Wynn Resorts, Limited Reports First Quarter 2023 Results
Wynn Resorts, Limited Reports First Quarter 2023 Results
Wynn Resorts, Limited (NASDAQ: WYNN) today reported financial results for the first quarter ended March 31, 2023. Operating revenues were $1.42 billion for the first quarter of 2023, an increase of $470.3 million from $953.3 million for the first quarter of 2022. Net income attributable to Wynn Resorts, Limited was $12.3 million for the first quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $183.3 million for the first quarter of 2022. Diluted net loss per share was $0.02 for the first quarter of 2023, compared to diluted net loss per share of $1.59 for the first quarter of 2022.
Consolidated Results
Operating revenues were $1.42 billion for the first quarter of 2023, an increase of $470.3 million from $953.3 million for the first quarter of 2022. For the first quarter of 2023, operating revenues increased $145.6 million, $206.0 million, $95.6 million, and $25.5 million at our Las Vegas Operations, Wynn Palace, Wynn Macau, and Encore Boston Harbor respectively, and decreased $2.4 million at Wynn Interactive.
Net income attributable to Wynn Resorts, Limited was $12.3 million for the first quarter of 2023, compared to net loss attributable to Wynn Resorts, Limited of $183.3 million for the first quarter of 2022.
Diluted net loss per share was $0.02 for the first quarter of 2023, compared to diluted net loss per share of $1.59 for the first quarter of 2022.
Adjusted Property EBITDAR was $429.7 million for the first quarter of 2023, compared to Adjusted Property EBITDAR of $177.6 million for the first quarter of 2022.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $369.4 million for the first quarter of 2023, an increase of $206.0 million from $163.3 million for the first quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $111.1 million for the first quarter of 2023, compared to $(0.9) million for the first quarter of 2022.
Wynn Macau
Operating revenues from Wynn Macau were $230.7 million for the first quarter of 2023, an increase of $95.6 million from $135.1 million for the first quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $44.7 million for the first quarter of 2023, compared to $(4.7) million for the first quarter of 2022.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $586.8 million for the first quarter of 2023, an increase of $145.6 million from $441.2 million for the first quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the first quarter of 2023 was $231.6 million, compared to $159.4 million for the first quarter of 2022.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $216.3 million for the first quarter of 2023, an increase of $25.5 million from $190.8 million for the first quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the first quarter of 2023 was $63.4 million, compared to $55.3 million for the first quarter of 2022.
Balance Sheet
Our cash and cash equivalents as of March 31, 2023 totaled $3.84 billion, comprised of $1.61 billion held by Wynn Macau, Limited and subsidiaries, $1.85 billion held by Wynn Resorts Finance, LLC excluding WML, and $378.5 million held at Corporate and other.
Total current and long-term debt outstanding at March 31, 2023, was $12.25 billion, comprised of $6.75 billion of Macau related debt, $2.64 billion of Wynn Las Vegas debt, $2.25 billion of Wynn Resorts Finance debt, and $613.6 million of debt held by the retail joint venture which we consolidate.
Conference Call and Other Information
The Company will hold a conference call to discuss its results on May 9, 2023 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at wynnresorts.com.
Forward-looking Statements
This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially.
Non-GAAP Financial Measures
(1) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges, and other.
(2) "Adjusted net income (loss) attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in derivatives fair value, and loss on debt financing transactions.
Supplementary Financial Information
WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Operating revenues: | ||
| Casino | $766,992 | $489,862 |
| Rooms | 272,529 | 170,376 |
| Food and beverage | 232,611 | 174,020 |
| Entertainment, retail and other | 151,547 | 119,076 |
| Total operating revenues | 1,423,679 | 953,334 |
| Operating expenses: | ||
| Casino | 473,385 | 324,079 |
| Rooms | 72,702 | 58,715 |
| Food and beverage | 180,619 | 146,656 |
| Entertainment, retail and other | 92,482 | 88,904 |
| General and administrative | 259,772 | 196,780 |
| Provision for credit losses | (544) | 342 |
| Pre-opening | 4,478 | 2,447 |
| Depreciation and amortization | 168,812 | 184,556 |
| Property charges and other | 2,458 | 45,720 |
| Total operating expenses | 1,254,164 | 1,048,199 |
| Operating income (loss) | 169,515 | (94,865) |
| Other income (expense): | ||
| Interest income | 40,193 | 1,280 |
| Interest expense, net of amounts capitalized | (187,740) | (152,158) |
| Change in derivatives fair value | 23,046 | 7,400 |
| Loss on debt financing transactions | (12,236) | — |
| Other | (30,614) | (15,127) |
| Other income (expense), net | (167,351) | (158,605) |
| Income (loss) before income taxes | 2,164 | (253,470) |
| Provision for income taxes | (1,018) | (1,140) |
| Net income (loss) | 1,146 | (254,610) |
| Less: net loss attributable to noncontrolling interests | 11,186 | 71,286 |
| Net income (loss) attributable to Wynn Resorts, Limited | $12,332 | $(183,324) |
Adjusted Property EBITDAR
| Three Months Ended March 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Net income (loss) attributable to Wynn Resorts, Limited | $12,332 | $(183,324) |
| Adjusted Property EBITDAR(6) | 429,746 | 177,581 |
Supplemental Data Schedule
| Wynn Palace Supplemental Information | 2023 | 2022 | Percent Change | ||
|---|---|---|---|---|---|
| Operating revenues | |||||
| Casino | $270,687 | $114,413 | 136.6 | ||
| Rooms | 46,910 | 13,831 | 239.2 | ||
| Food and beverage | 23,553 | 11,443 | 105.8 | ||
| Total | $369,363 | $163,325 | 126.2 | ||
| Adjusted Property EBITDAR(6) | $111,058 | (864) | NM |
| Wynn Macau Supplemental Information | ||||
|---|---|---|---|---|
| Casino | $176,383 | $102,430 | 72.2 | |
| Rooms | 21,971 | 9,390 | 134.0 | |
| Food and beverage | 14,302 | 8,386 | 70.5 | |
| Total | $230,726 | $135,100 | 70.8 | |
| Adjusted Property EBITDAR(6) | $44,745 | (4,682) | NM |
| Las Vegas Operations Supplemental Information | ||||
|---|---|---|---|---|
| Casino | $154,530 | $124,271 | 24.3 | |
| Rooms | 185,109 | 131,466 | 40.8 | |
| Food and beverage | 172,483 | 136,029 | 26.8 | |
| Total | $586,764 | $441,186 | 33.0 | |
| Adjusted Property EBITDAR(6) | $231,597 | $159,378 | 45.3 |
| Encore Boston Harbor Supplemental Information | ||||
|---|---|---|---|---|
| Casino | $165,392 | $148,748 | 11.2 | |
| Rooms | 18,539 | 15,689 | 18.2 | |
| Food and beverage | 22,273 | 18,162 | 22.6 | |
| Total | $216,306 | $190,796 | 13.4 | |
| Adjusted Property EBITDAR(6) | $63,414 | $55,250 | 14.8 |
Note: NM = Not meaningful.