Wynn Resorts, Limited Reports Fourth Quarter and Year End 2023 Results

Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2023.

Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. Net income attributable to Wynn Resorts, Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts, Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted Property EBITDAR⁽¹⁾ was $630.4 million for the fourth quarter of 2023, compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022.

"The strong momentum we built throughout 2023 continued during the fourth quarter with Adjusted Property EBITDAR reaching a new all-time record. These impressive results highlight our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in Las Vegas, Boston and Macau," said Craig Billings, CEO of Wynn Resorts, Limited. "On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete, and preparations underway to start vertical construction of the hotel tower. We are confident the resort will be a 'must see' tourism destination in the UAE. 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 $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. For the fourth quarter of 2023, operating revenues increased $411.3 million, $309.0 million, $111.3 million, and $5.1 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $1.2 million at Encore Boston Harbor, from the fourth quarter of 2022.

Net income attributable to Wynn Resorts, Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts, Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited⁽²⁾ was $213.7 million, or $1.91 per diluted share, for the fourth quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022.

Adjusted Property EBITDAR was $630.4 million for the fourth quarter of 2023, an increase of $435.3 million compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022. For the fourth quarter of 2023, Adjusted Property EBITDAR increased $195.1 million, $161.0 million, $51.5 million, $26.5 million, and $1.1 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Wynn Interactive, and Encore Boston Harbor, respectively, from the fourth quarter of 2022.

For the year ended December 31, 2023, operating revenues were $6.53 billion, an increase of $2.78 billion from $3.76 billion for the year ended December 31, 2022. Operating revenues for the year ended December 31, 2023 increased $1.48 billion, $902.3 million, $348.5 million, $34.7 million, and $13.0 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, from the year ended December 31, 2022.

Net income attributable to Wynn Resorts, Limited was $730.0 million, or $6.32 per diluted share for the year ended December 31, 2023, compared to net loss attributable to Wynn Resorts, Limited of $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Adjusted net income attributable to Wynn Resorts, Limited was $462.3 million, or $4.10 per diluted share, for the year ended December 31, 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022.

Adjusted Property EBITDAR was $2.11 billion for the year ended December 31, 2023, compared to $725.4 million for the year ended December 31, 2022. Adjusted Property EBITDAR for the year ended December 31, 2023 increased $712.4 million, $462.1 million, $145.1 million, $55.8 million, and $14.0 million, at Wynn Palace, Wynn Macau, our Las Vegas Operations, Wynn Interactive, and Encore Boston Harbor, respectively, from the year ended December 31, 2022.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on February 29, 2024 to stockholders of record as of February 20, 2024.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $524.4 million for the fourth quarter of 2023, an increase of $411.3 million from $113.1 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $171.1 million for the fourth quarter of 2023, compared to $(23.9) million for the fourth quarter of 2022. Table games win percentage in mass market operations was 23.6%, above the 23.3% experienced in the fourth quarter of 2022. VIP table games win as a percentage of turnover was 2.97%, below the property's expected range of 3.1% to 3.4% and above the 0.11% experienced in the fourth quarter of 2022.

Wynn Macau

Operating revenues from Wynn Macau were $386.2 million for the fourth quarter of 2023, an increase of $309.0 million from $77.2 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $125.8 million for the fourth quarter of 2023, compared to $(35.2) million for the fourth quarter of 2022. Table games win percentage in mass market operations was 19.1%, above the 17.2% experienced in the fourth quarter of 2022. VIP table games win as a percentage of turnover was 4.37%, above the property's expected range of 3.1% to 3.4% and above the 1.20% experienced in the fourth quarter of 2022.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $696.8 million for the fourth quarter of 2023, an increase of $111.3 million from $585.5 million for the fourth quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2023 was $270.8 million, compared to $219.3 million for the fourth quarter of 2022. Table games win percentage for the fourth quarter of 2023 was 25.4%, within the property's expected range of 22% to 26% and above the 21.2% experienced in the fourth quarter of 2022.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $217.1 million for the fourth quarter of 2023, a decrease of $1.2 million from $218.3 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2023 was $64.4 million, compared to $63.3 million for the fourth quarter of 2022. Table games win percentage for the fourth quarter of 2023 was 22.0%, within the property's expected range of 18% to 22% and slightly above the 21.9% experienced in the fourth quarter of 2022.

