$
(3,496
)
$
156,115
$
195,927
$
107,564
Basic and diluted income (loss) per common
share:
Net income (loss) attributable to Wynn
Resorts, Limited:
Basic
$
(0.03
)
$
1.44
$
1.83
$
1.01
Diluted
$
(0.03
)
$
1.44
$
1.83
$
1.01
Weighted average common shares
outstanding:
Basic
106,707
108,064
106,791
106,162
Diluted
106,707
108,533
107,024
106,721
Dividends declared per common share:
$
1.00
$
0.75
$
2.75
$
2.00
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME
(LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME
ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per
share data)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Net income (loss) attributable to Wynn
Resorts, Limited
$
(3,496
)
$
156,115
$
195,927
$
107,564
Litigation settlement expense
—
—
—
463,557
Nonrecurring regulatory expense
—
—
35,000
—
Pre-opening expenses
1,616
13,714
99,212
35,255
Property charges and other
8,216
18,830
17,920
30,672
Change in derivatives fair value
2,101
54
6,914
54
Change in Redemption Note fair value
—
—
—
69,331
Loss (gain) on extinguishment of debt
12,196
198
12,196
(2,131
)
Foreign currency remeasurement loss
(gain)
8,703
(11,216
)
3,346
(1,039
)
Income tax impact on adjustments
(5,951
)
3,010
(18,994
)
(114,376
)
Noncontrolling interests impact on
adjustments
(4,841
)
1,609
(6,488
)
(3,393
)
Adjusted net income attributable to
Wynn Resorts, Limited
$
18,544
$
182,314
$
345,033
$
585,494
Adjusted net income attributable to
Wynn Resorts, Limited per diluted share
$
0.17
$
1.68
$
3.22
$
5.49
Weighted average common shares outstanding
- diluted
106,914
108,533
107,024
106,721
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING
INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended September
30, 2019
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
$
69,148
$
—
$
66,128
$
1,755
$
22,410
$
1,460
$
1,266
$
162,167
Wynn Macau
91,999
525
23,011
2,640
16,966
1,637
2,211
138,989
Other Macau
(5,049
)
—
1,117
10
—
3,657
265
—
Total Macau Operations
156,098
525
90,256
4,405
39,376
6,754
3,742
301,156
Las Vegas Operations
17,579
83
44,211
2,571
18,732
3,523
1,347
88,046
Encore Boston Harbor
(41,668
)
—
36,252
—
8,778
3,640
742
7,744
Corporate and other
45,826
1,008
2,279
1,240
(66,886
)
12,088
4,445
—
Total
$
177,835
$
1,616
$
172,998
$
8,216
$
—
$
26,005
$
10,276
$
396,946
Three Months Ended September
30, 2018
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
$
128,136
$
—
$
64,980
$
2,462
$
27,900
$
1,621
$
1,042
$
226,141
Wynn Macau
132,338
—
21,820
3,065
22,288
1,807
1,610
182,928
Other Macau
(3,147
)
—
1,104
8
—
1,830
205
—
Total Macau Operations
257,327
—
87,904
5,535
50,188
5,258
2,857
409,069
Las Vegas Operations
22,824
—
46,601
3,074
18,555
3,202
1,042
95,298
Encore Boston Harbor
(19,944
)
13,500
506
(366
)
4,500
1,804
—
—
Corporate and other
30,776
214
2,447
10,587
(73,243
)
21,499
7,720
—
Total
$
290,983
$
13,714
$
137,458
$
18,830
$
—
$
31,763
$
11,619
$
504,367
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING
INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
(continued)
Nine Months Ended September
30, 2019
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
$
270,983
$
—
$
198,421
$
1,466
$
