Wynn Las Vegas Llc 8-k (events Or Changes Between Quarterly Reports) 2009-02-24
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WYNN RESORTS, LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data) (unaudited)
Three Months Ended December 31, 2008 2007 Operating revenues: Casino Rooms Food and beverage Entertainment, retail and other Gross revenues Less: promotional allowances Net revenues
$
Year Ended December 31, 2008 2007
455,948 $ 74,979 83,088 59,647 673,662 (59,387) 614,275
524,068 $ 84,672 91,423 69,098 769,261 (57,986) 711,275
2,261,932 $ 326,655 358,715 270,065 3,217,367 (230,043) 2,987,324
1,949,870 339,391 353,983 245,201 2,888,445 (200,926) 2,687,519
325,280 18,178 47,878 34,552 69,697 393 46,320 70,793 1,396 614,487
327,292 19,556 51,951 42,456 80,456 8,265 2,883 60,496 9,471 602,826
1,490,927 78,238 207,281 161,862 319,303 49,405 72,375 262,848 32,584 2,674,823
1,168,119 83,237 212,622 161,087 310,820 36,109 7,063 219,923 60,857 2,259,837
(48)
326
1,353
1,721
(260)
108,775
313,854
429,403
Other income (expense): Interest income Interest expense, net of capitalized interest Decrease in swap fair value Gain (loss) from extinguishment of debt Other Other income (expense), net
1,402 (46,180) (36,604) 22,347 (1,563) (60,598)
16,220 (35,901) (3,653) 2,260 (21,074)
21,517 (172,693) (31,485) 22,347 (4,257) (164,571)
47,259 (143,777) (6,001) (157) 506 (102,170)
Income (loss) before income taxes
(60,858)
87,701
149,283
327,233
Benefit (provision) for income taxes
(98,776)
(22,248)
60,923
(69,085)
Operating costs and expenses: Casino Rooms Food and beverage Entertainment, retail and other General and administrative Provision for doubtful accounts Pre-opening costs Depreciation and amortization Property charges and other Total operating costs and expenses Equity in income (loss) from unconsolidated affiliates Operating income (loss)
Net income (loss)
$
(159,634) $
65,453
$
210,206
$
258,148
Basic and diluted income (loss) per common share: Net income (loss): Basic Diluted* Weighted average common shares outstanding: Basic
$ $
(1.49) $ (1.49) $
0.58 0.57
$ $
1.94 1.92
$ $
2.43 2.34
Diluted
106,900 106,900
113,720 115,257
108,408 109,441
106,030 112,685
* Diluted earnings per share for the year ended December 31, 2007 includes the assumption that the convertible subordinated debentures were converted into shares of common stock. Accordingly, net income used in the computation of diluted earnings per share is increased by approximately $5.1 million of net interest attributable to these debentures for the year ended December 31, 2007.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (amounts in thousands) (unaudited)
Three Months Ended December 31, 2008 2007 Net income (loss) Pre-opening costs (Gain) loss from the extinguishment of debt Decrease in swap fair value Property charges and other Adjustment for income taxes Foreign tax credit valuation allowance adjustment Adjusted net income(2)
$
$
(159,634) $ 46,320 (22,347) 36,604 1,396 (17,746) 123,029 7,622 $
Adjusted net income per diluted share*
$
0.07
$
Year Ended December 31, 2008 2007
65,453 2,883 3,653 9,471 1,096 82,556
$
$
210,206 $ 72,375 (22,347) 31,485 32,584 (32,315) (17,626) 274,362 $
0.72
$
2.51
$
258,148 7,063 157 6,001 60,857 (2,868) 329,358 2.97
* Diluted adjusted net income per share for the the year ended December 31, 2007 includes the assumption that the convertible debentures were converted into shares of common stock. Since the convertible debentures were all converted into shares of stock in July 2007, there is no adjustment to net income for the quarter ended December 31, 2007. Accordingly, adjusted net income used in the computation of diluted adjusted net income per share for the year ended December 31, 2007 is increased by approximately $5.1 million of net interest attributable to these debentures. 7
