Wynn Resorts Results

Wynn Resorts Reports Second Quarter 2017 Results

Net revenues were $1.53 billion for the second quarter of 2017, an increase of 44.5%, or $470.9 million, from $1.06 billion for the same period of 2016. The increase was the result of $414.7 million from Wynn Palace, which opened in the third quarter of 2016, and increases of $43.4 million and $12.9 million from Wynn Macau and our Las Vegas Operations, respectively.

Wynn Resorts

Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the second quarter ended June 30, 2017.

Net revenues were $1.53 billion for the second quarter of 2017, an increase of 44.5%, or $470.9 million, from $1.06 billion for the same period of 2016. The increase was the result of $414.7 million from Wynn Palace, which opened in the third quarter of 2016, and increases of $43.4 million and $12.9 million from Wynn Macau and our Las Vegas Operations, respectively.

On a U.S. generally accepted accounting principles ("GAAP") basis, net income attributable to Wynn Resorts, Limited was $74.9 million, or $0.73 per diluted share, for the second quarter of 2017, an increase of 6.4%, or $4.5 million, from $70.4 million, or $0.69 per diluted share, for the same period of 2016. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of income from Wynn Palace, partially offset by an increase in interest expense as the Company is no longer capitalizing interest on Wynn Palace, losses on extinguishment of debt and an increase in the Redemption Note fair value. Adjusted net income attributable to Wynn Resorts, Limited (1) was $120.9 million, or $1.18 per diluted share, for the second quarter of 2017, compared to $108.7 million, or $1.07 per diluted share, for the same period of 2016.

Adjusted Property EBITDA (2) was $430.0 million for the second quarter of 2017, an increase of 37.5%, or $117.3 million, from $312.7 million for the same period of 2016, primarily as a result of $87.4 million from Wynn Palace and increases of $20.0 million and $9.9 million from Wynn Macau and our Las Vegas Operations, respectively.

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $0.50 per share, payable on August 22, 2017 to stockholders of record as of August 10, 2017.

Wynn Macau

Net revenues from Wynn Macau were $682.7 million for the second quarter of 2017, a 6.8% increase from $639.3 million for the same period of 2016. Adjusted Property EBITDA from Wynn Macau was $210.4 million for the second quarter of 2017, a 10.5% increase from $190.4 million for the same period of 2016.

Casino revenues from Wynn Macau were $654.7 million for the second quarter of 2017, a 7.4% increase from $609.8 million for the same period of 2016. Table games turnover in VIP operations was $16.02 billion, a 35.3% increase from $11.84 billion for the second quarter of 2016. VIP table games win as a percentage of turnover (calculated before commissions) was 3.53%, above the expected range of 2.7% to 3.0% and below the 3.98% experienced in the second quarter of 2016. Table drop in mass market operations was $1.07 billion, a 9.0% decrease from $1.17 billion for the second quarter of 2016. Table games win in mass market operations was $221.6 million, a 5.8% decrease from $235.2 million for the second quarter of 2016. Table games win percentage in mass market operations was 20.8%, above the 20.0% experienced in the second quarter of 2016. Slot machine handle was $867.9 million, a 7.6% increase from $806.5 million for the second quarter of 2016, while slot machine win increased 18.6% to $39.5 million.

Non-casino revenues before promotional allowances from Wynn Macau were $60.8 million for the second quarter of 2017, a 10.8% decrease from $68.1 million for the same period of 2016. Room revenues decreased 12.4%, to $25.7 million for the second quarter of 2017, from $29.3 million for the same period of 2016. Average daily rate ("ADR") was $258, a 19.6% decrease from $321 for the second quarter of 2016. Occupancy increased to 97.5% for the second quarter of 2017, from 91.5% for the same period of 2016. Revenue per available room ("REVPAR") was $252, a 14.3% decrease from $294 for the second quarter of 2016.

Wynn Palace

The Company opened Wynn Palace on August 22, 2016, with the second quarter of 2017 representing the third full quarter of operations for the resort.

Net revenues and Adjusted Property EBITDA from Wynn Palace were $414.7 million and $87.4 million, respectively, for the second quarter of 2017.

Casino revenues from Wynn Palace were $372.2 million for the second quarter of 2017. Table games turnover in VIP operations was $11.60 billion and table games win as a percentage of turnover (calculated before commissions) was 2.18%, below the expected range of 2.7% to 3.0%. Table drop in mass market operations was $729.0 million, table games win in mass market operations was $168.7 million and table games win percentage was 23.1%. Slot machine handle was $657.9 million and slot machine win was $34.8 million for the second quarter of 2017.

