Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'WYNN | ' |
Entity Registrant Name | 'WYNN RESORTS LTD | ' |
Entity Central Index Key | '0001174922 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 101,257,217 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $3,273,621 | $2,435,041 |
Investment securities | 218,876 | 174,399 |
Receivables, net | 230,690 | 241,932 |
Inventories | 71,865 | 74,739 |
Prepaid expenses and other | 44,132 | 42,703 |
Total current assets | 3,839,184 | 2,968,814 |
Property and equipment, net | 5,036,430 | 4,934,449 |
Restricted cash | 0 | 199,936 |
Investment securities | 35,947 | 79,989 |
Intangible assets, net | 30,172 | 30,767 |
Deferred financing costs, net | 71,688 | 67,926 |
Deposits and other assets | 95,740 | 91,001 |
Investment in unconsolidated affiliates | 4,060 | 4,148 |
Total assets | 9,113,221 | 8,377,030 |
Current liabilities: | ' | ' |
Accounts and construction payables | 270,299 | 272,861 |
Current portion of long-term debt | 1,050 | 1,050 |
Current portion of land concession obligation | 29,328 | 29,341 |
Customer deposits | 511,153 | 704,401 |
Gaming taxes payable | 228,538 | 205,260 |
Accrued compensation and benefits | 83,155 | 83,769 |
Accrued interest | 73,567 | 101,442 |
Other accrued liabilities | 51,182 | 49,797 |
Construction retention | 3,018 | 3,578 |
Deferred income taxes, net | 4,035 | 4,035 |
Total current liabilities | 1,255,325 | 1,455,534 |
Long-term debt | 7,329,777 | 6,586,518 |
Land concession obligation | 46,800 | 46,819 |
Other long-term liabilities | 117,824 | 141,465 |
Deferred income taxes, net | 42,753 | 14,343 |
Total liabilities | 8,792,479 | 8,244,679 |
Commitments and contingencies (Note 14) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding | 0 | 0 |
Common stock, par value $0.01; 400,000,000 shares authorized; 114,241,860 and 114,170,493 shares issued; 101,257,217 and 101,192,408 shares outstanding, respectively | 1,142 | 1,142 |
Treasury stock, at cost; 12,984,643 and 12,978,085 shares, respectively | -1,144,845 | -1,143,419 |
Additional paid-in capital | 902,046 | 888,727 |
Accumulated other comprehensive income | 2,528 | 2,913 |
Retained earnings | 166,664 | 66,130 |
Total Wynn Resorts, Limited stockholders’ deficit | -72,465 | -184,507 |
Noncontrolling interest | 393,207 | 316,858 |
Total equity | 320,742 | 132,351 |
Total liabilities and stockholders’ equity | $9,113,221 | $8,377,030 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 114,241,860 | 114,170,493 |
Common stock, shares outstanding | 101,257,217 | 101,192,408 |
Treasury stock, shares | 12,984,643 | 12,978,085 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating revenues: | ' | ' |
Casino | $1,226,133 | $1,106,503 |
Rooms | 136,476 | 120,480 |
Food and beverage | 141,837 | 139,701 |
Entertainment, retail and other | 106,860 | 101,548 |
Gross revenues | 1,611,306 | 1,468,232 |
Less: promotional allowances | -97,693 | -89,578 |
Net revenues | 1,513,613 | 1,378,654 |
Operating costs and expenses: | ' | ' |
Casino | 783,734 | 697,188 |
Rooms | 35,345 | 33,390 |
Food and beverage | 74,953 | 73,873 |
Entertainment, retail and other | 44,535 | 40,326 |
General and administrative | 111,277 | 94,909 |
(Benefit) provision for doubtful accounts | -2,728 | 7,004 |
Pre-opening costs | 3,073 | 452 |
Depreciation and amortization | 76,659 | 92,518 |
Property charges and other | 9,934 | 5,346 |
Total operating costs and expenses | 1,136,782 | 1,045,006 |
Operating income | 376,831 | 333,648 |
Other income (expense): | ' | ' |
Interest income | 4,753 | 4,222 |
Interest expense, net of capitalized interest | -75,256 | -75,377 |
Increase in swap fair value | 842 | 3,144 |
Loss on extinguishment of debt | -1,529 | 0 |
Equity in income from unconsolidated affiliates | 308 | 200 |
Other | -297 | 1,165 |
Other income (expense), net | -71,179 | -66,646 |
Income before income taxes | 305,652 | 267,002 |
(Provision) benefit for income taxes | -2,609 | 5,142 |
Net income | 303,043 | 272,144 |
Less: net income attributable to noncontrolling interest | -76,147 | -69,181 |
Net income attributable to Wynn Resorts, Limited | $226,896 | $202,963 |
Net income attributable to Wynn Resorts, Limited: | ' | ' |
Basic (in dollars per share) | $2.25 | $2.02 |
Diluted (in dollars per share) | $2.22 | $2 |
Weighted average common shares outstanding: | ' | ' |
Basic (in shares) | 100,822 | 100,237 |
Diluted (in shares) | 102,009 | 101,373 |
Dividends declared per common share (in dollars per share) | $1.25 | $1 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $303,043 | $272,144 |
Other comprehensive income: | ' | ' |
Foreign currency translation adjustments, net of tax | -606 | -2,681 |
Unrealized gain on available-for-sale securities, net of tax | 61 | 161 |
Total comprehensive income | 302,498 | 269,624 |
Less: comprehensive income attributable to noncontrolling interest | -75,987 | -68,456 |
Comprehensive income attributable to Wynn Resorts, Limited | $226,511 | $201,168 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Stockholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Wynn Resorts, Ltd | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | ||||||||
Beginning balance at Dec. 31, 2013 | $132,351 | $1,142 | ($1,143,419) | $888,727 | $2,913 | $66,130 | ($184,507) | $316,858 |
Beginning balance (in shares) at Dec. 31, 2013 | 101,192,408 | 101,192,408 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 303,043 | ' | ' | ' | ' | 226,896 | 226,896 | 76,147 |
Currency translation adjustment | -606 | ' | ' | ' | -438 | ' | -438 | -168 |
Net unrealized gain on investments | 61 | ' | ' | ' | 53 | ' | 53 | 8 |
Exercise of stock options (in shares) | ' | 35,533 | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 1,717 | ' | ' | 1,717 | ' | ' | 1,717 | ' |
Cancellation of restricted stock (in shares) | ' | -9,166 | ' | ' | ' | ' | ' | ' |
Cancellation of restricted stock | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased by the Company and held as treasury shares (in shares) | ' | -6,558 | ' | ' | ' | ' | ' | ' |
Shares repurchased by the Company and held as treasury shares | -1,426 | ' | -1,426 | ' | ' | ' | -1,426 | ' |
Issuance of restricted stock (in shares) | ' | 45,000 | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declared | -126,303 | ' | ' | 59 | ' | -126,362 | -126,303 | ' |
Excess tax benefits from stock-based compensation | 2,449 | ' | ' | 2,449 | ' | ' | 2,449 | ' |
Stock-based compensation | 9,456 | ' | ' | 9,094 | ' | ' | 9,094 | 362 |
Ending balance at Mar. 31, 2014 | $320,742 | $1,142 | ($1,144,845) | $902,046 | $2,528 | $166,664 | ($72,465) | $393,207 |
Ending balance (in shares) at Mar. 31, 2014 | 101,257,217 | 101,257,217 | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $303,043 | $272,144 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 76,659 | 92,518 |
Deferred income taxes | 1,583 | -6,030 |
Stock-based compensation expense | 3,921 | 1,122 |
Excess tax benefits from stock-based compensation | -2,424 | -1,232 |
Amortization and write-offs of deferred financing costs and other | 6,448 | 4,620 |
Loss on extinguishment of debt | 1,529 | 0 |
(Benefit) provision for doubtful accounts | -2,728 | 7,004 |
Property charges and other | 9,953 | 3,057 |
Equity in income of unconsolidated affiliates, net of distributions | 88 | 556 |
Increase in swap fair value | -842 | -3,144 |
Increase (decrease) in cash from changes in: | ' | ' |
Receivables, net | 13,941 | -12,131 |
Inventories and prepaid expenses and other | 1,465 | -7,904 |
Customer deposits | -193,248 | 88,581 |
Accounts payable and accrued expenses | -10,166 | -18,291 |
Net cash provided by operating activities | 209,222 | 420,870 |
Cash flows from investing activities: | ' | ' |
Capital expenditures, net of construction payables and retention | -178,050 | -58,797 |
Purchase of corporate debt securities | -46,635 | -22,881 |
Proceeds from sale or maturity of corporate debt securities | 44,995 | 63,075 |
Restricted cash | 199,805 | 39,573 |
Deposits and purchase of other assets | -5,172 | -6,419 |
Proceeds from sale of assets | 2,995 | 278 |
Net cash provided by investing activities | 17,938 | 14,829 |
Cash flows from financing activities: | ' | ' |
Proceeds from exercise of stock options | 1,717 | 960 |
Excess tax benefits from stock-based compensation | 2,424 | 1,232 |
Dividends paid | -126,406 | -101,709 |
Proceeds from issuance of long-term debt | 756,229 | 0 |
Principal payments on long-term debt | -350 | -350 |
Repurchase of common stock | -1,426 | -2,461 |
Repurchase of first mortgage notes | -12,000 | 0 |
Payments for financing costs | -7,391 | 0 |
Net cash provided by (used in) financing activities | 612,797 | -102,328 |
Effect of exchange rate on cash | -1,377 | -1,885 |
Cash and cash equivalents: | ' | ' |
Increase in cash and cash equivalents | 838,580 | 331,486 |
Balance, beginning of period | 2,435,041 | 1,725,219 |
Balance, end of period | 3,273,621 | 2,056,705 |
Supplemental cash flow disclosures: | ' | ' |
Cash paid for interest, net of amounts capitalized | 116,698 | 121,386 |
Non-cash transactions: | ' | ' |
Stock-based compensation capitalized into construction | 5,535 | 48 |
Change in property and equipment included in accounts and construction payables | $4,205 | $27,550 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Basis of Presentation | ' |
Organization and Basis of Presentation | |
Organization | |
Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, “Wynn Resorts” or the “Company”) owns 72.3% of Wynn Macau, Limited, which operates a destination casino hotel resort in the Macau Special Administrative Region of the People’s Republic of China. The Company also owns and operates a destination casino hotel resort in Las Vegas, Nevada. | |
The Company's fully integrated Macau resort of Wynn Macau and Encore at Wynn Macau features two luxury hotel towers with a total of 1,008 spacious guest rooms and suites, approximately 280,000 square feet of casino space, casual and fine dining in eight restaurants, approximately 31,000 square feet of lounge and meeting space, approximately 57,000 square feet of retail space, recreation and leisure facilities, including two health clubs, spas and one pool. The Company refers to this fully integrated resort as its Macau Operations. | |
The Company's fully integrated Las Vegas resort of Wynn Las Vegas and Encore at Wynn Las Vegas features two luxury hotel towers with a total of 4,748 spacious guest rooms, suites and villas, approximately 186,000 square feet of casino space, 34 food and beverage outlets featuring signature chefs, an on-site 18-hole golf course, approximately 284,000 square feet of meeting and convention space, a Ferrari and Maserati dealership, approximately 99,000 square feet of retail space, as well as two showrooms, three nightclubs and a beach club. The Company refers to this fully integrated resort as its Las Vegas Operations. | |
The Company is also currently constructing Wynn Palace, a fully integrated resort in the Cotai area of Macau containing a 1,700-room hotel, performance lake, meeting space, casino, spa, retail offerings, and food and beverage outlets. The Company continues to remain on schedule for an opening in the first half of 2016. | |
Basis of Presentation | |
The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the results for the interim periods have been made. The results for the three months ended March 31, 2014, are not necessarily indicative of results to be expected for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||
Principles of Consolidation | |||||||||||||||
The accompanying condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. Investments in the 50%-owned joint ventures operating the Ferrari and Maserati automobile dealership and the Brioni mens’ retail clothing store inside Wynn Las Vegas are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements for the previous years have been reclassified to be consistent with the current year presentation. These reclassifications had no effect on the previously reported net income. | |||||||||||||||
Cash and Cash Equivalents | |||||||||||||||
Cash and cash equivalents are comprised of highly liquid investments with original maturities of three months or less and include both U.S. dollar-denominated and foreign currency-denominated securities. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents of $1,583.0 million and $1,349.6 million at March 31, 2014 and December 31, 2013, respectively, were invested in bank time deposits, money market accounts, U.S. Treasuries and commercial paper. In addition, the Company held bank deposits and cash on hand of approximately $1,690.6 million and $1,085.4 million as of March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||
Restricted Cash | |||||||||||||||
Restricted cash consists primarily of certain proceeds of the Company’s financing activities that are restricted by the agreements governing the Company’s debt instruments for the payment of certain Wynn Palace related construction and development costs. Restricted cash balances totaled approximately $199.9 million at December 31, 2013. During the first quarter of 2014, the Company applied the restricted cash balances to payment of certain Wynn Palace related construction and development costs, with no remaining restricted cash balances at March 31, 2014. | |||||||||||||||
Investment Securities | |||||||||||||||
Investment securities consist of domestic and foreign short-term and long-term investments in corporate bonds and commercial paper reported at fair value, with unrealized gains and losses, net of tax, reported in other comprehensive income. Short-term investments have maturities of greater than three months but equal to or less than one year and long-term investments are those with a maturity date greater than one year. The Company’s investment policy limits the amount of exposure to any one issuer with the objective of minimizing the potential risk of principal loss. Management determines the appropriate classification (held-to-maturity/available-for-sale) of its securities at the time of purchase and reevaluates such designation as of each balance sheet date. Adjustments are made for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in interest income together with realized gains and losses and the stated interest on such securities. | |||||||||||||||
Accounts Receivable and Credit Risk | |||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of casino accounts receivable. The Company issues credit in the form of “markers” to approved casino customers following investigations of creditworthiness. As of March 31, 2014 and December 31, 2013, approximately 84% and 86% of the Company’s markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables. | |||||||||||||||
Accounts receivable, including casino and hotel receivables, are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems them to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their carrying amount, which approximates fair value. The allowance is estimated based on specific review of customer accounts as well as management’s experience with collection trends in the casino industry and current economic and business conditions. | |||||||||||||||
Redemption Price Promissory Note | |||||||||||||||
The Company recorded the fair value of the Redemption Price Promissory Note (the “Redemption Note”) of approximately $1.94 billion in accordance with applicable accounting guidance. In determining this fair value, the Company estimated the Redemption Note’s present value using discounted cash flows with a probability weighted expected return for redemption assumptions and a discount rate which included time value and non-performance risk adjustments commensurate with risk of the Redemption Note. | |||||||||||||||
