Travel & Leisure

Wynn Resorts, Limited Posts Q1 2018 Results

Wynn Resorts, Limited reported financial results for the first quarter ended March 31.

In a release on April 24, the Company noted that operating revenues were $1.72 billion for the first quarter of 2018, an increase of 20.5 percent, or $291.8 million, from $1.42 billion for the same period of 2017. The increase was the result of increases of $213.5 million, $65.5 million and $12.8 million from Wynn Palace, Wynn Macau and our Las Vegas Operations, respectively.

On a U.S. generally accepted accounting principles basis, net loss attributable to Wynn Resorts, Limited was $204.3 million, or $1.99 per diluted share, for the first quarter of 2018, compared to net income attributable to Wynn Resorts, Limited of $100.8 million, or $0.99 per diluted share, for the same period of 2017. The change was primarily due to the $463.6 million litigation settlement expense and a $69.3 million increase in the Redemption Note fair value to its principal amount, as further described below, partially offset by increases in our benefit for income taxes and operating income from Wynn Palace. Adjusted net income attributable to Wynn Resorts, Limited was $237.0 million, or $2.30 per diluted share, for the first quarter of 2018, compared to $130.9 million, or $1.28 per diluted share, for the same period of 2017.

Adjusted Property EBITDA was $564.3 million for the first quarter of 2018, an increase of 32.0 percent, or $136.8 million, from $427.5 million for the same period of 2017, as a result of increases of $100.1 million, $28.7 million and $8.0 million from Wynn Palace, Wynn Macau and our Las Vegas Operations, respectively.

Wynn Resorts, Limited also announced that the Company has approved a cash dividend of $0.75 per share, payable on May 29, to stockholders of record as of May 17, a 50 percent increase in our quarterly cash dividend from last quarter reflecting the ongoing strength and stability across our operations.

Macau Operations

Wynn Macau

Operating revenues from Wynn Macau were $618.2 million for the first quarter of 2018, an 11.9 percent increase from $552.7 million for the same period of 2017. Adjusted Property EBITDA from Wynn Macau was $209.8 million for the first quarter of 2018, a 15.9 percent increase from $181.1 million for the same period of 2017.

Casino revenues from Wynn Macau were $539.0 million for the first quarter of 2018, a 10.5 percent increase from $488.0 million for the same period of 2017. Table games turnover in VIP operations was $17.09 billion, a 28.6 percent increase from $13.28 billion for the first quarter of 2017. VIP table games win as a percentage of turnover was 2.61 percent, below the expected range of 2.7 percent to 3.0 percent and the 3.30 percent experienced in the first quarter of 2017. Table drop in mass market operations was $1.32 billion, a 16.4 percent increase from $1.14 billion for the first quarter of 2017. Table games win in mass market operations was $256.5 million, a 20.5 percent increase from $212.9 million for the first quarter of 2017. Table games win percentage in mass market operations was 19.4 percent, above the 18.7 percent experienced in the first quarter of 2017. Slot machine handle was $1.00 billion, a 17.1 percent increase from $856.7 million for the first quarter of 2017, while slot machine win increased 8.3 percent to $41.8 million.

Non-casino revenues from Wynn Macau were $79.2 million for the first quarter of 2018, a 22.3 percent increase from $64.7 million for the same period of 2017. Room revenues were $28.4 million for the first quarter of 2018, a 19.0 percent increase from $23.9 million for the same period of 2017. Average daily rate (ADR) was $291, a 17.8 percent increase from $247 for the first quarter of 2017. Occupancy increased to 99.0 percent for the first quarter of 2018, from 95.7 percent for the same period of 2017. Revenue per available room (REVPAR) was $288, a 21.5 percent increase from $237 for the first quarter of 2017.

Wynn Palace

The Company noted, operating revenues from Wynn Palace were $665.8 million for the first quarter of 2018, a 47.2 percent increase from $452.3 million for the same period of 2017. Adjusted Property EBITDA from Wynn Palace was $211.9 million for the first quarter of 2018, an 89.4 percent increase from $111.9 million for the same period of 2017.

Casino revenues from Wynn Palace were $568.5 million for the first quarter of 2018, a 50.7 percent increase from $377.1 million for the same period of 2017. Table games turnover in VIP operations was $15.39 billion, a 39.3 percent increase from $11.04 billion for the first quarter of 2017. VIP table games win as a percentage of turnover was 2.60 percent, below the expected range of 2.7 percent to 3.0 percent and the 3.03 percent experienced in the first quarter of 2017. Table drop in mass market operations was $1.22 billion, a 58.1 percent increase from $770.0 million for the first quarter of 2017. Table games win in mass market operations was $310.2 million, an 85.0 percent increase from $167.6 million for the first quarter of 2017. Table games win percentage in mass market operations was 25.5 percent, above the 21.8 percent experienced in the first quarter of 2017. Slot machine handle was $1.06 billion, a 60.9 percent increase from $657.6 million for the first quarter of 2017, while slot machine win increased 64.4 percent to $55.8 million for the first quarter of 2018.

