• 29-MAR-2018

Wynn Resorts, Limited Reports Fourth Quarter and Year End 2016 Results

Wynn Resorts, Limited Reports Fourth Quarter and Year End 2016 Results
 
LAS VEGAS, January 26, 2017 — Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the fourth quarter and year ended December 31, 2016.  
 
Net revenues were $1.30 billion for the fourth quarter of 2016, an increase of 37.3%, or $353.5 million, from $946.9 million for the same period of 2015.  The increase was the result of $418.7 million from Wynn Palace, partially offset by decreases of $57.2 million from Wynn Macau and $7.9 million from our Las Vegas Operations.    
 
On a U.S. GAAP basis, net income attributable to Wynn Resorts, Limited was $113.8 million, or $1.12 per diluted share, for the fourth quarter of 2016, an increase of 30.5%, or $26.6 million, from net income attributable to Wynn Resorts, Limited of $87.2 million, or $0.86 per diluted share, for the same period of 2015.  The increase in net income attributable to Wynn Resorts, Limited was primarily a result of a decrease in the Redemption Note fair value.  Adjusted net income attributable to Wynn Resorts, Limited (1) was $51.0 million, or $0.50 per diluted share, for the fourth quarter of 2016, compared to $104.1 million, or $1.03 per diluted share, for the same period of 2015.   
 
Adjusted Property EBITDA (2) was $340.9 million for the fourth quarter of 2016, an increase of 18.6%, or $53.5 million, from $287.5 million for the same period of 2015, primarily a result of $77.5 million from Wynn Palace, partially offset by decreases of $12.8 million from our Las Vegas Operations and $11.2 million from Wynn Macau.  
 
For the full year, net revenues were $4.47 billion in 2016, an increase of 9.6%, or $390.4 million, from $4.08 billion for the same period of 2015.  On a U.S. GAAP basis, net income attributable to Wynn Resorts, Limited was $242.0 million, or $2.38 per diluted share, in 2016, compared to $195.3 million, or $1.92 per diluted share, for the same period of 2015.  The increase in net income attributable to Wynn Resorts, Limited was primarily due to a loss on extinguishment of debt we experienced in the prior year.  Adjusted net income attributable to Wynn Resorts, Limited (1) was $345.4 million, or $3.39 per diluted share, in 2016, compared to $349.6 million, or $3.44 per diluted share, for the same period of 2015.   
 Adjusted Property EBITDA (2) was $1.26 billion in 2016, an increase of 6.2%, or $73.5 million, from $1.19 billion for the same period of 2015, primarily a result of $103.0 million from Wynn Palace, partially offset by decreases of $27.1 million from Wynn Macau and $2.4 million from our Las Vegas Operations. 
 
Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $0.50 per share, payable on February 28, 2017 to stockholders of record as of February 14, 2017.