Wynn Resorts, Limited Reports Third Quarter 2024 Results

Nov 04 2024 21:02 GMT

LAS VEGAS--(BUSINESS WIRE)--Nov. 4, 2024-- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2024.

Operating revenues were $1.69 billion for the third quarter of 2024, an increase of $21.4 million from $1.67 billion for the third quarter of 2023. Net loss attributable to Wynn Resorts, Limited was $32.1 million for the third quarter of 2024, compared to net loss attributable to Wynn Resorts, Limited of $116.7 million for the third quarter of 2023. Diluted net loss per share was $0.29 for the third quarter of 2024, compared to diluted net loss per share of $1.03 for the third quarter of 2023. Adjusted Property EBITDAR⁽¹⁾ was $527.7 million for the third quarter of 2024, compared to Adjusted Property EBITDAR of $530.4 million for the third quarter of 2023.

"Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets," said Craig Billings, CEO of Wynn Resorts, Limited. "Importantly, we are also continuing to invest in growing the business with construction on Wynn Al Marjan Island rapidly advancing. We are confident the resort will be a 'must see' tourism destination in the UAE and expect that it will support strong long-term free cash flow growth. At the same time, we continue to increase the return of capital to shareholders through our recurring dividend and opportunistic share repurchases. To that end, we are pleased to announce that the Board has increased our share repurchase authorization to $1 billion. We are excited about the outlook for the Company, and we will continue to focus on driving long-term returns for shareholders."

Consolidated Results

Operating revenues were $1.69 billion for the third quarter of 2024, an increase of $21.4 million from $1.67 billion for the third quarter of 2023. For the third quarter of 2024, operating revenues increased $56.9 million and $3.7 million at Wynn Macau and Encore Boston Harbor, respectively, and decreased $11.8 million and $5.0 million at our Las Vegas Operations and Wynn Palace, respectively, from the third quarter of 2023.

Net loss attributable to Wynn Resorts, Limited was $32.1 million for the third quarter of 2024, compared to net loss attributable to Wynn Resorts, Limited of $116.7 million for the third quarter of 2023. Diluted net loss per share was $0.29 for the third quarter of 2024, compared to diluted net loss per share of $1.03 for the third quarter of 2023. Adjusted net income attributable to Wynn Resorts, Limited⁽²⁾ was $98.9 million, or $0.90 per diluted share, for the third quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $112.0 million, or $0.99 per diluted share, for the third quarter of 2023.

Adjusted Property EBITDAR was $527.7 million for the third quarter of 2024, a decrease of $2.7 million compared to Adjusted Property EBITDAR of $530.4 million for the third quarter of 2023. For the third quarter of 2024, Adjusted Property EBITDAR increased $22.7 million and $2.5 million at Wynn Macau and Encore Boston Harbor, respectively, and decreased $17.0 million and $14.8 million at our Las Vegas Operations and Wynn Palace, respectively, from the third quarter of 2023.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on November 27, 2024 to stockholders of record as of November 15, 2024.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $519.8 million for the third quarter of 2024, a decrease of $5.0 million from $524.8 million for the third quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $162.3 million for the third quarter of 2024, compared to $177.0 million for the third quarter of 2023. Table games win percentage in mass market operations was 23.9%, above the 23.3% experienced in the third quarter of 2023. VIP table games win as a percentage of turnover was 3.04%, below the property's expected range of 3.1% to 3.4% and below the 3.42% experienced in the third quarter of 2023.

Wynn Macau

Operating revenues from Wynn Macau were $352.0 million for the third quarter of 2024, an increase of $56.9 million from $295.0 million for the third quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $100.6 million for the third quarter of 2024, compared to $77.9 million for the third quarter of 2023. Table games win percentage in mass market operations was 18.5%, above the 16.5% experienced in the third quarter of 2023. VIP table games win as a percentage of turnover was 3.61%, above the property's expected range of 3.1% to 3.4% and above the 3.52% experienced in the third quarter of 2023.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $607.2 million for the third quarter of 2024, a decrease of $11.8 million from $619.0 million for the third quarter of 2023. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2024 was $202.7 million, compared to $219.7 million for the third quarter of 2023. Table games win percentage for the third quarter of 2024 was 23.3%, within the property's expected range of 22% to 26% and below the 26.0% experienced in the third quarter of 2023.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $214.1 million for the third quarter of 2024, an increase of $3.7 million from $210.4 million for the third quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2024 was $63.0 million, compared to $60.5 million for the third quarter of 2023. Table games win percentage for the third quarter of 2024 was 21.3%, within the property's expected range of 18% to 22% and above the 20.8% experienced in the third quarter of 2023.

