Wynn Resorts, Limited (Nasdaq: WYNN) announced preliminary
expectations of its financial results for the fourth quarter and
year ended December 31, 2015. The results in this release are
preliminary and subject to the completion of the final financial
statements, including the review of those financial statements by
the Company’s internal accounting professionals and the Company's
audit committee and the audit by the Company's independent
registered public accounting firm.
Macau Operations
In the fourth quarter of 2015, net revenues are expected to be
in the range of $552 million to $560 million, compared to $761.2
million generated in the fourth quarter of 2014. On a GAAP basis,
operating income for the fourth quarter of 2015 is expected to be
in the range of $75 million to $83 million, compared to $157.6
million for the fourth quarter of 2014. Adjusted property EBITDA
(1) is expected to be in the range of $156 million to $164 million
in the fourth quarter of 2015, compared to $241.2 million for the
fourth quarter of 2014.
For the full year, net revenues are expected to be in the range
of $2,459 million to $2,467 million, compared to $3,796.8 million
generated in 2014. On a GAAP basis, operating income for 2015 is
expected to be in the range of $382 million to $390 million,
compared to $895.2 million in 2014. For 2015, adjusted property
EBITDA is expected to be in the range of $705 million to $713
million, compared to $1,258.1 million for 2014.
Las Vegas Operations
In the fourth quarter of 2015, net revenues are expected to be
in the range of $387 million to $395 million, compared to $376.8
million generated in the fourth quarter of 2014. On a GAAP basis,
operating income for the fourth quarter of 2015 is expected to be
in the range of $56 million to $64 million, compared to $51.6
million for the fourth quarter of 2014. Adjusted property EBITDA is
expected to be between $123 million and $131 million for the fourth
quarter of 2015, compared to $111.2 million for the fourth quarter
of 2014.
For the full year, net revenues are expected to be in the range
of $1,609 million to $1,617 million, compared to $1,636.9 million
generated in 2014. On a GAAP basis, operating income for 2015 is
expected to be in the range of $215 million to $223 million,
compared to $270.5 million in 2014. For 2015, adjusted property
EBITDA is expected to be in the range of $473 million to $481
million, compared to $515.2 million for 2014.
Forward-looking Statements
This release contains forward-looking statements regarding
operating trends and our expected results of operations. Such
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those we express in these forward-looking statements,
including, but not limited to, our dependence on existing
management, results of regulatory or enforcement actions and
probity investigations, pending or future legal proceedings,
uncertainties over the development and success of new gaming and
resort properties, adverse tourism trends, general global
macroeconomic conditions, changes in gaming laws or regulations,
volatility and weakness in world-wide credit and financial markets,
and our substantial indebtedness and leverage. Additional
information concerning potential factors that could affect the
Company’s financial results is included in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2014 and
the Company’s other periodic reports filed with the Securities and
Exchange Commission. The Company is under no obligation to (and
expressly disclaims any such obligation to) update or revise its
forward-looking statements as a result of new information, future
events or otherwise.
Non-GAAP Financial Measures
(1) “Adjusted property EBITDA” is net income before interest,
taxes, depreciation and amortization, pre-opening costs, property
charges and other, management and license fees, corporate expenses
and other, intercompany golf course and water rights leases,
stock-based compensation, loss on extinguishment of debt, change in
interest rate swap fair value, change in Redemption Note fair value
and other non-operating income and expenses, and includes equity in
income from unconsolidated affiliates. Adjusted property EBITDA is
presented exclusively as a supplemental disclosure because
management believes that it is widely used to measure the
performance, and as a basis for valuation, of gaming companies.
