Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today
reported financial results for the quarter ended March 31,
2020.
Operating revenues were $953.7 million for the first quarter of
2020, a decrease of 42.3%, or $697.8 million, from $1.65 billion
for the first quarter of 2019. Net loss attributable to Wynn
Resorts, Limited was $402.0 million, or $3.77 per diluted share,
for the first quarter of 2020, compared to net income attributable
to Wynn Resorts, Limited of $104.9 million, or $0.98 per diluted
share, in the first quarter of 2019. Adjusted Property EBITDA (1)
was $(5.3) million for the first quarter of 2020, which includes
the impact of $75.7 million of expense accrued during the quarter
related to our commitment to pay salary, tips, and benefits
continuation for all of our U.S. employees for the period from
April 1 through May 15, 2020. Adjusted Property EBITDA was $494.8
million for the first quarter of 2019.
"Our leadership team has been working side-by-side with our host
communities, fellow industry leaders and world-class medical
experts to identify and implement strategies to mitigate the impact
of the virus on our team members, our guests and our broader
communities," said Matt Maddox, CEO of Wynn Resorts, Limited. "In
mid-March we led the industry by identifying the need for
short-term closure in Las Vegas and Boston, thereby doing our part
to 'flatten the curve.' Concurrently, we decided to invest in the
health and safety of our approximately 30,000 team members globally
by committing to pay their full wages and benefits through May. We
continue to play a leadership role in the industry’s re-emergence,
most recently producing a detailed reopening plan on April 19,
developed in consultation with medical experts from Georgetown and
Johns Hopkins Universities, which we believe will be the gold
standard for sanitization and customer safety."
"At the same time, we have also been focused on our long-term
business prospects, taking steps to bolster our already strong
liquidity position by opportunistically issuing $600 million of
unsecured notes and increasing our financial flexibility. While the
current environment is clearly challenging, we are confident that
travel and tourism will recover in both the U.S. and China, and our
industry leading assets, fortress balance sheet and talented team
members position the Company to thrive in the years ahead."
Consolidated Results
Operating revenues were $953.7 million for the first quarter of
2020, a decrease of 42.3%, or $697.8 million, from $1.65 billion
for the first quarter of 2019. Operating revenues decreased $467.1
million, $294.4 million, and $77.2 million at Wynn Palace, Wynn
Macau, and our Las Vegas Operations, respectively, from the first
quarter of 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 $140.9 million.
On a U.S. generally accepted accounting principles ("GAAP")
basis, net loss attributable to Wynn Resorts, Limited was $402.0
million, or $3.77 per diluted share, for the first quarter of 2020,
compared to net income attributable to Wynn Resorts, Limited of
$104.9 million, or $0.98 per diluted share, in the first quarter of
2019. Adjusted net loss attributable to Wynn Resorts, Limited (2)
was $377.9 million, or $3.54 per diluted share, for the first
quarter of 2020, compared to adjusted net income attributable to
Wynn Resorts, Limited of $172.6 million, or $1.61 per diluted
share, for the first quarter of 2019.
Adjusted Property EBITDA was $(5.3) million for the first
quarter of 2020, which includes the impact of $75.7 million of
expense accrued during the quarter related to our commitment to pay
salary, tips and benefits continuation for all of our U.S.
employees for the period from April 1 through May 15, 2020.
Adjusted Property EBITDA was $494.8 million for the first quarter
of 2019. Adjusted Property EBITDA decreased $212.4 million, $144.7
million, and $130.4 million at Wynn Palace, Wynn Macau, and our Las
Vegas Operations, respectively. Adjusted Property EBITDA from
Encore Boston Harbor was $(12.6) million.
The Company also announced today that it has suspended its
quarterly dividend program due to the financial impact of the
coronavirus pandemic.
Property Results
Macau Operations
Our casino operations at Wynn Palace and Wynn Macau were closed
for a 15-day period in February 2020 and resumed operations on a
reduced basis on February 20, 2020. Our casinos’ operations have
since been fully restored; however, certain public health
safeguards, such as traveler quarantines, limiting the number of
seats per table game, slot machine spacing, temperature checks,
mask protection, and health declarations remain in effect at the
present time. We are currently unable to determine when these
measures will be lifted.
