Wynn Resorts Ltd. (WYNN, Financial) filed Quarterly Report for the period ended 2010-09-30.
Wynn Resorts Ltd. has a market cap of $13.97 billion; its shares were traded at around $113.07 with a P/E ratio of 90.46 and P/S ratio of 4.59. The dividend yield of Wynn Resorts Ltd. stocks is 0.44%.WYNN is in the portfolios of David Winters of Wintergreen Advisors, Murray Stahl of Horizon Asset Management, Ron Baron of Baron Funds, Bruce Kovner of Caxton Associates, Mario Gabelli of GAMCO Investors, Steven Cohen of SAC Capital Advisors, RS Investment Management.
Casino revenues are comprised of the net win from our table games and slot machine operations. Casino revenues for the three months ended September 30, 2010 of approximately $765.4 million represents a $200.3 million (or 35.5%) increase from casino revenues of $565.1 million for the three months ended September 30, 2009.
For the three months ended September 30, 2010, room revenues were approximately $101.6 million, an increase of $10.4 million compared to room revenue of $91.2 million for the three months ended September 30, 2009. Room revenue at our Las Vegas Operations decreased approximately $1.3 million compared to the prior year quarter. In Las Vegas, our occupancy percentage increased from the prior year, and room rates were flat. However, due to our remodel of the rooms at Wynn Las Vegas, we had approximately 6.2% fewer room nights available during the quarter which resulted in a decrease in room revenues compared to the 2009 quarter. This room remodel is expected to be completed in second quarter of 2011. We believe that room occupancy and rate remain at depressed levels due to the current economic conditions in which we operate in the U.S. and increased capacity in the Las Vegas market with the opening of a new large scale casino hotel in December 2009. Room revenue at our Macau Operations increased approximately $11.7 million due to the 414 additional suites added with Encore at Wynn Macau and an increase in room rates compared to the prior year quarter.
During the three months ended September 30, 2010, departmental expenses included casino expenses of $500.3 million, room expenses of $30.6 million, food and beverage expenses of $72.2 million, and entertainment, retail and other expenses of $50.1 million. Also included are general and administrative expenses of approximately $103 million and approximately $0.9 million charged as a provision for doubtful accounts receivable. During the three months ended September 30, 2009, departmental expenses included casino expenses of $360.6 million, room expenses of $28.3 million, food and beverage expenses of $64 million, and entertainment, retail and other expenses of $43.6 million. Also included are general and administrative expenses of approximately $89 million and approximately $5.2 million charged as a provision for doubtful accounts receivable. Casino expenses have increased during the three months ended September 30, 2010 due to an increase in casino revenues especially at our Macau Operations where we incur a gaming tax and other levies at a rate totaling 39% in accordance with our concession agreement. Room expenses increased during the three months ended September 30, 2010, compared to the prior year quarter, primarily due to increased marketing and promotional costs in Las Vegas and the opening of Encore at Wynn Macau in April 2010. Food and beverage expenses increased commensurate with the increase in revenue.
Depreciation and amortization for the three months ended September 30, 2010 was $99.3 million compared to $101.9 million for the three months ended September 30, 2009. This decrease is due to assets with a 5-year life being fully depreciated as of April 2010 at Wynn Las Vegas, offset in part by the depreciation of the assets of Encore at Wynn Macau which were placed into service in April 2010, and the assets of the Encore Beach Club which were placed into service in May 2010.
Property charges and other for the three months ended September 30, 2010, were $17.5 million compared to $0.7 million for the three months ended September 30, 2009. Property charges and other for the three months ended September 30, 2010 include a contract termination payment of $14.9 million related to a management contract for certain of the nightclubs at Wynn Las Vegas. The remaining charges were related to miscellaneous renovations, abandonments and gain/loss on sale of equipment at Wynn Las Vegas and Wynn Macau.
