Wynn Macau : Inside Information - Unaudited IFRS Results for the Third Quarter ended 30 September 2014 of Wynn Macau, Limited and Unaudited Results for the Third Quarter ended 30 September 2014 of our Controlling Shareholder, Wynn Resorts, Limited

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)

This announcement is issued pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and under Part XIVA of the Securities and Futures Ordinance (Cap. 571).

The Board of Directors of Wynn Macau, Limited is pleased to announce the unaudited consolidated results of the Company and its subsidiaries prepared in accordance with IFRS for the third quarter ended 30 September 2014.

Our controlling shareholder, Wynn Resorts, Limited has, on or about 28 October 2014 (1:45 p.m., Las Vegas time), released its unaudited results for the third quarter ended 30 September 2014.

This announcement is issued by Wynn Macau, Limited ("we" or our "Company") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and under Part XIVA of the Securities and Futures Ordinance (Cap. 571).

The Board of Directors of Wynn Macau, Limited is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (the "Group") prepared in accordance with International Financial Reporting Standards ("IFRS") for the third quarter ended 30 September 2014 (the "WML Results").

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CONDENSED CONSOLIDATED INCOME STATEMENT

(amounts in US$ thousands)

(unaudited)

Casino $893,207 $944,014

Rooms 3,478 2,744

Food and beverage 6,343 5,771

Retail leases and other 39,228 45,106

Gaming taxes and premiums 437,820 481,942

Staff costs 86,915 72,587

Other operating expenses 148,632 161,588

Depreciation and amortization 32,040 29,708

Property charges and other 1,704 1,448

707,111 747,273

Finance revenues 5,192 2,714

Finance costs (19,719) (9,147) Net foreign currency differences (767) 693

Changes in fair value of interest rate swaps 2,360 (3,525)

(12,934) (9,265)

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Our Company's controlling shareholder, Wynn Resorts, Limited, is a company listed on the National Association of Securities Dealers Automated Quotations ("NASDAQ") in the United States. As at the date of this announcement, Wynn Resorts, Limited beneficially owns approximately 72.18% of the issued share capital of our Company.

Wynn Resorts, Limited has, on or about 28 October 2014 (1:45 p.m., Las Vegas time), released its unaudited results for the third quarter ended 30 September 2014 ("Earnings Release"). If you wish to review the Earnings Release prepared by Wynn Resorts, Limited and as filed with the U.S. Securities and Exchange Commission, please visit http://www.sec.gov/Archives/edgar/data/1174922/000117492214000041/0001174922-14-000041-index.htmhttp://www.sec.gov/Archives/edgar/http://www.sec.gov/Archives/edgar/data/1174922/000117492214000041/0001174922-14-000041-index.htmdata/1174922/000117492214000041/0001174922-14-000041-index.htm. The Earnings Release contains segmented financial information about the Macau operations of Wynn Resorts, Limited, which Macau operations are owned by our Company. The Earnings Release is also available in the public domain.

The financial results of Wynn Resorts, Limited, including those contained in the Earnings Release, have been prepared in accordance with Generally Accepted Accounting Principles of the United States ("US GAAP"), which are different from IFRS. We use IFRS to prepare and present our financial information. As such, the financial information in the Earnings Release is not directly comparable to the financial results our Company discloses as a company listed on the Main Board of The Stock Exchange of Hong Kong Limited. In particular, Average Daily Rate ("ADR") and Revenue Per Available Room ("REVPAR") as presented in the Earnings Release is based on room revenues as reported under US GAAP, which include associated promotional allowances within room revenues. Under US GAAP, promotional allowances are deducted from gross revenues in presenting net revenue. Under IFRS, room revenues exclude such promotional allowances.

Our shareholders and potential investors are advised that the financial results in the Earnings Release are unaudited and have not been prepared or presented by our Company and there is no indication or assurance from our Company that the financial results of our Group for the three months ended 30 September 2014 will be the same as that presented in the Earnings Release.

