Two of Las Vegas’ largest annual conventions — the Consumer Electronics Show and Adult Entertainment Expo — are scheduled to open today and have given Strip room rates a major boost for the weekend.
That is, if guests can even find an open hotel room this weekend. Most of the major hotels, including Palms, Caesars Palace, Cosmopolitan of Las Vegas and Wynn Las Vegas, are sold out for most days this weekend.
Guests trying to book last-minute rooms will find average daily rates like $600 at Palazzo, $566 at Bellagio and $525 at Aria and the Venetian. They’ll find less expensive room rates at second-tier hotels such as $448 at MGM Grand and $420 at Mandalay Bay.
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Showing posts with label Wynn. Show all posts
Showing posts with label Wynn. Show all posts
Thursday, January 6, 2011
Monday, December 20, 2010
Wynn fights demand for return of gambling debt payments
The bankruptcy liquidator for an Illinois company tainted by fraud is encountering resistance in his efforts to recover millions of dollars he says was wrongly sent to Las Vegas casinos to cover gambling debts.
The liquidating bankruptcy plan administrator for Equipment Acquisition Resources Inc. of Palatine, Ill., William Brandt Jr., filed suit in October in bankruptcy court in Illinois against Wynn Las Vegas, the Luxor, the Rio and Harrah's hotel-casinos — all on or near the Las Vegas Strip.
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The liquidating bankruptcy plan administrator for Equipment Acquisition Resources Inc. of Palatine, Ill., William Brandt Jr., filed suit in October in bankruptcy court in Illinois against Wynn Las Vegas, the Luxor, the Rio and Harrah's hotel-casinos — all on or near the Las Vegas Strip.
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Tuesday, November 2, 2010
Wynn Resorts, Limited Reports Third Quarter Results
LAS VEGAS--(BUSINESS WIRE)--Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the third quarter ended September 30, 2010.
Net revenues for the third quarter of 2010 were $1.0 billion, compared to $773.1 million in the third quarter of 2009, driven by a 49.7% increase in net revenues at Wynn Macau. Adjusted property EBITDA (1) increased $76.3 million to $274.5 million for the third quarter of 2010, compared to $198.2 million in the 2009 quarter.
On a US GAAP (Generally Accepted Accounting Principles) basis, net loss attributable to Wynn Resorts for the third quarter of 2010 was $33.5 million, or ($0.27) per diluted share, compared to a net income attributable to Wynn Resorts of $34.2 million, or $0.28 per diluted share in the third quarter of 2009. The decline was primarily attributable to a loss on extinguishment of debt of $64.2 million. Adjusted net income in the third quarter of 2010 was $48.7 million, or $0.39 per diluted share (adjusted EPS)(2) compared to an adjusted net income of $39.9 million, or $0.33 per diluted share in the third quarter of 2009.
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Net revenues for the third quarter of 2010 were $1.0 billion, compared to $773.1 million in the third quarter of 2009, driven by a 49.7% increase in net revenues at Wynn Macau. Adjusted property EBITDA (1) increased $76.3 million to $274.5 million for the third quarter of 2010, compared to $198.2 million in the 2009 quarter.
On a US GAAP (Generally Accepted Accounting Principles) basis, net loss attributable to Wynn Resorts for the third quarter of 2010 was $33.5 million, or ($0.27) per diluted share, compared to a net income attributable to Wynn Resorts of $34.2 million, or $0.28 per diluted share in the third quarter of 2009. The decline was primarily attributable to a loss on extinguishment of debt of $64.2 million. Adjusted net income in the third quarter of 2010 was $48.7 million, or $0.39 per diluted share (adjusted EPS)(2) compared to an adjusted net income of $39.9 million, or $0.33 per diluted share in the third quarter of 2009.
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Wynn Resorts Declares $8 Cash Dividend
LAS VEGAS--(BUSINESS WIRE)--Wynn Resorts, Limited (Nasdaq:WYNN), announced today that its Board of Directors declared a cash dividend of $8.00 per share on its outstanding common stock. This dividend will be payable on December 7, 2010, to stockholders of record on November 23, 2010. The stock will begin to trade ex-dividend on November 19, 2010.
