WYNN

WYNN RESORTS LTD

Consumer Cyclical | Mid Cap

$1.43

EPS Forecast

$1,794

Revenue Forecast

Announcing earnings for the quarter ending 2024-06-30 soon
EX-99.1 2 ex991wrlye19pressrelea.htm EX-99.1 Document

Exhibit 99.1
Wynn Resorts, Limited Reports Fourth Quarter and Year End 2019 Results

LAS VEGAS, February 6, 2020 — Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the fourth quarter and year ended December 31, 2019.

Operating revenues were $1.65 billion for the fourth quarter of 2019, a decrease of 2.0%, or $34.1 million, from $1.69 billion for the fourth quarter of 2018. Net loss attributable to Wynn Resorts, Limited was $72.9 million, or $0.68 per diluted share, for the fourth quarter of 2019, compared to net income attributable to Wynn Resorts, Limited of $464.9 million, or $4.31 per diluted share, in the fourth quarter of 2018 (which included a net tax benefit of $390.9 million related to U.S. tax reform).

"We delivered solid financial results in the fourth quarter of 2019, growing Adjusted Property EBITDA nearly 12% sequentially compared to the third quarter," said Matt Maddox, CEO of Wynn Resorts, Limited. "In Macau, the investments we have made position us well to compete in any market environment, supported by another quarter of record mass table win. Our strategy at Wynn Las Vegas is producing results, driving year-over-year volume growth in our domestic gaming business along with 3% growth in RevPAR. Encore Boston Harbor continues to ramp nearly doubling its Adjusted Property EBITDA sequentially and we remain excited by the opportunity to drive growth at the property over the next several years."

"It was also a successful quarter on the development front as we made significant progress rolling out the industry’s leading global growth pipeline. In November, we launched key portions of the new Lakeside Casino at Wynn Macau, further solidifying the property as the peninsula's marquee integrated resort. In Las Vegas, construction on our 430,000 square foot meeting and convention expansion is complete and we are gearing up to welcome our first groups to the new space. We are excited about the outlook for the Company and we will continue to focus on leveraging our premium-focused business model to drive long-term returns for shareholders."

Consolidated Results

Operating revenues were $1.65 billion for the fourth quarter of 2019, a decrease of 2.0%, or $34.1 million, from $1.69 billion for the fourth quarter of 2018. Operating revenues decreased $150.6 million, $28.0 million, and $24.9 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, from the fourth quarter of 2018 to 2019. The decrease in operating revenues at Wynn Palace, Wynn Macau, and our Las Vegas Operations was partially offset by operating revenues from Encore Boston Harbor of $169.3 million.

On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $72.9 million, or $0.68 per diluted share, for the fourth quarter of 2019, compared to net income attributable to Wynn Resorts, Limited of $464.9 million, or $4.31 per diluted share, in the fourth quarter of 2018. Our fourth quarter 2019 results included a net tax provision of $157.4 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Our fourth quarter 2018 results included a net tax benefit of $390.9 million recorded in connection with U.S. tax reform. Adjusted net loss attributable to Wynn Resorts, Limited (1) was $65.6 million, or $0.62 per diluted share, for the fourth quarter of 2019, compared to adjusted net income attributable to Wynn Resorts, Limited of $102.2 million, or $0.95 per diluted share, for the fourth quarter of 2018.

Adjusted Property EBITDA (2) was $443.1 million for the fourth quarter of 2019, a decrease of 11.3%, or $56.3 million, from $499.4 million for the fourth quarter of 2018. Adjusted Property EBITDA decreased $49.0 million and $25.1 million at Wynn Palace and our Las Vegas Operations, respectively, and increased $2.5 million at Wynn Macau. Adjusted Property EBITDA from Encore Boston Harbor was $15.3 million.

For the year ended December 31, 2019, operating revenues decreased 1.6%, or $106.6 million, to $6.61 billion, compared to $6.72 billion in the year ended December 31, 2018. Operating revenues decreased $213.9 million, $224.5 million, and $32.1 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively. The decrease in operating revenues at Wynn Palace, Wynn Macau, and our Las Vegas Operations was partially offset by operating revenues from Encore Boston Harbor of $363.9 million.

