Wynn Resorts, Limited Reports Third Quarter 2022 Results

Rhea-AI Summary

Wynn Resorts reported third-quarter 2022 results, with operating revenues of $889.7 million, down $104.9 million year-over-year. The net loss narrowed to $142.9 million or $1.27 per diluted share, compared to a loss of $166.2 million in Q3 2021. Adjusted Property EBITDA increased to $173.5 million, up 12.3% from the previous year. Las Vegas operations showed growth, while Macau faced challenges due to COVID-19 restrictions. The company reported $1.94 billion in cash and a total debt of $12.12 billion. A sale-leaseback deal is anticipated to generate $1.7 billion in cash for corporate purposes.

Positive

• Adjusted Property EBITDA rose to $173.5 million, a 12.3% increase year-over-year.
• Las Vegas operations revenue increased by $68.4 million to $544.4 million, showing strong performance.
• The company repurchased 491,503 shares at an average price of $58.95, totaling $29 million.

Negative

• Operating revenues declined by $104.9 million compared to Q3 2021.
• Net loss of $142.9 million, though improved, still reflects ongoing financial challenges.
• Macau operations significantly affected, with Wynn Palace and Wynn Macau revenues down by $106.1 million and $90.3 million respectively.

LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the third quarter ended September 30, 2022.

Operating revenues were $889.7 million for the third quarter of 2022, a decrease of $104.9 million, from $994.6 million for the third quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $142.9 million, or $1.27 per diluted share, for the third quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $166.2 million, or $1.45 per diluted share, for the third quarter of 2021. Adjusted Property EBITDA⁽¹⁾ was $173.5 million for the third quarter of 2022, compared to Adjusted Property EBITDA of $154.6 million for the third quarter of 2021.

"Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDA at our combined North American properties. Their relentless focus on five-star hospitality, combined with our market-leading facilities, continue to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, while COVID-related travel restrictions continued to negatively impact our results, we were pleased to experience encouraging pockets of demand during the recent October holiday period. We remain confident that the market will benefit from the return of visitation over time."

Consolidated Results

Operating revenues were $889.7 million for the third quarter of 2022, a decrease of $104.9 million, from $994.6 million for the third quarter of 2021. For the third quarter of 2022, operating revenues increased $68.4 million and $19.6 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $106.1 million and $90.3 million at Wynn Palace and Wynn Macau, respectively, from the third quarter of 2021.

Net loss attributable to Wynn Resorts, Limited was $142.9 million, or $1.27 per diluted share, for the third quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $166.2 million, or $1.45 per diluted share, for the third quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited⁽²⁾ was $135.4 million, or $1.20 per diluted share, for the third quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $141.7 million, or $1.24 per diluted share, for the third quarter of 2021.

Adjusted Property EBITDA was $173.5 million for the third quarter of 2022, an increase of 12.3% compared to Adjusted Property EBITDA of $154.6 million for the third quarter of 2021. For the third quarter of 2022, Adjusted Property EBITDA increased $12.3 million and $85.8 million at our Las Vegas Operations and Wynn Interactive, respectively, and decreased $33.9 million, $41.9 million, and $3.4 million at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the third quarter of 2021.

Property Results

Macau Operations

Our casino operations at Wynn Palace and Wynn Macau were closed for a 12-day period in July 2022, in response to an outbreak of COVID-19 in Macau. The results of operations of our Macau Operations for the third 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.

Wynn Palace

Operating revenues from Wynn Palace were $75.2 million for the third quarter of 2022, a decrease of $106.1 million from $181.3 million for the third quarter of 2021. Adjusted Property EBITDA from Wynn Palace was $(21.8) million for the third quarter of 2022, compared to $12.1 million for the third quarter of 2021. VIP table games win as a percentage of turnover was 3.27%, within the property's expected range of 3.1% to 3.4% and below the 4.45% experienced in the third quarter of 2021. Table games win percentage in mass market operations was 21.5%, below the 21.8% experienced in the third quarter of 2021.