Considerations for the redemption assumptions included the stated maturity of the Redemption Note, uncertainty of the related cash flows as well as potential effects of the following: uncertainties surrounding the potential outcome and timing of pending litigation with Aruze USA, Inc., Universal Entertainment Corporation and Mr. Kazuo Okada (collectively, the “Okada Parties”) (see Note 14 “Commitments and Contingencies”); the outcome of on-going investigations of Aruze USA, Inc. by the United States Attorney’s Office, the U.S. Department of Justice and the Nevada Gaming Control Board; and other potential legal and regulatory actions. In addition, in the furtherance of various future business objectives, the Company considered its ability, at its sole option, to prepay the Redemption Note at any time in accordance with its terms without penalty. Accordingly, the Company reasonably determined that the estimated life of the Redemption Note could be less than the contractual life of the Redemption Note. | |||||||||||||||
In determination of the appropriate discount rate to be used in the estimated present value, the Redemption Note’s subordinated position relative to all other debt in the Company’s capital structure and credit ratings associated with the Company’s traded debt were considered. Observable inputs for the risk free rate based on Federal Reserve rates for U.S. Treasury securities and credit risk spread based on a yield curve index of similarly rated debt were used. As a result of this analysis, the Company concluded the Redemption Note's stated rate of 2% approximated a market rate. | |||||||||||||||
Revenue Recognition and Promotional Allowances | |||||||||||||||
The Company recognizes revenues at the time persuasive evidence of an arrangement exists, the service is provided or the retail goods are sold, prices are fixed or determinable and collection is reasonably assured. | |||||||||||||||
Casino revenues are measured by the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs and for chips in the customers’ possession. Cash discounts, other cash incentives related to casino play and commissions rebated through junkets to customers are recorded as a reduction to casino revenue. Hotel, food and beverage, entertainment and other operating revenues are recognized when services are performed. Entertainment, retail and other revenue includes rental income which is recognized on a time proportion basis over the lease term. Contingent rental income is recognized when the right to receive such rental income is established according to the lease agreements. Advance deposits on rooms and advance ticket sales are recorded as customer deposits until services are provided to the customer. | |||||||||||||||
Revenues are recognized net of certain sales incentives which are required to be recorded as a reduction of revenues; consequently, the Company’s casino revenues are reduced by discounts, commissions and points earned in the player’s club loyalty program. | |||||||||||||||
The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues. Such amounts are then deducted as promotional allowances. The estimated cost of providing such promotional allowances is primarily included in casino expenses as follows (in thousands): | |||||||||||||||
Three Months Ended | |||||||||||||||
March 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Rooms | $ | 12,754 | $ | 13,056 | |||||||||||
Food and beverage | 31,042 | 27,764 | |||||||||||||
Entertainment, retail and other | 3,796 | 3,558 | |||||||||||||
$ | 47,592 | $ | 44,378 | ||||||||||||
Gaming Taxes | |||||||||||||||
The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are an assessment on the Company’s gross gaming revenue and are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Income. These taxes totaled approximately $550.2 million and $481.2 million for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||
Fair Value Measurements | |||||||||||||||
The Company measures certain of its financial assets and liabilities, such as cash equivalents, available-for-sale securities and interest rate swaps, at fair value on a recurring basis pursuant to accounting standards for fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. These accounting standards establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||||
The following tables present assets and liabilities carried at fair value (in thousands): | |||||||||||||||
Fair Value Measurements Using: | |||||||||||||||
March 31, | Quoted | Other | Unobservable | ||||||||||||
2014 | Market | Observable | Inputs | ||||||||||||
Prices in | Inputs | (Level 3) | |||||||||||||
Active | (Level 2) | ||||||||||||||
Markets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 1,583,046 | $ | 205 | $ | 1,582,841 | — | ||||||||
Interest rate swaps | $ | 11,146 | — | $ | 11,146 | — | |||||||||
Available-for-sale securities | $ | 254,823 | — | $ | 254,823 | — | |||||||||
Liabilities: | |||||||||||||||
Redemption Note | $ | 1,936,443 | — | $ | 1,936,443 | — | |||||||||
Fair Value Measurements Using: | |||||||||||||||
December 31, | Quoted | Other | Unobservable | ||||||||||||
2013 | Market | Observable | Inputs | ||||||||||||
Prices in | Inputs | (Level 3) | |||||||||||||
Active | (Level 2) | ||||||||||||||
Markets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 1,349,647 | $ | 220,923 | $ | 1,128,724 | — | ||||||||
Interest rate swaps | $ | 10,308 | — | $ | 10,308 | — | |||||||||
Restricted cash | $ | 199,936 | — | $ | 199,936 | — | |||||||||
Available-for-sale securities | $ | 254,388 | — | $ | 254,388 | — | |||||||||
Liabilities: | |||||||||||||||
Redemption Note | $ | 1,936,443 | — | $ | 1,936,443 | — | |||||||||
As of March 31, 2014 and December 31, 2013, approximately 63% and 91% of the Company’s cash equivalents categorized as Level 2 were deposits held in foreign currencies, respectively. | |||||||||||||||
Recently Issued Accounting Standards | |||||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the presentation requirements of an unrecognized tax benefit when a loss or other carryforward exists. The update would require the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. The effective date for this update is for the annual and interim periods beginning after December 15, 2013. The adoption of this update prospectively during the quarter resulted in the presentation of unrecognized tax benefits of $29.3 million previously reflected in other long-term liabilities to be classified in long-term deferred income taxes, net, in the Condensed Consolidated Balance Sheet, at March 31, 2014. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Earnings Per Share | ||||||||
Basic earnings per share (“EPS”) is computed by dividing net income attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued. Potentially dilutive securities include outstanding stock options and unvested restricted stock. | ||||||||
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income attributable to Wynn Resorts, Ltd. | $ | 226,896 | $ | 202,963 | ||||
Denominator: | ||||||||
Weighted average common shares outstanding | 100,822 | 100,237 | ||||||
Potential dilutive effect of stock options and restricted stock | 1,187 | 1,136 | ||||||
Weighted average common and common equivalent shares outstanding | 102,009 | 101,373 | ||||||
Net income attributable to Wynn Resorts, Ltd. per common share, basic | $ | 2.25 | $ | 2.02 | ||||
Net income attributable to Wynn Resorts, Ltd. per common share, diluted | $ | 2.22 | $ | 2 | ||||
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | — | 659 | ||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||
Accumulated Other Comprehensive Income | ||||||||||||
The following table presents the changes by component, net of tax and noncontrolling interest, in accumulated other comprehensive income of the Company (in thousands): | ||||||||||||
Foreign | Unrealized | Accumulated | ||||||||||
currency | gain on | other | ||||||||||
translation | securities | comprehensive | ||||||||||
income | ||||||||||||
31-Dec-13 | $ | 2,874 | $ | 39 | $ | 2,913 | ||||||
Current period other comprehensive (loss) gain | (438 | ) | 53 | (385 | ) | |||||||
31-Mar-14 | $ | 2,436 | $ | 92 | $ | 2,528 | ||||||
For the three months ended March 31, 2014, there were no amounts reclassified from accumulated other comprehensive income. |
Investment_Securities
Investment Securities | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||||||||||
Investment securities consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair value | Amortized | Gross | Gross | Fair value | |||||||||||||||||||||||||
cost | unrealized | unrealized | (net | cost | unrealized | unrealized | (net | |||||||||||||||||||||||||
gains | losses | carrying | gains | losses | carrying | |||||||||||||||||||||||||||
amount) | amount) | |||||||||||||||||||||||||||||||
Domestic and foreign corporate bonds | $ | 214,802 | $ | 164 | $ | (76 | ) | $ | 214,890 | $ | 221,418 | $ | 140 | $ | (124 | ) | $ | 221,434 | ||||||||||||||
Commercial paper | 39,930 | 13 | (10 | ) | 39,933 | 32,941 | 16 | (3 | ) | 32,954 | ||||||||||||||||||||||
$ | 254,732 | $ | 177 | $ | (86 | ) | $ | 254,823 | $ | 254,359 | $ | 156 | $ | (127 | ) | $ | 254,388 | |||||||||||||||
For investments with unrealized losses as of March 31, 2014 and December 31, 2013, the Company has determined that (i) it does not have the intent to sell any of these investments, and (ii) it is not likely that the Company will be required to sell these investments prior to the recovery of the amortized cost. Accordingly, the Company has determined that no other-than-temporary impairments exist at the reporting dates. | ||||||||||||||||||||||||||||||||
The Company obtains pricing information in determining the fair value of its available-for-sale securities from independent pricing vendors. Based on management’s inquiries, the pricing vendors use various pricing models consistent with what other market participants would use. The assumptions and inputs used by the pricing vendors are derived from market observable sources including: reported trades, broker/dealer quotes, issuer spreads, benchmark curves, bids, offers and other market-related data. The Company has not made adjustments to such prices. Each quarter, the Company validates the fair value pricing methodology to determine the fair value is consistent with applicable accounting guidance and to confirm that the securities are classified properly in the fair value hierarchy. The Company compares the pricing received from its vendors to independent sources for the same or similar securities. | ||||||||||||||||||||||||||||||||
The fair value of these investment securities at March 31, 2014, by contractual maturity, are as follows (in thousands): | ||||||||||||||||||||||||||||||||
Fair value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 218,876 | ||||||||||||||||||||||||||||||
Due after one year through two years | 35,947 | |||||||||||||||||||||||||||||||
$ | 254,823 | |||||||||||||||||||||||||||||||
Receivables_net
Receivables, net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables, net | ' | |||||||
Receivables, net | ||||||||
Receivables, net consisted of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Casino | $ | 221,597 | $ | 252,998 | ||||
Hotel | 18,176 | 15,386 | ||||||
Retail leases and other | 53,605 | 47,539 | ||||||
293,378 | 315,923 | |||||||
Less: allowance for doubtful accounts | (62,688 | ) | (73,991 | ) | ||||
$ | 230,690 | $ | 241,932 | |||||
Property_and_Equipment_net
Property and Equipment, net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment, net | ' | |||||||
Property and Equipment, net | ||||||||
Property and equipment, net consisted of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Land and improvements | $ | 733,495 | $ | 733,233 | ||||
Buildings and improvements | 3,872,997 | 3,883,442 | ||||||
Airplanes | 135,040 | 135,040 | ||||||
Furniture, fixtures and equipment | 1,695,071 | 1,686,522 | ||||||
Leasehold interests in land | 316,416 | 316,550 | ||||||
Construction in progress | 717,417 | 558,624 | ||||||
7,470,436 | 7,313,411 | |||||||
Less: accumulated depreciation | (2,434,006 | ) | (2,378,962 | ) | ||||
$ | 5,036,430 | $ | 4,934,449 | |||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt consisted of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Wynn Macau Senior Term Loan, due July 31, 2017 and July 31, 2018; interest at LIBOR or HIBOR plus 1.75%—2.50%, net of original issue discount of $4,631 at March 31, 2014 and $4,900 at December 31, 2013 | $ | 947,986 | $ | 948,028 | ||||
5 1/4% Wynn Macau, Limited Senior Notes, due October 15, 2021, including original issue premium of $5,606 at March 31, 2014 and none at December 31, 2013 | 1,355,606 | 600,000 | ||||||
7 7/8% Wynn Las Vegas First Mortgage Notes, due May 1, 2020, net of original issue discount of $1,418 at March 31, 2014 and $1,463 at December 31, 2013 | 350,592 | 350,547 | ||||||
7 3/4% Wynn Las Vegas First Mortgage Notes, due August 15, 2020 | 1,308,000 | 1,320,000 | ||||||
5 3/8% Wynn Las Vegas First Mortgage Notes, due March 15, 2022 | 900,000 | 900,000 | ||||||
4 1/4% Wynn Las Vegas Senior Notes, due May 30, 2023 | 500,000 | 500,000 | ||||||
Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2% | 1,936,443 | 1,936,443 | ||||||
$42 million Note Payable, due April 1, 2017; interest at LIBOR plus 1.25% | 32,200 | 32,550 | ||||||
7,330,827 | 6,587,568 | |||||||
Less: current portion of long-term debt | (1,050 | ) | (1,050 | ) | ||||
$ | 7,329,777 | $ | 6,586,518 | |||||
5 1/4% Wynn Macau, Limited Senior Notes due 2021 | ||||||||
On March 20, 2014, Wynn Macau, Limited (“WML”), an indirect subsidiary of Wynn Resorts, Limited, issued $750 million aggregate principal amount of 5 1/4% Senior Notes due 2021 (the “Additional 2021 Notes”), which were consolidated and form a single series with the $600 million aggregate principal amount of 5 1/4% Senior Notes due 2021 issued by WML on October 16, 2013 (the “Original 2021 Notes” and together with the “Additional 2021 Notes”, the “2021 Notes”). WML received net proceeds of approximately $748.8 million after adding the original issue premium and deducting commissions and estimated expenses of the offering. WML will use the net proceeds for working capital requirements and general corporate purposes. | ||||||||
The Additional 2021 Notes have the same terms and conditions as those of the Original 2021 Notes. The 2021 Notes will bear interest at the rate of 5 1/4% per annum and will mature on October 15, 2021. Interest on the 2021 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, beginning on April 15, 2014. At any time on or before October 14, 2016, WML may redeem the 2021 Notes, in whole or in part, at a redemption price equal to the greater of (a) 100% of the aggregate principal amount of the 2021 Notes or (b) a “make-whole” amount as determined by an independent investment banker in accordance with the terms of the WML Indenture, in either case, plus accrued and unpaid interest. In addition, on or after October 15, 2016, WML may redeem the 2021 Notes, in whole or in part, at a premium decreasing annually from 103.94% of the principal amount to zero, plus accrued and unpaid interest. If WML undergoes a Change of Control (as defined in the WML Indenture), it must offer to repurchase the 2021 Notes at a price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest. In addition, the Company may redeem the 2021 Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, in response to any change in or amendment to certain tax laws or tax positions. Further, if a holder or beneficial owner of the 2021 Notes fails to meet certain requirements imposed by any Gaming Authority (as defined in the WML Indenture), WML may require the holder or beneficial owner to dispose of or redeem its 2021 Notes. | ||||||||
The 2021 Notes are WML’s general unsecured obligations and rank pari passu in right of payment with all of WML’s existing and future senior unsecured indebtedness; will rank senior to all of WML’s future subordinated indebtedness, if any; will be effectively subordinated to all of WML’s future secured indebtedness to the extent of the value of the assets securing such debt; and will be structurally subordinated to all existing and future obligations of WML’s subsidiaries, including Wynn Macau, S.A.’s existing credit facilities. The 2021 Notes are not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the 2021 Notes are subject to restrictions on transferability and resale. | ||||||||
