Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial
results for the second quarter ended June 30, 2017.
Net revenues were $1.53 billion for the second quarter of 2017,
an increase of 44.5%, or $470.9 million, from $1.06 billion for the
same period of 2016. The increase was the result of $414.7 million
from Wynn Palace, which opened in the third quarter of 2016, and
increases of $43.4 million and $12.9 million from Wynn Macau and
our Las Vegas Operations, respectively.
On a U.S. generally accepted accounting principles ("GAAP")
basis, net income attributable to Wynn Resorts, Limited was $74.9
million, or $0.73 per diluted share, for the second quarter of
2017, an increase of 6.4%, or $4.5 million, from $70.4 million, or
$0.69 per diluted share, for the same period of 2016. The increase
in net income attributable to Wynn Resorts, Limited was primarily
the result of income from Wynn Palace, partially offset by an
increase in interest expense as the Company is no longer
capitalizing interest on Wynn Palace, losses on extinguishment of
debt and an increase in the Redemption Note fair value. Adjusted
net income attributable to Wynn Resorts, Limited (1) was $120.9
million, or $1.18 per diluted share, for the second quarter of
2017, compared to $108.7 million, or $1.07 per diluted share, for
the same period of 2016.
Adjusted Property EBITDA (2) was $430.0 million for the second
quarter of 2017, an increase of 37.5%, or $117.3 million, from
$312.7 million for the same period of 2016, primarily as a result
of $87.4 million from Wynn Palace and increases of $20.0 million
and $9.9 million from Wynn Macau and our Las Vegas Operations,
respectively.
Wynn Resorts, Limited also announced today that the Company has
approved a cash dividend of $0.50 per share, payable on August 22,
2017 to stockholders of record as of August 10, 2017.
Wynn Macau
Net revenues from Wynn Macau were $682.7 million for the second
quarter of 2017, a 6.8% increase from $639.3 million for the same
period of 2016. Adjusted Property EBITDA from Wynn Macau was $210.4
million for the second quarter of 2017, a 10.5% increase from
$190.4 million for the same period of 2016.
Casino revenues from Wynn Macau were $654.7 million for the
second quarter of 2017, a 7.4% increase from $609.8 million for the
same period of 2016. Table games turnover in VIP operations was
$16.02 billion, a 35.3% increase from $11.84 billion for the second
quarter of 2016. VIP table games win as a percentage of turnover
(calculated before commissions) was 3.53%, above the expected range
of 2.7% to 3.0% and below the 3.98% experienced in the second
quarter of 2016. Table drop in mass market operations was $1.07
billion, a 9.0% decrease from $1.17 billion for the second quarter
of 2016. Table games win in mass market operations was $221.6
million, a 5.8% decrease from $235.2 million for the second quarter
of 2016. Table games win percentage in mass market operations was
20.8%, above the 20.0% experienced in the second quarter of 2016.
Slot machine handle was $867.9 million, a 7.6% increase from $806.5
million for the second quarter of 2016, while slot machine win
increased 18.6% to $39.5 million.
Non-casino revenues before promotional allowances from Wynn
Macau were $60.8 million for the second quarter of 2017, a 10.8%
decrease from $68.1 million for the same period of 2016. Room
revenues decreased 12.4%, to $25.7 million for the second quarter
of 2017, from $29.3 million for the same period of 2016. Average
daily rate ("ADR") was $258, a 19.6% decrease from $321 for the
second quarter of 2016. Occupancy increased to 97.5% for the second
quarter of 2017, from 91.5% for the same period of 2016. Revenue
per available room ("REVPAR") was $252, a 14.3% decrease from $294
for the second quarter of 2016.
Wynn Palace
The Company opened Wynn Palace on August 22, 2016, with the
second quarter of 2017 representing the third full quarter of
operations for the resort.
Net revenues and Adjusted Property EBITDA from Wynn Palace were
$414.7 million and $87.4 million, respectively, for the second
quarter of 2017.
