In preparation for WYNN's 4Q earnings release tomorrow, we’ve put together the recent pertinent forward looking company commentary.
YOUTUBE FROM 3Q CONFERENCE CALL
- "Our volumes in Las Vegas are satisfactory and improving slightly, ever so slightly. And we've been enjoying the advantages of being a niche operator so our average rates are higher. And we're satisfied with our hotel, food and beverage, and gaming results under the circumstances, considering what's going on in the country."
- "We feel the strain of competition in certain areas like a high-limits slots where our brethren at Cotai have done a very nice job in their high-limit slot rooms, which has caused us to revisit our high-limit slot area and that will be fixed shortly where we'll be, as usual, prettier, I hope, than the other guys....It should be finished, hopefully, by Chinese New Year next year, by February, March next year."
- "We all know that credit has tightened in the marketplace [Macau] and so I think we've been probably more prudent than we had been in the past. And we've always had a conservative philosophy and we continue that. Consequently, our collection rates haven't suffered."
- "We have a brand new stunning junket space that is going to open [the 1st week of November]."
- "We're giving away as much in promotional allowances in a casino as we can afford."
- [Daily Macau opex run rate] "I see that [$1.2MM] as what I would call a pretty steady run rate."
- "We're not under pressure with labor at the moment in our foundation work. But we're not in that heavy period that you're familiar with, when you're pouring concrete and when you're using hundreds and hundreds of electricians and plumbers and sheet-rockers and concrete finishers. Then the people on the job start to get to 2000-3,500 people a day. Right now the foundation can't absorb that kind of labor. So we don't have any problem, nor do I see us having a problem in the next 12 months."
- "You are seeing more credit from the junket operators, everyone's feeling a little better than they were a few months ago and it's reflected in the region....what I can tell you is things feel stable in Macau."
- [Wynn Cotai[ "We think that we're going to start by the end of November, next month, the actual pile, the caisson construction."
- [Cotai financing] "Most of the spending (75%) will be from mid-2014 till mid-2016 like most projects. So we actually have enough capital on hand to finish the project today. Could be some further financings just for balance sheet optimization in 2013 or 2014, but today we're in really good shape."