Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the fourth quarter and year ended December 31, 2019.

Operating revenues were $1.65 billion for the fourth quarter of 2019, a decrease of 2.0%, or $34.1 million, from $1.69 billion for the fourth quarter of 2018. Net loss attributable to Wynn Resorts, Limited was $72.9 million, or $0.68 per diluted share, for the fourth quarter of 2019, compared to net income attributable to Wynn Resorts, Limited of $464.9 million, or $4.31 per diluted share, in the fourth quarter of 2018 (which included a net tax benefit of $390.9 million related to U.S. tax reform).

"We delivered solid financial results in the fourth quarter of 2019, growing Adjusted Property EBITDA nearly 12% sequentially compared to the third quarter," said Matt Maddox, CEO of Wynn Resorts, Limited. "In Macau, the investments we have made position us well to compete in any market environment, supported by another quarter of record mass table win. Our strategy at Wynn Las Vegas is producing results, driving year-over-year volume growth in our domestic gaming business, along with 3% growth in RevPAR. Encore Boston Harbor continues to ramp nearly doubling its Adjusted Property EBITDA sequentially and we remain excited by the opportunity to drive growth at the property over the next several years."

"It was also a successful quarter on the development front as we made significant progress rolling out the industry’s leading global growth pipeline. In November, we launched key portions of the new Lakeside Casino at Wynn Macau, further solidifying the property as the peninsula's marquee integrated resort. In Las Vegas, construction on our 430,000 square foot meeting and convention expansion is complete and we are gearing up to welcome our first groups to the new space. We are 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."

Consolidated Results

Operating revenues were $1.65 billion for the fourth quarter of 2019, a decrease of 2.0%, or $34.1 million, from $1.69 billion for the fourth quarter of 2018. Operating revenues decreased $150.6 million, $28.0 million, and $24.9 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, from the fourth quarter of 2018 to 2019. The decrease in operating revenues at Wynn Palace, Wynn Macau, and our Las Vegas Operations was partially offset by operating revenues from Encore Boston Harbor of $169.3 million.

On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $72.9 million, or $0.68 per diluted share, for the fourth quarter of 2019, compared to net income attributable to Wynn Resorts, Limited of $464.9 million, or $4.31 per diluted share, in the fourth quarter of 2018. Our fourth quarter 2019 results included a net tax provision of $157.4 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Our fourth quarter 2018 results included a net tax benefit of $390.9 million recorded in connection with U.S. tax reform. Adjusted net loss attributable to Wynn Resorts, Limited (1) was $65.6 million, or $0.62 per diluted share, for the fourth quarter of 2019, compared to adjusted net income attributable to Wynn Resorts, Limited of $102.2 million, or $0.95 per diluted share, for the fourth quarter of 2018.

Adjusted Property EBITDA (2) was $443.1 million for the fourth quarter of 2019, a decrease of 11.3%, or $56.3 million, from $499.4 million for the fourth quarter of 2018. Adjusted Property EBITDA decreased $49.0 million and $25.1 million at Wynn Palace and our Las Vegas Operations, respectively, and increased $2.5 million at Wynn Macau. Adjusted Property EBITDA from Encore Boston Harbor was $15.3 million.

For the year ended December 31, 2019, operating revenues decreased 1.6%, or $106.6 million, to $6.61 billion, compared to $6.72 billion in the year ended December 31, 2018. Operating revenues decreased $213.9 million, $224.5 million, and $32.1 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively. The decrease in operating revenues at Wynn Palace, Wynn Macau, and our Las Vegas Operations was partially offset by operating revenues from Encore Boston Harbor of $363.9 million.

GAAP net income attributable to Wynn Resorts, Limited was $123.0 million, or $1.15 per diluted share in 2019, compared to $572.4 million, or $5.35 per diluted share in the year ended December 31, 2018. Our 2019 results included a net tax provision of $176.8 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Our 2018 results included a net tax benefit of $390.9 million recorded in connection with U.S. tax reform. Adjusted net income attributable to Wynn Resorts, Limited was $279.5 million, or $2.61 per diluted share, in 2019, compared to $687.7 million, or $6.43 per diluted share, in the year ended December 31, 2018.

Full year Adjusted Property EBITDA decreased 11.2%, or $229.0 million, to $1.82 billion, compared to $2.04 billion in the year ended December 31, 2018. Adjusted Property EBITDA decreased $114.4 million, $84.4 million and $53.4 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively. Adjusted Property EBITDA at Encore Boston Harbor was $23.2 million.

