Wynn Resorts Ltd. reported their third quarter 2006 results today. This was an important quarter for the company as it included the first, albeit small, amount of operations from their second property, Wynn Macau. Also, a large one-time gain from the sale of a Macau sub-concession to PBL put a nice bit of cash into their pockets.
Net revenues for the quarter were $318.1 million. This is up 26.5% from the same quarter in the prior year. Net income for the quarter was $715.7 million but most of that is the one-time event related to the sub-concession.
The net loss has been reduced from $2.2 million last quarter to $1.3 million this quarter. EBITDA was $79.6 million, up 8.7%. I don't have the analysts jive in front of me but I think this is pretty close to what they were predicting.
Wynn Macau, operating for 25 days this quarter, generated net revenues of $45 million and EBITDA of $2.3 million, 81% of which came from table game play. ADR at Wynn Macau was 75.9% and non casino revenues were $4.9 million.
The conference call at 3pm will be on the Web site and we'll be talking in the chat room, which is located here.
For a breakdown of Wynn's results: