Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial
results for the fourth quarter and year ended December 31,
2016.
Net revenues were $1.30 billion for the fourth quarter of 2016,
an increase of 37.3%, or $353.5 million, from $946.9 million for
the same period of 2015. The increase was the result of $418.7
million from Wynn Palace, partially offset by decreases of $57.2
million from Wynn Macau and $7.9 million from our Las Vegas
Operations.
On a U.S. GAAP basis, net income attributable to Wynn Resorts,
Limited was $113.8 million, or $1.12 per diluted share, for the
fourth quarter of 2016, an increase of 30.5%, or $26.6 million,
from net income attributable to Wynn Resorts, Limited of $87.2
million, or $0.86 per diluted share, for the same period of 2015.
The increase in net income attributable to Wynn Resorts, Limited
was primarily a result of a decrease in the Redemption Note fair
value. Adjusted net income attributable to Wynn Resorts, Limited
(1) was $51.0 million, or $0.50 per diluted share, for the fourth
quarter of 2016, compared to $104.1 million, or $1.03 per diluted
share, for the same period of 2015.
Adjusted Property EBITDA (2) was $340.9 million for the fourth
quarter of 2016, an increase of 18.6%, or $53.5 million, from
$287.5 million for the same period of 2015, primarily a result of
$77.5 million from Wynn Palace, partially offset by decreases of
$12.8 million from our Las Vegas Operations and $11.2 million from
Wynn Macau.
For the full year, net revenues were $4.47 billion in 2016, an
increase of 9.6%, or $390.4 million, from $4.08 billion for the
same period of 2015. On a U.S. GAAP basis, net income attributable
to Wynn Resorts, Limited was $242.0 million, or $2.38 per diluted
share, in 2016, compared to $195.3 million, or $1.92 per diluted
share, for the same period of 2015. The increase in net income
attributable to Wynn Resorts, Limited was primarily due to a loss
on extinguishment of debt we experienced in the prior year.
Adjusted net income attributable to Wynn Resorts, Limited (1) was
$345.4 million, or $3.39 per diluted share, in 2016, compared to
$349.6 million, or $3.44 per diluted share, for the same period of
2015.
Adjusted Property EBITDA (2) was $1.26 billion in 2016, an
increase of 6.2%, or $73.5 million, from $1.19 billion for the same
period of 2015, primarily a result of $103.0 million from Wynn
Palace, partially offset by decreases of $27.1 million from Wynn
Macau and $2.4 million from our Las Vegas Operations.
Wynn Resorts, Limited also announced today that the Company has
approved a cash dividend of $0.50 per share, payable on February
28, 2017 to stockholders of record as of February 14, 2017.
Macau Operations
Wynn Macau
Net revenues from Wynn Macau were $498.4 million for the fourth
quarter of 2016, a 10.3% decrease from $555.7 million for the same
period of 2015. Adjusted Property EBITDA from Wynn Macau was $148.9
million for the fourth quarter of 2016, a 7.0% decrease from $160.1
million for the same period of 2015.
Casino revenues from Wynn Macau were $465.3 million for the
fourth quarter of 2016, a 10.7% decrease from $521.2 million for
the same period of 2015. Table games turnover in VIP operations was
$10.80 billion, a 17.2% decrease from $13.03 billion for the fourth
quarter of 2015. VIP table games win as a percentage of turnover
(calculated before commissions) was 3.08%, above the expected range
of 2.7% to 3.0% and the 2.60% we experienced for the fourth quarter
of 2015. Table drop in mass market operations was $1.10 billion, a
7.5% decrease from $1.19 billion for the fourth quarter of 2015.
Table games win in mass market operations was $193.9 million, a
15.2% decrease from $228.6 million for the fourth quarter of 2015.
Table games win percentage in mass market operations was 17.7%,
below the 19.3% experienced for the fourth quarter of 2015. Slot
machine handle was $802.6 million, a 24.9% decrease from $1.07
billion for the fourth quarter of 2015, while slot machine win
decreased 35.3% to $32.6 million.
