Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WYNN | ||
Entity Registrant Name | WYNN RESORTS LTD | ||
Entity Central Index Key | 1,174,922 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 103,017,861 | ||
Entity Public Float | $ 10,740 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 2,804,474 | $ 2,453,122 |
Investment securities | 166,773 | 173,437 |
Receivables, net | 224,128 | 218,968 |
Inventories | 71,636 | 91,541 |
Prepaid expenses and other | 156,773 | 53,299 |
Total current assets | 3,423,784 | 2,990,367 |
Property and equipment, net | 8,498,756 | 8,259,631 |
Restricted cash | 2,160 | 192,823 |
Investment securities | 160,682 | 128,023 |
Intangible assets, net | 123,705 | 113,588 |
Deferred income taxes, net | 240,533 | 0 |
Other assets | 232,119 | 269,125 |
Total assets | 12,681,739 | 11,953,557 |
Current liabilities: | ||
Accounts and construction payables | 285,437 | 298,505 |
Customer deposits | 1,049,629 | 599,566 |
Gaming taxes payable | 211,600 | 162,706 |
Accrued compensation and benefits | 140,450 | 165,501 |
Accrued interest | 94,695 | 98,118 |
Current portion of long-term debt | 62,690 | 0 |
Other accrued liabilities | 85,789 | 91,905 |
Total current liabilities | 1,930,290 | 1,416,301 |
Long-term debt | 9,565,936 | 10,125,352 |
Other long-term liabilities | 107,163 | 87,462 |
Deferred income taxes, net | 0 | 66,561 |
Total liabilities | 11,603,389 | 11,695,676 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity: | ||
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding | 0 | 0 |
Common stock, par value $0.01; 400,000,000 shares authorized; 116,391,753 and 115,036,945 shares issued; 103,005,866 and 101,799,471 shares outstanding, respectively | 1,164 | 1,150 |
Treasury stock, at cost; 13,385,887 and 13,237,474 shares, respectively | (1,184,468) | (1,166,697) |
Additional paid-in capital | 1,497,928 | 1,226,915 |
Accumulated other comprehensive income (loss) | (1,845) | 1,484 |
Retained earnings | 635,067 | 95,097 |
Total Wynn Resorts, Limited stockholders' equity | 947,846 | 157,949 |
Noncontrolling interests | 130,504 | 99,932 |
Total stockholders' equity | 1,078,350 | 257,881 |
Total liabilities and stockholders' equity | $ 12,681,739 | $ 11,953,557 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 116,391,753 | 115,036,945 |
Common stock, shares outstanding | 103,005,866 | 101,799,471 |
Treasury stock, shares | 13,385,887 | 13,237,474 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating revenues: | |||
Casino | $ 4,948,319 | $ 3,268,141 | $ 2,932,419 |
Rooms | 704,202 | 603,272 | 538,500 |
Food and beverage | 690,942 | 601,514 | 597,080 |
Entertainment, retail and other | 424,783 | 363,428 | 350,622 |
Gross revenues | 6,768,246 | 4,836,355 | 4,418,621 |
Less: promotional allowances | (461,878) | (370,058) | (342,738) |
Net revenues | 6,306,368 | 4,466,297 | 4,075,883 |
Operating expenses: | |||
Casino | 3,197,729 | 2,079,740 | 1,862,687 |
Rooms | 177,511 | 157,904 | 149,009 |
Food and beverage | 410,825 | 375,234 | 361,246 |
Entertainment, retail and other | 177,328 | 161,144 | 157,432 |
General and administrative | 685,485 | 548,141 | 464,793 |
(Benefit) provision for doubtful accounts | (6,711) | 8,203 | 11,115 |
Pre-opening | 26,692 | 154,717 | 77,623 |
Depreciation and amortization | 552,368 | 404,730 | 322,629 |
Property charges and other | 29,576 | 54,822 | 10,535 |
Total operating expenses | 5,250,803 | 3,944,635 | 3,417,069 |
Operating income | 1,055,565 | 521,662 | 658,814 |
Other income (expense): | |||
Interest income | 31,193 | 13,536 | 7,229 |
