Bloomberg reports that Wynn Resorts Ltd fell 4.2% in after hours trading yesterday following fourth quarter results that show a decline in earnings at Wynn Las Vegas. The company yesterday published its financial results for the fourth quarter and year ended 31 December 2007, showing an 87.6% increase in net revenues for 2007 to US$2.7 billion. Fourth quarter net revenues also rose to US$711.3 million compared to US$563.6% million for the fourth quarter of 2006.

In its list of highlights for the year, Wynn states that the Tower Suites at Wynn Las Vegas is the only casino resort in the world to receive both the Mobil Five Star and the AAA Five Diamond award for two consecutive years. Wynn Las Vegas also holds the prestigious Michelin Guide’s Five Red Pavilion award, the only resort in Las Vegas to achieve the distinction and one of only nine in North America.

Net casino revenues for 2007 at Wynn Las Vegas were up 19.9% from 2006 results to US$642.3 million. However, in the fourth quarter table games drop and win per gaming machine fell, giving net casino revenue for the period of US$160 million compared to US$163.7 million for the fourth quarter of 2006. Gross non-casino revenues rose 8.1% in the fourth quarter and by 6.4% over the full year. The decline in slots revenues was attributed to a decline in foot traffic since the neighbouring Stardust and New Frontier casinos closed, and the state of the US economy.

Table games turnover in the VIP segment of Wynn Macau for 2007 was US$37.6 billion and table games drop in the mass market segment was US$2 billion. Slot machine win per machine per day was US$470. In 2007 the expansion of Wynn Macau was completed, including the dramatic rotunda feature on the front with a gold ‘prosperity tree.’ The construction of Wynn Diamond Suites commenced and should be finished by June 2010.

The company press release stated: “We have submitted an application to the government of Macau for a concession of land in Cotai. We have reconfigured our site plan for 52 acres and are awaiting final approval. We are actively engaged in the design of our Cotai project. We continually seek out new opportunities for additional gaming or related businesses, in Las Vegas, other markets in the United States, and worldwide.” (E-02.13.08)

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