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 30, 2008
|
WYNN
RESORTS, LIMITED
|
|
(Exact
name of registrant as specified in its
charter)
|
|
Nevada
|
000-50028
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46-0484987
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|
(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
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333-100768
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88-0494875
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
|
3131 Las Vegas Boulevard South
|
|
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Las Vegas, Nevada
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89109
|
|
(Address
of principal executive offices of each registrant)
|
(Zip
Code)
|
|
(702)
770-7555
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|
(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 October 30, 2008, Wynn Resorts,
Limited issued a press release announcing its results of operations for the
third 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.
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(d)
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Exhibits:
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|
Exhibit
Number
|
Description
|
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99.1
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Press
release, dated October 30, 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 30, 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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|
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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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|||
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
30, 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
|
||
|
By:
|
Wynn
Resorts, Limited, its sole member
|
||
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By:
|
/s/
Matt Maddox
|
|
|
|
Matt
Maddox
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|||
|
Chief
Financial Officer and
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|||
|
Treasurer
|
|||
Exhibit
99.1
Wynn
Resorts, Limited Posts Third Quarter Results
LAS
VEGAS, October 30, 2008 (BUSINESS WIRE) -- Wynn Resorts, Limited (Nasdaq: WYNN)
today reported financial results for the quarter ended September 30,
2008.
Net
revenues for the third quarter of 2008 were $769.2 million, compared to $653.4
million in the third quarter of 2007. The revenue increase was driven primarily
by a 36.6% increase in revenues at Wynn Macau.
Consolidated
adjusted property EBITDA (1) decreased 5.2% to $176.4 million for the third
quarter of 2008, compared to $186.0 million in the third quarter of
2007.
On a US
GAAP (Generally Accepted Accounting Principles) basis, net income for the
quarter was $51.1 million, or $0.49 per diluted share, compared to net income of
$44.7 million, or $0.41 per diluted share in 2007. Adjusted net income in the
third quarter of 2008 was $64.2 million, or $0.62 per diluted share (adjusted
EPS)(2) compared to an adjusted net income of $73.4 million, or $0.67 per
diluted share in the third quarter of 2007.
Wynn
Las Vegas Third Quarter Results
For the
quarter ended September 30, 2008, Wynn Las Vegas generated adjusted property
EBITDA of $70.1 million, compared to $93.2 million in the third quarter of 2007,
with a 23.8% EBITDA margin on net revenue. The EBITDA decline is primarily
attributable to a lower hold percentage and an $11.1 million increase in our bad
debt reserve based solely on the current global economic
uncertainty.
Net
casino revenues in the third quarter of 2008 were $143.2 million, compared to
$149.9 million for the third quarter of 2007. Table games drop increased 11.6%
from the comparable period in 2007 to $531.0 million but 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 and win per unit per day
was $225, compared to a win per unit per day of $234 in the third quarter of
2007.
Gross
non-casino revenues for the quarter were $190.9 million, a 1.1% decrease from
the third quarter of 2007. Hotel revenues were down 3.9% to $65.3 million during
the quarter. 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).
Food
and beverage revenues increased 2.5% to $74.6 million in the quarter, and retail
revenues declined 3.8% to $23.0 million in the quarter. Entertainment revenues
were approximately $16.0 million compared to $17.0 million in the third quarter
of 2007 as we closed Spamalot on July 13, 2008. 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 will include a 2,034
all-suite hotel tower, an approximately 72,000 square foot casino, additional
convention and meeting space, as well as five restaurants, a nightclub, swimming
pools, a spa and salon and retail outlets. Encore is expected to open in
December 2008 and our project budget is approximately $2.3 billion for Encore
and related capital improvements. Encore at Wynn Las Vegas is fully
financed.
As of
September 30, 2008, we had incurred approximately $1.8 billion of project costs
related to the development and construction of Encore and related capital
improvements.
Wynn
Macau Third Quarter Results
In the
third quarter of 2008, Wynn Macau generated net revenues of $474.8 million
compared to $347.7 million for the third quarter of 2007. Adjusted property
EBITDA increased 14.5% to $106.3 million (with a 22.4% EBITDA margin on net
revenue) compared to $92.8 million in the third 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. EBITDA at Wynn Macau during this quarter was also reduced by an $11.0
million increase in bad debt reserves based solely on the current global
economic uncertainty.
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 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%, just above the top end of 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 above our
expected range of 18% to 20%.
Slot
machine win increased 103.2% compared to the third quarter of 2007. Win per unit
per day was $366, a 19.7% decline from the third quarter of 2007 due to the
increase in the average number of slot machines from 486 to 1,230
slots.