Non-casino revenues from Wynn Palace were $97.4 million for the first quarter of 2018, a 29.5 percent increase from $75.2 million for the same period of 2017. Room revenues were $40.4 million for the first quarter of 2018, a 37.9 percent increase from $29.3 million for the same period of 2017. ADR was $252, a 30.6 percent increase from $193 for the first quarter of 2017. Occupancy increased to 96.8 percent for the first quarter of 2018, from 95.6 percent for the same period of 2017. REVPAR was $244, a 31.9 percent increase from $185 for the first quarter of 2017.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $431.5 million for the first quarter of 2018, a 3.0 percent increase from $418.7 million for the same period of 2017. Adjusted Property EBITDA from our Las Vegas Operations was $142.6 million, a 6.0 percent increase from $134.6 million for the first quarter of 2017.

Casino revenues from our Las Vegas Operations were $134.6 million for the first quarter of 2018, an 8.0 percent increase from $124.7 million for the same period of 2017. Table games drop was $536.6 million, a 17.0 percent increase from $458.6 million for the first quarter of 2017. Table games win was $154.4 million, an 18.0 percent increase from $130.8 million for the first quarter of 2017. Table games win percentage was 28.8 percent, above the property's expected range of 22 percent to 26 percent and the 28.5 percent experienced in the first quarter of 2017. Slot machine handle was $744.1 million, a 2.8 percent decrease from $765.9 million for the first quarter of 2017, while slot machine win decreased 0.9 percent to $49.3 million.

Non-casino revenues from our Las Vegas Operations were $296.8 million for the first quarter of 2018, a 0.9 percent increase from $294.1 million for the same period of 2017. Room revenues were $121.5 million for the first quarter of 2018, a 5.0 percent increase from $115.6 million for the same period of 2017. ADR was $340, a 7.6 percent increase from $316 for the first quarter of 2017. Occupancy decreased to 83.9 percent for the first quarter of 2018, from 85.5 percent for the same period of 2017. REVPAR was $285, a 5.2 percent increase from $271 for the first quarter of 2017. Food and beverage revenues increased 0.2 percent, to $125.8 million for the first quarter of 2018, compared to the same period of 2017. Entertainment, retail and other revenues decreased 6.3 percent, to $49.6 million for the first quarter of 2018, compared to the same period of 2017.

Wynn Boston Harbor Project in Massachusetts

The Company is currently constructing Wynn Boston Harbor, an integrated resort in Everett, Massachusetts, located adjacent to Boston along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings and food and beverage outlets. The total project budget, including gaming license fees, construction costs, capitalized interest, pre-opening expenses and land costs, is estimated to be approximately $2.5 billion. As of March 31, we have incurred $1.38 billion in total project costs. We expect to open Wynn Boston Harbor in mid-2019.

Balance Sheet

Our cash and cash equivalents, restricted cash and investment securities as of March 31, were $2.16 billion.

Total debt outstanding at the end of the quarter was $9.36 billion, including $4.23 billion of Macau related debt, $3.10 billion of Wynn Las Vegas debt and $2.03 billion at the parent company and other.

On March 28, the Company entered into a credit agreement to provide for a 364-day term loan facility and borrowed the full amount available of $800 million. On March 30, the Company used the net proceeds from the Bridge Facility, along with cash on hand and borrowings of $250.0 million under its Wynn America credit facilities to repay the $1.94 billion promissory note issued in connection with the redemption of all shares of the Company's stock held by Aruze USA, Inc. as of February 18, 2012 (the Redemption Note) and to pay an additional amount of $463.6 million with respect to the claims related to the allegedly below-market interest rate of the Redemption Note.

On April 3, the Company completed a registered public offering (the Equity Offering) of 5,300,000 newly issued shares of its common stock to Galaxy Entertainment Group Limited (or one of its affiliates) at a price of $175 per share for net proceeds of approximately $915.8 million, after deducting underwriting discounts and excluding the Company's estimated offering expenses. The Company used the net proceeds from the Equity Offering to repay all amounts borrowed under the Bridge Facility, together with all interest accrued thereon, and intends to use the remaining net proceeds to repay certain other indebtedness of the Company.

