Wynn Resorts, Limited Reports First Quarter 2021 Results
Wynn Resorts reported a decrease in Q1 2021 revenues of 23.9% to $725.8 million compared to Q1 2020. The net loss was $281 million or $2.53 per share, improving from a $402 million loss in the previous year. Adjusted Property EBITDA increased at various properties, particularly Encore Boston Harbor, but fell slightly at Wynn Macau. The company aims to grow WynnBET through a merger with Austerlitz Acquisition Corp I. Despite ongoing COVID-19 challenges, gaming revenues showed signs of recovery, particularly in Las Vegas.
- Improvement in net loss to $281 million from $402 million year-over-year.
- Adjusted Property EBITDA increased at Encore Boston Harbor to $30.4 million from a loss the previous year.
- WynnBET expansion planned through merger to strengthen online sports betting.
- Operating revenues decreased by $227.9 million compared to Q1 2020.
- Continuing challenges from COVID-19 affecting capacity and operations.
- Wynn Macau revenues fell by 21.7% year-over-year.
Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended March 31, 2021.
Operating revenues were
"Our first quarter results reflect continued progress in our business as consumers began to once again travel to their favorite leisure and gaming destinations," said Matt Maddox, CEO of Wynn Resorts, Limited. "Wynn Las Vegas showed continued strength in the casino segment, with the property remaining the destination of choice for high quality gaming customers, while forward bookings in the leisure segment improved throughout the quarter. Encore Boston Harbor again delivered record Adjusted Property EBITDA on the back of solid execution across the property. In Macau, we experienced continued gradual improvement in visitation trends driving particular strength in premium mass casino and luxury retail."
"We are also pleased to announce our intention to fuel the growth of WynnBET through a merger of Wynn Interactive with Austerlitz Acquisition Corp I. We are proud to join forces with Bill Foley as we continue to aggressively scale in online sports betting and iGaming. With WynnBET now live in six states, we will be launching enhanced product features and expanding our market position in 2021."
Consolidated Results
Operating revenues were
On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was
Adjusted Property EBITDA was
Property Results
In response to the initial outbreak of COVID-19 in early 2020, each of our properties was subject to partial or full closure for varying lengths of time during 2020, and each has since reopened with certain COVID-19 specific protective measures in place. Although authorities around the world have eased COVID-19 protective measures and several vaccines have been granted authorization in numerous countries and are being rolled out to citizens based on availability and priority of need, certain travel restrictions, quarantine measures, testing requirements, and capacity limitations remain in effect, and the Company is currently unable to determine when protective measures will be lifted and when the Company will be able to resume certain offerings at our Macau Operations, Las Vegas Operations, and Encore Boston Harbor. On April 13, 2021, the Governor of Nevada announced that the statewide social distancing mandate will be removed and decisions on social distancing will be returned to local authority by May 1, with a goal to have all Nevada counties open to
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were
Wynn Macau
Operating revenues from Wynn Macau were
Las Vegas Operations
Operating revenues from our Las Vegas Operations were
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were
Balance Sheet
Our cash and cash equivalents as of March 31, 2021 totaled
As of March 31, 2021, the available borrowing capacity under the Wynn Resorts Finance Revolver was
Total current and long-term debt outstanding at March 31, 2021 was
As previously disclosed, on February 11, 2021, the Company completed a registered public offering of 7,475,000 newly issued shares of its common stock, par value
