(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Item 2.02 | Results of Operations and Financial Condition. |
Item 7.01 | Regulation FD Disclosure. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
WYNN RESORTS, LIMITED | ||||||||||||||
Dated: May 10, 2022 | By: | /s/ Julie Cameron-Doe | ||||||||||||
Julie Cameron-Doe | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating revenues: | |||||||||||
Casino | $ | 489,862 | $ | 516,218 | |||||||
Rooms | 170,376 | 76,190 | |||||||||
Food and beverage | 174,020 | 68,509 | |||||||||
Entertainment, retail and other | 119,076 | 75,765 | |||||||||
Total operating revenues | 953,334 | 736,682 | |||||||||
Operating expenses: | |||||||||||
Casino | 324,079 | 351,966 | |||||||||
Rooms | 58,715 | 33,535 | |||||||||
Food and beverage | 146,656 | 73,948 | |||||||||
Entertainment, retail and other | 88,904 | 73,459 | |||||||||
General and administrative | 196,780 | 179,774 | |||||||||
Provision for credit losses | 342 | 7,367 | |||||||||
Pre-opening | 2,447 | 1,627 | |||||||||
Depreciation and amortization | 184,556 | 185,121 | |||||||||
Property charges and other | 45,720 | 5,617 | |||||||||
Total operating expenses | 1,048,199 | 912,414 | |||||||||
Operating loss | (94,865) | (175,732) | |||||||||
Other income (expense): | |||||||||||
Interest income | 1,280 | 904 | |||||||||
Interest expense, net of amounts capitalized | (152,158) | (152,852) | |||||||||
Change in derivatives fair value | 7,400 | 4,409 | |||||||||
Loss on extinguishment of debt | — | (1,322) | |||||||||
Other | (15,127) | (11,093) | |||||||||
Other income (expense), net | (158,605) | (159,954) | |||||||||
Loss before income taxes | (253,470) | (335,686) | |||||||||
Provision for income taxes | (1,140) | (493) | |||||||||
Net loss | (254,610) | (336,179) | |||||||||
Less: net loss attributable to noncontrolling interests | 71,286 | 55,201 | |||||||||
Net loss attributable to Wynn Resorts, Limited | $ | (183,324) | $ | (280,978) | |||||||
Basic and diluted net loss per common share: | |||||||||||
Net loss attributable to Wynn Resorts, Limited: | |||||||||||
Basic | $ | (1.59) | $ | (2.53) | |||||||
Diluted | $ | (1.59) | $ | (2.53) | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 115,030 | 111,020 | |||||||||
Diluted | 115,030 | 111,020 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net loss attributable to Wynn Resorts, Limited | $ | (183,324) | $ | (280,978) | |||||||
Pre-opening expenses | 2,447 | 1,627 | |||||||||
Property charges and other | 45,720 | 5,617 | |||||||||
Change in derivatives fair value | (7,400) | (4,409) | |||||||||
Loss on extinguishment of debt | — | 1,322 | |||||||||
Foreign currency remeasurement and other | 15,127 | 11,093 | |||||||||
Noncontrolling interests impact on adjustments | (12,189) | (2,268) | |||||||||
Adjusted net loss attributable to Wynn Resorts, Limited | $ | (139,619) | $ | (267,996) | |||||||
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share | $ | (1.21) | $ | (2.41) | |||||||
Weighted average common shares outstanding - diluted | 115,030 | 111,020 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | (59,501) | $ | — | $ | 50,462 | $ | 138 | $ | 5,185 | $ | 1,543 | $ | 1,309 | $ | (864) | |||||||||||||||||||||||||||||||
Wynn Macau | (34,816) | — | 20,022 | 1,469 | 4,324 | 1,678 | 2,641 | (4,682) | |||||||||||||||||||||||||||||||||||||||
