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 Wynn Resorts, Limited Reports Fourth Quarter and Year End 2017 Results
   Monday, January 22, 2018 9:04:00 AM ET

Wynn Resorts, Limited (WYNN ) today reported financial results for the fourth quarter and year ended December 31, 2017.

Net revenues were $1.69 billion for the fourth quarter of 2017, an increase of 29.9%, or $388.7 million, from $1.30 billion for the same period of 2016. The increase in net revenues was the result of increases of $274.7 million from Wynn Palace and $120.2 million from Wynn Macau, partially offset by a decrease of $6.2 million from our Las Vegas Operations.

On a U.S. generally accepted accounting principles ("GAAP") basis, net income attributable to Wynn Resorts, Limited was $491.7 million, or $4.77 per diluted share, for the fourth quarter of 2017, compared to $113.8 million, or $1.12 per diluted share, for the same period of 2016. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of the income tax benefit from U.S. tax reform and increases in operating income from Wynn Palace and Wynn Macau, partially offset by a smaller decrease in the Redemption Note fair value. Adjusted net income attributable to Wynn Resorts, Limited (1) was $144.3 million, or $1.40 per diluted share, for the fourth quarter of 2017, compared to $50.8 million, or $0.50 per diluted share, for the same period of 2016.

During the fourth quarter of 2017, legislation commonly known as the U.S. Tax Cuts and Jobs Act ("U.S. tax reform") was enacted. As a result, fourth quarter 2017 results reflect an estimated net tax benefit of $339.9 million in accordance with GAAP as a result of revaluing the Company’s U.S. deferred tax assets and liabilities. This estimated net benefit is based on the Company’s initial analysis of the U.S. tax reform and may be adjusted in future periods as the Company collects additional information and evaluates any regulatory guidance.

Adjusted Property EBITDA (2) was $480.2 million for the fourth quarter of 2017, an increase of 40.9%, or $139.3 million, from $340.9 million for the same period of 2016, primarily the result of increases of $112.6 million from Wynn Palace and $37.2 million from Wynn Macau, partially offset by a decrease of $10.5 million from our Las Vegas Operations.

For the full year, net revenues were $6.31 billion in 2017, an increase of 41.2%, or $1.84 billion, from $4.47 billion for the same period of 2016. The increase in net revenues was the result of increases of $1.56 billion, $221.7 million and $62.5 million from Wynn Palace, which opened in August 2016, Wynn Macau and our Las Vegas Operations, respectively.

On a GAAP basis, net income attributable to Wynn Resorts, Limited was $747.2 million, or $7.28 per diluted share, in 2017, compared to $242.0 million, or $2.38 per diluted share, for the same period of 2016. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of the income tax benefit from U.S. tax reform and increases in operating income from Wynn Palace, Wynn Macau and our Las Vegas Operations, partially offset by increases in the Redemption Note fair value and interest expense as the Company is no longer capitalizing interest on Wynn Palace. Adjusted net income attributable to Wynn Resorts, Limited (1) was $560.5 million, or $5.46 per diluted share, in 2017, compared to $345.9 million, or $3.40 per diluted share, for the same period of 2016.

Adjusted Property EBITDA (2) was $1.81 billion in 2017, an increase of 43.8%, or $551.4 million, from $1.26 billion for the same period of 2016. The increase in Adjusted Property EBITDA was the result of increases of $424.5 million, $79.2 million, $47.7 million from Wynn Palace, Wynn Macau and our Las Vegas Operations, respectively.

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $0.50 per share, payable on February 27, 2018 to stockholders of record as of February 15, 2018.

Macau Operations

Wynn Macau

Net revenues from Wynn Macau were $618.6 million for the fourth quarter of 2017, a 24.1% increase from $498.4 million for the same period of 2016. Adjusted Property EBITDA from Wynn Macau was $186.0 million for the fourth quarter of 2017, a 25.0% increase from $148.9 million for the same period of 2016.

Casino revenues from Wynn Macau were $582.9 million for the fourth quarter of 2017, a 25.3% increase from $465.3 million for the same period of 2016. Table games turnover in VIP operations was $15.62 billion, a 44.7% increase from $10.80 billion for the fourth quarter of 2016. VIP table games win as a percentage of turnover (calculated before commissions) was 2.89%, within the expected range of 2.7% to 3.0% and below the 3.08% we experienced in the fourth quarter of 2016. Table drop in mass market operations was $1.25 billion, a 14.1% increase from $1.10 billion for the fourth quarter of 2016. Table games win in mass market operations was $230.1 million, an 18.6% increase from $193.9 million for the fourth quarter of 2016. Table games win percentage in mass market operations was 18.4%, above the 17.7% experienced for the fourth quarter of 2016. Slot machine handle was $937.6 million, a 16.8% increase from $802.6 million for the fourth quarter of 2016, while slot machine win increased 25.3% to $40.8 million.

