Wynn Resorts, Limited Reports Third Quarter 2021 Results

Rhea-AI Summary

Wynn Resorts, Limited (NASDAQ: WYNN) reported operating revenues of $994.6 million for Q3 2021, up from $370.5 million in Q3 2020. Net loss was $166.2 million, or $1.45 per diluted share, a significant improvement from the $758.1 million loss, or $7.10 per diluted share, a year prior. Adjusted Property EBITDA rose to $154.6 million compared to a loss of $(65.9) million in Q3 2020. The company highlighted recovery in Las Vegas and confidence in Macau's consumer demand as key points for future growth.

Positive

• Operating revenues increased by $624.2 million from Q3 2020.
• Adjusted Property EBITDA improved to $154.6 million from $(65.9) million in Q3 2020.
• Net loss reduced considerably to $166.2 million from $758.1 million year-over-year.

Negative

• Net loss attributable to Wynn Resorts remains substantial at $166.2 million.
• Ongoing uncertainty in Macau operations, with management unable to estimate future impacts from COVID-19.

LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended September 30, 2021.

Operating revenues were $994.6 million for the third quarter of 2021, an increase of $624.2 million, from $370.5 million for the third quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $166.2 million, or $1.45 per diluted share, for the third quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $758.1 million, or $7.10 per diluted share, in the third quarter of 2020. Adjusted Property EBITDA (1) at our integrated resort properties increased $89.8 million, $32.5 million, $163.2 million, and $38.6 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, when compared with the third quarter of 2020. Adjusted Property EBITDA was $(103.6) million at Corporate and other for the third quarter of 2021.

"We were pleased to deliver record Adjusted Property EBITDA at both Wynn Las Vegas and Encore Boston Harbor during the third quarter," said Matt Maddox, CEO of Wynn Resorts, Limited. "With our recent investments in innovative food and beverage offerings, a new convention facility in Las Vegas and a revamped casino loyalty program, the best days are ahead for our business in North America. And while there have been some fits and starts along the road to recovery in Macau, we are confident that Macau will benefit from the return of consumer demand as we progress through 2022."

Consolidated Results

Operating revenues were $994.6 million for the third quarter of 2021, an increase of $624.2 million, from $370.5 million for the third quarter of 2020. Operating revenues increased $165.6 million, $79.3 million, $289.3 million, and $75.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the third quarter of 2020.

On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $166.2 million, or $1.45 per diluted share, for the third quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $758.1 million, or $7.10 per diluted share, in the third quarter of 2020. Adjusted net loss attributable to Wynn Resorts, Limited (2) was $141.7 million, or $1.24 per diluted share, for the third quarter of 2021, compared to adjusted net loss attributable to Wynn Resorts, Limited of $751.4 million, or $7.04 per diluted share, for the third quarter of 2020.

Adjusted Property EBITDA was $154.6 million for the third quarter of 2021, compared to Adjusted Property EBITDA of $(65.9) million in the third quarter of 2020. Adjusted Property EBITDA was $(103.6) million at Corporate and other for the third quarter of 2021.

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. Over the course of the nine months ended September 30, 2021, the Company's Las Vegas Operations and Encore Boston Harbor have each incrementally resumed full operations, including reopening gaming areas to 100% of capacity and restoring seven-day-per-week hotel operations, as permitted by governmental authorities and in response to increased customer demand. Given the evolving conditions created by and in response to the COVID-19 pandemic, measures that have been lifted may be reintroduced if there are adverse developments in the COVID-19 situation, and management cannot reasonably estimate the impact of such developments to the Company's future results of operations, cash flows, or financial condition.

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $181.3 million for the third quarter of 2021, an increase of $165.6 million from $15.7 million for the third quarter of 2020. Adjusted Property EBITDA from Wynn Palace was $12.1 million for the third quarter of 2021, compared with $(77.6) million for the third quarter of 2020. VIP table games win as a percentage of turnover was 4.45%, above the property's expected range of 2.7% to 3.0% and above the 1.04% experienced in the third quarter of 2020. Table games win percentage in mass market operations was 21.8%, below the 22.0% experienced in the third quarter of 2020.