GAAP net income attributable to Wynn Resorts, Limited was $123.0 million, or $1.15 per diluted share in 2019, compared to $572.4 million, or $5.35 per diluted share in the year ended December 31, 2018. Our 2019 results included a net tax provision of $176.8 million, primarily related to an increase in the valuation allowance on our deferred tax assets. Our 2018 results included a net tax benefit of $390.9 million recorded in connection with U.S. tax reform. Adjusted net income attributable to Wynn Resorts, Limited was $279.5 million, or $2.61 per diluted share, in 2019, compared to $687.7 million, or $6.43 per diluted share, in the year ended December 31, 2018.

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Full year Adjusted Property EBITDA decreased 11.2%, or $229.0 million, to $1.82 billion, compared to $2.04 billion in the year ended December 31, 2018. Adjusted Property EBITDA decreased $114.4 million, $84.4 million and $53.4 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively. Adjusted Property EBITDA at Encore Boston Harbor was $23.2 million.

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $1.00 per share, payable on March 6, 2020 to stockholders of record as of February 26, 2020.

Property Results

Wynn Palace

Operating revenues from Wynn Palace were $590.0 million for the fourth quarter of 2019, a 20.3% decrease from $740.6 million for the fourth quarter of 2018. Adjusted Property EBITDA from Wynn Palace was $177.6 million for the fourth quarter of 2019, a 21.6% decrease from $226.6 million for the fourth quarter of 2018. VIP table games win as a percentage of turnover was 3.07%, slightly above the expected range of 2.7% to 3.0% and below the 3.25% experienced in the fourth quarter of 2018. Table games win percentage in mass market operations was 25.2%, above the 23.6% experienced in the fourth quarter of 2018.

Wynn Macau

Operating revenues from Wynn Macau were $525.4 million for the fourth quarter of 2019, a 5.1% decrease from $553.4 million for the fourth quarter of 2018. Adjusted Property EBITDA was $170.1 million for the fourth quarter of 2019, a 1.5% increase from $167.6 million for the fourth quarter of 2018. VIP table games win as a percentage of turnover was 3.27%, above the expected range of 2.7% to 3.0% and above the 2.86% experienced in the fourth quarter of 2018. Table games win percentage in mass market operations was 20.3%, consistent with the 20.3% experienced in the fourth quarter of 2018.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $368.8 million for the fourth quarter of 2019, a 6.3% decrease from $393.6 million for the fourth quarter of 2018. Adjusted Property EBITDA from our Las Vegas Operations was $80.1 million, a 23.8% decrease from $105.2 million for the fourth quarter of 2018. Table games win percentage was 17.4%, below the property's expected range of 22% to 26% and below the 22.4% experienced in the fourth quarter of 2018.

Encore Boston Harbor

On June 23, 2019, the Company opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts. For the fourth quarter of 2019, Encore Boston Harbor's operating revenues were $169.3 million and Adjusted Property EBITDA was $15.3 million. Table games win percentage was 19.2%, within the property's expected range of 16% to 20%.

Development Projects

In February 2020, we are opening our meeting and convention expansion at Wynn Las Vegas. Once open, the space will feature approximately 217,000 square feet of incremental state-of-the-art meeting and convention space (430,000 square feet of gross space), which will nearly double our group footprint in Las Vegas. We estimate the total project budget, including the redesigned golf course that reopened in October 2019, to be approximately $425 million. As of December 31, 2019, we have incurred $351.3 million in total project costs.

Balance Sheet

Our cash and cash equivalents and restricted cash as of December 31, 2019 totaled $2.36 billion and was comprised of $1.81 billion at Wynn Macau, Limited and its subsidiaries, $125.8 million at Wynn Resorts Finance, LLC (excluding Wynn Macau, Limited and its subsidiaries), and $419.3 million at Wynn Resorts and other.

As previously disclosed, on December 17, 2019, Wynn Macau, Limited ("WML") issued $1.0 billion aggregate principal amount of 5 1/8% Senior Notes due 2029 (the "2029 WML Notes"). WML intends to use the net proceeds from the 2029 WML Notes to facilitate the repayment of a portion of the amounts outstanding under the Wynn Macau Term Loan.

2


Total current and long-term debt outstanding at December 31, 2019 was $10.4 billion, comprised of $4.96 billion of Macau related debt (inclusive of $1.0 billion of Wynn Macau Term Loan we anticipate we will repay in connection with the issuance of the 2029 WML Notes), $3.11 billion of Wynn Las Vegas debt, $1.72 billion of Wynn Resorts Finance debt, and $611.7 million of debt held by the retail joint venture which we consolidate.

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 6, 2020 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com.

