Wynn Resorts, Limited (NASDAQ:WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the first quarter ended March 31, 2024.

Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted Property EBITDAR⁽¹⁾ was $646.5 million for the first quarter of 2024, compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023.

"The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with Adjusted Property EBITDAR reaching a new all-time record. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets," said Craig Billings, CEO of Wynn Resorts, Limited. "On the development front, vertical construction on the hotel tower at Wynn Al Marjan Island is well underway, and we are confident the resort will be a 'must see' tourism destination in the UAE. We are excited about the outlook for the Company, and we believe we are well positioned to deliver continued long-term growth."

Consolidated Results

Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. For the first quarter of 2024, operating revenues increased $217.5 million, $181.0 million, $49.8 million, and $1.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the first quarter of 2023.

Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted net income attributable to Wynn Resorts, Limited⁽²⁾ was $176.8 million, or $1.59 per diluted share, for the first quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $33.3 million, or $0.29 per diluted share, for the first quarter of 2023.

Adjusted Property EBITDAR was $646.5 million for the first quarter of 2024, an increase of $216.8 million compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023. For the first quarter of 2024, Adjusted Property EBITDAR increased $91.3 million, $92.4 million, and $14.7 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $0.3 million at Encore Boston Harbor, from the first quarter of 2023.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on May 31, 2024 to stockholders of record as of May 20, 2024.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $586.9 million for the first quarter of 2024, an increase of $217.5 million from $369.4 million for the first quarter of 2023. Adjusted Property EBITDAR from Wynn Palace was $202.4 million for the first quarter of 2024, compared to $111.1 million for the first quarter of 2023. Table games win percentage in mass market operations was 24.5%, above the 22.1% experienced in the first quarter of 2023. VIP table games win as a percentage of turnover was 3.30%, within the property's expected range of 3.1% to 3.4% and above the 2.72% experienced in the first quarter of 2023.

Wynn Macau

Operating revenues from Wynn Macau were $411.7 million for the first quarter of 2024, an increase of $181.0 million from $230.7 million for the first quarter of 2023. Adjusted Property EBITDAR from Wynn Macau was $137.2 million for the first quarter of 2024, compared to $44.7 million for the first quarter of 2023. Table games win percentage in mass market operations was 19.4%, above the 17.0% experienced in the first quarter of 2023. VIP table games win as a percentage of turnover was 3.39%, within the property's expected range of 3.1% to 3.4% and above the 2.69% experienced in the first quarter of 2023.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $636.5 million for the first quarter of 2024, an increase of $49.8 million from $586.8 million for the first quarter of 2023. Adjusted Property EBITDAR from our Las Vegas Operations for the first quarter of 2024 was $246.3 million, compared to $231.6 million for the first quarter of 2023. Table games win percentage for the first quarter of 2024 was 25.9%, within the property's expected range of 22% to 26% and above the 24.3% experienced in the first quarter of 2023.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $217.8 million for the first quarter of 2024, an increase of $1.5 million from $216.3 million for the first quarter of 2023. Adjusted Property EBITDAR from Encore Boston Harbor for the first quarter of 2024 was $63.1 million, compared to $63.4 million for the first quarter of 2023. Table games win percentage for the first quarter of 2024 was 22.6%, above the property's expected range of 18% to 22% and above the 21.7% experienced in the first quarter of 2023.

Balance Sheet

Our cash and cash equivalents as of March 31, 2024 totaled $2.42 billion, comprised of $1.30 billion held by Wynn Macau, Limited ("WML") and subsidiaries, $405.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $712.4 million held at Corporate and other. In addition, as of March 31, 2024, we had $699.6 million and $149.1 million in short-term investments held at WML and Corporate and other, respectively. As of March 31, 2024, the available borrowing capacity under the Wynn Resorts Finance Revolver and the WM Cayman II Revolver was $737.2 million and $149.6 million, respectively.

Total current and long-term debt outstanding at March 31, 2024 was $11.21 billion, comprised of $6.61 billion of Macau related debt, $1.45 billion of Wynn Las Vegas debt, $2.53 billion of WRF debt, and $614.2 million of debt held by the retail joint venture which we consolidate.

