WYNN
$72.85
Wynn Resorts
$.41
.57%
Earnings Details
2nd Quarter June 2020
Tuesday, August 4, 2020 4:05:00 PM
Tweet Share Watch
Summary

Wynn Resorts Misses

Wynn Resorts (WYNN) reported a 2nd Quarter June 2020 loss of $6.14 per share on revenue of $85.7 million. The consensus estimate was a loss of $4.89 per share on revenue of $915.5 million. The Earnings Whisper number was for a loss of $5.10 per share. Revenue fell 94.8% compared to the same quarter a year ago.

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
($6.14)
Earnings Whisper
($5.10)
Consensus Estimate
($4.89)
Reported Revenue
$85.7 Mil
Revenue Estimate
$915.5 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Wynn Resorts, Limited Reports Second Quarter 2020 Results

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