Wynn Palace
Operating revenues from Wynn Palace were $259.5 million for the
first quarter of 2020, a 64.3% decrease from $726.6 million for the
first quarter of 2019. Adjusted Property EBITDA from Wynn Palace
was $10.2 million for the first quarter of 2020, a 95.4% decrease
from $222.6 million for the first quarter of 2019. VIP table games
win as a percentage of turnover was 2.91%, within the property's
expected range of 2.7% to 3.0% and below the 3.91% experienced in
the first quarter of 2019. Table games win percentage in mass
market operations was 27.5%, above the 24.2% experienced in the
first quarter of 2019.
Wynn Macau
Operating revenues from Wynn Macau were $229.5 million for the
first quarter of 2020, a 56.2% decrease from $523.9 million for the
first quarter of 2019. Adjusted Property EBITDA was $19.2 million
for the first quarter of 2020, a 88.3% decrease from $163.9 million
for the first quarter of 2019. VIP Table games win as a percentage
of turnover was 4.14%, above the 2.90% experienced in the first
quarter of 2019. Table games win percentage in mass market
operations was 20.4%, slightly above the 19.6% experienced in the
first quarter of 2019.
Las Vegas Operations
Wynn Las Vegas ceased all operations and closed to the public on
March 17, 2020, and will remain closed until authorized to re-open
under U.S. and state government directives. Operating revenues from
our Las Vegas Operations were $323.8 million for the first quarter
of 2020, a 19.3% decrease from $401.0 million for the first quarter
of 2019. Adjusted Property EBITDA from our Las Vegas Operations for
the first quarter of 2020 was $(22.1) million, which includes the
impact of $56.4 million of expense accrued during the quarter
related to our commitment to pay salary, tips, and benefits
continuation for all of our U.S. employees for the period from
April 1 through May 15, 2020. Adjusted Property EBITDA from our Las
Vegas Operations was $108.3 million for the first quarter of 2019.
Table games win percentage was 19.9%, below the property's expected
range of 22% to 26% and below the 27.6% experienced in the first
quarter of 2019.
Encore Boston Harbor
On June 23, 2019, the Company opened Encore Boston Harbor, an
integrated resort in Everett, Massachusetts. Encore Boston Harbor
ceased all operations and closed to the public on March 15, 2020,
and will remain closed until authorized to re-open under U.S. and
state government directives. Encore Boston Harbor's operating
revenues were $140.9 million for the first quarter of 2020.
Adjusted Property EBITDA from Encore Boston Harbor for the first
quarter of 2020 was $(12.6) million, which includes the impact of
$19.3 million of expense accrued during the quarter related to our
commitment to pay salary, tips, and benefits continuation for all
of our U.S. employees for the period from April 1 through May 15,
2020. Table games win percentage was 20.8%, slightly above the
property's expected range of 16% to 20%.
Balance Sheet
Our cash and cash equivalents and restricted cash as of March
31, 2020 totaled $2.89 billion.
Total current and long-term debt outstanding at March 31, 2020
was $11.37 billion, comprised of $5.15 billion of Macau related
debt, $3.11 billion of Wynn Las Vegas debt, $2.50 billion of Wynn
Resorts Finance debt, and $611.9 million of debt held by the retail
joint venture which we consolidate.
As of March 31, 2020, the available borrowing capacity under the
Wynn Macau Revolver was $74.2 million, and the available borrowing
capacity under the Wynn Resorts Finance Revolver was $40.9 million,
net of $18.1 million in outstanding letters of credit.
As previously disclosed, on April 14, 2020, Wynn Resorts Finance
("WRF") issued $600.0 million aggregate principal amount of 7.75%
Senior Notes due 2025 (the "2025 Notes"). The 2025 Notes will
mature on April 15, 2025 and bear interest at the rate of 7.75%.
WRF plans to use the net proceeds from the offering for general
corporate purposes and to pay related fees and expenses.
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 May 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 May 14, 2020, the Company will make Wynn Resorts
Finance, LLC and Wynn Las Vegas, LLC financial information for the
quarter ended March 31, 2020 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, the recent global pandemic of
COVID-19, caused by a novel strain of the coronavirus, and the
continued impact of its consequences, 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 Property EBITDA" is net income (loss) before
interest, income taxes, depreciation and amortization, pre-opening
expenses, property charges and other, management and license fees,
corporate expenses and other (including intercompany golf course
and water rights leases), stock-based compensation, change in
derivatives fair value, loss on extinguishment of debt, 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. We
also present 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 us, have
historically excluded from their EBITDA calculations preopening
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
our 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. We have 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, our 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 (loss) attributable to Wynn Resorts,
Limited" is net income (loss) attributable to Wynn Resorts, Limited
before nonrecurring regulatory expense, pre-opening expenses,
property charges and other, change in derivatives fair value, loss
on extinguishment of debt, foreign currency remeasurement gain
(loss), and 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.