Wynn Al Marjan Island Development

During the third quarter of 2024, the Company contributed $18.2 million of cash into a 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $532.6 million. Wynn Al Marjan Island is currently expected to open in 2027.

Balance Sheet

Our cash and cash equivalents as of September 30, 2024 totaled $2.41 billion, comprised of $1.34 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $464.1 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $603.7 million held at Corporate and other. In addition, as of September 30, 2024, WML and WRF held $600.0 million and $605.9 million in short-term restricted cash, respectively, which was used to repay or repurchase certain senior notes in October 2024, as described below. As of September 30, 2024, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $735.3 million and $353.6 million, respectively.

Total current and long-term debt outstanding at September 30, 2024 was $11.79 billion, comprised of $6.41 billion of Macau related debt, $1.46 billion of Wynn Las Vegas debt, $3.30 billion of WRF debt, and $614.5 million of debt held by the retail joint venture which we consolidate.

Recent Debt Financing Activities

In September 2024, we amended the WML facility agreement to extend the maturity date of the outstanding loans under the WM Cayman II Revolver to September 2028. On October 1, 2024, we repaid the $600.0 million aggregate principal amount of WML's 4.875% Senior Notes due 2024 on their stated maturity date.

In September 2024, we amended the WRF credit agreement to extend the maturity dates of a portion of the term loans and revolving commitments under the credit facility to September 2027. In September 2024, WRF and its subsidiary Wynn Resorts Capital Corp. issued $800.0 million aggregate principal amount of 6.250% Senior Notes due 2033 (the "2033 WRF Senior Notes"), using a portion of the proceeds in October 2024 to repurchase the remaining $600.0 million aggregate principal amount of WLV 5.500% Senior Notes due 2025.

In addition, as previously disclosed, in October 2024, we amended the retail term loan agreement to extend the maturity date to July 2027.

Equity Repurchase Program

During the third quarter of 2024, the Company repurchased 1,464,773 shares of its common stock under its publicly announced equity repurchase program at an average price of $80.37 per share, for an aggregate cost of $117.7 million, bringing the total repurchases by the Company for the nine months ended September 30, 2024 to 2,206,113 shares of its common stock for an aggregate cost of $185.7 million. As of September 30, 2024, the Company had $247.7 million in repurchase authority remaining under the equity repurchase program.

On November 1, 2024, the Company’s Board of Directors authorized the Company to repurchase a total of up to $1.00 billion of the Company’s outstanding shares of common stock, increasing the previously available repurchase authorization by approximately $766 million. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on November 4, 2024 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before November 14, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended September 30, 2024 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, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, 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, travel disruptions caused by events outside of our control, 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 and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. 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, 2023, 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, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss (gain) on debt financing transactions, and other non-operating income and expenses. 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 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 EBITDAR 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 (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 income attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other expenses, change in derivatives fair value, loss (gain) on debt financing transactions, and foreign currency remeasurement and other, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net 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) 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 EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Operating revenues:
Casino	$	1,018,754		$	972,453		$	3,149,166		$	2,652,444
Rooms		284,765			289,338			916,700			838,372
Food and beverage		262,597			267,432			810,939			757,079
Entertainment, retail and other		127,207			142,713			412,359			443,542
Total operating revenues		1,693,323			1,671,936			5,289,164			4,691,437
Operating expenses:
Casino		617,469			577,733			1,907,426			1,594,761
Rooms		83,376			77,790			245,991			224,275
Food and beverage		220,187			220,835			647,351			605,376
Entertainment, retail and other		56,184			82,554			190,137			261,035
General and administrative		271,829			268,445			808,172			785,538
Provision for credit losses		1,836			870			4,352			(6,314	)
Pre-opening		2,457			867			6,050			6,822
Depreciation and amortization		156,273			171,969			507,611			510,743
Impairment of goodwill and intangible assets		—			93,990			—			94,490
Property charges and other		150,475			114,288			206,238			132,265
Total operating expenses		1,560,086			1,609,341			4,523,328			4,208,991
Operating income		133,237			62,595			765,836			482,446
Other income (expense):
Interest income		30,729			46,534			105,785			130,854
Interest expense, net of amounts capitalized		(167,922	)		(188,571	)		(524,922	)		(566,554	)
Change in derivatives fair value		(5,523	)		(50,637	)		(7,920	)		(3,255	)
(Loss) gain on debt financing transactions		(109	)		2,928			(1,670	)		(12,683	)
Other		21,300			3,861			25,323			(19,794	)
Other income (expense), net		(121,525	)		(185,885	)		(403,404	)		(471,432	)
Income (loss) before income taxes		11,712			(123,290	)		362,432			11,014
(Provision) benefit for income taxes		(17,127	)		2,749			(45,076	)		(2,574	)
Net income (loss)		(5,415	)		(120,541	)		317,356			8,440
Less: net (income) loss attributable to noncontrolling interests		(26,638	)		3,863			(93,250	)		(7,602	)
Net income (loss) attributable to Wynn Resorts, Limited	$	(32,053	)	$	(116,678	)	$	224,106		$	838
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic	$	(0.29	)	$	(1.03	)	$	2.03		$	0.01
Diluted	$	(0.29	)	$	(1.03	)	$	2.02		$	0.01
Weighted average common shares outstanding:
Basic		109,727			112,797			110,559			112,813
Diluted		109,727			112,797			110,810			113,132

