Wynn Resorts, Limited Reports Fourth Quarter and Year End 2023 Results
Wynn Resorts, Limited Reports Fourth Quarter and Year End 2023 Results
February 7, 2024 LAS VEGAS--(BUSINESS WIRE)--Feb. 7, 2024-- Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the fourth quarter ended December 31, 2023. Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. Net income attributable to Wynn Resorts, Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts, Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted Property EBITDAR was $630.4 million for the fourth quarter of 2023, compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022.
"The strong momentum we built throughout 2023 continued during the fourth quarter with Adjusted Property EBITDAR reaching a new all-time record. These impressive results highlight our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in Las Vegas, Boston and Macau," said Craig Billings, CEO of Wynn Resorts, Limited. "On the development front, construction of Wynn Al Marjan Island continues, with much of the hotel tower and podium foundation complete, and preparations underway to start vertical construction of the hotel tower. We are confident the resort will be a 'must see' tourism destination in the UAE. We are excited about the outlook for the Company, and we will continue to focus on driving long-term returns for shareholders."
Consolidated Results
Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. For the fourth quarter of 2023, operating revenues increased $411.3 million, $309.0 million, $111.3 million, and $5.1 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Wynn Interactive, respectively, and decreased $1.2 million at Encore Boston Harbor, from the fourth quarter of 2022. Net income attributable to Wynn Resorts, Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts, Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Diluted net income per share was $6.19 for the fourth quarter of 2023, compared to diluted net income per share of $0.29 for the fourth quarter of 2022. Adjusted net income attributable to Wynn Resorts, Limited was $213.7 million, or $1.91 per diluted share, for the fourth quarter of 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022. Adjusted Property EBITDAR was $630.4 million for the fourth quarter of 2023, an increase of $435.3 million compared to Adjusted Property EBITDAR of $195.1 million for the fourth quarter of 2022. For the fourth quarter of 2023, Adjusted Property EBITDAR increased $195.1 million, $161.0 million, $51.5 million, $26.5 million, and $1.1 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Wynn Interactive, and Encore Boston Harbor, respectively, from the fourth quarter of 2022.
For the year ended December 31, 2023, operating revenues were $6.53 billion, an increase of $2.78 billion from $3.76 billion for the year ended December 31, 2022. Operating revenues for the year ended December 31, 2023 increased $1.48 billion, $902.3 million, $348.5 million, $34.7 million, and $13.0 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, from the year ended December 31, 2022. Net income attributable to Wynn Resorts, Limited was $730.0 million, or $6.32 per diluted share for the year ended December 31, 2023, compared to net loss attributable to Wynn Resorts, Limited of $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of increased operating revenues from our Macau Operations and our Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S. Adjusted net income attributable to Wynn Resorts, Limited was $462.3 million, or $4.10 per diluted share, for the year ended December 31, 2023, compared to adjusted net loss attributable to Wynn Resorts, Limited of $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022. Adjusted Property EBITDAR was $2.11 billion for the year ended December 31, 2023, compared to $725.4 million for the year ended December 31, 2022. Adjusted Property EBITDAR for the year ended December 31, 2023 increased $712.4 million, $462.1 million, $145.1 million, $55.8 million, and $14.0 million, at Wynn Palace, Wynn Macau, our Las Vegas Operations, Wynn Interactive, and Encore Boston Harbor, respectively, from the year ended December 31, 2022.
Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on February 29, 2024 to stockholders of record as of February 20, 2024.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $524.4 million for the fourth quarter of 2023, an increase of $411.3 million from $113.1 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Wynn Palace was $171.1 million for the fourth quarter of 2023, compared to $(23.9) million for the fourth quarter of 2022. Table games win percentage in mass market operations was 23.6%, above the 23.3% experienced in the fourth quarter of 2022. VIP table games win as a percentage of turnover was 2.97%, below the property's expected range of 3.1% to 3.4% and above the 0.11% experienced in the fourth quarter of 2022.
