UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
____________________
FORM
8-K
CURRENT
REPORT
_____________________
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): May 1, 2008
WYNN
RESORTS, LIMITED
(Exact
name of registrant as specified in its charter)
|
Nevada
|
000-50028
|
46-0484987
|
|
(State
or other jurisdiction of
incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
WYNN
LAS VEGAS, LLC
(Exact
name of registrant as specified in its charter)
|
Nevada
|
333-100768
|
88-0494875
|
|
(State
or other jurisdiction of
incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
|
3131
Las Vegas Boulevard South
|
|
|
Las
Vegas, Nevada
|
89109
|
|
(Address
of principal executive offices of each registrant)
|
(Zip
Code)
|
(702)
770-7555
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following
provisions:
|
o
|
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
o
|
Pre-commencements
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
|
Item
2.02
|
Results
of Operations and Financial
Condition.
|
On May 1, 2008, Wynn Resorts, Limited
issued a press release announcing its results of operations for the first
quarter of 2008. The press release is furnished herewith as Exhibit 99.1. The
information in this Form 8-K and Exhibit 99.1 attached hereto shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, as amended, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, except as shall be expressly set
forth by specific reference in such filing.
|
Item
7.01
|
Regulation
FD Disclosure.
|
The
information set forth under Item 2.02 of this report is incorporated herein by
reference.
|
Item
9.01.
|
Financial
Statements and Exhibits.
|
|
(d)
|
Exhibits:
|
|
Exhibit
Number
|
Description
|
|
|
99.1
|
Press
release, dated May 1, 2008, of Wynn Resorts,
Limited.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: May
2, 2008
|
WYNN
RESORTS, LIMITED
|
|||
|
By:
|
/s/
Matt Maddox
|
||
|
Matt
Maddox
|
|||
|
Chief
Financial Officer and
Treasurer
|
|||
3
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: May
2, 2008
|
WYNN
LAS VEGAS, LLC
|
|||
|
By:
|
Wynn Resorts Holdings, LLC, its
sole member
|
||
|
By:
|
Wynn Resorts, Limited, its sole
member
|
||
|
By:
|
/s/
Matt Maddox
|
||
|
Matt
Maddox
|
|||
|
Chief
Financial Officer and
Treasurer
|
|||
Exhibit
99.1
Wynn
Resorts, Limited Reports First Quarter Results
LAS
VEGAS, May 1, 2008 (BUSINESS WIRE) -- Wynn Resorts, Limited (Nasdaq: WYNN) today
reported financial results for the first quarter ended March 31,
2008.
Net
revenues for the first quarter of 2008 were $778.7 million, compared to $635.3
million in the first quarter of 2007. The revenue increase was driven primarily
by a 61.4% increase in revenues at Wynn Macau.
Consolidated
adjusted property EBITDA (1) increased 4.0% to $197.8 million for the first
quarter of 2008, compared to $190.2 million in the first quarter of
2007.
On a US
GAAP (Generally Accepted Accounting Principles) basis, net income for the
quarter was $46.7 million, or $0.41 per diluted share, compared to net income of
$58.4 million, or $0.54 per diluted share in 2007. Adjusted net
income in the first quarter of 2008 was $78.2 million, or $0.69 per diluted
share (adjusted EPS)(2) compared to an adjusted net income of $72.6 million, or
$0.67 per diluted share in the first quarter of 2007.
Wynn
Las Vegas First Quarter Results
For the
quarter ended March 31, 2008, Wynn Las Vegas generated adjusted property EBITDA
of $68.4 million, compared to $111.2 million in the first quarter of 2007, with
a 23.8% EBITDA margin on net revenue. The EBITDA decline was primarily driven by
lower table hold percentage of 19.9% in the first quarter of 2008 compared to
27.6% in the comparable period in 2007.
Net
casino revenues in the first quarter of 2008 were $125.1 million, compared to
$173.1 million for the first quarter of 2007. Table games drop decreased 3.1%
from the comparable period in 2007 to $533.3 million. Slot machine handle of
$897 million was 2.8% below the comparable period of 2007 and win per unit per
day was $227, compared to a win per unit per day of $256 in the first quarter of
2007.
