Wynn Resorts, Limited Reports Second Quarter 2023 Results

By: Wynn Resorts, Limited via Business Wire

August 09, 2023 at 16:02 PM EDT

Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the second quarter ended June 30, 2023.

Operating revenues were $1.60 billion for the second quarter of 2023, an increase of $687.0 million from $908.8 million for the second quarter of 2022. Net income attributable to Wynn Resorts, Limited was $105.2 million for the second quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $130.1 million for the second quarter of 2022. Diluted net income per share was $0.84 for the second quarter of 2023, compared to diluted net loss per share of $1.14 for the second quarter of 2022. Adjusted Property EBITDAR⁽¹⁾ was $524.5 million for the second quarter of 2023, compared to Adjusted Property EBITDAR of $179.2 million for the second quarter of 2022.

"Our second quarter results reflect continued strength in North America and Macau," said Craig Billings, CEO of Wynn Resorts, Limited. "In the U.S., Wynn Las Vegas and Encore Boston Harbor continue to perform well, generating a new second quarter record for Adjusted Property EBITDAR at our combined North American properties. In Macau, the post-COVID recovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, we were excited to begin construction on Wynn Al Marjan Island, which we believe will be a 'must see' tourism destination in the UAE."

Consolidated Results

Operating revenues were $1.60 billion for the second quarter of 2023, an increase of $687.0 million from $908.8 million for the second quarter of 2022. For the second quarter of 2023, operating revenues increased $409.7 million, $243.0 million, $17.0 million, $11.8 million, and $5.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, from the second quarter of 2022.

Net income attributable to Wynn Resorts, Limited was $105.2 million for the second quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $130.1 million for the second quarter of 2022. Diluted net income per share was $0.84 for the second quarter of 2023, compared to diluted net loss per share of $1.14 for the second quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited⁽²⁾ was $103.3 million, or $0.91 per diluted share, for the second quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $93.7 million, or $0.82 per diluted share, for the second quarter of 2022.

Adjusted Property EBITDAR was $524.5 million for the second quarter of 2023, an increase of $345.3 million compared to Adjusted Property EBITDAR of $179.2 million for the second quarter of 2022. For the second quarter of 2023, Adjusted Property EBITDAR increased $206.6 million, $130.0 million, $5.4 million, and $6.0 million at Wynn Palace, Wynn Macau, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $2.6 million at our Las Vegas Operations, from the second quarter of 2022.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on August 31, 2023 to stockholders of record as of August 21, 2023.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $468.4 million for the second quarter of 2023, an increase of $409.7 million from $58.7 million for the second quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $156.6 million for the second quarter of 2023, compared to $(50.0) million for the second quarter of 2022. VIP table games win as a percentage of turnover was 4.24%, above the property's expected range of 3.1% to 3.4% and above the (1.94)% experienced in the second quarter of 2022. Table games win percentage in mass market operations was 20.3%, above the 19.7% experienced in the second quarter of 2022.

Wynn Macau

Operating revenues from Wynn Macau were $301.6 million for the second quarter of 2023, an increase of $243.0 million from $58.6 million for the second quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $89.6 million for the second quarter of 2023, compared to $(40.4) million for the second quarter of 2022. VIP table games win as a percentage of turnover was 4.16%, above the property's expected range of 3.1% to 3.4% and below the 4.79% experienced in the second quarter of 2022. Table games win percentage in mass market operations was 17.7%, above the 14.1% experienced in the second quarter of 2022.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $578.1 million for the second quarter of 2023, an increase of $17.0 million from $561.1 million for the second quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the second quarter of 2023 was $224.1 million, compared to $226.7 million for the second quarter of 2022. Table games win percentage for the second quarter of 2023 was 22.9%, within the property's expected range of 22% to 26% and below the 24.6% experienced in the second quarter of 2022.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $221.9 million for the second quarter of 2023, an increase of $11.8 million from $210.2 million for the second quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the second quarter of 2023 was $69.1 million, compared to $63.7 million for the second quarter of 2022. Table games win percentage for the second quarter of 2023 was 22.3%, above the property's expected range of 18% to 22% and above the 21.9% experienced in the second quarter of 2022.

