Wynn Resorts Results

Wynn Resorts, Limited Reports Fourth Quarter and Year End 2018 Results

Wynn Resorts

Wynn Resorts, Limited (NASDAQ: WYNN) yesterday reported financial results for the fourth quarter and year ended December 31, 2018. The results reflect the Company’s adoption of the new revenue recognition standard, effective January 1, 2018. Certain prior period amounts have been adjusted to reflect the full retrospective adoption of ASC 606, with no impact to operating income, net income or Adjusted Property EBITDA (1).

Operating revenues were $1.69 billion in the fourth quarter of 2018, an increase of 4.0%, or $65.4 million, from $1.62 billion in the fourth quarter of 2017. Operating revenues from Wynn Palace and our Las Vegas Operations increased $84.0 million and $11.7 million, respectively, offset by a decrease of $30.3 million at Wynn Macau.

On a U.S. generally accepted accounting principles ("GAAP") basis, net income attributable to Wynn Resorts, Limited was $476.6 million, or $4.41 per diluted share, for the fourth quarter of 2018, compared to $491.7 million, or $4.77 per diluted share, in the fourth quarter of 2017. During the fourth quarter of 2018, we finalized our analysis of the U.S. Tax Cuts and Jobs Act (“U.S. tax reform”), which was enacted in the fourth quarter of 2017 and further clarified by guidance issued by the Internal Revenue Service in the fourth quarter of 2018. As a result, fourth quarter 2018 results reflect a net tax benefit of $390.9 million related to U.S. tax reform, which is incremental to the $339.9 million provisional net tax benefit reflected in the fourth quarter of 2017 results.

Adjusted net income attributable to Wynn Resorts, Limited (2) was $114.0 million, or $1.06 per diluted share, in the fourth quarter of 2018, compared to $144.3 million, or $1.40 per diluted share, in the fourth quarter of 2017.

In the fourth quarter of 2018, Adjusted Property EBITDA increased 4.0%, to $499.4 million, compared to $480.2 million in the fourth quarter of 2017. Adjusted Property EBITDA from Wynn Palace and our Las Vegas Operations increased $36.5 million and $1.1 million, respectively, offset by a decrease of $18.5 million from Wynn Macau.

In the full year of 2018, operating revenues increased 10.7%, or $647.5 million, to $6.72 billion, compared to $6.07 billion in the year ended December 31, 2017. Operating revenues increased $727.3 million at Wynn Palace, partially offset by decreases of $42.4 million and $37.4 million from Wynn Macau and our Las Vegas Operations, respectively.

GAAP net income attributable to Wynn Resorts, Limited was $584.2 million, or $5.46 per diluted share in 2018, compared to $747.2 million, or $7.28 per diluted share in the year ended December 31, 2017. The decrease was primarily driven by a litigation settlement expense of $463.6 million recorded in the first quarter of 2018. Both full year 2018 and 2017 results included the aforementioned net tax benefits of $390.9 million and $339.9 million, respectively, recorded in connection with U.S. tax reform.

Adjusted net income attributable to Wynn Resorts, Limited was $699.5 million, or $6.54 per diluted share, in 2018, compared to $560.5 million, or $5.46 per diluted share, in the year ended December 31, 2017.

Full year Adjusted Property EBITDA increased 12.9%, or $233.7 million, to $2.04 billion, compared to $1.81 billion in the year ended December 31, 2017. Adjusted Property EBITDA increased $316.3 million at Wynn Palace, partially offset by decreases of $27.5 million and $55.1 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 $0.75 per share, payable on February 26, 2019 to stockholders of record as of February 15, 2019.

In the fourth quarter, the Company repurchased 1,478,552 shares of its common stock for approximately $156.7 million.

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $740.6 million for the fourth quarter of 2018, a 12.8% increase from $656.5 million for the same period of 2017. Adjusted Property EBITDA from Wynn Palace was $226.6 million for the fourth quarter of 2018, a 19.2% increase from $190.1 million for the same period of 2017.