To ensure that all our shareholders and potential investors have equal and timely access to the information pertaining to our Company, set forth below are the key highlights of financial information published by Wynn Resorts, Limited in the Earnings Release that relate to our Company and our operations in Macau (unless otherwise provided, all dollar amounts in the Earnings Release are denominated in United States dollars):

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"WYNN RESORTS, LIMITED REPORTS THIRD QUARTER 2014 RESULTS

Net revenues for the third quarter of 2014 were $1,370.0 million, compared to
$1,390.1 million in the third quarter of 2013. The decline was the result of a
5.6% net revenue decrease from our Macau Operations, partially offset by a
9.0% increase in net revenues from our Las Vegas Operations. Adjusted property
EBITDA (1) was $458.8 million for the third quarter of 2014, a 5.3% increase from
$435.6 million in the third quarter of 2013.
On a US GAAP basis, net income attributable to Wynn Resorts for the third quarter of 2014 was $191.4 million, or $1.88 per diluted share, compared to net income attributable to Wynn Resorts of $182.0 million, or $1.79 per diluted share, in the third quarter of 2013.

Macau Operations

In the third quarter of 2014, net revenues were $942.3 million, a 5.6% decrease from the $997.6 million generated in the third quarter of 2013. Adjusted property EBITDA in the third quarter of 2014 was $325.5 million, down 1.1% from $329.1 million in the third quarter of 2013.
Table games results in Macau are segregated into two distinct reporting categories, the VIP segment and the mass market segment.
Table games turnover in the VIP segment was $25.1 billion for the third quarter of 2014, a 17.4% decrease from $30.3 billion in the third quarter of 2013. VIP table games win as a percentage of turnover (calculated before commissions) for the quarter was 2.78%, within the expected range of 2.7% to 3.0% and below the
3.04% experienced in the third quarter of 2013.
Table games win in the mass market segment increased by 36.4% to $327.2 million in the third quarter of 2014. Mass market table games win per unit per day increased by 38.0% to $17,759 from $12,872 in the third quarter of 2013. Drop in the mass market segment was $641.2 million in the third quarter of 2014, up
1.7% from the 2013 third quarter, while the segment's win percentage of 51.0% compares to 38.0% in last year's third quarter and sequentially to 45.6% in the second quarter of 2014. Customers purchase mass market gaming chips at either the gaming tables or the casino cage. Chips purchased at the casino cage are excluded from table games drop and will increase the expected win percentage. With the increased purchases at the casino cage, we believe the relevant indicator of volumes in the mass market segment should be actual table games win rather than win percentage.

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Slot machine handle of $1.4 billion for the third quarter of 2014 was 23.2% above the prior-year quarter, and slot win increased 31.9% compared to the prior-year period. Win per unit per day was 97.1% higher at $1,358, compared to $689 in the third quarter of 2013, due in part to a reduction in the number of units on the casino floor.
For the third quarter of 2014, we achieved an average daily rate (ADR) of $327,
5.5% above the $310 reported in the 2013 third quarter. Occupancy at Wynn Macau of 98.5% compares to 95.8% in the prior-year period, and revenue per available room (REVPAR) rose 8.4% to $322 in the 2014 quarter from $297 in last year's third quarter. Non-casino revenues, before promotional allowances, increased 1.4% during the quarter to $99.1 million.

Wynn Palace Project in Macau

The Company is currently constructing Wynn Palace, a fully integrated resort containing a 1,700-room hotel, performance lake, meeting space, casino, spa, retail offerings, and food and beverage outlets in the Cotai area of Macau. In July 2013, we signed a $2.6 billion guaranteed maximum price (GMP) contract for the project's construction. The total project budget, including construction costs, capitalized interest, pre-opening expenses, land costs and financing fees, is approximately $4.1 billion. We expect to open our resort on Cotai in the first half of 2016.
During the third quarter of 2014, we invested approximately $301.1 million in our
Cotai project, taking the total investment to date to $1.4 billion.

Balance Sheet and Other

Our total cash and investment securities balance at September 30, 2014 was $3.1 billion. Total debt outstanding at the end of the quarter was $7.3 billion, including
$3.0 billion of Wynn Las Vegas debt, $2.4 billion of Wynn Macau debt and $1.9 billion at the parent company.

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Non-GAAP Financial Measures

(1) "Adjusted property EBITDA" is earnings before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other, corporate expenses, intercompany golf course and water rights leases, stock-based compensation, and other non-operating income and expenses, and includes equity in income from unconsolidated affiliates. Adjusted property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses adjusted property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors. The Company also presents adjusted property EBITDA because it is used by some investors as a way to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to financial measures in accordance with U.S. generally accepted accounting principles ("GAAP"). In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Wynn Resorts, Limited, have historically excluded from their EBITDA calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, adjusted property EBITDA should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, adjusted property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in adjusted property EBITDA. Also, Wynn Resorts' calculation of adjusted property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
The Company has included schedules in the tables that accompany this release that reconcile (i) net income attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, and (ii) operating income to adjusted property EBITDA and adjusted property EBITDA to net income attributable to Wynn Resorts, Limited.