Interest expense, net of amounts capitalized | (388,664) | (289,365) | (300,906) |
Change in interest rate swap fair value | (1,056) | 433 | (5,300) |
Change in Redemption Note fair value | (59,700) | 65,043 | 52,041 |
Loss on extinguishment of debt | (55,360) | 0 | (126,004) |
Equity in income from unconsolidated affiliates | 0 | 16 | 1,823 |
Other | (21,709) | (728) | 1,550 |
Other income (expense), net | (495,296) | (211,065) | (369,567) |
Income before income taxes | 560,269 | 310,597 | 289,247 |
Benefit (provision) for income taxes | 328,985 | (8,128) | (7,723) |
Net income | 889,254 | 302,469 | 281,524 |
Less: net income attributable to noncontrolling interests | (142,073) | (60,494) | (86,234) |
Net income attributable to Wynn Resorts, Limited | $ 747,181 | $ 241,975 | $ 195,290 |
Net income attributable to Wynn Resorts, Limited: | |||
Earnings Per Share, Basic | $ 7.32 | $ 2.39 | $ 1.93 |
Earnings Per Share, Diluted | $ 7.28 | $ 2.38 | $ 1.92 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 102,071 | 101,445 | 101,163 |
Diluted (in shares) | 102,598 | 101,855 | 101,671 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 889,254 | $ 302,469 | $ 281,524 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments, before and after tax | (3,832) | (180) | (448) |
Unrealized gain (loss) on available-for-sale securities, before and after tax | (563) | 522 | (1,086) |
Total comprehensive income | 884,859 | 302,811 | 279,990 |
Less: comprehensive income attributable to noncontrolling interests | (141,007) | (60,444) | (86,113) |
Comprehensive income attributable to Wynn Resorts, Limited | $ 743,852 | $ 242,367 | $ 193,877 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Total Wynn Resorts, Limited stockholders' equity (deficit) | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | Retail Joint Venture [Member] |
Beginning balance (in shares) at Dec. 31, 2014 | 101,439,297 | ||||||||
Beginning balance at Dec. 31, 2014 | $ 211,091 | $ (28,779) | $ 1,144 | $ (1,145,481) | $ 948,566 | $ 2,505 | $ 164,487 | $ 239,870 | |
Net income | 281,524 | 195,290 | 195,290 | 86,234 | |||||
Currency translation adjustment | (448) | (327) | (327) | (121) | |||||
Net unrealized gain (loss) on investments | (1,086) | (1,086) | (1,086) | 0 | |||||
Exercise of stock options (in shares) | 50,716 | ||||||||
Exercise of stock options | $ 3,026 | 3,026 | $ 1 | 3,025 | 0 | ||||
Shares repurchased by the company and held as treasury shares (in shares) | (50,869) | (50,869) | |||||||
Shares repurchased by the company and held as treasury shares | $ (7,199) | (7,199) | (7,199) | ||||||
Issuance of restricted stock (in shares) | 132,765 | ||||||||
Issuance of restricted stock | $ 1 | (1) | |||||||
Shares of subsidiary repurchased for share award plan | (4,391) | (3,169) | (3,169) | (1,222) | |||||
Cash dividends declared | (499,884) | (304,445) | 0 | (304,445) | (195,439) | ||||
Cash dividends declared | 304,400 | ||||||||
Excess tax benefits from stock-based compensation | 387 | 387 | 387 | ||||||
Stock-based compensation | 38,825 | 34,323 | 34,323 | 4,502 | |||||
Ending balance (in shares) at Dec. 31, 2015 | 101,571,909 | ||||||||
Ending balance at Dec. 31, 2015 | 21,845 | (111,979) | $ 1,146 | (1,152,680) | 983,131 | 1,092 | 55,332 | 133,824 | |
Net income | 302,469 | 241,975 | 241,975 | 60,494 | |||||
Currency translation adjustment | (180) | (130) | (130) | (50) | |||||
Net unrealized gain (loss) on investments | 522 | 522 | 522 | 0 | |||||
Exercise of stock options (in shares) | 74,000 | ||||||||
