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 24, 2008
WYNN
RESORTS, LIMITED
(Exact
name of registrant as specified in its charter)
|
Nevada
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000-50028
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46-0484987
|
|
(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)
|
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.)
|
|
3131
Las Vegas Boulevard South
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:
|
|
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
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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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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 24, 2008, Wynn Resorts, Limited issued a press release announcing its
results of operations for the second 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.
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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
Number
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Description
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99.1
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Press
release, dated July 24, 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.
Date: July
24, 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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||
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Chief
Financial Officer and Treasurer
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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.
Date: July
24, 2008
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WYNN
RESORTS, LIMITED
By:
Wynn Resorts Holdings, LLC, its sole member
By:
Wynn Resorts, Limited, its sole member
|
||
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By:
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/s/
Matt Maddox
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|
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Matt
Maddox
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||
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Chief
Financial Officer and Treasurer
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||
Exhibit
99.1
Wynn
Resorts, Limited Posts Record Revenue and EBITDA for the Second Quarter of
2008
LAS
VEGAS, July 24, 2008 (BUSINESS WIRE) -- Wynn Resorts, Limited (Nasdaq: WYNN)
today reported financial results for the quarter ended June 30,
2008.
Net
revenues for the second quarter of 2008 were $825.2 million, compared to $687.5
million in the second quarter of 2007. The revenue increase was driven primarily
by a 50.3% increase in revenues at Wynn Macau.
Consolidated
adjusted property EBITDA (1) increased 14.0% to $237.0 million for the second
quarter of 2008, compared to $208.0 million in the second quarter of
2007.
On a US
GAAP (Generally Accepted Accounting Principles) basis, net income for the
quarter was $272.0 million, or $2.42 per diluted share, compared to net income
of $89.6 million, or $0.82 per diluted share in 2007. The increase resulted from
higher earnings from Wynn Macau and a $140.7 million deferred tax benefit
recorded during the quarter. Adjusted net income in the second quarter of 2008
was $124.3 million, or $1.11 per diluted share (adjusted EPS)(2) compared to an
adjusted net income of $100.8 million, or $0.92 per diluted share in the second
quarter of 2007.
Wynn
Las Vegas Second Quarter Results
For the
quarter ended June 30, 2008, Wynn Las Vegas generated adjusted property EBITDA
of $81.8 million, compared to $115.3 million in the second quarter of 2007, with
a 27.7% EBITDA margin on net revenue. The EBITDA decline was partially
attributable to lower table hold percentage of 20.4% in the second quarter of
2008, compared to 24.2% in the comparable period in 2007.
Net
casino revenues in the second quarter of 2008 were $120.7 million, compared to
$159.4 million for the second quarter of 2007. Table games drop decreased 12.1%
from the comparable period in 2007 to $493.6 million. Slot machine handle of
$852.5 million was 12.7% below the comparable period of 2007 and win per unit
per day was $232, compared to a win per unit per day of $269 in the second
quarter of 2007.
Gross
non-casino revenues for the quarter were $211.9 million, a 0.3% increase from
the second quarter of 2007. Hotel revenues were down 3.1% to $72.1 million
during the quarter, versus $74.5 million in the second quarter 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).
Food
and beverage revenues increased 2.6% to $84.3 million in the quarter, and retail
revenues declined 3.5% to $22.1 million in the quarter. Entertainment revenues
were approximately $18.9 million compared to $18.7 million in the second quarter
of 2007. Spamalot closed on July 13, 2008 and we have begun the renovation of
the theater which will feature Danny Gans in the Encore Theater commencing 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 $2.3 billion for Encore
and related capital improvements.
As of
June 30, 2008, we had incurred approximately $1.5 billion of project costs
related to the development and construction of Encore and related capital
improvements.
Wynn
Macau Second Quarter Results
In the
second quarter of 2008, Wynn Macau generated Net Revenues of $529.9 million
compared to $352.5 million for the second quarter of 2007. Adjusted property
EBITDA increased 67.5% to $155.2 million (with a 29.3% EBITDA margin on net
revenue) compared to $92.7 million in the second 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 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%, at the top end of the expected range of 2.7% to 3.0% and lower than
the 3.25% 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.
Slot
machine win increased 89.6% compared to the second quarter of 2007. Win per unit
per day was $359, a 31.1% decline from the second quarter of 2007 due to the
increase in the average number of slot machines from 457 to 1,258
slots.
