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 Wynn Resorts, Limited Reports Fourth Quarter and Year End 2015 Results
   Thursday, February 11, 2016 4:10:00 PM ET

Wynn Resorts, Limited (WYNN ) today reported financial results for the fourth quarter and year ended December 31, 2015.

Net revenues for the fourth quarter of 2015 were $946.9 million, compared to $1,138.0 million in the fourth quarter of 2014. The decline was the result of a 27.0% net revenue decrease from our Macau Operations, partially offset by a 3.8% increase in net revenues from our Las Vegas Operations. Adjusted property EBITDA (1) was $287.5 million for the fourth quarter of 2015, an 18.4% decrease from $352.5 million in the fourth quarter of 2014.

For the full year, net revenues were $4,075.9 million in 2015, down 25.0% from $5,433.7 million in 2014. Adjusted property EBITDA declined 33.1% to $1,185.8 million in 2015. Adjusted property EBITDA in 2015 decreased 43.7% to $708.6 million at our Macau Operations and 7.4% to $477.2 million at our Las Vegas Operations.

On a US GAAP basis, net income attributable to Wynn Resorts, Limited for the fourth quarter of 2015 was $87.2 million, or $0.86 per diluted share, compared to $109.3 million, or $1.07 per diluted share, in the fourth quarter of 2014.

Adjusted net income attributable to Wynn Resorts, Limited (2) in the fourth quarter of 2015 was $104.1 million, or $1.03 per diluted share, compared to $122.4 million, or $1.20 per diluted share, in the fourth quarter of 2014.

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend for the quarter of $0.50 per common share. This dividend will be payable on March 2, 2016, to stockholders of record on February 23, 2016.

Macau Operations

In the fourth quarter of 2015, net revenues were $555.7 million, a 27.0% decrease from the $761.2 million generated in the fourth quarter of 2014. Adjusted property EBITDA in the fourth quarter of 2015 was $160.1 million, down 33.6% from $241.2 million in the fourth quarter of 2014.

Table games turnover in the VIP segment was $13.0 billion for the fourth quarter of 2015, a 36.9% decrease from $20.7 billion in the fourth quarter of 2014. VIP table games win as a percentage of turnover (calculated before commissions) for the quarter was 2.60%, below the expected range of 2.7% to 3.0% and below the 2.80% experienced in the fourth quarter of 2014. The average number of VIP tables decreased to 192 units in the fourth quarter of 2015 from 244 units in the prior year’s fourth quarter.

Commencing in the second quarter of 2015, the Company included the amount of cash that is deposited in a gaming table’s drop box plus cash chips purchased at the casino cage in the calculation of table drop in accordance with standard Macau industry practice. Table drop in the mass market segment was $1,185.5 million in the fourth quarter of 2015, down 10.9% from the 2014 fourth quarter. Table games win in the mass market segment decreased by 8.2% to $228.6 million in the fourth quarter of 2015. The mass market win percentage of 19.3% in the fourth quarter of 2015 increased from the 18.7% experienced in the fourth quarter of 2014.

Slot machine handle for the fourth quarter of 2015 declined 4.7% from the 2014 period to $1,069.3 million, and slot win decreased by 9.8% to $50.4 million.

For the fourth quarter of 2015, total non-casino revenues, before promotional allowances, decreased 21.2% during the quarter to $75.6 million. We achieved an average daily rate ("ADR") of $323, down 2.7% compared to the $332 in the 2014 fourth quarter. Occupancy at Wynn Macau was 96.3%, down from 98.6% in the prior-year period. Revenue per available room ("REVPAR") decreased 5.2% to $311 in the 2015 quarter from $328 in last year’s fourth quarter.

Las Vegas Operations

In the fourth quarter of 2015, net revenues were $391.2 million, a 3.8% increase from $376.8 million in the fourth quarter of 2014. Adjusted property EBITDA in the fourth quarter of 2015 was $127.4 million, up 14.5% from $111.2 million in the fourth quarter of 2014.