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $1.00 per share, payable on March 6, 2020 to stockholders of record as of February 26, 2020.

Property Results

Wynn Palace

Operating revenues from Wynn Palace were $590.0 million for the fourth quarter of 2019, a 20.3% decrease from $740.6 million for the fourth quarter of 2018. Adjusted Property EBITDA from Wynn Palace was $177.6 million for the fourth quarter of 2019, a 21.6% decrease from $226.6 million for the fourth quarter of 2018. VIP table games win as a percentage of turnover was 3.07%, slightly above the expected range of 2.7% to 3.0% and below the 3.25% experienced in the fourth quarter of 2018. Table games win percentage in mass market operations was 25.2%, above the 23.6% experienced in the fourth quarter of 2018.

Wynn Macau

Operating revenues from Wynn Macau were $525.4 million for the fourth quarter of 2019, a 5.1% decrease from $553.4 million for the fourth quarter of 2018. Adjusted Property EBITDA was $170.1 million for the fourth quarter of 2019, a 1.5% increase from $167.6 million for the fourth quarter of 2018. VIP table games win as a percentage of turnover was 3.27%, above the expected range of 2.7% to 3.0% and above the 2.86% experienced in the fourth quarter of 2018. Table games win percentage in mass market operations was 20.3%, consistent with the 20.3% experienced in the fourth quarter of 2018.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $368.8 million for the fourth quarter of 2019, a 6.3% decrease from $393.6 million for the fourth quarter of 2018. Adjusted Property EBITDA from our Las Vegas Operations was $80.1 million, a 23.8% decrease from $105.2 million for the fourth quarter of 2018. Table games win percentage was 17.4%, below the property's expected range of 22% to 26% and below the 22.4% experienced in the fourth quarter of 2018.

Encore Boston Harbor

On June 23, 2019, the Company opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts. For the fourth quarter of 2019, Encore Boston Harbor's operating revenues were $169.3 million and Adjusted Property EBITDA was $15.3 million. Table games win percentage was 19.2%, within the property's expected range of 16% to 20%.

Development Projects

In February 2020, we are opening our meeting and convention expansion at Wynn Las Vegas. Once open, the space will feature approximately 217,000 square feet of incremental state-of-the-art meeting and convention space (430,000 square feet of gross space), which will nearly double our group footprint in Las Vegas. We estimate the total project budget, including the redesigned golf course that reopened in October 2019, to be approximately $425 million. As of December 31, 2019, we have incurred $351.3 million in total project costs.

Balance Sheet

Our cash and cash equivalents and restricted cash as of December 31, 2019 totaled $2.36 billion and was comprised of $1.81 billion at Wynn Macau, Limited and its subsidiaries, $125.8 million at Wynn Resorts Finance, LLC (excluding Wynn Macau, Limited and its subsidiaries), and $419.3 million at Wynn Resorts and other.

As previously disclosed, on December 17, 2019, Wynn Macau, Limited ("WML") issued $1.0 billion aggregate principal amount of 5 1/8% Senior Notes due 2029 (the "2029 WML Notes"). WML intends to use the net proceeds from the 2029 WML Notes to facilitate the repayment of a portion of the amounts outstanding under the Wynn Macau Term Loan.

Total current and long-term debt outstanding at December 31, 2019 was $10.4 billion, comprised of $4.96 billion of Macau-related debt (inclusive of $1.0 billion of Wynn Macau Term Loan we anticipate we will repay in connection with the issuance of the 2029 WML Notes), $3.11 billion of Wynn Las Vegas debt, $1.72 billion of Wynn Resorts Finance debt, and $611.7 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 Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 6, 2020 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 or before March 20, 2020, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 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, extensive regulation of our business, pending or future 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, 2019 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 (loss) 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, (loss) gain on extinguishment of debt, foreign currency remeasurement gain (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 (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 (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 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 (loss), 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 (loss) attributable to Wynn Resorts, Limited, (ii) operating income 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 December 31,

 

Twelve Months Ended December 31,

 

2019

 

2018

 

2019

 

2018

Operating revenues:

 

 

 

 

 

 

 

Casino

$

1,137,956

 

 

 

$

1,220,795

 

 

 

$

4,573,924

 

 

 

$

4,784,990

 

 

Rooms

 

208,209

 

 

 

 

192,395

 

 

 

 

804,162

 

 

 

 

751,800

 

 

Food and beverage

 

199,073

 

 