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 10, 2021 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, 2021, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended March 31, 2021 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, 2020 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 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, meeting and convention, 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 loss attributable to Wynn Resorts, Limited" is net loss attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in derivatives fair value, loss on extinguishment of debt, and foreign currency remeasurement and other, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net 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 loss attributable to Wynn Resorts, Limited and adjusted net 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 loss attributable to Wynn Resorts, Limited to adjusted net loss attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDA, and (iii) net 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
|
||||||
|
|
2021 |
|
2020 |
||||
Operating revenues: |
|
|
||||||
Casino |
$ |
516,218 |
|
$ |
570,789 |
|
||
Rooms |
76,190 |
|
152,681 |
|
||||
Food and beverage |
68,509 |
|
149,414 |
|
||||
Entertainment, retail and other |
64,866 |
|
80,832 |
|
||||
Total operating revenues |
725,783 |
|
953,716 |
|
||||
Operating expenses: |
|
|
||||||
Casino |
351,966 |
|
442,690 |
|
||||
Rooms |
33,535 |
|
73,480 |
|
||||
Food and beverage |
73,948 |
|
175,910 |
|
||||
Entertainment, retail and other |
62,560 |
|
45,580 |
|
||||
General and administrative |
179,774 |
|
234,328 |
|
||||
Provision for credit losses |
7,367 |
|
20,613 |
|
||||
Pre-opening |
1,627 |
|
2,551 |
|
||||
Depreciation and amortization |
185,121 |
|
178,746 |
|
||||
Property charges and other |
5,617 |
|
27,229 |
|
||||
Total operating expenses |
901,515 |
|
1,201,127 |
|
||||
Operating loss |
(175,732 |
) |
(247,411 |
) |
||||
Other income (expense): |
|
|
||||||
Interest income |
904 |
|
7,953 |
|
||||
Interest expense, net of amounts capitalized |
(152,852 |
) |
(128,827 |
) |
||||
Change in derivatives fair value |
4,409 |
|
(15,660 |
) |
||||
Loss on extinguishment of debt |
(1,322 |
) |
(843 |
) |
||||
Other |
(11,093 |
) |
10,335 |
|
||||
Other income (expense), net |
(159,954 |
) |
(127,042 |
) |
||||
Loss before income taxes |
(335,686 |
) |
(374,453 |
) |
||||
Provision for income taxes |
(493 |
) |
(75,800 |
) |
||||
Net loss |
(336,179 |
) |
(450,253 |
) |
||||
Less: net loss attributable to noncontrolling interests |
55,201 |
|
48,216 |
|
||||
Net loss attributable to Wynn Resorts, Limited |
$ |
(280,978 |
) |
$ |
(402,037 |
) |
||
Basic and diluted net loss per common share: |
|
|
||||||
Net loss attributable to Wynn Resorts, Limited: |
||||||||
Basic |
$ |
(2.53 |
) |
$ |
(3.77 |
) |
||
Diluted |
$ |
(2.53 |
) |
$ |
(3.77 |
) |
||
Weighted average common shares outstanding: |
|
|
||||||
Basic |
111,020 |
|
106,663 |
|
||||
Diluted |
111,020 |
|
106,663 |
|
||||
Dividends declared per common share: |
$ |
— |
|
$ |
1.00 |
|
||
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
||||||||
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED |
||||||||
TO ADJUSTED NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED |
||||||||
(in thousands, except per share data) |
||||||||
(unaudited) |
||||||||
|
|
|
||||||
|
|
Three Months Ended
|
||||||
|
|
2021 |
|
2020 |
||||
Net loss attributable to Wynn Resorts, Limited (1) |
$ |
(280,978 |
) |
$ |
(402,037 |
) |
||
Pre-opening expenses |
1,627 |
|
2,551 |
|
||||
Property charges and other |
5,617 |
|
27,229 |
|
||||
Change in derivatives fair value |
(4,409 |
) |
15,660 |
|
||||
Loss on extinguishment of debt |
1,322 |
|
843 |
|
||||
Foreign currency remeasurement (gain) loss |
11,093 |
|
(10,335 |
) |
||||
Income tax impact on adjustments |
— |
|
64 |
|
||||
Noncontrolling interests impact on adjustments |
(2,268 |
) |
(11,895 |
) |
||||
Adjusted net loss attributable to Wynn Resorts, Limited |
$ |
(267,996 |
) |
$ |
(377,920 |
) |
||
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share |
$ |
(2.41 |
) |
$ |
(3.54 |
) |
||
|
|
|
||||||
