WYNN Wynn Resorts Ltd

Wynn Resorts, Limited (NASDAQ: WYNN) ("the Company") today reported financial results for the fourth quarter and year ended December 31, 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 $1.69 billion in the fourth quarter of 2018, an increase of 4.0%, or $65.4 million, from $1.62 billion in the fourth quarter of 2017. Operating revenues from Wynn Palace and our Las Vegas Operations increased $84.0 million and $11.7 million, respectively, offset by a decrease of $30.3 million at Wynn Macau.

On a U.S. generally accepted accounting principles ("GAAP") basis, net income attributable to Wynn Resorts, Limited was $476.6 million, or $4.41 per diluted share, for the fourth quarter of 2018, compared to $491.7 million, or $4.77 per diluted share, in the fourth quarter of 2017. During the fourth quarter of 2018, we finalized our analysis of the U.S. Tax Cuts and Jobs Act (“U.S. tax reform”), which was enacted in the fourth quarter of 2017 and further clarified by guidance issued by the Internal Revenue Service in the fourth quarter of 2018. As a result, fourth quarter 2018 results reflect a net tax benefit of $390.9 million related to U.S. tax reform, which is incremental to the $339.9 million provisional net tax benefit reflected in the fourth quarter of 2017 results.

Adjusted net income attributable to Wynn Resorts, Limited (2) was $114.0 million, or $1.06 per diluted share, in the fourth quarter of 2018, compared to $144.3 million, or $1.40 per diluted share, in the fourth quarter of 2017.

In the fourth quarter of 2018, Adjusted Property EBITDA increased 4.0%, to $499.4 million, compared to $480.2 million in the fourth quarter of 2017. Adjusted Property EBITDA from Wynn Palace and our Las Vegas Operations increased $36.5 million and $1.1 million, respectively, offset by a decrease of $18.5 million from Wynn Macau.

In the full year of 2018, operating revenues increased 10.7%, or $647.5 million, to $6.72 billion, compared to $6.07 billion in the year ended December 31, 2017. Operating revenues increased $727.3 million at Wynn Palace, partially offset by decreases of $42.4 million and $37.4 million from Wynn Macau and our Las Vegas Operations, respectively.

GAAP net income attributable to Wynn Resorts, Limited was $584.2 million, or $5.46 per diluted share in 2018, compared to $747.2 million, or $7.28 per diluted share in the year ended December 31, 2017. The decrease was primarily driven by a litigation settlement expense of $463.6 million recorded in the first quarter of 2018. Both full year 2018 and 2017 results included the aforementioned net tax benefits of $390.9 million and $339.9 million, respectively, recorded in connection with U.S. tax reform.

Adjusted net income attributable to Wynn Resorts, Limited was $699.5 million, or $6.54 per diluted share, in 2018, compared to $560.5 million, or $5.46 per diluted share, in the year ended December 31, 2017.

Full year Adjusted Property EBITDA increased 12.9%, or $233.7 million, to $2.04 billion, compared to $1.81 billion in the year ended December 31, 2017. Adjusted Property EBITDA increased $316.3 million at Wynn Palace, partially offset by decreases of $27.5 million and $55.1 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 $0.75 per share, payable on February 26, 2019 to stockholders of record as of February 15, 2019.

In the fourth quarter, the Company repurchased 1,478,552 shares of its common stock for approximately $156.7 million.

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $740.6 million for the fourth quarter of 2018, a 12.8% increase from $656.5 million for the same period of 2017. Adjusted Property EBITDA from Wynn Palace was $226.6 million for the fourth quarter of 2018, a 19.2% increase from $190.1 million for the same period of 2017.

Casino revenues from Wynn Palace were $636.9 million for the fourth quarter of 2018, a 12.3% increase from $567.0 million for the same period of 2017. Table games turnover in VIP operations was relatively flat at $16.16 billion for the fourth quarter of 2018 when compared to the same period of 2017. VIP table games win as a percentage of turnover was 3.25%, above the expected range of 2.7% to 3.0% and an increase from the 3.02% experienced in the fourth quarter of 2017. Table drop in mass market operations was $1.30 billion, a 15.6% increase from $1.12 billion for the fourth quarter of 2017. Table games win in mass market operations was $307.4 million, a 16.2% increase from $264.5 million for the fourth quarter of 2017. Table games win percentage in mass market operations increased slightly to 23.6%, compared with the table games win percentage of 23.5% experienced in the fourth quarter of 2017. Slot machine handle was $1.01 billion, a 9.9% increase from $920.6 million for the fourth quarter of 2017. Slot machine win increased 4.6% to $57.6 million for the fourth quarter of 2018, compared to $55.0 million for the fourth quarter of 2017.