 

 

173,165

 

 

 

 

818,822

 

 

 

 

754,128

 

 

Entertainment, retail and other

 

108,221

 

 

 

 

101,231

 

 

 

 

414,191

 

 

 

 

426,742

 

 

Total operating revenues

 

1,653,459

 

 

 

 

1,687,586

 

 

 

 

6,611,099

 

 

 

 

6,717,660

 

 

Operating expenses:

 

 

 

 

 

 

 

Casino

 

726,504

 

 

 

 

782,141

 

 

 

 

2,924,254

 

 

 

 

3,036,907

 

 

Rooms

 

71,053

 

 

 

 

64,712

 

 

 

 

276,095

 

 

 

 

254,549

 

 

Food and beverage

 

168,996

 

 

 

 

143,441

 

 

 

 

696,498

 

 

 

 

611,706

 

 

Entertainment, retail and other

 

40,570

 

 

 

 

44,466

 

 

 

 

170,206

 

 

 

 

183,113

 

 

General and administrative

 

230,682

 

 

 

 

215,872

 

 

 

 

896,670

 

 

 

 

761,415

 

 

Litigation settlement

 

 

 

 

 

 

 

463,557

 

 

Provision for doubtful accounts

 

8,859

 

 

 

 

3,941

 

 

 

 

21,898

 

 

 

 

6,527

 

 

Pre-opening

 

2,797

 

 

 

 

18,235

 

 

 

 

102,009

 

 

 

 

53,490

 

 

Depreciation and amortization

 

175,054

 

 

 

 

138,911

 

 

 

 

624,878

 

 

 

 

550,596

 

 

Property charges and other

 

2,366

 

 

 

 

29,584

 

 

 

 

20,286

 

 

 

 

60,256

 

 

Total operating expenses

 

1,426,881

 

 

 

 

1,441,303

 

 

 

 

5,732,794

 

 

 

 

5,982,116

 

 

Operating income

 

226,578

 

 

 

 

246,283

 

 

 

 

878,305

 

 

 

 

735,544

 

 

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

4,470

 

 

 

 

8,837

 

 

 

 

24,449

 

 

 

 

29,866

 

 

Interest expense, net of amounts capitalized

 

(113,049

)

 

 

 

(100,717

)

 

 

 

(414,030

)

 

 

 

(381,849

)

 

Change in derivatives fair value

 

3,686

 

 

 

 

(4,466

)

 

 

 

(3,228

)

 

 

 

(4,520

)

 

Change in Redemption Note fair value

 

 

 

 

 

 

 

(69,331

)

 

(Loss) gain on extinguishment of debt

 

(241

)

 

 

 

(2,027

)

 

 

 

(12,437

)

 

 

 

104

 

 

Other

 

18,505

 

 

 

 

(5,113

)

 

 

 

15,159

 

 

 

 

(4,074

)

 

Other income (expense), net

 

(86,629

)

 

 

 

(103,486

)

 

 

 

(390,087

)

 

 

 

(429,804

)

 

Income before income taxes

 

139,949

 

 

 

 

142,797

 

 

 

 

488,218

 

 

 

 

305,740

 

 

(Provision) benefit for income taxes

 

(157,419

)

 

 

 

372,713

 

 

 

 

(176,840

)

 

 

 

497,344

 

 

Net income (loss)

 

(17,470

)

 

 

 

515,510

 

 

 

 

311,378

 

 

 

 

803,084

 

 

Less: net income attributable to noncontrolling interests

 

(55,472

)

 

 

 

(50,644

)

 

 

 

(188,393

)

 

 

 

(230,654

)

 

Net income (loss) attributable to Wynn Resorts, Limited

$

(72,942

)

 

 

$

464,866

 

 

 

$

122,985

 

 

 

$

572,430

 

 

Basic and diluted income per common share:

 

 

 

 

 

 

 

Net income (loss) attributable to Wynn Resorts, Limited:

 

 

 

 

Basic

$

(0.68

)

 

 

$

4.32

 

 

 

$

1.15

 

 

 

$

5.37

 

 

Diluted

$

(0.68

)

 

 

$

4.31

 

 

 

$

1.15

 

 

 

$

5.35

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

106,608

 

 

 

 

107,619

 

 

 

 

106,745

 

 

 

 

106,529

 

 

Diluted

 

106,608

 

 

 

 

107,974

 

 

 

 

106,985

 

 

 

 

107,032

 

 

Dividends declared per common share:

$

1.00

 

