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Wynn Resorts, Limited Reports Fourth Quarter and Year End 2022 Results

Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the fourth quarter and year ended December 31, 2022.

Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, for the fourth quarter of 2021. Adjusted Property EBITDAR(1) was $195.1 million for the fourth quarter of 2022, compared to Adjusted Property EBITDAR of $149.1 million for the fourth quarter of 2021.

"Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new fourth-quarter record for Adjusted Property EBITDAR at our combined North American properties. For the full year of 2022, these properties generated $1.04 billion of Adjusted Property EBITDAR, a record for us by a wide margin. These impressive results are a testament to our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth."

Consolidated Results

Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Operating revenues for the fourth quarter of 2022 increased $91.6 million and $14.4 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $80.9 million, $54.5 million, and $7.8 million at Wynn Palace, Wynn Macau, and Wynn Interactive, respectively, from the fourth quarter of 2021.

Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, in the fourth quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $157.4 million, or $1.37 per diluted share, for the fourth quarter of 2021.

Adjusted Property EBITDAR was $195.1 million for the fourth quarter of 2022, compared to $149.1 million for the fourth quarter of 2021. Adjusted Property EBITDAR for the fourth quarter of 2022 increased $33.1 million and $51.1 million at our Las Vegas Operations and Wynn Interactive, respectively, and decreased $22.5 million, $10.7 million, and $5.0 million at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the fourth quarter of 2021.

For the year ended December 31, 2022, operating revenues were $3.76 billion, flat compared to operating revenues for the year ended December 31, 2021. Operating revenues for the year ended December 31, 2022 increased $628.5 million, $139.6 million, and $12.6 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $472.7 million and $314.8 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021.

Net loss attributable to Wynn Resorts, Limited was $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022, compared to net loss attributable to Wynn Resorts, Limited of $755.8 million, or $6.64 per diluted share for the year ended December 31, 2021. Adjusted net loss attributable to Wynn Resorts, Limited was $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $695.8 million, or $6.12 per diluted share, for the year ended December 31, 2021.

Adjusted Property EBITDAR was $725.4 million for the year ended December 31, 2022, compared to $569.4 million for the year ended December 31, 2021. Adjusted Property EBITDAR for the year ended December 31, 2022 increased $270.2 million, $33.3 million, and $168.9 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $188.2 million and $128.3 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $113.1 million for the fourth quarter of 2022, a decrease of $80.9 million from $194.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Palace was $(23.9) million for the fourth quarter of 2022, compared to $(1.4) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 0.11%, below the property's expected range of 3.1% to 3.4% and below the 2.59% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 23.3%, above the 22.7% experienced in the fourth quarter of 2021.

Wynn Macau

Operating revenues from Wynn Macau were $77.2 million for the fourth quarter of 2022, a decrease of $54.5 million from $131.7 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Macau was $(35.2) million for the fourth quarter of 2022, compared to $(24.5) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 1.20%, below the property's expected range of 3.1% to 3.4% and below the 2.85% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 17.2%, slightly below the 17.4% experienced in the fourth quarter of 2021.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $585.5 million for the fourth quarter of 2022, an increase of $91.6 million from $493.9 million for the fourth quarter of 2021. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2022 was $219.3 million, compared to $186.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.2%, below the property's expected range of 22% to 26% and above the 20.8% experienced in the fourth quarter of 2021.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $218.3 million for the fourth quarter of 2022, an increase of $14.4 million from $204.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2022 was $63.3 million, compared to $68.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.9%, within the property's expected range of 18% to 22% and below the 22.2% experienced in the fourth quarter of 2021.

Balance Sheet

Our cash and cash equivalents as of December 31, 2022 totaled $3.65 billion, comprised of $951.9 million held by Wynn Macau, Limited ("WML") and subsidiaries, $2.31 billion held by Wynn Resorts Finance excluding WML, and $395.1 million held at Corporate and other. As of December 31, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver was $837.0 million, and the WM Cayman II Revolver was fully drawn.

Total current and long-term debt outstanding at December 31, 2022 was $12.12 billion, comprised of $6.19 billion of Macau related debt, $3.14 billion of Wynn Las Vegas debt, $2.17 billion of Wynn Resorts Finance debt, and $613.5 million of debt held by the retail joint venture which we consolidate.