Non-casino revenues before promotional allowances from Wynn Macau were $73.9 million for the fourth quarter of 2017, a 14.5% increase from the $64.6 million for the same period of 2016. Room revenues were flat at $25.9 million for the fourth quarter of 2017, compared to the same period of 2016. Our average daily rate ("ADR") was $258, a 1.5% decrease from $262 for the fourth quarter of 2016. Occupancy increased to 99.4% for the fourth quarter of 2017, from 96.3% for the same period of 2016. Revenue per available room ("REVPAR") was $257, a 2.0% increase from $252 for the fourth quarter of 2016.

Wynn Palace

Net revenues from Wynn Palace were $693.4 million for the fourth quarter of 2017, a 65.6% increase from $418.7 million for the same period of 2016. Adjusted Property EBITDA from Wynn Palace was $190.1 million for the fourth quarter of 2017, a 145.3% increase from $77.5 million for the same period of 2016.

Casino revenues from Wynn Palace were $648.6 million for the fourth quarter of 2017, a 73.8% increase from $373.2 million for the same period of 2016. Table games turnover in VIP operations was $16.23 billion, a 57.1% increase from $10.33 billion for the fourth quarter of 2016. VIP table games win as a percentage of turnover (calculated before commissions) was 3.02%, above the expected range of 2.7% to 3.0% and the 2.68% we experienced in the fourth quarter of 2016. Table drop in mass market operations was $1.12 billion, a 55.1% increase from $725.0 million for the fourth quarter of 2016. Table games win in mass market operations was $264.5 million, a 65.7% increase from $159.6 million for the fourth quarter of 2016. Table games win percentage in mass market operations was 23.5%, above the 22.0% experienced for the fourth quarter of 2016. Slot machine handle was $920.6 million, a 72.3% increase from $534.4 million for the fourth quarter of 2016, while slot machine win increased 96.2% to $55.0 million.

Non-casino revenues before promotional allowances from Wynn Palace were $90.8 million for the fourth quarter of 2017, a 5.5% increase from $86.1 million for the same period of 2016. Room revenues were $38.9 million for the fourth quarter of 2017, a 4.1% decrease from $40.6 million for the same period of 2016. ADR was $236, a 13.2% decrease from $272 for the fourth quarter of 2016. Occupancy increased to 96.8% for the fourth quarter of 2017, from 88.4% for the same period of 2016. REVPAR was $228, a 5.4% decrease from $241 for the fourth quarter of 2016.

Las Vegas Operations

Net revenues from our Las Vegas Operations were $377.0 million for the fourth quarter of 2017, a 1.6% decrease from $383.3 million for the same period of 2016. Adjusted Property EBITDA from our Las Vegas Operations was $104.1 million for the fourth quarter of 2017, a 9.2% decrease from $114.6 million for the same period of 2016.

Casino revenues from our Las Vegas Operations were $142.7 million for the fourth quarter of 2017, a 14.1% decrease from $166.0 million for the same period of 2016. Table games drop was $430.8 million, a 4.8% decrease from $452.5 million for the fourth quarter of 2016. Table games win was $101.3 million, an 18.6% decrease from $124.5 million for the fourth quarter of 2016. Table games win percentage was 23.5%, within the expected range of 21% to 25% and below the 27.5% experienced for the fourth quarter of 2016. Slot machine handle was $833.2 million, a 3.3% decrease from $862.1 million for the fourth quarter of 2016, while slot win decreased 1.2% to $56.6 million.

Non-casino revenues before promotional allowances from our Las Vegas Operations were $275.2 million for the fourth quarter of 2017, a 5.8% increase from $260.2 million for the same period of 2016. Room revenues were $107.8 million for the fourth quarter of 2017, a 1.9% increase from $105.7 million for the same period of 2016. ADR was $305, a 4.8% increase from $291 for the fourth quarter of 2016. Occupancy decreased to 82.1% for the fourth quarter of 2017, from 84.1% for the same period of 2016. REVPAR was $250, a 2.0% increase from $245 for the fourth quarter of 2016. Food and beverage revenues increased 9.9%, to $108.0 million for the fourth quarter of 2017, compared to the same period of 2016. Entertainment, retail and other revenues increased 5.8%, to $59.5 million for the fourth quarter of 2017, compared to the same period of 2016.

Retail Joint Venture

In December 2016, the Company entered into a joint venture arrangement (the "Retail Joint Venture"), of which the Company owns 50.1%, with Crown Acquisitions Inc. ("Crown") to own and operate approximately 88,000 square feet of existing retail space at Wynn Las Vegas. In November 2017, the Company contributed approximately 74,000 square feet of additional retail space to the Retail Joint Venture, the majority of which is currently under construction at Wynn Las Vegas, and received cash of $180.0 million from Crown. The Company expects to open the additional retail space in the third quarter of 2018. Based on the applicable accounting guidance, the Company will continue to consolidate the Retail Joint Venture in its consolidated financial statements.

