Slot machines were one of the stand out performers at Wynn Macau during 2008, according to Wynn Resorts Ltd’s annual results announced this week.
Slot machine handle in Macau totalled USD3.0 billion, 79.5% higher than the USD1.7 billion generated in 2007. However win per unit was diluted because of a 138.6 percent increase in the number of machines, from 521 to 1,243. Slot machine win per unit per day was USD346, down 26.4 percent from 2007.
In the fourth quarter of 2008, Wynn Macau’s slot machines win increased 33.9 percent compared to the fourth quarter of 2007. Win per unit per day was USD348, a 23.7 percent decline from the fourth quarter of 2007, due to the increase in the average number of slot machines, from 708 to 1,241 slots.
For the full year 2008, net revenues were USD1.9 billion, 35.6 percent above 2007. Wynn Macau generated adjusted property EBITDA of USD485.9 million, a 33.4 percent increase over the previous year.
Casino revenues increased USD474.7 million during the year ended 31st December 2008, compared to the prior year.
Table games turnover in the VIP segment of USD55.4 billion was 47.4 percent higher than in 2007.
Table games drop in the mass market category increased 14.2 percent to USD2.3 billion.
Wynn Macau’s hotel accommodation achieved an average daily rate (ADR) of USD275 for the year, compared to USD251 in 2007. The property’s occupancy was 87.3 percent, compared to 88.8 percent during the prior year period, generating revenue per available room (REVPAR) of USD240 in the 2008 period, 7.6 percent above 2007 levels.
In the fourth quarter of 2008, Wynn Macau’s net revenues were USD392.2 million, compared to USD387.4 million in the fourth quarter of 2007. Wynn Macau generated adjusted property EBITDA of USD95.0 million, compared to USD99.6 million in the fourth quarter of 2007.
Table games turnover in the VIP segment was USD11.0 billion for the period, compared to USD11.2 billion for the fourth quarter of 2007.
Table games drop in the mass market category was approximately USD487.2 million during the period, a 4.0 percent decrease from USD507.6 million in the fourth quarter of 2007.
On a US GAAP (Generally Accepted Accounting Principles) basis, net income for the year for Wynn Resorts was USD210.2 million, or USD1.92 per diluted share, compared to USD258.1 million, or USD2.34 per diluted share in 2007.
Group net loss (US GAAP) for the fourth quarter of 2008 was USD159.6 million, or (USD1.49) per diluted share, compared to a net income of USD65.5 million, or USD0.57 per diluted share in the fourth quarter of 2007. The company said a USD98.8 million tax expense for the quarter was a major factor in the net loss.