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WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED PROPERTY EBITDA TO NET INCOME (LOSS) (amounts in thousands) (unaudited) Three Months Ended December 31, 2008 Wynn Las Corporate Vegas Wynn Macau and Other $
Operating income (loss) Pre-opening costs Depreciation and amortization Property charges and other Corporate expense, management fees, royalties and other Stock-based compensation Adjusted property EBITDA (1)
$
(69,785) $
55,592
46,319 47,097 696
1 23,031 644
665 56
46,320 70,793 1,396
5,745 2,488
14,121 1,598
(16,905) 2,251
2,961 6,337
32,560
$
94,987
$
$
13,933
-
$
$
Three Months Ended December 31, 2007 Wynn Las Corporate Vegas Wynn Macau and Other $
Operating income Pre-opening costs Depreciation and amortization Property charges and other Corporate expense, management fees, royalties and other Stock-based compensation Adjusted property EBITDA (1)
$
Adjusted property EBITDA (1)
42,384
$
50,565
$
15,826
$
127,547
Total 108,775
208 19,231 16,873
(8) 894 (9,303)
2,883 60,496 9,471
8,429 1,551
12,299 436
(9,415) 2,006
11,313 3,993
97,319
$
99,612
$
Pre-opening costs Depreciation and amortization Property charges and other Corporate expenses and other Stock-based compensation Interest income Interest expense Decrease in swap fair value Gain on extinguishment of debt Other Provision for income taxes
-
$
$
196,931
Three Months Ended December 31, 2008 2007 127,547 $ 196,931 (46,320) (70,793) (1,396) (2,961) (6,337) 1,402 (46,180) (36,604) 22,347 (1,563) (98,776)
8
(260)
2,683 40,371 1,901
$
Net income (loss)
Total
(159,634) $
(2,883) (60,496) (9,471) (11,313) (3,993) 16,220 (35,901) (3,653) 2,260 (22,248) 65,453
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WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED PROPERTY EBITDA TO NET INCOME (amounts in thousands) (unaudited)
Wynn Las Vegas $
Operating income (loss) Pre-opening costs Depreciation and amortization Property charges and other Corporate expense, management fees, royalties and other Stock-based compensation Adjusted property EBITDA (1)
$
(58,350) $
$
Pre-opening costs Depreciation and amortization Property charges and other Corporate expense, management fees, royalties and other Stock-based compensation Adjusted property EBITDA (1)
$
Adjusted property EBITDA (1)
298,463
$
73,741
Total $
2 90,592 10,015
2,616 163
72,375 262,848 32,584
37,304 9,502
82,647 4,138
(83,208) 6,688
36,743 20,328
252,875
200,621
$
485,857
$
-
$
Year Ended December 31, 2007 Corporate Wynn Macau and Other $
184,072
$
44,710
Total $
429,403
590 63,469 63,654
16 3,615 (8,802)
7,063 219,923 60,857
43,075 8,031
49,228 3,100
(46,935) 7,396
45,368 18,527
417,028
$
364,113
$
Pre-opening costs Depreciation and amortization Property charges and other Corporate expenses and other Stock-based compensation Interest income Interest expense Decrease in swap fair value Gain (loss) on extinguishment of debt Other Benefit (provision) for income taxes
-
$
$
781,141
Year Ended December 31, 2008 2007 738,732 $ 781,141 (72,375) (262,848) (32,584) (36,743) (20,328) 21,517 (172,693) (31,485) 22,347 (4,257) 60,923
9
738,732
6,457 152,839 6,005
$
Net income
313,854
72,373 169,640 22,406
Wynn Las Vegas Operating income
Year Ended December 31, 2008 Corporate Wynn Macau and Other
210,206
(7,063) (219,923) (60,857) (45,368) (18,527) 47,259 (143,777) (6,001) (157) 506 (69,085) $
258,148