Management uses adjusted property EBITDA as a measure of the
operating performance of its segments and to compare the operating
performance of its properties with those of its competitors. The
Company also presents adjusted property EBITDA because it is used
by some investors as a way to measure a company’s ability to incur
and service debt, make capital expenditures and meet working
capital requirements. Gaming companies have historically reported
EBITDA as a supplement to financial measures in accordance with
U.S. generally accepted accounting principles (“GAAP”). In order to
view the operations of their casinos on a more stand-alone basis,
gaming companies, including Wynn Resorts, Limited, have
historically excluded from their EBITDA calculations pre-opening
expenses, property charges, corporate expenses and stock-based
compensation, that do not relate to the management of specific
casino properties. However, adjusted property EBITDA should not be
considered as an alternative to operating income as an indicator of
the Company’s performance, as an alternative to cash flows from
operating activities as a measure of liquidity, or as an
alternative to any other measure determined in accordance with
GAAP. Unlike net income, adjusted property EBITDA does not include
depreciation or interest expense and therefore does not reflect
current or future capital expenditures or the cost of capital. The
Company has significant uses of cash flows, including capital
expenditures, interest payments, debt principal repayments, taxes
and other non-recurring charges, which are not reflected in
adjusted property EBITDA. Also, Wynn Resorts’ calculation of
adjusted property EBITDA may be different from the calculation
methods used by other companies and, therefore, comparability may
be limited.
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
Three Months Ended December 31, Twelve Months Ended
December 31, 2015 2014 2015
2014 Macau Operations: VIP
Average number of table games 192 244 230 259 VIP turnover $
13,033,946 $ 20,653,190 $ 57,917,060 $ 108,077,342 Table games win
$ 339,033 $ 578,898 $ 1,659,683 $ 3,051,046 VIP win as a % of
turnover 2.60 % 2.80 % 2.87 % 2.82 % Table games win per unit per
day (a) $ 19,159 $ 25,807 $ 19,785 $ 32,258
Mass market
Average number of table games 249 202 228 202 Table drop (b) $
1,185,535 $ 1,330,694 $ 4,857,804 $ 5,517,382 Table games win $
228,581 $ 249,021 $ 951,458 $ 1,187,997 Table games win % 19.3 %
18.7 % 19.6 % 21.5 % Table games win per unit per day (a) $ 9,965 $
13,434 $ 11,431 $ 16,154 Average number of slot machines 737
666 708 679 Slot machine handle $ 1,069,297 $ 1,122,510 $ 3,961,115
$ 5,415,127 Slot machine win $ 50,373 $ 55,860 $ 191,164 $ 264,763
Slot machine win per unit per day (c) $ 743 $ 912 $ 740 $ 1,068
Room statistics Occupancy 96.3 % 98.6 % 96.5 % 98.4 %
ADR (d) $ 323 $ 332 $ 323 $ 333 REVPAR (e) $ 311 $ 328 $ 312 $ 327
Las Vegas Operations: Average number of table games
228 231 232 232 Table drop (b) $ 485,652 $ 639,028 $ 2,060,189 $
2,556,452 Table games win $ 139,273 $ 153,247 $ 490,920 $ 623,968
Table games win % 28.7 % 24.0 % 23.8 % 24.4 % Table games win per
unit per day (a) $ 6,651 $ 7,226 $ 5,786 $ 7,354 Average
number of slot machines 1,882 1,864 1,866 1,858 Slot machine handle
$ 730,733 $ 769,765 $ 2,969,327 $ 3,008,563 Slot machine win $
52,585 $ 47,380 $ 206,626 $ 186,458 Slot machine win per unit per
day (c) $ 304 $ 276 $ 303 $ 275
Room statistics
Occupancy 81.1 % 82.1 % 85.2 % 86.9 % ADR (d) $ 292 $ 271 $ 285 $
274 REVPAR (e) $ 237 $ 222 $ 243 $ 238 (a) Table games win
per unit per day is shown before discounts and commissions, as
applicable. (b) Commencing in the second quarter of 2015, the
Company determined that in Macau it will include the amount of cash
that is deposited in a gaming table's drop box plus cash chips
purchased at the casino cage in the calculation of table drop in
accordance with standard Macau industry practice. In Las Vegas,
table drop is the amount of cash and net markers issued that are
deposited in a gaming table’s drop box. (c) Slot machine win per
unit per day is calculated as gross slot win minus progressive
accruals and free play. (d) 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. (e) REVPAR is
revenue per available room and is calculated by dividing total room
revenue including the retail value of promotional allowances (less
service charges, if any) by total rooms available.
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version on businesswire.com: http://www.businesswire.com/news/home/20160115005160/en/
Wynn Resorts, LimitedMark Strawn,
702-770-7555investorrelations@wynnresorts.com
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