Wynn Resorts, Limited (NASDAQ: WYNN) today reported financial
results for the fourth quarter and year ended December 31,
2017.
Net revenues were $1.69 billion for the fourth quarter of 2017,
an increase of 29.9%, or $388.7 million, from $1.30 billion for the
same period of 2016. The increase in net revenues was the result of
increases of $274.7 million from Wynn Palace and $120.2 million
from Wynn Macau, partially offset by a decrease of $6.2 million
from our Las Vegas Operations.
On a U.S. generally accepted accounting principles ("GAAP")
basis, net income attributable to Wynn Resorts, Limited was $491.7
million, or $4.77 per diluted share, for the fourth quarter of
2017, compared to $113.8 million, or $1.12 per diluted share, for
the same period of 2016. The increase in net income attributable to
Wynn Resorts, Limited was primarily the result of the income tax
benefit from U.S. tax reform and increases in operating income from
Wynn Palace and Wynn Macau, partially offset by a smaller decrease
in the Redemption Note fair value. Adjusted net income attributable
to Wynn Resorts, Limited (1) was $144.3 million, or $1.40 per
diluted share, for the fourth quarter of 2017, compared to $50.8
million, or $0.50 per diluted share, for the same period of
2016.
During the fourth quarter of 2017, legislation commonly known as
the U.S. Tax Cuts and Jobs Act ("U.S. tax reform") was enacted. As
a result, fourth quarter 2017 results reflect an estimated net tax
benefit of $339.9 million in accordance with GAAP as a result of
revaluing the Company's U.S. deferred tax assets and liabilities.
This estimated net benefit is based on the Company's initial
analysis of the U.S. tax reform and may be adjusted in future
periods as the Company collects additional information and
evaluates any regulatory guidance.
Adjusted Property EBITDA (2) was $480.2 million for the fourth
quarter of 2017, an increase of 40.9%, or $139.3 million, from
$340.9 million for the same period of 2016, primarily the result of
increases of $112.6 million from Wynn Palace and $37.2 million from
Wynn Macau, partially offset by a decrease of $10.5 million from
our Las Vegas Operations.
For the full year, net revenues were $6.31 billion in 2017, an
increase of 41.2%, or $1.84 billion, from $4.47 billion for the
same period of 2016. The increase in net revenues was the result of
increases of $1.56 billion, $221.7 million and $62.5 million from
Wynn Palace, which opened in August 2016, Wynn Macau and our Las
Vegas Operations, respectively.
On a GAAP basis, net income attributable to Wynn Resorts,
Limited was $747.2 million, or $7.28 per diluted share, in 2017,
compared to $242.0 million, or $2.38 per diluted share, for the
same period of 2016. The increase in net income attributable to
Wynn Resorts, Limited was primarily the result of the income tax
benefit from U.S. tax reform and increases in operating income from
Wynn Palace, Wynn Macau and our Las Vegas Operations, partially
offset by increases in the Redemption Note fair value and interest
expense as the Company is no longer capitalizing interest on Wynn
Palace. Adjusted net income attributable to Wynn Resorts, Limited
(1) was $560.5 million, or $5.46 per diluted share, in 2017,
compared to $345.9 million, or $3.40 per diluted share, for the
same period of 2016.
Adjusted Property EBITDA (2) was $1.81 billion in 2017, an
increase of 43.8%, or $551.4 million, from $1.26 billion for the
same period of 2016. The increase in Adjusted Property EBITDA was
the result of increases of $424.5 million, $79.2 million, $47.7
million from Wynn Palace, 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 February
27, 2018 to stockholders of record as of February 15, 2018.
Macau Operations
Wynn Macau
Net revenues from Wynn Macau were $618.6 million for the fourth
quarter of 2017, a 24.1% increase from $498.4 million for the same
period of 2016. Adjusted Property EBITDA from Wynn Macau was $186.0
million for the fourth quarter of 2017, a 25.0% increase from
$148.9 million for the same period of 2016.