Gross
non-casino revenues for the quarter were $201.6 million, a 3.3% increase from
the first quarter of 2007, driven primarily by higher entertainment revenues.
Hotel revenues were down 3.3% to $70.6 million during the quarter, versus $72.9
million in the first quarter of 2007. Wynn Las Vegas achieved an Average Daily
Rate (ADR) of $298 for the quarter, compared to $310 in the first quarter of
2007. The property’s occupancy was 95.8%, compared to 96.2% during the prior
year period, generating revenue per available room (REVPAR) of $285 in the 2008
period (4.3% below the first quarter of 2007).
Food
and beverage revenues decreased 0.2% to $77.2 million in the quarter, and retail
revenues were $22.6 million in the quarter, compared to $21.4 million in the
first quarter of 2007, an increase of 5.8%. Entertainment revenues were
approximately $19.2 million compared to $10.9 million in the first quarter of
2007 as Monty Phyton’s Spamalot opened in March 2007 and Le Rêve was open for
only two months in the first quarter of 2007 (remodeling of the theater).
Spamalot will be closing in July 2008 and we will start the renovation of that
theater into the Encore theater which will feature Danny Gans starting in
February 2009.
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 includes a 2,034
all-suite hotel tower, 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. Encore is expected to open
in December 2008. Our project budget is approximately $2.2 billion for Encore
and related capital improvements.
As of
March 31, 2008, we had incurred approximately $1.2 billion of project costs
related to the development and construction of Encore and related capital
improvements.
1
Wynn
Macau First Quarter Results
In the
first quarter of 2008, Wynn Macau generated Net Revenues of $491.5 million
compared to $304.6 million for the first quarter of 2007. Adjusted property
EBITDA increased 63.8% to $129.4 million (with a 26.3% EBITDA margin on net
revenue) compared to $79.0 million in the first quarter of 2007. In December
2007, we completed the Wynn Macau expansion, adding approximately 75,000 square
feet of gaming space and 20,000 square feet of retail space including 11 new
boutiques.
The
following table games results are segregated into two distinct reporting
categories, the VIP segment and the mass market segment.
Table
games turnover in the VIP segment increased 104.7% to $14.8 billion for the
period, compared to $7.2 billion for the first quarter of 2007. VIP table games
win as a percentage of turnover (calculated before discounts and commissions)
was 3.0%, at the top end of the expected range of 2.7% to 3.0% and lower than
the 3.3% in the comparable period of 2007.
Table
games drop in the mass market category was approximately $592.7 million during
the period, a 16.9% increase from $506.9 million in the first quarter of 2007.
Mass market table games win percentage (calculated before discounts) of 19.7%
was within the property’s range of 18% to 20% and was higher than the 18.2% in
the first quarter of 2007.
Slot
machine win increased 98.4% compared to the first quarter of 2007. Win per unit
per day was $310, a 31.6% decline from the first quarter of 2007 due to the
increase in the number of slot machines from 433 to 1,243 slots.
Wynn
Macau achieved an Average Daily Rate (ADR) of $276 for the quarter, compared to
$245 in the first quarter of 2007. The property’s occupancy was 88.5%, compared
to 84.8% during the prior year period, generating revenue per available room
(REVPAR) of $244 in the 2008 period (17.3% higher than in 2007).
Encore
at Wynn Macau
Wynn
Macau currently features approximately 600 hotel rooms and suites, 380 table
games and 1,240 slot machines in 205,000 square feet of casino gaming space,
five restaurants, a spa and salon, lounges, meeting facilities and 46,000 square
feet of retail space. Encore at Wynn Macau (previously known as Wynn Diamond)
will add approximately 400 luxury suites and four villas along with restaurants,
additional retail and gaming space. We commenced construction of Encore at Wynn
Macau in 2007, and expect the property to open in the first half of 2010. As of
March 31, 2008, we have incurred $75.8 million of an expected $600 million
budget associated with the construction of Encore at Wynn Macau.
