View printer-friendly versionWynn Las Vegas Generates Adjusted EBITDA of $101.2 Million in the
Fourth Quarter and $332.8 Million in the Fiscal Year Ended 2006
Wynn Macau Generates Adjusted EBITDA of $58.5 Million in the
Fourth Quarter and $60.8 Million in the 117 Days since Its September 6, 2006 Opening
LAS VEGAS--(BUSINESS WIRE)--Feb. 27, 2007--Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the fourth quarter and year ended December 31, 2006.
Highlights from 2006
-- Wynn Las Vegas was the first casino resort to receive both the
prestigious Mobil Five Star and AAA Five Diamond ratings
-- Broke ground on Encore on April 28, 2006
-- Successfully opened Wynn Macau on time and on budget on
September 6, 2006
-- Continued construction of Phase II of Wynn Macau, which is
expected to open in the third quarter of 2007
-- Announced plans to build Wynn Diamond Suites in Macau
-- Received $900 million from the sale of a subconcession right
to Publishing & Broadcasting, Limited
-- Paid a $6.00 per share special cash distribution to holders of
our common stock and convertible debentures on December 4,
2006
Net revenues for the fourth quarter of 2006 were $563.6 million, compared to $269.4 million in the fourth quarter of 2005. Results for this quarter include a full quarter of operations for Wynn Macau, which opened on September 6, 2006. Net revenues for 2006 were $1.4 billion, a 98.5% increase over 2005. The revenue increase was driven primarily by the opening of Wynn Macau in 2006 and a full year of operations for Wynn Las Vegas (versus 248 days in 2005).
Consolidated Adjusted EBITDA (2) was $159.7 million for the fourth quarter of 2006 compared to $80.1 million in the fourth quarter of 2005. Adjusted EBITDA for 2006 was $393.6 million, an 85.6% increase compared to 2005.
On a US GAAP (Generally Accepted Accounting Principles) basis, net income for the year was $628.7 million, or $6.24 per diluted share, compared to a loss of $90.8 million, or ($0.92) per diluted share in 2005. The significant increase in net income was due to the completion of the $900 million sale of the subconcession right in Macau in the third quarter of 2006.
On a US GAAP basis, net loss for the fourth quarter of 2006 was $55.4 million, or ($0.55) per diluted share, compared to a loss of $9.9 million, or ($0.10) per diluted share in the fourth quarter of 2005. The main reason for the decline relates to the special distribution paid to convertible debenture holders on December 4, 2006. Adjusted net income in the fourth quarter of 2006 was $57.1 million, or $0.53 per diluted share (adjusted EPS)(1) compared to an adjusted net income of $6.5 million, or $0.08 per diluted share in the fourth quarter of 2005.
Wynn Las Vegas Fourth Quarter Results
For the quarter ended December 31, 2006, Wynn Las Vegas generated adjusted EBITDA of $101.2 million, a 26.4% increase from the fourth quarter of 2005, with a 32.1% EBITDA margin on net revenue.
Net casino revenues in the fourth quarter of 2006 were $163.7 million, compared to $131.9 million for the fourth quarter of 2005. Table games drop was $515.5 million, with win per table per day (before discounts) of $10,803, compared to drop of $499.5 million and win per table per day of $8,842 in the fourth quarter of 2005. Table games win percentage of 26.3% was above the property's expected range of 20% to 23% and exceeded the 21.3% for the fourth quarter of 2005. Slot machine win per unit per day was $256 on handle (volume) of $1.1 billion in the quarter compared to a win per unit per day of $256 on handle of $882.7 million during the comparable period of 2005. Slot handle increased during the fourth quarter of 2006 as compared to 2005, however, during the fourth quarter of 2006, the slot win percentage was slightly less than the expected range of 5% to 6% while the hold percentage in the fourth quarter of 2005 fell within the normalized range.
