Wynn Macau : Inside Information - Unaudited IFRS Results for the Third Quarter of Fiscal 2019 Ended 30 September 2019 of Wynn Macau, Limited and Unaudited Results for the Third Quarter and the First Three Quarters of Fiscal 2019 Ended 30 September 2019 of our Controlling Shareholder, Wynn Resorts, Limited

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 1128 and Debt Stock Code: 5279, 5280)

INSIDE INFORMATION

UNAUDITED IFRS RESULTS

FOR THE THIRD QUARTER OF FISCAL 2019

ENDED 30 SEPTEMBER 2019

OF WYNN MACAU, LIMITED

AND

UNAUDITED RESULTS

FOR THE THIRD QUARTER AND THE FIRST THREE

QUARTERS OF FISCAL 2019 ENDED 30 SEPTEMBER 2019

OF OUR CONTROLLING SHAREHOLDER,

WYNN RESORTS, LIMITED

This announcement is issued pursuant to Rule 13.09 and 37.47B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and under Part XIVA of the Securities and Futures Ordinance (Cap. 571).

The Board of Directors of Wynn Macau, Limited is pleased to announce the unaudited consolidated results of the Company and its subsidiaries prepared in accordance with IFRS for the third quarter of fiscal 2019 ended 30 September 2019.

Our controlling shareholder, Wynn Resorts, Limited has, on or about 6 November 2019 (1:07 p.m., Las Vegas time), released its unaudited results for the third quarter of fiscal 2019 ended 30 September 2019 and the first three quarters of fiscal 2019 ended 30 September 2019.

This announcement is issued by Wynn Macau, Limited ("we" or our "Company") pursuant to Rule

13.09 and 37.47B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and under Part XIVA of the Securities and Futures Ordinance (Cap. 571).

Consolidated Financial Results for Wynn Macau, Limited

The board of directors (the "Board") of Wynn Macau, Limited is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (the "Group") prepared in accordance with International Financial Reporting Standards ("IFRS") for the third quarter of fiscal 2019 ended 30 September 2019 (the "WML Results").

*For identification purposes only.

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WYNN MACAU, LIMITED

CONDENSED CONSOLIDATED INCOME STATEMENT

(amounts in US$ thousands)

(unaudited)

		For the Three Months Ended
			30 September
			2019					2018
Operating revenues
	Casino	$	906,477		$	1,129,143
	Rooms		71,623					72,387
	Food and beverage		49,840					45,312
Retail leases and other		44,511					63,350
Total operating revenues		1,072,451					1,310,192
Operating costs and expenses
Gaming taxes and premiums		502,624					633,900
	Staff costs		161,774					155,334
	Other operating expenses		152,831					170,383
	Depreciation and amortization		93,468					86,963
Property charges and other		4,085					5,128
			914,782					1,051,708
Operating profit		157,669					258,484
	Finance revenues		2,905					4,527
	Finance costs		(47,734)				(50,334)
Net foreign currency differences		(8,705)				11,220
			(53,534)				(34,587)
Profit before tax		104,135					223,897
Income tax expense		(397)				(396)
Net profit attributable to owners of the Company	$	103,738		$	223,501

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Earnings Release for Wynn Resorts, Limited

Our Company's controlling shareholder, Wynn Resorts, Limited, is a company listed on the National Association of Securities Dealers Automated Quotations ("NASDAQ") in the United States. As at the date of this announcement, Wynn Resorts, Limited beneficially owns approximately 72% of the issued share capital of our Company.

Wynn Resorts, Limited has, on or about 6 November 2019 (1:07 p.m., Las Vegas time), released its unaudited results for the third quarter of fiscal 2019 ended 30 September 2019 and the first three quarters of fiscal 2019 ended 30 September 2019 ("Earnings Release"). If you wish to review the Earnings Release prepared by Wynn Resorts, Limited and as filed with the U.S. Securities and Exchange Commission, please visit https://www.sec.gov/Archives/edgar/data/1174922/000117492219000113/0001174922-19-000113-index.htm. The Earnings Release contains segmented financial information about the Macau operations of Wynn Resorts, Limited, which are owned by our Company. The Earnings Release is also available in the public domain.

The financial results of Wynn Resorts, Limited, including those contained in the Earnings Release have been prepared in accordance with Generally Accepted Accounting Principles of the United States ("U.S. GAAP"), which are different from IFRS. We use IFRS to prepare and present our financial information. As such, the financial information in the Earnings Release is not directly comparable to the financial results our Company discloses as a company listed on the Main Board of The Stock Exchange of Hong Kong Limited.

