Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | WYNN RESORTS LTD | |
Entity Central Index Key | 1,174,922 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 101,568,512 | |
Trading Symbol | WYNN |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 1,900,209 | $ 2,182,164 |
Investment securities | 125,031 | 240,140 |
Receivables, net | 204,650 | 237,957 |
Inventories | 66,583 | 72,223 |
Prepaid expenses and other | 51,725 | 49,847 |
Total current assets | 2,348,198 | 2,782,331 |
Property and equipment, net | 7,090,449 | 5,855,842 |
Restricted cash | 1,841 | 977 |
Investment securities | 122,888 | 10,173 |
Intangible assets, net | 111,580 | 112,367 |
Deferred financing costs, net | 107,066 | 84,413 |
Deposits and other assets | 195,691 | 212,515 |
Investment in unconsolidated affiliates | 3,472 | 4,243 |
Total assets | 9,981,185 | 9,062,861 |
Current liabilities: | ||
Accounts and construction payables | 232,999 | 303,284 |
Current portion of land concession obligation | 31,613 | 30,814 |
Customer deposits | 423,168 | 548,818 |
Gaming taxes payable | 99,758 | 137,269 |
Accrued compensation and benefits | 114,879 | 113,228 |
Accrued interest | 74,780 | 107,318 |
Other accrued liabilities | 131,455 | 67,587 |
Deferred income taxes, net | 4,801 | 4,847 |
Total current liabilities | 1,113,453 | 1,313,165 |
Long-term debt | 8,748,449 | 7,345,262 |
Land concession obligation | 0 | 15,987 |
Other long-term liabilities | 143,496 | 152,131 |
Deferred income taxes, net | 36,569 | 25,225 |
Total liabilities | $ 10,041,967 | $ 8,851,770 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity (deficit): | ||
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; 114,577,441 and 114,426,960 shares issued; 101,543,012 and 101,439,297 shares outstanding, respectively | 1,146 | 1,144 |
Treasury stock, at cost; 13,034,429 and 12,987,663 shares, respectively | (1,152,393) | (1,145,481) |
Additional paid-in capital | 976,230 | 948,566 |
Accumulated other comprehensive income | 1,743 | 2,505 |
Retained earnings (accumulated deficit) | (3,560) | 164,487 |
Total Wynn Resorts, Limited stockholders' deficit | (176,834) | (28,779) |
Noncontrolling interest | 116,052 | 239,870 |
Total stockholders' equity (deficit) | (60,782) | 211,091 |
Total liabilities and stockholders' equity (deficit) | $ 9,981,185 | $ 9,062,861 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $ 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 (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 114,577,441 | 114,426,960 |
Common stock, shares outstanding | 101,543,012 | 101,439,297 |
Treasury stock, shares | 13,034,429 | 12,987,663 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating revenues: | ||||
Casino | $ 700,014 | $ 1,071,829 | $ 2,240,321 | $ 3,389,557 |
Rooms | 133,460 | 135,734 | 405,427 | 413,565 |
Food and beverage | 160,283 | 160,531 | 477,312 | 476,676 |
Entertainment, retail and other | 87,008 | 100,916 | 264,843 | 306,411 |
Gross revenues | 1,080,765 | 1,469,010 | 3,387,903 | 4,586,209 |
Less: promotional allowances | (84,480) | (99,000) | (258,922) | (290,523) |
Net revenues | 996,285 | 1,370,010 | 3,128,981 | 4,295,686 |
Operating costs and expenses: | ||||
Casino | 445,167 | 647,460 | 1,435,755 | 2,112,430 |
Rooms | 37,293 | 39,235 | 111,563 | 112,239 |
Food and beverage | 101,161 | 91,214 | 288,519 | 266,853 |
Entertainment, retail and other | 39,263 | 40,612 | 118,554 | 125,025 |
General and administrative | 116,639 | 126,834 | 352,546 | 366,631 |
Provision (benefit) for doubtful accounts | 2,885 | 4,695 | 13,266 | (743) |
Pre-opening costs | 19,467 | 6,718 | 52,433 | 14,792 |
Depreciation and amortization | 80,649 | 79,027 | 245,428 | 234,037 |
Property charges and other | 987 | 1,640 | 3,963 | 13,674 |
Total operating costs and expenses | 843,511 | 1,037,435 | 2,622,027 | 3,244,938 |
Operating income | 152,774 | 332,575 | 506,954 | 1,050,748 |
Other income (expense): | ||||
Interest income | 1,465 | 5,814 | 4,655 | 16,072 |
Interest expense, net of amounts capitalized | (74,079) | (79,048) | (227,298) | (236,069) |
Increase (decrease) in swap fair value | (1,287) | 2,360 | (7,010) | (1,451) |
Decrease in Redemption Note fair value | 13,720 | 0 | 13,720 | 0 |
Loss on extinguishment of debt | (5,971) | (3,573) | (126,004) | (7,356) |
Equity in income (loss) from unconsolidated affiliates | (2) | 567 | 68 | 1,173 |
Other | 459 | (801) | 1,790 | (405) |
Other income (expense), net | (65,695) | (74,681) | (340,079) | (228,036) |
Income before income taxes | 87,079 | 257,894 | 166,875 | 822,712 |
Benefit (provision) for income taxes | 3,906 | (4,888) | (12,589) | (8,261) |
Net income | 90,985 | 253,006 | 154,286 | 814,451 |
Less: net income attributable to noncontrolling interest | (17,219) | (61,600) | (68,661) | (192,243) |
Net income attributable to Wynn Resorts, Limited | $ 73,766 | $ 191,406 | $ 85,625 | $ 622,208 |
Net income attributable to Wynn Resorts, Limited: | ||||
Basic (in dollars per share) | $ 0.73 | $ 1.90 | $ 0.85 | $ 6.17 |
Diluted (in dollars per share) | $ 0.73 | $ 1.88 | $ 0.84 | $ 6.10 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 101,161 | 100,959 | 101,151 | 100,899 |
Diluted (in shares) | 101,581 | 101,999 | 101,708 | 101,986 |
Dividends declared per common share (in dollars per share) | $ 0.50 | $ 1.25 | $ 2.50 | $ 3.75 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 90,985 | $ 253,006 | $ 154,286 | $ 814,451 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of tax | 60 | (981) | (400) | (826) |
Unrealized gain (loss) on investment securities, net of tax | (263) | (56) | (470) | 43 |
Total comprehensive income | 90,782 | 251,969 | 153,416 | 813,668 |
Less: comprehensive income attributable to noncontrolling interest | (17,236) | (61,327) | (68,553) | (192,023) |
Comprehensive income attributable to Wynn Resorts, Limited | $ 73,546 | $ 190,642 | $ 84,863 | $ 621,645 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement Of Stockholders' Equity (Deficit) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Total Wynn Resorts, Ltd. stockholders' deficit | Common stock | Treasury stock | Additional paid-in capital | Accumulated other comprehensive income | Retained earnings (accumulated deficit) | Noncontrolling interest |
Beginning balance at Dec. 31, 2014 | $ 211,091 | $ (28,779) | $ 1,144 | $ (1,145,481) | $ 948,566 | $ 2,505 | $ 164,487 | $ 239,870 |
Beginning balance (in shares) at Dec. 31, 2014 | 101,439,297 | 101,439,297 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 154,286 | 85,625 | 85,625 | 68,661 | ||||
Currency translation adjustment | (400) | (292) | (292) | (108) | ||||
Net unrealized loss on investment securities | (470) | (470) | (470) | 0 | ||||
Exercise of stock options | 974 | 974 | $ 0 | 974 | 0 | |||
Exercise of stock options (in shares) | 17,716 | |||||||
Shares repurchased by the Company and held as treasury shares | (6,912) | (6,912) | (6,912) | |||||
Shares repurchased by the Company and held as treasury shares (in shares) | (46,766) | |||||||
Issuance of restricted stock | 2 | 2 | $ 2 | 0 | ||||
Shares of subsidiary repurchased for share award plan | (1,492) | (1,077) | (1,077) | (415) | ||||
Issuance of restricted stock (in shares) | 132,765 | |||||||
Cash dividends declared | (449,116) | (253,672) | 0 | (253,672) | (195,444) | |||
Excess tax benefits from stock-based compensation | 736 | 736 | 736 | |||||
Stock-based compensation | 30,519 | 27,031 | 27,031 | 3,488 | ||||
Ending balance at Sep. 30, 2015 | $ (60,782) | $ (176,834) | $ 1,146 | $ (1,152,393) | $ 976,230 | $ 1,743 | $ (3,560) | $ 116,052 |
Ending balance (in shares) at Sep. 30, 2015 | 101,543,012 | 101,543,012 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 154,286 | $ 814,451 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 245,428 | 234,037 |
Deferred income taxes | 12,033 | (462) |
Allocated Share-based Compensation Expense | 30,324 | 22,714 |
Excess tax benefits from stock-based compensation | (549) | (6,525) |
Amortization and write-offs of deferred financing costs and other | 12,577 | 20,425 |
Loss on extinguishment of debt | 126,004 | 7,356 |
Provision (benefit) for doubtful accounts | 13,266 | (743) |
Property charges and other | 3,698 | 13,701 |
Equity in income of unconsolidated affiliates, net of distributions | 771 | 81 |
Decrease in swap fair value | 7,010 | 1,451 |
Decrease in Redemption Note fair value | (13,720) | 0 |
Increase (decrease) in cash from changes in: | ||
Receivables, net | 20,116 | 36,121 |
Inventories and prepaid expenses and other | 1,190 | (4,330) |
Customer deposits | (126,008) | (67,550) |
Accounts payable and accrued expenses | (140,918) | (96,599) |
Net cash provided by operating activities | 345,508 | 974,128 |
Cash flows from investing activities: | ||
Capital expenditures, net of construction payables and retention | (1,331,676) | (707,083) |
Purchase of investment securities | (182,600) | (124,758) |
Proceeds from sale or maturity of investment securities | 182,103 | 125,323 |
Restricted cash | 0 | 199,929 |
Deposits and purchase of other assets | (97,938) | (63,244) |
Proceeds from sale of assets | 4,186 | 4,343 |
Net cash used in investing activities | (1,425,925) | (565,490) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 974 | 6,485 |
Excess tax benefits from stock-based compensation | 549 | 6,525 |
Dividends paid | (447,504) | (690,373) |
Proceeds from issuance of long-term debt | 4,789,374 | 825,477 |
Repayments of long-term debt | (3,341,925) | (69,450) |
Restricted cash | (864) | 0 |
Repurchase of common stock | (6,912) | (2,062) |
Shares of subsidiary repurchased for share award plan | (1,492) | 0 |
Payments on long-term land concession obligation | (15,224) | (14,489) |
Payments for financing costs | (178,906) | (13,193) |
Net cash provided by financing activities | 798,070 | 48,920 |
Effect of exchange rate on cash | 392 | (1,721) |
Cash and cash equivalents: | ||
Increase (decrease) in cash and cash equivalents | (281,955) | 455,837 |
Balance, beginning of period | 2,182,164 | 2,435,041 |
Balance, end of period | 1,900,209 | 2,890,878 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of amounts capitalized | 166,465 | 235,325 |
Non-cash transactions: | ||
Stock-based compensation capitalized into construction | 195 | 5,645 |
Change in property and equipment included in accounts and construction payables | 38,942 | 60,435 |
Change in dividends payable on unvested restricted stock included in other accrued liabilities | $ 1,612 | $ 1,563 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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") is a developer, owner and operator of destination casino resorts (integrated resorts). In the Macau Special Administrative Region of the People's Republic of China ("Macau"), the Company owns 72% of Wynn Macau, Limited and operates the integrated Wynn Macau and Encore at Wynn Macau resort. In Las Vegas, Nevada, the Company owns 100% of and operates the integrated Wynn Las Vegas and Encore at Wynn Las Vegas resort. The Company's 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 284,000 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 resort as its Macau Operations. The Company's 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, an on-site 18-hole golf course, approximately 290,000 square feet of meeting and convention space, approximately 99,000 square feet of retail space, as well as two showrooms, three nightclubs and a beach club. The Company refers to this resort as its Las Vegas Operations. The Company is currently constructing Wynn Palace, an integrated resort containing a 1,700 -room hotel, a performance lake, meeting space, a casino, a spa, retail offerings, and food and beverage outlets in the Cotai area of Macau. The Company expects to open Wynn Palace in the first half of 2016. In November 2014, the Company was awarded a gaming license to develop and construct an integrated resort in Everett, Massachusetts, outside of Boston. The resort will be located on a 33 acre site along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting space, a casino, a spa, retail offerings and food and beverage outlets. The Company has begun site preparation and pre-construction activities. 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 and nine months ended September 30, 2015 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, 2014 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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. Investment in the 50% -owned joint venture operating the Ferrari and Maserati automobile dealership inside Wynn Las Vegas, which was permanently closed in October 2015, is 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 $359.2 million and $1,156.3 million at September 30, 2015 and December 31, 2014 , respectively, were invested in bank time deposits, money market funds and commercial paper. In addition, the Company held bank deposits and cash on hand of approximately $1,541.0 million and $1,025.9 million as of September 30, 2015 and December 31, 2014 , respectively. Restricted Cash At September 30, 2015 and December 31, 2014, the Company's non-current restricted cash consisted of cash held in trust in accordance with the Company's majority owned subsidiary's share award plan. Investment Securities Investment securities consist of domestic and foreign short-term and long-term investments in corporate and U.S. government agency bonds and commercial paper reported at fair value, with unrealized gains and losses, net of tax, reported in other comprehensive income (loss). 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 September 30, 2015 and December 31, 2014, approximately 84% and 85% , respectively, 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. An estimated allowance for doubtful accounts is maintained to reduce the Company's receivables to their carrying amount, which approximates fair value. The allowance estimate reflects specific review of customer accounts as well as management's experience with historical and current collection trends and current economic and business conditions. Accounts are written off when management deems them to be uncollectible. Recoveries of accounts previously written off are recorded when received. The Company advances commissions to its games promoters in Macau. These were previously supported primarily by held checks and recognized as cash and cash equivalents ( $153.4 million as of December 31, 2014). Market conditions in Macau and other regional economic factors have impacted the liquidity of certain games promoters. As a result, the Company's advanced commissions to games promoters now are supported primarily with signed promissory notes. The advanced commissions are on terms requiring settlement within five business days of the month following the advance. The Company recognized advanced commissions of $72.4 million as casino receivables in the accompanying Condensed Consolidated Balance Sheet as of September 30, 2015 and assesses these advanced commissions in connection with the Company's evaluation of its bad debt reserve for casino receivables. Additionally, the amount presented in the accompanying Condensed Consolidated Balance Sheet has been offset by related commissions payable to games promoters of $37.0 million as of September 30, 2015 . Redemption Price Promissory Note The Company recorded the fair value of the Redemption Price Promissory Note (the "Redemption Note") of approximately $1.92 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. ("Aruze"), 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 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. 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 games promoters 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 revenue; consequently, the Company's casino revenues are reduced by discounts, commissions and points earned by customers from the Company's loyalty programs. 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Rooms $ 13,095 $ 14,305 $ 38,496 $ 40,314 Food and beverage 26,391 30,508 81,878 90,454 Entertainment, retail and other 3,161 3,770 10,791 10,606 $ 42,647 $ 48,583 $ 131,165 $ 141,374 Gaming Taxes The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are an assessment on the Company's gross gaming revenues and are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Income. These taxes totaled approximately $272.8 million and $446.3 million for the three months ended September 30, 2015 and 2014, respectively, and totaled approximately $893.0 million and $1,462.8 million for the nine months ended September 30, 2015 and 2014, respectively. Fair Value Measurements The Company measures certain of its financial assets and liabilities, such as cash equivalents, available-for-sale securities, interest rate swaps and the Redemption Note, 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: September 30, Quoted Other Unobservable Assets: Cash equivalents $ 359,220 $ 3,521 $ 355,699 — Restricted cash $ 1,841 $ 1,841 — — Available-for-sale securities $ 247,919 — $ 247,919 — Liabilities: Redemption Note $ 1,922,723 — $ 1,922,723 — Interest rate swaps $ 1,091 — $ 1,091 — Fair Value Measurements Using: December 31, Quoted Other Unobservable Assets: Cash equivalents $ 1,156,285 $ 828 $ 1,155,457 — Interest rate swaps $ 5,915 — $ 5,915 — Restricted cash $ 977 $ 977 — — Available-for-sale securities $ 250,313 — $ 250,313 — Liabilities: Redemption Note $ 1,936,443 — $ 1,936,443 — As of September 30, 2015 the Company had no cash equivalents categorized as Level 2 deposits held in foreign currencies. As of December 31, 2014, approximately 19% of the Company's cash equivalents categorized as Level 2 were deposits held in foreign currencies. Recently Issued Accounting Standards In July 2015, the Financial Accounting Standards Board ("FASB") issued an accounting standards update which changes the measurement principle for inventories valued under the first-in, first-out or weighted-average methods from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined by FASB as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The effective date for this guidance is for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company is currently assessing the impact the adoption of this standard will have on its consolidated financial statements. In April 2015, the FASB issued an accounting standards update that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. In August 2015, the FASB issued an accounting standards update which clarifies that the guidance issued in April 2015 does not apply to line-of-credit arrangements. According to the additional guidance, line-of-credit arrangements will continue to present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the arrangement. The effective date for this guidance is for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early application is permitted. The Company will adopt this guidance effective January 1, 2016. The Company does not anticipate the adoption of this guidance will have a material effect on the Company's financial condition, results of operations or cash flows. In May 2014, the FASB issued an accounting standards update that amends the FASB Accounting Standards Codification and creates a new topic for Revenue from Contracts with Customers. The new guidance is expected to clarify the principles for revenue recognition and to develop a common revenue standard for U.S. generally accepted accounting principles ("GAAP") applicable to revenue transactions. This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This guidance also provides substantial revision of interim and annual disclosures. The update allows for either full retrospective adoption, meaning the guidance is applied for all periods presented, or modified retrospective adoption, meaning the guidance is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the guidance recognized at the date of initial application. In August 2015, the FASB issued an accounting standards update which defers the effective date of the new revenue recognition accounting guidance by one year, to annual and interim periods beginning after December 15, 2017. Early application is permitted for annual and interim periods beginning after December 15, 2016. The Company will adopt this standard effective January 1, 2018. The Company is currently assessing the impact the adoption of this standard will have on its consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
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, Limited by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Wynn Resorts, Limited 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income attributable to Wynn Resorts, Limited $ 73,766 $ 191,406 $ 85,625 $ 622,208 Denominator: Weighted average common shares outstanding 101,161 100,959 101,151 100,899 Potential dilutive effect of stock options and restricted stock 420 1,040 557 1,087 Weighted average common and common equivalent shares outstanding 101,581 101,999 101,708 101,986 Net income attributable to Wynn Resorts, Limited per common share, basic $ 0.73 $ 1.90 $ 0.85 $ 6.17 Net income attributable to Wynn Resorts, Limited per common share, diluted $ 0.73 $ 1.88 $ 0.84 $ 6.10 Anti-dilutive stock options and restricted stock excluded from the calculation of diluted earnings per share 791 26 648 26 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2015 | |
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 currency translation Unrealized loss on investment securities Accumulated other comprehensive income December 31, 2014 $ 2,670 $ (165 ) $ 2,505 Current period other comprehensive loss (292 ) (470 ) (762 ) September 30, 2015 $ 2,378 $ (635 ) $ 1,743 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Investment securities consisted of the following (in thousands): September 30, 2015 December 31, 2014 Amortized cost Gross unrealized gains Gross unrealized losses Fair value (net carrying amount) Amortized Gross Gross Fair value Domestic and foreign corporate bonds $ 220,586 $ 23 $ (659 ) $ 219,950 $ 204,045 $ 28 $ (174 ) $ 203,899 Commercial paper 27,968 1 — 27,969 46,434 1 (21 ) 46,414 $ 248,554 $ 24 $ (659 ) $ 247,919 $ 250,479 $ 29 $ (195 ) $ 250,313 For investments with unrealized losses as of September 30, 2015 and December 31, 2014 , the Company has determined that it does not have the intent to sell any of these investments and 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 September 30, 2015 , by contractual maturity, are as follows (in thousands): Fair value Available-for-sale securities Due in one year or less $ 125,031 Due after one year through two years 104,565 Due after two years through three years 18,323 $ 247,919 |
Receivables, net
Receivables, net | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Receivables, net | Receivables, net Receivables, net consisted of the following (in thousands): September 30, December 31, Casino $ 223,323 $ 257,930 Hotel 15,281 15,474 Retail leases and other 43,573 39,231 282,177 312,635 Less: allowance for doubtful accounts (77,527 ) (74,678 ) $ 204,650 $ 237,957 |
Property and Equipment, net
Property and Equipment, net | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following (in thousands): September 30, December 31, Land and improvements $ 784,308 $ 734,625 Buildings and improvements 3,967,561 3,883,626 Furniture, fixtures and equipment 1,776,655 1,749,288 Leasehold interests in land 316,712 316,431 Airplanes 162,064 126,491 Construction in progress 2,875,425 1,666,326 9,882,725 8,476,787 Less: accumulated depreciation (2,792,276 ) (2,620,945 ) $ 7,090,449 $ 5,855,842 Construction in progress consists primarily of costs capitalized, including interest, for the construction of Wynn Palace. The Company reviews the remaining estimated useful lives of its property and equipment on an ongoing basis. For the review of estimated useful lives of buildings and improvements for Wynn Macau, the Company considers factors such as liberalization of the gaming industry in Macau, market expansion and actions taken by the Macau government regarding concession renewals. This review during the third quarter of 2015 indicated that the Company’s estimated useful lives of buildings and improvements extend beyond the current expiration of the gaming concession in June 2022 and land concession in August 2029. As a result, effective September 1, 2015, the Company changed its estimate of remaining useful lives of buildings and improvements for Wynn Macau to better reflect the estimated periods during which these assets are expected to remain in service. The maximum useful life of buildings and improvements for Wynn Macau was increased to 45 years from the date placed in service. The effect of this change in estimate in the quarter ended September 30, 2015, was to reduce depreciation expense and increase net income by $1.8 million , and increase basic and diluted earnings per share by $0.01 . |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in thousands): September 30, December 31, 2014 Macau Related: Wynn Macau Credit Facilities: Senior Term Loan Facility (as amended September 2015), due September 2021; interest at LIBOR or HIBOR plus 1.50%—2.25%, net of original issue discount of $36,344 at September 30, 2015 $ 2,271,069 $ — Senior Term Loan Facility, due July 31, 2017 and July 31, 2018; interest at LIBOR or HIBOR plus 1.75%—2.50%, net of original issue discount of $3,830 at December 31, 2014 — 948,823 Senior Revolving Credit Facility, due July 31, 2017, interest at LIBOR or HIBOR plus 1.75%—2.50% at December 31, 2014 — 132,524 5 1/4% Senior Notes, due October 15, 2021, including original issue premium of $4,657 at September 30, 2015 and $5,141 at December 31, 2014 1,354,657 1,355,141 U.S. and Corporate Related: 5 3/8% First Mortgage Notes, due March 15, 2022 900,000 900,000 4 1/4% Senior Notes, due May 30, 2023 500,000 500,000 5 1/2% Senior Notes, due March 1, 2025 1,800,000 — Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2%, net of fair value adjustment of $13,720 at September 30, 2015 1,922,723 1,936,443 7 7/8% First Mortgage Notes, due May 1, 2020, net of original issue discount of $1,279 at December 31, 2014 — 345,731 7 3/4% First Mortgage Notes, due August 15, 2020 — 1,226,600 8,748,449 7,345,262 Current portion of long-term debt — — $ 8,748,449 $ 7,345,262 Macau Related Debt Wynn Macau Credit Facilities On September 30, 2015, Wynn Resorts (Macau) S.A. ("Wynn Macau SA"), an indirect subsidiary of Wynn Macau, Limited, amended its senior secured credit facilities, dated July 30, 2012 (the “Amended Wynn Macau Credit Facilities”) to, among other things, increase borrowing capacity and extend maturity dates. Borrowings under the Amended Wynn Macau Credit Facilities consist of both United States dollar and Hong Kong dollar tranches and were used to refinance Wynn Macau SA's existing indebtedness, to fund the construction and development of Wynn Palace and for general corporate purposes. The borrowing availability under the Amended Wynn Macau Credit Facilities was increased to $3.05 billion equivalent, representing an increase of $550 million equivalent, consisting of a $2.3 billion equivalent senior secured term loan facility (the "Wynn Macau Senior Term Loan Facility") and a $750 million equivalent senior secured revolving credit facility. Wynn Macau SA has the ability to upsize the Amended Wynn Macau Credit Facilities by an additional $1.0 billion equivalent senior secured loans upon satisfaction of various conditions. The senior secured term loan facility is repayable in graduating installments of between 2.5% to 7.33% of the principal amount on a quarterly basis commencing December 2018, with a final installment of 50% of the principal amount repayable in September 2021 (extended from July 2018). Any outstanding borrowings from the senior secured revolving credit facility will mature in September 2020 (extended from July 2017) by which time any outstanding borrowings from the senior secured revolving credit facility must be repaid. The Amended Wynn Macau Credit Facilities bear interest at LIBOR or HIBOR plus a margin of 1.50% to 2.25% per annum based on Wynn Macau SA’s Leverage Ratio (as defined in the Amended Wynn Macau Credit Facilities). The commitment fee required to pay for unborrowed amounts under the senior secured revolving credit facility, if any, is between 0.52% to 0.79% per annum, based on Wynn Macau SA’s Leverage Ratio. The annual commitment fee is payable quarterly in arrears and calculated based on the daily average of the unborrowed amounts. The Amended Wynn Macau Credit Facilities contain a requirement that Wynn Macau SA must make mandatory repayments of indebtedness from specified percentages of excess cash flow. If Wynn Macau SA's Leverage Ratio is greater than 4.5 to 1, then 25% of Excess Cash Flow (as defined in the Amended Wynn Macau Credit Facilities) must be used for prepayment of indebtedness and cancellation of available borrowings under the Amended Wynn Macau Credit Facilities. There is no mandatory prepayment in respect of Excess Cash Flow if Wynn Macau SA's Leverage Ratio is equal or less than 4.5 to 1. The Amended Wynn Macau Credit Facilities contain customary covenants restricting certain activities including, but not limited to: the incurrence of additional indebtedness, the incurrence or creation of liens on any of its property, sale and leaseback transactions, the ability to dispose of assets, and making loans or other investments. In addition, Wynn Macau SA is required by the financial covenants to maintain a Leverage Ratio of not greater than 5.25 to 1 for the fiscal year ending December 31, 2015, and an Interest Coverage Ratio (as defined in the Amended Wynn Macau Credit Facilities) of not less than 2.00 to 1 at any time. Borrowings under the Amended Wynn Macau Credit Facilities will continue to be guaranteed by Palo Real Estate Company Limited (“Palo”), a subsidiary of Wynn Macau SA, and by certain subsidiaries of the Company that own equity interests in Wynn Macau SA, and are secured by substantially all of the assets of Wynn Macau SA and Palo, and the equity interests in Wynn Macau SA. Borrowings under the Amended Wynn Macau Facilities are not guaranteed by the Company or Wynn Macau, Limited. In connection with the gaming concession contract of Wynn Macau SA, Wynn Macau SA entered into a Bank Guarantee Reimbursement Agreement with Banco Nacional Ultramarino, S.A. (“BNU”) for the benefit of the Macau government. This guarantee assures Wynn Macau SA’s performance under the casino concession agreement, including the payment of premiums, fines and indemnity for any material failure to perform under the terms of the concession agreement and the payment of any gaming taxes. As of September 30, 2015, the guarantee was in the amount of 300 million Macau patacas ("MOP") (approximately $37 million ) and will remain at such amount until 180 days after the end of the term of the concession agreement (2022). BNU, as issuer of the guarantee, is currently secured by a second priority security interest in the senior lender collateral package. From and after repayment of all indebtedness under the Amended Wynn Macau Credit Facilities, Wynn Macau SA is obligated to promptly, upon demand by BNU, repay any claim made on the guarantee by the Macau government. BNU is paid an annual fee for the guarantee of MOP 2.3 million (approximately $0.3 million ). Upon closing of the Amended Wynn Macau Credit Facilities, the Company received proceeds of $2.3 billion from the fully funded senior secured term loan facility. The proceeds were used to repay $953.3 million in outstanding borrowings under the senior secured term loan facility dated July 30, 2012, and $815.8 million in outstanding borrowings under the senior secured revolving credit facility dated July 30, 2012. In connection with Amended Wynn Macau Credit Facilities, the Company on September 30, 2015 recorded a loss on extinguishment of debt of $2.1 million related to the write-off of unamortized deferred financing costs. As of September 30, 2015, the Company had $750 million of available borrowing capacity under the Amended Wynn Macau Credit Facilities. U.S. and Corporate Related Debt First Mortgage Notes due 2020 On February 10, 2015, Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp., an indirect wholly owned subsidiary of Wynn Resorts, Limited (together, the "Issuers") commenced a cash tender offer for any and all of the outstanding aggregate principal amounts of the 7 7/8% first mortgage notes due May 1, 2020 (the "7 7/8% 2020 Notes") and the 7 3/4% first mortgage notes due August 15, 2020 (the "7 3/4% 2020 Notes" and together with the 7 7/8% 2020 Notes, the "2020 Notes"). Wynn Las Vegas, LLC accepted for purchase valid tenders with respect to $305.8 million of the $377.0 million aggregate principal amount of the 7 7/8% 2020 Notes and $1,146.5 million of the $1,226.6 million aggregate principal amount of the 7 3/4% 2020 Notes. The note holders who validly tendered their 2020 Notes received the total consideration of $1,054.21 for each $1,000 principal amount of 7 7/8% 2020 Notes and $1,073.82 for each $1,000 principal amount of 7 3/4% 2020 Notes. The premium portion of the aggregate total consideration was $101.2 million and was recorded as a loss on extinguishment of debt in the accompanying Condensed Consolidated Statements of Income. The Company satisfied and discharged the indentures under which the 2020 Notes were issued and redeemed the untendered 7 7/8% 2020 Notes on May 1, 2015 and the 7 3/4% 2020 Notes on August 15, 2015. As part of the cash tender offer of the 7 7/8% 2020 Notes, Wynn Resorts tendered the $30.0 million principal amount it held of its wholly owned subsidiary Wynn Las Vegas, LLC. In connection with the cash tender, the Company expensed $17.2 million of unamortized deferred financing costs and original issue discount related to the 2020 Notes and incurred other fees of $0.1 million that are included in loss on extinguishment of debt in the accompanying Condensed Consolidated Statements of Income. On May 1, 2015, the Company redeemed the remaining $71.1 million principal amount of the untendered 7 7/8% 2020 Notes. The Company recorded a loss for the premium portion of the consideration of $2.8 million and expensed $1.0 million of unamortized deferred financing costs and original discount that are included in loss on extinguishment of debt in the accompanying Condensed Consolidated Statements of Income. On August 15, 2015, the Company redeemed the remaining $80.1 million principal amount of the untendered 7 3/4% 2020 Notes. The Company recorded a loss for the premium portion of the consideration of $3.1 million and expensed $0.8 million of unamortized deferred financing costs that are included in loss on extinguishment of debt in the accompanying Condensed Consolidated Statements of Income. 5 1/2% Senior Notes due 2025 On February 18, 2015, the Issuers completed the issuance of $1.8 billion aggregate principal amount of 5 1/2% senior notes due March 1, 2025 (the "2025 Notes") pursuant to an indenture, dated as of February 18, 2015 (the "2025 Indenture"), among the Issuers, all the Issuers' subsidiaries (other than Wynn Las Vegas Capital Corp., which was a co-issuer) and U.S. Bank National Association, as trustee. The 2025 Notes were issued at par. The Company used the net proceeds from the 2025 Notes to cover the cost of purchasing the 2020 Notes and for general corporate purposes. The 2025 Notes will mature on March 1, 2025 and bear interest at the rate of 5 1/2% per annum. The Issuers may, at their option, redeem the 2025 Notes, in whole or in part, at any time or from time to time prior to their stated maturity. The redemption price for 2025 Notes that are redeemed before December 1, 2024 will be equal to the greater of (a) 100% of the principal amount of the 2025 Notes to be redeemed and (b) a "make-whole" amount described in the 2025 Indenture, plus in either case accrued and unpaid interest, if any, to, but not including, the redemption date. The redemption price for the 2025 Notes that are redeemed on or after December 1, 2024 will be equal to 100% of the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date. In the event of a change of control triggering event, the Issuers will be required to offer to repurchase the 2025 Notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The 2025 Notes also are subject to mandatory redemption requirements imposed by gaming laws and regulations of gaming authorities in Nevada. The 2025 Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with the Issuers' 5 3/8% first mortgage notes due March 15, 2022 and the 4 1/4% senior notes due May 30, 2023 (together, the "Existing Notes"). The 2025 Notes are unsecured (except by the first priority pledge by Wynn Las Vegas Holdings, LLC of its equity interests in Wynn Las Vegas, LLC), effectiveness of which is subject to the prior approval of the Nevada gaming authorities. Such equity interests in Wynn Las Vegas also secure the Existing Notes. If Wynn Resorts, Limited receives an investment grade rating from one or more ratings agencies, the first priority pledge securing the 2025 Notes will be released. The 2025 Notes are jointly and severally guaranteed by all of the Issuers' subsidiaries. The guarantees are senior unsecured obligations and rank senior in right of payment to all of their existing and future subordinated debt. The guarantees rank equally in right of payment with all existing and future liabilities of the Issuers' subsidiaries that are not so subordinated and will be effectively subordinated in right of payment to all of such existing and future secured debt (to the extent of the collateral securing such debt). The 2025 Indenture contains covenants limiting the Issuers' and all of the Issuers' subsidiaries' (as guarantors), other than Wynn Las Vegas Capital Corp., ability to create liens on assets to secure debt, enter into sale-leaseback transactions and merge or consolidate with another company. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. Events of default under the 2025 Indenture include, among others, the following: default for 30 days in the payment when due of interest on the 2025 Notes; default in payment when due of the principal of, or premium, if any, on the 2025 Notes; failure to comply with certain covenants in the 2025 Indenture; and certain events of bankruptcy or insolvency. In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to the Issuers or Issuers' subsidiaries (as guarantors), other than Wynn Las Vegas Capital Corp., all 2025 Notes then outstanding will become due and payable immediately without further action or notice. Wynn America Credit Facilities On November 20, 2014, Wynn America, LLC ("Wynn America"), an indirect wholly owned subsidiary of the Company, entered into a $1.25 billion senior secured credit facility, consisting of a $375 million senior secured revolving credit facility and an $875 million delay draw senior secured term loan facility (together, the "Wynn America Credit Facilities"). As of September 30, 2015, there were no amounts drawn under the Wynn America Credit Facilities, however, there were outstanding letters of credit totaling $10.0 million reducing the available borrowing capacity to $1.24 billion . Pursuant to the terms of the Wynn America Credit Facilities, Wynn America agreed to use commercially reasonable efforts to cause a corporate restructuring (the "Wynn Las Vegas Reorganization") that would result in Wynn Las Vegas Holdings, LLC ("WLVH"), a direct wholly owned subsidiary of Wynn America, being the 100% owner of Wynn Las Vegas, LLC. Approvals required under applicable gaming laws and regulations with respect to the Wynn Las Vegas Reorganization were obtained on August 20, 2015. On September 1, 2015, Wynn Resorts Holdings, LLC transferred its equity interest in Wynn Las Vegas, LLC and effectuated the Wynn Las Vegas Reorganization. On November 5, 2015, Wynn America amended the Wynn America Credit Facilities to extend the available borrowing period from November 20, 2015 to March 30, 2016 and June 30, 2016 for up to $100.3 million and $704.7 million , respectively, of the delay draw senior secured term facility. The available borrowing period for $70.0 million of the delay draw senior secured term facility was not extended. Wynn America paid customary fees and expenses in connection with the amendment. Debt Covenant Compliance As of September 30, 2015 , 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 September 30, 2015 and December 31, 2014, was approximately $6.3 billion and $5.4 billion , respectively, compared to its carrying value of $6.8 billion and $5.4 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 | 9 Months Ended |
Sep. 30, 2015 | |
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 receive 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 September 30, 2015 and December 31, 2014, the interest rate swaps were recorded as a liability of $1.1 million in other long term liabilities and as an asset of $5.9 million in deposits and other assets, respectively. 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 Facility. 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 Facility 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 Facility 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 | 9 Months Ended |
Sep. 30, 2015 | |
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, for which the officers and directors reimburse the Company. In addition, effective January 1, 2015, Mr. Wynn also reimburses the Company for personal usage of aircraft (subject to a $250,000 credit per calendar year) pursuant to a time sharing agreement. 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. Mr. Wynn and the other officers and directors had a net deposit balance with the Company of $0.5 million and $0.6 million as of September 30, 2015 and December 31, 2014, respectively. Villa Lease Mr. Wynn currently leases a villa at Wynn Las Vegas for use as his personal residence. The lease, including each amendment and restatement, was approved by the Audit Committee of the Board of Directors of Wynn Resorts. Beginning in November 2013, pursuant to the 2013 Second Amended and Restated Agreement of Lease, dated as of November 7, 2013 and amended as of February 25, 2015 (the "SW Lease"), Mr. Wynn pays the Company annual rent for the villa at its fair market value of the accommodations. Pursuant to the SW Lease, Wynn Las Vegas pays for all capital improvements to the villa. The fair value is based on independent third-party expert opinions of value, which was $525,000 per year through February 28, 2015 and $559,295 per year from March 1, 2015 through February 28, 2017. The annual rent for the villa will be re-determined every two years during the term of the SW Lease, by the Audit Committee. 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 approximately two acres 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 2022. 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 | 9 Months Ended |
Sep. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Property Charges and Other | Property Charges and Other Property charges and other for the three months ended September 30, 2015 and 2014 of $1.0 million and $1.6 million , respectively, consisted primarily of miscellaneous abandonments at the Company's resorts. Property charges and other for the nine months ended September 30, 2015 and 2014 of $4.0 million and $13.7 million , respectively, consisted primarily of charges associated with the renovation of approximately 27,000 square feet of casino space at Wynn Macau for new VIP gaming rooms. These new VIP gaming rooms opened in February 2015. |
Noncontrolling Interest
Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest On March 31, 2015, Wynn Macau, Limited paid a dividend of HK $1.05 per share for a total of $702.6 million . The Company's share of this dividend was $507.1 million with a reduction of $195.5 million to noncontrolling interest in the accompanying Condensed Consolidated Balance Sheets. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Casino $ 2,154 $ 3,126 $ 7,781 $ 5,778 Rooms 83 95 232 95 Food and beverage 274 319 762 372 Entertainment, retail and other 22 26 62 26 General and administrative 6,677 6,803 21,369 16,443 Pre-opening costs 46 — 118 — Total stock-based compensation expense 9,256 10,369 30,324 22,714 Total stock-based compensation capitalized 69 61 195 5,645 Total stock-based compensation costs $ 9,325 $ 10,430 $ 30,519 $ 28,359 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. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Cotai Development and Land Concession Contract The Company is currently constructing Wynn Palace, an integrated resort containing a 1,700 -room hotel, a performance lake, meeting space, a casino, a spa, retail offerings, and food and beverage outlets in the Cotai area of Macau. In September 2011, Wynn Macau SA and Palo, formally accepted the terms and conditions of a 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 September 30, 2015 , the remaining $31.6 million obligation was recorded as a current liability. As of December 31, 2014, the Company recorded this obligation with $30.8 million included as a current liability and $16.0 million included as a long-term liability. The Company also is 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 SA 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 construction and design 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 $20.6 billion (approximately $2.7 billion ). The general contractor has notified the Company that it will not achieve the early completion milestone on January 25, 2016. However, the general contractor stated it is on schedule to complete the project on or before the substantial completion date. The Company continues to expect to open the property in the first half of 2016. 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 September 30, 2015 , the Company has incurred approximately $3.1 billion of the approximately $4.1 billion in total project budget costs. The total project budget includes all construction costs, capitalized interest, pre-opening expenses, land costs and financing fees. Litigation In addition to the actions noted below, the Company and its 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. Determination of Unsuitability and Redemption of Aruze 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 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 Aruze's 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'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 advisor 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 under the terms of the Stockholders Agreement (as defined below). Pursuant to its articles of incorporation, Wynn Resorts issued the Redemption Note to Aruze 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. 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 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's shares acted at the direction of Mr. 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 fair value for the redeemed shares; and (4) that the terms of the Redemption Note that Aruze 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's shares was void, an injunction restoring Aruze'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, Mr. Wynn, and Elaine Wynn (the "Stockholders Agreement"). On June 19, 2012, Elaine Wynn asserted a cross claim against Mr. Wynn and Aruze seeking a declaration that (1) any and all of Elaine Wynn's duties under the Stockholders Agreement shall 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 indenture for Wynn Las Vegas, LLC's 4 1/4% senior notes due 2023 (the "2023 Indenture") provides that if Mr. Wynn, together with certain related parties, in the aggregate beneficially owns a lesser percentage of the voting power of the outstanding common stock of the Company than is beneficially owned by any other person, a change of control will have occurred. The 2025 Indenture provides that if any event constitutes a "change of control" under the 2023 Indenture, it will constitute a change of control under the 2025 Indenture. If Elaine Wynn prevails in her cross claim, Mr. Wynn would not beneficially own or control Elaine Wynn's shares, which could increase the likelihood that a change in control may occur under the Wynn Las Vegas debt documents. Under the 2023 Indenture and the 2025 Indenture, if (1) a change of control occurs and (2) at any time within 60 days after that occurrence, the 4 1/4% senior notes due 2023 or the 5 1/2% senior notes due 2025, as applicable, are rated below investment grade by both rating agencies that rate such notes, the Company is required to make an offer to each applicable 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 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. 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 that were deposited into the clerk's trust account and filed a notice with the court with respect to the same. On February 13, 2015, the Company issued a check for the interest payment due at that time to the clerk of the court for deposit into the clerk's trust account. 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. On September 22, 2014, the court entered a new stipulation between the parties for a discovery schedule with closing on August 1, 2016. On September 16, 2014, Aruze filed a motion for partial summary judgment related to its counterclaim alleging the Company's directors violated the terms of the Articles by failing to pay Aruze fair value for the redeemed shares. At a hearing held on October 21, 2014, the court denied Aruze's motion. On October 10, 2014, the Okada Parties filed a motion for partial judgment on the pleadings principally to seek dismissal of certain breach of fiduciary claims against Mr. Okada included in the Company's Complaint. On November 13, 2014, the court denied the motion and issued an order setting the trial and trial-related dates. The trial is scheduled to begin on February 6, 2017. The lawsuit is currently in the discovery phase of litigation. 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 the Company's 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 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 June 11, 2014, the Tokyo High Court ruled in favor of the Wynn Parties and upheld the motion for dismissal. On June 25, 2014, the Okada Japan Parties filed a notice of appeal to the Supreme Court of Japan. On October 28, 2014, the Wynn Parties received a copy of the brief that the Okada Japan Parties had filed to explain why they believe the Supreme Court of Japan should hear the case. The Wynn Parties filed a reply brief on February 16, 2015. 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. Macau Action: On July 3, 2015, Wynn Macau, Limited announced that the Okada Parties filed a complaint in the Court of First Instance of Macau ("Macau Court") against Wynn Macau SA and certain individuals who are or were directors of Wynn Macau SA and/or Wynn Macau, Limited (collectively, the "Wynn Macau Parties"). The principal allegations in the lawsuit are that the redemption of the Okada Parties' shares in the Company was improper and undervalued, that the previously disclosed payment by Wynn Macau SA to an unrelated third party in consideration of relinquishment by that party of certain rights in and to any future development on the land in Cotai where the Company is building Wynn Palace was unlawful and that the Company's previously disclosed donation to the University of Macau Development Foundation was unlawful. The plaintiffs seek dissolution of Wynn Macau SA and compensatory damages. The Macau Court has not yet served the complaint on all of the defendants. The Company believes the claims are without merit and will vigorously defend the Wynn Macau Parties against them. 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. 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 previously disclosed donation to the University of Macau Development Foundation. 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 Development Foundation. 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 Development Foundation. 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 Development Foundation; and (c) redeeming Aruze'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 Plaintiffs filed a notice of appeal to the United States Court of Appeals for the Ninth Circuit. The Federal Plaintiffs' opening brief was filed on September 19, 2014. The Company filed a response on December 18, 2014 and the Federal Plaintiffs filed a reply brief on January 30, 2015. The two state court actions brought by the following plaintiffs also have 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 during the applicable period, including Mr. Okada, as well as the Company's Chief Financial Officer who signed financial disclosures filed with the SEC during the applicable periods. 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, the Company 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 June 18, 2014, the court entered a new stipulation between the parties that provides for further stay of the state derivative action and directs the parties, within 45 days of the conclusion of the latter of the Redemption Action or the federal derivative 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. Massachusetts Gaming License Related Actions On September 17, 2014, the Massachusetts Gaming Commission ("MGC") designated Wynn MA, LLC ("Wynn MA"), an indirect wholly owned subsidiary of the Company, the award winner of the Greater Boston (Region A) gaming license. On November 7, 2014, the gaming license became effective. Revere Action: On October 16, 2014, the City of Revere, the host community to the unsuccessful bidder for the same license, and the International Brotherhood of Electrical Workers, Local 103, filed a complaint against the MGC and each of the five gaming commissioners in Suffolk Superior Court in Boston, Massachusetts (the "Revere Action"). The complaint challenges the MGC's decision and alleges that the MGC failed to follow statutory requirements outlined in the Gaming Act. The complaint (1) seeks to appeal the administrative decision, (2) asserts that certiorari provides a remedy to correct errors in proceedings by an agency such as the MGC, (3) challenges the constitutionality of that section of the gaming law which bars judicial review of the MGC's decision to deny an applicant a gaming license, and (4) alleges violations of the open meeting law requirements. The court allowed Mohegan Sun, the other applicant for the Greater Boston (Region A) gaming license, to intervene in the Revere Action, and on February 23, 2015, Mohegan Sun filed its complaint. The Mohegan complaint challenges the license award to Wynn MA, seeks judicial review of the MGC's decision, and seeks to vacate the MGC's license award to Wynn MA. On July 1, 2015, the MGC filed motions to dismiss Mohegan Sun's and the City of Revere's complaints. Oral argument on these motions was heard on September 22, 2015. Somerville Action: On December 4, 2014, the City of Somerville filed a complaint similar to the one in the Revere Action against the MGC and each of the five gaming commissioners in Suffolk Superior Court. The City of Somerville filed a motion to stay its case pending the results of the Massachusetts Department of Environmental Protection's review of Wynn MA's proposed project and the required mitigation actions. The motion to stay was not opposed by the MGC and on July 9, 2015, the court granted the City of Somerville's motion to stay. Boston Action: On January 5, 2015, the City of Boston filed a complaint against the MGC and each of the five gaming commissioners in Suffolk Superior Court for certiorari and declaratory relief in connection with the MGC's award of the license to Wynn MA. The complaint seeks to contest the MGC's decision that Boston is a surrounding community, rather than a host community to the Wynn resort in Massachusetts. On May 20, 2015, the |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended September 30, 2015 and 2014 , the Company recorded a tax benefit of $3.9 million and a tax expense of $4.9 million , respectively. For the nine months ended September 30, 2015 and 2014 , the Company recorded a tax expense of $12.6 million and $8.3 million , respectively. The Company’s income tax benefit and expense for the three and nine months ended September 30, 2015 and 2014 is primarily related to changes in the domestic valuation allowance for U.S. foreign tax credits ("FTCs"). 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. The Company recorded deferred U.S. income taxes of $1.7 million with respect to amounts not considered permanently invested. 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 nine months ended September 30, 2015 and 2014 , the Company recognized income tax benefits related to excess tax deductions associated with stock compensation costs of $0.7 million and $6.6 million , respectively. The Company assesses the recoverability of its deferred tax asset for FTCs and the appropriateness for a valuation allowance on a quarterly basis. The Company considers factors such as its three year cumulative pre-tax book income, the reversal of taxable timing differences, and expectations regarding the occurrence of U.S. source income versus foreign source income within the FTCs carryforward period. Historically, the Company has recorded a partial valuation allowance on FTCs. If, based on future results and reviews of these factors, the Company was to conclude that the deferred tax asset is not recoverable and an additional valuation allowance is necessary, there could be a significant impact on its effective tax rate. Wynn Macau SA has received a 5 -year exemption from Macau's Complementary Tax on casino gaming profits through December 31, 2015. In October 2015, Wynn Macau SA received an additional 5 -year exemption, effective January 1, 2016, from Macau's Complementary Tax on casino gaming profits through December 31, 2020. During the three months ended September 30, 2015 and 2014, the Company was exempted from the payment of $8.7 million and $25.8 million in such taxes. For the nine months ended September 30, 2015 and 2014, the Company was exempted from the payment of such taxes totaling $32.6 million and $80.4 million , respectively. 