Sunday, September 5, 2010
2 Top Executives leave Wynn Las Vegas
Wynn's split from Drai may have been expensive, but both men say it wasn't ugly. Wynn bought Drai out of his management role running Vegas clubs Tryst and XS for about $20 million, sources estimate.
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Sunday, August 15, 2010
Wynn dealers appeal ruling over tip sharing
As expected, Wynn casino dealers have appealed to overturn Nevada Labor Commissioner Michael Tanchek’s July ruling declaring that Steve Wynn can legally force dealers to share tips with supervisors.
Attorneys for the dealers filed a petition for judicial review with the Clark County District Court on Tuesday.
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Attorneys for the dealers filed a petition for judicial review with the Clark County District Court on Tuesday.
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Sunday, August 1, 2010
Wynn Resorts, Limited Reports Second Quarter Results
Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the second quarter ended June 30, 2010.
Net revenues for the second quarter of 2010 were $1.0 billion, compared to $723.3 million in the second quarter of 2009, driven by a 74.1% increase in net revenues at Wynn Macau. Adjusted property EBITDA (1) increased 46.0% to $281.4 million for the second quarter of 2010, compared to $192.7 million in the 2009 comparable period
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Net revenues for the second quarter of 2010 were $1.0 billion, compared to $723.3 million in the second quarter of 2009, driven by a 74.1% increase in net revenues at Wynn Macau. Adjusted property EBITDA (1) increased 46.0% to $281.4 million for the second quarter of 2010, compared to $192.7 million in the 2009 comparable period
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Wednesday, July 14, 2010
Steve Wynn Buys Plaza Hotel Penthouse for $23 Million
Steve Wynn, the casino developer and chairman of Wynn Resorts, has purchased one of the largest penthouses at the Plaza Hotel, after a previous owner walked out on a contract to buy the apartment, brokers said.
The exact purchase price was not known, but brokers said the sale closed Wednesday for about $23 million, or about $1 million below the $24 million asking price.
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The exact purchase price was not known, but brokers said the sale closed Wednesday for about $23 million, or about $1 million below the $24 million asking price.
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Tuesday, July 13, 2010
Wynn tip policy not a violation of state law
A controversial tip-pooling program instituted by Wynn Resorts Ltd. nearly four years ago does not violate Nevada law, state Labor Commissioner Michael Tanchek wrote in a ruling released Monday.
The opinion dismissed claims filed by several Wynn Las Vegas dealers, who sued the resort soon after a tip-pooling program was enacted in August 2006.
Under the policy, table games supervisors were added into the tip pool to share in the tokes earned by dealers. The supervisors were given new positions and titles and higher compensation levels.
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The opinion dismissed claims filed by several Wynn Las Vegas dealers, who sued the resort soon after a tip-pooling program was enacted in August 2006.
Under the policy, table games supervisors were added into the tip pool to share in the tokes earned by dealers. The supervisors were given new positions and titles and higher compensation levels.
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Thursday, June 10, 2010
Wynn Shareholder Universal Aims for Casino Unit IPO
June 10 (Bloomberg) -- Universal Entertainment Corp., a Japanese pachinko game maker and the biggest shareholder in Wynn Resorts Ltd., plans a Hong Kong initial public offering within three years for a unit that is building a $2.7 billion Manila casino resort.
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Saturday, April 17, 2010
So much for Obama hurting Las Vegas
President Barack Obama, in February 2009, commented that banks receiving government bailouts shouldn’t go to Las Vegas at taxpayers’ expense. The comment did not sit well with our casino leaders.
Several thought the comments would have a devastating impact on the slumping Las Vegas market. Fortunately for Las Vegas, it turned out the “gloom and doom” prognosticators were wrong.
It is true that shortly after the comments were made, major Las Vegas stocks hit bottom. March 2009 brought stock prices of around $2 and $3 per share for MGM Mirage and Las Vegas Sands, and for Wynn Resorts the price for its stock fluctuated between $15 to $23 that month.