Wynn Macau

Operating revenues from Wynn Macau were $130.7 million for the third quarter of 2021, an increase of $79.3 million from $51.4 million for the third quarter of 2020. Adjusted Property EBITDA was $(1.9) million for the third quarter of 2021, compared with $(34.5) million for the third quarter of 2020. VIP table games win as a percentage of turnover was 2.44%, below the property's expected range of 2.7% to 3.0% and below the 3.95% experienced in the third quarter of 2020. Table games win percentage in mass market operations was 19.7%, above the 18.7% experienced in the third quarter of 2020.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $476.0 million for the third quarter of 2021, an increase of $289.3 million from $186.7 million for the third quarter of 2020. Adjusted Property EBITDA from our Las Vegas Operations for the third quarter of 2021 was $183.4 million, compared with $20.3 million for the third quarter of 2020. Table games win percentage for the third quarter of 2021 was 21.7%, below the property's expected range of 22% to 26% and above the 20.2% experienced in the third quarter of 2020.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $192.2 million for the third quarter of 2021, an increase of $75.5 million from $116.7 million for the third quarter of 2020. Adjusted Property EBITDA from Encore Boston Harbor for the third quarter of 2021 was $64.6 million, compared with $26.0 million for the third quarter of 2020. Table games win percentage for the third quarter of 2021 was 21.4%, within the property's expected range of 18% to 22% and below the 21.8% experienced in the third quarter of 2020.

Balance Sheet

Our cash and cash equivalents as of September 30, 2021 totaled $2.48 billion, comprised of approximately $1.39 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $327.4 million held by Wynn Resorts Finance excluding WML, and approximately $760.7 million at Corporate and other.

As previously disclosed, on September 16, 2021, WM Cayman Holdings Limited II, a subsidiary of WML, entered into an unsecured revolving credit facility in an aggregate principal amount of $1.50 billion (the "WM Cayman II Revolver"). Borrowings of $1.09 billion under the new facility, along with $200.0 million of cash, were used to facilitate the prepayment of the outstanding $1.26 billion of borrowings under the Wynn Macau Credit Facilities and to pay related fees and expenses.

As of September 30, 2021, the available borrowing capacity under the Wynn Resorts Finance Revolver and WM Cayman II Revolver was $834.2 million and $413.1 million, respectively.

Total current and long-term debt outstanding at September 30, 2021 was $11.74 billion, comprised of $5.77 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.23 billion of Wynn Resorts Finance debt, and $612.8 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 November 9, 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 November 12, 2021, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 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, except as required by law.

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 September 30,										Nine Months Ended September 30,
		2021					2020					2021					2020
Operating revenues:
Casino		$	496,264				$	201,872				$	1,615,228				$	782,074
Rooms		173,817					61,144					387,772					231,240
Food and beverage		217,501					76,586					435,152					250,007
Entertainment, retail and other		107,062					30,850					283,287					146,545
Total operating revenues		994,644					370,452					2,721,439					1,409,866
Operating expenses:
Casino		315,316					160,861					1,048,897					734,689
Rooms		52,100					35,940					136,187					139,787
Food and beverage		163,655					76,536					354,709					314,335
Entertainment, retail and other		156,490					13,370					310,871					75,823
General and administrative		197,350					160,896					574,669					547,305
Provision for credit losses		(347		)			11,588					7,461					60,548
Pre-opening		1,333					877					5,455					5,614
Depreciation and amortization		177,110					183,486					545,538					541,498
Property charges and other		15,301					9,905					26,569					43,701
Total operating expenses		1,078,308					653,459					3,010,356					2,463,300
Operating loss		(83,664		)			(283,007		)			(288,917		)			(1,053,434		)
Other income (expense):
Interest income		507					2,033					2,131					13,969
Interest expense, net of amounts capitalized		(150,325		)			(145,142		)			(453,601		)			(407,187		)
Change in derivatives fair value		1,176					4,675					6,557					(14,279		)
Loss on extinguishment of debt		(738		)			(3,139		)			(2,060		)			(4,601		)
Other		(11,784		)			412					(17,324		)			12,980
Other income (expense), net		(161,164		)			(141,161		)			(464,297		)			(399,118		)
Loss before income taxes		(244,828		)			(424,168		)			(753,214		)			(1,452,552		)
Provision for income taxes		(1,155		)			(407,365		)			(2,345		)			(564,103		)
Net loss		(245,983		)			(831,533		)			(755,559		)			(2,016,655		)
Less: net loss attributable to noncontrolling interests		79,734					73,391					176,963					218,912
Net loss attributable to Wynn Resorts, Limited		$	(166,249	)			$	(758,142	)			$	(578,596	)			$	(1,797,743	)
Basic and diluted net loss per common share:
Net loss attributable to Wynn Resorts, Limited:
Basic		$	(1.45	)			$	(7.10	)			$	(5.10	)			$	(16.85	)
Diluted		$	(1.45	)			$	(7.10	)			$	(5.10	)			$	(16.85	)
Weighted average common shares outstanding:
Basic		114,655					106,783					113,420					106,720
Diluted		114,655					106,783					113,420					106,720
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 September 30,										Nine Months Ended September 30,
		2021					2020					2021					2020
Net loss attributable to Wynn Resorts, Limited		$	(166,249	)			$	(758,142	)			$	(578,596	)			$	(1,797,743	)
Litigation settlement net gain		—					(2,500		)			—					(30,200		)
Pre-opening expenses		1,333					877					5,455					5,614
Property charges and other		15,301					9,905					26,569					43,701
Change in derivatives fair value		(1,176		)			(4,675		)			(6,557		)			14,279
Loss on extinguishment of debt		738					3,139					2,060					4,601
Foreign currency remeasurement loss (gain)		11,784					(412		)			17,324					(12,980		)
Income tax impact on adjustments		(15		)			(812		)			(87		)			20
Noncontrolling interests impact on adjustments		(3,418		)			1,183					(4,596		)			(12,315		)
Adjusted net loss attributable to Wynn Resorts, Limited		$	(141,702	)			$	(751,437	)			$	(538,428	)			$	(1,785,023	)
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share		$	(1.24	)			$	(7.04	)			$	(4.75	)			$	(16.73	)
Weighted average common shares outstanding - diluted		114,655					106,783					113,420					106,720