Non-casino revenues before promotional allowances from Wynn Palace were $79.5 million for the second quarter of 2017. Room revenues were $35.4 million with an ADR of $232, occupancy of 96.2% and REVPAR of $224.

Las Vegas Operations

Net revenues from our Las Vegas Operations were $431.9 million for the second quarter of 2017, a 3.1% increase from $419.1 million for the same period of 2016. Adjusted Property EBITDA from our Las Vegas Operations was $132.2 million, an 8.1% increase from $122.3 million for the second quarter of 2016.

Casino revenues from our Las Vegas Operations were $139.3 million for the second quarter of 2017, a 4.8% increase from $132.9 million for the same period of 2016. Table games drop was $419.3 million, a 1.9% decrease from $427.4 million for the second quarter of 2016. Table games win was $101.3 million, a 5.4% increase from $96.1 million for the second quarter of 2016. Table games win percentage was 24.2%, within the property’s expected range of 21% to 25% and above the 22.5% experienced in the second quarter of 2016. Slot machine handle was $764.8 million, a 1.9% increase from $750.4 million for the second quarter of 2016, while slot machine win increased 8.8% to $53.0 million.

Non-casino revenues before promotional allowances from our Las Vegas Operations were $332.2 million for the second quarter of 2017, a 1.5% increase from $327.4 million for the same period of 2016. Room revenues increased 1.4%, to $115.1 million for the second quarter of 2017, from $113.6 million for the same period of 2016. ADR was $302, a 1.9% decrease from $308 for the second quarter of 2016. Occupancy increased to 88.7% for the second quarter of 2017, from the 85.3% experienced in the same period of 2016. REVPAR was $268, a 1.9% increase from $263 for the second quarter of 2016. Food and beverage revenues increased 4.0%, to $160.1 million for the second quarter of 2017, compared to the same period of 2016. Entertainment, retail and other revenues decreased 4.9%, to $57.0 million for the second quarter of 2017, compared to the same period of 2016.

Wynn Boston Harbor Project in Massachusetts

The Company is currently constructing Wynn Boston Harbor, an integrated resort in Everett, Massachusetts, located adjacent to Boston along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings and food and beverage outlets. The total project budget, including gaming license fees, construction costs, capitalized interest, pre-opening expenses and land costs, is estimated to be approximately $2.4 billion. As of June 30, 2017, we have incurred $771.8 million in total project costs. We expect to open Wynn Boston Harbor in mid-2019.

Balance Sheet

Our cash and cash equivalents, restricted cash and investment securities at June 30, 2017 were $2.80 billion.

Total debt outstanding at the end of the quarter was $9.81 billion, including $3.82 billion of Macau related debt, $3.16 billion of Wynn Las Vegas debt and $2.83 billion at the parent company and other.

During the quarter, Wynn Las Vegas, LLC completed a cash tender offer and subsequent redemption of the $900 million 5 3/8% First Mortgage Notes due 2022 (the "2022 Notes"). In connection with this transaction, Wynn Las Vegas, LLC issued $900 million 5 1/4% Senior Notes due 2027 and used the net proceeds to cover the cost of extinguishing the 2022 Notes. As a result of these transactions, the Company recorded a $20.8 million loss on extinguishment of debt.

Non-GAAP Financial Measures

(1) “Adjusted net income attributable to Wynn Resorts, Limited” is net income attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in interest rate swap fair value, change in Redemption Note fair value, loss on extinguishment of debt, net of noncontrolling interests and 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 income 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 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.

(2) “Adjusted Property EBITDA” is net income before interest, taxes, depreciation and amortization, 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 on extinguishment of debt, change in interest rate swap fair value, change in Redemption Note fair value and other non-operating income and expenses, and includes equity in income from unconsolidated affiliates. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Wynn Resorts, Limited, have historically excluded from their EBITDA calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of the Company’s performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, 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 attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDA, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

           