Wynn Macau

Operating revenues from Wynn Macau were $40.4 million for the third quarter of 2022, a decrease of $90.3 million from $130.7 million for the third quarter of 2021. Adjusted Property EBITDA from Wynn Macau was $(43.8) million for the third quarter of 2022, compared to $(1.9) million for the third quarter of 2021. VIP table games win as a percentage of turnover was 1.56%, below the property's expected range of 3.1% to 3.4% and below the 2.44% experienced in the third quarter of 2021. Table games win percentage in mass market operations was 13.3%, below the 19.7% experienced in the third quarter of 2021.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $544.4 million for the third quarter of 2022, an increase of $68.4 million from $476.0 million for the third quarter of 2021. Adjusted Property EBITDA from our Las Vegas Operations for the third quarter of 2022 was $195.8 million, compared to $183.4 million for the third quarter of 2021. Table games win percentage for the third quarter of 2022 was 20.7%, below the property's expected range of 22% to 26% and below the 21.7% experienced in the third quarter of 2021.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $211.8 million for the third quarter of 2022, an increase of $19.6 million from $192.2 million for the third quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the third quarter of 2022 was $61.1 million, compared to $64.6 million for the third quarter of 2021. Table games win percentage for the third quarter of 2022 was 21.1%, within the property's expected range of 18% to 22% and below the 21.4% experienced in the third quarter of 2021.

Balance Sheet

Our cash and cash equivalents as of September 30, 2022 totaled $1.94 billion, comprised of approximately $997.1 million held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $486.5 million held by Wynn Resorts Finance excluding WML and subsidiaries, and approximately $459.9 million at Corporate and other. As of September 30, 2022, we also had $835.6 million of available borrowing capacity under the Wynn Resorts Finance Revolver.

Total current and long-term debt outstanding at September 30, 2022 was $12.12 billion, comprised of $6.18 billion of Macau related debt, $3.14 billion of Wynn Las Vegas debt, $2.19 billion of Wynn Resorts Finance debt, and $613.3 million of debt held by the retail joint venture which we consolidate.

In the third quarter of 2022, the Company repurchased 491,503 shares of common stock at an average price of $58.95 per share, for an aggregate cost of $29.0 million, bringing our year-to-date total repurchases to 2,873,431 shares of common stock for an aggregate cost of $166.4 million.

In the first quarter of 2022, the Company entered into a sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor. Upon closing of the related transactions, currently expected to take place in the fourth quarter of 2022 subject to regulatory approvals and customary closing conditions, we expect to receive cash consideration of approximately $1.7 billion and to concurrently enter into a lease agreement for the purpose of continuing to operate the Encore Boston Harbor property. We expect to use the cash proceeds from the sale of the real estate assets for general corporate purposes, which may include the repayment of certain debt obligations.

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, 2022 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 14, 2022, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 2022 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 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 Macau, which expires on December 31, 2022, and the amendments to the Macau gaming law), 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, 2021 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. 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 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. 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 loss and loss 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,
	2022				2021				2022				2021
Operating revenues:
Casino	$	359,876			$	496,264			$	1,209,323			$	1,615,228
Rooms		197,212				173,817				568,886				387,772
Food and beverage		224,730				217,501				628,566				435,152
Entertainment, retail and other		107,904				107,062				345,113				283,287
Total operating revenues		889,722				994,644				2,751,888				2,721,439
Operating expenses:
Casino		239,901				315,316				808,044				1,048,897
Rooms		67,689				52,100				191,474				136,187
Food and beverage		185,388				163,655				517,515				354,709
Entertainment, retail and other		72,964				156,490				236,853				310,871
General and administrative		201,275				197,350				598,433				574,669
Provision for credit losses		(8,186	)			(347	)			(11,331	)			7,461
Pre-opening		6,447				1,333				13,396				5,455
Depreciation and amortization		172,502				177,110				520,026				545,538
Property charges and other		4,733				15,301				77,362				26,569
Total operating expenses		942,713				1,078,308				2,951,772				3,010,356
Operating loss		(52,991	)			(83,664	)			(199,884	)			(288,917	)
Other income (expense):
Interest income		6,892				507				10,863				2,131
Interest expense, net of amounts capitalized		(165,277	)			(150,325	)			(472,265	)			(453,601	)
Change in derivatives fair value		5,839				1,176				14,801				6,557
Loss on extinguishment of debt		—				(738	)			—				(2,060	)
Other		(864	)			(11,784	)			(26,090	)			(17,324	)
Other income (expense), net		(153,410	)			(161,164	)			(472,691	)			(464,297	)
Loss before income taxes		(206,401	)			(244,828	)			(672,575	)			(753,214	)
Provision for income taxes		(1,390	)			(1,155	)			(3,248	)			(2,345	)
Net loss		(207,791	)			(245,983	)			(675,823	)			(755,559	)
Less: net loss attributable to noncontrolling interests		64,899				79,734				219,556				176,963
Net loss attributable to Wynn Resorts, Limited	$	(142,892	)		$	(166,249	)		$	(456,267	)		$	(578,596	)
Basic and diluted net loss per common share:
Net loss attributable to Wynn Resorts, Limited:
Basic	$	(1.27	)		$	(1.45	)		$	(4.00	)		$	(5.10	)
Diluted	$	(1.27	)		$	(1.45	)		$	(4.00	)		$	(5.10	)
Weighted average common shares outstanding:
Basic		112,709				114,655				114,061				113,420
Diluted		112,709				114,655				114,061				113,420

