Wynn Resorts Ltd WYNN
Q4 2012 Earnings Call Transcript

Transcript Call Date 01/31/2013

Operator: Good afternoon and welcome to the Wynn Resorts Fourth Quarter 2012 Earnings Call. Joining the call on behalf of the Company today are Steve Wynn, Marc Schorr, John Strzemp, Matt Maddox, Marilyn Spiegel, Scott Peterson; Gamal Aziz, President and COO of Wynn Development; and on the phone are 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.

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

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

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

Stephen A. Wynn - Chairman and CEO: In 45 years that we've been doing this, we've had a record of constant progress and growth that has hovered between 25% compounded a year and 30% odd compounded a year. The basis of that growth has been some fundamental ideas about we are as a Company, the kind of services and people we employed and the kind of facilities we've built and we've tempered those simple truths with a fundamental understanding that our balance sheet was a critical part of our ability to grow, maintain service levels and take care of our employees.

We've approached the idea of growth and development with those thoughts in mind. We've been very fortunate to be allowed to participate in Macau and of course, we've had wonderful history for the past 45 years in Las Vegas. During that time, our market share in terms of the top line that grows revenue that get so much attention on Wall Street has been a story of irregular progress onward and upward. That's never changed in my career and I don't think it's likely to change when you're in a business that involves great capital projects that take three to five years to development and open. We are focused very heavily in the year 2013 and have been in '12 on just such factors. We began our project last year in May with the preparation of the ground on the landfill known as Cotai. We had 52 wonderful acres, but that had a great deal of challenge built into them because of water on the property. It was an expensive time-consuming process to get the property ready for hard construction.

I am happy to say that the work that was done in the last six months is completed and all of the governmental approvals have been given, and the day after Chinese New Year in the next week-and-a-half, we begin the driving piles to building – of the foundation of the building and hard construction has begun in China. We are 36 months out from the opening of our hotel in Cotai which in spite of the brilliance of the competitive construction and development that's taken place in China and for those of you haven't been to Macau, the new structures are quite wonderful and each of the companies has done a great job. They are smart, they're well-conceived projects run by men and women who know their business.

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