Casino revenues from Wynn Palace were $636.9 million for the fourth quarter of 2018, a 12.3% increase from $567.0 million for the same period of 2017. Table games turnover in VIP operations was relatively flat at $16.16 billion for the fourth quarter of 2018 when compared to the same period of 2017. VIP table games win as a percentage of turnover was 3.25%, above the expected range of 2.7% to 3.0% and an increase from the 3.02% experienced in the fourth quarter of 2017. Table drop in mass market operations was $1.30 billion, a 15.6% increase from $1.12 billion for the fourth quarter of 2017. Table games win in mass market operations was $307.4 million, a 16.2% increase from $264.5 million for the fourth quarter of 2017. Table games win percentage in mass market operations increased slightly to 23.6%, compared with the table games win percentage of 23.5% experienced in the fourth quarter of 2017. Slot machine handle was $1.01 billion, a 9.9% increase from $920.6 million for the fourth quarter of 2017. Slot machine win increased 4.6% to $57.6 million for the fourth quarter of 2018, compared to $55.0 million for the fourth quarter of 2017.

Non-casino revenues from Wynn Palace were $103.6 million for the fourth quarter of 2018, a 15.7% increase from $89.6 million for the same period of 2017. Room revenues were $44.6 million for the fourth quarter of 2018, a 27.4% increase from $35.0 million for the same period of 2017. Average daily rate ("ADR") was $277, a 28.8% increase from $215 for the fourth quarter of 2017. Occupancy increased to 97.2% for the fourth quarter of 2018, from 96.8% for the same period of 2017. Revenue per available room ("REVPAR") was $269, a 28.7% increase from $209 for the fourth quarter of 2017.

Wynn Macau

Operating revenues from Wynn Macau were $553.4 million for the fourth quarter of 2018, a 5.2% decrease from $583.7 million for the same period of 2017. Adjusted Property EBITDA from Wynn Macau was $167.6 million, a 9.9% decrease from $186.0 million for the same period of 2017.

Casino revenues from Wynn Macau were $479.0 million for the fourth quarter of 2018, a 5.9% decrease from $508.9 million for the same period of 2017. Table games turnover in VIP operations was $12.78 billion, an 18.2% decrease from $15.62 billion for the same period of 2017. VIP table games win as a percentage of turnover was 2.86%, within the expected range of 2.7% to 3.0% and below the 2.89% experienced in the fourth quarter of 2017. Table drop in mass market operations was relatively flat at $1.26 billion for the fourth quarter of 2018 when compared to the same period of 2017. Table games win in mass market operations was $255.7 million, an 11.2% increase from $230.1 million for the fourth quarter of 2017. Table games win percentage in mass market operations increased to 20.3%, compared with the table games win percentage of 18.4% experienced for the fourth quarter of 2017. Slot machine handle was $878.4 million, a 6.3% decrease from $937.6 million for the fourth quarter of 2017. Slot machine win increased 8.8% to $44.4 million for the fourth quarter of 2018, compared to $40.8 million for the fourth quarter of 2017.

Non-casino revenues from Wynn Macau were relatively flat at $74.4 million for the fourth quarter of 2018 when compared to the same period of 2017. Room revenues were $29.9 million for the fourth quarter of 2018, a 17.8% increase from $25.4 million for the same period of 2017. ADR was $294, a 16.2% increase from $253 for the fourth quarter of 2017. Occupancy was relatively flat at 99.3% for the fourth quarter of 2018 when compared to the same period of 2017. REVPAR was $292, a 16.3% increase from $251 for the fourth quarter of 2017. Entertainment, retail and other revenues decreased 20.5%, to $23.3 million for the fourth quarter of 2018, compared to $29.3 million for the same period of 2017.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $393.6 million for the fourth quarter of 2018, a 3.1% increase from $382.0 million for the same period of 2017. Adjusted Property EBITDA from our Las Vegas Operations was $105.2 million, a 1.1% increase from $104.1 million for the same period of 2017.

