Wynn Resorts' revenue increases to USD 1.3B for the last three months of 2016

The increase was the result of $418.7 million from Wynn Palace, partially offset by decreases of $57.2 million from Wynn Macau and $7.9 million from the Las Vegas Operations.

On a U.S. GAAP basis, net income attributable to Wynn Resorts, Limited was $113.8 million, or $1.12 per diluted share, for the fourth quarter of 2016, an increase of 30.5%, or $26.6 million, from net income attributable to Wynn Resorts, Limited of $87.2 million, or $0.86 per diluted share, for the same period of 2015. The increase in net income attributable to Wynn Resorts, Limited was primarily a result of a decrease in the Redemption Note fair value. Adjusted net income attributable to Wynn Resorts, Limited (1) was $51.0 million, or $0.50 per diluted share, for the fourth quarter of 2016, compared to $104.1 million, or $1.03 per diluted share, for the same period of 2015.

Adjusted Property EBITDA (2) was $340.9 million for the fourth quarter of 2016, an increase of 18.6%, or $53.5 million, from $287.5 million for the same period of 2015, primarily a result of $77.5 million from Wynn Palace, partially offset by decreases of $12.8 million from the Las Vegas Operations and $11.2 million from Wynn Macau.

For the full year, net revenues were $4.47 billion in 2016, an increase of 9.6%, or $390.4 million, from $4.08 billion for the same period of 2015. On a U.S. GAAP basis, net income attributable to Wynn Resorts, Limited was $242.0 million, or $2.38 per diluted share, in 2016, compared to $195.3 million, or $1.92 per diluted share, for the same period of 2015. The increase in net income attributable to Wynn Resorts, Limited was primarily due to a loss on extinguishment of debt we experienced in the prior year. Adjusted net income attributable to Wynn Resorts, Limited (1) was $345.4 million, or $3.39 per diluted share, in 2016, compared to $349.6 million, or $3.44 per diluted share, for the same period of 2015.

Adjusted Property EBITDA (2) was $1.26 billion in 2016, an increase of 6.2%, or $73.5 million, from $1.19 billion for the same period of 2015, primarily a result of $103.0 million from Wynn Palace, partially offset by decreases of $27.1 million from Wynn Macau and $2.4 million from the Las Vegas Operations.

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $0.50 per share, payable on February 28, 2017 to stockholders of record as of February 14, 2017.

Macau Operations

Wynn Macau

Net revenues from Wynn Macau were $498.4 million for the fourth quarter of 2016, a 10.3% decrease from $555.7 million for the same period of 2015. Adjusted Property EBITDA from Wynn Macau was $148.9 million for the fourth quarter of 2016, a 7.0% decrease from $160.1 million for the same period of 2015.

Casino revenues from Wynn Macau were $465.3 million for the fourth quarter of 2016, a 10.7% decrease from $521.2 million for the same period of 2015. Table games turnover in VIP operations was $10.80 billion, a 17.2% decrease from $13.03 billion for the fourth quarter of 2015. VIP table games win as a percentage of turnover (calculated before commissions) was 3.08%, above the expected range of 2.7% to 3.0% and the 2.60% we experienced for the fourth quarter of 2015. Table drop in mass market operations was $1.10 billion, a 7.5% decrease from $1.19 billion for the fourth quarter of 2015. Table games win in mass market operations was $193.9 million, a 15.2% decrease from $228.6 million for the fourth quarter of 2015. Table games win percentage in mass market operations was 17.7%, below the 19.3% experienced for the fourth quarter of 2015. Slot machine handle was $802.6 million, a 24.9% decrease from $1.07 billion for the fourth quarter of 2015, while slot machine win decreased 35.3% to $32.6 million.

Non-casino revenues before promotional allowances from Wynn Macau were $64.6 million for the fourth quarter of 2016, a 14.6% decrease from the $75.6 million for the same period of 2015. Room revenues decreased 16.9%, to $25.9 million for the fourth quarter of 2016, compared to $31.2 million for the same period of 2015. The average daily rate ("ADR") was $262, an 18.9% decrease from $323 for the fourth quarter of 2015. Occupancy was flat at 96.3% for the fourth quarter of 2016, compared to the same period of 2015. Revenue per available room ("REVPAR") was $252, a 19.0% decrease from $311 for the fourth quarter of 2015.

Wynn Palace

On August 22, 2016, the Company opened Wynn Palace, with the fourth quarter of 2016 representing the first full quarter of operations for the resort.

