LAS VEGAS--(BUSINESS WIRE)--Feb. 3, 2015-- Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the fourth quarter and year ended December 31, 2014.

Net revenues for the fourth quarter of 2014 were $1,138.0 million, compared to $1,519.9 million in the fourth quarter of 2013. The decline was the result of a 32.0% net revenue decrease from our Macau Operations and a 5.8% decrease in net revenues from our Las Vegas Operations. Adjusted property EBITDA (1) was $352.5 million for the fourth quarter of 2014, a 29.3% decrease from $498.4 million in the fourth quarter of 2013.

For the full year, net revenues were $5,433.7 million in 2014, down 3.3% from $5,620.9 million in 2013. Adjusted property EBITDA declined 2.1% to $1,773.3 million in 2014, with record annual performance at Wynn Las Vegas offset by lower adjusted property EBITDA at Wynn Macau. For 2014, adjusted property EBITDA increased 5.9% to $515.2 million at Wynn Las Vegas and fell 5.0% to $1,258.1 million at Wynn Macau.

On a US GAAP basis, net income attributable to Wynn Resorts for the fourth quarter of 2014 was $109.3 million, or $1.07 per diluted share, compared to net income attributable to Wynn Resorts of $213.9 million, or $2.10 per diluted share, in the fourth quarter of 2013.

Adjusted net income attributable to Wynn Resorts, Limited (2) in the fourth quarter of 2014 was $122.4 million, or $1.20 per diluted share (adjusted EPS), compared to an adjusted net income attributable to Wynn Resorts of $231.2 million, or $2.27 per diluted share, in the fourth quarter of 2013.

Wynn Resorts also announced today that the Company has approved a cash dividend for the quarter of $1.50 per common share. This dividend will be payable on February 23, 2015, to stockholders of record on February 13, 2015.

Macau Operations

In the fourth quarter of 2014, net revenues were $761.2 million, a 32.0% decrease from the $1,119.9 million generated in the fourth quarter of 2013. Adjusted property EBITDA in the fourth quarter of 2014 was $241.2 million, down 35.5% from $374.2 million in the fourth 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 $20.7 billion for the fourth quarter of 2014, a 39.9% decrease from $34.4 billion in the fourth quarter of 2013. VIP table games win as a percentage of turnover (calculated before commissions) for the quarter was 2.80%, within the expected range of 2.7% to 3.0% and below the 2.92% experienced in the fourth quarter of 2013. The average number of VIP tables decreased to 244 units in the fourth quarter of 2014 from 273 units in the prior year's fourth quarter due in large part to a renovation on a portion of the casino floor. Completion of this renovation is expected before Chinese New Year.

Table games win in the mass market segment decreased by 15.0% to $249.0 million in the fourth quarter of 2014. Mass market table games win per unit per day decreased by 7.7% to $13,434 from $14,552 in the fourth quarter of 2013. Drop in the mass market segment was $634.4 million in the fourth quarter of 2014, down 8.3% from the 2013 fourth quarter, while the segment’s win percentage of 39.3% compares to 42.3% in last year’s fourth quarter. The win percentage in the fourth quarter of 2014 was the lowest hold rate since the third quarter of 2013. 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. Because of the large number of chip purchases occurring at the casino cage, we believe the relevant indicator of volumes in the mass market segment should be actual table games win rather than win percentage.

Slot machine handle for the fourth quarter of 2014 declined 19.5% from the 2013 period to $1.1 billion, and slot win decreased by 20.9%. Win per unit per day was 3.8% higher at $912, compared to $879 in the fourth quarter of 2013, due to a reduction in the number of units on the casino floor.

For the fourth quarter of 2014, we achieved an average daily rate (ADR) of $332, 5.4% above the $315 reported in the 2013 fourth quarter. Occupancy at Wynn Macau of 98.6% compares to 96.7% in the prior-year period, and revenue per available room (REVPAR) rose 7.9% to $328 in the 2014 quarter from $304 in last year’s fourth quarter. Non-casino revenues, before promotional allowances, decreased 11.6% during the quarter to $95.9 million.

Las Vegas Operations

For the quarter ended December 31, 2014, net revenues were $376.8 million, a 5.8% decrease from $400.0 million in the fourth quarter of 2013. Adjusted property EBITDA declined 10.4% to $111.2 million, due in part to table games hold above the property's expected range in the fourth quarter of 2013.

Net casino revenues in the fourth quarter of 2014 were $171.0 million, a 15.5% decrease from the fourth quarter of 2013. Table games drop of $639.0 million was down 11.8% from $724.4 million in the 2013 quarter. Table games win percentage was 24.0%, within the property’s expected range of 21% to 24% and below the 28.8% reported in the 2013 quarter. Slot machine handle of $769.8 million was 5.2% above the $731.9 million in the comparable period of 2013, and net slot win was up 6.2%.

Room revenues were up 6.3% to $95.5 million during the quarter, versus $89.8 million in the fourth quarter of 2013. ADR increased 5.9% to $271 from $256, and occupancy improved to 82.1% from 80.8% in the fourth quarter of 2013. REVPAR was $222 in the 2014 fourth quarter, 7.2% above the $207 reported in the prior-year quarter.

Food and beverage revenues in the fourth quarter of 2014 were $103.3 million, up 5.3% from the 2013 fourth quarter. Entertainment, retail and other revenues improved 0.5% from last year’s quarter to $57.4 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 approximately $4.1 billion. We expect to open our resort on Cotai in the first half of 2016.

During the fourth quarter of 2014, we invested approximately $428.7 million in our Cotai project, taking the total investment to date to $1.8 billion.

Wynn Project in Massachusetts

On January 2, 2015, we purchased 33 acres of land in Everett, Massachusetts, along the Mystic River. On this land, we intend to develop and construct an integrated resort containing a hotel, casino, spa, meeting and convention space and waterfront boardwalk featuring premium retail offerings and restaurants.

Balance Sheet and Other

Our total cash and investment securities balance at December 31, 2014 was $2.4 billion. Total debt outstanding at the end of the quarter was $7.3 billion, including $3.0 billion of Wynn Las Vegas debt, $2.4 billion of Wynn Macau debt and $1.9 billion at the parent company.