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WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE Three Months Ended December 31, December 31, 2008 2007 Room Statistics for Wynn Las Vegas5: Occupancy % Average Daily Rate (ADR)1 Revenue per available room (REVPAR)2
$ $
Other information for Wynn Las Vegas 5: Table games win per unit per day3 Table Win % Slot machine win per unit per day4 Average number of table games Average number of slot machines
$ $
Room Statistics for Wynn Macau: Occupancy % Average Daily Rate (ADR)1 Revenue per available room (REVPAR)2
$ $
Other information for Wynn Macau: Table games win per unit per day3 Slot machine win per unit per day4 Average number of table games Average number of slot machines
$ $
79.7% 281 224
5,629 15.3% 203 147 2,034
86.8% 273 237
12,366 348 367 1,241
$ $
$ $
$ $
$ $
94.3% 298 281
11,293 23.5% 241 141 1,973
92.4% 256 237
16,239 456 290 708
Year Ended December 31, December 31, 2008 2007
$ $
$ $
$ $
$ $
91.8% 288 265
7,976 20.0% 221 141 1,971
87.3% 275 240
15,265 346 377 1,243
$ $
$ $
$ $
$ $
96.0% 300 288
10,872 25.3% 250 141 1,966
88.8% 251 223
16,410 470 259 521
(1) ADR is Average Daily Rate and is calculated by dividing total room revenue (less service charges, if any) by total rooms occupied. (2) REVPAR is Revenue per Available Room and is calculated by dividing total room revenue (less service charges, if any) by total rooms available. (3) Table games win per unit per day is shown before discounts and commissions. (4) Slot machine win per unit per day is net of participation fees and progressive accruals. (5) Results on the table above include the 10 days of operations for Encore, which opened on December 22, 2008. Encore did not significantly impact our results of operations for the year ended December 31, 2008. SOURCE: Wynn Resorts, Limited CONTACT: Samanta Stewart, 702-770-7555 [email protected]
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WYNN RESORTS, LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data) (unaudited)
Three Months Ended December 31, 2008 2007 Operating revenues: Casino Rooms Food and beverage Entertainment, retail and other Gross revenues Less: promotional allowances Net revenues
$
Year Ended December 31, 2008 2007
455,948 $ 74,979 83,088 59,647 673,662 (59,387) 614,275
524,068 $ 84,672 91,423 69,098 769,261 (57,986) 711,275
2,261,932 $ 326,655 358,715 270,065 3,217,367 (230,043) 2,987,324
1,949,870 339,391 353,983 245,201 2,888,445 (200,926) 2,687,519
325,280 18,178 47,878 34,552 69,697 393 46,320 70,793 1,396 614,487
327,292 19,556 51,951 42,456 80,456 8,265 2,883 60,496 9,471 602,826
1,490,927 78,238 207,281 161,862 319,303 49,405 72,375 262,848 32,584 2,674,823
1,168,119 83,237 212,622 161,087 310,820 36,109 7,063 219,923 60,857 2,259,837
(48)
326
1,353
1,721
(260)
108,775
313,854
429,403
Other income (expense): Interest income Interest expense, net of capitalized interest Decrease in swap fair value Gain (loss) from extinguishment of debt Other Other income (expense), net
1,402 (46,180) (36,604) 22,347 (1,563) (60,598)
16,220 (35,901) (3,653) 2,260 (21,074)
21,517 (172,693) (31,485) 22,347 (4,257) (164,571)
47,259 (143,777) (6,001) (157) 506 (102,170)
Income (loss) before income taxes
(60,858)
87,701
149,283
327,233
Benefit (provision) for income taxes
(98,776)
(22,248)
60,923
(69,085)
Operating costs and expenses: Casino Rooms Food and beverage Entertainment, retail and other General and administrative Provision for doubtful accounts Pre-opening costs Depreciation and amortization Property charges and other Total operating costs and expenses Equity in income (loss) from unconsolidated affiliates Operating income (loss)
Net income (loss)
$
