UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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): February 25, 2010
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
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(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 incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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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:
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 February 25, 2010, Wynn Resorts,
Limited issued a press release announcing its results of operations for the
fourth quarter and year ended December 31, 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.
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 February 25, 2010, of Wynn Resorts,
Limited.
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1
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:
February 25, 2010
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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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2
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:
February 25, 2010
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WYNN
LAS VEGAS, LLC
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By:
Wynn Resorts Holdings, LLC, its sole member
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By:
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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Chief
Financial Officer and
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Treasurer
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3
Exhibit
99.1
Wynn
Resorts, Limited Reports Fourth Quarter and Year End 2009 Results
LAS
VEGAS, February 25, 2010 (BUSINESS WIRE) -- Wynn Resorts, Limited (Nasdaq: WYNN)
today reported financial results for the fourth quarter and year ended December
31, 2009.
Net
revenues for the fourth quarter of 2009 were $809.3 million, compared to $614.3
million in the fourth quarter of 2008. The revenue increase was driven by a
29.6% increase in revenues at Wynn Macau and a 35.7% revenue increase from our
Las Vegas operations as the 2009 fourth quarter included a full quarter
contribution from Encore. Adjusted property EBITDA was $196.8 million for the
fourth quarter of 2009, compared to $127.5 million in the fourth quarter of
2008.
On a US
GAAP (Generally Accepted Accounting Principles) basis, net loss attributable to
Wynn Resorts for the fourth quarter of 2009 was $5.2 million, or ($0.04) per
diluted share, compared to a net loss attributable to Wynn Resorts of $159.6
million, or ($1.49) per diluted share in the fourth quarter of 2008. Adjusted
net income attributable to Wynn Resorts in the fourth quarter of 2009 was $10.3
million, or $0.08 per diluted share (adjusted EPS)(2) compared to an adjusted
net income attributable to Wynn Resorts of $7.7 million, or $0.07 per diluted
share in the fourth quarter of 2008.
Wynn
Macau Fourth Quarter Results
In the
fourth quarter of 2009 net revenues were $508.4 million compared to $392.2
million in the fourth quarter of 2008. Wynn Macau generated adjusted property
EBITDA of $142.1 million compared to $95.0 million in the fourth quarter of
2008.
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 was $16.9 billion for the period, compared to
$11.0 billion for the fourth quarter of 2008. VIP table games win as a
percentage of turnover (calculated before discounts and commissions) for the
quarter was 2.7%, at the low end of the expected range of 2.7% to 3.0% and below
the 2.9% experienced in the 2008 quarter.
Table
games drop in the mass market category was $512.2 million during the period, a
5.1% increase from $487.2 million in the fourth quarter of 2008. Mass
market table games win percentage (calculated before discounts) of 22.9% was
above our expected range of 19% to 21% and higher than the 19.5% experienced in
the fourth quarter of 2008.
Slot
machine handle increased 9.4% to $843.5 million while win decreased 2.7%
compared to the fourth quarter of 2008 due to a decrease in hold percentage from
5.2% last year to 4.6% in 2009. Win per unit per day was 1.5% higher at $353
compared to $348 in the fourth quarter 2008 as we reconfigured the slot floor
and removed approximately 50 machines.
Wynn
Macau achieved an Average Daily Rate (ADR) of $271 for the fourth quarter of
2009, compared to $273 in the 2008 quarter. The property’s occupancy was 90.6%,
compared to 86.8% during the prior year period, generating revenue per available
room (REVPAR) of $246 in the 2009 period, 3.6% above 2008 levels of
$237.
On
September 30, 2009, we added a new high-limit gaming salon containing
approximately 40 slot machines. In November 2009 we added two new private
gaming salons with 29 VIP tables. We currently have 404 tables (including 11
poker tables) and 1,199 slot machines.
