LAS VEGAS--(BUSINESS WIRE)--Jul. 29, 2014-- Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the second quarter ended June 30, 2014.

Net revenues for the second quarter of 2014 were $1,412.1 million, compared to $1,332.3 million in the second quarter of 2013. The growth was the result of a 12.5% increase in net revenues from our Las Vegas Operations and a 3.2% net revenue increase from our Macau Operations. Adjusted property EBITDA (1) was $467.4 million for the second quarter of 2014, a 9.8% increase from $425.7 million in the second quarter of 2013.

On a US GAAP basis, net income attributable to Wynn Resorts for the second quarter of 2014 was $203.9 million, or $2.00 per diluted share, compared to net income attributable to Wynn Resorts of $129.8 million, or $1.28 per diluted share, in the second quarter of 2013.

Adjusted net income attributable to Wynn Resorts, Limited (2) in the second quarter of 2014 was $215.1 million, or $2.11 per diluted share (adjusted EPS), compared to an adjusted net income attributable to Wynn Resorts of $152.9 million, or $1.51 per diluted share, in the second quarter of 2013.

Wynn Resorts also announced today that the Company has approved a cash dividend for the quarter of $1.25 per common share. This dividend will be payable on August 26, 2014, to stockholders of record on August 12, 2014.

Macau Operations

In the second quarter of 2014, net revenues were $960.6 million, a 3.2% increase from the $930.9 million generated in the second quarter of 2013. Adjusted property EBITDA in the second quarter of 2014 rose to $307.0 million, up 5.8% from $290.1 million in the second quarter of 2013.

Table games results in Macau are segregated into two distinct reporting categories, the VIP segment and the mass market segment.

Table games turnover in the VIP segment was $26.4 billion for the second quarter of 2014, an 11.7% decrease from $29.9 billion in the second quarter of 2013. VIP table games win as a percentage of turnover (calculated before commissions) for the quarter was 2.93%, within the expected range of 2.7% to 3.0% and in-line with the 2.94% experienced in the second quarter of 2013.

Table games win in the mass market segment increased by 43.3% to $311.0 million in the second quarter of 2014. Mass market table games win per unit per day increased by 53.0% to $17,852 from $11,671 in the second quarter of 2013. Drop in the mass market segment was $682.3 million in the second quarter of 2014, up 8.9% from the 2013 second quarter, while the segment's win percentage of 45.6% compares to 34.6% in last year's second quarter and sequentially to 43.4% in the first quarter of 2014. Note that customers purchase mass market gaming chips at either the gaming tables or the casino cage. Chips purchased at the casino cage are excluded from table games drop and will increase the expected win percentage. With the increased purchases at the casino cage, we believe the relevant indicator of volumes in the mass market segment should be table games win.

Slot machine handle of $1.5 billion for the second quarter of 2014 was 24.4% above the prior-year quarter, and slot win increased 14.1% compared to the prior-year period. Win per unit per day was 59.1% higher at $1,163, compared to $731 in the second quarter of 2013.

For the second quarter of 2014, we achieved an average daily rate (ADR) of $334, 6.4% above the $314 reported in the 2013 second quarter. Occupancy at Wynn Macau of 98.4% compares to 95.5% in the prior-year period, and revenue per available room (REVPAR) rose 9.7% to $329 in the 2014 quarter from $300 in last year's second quarter. Gross non-casino revenues increased 0.7% during the quarter to $100.6 million.

Wynn Palace Project in Macau

The Company is currently constructing Wynn Palace, a fully integrated resort containing a 1,700-room hotel, performance lake, meeting space, casino, 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. The total project budget, including construction costs, capitalized interest, pre-opening expenses, land costs and financing fees, is $4.0 billion. We expect to open our resort on Cotai in the first half of 2016.

During the second quarter of 2014, we invested approximately $249.7 million in our Cotai project, taking the total investment to date to $1.1 billion.

Las Vegas Operations

For the quarter ended June 30, 2014, net revenues were $451.4 million, a 12.5% increase from $401.4 million in the second quarter of 2013. Adjusted property EBITDA reached a quarterly record of $160.4 million, up 18.3% from $135.7 million generated in the comparable period in 2013, the result of both a 5.9 percentage point increase in table games win percentage and a 7.3% increase in room revenues.

Net casino revenues in the second quarter of 2014 were $182.5 million, a 28.0% increase from the second quarter of 2013. Table games drop of $629.0 million was up 14.8% compared to $548.0 million in the 2013 quarter. Table games win percentage was 27.4%, above both the property's expected range of 21% to 24% and the 21.5% reported in the 2013 quarter. Slot machine handle of $706.9 million was 0.8% below the $712.6 million in the comparable period of 2013, while net slot win was up 3.2% due to an increase in hold.

Room revenues were up 7.3% to $107.9 million during the quarter, versus $100.6 million in the second quarter of 2013. ADR increased 5.6% to $283 from $268, and occupancy improved to 88.4% from 86.9% in the second quarter of 2013. REVPAR was $251 in the 2014 second quarter, 7.7% above the $233 reported in the prior-year quarter.

Food and beverage revenues in the second quarter of 2014 were $149.1 million, up 1.8% from the 2013 second quarter. Retail, entertainment and other revenues improved 3.1% from last year's quarter to $56.7 million.

Balance Sheet and Other

Our total unrestricted cash and investment securities balance at June 30, 2014 was $3.3 billion. Total debt outstanding at the end of the quarter was $7.3 billion, including $3.1 billion of Wynn Las Vegas debt, $2.3 billion of Wynn Macau debt and $1.9 billion at the parent company.