Weighted average common shares outstanding - diluted |
111,020 |
|
106,663 |
|
||||
(1) |
For the three months ended March 31, 2020, includes |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
|||||||||||||||||||||||||||
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA |
|||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||
|
Three Months Ended March 31, 2021 |
||||||||||||||||||||||||||
|
Operating
|
|
Pre-opening
|
|
Depreciation
|
|
Property
|
|
Management
|
|
Corporate
|
|
Stock-based
|
|
Adjusted
|
||||||||||||
Macau Operations: |
|
|
|
|
|
|
|
|
|||||||||||||||||||
Wynn Palace |
$ |
(54,788 |
) |
$ |
414 |
$ |
67,010 |
$ |
2,174 |
$ |
8,178 |
|
$ |
1,178 |
$ |
3,203 |
$ |
27,369 |
|
||||||||
Wynn Macau |
(16,952 |
) |
— |
21,464 |
247 |
5,855 |
|
1,364 |
4,578 |
16,556 |
|
||||||||||||||||
Other Macau |
(3,270 |
) |
— |
1,108 |
15 |
— |
|
1,543 |
604 |
— |
|
||||||||||||||||
Total Macau Operations |
(75,010 |
) |
414 |
89,582 |
2,436 |
14,033 |
|
4,085 |
8,385 |
43,925 |
|
||||||||||||||||
Las Vegas Operations |
(40,006 |
) |
511 |
48,103 |
2,427 |
8,608 |
|
5,414 |
3,024 |
28,081 |
|
||||||||||||||||
Encore Boston Harbor |
(18,633 |
) |
— |
39,113 |
742 |
6,237 |
|
2,282 |
622 |
30,363 |
|
||||||||||||||||
Corporate and other |
(42,083 |
) |
702 |
8,323 |
12 |
(28,878 |
) |
6,140 |
12,315 |
(43,469 |
) |
||||||||||||||||
Total |
$ |
(175,732 |
) |
$ |
1,627 |
$ |
185,121 |
$ |
5,617 |
$ |
— |
|
$ |
17,921 |
$ |
24,346 |
$ |
58,900 |
|
||||||||
|
Three Months Ended March 31, 2020 |
|||||||||||||||||||||||||||
|
Operating
|
Pre-opening
|
Depreciation
|
Property
|
Management
|
Corporate
|
Stock-based
|
Adjusted
|
||||||||||||||||||||
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 |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES |
||||||||
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO |
||||||||
ADJUSTED PROPERTY EBITDA |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
|
|
||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2021 |
|
2020 |
||||
Net loss attributable to Wynn Resorts, Limited (1) |
$ |
(280,978 |
) |
$ |
(402,037 |
) |
||
Net loss attributable to noncontrolling interests |
(55,201 |
) |
(48,216 |
) |
||||
Pre-opening expenses |
1,627 |
|
2,551 |
|
||||
Depreciation and amortization |
185,121 |
|
178,746 |
|
||||
Property charges and other |
5,617 |
|
27,229 |
|
||||
Corporate expenses and other |
17,921 |
|
24,192 |
|
||||
Stock-based compensation |
24,346 |
|
9,364 |
|
||||
Interest income |
(904 |
) |
(7,953 |
) |
||||
Interest expense, net of amounts capitalized |
152,852 |
|
128,827 |
|
||||
Change in derivatives fair value |
(4,409 |
) |
15,660 |
|
||||
Loss on extinguishment of debt |
1,322 |
|
843 |
|
||||
Other |
11,093 |
|
(10,335 |
) |
||||
Provision for income taxes |
493 |
|
75,800 |
|
||||
Adjusted Property EBITDA |
$ |
58,900 |
|
$ |
(5,329 |
) |
||
(1) |
For the three months ended March 31, 2020, includes |
|
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, |
|
|||||||||
|
2021 |
2020 |
Percent
|
||||||||
Wynn Palace Supplemental Information |
|
|
|
||||||||
Operating revenues |
|
|
|
||||||||
Casino |
$ |
185,909 |
|
$ |
207,576 |
|
(10.4 |
) |
|||
Rooms |
17,012 |
|
19,710 |
|
(13.7 |
) |
|||||
Food and beverage |
11,672 |
|
13,298 |
|
(12.2 |
) |
|||||
Entertainment, retail and other |
22,733 |
|
18,929 |
|
20.1 |
|
|||||
Total |
$ |
237,326 |
|
$ |
259,513 |
|
(8.5 |
) |
|||
|
|
|
|
||||||||
Adjusted Property EBITDA (6) |
$ |
27,369 |
|
$ |
10,176 |
|
169.0 |
|
|||
|
|
|
|
||||||||
Casino Statistics: |
|
|
|
||||||||
VIP: |
|
|
|
||||||||
Average number of table games |
103 |
|
89 |
|
15.7 |
|
|||||
VIP turnover |
$ |
2,200,182 |
|
$ |
4,792,454 |
|
(54.1 |
) |
|||
VIP table games win (1) |
$ |
96,456 |
|
$ |
139,569 |
|
(30.9 |
) |
|||
VIP table games win as a % of turnover |
4.38 |
% |
2.91 |
% |
|
||||||
Table games win per unit per day |
$ |
10,375 |
|
$ |
20,257 |
|
(48.8 |
) |
|||
Mass market: |
|
|
|
||||||||
Average number of table games |
222 |
|
179 |
|
24.0 |
|
|||||
Table drop (2) |
$ |
607,518 |
|
$ |
475,223 |
|
27.8 |
|
|||
Table games win (1) |
$ |
131,649 |
|
$ |
130,714 |
|
0.7 |
|
|||