 

 

$

0.75

 

 

 

$

3.75

 

 

 

$

2.75

 

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

2019

 

2018

 

2019

 

2018

Net income (loss) attributable to Wynn Resorts, Limited

$

(72,942

)

 

 

$

464,866

 

 

 

$

122,985

 

 

 

$

572,430

 

 

Litigation settlement expense

 

 

 

 

 

 

 

463,557

 

 

Nonrecurring regulatory expense

 

 

 

 

 

35,000

 

 

 

 

Pre-opening expenses

 

2,797

 

 

 

 

18,235

 

 

 

 

102,009

 

 

 

 

53,490

 

 

Property charges and other

 

2,366

 

 

 

 

29,584

 

 

 

 

20,286

 

 

 

 

60,256

 

 

Change in derivatives fair value

 

(3,686

)

 

 

 

4,466

 

 

 

 

3,228

 

 

 

 

4,520

 

 

Change in Redemption Note fair value

 

 

 

 

 

 

 

69,331

 

 

Loss (gain) on extinguishment of debt

 

241

 

 

 

 

2,027

 

 

 

 

12,437

 

 

 

 

(104

)

 

Foreign currency remeasurement (gain) loss

 

(18,505

)

 

 

 

5,113

 

 

 

 

(15,159

)

 

 

 

4,074

 

 

Income tax impact on adjustments

 

17,445

 

 

 

 

(23,599

)

 

 

 

(1,549

)

 

 

 

(137,975

)

 

Impact of U.S. tax reform

 

 

 

(390,902

)

 

 

 

 

 

(390,902

)

 

Noncontrolling interests impact on adjustments

 

6,714

 

 

 

 

(7,568

)

 

 

 

226

 

 

 

 

(10,961

)

 

Adjusted net income (loss) income attributable to Wynn Resorts, Limited

$

(65,570

)

 

 

$

102,222

 

 

 

$

279,463

 

 

 

$

687,716

 

 

Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share

$

(0.62

)

 

 

$

0.95

 

 

 

$

2.61

 

 

 

$

6.43

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

106,608

 

 

 

 

107,974

 

 

 

 

106,985

 

 

 

 

107,032

 

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited)

 

 

Three Months Ended December 31, 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

$

88,303

 

 

 

$

 

 

$

66,337

 

 

$

(466

)

 

 

$

20,853

 

 

 

$

1,392

 

 

$

1,198

 

 

$

177,617

 

Wynn Macau

 

123,161

 

 

 

 

1,699

 

 

 

23,601

 

 

 

(234

)

 

 

 

18,475

 

 

 

 

1,536

 

 

 

1,848

 

 

 

170,086

 

Other Macau

 

(3,547

)

 

 

 

 

 

1,115

 

 

 

5

 

 

 

 

 

 

2,162

 

 

 

265

 

 

 

Total Macau Operations

 

207,917

 

 

 

 

1,699

 

 

 

91,053

 

 

 

(695

)

 

 

 

39,328

 

 

 

 

5,090

 

 

 

3,311

 

 

 

347,703

 

Las Vegas Operations

 

6,596

 

 

 

 

166

 

 

 

44,471

 

 

 

4,886

 

 

 

 

17,610

 

 

 

 

5,087

 

 

 

1,323

 

 

 

80,139

 

Encore Boston Harbor

 

(34,146

)

 

 

 

 

 

36,752

 

 

 

 

 

8,346

 

 

 

 

2,618

 

 

 

1,690

 

 

 

15,260

 

Corporate and other

 

46,211

 

 

 

 

932

 

 

 

2,778

 

 

 

(1,825

)

 

 

 

(65,284

)

 

 

 

13,584

 

 

 

3,604

 

 

 

Total

$

226,578

 

 

 

$

2,797

 

 

$

175,054

 

 

$

2,366

 

 

 

$

 

 

$

26,379

 

 

$

9,928

 

 

$

443,102

 

 

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

 

Encore Boston Harbor

 

(26,658

)

 

 

 

17,508

 

 

 

1,189

 

 

 

14

 

 

 

4,500

 

 

 

 

3,447

 

 

 

 

 

Corporate and other

 

8,361

 

 

 

 

275

 

 

 

2,077

 

 

 

11,777

 

 

 

(72,114

)

 

 

 

45,117

 

 

 

4,507

 

 

 

Total

$

246,283

 

 

 

$

18,235

 

 

$

138,911

 

 

$

29,584

 

 

$

 

