Nevada
|
000-50028
|
46-0484987
|
(State
or other jurisdiction of
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
incorporation)
|
WYNN
LAS VEGAS, LLC
|
(Exact
name of registrant as specified in its
charter)
|
Nevada
|
333-100768
|
88-0494875
|
(State
or other jurisdiction of
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
incorporation)
|
3131
Las Vegas Boulevard South
|
|
Las
Vegas, Nevada
|
89109
|
(Address
of principal executive offices of each registrant)
|
(Zip
Code)
|
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.
|
Item
7.01.
|
Regulation
FD Disclosure.
|
Item
9.01.
|
Financial
Statements and Exhibits.
|
(d)
|
Exhibits:
|
Exhibit
|
|
Number
|
Description
|
99.1
|
Press
release, dated February 24, 2009, of Wynn Resorts,
Limited.
|
WYNN
RESORTS, LIMITED
|
||
By:
|
/s/ Matt Maddox | |
Matt Maddox | ||
Chief
Financial Officer and
|
||
Treasurer
|
WYNN
LAS VEGAS, LLC
|
||
By:
|
Wynn
Resorts Holdings, LLC,
|
|
its
sole member
|
||
By:
|
Wynn
Resorts, Limited, its sole
|
|
member
|
||
By:
|
/s/ Matt Maddox | |
Matt Maddox | ||
Chief
Financial Officer and
|
||
Treasurer
|
Three
Months Ended
|
Year
Ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Operating
revenues:
|
||||||||||||||||
Casino
|
$ | 455,948 | $ | 524,068 | $ | 2,261,932 | $ | 1,949,870 | ||||||||
Rooms
|
74,979 | 84,672 | 326,655 | 339,391 | ||||||||||||
Food
and beverage
|
83,088 | 91,423 | 358,715 | 353,983 | ||||||||||||
Entertainment,
retail and other
|
59,647 | 69,098 | 270,065 | 245,201 | ||||||||||||
Gross
revenues
|
673,662 | 769,261 | 3,217,367 | 2,888,445 | ||||||||||||
Less:
promotional allowances
|
(59,387 | ) | (57,986 | ) | (230,043 | ) | (200,926 | ) | ||||||||
Net
revenues
|
614,275 | 711,275 | 2,987,324 | 2,687,519 | ||||||||||||
Operating
costs and expenses:
|
||||||||||||||||
Casino
|
325,280 | 327,292 | 1,490,927 | 1,168,119 | ||||||||||||
Rooms
|
18,178 | 19,556 | 78,238 | 83,237 | ||||||||||||
Food
and beverage
|
47,878 | 51,951 | 207,281 | 212,622 | ||||||||||||
Entertainment,
retail and other
|
34,552 | 42,456 | 161,862 | 161,087 | ||||||||||||
General
and administrative
|
69,697 | 80,456 | 319,303 | 310,820 | ||||||||||||
Provision
for doubtful accounts
|
393 | 8,265 | 49,405 | 36,109 | ||||||||||||
Pre-opening
costs
|
46,320 | 2,883 | 72,375 | 7,063 | ||||||||||||
Depreciation
and amortization
|
70,793 | 60,496 | 262,848 | 219,923 | ||||||||||||
Property
charges and other
|
1,396 | 9,471 | 32,584 | 60,857 | ||||||||||||
Total
operating costs and expenses
|
614,487 | 602,826 | 2,674,823 | 2,259,837 | ||||||||||||
Equity
in income (loss) from unconsolidated affiliates
|
(48 | ) | 326 | 1,353 | 1,721 | |||||||||||
Operating
income (loss)
|
(260 | ) | 108,775 | 313,854 | 429,403 | |||||||||||
Other
income (expense):
|
||||||||||||||||
Interest
income
|
1,402 | 16,220 | 21,517 | 47,259 | ||||||||||||
Interest
expense, net of capitalized interest
|
