According to documents filed this week with the SEC, net revenues for the second quarter of 2007 were $687.5 million, compared to $273.4 million in the second quarter of 2006. Revenues surged mostly because of the opening of Wynn Macau, which opened on September 6, 2006.

Adjusted net income in the second quarter of 2007 was $100.8 million, or $0.92 per diluted share (adjusted EPS)(1) compared to an adjusted net loss of $4.9 million, or ($0.05) per diluted share in the second quarter of 2006.

According to an analyst’s report compiled by Bloomberg, the profit per share was expected to be 52 cents a share and sales were expected to come in around $566.6 million. Additionally, an analyst report issued by Bear Sterns is raising its above Consensus out year EBITDA & EPS estimates to $120 from $116.

“We think WYNN reported the best overall second quarter of the big three large-cap gaming stocks (not taking anything away from MGM’s or LVS’s 2Qs). Volume metrics in both markets exceeded our expectations and is reflective of continued traction and momentum in both of its markets (likely due to brand, amenities, position/appeal to high-end and high-spend gaming/resort patrons),” said the report, which also noted the analysts feel the company is set up in both Las Vegas and Macau to deliver robust future profits.

In the second quarter of 2007, Wynn Macau generated net revenues (after discounts and commissions) of $352.5 million and adjusted property EBITDA of $92.7 million. That cash was derived from a slot machine win per unit per day was $522 on handle (volume) of $382.7 million for the quarter as well as a robust above average take from those people playing table games. Additionally, the property generated an average daily room rate (ADR) of $258, with occupancy averaging 86.2%. Net non-casino revenues, consisting of rooms, food and beverage, retail and other, were $20.1 million.

During the next couple of years both Wynn Las Vegas and Wynn Macau are set to expand. In Macau, the property currently features 248 table games and 443 slot machines in an approximately 110,000 square foot casino. Wynn is now adding about 20,000 square feet of additional gaming space and one restaurant in the second phase in the third quarter of 2007. Further expansion areas are expected to open by Chinese New Year, 2008. After the completion of the expansion, Wynn Macau is expected to have a total of approximately 380 table games and 1,200 slot machines.

In addition, Wynn continues to develop the plans for a further expansion of Wynn Macau, the Wynn Diamond Suites, which was first announced in November 2006. This further expansion will add a second fully-integrated resort hotel named "Wynn Diamond Suites" to Wynn Macau, with approximately 400 luxury suites and villas, along with restaurants, additional retail space and additional VIP gaming space. It’s expected to cost to about $550 million to $600 million and open in the first half of 2010.

In Las Vegas the company is in the middle of building Encore, adjacent to Wynn Las Vegas. Encore's current plans include a 2,034 all-suite hotel tower fully integrated with Wynn Las Vegas, an approximately 72,000 square foot casino, additional convention and meeting space, as well as restaurants, a nightclub, swimming pools, a spa and salon and retail outlets. We continue to refine the final design of Encore. Encore is expected to open in early 2009 at a cost of $2.2 billion.

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