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Wynn Resorts Management Discusses Q2 2012 Results - Earnings Call Transcript

Stephen A. Wynn

Hello, and good afternoon, everybody. I appreciate Linda staying up so late in Macau. I think we have everybody here to answer questions. I'll make a couple of summary remarks. First, Las Vegas.

Last year, we -- I've mentioned before, we enjoy a great deal of very high limit Baccarat business. And that high play tends to be volatile. In the long run, not so much. But in the short run, it can be. For example, last year, during the 6 months, the first 6 months of the year, winners. That is to say, people who won money from the casino were outnumbered by the losers. The losers were outnumbered by the winners. And that is to say, the amount of money we paid to people who beat us, compared to the amount of money of folks who lost money to us was a positive for the company of $150-odd million.

This year, the people who won money in the casino were much more, and the people who lost money to the casino were less, and the delta was $38 million. That is to say, there was $112 million difference in 6 months in the win of the casino associated with high limit Baccarat.

Last year, we held 37% or something like that. And this year, it's 17%. Normalized, it's about 26% for that gain. So when you normalize everything, the trend in Baccarat, Marc will remind me, in 2010, high limit Baccarat won how much, Marc?

Marc D. Schorr

$111 million.

Stephen A. Wynn

$111 million, and then if you normalize a whole percentage...

Marc D. Schorr

$125 million.

Stephen A. Wynn

Pardon me?

Marc D. Schorr

In 2010, if you normalize it...

Stephen A. Wynn

2010 was $125 million...

Marc D. Schorr

Normalized.

Stephen A. Wynn

Normalized.

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