Wynn Macau
Operating revenues from Wynn Macau were $386.2 million for the fourth quarter of 2023, an increase of $309.0 million from $77.2 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Wynn Macau was $125.8 million for the fourth quarter of 2023, compared to $(35.2) million for the fourth quarter of 2022. Table games win percentage in mass market operations was 19.1%, above the 17.2% experienced in the fourth quarter of 2022. VIP table games win as a percentage of turnover was 4.37%, above the property's expected range of 3.1% to 3.4% and above the 1.20% experienced in the fourth quarter of 2022.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $696.8 million for the fourth quarter of 2023, an increase of $111.3 million from $585.5 million for the fourth quarter of 2022. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2023 was $270.8 million, compared to $219.3 million for the fourth quarter of 2022. Table games win percentage for the fourth quarter of 2023 was 25.4%, within the property's expected range of 22% to 26% and above the 21.2% experienced in the fourth quarter of 2022.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $217.1 million for the fourth quarter of 2023, a decrease of $1.2 million from $218.3 million for the fourth quarter of 2022. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2023 was $64.4 million, compared to $63.3 million for the fourth quarter of 2022. Table games win percentage for the fourth quarter of 2023 was 22.0%, within the property's expected range of 18% to 22% and slightly above the 21.9% experienced in the fourth quarter of 2022.
Balance Sheet
Our cash and cash equivalents as of December 31, 2023 totaled $2.88 billion, comprised of $1.32 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $361.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $1.20 billion held at Corporate and other. In addition, as of December 31, 2023, we had $697.9 million and $147.3 million in short-term investments held at WML and Corporate and other, respectively. As of December 31, 2023, the available borrowing capacity under the Wynn Resorts Finance Revolver was $736.5 million, and the WM Cayman II Revolver was fully drawn. Total current and long-term debt outstanding at December 31, 2023 was $11.74 billion, comprised of $6.74 billion of Macau related debt, $2.25 billion of Wynn Las Vegas debt, $2.13 billion of WRF debt, and $614.1 million of debt held by the retail joint venture which we consolidate. During the fourth quarter of 2023, the Company repurchased 1,609,625 shares of its common stock under its publicly announced equity repurchase program at an average price of $86.56 per share, for an aggregate cost of $139.3 million, bringing the total repurchases by the Company for the year ended December 31, 2023 to 2,206,573 shares of its common stock for an aggregate cost of $195.5 million.
Conference Call and Other Information
The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 7, 2024 at 2:00 p.m. PT (5:00 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before March 30, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2023 available to noteholders, prospective investors, broker-dealers and securities analysts.
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 from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth.
Non-GAAP Financial Measures
(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, impairment of goodwill and intangible assets, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other...
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
