Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today
reported financial results for the quarter ended June 30, 2019.
"We were pleased to deliver year-over-year revenue growth at all
of our properties in the second quarter, with particular strength
in our core mass business in Macau and REVPAR in Las Vegas," said
Matt Maddox, CEO of Wynn Resorts, Limited. "On the development
front, we have made meaningful progress designing and planning the
Crystal Pavilion in Macau, which we believe will be a 'must-see'
tourism destination on Cotai. We also achieved a significant
milestone during the quarter with the successful opening of Encore
Boston Harbor, the East Coast’s first premium integrated resort, on
June 23. Importantly, the opening of Encore Boston Harbor drives a
reduction in our near-term capital expenditures and improvement in
our discretionary free cash flow profile. We are also pleased to
announce a $1.00 per share dividend for the quarter, consistent
with our strategy of capital return to shareholders. We remain
excited about the outlook for the Company and we will continue to
focus on leveraging our premium-focused business model to drive
long-term returns for shareholders."
Operating revenues were $1.66 billion for the second quarter of
2019, an increase of 3.3%, or $52.9 million, from $1.61 billion for
the second quarter of 2018. Operating revenues increased $8.3
million, $3.2 million, and $22.6 million at Wynn Palace, Wynn
Macau, and our Las Vegas Operations, respectively, from the second
quarter of 2018.
On a U.S. generally accepted accounting principles ("GAAP")
basis, net income attributable to Wynn Resorts, Limited was $94.6
million, or $0.88 per diluted share, for the second quarter of
2019, compared to $155.8 million, or $1.44 per diluted share, in
the second quarter of 2018. The change was primarily due to an
increase in pre-opening expenses related to the development of
Encore Boston Harbor. Adjusted net income attributable to Wynn
Resorts, Limited (1) was $153.9 million, or $1.44 per diluted
share, for the second quarter of 2019, compared to $166.2 million,
or $1.53 per diluted share, for the second quarter of 2018.
Adjusted Property EBITDA (2) was $480.6 million for the second
quarter of 2019, an increase of 0.9%, or $4.2 million, from $476.4
million for the second quarter of 2018. Adjusted Property EBITDA
increased $2.9 million and $13.2 million at Wynn Macau and our Las
Vegas Operations, respectively, and decreased $12.1 million at Wynn
Palace.
Wynn Resorts, Limited also announced today that the Company has
approved a cash dividend of $1.00 per share, payable on August 27,
2019 to stockholders of record as of August 16, 2019.
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $628.9 million for the
second quarter of 2019, a 1.3% increase from $620.6 million for the
second quarter of 2018. Adjusted Property EBITDA from Wynn Palace
was $167.2 million for the second quarter of 2019, a 6.8% decrease
from $179.3 million for the second quarter of 2018.
Casino revenues from Wynn Palace were $528.5 million for the
second quarter of 2019, a 0.7% increase from $525.0 million for the
second quarter of 2018. Table games turnover in VIP operations was
$13.39 billion, a 4.6% decrease from $14.03 billion for the second
quarter of 2018. VIP table games win as a percentage of turnover
was 3.02%, above the expected range of 2.7% to 3.0% and above the
3.00% experienced in the second quarter of 2018. Table drop in mass
market operations was $1.27 billion, a 4.0% increase from $1.22
billion in the second quarter of 2018. Table games win in mass
market operations was $296.9 million, a 5.8% increase from $280.6
million for the second quarter of 2018. Table games win percentage
in mass market operations was 23.4%, above the 23.0% experienced in
the second quarter of 2018. Slot machine handle was $937.8 million,
a 0.3% decrease from $941.0 million for the second quarter of 2018.
Slot machine win decreased 1.4% to $43.6 million for the second
quarter of 2019, compared to $44.2 million for the second quarter
of 2018.
Non-casino revenues from Wynn Palace were $100.4 million for the
second quarter of 2019, a 5.0% increase from $95.6 million for the
second quarter of 2018. Room revenues were $43.2 million for the
second quarter of 2019, a 6.0% increase from $40.7 million for the
second quarter of 2018. Average daily rate ("ADR") was $265, a 4.1%
increase from $254 for the second quarter of 2018. Occupancy
increased to 97.4% for the second quarter of 2019, from 96.2% for
the second quarter of 2018. Revenue per available room ("REVPAR")
was $258, a 5.3% increase from $245 for the second quarter of
2018.
Wynn Macau
Operating revenues from Wynn Macau were $546.5 million for the
second quarter of 2019, a 0.6% increase from $543.3 million for the
second quarter of 2018. Adjusted Property EBITDA was $175.9 million
for the second quarter of 2019, a 1.7% increase from $172.9 million
for the second quarter of 2018.
