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): August 1, 2005 WYNN RESORTS, LIMITED (Exact name of registrant as specified in its charter) Nevada 000-50028 46-0484987 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) WYNN LAS VEGAS, LLC (Exact name of registrant as specified in its charter) Nevada 333-98369 88-0494878 (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation) Identification No.) 3131 Las Vegas Boulevard South Las Vegas, Nevada 89109 (Address of principal executive offices of each registrant) (Zip Code) (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: |_| Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| 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 August 1, 2005, Wynn Resorts, Limited issued a press release announcing its results of operations for the second quarter of 2005. 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 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. (c) Exhibits: Exhibit Number Description ------ ----------- 99.1 Press release, dated August 1, 2005, of Wynn Resorts, Limited.
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: August 2, 2005 Wynn Resorts, Limited By: /s/ John Strzemp -------------------------- John Strzemp Chief Financial Officer
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: August 2, 2005 WYNN LAS VEGAS, LLC By: Wynn Resorts Holdings, LLC, its sole member By: Wynn Resorts, Limited, its sole member By: /s/ John Strzemp --------------------------- John Strzemp Chief Financial Officer
Exhibit 99.1 Wynn Resorts, Limited Reports Second Quarter Results LAS VEGAS, August 1, 2005 (BUSINESS WIRE) -- Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the second quarter ended June 30, 2005. Second quarter results include Wynn Las Vegas' first 64 days of operations. Adjusted earnings (excluding $43.4 million in pre-opening expenses for Wynn Las Vegas, Wynn Macau, and Encore) were $8.2 million, or $0.08 per diluted share (Adjusted EPS) (1). On a US GAAP (Generally Accepted Accounting Principles) basis, net loss was $35.2 million, or a net loss of $0.36 per diluted share. Wynn Las Vegas On June 2, 2005, Wynn Resorts reported operating results for Wynn Las Vegas' first 34 days of operations. The property continued to perform strongly throughout June. For the first 64 days of operations, Wynn Las Vegas generated Net Revenues of $201.1 million. Net gaming revenues for the period were $98.7 million. The slot segment produced net revenues of $34.2 million, with win per unit per day of $273. The table games segment generated net revenues of $62.0 million, representing win per table per day of $7,117 for the period. Table games win percentage was 21.1% (before discounts), which is within the property's expected range of 18 to 22%. Since opening on April 28, 2005, Wynn Las Vegas' average daily rate (ADR) per room was $284 and occupancy of available guestrooms was 90.1%, generating revenue per available room (REVPAR) of $255 for the period. Gross non-gaming revenues for the period were $127.3 million and net non-gaming revenues were $102.4 million. The food and beverage, retail and entertainment operations generated gross revenues of $48.1 million, $16.9 million and $9.6 respectively. Wynn Las Vegas generated adjusted EBITDA (2) of $58.7 million during the quarter, representing a 29.2% margin on net revenues. The adjusted EBITDA margin reflects high staffing levels and other costs related to the opening of Wynn Las Vegas. Wynn Las Vegas' pre-opening costs during the quarter were $36.9 million, including expenses associated with hiring and training employees, marketing expenses, and various other costs incurred prior to the property's opening on April 28, 2005. The pre-opening costs associated with the opening of Wynn Las Vegas are included in the $2.7-$2.75 billion project budget. Steve Wynn, Chairman and Chief Executive Officer of Wynn Resorts commented, "The initial response from customers and employees has been very gratifying. In our first two months of operations, we achieved outstanding revenue numbers in various departments including slots, tables and retail. We deliberately and substantially overstaffed in order to offset our expected initial disadvantages in productivity: we had more than 9,000 employees working with approximately 58 newly integrated operating systems. In the upcoming months, our main focus will be on raising margins through increased operational efficiencies." Wynn Macau The Company broke ground for Wynn Macau in June 2004 and expects to open to the public in September 2006. Construction of Wynn Macau is progressing on schedule and within budget. Detailed interior design work continues, with the majority of architectural and structural design work now complete. Superstructure works are well underway with the hotel tower reaching the 23rd floor level. As of June 30, 2005, the Company had funded approximately $205.7 million of project costs and estimates that approximately $498.3 million will be spent to complete Wynn