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Wynn Resorts, Limited Reports Fourth Quarter and Year End 2017 Results

Wynn Resorts, Limited (NASDAQ: WYNN) today reported financial results for the fourth quarter and year ended December 31, 2017.

Net revenues were $1.69 billion for the fourth quarter of 2017, an increase of 29.9%, or $388.7 million, from $1.30 billion for the same period of 2016. The increase in net revenues was the result of increases of $274.7 million from Wynn Palace and $120.2 million from Wynn Macau, partially offset by a decrease of $6.2 million from our Las Vegas Operations.

On a U.S. generally accepted accounting principles (“GAAP”) basis, net income attributable to Wynn Resorts, Limited was $491.7 million, or $4.77 per diluted share, for the fourth quarter of 2017, compared to $113.8 million, or $1.12 per diluted share, for the same period of 2016. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of the income tax benefit from U.S. tax reform and increases in operating income from Wynn Palace and Wynn Macau, partially offset by a smaller decrease in the Redemption Note fair value. Adjusted net income attributable to Wynn Resorts, Limited (1) was $144.3 million, or $1.40 per diluted share, for the fourth quarter of 2017, compared to $50.8 million, or $0.50 per diluted share, for the same period of 2016.

During the fourth quarter of 2017, legislation commonly known as the U.S. Tax Cuts and Jobs Act (“U.S. tax reform”) was enacted. As a result, fourth quarter 2017 results reflect an estimated net tax benefit of $339.9 million in accordance with GAAP as a result of revaluing the Company’s U.S. deferred tax assets and liabilities. This estimated net benefit is based on the Company’s initial analysis of the U.S. tax reform and may be adjusted in future periods as the Company collects additional information and evaluates any regulatory guidance.

Adjusted Property EBITDA (2) was $480.2 million for the fourth quarter of 2017, an increase of 40.9%, or $139.3 million, from $340.9 million for the same period of 2016, primarily the result of increases of $112.6 million from Wynn Palace and $37.2 million from Wynn Macau, partially offset by a decrease of $10.5 million from our Las Vegas Operations.

For the full year, net revenues were $6.31 billion in 2017, an increase of 41.2%, or $1.84 billion, from $4.47 billion for the same period of 2016. The increase in net revenues was the result of increases of $1.56 billion, $221.7 million and $62.5 million from Wynn Palace, which opened in August 2016, Wynn Macau and our Las Vegas Operations, respectively.

On a GAAP basis, net income attributable to Wynn Resorts, Limited was $747.2 million, or $7.28 per diluted share, in 2017, compared to $242.0 million, or $2.38 per diluted share, for the same period of 2016. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of the income tax benefit from U.S. tax reform and increases in operating income from Wynn Palace, Wynn Macau and our Las Vegas Operations, partially offset by increases in the Redemption Note fair value and interest expense as the Company is no longer capitalizing interest on Wynn Palace. Adjusted net income attributable to Wynn Resorts, Limited (1) was $560.5 million, or $5.46 per diluted share, in 2017, compared to $345.9 million, or $3.40 per diluted share, for the same period of 2016.

Adjusted Property EBITDA (2) was $1.81 billion in 2017, an increase of 43.8%, or $551.4 million, from $1.26 billion for the same period of 2016. The increase in Adjusted Property EBITDA was the result of increases of $424.5 million, $79.2 million, $47.7 million from Wynn Palace, 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 February 27, 2018 to stockholders of record as of February 15, 2018.

Macau Operations

Wynn Macau

Net revenues from Wynn Macau were $618.6 million for the fourth quarter of 2017, a 24.1% increase from $498.4 million for the same period of 2016. Adjusted Property EBITDA from Wynn Macau was $186.0 million for the fourth quarter of 2017, a 25.0% increase from $148.9 million for the same period of 2016.

