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Wynn Resorts, Limited Reports First Quarter 2012

(2) Adjusted net income attributable to Wynn Resorts is net income before pre-opening costs, property charges and other, and other non-cash non-operating income and expenses. Adjusted net income attributable to Wynn Resorts and adjusted net income per share attributable to Wynn Resorts (“EPS”) are presented as supplemental disclosures because management believes that these financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income and EPS computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts and adjusted net income attributable to Wynn Resorts per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income attributable to Wynn Resorts to adjusted net income attributable to Wynn Resorts, and (ii) operating income to adjusted property EBITDA and adjusted property EBITDA to net income attributable to Wynn Resorts.
                       
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
(unaudited)
 
Three Months Ended
March 31,
2012 2011
Operating revenues:
Casino $ 1,049,279 $ 1,006,305
Rooms 117,503 115,381
Food and beverage 135,140 128,864
Entertainment, retail and other   105,909     98,954  
Gross revenues 1,407,831 1,349,504
Less: promotional allowances   (94,333 )   (89,232 )
Net revenues   1,313,498     1,260,272  
 
Operating costs and expenses:
Casino 674,656 624,355
Rooms 29,984 30,572
Food and beverage 70,396 65,997
Entertainment, retail and other 51,658 56,275
General and administrative 105,950 87,661
Provision for doubtful accounts 18,064 10,161
Depreciation and amortization 92,405 101,347
Property charges and other   10,286     3,348  
Total operating costs and expenses 1,053,399 979,716
 
Operating income   260,099     280,556  
 
Other income (expense):
Interest income 1,565 399
Interest expense, net of capitalized interest (62,061 ) (58,263 )
Increase in swap fair value 2,284 4,230
Loss on retirement of debt (4,828 ) -
Equity in income from unconsolidated affiliates 465 602
Other   768     917  
Other income (expense), net   (61,807 )   (52,115 )
 
Income before income taxes 198,292 228,441
 
Benefit (provision) for income taxes   117     (2,106 )
 
Net income 198,409 226,335
 
Less: Net income attributable to noncontrolling interests   (57,845 )   (52,531 )
 
Net income attributable to Wynn Resorts, Limited $ 140,564   $ 173,804  
 
 
Basic and diluted income per common share:
Net income attributable to Wynn Resorts, Limited:
Basic $ 1.25 $ 1.40
Diluted $ 1.23 $ 1.39
Weighted average common shares outstanding:
Basic 112,704 123,757
Diluted 114,008 125,371
 
Dividends declared per common share $ 0.50 $ -
 
 
                     
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(amounts in thousands, except per share data)
(unaudited)
 
Three Months Ended
March 31,
2012 2011
Net income attributable to Wynn Resorts, Limited $ 140,564 $ 173,804
Increase in swap fair value (2,284 ) (4,230 )
Property charges and other 10,286 3,348
Loss on extinguishment of debt 4,828 -
Adjustment for noncontrolling interest   (1,455 )   436  
Adjusted net income attributable to Wynn Resorts, Limited(2) $ 151,939   $ 173,358  
 
 
Adjusted net income attributable to Wynn Resorts, Limited per diluted share $ 1.33   $ 1.38  
 
 
                       
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO ADJUSTED PROPERTY EBITDA
AND ADJUSTED PROPERTY EBITDA TO NET INCOME
(amounts in thousands)
(unaudited)
 
Three Months Ended March 31, 2012

Las Vegas

Operations

Macau

Operations

Corporate

and Other
Total
 
Operating income $ 20,426 $ 211,723 $ 27,950 $ 260,099
 
Depreciation and amortization 63,418 28,288 699 92,405
Property charges and other 3,718 6,568 - 10,286
Management and royalty fees 5,451 38,059 (43,510 ) -
Corporate expense and other 6,387 6,548 11,819 24,754
Stock-based compensation 1,371 (1,413 ) 2,690 2,648

Equity in income from unconsolidated affiliate
113 - 352 465
       
Adjusted Property EBITDA (1) $ 100,884 $ 289,773   $ -   $ 390,657  

 

 

 
 
Three Months Ended March 31, 2011

Las Vegas

Operations

Macau

Operations

Corporate

and Other
Total
 
Operating income $ 49,174 $ 194,402 $ 36,980 $ 280,556
 
Depreciation and amortization 65,796 34,933 618 101,347
Property charges and other 2,030 1,318 - 3,348
Management and royalty fees 5,928 34,494 (40,422 ) -
Corporate expense and other 6,178 6,291 (109 ) 12,360
Stock-based compensation 2,865 1,393 2,487 6,745

Equity in income from unconsolidated affiliate
156 - 446 602
       
Adjusted Property EBITDA (1) $ 132,127 $ 272,831   $ -   $ 404,958  
 
 
Three Months Ended
March 31,
2012 2011
Adjusted Property EBITDA (1) $ 390,657 $ 404,958
 
Depreciation and amortization (92,405 ) (101,347 )
Property charges and other (10,286 ) (3,348 )
Corporate expenses and other (24,754 ) (12,360 )
Stock-based compensation (2,648 ) (6,745 )
Interest income 1,565 399
Interest expense, net of capitalized interest (62,061 ) (58,263 )
Increase in swap fair value 2,284 4,230
Loss on extinguishment of debt (4,828 ) -
Other 768 917
Benefit (provision) for income taxes   117     (2,106 )
 
Net income 198,409 226,335
 
Less: Net income attributable to noncontrolling interests   (57,845 )   (52,531 )
 
Net income attributable to Wynn Resorts, Limited $ 140,564   $ 173,804  
 
 
     

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE
 
Three Months Ended

March 31,

2012
               

March 31,

2011
Room Statistics for Las Vegas Operations:
Occupancy % 79.3 % 87.9 %
Average Daily Rate (ADR) 1 $ 255 $ 240
Revenue per available room (REVPAR) 2 $ 202 $ 211
 
Other information for Las Vegas Operations:
Table games win per unit per day 3 $ 7,436 $ 9,544
Table Win % 22.8 % 30.4 %
Slot machine win per unit per day 4 $ 198 $ 186
Average number of table games 221 224
Average number of slot machines 2,391 2,597
 
Room Statistics for Macau Operations:
Occupancy % 91.3 % 88.6 %
Average Daily Rate (ADR) 1 $ 324 $ 307
Revenue per available room (REVPAR) 2 $ 296 $ 272
 
Other information for Macau Operations:
Table games win per unit per day 3 $ 24,337 $ 23,255
Slot machine win per unit per day 4 $ 871 $ 803
Average number of table games 490 468
Average number of slot machines 927 1,012
 

(1) ADR is Average Daily Rate and is calculated by dividing total room revenue (less service charges, if any) by total rooms occupied.

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