Balance Sheet

Our cash and cash equivalents as of December 31, 2023 totaled $2.88 billion, comprised of $1.32 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $361.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $1.20 billion held at Corporate and other. In addition, as of December 31, 2023, we had $697.9 million and $147.3 million in short-term investments held at WML and Corporate and other, respectively. As of December 31, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $736.5 million, and the WM Cayman II Revolver was fully drawn.

Total current and long-term debt outstanding at December 31, 2023 was $11.74 billion, comprised of $6.74 billion of Macau related debt, $2.25 billion of Wynn Las Vegas debt, $2.13 billion of WRF debt, and $614.1 million of debt held by the retail joint venture which we consolidate.

During the fourth quarter of 2023, the Company repurchased 1,609,625 shares of its common stock under its publicly announced equity repurchase program at an average price of $86.56 per share, for an aggregate cost of $139.3 million, bringing the total repurchases by the Company for the year ended December 31, 2023 to 2,206,573 shares of its common stock for an aggregate cost of $195.5 million.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 7, 2024 at 2:00 p.m. PT (5:00 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before March 30, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2023 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, 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, 2022, 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, impairment of goodwill and intangible assets, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on 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 (loss) as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, impairment of goodwill and intangible assets, property charges and other, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and nonrecurring income tax benefit from release of valuation allowance, 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 loss 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 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 December 31,								Year Ended December 31,
		2023				2022				2023				2022
Operating revenues:
Casino	$	1,065,958			$	423,218			$	3,718,402			$	1,632,541
Rooms		347,299				233,252				1,185,671				802,138
Food and beverage		271,558				217,648				1,028,637				846,214
Entertainment, retail and other		155,645				130,819				599,187				475,932
Total operating revenues		1,840,460				1,004,937				6,531,897				3,756,825
Operating expenses:
Casino		643,910				291,757				2,238,671				1,099,801
Rooms		82,857				69,869				307,132				261,343
Food and beverage		216,947				183,034				822,323				700,549
Entertainment, retail and other		79,402				91,676				340,437				328,529
General and administrative		279,484				232,017				1,065,022				830,450
Provision for credit losses		2,350				4,036				(3,964	)			(7,295	)
Pre-opening		2,646				7,247				9,468				20,643
Depreciation and amortization		176,527				172,292				687,270				692,318
Gain on EBH Transaction, net		—				(181,989	)			—				(181,989	)
Impairment of goodwill and intangible assets		—				—				94,490				48,036
Property charges and other		(1,388	)			35,790				130,877				65,116
Total operating expenses		1,482,735				905,729				5,691,726				3,857,501
Operating income (loss)		357,725				99,208				840,171				(100,676	)
Other income (expense):
Interest income		44,931				18,895				175,785				29,758
Interest expense, net of amounts capitalized		(184,955	)			(178,620	)			(751,509	)			(650,885	)
Change in derivatives fair value		48,353				1,155				45,098				15,956
Loss on debt financing transactions		—				—				(12,683	)			—
Other		8,315				31,901				(11,479	)			5,811
Other income (expense), net		(83,356	)			(126,669	)			(554,788	)			(599,360	)
Income (loss) before income taxes		274,369				(27,461	)			285,383				(700,036	)
Benefit (provision) for income taxes		499,408				(6,084	)			496,834				(9,332	)
Net income (loss)		773,777				(33,545	)			782,217				(709,368	)
Less: net (income) loss attributable to noncontrolling interests		(44,621	)			65,956				(52,223	)			285,512
Net income (loss) attributable to Wynn Resorts, Limited	$	729,156			$	32,411			$	729,994			$	(423,856	)
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic	$	6.53			$	0.29			$	6.49			$	(3.73	)
Diluted	$	6.19			$	0.29			$	6.32			$	(3.73	)
Weighted average common shares outstanding:
Basic		111,661				112,321				112,523				113,623
Diluted		112,033				112,795				112,855				113,623