Wynn Boston Harbor Project in Massachusetts

The Company is currently constructing Wynn Boston Harbor, an integrated resort in Everett, Massachusetts, located adjacent to Boston along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings and food and beverage outlets. The total project budget, including gaming license fees, construction costs, capitalized interest, pre-opening expenses and land costs, is estimated to be approximately $2.4 billion. As of December 31, 2017, we have incurred $1.13 billion in total project costs. We expect to open Wynn Boston Harbor in mid-2019.

Balance Sheet

Our cash and cash equivalents, restricted cash and investment securities as of December 31, 2017 totaled $3.13 billion.

Total debt outstanding at the end of the quarter was $9.63 billion, including $3.60 billion of Macau related debt, $3.16 billion of Wynn Las Vegas debt and $2.87 billion at the parent company and other.

During the fourth quarter of 2017, Wynn Macau, Limited redeemed the remaining $403.6 million of untendered 5 1/4 % Senior Notes, due 2021 and recorded a $12.3 million loss on extinguishment of debt.

In December 2017, we reached agreements to acquire approximately 38 acres of land on the Las Vegas Strip directly across from Wynn Las Vegas for $336.2 million, approximately 16 acres of which are subject to a ground lease that expires in 2097. We currently expect to complete these transactions in the first quarter of 2018.

Conference Call Information

The Company will hold a conference call to discuss its results on January 22, 2018 at 9:00 a.m. PT (12:00 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 Stephen A. Wynn, 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, extensive regulation of our business, pending or future legal proceedings, cybersecurity risk, the impact of the U.S. tax reform, 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, 2017 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 net income attributable to Wynn Resorts, Limited" is net income attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in interest rate swap fair value, change in Redemption Note fair value, loss on extinguishment of debt, foreign currency remeasurement gain (loss), the impact from enactment of U.S. tax reform, net of noncontrolling interests and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income 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 income and earnings per share 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.

(2) "Adjusted Property EBITDA" is net income 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 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, as well as a basis for determining certain incentive compensation. 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 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, income 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.

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) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDA.