Non-casino revenues before promotional allowances from Wynn
Macau were $64.6 million for the fourth quarter of 2016, a 14.6%
decrease from the $75.6 million for the same period of 2015. Room
revenues decreased 16.9%, to $25.9 million for the fourth quarter
of 2016, compared to $31.2 million for the same period of 2015. Our
average daily rate ("ADR") was $262, an 18.9% decrease from $323
for the fourth quarter of 2015. Occupancy was flat at 96.3% for the
fourth quarter of 2016, compared to the same period of 2015.
Revenue per available room ("REVPAR") was $252, a 19.0% decrease
from $311 for the fourth quarter of 2015.
Wynn Palace
On August 22, 2016, the Company opened Wynn Palace, with the
fourth quarter of 2016 representing the first full quarter of
operations for the resort.
Net revenues and Adjusted Property EBITDA from Wynn Palace were
$418.7 million and $77.5 million, respectively, for the fourth
quarter of 2016.
Casino revenues from Wynn Palace were $373.2 million for the
fourth quarter of 2016. In VIP operations, table games turnover was
$10.33 billion and table games win as a percentage of turnover
(calculated before commissions) was 2.68%, below the expected range
of 2.7% to 3.0%. In mass market operations, table drop was $725.0
million, table games win was $159.6 million and table games win
percentage was 22.0%. Slot machine handle was $534.4 million and
slot machine win was $28.1 million for the fourth quarter of
2016.
Non-casino revenues before promotional allowances from Wynn
Palace were $86.1 million for the fourth quarter of 2016. Room
revenues were $40.6 million with an ADR of $272, occupancy of 88.4%
and REVPAR of $241.
Las Vegas Operations
Net revenues from our Las Vegas Operations were $383.3 million
for the fourth quarter of 2016, a 2.0% decrease from $391.2 million
for the same period of 2015. Adjusted Property EBITDA from our Las
Vegas Operations was $114.6 million, a 10.0% decrease from $127.4
million for the fourth quarter of 2015.
Casino revenues from our Las Vegas Operations were $166.0
million for the fourth quarter of 2016, a 2.8% decrease from $170.9
million for the same period of 2015. Table games drop was $452.5
million, a 6.8% decrease from $485.7 million for the fourth quarter
of 2015. Table games win was $124.5 million, a 10.6% decrease from
$139.3 million for the fourth quarter of 2015. Table games win
percentage was 27.5%, above the expected range of 21% to 25% and
below the 28.7% experienced for the fourth quarter of 2015. Slot
machine handle was $862.1 million, an 18.0% increase from $730.7
million for the fourth quarter of 2015, while slot win increased
8.8% to $57.2 million.
Non-casino revenues before promotional allowances from our Las
Vegas Operations were $260.2 million for the fourth quarter of
2016, a 1.1% decrease from $263.0 million for the same period of
2015. Room revenues increased 3.8%, to $105.7 million for the
fourth quarter of 2016, compared to $101.9 million for the same
period of 2015. ADR was $291, a 0.3% decrease from $292 for the
fourth quarter of 2015. Occupancy increased to 84.1% for the fourth
quarter of 2016, from the 81.1% experienced for the same period of
2015. REVPAR was $245, a 3.4% increase from $237 for the fourth
quarter of 2015. Food and beverage revenues decreased 2.8%, to
$98.3 million for the fourth quarter of 2016, compared to the same
period of 2015. Entertainment, retail and other revenues decreased
6.3%, to $56.2 million for the fourth quarter of 2016, compared to
the same period of 2015.