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 2011, Wynn Macau SA entered into an agreement with the Macau Special Administrative Region that provides for an annual payment of MOP 15.5 million (approximately $1.9 million ) to the Macau Special Administrative Region as complementary tax due by shareholders on dividend distributions. This agreement on dividends is effective through December 31, 2015. In June 2015, Wynn Macau SA applied for an extension of the agreement for an additional five years effective through December 31, 2020. In December 2014, the Company received notification that for the 2015 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 June 2015, the Financial Services Bureau commenced an examination of the 2012 Macau income tax return of Wynn Macau SA. 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 | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company reviews the results of operations for each of its operating segments. Wynn Macau and Encore at Wynn Macau are managed as a single integrated resort and have been aggregated as one reportable segment ("Macau Operations"). Wynn Las Vegas and Encore at Wynn Las Vegas are managed as a single integrated resort and have been aggregated as one reportable segment ("Las Vegas Operations"). The Company identifies each resort as a reportable segment considering operations within each resort have similar economic characteristics, type of customers, types of services and products, the regulatory environment of the operations and the Company's organizational and management reporting structure. The Company also reviews construction and development activities for each of its projects under development, in addition to its reportable segments. The Company's projects under development are Wynn Palace and the Wynn resort in Massachusetts. In the following tables, the assets of the Wynn resort in Massachusetts are included in Corporate and Other. Other Macau primarily represents cash and investment securities held at the Company's Macau holding company. The following tables present the Company's segment information (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net revenues Macau Operations $ 585,116 $ 942,255 $ 1,907,425 $ 3,035,588 Las Vegas Operations 411,169 427,755 1,221,556 1,260,098 Total $ 996,285 $ 1,370,010 $ 3,128,981 $ 4,295,686 Adjusted Property EBITDA (1) Macau Operations $ 162,822 $ 325,529 $ 548,555 $ 1,016,858 Las Vegas Operations 117,069 133,250 349,783 403,962 Total 279,891 458,779 898,338 1,420,820 Other operating costs and expenses Pre-opening costs 19,467 6,718 52,433 14,792 Depreciation and amortization 80,649 79,027 245,428 234,037 Property charges and other 987 1,640 3,963 13,674 Corporate expenses and other 16,806 27,883 59,286 83,682 Stock-based compensation 9,210 10,369 30,206 22,714 Equity in income (loss) from unconsolidated affiliates (2 ) 567 68 1,173 Total other operating costs and expenses 127,117 126,204 391,384 370,072 Operating income 152,774 332,575 506,954 1,050,748 Non-operating income and expenses Interest income 1,465 5,814 4,655 16,072 Interest expense, net of amounts capitalized (74,079 ) (79,048 ) (227,298 ) (236,069 ) Increase (decrease) in swap fair value (1,287 ) 2,360 (7,010 ) (1,451 ) Decrease in Redemption Note fair value 13,720 — 13,720 — Loss on extinguishment of debt (5,971 ) (3,573 ) (126,004 ) (7,356 ) Equity in income (loss) from unconsolidated affiliates (2 ) 567 68 1,173 Other 459 (801 ) 1,790 (405 ) Total other non-operating costs and expenses (65,695 ) (74,681 ) (340,079 ) (228,036 ) Income before income taxes 87,079 257,894 166,875 822,712 Benefit (provision) for income taxes 3,906 (4,888 ) (12,589 ) (8,261 ) Net income $ 90,985 $ 253,006 $ 154,286 $ 814,451 (1) "Adjusted Property EBITDA" is net income before interest, taxes, depreciation and amortization, pre-opening costs, property charges and other, management and license fees, corporate expenses and other, intercompany golf course and water rights leases, stock-based compensation, loss on extinguishment of debt, change in interest rate swap fair value, change in Redemption Note fair value and other non-operating income and expenses, and includes equity in income (loss) 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. 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 measures of 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. September 30, December 31, Assets Macau Macau Operations $ 1,729,450 $ 1,520,098 Wynn Palace 3,043,273 1,854,521 Other Macau 123,348 974,170 Total Macau 4,896,071 4,348,789 Las Vegas Operations 3,140,176 3,472,931 Corporate and other 1,944,938 1,241,141 $ 9,981,185 $ 9,062,861 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event On October 15, 2015, the Company announced a cash dividend of $0.50 per share, payable on November 24, 2015 to stockholders of record as of November 12, 2015. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
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. Investment in the 50% -owned joint venture operating the Ferrari and Maserati automobile dealership inside Wynn Las Vegas, which was permanently closed in October 2015, is 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. |
Restricted Cash | Restricted Cash At September 30, 2015 and December 31, 2014, the Company's non-current restricted cash consisted of cash held in trust in accordance with the Company's majority owned subsidiary's share award plan. |
Investment Securities | Investment Securities Investment securities consist of domestic and foreign short-term and long-term investments in corporate and U.S. government agency bonds and commercial paper reported at fair value, with unrealized gains and losses, net of tax, reported in other comprehensive income (loss). 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 September 30, 2015 and December 31, 2014, approximately 84% and 85% , respectively, 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. An estimated allowance for doubtful accounts is maintained to reduce the Company's receivables to their carrying amount, which approximates fair value. The allowance estimate reflects specific review of customer accounts as well as management's experience with historical and current collection trends and current economic and business conditions. Accounts are written off when management deems them to be uncollectible. Recoveries of accounts previously written off are recorded when received. |
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 $1.92 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. ("Aruze"), 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 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. |
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 games promoters 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 revenue; consequently, the Company's casino revenues are reduced by discounts, commissions and points earned by customers from the Company's loyalty programs. 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. |
Gaming Taxes | Gaming Taxes The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are an assessment on the Company's gross gaming revenues and are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Income. |
Fair Value Measurements | Fair Value Measurements The Company measures certain of its financial assets and liabilities, such as cash equivalents, available-for-sale securities, interest rate swaps and the Redemption Note, 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. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In July 2015, the Financial Accounting Standards Board ("FASB") issued an accounting standards update which changes the measurement principle for inventories valued under the first-in, first-out or weighted-average methods from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined by FASB as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The effective date for this guidance is for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company is currently assessing the impact the adoption of this standard will have on its consolidated financial statements. In April 2015, the FASB issued an accounting standards update that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. In August 2015, the FASB issued an accounting standards update which clarifies that the guidance issued in April 2015 does not apply to line-of-credit arrangements. According to the additional guidance, line-of-credit arrangements will continue to present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the arrangement. The effective date for this guidance is for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early application is permitted. The Company will adopt this guidance effective January 1, 2016. The Company does not anticipate the adoption of this guidance will have a material effect on the Company's financial condition, results of operations or cash flows. In May 2014, the FASB issued an accounting standards update that amends the FASB Accounting Standards Codification and creates a new topic for Revenue from Contracts with Customers. The new guidance is expected to clarify the principles for revenue recognition and to develop a common revenue standard for U.S. generally accepted accounting principles ("GAAP") applicable to revenue transactions. This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This guidance also provides substantial revision of interim and annual disclosures. The update allows for either full retrospective adoption, meaning the guidance is applied for all periods presented, or modified retrospective adoption, meaning the guidance is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the guidance recognized at the date of initial application. In August 2015, the FASB issued an accounting standards update which defers the effective date of the new revenue recognition accounting guidance by one year, to annual and interim periods beginning after December 15, 2017. Early application is permitted for annual and interim periods beginning after December 15, 2016. The Company will adopt this standard effective January 1, 2018. The Company is currently assessing the impact the adoption of this standard will have on its consolidated financial statements. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Rooms $ 13,095 $ 14,305 $ 38,496 $ 40,314 Food and beverage 26,391 30,508 81,878 90,454 Entertainment, retail and other 3,161 3,770 10,791 10,606 $ 42,647 $ 48,583 $ 131,165 $ 141,374 |
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: September 30, Quoted Other Unobservable Assets: Cash equivalents $ 359,220 $ 3,521 $ 355,699 — Restricted cash $ 1,841 $ 1,841 — — Available-for-sale securities $ 247,919 — $ 247,919 — Liabilities: Redemption Note $ 1,922,723 — $ 1,922,723 — Interest rate swaps $ 1,091 — $ 1,091 — Fair Value Measurements Using: December 31, Quoted Other Unobservable Assets: Cash equivalents $ 1,156,285 $ 828 $ 1,155,457 — Interest rate swaps $ 5,915 — $ 5,915 — Restricted cash $ 977 $ 977 — — Available-for-sale securities $ 250,313 — $ 250,313 — Liabilities: Redemption Note $ 1,936,443 — $ 1,936,443 — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income attributable to Wynn Resorts, Limited $ 73,766 $ 191,406 $ 85,625 $ 622,208 Denominator: Weighted average common shares outstanding 101,161 100,959 101,151 100,899 Potential dilutive effect of stock options and restricted stock 420 1,040 557 1,087 Weighted average common and common equivalent shares outstanding 101,581 101,999 101,708 101,986 Net income attributable to Wynn Resorts, Limited per common share, basic $ 0.73 $ 1.90 $ 0.85 $ 6.17 Net income attributable to Wynn Resorts, Limited per common share, diluted $ 0.73 $ 1.88 $ 0.84 $ 6.10 Anti-dilutive stock options and restricted stock excluded from the calculation of diluted earnings per share 791 26 648 26 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 currency translation Unrealized loss on investment securities Accumulated other comprehensive income December 31, 2014 $ 2,670 $ (165 ) $ 2,505 Current period other comprehensive loss (292 ) (470 ) (762 ) September 30, 2015 $ 2,378 $ (635 ) $ 1,743 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | Investment securities consisted of the following (in thousands): September 30, 2015 December 31, 2014 Amortized cost Gross unrealized gains Gross unrealized losses Fair value (net carrying amount) Amortized Gross Gross Fair value Domestic and foreign corporate bonds $ 220,586 $ 23 $ (659 ) $ 219,950 $ 204,045 $ 28 $ (174 ) $ 203,899 Commercial paper 27,968 1 — 27,969 46,434 1 (21 ) 46,414 $ 248,554 $ 24 $ (659 ) $ 247,919 $ 250,479 $ 29 $ (195 ) $ 250,313 |
Investments by Contractual Maturity Date | The fair value of these investment securities at September 30, 2015 , by contractual maturity, are as follows (in thousands): Fair value Available-for-sale securities Due in one year or less $ 125,031 Due after one year through two years 104,565 Due after two years through three years 18,323 $ 247,919 |
Receivables, net (Tables)