The WML Indenture contains covenants limiting WML’s (and certain of its subsidiaries’) ability to, among other things: merge or consolidate with another company; transfer or sell all or substantially all of its properties or assets; and lease all or substantially all of its properties or assets. The terms of the WML Indenture contain customary events of default, including, but not limited to: default for 30 days in the payment when due of interest on the 2021 Notes; default in the payment when due of the principal of, or premium, if any, on the 2021 Notes; failure to comply with any payment obligations relating to the repurchase by WML of the 2021 Notes upon a change of control; failure to comply with certain covenants in the WML Indenture; certain defaults on certain other indebtedness; failure to pay judgments against WML or certain subsidiaries that, in the aggregate, exceed $50 million; and certain events of bankruptcy or insolvency. In the case of an event of default arising from certain events of bankruptcy or insolvency, all 2021 Notes then outstanding will become due and payable immediately without further action or notice. | ||||||||
7 3/4% Wynn Las Vegas First Mortgage Notes due 2020 | ||||||||
During the first quarter of 2014, Wynn Las Vegas, LLC repurchased and canceled $12.0 million in principal plus interest of its 7 3/4% first mortgage notes due August 15, 2020 through an open market transaction. The Company incurred $1.5 million in expenses associated primarily with the premium paid for the repurchases and unamortized deferred financing costs included in loss on extinguishment of debt in the accompanying Condensed Consolidated Statements of Income. | ||||||||
Wynn Macau Credit Facilities | ||||||||
The Company's credit facilities consist of a $950 million equivalent fully funded senior secured term loan facility (the "Wynn Macau Senior Term Loan") and a $1.55 billion equivalent senior secured revolving credit facility (the "Wynn Macau Senior Revolving Credit Facility" and together with the Wynn Macau Senior Term Loan, the "Wynn Macau Credit Facilities"). As of March 31, 2014, there were no amounts outstanding under the Wynn Macau Senior Revolving Credit Facility. | ||||||||
Debt Covenant Compliance | ||||||||
As of March 31, 2014, management believes the Company was in compliance with all debt covenants. | ||||||||
Fair Value of Long-Term Debt | ||||||||
The estimated fair value of the Company's long-term debt, excluding the Redemption Note, as of March 31, 2014 and December 31, 2013, was approximately $5.6 billion and $4.8 billion, respectively, compared to its carrying value of $5.4 billion and $4.7 billion, respectively. The estimated fair value of the Company's long-term debt, excluding the Redemption Note, is based on recent trades, if available, and indicative pricing from market information (level 2 inputs). See Note 2 "Summary of Significant Accounting Policies" for discussion on the estimated fair value of the Redemption Note. |
Interest_Rate_Swaps
Interest Rate Swaps | 3 Months Ended |
Mar. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Interest Rate Swaps | ' |
Interest Rate Swaps | |
The Company has entered into floating-for-fixed interest rate swap arrangements in order to manage interest rate risk relating to certain of its debt facilities. These interest rate swap agreements modify the Company’s exposure to interest rate risk by converting a portion of the Company’s floating-rate debt to a fixed rate. These interest rate swaps essentially fix the interest rate at the percentages noted below; however, changes in the fair value of the interest rate swaps for each reporting period have been recorded as an increase/decrease in swap fair value in the accompanying Condensed Consolidated Statements of Income, as the interest rate swaps do not qualify for hedge accounting. | |
The Company utilized Level 2 inputs as described in Note 2 “Summary of Significant Accounting Policies” to determine fair value. The fair value approximates the amount the Company would pay if these contracts were settled at the respective valuation dates. Fair value is estimated based upon current, and predictions of future, interest rate levels along a yield curve, the remaining duration of the instruments and other market conditions, and therefore, is subject to significant estimation and a high degree of variability and fluctuation between periods. The fair value is adjusted, to reflect the impact of credit ratings of the counterparties or the Company, as applicable. These adjustments resulted in a reduction in the fair values as compared to their settlement values. As of March 31, 2014 and December 31, 2013, the interest rate swaps were recorded as an asset of $11.1 million and $10.3 million, respectively, and included in deposits and other assets. | |
The Company currently has three interest rate swap agreements intended to hedge a portion of the underlying interest rate risk on borrowings under the Wynn Macau Senior Term Loan. Under two of the swap agreements, the Company pays a fixed interest rate (excluding the applicable interest margin) of 0.73% on notional amounts corresponding to borrowings of HK$3.95 billion (approximately $509.4 million) incurred under the Wynn Macau Senior Term Loan in exchange for receipts on the same amount at a variable interest rate based on the applicable HIBOR at the time of payment. These interest rate swaps fix the all-in interest rate on such amounts at 2.48% to 3.23%. These interest rate swap agreements mature in July 2017. | |
Under the third swap agreement, the Company pays a fixed interest rate (excluding the applicable interest margin) of 0.68% on notional amounts corresponding to borrowings of $243.8 million incurred under the Wynn Macau Senior Term Loan in exchange for receipts on the same amount at a variable-rate based on the applicable LIBOR at the time of payment. This interest rate swap fixes the all-in interest rate on such amounts at 2.43% to 3.18%. This interest rate swap agreement matures in July 2017. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Amounts Due to Officers | |
The Company periodically provides services to Stephen A. Wynn, Chairman of the Board of Directors and Chief Executive Officer (“Mr. Wynn”), and certain other officers and directors of the Company, including the personal use of employees, construction work and other personal services. Mr. Wynn and other officers and directors have deposits with the Company to prepay any such items, which are replenished on an ongoing basis as needed. As of March 31, 2014 and December 31, 2013, Mr. Wynn and the other officers and directors had a net deposit balance with the Company of approximately $1.6 million and $0.8 million, respectively. | |
Villa Lease | |
Mr. Wynn currently leases from Wynn Las Vegas a villa which serves as Mr. Wynn’s personal residence. The restated lease agreement and amendments (“SW Lease”) were approved by the Audit Committee of the Board of Directors of Wynn Resorts. Pursuant to the SW Lease, Mr. Wynn pays Wynn Las Vegas annual rent for the villa of $525,000, which amount was determined to be the fair market value of the accommodations based on a third-party appraisal. In addition, pursuant to the SW Lease, Wynn Las Vegas pays for all capital improvements to the villa. The rental value for the villa will be re-determined every two years during the term of the SW Lease by the Audit Committee, with the current rent rate effective through February 28, 2015. Certain services for, and maintenance of, the villa are included in the annual rent. | |
Aircraft Purchase Option Agreement | |
On January 3, 2013, the Company and Mr. Wynn entered into an agreement pursuant to which Mr. Wynn agreed to terminate a previously granted option to purchase an approximately two acre tract of land located on the Wynn Las Vegas golf course and, in return, the Company granted Mr. Wynn the right to purchase any or all of the aircraft owned by the Company or its direct wholly owned subsidiaries. The aircraft purchase option is exercisable upon 30 days written notice and at a price equal to the book value of such aircraft, and will terminate on the date of termination of the employment agreement between the Company and Mr. Wynn, which expires in October 2020. | |
The “Wynn” Surname Rights Agreement | |
On August 6, 2004, the Company entered into agreements with Mr. Wynn that confirm and clarify the Company’s rights to use the “Wynn” name and Mr. Wynn’s persona in connection with its casino resorts. Under the parties’ Surname Rights Agreement, Mr. Wynn granted the Company an exclusive, fully paid-up, perpetual, worldwide license to use, and to own and register trademarks and service marks incorporating the “Wynn” name for casino resorts and related businesses, together with the right to sublicense the name and marks to its affiliates. Under the parties’ Rights of Publicity License, Mr. Wynn granted the Company the exclusive, royalty-free, worldwide right to use his full name, persona and related rights of publicity for casino resorts and related businesses, together with the ability to sublicense the persona and publicity rights to its affiliates, until October 24, 2017. |
Property_Charges_and_Other
Property Charges and Other | 3 Months Ended |
Mar. 31, 2014 | |
Other Income and Expenses [Abstract] | ' |
Property Charges and Other | ' |
Property Charges and Other | |
Property charges and other generally include costs related to the retirement of assets for remodels and asset abandonments. Property charges and other for the three months ended March 31, 2014 and 2013 were $9.9 million and $5.3 million, respectively. During the first quarter 2014, the Company incurred property charges primarily associated with the renovation of approximately 27,000 square feet of casino space at Wynn Macau for new VIP gaming rooms. The Company expects to complete this renovation before Chinese New Year of 2015. Property charges for the three months ended March 31, 2013 were primarily from miscellaneous renovations and abandonments at our resorts. |
Noncontrolling_Interest
Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2014 | |
Noncontrolling Interest [Abstract] | ' |
Noncontrolling Interest | ' |
Noncontrolling Interest | |
In October 2009, Wynn Macau, Limited, an indirect wholly owned subsidiary of the Company and the developer, owner and operator of Wynn Macau, listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited. Through an initial public offering, including the over allotment, Wynn Macau, Limited sold 1,437,500,000 shares (27.7%) of this subsidiary’s common stock. The shares of Wynn Macau, Limited were not and will not be registered under the Securities Act and may not be offered or sold in the United States absent a registration under the Securities Act, or an applicable exception from such registration requirements. Net income attributable to noncontrolling interest was $76.1 million and $69.2 million for the three months ended March 31, 2014 and 2013, respectively. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Stock-Based Compensation | ' | |||||||
Stock-Based Compensation | ||||||||
The total compensation cost relating both to stock options and nonvested stock is allocated as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Casino | $ | 1,256 | $ | 1,813 | ||||
Rooms | — | 220 | ||||||
Food and beverage | 26 | 299 | ||||||
Entertainment, retail and other | — | 117 | ||||||
General and administrative | 2,639 | (1,327 | ) | |||||
Total stock-based compensation expense | 3,921 | 1,122 | ||||||
Total stock-based compensation capitalized | 5,535 | 48 | ||||||
Total stock-based compensation costs | $ | 9,456 | $ | 1,170 | ||||
During the first quarter of 2014, the Company capitalized $5.5 million of stock-based compensation into construction for a restricted stock award granted which immediately vested. The restricted stock award was granted to an employee of the Company's design, development and construction subsidiary and will be amortized over the useful life of the related asset. | ||||||||
During the first quarter of 2013, the Company reversed stock-based compensation expense allocated to general and administrative related to restricted stock granted in 2008 and 2011 with an average nine year cliff vest provision that were modified and forfeited during the first quarter of 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Cotai Development and Land Concession Contract | |
The Company is currently constructing Wynn Palace, a fully integrated resort containing a 1,700-room hotel, performance lake, meeting space, casino, spa, retail and food and beverage outlets. | |
In September 2011, Wynn Resorts (Macau) S.A. and Palo Real Estate Company Limited (“Palo”), each an indirect subsidiary of Wynn Macau Limited, formally accepted the terms and conditions of a draft land concession contract from the Macau government for approximately 51 acres of land in the Cotai area of Macau. On May 2, 2012, the land concession contract was gazetted by the government of Macau evidencing the final step in the granting of the land concession. The initial term of the land concession contract is 25 years from May 2, 2012, and it may be renewed with government approval for successive periods. The total land premium payable, including interest as required by the land concession contract, is $193.4 million. An initial payment of $62.5 million was paid in December 2011, with eight additional semi-annual payments of approximately $16.4 million each (which includes interest at 5%) due beginning November 2012. As of March 31, 2014 and December 31, 2013, the Company has recorded this obligation and related asset with $29.3 million included as a current liability and $46.8 million included as a long-term liability. The Company is also required to make annual lease payments of $0.8 million during the resort construction period and annual payments of approximately $1.1 million once the development is completed. | |
On July 29, 2013, Wynn Macau, S.A. and Palo finalized and executed a guaranteed maximum price construction (“GMP”) contract with Leighton Contractors (Asia) Limited, acting as the general contractor. Under the GMP contract, the general contractor is responsible for both the design and construction of the Wynn Palace project. The general contractor is obligated to substantially complete the project in the first half of 2016 for a guaranteed maximum price of HK$20 billion (approximately US$2.57 billion). An early completion bonus for achievement of substantial completion on or before January 25, 2016 will be paid to the general contractor if certain conditions are satisfied under the GMP contract. Both the contract time and guaranteed maximum price are subject to further adjustment under certain specified conditions. The performance of the general contractor is backed by a full completion guarantee given by Leighton Holdings Limited, the parent company of the general contractor, as well as a performance bond for 5% of the guaranteed maximum price. | |
As of March 31, 2014, the Company incurred approximately $866.7 million of the $4.0 billion in total project budget costs. The total project budget includes all construction costs, capitalized interest, pre-opening expenses, land costs and financing fees. The Company continues to remain on schedule for an opening in the first half of 2016. | |
Litigation | |
In addition to the actions noted below, the Company’s affiliates are involved in litigation arising in the normal course of business. In the opinion of management, such litigation is not expected to have a material effect on the Company’s financial condition, results of operations or cash flows. | |
Atlantic-Pacific Capital | |
