LAS VEGAS, April 29, 2010 (BUSINESS WIRE) — Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the first quarter ended March 31, 2010.
Net revenues for the first quarter of 2010 were $908.9 million, compared to $740.0 million in the first quarter of 2009.
The revenue increase was driven by a 31.6% increase in revenues at Wynn Macau and a 9.3% revenue increase from our Las Vegas operations. Adjusted property EBITDA increased 52.6% to $241.9 million for the first quarter of 2010, compared to $158.5 million in the 2009 comparable period.
On a US GAAP (Generally Accepted Accounting Principles) basis, net income attributable to Wynn Resorts for the first quarter of 2010 was $27.0 million, or $0.22 per diluted share, compared to a net loss attributable to Wynn Resorts of $33.8 million, or ($0.30) per diluted share in the first quarter of 2009. Adjusted net income attributable to Wynn Resorts in the first quarter of 2010 was $32.3 million, or $0.26 per diluted share (adjusted EPS)(2) compared to an adjusted net loss attributable to Wynn Resorts of $30.1 million, or ($0.27) per diluted share in the first quarter of 2009.
Wynn Resorts also announced today that its Board of Directors has approved a cash dividend for the quarter of $0.25 per common share. This dividend will be payable on May 26, 2010 to stockholders of record on May 12, 2010.
Wynn Macau First Quarter Results
In the first quarter of 2010 net revenues were $590.6 million compared to $448.7 million in the first quarter of 2009.
Wynn Macau generated adjusted property EBITDA of $181.6 million compared to $114.6 million in the first quarter of 2009.
Table games results are segregated into two distinct reporting categories, the VIP segment and the mass market segment.
Table games turnover in the VIP segment was $20.2 billion for the 2010 quarter, compared to $10.7 billion for the first quarter of 2009. VIP table games win as a percentage of turnover (calculated before discounts and commissions) for the quarter was 2.7%, at the low end of the expected range of 2.7% to 3.0% and significantly below the 3.55% experienced in the first quarter of 2009. In November 2009 we added two new private gaming salons with 29 VIP tables which helped drive some of the growth in our VIP segment in the first quarter.
Table games drop in the mass market category was $528.2 million during the period, a 5.2% increase from $502.3 million in the first quarter of 2009. Mass market table games win percentage (calculated before discounts) of 22.2% was above our expected range of 19% to 21% and in-line with the 22.1% generated in the 2009 quarter.
Slot machine handle decreased 4.1% to $920.2 million as compared to the prior year quarter. Win per unit per day was 2.6% higher at $451 compared to $440 in the first quarter 2009 as we reconfigured the slot floor and removed approximately 74 machines.
Wynn Macau achieved an Average Daily Rate (ADR) of $282 for the first quarter of 2010, compared to $268 in the 2009 quarter. The property’s occupancy was 90.7%, compared to 83.3% during the prior year period, generating revenue per available room (REVPAR) of $256 in the 2010 quarter, 14.8% above 2009 levels of $223.
Non-gaming revenues at Wynn Macau increased 45.7% during the quarter to $62.7 million, driven in large part by retail revenues which were up 91.3% to $30 million for the first quarter of 2010, due primarily to increased sales at several outlets and the opening of Wynn and Co. Watches and Jewelry, which sells Cartier, Jaeger Le Coultre and Kwiat products.
