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): October 13, 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
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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incorporation)
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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
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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incorporation)
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3131
Las Vegas Boulevard South
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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:
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o
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Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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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 Results of
Operations and Financial Condition.
On
October 13, 2008, Wynn Resorts, Limited (the “Company”) issued a press release
announcing preliminary expectations of its results of operations for the third
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.
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.
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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 October 13, 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: October
14, 2008
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WYNN
RESORTS, LIMITED
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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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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: October
14, 2008
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WYNN
LAS VEGAS, LLC
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By:
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Wynn
Resorts Holdings, LLC, its
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sole
member
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By:
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Wynn
Resorts, Limited, its sole
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member
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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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Treasurer
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Exhibit
99.1
Wynn Resorts, Limited Announces
Preliminary Third Quarter Results
LAS
VEGAS, October 13, 2008 (BUSINESS WIRE) —Wynn Resorts, Limited (Nasdaq:
WYNN) announced preliminary expectations of its financial results for the
quarter ended September 30, 2008. The Company decided to pre-release results to
provide investors with more timely information due to the volatility in the
global markets. 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.
The
Company owns the privileged position of representing the highest end of our
market. Earning Mobil Five-Star, Michelin Red Pavilion and AAA Five Diamond
designations is reflective of this high quality reputation. We remain
convinced that such a reputation represents a measurable franchise
notwithstanding the current market volatility.
Our
Company had a solid third quarter in both Las Vegas and Macau but we have very
little visibility on future earnings due to the global economic situation and
the recently imposed travel restrictions in Macau.
Wynn
Las Vegas
On a
GAAP basis, operating (loss)/income for our Las Vegas property for the third
quarter of 2008 is expected to be in the range of ($2) million to $2 million,
compared to $35.8 million in the 2007 period due primarily to the EBITDA decline
and a $12.5 million increase in pre-opening expense. Adjusted property EBITDA
(1) is expected to be between $68 million and $72 million for the third quarter
of 2008, compared to $93.2 million for the third quarter of 2007. The EBITDA
decline is primarily attributable to a lower hold percentage and an increase in
our bad debt reserve based solely on the current global economic
uncertainty.
During
the quarter, table games drop increased 11.6% from the comparable period in 2007
to $531.0 million. Table games hold decreased to 24.3% compared to 26.4% in
2007. Slot machine handle of $853.8 million was 11.9% below the
comparable period of 2007.
Wynn
Las Vegas achieved an Average Daily Rate (ADR) of $272 for the quarter, compared
to $282 in the third quarter of 2007. The property’s occupancy was 96.1%,
compared to 96.6% during the prior year period, generating revenue per available
room (REVPAR) of $261 in the 2008 period (4.0% below the third quarter of
2007).
Encore
at Wynn Las Vegas, which is fully financed, remains on time and within the
previously announced budget.
Wynn
Macau
On a
GAAP basis, operating income for Wynn Macau for the third quarter of 2008 is
expected to be in the range of $57 million to $63 million, compared to $39.2
million in the 2007 period. Adjusted property EBITDA is expected to be in the
range of $103 million to $109 million in the third quarter of 2008, compared to
$92.8 million for the third quarter of 2007. EBITDA at Wynn Macau during this
quarter was also reduced by an increase in bad debt reserves based solely on the
current global economic uncertainty.
Table
games turnover in the VIP segment increased 35.6% to $13.3 billion for the
period, compared to $9.8 billion for the third quarter of 2007. VIP table games
win as a percentage of turnover (calculated before discounts and commissions)
was 3.10%, slightly above the expected range of 2.7% to 3.0% and higher than the
2.96% in the comparable period of 2007.
Table
games drop in the mass market category was approximately $568.8 million during
the period, a 19.7% increase from $475.4 million in the third quarter of 2007.
Mass market table games win percentage (calculated before discounts) of 20.3%
was in-line with the win percentage in the third quarter of 2007 and slightly
above our expected range of 18% to 20%.
Encore
at Wynn Macau, which is fully financed, remains on time and within the
previously announced budget.
Balance
Sheet
Our
total cash balance at the end of the quarter was $1.7 billion of which
approximately $1.1 billion is excess cash. Total debt outstanding at the end of
the quarter was $4.9 billion.
This
information is preliminary and does not include earnings per
share. The Company is finalizing, among other things, tax provisions
for the third quarter.
The
Company will release final third quarter results and hold a conference call to
discuss its results on October 30, 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 (www.wynnlasvegas.com)
and Wynn Macau (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. Encore (www.encorelasvegas.com), the new signature resort in the Wynn
collection, is scheduled to open in December 2008.
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
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