In the fourth quarter of 2022, the Company repurchased 82,900 shares of common stock at an average price of $59.08 per share, for an aggregate cost of $4.9 million, bringing our total repurchases for the year ended December 31, 2022 to 2,956,331 shares of common stock for an aggregate cost of $171.3 million.

In December 2022, we closed on our sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor (the "EBH Transaction"). Upon closing of the EBH Transaction, we received cash proceeds of approximately $1.7 billion in exchange for the sale of such real estate assets, and concurrently entered into a lease agreement for the purpose of continuing to operate the Encore Boston Harbor integrated resort. The lease agreement provides for an initial annual minimum rent of $100.0 million for an initial term of 30 years, subject to certain annual rent escalations and renewal provisions. We expect to use the proceeds from the EBH Transaction in accordance with the reinvestment and asset sale provisions of our senior secured 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 February 8, 2023 at 1:15 p.m. PT (4:15 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 March 31, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2022 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, 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, the COVID-19 pandemic and the reimposition of restrictions on the general public or certain activities, 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, 2021, 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, gain on EBH Transaction, net, 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, loss on extinguishment of debt, and other non-operating income and expenses. We use Adjusted Property EBITDAR to manage the operating results of our segments. 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 preopening 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 loss attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, gain on EBH Transaction, net, property charges and other, change in derivatives fair value, loss on extinguishment of debt, and foreign currency remeasurement and other, net of noncontrolling interests. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net loss attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net loss and loss per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net loss attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to Wynn Resorts, Limited to adjusted net 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

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Operating revenues:

 

 

 

 

 

 

 

Casino

$

423,218

 

 

$

518,192

 

 

$

1,632,541

 

 

$

2,133,420

 

Rooms

 

233,252

 

 

 

204,799

 

 

 

802,138

 

 

 

592,571

 

Food and beverage

 

217,648

 

 

 

198,759

 

 

 

846,214

 

 

 

633,911

 

Entertainment, retail and other

 

130,819

 

 

 

131,374

 

 

 

475,932

 

 

 

403,762

 

Total operating revenues

 

1,004,937

 

 

 

1,053,124

 

 

 

3,756,825

 

 

 

3,763,664

 

Operating expenses:

 

 

 

 

 

 

 

Casino

 

291,757

 

 

 

345,201

 

 

 

1,099,801

 

 

 

1,394,098

 

Rooms

 

69,869

 

 

 

61,547

 

 

 

261,343

 

 

 

197,734

 

Food and beverage

 

183,034

 

 

 

161,682

 

 

 

700,549

 

 

 

516,391

 

Entertainment, retail and other

 

91,676

 

 

 

150,386

 

 

 

328,529

 

 

 

450,358

 

General and administrative

 

232,017

 

 

 

221,923

 

 

 

830,450

 

 

 

796,592

 

Provision for credit losses

 

4,036

 

 

 

22,026

 

 

 

(7,295

)

 

 

29,487

 

Pre-opening

 

7,247

 

 

 

1,366

 

 

 

20,643

 

 

 

6,821

 

Depreciation and amortization

 

172,292

 

 

 

170,424

 

 

 

692,318

 

 

 

715,962

 

Gain on EBH Transaction, net

 

(181,989

)

 

 

 

 

 

(181,989

)

 

 

 

Property charges and other

 

35,790

 

 

 

24,193

 

 

 

113,152

 

 

 

50,762

 

Total operating expenses

 

905,729

 

 

 

1,158,748

 

 

 

3,857,501

 

 

 

4,158,205

 

Operating income (loss)

 

99,208

 

 

 

(105,624

)

 

 

(100,676

)

 

 

(394,541

)

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

18,895

 

 

 

1,082

 

 

 

29,758

 

 

 

3,213

 

Interest expense, net of amounts capitalized

 

(178,620

)

 

 

(151,961

)

 

 

(650,885

)

 

 

(605,562

)

Change in derivatives fair value

 

1,155

 

 

 

4,803

 

 

 

15,956

 

 

 

11,360

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

(2,060

)

Other

 

31,901

 

 

 

(6,602

)

 

 

5,811

 

 

 

(23,926

)

Other income (expense), net

 

(126,669

)

 

 

(152,678

)

 

 

(599,360

)

 

 

(616,975

)

Loss before income taxes

 

(27,461

)

 

 

(258,302

)

 

 

(700,036

)

 

 

(1,011,516

)

Benefit (provision) for income taxes

 

