Strong quarter and outlook
CONF CALL / Q&A
- On their way to having their best year
- Wynn Palace on schedule for CNY 2016 but by 1H 2016 at the latest
- Planning for phase 2 for Wynn Palace - will introduce a revolutionary product
- $1 BN cash at parent company; after tender at Wynn LV, they'll have $250MM
- Macau: >$1.8BN cash and $1.55BN revolver - plenty of capital
- Las Vegas: positive trends in 4Q as well as 2014; continuing with same momentum as they've had in previous Q
- Conventions trending very well
- WYNN board meeting: Nov 4/5- will discuss special dividend possibility
- Encouraged about MA but very challenging, complex situation there; timelines change frequently
- Like idea of hotels with casinos
- Adding 2 major junket areas at Wynn Macau (southwest corner); they will be done by CNY 2014
- Wynn Diamond will include the Wynn Diamond coliseum of 15,000 seats, it will include an all suite Wynn Diamond hotel that will be directly related 1,300-square foot feet at the premium mass market and above.
- Will consider social/virtual gaming opportunity
- High hold (direct business) impacted Macau by $10-15MM
- Vegas: F&B revenues may have been hurt by new competition from Hakkasan but Wynn emphasized the need to protect the bottom line, not top line
- No comment on Japan
- Macau: usual rooms out of service in 3Q; remodel will be done in few weeks-remodel is more about retaining existing customers than attracting new customers
