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Wynn Resorts Ltd (WYNN) Announces Prelim. Q4, FY15 Results; Macau Revs Notably Lower Y/Y

January 15, 2016 8:03 AM EST

Wynn Resorts, Limited (Nasdaq: WYNN) announced preliminary expectations of its financial results for the fourth quarter and year ended December 31, 2015. The results in this release are preliminary and subject to the completion of the final financial statements, including the review of those financial statements by the Company’s internal accounting professionals and the Company's audit committee and the audit by the Company's independent registered public accounting firm.

Macau Operations

In the fourth quarter of 2015, net revenues are expected to be in the range of $552 million to $560 million, compared to $761.2 million generated in the fourth quarter of 2014. On a GAAP basis, operating income for the fourth quarter of 2015 is expected to be in the range of $75 million to $83 million, compared to $157.6 million for the fourth quarter of 2014. Adjusted property EBITDA (1) is expected to be in the range of $156 million to $164 million in the fourth quarter of 2015, compared to $241.2 million for the fourth quarter of 2014.

For the full year, net revenues are expected to be in the range of $2,459 million to $2,467 million, compared to $3,796.8 million generated in 2014. On a GAAP basis, operating income for 2015 is expected to be in the range of $382 million to $390 million, compared to $895.2 million in 2014. For 2015, adjusted property EBITDA is expected to be in the range of $705 million to $713 million, compared to $1,258.1 million for 2014.

Las Vegas Operations

In the fourth quarter of 2015, net revenues are expected to be in the range of $387 million to $395 million, compared to $376.8 million generated in the fourth quarter of 2014. On a GAAP basis, operating income for the fourth quarter of 2015 is expected to be in the range of $56 million to $64 million, compared to $51.6 million for the fourth quarter of 2014. Adjusted property EBITDA is expected to be between $123 million and $131 million for the fourth quarter of 2015, compared to $111.2 million for the fourth quarter of 2014.

For the full year, net revenues are expected to be in the range of $1,609 million to $1,617 million, compared to $1,636.9 million generated in 2014. On a GAAP basis, operating income for 2015 is expected to be in the range of $215 million to $223 million, compared to $270.5 million in 2014. For 2015, adjusted property EBITDA is expected to be in the range of $473 million to $481 million, compared to $515.2 million for 2014.flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in adjusted property EBITDA. Also, Wynn Resorts’ calculation of adjusted property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

*** NOTE: Aggregate Q4 revenues are about $939 - $955 million and FY15 revenue is about $4.068 - $4.084 billion. Consensus estimates call for Q4 revenue of $958 million and FY15 revenue of $4.10 billion.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
Three Months Ended December 31, Twelve Months Ended December 31,
2015 2014 2015 2014
Macau Operations:
VIP
Average number of table games 192 244 230 259
VIP turnover $13,033,946 $20,653,190 $57,917,060 $108,077,342
Table games win $339,033 $578,898 $1,659,683 $3,051,046
VIP win as a % of turnover 2.60% 2.80% 2.87% 2.82%
Table games win per unit per day (a) $19,159 $25,807 $19,785 $32,258
Mass market
Average number of table games 249 202 228 202
Table drop (b) $1,185,535 $1,330,694 $4,857,804 $5,517,382
Table games win $228,581 $249,021 $951,458 $1,187,997
Table games win % 19.3% 18.7% 19.6% 21.5%
Table games win per unit per day (a) $9,965 $13,434 $11,431 $16,154
Average number of slot machines 737 666 708 679
Slot machine handle $1,069,297 $1,122,510 $3,961,115 $5,415,127
Slot machine win $50,373 $55,860 $191,164 $264,763
Slot machine win per unit per day (c) $743 $912 $740 $1,068
Room statistics
Occupancy 96.3% 98.6% 96.5% 98.4%
ADR (d) $323 $332 $323 $333
REVPAR (e) $311 $328 $312 $327
Las Vegas Operations:
Average number of table games 228 231 232 232
Table drop (b) $485,652 $639,028 $2,060,189 $2,556,452
Table games win $139,273 $153,247 $490,920 $623,968
Table games win % 28.7% 24.0% 23.8% 24.4%
Table games win per unit per day (a) $6,651 $7,226 $5,786 $7,354
Average number of slot machines 1,882 1,864 1,866 1,858
Slot machine handle $730,733 $769,765 $2,969,327 $3,008,563
Slot machine win $52,585 $47,380 $206,626 $186,458
Slot machine win per unit per day (c) $304 $276 $303 $275
Room statistics
Occupancy 81.1% 82.1% 85.2% 86.9%
ADR (d) $292 $271 $285 $274
REVPAR (e) $237 $222 $243 $238
(a) Table games win per unit per day is shown before discounts and commissions, as applicable.
(b) Commencing in the second quarter of 2015, the Company determined that in Macau it will include the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage in the calculation of table drop in accordance with standard Macau industry practice. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table’s drop box.
(c) Slot machine win per unit per day is calculated as gross slot win minus progressive accruals and free play.
(d) ADR is average daily rate and is calculated by dividing total room revenue including the retail value of promotional allowances (less service charges, if any) by total rooms occupied including complimentary rooms.
(e) REVPAR is revenue per available room and is calculated by dividing total room revenue including the retail value of promotional allowances (less service charges, if any) by total rooms available.

Wynn Resorts, Limited

Mark Strawn, 702-770-7555

[email protected]

Source: Wynn Resorts, Limited



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