Wynn
Macau achieved an Average Daily Rate (ADR) of $277 for the quarter, compared to
$258 in the second quarter of 2007. The property’s occupancy was 87.9%, compared
to 86.2% during the prior year period, generating revenue per available room
(REVPAR) of $244 in the 2008 period (9.9% higher than in 2007).
Encore
at Wynn Macau
Wynn
Macau currently features approximately 600 hotel rooms and suites, 380 table
games and 1,270 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 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 June 30, 2008, we have
incurred $114.1 million of an expected $700 million budget associated with the
construction of Encore at Wynn Macau.
Other
Factors Affecting Earnings
Interest
expense, net of $20.5 million in capitalized interest, was $41.0 million for the
second quarter of 2008. Depreciation and amortization expenses were $63.8
million and Encore at Wynn Las Vegas pre-opening expenses were $6.8 million
during the quarter. Corporate expense and other was $16.6 million in the second
quarter, including $5.1 million in stock based compensation. Property charges of
$5.3 million are primarily related to the abandonment of certain existing floor
space to begin construction of a new restaurant at Wynn Macau.
During
the quarter, the Company completed a study of the taxes, levies and obligations
assessed on its Macau operations under Macau law and its Macau Gaming
Concession. As a result, the Company recorded a $140.7 million deferred
tax benefit (net of valuation allowance) for foreign tax credits
applicable to the earnings of Wynn Macau which were included in the Company’s US
tax expense in prior years.
Balance
Sheet and Capital Expenditures
Our
total cash balances at the end of the quarter were $1.4 billion, including
unrestricted cash balances of $1.3 billion and cash balances restricted for
construction and development and stock repurchases of $75 million. Total debt
outstanding at the end of the quarter was $3.9 billion, including approximately
$2.3 billion of Wynn Las Vegas debt, $550 million of Wynn Macau related debt and
$1.0 billion at Wynn Resorts, Limited. Capital expenditures during the second
quarter of 2008, net of changes in construction payables and retention, totaled
approximately $335 million, primarily attributable to Encore at Wynn Las
Vegas.
On July
10, 2008, the Company's Board of Directors authorized an increase of up to $500
million to the Company’s previously announced $1.2 billion equity repurchase
program. The repurchase program may include repurchases from time to time
through open market purchases or negotiated transactions, depending upon market
conditions.
Conference
Call Information
The
Company will hold a conference call to discuss its results on Thursday, July
24th, 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 to
adjusted property EBITDA and adjusted property EBITDA to net
income.
(2)
Adjusted net income is net income before pre-opening costs, property charges,
one time tax adjustments 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.
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WYNN
RESORTS, LIMITED AND SUBSIDIARIES
|
|||||||||||||||||
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CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
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|||||||||||||||||
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(amounts in
thousands, except per share data)
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|||||||||||||||||
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(unaudited)
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|||||||||||||||||
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Three
Months Ended
|
Six
Months Ended
|
||||||||||||||||
|
June
30,
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June
30,
|
||||||||||||||||
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2008
|
2007
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2008
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2007
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||||||||||||||
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Operating
revenues:
|
|||||||||||||||||
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Casino
|
$ | 623,637 | $ | 491,825 | $ | 1,215,408 | $ | 949,017 | |||||||||
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Rooms
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86,811 | 87,797 | 172,073 | 173,088 | |||||||||||||
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Food and
beverage
|
96,955 | 92,226 | 188,020 | 180,109 | |||||||||||||
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Entertainment,
retail and other
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72,958 | 62,661 | 141,112 | 114,866 | |||||||||||||
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Gross
revenues
|
880,361 | 734,509 | 1,716,613 | 1,417,080 | |||||||||||||
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Less:
promotional allowances