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Several thought the comments would have a devastating impact on the slumping Las Vegas market. Fortunately for Las Vegas, it turned out the “gloom and doom” prognosticators were wrong.
It is true that shortly after the comments were made, major Las Vegas stocks hit bottom. March 2009 brought stock prices of around $2 and $3 per share for MGM Mirage and Las Vegas Sands, and for Wynn Resorts the price for its stock fluctuated between $15 to $23 that month.
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Sunday, April 11, 2010
Macau giving fits to Nevada regulators
Renewed concern about the influence of organized crime in Macau, where three Las Vegas-based gaming giants own casinos, has raised questions about the ability of Nevada regulators to monitor or act on what takes place on the other side of the world.
Industry titans Steve Wynn and Sheldon Adelson view their companies as more Asian than American. Wynn’s Macau casino accounted for 67 percent of his company’s 2009 earnings. Adelson’s three Macau casinos accounted for 90 percent of Las Vegas Sands’ earnings last year. The companies raised $5 billion in initial public offerings of their Macau subsidiaries’ shares last fall.
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Industry titans Steve Wynn and Sheldon Adelson view their companies as more Asian than American. Wynn’s Macau casino accounted for 67 percent of his company’s 2009 earnings. Adelson’s three Macau casinos accounted for 90 percent of Las Vegas Sands’ earnings last year. The companies raised $5 billion in initial public offerings of their Macau subsidiaries’ shares last fall.
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Saturday, April 10, 2010
Wynn Resorts not interested in Revel casino
ATLANTIC CITY, N.J.—Las Vegas casino mogul Steve Wynn said Friday that he's not interested in Atlantic City's stalled Revel casino project -- or anything else here, either.
Wynn stunned Philadelphia this week by pulling out of a deal to build a casino on the Delaware River. That immediately touched off speculation that he was instead interested in Revel, which Wall Street giant Morgan Stanley abandoned last week.
But Wynn Resorts Ltd. spokeswoman Jennifer Dunne told The Associated Press the company is not interested in Revel, or any other project in the nation's second-largest gambling market.
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Wynn stunned Philadelphia this week by pulling out of a deal to build a casino on the Delaware River. That immediately touched off speculation that he was instead interested in Revel, which Wall Street giant Morgan Stanley abandoned last week.
But Wynn Resorts Ltd. spokeswoman Jennifer Dunne told The Associated Press the company is not interested in Revel, or any other project in the nation's second-largest gambling market.
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'Blindsided' by Wynn, Foxwoods investors say
Local investors in the Foxwoods Casino project said Friday they were "blindsided" by the abrupt decision of Las Vegas gaming tycoon Steve Wynn to pull out of a deal to build a South Philadelphia gambling hall.
Stephen A. Cozen, a lawyer for the Foxwoods group, said Wynn had given the investors "specific notification" for why he severed negotiations. Cozen would not disclose details but said that it "was nothing anybody would have ever anticipated."
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Stephen A. Cozen, a lawyer for the Foxwoods group, said Wynn had given the investors "specific notification" for why he severed negotiations. Cozen would not disclose details but said that it "was nothing anybody would have ever anticipated."
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Wynn Resorts to extend due date on $380M in debt
Casino operator Wynn Resorts Ltd. says it has agreed to exchange $380 million in debt due 2014 for new notes with higher interest rates due in 2020 through an exchange offer.
The Las Vegas-based company said Friday that it received valid tenders to exchange more than 20 percent of its outstanding $1.7 billion in notes due 2014.
Wynn Resorts says its exchange offer will expire April 23.
The Las Vegas-based company said Friday that it received valid tenders to exchange more than 20 percent of its outstanding $1.7 billion in notes due 2014.
Wynn Resorts says its exchange offer will expire April 23.
Thursday, April 8, 2010
Wynn pulls out of Foxwoods deal
Wynn Resorts Limited said today it is pulling out of all agreements and negotiations regarding the proposed Foxwoods Casino in South Philadelphia.
