Wynn Resorts, Limited Reports Third Quarter 2023 Results

Rhea-AI Summary

Wynn Resorts (NASDAQ: WYNN) reports Q3 2023 financial results, with operating revenues of $1.67 billion, a net loss of $116.7 million, and a $0.25 per share cash dividend declared. Adjusted Property EBITDAR was $530.4 million, reflecting strength across its property portfolio. Macau, Las Vegas, and interactive operations saw revenue increases, while Encore Boston Harbor experienced a slight decrease. Wynn Resorts also repurchased $400.0 million of its 5 1/2% Senior Notes due 2025 and 596,948 shares of its common stock.

Positive

• Wynn Resorts reports a significant increase in operating revenues and Adjusted Property EBITDAR for Q3 2023, reflecting strength across its property portfolio.
• The company's Macau, Las Vegas, and interactive operations saw substantial revenue increases, with Macau's table games win percentage in mass market operations and VIP table games win percentage of turnover exceeding expectations.
• Wynn Resorts declared a $0.25 per share cash dividend, demonstrating a commitment to returning value to its stockholders.
• The company repurchased $400.0 million of its 5 1/2% Senior Notes due 2025 and 596,948 shares of its common stock, indicating confidence in its financial position and a positive outlook for the future.

Negative

• Encore Boston Harbor experienced a slight decrease in operating revenues for Q3 2023, which may warrant further investigation into the factors contributing to this decline.

LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2023.

Operating revenues were $1.67 billion for the third quarter of 2023, an increase of $782.2 million from $889.7 million for the third quarter of 2022. Net loss attributable to Wynn Resorts, Limited was $116.7 million for the third quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $142.9 million for the third quarter of 2022. Diluted net loss per share was $1.03 for the third quarter of 2023, compared to diluted net loss per share of $1.27 for the third quarter of 2022. Adjusted Property EBITDAR⁽¹⁾ was $530.4 million for the third quarter of 2023, compared to Adjusted Property EBITDAR of $173.5 million for the third quarter of 2022.

"Our third quarter results reflect continued strength across our property portfolio," said Craig Billings, CEO of Wynn Resorts, Limited. "Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDAR at our combined North American properties as we continue to elevate our properties above those of our peers. In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, construction on Wynn Al Marjan Island is well underway, and we are confident the resort will be a 'must see' tourism destination in the UAE."

Consolidated Results

Operating revenues were $1.67 billion for the third quarter of 2023, an increase of $782.2 million from $889.7 million for the third quarter of 2022. For the third quarter of 2023, operating revenues increased $449.5 million, $254.6 million, $74.6 million, and $4.8 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $1.4 million at Encore Boston Harbor, from the third quarter of 2022.

Net loss attributable to Wynn Resorts, Limited was $116.7 million for the third quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $142.9 million for the third quarter of 2022. Diluted net loss per share was $1.03 for the third quarter of 2023, compared to diluted net loss per share of $1.27 for the third quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited⁽²⁾ was $112.0 million, or $0.99 per diluted share, for the third quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $135.4 million, or $1.20 per diluted share, for the third quarter of 2022.

Adjusted Property EBITDAR was $530.4 million for the third quarter of 2023, an increase of $356.8 million compared to Adjusted Property EBITDAR of $173.5 million for the third quarter of 2022. For the third quarter of 2023, Adjusted Property EBITDAR increased $198.9 million, $121.7 million, $24.0 million, and $12.9 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $0.6 million at Encore Boston Harbor, from the third quarter of 2022.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on November 30, 2023 to stockholders of record as of November 20, 2023.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $524.8 million for the third quarter of 2023, an increase of $449.5 million from $75.2 million for the third quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $177.0 million for the third quarter of 2023, compared to $(21.8) million for the third quarter of 2022. Table games win percentage in mass market operations was 23.3%, above the 21.5% experienced in the third quarter of 2022. VIP table games win as a percentage of turnover was 3.42%, above the property's expected range of 3.1% to 3.4% and above the 3.27% experienced in the third quarter of 2022.