Other
Factors Affecting Earnings
Interest
expense, net of $16.9 million in capitalized interest, was $45.3 million for the
first quarter of 2008. Depreciation and amortization expenses were $62.7 million
and Encore at Wynn Las Vegas pre-opening expenses were $5.3 million during the
quarter. Corporate expense and other was $14.1 million in the first quarter,
including $3.4 million in stock based compensation. Property charges of $24.3
million are primarily related to write-offs associated with Spamalot at Wynn Las
Vegas, which will close in July 2008.
During
the quarter, we recorded a $4.7 million tax benefit primarily resulting from
pre-opening expenses associated with the development of Encore at Wynn Las Vegas
and the higher earnings contribution of Wynn Macau, the earnings of which are
neither taxable in the U.S. nor Macau.
Balance
Sheet and Capital Expenditures
Our
total cash balances at the end of the quarter were $1.5 billion, including
unrestricted cash balances of $1.2 billion and cash balances restricted for
construction and development and stock repurchases of $290.5 million. Total debt
outstanding at the end of the quarter was $3.7 billion, including approximately
$2.1 billion of Wynn Las Vegas debt, $551 million of Wynn Macau related debt and
$1.0 billion at Wynn Resorts, Limited. Capital expenditures during the first
quarter of 2008, net of changes in construction payables and retention, totaled
approximately $280 million, primarily attributable to Encore at Wynn Las
Vegas.
2
Conference
Call Information
The
Company will hold a conference call to discuss its results on Thursday, May
1st,
2008 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, 2007 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 property EBITDA” is earnings before interest, taxes, depreciation,
amortization, pre-opening costs, property charges and other, corporate expenses,
stock-based compensation, 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. The Company also presents
adjusted property EBITDA because it is used by some investors as a way to
measure a company’s ability to incur and service debt, make capital expenditures
and meet working capital requirements. Gaming companies have
historically reported EBITDA as a supplement to financial measures in accordance
with U.S. generally accepted accounting principles (“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, 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 compensates for these limitations by using adjusted property 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, 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
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 to adjusted net income, and (ii) operating income
(loss) to adjusted property EBITDA and adjusted property EBITDA to net
income.
(2)
Adjusted net income is net income
before pre-opening costs, property charges and other, and other non-cash non-operating income and
expenses. Adjusted net income and adjusted net income per share
(“EPS”) are presented 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 used by management
and/or evaluated by some investors, in addition
to income and EPS computed in accordance with GAAP, as an additional basis for
assessing period-to-period results of our business. Adjusted net income and adjusted
net income per share may be different from the calculation methods used
by other companies and, therefore, comparability may be limited.
3
WYNN
RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(amounts
in thousands, except per share data)
(unaudited)
|
Three
Months Ended
|
||||||||
|
March
31,
|
||||||||
|
2008
|
2007
|
|||||||
|
