WYNN: ENCORE DELAYED

WYNN announced it will open the Encore hotel in Las Vegas on 1/12/08. We had predicted the property would not make its expected December open date in our 8/12/08 note "GOOD ENCORE, BAD ENCORE". The obvious negative here is that Wynn Encore Las Vegas will miss out on the very lucrative New Year's celebration week. Not a huge deal in it of itself provided that the budget of $2.3bn remains intact.

On the contrary, we still believe Encore Macau may open on the early side of its announced range of first half of 2010. The budget there of $700 million looks very doable.