DOCSLIB.ORG

Q3 2013 Earnings Call YTD Change(%): +53.658 Bloomberg Estimates - Sales Current Quarter: 1358.700 Current Year: 5444.045

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Q3 2013 Earnings Call YTD Change(%): +53.658 Bloomberg Estimates - Sales Current Quarter: 1358.700 Current Year: 5444.045 Company Name: Wynn Resorts Market Cap: 17,475.55 Bloomberg Estimates - EPS Company Ticker: WYNN US Current PX: 172.85 Current Quarter: 1.595 Date: 2013-10-24 YTD Change($): +60.36 Current Year: 6.782 Event Description: Q3 2013 Earnings Call YTD Change(%): +53.658 Bloomberg Estimates - Sales Current Quarter: 1358.700 Current Year: 5444.045 Q3 2013 Earnings Call Company Participants • Matt Maddox • Stephen Alan Wynn • Maurice Wooden • Mike Harvey Other Participants • Joseph R. Greff • Felicia Hendrix • Shaun C. Kelley • Steven E. Kent • Harry C. Curtis • Thomas G. Allen • Robin M. Farley • Amit Kapoor • Grant Govertsen MANAGEMENT DISCUSSION SECTION Operator Good afternoon, and welcome to the Wynn Resorts Third Quarter 2013 Earnings Call. Joining the call on behalf of the company today are Steve Wynn, John Strzemp, Matt Maddox, Kim Sinatra, Gamal Aziz, Maurice Wooden, Scott Peterson, Ian Coughlan, President of Wynn Macau; and Robert Gansmo, CFO of Wynn Macau. Now I would like to turn the call over to Dr. Maddox. Please go ahead, sir. Matt Maddox Oh, promotion, Dr. Maddox. Thank you very much. Good afternoon, everybody. Before we get started, I just need to remind everyone on the phone that we will be making forward-looking statements on this call under the Safe Harbor of federal securities law. And those statements may or may not come true. So with that, I'm going to go ahead and turn it over to Steve for some opening remarks. Stephen Alan Wynn Okay, Dr. Maddox. And it's nice to know that John Strzemp is on the phone. I have a sense of humor about all of this. Business is fine at our company, and the numbers are out so all of you know that. We're on our way to having our best year. We're $117 million ahead for this many days. In China we're $53 million ahead for this, almost $54 million in Las Vegas, for a total of $171 million, or 13.4% ahead for the year, and that includes up till today. So it was 15.9% and Page 1 of 12 Company Name: Wynn Resorts Market Cap: 17,475.55 Bloomberg Estimates - EPS Company Ticker: WYNN US Current PX: 172.85 Current Quarter: 1.595 Date: 2013-10-24 YTD Change($): +60.36 Current Year: 6.782 Event Description: Q3 2013 Earnings Call YTD Change(%): +53.658 Bloomberg Estimates - Sales Current Quarter: 1358.700 Current Year: 5444.045 12.4% and the other two each hotel separately, 13.4% overall, so we're very happy with our cash flows. And you know, especially in Macau, being up 12.5% or so, being $117 million or $120 million ahead, when we've had new competition, well-designed and well-conceived competition, by our colleagues on Cotai. Cotai continues to be a remarkable achievement. The whole Macau is a remarkable story. When you think of the fact that in the space of eight or nine years, they've gone from $2 billion to $45 billion to $50 billion in income in Casino Wynn, it's such a dazzling and unprecedented piece of information that it takes a piece of thinking to get your arms around it. Really it takes a bit of thinking. I don't think we've had an economic expansion of that nature in modern civilization, modern history, maybe ever. And it's quite remarkable . And it's very exciting to be part of it, of course. And I was there on Monday. I flew over. I spent some time in Macau, just got home yesterday, and stood on our site. They're pouring concrete, finishing the foundations and pouring slabs and getting ready to go up in the air. And we're on schedule and excited to be looking forward to a Chinese New Year in 2016. That's our anticipated opening date, Chinese New Year in 2016. And we're now planning Phase II for Cotai, and in which case we intend to introduce yet another product that no one has ever seen before. And there will be more about that coming later. And we're all together very excited watching Japan and the other jurisdictions in Asia, and closely following the amazing developments in places like Massachusetts and Philadelphia. So we'll take questions now if anybody would like to ask them. You don't have questions? Is it possible that no one cares? Matt Maddox Victoria, we're ready for questions. Q&A Operator Certainly. <A - Stephen Alan Wynn>: The operator is asleep, I think. Operator We do have a question from the line of Joe Greff [JPMorgan]. <Q - Joseph R. Greff>: Hello, everybody. I have a question for