Operating
revenues:
|
||||||||
|
Casino
|
$ | 591,771 | $ | 457,192 | ||||
|
Rooms
|
85,262 | 85,291 | ||||||
|
Food
and beverage
|
91,065 | 87,883 | ||||||
|
Entertainment,
retail and other
|
68,154 | 52,205 | ||||||
|
Gross
revenues
|
836,252 | 682,571 | ||||||
|
Less:
promotional allowances
|
(57,546 | ) | (47,254 | ) | ||||
|
Net
revenues
|
778,706 | 635,317 | ||||||
|
Operating
costs and expenses:
|
||||||||
|
Casino
|
388,378 | 264,725 | ||||||
|
Rooms
|
20,331 | 20,976 | ||||||
|
Food
and beverage
|
51,671 | 54,255 | ||||||
|
Entertainment,
retail and other
|
44,617 | 35,101 | ||||||
|
General
and administrative
|
79,262 | 78,166 | ||||||
|
Provision
for doubtful accounts
|
11,522 | 7,741 | ||||||
|
Pre-opening
costs
|
5,323 | 1,836 | ||||||
|
Depreciation
and amortization
|
62,732 | 51,524 | ||||||
|
Property
charges and other
|
24,267 | 13,269 | ||||||
|
Total
operating costs and expenses
|
688,103 | 527,593 | ||||||
|
Equity
in income from unconsolidated affiliates
|
808 | 455 | ||||||
|
Operating
income
|
91,411 | 108,179 | ||||||
|
Other
income (expense):
|
||||||||
|
Interest
income and other
|
11,074 | 12,100 | ||||||
|
Interest
expense
|
(45,268 | ) | (37,673 | ) | ||||
|
Decrease
in swap fair value
|
(15,212 | ) | (475 | ) | ||||
|
Loss
from extinguishment of debt
|
- | (157 | ) | |||||
|
Other
income (expense), net
|
(49,406 | ) | (26,205 | ) | ||||
|
Income
before income taxes
|
42,005 | 81,974 | ||||||
|
Benefit
(provision) for income taxes
|
4,712 | (23,569 | ) | |||||
|
Net
income
|
$ | 46,717 | $ | 58,405 | ||||
|
Basic
and diluted income per common share:
|
||||||||
|
Net
income:
|
||||||||
|
Basic
|
$ | 0.42 | $ | 0.58 | ||||
|
Diluted*
|
$ | 0.41 | $ | 0.54 | ||||
|
Weighted
average common shares outstanding:
|
||||||||
|
Basic
|
112,413 | 101,402 | ||||||
|
Diluted
|
113,648 | 112,348 | ||||||
* Diluted
earnings per share for the three months ended March 31, 2007 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 $2.3
million of net interest attributable to these debentures for the three months
ended March 31, 2007.
4
WYNN
RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION
OF NET INCOME
TO
ADJUSTED NET INCOME
(amounts
in thousands)
(unaudited)
|
Three
Months Ended
|
||||||||
|
March
31,
|
||||||||
|
2008
|
2007
|
|||||||
| Net Income | $ | 46,717 | $ | 58,405 | ||||
|
Pre-opening costs
|
5,323 | 1,836 | ||||||
|
Loss from extinguishment of debt
|
- | 157 | ||||||
|
Decrease in swap fair value
|
15,212 | 475 | ||||||
|
Property charges and other
|
24,267 | 13,269 | ||||||
|
Adjustment for income taxes
|
(13,325 | ) | (1,503 | ) | ||||
| $ | 78,194 | $ | 72,639 | |||||
| Adjusted net income per diluted share* | $ | 0.69 | $ | 0.67 | ||||
* Diluted adjusted net income per share
for the three months ended March 31, 2007 includes the assumption that the
convertible subordinated debentures were converted into shares of common
stock. Accordingly, adjusted net income used in the computation of
diluted adjusted net income per share is increased by approximately $2.3
million, of net interest attributable to these
debentures.
5
WYNN
RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
AND
ADJUSTED PROPERTY EBITDA TO NET INCOME
(amounts
in thousands)
(unaudited)
|
Three
Months Ended March 31, 2008
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income (loss)
|
$ | (8,592 | ) | $ | 80,328 | $ | 19,675 | $ | 91,411 | |||||||
|
Pre-opening
costs
|
5,311 | 1 | 11 | 5,323 | ||||||||||||
|
Depreciation
and amortization
|
39,480 | 22,613 | 639 | 62,732 | ||||||||||||
|
Property
charges and other
|
20,513 | 3,648 | 106 | 24,267 | ||||||||||||
|
Corporate
expense, management