Macau. Plans are also underway for a $345.0 million expansion. The Company expects construction of the expansion to commence in the third quarter of 2005, with completion slated for the first half of 2007. An increase in Wynn Macau's credit facilities to fund the development and construction of the expansion is expected to close in the third quarter of 2005. Other Factors Affecting Earnings Interest expense net of $10.5 million in capitalized interest was $26.3 million for the second quarter of 2005. Depreciation and amortization expenses were $26.1 million and pre-opening expenses totaled $43.4 million during the quarter, of which $4.1 million were related to Wynn Macau. Corporate expense in the quarter was $5.0 million. Balance Sheet and Capital Expenditures Unrestricted cash balances at June 30, 2005 were $485.8 million, while restricted cash balances were $592.0 million. Total debt outstanding at the end of the quarter was $2.0 billion, of which $250 million is our Convertible Debentures. Capital expenditures during the second quarter of 2005 totaled $268.2 million. 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 industry, the Company's brief operating history, the Company's dependence on existing management, levels of travel, leisure and casino spending, general domestic or international economic conditions, and changes in gaming laws or regulations. Additional information concerning potential factors that could affect the Company's financial results are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2004 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 earnings (and Adjusted EPS) is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure performance of, and a principal basis for valuation of gaming companies. This measure is considered by many to be a better indicator on which to base expectations of future results than income computed in accordance with generally accepted accounting principles ("GAAP"). Reconciliations of net loss and net loss per share to adjusted earnings and adjusted EPS per share are included in the financial schedules accompanying this release. (2) Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, pre-opening and corporate expenses, losses on sales of assets, losses from incidental operations, and other non operating income and expenses. Management uses adjusted EBITDA as the primary measure of the operating performance of Wynn Las Vegas and Wynn Macau, and to compare the operating performance of its properties with those of its competitors. This information should not be considered as an alternative to any measure of performance as promulgated under accounting principles generally accepted in the United States, such as operating income, net income, or net cash provided by operating activities. Wynn Resorts, Limited's calculation of adjusted earnings, adjusted EPS and adjusted 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: (1) reconcile EBITDA to operating income and net income; and (2) reconcile net income to adjusted net income. WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data) (unaudited) Three Months Ended Six Months Ended June 30, June 30, ------------------------------------- --------------------------------------- 2005 2004 2005 2004 ---------------- ------------------ ------------------ ------------------- Operating revenues: Casino..................................... $ 98,715 $ - $ 98,715 $ - Rooms...................................... 44,632 - 44,632 - Food and beverage.......................... 48,056 - 48,056 - Entertainment, retail and other............ 34,651 59 34,659 194 ---------------- ------------------ ------------------ ------------------- Gross revenues........................... 226,054 59 226,062 194 Less promotional allowances................ (24,934) - (24,934) - ---------------- ------------------ ------------------ ------------------- Net revenues............................. 201,120 59 201,128 194 Operating costs and expenses: Casino..................................... 42,280 - 42,280 - Rooms...................................... 11,780 - 11,780 - Food and beverage.......................... 33,706 - 33,706 - Entertainment, retail and other............ 20,262 143 20,266 368 General and administrative................. 31,010 - 31,014 - Provision for doubtful accounts............ 8,599 - 8,599 - Pre-opening costs.......................... 43,365 16,466 81,469 31,016 Depreciation and amortization.............. 26,125 1,042 29,619 1,824 Loss on sale of assets..................... 16 520 5 512 Loss from incidental operations............ 32 - 105 - ---------------- ------------------ ------------------ ------------------- Total operating costs and expenses....... 217,175 18,171 258,843 33,720 Equity in income from unconsolidated affiliates 251 - 251 - ---------------- ------------------ ------------------ ------------------- Operating loss.................................. (15,804) (18,112) (57,464) (33,526) ---------------- ------------------ ------------------ ------------------- Other income/(expense): Interest income............................ 