Wynn Resorts, Limited Reports Second Quarter 2020 Results

August 4, 2020 4:05 PM

LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended June 30, 2020.

Operating revenues were $85.7 million for the second quarter of 2020, a decrease of 94.8%, or $1.57 billion, from $1.66 billion for the second quarter of 2019. Net loss attributable to Wynn Resorts, Limited was $637.6 million, or $5.97 per diluted share, for the second quarter of 2020, compared to net income attributable to Wynn Resorts, Limited of $94.6 million, or $0.88 per diluted share, in the second quarter of 2019. Net loss attributable to Wynn Resorts, Limited for the second quarter of 2020 excludes the impact of $75.7 million of expense related to our commitment to pay salary, tips and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, which we accrued during the first quarter of 2020. Adjusted Property EBITDA (1) was $(322.9) million for the second quarter of 2020, compared to Adjusted Property EBITDA of $480.6 million in the second quarter of 2019.

"Our leadership team continues to work closely with our host communities, fellow industry leaders and world-class medical experts to implement and advance strategies to mitigate the impact of the virus on our team members, our guests and our broader communities," said Matt Maddox, CEO of Wynn Resorts, Limited. "We are pleased to be up and running again in each of our markets. In early June, we reopened nearly our entire Wynn Las Vegas and Encore campus with an intense focus on cleanliness and safety. Similarly, in Boston, we reopened Encore Boston Harbor on July 12 to a positive reception as many of our customers currently prefer to stay close to home. In Macau, the authorities have begun to gradually and thoughtfully ease some visitation restrictions, and we are confident the market will benefit from the return of the Chinese consumer as we move through the back half of 2020."

Consolidated Results

Operating revenues were $85.7 million for the second quarter of 2020, a decrease of 94.8%, or $1.57 billion, from $1.66 billion for the second quarter of 2019. Operating revenues decreased $620.2 million, $534.6 million and $399.3 million at Wynn Palace, Wynn Macau and our Las Vegas Operations, respectively, from the second quarter of 2019.

On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $637.6 million, or $5.97 per diluted share, for the second quarter of 2020, compared to net income attributable to Wynn Resorts, Limited of $94.6 million, or $0.88 per diluted share, in the second quarter of 2019. Net loss attributable to Wynn Resorts, Limited for the second quarter of 2020 excludes the impact of $75.7 million of expense related to our commitment to pay salary, tips and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, which we accrued during the first quarter of 2020. Adjusted net loss attributable to Wynn Resorts, Limited (2) was $655.7 million, or $6.14 per diluted share, for the second quarter of 2020, compared to adjusted net income attributable to Wynn Resorts, Limited of $153.9 million, or $1.44 per diluted share, for the second quarter of 2019.

Adjusted Property EBITDA was $(322.9) million for the second quarter of 2020, compared to $480.6 million for the second quarter of 2019. Adjusted Property EBITDA decreased $278.1 million, $258.5 million and $213.0 million at Wynn Palace, Wynn Macau and our Las Vegas Operations, respectively.

Property Results

Macau Operations

Our casino operations at Wynn Palace and Wynn 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 public health safeguards, such as traveler quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, COVID-19 negative test results requirements for entry to gaming areas, and health declarations remain in effect at the present time. We are currently unable to determine when these measures will be lifted. On July 15, 2020, authorities eased certain quarantine requirements for persons traveling between Guangdong Province and Macau, subject to certain testing requirements and health declarations.

Wynn Palace

Operating revenues from Wynn Palace were $8.7 million for the second quarter of 2020, a 98.6% decrease from $628.9 million for the second quarter of 2019. Adjusted Property EBITDA from Wynn Palace was $(110.9) million for the second quarter of 2020, a 166.3% decrease from $167.2 million for the second quarter of 2019. VIP table games win as a percentage of turnover was (1.73)%, below the property's expected range of 2.7% to 3.0% and below the 3.02% experienced in the second quarter of 2019. Table games win percentage in mass market operations was 32.5%, above the 23.4% experienced in the second quarter of 2019.

Wynn Macau

Operating revenues from Wynn Macau were $11.9 million for the second quarter of 2020, a 97.8% decrease from $546.5 million for the second quarter of 2019. Adjusted Property EBITDA was $(82.6) million for the second quarter of 2020, a 147.0% decrease from $175.9 million for the second quarter of 2019. VIP Table games win as a percentage of turnover was (2.00)%, below the property's expected range of 2.7% to 3.0% and below the 3.30% experienced in the second quarter of 2019. Table games win percentage in mass market operations was 8.3%, below the 20.7% experienced in the second quarter of 2019.