Net revenues and Adjusted Property EBITDA from Wynn Palace were $418.7 million and $77.5 million, respectively, for the fourth quarter of 2016.

Casino revenues from Wynn Palace were $373.2 million for the fourth quarter of 2016. In VIP operations, table games turnover was $10.33 billion and table games win as a percentage of turnover (calculated before commissions) was 2.68%, below the expected range of 2.7% to 3.0%. In mass market operations, table drop was $725.0 million, table games win was $159.6 million and table games win percentage was 22.0%. Slot machine handle was $534.4 million and slot machine win was $28.1 million for the fourth quarter of 2016.

Non-casino revenues before promotional allowances from Wynn Palace were $86.1 million for the fourth quarter of 2016. Room revenues were $40.6 million with an ADR of $272, occupancy of 88.4% and REVPAR of $241.

Las Vegas Operations

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Net revenues from the Las Vegas Operations were $383.3 million for the fourth quarter of 2016, a 2.0% decrease from $391.2 million for the same period of 2015

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Adjusted Property EBITDA from the Las Vegas Operations was $114.6 million, a 10.0% decrease from $127.4 million for the fourth quarter of 2015.

Casino revenues from the Las Vegas Operations were $166.0 million for the fourth quarter of 2016, a 2.8% decrease from $170.9 million for the same period of 2015. Table games drop was $452.5 million, a 6.8% decrease from $485.7 million for the fourth quarter of 2015. Table games win was $124.5 million, a 10.6% decrease from $139.3 million for the fourth quarter of 2015. Table games win percentage was 27.5%, above the expected range of 21% to 25% and below the 28.7% experienced for the fourth quarter of 2015. Slot machine handle was $862.1 million, an 18.0% increase from $730.7 million for the fourth quarter of 2015, while slot win increased 8.8% to $57.2 million.

Non-casino revenues before promotional allowances from the Las Vegas Operations were $260.2 million for the fourth quarter of 2016, a 1.1% decrease from $263.0 million for the same period of 2015. Room revenues increased 3.8%, to $105.7 million for the fourth quarter of 2016, compared to $101.9 million for the same period of 2015. ADR was $291, a 0.3% decrease from $292 for the fourth quarter of 2015. Occupancy increased to 84.1% for the fourth quarter of 2016, from the 81.1% experienced for the same period of 2015. REVPAR was $245, a 3.4% increase from $237 for the fourth quarter of 2015. Food and beverage revenues decreased 2.8%, to $98.3 million for the fourth quarter of 2016, compared to the same period of 2015. Entertainment, retail and other revenues decreased 6.3%, to $56.2 million for the fourth quarter of 2016, compared to the same period of 2015.

Retail Joint Venture

In December 2016, the company formed a joint venture with Crown Acquisitions Inc. ("Crown") to own and operate approximately 88,000 square feet of existing retail space and approximately 73,000 square feet of retail space that is currently under construction at Wynn Las Vegas. In connection with the transaction, the Company transferred certain assets and liabilities associated with the existing Wynn Las Vegas retail stores and will transfer the retail space that is currently under construction from Wynn Las Vegas, LLC, to newly formed entities owned by Wynn Resorts (the "Retail Joint Ventures"). Crown will pay the Company $472.0 million in two installments for a 49.9% ownership interest in each of the Retail Joint Ventures. The first payment of $292.0 million, which consisted of $217.0 million in cash and a $75.0 million interest-free note that matures in full on January 3, 2018, was received in December 2016. The Company expects to receive the second fixed payment of $180.0 million following the completion of the retail space currently under construction, which is expected to be completed in 2017. Based on the applicable accounting guidance, the Company will continue to consolidate the Retail Joint Ventures in its consolidated financial statements.

Wynn Boston Harbor Project in Massachusetts

The company is currently constructing Wynn Boston Harbor, an integrated resort in Everett, Massachusetts, located adjacent to Boston along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting space, casino space, a spa, retail offerings and food and beverage outlets. The total project budget, including construction costs, capitalized interest, pre-opening costs and land costs, is estimated to be between $2.2 billion and $2.4 billion. We expect to open Wynn Boston Harbor in mid-2019.

Balance Sheet

The cash and cash equivalents, restricted cash and investment securities at December 31, 2016 were $2.9 billion.

Total debt outstanding at the end of the quarter was $10.13 billion, including $4.15 billion of Macau related debt, $3.17 billion of Wynn Las Vegas debt and $2.81 billion at the parent company and other.