Other Macau | (3,947) | — | 977 | 1 | — | 2,418 | 551 | — | |||||||||||||||||||||||||||||||||||||||
Total Macau Operations | (98,264) | — | 71,461 | 1,608 | 9,509 | 5,639 | 4,501 | (5,546) | |||||||||||||||||||||||||||||||||||||||
Las Vegas Operations | 82,930 | 1,397 | 45,602 | 1,322 | 21,027 | 5,414 | 1,686 | 159,378 | |||||||||||||||||||||||||||||||||||||||
Encore Boston Harbor | 2,189 | — | 40,989 | 621 | 9,338 | 1,705 | 408 | 55,250 | |||||||||||||||||||||||||||||||||||||||
Wynn Interactive | (105,035) | 1,050 | 24,248 | 41,961 | — | 2,427 | 3,848 | (31,501) | |||||||||||||||||||||||||||||||||||||||
Corporate and other | 23,315 | — | 2,256 | 208 | (39,874) | 10,638 | 3,457 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | (94,865) | $ | 2,447 | $ | 184,556 | $ | 45,720 | $ | — | $ | 25,823 | $ | 13,900 | $ | 177,581 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | (54,788) | $ | 414 | $ | 67,010 | $ | 2,174 | $ | 8,178 | $ | 1,178 | $ | 3,203 | $ | 27,369 | |||||||||||||||||||||||||||||||
Wynn Macau | (16,952) | — | 21,464 | 247 | 5,855 | 1,364 | 4,578 | 16,556 | |||||||||||||||||||||||||||||||||||||||
Other Macau | (3,270) | — | 1,108 | 15 | — | 1,543 | 604 | — | |||||||||||||||||||||||||||||||||||||||
Total Macau Operations | (75,010) | 414 | 89,582 | 2,436 | 14,033 | 4,085 | 8,385 | 43,925 | |||||||||||||||||||||||||||||||||||||||
Las Vegas Operations | (40,006) | 511 | 48,103 | 2,427 | 8,608 | 5,414 | 3,024 | 28,081 | |||||||||||||||||||||||||||||||||||||||
Encore Boston Harbor | (18,633) | — | 39,113 | 742 | 6,237 | 2,282 | 622 | 30,363 | |||||||||||||||||||||||||||||||||||||||
Wynn Interactive | (54,758) | 702 | 6,071 | — | — | 391 | 4,125 | (43,469) | |||||||||||||||||||||||||||||||||||||||
Corporate and other | 12,675 | — | 2,252 | 12 | (28,878) | 5,749 | 8,190 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | (175,732) | $ | 1,627 | $ | 185,121 | $ | 5,617 | $ | — | $ | 17,921 | $ | 24,346 | $ | 58,900 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net loss attributable to Wynn Resorts, Limited | $ | (183,324) | $ | (280,978) | |||||||
Net loss attributable to noncontrolling interests | (71,286) | (55,201) | |||||||||
Pre-opening expenses | 2,447 | 1,627 | |||||||||
Depreciation and amortization | 184,556 | 185,121 | |||||||||
Property charges and other | 45,720 | 5,617 | |||||||||
Corporate expenses and other | 25,823 | 17,921 | |||||||||
Stock-based compensation | 13,900 | 24,346 | |||||||||
Interest income | (1,280) | (904) | |||||||||
Interest expense, net of amounts capitalized | 152,158 | 152,852 | |||||||||
Change in derivatives fair value | (7,400) | (4,409) | |||||||||
Loss on extinguishment of debt | — | 1,322 | |||||||||
Other | 15,127 | 11,093 | |||||||||
Provision for income taxes | 1,140 | 493 | |||||||||
Adjusted Property EBITDA | $ | 177,581 | $ | 58,900 |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | Percent Change | |||||||||||||||
Wynn Palace Supplemental Information | |||||||||||||||||
Operating revenues | |||||||||||||||||
Casino | $ | 114,413 | $ | 185,909 | (38.5) | ||||||||||||
Rooms | 13,831 | 17,012 | (18.7) | ||||||||||||||
Food and beverage | 11,443 | 11,672 | (2.0) | ||||||||||||||
Entertainment, retail and other | 23,638 | 22,733 | 4.0 | ||||||||||||||
Total | $ | 163,325 | $ | 237,326 | (31.2) | ||||||||||||
Adjusted Property EBITDA (6) | $ | (864) | $ | 27,369 | NM | ||||||||||||
Casino Statistics: | |||||||||||||||||