Casino revenues from Wynn Palace were $372.2 million for the
second quarter of 2017. Table games turnover in VIP operations was
$11.60 billion and table games win as a percentage of turnover
(calculated before commissions) was 2.18%, below the expected range
of 2.7% to 3.0%. Table drop in mass market operations was $729.0
million, table games win in mass market operations was $168.7
million and table games win percentage was 23.1%. Slot machine
handle was $657.9 million and slot machine win was $34.8 million
for the second quarter of 2017.
Non-casino revenues before promotional allowances from Wynn
Palace were $79.5 million for the second quarter of 2017. Room
revenues were $35.4 million with an ADR of $232, occupancy of 96.2%
and REVPAR of $224.
Las Vegas Operations
Net revenues from our Las Vegas Operations were $431.9 million
for the second quarter of 2017, a 3.1% increase from $419.1 million
for the same period of 2016. Adjusted Property EBITDA from our Las
Vegas Operations was $132.2 million, an 8.1% increase from $122.3
million for the second quarter of 2016.
Casino revenues from our Las Vegas Operations were $139.3
million for the second quarter of 2017, a 4.8% increase from $132.9
million for the same period of 2016. Table games drop was $419.3
million, a 1.9% decrease from $427.4 million for the second quarter
of 2016. Table games win was $101.3 million, a 5.4% increase from
$96.1 million for the second quarter of 2016. Table games win
percentage was 24.2%, within the property’s expected range of 21%
to 25% and above the 22.5% experienced in the second quarter of
2016. Slot machine handle was $764.8 million, a 1.9% increase from
$750.4 million for the second quarter of 2016, while slot machine
win increased 8.8% to $53.0 million.
Non-casino revenues before promotional allowances from our Las
Vegas Operations were $332.2 million for the second quarter of
2017, a 1.5% increase from $327.4 million for the same period of
2016. Room revenues increased 1.4%, to $115.1 million for the
second quarter of 2017, from $113.6 million for the same period of
2016. ADR was $302, a 1.9% decrease from $308 for the second
quarter of 2016. Occupancy increased to 88.7% for the second
quarter of 2017, from the 85.3% experienced in the same period of
2016. REVPAR was $268, a 1.9% increase from $263 for the second
quarter of 2016. Food and beverage revenues increased 4.0%, to
$160.1 million for the second quarter of 2017, compared to the same
period of 2016. Entertainment, retail and other revenues decreased
4.9%, to $57.0 million for the second quarter of 2017, compared to
the same period of 2016.
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 and convention space, casino space, a
spa, retail offerings and food and beverage outlets. The total
project budget, including gaming license fees, construction costs,
capitalized interest, pre-opening expenses and land costs, is
estimated to be approximately $2.4 billion. As of June 30, 2017, we
have incurred $771.8 million in total project costs. We expect to
open Wynn Boston Harbor in mid-2019.
Balance Sheet
Our cash and cash equivalents, restricted cash and investment
securities at June 30, 2017 were $2.80 billion.
Total debt outstanding at the end of the quarter was $9.81
billion, including $3.82 billion of Macau related debt, $3.16
billion of Wynn Las Vegas debt and $2.83 billion at the parent
company and other.
During the quarter, Wynn Las Vegas, LLC completed a cash tender
offer and subsequent redemption of the $900 million 5 3/8% First
Mortgage Notes due 2022 (the "2022 Notes"). In connection with this
transaction, Wynn Las Vegas, LLC issued $900 million 5 1/4% Senior
Notes due 2027 and used the net proceeds to cover the cost of
extinguishing the 2022 Notes. As a result of these transactions,
the Company recorded a $20.8 million loss on extinguishment of
debt.
Conference Call and Other Information
The Company will hold a conference call to discuss its results
including the results of Wynn Las Vegas, LLC on July 25, 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.
On August 14, 2017, the Company will make Wynn Las Vegas, LLC
financial information for the quarter ended June 30, 2017 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, our dependence on Stephen A. Wynn,
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, extensive regulation of our business, pending
or future legal proceedings, 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, 2016 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 expenses, 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
interests 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 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 expenses,
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 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 (loss) to Adjusted
Property EBITDA, and (iii) net income attributable to Wynn Resorts,
Limited to Adjusted Property EBITDA.