Net casino revenues in the fourth quarter of 2015 were flat at $170.9 million, compared to the fourth quarter of 2014 at $171.0 million. Table games drop of $485.7 million was down 24.0% from $639.0 million in the 2014 quarter. Table games win percentage was 28.7%, above the property’s expected range of 21% to 25% and above the 24.0% in the 2014 quarter. Slot machine handle of $730.7 million was 5.1% below the $769.8 million in the comparable period of 2014, and slot win was up 11.0% to $52.6 million.

For the fourth quarter of 2015, total non-casino revenues, before promotional allowances, increased 2.7% from the fourth quarter of 2014 to $263.0 million.

Room revenues increased 6.7% to $101.9 million during the quarter, versus $95.5 million in the fourth quarter of 2014. Occupancy decreased to 81.1% from 82.1% and ADR increased 7.7% to $292 from $271. REVPAR was $237 in the 2015 fourth quarter, 6.8% above the $222 reported in the prior-year quarter.

Food and beverage revenues in the fourth quarter of 2015 were $101.1 million, down 2.1% compared to the 2014 fourth quarter. Entertainment, retail and other revenues increased 4.5% to $60.0 million.

Wynn Palace Project in Macau

The Company is currently constructing Wynn Palace, a fully integrated resort featuring a 1,700-room hotel, a performance lake, and a wide range of amenities, including meeting, retail, food-and-beverage, and gaming space, in the Cotai area of Macau. In July 2013, we signed a $2.6 billion guaranteed maximum price (GMP) contract for the project’s construction. The total project budget, including construction costs, capitalized interest, pre-opening expenses, land costs and financing fees, is approximately $4.1 billion.

During the fourth quarter of 2015, we invested approximately $433.4 million in our Cotai project, taking the total investment to date to $3.5 billion.

Wynn Project in Massachusetts

In November 2014, we were awarded a gaming license to develop and construct an integrated resort in Everett, Massachusetts, adjacent to Boston. The resort will be located on a 33-acre site along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting space, a casino, a spa, retail offerings, and food-and-beverage outlets. During the fourth quarter of 2015, we began site remediation, site preparation and pre-construction activities.

Balance Sheet and Other

Our cash and cash equivalents and investment securities at December 31, 2015 totaled $2.3 billion.

Total debt outstanding at the end of the quarter was $9.2 billion, including $4.1 billion of Wynn Macau debt, $3.2 billion of Wynn Las Vegas debt and $1.9 billion of debt at the parent company and other.

During the 2015 year-end close process, the Company identified a $33.8 million decrease in the fair value of the Redemption Note, resulting in an increase to net income attributable to Wynn Resorts, Limited of $22.4 million that should have been recorded during the three months ended September 30, 2015. While the Company determined these amounts were immaterial, considering both quantitative and qualitative factors, it has elected to revise the amounts in the three months ended September 30, 2015, and will include disclosure of the adjustments in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. These non-cash amounts do not affect the Consolidated Statements of Operations for the year ended December 31, 2015 or adjusted property EBITDA, adjusted net income attributable to Wynn Resorts, Limited or adjusted net income per diluted share for the three months ended September 30, 2015 and December 31, 2015.

Conference Call Information

The Company will hold a conference call to discuss its results on February 11, 2016 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 .

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, our dependence on existing management, results of regulatory or enforcement actions and probity investigations, pending or future legal proceedings, uncertainties over the development and success of new gaming and resort properties, adverse tourism trends, general global macroeconomic conditions, changes in gaming laws or regulations, volatility and weakness in world-wide credit and financial markets, and our substantial indebtedness and leverage. 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, 2014 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.

