In preparation for WYNN's FQ1 2012 earnings release Monday afternoon, we’ve put together the recent pertinent forward looking company commentary.
Feb 21 - Okada Business Update
- "The company has lawfully executed redemption at fair value and the 24.5MM shares are no longer outstanding. The impact on the balance sheet is as follows: debt increases by $1.9BN...at the Wynn Resorts level, and shareholder equity will be reduced by that same amount."
- "If you're asking if there's any further action required on the company's part in order to effect this redemption,
the answer is no."
Feb 2 - Q4 Conference Call
- "There is plenty of business in Chinese New Year, both over there and here. The levels in Las Vegas were a little less than they were last year, but that's because, I think, partially a reflection of the calendar"
- [Wynn Macau hold] "We held a little higher in VIP at 3.18% instead of the typical 2.95% to 3.0%. And then in our mass market, if you actually looked since Encore opened, every quarter we held, I think it was, 29%, 28%, and then this quarter was 30%."
- "Encore is new, but the Wynn's 600 rooms will be re-done shortly, in a manner consistent with what we did in Las Vegas, which was quite a nice upgrade and very well received, as you could tell by our rates."
- "We have the most conservative policy out there. And year-over-year, which you'll see on our balance sheet when it comes out, you'll find that our bad debt reserve as a percentage of our receivables is flat. And so we have not seen anything to date that has caused any alarm in Macau or here in Las Vegas as it relates to receivables."
- "We see 2012 to be on a similar level, in terms of convention channel revenue. I know some of our competitors have talked about they're even seeing wider increases. We are seeing the first quarter being pretty much flat. So January last year was great. This year, February is great. You add them together, they're equal. We're getting a little more rate in the convention channel. But we are very cautious about July and August. Every year, July and August are tough years to book in Las Vegas. We anticipate that there could be some deep discounting in the market."
- "We're going to be pushing on transient. Transient's an important channel to us and we are continuing to grow that. We grew it quite a bit last year."
- "On the  tax rate, I think it'll bear somewhere between 2010 and 2011."
- "The general view out here is, steady as she goes. There is a desire in China to maintain momentum and there is a regime change at the end of the year. So I think there is a desire to keep everything focused and steady."
- "The growth levels in Macau won't be as significant as last year, clearly."
- "We've come to the conclusion that there is very little likelihood that, considering the political environment in America, the business opportunities, that we're going to see any robust development across the street on the other side [West] of the Strip."
- "We're thinking of some changes at Encore [Las Vegas] that would be very exciting and would work to our advantage, so pretty much,We're going to reconfigure – you saw the lobby in the new high-limit slot area is performing extremely well for us where Blush was. As we strengthen the south end of Wynn with the new lobby and the new gaming area that opened up on Christmas, we're also considering an exciting new development for the space that was occupied by Alex's restaurant."