Non-casino revenues from Wynn Palace were $103.6 million for the fourth quarter of 2018, a 15.7% increase from $89.6 million for the same period of 2017. Room revenues were $44.6 million for the fourth quarter of 2018, a 27.4% increase from $35.0 million for the same period of 2017. Average daily rate ("ADR") was $277, a 28.8% increase from $215 for the fourth quarter of 2017. Occupancy increased to 97.2% for the fourth quarter of 2018, from 96.8% for the same period of 2017. Revenue per available room ("REVPAR") was $269, a 28.7% increase from $209 for the fourth quarter of 2017.

Wynn Macau

Operating revenues from Wynn Macau were $553.4 million for the fourth quarter of 2018, a 5.2% decrease from $583.7 million for the same period of 2017. Adjusted Property EBITDA from Wynn Macau was $167.6 million, a 9.9% decrease from $186.0 million for the same period of 2017.

Casino revenues from Wynn Macau were $479.0 million for the fourth quarter of 2018, a 5.9% decrease from $508.9 million for the same period of 2017. Table games turnover in VIP operations was $12.78 billion, an 18.2% decrease from $15.62 billion for the same period of 2017. VIP table games win as a percentage of turnover was 2.86%, within the expected range of 2.7% to 3.0% and below the 2.89% experienced in the fourth quarter of 2017. Table drop in mass market operations was relatively flat at $1.26 billion for the fourth quarter of 2018 when compared to the same period of 2017. Table games win in mass market operations was $255.7 million, an 11.2% increase from $230.1 million for the fourth quarter of 2017. Table games win percentage in mass market operations increased to 20.3%, compared with the table games win percentage of 18.4% experienced for the fourth quarter of 2017. Slot machine handle was $878.4 million, a 6.3% decrease from $937.6 million for the fourth quarter of 2017. Slot machine win increased 8.8% to $44.4 million for the fourth quarter of 2018, compared to $40.8 million for the fourth quarter of 2017.

Non-casino revenues from Wynn Macau were relatively flat at $74.4 million for the fourth quarter of 2018 when compared to the same period of 2017. Room revenues were $29.9 million for the fourth quarter of 2018, a 17.8% increase from $25.4 million for the same period of 2017. ADR was $294, a 16.2% increase from $253 for the fourth quarter of 2017. Occupancy was relatively flat at 99.3% for the fourth quarter of 2018 when compared to the same period of 2017. REVPAR was $292, a 16.3% increase from $251 for the fourth quarter of 2017. Entertainment, retail and other revenues decreased 20.5%, to $23.3 million for the fourth quarter of 2018, compared to $29.3 million for the same period of 2017.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $393.6 million for the fourth quarter of 2018, a 3.1% increase from $382.0 million for the same period of 2017. Adjusted Property EBITDA from our Las Vegas Operations was $105.2 million, a 1.1% increase from $104.1 million for the same period of 2017.

Casino revenues from our Las Vegas Operations were $104.8 million for the fourth quarter of 2018, a 3.5% increase from $101.2 million for the same period of 2017. Table drop was $508.5 million, an 18.0% increase from $430.8 million for the fourth quarter of 2017. Table games win increased 12.4% to $113.9 million for the fourth quarter of 2018, compared to $101.3 million for the same period of 2017. Table games win percentage was 22.4%, within the expected range of 22% to 26% and a decrease from the tables games win percentage of 23.5% experienced in the fourth quarter of 2017. Slot machine handle was $904.4 million, an 8.5% increase from $833.2 million for the fourth quarter of 2017. Slot machine win increased 3.3% to $58.4 million for the fourth quarter of 2018, compared to $56.6 million for the fourth quarter of 2017.