Non-GAAP Financial Measures

(1) "Adjusted property EBITDA" is net income before interest, taxes, depreciation and amortization, pre-opening costs, property charges and other, management and license fees, corporate expenses and other, intercompany golf course and water rights leases, stock-based compensation, loss on extinguishment of debt, change in interest rate swap fair value, change in Redemption Note fair value and other non-operating income and expenses, and includes equity in income from unconsolidated affiliates. 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. The Company also presents adjusted property EBITDA because it is used by some investors as a way 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 financial measures in accordance with U.S. generally accepted accounting principles ("GAAP"). In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Wynn Resorts, Limited, have historically excluded from their EBITDA calculations pre-opening 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 the Company’s 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 income, 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. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in adjusted property EBITDA. Also, Wynn Resorts’ 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 income attributable to Wynn Resorts, Limited" is net income before pre-opening costs, loss on extinguishment of debt, change in interest rate swap fair value, change in Redemption Note fair value, and property charges and other, net of noncontrolling interest and taxes in respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share ("adjusted EPS") are presented as supplemental disclosures 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 income and EPS computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income 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 income attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income to adjusted property EBITDA, and (iii) adjusted property EBITDA to net income attributable to Wynn Resorts, Limited.

 
                                                                                                                                                     WYNN RESORTS, LIMITED AND SUBSIDIARIES
                                                                                                                                                        CONSOLIDATED STATEMENTS OF INCOME
                                                                                                                                                      (in thousands, except per share data)
                                                                                                                                                                   (unaudited)
 
                                                                                                    Three Months Ended December 31,                                                                  Twelve Months Ended December 31,
                                                                                                                             -----------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------
                                                                                                                          2015                                   2014                                                      2015                                   2014
                                                                                                                             ----------------------------------                        ----------------------------------                        ---------------------------------                        ------------------------------------
Operating revenues:
    Casino                                                                                                                         $ 692,098                                                 $ 884,664                                              $ 2,932,419                                                 $ 4,274,221
    Rooms                                                                                                                            133,073                                                   129,197                                                  538,500                                                     542,762
    Food and beverage                                                                                                                119,768                                                   128,025                                                  597,080                                                     604,701
    Entertainment, retail and other                                                                                                   85,779                                 94,770                               350,622                                  401,181  
                                                                                                                             ------------------------------------                      ------------------------------------                      -----------------------------------                      --------------------------------------
        Gross revenues                                                                                                             1,030,718                                                 1,236,656                                                4,418,621                                                   5,822,865
    Less: promotional allowances                                                                                                     (83,816 )                                                 (98,681 )                                               (342,738 )                                                  (389,204 )
                                                                                                                             ------------------------------------                      ------------------------------------                      -----------------------------------                      --------------------------------------
        Net revenues                                                                                                                 946,902                              1,137,975                             4,075,883                                5,433,661  
                                                                                                                             ------------------------------------                      ------------------------------------                      -----------------------------------                      --------------------------------------
Operating costs and expenses:
    Casino                                                                                                                           426,932                                                   554,583                                                1,862,687                                                   2,667,013
    Rooms                                                                                                                             37,446                                                    36,099                                                  149,009                                                     148,338
    Food and beverage                                                                                                                 72,727                                                    70,353                                                  361,246                                                     337,206
    Entertainment, retail and other                                                                                                   38,878                                                    38,729                                                  157,432                                                     163,754
    General and administrative                                                                                                       112,247                                                   125,833                                                  464,793                                                     492,464
    Provision (benefit) for doubtful accounts                                                                                         (2,151 )                                                   4,649                                                   11,115                                                       3,906
    Pre-opening costs                                                                                                                 25,190                                                    15,354                                                   77,623                                                      30,146
    Depreciation and amortization                                                                                                     77,201                                                    80,082                                                  322,629                                                     314,119