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
		Three Months Ended September 30, 2021
		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		$	(58,642	)			$	62			$	59,908			$	919			$	6,161				$	1,187			$	2,517			$	12,112
Wynn Macau		(33,255		)			—				20,816				617				4,355					1,274				4,254				(1,939		)
Other Macau		(3,477		)			—				1,042				4				—					1,899				532				—
Total Macau Operations		(95,374		)			62				81,766				1,540				10,516					4,360				7,303				10,173
Las Vegas Operations		102,734					1,129				47,862				1,108				22,437					5,757				2,389				183,416
Encore Boston Harbor		13,104					142				39,182				102				9,349					2,217				469				64,565
Corporate and other		(104,128		)			—				8,300				12,551				(42,302		)			6,567				15,419				(103,593		)
Total		$	(83,664	)			$	1,333			$	177,110			$	15,301			$	—				$	18,901			$	25,580			$	154,561

		Three Months Ended September 30, 2020
		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		$	(150,477	)			$	378			$	67,424			$	502			$	2,250				$	258			$	2,018				$	(77,647	)
Wynn Macau		(63,052		)			—				22,247				538				2,250					340				3,220					(34,457		)
Other Macau		(2,501		)			—				1,109				2				—					993				397					—
Total Macau Operations		(216,030		)			378				90,780				1,042				4,500					1,591				5,635					(112,104		)
Las Vegas Operations		(47,377		)			68				51,320				1,155				8,855					4,458				1,779					20,258
Encore Boston Harbor		(25,094		)			—				37,745				6,354				5,680					1,535				(234		)			25,986
Corporate and other		5,494					431				3,641				1,354				(19,035		)			5,242				2,873					—
Total		$	(283,007	)			$	877			$	183,486			$	9,905			$	—				$	12,826			$	10,053				$	(65,860	)

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands) (unaudited)
(continued)
		Nine Months Ended September 30, 2021
		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		$	(139,661	)			$	898			$	192,980			$	4,073			$	22,987				$	3,542			$	8,217			$	93,036
Wynn Macau		(70,541		)			—				63,062				2,809				16,209					3,904				13,260				28,703
Other Macau		(9,799		)			—				3,245				21				—					4,852				1,681				—
Total Macau Operations		(220,001		)			898				259,287				6,903				39,196					12,298				23,158				121,739
Las Vegas Operations		117,713					3,572				144,043				6,259				47,952					16,806				8,374				344,719
Encore Boston Harbor		(9,149		)			170				117,450				1,323				23,583					6,757				1,710				141,844
Corporate and other		(177,480		)			815				24,758				12,084				(110,731		)			20,802				41,791				(187,961		)
Total		$	(288,917	)			$	5,455			$	545,538			$	26,569			$	—				$	56,663			$	75,033			$	420,341