Casino revenues from Wynn Macau were $481.2 million for the
second quarter of 2019, a 1.7% increase from $473.3 million for the
second quarter of 2018. Table games turnover in VIP operations was
$9.28 billion, a 33.4% decrease from $13.93 billion for the second
quarter of 2018. VIP table games win as a percentage of turnover
was 3.30%, above the expected range of 2.7% to 3.0% and above the
2.56% experienced in the second quarter of 2018. Table drop in mass
market operations was $1.35 billion, a 4.2% increase from $1.29
billion for the second quarter of 2018. Table games win in mass
market operations was $279.1 million, a 10.7% increase from $252.0
million for the second quarter of 2018. Table games win percentage
in mass market operations was 20.7%, above the 19.5% experienced in
the second quarter of 2018. Slot machine handle was $925.8 million,
a 3.9% decrease from $963.6 million for the second quarter of 2018.
Slot machine win increased 5.9% to $42.8 million for the second
quarter of 2019, compared to $40.4 million for the second quarter
of 2018.
Non-casino revenues from Wynn Macau were $65.3 million for the
second quarter of 2019, a 6.8% decrease from $70.0 million for the
second quarter of 2018. Room revenues were $26.5 million for the
second quarter of 2019, a 2.2% decrease from $27.1 million for the
second quarter of 2018. ADR was $281, a 3.2% increase from $272 for
the second quarter of 2018. Occupancy decreased to 98.9% for the
second quarter of 2019, from 99.4% for the same period of 2018.
REVPAR was $278, a 2.6% increase from the second quarter of
2018.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $464.1
million for the second quarter of 2019, a 5.1% increase from $441.6
million for the second quarter of 2018. Adjusted Property EBITDA
from our Las Vegas Operations was $137.4 million, a 10.7% increase
from $124.2 million for the second quarter of 2018.
Casino revenues from our Las Vegas Operations were $119.8
million for the second quarter of 2019, a 17.7% increase from
$101.7 million for the second quarter of 2018. Table games drop was
$440.8 million, a 9.2% increase from $403.7 million for the second
quarter of 2018. Table games win was $126.4 million, a 25.2%
increase from $101.0 million for the second quarter of 2018. Table
games win percentage was 28.7%, above the property’s expected range
of 22% to 26% and above the 25.0% experienced in the second quarter
of 2018. Slot machine handle was $811.6 million, a 4.3% increase
from $778.4 million for the second quarter of 2018. Slot machine
win increased 11.6% to $55.1 million, compared to $49.4 million for
the second quarter of 2018.
Non-casino revenues from our Las Vegas Operations were $344.4
million for the second quarter of 2019, a 1.3% increase from $339.8
million for the second quarter of 2018. Room revenues were $127.6
million for the second quarter of 2019, a 7.9% increase from $118.3
million for the second quarter of 2018. ADR was $333, a 6.4%
increase from $313 in the second quarter of 2018. Occupancy
increased to 90.1% for the second quarter of 2019, from 87.7% for
the second quarter of 2018. REVPAR was $300, a 9.5% increase from
$274 for the second quarter of 2018. Food and beverage revenues
decreased 3.3%, to $165.2 million for the second quarter of 2019,
compared to $170.9 million for the second quarter of 2018.
Entertainment, retail and other revenues increased 1.8%, to $51.6
million for the second quarter of 2019, compared to $50.7 million
in the second quarter of 2018.
Encore Boston Harbor
On June 23, 2019, the Company opened Encore Boston Harbor, an
integrated resort in Everett, Massachusetts. Encore Boston Harbor
features a luxury hotel tower with 671 guest rooms and suites,
approximately 210,000 square feet of casino space, 14 food and
beverage outlets, one nightclub, approximately 71,000 square feet
of meeting and convention space, approximately 7,000 square feet of
retail space, and public attractions, including a waterfront park,
floral displays, and water shuttle service to downtown Boston.
During its eight days of operations in the second quarter of 2019,
Encore Boston Harbor's operating revenues were $18.8 million and
Adjusted Property EBITDA was $0.1 million. The results of Encore
Boston Harbor are presented within Corporate and other for the
second quarter of 2019, and will be reported as a separate segment
beginning in the third quarter of 2019.
Development Projects
We are constructing an approximately 430,000 square foot meeting
and convention facility at Wynn Las Vegas and are reconfiguring the
Wynn Las Vegas golf course, which we closed in the fourth quarter
of 2017. The facility will feature approximately 217,000 square
feet of state-of-the-art meeting and convention space available for
group reservations. Based on current designs, we estimate the total
project budget to be approximately $425 million. As of June 30,
2019, we have incurred $246.6 million in total project costs. We
expect to reopen the golf course in the fourth quarter of 2019 and
open the additional meeting and convention space in the first
quarter of 2020.
