Wynn Resorts Reports First-Quarter Results

Wynn Resorts, Limited reported financial results for the first quarter ended March 31, 2008. Net revenues for the first quarter of 2008 were $778.7 million, compared to $635.3 million in the first quarter of 2007. The revenue increase was driven primarily by a 61.4 percent increase in revenues at Wynn Macau.

Consolidated adjusted property EBITDA increased 4 percent to $197.8 million for the first quarter of 2008, compared to $190.2 million in the first quarter of 2007. On a U.S. GAAP (Generally Accepted Accounting Principles) basis, net income for the quarter was $46.7 million, compared to net income of $58.4 million in 2007.

Adjusted net income in the first quarter of 2008 was $78.2 million, compared to an adjusted net income of $72.6 million, in the first quarter of 2007. For the quarter ended March 31, 2008, Wynn Las Vegas generated adjusted property EBITDA of $68.4 million, compared to $111.2 million in the first quarter of 2007, with a 23.8 percent EBITDA margin on net revenue.

The EBITDA decline was primarily driven by lower table hold percentage of 19.9 percent in the first quarter of 2008 compared to 27.6 percent in the comparable period in 2007. Net casino revenues in the first quarter of 2008 were $125.1 million, compared to $173.1 million for the first quarter of 2007.

In the first quarter of 2008, Wynn Macau generated Net Revenues of $491.5 million compared to $304.6 million for the first quarter of 2007. Wynn Macau achieved an Average Daily Rate (ADR) of $276 for the quarter, compared to $245 in the first quarter of 2007.