Wynn Resorts announces preliminary Q3 results

Co reports they had a solid Q3 in both Las Vegas and Macau but we have very little visibility on future earnings due to the global economic situation and the recently imposed travel restrictions in Macau.

For its Wynn Las Vegas business, on a GAAP basis, operating (loss)/income for its Las Vegas property for Q3 of 2008 is expected to be in the range of ($2) mln to $2 mln, compared to $35.8 mln in the 2007 period due primarily to the EBITDA decline and a $12.5 mln increase in pre-opening expense. During the quarter, table games drop increased 11.6% from the comparable period in 2007 to $531.0 million.

Table games hold decreased to 24.3% compared to 26.4% in 2007. Slot machine handle of $853.8 million was 11.9% below the comparable period of 2007. In its Wynn Macau business, on a GAAP basis, operating income for Wynn Macau for Q3 of 2008 is expected to be in the range of $57-63 mln, compared to $39.2 mln in the 2007 period.

Table games turnover in the VIP segment increased 35.6% to $13.3 bln for the period, compared to $9.8 bln for Q3 of 2007. VIP table games win as a percentage of turnover (calculated before discounts and commissions) was 3.10%, slightly above the expected range of 2.7-3.0% and higher than the 2.96% in the comparable period of 2007.

Table games drop in the mass market category was ~$568.8 mln during the period, a 19.7% increase from $475.4 million in the third quarter of 2007.

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Posted: 10/13/2008 5:06:33 PM by Global Administrator | with 0 comments

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Wynn Resorts announces preliminary Q3 results

Wynn Resorts announces preliminary Q3 results

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