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Wynn Resorts, Limited Reports First Quarter 2022 Results

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LAS VEGAS, May 10, 2022--(BUSINESS WIRE)--Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended March 31, 2022.

Operating revenues were $953.3 million for the first quarter of 2022, an increase of $216.7 million, from $736.7 million for the first quarter of 2021. Net loss attributable to Wynn Resorts, Limited was $183.3 million, or $1.59 per diluted share, for the first quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $281.0 million, or $2.53 per diluted share, in the first quarter of 2021. Adjusted Property EBITDA(1) was $177.6 million for the first quarter of 2022, compared to Adjusted Property EBITDA of $58.9 million in the first quarter of 2021.

"Our first quarter results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor where our teams' unrelenting focus on five star hospitality and world class experiences combined with very strong customer demand to deliver a new first quarter record for Adjusted Property EBITDA at both properties," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we remain confident that the market will benefit from the return of visitation when travel restrictions subside."

Consolidated Results

Operating revenues were $953.3 million for the first quarter of 2022, an increase of $216.7 million, from $736.7 million for the first quarter of 2021. For the first quarter of 2022, operating revenues increased $262.5 million and $60.7 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $74.0 million and $44.6 million at Wynn Palace and Wynn Macau, respectively, from the first quarter of 2021.

Net loss attributable to Wynn Resorts, Limited was $183.3 million, or $1.59 per diluted share, for the first quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $281.0 million, or $2.53 per diluted share, in the first quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited(2) was $139.6 million, or $1.21 per diluted share, for the first quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $268.0 million, or $2.41 per diluted share, for the first quarter of 2021.

Adjusted Property EBITDA was $177.6 million for the first quarter of 2022, compared to Adjusted Property EBITDA of $58.9 million in the first quarter of 2021. For the first quarter of 2022, Adjusted Property EBITDA increased $131.3 million and $24.9 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $28.2 million and $21.2 million at Wynn Palace and Wynn Macau, respectively, from the first quarter of 2021.

Property Results

Macau Operations

The results of operations of our Macau Operations for the first quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

Wynn Palace

Operating revenues from Wynn Palace were $163.3 million for the first quarter of 2022, a decrease of $74.0 million from $237.3 million for the first quarter of 2021. Adjusted Property EBITDA from Wynn Palace was $(0.9) million for the first quarter of 2022, compared to $27.4 million for the first quarter of 2021. VIP table games win as a percentage of turnover was 2.05%, below the property's expected range of 3.1% to 3.4% and below the 4.38% experienced in the first quarter of 2021. Table games win percentage in mass market operations was 20.9%, below the 21.7% experienced in the first quarter of 2021.

Wynn Macau

Operating revenues from Wynn Macau were $135.1 million for the first quarter of 2022, a decrease of $44.6 million from $179.7 million for the first quarter of 2021. Adjusted Property EBITDA was $(4.7) million for the first quarter of 2022, compared to $16.6 million for the first quarter of 2021. VIP table games win as a percentage of turnover was 3.84%, above the property's expected range of 3.1% to 3.4% and above the 3.25% experienced in the first quarter of 2021. Table games win percentage in mass market operations was 17.5%, slightly below the 17.8% experienced in the first quarter of 2021.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $441.2 million for the first quarter of 2022, an increase of $262.5 million from $178.7 million for the first quarter of 2021. Adjusted Property EBITDA from our Las Vegas Operations for the first quarter of 2022 was $159.4 million, compared to $28.1 million for the first quarter of 2021. Table games win percentage for the first quarter of 2022 was 23.6%, within the property's expected range of 22% to 26% and in line with the 23.6% experienced in the first quarter of 2021.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $190.8 million for the first quarter of 2022, an increase of $60.7 million from $130.1 million for the first quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the first quarter of 2022 was $55.3 million, compared to $30.4 million for the first quarter of 2021. Table games win percentage for the first quarter of 2022 was 22.2%, slightly above the property's expected range of 18% to 22% and above the 21.1% experienced in the first quarter of 2021.

Balance Sheet

Our cash and cash equivalents as of March 31, 2022 totaled $2.32 billion, comprised of approximately $1.29 billion held by Wynn Macau, Limited ("WML") and subsidiaries, approximately $388.5 million held by Wynn Resorts Finance excluding WML, and approximately $641.6 million at Corporate and other.

As of March 31, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver and WM Cayman II Revolver was $835.6 million and $211.9 million, respectively.