Retail Joint Venture
In December 2016, the Company formed a joint venture with Crown
Acquisitions Inc. ("Crown") to own and operate approximately
88,000 square feet of existing retail space and approximately
73,000 square feet of retail space that is currently under
construction at Wynn Las Vegas. In connection with the transaction,
the Company transferred certain assets and liabilities associated
with the existing Wynn Las Vegas retail stores and will transfer
the retail space that is currently under construction from Wynn Las
Vegas, LLC, to newly formed entities owned by Wynn Resorts (the
“Retail Joint Ventures”). Crown will pay the Company $472.0 million
in two installments for a 49.9% ownership interest in each of the
Retail Joint Ventures. The first payment of $292.0 million, which
consisted of $217.0 million in cash and a $75.0 million
interest-free note that matures in full on January 3, 2018, was
received in December 2016. The Company expects to receive the
second fixed payment of $180.0 million following the completion of
the retail space currently under construction, which is expected to
be completed in 2017. Based on the applicable accounting guidance,
the Company will continue to consolidate the Retail Joint Ventures
in its consolidated financial statements.
Wynn Boston Harbor Project in Massachusetts
The Company is currently constructing Wynn Boston Harbor, an
integrated resort in Everett, Massachusetts, located adjacent to
Boston along the Mystic River. The resort will contain a hotel, a
waterfront boardwalk, meeting space, casino space, a spa, retail
offerings and food and beverage outlets. The total project budget,
including construction costs, capitalized interest, pre-opening
costs and land costs, is estimated to be between $2.2 billion and
$2.4 billion. We expect to open Wynn Boston Harbor in mid-2019.
Balance Sheet
Our cash and cash equivalents, restricted cash and investment
securities at December 31, 2016 were $2.9 billion.
Total debt outstanding at the end of the quarter was $10.13
billion, including $4.15 billion of Macau related debt, $3.17
billion of Wynn Las Vegas debt and $2.81 billion at the parent
company and other.
Conference Call Information
The Company will hold a conference call to discuss its results
on January 26, 2017 at 1:30 p.m. PT (4:30 p.m. ET). Interested
parties are invited to join the call by accessing a live audio
webcast at http://www.wynnresorts.com.
Forward-looking Statements
This release contains forward-looking statements regarding
operating trends and future results of operations. Such
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those we express in these forward-looking statements,
including, but not limited to, our dependence on existing
management, results of regulatory or enforcement actions and
probity investigations, pending or future legal proceedings,
uncertainties over the development and success of new gaming and
resort properties, adverse tourism trends, general global
macroeconomic conditions, changes in gaming laws or regulations,
volatility and weakness in world-wide credit and financial markets,
and our substantial indebtedness and leverage. 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, 2015 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 attributable to Wynn Resorts, Limited before
pre-opening costs, property charges and other, change in interest
rate swap fair value, change in Redemption Note fair value, loss on
extinguishment of debt, net of noncontrolling interest and taxes
calculated using the specific tax treatment applicable to the
adjustments based on their respective jurisdictions. Adjusted net
income attributable to Wynn Resorts, Limited and adjusted net
income attributable to Wynn Resorts, Limited per diluted share are
presented as supplemental disclosures to financial measures in
accordance with U.S. generally accepted accounting principles
("GAAP") because management believes that these non-GAAP financial
measures are widely used to measure the performance, and as a
principal basis for valuation, of gaming companies. These measures
are used by management and/or evaluated by some investors, in
addition to income and earnings per share computed in accordance
with GAAP, as an additional basis for assessing period-to-period
results of our business. Adjusted net income attributable to Wynn
Resorts, Limited and adjusted net income attributable to Wynn
Resorts, Limited per diluted share may be different from the
calculation methods used by other companies and, therefore,
comparability may be limited.
(2) “Adjusted Property EBITDA” is net income before interest,
taxes, depreciation and amortization, pre-opening costs, property
charges and other, management and license fees, corporate expenses
and other (including intercompany golf course and water rights
leases), stock-based compensation, loss on extinguishment of debt,
change in interest rate swap fair value, change in Redemption Note
fair value and other non-operating income and expenses, and
includes equity in income (loss) from unconsolidated affiliates.