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, 2017 2016 2017
2016 Operating revenues: Casino $
1,166,233 $ 742,659 $ 2,317,457 $ 1,475,389 Rooms 176,183 142,847
356,450 278,439 Food and beverage 194,113 170,631 346,953 301,075
Entertainment, retail and other 102,231 82,031
205,136 164,026 Gross revenues 1,638,760 1,138,168
3,225,996 2,218,929 Less: promotional allowances (109,499 ) (79,804
) (221,055 ) (162,887 ) Net revenues 1,529,261 1,058,364
3,004,941 2,056,042 Operating
expenses: Casino 763,241 470,372 1,503,457 922,912 Rooms 45,818
38,040 90,324 75,749 Food and beverage 117,010 105,727 210,388
185,147 Entertainment, retail and other 42,608 37,674 85,827 75,973
General and administrative 164,169 119,505 324,131 236,950
(Benefit) provision for doubtful accounts (2,083 ) 2,478 (6,249 )
3,184 Pre-opening 6,758 45,949 12,537 79,718 Depreciation and
amortization 137,686 79,749 277,506 157,720 Property charges and
other 7,165 11,331 10,201 12,852 Total
operating expenses 1,282,372 910,825 2,508,122
1,750,205 Operating income 246,889 147,539
496,819 305,837 Other income (expense): Interest
income 7,080 2,783 13,551 6,262 Interest expense, net of amounts
capitalized (97,739 ) (69,257 ) (196,001 ) (114,029 ) Change in
interest rate swap fair value (283 ) (1,036 ) (1,054 ) (2,861 )
Change in Redemption Note fair value (12,417 ) 7,982 (28,264 )
2,979 Loss on extinguishment of debt (22,287 ) — (22,287 ) — Equity
in income from unconsolidated affiliates — — — 16 Other (11,840 )
(1,462 ) (17,947 ) (1,945 ) Other income (expense), net (137,486 )
(60,990 ) (252,002 ) (109,578 ) Income before income taxes 109,403
86,549 244,817 196,259 Benefit (provision) for income taxes (2,607
) 2,893 (5,497 ) (1,025 ) Net income 106,796 89,442 239,320
195,234 Net income attributable to noncontrolling interests (31,880
) (19,051 ) (63,589 ) (49,622 ) Net income attributable to Wynn
Resorts, Limited $ 74,916 $ 70,391 $ 175,731 $
145,612 Basic and diluted income per common share: Net
income attributable to Wynn Resorts, Limited: Basic $ 0.73 $ 0.69 $
1.73 $ 1.44 Diluted $ 0.73 $ 0.69 $ 1.72 $ 1.43 Weighted average
common shares outstanding: Basic 101,944 101,438 101,851 101,415
Diluted 102,494 101,881 102,274 101,792 Dividends declared per
common share: $ 0.50 $ 0.50 $ 1.00 $ 1.00
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 June 30, Six Months Ended June
30, 2017 2016 2017
2016 Net income attributable to Wynn
Resorts, Limited $ 74,916 $ 70,391 $ 175,731 $ 145,612 Pre-opening
expenses 6,758 45,949 12,537 79,718 Property charges and other
7,165 11,331 10,201 12,852 Change in interest rate swap fair value
283 1,036 1,054 2,861 Change in Redemption Note fair value 12,417
(7,982 ) 28,264 (2,979 ) Loss on extinguishment of debt 22,287 —
22,287 — Income tax impact on adjustments (2,439 ) (469 ) (1,770 )
(83 ) Noncontrolling interests impact on adjustments (493 ) (11,585
) (934 ) (19,778 ) Adjusted net income attributable to Wynn
Resorts, Limited $ 120,894 $ 108,671 $ 247,370
$ 218,203 Adjusted net income attributable to Wynn Resorts,
Limited per diluted share $ 1.18 $ 1.07 $ 2.42
$ 2.14 Weighted average common shares outstanding -
diluted 102,494 101,881 102,274 101,792
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME
(LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2017
Operating
income
(loss)
Pre-opening
expenses
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 $ 153,711 $ — $ 24,600 $ 821 $ 26,818
$ 2,344 $ 2,104 $ 210,398 Wynn Palace 3,140 — 64,092 662 16,080
2,161 1,268 87,403 Other Macau (2,996 ) — 1,130 6
— 1,692 168 — Total Macau Operations
153,855 — 89,822 1,489 42,898 6,197 3,540 297,801 Las Vegas
Operations 60,868 272 45,155 5,683 12,263 7,496 473 132,210
Corporate and Other 32,166 6,486 2,709 (7 )
(55,161 ) 7,240 6,567 — Total $ 246,889 $
6,758 $ 137,686 $ 7,165 $ — $ 20,933
$ 10,580 $ 430,011
Three Months
Ended June 30, 2016
Operating
income
(loss)
Pre-opening
expenses
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 $ 133,845 $ — $ 25,069 $ 1,082 $
24,373 $ 3,196 $ 2,824 $ 190,389 Wynn Palace (44,839 ) 39,339 5,322
178 — — — — Other Macau (4,042 ) — 721 1 —
2,324 996 — Total Macau Operations 84,964
39,339 31,112 1,261 24,373 5,520 3,820 190,389 Las Vegas Operations
46,361 1,429 45,752 10,070 13,197 4,852 629 122,290 Corporate and
Other 16,214 5,181 2,885 — (37,570 )
7,442 5,848 — Total $ 147,539 $ 45,949
$ 79,749 $ 11,331 $ — $ 17,814 $ 10,297
$ 312,679
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME
(LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands) (unaudited)
(continued)
Six Months Ended June 30, 2017
Operating
income
(loss)
Pre-opening
expenses
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 $ 281,852 $ — $ 49,309 $ 1,536 $
49,628 $ 5,202 $ 3,977 $ 391,504 Wynn Palace 28,011 — 128,687 760
34,751 4,546 2,504 199,259 Other Macau (5,964 ) — 2,261
6 — 3,369 328 — Total Macau
Operations 303,899 — 180,257 2,302 84,379 13,117 6,809 590,763 Las
Vegas Operations 128,334 511 92,012 7,410 24,733 12,843 944 266,787
Corporate and Other 64,586 12,026 5,237 489
(109,112 ) 15,740 11,034 — Total $ 496,819
$ 12,537 $ 277,506 $ 10,201 $ —
$ 41,700 $ 18,787 $ 857,550
Six
Months Ended June 30, 2016
Operating
income
(loss)
Pre-opening
expenses
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 $ 270,027 $ — $ 49,843 $ 2,448 $
47,136 $ 6,447 $ 5,733 $ 381,634 Wynn Palace (75,378 ) 65,597 9,603
178 — — — — Other Macau (9,133 ) — 1,476 1 —
5,476 2,180 — Total Macau Operations 185,516
65,597 60,922 2,627 47,136 11,923 7,913 381,634 Las Vegas
Operations 91,373 2,135 90,946 10,241 25,522 9,690 1,407 231,314
Corporate and Other 28,948 11,986 5,852 —
(72,658 ) 14,384 11,488 — Total $ 305,837
$ 79,718 $ 157,720 $ 12,868 $ —
$ 35,997 $ 20,808 $ 612,948
(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 NET INCOME
ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY
EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, Six Months Ended June
30, 2017 2016 2017
2016 Net income attributable to Wynn
Resorts, Limited $ 74,916 $ 70,391 $ 175,731 $ 145,612 Net income
attributable to noncontrolling interests 31,880 19,051 63,589
49,622 Pre-opening expenses 6,758 45,949 12,537 79,718 Depreciation
and amortization 137,686 79,749 277,506 157,720 Property charges
and other 7,165 11,331 10,201 12,852 Corporate expense and other
20,933 17,814 41,700 35,997 Stock-based compensation 10,580 10,297
18,787 20,808 Interest income (7,080 ) (2,783 ) (13,551 ) (6,262 )
Interest expense, net of amounts capitalized 97,739 69,257 196,001