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,
	2022				2021				2022				2021
Net loss attributable to Wynn Resorts, Limited	$	(142,892	)		$	(166,249	)		$	(456,267	)		$	(578,596	)
Pre-opening expenses		6,447				1,333				13,396				5,455
Property charges and other		4,733				15,301				77,362				26,569
Change in derivatives fair value		(5,839	)			(1,176	)			(14,801	)			(6,557	)
Loss on extinguishment of debt		—				738				—				2,060
Foreign currency remeasurement and other		864				11,784				26,090				17,324
Income tax impact on adjustments		(88	)			(15	)			(96	)			(87	)
Noncontrolling interests impact on adjustments		1,380				(3,418	)			(14,427	)			(4,596	)
Adjusted net loss attributable to Wynn Resorts, Limited	$	(135,395	)		$	(141,702	)		$	(368,743	)		$	(538,428	)
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share	$	(1.20	)		$	(1.24	)		$	(3.23	)		$	(4.75	)
Weighted average common shares outstanding - diluted		112,709				114,655				114,061				113,420

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited)
	Three Months Ended September 30, 2022
	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	$ (84,478)		$ —		$ 52,225		$ 2,467		$ 2,643		$ 1,599		$ 3,736		$ (21,808)
Wynn Macau	(73,833)		—		21,172		1,419		2,250		1,620		3,566		(43,806)
Other Macau	(4,339)		—		380		22		—		3,297		640		—
Total Macau Operations	(162,650)		—		73,777		3,908		4,893		6,516		7,942		(65,614)
Las Vegas Operations	103,006		5,087		52,756		1,042		25,798		5,872		2,199		195,760
Encore Boston Harbor	9,602		199		38,875		34		10,308		1,736		382		61,136
Wynn Interactive	(27,113)		1,161		4,827		(213)		—		651		2,939		(17,748)
Corporate and other	24,164		—		2,267		(38)		(40,999)		7,994		6,612		—
Total	$ (52,991)		$ 6,447		$ 172,502		$ 4,733		$ —		$ 22,769		$ 20,074		$ 173,534

	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
Wynn Interactive	(131,625)		—		6,064		12,500		—		2,504		6,964		(103,593)
Corporate and other	27,497		—		2,236		51		(42,302)		4,063		8,455		—
Total	$ (83,664)		$ 1,333		$ 177,110		$ 15,301		$ —		$ 18,901		$ 25,580		$ 154,561

