Wynn Macau’s net revenue rose nearly 47% year on year in the first quarter of 2011 the parent company said in a filing with the New York Stock Exchange today. Nearly 70% of Wynn Resorts’ net revenues for the first quarter of 2011 came from its Macau operations, the company added.
Group net revenues were US$1.260 billion in 1Q 2011, compared to US$908.9 million in the first quarter of 2010. Wynn Macau accounted for US$865.7 million of net revenue in 1Q 2011 – 68.7% of the total.
The improvement in 1Q 2011 revenue was driven by a 46.6% increase in revenues at Wynn Macau and a 24.0% revenue increase from Las Vegas operations. Adjusted property EBITDA was US$405 million for the first quarter of 2011, compared to US$241.9 million in the first quarter of 2010.
On a US GAAP (Generally Accepted Accounting Principles) basis, net income attributable to Wynn Resorts for the first quarter of 2011 was US$173.8 million, or US$1.39 per diluted share, compared to a net income attributable to Wynn Resorts of US$27.0 million, or US$0.22 per diluted share in the first quarter of 2010. Adjusted net income attributable to Wynn Resorts in the first quarter of 2011 was US$173.4 million, or US$1.38 per diluted share (adjusted earnings per share) compared to an adjusted net income attributable to Wynn Resorts of US$33.8 million, or US$0.27 per diluted share in the first quarter of 2010.
Wynn Resorts also announced today that its board has approved a cash dividend for the quarter of US$0.50 per common share. This dividend will be payable on 17th May 17, 2011 to stockholders of record on 3rd May.
Wynn Macau 1Q 2011 net revenues of US$865.7 million compared to US$590.6 million in the first quarter of 2010.
Adjusted property EBITDA in the first quarter of 2011 was US$272.8 million, up 50.2% from US$181.6 million in the first quarter of 2010.
Macau’s table games turnover in the VIP segment was US$29.3 billion for the first quarter of 2011, a 44.7% increase from US$20.2 billion in the first quarter of 2010. VIP table games win as a percentage of turnover (calculated before discounts and commissions) for the quarter was 2.69%, slightly below the expected range of 2.7% to 3.0% and the 2.70% experienced in the first quarter of 2010.
Table games drop in the mass market category was US$682.5 million during the period, a 29.2% increase from US$528.2 million in the first quarter of 2010. Mass market table games win percentage (calculated before discounts) of 27.9% was above our expected range of 21% to 23% and above the 22.2% generated in the 2010 quarter.
Slot machine handle increased 59.2% to US$1.5 billion as compared to the prior year quarter. Win per unit per day was 78.1% higher at US$803, compared to US$451 in the first quarter of 2010.
Wynn Macau achieved an Average Daily Rate (ADR) on its rooms of US$307 for the first quarter of 2011, compared to US$282 in the 2010 quarter. The 2011 results include the addition of 414 rooms and villas with the opening of Encore on 21st April 21. The property’s occupancy was 88.6%, compared to 90.7% during the prior year period and revenue per available room (REVPAR) was US$272 in the 2011 quarter, 6.3% above the US$256 reported in the prior year quarter.
Gross non-casino revenues at Wynn Macau increased 50.2% during the quarter to US$94.2 million, driven by strong performance from all non-casino segments. Room revenues increased 79.1% as a result of the addition of the Encore rooms and retail revenues were up 37.7% due to strong same-store sales growth and the addition of three new boutiques at Encore.
Including Encore, Wynn Macau currently has 499 tables (263 VIP tables, 225 mass market tables and 11 poker tables) and 1,015 slot machines in the Macau market.
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