Wynn Macau More than Offsets Wynn Vegas in Q2

LAS VEGAS-Wynn Resorts said Thursday said its second quarter GAAP profit tripled as higher earnings from Wynn Macau and a large deferred tax benefit more than offset a drop in casino and hotel revenue at Wynn Las Vegas. GAAP profit for the quarter was $272 million ($2.42 per share), up from $89.6 million ($0.82 per sf) in Q2 2007. Net revenue in Q2 2008 was 825.2 million, up from $687.5 million in Q2 2007.

The increase in revenue was driven primarily by a 50.3% increase in revenue at Wynn Macau. The increase in profit is attributed to higher earnings from Wynn Macau and a $140.7-million deferred tax benefit recorded during the quarter. Adjusted Q2 2008 profit was $124.3 million ($1.11 per share), up from $100.8 million ($0.92 per share) in Q2 2007.

Casino revenues at Wynn Las Vegas in Q2 2008 were $120.7 million, down from $159.4 million in Q2 2007. Non-casino revenues for the quarter were $211.9 million, a 0.3% increase from the Q2 2007. Hotel revenues were down 3.1% to $72.1 million during the quarter. The Average Daily Rate was $302, down from $311 in Q2 2007, and occupancy was 96.5%, down from 97% in Q2 2007. RevPAR was $292, off 3% from Q2 2007. Retail sales declined 3.5% to $22.1 million. Entertainment revenue rose slightly to $18.9 million. The only non-casino segment with a noticeable increase in revenues was food and beverage, which rose 2.6% from Q2 2007 to $84.3 million in Q2 2008.