(46,180 | ) | (35,901 | ) | (172,693 | ) | (143,777 | ) | ||||||||
Decrease
in swap fair value
|
(36,604 | ) | (3,653 | ) | (31,485 | ) | (6,001 | ) | ||||||||
Gain
(loss) from extinguishment of debt
|
22,347 | - | 22,347 | (157 | ) | |||||||||||
Other
|
(1,563 | ) | 2,260 | (4,257 | ) | 506 | ||||||||||
Other
income (expense), net
|
(60,598 | ) | (21,074 | ) | (164,571 | ) | (102,170 | ) | ||||||||
Income
(loss) before income taxes
|
(60,858 | ) | 87,701 | 149,283 | 327,233 | |||||||||||
Benefit
(provision) for income taxes
|
(98,776 | ) | (22,248 | ) | 60,923 | (69,085 | ) | |||||||||
Net
income (loss)
|
$ | (159,634 | ) | $ | 65,453 | $ | 210,206 | $ | 258,148 | |||||||
Basic
and diluted income (loss) per common share:
|
||||||||||||||||
Net
income (loss):
|
||||||||||||||||
Basic
|
$ | (1.49 | ) | $ | 0.58 | $ | 1.94 | $ | 2.43 | |||||||
Diluted*
|
$ | (1.49 | ) | $ | 0.57 | $ | 1.92 | $ | 2.34 | |||||||
Weighted
average common shares outstanding:
|
||||||||||||||||
Basic
|
106,900 | 113,720 | 108,408 | 106,030 | ||||||||||||
Diluted
|
106,900 | 115,257 | 109,441 | 112,685 | ||||||||||||
*
Diluted earnings per share for the year ended December 31, 2007 includes
the assumption that the convertible subordinated debentures were converted
into shares of common stock. Accordingly, net income used in
the computation of diluted earnings per share is increased by
approximately $5.1 million of net interest attributable to these
debentures for the year ended December 31,
2007.
|
Three
Months Ended
|
Year
Ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Net
income (loss)
|
$ | (159,634 | ) | $ | 65,453 | $ | 210,206 | $ | 258,148 | |||||||
Pre-opening
costs
|
46,320 | 2,883 | 72,375 | 7,063 | ||||||||||||
(Gain)
loss from the extinguishment of debt
|
(22,347 | ) | - | (22,347 | ) | 157 | ||||||||||
Decrease
in swap fair value
|
36,604 | 3,653 | 31,485 | 6,001 | ||||||||||||
Property
charges and other
|
1,396 | 9,471 | 32,584 | 60,857 | ||||||||||||
Adjustment
for income taxes
|
(17,746 | ) | 1,096 | (32,315 | ) | (2,868 | ) | |||||||||
Foreign
tax credit valuation allowance adjustment
|
123,029 | - | (17,626 | ) | - | |||||||||||
Adjusted
net income(2)
|
$ | 7,622 | $ | 82,556 | $ | 274,362 | $ | 329,358 | ||||||||
Adjusted
net income per diluted share*
|
$ | 0.07 | $ | 0.72 | $ | 2.51 | $ | 2.97 |
*
Diluted adjusted net income per share for the the year ended December 31,
2007 includes the assumption that the convertible debentures were
converted into shares of common stock. Since the convertible
debentures were all converted into shares of stock in July 2007, there is
no adjustment to net income for the quarter ended December 31,
2007. Accordingly, adjusted net income used in the computation
of diluted adjusted net income per share for the year ended December 31,
2007 is increased by approximately $5.1 million of net interest
attributable to these
debentures.