Wynn
Macau Year 2009 Operating Results
For the
full year 2009, net revenues were $1.8 billion, 3.8% below 2008. Wynn Macau
generated adjusted property EBITDA of $502.1 million, a 3.3% increase over the
previous year primarily due to the cost savings initiatives implemented
throughout the year.
Table
games turnover in the VIP segment of $54.3 billion was 2.0% lower than in 2008
and VIP table games win as a percentage of turnover (calculated before discounts
and commissions) was 2.9%, within the expected range of 2.7% to 3.0%, but lower than the 3.0%
generated in 2008.
Table games drop in
the mass market category decreased 12.2% to $2.0 billion, and mass market table
games win percentage (calculated before discounts) of 21.9% was above the
expected range of 19% to 21% and higher than the 19.6% generated in
2008.
1
Slot
machine handle of $3.4 billion was 12.7% higher than the $3.0 billion generated
in 2008 primarily due to the increase in handle associated with high-end slot
customers. Slot machine win per unit per day was $386.
Wynn
Macau achieved an Average Daily Rate (ADR) of $266 for the year, compared to
$275 in 2008. The property’s occupancy was 87.5%, compared to 87.3% during the
prior year period, generating revenue per available room (REVPAR) of $233 in the
2009 period, 2.9% below 2008 levels.
Encore
at Wynn Macau
We are
completing construction of Encore at Wynn Macau, a further expansion of Wynn
Macau. Encore at Wynn Macau will add a fully-integrated resort hotel to Wynn
Macau, planned to include approximately 410 luxury suites and four villas along
with restaurants, additional retail space and additional gaming space including
37 VIP table games, 33 premium slot machines, 24 mass market table games and 39
mass market slot machines. We expect Encore at Wynn Macau to open in April 2010
and the total costs to be approximately $600 million.
As of
December 31, 2009, we have spent approximately $454.9 million related to the
development and construction of Encore at Wynn Macau.
Wynn
Las Vegas and Encore Fourth Quarter Results
For the
quarter ended December 31, 2009, our Las Vegas operations generated adjusted
property EBITDA of $54.7 million (with an 18.2% EBITDA margin on net revenue),
up significantly when compared to the $32.6 million generated in the fourth
quarter of 2008 as the 2009 fourth quarter included Encore for the full
period.
Net
casino revenues in the fourth quarter of 2009 were $120.0 million, up 32.2% from
the fourth quarter of 2008. Table games drop was $548.5 million compared to drop
of $498.3 million in the fourth quarter of 2008 and table games win percentage
of 18.7% was below the property’s expected range of 21% to 24%. Slot machine
handle of $741.6 million was 10.6% below the comparable period of 2008 primarily
due to weakness in the domestic business and slot win percentage was within the
expected range of 4.5% to 5.5%.
Gross
non-casino revenues for the quarter were $225.0 million, a 30.9% increase from
the fourth quarter of 2008, driven primarily by incremental hotel and food and
beverage revenues from Encore. Hotel revenues were up 28.5% to $77.7 million
during the quarter, versus $60.5 million in the fourth quarter of 2008 due to
the addition of 2,034 suites at Encore. Our Las Vegas operations achieved an
Average Daily Rate (ADR) of $219 for the quarter, compared to $281 in the 2008
quarter. Our occupancy was 81.0%, compared to 79.7% during the prior year
period, generating revenue per available room (REVPAR) of $178 in the 2009
period (20.6% below the fourth quarter of 2008 of $224).
Food
and beverage revenues increased 32.3% to $92.1 million in the quarter as a
result of the additional 12 food and beverage outlets located in Encore. Retail
revenues were $23.2 million in the quarter, 25.6% above last year’s levels and
entertainment revenues increased 27.7% to $15.5 million from the fourth quarter
of 2008 primarily due to the increase in the number of Le Rêve shows and the
Garth Brooks performances during the quarter.
During
the fourth quarter, we started construction of the Encore Beach Club, which will
replace Encore’s porte-cochere on Las Vegas Boulevard. The Beach Club will
feature pools, food and beverage, and nightlife offerings and is expected to
open in the second quarter of 2010.