Gross non-casino revenues for the quarter were $191.3 million, a 7.6% increase from the fourth quarter of 2005. Hotel revenues were up 3.5% to $66.5 million during the quarter, versus $64.3 million in the fourth quarter of 2005. Wynn Las Vegas achieved an Average Daily Rate (ADR) of $291 for the quarter, compared to $278 in the fourth quarter of 2005. The property's occupancy was 91.6% compared to 92.5% during the prior year period, generating revenue per available room (REVPAR) of $266 in the 2006 period (3.3% higher than in 2005).
Food and beverage revenues increased 14.3% to $73.6 million in the quarter compared to $64.4 million in the fourth quarter of 2005, primarily from increased revenues from Wynn Las Vegas' Tryst nightclub. Retail revenues were $23.7 million in the quarter, compared to $17.3 million in the fourth quarter of 2005, an increase of 36.8%. Entertainment revenues were approximately $14.7 million, compared to $19.5 in the fourth quarter of 2005, a decrease of 25% from 2005 due primarily to the closing of Avenue Q in May 2006.
Wynn Las Vegas Full Year 2006 Operating Results
For the full year 2006, Wynn Las Vegas generated adjusted EBITDA of $332.8 million, representing a 29.2% margin on net revenues.
Net casino revenues were $535.6 million. Table games drop was $1.9 billion and table games win percentage was 22.1% (within the expected range of 20% to 23%). Slot machine win per unit per day was $251 on handle (volume) of $3.9 billion. Our slot win percentage for the year ended December 31, 2006, was slightly below the expected range of 5% to 6%, while in 2005 it was within the range.
Gross non-casino revenues for the period were $758.0 million and net non-gaming revenues were $603.8 million. Wynn Las Vegas' room revenues were $268.2 million. Average daily rate (ADR) was $287 and occupancy was 94.4%, generating revenue per available room (REVPAR) of $271 for 2006. Revenues from food and beverage were $295.2 million and the retail, entertainment and other departments generated gross revenues of $79.3 million, $66.3 million and $49.0 million, respectively. Food and beverage revenues in 2006 benefited from the property's nightclub, Tryst.
Encore at Wynn Las Vegas
We are constructing Encore on approximately 20 acres on the Las Vegas Strip, immediately adjacent to Wynn Las Vegas. Encore's current plans include 2,034 units ranging in size and amenities from executive suites to duplex sky villas and penthouses, an approximately 72,000 square foot casino, additional convention and meeting space, as well as restaurants, a nightclub, swimming pools, a spa and salon and retail outlets. The property is expected to open in early 2009.
Our project budget is currently estimated at approximately $2.1 billion, consisting of approximately $2.0 billion for Encore and approximately $100 million for an employee parking garage on our Koval property, an associated pedestrian bridge and costs incurred in connection with the theatre remodeling and production of "Monty Python's Spamalot" at Wynn Las Vegas. On February 27, 2007, we entered into a Design Build Architectural, Engineering and Construction Services Agreement with Tutor-Saliba Corporation for the design and construction of Encore. The contract sets forth all of the terms and conditions pursuant to which Tutor-Saliba will design and construct Encore. The Contract also provides that the parties will negotiate a guaranteed maximum price ("GMP) for the construction and design of Encore within 90 days of execution of the Contract. If the parties cannot mutually agree upon a GMP during the 90 day period, the Company can continue to employ Tutor for construction and design services on a cost-plus basis, agree to alternative arrangements with Tutor or terminate the Contract.
As of December 31, 2006, the Company had incurred approximately $277.6 million of project costs related to the development and construction of Encore and related capital improvements.
Wynn Macau Fourth Quarter Results
The first phase of Wynn Macau opened on September 6, 2006 with 220 tables, 380 slot machines and 600 hotel rooms. In the fourth quarter of 2006, Wynn Macau generated net revenues (after discounts and commissions) of $248.7 million and Adjusted EBITDA of $58.5 million.
Table games results in Macau are segregated into two distinct reporting categories, the mass market segment and the VIP segment.
Table games drop in the mass market category was approximately $513.8 million during the period. Mass market table games win percentage (calculated before discounts and incentives) was 17.5%, which is at the lower end of the expected range of 17% to 19%.