Wynn Macau

Operating revenues from Wynn Macau were $295.0 million for the third quarter of 2023, an increase of $254.6 million from $40.4 million for the third quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $77.9 million for the third quarter of 2023, compared to $(43.8) million for the third quarter of 2022. Table games win percentage in mass market operations was 16.5%, above the 13.3% experienced in the third quarter of 2022. VIP table games win as a percentage of turnover was 3.52%, above the property's expected range of 3.1% to 3.4% and above the 1.56% experienced in the third quarter of 2022.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $619.0 million for the third quarter of 2023, an increase of $74.6 million from $544.4 million for the third quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2023 was $219.7 million, compared to $195.8 million for the third quarter of 2022. Table games win percentage for the third quarter of 2023 was 26.0%, within the property's expected range of 22% to 26% and above the 20.7% experienced in the third quarter of 2022.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $210.4 million for the third quarter of 2023, a decrease of $1.4 million from $211.8 million for the third quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2023 was $60.5 million, compared to $61.1 million for the third quarter of 2022. Table games win percentage for the third quarter of 2023 was 20.8%, within the property's expected range of 18% to 22% and below the 21.1% experienced in the third quarter of 2022.

Balance Sheet

Our cash and cash equivalents as of September 30, 2023 totaled $2.79 billion, comprised of $1.20 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $651.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $936.7 million held at Corporate and other. In addition, as of September 30, 2023, we had $646.2 million and $145.5 million in short-term investments held at WML and Corporate and other, respectively. As of September 30, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $737.0 million, and the WM Cayman II Revolver was fully drawn.

Total current and long-term debt outstanding at September 30, 2023 was $11.79 billion, comprised of $6.79 billion of Macau related debt, $2.25 billion of Wynn Las Vegas debt, $2.14 billion of WRF debt, and $613.9 million of debt held by the retail joint venture which we consolidate.

In August 2023, Wynn Las Vegas repurchased $400.0 million aggregate principal amount of its 5 1/2% Senior Notes due 2025, at a price equal to 94% of the principal amount plus accrued interest and an early tender premium of $20.0 million, using cash held by Wynn Resorts.

During the third quarter of 2023, the Company repurchased 596,948 shares of its common stock under its publicly announced equity repurchase program at an average price of $94.11 per share, for an aggregate cost of $56.2 million.

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, 2023 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, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 2023 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, adverse macroeconomic conditions and their impact on levels of income and consumer discretionary spending, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, uncertainty surrounding the pace of recovery of tourism and travel in Asia following the COVID-19 pandemic, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political 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, 2022, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. 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 EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, impairment of goodwill and intangible assets, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, 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, gain (loss) on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) 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 (loss), Adjusted Property EBITDAR 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, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, impairment of goodwill and intangible assets, property charges and other, change in derivatives fair value, gain (loss) on debt financing transactions, and foreign currency remeasurement and other, net of noncontrolling interests. Adjusted net income (loss) attributable to Wynn Resorts, Limited and adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income (loss) and loss per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income (loss) attributable to Wynn Resorts, Limited and adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to Wynn Resorts, Limited to adjusted net income (loss) attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

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,
		2023				2022				2023				2022
Operating revenues:
Casino	$	972,453			$	359,876			$	2,652,444			$	1,209,323
Rooms		289,338				197,212				838,372				568,886
Food and beverage		267,432				224,730				757,079				628,566
Entertainment, retail and other		142,713				107,904				443,542				345,113
Total operating revenues		1,671,936				889,722				4,691,437				2,751,888
Operating expenses:
Casino		577,733				239,901				1,594,761				808,044
Rooms		77,790				67,689				224,275				191,474
Food and beverage		220,835				185,388				605,376				517,515
Entertainment, retail and other		82,554				72,964				261,035				236,853
General and administrative		268,445				201,275				785,538				598,433
Provision for credit losses		870				(8,186	)			(6,314	)			(11,331	)
Pre-opening		867				6,447				6,822				13,396
Depreciation and amortization		171,969				172,502				510,743				520,026
Impairment of goodwill and intangible assets		93,990				—				94,490				48,036
Property charges and other		114,288				4,733				132,265				29,326
Total operating expenses		1,609,341				942,713				4,208,991				2,951,772
Operating income (loss)		62,595				(52,991	)			482,446				(199,884	)
Other income (expense):
Interest income		46,534				6,892				130,854				10,863
Interest expense, net of amounts capitalized		(188,571	)			(165,277	)			(566,554	)			(472,265	)
Change in derivatives fair value		(50,637	)			5,839				(3,255	)			14,801
Gain (loss) on debt financing transactions		2,928				—				(12,683	)			—
Other		3,861				(864	)			(19,794	)			(26,090	)
Other income (expense), net		(185,885	)			(153,410	)			(471,432	)			(472,691	)
Income (loss) before income taxes		(123,290	)			(206,401	)			11,014				(672,575	)
Benefit (provision) for income taxes		2,749				(1,390	)			(2,574	)			(3,248	)
Net income (loss)		(120,541	)			(207,791	)			8,440				(675,823	)
Less: net (income) loss attributable to noncontrolling interests		3,863				64,899				(7,602	)			219,556
Net income (loss) attributable to Wynn Resorts, Limited	$	(116,678	)		$	(142,892	)		$	838			$	(456,267	)
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic	$	(1.03	)		$	(1.27	)		$	0.01			$	(4.00	)
Diluted	$	(1.03	)		$	(1.27	)		$	0.01			$	(4.00	)
Weighted average common shares outstanding:
Basic		112,797				112,709				112,813				114,061
Diluted		112,797				112,709				113,132				114,061

