Wynn Resorts, Limited Reports Fourth Quarter and Year End 2009 Results – MarketWatch (press release)
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LAS VEGAS, Feb 25, 2010 (BUSINESS WIRE) –
Wynn Resorts, Limited
/quotes/comstock/15*!wynn/quotes/nls/wynn
(WYNN
62.80,
-0.55,
-0.87%)
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.
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 Reve 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 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.
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.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2009 2008 2009 2008
Operating revenues:
Casino $ 591,758 $ 455,948 $ 2,206,829 $ 2,261,932
Rooms 92,748 74,979 377,520 326,655
Food and beverage 106,068 83,088 436,361 358,715
Entertainment, retail and other 84,328 59,647 288,432 270,065
Gross revenues 874,902 673,662 3,309,142 3,217,367
Less: promotional allowances (65,573 ) (59,387 ) (263,531 ) (230,043 )
Net revenues 809,329 614,275 3,045,611 2,987,324
Operating costs and expenses:
Casino 399,938 325,280 1,462,346 1,490,927
Rooms 28,891 18,178 109,184 78,238
Food and beverage 62,985 47,878 251,192 207,281
Entertainment, retail and other 46,954 34,552 166,612 161,862
General and administrative 101,242 69,697 366,785 319,303
Provision for doubtful accounts 727 393 13,707 49,405
Pre-opening costs 1,448 46,320 1,817 72,375
Depreciation and amortization 104,441 70,885 410,547 263,213
Property charges and other 17,186 1,396 28,458 32,584
Total operating costs and expenses 763,812 614,579 2,810,648 2,675,188
Operating income (loss) 45,517 (304 ) 234,963 312,136
Other income (expense):
Interest income 495 1,402 1,740 21,517
Interest expense, net of capitalized interest (50,524 ) (46,180 ) (211,385 ) (172,693 )
Decrease in swap fair value (1,270 ) (36,604 ) (2,258 ) (31,485 )
Gain (loss) on extinguishment of debt (3,779 ) 22,347 18,734 22,347
Equity in income (loss) from unconsolidated affiliates 197 (48 ) 121 1,353
Other (17 ) (1,563 ) 191 (4,257 )
Other income (expense), net (54,898 ) (60,646 ) (192,857 ) (163,218 )
Income (loss) before income taxes (9,381 ) (60,950 ) 42,106 148,918
(Provision) benefit for income taxes 22,613 (98,617 ) (2,999 ) 61,561
Net income (loss) 13,232 (159,567 ) 39,107 210,479
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:
Basic $ (0.04 ) $ (1.49 ) $ 0.17 $ 1.94
Diluted $ (0.04 ) $ (1.49 ) $ 0.17 $ 1.92
Weighted average common shares outstanding:
Basic 122,301 106,900 119,840 108,408
Diluted 122,301 106,900 120,185 109,441
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS,
LIMITED
TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(amounts in thousands)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2009 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 $ 0.08 $ 0.07 $ 0.26 $ 2.51
diluted share
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
AND ADJUSTED PROPERTY EBITDA TO NET LOSS ATTRIBUTABLE TO WYNN
RESORTS, LIMITED
(amounts in thousands)
(unaudited)
Three Months Ended December 31, 2009
Wynn Las Wynn Corporate and Total
Vegas Macau, Ltd. Other
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 Wynn Corporate and Total
Vegas Macau Other
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 )
WYNN RESORTS, LIMITED AND SUBSIDIARIES
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 Wynn Corporate and Total
Vegas Macau, Ltd. Other
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 Wynn Corporate and Total
Vegas Macau Other
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
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 operations(5):
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 operations(5):
Table games win per unit per day(3) $5,188 $5,629 $5,099 $7,976
Table Win % 18.7% 15.3% 20.2% 20.0%
Slot machine win per unit per day(4) $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 day(3) $16,379 $12,366 $14,846 $15,265
Slot machine win per unit per day(4) $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
Wynn Resorts, Limited Samanta Stewart, 702-770-7555 investorrelations@wynnresorts.com
Copyright Business Wire 2010
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