LAS VEGAS–Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the second quarter ended June 30, 2016.

Net revenues were $1.06 billion for the second quarter of 2016, compared to $1.04 billion in the same period of 2015. The increase was the result of a 3.6% increase from our Macau Operations, partially offset by a 1.1% decrease from our Las Vegas Operations.

On a U.S. GAAP basis, net income attributable to Wynn Resorts, Limited was $70.4 million, or $0.69 per diluted share, for the second quarter of 2016, compared to $56.5 million, or $0.56 per diluted share, in the same period of 2015. Adjusted net income attributable to Wynn Resorts, Limited (1) was $108.7 million, or $1.07 per diluted share, for the second quarter of 2016, compared to $75.0 million, or $0.74 per diluted share, in the same period of 2015.

Adjusted Property EBITDA (2) was $312.7 million for the second quarter of 2016, a 5.8% increase from $295.4 million in the same period of 2015. The increase was the result of a 9.8% increase from our Macau Operations and a 0.2% increase from our Las Vegas Operations.

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $0.50 per share, payable on August 23, 2016 to stockholders of record as of August 11, 2016.

Macau Operations

Net revenues from our Macau Operations were $639.3 million for the second quarter of 2016, a 3.6% increase from $617.0 million in the same period of 2015. Adjusted Property EBITDA from our Macau Operations was $190.4 million for the second quarter of 2016, a 9.8% increase from $173.4 million in the same period of 2015.

Casino revenues from our Macau Operations were $609.8 million for the second quarter of 2016, a 5.2% increase from $579.5 million in the same period of 2015. Table games turnover in the VIP segment was $11.84 billion, a 23.8% decrease from $15.54 billion in the second quarter of 2015. VIP table games win as a percentage of turnover (calculated before commissions) was 3.98%, above the expected range of 2.7% to 3.0% and the 2.92% we experienced in the second quarter of 2015. The average number of VIP tables decreased to 183 for the second quarter of 2016, compared to 247 in the same period of 2015. Table drop in the mass market segment was $1.17 billion, a 1.7% decrease from $1.19 billion in the second quarter of 2015. Table games win in the mass market segment was $235.2 million, a 12.7% increase from $208.6 million in the second quarter of 2015. Table games win percentage in the mass market segment was 20.0%, above the 17.5% experienced in the second quarter of 2015. Slot machine handle was $806.5 million, a 21.5% decrease from $1.03 billion in the second quarter of 2015, which drove a decline in slot win of 34.8% to $33.3 million.

Non-casino revenues before promotional allowances from our Macau Operations were $68.1 million for the second quarter of 2016, a 12.7% decrease from the $78.1 million in the same period of 2015. Room revenues decreased 5.8%, to $29.3 million for the second quarter of 2016, compared to $31.1 million in the same period of 2015. Our average daily rate ("ADR") remained flat at $321, compared to the same period of 2015. Occupancy decreased to 91.5% for the second quarter of 2016, compared to 96.4% in the same period of 2015. Revenue per available room ("REVPAR") was $294, a 5.2% decrease from $310 in the second quarter of 2015.

Las Vegas Operations

Net revenues from our Las Vegas Operations were $419.0 million for the second quarter of 2016, a 1.1% decrease from $423.5 million in the same period of 2015. Adjusted Property EBITDA from our Las Vegas Operations was $122.3 million, a 0.2% increase from $122.0 million in the second quarter of 2015.

Casino revenues from our Las Vegas Operations were $132.9 million for the second quarter of 2016, a 1.3% decrease from $134.7 million in the same period of 2015. Table games drop was $427.4 million, a 16.1% decrease from $509.3 million in the second quarter of 2015. Table games win was $96.1 million, a 3.2% decrease from $99.3 million in the second quarter of 2015. Table games win percentage was 22.5%, within the property’s expected range of 21% to 25% and above the 19.5% experienced in the second quarter of 2015. Slot machine handle was $750.4 million, a 5.4% increase from $712.1 million in the second quarter of 2015, and slot win decreased 4.4% to $48.7 million.

Non-casino revenues before promotional allowances from our Las Vegas Operations were $327.4 million for the second quarter of 2016, a 0.9% decrease from $330.3 million in the same period of 2015. Room revenues increased 4.4%, to $113.6 million for the second quarter of 2016, compared to $108.8 million in the same period of 2015. ADR was $308, a 6.6% increase from $289 in the second quarter of 2015. Occupancy decreased to 85.3% for the second quarter of 2016, compared to 88.4% in the same period of 2015. REVPAR was $263, a 3.1% increase from $255 in the second quarter of 2015. Food and beverage revenues decreased 5.0%, to $153.9 million for the second quarter of 2016, compared to the same period of 2015. Entertainment, retail and other revenues increased 0.9%, to $59.9 million for the second quarter of 2016, compared to the same period of 2015.

Wynn Palace Project in Macau

The Company is currently constructing Wynn Palace, an integrated resort containing a 1,700-room hotel, a performance lake, and a wide range of amenities, including meeting, retail, food and beverage, and casino spaces, in the Cotai area of Macau. We have a $2.7 billion guaranteed maximum price ("GMP") contract for the project’s construction costs. The total project budget, including construction costs, capitalized interest, pre-opening expenses, land costs and financing fees, is approximately $4.2 billion. Wynn Palace is scheduled to open on August 22, 2016.

During the second quarter of 2016, we invested approximately $151.2 million in Wynn Palace, taking the total investment to $3.87 billion through June 30, 2016.

We believe that we will receive an allocation of approximately 100 table games for Wynn Palace, with additional table games allocated to us post-opening. While we have not yet received formal notification of our table games allocation, if we receive an allocation of 100 new table games, we expect to move approximately 250 table games from Wynn Macau to Wynn Palace resulting in approximately 350 table games at Wynn Palace and 270 table games at Wynn Macau.

Wynn Boston Harbor Project in Massachusetts

In November 2014, the Company was awarded a gaming license to develop and construct Wynn Boston Harbor, an integrated resort in Everett, Massachusetts, adjacent to Boston. Wynn Boston Harbor will be located on a 33-acre site along the Mystic River and 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 $1.9 billion and $2.1 billion. We remain engaged in site remediation, site preparation and pre-construction activities.

Balance Sheet

Our cash and cash equivalents and investment securities at June 30, 2016 were $2.21 billion.

Total debt outstanding at the end of the quarter was $9.46 billion, including $4.20 billion of Macau debt, $3.17 billion of Wynn Las Vegas debt and $2.09 billion at the parent company and other.

To view full financial release and corresponding tables please click the PDF icon or visit:

http://phx.corporate-ir.net/phoenix.zhtml?c=132059&p=irol-newsArticle&ID=2189809