Wynn
Las Vegas and Encore Full Year 2009 Operating Results
For the
full year 2009, our Las Vegas properties generated adjusted property EBITDA of
$244.1 million and Net Revenues increased 11.8% due to the full year
contribution from Encore. The top line increase was offset by additional costs
associated with operating Encore and as a result, EBITDA declined 3.5%. Our
results of operations for the periods presented are not comparable as the year
ended December 31, 2009 includes a full year of operations for Encore, whereas
in 2008, Encore was open for only 10 days.
Net
casino revenues for the year were $505.8 million, a 5.4% increase from 2008
despite the addition of approximately 90 table games and 800 slot machines with
the opening of Encore. For the year ended December 31, 2009, we experienced a
1.2% increase in drop and our average table games win percentage (before
discounts) of 20.2% was below the expected range of 21% to 24% and in-line with
the 20.0% hold percentage we experienced in 2008. Slot handle
2
decreased
2.5% during the year ended December 31, 2009, as compared to 2008, and the slot
win percentage was within the expected range of 4.5% to 5.5%.
Gross
non-casino revenues for 2009 were $910.3 million, a 17.3% increase from 2008.
Hotel revenues were up 19.6% to $321.2 million, versus $268.5 million in 2008 as
a result of the addition of 2,034 suites at Encore which opened in December
2008. We continued to experience a decrease in occupancy and room
rates during the year ended December 31, 2009, compared to the year ended
December 31, 2008. Average Daily Rate (ADR) was $217 for the year, compared to
$288 in 2008 and occupancy was 85.2% compared to 91.8% during the prior year,
generating revenue per available room (REVPAR) of $185 in 2009 (30.1% lower than
in 2008).
Food
and beverage revenues increased 26.2% to $385.8 million in 2009, compared to
$305.7 million in 2008 as a result of the additional 12 food and beverage
outlets located in the Encore expansion. Although we added new retail outlets at
Encore, retail revenues were $85.8 million, compared to $86.1 million in 2008
due to reduced consumer spending associated with the current economic
environment. Entertainment revenues were approximately $57.1 million, compared
to $66.2 million in 2008 due to the closure of the Spamalot production show in
July 2008. This decrease was partially offset by revenue from headliner acts
that performed during 2009, including Garth Brooks, who began performing in the
Encore Theater in December 2009.
Other
Factors Affecting Earnings
Interest
expense, net of $3.5 million in capitalized interest, was $50.5 million for the
fourth quarter of 2009. For the full year 2009, interest expense, net of
capitalized interest of $10.7 million, was $211.4 million compared to $172.7
million, net of capitalized interest of $87.4 million, for the year ended
December 31, 2008. Depreciation and amortization expenses were $104.4 million
during the quarter compared to $70.9 million in the 2008 quarter. For the full
year, depreciation and amortization expenses were $410.5 million compared to
$263.2 million in 2008 as we opened Encore on December 22, 2008.
Corporate
expense and other was $22.3 million in the fourth quarter 2009, a $19.3 million
increase from last year’s quarter, primarily related to a reversal of bonus
accruals in the 2008 quarter and one time payments in the 2009 quarter.
Corporate expense and other was $45.9 million for the full year 2009 compared to
$36.7 million in 2008.
Property
charges and other were $17.2 million in the fourth quarter, the majority of it
related to a charge for the abandonment of the front porte-cochere at Encore to
make way for the Beach Club. Property charges and other for the year
ended 2009 included the charge mentioned above as well as a charge for the
write-off of 2 aircraft deposits, and miscellaneous remodels, abandonments and
loss on sale of equipment.
Balance
Sheet and Capital Expenditures
Our
total cash balances on December 31, 2009 were $2.0 billion. Total debt
outstanding at the end of 2009, was $3.6 billion, including approximately $2.5
billion of Wynn Las Vegas debt and $1.1 billion of Wynn Macau debt.
