In preparation for WYNN's F3Q 2013 earnings release tomorrow, we’ve put together the recent pertinent forward looking company commentary.
WYNN MACAU ROOMS/SLOTS
- We are currently working on renovating the original Wynn Macau tower that's resulting in between 6% to 8% on the room base being out on any given day. Recently made some upgrades to the slot area, looking at making some possible changes to our original west casino space but nothing imminent on the casino front.
- It's about $409 million spend through the second quarter. We'll spend about $300 million more in the second half of this year, probably another $1 billion spent on that in 2014 and it will be hopefully opening still in the first half of 2016.
- Still trending on track for an early opening in January of 2016.
- With our guaranteed maximum price contract, there's a additional payment that I guess paid to the contractor, if they hit that January date. It's a pretty sizeable number, not one that we're allowed to put out but it's a big enough number where they're pretty strongly incentivized to hit their early date too.
- I've always been sort of neutral about using the word recovery. I think that Las Vegas is doing better than it did last year, but the extra capacity that came on during the recession was poorly timed.
- In Vegas we continue to outperform. Vegas is a very competitive market. And despite that, we continue to outrun all of our peers.
- We think the drivers [are] the non-casino end of the business.
MACAU AVERAGE TABLE BET
- It's going up.
- So what we have done is gone onto a policy of happier in year-end. We just did that recently. In fact we just paid.. our last dividend, we're the happier for Macau. So expect that to continue. That was HK$0.50.
PREMIUM MASS COMPETITION
- The mass market's high limit side is hypercompetitive, remains hypercompetitive, and we've just been focusing on taking care of our customers, delivering high-quality service and trying not to get into the heavy discounting promotional battle that's in the marketplace.
WYNN LAS VEGAS RENOVATION
- There's mild disruption. We're not doing heavy renovation. We're refurbishing our guest rooms. We're doing all 600 keys in our Wynn Tower, and we're just over 7 years old. They've been incredibly well received. We've taken the palette from Wynn Las Vegas Tower suites and rooms and so far the reaction has been excellent. We've done five floors so far. We'll be finished by late November.
- Everyone is aware of the liquidity issue in China. We're very cautious of how we handle our credit and collections, so we really haven't felt any effect on our business or economy here yet.
- We actually see a pick up across – besides north and also through the Guangdong province area. So, both sides are picking up.