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 December 31,								Year Ended December 31,
		2023				2022				2023				2022
Net income (loss) attributable to Wynn Resorts, Limited	$	729,156			$	32,411			$	729,994			$	(423,856	)
Pre-opening expenses		2,646				7,247				9,468				20,643
Gain on EBH Transaction, net		—				(181,989	)			—				(181,989	)
Impairment of goodwill and intangible assets		—				—				94,490				48,036
Property charges and other		(1,388	)			35,790				130,877				65,116
Change in derivatives fair value		(48,353	)			(1,155	)			(45,098	)			(15,956	)
Loss on debt financing transactions		—				—				12,683				—
Foreign currency remeasurement and other		(8,315	)			(31,901	)			11,479				(5,811	)
Income tax impact on adjustments		(1,033	)			(198	)			(2,088	)			(294	)
Nonrecurring income tax benefit from release of valuation allowance		(474,214	)			—				(474,214	)			—
Noncontrolling interests impact on adjustments		15,160				1,110				(5,243	)			(13,317	)
Adjusted net income (loss) attributable to Wynn Resorts, Limited	$	213,659			$	(138,685	)		$	462,348			$	(507,428	)
Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share	$	1.91			$	(1.23	)		$	4.10			$	(4.47	)
Weighted average common shares outstanding - diluted		112,033				112,795				112,855				113,623

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
	Three Months Ended December 31, 2023
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	95,071			$	90,545			$	(15,860	)		$	169,756			$	167,080		$	(15,865	)		$	(8,617	)		$	45,371			$	357,725
Pre-opening expenses		93				—				—				93				—			33				—				2,520				2,646
Depreciation and amortization		54,502				20,165				381				75,048				60,730			31,220				6,118				3,411				176,527
Property charges and other		451				(676	)			4				(221	)			389			710				(2,452	)			186				(1,388	)
Management and license fees		16,782				12,029				—				28,811				33,387			10,665				—				(72,863	)			—
Corporate expenses and other		2,733				2,175				14,397				19,305				7,369			1,824				1,905				13,685				44,088
Stock-based compensation		1,501				1,579				1,078				4,158				1,830			402				1,296				7,690				15,376
Triple-net operating lease rent expense		—				—				—				—				—			35,404				—				—				35,404
Adjusted Property EBITDAR	$	171,133			$	125,817			$	—			$	296,950			$	270,785		$	64,393			$	(1,750	)		$	—			$	630,378

	Three Months Ended December 31, 2022
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	(105,945	)		$	(65,599	)		$	(9,801	)		$	(181,345	)		$	121,311		$	184,411			$	(50,642	)		$	25,473			$	99,208
Pre-opening expenses		—				—				—				—				5,420			15				1,511				301				7,247
Depreciation and amortization		52,817				20,364				381				73,562				55,865			35,610				4,974				2,281				172,292
Gain on EBH Transaction, net		—				—				—				—				—			(181,989	)			—				—				(181,989	)
Property charges and other		20,378				2,116				16				22,510				361			692				12,908				(681	)			35,790
Management and license fees		3,809				2,508				—				6,317				27,996			10,654				—				(44,967	)			—
Corporate expenses and other		1,352				1,373				8,718				11,443				5,874			1,743				373				12,301				31,734
Stock-based compensation		3,654				4,069				686				8,409				2,424			345				2,588				5,292				19,058
Triple-net operating lease rent expense		—				—				—				—				—			11,773				—				—				11,773
Adjusted Property EBITDAR	$	(23,935	)		$	(35,169	)		$	—			$	(59,104	)		$	219,251		$	63,254			$	(28,288	)		$	—			$	195,113