Capital
expenditures during the fourth quarter of 2009, net of changes in construction
payables and retention, totaled approximately $100 million primarily related to
Encore at Wynn Macau.
In
October 2009, Wynn Macau, Limited, had its ordinary shares of common stock
listed on The Stock Exchange of Hong Kong Limited and sold 1,437,500,000 (27.7%)
shares of its common stock through an initial public offering. Net
proceeds to the Company as a result of this transaction were approximately $1.8
billion.
In
October 2009, Wynn Las Vegas 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. We used the proceeds of this offering to repay
amounts outstanding under the Wynn Las Vegas Revolver and Wynn Las Vegas Term
Loan.
On
November 6, 2009, we declared a cash dividend of $4 per share on our outstanding
common stock to shareholders of record on November 19, 2009.
During
the fourth quarter we reduced long-term borrowings by approximately $622
million, $144 million associated with our Wynn Las Vegas facilities and $478
million in Macau.
3
Conference
Call Information
The
Company will hold a conference call to discuss its results on Thursday, February
25, 2010 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, 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 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, corporate expenses and stock-based
compensation, 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 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 attributable to Wynn Resorts to adjusted net income
attributable to Wynn Resorts, and (ii) operating income (loss) to adjusted
property EBITDA and adjusted property EBITDA to net income attributable to Wynn
Resorts.
(2)
Adjusted net income attributable to Wynn
Resorts is net income before pre-opening costs,
property charges and other non-cash non-operating income and
expenses. Adjusted net income attributable to Wynn Resorts
and adjusted net income per share
attributable to Wynn Resorts (“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
attributable to Wynn Resorts and adjusted
net income attributable to Wynn Resorts per share may be different from
the calculation methods used by other companies and, therefore, comparability
may be limited.
4
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WYNN
RESORTS, LIMITED AND SUBSIDIARIES
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||||||||||||||||
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CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
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||||||||||||||||
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(amounts
in thousands, except per share data)
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||||||||||||||||
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(unaudited)
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||||||||||||||||
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Three
Months Ended
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Year
Ended
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|||||||||||||||
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December
31,
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December
31,
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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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||||||||||||||||
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Casino
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$ | 591,758 | $ | 455,948 | $ | 2,206,829 | $ | 2,261,932 | ||||||||
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Rooms
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92,748 | 74,979 | 377,520 | 326,655 | ||||||||||||
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Food
and beverage
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106,068 | 83,088 | 436,361 | 358,715 | ||||||||||||
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Entertainment,
retail and other
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84,328 | 59,647 | 288,432 | 270,065 | ||||||||||||
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Gross
revenues
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874,902 | 673,662 | 3,309,142 | 3,217,367 | ||||||||||||
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Less:
promotional allowances
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(65,573 | ) | (59,387 | ) | (263,531 | ) | (230,043 | ) | ||||||||
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Net
revenues
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809,329 | 614,275 | 3,045,611 | 2,987,324 | ||||||||||||
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Operating
costs and expenses:
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||||||||||||||||
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Casino
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399,938 | 325,280 | 1,462,346 | 1,490,927 | ||||||||||||
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Rooms
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28,891 | 18,178 | 109,184 | 78,238 | ||||||||||||
|
Food
and beverage
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62,985 | 47,878 | 251,192 | 207,281 | ||||||||||||
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Entertainment,
retail and other
|
46,954 | 34,552 | 166,612 | 161,862 | ||||||||||||
|
General
and administrative
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101,242 | 69,697 | 366,785 | 319,303 | ||||||||||||
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Provision
for doubtful accounts
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727 | 393 | 13,707 | 49,405 | ||||||||||||
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Pre-opening
costs
|
1,448 | 46,320 | 1,817 | 72,375 | ||||||||||||
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Depreciation
and amortization