Balance Sheet
Our cash and cash equivalents and restricted cash as of June 30,
2019 totaled $1.51 billion.
Total current and long-term debt outstanding at June 30, 2019
was $9.15 billion, comprised of $3.71 billion of Macau related
debt, $3.11 billion of Wynn Las Vegas debt, $983 million of Wynn
America debt, $739 million of Wynn Resorts debt, and $611 million
of debt held by the retail joint venture which we consolidate.
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 August 6, 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 August 8, 2019, the Company will make Wynn Las Vegas, LLC
financial information for the quarter ended June 30, 2019 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, 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 net income attributable to Wynn Resorts, Limited"
is net income (loss) attributable to Wynn Resorts, Limited before
litigation settlement expense, nonrecurring regulatory expense,
pre-opening expenses, property charges and other, change in
derivatives fair value, change in Redemption Note fair value, gain
on extinguishment of debt, foreign currency remeasurement 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 (loss) attributable
to Wynn Resorts, Limited and adjusted net income (loss)
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 (loss) 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 (loss) attributable to Wynn Resorts, Limited and
adjusted net income (loss) 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 (loss) 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,
stock-based compensation, 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 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 (loss) 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 (loss) attributable to Wynn Resorts,
Limited to Adjusted Property EBITDA.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share data)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
Operating revenues:
Casino
$
1,142,503
$
1,100,027
$
2,327,604
$
2,342,166
Rooms
198,807
186,051
390,077
376,361
Food and beverage
218,022
214,867
391,241
387,089
Entertainment, retail and other
99,000
104,479
200,956
215,386
Total operating revenues
1,658,332
1,605,424
3,309,878
3,321,002
Operating expenses:
Casino
724,987
707,194
1,475,058
1,471,595
Rooms
66,148
63,675
129,854
126,872
Food and beverage
182,080
168,296
330,841
305,954
Entertainment, retail and other
43,514
46,589
87,558
94,619
General and administrative
202,224
183,631
419,546
353,216
Litigation settlement
—
—
—
463,557
Provision (benefit) for doubtful
accounts
3,581
(1,390
)
9,003
(699
)
Pre-opening
69,883
11,196
97,596
21,541
Depreciation and amortization
140,269
137,870
276,826
274,227
Property charges and other
6,930
8,791
9,704
11,842
Total operating expenses
1,439,616
1,325,852
2,835,986
3,122,724
Operating income
218,716
279,572
473,892
198,278
Other income (expense):
Interest income
6,265
6,861
13,552
14,081
Interest expense, net of amounts
capitalized
(93,149
)
(89,898
)
(186,329
)
(188,125
)
Change in derivatives fair value
(3,304
)
—
(4,813
)
—
Change in Redemption Note fair value
—
—
—
(69,331
)
Gain on extinguishment of debt
—
—
—
2,329
Other
11,715
(957
)
5,357
(10,177
)
Other income (expense), net
(78,473
)
(83,994
)
(172,233
)
(251,223
)
Income (loss) before income
taxes
140,243
195,578
301,659
(52,945
)
Benefit for income taxes
1,991
9,702
306
120,747
Net income
142,234
205,280
301,965
67,802
Less: net income attributable to
noncontrolling interests
(47,683
)
(49,524
)
(102,542
)
(116,353
)
Net income (loss) attributable to Wynn
Resorts, Limited
$
94,551
$
155,756
$
199,423
$
(48,551
)
Basic and diluted income (loss) per common
share:
Net income (loss) attributable to Wynn
Resorts, Limited:
Basic
$
0.88
$
1.44
$
1.87
$
(0.46
)
Diluted
$
0.88
$
1.44
$
1.86
$
(0.46
)
Weighted average common shares
outstanding:
Basic
106,876
107,792
106,834
105,195
Diluted
107,141
108,405
107,089
105,195
Dividends declared per common share:
$
1.00
$
0.75
$
1.75
$
1.25
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME
(LOSS) 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,
2019
2018
2019
2018
Net income (loss) attributable to Wynn
Resorts, Limited
$
94,551
$
155,756
$
199,423
$
(48,551
)
Litigation settlement expense
—
—
—
463,557
Nonrecurring regulatory expense
—
—
35,000
—
Pre-opening expenses
69,883
11,196
97,596
21,541
Property charges and other
6,930
8,791
9,704
11,842
Change in derivatives fair value
3,304
—
4,813
—
Change in Redemption Note fair value
—
—
—
69,331
Gain on extinguishment of debt
—
—
—
(2,329
)
Foreign currency remeasurement (gain)
loss
(11,715
)
957
(5,357
)
10,177
Income tax impact on adjustments
(10,351
)
(8,558
)
(13,043
)
(117,386
)
Noncontrolling interests impact on
adjustments
1,303
(1,934
)
(1,647
)
(5,002
)
Adjusted net income attributable to
Wynn Resorts, Limited
$
153,905
$
166,208
$
326,489
$
403,180
Adjusted net income attributable to
Wynn Resorts, Limited per diluted share
$
1.44
$
1.53
$
3.05
$
3.81
Weighted average common shares outstanding
- diluted
107,141
108,405
107,089
105,812
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING
INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30,
2019
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
$
76,044
$
—
$
66,227
$
(1,409
)
$
23,628
$
1,447
$
1,228
$
167,165
Wynn Macau
128,264
—
21,924
2,061
19,649
1,847
2,128
175,873
Other Macau
(3,687
)
—
1,116
2
—
2,291
278
—
Total Macau Operations
200,621
—
89,267
654
43,277
5,585
3,634
343,038
Las Vegas Operations
60,207
—
44,237
6,274
21,457
3,640
1,584
137,399
Corporate and other
(42,112
)
69,883
6,765
2
(64,734
)
26,070
4,272
146
Total
$
218,716
$
69,883
$
140,269
$
6,930
$
—
$
35,295
$
9,490
$
480,583
Three Months Ended June 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
$
82,501
$
—
$
64,457
$
5,633
$
23,663
$
2,020
$
991
$
179,265
Wynn Macau
126,268
—
21,604
721
20,488
2,224
1,623
172,928
Other Macau
(3,176
)
—
1,105
54
—
1,848
169
—
Total Macau Operations
205,593
—
87,166
6,408
44,151
6,092
2,783
352,193
Las Vegas Operations
51,150
2
47,579
429
20,299
3,702
996
124,157
Corporate and other
22,829
11,194
3,125
1,954
(64,450
)
19,785
5,563
—
Total
$
279,572
$
11,196
$
137,870
$
8,791
$
—
$
29,579
$
9,342
$
476,350
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING
INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
(continued)
Six Months Ended June 30,
2019
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
$
201,835
$
—
$
132,293
$
(289
)
$
50,848
$
2,731
$
2,333
$
389,751
Wynn Macau
246,661
—
43,836
2,454
38,635
3,342
4,834
339,762
Other Macau
(6,990
)
—
2,233
8
—
4,204
545
—
Total Macau Operations
441,506
—
178,362
2,173
89,483
10,277
7,712
729,513
Las Vegas Operations
99,131
—
88,827
6,784
40,178
7,605
3,176
245,701
Corporate and other
(66,745
)
97,596
9,637
747
(129,661
)
79,962
8,610
146
Total
$
473,892
$
97,596
$
276,826
$
9,704
$
—
$
97,844
$
19,498
$
975,360
Six Months Ended June 30,
2018
Operating income
(loss)
Pre-opening expenses
Depreciation and
amortization
Property charges and
other
Management and license
fees
Corporate expenses and other
(1)
Stock-based
compensation
Adjusted Property
EBITDA
Macau Operations:
Wynn Palace
$
201,972
$
—
$
128,881
$
6,660
$
47,888
$
3,472
$
2,303
$
391,176
Wynn Macau
285,729
—
43,774
1,489
43,854
4,088
3,816
382,750
Other Macau
(7,146
)
—
2,211
63
—
4,538
334
—
Total Macau Operations
480,555
—
174,866
8,212
91,742
12,098
6,453
773,926
Las Vegas Operations
123,024
8
93,362
1,758
40,338
6,650
1,613
266,753
Corporate and other
(405,301
)
21,533
5,999
1,872
(132,080
)
499,397
8,580
—
Total
$
198,278
$
21,541
$
274,227
$
11,842
$
—
$
518,145
$
16,646
$
1,040,679
(1) Corporate expenses and other includes the litigation
settlement expense of $463.6 million in the first quarter of
2018.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME
(LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY
EBITDA
(in thousands)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