On or before March 20, 2020, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2019 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, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political and economic conditions, adverse tourism trends, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development, and success of new gaming and resort properties, construction risks, cybersecurity risk and our leverage and debt service. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and the Company's other periodic reports filed with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

(1) "Adjusted net income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before litigation settlement expense, nonrecurring regulatory expense, pre-opening expenses, property charges and other, change in derivatives fair value, change in Redemption Note fair value, (loss) gain on extinguishment of debt, foreign currency remeasurement gain (loss), the impact from the enactment of U.S. tax reform, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income (loss) attributable to Wynn Resorts, Limited and adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income (loss) and earnings per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income (loss) attributable to Wynn Resorts, Limited and adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. 

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(2) "Adjusted Property EBITDA" is net income (loss) 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, (loss) gain on extinguishment of debt, change in derivatives 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 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 (loss), 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.

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 to Adjusted Property EBITDA, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

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

 Three Months Ended December 31,Twelve Months Ended December 31,
 2019201820192018
Operating revenues:
Casino$1,137,956  $1,220,795  $4,573,924  $4,784,990  
Rooms208,209  192,395  804,162  751,800  
Food and beverage199,073  173,165  818,822  754,128  
Entertainment, retail and other108,221  101,231  414,191  426,742  
Total operating revenues1,653,459  1,687,586  6,611,099  6,717,660  
Operating expenses:
Casino726,504  782,141  2,924,254  3,036,907  
Rooms71,053  64,712  276,095  254,549  
Food and beverage168,996  143,441  696,498  611,706  
Entertainment, retail and other40,570  44,466  170,206  183,113  
General and administrative230,682  215,872  896,670  761,415  
Litigation settlement—  —  —  463,557  
Provision for doubtful accounts8,859  3,941  21,898  6,527  
Pre-opening 2,797  18,235  102,009  53,490  
Depreciation and amortization175,054  138,911  624,878  550,596  
Property charges and other2,366  29,584  20,286  60,256  
Total operating expenses1,426,881  1,441,303  5,732,794  5,982,116  
Operating income226,578  246,283  878,305  735,544  
Other income (expense):
Interest income4,470  8,837  24,449  29,866  
Interest expense, net of amounts capitalized(113,049) (100,717) (414,030) (381,849) 
Change in derivatives fair value3,686  (4,466) (3,228) (4,520) 
Change in Redemption Note fair value—  —  —  (69,331) 
(Loss) gain on extinguishment of debt(241) (2,027) (12,437) 104  
Other18,505  (5,113) 15,159  (4,074) 
Other income (expense), net(86,629) (103,486) (390,087) (429,804) 
Income before income taxes139,949  142,797  488,218  305,740  
(Provision) benefit for income taxes(157,419) 372,713  (176,840) 497,344  
Net income (loss)(17,470) 515,510  311,378  803,084  
Less: net income attributable to noncontrolling interests(55,472) (50,644) (188,393) (230,654) 
Net income (loss) attributable to Wynn Resorts, Limited$(72,942) $464,866  $122,985  $572,430  
Basic and diluted income per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic$(0.68) $4.32  $1.15  $5.37  
Diluted$(0.68) $4.31  $1.15  $5.35  
Weighted average common shares outstanding:
Basic106,608  107,619  106,745  106,529  
Diluted106,608  107,974  106,985  107,032  
Dividends declared per common share:$1.00  $0.75  $3.75  $2.75  

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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,Twelve Months Ended December 31,
 2019201820192018
Net income (loss) attributable to Wynn Resorts, Limited$(72,942) $464,866  $122,985  $572,430  
Litigation settlement expense—  —  —  463,557  
Nonrecurring regulatory expense—  —  35,000  —  
Pre-opening expenses2,797  18,235  102,009  53,490  
Property charges and other2,366  29,584  20,286  60,256  
Change in derivatives fair value(3,686) 4,466  3,228  4,520  
Change in Redemption Note fair value—  —  —  69,331  
Loss (gain) on extinguishment of debt241  2,027  12,437  (104) 
Foreign currency remeasurement (gain) loss(18,505) 5,113  (15,159) 4,074  
Income tax impact on adjustments17,445  (23,599) (1,549) (137,975) 
Impact of U.S. tax reform—  (390,902) —  (390,902) 
Noncontrolling interests impact on adjustments6,714  (7,568) 226  (10,961) 
Adjusted net income (loss) income attributable to Wynn Resorts, Limited$(65,570) $102,222  $279,463  $687,716  
Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share$(0.62) $0.95  $2.61  $6.43  
Weighted average common shares outstanding - diluted106,608  107,974  106,985  107,032  

