Was $308 During First Month of Operation
Revenues Exceeding Expectations
|LAS VEGAS - June 2, 2005 -- Wynn Resorts, Limited (Nasdaq: WYNN) today
released operating data for Wynn Las Vegas through May 31, 2005, representing
the property's first 34 days of operations. The initial reaction from customers
has been overwhelmingly positive and revenue levels have exceeded our expectations.
Wynn Las Vegas net gaming revenues for the first 34 days of operations were $64.3 million. The slot segment produced total net revenues of $20.2 million, with a win per unit per day of $304. The table games segment generated net revenues of $42.7 million, representing win per table per day of $9,244 in the period.
Since our opening on April 28th, 2005, Wynn Las Vegas average daily room rate was $308 with occupancy averaging 91% as we strategically increased room availability to 100%. Gross non-gaming revenues for the 34 days, which include $15.4 million of complimentary revenues, were in excess of $76.6 million, as hotel, retail, food and beverage and other departments surpassed our estimates.
"We are delighted with our first full month of operations, but we are reminded that opening a resort of this caliber and this scope is a daunting challenge. As the weeks progress and our opening and startup challenges are met one at a time, operating efficiencies will emerge. This process is far from over and will take several months. The early results should be measured accordingly," commented Steve Wynn, Chairman and Chief Executive Officer of Wynn Resorts, Limited.
This release contains forward-looking statements regarding operating trends and future results of operations.
Wynn Resorts is traded on the Nasdaq stock exchange under the ticker symbol "WYNN" and, since December 2004, it has been part of the NASDAQ-100 Index. Wynn Las Vegas, a luxury hotel and destination casino resort located on the Las Vegas Strip, opened to the public on April 28, 2005. Wynn Las Vegas features 2,716 luxurious guest rooms and suites; an 111,000 square foot casino; 22 food and beverage outlets; an on-site 18-hole golf course; approximately 223,000 square feet of meeting space; an on-site Ferrari and Maserati dealership; and approximately 76,000 square feet of retail space.
|Also See:||Chairman Steve Wynn and Shareholders of Wynn Resorts Ltd. Hold Annual Meeting at Just Opened Wynn Las Vegas / May 2005|
|Steve Wynn Planning Second Full-scale, $1.4 billion Megaresort Adjacent to the Wynn Las Vegas; Dubbed Encore, Will Have Over 2,000 Suites / March 2005|