    Property charges and other                                                                                                         6,572                                 (3,237 )                                                 10,535                                   10,437  
                                                                                                                             ------------------------------------                      ------------------------------------                      -----------------------------------                      --------------------------------------
                                                                                                                                     795,042                                922,445                             3,417,069                                4,167,383  
        Total operating costs and expenses
                                                                                                                             --------------  --------------------                      --------------  --------------------                      -------------  --------------------                      ----------------  --------------------
Operating income                                                                                                                     151,860                                215,530                               658,814                                1,266,278  
                                                                                                                             ------------------------------------                      ------------------------------------                      -----------------------------------                      --------------------------------------
Other income (expense):
    Interest income                                                                                                                    2,574                                                     4,369                                                    7,229                                                      20,441
    Interest expense, net of capitalized interest                                                                                    (73,608 )                                                 (78,993 )                                               (300,906 )                                                  (315,062 )
    Change in swap fair value                                                                                                          1,710                                                    (2,942 )                                                 (5,300 )                                                    (4,393 )
    Decrease in Redemption Note fair value                                                                                             4,553                                            --                                                   52,041                                              --
    Loss on extinguishment of debt                                                                                            --                                                    (2,213 )                                               (126,004 )                                                    (9,569 )
    Equity in income from unconsolidated affiliates                                                                                    1,755                                                       176                                                    1,823                                                       1,349
    Other                                                                                                                               (240 )                                                     223                                 1,550                                     (182 )
                                                                                                                             ------------------------------------                      ------------------------------------                      -----------------------------------                      --------------------------------------
        Other income (expense), net                                                                                                  (63,256 )                                                 (79,380 )                                               (369,567 )                                                  (307,416 )
                                                                                                                             ------------------------------------                      ------------------------------------                      -----------------------------------                      --------------------------------------
Income before income taxes                                                                                                            88,604                                                   136,150                                                  289,247                                                     958,862
    Benefit (provision) for income taxes                                                                                              16,190                                 12,043                                (7,723 )                                                     3,782  
                                                                                                                             ------------------------------------                      ------------------------------------                      -----------------------------------                      --------------------------------------
Net income                                                                                                                           104,794                                                   148,193                                                  281,524                                                     962,644
                                                                                                                                     (17,573 )                                                 (38,847 )                                                (86,234 )                                                  (231,090 )
    Less: net income attributable to noncontrolling interests
                                                                                                                             --------------  --------------------                      --------------  --------------------                      -------------  --------------------                      ----------------  --------------------
Net income attributable to Wynn Resorts, Limited                                                                                   $  87,221                              $ 109,346                           $   195,290                              $   731,554  
                                                                                                                             ======= ======= ====================                      ======= ======= ====================                      ==== ========= ====================                      ======= ========= ====================
Basic and diluted income per common share:
    Net income attributable to Wynn Resorts, Limited:
        Basic                                                                                                                      $    0.86                                                 $    1.08                                              $      1.93                                                 $      7.25
        Diluted                                                                                                                    $    0.86                                                 $    1.07                                              $      1.92                                                 $      7.18
    Weighted average common shares outstanding:
        Basic                                                                                                                        101,200                                                   101,010                                                  101,163                                                     100,927
        Diluted                                                                                                                      101,459                                                   101,935                                                  101,671                                                     101,931
Dividends declared per common share                                                                                                $    0.50                                                 $    2.50                                              $      3.00                                                 $      6.25
 