 

$

 

58,128

 

 

$

8,226

 

 

$

499,367

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) (continued)

 

 

Twelve Months Ended December 31, 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

$

359,286

 

 

 

$

 

 

$

264,758

 

 

$

1,000

 

 

$

94,111

 

 

$

5,583

 

 

$

4,797

 

 

$

729,535

 

Wynn Macau

 

461,821

 

 

 

 

2,224

 

 

 

90,448

 

 

 

4,860

 

 

 

74,076

 

 

 

6,515

 

 

 

8,893

 

 

 

648,837

 

Other Macau

 

(15,586

)

 

 

 

 

 

4,465

 

 

 

23

 

 

 

 

10,023

 

 

 

1,075

 

 

 

Total Macau Operations

 

805,521

 

 

 

 

2,224

 

 

 

359,671

 

 

 

5,883

 

 

 

168,187

 

 

 

22,121

 

 

 

14,765

 

 

 

1,378,372

 

Las Vegas Operations

 

123,306

 

 

 

 

249

 

 

 

177,509

 

 

 

14,241

 

 

 

76,520

 

 

 

16,215

 

 

 

5,846

 

 

 

413,886

 

Encore Boston Harbor

 

(195,589

)

 

 

 

96,649

 

 

 

78,378

 

 

 

25

 

 

 

26,731

 

 

 

14,524

 

 

 

2,432

 

 

 

23,150

 

Corporate and other

 

145,067

 

 

 

 

2,887

 

 

 

9,320

 

 

 

137

 

 

 

(271,438

)

 

 

97,368

 

 

 

16,659

 

 

 

Total

$

878,305

 

 

 

$

102,009

 

 

$

624,878

 

 

$

20,286

 

 

$

 

$

150,228

 

 

$

39,702

 

 

$

1,815,408

 

 

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 (1)

 

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

 

Encore Boston Harbor

 

(81,398

)

 

 

 

51,598

 

 

 

2,470

 

 

 

104

 

 

 

18,000

 

 

 

9,226

 

 

 

 

 

Corporate and other

 

(331,368

)

 

 

 

1,432

 

 

 

9,748

 

 

 

23,780

 

 

 

(286,437

)

 

 

562,038

 

 

 

20,807

 

 

 

Total

$

735,544

 

 

 

$

53,490

 

 

$

550,596

 

 

$

60,256

 

 

$

 

$

608,036

 

 

$

36,491

 

 

$

 

2,044,413

 

(1)

 

Corporate expenses and other includes 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 December 31,

 

Twelve Months Ended December 31,

 

2019

 

2018

 

2019

 

2018

Net income (loss) attributable to Wynn Resorts, Limited

$

(72,942

)

 

 

$

464,866

 

 

 

$

122,985

 

 

 

$

572,430

 

 

Net income attributable to noncontrolling interests

 

55,472

 

 

 

 

50,644

 

 

 

 

188,393

 

 

 

 

230,654

 

 

Litigation settlement expense

 

 

 

 

 

 

 

463,557

 

 

Pre-opening expenses

 

2,797

 

 

 

 

18,235

 

 

 

 

102,009

 

 

 

 

53,490

 

 

Depreciation and amortization

 

175,054

 

 

 

 

138,911

 

 

 

 

624,878

 

 

 

 

550,596

 

 

Property charges and other

 

2,366

 

 

 

 

29,584

 

 

 

 

20,286

 

 

 

 

60,256

 

 

Corporate expenses and other

 

26,379

 

 

 

 

58,128

 

 

 

 

150,228

 

 

 

 

144,479

 

 

Stock-based compensation

 

9,928

 

 

 

 

8,226

 

 

 

 

39,702

 

 

 

 

36,491

 

 

Interest income

 

(4,470

)

 

 

 

(8,837

)

 

 

 

(24,449

)

 

 

 

(29,866

)

 

Interest expense, net of amounts capitalized

 

113,049

 

 

 

 

100,717

 

 

 

 

414,030

 

 

 

 

381,849

 

 

Change in derivatives fair value

 

(3,686

)

 

 

 

4,466

 

 

 

 

3,228

 

 

 

 

4,520

 

 

Change in Redemption Note fair value

 

 

 

 

 

 

 

69,331

 

 

Loss (gain) on extinguishment of debt

 

241

 

 

 

 

2,027

 

 

 

 

12,437

 

 

 

 

(104

)

 

Other

 

(18,505

)

 

 

 

5,113

 

 

 