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

Three Months Ended December 31, 2019
Operating income (loss)Pre-opening expensesDepreciation and amortizationProperty charges and otherManagement and license feesCorporate expenses and otherStock-based compensationAdjusted Property EBITDA
Macau Operations:
   Wynn Palace$88,303  $—  $66,337  $(466) $20,853  $1,392  $1,198  $177,617  
   Wynn Macau123,161  1,699  23,601  (234) 18,475  1,536  1,848  170,086  
   Other Macau(3,547) —  1,115   —  2,162  265  —  
Total Macau Operations207,917  1,699  91,053  (695) 39,328  5,090  3,311  347,703  
Las Vegas Operations6,596  166  44,471  4,886  17,610  5,087  1,323  80,139  
Encore Boston Harbor(34,146) —  36,752  —  8,346  2,618  1,690  15,260  
Corporate and other 46,211  932  2,778  (1,825) (65,284) 13,584  3,604  —  
Total$226,578  $2,797  $175,054  $2,366  $—  $26,379  $9,928  $443,102  

Three Months Ended December 31, 2018
Operating income (loss)Pre-opening expensesDepreciation and amortizationProperty charges and otherManagement and license feesCorporate expenses and otherStock-based compensationAdjusted Property EBITDA
Macau Operations:
   Wynn Palace$129,228  $—  $66,037  $708  $27,977  $1,639  $996  $226,585  
   Wynn Macau114,310  —  21,699  7,020  20,993  1,822  1,716  167,560  
   Other Macau(3,117) —  1,114  11  —  1,821  171  —  
Total Macau Operations240,421  —  88,850  7,739  48,970  5,282  2,883  394,145  
Las Vegas Operations24,159  452  46,795  10,054  18,644  4,282  836  105,222  
Encore Boston Harbor(26,658) 17,508  1,189  14  4,500  3,447  —  —  
Corporate and other 8,361  275  2,077  11,777  (72,114) 45,117  4,507  —  
Total$246,283  $18,235  $138,911  $29,584  $—  $58,128  $8,226  $499,367  























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

Twelve Months Ended December 31, 2019
Operating income (loss)Pre-opening expensesDepreciation and amortizationProperty charges and otherManagement and license feesCorporate expenses and otherStock-based compensationAdjusted Property EBITDA
Macau Operations:
   Wynn Palace$359,286  $—  $264,758  $1,000  $94,111  $5,583  $4,797  $729,535  
   Wynn Macau461,821  2,224  90,448  4,860  74,076  6,515  8,893  648,837  
   Other Macau(15,586) —  4,465  23  —  10,023  1,075  —  
Total Macau Operations805,521  2,224  359,671  5,883  168,187  22,121  14,765  1,378,372  
Las Vegas Operations123,306  249  177,509  14,241  76,520  16,215  5,846  413,886  
Encore Boston Harbor(195,589) 96,649  78,378  25  26,731  14,524  2,432  23,150  
Corporate and other 145,067  2,887  9,320  137  (271,438) 97,368  16,659  —  
Total$878,305  $102,009  $624,878  $20,286  $—  $150,228  $39,702  $1,815,408  

Twelve Months Ended December 31, 2018
Operating income (loss)Pre-opening expensesDepreciation and amortizationProperty charges and otherManagement and license feesCorporate expenses and other (1)Stock-based compensationAdjusted Property EBITDA
Macau Operations:
   Wynn Palace$459,336  $—  $259,898  $9,830  $103,765  $6,732  $4,341  $843,902  
   Wynn Macau532,377  —  87,293  11,574  87,135  7,717  7,142  733,238  
   Other Macau(13,410) —  4,429  82  —  8,189  710  —  
Total Macau Operations978,303  —  351,620  21,486  190,900  22,638  12,193  1,577,140  
Las Vegas Operations170,007  460  186,758  14,886  77,537  14,134  3,491  467,273  
Encore Boston Harbor(81,398) 51,598  2,470  104  18,000  9,226  —  —  
Corporate and other (331,368) 1,432  9,748  23,780  (286,437) 562,038  20,807  —  
Total$735,544  $53,490  $550,596  $60,256  $—  $608,036  $36,491  $2,044,413  

(1) Corporate expenses and other includes litigation settlement expense of $463.6 million in the first quarter of 2018.



