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

 
Three Months Ended June 30, Six Months Ended June 30,
2017       2016 2017       2016
Operating revenues:
Casino $ 1,166,233 $ 742,659 $ 2,317,457 $ 1,475,389
Rooms 176,183 142,847 356,450 278,439
Food and beverage 194,113 170,631 346,953 301,075
Entertainment, retail and other 102,231   82,031   205,136   164,026  
Gross revenues 1,638,760 1,138,168 3,225,996 2,218,929
Less: promotional allowances (109,499 ) (79,804 ) (221,055 ) (162,887 )
Net revenues 1,529,261   1,058,364     3,004,941     2,056,042  
Operating expenses:
Casino 763,241 470,372 1,503,457 922,912
Rooms 45,818 38,040 90,324 75,749
Food and beverage 117,010 105,727 210,388 185,147
Entertainment, retail and other 42,608 37,674 85,827 75,973
General and administrative 164,169 119,505 324,131 236,950
(Benefit) provision for doubtful accounts (2,083 ) 2,478 (6,249 ) 3,184
Pre-opening 6,758 45,949 12,537 79,718
Depreciation and amortization 137,686 79,749 277,506 157,720
Property charges and other 7,165   11,331   10,201   12,852  
Total operating expenses 1,282,372   910,825   2,508,122   1,750,205  
Operating income 246,889   147,539   496,819   305,837  
Other income (expense):
Interest income 7,080 2,783 13,551 6,262
Interest expense, net of amounts capitalized (97,739 ) (69,257 ) (196,001 ) (114,029 )
Change in interest rate swap fair value (283 ) (1,036 ) (1,054 ) (2,861 )
Change in Redemption Note fair value (12,417 ) 7,982 (28,264 ) 2,979
Loss on extinguishment of debt (22,287 ) (22,287 )
Equity in income from unconsolidated affiliates 16
Other (11,840 ) (1,462 ) (17,947 ) (1,945 )
Other income (expense), net (137,486 ) (60,990 ) (252,002 ) (109,578 )
Income before income taxes 109,403 86,549 244,817 196,259
Benefit (provision) for income taxes (2,607 ) 2,893   (5,497 ) (1,025 )
Net income 106,796 89,442 239,320 195,234
Net income attributable to noncontrolling interests (31,880 ) (19,051 ) (63,589 ) (49,622 )
Net income attributable to Wynn Resorts, Limited $ 74,916   $ 70,391   $ 175,731   $ 145,612  
Basic and diluted income per common share:
Net income attributable to Wynn Resorts, Limited:
Basic $ 0.73 $ 0.69 $ 1.73 $ 1.44
Diluted $ 0.73 $ 0.69 $ 1.72 $ 1.43
Weighted average common shares outstanding:
Basic 101,944 101,438 101,851 101,415
Diluted 102,494 101,881 102,274 101,792
Dividends declared per common share: $ 0.50 $ 0.50 $ 1.00 $ 1.00
 
 
           

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED

(in thousands, except per share data)

(unaudited)

 
Three Months Ended June 30, Six Months Ended June 30,
2017       2016 2017       2016
Net income attributable to Wynn Resorts, Limited $ 74,916 $ 70,391 $ 175,731 $ 145,612
Pre-opening expenses 6,758 45,949 12,537 79,718
Property charges and other 7,165 11,331 10,201 12,852
Change in interest rate swap fair value 283 1,036 1,054 2,861
Change in Redemption Note fair value 12,417 (7,982 ) 28,264 (2,979 )
Loss on extinguishment of debt 22,287 22,287
Income tax impact on adjustments (2,439 ) (469 ) (1,770 ) (83 )
Noncontrolling interests impact on adjustments (493 ) (11,585 ) (934 ) (19,778 )
Adjusted net income attributable to Wynn Resorts, Limited $ 120,894   $ 108,671   $ 247,370   $ 218,203  
Adjusted net income attributable to Wynn Resorts, Limited per diluted share $ 1.18   $ 1.07   $ 2.42   $ 2.14  
 
Weighted average common shares outstanding - diluted 102,494 101,881 102,274 101,792
 
 
     

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 
Three Months Ended June 30, 2017

Operating

income

(loss)

   

Pre-opening

expenses

   

Depreciation

and

amortization

   

Property

charges and

other

   

Management

and license

fees

   

Corporate

expense

and other

   

Stock-based

compensation

   

Adjusted

Property

EBITDA

Macau Operations:
Wynn Macau $ 153,711 $ $ 24,600 $ 821 $ 26,818 $ 2,344 $ 2,104 $ 210,398
Wynn Palace 3,140 64,092 662 16,080 2,161 1,268 87,403
Other Macau (2,996 )   1,130   6     1,692   168  
Total Macau Operations 153,855 89,822 1,489 42,898 6,197 3,540 297,801
Las Vegas Operations 60,868 272 45,155 5,683 12,263 7,496 473 132,210
Corporate and Other 32,166   6,486   2,709   (7 ) (55,161 ) 7,240   6,567  
Total $ 246,889   $ 6,758   $ 137,686   $ 7,165   $   $ 20,933   $ 10,580   $ 430,011
 