| Three Months Ended December 31, | Year Ended December 31, | |||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| Operating revenues: | ||||
| Casino | $1,065,958 | $423,218 | $3,718,402 | $1,632,541 |
| Rooms | 347,299 | 233,252 | 1,185,671 | 802,138 |
| Food and beverage | 271,558 | 217,648 | 1,028,637 | 846,214 |
| Entertainment, retail and other | 155,645 | 130,819 | 599,187 | 475,932 |
| Total operating revenues | 1,840,460 | 1,004,937 | 6,531,897 | 3,756,825 |
| Operating expenses: | ||||
| Casino | 643,910 | 291,757 | 2,238,671 | 1,099,801 |
| Rooms | 82,857 | 69,869 | 307,132 | 261,343 |
| Food and beverage | 216,947 | 183,034 | 822,323 | 700,549 |
| Entertainment, retail and other | 79,402 | 91,676 | 340,437 | 328,529 |
| General and administrative | 279,484 | 232,017 | 1,065,022 | 830,450 |
| Provision for credit losses | 2,350 | 4,036 | (3,964) | (7,295) |
| Pre-opening | 2,646 | 7,247 | 9,468 | 20,643 |
| Depreciation and amortization | 176,527 | 172,292 | 687,270 | 692,318 |
| Gain on EBH Transaction, net | — | (181,989) | — | (181,989) |
| Impairment of goodwill and intangible assets | — | — | 94,490 | 48,036 |
| Property charges and other | (1,388) | 35,790 | 130,877 | 65,116 |
| Total operating expenses | 1,482,735 | 905,729 | 5,691,726 | 3,857,501 |
| Operating income (loss) | 357,725 | 99,208 | 840,171 | (100,676) |
| Other income (expense): | ||||
| Interest income | 44,931 | 18,895 | 175,785 | 29,758 |
| Interest expense, net of amounts capitalized | (184,955) | (178,620) | (751,509) | (650,885) |
| Change in derivatives fair value | 48,353 | 1,155 | 45,098 | 15,956 |
| Loss on debt financing transactions | — | — | (12,683) | — |
| Other | 8,315 | 31,901 | (11,479) | 5,811 |
| Other income (expense), net | (83,356) | (126,669) | (554,788) | (599,360) |
| Income (loss) before income taxes | 274,369 | (27,461) | 285,383 | (700,036) |
| Benefit (provision) for income taxes | 499,408 | (6,084) | 496,834 | (9,332) |
| Net income (loss) | 773,777 | (33,545) | 782,217 | (709,368) |
| Less: net (income) loss attributable to noncontrolling interests | (44,621) | 65,956 | (52,223) | 285,512 |
| Net income (loss) attributable to Wynn Resorts, Limited | 729,156 | 32,411 | 729,994 | (423,856) |
| Basic and diluted net income (loss) per common share: | ||||
| Net income (loss) attributable to Wynn Resorts, Limited: |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
| Three Months Ended December 31, | Year Ended December 31, | |||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| Net income (loss) attributable to Wynn Resorts, Limited | $729,156 | $32,411 | $729,994 | $(423,856) |
| Pre-opening expenses | 2,646 | 7,247 | 9,468 | 20,643 |
| Gain on EBH Transaction, net | - | (181,989) | - | (181,989) |
| Impairment of goodwill and intangible assets | - | - | 94,490 | 48,036 |
| Property charges and other | (1,388) | 35,790 | 130,877 | 65,116 |
| Change in derivatives fair value | (48,353) | (1,155) | (45,098) | (15,956) |
| Loss on debt financing transactions | - | - | 12,683 | - |
| Foreign currency remeasurement and other | (8,315) | (31,901) | 11,479 | (5,811) |
| Income tax impact on adjustments | (1,033) | (198) | (2,088) | (294) |
| Nonrecurring income tax benefit from release of valuation allowance | (474,214) | - | (474,214) | - |
| Noncontrolling interests impact on adjustments | 15,160 | 1,110 | (5,243) | (13,317) |
| Adjusted net income (loss) attributable to Wynn Resorts, Limited | $213,659 | $(138,685) | $462,348 | $(507,428) |
| Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share | $1.91 | $(1.23) | $4.10 | $(4.47) |