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 September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Net income (loss) attributable to Wynn Resorts, Limited	$	(32,053	)	$	(116,678	)	$	224,106		$	838
Pre-opening expenses		2,457			867			6,050			6,822
Impairment of goodwill and intangible assets		—			93,990			—			94,490
Property charges and other		150,475			114,288			206,238			132,265
Change in derivatives fair value		5,523			50,637			7,920			3,255
Loss (gain) on debt financing transactions		109			(2,928	)		1,670			12,683
Foreign currency remeasurement and other		(21,300	)		(3,861	)		(25,323	)		19,794
Income tax impact on adjustments		(10,096	)		(1,065	)		(20,348	)		(1,055	)
Noncontrolling interests impact on adjustments		3,787			(23,233	)		(105	)		(20,403	)
Adjusted net income attributable to Wynn Resorts, Limited	$	98,902		$	112,017		$	400,208		$	248,689
Adjusted net income attributable to Wynn Resorts, Limited per diluted share	$	0.90		$	0.99		$	3.61		$	2.20

Weighted average common shares outstanding - diluted		109,930			113,106			110,810			113,132

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)

	Three Months Ended September 30, 2024
	Wynn Palace		Wynn Macau		Other Macau			Total Macau Operations		Las Vegas Operations			Encore Boston Harbor			Corporate and Other			Total
Operating income (loss)	$	85,417	$	66,342	$	(8,212	)	$	143,547	$	(28,040	)	$	4,072		$	13,658		$	133,237
Pre-opening expenses		—		—		—			—		884			2			1,571			2,457
Depreciation and amortization		55,978		19,658		395			76,031		61,071			12,766			6,405			156,273
Property charges and other		879		265		12			1,156		130,367			(1,785	)		20,737			150,475
Management and license fees		16,694		10,943		—			27,637		28,616			10,460			(66,713	)		—
Corporate expenses and other		2,069		2,087		6,687			10,843		7,979			1,768			15,594			36,184
Stock-based compensation		1,246		1,299		1,118			3,663		1,843			354			7,810			13,670
Triple-net operating lease rent expense		—		—		—			—		—			35,381			—			35,381
Adjusted Property EBITDAR	$	162,283	$	100,594	$	—		$	262,877	$	202,720		$	63,018		$	(938	)	$	527,677

	Three Months Ended September 30, 2023
	Wynn Palace		Wynn Macau		Other Macau			Total Macau Operations		Las Vegas Operations		Encore Boston Harbor			Corporate and Other			Total
Operating income (loss)	$	92,484	$	40,065	$	(5,459	)	$	127,090	$	122,276	$	(19,070	)	$	(167,701	)	$	62,595
Pre-opening expenses		—		—		—			—		—		6			861			867
Depreciation and amortization		53,985		20,331		381			74,697		57,753		31,100			8,419			171,969
Impairment of goodwill and intangible assets		—		—		—			—		—		—			93,990			93,990
Property charges and other		9,085		3,405		2			12,492		1,323		487			99,986			114,288
Management and license fees		16,691		9,228		—			25,919		29,379		10,265			(65,563	)		—
Corporate expenses and other		2,364		2,372		3,982			8,718		7,264		1,880			17,242			35,104
Stock-based compensation		2,439		2,538		1,094			6,071		1,745		426			7,902			16,144
Triple-net operating lease rent expense		—		—		—			—		—		35,404			—			35,404
Adjusted Property EBITDAR	$	177,048	$	77,939	$	—		$	254,987	$	219,740	$	60,498		$	(4,864	)	$	530,361