Casino revenues from Wynn Macau were $582.9 million for the
fourth quarter of 2017, a 25.3% increase from $465.3 million for
the same period of 2016. Table games turnover in VIP operations was
$15.62 billion, a 44.7% increase from $10.80 billion for the fourth
quarter of 2016. VIP table games win as a percentage of turnover
(calculated before commissions) was 2.89%, within the expected
range of 2.7% to 3.0% and below the 3.08% we experienced in the
fourth quarter of 2016. Table drop in mass market operations was
$1.25 billion, a 14.1% increase from $1.10 billion for the fourth
quarter of 2016. Table games win in mass market operations was
$230.1 million, an 18.6% increase from $193.9 million for the
fourth quarter of 2016. Table games win percentage in mass market
operations was 18.4%, above the 17.7% experienced for the fourth
quarter of 2016. Slot machine handle was $937.6 million, a 16.8%
increase from $802.6 million for the fourth quarter of 2016, while
slot machine win increased 25.3% to $40.8 million.
Non-casino revenues before promotional allowances from Wynn
Macau were $73.9 million for the fourth quarter of 2017, a 14.5%
increase from the $64.6 million for the same period of 2016. Room
revenues were flat at $25.9 million for the fourth quarter of 2017,
compared to the same period of 2016. Our average daily rate ("ADR")
was $258, a 1.5% decrease from $262 for the fourth quarter of 2016.
Occupancy increased to 99.4% for the fourth quarter of 2017, from
96.3% for the same period of 2016. Revenue per available room
("REVPAR") was $257, a 2.0% increase from $252 for the fourth
quarter of 2016.
Wynn Palace
Net revenues from Wynn Palace were $693.4 million for the fourth
quarter of 2017, a 65.6% increase from $418.7 million for the same
period of 2016. Adjusted Property EBITDA from Wynn Palace was
$190.1 million for the fourth quarter of 2017, a 145.3% increase
from $77.5 million for the same period of 2016.
Casino revenues from Wynn Palace were $648.6 million for the
fourth quarter of 2017, a 73.8% increase from $373.2 million for
the same period of 2016. Table games turnover in VIP operations was
$16.23 billion, a 57.1% increase from $10.33 billion for the fourth
quarter of 2016. VIP table games win as a percentage of turnover
(calculated before commissions) was 3.02%, above the expected range
of 2.7% to 3.0% and the 2.68% we experienced in the fourth quarter
of 2016. Table drop in mass market operations was $1.12 billion, a
55.1% increase from $725.0 million for the fourth quarter of 2016.
Table games win in mass market operations was $264.5 million, a
65.7% increase from $159.6 million for the fourth quarter of 2016.
Table games win percentage in mass market operations was 23.5%,
above the 22.0% experienced for the fourth quarter of 2016. Slot
machine handle was $920.6 million, a 72.3% increase from $534.4
million for the fourth quarter of 2016, while slot machine win
increased 96.2% to $55.0 million.
Non-casino revenues before promotional allowances from Wynn
Palace were $90.8 million for the fourth quarter of 2017, a 5.5%
increase from $86.1 million for the same period of 2016. Room
revenues were $38.9 million for the fourth quarter of 2017, a 4.1%
decrease from $40.6 million for the same period of 2016. ADR was
$236, a 13.2% decrease from $272 for the fourth quarter of 2016.
Occupancy increased to 96.8% for the fourth quarter of 2017, from
88.4% for the same period of 2016. REVPAR was $228, a 5.4% decrease
from $241 for the fourth quarter of 2016.
Las Vegas Operations
Net revenues from our Las Vegas Operations were $377.0 million
for the fourth quarter of 2017, a 1.6% decrease from $383.3 million
for the same period of 2016. Adjusted Property EBITDA from our Las
Vegas Operations was $104.1 million for the fourth quarter of 2017,
a 9.2% decrease from $114.6 million for the same period of
2016.