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
	Year Ended December 31, 2023
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	307,698			$	190,126			$	(32,157	)		$	465,667			$	551,128		$	(60,887	)		$	(276,646	)		$	160,909			$	840,171
Pre-opening expenses		93				—				—				93				81			1,286				5,591				2,417				9,468
Depreciation and amortization		216,562				81,673				1,522				299,757				232,685			122,452				22,051				10,325				687,270
Impairment of goodwill and intangible assets		—				—				—				—				—			—				94,490				—				94,490
Property charges and other		13,365				9,807				19				23,191				8,863			1,419				97,218				186				130,877
Management and license fees		60,377				38,019				—				98,396				118,019			42,179				—				(258,594	)			—
Corporate expenses and other		10,208				9,766				26,431				46,405				28,519			7,517				6,746				57,243				146,430
Stock-based compensation		7,543				8,700				4,185				20,428				6,948			1,721				7,904				27,514				64,515
Triple-net operating lease rent expense		—				—				—				—				—			141,722				—				—				141,722
Adjusted Property EBITDAR	$	615,846			$	338,091			$	—			$	953,937			$	946,243		$	257,409			$	(42,646	)		$	—			$	2,114,943

	Year Ended December 31, 2022
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	(357,666	)		$	(247,727	)		$	(22,190	)		$	(627,583	)		$	450,073		$	209,962			$	(240,111	)		$	106,983			$	(100,676	)
Pre-opening expenses		—				—				—				—				15,451			214				4,677				301				20,643
Depreciation and amortization		207,110				81,114				2,709				290,933				199,973			152,906				39,422				9,084				692,318
Gain on EBH Transaction, net		—				—				—				—				—			(181,989	)			—				—				(181,989	)
Impairment of goodwill and intangible assets		—				—				—				—				—			—				48,036				—				48,036
Property charges and other		23,296				11,482				43				34,821				3,680			1,366				33,015				(7,766	)			65,116
Management and license fees		13,895				11,354				—				25,249				101,170			40,464				—				(166,883	)			—
Corporate expenses and other		6,081				6,283				16,980				29,344				22,736			7,125				5,877				37,457				102,539
Stock-based compensation		10,727				13,447				2,458				26,632				8,012			1,565				10,594				20,824				67,627
Triple-net operating lease rent expense		—				—				—				—				—			11,773				—				—				11,773
Adjusted Property EBITDAR	$	(96,557	)		$	(124,047	)		$	—			$	(220,604	)		$	801,095		$	243,386			$	(98,490	)		$	—			$	725,387

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
	Three Months Ended December 31,								Year Ended December 31,
		2023				2022				2023				2022
Net income (loss) attributable to Wynn Resorts, Limited	$	729,156			$	32,411			$	729,994			$	(423,856	)
Net income (loss) attributable to noncontrolling interests		44,621				(65,956	)			52,223				(285,512	)
Pre-opening expenses		2,646				7,247				9,468				20,643
Depreciation and amortization		176,527				172,292				687,270				692,318
Gain on EBH Transaction, net		—				(181,989	)			—				(181,989	)
Impairment of goodwill and intangible assets		—				—				94,490				48,036
Property charges and other		(1,388	)			35,790				130,877				65,116
Triple-net operating lease rent expense		35,404				11,773				141,722				11,773
Corporate expenses and other		44,088				31,734				146,430				102,539
Stock-based compensation		15,376				19,058				64,515				67,627
Interest income		(44,931	)			(18,895	)			(175,785	)			(29,758	)
Interest expense, net of amounts capitalized		184,955				178,620				751,509				650,885
Change in derivatives fair value		(48,353	)			(1,155	)			(45,098	)			(15,956	)
Loss on debt financing transactions		—				—				12,683				—
Other		(8,315	)			(31,901	)			11,479				(5,811	)
(Benefit) provision for income taxes		(499,408	)			6,084				(496,834	)			9,332
Adjusted Property EBITDAR	$	630,378			$	195,113			$	2,114,943			$	725,387