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104,441 | 70,885 | 410,547 | 263,213 | ||||||||||||
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Property
charges and other
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17,186 | 1,396 | 28,458 | 32,584 | ||||||||||||
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Total
operating costs and expenses
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763,812 | 614,579 | 2,810,648 | 2,675,188 | ||||||||||||
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Operating
income (loss
|
45,517 | (304 | ) | 234,963 | 312,136 | |||||||||||
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Other
income (expense):
|
||||||||||||||||
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Interest
income
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495 | 1,402 | 1,740 | 21,517 | ||||||||||||
|
Interest
expense, net of capitalized interest
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(50,524 | ) | (46,180 | ) | (211,385 | ) | (172,693 | ) | ||||||||
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Decrease
in swap fair value
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(1,270 | ) | (36,604 | ) | (2,258 | ) | (31,485 | ) | ||||||||
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Gain
(loss) on extinguishment of debt
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(3,779 | ) | 22,347 | 18,734 | 22,347 | |||||||||||
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Equity
in income (loss) from unconsolidated affiliates
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197 | (48 | ) | 121 | 1,353 | |||||||||||
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Other
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(17 | ) | (1,563 | ) | 191 | (4,257 | ) | |||||||||
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Other
income (expense), net
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(54,898 | ) | (60,646 | ) | (192,857 | ) | (163,218 | ) | ||||||||
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Income
(loss) before income taxes
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(9,381 | ) | (60,950 | ) | 42,106 | 148,918 | ||||||||||
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(Provision)
benefit for income taxes
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22,613 | (98,617 | ) | (2,999 | ) | 61,561 | ||||||||||
|
Net
income (loss
|
13,232 | (159,567 | ) | 39,107 | 210,479 | |||||||||||
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Less:
Net income attributable to noncontrolling interests
|
(18,453 | ) | - | (18,453 | ) | - | ||||||||||
|
Net
income (loss) attributable to Wynn Resorts, Limited
|
$ | (5,221 | ) | $ | (159,567 | ) | $ | 20,654 | $ | 210,479 | ||||||
|
Basic
and diluted income (loss) per common share:
|
||||||||||||||||
|
Net
income (loss) attributable to Wynn Resorts, Limited:
|
||||||||||||||||
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Basic
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$ | (0.04 | ) | $ | (1.49 | ) | $ | 0.17 | $ | 1.94 | ||||||
|
Diluted
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$ | (0.04 | ) | $ | (1.49 | ) | $ | 0.17 | $ | 1.92 | ||||||
|
Weighted
average common shares outstanding:
|
||||||||||||||||
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Basic
|
122,301 | 106,900 | 119,840 | 108,408 | ||||||||||||
|
Diluted
|
122,301 | 106,900 | 120,185 | 109,441 | ||||||||||||
5
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WYNN
RESORTS, LIMITED AND SUBSIDIARIES
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||||||||||||||||
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RECONCILIATION
OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
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||||||||||||||||
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TO
ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
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||||||||||||||||
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(amounts
in thousands)
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||||||||||||||||
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(unaudited)
|
||||||||||||||||
|
Three
Months Ended
|
Year
Ended
|
|||||||||||||||
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December
31,
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December
31,
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|||||||||||||||
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2009
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2008
|
2009
|
2008
|
|||||||||||||
|
Net
income (loss) attributable to Wynn Resorts, Limited
|
$ | (5,221 | ) | $ | (159,567 | ) | $ | 20,654 | $ | 210,479 | ||||||
|
Pre-opening
costs
|
1,448 | 46,320 | 1,817 | 72,375 | ||||||||||||
|
(Gain)
loss on extinguishment of debt
|
3,779 | (22,347 | ) | (18,734 | ) | (22,347 | ) | |||||||||
|
Decrease
in swap fair value
|
1,270 | 36,604 | 2,258 | 31,485 | ||||||||||||
|
Property
charges and other
|
17,186 | 1,396 | 28,458 | 32,584 | ||||||||||||
|
Adjustment
for taxes on above
|
(7,486 | ) | (17,746 | ) | (2,113 | ) | (32,315 | ) | ||||||||
|
Recognition
of foreign tax credit
|
- | 123,029 | - | (17,626 | ) | |||||||||||
|
Adjustment
for noncontrolling interest
|
(636 | ) | - | (636 | ) | - | ||||||||||
|
Adjusted
net income attributable to Wynn Resorts, Limited(2
|
$ | 10,340 | $ | 7,689 | $ | 31,704 | $ | 274,635 | ||||||||
|
Adjusted
net income attributable to Wynn Resorts, Limited per diluted
share
|
$ | 0.08 | $ | 0.07 | $ | 0.26 | $ | 2.51 | ||||||||
6
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
|
||||||||||||||||
|
AND
ADJUSTED PROPERTY EBITDA TO NET INCOME ATTRIBUTABLE TO WYNN RESORTS,
LIMITED
|
||||||||||||||||
|
(amounts
in thousands)
|
||||||||||||||||
|
(unaudited)
|
||||||||||||||||
|
Three
Months Ended December 31, 2009
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau,
Ltd.