On May 3, 2010, Atlantic-Pacific Capital, Inc. (“APC”) filed an arbitration demand with JAMS, a private alternative dispute resolution provider, regarding an agreement with the Company. The action concerns a claim for compensation pursuant to an agreement entered into between APC and the Company on or about March 30, 2009, whereby APC was engaged to raise private equity capital for a specific investment vehicle to be sponsored by the Company. The investment vehicle was never formed. The Company has denied APC’s claims for compensation. After APC's demand in early 2010, the Company filed a Complaint for Damages and Declaratory Relief against APC in the Eighth Judicial District Court, Clark County, Nevada, on May 10, 2010, which APC removed to the United States District Court, District of Nevada. In March 2011, the District Court denied APC’s motion to compel arbitration, and dismissed the action. APC appealed, and on November 13, 2012, the United States Court of Appeals for the Ninth Circuit reversed the District Court and compelled arbitration. The arbitration hearing took place during April 2014. The Arbitrator ordered the submission of post-hearing briefs, with the final brief due on or before June 12, 2014, and is expected to enter a decision within 30 days thereafter. Management maintains its belief that APC’s claims against the Company are without merit, and the Company intends to continue to defend this matter vigorously. | |
Determination of Unsuitability and Redemption of Aruze USA, Inc. and Affiliates | |
On February 18, 2012, Wynn Resorts’ Gaming Compliance Committee received an independent report by Freeh, Sporkin & Sullivan, LLP (the “Freeh Report”) detailing a pattern of misconduct by Aruze USA, Inc. (at the time a stockholder of Wynn Resorts), Universal Entertainment Corporation (Aruze USA, Inc.’s parent company), and Kazuo Okada (the majority shareholder of Universal Entertainment Corporation and a former member of the Board of Directors of Wynn Resorts and Wynn Macau, Limited) (collectively, the “Okada Parties”). The factual record presented in the Freeh Report included evidence that the Okada Parties had provided valuable items to certain foreign gaming officials who were responsible for regulating gaming in a jurisdiction in which entities controlled by Mr. Okada were developing a gaming resort. Mr. Okada denied the impropriety of such conduct to members of the Board of Directors of Wynn Resorts and, while serving as one of the Company’s directors, Mr. Okada refused to acknowledge or abide by Wynn Resorts’ anti-bribery policies and refused to participate in the training all other directors received concerning these policies. | |
Based on the Freeh Report, the Board of Directors of Wynn Resorts determined that the Okada Parties are “unsuitable persons” under Article VII of the Company’s articles of incorporation. The Board of Directors was unanimous (other than Mr. Okada) in its determination. After authorizing the redemption of the Aruze shares, as discussed below, the Board of Directors took certain actions to protect the Company and its operations from any influence of an unsuitable person, including placing limitations on the provision of certain operating information to unsuitable persons and formation of an Executive Committee of the Board to manage the business and affairs of the Company during the period between each annual meeting. The Charter of the Executive Committee provides that “Unsuitable Persons” are not permitted to serve on the Committee. All members of the Board, other than Mr. Okada, were appointed to the Executive Committee on February 18, 2012. The Board of Directors also requested that Mr. Okada resign as a director of Wynn Resorts (under Nevada corporation law, a board of directors does not have the power to remove a director) and recommended that Mr. Okada be removed as a member of the Board of Directors of Wynn Macau, Limited. On February 18, 2012, Mr. Okada was removed from the Board of Directors of Wynn Las Vegas Capital Corp., an indirect wholly owned subsidiary of Wynn Resorts. On February 24, 2012, Mr. Okada was removed from the Board of Directors of Wynn Macau, Limited and on February 22, 2013, he was removed from the Board of Directors of Wynn Resorts by a stockholder vote in which 99.6% of the over 86 million shares voted were cast in favor of removal. Mr. Okada resigned from the Board of Directors of Wynn Resorts on February 21, 2013. Although the Company has retained the structure of the Executive Committee, the Board has resumed its past role in managing the business and affairs of the Company. | |
Based on the Board of Directors’ finding of “unsuitability,” on February 18, 2012, Wynn Resorts redeemed and canceled Aruze USA, Inc.’s 24,549,222 shares of Wynn Resorts’ common stock. Following a finding of “unsuitability,” Article VII of Wynn Resorts’ articles of incorporation authorizes redemption at “fair value” of the shares held by unsuitable persons. The Company engaged an independent financial adviser to assist in the fair value calculation and concluded that a discount to the then current trading price was appropriate because of, among other things, restrictions on most of the shares held by Aruze USA, Inc. under the terms of the Stockholders Agreement (as defined below). Pursuant to its articles of incorporation, Wynn Resorts issued the Redemption Note to Aruze USA, Inc. in redemption of the shares. The Redemption Note has a principal amount of $1.94 billion, matures on February 18, 2022, and bears interest at the rate of 2% per annum, payable annually in arrears on each anniversary of the date of the Redemption Note. The Company may, in its sole and absolute discretion, at any time and from time to time, and without penalty or premium, prepay the whole or any portion of the principal or interest due under the Redemption Note. In no instance shall any payment obligation under the Redemption Note be accelerated except in the sole and absolute discretion of Wynn Resorts or as specifically mandated by law. The indebtedness evidenced by the Redemption Note is and shall be subordinated in right of payment, to the extent and in the manner provided in the Redemption Note, to the prior payment in full of all existing and future obligations of Wynn Resorts or any of its affiliates in respect of indebtedness for borrowed money of any kind or nature. | |
The Company provided the Freeh Report to appropriate regulators and law enforcement agencies and has been cooperating with related investigations that such regulators and agencies have undertaken. The conduct of the Okada Parties and any resulting regulatory investigations could have adverse consequences to the Company and its subsidiaries. A finding by regulatory authorities that Mr. Okada violated anti-corruption statutes and/or other laws or regulations applicable to persons affiliated with a gaming licensee on Company property and/or otherwise involved the Company in criminal or civil violations could result in actions by regulatory authorities against the Company and its subsidiaries. | |
Redemption Action and Counterclaim | |
On February 19, 2012, Wynn Resorts filed a complaint in the Eighth Judicial District Court, Clark County, Nevada against the Okada Parties (as amended, the “Complaint”), alleging breaches of fiduciary duty and related claims (the “Redemption Action”) arising from the activities addressed in the Freeh Report. The Company is seeking compensatory and special damages as well as a declaration that it acted lawfully and in full compliance with its articles of incorporation, bylaws and other governing documents in redeeming and canceling the shares of Aruze, USA, Inc. | |
On March 12, 2012, the Okada Parties removed the action to the United States District Court for the District of Nevada (the action was subsequently remanded to Nevada state court). On that same date, the Okada Parties filed an answer denying the claims and a counterclaim (as amended, the “Counterclaim”) that purports to assert claims against the Company, each of the members of the Company’s Board of Directors (other than Mr. Okada) and Wynn Resorts’ General Counsel (the “Wynn Parties”). The Counterclaim alleges, among other things: (1) that the shares of Wynn Resorts common stock owned by Aruze USA, Inc. were exempt from the redemption-for-unsuitability provisions in the Wynn Resorts articles of incorporation (the “Articles”) pursuant to certain agreements executed in 2002; (2) that the Wynn Resorts directors who authorized the redemption of Aruze USA, Inc.’s shares acted at the direction of Stephen A. Wynn and did not independently and objectively evaluate the Okada Parties’ suitability, and by so doing, breached their fiduciary duties; (3) that the Wynn Resorts directors violated the terms of the Wynn Resorts Articles by failing to pay Aruze USA, Inc. fair value for the redeemed shares; and (4) that the terms of the Redemption Note that Aruze USA, Inc. received in exchange for the redeemed shares, including the Redemption Note’s principal amount, duration, interest rate, and subordinated status, were unconscionable. Among other relief, the Counterclaim seeks a declaration that the redemption of Aruze USA, Inc.’s shares was void, an injunction restoring Aruze USA, Inc.’s share ownership, damages in an unspecified amount and rescission of the Amended and Restated Stockholders Agreement, dated as of January 6, 2010, by and among Aruze USA, Inc., Stephen A. Wynn, and Elaine Wynn (the “Stockholders Agreement”). | |
On June 19, 2012, Elaine Wynn asserted a cross claim against Stephen A. Wynn and Aruze USA, Inc. seeking a declaration that (1) any and all of Elaine Wynn’s duties under the Stockholders Agreement be discharged; (2) the Stockholders Agreement is subject to rescission and is rescinded; (3) the Stockholders Agreement is an unreasonable restraint on alienation in violation of public policy; and/or (4) the restrictions on sale of shares shall be construed as inapplicable to Elaine Wynn. The indentures for Wynn Las Vegas, LLC's 7 7/8% first mortgage notes due 2020, 7 3/4% first mortgage notes due 2020 (together, the "2020 Indentures") and the indenture for Wynn Las Vegas, LLC's 4 1/4% Senior Notes due 2023 (the "2023 Indenture," and, together with the 2020 Indentures, the "Indentures") provide that if Stephen A. Wynn, together with certain related parties, in the aggregate beneficially owns a lesser percentage of the outstanding common stock of the Company than are beneficially owned by any other person, a change of control will have occurred. The indentures for Wynn Las Vegas, LLC's 5 3/8% first mortgage notes due 2022 (the "2022 Indenture") provides that if any event constitutes a "change of control" under the 2020 Indentures, it will constitute a change of control under the 2022 Indenture. If Elaine Wynn prevails in her cross claim, Stephen A. Wynn would not beneficially own or control Elaine Wynn’s shares and a change in control may result under the Wynn Las Vegas debt documents. Under the 2020 Indentures and the 2022 Indenture, the occurrence of a change of control requires that the Company make an offer to each holder to repurchase all or any part of such holder’s notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest on the notes purchased, if any, to the date of repurchase (unless the notes have been previously called for redemption). Under the 2023 Indenture, if a change of control occurs and within 60 days after that occurrence the 4 1/4% Senior Notes due 2023 are rated below investment grade by both rating agencies that rate such notes, the Company is required to make an offer to each holder to repurchase all or any part of such holder’s notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest on the notes purchased, if any, to the date of repurchase (unless the notes have been previously called for redemption). Mr. Wynn is opposing Ms. Wynn’s cross claim. | |
The Company’s Complaint and the Okada Parties’ Counterclaim have been, and continue to be, challenged through motion practice. At a hearing held on November 13, 2012, the Nevada state court granted the Wynn Parties’ motion to dismiss the Counterclaim with respect to the Okada Parties’ claim under the Nevada Racketeer Influenced and Corrupt Organizations Act with respect to certain Company executives but otherwise denied the motion. At a hearing held on January 15, 2013, the court denied the Okada Parties’ motion to dismiss the Company’s Complaint. On April 22, 2013, the Company filed a second amended complaint. On August 30, 2013, the Okada Parties filed their third amended Counterclaim. On September 18, 2013, the Company filed a Partial Motion to Dismiss related to a claim in the third amended Counterclaim alleging civil extortion by Mr. Wynn and the Company’s General Counsel. On October 29, 2013, the court granted the motion and dismissed the claim. On November 26, 2013, the Okada Parties filed their fourth amended Counterclaim, and the Company filed an answer to that pleading on December 16, 2013. | |
On each of February 14, 2013, and February 13, 2014, the Company issued a check to Aruze USA, Inc. in the amount of $38.7 million, representing the interest payments due on the Redemption Note at those times. However, those checks were not cashed. The parties engaged in discussions regarding the terms of an escrow agreement in accordance with a prior court order. However, in February 2014, the Okada Parties advised of their intent to deposit any checks for interest and principal, past and future, due under the terms of the Redemption Note to the Clerk of the Court for deposit into the Clerk’s Trust Account. On March 17, 2014, the parties stipulated that the checks be returned to the Company for reissue in the same amounts, payable to the Clerk of the Court for deposit into the Clerk's Trust Account. Pursuant to the stipulation, on March 20, 2014, the Company delivered to the Clerk of the Court the reissued checks for deposit into the Clerk's Trust Account and filed a Notice with the Court with respect to the same. | |
On April 8, 2013, the United States Attorney’s Office and the U.S. Department of Justice filed a Motion to Intervene and for Temporary and Partial Stay of Discovery in the Redemption Action. The parties had been engaged in discovery at the time of the filing. The motion stated that the federal government has been conducting a criminal investigation of the Okada Parties involving the “same underlying allegations of misconduct-that is, potential violations of the Foreign Corrupt Practice Act and related fraudulent conduct-that form the basis of” the Company’s complaint, as amended, in the Redemption Action. The motion sought to stay all discovery in the Redemption Action related to the Okada Parties’ allegedly unlawful activities in connection with their casino project in the Philippines until the conclusion of the criminal investigation and any resulting criminal prosecution, with an interim status update to the court in six months. At a hearing on May 2, 2013, the court granted the motion and ordered that all discovery in the Redemption Action be stayed for a period of six months (the “Stay”). On May 30, 2013, Elaine Wynn filed a motion for partial relief from the Stay, to allow her to conduct limited discovery related to her cross and counterclaims. The Wynn Parties opposed the motion so as to not interfere with the United States government’s investigation. At a hearing on August 1, 2013, the court denied the motion. On October 29, 2013, the United States Attorney’s Office and the U.S. Department of Justice filed a Motion to Extend the Stay for a further period of six months. At a hearing on October 31, 2013, the court granted the requested extension based upon an affidavit provided under seal that outlined, among other things, concerns for witness safety. The court did, however, order the parties to exchange written discovery propounded prior to May 2, 2013, including discovery related to the Elaine Wynn cross and counterclaims referred to above. The extended Stay expired on May 5, 2014. On April 29, 2014, the United States Attorney's Office and the U.S. Department of Justice filed a Motion for a Second Extension of Temporary Stay of Discovery for a further six months. At a hearing on May 1, 2014, the court denied the motion. | |