VIP: | |||||||||||||||||
Average number of table games | 67 | 103 | (35.0) | ||||||||||||||
VIP turnover | $ | 965,555 | $ | 2,200,182 | (56.1) | ||||||||||||
VIP table games win (1) | $ | 19,753 | $ | 96,456 | (79.5) | ||||||||||||
VIP table games win as a % of turnover | 2.05 | % | 4.38 | % | |||||||||||||
Table games win per unit per day | $ | 3,280 | $ | 10,375 | (68.4) | ||||||||||||
Mass market: | |||||||||||||||||
Average number of table games | 234 | 222 | 5.4 | ||||||||||||||
Table drop (2) | $ | 531,859 | $ | 607,518 | (12.5) | ||||||||||||
Table games win (1) | $ | 111,175 | $ | 131,649 | (15.6) | ||||||||||||
Table games win % | 20.9 | % | 21.7 | % | |||||||||||||
Table games win per unit per day | $ | 5,282 | $ | 6,596 | (19.9) | ||||||||||||
Average number of slot machines | 670 | 687 | (2.5) | ||||||||||||||
Slot machine handle | $ | 250,930 | $ | 358,772 | (30.1) | ||||||||||||
Slot machine win (3) | $ | 12,649 | $ | 14,243 | (11.2) | ||||||||||||
Slot machine win per unit per day | $ | 210 | $ | 230 | (8.7) | ||||||||||||
Room statistics: | |||||||||||||||||
Occupancy | 47.2% | 60.4% | |||||||||||||||
ADR (4) | $ | 180 | $ | 178 | 1.1 | ||||||||||||
REVPAR (5) | $ | 85 | $ | 108 | (21.3) |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | Percent Change | |||||||||||||||
Wynn Macau Supplemental Information | |||||||||||||||||
Operating revenues | |||||||||||||||||
Casino | $ | 102,430 | $ | 138,927 | (26.3) | ||||||||||||
Rooms | 9,390 | 14,702 | (36.1) | ||||||||||||||
Food and beverage | 8,386 | 7,433 | 12.8 | ||||||||||||||
Entertainment, retail and other | 14,894 | 18,589 | (19.9) | ||||||||||||||
Total | $ | 135,100 | $ | 179,651 | (24.8) | ||||||||||||
Adjusted Property EBITDA (6) | $ | (4,682) | $ | 16,556 | NM | ||||||||||||
Casino Statistics: | |||||||||||||||||
VIP: | |||||||||||||||||
Average number of table games | 35 | 90 | (61.1) | ||||||||||||||
VIP turnover | $ | 887,051 | $ | 1,804,382 | (50.8) | ||||||||||||
VIP table games win (1) | $ | 34,029 | $ | 58,635 | (42.0) | ||||||||||||
VIP table games win as a % of turnover | 3.84 | % | 3.25 | % | |||||||||||||
Table games win per unit per day | $ | 10,823 | $ | 7,239 | 49.5 | ||||||||||||
Mass market: | |||||||||||||||||
Average number of table games | 248 | 240 | 3.3 | ||||||||||||||
Table drop (2) | $ | 469,138 | $ | 590,890 | (20.6) | ||||||||||||
Table games win (1) | $ | 82,259 | $ | 105,183 | (21.8) | ||||||||||||
Table games win % | 17.5 | % | 17.8 | % | |||||||||||||
Table games win per unit per day | $ | 3,680 | $ | 4,871 | (24.5) | ||||||||||||
Average number of slot machines | 585 | 569 | 2.8 | ||||||||||||||
Slot machine handle | $ | 283,539 | $ | 301,271 | (5.9) | ||||||||||||
Slot machine win (3) | $ | 10,611 | $ | 10,208 | 3.9 | ||||||||||||
Slot machine win per unit per day | $ | 201 | $ | 199 | 1.0 | ||||||||||||
Room statistics: | |||||||||||||||||
Occupancy | 49.8% | 60.8% | |||||||||||||||
ADR (4) | $ | 188 | $ | 242 | (22.3) | ||||||||||||
REVPAR (5) | $ | 94 | $ | 147 | (36.1) |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | Percent Change | |||||||||||||||
Las Vegas Operations Supplemental Information | |||||||||||||||||
Operating revenues | |||||||||||||||||
Casino | $ | 124,271 | $ | 79,903 | 55.5 | ||||||||||||
Rooms | 131,466 | 39,761 | 230.6 | ||||||||||||||
Food and beverage | 136,029 | 40,077 | 239.4 | ||||||||||||||