Non-casino revenues from our Las Vegas Operations were $288.8 million for the fourth quarter of 2018, a 2.9% increase from $280.7 million for the same period of 2017. Room revenues were $117.9 million for the fourth quarter of 2018, a 10.8% increase from $106.4 million for the same period of 2017. ADR was $315, a 4.7% increase from $301 for the fourth quarter of 2017. Occupancy increased to 88.6% for the fourth quarter of 2018, from 82.1% for the same period of 2017. REVPAR was $279, a 13.0% increase from $247 for the fourth quarter of 2017. Food and beverage revenues increased 5.8%, to $121.9 million for the fourth quarter of 2018, compared to $115.2 million for the same period of 2017. Entertainment, retail and other revenues decreased 16.9%, to $49.1 million for the fourth quarter of 2018, compared to $59.1 million for 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 December 31, 2018, we have incurred $2.03 billion in total project costs. We expect to open Encore Boston Harbor in mid-2019.

Balance Sheet

Our cash and cash equivalents and restricted cash as of December 31, 2018 totaled $2.22 billion.

Total current and long-term debt outstanding at December 31, 2018 was $9.42 billion, comprised of $4.23 billion of Macau related debt, $3.10 billion of Wynn Las Vegas debt, $984 million of Wynn America debt, $495 million of Wynn Resorts debt, and $611 million of debt held by the retail joint venture which we consolidate.

As previously disclosed, in December 2018 we amended the Wynn Resorts (Macau) S.A. senior secured credit facilities, which consist of an approximately $2.3 billion equivalent senior secured term loan facility and an approximately $750 million equivalent senior secured revolving credit facility. The amendment extended the final maturity dates of the term loan and the revolving facility to June 2022.

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 January 30, 2019 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com.

On February 28, 2019, the Company will make Wynn Las Vegas, LLC financial information for the year ended December 31, 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 will be included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 and the Company’s other periodic reports filed with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

(1) “Adjusted 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 loss, the impact from the 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 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 CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (unaudited)    

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

  2018       2017     2018       2017   Operating revenues: (as adjusted) (as adjusted) Casino $ 1,220,795 $ 1,177,158 $ 4,784,990 $ 4,244,303 Rooms 192,395 166,822 751,800 670,957 Food and beverage 173,165 163,237 754,128 732,115 Entertainment, retail and other   101,231     114,947     426,742     422,785   Total operating revenues 1,687,586 1,622,164 6,717,660 6,070,160 Operating expenses: Casino 782,141 761,213 3,036,907 2,718,120 Rooms 64,712 60,650 254,549 244,828 Food and beverage 143,441 129,382 611,706 567,690 Entertainment, retail and other 44,466 53,559 183,113 196,547 General and administrative 204,122 182,850 749,665 685,485 Litigation settlement — — 463,557 — Provision (benefit) for doubtful accounts 3,941 (2,118 ) 6,527 (6,711 ) Pre-opening 18,235 7,247 53,490 26,692 Depreciation and amortization 138,911 136,880 550,596 552,368 Property charges and other   29,584     (8,918 )   60,256     29,576   Total operating expenses   1,429,553     1,320,745     5,970,366     5,014,595   Operating income   258,033     301,419     747,294     1,055,565   Other income (expense): Interest income 8,837 9,195 29,866 31,193 Interest expense, net of amounts capitalized (100,717 ) (96,789 ) (381,849 ) (388,664 ) Change in derivatives fair value (4,466 ) — (4,520 ) (1,056 ) Change in Redemption Note fair value — 10,282 (69,331 ) (59,700 ) (Loss) gain on extinguishment of debt (2,027 ) (12,299 ) 104 (55,360 ) Other   (5,113 )   (1,869 )   (4,074 )   (21,709 ) Other income (expense), net   (103,486 )   (91,480 )   (429,804 )   (495,296 ) Income before income taxes 154,547 209,939 317,490 560,269 Benefit for income taxes   372,713     334,025     497,344     328,985   Net income 527,260 543,964 814,834 889,254 Less: net income attributable to noncontrolling interests   (50,644 )   (52,282 )   (230,654 )   (142,073 ) Net income attributable to Wynn Resorts, Limited $ 476,616   $ 491,682   $ 584,180   $ 747,181   Basic and diluted income per common share: Net income attributable to Wynn Resorts, Limited: Basic $ 4.43 $ 4.80 $ 5.48 $ 7.32 Diluted $ 4.41 $ 4.77 $ 5.46 $ 7.28 Weighted average common shares outstanding: Basic 107,619 102,402 106,529 102,071 Diluted 107,974 103,065 107,032 102,598 Dividends declared per common share: $ 0.75 $ 0.50 $ 2.75 $ 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,

