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Wynn Resorts, Limited Reports First Quarter 2019 Results
Reading Time: 14 minutes
LAS VEGAS–(BUSINESS WIRE)–Wynn Resorts, Limited (NASDAQ: WYNN) (“the Company”) today reported
financial results for the quarter ended March 31, 2019.
Operating revenues were $1.65 billion for the first quarter of 2019, a
decrease of 3.7%, or $64.0 million, from $1.72 billion for the first
quarter of 2018. Operating revenues increased $60.8 million at Wynn
Palace and decreased $94.4 million and $30.5 million at Wynn Macau and
our Las Vegas Operations, respectively.
On a U.S. generally accepted accounting principles (“GAAP”) basis, net
income attributable to Wynn Resorts, Limited was $104.9 million, or
$0.98 per diluted share, for the first quarter of 2019, compared to a
net loss attributable to Wynn Resorts, Limited of $204.3 million, or
$1.99 per diluted share, in the first quarter of 2018. The change was
primarily due to a litigation settlement of $463.6 million, partially
offset by an income tax benefit of $111.0 million, recorded in the first
quarter of 2018. Adjusted net income attributable to Wynn Resorts,
Limited (1) was $172.6 million, or $1.61 per diluted share, for the
first quarter of 2019, compared to $237.0 million, or $2.30 per diluted
share, for the first quarter of 2018.
Adjusted Property EBITDA (2) was $494.8 million for the first quarter of
2019, a decrease of 12.3%, or $69.6 million, from $564.3 million for the
first quarter of 2018. Adjusted Property EBITDA increased $10.7 million
at Wynn Palace and decreased $45.9 million and $34.3 million at Wynn
Macau and our Las Vegas Operations, respectively.
Wynn Resorts, Limited also announced today that the Company has approved
a cash dividend of $1.00 per share, payable on May 30, 2019 to
stockholders of record as of May 22, 2019.
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $726.6 million for the first
quarter of 2019, a 9.1% increase from $665.8 million for the first
quarter of 2018. Adjusted Property EBITDA from Wynn Palace was $222.6
million for the first quarter of 2019, a 5.0% increase from $211.9
million for the first quarter of 2018.
Casino revenues from Wynn Palace were $623.2 million for the first
quarter of 2019, a 9.6% increase from $568.5 million for the first
quarter of 2018. Table games turnover in VIP operations was $12.63
billion, a 17.9% decrease from $15.39 billion for the first quarter of
2018. VIP table games win as a percentage of turnover was 3.91%, above
the expected range of 2.7% to 3.0% and above the 2.60% experienced in
the first quarter of 2018. Table drop in mass market operations was
$1.30 billion, a 7.1% increase from $1.22 billion in the first quarter
of 2018. Table games win in mass market operations was $315.5 million, a
1.7% increase from $310.2 million for the first quarter of 2018. Table
games win percentage in mass market operations was 24.2%, below the
25.5% experienced in the first quarter of 2018. Slot machine handle was
$975.0 million, a 7.8% decrease from $1.06 billion for the first quarter
of 2018. Slot machine win decreased 7.9% to $51.4 million for the first
quarter of 2019, compared to $55.8 million for the first quarter of 2018.
Non-casino revenues from Wynn Palace were $103.4 million for the first
quarter of 2019, a 6.2% increase from $97.4 million for the first
quarter of 2018. Room revenues were $43.3 million for the first quarter
of 2019, a 7.1% increase from $40.4 million for the first quarter of
2018. Average daily rate (“ADR”) was $271, a 7.7% increase from $252 for
the first quarter of 2018. Occupancy increased to 97.2% for the first
quarter of 2019, from 96.8% for the first quarter of 2018. Revenue per
available room (“REVPAR”) was $264, an 8.2% increase from $244 for the
first quarter of 2018.
Wynn Macau
Operating revenues from Wynn Macau were $523.9 million for the first
quarter of 2019, a 15.3% decrease from $618.2 million for the first
quarter of 2018. Adjusted Property EBITDA was $163.9 million for the
first quarter of 2019, a 21.9% decrease from $209.8 million for the
first quarter of 2018.
Casino revenues from Wynn Macau were $450.2 million for the first
quarter of 2019, a 16.5% decrease from $539.0 million for the first
quarter of 2018. Table games turnover in VIP operations was $10.19
billion, a 40.3% decrease from $17.09 billion for the first quarter of
2018. VIP table games win as a percentage of turnover was 2.90%, within
the expected range of 2.7% to 3.0% and above the 2.61% experienced in
the first quarter of 2018. Table drop in mass market operations was
$1.35 billion, a 2.2% increase from $1.32 billion for the first quarter
of 2018. Table games win in mass market operations was $264.5 million, a
3.1% increase from $256.5 million for the first quarter of 2018. Table
games win percentage in mass market operations was 19.6%, above the
19.4% experienced in the first quarter of 2018. Slot machine handle was
$794.4 million, a 20.8% decrease from $1.00 billion for the first
quarter of 2018. Slot machine win decreased 9.3% to $37.9 million for
the first quarter of 2019, compared to $41.8 million for the first
quarter of 2018.