Balance Sheet

Our cash and cash equivalents as of June 30, 2023 totaled $3.65 billion, comprised of $1.62 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $837.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $1.20 billion held at Corporate and other. In addition, as of June 30, 2023, we had $144.5 million and $143.7 million in short-term investment securities held at WML and Corporate and other, respectively. As of June 30, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $737.0 million, and the WM Cayman II Revolver was fully drawn.

Total current and long-term debt outstanding at June 30, 2023 was $12.14 billion, comprised of $6.73 billion of Macau related debt, $2.65 billion of Wynn Las Vegas debt, $2.15 billion of WRF debt, and $613.8 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 August 9, 2023 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 August 14, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended June 30, 2023 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, adverse macroeconomic conditions and their impact on levels of income and consumer discretionary spending, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, uncertainty surrounding the pace of recovery of tourism and travel in Asia following the COVID-19 pandemic, 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, 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, 2022, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in derivatives fair value, loss on debt financing transactions, and foreign currency remeasurement and other, net of noncontrolling interests. 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 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 (loss) attributable to Wynn Resorts, Limited and adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to Wynn Resorts, Limited to adjusted net income (loss) attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Operating revenues:
Casino	$	912,999		$	359,585		$	1,679,991		$	849,447
Rooms		276,505			201,298			549,034			371,674
Food and beverage		257,036			229,816			489,647			403,836
Entertainment, retail and other		149,282			118,133			300,829			237,209
Total operating revenues		1,595,822			908,832			3,019,501			1,862,166
Operating expenses:
Casino		543,643			244,064			1,017,028			568,143
Rooms		73,783			65,070			146,485			123,785
Food and beverage		203,922			185,471			384,541			332,127
Entertainment, retail and other		85,999			74,985			178,481			163,889
General and administrative		257,321			200,378			517,093			397,158
Provision for credit losses		(6,640	)		(3,487	)		(7,184	)		(3,145	)
Pre-opening		1,477			4,502			5,955			6,949
Depreciation and amortization		169,962			162,968			338,774			347,524
Property charges and other		16,019			26,909			18,477			72,629
Total operating expenses		1,345,486			960,860			2,599,650			2,009,059
Operating income (loss)		250,336			(52,028	)		419,851			(146,893	)
Other income (expense):
Interest income		44,127			2,691			84,320			3,971
Interest expense, net of amounts capitalized		(190,243	)		(154,830	)		(377,983	)		(306,988	)
Change in derivatives fair value		24,336			1,562			47,382			8,962
Loss on debt financing transactions		(3,375	)		—			(15,611	)		—
Other		6,959			(10,099	)		(23,655	)		(25,226	)
Other income (expense), net		(118,196	)		(160,676	)		(285,547	)		(319,281	)
Income (loss) before income taxes		132,140			(212,704	)		134,304			(466,174	)
Provision for income taxes		(4,305	)		(718	)		(5,323	)		(1,858	)
Net income (loss)		127,835			(213,422	)		128,981			(468,032	)
Less: net (income) loss attributable to noncontrolling interests		(22,651	)		83,371			(11,465	)		154,657
Net income (loss) attributable to Wynn Resorts, Limited	$	105,184		$	(130,051	)	$	117,516		$	(313,375	)
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic	$	0.93		$	(1.14	)	$	1.04		$	(2.73	)
Diluted	$	0.84		$	(1.14	)	$	0.84		$	(2.73	)
Weighted average common shares outstanding:
Basic		112,889			114,471			112,821			114,749
Diluted		113,198			114,471			113,143			114,749