Table games turnover in the VIP segment was $6.6 billion for the period. VIP table games win percentage (calculated before discounts and commissions) was 2.6%, which is within the expected range of 2.5% to 2.8%.
Slot machine win per unit per day was $418 on handle (volume) of $274.4 million for the quarter.
For the quarter, Wynn Macau generated an average daily room rate (ADR) of $248, with occupancy averaging 81.9%. Net non-casino revenues, consisting of rooms, food and beverage, retail and other, were $23.8 million.
Wynn Macau Expansion
In February 2007, we added additional table games and slot machines bringing the current total to approximately 256 table games and approximately 477 slot machines in an approximately 110,000 square foot casino. Construction on the second phase is progressing as planned and is expected to open in the third quarter of 2007. This second phase includes approximately 123,000 square feet of additional gaming space, a dramatic front feature attraction and additional food, beverage, a theater showroom and retail amenities. After the completion of this expansion, Wynn Macau is expected to have a total of approximately 420 table games and 1,280 slot machines.
In addition, we continue to develop the plans and budget for Wynn Diamond Suites, a further expansion of Wynn Macau, which was first announced in November 2006. This further expansion is expected to add a second self-contained, fully-integrated resort as well as food and beverage, retail and entertainment amenities. We continue to work on a budget and final design for Wynn Diamond Suites.
As of December 31, 2006, we have incurred approximately $877.1 million of a total project budget (excluding Wynn Diamond Suites) of approximately $1.2 billion.
Cotai
The Company has submitted an application to the Macau government for a concession of land in Cotai for future development. The Company recently reconfigured its site plans for 52 acres and is waiting final approval.
Other Factors Affecting Earnings
Interest expense, net of $5.8 million in capitalized interest, was $39.8 million for the fourth quarter of 2006. For the full year 2006, interest expense was $148.0 million, net of $29.5 million in capitalized interest. Depreciation and amortization expenses were $50.7 million during the quarter. For the full year, depreciation and amortization expenses were $175.5 million and pre-opening expenses were $62.7 million. Corporate expense was $18.9 million in the fourth quarter, and $54.4 million for the full year 2006, including $3.8 million and $15.4 million, respectively, in stock based compensation.
Wynn Macau completed the sale of a subconcession right to Publishing & Broadcasting, Limited for $900 million in cash, received on September 11, 2006. The one time gain on the sale substantially increased net income for the quarter ended September 30, 2006 and for the fiscal year ended 2006.
Balance Sheet and Capital Expenditures
Our total cash balances at the end of the quarter were $1.0 billion, including unrestricted cash balances of $789 million and cash balances restricted for our construction and development projects of $237 million. Total debt outstanding at the end of the quarter was $2.4 billion, including $1.7 billion of Wynn Las Vegas debt, $224 million of Convertible Debentures and $497 million of Wynn Macau-related debt. Capital expenditures during the fourth quarter of 2006, net of changes in construction payables and retention, totaled approximately $186.6 million, of which approximately $100.7 million was related to Wynn Macau and the remainder was primarily attributable to Encore.
Conference Call Information
The Company will hold a conference call to discuss its results on Tuesday, February 27th, 2007 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 (Investor Relations).
Forward-looking Statements
This release contains forward-looking statements regarding operating trends and future results of operations. 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, the Company's brief operating history, the Company's dependence on existing management, levels of travel, leisure and casino spending, general domestic or international economic conditions, and changes in gaming laws or regulations. 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, 2005 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 its forward-looking statements as a result of new information, future events or otherwise.