Dr. Maddox on the balance sheet. Matt, you finished the quarter with $2.7 billion of cash and other liquid investments. You just raised another $600 million. So there's $3.3 billion there. How much of that resides in Macau versus the U.S.? And if I'm looking at this correctly, you're fully funded at this point for the rest of Cotai. Can you talk about how much of that CapEx, remaining CapEx spend is going to be between using cash versus the existing facility there? <A - Matt Maddox>: Sure. So at the parent company we have approximately $1 billion, and after the tender at Wynn Las Vegas, we'll have about $250 million. So that's the U.S. cash. The remaining is in Macau, including the $600 million transaction that we just closed. You're right that Cotai is fully funded. With the over $1.8 billion of cash on hand and a $1.55 billion revolver, there's clearly plenty of capital when you calculate the free cash flow for us to continue our strong dividends out of Macau and also be very flush at the parent. <Q - Joseph R. Greff>: How much cash would be subject now, Matt, to tax-free repatriation at this point? Page 2 of 12 Company Name: Wynn Resorts Market Cap: 17,475.55 Bloomberg Estimates - EPS Company Ticker: WYNN US Current PX: 172.85 Current Quarter: 1.595 Date: 2013-10-24 YTD Change($): +60.36 Current Year: 6.782 Event Description: Q3 2013 Earnings Call YTD Change(%): +53.658 Bloomberg Estimates - Sales Current Quarter: 1358.700 Current Year: 5444.045 <A - Matt Maddox>: Well, Joe, we pay taxes on our earnings. It just happens to be on the gaming revenue, in lieu of income tax in Macau, and so what we do is our net income is our – the earnings and profits are what you can redistribute, or what you can distribute under the pre-filing agreement. <A - Stephen Alan Wynn>: Joe, to change the subject slightly, we borrowed $3.1 billion, and if we were to take it all down today, we would be paying $84 million in interest for $3.1 billion. I personally never thought I'd live to see something like that. It's a wonderful time to borrow money. It's a shame that we're all done doing it. It's been such fun, and it's been so terrific for the company's balance sheet and for our future. We're very proud of that. Matt, Dr. Maddox, has done a remarkable job, and we're going to refer to you as Dr. Maddox from now on. Having done this skilled surgery on our balance sheet, we should call you Dr. Maddox. Next question. <Q - Joseph R. Greff>: I have just one question on Las Vegas. RevPAR was up nicely in the 3Q. Can you talk about what you're experiencing in the 4Q, or what your views are for next year? Obviously, the first half of next year is a great convention and group calendar, which helps you, but for the market overall, but your views and outlook there would be helpful. Thank you. <A - Stephen Alan Wynn>: Is Maurice on the call? <A - Matt Maddox>: He is. <A - Stephen Alan Wynn>: Maurice. <A - Maurice Wooden>: I'm on it. Yes. <A - Stephen Alan Wynn>: Go ahead. <A - Maurice Wooden>: Okay. Going forward, so we've had positive trends in fourth quarter as well as next year. Continue to look like we're continuing with the same momentum that we've had in the previous quarters. And so 2014 as well, we've always talked about here in Las Vegas, is trending very well on the convention side. <A - Stephen Alan Wynn>: This is going to be our best year ever, and we're looking forward to that kind of growth and improvement yet again next year. <Q - Joseph R. Greff>: Thank you. Operator Your next question is from Felicia Hendrix from Barclays. <Q - Felicia Hendrix>: Hi. Good afternoon. Thanks for the question. Kind of staying on the topic of cash, and Matt, this is for you also, and congratulations on your new designation. This is the time of the year when everyone starts thinking about and talking about a special dividend for you all. I know it's a board decision, but is there any reason to think that their view on paying a special dividend has changed? <A - Stephen Alan Wynn>: We have a board meeting next week, November 4 and 5. We'll all get together, discuss a variety of issues, and it's our policy not to anticipate the board's actions, ma'am. So if there's any decision that's relevant, we would make an announcement after the board meeting. And so I don't really want to give any indication either way, because, frankly speaking, there are so many subjects that we're going to discuss on Monday and Tuesday, domestic and international issues, that, frankly, speaking as the Chairman, and I mean frankly, I'm not sure about some of the directions that we'll take with our cash and our positions.