Las Vegas Operations

Our casino operations at Wynn Las Vegas were closed on March 17, 2020, and reopened on June 4, 2020, with certain health safeguards 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. We are currently unable to determine when certain of these measures will be lifted. Operating revenues from our Las Vegas Operations were $64.9 million for the second quarter of 2020, an 86.0% decrease from $464.1 million for the second quarter of 2019. Adjusted Property EBITDA from our Las Vegas Operations for the second quarter of 2020 was $(75.6) million, compared to $137.4 million for the second quarter of 2019. Our Las Vegas Operations' operating loss for the second quarter of 2020 excludes the impact of $56.4 million of expense related to our commitment to pay salary, tips and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, which we accrued within operating expenses during the first quarter of 2020. Table games win percentage was 19.7%, below the property's expected range of 22% to 26% and below the 28.7% experienced in the second quarter of 2019.

Encore Boston Harbor

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 12, 2020, Encore Boston Harbor reopened with certain health safeguards in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, and mask protection. We are currently unable to determine when these measures will be lifted. In addition, certain food and beverage outlets remain closed, and hotel reservations have been limited to Thursday through Sunday. Adjusted Property EBITDA from Encore Boston Harbor for the second quarter of 2020 was $(53.8) million. Encore Boston Harbor's operating loss for the second quarter of 2020 excludes the impact of $19.3 million of expense related to our commitment to pay salary, tips and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, which we accrued within operating expenses during the first quarter of 2020.

Balance Sheet

Our cash and cash equivalents and restricted cash as of June 30, 2020 totaled $3.80 billion.

As of June 30, 2020, the available borrowing capacity under the Wynn Macau Revolver was $24.1 million, and the available borrowing capacity under the Wynn Resorts Finance Revolver was $15.9 million.

Total current and long-term debt outstanding at June 30, 2020 was $12.78 billion, comprised of $5.94 billion of Macau related debt, $3.12 billion of Wynn Las Vegas debt, $3.11 billion of Wynn Resorts Finance debt, and $612.0 million of debt held by the retail joint venture which we consolidate.

As previously disclosed, on June 19, 2020, Wynn Macau, Limited (“WML”) issued $750.0 million aggregate principal amount of 5.500% Senior Notes due 2026 (the “2026 WML Notes”). WML intends to use the net proceeds from the 2026 WML Notes for general corporate purposes until WML's business recovers from the effects of the COVID-19 pandemic, and then to facilitate the repayment of a portion of the amounts outstanding under the Wynn Macau Credit Facilities.

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 August 4, 2020 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 August 14, 2020, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended June 30, 2020 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, 2019 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.

Non-GAAP Financial Measures

(1) "Adjusted Property EBITDA" is net income (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 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 income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before nonrecurring regulatory expense, litigation settlement net gain, pre-opening expenses, property charges and other, change in derivatives fair value, loss on extinguishment of debt, foreign currency remeasurement gain (loss), and the impact from the enactment of U.S. tax reform, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. 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 earnings 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 EBITDA, and (iii) net income (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 June 30,

Six Months Ended June 30,

2020

2019

2020

2019

Operating revenues:

Casino

$

9,413

$

1,142,503

$

580,202

$

2,327,604

Rooms

17,415

198,807

170,096

390,077

Food and beverage

24,007

218,022

173,421

391,241

Entertainment, retail and other

34,863

99,000

115,695

200,956

Total operating revenues

85,698

1,658,332

1,039,414

3,309,878

Operating expenses:

Casino

131,138

724,987

573,828

1,475,058

Rooms

30,367

66,148

103,847

129,854

Food and beverage

61,889

182,080

237,799

330,841

Entertainment, retail and other

16,873

43,514

62,453

87,558

General and administrative

152,081

202,224

386,409

419,546

Provision for credit losses

28,347

3,581

48,960

9,003

Pre-opening

2,186

69,883

4,737

97,596

Depreciation and amortization

179,266

140,269

358,012

276,826

Property charges and other

6,567

6,930

33,796

9,704

Total operating expenses

608,714

1,439,616

1,809,841

2,835,986

Operating income (loss)

(523,016

)

218,716

(770,427

)

473,892

Other income (expense):

Interest income

3,983

6,265

11,936

13,552

Interest expense, net of amounts capitalized

(133,218

)