Casino revenues from our Las Vegas Operations were $142.7
million for the fourth quarter of 2017, a 14.1% decrease from
$166.0 million for the same period of 2016. Table games drop was
$430.8 million, a 4.8% decrease from $452.5 million for the fourth
quarter of 2016. Table games win was $101.3 million, an 18.6%
decrease from $124.5 million for the fourth quarter of 2016. Table
games win percentage was 23.5%, within the expected range of 21% to
25% and below the 27.5% experienced for the fourth quarter of 2016.
Slot machine handle was $833.2 million, a 3.3% decrease from $862.1
million for the fourth quarter of 2016, while slot win decreased
1.2% to $56.6 million.
Non-casino revenues before promotional allowances from our Las
Vegas Operations were $275.2 million for the fourth quarter of
2017, a 5.8% increase from $260.2 million for the same period of
2016. Room revenues were $107.8 million for the fourth quarter of
2017, a 1.9% increase from $105.7 million for the same period of
2016. ADR was $305, a 4.8% increase from $291 for the fourth
quarter of 2016. Occupancy decreased to 82.1% for the fourth
quarter of 2017, from 84.1% for the same period of 2016. REVPAR was
$250, a 2.0% increase from $245 for the fourth quarter of 2016.
Food and beverage revenues increased 9.9%, to $108.0 million for
the fourth quarter of 2017, compared to the same period of 2016.
Entertainment, retail and other revenues increased 5.8%, to $59.5
million for the fourth quarter of 2017, compared to the same period
of 2016.
Retail Joint Venture
In December 2016, the Company entered into a joint venture
arrangement (the “Retail Joint Venture”), of which the Company owns
50.1%, with Crown Acquisitions Inc. ("Crown") to own and operate
approximately 88,000 square feet of existing retail space at Wynn
Las Vegas. In November 2017, the Company contributed approximately
74,000 square feet of additional retail space to the Retail Joint
Venture, the majority of which is currently under construction at
Wynn Las Vegas, and received cash of $180.0 million from
Crown. The Company expects to open the additional retail space
in the third quarter of 2018. Based on the applicable
accounting guidance, the Company will continue to consolidate the
Retail Joint Venture 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 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 December 31,
2017, we have incurred $1.13 billion 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 as of December 31, 2017 totaled $3.13 billion.
Total debt outstanding at the end of the quarter was $9.63
billion, including $3.60 billion of Macau related debt, $3.16
billion of Wynn Las Vegas debt and $2.87 billion at the parent
company and other.
During the fourth quarter of 2017, Wynn Macau, Limited redeemed
the remaining $403.6 million of untendered 5 1/4 % Senior Notes,
due 2021 and recorded a $12.3 million loss on extinguishment of
debt.
In December 2017, we reached agreements to acquire approximately
38 acres of land on the Las Vegas Strip directly across from Wynn
Las Vegas for $336.2 million, approximately 16 acres of which are
subject to a ground lease that expires in 2097. We currently expect
to complete these transactions in the first quarter of 2018.
Conference Call Information
The Company will hold a conference call to discuss its results
on January 22, 2018 at 9:00 a.m. PT (12:00 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 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, the impact of the
U.S. tax reform, 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, 2017 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, foreign currency
remeasurement gain (loss), the impact from enactment of U.S. tax
reform, 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 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,
income 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,
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 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 attributable to Wynn Resorts, Limited
to Adjusted Property EBITDA.