In February 2024, WRF and its subsidiary Wynn Resorts Capital Corp. issued an additional $400.0 million aggregate principal amount of 7.125% Senior Notes due 2031 (the "2031 WRF Add-On Senior Notes") at a price equal to 103.00% of the principal amount plus accrued interest. Net proceeds from the 2031 WRF Add-On Senior Notes, together with cash held by Wynn Resorts, were used to repurchase $681.0 million aggregate principal amount of 5.500% Senior Notes due 2025 issued by Wynn Las Vegas and Wynn Las Vegas Capital Corp. (the "2025 WLV Senior Notes") and to pay the tender premium and related fees and expenses. In March 2024, we repurchased $119.0 million aggregate principal amount of the remaining 2025 WLV Senior Notes using cash held at Wynn Resorts.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on May 7, 2024 at 2:00 p.m. PT (5:00 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before May 15, 2024, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended March 31, 2024 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, travel disruptions caused by events outside of our control, 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 and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. 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, 2023, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

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

(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other, change in derivatives fair value, loss on debt financing transactions, and foreign currency remeasurement and other, 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 net income 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.

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 (loss) to Adjusted Property EBITDAR, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)

	Three Months Ended March 31,
		2024			2023
Operating revenues:
Casino	$	1,121,466		$	766,992
Rooms		327,414			272,529
Food and beverage		266,938			232,611
Entertainment, retail and other		147,091			151,547
Total operating revenues		1,862,909			1,423,679
Operating expenses:
Casino		675,439			473,385
Rooms		82,077			72,702
Food and beverage		205,821			180,619
Entertainment, retail and other		71,012			92,482
General and administrative		271,616			259,772
Provision for credit losses		87			(544	)
Pre-opening		2,035			4,478
Depreciation and amortization		174,933			168,812
Property charges and other		16,948			2,458
Total operating expenses		1,499,968			1,254,164
Operating income		362,941			169,515
Other income (expense):
Interest income		40,172			40,193
Interest expense, net of amounts capitalized		(182,404	)		(187,740	)
Change in derivatives fair value		(17,914	)		23,046
Loss on debt financing transactions		(1,561	)		(12,236	)
Other		(4,722	)		(30,614	)
Other income (expense), net		(166,429	)		(167,351	)
Income before income taxes		196,512			2,164
Provision for income taxes		(20,014	)		(1,018	)
Net income		176,498			1,146
Less: net (income) loss attributable to noncontrolling interests		(32,282	)		11,186
Net income attributable to Wynn Resorts, Limited	$	144,216		$	12,332
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic	$	1.30		$	0.11
Diluted	$	1.30		$	(0.02	)
Weighted average common shares outstanding:
Basic		111,023			112,753
Diluted		111,333			113,116

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 March 31,
		2024			2023
Net income attributable to Wynn Resorts, Limited	$	144,216		$	12,332
Pre-opening expenses		2,035			4,478
Property charges and other		16,948			2,458
Change in derivatives fair value		17,914			(23,046	)
Loss on debt financing transactions		1,561			12,236
Foreign currency remeasurement and other		4,722			30,614
Income tax impact on adjustments		(568	)		(1,492	)
Noncontrolling interests impact on adjustments		(10,027	)		(4,248	)
Adjusted net income attributable to Wynn Resorts, Limited	$	176,801		$	33,332
Adjusted net income attributable to Wynn Resorts, Limited per diluted share	$	1.59		$	0.29

Weighted average common shares outstanding - diluted		111,333			113,116

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)

	Three Months Ended March 31, 2024
	Wynn Palace		Wynn Macau			Other Macau			Total Macau Operations		Las Vegas Operations		Encore Boston Harbor			Corporate and Other			Total
Operating income (loss)	$	113,592	$	101,004		$	(8,613	)	$	205,983	$	146,449	$	(17,092	)	$	27,601		$	362,941
Pre-opening expenses		—		—			—			—		402		132			1,501			2,035
Depreciation and amortization		55,127		20,044			380			75,551		58,744		31,343			9,295			174,933
Property charges and other		11,420		(437	)		110			11,093		269		344			5,242			16,948
Management and license fees		18,928		12,859			—			31,787		30,242		10,628			(72,657	)		—
Corporate expenses and other		2,383		2,502			7,137			12,022		7,994		1,966			17,923			39,905
Stock-based compensation		920		1,214			986			3,120		2,162		410			8,677			14,369
Triple-net operating lease rent expense		—		—			—			—		—		35,404			—			35,404
Adjusted Property EBITDAR	$	202,370	$	137,186		$	—		$	339,556	$	246,262	$	63,135		$	(2,418	)	$	646,535

