While some thought it was overrated, the smart ones scooped it up. Now it’s closing in on $170 a share. And there is no doubt that the stock’s value will continue to rise now that the company has reported its latest quarterly earnings.

According to the company, net revenues for the third quarter of 2007 were $653.4 million, compared to $318.1 million in the third quarter of 2006. Results for this quarter include a full quarter of operations of Wynn Macau, which opened on September 6, 2006. The revenue increase was driven by the opening of Wynn Macau and strong Wynn Las Vegas results.

Consolidated adjusted property EBITDA was $186.0 million for the third quarter of 2007, compared to $79.6 million in the third quarter of 2006. Also, adjusted net income in the third quarter of 2007 was $73.4 million, or $0.67 per diluted share compared to an adjusted net loss of $1.3 million, or ($0.01) per diluted share in the third quarter of 2006.

In Las Vegas, Wynn Las Vegas generated adjusted property EBITDA of $93.2 million, a huge 20.6% increase from the third quarter of 2006, with a 30.5% EBITDA margin on net revenue. Those are some pretty heady numbers.
As most know by now, Wynn is building another Las Vegas mea resort dubbed Encore. It’s located on approximately 20 acres on the Las Vegas Strip, immediately 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.

Learning more about this property is quite difficult as Steve Wynn and company are notorious about keeping a project’s details under wraps until the last possible moment. However, we do know its expected to open in early 2009 at a cost of$ 2.2 billion, consisting of approximately $2.1 billion for Encore and approximately $100 million for an employee parking garage on the company’s Koval property, an associated pedestrian bridge and costs incurred in connection with the theatre remodeling and production of “Monty Python’s Spamalot” at Wynn Las Vegas, which opened in March 2007.

The company has alreadty invested $775.8 million in project costs related to the development and construction of Encore and related capital improvements.

In Macau, the company’s Wynn Macau generated net revenues (after discounts and commissions) of $347.7 million and adjusted property EBITDA of $92.8 million. Prior period comparisons are not meaningful as we opened Wynn Macau on September 6, 2006 and the third quarter 2006 results include only a partial quarter of operations. Our adjusted property EBITDA for the quarter includes $3 million to $4 million of payroll expenses associated with unopened portions of the expansion.

The property currently features 280 table games and 671 slot machines in an approximately 130,000 square foot casino. But as is everything Wynn, its expanding. Now under construction and development is additional gaming space, a dramatic front feature attraction, a theater showroom and retail amenities is progressing as planned. In September 2007, Wynn Macau opened approximately 20,000 square feet of additional gaming space and one restaurant in this expansion. The remaining portion of the expansion is expected to open within the next 90 to 100 days. 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, construction has commenced on the Wynn Diamond Suites at Wynn Macau, a fully-integrated resort hotel with approximately 400 luxury suites and six villas along with restaurants, additional retail space and additional VIP gaming space.

Additionally, Wynn has submitted an application to the government of Macau for a concession of land in Cotai for future development. They recently reconfigured its site plans for 52 acres and is awaiting final approval and are actively engaged in the design of the Cotai project.

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