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 27, 2009
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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|||
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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)
|
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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|
o
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Pre-commencements
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02
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Results
of Operations and Financial
Condition.
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On October 27, 2009, Wynn Resorts,
Limited issued a press release announcing its results of operations for the
third quarter of 2009. 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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||
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Exhibit
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|||
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Number
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Description
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99.1
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Press
release, dated October 27, 2009, 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
27, 2009
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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
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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
27, 2009
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WYNN
LAS VEGAS, LLC
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||
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By:
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Wynn
Resorts Holdings, LLC, its sole member
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By:
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Wynn
Resorts, Limited, its sole member
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By:
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/s/ Matt Maddox | |
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Matt
Maddox
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||
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Chief
Financial Officer and
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||
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Treasurer
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||
Exhibit
99.1
Wynn
Resorts, Limited Reports Third Quarter Results
LAS
VEGAS, October 27, 2009 (BUSINESS WIRE) -- Wynn Resorts, Limited (Nasdaq: WYNN)
today reported financial results for the quarter ended September 30,
2009.
Net
revenues for the third quarter of 2009 were $773.1 million, compared to $769.2
million in the third quarter of 2008.
Consolidated
adjusted property EBITDA (1) increased 12.4% to $198.2 million for the third
quarter of 2009, compared to $176.4 million in the third quarter of
2008.
On a US
GAAP (Generally Accepted Accounting Principles) basis, net income for the
quarter was $34.2 million, or $0.28 per diluted share, compared to net income of
$51.2 million, or $0.49 per diluted share in 2008. Adjusted net
income in the third quarter of 2009 was $39.9 million, or $0.33 per diluted
share (adjusted EPS)(2) compared to an adjusted net income of $64.3 million, or
$0.62 per diluted share in the third quarter of 2008.
Las
Vegas Third Quarter Results
Our
results of operations for the periods presented are not comparable to prior
periods as the three months ended September 30, 2009 includes Encore at Wynn Las
Vegas, which opened on December 22, 2008. The prior year quarter includes only
Wynn Las Vegas.
For the
quarter ended September 30, 2009, our Las Vegas operations generated adjusted
property EBITDA of $70.0 million (with a 21.6% EBITDA margin on net revenue),
flat when compared to the $70.1 million generated in the third quarter of 2008.
Revenues at Wynn Las Vegas were up 10.2% but EBITDA was flat due to the
additional costs associated with the operation of Encore.
Net
casino revenues in the third quarter of 2009 were $144.0 million, flat with the
third quarter of 2008. Table games drop was $518.1 million, with win per table
per day (before discounts) of $5,801, compared to drop of $531.0 million and win
per table per day of $10,062 in the third quarter of 2008. Table games win
percentage of 23.7% was within the property’s expected range of 21% to 24%. Slot
machine handle of $850.3 million was in-line with the comparable period of 2008
and win per unit per day was $149, compared to a win per unit per day of $225 in
the third quarter of 2008. The reduction in win per table and win per unit is
due to the addition of 91 tables and 812 slot machines primarily at
Encore.
Gross
non-casino revenues for the quarter were $225.0 million, a 17.9% increase from
the third quarter of 2008, driven primarily by higher hotel and food and
beverage revenues resulting from Encore. Hotel revenues were up 17.7% to $76.9
million during the quarter, versus $65.3 million in the third quarter of 2008
due to the addition of 2,034 suites at Encore. Our Las Vegas operations achieved
an Average Daily Rate (ADR) of $210 for the quarter, compared to $272 in the
2008 quarter. Our occupancy was 83.9%, compared to 96.1% during the prior year
period, generating revenue per available room (REVPAR) of $176 in the 2009
period (32.6% below the third quarter of 2008 of $261).