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, 2017
2016 2017 2016 Operating revenues:
Casino $ 1,374,260 $ 1,004,533 $ 4,948,319 $ 3,268,141 Rooms
172,644 172,225 704,202 603,272 Food and beverage 153,135 132,442
690,942 601,514 Entertainment, retail and other 114,147
106,172 424,783 363,428 Gross revenues
1,814,186 1,415,372 6,768,246 4,836,355 Less: promotional
allowances (125,090 ) (114,939 ) (461,878 ) (370,058 ) Net revenues
1,689,096 1,300,433 6,306,368 4,466,297
Operating expenses: Casino 894,294 651,208 3,197,729
2,079,740 Rooms 43,117 41,967 177,511 157,904 Food and beverage
86,985 80,754 410,825 375,234 Entertainment, retail and other
47,342 45,018 177,328 161,144 General and administrative 182,848
166,985 685,485 548,141 (Benefit) provision for doubtful accounts
(2,118 ) 7,387 (6,711 ) 8,203 Pre-opening 7,247 4,221 26,692
154,717 Depreciation and amortization 136,880 140,543 552,368
404,730 Property charges and other (8,918 ) 23,456 29,576
54,822 Total operating expenses 1,387,677
1,161,539 5,250,803 3,944,635 Operating income
301,419 138,894 1,055,565 521,662 Other
income (expense): Interest income 9,195 3,596 31,193 13,536
Interest expense, net of amounts capitalized (96,789 ) (95,667 )
(388,664 ) (289,365 ) Change in interest rate swap fair value —
2,126 (1,056 )
433
Change in Redemption Note fair value 10,282 84,282 (59,700 ) 65,043
Loss on extinguishment of debt (12,299 ) — (55,360 ) — Equity in
income from unconsolidated affiliates — — — 16 Other (1,869 ) 318
(21,709 )
(728
)
Other income (expense), net (91,480 ) (5,345 ) (495,296 )
(211,065
)
Income before income taxes 209,939 133,549 560,269 310,597 Benefit
(provision) for income taxes 334,025 (6,983 ) 328,985
(8,128
)
Net income 543,964 126,566 889,254 302,469 Less: net income
attributable to noncontrolling interests (52,282 ) (12,766 )
(142,073 )
(60,494
)
Net income attributable to Wynn Resorts, Limited $ 491,682 $
113,800 $ 747,181 $ 241,975 Basic and diluted
income per common share: Net income attributable to Wynn Resorts,
Limited: Basic $ 4.80 $ 1.12 $ 7.32 $ 2.39 Diluted $ 4.77 $ 1.12 $
7.28 $ 2.38 Weighted average common shares outstanding: Basic
102,402 101,509 102,071 101,445 Diluted 103,065 101,910 102,598
101,855 Dividends declared per common share: $ 0.50 $ 0.50 $ 2.00 $
2.00
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, 2017
2016 2017 2016 Net income attributable
to Wynn Resorts, Limited $ 491,682 $ 113,800 $ 747,181 $ 241,975
Pre-opening expenses 7,247 4,221 26,692 154,717 Property charges
and other (8,918 ) 23,456 29,576 54,822 Change in interest rate
swap fair value — (2,126 ) 1,056 (433 ) Change in Redemption Note
fair value (10,282 ) (84,282 ) 59,700 (65,043 ) Loss on
extinguishment of debt 12,299 — 55,360 — Foreign currency
remeasurement (gain) loss 1,869 (318 ) 21,709 728 Income tax impact
on adjustments (8,158 ) (4,611 ) (19,911 ) (3,013 ) Impact of U.S.