Wynn
Macau achieved an Average Daily Rate (ADR) of $272 for the quarter, compared to
$245 in the third quarter of 2007. The property’s occupancy was 86.2%, compared
to 91.9% during the prior year period, generating revenue per available room
(REVPAR) of $234 in the 2008 period (4.2% higher than in 2007).
Encore
at Wynn Macau
Wynn
Macau currently features approximately 600 hotel rooms and suites, 380 table
games and 1,230 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 a fully-integrated resort
hotel with approximately 400 luxury suites and four villas, along with
restaurants and additional retail and gaming space. We expect Encore at Wynn
Macau to open in the first quarter of 2010. As of September 30, 2008, we have
incurred $150.1 million of an expected $700 million budget associated with the
construction of Encore at Wynn Macau. Encore at Wynn Macau is fully
financed.
Other
Factors Affecting Earnings
Interest
expense, net of $24.0 million in capitalized interest, was $40.3 million for the
third quarter of 2008. Depreciation and amortization expenses were $65.5 million
and Encore at Wynn Las Vegas pre-opening expenses were $13.9 million during the
quarter. Corporate expense and other was $17.1 million in the third quarter,
including $5.4 million in stock based compensation.
Balance
Sheet and Capital Expenditures
Our
total cash balances at the end of the quarter were $1.7 billion, including cash
balances restricted for construction of approximately $31 million. Total debt
outstanding at the end of the quarter was $4.9 billion, including approximately
$2.8 billion of Wynn Las Vegas debt, $1.1 billion of Wynn Macau related debt and
$1.0 billion at Wynn Resorts, Limited. During the quarter we drew on the
remaining availability under our Wynn Las Vegas Revolver and drew an additional
$500 million on our Wynn Macau facilities of which $500 million remain
available.
Capital
expenditures during the third quarter of 2008, net of changes in construction
payables and retention, totaled approximately $345.0 million, primarily
attributable to Encore at Wynn Las Vegas.
During
the month of July, the Company repurchased 4,256,271 shares of our common stock
at an average price of $79.06 per share.
Conference
Call Information
The
Company will hold a conference call to discuss its results on Thursday, 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).
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 dependence on existing management, levels
of travel, leisure and casino spending, general 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.
|
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
|
|||||||||
|
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME
|
|||||||||
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(amounts in thousands, except per
share data)
|
|||||||||
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(unaudited)
|
|||||||||
|
Three Months
Ended
|
Nine Months
Ended
|
||||||||
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September
30,
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September
30,
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||||||||
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2008
|
2007
|
2008
|
2007
|
||||||
|
Operating
revenues:
|
||||||||||||||||||
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Casino
|
$ | 590,576 | $ | 476,785 | $ | 1,805,984 | $ | 1,425,802 | ||||||||||
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Rooms
|
79,603 | 81,631 | 251,676 | 254,719 | ||||||||||||||
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Food and
beverage
|
87,607 | 82,451 | 275,627 | 262,560 | ||||||||||||||
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Entertainment, retail and
other
|
69,306 | 61,237 | 210,418 | 176,103 | ||||||||||||||
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Gross
revenues
|
827,092 | 702,104 | 2,543,705 | 2,119,184 | ||||||||||||||
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Less: promotional
allowances
|
(57,906 | ) | (48,718 | ) | (170,656 | ) | (142,940 | ) | ||||||||||
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Net
revenues
|
769,186 | 653,386 | 2,373,049 | 1,976,244 | ||||||||||||||
|
Operating costs and
expenses:
|