Non-casino revenues from Wynn Macau were $73.6 million for the first
quarter of 2019, a 7.0% decrease from $79.2 million for the first
quarter of 2018. Room revenues were $28.9 million for the first quarter
of 2019, a 1.6% increase from $28.4 million for the first quarter of
2018. ADR was relatively flat at $290 when compared to the same period
of 2018. Occupancy increased to 99.3% for the first quarter of 2019,
from 99.0% for the same period of 2018. REVPAR was flat at $288 when
compared to the same period of 2018.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $401.0 million for
the first quarter of 2019, a 7.1% decrease from $431.5 million for the
first quarter of 2018. Adjusted Property EBITDA from our Las Vegas
Operations was $108.3 million, a 24.0% decrease from $142.6 million for
the first quarter of 2018.
Casino revenues from our Las Vegas Operations were $111.7 million for
the first quarter of 2019, a 17.1% decrease from $134.6 million for the
first quarter of 2018. Table games drop was $404.1 million, a 24.7%
decrease from $536.6 million for the first quarter of 2018. Table games
win was $111.4 million, a 27.9% decrease from $154.4 million for the
first quarter of 2018. Table games win percentage was 27.6%, above the
property’s expected range of 22% to 26%, but below the 28.8% experienced
in the first quarter of 2018. Slot machine handle was $789.3 million, a
6.1% increase from $744.1 million for the first quarter of 2018. Slot
machine win increased 10.7% to $54.5 million, compared to $49.3 million
for the first quarter of 2018.
Non-casino revenues from our Las Vegas Operations were $289.3 million
for the first quarter of 2019, a 2.5% decrease from $296.8 million for
the first quarter of 2018. Room revenues were $119.1 million for the
first quarter of 2019, a 1.9% decrease from $121.5 million for the first
quarter of 2018. ADR was $338, a 0.6% decrease from $340 in the first
quarter of 2018. Occupancy decreased to 82.6% for the first quarter of
2019, from 83.9% for the first quarter of 2018. REVPAR was $279, a 2.1%
decrease from $285 for the first quarter of 2018. Food and beverage
revenues decreased 1.8%, to $123.6 million for the first quarter of
2019, compared to $125.8 million for the first quarter of 2018.
Entertainment, retail and other revenues decreased 5.9%, to $46.6
million for the first quarter of 2019, compared to $49.6 million in the
first quarter of 2018.
Development Projects
We are currently constructing Encore Boston Harbor, an integrated casino
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 $2.6 billion.
As of March 31, 2019, we have incurred $2.26 billion in total project
costs. We expect to open Encore Boston Harbor in mid-2019.
We are currently constructing an approximately 430,000 square foot
meeting and convention facility at Wynn Las Vegas and have begun
construction activities in connection with the reconfiguration of the
Wynn Las Vegas golf course, which we closed in the fourth quarter of
2017. Based on current designs, we estimate the total project budget to
be approximately $425 million. As of March 31, 2019, we have incurred
$181.5 million in total project costs. We expect to reopen the golf
course in the fourth quarter of 2019 and open the additional meeting and
convention space in the first quarter of 2020.
Balance Sheet
Our cash and cash equivalents and restricted cash as of March 31, 2019
totaled $1.83 billion.
Total current and long-term debt outstanding at March 31, 2019 was $9.17
billion, comprised of $3.73 billion of Macau related debt, $3.10 billion
of Wynn Las Vegas debt, $983 million of Wynn America debt, $740 million
of Wynn Resorts debt, and $611 million of debt held by the retail joint
venture which we consolidate.
As previously disclosed, on March 8, 2019, the Company entered into an
Incremental Joinder Agreement that amended the Wynn Resorts Term Loan
Credit Agreement to, among other things, provide the Company with an
additional $250 million term loan on substantially similar terms as the
Wynn Resorts Term Loan.
Conference Call and Other Information
The Company will hold a conference call to discuss its results,
including the results of Wynn Las Vegas, LLC, on May 9, 2019 at 1:30
p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call
by accessing a live audio webcast at http://www.wynnresorts.com.
On May 9, 2019, the Company will make Wynn Las Vegas, LLC financial
information for the quarter ended March 31, 2019 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, controversy,
regulatory action, litigation and investigations related to Stephen A.