The Company will continue to vigorously pursue its claims against the Okada Parties, and the Company and the Wynn Parties will continue to vigorously defend against the counterclaims asserted against them. The Company’s claims and the Okada Parties’ counterclaims remain in an early stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. An adverse judgment or settlement involving payment of a material amount could cause a material adverse effect on our financial condition. | |
Litigation Commenced by Kazuo Okada | |
Japan Action: | |
On August 28, 2012, Mr. Okada, Universal Entertainment Corporation and Okada Holdings (“Okada Japan Parties”) filed a complaint in Tokyo District Court against the Company, all members of the Board of Directors (other than Mr. Okada) and the Company’s General Counsel (the “Wynn Parties”), alleging that the press release issued by the Company with respect to the redemption has damaged plaintiffs’ social evaluation and credibility. The Okada Japan Parties seek damages and legal fees from the Wynn Parties. After asking the Okada Japan Parties to clarify the allegations in their complaint, the Wynn Parties objected to the jurisdiction of the Japanese court. On April 30, 2013, the Wynn Parties filed a memorandum in support of their jurisdictional position. On October 21, 2013, the court dismissed the action on jurisdictional grounds. On November 1, 2013, the Okada Japan Parties filed an appeal moving the matter to the Tokyo High Court. On April 24, 2014, a hearing took place, with a decision on the appeal expected in June, 2014. | |
Indemnification Action: | |
On March 20, 2013, Mr. Okada filed a complaint against the Company in Nevada state court for indemnification under the Company’s Articles, bylaws and agreements with its directors. The complaint sought advancement of Mr. Okada’s costs and expenses (including attorney’s fees) incurred pursuant to the various legal proceedings and related regulatory investigations described above. The Company’s answer and counterclaim was filed on April 15, 2013. The counterclaim named each of the Okada Parties as defendants and sought indemnification under the Company’s Articles for costs and expenses (including attorney’s fees) incurred pursuant to the various legal proceedings and related regulatory investigations described above. On April 30, 2013, Mr. Okada filed his reply to the counterclaim. On February 4, 2014, the court entered an order on the parties’ stipulation that: (1) dismissed all claims Mr. Okada asserted against the Company; (2) reserved Mr. Okada’s right to assert, in the future, any claims for indemnity following the resolution of the Redemption Action; and (3) stayed the claims asserted by the Company against Mr. Okada pending the resolution of the Redemption Action. | |
Management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this action or the range of reasonably possible loss, if any. | |
Related Investigations and Derivative Litigation | |
Investigations: | |
In the U.S. Department of Justice’s Motion to Intervene and for Temporary and Partial Stay of Discovery in the Redemption Action, the Department of Justice states in a footnote that the government also has been conducting a criminal investigation into the Company’s donation to the University of Macau discussed above. The Company has not received any target letter or subpoena in connection with such an investigation. The Company intends to cooperate fully with the government in response to any inquiry related to the donation to the University of Macau. | |
Other regulators may pursue separate investigations into the Company’s compliance with applicable laws arising from the allegations in the matters described above and in response to the Counterclaim and other litigation filed by Mr. Okada suggesting improprieties in connection with the Company’s donation to the University of Macau. While the Company believes that it is in full compliance with all applicable laws, any such investigations could result in actions by regulators against the Company. Prior investigations by the Nevada Gaming Control Board and SEC were closed with no actions taken. | |
Derivative Claims: | |
Six derivative actions were commenced against the Company and all members of its Board of Directors: four in the United States District Court, District of Nevada, and two in the Eighth Judicial District Court of Clark County, Nevada. | |
The four federal actions brought by the following plaintiffs have been consolidated: (1) The Louisiana Municipal Police Employees’ Retirement System, (2) Maryanne Solak, (3) Excavators Union Local 731 Welfare Fund, and (4) Boilermakers Lodge No. 154 Retirement Fund (collectively, the “Federal Plaintiffs”). | |
The Federal Plaintiffs filed a consolidated complaint on August 6, 2012, asserting claims for: (1) breach of fiduciary duty; (2) waste of corporate assets; (3) injunctive relief; and (4) unjust enrichment. The claims were against the Company and all Company directors, including Mr. Okada, however, the plaintiffs voluntarily dismissed Mr. Okada as a defendant in this consolidated action on September 27, 2012. The Federal Plaintiffs claimed that the individual defendants breached their fiduciary duties and wasted assets by: (a) failing to ensure the Company’s officers and directors complied with federal and state laws and the Company’s Code of Conduct; (b) voting to allow the Company’s subsidiary to make the donation to the University of Macau; and (c) redeeming Aruze USA, Inc.’s stock such that the Company incurs the debt associated with the redemption. The Federal Plaintiffs seek unspecified compensatory damages, restitution in the form of disgorgement, reformation of corporate governance procedures, an injunction against all future payments related to the donation/pledge, and all fees (attorneys, accountants, and experts) and costs. The directors responded to the consolidated complaint by filing a motion to dismiss on September 14, 2012. On February 1, 2013, the federal court dismissed the complaint for failure to plead adequately the futility of a pre-suit demand on the Board. The dismissal was without prejudice to the Federal Plaintiffs’ ability to file a motion within 30 days seeking leave to file an amended complaint. On April 9, 2013, the Federal Plaintiffs filed their amended complaint. The Company and the directors filed their motion to dismiss the amended complaint on May 23, 2013. On March 13, 2014, the federal court granted the motion to dismiss and entered judgment in favor of the Company and directors and against the Federal Plaintiffs without prejudice. On April 10, 2014, the Federal plaintiff's filed a notice of appeal to the United States Court of Appeals for the Ninth Circuit. | |
The two state court actions brought by the following plaintiffs have also been consolidated: (1) IBEW Local 98 Pension Fund and (2) Danny Hinson (collectively, the “State Plaintiffs”). Through a coordination of efforts by all parties, the directors and the Company (a nominal defendant) have been served in all of the actions. The State Plaintiffs filed a consolidated complaint on July 20, 2012 asserting claims for (1) breach of fiduciary duty; (2) abuse of control; (3) gross mismanagement; and (4) unjust enrichment. The claims are against the Company and all Company directors, including Mr. Okada, as well as the Company’s Chief Financial Officer, who signs financial disclosures filed with the SEC. The State Plaintiffs claim that the individual defendants failed to disclose to the Company’s stockholders the investigation into, and the dispute with director Okada as well as the alleged potential violations of the FCPA related to, the University of Macau Development Foundation donation. The State Plaintiffs seek unspecified monetary damages (compensatory and punitive), disgorgement, reformation of corporate governance procedures, an order directing the Company to internally investigate the donation, as well as attorneys’ fees and costs. On October 13, 2012, the court entered the parties’ stipulation providing for a stay of the state derivative action for 90 days, subject to the parties’ obligation to monitor the progress of the pending litigation, discussed above, between Wynn Resorts (among others) and Mr. Okada (among others). Per the stipulation, Wynn Resorts and the individual defendants were not required to respond to the consolidated complaint while the stay remained in effect. Following the expiration of the stay, the State Plaintiffs advised the Company and the individual defendants that they intended to resume the action by filing an amended complaint, which they did, on April 26, 2013. The Company and directors filed their motion to dismiss on June 10, 2013. However, on July 31, 2013, the parties agreed to a stipulation that was submitted to, and approved by the court. The stipulation contemplates a stay of the consolidated state court derivative action of equal duration as the Stay entered by the court in the Redemption Action. On February 5, 2014, the court entered a new stipulation between the parties that provides for a further stay of the state derivative action and directs the parties, within 30 days of the conclusion of the Stay in the Redemption Action, to discuss how the state derivative action should proceed and to file a joint report with the court. | |
The individual defendants are vigorously defending against the claims pleaded against them in the state derivative action. Management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this action or the range of reasonably possible loss, if any. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
For the three months ended March 31, 2014 and 2013, the Company recorded tax expense of $2.6 million and tax benefit of $5.1 million, respectively. The Company’s income tax expense for the three months ended March 31, 2014 is primarily related to an increase in the domestic valuation allowance for U.S. foreign tax credits that are not expected to provide a U.S. tax benefit in future years. The Company’s income tax benefit for the three months ended March 31, 2013 is primarily related to a decrease in deferred tax liabilities reduced by foreign taxes assessable on the dividends of Wynn Macau, S.A. and foreign tax provisions related to international marketing offices. Since June 30, 2010, the Company no longer considers its portion of the tax earnings and profits of Wynn Macau, Limited to be permanently invested. No additional U.S. tax provision has been made with respect to amounts not considered permanently invested as the Company anticipates that U.S. foreign tax credits should be sufficient to eliminate any U.S. tax provision relating to such repatriation. The Company has not provided deferred U.S. income taxes or foreign withholding taxes on temporary differences as these amounts are permanently reinvested. For the three months ended March 31, 2014 and 2013, the Company recognized income tax benefits related to excess tax deductions associated with stock compensation costs of $2.4 million and $1.2 million, respectively. | |
Wynn Macau, S.A. has received a 5-year exemption from Macau’s 12% Complementary Tax on casino gaming profits through December 31, 2015. Accordingly, the Company was exempted from the payment of $31.6 million and $26.5 million in such taxes during each of the three months ended March 31, 2014 and 2013. The Company’s non-gaming profits remain subject to the Macau Complementary Tax and casino winnings remain subject to the Macau Special Gaming tax and other levies together totaling 39% in accordance with its concession agreement. | |
In December 2013, the Company received notification that for the 2014 tax year it had been accepted for the Compliance Maintenance phase of the Internal Revenue Service (“IRS”) Compliance Assurance Program (“CAP”), which accelerates IRS examination of key transactions with the goal of resolving any issues before the taxpayer files its return. In the Compliance Maintenance phase, the IRS, at its discretion, may reduce the level of review of the taxpayer’s tax positions based on the complexity and number of issues, and the taxpayer’s history of compliance, cooperation and transparency in the CAP. | |
In February 2014, the Company received notification that the IRS completed its examination of the Company’s 2012 U.S. income tax return and had no changes. | |
In March 2013, the Financial Services Bureau commenced an examination of the 2009, 2010, and 2011 Macau income tax returns of Wynn Macau, S.A. Since the examination is in its initial stages, the Company is unable to determine if it will conclude within the next 12 months. The Company believes that its liability for uncertain tax positions is adequate with respect to these years. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
The Company monitors its operations and evaluates earnings by reviewing the assets and operations of its Macau Operations and its Las Vegas Operations. The Company’s total assets by segment are as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Assets | ||||||||
Macau Operations | $ | 4,828,933 | $ | 3,918,163 | ||||
Las Vegas Operations | 3,515,731 | 3,576,648 | ||||||
Corporate and other | 768,557 | 882,219 | ||||||
$ | 9,113,221 | $ | 8,377,030 | |||||
The Company’s segment information for its results of operations are as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net revenues | ||||||||
Macau Operations | $ | 1,132,698 | $ | 992,065 | ||||
Las Vegas Operations | 380,915 | 386,589 | ||||||
Total | $ | 1,513,613 | $ | 1,378,654 | ||||
Adjusted Property EBITDA (1) | ||||||||
Macau Operations | $ | 384,328 | $ | 330,711 | ||||
Las Vegas Operations | 110,288 | 120,357 | ||||||
Total | 494,616 | 451,068 | ||||||
Other operating costs and expenses | ||||||||
Pre-opening costs | 3,073 | 452 | ||||||
Depreciation and amortization | 76,659 | 92,518 | ||||||
Property charges and other | 9,934 | 5,346 | ||||||
Corporate expenses and other | 23,890 | 17,782 | ||||||
Stock-based compensation | 3,921 | 1,122 | ||||||
Equity in income from unconsolidated affiliates | 308 | 200 | ||||||
Total | 117,785 | 117,420 | ||||||
Operating income | 376,831 | 333,648 | ||||||
Non-operating costs and expenses | ||||||||
Interest income | 4,753 | 4,222 | ||||||
Interest expense, net of capitalized interest | (75,256 | ) | (75,377 | ) | ||||
Increase in swap fair value | 842 | 3,144 | ||||||
Loss on extinguishment of debt | (1,529 | ) | — | |||||
Equity in income from unconsolidated affiliates | 308 | 200 | ||||||
Other | (297 | ) | 1,165 | |||||
Total | (71,179 | ) | (66,646 | ) | ||||
Income before income taxes | 305,652 | 267,002 | ||||||
(Provision) benefit for income taxes | (2,609 | ) | 5,142 | |||||
Net income | $ | 303,043 | $ | 272,144 | ||||
-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. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On May 1, 2014 the Company announced a cash dividend of $1.25 per share of its outstanding common stock. The cash dividend will be payable on May 29, 2014 to stockholders of record on May 15, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||
Principles of Consolidation | ' | ||||||||||||||
Principles of Consolidation | |||||||||||||||
The accompanying condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. Investments in the 50%-owned joint ventures operating the Ferrari and Maserati automobile dealership and the Brioni mens’ retail clothing store inside Wynn Las Vegas are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements for the previous years have been reclassified to be consistent with the current year presentation. These reclassifications had no effect on the previously reported net income. | |||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||
Cash and Cash Equivalents | |||||||||||||||