 
                                                                                                                                   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,
                                                                                  ---------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------
                                                                                                   2017                                     2016                                                        2017                                     2016
                                                                                  ---------------------------------------                     ---------------------------------------                     ---------------------------------------                     ---------------------------------------
Operating revenues:
   Casino                                                                               $ 1,374,260                                                 $ 1,004,533                                                 $ 4,948,319                                                 $ 3,268,141
   Rooms                                                                                    172,644                                                     172,225                                                     704,202                                                     603,272
   Food and beverage                                                                        153,135                                                     132,442                                                     690,942                                                     601,514
   Entertainment, retail and other                                                          114,147                                  106,172                                  424,783                                  363,428  
                                                                                  --------------------------------------                      --------------------------------------                      --------------------------------------                      --------------------------------------
       Gross revenues                                                                     1,814,186                                                   1,415,372                                                   6,768,246                                                   4,836,355
   Less: promotional allowances                                                            (125,090 )                                                  (114,939 )                                                  (461,878 )                                                  (370,058 )
                                                                                  --------------------------------------                      --------------------------------------                      --------------------------------------                      --------------------------------------
       Net revenues                                                                       1,689,096                                1,300,433             6,306,368                                4,466,297  
                                                                                  --------------------------------------                      -------------------------------------- -------------------- --------------------------------------                      --------------------------------------
Operating expenses:
   Casino                                                                                   894,294                                                     651,208                                                   3,197,729                                                   2,079,740
   Rooms                                                                                     43,117                                                      41,967                                                     177,511                                                     157,904
   Food and beverage                                                                         86,985                                                      80,754                                                     410,825                                                     375,234
   Entertainment, retail and other                                                           47,342                                                      45,018                                                     177,328                                                     161,144
   General and administrative                                                               182,848                                                     166,985                                                     685,485                                                     548,141
   (Benefit) provision for doubtful accounts                                                 (2,118 )                                                     7,387                                                      (6,711 )                                                     8,203
   Pre-opening                                                                                7,247                                                       4,221                                                      26,692                                                     154,717
   Depreciation and amortization                                                            136,880                                                     140,543                                                     552,368                                                     404,730
   Property charges and other                                                                (8,918 )                                                    23,456                                   29,576                                   54,822  
                                                                                  --------------------------------------                      --------------------------------------                      --------------------------------------                      --------------------------------------
       Total operating expenses                                                           1,387,677                                1,161,539                                5,250,803                                3,944,635  
                                                                                  --------------------------------------                      --------------------------------------                      --------------------------------------                      --------------------------------------
Operating income                                                                            301,419                                  138,894                                1,055,565                                  521,662  
                                                                                  --------------------------------------                      --------------------------------------                      --------------------------------------                      --------------------------------------
Other income (expense):
   Interest income                                                                            9,195                                                       3,596                                                      31,193                                                      13,536
   Interest expense, net of amounts capitalized                                             (96,789 )                                                   (95,667 )                                                  (388,664 )                                                  (289,365 )
   Change in interest rate swap fair value                                           --                                                       2,126                                                      (1,056 )                                                       433
   Change in Redemption Note fair value                                                      10,282                                                      84,282                                                     (59,700 )                                                    65,043
   Loss on extinguishment of debt                                                           (12,299 )                                            --                                                     (55,360 )                                            --
   Equity in income from unconsolidated affiliates                                   --                                              --                                              --                                                          16
   Other                                                                                     (1,869 )                                                       318                                  (21,709 )                                                      (728 )
                                                                                  ----------------  --------------------                      ----------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
       Other income (expense), net                                                          (91,480 )                                                    (5,345 )                                                  (495,296 )                                                  (211,065 )
                                                                                  ----------------  --------------------                      ----------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
Income before income taxes                                                                  209,939                                                     133,549                                                     560,269                                                     310,597
   Benefit (provision) for income taxes                                                     334,025                                   (6,983 )                                                   328,985                                   (8,128 )
                                                                                  ----------------  --------------------                      ----------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
Net income                                                                                  543,964                                                     126,566                                                     889,254                                                     302,469
   Less: net income attributable to noncontrolling interests                                (52,282 )                                                   (12,766 )                                                  (142,073 )                                                   (60,494 )
                                                                                  ----------------  --------------------                      ----------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
Net income attributable to Wynn Resorts, Limited                                        $   491,682                              $   113,800                              $   747,181                              $   241,975  
                                                                                  ======= ========= ====================                      ======= ========= ====================                      ======= ========= ====================                      ======= ========= ====================
Basic and diluted income per common share:
Net income attributable to Wynn Resorts, Limited:
       Basic                                                                            $      4.80                                                 $      1.12                                                 $      7.32                                                 $      2.39
       Diluted                                                                          $      4.77                                                 $      1.12                                                 $      7.28                                                 $      2.38
   Weighted average common shares outstanding:
       Basic                                                                                102,402                                                     101,509                                                     102,071                                                     101,445
       Diluted                                                                              103,065                                                     101,910                                                     102,598                                                     101,855
Dividends declared per common share:                                                    $      0.50                                                 $      0.50                                                 $      2.00                                                 $      2.00
 
                                                                                                                                         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,
                                                                                                        -----------------------------------------------------------------------------------------------                     --------------------------------------------------------------------------------------------
                                                                                                                        2017                                   2016                                                     2017                                 2016
                                                                                                        -------------------------------------                     -------------------------------------                     ----------------------------------                     -------------------------------------
Net income attributable to Wynn Resorts, Limited                                                              $ 491,682                                                 $ 113,800                                              $ 747,181                                                 $ 241,975
   Pre-opening expenses                                                                                           7,247                                                     4,221                                                 26,692                                                   154,717
   Property charges and other                                                                                    (8,918 )                                                  23,456                                                 29,576                                                    54,822
   Change in interest rate swap fair value                                                               --                                                    (2,126 )                                                1,056                                                      (433 )
   Change in Redemption Note fair value                                                                         (10,282 )                                                 (84,282 )                                               59,700                                                   (65,043 )
   Loss on extinguishment of debt                                                                                12,299                                            --                                                 55,360                                            --
   Foreign currency remeasurement (gain) loss                                                                     1,869                                                      (318 )                                               21,709                                                       728
   Income tax impact on adjustments                                                                              (8,158 )                                                  (4,611 )                                              (19,911 )                                                  (3,013 )
   Impact of U.S. tax reform                                                                                   (339,921 )                                          --                                               (339,921 )                                          --
   Noncontrolling interests impact on adjustments                                                                (1,489 )                                                     635                             (20,972 )                                                 (37,838 )
                                                                                                        ------------------------------------                      ------------------------------------                      ---------------------------------                      ------------------------------------
Adjusted net income attributable to Wynn Resorts, Limited                                                     $ 144,329                              $  50,775                           $ 560,470                              $ 345,915  
                                                                                                        ======= ======= ====================                      ======= ======= ====================                      ==== ======= ====================                      ======= ======= ====================
Adjusted net income attributable to Wynn Resorts, Limited per                                                 $    1.40                              $    0.50                           $    5.46                              $    3.40  
diluted share
                                                                                                        ======= ======= ====================                      ======= ======= ====================                      ==== ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                    
Weighted average common shares outstanding - diluted                                                            103,065                                                   101,910                                                102,598                                                   101,855
 