Our shareholders and potential investors are advised that the financial results in the Earnings Release are unaudited and have not been prepared or presented by our Company and there is no indication or assurance from our Company that the financial results of our Group for the third quarter of fiscal 2019 ended 30 September 2019 and the first three quarters of fiscal 2019 ended 30 September 2019 will be the same as that presented in the Earnings Release.

To ensure that all our shareholders and potential investors have equal and timely access to the information pertaining to our Company, set forth below are the key highlights of financial and other information published by Wynn Resorts, Limited in the Earnings Release that relate to our Company and our operations in Macau (unless otherwise provided, all dollar amounts in the Earnings Release are denominated in United States dollars), some of which may constitute material inside information of the Company:

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"Wynn Resorts, Limited

Reports Third Quarter 2019 Results

"We delivered solid financial results in the third quarter, despite negative hold impact in both Macau and Las Vegas," said Matt Maddox, CEO of Wynn Resorts, Limited. "In Macau, the investments we have made position us well to compete in any market environment, as evidenced by record mass table win in the quarter."

"On the development front, we are on track to launch the renovated West Casino at Wynn Macau beginning in late 2019, further solidifying the property as the peninsula's marquee integrated resort."

Operating revenues were $1.65 billion for the third quarter of 2019, a decrease of 3.6%, or $61.3 million, from $1.71 billion for the third quarter of 2018. Operating revenues decreased $132.4 million and $105.3 million at Wynn Palace and Wynn Macau, respectively, from the third quarter of 2018, and were relatively flat at our Las Vegas Operations. The decrease in operating revenues at Wynn Palace and Wynn Macau was partially offset by operating revenues from Encore Boston Harbor of $175.8 million.

On a U.S. generally accepted accounting principles ("GAAP") basis, net loss attributable to Wynn Resorts, Limited was $3.5 million, or $0.03 per diluted share, for the third quarter of 2019, compared to net income attributable to Wynn Resorts, Limited of $156.1 million, or $1.44 per diluted share, in the third quarter of 2018. The change was primarily driven by a decrease in VIP table games win at our Macau Operations.

Adjusted Property EBITDA (2) was $396.9 million for the third quarter of 2019, a decrease of 21.3%, or $107.4 million, from $504.4 million for the third quarter of 2018. Adjusted Property EBITDA decreased $64.0 million, $43.9 million, and $7.3 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively.

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $598.2 million for the third quarter of 2019, an 18.1% decrease from $730.6 million for the third quarter of 2018. Adjusted Property EBITDA from Wynn Palace was $162.2 million for the third quarter of 2019, a 28.3% decrease from $226.1 million for the third quarter of 2018. Entertainment, retail and other revenues and Adjusted Property EBITDA for the third quarter of 2018 included $5.4 million of business interruption insurance proceeds related to the full settlement of claims from Typhoon Hato in 2017.

Casino revenues from Wynn Palace were $497.7 million for the third quarter of 2019, a 20.4% decrease from $625.6 million for the third quarter of 2018. Table games turnover in VIP operations was $10.52 billion, a 32.3% decrease from $15.53 billion for the third quarter of 2018. VIP table games win as a percentage of turnover was 3.19%, above the expected range of 2.7% to 3.0% and below the 3.40% experienced in the third quarter of

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2018. Table drop in mass market operations was $1.30 billion, a 9.2% increase from $1.19 billion in the third quarter of 2018. Table games win in mass market operations was $324.2 million, a 5.2% increase from $308.1 million for the third quarter of 2018. Table games win percentage in mass market operations was 25.0%, below the 25.9% experienced in the third quarter of 2018. Slot machine handle was $973.7 million, a 5.5% increase from $922.5 million for the third quarter of 2018. Slot machine win increased 2.7% to $47.3 million for the third quarter of 2019, compared to $46.0 million for the third quarter of 2018.

Non-casino revenues from Wynn Palace were $100.5 million for the third quarter of 2019, a 4.3% decrease from $105.0 million for the third quarter of 2018. Room revenues were $44.9 million for the third quarter of 2019, a 1.3% increase from $44.3 million for the third quarter of 2018. Average daily rate ("ADR") was $273, relatively flat when compared to the third quarter of 2018. Occupancy increased to 97.2% for the third quarter of 2019, from 96.0% for the third quarter of 2018. Revenue per available room ("REVPAR") was $265, relatively flat when compared to the third quarter of 2018.

