Wynn Resorts
From Wikipedia, the free encyclopedia
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| Type | Public (NASDAQ: WYNN) |
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| Founded | October 25, 2002 |
| Headquarters | Las Vegas, Nevada |
| Key people | Stephen A. Wynn (Chairman/CEO/Founder) |
| Industry | Tourism, Gaming |
| Products | Resorts, Casinos |
| Revenue | ▲ US$1.432 billion (2006) |
| Net income | ▲ US$628 million (2006) |
| Employees | 15,500 (2007) |
| Website | www.wynnresorts.com |
Wynn Resorts Limited NASDAQ: WYNN is a publicly traded corporation based in Las Vegas, Nevada that is a developer and operator of high end hotels and casinos. It was formed on October 25, 2002 by former Mirage Resorts Chairman and CEO Stephen A. Wynn.
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[edit] History
Wynn Resorts made its initial public offering on NASDAQ on October 25, 2002.
The company's first project, Wynn Las Vegas, opened on April 28, 2005.
Wynn Macau, the company's second project started construction on June 28, 2004. It opened September 5, 2006.
Encore Suites, an extension to Wynn Las Vegas, broke ground on April 28, 2006, the first anniversary of the opening of Wynn Las Vegas. Chairman Steve Wynn announced that a planned redevelopment of the golf course at Wynn Las Vegas, called Wynn Golf and Country Club, into two separate resorts, and a large lake, connected by the "Wynn Parkway". Redevelopment will not take place before 2009. Wynn also announced that the company will take part in the Cotai Strip project in Macau.
[edit] Effect of the Recession on Las Vegas operations
In Las Vegas, the 1st quarter of 2009 was the first where the Encore was fully operational after its opening on December 22, 2008. The prior year quarter includes only Wynn Las Vegas. Overall revenue from the resort increased from $327.2 to $345.9 in the first quarter, a very modest increase considering the additional hotel tower and new food and beverage outlets.
Despite the additional casino at the Encore (which added 97 tables and 857 slot machines) to the original 190 tables and 2000 slots) net casino revenues for the combined resort were lower than the first quarter of 2008 when only The Wynn was operating. Net casino revenues for the combined resort dropped from $125.1 million to $117.5 million.
Gross non-casino revenues for the quarter were $228.4 million, a 13.3% increase from the first quarter of 2008, driven primarily by higher hotel and food and beverage revenues resulting from the opening of Encore. Although the added 2,034 suites at Encore nearly doubled the suites in the property hotel revenues were up only 20.6% to $85.1 million during the quarter, versus $70.6 million in the first quarter of 2008 due to declining room rates and lower occupancy rate. Food and beverage revenues increased as a result of the additional 12 food and beverage outlets located in the Encore expansion. Retail revenues declined and entertainment revenues also decreased primarily due to the closure of the Spamalot production show in July 2008.[1]
[edit] Effect of the Recession on Macau operations
In the first quarter of 2009, net revenues declined to $448.7 million compared $491.5 million in the first quarter of 2008. Gaming on the VIP tables declined drastically.
[edit] Operations
[edit] Sources
[edit] References
- ^ "Wynn Resorts, Limited Reports First Quarter Results". http://phx.corporate-ir.net/phoenix.zhtml?c=132059&p=irol-newsArticle&ID=1284349&highlight.
[edit] External links
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