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Wynn Resorts, Limited Reports Third Quarter Results

LAS VEGAS, November 7, 2006 (BUSINESS WIRE) -- Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the quarter ended September 30, 2006.

Net Revenues for the quarter were $318.1 million, 26.5% higher than in the third quarter of 2005. Results for this quarter include 25 days of operations of Wynn Macau, which opened on September 6, 2006. On a US GAAP (Generally Accepted Accounting Principles) basis, net income for the quarter was $715.7 million, or $6.43 per diluted share, compared to a loss of $9.2 million, or $0.09 per diluted share, in the third quarter of 2005. The significant increase in net income was due to the completion of the sale of the subconcession right in Macau in the third quarter of 2006. Adjusted net loss was $1.3 million, or ($0.01) per diluted share (adjusted EPS)(1) compared to an adjusted net loss of $2.2 million, or ($0.02) per diluted share in the third quarter of 2005.

Consolidated adjusted EBITDA(2) in the quarter was $79.6 million, an increase of 8.7% from $73.2 million in third quarter of 2005.

Wynn Las Vegas Results

For the quarter ended September 30, 2006, Wynn Las Vegas generated adjusted EBITDA of $77.3 million, an increase of 5.6% from the third quarter of 2005, with a 28.3% EBITDA margin on net revenue.

Net casino revenues in the third quarter of 2006 were $131.9 million compared to $123.0 million for the third quarter of 2005. Table games drop was $458.2 million, with win per table per day (before discounts) of $7,779 for the quarter compared to drop of $414.6 million and win per table per day of $7,339 last year. Table games win percentage of 22.3% was slightly above the property’s expected range of 19% to 22% and the 21.9% generated last year. Slot machine win per unit per day was $248 on handle (volume) of $1,017.2 million in the quarter compared to a win per unit per day of $243 on handle of $897.1 million during the comparable period of 2005. Slot handle increased during the three months of 2006 as compared to 2005, however, during the three months of 2006, the slot win percentage was slightly less than the expected range of 5% to 6%.

Gross non-casino revenues for the quarter were $178.4 million, an 8.5% increase from the third quarter of 2005. Hotel revenues were up 4.8% to $64.3 million during the quarter, versus $61.4 million in the third quarter of 2005. Wynn Las Vegas achieved an Average Daily Rate (ADR) of $271 for the quarter, compared to $264 in the third quarter of 2005. The property’s occupancy was 94.9% compared to 93.0% during the prior year period, generating revenue per available room (REVPAR) of $257 in the 2006 period (4.5% higher than in 2005).
Food and beverage revenues increased 13.2% to $69.3 million in the quarter compared to $61.2 million in the third quarter of 2005. Retail revenues were $19.2 million in the quarter compared to $17.0 million in the third quarter of 2005, an increase of 12.7%. Entertainment revenues were approximately $14.1 million, matching the $14.0 million generated in the third quarter of 2005. Food and beverage revenue increases in 2006 compared to 2005 were primarily from increased revenues from the nightclub located in Wynn Las Vegas.

Wynn Macau Results
The first phase of Wynn Macau opened on September 6, 2006 featuring 600 hotel rooms and suites, approximately 212 table games and 375 slot machines in approximately 100,000 square feet of casino gaming space, seven restaurants, approximately 26,000 square feet of retail space, a spa, a salon, entertainment lounges, and meeting facilities.