Wynn Macau

Operating revenues from Wynn Macau were $474.3 million for the third quarter of 2019, an 18.2% decrease from $579.6 million for the third quarter of 2018. Adjusted Property EBITDA was $139.0 million for the third quarter of 2019, a 24.0% decrease from $182.9 million for the third quarter of 2018. Entertainment, retail and other revenues and Adjusted Property EBITDA for the third quarter of 2018 included $5.3 million of business interruption insurance proceeds related to the full settlement of claims from Typhoon Hato in 2017.

Casino revenues from Wynn Macau were $408.8 million for the third quarter of 2019, an 18.8% decrease from $503.6 million for the third quarter of 2018. Table games turnover in VIP operations was $8.02 billion, a 42.5% decrease from $13.97 billion for the third quarter of 2018. VIP table games win as a percentage of turnover was 2.76%, within the expected range of 2.7% to 3.0% and below the 3.01% experienced in the third quarter of 2018. Table drop in mass market operations was $1.32 billion, an 11.5% increase from $1.18 billion for the third quarter of 2018. Table games win in mass market operations was $272.5 million, an 8.9% increase from $250.2 million for the third quarter of 2018. Table games win percentage in mass market operations was 20.7%, below the 21.1% experienced in the third quarter of 2018. Slot machine handle was $1.0 billion, an 11.7% increase from $895.2 million for the third quarter of 2018. Slot machine win increased 35.1% to $47.0 million for the third quarter of 2019, compared to $34.8 million for the third quarter of 2018.

Non-casino revenues from Wynn Macau were $65.5 million for the third quarter of 2019, a 13.9% decrease from $76.1 million for the third quarter of 2018. Room revenues were $26.7 million for the third quarter of 2019, a 4.8% decrease from $28.1 million for the third quarter of 2018. ADR was $283, a 2.5% increase from $276 for the third quarter of 2018. Occupancy increased to 99.4% for the third quarter of 2019, from 99.0% for the same period of 2018. REVPAR was $281, a 2.9% increase from $273 for the third quarter of 2018.

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Balance Sheet

Our cash and cash equivalents and restricted cash as of September 30, 2019 totaled $1.68 billion.

Total current and long-term debt outstanding at September 30, 2019 was $9.54 billion, comprised of $4.06 billion of Macau related debt, $3.11 billion of Wynn Las Vegas debt, $1.76 billion of Wynn Resorts Finance debt, and $611 million of debt held by the retail joint venture which we consolidate.

Non-GAAP Financial Measures

1. "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, (loss) 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.

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO

ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

									Three Months Ended September 30, 2019
							Depreciation		Property	Management	Corporate			Adjusted
		Operating	Pre-opening			and		charges and	and license	expenses and	Stock-based	Property
		income (loss)	expenses			amortization		other	fees	other	compensation	EBITDA
Macau Operations:
	Wynn Palace	$69,148	$-	$66,128		$1,755		$22,410		$1,460		$1,266		$162,167
	Wynn Macau	91,999		525	23,011		2,640		16,966		1,637		2,211		138,989
	Other Macau	(5,049)	-	1,117		10		-	3,657		265		-
Total Macau Operations	156,098		525	90,256		4,405		39,376		6,754		3,742		301,156
									Three Months Ended September 30, 2018
							Depreciation		Property	Management	Corporate			Adjusted
		Operating	Pre-opening			and		charges and	and license	expenses and	Stock-based	Property
		income (loss)	expenses			amortization		other	fees	other	compensation	EBITDA
Macau Operations:
	Wynn Palace	$128,136		$-	$64,980		$2,462		$27,900		$1,621		$1,042		$226,141
	Wynn Macau	132,338		-	21,820		3,065		22,288		1,807		1,610		182,928
	Other Macau	(3,147)	-	1,104		8		-	1,830		205		-
Total Macau Operations	257,327		-	87,904		5,535		50,188		5,258		2,857		409,069

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO

ADJUSTED PROPERTY EBITDA

(in thousands)

(unaudited)

(continued)

									Nine Months Ended September 30, 2019
							Depreciation		Property	Management	Corporate			Adjusted
		Operating	Pre-opening			and		charges and	and license	expenses and	Stock-based	Property
		income (loss)	expenses			amortization		other	fees	other	compensation	EBITDA
Macau Operations:
	Wynn Palace	$270,983		$-	$198,421		$1,466		$73,258		$4,191		$3,599		$551,918
	Wynn Macau	338,660	525	66,847		5,094		55,601		4,979		7,045		478,751
	Other Macau	(12,039)	-	3,350		18		-	7,861		810		-
Total Macau Operations	597,604		525	268,618		6,578	128,859		17,031		11,454		1,030,669
									Nine Months Ended September 30, 2018
							Depreciation		Property	Management	Corporate			Adjusted
		Operating	Pre-opening			and		charges and	and license	expenses and	Stock-based	Property
		income (loss)	expenses			amortization		other	fees	other	compensation	EBITDA
Macau Operations:
	Wynn Palace	$330,108		$-	$193,861		$9,122		$75,788		$5,094		$3,344		$617,317
	Wynn Macau	418,068	-	65,594		4,554		66,142		5,894		5,425		565,677
	Other Macau	(10,293)	-	3,315		71		-	6,368		539		-
Total Macau Operations	737,883		-	262,770		13,747		141,930		17,356		9,308		1,182,994