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 (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 March
31,
2020
2019
Operating revenues:
Casino
$
570,789
$
1,185,101
Rooms
152,681
191,270
Food and beverage
149,414
173,219
Entertainment, retail and other
80,832
101,956
Total operating revenues
953,716
1,651,546
Operating expenses:
Casino
442,690
750,071
Rooms
73,480
63,706
Food and beverage
175,910
148,761
Entertainment, retail and other
45,580
44,044
General and administrative
234,328
217,322
Provision for credit losses
20,613
5,422
Pre-opening
2,551
27,713
Depreciation and amortization
178,746
136,557
Property charges and other
27,229
2,774
Total operating expenses
1,201,127
1,396,370
Operating income (loss)
(247,411
)
255,176
Other income (expense):
Interest income
7,953
7,287
Interest expense, net of amounts
capitalized
(128,827
)
(93,180
)
Change in derivatives fair value
(15,660
)
(1,509
)
Loss on extinguishment of debt
(843
)
—
Other
10,335
(6,358
)
Other income (expense), net
(127,042
)
(93,760
)
Income (loss) before income
taxes
(374,453
)
161,416
Provision for income taxes
(75,800
)
(1,685
)
Net income (loss)
(450,253
)
159,731
Less: net (income) loss attributable to
noncontrolling interests
48,216
(54,859
)
Net income (loss) attributable to Wynn
Resorts, Limited
$
(402,037
)
$
104,872
Basic and diluted income (loss) per common
share:
Net income (loss) attributable to Wynn
Resorts, Limited:
Basic
$
(3.77
)
$
0.98
Diluted
$
(3.77
)
$
0.98
Weighted average common shares
outstanding:
Basic
106,663
106,792
Diluted
106,663
107,073
Dividends declared per common share:
$
1.00
$
0.75
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 March
31,
2020
2019
Net income (loss) attributable to Wynn
Resorts, Limited (1)
$
(402,037
)
$
104,872
Nonrecurring regulatory expense
—
35,000
Pre-opening expenses
2,551
27,713
Property charges and other
27,229
2,774
Change in derivatives fair value
15,660
1,509
Loss on extinguishment of debt
843
—
Foreign currency remeasurement loss
(gain)
(10,335
)
6,358
Income tax impact on adjustments
64
(2,692
)
Noncontrolling interests impact on
adjustments
(11,895
)
(2,950
)
Adjusted net income (loss) attributable
to Wynn Resorts, Limited
$
(377,920
)
$
172,584
Adjusted net income (loss) attributable
to Wynn Resorts, Limited per diluted share
$
(3.54
)
$
1.61
Weighted average common shares outstanding
- diluted
106,663
107,073
(1)
For the three months ended March 31, 2020,
includes $75.7 million of expense accrued during the quarter
related to our commitment to pay salary, tips, and benefits
continuation for all of our U.S. employees for the period from
April 1 through May 15, 2020.
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
RECONCILIATION OF OPERATING
INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31,
2020
Operating income
(loss)(1)
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
$
(91,662
)
$
—
$
67,009
$
22,299
$
9,425
$
1,571
$
1,534
$
10,176
Wynn Macau
(16,083
)
—
23,877
1,854
8,163
1,795
(398
)
19,208
Other Macau
(3,517
)
—
1,118
—
—
2,029
370
—
Total Macau Operations
(111,262
)
—
92,004
24,153
17,588
5,395
1,506
29,384
Las Vegas Operations
(93,437
)
1,139
47,245
113
15,205
6,289
1,369
(22,077
)
Encore Boston Harbor
(60,618
)
—
36,874
248
6,949
3,132
779
(12,636
)
Corporate and other
17,906
1,412
2,623
2,715
(39,742
)
9,376
5,710
—
Total
$
(247,411
)
$
2,551
$
178,746
$
27,229
$
—
$
24,192
$
9,364
$
(5,329
)
(1)
Includes $56.4 million and $19.3 million
of expense accrued during the quarter related to our commitment to
pay salary, tips, and benefits continuation for all of our U.S.
employees for the period from April 1 through May 15, 2020, for our
Las Vegas Operations and Encore Boston Harbor, respectively.