73,258
$
4,191
$
3,599
$
551,918
Wynn Macau
338,660
525
66,847
5,094
55,601
4,979
7,045
478,751
Other Macau
(12,039
)
—
3,350
18
—
7,861
810
—
Total Macau Operations
597,604
525
268,618
6,578
128,859
17,031
11,454
1,030,669
Las Vegas Operations
116,710
83
133,038
9,355
58,910
11,128
4,523
333,747
Encore Boston Harbor
(161,443
)
96,649
41,626
25
18,385
11,906
742
7,890
Corporate and other
98,856
1,955
6,542
1,962
(206,154
)
83,784
13,055
—
Total
$
651,727
$
99,212
$
449,824
$
17,920
$
—
$
123,849
$
29,774
$
1,372,306
Nine Months Ended September
30, 2018
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
$
330,108
$
—
$
193,861
$
9,122
$
75,788
$
5,094
$
3,344
$
617,317
Wynn Macau
418,068
—
65,594
4,554
66,142
5,894
5,425
565,677
Other Macau
(10,293
)
—
3,315
71
—
6,368
539
—
Total Macau Operations
737,883
—
262,770
13,747
141,930
17,356
9,308
1,182,994
Las Vegas Operations
145,849
8
139,964
4,832
58,892
9,851
2,655
362,051
Encore Boston Harbor
(54,740
)
34,089
1,281
90
13,500
5,780
—
—
Corporate and other
(339,731
)
1,158
7,670
12,003
(214,322
)
516,920
16,302
—
Total
$
489,261
$
35,255
$
411,685
$
30,672
$
—
$
549,907
$
28,265
$
1,545,045
(1)
Corporate expenses and other includes the
litigation settlement expense of $463.6 million in the first
quarter of 2018.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME
(LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY
EBITDA
(in thousands)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Net income (loss) attributable to Wynn
Resorts, Limited
$
(3,496
)
$
156,115
$
195,927
$
107,564
Net income attributable to noncontrolling
interests
30,379
63,657
132,921
180,010
Litigation settlement expense
—
—
—
463,557
Pre-opening expenses
1,616
13,714
99,212
35,255
Depreciation and amortization
172,998
137,458
449,824
411,685
Property charges and other
8,216
18,830
17,920
30,672
Corporate expenses and other
26,005
31,763
123,849
86,350
Stock-based compensation
10,276
11,619
29,774
28,265
Interest income
(6,427
)
(6,948
)
(19,979
)
(21,029
)
Interest expense, net of amounts
capitalized
114,652
93,007
300,981
281,132
Change in derivatives fair value
2,101
54
6,914
54
Change in Redemption Note fair value
—
—
—
69,331
Loss (gain) on extinguishment of debt
12,196
198
12,196
(2,131
)
Other
8,703
(11,216
)
3,346
(1,039
)
Provision (benefit) for income taxes
19,727
(3,884
)
19,421
(124,631
)
Adjusted Property EBITDA
$
396,946
$
504,367
$
1,372,306
$
1,545,045
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
SUPPLEMENTAL DATA
SCHEDULE
(dollars in thousands, except
for win per unit per day, ADR and REVPAR)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Macau Operations:
Wynn Palace:
VIP:
Average number of table games
108
112
111
114
VIP turnover
$
10,517,685
$
15,525,637
$
36,533,594
$
44,940,535
VIP table games win (1)
$
335,277
$
528,219
$
1,232,870
$
1,348,291
VIP table games win as a % of turnover
3.19
%
3.40
%
3.37
%
3.00
%
Table games win per unit per day
$
33,595
$
51,463
$
40,868
$
43,302
Mass market:
Average number of table games
216
206
213
209
Table drop (2)
$
1,298,827
$
1,189,895
$
3,869,904
$
3,625,959
Table games win (1)
$
324,177
$
308,149
$
936,497
$
898,876
Table games win %