  2018       2017     2018       2017   Net income attributable to Wynn Resorts, Limited $ 476,616 $ 491,682 $ 584,180 $ 747,181 Litigation settlement expense — — 463,557 — Pre-opening expenses 18,235 7,247 53,490 26,692 Property charges and other 29,584 (8,918 ) 60,256 29,576 Change in derivatives fair value 4,466 — 4,520 1,056 Change in Redemption Note fair value — (10,282 ) 69,331 59,700 Loss (gain) on extinguishment of debt 2,027 12,299 (104 ) 55,360 Foreign currency remeasurement loss 5,113 1,869 4,074 21,709 Income tax impact on adjustments (23,599 ) (8,158 ) (137,975 ) (19,911 ) Impact of U.S. tax reform (390,902 ) (339,921 ) (390,902 ) (339,921 ) Noncontrolling interests impact on adjustments   (7,568 )   (1,489 )   (10,961 )   (20,972 ) Adjusted net income attributable to Wynn Resorts, Limited $ 113,972   $ 144,329   $ 699,466   $ 560,470   Adjusted net income attributable to Wynn Resorts, Limited per diluted share $ 1.06   $ 1.40   $ 6.54   $ 5.46     Weighted average common shares outstanding - diluted 107,974 103,065 107,032 102,598   WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited)     Three Months Ended December 31, 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 $ 129,228 $ — $ 66,037 $ 708 $ 27,977 $ 1,639 $ 996 $ 226,585 Wynn Macau 114,310 — 21,699 7,020 20,993 1,822 1,716 167,560 Other Macau   (3,117 )   —     1,114   11     —     1,821   171   — Total Macau Operations 240,421 — 88,850 7,739 48,970 5,282 2,883 394,145 Las Vegas Operations 24,159 452 46,795 10,054 18,644 4,282 836 105,222 Corporate and Other   (6,547 )   17,783     3,266   11,791     (67,614 )   36,814   4,507   — Total $ 258,033   $ 18,235   $ 138,911 $ 29,584   $ —   $ 46,378 $ 8,226 $ 499,367   Three Months Ended December 31, 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 $ 101,443 $ — $ 64,475 $ (7,590 ) $ 27,014 $ 3,213 $ 1,541 $ 190,096 Wynn Macau 133,923 — 23,249 (1,244 ) 24,042 3,499 2,560 186,029 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   WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) (continued)     Twelve Months Ended December 31, 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 $ 459,336 $ — $ 259,898 $ 9,830 $ 103,765 $ 6,732 $ 4,341 $ 843,902 Wynn Macau 532,377 — 87,293 11,574 87,135 7,717 7,142 733,238 Other Macau   (13,410 )   —   4,429   82   —     8,189   710   — Total Macau Operations 978,303 — 351,620 21,486 190,900 22,638 12,193 1,577,140 Las Vegas Operations 170,007 460 186,758 14,886 77,537 14,134 3,491 467,273 Corporate and Other (1)   (401,016 )   53,030   12,218   23,884   (268,437 )   559,514   20,807   — Total $ 747,294   $ 53,490 $ 550,596 $ 60,256 $ —   $ 596,286 $ 36,491 $ 2,044,413   Twelve Months Ended December 31, 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 $ 157,886 $ — $ 258,224 $ 12,663 $ 83,534 $ 9,957 $ 5,319 $ 527,583 Wynn Macau 540,341 — 97,292 6,688 96,769 11,085 8,577 760,752 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

 

(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

December 31,

 