Exercise of stock options | $ 3,487 | 3,487 | $ 1 | 3,486 | 0 | ||||
Cancellation of restricted stock (in shares) | (60,000) | ||||||||
Cancellation of restricted stock | $ (1) | 1 | |||||||
Shares repurchased by the company and held as treasury shares (in shares) | (198,942) | (198,942) | |||||||
Shares repurchased by the company and held as treasury shares | $ (14,017) | (14,017) | (14,017) | ||||||
Issuance of restricted stock (in shares) | 412,504 | ||||||||
Issuance of restricted stock | $ 4 | (4) | |||||||
Shares of subsidiary repurchased for share award plan | (7,580) | (5,471) | (5,471) | (2,109) | |||||
Sale of ownership interest in a subsidiary, net of income tax expense | 239,903 | 224,013 | 224,013 | ||||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ 15,890 | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 33 | ||||||||
Cash dividends declared | (313,926) | (202,210) | 0 | (202,210) | (111,716) | ||||
Cash dividends declared | 202,200 | ||||||||
Excess tax benefits from stock-based compensation | 802 | 802 | 802 | ||||||
Stock-based compensation | 24,589 | 20,957 | 20,957 | 3,632 | |||||
Ending balance (in shares) at Dec. 31, 2016 | 101,799,471 | ||||||||
Ending balance at Dec. 31, 2016 | 257,881 | 157,949 | $ 1,150 | (1,166,697) | 1,226,915 | 1,484 | 95,097 | 99,932 | |
Effect of change in accounting for stock-based compensation | 111 | 111 | 2,807 | (2,696) | |||||
Balance - adjusted | 257,992 | 158,060 | $ 1,150 | (1,166,697) | 1,229,722 | 1,484 | 92,401 | 99,932 | |
Net income | 889,254 | 747,181 | 747,181 | 142,073 | |||||
Currency translation adjustment | (3,832) | (2,766) | (2,766) | (1,066) | |||||
Net unrealized gain (loss) on investments | (563) | (563) | (563) | 0 | |||||
Exercise of stock options (in shares) | 661,800 | ||||||||
Exercise of stock options | 62,209 | 61,995 | $ 7 | 61,988 | 214 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 706,341 | ||||||||
Stock Issued During Period, Shares, New Issues | 19,225 | $ 7 | 18,565 | ||||||
Cancellation of restricted stock (in shares) | (13,333) | ||||||||
Cancellation of restricted stock | $ 0 | $ 0 | 0 | ||||||
Shares repurchased by the company and held as treasury shares (in shares) | (148,413) | (148,413) | |||||||
Shares repurchased by the company and held as treasury shares | $ (17,771) | (17,771) | (17,771) | ||||||
Issuance of restricted stock | 18,572 | 653 | |||||||
Shares of subsidiary repurchased for share award plan | (392) | (283) | (283) | (109) | |||||
Sale of ownership interest in a subsidiary, net of income tax expense | 162,497 | 149,259 | 149,259 | ||||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ 13,238 | ||||||||
Distributed Earnings | 0 | 0 | |||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 11,436 | 11,436 | |||||||
Cash dividends declared | (321,083) | 0 | (204,515) | (116,568) | |||||
Cash dividends declared | 204,515 | ||||||||
Stock-based compensation | 42,250 | 38,677 | 38,677 | 3,573 | |||||
Ending balance (in shares) at Dec. 31, 2017 | 103,005,866 | ||||||||
Ending balance at Dec. 31, 2017 | $ 1,078,350 | $ 947,846 | $ 1,164 | $ (1,184,468) | $ 1,497,928 | $ (1,845) | $ 635,067 | $ 130,504 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Tax expense on sale of ownership interest in subsidiary | $ 17.8 | $ 49.8 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 889,254 | $ 302,469 | $ 281,524 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 552,368 | 404,730 | 322,629 |
Deferred income taxes | (310,854) | 6,356 | 6,498 |