|
Three
Months Ended December 31, 2008
|
||||||||||||||||
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
Operating
income (loss)
|
$ | (69,785 | ) | $ | 55,592 | $ | 13,933 | $ | (260 | ) | ||||||
Pre-opening
costs
|
46,319 | 1 | - | 46,320 | ||||||||||||
Depreciation
and amortization
|
47,097 | 23,031 | 665 | 70,793 | ||||||||||||
Property
charges and other
|
696 | 644 | 56 | 1,396 | ||||||||||||
Corporate
expense, management
|
||||||||||||||||
fees,
royalties and other
|
5,745 | 14,121 | (16,905 | ) | 2,961 | |||||||||||
Stock-based
compensation
|
2,488 | 1,598 | 2,251 | 6,337 | ||||||||||||
Adjusted
property EBITDA (1)
|
$ | 32,560 | $ | 94,987 | $ | - | $ | 127,547 | ||||||||
Three
Months Ended December 31, 2007
|
||||||||||||||||
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
Operating
income
|
$ | 42,384 | $ | 50,565 | $ | 15,826 | $ | 108,775 | ||||||||
Pre-opening
costs
|
2,683 | 208 | (8 | ) | 2,883 | |||||||||||
Depreciation
and amortization
|
40,371 | 19,231 | 894 | 60,496 | ||||||||||||
Property
charges and other
|
1,901 | 16,873 | (9,303 | ) | 9,471 | |||||||||||
Corporate
expense, management
|
||||||||||||||||
fees,
royalties and other
|
8,429 | 12,299 | (9,415 | ) | 11,313 | |||||||||||
Stock-based
compensation
|
1,551 | 436 | 2,006 | 3,993 | ||||||||||||
Adjusted
property EBITDA (1)
|
$ | 97,319 | $ | 99,612 | $ | - | $ | 196,931 | ||||||||
Three
Months Ended
|
||||||||||||||||
December
31,
|
||||||||||||||||
2008
|
2007
|
|||||||||||||||
Adjusted
property EBITDA (1)
|
$ | 127,547 | $ | 196,931 | ||||||||||||
Pre-opening
costs
|
(46,320 | ) | (2,883 | ) | ||||||||||||
Depreciation
and amortization
|
(70,793 | ) | (60,496 | ) | ||||||||||||
Property
charges and other
|
(1,396 | ) | (9,471 | ) | ||||||||||||
Corporate
expenses and other
|
(2,961 | ) | (11,313 | ) | ||||||||||||
Stock-based
compensation
|
(6,337 | ) | (3,993 | ) | ||||||||||||
Interest
income
|
1,402 | 16,220 | ||||||||||||||
Interest
expense
|
(46,180 | ) | (35,901 | ) | ||||||||||||
Decrease
in swap fair value
|
(36,604 | ) | (3,653 | ) | ||||||||||||
Gain
on extinguishment of debt
|
22,347 | - | ||||||||||||||
Other
|
(1,563 | ) | 2,260 | |||||||||||||
Provision
for income taxes
|
(98,776 | ) | (22,248 | ) | ||||||||||||
Net
income (loss)
|
$ | (159,634 | ) | $ | 65,453 |
Year
Ended December 31, 2008
|
||||||||||||||||
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
Operating
income (loss)
|
$ | (58,350 | ) | $ | 298,463 | $ | 73,741 | $ | 313,854 | |||||||
Pre-opening
costs
|
72,373 | 2 | - | 72,375 | ||||||||||||
Depreciation
and amortization
|
169,640 | 90,592 | 2,616 | 262,848 | ||||||||||||
Property
charges and other
|
22,406 | 10,015 | 163 | 32,584 | ||||||||||||
Corporate
expense, management
|
||||||||||||||||
fees,
royalties and other
|
37,304 | 82,647 | (83,208 | ) | 36,743 | |||||||||||
Stock-based
compensation
|
9,502 | 4,138 | 6,688 | 20,328 | ||||||||||||
Adjusted
property EBITDA (1)
|
$ | 252,875 | $ | 485,857 | $ | - | $ | 738,732 | ||||||||
Year
Ended December 31, 2007
|
||||||||||||||||
