LAS VEGAS–(BUSINESS WIRE)–Jan. 31, 2013–?Wynn Resorts, Limited?(Nasdaq: WYNN) today reported financial results for the fourth quarter and year ended?December 31, 2012.
Net revenues for the year ended December?31, 2012 declined 2.2% to?$5,154.3 million, compared to?$5,269.8 million?in 2011. The revenue decrease was driven by a 3.2% decline in revenues from our?Macau?Operations, which was partially offset by a 0.4% increase in revenues from our Las Vegas Operations. Adjusted property EBITDA (1) in 2012 decreased 3.6% to?$1,575.8 million, compared to?$1,635.3 million?for the year ended December?31, 2011. The EBITDA decline was driven by 2.4% lower EBITDA from our Macau Operations coupled with a 7.0% decline in EBITDA from our Las Vegas Operations.
Net revenues for the fourth quarter of 2012 were?$1,289.1 million, compared to?$1,343.9 million?in the fourth quarter of 2011. The revenue decline was driven by 9.7% lower revenues from our Macau Operations, which were partially offset by a 12.1% increase in revenues from our Las Vegas Operations. Adjusted property EBITDA was?$398.5 million?for the fourth quarter of 2012, down 0.9% compared to?$402.2 million?in the fourth quarter of 2011.
On a US GAAP (Generally Accepted Accounting Principles) basis, net income attributable to?Wynn Resorts?for the year ended December?31, 2012 was?$502.0 million, or?$4.82?per diluted share, compared to net income attributable to?Wynn Resorts?of?$613.4 million, or?$4.88?per diluted share in 2011. Adjusted net income attributable to?Wynn Resorts?in 2012 was$558.4 million, or?$5.36?per diluted share (adjusted EPS)(2) compared to an adjusted net income attributable to?Wynn Resorts?of?$701.1 million, or?$5.58?per diluted share in 2011.
On a US GAAP basis, net income attributable to?Wynn Resorts?for the fourth quarter of 2012 was?$111.4 million, or?$1.10per diluted share, compared to a net income attributable to?Wynn Resorts?of?$190.5 million, or?$1.52?per diluted share in the fourth quarter of 2011. Net income was negatively impacted by a?$47.9 million?increase in tax expenses due to the timing of the payment of dividends from?Macau, stock option exercises and capital expenditures. Adjusted net income attributable to?Wynn Resorts?in the fourth quarter of 2012 was?$118.2 million, or?$1.17?per diluted share (adjusted EPS) compared to an adjusted net income attributable to?Wynn Resorts?of?$194.4 million, or?$1.55?per diluted share in the fourth quarter of 2011.
Wynn Resorts?also announced today that it has approved a cash dividend for the quarter of?$1.00?per common share. This dividend will be payable on?February 28, 2013, to stockholders of record on?February 14, 2013.
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