Wynn and his separation from the Company, extensive regulation of our
business, pending or future claims and legal proceedings, ability to
maintain gaming licenses and concessions, dependence on key employees,
general global political and economic conditions, adverse tourism
trends, dependence on a limited number of resorts, competition in the
casino/hotel and resort industries, uncertainties over the development
and success of new gaming and resort properties, construction risks,
cybersecurity risk and our leverage and debt service. Additional
information concerning potential factors that could affect the Company’s
financial results is included in the Company’s Annual Report on Form
10-K for the year ended December 31, 2018 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 (loss) attributable to Wynn Resorts, Limited before litigation
settlement expense, nonrecurring regulatory expense, pre-opening
expenses, property charges and other, change in derivatives fair value,
change in Redemption Note fair value, gain on extinguishment of debt,
foreign currency remeasurement loss, 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 (loss) attributable to Wynn Resorts, Limited and adjusted net
income (loss) attributable to Wynn Resorts, Limited per diluted share
are presented as supplemental disclosures to financial measures in
accordance with GAAP because management believes that these non-GAAP
financial measures are widely used to measure the performance, and as a
principal basis for valuation, of gaming companies. These measures are
used by management and/or evaluated by some investors, in addition to
net income (loss) 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 (loss) attributable to Wynn Resorts,
Limited and adjusted net income (loss) attributable to Wynn Resorts,
Limited per diluted share may be different from the calculation methods
used by other companies and, therefore, comparability may be limited.
(2) “Adjusted Property EBITDA” is net income (loss) before interest,
income taxes, depreciation and amortization, litigation settlement
expense, pre-opening expenses, property charges and other, management
and license fees, corporate expenses and other, stock-based
compensation, gain on extinguishment of debt, change in derivatives fair
value, change in Redemption Note fair value and other non-operating
income and expenses. 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 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 (loss) attributable to Wynn
Resorts, Limited to adjusted net income attributable to Wynn Resorts,
Limited, (ii) operating income (loss) to Adjusted Property EBITDA, and
(iii) net income (loss) attributable to Wynn Resorts, Limited to
Adjusted Property EBITDA.
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (in thousands, except per share data) | ||||||||
| (unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| Operating revenues: | ||||||||
| Casino | $ | 1,185,101 | $ | 1,242,139 | ||||
| Rooms | 191,270 | 190,310 | ||||||
| Food and beverage | 173,219 | 172,222 | ||||||
| Entertainment, retail and other | 101,956 | 110,907 | ||||||
| Total operating revenues | 1,651,546 | 1,715,578 | ||||||
| Operating expenses: | ||||||||
| Casino | 750,071 | 764,401 | ||||||
| Rooms | 63,706 | 63,197 | ||||||
| Food and beverage | 148,761 | 137,658 | ||||||
| Entertainment, retail and other | 44,044 | 48,030 | ||||||
| General and administrative | 217,322 | 169,585 | ||||||
| Litigation settlement | — | 463,557 | ||||||
| Provision for doubtful accounts | 5,422 | 691 | ||||||
| Pre-opening | 27,713 | 10,345 | ||||||
| Depreciation and amortization | 136,557 | 136,357 | ||||||
| Property charges and other | 2,774 | 3,051 | ||||||
| Total operating expenses | 1,396,370 | 1,796,872 | ||||||
| Operating income (loss) | 255,176 | (81,294 | ) | |||||
| Other income (expense): | ||||||||
| Interest income | 7,287 | 7,220 | ||||||
| Interest expense, net of amounts capitalized | (93,180 | ) | (98,227 | ) | ||||
| Change in derivatives fair value | (1,509 | ) | — | |||||
| Change in Redemption Note fair value | — | (69,331 | ) | |||||
| Gain on extinguishment of debt | — | 2,329 | ||||||
| Other | (6,358 | ) | (9,220 | ) | ||||
| Other income (expense), net | (93,760 | ) | (167,229 | ) | ||||
| Income (loss) before income taxes | 161,416 | (248,523 | ) | |||||
| Benefit (provision) for income taxes | (1,685 | ) | 111,045 | |||||
| Net income (loss) | 159,731 | (137,478 | ) | |||||