Adjusted Property EBITDA is presented exclusively as a supplemental
disclosure because management believes that it is widely used to
measure the performance, and as a basis for valuation, of gaming
companies. Management uses Adjusted Property EBITDA as a measure of
the operating performance of its segments and to compare the
operating performance of its properties with those of its
competitors, as well as a basis for determining certain incentive
compensation. The Company also presents Adjusted Property EBITDA
because it is used by some investors as a way to measure a
company’s ability to incur and service debt, make capital
expenditures and meet working capital requirements. Gaming
companies have historically reported EBITDA as a supplement to
GAAP. In order to view the operations of their casinos on a more
stand-alone basis, gaming companies, including Wynn Resorts,
Limited, have historically excluded from their EBITDA calculations
pre-opening expenses, property charges, corporate expenses and
stock-based compensation, that do not relate to the management of
specific casino properties. However, Adjusted Property EBITDA
should not be considered as an alternative to operating income as
an indicator of the Company’s performance, as an alternative to
cash flows from operating activities as a measure of liquidity, or
as an alternative to any other measure determined in accordance
with GAAP. Unlike net income, Adjusted Property EBITDA does not
include depreciation or interest expense and therefore does not
reflect current or future capital expenditures or the cost of
capital. The Company has significant uses of cash flows, including
capital expenditures, interest payments, debt principal repayments,
taxes and other non-recurring charges, which are not reflected in
Adjusted Property EBITDA. Also, Wynn Resorts’ calculation of
Adjusted Property EBITDA may be different from the calculation
methods used by other companies and, therefore, comparability may
be limited.
The Company has included schedules in the tables that accompany
this release that reconcile (i) net income attributable to
Wynn Resorts, Limited to adjusted net income attributable to Wynn
Resorts, Limited, (ii) operating income to Adjusted Property
EBITDA, and (iii) Adjusted Property EBITDA to net income
attributable to Wynn Resorts, Limited.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME
(in thousands, except per share
data)
(unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31, 2016
2015 2016 2015 Operating revenues:
Casino $ 1,004,533 $ 692,098 $ 3,268,141 $ 2,932,419 Rooms 172,225
133,073 603,272 538,500 Food and beverage 132,442 119,768 601,514
597,080 Entertainment, retail and other 106,172 85,779
363,428 350,622 Gross revenues 1,415,372
1,030,718 4,836,355 4,418,621 Less: promotional allowances (114,939
) (83,816 ) (370,058 ) (342,738 ) Net revenues 1,300,433
946,902 4,466,297 4,075,883 Operating
costs and expenses: Casino 651,208 426,932 2,079,740 1,862,687
Rooms 41,967 37,446 157,904 149,009 Food and beverage 80,754 72,727
375,234 361,246 Entertainment, retail and other 45,018 38,878
161,144 157,432 General and administrative 166,985 112,247 548,141
464,793 Provision (benefit) for doubtful accounts 7,387 (2,151 )
8,203 11,115 Pre-opening costs 4,221 25,190 154,717 77,623
Depreciation and amortization 140,543 77,201 404,730 322,629
Property charges and other 23,456 6,572 54,822
10,535 Total operating costs and expenses 1,161,539
795,042 3,944,635 3,417,069 Operating income