Load more

Recommended publications
  • MGM Resorts International: Rule 14A-8 No-Action Letter
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-4561 DIVISION OF CORPORATION FINANCE February 28, 2012 Andrew Hagopian III MGM Resorts International [email protected] Re: MGM Resorts International Incoming letter dated January 10,2012 Dear Mr. Hagopian: This is in response to your letters dated January 10,2012, February 16,2012, and February 23,2012 concerning the shareholder proposal submitted to MGM Resorts by the New York City Employees' Retirement System, the New York City Teachers' Retirement System, the New York City Fire Department Pension Fund, the New York City Police Pension Fund, and the New York City Board ofEducation Retirement System. We have also received letters on the proponents' behalf dated February 14,2012 and February 22, 2012. Copies ofall ofthe correspondence on which this response is based will be made available on our website at http://www.sec.gov/divisions/cOl:pfmlcf­ noactionlI4a-8.shtml. For your reference, a briefdiscussion ofthe Division's informal procedures regarding shareholder proposals is also available at the same website address. Sincerely, TedYu Senior Special Counsel Enclosure cc: Janice Silberstein The City ofNew York Office ofthe Comptroller [email protected] February 28, 2012 Response of the Office ofChiefCounsel Division of Corporation Finance Re: MGM Resorts International Incoming letter dated January 10,2012 The proposal requests that the board issue a report to shareholders on the company's sustainability policies and perfonnance, including multiple, objective statistical indicators. IdUrther specifies that the report should include the company's defmition ofsustainability, as well as a company-wide review ofcompany policies, practices arid indicators related to measuring long-tenn social and environmental sustainability.
    [Show full text]
  • President, Blabbermouth PR
    Praise for Inside the Minds “Unlike any other publisher – actual authors that are on the front-lines of what is happening in industry.” – Paul A. Sellers, Executive Director, National Sales, Fleet and Remarketing, Hyundai Motor America “What C-Level executives read to keep their edge and make pivotal business decisions. Timeless classics for indispensable knowledge.” – Richard Costello, Manager-Corporate Marketing Communication, General Electric “Want to know what the real leaders are thinking about now? It’s in here.” – Carl Ledbetter, SVP & CTO, Novell, Inc. “Aspatore has tapped into a gold mine of knowledge and expertise ignored by other publishing houses.” – Jack Barsky, Managing Director, Information Technology & Chief Information Officer, ConEdison Solutions “Priceless wisdom from experts at applying technology in support of business objectives.” – Frank Campagnoni, CTO, GE Global Exchange Services “Aspatore publishes the answers to every business person’s questions.” – Al Cotton, Director, Nypro Corporate Image, Nypro Inc "Everything good books should be - honest, informative, inspiring, and incredibly well-written." – Patti D. Hill, President, BlabberMouth PR "Answers questions that others don't even begin to ask." – Bart Stuck, Managing Director, Signal Lake LLC “Unique insights into the way the experts think and the lessons they’ve learned from experience.” – MT Rainey, Co-CEO, Young & Rubicam/Rainey Kelly Campbell Roalfe “Must have information for business executives.” – Alex Wilmerding, Principal, Boston Capital Ventures “Reading about real-world strategies from real working people beats the typical business book hands down.” – Andrew Ceccon, Chief Marketing Officer, OnlineBenefits, Inc. “Books of this publisher are syntheses of actual experiences of real-life, hands-on, front-line leaders--no academic or theoretical nonsense here.