 
                                                                                                                                            WYNN RESORTS, LIMITED AND SUBSIDIARIES
                                                                                                                                  RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS,
                                                                                                                                                            LIMITED
                                                                                                                                 TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
                                                                                                                                             (in thousands, except per share data)
                                                                                                                                                          (unaudited)
 
                                                                                 Three Months Ended December 31,                                                         Twelve Months Ended December 31,
                                                                                                                             ----------------------------------------------------------------------------------------                            ------------------------------------------------------------------------
                                                                                                                                             2015                                   2014                                                     2015                           2014
                                                                                                                             -------------------------------------                     -------------------------------------                     -----------------------------------                     ----------------------
Net income attributable to Wynn Resorts, Limited                                                                                   $  87,221                                                 $ 109,346                                               $ 195,290                                                    $    731,554
    Pre-opening costs, net                                                                                                            19,395                                                    11,927                                                  62,305                                                          22,613
    Loss on extinguishment of debt, net                                                                                       --                                                     1,826                                                 125,434                                                           7,894
    Change in swap fair value, net                                                                                                    (1,234 )                                                   2,124                                                   3,826                                                           3,175
    Decrease in Redemption Note fair value, net                                                                                       (3,756 )                                          --                                                 (42,934 )                                                --
    Property charges and other, net                                                                                                    2,458                                 (2,778 )                                                 5,701                                        7,039
                                                                                                                             ------------------------------------                      ------------------------------------                      ----------------------------------                      ----------------------
Adjusted net income attributable to Wynn Resorts, Limited (2)                                                                      $ 104,084                              $ 122,445                            $ 349,622                                 $    772,275
                                                                                                                             ======= ======= ====================                      ======= ======= ====================                      ===== ======= ====================                      ========== ==========
Adjusted net income attributable to Wynn Resorts, Limited per                                                                      $    1.03                              $    1.20                            $    3.44                                 $       7.58
diluted share
                                                                                                                             ======= ======= ====================                      ======= ======= ====================                      ===== ======= ====================                      ========== ==========
                                                                                                                                                                                                                                                                                                          