Food
and beverage revenues increased 29.8% to $96.8 million in the quarter as a
result of the additional 12 food and beverage outlets located in Encore. Retail
revenues were $21.0 million in the quarter, 8.6% below last year’s levels and
entertainment revenues increased 3.9% to $16.6 million from the third quarter of
2008 primarily due to the contribution from headliner performances during
the quarter.
Macau
Third Quarter Results
In the
third quarter of 2009, net revenues were $448.5 million compared to $474.8
million in the third quarter of 2008. Wynn Macau generated adjusted property
EBITDA of $128.2 million, compared to $106.3 million in the third quarter of
2008.
Table
games turnover in the VIP segment was $14.1 billion for the period, compared to
$13.3 billion for the third quarter of 2008. VIP table games win as a percentage
of turnover (calculated before discounts and commissions) for the third quarter
of 2009 was 2.8%, within the expected range of 2.7% to 3.0% and below the 3.1%
experienced in the 2008 quarter.
1
Table
games drop in the mass market category was approximately $501.8 million during
the period, an 11.8% decrease from $568.8 million in the third quarter of
2008. Mass market table games win percentage (calculated before
discounts) of 20.8% was within our expected range of 19% to 21% and slightly
higher than the 20.3% experienced in the third quarter of 2008.
Slot
machine win decreased 8.9% compared to the third quarter of 2008 and win per
unit per day decreased 0.3% to $365 compared to $366 in the third quarter 2008
as we reconfigured the slot floor and removed approximately 100
machines.
Wynn
Macau achieved an Average Daily Rate (ADR) of $263 for the third quarter of
2009, compared to $272 in the 2008 quarter. The property’s occupancy was 89.2%,
compared to 86.2% during the prior year period, generating revenue per available
room (REVPAR) of $235 in the 2009 period, slightly above 2008 levels of
$234.
On
September 30, 2009, we added a new high-limit gaming salon containing
approximately 40 machines. In November 2009 we will also add two new
private gaming salons with 29 VIP tables.
Encore
at Wynn Macau
We
continue construction on our further expansion of Wynn Macau that will add a
fully-integrated resort hotel named Encore at Wynn Macau, with approximately 400
luxury suites and four villas, as well as additional gaming areas that will
include 37 VIP table games, approximately 20 high-limit slot machines, 24
premium mass market table games and 75 premium mass market slot machines, food
and beverage and retail amenities. We expect Encore at Wynn Macau to open in the
first half of 2010.
The
current budget for Encore at Wynn Macau is approximately $650 million. As of
September 30, 2009, we have incurred $375.6 million associated with the
construction of Encore at Wynn Macau.
Other
Factors Affecting Earnings
Interest
expense, net of $2.6 million in capitalized interest, was $50.1 million for the
third quarter of 2009. Depreciation and amortization expenses were $101.9
million. Corporate expense and other was $15.8 million in the third quarter,
including $6.9 million in stock based compensation.
Balance
Sheet and Capital Expenditures
Our
total cash balances on September 30, 2009 were $1.3 billion. Total debt
outstanding at the end of the quarter was $4.2 billion, including approximately
$2.7 billion of Wynn Las Vegas debt and $1.5 billion of Wynn Macau debt. Capital
expenditures during the third quarter of 2009 of approximately $124 million was
primarily related to the ongoing construction of Encore at Wynn
Macau.
In
October 2009, Wynn Macau Limited, a newly formed and indirect wholly owned
subsidiary of Wynn Resorts and the developer, owner, and operator of Wynn Macau,
completed an initial public offering of 27.7% of it’s ordinary shares on The
Stock Exchange of Hong Kong Limited. Net proceeds to the Company as a result of
this transaction were approximately $1.8 billion.
In
October 2009, we purchased Wynn Las Vegas bank loans with a face value of $87.6
million for $84.4 million.
