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

Stocks in this article: WYNN

(2) Adjusted net income attributable to Wynn Resorts, Limited is net income before pre-opening costs, property charges and other, and certain other non-operating income and expenses. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income per share attributable to Wynn Resorts, Limited (“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, Limited and adjusted net income attributable to Wynn Resorts, Limited 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, Limited to adjusted net income attributable to Wynn Resorts, Limited, and (ii) operating income to adjusted property EBITDA and adjusted property EBITDA to net income attributable to Wynn Resorts, Limited.

                           
WYNN RESORTS, LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share data)
(unaudited)
 
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012
 
Operating revenues:
Casino $ 1,262,391 $ 1,019,249 $ 4,490,637 $ 4,034,759
Rooms 119,299 117,965 492,230 479,983
Food and beverage 125,198 135,592 586,672 588,437
Entertainment, retail and other   108,967     108,811     418,705     417,209  
Gross revenues 1,615,855 1,381,617 5,988,244 5,520,388
Less: promotional allowances   (95,958 )   (92,533 )   (367,308 )   (366,104 )
Net revenues   1,519,897     1,289,084     5,620,936     5,154,284  
 
Operating costs and expenses:
Casino 783,982 652,615 2,846,489 2,626,822
Rooms 32,483 31,334 133,503 126,527
Food and beverage 70,115 72,824 323,573 308,394
Entertainment, retail and other 46,497 45,185 175,257 189,832
General and administrative 116,472 120,187 448,788 441,699
Provision for doubtful accounts 4,773 12,023 11,877 18,091
Pre-opening costs 1,577 466 3,169 466
Depreciation and amortization 91,990 93,057 371,051 373,199
Property charges and other   3,567     3,431     17,138     39,978  
Total operating costs and expenses   1,151,456     1,031,122     4,330,845     4,125,008  
 
Operating income   368,441     257,962     1,290,091     1,029,276  
 
Other income (expense):
Interest income 4,118 4,736 15,713 12,543
Interest expense, net of capitalized interest (76,332 ) (77,742 ) (299,022 ) (288,759 )
Increase (decrease) in swap fair value 1,104 (3,939 ) 14,235 991
Loss on extinguishment of debt (13,857 ) (660 ) (40,435 ) (25,151 )
Equity in income from unconsolidated affiliates 206 175 1,085 1,086
Other   471     2,076     4,856     3,012  
Other income (expense), net   (84,290 )   (75,354 )   (303,568 )   (296,278 )
 
Income before income taxes 284,151 182,608 986,523 732,998
 
Benefit (provision) for income taxes   6,335     (16,782 )   17,634     (4,299 )
 
Net income 290,486 165,826 1,004,157 728,699
 
Less: Net income attributable to noncontrolling interests   (76,602 )   (54,453 )   (275,505 )   (226,663 )
 
Net income attributable to Wynn Resorts, Limited $ 213,884   $ 111,373   $ 728,652   $ 502,036  
 
Basic and diluted income per common share:
Net income attributable to Wynn Resorts, Limited:

 

 

Basic $ 2.12 $ 1.11 $ 7.25 $ 4.87
Diluted $ 2.10 $ 1.10 $ 7.17 $ 4.82
Weighted average common shares outstanding:
Basic 100,748

 

100,080 100,540

 

103,092
Diluted 101,807 101,122 101,641 104,249
 
Dividends declared per common share $ 4.00 $ 8.00 $ 7.00 $ 9.50
 
 
                 

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 Year Ended
December 31, December 31,
2013       2012 2013       2012
 
Net income attributable to Wynn Resorts, Limited $ 213,884 $ 111,373 $ 728,652 $ 502,036
Pre-opening costs 1,577 466 3,169 466
Loss on extinguishment of debt 13,857 660 40,435 25,151
(Increase) decrease in swap fair value (1,104 ) 3,939 (14,235 ) (991 )
Property charges and other 3,567 3,431 17,138 39,978
Adjustment for noncontrolling interest   (547 )   (1,625 )   1,680     (8,263 )
Adjusted net income attributable to Wynn Resorts, Limited(2) $ 231,234   $ 118,244   $ 776,839   $ 558,377  
 
Adjusted net income attributable to Wynn Resorts, Limited per diluted share $ 2.27   $ 1.17   $ 7.64   $ 5.36  
 
 
                     
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO ADJUSTED PROPERTY EBITDA
AND ADJUSTED PROPERTY EBITDA TO NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(amounts in thousands)
(unaudited)
 
Three Months Ended December 31, 2013

Macau

Operations

Las Vegas

Operations

Corporate

and Other

Total
 
Operating income $ 285,555 $ 47,981 $ 34,905 $ 368,441
 
Pre-opening costs 1,577 - - 1,577
Depreciation and amortization 30,762 59,694 1,534 91,990
Property charges and other 1,500 2,067 - 3,567
Management and royalty fees 44,445 6,001 (50,446 ) -
Corporate expense and other 9,259 8,653 10,208 28,120
Stock-based compensation 1,116 (232 ) 3,582 4,466

Equity in income (loss) from unconsolidated affiliates

- (11 ) 217 206
       
Adjusted Property EBITDA (1) $ 374,214 $ 124,153   $ -   $ 498,367  
 
 
Three Months Ended December 31, 2012

Macau

Operations

Las Vegas

Operations

Corporate

and Other

Total
 
Operating income $ 206,374 $ 37,749 $ 13,839 $ 257,962
 
Pre-opening costs 466 - - 466
Depreciation and amortization 30,248 61,540 1,269 93,057
Property charges and other 1,458 1,973 - 3,431
Management and royalty fees 36,094 5,856 (41,950 ) -
Corporate expense and other 7,513 7,162 22,765 37,440
Stock-based compensation 1,043 1,044 3,857 5,944