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(55,204 | ) | (46,968 | ) | (112,750 | ) | (94,222 | ) | |||||||||
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Net
revenues
|
825,157 | 687,541 | 1,603,863 | 1,322,858 | |||||||||||||
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Operating
costs and expenses:
|
|||||||||||||||||
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Casino
|
399,947 | 289,668 | 788,325 | 554,393 | |||||||||||||
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Rooms
|
20,412 | 21,365 | 40,743 | 42,341 | |||||||||||||
|
Food and
beverage
|
55,125 | 54,953 | 106,796 | 109,208 | |||||||||||||
|
Entertainment,
retail and other
|
43,257 | 41,446 | 87,874 | 76,547 | |||||||||||||
|
General and
administrative
|
84,973 | 74,294 | 164,235 | 152,460 | |||||||||||||
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Provision for
doubtful accounts
|
1,194 | 14,362 | 12,716 | 22,103 | |||||||||||||
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Pre-opening
costs
|
6,821 | 889 | 12,144 | 2,725 | |||||||||||||
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Depreciation
and amortization
|
63,779 | 51,902 | 126,511 | 103,426 | |||||||||||||
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Property
charges and other
|
5,298 | 13,021 | 29,565 | 26,290 | |||||||||||||
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Total
operating costs and expenses
|
680,806 | 561,900 | 1,368,909 | 1,089,493 | |||||||||||||
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Equity in
income from unconsolidated affiliates
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163 | 512 | 971 | 967 | |||||||||||||
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Operating
income
|
144,514 | 126,153 | 235,925 | 234,332 | |||||||||||||
|
Other income
(expense):
|
|||||||||||||||||
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Interest
income and other
|
6,421 | 10,408 | 17,495 | 22,508 | |||||||||||||
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Interest
expense, net of capitalized interest
|
(40,982 | ) | (35,460 | ) | (86,250 | ) | (73,133 | ) | |||||||||
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Increase in
swap fair value
|
23,919 | 2,334 | 8,707 | 1,859 | |||||||||||||
|
Loss from
extinguishment of debt
|
- | - | - | (157 | ) | ||||||||||||
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Other
income (expense), net
|
(10,642 | ) | (22,718 | ) | (60,048 | ) | (48,923 | ) | |||||||||
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Income before
income taxes
|
133,872 | 103,435 | 175,877 | 185,409 | |||||||||||||
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Benefit
(provision) for income taxes
|
138,121 | (13,885 | ) | 142,833 | (37,454 | ) | |||||||||||
|
Net
income
|
$ | 271,993 | $ | 89,550 | $ | 318,710 | $ | 147,955 | |||||||||
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Basic and
diluted income per common share:
|
|||||||||||||||||
|
Net
income:
|
#
|
||||||||||||||||
|
Basic
|
$ | 2.45 | $ | 0.88 | $ | 2.85 | $ | 1.46 | |||||||||
|
Diluted*
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$ | 2.42 | $ | 0.82 | $ | 2.82 | $ | 1.36 | |||||||||
|
Weighted
average common shares outstanding:
|
|||||||||||||||||
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Basic
|
111,128 | 101,214 | 111,770 |
#
|
101,307 | ||||||||||||
|
Diluted
|
112,365 | 112,111 | 112,986 | 112,237 | |||||||||||||
* Diluted earnings per share for the three and six months ended June 30, 2007 include 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 and $4.6 million, respectively, of net interest attributable to these debentures for the three and six months ended June 30, 2007.
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WYNN
RESORTS, LIMITED AND SUBSIDIARIES
|
||||||||||||||||
|
RECONCILIATION
OF NET INCOME
|
||||||||||||||||
|
TO ADJUSTED
NET INCOME
|
||||||||||||||||
|
(amounts in
thousands)
|
||||||||||||||||
|
(unaudited)
|
||||||||||||||||
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
|
June
30,
|
June
30,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
Net income
|
$ | 271,993 | $ | 89,550 | $ | 318,710 | $ | 147,955 | ||||||||
|
Pre-opening
costs
|
6,821 | 889 | 12,144 | 2,725 | ||||||||||||
|
Loss from extinguishment of debt
|
- | - | - | 157 | ||||||||||||
|
Increase in swap fair value
|
(23,919 | ) | (2,334 | ) | (8,707 | ) | (1,859 | ) | ||||||||
|
Property charges and other
|
5,298 | 13,021 | 29,565 | 26,290 | ||||||||||||
|
Adjustment for taxes on above
|
4,763 | (352 | ) | (8,562 | ) | (1,855 | ) | |||||||||
|
Recognition of foreign tax credit
|
(140,655 | ) | - | (140,655 | ) | - | ||||||||||
|
Adjusted
net income (2)
|
$ | 124,301 | $ | 100,774 | $ | 202,495 | $ | 173,413 | ||||||||
|
Adjusted
net income per diluted share*
|
$ | 1.11 | $ | 0.92 | $ | 1.79 | $ | 1.59 | ||||||||
*
Diluted adjusted net income per share for the three and six months ended June
30, 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 and $4.6 million, respectively, of net
interest attributable to these debentures.