| Less: net income attributable to noncontrolling interests | (54,859 | ) | (66,829 | ) | ||||
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 104,872 | $ | (204,307 | ) | |||
| Basic and diluted income (loss) per common share: | ||||||||
| Net income (loss) attributable to Wynn Resorts, Limited: | ||||||||
| Basic | $ | 0.98 | $ | (1.99 | ) | |||
| Diluted | $ | 0.98 | $ | (1.99 | ) | |||
| Weighted average common shares outstanding: | ||||||||
| Basic | 106,792 | 102,570 | ||||||
| Diluted | 107,073 | 102,570 | ||||||
| Dividends declared per common share: | $ | 0.75 | $ | 0.50 | ||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | ||||||||
|
RECONCILIATION OF NET INCOME (LOSS) 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, | ||||||||
| 2019 | 2018 | |||||||
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 104,872 | $ | (204,307 | ) | |||
| Litigation settlement expense | — | 463,557 | ||||||
| Nonrecurring regulatory expense | 35,000 | — | ||||||
| Pre-opening expenses | 27,713 | 10,345 | ||||||
| Property charges and other | 2,774 | 3,051 | ||||||
| Change in derivatives fair value | 1,509 | — | ||||||
| Change in Redemption Note fair value | — | 69,331 | ||||||
| Gain on extinguishment of debt | — | (2,329 | ) | |||||
| Foreign currency remeasurement loss | 6,358 | 9,220 | ||||||
| Income tax impact on adjustments | (2,692 | ) | (108,827 | ) | ||||
| Noncontrolling interests impact on adjustments | (2,950 | ) | (3,068 | ) | ||||
| Adjusted net income attributable to Wynn Resorts, Limited | $ | 172,584 | $ | 236,973 | ||||
|
Adjusted net income attributable to Wynn Resorts, Limited per diluted share |
$ | 1.61 | $ | 2.30 | ||||
| Weighted average common shares outstanding – diluted | 107,073 | 103,155 | ||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | |||||||||||||||||||||||||||
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA |
|||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||
| Three Months Ended March 31, 2019 | |||||||||||||||||||||||||||
|
Operating income (loss) |
Pre-opening expenses |
Depreciation and amortization |
Property charges and other |
Management and license fees |
Corporate expenses and other |
Stock-based compensation |
Adjusted Property EBITDA |
||||||||||||||||||||
| Macau Operations: | |||||||||||||||||||||||||||
| Wynn Palace | $ | 125,791 | $ | — | $ | 66,066 | $ | 1,120 | $ | 27,220 | $ | 1,284 | $ | 1,105 | $ | 222,586 | |||||||||||
| Wynn Macau | 118,397 | — | 21,912 | 393 | 18,986 | 1,495 | 2,706 | 163,889 | |||||||||||||||||||
| Other Macau | (3,303 | ) | — | 1,117 | 6 | — | 1,913 | 267 | — | ||||||||||||||||||
| Total Macau Operations | 240,885 | — | 89,095 | 1,519 | 46,206 | 4,692 | 4,078 | 386,475 | |||||||||||||||||||
| Las Vegas Operations | 38,924 | — | 44,590 | 510 | 18,721 | 3,965 | 1,592 | 108,302 | |||||||||||||||||||
| Corporate and Other | (24,633 | ) | 27,713 | 2,872 | 745 | (64,927 | ) | 53,892 | 4,338 | — | |||||||||||||||||
| Total | $ | 255,176 | $ | 27,713 | $ | 136,557 | $ | 2,774 | $ | — | $ | 62,549 | $ | 10,008 | $ | 494,777 | |||||||||||
| Three Months Ended March 31, 2018 | |||||||||||||||||||||||||||
|
Operating income (loss) |
Pre-opening expenses |
Depreciation and amortization |
Property charges and other |
Management and license fees |
Corporate expenses and other (1) |
Stock-based compensation |
Adjusted Property EBITDA |
||||||||||||||||||||
| Macau Operations: | |||||||||||||||||||||||||||
| Wynn Palace | $ | 119,471 | $ | — | $ | 64,424 | $ | 1,027 | $ | 24,225 | $ | 1,452 | $ | 1,312 | $ | 211,911 | |||||||||||
| Wynn Macau | 159,461 | — | 22,170 | 768 | 23,366 | 1,864 | 2,193 | 209,822 | |||||||||||||||||||
| Other Macau | (3,970 | ) | — | 1,106 | 9 | — | 2,690 | 165 | — | ||||||||||||||||||
| Total Macau Operations | 274,962 | — | 87,700 | 1,804 | 47,591 | 6,006 | 3,670 | 421,733 | |||||||||||||||||||
| Las Vegas Operations | 71,874 | 6 | 45,783 | 1,329 | 20,039 | 2,948 | 617 | 142,596 | |||||||||||||||||||
| Corporate and Other (1) | (428,130 | ) | 10,339 | 2,874 | (82 | ) | (67,630 | ) | 479,612 | 3,017 | — | ||||||||||||||||
| Total | $ | (81,294 | ) | $ | 10,345 | $ | 136,357 | $ | 3,051 | $ | — | $ | 488,566 | $ | 7,304 | $ | 564,329 | ||||||||||
|
(1) Corporate expense and other includes the litigation settlement |
|||||||||||||||||||||||||||
| WYNN RESORTS, LIMITED AND SUBSIDIARIES | ||||||||
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO |
||||||||
| ADJUSTED PROPERTY EBITDA | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| Net income (loss) attributable to Wynn Resorts, Limited | $ | 104,872 | $ | (204,307 | ) | |||