Cash and cash equivalents are comprised of highly liquid investments with original maturities of three months or less and include both U.S. dollar-denominated and foreign currency-denominated securities. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents of $1,583.0 million and $1,349.6 million at March 31, 2014 and December 31, 2013, respectively, were invested in bank time deposits, money market accounts, U.S. Treasuries and commercial paper. In addition, the Company held bank deposits and cash on hand of approximately $1,690.6 million and $1,085.4 million as of March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||
Restricted Cash | ' | ||||||||||||||
Restricted Cash | |||||||||||||||
Restricted cash consists primarily of certain proceeds of the Company’s financing activities that are restricted by the agreements governing the Company’s debt instruments for the payment of certain Wynn Palace related construction and development costs. Restricted cash balances totaled approximately $199.9 million at December 31, 2013. During the first quarter of 2014, the Company applied the restricted cash balances to payment of certain Wynn Palace related construction and development costs, with no remaining restricted cash balances at March 31, 2014. | |||||||||||||||
Investment Securities | ' | ||||||||||||||
Investment Securities | |||||||||||||||
Investment securities consist of domestic and foreign short-term and long-term investments in corporate bonds and commercial paper reported at fair value, with unrealized gains and losses, net of tax, reported in other comprehensive income. Short-term investments have maturities of greater than three months but equal to or less than one year and long-term investments are those with a maturity date greater than one year. The Company’s investment policy limits the amount of exposure to any one issuer with the objective of minimizing the potential risk of principal loss. Management determines the appropriate classification (held-to-maturity/available-for-sale) of its securities at the time of purchase and reevaluates such designation as of each balance sheet date. Adjustments are made for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in interest income together with realized gains and losses and the stated interest on such securities. | |||||||||||||||
Accounts Receivable and Credit Risk | ' | ||||||||||||||
Accounts Receivable and Credit Risk | |||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of casino accounts receivable. The Company issues credit in the form of “markers” to approved casino customers following investigations of creditworthiness. As of March 31, 2014 and December 31, 2013, approximately 84% and 86% of the Company’s markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables. | |||||||||||||||
Accounts receivable, including casino and hotel receivables, are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems them to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their carrying amount, which approximates fair value. The allowance is estimated based on specific review of customer accounts as well as management’s experience with collection trends in the casino industry and current economic and business conditions. | |||||||||||||||
Redemption Price Promissory Note | ' | ||||||||||||||
Redemption Price Promissory Note | |||||||||||||||
The Company recorded the fair value of the Redemption Price Promissory Note (the “Redemption Note”) of approximately $1.94 billion in accordance with applicable accounting guidance. In determining this fair value, the Company estimated the Redemption Note’s present value using discounted cash flows with a probability weighted expected return for redemption assumptions and a discount rate which included time value and non-performance risk adjustments commensurate with risk of the Redemption Note. | |||||||||||||||
Considerations for the redemption assumptions included the stated maturity of the Redemption Note, uncertainty of the related cash flows as well as potential effects of the following: uncertainties surrounding the potential outcome and timing of pending litigation with Aruze USA, Inc., Universal Entertainment Corporation and Mr. Kazuo Okada (collectively, the “Okada Parties”) (see Note 14 “Commitments and Contingencies”); the outcome of on-going investigations of Aruze USA, Inc. by the United States Attorney’s Office, the U.S. Department of Justice and the Nevada Gaming Control Board; and other potential legal and regulatory actions. In addition, in the furtherance of various future business objectives, the Company considered its ability, at its sole option, to prepay the Redemption Note at any time in accordance with its terms without penalty. Accordingly, the Company reasonably determined that the estimated life of the Redemption Note could be less than the contractual life of the Redemption Note. | |||||||||||||||
In determination of the appropriate discount rate to be used in the estimated present value, the Redemption Note’s subordinated position relative to all other debt in the Company’s capital structure and credit ratings associated with the Company’s traded debt were considered. Observable inputs for the risk free rate based on Federal Reserve rates for U.S. Treasury securities and credit risk spread based on a yield curve index of similarly rated debt were used. As a result of this analysis, the Company concluded the Redemption Note's stated rate of 2% approximated a market rate. | |||||||||||||||
Revenue Recognition and Promotional Allowances | ' | ||||||||||||||
Revenue Recognition and Promotional Allowances | |||||||||||||||
The Company recognizes revenues at the time persuasive evidence of an arrangement exists, the service is provided or the retail goods are sold, prices are fixed or determinable and collection is reasonably assured. | |||||||||||||||
Casino revenues are measured by the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs and for chips in the customers’ possession. Cash discounts, other cash incentives related to casino play and commissions rebated through junkets to customers are recorded as a reduction to casino revenue. Hotel, food and beverage, entertainment and other operating revenues are recognized when services are performed. Entertainment, retail and other revenue includes rental income which is recognized on a time proportion basis over the lease term. Contingent rental income is recognized when the right to receive such rental income is established according to the lease agreements. Advance deposits on rooms and advance ticket sales are recorded as customer deposits until services are provided to the customer. | |||||||||||||||
Revenues are recognized net of certain sales incentives which are required to be recorded as a reduction of revenues; consequently, the Company’s casino revenues are reduced by discounts, commissions and points earned in the player’s club loyalty program. | |||||||||||||||
The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues. Such amounts are then deducted as promotional allowances. The estimated cost of providing such promotional allowances is primarily included in casino expenses as follows (in thousands): | |||||||||||||||
Three Months Ended | |||||||||||||||
March 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Rooms | $ | 12,754 | $ | 13,056 | |||||||||||
Food and beverage | 31,042 | 27,764 | |||||||||||||
Entertainment, retail and other | 3,796 | 3,558 | |||||||||||||
$ | 47,592 | $ | 44,378 | ||||||||||||
Gaming Taxes | ' | ||||||||||||||
Gaming Taxes | |||||||||||||||
The Company is subject to taxes based on gross gaming revenue in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are an assessment on the Company’s gross gaming revenue and are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Income. These taxes totaled approximately $550.2 million and $481.2 million for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||
Fair Value Measurements | ' | ||||||||||||||
Fair Value Measurements | |||||||||||||||
The Company measures certain of its financial assets and liabilities, such as cash equivalents, available-for-sale securities and interest rate swaps, at fair value on a recurring basis pursuant to accounting standards for fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. These accounting standards establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||||
The following tables present assets and liabilities carried at fair value (in thousands): | |||||||||||||||
Fair Value Measurements Using: | |||||||||||||||
March 31, | Quoted | Other | Unobservable | ||||||||||||
2014 | Market | Observable | Inputs | ||||||||||||
Prices in | Inputs | (Level 3) | |||||||||||||
Active | (Level 2) | ||||||||||||||
Markets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 1,583,046 | $ | 205 | $ | 1,582,841 | — | ||||||||
Interest rate swaps | $ | 11,146 | — | $ | 11,146 | — | |||||||||
Available-for-sale securities | $ | 254,823 | — | $ | 254,823 | — | |||||||||
Liabilities: | |||||||||||||||
Redemption Note | $ | 1,936,443 | — | $ | 1,936,443 | — | |||||||||
Fair Value Measurements Using: | |||||||||||||||
December 31, | Quoted | Other | Unobservable | ||||||||||||
2013 | Market | Observable | Inputs | ||||||||||||
Prices in | Inputs | (Level 3) | |||||||||||||
Active | (Level 2) | ||||||||||||||
Markets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 1,349,647 | $ | 220,923 | $ | 1,128,724 | — | ||||||||
Interest rate swaps | $ | 10,308 | — | $ | 10,308 | — | |||||||||
Restricted cash | $ | 199,936 | — | $ | 199,936 | — | |||||||||
Available-for-sale securities | $ | 254,388 | — | $ | 254,388 | — | |||||||||
Liabilities: | |||||||||||||||
Redemption Note | $ | 1,936,443 | — | $ | 1,936,443 | — | |||||||||
As of March 31, 2014 and December 31, 2013, approximately 63% and 91% of the Company’s cash equivalents categorized as Level 2 were deposits held in foreign currencies, respectively. | |||||||||||||||
Recently Issued Accounting Standards | ' | ||||||||||||||
Recently Issued Accounting Standards | |||||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the presentation requirements of an unrecognized tax benefit when a loss or other carryforward exists. The update would require the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. The effective date for this update is for the annual and interim periods beginning after December 15, 2013. The adoption of this update prospectively during the quarter resulted in the presentation of unrecognized tax benefits of $29.3 million previously reflected in other long-term liabilities to be classified in long-term deferred income taxes, net, in the Condensed Consolidated Balance Sheet, at March 31, 2014. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||
Summary of Estimated Cost of Promotional Allowances | ' | ||||||||||||||
The estimated cost of providing such promotional allowances is primarily included in casino expenses as follows (in thousands): | |||||||||||||||
Three Months Ended | |||||||||||||||
March 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Rooms | $ | 12,754 | $ | 13,056 | |||||||||||
Food and beverage | 31,042 | 27,764 | |||||||||||||
Entertainment, retail and other | 3,796 | 3,558 | |||||||||||||
$ | 47,592 | $ | 44,378 | ||||||||||||
Schedule of Assets and Liabilities Carried at Fair Value | ' | ||||||||||||||
The following tables present assets and liabilities carried at fair value (in thousands): | |||||||||||||||
Fair Value Measurements Using: | |||||||||||||||
March 31, | Quoted | Other | Unobservable | ||||||||||||
2014 | Market | Observable | Inputs | ||||||||||||
Prices in | Inputs | (Level 3) | |||||||||||||
Active | (Level 2) | ||||||||||||||
Markets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 1,583,046 | $ | 205 | $ | 1,582,841 | — | ||||||||
Interest rate swaps | $ | 11,146 | — | $ | 11,146 | — | |||||||||
Available-for-sale securities | $ | 254,823 | — | $ | 254,823 | — | |||||||||
Liabilities: | |||||||||||||||
Redemption Note | $ | 1,936,443 | — | $ | 1,936,443 | — | |||||||||
Fair Value Measurements Using: | |||||||||||||||
December 31, | Quoted | Other | Unobservable | ||||||||||||
2013 | Market | Observable | Inputs | ||||||||||||
Prices in | Inputs | (Level 3) | |||||||||||||
Active | (Level 2) | ||||||||||||||
Markets | |||||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 1,349,647 | $ | 220,923 | $ | 1,128,724 | — | ||||||||
Interest rate swaps | $ | 10,308 | — | $ | 10,308 | — | |||||||||
Restricted cash | $ | 199,936 | — | $ | 199,936 | — | |||||||||
Available-for-sale securities | $ | 254,388 | — | $ | 254,388 | — | |||||||||
Liabilities: | |||||||||||||||
Redemption Note | $ | 1,936,443 | — | $ | 1,936,443 | — | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Shares used in Calculation of Earnings Per Share | ' | |||||||
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income attributable to Wynn Resorts, Ltd. | $ | 226,896 | $ | 202,963 | ||||
Denominator: | ||||||||
Weighted average common shares outstanding | 100,822 | 100,237 | ||||||
Potential dilutive effect of stock options and restricted stock | 1,187 | 1,136 | ||||||
Weighted average common and common equivalent shares outstanding | 102,009 | 101,373 | ||||||
Net income attributable to Wynn Resorts, Ltd. per common share, basic | $ | 2.25 | $ | 2.02 | ||||
Net income attributable to Wynn Resorts, Ltd. per common share, diluted | $ | 2.22 | $ | 2 | ||||
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | — | 659 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Changes by Component in Accumulated Other Comprehensive Income | ' | |||||||||||
The following table presents the changes by component, net of tax and noncontrolling interest, in accumulated other comprehensive income of the Company (in thousands): | ||||||||||||
Foreign | Unrealized | Accumulated | ||||||||||
currency | gain on | other | ||||||||||
translation | securities | comprehensive | ||||||||||
income | ||||||||||||
31-Dec-13 | $ | 2,874 | $ | 39 | $ | 2,913 | ||||||
Current period other comprehensive (loss) gain | (438 | ) | 53 | (385 | ) | |||||||
31-Mar-14 | $ | 2,436 | $ | 92 | $ | 2,528 | ||||||
For the three months ended March 31, 2014, there were no amounts reclassified from accumulated other comprehensive income. |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Investment Securities | ' | |||||||||||||||||||||||||||||||
Investment securities consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair value | Amortized | Gross | Gross | Fair value | |||||||||||||||||||||||||
cost | unrealized | unrealized | (net | cost | unrealized | unrealized | (net | |||||||||||||||||||||||||
gains | losses | carrying | gains | losses | carrying | |||||||||||||||||||||||||||
amount) | amount) | |||||||||||||||||||||||||||||||
Domestic and foreign corporate bonds | $ | 214,802 | $ | 164 | $ | (76 | ) | $ | 214,890 | $ | 221,418 | $ | 140 | $ | (124 | ) | $ | 221,434 | ||||||||||||||
Commercial paper | 39,930 | 13 | (10 | ) | 39,933 | 32,941 | 16 | (3 | ) | 32,954 | ||||||||||||||||||||||
$ | 254,732 | $ | 177 | $ | (86 | ) | $ | 254,823 | $ | 254,359 | $ | 156 | $ | (127 | ) | $ | 254,388 | |||||||||||||||
Investments by Contractual Maturity | ' | |||||||||||||||||||||||||||||||
The fair value of these investment securities at March 31, 2014, by contractual maturity, are as follows (in thousands): | ||||||||||||||||||||||||||||||||
Fair value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 218,876 | ||||||||||||||||||||||||||||||
Due after one year through two years | 35,947 | |||||||||||||||||||||||||||||||
$ | 254,823 | |||||||||||||||||||||||||||||||
Receivables_net_Tables
Receivables, net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Summary of Receivables, Net | ' | |||||||
Receivables, net consisted of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Casino | $ | 221,597 | $ | 252,998 | ||||
Hotel | 18,176 | 15,386 | ||||||
Retail leases and other | 53,605 | 47,539 | ||||||
293,378 | 315,923 | |||||||
Less: allowance for doubtful accounts | (62,688 | ) | (73,991 | ) | ||||
$ | 230,690 | $ | 241,932 | |||||
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property and Equipment, Net | ' | |||||||
Property and equipment, net consisted of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Land and improvements | $ | 733,495 | $ | 733,233 | ||||