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 June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net income (loss) attributable to Wynn Resorts, Limited	$	105,184		$	(130,051	)	$	117,516		$	(313,375	)
Pre-opening expenses		1,477			4,502			5,955			6,949
Property charges and other		16,019			26,909			18,477			72,629
Change in derivatives fair value		(24,336	)		(1,562	)		(47,382	)		(8,962	)
Loss on debt financing transactions		3,375			—			15,611			—
Foreign currency remeasurement and other		(6,959	)		10,099			23,655			25,226
Income tax impact on adjustments		1,502			(8	)		10			(8	)
Noncontrolling interests impact on adjustments		7,078			(3,618	)		2,830			(15,807	)
Adjusted net income (loss) attributable to Wynn Resorts, Limited	$	103,340		$	(93,729	)	$	136,672		$	(233,348	)
Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share	$	0.91		$	(0.82	)	$	1.21		$	(2.03	)

Weighted average common shares outstanding - diluted		113,198			114,471			113,143			114,749

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

	Three Months Ended June 30, 2023
	Wynn Palace		Wynn Macau		Other Macau			Total Macau Operations		Las Vegas Operations		Encore Boston Harbor			Wynn Interactive			Corporate and Other			Total
Operating income (loss)	$	80,275	$	47,267	$	(5,855	)	$	121,687	$	123,270	$	(11,003	)	$	(25,670	)	$	42,052		$	250,336
Pre-opening expenses		—		—		—			—		—		336			1,141			—			1,477
Depreciation and amortization		53,908		20,527		380			74,815		57,521		30,198			5,123			2,305			169,962
Property charges and other		1,534		6,603		12			8,149		6,938		804			128			—			16,019
Management and license fees		15,074		9,487		—			24,561		27,441		10,746			—			(62,748	)		—
Corporate expenses and other		2,885		2,894		4,428			10,207		7,330		1,949			1,598			11,664			32,748
Stock-based compensation		2,931		2,812		1,035			6,778		1,621		443			2,716			6,727			18,285
Triple-net operating lease rent expense		—		—		—			—		—		35,631			—			—			35,631
Adjusted Property EBITDAR	$	156,607	$	89,590	$	—		$	246,197	$	224,121	$	69,104		$	(14,964	)	$	—		$	524,458

	Three Months Ended June 30, 2022
	Wynn Palace			Wynn Macau			Other Macau			Total Macau Operations			Las Vegas Operations		Encore Boston Harbor		Wynn Interactive			Corporate and Other			Total
Operating income (loss)	$	(107,742	)	$	(73,479	)	$	(4,103	)	$	(185,324	)	$	142,826	$	13,760	$	(57,321	)	$	34,031		$	(52,028	)
Pre-opening expenses		—			—			—			—			3,547		—		955			—			4,502
Depreciation and amortization		51,606			19,556			971			72,133			45,750		37,432		5,373			2,280			162,968
Property charges and other		313			6,478			4			6,795			955		19		26,395			(7,255	)		26,909
Management and license fees		2,258			2,272			—			4,530			26,349		10,164		—			(41,043	)		—
Corporate expenses and other		1,587			1,612			2,547			5,746			5,576		1,941		2,426			6,524			22,213
Stock-based compensation		2,028			3,171			581			5,780			1,703		430		1,219			5,463			14,595
Adjusted Property EBITDAR	$	(49,950	)	$	(40,390	)	$	—		$	(90,340	)	$	226,706	$	63,746	$	(20,953	)	$	—		$	179,159

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

	Six Months Ended June 30, 2023
	Wynn Palace		Wynn Macau		Other Macau			Total Macau Operations		Las Vegas Operations		Encore Boston Harbor			Wynn Interactive			Corporate and Other			Total
Operating income (loss)	$	120,143	$	59,516	$	(10,838	)	$	168,821	$	261,772	$	(25,952	)	$	(59,070	)	$	74,280		$	419,851
Pre-opening expenses		—		—		—			—		81		1,247			4,730			(103	)		5,955
Depreciation and amortization		108,075		41,177		760			150,012		114,202		60,132			9,839			4,589			338,774
Property charges and other		3,829		7,078		13			10,920		7,151		222			184			—			18,477
Management and license fees		26,904		16,762		—			43,666		55,253		21,249			—			(120,168	)		—
Corporate expenses and other		5,111		5,219		8,052			18,382		13,886		3,813			2,980			28,177			67,238
Stock-based compensation		3,603		4,583		2,013			10,199		3,373		893			5,305			13,225			32,995
Triple-net operating lease rent expense		—		—		—			—		—		70,914			—			—			70,914
Adjusted Property EBITDAR	$	267,665	$	134,335	$	—		$	402,000	$	455,718	$	132,518		$	(36,032	)	$	—		$	954,204