Non-GAAP financial measures
(1) Adjusted net income (loss) and adjusted net income (loss) per share ("EPS") are presented exclusively as supplemental disclosures because management believes that these financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are considered by some to be a better indicator on which to base expectations of future results than income or EPS computed in accordance with GAAP. Adjusted net income (loss) and adjusted net income (loss) per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
(2) "Adjusted EBITDA" is earnings before interest, taxes, depreciation and amortization, pre-opening costs, property charges and other, contract termination fee, corporate expenses, stock-based compensation, and other non-operating income and expenses. Adjusted 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 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. The Company also presents Adjusted 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 financial measures in accordance with 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 and corporate expenses, which do not relate to the management of specific casino properties. However, Adjusted 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 EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We compensate for these limitations by using Adjusted EBITDA as only one of several comparative tools, together with GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include operating income (loss), net income (loss), cash flows from operations and cash flow data. 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 EBITDA. Also, Wynn Resorts' calculation of Adjusted 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 and net income (loss) per share to adjusted net income (loss) and adjusted net income (loss) per share, and (ii) operating income (loss) to adjusted EBITDA and adjusted EBITDA to net income (loss).
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------- --------------------
2006 2005 2006 2005
--------- --------- ---------- ---------
Operating revenues:
Casino $388,531 $131,899 $800,591 $353,663
Rooms 78,848 64,289 283,084 170,315
Food and beverage 85,360 64,434 309,771 173,700
Entertainment, retail and
other 60,567 48,514 205,213 125,230
--------- --------- ---------- ---------
Gross revenues 613,306 309,136 1,598,659 822,908
Less: promotional allowances (49,736) (39,724) (166,402) (100,927)
--------- --------- ---------- ---------
Net revenues 563,570 269,412 1,432,257 721,981
--------- --------- ---------- ---------
Operating costs and expenses:
Casino 225,266 59,407 439,902 155,075
Rooms 20,494 16,271 73,878 44,171
Food and beverage 52,449 42,486 194,403 118,670
Entertainment, retail and
other 36,226 31,219 134,530 80,185
General and administrative 79,345 43,153 231,515 118,980
Provision for doubtful
accounts 9,711 5,564 21,163 16,206
Pre-opening costs (68) 8,324 62,726 96,940
Depreciation and
amortization 50,667 35,839 175,464 103,344
Contract termination fee - - 5,000 -
Property charges and other 11,996 8,136 25,060 14,297
--------- --------- ---------- ---------
Total operating costs
and expenses 486,086 250,399 1,363,641 747,868
Equity in income from
unconsolidated affiliates 709 617 2,283 1,331
--------- --------- ---------- ---------
Operating income (loss) 78,193 19,630 70,899 (24,556)
--------- --------- ---------- ---------
Other income (expense):
Interest and other income 16,868 7,635 46,752 28,267
Interest expense, net of
capitalized interest (39,799) (37,269) (148,017) (102,699)
Distribution to convertible
debenture holders (58,477) - (58,477) -
Increase (decrease) in swap
fair value (639) 119 1,196 8,152
Gain on sale of
subconcession right, net - - 899,409 -
Loss from extinguishment of
debt (1,775) - (12,533) -
--------- --------- ---------- ---------
Other income (expense),
net (83,822) (29,515) 728,330 (66,280)
--------- --------- ---------- ---------
Income (loss) before income
taxes (5,629) (9,885) 799,229 (90,836)
Provision for income taxes 49,795 - 170,501 -
--------- --------- ---------- ---------
Net Income (loss) $(55,424) $(9,885) $628,728 $(90,836)
========= ========= ========== =========
Basic and diluted income (loss) per