(6,084

)

 

 

1,871

 

 

 

(9,332

)

 

 

(474

)

Net loss

 

(33,545

)

 

 

(256,431

)

 

 

(709,368

)

 

 

(1,011,990

)

Less: net loss attributable to noncontrolling interests

 

65,956

 

 

 

79,241

 

 

 

285,512

 

 

 

256,204

 

Net income (loss) attributable to Wynn Resorts, Limited

$

32,411

 

 

$

(177,190

)

 

$

(423,856

)

 

$

(755,786

)

Basic and diluted income (loss) per common share:

 

 

 

 

 

 

 

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

Basic

$

0.29

 

 

$

(1.54

)

 

$

(3.73

)

 

$

(6.64

)

Diluted

$

0.29

 

 

$

(1.54

)

 

$

(3.73

)

 

$

(6.64

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

112,321

 

 

 

114,768

 

 

 

113,623

 

 

 

113,760

 

Diluted

 

112,795

 

 

 

114,768

 

 

 

113,623

 

 

 

113,760

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (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

December 31,

 

Year Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Net income (loss) attributable to Wynn Resorts, Limited

$

32,411

 

 

$

(177,190

)

 

$

(423,856

)

 

$

(755,786

)

Pre-opening expenses

 

7,247

 

 

 

1,366

 

 

 

20,643

 

 

 

6,821

 

Gain on EBH Transaction, net

 

(181,989

)

 

 

 

 

 

(181,989

)

 

 

 

Property charges and other

 

35,790

 

 

 

24,193

 

 

 

113,152

 

 

 

50,762

 

Change in derivatives fair value

 

(1,155

)

 

 

(4,803

)

 

 

(15,956

)

 

 

(11,360

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

2,060

 

Foreign currency remeasurement and other

 

(31,901

)

 

 

6,602

 

 

 

(5,811

)

 

 

23,926

 

Income tax impact on adjustments

 

(198

)

 

 

87

 

 

 

(294

)

 

 

 

Noncontrolling interests impact on adjustments

 

1,110

 

 

 

(7,610

)

 

 

(13,317

)

 

 

(12,206

)

Adjusted net loss attributable to Wynn Resorts, Limited

$

(138,685

)

 

$

(157,355

)

 

$

(507,428

)

 

$

(695,783

)

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

$

(1.23

)

 

$

(1.37

)

 

$

(4.47

)

 

$

(6.12

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

112,795

 

 

 

114,768

 

 

 

113,623

 

 

 

113,760

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited)

 

 

Three Months Ended December 31, 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)

$

(105,945

)

 

$

(65,599

)

 

$

(9,801

)

 

$

(181,345

)

 

$

121,311

 

$

184,411

 

 

$

(50,642

)

 

$

25,473

 

 

$

99,208

 

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

5,420

 

 

15

 

 

 

1,511

 

 

 

301

 

 

 

7,247

 

Depreciation and amortization

 

52,817

 

 

 

20,364

 

 

 

381

 

 

 

73,562

 

 

 

55,865

 

 

35,610

 

 

 

4,974

 

 

 

2,281

 

 

 

172,292

 

Gain on EBH Transaction, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(181,989

)

 

 

 

 

 

 

 

 

(181,989

)

Property charges and other

 

20,378

 

 

 

2,116

 

 

 

16

 

 

 

22,510

 

 

 

361

 

 

692

 

 

 

12,908

 

 

 

(681

)

 

 

35,790

 

Management and license fees

 

3,809

 

 

 

2,508

 

 

 

 

 

 

6,317

 

 

 

27,996

 

 

10,654

 

 

 

 

 

 

(44,967

)

 

 

 

Corporate expenses and other

 

1,352

 

 

 

1,373

 

 

 

8,718

 

 

 

11,443

 

 

 

5,874

 

 

1,743

 

 

 

373

 

 

 

12,301

 

 

 

31,734

 

Stock-based compensation

 

3,654

 

 

 

4,069

 

 

 

686

 

 

 

8,409

 

 

 

2,424

 

 

345

 

 

 

2,588

 

 

 

5,292

 

 

 

19,058

 

Triple-net operating lease rent expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,773

 

 

 

 

 

 

 

 

 

11,773

 

Adjusted Property EBITDAR

$

(23,935

)

 

$

(35,169

)

 

$

 

 

