8-K
WYNN RESORTS LTD (WYNN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 9, 2021
WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
| Nevada | 000-50028 | 46-0484987 | |
|---|---|---|---|
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) | |
| 3131 Las Vegas Boulevard South | |||
| Las Vegas, | Nevada | 89109 | |
| (Address of principal executive offices) | (Zip Code) |
(702) 770-7555
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common stock, par value $0.01 | WYNN | Nasdaq Global Select Market |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On November 9, 2021, Wynn Resorts, Limited issued a press release announcing its results of operations for the quarter ended September 30, 2021. The press release is furnished herewith as Exhibit 99.1. The information furnished under Items 2.02, 7.01 and 9.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
| Item 7.01 | Regulation FD Disclosure. |
|---|
The information set forth under Item 2.02 of this report is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
|---|
(d)Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release, dated November9, 2021, of Wynn Resorts, Limited. |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WYNN RESORTS, LIMITED | ||
|---|---|---|
| Dated: November 9, 2021 | By: | /s/ Craig S. Billings |
| Craig S. Billings | ||
| Chief Financial Officer | ||
| (Principal Financial and Accounting Officer) |
Document
Exhibit 99.1
Wynn Resorts, Limited Reports Third Quarter 2021 Results
LAS VEGAS, November 9, 2021 — 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<br>September 30, | Nine Months Ended<br>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<br>September 30, | Nine Months Ended<br>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<br>September 30, | Nine Months Ended<br>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<br>September 30, | Nine Months Ended<br>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<br>September 30, | Nine Months Ended<br>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<br>September 30, | Nine Months Ended<br>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<br>September 30, | Nine Months Ended<br>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
CONTACT:
Vincent Zahn
702-770-7555
investorrelations@wynnresorts.com
13