Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial
results for the third quarter ended September 30, 2018. The
results reflect the Company’s adoption of the new revenue
recognition standard ("ASC 606"), effective January 1, 2018.
Certain prior period amounts have been adjusted to reflect the full
retrospective adoption of ASC 606, with no impact to operating
income, net income or Adjusted Property EBITDA (1).
Operating revenues were $1.71 billion for the third quarter of
2018, an increase of 10.2%, or $157.7 million, from $1.55 billion
for the same period of 2017. Operating revenues from Wynn Palace
and our Wynn Macau Operations increased $205.5 million and $17.6
million, respectively, compared to the same period of 2017.
Operating revenue growth at Wynn Palace and Wynn Macau was
partially offset by a decrease of $65.4 million from our Las Vegas
Operations.
On a U.S. generally accepted accounting principles ("GAAP")
basis, net income attributable to Wynn Resorts, Limited was $156.1
million, or $1.44 per diluted share, for the third quarter of 2018,
compared to $79.8 million, or $0.78 per diluted share, for the same
period of 2017. The increase in net income attributable to Wynn
Resorts, Limited was primarily due to an increase in operating
income from Wynn Palace and Wynn Macau, offset by a decrease in our
Las Vegas Operations. Adjusted net income attributable to Wynn
Resorts, Limited (2) was $182.3 million, or $1.68 per diluted
share, for the third quarter of 2018, compared to $155.8 million,
or $1.52 per diluted share, for the same period of 2017.
Adjusted Property EBITDA was $504.4 million for the third
quarter of 2018, an increase of 6.6%, or $31.4 million, from $473.0
million for the same period of 2017. Adjusted Property EBITDA
increased $87.9 million at Wynn Palace and was relatively flat at
Wynn Macau compared to the same period of 2017. The increase at
Wynn Palace was partially offset by a decrease of $56.2 million at
our Las Vegas Operations.
Wynn Resorts, Limited also announced today that the Company has
approved a cash dividend of $0.75 per share, payable on
November 30, 2018 to stockholders of record as of
November 21, 2018.
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $730.6 million for the
third quarter of 2018, a 39.1% increase from $525.0 million for the
same period of 2017. Adjusted Property EBITDA from Wynn Palace was
$226.1 million for the third quarter of 2018, a 63.6% increase from
$138.2 million for the same period of 2017. Entertainment, retail
and other revenues and Adjusted Property EBITDA for the third
quarter of 2018 include $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 $625.6 million for the
third quarter of 2018, a 39.9% increase from $447.1 million for the
same period of 2017. Table games turnover in VIP operations was
$15.53 billion, a 13.4% increase from $13.69 billion for the third
quarter of 2017. VIP table games win as a percentage of turnover
was 3.40%, above the expected range of 2.7% to 3.0% and an increase
from the 2.99% experienced in the third quarter of 2017. Table drop
in mass market operations was $1.19 billion, a 37.3% increase from
$866.6 million for the third quarter of 2017. Table games win in
mass market operations was $308.1 million, a 58.6% increase from
$194.3 million for the third quarter of 2017. Table games win
percentage in mass market operations was 25.9%, above the 22.4%
table games win percentage in the third quarter of 2017. Slot
machine handle was $922.5 million, a 12.8% increase from $817.5
million for the third quarter of 2017. Slot machine win increased
9.7% to $46.0 million for the third quarter of 2018, compared to
$42.0 million for the third quarter of 2017.
Non-casino revenues from Wynn Palace were $105.0 million for the
third quarter of 2018, a 34.7% increase from $78.0 million for the
same period of 2017. Room revenues were $44.3 million for the third
quarter of 2018, a 50.1% increase from $29.5 million for the same
period of 2017. Average daily rate ("ADR") was $275, a 38.2%
increase from $199 for the third quarter of 2017. Occupancy was
relatively flat at 96.0% for the third quarter of 2018 when
compared to the same period of 2017. Revenue per available room
("REVPAR") was $264, a 37.5% increase from $192 for the third
quarter of 2017.