 
Three Months Ended June 30, 2016

Operating

income

(loss)

Pre-opening

expenses

Depreciation

and

amortization

Property

charges and

other

Management

and license

fees

Corporate

expense

and other

Stock-based

compensation

Adjusted

Property

EBITDA

Macau Operations:
Wynn Macau $ 133,845 $ $ 25,069 $ 1,082 $ 24,373 $ 3,196 $ 2,824 $ 190,389
Wynn Palace (44,839 ) 39,339 5,322 178
Other Macau (4,042 )   721   1     2,324   996  
Total Macau Operations 84,964 39,339 31,112 1,261 24,373 5,520 3,820 190,389
Las Vegas Operations 46,361 1,429 45,752 10,070 13,197 4,852 629 122,290
Corporate and Other 16,214   5,181   2,885     (37,570 ) 7,442   5,848  
Total $ 147,539   $ 45,949   $ 79,749   $ 11,331   $   $ 17,814   $ 10,297   $ 312,679
 
 
     

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands) (unaudited)

(continued)

 
Six Months Ended June 30, 2017

Operating

income

(loss)

   

Pre-opening

expenses

   

Depreciation

and

amortization

   

Property

charges and

other

   

Management

and license

fees

   

Corporate

expense

and other

   

Stock-based

compensation

   

Adjusted

Property

EBITDA

Macau Operations:
Wynn Macau $ 281,852 $ $ 49,309 $ 1,536 $ 49,628 $ 5,202 $ 3,977 $ 391,504
Wynn Palace 28,011 128,687 760 34,751 4,546 2,504 199,259
Other Macau (5,964 )   2,261   6     3,369   328  
Total Macau Operations 303,899 180,257 2,302 84,379 13,117 6,809 590,763
Las Vegas Operations 128,334 511 92,012 7,410 24,733 12,843 944 266,787
Corporate and Other 64,586   12,026   5,237   489   (109,112 ) 15,740   11,034  
Total $ 496,819   $ 12,537   $ 277,506   $ 10,201   $   $ 41,700   $ 18,787   $ 857,550
 
 
Six Months Ended June 30, 2016

Operating

income

(loss)

Pre-opening

expenses

Depreciation

and

amortization

Property

charges and

other (1)

Management

and license

fees

Corporate

expense

and other

Stock-based

compensation

Adjusted

Property

EBITDA

Macau Operations:
Wynn Macau $ 270,027 $ $ 49,843 $ 2,448 $ 47,136 $ 6,447 $ 5,733 $ 381,634
Wynn Palace (75,378 ) 65,597 9,603 178
Other Macau (9,133 )   1,476   1     5,476   2,180  
Total Macau Operations 185,516 65,597 60,922 2,627 47,136 11,923 7,913 381,634
Las Vegas Operations 91,373 2,135 90,946 10,241 25,522 9,690 1,407 231,314
Corporate and Other 28,948   11,986   5,852     (72,658 ) 14,384   11,488  
Total $ 305,837   $ 79,718   $ 157,720   $ 12,868   $   $ 35,997   $ 20,808   $ 612,948
 

(1) Amounts previously presented as equity in income from unconsolidated affiliates have been combined with property charges and other to be consistent with current year presentation.

           

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 
Three Months Ended June 30, Six Months Ended June 30,
2017       2016 2017       2016
Net income attributable to Wynn Resorts, Limited $ 74,916 $ 70,391 $ 175,731 $ 145,612
Net income attributable to noncontrolling interests 31,880 19,051 63,589 49,622
Pre-opening expenses 6,758 45,949 12,537 79,718
Depreciation and amortization 137,686 79,749 277,506 157,720
Property charges and other 7,165 11,331 10,201 12,852
Corporate expense and other 20,933 17,814 41,700 35,997
Stock-based compensation 10,580 10,297 18,787 20,808
Interest income (7,080 ) (2,783 ) (13,551 ) (6,262 )
Interest expense, net of amounts capitalized 97,739 69,257 196,001 114,029
Change in interest rate swap fair value 283 1,036 1,054 2,861
Change in Redemption Note fair value 12,417 (7,982 ) 28,264 (2,979 )
Loss on extinguishment of debt 22,287 22,287
Other expenses 11,840 1,462 17,947 1,945
Provision (benefit) for income taxes 2,607   (2,893 ) 5,497   1,025  
Adjusted Property EBITDA $ 430,011   $ 312,679   $ 857,550   $ 612,948  
 