    [Show full text]
  • Strength in Diversity. Pride in Community
    STRENGTH IN DIVERSITY. PRIDE IN COMMUNITY. Annual Diversity & Philanthropy Report 2008 - 2009 MGM RESORTS INTERNATIONAL Diversity is the one true thing ANNUAL DIVERSITY we all have in common. & PHILANTHROPY Celebrate it everyday. REPORT 2008 - 2009 OUR DIVERSITY MISSION In order for MGM Resorts to be first and best, we accept the accountability to acknowledge and value the contributions of all people. In order for MGM Resorts to be first and best • We must strive to maximize shareholder value. • We must promote the growth of our Company. • We aim to be the company of choice for employees and customers. We accept accountability • We all have a role to play. • We are all responsible, no matter what our position, no matter what our title. For more information • We all commit to do our best to achieve this mission. regarding our Diversity and Philanthropy Initiatives: To acknowledge and value the contributions of all people MGM Resorts International Corporate Diversity & • Every employee and every guest adds value to our Company. Community Affairs 3260 Industrial Rd, • What we have in common binds us together, giving us a competitive advantage. Las Vegas, NV 89109 • We all commit to do our best to achieve this mission. mgmresortsdiversity.com Executive Editors: Phyllis A. James, Our Diversity Principles Jocelyn Bluitt-Fisher, Debra J. Nelson, • Be First and Best and Kameelah Shareef Contributing Writers: Lindsay Beirne • Be Considerate and Detrick Sanford • Value Others The Annual Diversity & Philanthropy Report was produced by the following minority • Be Understanding business enterprise: • Be Respectful Crear Creative Group, Las Vegas, NV www.CrearCreative.com • Be Inclusive Unless otherwise referenced, all photographs of individuals included in this report depict employees of MGM Resorts International.
    [Show full text]
  • MGM Hospitality and Asian Coast Development Name John Shigley President and C.O.O
    NEWS RELEASE MGM Hospitality and Asian Coast Development Name John Shigley President and C.O.O. of MGM Grand Ho Tram 4/5/2011 Veteran Las Vegas executive will helm first MGM Hospitality gaming resort and first MGM Grand integrated resort in Vietnam LAS VEGAS, April 5, 2011 /PRNewswire/ -- MGM Hospitality, a subsidiary of MGM Resorts International (NYSE: MGM), and Asian Coast Development (Canada) Limited, have named veteran resort and casino executive John Shigley to the position of President and Chief Operating Officer for MGM Grand Ho Tram in Vietnam. Mr. Shigley will guide the pre-opening, grand opening and operations of all aspects of the resort, the first integrated resort in Vietnam and the first property in Vietnam to carry the legendary MGM Grand brand. "John Shigley brings the wealth of professional hospitality experience that the challenge of opening a new resort demands," said Gamal Aziz, President and Chief Executive Officer of MGM Hospitality. "He has served in top-level positions at several Las Vegas resorts and possesses the background, character and insight to play the central role in launching and leading MGM Grand Ho Tram to the tremendous success we know it will be." MGM Grand Ho Tram is the first of five resorts being developed by Asian Coast Development (Canada) Limited on the Ho Tram Strip in Vietnam, and will be managed by MGM Hospitality. "John Shigley's deep experience in operating some of the largest integrated resorts in the world, coupled with his strong leadership capabilities, will support our strategy of ensuring operational excellence in our resorts and bringing the best talent to the Ho Tram Strip," said Lloyd Nathan, Chief Executive Officer of Asian Coast Development (Canada) Limited.
    [Show full text]
  • “Flowers in the Desert”: Cirque Du Soleil in Las Vegas, 1993
    “FLOWERS IN THE DESERT”: CIRQUE DU SOLEIL IN LAS VEGAS, 1993-2012 by ANNE MARGARET TOEWE B.S., The College of William and Mary, 1987 M.F.A., Tulane University, 1991 A thesis submitted to the Faculty of the Graduate School of the University of Colorado in partial fulfillment of the requirement for the degree of Doctor of Philosophy Department of Theatre & Dance 2013 This thesis entitled: “Flowers in the Desert”: Cirque du Soleil in Las Vegas 1993 – 2012 written by Anne Margaret Toewe has been approved for the Department of Theatre & Dance ______________________________________________ Dr. Oliver Gerland (Committee Chair) ______________________________________________ Dr. Bud Coleman (Committee Member) Date_______________________________ The final copy of this thesis has been examined by the signatories, and we Find that both the content and the form meet acceptable presentation standards Of scholarly work in the above mentioned discipline. iii Toewe, Anne Margaret (Ph.D., Department of Theatre & Dance) “Flowers in the Desert”: Cirque du Soleil in Las Vegas 1993 – 2012 Dissertation directed by Professor Oliver Gerland This dissertation examines Cirque du Soleil from its inception as a small band of street performers to the global entertainment machine it is today. The study focuses most closely on the years 1993 – 2012 and the shows that Cirque has produced in Las Vegas. Driven by Las Vegas’s culture of spectacle, Cirque uses elaborate stage technology to support the wordless acrobatics for which it is renowned. By so doing, the company has raised the bar for spectacular entertainment in Las Vegas I explore the beginning of Cirque du Soleil in Québec and the development of its world-tours.