common share:
Net income (loss):
Basic $(0.55) $(0.10) $6.29 $(0.92)
Diluted(a) $(0.55) $(0.10) $6.24 $(0.92)
Weighted average common shares
outstanding:
Basic 100,918 98,494 99,998 98,308
Diluted 100,918 98,494 111,627 98,308
(a) Diluted earnings per share for the twelve months ended December 31, 2006 includes the assumption that the convertible subordinated debentures were converted into shares of common stock. Accordingly, net income used in the computation of diluted earnings per share is increased by approximately $9.4 million, of interest attributable to these debentures for the year ended December 31, 2006 and the special cash distribution of $58.5 million.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS)
TO ADJUSTED NET INCOME (LOSS)
(amounts in thousands)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------- -------------------
2006 2005 2006 2005
---------- -------- --------- ---------
Net income (loss) $(55,424) $(9,885) $628,728 $(90,836)
Gain on sale of subconcession
right, net - - (899,409) -
Interest income on
subconcession proceeds (9,946) - (12,489) -
Pre-opening costs (68) 8,324 62,726 96,940
Loss from the extinguishment
of debt 1,775 - 12,533 -
(Increase) decrease in swap
fair value 639 (119) (1,196) (8,152)
Property charges and other 11,996 8,136 25,060 14,297
Distribution to convertible
debenture holders 58,477 - 58,477 -
Avenue Q contract termination
fee - - 5,000 -
Adjustment for income taxes 49,651 - 169,989 -
---------- -------- --------- ---------
Adjusted net income (1) $57,100 $6,456 $49,419 $12,249
========== ======== ========= =========
Adjusted net income per
diluted share(b) $0.53 $0.08 $0.53 $0.20
========== ======== ========= =========
(b) Adjusted net income per diluted share for the three months ended December 31, 2006 and 2005 and the years ended December 31, 2006 and 2005, includes the assumption that the convertible debentures were converted into shares of common stock. Accordingly, adjusted net income used in the computation of diluted adjusted net income per share for the three months ended December 31, 2006 and 2005 and the years ended December 31, 2006 and 2005, is increased by approximately $3.5 million, $3.9 million, $14.5 million and $15.7 million, respectively, of interest attributable to these debentures.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
AND ADJUSTED EBITDA TO NET INCOME (LOSS)
(amounts in thousands)
(unaudited)
Three Months Ended December 31, 2006
---------------------------------------
Corporate
Wynn Las Wynn and
Vegas Macau Other Total
--------- --------- --------- ---------
Operating income $49,628 $22,685 $5,880 $78,193
Preopening costs 844 (949) 37 (68)
Depreciation and
amortization 34,814 15,038 815 50,667
Property charges and other 1,335 10,661 - 11,996
Management fees and
royalties 4,714 3,024 (7,738) -
Corporate expenses and other 7,636 8,196 (657) 15,175
Stock-based compensation 2,215 (111) 1,663 3,767
--------- --------- --------- ---------
Adjusted EBITDA (2) $101,186 $58,544 $- $159,730
========= ========= ========= =========
Three Months Ended December 31, 2005
---------------------------------------
Corporate
Wynn Las Wynn and
Vegas Macau Other Total
--------- --------- --------- ---------
Operating income (loss) $29,936 $(11,666) $1,360 $19,630
Pre-opening costs 27 8,197 100 8,324
Depreciation and
amortization 33,115 1,969 755 35,839
Property charges and other 8,136 - - 8,136
Management fees and
royalties 4,052 1,500 (5,552) -
Corporate expenses and other 4,801 - 2,326 7,127
Stock-based compensation - - 1,011 1,011
--------- --------- --------- ---------
Adjusted EBITDA (2) $80,067 $- $- $80,067
========= ========= ========= =========
Three Months Ended
December 31,
-------------------
2006 2005
--------- ---------
Adjusted EBITDA (2) $159,730 $80,067
Pre-opening costs 68 (8,324)
Depreciation and
amortization (50,667) (35,839)
Property charges and other (11,996) (8,136)
Corporate expenses and other (15,175) (7,127)
Stock-based compensation (3,767) (1,011)
Interest and other income 16,868 7,635
Interest expense (39,799) (37,269)
Increase (decrease) in swap
fair value (639) 119
Loss on extinguishment of
debt (1,775) -
Distribution to convertible