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited)
	Nine Months Ended September 30, 2022
	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	$	(251,721	)		$	—		$	154,293		$	2,918			$	10,086			$	4,729		$	7,073		$	(72,622	)
Wynn Macau		(182,128	)			—			60,750			9,366				8,846				4,910			9,378			(88,878	)
Other Macau		(12,389	)			—			2,328			27				—				8,262			1,772			—
Total Macau Operations		(446,238	)			—			217,371			12,311				18,932				17,901			18,223			(161,500	)
Las Vegas Operations		328,762				10,031			144,108			3,319				73,174				16,862			5,588			581,844
Encore Boston Harbor		25,551				199			117,296			674				29,810				5,382			1,220			180,132
Wynn Interactive		(189,469	)			3,166			34,448			68,143				—				5,504			8,006			(70,202	)
Corporate and other		81,510				—			6,803			(7,085	)			(121,916	)			25,156			15,532			—
Total	$	(199,884	)		$	13,396		$	520,026		$	77,362			$	—			$	70,805		$	48,569		$	530,274

	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
Wynn Interactive		(241,182	)			815			18,012			12,500				—				5,998			15,896			(187,961	)
Corporate and other		63,702				—			6,746			(416	)			(110,731	)			14,804			25,895			—
Total	$	(288,917	)		$	5,455		$	545,538		$	26,569			$	—			$	56,663		$	75,033		$	420,341

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,
	2022				2021				2022				2021
Net loss attributable to Wynn Resorts, Limited	$	(142,892	)		$	(166,249	)		$	(456,267	)		$	(578,596	)
Net loss attributable to noncontrolling interests		(64,899	)			(79,734	)			(219,556	)			(176,963	)
Pre-opening expenses		6,447				1,333				13,396				5,455
Depreciation and amortization		172,502				177,110				520,026				545,538
Property charges and other		4,733				15,301				77,362				26,569
Corporate expenses and other		22,769				18,901				70,805				56,663
Stock-based compensation		20,074				25,580				48,569				75,033
Interest income		(6,892	)			(507	)			(10,863	)			(2,131	)
Interest expense, net of amounts capitalized		165,277				150,325				472,265				453,601
Change in derivatives fair value		(5,839	)			(1,176	)			(14,801	)			(6,557	)
Loss on extinguishment of debt		—				738				—				2,060
Other		864				11,784				26,090				17,324
Provision for income taxes		1,390				1,155				3,248				2,345
Adjusted Property EBITDA	$	173,534			$	154,561			$	530,274			$	420,341

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,
	2022				2021				Percent Change			2022				2021				Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino	$	45,361			$	134,064			(66.2	)		$	186,968			$	532,040			(64.9	)
Rooms		6,974				15,639			(55.4	)			27,813				53,534			(48.0	)
Food and beverage		5,727				10,952			(47.7	)			24,027				36,429			(34.0	)
Entertainment, retail and other		17,186				20,668			(16.8	)			58,416				67,017			(12.8	)
Total	$	75,248			$	181,323			(58.5	)		$	297,224			$	689,020			(56.9	)
Adjusted Property EBITDA (6)	$	(21,808	)		$	12,112			NM			$	(72,622	)		$	93,036			NM
Casino Statistics:
VIP:
Average number of table games		49				89			(44.9	)			54				96			(43.8	)
VIP turnover	$	283,744			$	1,234,733			(77.0	)		$	1,593,761			$	5,246,296			(69.6	)
VIP table games win (1)	$	9,271			$	54,943			(83.1	)		$	22,353			$	222,968			(90.0	)
VIP table games win as a % of turnover		3.27	%			4.45	%						1.40	%			4.25	%
Table games win per unit per day	$	2,381			$	6,691			(64.4	)		$	1,587			$	8,548			(81.4	)
Mass market:
Average number of table games		212				231			(8.2	)			226				227			(0.4	)
Table drop (2)	$	197,066			$	508,779			(61.3	)		$	939,474			$	1,823,792			(48.5	)
Table games win (1)	$	42,449			$	110,820			(61.7	)		$	195,205			$	406,016			(51.9	)
Table games win %		21.5	%			21.8	%						20.8	%			22.3	%
Table games win per unit per day	$	2,501			$	5,223			(52.1	)		$	3,305			$	6,555			(49.6	)
Average number of slot machines		607				712			(14.7	)			638				708			(9.9	)
Slot machine handle	$	121,522			$	327,017			(62.8	)		$	502,856			$	1,107,058			(54.6	)
Slot machine win (3)	$	5,418			$	11,538			(53.0	)		$	22,989			$	44,553			(48.4	)
Slot machine win per unit per day	$	112			$	176			(36.4	)		$	138			$	230			(40.0	)
Room statistics:
Occupancy		28.1	%			51.9	%						34.4	%			61.1	%
ADR (4)	$	145			$	187			(22.5	)		$	160			$	181			(11.6	)
REVPAR (5)	$	41			$	97			(57.7	)		$	55			$	111			(50.5	)

NM: Not meaningful.

