Wynn Resorts, Limited Reports Second Quarter 2022 Results
Wynn Resorts reported Q2 2022 revenues of $908.8 million, down $81.3 million year-over-year. The net loss was $130.1 million, or $1.14 per diluted share, slightly improving from the $131.4 million loss in Q2 2021. Adjusted Property EBITDA fell to $179.2 million from $206.9 million. Las Vegas operations saw revenue increase by $206 million, while Macau operations continued to struggle due to COVID restrictions, resulting in losses in both Wynn Palace and Wynn Macau. The company holds $2.01 billion in cash and debt of $11.91 billion.
- Las Vegas Operations revenue increased by $206 million.
- Encore Boston Harbor revenue rose by $44.9 million, with Adjusted Property EBITDA of $63.7 million.
- Adjusted net loss improved to $93.7 million from $128.7 million year-over-year.
- Wynn Las Vegas achieved a new all-time quarterly record for Adjusted Property EBITDA.
- Overall revenue decreased by $81.3 million from last year.
- Net loss remained significant at $130.1 million.
- Wynn Palace and Wynn Macau reported substantial revenue declines due to COVID-related restrictions.
Operating revenues were
"Our second quarter financial results reflect continued strength at both
Consolidated Results
Operating revenues were
Net loss attributable to
Adjusted Property EBITDA was
Property Results
Macau Operations
The results of operations of our Macau Operations for the second quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.
Operating revenues from
Wynn Macau
Operating revenues from Wynn Macau were
Las Vegas Operations
Operating revenues from our Las Vegas Operations were
Operating revenues from
Balance Sheet
Our cash and cash equivalents as of
As of
Total current and long-term debt outstanding at
In the second quarter of 2022, the Company repurchased 2,381,928 shares of its common stock at an average price of
In the first quarter of 2022, the Company entered into a sale-leaseback arrangement with respect to certain real estate assets related to
Conference Call and Other Information
The Company will hold a conference call to discuss its results, including the results of
On or before
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 COVID-19 pandemic, and the continued impact of its consequences, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions (including with respect to our ability to extend or renew our gaming concession in
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. We use Adjusted Property EBITDA to manage the operating results of our segments. 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 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. 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
The Company has included schedules in the tables that accompany this release that reconcile (i) net loss attributable to
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Operating revenues: |
|
|
|
|
|
|
|
||||||||
Casino |
$ |
359,585 |
|
|
$ |
602,746 |
|
|
$ |
849,447 |
|
|
$ |
1,118,964 |
|
Rooms |
|
201,298 |
|
|
|
137,765 |
|
|
|
371,674 |
|
|
|
213,955 |
|
Food and beverage |
|
229,816 |
|
|
|
149,142 |
|
|
|
403,836 |
|
|
|
217,651 |
|
Entertainment, retail and other |
|
118,133 |
|
|
|
100,460 |
|
|
|
237,209 |
|