Casino revenues from our Las Vegas Operations were $104.8 million for the fourth quarter of 2018, a 3.5% increase from $101.2 million for the same period of 2017. Table drop was $508.5 million, an 18.0% increase from $430.8 million for the fourth quarter of 2017. Table games win increased 12.4% to $113.9 million for the fourth quarter of 2018, compared to $101.3 million for the same period of 2017. Table games win percentage was 22.4%, within the expected range of 22% to 26% and a decrease from the tables games win percentage of 23.5% experienced in the fourth quarter of 2017. Slot machine handle was $904.4 million, an 8.5% increase from $833.2 million for the fourth quarter of 2017. Slot machine win increased 3.3% to $58.4 million for the fourth quarter of 2018, compared to $56.6 million for the fourth quarter of 2017.

Non-casino revenues from our Las Vegas Operations were $288.8 million for the fourth quarter of 2018, a 2.9% increase from $280.7 million for the same period of 2017. Room revenues were $117.9 million for the fourth quarter of 2018, a 10.8% increase from $106.4 million for the same period of 2017. ADR was $315, a 4.7% increase from $301 for the fourth quarter of 2017. Occupancy increased to 88.6% for the fourth quarter of 2018, from 82.1% for the same period of 2017. REVPAR was $279, a 13.0% increase from $247 for the fourth quarter of 2017. Food and beverage revenues increased 5.8%, to $121.9 million for the fourth quarter of 2018, compared to $115.2 million for the same period of 2017. Entertainment, retail and other revenues decreased 16.9%, to $49.1 million for the fourth quarter of 2018, compared to $59.1 million for the same period of 2017.

Encore Boston Harbor Project in Massachusetts

The Company is currently constructing Encore 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 $2.6 billion. As of December 31, 2018, we have incurred $2.03 billion in total project costs. We expect to open Encore Boston Harbor in mid-2019.

Balance Sheet

Our cash and cash equivalents and restricted cash as of December 31, 2018 totaled $2.22 billion.

Total current and long-term debt outstanding at December 31, 2018 was $9.42 billion, comprised of $4.23 billion of Macau related debt, $3.10 billion of Wynn Las Vegas debt, $984 million of Wynn America debt, $495 million of Wynn Resorts debt, and $611 million of debt held by the retail joint venture which we consolidate.

As previously disclosed, in December 2018 we amended the Wynn Resorts (Macau) S.A. senior secured credit facilities, which consist of an approximately $2.3 billion equivalent senior secured term loan facility and an approximately $750 million equivalent senior secured revolving credit facility. The amendment extended the final maturity dates of the term loan and the revolving facility to June 2022.

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,

      2018       2017       2018       2017  
Operating revenues:       (as adjusted)       (as adjusted)
Casino   $ 1,220,795     $ 1,177,158     $ 4,784,990     $ 4,244,303  
Rooms     192,395       166,822       751,800       670,957  
Food and beverage     173,165       163,237       754,128       732,115  
Entertainment, retail and other     101,231       114,947       426,742       422,785  
Total operating revenues     1,687,586       1,622,164       6,717,660       6,070,160  
Operating expenses:                
Casino     782,141       761,213       3,036,907       2,718,120  
Rooms     64,712       60,650       254,549       244,828  
Food and beverage     143,441       129,382       611,706       567,690  
Entertainment, retail and other     44,466       53,559       183,113       196,547  
General and administrative     204,122       182,850       749,665       685,485  
Litigation settlement                 463,557        
Provision (benefit) for doubtful accounts     3,941       (2,118 )     6,527       (6,711 )
Pre-opening     18,235       7,247       53,490       26,692  
Depreciation and amortization     138,911       136,880       550,596       552,368  
Property charges and other     29,584       (8,918 )     60,256       29,576  
Total operating expenses     1,429,553       1,320,745       5,970,366       5,014,595  
Operating income     258,033       301,419       747,294       1,055,565  
Other income (expense):                
Interest income     8,837       9,195       29,866       31,193  
Interest expense, net of amounts capitalized     (100,717 )     (96,789 )     (381,849 )     (388,664 )
Change in derivatives fair value     (4,466 )           (4,520 )     (1,056 )
Change in Redemption Note fair value           10,282       (69,331 )     (59,700 )
(Loss) gain on extinguishment of debt     (2,027 )     (12,299 )     104       (55,360 )
Other     (5,113 )     (1,869 )     (4,074 )     (21,709 )
Other income (expense), net     (103,486 )     (91,480 )     (429,804 )     (495,296 )
Income before income taxes     154,547       209,939       317,490       560,269  
Benefit for income taxes     372,713       334,025       497,344       328,985  
Net income     527,260       543,964       814,834       889,254  
Less: net income attributable to noncontrolling interests     (50,644 )     (52,282 )     (230,654 )     (142,073 )
Net income attributable to Wynn Resorts, Limited   $ 476,616     $ 491,682     $ 584,180     $ 747,181  
Basic and diluted income per common share:                
Net income attributable to Wynn Resorts, Limited:                
Basic   $ 4.43     $ 4.80     $ 5.48     $ 7.32  
Diluted   $ 4.41     $ 4.77     $ 5.46     $ 7.28  
Weighted average common shares outstanding:                
Basic     107,619       102,402       106,529       102,071  
Diluted     107,974       103,065       107,032       102,598  
Dividends declared per common share:   $ 0.75     $ 0.50     $ 2.75     $ 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,