Buildings and improvements | 3,872,997 | 3,883,442 | ||||||
Airplanes | 135,040 | 135,040 | ||||||
Furniture, fixtures and equipment | 1,695,071 | 1,686,522 | ||||||
Leasehold interests in land | 316,416 | 316,550 | ||||||
Construction in progress | 717,417 | 558,624 | ||||||
7,470,436 | 7,313,411 | |||||||
Less: accumulated depreciation | (2,434,006 | ) | (2,378,962 | ) | ||||
$ | 5,036,430 | $ | 4,934,449 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Summary of Long-Term Debt | ' | |||||||
Long-term debt consisted of the following (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Wynn Macau Senior Term Loan, due July 31, 2017 and July 31, 2018; interest at LIBOR or HIBOR plus 1.75%—2.50%, net of original issue discount of $4,631 at March 31, 2014 and $4,900 at December 31, 2013 | $ | 947,986 | $ | 948,028 | ||||
5 1/4% Wynn Macau, Limited Senior Notes, due October 15, 2021, including original issue premium of $5,606 at March 31, 2014 and none at December 31, 2013 | 1,355,606 | 600,000 | ||||||
7 7/8% Wynn Las Vegas First Mortgage Notes, due May 1, 2020, net of original issue discount of $1,418 at March 31, 2014 and $1,463 at December 31, 2013 | 350,592 | 350,547 | ||||||
7 3/4% Wynn Las Vegas First Mortgage Notes, due August 15, 2020 | 1,308,000 | 1,320,000 | ||||||
5 3/8% Wynn Las Vegas First Mortgage Notes, due March 15, 2022 | 900,000 | 900,000 | ||||||
4 1/4% Wynn Las Vegas Senior Notes, due May 30, 2023 | 500,000 | 500,000 | ||||||
Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2% | 1,936,443 | 1,936,443 | ||||||
$42 million Note Payable, due April 1, 2017; interest at LIBOR plus 1.25% | 32,200 | 32,550 | ||||||
7,330,827 | 6,587,568 | |||||||
Less: current portion of long-term debt | (1,050 | ) | (1,050 | ) | ||||
$ | 7,329,777 | $ | 6,586,518 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Summary of Total Compensation Cost | ' | |||||||
The total compensation cost relating both to stock options and nonvested stock is allocated as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Casino | $ | 1,256 | $ | 1,813 | ||||
Rooms | — | 220 | ||||||
Food and beverage | 26 | 299 | ||||||
Entertainment, retail and other | — | 117 | ||||||
General and administrative | 2,639 | (1,327 | ) | |||||
Total stock-based compensation expense | 3,921 | 1,122 | ||||||
Total stock-based compensation capitalized | 5,535 | 48 | ||||||
Total stock-based compensation costs | $ | 9,456 | $ | 1,170 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Summary of Assets by Segment | ' | |||||||
The Company’s total assets by segment are as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Assets | ||||||||
Macau Operations | $ | 4,828,933 | $ | 3,918,163 | ||||
Las Vegas Operations | 3,515,731 | 3,576,648 | ||||||
Corporate and other | 768,557 | 882,219 | ||||||
$ | 9,113,221 | $ | 8,377,030 | |||||
Summary of Operations by Segment | ' | |||||||
The Company’s segment information for its results of operations are as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net revenues | ||||||||
Macau Operations | $ | 1,132,698 | $ | 992,065 | ||||
Las Vegas Operations | 380,915 | 386,589 | ||||||
Total | $ | 1,513,613 | $ | 1,378,654 | ||||
Adjusted Property EBITDA (1) | ||||||||
Macau Operations | $ | 384,328 | $ | 330,711 | ||||
Las Vegas Operations | 110,288 | 120,357 | ||||||
Total | 494,616 | 451,068 | ||||||
Other operating costs and expenses | ||||||||
Pre-opening costs | 3,073 | 452 | ||||||
Depreciation and amortization | 76,659 | 92,518 | ||||||
Property charges and other | 9,934 | 5,346 | ||||||
Corporate expenses and other | 23,890 | 17,782 | ||||||
Stock-based compensation | 3,921 | 1,122 | ||||||
Equity in income from unconsolidated affiliates | 308 | 200 | ||||||
Total | 117,785 | 117,420 | ||||||
Operating income | 376,831 | 333,648 | ||||||
Non-operating costs and expenses | ||||||||
Interest income | 4,753 | 4,222 | ||||||
Interest expense, net of capitalized interest | (75,256 | ) | (75,377 | ) | ||||
Increase in swap fair value | 842 | 3,144 | ||||||
Loss on extinguishment of debt | (1,529 | ) | — | |||||
Equity in income from unconsolidated affiliates | 308 | 200 | ||||||
Other | (297 | ) | 1,165 | |||||
Total | (71,179 | ) | (66,646 | ) | ||||
Income before income taxes | 305,652 | 267,002 | ||||||
(Provision) benefit for income taxes | (2,609 | ) | 5,142 | |||||
Net income | $ | 303,043 | $ | 272,144 | ||||
-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. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Hotel | |
Room | |
Restaurant | |
Wynn Macau | ' |
Organization and Basis of Presentation [Abstract] | ' |
Percentage of ownership | 72.30% |
Number of hotel | 2 |
Number of rooms in hotel | 1,008 |
No. of restaurants | 8 |
Wynn Macau | Casino | ' |
Organization and Basis of Presentation [Abstract] | ' |
Area of property | 280,000 |
Wynn Macau | Retail | ' |
Organization and Basis of Presentation [Abstract] | ' |
Area of property | 57,000 |
Wynn Macau | Salon and Spa | ' |
Organization and Basis of Presentation [Abstract] | ' |
No. of facilities | 2 |
Wynn Macau | Pool | ' |
Organization and Basis of Presentation [Abstract] | ' |
No. of facilities | 1 |
Wynn Macau | Meeting and convention | ' |
Organization and Basis of Presentation [Abstract] | ' |
Area of property | 31,000 |
Wynn Palace | ' |
Organization and Basis of Presentation [Abstract] | ' |
Number of rooms in hotel | 1,700 |
Wynn Las Vegas | ' |
Organization and Basis of Presentation [Abstract] | ' |
Number of hotel | 2 |
Number of rooms in hotel | 4,748 |
Wynn Las Vegas | Casino | ' |
Organization and Basis of Presentation [Abstract] | ' |
Area of property | 186,000 |
Wynn Las Vegas | Retail | ' |
Organization and Basis of Presentation [Abstract] | ' |
Area of property | 99,000 |
Wynn Las Vegas | Food and beverage | ' |
Organization and Basis of Presentation [Abstract] | ' |
No. of outlets | 34 |
Wynn Las Vegas | Meeting and convention | ' |
Organization and Basis of Presentation [Abstract] | ' |
Area of property | 284,000 |
Wynn Las Vegas | Showrooms | ' |
Organization and Basis of Presentation [Abstract] | ' |
No. of showrooms | 2 |
Wynn Las Vegas | Nightclubs and Beachclubs | ' |
Organization and Basis of Presentation [Abstract] | ' |
No. of facilities | 3 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 18, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Other Observable Inputs (Level 2) | Other Observable Inputs (Level 2) | Aruze USA, Inc. | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Redemption Price Promissory Note With Former Stockholder And Related Party, Due February 18, 2022; Interest At 2% | Redemption Price Promissory Note With Former Stockholder And Related Party, Due February 18, 2022; Interest At 2% | ||||
Other Observable Inputs (Level 2) | Other Observable Inputs (Level 2) | |||||||||||
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | $29,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership in joint ventures | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalents | ' | ' | ' | ' | ' | ' | 1,583,046,000 | 1,349,647,000 | 1,582,841,000 | 1,128,724,000 | ' | ' |
Bank deposits and cash on hand | ' | ' | ' | ' | ' | ' | 1,690,600,000 | 1,085,400,000 | ' | ' | ' | ' |
Restricted cash | 0 | ' | 199,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of credit markers due from customers residing outside of the United States | 84.00% | ' | 86.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, principal amount | ' | ' | ' | ' | ' | 1,940,000,000 | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | 2.00% | 2.00% |
Gaming tax expenses | $550,200,000 | $481,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of cash equivalents which are deposits held in foreign currencies | ' | ' | ' | 63.00% | 91.00% | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Estimated_Cost_of_P
Summary of Estimated Cost of Promotional Allowances (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Promotional Allowances [Line Items] | ' | ' |
Estimated costs of promotional allowances primarily included in casino expense | $47,592 | $44,378 |
Rooms | ' | ' |
Promotional Allowances [Line Items] | ' | ' |
Estimated costs of promotional allowances primarily included in casino expense | 12,754 | 13,056 |
Food and beverage | ' | ' |
Promotional Allowances [Line Items] | ' | ' |
Estimated costs of promotional allowances primarily included in casino expense | 31,042 | 27,764 |
Entertainment, retail and other | ' | ' |
Promotional Allowances [Line Items] | ' | ' |
Estimated costs of promotional allowances primarily included in casino expense | $3,796 | $3,558 |
Schedule_of_Assets_and_Liabili
Schedule of Assets and Liabilities Carried at Fair Value (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets: | ' | ' |
Available-for-sale securities | $254,823,000 | $254,388,000 |
Fair Value, Measurements, Recurring | ' | ' |
Assets: | ' | ' |
Cash equivalents | 1,583,046,000 | 1,349,647,000 |
Interest rate swaps | 11,146,000 | 10,308,000 |
Restricted cash | ' | 199,936,000 |
Available-for-sale securities | 254,823,000 | 254,388,000 |
Liabilities: | ' | ' |
Redemption Note | 1,936,443,000 | 1,936,443,000 |
Fair Value, Measurements, Recurring | Quoted Market Prices in Active Markets (Level 1) | ' | ' |
Assets: | ' | ' |
Cash equivalents | 205,000 | 220,923,000 |
Interest rate swaps | 0 | 0 |
Restricted cash | ' | 0 |
Available-for-sale securities | 0 | 0 |
Liabilities: | ' | ' |
Redemption Note | 0 | 0 |
Fair Value, Measurements, Recurring | Other Observable Inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Cash equivalents | 1,582,841,000 | 1,128,724,000 |
Interest rate swaps | 11,146,000 | 10,308,000 |
Restricted cash | ' | 199,936,000 |
Available-for-sale securities | 254,823,000 | 254,388,000 |
Liabilities: | ' | ' |
Redemption Note | $1,936,443,000 | $1,936,443,000 |
Schedule_of_Shares_used_in_Cal
Schedule of Shares used in Calculation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income attributable to Wynn Resorts, Ltd. | $226,896 | $202,963 |
Weighted average common shares outstanding (used in calculation of basic earnings per share) | 100,822 | 100,237 |
Potential dilutive effect of stock options and restricted stock | 1,187 | 1,136 |
Weighted average common and common equivalent shares outstanding (used in calculation of diluted earnings per share) | 102,009 | 101,373 |
Net income attributable to Wynn Resorts, Ltd. per common share, basic (in dollars per share) | $2.25 | $2.02 |
Net income attributable to Wynn Resorts, Ltd. per common share, diluted (in dollars per share) | $2.22 | $2 |
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 0 | 659 |
Changes_by_Component_in_Accumu
Changes by Component in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ' |
31-Dec-13 | $2,913 |
Current period other comprehensive (loss) gain | -385 |
31-Mar-14 | 2,528 |
Foreign currency translation | ' |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ' |
31-Dec-13 | 2,874 |
Current period other comprehensive (loss) gain | -438 |
31-Mar-14 | 2,436 |
Unrealized gain on securities | ' |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ' |
31-Dec-13 | 39 |
Current period other comprehensive (loss) gain | 53 |
31-Mar-14 | $92 |
Schedule_of_Investment_Securit
Schedule of Investment Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $254,732 | $254,359 |
Gross unrealized gains | 177 | 156 |
Gross unrealized losses | -86 | -127 |
Fair value (net carrying amount) | 254,823 | 254,388 |
Domestic and foreign corporate bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 214,802 | 221,418 |
Gross unrealized gains | 164 | 140 |
Gross unrealized losses | -76 | -124 |
Fair value (net carrying amount) | 214,890 | 221,434 |
Commercial paper | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 39,930 | 32,941 |
Gross unrealized gains | 13 | 16 |
Gross unrealized losses | -10 | -3 |
Fair value (net carrying amount) | $39,933 | $32,954 |
Investments_by_Contractual_Mat
Investments by Contractual Maturity (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair value | ' |
Due in one year or less | $218,876 |
Due after one year through two years | 35,947 |
Fair value | $254,823 |
Summary_of_Receivables_Net_Det
Summary of Receivables, Net (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables, gross | $293,378 | $315,923 |
Less: allowance for doubtful accounts | -62,688 | -73,991 |
Receivables, net | 230,690 | 241,932 |
Casino | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables, gross | 221,597 | 252,998 |
Hotel | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables, gross | 18,176 | 15,386 |
Retail leases and other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables, gross | $53,605 | $47,539 |
Schedule_of_Property_and_Equip
Schedule of Property and Equipment, Net (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Land and improvements | $733,495 | $733,233 |
Buildings and improvements | 3,872,997 | 3,883,442 |
Airplanes | 135,040 | 135,040 |
Furniture, fixtures and equipment | 1,695,071 | 1,686,522 |
Leasehold interests in land | 316,416 | 316,550 |
Construction in progress | 717,417 | 558,624 |
Property and equipment, gross | 7,470,436 | 7,313,411 |
Less: accumulated depreciation | -2,434,006 | -2,378,962 |
Property and equipment, net | $5,036,430 | $4,934,449 |
Summary_of_LongTerm_Debt_Detai
Summary of Long-Term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt total | $7,330,827 | $6,587,568 |
Current portion of long-term debt | -1,050 | -1,050 |
Non current portion of long-term debt | 7,329,777 | 6,586,518 |
Wynn Macau Senior Term Loan Facilities, Due July 31, 2017 And July 31, 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt total | 947,986 | 948,028 |
5 1/4% Wynn Macau Senior Notes Due October 15, 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt total | 1,355,606 | 600,000 |
7 7/8% Wynn Las Vegas First Mortgage Notes, Due May 1, 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt total | 350,592 | 350,547 |
7 3/4% Wynn Las Vegas First Mortgage Notes, Due August 15, 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt total | 1,308,000 | 1,320,000 |
5 3/8% Wynn Las Vegas First Mortgage Notes, Due March 15, 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt total | 900,000 | 900,000 |
4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt total | 500,000 | 500,000 |
Redemption Price Promissory Note With Former Stockholder And Related Party, Due February 18, 2022; Interest At 2% | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt total | 1,936,443 | 1,936,443 |
$42 Million Note Payable, Due April 1, 2017 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt total | $32,200 | $32,550 |
Summary_of_LongTerm_Debt_Paren
Summary of Long-Term Debt (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 20, 2014 | Oct. 16, 2013 | |
Wynn Macau Senior Term Loan Facilities, Due July 31, 2017 And July 31, 2018 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Original issue discount | $4,631,000 | $4,900,000 | ' | ' |
Wynn Macau Senior Term Loan Facilities, Due July 31, 2017 And July 31, 2018 | Due July 31, 2017 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Long-term debt due date | 31-Jul-17 | 31-Jul-17 | ' | ' |
Wynn Macau Senior Term Loan Facilities, Due July 31, 2017 And July 31, 2018 | Due July 31,2018 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Long-term debt due date | 31-Jul-18 | 31-Jul-18 | ' | ' |
5 1/4% Wynn Macau Senior Notes Due October 15, 2021 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Original issue premium | 5,606,000 | 0 | ' | ' |
Debt instrument, interest rate | 5.25% | 5.25% | 5.25% | 5.25% |
Debt instrument, principal amount | ' | ' | 750,000,000 | ' |
Long-term debt due date | 15-Oct-21 | 15-Oct-21 | ' | ' |
7 7/8% Wynn Las Vegas First Mortgage Notes, Due May 1, 2020 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Original issue discount | 1,418,000 | 1,463,000 | ' | ' |
Debt instrument, interest rate | 7.88% | 7.88% | ' | ' |
Long-term debt due date | 1-May-20 | 1-May-20 | ' | ' |