Note: Our casino operations in Macau were closed for a 12-day period in July 2022 and resumed operations on a reduced basis on July 23, 2022. The results of operations of Wynn Palace for the three and nine months ended September 30, 2022 and 2021 were negatively impacted by the casino closures, certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

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,
	2022		2021		Percent Change		2022		2021		Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino	$ 22,832		$ 98,264		(76.8)		$ 165,221		$ 379,610		(56.5)
Rooms	4,395		10,896		(59.7)		18,547		39,025		(52.5)
Food and beverage	4,261		7,628		(44.1)		17,878		23,620		(24.3)
Entertainment, retail and other	8,880		13,874		(36.0)		32,405		52,086		(37.8)
Total	$ 40,368		$ 130,662		(69.1)		$ 234,051		$ 494,341		(52.7)
Adjusted Property EBITDA (6)	$ (43,806)		$ (1,939)		NM		$ (88,878)		$ 28,703		NM
Casino Statistics:
VIP:
Average number of table games	39		75		(48.0)		38		83		(54.2)
VIP turnover	$ 152,872		$ 1,335,694		(88.6)		$ 1,341,567		$ 4,629,987		(71.0)
VIP table games win (1)	$ 2,389		$ 32,602		(92.7)		$ 50,864		$ 130,624		(61.1)
VIP table games win as a % of turnover	1.56 %		2.44 %				3.79 %		2.82 %
Table games win per unit per day	$ 771		$ 4,704		(83.6)		$ 5,164		$ 5,745		(10.1)
Mass market:
Average number of table games	230		238		(3.4)		242		239		1.3
Table drop (2)	$ 167,539		$ 441,899		(62.1)		$ 852,832		$ 1,703,189		(49.9)
Table games win (1)	$ 22,232		$ 87,132		(74.5)		$ 135,074		$ 321,236		(58.0)
Table games win %	13.3 %		19.7 %				15.8 %		18.9 %
Table games win per unit per day	$ 1,211		$ 3,972		(69.5)		$ 2,140		$ 4,914		(56.5)
Average number of slot machines	641		574		11.7		630		583		8.1
Slot machine handle	$ 193,680		$ 200,543		(3.4)		$ 676,531		$ 802,337		(15.7)
Slot machine win (3)	$ 6,961		$ 9,142		(23.9)		$ 23,902		$ 28,573		(16.3)
Slot machine win per unit per day	$ 136		$ 173		(21.4)		$ 145		$ 179		(19.0)
Room statistics:
Occupancy	31.4 %		51.3 %				37.4 %		60.0 %
ADR (4)	$ 137		$ 211		(35.1)		$ 163		$ 217		(24.9)
REVPAR (5)	$ 43		$ 108		(60.2)		$ 61		$ 130		(53.1)

NM: Not meaningful.

Note: Our casino operations in Macau were closed for a 12-day period in July 2022 and resumed operations on a reduced basis on July 23, 2022. The results of operations of Wynn Macau for the three and nine months ended September 30, 2022 and 2021 were negatively impacted by the casino closures, certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