Weighted average common shares outstanding - diluted                                                                                 101,459                                                   101,935                                                 101,671                                                         101,931
 
 
                                                                                                                         WYNN RESORTS, LIMITED AND SUBSIDIARIES
                                                                                                             RECONCILIATION OF OPERATING INCOME TO ADJUSTED PROPERTY EBITDA
                                                                                                             AND ADJUSTED PROPERTY EBITDA TO NET INCOME ATTRIBUTABLE TO WYNN
                                                                                                                                    RESORTS, LIMITED
                                                                                                                                     (in thousands)
                                                                                                                                       (unaudited)
 
                                                                                                                                                         Three Months Ended December 31, 2015
                                                              --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                              Macau                                Las Vegas                                  Corporate                                   Total
                                                                           Operations                                                Operations                                                     and Other
                                                              ----------------------------------                        ----------------------------------                        -----------------------------------------                        ----------------------------------
Operating income                                                    $  78,912                                                 $  60,072                                                 $         12,876                                                 $ 151,860
    Pre-opening costs                                                  20,830                                            --                                                            4,360                                                    25,190
    Depreciation and amortization                                      29,064                                                    45,277                                                            2,860                                                    77,201
    Property charges and other                                          1,983                                                     2,260                                                            2,329                                                     6,572
    Management and license fees                                        20,970                                                    12,377                                                          (33,347 )                                          --
    Corporate expenses and other                                        4,755                                                     4,922                                                            7,116                                                    16,793
    Stock-based compensation                                            3,554                                                       720                                                            3,806                                                     8,080
    Equity in income from unconsolidated affiliates            --                                  1,755                                --                                  1,755  
                                                              ------------------------------------                      ------------------------------------                      -------------------------------------------                      ------------------------------------
Adjusted Property EBITDA(1)                                         $ 160,068                              $ 127,383                              $ --                              $ 287,451  
                                                              ======= ======= ====================                      ======= ======= ====================                      ======= ============== ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                    
                                                                                                                                                         Three Months Ended December 31, 2014
                                                              --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                              Macau                                                   Las Vegas                                                     Corporate                                                      Total
                                                                           Operations                                                Operations                                                     and Other
                                                              ----------------------------------                        ----------------------------------                        -----------------------------------------                        ----------------------------------
Operating income                                                    $ 157,608                                                 $  51,619                                                 $          6,303                                                 $ 215,530
    Pre-opening costs                                                   7,164                                                     4,250                                                            3,940                                                    15,354
    Depreciation and amortization                                      32,814                                                    45,530                                                            1,738                                                    80,082
    Property charges and other                                          1,042                                                    (4,279 )                                                 --                                                    (3,237 )
    Management and license fees                                        29,576                                                     5,660                                                          (35,236 )                                          --
    Corporate expenses and other                                        6,936                                                     6,862                                                           14,315                                                    28,113
    Stock-based compensation                                            6,084                                                     1,569                                                            8,787                                                    16,440
    Equity in income from unconsolidated affiliates            --                                     23                                           153                                    176  
                                                              ------------------------------------                      ------------------------------------                      -------------------------------------------                      ------------------------------------
Adjusted Property EBITDA(1)                                         $ 241,224                              $ 111,234                              $ --                              $ 352,458  
                                                              ======= ======= ====================                      ======= ======= ====================                      ======= ============== ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                      Three Months Ended December 31,
                                                                                                                                                                                  ------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                      2015                                                         2014
                                                                                                                                                                                  --------------------------------------------                     -------------------------------------
Adjusted Property EBITDA(1)                                                                                                                                                             $        287,451                                                 $ 352,458
    Pre-opening costs                                                                                                                                                                            (25,190 )                                                 (15,354 )
    Depreciation and amortization                                                                                                                                                                (77,201 )                                                 (80,082 )
    Property charges and other                                                                                                                                                                    (6,572 )                                                   3,237
    Corporate expenses and other                                                                                                                                                                 (16,793 )                                                 (28,113 )
    Stock-based compensation                                                                                                                                                                      (8,080 )                                                 (16,440 )
    Interest income                                                                                                                                                                                2,574                                                     4,369
    Interest expense, net of capitalized interest                                                                                                                                                (73,608 )                                                 (78,993 )
    Change in swap fair value                                                                                                                                                                      1,710                                                    (2,942 )
    Decrease in Redemption Note fair value                                                                                                                                                         4,553                                            --
    Loss on extinguishment of debt                                                                                                                                                        --                                                    (2,213 )
    Other                                                                                                                                                                                           (240 )                                                     223
    Benefit for income taxes                                                                                                                                                                      16,190                                 12,043  
                                                                                                                                                                                  -------------------------------------------                      ------------------------------------
Net income                                                                                                                                                                                       104,794                                                   148,193
    Less: net income attributable to noncontrolling interests                                                                                                                                    (17,573 )                                                 (38,847 )
                                                                                                                                                                                  -------------------------------------------                      ------------------------------------
Net income attributable to Wynn Resorts, Limited                                                                                                                                        $         87,221                              $ 109,346  
                                                                                                                                                                                  ======= ============== ====================                      ======= ======= ====================
 