Wynn Macau
Operating revenues from Wynn Macau were $579.6 million for the
third quarter of 2018, a 3.1% increase from $562.0 million for the
same period of 2017. Adjusted Property EBITDA from Wynn Macau was
relatively flat at $182.9 million for the third quarter of 2018
when compared to the same period of 2017. Entertainment, retail and
other revenues and Adjusted Property EBITDA for the third quarter
of 2018 include $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 $503.6 million for the
third quarter of 2018, a 0.9% increase from $498.8 million for the
same period of 2017. Table games turnover in VIP operations was
$13.97 billion, a 4.4% increase from $13.37 billion for the same
period of 2017. VIP table games win as a percentage of turnover was
3.01%, slightly above the expected range of 2.7% to 3.0% and below
the 3.37% experienced in the third quarter of 2017. Table drop in
mass market operations was $1.18 billion, a 10.6% increase from
$1.07 billion for the third quarter of 2017. Table games win in
mass market operations was $250.2 million, a 15.6% increase from
$216.4 million for the third quarter of 2017. Table games win
percentage in mass market operations increased to 21.1%, compared
with the table games win percentage of 20.2% experienced in the
third quarter of 2017. Slot machine handle was $895.2 million, a
3.6% increase from $864.6 million for the third quarter of 2017,
while slot machine win decreased 2.1% to $34.8 million.
Non-casino revenues from Wynn Macau were $76.1 million for the
third quarter of 2018, a 20.3% increase from $63.2 million for the
same period of 2017. Room revenues were $28.1 million for the third
quarter of 2018, a 20.7% increase from $23.3 million for the same
period of 2017. ADR was $276, a 16.0% increase from $238 for the
third quarter of 2017. Occupancy increased to 99.0% for the third
quarter of 2018, from 97.3% for the same period of 2017. REVPAR was
$273, an 18.2% increase from $231 for the third quarter of
2017.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $398.9
million for the third quarter of 2018, a 14.1% decrease from $464.3
million for the same period of 2017. Adjusted Property EBITDA from
our Las Vegas Operations was $95.3 million, a 37.1% decrease from
$151.5 million for the third quarter of 2017.
Casino revenues from our Las Vegas Operations were $92.9 million
for the third quarter of 2018, a 28.4% decrease from $129.7 million
for the same period of 2017. Table drop was $404.0 million, an
18.6% decrease from $496.2 million for the third quarter of 2017.
Table games win decreased 34.4% to $86.7 million for the third
quarter of 2018, compared to $132.2 million the same period of
2017. Table games win percentage was 21.5%, below the expected
range of 22% to 26% and a decrease from the table games win
percentage of 26.6% experienced in the third quarter of 2017. Slot
machine handle was $810.1 million, a 1.1% decrease from $819.5
million for the third quarter of 2017. Slot machine win decreased
6.2% to $55.9 million.
Non-casino revenues from our Las Vegas Operations were $306.0
million for the third quarter of 2018, an 8.5% decrease from $334.6
million for the same period of 2017. Room revenues were $110.7
million for the third quarter of 2018, a 5.9% decrease from $117.6
million for the same period of 2017. ADR was $289, a 3.0% decrease
from $298 for the third quarter of 2017. Occupancy decreased to
89.6% for the third quarter of 2018, from 91.4% for the same period
of 2017. REVPAR was $259, a 4.8% decrease from $272 for the third
quarter of 2017. Food and beverage revenues decreased 7.3%, to
$148.6 million for the third quarter of 2018, compared to the same
period of 2017. Entertainment, retail and other revenues decreased
17.6%, to $46.8 million for the third quarter of 2018, compared to
$56.8 million in the same period of 2017.
Encore Boston Harbor Project in Massachusetts
The Company is currently constructing Encore 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 $2.6 billion. As of
September 30, 2018, we have incurred $1.83 billion in total
project costs. We expect to open Encore Boston Harbor in
mid-2019.
Balance Sheet
Our cash, cash equivalents and restricted cash as of
September 30, 2018 were $1.95 billion.
Total current and long-term debt outstanding at the end of the
quarter was $8.93 billion, including $4.24 billion of Macau related
debt, $3.10 billion of Wynn Las Vegas debt, $985 million of Wynn
America debt, and $611 million of debt held by the retail joint
venture which we consolidate.
As previously disclosed, on September 19, 2018, the Company
entered into a commitment letter (as subsequently amended and
restated to add additional lenders, the “Commitment Letter”) to
provide for a 364-day term loan facility to the Company in an
aggregate principal amount of up to $750 million, which remained
fully available as of September 30, 2018.