In
October 2009, Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. issued $500
million aggregate principal amount of 7 7/8% First Mortgage Notes due November
1, 2017 at a price of 97.823% of the principal amount. The net proceeds of
approximately $480 million were used to repay amounts outstanding under the Wynn
Las Vegas revolving credit facilities and term loan facility. Subsequent to this
transaction and the loan repurchase discussed above, the outstanding balance
under the Wynn Las Vegas Term Loan Facility is $80.4 million and the outstanding
balance under the Wynn Las Vegas Revolving Facility is $317.9 million, with
remaining availability of $120.0 million.
Total
cash balances, after the Wynn Macau, Limited IPO and the debt transactions
mentioned above, was $3.1 billion and total debt outstanding was $4.1 billion,
including approximately $2.6 billion of Wynn Las Vegas debt and $1.5 billion of
Wynn Macau debt.
2
Conference
Call Information
The
Company will hold a conference call to discuss its results on Tuesday, October
27, 2009 at 8:30 a.m. PT (11:30 a.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, 2008 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, and
includes equity in income (loss) from unconsolidated
affiliates. 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
(loss) to adjusted property EBITDA and adjusted property EBITDA to net
income.
(2)
Adjusted net income is net income before pre-opening costs, property charges 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.
3
WYNN
RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(amounts
in thousands, except per share data)
(unaudited)
|
Three
Months Ended
|
Nine
Months Ended
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|||||||||||||||
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September
30,
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September
30,
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|||||||||||||||
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2009
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2008
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2009
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2008
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|||||||||||||
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Operating
revenues:
|
||||||||||||||||
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Casino
|
$ | 565,072 | $ | 590,576 | $ | 1,615,071 | $ | 1,805,984 | ||||||||
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Rooms
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91,181 | 79,603 | 284,772 | 251,676 | ||||||||||||
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Food and
beverage
|
109,152 | 87,607 | 330,293 | 275,627 | ||||||||||||
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Entertainment,
retail and other
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71,500 | 69,306 | 204,104 | 210,418 | ||||||||||||
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Gross
revenues
|
836,905 | 827,092 | 2,434,240 | 2,543,705 | ||||||||||||
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Less:
promotional allowances
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(63,834 | ) | (57,906 | ) | (197,958 | ) | (170,656 | ) | ||||||||
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Net
revenues
|
773,071 | 769,186 | 2,236,282 | 2,373,049 | ||||||||||||
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Operating
costs and expenses:
|
||||||||||||||||
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Casino
|