| Net income attributable to noncontrolling interests | 54,859 | 66,829 | ||||||
| Litigation settlement expense | — | 463,557 | ||||||
| Pre-opening expenses | 27,713 | 10,345 | ||||||
| Depreciation and amortization | 136,557 | 136,357 | ||||||
| Property charges and other | 2,774 | 3,051 | ||||||
| Corporate expenses and other | 62,549 | 25,009 | ||||||
| Stock-based compensation | 10,008 | 7,304 | ||||||
| Interest income | (7,287 | ) | (7,220 | ) | ||||
| Interest expense, net of amounts capitalized | 93,180 | 98,227 | ||||||
| Change in derivatives fair value | 1,509 | — | ||||||
| Change in Redemption Note fair value | — | 69,331 | ||||||
| Gain on extinguishment of debt | — | (2,329 | ) | |||||
| Other | 6,358 | 9,220 | ||||||
| (Benefit) provision for income taxes | 1,685 | (111,045 | ) | |||||
| Adjusted Property EBITDA | $ | 494,777 | $ | 564,329 | ||||
| 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, | ||||||||
| 2019 | 2018 | |||||||
| Macau Operations: | ||||||||
| Wynn Palace: | ||||||||
| VIP: | ||||||||
| Average number of table games | 111 | 115 | ||||||
| VIP turnover | $ | 12,627,262 | $ | 15,385,833 | ||||
| VIP table games win (1) | $ | 493,184 | $ | 399,891 | ||||
| VIP table games win as a % of turnover | 3.91 | % | 2.60 | % | ||||
| Table games win per unit per day | $ | 49,156 | $ | 38,533 | ||||
| Mass market: | ||||||||
| Average number of table games | 211 | 211 | ||||||
| Table drop (2) | $ | 1,303,924 | $ | 1,217,201 | ||||
| Table games win (1) | $ | 315,469 | $ | 310,159 | ||||
| Table games win % | 24.2 | % | 25.5 | % | ||||
| Table games win per unit per day | $ | 16,646 | $ | 16,341 | ||||
| Average number of slot machines | 1,091 | 1,062 | ||||||
| Slot machine handle | $ | 975,048 | $ | 1,058,096 | ||||
| Slot machine win (3) | $ | 51,401 | $ | 55,785 | ||||
| Slot machine win per unit per day | $ | 524 | $ | 584 | ||||
| Room statistics: | ||||||||
| Occupancy | 97.2 | % | 96.8 | % | ||||
| ADR (4) | $ | 271 | $ | 252 | ||||
| REVPAR (5) | $ | 264 | $ | 244 | ||||
| Wynn Macau: | ||||||||
| VIP: | ||||||||
| Average number of table games | 113 | 114 | ||||||
| VIP turnover | $ | 10,194,031 | $ | 17,087,455 | ||||
| VIP table games win (1) | $ | 295,298 | $ | 445,189 | ||||
| VIP table games win as a % of turnover | 2.90 | % | 2.61 | % | ||||
| Table games win per unit per day | $ | 29,099 | $ | 43,531 | ||||
| Mass market: | ||||||||
| Average number of table games | 206 | 203 | ||||||
| Table drop (2) | $ | 1,351,693 | $ | 1,322,815 | ||||
| Table games win (1) | $ | 264,542 | $ | 256,481 | ||||
| Table games win % | 19.6 | % | 19.4 | % | ||||
| Table games win per unit per day | $ | 14,283 | $ | 14,042 | ||||
| Average number of slot machines | 826 | 939 | ||||||
| Slot machine handle | $ | 794,367 | $ | 1,002,819 | ||||
| Slot machine win (3) | $ | 37,894 | $ | 41,765 | ||||
| Slot machine win per unit per day | $ | 510 | $ | 494 | ||||
| Room statistics: | ||||||||
| Occupancy | 99.3 | % | 99.0 | % | ||||
| ADR (4) | $ | 290 | $ | 291 | ||||
| REVPAR (5) | $ | 288 | $ | 288 | ||||
| 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, | ||||||||
| 2019 | 2018 | |||||||
| Las Vegas Operations: | ||||||||
| Average number of table games | 238 | 238 | ||||||
| Table drop (2) | $ | 404,073 | $ | 536,581 | ||||
| Table games win (1) | $ | 111,370 | $ | 154,433 | ||||
| Table games win % | 27.6 | % | 28.8 | % | ||||
| Table games win per unit per day | $ | 5,198 | $ | 7,212 | ||||
| Average number of slot machines | 1,807 | 1,829 | ||||||
| Slot machine handle | $ | 789,310 | $ | 744,133 | ||||
| Slot machine win (3) | $ | 54,544 | $ | 49,264 | ||||
| Slot machine win per unit per day | $ | 335 | $ | 299 | ||||
| Room statistics: | ||||||||
| Occupancy | 82.6 | % | 83.9 | % | ||||
| ADR (4) | $ | 338 | $ | 340 | ||||
| REVPAR (5) | $ | 279 | $ | 285 | ||||
Contacts
Vincent Zahn
702-770-7555
investorrelations@wynnresorts.com
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Innocan
Innocan Pharma Submits Investigational New Animal Drug Application to FDA’s Veterinary Center
HERZLIYA, Israel and CALGARY, AB, July 26, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce that the FDA’s Center for Veterinary Medicine (CVM) has granted the Company a sponsor fee waiver and assigned an Investigational New Animal Drug (INAD) number for its LPT-CBD (Liposome Platform Technology-Cannabidiol) product. This represents a significant step for the Company, as an INAD designation facilitates correspondence and data exchange with CVM to support LPT-CBD development as a new veterinary drug.