More Information:

http://www.wynnresorts.com

((Comments on this story may be sent to newsdesk@closeupmedia.com))

THE DAILY VIEW

  • Alexandra Scarborough
    Gilt and Sarah Jessica Parker Unveil SJP by Sarah Jessica Parker Bridal Collection for Spring

    Sarah Jessica Parker, in partnership with Gilt, kicked off the exclusive launch of SJP by Sarah Jessica Parker Bridal, Gilt’s first foray into bridal ready-to-wear that would have Carrie Bradshaw swooning.

    The collection includes dresses, skirts, bodysuits and other pieces, ranging in price from $295 to $2,395 and from sizes 0 to 14.

    "Collaborating with Gilt on my first bridal ready-to-wear collection was an opportunity I couldn't pass up," said Sarah Jessica Parker. "The team there is brilliant and allowed me to be imaginative and take risks as I was designing for the non-traditional bride. It has been quite fun to play around with colors, fabrics and details to create unique pieces for all kinds of brides." The collection, comprised of ten styles, is inspired by Parker's vision of a modern, non-traditional bride, and is designed to dress a woman for a variety of wedding milestone moments; from her bridal shower through her wedding reception. Styles offered are a unique mix of classic dresses and gowns, modern bodysuits, full skirts, and a jumpsuit. The color palette includes traditional bridal white, sleek black, plus pops of blush, poppy, light gray and blue.

    Designed in collaboration with Gilt, the collection was produced in New York City utilizing fabrics like cashmere and stretch crepe sourced from Spain, Italy and France.

    The pieces all feature carefully curated details like elegant bows, sophisticated cutouts, feathers, intricate embroidery and beautiful hand-stitched beading. 

    The actress and style icon is no stranger to chic bridal wear. Carrie Badshaw, famously played by Parker, took part in an elaborate bridal photo shoot in Sex and the City: The Movie. The shoot featured gowns from designers like Christian Lacroix and Lanvin. Parker famously wore a black wedding gown for her own wedding to Matthew Broderick in 1997.

    "Not only is Sarah Jessica Parker's style known around the world, her point of view is one-of-a-kind," says Tom Ott, Chief Merchant of Gilt. "Sarah Jessica brings her impeccable taste and fashion sensibility to life in this collection. We think our customers will be delighted with the offering which is stylish and well-priced in the bridal category."

    As part of the bridal launch, Gilt will also offer 15 exclusive styles from the SJP by Sarah Jessica Parker footwear line, each of which are complementary to the bridal collection. 

    To correspond with the bridal collection launch, Gilt City will present offers from some of Sarah Jessica Parker's favorite places in New York City.

    The offers were each chosen as a way to help brides plan for and celebrate the big day with highlights including, Leather Spa, Lars Nord Studio Tailoring, Mah-Ze-Dahr Bakery, among others.

    More Information:
    http://www.Gilt.com/SJP

  • Alexandra Scarborough
    Tea Forté Introduces ‘Matcha’ Collection

    Convenience meets tradition in Tea Forté’s new Ceremonial Matcha Bowl Set and the Matcha Single Steeps.

    The company said its spring harvested, shade grown, stone ground, organic matcha tea is best served in a centuries-old Japanese tea ceremony called chanoyu: a preparation technique known for its centering meditative qualities.

    "The launch of Tea Forté's Matcha collection represents our continued commitment to wellness and cultivating all the potential mental and physical health benefits of tea," says Tea Forté CEO Michael Gebrael. "In addition to our high quality Pure Matcha, we've also blended four distinct flavored Matcha varieties. Prepackaged in pouches measured out for a single serving, our Single Steeps Matcha is ideal for the office, travel, or to keep with you for a boost anytime."

    Tea Forté noted its handcrafted ceremonial tea bowl, handmade bamboo whisk and measuring ladle “encourages serene enjoyment of our premium Kosher, gluten-free and vegan matcha blends.” These include: Pure Matcha, Chocolate Matcha, Coconut Matcha, Ginger Matcha, and Chai Matcha.

    According to a release, in addition to its distinctive taste, matcha is prized for its health benefits. Steeped green tea contains only the antioxidants that can be extracted in water, while with matcha, the whole leaf is consumed.

    Available now in select stores and online at teaforte.com.

 

 

QUICK 5


Expedia.com has released a year-end look at U.S. traveler behavior and trends for 2017, analyzing data to identify the most in-demand destinations, hotels, activities and more.

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  2. Disney Theme Parks topped the list of things to do
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