      2018       2017       2018       2017  
Net income attributable to Wynn Resorts, Limited   $ 476,616     $ 491,682     $ 584,180     $ 747,181  
Litigation settlement expense                 463,557        
Pre-opening expenses     18,235       7,247       53,490       26,692  
Property charges and other     29,584       (8,918 )     60,256       29,576  
Change in derivatives fair value     4,466             4,520       1,056  
Change in Redemption Note fair value           (10,282 )     69,331       59,700  
Loss (gain) on extinguishment of debt     2,027       12,299       (104 )     55,360  
Foreign currency remeasurement loss     5,113       1,869       4,074       21,709  
Income tax impact on adjustments     (23,599 )     (8,158 )     (137,975 )     (19,911 )
Impact of U.S. tax reform     (390,902 )     (339,921 )     (390,902 )     (339,921 )
Noncontrolling interests impact on adjustments     (7,568 )     (1,489 )     (10,961 )     (20,972 )
Adjusted net income attributable to Wynn Resorts, Limited   $ 113,972     $ 144,329     $ 699,466     $ 560,470  
Adjusted net income attributable to Wynn Resorts, Limited per diluted share   $ 1.06     $ 1.40     $ 6.54     $ 5.46  
                 
Weighted average common shares outstanding - diluted     107,974       103,065       107,032       102,598  
 
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited)
 
    Three Months Ended December 31, 2018
   

Operating

income

(loss)

 

Pre-opening

expenses

 

Depreciation

and

amortization

 

Property

charges and

other

 

Management

and license

fees

 

Corporate

expenses

and other

 

Stock-based

compensation

 

Adjusted

Property

EBITDA

Macau Operations:                                
Wynn Palace   $ 129,228     $     $ 66,037   $ 708     $ 27,977     $ 1,639   $ 996   $ 226,585
Wynn Macau     114,310             21,699     7,020       20,993       1,822     1,716     167,560
Other Macau     (3,117 )           1,114     11             1,821     171    
Total Macau Operations     240,421             88,850     7,739       48,970       5,282     2,883     394,145
Las Vegas Operations     24,159       452       46,795     10,054       18,644       4,282     836     105,222
Corporate and Other     (6,547 )     17,783       3,266     11,791       (67,614 )     36,814     4,507    
Total   $ 258,033     $ 18,235     $ 138,911   $ 29,584     $     $ 46,378   $ 8,226   $ 499,367
 
    Three Months Ended December 31, 2017
   

Operating

income

(loss)

 

Pre-opening

expenses

 

Depreciation

and

amortization

 

Property

charges and

other

 

Management

and license

fees

 