Total current and long-term debt outstanding at March 31, 2022 was $11.92 billion, comprised of $5.97 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.21 billion of Wynn Resorts Finance debt, and $613.0 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, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on May 10, 2022 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 http://www.wynnresorts.com.

On or before May 13, 2022, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended March 31, 2022 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

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, the COVID-19 pandemic, and the continued impact of its consequences, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions (including with respect to our ability to extend or renew our gaming concession in Macau, which expires on June 26, 2022, and proposed amendments to the Macau gaming law), dependence on key employees, general global political and economic conditions, adverse tourism trends, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction risks, cybersecurity risk and our leverage and debt service. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's other periodic reports filed with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

(1) "Adjusted Property EBITDA" is net loss before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. We use Adjusted Property EBITDA to manage the operating results of our segments. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDA because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDA calculations preopening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net loss, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, our calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net loss attributable to Wynn Resorts, Limited" is net loss attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in derivatives fair value, loss on extinguishment of debt, and foreign currency remeasurement and other, net of noncontrolling interests. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net loss attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net loss and loss per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net loss attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net loss attributable to Wynn Resorts, Limited to adjusted net loss attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDA, and (iii) net loss attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended
March 31,

2022

2021

Operating revenues:

Casino

$

489,862

$

516,218

Rooms

170,376

76,190

Food and beverage

174,020

68,509

Entertainment, retail and other

119,076

75,765

Total operating revenues

953,334

736,682

Operating expenses:

Casino

324,079

351,966

Rooms

58,715

33,535

Food and beverage

146,656

73,948

Entertainment, retail and other

88,904

73,459

General and administrative

196,780

179,774

Provision for credit losses

342

7,367

Pre-opening

2,447

1,627

Depreciation and amortization

184,556

185,121

Property charges and other

45,720

5,617

Total operating expenses

1,048,199

912,414

Operating loss

(94,865

)

(175,732

)

Other income (expense):

Interest income

1,280

904

Interest expense, net of amounts capitalized

(152,158

)

(152,852

)

Change in derivatives fair value

7,400

4,409

Loss on extinguishment of debt

(1,322

)

Other

(15,127

)

(11,093

)

Other income (expense), net

(158,605

)

(159,954

)

Loss before income taxes

(253,470

)

(335,686

)

Provision for income taxes

(1,140

)

(493

)

Net loss

(254,610

)

(336,179

)

Less: net loss attributable to noncontrolling interests

71,286

55,201

Net loss attributable to Wynn Resorts, Limited

$

(183,324

)

$

(280,978

)

Basic and diluted net loss per common share:

Net loss attributable to Wynn Resorts, Limited:

Basic

$

(1.59

)

$

(2.53

)

Diluted

$

(1.59

)

$

(2.53

)

Weighted average common shares outstanding:

Basic

115,030

111,020

Diluted

115,030

111,020

WYNN RESORTS, LIMITED AND SUBSIDIARIES

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
March 31,

2022

2021

Net loss attributable to Wynn Resorts, Limited

$

(183,324

)

$

(280,978

)

Pre-opening expenses

2,447

1,627

Property charges and other

45,720

5,617

Change in derivatives fair value

(7,400

)

(4,409

)

Loss on extinguishment of debt

1,322

Foreign currency remeasurement and other

15,127

11,093

Noncontrolling interests impact on adjustments

(12,189

)

(2,268

)

Adjusted net loss attributable to Wynn Resorts, Limited

$

(139,619

)

$

(267,996

)

Adjusted net loss attributable to Wynn Resorts, Limited per diluted share

$

(1.21

)

$

(2.41

)

Weighted average common shares outstanding - diluted

115,030

111,020

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

Three Months Ended March 31, 2022

Operating
income
(loss)

Pre-opening
expenses

Depreciation
and
amortization

Property
charges and
other

Management
and license
fees

Corporate
expenses and
other

Stock-based
compensation

Adjusted
Property
EBITDA

Macau Operations:

Wynn Palace

$

(59,501

)

$

$

50,462

$

138

$

5,185

$

1,543

$

1,309

$

(864

)

Wynn Macau

(34,816

)

20,022

1,469

4,324

1,678

2,641

(4,682

)

Other Macau

(3,947

)

977

1

2,418

551

Total Macau Operations

(98,264

)

71,461

1,608

9,509

5,639

4,501

(5,546

)

