WYNN
$193.32
Wynn Resorts
($.33)
(.17%)
Earnings Details
1st Quarter March 2018
Tuesday, April 24, 2018 4:01:00 PM
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Summary

Wynn Resorts Beats

Wynn Resorts (WYNN) reported 1st Quarter March 2018 earnings of $2.30 per share on revenue of $1.7 billion. The consensus earnings estimate was $1.96 per share on revenue of $1.7 billion. The Earnings Whisper number was $2.01 per share. Revenue grew 16.3% on a year-over-year basis.

Wynn Resorts Ltd is a developer, owner and operator of destination casino resorts. It owns and operates two destination casino resorts namely Wynn Las Vegas and Encore at Wynn Macau.

Results
Reported Earnings
$2.30
Earnings Whisper
$2.01
Consensus Estimate
$1.96
Reported Revenue
$1.72 Bil
Revenue Estimate
$1.70 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Wynn Resorts, Limited Reports First Quarter 2018 Results

LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the first quarter ended March 31, 2018. The results reflect the Company’s adoption of the new revenue recognition standard ("ASC 606"), effective January 1, 2018. Certain prior period amounts have been reclassified to reflect the full retrospective adoption of ASC 606, with no impact on operating income, net income or Adjusted Property EBITDA (1).

Operating revenues were $1.72 billion for the first quarter of 2018, an increase of 20.5%, or $291.8 million, from $1.42 billion for the same period of 2017. The increase was the result of increases of $213.5 million, $65.5 million and $12.8 million from Wynn Palace, Wynn Macau and our Las Vegas Operations, respectively.

On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $204.3 million, or $1.99 per diluted share, for the first quarter of 2018, compared to net income attributable to Wynn Resorts, Limited of $100.8 million, or $0.99 per diluted share, for the same period of 2017. The change was primarily due to the $463.6 million litigation settlement expense and a $69.3 million increase in the Redemption Note fair value to its principal amount, as further described below, partially offset by increases in our benefit for income taxes and operating income from Wynn Palace. Adjusted net income attributable to Wynn Resorts, Limited (2) was $237.0 million, or $2.30 per diluted share, for the first quarter of 2018, compared to $130.9 million, or $1.28 per diluted share, for the same period of 2017.

Adjusted Property EBITDA was $564.3 million for the first quarter of 2018, an increase of 32.0%, or $136.8 million, from $427.5 million for the same period of 2017, as a result of increases of $100.1 million, $28.7 million and $8.0 million from Wynn Palace, Wynn Macau and our Las Vegas Operations, respectively.

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $0.75 per share, payable on May 29, 2018 to stockholders of record as of May 17, 2018, a 50% increase in our quarterly cash dividend from last quarter reflecting the ongoing strength and stability across our operations.

Macau Operations

Wynn Macau

Operating revenues from Wynn Macau were $618.2 million for the first quarter of 2018, an 11.9% increase from $552.7 million for the same period of 2017. Adjusted Property EBITDA from Wynn Macau was $209.8 million for the first quarter of 2018, a 15.9% increase from $181.1 million for the same period of 2017.

Casino revenues from Wynn Macau were $539.0 million for the first quarter of 2018, a 10.5% increase from $488.0 million for the same period of 2017. Table games turnover in VIP operations was $17.09 billion, a 28.6% increase from $13.28 billion for the first quarter of 2017. VIP table games win as a percentage of turnover was 2.61%, below the expected range of 2.7% to 3.0% and the 3.30% experienced in the first quarter of 2017. Table drop in mass market operations was $1.32 billion, a 16.4% increase from $1.14 billion for the first quarter of 2017. Table games win in mass market operations was $256.5 million, a 20.5% increase from $212.9 million for the first quarter of 2017. Table games win percentage in mass market operations was 19.4%, above the 18.7% experienced in the first quarter of 2017. Slot machine handle was $1.00 billion, a 17.1% increase from $856.7 million for the first quarter of 2017, while slot machine win increased 8.3% to $41.8 million.