 
                                                                                                                                                          WYNN RESORTS, LIMITED AND SUBSIDIARIES
                                                                                                                                              RECONCILIATION OF OPERATING INCOME TO ADJUSTED PROPERTY EBITDA
                                                                                                                                              AND ADJUSTED PROPERTY EBITDA TO NET INCOME ATTRIBUTABLE TO WYNN
                                                                                                                                                                     RESORTS, LIMITED
                                                                                                                                                                      (in thousands)
                                                                                                                                                                        (unaudited)
 
                                                                                                                                                                 Twelve Months Ended December 31, 2015
                                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Macau                                 Las Vegas                                  Corporate                                    Total
                                                                                                                                           Operations                                                 Operations                                                     and Other
                                                                                                                             ------------------------------------                        ----------------------------------                        -----------------------------------------                        ------------------------------------
Operating income                                                                                                                   $   386,255                                                 $ 218,866                                                 $         53,693                                                 $   658,814
    Pre-opening costs                                                                                                                   55,058                                            --                                                           22,565                                                      77,623
    Depreciation and amortization                                                                                                      130,565                                                   181,981                                                           10,083                                                     322,629
    Property charges and other                                                                                                           4,568                                                     3,480                                                            2,487                                                      10,535
    Management and license fees                                                                                                         94,271                                                    46,835                                                         (141,106 )                                            --
    Corporate expenses and other                                                                                                        22,206                                                    21,469                                                           32,404                                                      76,079
    Stock-based compensation                                                                                                            15,700                                                     2,792                                                           19,794                                                      38,286
    Equity in income from unconsolidated affiliates                                                                             --                                  1,743                                            80                                    1,823  
                                                                                                                             --------------------------------------                      ------------------------------------                      -------------------------------------------                      --------------------------------------
Adjusted Property EBITDA(1)                                                                                                        $   708,623                              $ 477,166                              $ --                              $ 1,185,789  
                                                                                                                             ======= ========= ====================                      ======= ======= ====================                      ======= ============== ====================                      ======= ========= ====================
                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                          Twelve Months Ended December 31, 2014
                                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                     
                                                                                                                                              Macau                                                    Las Vegas                                                     Corporate                                                       Total
                                                                                                                                           Operations                                                 Operations                                                     and Other
                                                                                                                             ------------------------------------                        ----------------------------------                        -----------------------------------------                        ------------------------------------
Operating income                                                                                                                   $   895,176                                                 $ 270,489                                                 $        100,613                                                 $ 1,266,278
    Pre-opening costs                                                                                                                   21,956                                                     4,250                                                            3,940                                                      30,146
    Depreciation and amortization                                                                                                      128,428                                                   179,394                                                            6,297                                                     314,119
    Property charges and other                                                                                                          15,352                                                    (4,915 )                                                 --                                                      10,437
    Management and license fees                                                                                                        148,039                                                    24,580                                                         (172,619 )                                            --
    Corporate expenses and other                                                                                                        36,207                                                    36,621                                                           38,967                                                     111,795
    Stock-based compensation                                                                                                            12,924                                                     4,342                                                           21,888                                                      39,154
    Equity in income from unconsolidated affiliates                                                                             --                                    435                                           914                                    1,349  
                                                                                                                             --------------------------------------                      ------------------------------------                      -------------------------------------------                      --------------------------------------
Adjusted Property EBITDA(1)                                                                                                        $ 1,258,082                              $ 515,196                              $ --                              $ 1,773,278  
                                                                                                                             ======= ========= ====================                      ======= ======= ====================                      ======= ============== ====================                      ======= ========= ====================
                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                       Twelve Months Ended December 31,
                                                                                                                                                                                                                                                   --------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                       2015                                                          2014
                                                                                                                                                                                                                                                   --------------------------------------------                     ---------------------------------------
Adjusted Property EBITDA(1)                                                                                                                                                                                                                              $      1,185,789                                                 $ 1,773,278
    Pre-opening costs                                                                                                                                                                                                                                             (77,623 )                                                   (30,146 )
    Depreciation and amortization                                                                                                                                                                                                                                (322,629 )                                                  (314,119 )
    Property charges and other                                                                                                                                                                                                                                    (10,535 )                                                   (10,437 )
    Corporate expenses and other                                                                                                                                                                                                                                  (76,079 )                                                  (111,795 )
    Stock-based compensation                                                                                                                                                                                                                                      (38,286 )                                                   (39,154 )
    Interest income                                                                                                                                                                                                                                                 7,229                                                      20,441
    Interest expense, net of capitalized interest                                                                                                                                                                                                                (300,906 )                                                  (315,062 )
    Change in swap fair value                                                                                                                                                                                                                                      (5,300 )                                                    (4,393 )
    Decrease in Redemption Note fair value                                                                                                                                                                                                                         52,041                                              --
    Loss on extinguishment of debt                                                                                                                                                                                                                               (126,004 )                                                    (9,569 )
    Other                                                                                                                                                                                                                                                           1,550                                                        (182 )
    Benefit (provision) for income taxes                                                                                                                                                                                                                           (7,723 )                                                     3,782  
                                                                                                                                                                                                                                                   -------------------------------------------                      --------------------------------------
Net income                                                                                                                                                                                                                                                        281,524                                                     962,644
    Less: net income attributable to noncontrolling interests                                                                                                                                                                                                     (86,234 )                                                  (231,090 )
                                                                                                                                                                                                                                                   -------------------------------------------                      --------------------------------------
Net income attributable to Wynn Resorts, Limited                                                                                                                                                                                                         $        195,290                              $   731,554  
                                                                                                                                                                                                                                                   ======= ============== ====================                      ======= ========= ====================
 
 
                                                                                                             WYNN RESORTS, LIMITED AND SUBSIDIARIES
                                                                                                                   SUPPLEMENTAL DATA SCHEDULE
                                                                                                 (dollars in thousands, except for win per unit per day, ADR and
                                                                                                                             REVPAR)
 
