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Wynn Resorts, Limited Reports Fourth Quarter And Year End 2013 Results

Stocks in this article: WYNN

Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the fourth quarter and year ended December 31, 2013.

Net revenues for the fourth quarter of 2013 were $1,519.9 million, compared to $1,289.1 million in the fourth quarter of 2012. The growth was driven by a 24.6% revenue increase from our Macau operations and 2.4% higher net revenues from our Las Vegas operations. Adjusted property EBITDA (1) was $498.4 million for the fourth quarter of 2013, a 25.1% increase from $398.5 million in the fourth quarter of 2012.

For the full year, net revenues were $5,620.9 million in 2013, up 9.1% from $5,154.3 million in 2012. Adjusted property EBITDA grew 14.9% to reach an annual record of $1,810.8 million in 2013, a result of record annual performances at both Wynn Macau and Wynn Las Vegas. For 2013, adjusted property EBITDA at Wynn Macau rose 13.4% to $1,324.1 million and increased 19.1% to $486.7 million at Wynn Las Vegas.

On a US GAAP basis, net income attributable to Wynn Resorts for the fourth quarter of 2013 was $213.9 million, or $2.10 per diluted share, compared to a net income attributable to Wynn Resorts of $111.4 million, or $1.10 per diluted share, in the fourth quarter of 2012. Such figures for the full year were $728.7 million, or $7.17 per diluted share, in 2013 and $502.0 million, or $4.82 per diluted share, in 2012.

Adjusted net income attributable to Wynn Resorts (2) in the fourth quarter of 2013 was $231.2 million, or $2.27 per diluted share (adjusted EPS), compared to an adjusted net income attributable to Wynn Resorts of $118.2 million, or $1.17 per diluted share, in the fourth quarter of 2012. For the full year, adjusted net income attributable to Wynn Resorts rose significantly in 2013 to $776.8 million, or $7.64 per diluted share. This amount compares to $558.4 million, or $5.36 per diluted share, in 2012.

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