Receivables, net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Summary of Receivables, Net | Receivables, net consisted of the following (in thousands): September 30, December 31, Casino $ 223,323 $ 257,930 Hotel 15,281 15,474 Retail leases and other 43,573 39,231 282,177 312,635 Less: allowance for doubtful accounts (77,527 ) (74,678 ) $ 204,650 $ 237,957 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): September 30, December 31, Land and improvements $ 784,308 $ 734,625 Buildings and improvements 3,967,561 3,883,626 Furniture, fixtures and equipment 1,776,655 1,749,288 Leasehold interests in land 316,712 316,431 Airplanes 162,064 126,491 Construction in progress 2,875,425 1,666,326 9,882,725 8,476,787 Less: accumulated depreciation (2,792,276 ) (2,620,945 ) $ 7,090,449 $ 5,855,842 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following (in thousands): September 30, December 31, 2014 Macau Related: Wynn Macau Credit Facilities: Senior Term Loan Facility (as amended September 2015), due September 2021; interest at LIBOR or HIBOR plus 1.50%—2.25%, net of original issue discount of $36,344 at September 30, 2015 $ 2,271,069 $ — Senior Term Loan Facility, due July 31, 2017 and July 31, 2018; interest at LIBOR or HIBOR plus 1.75%—2.50%, net of original issue discount of $3,830 at December 31, 2014 — 948,823 Senior Revolving Credit Facility, due July 31, 2017, interest at LIBOR or HIBOR plus 1.75%—2.50% at December 31, 2014 — 132,524 5 1/4% Senior Notes, due October 15, 2021, including original issue premium of $4,657 at September 30, 2015 and $5,141 at December 31, 2014 1,354,657 1,355,141 U.S. and Corporate Related: 5 3/8% First Mortgage Notes, due March 15, 2022 900,000 900,000 4 1/4% Senior Notes, due May 30, 2023 500,000 500,000 5 1/2% Senior Notes, due March 1, 2025 1,800,000 — Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2%, net of fair value adjustment of $13,720 at September 30, 2015 1,922,723 1,936,443 7 7/8% First Mortgage Notes, due May 1, 2020, net of original issue discount of $1,279 at December 31, 2014 — 345,731 7 3/4% First Mortgage Notes, due August 15, 2020 — 1,226,600 8,748,449 7,345,262 Current portion of long-term debt — — $ 8,748,449 $ 7,345,262 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Casino $ 2,154 $ 3,126 $ 7,781 $ 5,778 Rooms 83 95 232 95 Food and beverage 274 319 762 372 Entertainment, retail and other 22 26 62 26 General and administrative 6,677 6,803 21,369 16,443 Pre-opening costs 46 — 118 — Total stock-based compensation expense 9,256 10,369 30,324 22,714 Total stock-based compensation capitalized 69 61 195 5,645 Total stock-based compensation costs $ 9,325 $ 10,430 $ 30,519 $ 28,359 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Summary of Operations by Segment | The following tables present the Company's segment information (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net revenues Macau Operations $ 585,116 $ 942,255 $ 1,907,425 $ 3,035,588 Las Vegas Operations 411,169 427,755 1,221,556 1,260,098 Total $ 996,285 $ 1,370,010 $ 3,128,981 $ 4,295,686 Adjusted Property EBITDA (1) Macau Operations $ 162,822 $ 325,529 $ 548,555 $ 1,016,858 Las Vegas Operations 117,069 133,250 349,783 403,962 Total 279,891 458,779 898,338 1,420,820 Other operating costs and expenses Pre-opening costs 19,467 6,718 52,433 14,792 Depreciation and amortization 80,649 79,027 245,428 234,037 Property charges and other 987 1,640 3,963 13,674 Corporate expenses and other 16,806 27,883 59,286 83,682 Stock-based compensation 9,210 10,369 30,206 22,714 Equity in income (loss) from unconsolidated affiliates (2 ) 567 68 1,173 Total other operating costs and expenses 127,117 126,204 391,384 370,072 Operating income 152,774 332,575 506,954 1,050,748 Non-operating income and expenses Interest income 1,465 5,814 4,655 16,072 Interest expense, net of amounts capitalized (74,079 ) (79,048 ) (227,298 ) (236,069 ) Increase (decrease) in swap fair value (1,287 ) 2,360 (7,010 ) (1,451 ) Decrease in Redemption Note fair value 13,720 — 13,720 — Loss on extinguishment of debt (5,971 ) (3,573 ) (126,004 ) (7,356 ) Equity in income (loss) from unconsolidated affiliates (2 ) 567 68 1,173 Other 459 (801 ) 1,790 (405 ) Total other non-operating costs and expenses (65,695 ) (74,681 ) (340,079 ) (228,036 ) Income before income taxes 87,079 257,894 166,875 822,712 Benefit (provision) for income taxes 3,906 (4,888 ) (12,589 ) (8,261 ) Net income $ 90,985 $ 253,006 $ 154,286 $ 814,451 (1) "Adjusted Property EBITDA" is net income before interest, taxes, depreciation and amortization, pre-opening costs, property charges and other, management and license fees, corporate expenses and other, intercompany golf course and water rights leases, stock-based compensation, loss on extinguishment of debt, change in interest rate swap fair value, change in Redemption Note fair value and other non-operating income and expenses, and includes equity in income (loss) 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. 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 measures of 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. |
Summary of Assets by Segment | September 30, December 31, Assets Macau Macau Operations $ 1,729,450 $ 1,520,098 Wynn Palace 3,043,273 1,854,521 Other Macau 123,348 974,170 Total Macau 4,896,071 4,348,789 Las Vegas Operations 3,140,176 3,472,931 Corporate and other 1,944,938 1,241,141 $ 9,981,185 $ 9,062,861 |
Organization and Basis of Pre35
Organization and Basis of Presentation - Additional Information (Detail) ft² in Thousands | 9 Months Ended | |
Sep. 30, 2015ft²FacilityHotelRestaurantOutletRoomshowroom | Nov. 30, 2014a | |
Organization and Basis of Presentation [Abstract] | ||
Area of real estate property | a | 33 | |
Macau Operations | ||
Organization and Basis of Presentation [Abstract] | ||
Percentage of ownership | 72.00% | |
Number of hotel | Hotel | 2 | |
Number of rooms in hotel | Room | 1,008 | |
Number of restaurants | Restaurant | 8 | |
Macau Operations | Casino | ||
Organization and Basis of Presentation [Abstract] | ||
Area of property | 284 | |
Macau Operations | Meeting and convention | ||
Organization and Basis of Presentation [Abstract] | ||
Area of property | 31 | |
Macau Operations | Retail | ||
Organization and Basis of Presentation [Abstract] | ||
Area of property | 57 | |
Macau Operations | Salon and Spa | ||
Organization and Basis of Presentation [Abstract] | ||
Number of facilities | Facility | 2 | |
Macau Operations | Pool | ||
Organization and Basis of Presentation [Abstract] | ||
Number of facilities | Facility | 1 | |
Las Vegas | ||
Organization and Basis of Presentation [Abstract] | ||
Percentage of ownership | 100.00% | |
Number of hotel | Hotel | 2 | |
Number of rooms in hotel | Room | 4,748 | |
Las Vegas | Casino | ||
Organization and Basis of Presentation [Abstract] | ||
Area of property | 186 | |
Las Vegas | Meeting and convention | ||
Organization and Basis of Presentation [Abstract] | ||
Area of property | 290 | |
Las Vegas | Retail | ||
Organization and Basis of Presentation [Abstract] | ||
Area of property | 99 | |
Las Vegas | Food and beverage | ||
Organization and Basis of Presentation [Abstract] | ||
Number of outlets | Outlet | 34 | |
Las Vegas | Showrooms | ||
Organization and Basis of Presentation [Abstract] | ||
Number of showrooms | showroom | 2 | |
Las Vegas | Nightclubs | ||
Organization and Basis of Presentation [Abstract] | ||
Number of facilities | Facility | 3 | |
Wynn Palace | ||
Organization and Basis of Presentation [Abstract] | ||
Number of rooms in hotel | Room | 1,700 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Line Items] | |||||
Percentage of ownership in joint ventures | 50.00% | 50.00% | |||
Percentage of credit markers due from customers residing outside of the United States | 84.00% | 84.00% | 85.00% | ||
Gaming tax expenses | $ 272,800 | $ 446,300 | $ 893,000 | $ 1,462,800 | |
Other Observable Inputs (Level 2) | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Percentage of cash equivalents which are deposits held in foreign currencies | 0.00% | 0.00% | 19.00% | ||
Fair Value, Measurements, Recurring | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Cash equivalents | $ 359,220 | $ 359,220 | $ 1,156,285 | ||
Bank deposits and cash on hand | 1,541,000 | 1,541,000 | 1,025,900 | ||
Fair Value, Measurements, Recurring | Other Observable Inputs (Level 2) | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Cash equivalents | 355,699 | 355,699 | 1,155,457 | ||
Games Promoters in Macau | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Games promoters advances | 72,400 | 72,400 | $ 153,400 | ||
Commissions payable | 37,000 | ||||
Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2% | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Debt instrument, principal amount | $ 1,920,000 | $ 1,920,000 |
Summary of Estimated Cost of Pr
Summary of Estimated Cost of Promotional Allowances (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Promotional Allowances [Line Items] | ||||
Estimated costs of promotional allowances primarily included in casino expense | $ 42,647 | $ 48,583 | $ 131,165 | $ 141,374 |
Rooms | ||||
Promotional Allowances [Line Items] | ||||
Estimated costs of promotional allowances primarily included in casino expense | 13,095 | 14,305 | 38,496 | 40,314 |
Food and beverage | ||||
Promotional Allowances [Line Items] | ||||
Estimated costs of promotional allowances primarily included in casino expense | 26,391 | 30,508 | 81,878 | 90,454 |
Entertainment, retail and other | ||||
Promotional Allowances [Line Items] | ||||
Estimated costs of promotional allowances primarily included in casino expense | $ 3,161 | $ 3,770 | $ 10,791 | $ 10,606 |
Schedule of Assets and Liabilit
Schedule of Assets and Liabilities Carried at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Available-for-sale securities | $ 247,919 | $ 250,313 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 359,220 | 1,156,285 |
Interest rate swaps | 5,915 | |
Restricted cash | 1,841 | 977 |
Available-for-sale securities | 247,919 | 250,313 |
Liabilities: | ||
Redemption Note | 1,922,723 | 1,936,443 |
Interest rate swaps | 1,091 | |
Fair Value, Measurements, Recurring | Quoted Market Prices in Active Markets (Level 1) | ||
Assets: | ||
Cash equivalents | 3,521 | 828 |
Interest rate swaps | 0 | |
Restricted cash | 1,841 | 977 |
Available-for-sale securities | 0 | 0 |
Liabilities: | ||
Redemption Note | 0 | 0 |
Interest rate swaps | 0 | |
Fair Value, Measurements, Recurring | Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 355,699 | 1,155,457 |
Interest rate swaps | 5,915 | |
Restricted cash | 0 | 0 |
Available-for-sale securities | 247,919 | 250,313 |
Liabilities: | ||
Redemption Note | 1,922,723 | 1,936,443 |
Interest rate swaps | 1,091 | |
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Interest rate swaps | 0 | |
Restricted cash | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Liabilities: | ||
Redemption Note | 0 | $ 0 |
Interest rate swaps | $ 0 |
Schedule of Shares used in Calc
Schedule of Shares used in Calculation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net income attributable to Wynn Resorts, Limited | $ 73,766 | $ 191,406 | $ 85,625 | $ 622,208 |
Denominator: | ||||
Weighted average common shares outstanding (shares) | 101,161 | 100,959 | 101,151 | 100,899 |
Potential dilutive effect of stock options and restricted stock (shares) | 420 | 1,040 | 557 | 1,087 |
Weighted average common and common equivalent shares outstanding (shares) | 101,581 | 101,999 | 101,708 | 101,986 |
Net income attributable to Wynn Resorts, Ltd. per common share, basic (in dollars per share) | $ 0.73 | $ 1.90 | $ 0.85 | $ 6.17 |
Net income attributable to Wynn Resorts, Ltd. per common share, diluted (in dollars per share) | $ 0.73 | $ 1.88 | $ 0.84 | $ 6.10 |
Antidilutive securities excluded from computation of earnings per share (shares) | 791 | 26 | 648 | 26 |
Changes by Component in Accumul
Changes by Component in Accumulated Other Comprehensive Income (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | |
December 31, 2014 | $ 2,505 |
Current period other comprehensive loss | (762) |
September 30, 2015 | 1,743 |
Foreign currency translation | |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | |
December 31, 2014 | 2,670 |
Current period other comprehensive loss | (292) |
September 30, 2015 | 2,378 |
Unrealized loss on investment securities | |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | |
December 31, 2014 | (165) |
Current period other comprehensive loss | (470) |
September 30, 2015 | $ (635) |
Schedule of Investment Securiti
Schedule of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 248,554 | $ 250,479 |
Gross unrealized gains | 24 | 29 |
Gross unrealized losses | (659) | (195) |
Fair value (net carrying amount) | 247,919 | 250,313 |
Domestic and foreign corporate bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 220,586 | 204,045 |
Gross unrealized gains | 23 | 28 |
Gross unrealized losses | (659) | (174) |
Fair value (net carrying amount) | 219,950 | 203,899 |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 27,968 | 46,434 |
Gross unrealized gains | 1 | 1 |
Gross unrealized losses | 0 | (21) |
Fair value (net carrying amount) | $ 27,969 | $ 46,414 |
Investment Securities - Investm
Investment Securities - Investments by Contractual Maturity (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less | $ 125,031 |
Due after one year through two years | 104,565 |
Due after two years through three years | 18,323 |
Fair value | $ 247,919 |
Summary of Receivables, Net (De
Summary of Receivables, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 282,177 | $ 312,635 |
Less: allowance for doubtful accounts | (77,527) | (74,678) |
Receivables, net | 204,650 | 237,957 |
Casino | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 223,323 | 257,930 |
Hotel | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 15,281 | 15,474 |
Retail leases and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 43,573 | $ 39,231 |
Schedule of Property and Equipm
Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land and improvements | $ 784,308 | $ 734,625 |
Buildings and improvements | 3,967,561 | 3,883,626 |
Furniture, fixtures and equipment | 1,776,655 | 1,749,288 |
Leasehold interests in land | 316,712 | 316,431 |
Airplanes | 162,064 | 126,491 |
Construction in progress | 2,875,425 | 1,666,326 |
Property and equipment, gross | 9,882,725 | 8,476,787 |
Less: accumulated depreciation | (2,792,276) | (2,620,945) |
Property and equipment, net | $ 7,090,449 | $ 5,855,842 |
Property and Equipment, net - A
Property and Equipment, net - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Decrease in depreciation and amortization | $ (80,649) | $ (79,027) | $ (245,428) | $ (234,037) | |
Net income attributable to Wynn Resorts, Limited | 73,766 | $ 191,406 | $ 85,625 | $ 622,208 | |
Service Life | |||||
Property, Plant and Equipment [Line Items] | |||||
Decrease in depreciation and amortization | 1,800 | ||||
Net income attributable to Wynn Resorts, Limited | $ 1,800 | ||||
Earnings per share, basic and diluted (usd per share) | $ 0.01 | ||||
Building and Building Improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, useful life | 45 years |
Summary of Long-Term Debt (Deta
Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Aug. 15, 2015 | Feb. 18, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Long-term debt total | $ 8,748,449 | $ 7,345,262 | ||
Current portion of long-term debt | 0 | 0 | ||
Non current portion of long-term debt | 8,748,449 | 7,345,262 | ||
7 7/8% Wynn Las Vegas First Mortgage Notes Due May 1, 2020 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt total | 0 | 345,731 | ||
5 1/2% Senior Notes, due March 1, 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt total | 1,800,000 | 0 | ||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs | 17,200 | |||
fees included in loss of extinguishment of debt | 100 | |||
Senior Term Loan Facility, Due September 2021 | Wynn Macau [Member] | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Long-term debt total | 2,271,069 | 0 | ||
Senior Secured Credit Facility Term Loans | Wynn Macau [Member] | Notes Payable to Banks | ||||
Debt Instrument [Line Items] | ||||
Long-term debt total | 0 | 948,823 | ||