		Nine Months Ended September 30, 2020
		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		$	(427,481	)			$	993			$	201,655			$	23,794			$	13,925				$	3,189				$	5,546			$	(178,379	)
Wynn Macau		(193,291		)			—				69,131				2,872				12,663					3,620					7,110				(97,895		)
Other Macau		(8,888		)			—				3,335				5				—					4,386					1,162				—
Total Macau Operations		(629,660		)			993				274,121				26,671				26,588					11,195					13,818				(276,274		)
Las Vegas Operations		(277,604		)			2,244				146,960				964				26,910					17,692					5,451				(77,383		)
Encore Boston Harbor		(185,142		)			—				111,513				10,219				12,638					8,900					1,443				(40,429		)
Corporate and other		38,972					2,377				8,904				5,847				(66,136		)			(9,753		)			19,789				—
Total		$	(1,053,434	)			$	5,614			$	541,498			$	43,701			$	—				$	28,034				$	40,501			$	(394,086	)
(1) Corporate and other includes a $30.2 million net gain recorded in relation to a derivative litigation settlement.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
		Three Months Ended September 30,										Nine Months Ended September 30,
		2021					2020					2021					2020
Net loss attributable to Wynn Resorts, Limited		$	(166,249	)			$	(758,142	)			$	(578,596	)			$	(1,797,743	)
Net loss attributable to noncontrolling interests		(79,734		)			(73,391		)			(176,963		)			(218,912		)
Pre-opening expenses		1,333					877					5,455					5,614
Depreciation and amortization		177,110					183,486					545,538					541,498
Property charges and other		15,301					9,905					26,569					43,701
Corporate expenses and other		18,901					12,826					56,663					28,034
Stock-based compensation		25,580					10,053					75,033					40,501
Interest income		(507		)			(2,033		)			(2,131		)			(13,969		)
Interest expense, net of amounts capitalized		150,325					145,142					453,601					407,187
Change in derivatives fair value		(1,176		)			(4,675		)			(6,557		)			14,279
Loss on extinguishment of debt		738					3,139					2,060					4,601
Other		11,784					(412		)			17,324					(12,980		)
Provision for income taxes		1,155					407,365					2,345					564,103
Adjusted Property EBITDA		$	154,561				$	(65,860	)			$	420,341				$	(394,086	)

