Wynn Resorts, Limited Reports Second Quarter 2018 Results

Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the second quarter ended June 30, 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 adjusted 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 $1.61 billion for the second quarter of 2018, an increase of 9.0%, or $132.5 million, from $1.47 billion for the same period of 2017. Operating revenues from Wynn Palace and our Las Vegas Operations increased $224.2 million and $3.5 million, respectively, compared to the same period of 2017. These increases were offset by a decrease of $95.2 million from Wynn Macau.

On a U.S. generally accepted accounting principles ("GAAP") basis, net income attributable to Wynn Resorts, Limited was $155.8 million, or $1.44 per diluted share, for the second quarter of 2018, compared to $74.9 million, or $0.73 per diluted share, for the same period of 2017. The increase in net income attributable to Wynn Resorts, Limited was primarily due to an increase in operating income from Wynn Palace. Adjusted net income attributable to Wynn Resorts, Limited (2) was $166.2 million, or $1.53 per diluted share, for the second quarter of 2018, compared to $129.4 million, or $1.26 per diluted share, for the same period of 2017.

Adjusted Property EBITDA was $476.4 million for the second quarter of 2018, an increase of 10.8%, or $46.3 million, from $430.0 million for the same period of 2017. Adjusted Property EBITDA from Wynn Palace increased $91.9 million compared to the same period of 2017. This increase was offset by decreases of $37.5 million and $8.1 million from 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 August 28, 2018 to stockholders of record as of August 16, 2018.

Macau Operations

Wynn Macau

Operating revenues from Wynn Macau were $543.3 million for the second quarter of 2018, a 14.9% decrease from $638.5 million for the same period of 2017. Adjusted Property EBITDA from Wynn Macau was $172.9 million for the second quarter of 2018, a 17.8% decrease from $210.4 million for the same period of 2017.

Casino revenues from Wynn Macau were $473.3 million for the second quarter of 2018, an 18.1% decrease from $578.1 million for the same period of 2017. Table games turnover in VIP operations was $13.93 billion, a 13.1% decrease from $16.02 billion for the same period of 2017. VIP table games win as a percentage of turnover was 2.56%, below the expected range of 2.7% to 3.0% and the 3.53% experienced in the second quarter of 2017. Table drop in mass market operations was $1.29 billion, a 21.1% increase from $1.07 billion for the second quarter of 2017. Table games win in mass market operations was $252.0 million, a 13.8% increase from $221.6 million for the second quarter of 2017. Table games win percentage in mass market operations was 19.5%, below the 20.8% experienced in the second quarter of 2017. Slot machine handle was $963.6 million, an 11.0% increase from $867.9 million for the second quarter of 2017, while slot machine win increased 2.3% to $40.4 million.

Non-casino revenues from Wynn Macau were $70.0 million for the second quarter of 2018, a 15.9% increase from $60.4 million for the same period of 2017. Room revenues were $27.1 million for the second quarter of 2018, a 16.0% increase from $23.3 million for the same period of 2017. Average daily rate ("ADR") was $272, a 15.7% increase from $235 for the second quarter of 2017. Occupancy increased to 99.4% for the second quarter of 2018, from 97.5% for the same period of 2017. Revenue per available room ("REVPAR") was $271, an 18.3% increase from $229 for the second quarter of 2017.

Wynn Palace

Operating revenues from Wynn Palace were $620.6 million for the second quarter of 2018, a 56.6% increase from $396.4 million for the same period of 2017. Adjusted Property EBITDA from Wynn Palace was $179.3 million for the second quarter of 2018, a 105.1% increase from $87.4 million for the same period of 2017.

Casino revenues from Wynn Palace were $525.0 million for the second quarter of 2018, a 62.4% increase from $323.3 million for the same period of 2017. Table games turnover in VIP operations was $14.03 billion, a 20.9% increase from $11.60 billion for the second quarter of 2017. VIP table games win as a percentage of turnover was 3.00%, within the expected range of 2.7% to 3.0% and above the 2.18% experienced in the second quarter of 2017. Table drop in mass market operations was $1.22 billion, a 67.2% increase from $729.0 million for the second quarter of 2017. Table games win in mass market operations was $280.6 million, a 66.3% increase from $168.7 million for the second quarter of 2017. Table games win percentage in mass market operations was 23.0%, slightly below the 23.1% experienced in the second quarter of 2017. Slot machine handle was $941.0 million, a 43.0% increase from $657.9 million for the second quarter of 2017, while slot machine win increased 26.9% to $44.2 million for the second quarter of 2018.

