Wynn Resorts Ltd WYNN
Q4 2010 Earnings Call Transcript

Transcript Call Date 02/10/2011

Operator: Good afternoon and welcome to the Wynn Resorts' Fourth Quarter 2010 Earnings Call. Joining the call today, on behalf of the Company are Steve Wynn; Matt Maddox; Scott Peterson; and on the phone, Ian Coughlan, President of Wynn Macau; and Robert Gansmo, CFO of Wynn Macau. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

Now, I would like to turn the call over to Mr. Maddox. Please go ahead, sir.

Matt Maddox - CFO and Treasurer: Thank you and good afternoon, everyone. Before we get started I just need to remind everybody we will be making forward-looking statements under the Safe Harbor Federal Securities Law and with that I'm going to turn it over to Steve Wynn.

Stephen A. Wynn - Chairman of the Board and Chief Executive Officer: It was very nice to have this call. We moved up our gate because we wanted to get the information out as soon as possible, so that you would know where we sit in the scheme of things. I think the numbers speak for themselves. We had a fine year. We even did better in Las Vegas, went from 2.40 or so to 2.70; and most of you if I can anticipate some of the questions would be asking what about Las Vegas. We took a careful look at January and February because in these calls we're always late for the quarter but we're in one and I know that you'd like guidance on what we're seeing. I've fairly pessimistic in the past. If there was a recovery underway it was dampened by the fact that there was a great deal of capacity added to Las Vegas at exactly the wrong moment. City Center and Cosmopolitan added 9,500 rooms, almost 10,000 rooms to this inventory at a time when the city was least able to accept that inventory.

In spite of that our room rates are up a little. Our occupancy is okay. Our convention bookings are ahead of last year. I'm saying that these indicators are pointing up, slots are still week. But the indicators of our visitation and room rate and convention bookings which are very important for the mid-week period are pointing up. Now having said that I want to say that it's still very lackluster and disappointing but I think that '11 is surely better than '10. We were a company that said '10 was not going to be better than '09 and we repeated it several times in this forum that we're having today.

However, I'm going to say I think '11 is better than '10 and if that's good news, then so be it. As far as China goes, Macau, that market is very robust and we're looking forward to getting underway with our new hotel in Cotai which we've finished designing and I've even shown some pictures of the project, it's by far the best thing we've ever done and it's a breakaway property. It represents another generation of this phenomenon that we've come to know as the integrated resort. It's an iconic building I think most of you in the analyst community will have a chance to see it now, Matt will show it to you, when you come to Las Vegas or in some forum or another, Samantha will begin to show our competitors and everybody else what we've got in store for them.

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