Corporate

expenses

and other

 

Stock-based

compensation

 

Adjusted

Property

EBITDA

Macau Operations:                                
Wynn Palace   $ 101,443     $     $ 64,475   $ (7,590 )   $ 27,014     $ 3,213   $ 1,541   $ 190,096
Wynn Macau     133,923             23,249     (1,244 )     24,042       3,499     2,560     186,029
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
 
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
(in thousands)
(unaudited) (continued)
 
    Twelve Months Ended December 31, 2018
   

Operating

income

(loss)

 

Pre-opening

expenses

 

Depreciation

and

amortization

 

Property

charges and

other

 

Management

and license

fees

 

Corporate

expenses

and other

 

Stock-based

compensation

 

Adjusted

Property

EBITDA

Macau Operations:                                
Wynn Palace   $ 459,336     $   $ 259,898   $ 9,830   $ 103,765     $ 6,732   $ 4,341   $ 843,902
Wynn Macau     532,377           87,293     11,574     87,135       7,717     7,142     733,238
Other Macau     (13,410 )         4,429     82           8,189     710    
Total Macau Operations     978,303           351,620     21,486     190,900       22,638     12,193     1,577,140
Las Vegas Operations     170,007       460     186,758     14,886     77,537       14,134     3,491     467,273
Corporate and Other (1)     (401,016 )     53,030     12,218     23,884     (268,437 )     559,514     20,807    
Total   $ 747,294     $ 53,490   $ 550,596   $ 60,256   $     $ 596,286   $ 36,491   $ 2,044,413
 
    Twelve Months Ended December 31, 2017
   

Operating

income

(loss)

 

Pre-opening

expenses

 

Depreciation

and

amortization

 

Property

charges and

other

 

Management

and license

fees

 

Corporate

expenses

and other

 

Stock-based

compensation

 

Adjusted

Property

EBITDA

Macau Operations:                                
Wynn Palace   $ 157,886     $   $ 258,224   $ 12,663   $ 83,534     $ 9,957   $ 5,319   $ 527,583
Wynn Macau     540,341           97,292     6,688     96,769       11,085     8,577     760,752
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

 

(1) Corporate expenses and other includes litigation settlement expense of $463.6 million.

 
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,

      2018       2017       2018       2017  
Net income attributable to Wynn Resorts, Limited   $ 476,616     $ 491,682     $ 584,180     $ 747,181  
Net income attributable to noncontrolling interests     50,644       52,282       230,654       142,073  
Litigation settlement expense                 463,557        
Pre-opening expenses     18,235       7,247       53,490       26,692  
Depreciation and amortization     138,911       136,880       550,596       552,368  
Property charges and other     29,584       (8,918 )     60,256       29,576  
Corporate expenses and other     46,378       28,917       132,729       102,560  
Stock-based compensation     8,226       14,681       36,491       43,971  
Interest income     (8,837 )     (9,195 )     (29,866 )     (31,193 )
Interest expense, net of amounts capitalized     100,717       96,789       381,849       388,664  
Change in derivatives fair value     4,466             4,520       1,056  
Change in Redemption Note fair value           (10,282 )     69,331       59,700  
Loss (gain) on extinguishment of debt     2,027       12,299       (104 )     55,360  
Other     5,113       1,869       4,074       21,709  
Benefit for income taxes     (372,713 )     (334,025 )     (497,344 )     (328,985 )
Adjusted Property EBITDA   $ 499,367     $ 480,226     $ 2,044,413     $ 1,810,732  
 