	Six Months Ended June 30, 2022
	Wynn Palace			Wynn Macau			Other Macau			Total Macau Operations			Las Vegas Operations		Encore Boston Harbor		Wynn Interactive			Corporate and Other			Total
Operating income (loss)	$	(167,243	)	$	(108,295	)	$	(8,050	)	$	(283,588	)	$	225,756	$	15,949	$	(162,356	)	$	57,346		$	(146,893	)
Pre-opening expenses		—			—			—			—			4,944		—		2,005			—			6,949
Depreciation and amortization		102,068			39,578			1,948			143,594			91,352		78,421		29,621			4,536			347,524
Property charges and other		451			7,947			5			8,403			2,277		640		68,356			(7,047	)		72,629
Management and license fees		7,443			6,596			—			14,039			47,376		19,502		—			(80,917	)		—
Corporate expenses and other		3,130			3,290			4,965			11,385			10,990		3,646		4,853			17,162			48,036
Stock-based compensation		3,337			5,812			1,132			10,281			3,389		838		5,067			8,920			28,495
Adjusted Property EBITDAR	$	(50,814	)	$	(45,072	)	$	—		$	(95,886	)	$	386,084	$	118,996	$	(52,454	)	$	—		$	356,740

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 June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net income (loss) attributable to Wynn Resorts, Limited	$	105,184		$	(130,051	)	$	117,516		$	(313,375	)
Net income (loss) attributable to noncontrolling interests		22,651			(83,371	)		11,465			(154,657	)
Pre-opening expenses		1,477			4,502			5,955			6,949
Depreciation and amortization		169,962			162,968			338,774			347,524
Property charges and other		16,019			26,909			18,477			72,629
Triple-net operating lease rent expense		35,631			—			70,914			—
Corporate expenses and other		32,748			22,213			67,238			48,036
Stock-based compensation		18,285			14,595			32,995			28,495
Interest income		(44,127	)		(2,691	)		(84,320	)		(3,971	)
Interest expense, net of amounts capitalized		190,243			154,830			377,983			306,988
Change in derivatives fair value		(24,336	)		(1,562	)		(47,382	)		(8,962	)
Loss on debt financing transactions		3,375			—			15,611			—
Other		(6,959	)		10,099			23,655			25,226
Provision for income taxes		4,305			718			5,323			1,858
Adjusted Property EBITDAR	$	524,458		$	179,159		$	954,204		$	356,740

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,
	2023			2022			Percent Change		2023			2022			Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino	$	365,277		$	27,194		1,243.2		$	635,964		$	141,607		349.1
Rooms		50,092			7,008		614.8			97,002			20,839		365.5
Food and beverage		25,260			6,857		268.4			48,813			18,300		166.7
Entertainment, retail and other		27,721			17,592		57.6			55,934			41,230		35.7
Total	$	468,350		$	58,651		698.5		$	837,713		$	221,976		277.4

Adjusted Property EBITDAR (6)	$	156,607		$	(49,950	)	NM		$	267,665		$	(50,814	)	NM