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Net income (loss) attributable to Wynn Resorts, Limited	$	(116,678	)		$	(142,892	)		$	838			$	(456,267	)
Pre-opening expenses		867				6,447				6,822				13,396
Impairment of goodwill and intangible assets		93,990				—				94,490				48,036
Property charges and other		114,288				4,733				132,265				29,326
Change in derivatives fair value		50,637				(5,839	)			3,255				(14,801	)
(Gain) loss on debt financing transactions		(2,928	)			—				12,683				—
Foreign currency remeasurement and other		(3,861	)			864				19,794				26,090
Income tax impact on adjustments		(1,065	)			(88	)			(1,055	)			(96	)
Noncontrolling interests impact on adjustments		(23,233	)			1,380				(20,403	)			(14,427	)
Adjusted net income (loss) attributable to Wynn Resorts, Limited	$	112,017			$	(135,395	)		$	248,689			$	(368,743	)
Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share	$	0.99			$	(1.20	)		$	2.20			$	(3.23	)
Weighted average common shares outstanding - diluted		113,106				112,709				113,132				114,061

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
	Three Months Ended September 30, 2023
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	92,484			$	40,065			$	(5,459	)		$	127,090			$	122,276		$	(19,070	)		$	(208,959	)		$	41,258			$	62,595
Pre-opening expenses		—				—				—				—				—			6				861				—				867
Depreciation and amortization		53,985				20,331				381				74,697				57,753			31,100				6,094				2,325				171,969
Impairment of goodwill and intangible assets		—				—				—				—				—			—				93,990				—				93,990
Property charges and other		9,085				3,405				2				12,492				1,323			487				99,986				—				114,288
Management and license fees		16,691				9,228				—				25,919				29,379			10,265				—				(65,563	)			—
Corporate expenses and other		2,364				2,372				3,982				8,718				7,264			1,880				1,861				15,381				35,104
Stock-based compensation		2,439				2,538				1,094				6,071				1,745			426				1,303				6,599				16,144
Triple-net operating lease rent expense		—				—				—				—				—			35,404				—				—				35,404
Adjusted Property EBITDAR	$	177,048			$	77,939			$	—			$	254,987			$	219,740		$	60,498			$	(4,864	)		$	—			$	530,361
	Three Months Ended September 30, 2022
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	(84,478	)		$	(73,833	)		$	(4,339	)		$	(162,650	)		$	103,006		$	9,602			$	(27,113	)		$	24,164			$	(52,991	)
Pre-opening expenses		—				—				—				—				5,087			199				1,161				—				6,447
Depreciation and amortization		52,225				21,172				380				73,777				52,756			38,875				4,827				2,267				172,502
Property charges and other		2,467				1,419				22				3,908				1,042			34				(213	)			(38	)			4,733
Management and license fees		2,643				2,250				—				4,893				25,798			10,308				—				(40,999	)			—
Corporate expenses and other		1,599				1,620				3,297				6,516				5,872			1,736				651				7,994				22,769
Stock-based compensation		3,736				3,566				640				7,942				2,199			382				2,939				6,612				20,074
Adjusted Property EBITDAR	$	(21,808	)		$	(43,806	)		$	—			$	(65,614	)		$	195,760		$	61,136			$	(17,748	)		$	—			$	173,534