Twelve Months Ended

December 31,

  2018       2017     2018       2017   Net income attributable to Wynn Resorts, Limited $ 476,616 $ 491,682 $ 584,180 $ 747,181 Net income attributable to noncontrolling interests 50,644 52,282 230,654 142,073 Litigation settlement expense — — 463,557 — Pre-opening expenses 18,235 7,247 53,490 26,692 Depreciation and amortization 138,911 136,880 550,596 552,368 Property charges and other 29,584 (8,918 ) 60,256 29,576 Corporate expenses and other 46,378 28,917 132,729 102,560 Stock-based compensation 8,226 14,681 36,491 43,971 Interest income (8,837 ) (9,195 ) (29,866 ) (31,193 ) Interest expense, net of amounts capitalized 100,717 96,789 381,849 388,664 Change in derivatives fair value 4,466 — 4,520 1,056 Change in Redemption Note fair value — (10,282 ) 69,331 59,700 Loss (gain) on extinguishment of debt 2,027 12,299 (104 ) 55,360 Other 5,113 1,869 4,074 21,709 Benefit for income taxes   (372,713 )   (334,025 )   (497,344 )   (328,985 ) Adjusted Property EBITDA $ 499,367   $ 480,226   $ 2,044,413   $ 1,810,732     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,   2018       2017     2018       2017   Macau Operations: (as adjusted) (as adjusted) Wynn Palace: VIP: Average number of table games 114 112 114 104 VIP turnover $ 16,156,992 $ 16,232,654 $ 61,097,527 $ 52,573,258 VIP table games win (1) $ 525,898 $ 489,643 $ 1,874,189 $ 1,486,674 VIP table games win as a % of turnover 3.25 % 3.02 % 3.07 % 2.83 % Table games win per unit per day $ 50,057 $ 47,395 $ 45,006 $ 39,325 Mass market: Average number of table games 208 197 209 202 Table drop (2) $ 1,300,388 $ 1,124,702 $ 4,926,347 $ 3,490,363 Table games win (1) $ 307,368 $ 264,492 $ 1,206,244 $ 795,159 Table games win % 23.6 % 23.5 % 24.5 % 22.8 % Table games win per unit per day $ 16,084 $ 14,623 $ 15,834 $ 10,759 Average number of slot machines 1,074 983 1,065 1,026 Slot machine handle $ 1,011,482 $ 920,641 $ 3,933,064 $ 3,053,614 Slot machine win (3) $ 57,575 $ 55,042 $ 203,568 $ 165,754 Slot machine win per unit per day $ 583 $ 609 $ 524 $ 443 Room statistics: Occupancy 97.2 % 96.8 % 96.5 % 96.2 % ADR (4) $ 277 $ 215 $ 265 $ 199 REVPAR (5) $ 269 $ 209 $ 255 $ 191 Wynn Macau: VIP: Average number of table games 111 102 111 96 VIP turnover $ 12,776,758 $ 15,622,932 $ 57,759,607 $ 58,303,836 VIP table games win (1) $ 364,783 $ 451,486 $ 1,588,002 $ 1,907,625 VIP table games win as a % of turnover 2.86 % 2.89 % 2.75 % 3.27 % Table games win per unit per day $ 35,851 $ 48,267 $ 39,113 $ 54,726 Mass market: Average number of table games 205 202 203 204 Table drop (2) $ 1,258,696 $ 1,250,994 $ 5,058,332 $ 4,525,727 Table games win (1) $ 255,736 $ 230,053 $ 1,014,484 $ 880,964 Table games win % 20.3 % 18.4 % 20.1 % 19.5 % Table games win per unit per day $ 13,554 $ 12,370 $ 13,698 $ 11,820 Average number of slot machines 805 934 877 914 Slot machine handle $ 878,393 $ 937,622 $ 3,740,096 $ 3,526,747 Slot machine win (3) $ 44,424 $ 40,818 $ 161,384 $ 154,425 Slot machine win per unit per day $ 600 $ 475 $ 504 $ 463 Room statistics: Occupancy 99.3 % 99.4 % 99.2 % 97.5 % ADR (4) $ 294 $ 253 $ 283 $ 243 REVPAR (5) $ 292 $ 251 $ 281 $ 237   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 December 31,   Twelve Months Ended December 31,   2018       2017     2018       2017   Las Vegas Operations: (as adjusted) (as adjusted) Average number of table games 236 235 237 236 Table drop (2) $ 508,472 $ 430,821 $ 1,852,816 $ 1,804,988 Table games win (1) $ 113,892 $ 101,290 $ 456,021 $ 465,664 Table games win % 22.4 % 23.5 % 24.6 % 25.8 % Table games win per unit per day $ 5,237 $ 4,692 $ 5,282 $ 5,415 Average number of slot machines 1,815 1,834 1,822 1,856 Slot machine handle $ 904,385 $ 833,207 $ 3,237,085 $ 3,183,369 Slot machine win (3) $ 58,407 $ 56,557 $ 213,025 $ 218,897 Slot machine win per unit per day $ 350 $ 335 $ 320 $ 323 Room statistics: Occupancy 88.6 % 82.1 % 87.5 % 86.9 % ADR (4) $ 315 $ 301 $ 314 $ 303 REVPAR (5) $ 279 $ 247 $ 274 $ 264 (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.

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Robert Amerine702-770-7555investorrelations@wynnresorts.com