    [Show full text]
  • 652272 Eng.Indd
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (incorporated in the Cayman Islands with limited liability) (Stock Code: 1128) CHANGE OF PRESIDENT The Board announces that Mr. Gamal Aziz has been appointed as President of the Company and will assume this position from Mr. Stephen A. Wynn on 7 January 2014. Mr. Wynn will remain Chairman of the Board and CEO of the Company. Change of President of Wynn Macau, Limited The board of directors (the “Board”) of Wynn Macau, Limited (the “Company”) announces that Mr. Gamal Aziz has been appointed as President of the Company and will assume this position from Mr. Stephen A. Wynn on 7 January 2014. Mr. Wynn will remain Chairman of the Board and Chief Executive Offi cer (“CEO”) of the Company. Mr. Aziz will report to Mr. Wynn. Mr. Wynn has confi rmed that there is no disagreement with the Board and there is no matter in relation to Mr. Aziz assuming the position of President of the Company that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). Mr. Gamal Aziz, aged 57, also serves as President and Chief Operating Offi cer of Wynn Resorts Development LLC, a subsidiary of Wynn Resorts, Limited.
    [Show full text]
  • Wynn Macau, Limited Wynn Rua Cidade De Sintra, NAPE, Macau 2 Corporate Information
    2013 Annual Report 年度報告 2013 Annual Report Wynn Macau, Limited Rua Cidade de Sintra, NAPE, Macau (853) 2888-9966 www.wynnmacau.com 年度報告 2 Corporate Information 4 Highlights 5 Management Discussion and Analysis 26 Directors and Senior Management Contents 36 Report of the Directors 61 Corporate Governance Report 77 Independent Auditors’ Report 79 Financial Statements 170 Financial Summary 171 Defi nitions 177 Glossary 2 Wynn Macau, Limited Corporate Information BOARD OF DIRECTORS NOMINATION AND CORPORATE Executive Directors GOVERNANCE COMMITTEE Mr. Stephen A. Wynn (Chairman of the Board) Mr. Jeffrey Kin-fung Lam, GBS, JP (Chairman) Mr. Gamal Aziz (appointed on 29 March 2014) Mr. Nicholas Sallnow-Smith Ms. Linda Chen Dr. Allan Zeman, GBM, GBS, JP Mr. Ian Michael Coughlan COMPANY SECRETARY Non-Executive Director Ms. Ho Wing Tsz Wendy, FCIS, FCS Mr. Matthew O. Maddox AUTHORIZED REPRESENTATIVES Independent Non-Executive Directors Dr. Allan Zeman, GBM, GBS, JP Mr. Jeffrey Kin-fung Lam, GBS, JP Ms. Ho Wing Tsz Wendy, FCIS, FCS Mr. Bruce Rockowitz (Mrs. Seng Sze Ka Mee, Natalia as alternate) Mr. Nicholas Sallnow-Smith Dr. Allan Zeman, GBM, GBS, JP AUDITORS (Vice-chairman of the Board)* Ernst & Young Certifi ed Public Accountants AUDIT COMMITTEE Mr. Nicholas Sallnow-Smith (Chairman) LEGAL ADVISORS Mr. Bruce Rockowitz As to Hong Kong and U.S. laws: Dr. Allan Zeman, GBM, GBS, JP Skadden, Arps, Slate, Meagher & Flom REMUNERATION COMMITTEE As to Hong Kong law: Mr. Nicholas Sallnow-Smith (Chairman) Mayer Brown JSM Mr. Jeffrey Kin-fung Lam, GBS, JP Mr. Matthew O. Maddox As to Macau law: Mr. Bruce Rockowitz Alexandre Correia da Silva As to Cayman Islands law: Maples and Calder * Dr.