                                                                                                                                                                                                                             WYNN RESORTS, LIMITED AND SUBSIDIARIES
                                                                                                                                                                                                                 RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY
                                                                                                                                                                                                                                     EBITDA
                                                                                                                                                                                                                                     (in thousands)
                                                                                                                                                                                                                                     (unaudited)
 
                                                                                                                                                                                                                        Three Months Ended December 31, 2017
                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                             Operating                               Pre-opening                             Depreciation                         Property                               Management                               Corporate                        Stock-based                 Adjusted
                                                                              income                                                     expenses                                                       and                                               charges and                                                and license                                                  expense                                           compensation                                    Property
                                                                              (loss)                                                                                                               amortization                                              other                                                      fees                                                     and other                                                                                           EBITDA
                                                                 ------------------------------                        -----------------------------------------                        -------------------------------                        -----------------------------                        -----------------------------------------                        -----------------------------                        ------------------------------                        --------------
Macau Operations:
   Wynn Macau                                                      $ 133,923                                                 $ --                                              $  23,249                                             $ (1,244 )                                               $         24,042                                             $  3,499                                              $  2,560                                                 $ 186,029
   Wynn Palace                                                       101,443                                                   --                                                 64,475                                               (7,590 )                                                         27,014                                                3,213                                                 1,541                                                   190,096
   Other Macau                                                        (2,686 )                                                 --                               1,107                                16                                --                             1,395                                168                         --
                                                                 --------------------------------                      -------------------------------------------                      ---------------------------------                      -------------------------------                      -------------------------------------------                      -------------------------------                      --------------------------------                      ----------------
Total Macau Operations                                               232,680                                                   --                                                 88,831                                               (8,818 )                                                         51,056                                                8,107                                                 4,269                                                   376,125
Las Vegas Operations                                                  37,338                                                             (522 )                                               45,318                                               (5,059 )                                                         17,352                                                8,995                                                   679                                                   104,101
Corporate and Other                                                   31,401                                         7,769                               2,731                             4,959                                       (68,408 )                                             11,815                              9,733                         --
                                                                 --------------------------------                      -------------------------------------------                      ---------------------------------                      -------------------------------                      -------------------------------------------                      -------------------------------                      --------------------------------                      ----------------
Total                                                              $ 301,419                              $          7,247                           $ 136,880                          $ (8,918 )                                               $ --                          $ 28,917                           $ 14,681                              $ 480,226
                                                                 === ======= ====================                      ======= ============== ====================                      ==== ======= ====================                      === ====== ====================                      ======= ============== ====================                      === ====== ====================                      ==== ====== ====================                      ======= =======
                                                                                                                                                                                                                        Three Months Ended December 31, 2016
                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                             Operating                               Pre-opening                             Depreciation                         Property                               Management                               Corporate                        Stock-based                 Adjusted
                                                                              income                                                     expenses                                                       and                                               charges and                                                and license                                                  expense                                           compensation                                    Property
                                                                              (loss)                                                                                                               amortization                                              other                                                      fees                                                     and other                                                                                           EBITDA
                                                                 ------------------------------                        -----------------------------------------                        -------------------------------                        -----------------------------                        -----------------------------------------                        -----------------------------                        ------------------------------                        --------------
Macau Operations:
   Wynn Macau                                                      $  95,622                                                 $ --                                              $  23,997                                             $  1,291                                                 $         18,846                                             $  4,643                                              $  4,467                                                 $ 148,866
   Wynn Palace                                                        (8,035 )                                                         (1,371 )                                               64,722                                                  243                                                           16,510                                                4,360                                                 1,060                                                    77,489
   Other Macau                                                        (2,755 )                                                 --                               1,130                                 1                                --                             1,644                                (20 )                                          --
                                                                 --------------------------------                      -------------------------------------------                      ---------------------------------                      -------------------------------                      -------------------------------------------                      -------------------------------                      --------------------------------                      ----------------
Total Macau Operations                                                84,832                                                           (1,371 )                                               89,849                                                1,535                                                           35,356                                               10,647                                                 5,507                                                   226,355
Las Vegas Operations                                                  40,046                                                               75                                                 47,768                                                7,848                                                           12,072                                                5,751                                                 1,029                                                   114,589
Corporate and Other                                                   14,016                                         5,517                               2,926                            14,073                                       (47,428 )                                              3,070                              7,826                         --
                                                                 --------------------------------                      -------------------------------------------                      ---------------------------------                      -------------------------------                      -------------------------------------------                      -------------------------------                      --------------------------------                      ----------------
Total                                                              $ 138,894                              $          4,221                           $ 140,543                          $ 23,456                              $ --                          $ 19,468                           $ 14,362                              $ 340,944
                                                                 === ======= ====================                      ======= ============== ====================                      ==== ======= ====================                      === ====== ====================                      ======= ============== ====================                      === ====== ====================                      ==== ====== ====================                      ======= =======
 