||||||||||||||||||
|
Casino
|
377,322 | 286,434 | 1,165,647 | 840,827 | ||||||||||||||
|
Rooms
|
19,317 | 21,340 | 60,060 | 63,681 | ||||||||||||||
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Food and
beverage
|
52,607 | 51,463 | 159,403 | 160,671 | ||||||||||||||
|
Entertainment, retail and
other
|
39,436 | 42,084 | 127,310 | 118,631 | ||||||||||||||
|
General and
administrative
|
85,371 | 77,904 | 249,606 | 230,364 | ||||||||||||||
|
Provision for doubtful
accounts
|
36,296 | 5,741 | 49,012 | 27,844 | ||||||||||||||
|
Pre-opening
costs
|
13,911 | 1,455 | 26,055 | 4,180 | ||||||||||||||
|
Depreciation and
amortization
|
65,544 | 56,001 | 192,055 | 159,427 | ||||||||||||||
|
Property charges and
other
|
1,623 | 25,096 | 31,188 | 51,386 | ||||||||||||||
|
Total operating
costs and expenses
|
691,427 | 567,518 | 2,060,336 | 1,657,011 | ||||||||||||||
|
Equity in income from
unconsolidated affiliates
|
430 | 428 | 1,401 | 1,395 | ||||||||||||||
|
Operating
income
|
78,189 | 86,296 | 314,114 | 320,628 | ||||||||||||||
|
Other income
(expense):
|
||||||||||||||||||
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Interest income
|
2,731 | 9,906 | 20,115 | 31,038 | ||||||||||||||
|
Interest expense, net of
capitalized interest
|
(40,263 | ) | (34,743 | ) | (126,513 | ) | (107,876 | ) | ||||||||||
|
Increase (decrease) in swap fair
value
|
(3,588 | ) | (4,207 | ) | 5,119 | (2,348 | ) | |||||||||||
|
Loss from extinguishment of
debt
|
- | - | - | (157 | ) | |||||||||||||
|
Other
|
(2,805 | ) | (3,129 | ) | (2,694 | ) | (1,753 | ) | ||||||||||
|
Other income
(expense), net
|
(43,925 | ) | (32,173 | ) | (103,973 | ) | (81,096 | ) | ||||||||||
|
Income before income
taxes
|
34,264 | 54,123 | 210,141 | 239,532 | ||||||||||||||
|
Benefit (provision) for income
taxes
|
16,866 | (9,383 | ) | 159,699 | (46,837 | ) | ||||||||||||
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Net income
|
$ | 51,130 | $ | 44,740 | $ | 369,840 | $ | 192,695 | ||||||||||
|
Basic and diluted income per
common share:
|
||||||||||||||||||
|
Net income:
|
||||||||||||||||||
|
Basic
|
$ | 0.50 | $ | 0.42 | $ | 3.40 | $ | 1.86 | ||||||||||
|
Diluted*
|
$ | 0.49 | $ | 0.41 | $ | 3.36 | $ | 1.77 | ||||||||||
|
Weighted average
common shares outstanding:
|
||||||||||||||||||
|
Basic
|
103,266 | 107,632 | 108,915 | 103,439 | ||||||||||||||
|
Diluted
|
104,270 | 110,881 | 110,106 | 111,783 | ||||||||||||||
* Diluted earnings per share
for the three and nine months ended September 30, 2007 include the assumption
that the convertible subordinated debentures were converted into shares of
common stock at January 1, 2007. Accordingly, net income used in the computation
of diluted earnings per share is increased by approximately $0.4 million and
$5.1 million, respectively, of net interest attributable to these debentures for
the three and nine months ended September 30, 2007.
|
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
|
||||||||||||||||
|
RECONCILIATION OF NET
INCOME
|
||||||||||||||||
|
TO ADJUSTED NET
INCOME
|
||||||||||||||||
|
(amounts in
thousands)
|
||||||||||||||||
|
(unaudited)
|
||||||||||||||||
|
Three Months
Ended
|
Nine Months
Ended
|
|||||||||||||||
|
September
30,
|
September
30,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
Net income
|
$ | 51,130 | $ | 44,740 | $ | 369,840 | $ | 192,695 | ||||||||
|
Pre-opening
costs
|
13,911 | 1,455 | 26,055 | 4,180 | ||||||||||||
|
Loss from extinguishment of
debt
|
- | - | - | 157 | ||||||||||||
|
(Increase) decrease in swap fair
value
|
3,588 | 4,207 | (5,119 | ) | 2,348 | |||||||||||
|
Property charges and
other
|
1,623 | 25,096 | 31,188 | 51,386 | ||||||||||||
|
Adjustment for taxes on
above
|
(6,007 | ) | (2,109 | ) | (14,573 | ) | (3,964 | ) | ||||||||
|
Recognition of foreign tax
credit
|
- | - | (140,655 | ) | - | |||||||||||
|
Adjusted net income
(2)
|
$ | 64,245 | $ | 73,389 | $ | 266,736 | $ | 246,802 | ||||||||
|
Adjusted net income per diluted
share*
|
$ | 0.62 | $ | 0.67 | $ | 2.42 | $ | 2.25 | ||||||||
* Diluted adjusted net income per share for the three and nine months ended
September 30, 2007 includes the assumption that the convertible subordinated
debentures were converted into shares of common stock at January 1, 2007.