Casino revenues from Wynn Macau were $582.9 million for the fourth quarter of 2017, a 25.3% increase from $465.3 million for the same period of 2016. Table games turnover in VIP operations was $15.62 billion, a 44.7% increase from $10.80 billion for the fourth quarter of 2016. VIP table games win as a percentage of turnover (calculated before commissions) was 2.89%, within the expected range of 2.7% to 3.0% and below the 3.08% we experienced in the fourth quarter of 2016. Table drop in mass market operations was $1.25 billion, a 14.1% increase from $1.10 billion for the fourth quarter of 2016. Table games win in mass market operations was $230.1 million, an 18.6% increase from $193.9 million for the fourth quarter of 2016. Table games win percentage in mass market operations was 18.4%, above the 17.7% experienced for the fourth quarter of 2016. Slot machine handle was $937.6 million, a 16.8% increase from $802.6 million for the fourth quarter of 2016, while slot machine win increased 25.3% to $40.8 million.

Non-casino revenues before promotional allowances from Wynn Macau were $73.9 million for the fourth quarter of 2017, a 14.5% increase from the $64.6 million for the same period of 2016. Room revenues were flat at $25.9 million for the fourth quarter of 2017, compared to the same period of 2016. Our average daily rate (“ADR”) was $258, a 1.5% decrease from $262 for the fourth quarter of 2016. Occupancy increased to 99.4% for the fourth quarter of 2017, from 96.3% for the same period of 2016. Revenue per available room (“REVPAR”) was $257, a 2.0% increase from $252 for the fourth quarter of 2016.

Wynn Palace

Net revenues from Wynn Palace were $693.4 million for the fourth quarter of 2017, a 65.6% increase from $418.7 million for the same period of 2016. Adjusted Property EBITDA from Wynn Palace was $190.1 million for the fourth quarter of 2017, a 145.3% increase from $77.5 million for the same period of 2016.

Casino revenues from Wynn Palace were $648.6 million for the fourth quarter of 2017, a 73.8% increase from $373.2 million for the same period of 2016. Table games turnover in VIP operations was $16.23 billion, a 57.1% increase from $10.33 billion for the fourth quarter of 2016. VIP table games win as a percentage of turnover (calculated before commissions) was 3.02%, above the expected range of 2.7% to 3.0% and the 2.68% we experienced in the fourth quarter of 2016. Table drop in mass market operations was $1.12 billion, a 55.1% increase from $725.0 million for the fourth quarter of 2016. Table games win in mass market operations was $264.5 million, a 65.7% increase from $159.6 million for the fourth quarter of 2016. Table games win percentage in mass market operations was 23.5%, above the 22.0% experienced for the fourth quarter of 2016. Slot machine handle was $920.6 million, a 72.3% increase from $534.4 million for the fourth quarter of 2016, while slot machine win increased 96.2% to $55.0 million.

Non-casino revenues before promotional allowances from Wynn Palace were $90.8 million for the fourth quarter of 2017, a 5.5% increase from $86.1 million for the same period of 2016. Room revenues were $38.9 million for the fourth quarter of 2017, a 4.1% decrease from $40.6 million for the same period of 2016. ADR was $236, a 13.2% decrease from $272 for the fourth quarter of 2016. Occupancy increased to 96.8% for the fourth quarter of 2017, from 88.4% for the same period of 2016. REVPAR was $228, a 5.4% decrease from $241 for the fourth quarter of 2016.

Las Vegas Operations

Net revenues from our Las Vegas Operations were $377.0 million for the fourth quarter of 2017, a 1.6% decrease from $383.3 million for the same period of 2016. Adjusted Property EBITDA from our Las Vegas Operations was $104.1 million for the fourth quarter of 2017, a 9.2% decrease from $114.6 million for the same period of 2016.