Senior Revolving Credit Facility due July 31, 2017 | Wynn Macau [Member] | Senior Secured Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt total | 0 | 132,524 | ||
4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt total | 500,000 | 500,000 | ||
5 3/8% First Mortgage Notes, due March 15, 2022 | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt total | 900,000 | 900,000 | ||
Five And One Over Four Percentage Wynn Macau Senior Notes Due October Fifteen Two Thousand Twenty One | Wynn Macau [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt total | 1,354,657 | 1,355,141 | ||
7 3/4% First Mortgage Notes, due August 15, 2020 | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs | $ 800 | |||
Repayments of debt | $ 80,100 | |||
7 3/4% First Mortgage Notes, due August 15, 2020 | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Long-term debt total | 0 | 1,226,600 | ||
Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2% | Aruze USA, Inc. | Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt total | $ 1,922,723 | $ 1,936,443 | ||
Maximum [Member] | 5 1/2% Senior Notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Payment default classification period for interest payment | 30 days |
Summary of Long-Term Debt -Addi
Summary of Long-Term Debt -Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Feb. 18, 2015 | Feb. 10, 2015 |
Wynn Macau Senior Term Loan Facilities, Due July 31, 2017 And July 31, 2018 | |||||
Debt Instrument [Line Items] | |||||
Original issue discount | $ 0 | $ 0 | $ 3,830,000 | ||
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 | Jul. 31, 2017 | Jul. 31, 2017 | |||
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 | Jul. 31, 2018 | Jul. 31, 2018 | |||
5 1/4% Wynn Macau Senior Notes Due October 15, 2021 | |||||
Debt Instrument [Line Items] | |||||
Original issue premium | $ 4,657,000 | $ 4,657,000 | $ 5,141,000 | ||
Stated interest rate | 5.25% | 5.25% | 5.25% | ||
Long-term debt due date | Oct. 15, 2021 | Oct. 15, 2021 | |||
7 7/8% Wynn Las Vegas First Mortgage Notes Due May 1, 2020 | |||||
Debt Instrument [Line Items] | |||||
Original issue discount | $ 0 | $ 0 | $ 1,279,000 | ||
Stated interest rate | 7.875% | 7.875% | 7.875% | ||
Long-term debt due date | May 1, 2020 | May 1, 2020 | |||
7 3/4% First Mortgage Notes, due August 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 7.75% | 7.75% | 7.75% | ||
Long-term debt due date | Aug. 15, 2020 | Aug. 15, 2020 | |||
5 3/8% First Mortgage Notes, due March 15, 2022 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.375% | 5.375% | 5.375% | ||
Long-term debt due date | Mar. 15, 2022 | Mar. 15, 2022 | |||
4 1/4% Senior Notes, due May 30, 2023 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 4.25% | 4.25% | 4.25% | ||
Long-term debt due date | May 30, 2023 | May 30, 2023 | |||
5 1/2% Senior Notes, due March 1, 2025 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.50% | 5.50% | 5.50% | ||
Debt instrument, principal amount | $ 1,800,000,000 | ||||
Long-term debt due date | Mar. 1, 2025 | Mar. 1, 2025 | |||
Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2% | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 2.00% | 2.00% | 2.00% | ||
Long-term debt due date | Feb. 18, 2022 | Feb. 18, 2022 | |||
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% | |||
Minimum | Wynn Macau Senior Revolver, Due July 31, 2017 | |||||
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% | |||
Maximum | Wynn Macau Senior Revolver, Due July 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Interest in addition to LIBOR | 2.50% | 2.50% | |||
Wynn Macau [Member] | Senior Term Loan Facility, Due September 2021 | Notes Payable to Banks | |||||
Debt Instrument [Line Items] | |||||
Original issue discount | $ 36,344,000 | $ 36,344,000 | |||
Long-term debt due date | Sep. 30, 2021 | ||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | 7 7/8% Wynn Las Vegas First Mortgage Notes Due May 1, 2020 | Mortgages | |||||
Debt Instrument [Line Items] | |||||
Notes under tender offer face amount redeemed | $ 305,800,000 | ||||
Tender offer consideration in cash tender offer. | $ 1,054.21 | ||||
Principal Amount For Cash Tender Price. | $ 1,000 | ||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | 7 3/4% First Mortgage Notes, due August 15, 2020 | Mortgages | |||||
Debt Instrument [Line Items] | |||||
Notes under tender offer face amount redeemed | $ 1,146,500,000 | ||||
Tender offer consideration in cash tender offer. | $ 1,073.82 | ||||
Principal Amount For Cash Tender Price. | $ 1,000 | ||||
Wynn Las Vegas, LLC | 7 3/4% First Mortgage Notes, due August 15, 2020 | Mortgages | |||||
Debt Instrument [Line Items] | |||||
Notes under tender offer face amount redeemed | $ 30,000,000 | ||||
LIBOR or HIBOR [Member] | Wynn Macau [Member] | Senior Term Loan Facility, Due September 2021 | Minimum | Notes Payable to Banks | |||||
Debt Instrument [Line Items] | |||||
Interest in addition to LIBOR | 1.50% | 1.50% | |||
LIBOR or HIBOR [Member] | Wynn Macau [Member] | Senior Term Loan Facility, Due September 2021 | Maximum | Notes Payable to Banks | |||||
Debt Instrument [Line Items] | |||||
Interest in addition to LIBOR | 2.25% | 2.25% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ / shares in Units, MOP in Millions | Sep. 30, 2015USD ($) | Aug. 15, 2015USD ($) | May. 01, 2015USD ($) | Feb. 18, 2015USD ($) | Feb. 10, 2015USD ($)$ / shares | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2014MOP | Nov. 05, 2015USD ($) | Dec. 31, 2014MOP | Nov. 20, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 8,748,449,000 | $ 8,748,449,000 | $ 7,345,262,000 | |||||||||
Fair value, excluding the redemption note | 6,300,000,000 | 6,300,000,000 | 5,400,000,000 | |||||||||
Long term debt excluding redemption note | $ 6,800,000,000 | 6,800,000,000 | $ 5,400,000,000 | |||||||||
Repayments of long-term debt | $ 3,341,925,000 | $ 69,450,000 | ||||||||||
5 1/4% Wynn Macau Senior Notes Due October 15, 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.25% | 5.25% | 5.25% | 5.25% | ||||||||
7 7/8% Wynn Las Vegas First Mortgage Notes Due May 1, 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 7.875% | 7.875% | 7.875% | 7.875% | ||||||||
Long-term debt | $ 0 | $ 0 | $ 345,731,000 | |||||||||
5 1/2% Senior Notes, due March 1, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.50% | 5.50% | 5.50% | 5.50% | ||||||||
Long-term debt | $ 1,800,000,000 | $ 1,800,000,000 | $ 0 | |||||||||
Debt instrument, aggregate principal amount | $ 1,800,000,000 | |||||||||||
5 1/2% Senior Notes, due March 1, 2025 | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt redemption price as percentage of principal | 100.00% | |||||||||||
Percentage of principal repayment on the event of change of control | 101.00% | |||||||||||
5 1/2% Senior Notes due 2025 | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payment default classification period for interest payment | 30 days | |||||||||||
7 7/8% Wynn Las Vegas First Mortgage Notes Due May 1, 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Losses on extinguishment of debt | $ 2,800,000 | |||||||||||
Unamortized debt issue costs and original discount | 1,000,000 | |||||||||||
Repayments of debt | $ 71,100,000 | |||||||||||
7 3/4% First Mortgage Notes, due August 15, 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Losses on extinguishment of debt | $ 3,100,000 | |||||||||||
Unamortized debt issue costs and original discount | 800,000 | |||||||||||
Repayments of debt | $ 80,100,000 | |||||||||||
Macau Operations | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, remaining borrowing capacity | 750,000,000 | 750,000,000 | ||||||||||
Write off of deferred debt issuance cost | 2,100,000 | |||||||||||
Macau Operations | Senior Term Loan Facility, Due September 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consolidated leverage ratio minimum numerator | 4.5 | 4.5 | ||||||||||
Percentage of annual excess cash flows to be repaid under new credit facility | 25.00% | 25.00% | ||||||||||
Leverage ratio maximum numerator | 5.25 | 5.25 | ||||||||||
Interest coverage ratio minimum numerator | 2 | 2 | ||||||||||
Macau Operations | Senior Term Loan Facility, Due September 2021 | Notes Payable to Banks | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | 2,271,069,000 | 2,271,069,000 | $ 0 | |||||||||
Maximum borrowing capacity | 3,050,000,000 | 3,050,000,000 | ||||||||||
Line of credit facility, increase | 550,000,000 | |||||||||||
Line of credit facility, conditional increase limit | $ 1,000,000,000 | 1,000,000,000 | ||||||||||
Debt instrument, final payment percent, principal | 50.00% | |||||||||||
Proceeds from issuance of debt | $ 2,300,000,000 | |||||||||||
Macau Operations | Senior Term Loan Facility, Due September 2021 | Notes Payable to Banks | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, periodic payment, principal | 2.50% | |||||||||||
Macau Operations | Senior Term Loan Facility, Due September 2021 | Notes Payable to Banks | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, periodic payment, principal | 7.33% | |||||||||||
Macau Operations | Senior Secured Credit Facility Term Loans | Notes Payable to Banks | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 0 | 0 | 948,823,000 | |||||||||
Wynn America | Wynn America Credit Facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 1,250,000,000 | |||||||||||
Wynn America | Wynn America Credit Facilities | Notes Payable to Banks | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term line of credit | 875,000,000 | |||||||||||
Wynn America | Wynn America Credit Facilities | Senior Secured Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | 0 | |||||||||||
Maximum borrowing capacity | $ 375,000,000 | |||||||||||
Current borrowing capacity | 1,240,000,000 | 1,240,000,000 | ||||||||||
Letters of credit outstanding | 10,000,000 | 10,000,000 | ||||||||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Mortgages | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Losses on extinguishment of debt | $ 101,200,000 | |||||||||||
Unamortized debt issue costs and original discount | 17,200,000 | |||||||||||
fees included in loss of extinguishment of debt | 100,000 | |||||||||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | 7 7/8% Wynn Las Vegas First Mortgage Notes Due May 1, 2020 | Mortgages | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes under tender offer face amount redeemed | 305,800,000 | |||||||||||
Principal amount for cash tender price | $ 377,000,000 | |||||||||||
Tender offer consideration in cash tender offer. | $ / shares | $ 1,054.21 | |||||||||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | 7 3/4% First Mortgage Notes, due August 15, 2020 | Mortgages | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | 0 | 0 | 1,226,600,000 | |||||||||
Notes under tender offer face amount redeemed | $ 1,146,500,000 | |||||||||||
Principal amount for cash tender price | $ 1,226,600,000 | |||||||||||
Tender offer consideration in cash tender offer. | $ / shares | $ 1,073.82 | |||||||||||
Wynn Las Vegas, LLC | 7 3/4% First Mortgage Notes, due August 15, 2020 | Mortgages | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes under tender offer face amount redeemed | $ 30,000,000 | |||||||||||
Senior Secured Term Loan Facility | Macau Operations | Senior Term Loan Facility, Due September 2021 | Notes Payable to Banks | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 2,300,000,000 | 2,300,000,000 | ||||||||||
Senior Secured Term Loan Facility | Macau Operations | Amended Wynn Macau Credit Facility | Notes Payable to Banks | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of long-term debt | 953,300,000 | |||||||||||
Senior Secured Revolving Credit Facility | Macau Operations | Senior Term Loan Facility, Due September 2021 | Notes Payable to Banks | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 750,000,000 | $ 750,000,000 | ||||||||||
Senior Secured Revolving Credit Facility | Macau Operations | Senior Term Loan Facility, Due September 2021 | Notes Payable to Banks | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee percentage | 0.52% | |||||||||||
Senior Secured Revolving Credit Facility | Macau Operations | Senior Term Loan Facility, Due September 2021 | Notes Payable to Banks | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee percentage | 0.79% | |||||||||||
Senior Secured Revolving Credit Facility | Macau Operations | Amended Wynn Macau Credit Facility | Notes Payable to Banks | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of long-term debt | $ 815,800,000 | |||||||||||
Performance Guarantee | Macau Operations | Bank Guarantee Reimbursement Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Guarantor obligations, current carrying value | $ 37,000,000 | MOP 300 | ||||||||||
Guarantee, period at fixed amount | 180 days | 180 days | ||||||||||
Annual fee paid to bank | $ 300,000 | MOP 2.3 | ||||||||||
LIBOR or HIBOR [Member] | Macau Operations | Senior Term Loan Facility, Due September 2021 | Notes Payable to Banks | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest in addition to LIBOR | 1.50% | 1.50% | ||||||||||
LIBOR or HIBOR [Member] | Macau Operations | Senior Term Loan Facility, Due September 2021 | Notes Payable to Banks | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest in addition to LIBOR | 2.25% | 2.25% | ||||||||||
Subsequent Event | Wynn America | Wynn America Credit Facilities Amended Through March 31, 2016 [Member] [Member] | Notes Payable to Banks | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term line of credit | $ 100,300,000 | |||||||||||
Subsequent Event | Wynn America | Wynn America Credit Facilities Amended Through June 30, 2016 [Member] | Notes Payable to Banks | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term line of credit | 704,700,000 | |||||||||||
Subsequent Event | Wynn America | Wynn America Credit Facilities Amended [Member] | Notes Payable to Banks | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term line of credit | $ 70,000,000 |
Interest Rate Swaps - Additiona
Interest Rate Swaps - Additional Information (Detail) $ in Thousands, HKD in Millions | 9 Months Ended | ||
Sep. 30, 2015USD ($)Agreement | Sep. 30, 2015HKDAgreement | Dec. 31, 2014USD ($) | |
Wynn Macau Swap | |||
Interest Rate Swaps [Line Items] | |||
Number of interest rate swap agreements | Agreement | 3 | 3 | |
Wynn Macau Swap | Two of the swap agreements | |||
Interest Rate Swaps [Line Items] | |||
Number of interest rate swap agreements | Agreement | 2 | 2 | |
Interest rate swap fixed interest rate (percentage) | 0.73% | 0.73% | |
Interest rate swap notional amount | $ 509,400 | HKD 3,950 | |
Interest rate swap maturity date | Jul. 1, 2017 | ||