8


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 December 31,Twelve Months Ended December 31,
 2019201820192018
Net income (loss) attributable to Wynn Resorts, Limited$(72,942) $464,866  $122,985  $572,430  
Net income attributable to noncontrolling interests55,472  50,644  188,393  230,654  
Litigation settlement expense—  —  —  463,557  
Pre-opening expenses2,797  18,235  102,009  53,490  
Depreciation and amortization175,054  138,911  624,878  550,596  
Property charges and other2,366  29,584  20,286  60,256  
Corporate expenses and other26,379  58,128  150,228  144,479  
Stock-based compensation9,928  8,226  39,702  36,491  
Interest income(4,470) (8,837) (24,449) (29,866) 
Interest expense, net of amounts capitalized113,049  100,717  414,030  381,849  
Change in derivatives fair value(3,686) 4,466  3,228  4,520  
Change in Redemption Note fair value—  —  —  69,331  
Loss (gain) on extinguishment of debt241  2,027  12,437  (104) 
Other (18,505) 5,113  (15,159) 4,074  
Provision (benefit) for income taxes157,419  (372,713) 176,840  (497,344) 
Adjusted Property EBITDA$443,102  $499,367  $1,815,408  $2,044,413  

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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,Twelve Months Ended December 31,
 20192018Percent Change20192018Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino$490,379  $636,949  (23.0) $2,139,756  $2,356,022  (9.2) 
Rooms43,194  44,606  (3.2) 174,576  170,067  2.7  
Food and beverage29,685  30,119  (1.4) 117,376  110,638  6.1  
Entertainment, retail and other26,727  28,888  (7.5) 111,986  120,839  (7.3) 
Total$589,985  $740,562  (20.3) $2,543,694  $2,757,566  (7.8) 
Adjusted Property EBITDA (6)
$177,617  $226,585  (21.6) $729,535  $843,902  (13.6) 
Casino Statistics:
VIP:
Average number of table games104  114  (8.8) 109  114  (4.4) 
VIP turnover$9,314,053  $16,156,992  (42.4) $45,847,647  $61,097,527  (25.0) 
VIP table games win (1)
$286,355  $525,898  (45.5) $1,519,225  $1,874,189  (18.9) 
VIP table games win as a % of turnover3.07 %3.25 %3.31 %3.07 %
Table games win per unit per day $29,897  $50,057  (40.3) $38,224  $45,006  (15.1) 
Mass market:
Average number of table games222  208  6.7  216  209  3.3  
Table drop (2)
$1,252,993  $1,300,388  (3.6) $5,122,897  $4,926,347  4.0  
Table games win (1)
$315,423  $307,368  2.6  $1,251,920  $1,206,244  3.8  
Table games win %25.2 %23.6 %24.4 %24.5 %
Table games win per unit per day $15,421  $16,084  (4.1) $15,902  $15,834  0.4  
Average number of slot machines940  1,074  (12.5) 1,054  1,065  (1.0) 
Slot machine handle$1,031,988  $1,011,482  2.0  $3,918,554  $3,933,064  (0.4) 
Slot machine win (3)
$53,110  $57,575  (7.8) $195,367  $203,568  (4.0) 
Slot machine win per unit per day $614  $583  5.3  $508  $524  (3.1) 
Room statistics:
Occupancy96.9 %97.2 %97.2 %96.5 %
ADR (4)
$268  $277  (3.2) $269  $265  1.5  
REVPAR (5)
$260  $269  (3.3) $262  $255  2.7  














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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,Twelve Months Ended December 31,
 20192018Percent Change20192018Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino$455,943  $479,027  (4.8) $1,796,209  $1,994,885  (10.0) 
Rooms28,316  29,919  (5.4) 110,387  113,495  (2.7) 
Food and beverage20,888  21,176  (1.4) 81,576  76,369  6.8  
Entertainment, retail and other20,236  23,259  (13.0) 81,857  109,776  (25.4) 
Total$525,383  $553,381  (5.1) $2,070,029  $2,294,525  (9.8) 
Adjusted Property EBITDA (6)
$170,086  $167,560  1.5  $648,837  $733,238  (11.5) 
Casino Statistics:
VIP:
Average number of table games99  111  (10.8) 106  111  (4.5) 
VIP turnover$7,931,833  $12,776,758  (37.9) $35,426,483  $57,759,607  (38.7) 
VIP table games win (1)
$259,729  $364,783  (28.8) $1,081,934  $1,588,002  (31.9) 
VIP table games win as a % of turnover3.27 %2.86 %3.05 %2.75 %
Table games win per unit per day $28,617  $35,851  (20.2) $27,864  $39,113  (28.8) 
Mass market:
Average number of table games213  205  3.9  207  203  2.0  
Table drop (2)
$1,391,906  $1,258,696  10.6  $5,410,439  $5,058,332  7.0  
Table games win (1)
$283,172  $255,736  10.7  $1,099,353  $1,014,484  8.4  
Table games win %20.3 %20.3 %20.3 %20.1 %
Table games win per unit per day $14,425  $13,554  6.4  $14,519  $13,698  6.0  
Average number of slot machines790  805  (1.9) 807  877  (8.0) 
Slot machine handle$825,763  $878,393  (6.0) $3,545,899  $3,740,096  (5.2) 
Slot machine win (3)
$42,669  $44,424  (4.0) $170,358  $161,384  5.6  
Slot machine win per unit per day $587  $600  (2.2) $578  $504  14.7  
Room statistics:
Occupancy99.3 %99.3 %99.2 %99.2 %
ADR (4)
$291  $294  (1.0) $286  $283  1.1  
REVPAR (5)
$289  $292  (1.0) $284  $281  1.1  