                                                                                                                                                                                                                                WYNN RESORTS, LIMITED AND SUBSIDIARIES
                                                                                                                                                                                                                    RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY
                                                                                                                                                                                                                                     EBITDA
                                                                                                                                                                                                                                     (in thousands) (unaudited)
                                                                                                                                                                                                                                     (continued)
 
                                                                                                                                                                                                                           Twelve Months Ended December 31, 2017
                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                            Operating                                Pre-opening                             Depreciation                         Property                               Management                               Corporate                         Stock-based                  Adjusted
                                                                                income                                                      expenses                                                       and                                               charges and                                                and license                                                  expense                                            compensation                                     Property
                                                                                (loss)                                                                                                                amortization                                              other                                                      fees                                                     and other                                                                                             EBITDA
                                                                 ---------------------------------                        -----------------------------------------                        -------------------------------                        -----------------------------                        -----------------------------------------                        ------------------------------                        ------------------------------                        ----------------
Macau Operations:
   Wynn Macau                                                       $   540,341                                                 $ --                                              $  97,292                                             $  6,688                                                 $         96,769                                             $  11,085                                              $  8,577                                                 $   760,752
   Wynn Palace                                                          157,886                                                   --                                                258,224                                               12,663                                                           83,534                                                 9,957                                                 5,319                                                     527,583
   Other Macau                                                          (15,201 )                                                 --                               4,483                               179                                --                              9,875                                664                           --
                                                                 -----------------------------------                      -------------------------------------------                      ---------------------------------                      -------------------------------                      -------------------------------------------                      --------------------------------                      --------------------------------                      ------------------
Total Macau Operations                                                  683,026                                                   --                                                359,999                                               19,530                                                          180,303                                                30,917                                                14,560                                                   1,288,335
Las Vegas Operations                                                    242,457                                                              226                                                181,879                                                4,598                                                           64,598                                                26,578                                                 2,061                                                     522,397
Corporate and Other                                                     130,082                                        26,466                              10,490                             5,448                                      (244,901 )                                              45,065                             27,350                           --
                                                                 -----------------------------------                      -------------------------------------------                      ---------------------------------                      -------------------------------                      -------------------------------------------                      --------------------------------                      --------------------------------                      ------------------
Total                                                               $ 1,055,565                              $         26,692                           $ 552,368                          $ 29,576                              $ --                          $ 102,560                           $ 43,971                              $ 1,810,732
                                                                 ==== ========= ====================                      ======= ============== ====================                      ==== ======= ====================                      === ====== ====================                      ======= ============== ====================                      === ======= ====================                      ==== ====== ====================                      ======= =========
                                                                  
                                                                  
                                                                                                                                                                                                                                                                 Twelve Months Ended December 31, 2016
                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                               Operating                                                   Pre-opening                                                Depreciation                                            Property                                                  Management                                                  Corporate                                            Stock-based                                     Adjusted
                                                                                income                                                      expenses                                                       and                                               charges and                                                and license                                                  expense                                            compensation                                     Property
                                                                                (loss)                                                                                                                amortization                                              other                                                      fees                                                     and other                                                                                             EBITDA
                                                                 ---------------------------------                        -----------------------------------------                        -------------------------------                        -----------------------------                        -----------------------------------------                        ------------------------------                        ------------------------------                        ----------------
Macau Operations:
   Wynn Macau                                                       $   465,112                                                 $ --                                              $  98,527                                             $  5,497                                                 $         86,000                                             $  13,839                                              $ 12,534                                                 $   681,509
   Wynn Palace                                                         (162,637 )                                                        129,773                                                105,884                                                  430                                                           23,064                                                 5,207                                                 1,315                                                     103,036
   Other Macau                                                          (16,777 )                                                 --                               3,509                                 1                                --                             12,311                                956                           --
                                                                 -----------------------------------                      -------------------------------------------                      ---------------------------------                      -------------------------------                      -------------------------------------------                      --------------------------------                      --------------------------------                      ------------------
Total Macau Operations                                                  285,698                                                          129,773                                                207,920                                                5,928                                                          109,064                                                31,357                                                14,805                                                     784,545
Las Vegas Operations                                                    178,379                                                            2,274                                                185,117                                               34,837                                                           51,035                                                20,075                                                 3,065                                                     474,782
Corporate and Other                                                      57,585                                        22,670                              11,693                            14,073                                      (160,099 )                                              28,730                             25,348                           --
                                                                 -----------------------------------                      -------------------------------------------                      ---------------------------------                      -------------------------------                      -------------------------------------------                      --------------------------------                      --------------------------------                      ------------------
Total                                                               $   521,662                              $        154,717                           $ 404,730                          $ 54,838                              $ --                          $  80,162                           $ 43,218                              $ 1,259,327
                                                                 ==== ========= ====================                      ======= ============== ====================                      ==== ======= ====================                      === ====== ====================                      ======= ============== ====================                      === ======= ====================                      ==== ====== ====================                      ======= =========
 
