Wynn Resorts, Limited Reports Third Quarter 2024 Results

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

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

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

—

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

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

—

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

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

—

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

(1.7

)

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

—

736

—

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

(16.7

)

(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

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