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,
	2022				2021				Percent Change			2022				2021				Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino	$	134,314			$	112,575			19.3			$	393,930			$	305,253			29.1
Rooms		162,125				132,704			22.2				460,707				266,250			73.0
Food and beverage		193,733				180,455			7.4				526,389				333,390			57.9
Entertainment, retail and other		54,217				50,269			7.9				165,618				104,892			57.9
Total	$	544,389			$	476,003			14.4			$	1,546,644			$	1,009,785			53.2
Adjusted Property EBITDA (6)	$	195,760			$	183,416			6.7			$	581,844			$	344,719			68.8
Casino Statistics:
Average number of table games		237				224			5.8				234				205			14.1
Table drop (2)	$	570,419			$	507,188			12.5			$	1,683,317			$	1,258,733			33.7
Table games win (1)	$	118,263			$	110,265			7.3			$	386,306			$	285,939			35.1
Table games win %		20.7	%			21.7	%						22.9	%			22.7	%
Table games win per unit per day	$	5,420			$	5,354			1.2			$	6,047			$	5,117			18.2
Average number of slot machines		1,693				1,746			(3.0	)			1,711				1,670			2.5
Slot machine handle	$	1,522,512			$	1,156,858			31.6			$	4,026,675			$	3,063,267			31.5
Slot machine win (3)	$	107,575			$	80,303			34.0			$	278,250			$	209,682			32.7
Slot machine win per unit per day	$	691			$	500			38.2			$	596			$	460			29.6
Poker rake	$	3,848			$	2,910			32.2			$	12,729			$	8,704			46.2
Room statistics:
Occupancy		88.8	%			83.0	%						85.5	%			63.4	%
ADR (4)	$	426			$	392			8.7			$	440			$	360			22.2
REVPAR (5)	$	378			$	326			16.0			$	376			$	228			64.9

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,
	2022				2021				Percent Change			2022				2021				Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino	$	157,369			$	151,361			4.0			$	463,204			$	398,325			16.3
Rooms		23,718				14,578			62.7				61,819				28,963			113.4
Food and beverage		21,009				18,466			13.8				60,272				41,713			44.5
Entertainment, retail and other		9,687				7,809			24.0				27,438				18,544			48.0
Total	$	211,783			$	192,214			10.2			$	612,733			$	487,545			25.7
Adjusted Property EBITDA (6)	$	61,136			$	64,565			(5.3	)		$	180,132			$	141,844			27.0
Casino Statistics:
Average number of table games		188				181			3.9				185				192			(3.6	)
Table drop (2)	$	364,844			$	350,145			4.2			$	1,077,261			$	890,777			20.9
Table games win (1)	$	76,970			$	74,818			2.9			$	234,024			$	189,070			23.8
Table games win %		21.1	%			21.4	%						21.7	%			21.2	%
Table games win per unit per day	$	4,448			$	4,498			(1.1	)		$	4,624			$	3,613			28.0
Average number of slot machines		2,706				2,734			(1.0	)			2,754				2,268			21.4
Slot machine handle	$	1,288,250			$	1,196,299			7.7			$	3,703,990			$	3,204,272			15.6
Slot machine win (3)	$	104,122			$	98,816			5.4			$	298,842			$	263,197			13.5
Slot machine win per unit per day	$	418			$	393			6.4			$	397			$	425			(6.6	)
Poker rake	$	2,554			$	—			NM			$	4,580			$	—			NM
Room statistics:
Occupancy		97.0	%			87.8	%						90.6	%			84.1	%
ADR (4)	$	398			$	351			13.4			$	374			$	320			16.9
REVPAR (5)	$	386			$	308			25.3			$	339			$	269			26.0

NM: Not meaningful.

Note: Encore Boston Harbor's room statistics have been computed based on 69 days of operations for the three months ended September 30, 2021 and 158 days of operations for the nine months ended September 30, 2021, respectively, representing the actual number of days the hotel was open.

(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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221109005040/en/

Vincent Zahn

702-770-7555

investorrelations@wynnresorts.com

Source: Wynn Resorts, Limited

FAQ

What were Wynn Resorts' Q3 2022 revenue figures?

Wynn Resorts reported operating revenues of $889.7 million for Q3 2022.

How much was the net loss for Wynn Resorts in Q3 2022?

The net loss for Q3 2022 was $142.9 million, or $1.27 per diluted share.

What is the Adjusted Property EBITDA for Wynn Resorts in Q3 2022?

Adjusted Property EBITDA was $173.5 million for Q3 2022.

How did Wynn Resorts' Las Vegas operations perform in Q3 2022?

Las Vegas operations saw an increase in revenue of $68.4 million, totaling $544.4 million.

What challenges did Wynn Resorts face in Macau during Q3 2022?

Wynn Resorts faced significant challenges in Macau due to COVID-19 travel restrictions.