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Wynn Resorts Ltd WYNN
Q3 2011 Earnings Call Transcript

Transcript Call Date 10/19/2011

Operator: Good afternoon, and welcome to the Wynn Resorts Third Quarter 2011 Earnings Call. Joining the call on behalf of the Company today are Steve Wynn, Marc Schorr, John Strzemp, Matt Maddox, Marilyn Spiegel, Scott Peterson; and on the phone, Ian Coughlan, President of Wynn, Macau; and Robert Gansmo, CFO of Wynn Macau. After the speakers' remarks, there will be a question-and-answer session.

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

Matt Maddox - CFO and Treasurer: Thank you, and thank you for joining us today. Before we get started, I just need to remind everybody, we will be making forward-looking statements under the Safe Harbor federal securities laws, and those statements may or may not come true.

With that, I'm going to go ahead and turn it over to Steve Wynn for some opening comments.

Stephen A. Wynn - Chairman and CEO: Well, I think the numbers speak for themselves. The only comment that I would make is that we had a lower hold percentage in Las Vegas. If we normalize it, it would take us up over 100 instead of 85. Things got back to normal in October, which is a landmark month for us in both markets. Business seems terrific. I know that everybody's studying market shares since Galaxy opened and my comment is the same as it has been in the past. It isn't so much about market share, which in our case depending on whole percentage goes between 13 and 14, if you normalize whole percentage, but our bottom line keeps climbing.

And about the dividend, we are doing our budgeting on the work that's going to unfold in the few years in Macau, and we have alternative investments, and you can count on the $0.50 a quarter dividend, but I think special dividends are in fact special, and there is no certainty about what the Board will decide to do about that going forward.

I think we can take questions.

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