|
|
176,225 |
|
Total operating revenues |
|
908,832 |
|
|
|
990,113 |
|
|
|
1,862,166 |
|
|
|
1,726,795 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Casino |
|
244,064 |
|
|
|
381,615 |
|
|
|
568,143 |
|
|
|
733,581 |
|
Rooms |
|
65,070 |
|
|
|
50,552 |
|
|
|
123,785 |
|
|
|
84,087 |
|
Food and beverage |
|
185,471 |
|
|
|
117,106 |
|
|
|
332,127 |
|
|
|
191,054 |
|
Entertainment, retail and other |
|
74,985 |
|
|
|
80,922 |
|
|
|
163,889 |
|
|
|
154,381 |
|
General and administrative |
|
200,378 |
|
|
|
197,545 |
|
|
|
397,158 |
|
|
|
377,319 |
|
Provision for credit losses |
|
(3,487 |
) |
|
|
441 |
|
|
|
(3,145 |
) |
|
|
7,808 |
|
Pre-opening |
|
4,502 |
|
|
|
2,495 |
|
|
|
6,949 |
|
|
|
4,122 |
|
Depreciation and amortization |
|
162,968 |
|
|
|
183,307 |
|
|
|
347,524 |
|
|
|
368,428 |
|
Property charges and other |
|
26,909 |
|
|
|
5,651 |
|
|
|
72,629 |
|
|
|
11,268 |
|
Total operating expenses |
|
960,860 |
|
|
|
1,019,634 |
|
|
|
2,009,059 |
|
|
|
1,932,048 |
|
Operating loss |
|
(52,028 |
) |
|
|
(29,521 |
) |
|
|
(146,893 |
) |
|
|
(205,253 |
) |
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income |
|
2,691 |
|
|
|
720 |
|
|
|
3,971 |
|
|
|
1,624 |
|
Interest expense, net of amounts capitalized |
|
(154,830 |
) |
|
|
(150,424 |
) |
|
|
(306,988 |
) |
|
|
(303,276 |
) |
Change in derivatives fair value |
|
1,562 |
|
|
|
972 |
|
|
|
8,962 |
|
|
|
5,381 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,322 |
) |
Other |
|
(10,099 |
) |
|
|
5,553 |
|
|
|
(25,226 |
) |
|
|
(5,540 |
) |
Other income (expense), net |
|
(160,676 |
) |
|
|
(143,179 |
) |
|
|
(319,281 |
) |
|
|
(303,133 |
) |
Loss before income taxes |
|
(212,704 |
) |
|
|
(172,700 |
) |
|
|
(466,174 |
) |
|
|
(508,386 |
) |
Provision for income taxes |
|
(718 |
) |
|
|
(697 |
) |
|
|
(1,858 |
) |
|
|
(1,190 |
) |
Net loss |
|
(213,422 |
) |
|
|
(173,397 |
) |
|
|
(468,032 |
) |
|
|
(509,576 |
) |
Less: net loss attributable to noncontrolling interests |
|
83,371 |
|
|
|
42,028 |
|
|
|
154,657 |
|
|
|
97,229 |
|
Net loss attributable to |
$ |
(130,051 |
) |
|
$ |
(131,369 |
) |
|
$ |
(313,375 |
) |
|
$ |
(412,347 |
) |
Basic and diluted net loss per common share: |
|
|
|
|
|
|
|
||||||||
Net loss attributable to |
|
|
|
|
|||||||||||
Basic |
$ |
(1.14 |
) |
|
$ |
(1.15 |
) |
|
$ |
(2.73 |
) |
|
$ |
(3.66 |
) |
Diluted |
$ |
(1.14 |
) |
|
$ |
(1.15 |
) |
|
$ |
(2.73 |
) |
|
$ |
(3.66 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
114,471 |
|
|
|
114,545 |
|
|
|
114,749 |
|
|
|
112,792 |
|
Diluted |
|
114,471 |
|
|
|
114,545 |
|
|
|
114,749 |
|
|
|
112,792 |
|
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
|
|
Six Months Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss attributable to |
$ |
(130,051 |
) |
|
$ |
(131,369 |
) |
|
$ |
(313,375 |
) |
|
$ |
(412,347 |
) |
Pre-opening expenses |
|
4,502 |
|
|
|
2,495 |
|
|
|
6,949 |
|
|
|
4,122 |
|
Property charges and other |
|
26,909 |
|
|
|
5,651 |
|
|
|
72,629 |
|
|
|
11,268 |
|
Change in derivatives fair value |
|
(1,562 |
) |
|
|
(972 |
) |
|
|
(8,962 |
) |
|
|
(5,381 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,322 |
|
Foreign currency remeasurement and other |
|
10,099 |
|
|
|
(5,553 |
) |
|
|
25,226 |
|
|
|
5,540 |
|
