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Wynn Resorts, Limited Reports First Quarter 2012

Stocks in this article: WYNN

Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the first quarter ended March 31, 2012.

Net revenues for the first quarter of 2012 were $1,313.5 million, compared to $1,260.3 million in the first quarter of 2011. The revenue increase was driven by the 9.8% increase in revenues from our Macau Operations, which was offset by an 8.1% decline in our revenues in Las Vegas, due to lower hold in the 2012 quarter. Adjusted property EBITDA (1) was $390.7 million for the first quarter of 2012, compared to $405.0 million in the first quarter of 2011. The 23.6% decline in EBITDA in Las Vegas was primarily due to lower table games hold and was partially offset by the 6.2% increase in EBITDA from our Macau Operations.

On a US GAAP basis, net income attributable to Wynn Resorts for the first quarter of 2012 was $140.6 million, or $1.23 per diluted share, compared to a net income attributable to Wynn Resorts of $173.8 million, or $1.39 per diluted share in the first quarter of 2011. Adjusted net income (2) attributable to Wynn Resorts in the first quarter of 2012 was $152.0 million, or $1.33 per diluted share (adjusted EPS), compared to an adjusted net income attributable to Wynn Resorts of $173.4 million, or $1.38 per diluted share in the first quarter of 2011. Based on the Board of Directors’ finding of unsuitability, on February 18, 2012, the Company redeemed Aruze USA, Inc.’s shares of Wynn Resorts’ Common Stock and as a result, the number of shares outstanding was reduced by 24,549,222 shares.

Wynn Resorts also announced today that the Company has approved a cash dividend for the quarter of $0.50 per common share. This dividend will be payable on June 4, 2012, to stockholders of record on May 21, 2012.

Macau Operations

In the first quarter of 2012, net revenues were $950.7 million, a 9.8% increase from the $865.7 million generated in the first quarter of 2011. Adjusted property EBITDA in the first quarter of 2012 was $289.8 million, up 6.2% from $272.8 million in the first quarter of 2011.

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