                                                                                                                                       WYNN RESORTS, LIMITED AND SUBSIDIARIES
                                                                                                                             RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS,
                                                                                                                                                     LIMITED TO
                                                                                                                                              ADJUSTED PROPERTY EBITDA
                                                                                                                                                   (in thousands)
                                                                                                                                                     (unaudited)
 
                                                                                           Three Months Ended December 31,                                                                  Twelve Months Ended December 31,
                                                                                                 -----------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------
                                                                                                                 2017                                   2016                                                      2017                                   2016
                                                                                                 -------------------------------------                     -------------------------------------                     ------------------------------------                     ---------------------------------------
Net income attributable to Wynn Resorts, Limited                                                       $ 491,682                                                 $ 113,800                                                  747,181                                                 $   241,975
   Net income attributable to noncontrolling interests                                                    52,282                                                    12,766                                                  142,073                                                      60,494
   Pre-opening expenses                                                                                    7,247                                                     4,221                                                   26,692                                                     154,717
   Depreciation and amortization                                                                         136,880                                                   140,543                                                  552,368                                                     404,730
   Property charges and other                                                                             (8,918 )                                                  23,456                                                   29,576                                                      54,822
   Corporate expense and other                                                                            28,917                                                    19,468                                                  102,560                                                      80,162
   Stock-based compensation                                                                               14,681                                                    14,362                                                   43,971                                                      43,218
   Interest income                                                                                        (9,195 )                                                  (3,596 )                                                (31,193 )                                                   (13,536 )
   Interest expense, net of amounts capitalized                                                           96,789                                                    95,667                                                  388,664                                                     289,365
   Change in interest rate swap fair value                                                        --                                                    (2,126 )                                                  1,056                                                        (433 )
   Change in Redemption Note fair value                                                                  (10,282 )                                                 (84,282 )                                                 59,700                                                     (65,043 )
   Loss on extinguishment of debt                                                                         12,299                                            --                                                   55,360                                              --
   Other                                                                                                   1,869                                                      (318 )                                                 21,709                                                         728
   (Benefit) provision for income taxes                                                                 (334,025 )                                                   6,983                              (328,985 )                                                     8,128  
                                                                                                 ------------------------------------                      ------------------------------------                      -----------------------------------                      --------------------------------------
Adjusted Property EBITDA                                                                               $ 480,226                              $ 340,944                           $ 1,810,732                              $ 1,259,327  
                                                                                                 ======= ======= ====================                      ======= ======= ====================                      ==== ========= ====================                      ======= ========= ====================
 
                                                                                                             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 December 31,                                 Twelve Months Ended December 31,
                                                                                                              ---------------------------------------------------------------                     --------------------------------------------------------------
                                                                                                                      2017                   2016                                      2017                   2016
                                                                                                              ---------------------                     ---------------------                     ---------------------                     --------------------
Macau Operations:
   Wynn Macau:
     VIP:
        Average number of table games                                                                                     102                                        83                                        96                                         149
        VIP turnover                                                                                             $ 15,622,932                              $ 10,796,516                              $ 58,303,836                                $ 47,048,754
        VIP table games win                                                                                      $    451,486                              $    332,586                              $  1,907,625                                $  1,547,261
        VIP table games win as a % of turnover                                                                           2.89 %                                    3.08 %                                    3.27 %                                      3.29 %
        Table games win per unit per day (1)                                                                     $     48,267                              $     43,419                              $     54,726                                $     28,332
     Mass market:
        Average number of table games                                                                                     202                                       182                                       204                                         216
        Table drop (2)                                                                                           $  1,250,994                              $  1,096,204                              $  4,525,727                                $  4,585,476
        Table games win                                                                                          $    230,053                              $    193,921                              $    880,964                                $    881,797
        Table games win %                                                                                                18.4 %                                    17.7 %                                    19.5 %                                      19.2 %
        Table games win per unit per day (1)                                                                     $     12,370                              $     11,590                              $     11,820                                $     11,131
        Average number of slot machines                                                                                   934                                       845                                       914                                         802
        Slot machine handle                                                                                      $    937,622                              $    802,630                              $  3,526,747                                $  3,386,973
        Slot machine win                                                                                         $     40,818                              $     32,582                              $    154,425                                $    145,680
        Slot machine win per unit per day (3)                                                                    $        475                              $        419                              $        463                                $        497
     Room statistics:
        Occupancy                                                                                                        99.4 %                                    96.3 %                                    97.5 %                                      94.4 %
        ADR (4)                                                                                                  $        258                              $        262                              $        257                                $        293
        REVPAR (5)                                                                                               $        257                              $        252                              $        251                                $        277
                                                                                                                                                                                                                                             