 

(15,159

)

 

 

 

4,074

 

 

Provision (benefit) for income taxes

 

157,419

 

 

 

 

(372,713

)

 

 

 

176,840

 

 

 

 

(497,344

)

 

Adjusted Property EBITDA

$

443,102

 

 

 

$

499,367

 

 

 

$

1,815,408

 

 

 

$

2,044,413

 

 

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,

 

 

 

2019

 

2018

 

Percent Change

 

2019

 

2018

 

Percent Change

Wynn Palace Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

490,379

 

 

$

636,949

 

 

(23.0

)

 

 

$

2,139,756

 

 

$

2,356,022

 

 

(9.2

)

 

Rooms

 

43,194

 

 

 

44,606

 

 

(3.2

)

 

 

 

174,576

 

 

 

170,067

 

 

2.7

 

 

Food and beverage

 

29,685

 

 

 

30,119

 

 

(1.4

)

 

 

 

117,376

 

 

 

110,638

 

 

6.1

 

 

Entertainment, retail and other

 

26,727

 

 

 

28,888

 

 

(7.5

)

 

 

 

111,986

 

 

 

120,839

 

 

(7.3

)

 

Total

$

589,985

 

 

$

740,562

 

 

(20.3

)

 

 

$

2,543,694

 

 

$

2,757,566

 

 

(7.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

177,617

 

 

$

226,585

 

 

(21.6

)

 

 

$

729,535

 

 

$

843,902

 

 

(13.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

104

 

 

 

114

 

 

(8.8

)

 

 

 

109

 

 

 

114

 

 

(4.4

)

 

VIP turnover

$

9,314,053

 

 

$

16,156,992

 

 

(42.4

)

 

 

$

45,847,647

 

 

$

61,097,527

 

 

(25.0

)

 

VIP table games win (1)

$

286,355

 

 

$

525,898

 

 

(45.5

)

 

 

$

1,519,225

 

 

$

1,874,189

 

 

(18.9

)

 

VIP table games win as a % of turnover

 

3.07

%

 

 

3.25

%

 

 

 

 

3.31

%

 

 

3.07

%

 

 

Table games win per unit per day

$

29,897

 

 

$

50,057

 

 

(40.3

)

 

 

$

38,224

 

 

$

45,006

 

 

(15.1

)

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

222

 

 

 

208

 

 

6.7

 

 

 

 

216

 

 

 

209

 

 

3.3

 

 

Table drop (2)

$

1,252,993

 

 

$

1,300,388

 

 

(3.6

)

 

 

$

 

5,122,897

 

 

$

 

4,926,347

 

 

4.0

 

 

Table games win (1)

$

315,423

 

 

$

307,368

 

 

2.6

 

 

 

$

 

1,251,920

 

 

$

 

1,206,244

 

 

3.8

 

 

Table games win %

 

25.2

%

 

 

23.6

%

 

 

 

 

24.4

%

 

 

24.5

%

 

 

Table games win per unit per day

$

15,421

 

 

$

16,084

 

 

(4.1

)

 

 

$

15,902

 

 

$

15,834

 

 

0.4

 

 

Average number of slot machines

 

940

 

 

 

1,074

 

 

(12.5

)

 

 

 

1,054

 

 

 

1,065

 

 

(1.0

)

 

Slot machine handle

$

1,031,988

 

 

$

1,011,482

 

 

2.0

 

 

 

$

3,918,554

 

 

$

3,933,064

 

 

(0.4

)

 

Slot machine win (3)

$

53,110

 

 

$

57,575

 

 

(7.8

)

 

 

$

195,367

 

 

$

203,568

 

 

(4.0

)

 

Slot machine win per unit per day

$

614

 

 

$

583

 

 

5.3

 

 

 

$

508

 

 

$

524

 

 

(3.1

)

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

96.9

%

 

 

97.2

%

 

 

 

 

97.2

%

 

 

96.5

%

 

 

ADR (4)

$

268

 

 

$

277

 

 

(3.2

)

 

 

$

269

 

 

$

265

 

 

1.5

 

 

REVPAR (5)

$

260

 

 

$

269

 

 

(3.3

)

 

 

$

262

 

 

$

255

 

 

2.7

 

 

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,

 

 

 

2019

 

2018

 

Percent Change

 

2019

 

2018

 

Percent Change

Wynn Macau Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

455,943

 

 

$

479,027

 

 

(4.8

)

 

 

$

1,796,209

 

 

$

1,994,885

 