Casino revenues from our Las Vegas Operations were $142.7 million for the fourth quarter of 2017, a 14.1% decrease from $166.0 million for the same period of 2016. Table games drop was $430.8 million, a 4.8% decrease from $452.5 million for the fourth quarter of 2016. Table games win was $101.3 million, an 18.6% decrease from $124.5 million for the fourth quarter of 2016. Table games win percentage was 23.5%, within the expected range of 21% to 25% and below the 27.5% experienced for the fourth quarter of 2016. Slot machine handle was $833.2 million, a 3.3% decrease from $862.1 million for the fourth quarter of 2016, while slot win decreased 1.2% to $56.6 million.

Non-casino revenues before promotional allowances from our Las Vegas Operations were $275.2 million for the fourth quarter of 2017, a 5.8% increase from $260.2 million for the same period of 2016. Room revenues were $107.8 million for the fourth quarter of 2017, a 1.9% increase from $105.7 million for the same period of 2016. ADR was $305, a 4.8% increase from $291 for the fourth quarter of 2016. Occupancy decreased to 82.1% for the fourth quarter of 2017, from 84.1% for the same period of 2016. REVPAR was $250, a 2.0% increase from $245 for the fourth quarter of 2016. Food and beverage revenues increased 9.9%, to $108.0 million for the fourth quarter of 2017, compared to the same period of 2016. Entertainment, retail and other revenues increased 5.8%, to $59.5 million for the fourth quarter of 2017, compared to the same period of 2016.

Retail Joint Venture

In December 2016, the Company entered into a joint venture arrangement (the “Retail Joint Venture”), of which the Company owns 50.1%, with Crown Acquisitions Inc. (“Crown”) to own and operate approximately 88,000 square feet of existing retail space at Wynn Las Vegas. In November 2017, the Company contributed approximately 74,000 square feet of additional retail space to the Retail Joint Venture, the majority of which is currently under construction at Wynn Las Vegas, and received cash of $180.0 million from Crown. The Company expects to open the additional retail space in the third quarter of 2018. Based on the applicable accounting guidance, the Company will continue to consolidate the Retail Joint Venture in its consolidated financial statements.

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 December 31, 2017, we have incurred $1.13 billion 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 as of December 31, 2017 totaled $3.13 billion.

Total debt outstanding at the end of the quarter was $9.63 billion, including $3.60 billion of Macau related debt, $3.16 billion of Wynn Las Vegas debt and $2.87 billion at the parent company and other.

During the fourth quarter of 2017, Wynn Macau, Limited redeemed the remaining $403.6 million of untendered 5 1/4 % Senior Notes, due 2021 and recorded a $12.3 million loss on extinguishment of debt.

In December 2017, we reached agreements to acquire approximately 38 acres of land on the Las Vegas Strip directly across from Wynn Las Vegas for $336.2 million, approximately 16 acres of which are subject to a ground lease that expires in 2097. We currently expect to complete these transactions in the first quarter of 2018.

 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

 
  Three Months Ended December 31,   Twelve Months Ended December 31,
2017   2016 2017   2016
Operating revenues:
Casino $ 1,374,260 $ 1,004,533 $ 4,948,319 $ 3,268,141
Rooms 172,644 172,225 704,202 603,272
Food and beverage 153,135 132,442 690,942 601,514
Entertainment, retail and other 114,147   106,172   424,783   363,428  
Gross revenues 1,814,186 1,415,372 6,768,246 4,836,355
Less: promotional allowances (125,090 ) (114,939 ) (461,878 ) (370,058 )
Net revenues 1,689,096   1,300,433     6,306,368   4,466,297  
Operating expenses:
Casino 894,294 651,208 3,197,729 2,079,740
Rooms 43,117 41,967 177,511 157,904
Food and beverage 86,985 80,754 410,825 375,234
Entertainment, retail and other 47,342 45,018 177,328 161,144
General and administrative 182,848 166,985 685,485 548,141
(Benefit) provision for doubtful accounts (2,118 ) 7,387 (6,711 ) 8,203
Pre-opening 7,247 4,221 26,692 154,717
Depreciation and amortization 136,880 140,543 552,368 404,730
Property charges and other (8,918 ) 23,456   29,576   54,822  
Total operating expenses 1,387,677   1,161,539   5,250,803   3,944,635  
Operating income 301,419   138,894   1,055,565   521,662  
Other income (expense):
Interest income 9,195 3,596 31,193 13,536
Interest expense, net of amounts capitalized (96,789 ) (95,667 ) (388,664 ) (289,365 )
Change in interest rate swap fair value 2,126 (1,056 )