Wynn Macau Swap | Two of the swap agreements | Minimum | |||
Interest Rate Swaps [Line Items] | |||
Interest rate swap fixed interest rate (percentage) | 2.48% | 2.48% | |
Wynn Macau Swap | Two of the swap agreements | Maximum | |||
Interest Rate Swaps [Line Items] | |||
Interest rate swap fixed interest rate (percentage) | 3.23% | 3.23% | |
Wynn Macau Swap | Interest Rate Swap 3 | |||
Interest Rate Swaps [Line Items] | |||
Interest rate swap fixed interest rate (percentage) | 0.6763% | 0.6763% | |
Interest rate swap notional amount | $ 243,800 | ||
Interest rate swap maturity date | Jul. 1, 2017 | ||
Wynn Macau Swap | Interest Rate Swap 3 | Minimum | |||
Interest Rate Swaps [Line Items] | |||
Interest rate swap fixed interest rate (percentage) | 2.4263% | 2.4263% | |
Wynn Macau Swap | Interest Rate Swap 3 | Maximum | |||
Interest Rate Swaps [Line Items] | |||
Interest rate swap fixed interest rate (percentage) | 3.1763% | 3.1763% | |
Fair Value, Measurements, Recurring | |||
Interest Rate Swaps [Line Items] | |||
Interest rate swap assets (liability), fair value | $ 5,915 | ||
Other long-term liabilities | Fair Value, Measurements, Recurring | |||
Interest Rate Swaps [Line Items] | |||
Interest rate swap assets (liability), fair value | $ (1,100) | ||
Deposits and other assets | Fair Value, Measurements, Recurring | |||
Interest Rate Swaps [Line Items] | |||
Interest rate swap assets (liability), fair value | $ 5,900 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 9 Months Ended | 16 Months Ended | 24 Months Ended | |
Sep. 30, 2015USD ($)a | Feb. 25, 2015USD ($) | Feb. 28, 2017USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | ||||
Annual credit for personal usage of aircraft | $ 250,000 | |||
Amount due to officers and directors | $ 500,000 | $ 600,000 | ||
Area of land (in acres) | a | 2 | |||
Term of notice required to exercise option | 30 days | |||
Agreement expiration | 2022-10 | |||
SW Lease | Lease agreements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating Leases, Income Statement, Monthly Lease Revenue | $ 525,000 | |||
Las Vegas | SW Lease | ||||
Related Party Transaction [Line Items] | ||||
Rental Property, Valuation Frequency | 2 years | |||
Scenario, Forecast [Member] | SW Lease | Lease agreements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating Leases, Income Statement, Monthly Lease Revenue | $ 559,295 |
Property Charges and Other - Ad
Property Charges and Other - Additional Information (Detail) ft² in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)ft² | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)ft² | Sep. 30, 2014USD ($) | |
Component of Operating Other Cost and Expense [Line Item] | ||||
Property charges and other | $ | $ 987 | $ 1,640 | $ 3,963 | $ 13,674 |
Macau Operations | ||||
Component of Operating Other Cost and Expense [Line Item] | ||||
Square footage of renovated area | 27 | 27 |
Noncontrolling Interest - Addit
Noncontrolling Interest - Additional Information (Detail) - Mar. 31, 2015 - Wynn Macau, Limited $ in Millions | USD ($) | HKD / shares |
Noncontrolling Interest [Line Items] | ||
Dividends paid (HKD per share) | HKD / shares | HKD 1.05 | |
Dividends paid | $ 702.6 | |
Dividends paid to Wynn Resorts | 507.1 | |
Reduction to noncontrolling interest | $ 195.5 |
Summary of Total Stock-Based Co
Summary of Total Stock-Based Compensation Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 9,256 | $ 30,324 | $ 22,714 | |
Share-based Compensation | 9,210 | $ 10,369 | 30,206 | 22,714 |
Total stock-based compensation capitalized | 69 | 61 | 195 | 5,645 |
Total stock-based compensation costs | 9,325 | 10,430 | 30,519 | 28,359 |
Casino | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 2,154 | 3,126 | 7,781 | 5,778 |
Rooms | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 83 | 95 | 232 | 95 |
Food and beverage | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 274 | 319 | 762 | 372 |
Entertainment, retail and other | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 22 | 26 | 62 | 26 |
General and administrative | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 6,677 | 6,803 | 21,369 | 16,443 |
Pre-opening costs | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 46 | $ 0 | $ 118 | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2014USD ($) | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation capitalized into construction | $ 5.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jul. 06, 2015plaintiff | Jun. 18, 2014 | Apr. 29, 2014 | Feb. 13, 2014USD ($) | Oct. 29, 2013 | Jul. 29, 2013USD ($) | May. 02, 2013 | Apr. 08, 2013 | Feb. 14, 2013USD ($) | Feb. 01, 2013 | Oct. 13, 2012 | May. 02, 2012USD ($)Installment | Feb. 18, 2012USD ($) | Feb. 18, 2012USD ($)shares | Dec. 31, 2011USD ($) | Sep. 30, 2011a | Sep. 30, 2015USD ($)Roomclaimcommissioner | Dec. 31, 2014USD ($) | Jul. 29, 2013HKD | Feb. 22, 2013shares |
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Land premium payment obligation, current | $ 31,613,000 | $ 30,814,000 | ||||||||||||||||||
Land premium payment obligation, noncurrent | $ 0 | $ 15,987,000 | ||||||||||||||||||
Number of gaming commissioners | commissioner | 5 | |||||||||||||||||||
4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Stated interest rate | 4.25% | |||||||||||||||||||
Period for an offer to repurchase notes after a change of control | 60 days | |||||||||||||||||||
Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2% | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Long-term debt due date | Feb. 18, 2022 | Feb. 18, 2022 | ||||||||||||||||||
Stated interest rate | 2.00% | 2.00% | ||||||||||||||||||
Interest payment due | $ 38,700,000 | $ 38,700,000 | ||||||||||||||||||
7 7/8% Wynn Las Vegas First Mortgage Notes Due May 1, 2020 | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Long-term debt due date | May 1, 2020 | May 1, 2020 | ||||||||||||||||||
Stated interest rate | 7.875% | 7.875% | ||||||||||||||||||
7 3/4% First Mortgage Notes, due August 15, 2020 | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Long-term debt due date | Aug. 15, 2020 | Aug. 15, 2020 | ||||||||||||||||||
Stated interest rate | 7.75% | 7.75% | ||||||||||||||||||
5 3/8% First Mortgage Notes, due March 15, 2022 | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Long-term debt due date | Mar. 15, 2022 | Mar. 15, 2022 | ||||||||||||||||||
Stated interest rate | 5.375% | 5.375% | ||||||||||||||||||
2022 Indenture | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Debt purchase price percentage of aggregate principal amount | 101.00% | |||||||||||||||||||
2023 Indenture | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Debt purchase price percentage of aggregate principal amount | 101.00% | |||||||||||||||||||
Aruze USA, Inc. | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Common stock redeemed, shares | shares | 24,549,222 | |||||||||||||||||||
Redemption price promissory note, principal amount | $ 1,940,000,000 | $ 1,940,000,000 | ||||||||||||||||||
Long-term debt due date | Feb. 18, 2022 | |||||||||||||||||||
Stated interest rate | 2.00% | 2.00% | ||||||||||||||||||
Wynn Palace | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Number of rooms in hotel | Room | 1,700 | |||||||||||||||||||
Directors | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Percentage of shares voted in favor of removal of Mr. Okada | 99.60% | |||||||||||||||||||
Number of voted shares (over 86 mil) | shares | 86,000,000 | |||||||||||||||||||
Cotai Development and Land Concession Contract | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Quantity of land acquired (acres) | a | 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 | Installment | 8 | |||||||||||||||||||
Individual semi-annual payment of premium (8 total) | $ 16,400,000 | |||||||||||||||||||
Rate of interest on premium | 5.00% | |||||||||||||||||||
Project costs incurred | $ 3,100,000,000 | |||||||||||||||||||
Project budget | 4,100,000,000 | |||||||||||||||||||
Cotai Development and Land Concession Contract | Guarantee Obligations | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Guaranteed maximum price of contract | $ 2,700,000,000 | HKD 20,600,000,000 | ||||||||||||||||||
Bond as a percentage of guaranteed maximum price | 5.00% | |||||||||||||||||||
Pre Construction Completion Payments | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Annual lease payments | 800,000 | |||||||||||||||||||
Post Construction Completion Payments | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Annual lease payments | $ 1,100,000 | |||||||||||||||||||
MBTA the MDT and Wynn MA [Member] | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Number of plaintiffs, taxable inhabitants | plaintiff | 24 | |||||||||||||||||||
Number of plaintiffs, voters | plaintiff | 10 | |||||||||||||||||||
Pending Litigation | Redemption Action and Counterclaim | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Interim status update period | 6 months | |||||||||||||||||||
Period for a stay of derivative action | 6 months | 6 months | 6 months | |||||||||||||||||
Pending Litigation | Derivative Claims | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Number of derivative actions commenced in the U.S. District Court | claim | 6 | |||||||||||||||||||
Pending Litigation | Derivative Claims | United States District Court, District of Nevada | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Number of derivative actions commenced in the U.S. District Court | claim | 4 | |||||||||||||||||||
Period after dismissal of claim to file an amended complaint | 30 days | |||||||||||||||||||
Pending Litigation | Derivative Claims | Eighth Judicial District Court of Clark County, Nevada | ||||||||||||||||||||
Commitments and Contingencies [Line Items] | ||||||||||||||||||||
Period for a stay of derivative action | 45 days | 90 days | ||||||||||||||||||
Number of derivative actions commenced in the U.S. District Court | claim | 2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands, MOP in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 31, 2015 | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jul. 31, 2011USD ($) | Jul. 31, 2011MOP | Jun. 30, 2010USD ($) | |
Income Tax Contingency [Line Items] | ||||||||
(Provision) benefit for income taxes | $ 3,906 | $ (4,888) | $ (12,589) | $ (8,261) | ||||
Deferred tax asset | $ 1,700 | |||||||
Excess tax deductions associated with stock compensation costs | $ 700 | 6,600 | ||||||
Length of second tax exemption period | 5 years | |||||||
Complementary tax exemption | $ 8,700 | $ 25,800 | $ 32,600 | $ 80,400 | ||||
Gaming tax | 39.00% | |||||||
Annual Complementary Tax Obligation | $ 1,900 | MOP 15.5 | ||||||
Tax exemption extension period | 5 years | |||||||
Subsequent Event | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Length of second tax exemption period | 5 years |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2015segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Summary of Results of Operation
Summary of Results of Operations by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 996,285 | $ 1,370,010 | $ 3,128,981 | $ 4,295,686 | |
Adjusted Property EBITDA | [1] | 279,891 | 458,779 | 898,338 | 1,420,820 |
Other operating costs and expenses | |||||
Pre-opening costs | 19,467 | 6,718 | 52,433 | 14,792 | |
Depreciation and amortization | 80,649 | 79,027 | 245,428 | 234,037 | |
Property charges and other | 987 | 1,640 | 3,963 | 13,674 | |
Corporate expenses and other | 16,806 | 27,883 | 59,286 | 83,682 | |
Stock-based compensation expense | 9,210 | 10,369 | 30,206 | 22,714 | |
Equity in income (loss) from unconsolidated affiliates | (2) | 567 | 68 | 1,173 | |
Total | 127,117 | 126,204 | 391,384 | 370,072 | |
Operating income | 152,774 | 332,575 | 506,954 | 1,050,748 | |
Non-operating income and expenses | |||||
Interest income | 1,465 | 5,814 | 4,655 | 16,072 | |
Interest expense, net of amounts capitalized | (74,079) | (79,048) | (227,298) | (236,069) | |
Increase (decrease) in swap fair value | (1,287) | 2,360 | (7,010) | (1,451) | |
Decrease in Redemption Note fair value | 13,720 | 0 | 13,720 | 0 | |
Loss on extinguishment of debt | (5,971) | (3,573) | (126,004) | (7,356) | |
Equity in income (loss) from unconsolidated affiliates | (2) | 567 | 68 | 1,173 | |
Other | 459 | (801) | 1,790 | (405) | |
Total other non-operating costs and expenses | (65,695) | (74,681) | (340,079) | (228,036) | |
Income before income taxes | 87,079 | 257,894 | 166,875 | 822,712 | |
Benefit (provision) for income taxes | 3,906 | (4,888) | (12,589) | (8,261) | |
Net income | 90,985 | 253,006 | 154,286 | 814,451 | |
Macau Operations | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 585,116 | 942,255 | 1,907,425 | 3,035,588 | |
Adjusted Property EBITDA | [1] | 162,822 | 325,529 | 548,555 | 1,016,858 |
Las Vegas | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 411,169 | 427,755 | 1,221,556 | 1,260,098 | |
Adjusted Property EBITDA | [1] | $ 117,069 | $ 133,250 | $ 349,783 | $ 403,962 |
[1] | "Adjusted Property EBITDA" is net income before interest, taxes, depreciation and amortization, pre-opening costs, property charges and other, management and license fees, corporate expenses and other, intercompany golf course and water rights leases, stock-based compensation, loss on extinguishment of debt, change in interest rate swap fair value, change in Redemption Note fair value and other non-operating income and expenses, and includes equity in income (loss) 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. 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 measures of 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. |
Summary of Assets by Segment (D
Summary of Assets by Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Assets | $ 9,981,185 | $ 9,062,861 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,944,938 | 1,241,141 |
Macau | ||
Segment Reporting Information [Line Items] | ||
Assets | 4,896,071 | |
Operating Segments [Member] | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,140,176 | 3,472,931 |
Operating Segments [Member] | Macau | ||
Segment Reporting Information [Line Items] | ||
Assets | 4,348,789 | |
Operating Segments [Member] | Macau | Macau Operations | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,729,450 | 1,520,098 |
Operating Segments [Member] | Macau | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,043,273 | 1,854,521 |
Operating Segments [Member] | Macau | Other Macau | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 123,348 | $ 974,170 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Oct. 15, 2015$ / shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Declared cash dividend | $ 0.50 |