Wynn Resorts resports Q1 2019 results

9 May 2019

(PRESS RELEASE) -- Wynn Resorts, Limited today reported financial results for the quarter ended 31 March 2019.

Operating revenues were $1.65 billion for the first quarter of 2019, a decrease of 3.7%, or $64.0 million, from $1.72 billion for the first quarter of 2018. Operating revenues increased $60.8 million at Wynn Palace and decreased $94.4 million and $30.5 million at Wynn Macau and our Las Vegas Operations, respectively.

On a U.S. generally accepted accounting principles ("GAAP") basis, net income attributable to Wynn Resorts, Limited was $104.9 million, or $0.98 per diluted share, for the first quarter of 2019, compared to a net loss attributable to Wynn Resorts, Limited of $204.3 million, or $1.99 per diluted share, in the first quarter of 2018. The change was primarily due to a litigation settlement of $463.6 million, partially offset by an income tax benefit of $111.0 million, recorded in the first quarter of 2018. Adjusted net income attributable to Wynn Resorts, Limited (1) was $172.6 million, or $1.61 per diluted share, for the first quarter of 2019, compared to $237.0 million, or $2.30 per diluted share, for the first quarter of 2018.

Adjusted Property EBITDA (2) was $494.8 million for the first quarter of 2019, a decrease of 12.3%, or $69.6 million, from $564.3 million for the first quarter of 2018. Adjusted Property EBITDA increased $10.7 million at Wynn Palace and decreased $45.9 million and $34.3 million at Wynn Macau and our Las Vegas Operations, respectively.

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $1.00 per share, payable on 30 May 2019 to stockholders of record as of 22 May 2019.

Macau Operations

Wynn Palace
Operating revenues from Wynn Palace were $726.6 million for the first quarter of 2019, a 9.1% increase from $665.8 million for the first quarter of 2018. Adjusted Property EBITDA from Wynn Palace was $222.6 million for the first quarter of 2019, a 5.0% increase from $211.9 million for the first quarter of 2018.

Casino revenues from Wynn Palace were $623.2 million for the first quarter of 2019, a 9.6% increase from $568.5 million for the first quarter of 2018. Table games turnover in VIP operations was $12.63 billion, a 17.9% decrease from $15.39 billion for the first quarter of 2018. VIP table games win as a percentage of turnover was 3.91%, above the expected range of 2.7% to 3.0% and above the 2.60% experienced in the first quarter of 2018. Table drop in mass market operations was $1.30 billion, a 7.1% increase from $1.22 billion in the first quarter of 2018. Table games win in mass market operations was $315.5 million, a 1.7% increase from $310.2 million for the first quarter of 2018. Table games win percentage in mass market operations was 24.2%, below the 25.5% experienced in the first quarter of 2018. Slot machine handle was $975.0 million, a 7.8% decrease from $1.06 billion for the first quarter of 2018. Slot machine win decreased 7.9% to $51.4 million for the first quarter of 2019, compared to $55.8 million for the first quarter of 2018.

Non-casino revenues from Wynn Palace were $103.4 million for the first quarter of 2019, a 6.2% increase from $97.4 million for the first quarter of 2018. Room revenues were $43.3 million for the first quarter of 2019, a 7.1% increase from $40.4 million for the first quarter of 2018. Average daily rate ("ADR") was $271, a 7.7% increase from $252 for the first quarter of 2018. Occupancy increased to 97.2% for the first quarter of 2019, from 96.8% for the first quarter of 2018. Revenue per available room ("REVPAR") was $264, an 8.2% increase from $244 for the first quarter of 2018.

Wynn Macau
Operating revenues from Wynn Macau were $523.9 million for the first quarter of 2019, a 15.3% decrease from $618.2 million for the first quarter of 2018. Adjusted Property EBITDA was $163.9 million for the first quarter of 2019, a 21.9% decrease from $209.8 million for the first quarter of 2018.

