In preparation for WYNN's F1Q 2013 earnings release tomorrow, we’ve put together the recent pertinent forward looking company commentary.
YOUTUBE FROM 4Q CONFERENCE CALL
- "We have 9% or 10% of the revenue, but we have doubled the amount of EBITDA in the project and less interest than our expense."
- [Cotai] "The trick is getting out of the ground and that will take most of 2013. Then in 2014 and 2015, we'll finish the job and get the structures and interiors installed. So, the labor situation for this phase has been handled already. As you know, we're financed at less than 2% for this project... The government has been very cooperative in giving us the labor we need to do the next phase of our construction."
- "New junket space on the first floor has been performing very well but it's tables that have resulted from a reshuffling of tables elsewhere in the building so it isn't necessarily 14 incremental tables; it's 14 tables that we're getting higher yield out of by removing tables from elsewhere on the property. So, it's part of our continuing efforts to increase yield from our existing gaming units."
- [Slot high-limit room] "It's being done in three phases so we don't impact our current business levels. Phase 1 has just completed. Phase 2 will begin after Chinese New Year and finish in mid-April. Phase 3, which includes the addition of private slot suites, will finish in August of this year."
- "We all agree that the news in China is healthy. The news in Asia is healthy and most likely to continue. So that's the kind of feedback we're getting."
- "On the 1st of January, the new smoking law came into play, which banned smoking in 50% of the square footage of casino spaces in the city. Frankly, looking at the numbers, anecdotal evidence, consumer feedback, it's been very marginal in terms of effect to the business. We haven't seen anything at this point that makes us unduly concerned."
- [Cotai] "Will we get our tables for our hotel? Yes. We will. Our plans, our tables, our casino layout has been approved by the government. They don't let you build the building and not give you tables in China. That's part of the approval process."
- "Obviously the convention business is the one that allows us the most stability to forecast what's going on. We feel really good about 2013. We are tracking above in room nights. We're tracking above in rates. We're seeing the same kind of strength going on into 2014. So that's going to lay the base and we hope that's going to really maximize a great hotel year. Obviously, we will still be focused on bringing in hotel guests who want to engage in every part of our non-gaming business. Super Bowl is this weekend and we are heartened with the business that we have coming in... Chinese New Year is right around the bend. So, we're very hopeful for a great first quarter."