	Three Months Ended March 31, 2023
	Wynn Palace		Wynn Macau		Other Macau			Total Macau Operations		Las Vegas Operations		Encore Boston Harbor			Corporate and Other			Total
Operating income (loss)	$	39,868	$	12,249	$	(4,983	)	$	47,134	$	138,502	$	(14,949	)	$	(1,172	)	$	169,515
Pre-opening expenses		—		—		—			—		81		911			3,486			4,478
Depreciation and amortization		54,167		20,650		380			75,197		56,681		29,934			7,000			168,812
Property charges and other		2,295		475		1			2,771		213		(582	)		56			2,458
Management and license fees		11,830		7,275		—			19,105		27,812		10,503			(57,420	)		—
Corporate expenses and other		2,226		2,325		3,624			8,175		6,556		1,864			17,895			34,490
Stock-based compensation		672		1,771		978			3,421		1,752		450			9,087			14,710
Triple-net operating lease rent expense		—		—		—			—		—		35,283			—			35,283
Adjusted Property EBITDAR	$	111,058	$	44,745	$	—		$	155,803	$	231,597	$	63,414		$	(21,068	)	$	429,746

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)

	Three Months Ended March 31,
		2024			2023
Net income attributable to Wynn Resorts, Limited	$	144,216		$	12,332
Net income (loss) attributable to noncontrolling interests		32,282			(11,186	)
Pre-opening expenses		2,035			4,478
Depreciation and amortization		174,933			168,812
Property charges and other		16,948			2,458
Triple-net operating lease rent expense		35,404			35,283
Corporate expenses and other		39,905			34,490
Stock-based compensation		14,369			14,710
Interest income		(40,172	)		(40,193	)
Interest expense, net of amounts capitalized		182,404			187,740
Change in derivatives fair value		17,914			(23,046	)
Loss on debt financing transactions		1,561			12,236
Other		4,722			30,614
Provision for income taxes		20,014			1,018
Adjusted Property EBITDAR	$	646,535		$	429,746

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited)

	Three Months Ended March 31,
		2024			2023		Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino	$	473,781		$	270,687		75.0
Rooms		53,936			46,910		15.0
Food and beverage		32,070			23,553		36.2
Entertainment, retail and other		27,114			28,213		(3.9	)
Total	$	586,901		$	369,363		58.9

Adjusted Property EBITDAR ⁽⁶⁾	$	202,370		$	111,058		82.2

Casino Statistics:
VIP:
Average number of table games		59			50		18.0
VIP turnover	$	3,921,085		$	2,293,358		71.0
VIP table games win ⁽¹⁾	$	129,414		$	62,448		107.2
VIP table games win as a % of turnover		3.30	%		2.72	%
Table games win per unit per day	$	24,276		$	13,868		75.1
Mass market:
Average number of table games		245			237		3.4
Table drop ⁽²⁾	$	1,782,184		$	1,181,998		50.8
Table games win ⁽¹⁾	$	437,323		$	260,865		67.6
Table games win %		24.5	%		22.1	%
Table games win per unit per day	$	19,589		$	12,246		60.0
Average number of slot machines		573			587		(2.4	)
Slot machine handle	$	595,621		$	546,598		9.0
Slot machine win ⁽³⁾	$	30,970		$	25,425		21.8
Slot machine win per unit per day	$	594		$	481		23.5
Room statistics:
Occupancy		98.8	%		88.1	%
ADR ⁽⁴⁾	$	337		$	321		5.0
REVPAR ⁽⁵⁾	$	333		$	282		18.1

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)