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income (loss)
|
$ | (56,664 | ) | $ | 89,403 | $ | 12,778 | $ | 45,517 | |||||||
|
Pre-opening
costs
|
346 | 1,102 | - | 1,448 | ||||||||||||
|
Depreciation
and amortization
|
80,079 | 23,611 | 751 | 104,441 | ||||||||||||
|
Property
charges and other
|
17,015 | 169 | 2 | 17,186 | ||||||||||||
|
Management
and royalty fees
|
4,563 | 20,279 | (24,842 | ) | - | |||||||||||
|
Corporate
and other expenses
|
8,076 | 6,265 | 7,993 | 22,334 | ||||||||||||
|
Stock-based
compensation
|
1,298 | 1,268 | 3,073 | 5,639 | ||||||||||||
|
Equity
in income/(loss) from
|
||||||||||||||||
|
unconsolidated
affiliates
|
(48 | ) | - | 245 | 197 | |||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 54,665 | $ | 142,097 | $ | - | $ | 196,762 | ||||||||
|
Three
Months Ended December 31, 2008
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income (loss)
|
$ | (69,754 | ) | $ | 55,592 | $ | 13,858 | $ | (304 | ) | ||||||
|
Pre-opening
costs
|
46,319 | 1 | - | 46,320 | ||||||||||||
|
Depreciation
and amortization
|
47,097 | 23,031 | 757 | 70,885 | ||||||||||||
|
Property
charges and other
|
696 | 644 | 56 | 1,396 | ||||||||||||
|
Management
and royalty fees
|
3,335 | 15,143 | (18,478 | ) | - | |||||||||||
|
Corporate
and other expenses
|
2,410 | (1,022 | ) | 1,573 | 2,961 | |||||||||||
|
Stock-based
compensation
|
2,488 | 1,598 | 2,251 | 6,337 | ||||||||||||
|
Equity
in income/(loss) from
|
||||||||||||||||
|
unconsolidated
affiliates
|
(31 | ) | - | (17 | ) | (48 | ) | |||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 32,560 | $ | 94,987 | $ | - | $ | 127,547 | ||||||||
|
Three
Months Ended
|
||||||||||||||||
|
December
31,
|
||||||||||||||||
| 2009 | 2008 | |||||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 196,762 | $ | 127,547 | ||||||||||||
|
Pre-opening
costs
|
(1,448 | ) | (46,320 | ) | ||||||||||||
|
Depreciation
and amortization
|
(104,441 | ) | (70,885 | ) | ||||||||||||
|
Property
charges and other
|
(17,186 | ) | (1,396 | ) | ||||||||||||
|
Corporate
and other expenses
|
(22,334 | ) | (2,961 | ) | ||||||||||||
|
Stock-based
compensation
|
(5,639 | ) | (6,337 | ) | ||||||||||||
|
Interest
income
|
495 | 1,402 | ||||||||||||||
|
Interest
expense, net of capitalized interest
|
(50,524 | ) | (46,180 | ) | ||||||||||||
|
Decrease
in swap fair value
|
(1,270 | ) | (36,604 | ) | ||||||||||||
|
(Loss)
gain on extinguishment of debt
|
(3,779 | ) | 22,347 | |||||||||||||
|
Other
|
(17 | ) | (1,563 | ) | ||||||||||||
|
Benefit
(provision) for income taxes
|
22,613 | (98,617 | ) | |||||||||||||
|
Net
income (loss)
|
13,232 | (159,567 | ) | |||||||||||||
|
Less:
Net income attributable to noncontrolling interests
|
(18,453 | ) | - | |||||||||||||
|
Net
loss attributable to Wynn Resorts, Limited
|
$ | (5,221 | ) | $ | (159,567 | ) | ||||||||||
7
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
|
||||||||||||||||
|
AND
ADJUSTED PROPERTY EBITDA TO NET INCOME ATTRIBUTABLE TO WYNN RESORTS,
LIMITED
|
||||||||||||||||
|
(amounts
in thousands)
|
||||||||||||||||
|
(unaudited)
|
||||||||||||||||
|
Year
Ended December 31, 2009
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau,
Ltd.
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income (loss)
|
$ | (144,279 | ) | $ | 315,017 | $ | 64,225 | $ | 234,963 | |||||||
|
Pre-opening
costs
|
346 | 1,471 | - | 1,817 | ||||||||||||
|
Depreciation
and amortization
|
313,759 | 93,794 | 2,994 | 410,547 | ||||||||||||
|
Property
charges and other
|
24,468 | 2,478 | 1,512 | 28,458 | ||||||||||||
|
Management
and royalty fees
|
18,434 | 71,538 | (89,972 | ) | - | |||||||||||
|
Corporate
and other expenses
|
23,394 | 12,760 | 9,756 | 45,910 | ||||||||||||
|
Stock-based
compensation
|
8,370 | 5,029 | 10,937 | 24,336 | ||||||||||||
|
Equity
in income/(loss) from
|
||||||||||||||||
|
unconsolidated
affiliates
|
(427 | ) | - | 548 | 121 | |||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 244,065 | $ | 502,087 | $ | - | $ | 746,152 | ||||||||
|
Year
Ended December 31, 2008
|
||||||||||||||||
|
Wynn
Las Vegas
|
Wynn Macau
|
Corporate
and Other
|
Total
|
|||||||||||||
|
Operating
income (loss)
|
$ | (58,616 | ) | $ | 298,463 | $ | 72,289 | $ | 312,136 | |||||||
|
Pre-opening
costs
|
72,373 | 2 | - | 72,375 | ||||||||||||
|
Depreciation
and amortization
|
169,640 | 90,592 | 2,981 | 263,213 | ||||||||||||
|
Property
charges and other
|
22,406 | 10,015 | 163 | 32,584 | ||||||||||||
|
Management
and royalty fees
|
16,505 | 73,423 | (89,928 | ) | - | |||||||||||
|
Corporate
and other expense
|
20,799 | 9,224 | 6,720 | 36,743 | ||||||||||||
|
Stock-based
compensation
|
9,502 | 4,138 | 6,688 | 20,328 | ||||||||||||
|
Equity
in income/(loss) from
|
||||||||||||||||
|
unconsolidated
affiliates
|
266 | - | 1,087 | 1,353 | ||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 252,875 | $ | 485,857 | $ | - | $ | 738,732 | ||||||||
|
Year
Ended
|
||||||||||||||||
|
December
31,
|
||||||||||||||||
| 2009 | 2008 | |||||||||||||||
|
Adjusted
Property EBITDA (1)
|
$ | 746,152 | $ | 738,732 | ||||||||||||
|
Pre-opening
costs
|
(1,817 | ) | (72,375 | ) | ||||||||||||
|
Depreciation
and amortization
|
(410,547 | ) | (263,213 | ) | ||||||||||||
|
Property
charges and other
|
(28,458 | ) | (32,584 | ) | ||||||||||||
|
Corporate
and other expenses
|
(45,910 | ) | (36,743 | ) | ||||||||||||