The Company further announced that following the assessment of LPT-CBD’s scientific package, the CVM recognized Innocan’s contribution to pursuing innovative animal drug products and technology and granted the company a sponsor fee waiver for fiscal year 2024.
Innocan’s LPT-CBD is a proprietary drug delivery platform designed to provide prolonged-release CBD for chronic pain and well-being management in animals. Over the past year, repeated administration of LPT-CBD in dogs and other animals has demonstrated both efficacy and tolerability, providing sufficient evidence for the INAD application.
“We are thrilled by CVM’s response,” said Prof. Chezy Barenholz, CSO of Innocan Pharma. “The granted INAD will allow us to advance the investigational studies of LPT-CBD and share knowledge to support future discussions with CVM on LPT-CBD’s development plan. Moreover, the fee waiver, granted by CVM, supports our development and pursuit of innovative animal drug products and technology, further validating our approach and potential impact in veterinary medicine.”
Dr. Eyal Kalo, R&D Director at Innocan, added, “LPT-CBD is a unique technology that has proven itself worthy of the INAD fee waiver granted by CVM. This will streamline our efforts to deliver a unique solution for chronic pain management to the animal market.”
About Innocan Pharma:
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/
Contact Information:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
info@innocanpharma.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution Regarding Forward-Looking Information
Certain information set forth in this news release, including, without limitation, the Company’s plans for human trials of its LPT-CBD platform, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. . The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties that could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: global and local (national) economic, political, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and potential disruption of relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import/export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. A comprehensive discussion of other risks that impact Innocan can be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedarplus.ca.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
Logo: https://mma.prnewswire.com/media/2046271/3968398/Innocan_Pharma_Corporation_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/innocan-pharma-submits-investigational-new-animal-drug-application-to-fdas-veterinary-center-302207435.html
Cannabis
Verano Announces the Opening of Zen Leaf Fairless Hills, the Company’s Newest Affiliated Dispensary in Pennsylvania, in Prime New Location
- Zen Leaf Fairless Hills, the Company’s newest affiliated dispensary in Pennsylvania, relocated from its former home in Chester to 203 Lincoln Highway, a busy thoroughfare with daily traffic of over 17,000 vehicles per day1
- As the first medical cannabis dispensary in the city, Zen Leaf Fairless Hills will offer an elevated experience for area patients, including increased convenience and accessibility with numerous point-of-sale stations and kiosks for seamless in-store browsing and ordering
- Verano’s active operations span 13 states, comprised of 142 dispensaries and 13 cultivation and processing facilities with more than 1 million square feet of cultivation capacity
CHICAGO, July 26, 2024 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the opening of Zen Leaf Fairless Hills in Pennsylvania on Friday, July 26th, following a ceremonial ribbon cutting at 11 a.m. local time. Zen Leaf Fairless Hills is located at 203 Lincoln Highway and will be open Monday through Saturday from 9 a.m. to 8 p.m. and Sunday from 10 a.m. to 6 p.m. local time.
The dispensary is located in Bucks County, the fourth largest county in the Commonwealth with a total population of over 630,0002 residents. To increase accessibility and convenience, Zen Leaf Fairless Hills features large in-store kiosks and numerous point-of-sale stations to enhance the browsing and ordering experience for patients. To celebrate the grand opening of Zen Leaf Fairless Hills and following a ceremonial ribbon cutting, patients will be greeted with complimentary deals and doorbusters on featured branded products.