 

(10.0

)

 

Rooms

 

28,316

 

 

 

29,919

 

 

(5.4

)

 

 

 

110,387

 

 

 

113,495

 

 

(2.7

)

 

Food and beverage

 

20,888

 

 

 

21,176

 

 

(1.4

)

 

 

 

81,576

 

 

 

76,369

 

 

6.8

 

 

Entertainment, retail and other

 

20,236

 

 

 

23,259

 

 

(13.0

)

 

 

 

81,857

 

 

 

109,776

 

 

(25.4

)

 

Total

$

525,383

 

 

$

553,381

 

 

(5.1

)

 

 

$

2,070,029

 

 

$

2,294,525

 

 

(9.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

170,086

 

 

$

167,560

 

 

1.5

 

 

 

$

648,837

 

 

$

733,238

 

 

(11.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

99

 

 

 

111

 

 

(10.8

)

 

 

 

106

 

 

 

111

 

 

(4.5

)

 

VIP turnover

$

7,931,833

 

 

$

12,776,758

 

 

(37.9

)

 

 

$

35,426,483

 

 

$

57,759,607

 

 

(38.7

)

 

VIP table games win (1)

$

259,729

 

 

$

364,783

 

 

(28.8

)

 

 

$

1,081,934

 

 

$

1,588,002

 

 

(31.9

)

 

VIP table games win as a % of turnover

 

3.27

%

 

 

2.86

%

 

 

 

 

3.05

%

 

 

2.75

%

 

 

Table games win per unit per day

$

28,617

 

 

$

35,851

 

 

(20.2

)

 

 

$

27,864

 

 

$

39,113

 

 

(28.8

)

 

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

213

 

 

 

205

 

 

3.9

 

 

 

 

207

 

 

 

203

 

 

2.0

 

 

Table drop (2)

$

1,391,906

 

 

$

1,258,696

 

 

10.6

 

 

 

$

5,410,439

 

 

$

5,058,332

 

 

7.0

 

 

Table games win (1)

$

283,172

 

 

$

255,736

 

 

10.7

 

 

 

$

 

1,099,353

 

 

$

1,014,484

 

 

8.4

 

 

Table games win %

 

20.3

%

 

 

20.3

%

 

 

 

 

20.3

%

 

 

20.1

%

 

 

Table games win per unit per day

$

14,425

 

 

$

13,554

 

 

6.4

 

 

 

$

14,519

 

 

$

13,698

 

 

6.0

 

 

Average number of slot machines

 

790

 

 

 

805

 

 

(1.9

)

 

 

 

807

 

 

 

877

 

 

(8.0

)

 

Slot machine handle

$

825,763

 

 

$

878,393

 

 

(6.0

)

 

 

$

3,545,899

 

 

$

3,740,096

 

 

(5.2

)

 

Slot machine win (3)

$

42,669

 

 

$

44,424

 

 

(4.0

)

 

 

$

170,358

 

 

$

161,384

 

 

5.6

 

 

Slot machine win per unit per day

$

587

 

 

$

600

 

 

(2.2

)

 

 

$

578

 

 

$

504

 

 

14.7

 

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

99.3

%

 

 

99.3

%

 

 

 

 

99.2

%

 

 

99.2

%

 

 

ADR (4)

$

291

 

 

$

294

 

 

(1.0

)

 

 

$

286

 

 

$

283

 

 

1.1

 

 

REVPAR (5)

$

289

 

 

$

292

 

 

(1.0

)

 

 

$

284

 

 

$

281

 

 

1.1

 

 

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,

 

 

 

2019

 

2018

 

Percent Change

 

2019

 

2018

 

Percent Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

75,665

 

 

$

104,819

 

 

(27.8

)

 

 

$

394,104

 

 

$

434,083

 

 

(9.2

)

 

Rooms

 

120,340

 

 

 

117,870

 

 

2.1

 

 

 

 

483,055

 

 

 

468,238

 

 

3.2

 

 

Food and beverage

 

120,257

 

 

 

121,872

 

 

(1.3

)

 

 

 

558,782

 

 

 

567,121

 

 

(1.5

)

 

Entertainment, retail and other

 

52,514

 

 

 

49,083

 

 

7.0

 

 

 

 

197,516

 

 

 

196,127

 

 

0.7

 

 

Total

$

368,776

 

 

$

393,644

 

 

(6.3

)

 

 

$

1,633,457

 

 

$

1,665,569

 

 

(1.9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

80,139

 