Non-casino revenues from Wynn Palace were $95.6 million for the second quarter of 2018, a 30.6% increase from $73.1 million for the same period of 2017. Room revenues were $40.7 million for the second quarter of 2018, a 46.2% increase from $27.9 million for the same period of 2017. ADR was $254, a 36.6% increase from $186 for the second quarter of 2017. Occupancy was flat at 96.2% for the second quarter of 2018, compared to the same period of 2017. REVPAR was $245, a 37.6% increase from $178 for the second quarter of 2017.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $441.6 million for the second quarter of 2018, a 0.8% increase from $438.0 million for the same period of 2017. Adjusted Property EBITDA from our Las Vegas Operations was $124.2 million, a 6.1% decrease from $132.2 million for the second quarter of 2017.

Casino revenues from our Las Vegas Operations were $101.7 million for the second quarter of 2018, a 1.2% increase from $100.5 million for the same period of 2017. Table games drop was $403.7 million, a 3.7% decrease from $419.3 million for the second quarter of 2017. Table games win was flat at $101.0 million for the second quarter of 2018, compared to the same period of 2017. Table games win percentage was 25.0%, within the expected range of 22% to 26% and above the 24.2% experienced in the second quarter of 2017. Slot machine handle was $778.4 million, a 1.8% increase from $764.8 million for the second quarter of 2017, while slot machine win decreased 6.8% to $49.4 million.

Non-casino revenues from our Las Vegas Operations were $339.8 million for the second quarter of 2018, a 0.7% increase from $337.5 million for the same period of 2017. Room revenues were $118.3 million for the second quarter of 2018, a 4.0% increase from $113.7 million for the same period of 2017. ADR was $313, a 5.0% increase from $298 for the second quarter of 2017. Occupancy decreased to 87.7% for the second quarter of 2018, from 88.7% for the same period of 2017. REVPAR was $274, a 3.4% increase from $265 for the second quarter of 2017. Food and beverage revenues increased 2.3%, to $170.9 million for the second quarter of 2018, compared to the same period of 2017. Entertainment, retail and other revenues decreased 10.7%, to $50.7 million for the second quarter of 2018, compared to the same period of 2017.

Encore Boston Harbor Project in Massachusetts

The Company is currently constructing Encore 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 June 30, 2018, we have incurred $1.64 billion in total project costs. We expect to open Encore Boston Harbor in mid-2019.

Balance Sheet

Our cash and cash equivalents, restricted cash and investment securities as of June 30, 2018 were $1.58 billion.

Total debt outstanding at the end of the quarter was $8.31 billion, including $4.23 billion of Macau related debt, $3.10 billion of Wynn Las Vegas debt and $985.9 million at the parent company and other.

On July 25, 2018, certain subsidiaries in the Company’s retail joint venture (the “Borrowers”) entered into a $615.0 million term loan agreement (the “Retail Term Loan”). The Borrowers own approximately 162,000 square feet of retail space at Wynn Las Vegas, and each of the Borrowers is a 50.1%-owned subsidiary of the Company, with the other 49.9% owned by Crown Acquisitions Inc. The Retail Term Loan matures in July 2025 and bears interest at LIBOR plus 1.70% per annum. The Borrowers distributed approximately $589 million of the net proceeds of the Retail Term Loan to their members. The Company intends to use its portion of the net proceeds for the construction of Encore Boston Harbor and for other general corporate purposes.