$

(59,104

)

 

$

219,251

 

$

63,254

 

 

$

(28,288

)

 

$

 

 

$

195,113

 

 

Three Months Ended December 31, 2021

 

Wynn

Palace

 

Wynn

Macau

 

Other

Macau

 

Total

Macau

Operations

 

Las Vegas

Operations

 

Encore

Boston

Harbor

 

Wynn

Interactive

 

Corporate

and Other

 

Total

Operating income (loss)

$

(62,718

)

 

$

(61,821

)

 

$

(3,708

)

 

$

(128,247

)

 

$

98,505

 

$

15,557

 

$

(109,943

)

 

$

18,504

 

 

$

(105,624

)

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

852

 

 

 

 

 

514

 

 

 

 

 

 

1,366

 

Depreciation and amortization

 

51,959

 

 

 

20,424

 

 

 

978

 

 

 

73,361

 

 

 

48,463

 

 

39,142

 

 

 

7,225

 

 

 

2,233

 

 

 

170,424

 

Property charges and other

 

(281

)

 

 

7,513

 

 

 

 

 

 

7,232

 

 

 

5,286

 

 

1,014

 

 

 

10,661

 

 

 

 

 

 

24,193

 

Management and license fees

 

6,179

 

 

 

4,192

 

 

 

 

 

 

10,371

 

 

 

23,669

 

 

9,922

 

 

 

 

 

 

(43,962

)

 

 

 

Corporate expenses and other

 

1,197

 

 

 

1,276

 

 

 

2,170

 

 

 

4,643

 

 

 

7,124

 

 

2,403

 

 

 

8,529

 

 

 

15,837

 

 

 

38,536

 

Stock-based compensation

 

2,274

 

 

 

3,922

 

 

 

560

 

 

 

6,756

 

 

 

2,260

 

 

186

 

 

 

3,615

 

 

 

7,388

 

 

 

20,205

 

Adjusted Property EBITDAR

$

(1,390

)

 

$

(24,494

)

 

$

 

 

$

(25,884

)

 

$

186,159

 

$

68,224

 

 

$

(79,399

)

 

$

 

 

$

149,100

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR

(in thousands)

(unaudited) (continued)

 

 

Year Ended December 31, 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)

$

(357,666

)

 

$

(247,727

)

 

$

(22,190

)

 

$

(627,583

)

 

$

450,073

 

$

209,962

 

 

$

(240,111

)

 

$

106,983

 

 

$

(100,676

)

Pre-opening expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

15,451

 

 

214

 

 

 

4,677

 

 

 

301

 

 

 

20,643

 

Depreciation and amortization

 

207,110

 

 

 

81,114

 

 

 

2,709

 

 

 

290,933

 

 

 

199,973

 

 

152,906

 

 

 

39,422

 

 

 

9,084

 

 

 

692,318

 

Gain on EBH Transaction, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(181,989

)

 

 

 

 

 

 

 

 

(181,989

)

Property charges and other

 

23,296

 

 

 

11,482

 

 

 

43

 

 

 

34,821

 

 

 

3,680

 

 

1,366

 

 

 

81,051

 

 

 

(7,766

)

 

 

113,152

 

Management and license fees

 

13,895

 

 

 

11,354

 

 

 

 

 

 

25,249

 

 

 

101,170

 

 

40,464

 

 

 

 

 

 

(166,883

)

 

 

 

Corporate expenses and other

 

6,081

 

 

 

6,283

 

 

 

16,980

 

 

 

29,344

 

 

 

22,736

 

 

7,125

 

 

 

5,877

 

 

 

37,457

 

 

 

102,539

 

Stock-based compensation

 

10,727

 

 

 

13,447

 

 

 

2,458

 

 

 

26,632

 

 

 

8,012

 

 

1,565

 

 

 

10,594

 

 

 

20,824

 

 

 

67,627

 

Triple-net operating lease rent expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,773

 

 

 

 

 

 

 

 

 

11,773

 

Adjusted Property EBITDAR

$

(96,557

)

 

$

(124,047

)

 

$

 

 

$

(220,604

)

 

$

801,095

 

$

243,386

 

 

$

(98,490

)

 

$

 

 

$

725,387

 

 

Year Ended December 31, 2021

 

Wynn

Palace

 

Wynn

Macau

 

Other

Macau

 

Total

Macau

Operations

 