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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		Nine Months Ended
September 30,			September 30,
2019			2018	2019		2018

Macau Operations:

• Wynn Palace:
• VIP:

		Average number of table games	108	112	111	114
			VIP turnover	$10,517,685	$15,525,637	$36,533,594	$44,940,535
			VIP table games win (1)	$335,277	$528,219	$1,232,870	$1,348,291
		VIP table games win as a % of turnover	3.19%	3.40%	3.37%	3.00%
		Table games win per unit per day	$33,595	$51,463	$40,868	$43,302
		Mass market:
		Average number of table games	216	206	213	209
			Table drop (2)	$1,298,827	$1,189,895	$3,869,904	$3,625,959
		Table games win (1)	$324,177	$308,149	$936,497	$898,876
			Table games win %	25.0%	25.9%	24.2%	24.8%
		Table games win per unit per day	$16,346	$16,291	$16,071	$15,750
		Average number of slot machines	1,087	1,056	1,092	1,062
			Slot machine handle	$973,676	$922,514	$2,886,566	$2,921,582
		Slot machine win (3)	$47,289	$46,044	$142,257	$145,993
		Slot machine win per unit per day	$473	$474	$477	$503
		Room statistics:
			Occupancy	97.2%	96.0%	97.3%	96.3%
			ADR (4)	$273	$275	$270	$261
			REVPAR (5)	$265	$264	$262	$251

• Wynn Macau:
• VIP:

			Average number of table games	104	109	109	111
			VIP turnover	$8,024,990	$13,966,931	$27,494,650	$44,982,849
			VIP table games win (1)	$221,097	$420,864	$822,204	$1,223,219
			VIP table games win as a % of turnover	2.76%	3.01%	2.99%	2.72%
			Table games win per unit per day	$23,036	$42,061	$27,634	$40,204

• Mass market:

			Average number of table games	205	200	205	202
			Table drop (2)	$1,319,405	$1,183,667	$4,018,533	$3,799,636
			Table games win (1)	$272,511	$250,229	$816,180	$758,748
			Table games win %	20.7%	21.1%	20.3%	20.0%
			Table games win per unit per day	$14,440	$13,625	$14,551	$13,747
			Average number of slot machines	786	845	813	902
			Slot machine handle	$999,985	$895,249	$2,720,137	$2,861,703
			Slot machine win (3)	$46,981	$34,769	$127,690	$116,960
			Slot machine win per unit per day	$649	$447	$575	$475

• Room statistics:

			Occupancy	99.4%	99.0%	99.2%	99.1%
			ADR (4)	$283	$276	$285	$280
			REVPAR (5)	$281	$273	$282	$277

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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."

This announcement contains forward-looking statements. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by us. The risks and uncertainties include, but are not limited to, competition in the casino/hotel and resorts industries, our Company's dependence on existing management, levels of travel, leisure and casino spending, general economic conditions, and changes in gaming laws or regulations. Additional information concerning potential factors that could affect our Company's financial results are included in our published interim and annual reports. We are under no obligation to (and expressly disclaim any such obligation to) update the forward-looking statements as a result of new information, future events or otherwise.

Our shareholders and potential investors are advised not to place undue reliance on either the WML Results or Earnings Release and are reminded that the financial results presented herein have not been audited. Our shareholders and potential investors are advised to exercise caution in dealing in securities in our Company.

By order of the Board

Wynn Macau, Limited

Dr. Allan Zeman

Chairman

Hong Kong, 7 November 2019

As at the date of this announcement, the Board comprises Matthew O. Maddox and Ian Michael Coughlan (as Executive Directors); Linda Chen (as Executive Director and Vice Chairman); Craig S. Billings (as Non-Executive Director); Allan Zeman (as Independent Non-Executive Director and Chairman); and Jeffrey Kin-fung Lam, Bruce Rockowitz, Nicholas Sallnow-Smith and Leah Dawn Xiaowei Ye (as Independent Non-Executive Directors).

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