Table games win % |
21.7 |
% |
27.5 |
% |
|
||||||
Table games win per unit per day |
$ |
6,596 |
|
$ |
9,507 |
|
(30.6 |
) |
|||
Average number of slot machines |
687 |
|
733 |
|
(6.3 |
) |
|||||
Slot machine handle |
$ |
358,772 |
|
$ |
424,714 |
|
(15.5 |
) |
|||
Slot machine win (3) |
$ |
14,243 |
|
$ |
18,405 |
|
(22.6 |
) |
|||
Slot machine win per unit per day |
$ |
230 |
|
$ |
326 |
|
(29.4 |
) |
|||
Room statistics: |
|
|
|
||||||||
Occupancy |
60.4 |
% |
41.6 |
% |
|
||||||
ADR (4) |
$ |
178 |
|
$ |
294 |
|
(39.5 |
) |
|||
REVPAR (5) |
$ |
108 |
|
$ |
122 |
|
(11.5 |
) |
|||
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 COVID-19 specific protective measures, such as limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results for travelers seeking entry to Macau 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, |
|
|
|||||||
|
|
2021 |
|
2020 |
|
Percent
|
|||||
Wynn Macau Supplemental Information |
|
|
|
||||||||
Operating revenues |
|
|
|
||||||||
Casino |
$ |
138,927 |
|
$ |
190,128 |
|
(26.9 |
) |
|||
Rooms |
14,702 |
|
15,911 |
|
(7.6 |
) |
|||||
Food and beverage |
7,433 |
|
9,531 |
|
(22.0 |
) |
|||||
Entertainment, retail and other |
18,589 |
|
13,919 |
|
33.6 |
|
|||||
Total |
$ |
179,651 |
|
$ |
229,489 |
|
(21.7 |
) |
|||
|
|
|
|
||||||||
Adjusted Property EBITDA (6) |
$ |
16,556 |
|
$ |
19,208 |
|
(13.8 |
) |
|||
|
|
|
|
||||||||
Casino Statistics: |
|
|
|
||||||||
VIP: |
|
|
|
||||||||
Average number of table games |
90 |
|
81 |
|
11.1 |
|
|||||
VIP turnover |
$ |
1,804,382 |
|
$ |
2,964,146 |
|
(39.1 |
) |
|||
VIP table games win (1) |
$ |
58,635 |
|
$ |
122,625 |
|
(52.2 |
) |
|||
VIP table games win as a % of turnover |
3.25 |
% |
4.14 |
% |
|
||||||
Table games win per unit per day |
$ |
7,239 |
|
$ |
19,702 |
|
(63.3 |
) |
|||
Mass market: |
|
|
|
||||||||
Average number of table games |
240 |
|
183 |
|
31.1 |
|
|||||
Table drop (2) |
$ |
590,890 |
|
$ |
578,235 |
|
2.2 |
|
|||
Table games win (1) |
$ |
105,183 |
|
$ |
117,941 |
|
(10.8 |
) |
|||
Table games win % |
17.8 |
% |
20.4 |
% |
|
||||||
Table games win per unit per day |
$ |
4,871 |
|
$ |
8,372 |
|
(41.8 |
) |
|||
Average number of slot machines |
569 |
|
634 |
|
(10.3 |
) |
|||||
Slot machine handle |
$ |
301,271 |
|
$ |
366,537 |
|
(17.8 |
) |
|||
Slot machine win (3) |
$ |
10,208 |
|
$ |
13,295 |
|
(23.2 |
) |
|||
Slot machine win per unit per day |
$ |
199 |
|
$ |
272 |
|
(26.8 |
) |
|||
Poker rake |
$ |
— |
|
$ |
2,083 |
|
(100.0 |
) |
|||
Room statistics: |
|
|
|
||||||||
Occupancy |
60.8 |
% |
49.2 |
% |
|
||||||
ADR (4) |
$ |
242 |
|
$ |
321 |
|
(24.6 |
) |
|||
REVPAR (5) |
$ |
147 |
|
$ |
158 |
|
(7.0 |
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "Wynn Resorts, Limited Reports First Quarter 2021 Results FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were Wynn Resorts' Q1 2021 financial results?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Wynn Resorts reported Q1 2021 revenues of $725.8 million, a 23.9% decrease from Q1 2020, with a net loss of $281 million."
}
},
{
"@type": "Question",
"name": "How did Wynn Resorts' net loss change in Q1 2021 compared to Q1 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The net loss in Q1 2021 was $281 million, an improvement from a net loss of $402 million in Q1 2020."
}
},
{
"@type": "Question",
"name": "What is the status of WynnBET after the recent merger announcement?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Wynn Resorts plans to fuel growth in WynnBET through a merger with Austerlitz Acquisition Corp I, expanding its presence in online sports betting."
}
},
{
"@type": "Question",
"name": "How did Wynn Resorts perform financially in Macau during Q1 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Wynn Macau's revenues decreased by 21.7% to $179.7 million in Q1 2021 compared to the previous year."
}
},
{
"@type": "Question",
"name": "What are the key highlights from Wynn Resorts' Q1 2021 earnings call?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Key highlights include increased Adjusted Property EBITDA at Encore Boston Harbor and ongoing improvements in Las Vegas gaming revenues."
}
}
]
}
| |||