(159,634) $
65,453
$
210,206
$
258,148
Basic and diluted income (loss) per common share: Net income (loss): Basic Diluted* Weighted average common shares outstanding: Basic
$ $
(1.49) $ (1.49) $
0.58 0.57
$ $
1.94 1.92
$ $
2.43 2.34
Diluted
106,900 106,900
113,720 115,257
108,408 109,441
106,030 112,685
* Diluted earnings per share for the year ended December 31, 2007 includes the assumption that the convertible subordinated debentures were converted into shares of common stock. Accordingly, net income used in the computation of diluted earnings per share is increased by approximately $5.1 million of net interest attributable to these debentures for the year ended December 31, 2007.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (amounts in thousands) (unaudited)
Three Months Ended December 31, 2008 2007 Net income (loss) Pre-opening costs (Gain) loss from the extinguishment of debt Decrease in swap fair value Property charges and other Adjustment for income taxes Foreign tax credit valuation allowance adjustment Adjusted net income(2)
$
$
(159,634) $ 46,320 (22,347) 36,604 1,396 (17,746) 123,029 7,622 $
Adjusted net income per diluted share*
$
0.07
$
Year Ended December 31, 2008 2007
65,453 2,883 3,653 9,471 1,096 82,556
$
$
210,206 $ 72,375 (22,347) 31,485 32,584 (32,315) (17,626) 274,362 $
0.72
$
2.51
$
258,148 7,063 157 6,001 60,857 (2,868) 329,358 2.97
* Diluted adjusted net income per share for the the year ended December 31, 2007 includes the assumption that the convertible debentures were converted into shares of common stock. Since the convertible debentures were all converted into shares of stock in July 2007, there is no adjustment to net income for the quarter ended December 31, 2007. Accordingly, adjusted net income used in the computation of diluted adjusted net income per share for the year ended December 31, 2007 is increased by approximately $5.1 million of net interest attributable to these debentures. 7
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WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED PROPERTY EBITDA TO NET INCOME (LOSS) (amounts in thousands) (unaudited) Three Months Ended December 31, 2008 Wynn Las Corporate Vegas Wynn Macau and Other $
Operating income (loss) Pre-opening costs Depreciation and amortization Property charges and other Corporate expense, management fees, royalties and other Stock-based compensation Adjusted property EBITDA (1)
$
(69,785) $
55,592
46,319 47,097 696
1 23,031 644
665 56
46,320 70,793 1,396
5,745 2,488
14,121 1,598
(16,905) 2,251
2,961 6,337
32,560
$
94,987
$
$
13,933
-
$
$
Three Months Ended December 31, 2007 Wynn Las Corporate Vegas Wynn Macau and Other $
Operating income Pre-opening costs Depreciation and amortization Property charges and other Corporate expense, management fees, royalties and other Stock-based compensation Adjusted property EBITDA (1)
$
Adjusted property EBITDA (1)
42,384
$
50,565
$
15,826
$
127,547
Total 108,775
208 19,231 16,873
(8) 894 (9,303)
2,883 60,496 9,471
8,429 1,551
12,299 436
(9,415) 2,006
11,313 3,993
97,319
$
99,612
$
Pre-opening costs Depreciation and amortization Property charges and other Corporate expenses and other Stock-based compensation Interest income Interest expense Decrease in swap fair value Gain on extinguishment of debt Other Provision for income taxes
-
$
$
196,931
Three Months Ended December 31, 2008 2007 127,547 $ 196,931 (46,320) (70,793) (1,396) (2,961) (6,337) 1,402 (46,180) (36,604) 22,347 (1,563) (98,776)
8
(260)
2,683 40,371 1,901
$
Net income (loss)
Total
(159,634) $
(2,883) (60,496) (9,471) (11,313) (3,993) 16,220 (35,901) (3,653) 2,260 (22,248) 65,453
