Wynn Resorts Reports 31.7 Percent Increase in Quarterly Revenue

Wynn Resorts, Limited has released its financial results for the fourth quarter and year ended Dec. 31, 2009. Net revenues for the fourth quarter of 2009 were $809.3 million, compared to $614.3 million in the fourth quarter of 2008, a 31.7 percent increase.

The revenue increase was driven by a 29.6 percent increase in revenues at Wynn Macau and a 35.7 percent revenue increase from the company’s Las Vegas operations, as the 2009 fourth quarter included a full-quarter contribution from Encore. Adjusted property EBITDA was $196.8 million for the fourth quarter of 2009, compared to $127.5 million in the fourth quarter of 2008.

On a GAAP (Generally Accepted Accounting Principles) basis, net loss attributable to Wynn Resorts for the fourth quarter of 2009 was $5.2 million, or $0.04 per diluted share, compared to a net loss attributable to Wynn Resorts of $159.6 million, or $1.49 per diluted share in the fourth quarter of 2008.

Adjusted net income attributable to Wynn Resorts in the fourth quarter of 2009 was $10.3 million, or $0.08 per diluted share (adjusted EPS), compared to an adjusted net income attributable to Wynn Resorts of $7.7 million, or $0.07 per diluted share, in the fourth quarter of 2008.

In the fourth quarter of 2009, net revenues at Wynn Macau were $508.4 million compared to $392.2 million in the fourth quarter of 2008. Wynn Macau generated adjusted property EBITDA of $142.1 million compared to $95 million in the fourth quarter of 2008.