    [Show full text]
  • MGM MIRAGE Forms New Luxury Resort Subsidiary to Pursue Global Opportunities for Hotel Brands
    NEWS RELEASE MGM MIRAGE Forms New Luxury Resort Subsidiary to Pursue Global Opportunities for Hotel Brands 5/29/2007 Experienced hotelier Gamal Aziz will lead company's expansion of luxury brands internationally PRNewswire-FirstCall LAS VEGAS MGM MIRAGE (NYSE: MGM) announced today the formation of MGM MIRAGE Hospitality, LLC, a new corporate subsidiary principally focused on extending the company's renowned hotel brands and developing new luxury hotel brand concepts for destinations in the U.S. and abroad. MGM MIRAGE Hospitality will initially work with recently announced joint venture partners Mubadala Development Company of Abu Dhabi and Diaoyutai State Guesthouse of Beijing to explore hospitality business opportunities in various international markets. Currently, the new entity is exploring opportunities in Abu Dhabi, the United Kingdom and Las Vegas with Mubadala, and in the People's Republic of China with Diaoyutai. The MGM MIRAGE joint venture relationship with the Mashantucket Pequot Tribal Nation will also fall under the auspices of this newly formed subsidiary. "Our company is very optimistic about the growth potential of our new international relationships," said Terry Lanni, Chairman and CEO of MGM MIRAGE. "We hold in our company portfolio some of the best-known, most highly regarded luxury hotel brands in the world. We can also benefit from the enormous wealth of development experience our team can bring to new concepts. We feel confident that experienced world travelers will be eager to experience our trademark hospitality in world cities beyond our existing gaming destinations." In addition to his duties as President & Chief Operating Officer of MGM Grand Las Vegas, Gamal Aziz has been named to lead this new subsidiary as President and Chief Executive Officer of MGM MIRAGE Hospitality, LLC.
    [Show full text]
  • 151880 Eng.Indb
    THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action you should take, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your Shares in Wynn Macau, Limited, you should at once hand this circular and the accompanying form of proxy to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. (incorporated in the Cayman Islands with limited liability) (Stock Code: 1128) RE-ELECTION OF RETIRING DIRECTORS RE-APPOINTMENT OF THE COMPANY’S AUDITORS GENERAL MANDATES TO ISSUE AND REPURCHASE SHARES MANDATE TO ISSUE SHARES UNDER THE EMPLOYEE OWNERSHIP SCHEME NOTICE OF ANNUAL GENERAL MEETING A notice convening an annual general meeting of Wynn Macau, Limited (the “Company”) to be held in the Grand Ballroom at Wynn Macau, Rua Cidade de Sintra, NAPE, Macau SAR on Wednesday, 25 May 2016 (the “2016 Annual General Meeting”) is set out on pages 21 to 25 of this circular. The form of proxy for use at the 2016 Annual General Meeting is also enclosed with this circular.
    [Show full text]
  • 2015 Annual Report 年度報告 (853) 2888-9966 Wynn Macau, Limited Wynn Rua Cidade De Sintra, NAPE, Macau 2 Corporate Information
    2015 Annual Report 年度報告 2015 Annual Report Wynn Macau, Limited Rua Cidade de Sintra, NAPE, Macau (853) 2888-9966 www.wynnmacau.com 年度報告 2 Corporate Information 4 Highlights 5 Management Discussion and Analysis 29 Directors and Senior Management Contents 43 Report of the Directors 79 Corporate Governance Report 94 Independent Auditors’ Report 96 Financial Statements 183 Financial Summary 184 Defi nitions 191 Glossary 2 Wynn Macau, Limited Corporate Information BOARD OF DIRECTORS NOMINATION AND CORPORATE Executive Directors GOVERNANCE COMMITTEE Mr. Stephen A. Wynn (Chairman of the Board) Mr. Jeffrey Kin-fung Lam, GBS, JP (Chairman) Mr. Gamal Aziz Mr. Nicholas Sallnow-Smith Ms. Linda Chen Dr. Allan Zeman, GBM, GBS, JP Mr. Ian Michael Coughlan COMPANY SECRETARY Non-Executive Director Ms. Ho Wing Tsz Wendy, FCIS, FCS Mr. Matthew O. Maddox AUTHORIZED REPRESENTATIVES Independent Non-Executive Directors Dr. Allan Zeman, GBM, GBS, JP Dr. Allan Zeman, GBM, GBS, JP Ms. Ho Wing Tsz Wendy, FCIS, FCS (Vice-chairman of the Board) (Mrs. Seng Sze Ka Mee, Natalia as alternate) Mr. Jeffrey Kin-fung Lam, GBS, JP Mr. Bruce Rockowitz AUDITORS Mr. Nicholas Sallnow-Smith Ernst & Young Certifi ed Public Accountants AUDIT AND RISK COMMITTEE Mr. Nicholas Sallnow-Smith (Chairman) LEGAL ADVISORS Mr. Bruce Rockowitz As to Hong Kong and U.S. laws: Dr. Allan Zeman, GBM, GBS, JP Skadden, Arps, Slate, Meagher & Flom REMUNERATION COMMITTEE As to Hong Kong law: Mr. Nicholas Sallnow-Smith (Chairman) Mayer Brown JSM Mr. Jeffrey Kin-fung Lam, GBS, JP Mr. Matthew O. Maddox As to Macau law: Mr. Bruce Rockowitz Alexandre Correia da Silva As to Cayman Islands law: Maples and Calder Annual Report 2015 3 Corporate Information REGISTERED OFFICE HONG KONG SHARE REGISTRAR P.O.
