Inside Asian Gaming

March 2009 | INSIDE ASIAN GAMING 17 Feature room (REVPAR) of US$240 in the 2008 period, 7.6% above 2007 levels. In the fourth quarter of 2008, Wynn Macau’s net revenues were US$392.2million, compared to US$387.4 million in the fourth quarter of 2007. Wynn Macau generated adjusted property EBITDA of US$95.0 million, compared to US$99.6 million in the fourth quarter of 2007. Table games turnover in the VIP segment was US$11.0 billion for the period, compared to US$11.2 billion for the fourth quarter of 2007. Table games drop in the mass market category was approximately US$487.2 million during the period, a 4.0% decrease fromUS$507.6 million in the fourth quarter of 2007. On a US GAAP (Generally Accepted Accounting Principles) basis, net income for the year for Wynn Resorts was US$210.2 million, or US$1.92 per diluted share, compared to US$258.1 million, or US$2.34 per diluted share in 2007. Group net loss (US GAAP) for the fourth quarter of 2008 was US$159.6 million, or (US$1.49) per diluted share, compared to a net income of US$65.5 million, or US$0.57 per diluted share in the fourth quarter of 2007. The company said a US$98.8 million tax expense for the quarter was a major factor in the net loss. Time for an Encore Wynn says it expects Encore at Wynn Macau, the VIP extension to Wynn Macau’s capacity, to cost US$700 million. The company added the budget was yet to be finalised, but it anticipated the project will be funded from cash on hand and cash flow fromWynn Macau. Wynn said that as of 31st December 2008, it had spent US$202 million on development and construction of the project. Encore at Wynn Macau will add a fully-integrated resort hotel toWynn Macau, with approximately 400 luxury suites and four villas along with restaurants, additional retail space and additional VIP gaming space. It is scheduled to open in 2010. Wynn Resorts Ltd said in its annual results that total cash balances on 31st December 2008 were US$1.1 billion. Total debt outstanding at the end of 2008 was US$4.3 billion, including approximately US$2.8 billion of Wynn Las Vegas debt, US$1.1 billion of Wynn Macau debt and US$375 million outstanding under theWynn Resorts Term Loan Facility. Hope fades in Vegas and Macau W ynn Resorts (Macau) and Wynn Las Vegas have filed writs in a Hong Kong court against a VIP gambler who allegedly owes them US$6.75 million, local media report. HenryMong (also known as Meng Hengli according to High Court documents quoted by a local newspaper) racked up some of the debt in Macau and then threw good money after bad by trying to recoup the losses at Wynn’s Las Vegas tables. According to the report, Mr Mong was only given credit in Vegas because he wrote a cheque to cover most of his earlier Macau losses. Unfortunately the cheque bounced.