Income tax impact on adjustments |
|
(8 |
) |
|
|
(72 |
) |
|
|
(8 |
) |
|
|
(72 |
) |
Noncontrolling interests impact on adjustments |
|
(3,618 |
) |
|
|
1,090 |
|
|
|
(15,807 |
) |
|
|
(1,178 |
) |
Adjusted net loss attributable to |
$ |
(93,729 |
) |
|
$ |
(128,730 |
) |
|
$ |
(233,348 |
) |
|
$ |
(396,726 |
) |
Adjusted net loss attributable to |
$ |
(0.82 |
) |
|
$ |
(1.12 |
) |
|
$ |
(2.03 |
) |
|
$ |
(3.52 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - diluted |
|
114,471 |
|
|
|
114,545 |
|
|
|
114,749 |
|
|
|
112,792 |
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) |
|||||||||||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||||||
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
(107,742 |
) |
|
$ |
— |
|
$ |
51,606 |
|
$ |
313 |
|
|
$ |
2,258 |
|
|
$ |
1,587 |
|
$ |
2,028 |
|
$ |
(49,950 |
) |
Wynn Macau |
|
(73,479 |
) |
|
|
— |
|
|
19,556 |
|
|
6,478 |
|
|
|
2,272 |
|
|
|
1,612 |
|
|
3,171 |
|
|
(40,390 |
) |
Other |
|
(4,103 |
) |
|
|
— |
|
|
971 |
|
|
4 |
|
|
|
— |
|
|
|
2,547 |
|
|
581 |
|
|
— |
|
Total Macau Operations |
|
(185,324 |
) |
|
|
— |
|
|
72,133 |
|
|
6,795 |
|
|
|
4,530 |
|
|
|
5,746 |
|
|
5,780 |
|
|
(90,340 |
) |
Las Vegas Operations |
|
142,826 |
|
|
|
3,547 |
|
|
45,750 |
|
|
955 |
|
|
|
26,349 |
|
|
|
5,576 |
|
|
1,703 |
|
|
226,706 |
|
|
|
13,760 |
|
|
|
— |
|
|
37,432 |
|
|
19 |
|
|
|
10,164 |
|
|
|
1,941 |
|
|
430 |
|
|
63,746 |
|
Wynn Interactive |
|
(57,321 |
) |
|
|
955 |
|
|
5,373 |
|
|
26,395 |
|
|
|
— |
|
|
|
2,426 |
|
|
1,219 |
|
|
(20,953 |
) |
Corporate and other |
|
34,031 |
|
|
|
— |
|
|
2,280 |
|
|
(7,255 |
) |
|
|
(41,043 |
) |
|
|
6,524 |
|
|
5,463 |
|
|
— |
|
Total |
$ |
(52,028 |
) |
|
$ |
4,502 |
|
$ |
162,968 |
|
$ |
26,909 |
|
|
$ |
— |
|
|
$ |
22,213 |
|
$ |
14,595 |
|
$ |
179,159 |
|
|
Three Months Ended |
||||||||||||||||||||||||||
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
(26,231 |
) |
|
$ |
422 |
|
$ |
66,062 |
|
$ |
980 |
|
|
$ |
8,648 |
|
|
$ |
1,177 |
|
$ |
2,497 |
|
$ |
53,555 |
|
Wynn Macau |
|
(20,334 |
) |
|
|
— |
|
|
20,782 |
|
|
1,945 |
|
|
|
5,999 |
|
|
|
1,266 |
|
|
4,428 |
|
|
14,086 |
|
Other |
|
(3,052 |
) |
|
|
— |
|
|
1,095 |
|
|
2 |
|
|
|
— |
|
|
|
1,410 |
|
|
545 |
|
|
— |
|
Total Macau Operations |
|
(49,617 |
) |
|
|
422 |
|
|
87,939 |
|
|
2,927 |
|
|
|
14,647 |
|
|
|
3,853 |
|
|
7,470 |
|
|
67,641 |
|
Las Vegas Operations |
|
54,985 |
|
|
|
1,932 |
|
|
48,078 |
|
|
2,724 |
|
|
|
16,907 |
|
|
|
5,635 |
|
|
2,961 |
|
|
133,222 |
|
|
|
(3,620 |
) |
|
|
28 |
|
|
39,155 |
|
|
479 |
|
|
|
7,997 |
|
|
|
2,258 |
|
|
619 |
|
|
46,916 |
|
Wynn Interactive |
|
(54,294 |
) |
|
|
113 |
|
|
5,877 |
|
|
— |
|
|
|
— |
|
|
|
2,768 |
|
|
4,637 |
|
|
(40,899 |
) |
Corporate and other |
|
23,025 |
|
|
|
— |
|
|
2,258 |
|
|
(479 |
) |
|
|
(39,551 |
) |
|
|
5,327 |
|
|
9,420 |
|
|
— |
|
Total |
$ |
(29,521 |
) |
|
$ |
2,495 |
|
$ |
183,307 |
|
$ |
5,651 |
|
|
$ |
— |
|
|
$ |
19,841 |
|
$ |
25,107 |
|
$ |
206,880 |
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) |
|||||||||||||||||||||||||||
|
Six Months Ended |
||||||||||||||||||||||||||
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
(167,243 |
) |
|
$ |
— |
|
$ |
102,068 |
|
$ |
451 |
|
|
$ |
7,443 |
|
|
$ |
3,130 |
|
$ |
3,337 |
|
$ |