tax reform (339,921 ) — (339,921 ) — Noncontrolling interests
impact on adjustments (1,489 ) 635 (20,972 ) (37,838 )
Adjusted net income attributable to Wynn Resorts, Limited $ 144,329
$ 50,775 $ 560,470 $ 345,915 Adjusted
net income attributable to Wynn Resorts, Limited per diluted share
$ 1.40 $ 0.50 $ 5.46 $ 3.40
Weighted average common shares outstanding - diluted 103,065
101,910 102,598 101,855
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME
(LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2017
Operating income
(loss)
Pre-openingexpenses
Depreciation and
amortization
Propertycharges andother
Managementand license
fees
Corporateexpense and
other
Stock-basedcompensation
Adjusted Property
EBITDA
Macau Operations: Wynn Macau $ 133,923 $ — $ 23,249 $ (1,244 ) $
24,042 $ 3,499 $ 2,560 $ 186,029 Wynn Palace 101,443 — 64,475
(7,590 ) 27,014 3,213 1,541 190,096 Other Macau (2,686 ) —
1,107 16 — 1,395 168 — Total
Macau Operations 232,680 — 88,831 (8,818 ) 51,056 8,107 4,269
376,125 Las Vegas Operations 37,338 (522 ) 45,318 (5,059 ) 17,352
8,995 679 104,101 Corporate and Other 31,401 7,769
2,731 4,959 (68,408 ) 11,815 9,733 —
Total $ 301,419 $ 7,247 $ 136,880 $ (8,918 ) $
— $ 28,917 $ 14,681 $ 480,226
Three Months Ended December 31, 2016
Operating income
(loss)
Pre-openingexpenses
Depreciation and
amortization
Property charges and
other
Management and license
fees
Corporate expense and
other
Stock-basedcompensation
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
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME
(LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands) (unaudited)
(continued)
Twelve Months Ended December 31, 2017
Operating income
(loss)
Pre-openingexpenses
Depreciation and
amortization
Property charges and
other
Management and license
fees
Corporate expense and
other
Stock-basedcompensation
Adjusted Property
EBITDA
Macau Operations: Wynn Macau $ 540,341 $ — $ 97,292 $ 6,688 $
96,769 $ 11,085 $ 8,577 $ 760,752 Wynn Palace 157,886 — 258,224
12,663 83,534 9,957 5,319 527,583 Other Macau (15,201 ) —
4,483 179 — 9,875 664 — Total
Macau Operations 683,026 — 359,999 19,530 180,303 30,917 14,560
1,288,335 Las Vegas Operations 242,457 226 181,879 4,598 64,598
26,578 2,061 522,397 Corporate and Other 130,082 26,466
10,490 5,448 (244,901 ) 45,065 27,350
— Total $ 1,055,565 $ 26,692 $ 552,368
$ 29,576 $ — $ 102,560 $ 43,971 $
1,810,732
Twelve Months Ended December 31,
2016
Operating income
(loss)
Pre-openingexpenses
Depreciation and
amortization
Property charges and
other
Management and license
fees
Corporate expense and
other
Stock-basedcompensation
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
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME
ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31, 2017
2016 2017 2016 Net income attributable
to Wynn Resorts, Limited $ 491,682 $ 113,800 747,181 $ 241,975 Net
income attributable to noncontrolling interests 52,282 12,766
142,073 60,494 Pre-opening expenses 7,247 4,221 26,692 154,717
Depreciation and amortization 136,880 140,543 552,368 404,730
Property charges and other (8,918 ) 23,456 29,576 54,822 Corporate
expense and other 28,917 19,468 102,560 80,162 Stock-based
compensation 14,681 14,362 43,971 43,218 Interest income (9,195 )
(3,596 ) (31,193 ) (13,536 ) Interest expense, net of amounts