| Weighted average common shares outstanding - diluted | 112,033 | 112,795 | 112,855 | 113,623 |
Weighted average common shares outstanding - diluted
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
| Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Wynn Interactive | Corporate and Other | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Operating income (loss) | $95,071 | $90,545 | $(15,860) | $169,756 | $167,080 | $(15,865) | $-(8,617) | $45,371 | $357,725 |
| Pre-opening expenses | 93 | - | - | 93 | - | 33 | - | 2,520 | 2,646 |
| Depreciation and amortization | 54,502 | 20,165 | 381 | 75,048 | 60,730 | 31,220 | 6,118 | 3,411 | 176,527 |
| Property charges and other | 451 | (676) | 4 | (221) | 389 | 710 | (2,452) | 186 | (1,388) |
| Management and license fees | 16,782 | 12,029 | - | 28,811 | 33,387 | 10,665 | - | (72,863) | - |
| Corporate expenses and other | 2,733 | 2,175 | 14,397 | 19,305 | 7,369 | 1,824 | 1,905 | 13,685 | 44,088 |
| Stock-based compensation | 1,501 | 1,579 | 1,078 | 4,158 | 1,830 | 402 | 1,296 | 7,690 | 15,376 |
| Triple-net operating lease rent expense | - | - | - | - | - | 35,404 | - | - | 35,404 |
| Adjusted Property EBITDAR | $171,133 | $125,817 | $- | $296,950 | $270,785 | $64,393 | $-(1,750) | $- | $630,378 |
| Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Wynn Interactive | Corporate and Other | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Operating income (loss) | $(105,945) | $(65,599) | $(9,801) | $(181,345) | $121,311 | $184,411 | $ (50,642) | $25,473 | $99,208 |
| Pre-opening expenses | - | - | - | - | 5,420 | 15 | 1,511 | 301 | 7,247 |
| Depreciation and amortization | 52,817 | 20,364 | 381 | 73,562 | 55,865 | 35,610 | 4,974 | 2,281 | 172,292 |
| Gain on EBH Transaction, net | - | - | - | - | - | (181,989) | - | - | (181,989) |
| Property charges and other | 20,378 | 2,116 | 16 | 22,510 | 361 | 692 | 12,908 | (681) | 35,790 |
| Management and license fees | 3,809 | 2,508 | - | 6,317 | 27,996 | 10,654 | - | (44,967) | - |
| Corporate expenses and other | 1,352 | 1,373 | 8,718 | 11,443 | 5,874 | 1,743 | 373 | 12,301 | 31,734 |
| Stock-based compensation | 3,654 | 4,069 | 686 | 8,409 | 2,424 | 345 | 2,588 | 5,292 | 19,058 |
| Triple-net operating lease rent expense | - | - | - | - | - | 11,773 | - | - | 11,773 |
| Adjusted PropertyEBITDAR | $(23,935) | $(35,169) | $- | $(59,104) | $219,251 | $63,254 | $(28,288) | $- | $195,113 |
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
| Year Ended December 31,2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Wynn Interactive | Corporate and Other | Total | |
| Operating income (loss) | $307,698 | $190,126 | $(32,157) | $465,667 | $551,128 | $(60,887) | $(276,646) | $160,909 | $840,171 |
| Pre-opening expenses | 93 | - | - | 93 | 81 | 1,286 | 5,591 | 2,417 | 9,468 |
| Depreciation and amortization | 216,562 | 81,673 | 1,522 | 299,757 | 232,685 | 122,452 | 22,051 | 10,325 | 687,270 |
| Impairment of goodwill and intangible assets | - | - | - | - | - | - | 94,490 | - | 94,490 |
| Property charges and other | 13,365 | 9,807 | 19 | 23,191 | 8,863 | 1,419 | 97,218 | 186 | 130,877 |
| Management and license fees | 60,377 | 38,019 | - | 98,396 | 118,019 | 42,179 | - | (258,594) | - |
| Corporate expenses and other | 10,208 | 9,766 | 26,431 | 46,405 | 28,519 | 7,517 | 6,746 | 57,243 | 146,430 |
| Stock-based compensation | 7,543 | 8,700 | 4,185 | 20,428 | 6,948 | 1,721 | 7,904 | 27,514 | 64,515 |
| Triple-net operating lease rent expense | - | - | - | - | - | 141,722 | - | - | 141,722 |
| Adjusted Property EBITDAR | $615,846 | $338,091 | $- | $953,937 | $946,243 | $257,409 | $(42,646) | $- | $2,114,943 |