(50,814 |
) |
Wynn Macau |
|
(108,295 |
) |
|
|
— |
|
|
39,578 |
|
|
7,947 |
|
|
|
6,596 |
|
|
|
3,290 |
|
|
5,812 |
|
|
(45,072 |
) |
Other |
|
(8,050 |
) |
|
|
— |
|
|
1,948 |
|
|
5 |
|
|
|
— |
|
|
|
4,965 |
|
|
1,132 |
|
|
— |
|
Total Macau Operations |
|
(283,588 |
) |
|
|
— |
|
|
143,594 |
|
|
8,403 |
|
|
|
14,039 |
|
|
|
11,385 |
|
|
10,281 |
|
|
(95,886 |
) |
Las Vegas Operations |
|
225,756 |
|
|
|
4,944 |
|
|
91,352 |
|
|
2,277 |
|
|
|
47,376 |
|
|
|
10,990 |
|
|
3,389 |
|
|
386,084 |
|
|
|
15,949 |
|
|
|
— |
|
|
78,421 |
|
|
640 |
|
|
|
19,502 |
|
|
|
3,646 |
|
|
838 |
|
|
118,996 |
|
Wynn Interactive |
|
(162,356 |
) |
|
|
2,005 |
|
|
29,621 |
|
|
68,356 |
|
|
|
— |
|
|
|
4,853 |
|
|
5,067 |
|
|
(52,454 |
) |
Corporate and other |
|
57,346 |
|
|
|
— |
|
|
4,536 |
|
|
(7,047 |
) |
|
|
(80,917 |
) |
|
|
17,162 |
|
|
8,920 |
|
|
— |
|
Total |
$ |
(146,893 |
) |
|
$ |
6,949 |
|
$ |
347,524 |
|
$ |
72,629 |
|
|
$ |
— |
|
|
$ |
48,036 |
|
$ |
28,495 |
|
$ |
356,740 |
|
|
Six Months Ended |
||||||||||||||||||||||||||
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
(81,019 |
) |
|
$ |
836 |
|
$ |
133,072 |
|
$ |
3,154 |
|
|
$ |
16,826 |
|
|
$ |
2,355 |
|
$ |
5,700 |
|
$ |
80,924 |
|
Wynn Macau |
|
(37,286 |
) |
|
|
— |
|
|
42,246 |
|
|
2,192 |
|
|
|
11,854 |
|
|
|
2,630 |
|
|
9,006 |
|
|
30,642 |
|
Other |
|
(6,322 |
) |
|
|
— |
|
|
2,203 |
|
|
17 |
|
|
|
— |
|
|
|
2,953 |
|
|
1,149 |
|
|
— |
|
Total Macau Operations |
|
(124,627 |
) |
|
|
836 |
|
|
177,521 |
|
|
5,363 |
|
|
|
28,680 |
|
|
|
7,938 |
|
|
15,855 |
|
|
111,566 |
|
Las Vegas Operations |
|
14,979 |
|
|
|
2,443 |
|
|
96,181 |
|
|
5,151 |
|
|
|
25,515 |
|
|
|
11,049 |
|
|
5,985 |
|
|
161,303 |
|
|
|
(22,253 |
) |
|
|
28 |
|
|
78,268 |
|
|
1,221 |
|
|
|
14,234 |
|
|
|
4,540 |
|
|
1,241 |
|
|
77,279 |
|
Wynn Interactive |
|
(109,557 |
) |
|
|
815 |
|
|
11,948 |
|
|
— |
|
|
|
— |
|
|
|
3,494 |
|
|
8,932 |
|
|
(84,368 |
) |
Corporate and other |
|
36,205 |
|
|
|
— |
|
|
4,510 |
|
|
(467 |
) |
|
|
(68,429 |
) |
|
|
10,741 |
|
|
17,440 |
|
|
— |
|
Total |
$ |
(205,253 |
) |
|
$ |
4,122 |
|
$ |
368,428 |
|
$ |
11,268 |
|
|
$ |
— |
|
|
$ |
37,762 |
|
$ |
49,453 |
|
$ |
265,780 |
|
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss attributable to |
$ |
(130,051 |
) |
|
$ |
(131,369 |
) |
|
$ |
(313,375 |
) |
|
$ |
(412,347 |
) |
Net loss attributable to noncontrolling interests |
|
(83,371 |
) |
|
|
(42,028 |
) |
|
|
(154,657 |
) |
|
|
(97,229 |
) |
Pre-opening expenses |
|
4,502 |
|
|
|
2,495 |
|
|
|
6,949 |
|
|
|
4,122 |
|
Depreciation and amortization |
|
162,968 |
|
|
|
183,307 |
|
|
|
347,524 |
|
|
|
368,428 |
|
Property charges and other |
|
26,909 |
|
|
|
5,651 |
|
|
|
72,629 |
|
|
|
11,268 |
|
Corporate expenses and other |
|
22,213 |
|
|
|
19,841 |
|
|
|
48,036 |
|
|
|
37,762 |
|
Stock-based compensation |
|
14,595 |
|
|
|
25,107 |
|
|
|
28,495 |
|
|
|
49,453 |
|
Interest income |
|
(2,691 |
) |
|
|
(720 |
) |
|
|
(3,971 |
) |
|
|
(1,624 |
) |
Interest expense, net of amounts capitalized |
|
154,830 |
|
|
|
150,424 |
|
|
|
306,988 |
|
|
|
303,276 |
|
Change in derivatives fair value |
|
(1,562 |
) |
|
|
(972 |
) |
|
|
(8,962 |
) |
|
|
(5,381 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,322 |
|
Other |
|
10,099 |
|