Three Months Ended March 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
$
125,791
$
—
$
66,066
$
1,120
$
27,220
$
1,284
$
1,105
$
222,586
Wynn Macau
118,397
—
21,912
393
18,986
1,495
2,706
163,889
Other Macau
(3,303
)
—
1,117
6
—
1,913
267
—
Total Macau Operations
240,885
—
89,095
1,519
46,206
4,692
4,078
386,475
Las Vegas Operations
38,924
—
44,590
510
18,721
3,965
1,592
108,302
Encore Boston Harbor
(36,368
)
27,316
876
25
4,500
3,651
—
—
Corporate and other
11,735
397
1,996
720
(69,427
)
50,241
4,338
—
Total
$
255,176
$
27,713
$
136,557
$
2,774
$
—
$
62,549
$
10,008
$
494,777
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 March
31,
2020
2019
Net income (loss) attributable to Wynn
Resorts, Limited (1)
$
(402,037
)
$
104,872
Net income (loss) attributable to
noncontrolling interests
(48,216
)
54,859
Pre-opening expenses
2,551
27,713
Depreciation and amortization
178,746
136,557
Property charges and other
27,229
2,774
Corporate expenses and other
24,192
62,549
Stock-based compensation
9,364
10,008
Interest income
(7,953
)
(7,287
)
Interest expense, net of amounts
capitalized
128,827
93,180
Change in derivatives fair value
15,660
1,509
Loss on extinguishment of debt
843
—
Other
(10,335
)
6,358
Provision for income taxes
75,800
1,685
Adjusted Property EBITDA
$
(5,329
)
$
494,777
(1)
For the three months ended March 31, 2020,
includes $75.7 million of expense accrued during the quarter
related to our commitment to pay salary, tips, and benefits
continuation for all of our U.S. employees for the period from
April 1 through May 15, 2020.
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 March
31,
2020
2019
Percent Change
Wynn Palace Supplemental
Information
Operating revenues
Casino
$
207,576
$
623,175
(66.7
)
Rooms
19,710
43,314
(54.5
)
Food and beverage
13,298
28,625
(53.5
)
Entertainment, retail and other
18,929
31,508
(39.9
)
Total
$
259,513
$
726,622
(64.3
)
Adjusted Property EBITDA (6)
$
10,176
$
222,586
(95.4
)
Casino Statistics:
VIP:
Average number of table games
89
111
(19.8
)
VIP turnover
$
4,792,454
$
12,627,262
(62.0
)
VIP table games win (1)
$
139,569
$
493,184
(71.7
)
VIP table games win as a % of turnover
2.91
%
3.91
%
Table games win per unit per day
$
20,257
$
49,156
(58.8
)
Mass market:
Average number of table games
179
211
(15.2
)
Table drop (2)
$
475,223
$
1,303,924
(63.6
)
Table games win (1)
$
130,714
$
315,469
(58.6
)
Table games win %
27.5
%
24.2
%
Table games win per unit per day
$
9,507
$
16,646
(42.9
)
Average number of slot machines
733
1,091
(32.8
)
Slot machine handle
$
424,714
$
975,048
(56.4
)
Slot machine win (3)
$
18,405
$
51,401
(64.2
)
Slot machine win per unit per day
$
326
$
524
(37.8
)
Room statistics:
Occupancy
41.6
%
97.2
%
ADR (4)
$
294
$
271
8.4
REVPAR (5)
$
122
$
264
(53.8
)
Note: Our casino operations in Macau were
closed for a 15-day period in February 2020 and resumed operations
on a reduced basis on February 20, 2020. Our casinos’ operations
have since been fully restored; however, certain public health
safeguards, such as traveler quarantines, limiting the number of
seats per table game, slot machine spacing, temperature checks,
mask protection, and health declarations remain in effect at the
present time. We are currently unable to determine when these
measures will be lifted.