Equity in income (loss) from unconsolidated affiliates

- (45 ) 220 175
       
Adjusted Property EBITDA (1) $ 283,196 $ 115,279   $ -   $ 398,475  
 
 
Three Months Ended
December 31,
2013 2012
Adjusted Property EBITDA (1) $ 498,367 $ 398,475
 
Pre-opening costs (1,577 ) (466 )
Depreciation and amortization (91,990 ) (93,057 )
Property charges and other (3,567 ) (3,431 )
Corporate expenses and other (28,120 ) (37,440 )
Stock-based compensation (4,466 ) (5,944 )
Interest income 4,118 4,736
Interest expense, net of capitalized interest (76,332 ) (77,742 )
Increase (decrease) in swap fair value 1,104 (3,939 )
Loss on extinguishment of debt (13,857 ) (660 )
Other 471 2,076
Benefit (provision) for income taxes   6,335     (16,782 )
 
Net income 290,486 165,826
 
Less: Net income attributable to noncontrolling interests   (76,602 )   (54,453 )
 
Net income attributable to Wynn Resorts, Limited $ 213,884   $ 111,373  
 
 
                       
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO ADJUSTED PROPERTY EBITDA
AND ADJUSTED PROPERTY EBITDA TO NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(amounts in thousands)
(unaudited)
 
Year Ended December 31, 2013

Macau

Operations

Las Vegas

Operations

Corporate

and Other

Total
 
Operating income $ 1,002,463 $ 167,050 $ 120,578 $ 1,290,091
 
Pre-opening costs 3,169 - - 3,169
Depreciation and amortization 119,597 245,119 6,335 371,051
Property charges and other 5,003 12,162 (27 ) 17,138
Management and royalty fees 160,923 23,721 (184,644 ) -
Corporate expense and other 28,593 32,026 28,110 88,729
Stock-based compensation 4,371 6,397 28,770 39,538

Equity in income from unconsolidated affiliates

- 207 878 1,085
       
Adjusted Property EBITDA (1) $ 1,324,119 $ 486,682 $ -   $ 1,810,801  
 
 
Year Ended December 31, 2012

Macau

Operations

Las Vegas

Operations

Corporate

and Other

Total
 
Operating income $ 858,131 $ 74,027 $ 97,118 $ 1,029,276
 
Pre-opening costs 466 - - 466
Depreciation and amortization 119,620 250,153 3,426 373,199
Property charges and other 10,382 29,563 33 39,978
Management and royalty fees 147,101 22,318 (169,419 ) -
Corporate expense and other 29,177 26,809 56,173 112,159
Stock-based compensation 2,463 5,291 11,894 19,648

Equity in income from unconsolidated affiliates

- 311 775 1,086
       
Adjusted Property EBITDA (1) $ 1,167,340 $ 408,472 $ -   $ 1,575,812  
 
 
Year Ended
December 31,
2013 2012
Adjusted Property EBITDA (1) $ 1,810,801 $ 1,575,812
 
Pre-opening costs (3,169 ) (466 )
Depreciation and amortization (371,051 ) (373,199 )
Property charges and other (17,138 ) (39,978 )
Corporate expense and other (88,729 ) (112,159 )
Stock-based compensation (39,538 ) (19,648 )
Interest income 15,713 12,543
Interest expense, net of capitalized interest (299,022 ) (288,759 )
Increase in swap fair value 14,235 991
Loss on extinguishment of debt (40,435 ) (25,151 )
Other 4,856 3,012
Benefit (provision) for income taxes   17,634     (4,299 )
 
Net income 1,004,157 728,699
 
Less: Net income attributable to noncontrolling interests   (275,505 )   (226,663 )
 
Net income attributable to Wynn Resorts, Limited $ 728,652   $ 502,036  

 

 

 
                 

WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

 
Three Months Ended Year Ended
December 31, December 31,
2013       2012 2013       2012
Room Statistics for Macau operations:
Occupancy % 96.7 % 96.5 % 95.5 % 93.0 %
Average Daily Rate (ADR) (a) $ 315 $ 314 $ 313 $ 315

Revenue per available room (REVPAR) (b)

$ 304 $ 303 $ 299 $ 293
 
Other information for Macau operations:
Table games win per unit per day (c) $ 28,663 $ 23,210 $ 26,188 $ 23,654
Slot machine win per unit per day (d) $ 879 $ 635 $ 777 $ 718
Average number of table games 492 486 491 489
Average number of slot machines 874 955 866 941
 
Room Statistics for Las Vegas operations:
Occupancy % 80.8 % 79.2 % 84.6 % 82.9 %

Average Daily Rate (ADR) (a)

$ 256 $ 254 $ 258 $ 252

Revenue per available room (REVPAR) (b)

$ 207 $ 201 $ 218 $ 209
 
Other information for Las Vegas operations:
Table games win per unit per day (c) $ 9,849 $ 8,896 $ 7,729 $ 7,031
Table Win % 28.8 % 26.8 % 25.1 % 21.9 %
Slot machine win per unit per day (d) $ 258 $ 225 $ 239 $ 206
Average number of table games 230 222 233 220
Average number of slot machines 1,877 2,296 2,030 2,358
 

(a) ADR is Average Daily Rate and is calculated by dividing total room revenue including the retail value of promotional allowances (less service charges, if any) by total rooms occupied including complimentary rooms.

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