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): July 10, 2008
WYNN
RESORTS, LIMITED
(Exact
name of registrant as specified in its charter)
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Nevada
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000-50028
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46-0484987
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(State
or other jurisdiction of
incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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WYNN
LAS VEGAS, LLC
(Exact
name of registrant as specified in its charter)
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Nevada
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333-100768
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88-0494875
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(State
or other jurisdiction of
incorporation)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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3131
Las Vegas Boulevard South
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||
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Las
Vegas, Nevada
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89109
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(Address
of principal executive offices of each registrant)
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(Zip
Code)
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(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) |
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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|
o
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Pre-commencements
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02
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Results
of Operations and Financial
Condition.
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On July 10, 2008, Wynn Resorts, Limited
(the “Company”) issued a press release announcing preliminary expectations of
its results of operations for the second quarter of 2008. The results in the
release are preliminary and subject to the completion of the final financial
statements, including the review of those financial statements by the Company’s
internal and independent accounting professionals and the Company’s audit
committee. 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.
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Item
7.01
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Regulation
FD Disclosure.
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The
information set forth under Item 2.02 of this report is incorporated herein by
reference.
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Item
9.01.
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Financial
Statements and Exhibits.
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(d)
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Exhibits:
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Exhibit
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Number
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Description
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99.1
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Press
release, dated July 10, 2008, of Wynn Resorts,
Limited.
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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.
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Date:
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July
10, 2008
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WYNN
RESORTS, LIMITED
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|||
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By:
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/s/ Matt Maddox |
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Matt
Maddox
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Chief
Financial Officer and
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|||
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Treasurer
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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.
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Date:
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July
10, 2008
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WYNN
LAS VEGAS, LLC
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|||
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By:
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Wynn Resorts Holdings, LLC, its
sole member
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By:
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Wynn Resorts, Limited, its sole
member
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||
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By:
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/s/
Matt Maddox
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Matt
Maddox
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|||
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Chief
Financial Officer and
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|||
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Treasurer
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Exhibit
99.1
Wynn
Resorts, Limited Announces Preliminary Second Quarter Results
LAS
VEGAS, July 10, 2008 (BUSINESS WIRE) — Wynn Resorts, Limited (Nasdaq: WYNN)
announced preliminary expectations of its financial results for the quarter
ended June 30, 2008. The results in this release are preliminary and subject to
the completion of the final financial statements, including the review of those
financial statements by the Company’s internal and independent accounting
professionals and the Company's audit committee.
Wynn
Las Vegas
On a
GAAP basis, operating income for our Las Vegas property for the second quarter
of 2008 is expected to be in the range of $18 million to $22 million, compared
to $63.4 million in the 2007 period. Adjusted property EBITDA (1) is expected to
be between $80 million and $84 million for the second quarter of 2008, compared
to $115.3 million for the second quarter of 2007. The EBITDA decline is
partially attributable to a 20.4% hold percentage in the quarter, which is below
the 24.2% reported in the 2007 period and lower than the property’s normal range
of 21 to 24%.
During
the quarter, table games drop decreased 12.1% from the comparable period in 2007
to $493.6 million. Slot machine handle of $852.6 million was 12.7% below the
comparable period of 2007.
Wynn
Las Vegas achieved an Average Daily Rate (ADR) of $302 for the quarter, compared
to $311 in the second quarter of 2007. The property’s occupancy was 96.5%,
compared to 97.0% during the prior year period, generating revenue per available
room (REVPAR) of $292 in the 2008 period (3.0% below the second quarter of
2007).
Wynn
Macau
On a
GAAP basis, operating income for Wynn Macau for the second quarter of 2008 is
expected to be in the range of $100 million to $106 million, compared to $53.2
million in the 2007 period. Adjusted property EBITDA is expected to be in the
range of $152 million to $158 million in the second quarter of 2008, compared to
$92.7 million for the second quarter of 2007.
Table
games turnover in the VIP segment increased 74.9% to $16.3 billion for the
period, compared to $9.3 billion for the second quarter of 2007. VIP table games
win as a percentage of turnover (calculated before discounts and commissions)
was 2.96%, within 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 $626.9 million during
the period, a 24.7% increase from $502.7 million in the second quarter of 2007.
Mass market table games win percentage (calculated before discounts) of 18.9%
was within the property’s range of 18% to 20% and was higher than the 18.4% in
the second quarter of 2007.
This
information is preliminary and does not include earnings per
share. The Company is finalizing, among other things, tax provisions
for the second quarter. This release of
1
preliminary
results is made in connection with the Company’s continuing activity under its
equity repurchase program. The Company will release final second
quarter results and hold a conference call to discuss its results on July 24,
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).
About
Wynn Resorts
Wynn
Resorts, Limited is traded on the Nasdaq Global Select Market under the ticker
symbol WYNN and is part of the NASDAQ-100 Index. Wynn Resorts owns and operates
Wynn Las Vegas (http://www.wynnlasvegas.com) and Wynn Macau
(http://www.wynnmacau.com). Wynn Las Vegas, a luxury hotel and destination
casino resort located on the Las Vegas Strip features 2,716 luxurious guest
rooms and suites; an approximately 111,000 square foot casino; 22 food and
beverage outlets; an on-site 18-hole golf course; approximately 223,000 square
feet of meeting space; an on-site Ferrari and Maserati dealership; and
approximately 74,000 square feet of retail space. Wynn Macau is a destination
casino resort in the Macau Special Administrative Region of the People's
Republic of China and currently features 600 deluxe hotel rooms and suites;
approximately 205,000 square foot casino; casual and fine dining in five
restaurants; approximately 46,000 square feet of retail space; a health club,
pool and spa, along with lounges and meeting facilities.
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
2
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.
CONTACT:
Wynn Resorts, Limited
Samanta
Stewart, 702-770-7555
investorrelations@wynnresorts.com
SOURCE:
Wynn Resorts, Limited