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 March
31,
2020
2019
Percent Change
Wynn Macau Supplemental
Information
Operating revenues
Casino
$
190,128
$
450,242
(57.8)
Rooms
15,911
28,867
(44.9)
Food and beverage
9,531
20,975
(54.6)
Entertainment, retail and other
13,919
23,807
(41.5)
Total
$
229,489
$
523,891
(56.2)
Adjusted Property EBITDA (6)
$
19,208
$
163,889
(88.3)
Casino Statistics:
VIP:
Average number of table games
81
113
(28.3)
VIP turnover
2,964,146
10,194,031
(70.9)
VIP table games win (1)
122,625
295,298
(58.5)
VIP table games win as a % of turnover
4.14
%
2.90
%
Table games win per unit per day
$
19,702
$
29,099
(32.3)
Mass market:
Average number of table games
183
206
(11.2)
Table drop (2)
578,235
1,351,693
(57.2)
Table games win (1)
117,941
264,542
(55.4)
Table games win %
20.4
%
19.6
%
Table games win per unit per day
$
8,372
$
14,283
(41.4)
Average number of slot machines
634
826
(23.2)
Slot machine handle
366,537
794,367
(53.9)
Slot machine win (3)
13,295
37,894
(64.9)
Slot machine win per unit per day
$
272
$
510
(46.6)
Poker rake
$
2,083
$
5,752
(63.8)
Room statistics:
Occupancy
49.2
%
99.3
%
ADR (4)
$
321
$
290
10.9
REVPAR (5)
$
158
$
288
(45.1)
Note: Our casino operations in Macau were
closed for a 15-day period in February 2020 and resumed operations
on a reduced basis on February 20, 2020. Our casinos’ operations
have since been fully restored; however, certain public health
safeguards, such as traveler quarantines, limiting the number of
seats per table game, slot machine spacing, temperature checks,
mask protection, and health declarations remain in effect at the
present time. We are currently unable to determine when these
measures will be lifted.
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 March
31,
2020
2019
Percent Change
Las Vegas Operations Supplemental
Information
Operating revenues
Casino
$
71,295
$
111,684
(36.2)
Rooms
106,105
119,089
(10.9)
Food and beverage
105,979
123,619
(14.3)
Entertainment, retail and other
40,445
46,641
(13.3)
Total
$
323,824
$
401,033
(19.3)
Adjusted Property EBITDA (6)
$
(22,077)
$
108,302
(120.4)
Casino Statistics:
Average number of table games
237
238
(0.4)
Table drop (2)
$
414,933
$
404,073
2.7
Table games win (1)
$
82,666
$
111,370
(25.8)
Table games win %
19.9
%
27.6
%
Table games win per unit per day
$
4,530
$
5,198
(12.9)
Average number of slot machines
1,766
1,807
(2.3)
Slot machine handle
$
664,834
$
789,310
(15.8)
Slot machine win (3)
$
46,674
$
54,544
(14.4)
Slot machine win per unit per day
$
343
$
335
2.4
Poker rake
$
2,175
$
2,460
(11.6)
Room statistics:
Occupancy
80.1
%
82.6
%
ADR (4)
$
374
$
338
10.7
REVPAR (5)
$
299
$
279
7.2
Note: Wynn Las Vegas ceased all operations
and closed to the public on March 17, 2020, and will remain closed
until authorized to re-open under U.S. and state government
directives.
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 March
31,
2020
2019
Percent Change
Encore Boston Harbor Supplemental
Information (7)
Operating revenues
Casino
$
101,790
$
—
—
Rooms
10,955
—
—
Food and beverage
20,606
—
—
Entertainment, retail and other
7,539
—
—
Total
$
140,890
$
—
—
Adjusted Property EBITDA (6)
$
(12,636
)
$
—
—
Casino Statistics:
Average number of table games
160
—
—
Table drop (2)
275,631
—
—
Table games win (1)
57,286
$
—
—
Table games win %
20.8
%
—
%
Table games win per unit per day
$
4,826
$
—
—
Average number of slot machines
2,837
—
—
Slot machine handle
767,739
$
—
—
Slot machine win (3)
59,448
$
—
—
Slot machine win per unit per day
$
283
$
—
—
Poker rake
$
5,105
$
—
—
Room statistics:
Occupancy
75.8
%
—
%
ADR (4)
$
292
$
—
—
REVPAR (5)
$
222
$
—
—
Note: Encore Boston Harbor ceased all operations and closed to the
public on March 15, 2020, and will remain closed until authorized
to re-open under U.S. and state government directives.
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200506006023/en/
Vincent Zahn 702-770-7555 investorrelations@wynnresorts.com
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