Accordingly, adjusted net income used in the computation of diluted adjusted net
income per share is increased by approximately $0.4 million and $5.1 million,
respectively, of net interest attributable to these debentures.
|
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 September 30,
2008
|
||||||||||||||||
|
Wynn Las
Vegas
|
Wynn Macau
|
Corporate and
Other
|
Total
|
|||||||||||||
|
Operating income
(loss)
|
$ | (272 | ) | $ | 59,552 | $ | 18,909 | $ | 78,189 | |||||||
|
Pre-opening
costs
|
13,911 | - | - | 13,911 | ||||||||||||
|
Depreciation and
amortization
|
42,269 | 22,610 | 665 | 65,544 | ||||||||||||
|
Property charges and
other
|
632 | 991 | - | 1,623 | ||||||||||||
|
Corporate expense,
management
|
||||||||||||||||
|
fees, royalties
and other
|
10,906 | 22,051 | (21,290 | ) | 11,667 | |||||||||||
|
Stock-based
compensation
|
2,636 | 1,084 | 1,716 | 5,436 | ||||||||||||
|
Adjusted Property EBITDA
(1)
|
$ | 70,082 | $ | 106,288 | $ | - | $ | 176,370 | ||||||||
|
Three Months Ended September 30,
2007
|
||||||||||||||||
|
Wynn Las
Vegas
|
Wynn Macau
|
Corporate and
Other
|
Total
|
|||||||||||||
|
Operating
income
|
$ | 35,803 | $ | 39,229 | $ | 11,264 | $ | 86,296 | ||||||||
|
Pre-opening
costs
|
1,423 | 30 | 2 | 1,455 | ||||||||||||
|
Depreciation and
amortization
|
39,881 | 15,079 | 1,041 | 56,001 | ||||||||||||
|
Property charges and
other
|
2,404 | 22,692 | - | 25,096 | ||||||||||||
|
Corporate expense,
management
|
||||||||||||||||
|
fees, royalties
and other
|
11,579 | 14,215 | (13,818 | ) | 11,976 | |||||||||||
|
Stock-based
compensation
|
2,092 | 1,589 | 1,511 | 5,192 | ||||||||||||
|
Adjusted Property EBITDA
(1)
|
$ | 93,182 | $ | 92,834 | $ | - | $ | 186,016 | ||||||||
|
Three Months
Ended
|
||||||||||||||||
|
September
30,
|
||||||||||||||||
|
2008
|
2007
|
|||||||||||||||
|
Adjusted Property EBITDA
(1)
|
$ | 176,370 | $ | 186,016 | ||||||||||||
|
Pre-opening
costs
|
(13,911 | ) | (1,455 | ) | ||||||||||||
|
Depreciation and
amortization
|
(65,544 | ) | (56,001 | ) | ||||||||||||
|
Property charges and
other
|
(1,623 | ) | (25,096 | ) | ||||||||||||
|
Corporate expenses and
other
|
(11,667 | ) | (11,976 | ) | ||||||||||||
|
Stock-based
compensation
|
(5,436 | ) | (5,192 | ) | ||||||||||||
|
Interest
income
|
2,731 | 9,906 | ||||||||||||||
|
Interest
expense
|
(40,263 | ) | (34,743 | ) | ||||||||||||
|
Decrease in swap fair
value
|
(3,588 | ) | (4,207 | ) | ||||||||||||
|
Other
|
(2,805 | ) | (3,129 | ) | ||||||||||||
|
Benefit (provision)
for income taxes
|
16,866 | (9,383 | ) | |||||||||||||
|
Net income
|
$ | 51,130 | $ | 44,740 | ||||||||||||
|
WYNN RESORTS, LIMITED AND
SUBSIDIARIES
|
||||||||||||||||
|
RECONCILIATION OF OPERATING INCOME
TO ADJUSTED PROPERTY EBITDA
|
||||||||||||||||
|
AND ADJUSTED PROPERTY EBITDA TO
NET INCOME
|
||||||||||||||||
|
(amounts in
thousands)
|
||||||||||||||||
|
(unaudited)
|
||||||||||||||||
|
Nine Months Ended September 30,
2008
|
||||||||||||||||
|
Wynn Las
Vegas
|
Wynn Macau
|
Corporate and
Other
|
Total
|
|||||||||||||
|
Operating
income
|
$ | 11,435 | $ | 242,823 | $ | 59,856 | $ | 314,114 | ||||||||
|
Pre-opening
costs
|
26,054 | 1 | - | 26,055 | ||||||||||||
|
Depreciation and
amortization
|
122,543 | 67,561 | 1,951 | 192,055 | ||||||||||||
|
Property charges and
other
|
21,711 | 9,371 | 106 | 31,188 | ||||||||||||
|
Corporate expense,
management
