** charts before earnings **
** charts after earnings **
Wynn Resorts beats by $0.12, beats on revs :
- Reports Q2 (Jun) adj. earnings of $1.08 per share, $0.12 better than the Capital IQ Consensus of $0.96; revenues rose 1.7% year/year to $1.06 bln vs the $1.03 bln Capital IQ Consensus.
- Net revenues from our Macau Operations were $639.3 million for the second quarter of 2016, a 3.6% increase from $617.0 million in the same period of 2015. Adjusted Property EBITDA from our Macau Operations was $190.4 million for the second quarter of 2016, a 9.8% increase from $173.4 million in the same period of 2015.
- Net revenues from our Las Vegas Operations were $419.0 million for the second quarter of 2016, a 1.1% decrease from $423.5 million in the same period of 2015. Adjusted Property EBITDA from our Las Vegas Operations was $122.3 million, a 0.2% increase from $122.0 million in the second quarter of 2015.
- Wynn Palace total budget: $4.2 blnl; ~$4.2 billion. Wynn Palace is scheduled to open on August 22, 2016. We believe that we will receive an allocation of ~100 table games for Wynn Palace, with additional table games allocated to us post-opening. While we have not yet received formal notification of our table games allocation, if we receive an allocation of 100 new table games, we expect to move ~250 table games from Wynn Macau to Wynn Palace resulting in ~350 table games at Wynn Palace and 270 table games at Wynn Macau.
- The total project budget for Wynn Boston Harbor, including construction costs, capitalized interest, pre-opening costs and land costs, is estimated to be between $1.9 billion and $2.1 billion. We remain engaged in site remediation, site preparation and pre-construction activities.
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