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
	Nine Months Ended September 30, 2023
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	212,627			$	99,581			$	(16,297	)		$	295,911			$	384,048		$	(45,022	)		$	(268,029	)		$	115,538			$	482,446
Pre-opening expenses		—				—				—				—				81			1,253				5,591				(103	)			6,822
Depreciation and amortization		162,060				61,508				1,141				224,709				171,955			91,232				15,933				6,914				510,743
Impairment of goodwill and intangible assets		—				—				—				—				—			—				94,490				—				94,490
Property charges and other		12,914				10,483				15				23,412				8,474			709				99,670				—				132,265
Management and license fees		43,595				25,990				—				69,585				84,632			31,514				—				(185,731	)			—
Corporate expenses and other		7,475				7,591				12,034				27,100				21,150			5,693				4,841				43,558				102,342
Stock-based compensation		6,042				7,121				3,107				16,270				5,118			1,319				6,608				19,824				49,139
Triple-net operating lease rent expense		—				—				—				—				—			106,318				—				—				106,318
Adjusted Property EBITDAR	$	444,713			$	212,274			$	—			$	656,987			$	675,458		$	193,016			$	(40,896	)		$	—			$	1,484,565
	Nine Months Ended September 30, 2022
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	(251,721	)		$	(182,128	)		$	(12,389	)		$	(446,238	)		$	328,762		$	25,551			$	(189,469	)		$	81,510			$	(199,884	)
Pre-opening expenses		—				—				—				—				10,031			199				3,166				—				13,396
Depreciation and amortization		154,293				60,750				2,328				217,371				144,108			117,296				34,448				6,803				520,026
Impairment of goodwill and intangible assets		—				—				—				—				—			—				48,036				—				48,036
Property charges and other		2,918				9,366				27				12,311				3,319			674				20,107				(7,085	)			29,326
Management and license fees		10,086				8,846				—				18,932				73,174			29,810				—				(121,916	)			—
Corporate expenses and other		4,729				4,910				8,262				17,901				16,862			5,382				5,504				25,156				70,805
Stock-based compensation		7,073				9,378				1,772				18,223				5,588			1,220				8,006				15,532				48,569
Adjusted Property EBITDAR	$	(72,622	)		$	(88,878	)		$	—			$	(161,500	)		$	581,844		$	180,132			$	(70,202	)		$	—			$	530,274

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Net income (loss) attributable to Wynn Resorts, Limited	$	(116,678	)		$	(142,892	)		$	838			$	(456,267	)
Net (loss) income attributable to noncontrolling interests		(3,863	)			(64,899	)			7,602				(219,556	)
Pre-opening expenses		867				6,447				6,822				13,396
Depreciation and amortization		171,969				172,502				510,743				520,026
Impairment of goodwill and intangible assets		93,990				—				94,490				48,036
Property charges and other		114,288				4,733				132,265				29,326
Triple-net operating lease rent expense		35,404				—				106,318				—
Corporate expenses and other		35,104				22,769				102,342				70,805
Stock-based compensation		16,144				20,074				49,139				48,569
Interest income		(46,534	)			(6,892	)			(130,854	)			(10,863	)
Interest expense, net of amounts capitalized		188,571				165,277				566,554				472,265
Change in derivatives fair value		50,637				(5,839	)			3,255				(14,801	)
(Gain) loss on debt financing transactions		(2,928	)			—				12,683				—
Other		(3,861	)			864				19,794				26,090
(Benefit) provision for income taxes		(2,749	)			1,390				2,574				3,248
Adjusted Property EBITDAR	$	530,361			$	173,534			$	1,484,565			$	530,274