 
           

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited)

 
Three Months Ended June 30, Six Months Ended June 30,
2017       2016 2017       2016
Macau Operations:
Wynn Macau:
VIP:
Average number of table games 98 183 92 186
VIP turnover $ 16,023,080 $ 11,841,200 $ 29,307,843 $ 25,311,139
VIP table games win $ 566,091 $ 470,976 $ 1,005,002 $ 849,628
VIP table games win as a % of turnover 3.53 % 3.98 % 3.43 % 3.36 %
Table games win per unit per day (1) $ 63,735 $ 28,239 $ 60,129 $ 25,052
Mass market:
Average number of table games 205 238 204 242
Table drop (2) $ 1,067,718 $ 1,173,234 $ 2,204,614 $ 2,383,334
Table games win $ 221,567 $ 235,197 $ 434,471 $ 482,697
Table games win % 20.8 % 20.0 % 19.7 % 20.3 %
Table games win per unit per day (1) $ 11,903 $ 10,853 $ 11,755 $ 10,974
Average number of slot machines 917 775 901 778
Slot machine handle $ 867,889 $ 806,453 $ 1,724,572 $ 1,902,790
Slot machine win $ 39,531 $ 33,330 $ 78,085 $ 83,771
Slot machine win per unit per day (3) $ 474 $ 472 $ 479 $ 591
Room statistics:
Occupancy 97.5 % 91.5 % 96.6 % 93.1 %
ADR (4) $ 258 $ 321 $ 262 $ 323
REVPAR (5) $ 252 $ 294 $ 253 $ 300
 
Wynn Palace (6):
VIP:
Average number of table games 105 98
VIP turnover $ 11,604,672 $ $ 22,646,354 $
VIP table games win $ 252,641 $ $ 587,383 $
VIP table games win as a % of turnover 2.18 % % 2.59 % %
Table games win per unit per day (1) $ 26,541 $ $ 33,141 $
Mass market:
Average number of table games 202 206
Table drop (2) $ 729,006 $ $ 1,499,024 $
Table games win $ 168,746 $ $ 336,373 $
Table games win % 23.1 % % 22.4 % %
Table games win per unit per day (1) $ 9,203 $ $ 9,019 $
Average number of slot machines 1,025 1,011
Slot machine handle $ 657,850 $ $ 1,315,430 $
Slot machine win $ 34,814 $ $ 68,748 $
Slot machine win per unit per day (3) $ 373 $ $ 376 $
Room statistics:
Occupancy 96.2 % % 95.9 % %
ADR (4) $ 232 $ $ 245 $
REVPAR (5) $ 224 $ $ 235 $
 
 
           

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(continued) (unaudited)

 
Three Months Ended June 30, Six Months Ended June 30,
2017       2016 2017       2016
Las Vegas Operations:
Average number of table games 234 237 235 237
Table drop (2) $ 419,338 $ 427,418 $ 877,935 $ 902,580
Table games win $ 101,300 $ 96,138 $ 232,147 $ 221,184
Table games win % 24.2 % 22.5 % 26.4 % 24.5 %
Table games win per unit per day (1) $ 4,749 $ 4,450 $ 5,448 $ 5,121
Average number of slot machines 1,836 1,885 1,871 1,887
Slot machine handle $ 764,786 $ 750,380 $ 1,530,700 $ 1,467,840
Slot machine win $ 53,017 $ 48,742 $ 102,735 $ 98,327
Slot machine win per unit per day (3) $ 317 $ 284 $ 303 $ 286
Room statistics:
Occupancy 88.7 % 85.3 % 87.1 % 83.5 %
ADR (4) $ 302 $ 308 $ 308 $ 303
REVPAR (5) $ 268 $ 263 $ 268 $ 253
 

(1) Table games win per unit per day is shown before discounts and commissions, as applicable.

(2) In Macau, table drop is the amount of cash that is deposited in a gaming table’s drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table’s drop box.

(3) Slot machine win per unit per day 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 the retail value of promotional allowances (less service charges, if any) by total rooms occupied including complimentary rooms.

(5) REVPAR is revenue per available room and is calculated by dividing total room revenues including the retail value of promotional allowances (less service charges, if any) by total rooms available.

(6) Wynn Palace opened on August 22, 2016.



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