Las Vegas

Operations

 

Encore

Boston

Harbor

 

Wynn

Interactive

 

Corporate

and Other

 

Total

Operating income (loss)

$

(202,379

)

 

$

(132,362

)

 

$

(13,507

)

 

$

(348,248

)

 

$

216,218

 

$

6,408

 

$

(351,125

)

 

$

82,206

 

 

$

(394,541

)

Pre-opening expenses

 

898

 

 

 

 

 

 

 

 

 

898

 

 

 

4,424

 

 

170

 

 

 

1,329

 

 

 

 

 

 

6,821

 

Depreciation and amortization

 

244,939

 

 

 

83,486

 

 

 

4,223

 

 

 

332,648

 

 

 

192,506

 

 

156,592

 

 

 

25,237

 

 

 

8,979

 

 

 

715,962

 

Property charges and other

 

3,792

 

 

 

10,322

 

 

 

21

 

 

 

14,135

 

 

 

11,545

 

 

2,337

 

 

 

23,161

 

 

 

(416

)

 

 

50,762

 

Management and license fees

 

29,166

 

 

 

20,401

 

 

 

 

 

 

49,567

 

 

 

71,621

 

 

33,505

 

 

 

 

 

 

(154,693

)

 

 

 

Corporate expenses and other

 

4,739

 

 

 

5,180

 

 

 

7,022

 

 

 

16,941

 

 

 

23,930

 

 

9,160

 

 

 

14,527

 

 

 

30,641

 

 

 

95,199

 

Stock-based compensation

 

10,491

 

 

 

17,182

 

 

 

2,241

 

 

 

29,914

 

 

 

10,634

 

 

1,896

 

 

 

19,511

 

 

 

33,283

 

 

 

95,238

 

Adjusted Property EBITDAR

$

91,646

 

 

$

4,209

 

 

$

 

 

$

95,855

 

 

$

530,878

 

$

210,068

 

 

$

(267,360

)

 

$

 

 

$

569,441

 

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

December 31,

 

Year Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Net income (loss) attributable to Wynn Resorts, Limited

$

32,411

 

 

$

(177,190

)

 

$

(423,856

)

 

$

(755,786

)

Net loss attributable to noncontrolling interests

 

(65,956

)

 

 

(79,241

)

 

 

(285,512

)

 

 

(256,204

)

Pre-opening expenses

 

7,247

 

 

 

1,366

 

 

 

20,643

 

 

 

6,821

 

Depreciation and amortization

 

172,292

 

 

 

170,424

 

 

 

692,318

 

 

 

715,962

 

Gain on EBH Transaction, net

 

(181,989

)

 

 

 

 

 

(181,989

)

 

 

 

Property charges and other

 

35,790

 

 

 

24,193

 

 

 

113,152

 

 

 

50,762

 

Triple-net operating lease rent expense

 

11,773

 

 

 

 

 

 

11,773

 

 

 

 

Corporate expenses and other

 

31,734

 

 

 

38,536

 

 

 

102,539

 

 

 

95,199

 

Stock-based compensation

 

19,058

 

 

 

20,205

 

 

 

67,627

 

 

 

95,238

 

Interest income

 

(18,895

)

 

 

(1,082

)

 

 

(29,758

)

 

 

(3,213

)

Interest expense, net of amounts capitalized

 

178,620

 

 

 

151,961

 

 

 

650,885

 

 

 

605,562

 

Change in derivatives fair value

 

(1,155

)

 

 

(4,803

)

 

 

(15,956

)

 

 

(11,360

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

2,060

 

Other

 

(31,901

)

 

 

6,602

 

 

 

(5,811

)

 

 

23,926

 

(Benefit) provision for income taxes

 

6,084

 

 

 

(1,871

)

 

 

9,332

 

 

 

474

 

Adjusted Property EBITDAR

$

195,113

 

 

$

149,100

 

 

$

725,387

 

 

$

569,441

 

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 December 31,

 

 

 

Year Ended December 31,

 

 

 

2022

 

2021

 

Percent

Change

 

2022

 

2021

 

Percent

Change

Wynn Palace Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

68,918

 

 

$

145,877

 

 

(52.8)

 

$

255,886

 

 

$

677,917

 

 

(62.3)

Rooms

 

12,266

 

 

 

15,488

 

 

(20.8)

 

 

40,079

 

 

 

69,022

 

 

(41.9)

Food and beverage

 

11,519

 

 

 

11,556

 

 

(0.3)

 

 

35,546

 

 

 

47,985

 

 

(25.9)

Entertainment, retail and other

 

20,362

 

 

 

21,066

 

 

(3.3)

 

 

78,778

 

 

 

88,083

 

 

(10.6)

Total

$

113,065

 

 

$

193,987

 

 

(41.7)

 

$

410,289

 

 

$

883,007

 

 

(53.5)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

(23,935

)

 

$

(1,390

)

 

NM

 

$

(96,557

)

 

$

91,646

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

50

 

 

 

87

 

 

(42.5)

 

 

53

 

 

 

93

 

 

(43.0)

VIP turnover

$

1,047,561

 

 

$

1,189,652

 

 

(11.9)

 

$

2,641,321

 

 

$

6,435,947

 

 

(59.0)

VIP table games win (1)

$

1,118

 

 

$

30,798

 

 

(96.4)

 

$

23,471

 

 

$

253,767

 

 

(90.8)

VIP table games win as a % of turnover

 

0.11

%

 

 

2.59

%

 

 

 

 

0.89

%

 

 

3.94

%

 

 

Table games win per unit per day

$

245

 

 

$

3,845

 

 

(93.6)

 

$

1,259

 

 

$

7,443

 

 

(83.1)

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

237

 

 

 

235

 

 

0.9

 

 

229

 

 

 

229

 

 

Table drop (2)

$

373,312

 

 

$

592,050

 

 

(36.9)

 

$

1,312,786

 

 

$

2,415,841

 

 

(45.7)

Table games win (1)

$

86,933

 

 

$

134,219

 

 

(35.2)

 

$

282,138

 

 

$

540,234

 

 

(47.8)

Table games win %

 

23.3

%

 

 

22.7

%

 

 

 

 

21.5

%

 

 

22.4

%

 

 

Table games win per unit per day

$

3,987

 

 

$

6,197

 

 

(35.7)

 

$

3,489

 

 

$

6,463

 

 

(46.0)

Average number of slot machines

 

578

 

 

 

715

 

 

(19.2)

 

 

623

 

 

 

710

 

 

(12.3)

Slot machine handle

$

229,341

 

 

$

347,518

 

 

(34.0)

 

$

732,197

 

 

$

1,454,577

 

 

(49.7)

Slot machine win (3)

$

8,306

 

 

$

13,599

 

 

(38.9)

 

$

31,295

 

 

$

58,152

 

 

(46.2)

Slot machine win per unit per day

$

156

 

 

$

207

 

 

(24.6)

 

$

142

 

 

$

224

 

 

(36.6)

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

50.1

%

 

 

50.9

%

 

 

 

 

38.4

%

 

 

58.5

%

 

 

ADR (4)

$

146

 

 

$

185

 

 

(21.1)

 

$

156

 

 

$

182

 

 

(14.3)

REVPAR (5)

$

73

 

 

$

94

 

 

(22.3)

 

$

60

 

 

$

107

 

 

(43.9)

NM - Not meaningful.

Note: The results of operations of Wynn Palace for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and 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 December 31,

 

 

 

Year Ended December 31,

 

 

 

2022

 

2021

 

Percent

Change

 

2022

 

2021

 

Percent

Change

Wynn Macau Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

51,418

 

 

$

97,389

 

 

(47.2)

 

$

216,639

 

 

$

476,999

 

 

(54.6)

Rooms

 

7,144

 

 

 

11,467

 

 

(37.7)

 

 

25,691

 

 

 

50,492

 

 

(49.1)

Food and beverage

 

7,456

 

 

 

8,800

 

 

(15.3)

 

 

25,334

 

 

 

32,420

 

 

(21.9)

Entertainment, retail and other

 

11,180

 

 

 

14,018

 

 

(20.2)

 

 

43,585

 

 

 

66,104

 

 

(34.1)

Total

$

77,198

 

 

$

131,674

 

 

(41.4)

 

$

311,249

 

 

$

626,015

 

 

(50.3)

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

(35,169

)

 

$

(24,494

)

 

NM

 

$

(124,047

)

 

$

4,209

 

 

NM

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

VIP:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

52

 

 

 

74

 

 

(29.7)

 

 

41

 

 

 

81

 

 

(49.4)

VIP turnover

$

429,575

 