“We are excited to bring the Zen Leaf experience to local patients in Fairless Hills, where our talented team members will continue to deliver hospitality-driven care and top-quality products for local patients,” said George Archos, Verano Founder and Chief Executive Officer. “As the Pennsylvania medical cannabis patient population continues to grow, we are grateful for the opportunity to deepen our roots in Bucks County at our newest Zen Leaf location in the Commonwealth, and look forward to providing a warm and welcoming environment for current and future patients.”
Zen Leaf Fairless Hills adds another convenient outlet for Philadelphia area patients, and solidifies Verano’s footprint in the state as one of the Company’s 18 affiliated Pennsylvania dispensaries. Verano’s Pennsylvania operations also include a state-of-the-art 62,000 square foot cultivation and processing facility in Chester, where the Company produces its signature Verano Reserve flower and Troches, concentrates and vapes; (the) Essence and Savvy flower and extracts; and Avexia RSO cannabis oil and topicals. For additional convenience and accessibility, patients can choose to order ahead at ZenLeafDispensaries.com for express in-store pickup.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 13 U.S. states, comprised of 13 production facilities with over 1,000,000 square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Media
Verano
Steve Mazeika
VP, Communications
Steve.Mazeika@verano.com
Investors
Verano
Julianna Paterra, CFA
VP, Investor Relations
Julianna.Paterra@verano.com
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2023, its quarterly report on Form 10-Q for the quarter ended March 31, 2024 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at www.sec.gov. The Company makes no assurances and cannot predict the outcome of all or any part of the on-going litigation with Goodness Growth referenced in this press release, including whether the Company will prevail on its Notice of Application and its counterclaim, or whether Goodness Growth will prevail on its claim for damages against the Company. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
###
1 Pennsylvania Department of Transportation
2 United States Census Bureau
Cannabis
Unlocking New Horizons in Health: TNR, The Niche Research Reveals the Transformative Power of Minor Cannabinoids
Wilmington, Delaware, July 25, 2024 (GLOBE NEWSWIRE) — Minor cannabinoids refer to the lesser-known compounds found in the cannabis plant, distinct from the well-known THC (tetrahydrocannabinol) and CBD (cannabidiol). While THC and CBD dominate the market, minor cannabinoids such as CBG (cannabigerol), CBC (cannabichromene), and CBN (cannabinol) are gaining attention for their potential therapeutic benefits. These compounds are extracted from both marijuana and hemp plants, with varying legal restrictions depending on their THC content. The minor cannabinoids market is poised for significant growth, driven by increasing consumer awareness and demand for alternative health and wellness products. As regulatory environments around cannabis products evolve, companies are exploring the potential of minor cannabinoids in various applications, including pharmaceuticals, nutraceuticals, cosmetics, and food and beverages.
Minor cannabinoids are being researched for their potential therapeutic effects, including anti-inflammatory, analgesic, and neuroprotective properties. This versatility facilitates product diversification in various industries. Companies are investing in research and development to create novel formulations and delivery methods for minor cannabinoids. This includes nano-emulsions, encapsulation technologies, and controlled-release systems to enhance bioavailability and efficacy. For example, in January 2022, CBDA + CBGA Tincture a new product was launched by Hometown Hero CBD. This 30ml tincture contains 600mg each of CBGA, CBDA, CBG, and CBD. Derived from hemp, the cannabinoids in this tincture comply with legal requirements across all 50 states in the USA. There is an increasing consumer preference for natural as well as plant-based remedies, which in turn is driving the demand for cannabinoid-infused products. This trend is particularly strong among younger demographics seeking alternatives to traditional pharmaceuticals. Evolving regulatory frameworks, particularly in regions like North America and Europe, are creating opportunities for legal market expansion. Regulatory clarity is crucial for market participants to navigate compliance and market entry.
Global Minor Cannabinoids Market: Key Datapoints
|
Market Value in 2023 |
US$ 17.8 Bn |
|
Market Value Forecast by 2034 |
US$ 42.3 Bn |
|
Growth Rate
|
8.2% |
|
Historical Data
|
2016 – 2022 |
|
Base Year
|
2023 |
|
Forecast Data
|
2024 – 2034 |
Increasing consumer interest in health and wellness products, coupled with the perceived therapeutic benefits of cannabinoids, is a major driver of market growth. Progressive cannabis legalization in various parts of the world, including the United States and parts of Europe, is expanding the addressable market for minor cannabinoids. Significant investments in research and development by pharmaceutical and biotechnology companies are accelerating product innovation and clinical trials. The market remains fragmented with opportunities for new entrants and niche players to introduce specialized products catering to specific consumer needs.