|
|
(5,553 |
) |
|
|
25,226 |
|
|
|
5,540 |
|
Provision for income taxes |
|
718 |
|
|
|
697 |
|
|
|
1,858 |
|
|
|
1,190 |
|
Adjusted Property EBITDA |
$ |
179,159 |
|
|
$ |
206,880 |
|
|
$ |
356,740 |
|
|
$ |
265,780 |
|
SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
||||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Percent Change |
|
|
2022 |
|
|
|
2021 |
|
|
Percent Change |
||
Wynn Palace Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino |
$ |
27,194 |
|
|
$ |
212,067 |
|
|
(87.2 |
) |
|
$ |
141,607 |
|
|
$ |
397,976 |
|
|
(64.4 |
) |
Rooms |
|
7,008 |
|
|
|
20,883 |
|
|
(66.4 |
) |
|
|
20,839 |
|
|
|
37,895 |
|
|
(45.0 |
) |
Food and beverage |
|
6,857 |
|
|
|
13,805 |
|
|
(50.3 |
) |
|
|
18,300 |
|
|
|
25,477 |
|
|
(28.2 |
) |
Entertainment, retail and other |
|
17,592 |
|
|
|
23,616 |
|
|
(25.5 |
) |
|
|
41,230 |
|
|
|
46,349 |
|
|
(11.0 |
) |
Total |
$ |
58,651 |
|
|
$ |
270,371 |
|
|
(78.3 |
) |
|
$ |
221,976 |
|
|
$ |
507,697 |
|
|
(56.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Property EBITDA (6) |
$ |
(49,950 |
) |
|
$ |
53,555 |
|
|
NM |
|
|
$ |
(50,814 |
) |
|
$ |
80,924 |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
VIP: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average number of table games |
|
46 |
|
|
|
94 |
|
|
(51.1 |
) |
|
|
56 |
|
|
|
99 |
|
|
(43.4 |
) |
VIP turnover |
$ |
344,462 |
|
|
$ |
1,811,381 |
|
|
(81.0 |
) |
|
$ |
1,310,017 |
|
|
$ |
4,011,563 |
|
|
(67.3 |
) |
VIP table games (loss) win (1) |
$ |
(6,671 |
) |
|
$ |
71,570 |
|
|
NM |
|
|
$ |
13,082 |
|
|
$ |
168,026 |
|
|
(92.2 |
) |
VIP table games (loss) win as a % of turnover |
|
(1.94 |
) % |
|
|
3.95 |
% |
|
|
|
|
1.00 |
% |
|
|
4.19 |
% |
|
|
||
Table games (loss) win per unit per day |
$ |
(1,600 |
) |
|
$ |
8,346 |
|
|
NM |
|
|
$ |
1,284 |
|
|
$ |
9,402 |
|
|
(86.3 |
) |
Mass market: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average number of table games |
|
231 |
|
|
|
228 |
|
|
1.3 |
|
|
|
232 |
|
|
|
225 |
|
|
3.1 |
|
Table drop (2) |
$ |
210,549 |
|
|
$ |
707,494 |
|
|
(70.2 |
) |
|
$ |
742,408 |
|
|
$ |
1,315,012 |
|
|
(43.5 |
) |
Table games win (1) |
$ |
41,581 |
|
|
$ |
163,547 |
|
|
(74.6 |
) |
|
$ |
152,755 |
|
|
$ |
295,196 |
|
|
(48.3 |
) |
Table games win % |
|
19.7 |
% |
|
|
23.1 |
% |
|
|
|
|
20.6 |
% |
|
|
22.4 |
% |
|
|
||
Table games win per unit per day |
$ |
1,977 |
|
|
$ |
7,877 |
|
|
(74.9 |
) |
|
$ |
3,630 |
|
|
$ |
7,249 |
|
|
(49.9 |
) |
Average number of slot machines |
|
634 |
|
|
|
726 |
|
|
(12.7 |
) |
|
|
652 |
|
|
|
707 |
|
|
(7.8 |
) |
Slot machine handle |
$ |
130,404 |
|
|
$ |
421,269 |
|
|
(69.0 |
) |
|
$ |
381,333 |
|
|
$ |
780,041 |
|
|
(51.1 |
) |
Slot machine win (3) |
$ |
4,922 |
|
|
$ |
18,772 |
|
|
(73.8 |
) |
|
$ |
17,571 |
|
|
$ |
33,015 |
|
|
(46.8 |
) |
Slot machine win per unit per day |
$ |
85 |
|
|
$ |
284 |
|
|
(70.1 |
) |
|
$ |
149 |
|
|
$ |
258 |
|
|
(42.2 |
) |
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Occupancy |
|
28.5 |
% |
|
|
70.6 |
% |
|
|
|
|
37.7 |
% |
|
|
65.6 |
% |
|
|
||
ADR (4) |
$ |
145 |
|
|
$ |
180 |
|
|
(19.4 |
) |
|
$ |
166 |
|
|
$ |
179 |
|
|
(7.3 |
) |
REVPAR (5) |
$ |
41 |
|
|
$ |
127 |
|
|
(67.7 |
) |
|
$ |
63 |
|
|
$ |
118 |
|
|
(46.6 |
) |
NM: Not meaningful.