"We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts, but this particular project did not, in the end, present an opportunity that was appropriate for our company," commented Stephen A. Wynn, chairman and CEO of Wynn Resorts
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"We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts, but this particular project did not, in the end, present an opportunity that was appropriate for our company," commented Stephen A. Wynn, chairman and CEO of Wynn Resorts
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Friday, April 2, 2010
Wynn deal privacy sought
The Foxwoods Casino partners who are ceding control of the project to Wynn Resorts of Las Vegas do not want the finances and other conditions of the deal made public.
In a motion filed Thursday with the Pennsylvania Gaming Control Board, the original investor group - Philadelphia Entertainment and Development Partners (PEDP) - said it anticipated entering into a purchase agreement with Wynn/PEDP L.P., a newly formed affiliate of the Nevada gaming company run by Steve Wynn.
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In a motion filed Thursday with the Pennsylvania Gaming Control Board, the original investor group - Philadelphia Entertainment and Development Partners (PEDP) - said it anticipated entering into a purchase agreement with Wynn/PEDP L.P., a newly formed affiliate of the Nevada gaming company run by Steve Wynn.
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Wednesday, March 3, 2010
Wynn Resorts to Provide $250 Million for Philadelphia Casino
March 3 (Bloomberg) -- Wynn Resorts Ltd., the casino company founded by billionaire Steve Wynn, will provide about $250 million for the riverfront project it’s seeking to take over in Philadelphia.
The funds represent approximately 40 percent of the estimated $600 million cost, based on “current thinking,” Chairman and Chief Executive Officer Wynn told the Pennsylvania Gaming Control Board today. Wynn plans to manage the casino and own 51 percent under an accord with the current license holders.
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The funds represent approximately 40 percent of the estimated $600 million cost, based on “current thinking,” Chairman and Chief Executive Officer Wynn told the Pennsylvania Gaming Control Board today. Wynn plans to manage the casino and own 51 percent under an accord with the current license holders.
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Sunday, February 28, 2010
Wynn Resorts loses $5.2M in 4th qtr, earns $20.7 million for 2009
LAS VEGAS (AP) — Casino operator Wynn Resorts Ltd. said Thursday that rising revenue at its resort in China's gambling enclave of Macau helped narrow its fourth-quarter loss to $5.2 million.
The quarterly profit also got a boost from Wynn's new Encore Las Vegas resort, which opened in December 2008. In the quarter ending that month, it lost $159.6 million.
But 2009 overall was harder than 2008 for billionaire CEO Steve Wynn's casino empire, as casino customers kept their spending in check during the recession. The Las Vegas-based company earned $20.7 million, or 17 cents per share, for the year, compared with $210.5 million in 2008.
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The quarterly profit also got a boost from Wynn's new Encore Las Vegas resort, which opened in December 2008. In the quarter ending that month, it lost $159.6 million.
But 2009 overall was harder than 2008 for billionaire CEO Steve Wynn's casino empire, as casino customers kept their spending in check during the recession. The Las Vegas-based company earned $20.7 million, or 17 cents per share, for the year, compared with $210.5 million in 2008.
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Friday, January 22, 2010
Wynn Macau, Casino Operators Decline on China Rates Concerns
Jan. 22 (Bloomberg) -- Wynn Macau Ltd., controlled by billionaire Stephen Wynn’s casino operator, fell the most in almost three months in Hong Kong trading on speculation China will tighten policies to curb inflation.
Wynn Macau tumbled 5.7 percent to HK$9.60, the most since Oct. 28. Billionaire Stanley Ho’s SJM Holdings Ltd. slid 2.2 percent after earlier falling the most in almost two months. The Hang Seng Index fell 0.65 percent, capping its worst week since November.
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Wynn Macau tumbled 5.7 percent to HK$9.60, the most since Oct. 28. Billionaire Stanley Ho’s SJM Holdings Ltd. slid 2.2 percent after earlier falling the most in almost two months. The Hang Seng Index fell 0.65 percent, capping its worst week since November.
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