(93,149

)

(262,045

)

(186,329

)

Change in derivatives fair value

(3,294

)

(3,304

)

(18,954

)

(4,813

)

Loss on extinguishment of debt

(619

)

(1,462

)

Other

2,233

11,715

12,568

5,357

Other income (expense), net

(130,915

)

(78,473

)

(257,957

)

(172,233

)

Income (loss) before income taxes

(653,931

)

140,243

(1,028,384

)

301,659

(Provision) benefit for income taxes

(80,938

)

1,991

(156,738

)

306

Net income (loss)

(734,869

)

142,234

(1,185,122

)

301,965

Less: net (income) loss attributable to noncontrolling interests

97,305

(47,683

)

145,521

(102,542

)

Net income (loss) attributable to Wynn Resorts, Limited

$

(637,564

)

$

94,551

$

(1,039,601

)

$

199,423

Basic and diluted net income (loss) per common share:

Net income (loss) attributable to Wynn Resorts, Limited:

Basic

$

(5.97

)

$

0.88

$

(9.74

)

$

1.87

Diluted

$

(5.97

)

$

0.88

$

(9.74

)

$

1.86

Weighted average common shares outstanding:

Basic

106,713

106,876

106,688

106,834

Diluted

106,713

107,141

106,688

107,089

Dividends declared per common share:

$

$

1.00

$

1.00

$

1.75

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 June 30,

Six Months Ended June 30,

2020

2019

2020

2019

Net income (loss) attributable to Wynn Resorts, Limited (1)

$

(637,564

)

$

94,551

$

(1,039,601

)

$

199,423

Nonrecurring regulatory expense

35,000

Litigation settlement net gain

(27,700

)

(27,700

)

Pre-opening expenses

2,186

69,883

4,737

97,596

Property charges and other

6,567

6,930

33,796

9,704

Change in derivatives fair value

3,294

3,304

18,954

4,813

Loss on extinguishment of debt

619

1,462

Foreign currency remeasurement gain

(2,233

)

(11,715

)

(12,568

)

(5,357

)

Income tax impact on adjustments

768

(10,351

)

832

(13,043

)

Noncontrolling interests impact on adjustments

(1,603

)

1,303

(13,498

)

(1,647

)

Adjusted net income (loss) attributable to Wynn Resorts, Limited

$

(655,666

)

$

153,905

$

(1,033,586

)

$

326,489

Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share

$

(6.14

)

$

1.44

$

(9.69

)

$

3.05

Weighted average common shares outstanding - diluted

106,713

107,141

106,688

107,089

(1)

For the three months ended June 30, 2020, excludes $75.7 million of expense accrued during the first quarter of 2020 related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30, 2020

Operating

income

(loss) (1)

Pre-opening

expenses

Depreciation

and

amortization

Property

charges and

other

Management

and license

fees

Corporate

expenses and

other (2)

Stock-based

compensation

Adjusted

Property

EBITDA

Macau Operations:

Wynn Palace

$

(185,342

)

$

615

$

67,222

$

993

$

2,250

$

1,360

$

1,994

$

(110,908

)

Wynn Macau

(114,156

)

23,007

480

2,250

1,485

4,288

(82,646

)

Other Macau

(2,870

)

1,108

3

1,364

395

Total Macau Operations

(302,368

)

615

91,337

1,476

4,500

4,209

6,677

(193,554

)

Las Vegas Operations

(136,790

)

1,037

48,395

(304

)

2,850

6,945

2,303

(75,564

)

Encore Boston Harbor

(99,430

)

36,894

3,617

9

4,233

898

(53,779

)

Corporate and other

15,572

534

2,640

1,778

(7,359

)

(24,371

)

11,206

Total

$

(523,016

)

$

2,186

$

179,266

$

6,567

$

$

(8,984

)

$

21,084

$

(322,897

)

(1)

Excludes $56.4 million and $19.3 million of expense accrued during the first quarter of 2020 related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, for our Las Vegas Operations and Encore Boston Harbor, respectively.

(2)

Corporate and other includes a $27.7 million net gain recorded in relation to a derivative litigation settlement.