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 September 30,														Nine Months Ended September 30,
		2021					2020					Percent Change				2021					2020					Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino		$	134,064				$	12,301				989.9				$	532,040				$	208,449				155.2
Rooms		15,639					4,506					247.1				53,534					26,647					100.9
Food and beverage		10,952					6,856					59.7				36,429					24,385					49.4
Entertainment, retail and other (7)		20,668					(7,962)					NM				67,017					24,451					174.1
Total		$	181,323				$	15,701				1,054.9				$	689,020				$	283,932				142.7
Adjusted Property EBITDA (6)		$	12,112				$	(77,647)				NM				$	93,036				$	(178,379)				NM
Casino Statistics:
VIP:
Average number of table games		89					102					(12.7	)			96					97					(1.0	)
VIP turnover		$	1,234,733				$	311,676				296.2				$	5,246,296				$	6,823,955				(23.1	)
VIP table games win (1)		$	54,943				$	3,244				1,593.7				$	222,968				$	113,007				97.3
VIP table games win as a % of turnover		4.45		%			1.04		%							4.25		%			1.66		%
Table games win per unit per day		$	6,691				$	347				1,828.2				$	8,548				$	4,458				91.7
Mass market:
Average number of table games		231					223					3.6				227					209					8.6
Table drop (2)		$	508,779				$	86,347				489.2				$	1,823,792				$	583,599				212.5
Table games win (1)		$	110,820				$	19,015				482.8				$	406,016				$	156,897				158.8
Table games win %		21.8		%			22.0		%							22.3		%			26.9		%
Table games win per unit per day		$	5,223				$	929				462.2				$	6,555				$	2,889				126.9
Average number of slot machines		712					569					25.1				708					586					20.8
Slot machine handle		$	327,017				$	78,580				316.2				$	1,107,058				$	542,708				104.0
Slot machine win (3)		$	11,538				$	3,995				188.8				$	44,553				$	24,796				79.7
Slot machine win per unit per day		$	176				$	76				131.6				$	230				$	163				41.1
Room statistics:
Occupancy		51.9%					11.6%									61.1%					19.3%
ADR (4)		$	187				$	225				(16.9	)			$	181				$	283				(36.0	)
REVPAR (5)		$	97				$	26				273.1				$	111				$	54				105.6
NM - Not meaningful.
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 September 30,														Nine Months Ended September 30,
		2021					2020					Percent Change				2021					2020					Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino		$	98,264				$	27,154				261.9				$	379,610				$	213,758				77.6
Rooms		10,896					4,938					120.7				39,025					23,480					66.2
Food and beverage		7,628					5,606					36.1				23,620					18,821					25.5
Entertainment, retail and other (7)		13,874					13,670					1.5				52,086					36,686					42.0
Total		$	130,662				$	51,368				154.4				$	494,341				$	292,745				68.9
Adjusted Property EBITDA (6)		$	(1,939)				$	(34,457)				94.4				$	28,703				$	(97,895)				NM
Casino Statistics:
VIP:
Average number of table games		75					91					(17.6	)			83					88					(5.7	)
VIP turnover		$	1,335,694				$	498,519				167.9				$	4,629,987				$	4,069,809				13.8
VIP table games win (1)		$	32,602				$	19,679				65.7				$	130,624				$	130,143				0.4
VIP table games win as a % of turnover		2.44		%			3.95		%							2.82		%			3.20		%
Table games win per unit per day		$	4,704				$	2,351				100.1				$	5,745				$	5,692				0.9
Mass market:
Average number of table games		238					240					(0.8	)			239					219					9.1
Table drop (2)		$	441,899				$	133,006				232.2				$	1,703,189				$	752,058				126.5
Table games win (1)		$	87,132				$	24,898				250.0				$	321,236				$	146,231				119.7
Table games win %		19.7		%			18.7		%							18.9		%			19.4		%
Table games win per unit per day		$	3,972				$	1,128				252.1				$	4,914				$	2,564				91.7
Average number of slot machines		574					472					21.6				583					509					14.5
Slot machine handle		$	200,543				$	87,988				127.9				$	802,337				$	516,537				55.3
Slot machine win (3)		$	9,142				$	3,072				197.6				$	28,573				$	18,993				50.4
Slot machine win per unit per day		$	173				$	71				143.7				$	179				$	144				24.3
Poker rake		$	—				$	—				—				$	—				$	2,083				(100.0	)
Room statistics:
Occupancy		51.3%					16.6%									60.0%					24.4%
ADR (4)		$	211				$	291				(27.5	)			$	217				$	316				(31.3	)
REVPAR (5)		$	108				$	48				125.0				$	130				$	77				68.8
NM - Not meaningful.
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 September 30,												Nine Months Ended September 30,
		2021					2020				Percent Change			2021					2020				Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino		$	112,575				$	65,694			71.4			$	305,253				$	161,354			89.2
Rooms		132,704					44,961				195.2			266,250					163,419				62.9
Food and beverage		180,455					55,043				227.8			333,390					177,114				88.2
Entertainment, retail and other		50,269					20,999				139.4			104,892					73,520				42.7
Total		$	476,003				$	186,697			155.0			$	1,009,785				$	575,407			75.5
Adjusted Property EBITDA (6)		$	183,416				$	20,258			805.4			$	344,719				$	(77,383	)		NM
Casino Statistics:
Average number of table games		224					223				0.4			205					228				(10.1	)
Table drop (2)		$	507,188				$	324,939			56.1			$	1,258,733				$	830,745			51.5
Table games win (1)		$	110,265				$	65,611			68.1			$	285,939				$	166,196			72.0
Table games win %		21.7%					20.2%							22.7%					20.0%
Table games win per unit per day		$	5,354				$	3,191			67.8			$	5,117				$	3,711			37.9
Average number of slot machines		1,746					1,738				0.5			1,670					1,751				(4.6	)
Slot machine handle		$	1,156,858				$	739,291			56.5			$	3,063,267				$	1,650,517			85.6
Slot machine win (3)		$	80,303				$	48,267			66.4			$	209,682				$	112,464			86.4
Slot machine win per unit per day		$	500				$	302			65.6			$	460				$	328			40.2
Poker rake		$	2,910				$	10			NM			$	8,704				$	2,185			298.4
Room statistics:
Occupancy		83.0%					39.2%							63.4%					55.8%
ADR (4)		$	392				$	269			45.7			$	360				$	323			11.5
REVPAR (5)		$	326				$	105			210.5			$	228				$	180			26.7
NM - Not meaningful.
Note: Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020 and reopened on June 4, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. On October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to reduced customer demand levels. This adjusted operating schedule remained in effect through the first quarter of 2021, and on April 8, 2021, Encore at Wynn Las Vegas resumed full operations. On May 3, 2021, all industry restrictions were lifted and capacity limits increased to 100%.