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WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED PROPERTY EBITDA TO NET INCOME (amounts in thousands) (unaudited)
Wynn Las Vegas $
Operating income (loss) Pre-opening costs Depreciation and amortization Property charges and other Corporate expense, management fees, royalties and other Stock-based compensation Adjusted property EBITDA (1)
$
(58,350) $
$
Pre-opening costs Depreciation and amortization Property charges and other Corporate expense, management fees, royalties and other Stock-based compensation Adjusted property EBITDA (1)
$
Adjusted property EBITDA (1)
298,463
$
73,741
Total $
2 90,592 10,015
2,616 163
72,375 262,848 32,584
37,304 9,502
82,647 4,138
(83,208) 6,688
36,743 20,328
252,875
200,621
$
485,857
$
-
$
Year Ended December 31, 2007 Corporate Wynn Macau and Other $
184,072
$
44,710
Total $
429,403
590 63,469 63,654
16 3,615 (8,802)
7,063 219,923 60,857
43,075 8,031
49,228 3,100
(46,935) 7,396
45,368 18,527
417,028
$
364,113
$
Pre-opening costs Depreciation and amortization Property charges and other Corporate expenses and other Stock-based compensation Interest income Interest expense Decrease in swap fair value Gain (loss) on extinguishment of debt Other Benefit (provision) for income taxes
-
$
$
781,141
Year Ended December 31, 2008 2007 738,732 $ 781,141 (72,375) (262,848) (32,584) (36,743) (20,328) 21,517 (172,693) (31,485) 22,347 (4,257) 60,923
9
738,732
6,457 152,839 6,005
$
Net income
313,854
72,373 169,640 22,406
Wynn Las Vegas Operating income
Year Ended December 31, 2008 Corporate Wynn Macau and Other
210,206
(7,063) (219,923) (60,857) (45,368) (18,527) 47,259 (143,777) (6,001) (157) 506 (69,085) $
258,148
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WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE Three Months Ended December 31, December 31, 2008 2007 Room Statistics for Wynn Las Vegas5: Occupancy % Average Daily Rate (ADR)1 Revenue per available room (REVPAR)2
$ $
Other information for Wynn Las Vegas 5: Table games win per unit per day3 Table Win % Slot machine win per unit per day4 Average number of table games Average number of slot machines
$ $
Room Statistics for Wynn Macau: Occupancy % Average Daily Rate (ADR)1 Revenue per available room (REVPAR)2
$ $
Other information for Wynn Macau: Table games win per unit per day3 Slot machine win per unit per day4 Average number of table games Average number of slot machines
$ $
79.7% 281 224
5,629 15.3% 203 147 2,034
86.8% 273 237
12,366 348 367 1,241
$ $
$ $
$ $
$ $
94.3% 298 281
11,293 23.5% 241 141 1,973
92.4% 256 237
16,239 456 290 708
Year Ended December 31, December 31, 2008 2007
$ $
$ $
$ $
$ $
91.8% 288 265
7,976 20.0% 221 141 1,971
87.3% 275 240
15,265 346 377 1,243
$ $
$ $
$ $
$ $
96.0% 300 288
10,872 25.3% 250 141 1,966
88.8% 251 223
16,410 470 259 521
(1) ADR is Average Daily Rate and is calculated by dividing total room revenue (less service charges, if any) by total rooms occupied. (2) REVPAR is Revenue per Available Room and is calculated by dividing total room revenue (less service charges, if any) by total rooms available. (3) Table games win per unit per day is shown before discounts and commissions. (4) Slot machine win per unit per day is net of participation fees and progressive accruals. (5) Results on the table above include the 10 days of operations for Encore, which opened on December 22, 2008. Encore did not significantly impact our results of operations for the year ended December 31, 2008. SOURCE: Wynn Resorts, Limited CONTACT: Samanta Stewart, 702-770-7555 [email protected]
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