capitalized 96,789 95,667 388,664 289,365 Change in interest rate
swap fair value — (2,126 ) 1,056 (433 ) Change in Redemption Note
fair value (10,282 ) (84,282 ) 59,700 (65,043 ) Loss on
extinguishment of debt 12,299 — 55,360 — Other 1,869 (318 ) 21,709
728 (Benefit) provision for income taxes (334,025 ) 6,983
(328,985 ) 8,128 Adjusted Property EBITDA $ 480,226 $
340,944 $ 1,810,732 $ 1,259,327
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, 2017
2016 2017 2016
Macau Operations:
Wynn Macau: VIP: Average number of table games 102 83 96 149 VIP
turnover $ 15,622,932 $ 10,796,516 $ 58,303,836 $ 47,048,754 VIP
table games win $ 451,486 $ 332,586 $ 1,907,625 $ 1,547,261 VIP
table games win as a % of turnover 2.89 % 3.08 % 3.27 % 3.29 %
Table games win per unit per day (1) $ 48,267 $ 43,419 $ 54,726 $
28,332 Mass market: Average number of table games 202 182 204 216
Table drop (2) $ 1,250,994 $ 1,096,204 $ 4,525,727 $ 4,585,476
Table games win $ 230,053 $ 193,921 $ 880,964 $ 881,797 Table games
win % 18.4 % 17.7 % 19.5 % 19.2 % Table games win per unit per day
(1) $ 12,370 $ 11,590 $ 11,820 $ 11,131 Average number of slot
machines 934 845 914 802 Slot machine handle $ 937,622 $ 802,630 $
3,526,747 $ 3,386,973 Slot machine win $ 40,818 $ 32,582 $ 154,425
$ 145,680 Slot machine win per unit per day (3) $ 475 $ 419 $ 463 $
497 Room statistics: Occupancy 99.4 % 96.3 % 97.5 % 94.4 % ADR (4)
$ 258 $ 262 $ 257 $ 293 REVPAR (5) $ 257 $ 252 $ 251 $ 277
Wynn Palace (6): VIP: Average number of table games 112 86 104 81
VIP turnover $ 16,232,654 $ 10,329,574 $ 52,573,258 $ 14,480,023
VIP table games win $ 489,643 $ 276,499 $ 1,486,674 $ 396,954 VIP
table games win as a % of turnover 3.02 % 2.68 % 2.83 % 2.74 %
Table games win per unit per day (1) $ 47,395 $ 35,151 $ 39,325 $
37,009 Mass market: Average number of table games 197 233 202 245
Table drop (2) $ 1,124,702 $ 724,982 $ 3,490,363 $ 1,000,881 Table
games win $ 264,492 $ 159,620 $ 795,159 $ 211,146 Table games win %
23.5 % 22.0 % 22.8 % 21.1 % Table games win per unit per day (1) $
14,623 $ 7,461 $ 10,759 $ 6,527 Average number of slot machines 983
888 1,026 962 Slot machine handle $ 920,641 $ 534,391 $ 3,053,614 $
738,907 Slot machine win $ 55,042 $ 28,054 $ 165,754 $ 40,664 Slot
machine win per unit per day (3) $ 609 $ 344 $ 443 $ 320 Room
statistics: Occupancy 96.8 % 88.4 % 96.2 % 83.2 % ADR (4) $ 236 $
272 $ 237 $ 276 REVPAR (5) $ 228 $ 241 $ 227 $ 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,
2017 2016 2017 2016
Las Vegas Operations:
Average number of table games 235
232
236 235 Table drop (2) $ 430,821 $ 452,517 $ 1,804,988 $ 1,838,479
Table games win $ 101,290 $ 124,469 $ 465,664 $ 465,041 Table games
win % 23.5 % 27.5 % 25.8 % 25.3 % Table games win per unit per day
(1) $ 4,692 $ 5,837 $ 5,415 $ 5,406 Average number of slot machines
1,834 1,908 1,856 1,893 Slot machine handle $ 833,207 $ 862,052 $
3,183,369 $ 3,148,610 Slot machine win $ 56,557 $ 57,238 $ 218,897
$ 208,024 Slot machine win per unit per day (3) $ 335 $ 326 $ 323 $
300 Room statistics: Occupancy 82.1 % 84.1 % 86.9 % 85.3 % ADR (4)
$ 305 $ 291 $ 305 $ 296 REVPAR (5) $ 250 $ 245 $ 265 $ 252
(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/20180122005966/en/
Wynn Resorts, LimitedRobert Amerine,
702-770-7555investorrelations@wynnresorts.com
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