The COVID-19 pandemic initially disrupted supply chains and retail channels for minor cannabinoids products. However, the crisis also underscored the importance of health and wellness, leading to increased interest in natural remedies, including cannabinoids. As economies recover, the market is expected to rebound stronger.
The geopolitical tensions, such as the Russia-Ukraine conflict, have also affected global markets, including the minor cannabinoids sector. Fluctuating currency values, supply chain disruptions, and geopolitical uncertainty have impacted production and distribution channels. However, the long-term impact will depend on geopolitical developments and their influence on global trade and regulatory environments.
The minor cannabinoids market presents significant opportunities for growth and innovation, driven by evolving consumer preferences, regulatory advancements, and expanding research initiatives. Companies that can navigate regulatory complexities, invest in research and development, and respond to shifting consumer trends are well-positioned to capitalize on this emerging market. As the market matures, collaboration across sectors and regions will be crucial in unlocking the full potential of minor cannabinoids in various industries worldwide.
Global Minor Cannabinoids Market: Key Takeaways of the Report
- Cannabigerol (CBG) segment by product type is expected to grow at a CAGR of 6.7% in the minor cannabinoids market due to increasing research highlighting its potential therapeutic benefits, including anti-inflammatory, antimicrobial, and neuroprotective properties. As consumer awareness grows and regulatory environments become more favorable, there is heightened interest in CBG-based products for their diverse health applications, ranging from skincare to pharmaceutical formulations, driving sustained market demand and expansion.
- Pharmaceutical segment by application, leads the minor cannabinoids market with a significant revenue share of 35.8% owing to growing recognition of cannabinoids’ potential in therapeutic applications. Cannabinoids like CBD, CBG, and others show promise in treating conditions such as epilepsy, chronic pain, and anxiety disorders, backed by increasing clinical research and favorable regulatory developments. Pharmaceutical companies are investing heavily in cannabinoid-based drug development, driving market growth as they seek to capitalize on these compounds’ efficacy and market potential in addressing unmet medical needs.
- In 2023, Latin America is anticipated as fastest growing region in the global minor cannabinoids market due to evolving regulatory landscapes favoring cannabis legalization and cultivation. This shift is fostering a burgeoning industry infrastructure for cannabis extraction and product development. Additionally, increasing consumer acceptance of cannabinoid-based products for medicinal and wellness purposes is driving market expansion. With a vast potential consumer base and supportive regulatory frameworks, Latin America presents significant growth opportunities for companies seeking to enter or expand within the minor cannabinoids market.
Key Development:
- In December 2023, Rare Cannabinoid Company introduced Uplift Gummies infused with THC and THCV. These gummies combine the relaxing properties of Delta-9-THC with the energizing and appetite-controlling effects of CBD and THCV.
- In October 2022, High Tide Inc., a cannabis retailer, announced that its Colorado-based subsidiary, NuLeaf Naturals, had launched plant-based softgels and full-spectrum multicannabinoid oil in Manitoba. The products feature CBC, CBD, CBG, Delta-9 tetrahydrocannabinol (Delta 9), and CBN.
Browse Related Category Reports
Global Minor Cannabinoids Market:
- Aurora Europe GmbH
- BulKanna
- CBD. INC.
- Fresh Bros Hemp Company
- GCM Holdings, LLC (Global Cannabinoids)
- GenCanna.
- High Purity Natural Products.
- Laurelcrest
- Mile High Labs
- PBG Global
- Rhizo Sciences
- ZERO POINT EXTRACTION, LLC
- Other Industry Participants
Global Minor Cannabinoids Market
By Product Type
- Cannabigerol (CBG)
- Cannabichromene (CBC)
- Cannabinol (CBN)
- Cannabidivarin (CBDV)
- Tetrahydrocannabutol (THCB)
- Tetrahydrocannabivarin (THCV)
- Tetrahydrocannabiphorol (THCP)
- Others
By Application
- Pharmaceutical
- Pain Management
- Mental Health
- Sleep Disorders
- Anti-inflammatory
- Others
- Nutraceuticals
- Cosmetics and Personal Care
- Food and Beverages
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
Consult with Our Expert:
Jay Reynolds
The Niche Research
Japan (Toll-Free): +81 663-386-8111
South Korea (Toll-Free): +82-808- 703-126
Saudi Arabia (Toll-Free): +966 800-850-1643
United Kingdom: +44 753-710-5080
United States: +1 302-232-5106
Email: askanexpert@thenicheresearch.com
Website: www.thenicheresearch.com
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