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Wynn Resorts reports highest room rates on Strip in second quarter



Printer Friendly VersionPost a CommentTell a Friend about this Article03 August 2005
As reported by: WKRC
After opening April 28 with a blistering first five weeks, the $2.7 billion Wynn Las Vegas megaresort reported quarterly results late Monday that were more in line with what analysts had been expecting.

Wynn Las Vegas reported a loss of $35.2 million in its first 64 days of operation after paying $43.4 million in pre-opening costs.

Excluding those costs, the megaresort posted $8.2 million in profit in the second quarter that ended June 30. The property's 8 cents per share in profit was in line with analysts' estimates.

Parent company Wynn Resorts Ltd. said the resort generated $201.1 million in revenue, including promotional expenses. That's about $3.1 million in revenue per day and less than the $4.1 million daily average the resort reported over its first 34 days of operation.

"As we anticipated after month one, opening weeks had above-average volume which lowered to a more normalized rate in month two," UBS Securities stock analyst Robin Farley said in a research note Tuesday.

Casino revenue was $98.7 million, or about 43 percent of the property's $226.1 million in gross revenue. Non-casino revenue such as rooms, retail, food and beverage was $127.3 million, or 56 percent of total revenue.

Slots won an average of $304 per day from customers in the first month and $238 in the second month, which was better than expected, Farley said. Tables won an average of $9,200 in the first month and $4,700 in month two, just below estimates.

The occupancy rate at Wynn Las Vegas was about 90 percent and the average daily room rate was $284.

In a statement, Chief Executive Steve Wynn said the property's revenue across various departments was outstanding so far and the property will focus on raising profit margins in the coming months.


Article By: WKRC

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