Casino revenues from Wynn Macau were $450.2 million for the first quarter of 2019, a 16.5% decrease from $539.0 million for the first quarter of 2018. Table games turnover in VIP operations was $10.19 billion, a 40.3% decrease from $17.09 billion for the first quarter of 2018. VIP table games win as a percentage of turnover was 2.90%, within the expected range of 2.7% to 3.0% and above the 2.61% experienced in the first quarter of 2018. Table drop in mass market operations was $1.35 billion, a 2.2% increase from $1.32 billion for the first quarter of 2018. Table games win in mass market operations was $264.5 million, a 3.1% increase from $256.5 million for the first quarter of 2018. Table games win percentage in mass market operations was 19.6%, above the 19.4% experienced in the first quarter of 2018. Slot machine handle was $794.4 million, a 20.8% decrease from $1.00 billion for the first quarter of 2018. Slot machine win decreased 9.3% to $37.9 million for the first quarter of 2019, compared to $41.8 million for the first quarter of 2018.

Non-casino revenues from Wynn Macau were $73.6 million for the first quarter of 2019, a 7.0% decrease from $79.2 million for the first quarter of 2018. Room revenues were $28.9 million for the first quarter of 2019, a 1.6% increase from $28.4 million for the first quarter of 2018. ADR was relatively flat at $290 when compared to the same period of 2018. Occupancy increased to 99.3% for the first quarter of 2019, from 99.0% for the same period of 2018. REVPAR was flat at $288 when compared to the same period of 2018.

Las Vegas Operations
Operating revenues from our Las Vegas Operations were $401.0 million for the first quarter of 2019, a 7.1% decrease from $431.5 million for the first quarter of 2018. Adjusted Property EBITDA from our Las Vegas Operations was $108.3 million, a 24.0% decrease from $142.6 million for the first quarter of 2018.

Casino revenues from our Las Vegas Operations were $111.7 million for the first quarter of 2019, a 17.1% decrease from $134.6 million for the first quarter of 2018. Table games drop was $404.1 million, a 24.7% decrease from $536.6 million for the first quarter of 2018. Table games win was $111.4 million, a 27.9% decrease from $154.4 million for the first quarter of 2018. Table games win percentage was 27.6%, above the property’s expected range of 22% to 26%, but below the 28.8% experienced in the first quarter of 2018. Slot machine handle was $789.3 million, a 6.1% increase from $744.1 million for the first quarter of 2018. Slot machine win increased 10.7% to $54.5 million, compared to $49.3 million for the first quarter of 2018.

Non-casino revenues from our Las Vegas Operations were $289.3 million for the first quarter of 2019, a 2.5% decrease from $296.8 million for the first quarter of 2018. Room revenues were $119.1 million for the first quarter of 2019, a 1.9% decrease from $121.5 million for the first quarter of 2018. ADR was $338, a 0.6% decrease from $340 in the first quarter of 2018. Occupancy decreased to 82.6% for the first quarter of 2019, from 83.9% for the first quarter of 2018. REVPAR was $279, a 2.1% decrease from $285 for the first quarter of 2018. Food and beverage revenues decreased 1.8%, to $123.6 million for the first quarter of 2019, compared to $125.8 million for the first quarter of 2018. Entertainment, retail and other revenues decreased 5.9%, to $46.6 million for the first quarter of 2019, compared to $49.6 million in the first quarter of 2018.

Development Projects
We are currently constructing Encore Boston Harbor, an integrated casino 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 31 March 2019, we have incurred $2.26 billion in total project costs. We expect to open Encore Boston Harbor in mid-2019.

We are currently constructing an approximately 430,000 square foot meeting and convention facility at Wynn Las Vegas and have begun construction activities in connection with the reconfiguration of the Wynn Las Vegas golf course, which we closed in the fourth quarter of 2017. Based on current designs, we estimate the total project budget to be approximately $425 million. As of 31 March 2019, we have incurred $181.5 million in total project costs. We expect to reopen the golf course in the fourth quarter of 2019 and open the additional meeting and convention space in the first quarter of 2020.

Balance Sheet
Our cash and cash equivalents and restricted cash as of March 31, 2019 totaled $1.83 billion.

Total current and long-term debt outstanding at 31 March 2019 was $9.17 billion, comprised of $3.73 billion of Macau related debt, $3.10 billion of Wynn Las Vegas debt, $983 million of Wynn America debt, $740 million of Wynn Resorts debt, and $611 million of debt held by the retail joint venture which we consolidate.

As previously disclosed, on 8 March 2019, the company entered into an Incremental Joinder Agreement that amended the Wynn Resorts Term Loan Credit Agreement to, among other things, provide the Company with an additional $250 million term loan on substantially similar terms as the Wynn Resorts Term Loan.