	Three Months Ended March 31,
		2024			2023		Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino	$	346,353		$	176,383		96.4
Rooms		28,619			21,971		30.3
Food and beverage		21,019			14,302		47.0
Entertainment, retail and other		15,753			18,070		(12.8	)
Total	$	411,744		$	230,726		78.5

Adjusted Property EBITDAR⁽⁶⁾	$	137,186		$	44,745		206.6

Casino Statistics:
VIP:
Average number of table games		30			52		(42.3	)
VIP turnover	$	1,589,685		$	1,144,224		38.9
VIP table games win ⁽¹⁾	$	53,906		$	30,751		75.3
VIP table games win as a % of turnover		3.39	%		2.69	%
Table games win per unit per day	$	19,746		$	6,586		199.8
Mass market:
Average number of table games		221			217		1.8
Table drop ⁽²⁾	$	1,683,151		$	989,988		70.0
Table games win ⁽¹⁾	$	326,320		$	168,426		93.7
Table games win %		19.4	%		17.0	%
Table games win per unit per day	$	16,194		$	8,642		87.4
Average number of slot machines		583			531		9.8
Slot machine handle	$	730,389		$	469,769		55.5
Slot machine win ⁽³⁾	$	26,192		$	16,296		60.7
Slot machine win per unit per day	$	494		$	341		44.9
Poker rake	$	5,019		$	3,936		27.5
Room statistics:
Occupancy		99.4	%		90.9	%
ADR ⁽⁴⁾	$	284		$	242		17.4
REVPAR ⁽⁵⁾	$	282		$	220		28.2

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)

	Three Months Ended March 31,
		2024			2023		Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino	$	135,163		$	154,530		(12.5	)
Rooms		224,076			185,109		21.1
Food and beverage		193,610			172,483		12.2
Entertainment, retail and other		83,699			74,642		12.1
Total	$	636,548		$	586,764		8.5

Adjusted Property EBITDAR ⁽⁶⁾	$	246,262		$	231,597		6.3

Casino Statistics:
Average number of table games		234			232		0.9
Table drop ⁽²⁾	$	604,174		$	600,746		0.6
Table games win ⁽¹⁾	$	156,611		$	146,010		7.3
Table games win %		25.9	%		24.3	%
Table games win per unit per day	$	7,357		$	6,994		5.2
Average number of slot machines		1,618			1,668		(3.0	)
Slot machine handle	$	1,496,078		$	1,572,735		(4.9	)
Slot machine win ⁽³⁾	$	99,756		$	106,788		(6.6	)
Slot machine win per unit per day	$	677		$	711		(4.8	)
Poker rake	$	4,522		$	4,114		9.9
Room statistics:
Occupancy		88.0	%		88.8	%
ADR ⁽⁴⁾	$	595		$	493		20.7
REVPAR ⁽⁵⁾	$	524		$	438		19.6

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR, and REVPAR)
(unaudited) (continued)

	Three Months Ended March 31,
		2024			2023		Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino	$	166,169		$	165,392		0.5
Rooms		20,783			18,539		12.1
Food and beverage		20,239			22,273		(9.1	)
Entertainment, retail and other		10,593			10,102		4.9
Total	$	217,784		$	216,306		0.7

Adjusted Property EBITDAR ⁽⁶⁾	$	63,135		$	63,414		(0.4	)

Casino Statistics:
Average number of table games		183			199		(8.0	)
Table drop ⁽²⁾	$	366,812		$	366,041		0.2
Table games win ⁽¹⁾	$	82,978		$	79,544		4.3
Table games win %		22.6	%		21.7	%
Table games win per unit per day	$	4,970		$	4,452		11.6
Average number of slot machines		2,635			2,518		4.6
Slot machine handle	$	1,402,847		$	1,296,427		8.2
Slot machine win ⁽³⁾	$	104,665		$	104,073		0.6
Slot machine win per unit per day	$	437		$	459		(4.8	)
Poker rake	$	5,781		$	5,682		1.7
Room statistics:
Occupancy		89.7	%		90.0	%
ADR ⁽⁴⁾	$	381		$	343		11.1
REVPAR ⁽⁵⁾	$	342		$	309		10.7

(1)		Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2)		In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3)		Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4)		ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5)		REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6)		Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

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