7 3/4% Wynn Las Vegas First Mortgage Notes, Due August 15, 2020 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt instrument, interest rate | 7.75% | 7.75% | ' | ' |
Long-term debt due date | 15-Aug-20 | 15-Aug-20 | ' | ' |
5 3/8% Wynn Las Vegas First Mortgage Notes, Due March 15, 2022 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt instrument, interest rate | 5.38% | 5.38% | ' | ' |
Long-term debt due date | 15-Mar-22 | 15-Mar-22 | ' | ' |
4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt instrument, interest rate | 4.25% | 4.25% | ' | ' |
Long-term debt due date | 30-May-23 | 30-May-23 | ' | ' |
Redemption Price Promissory Note With Former Stockholder And Related Party, Due February 18, 2022; Interest At 2% | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt instrument, interest rate | 2.00% | 2.00% | ' | ' |
Long-term debt due date | 18-Feb-22 | 18-Feb-22 | ' | ' |
$42 Million Note Payable, Due April 1, 2017 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest in addition to LIBOR | 1.25% | 1.25% | ' | ' |
Debt instrument, principal amount | $42,000,000 | $42,000,000 | ' | ' |
Long-term debt due date | 1-Apr-17 | 1-Apr-17 | ' | ' |
Minimum | Wynn Macau Senior Term Loan Facilities, Due July 31, 2017 And July 31, 2018 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest in addition to LIBOR | 1.75% | 1.75% | ' | ' |
Maximum | Wynn Macau Senior Term Loan Facilities, Due July 31, 2017 And July 31, 2018 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest in addition to LIBOR | 2.50% | 2.50% | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Oct. 16, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 20, 2014 | Oct. 16, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Amended Wynn Macau Credit Facilities | 5 1/4% Wynn Macau Senior Notes Due October 15, 2021 | 5 1/4% Wynn Macau Senior Notes Due October 15, 2021 | 5 1/4% Wynn Macau Senior Notes Due October 15, 2021 | 5 1/4% Wynn Macau Senior Notes Due October 15, 2021 | 5 1/4% Wynn Macau Senior Notes Due October 15, 2021 | 5 1/4% Wynn Macau Senior Notes Due October 15, 2021 | 5 1/4% Wynn Macau Senior Notes Due October 16, 2021 | 7 3/4% Wynn Las Vegas First Mortgage Notes, Due August 15, 2020 | 7 3/4% Wynn Las Vegas First Mortgage Notes, Due August 15, 2020 | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Mortgage Notes [Member] | Mortgage Notes [Member] | ||||
Minimum | Maximum | Amended Wynn Macau Credit Facilities | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | $750,000,000 | ' | ' | $600,000,000 | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | 5.25% | 5.25% | 5.25% | 5.25% | ' | ' | 5.25% | 7.75% | 7.75% | ' | ' | ' | ' |
Net proceed from issuance of debt note | 756,229,000 | 0 | ' | ' | ' | 748,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redemption price as percentage of principal | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt percentage of redemption premium on principal amount | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 103.94% | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal repayment on the event of change of control | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment default classification period for interest payment | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount for certain event | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repurchase amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' |
Debt expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' |
Availability of credit facility | ' | ' | ' | 950,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,550,000,000 | ' | ' |
Line of credit amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Fair value of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000,000 | 4,800,000,000 |
Long-term debt | $7,330,827,000 | ' | $6,587,568,000 | ' | ' | $1,355,606,000 | $600,000,000 | ' | ' | ' | ' | $1,308,000,000 | $1,320,000,000 | ' | ' | $5,400,000,000 | $4,700,000,000 |
Debt maturity date | ' | ' | ' | ' | ' | 15-Oct-21 | 15-Oct-21 | ' | ' | ' | ' | 15-Aug-20 | 15-Aug-20 | ' | ' | ' | ' |
Interest_Rate_Swaps_Additional
Interest Rate Swaps - Additional Information (Detail) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Two of the swap agreements | Wynn Macau Swap | Wynn Macau Swap | Wynn Macau Swap | Wynn Macau Swap | Wynn Macau Swap | Wynn Macau Swap | Wynn Macau Swap | Wynn Macau Swap | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | |
Agreement | Agreement | Two of the swap agreements | Two of the swap agreements | Two of the swap agreements | Two of the swap agreements | Interest Rate Swap 3 | Interest Rate Swap 3 | Interest Rate Swap 3 | USD ($) | USD ($) | |
USD ($) | HKD | Minimum | Maximum | USD ($) | Minimum | Maximum | |||||
Agreement | |||||||||||
Interest Rate Swaps [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap assets (liability) included in deposits and other assets, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,146,000 | $10,308,000 |
Number of interest rate swap agreements | 2 | 3 | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Interest rate swap fixed interest rate (percentage) | ' | ' | 0.73% | 0.73% | 2.48% | 3.23% | 0.68% | 2.43% | 3.18% | ' | ' |
Interest rate swap notional amount | ' | ' | $509,400,000 | 3,950,000,000 | ' | ' | $243,800,000 | ' | ' | ' | ' |
Interest rate swap maturity date | ' | ' | 1-Jul-17 | 1-Jul-17 | ' | ' | 1-Jul-17 | ' | ' | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
acre | ||
Related Party Transaction [Line Items] | ' | ' |
Amount due to officers and directors | $1,600,000 | $800,000 |
Area of land | 2 | ' |
Term of notice required to exercise option | '30 days | ' |
Agreement expiration | '2020-10 | ' |
Wynn Las Vegas | SW Lease | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Rental Property, Valuation Frequency | '2 years | ' |
Wynn Las Vegas | SW Lease | Second Amendment and Restated Agreement of Lease [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Operating Leases, Minimum Annual Lease Revenue | $525,000 | ' |
Property_Charges_and_Other_Add
Property Charges and Other - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Component of Operating Other Cost and Expense [Line Item] | ' | ' |
Property charges and other | $9,934 | $5,346 |
Wynn Macau | ' | ' |
Component of Operating Other Cost and Expense [Line Item] | ' | ' |
Square footage of renovated area | 27,000 | ' |
Noncontrolling_Interest_Additi
Noncontrolling Interest - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 31, 2009 |
Wynn Macau, Limited [Member] | |||
Noncontrolling Interest [Line Items] | ' | ' | ' |
Subsidiary common stock, shares issued | ' | ' | 1,437,500,000 |
Percentage of issuance of common stock | ' | ' | 27.70% |
Net income attributable to noncontrolling interest | $76,147 | $69,181 | ' |
Summary_of_Total_Compensation_
Summary of Total Compensation Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expense | $3,921 | $1,122 |
Total stock-based compensation capitalized | 5,535 | 48 |
Total stock-based compensation costs | 9,456 | 1,170 |
Casino | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expense | 1,256 | 1,813 |
Rooms | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expense | 0 | 220 |
Food and beverage | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expense | 26 | 299 |
Entertainment, retail and other | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expense | 0 | 117 |
General and administrative | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expense | $2,639 | ($1,327) |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation capitalized into construction | $5,535 | $48 |
Stock Options And Restricted Stock | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting period | ' | '9 years |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Feb. 13, 2014 | Feb. 14, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 18, 2012 | Mar. 31, 2014 | Feb. 22, 2013 | 2-May-12 | Dec. 31, 2011 | Sep. 30, 2011 | Mar. 31, 2014 | Jul. 29, 2013 | Jul. 29, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Oct. 29, 2013 | 2-May-13 | Apr. 08, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 05, 2014 | Oct. 13, 2012 | Mar. 31, 2014 | Apr. 29, 2014 |
USD ($) | USD ($) | 4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 | Redemption Price Promissory Note With Former Stockholder And Related Party, Due February 18, 2022; Interest At 2% | Redemption Price Promissory Note With Former Stockholder And Related Party, Due February 18, 2022; Interest At 2% | Redemption Price Promissory Note With Former Stockholder And Related Party, Due February 18, 2022; Interest At 2% | Redemption Price Promissory Note With Former Stockholder And Related Party, Due February 18, 2022; Interest At 2% | 7 7/8% Wynn Las Vegas First Mortgage Notes, Due May 1, 2020 | 7 7/8% Wynn Las Vegas First Mortgage Notes, Due May 1, 2020 | 7 3/4% Wynn Las Vegas First Mortgage Notes, Due August 15, 2020 | 7 3/4% Wynn Las Vegas First Mortgage Notes, Due August 15, 2020 | 5 3/8% Wynn Las Vegas First Mortgage Notes, Due March 15, 2022 | 5 3/8% Wynn Las Vegas First Mortgage Notes, Due March 15, 2022 | Aruze USA, Inc. | Wynn Palace | Directors | Cotai Development and Land Concession Contract | Cotai Development and Land Concession Contract | Cotai Development and Land Concession Contract | Cotai Development and Land Concession Contract | Cotai Development and Land Concession Contract | Cotai Development and Land Concession Contract | Pre Construction Completion Payments | Post Construction Completion Payments | Pending Litigation | Pending Litigation | Pending Litigation | Pending Litigation | Pending Litigation | Pending Litigation | Pending Litigation | Pending Litigation | Subsequent Event | |
USD ($) | USD ($) | USD ($) | Room | USD ($) | USD ($) | acre | USD ($) | Guarantee Obligations | Guarantee Obligations | USD ($) | USD ($) | Redemption Action and Counterclaim | Redemption Action and Counterclaim | Redemption Action and Counterclaim | Derivative Claims | Derivative Claims | Derivative Claims | Derivative Claims | Derivative Claims | Pending Litigation | |||||||||||||
Installment | USD ($) | HKD | claim | United States District Court, District of Nevada [Member] | Eighth Judicial District Court of Clark County, Nevada [Member] | Eighth Judicial District Court of Clark County, Nevada [Member] | Eighth Judicial District Court of Clark County, Nevada [Member] | Redemption Action and Counterclaim | |||||||||||||||||||||||||
claim | claim | ||||||||||||||||||||||||||||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of rooms in hotel | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quantity of land acquired (acres) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land concession contract period (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total land premium payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $193,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Down payment of premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional semi-annual payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Individual semi-annual payment of premium (8 total) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of interest on premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land premium payment obligation, current | 29,328,000 | 29,341,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land premium payment obligation, noncurrent | 46,800,000 | 46,819,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual lease payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guaranteed maximum price of contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,570,000,000 | 20,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bond as a percentage of guaranteed maximum price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Project costs incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 866,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Project budget | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares voted in favor of removal of Mr. Okada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of voted shares (over 86 mil) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock redeemed, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,549,222 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price promissory note, principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,940,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt due date | ' | ' | ' | ' | ' | 18-Feb-22 | 18-Feb-22 | 1-May-20 | 1-May-20 | 15-Aug-20 | 15-Aug-20 | 15-Mar-22 | 15-Mar-22 | 18-Feb-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | 4.25% | ' | ' | 2.00% | 2.00% | 7.88% | 7.88% | 7.75% | 7.75% | 5.38% | 5.38% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period For an Offer to Repurchase Notes After a Change of Control | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt purchase price percentage of aggregate principal amount | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payment due | ' | ' | ' | $38,700,000 | $38,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Interim Status Update Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' |
Number of derivative actions commenced in the U.S. District Court | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 4 | ' | ' | 2 | ' |
Period After Dismissal of Claim to File an Amended Complaint | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' |
Period for a Stay of Derivative Action | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | '6 months | ' | ' | ' | ' | '90 days | ' | '6 months |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
(Provision) benefit for income taxes | ($2,609,000) | $5,142,000 |
Excess tax deductions associated with stock compensation costs | 2,400,000 | 1,200,000 |
Length of second tax exemption period | '5 years | ' |
Complementary tax rate | 12.00% | ' |
Amount of complementary tax exemption | $31,600,000 | $26,500,000 |
Gaming tax | 39.00% | ' |
Summary_of_Assets_by_Segment_D
Summary of Assets by Segment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Assets | $9,113,221 | $8,377,030 |
Wynn Macau | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 4,828,933 | 3,918,163 |
Wynn Las Vegas | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 3,515,731 | 3,576,648 |
Corporate and other | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $768,557 | $882,219 |
Summary_of_Results_of_Operatio
Summary of Results of Operations by Segment (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | $1,513,613 | $1,378,654 | ||
Adjusted Property EBITDA | 494,616 | [1] | 451,068 | [1] |
Other operating costs and expenses | ' | ' | ||
Pre-opening costs | 3,073 | 452 | ||
Depreciation and amortization | 76,659 | 92,518 | ||
Property charges and other | 9,934 | 5,346 | ||
Corporate expenses and other | 23,890 | 17,782 | ||
Stock-based compensation expense | 3,921 | 1,122 | ||
Equity in income from unconsolidated affiliates | -308 | -200 | ||
Total | 117,785 | 117,420 | ||
Operating income | 376,831 | 333,648 | ||
Non-operating costs and expenses | ' | ' | ||
Interest income | 4,753 | 4,222 | ||
Interest expense, net of capitalized interest | -75,256 | -75,377 | ||
Increase in swap fair value | 842 | 3,144 | ||
Loss on extinguishment of debt | 1,529 | 0 | ||
Equity in income from unconsolidated affiliates | -308 | -200 | ||
Other | -297 | 1,165 | ||
Other income (expense), net | -71,179 | -66,646 | ||
Income before income taxes | 305,652 | 267,002 | ||
(Provision) benefit for income taxes | -2,609 | 5,142 | ||
Net income | 303,043 | 272,144 | ||
Wynn Macau | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | 1,132,698 | 992,065 | ||
Adjusted Property EBITDA | 384,328 | [1] | 330,711 | [1] |
Wynn Las Vegas | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | 380,915 | 386,589 | ||
Adjusted Property EBITDA | $110,288 | [1] | $120,357 | [1] |
[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 (“GAAPâ€). 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. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event, USD $) | 1-May-14 |
Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Declared cash dividend | $1.25 |