Year Ended December 31, 2022
| | Wynn Palace | Wynn Macau | Other Macau | Total Macau Operations | Las Vegas Operations | Encore Boston Harbor | Wynn Interactive | Corporate and Other | Total |
| Operating income (loss) | $(357,666) | $(247,727) | $(22,190) | $(627,583) | $450,073 | $209,962 | $(240,111) | $106,983 | $(100,676) |
| Pre-opening expenses | - | - | - | - | 15,451 | 214 | 4,677 | 301 | 20,643 |
| Depreciation and amortization | 207,110 | 81,114 | 2,709 | 290,933 | 199,973 | 152,906 | 39,422 | 9,084 | 692,318 |
| Gain on EBH Transaction, net | - | - | - | - | - | (181,989) | - | - | (181,989) |
| Impairment of goodwill and intangible assets | - | - | - | - | - | - | 48,036 | - | 48,036 |
| Property charges and other | 23,296 | 11,482 | 43 | 34,821 | 3,680 | 1,366 | 33,015 | (7,766) | 65,116 |
| Management and license fees | 13,895 | 11,354 | - | 25,249 | 101,170 | 40,464 | - | (166,883) | - |
| Corporate expenses and other | 6,081 | 6,283 | 16,980 | 29,344 | 22,736 | 7,125 | 5,877 | 37,457 | 102,539 |
| Stock-based compensation | 10,727 | 13,447 | 2,458 | 26,632 | 8,012 | 1,565 | 10,594 | 20,824 | 67,627 |
| Triple-net operating lease rent expense | - | - | - | - | - | 11,773 | - | - | 11,773 |
| Adjusted PropertyEBITDAR | $(96,557) | $(124,047) | $- | $(220,604) | $801,095 | $243,386 | $(98,490) | $- | $725,387 |
| | Three Months Ended December 31, | | | Year Ended December 31, | |
| | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change |
| Wynn Palace Supplemental Information | | | | | |
| Operating revenues | | | | | |
| Casino | $417,273 | $68,918 | 505.5 | $1,471,280 | $255,886 | 475.0 |
| Rooms | 50,472 | 12,266 | 311.5 | 201,783 | 40,079 | 403.5 |
| Food and beverage | 29,538 | 11,519 | 156.4 | 104,566 | 35,546 | 194.2 |
| Entertainment, retail and other | 27,075 | 20,362 | 33.0 | 109,215 | 78,778 | 38.6 |
| Total | $524,358 | $113,065 | 363.8 | $1,886,844 | $410,289 | 359.9 |
| Adjusted Property EBITDAR | $171,133 | $(23,935) | NM | $615,846 | $(96,557) | NM |
| Casino Statistics: | | | | | |
| VIP: | | | | | |
| Average number of table games | 59 | 50 | 18.0 | 56 | 53 | 5.7 |
| VIP turnover | $3,161,083 | $1,047,561 | 201.8 | $11,363,248 | $2,641,321 | 330.2 |
| VIP table games win | $93,892 | $1,118 | NM | $383,384 | $23,471 | NM |
| VIP table games win as a % of turnover | 2.97% | 0.11% | | 3.37% | 0.89% | |
| Table games win per unit per day | $17,381 | $245 | NM | $18,744 | $1,259 | NM |
| Mass market: | | | | | |
| Average number of table games | 245 | 237 | 3.4 | 242 | 229 | 5.7 |
| Table drop | $1,711,850 | $373,312 | 358.6 | $6,126,841 | $1,312,786 | 366.7 |
| Table games win | $404,468 | $86,933 | 365.3 | $1,373,436 | $282,138 | 386.8 |
| Table games win % | 23.6% | 23.3% | | 22.4% | 21.5% | |
| Table games win per unit per day | $17,934 | $3,987 | 349.8 | $15,574 | $3,489 | 346.4 |
| Average number of slot machines | 585 | 578 | 1.2 | 580 | 623 | (6.9) |
| Slot machine handle | $624,688 | $229,341 | 172.4 | $2,385,033 | $732,197 | 225.7 |
| Slot machine win | $27,580 | $8,306 | 232.0 | $102,816 | $31,295 | 228.5 |
| Slot machine win per unit per day | $512 | $156 | 228.2 | $486 | $142 | 242.3 |
| Room statistics: | | | | | |
| Occupancy | 98.3% | 50.1% | | 94.9% | 38.4% | |
| ADR | $311 | $146 | 113.0 | $323 | $156 | 107.1 |
| REVPAR | $306 | $73 | 319.2 | $306 | $60 | 410.0 |
| NM: Not meaningful. | | | | | |
NM: Not meaningful.
Note: The results of operations of Wynn Palace for the three and twelve months ended December 31, 2022 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.