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	Wynn Resorts resports Q1 2019 results 9 May 2019 (PRESS RELEASE) -- Wynn Resorts, Limited today reported financial results for the quarter ended 31 March 2019. Operating revenues were $1.65 billion for the first quarter of 2019, a decrease of 3.7%, or $64.0 million, from $1.72 billion for the first quarter of 2018. Operating revenues increased $60.8 million at Wynn Palace and decreased $94.4 million and $30.5 million at Wynn Macau and our Las Vegas Operations, respectively. On a U.S. generally accepted accounting principles ("GAAP") basis, net income attributable to Wynn Resorts, Limited was $104.9 million, or $0.98 per diluted share, for the first quarter of 2019, compared to a net loss attributable to Wynn Resorts, Limited of $204.3 million, or $1.99 per diluted share, in the first quarter of 2018. The change was primarily due to a litigation settlement of $463.6 million, partially offset by an income tax benefit of $111.0 million, recorded in the first quarter of 2018. Adjusted net income attributable to Wynn Resorts, Limited (1) was $172.6 million, or $1.61 per diluted share, for the first quarter of 2019, compared to $237.0 million, or $2.30 per diluted share, for the first quarter of 2018. Adjusted Property EBITDA (2) was $494.8 million for the first quarter of 2019, a decrease of 12.3%, or $69.6 million, from $564.3 million for the first quarter of 2018. Adjusted Property EBITDA increased $10.7 million at Wynn Palace and decreased $45.9 million and $34.3 million at Wynn Macau and our Las Vegas Operations, respectively. Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $1.00 per share, payable on 30 May 2019 to stockholders of record as of 22 May 2019. Macau Operations Wynn Palace Operating revenues from Wynn Palace were $726.6 million for the first quarter of 2019, a 9.1% increase from $665.8 million for the first quarter of 2018. Adjusted Property EBITDA from Wynn Palace was $222.6 million for the first quarter of 2019, a 5.0% increase from $211.9 million for the first quarter of 2018. Casino revenues from Wynn Palace were $623.2 million for the first quarter of 2019, a 9.6% increase from $568.5 million for the first quarter of 2018. Table games turnover in VIP operations was $12.63 billion, a 17.9% decrease from $15.39 billion for the first quarter of 2018. VIP table games win as a percentage of turnover was 3.91%, above the expected range of 2.7% to 3.0% and above the 2.60% experienced in the first quarter of 2018. Table drop in mass market operations was $1.30 billion, a 7.1% increase from $1.22 billion in the first quarter of 2018. Table games win in mass market operations was $315.5 million, a 1.7% increase from $310.2 million for the first quarter of 2018. Table games win percentage in mass market operations was 24.2%, below the 25.5% experienced in the first quarter of 2018. Slot machine handle was $975.0 million, a 7.8% decrease from $1.06 billion for the first quarter of 2018. Slot machine win decreased 7.9% to $51.4 million for the first quarter of 2019, compared to $55.8 million for the first quarter of 2018. Non-casino revenues from Wynn Palace were $103.4 million for the first quarter of 2019, a 6.2% increase from $97.4 million for the first quarter of 2018. Room revenues were $43.3 million for the first quarter of 2019, a 7.1% increase from $40.4 million for the first quarter of 2018. Average daily rate ("ADR") was $271, a 7.7% increase from $252 for the first quarter of 2018. Occupancy increased to 97.2% for the first quarter of 2019, from 96.8% for the first quarter of 2018. Revenue per available room ("REVPAR") was $264, an 8.2% increase from $244 for the first quarter of 2018. Wynn Macau Operating revenues from Wynn Macau were $523.9 million for the first quarter of 2019, a 15.3% decrease from $618.2 million for the first quarter of 2018. Adjusted Property EBITDA was $163.9 million for the first quarter of 2019, a 21.9% decrease from $209.8 million for the first quarter of 2018. Casino revenues from Wynn Macau were $450.2 million for the first quarter of 2019, a 16.5% decrease from $539.0 million for the first quarter of 2018. Table games turnover in VIP operations was $10.19 billion, a 40.3% decrease from $17.09 billion for the first quarter of 2018. VIP table games win as a percentage of turnover was 2.90%, within the expected range of 2.7% to 3.0% and above the 2.61% experienced in the first quarter of 2018. Table drop in mass market operations was $1.35 billion, a 2.2% increase from $1.32 billion for