Casino Statistics:
VIP:
Average number of table games		57			46		23.9			54			56		(3.6	)
VIP turnover	$	3,042,338		$	344,462		783.2		$	5,335,696		$	1,310,017		307.3
VIP table games win (loss) (1)	$	129,030		$	(6,671	)	NM		$	191,478		$	13,082		1,363.7
VIP table games win (loss) as a % of turnover		4.24	%		(1.94	)%				3.59	%		1.00	%
Table games win (loss) per unit per day	$	24,728		$	(1,600	)	NM		$	19,697		$	1,284		1,434.0
Mass market:
Average number of table games		240			231		3.9			239			232		3.0
Table drop (2)	$	1,507,148		$	210,549		615.8		$	2,689,146		$	742,408		262.2
Table games win (1)	$	305,817		$	41,581		635.5		$	566,683		$	152,755		271.0
Table games win %		20.3	%		19.7	%				21.1	%		20.6	%
Table games win per unit per day	$	13,980		$	1,977		607.1		$	13,125		$	3,630		261.6
Average number of slot machines		586			634		(7.6	)		587			652		(10.0	)
Slot machine handle	$	579,626		$	130,404		344.5		$	1,126,224		$	381,333		195.3
Slot machine win (3)	$	27,583		$	4,922		460.4		$	53,008		$	17,571		201.7
Slot machine win per unit per day	$	517		$	85		508.2		$	499		$	149		234.9
Room statistics:
Occupancy		96.5	%		28.5	%				92.2	%		37.7	%
ADR (4)	$	318		$	145		119.3		$	319		$	166		92.2
REVPAR (5)	$	307		$	41		648.8		$	294		$	63		366.7
NM: Not meaningful.
Note: The results of operations of Wynn Palace for the three and six months ended June 30, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)

	Three Months Ended June 30,								Six Months Ended June 30,
	2023			2022			Percent Change		2023			2022			Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino	$	242,950		$	39,959		508.0		$	419,333		$	142,389		194.5
Rooms		26,130			4,762		448.7			48,101			14,152		239.9
Food and beverage		14,666			5,231		180.4			28,968			13,617		112.7
Entertainment, retail and other		17,847			8,631		106.8			35,917			23,525		52.7
Total	$	301,593		$	58,583		414.8		$	532,319		$	193,683		174.8

Adjusted Property EBITDAR (6)	$	89,590		$	(40,390	)	NM		$	134,335		$	(45,072	)	NM

Casino Statistics:
VIP:
Average number of table games		48			40		20.0			50			37		35.1
VIP turnover	$	1,390,272		$	301,645		360.9		$	2,534,496		$	1,188,695		113.2
VIP table games win (1)	$	57,828		$	14,446		300.3		$	88,579		$	48,475		82.7
VIP table games win as a % of turnover		4.16	%		4.79	%				3.49	%		4.08	%
Table games win per unit per day	$	13,257		$	4,006		230.9		$	9,808		$	7,181		36.6
Mass market:
Average number of table games		209			246		(15.0	)		213			247		(13.8	)
Table drop (2)	$	1,223,311		$	216,154		465.9		$	2,213,299		$	685,292		223.0
Table games win (1)	$	216,405		$	30,582		607.6		$	384,831		$	112,842		241.0
Table games win %		17.7	%		14.1	%				17.4	%		16.5	%
Table games win per unit per day	$	11,388		$	1,365		734.3		$	9,997		$	2,521		296.5
Average number of slot machines		533			665		(19.8	)		532			625		(14.9	)
Slot machine handle	$	519,807		$	199,312		160.8		$	989,576		$	482,851		104.9
Slot machine win (3)	$	15,452		$	6,329		144.1		$	31,749		$	16,941		87.4
Slot machine win per unit per day	$	319		$	105		203.8		$	330		$	150		120.0
Poker rake	$	5,376		$	60		NM		$	9,312		$	60		NM
Room statistics:
Occupancy		96.8	%		31.3	%				93.9	%		40.5	%
ADR (4)	$	269		$	150		79.3		$	256		$	174		47.1
REVPAR (5)	$	260		$	47		453.2		$	240		$	70		242.9
NM: Not meaningful.
Note: The results of operations of Wynn Macau for the three and six months ended June 30, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)

