Two Way Hard Three | Las Vegas Casino & Design Blog

November 3, 2005

Earnings: Wynn Resorts and Las Vegas Sands

Posted by Hunter

Wynn Las Vegas Earnings:

Net Revenues: $251.4 million
Adjusted Net Loss: $1 million (due to pre-opening and opening expenses and includes Macau and Encore expense)

Net Gaming Revenues: $123 million
Table Game Drop: $414.6 million ($7,321 win per day)
Slot Machine Win Per Unit Per Day: $251 on $897.1 million of volume

Gross Non-Gaming Revenue: $164.7 million / Net: $128.4 million
ADR: $264 and occupancy was 93%
REVPAR: $246

Overall, EBITDA of $73.2 million, 29.1% margin.

More Details:

Las Vegas Sands Earnings:

Net Revenues: $437.6 million (up 27% from last year)
Adjusted Net Income: $99 million

They break out a lot more details for the various properties:

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Read archived comments (5 so far)
November 3, 2005 10:37 AM Posted by Hunter

I listened to Wynn's conference call. Something was going on with the question system and there was a long period of dead time on the call.

No real dirt on what is happening next quarter.

Steve mentioned that they may go in to Cotai in Macau sometime in the future but for now they are focused on downtown Macau.

In general the conference call was a technical disaster. No one could hear anyone else.

Regarding Encore, the two resorts will connect at the hallway that leads to the showrooms, putting the 'theater district' right in the center. They are still targeting a high end offering for the room product. They want to keep the average daily rate high. The remarked that the extra time was in regards to design, not having to do with financial conditions. The design for Encore is now frozen and they are preparing final budgeting.

November 3, 2005 1:28 PM Posted by Mark

I am not all too surprised that they are connecting WLV and Encore through showroom hallway; I had always imagined the two resorts being connected through there. Oh, and when you said that plans for Encore are frozen, does that mean that they are finalized for now or is it still on hold?

November 3, 2005 1:36 PM Posted by Hunter

By frozen I think they meant that the plans were finalized.

November 7, 2005 12:34 AM Posted by Doug

Watching Wynn stock has been a lot of fun lately. I noticed at the Reuters web site that as of mid-September(October?) Wynn Resorts had 9 million shares 'shorted' by investors - that's almost 20% of the float! - But it looks as though some of these 'short sellers' might be taking a bath during Q4. - I also read that Wynn Resorts has a big note due to Deutsche Bank, but in Wynn's SEC filing it looks as though it will be paid off by the end of Q1 '06...maybe.

Either way I think Wynn Resorts is a better investment right now than LVS.

November 7, 2005 8:28 AM Posted by Hunter

Warning: I am an investor in WYNN.

I am having fun watching as well. LVS and WYNN are the most comparable in terms of assets and plans. I was in LVS at the start but got out. I'm sticking with WYNN.