 

$

858,131

 

 

(49.9)

 

$

1,771,143

 

 

$

5,488,118

 

 

(67.7)

VIP table games win (1)

$

5,135

 

 

$

24,440

 

 

(79.0)

 

$

55,999

 

 

$

155,064

 

 

(63.9)

VIP table games win as a % of turnover

 

1.20

%

 

 

2.85

%

 

 

 

 

3.16

%

 

 

2.83

%

 

 

Table games win per unit per day

$

1,074

 

 

$

3,596

 

 

(70.1)

 

$

3,828

 

 

$

5,250

 

 

(27.1)

Mass market:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

217

 

 

 

240

 

 

(9.6)

 

 

235

 

 

 

240

 

 

(2.1)

Table drop (2)

$

317,801

 

 

$

527,159

 

 

(39.7)

 

$

1,170,633

 

 

$

2,230,348

 

 

(47.5)

Table games win (1)

$

54,695

 

 

$

91,517

 

 

(40.2)

 

$

189,769

 

 

$

412,753

 

 

(54.0)

Table games win %

 

17.2

%

 

 

17.4

%

 

 

 

 

16.2

%

 

 

18.5

%

 

 

Table games win per unit per day

$

2,740

 

 

$

4,146

 

 

(33.9)

 

$

2,284

 

 

$

4,720

 

 

(51.6)

Average number of slot machines

 

691

 

 

 

600

 

 

15.2

 

 

646

 

 

 

587

 

 

10.1

Slot machine handle

$

218,935

 

 

$

254,966

 

 

(14.1)

 

$

895,466

 

 

$

1,057,303

 

 

(15.3)

Slot machine win (3)

$

7,867

 

 

$

6,909

 

 

13.9

 

$

31,768

 

 

$

35,483

 

 

(10.5)

Slot machine win per unit per day

$

124

 

 

$

125

 

 

(0.8)

 

$

139

 

 

$

166

 

 

(16.3)

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

51.8

%

 

 

55.2

%

 

 

 

 

41.1

%

 

 

58.8

%

 

 

ADR (4)

$

135

 

 

$

204

 

 

(33.8)

 

$

154

 

 

$

213

 

 

(27.7)

REVPAR (5)

$

70

 

 

$

112

 

 

(37.5)

 

$

63

 

 

$

125

 

 

(49.6)

NM - Not meaningful.

Note: The results of operations of Wynn Macau for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and 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 December 31,

 

 

 

Year Ended December 31,

 

 

 

2022

 

2021

 

Percent

Change

 

2022

 

2021

 

Percent

Change

Las Vegas Operations Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

141,349

 

 

$

121,187

 

 

16.6

 

$

535,279

 

 

$

426,440

 

 

25.5

Rooms

 

190,584

 

 

 

159,527

 

 

19.5

 

 

651,291

 

 

 

425,777

 

 

53.0

Food and beverage

 

176,126

 

 

 

156,197

 

 

12.8

 

 

702,515

 

 

 

489,587

 

 

43.5

Entertainment, retail and other

 

77,433

 

 

 

56,985

 

 

35.9

 

 

243,051

 

 

 

161,877

 

 

50.1

Total

$

585,492

 

 

$

493,896

 

 

18.5

 

$

2,132,136

 

 

$

1,503,681

 

 

41.8

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

219,251

 

 

$

186,159

 

 

17.8

 

$

801,095

 

 

$

530,878

 

 

50.9

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

234

 

 

 

224

 

 

4.5

 

 

234

 

 

 

210

 

 

11.4

Table drop (2)

$

590,693

 

 

$

584,060

 

 

1.1

 

$

2,274,010

 

 

$

1,842,792

 

 

23.4

Table games win (1)

$

125,441

 

 

$

121,256

 

 

3.5

 

$

511,746

 

 

$

407,195

 

 

25.7

Table games win %

 

21.2

%

 

 

20.8

%

 

 

 

 

22.5

%

 

 

22.1

%

 

 

Table games win per unit per day

$

5,823

 

 

$

5,879

 

 

(1.0)

 

$

5,990

 

 

$

5,323

 

 

12.5

Average number of slot machines

 

1,678

 

 

 

1,743

 

 

(3.7)

 

 

1,703

 

 

 

1,688

 

 

0.9

Slot machine handle

$

1,591,100

 

 

$

1,316,154

 