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,
      2018       2017       2018       2017  
Macau Operations:       (as adjusted)       (as adjusted)
Wynn Palace:                
VIP:                
Average number of table games     114       112       114       104  
VIP turnover   $ 16,156,992     $ 16,232,654     $ 61,097,527     $ 52,573,258  
VIP table games win (1)   $ 525,898     $ 489,643     $ 1,874,189     $ 1,486,674  
VIP table games win as a % of turnover     3.25 %     3.02 %     3.07 %     2.83 %
Table games win per unit per day   $ 50,057     $ 47,395     $ 45,006     $ 39,325  
Mass market:                
Average number of table games     208       197       209       202  
Table drop (2)   $ 1,300,388     $ 1,124,702     $ 4,926,347     $ 3,490,363  
Table games win (1)   $ 307,368     $ 264,492     $ 1,206,244     $ 795,159  
Table games win %     23.6 %     23.5 %     24.5 %     22.8 %
Table games win per unit per day   $ 16,084     $ 14,623     $ 15,834     $ 10,759  
Average number of slot machines     1,074       983       1,065       1,026  
Slot machine handle   $ 1,011,482     $ 920,641     $ 3,933,064     $ 3,053,614  
Slot machine win (3)   $ 57,575     $ 55,042     $ 203,568     $ 165,754  
Slot machine win per unit per day   $ 583     $ 609     $ 524     $ 443  
Room statistics:                
Occupancy     97.2 %     96.8 %     96.5 %     96.2 %
ADR (4)   $ 277     $ 215     $ 265     $ 199  
REVPAR (5)   $ 269     $ 209     $ 255     $ 191  
Wynn Macau:                
VIP:                
Average number of table games     111       102       111       96  
VIP turnover   $ 12,776,758     $ 15,622,932     $ 57,759,607     $ 58,303,836  
VIP table games win (1)   $ 364,783     $ 451,486     $ 1,588,002     $ 1,907,625  
VIP table games win as a % of turnover     2.86 %     2.89 %     2.75 %     3.27 %
Table games win per unit per day   $ 35,851     $ 48,267     $ 39,113     $ 54,726  
Mass market:                
Average number of table games     205       202       203       204  
Table drop (2)   $ 1,258,696     $ 1,250,994     $ 5,058,332     $ 4,525,727  
Table games win (1)   $ 255,736     $ 230,053     $ 1,014,484     $ 880,964  
Table games win %     20.3 %     18.4 %     20.1 %     19.5 %
Table games win per unit per day   $ 13,554     $ 12,370     $ 13,698     $ 11,820  
Average number of slot machines     805       934       877       914  
Slot machine handle   $ 878,393     $ 937,622     $ 3,740,096     $ 3,526,747  
Slot machine win (3)   $ 44,424     $ 40,818     $ 161,384     $ 154,425  
Slot machine win per unit per day   $ 600     $ 475     $ 504     $ 463  
Room statistics:                
Occupancy     99.3 %     99.4 %     99.2 %     97.5 %
ADR (4)   $ 294     $ 253     $ 283     $ 243  
REVPAR (5)   $ 292     $ 251     $ 281     $ 237  
 
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 December 31,   Twelve Months Ended December 31,
      2018       2017       2018       2017  
Las Vegas Operations:       (as adjusted)       (as adjusted)
Average number of table games     236       235       237       236  
Table drop (2)   $ 508,472     $ 430,821     $ 1,852,816     $ 1,804,988  
Table games win (1)   $ 113,892     $ 101,290     $ 456,021     $ 465,664  
Table games win %     22.4 %     23.5 %     24.6 %     25.8 %
Table games win per unit per day   $ 5,237     $ 4,692     $ 5,282     $ 5,415  
Average number of slot machines     1,815       1,834       1,822       1,856  
Slot machine handle   $ 904,385     $ 833,207     $ 3,237,085     $ 3,183,369  
Slot machine win (3)   $ 58,407     $ 56,557     $ 213,025     $ 218,897  
Slot machine win per unit per day   $ 350     $ 335     $ 320     $ 323  
Room statistics:                
Occupancy     88.6 %     82.1 %     87.5 %     86.9 %
ADR (4)   $ 315     $ 301     $ 314     $ 303  
REVPAR (5)   $ 279     $ 247     $ 274     $ 264  
(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.
(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. The prior period amounts have been adjusted to reflect the full retrospective adoption of ASC 606.
(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. The prior period amounts have been adjusted to reflect the full retrospective adoption of ASC 606.



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