|
Stock-based
compensation
|
(24,336 | ) | (20,328 | ) | ||||||||||||
|
Interest
income
|
1,740 | 21,517 | ||||||||||||||
|
Interest
expense, net of capitalized interest
|
(211,385 | ) | (172,693 | ) | ||||||||||||
|
Decrease
in swap fair value
|
(2,258 | ) | (31,485 | ) | ||||||||||||
|
Gain
on extinguishment of debt
|
18,734 | 22,347 | ||||||||||||||
|
Other
|
191 | (4,257 | ) | |||||||||||||
|
Benefit
(provision) for income taxes
|
(2,999 | ) | 61,561 | |||||||||||||
|
Net
income
|
39,107 | 210,479 | ||||||||||||||
|
Less:
Net income attributable to noncontrolling interests
|
(18,453 | ) | - | |||||||||||||
|
Net
income attributable to Wynn Resorts, Limited
|
$ | 20,654 | $ | 210,479 | ||||||||||||
8
WYNN
RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL
DATA SCHEDULE
|
Three
Months Ended
|
Year
Ended
|
|||||||||||||||
|
December
31, 2009
|
December
31, 2008
|
December
31, 2009
|
December
31, 2008
|
|||||||||||||
|
Room
Statistics for Las Vegas operations5:
|
||||||||||||||||
|
Occupancy
%
|
81.0 | % | 79.7 | % | 85.2 | % | 91.8 | % | ||||||||
|
Average
Daily Rate (ADR)1
|
$219 | $281 | $217 | $288 | ||||||||||||
|
Revenue
per available room (REVPAR)2
|
$178
|
$224 | $185 | $265 | ||||||||||||
|
Other
information for Las Vegas operations5:
|
||||||||||||||||
|
Table
games win per unit per day3
|
$5,188 | $5,629 | $5,099 | $7,976 | ||||||||||||
|
Table
Win %
|
18.7 | % | 15.3 | % | 20.2 | % | 20.0 | % | ||||||||
|
Slot
machine win per unit per day4
|
$156 | $203 | $160 | $221 | ||||||||||||
|
Average
number of table games
|
215 | 147 | 226 | 141 | ||||||||||||
|
Average
number of slot machines
|
2,742 | 2,034 | 2,767 | 1,971 | ||||||||||||
|
Room
Statistics for Macau:
|
||||||||||||||||
|
Occupancy
%
|
90.6 | % | 86.8 | % | 87.5 | % | 87.3 | % | ||||||||
|
Average
Daily Rate (ADR)1
|
$271 | $273 | $266 | $275 | ||||||||||||
|
Revenue
per available room (REVPAR)2
|
246 | $237 | $233 | $240 | ||||||||||||
|
Other
information for Macau:
|
||||||||||||||||
|
Table
games win per unit per day3
|
$16,379 | $12,366 | $14,846 | $15,265 | ||||||||||||
|
Slot
machine win per unit per day4
|
$353 | $348 | $386 | $346 | ||||||||||||
|
Average
number of table games
|
383 | 367 | 371 | 377 | ||||||||||||
|
Average
number of slot machines
|
1,190 | 1,241 | 1,195 | 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)
Results on the table above include the 10 days of operations for Encore, which
opened on December 22, 2008. Encore did not significantly impact our results of
operations for the year ended December 31, 2008.
SOURCE:
Wynn
Resorts, Limited
CONTACT:
Samanta
Stewart, 702-770-7555
investorrelations@wynnresorts.com
9