Wynn Resorts, Limited Reports Second Quarter 2021 Results
Wynn Resorts, Limited Reports Second Quarter 2021 Results
August 4, 2021
Wynn Resorts, Limited (NASDAQ: WYNN) today reported financial results for the quarter ended June 30, 2021. Operating revenues were $990.1 million for the second quarter of 2021, an increase of $904.4 million from $85.7 million for the second quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $131.4 million, or $1.15 per diluted share, for the second quarter of 2021, compared to a net loss of $637.6 million, or $5.97 per diluted share, in the second quarter of 2020.
Consolidated Results
- Operating Revenues: $990.1 million for Q2 2021
- Net Loss: $131.4 million, or $1.15 per diluted share, for Q2 2021
- Adjusted Net Loss: $128.7 million, or $1.12 per diluted share
- Adjusted Property EBITDA: $206.9 million for Q2 2021
Property Results
Macau Operations
- Wynn Palace: Operating revenues were $270.4 million for Q2 2021.
- Wynn Macau: Operating revenues were $184.0 million for Q2 2021.
Las Vegas Operations
- Operating Revenues: $355.1 million for Q2 2021.
- Adjusted Property EBITDA: $133.2 million for Q2 2021.
Encore Boston Harbor
- Operating Revenues: $165.2 million for Q2 2021.
- Adjusted Property EBITDA: $46.9 million for Q2 2021.
Balance Sheet
- Cash and cash equivalents: $2.80 billion as of June 30, 2021.
- Total Current and Long-term Debt: $11.92 billion as of June 30, 2021.
Conference Call
The Company will hold a conference call to discuss its results on August 4, 2021, at 1:15 p.m. PT.
Forward-looking Statements
This release contains forward-looking statements regarding operating trends and future results of operations, which are subject to various risks and uncertainties.
Non-GAAP Financial Measures
- Adjusted Property EBITDA: Net loss before interest, income taxes, depreciation and amortization, among other adjustments.
- Adjusted Net Loss Attributable to Wynn Resorts: Net loss before certain expenses and adjustments.
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, | |
|---|---|---|
| Operating revenues: | ||
| Casino | $602,746 | $1,118,964 |
| Rooms | 137,765 | 213,955 |
| Food and beverage | 149,142 | 217,651 |
| Total operating revenues | 990,113 | 1,726,795 |
| Operating expenses: | ||
| Casino | 381,615 | 733,581 |
| Total operating expenses | 1,019,634 | 1,932,048 |
| Operating loss | (29,521) | (205,253) |
| Net loss | (173,397) | (509,576) |
| Net loss attributable to Wynn Resorts, Limited | $(131,369) | $(412,347) |
| Basic and diluted net loss per common share: | ||
| Basic | $(1.15) | $(3.66) |
| Diluted | $(1.15) | $(3.66) |
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |
|---|---|---|
| Net loss | $ (131,369) | $ (412,347) |
| Adjusted net loss | $(128,730) | $(396,726) |
| Adjusted net loss per diluted share | $(1.12) | $(3.52) |
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, | |
|---|---|---|
| Wynn Palace Operating revenues | ||
| Casino | $212,067 | $397,976 |
| Total | $270,371 | $507,697 |
| Adjusted Property EBITDA | $53,555 | $80,924 |
Casino Statistics: VIP
| Average number of table games | 94 | | VIP turnover | $1,811,381 | | VIP table games win | $71,570 |
Room statistics:
| Occupancy | 70.6% | | ADR | $180 | | REVPAR | $127 |