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 August 1, 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 August 8, 2018, the Company will make Wynn Las Vegas, LLC financial information for the quarter ended June 30, 2018 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at [e-mail], 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 claims and 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 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 (loss) on extinguishment of debt, change in interest rate swap fair value, change in Redemption Note fair value 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. 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 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 (loss) 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 June 30,									Six Months Ended June 30,
			2018				2017					2018				2017
							(as adjusted)									(as adjusted)
Operating revenues:
Casino			$	1,100,027			$	1,001,828				$	2,342,166			$	1,991,568
Rooms			186,051				164,940					376,361				333,764
Food and beverage			214,867				204,294					387,089				368,827
Entertainment, retail and other			104,479				101,830					215,386				202,490
Total operating revenues			1,605,424				1,472,892					3,321,002				2,896,649
Operating expenses:
Casino			707,194				648,616					1,471,595				1,278,412
Rooms			63,675				62,021					126,872				122,788
Food and beverage			168,296				154,744					305,954				286,512
Entertainment, retail and other			46,589				46,927					94,619				93,992
General and administrative			183,631				164,169					353,216				324,131
Litigation settlement			—				—					463,557				—
Benefit for doubtful accounts			(1,390		)		(2,083		)			(699		)		(6,249		)
Pre-opening			11,196				6,758					21,541				12,537
Depreciation and amortization			137,870				137,686					274,227				277,506
Property charges and other			8,791				7,165					11,842				10,201
Total operating expenses			1,325,852				1,226,003					3,122,724				2,399,830
Operating income			279,572				246,889					198,278				496,819
Other income (expense):
Interest income			6,861				7,080					14,081				13,551
Interest expense, net of amounts capitalized			(89,898		)		(97,739		)			(188,125		)		(196,001		)
Change in interest rate swap fair value			—				(283		)			—				(1,054		)
Change in Redemption Note fair value			—				(12,417		)			(69,331		)		(28,264		)
Gain (loss) on extinguishment of debt			—				(22,287		)			2,329				(22,287		)
Other			(957		)		(11,840		)			(10,177		)		(17,947		)
Other income (expense), net			(83,994		)		(137,486		)			(251,223		)		(252,002		)
Income (loss) before income taxes			195,578				109,403					(52,945		)		244,817
Benefit (provision) for income taxes			9,702				(2,607		)			120,747				(5,497		)
Net income			205,280				106,796					67,802				239,320
Less: net income attributable to noncontrolling interests			(49,524		)		(31,880		)			(116,353		)		(63,589		)
Net income (loss) attributable to Wynn Resorts, Limited			$	155,756			$	74,916				$	(48,551	)		$	175,731
Basic and diluted income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic			$	1.44			$	0.73				$	(0.46	)		$	1.73
Diluted			$	1.44			$	0.73				$	(0.46	)		$	1.72
Weighted average common shares outstanding:
Basic			107,792				101,944					105,195				101,851
Diluted			108,405				102,494					105,195				102,274
Dividends declared per common share:			$	0.75			$	0.50				$	1.25			$	1.00

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 June 30,									Six Months Ended June 30,
		2018				2017					2018				2017
Net income (loss) attributable to Wynn Resorts, Limited		$	155,756			$	74,916				$	(48,551	)		$	175,731
Litigation settlement expense		—				—					463,557				—
Pre-opening expenses		11,196				6,758					21,541				12,537
Property charges and other		8,791				7,165					11,842				10,201
Change in interest rate swap fair value		—				283					—				1,054
Change in Redemption Note fair value		—				12,417					69,331				28,264
(Gain) loss on extinguishment of debt		—				22,287					(2,329		)		22,287
Foreign currency remeasurement loss		957				11,840					10,177				17,947
Income tax impact on adjustments		(8,558		)		(2,439		)			(117,386		)		(1,770		)
Noncontrolling interests impact on adjustments		(1,934		)		(3,788		)			(5,002		)		(5,927		)
Adjusted net income attributable to Wynn Resorts, Limited		$	166,208			$	129,439				$	403,180			$	260,324
Adjusted net income attributable to Wynn Resorts, Limited per diluted share		$	1.53			$	1.26				$	3.81			$	2.55
Weighted average common shares outstanding - diluted		108,405				102,494					105,812				102,274