Three Months Ended June 30, 2019

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

$

76,044

$

$

66,227

$

(1,409

)

$

23,628

$

1,447

$

1,228

$

167,165

Wynn Macau

128,264

21,924

2,061

19,649

1,847

2,128

175,873

Other Macau

(3,687

)

1,116

2

2,291

278

Total Macau Operations

200,621

89,267

654

43,277

5,585

3,634

343,038

Las Vegas Operations

60,207

44,237

6,274

21,457

3,640

1,584

137,399

Encore Boston Harbor

(83,406

)

68,993

4,497

5,107

4,615

340

146

Corporate and other

41,294

890

2,268

2

(69,841

)

21,455

3,932

Total

$

218,716

$

69,883

$

140,269

$

6,930

$

$

35,295

$

9,490

$

480,583

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands) (unaudited)

(continued)

Six Months Ended June 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

$

(277,004

)

$

615

$

134,231

$

23,292

$

11,675

$

2,931

$

3,528

$

(100,732

)

Wynn Macau

(130,239

)

46,884

2,334

10,413

3,280

3,890

(63,438

)

Other Macau

(6,387

)

2,226

3

3,393

765

Total Macau Operations

(413,630

)

615

183,341

25,629

22,088

9,604

8,183

(164,170

)

Las Vegas Operations

(230,227

)

2,176

95,640

(191

)

18,055

13,234

3,672

(97,641

)

Encore Boston Harbor

(160,048

)

73,768

3,865

6,958

7,365

1,677

(66,415

)

Corporate and other

33,478

1,946

5,263

4,493

(47,101

)

(14,995

)

16,916

Total

$

(770,427

)

$

4,737

$

358,012

$

33,796

$

$

15,208

$

30,448

$

(328,226

)

(1)

Corporate and other includes a $27.7 million net gain recorded in relation to a derivative litigation settlement.

Six Months Ended June 30, 2019

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

$

201,835

$

$

132,293

$

(289

)

$

50,848

$

2,731

$

2,333

$

389,751

Wynn Macau

246,661

43,836

2,454

38,635

3,342

4,834

339,762

Other Macau

(6,990

)

2,233

8

4,204

545

Total Macau Operations

441,506

178,362

2,173

89,483

10,277

7,712

729,513

Las Vegas Operations

99,131

88,827

6,784

40,178

7,605

3,176

245,701

Encore Boston Harbor

(119,775

)

95,979

5,374

25

9,607

8,266

670

146

Corporate and other

53,030

1,617

4,263

722

(139,268

)

71,696

7,940

Total

$

473,892

$

97,596

$

276,826

$

9,704

$

$

97,844

$

19,498

$

975,360

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2020

2019

2020

2019

Net income (loss) attributable to Wynn Resorts, Limited (1)

$

(637,564

)

$

94,551

$

(1,039,601

)

$

199,423

Net income (loss) attributable to noncontrolling interests

(97,305

)

47,683

(145,521

)

102,542

Pre-opening expenses

2,186

69,883

4,737

97,596

Depreciation and amortization

179,266

140,269

358,012

276,826

Property charges and other

6,567

6,930

33,796

9,704

Corporate expenses and other

(8,984

)

35,295

15,208

97,844

Stock-based compensation

21,084

9,490

30,448

19,498

Interest income

(3,983

)

(6,265

)

(11,936

)

(13,552

)

Interest expense, net of amounts capitalized

133,218

93,149

262,045

186,329

Change in derivatives fair value

3,294

3,304

18,954

4,813

Loss on extinguishment of debt

619

1,462

Other

(2,233

)

(11,715

)

(12,568

)

(5,357

)

Provision (benefit) for income taxes

80,938

(1,991

)

156,738

(306

)

Adjusted Property EBITDA

$

(322,897

)

$

480,583

$

(328,226

)

$

975,360

(1)

For the three months ended June 30, 2020, excludes $75.7 million of expense accrued during the first quarter of 2020 related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020.

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 June 30,

Six Months Ended June 30,

2020

2019

Percent

Change

2020

2019

Percent

Change

Wynn Palace Supplemental Information

Operating revenues

Casino

$

(11,428

)

$

528,545

(102.2

)

$

196,148

$

1,151,720

(83.0

)

Rooms

2,431

43,183

(94.4

)

22,141

86,498

(74.4

)

Food and beverage

4,231

28,810

(85.3

)

17,529

57,434

(69.5

)

Entertainment, retail and other

13,484

28,378

(52.5

)

32,413

59,886

(45.9

)

Total

$

8,718

$

628,916

(98.6

)

$

268,231

$

1,355,538

(80.2

)

Adjusted Property EBITDA (6)

$

(110,908

)

$

167,165

(166.3

)

$

(100,732

)

