Wynn Resorts, Limited Q1 2008 Earnings Call Transcript

May 01, 2008 11:14 PM ETWynn Resorts, Limited (WYNN)
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Wynn Resorts, Limited (NASDAQ:WYNN) Q1 2008 Earnings Call May 1, 2008 4:30 PM ET

Executives

Matt Maddox – Chief Financial Officer

Stephen A. Wynn – Chairman and Chief Executive Officer

Andrew Pascall – President and Chief Operating Officer, Wynn Las Vegas, LLC

Analysts

William Lerner – Deutsche Bank Securities

Dan Gerry Wintergreen Advisors

Celeste Brown – Morgan Stanley

Steven Kent – Goldman Sachs

Dennis Forst – Capital Markets

Lawrence Haverty – Gamco Investors Inc.

Lawrence Klatzkin – Jefferies & Co.

Joseph Greff – Bear Stearns

Jane Pedreira – Lehman Brothers

Operator

Welcome to the Wynn Resorts, Limited first quarter conference call. Joining the call on behalf of the company today are Steve Wynn, Mark Schorr, John Strzemp, Matt Maddox, Andrew Pascall, President of Wynn Las Vegas, David Sisk, CFO of Wynn Las Vegas, and on the phone Ian Coughlan, President of Wynn Macau, and Scott Peterson, CFO of Wynn Macau.

(Operator Instructions) Now I would like to turn the call over to Mr. Maddox.

Matt Maddox

First I would like to remind everyone that this call contains forward-looking statements that may or may not materialize. They are predictions about the future and should not be relied upon as fact. For further clarification please read the full disclosure in our press release.

Now, moving on to the results. In the first quarter of 2008 consolidated property EBITDA was $197.8 million, a 4% increase over the first quarter of 2007. In Macau we generated EBITDA of $129.4 million, an increase of $50 million for 64%.

In Las Vegas EBITDA fell 38% to $68.4 million mainly due to table hold percentage of 19.9%, which was approximately eight points from our last year’s hold of 27.6%.

In Macau we generated over $1.4 million EBITDA per day in the first quarter, a 31.2% increase from the fourth quarter

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