Two Way Hard Three | Las Vegas Casino & Design Blog

October 30, 2007

Wynn Resorts Reports Q3 2007 Results

Posted by Hunter

Wynn Resorts just reported as the market closed - the conference call is about to start and I'll update this with any interesting info.

Quarterly revenue was $653.4 million, up from $318.1 million last year - all because of Macau. Adjusted property EBITDA was $186 million.

Adjusted net income: $73.4 million, compared to a $1.3 million loss last year. GAAP net income was $44 million and that figure from last year was skewed by the sale of the Macau sub-concession.

Lots of interesting details in the press release:

ADR at Wynn Las Vegas: $282, up from $271 a year ago. Occupancy was 96.6%.

ADR at Wynn Macau: $245 and occupancy was 91.9%.


Read archived comments (10 so far)
October 30, 2007 1:39 PM Posted by Hunter

Cotai Plans for Wynn Resorts:

1,500 - 2,000, all suite 'villa hotel'. The 'most beautiful hotel on earth'.

October 30, 2007 2:11 PM Posted by Hunter

"Encore will not look like Las Vegas."

"The casino will not in any way resemble the Wynn Las Vegas casino."

October 30, 2007 2:11 PM Posted by Hunter

The wall between the casino and the pool is glass, the entire 250 foot width.

October 30, 2007 2:12 PM Posted by detroit1051

From WYNN's earnings release:
"Slot handle at Wynn Las Vegas decreased 4.7% during the three months ended September 30, 2007 as compared to the same period in 2006, and the slot win percentage was within the expected range of 4.5% to 5.5%."
I'm surprised by the decrease in slot handle. I'm sure Wynn's payback percentage is greater than MGM's, but MGM won't release its slot win percentage. I would guess Bellagio's slot win is in the 6-8% range, but I can't prove it. Another reason for slot players like me to stay at Wynn instead of Bellagio.
Wynn Las Vegas' Table Win of 26.4% is huge!
I'm listening to the Call now. Steve is trying to let Ron Kramer handle the questions, but Steve has to add his two cents (or two billion).
Steve's comments about the area, the Plaza, the north Strip, etc are identical to what he said last Quarter. Nothing new to this point of the Call.

October 30, 2007 2:12 PM Posted by Hunter

The other side, on the Strip side, is an atrium, with the casino sandwiched in between it and the pool.

October 30, 2007 2:45 PM Posted by Hunter

I did a quick and dirty update on the drawing for Encore:

October 30, 2007 6:47 PM Posted by mike_ch

IMHO, any increased slot payback at Wynn has dried up over the past two months or so. They've changed a lot of machines in the casino over the past six months, and even some of my old reliables no longer pay out very well.

I'd put it probably about the even with MGM's mid-range properties. There's some recently added machines at Luxor that promise decent play and pay out about as sporadically. Of course, all of this is just personal evidence related over numerous hours spent at slot machines, but it is what it is.

October 31, 2007 3:36 AM Posted by Mike E

Nice. Wynn blew some secrets out with this call, including ones that Hunter broke well over a year ago: "Wynn Blvd" and "Sky Villas". Well done, Hunter!

October 31, 2007 8:27 AM Posted by Hunter

Thanks Mike.

Yeah, he did reveal some more details, I think more than he even really 'wanted' to. He just can't help himself.

I have more info on Encore than has been popularly discussed, most of which I have had verified by multiple sources. I'm told the new sketch posted above is 'pretty close', though of course some details like restaurants and bars are missing. I'm often told things that I can't repeat or print, just to protect the person doing the telling, so sometimes that is a difficult tightrope to walk.

October 31, 2007 8:34 AM Posted by Hunter

New appointments to the Wynn Resorts board:

Linda Chen is no surprise - they obviously really want to lock her in place.

The other dude is interesting. First Kirkorian makes an investment in an oil company and now Wynn puts an oil guy on his board? Any connection?