433

Change in Redemption Note fair value 10,282 84,282 (59,700 ) 65,043
Loss on extinguishment of debt (12,299 ) (55,360 )
Equity in income from unconsolidated affiliates 16
Other (1,869 ) 318   (21,709 )

(728

)

Other income (expense), net (91,480 ) (5,345 ) (495,296 )

(211,065

)

Income before income taxes 209,939 133,549 560,269 310,597
Benefit (provision) for income taxes 334,025   (6,983 ) 328,985  

(8,128

)

Net income 543,964 126,566 889,254 302,469
Less: net income attributable to noncontrolling interests (52,282 ) (12,766 ) (142,073 )

(60,494

)

Net income attributable to Wynn Resorts, Limited $ 491,682   $ 113,800   $ 747,181   $ 241,975  
Basic and diluted income per common share:
Net income attributable to Wynn Resorts, Limited:
Basic $ 4.80 $ 1.12 $ 7.32 $ 2.39
Diluted $ 4.77 $ 1.12 $ 7.28 $ 2.38
Weighted average common shares outstanding:
Basic 102,402 101,509 102,071 101,445
Diluted 103,065 101,910 102,598 101,855
Dividends declared per common share: $ 0.50 $ 0.50 $ 2.00 $ 2.00
 

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 December 31,   Twelve Months Ended December 31,
2017   2016 2017   2016
Net income attributable to Wynn Resorts, Limited $ 491,682 $ 113,800 $ 747,181 $ 241,975
Pre-opening expenses 7,247 4,221 26,692 154,717
Property charges and other (8,918 ) 23,456 29,576 54,822
Change in interest rate swap fair value (2,126 ) 1,056 (433 )
Change in Redemption Note fair value (10,282 ) (84,282 ) 59,700 (65,043 )
Loss on extinguishment of debt 12,299 55,360
Foreign currency remeasurement (gain) loss 1,869 (318 ) 21,709 728
Income tax impact on adjustments (8,158 ) (4,611 ) (19,911 ) (3,013 )
Impact of U.S. tax reform (339,921 ) (339,921 )
Noncontrolling interests impact on adjustments (1,489 ) 635   (20,972 ) (37,838 )
Adjusted net income attributable to Wynn Resorts, Limited $ 144,329   $ 50,775   $ 560,470   $ 345,915  
Adjusted net income attributable to Wynn Resorts, Limited per diluted share $ 1.40   $ 0.50   $ 5.46   $ 3.40  
 
Weighted average common shares outstanding – diluted 103,065 101,910 102,598 101,855
 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 
    Three Months Ended December 31, 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 $ 133,923 $ $ 23,249 $ (1,244 ) $ 24,042 $ 3,499 $ 2,560 $ 186,029
Wynn Palace 101,443 64,475 (7,590 ) 27,014 3,213 1,541 190,096
Other Macau (2,686 )   1,107   16     1,395   168  
Total Macau Operations 232,680 88,831 (8,818 ) 51,056 8,107 4,269 376,125
Las Vegas Operations 37,338 (522 ) 45,318 (5,059 ) 17,352 8,995 679 104,101
Corporate and Other 31,401   7,769   2,731   4,959   (68,408 ) 11,815   9,733  
Total $ 301,419   $ 7,247   $ 136,880   $ (8,918 ) $   $ 28,917   $ 14,681   $ 480,226
    Three Months Ended December 31, 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 $ 95,622 $ $ 23,997 $ 1,291 $ 18,846 $ 4,643 $ 4,467 $ 148,866
Wynn Palace (8,035 ) (1,371 ) 64,722 243 16,510 4,360 1,060 77,489
Other Macau (2,755 )   1,130   1     1,644   (20 )
Total Macau Operations 84,832 (1,371 ) 89,849 1,535 35,356 10,647 5,507 226,355
Las Vegas Operations 40,046 75 47,768 7,848 12,072 5,751 1,029 114,589
Corporate and Other 14,016   5,517   2,926   14,073   (47,428 ) 3,070   7,826  
Total $ 138,894   $ 4,221   $ 140,543   $ 23,456   $   $ 19,468   $ 14,362   $ 340,944
 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands) (unaudited)

(continued)

 
    Twelve Months Ended December 31, 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 $ 540,341 $ $ 97,292 $ 6,688 $ 96,769 $ 11,085 $ 8,577 $ 760,752
Wynn Palace 157,886 258,224 12,663 83,534 9,957 5,319 527,583
Other Macau (15,201 )   4,483   179     9,875   664  
Total Macau Operations 683,026 359,999 19,530 180,303 30,917 14,560 1,288,335
Las Vegas Operations 242,457 226 181,879 4,598 64,598 26,578 2,061 522,397
Corporate and Other 130,082   26,466   10,490   5,448   (244,901 ) 45,065   27,350  
Total $ 1,055,565   $ 26,692   $ 552,368   $ 29,576   $   $ 102,560   $ 43,971   $ 1,810,732
 
 
Twelve Months Ended December 31, 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 $ 465,112 $ $ 98,527 $ 5,497 $ 86,000 $ 13,839 $ 12,534 $ 681,509
Wynn Palace (162,637 ) 129,773 105,884 430 23,064 5,207 1,315 103,036
Other Macau (16,777 )   3,509   1     12,311   956  
Total Macau Operations 285,698 129,773 207,920 5,928 109,064 31,357 14,805 784,545
Las Vegas Operations 178,379 2,274 185,117 34,837 51,035 20,075 3,065 474,782
Corporate and Other 57,585   22,670   11,693   14,073   (160,099 ) 28,730   25,348  
Total $ 521,662   $ 154,717   $ 404,730   $ 54,838   $   $ 80,162   $ 43,218   $ 1,259,327
 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

 
    Three Months Ended December 31,   Twelve Months Ended December 31,
2017   2016 2017   2016
Net income attributable to Wynn Resorts, Limited $ 491,682 $ 113,800 747,181 $ 241,975
Net income attributable to noncontrolling interests 52,282 12,766 142,073 60,494
Pre-opening expenses 7,247 4,221 26,692 154,717
Depreciation and amortization 136,880 140,543 552,368 404,730
Property charges and other (8,918 ) 23,456 29,576 54,822
Corporate expense and other 28,917 19,468 102,560 80,162
Stock-based compensation 14,681 14,362 43,971 43,218
Interest income (9,195 ) (3,596 ) (31,193 ) (13,536 )
Interest expense, net of amounts capitalized 96,789 95,667 388,664 289,365
Change in interest rate swap fair value (2,126 ) 1,056 (433 )
Change in Redemption Note fair value (10,282 ) (84,282 ) 59,700 (65,043 )
Loss on extinguishment of debt 12,299 55,360
Other 1,869 (318 ) 21,709 728
(Benefit) provision for income taxes (334,025 ) 6,983   (328,985 ) 8,128  
Adjusted Property EBITDA $ 480,226   $ 340,944   $ 1,810,732   $ 1,259,327  
 

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,
2017   2016 2017   2016

Macau Operations:

Wynn Macau:
VIP:
Average number of table games 102 83 96 149
VIP turnover $ 15,622,932 $ 10,796,516 $ 58,303,836 $ 47,048,754
VIP table games win $ 451,486 $ 332,586 $ 1,907,625 $ 1,547,261
VIP table games win as a % of turnover 2.89 % 3.08 % 3.27 % 3.29 %
Table games win per unit per day (1) $ 48,267 $ 43,419 $ 54,726 $ 28,332
Mass market:
Average number of table games 202 182 204 216
Table drop (2) $ 1,250,994 $ 1,096,204 $ 4,525,727 $ 4,585,476
Table games win $ 230,053 $ 193,921 $ 880,964 $ 881,797
Table games win % 18.4 % 17.7 % 19.5 % 19.2 %
Table games win per unit per day (1) $ 12,370 $ 11,590 $ 11,820 $ 11,131
Average number of slot machines 934 845 914 802
Slot machine handle $ 937,622 $ 802,630 $ 3,526,747 $ 3,386,973
Slot machine win $ 40,818 $ 32,582 $ 154,425 $ 145,680
Slot machine win per unit per day (3) $ 475 $ 419 $ 463 $ 497
Room statistics:
Occupancy 99.4 % 96.3 % 97.5 % 94.4 %
ADR (4) $ 258 $ 262 $ 257 $ 293
REVPAR (5) $ 257 $ 252 $ 251 $ 277
 
Wynn Palace (6):
VIP:
Average number of table games 112 86 104 81
VIP turnover $ 16,232,654 $ 10,329,574 $ 52,573,258 $ 14,480,023
VIP table games win $ 489,643 $ 276,499 $ 1,486,674 $ 396,954
VIP table games win as a % of turnover 3.02 % 2.68 % 2.83 % 2.74 %
Table games win per unit per day (1) $ 47,395 $ 35,151 $ 39,325 $ 37,009
Mass market:
Average number of table games 197 233 202 245
Table drop (2) $ 1,124,702 $ 724,982 $ 3,490,363 $ 1,000,881
Table games win $ 264,492 $ 159,620 $ 795,159 $ 211,146
Table games win % 23.5 % 22.0 % 22.8 % 21.1 %
Table games win per unit per day (1) $ 14,623 $ 7,461 $ 10,759 $ 6,527
Average number of slot machines 983 888 1,026 962
Slot machine handle $ 920,641 $ 534,391 $ 3,053,614 $ 738,907
Slot machine win $ 55,042 $ 28,054 $ 165,754 $ 40,664
Slot machine win per unit per day (3) $ 609 $ 344 $ 443 $ 320
Room statistics:
Occupancy 96.8 % 88.4 % 96.2 % 83.2 %
ADR (4) $ 236 $ 272 $ 237 $ 276
REVPAR (5) $ 228 $ 241 $ 227 $ 230
 

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 December 31,   Twelve Months Ended December 31,

 

2017   2016 2017   2016

Las Vegas Operations:

Average number of table games 235

232

236 235
Table drop (2) $ 430,821 $ 452,517 $ 1,804,988 $ 1,838,479
Table games win $ 101,290 $ 124,469 $ 465,664 $ 465,041
Table games win % 23.5 % 27.5 % 25.8 % 25.3 %
Table games win per unit per day (1) $ 4,692 $ 5,837 $ 5,415 $ 5,406
Average number of slot machines 1,834 1,908 1,856 1,893
Slot machine handle $ 833,207 $ 862,052 $ 3,183,369 $ 3,148,610
Slot machine win $ 56,557 $ 57,238 $ 218,897 $ 208,024
Slot machine win per unit per day (3) $ 335 $ 326 $ 323 $ 300
Room statistics:
Occupancy 82.1 % 84.1 % 86.9 % 85.3 %
ADR (4) $ 305 $ 291 $ 305 $ 296
REVPAR (5) $ 250 $ 245 $ 265 $ 252

(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.

Posted by on January 22, 2018.

Categories: Financial

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