$

389,751

(125.8

)

Casino Statistics:

VIP:

Average number of table games

100

112

(10.7

)

95

112

(15.2

)

VIP turnover

$

1,719,825

$

13,388,646

(87.2

)

$

6,512,279

$

26,015,909

(75.0

)

VIP table games win (1)

$

(29,806

)

$

404,408

(107.4

)

$

109,763

$

897,592

(87.8

)

VIP table games win as a % of turnover

(1.73

)

%

3.02

%

1.69

%

3.45

%

Table games win per unit per day

$

(3,276

)

$

39,827

(108.2

)

$

6,865

$

44,464

(84.6

)

Mass market:

Average number of table games

221

214

3.3

201

212

(5.2

)

Table drop (2)

$

22,029

$

1,267,153

(98.3

)

$

497,252

$

2,571,076

(80.7

)

Table games win (1)

$

7,168

$

296,852

(97.6

)

$

137,882

$

612,320

(77.5

)

Table games win %

32.5

%

23.4

%

27.7

%

23.8

%

Table games win per unit per day

$

357

$

15,232

(97.7

)

$

4,075

$

15,929

(74.4

)

Average number of slot machines

480

1,099

(56.3

)

596

1,095

(45.6

)

Slot machine handle

$

39,415

$

937,842

(95.8

)

$

464,129

$

1,912,890

(75.7

)

Slot machine win (3)

$

2,395

$

43,567

(94.5

)

$

20,800

$

94,968

(78.1

)

Slot machine win per unit per day

$

55

$

436

(87.4

)

$

208

$

479

(56.6

)

Room statistics:

Occupancy

4.4

%

97.4

%

23.5

%

97.3

%

ADR (4)

$

339

$

265

27.9

$

298

$

268

11.2

REVPAR (5)

$

15

$

258

(94.2

)

$

70

$

261

(73.2

)

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 public health safeguards, such as traveler quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, COVID-19 negative test results requirements for entry to gaming areas, and health declarations 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 June 30,

Six Months Ended June 30,

2020

2019

Percent

Change

2020

2019

Percent

Change

Wynn Macau Supplemental Information

Operating revenues

Casino

$

(3,524

)

$

481,204

(100.7

)

$

186,604

$

931,446

(80.0

)

Rooms

2,631

26,465

(90.1

)

18,542

55,331

(66.5

)

Food and beverage

3,684

20,129

(81.7

)

13,215

41,105

(67.9

)

Entertainment, retail and other

9,097

18,676

(51.3

)

23,016

42,483

(45.8

)

Total

$

11,888

$

546,474

(97.8

)

$

241,377

$

1,070,365

(77.4

)

Adjusted Property EBITDA (6)

$

(82,646

)

$

175,873

(147.0

)

$

(63,438

)

$

339,762

(118.7

)

Casino Statistics:

VIP:

Average number of table games

91

110

(17.3

)

86

111

(22.5

)

VIP turnover

$

607,144

$

9,275,628

(93.5

)

$

3,571,290

$

19,469,660

(81.7

)

VIP table games win (1)

$

(12,161

)

$

305,809

(104.0

)

$

110,464

$

601,107

(81.6

)

VIP table games win as a % of turnover

(2.00

)

%

3.30

%

3.09

%

3.09

%

Table games win per unit per day

$

(1,471

)

$

30,560

(104.8

)

$

7,623

$

29,824

(74.4

)

Mass market:

Average number of table games

229

205

11.7

208

206

1.0

Table drop (2)

$

40,817

$

1,347,435

(97.0

)

$

619,052

$

2,699,128

(77.1

)

Table games win (1)

$

3,391

$

279,127

(98.8

)

$

121,333

$

543,669

(77.7

)

Table games win %

8.3

%

20.7

%

19.6

%

20.1

%

Table games win per unit per day

$

163

$

14,929

(98.9

)

$

3,472

$

14,608

(76.2

)

Average number of slot machines

440

827

(46.8

)

529

827

(36.0

)

Slot machine handle

$

62,011

$

925,784

(93.3

)

$

428,549

$

1,720,151

(75.1

)

Slot machine win (3)

$

2,626

$

42,815

(93.9

)

$

15,921

$

80,709

(80.3

)

Slot machine win per unit per day

$

66

$

569

(88.5

)

$

179

$

539

(66.8

)

Poker rake

$

$

4,674

(100.0

)

$

2,083

$

10,426

(80.0

)