Net income (loss) attributable to Wynn
Resorts, Limited
$
94,551
$
155,756
$
199,423
$
(48,551
)
Net income attributable to noncontrolling
interests
47,683
49,524
102,542
116,353
Litigation settlement expense
—
—
—
463,557
Pre-opening expenses
69,883
11,196
97,596
21,541
Depreciation and amortization
140,269
137,870
276,826
274,227
Property charges and other
6,930
8,791
9,704
11,842
Corporate expenses and other
35,295
29,579
97,844
54,588
Stock-based compensation
9,490
9,342
19,498
16,646
Interest income
(6,265
)
(6,861
)
(13,552
)
(14,081
)
Interest expense, net of amounts
capitalized
93,149
89,898
186,329
188,125
Change in derivatives fair value
3,304
—
4,813
—
Change in Redemption Note fair value
—
—
—
69,331
Gain on extinguishment of debt
—
—
—
(2,329
)
Other
(11,715
)
957
(5,357
)
10,177
Benefit for income taxes
(1,991
)
(9,702
)
(306
)
(120,747
)
Adjusted Property EBITDA
$
480,583
$
476,350
$
975,360
$
1,040,679
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,
2019
2018
2019
2018
Macau Operations:
Wynn Palace:
VIP:
Average number of table games
112
115
112
115
VIP turnover
$
13,388,646
$
14,029,065
$
26,015,909
$
29,414,898
VIP table games win (1)
$
404,408
$
420,181
$
897,592
$
820,072
VIP table games win as a % of turnover
3.02
%
3.00
%
3.45
%
2.79
%
Table games win per unit per day
$
39,827
$
40,036
$
44,464
$
39,289
Mass market:
Average number of table games
214
211
212
211
Table drop (2)
$
1,267,153
$
1,218,863
$
2,571,076
$
2,436,064
Table games win (1)
$
296,852
$
280,568
$
612,320
$
590,728
Table games win %
23.4
%
23.0
%
23.8
%
24.2
%
Table games win per unit per day
$
15,232
$
14,632
$
15,929
$
15,482
Average number of slot machines
1,099
1,069
1,095
1,065
Slot machine handle
$
937,842
$
940,972
$
1,912,890
$
1,999,068
Slot machine win (3)
$
43,567
$
44,164
$
94,968
$
99,949
Slot machine win per unit per day
$
436
$
454
$
479
$
518
Room statistics:
Occupancy
97.4
%
96.2
%
97.3
%
96.5
%
ADR (4)
$
265
$
254
$
268
$
253
REVPAR (5)
$
258
$
245
$
261
$
244
Wynn Macau:
VIP:
Average number of table games
110
112
111
113
VIP turnover
$
9,275,628
$
13,928,463
$
19,469,660
$
31,015,918
VIP table games win (1)
$
305,809
$
357,166
$
601,107
$
802,355
VIP table games win as a % of turnover
3.30
%
2.56
%
3.09
%
2.59
%
Table games win per unit per day
$
30,560
$
35,044
$
29,824
$
39,295
Mass market:
Average number of table games
205
204
206
203
Table drop (2)
$
1,347,435
$
1,293,154
$
2,699,128
$
2,615,969
Table games win (1)
$
279,127
$
252,038
$
543,669
$
508,519
Table games win %
20.7
%
19.5
%
20.1
%
19.4
%
Table games win per unit per day
$
14,929
$
13,577
$
14,608
$
13,808
Average number of slot machines
827
922
827
930
Slot machine handle
$
925,784
$
963,635
$
1,720,151
$
1,966,454
Slot machine win (3)
$
42,815
$
40,426
$
80,709
$
82,191
Slot machine win per unit per day
$
569
$
482
$
539
$
488
Room statistics:
Occupancy
98.9
%
99.4
%
99.1
%
99.2
%
ADR (4)
$
281
$
272
$
285
$
282
REVPAR (5)
$
278
$
271
$
283
$
279
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 June
30,
Six Months Ended June
30,
2019
2018
2019
2018
Las Vegas Operations:
Average number of table games
238
236
238
237
Table drop (2)
$
440,766
$
403,730
$
844,839
$
940,311
Table games win (1)
$
126,395
$
100,987
$
237,765
$
255,420
Table games win %
28.7
%
25.0
%
28.1
%
27.2
%
Table games win per unit per day
$
5,832
$
4,694
$
5,517
$
5,950
Average number of slot machines
1,789
1,820
1,798
1,825
Slot machine handle
$
811,639
$
778,447
$
1,600,949
$
1,522,580
Slot machine win (3)
$
55,128
$
49,418
$
109,672
$
98,681
Slot machine win per unit per day
$
339
$
298
$
337
$
299
Room statistics:
Occupancy
90.1
%
87.7
%
86.3
%
85.8
%
ADR (4)
$
333
$
313
$
335
$
326
REVPAR (5)
$
300
$
274
$
290
$
280
(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.
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190806005825/en/
Vincent Zahn 702-770-7555 investorrelations@wynnresorts.com
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