Las Vegas Operations

82,930

1,397

45,602

1,322

21,027

5,414

1,686

159,378

Encore Boston Harbor

2,189

40,989

621

9,338

1,705

408

55,250

Wynn Interactive

(105,035

)

1,050

24,248

41,961

2,427

3,848

(31,501

)

Corporate and other

23,315

2,256

208

(39,874

)

10,638

3,457

Total

$

(94,865

)

$

2,447

$

184,556

$

45,720

$

$

25,823

$

13,900

$

177,581

Three Months Ended March 31, 2021

Operating
income
(loss)

Pre-opening
expenses

Depreciation
and
amortization

Property
charges and
other

Management
and license
fees

Corporate
expenses and
other

Stock-based
compensation

Adjusted
Property
EBITDA

Macau Operations:

Wynn Palace

$

(54,788

)

$

414

$

67,010

$

2,174

$

8,178

$

1,178

$

3,203

$

27,369

Wynn Macau

(16,952

)

21,464

247

5,855

1,364

4,578

16,556

Other Macau

(3,270

)

1,108

15

1,543

604

Total Macau Operations

(75,010

)

414

89,582

2,436

14,033

4,085

8,385

43,925

Las Vegas Operations

(40,006

)

511

48,103

2,427

8,608

5,414

3,024

28,081

Encore Boston Harbor

(18,633

)

39,113

742

6,237

2,282

622

30,363

Wynn Interactive

(54,758

)

702

6,071

391

4,125

(43,469

)

Corporate and other

12,675

2,252

12

(28,878

)

5,749

8,190

Total

$

(175,732

)

$

1,627

$

185,121

$

5,617

$

$

17,921

$

24,346

$

58,900

WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO

ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

Three Months Ended
March 31,

2022

2021

Net loss attributable to Wynn Resorts, Limited

$

(183,324

)

$

(280,978

)

Net loss attributable to noncontrolling interests

(71,286

)

(55,201

)

Pre-opening expenses

2,447

1,627

Depreciation and amortization

184,556

185,121

Property charges and other

45,720

5,617

Corporate expenses and other

25,823

17,921

Stock-based compensation

13,900

24,346

Interest income

(1,280

)

(904

)

Interest expense, net of amounts capitalized

152,158

152,852

Change in derivatives fair value

(7,400

)

(4,409

)

Loss on extinguishment of debt

1,322

Other

15,127

11,093

Provision for income taxes

1,140

493

Adjusted Property EBITDA

$

177,581

$

58,900

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited)

Three Months Ended
March 31,

2022

2021

Percent Change

Wynn Palace Supplemental Information

Operating revenues

Casino

$

114,413

$

185,909

(38.5

)

Rooms

13,831

17,012

(18.7

)

Food and beverage

11,443

11,672

(2.0

)

Entertainment, retail and other

23,638

22,733

4.0

Total

$

163,325

$

237,326

(31.2

)

Adjusted Property EBITDA (6)

$

(864

)

$

27,369

NM

Casino Statistics:

VIP:

Average number of table games

67

103

(35.0

)

VIP turnover

$

965,555

$

2,200,182

(56.1

)

VIP table games win (1)

$

19,753

$

96,456

(79.5

)

VIP table games win as a % of turnover

2.05

%

4.38

%

Table games win per unit per day

$

3,280

$

10,375

(68.4

)

Mass market:

Average number of table games

234

222

5.4

Table drop (2)

$

531,859

$

607,518

(12.5

)

Table games win (1)

$

111,175

$

131,649

(15.6

)

Table games win %

20.9

%

21.7

%

Table games win per unit per day

$

5,282

$

6,596

(19.9

)

Average number of slot machines

670

687

(2.5

)

Slot machine handle

$

250,930

$

358,772

(30.1

)

Slot machine win (3)

$

12,649

$

14,243

(11.2

)

Slot machine win per unit per day

$

210

$

230

(8.7

)

Room statistics:

Occupancy

47.2

%

60.4

%

ADR (4)

$

180

$

178

1.1

REVPAR (5)

$

85

$

108

(21.3

)

NM - Not meaningful.

