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Wynn Resorts, Limited Reports Second Quarter 2013 Results

Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the second quarter ended June 30, 2013.

Net revenues for the second quarter of 2013 were $1,332.3 million, compared to $1,253.2 million in the second quarter of 2012. The revenue increase was driven by 16.2% higher revenues from our Las Vegas operations and a 2.6% revenue increase from our Macau operations. Adjusted property EBITDA (1) was $425.7 million for the second quarter of 2013, a 10.8% increase from $384.1 million in the second quarter of 2012.

On a US GAAP basis, net income attributable to Wynn Resorts for the second quarter of 2013 was $129.8 million, or $1.28 per diluted share, compared to a net income attributable to Wynn Resorts of $138.1 million, or $1.37 per diluted share in the second quarter of 2012. Net income for the second quarter of 2013 included a $26.6 million loss on the early retirement of debt.

Adjusted net income attributable to Wynn Resorts (2) in the second quarter of 2013 was $152.9 million, or $1.51 per diluted share (adjusted EPS), compared to an adjusted net income attributable to Wynn Resorts of $139.0 million, or $1.38 per diluted share in the second quarter of 2012.

Wynn Resorts also announced today that the Company has approved a cash dividend for the quarter of $1.00 per common share. This dividend will be payable on August 26, 2013, to stockholders of record on August 12, 2013.

Macau Operations

In the second quarter of 2013, net revenues were $930.9 million, a 2.6% increase from the $907.6 million generated in the second quarter of 2012. Adjusted property EBITDA in the second quarter of 2013 was $290.1 million, down 4.0% from $302.2 million in the second quarter of 2012.

Table games results in Macau are segregated into two distinct reporting categories, the VIP segment and the mass market segment.

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