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,
		2023				2022			Percent Change				2023				2022			Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino	$	418,043			$	45,361			821.6			$	1,054,007			$	186,968			463.7
Rooms		54,309				6,974			678.7				151,311				27,813			444.0
Food and beverage		26,215				5,727			357.7				75,028				24,027			212.3
Entertainment, retail and other		26,206				17,186			52.5				82,140				58,416			40.6
Total	$	524,773			$	75,248			597.4			$	1,362,486			$	297,224			358.4
Adjusted Property EBITDAR (6)	$	177,048			$	(21,808	)		NM			$	444,713			$	(72,622	)		NM
Casino Statistics:
VIP:
Average number of table games		58				49			18.4				55				54			1.9
VIP turnover	$	2,866,469			$	283,744			910.2			$	8,202,165			$	1,593,761			414.6
VIP table games win (1)	$	98,014			$	9,271			957.2			$	289,492			$	22,353			1,195.1
VIP table games win as a % of turnover		3.42	%			3.27	%						3.53	%			1.40	%
Table games win per unit per day	$	18,386			$	2,381			672.2			$	19,233			$	1,587			1,111.9
Mass market:
Average number of table games		244				212			15.1				240				226			6.2
Table drop (2)	$	1,725,845			$	197,066			775.8			$	4,414,990			$	939,474			369.9
Table games win (1)	$	402,285			$	42,449			847.7			$	968,967			$	195,205			396.4
Table games win %		23.3	%			21.5	%						21.9	%			20.8	%
Table games win per unit per day	$	17,913			$	2,501			616.2			$	14,763			$	3,305			346.7
Average number of slot machines		563				607			(7.2	)			579				638			(9.2	)
Slot machine handle	$	634,121			$	121,522			421.8			$	1,760,345			$	502,856			250.1
Slot machine win (3)	$	22,228			$	5,418			310.3			$	75,236			$	22,989			227.3
Slot machine win per unit per day	$	429			$	112			283.0			$	476			$	138			244.9
Room statistics:
Occupancy		96.9	%			28.1	%						93.8	%			34.4	%
ADR (4)	$	342			$	145			135.9			$	327			$	160			104.4
REVPAR (5)	$	331			$	41			707.3			$	307			$	55			458.2
NM: Not meaningful.
Note: The results of operations of Wynn Palace for the three and nine months ended September 30, 2022 were negatively impacted by 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,
		2023				2022			Percent Change				2023				2022			Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino	$	230,294			$	22,832			908.6			$	649,627			$	165,221			293.2
Rooms		31,673				4,395			620.7				79,774				18,547			330.1
Food and beverage		18,287				4,261			329.2				47,255				17,878			164.3
Entertainment, retail and other		14,762				8,880			66.2				50,679				32,405			56.4
Total	$	295,016			$	40,368			630.8			$	827,335			$	234,051			253.5
Adjusted Property EBITDAR (6)	$	77,939			$	(43,806	)		NM			$	212,274			$	(88,878	)		NM
Casino Statistics:
VIP:
Average number of table games		36				39			(7.7	)			45				38			18.4
VIP turnover	$	1,192,610			$	152,872			680.1			$	3,727,106			$	1,341,567			177.8
VIP table games win (1)	$	41,995			$	2,389			1,657.8			$	130,574			$	50,864			156.7
VIP table games win as a % of turnover		3.52	%			1.56	%						3.50	%			3.79	%
Table games win per unit per day	$	12,638			$	771			1,539.2			$	10,569			$	5,164			104.7
Mass market:
Average number of table games		217				230			(5.7	)			214				242			(11.6	)
Table drop (2)	$	1,384,258			$	167,539			726.2			$	3,597,557			$	852,832			321.8
Table games win (1)	$	228,323			$	22,232			927.0			$	613,154			$	135,074			353.9
Table games win %		16.5	%			13.3	%						17.0	%			15.8	%
Table games win per unit per day	$	11,423			$	1,211			843.3			$	10,485			$	2,140			390.0
Average number of slot machines		500				641			(22.0	)			521				630			(17.3	)
Slot machine handle	$	570,122			$	193,680			194.4			$	1,559,698			$	676,531			130.5
Slot machine win (3)	$	16,143			$	6,961			131.9			$	47,892			$	23,902			100.4
Slot machine win per unit per day	$	351			$	136			158.1			$	337			$	145			132.4
Poker rake	$	4,494			$	74			NM			$	13,807			$	134			NM
Room statistics:
Occupancy		98.7	%			31.4	%						95.5	%			37.4	%
ADR (4)	$	327			$	137			138.7			$	281			$	163			72.4
REVPAR (5)	$	323			$	43			651.2			$	268			$	61			339.3
NM: Not meaningful.
Note: The results of operations of Wynn Macau for the three and nine months ended September 30, 2022 were negatively impacted by 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,
		2023				2022			Percent Change				2023				2022			Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino	$	168,130			$	134,314			25.2			$	460,606			$	393,930			16.9
Rooms		178,518				162,125			10.1				541,392				460,707			17.5
Food and beverage		203,066				193,733			4.8				570,695				526,389			8.4
Entertainment, retail and other		69,252				54,217			27.7				211,109				165,618			27.5
Total	$	618,966			$	544,389			13.7			$	1,783,802			$	1,546,644			15.3
Adjusted Property EBITDAR (6)	$	219,740			$	195,760			12.2			$	675,458			$	581,844			16.1
Casino Statistics:
Average number of table games		234				237			(1.3	)			233				234			(0.4	)
Table drop (2)	$	607,610			$	570,419			6.5			$	1,768,057			$	1,683,317			5.0
Table games win (1)	$	157,873			$	118,263			33.5			$	431,896			$	386,306			11.8
Table games win %		26.0	%			20.7	%						24.4	%			22.9	%
Table games win per unit per day	$	7,340			$	5,420			35.4			$	6,777			$	6,047			12.1
Average number of slot machines		1,631				1,693			(3.7	)			1,650				1,711			(3.6	)
Slot machine handle	$	1,638,274			$	1,522,512			7.6			$	4,733,534			$	4,026,675			17.6
Slot machine win (3)	$	115,738			$	107,575			7.6			$	325,883			$	278,250			17.1
Slot machine win per unit per day	$	771			$	691			11.6			$	723			$	596			21.3
Poker rake	$	5,669			$	3,848			47.3			$	16,243			$	12,729			27.6
Room statistics:
Occupancy		90.0	%			88.8	%						89.8	%			85.5	%
ADR (4)	$	463			$	426			8.7			$	473			$	440			7.5
REVPAR (5)	$	417			$	378			10.3			$	424			$	376			12.8