Note: The results of operations of
SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
||||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Percent Change |
|
|
2022 |
|
|
|
2021 |
|
|
Percent Change |
||
Wynn Macau Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino |
$ |
39,959 |
|
|
$ |
142,419 |
|
|
(71.9 |
) |
|
$ |
142,389 |
|
|
$ |
281,346 |
|
|
(49.4 |
) |
Rooms |
|
4,762 |
|
|
|
13,427 |
|
|
(64.5 |
) |
|
|
14,152 |
|
|
|
28,129 |
|
|
(49.7 |
) |
Food and beverage |
|
5,231 |
|
|
|
8,559 |
|
|
(38.9 |
) |
|
|
13,617 |
|
|
|
15,992 |
|
|
(14.9 |
) |
Entertainment, retail and other |
|
8,631 |
|
|
|
19,623 |
|
|
(56.0 |
) |
|
|
23,525 |
|
|
|
38,212 |
|
|
(38.4 |
) |
Total |
$ |
58,583 |
|
|
$ |
184,028 |
|
|
(68.2 |
) |
|
$ |
193,683 |
|
|
$ |
363,679 |
|
|
(46.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Property EBITDA (6) |
$ |
(40,390 |
) |
|
$ |
14,086 |
|
|
NM |
|
|
$ |
(45,072 |
) |
|
$ |
30,642 |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
VIP: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average number of table games |
|
40 |
|
|
|
85 |
|
|
(52.9 |
) |
|
|
37 |
|
|
|
87 |
|
|
(57.5 |
) |
VIP turnover |
$ |
301,645 |
|
|
$ |
1,489,912 |
|
|
(79.8 |
) |
|
$ |
1,188,695 |
|
|
$ |
3,294,294 |
|
|
(63.9 |
) |
VIP table games win (1) |
$ |
14,446 |
|
|
$ |
39,388 |
|
|
(63.3 |
) |
|
$ |
48,475 |
|
|
$ |
98,022 |
|
|
(50.5 |
) |
VIP table games win as a % of turnover |
|
4.79 |
% |
|
|
2.64 |
% |
|
|
|
|
4.08 |
% |
|
|
2.98 |
% |
|
|
||
Table games win per unit per day |
$ |
4,006 |
|
|
$ |
5,111 |
|
|
(21.6 |
) |
|
$ |
7,181 |
|
|
$ |
6,201 |
|
|
15.8 |
|
Mass market: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average number of table games |
|
246 |
|
|
|
240 |
|
|
2.5 |
|
|
|
247 |
|
|
|
240 |
|
|
2.9 |
|
Table drop (2) |
$ |
216,154 |
|
|
$ |
670,400 |
|
|
(67.8 |
) |
|
$ |
685,292 |
|
|
$ |
1,261,290 |
|
|
(45.7 |
) |
Table games win (1) |
$ |
30,582 |
|
|
$ |
128,921 |
|
|
(76.3 |
) |
|
$ |
112,842 |
|
|
$ |
234,104 |
|
|
(51.8 |
) |
Table games win % |
|
14.1 |
% |
|
|
19.2 |
% |
|
|
|
|
16.5 |
% |
|
|
18.6 |
% |
|
|
||
Table games win per unit per day |
$ |
1,365 |
|
|
$ |
5,903 |
|
|
(76.9 |
) |
|
$ |
2,521 |
|
|
$ |
5,390 |
|
|
(53.2 |
) |
Average number of slot machines |
|
665 |
|
|
|
607 |
|
|
9.6 |
|
|
|
625 |
|
|
|
588 |
|
|
6.3 |
|
Slot machine handle |
$ |
199,312 |
|
|
$ |
300,523 |
|
|
(33.7 |
) |
|
$ |
482,851 |
|
|
$ |
601,794 |
|
|
(19.8 |
) |
Slot machine win (3) |
$ |
6,329 |
|
|
$ |
9,223 |
|
|
(31.4 |
) |
|
$ |
16,941 |
|
|
$ |
19,431 |
|
|
(12.8 |
) |
Slot machine win per unit per day |
$ |
105 |
|
|
$ |
167 |
|
|
(37.1 |
) |
|
$ |
150 |
|
|
$ |
183 |
|
|
(18.0 |
) |
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Occupancy |
|
31.3 |
% |
|
|
68.0 |
% |
|
|
|
|
40.5 |
% |
|
|
64.4 |
% |
|
|
||
ADR (4) |
$ |
150 |
|
|
$ |
198 |
|
|
(24.2 |
) |
|
$ |
174 |
|
|
$ |
219 |
|
|
(20.5 |
) |
REVPAR (5) |
$ |
47 |
|
|
$ |
135 |
|
|
(65.2 |
) |
|
$ |
70 |
|
|
$ |
141 |
|
|
(50.4 |
) |
NM: Not meaningful.