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
Operating
income
|
$ | 200,621 | $ | 184,072 | $ | 44,710 | $ | 429,403 | ||||||||
Pre-opening
costs
|
6,457 | 590 | 16 | 7,063 | ||||||||||||
Depreciation
and amortization
|
152,839 | 63,469 | 3,615 | 219,923 | ||||||||||||
Property
charges and other
|
6,005 | 63,654 | (8,802 | ) | 60,857 | |||||||||||
Corporate
expense, management
|
||||||||||||||||
fees,
royalties and other
|
43,075 | 49,228 | (46,935 | ) | 45,368 | |||||||||||
Stock-based
compensation
|
8,031 | 3,100 | 7,396 | 18,527 | ||||||||||||
Adjusted
property EBITDA (1)
|
$ | 417,028 | $ | 364,113 | $ | - | $ | 781,141 | ||||||||
Year
Ended
|
||||||||||||||||
December
31,
|
||||||||||||||||
2008
|
2007
|
|||||||||||||||
Adjusted
property EBITDA (1)
|
$ | 738,732 | $ | 781,141 | ||||||||||||
Pre-opening
costs
|
(72,375 | ) | (7,063 | ) | ||||||||||||
Depreciation
and amortization
|
(262,848 | ) | (219,923 | ) | ||||||||||||
Property
charges and other
|
(32,584 | ) | (60,857 | ) | ||||||||||||
Corporate
expenses and other
|
(36,743 | ) | (45,368 | ) | ||||||||||||
Stock-based
compensation
|
(20,328 | ) | (18,527 | ) | ||||||||||||
Interest
income
|
21,517 | 47,259 | ||||||||||||||
Interest
expense
|
(172,693 | ) | (143,777 | ) | ||||||||||||
Decrease
in swap fair value
|
(31,485 | ) | (6,001 | ) | ||||||||||||
Gain
(loss) on extinguishment of debt
|
22,347 | (157 | ) | |||||||||||||
Other
|
(4,257 | ) | 506 | |||||||||||||
Benefit
(provision) for income taxes
|
60,923 | (69,085 | ) | |||||||||||||
Net
income
|
$ | 210,206 | $ | 258,148 |
Three
Months Ended
|
Year
Ended
|
|||||||||||||||
December
31, 2008
|
December
31, 2007
|
December
31, 2008
|
December
31, 2007
|
|||||||||||||
Room
Statistics for Wynn Las Vegas5:
|
||||||||||||||||
Occupancy
%
|
79.7% | 94.3% | 91.8% | 96.0% | ||||||||||||
Average
Daily Rate (ADR)1
|
$ | 281 | $ | 298 | $ | 288 | $ | 300 | ||||||||
Revenue
per available room (REVPAR)2
|
$ | 224 | $ | 281 | $ | 265 | $ | 288 | ||||||||
Other
information for Wynn Las Vegas5:
|
||||||||||||||||
Table
games win per unit per day3
|
$ | 5,629 | $ | 11,293 | $ | 7,976 | $ | 10,872 | ||||||||
Table
Win %
|
15.3% | 23.5% | 20.0% | 25.3% | ||||||||||||
Slot
machine win per unit per day4
|
$ | 203 | $ | 241 | $ | 221 | $ | 250 | ||||||||
Average
number of table games
|
147 | 141 | 141 | 141 | ||||||||||||
Average
number of slot machines
|
2,034 | 1,973 | 1,971 | 1,966 | ||||||||||||
Room
Statistics for Wynn Macau:
|
||||||||||||||||
Occupancy
%
|
86.8% | 92.4% | 87.3% | 88.8% | ||||||||||||
Average
Daily Rate (ADR)1
|
$ | 273 | $ | 256 | $ | 275 | $ | 251 | ||||||||
Revenue
per available room (REVPAR)2
|
$ | 237 | $ | 237 | $ | 240 | $ | 223 | ||||||||
Other
information for Wynn Macau:
|
||||||||||||||||
Table
games win per unit per day3
|
$ | 12,366 | $ | 16,239 | $ | 15,265 | $ | 16,410 | ||||||||
Slot
machine win per unit per day4
|
$ | 348 | $ | 456 | $ | 346 | $ | 470 | ||||||||
Average
number of table games
|
367 | 290 | 377 | 259 | ||||||||||||
Average
number of slot machines
|
1,241 | 708 | 1,243 | 521 |