 

20.9

 

$

5,617,775

 

 

$

4,379,421

 

 

28.3

Slot machine win (3)

$

115,802

 

 

$

87,866

 

 

31.8

 

$

394,052

 

 

$

297,548

 

 

32.4

Slot machine win per unit per day

$

750

 

 

$

548

 

 

36.9

 

$

634

 

 

$

483

 

 

31.3

Poker rake

$

6,950

 

 

$

5,848

 

 

18.8

 

$

19,680

 

 

$

14,552

 

 

35.2

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

89.9

%

 

 

86.3

%

 

 

 

 

86.7

%

 

 

69.5

%

 

 

ADR (4)

$

492

 

 

$

441

 

 

11.6

 

$

454

 

 

$

386

 

 

17.6

REVPAR (5)

$

443

 

 

$

380

 

 

16.6

 

$

393

 

 

$

268

 

 

46.6

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 December 31,

 

 

 

Year Ended December 31,

 

 

 

2022

 

2021

 

Percent

Change

 

2022

 

2021

 

Percent

Change

Encore Boston Harbor Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

Casino

$

161,534

 

 

$

153,739

 

 

5.1

 

$

624,738

 

 

$

552,064

 

 

13.2

Rooms

 

23,259

 

 

 

18,317

 

 

27.0

 

 

85,078

 

 

 

47,280

 

 

79.9

Food and beverage

 

22,546

 

 

 

22,206

 

 

1.5

 

 

82,818

 

 

 

63,919

 

 

29.6

Entertainment, retail and other

 

11,001

 

 

 

9,716

 

 

13.2

 

 

38,439

 

 

 

28,260

 

 

36.0

Total

$

218,340

 

 

$

203,978

 

 

7.0

 

$

831,073

 

 

$

691,523

 

 

20.2

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Property EBITDAR (6)

$

63,254

 

 

$

68,224

 

 

(7.3)

 

$

243,386

 

 

$

210,068

 

 

15.9

 

 

 

 

 

 

 

 

 

 

 

 

Casino Statistics:

 

 

 

 

 

 

 

 

 

 

 

Average number of table games

 

194

 

 

 

181

 

 

7.2

 

 

187

 

 

 

189

 

 

(1.1)

Table drop (2)

$

370,590

 

 

$

377,131

 

 

(1.7)

 

$

1,447,851

 

 

$

1,267,908

 

 

14.2

Table games win (1)

$

81,032

 

 

$

83,858

 

 

(3.4)

 

$

315,057

 

 

$

273,174

 

 

15.3

Table games win %

 

21.9

%

 

 

22.2

%

 

 

 

 

21.8

%

 

 

21.5

%

 

 

Table games win per unit per day

$

4,546

 

 

$

5,033

 

 

(9.7)

 

$

4,604

 

 

$

3,959

 

 

16.3

Average number of slot machines

 

2,601

 

 

 

2,741

 

 

(5.1)

 

 

2,716

 

 

 

2,387

 

 

13.8

Slot machine handle

$

1,303,782

 

 

$

1,172,909

 

 

11.2

 

$

5,007,772

 

 

$

4,377,181

 

 

14.4

Slot machine win (3)

$

103,846

 

 

$

95,630

 

 

8.6

 

$

402,688

 

 

$

358,827

 

 

12.2

Slot machine win per unit per day

$

434

 

 

$

379

 

 

14.5

 

$

406

 

 

$

412

 

 

(1.5)

Poker rake

$

4,895

 

 

$

 

 

NM

 

$

9,476

 

 

$

 

 

NM

Room statistics:

 

 

 

 

 

 

 

 

 

 

 

Occupancy

 

93.9

%

 

 

87.2

%

 

 

 

 

91.4

%

 

 

85.2

%

 

 

ADR (4)

$

404

 

 

$

341

 

 

18.5

 

$

382

 

 

$

328

 

 

16.5

REVPAR (5)

$

380

 

 

$

297

 

 

27.9

 

$

349

 

 

$

279

 

 

25.1

NM - Not meaningful.

Note: Encore Boston Harbor's room statistics have been computed based on 250 days of operations for the year ended December 31, 2021, representing the actual number of days the hotel was open.

 

 

 

(1)

 

Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.

(2)

 

In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.

(3)

 

Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.

(4)

 

ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.

(5)

 

REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.

(6)

 

Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

 

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