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)

	Nine Months Ended September 30, 2024
	Wynn Palace		Wynn Macau		Other Macau			Total Macau Operations		Las Vegas Operations		Encore Boston Harbor			Corporate and Other			Total
Operating income (loss)	$	307,258	$	228,518	$	(24,311	)	$	511,465	$	243,147	$	(30,847	)	$	42,071		$	765,836
Pre-opening expenses		—		—		—			—		1,620		649			3,781			6,050
Depreciation and amortization		166,421		59,737		1,165			227,323		181,700		75,842			22,746			507,611
Property charges and other		12,571		711		124			13,406		132,542		(1,615	)		61,905			206,238
Management and license fees		52,982		34,288		—			87,270		88,533		31,483			(207,286	)		—
Corporate expenses and other		6,457		6,588		19,807			32,852		23,930		5,486			47,531			109,799
Stock-based compensation		3,423		3,849		3,215			10,487		7,843		1,159			24,717			44,206
Triple-net operating lease rent expense		—		—		—			—		—		106,127			—			106,127
Adjusted Property EBITDAR	$	549,112	$	333,691	$	—		$	882,803	$	679,315	$	188,284		$	(4,535	)	$	1,745,867

	Nine Months Ended September 30, 2023
	Wynn Palace		Wynn Macau		Other Macau			Total Macau Operations		Las Vegas Operations		Encore Boston Harbor			Corporate and Other			Total
Operating income (loss)	$	212,627	$	99,581	$	(16,297	)	$	295,911	$	384,048	$	(45,022	)	$	(152,491	)	$	482,446
Pre-opening expenses		—		—		—			—		81		1,253			5,488			6,822
Depreciation and amortization		162,060		61,508		1,141			224,709		171,955		91,232			22,847			510,743
Impairment of goodwill and intangible assets		—		—		—			—		—		—			94,490			94,490
Property charges and other		12,914		10,483		15			23,412		8,474		709			99,670			132,265
Management and license fees		43,595		25,990		—			69,585		84,632		31,514			(185,731	)		—
Corporate expenses and other		7,475		7,591		12,034			27,100		21,150		5,693			48,399			102,342
Stock-based compensation		6,042		7,121		3,107			16,270		5,118		1,319			26,432			49,139
Triple-net operating lease rent expense		—		—		—			—		—		106,318			—			106,318
Adjusted Property EBITDAR	$	444,713	$	212,274	$	—		$	656,987	$	675,458	$	193,016		$	(40,896	)	$	1,484,565

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 September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Net income (loss) attributable to Wynn Resorts, Limited	$	(32,053	)	$	(116,678	)	$	224,106		$	838
Net income (loss) attributable to noncontrolling interests		26,638			(3,863	)		93,250			7,602
Pre-opening expenses		2,457			867			6,050			6,822
Depreciation and amortization		156,273			171,969			507,611			510,743
Impairment of goodwill and intangible assets		—			93,990			—			94,490
Property charges and other		150,475			114,288			206,238			132,265
Triple-net operating lease rent expense		35,381			35,404			106,127			106,318
Corporate expenses and other		36,184			35,104			109,799			102,342
Stock-based compensation		13,670			16,144			44,206			49,139
Interest income		(30,729	)		(46,534	)		(105,785	)		(130,854	)
Interest expense, net of amounts capitalized		167,922			188,571			524,922			566,554
Change in derivatives fair value		5,523			50,637			7,920			3,255
Loss (gain) on debt financing transactions		109			(2,928	)		1,670			12,683
Other		(21,300	)		(3,861	)		(25,323	)		19,794
Provision (benefit) for income taxes		17,127			(2,749	)		45,076			2,574
Adjusted Property EBITDAR	$	527,677		$	530,361		$	1,745,867		$	1,484,565

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 September 30,								Nine Months Ended September 30,
		2024			2023		Percent Change			2024			2023		Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino	$	418,043		$	418,043		—		$	1,336,788		$	1,054,007		26.8
Rooms		49,145			54,309		(9.5	)		153,287			151,311		1.3
Food and beverage		31,506			26,215		20.2			93,405			75,028		24.5
Entertainment, retail and other		21,096			26,206		(19.5	)		71,260			82,140		(13.2	)
Total	$	519,790		$	524,773		(0.9	)	$	1,654,740		$	1,362,486		21.5