Room statistics:

Occupancy

7.5

%

98.9

%

28.4

%

99.1

%

ADR (4)

$

342

$

281

21.7

$

324

$

285

13.5

REVPAR (5)

$

25

$

278

(91.0

)

$

92

$

283

(67.5

)

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 public health safeguards, such as traveler quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, COVID-19 negative test results requirements for entry to gaming areas, and health declarations 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 June 30,

Six Months Ended June 30,

2020

2019

Percent

Change

2020

2019

Percent

Change

Las Vegas Operations Supplemental Information

Operating revenues

Casino

$

24,365

$

119,753

(79.7

)

$

95,660

$

231,437

(58.7

)

Rooms

12,353

127,554

(90.3

)

118,458

246,644

(52.0

)

Food and beverage

16,092

165,197

(90.3

)

122,071

288,816

(57.7

)

Entertainment, retail and other

12,076

51,638

(76.6

)

52,521

98,278

(46.6

)

Total

$

64,886

$

464,142

(86.0

)

$

388,710

$

865,175

(55.1

)

Adjusted Property EBITDA (6)

$

(75,564

)

$

137,399

(155.0

)

$

(97,641

)

$

245,701

(139.7

)

Casino Statistics:

Average number of table games

221

238

(7.1

)

233

238

(2.1

)

Table drop (2)

$

90,873

$

440,766

(79.4

)

$

505,806

$

844,839

(40.1

)

Table games win (1)

$

17,918

$

126,395

(85.8

)

$

100,584

$

237,765

(57.7

)

Table games win %

19.7

%

28.7

%

19.9

%

28.1

%

Table games win per unit per day

$

2,998

$

5,832

(48.6

)

$

4,152

$

5,517

(24.7

)

Average number of slot machines

1,752

1,789

(2.1

)

1,762

1,798

(2.0

)

Slot machine handle

$

246,393

$

811,639

(69.6

)

$

911,226

$

1,600,949

(43.1

)

Slot machine win (3)

$

17,523

$

55,128

(68.2

)

$

64,197

$

109,672

(41.5

)

Slot machine win per unit per day

$

371

$

339

9.4

$

350

$

337

3.9

Poker rake

$

$

4,119

(100.0

)

$

2,175

$

6,579

(66.9

)

Room statistics:

Occupancy

43.7

%

90.1

%

70.6

%

86.3

%

ADR (4)

$

226

$

333

(32.1

)

$

350

$

335

4.5

REVPAR (5)

$

99

$

300

(67.0

)

$

247

$

290

(14.8

)

Note: Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020 and reopened on June 4, 2020 with certain health safeguards 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. 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 June 30,

Six Months Ended June 30,

2020

2019

Percent

Change

2020

2019

Percent

Change

Encore Boston Harbor Supplemental Information (7)

Operating revenues

Casino

$

$

13,001

$

101,790

$

13,001

Rooms

1,605

10,955

1,605

Food and beverage

3,716

20,606

3,716

Entertainment, retail and other

206

478

7,745

478

Total

$

206

$

18,800

$

141,096

$

18,800

Adjusted Property EBITDA (6)

$

(53,779

)

$

146

$

(66,415

)

$

146

Casino Statistics:

Average number of table games

160

Table drop (2)

$

$

$

275,631

$

Table games win (1)

$

$

$

57,286

$

Table games win %

%

%

20.8

%

%

Table games win per unit per day

$

$

$

4,826

$

Average number of slot machines

2,837

Slot machine handle

$

$

$

767,739

$

Slot machine win (3)

$

$

$

59,448

$

Slot machine win per unit per day

$

$

$

283

$

Poker rake

$

$

$

5,105

$

Room statistics:

Occupancy

%

%

75.8

%

%

ADR (4)

$

$

$

292

$

REVPAR (5)

$

$

$

222

$

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 12, 2020, Encore Boston Harbor reopened with certain health safeguards in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, and mask protection. We are currently unable to determine when these measures will be lifted. In addition, the results of the eight days of its operations during the second quarter of 2019 are not considered material to our consolidated results of operations for the three and six months ended June 30, 2019. Accordingly, Encore Boston Harbor key operating measures for the three and six months ended June 30, 2019 have been omitted from the table.

(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 Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

(7)

Encore Boston Harbor opened on June 23, 2019.

Wynn Resorts, Limited

Vincent Zahn

702-770-7555

investorrelations@wynnresorts.com

Source: Wynn Resorts, Limited

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