Entertainment, retail and other | 49,420 | 18,975 | 160.4 | ||||||||||||||
Total | $ | 441,186 | $ | 178,716 | 146.9 | ||||||||||||
Adjusted Property EBITDA (6) | $ | 159,378 | $ | 28,081 | 467.6 | ||||||||||||
Casino Statistics: | |||||||||||||||||
Average number of table games | 228 | 172 | 32.6 | ||||||||||||||
Table drop (2) | $ | 547,916 | $ | 324,531 | 68.8 | ||||||||||||
Table games win (1) | $ | 129,164 | $ | 76,653 | 68.5 | ||||||||||||
Table games win % | 23.6% | 23.6% | |||||||||||||||
Table games win per unit per day | $ | 6,300 | $ | 4,957 | 27.1 | ||||||||||||
Average number of slot machines | 1,728 | 1,547 | 11.7 | ||||||||||||||
Slot machine handle | $ | 1,177,985 | $ | 791,260 | 48.9 | ||||||||||||
Slot machine win (3) | $ | 80,831 | $ | 50,489 | 60.1 | ||||||||||||
Slot machine win per unit per day | $ | 520 | $ | 363 | 43.3 | ||||||||||||
Poker rake | $ | 3,861 | $ | 1,867 | 106.8 | ||||||||||||
Room statistics: | |||||||||||||||||
Occupancy | 76.9% | 35.3% | |||||||||||||||
ADR (4) | $ | 432 | $ | 331 | 30.5 | ||||||||||||
REVPAR (5) | $ | 333 | $ | 117 | 184.6 |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | Percent Change | |||||||||||||||
Encore Boston Harbor Supplemental Information | |||||||||||||||||
Operating revenues | |||||||||||||||||
Casino | $ | 148,748 | $ | 111,479 | 33.4 | ||||||||||||
Rooms | 15,689 | 4,715 | 232.7 | ||||||||||||||
Food and beverage | 18,162 | 9,327 | 94.7 | ||||||||||||||
Entertainment, retail and other | 8,197 | 4,569 | 79.4 | ||||||||||||||
Total | $ | 190,796 | $ | 130,090 | 46.7 | ||||||||||||
Adjusted Property EBITDA (6) | $ | 55,250 | $ | 30,363 | 82.0 | ||||||||||||
Casino Statistics: | |||||||||||||||||
Average number of table games | 184 | 199 | (7.5) | ||||||||||||||
Table drop (2) | $ | 346,195 | $ | 234,562 | 47.6 | ||||||||||||
Table games win (1) | $ | 76,792 | $ | 49,377 | 55.5 | ||||||||||||
Table games win % | 22.2% | 21.1% | |||||||||||||||
Table games win per unit per day | $ | 4,637 | $ | 2,752 | 68.5 | ||||||||||||
Average number of slot machines | 2,776 | 1,889 | 47.0 | ||||||||||||||
Slot machine handle | $ | 1,183,314 | $ | 913,795 | 29.5 | ||||||||||||
Slot machine win (3) | $ | 95,296 | $ | 74,820 | 27.4 | ||||||||||||
Slot machine win per unit per day | $ | 381 | $ | 440 | (13.4) | ||||||||||||
Poker rake | $ | 784 | $ | — | — | ||||||||||||
Room statistics: | |||||||||||||||||
Occupancy | 80.5% | 71.0% | |||||||||||||||
ADR (4) | $ | 324 | $ | 276 | 17.4 | ||||||||||||
REVPAR (5) | $ | 261 | $ | 196 | 33.2 |
Document and Entity Information |
May 10, 2022 |
---|---|
Cover [Abstract] | |
Title of 12(b) Security | Common stock, par value $0.01 |
Entity Incorporation, State or Country Code | NV |
Entity File Number | 000-50028 |
Entity Tax Identification Number | 46-0484987 |
Entity Address, Address Line One | 3131 Las Vegas Boulevard South |
Entity Address, City or Town | Las Vegas, |
Entity Address, State or Province | NV |
Document Type | 8-K |
Entity Registrant Name | WYNN RESORTS, LIMITED |
Entity Central Index Key | 0001174922 |
Document Period End Date | May 10, 2022 |
Entity Address, Postal Zip Code | 89109 |
City Area Code | 702 |
Local Phone Number | 770-7555 |
Written Communications | false |
Trading Symbol | WYNN |
Security Exchange Name | NASDAQ |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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