138,894 151,860 521,662 658,814 Other
income (expense): Interest income 3,596 2,574 13,536 7,229 Interest
expense, net of amounts capitalized (95,667 ) (73,608 ) (289,365 )
(300,906 ) Change in interest rate swap fair value 2,126 1,710 433
(5,300 ) Decrease in Redemption Note fair value 84,282 4,553 65,043
52,041 Loss on extinguishment of debt — — — (126,004 ) Equity in
income from unconsolidated affiliates — 1,755 16 1,823 Other 318
(240 ) (728 ) 1,550 Other income (expense), net
(5,345 ) (63,256 ) (211,065 ) (369,567 ) Income before income taxes
133,549 88,604 310,597 289,247 Benefit (provision) for income taxes
(6,983 ) 16,190 (8,128 ) (7,723 ) Net income 126,566 104,794
302,469 281,524 Net income attributable to noncontrolling interests
(12,766 ) (17,573 ) (60,494 ) (86,234 ) Net income attributable to
Wynn Resorts, Limited $ 113,800 $ 87,221 $ 241,975
$ 195,290 Basic and diluted income per common share:
Net income attributable to Wynn Resorts, Limited: Basic $ 1.12 $
0.86 $ 2.39 $ 1.93 Diluted $ 1.12 $ 0.86 $ 2.38 $ 1.92 Weighted
average common shares outstanding: Basic 101,509 101,200 101,445
101,163 Diluted 101,910 101,459 101,855 101,671 Dividends declared
per common share: $ 0.50 $ 0.50 $ 2.00 $ 3.00
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 December 31,
Twelve Months Ended December 31, 2016
2015 2016 2015 Net income attributable
to Wynn Resorts, Limited $ 113,800 $ 87,221 $ 241,975 $ 195,290
Pre-opening costs 4,221 25,190 154,717 77,623 Property charges and
other 23,456 6,572 54,822 10,535 Change in interest rate swap fair
value (2,126 ) (1,710 ) (433 ) 5,300 Decrease in Redemption Note
fair value (84,282 ) (4,553 ) (65,043 ) (52,041 ) Loss on
extinguishment of debt — — — 126,004 Income tax impact on
adjustments (4,611 ) (2,765 ) (3,013 ) 5,545 Noncontrolling
interests impact on adjustments 546 (5,871 ) (37,635 )
(18,634 ) Adjusted net income attributable to Wynn Resorts, Limited
$ 51,004 $ 104,084 $ 345,390 $ 349,622
Adjusted net income attributable to Wynn Resorts, Limited per
diluted share $ 0.50 $ 1.03 $ 3.39 $ 3.44
Weighted average common shares outstanding - diluted
101,910 101,459 101,855 101,671
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME
(LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31,
2016
Operating income
(loss)
Pre-opening costs
Depreciation and
amortization
Property charges and
other
Management and license
fees
Corporate expense and
other
Stock-based compensation
Adjusted Property
EBITDA
Macau Operations: Wynn Macau $ 95,622 $
—
$ 23,997 $ 1,291 $ 18,846 $ 4,643 $ 4,467 $ 148,866 Wynn Palace
(8,035)
(1,371)
64,722 243 16,510 4,360 1,060 77,489 Other Macau
(2,755)
—
1,130
1 — 1,644
(20)
— Total Macau Operations 84,832
(1,371)
89,849 1,535 35,356 10,647 5,507 226,355 Las Vegas Operations
40,046
75
47,768 7,848 12,072 5,751 1,029 114,589 Corporate and Other 14,016
5,517
2,926 14,073
(47,428)
3,070 7,826 — Total $ 138,894 $
4,221
$ 140,543 $ 23,456 $ — $ 19,468 $ 14,362 $ 340,944
Three Months Ended December 31,
2015
Operating income
(loss)
Pre-opening costs
Depreciation and
amortization
Property charges and
other (1)
Management and license
fees
Corporate expense and
other
Stock-based compensation
Adjusted Property
EBITDA
Macau Operations:
Wynn Macau
$
107,891
$
—
$ 24,284 $ 1,983 $ 20,970 $
2,182
$ 2,758 $ 160,068 Wynn Palace
(24,875)
20,830
4,045 — — — — — Other Macau
(4,104)
—
735 — — 2,573 796 — Total Macau Operations
78,912
20,830
29,064 1,983 20,970 4,755 3,554 160,068 Las Vegas Operations
60,072
—