   Wynn Palace (6):
     VIP:
        Average number of table games                                                                                     112                                        86                                       104                                          81
        VIP turnover                                                                                             $ 16,232,654                              $ 10,329,574                              $ 52,573,258                                $ 14,480,023
        VIP table games win                                                                                      $    489,643                              $    276,499                              $  1,486,674                                $    396,954
        VIP table games win as a % of turnover                                                                           3.02 %                                    2.68 %                                    2.83 %                                      2.74 %
        Table games win per unit per day (1)                                                                     $     47,395                              $     35,151                              $     39,325                                $     37,009
     Mass market:
        Average number of table games                                                                                     197                                       233                                       202                                         245
        Table drop (2)                                                                                           $  1,124,702                              $    724,982                              $  3,490,363                                $  1,000,881
        Table games win                                                                                          $    264,492                              $    159,620                              $    795,159                                $    211,146
        Table games win %                                                                                                23.5 %                                    22.0 %                                    22.8 %                                      21.1 %
        Table games win per unit per day (1)                                                                     $     14,623                              $      7,461                              $     10,759                                $      6,527
        Average number of slot machines                                                                                   983                                       888                                     1,026                                         962
        Slot machine handle                                                                                      $    920,641                              $    534,391                              $  3,053,614                                $    738,907
        Slot machine win                                                                                         $     55,042                              $     28,054                              $    165,754                                $     40,664
        Slot machine win per unit per day (3)                                                                    $        609                              $        344                              $        443                                $        320
     Room statistics:
        Occupancy                                                                                                        96.8 %                                    88.4 %                                    96.2 %                                      83.2 %
        ADR (4)                                                                                                  $        236                              $        272                              $        237                                $        276
        REVPAR (5)                                                                                               $        228                              $        241                              $        227                                $        230
 
                                                                                             WYNN RESORTS, LIMITED AND SUBSIDIARIES
                                                                                                   SUPPLEMENTAL DATA SCHEDULE
                                                                                 (dollars in thousands, except for win per unit per day, ADR and
                                                                                                             REVPAR)
                                                                                                     (continued) (unaudited)
 
                                                             Three Months Ended December 31,                             Twelve Months Ended December 31,
                                                                                      ---------------------------------------------------------                     -------------------------------------------------------------
                                                                          2017                2016                                    2017                  2016
                                                                                      ---------------                        ---------------                        -----------------                        -----------------
Las Vegas Operations:
      Average number of table games                                                            235                                    232                                      236                                      235
      Table drop (2)                                                                     $ 430,821                              $ 452,517                              $ 1,804,988                              $ 1,838,479
      Table games win                                                                    $ 101,290                              $ 124,469                              $   465,664                              $   465,041
      Table games win %                                                                       23.5 %                                 27.5 %                                   25.8    %                                25.3 %
      Table games win per unit per day (1)                                               $   4,692                              $   5,837                              $     5,415                              $     5,406
      Average number of slot machines                                                        1,834                                  1,908                                    1,856                                    1,893
      Slot machine handle                                                                $ 833,207                              $ 862,052                              $ 3,183,369                              $ 3,148,610
      Slot machine win                                                                   $  56,557                              $  57,238                              $   218,897                              $   208,024
      Slot machine win per unit per day (3)                                              $     335                              $     326                              $       323                              $       300
   Room statistics:
      Occupancy                                                                               82.1 %                                 84.1 %                                   86.9    %                                85.3 %
      ADR (4)                                                                            $     305                              $     291                              $       305                              $       296
      REVPAR (5)                                                                         $     250                              $     245                              $       265                              $       252

(1) Table games win per unit per day is shown before discounts and commissions, as applicable. (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. (3) Slot machine win per unit per day 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 the retail value of promotional allowances (less service charges, if any) by total rooms occupied including complimentary rooms. (5) REVPAR is revenue per available room and is calculated by dividing total room revenues including the retail value of promotional allowances (less service charges, if any) by total rooms available. (6) Wynn Palace opened on August 22, 2016.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180122005966r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180122005966/en/

SOURCE: Wynn Resorts, Limited

Wynn Resorts, Limited 
Robert Amerine, 702-770-7555 
investorrelations@wynnresorts.com


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