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,
		2023				2022			Percent Change				2023				2022			Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino	$	155,986			$	157,369			(0.9	)		$	488,204			$	463,204			5.4
Rooms		24,838				23,718			4.7				65,895				61,819			6.6
Food and beverage		19,864				21,009			(5.5	)			64,101				60,272			6.4
Entertainment, retail and other		9,715				9,687			0.3				30,441				27,438			10.9
Total	$	210,403			$	211,783			(0.7	)		$	648,641			$	612,733			5.9
Adjusted Property EBITDAR (6)	$	60,498			$	61,136			(1.0	)		$	193,016			$	180,132			7.2
Casino Statistics:
Average number of table games		191				188			1.6				193				185			4.3
Table drop (2)	$	343,686			$	364,844			(5.8	)		$	1,064,092			$	1,077,261			(1.2	)
Table games win (1)	$	71,555			$	76,970			(7.0	)		$	230,170			$	234,024			(1.6	)
Table games win %		20.8	%			21.1	%						21.6	%			21.7	%
Table games win per unit per day	$	4,079			$	4,448			(8.3	)		$	4,368			$	4,624			(5.5	)
Average number of slot machines		2,561				2,706			(5.4	)			2,547				2,754			(7.5	)
Slot machine handle	$	1,336,724			$	1,288,250			3.8			$	3,933,388			$	3,703,990			6.2
Slot machine win (3)	$	105,330			$	104,122			1.2			$	316,129			$	298,842			5.8
Slot machine win per unit per day	$	447			$	418			6.9			$	455			$	397			14.6
Poker rake	$	5,224			$	2,554			104.5			$	16,116			$	4,580			251.9
Room statistics:
Occupancy		96.0	%			97.0	%						92.9	%			90.6	%
ADR (4)	$	421			$	398			5.8			$	389			$	374			4.0
REVPAR (5)	$	405			$	386			4.9			$	362			$	339			6.8

(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 EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231109168340/en/

Price Karr

702-770-7555

investorrelations@wynnresorts.com

Source: Wynn Resorts, Limited

FAQ

What are Wynn Resorts' Q3 2023 operating revenues?

Wynn Resorts reported operating revenues of $1.67 billion for Q3 2023, reflecting a significant increase from the previous year.

What was Wynn Resorts' net loss for Q3 2023?

Wynn Resorts reported a net loss of $116.7 million for Q3 2023, compared to a net loss of $142.9 million for the same period in 2022.

Did Wynn Resorts declare a cash dividend for Q3 2023?

Yes, Wynn Resorts declared a cash dividend of $0.25 per share, payable on November 30, 2023 to stockholders of record as of November 20, 2023.

What repurchases did Wynn Resorts make in Q3 2023?

Wynn Resorts repurchased $400.0 million of its 5 1/2% Senior Notes due 2025 and 596,948 shares of its common stock during Q3 2023.