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WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME TO ADJUSTED PROPERTY EBITDA AND ADJUSTED PROPERTY EBITDA TO NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands)

(unaudited)

Three Months Ended

September 30, 2014

Macau Operations

Pre-opening costs 6,718
Depreciation and amortization 32,348
Property charges and other 2,097
Management and royalty fees 36,088
Corporate expenses and other 9,404
Stock-based compensation 3,946
Equity in income from unconsolidated affiliates -

Three Months Ended

September 30, 2013

Macau Operations

Pre-opening costs 706
Depreciation and amortization 30,012
Property charges and other 2,337
Management and royalty fees 39,602
Corporate expenses and other 6,188
Stock-based compensation 1,115
Equity in income from unconsolidated affiliates -

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WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME TO ADJUSTED PROPERTY EBITDA AND ADJUSTED PROPERTY EBITDA TO NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands)

(unaudited)

Nine Months Ended

September 30, 2014

Macau Operations

Pre-opening costs 14,792
Depreciation and amortization 95,614
Property charges and other 14,310
Management and royalty fees 118,463
Corporate expenses and other 29,271
Stock-based compensation 6,840
Equity in income from unconsolidated affiliates -

Nine Months Ended

September 30, 2013

Macau Operations

Pre-opening costs 1,592
Depreciation and amortization 88,835
Property charges and other 3,503
Management and royalty fees 116,478
Corporate expenses and other 19,334
Stock-based compensation 3,255
Equity in income from unconsolidated affiliates -

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WYNN RESORTS, LIMITED AND SUBSIDIARIES

SUPPLEMENTAL DATA SCHEDULE

Three Months Ended

September 30,

Nine Months Ended

September 30,

2014 2013 2014 2013

Room statistics for Macau operations:
Occupancy 98.5% 95.8% 98.3% 95.0% Average daily rate (ADR)(a) $327 $310 $333 $313
Revenue per available room
(REVPAR)(b) $322 $297 $327 $297
Other information for Macau operations:
Table games win
per unit per day(c) $24,696 $25,927 $26,825 $25,351
Slot machine win
per unit per day(d) $1,358 $689 $1,120 $742
Average number of table games 451 487 466 490
Average number of
slot machines 588 879 684 864

(a) ADR is average daily rate and is calculated by dividing total room revenue including the retail value of promotional allowances (less service charges, if any) by total rooms occupied including complimentary rooms.

(b) REVPAR is revenue per available room and is calculated by dividing total room revenue including the retail value of promotional allowances (less service charges, if any) by total rooms available.

(c) Table games win per unit per day is shown before discounts and commissions, as applicable.

(d) Slot machine win per unit per day is calculated as gross slot win minus progressive accruals and free play."

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This announcement contains forward-looking statements. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by us. The risks and uncertainties include, but are not limited to, competition in the casino/hotel and resorts industries, our Company's dependence on existing management, levels of travel, leisure and casino spending, general economic conditions, and changes in gaming laws or regulations. Additional information concerning potential factors that could affect our Company's financial results are included in our published interim and annual reports. We are under no obligation to (and expressly disclaim any such obligation to) update the forward-looking statements as a result of new information, future events or otherwise.

Our shareholders and potential investors are advised not to place undue reliance on either the WML Results or Earnings Release and are reminded that the financial results presented herein have not been audited. Our shareholders and potential investors are advised to exercise caution in dealing in securities in our Company.

By order of the Board Wynn Macau, Limited Stephen A. Wynn Chairman

Hong Kong, 29 October 2014

As at the date of this announcement, the Board of directors comprises Stephen A. Wynn, Gamal Aziz, Ian Michael Coughlan and Linda Chen (as executive directors); Matthew O. Maddox (as non-executive director); and Allan Zeman, Nicholas Sallnow-Smith, Bruce Rockowitz and Jeffrey Kin-fung Lam (as independent non-executive directors).

* For identification purposes only.

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