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 September 30,												Nine Months Ended September 30,
		2021				2020				Percent Change				2021				2020				Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino		$	151,361			$	96,723			56.5				$	398,325			$	198,513			100.7
Rooms		14,578				6,739				116.3				28,963				17,694				63.7
Food and beverage		18,466				9,081				103.3				41,713				29,687				40.5
Entertainment, retail and other		7,809				4,143				88.5				18,544				11,888				56.0
Total		$	192,214			$	116,686			64.7				$	487,545			$	257,782			89.1
Adjusted Property EBITDA (6)		$	64,565			$	25,986			148.5				$	141,844			$	(40,429)			NM
Casino Statistics:
Average number of table games		181				186				(2.7	)			192				174				10.3
Table drop (2)		$	350,145			$	217,797			60.8				$	890,777			$	493,428			80.5
Table games win (1)		$	74,818			$	47,528			57.4				$	189,070			$	104,814			80.4
Table games win %		21.4%				21.8%								21.2%				21.2%
Table games win per unit per day		$	4,498			$	3,079			46.1				$	3,613			$	3,839			(5.9	)
Average number of slot machines		2,734				1,877				45.7				2,268				2,330				(2.7	)
Slot machine handle		$	1,196,299			$	813,435			47.1				$	3,204,272			$	1,581,174			102.7
Slot machine win (3)		$	98,816			$	63,458			55.7				$	263,197			$	122,906			114.1
Slot machine win per unit per day		$	393			$	407			(3.4	)			$	425			$	336			26.5
Poker rake		$	—			$	—			—				$	—			$	5,105			(100.0	)
Room statistics:
Occupancy		87.8%				72.7%								84.1%				74.6%
ADR (4)		$	351			$	294			19.4				$	320			$	293			9.2
REVPAR (5)		$	308			$	214			43.9				$	269			$	218			23.4
NM - Not meaningful.
Note: Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020, for the remainder of the first and second quarters of 2020. On July 10, 2020, Encore Boston Harbor reopened with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection. In addition, certain food and beverage outlets remain closed, and hotel reservations were limited to Thursday through Sunday through the third quarter of 2020. Accordingly, Encore Boston Harbor's room statistics have been computed based on 47 and 121 days of operation for the three and nine months ended September 30, 2020, respectively. On January 25, 2021, the limitations on operating hours were lifted, and Encore Boston Harbor restored 24-hour casino operations and reopened its hotel tower on a Thursday through Sunday schedule. On April 27, 2021, the Governor of Massachusetts announced a phased plan for further reopening and on May 28, 2021 signed an executive order rescinding the COVID-related restrictions and limitations on businesses as of May 29, 2021. On September 1, 2021, Encore Boston Harbor reopened its hotel tower to seven days per week. Accordingly, Encore Boston Harbor's room statistics have been computed based on 69 and 158 days of operations for the three and nine months ended September 30, 2021, respectively.

(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 Loss Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.
(7)		For the three and nine months ended September 30, 2020, reflects the impact of rent concessions provided to tenants.

SOURCE:
Wynn Resorts, Limited

View source version on businesswire.com: https://www.businesswire.com/news/home/20211109006372/en/

Vincent Zahn

702-770-7555

investorrelations@wynnresorts.com

Source: Wynn Resorts, Limited

FAQ

What were Wynn Resorts' Q3 2021 financial results?

Wynn Resorts reported operating revenues of $994.6 million and a net loss of $166.2 million for Q3 2021.

How much did Wynn Resorts earn in revenue compared to last year?

In Q3 2021, Wynn Resorts' revenues increased by $624.2 million compared to Q3 2020.

What is the adjusted net loss for Wynn Resorts in Q3 2021?

The adjusted net loss for Q3 2021 was $141.7 million, or $1.24 per diluted share.

When will Wynn Resorts hold a conference call to discuss its financial results?

Wynn Resorts will hold a conference call on November 9, 2021, at 1:30 p.m. PT.

What challenges is Wynn Resorts facing in Macau?

Wynn Resorts is facing uncertainty in Macau operations due to potential COVID-19 impacts on consumer demand.