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited)
			Three Months Ended June 30, 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			$	126,268				$	—				$	21,604				$	721				$	20,488				$	2,224				$	1,623				$	172,928
Wynn Palace			82,501					—					64,457					5,633					23,663					2,020					991					179,265
Other Macau			(3,176		)			—					1,105					54					—					1,848					169					—
Total Macau Operations			205,593					—					87,166					6,408					44,151					6,092					2,783					352,193
Las Vegas Operations			51,150					2					47,579					429					20,299					3,702					996					124,157
Corporate and Other			22,829					11,194					3,125					1,954					(64,450		)			19,785					5,563					—
Total			$	279,572				$	11,196				$	137,870				$	8,791				$	—				$	29,579				$	9,342				$	476,350

			Three Months Ended June 30, 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			$	153,711				$	—				$	24,600				$	821				$	26,818				$	2,344				$	2,104				$	210,398
Wynn Palace			3,140					—					64,092					662					16,080					2,161					1,268					87,403
Other Macau			(2,996		)			—					1,130					6					—					1,692					168					—
Total Macau Operations			153,855					—					89,822					1,489					42,898					6,197					3,540					297,801
Las Vegas Operations			60,868					272					45,155					5,683					12,263					7,496					473					132,210
Corporate and Other			32,166					6,486					2,709					(7		)			(55,161		)			7,240					6,567					—
Total			$	246,889				$	6,758				$	137,686				$	7,165				$	—				$	20,933				$	10,580				$	430,011

WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) (continued)
			Six Months Ended June 30, 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			$	285,729				$	—				$	43,774				$	1,489				$	43,854				$	4,088				$	3,816				$	382,750
Wynn Palace			201,972					—					128,881					6,660					47,888					3,472					2,303					391,176
Other Macau			(7,146		)			—					2,211					63					—					4,538					334					—
Total Macau Operations			480,555					—					174,866					8,212					91,742					12,098					6,453					773,926
Las Vegas Operations			123,024					8					93,362					1,758					40,338					6,650					1,613					266,753
Corporate and Other (1)			(405,301		)			21,533					5,999					1,872					(132,080		)			499,397					8,580					—
Total			$	198,278				$	21,541				$	274,227				$	11,842				$	—				$	518,145				$	16,646				$	1,040,679

			Six Months Ended June 30, 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			$	281,852				$	—				$	49,309				$	1,536				$	49,628				$	5,202				$	3,977				$	391,504
Wynn Palace			28,011					—					128,687					760					34,751					4,546					2,504					199,259
Other Macau			(5,964		)			—					2,261					6					—					3,369					328					—
Total Macau Operations			303,899					—					180,257					2,302					84,379					13,117					6,809					590,763
Las Vegas Operations			128,334					511					92,012					7,410					24,733					12,843					944					266,787
Corporate and Other			64,586					12,026					5,237					489					(109,112		)			15,740					11,034					—
Total			$	496,819				$	12,537				$	277,506				$	10,201				$	—				$	41,700				$	18,787				$	857,550

(1)		Corporate expense and other includes 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 June 30,									Six Months Ended June 30,
			2018				2017					2018				2017
Net income (loss) attributable to Wynn Resorts, Limited			$	155,756			$	74,916				$	(48,551	)		$	175,731
Net income attributable to noncontrolling interests			49,524				31,880					116,353				63,589
Litigation settlement expense			—				—					463,557				—
Pre-opening expenses			11,196				6,758					21,541				12,537
Depreciation and amortization			137,870				137,686					274,227				277,506
Property charges and other			8,791				7,165					11,842				10,201
Corporate expense and other			29,579				20,933					54,588				41,700
Stock-based compensation			9,342				10,580					16,646				18,787
Interest income			(6,861		)		(7,080		)			(14,081		)		(13,551		)
Interest expense, net of amounts capitalized			89,898				97,739					188,125				196,001
Change in interest rate swap fair value			—				283					—				1,054
Change in Redemption Note fair value			—				12,417					69,331				28,264
(Gain) loss on extinguishment of debt			—				22,287					(2,329		)		22,287
Other			957				11,840					10,177				17,947
(Benefit) provision for income taxes			(9,702		)		2,607					(120,747		)		5,497
Adjusted Property EBITDA			$	476,350			$	430,011				$	1,040,679			$	857,550