    [Show full text]
  • 2011 Annual Report
    Inspiring Our World Annual Corporate Social Responsibility Report 2011 2 MGM RESORTS INTERNATIONAL INSPIRING OUR WORLD 3 For more information regarding MGM Resorts International Diversity & Inclusion, Philanthropy & Community Engagement, and Sustainability Initiatives: -0.-02#'4#01'27,"-++3,'27'01 3260 Industrial Road, Las Vegas, NV 89109 mgmresortsdiversity.com Corporate Sustainability Division 4882 Frank Sinatra Drive, Las Vegas, NV 89109 mgmresorts.com/environment Executive Authors and Editors: Phyllis A. James 6#!32'4#'!#0#1'"#,2Q.#!'*-3,1#*'2'%2'-,,"&$# Cindy Ortega #,'-0'!#0#1'"#,2,"&$ # Contributing Authors and Editors: Chris Brophy ,Clark Dumont, Debra Nelson, Chris Magee, Jocelyn Bluitt-Fisher, Reynard Bouknight, Maria Jose Gatti, Todd Megrath, Henry Shields, Detrick Sanford, Kameelah Shareef, Regina Stepanov, Donald Johnson Contributing Photographers: Gordon Absher, Jim Briare, Krista Clar, Craig McCool, Vaneh Movsessian, John Schmidt Inspiring Our World Corporate Social Responsibility Report 2011 was produced by the following minority business enterprise: Crear Creative Group, Las Vegas, NV, crearcreative.com © 2012 MGM Resorts International®. All rights reserved. Printed in the USA. MGM RESORTS INTERNATIONAL Contents Inspiring Our World 1 Message From Our Leaders 3 Our Vision, Our Mission, Our Values 5 Our People Philosophy 7 Faces of Leadership Diversity & Inclusion 9 The Path to Excellence 16 Diversity Means Business! 18 Our Diversity and Community Councils: Torchbearers of Our Culture! 22 Diversity Best Practices Series
    [Show full text]
  • The Men & Women Who Make Things Happen
    INFLUENCE the men & women who make things happen SPONSORED BY: 41&$*"-4611-&.&/5]/07&.#&3 Bella Fiore at Lake Las Vegas lies beyond compare. Rugged mountain outcroppings mark the way. Cobblestone walkways lead through the lakeside village and wander past old world shops. And close to it all, a gated neighborhood entry invites passage through beautiful gardens to ODELS O W PEN rich Tuscan-styled homes, adorned with fine architectural details and M N O ! captivating exteriors. A place this extraordinary is not for everyone. From the high $700,000s Only for those who define their expectations with one word: peerless. 4 floor plans 3 to 5 bedrooms, 2.5 to 4.5 baths Live in another world.2,822 to 4,376 sq. ft. (approx.) Please visit www.pardeehomes.com. Pardee Homes builds Prices subject to change. All square footage is approximate. Information is accurate as of the date of publication. ENERGY STAR homes to help 86Using Contrada products with Fiore the EDrive,NERGY STAR Henderson,® label can save Nevadaenergy; actual 89011 energy savings Phone: may (702)vary. Contractor’s 558-0591 license #3633A. Fax: (702) 565-6389lower your energy costs. Success means having the courage, the determination, and the will to“ become the person you believe you were meant to be. – George” Sheehan C ONGRATULATIONS TO THIS YEAR’S HONOREES PAST BANK OF NEVADA I N F L U E N C E FOR THEIR EXCEPTIONAL CONTRIBUTIONS HONOREES: William S. Boyd O AKING OUTHERN EVADA – Founder T M S N Donald Snyder – Founding Director A PROSPEROUS PLACE TO Mark L.
    [Show full text]