6,983 1,511 13,165 3,130 Interest expense, net...................... (26,341) (94) (28,490) (197) Loss on early extinguishment of debt....... - (25,628) - (25,628) ---------------- ------------------ ------------------ ------------------- Other income (expense), net.............. (19,358) (24,211) (15,325) (22,695) ---------------- ------------------ ------------------ ------------------- Minority interest............................... - 404 - 1,054 ---------------- ------------------ ------------------ ------------------- Net loss........................................ (35,162) (41,919) (72,789) (55,167) Change in fair value of interest rate swaps..... (5,814) 18,190 1,887 6,286 ---------------- ------------------ ------------------ ------------------- Comprehensive loss.............................. $ (40,976) $ (23,729) $ (70,902) $ (48,881) ================ ================== ================== =================== Basic and diluted earnings per common share: Net loss: Basic.................................... $ (0.36) $ (0.49) $ (0.74) $ (0.67) Diluted.................................. $ (0.36) $ (0.49) $ (0.74) $ (0.67) Weighted average common shares outstanding: Basic..................................... 98,203 84,687 98,132 82,764 Diluted................................... 98,203 84,687 98,132 82,764WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET LOSS AND NET LOSS PER SHARE TO ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (Unaudited) Three Months Ended Six Months Ended June 30, June 30, --------------------------------- ----------------------------------- 2005 2004 2005 2004 --------------- ---------------- --------------- ------------------ Net loss............................... $ (35,162) $ (41,919) $ (72,789) $ (55,167) Pre-opening costs...................... 43,365 16,466 81,469 31,016 Adjusted net income 8,203 (25,453) 8,680 (24,151) Per diluted share of common stock: Net loss............................... $ (0.36) $ (0.49) $ (0.74) $ (0.67) Pre-opening expenses 0.44 0.19 0.83 0.37 Adjusted net income 0.08 (0.30) 0.09 (0.29) Weighted average common shares outstanding: Net loss Basic................................. 98,203 84,687 98,132 82,764 Diluted............................... 98,203 84,687 98,132 82,764 Adjusted net income Basic................................. 98,203 84,687 98,132 82,764 Diluted............................... 101,705 84,687 101,634 82,764 WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, ---------------------------------- --------------------------------- 2005 2004 2005 2004 ------------- ------------------ ------------------ ------------- Net loss $ (35,162) $ (41,919) $ (72,789) $ (55,167) Add/(Deduct): Minority interest - (404) - (1,054) Interest income (6,983) (1,511) (13,165) (3,130) Interest expense, net 26,341 94 28,490 197 Loss on early extinguishment of debt - 25,628 - 25,628 ------------- -------------- ------------------ ------------------ Total 19,358 24,211 15,325 22,695 ------------- -------------- ------------------ ------------------ Operating loss (15,804) (18,112) (57,464) (33,526) Add/(Deduct): Preopening expenses: Wynn Las Vegas 36,900 8,756 65,137 15,877 Wynn Macau 4,124 2,254 6,598 4,532 Corporate and other 2,341 5,456 9,734 10,608 Depreciation and amortization: Wynn Las Vegas 23,376 285 24,260 443 Wynn Macau 1,469 140 2,934 140 Corporate and other 1,280 617 2,425 1,241 Corporate expenses and other 5,049 602 5,111 683 ------------- -------------- ------------------ ------------------ Total 74,539 18,110 116,199 33,524 ------------- -------------- ------------------ ------------------ Wynn Las Vegas adjusted EBITDA (1) $ 58,735 $ (2) $ 58,735 $ (2) ============= ============== ================== ==================
WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE Three Months Ended June 30, 2005(1) ------------------ Room Statistics for Wynn Las Vegas: Occupancy % 90.1% Average Daily Room Rate (ADR)(2) $284 Average Paying Rate (APR)(3) $267 Revenue per available room (REVPAR)(4) $255 Other information: Table games win per unit per day(5) $7,117 Table Hold % 21.1% Slot Machine win per unit per day(6) $273 Average number of table games 136 Average number of slot machines 1,960 (1) Reflects the period from April 28, 2005 to June 30, 2005. (2) ADR is Average Daily Rate and is calculated by dividing total room revenue by total rooms occupied. (3) APR is Average Paying Rate and is calculated by dividing cash room revenue by cash rooms occupied. (4) REVPAR is Revenue per Available Room and is calculated by dividing total room revenue by total rooms available. (5) Table games win per unit per day net of customer discounts. (6) Slot machine win per unit per day shown net of participation fees, free play and progressive accruals. SOURCE: Wynn Resorts, Limited CONTACT: Samanta Stewart, 702-770-7555 investorrelations@wynnresorts.com www.wynnresorts.com www.wynnlasvegas.com