In preparation for WYNN’s Q3 earnings release on , we’ve put together the pertinent forward looking commentary from WYNN’s Q2 earnings release/call.
YOUTUBE FROM Q2
- "So, I think we’ve been looking at every segment of the market and we’re finding some modest improvement, and we’re able to actually start to improve our rates. We become less dependent on the Leisure business and the Promotional segment, that’s the segment where we’re aggressively out there marketing and stimulating demand, and we’re trading that business for a little stronger kind of Convention and Group business, which last year averaged somewhere around 12.5% of our mix, and is trending closer to 17, 18% now."
- [Asian business in LV] "I think Asian business has decreased, but probably has sustained the best
among all segments of the business."
- Any improvement in spend per occupied room outside of room rates? "No material change. I think we’re just going to see just the benefit of a better mix. So, we’re displacing promotionally oriented, or leisure, more kind of value conscious customers with people that hopefully spend a little bit more. So, we’re not seeing by segment an increase in spend per room night. But we’re going to see some improvement just because of the shift in mix."
- [Convention bookings] “We're booking through anywhere from 6 to 8 quarters. So, there’s a long tail on that. But we’ve had good, healthy bookings in the year for the year. Not what we would have liked to have seen coming into the year. But in the Convention segment, particularly, we’re seeing some strengthening going into next year.”
- [Cotai] “We’re going to have 500 tables and 1,300 slot machines…we’re going to just build the most amazing hotel that anybody’s seen. And it will accommodate a lot of people, it will have 1,500 or between 1,500 and 1,600 rooms...We’re going to open before [MGM and SJM]...We’re not going to be any bigger than we are in the Peninsula in terms of gaming."
- "Higher customer acquisition costs and table drop being down will continue into the second half of the year."
- "We’re seeing good solid lift in the food and beverages outlets over at Encore. La Cave will open in early November."
- "Wynn Macau generates 25% of the EBITDA in the market and 40% of the net income."
- [Wynn Las Vegas remodel] "It will cost 99--45 for the typical room, 46 for the suites, and for the villas, another 10."