Non-casino revenues from Wynn Macau were $79.2 million for the first quarter of 2018, a 22.3% increase from $64.7 million for the same period of 2017. Room revenues were $28.4 million for the first quarter of 2018, a 19.0% increase from $23.9 million for the same period of 2017. Average daily rate ("ADR") was $291, a 17.8% increase from $247 for the first quarter of 2017. Occupancy increased to 99.0% for the first quarter of 2018, from 95.7% for the same period of 2017. Revenue per available room ("REVPAR") was $288, a 21.5% increase from $237 for the first quarter of 2017.

Wynn Palace

Operating revenues from Wynn Palace were $665.8 million for the first quarter of 2018, a 47.2% increase from $452.3 million for the same period of 2017. Adjusted Property EBITDA from Wynn Palace was $211.9 million for the first quarter of 2018, an 89.4% increase from $111.9 million for the same period of 2017.

Casino revenues from Wynn Palace were $568.5 million for the first quarter of 2018, a 50.7% increase from $377.1 million for the same period of 2017. Table games turnover in VIP operations was $15.39 billion, a 39.3% increase from $11.04 billion for the first quarter of 2017. VIP table games win as a percentage of turnover was 2.60%, below the expected range of 2.7% to 3.0% and the 3.03% experienced in the first quarter of 2017. Table drop in mass market operations was $1.22 billion, a 58.1% increase from $770.0 million for the first quarter of 2017. Table games win in mass market operations was $310.2 million, an 85.0% increase from $167.6 million for the first quarter of 2017. Table games win percentage in mass market operations was 25.5%, above the 21.8% experienced in the first quarter of 2017. Slot machine handle was $1.06 billion, a 60.9% increase from $657.6 million for the first quarter of 2017, while slot machine win increased 64.4% to $55.8 million for the first quarter of 2018.

Non-casino revenues from Wynn Palace were $97.4 million for the first quarter of 2018, a 29.5% increase from $75.2 million for the same period of 2017. Room revenues were $40.4 million for the first quarter of 2018, a 37.9% increase from $29.3 million for the same period of 2017. ADR was $252, a 30.6% increase from $193 for the first quarter of 2017. Occupancy increased to 96.8% for the first quarter of 2018, from 95.6% for the same period of 2017. REVPAR was $244, a 31.9% increase from $185 for the first quarter of 2017.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $431.5 million for the first quarter of 2018, a 3.0% increase from $418.7 million for the same period of 2017. Adjusted Property EBITDA from our Las Vegas Operations was $142.6 million, a 6.0% increase from $134.6 million for the first quarter of 2017.

Casino revenues from our Las Vegas Operations were $134.6 million for the first quarter of 2018, an 8.0% increase from $124.7 million for the same period of 2017. Table games drop was $536.6 million, a 17.0% increase from $458.6 million for the first quarter of 2017. Table games win was $154.4 million, an 18.0% increase from $130.8 million for the first quarter of 2017. Table games win percentage was 28.8%, above the property’s expected range of 22% to 26% and the 28.5% experienced in the first quarter of 2017. Slot machine handle was $744.1 million, a 2.8% decrease from $765.9 million for the first quarter of 2017, while slot machine win decreased 0.9% to $49.3 million.

Non-casino revenues from our Las Vegas Operations were $296.8 million for the first quarter of 2018, a 0.9% increase from $294.1 million for the same period of 2017. Room revenues were $121.5 million for the first quarter of 2018, a 5.0% increase from $115.6 million for the same period of 2017. ADR was $340, a 7.6% increase from $316 for the first quarter of 2017. Occupancy decreased to 83.9% for the first quarter of 2018, from 85.5% for the same period of 2017. REVPAR was $285, a 5.2% increase from $271 for the first quarter of 2017. Food and beverage revenues increased 0.2%, to $125.8 million for the first quarter of 2018, compared to the same period of 2017. Entertainment, retail and other revenues decreased 6.3%, to $49.6 million for the first quarter of 2018, compared to the same period of 2017.