Adjusted Property EBITDAR ⁽⁶⁾	$	162,283		$	177,048		(8.3	)	$	549,112		$	444,713		23.5

Casino statistics:
VIP:
Average number of table games		57			58		(1.7	)		58			55		5.5
VIP turnover	$	3,199,140		$	2,866,469		11.6		$	9,930,241		$	8,202,165		21.1
VIP table games win ⁽¹⁾	$	97,312		$	98,014		(0.7	)	$	342,024		$	289,492		18.1
VIP table games win as a % of turnover		3.04	%		3.42	%				3.44	%		3.53	%
Table games win per unit per day	$	18,614		$	18,386		1.2		$	21,677		$	19,233		12.7
Mass market:
Average number of table games		247			244		1.2			245			240		2.1
Table drop ⁽²⁾	$	1,694,575		$	1,725,845		(1.8	)	$	5,215,019		$	4,414,990		18.1
Table games win ⁽¹⁾	$	404,307		$	402,285		0.5		$	1,251,039		$	968,967		29.1
Table games win %		23.9	%		23.3	%				24.0	%		21.9	%
Table games win per unit per day	$	17,801		$	17,913		(0.6	)	$	18,620		$	14,763		26.1
Average number of slot machines		596			563		5.9			592			579		2.2
Slot machine handle	$	577,289		$	634,121		(9.0	)	$	1,815,623		$	1,760,345		3.1
Slot machine win ⁽³⁾	$	27,230		$	22,228		22.5		$	83,790		$	75,236		11.4
Slot machine win per unit per day	$	497		$	429		15.9		$	517		$	476		8.6
Poker rake	$	—		$	—		NM		$	736		$	—		NM
Room statistics:
Occupancy		98.3	%		96.9	%				98.7	%		93.8	%
ADR ⁽⁴⁾	$	295		$	342		(13.7	)	$	315		$	327		(3.7	)
REVPAR ⁽⁵⁾	$	289		$	331		(12.7	)	$	311		$	307		1.3
NM - Not meaningful.

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 September 30,								Nine Months Ended September 30,
		2024			2023		Percent Change			2024			2023		Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino	$	296,781		$	230,294		28.9		$	923,851		$	649,627		42.2
Rooms		23,755			31,673		(25.0	)		76,116			79,774		(4.6	)
Food and beverage		19,524			18,287		6.8			60,546			47,255		28.1
Entertainment, retail and other		11,897			14,762		(19.4	)		40,457			50,679		(20.2	)
Total	$	351,957		$	295,016		19.3		$	1,100,970		$	827,335		33.1

Adjusted Property EBITDAR⁽⁶⁾	$	100,594		$	77,939		29.1		$	333,691		$	212,274		57.2

Casino statistics:
VIP:
Average number of table games		30			36		(16.7	)		30			45		(33.3	)
VIP turnover	$	1,201,516		$	1,192,610		0.7		$	3,955,277		$	3,727,106		6.1
VIP table games win ⁽¹⁾	$	43,326		$	41,995		3.2		$	122,705		$	130,574		(6.0	)
VIP table games win as a % of turnover		3.61	%		3.52	%				3.10	%		3.50	%
Table games win per unit per day	$	15,692		$	12,638		24.2		$	14,988		$	10,569		41.8
Mass market:
Average number of table games		222			217		2.3			222			214		3.7
Table drop ⁽²⁾	$	1,515,462		$	1,384,258		9.5		$	4,801,533		$	3,597,557		33.5
Table games win ⁽¹⁾	$	280,044		$	228,323		22.7		$	887,194		$	613,154		44.7
Table games win %		18.5	%		16.5	%				18.5	%		17.0	%
Table games win per unit per day	$	13,713		$	11,423		20.0		$	14,599		$	10,485		39.2
Average number of slot machines		621			500		24.2			607			521		16.5
Slot machine handle	$	815,319		$	570,122		43.0		$	2,347,521		$	1,559,698		50.5
Slot machine win ⁽³⁾	$	24,434		$	16,143		51.4		$	76,604		$	47,892		60.0
Slot machine win per unit per day	$	428		$	351		21.9		$	461		$	337		36.8
Poker rake	$	3,205		$	4,494		(28.7	)	$	11,831		$	13,807		(14.3	)
Room statistics:
Occupancy		98.9	%		98.7	%				99.2	%		95.5	%
ADR ⁽⁴⁾	$	233		$	327		(28.7	)	$	251		$	281		(10.7	)
REVPAR ⁽⁵⁾	$	230		$	323		(28.8	)	$	249		$	268		(7.1	)