	Three Months Ended June 30,								Six Months Ended June 30,
	2023			2022			Percent Change		2023			2022			Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino	$	137,946		$	135,345		1.9		$	292,476		$	259,616		12.7
Rooms		177,765			167,116		6.4			362,874			298,582		21.5
Food and beverage		195,146			196,627		(0.8	)		367,629			332,656		10.5
Entertainment, retail and other		67,215			61,981		8.4			141,857			111,401		27.3
Total	$	578,072		$	561,069		3.0		$	1,164,836		$	1,002,255		16.2

Adjusted Property EBITDAR (6)	$	224,121		$	226,706		(1.1	)	$	455,718		$	386,084		18.0

Casino Statistics:
Average number of table games		235			237		(0.8	)		233			232		0.4
Table drop (2)	$	559,701		$	564,982		(0.9	)	$	1,160,447		$	1,112,898		4.3
Table games win (1)	$	128,012		$	138,879		(7.8	)	$	274,022		$	268,043		2.2
Table games win %		22.9	%		24.6	%				23.6	%		24.1	%
Table games win per unit per day	$	5,997		$	6,440		(6.9	)	$	6,490		$	6,372		1.9
Average number of slot machines		1,651			1,712		(3.6	)		1,660			1,720		(3.5	)
Slot machine handle	$	1,522,525		$	1,326,178		14.8		$	3,095,260		$	2,504,162		23.6
Slot machine win (3)	$	103,357		$	89,844		15.0		$	210,145		$	170,675		23.1
Slot machine win per unit per day	$	688		$	577		19.2		$	700		$	548		27.7
Poker rake	$	6,460		$	5,021		28.7		$	10,574		$	8,882		19.0
Room statistics:
Occupancy		90.6	%		90.5	%				89.7	%		83.8	%
ADR (4)	$	462		$	460		0.4		$	477		$	448		6.5
REVPAR (5)	$	418		$	417		0.2		$	428		$	375		14.1

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 June 30,								Six Months Ended June 30,
	2023			2022			Percent Change		2023			2022			Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino	$	166,826		$	157,087		6.2		$	332,218		$	305,835		8.6
Rooms		22,518			22,412		0.5			41,057			38,101		7.8
Food and beverage		21,964			21,101		4.1			44,237			39,263		12.7
Entertainment, retail and other		10,624			9,554		11.2			20,726			17,751		16.8
Total	$	221,932		$	210,154		5.6		$	438,238		$	400,950		9.3

Adjusted Property EBITDAR (6)	$	69,104		$	63,746		8.4		$	132,518		$	118,996		11.4

Casino Statistics:
Average number of table games		190			184		3.3			194			184		5.4
Table drop (2)	$	354,365		$	366,222		(3.2	)	$	720,406		$	712,417		1.1
Table games win (1)	$	79,072		$	80,263		(1.5	)	$	158,615		$	157,054		1.0
Table games win %		22.3	%		21.9	%				22.0	%		22.0	%
Table games win per unit per day	$	4,573		$	4,794		(4.6	)	$	4,512		$	4,716		(4.3	)
Average number of slot machines		2,561			2,781		(7.9	)		2,540			2,778		(8.6	)
Slot machine handle	$	1,300,237		$	1,232,427		5.5		$	2,596,664		$	2,415,740		7.5
Slot machine win (3)	$	106,726		$	99,424		7.3		$	210,799		$	194,720		8.3
Slot machine win per unit per day	$	458		$	393		16.5		$	459		$	387		18.6
Poker rake	$	5,211		$	1,241		319.9		$	10,893		$	2,026		437.7
Room statistics:
Occupancy		92.7	%		94.1	%				91.4	%		87.4	%
ADR (4)	$	400		$	391		2.3		$	372		$	360		3.3
REVPAR (5)	$	371		$	368		0.8		$	340		$	315		7.9

(1)	Table games win (loss) 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.

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Contacts

Price Karr

702-770-7555

investorrelations@wynnresorts.com