Actionable news
0
All posts from Actionable news
Actionable news in WYNN: Wynn Resorts, Limited,

Wynn Resorts, Limited Reports Third Quarter 2015 Results LAS VEGAS,

The following excerpt is from the company's SEC filing.

October 15, 2015

— Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the

quarter ended

September 30, 2015

Net revenues for the

quarter of 2015 were

$996.3 million

, compared to

$1,370.0 million

in the

quarter of 2014. The decline was the result of a

net revenue decrease from our Macau Operations and a

net revenue decrease from our Las Vegas Operations. Adjusted property EBITDA (1) was

$279.9 million

quarter of 2015, a

$458.8 million

On a US GAAP basis, net income attributable to Wynn Resorts, Limited for the

quarter of 2015 was

$73.8 million

per diluted share, compared to net income attributable to Wynn Resorts, Limited of

$191.4 million

per diluted share, in the

Adjusted net income attributable to Wynn Resorts, Limited (2) in the

$87.6 million

per diluted share, compared to an adjusted net income attributable to Wynn Resorts, Limited of

$199.2 million

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $0.50 per common share. This dividend will be payable on November 24, 2015, to stockholders of record on November 12, 2015.

In the

quarter of 2015, net revenues were

$585.1 million

decrease from the

$942.3 million

generated in the

quarter of 2014. Adjusted property EBITDA in the

$162.8 million

, down

$325.5 million

quarter of 2014.

Table games turnover in the VIP segment was

$12.2 billion

$25.1 billion

quarter of 2014. VIP table games win as a percentage of turnover (calculated before commissions) for the quarter was

, outside the expected range of 2.7% to 3.0% and above the

experienced in the

quarter of 2014. The average number of VIP tables decreased to

units in the

quarter of 2015 from

units in the prior year's

quarter.

Commencing in the second quarter of 2015, the Company determined that it will include the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage in the calculation of table drop in accordance with standard Macau industry practice. Table drop in the mass market segment was

$1,196.9 million

quarter of 2015, down

from the 2014

quarter. Table games win in the mass market segment decreased by

$234.7 million

quarter of 2015. The mass market win percentage of

quarter of 2015 was below the

quarter of 2014.

Slot machine handle for the

quarter of 2015 declined

from the 2014 period to

$824.6 million

, and slot win decreased by

$41.9 million

For the

quarter of 2015, total non-casino revenues, before promotional allowances, decreased

during the quarter to

$77.1 million

. We achieved an average daily rate ("ADR") of

compared to the

reported in the 2014

quarter. Occupancy at Wynn Macau of

compares to

in the prior-year period. Revenue per available room ("REVPAR") decreased

in the 2015 quarter from

in last year’s

For the quarter ended

$411.2 million

$427.8 million

quarter of 2014. Adjusted property EBITDA was

$117.1 million

compared to the prior year.

Net casino revenues in the

$152.1 million

quarter of 2014. Table games drop of

$491.6 million

was down

$640.9 million

in the 2014 quarter. Table games win percentage was

, inside the property’s expected range of 21% to 24% and below the

reported in the 2014 quarter. Slot machine handle of

$764.3 million

$788.1 million

in the comparable period of 2014, and slot win was up

$54.6 million

quarter of 2015, total non-casino revenues, before promotional allowances, increased

quarter of 2014 to

$303.6 million

Room revenues increased

$102.8 million

during the quarter, versus

$102.5 million

quarter of 2014. Occupancy reduced to

and ADR increased

. REVPAR was

reported in the prior-year quarter.

Food and beverage revenues in the

$142.6 million

compared to the 2014

quarter. Entertainment, retail and other revenues decreased

from last year’s quarter to

$58.3 million

Wynn Palace Project in Macau

The Company is currently constructing Wynn Palace, an integrated resort containing a

-room hotel, a performance lake, meeting space, a casino, a spa, retail offerings, and food-and-beverage outlets in the Cotai area of Macau. In July 2013, we signed a $2.6 billion guaranteed maximum price ("GMP") contract for the project’s construction costs. The total project budget, including construction costs, capitalized interest, pre-opening expenses, land costs and financing fees, is approximately

$4.1 billion

. We expect to open our resort on Cotai in the first half of 2016.

During the

quarter of 2015, we invested approximately $434.9 million in our Cotai project, taking the total investment to

$3.1 billion

Wynn Project in Massachusetts

In November 2014, we were awarded a gaming license to develop and construct an integrated resort in Everett, Massachusetts, outside of Boston. The resort will be located on a 33 acre site along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting space, a casino, a spa, retail offerings, and food-and-beverage outlets.

Balance Sheet and Other

Our cash and cash equivalents and investment securities at

$2.1 billion

On September 30, 2015, we amended our Wynn Macau credit facilities to increase our borrowing availability to $3.05 billion equivalent, representing an increase of $550 million equivalent, consisting of a $2.3...


More