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,
			2018				2017					2018				2017
Macau Operations:
Wynn Macau:
VIP:
Average number of table games			112				98					113				92
VIP turnover			$	13,928,463			$	16,023,080				$	31,015,918			$	29,307,843
VIP table games win (1)			$	357,166			$	566,091				$	802,355			$	1,005,002
VIP table games win as a % of turnover			2.56		%		3.53		%			2.59		%		3.43		%
Table games win per unit per day			$	35,044			$	63,735				$	39,295			$	60,129
Mass market:
Average number of table games			204				205					203				204
Table drop (2)			$	1,293,154			$	1,067,718				$	2,615,969			$	2,204,614
Table games win (1)			$	252,038			$	221,567				$	508,519			$	434,471
Table games win %			19.5		%		20.8		%			19.4		%		19.7		%
Table games win per unit per day			$	13,577			$	11,903				$	13,808			$	11,755
Average number of slot machines			922				917					930				901
Slot machine handle			$	963,635			$	867,889				$	1,966,454			$	1,724,572
Slot machine win (3)			$	40,426			$	39,531				$	82,191			$	78,085
Slot machine win per unit per day			$	482			$	474				$	488			$	479
Room statistics:
Occupancy			99.4		%		97.5		%			99.2		%		96.6		%
ADR (4)			$	272			$	235				$	282			$	241
REVPAR (5)			$	271			$	229				$	279			$	233
Wynn Palace:
VIP:
Average number of table games			115				105					115				98
VIP turnover			$	14,029,065			$	11,604,672				$	29,414,898			$	22,646,354
VIP table games win (1)			$	420,181			$	252,641				$	820,072			$	587,383
VIP table games win as a % of turnover			3.00		%		2.18		%			2.79		%		2.59		%
Table games win per unit per day			$	40,036			$	26,541				$	39,289			$	33,141
Mass market:
Average number of table games			211				202					211				206
Table drop (2)			$	1,218,863			$	729,006				$	2,436,064			$	1,499,024
Table games win (1)			$	280,568			$	168,746				$	590,728			$	336,373
Table games win %			23.0		%		23.1		%			24.2		%		22.4		%
Table games win per unit per day			$	14,632			$	9,203				$	15,482			$	9,019
Average number of slot machines			1,069				1,025					1,065				1,011
Slot machine handle			$	940,972			$	657,850				$	1,999,068			$	1,315,430
Slot machine win (3)			$	44,164			$	34,814				$	99,949			$	68,748
Slot machine win per unit per day			$	454			$	373				$	518			$	376
Room statistics:
Occupancy			96.2		%		96.2		%			96.5		%		95.9		%
ADR (4)			$	254			$	186				$	253			$	190
REVPAR (5)			$	245			$	178				$	244			$	182

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 June 30,									Six Months Ended June 30,
			2018				2017					2018				2017
Las Vegas Operations:
Average number of table games			236				234					237				235
Table drop (2)			$	403,730			$	419,338				$	940,311			$	877,935
Table games win (1)			$	100,987			$	101,300				$	255,420			$	232,147
Table games win %			25.0		%		24.2		%			27.2		%		26.4		%
Table games win per unit per day			$	4,694			$	4,749				$	5,950			$	5,448
Average number of slot machines			1,820				1,836					1,825				1,871
Slot machine handle			$	778,447			$	764,786				$	1,522,580			$	1,530,700
Slot machine win (3)			$	49,418			$	53,017				$	98,681			$	102,735
Slot machine win per unit per day			$	298			$	317				$	299			$	303
Room statistics:
Occupancy			87.7		%		88.7		%			85.8		%		87.1		%
ADR (4)			$	313			$	298				$	326			$	307
REVPAR (5)			$	274			$	265				$	280			$	268

(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 amounts have 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 amounts have been adjusted to reflect the full retrospective adoption of ASC 606.

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