358,605 | 377,322 | 1,062,408 | 1,165,647 | ||||||||||||
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Rooms
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30,238 | 19,317 | 80,293 | 60,060 | ||||||||||||
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Food and
beverage
|
64,048 | 52,607 | 188,207 | 159,403 | ||||||||||||
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Entertainment,
retail and other
|
43,623 | 39,436 | 119,657 | 127,310 | ||||||||||||
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General and
administrative
|
88,946 | 85,371 | 265,544 | 249,606 | ||||||||||||
|
Provision for
doubtful accounts
|
5,150 | 36,296 | 12,979 | 49,012 | ||||||||||||
|
Pre-opening
costs
|
330 | 13,911 | 370 | 26,055 | ||||||||||||
|
Depreciation
and amortization
|
101,907 | 65,635 | 306,106 | 192,328 | ||||||||||||
|
Property
charges and other
|
725 | 1,623 | 11,272 | 31,188 | ||||||||||||
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Total
operating costs and expenses
|
693,572 | 691,518 | 2,046,836 | 2,060,609 | ||||||||||||
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Operating
income
|
79,499 | 77,668 | 189,446 | 312,440 | ||||||||||||
|
Other income
(expense):
|
||||||||||||||||
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Interest
income
|
407 | 2,731 | 1,245 | 20,115 | ||||||||||||
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Interest
expense, net of capitalized interest
|
(50,140 | ) | (40,263 | ) | (160,861 | ) | (126,513 | ) | ||||||||
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Increase
(decrease) in swap fair value
|
(5,344 | ) | (3,588 | ) | (988 | ) | 5,119 | |||||||||
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Gain on
extinguishment of debt
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- | - | 22,513 | - | ||||||||||||
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Equity in
income (loss) from unconsolidated affiliates
|
(38 | ) | 430 | (76 | ) | 1,401 | ||||||||||
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Other
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(3 | ) | (2,805 | ) | 208 | (2,694 | ) | |||||||||
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Other
income (expense), net
|
(55,118 | ) | (43,495 | ) | (137,959 | ) | (102,572 | ) | ||||||||
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Income before
income taxes
|
24,381 | 34,173 | 51,487 | 209,868 | ||||||||||||
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Benefit
(provision) for income taxes
|
9,829 | 17,026 | (25,612 | ) | 160,178 | |||||||||||
|
Net
income
|
$ | 34,210 | $ | 51,199 | $ | 25,875 | $ | 370,046 |
|
Basic and
diluted income per common share:
|
||||||||||||||||
|
Net
income:
|
||||||||||||||||
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Basic
|
$ | 0.28 | $ | 0.50 | $ | 0.22 | $ | 3.40 | ||||||||
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Diluted
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$ | 0.28 | $ | 0.49 | $ | 0.22 | $ | 3.36 | ||||||||
|
Weighted
average common shares outstanding:
|
||||||||||||||||
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Basic
|
122,200 | 103,266 | 119,011 | 108,915 | ||||||||||||
|
Diluted
|
122,610 | 104,270 | 119,263 | 110,106 | ||||||||||||
4
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,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Net income
|
$ | 34,210 | $ | 51,199 | $ | 25,875 | $ | 370,046 | ||||||||
|
Pre-opening
costs
|
330 | 13,911 | 370 | 26,055 | ||||||||||||
|
Gain on
extinguishment of debt
|
- | - | (22,513 | ) | - | |||||||||||
|
(Increase)