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited)
	Three Months Ended December 31,											Year Ended December 31,
		2023				2022			Percent Change				2023				2022			Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino	$	417,273			$	68,918			505.5			$	1,471,280			$	255,886			475.0
Rooms		50,472				12,266			311.5				201,783				40,079			403.5
Food and beverage		29,538				11,519			156.4				104,566				35,546			194.2
Entertainment, retail and other		27,075				20,362			33.0				109,215				78,778			38.6
Total	$	524,358			$	113,065			363.8			$	1,886,844			$	410,289			359.9
Adjusted Property EBITDAR (6)	$	171,133			$	(23,935	)		NM			$	615,846			$	(96,557	)		NM
Casino Statistics:
VIP:
Average number of table games		59				50			18.0				56				53			5.7
VIP turnover	$	3,161,083			$	1,047,561			201.8			$	11,363,248			$	2,641,321			330.2
VIP table games win (1)	$	93,892			$	1,118			NM			$	383,384			$	23,471			NM
VIP table games win as a % of turnover		2.97	%			0.11	%						3.37	%			0.89	%
Table games win per unit per day	$	17,381			$	245			NM			$	18,744			$	1,259			NM
Mass market:
Average number of table games		245				237			3.4				242				229			5.7
Table drop (2)	$	1,711,850			$	373,312			358.6			$	6,126,841			$	1,312,786			366.7
Table games win (1)	$	404,468			$	86,933			365.3			$	1,373,436			$	282,138			386.8
Table games win %		23.6	%			23.3	%						22.4	%			21.5	%
Table games win per unit per day	$	17,934			$	3,987			349.8			$	15,574			$	3,489			346.4
Average number of slot machines		585				578			1.2				580				623			(6.9	)
Slot machine handle	$	624,688			$	229,341			172.4			$	2,385,033			$	732,197			225.7
Slot machine win (3)	$	27,580			$	8,306			232.0			$	102,816			$	31,295			228.5
Slot machine win per unit per day	$	512			$	156			228.2			$	486			$	142			242.3
Room statistics:
Occupancy		98.3	%			50.1	%						94.9	%			38.4	%
ADR (4)	$	311			$	146			113.0			$	323			$	156			107.1
REVPAR (5)	$	306			$	73			319.2			$	306			$	60			410.0
NM: Not meaningful.
Note: The results of operations of Wynn Palace for the three and twelve months ended December 31, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
	Three Months Ended December 31,											Year Ended December 31,
		2023				2022			Percent Change				2023				2022			Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino	$	320,642			$	51,418			523.6			$	970,269			$	216,639			347.9
Rooms		29,534				7,144			313.4				109,308				25,691			325.5
Food and beverage		20,762				7,456			178.5				68,017				25,334			168.5
Entertainment, retail and other		15,261				11,180			36.5				65,940				43,585			51.3
Total	$	386,199			$	77,198			400.3			$	1,213,534			$	311,249			289.9
Adjusted Property EBITDAR (6)	$	125,817			$	(35,169	)		NM			$	338,091			$	(124,047	)		NM
Casino Statistics:
VIP:
Average number of table games		30				52			(42.3	)			41				41			—
VIP turnover	$	1,405,523			$	429,575			227.2			$	5,132,628			$	1,771,143			189.8
VIP table games win (1)	$	61,362			$	5,135			NM			$	191,936			$	55,999			242.7
VIP table games win as a % of turnover		4.37	%			1.20	%						3.74	%			3.16	%
Table games win per unit per day	$	22,233			$	1,074			NM			$	12,699			$	3,828			231.7
Mass market:
Average number of table games		221				217			1.8				216				235			(8.1	)
Table drop (2)	$	1,558,372			$	317,801			390.4			$	5,155,929			$	1,170,633			340.4
Table games win (1)	$	297,671			$	54,695			444.2			$	910,825			$	189,769			380.0
Table games win %		19.1	%			17.2	%						17.7	%			16.2	%
Table games win per unit per day	$	14,655			$	2,740			434.9			$	11,560			$	2,284			406.1
Average number of slot machines		557				691			(19.4	)			530				646			(18.0	)
Slot machine handle	$	652,498			$	218,935			198.0			$	2,212,196			$	895,466			147.0
Slot machine win (3)	$	20,775			$	7,867			164.1			$	68,667			$	31,768			116.2
Slot machine win per unit per day	$	405			$	124			226.6			$	355			$	139			155.4
Poker rake	$	4,460			$	223			NM			$	18,266			$	357			NM
Room statistics:
Occupancy		99.4	%			51.8	%						96.5	%			41.1	%
ADR (4)	$	282			$	135			108.9			$	281			$	154			82.5
REVPAR (5)	$	281			$	70			301.4			$	271			$	63			330.2
NM: Not meaningful.
Note: The results of operations of Wynn Macau for three and twelve months ended December 31, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
	Three Months Ended December 31,											Year Ended December 31,
		2023				2022			Percent Change				2023				2022			Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino	$	167,579			$	141,349			18.6			$	628,185			$	535,279			17.4
Rooms		242,993				190,584			27.5				784,385				651,291			20.4
Food and beverage		199,706				176,126			13.4				770,401				702,515			9.7
Entertainment, retail and other		86,526				77,433			11.7				297,635				243,051			22.5
Total	$	696,804			$	585,492			19.0			$	2,480,606			$	2,132,136			16.3
Adjusted Property EBITDAR (6)	$	270,785			$	219,251			23.5			$	946,243			$	801,095			18.1
Casino Statistics:
Average number of table games		232				234			(0.9	)			233				234			(0.4	)
Table drop (2)	$	657,564			$	590,693			11.3			$	2,425,621			$	2,274,010			6.7
Table games win (1)	$	167,106			$	125,441			33.2			$	599,001			$	511,746			17.1
Table games win %		25.4	%			21.2	%						24.7	%			22.5	%
Table games win per unit per day	$	7,816			$	5,823			34.2			$	7,038			$	5,990			17.5
Average number of slot machines		1,631				1,678			(2.8	)			1,645				1,703			(3.4	)
Slot machine handle	$	1,689,839			$	1,591,100			6.2			$	6,423,374			$	5,617,775			14.3
Slot machine win (3)	$	125,950			$	115,802			8.8			$	451,833			$	394,052			14.7
Slot machine win per unit per day	$	840			$	750			12.0			$	752			$	634			18.6
Poker rake	$	9,477			$	6,950			36.4			$	25,720			$	19,680			30.7
Room statistics:
Occupancy		88.9	%			89.9	%						89.6	%			86.7	%
ADR (4)	$	631			$	492			28.3			$	513			$	454			13.0
REVPAR (5)	$	561			$	443			26.6			$	459			$	393			16.8