On October 30, 2018, the Company and certain subsidiaries of the
Company entered into a credit agreement to provide for a $500
million six-year term loan (the “Credit Agreement”). The Credit
Agreement matures on October 30, 2024 and bears interest at a rate
of LIBOR plus 2.25% per year. On October 24, 2018, the Company
agreed to terminate $500 million of the lenders’ commitments under
the Commitment Letter.
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 November 7,
2018 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 November 7, 2018, the Company will make Wynn Las Vegas,
LLC financial information for the quarter ended September 30,
2018 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, 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 Property EBITDA” is net income 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
(including intercompany golf course and water rights leases),
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 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.
(2) “Adjusted net income attributable to Wynn Resorts, Limited”
is net income attributable to Wynn Resorts, Limited before
litigation settlement 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 gain (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 attributable to Wynn Resorts,
Limited and adjusted net income attributable to Wynn Resorts,
Limited per diluted share are presented as supplemental disclosures
to financial measures in accordance with GAAP because management
believes that these non-GAAP financial measures are widely used to
measure the performance, and as a principal basis for valuation, of
gaming companies. These measures are used by management and/or
evaluated by some investors, in addition to net income 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.
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 CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per
share data) (unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2018 2017
2018 2017 (as
adjusted) (as adjusted) Operating revenues:
Casino $ 1,222,029 $ 1,075,577 $ 3,564,195 $ 3,067,145 Rooms
183,044 170,371 559,405 504,135 Food and beverage 193,874 200,051
580,963 568,878 Entertainment, retail and other 110,125
105,348 325,511 307,838
Total operating revenues 1,709,072
1,551,347 5,030,074
4,447,996 Operating expenses:
Casino 783,171 678,495 2,254,766 1,956,907 Rooms 62,965 61,390
189,837 184,178 Food and beverage 162,311 151,796 468,265 438,308
Entertainment, retail and other 44,028 48,996 138,647 142,988
General and administrative 192,327 178,504 545,543 502,635
Litigation settlement — — 463,557 — Provision (benefit) for
doubtful accounts 3,285 1,656 2,586 (4,593 ) Pre-opening 13,714
6,908 35,255 19,445 Depreciation and amortization 137,458 137,982
411,685 415,488 Property charges and other 18,830
28,293 30,672 38,494
Total operating expenses 1,418,089
1,294,020 4,540,813
3,693,850 Operating income
290,983 257,327
489,261 754,146 Other income
(expense): Interest income 6,948 8,447 21,029 21,998 Interest
expense, net of amounts capitalized (93,007 ) (95,874 ) (281,132 )
(291,875 ) Change in derivatives fair value (54 ) (2 ) (54 ) (1,056
) Change in Redemption Note fair value — (41,718 ) (69,331 )
(69,982 ) (Loss) gain on extinguishment of debt (198 ) (20,774 )
2,131 (43,061 ) Other 11,216 (1,894 )
1,039 (19,840 )
Other income (expense), net
(75,095 ) (151,815 )
(326,318 ) (403,816 )
Income before income taxes 215,888 105,512
162,943 350,330 Benefit (provision) for income taxes
3,884 457 124,631
(5,040 )
Net income 219,772 105,969