Wynn Boston Harbor Project in Massachusetts

The Company is currently constructing Wynn Boston Harbor, an integrated resort in Everett, Massachusetts, located adjacent to Boston along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings and food and beverage outlets. The total project budget, including gaming license fees, construction costs, capitalized interest, pre-opening expenses and land costs, is estimated to be approximately $2.5 billion. As of March 31, 2018, we have incurred $1.38 billion in total project costs. We expect to open Wynn Boston Harbor in mid-2019.

Balance Sheet

Our cash and cash equivalents, restricted cash and investment securities as of March 31, 2018 were $2.16 billion.

Total debt outstanding at the end of the quarter was $9.36 billion, including $4.23 billion of Macau related debt, $3.10 billion of Wynn Las Vegas debt and $2.03 billion at the parent company and other.

On March 28, 2018, the Company entered into a credit agreement to provide for a 364-day term loan facility and borrowed the full amount available of $800 million (the "Bridge Facility"). On March 30, 2018, the Company used the net proceeds from the Bridge Facility, along with cash on hand and borrowings of $250.0 million under its Wynn America credit facilities to repay the $1.94 billion promissory note issued in connection with the redemption of all shares of the Company's stock held by Aruze USA, Inc. as of February 18, 2012 (the "Redemption Note") and to pay an additional amount of $463.6 million with respect to the claims related to the allegedly below-market interest rate of the Redemption Note.

On April 3, 2018, the Company completed a registered public offering (the "Equity Offering") of 5,300,000 newly issued shares of its common stock to Galaxy Entertainment Group Limited (or one of its affiliates) at a price of $175 per share for net proceeds of approximately $915.8 million, after deducting underwriting discounts and excluding the Company’s estimated offering expenses. The Company used the net proceeds from the Equity Offering to repay all amounts borrowed under the Bridge Facility, together with all interest accrued thereon, and intends to use the remaining net proceeds to repay certain other indebtedness of the Company.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Las Vegas, LLC, on April 24, 2018 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 May 9, 2018, the Company will make Wynn Las Vegas, LLC financial information for the quarter ended March 31, 2018 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, controversy, regulatory action, litigation and investigations related to Stephen A. Wynn and his separation from the Company, 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, 2017 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, litigation settlement expense, 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, gain on extinguishment of debt, change in interest rate swap fair value, change in Redemption Note fair value and other non-operating income and expenses, and includes equity in income from unconsolidated affiliates. 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. The Company also presents Adjusted Property EBITDA because it is used by some investors as a way 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 Wynn Resorts, Limited, have historically excluded from their EBITDA calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income (loss) as an indicator of the Company’s 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. The Company has 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, Wynn Resorts’ 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 attributable to Wynn Resorts, Limited” is net income (loss) attributable to Wynn Resorts, Limited before litigation settlement expense, pre-opening expenses, property charges and other, change in interest rate swap fair value, change in Redemption Note fair value, gain on extinguishment of debt, foreign currency remeasurement loss, 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 attributable to Wynn Resorts, Limited and adjusted net income 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 (loss) per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income 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 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 March 31,
2018           2017
Operating revenues:
Casino $ 1,242,139 $ 989,740
Rooms 190,310 168,824
Food and beverage 172,222 164,533
Entertainment, retail and other 110,907   100,660  
Total operating revenues 1,715,578   1,423,757  
Operating expenses:
Casino 764,401 629,796
Rooms 63,197 60,767
Food and beverage 137,658 131,768
Entertainment, retail and other 48,030 47,065
General and administrative 169,585 159,962
Litigation settlement 463,557
(Benefit) provision for doubtful accounts 691 (4,166 )
Pre-opening 10,345 5,779
Depreciation and amortization 136,357 139,820
Property charges and other 3,051   3,036  
Total operating expenses 1,796,872   1,173,827  
Operating income (loss) (81,294 ) 249,930  
Other income (expense):
Interest income 7,220 6,471
Interest expense, net of amounts capitalized (98,227 ) (98,262 )
Change in interest rate swap fair value (771 )
Change in Redemption Note fair value (69,331 ) (15,847 )
Gain on extinguishment of debt 2,329
Other (9,220 ) (6,106 )
Other income (expense), net (167,229 ) (114,515 )
Income (loss) before income taxes (248,523 ) 135,415
Benefit (provision) for income taxes 111,045   (2,890 )
Net income (loss) (137,478 ) 132,525
Less: net income attributable to noncontrolling interests (66,829 ) (31,709 )
Net income (loss) attributable to Wynn Resorts, Limited $ (204,307 ) $ 100,816  
Basic and diluted income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic $ (1.99 ) $ 0.99
Diluted $ (1.99 ) $ 0.99
Weighted average common shares outstanding:
Basic 102,570 101,753
Diluted 102,570 102,069
Dividends declared per common share: $ 0.50 $ 0.50
 