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR, and REVPAR)
(unaudited) (continued)
	Three Months Ended December 31,											Year Ended December 31,
		2023				2022			Percent Change				2023				2022			Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino	$	160,464			$	161,534			(0.7	)		$	648,668			$	624,738			3.8
Rooms		24,300				23,259			4.5				90,195				85,078			6.0
Food and beverage		21,552				22,546			(4.4	)			85,653				82,818			3.4
Entertainment, retail and other		10,829				11,001			(1.6	)			41,270				38,439			7.4
Total	$	217,145			$	218,340			(0.5	)		$	865,786			$	831,073			4.2
Adjusted Property EBITDAR (6)	$	64,393			$	63,254			1.8			$	257,409			$	243,386			5.8
Casino Statistics:
Average number of table games		185				194			(4.6	)			191				187			2.1
Table drop (2)	$	358,324			$	370,590			(3.3	)		$	1,422,416			$	1,447,851			(1.8	)
Table games win (1)	$	78,720			$	81,032			(2.9	)		$	308,890			$	315,057			(2.0	)
Table games win %		22.0	%			21.9	%						21.7	%			21.8	%
Table games win per unit per day	$	4,621			$	4,546			1.6			$	4,429			$	4,604			(3.8	)
Average number of slot machines		2,560				2,601			(1.6	)			2,550				2,716			(6.1	)
Slot machine handle	$	1,323,309			$	1,303,782			1.5			$	5,256,696			$	5,007,772			5.0
Slot machine win (3)	$	105,061			$	103,846			1.2			$	421,190			$	402,688			4.6
Slot machine win per unit per day	$	446			$	434			2.8			$	452			$	406			11.3
Poker rake	$	5,389			$	4,895			10.1			$	21,505			$	9,476			126.9
Room statistics:
Occupancy		93.3	%			93.9	%						93.0	%			91.4	%
ADR (4)	$	424			$	404			5.0			$	398			$	382			4.2
REVPAR (5)	$	395			$	380			3.9			$	370			$	349			6.0

(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/20240207256310/en/

The Wynn Resorts Stock at the time of publication of the news with a fall of -0,04 % to 100,0USD on Nasdaq stock exchange (07. Februar 2024, 21:50 Uhr).