25.0
%
25.9
%
24.2
%
24.8
%
Table games win per unit per day
$
16,346
$
16,291
$
16,071
$
15,750
Average number of slot machines
1,087
1,056
1,092
1,062
Slot machine handle
$
973,676
$
922,514
$
2,886,566
$
2,921,582
Slot machine win (3)
$
47,289
$
46,044
$
142,257
$
145,993
Slot machine win per unit per day
$
473
$
474
$
477
$
503
Room statistics:
Occupancy
97.2
%
96.0
%
97.3
%
96.3
%
ADR (4)
$
273
$
275
$
270
$
261
REVPAR (5)
$
265
$
264
$
262
$
251
Wynn Macau:
VIP:
Average number of table games
104
109
109
111
VIP turnover
$
8,024,990
$
13,966,931
$
27,494,650
$
44,982,849
VIP table games win (1)
$
221,097
$
420,864
$
822,204
$
1,223,219
VIP table games win as a % of turnover
2.76
%
3.01
%
2.99
%
2.72
%
Table games win per unit per day
$
23,036
$
42,061
$
27,634
$
40,204
Mass market:
Average number of table games
205
200
205
202
Table drop (2)
$
1,319,405
$
1,183,667
$
4,018,533
$
3,799,636
Table games win (1)
$
272,511
$
250,229
$
816,180
$
758,748
Table games win %
20.7
%
21.1
%
20.3
%
20.0
%
Table games win per unit per day
$
14,440
$
13,625
$
14,551
$
13,747
Average number of slot machines
786
845
813
902
Slot machine handle
$
999,985
$
895,249
$
2,720,137
$
2,861,703
Slot machine win (3)
$
46,981
$
34,769
$
127,690
$
116,960
Slot machine win per unit per day
$
649
$
447
$
575
$
475
Room statistics:
Occupancy
99.4
%
99.0
%
99.2
%
99.1
%
ADR (4)
$
283
$
276
$
285
$
280
REVPAR (5)
$
281
$
273
$
282
$
277
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
SUPPLEMENTAL DATA
SCHEDULE
(dollars in thousands, except
for win per unit per day, ADR and REVPAR)
(unaudited)
(continued)
Three Months Ended September
30,
Nine Months Ended September
30,
2019
2018
2019
2018
Las Vegas Operations:
Average number of table games
237
235
238
237
Table drop (2)
$
430,837
$
404,033
$
1,275,676
$
1,344,344
Table games win (1)
$
85,738
$
86,709
$
323,503
$
342,129
Table games win %
19.9
%
21.5
%
25.4
%
25.4
%
Table games win per unit per day
$
3,927
$
4,003
$
4,982
$
5,297
Average number of slot machines
1,783
1,823
1,793
1,824
Slot machine handle
$
883,931
$
810,120
$
2,484,880
$
2,332,700
Slot machine win (3)
$
58,176
$
55,937
$
167,848
$
154,618
Slot machine win per unit per day
$
355
$
334
$
343
$
310
Room statistics:
Occupancy
87.9
%
89.6
%
86.9
%
87.1
%
ADR (4)
$
306
$
289
$
325
$
313
REVPAR (5)
$
269
$
259
$
283
$
273
Encore Boston Harbor (6):
Average number of table games
145
—
144
—
Table drop (2)
$
379,626
$
—
$
416,202
$
—
Table games win (1)
$
74,882
$
—
$
81,482
$
—
Table games win %
19.7
%
—
%
19.6
%
—
%
Table games win per unit per day
$
5,631
$
—
$
5,639
$
—
Average number of slot machines
3,101
—
3,105
—
Slot machine handle
$
892,706
$
—
$
990,634
$
—
Slot machine win (3)
$
62,381
$
—
$
70,880
$
—
Slot machine win per unit per day
$
219
$
—
$
228
$
—
Room statistics:
Occupancy
69.6
%
—
%
69.3
%
—
%
ADR (4)
$
465
$
—
$
493
$
—
REVPAR (5)
$
324
$
—
$
341
$
—
(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)
Encore Boston Harbor opened on June 23,
2019.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191106005842/en/
Vincent Zahn 702-770-7555 investorrelations@wynnresorts.com
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