the first quarter of 2018. Table games win in mass market operations was $264.5 million, a 3.1% increase from $256.5 million for the first quarter of 2018. Table games win percentage in mass market operations was 19.6%, above the 19.4% experienced in the first quarter of 2018. Slot machine handle was $794.4 million, a 20.8% decrease from $1.00 billion for the first quarter of 2018. Slot machine win decreased 9.3% to $37.9 million for the first quarter of 2019, compared to $41.8 million for the first quarter of 2018. Non-casino revenues from Wynn Macau were $73.6 million for the first quarter of 2019, a 7.0% decrease from $79.2 million for the first quarter of 2018. Room revenues were $28.9 million for the first quarter of 2019, a 1.6% increase from $28.4 million for the first quarter of 2018. ADR was relatively flat at $290 when compared to the same period of 2018. Occupancy increased to 99.3% for the first quarter of 2019, from 99.0% for the same period of 2018. REVPAR was flat at $288 when compared to the same period of 2018. Las Vegas Operations Operating revenues from our Las Vegas Operations were $401.0 million for the first quarter of 2019, a 7.1% decrease from $431.5 million for the first quarter of 2018. Adjusted Property EBITDA from our Las Vegas Operations was $108.3 million, a 24.0% decrease from $142.6 million for the first quarter of 2018. Casino revenues from our Las Vegas Operations were $111.7 million for the first quarter of 2019, a 17.1% decrease from $134.6 million for the first quarter of 2018. Table games drop was $404.1 million, a 24.7% decrease from $536.6 million for the first quarter of 2018. Table games win was $111.4 million, a 27.9% decrease from $154.4 million for the first quarter of 2018. Table games win percentage was 27.6%, above the property’s expected range of 22% to 26%, but below the 28.8% experienced in the first quarter of 2018. Slot machine handle was $789.3 million, a 6.1% increase from $744.1 million for the first quarter of 2018. Slot machine win increased 10.7% to $54.5 million, compared to $49.3 million for the first quarter of 2018. Non-casino revenues from our Las Vegas Operations were $289.3 million for the first quarter of 2019, a 2.5% decrease from $296.8 million for the first quarter of 2018. Room revenues were $119.1 million for the first quarter of 2019, a 1.9% decrease from $121.5 million for the first quarter of 2018. ADR was $338, a 0.6% decrease from $340 in the first quarter of 2018. Occupancy decreased to 82.6% for the first quarter of 2019, from 83.9% for the first quarter of 2018. REVPAR was $279, a 2.1% decrease from $285 for the first quarter of 2018. Food and beverage revenues decreased 1.8%, to $123.6 million for the first quarter of 2019, compared to $125.8 million for the first quarter of 2018. Entertainment, retail and other revenues decreased 5.9%, to $46.6 million for the first quarter of 2019, compared to $49.6 million in the first quarter of 2018. Development Projects We are currently constructing Encore Boston Harbor, an integrated casino 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 31 March 2019, we have incurred $2.26 billion in total project costs. We expect to open Encore Boston Harbor in mid-2019. We are currently constructing an approximately 430,000 square foot meeting and convention facility at Wynn Las Vegas and have begun construction activities in connection with the reconfiguration of the Wynn Las Vegas golf course, which we closed in the fourth quarter of 2017. Based on current designs, we estimate the total project budget to be approximately $425 million. As of 31 March 2019, we have incurred $181.5 million in total project costs. We expect to reopen the golf course in the fourth quarter of 2019 and open the additional meeting and convention space in the first quarter of 2020. Balance Sheet Our cash and cash equivalents and restricted cash as of March 31, 2019 totaled $1.83 billion. Total current and long-term debt outstanding at 31 March 2019 was $9.17 billion, comprised of $3.73 billion of Macau related debt, $3.10 billion of Wynn Las Vegas debt, $983 million of Wynn America debt, $740 million of Wynn Resorts debt, and $611 million of debt held by the retail joint venture which we consolidate. As previously disclosed, on 8 March 2019, the company entered into an Incremental Joinder Agreement that amended the Wynn Resorts Term Loan Credit Agreement to, among other things, provide the Company with an additional $250 million term loan on substantially similar terms as the Wynn Resorts Term Loan.