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Terrific across the board but Vegas the real standout again.


  • Net revenues of $1.37BN and Adj EBITDA of $447MM
    • Macau: Net revenue of $977MM and EBITDA of $314MM
    • Las Vegas: Net revenue of $391MM and EBITDA of $133MM
  • "Board of Directors has approved a cash dividend for the quarter of $0.50 per common share... payable on August 11, 2011, to stockholders of record on July 28, 2011."
  • "Charitable contribution made by Wynn Macau to the University of Macau Development Foundation... consists of a $25 million contribution made in May 2011, and a commitment for additional donations of $10 million each year for the calendar years 2012 through 2022 inclusive, for a total of $135 million."


  • Volume increases in baccarat and other table games.  Had amazing hold in baccarat.
  • In non-casino, they had a 15.7% increase - hotel cash revenue was their highest in history.


  • Hold impact in Las Vegas- Normalized EBITDA was in the neighborhood of $115MM
    • We calculate the hold impact on revenue was $30MM and roughly $25MM on EBITDA, much more than management indicated
  • They are still 50% reserved on their receivables bucket
  • Segment margins in Macau?
    • They don't give segment margins but margins are increasing as volumes increase. Competition hasn't dented them yet.
  • Vegas trends:
    • July is usually a black hole for them... August picks up for them and then September is good and October sells out for them
    • July occupancy is actually better than they thought - all of that is last minute bookings - 48 to 72 hours in advance. They have not lowered rates.  
    • The fourth quarter looks great and now that they are getting through July they are doing well.  They're tracking around $1MM/day in July.  Convention business is totally sold out in July.
  • The land granting process in Macau is continuing. They are proceeding with their soil research until then.
    • The latest Gazette just came out and there was no mention of new concessions.
  • Cotai: 1500 rooms - with room to expand, 500 tables. They are thinking about building a separate hotel with 200 rooms with no casino so government officials can stay there.
  • Thinks that Galaxy Macau did a good job but they aren't affected by it.
  • He is naturally interested in Singapore but there is a moratorium on new licenses until 2017.  If they had the chance to be in business in Singapore, they would be thrilled but that decision is not theirs to make now
  • They don't know how their competitors in Vegas are doing. They recently spent $200MM on renovations in Vegas. Their guess is that everyone is doing better this year than last year.
  • For 2012, they are tracking on pace for convention rooms in-line with this year, with any upside from price.  There are some big conferences that benefited 2011 that won't benefit 2012.  Chinese NY and Superbowl fell on 2 weekends vs. one.
  • There are a host of opportunities to expand in Las Vegas, but is afraid of the political environment in Las Vegas from this administration which he thinks is the biggest wet blanket on the economy
  • The government was very specific in stating that they do not want apartments on Cotai
  • Their LV properties are benefiting from international travelers
  • They are keeping a close eye on MA gaming legalization.  They would be interested depending on the legislation.
  • Wynn Resorts has zero debt, which gives them lots of flexibility to fund new projects. Will stay under leveraged.