 
             

WYNN RESORTS, LIMITED AND SUBSIDIARIES

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

TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

(in thousands, except per share data)

(unaudited)

 
Three Months Ended March 31,
2018           2017
Net income (loss) attributable to Wynn Resorts, Limited $ (204,307 ) $ 100,816
Litigation settlement expense 463,557
Pre-opening expenses 10,345 5,779
Property charges and other 3,051 3,036
Change in interest rate swap fair value 771
Change in Redemption Note fair value 69,331 15,847
Gain on extinguishment of debt (2,329 )
Foreign currency remeasurement loss 9,220 6,106
Income tax impact on adjustments (108,827 ) 668
Noncontrolling interests impact on adjustments (3,068 ) (2,139 )
Adjusted net income attributable to Wynn Resorts, Limited $ 236,973   $ 130,884  
Adjusted net income attributable to Wynn Resorts, Limited per diluted share $ 2.30   $ 1.28  
 
Weighted average common shares outstanding - diluted 103,155 102,069
 
 
     

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 
Three Months Ended March 31, 2018

Operating

income

(loss)

   

Pre-opening

expenses

   

Depreciation

and

amortization

   

Property

charges and

other

   

Management

and license

fees

   

Corporate

expense and

other

   

Stock-based

compensation

   

Adjusted

Property

EBITDA

Macau Operations:
Wynn Macau $ 159,461 $ $ 22,170 $ 768 $ 23,366 $ 1,864 $ 2,193 $ 209,822
Wynn Palace 119,471 64,424 1,027 24,225 1,452 1,312 211,911
Other Macau (3,970 )   1,106   9     2,690   165  
Total Macau Operations 274,962 87,700 1,804 47,591 6,006 3,670 421,733
Las Vegas Operations 71,874 6 45,783 1,329 20,039 2,948 617 142,596
Corporate and Other (1) (428,130 ) 10,339   2,874   (82 ) (67,630 ) 479,612   3,017  
Total $ (81,294 ) $ 10,345   $ 136,357   $ 3,051   $   $ 488,566   $ 7,304   $ 564,329
 
 
Three Months Ended March 31, 2017

Operating

income

(loss)

Pre-opening

expenses

Depreciation

and

amortization

Property

charges and

other

Management

and license

fees

Corporate

expense and

other

Stock-based

compensation

Adjusted

Property

EBITDA

Macau Operations:
Wynn Macau $ 128,141 $ $ 24,709 $ 715 $ 22,810 $ 2,858 $ 1,873 $ 181,106
Wynn Palace 24,871 64,595 98 18,671 2,385 1,236 111,856
Other Macau (2,968 )   1,131       1,677   160  
Total Macau Operations 150,044 90,435 813 41,481 6,920 3,269 292,962
Las Vegas Operations 67,466 239 46,857 1,727 12,470 5,347 471 134,577
Corporate and Other 32,420   5,540   2,528   496   (53,951 ) 8,500   4,467  
Total $ 249,930   $ 5,779   $ 139,820   $ 3,036   $   $ 20,767   $ 8,207   $ 427,539
 
(1)    

Corporate expense and other includes the litigation settlement expense of $463.6 million.