|
||||||||||||||||
|
fees, royalties
and other
|
31,558 | 68,573 | (66,348 | ) | 33,783 | |||||||||||
|
Stock-based
compensation
|
7,014 | 2,541 | 4,435 | 13,990 | ||||||||||||
|
Adjusted Property EBITDA
(1)
|
$ | 220,315 | $ | 390,870 | $ | - | $ | 611,185 | ||||||||
|
Nine Months Ended September 30,
2007
|
||||||||||||||||
|
Wynn Las
Vegas
|
Wynn Macau
|
Corporate and
Other
|
Total
|
|||||||||||||
|
Operating
income
|
$ | 158,237 | $ | 133,507 | $ | 28,884 | $ | 320,628 | ||||||||
|
Pre-opening
costs
|
3,774 | 383 | 23 | 4,180 | ||||||||||||
|
Depreciation and
amortization
|
112,468 | 44,238 | 2,721 | 159,427 | ||||||||||||
|
Property charges and
other
|
4,105 | 46,781 | 500 | 51,386 | ||||||||||||
|
Corporate expense,
management
|
||||||||||||||||
|
fees, royalties
and other
|
34,646 | 36,930 | (37,518 | ) | 34,058 | |||||||||||
|
Stock-based
compensation
|
6,480 | 2,663 | 5,390 | 14,533 | ||||||||||||
|
Adjusted Property EBITDA
(1)
|
$ | 319,710 | $ | 264,502 | $ | - | $ | 584,212 | ||||||||
|
Nine Months
Ended
|
||||||||||||||||
|
September
30,
|
||||||||||||||||
|
2008
|
2007
|
|||||||||||||||
|
Adjusted Property EBITDA
(1)
|
$ | 611,185 | $ | 584,212 | ||||||||||||
|
Pre-opening
costs
|
(26,055 | ) | (4,180 | ) | ||||||||||||
|
Depreciation and
amortization
|
(192,055 | ) | (159,427 | ) | ||||||||||||
|
Property charges and
other
|
(31,188 | ) | (51,386 | ) | ||||||||||||
|
Corporate expenses and
other
|
(33,783 | ) | (34,058 | ) | ||||||||||||
|
Stock-based
compensation
|
(13,990 | ) | (14,533 | ) | ||||||||||||
|
Interest
income
|
20,115 | 31,038 | ||||||||||||||
|
Interest
expense
|
(126,513 | ) | (107,876 | ) | ||||||||||||
|
Increase (decrease)
in swap fair value
|
5,119 | (2,348 | ) | |||||||||||||
|
Loss from
extinguishment of debt
|
- | (157 | ) | |||||||||||||
|
Other
|
(2,694 | ) | (1,753 | ) | ||||||||||||
|
Benefit (provision)
for income taxes
|
159,699 | (46,837 | ) | |||||||||||||
|
Net income
|
$ | 369,840 | $ | 192,695 | ||||||||||||
WYNN
RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL
DATA SCHEDULE
|
Three
Months Ended
|
Nine
Months Ended
|
|||
|
September
30, 2008
|
September
30, 2007
|
September
30, 2008
|
September
30, 2007
|
|
|
Room
Statistics for Wynn Las Vegas:
|
||||
|
Occupancy
%
|
96.1%
|
96.6%
|
96.1%
|
96.6%
|
|
Average
Daily Rate (ADR)1
|
$272
|
$282
|
$291
|
$301
|
|
Revenue
per available room (REVPAR)2
|
$261
|
$272
|
$280
|
$291
|
|
Other
information for Wynn Las Vegas:
|
||||
|
Table
games win per unit per day3
|
$10,062
|
$9,516
|
$8,809
|
$10,799
|
|
Table
Win %
|
24.3%
|
26.4%
|
21.6%
|
26.0%
|
|
Slot
machine win per unit per day4
|
$225
|
$234
|
$228
|
$253
|
|
Average
number of table games
|
139
|
143
|
139
|
140
|
|
Average
number of slot machines
|
1,956
|
1,977
|
1,950
|
1,963
|
|
Room
Statistics for Wynn Macau:
|
||||
|
Occupancy
%
|
86.2%
|
91.9%
|
87.5%
|
87.7%
|
|
Average
Daily Rate (ADR)1
|
$272
|
$245
|
$275
|
$249
|
|
Revenue
per available room (REVPAR)2
|
$234
|
$225
|
$241
|
$218
|
|
Other
information for Wynn Macau:
|
||||
|
Table
games win per unit per day3
|
$15,136
|
$16,686
|
$16,205
|
$16,478
|
|
Slot
machine win per unit per day4
|
$366
|
$456
|
$345
|
$477
|
|
Average
number of table games
|
379
|
252
|
381
|
248
|
|
Average
number of slot machines
|
1,230
|
486
|
1,243
|
459
|
(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