                                                                    Three Months Ended December 31,                                 Twelve Months Ended December 31,
                                                                                                             ---------------------------------------------------------------                     ---------------------------------------------------------------
                                                                                                                     2015                   2014                                      2015                   2014
                                                                                                             ---------------------                     ---------------------                     ---------------------                     ---------------------
Macau Operations:
    VIP
        Average number of table games                                                                                    192                                       244                                       230                                          259
        VIP turnover                                                                                            $ 13,033,946                              $ 20,653,190                              $ 57,917,060                                $ 108,077,342
        Table games win                                                                                         $    339,033                              $    578,898                              $  1,659,683                                $   3,051,046
        VIP win as a % of turnover                                                                                      2.60    %                                 2.80    %                                 2.87    %                                    2.82 %
        Table games win per unit per day (a)                                                                    $     19,159                              $     25,807                              $     19,785                                $      32,258
    Mass market
        Average number of table games                                                                                    249                                       202                                       228                                          202
        Table drop (b)                                                                                          $  1,185,535                              $  1,330,694                              $  4,857,804                                $   5,517,382
        Table games win                                                                                         $    228,581                              $    249,021                              $    951,458                                $   1,187,997
        Table games win %                                                                                               19.3    %                                 18.7    %                                 19.6    %                                    21.5 %
        Table games win per unit per day (a)                                                                    $      9,965                              $     13,434                              $     11,431                                $      16,154
                                                                                                                                                                                                                                            
        Average number of slot machines                                                                                  737                                       666                                       708                                          679
        Slot machine handle                                                                                     $  1,069,297                              $  1,122,510                              $  3,961,115                                $   5,415,127
        Slot machine win                                                                                        $     50,373                              $     55,860                              $    191,164                                $     264,763
        Slot machine win per unit per day (c)                                                                   $        743                              $        912                              $        740                                $       1,068
                                                                                                                                                                                                                                            
    Room statistics
        Occupancy                                                                                                       96.3    %                                 98.6    %                                 96.5    %                                    98.4 %
        ADR (d)                                                                                                 $        323                              $        332                              $        323                                $         333
        REVPAR (e)                                                                                              $        311                              $        328                              $        312                                $         327
                                                                                                                                                                                                                                            
Las Vegas Operations:
        Average number of table games                                                                                    228                                       231                                       232                                          232
        Table drop (b)                                                                                          $    485,652                              $    639,028                              $  2,060,189                                $   2,556,452
        Table games win                                                                                         $    139,273                              $    153,247                              $    490,920                                $     623,968
        Table games win %                                                                                               28.7    %                                 24.0    %                                 23.8    %                                    24.4 %
        Table games win per unit per day (a)                                                                    $      6,651                              $      7,226                              $      5,786                                $       7,354
                                                                                                                                                                                                                                            
        Average number of slot machines                                                                                1,882                                     1,864                                     1,866                                        1,858
        Slot machine handle                                                                                     $    730,733                              $    769,765                              $  2,969,327                                $   3,008,563
        Slot machine win                                                                                        $     52,585                              $     47,380                              $    206,626                                $     186,458
        Slot machine win per unit per day (c)                                                                   $        304                              $        276                              $        303                                $         275
                                                                                                                                                                                                                                            
    Room statistics
        Occupancy                                                                                                       81.1    %                                 82.1    %                                 85.2    %                                    86.9 %
        ADR (d)                                                                                                 $        292                              $        271                              $        285                                $         274
        REVPAR (e)                                                                                              $        237                              $        222                              $        243                                $         238
(a)   Table games win per unit per day is shown before discounts and
                         commissions, as applicable.
(b)                      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.
(c)                      Slot machine win per unit per day is calculated as gross slot win
                         minus progressive accruals and free play.
(d)                      ADR is average daily rate and is calculated by dividing total room
                         revenue including the retail value of promotional allowances (less
                         service charges, if any) by total rooms occupied including
                         complimentary rooms.
(e)                      REVPAR is revenue per available room and is calculated by dividing
                         total room revenue including the retail value of promotional
                         allowances (less service charges, if any) by total rooms available.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160211006132r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160211006132/en/

SOURCE: Wynn Resorts, Limited

Wynn Resorts, Limited 
Mark Strawn, 702-770-7555 
investorrelations@wynnresorts.com


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