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Wynn Resorts Ltd. has a market cap of $13.97 billion; its shares were traded at around $113.07 with a P/E ratio of 90.46 and P/S ratio of 4.59. The dividend yield of Wynn Resorts Ltd. stocks is 0.44%.WYNN is in the portfolios of David Winters of Wintergreen Advisors, Murray Stahl of Horizon Asset Management, Ron Baron of Baron Funds, Bruce Kovner of Caxton Associates, Mario Gabelli of GAMCO Investors, Steven Cohen of SAC Capital Advisors, RS Investment Management.
Highlight of Business Operations:
Net revenues for the three months ended September 30, 2010 are comprised of $765.4 million in casino revenues (76.1% of total net revenues) and $240.5 million of net non-casino revenues (23.9% of total net revenues). Net revenues for the three months ended September 30, 2009 were comprised of $565.1 million in casino revenues (73.1% of total net revenues) and $208 million of net non-casino revenues (26.9% of total net revenues).Casino revenues are comprised of the net win from our table games and slot machine operations. Casino revenues for the three months ended September 30, 2010 of approximately $765.4 million represents a $200.3 million (or 35.5%) increase from casino revenues of $565.1 million for the three months ended September 30, 2009.
For the three months ended September 30, 2010, room revenues were approximately $101.6 million, an increase of $10.4 million compared to room revenue of $91.2 million for the three months ended September 30, 2009. Room revenue at our Las Vegas Operations decreased approximately $1.3 million compared to the prior year quarter. In Las Vegas, our occupancy percentage increased from the prior year, and room rates were flat. However, due to our remodel of the rooms at Wynn Las Vegas, we had approximately 6.2% fewer room nights available during the quarter which resulted in a decrease in room revenues compared to the 2009 quarter. This room remodel is expected to be completed in second quarter of 2011. We believe that room occupancy and rate remain at depressed levels due to the current economic conditions in which we operate in the U.S. and increased capacity in the Las Vegas market with the opening of a new large scale casino hotel in December 2009. Room revenue at our Macau Operations increased approximately $11.7 million due to the 414 additional suites added with Encore at Wynn Macau and an increase in room rates compared to the prior year quarter.
During the three months ended September 30, 2010, departmental expenses included casino expenses of $500.3 million, room expenses of $30.6 million, food and beverage expenses of $72.2 million, and entertainment, retail and other expenses of $50.1 million. Also included are general and administrative expenses of approximately $103 million and approximately $0.9 million charged as a provision for doubtful accounts receivable. During the three months ended September 30, 2009, departmental expenses included casino expenses of $360.6 million, room expenses of $28.3 million, food and beverage expenses of $64 million, and entertainment, retail and other expenses of $43.6 million. Also included are general and administrative expenses of approximately $89 million and approximately $5.2 million charged as a provision for doubtful accounts receivable. Casino expenses have increased during the three months ended September 30, 2010 due to an increase in casino revenues especially at our Macau Operations where we incur a gaming tax and other levies at a rate totaling 39% in accordance with our concession agreement. Room expenses increased during the three months ended September 30, 2010, compared to the prior year quarter, primarily due to increased marketing and promotional costs in Las Vegas and the opening of Encore at Wynn Macau in April 2010. Food and beverage expenses increased commensurate with the increase in revenue.
Depreciation and amortization for the three months ended September 30, 2010 was $99.3 million compared to $101.9 million for the three months ended September 30, 2009. This decrease is due to assets with a 5-year life being fully depreciated as of April 2010 at Wynn Las Vegas, offset in part by the depreciation of the assets of Encore at Wynn Macau which were placed into service in April 2010, and the assets of the Encore Beach Club which were placed into service in May 2010.
Property charges and other for the three months ended September 30, 2010, were $17.5 million compared to $0.7 million for the three months ended September 30, 2009. Property charges and other for the three months ended September 30, 2010 include a contract termination payment of $14.9 million related to a management contract for certain of the nightclubs at Wynn Las Vegas. The remaining charges were related to miscellaneous renovations, abandonments and gain/loss on sale of equipment at Wynn Las Vegas and Wynn Macau.
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