debenture holders (58,477) -
Provision for income taxes (49,795) -
--------- ---------
Net loss $(55,424) $(9,885)
========= =========
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
AND ADJUSTED EBITDA TO NET INCOME (LOSS)
(amounts in thousands)
(unaudited)
Year Ended December 31, 2006
---------------------------------------
Corporate
Wynn Las Wynn and
Vegas Macau Other Total
--------- --------- --------- ---------
Operating income (loss) $116,456 $(53,385) $7,828 $70,899
Preopening costs 2,020 60,543 163 62,726
Depreciation and
amortization 147,607 24,679 3178 175,464
Property charges and other 14,399 10,661 - 25,060
Contract termination fee 5,000 - 5,000
Management fees and
royalties 17,091 7,621 (24,712) -
Corporate expenses and other 22,047 10,046 6,943 39,036
Stock-based compensation 8,133 672 6,600 15,405
--------- --------- --------- ---------
Adjusted EBITDA (2) $332,753 $60,837 $- $393,590
========= ========= ========= =========
Year Ended December 31, 2005
---------------------------------------
Corporate
Wynn Las Wynn and
Vegas Macau Other Total
--------- --------- --------- ---------
Operating income (loss) $12,709 $(32,831) $(4,434) $(24,556)
Pre-opening costs 67,454 20,402 9,084 96,940
Depreciation and
amortization 94,297 6,429 2,618 103,344
Property charges and other 14,183 - 114 14,297
Management fees and
royalties 10,836 6,000 (16,836) -
Corporate expenses and other 12,528 - 6,511 19,039
Stock-based compensation - - 2,943 2,943
--------- --------- --------- ---------
Adjusted EBITDA (2) $212,007 $- $- $212,007
========= ========= ========= =========
Year Ended
December 31,
-------------------
2006 2005
--------- ---------
Adjusted EBITDA (2) $393,590 $212,007
Pre-opening costs (62,726) (96,940)
Depreciation and
amortization (175,464) (103,344)
Property charges and other (25,060) (14,297)
Contract termination fee (5,000) -
Corporate expenses and other (39,036) (19,039)
Stock-based compensation (15,405) (2,943)
Interest and other income 46,752 28,267
Interest expense (148,017) (102,699)
Increase (decrease) in swap
fair value 1,196 8,152
Loss on extinguishment of
debt (12,533) -
Gain on sale of
subconcession right, net 899,409 -
Distribution to convertible
debenture holders (58,477)
Provision for income taxes (170,501) -
--------- ---------
Net income (loss) $628,728 $(90,836)
========= =========
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
Three Months Ended Twelve Months Ended
------------------- -------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2006 2005(6) 2006(6) 2005(6)
--------- --------- --------- ---------
Room Statistics for Wynn Las
Vegas:
Occupancy % 91.6% 92.5% 94.4% NM
Average Daily Room Rate
(ADR)(1) $291 $278 $287 $274
Average Paying Rate
(APR)(2) $279 $273 $272 $264
Revenue per available room
(REVPAR)(3) $266 $258 $271 $253
Other information for Wynn Las
Vegas:
Table games win per unit
per day(4) $10,803 $8,842 $8,269 NM
Table Hold % 26.3% 21.3% 22.1% NM
Slot machine win per unit
per day(5) $256 $252 $251 NM
Average number of table
games 137 131 142 NM
Average number of slot
machines 1,974 1,950 1,963 NM
Wynn Macau:
Table games win per unit
per day(4) $12,954 NM NM NM
Slot machine win per unit
per day(5) $418 NM NM NM
Average number of table
games 219 NM NM NM
Average number of slot
machines 366 NM NM NM
(1) ADR is Average Daily Room Rate and is calculated by dividing total room revenue (less service charges, if any) by total rooms occupied.
(2) APR is Average Paying Rate and is calculated by dividing cash room revenue by cash rooms occupied.
(3) REVPAR is Revenue per Available Room and is calculated by dividing total room revenue by total rooms available.
(4) Table games win per unit per day is shown before discounts and commissions.
(5) Slot machine win per unit per day is net of participation fees and progressive accruals.
(6) Information for the 2005 and 2006 twelve-month periods as well as 2005 three-month period is not meaningful as Wynn Macau opened on September 6, 2006 and Wynn Las Vegas was opened for 248 days in 2005.
CONTACT: Wynn Resorts, Limited
Samanta Stewart, 702-770-7555
investorrelations@wynnresorts.com
www.wynnresorts.com
www.wynnlasvegas.com
SOURCE: Wynn Resorts, Limited