decrease in swap fair value
|
5,344 | 3,588 | 988 | (5,119 | ) | |||||||||||
|
Property
charges and other
|
725 | 1,623 | 11,272 | 31,188 | ||||||||||||
|
Adjustment
for taxes on above
|
(677 | ) | (6,007 | ) | 5,373 | (14,573 | ) | |||||||||
|
Recognition
of foreign tax credit
|
- | - | - | (140,655 | ) | |||||||||||
|
Adjusted net
income (2)
|
$ | 39,932 | $ | 64,314 | $ | 21,365 | $ | 266,942 | ||||||||
|
Adjusted net
income per diluted share
|
$ | 0.33 | $ | 0.62 | $ | 0.18 | $ | 2.42 | ||||||||
5
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, 2009
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income (loss)
|
$ | (20,886 | ) | $ | 83,228 | $ | 17,157 | $ | 79,499 | |||||||
|
Pre-opening
costs
|
- | 330 | - | 330 | ||||||||||||
|
Depreciation and amortization
|
77,811 | 23,351 | 745 | 101,907 | ||||||||||||
|
Property charges and other
|
159 | 562 | 4 | 725 | ||||||||||||
|
Management and royalty fees
|
4,814 | 17,797 | (22,611 | ) | - | |||||||||||
|
Corporate and other expenses
|
5,586 | 1,603 | 1,701 | 8,890 | ||||||||||||
|
Stock-based compensation
|
2,508 | 1,303 | 3,092 | 6,903 | ||||||||||||
|
Equity in income/(loss) from
|
||||||||||||||||
|
unconsolidated
affiliates
|
50 | - | (88 | ) | (38 | ) | ||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 70,042 | $ | 128,174 | $ | - | $ | 198,216 | ||||||||
|
Three
Months Ended September 30, 2008
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income (loss)
|
$ | (332 | ) | $ | 59,552 | $ | 18,448 | $ | 77,668 | |||||||
|
Pre-opening costs
|
13,911 | - | - | 13,911 | ||||||||||||
|
Depreciation
and amortization
|
42,269 | 22,610 | 756 | 65,635 | ||||||||||||
|
Property charges and other
|
632 | 991 | - | 1,623 | ||||||||||||
|
Management
and royalty fees
|
4,425 | 18,441 | (22,866 | ) | - | |||||||||||
|
Corporate and
other expenses
|
6,481 | 3,610 | 1,576 | 11,667 | ||||||||||||
|
Stock-based compensation
|
2,636 | 1,084 | 1,716 | 5,436 | ||||||||||||
|
Equity in
income/(loss) from
|
||||||||||||||||
|
unconsolidated
affiliates
|
60 | - | 370 | 430 | ||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 70,082 | $ | 106,288 | $ | - | $ | 176,370 | ||||||||
|
Three
Months Ended
|
||||||||
|
September
30,
|
||||||||
|
2009
|
2008
|
|||||||
|
Adjusted
Property EBITDA (1)
|
$ | 198,216 | $ | 176,370 | ||||
|
Pre-opening
costs
|
(330 | ) | (13,911 | ) | ||||
|
Depreciation
and amortization
|
(101,907 | ) | (65,635 | ) | ||||
|
Property
charges and other
|
(725 | ) | (1,623 | ) | ||||
|
Corporate and
other expenses
|
(8,890 | ) | (11,667 | ) | ||||
|
Stock-based
compensation
|
(6,903 | ) | (5,436 | ) | ||||
|
Interest
income
|
407 | 2,731 | ||||||
|
Interest
expense, net of capitalized interest
|
(50,140 | ) | (40,263 | ) | ||||
|
Decrease in
swap fair value
|
(5,344 | ) | (3,588 | ) | ||||
|
Other
|
(3 | ) | (2,805 | ) | ||||
|
Benefit for
income taxes
|
9,829 | 17,026 | ||||||
|
Net
income
|
$ | 34,210 | $ | 51,199 | ||||
6
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)
|
Nine
Months Ended September 30, 2009
|
||||||||||||||||
|
Wynn
Las
Vegas
|
Wynn
Macau
|
Corporate
and
Other
|
Total
|
|||||||||||||
|
Operating
income(loss)
|
$ | (87,616 | ) | $ | 225,614 | $ | 51,448 | $ | 189,446 | |||||||
|
Pre-opening
costs
|
- | 370 | - | 370 | ||||||||||||
|
Depreciation
and amortization
|
233,680 | 70,184 | 2,242 | 306,106 | ||||||||||||
|
Property
charges and other
|
7,453 | 2,310 | 1,509 | 11,272 | ||||||||||||
|
Management and royalty fees
|
13,871 | 51,258 | (65,129 | ) | - | |||||||||||
|
Corporate and other expenses
|
15,318 | 6,492 | 1,764 | 23,574 | ||||||||||||