287,574 345,290 Less: net income attributable to
noncontrolling interests (63,657 ) (26,202 )
(180,010 ) (89,791 )
Net income attributable to Wynn
Resorts, Limited $ 156,115 $
79,767 $ 107,564 $
255,499 Basic and diluted income per common share:
Net income attributable to Wynn Resorts, Limited: Basic $ 1.44 $
0.78 $ 1.01 $ 2.51 Diluted $ 1.44 $ 0.78 $ 1.01 $ 2.49 Weighted
average common shares outstanding: Basic 108,064 102,173 106,162
101,960 Diluted 108,533 102,794 106,721 102,460 Dividends declared
per common share: $ 0.75 $ 0.50 $ 2.00 $ 1.50
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
September 30,
Nine Months Ended
September 30,
2018 2017
2018 2017 Net income
attributable to Wynn Resorts, Limited $ 156,115 $ 79,767 $ 107,564
$ 255,499 Litigation settlement expense — — 463,557 — Pre-opening
expenses 13,714 6,908 35,255 19,445 Property charges and other
18,830 28,293 30,672 38,494 Change in derivatives fair value 54 2
54 1,056 Change in Redemption Note fair value — 41,718 69,331
69,982 Loss (gain) on extinguishment of debt 198 20,774 (2,131 )
43,061 Foreign currency remeasurement (gain) loss (11,216 ) 1,894
(1,039 ) 19,840 Income tax impact on adjustments 3,010 (9,983 )
(114,376 ) (11,753 ) Noncontrolling interests impact on adjustments
1,609 (13,556 ) (3,393 ) (19,483
)
Adjusted net income attributable to Wynn Resorts, Limited
$ 182,314 $ 155,817
$ 585,494 $ 416,141
Adjusted net income attributable to Wynn Resorts, Limited per
diluted share $ 1.68 $ 1.52
$ 5.49 $ 4.06
Weighted average common shares outstanding - diluted 108,533
102,794 106,721 102,460
WYNN RESORTS, LIMITED AND
SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO
ADJUSTED PROPERTY EBITDA (in thousands)
(unaudited) 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 Corporate and Other 10,832
13,714 2,953 10,221 (68,743 ) 23,303
7,720 —
Total $ 290,983
$ 13,714 $ 137,458 $
18,830 $ — $ 31,763
$ 11,619 $ 504,367 Three
Months Ended September 30, 2017
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 $ 28,432 $ — $ 65,062 $ 19,493 $
21,769 $ 2,198 $ 1,274 $ 138,228 Wynn Macau 124,566 — 24,734 6,396
23,099 2,384 2,040 183,219 Other Macau (6,551 ) —
1,115 157 — 5,111 168
—
Total Macau Operations 146,447 —
90,911 26,046 44,868 9,693 3,482
321,447 Las Vegas Operations 76,785 237 44,549 2,247 22,513
4,740 438 151,509 Corporate and Other 34,095
6,671 2,522 — (67,381 ) 17,510
6,583 —
Total $ 257,327 $
6,908 $ 137,982 $ 28,293
$ — $ 31,943 $
10,503 $ 472,956 WYNN RESORTS,
LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME
(LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands)
(unaudited) (continued) 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
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 Corporate and Other (1)
(394,471 ) 35,247 8,951 12,093
(200,822 ) 522,700 16,302 —
Total
$ 489,261 $ 35,255 $
411,685 $ 30,672 $ —
$ 549,907 $ 28,265 $
1,545,045 Nine Months Ended September 30, 2017
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 $ 56,443 $ — $ 193,749 $ 20,253 $
56,520 $ 6,744 $ 3,778 $ 337,487 Wynn Macau 406,418 — 74,043 7,932
72,727 7,586 6,017 574,723 Other Macau (12,515 ) —
3,376 163 — 8,480 496
—
Total Macau Operations 450,346 —
271,168 28,348 129,247 22,810
10,291 912,210 Las Vegas Operations 205,119 748
136,561 9,657 47,246 17,583 1,382 418,296 Corporate and Other
98,681 18,697 7,759 489
(176,493 ) 33,250 17,617 —
Total
$ 754,146 $ 19,445 $
415,488 $ 38,494 $ —
$ 73,643 $ 29,290 $
1,330,506 (1) Corporate expenses and other
includes litigation settlement expense of $463.6 million.