 
 
             

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 March 31,
2018           2017
Net income (loss) attributable to Wynn Resorts, Limited $ (204,307 ) $ 100,816
Net income attributable to noncontrolling interests 66,829 31,709
Litigation settlement 463,557

Pre-opening

10,345 5,779
Depreciation and amortization 136,357 139,820
Property charges and other 3,051 3,036
Corporate expense and other 25,009 20,767
Stock-based compensation 7,304 8,207
Interest income (7,220 ) (6,471 )
Interest expense, net of amounts capitalized 98,227 98,262
Change in interest rate swap fair value 771
Change in Redemption Note fair value 69,331 15,847
Gain on extinguishment of debt (2,329 )

Other

9,220 6,106
(Benefit) provision for income taxes (111,045 ) 2,890  
Adjusted Property EBITDA $ 564,329   $ 427,539  
 
             

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 March 31,
2018           2017
Macau Operations:
Wynn Macau:
VIP:
Average number of table games 114 87
VIP turnover $ 17,087,455 $ 13,284,764

VIP table games win (1)

$ 445,189 $ 438,912
VIP table games win as a % of turnover 2.61 % 3.30 %
Table games win per unit per day $ 43,531 $ 56,041
Mass market:
Average number of table games 203 204
Table drop (2) $ 1,322,815 $ 1,136,896
Table games win (1) $ 256,481 $ 212,905
Table games win % 19.4 % 18.7 %
Table games win per unit per day $ 14,042 $ 11,604
Average number of slot machines 939 886
Slot machine handle $ 1,002,819 $ 856,683

Slot machine win (3)

$ 41,765 $ 38,554

Slot machine win per unit per day

$ 494 $ 484
Room statistics:
Occupancy 99.0 % 95.7 %
ADR (4) $ 291 $ 247
REVPAR (5) $ 288 $ 237
 
Wynn Palace:
VIP:
Average number of table games 115 91
VIP turnover $ 15,385,833 $ 11,041,682
VIP table games win (1) $ 399,891 $ 334,742
VIP table games win as a % of turnover 2.60 % 3.03 %
Table games win per unit per day $ 38,533 $ 40,797
Mass market:
Average number of table games 211 211
Table drop (2) $ 1,217,201 $ 770,018
Table games win (1) $ 310,159 $ 167,627
Table games win % 25.5 % 21.8 %
Table games win per unit per day $ 16,341 $ 8,840
Average number of slot machines 1,062 997
Slot machine handle $ 1,058,096 $ 657,579

Slot machine win (3)

$ 55,785 $ 33,933

Slot machine win per unit per day

$ 584 $ 378
Room statistics:
Occupancy 96.8 % 95.6 %
ADR (4) $ 252 $ 193
REVPAR (5) $ 244 $ 185
 
             

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(continued) (unaudited)

 
Three Months Ended March 31,
2018           2017
Las Vegas Operations:
Average number of table games 238 236
Table drop (2) $ 536,581 $ 458,596
Table games win (1) $ 154,433 $ 130,846
Table games win % 28.8 % 28.5 %
Table games win per unit per day $ 7,212 $ 6,149
Average number of slot machines 1,829 1,906
Slot machine handle $ 744,133 $ 765,914

Slot machine win (3)

$ 49,264 $ 49,718

Slot machine win per unit per day

$ 299 $ 290
Room statistics:
Occupancy 83.9 % 85.5 %
ADR (4) $ 340 $ 316
REVPAR (5) $ 285 $ 271
 
(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.
(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. The prior period amount has been adjusted to reflect the full retrospective adoption of ASC 606.
(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. The prior period amount has been adjusted to reflect the full retrospective adoption of ASC 606.
 

Wynn Resorts, Limited
Robert Amerine
702-770-7555
investorrelations@wynnresorts.com

Source: Wynn Resorts