|
WYNN
RESORTS, LIMITED AND SUBSIDIARIES
|
||||||||||||||||
|
RECONCILIATION
OF OPERATING INCOME TO ADJUSTED PROPERTY EBITDA
|
||||||||||||||||
|
AND ADJUSTED
PROPERTY EBITDA TO NET INCOME
|
||||||||||||||||
|
(amounts in
thousands)
|
||||||||||||||||
|
(unaudited)
|
||||||||||||||||
|
Three
Months Ended June 30, 2008
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income
|
$ | 20,299 | $ | 102,943 | $ | 21,272 | $ | 144,514 | ||||||||
|
Pre-opening
costs
|
6,832 | - | (11 | ) | 6,821 | |||||||||||
|
Depreciation
and amortization
|
40,794 | 22,339 | 646 | 63,779 | ||||||||||||
|
Property
charges and other
|
566 | 4,732 | - | 5,298 | ||||||||||||
|
Corporate
expense, management
|
||||||||||||||||
|
fees,
royalties and other
|
10,892 | 24,266 | (23,724 | ) | 11,434 | |||||||||||
|
Stock-based
compensation
|
2,412 | 907 | 1,817 | 5,136 | ||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 81,795 | $ | 155,187 | $ | - | $ | 236,982 | ||||||||
|
Three
Months Ended June 30, 2007
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income
|
$ | 63,420 | $ | 53,220 | $ | 9,513 | $ | 126,153 | ||||||||
|
Pre-opening
costs
|
818 | 70 | 1 | 889 | ||||||||||||
|
Depreciation
and amortization
|
36,517 | 14,526 | 859 | 51,902 | ||||||||||||
|
Property
charges and other
|
597 | 12,424 | - | 13,021 | ||||||||||||
|
Corporate
expense, management
|
||||||||||||||||
|
fees,
royalties and other
|
11,769 | 11,871 | (12,529 | ) | 11,111 | |||||||||||
|
Stock-based
compensation
|
2,179 | 546 | 2,156 | 4,881 | ||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 115,300 | $ | 92,657 | $ | - | $ | 207,957 | ||||||||
|
Three
Months Ended
|
||||||||||||||||
|
June
30,
|
||||||||||||||||
|
2008
|
2007
|
|||||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 236,982 | $ | 207,957 | ||||||||||||
|
Pre-opening
costs
|
(6,821 | ) | (889 | ) | ||||||||||||
|
Depreciation
and amortization
|
(63,779 | ) | (51,902 | ) | ||||||||||||
|
Property
charges and other
|
(5,298 | ) | (13,021 | ) | ||||||||||||
|
Corporate
expenses and other
|
(11,434 | ) | (11,111 | ) | ||||||||||||
|
Stock-based
compensation
|
(5,136 | ) | (4,881 | ) | ||||||||||||
|
Interest
income and other
|
6,421 | 10,408 | ||||||||||||||
|
Interest
expense
|
(40,982 | ) | (35,460 | ) | ||||||||||||
|
Increase in
swap fair value
|
23,919 | 2,334 | ||||||||||||||
|
Benefit
(provision) for income taxes
|
138,121 | (13,885 | ) | |||||||||||||
|
Net
income
|
$ | 271,993 | $ | 89,550 | ||||||||||||
|
WYNN
RESORTS, LIMITED AND SUBSIDIARIES
|
||||||||||||||||
|
RECONCILIATION
OF OPERATING INCOME TO ADJUSTED PROPERTY EBITDA
|
||||||||||||||||
|
AND ADJUSTED
PROPERTY EBITDA TO NET INCOME
|
||||||||||||||||
|
(amounts in
thousands)
|
||||||||||||||||
|
(unaudited)
|
||||||||||||||||
|
Six
Months Ended June 30, 2008
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income
|
$ | 11,707 | $ | 183,271 | $ | 40,947 | $ | 235,925 | ||||||||
|
Pre-opening
costs
|
12,143 | 1 | - | 12,144 | ||||||||||||
|
Depreciation
and amortization
|
80,274 | 44,951 | 1,286 | 126,511 | ||||||||||||
|
Property
charges and other
|
21,079 | 8,380 | 106 | 29,565 | ||||||||||||
|
Corporate
expense, management
|
||||||||||||||||
|
fees,
royalties and other
|
20,652 | 46,523 | (45,059 | ) | 22,116 | |||||||||||
|
Stock-based
compensation
|
4,378 | 1,456 | 2,720 | 8,554 | ||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 150,233 | $ | 284,582 | $ | - | $ | 434,815 | ||||||||