Note: The results of operations of Wynn Palace for the three months ended March 31, 2022 and 2021 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued)

Three Months Ended
March 31,

2022

2021

Percent Change

Wynn Macau Supplemental Information

Operating revenues

Casino

$

102,430

$

138,927

(26.3

)

Rooms

9,390

14,702

(36.1

)

Food and beverage

8,386

7,433

12.8

Entertainment, retail and other

14,894

18,589

(19.9

)

Total

$

135,100

$

179,651

(24.8

)

Adjusted Property EBITDA (6)

$

(4,682

)

$

16,556

NM

Casino Statistics:

VIP:

Average number of table games

35

90

(61.1

)

VIP turnover

$

887,051

$

1,804,382

(50.8

)

VIP table games win (1)

$

34,029

$

58,635

(42.0

)

VIP table games win as a % of turnover

3.84

%

3.25

%

Table games win per unit per day

$

10,823

$

7,239

49.5

Mass market:

Average number of table games

248

240

3.3

Table drop (2)

$

469,138

$

590,890

(20.6

)

Table games win (1)

$

82,259

$

105,183

(21.8

)

Table games win %

17.5

%

17.8

%

Table games win per unit per day

$

3,680

$

4,871

(24.5

)

Average number of slot machines

585

569

2.8

Slot machine handle

$

283,539

$

301,271

(5.9

)

Slot machine win (3)

$

10,611

$

10,208

3.9

Slot machine win per unit per day

$

201

$

199

1.0

Room statistics:

Occupancy

49.8

%

60.8

%

ADR (4)

$

188

$

242

(22.3

)

REVPAR (5)

$

94

$

147

(36.1

)

NM - Not meaningful.

Note: The results of operations of Wynn Macau for the three months ended March 31, 2022 and 2021 were negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR and REVPAR)

(unaudited) (continued)

Three Months Ended
March 31,

2022

2021

Percent Change

Las Vegas Operations Supplemental Information

Operating revenues

Casino

$

124,271

$

79,903

55.5

Rooms

131,466

39,761

230.6

Food and beverage

136,029

40,077

239.4

Entertainment, retail and other

49,420

18,975

160.4

Total

$

441,186

$

178,716

146.9

Adjusted Property EBITDA (6)

$

159,378

$

28,081

467.6

Casino Statistics:

Average number of table games

228

172

32.6

Table drop (2)

$

547,916

$

324,531

68.8

Table games win (1)

$

129,164

$

76,653

68.5

Table games win %

23.6

%

23.6

%

Table games win per unit per day

$

6,300

$

4,957

27.1

Average number of slot machines

1,728

1,547

11.7

Slot machine handle

$

1,177,985

$

791,260

48.9

Slot machine win (3)

$

80,831

$

50,489

60.1

Slot machine win per unit per day

$

520

$

363

43.3

Poker rake

$

3,861

$

1,867

106.8

Room statistics:

Occupancy

76.9

%

35.3

%

ADR (4)

$

432

$

331

30.5

REVPAR (5)

$

333

$

117

184.6

Note: The results of our Las Vegas Operations for the three months ended March 31, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications.

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

(dollars in thousands, except for win per unit per day, ADR, and REVPAR)

(unaudited) (continued)

Three Months Ended

March 31,

2022

2021

Percent Change

Encore Boston Harbor Supplemental Information

Operating revenues

Casino

$

148,748

$

111,479

33.4

Rooms

15,689

4,715

232.7

Food and beverage

18,162

9,327

94.7

Entertainment, retail and other

8,197

4,569

79.4

Total

$

190,796

$

130,090

46.7

Adjusted Property EBITDA (6)

$

55,250

$

30,363

82.0

Casino Statistics:

Average number of table games

184

199

(7.5

)

Table drop (2)

$

346,195

$

234,562

47.6

Table games win (1)

$

76,792

$

49,377

55.5

Table games win %

22.2

%

21.1

%

Table games win per unit per day

$

4,637

$

2,752

68.5

Average number of slot machines

2,776

1,889

47.0

Slot machine handle

$

1,183,314

$

913,795

29.5

Slot machine win (3)

$

95,296

$

74,820

27.4

Slot machine win per unit per day

$

381

$

440

(13.4

)

Poker rake

$

784

$

Room statistics:

Occupancy

80.5

%

71.0

%

ADR (4)

$

324

$

276

17.4

REVPAR (5)

$

261

$

196

33.2

Note: The results of Encore Boston Harbor for the three months ended March 31, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications. Encore Boston Harbor's room statistics have been computed based on 36 days of operations for the three months ended March 31, 2021, representing the actual number of days the hotel was open.

(1)

Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.

(2)

In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.

(3)

Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.

(4)

ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.

(5)

REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.

(6)

Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDA and Net Loss Attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220510005055/en/

Contacts

Vincent Zahn
702-770-7555
investorrelations@wynnresorts.com

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