|
Stock-based compensation
|
7,072 | 3,762 | 7,863 | 18,697 | ||||||||||||
|
Equity in
income/(loss) from
|
||||||||||||||||
|
unconsolidated
affiliates
|
(379 | ) | - | 303 | (76 | ) | ||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 189,399 | $ | 359,990 | $ | - | $ | 549,389 | ||||||||
|
Nine
Months Ended September 30, 2008
|
||||||||||||||||
|
Wynn
Las
Vegas
|
Wynn
Macau
|
Corporate
and
Other
|
Total
|
|||||||||||||
|
Operating
income
|
$ | 11,138 | $ | 242,823 | $ | 58,479 | $ | 312,440 | ||||||||
|
Pre-opening
costs
|
26,054 | 1 | - | 26,055 | ||||||||||||
|
Depreciation and amortization
|
122,543 | 67,561 | 2,224 | 192,328 | ||||||||||||
|
Property charges and other
|
21,711 | 9,371 | 106 | 31,188 | ||||||||||||
|
Management and royalty fees
|
13,170 | 58,280 | (71,450 | ) | - | |||||||||||
|
Corporate and other expense
|
18,388 | 10,293 | 5,102 | 33,783 | ||||||||||||
|
Stock-based compensation
|
7,014 | 2,541 | 4,435 | 13,990 | ||||||||||||
|
Equity in
income/(loss) from
|
||||||||||||||||
|
unconsolidated
affiliates
|
297 | - | 1,104 | 1,401 | ||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 220,315 | $ | 390,870 | $ | - | $ | 611,185 | ||||||||
|
Nine
Months Ended
|
||||||||
|
September
30,
|
||||||||
|
2009
|
2008
|
|||||||
|
Adjusted
Property EBITDA (1)
|
$ | 549,389 | $ | 611,185 | ||||
|
Pre-opening
costs
|
(370 | ) | (26,055 | ) | ||||
|
Depreciation
and amortization
|
(306,106 | ) | (192,328 | ) | ||||
|
Property
charges and other
|
(11,272 | ) | (31,188 | ) | ||||
|
Corporate and
other expenses
|
(23,574 | ) | (33,783 | ) | ||||
|
Stock-based
compensation
|
(18,697 | ) | (13,990 | ) | ||||
|
Interest
income
|
1,245 | 20,115 | ||||||
|
Interest
expense, net of capitalized interest
|
(160,861 | ) | (126,513 | ) | ||||
|
(Decrease)
increase in swap fair value
|
(988 | ) | 5,119 | |||||
|
Gain on
extinguishment of debt
|
22,513 | - | ||||||
|
Other
|
208 | (2,694 | ) | |||||
|
Benefit
(provision) for income taxes
|
(25,612 | ) | 160,178 | |||||
|
Net
income
|
$ | 25,875 | $ | 370,046 | ||||
7
WYNN
RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL
DATA SCHEDULE
|
Three
Months Ended
|
Nine
Months Ended
|
|||
|
September
30, 2009 |
September
30, 2008 |
September
30, 2009 |
September
30, 2008 |
|
|
Room
Statistics for Las Vegas operations5:
|
||||
|
Occupancy
%
|
83.9%
|
96.1%
|
86.6%
|
96.1%
|
|
Average
Daily Rate (ADR)1
|
$210
|
$272
|
$ 217
|
$291
|
|
Revenue
per available room (REVPAR)2
|
$176
|
$261
|
$ 188
|
$280
|
|
Other
information for Las Vegas operations5:
|
||||
|
Table
games win per unit per day3
|
$5,801
|
$10,062
|
$5,071
|
$8,809
|
|
Table
Win %
|
23.7%
|
24.3%
|
20.7%
|
21.6%
|
|
Slot
machine win per unit per day4
|
$ 149
|
$225
|
$ 161
|
$228
|
|
Average
number of table games
|
230
|
139
|
229
|
139
|
|
Average
number of slot machines
|
2,768
|
1,956
|
2,776
|
1,950
|
|
Room
Statistics for Macau:
|
||||
|
Occupancy
%
|
89.2%
|
86.2%
|
86.4%
|
87.5%
|
|
Average
Daily Rate (ADR)1
|
$ 263
|
$272
|
$ 265
|
$275
|
|
Revenue
per available room (REVPAR)2
|
$ 235
|
$234
|
$ 229
|
$241
|
|
Other
information for Macau:
|
||||
|
Table
games win per unit per day3
|
$15,077
|
$15,136
|
$14,308
|
$16,205
|
|
Slot
machine win per unit per day4
|
$ 365
|
$366
|
$ 397
|
$345
|
|
Average
number of table games
|
363
|
379
|
367
|
381
|
|
Average
number of slot machines
|
1,124
|
1,230
|
1,196
|
1,243
|
(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.
(5)
Wynn Las Vegas, including Encore for 2009.
SOURCE:
Wynn
Resorts, Limited
CONTACT:
Samanta
Stewart, 702-770-7555
investorrelations@wynnresorts.com
8