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Press Release: Wynn Resorts, Limited Reports -3-

· 02/04/2021 16:02
revenues 685,995 1,653,459 2,095,861 6,611,099 Operating expenses: Casino 330,287 726,504 1,064,976 2,924,254 Rooms 32,436 71,053 172,223 276,095 Food and beverage 84,457 168,996 398,792 696,498 Entertainment, retail and other 31,405 40,570 107,228 170,206 General and administrative 173,544 230,682 720,849 896,670 Provision for credit losses 3,827 8,859 64,375 21,898 Pre-opening 892 2,797 6,506 102,009 Depreciation and amortization 184,004 175,054 725,502 624,878 Property charges and other 23,754 2,366 67,455 20,286 --------- ---------- ----------- ---------- Total operating expenses 864,606 1,426,881 3,327,906 5,732,794 --------- ---------- ----------- ---------- Operating income (loss) (178,611) 226,578 (1,232,045) 878,305 --------- ---------- ----------- ---------- Other income (expense): Interest income 1,415 4,470 15,384 24,449 Interest expense, net of amounts capitalized (149,287) (113,049) (556,474) (414,030) Change in derivatives fair value 1,219 3,686 (13,060) (3,228) Loss on extinguishment of debt -- (241) (4,601) (12,437) Other 15,541 18,505 28,521 15,159 --------- ---------- ----------- ---------- Other income (expense), net (131,112) (86,629) (530,230) (390,087) --------- ---------- ----------- ---------- Income (loss) before income taxes (309,723) 139,949 (1,762,275) 488,218 Provision for income taxes (568) (157,419) (564,671) (176,840) --------- ---------- ----------- ---------- Net income (loss) (310,291) (17,470) (2,326,946) 311,378 Less: net (income) loss attributable to noncontrolling interests 40,789 (55,472) 259,701 (188,393) --------- ---------- ----------- ---------- Net income (loss) attributable to Wynn Resorts, Limited $(269,502) $ (72,942) $(2,067,245) $ 122,985 ======== ========= ========== ========= Basic and diluted income (loss) per common share: Net income (loss) attributable to Wynn Resorts, Limited: Basic $ (2.53) $ (0.68) $ (19.37) $ 1.15 Diluted $ (2.53) $ (0.68) $ (19.37) $ 1.15 Weighted average common shares outstanding: Basic 106,818 106,608 106,745 106,745 Diluted 106,818 106,608 106,745 106,985 Dividends declared per common share: $ -- $ 1.00 $ 1.00 $ 3.75 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 Year Ended December 31, December 31, --------------------- ------------------------- 2020 2019 2020 2019 ---------- --------- ------------ --------- Net income (loss) attributable to Wynn Resorts, Limited $(269,502) $(72,942) $(2,067,245) $122,985 Nonrecurring regulatory expense -- -- -- 35,000 Litigation settlement net gain -- -- (30,200) -- Pre-opening expenses 892 2,797 6,506 102,009 Property charges and other 23,754 2,366 67,455 20,286 Change in derivatives fair value (1,219) (3,686) 13,060 3,228 Loss on extinguishment of debt -- 241 4,601 12,437 Foreign currency remeasurement and other (15,541) (18,505) (28,521) (15,159) Income tax impact on adjustments (20) 17,445 -- (1,549) Noncontrolling interests impact on adjustments (593) 6,714 (12,908) 226 --------- -------- ----------- -------- Adjusted net income (loss) attributable to Wynn Resorts, Limited $(262,229) $(65,570) $(2,047,252) $279,463 ======== ======= ========== ======= Adjusted net income (loss) attributable to Wynn Resorts, Limited per diluted share $ (2.45) $ (0.62) $ (19.18) $ 2.61 ======== ======= ========== ======= Weighted average common shares outstanding - diluted 106,818 106,608 106,745 106,985 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA (in thousands) (unaudited) Three Months Ended December 31, 2020 ------------------------------------------------------------------------------------------------------------ Operating Depreciation Property Management Corporate Adjusted income Pre-opening and charges and license expenses Stock-based Property (loss) expenses amortization and other fees and other compensation EBITDA ---------- ------------- -------------- ---------- ------------ ----------- -------------- ---------- Macau Operations: Wynn Palace $ (50,278) $ 439 $ 67,455 $ 918 $ 7,196 $ 867 $ 2,135 $28,732 Wynn Macau (21,315) -- 20,396 740 6,078 942 3,865 10,706 Other Macau (2,753) -- 1,108 1 -- 1,203 441 -- --------- ------------- -------------- ---------- ----------- ----------- -------------- ------- Total Macau Operations (74,346) 439 88,959 1,659 13,274 3,012 6,441 39,438 Las Vegas Operations (49,125) 246 49,332 2,828 8,303 5,419 4,024 21,027 Encore Boston Harbor (34,911) -- 39,373 3,653 5,013 2,262 1,277 16,667 Corporate and other (20,229) 207 6,340 15,614 (26,590) 7,296 10,011 (7,351) --------- ------------- -------------- ---------- ----------- ----------- -------------- ------- Total $(178,611) $ 892 $ 184,004 $ 23,754 $ -- $ 17,989 $ 21,753 $69,781 ======== ==== ======= === ========= ====== === ====== ======= === ========= ====== Three Months Ended December 31, 2019 ----------------------------------------------------------------------------------------------------------- Operating Depreciation Property Management Corporate Adjusted income Pre-opening and charges and license expenses Stock-based Property (loss) expenses amortization and other fees and other compensation EBITDA --------- ------------- -------------- ---------- ------------ ----------- -------------- ---------- Macau Operations: Wynn Palace $ 88,303 $ -- $ 66,337 $ (466) $ 20,853 $ 1,392 $ 1,198 $177,617 Wynn Macau 123,161 1,699 23,601 (234) 18,475 1,536 1,848 170,086 Other Macau (3,547) -- 1,115 5 -- 2,162 265 -- -------- ------------- -------------- --------- ----------- ----------- -------------- -------- Total Macau Operations 207,917 1,699 91,053 (695) 39,328 5,090 3,311 347,703 Las Vegas Operations 6,596 166 44,471 4,886 17,610 5,087 1,323 80,139 Encore Boston Harbor (34,146) -- 36,752 -- 8,346 2,618 1,690 15,260 Corporate and other 46,211 932 2,778 (1,825) (65,284) 13,584 3,604 -- -------- ------------- -------------- --------- ----------- ----------- -------------- --------

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February 04, 2021 16:02 ET (21:02 GMT)