45,277 4,015 12,377 4,922 720 127,383 Corporate and Other
12,876
4,360
2,860 2,329
(33,347)
7,116 3,806 — Total
$
151,860
$
25,190
$ 77,201 $ 8,327 $ — $ 16,793 $ 8,080 $ 287,451
(1) Amounts previously presented as equity
in income from unconsolidated affiliates have been combined with
property charges and other to be consistent with current year
presentation.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME
(LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands) (unaudited)
(continued)
Twelve Months Ended December 31, 2016
Operating income
(loss)
Pre-opening costs
Depreciation and
amortization
Property charges and
other
Management and license
fees
Corporate expense and
other
Stock-based compensation
Adjusted Property
EBITDA
Macau Operations: Wynn Macau $ 465,112 $ — $ 98,527 $ 5,497 $
86,000 $ 13,839 $ 12,534 $ 681,509 Wynn Palace (162,637 ) 129,773
105,884 430 23,064 5,207 1,315 103,036 Other Macau (16,777 ) —
3,509 1 — 12,311 956 —
Total Macau Operations 285,698 129,773 207,920 5,928 109,064 31,357
14,805 784,545 Las Vegas Operations 178,379 2,274 185,117 34,837
51,035 20,075 3,065 474,782 Corporate and Other 57,585
22,670 11,693 14,073 (160,099 ) 28,730
25,348 — Total $ 521,662 $ 154,717 $ 404,730
$ 54,838 $ — $ 80,162 $ 43,218 $
1,259,327
Twelve Months Ended December 31,
2015
Operating income
(loss)
Pre-opening costs
Depreciation and
amortization
Property charges and
other (1)
Management and license
fees
Corporate expense and
other
Stock-based compensation
Adjusted Property
EBITDA
Macau Operations: Wynn Macau $ 473,765 $ — $ 112,634 $ 4,568 $
94,271 $ 11,376 $ 12,009 $ 708,623 Wynn Palace (70,063 ) 55,058
15,005 — — — — — Other Macau (17,447 ) — 2,926 —
— 10,830 3,691 — Total Macau Operations
386,255 55,058 130,565 4,568 94,271 22,206 15,700 708,623 Las Vegas
Operations 218,866 — 181,981 5,223 46,835 21,469 2,792 477,166
Corporate and Other 53,693 22,565 10,083 2,567
(141,106 ) 32,404 19,794 — Total $ 658,814
$ 77,623 $ 322,629 $ 12,358 $ —
$ 76,079 $ 38,286 $ 1,185,789
(1) Amounts previously presented as equity
in income from unconsolidated affiliates have been combined with
property charges and other to be consistent with current year
presentation.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
NET INCOME TO ADJUSTED PROPERTY
EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31, 2016
2015 2016 2015 Net income $ 126,566 $
104,794 $ 302,469 $ 281,524 Pre-opening costs 4,221 25,190 154,717
77,623 Depreciation and amortization 140,543 77,201 404,730 322,629
Property charges and other 23,456 6,572 54,822 10,535 Corporate
expense and other 19,468 16,793 80,162 76,079 Stock-based
compensation 14,362 8,080 43,218 38,286 Interest income (3,596 )
(2,574 ) (13,536 ) (7,229 ) Interest expense, net of amounts
capitalized 95,667 73,608 289,365 300,906 Change in interest rate
swap fair value (2,126 ) (1,710 ) (433 ) 5,300 Decrease in
Redemption Note fair value (84,282 ) (4,553 ) (65,043 ) (52,041 )
Loss on extinguishment of debt — — — 126,004 Other (318 ) 240 728
(1,550 ) (Benefit) provision for income taxes 6,983 (16,190
) 8,128 7,723 Adjusted Property EBITDA $ 340,944
$ 287,451 $ 1,259,327 $ 1,185,789
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 December 31,
Twelve Months Ended December 31, 2016
2015 2016 2015 Macau Operations:
Wynn Macau: VIP: Average number of table games 83 192 149 230 VIP
turnover $ 10,796,516 $ 13,033,946 $ 47,048,754 $ 57,917,060 VIP
table games win $ 332,586 $ 339,033 $ 1,547,261 $ 1,659,683 VIP
table games win as a % of turnover 3.08 % 2.60 % 3.29 % 2.87 %