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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,Twelve Months Ended December 31,
 20192018Percent Change20192018Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino$75,665  $104,819  (27.8) $394,104  $434,083  (9.2) 
Rooms120,340  117,870  2.1  483,055  468,238  3.2  
Food and beverage120,257  121,872  (1.3) 558,782  567,121  (1.5) 
Entertainment, retail and other52,514  49,083  7.0  197,516  196,127  0.7  
Total$368,776  $393,644  (6.3) $1,633,457  $1,665,569  (1.9) 
Adjusted Property EBITDA (6)
$80,139  $105,222  (23.8) $413,886  $467,273  (11.4) 
Casino Statistics:
Average number of table games232  236  (1.7) 236  237  (0.4) 
Table drop (2)
$414,451  $508,472  (18.5) $1,690,132  $1,852,816  (8.8) 
Table games win (1)
$71,935  $113,892  (36.8) $395,439  $456,021  (13.3) 
Table games win %17.4 %22.4 %23.4 %24.6 %
Table games win per unit per day$3,364  $5,237  (35.8) $4,581  $5,282  (13.3) 
Average number of slot machines1,773  1,815  (2.3) 1,788  1,822  (1.9) 
Slot machine handle$942,940  $904,385  4.3  $3,427,820  $3,237,085  5.9  
Slot machine win (3)
$63,106  $58,407  8.0  $230,954  $213,025  8.4  
Slot machine win per unit per day $387  $350  10.6  $354  $320  10.6  
Room statistics:
Occupancy89.4 %88.6 %87.5 %87.5 %
ADR (4)
$322  $315  2.2  $325  $314  3.5  
REVPAR (5)
$288  $279  3.2  $284  $274  3.6  














12


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,Twelve Months Ended December 31,
 20192018Percent Change20192018Percent Change
Encore Boston Harbor Supplemental Information (7)
Operating revenues
Casino$115,969  $—  —  $243,855  $—  —  
Rooms16,359  —  —  36,144  —  —  
Food and beverage28,243  —  —  61,088  —  —  
Entertainment, retail and other8,744  —  —  22,832  —  —  
Total$169,315  $—  —  $363,919  $—  —  
Adjusted Property EBITDA (6)
$15,260  $—  —  $23,150  $—  —  
Casino Statistics:
Average number of table games160  —  —  152  —  —  
Table drop (2)
$362,696  $—  —  $778,898  $—  —  
Table games win (1)
$69,766  $—  —  $151,247  $—  —  
Table games win %19.2 %— %19.4 %— %
Table games win per unit per day$4,726  $—  —  $5,178  $—  —  
Average number of slot machines2,933  —  —  3,023  —  —  
Slot machine handle$856,446  $—  —  $1,847,080  $—  —  
Slot machine win (3)
$67,383  $—  —  $138,264  $—  —  
Slot machine win per unit per day $250  $—  —  $238  $—  —  
Room statistics:
Occupancy76.0 %— %72.6 %— %
ADR (4)
$352  $—  —  $391  $—  —  
REVPAR (5)
$267  $—  —  $284  $—  —  

(1) Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2) In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3) Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4) ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5) REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6) Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDA and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.
(7) Encore Boston Harbor opened on June 23, 2019.

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SOURCE:
Wynn Resorts, Limited
CONTACT:
Vincent Zahn
702-770-7555
investorrelations@wynnresorts.com
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