• 06-MAY-2016

Wynn Resorts, Limited Reports First Quarter 2016 Results

Wynn Macau Exterior by Barbara Kraft
LAS VEGAS, May 5, 2016 — Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the first quarter ended March 31, 2016.

Net revenues for the first quarter of 2016 were $997.7 million, compared to $1.09 billion in the first quarter of 2015. The decline was the result of a 13.8% decrease from our Macau Operations, partially offset by a 0.7% increase from our Las Vegas Operations. Adjusted Property EBITDA (1) was $300.3 million for the first quarter of 2016, a 7.0% decrease from $323.0 million in the first quarter of 2015.

On a US GAAP basis, net income attributable to Wynn Resorts, Limited for the first quarter of 2016 was $75.2 million, or $0.74 per diluted share, compared to a net loss attributable to Wynn Resorts, Limited of $44.6 million, or $0.44 per diluted share, in the first quarter of 2015. Adjusted net income attributable to Wynn Resorts, Limited (2) in the first quarter of 2016 was $108.8 million, or $1.07 per diluted share, compared to an adjusted net income attributable to Wynn Resorts, Limited of $70.5 million, or $0.70 per diluted share, in the first quarter of 2015. The 2016 results reflect an out-of-period adjustment related to capitalized interest that reduced interest expense by $25.6 million, increasing net income and adjusted net income attributable to Wynn Resorts, Limited by $18.5 million and diluted net income and adjusted net income per common share by $0.18. Of this adjustment to net income and adjusted net income attributable to Wynn Resorts, Limited, $3.7 million, or $0.04 per diluted share, related to the first quarter of 2015.

Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $0.50 per share, payable on May 26, 2016 to stockholders of record on May 17, 2016.