In preparation for WYNN's 3Q earnings release tomorrow, we’ve put together the recent pertinent forward looking company commentary.
YOUTUBE FROM 2Q CONFERENCE CALL
- "Normalized is about 26% for that [baccarat] game."
- "We have been able to hold the percentage we pay the junket operators to 40% plus 3% or so for complementaries, and our competitors are about 5 points ahead of us in terms of what they give the junket operators."
- "The price war has extended into the mass end of slot markets....we always focus on how much junket commission that's given out, but we are actually giving out a lot more incentives now in slots and mass market to also buy back business."
- "We are very conservative about credit....we don't use a rolling program.....it's 15 day credit on the 15th of the month."
- "I don't think there is as much of a change between direct and junket."
- [2nd half 2012 Cotai capex] "~$150 million on foundations over the next nine months to 12 months."
- [Macau opex] "We're running between $1.3 million and $1.4 million per day before we take into account commissions or bad debt or anything like that. I expect that to continue. But, there will be continuous cost pressures, primarily driven through the pressures on payroll."
- [Cotai timeline] "First is the foundation permit which is currently under consideration. That will be forthcoming. We'll be driving pilings and digging and excavating with augers the great caissons of the high rise this fall. Once we get out of the ground that will take probably the better part of a year from now. Then, it goes very fast because it's just another important place building; it's pretty quick. The building permits are issued in stages as you submit final working drawings, specific construction documents that have very detailed stuff on them. And that's scheduled along with the rest of our construction schedule to go along in stages and phases that match the moment. And it results in about a 46-month schedule."
- [Two major international retailers in Macau] "Now that's being done this summer and fall, and they'll be open, I hope, by Christmas or something like that. Maybe a little later."
- "We built a new junket room that's going to be open for Christmas. Another retail space - a small one for jewelry at the entrance of the casino."