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 September 30,								Nine Months Ended September 30,
		2024			2023		Percent Change			2024			2023		Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino	$	145,186		$	168,130		(13.6	)	$	410,023		$	460,606		(11.0	)
Rooms		187,123			178,518		4.8			617,071			541,392		14.0
Food and beverage		191,776			203,066		(5.6	)		593,804			570,695		4.0
Entertainment, retail and other		83,087			69,252		20.0			251,476			211,109		19.1
Total	$	607,172		$	618,966		(1.9	)	$	1,872,374		$	1,783,802		5.0

Adjusted Property EBITDAR ⁽⁶⁾	$	202,720		$	219,740		(7.7	)	$	679,315		$	675,458		0.6

Casino statistics:
Average number of table games		235			234		0.4			234			233		0.4
Table drop ⁽²⁾	$	580,800		$	607,610		(4.4	)	$	1,721,435		$	1,768,057		(2.6	)
Table games win ⁽¹⁾	$	135,230		$	157,873		(14.3	)	$	409,336		$	431,896		(5.2	)
Table games win %		23.3	%		26.0	%				23.8	%		24.4	%
Table games win per unit per day	$	6,256		$	7,340		(14.8	)	$	6,380		$	6,777		(5.9	)
Average number of slot machines		1,620			1,631		(0.7	)		1,612			1,650		(2.3	)
Slot machine handle	$	1,695,799		$	1,638,274		3.5		$	4,840,241		$	4,733,534		2.3
Slot machine win ⁽³⁾	$	112,771		$	115,738		(2.6	)	$	322,544		$	325,883		(1.0	)
Slot machine win per unit per day	$	757		$	771		(1.8	)	$	730		$	723		1.0
Poker rake	$	4,629		$	5,669		(18.3	)	$	16,652		$	16,243		2.5
Room statistics:
Occupancy		89.0	%		90.0	%				89.3	%		89.8	%
ADR ⁽⁴⁾	$	495		$	463		6.9		$	541		$	473		14.4
REVPAR ⁽⁵⁾	$	441		$	417		5.8		$	483		$	424		13.9

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 September 30,								Nine Months Ended September 30,
		2024			2023		Percent Change			2024			2023		Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino	$	158,744		$	155,986		1.8		$	478,504		$	488,204		(2.0	)
Rooms		24,742			24,838		(0.4	)		70,226			65,895		6.6
Food and beverage		19,791			19,864		(0.4	)		63,184			64,101		(1.4	)
Entertainment, retail and other		10,844			9,715		11.6			32,599			30,441		7.1
Total	$	214,121		$	210,403		1.8		$	644,513		$	648,641		(0.6	)

Adjusted Property EBITDAR ⁽⁶⁾	$	63,018		$	60,498		4.2		$	188,284		$	193,016		(2.5	)

Casino statistics:
Average number of table games		179			191		(6.3	)		182			193		(5.7	)
Table drop ⁽²⁾	$	347,082		$	343,686		1.0		$	1,072,750		$	1,064,092		0.8
Table games win ⁽¹⁾	$	74,048		$	71,555		3.5		$	227,496		$	230,170		(1.2	)
Table games win %		21.3	%		20.8	%				21.2	%		21.6	%
Table games win per unit per day	$	4,507		$	4,079		10.5		$	4,553		$	4,368		4.2
Average number of slot machines		2,611			2,561		2.0			2,612			2,547		2.6
Slot machine handle	$	1,378,066		$	1,336,724		3.1		$	4,201,520		$	3,933,388		6.8
Slot machine win ⁽³⁾	$	105,550		$	105,330		0.2		$	315,773		$	316,129		(0.1	)
Slot machine win per unit per day	$	439		$	447		(1.8	)	$	441		$	455		(3.1	)
Poker rake	$	5,334		$	5,224		2.1		$	16,422		$	16,116		1.9
Room statistics:
Occupancy		96.9	%		96.0	%				94.4	%		92.9	%
ADR ⁽⁴⁾	$	426		$	421		1.2		$	410		$	389		5.4
REVPAR ⁽⁵⁾	$	412		$	405		1.7		$	387		$	362		6.9

(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241104300812/en/

Price Karr
702-770-7555
investorrelations@wynnresorts.com

Source: Wynn Resorts, Limited

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