Note: The results of operations of Wynn Macau for the three and six months ended
SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Percent Change |
|
|
2022 |
|
|
|
2021 |
|
|
Percent Change |
|
Las Vegas Operations Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Casino |
$ |
135,345 |
|
|
$ |
112,775 |
|
|
20.0 |
|
|
$ |
259,616 |
|
|
$ |
192,678 |
|
|
34.7 |
Rooms |
|
167,116 |
|
|
|
93,785 |
|
|
78.2 |
|
|
|
298,582 |
|
|
|
133,546 |
|
|
123.6 |
Food and beverage |
|
196,627 |
|
|
|
112,858 |
|
|
74.2 |
|
|
|
332,656 |
|
|
|
152,935 |
|
|
117.5 |
Entertainment, retail and other |
|
61,981 |
|
|
|
35,648 |
|
|
73.9 |
|
|
|
111,401 |
|
|
|
54,623 |
|
|
103.9 |
Total |
$ |
561,069 |
|
|
$ |
355,066 |
|
|
58.0 |
|
|
$ |
1,002,255 |
|
|
$ |
533,782 |
|
|
87.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted Property EBITDA (6) |
$ |
226,706 |
|
|
$ |
133,222 |
|
|
70.2 |
|
|
$ |
386,084 |
|
|
$ |
161,303 |
|
|
139.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Average number of table games |
|
237 |
|
|
|
218 |
|
|
8.7 |
|
|
|
232 |
|
|
|
195 |
|
|
19.0 |
Table drop (2) |
$ |
564,982 |
|
|
$ |
427,014 |
|
|
32.3 |
|
|
$ |
1,112,898 |
|
|
$ |
751,545 |
|
|
48.1 |
Table games win (1) |
$ |
138,879 |
|
|
$ |
99,021 |
|
|
40.3 |
|
|
$ |
268,043 |
|
|
$ |
175,674 |
|
|
52.6 |
Table games win % |
|
24.6 |
% |
|
|
23.2 |
% |
|
|
|
|
24.1 |
% |
|
|
23.4 |
% |
|
|
|
Table games win per unit per day |
$ |
6,440 |
|
|
$ |
4,997 |
|
|
28.9 |
|
|
$ |
6,372 |
|
|
$ |
4,979 |
|
|
28.0 |
Average number of slot machines |
|
1,712 |
|
|
|
1,715 |
|
|
(0.2 |
) |
|
|
1,720 |
|
|
|
1,631 |
|
|
5.5 |
Slot machine handle |
$ |
1,326,178 |
|
|
$ |
1,115,149 |
|
|
18.9 |
|
|
$ |
2,504,162 |
|
|
$ |
1,906,409 |
|
|
31.4 |
Slot machine win (3) |
$ |
89,844 |
|
|
$ |
78,890 |
|
|
13.9 |
|
|
$ |
170,675 |
|
|
$ |
129,379 |
|
|
31.9 |
Slot machine win per unit per day |
$ |
577 |
|
|
$ |
506 |
|
|
14.0 |
|
|
$ |
548 |
|
|
$ |
438 |
|
|
25.1 |
Poker rake |
$ |
5,021 |
|
|
$ |
3,927 |
|
|
27.9 |
|
|
$ |
8,882 |
|
|
$ |
5,794 |
|
|
53.3 |
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Occupancy |
|
90.5 |
% |
|
|
67.2 |
% |
|
|
|
|
83.8 |
% |
|
|
52.9 |
% |
|
|
|
ADR (4) |
$ |
460 |
|
|
$ |
333 |
|
|
38.1 |
|
|
$ |
448 |
|
|
$ |
332 |
|
|
34.9 |
REVPAR (5) |
$ |
417 |
|
|
$ |
224 |
|
|
86.2 |
|
|
$ |
375 |
|
|
$ |
176 |
|
|
113.1 |
Note: The results of our Las Vegas Operations for the three and six months ended
SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR, and REVPAR) (unaudited) (continued) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
||||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
Percent Change |
|
|
2022 |
|
|
|
2021 |
|
|
Percent Change |
||
Encore Boston Harbor Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Casino |