 

$

105,222

 

 

(23.8

)

 

 

$

413,886

 

 

$

467,273

 

 

(11.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

232

 

 

 

236

 

 

(1.7

)

 

 

 

236

 

 

 

237

 

 

(0.4

)

 

Table drop (2)

$

414,451

 

 

$

508,472

 

 

(18.5

)

 

 

$

1,690,132

 

 

$

1,852,816

 

 

(8.8

)

 

Table games win (1)

$

71,935

 

 

$

113,892

 

 

(36.8

)

 

 

$

395,439

 

 

$

456,021

 

 

(13.3

)

 

Table games win %

 

17.4

%

 

 

22.4

%

 

 

 

 

23.4

%

 

 

24.6

%

 

 

Table games win per unit per day

$

3,364

 

 

$

5,237

 

 

(35.8

)

 

 

$

4,581

 

 

$

5,282

 

 

(13.3

)

 

Average number of slot machines

 

1,773

 

 

 

1,815

 

 

(2.3

)

 

 

 

1,788

 

 

 

1,822

 

 

(1.9

)

 

Slot machine handle

$

942,940

 

 

$

904,385

 

 

4.3

 

 

 

$

3,427,820

 

 

$

3,237,085

 

 

5.9

 

 

Slot machine win (3)

$

63,106

 

 

$

58,407

 

 

8.0

 

 

 

$

230,954

 

 

$

213,025

 

 

8.4

 

 

Slot machine win per unit per day

$

387

 

 

$

350

 

 

10.6

 

 

 

$

354

 

 

$

320

 

 

10.6

 

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

89.4

%

 

 

88.6

%

 

 

 

 

87.5

%

 

 

87.5

%

 

 

ADR (4)

$

322

 

 

$

315

 

 

2.2

 

 

 

$

325

 

 

$

314

 

 

3.5

 

 

REVPAR (5)

$

288

 

 

$

279

 

 

3.2

 

 

 

$

284

 

 

$

274

 

 

3.6

 

 

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,

 

 

 

2019

 

2018

 

Percent Change

 

2019

 

2018

 

Percent Change

Encore Boston Harbor Supplemental Information (7)

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

115,969

 

 

$

 

 

 

 

$

243,855

 

 

$

 

 

 

Rooms

 

16,359

 

 

 

 

 

 

 

36,144

 

 

 

 

 

Food and beverage

 

28,243

 

 

 

 

 

 

 

61,088

 

 

 

 

 

Entertainment, retail and other

 

8,744

 

 

 

 

 

 

 

22,832

 

 

 

 

 

Total

$

169,315

 

 

$

 

 

 

 

$

363,919

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDA (6)

$

15,260

 

 

$

 

 

 

 

$

23,150

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

160

 

 

 

 

 

 

 

152

 

 

 

 

 

Table drop (2)

$

362,696

 

 

$

 

 

 

 

$

778,898

 

 

$

 

 

 

Table games win (1)

$

69,766

 

 

$

 

 

 

 

$

151,247

 

 

$

 

 

 

Table games win %

 

19.2

%

 

%

 

 

 

 

19.4

%

 

%

 

 

Table games win per unit per day

$

4,726

 

 

$

 

 

 

 

$

5,178

 

 

$

 

 

 

Average number of slot machines

 

2,933

 

 

 

 

 

 

 

3,023

 

 

 

 

 

Slot machine handle

$

856,446

 

 

$

 

 

 

 

$

1,847,080

 

 

$

 

 

 

Slot machine win (3)

$

67,383

 

 

$

 

 

 

 

$

138,264

 

 

$

 

 

 

Slot machine win per unit per day

$

250

 

 

$

 

 

 

 

$

238

 

 

$

 

 

 

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

76.0

%

 

%

 

 

 

 

72.6

%

 

%

 

 

ADR (4)

$

352

 

 

$

 

 

 

 

$

391

 

 

$

 

 

 

REVPAR (5)

$

267

 

 

$

 

 

 

 

$

284

 

 

$

 

 

 

 

(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. At Encore Boston Harbor, table drop is the amount of cash and gross markers 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.

(6)

 

Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDA and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

(7)

 

Encore Boston Harbor opened on June 23, 2019.

 

Vincent Zahn 702-770-7555 investorrelations@wynnresorts.com

Wynn Resorts (NASDAQ:WYNN)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Wynn Resorts Charts.
Wynn Resorts (NASDAQ:WYNN)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Wynn Resorts Charts.