Transportation Industry

Company Watch - Wynn Resorts

AirGuide Business, May 5, 2008

May 5, 2008

Wynn Resorts entertainment revenues were approximately $19.2 million compared to $10.9 million in the first quarter of 2007 as Monty Phyton's Spamalot opened in March 2007 and Le Reve was open for only two months in the first quarter of 2007 (remodeling of the theater). Spamalot will be closing in July 2008 and we will start the renovation of that theater into the Encore theater which will feature Danny Gans starting in February 2009. 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. The property's occupancy was 88.5 percent, compared to 84.8 percent during the prior year period, generating revenue per available room (REVPAR) of $244 in the 2008 period (17.3 percent higher than in 2007). Apr 30, 2008

Wynn Resorts hotel revenues were down 3.3 percent to $70.6 million during the quarter, versus $72.9 million in the first quarter of 2007. Wynn Las Vegas achieved an Average Daily Rate (ADR) of $298 for the quarter, compared to $310 in the first quarter of 2007. The property's occupancy was 95.8 percent, compared to 96.2 percent during the prior year period, generating revenue per available room (REVPAR) of $285 in the 2008 period (4.3 percent below the first quarter of 2007). Apr 30, 2008

Wynn Resorts net casino revenues in the first quarter of 2008 were $125.1 million, compared to $173.1 million for the first quarter of 2007. Table games drop decreased 3.1 percent from the comparable period in 2007 to $533.3 million. Slot machine handle of $897 million was 2.8 percent below the comparable period of 2007 and win per unit per day was $227, compared to a win per unit per day of $256 in the first quarter of 2007. Gross non-casino revenues for the quarter were $201.6 million, a 3.3 percent increase from the first quarter of 2007, driven primarily by higher entertainment revenues. Apr 30, 2008

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 US 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% in the comparable period in 2007. Apr 30, 2008

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