114,029 Change in interest rate swap fair value 283 1,036 1,054
2,861 Change in Redemption Note fair value 12,417 (7,982 ) 28,264
(2,979 ) Loss on extinguishment of debt 22,287 — 22,287 — Other
expenses 11,840 1,462 17,947 1,945 Provision (benefit) for income
taxes 2,607 (2,893 ) 5,497 1,025 Adjusted
Property EBITDA $ 430,011 $ 312,679 $ 857,550
$ 612,948
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, 2017 2016 2017
2016 Macau Operations: Wynn
Macau: VIP: Average number of table games 98 183 92 186 VIP
turnover $ 16,023,080 $ 11,841,200 $ 29,307,843 $ 25,311,139 VIP
table games win $ 566,091 $ 470,976 $ 1,005,002 $ 849,628 VIP table
games win as a % of turnover 3.53 % 3.98 % 3.43 % 3.36 % Table
games win per unit per day (1) $ 63,735 $ 28,239 $ 60,129 $ 25,052
Mass market: Average number of table games 205 238 204 242 Table
drop (2) $ 1,067,718 $ 1,173,234 $ 2,204,614 $ 2,383,334 Table
games win $ 221,567 $ 235,197 $ 434,471 $ 482,697 Table games win %
20.8 % 20.0 % 19.7 % 20.3 % Table games win per unit per day (1) $
11,903 $ 10,853 $ 11,755 $ 10,974 Average number of slot machines
917 775 901 778 Slot machine handle $ 867,889 $ 806,453 $ 1,724,572
$ 1,902,790 Slot machine win $ 39,531 $ 33,330 $ 78,085 $ 83,771
Slot machine win per unit per day (3) $ 474 $ 472 $ 479 $ 591 Room
statistics: Occupancy 97.5 % 91.5 % 96.6 % 93.1 % ADR (4) $ 258 $
321 $ 262 $ 323 REVPAR (5) $ 252 $ 294 $ 253 $ 300 Wynn
Palace (6): VIP: Average number of table games 105 — 98 — VIP
turnover $ 11,604,672 $ — $ 22,646,354 $ — VIP table games win $
252,641 $ — $ 587,383 $ — VIP table games win as a % of turnover
2.18 % — % 2.59 % — % Table games win per unit per day (1) $ 26,541
$ — $ 33,141 $ — Mass market: Average number of table games 202 —
206 — Table drop (2) $ 729,006 $ — $ 1,499,024 $ — Table games win
$ 168,746 $ — $ 336,373 $ — Table games win % 23.1 % — % 22.4 % — %
Table games win per unit per day (1) $ 9,203 $ — $ 9,019 $ —
Average number of slot machines 1,025 — 1,011 — Slot machine handle
$ 657,850 $ — $ 1,315,430 $ — Slot machine win $ 34,814 $ — $
68,748 $ — Slot machine win per unit per day (3) $ 373 $ — $ 376 $
— Room statistics: Occupancy 96.2 % — % 95.9 % — % ADR (4) $ 232 $
— $ 245 $ — REVPAR (5) $ 224 $ — $ 235 $ —
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 June 30, Six Months Ended June
30, 2017 2016 2017
2016 Las Vegas Operations:
Average number of table games 234 237 235 237 Table drop (2) $
419,338 $ 427,418 $ 877,935 $ 902,580 Table games win $ 101,300 $
96,138 $ 232,147 $ 221,184 Table games win % 24.2 % 22.5 % 26.4 %
24.5 % Table games win per unit per day (1) $ 4,749 $ 4,450 $ 5,448
$ 5,121 Average number of slot machines 1,836 1,885 1,871 1,887
Slot machine handle $ 764,786 $ 750,380 $ 1,530,700 $ 1,467,840
Slot machine win $ 53,017 $ 48,742 $ 102,735 $ 98,327 Slot machine
win per unit per day (3) $ 317 $ 284 $ 303 $ 286 Room statistics:
Occupancy 88.7 % 85.3 % 87.1 % 83.5 % ADR (4) $ 302 $ 308 $ 308 $
303 REVPAR (5) $ 268 $ 263 $ 268 $ 253
(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 machine 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/20170725006465/en/
Wynn Resorts, LimitedRobert Amerine,
702-770-7555investorrelations@wynnresorts.com
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