Casino revenues from our Las Vegas Operations were $153.2 million for the third quarter of 2016, a 0.7% increase from $152.1 million for the same period of 2015. Table games drop was $483.4 million, a 1.7% decrease from $491.6 million for the third quarter of 2015. Table games win was $119.4 million, a 2.3% increase from $116.7 million for the third quarter of 2015. Table games win percentage was 24.7%, within the property's expected range of 21% to 25% and above the 23.7% experienced for the third quarter of 2015. Slot machine handle was $818.7 million, a 7.1% increase from $764.3 million for the third quarter of 2015, while slot win decreased 3.9% to $52.5 million.

 

Non-casino revenues before promotional allowances from our Las Vegas Operations were $316.3 million for the third quarter of 2016, a 4.2% increase from $303.6 million for the same period of 2015. Room revenues increased 9.1%, to $112.2 million for the third quarter of 2016, compared to $102.8 million for the same period of 2015. ADR was $288, a 4.7% increase from $275 for the third quarter of 2015. Occupancy increased to 90.0% for the third quarter of 2016, from the 88.3% experienced for the same period of 2015. REVPAR was $259, a 6.6% increase from $243 for the third quarter of 2015. Food and beverage revenues increased 1.8%, to $145.2 million for the third quarter of 2016, compared to the same period of 2015. Entertainment, retail and other revenues increased 1.1%, to $58.9 million for the third quarter of 2016, compared to the same period of 2015.

 

In November 2014, the Company was awarded a gaming license to develop and construct Wynn Boston Harbor, an integrated resort in Everett, Massachusetts, adjacent to Boston. Wynn Boston Harbor will be located on a 33-acre site along the Mystic River and will contain a hotel, a waterfront boardwalk, meeting space, casino space, a spa, retail offerings and food and beverage outlets. The total project budget, including construction costs, capitalized interest, pre-opening costs and land costs, is estimated to be between $1.9 billion and $2.1 billion. During the third quarter of 2016, we commenced construction activities and continue with site remediation and site preparation. We expect to open Wynn Boston Harbor in the first half of 2019.

 

Our cash and cash equivalents, restricted cash and investment securities at September 30, 2016 were $2.02 billion. Total debt outstanding at the end of the quarter was $9.44 billion, including $4.16 billion of Macau related debt, $3.17 billion of Wynn Las Vegas debt and $2.11 billion at the parent company and other.

 

The Company will hold a conference call to discuss its results on November 2, 2016 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com.

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, our dependence on existing management,  results of regulatory or  enforcement actions and probity investigations, pending or future legal proceedings, uncertainties over the development and success of new gaming and resort properties,  adverse  tourism  trends,  general  global  macroeconomic  conditions,  changes  in  gaming  laws  or regulations, volatility and weakness in world-wide credit and financial markets, and our substantial indebtedness and leverage. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 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.

 

(1) "Adjusted net income attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening costs, property charges and other, change in interest rate swap fair value, change in Redemption Note fair value, loss on extinguishment of debt, net of noncontrolling interest and 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 U.S. generally accepted accounting principles ("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 (loss) before interest, taxes, depreciation and amortization, pre- opening costs, 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 (loss) 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, 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.