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF
NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED
PROPERTY EBITDA (in thousands) (unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2018 2017
2018 2017 Net income
attributable to Wynn Resorts, Limited $ 156,115 $ 79,767 $ 107,564
$ 255,499 Net income attributable to noncontrolling interests
63,657 26,202 180,010 89,791 Litigation settlement expense — —
463,557 — Pre-opening expenses 13,714 6,908 35,255 19,445
Depreciation and amortization 137,458 137,982 411,685 415,488
Property charges and other 18,830 28,293 30,672 38,494 Corporate
expenses and other 31,763 31,943 86,350 73,643 Stock-based
compensation 11,619 10,503 28,265 29,290 Interest income (6,948 )
(8,447 ) (21,029 ) (21,998 ) Interest expense, net of amounts
capitalized 93,007 95,874 281,132 291,875 Change in derivatives
fair value 54 2 54 1,056 Change in Redemption Note fair value —
41,718 69,331 69,982 Loss (gain) on extinguishment of debt 198
20,774 (2,131 ) 43,061 Other (11,216 ) 1,894 (1,039 ) 19,840
(Benefit) provision for income taxes (3,884 ) (457 )
(124,631 ) 5,040
Adjusted Property
EBITDA $ 504,367 $ 472,956
$ 1,545,045 $ 1,330,506
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,
2018 2017
2018 2017 Macau
Operations: Wynn Palace: VIP: Average number of table
games 112 106 114 101 VIP turnover $ 15,525,637 $ 13,694,250 $
44,940,535 $ 36,340,603 VIP table games win (1) $ 528,219 $ 409,648
$ 1,348,291 $ 997,031 VIP table games win as a % of turnover 3.40 %
2.99 % 3.00 % 2.74 % Table games win per unit per day $ 51,463 $
42,015 $ 43,302 $ 36,290 Mass market: Average number of table games
206 201 209 205 Table drop (2) $ 1,189,895 $ 866,637 $ 3,625,959 $
2,365,661 Table games win (1) $ 308,149 $ 194,294 $ 898,876 $
530,668 Table games win % 25.9 % 22.4 % 24.8 % 22.4 % Table games
win per unit per day $ 16,291 $ 10,491 $ 15,750 $ 9,507 Average
number of slot machines 1,056 1,100 1,062 1,041 Slot machine handle
$ 922,514 $ 817,543 $ 2,921,582 $ 2,132,973 Slot machine win (3) $
46,044 $ 41,965 $ 145,993 $ 110,712 Slot machine win per unit per
day $ 474 $ 415 $ 503 $ 390 Room statistics: Occupancy 96.0 % 96.1
% 96.3 % 96.0 % ADR (4) $ 275 $ 199 $ 261 $ 193 REVPAR (5) $ 264 $
192 $ 251 $ 185
Wynn Macau: VIP: Average number of table
games 109 96 111 93 VIP turnover $ 13,966,931 $ 13,373,060 $
44,982,849 $ 42,680,904 VIP table games win (1) $ 420,864 $ 451,136
$ 1,223,219 $ 1,456,139 VIP table games win as a % of turnover 3.01
% 3.37 % 2.72 % 3.41 % Table games win per unit per day $ 42,061 $
51,324 $ 40,204 $ 57,095 Mass market: Average number of table games
200 206 202 205 Table drop (2) $ 1,183,667 $ 1,070,119 $ 3,799,636
$ 3,274,733 Table games win (1) $ 250,229 $ 216,439 $ 758,748 $
650,911 Table games win % 21.1 % 20.2 % 20.0 % 19.9 % Table games
win per unit per day $ 13,625 $ 11,408 $ 13,747 $ 11,637 Average
number of slot machines 845 918 902 907 Slot machine handle $
895,249 $ 864,553 $ 2,861,703 $ 2,589,125 Slot machine win (3) $
34,769 $ 35,522 $ 116,960 $ 113,607 Slot machine win per unit per
day $ 447 $ 421 $ 475 $ 459 Room statistics: Occupancy 99.0 % 97.3
% 99.1 % 96.9 % ADR (4) $ 276 $ 238 $ 280 $ 240 REVPAR (5) $ 273 $
231 $ 277 $ 232
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,
2018 2017
2018 2017 Las Vegas
Operations: Average number of table games 235 237 237 236 Table
drop (2) $ 404,033 $ 496,233 $ 1,344,344 $ 1,374,167 Table games
win (1) $ 86,709 $ 132,227 $ 342,129 $ 364,374 Table games win %
21.5 % 26.6 % 25.4 % 26.5 % Table games win per unit per day $
4,003 $ 6,065 $ 5,297 $ 5,657 Average number of slot machines 1,823
1,849 1,824 1,864 Slot machine handle $ 810,120 $ 819,462 $
2,332,700 $ 2,350,162 Slot machine win (3) $ 55,937 $ 59,605 $
154,618 $ 162,340 Slot machine win per unit per day $ 334 $ 350 $
310 $ 319 Room statistics: Occupancy 89.6 % 91.4 % 87.1 % 88.5 %
ADR (4) $ 289 $ 298 $ 313 $ 304 REVPAR (5) $ 259 $ 272 $ 273 $ 269
(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. (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. The prior period amounts have been
adjusted to reflect the full retrospective adoption of ASC 606. (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. The prior period amounts
have been adjusted to reflect the full retrospective adoption of
ASC 606.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181107005875/en/
Wynn Resorts, LimitedRobert
Amerine702-770-7555investorrelations@wynnresorts.com
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