|
Six
Months Ended June 30, 2007
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income
|
$ | 122,434 | $ | 94,277 | $ | 17,621 | $ | 234,332 | ||||||||
|
Pre-opening
costs
|
2,351 | 353 | 21 | 2,725 | ||||||||||||
|
Depreciation
and amortization
|
72,587 | 29,159 | 1,680 | 103,426 | ||||||||||||
|
Property
charges and other
|
1,701 | 24,089 | 500 | 26,290 | ||||||||||||
|
Corporate
expense, management
|
||||||||||||||||
|
fees,
royalties and other
|
23,066 | 22,715 | (23,701 | ) | 22,080 | |||||||||||
|
Stock-based
compensation
|
4,388 | 1,074 | 3,879 | 9,341 | ||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 226,527 | $ | 171,667 | $ | - | $ | 398,194 | ||||||||
|
Six
Months Ended
|
||||||||||||||||
|
June
30,
|
||||||||||||||||
|
2008
|
2007
|
|||||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 434,815 | $ | 398,194 | ||||||||||||
|
Pre-opening
costs
|
(12,144 | ) | (2,725 | ) | ||||||||||||
|
Depreciation
and amortization
|
(126,511 | ) | (103,426 | ) | ||||||||||||
|
Property
charges and other
|
(29,565 | ) | (26,290 | ) | ||||||||||||
|
Corporate
expenses and other
|
(22,116 | ) | (22,080 | ) | ||||||||||||
|
Stock-based
compensation
|
(8,554 | ) | (9,341 | ) | ||||||||||||
|
Interest
income and other
|
17,495 | 22,508 | ||||||||||||||
|
Interest
expense
|
(86,250 | ) | (73,133 | ) | ||||||||||||
|
Increase in
swap fair value
|
8,707 | 1,859 | ||||||||||||||
|
Loss from
extinguishment of debt
|
- | (157 | ) | |||||||||||||
|
Benefit
(provision) for income taxes
|
142,833 | (37,454 | ) | |||||||||||||
|
Net
income
|
$ | 318,710 | $ | 147,955 | ||||||||||||
WYNN
RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL
DATA SCHEDULE
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
|
June
30, 2008
|
June
30, 2007
|
June
30, 2008
|
June
30, 2007
|
|||||||||||||
|
Room
Statistics for Wynn Las Vegas:
|
||||||||||||||||
|
Occupancy
%
|
96.5 | % | 97.0 | % | 96.2 | % | 96.6 | % | ||||||||
|
Average
Daily Rate (ADR)1
|
$ | 302 | $ | 311 | $ | 300 | $ | 310 | ||||||||
|
Revenue
per available room (REVPAR)2
|
$ | 292 | $ | 301 | $ | 289 | $ | 300 | ||||||||
|
Other
information for Wynn Las Vegas:
|
||||||||||||||||
|
Table
games win per unit per day3
|
$ | 7,742 | $ | 10,443 | $ | 8,175 | $ | 11,568 | ||||||||
|
Table
Win %
|
20.4 | % | 24.2 | % | 20.2 | % | 25.9 | % | ||||||||
|
Slot
machine win per unit per day4
|
$ | 232 | $ | 269 | $ | 230 | $ | 263 | ||||||||
|
Average
number of table games
|
143 | 143 | 139 | 138 | ||||||||||||
|
Average
number of slot machines
|
1,968 | 1,976 | 1,947 | 1,956 | ||||||||||||
|
Room
Statistics for Wynn Macau:
|
||||||||||||||||
|
Occupancy
%
|
87.9 | % | 86.2 | % | 88.2 | % | 85.5 | % | ||||||||
|
Average
Daily Rate (ADR)1
|
$ | 277 | $ | 258 | $ | 277 | $ | 252 | ||||||||
|
Revenue
per available room (REVPAR)2
|
$ | 244 | $ | 222 | $ | 244 | $ | 215 | ||||||||
|
Other
information for Wynn Macau:
|
||||||||||||||||
|
Table
games win per unit per day3
|
$ | 17,289 | $ | 17,292 | $ | 16,740 | $ | 16,356 | ||||||||
|
Slot
machine win per unit per day4
|
$ | 359 | $ | 522 | $ | 335 | $ | 488 | ||||||||
|
Average
number of table games
|
381 | 251 | 382 | 246 | ||||||||||||
|
Average
number of slot machines
|
1,258 | 457 | 1,250 | 445 | ||||||||||||
(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 (less service charges, if any) 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