$ |
157,087 |
|
|
$ |
135,485 |
|
|
15.9 |
|
|
$ |
305,835 |
|
|
$ |
246,964 |
|
|
23.8 |
|
Rooms |
|
22,412 |
|
|
|
9,670 |
|
|
131.8 |
|
|
|
38,101 |
|
|
|
14,385 |
|
|
164.9 |
|
Food and beverage |
|
21,101 |
|
|
|
13,920 |
|
|
51.6 |
|
|
|
39,263 |
|
|
|
23,247 |
|
|
68.9 |
|
Entertainment, retail and other |
|
9,554 |
|
|
|
6,166 |
|
|
54.9 |
|
|
|
17,751 |
|
|
|
10,735 |
|
|
65.4 |
|
Total |
$ |
210,154 |
|
|
$ |
165,241 |
|
|
27.2 |
|
|
$ |
400,950 |
|
|
$ |
295,331 |
|
|
35.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Property EBITDA (6) |
$ |
63,746 |
|
|
$ |
46,916 |
|
|
35.9 |
|
|
$ |
118,996 |
|
|
$ |
77,279 |
|
|
54.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average number of table games |
|
184 |
|
|
|
195 |
|
|
(5.6 |
) |
|
|
184 |
|
|
|
197 |
|
|
(6.6 |
) |
Table drop (2) |
$ |
366,222 |
|
|
$ |
306,070 |
|
|
19.7 |
|
|
$ |
712,417 |
|
|
$ |
540,632 |
|
|
31.8 |
|
Table games win (1) |
$ |
80,263 |
|
|
$ |
64,874 |
|
|
23.7 |
|
|
$ |
157,054 |
|
|
$ |
114,251 |
|
|
37.5 |
|
Table games win % |
|
21.9 |
% |
|
|
21.2 |
% |
|
|
|
|
22.0 |
% |
|
|
21.1 |
% |
|
|
||
Table games win per unit per day |
$ |
4,794 |
|
|
$ |
3,654 |
|
|
31.2 |
|
|
$ |
4,716 |
|
|
$ |
3,201 |
|
|
47.3 |
|
Average number of slot machines |
|
2,781 |
|
|
|
2,171 |
|
|
28.1 |
|
|
|
2,778 |
|
|
|
2,031 |
|
|
36.8 |
|
Slot machine handle |
$ |
1,232,427 |
|
|
$ |
1,094,178 |
|
|
12.6 |
|
|
$ |
2,415,740 |
|
|
$ |
2,007,973 |
|
|
20.3 |
|
Slot machine win (3) |
$ |
99,424 |
|
|
$ |
89,560 |
|
|
11.0 |
|
|
$ |
194,720 |
|
|
$ |
164,380 |
|
|
18.5 |
|
Slot machine win per unit per day |
$ |
393 |
|
|
$ |
453 |
|
|
(13.2 |
) |
|
$ |
387 |
|
|
$ |
447 |
|
|
(13.4 |
) |
Poker rake |
$ |
1,241 |
|
|
$ |
— |
|
|
NM |
|
|
$ |
2,026 |
|
|
$ |
— |
|
|
NM |
|
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Occupancy |
|
94.1 |
% |
|
|
87.8 |
% |
|
|
|
|
87.4 |
% |
|
|
81.1 |
% |
|
|
||
ADR (4) |
$ |
391 |
|
|
$ |
304 |
|
|
28.6 |
|
|
$ |
360 |
|
|
$ |
294 |
|
|
22.4 |
|
REVPAR (5) |
$ |
368 |
|
|
$ |
267 |
|
|
37.8 |
|
|
$ |
315 |
|
|
$ |
238 |
|
|
32.4 |
|
NM: Not meaningful.
Note: The results of
(1) |
Table games win (loss) 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 |
(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 Loss Attributable to |
SOURCE:
View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005083/en/
702-770-7555
investorrelations@wynnresorts.com
Source:
FAQ
What were Wynn Resorts' revenues for Q2 2022?
What was the net loss for Wynn Resorts in Q2 2022?
How did Wynn Resorts' Las Vegas operations perform in Q2 2022?
What impact did COVID-19 have on Wynn Resorts' Macau operations?
What were the Adjusted Property EBITDA figures for Wynn Resorts in Q2 2022?