|
||||||||||||||||
|
fees,
royalties and other
|
9,760 | 22,255 | (21,333 | ) | 10,682 | |||||||||||
|
Stock-based
compensation
|
1,966 | 550 | 902 | 3,418 | ||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 68,438 | $ | 129,395 | $ | - | $ | 197,833 | ||||||||
|
Three
Months Ended March 31, 2007
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income
|
$ | 59,014 | $ | 41,060 | $ | 8,105 | $ | 108,179 | ||||||||
|
Pre-opening
costs
|
1,533 | 283 | 20 | 1,836 | ||||||||||||
|
Depreciation
and amortization
|
36,070 | 14,633 | 821 | 51,524 | ||||||||||||
|
Property
charges and other
|
1,104 | 11,665 | 500 | 13,269 | ||||||||||||
|
Corporate
expense, management
|
||||||||||||||||
|
fees,
royalties and other
|
11,297 | 10,840 | (11,168 | ) | 10,969 | |||||||||||
|
Stock-based
compensation
|
2,209 | 529 | 1,722 | 4,460 | ||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 111,227 | $ | 79,010 | $ | - | $ | 190,237 | ||||||||
|
Three
Months Ended
|
||||||||||||||||
|
March
31,
|
||||||||||||||||
|
2008
|
2007
|
|||||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 197,833 | $ | 190,237 | ||||||||||||
|
Pre-opening
costs
|
(5,323 | ) | (1,836 | ) | ||||||||||||
|
Depreciation
and amortization
|
(62,732 | ) | (51,524 | ) | ||||||||||||
|
Property
charges and other
|
(24,267 | ) | (13,269 | ) | ||||||||||||
|
Corporate
expenses and other
|
(10,682 | ) | (10,969 | ) | ||||||||||||
|
Stock-based
compensation
|
(3,418 | ) | (4,460 | ) | ||||||||||||
|
Interest
income and other
|
11,074 | 12,100 | ||||||||||||||
|
Interest
expense
|
(45,268 | ) | (37,673 | ) | ||||||||||||
|
Decrease
in swap fair value
|
(15,212 | ) | (475 | ) | ||||||||||||
|
Loss
from extinguishment of debt
|
- | (157 | ) | |||||||||||||
|
Benefit
(provision) for income taxes
|
4,712 | (23,569 | ) | |||||||||||||
|
Net
income
|
$ | 46,717 | $ | 58,405 | ||||||||||||
6
WYNN
RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL
DATA SCHEDULE
|
Three
Months Ended
|
||||||||
|
March
31,
2008
|
March
31,
2007
|
|||||||
|
Room
Statistics for Wynn Las Vegas:
|
||||||||
|
Occupancy
%
|
95.8 | % | 96.2 | % | ||||
|
Average
Daily Rate (ADR)1
|
$ | 298 | $ | 310 | ||||
|
Revenue
per available room (REVPAR)2
|
$ | 285 | $ | 298 | ||||
|
Other
information for Wynn Las Vegas:
|
||||||||
|
Table
games win per unit per day3
|
$ | 8,632 | $ | 12,762 | ||||
|
Table
Win %
|
19.9 | % | 27.6 | % | ||||
|
Slot
machine win per unit per day4
|
$ | 227 | $ | 256 | ||||
|
Average
number of table games
|
135 | 132 | ||||||
|
Average
number of slot machines
|
1,925 | 1,936 | ||||||
|
Room
Statistics for Wynn Macau:
|
||||||||
|
Occupancy
%
|
88.5 | % | 84.8 | % | ||||
|
Average
Daily Rate (ADR)1
|
$ | 276 | $ | 245 | ||||
|
Revenue
per available room (REVPAR)2
|
$ | 244 | $ | 208 | ||||
|
Other
information for Wynn Macau:
|
||||||||
|
Table
games win per unit per day3
|
$ | 16,194 | $ | 15,369 | ||||
|
Slot
machine win per unit per day4
|
$ | 310 | $ | 453 | ||||
|
Average
number of table games
|
382 | 241 | ||||||
|
Average
number of slot machines
|
1,243 | 433 | ||||||
(1) ADR
is Average Daily Rate and is calculated by dividing total room revenue (less
service charges, if any) by total rooms occupied.
(2)
REVPAR is Revenue per Available Room and is calculated by dividing total room
revenue by total rooms available.
(3)
Table games win per unit per day is shown before discounts and
commissions.
(4)
Slot machine win per unit per day is net of participation fees and progressive
accruals.
SOURCE:
Wynn
Resorts, Limited
CONTACT:
Samanta
Stewart, 702-770-7555
investorrelations@wynnresorts.com
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