• 26-OCT-2017

Wynn Resorts, Limited Reports Third Quarter 2017 Results

Wynn Palace Exterior by Barbara Kraft
Wynn Resorts, Limited Reports Third Quarter 2017 Results
 
LAS VEGAS, October 26, 2017 — Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the third quarter ended September 30, 2017.  
 
Net revenues were $1.61 billion for the third quarter of 2017, an increase of 45.3%, or $502.5 million, from $1.11 billion for the same period of 2016. The increase was the result of an increase of $390.7 million from Wynn Palace, which opened in the third quarter of 2016, and increases of $79.3 million and $32.5 million from Wynn Macau and our Las Vegas Operations, respectively.  
 
On a U.S. generally accepted accounting principles ("GAAP") basis, net income attributable to Wynn Resorts, Limited was $79.8 million, or $0.78 per diluted share, for the third quarter of 2017, compared to a net loss attributable to Wynn Resorts, Limited of $17.4 million, or $0.17 per diluted share, for the same period of 2016. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of a full quarter of income from Wynn Palace and increased operating income from Wynn Macau and Wynn Las Vegas, partially offset by a loss on extinguishment of debt, an increase in net income attributable to noncontrolling interests and an increase in property charges and other. Property charges and other during the third quarter of 2017 included $19.1 million of estimated costs primarily related to property damage caused by a typhoon that impacted Macau during the quarter. Adjusted net income attributable to Wynn Resorts, Limited (1) was $155.8 million, or $1.52 per diluted share, for the third quarter of 2017, compared to $75.5 million, or $0.74 per diluted share, for the same period of 2016.   
 
Adjusted Property EBITDA (2) was $473.0 million for the third quarter of 2017, an increase of 54.8%, or $167.5 million, from $305.4 million for the same period of 2016, the result of increases of $112.7 million, $32.2 million and $22.6 million from Wynn Palace, Wynn Macau and our Las Vegas Operations, respectively.  
 
Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $0.50 per share, payable on November 28, 2017 to stockholders of record as of November 16, 2017.