Table games win per unit per day (1) $ 43,419 $ 19,159 $ 28,332 $
19,785 Mass market: Average number of table games 182 249 216 228
Table drop (2) $ 1,096,204 $ 1,185,535 $ 4,585,476 $ 4,857,804
Table games win $ 193,921 $ 228,581 $ 881,797 $ 951,458 Table games
win % 17.7 % 19.3 % 19.2 % 19.6 % Table games win per unit per day
(1) $ 11,590 $ 9,965 $ 11,131 $ 11,431 Average number of slot
machines 845 737 802 708 Slot machine handle $ 802,630 $ 1,069,297
$ 3,386,973 $ 3,961,115 Slot machine win $ 32,582 $ 50,373 $
145,680 $ 191,164 Slot machine win per unit per day (3) $ 419 $ 743
$ 497 $ 740 Room statistics: Occupancy 96.3 % 96.3 % 94.4 % 96.5 %
ADR (4) $ 262 $ 323 $ 293 $ 323 REVPAR (5) $ 252 $ 311 $ 277 $ 312
Wynn Palace (6): VIP: Average number of table games 86 — 81
— VIP turnover $ 10,329,574 $ — $ 14,480,023 $ — VIP table games
win $ 276,499 $ — $ 396,954 $ — VIP table games win as a % of
turnover 2.68 % — % 2.74 % — % Table games win per unit per day (1)
$ 35,151 $ — $ 37,009 $ — Mass market: Average number of table
games 233 — 245 — Table drop (2) $ 724,982 $ — $ 1,000,881 $ —
Table games win $ 159,620 $ — $ 211,146 $ — Table games win % 22.0
% — % 21.1 % — % Table games win per unit per day (1) $ 7,461 $ — $
6,527 $ — Average number of slot machines 888 — 962 — Slot machine
handle $ 534,391 $ — $ 738,907 $ — Slot machine win $ 28,054 $ — $
40,664 $ — Slot machine win per unit per day (3) $
344
$ — $ 320 $ — Room statistics: Occupancy 88.4 % — % 83.2 % — % ADR
(4) $ 272 $ — $ 276 $ — REVPAR (5) $ 241 $ — $ 230 $ —
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win
per unit per day, ADR and REVPAR)
(continued) (unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31, 2016
2015 2016 2015 Las Vegas
Operations: Average number of table games 232 228 235 232 Table
drop (2) $ 452,517 $ 485,652 $ 1,838,479 $ 2,060,189 Table games
win $ 124,469 $ 139,273 $ 465,041 $ 490,920 Table games win % 27.5
% 28.7 % 25.3 % 23.8 % Table games win per unit per day (1) $ 5,837
$ 6,651 $ 5,406 $ 5,786 Average number of slot machines 1,908 1,882
1,893 1,866 Slot machine handle $ 862,052 $ 730,733 $ 3,148,610 $
2,969,327 Slot machine win $ 57,238 $ 52,585 $ 208,024 $ 206,626
Slot machine win per unit per day (3) $ 326 $ 304 $ 300 $ 303 Room
statistics: Occupancy 84.1 % 81.1 % 85.3 % 85.2 % ADR (4) $ 291 $
292 $ 296 $ 285 REVPAR (5) $ 245 $ 237 $ 252 $ 243
(1) Table games win per unit per day is shown before discounts and
commissions, as applicable. (2) In Macau, table drop is the amount
of cash that is deposited in a gaming table’s drop box plus cash
chips purchased at the casino cage. In Las Vegas, table drop is the
amount of cash and net markers issued that are deposited in a
gaming table’s drop box. (3) Slot machine win per unit per day is
calculated as gross slot win minus progressive accruals and free
play. (4) ADR is average daily rate and is calculated by dividing
total room revenues including the retail value of promotional
allowances (less service charges, if any) by total rooms occupied
including complimentary rooms. (5) REVPAR is revenue per available
room and is calculated by dividing total room revenues including
the retail value of promotional allowances (less service charges,
if any) by total rooms available. (6) Wynn Palace opened on August
22, 2016.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170126006171/en/
Wynn Resorts, LimitedMark Strawn,
702-770-7555investorrelations@wynnresorts.com
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