Wynn Resorts, Limited Reports Fourth Quarter Results
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Wynn Resorts, Limited Reports Fourth Quarter Results
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Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2008-02-13
Wynn Las Vegas Generates Adjusted Property EBITDA of $97.3 Million in the Fourth Quarter and $417.0 Million in the Fiscal Year Ended 2007 Wynn Macau Generates Adjusted Property EBITDA of $99.6 Million in the Fourth Quarter and $364.1 Million in the Fiscal Year Ended 2007
Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the fourth quarter and year ended December 31, 2007.
Highlights from 2007
-- The Tower Suites at Wynn Las Vegas is the only casino resort in the world to receive both the Mobil Five Star and the AAA Five Diamond award for two consecutive years
-- Wynn Las Vegas was also honored with the prestigious Michelin Guide's Five Red Pavilion award. Wynn Las Vegas is the only resort in Las Vegas to achieve this distinction and one of only nine resorts in North America
-- Successfully opened the Wynn Macau expansion on December 24, 2007
-- Broke ground on Wynn Diamond Suites in Macau
-- Paid a $6.00 per share cash distribution to holders of our common stock on December 10, 2007
Net revenues for the fourth quarter of 2007 were $711.3 million, compared to $563.6 million in the fourth quarter of 2006. Net revenues for 2007 were $2.7 billion, an 87.6% increase over 2006. The revenue increase was driven primarily by the ramp up in our operations in Macau and strong performance in Las Vegas.
Consolidated adjusted property EBITDA (1) was $196.9 million for the fourth quarter of 2007 compared to $159.7 million in the fourth quarter of 2006. Adjusted property EBITDA for 2007 was $781.1 million, a 98.5% increase compared to 2006.
On a US GAAP (Generally Accepted Accounting Principles) basis, net income for the year was $258.1 million, or $2.34 per diluted share, compared to $628.7 million, or $6.24 per diluted share in 2006. Net income for 2006 was positively influenced by approximately $741.9 million due to the completion of the sale of a subconcession in Macau, a non-recurring item. Adjusted net income for 2007 was $329.4 million, or $2.97 per diluted share (adjusted EPS)(2) compared to an adjusted net income of $49.4 million, or $0.53 per diluted share in 2006.
On a US GAAP basis, net income for the fourth quarter of 2007 was $65.5 million, or $0.57 per diluted share, compared to a net loss of $55.4 million, or ($0.55) per diluted share in the fourth quarter of 2006. Adjusted net income in the fourth quarter of 2007 was $82.6 million, or $0.72 per diluted share (adjusted EPS)(2) compared to an adjusted net income of $57.1 million, or $0.53 per diluted share in the fourth quarter of 2006.
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