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Wynn Resorts CEO Discusses Q1 2011 Results Janet Brashear Sanford C. Joining the call on behalf of the company today are Steve Wynn, Marc Schorr, Matt Maddox, Marilyn Spiegel, Scott Peterson; and on the phone, Ian Coughlan, President of Wynn Macau; and Robert Gansmo, CFO of Wynn Macau. [ Instructions] Now, I would like to turn the call over to Mr. Maddox. Please go ahead, sir. Thank you, and good afternoon, everyone. Before we get started, I need to remind everybody we will be making forward looking statements under the Safe Harbor of federal securities laws, and those statements may or may not come true. So with that, I m going to turn it over to Steve for Moncler Womens Goose Jacket Damas Hooded With Zip Green the introduction. Well, I think everybody has seen the numbers. They were very nice. As is the case from time to time, the casino gets a little lucky, and that was the case this year and during Chinese New Year in Las Vegas. But it was gratifying, and so it resulted in 120% increase in earnings. But stripped of that sort of thing and normalizing the percentage that the casino produces, we still had very nice increases in our REVPAR, our Average Daily Rate and our revenues in non casino area and activity in the casino. Business in Las Vegas has improved, which is a trend that we saw last year at the end of the year, and we raised our rates and had no problem. We also are enjoying the benefits of having invested a couple hundred million dollars in Las Vegas, half of which went to remodel all of the rooms in our hotel, which opened in April of exactly six years ago. We started it at the end of five years because that s what we do here. We take care of the property, and we upgraded it while we remodeled it. And that was another reason why we get higher rates, and we ll be able to get higher rates going forward. We continue to press ahead with increases, which will continue in the next quarter. We also spent a great deal of money. We built the Beach Club, the Encore Beach Club. We built Surrender, another nightclub. We remodeled Baccarat. Altogether, we put a new motor entrance in our villas. A lot of things to make the place even more user friendly and more fun for people. We benefited from having a strong capital structure, which allowed us to do these things. And contrary to some of the things you see on television, we brought money from China and invested it here in this particular case, and it worked out very well for us. It was also terrific for us to notice yesterday was the 108th day of the calendar year 2011. And it was on the 108th day that we passed the $0.5 billion mark in EBITDA. We re at $503 million at 108 days, which is a really wonderful clip. It would put us, if that were to continue, it would put us enormously ahead of last year. The increase in Macau was 50%, the increase in Las Vegas was 120%. As usual, during these conference calls, I tend to see if that was entirely anomalous or whether the trend sort of continues. And it appears to be doing it because in April, and of course, it s only 18 days, we re about 160% ahead in Las Vegas and about 100 odd percent over 100% in Macau. We want to point out that up until now and continue until the 21st of April, the Macau numbers are comparing Encore and Wynn Macau for a total of 1,000 rooms to just Wynn. Encore at Wynn Encore in Macau opened up on April 21. So we get our first year to year comparisons where the facilities are equal, starting in the last week of April and of course, all of May and thereafter. So we are benefiting from the fact that our hotel is larger compared to its size last year, and that s going to last for another three or four days and then we re up against an equal facility. I think if anybody is looking at our numbers, they should keep that in mind. And I think that sort of summarizes, unless Matt thinks we ought to add anything to our opening comments. But business for Moncler Kids Black Clothing - Fall-Winter With Fur Hat us is terrific. We re at the top end of the market, and that s a good place to be under the circumstances. Everybody is here with me today. I think the operator mentioned that Marilyn is here and Ian is in Macau. Matt and I and Marc are here, everybody, Scott. We re all available to discuss the implications of our numbers with whomever is now ready to ask. Joseph Greff JP Morgan Chase Co Steve, looking backwards at the first quarter and so far in April in Las Vegas, normalizing that the Baccarat hold, what do you think is driving your increases in REVPAR, the non gaming spend? How much of it do you think is property specific? And maybe, Marilyn, you can chime in on some of the things that you might be doing differently. How much of it is the market itself just getting better? And then I have a follow up on Macau. It s a question for Marilyn Spiegel. I think Marilyn, I think you could address that. Well, actually, I don t see the market getting much better from the January February numbers that LVCVA announced. But we certainly have a different trend in terms of finding customers who not only want to stay here and they want to eat here and they want to visit our retail stores and our showroom. And so we have been very focused on all of our hotel channels, how we think about our revenue management system, how we re thinking about our website. And we re trying to bring in a guest who is willing to pay for the amenities that we offer, and part of our strategy has been to have confidence in this market. So rather than moving to where many of the competitors have, we ve really tried to stay above the fray, and our customer base is finding us and enjoying our service and our products. Joseph Greff JP Morgan Chase Co And on Macau, I know you ve added some new junkets there recently. How much of that contributed to the first quarter? I think most of that hit the very tail end of the first quarter. And further to that topic, I mean, is there much in a way of taking relatively underutilized tables, whether premium mass or maybe improving the Junket business where you think you can get a better yield with additional Junket business in Macau? Is there much less to improve the yield on the table side in Macau, I guess, is my general question. It s Marc Schorr. In VIP in Macau, we re 243 VIP games this quarter, first quarter 11, versus 196 in first quarter of 10. And so we increased our VIP market share by increasing our table games. Obviously, we took the games from the Moncler Kids Bazille E Salopette Down Jacket Black general casino and moved them into the more profitable market for us. But sales in Macau, retail sales, and other indicia of non casino play are also sharply up. Yes, 37%, 40% sharply up. Food and beverage was 43%. I mean, our facilities in Macau are very well received as are some of our competitors as well, but we re enjoying that. And of course, the most important number to remember in gaming, I ve said this before, I m going to for those of you who really follow this, don t look at market share per se, look at fair share. We use that term, you can call it what you want. But you basically take how many units of slot machines or tables does a given operator have compared to the total in the marketplace, and then take a look at the share of the money that the person that the company has. If that ratio is better than 1:1, then you re a net receiver of the customers and you ve sort of made a dorm out of your neighbor. If it s less than 1:1, then you re a donor to your neighbor, and that s a negative fair share. We have been able to increase our fair share market penetration in the face of increased competition. It happened to us in Atlantic City years ago. We were the smallest place. But the more places came on, the more our premium over the average increased, and we re enjoying that again in Macau. It s a very important number, and it sort of tells you how good a job you are in delivering a good guest experience, a good customer experience that makes those people want to come back again and again and keep you as their favorite place. That s the number that I watch very carefully and then Matt and Marc. We re on that all the time, and that s what s happened to us in China. And also, a tremendous increase in our slot operation in China. Our product mix has been very well accepted by the patron in China. It s our slot per win is more than up 78%.

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