Stock-based compensation expense | 43,971 | 43,722 | 38,475 |
Excess tax benefits from stock-based compensation | 0 | (742) | (792) |
Amortization of debt issuance costs | 25,013 | 24,326 | 19,785 |
Loss on extinguishment of debt | 55,360 | 0 | 126,004 |
(Benefit) provision for doubtful accounts | (6,711) | 8,203 | 11,115 |
Property Charges and Other | 44,004 | 42,670 | 9,664 |
Equity in income of unconsolidated affiliates, net of distributions | 0 | 0 | 1,615 |
Change in interest rate swap fair value | 1,056 | (433) | 5,300 |
Change in Redemption Note fair value | 59,700 | (65,043) | (52,041) |
Increase (decrease) in cash from changes in: | |||
Receivables, net | 829 | (39,272) | 47,011 |
Inventories and prepaid expenses and other | (4,372) | (36,642) | (23,613) |
Customer deposits | 456,005 | 163,217 | (112,748) |
Accounts payable and accrued expenses | 70,954 | 116,985 | (107,613) |
Net cash provided by operating activities | 1,876,577 | 970,546 | 572,813 |
Cash flows from investing activities: | |||
Capital expenditures, net of construction payables and retention | (935,474) | (1,225,943) | (1,921,240) |
Purchase of investment securities | (229,328) | (196,750) | (253,284) |
Proceeds from sale or maturity of investment securities | 200,366 | 144,829 | 247,723 |
Return of investment in unconsolidated affiliates | 0 | 727 | 1,901 |
Purchase of intangible assets and other assets | (13,571) | (14,985) | (3,912) |
Proceeds from sale of assets | 20,374 | 3,872 | 37,254 |
Net cash used in investing activities | (957,633) | (1,288,250) | (1,891,558) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 62,209 | 3,487 | 3,026 |
Excess tax benefits from stock-based compensation | 0 | 742 | 792 |
Sale of ownership interest in subsidiary | 180,000 | 217,000 | 0 |
Dividends paid | (320,760) | (325,217) | (499,107) |
Distribution to noncontrolling interest | (11,436) | (33) | 0 |
Proceeds from issuance of long-term debt | 2,429,988 | 1,430,313 | 5,290,747 |
Repayments of long-term debt | (2,959,843) | (400,707) | (3,342,106) |
Restricted cash | 190,643 | (190,763) | (1,083) |
Repurchase of common stock | (17,771) | (14,017) | (7,199) |
Incometaxespaidfromsaleofownershipinterestinsubsidiary | (25,176) | 0 | 0 |
Shares of subsidiary repurchased for share award plan | (392) | (7,580) | (4,391) |
Payments on long-term land concession obligation | 0 | (15,978) | (30,833) |
Payment of financing costs | (91,174) | (5,381) | (193,588) |
Net cash (used in) provided by financing activities | (563,712) | 691,866 | 1,216,258 |
Effect of exchange rate on cash | (3,880) | (1,129) | 412 |
Cash and cash equivalents: | |||
Increase (decrease) in cash and cash equivalents | 351,352 | 373,033 | (102,075) |
Balance, beginning of year | 2,453,122 | ||
Balance, end of year | 2,804,474 | 2,453,122 | |
Supplemental cash flow disclosures | |||
Cash paid for interest, net of amounts capitalized | 367,074 | 265,076 | 291,313 |
Cash paid for income taxes | 37,089 | 2,040 | 2,873 |
Capital Lease Obligations Incurred | 16,593 | 0 | 0 |
Stock-based compensation capitalized into construction | 80 | 92 | 350 |
Stock Issued | 19,225 | 0 | 0 |
Change in accounts and construction payables related to property and equipment | (35,447) | (34,049) | 13,031 |
Change in dividends payable on unvested restricted stock included in other accrued liabilities | 323 | (11,291) | 777 |
Note receivable acquired from sale of ownership interest in subsidiary | $ 0 | $ 72,464 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 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 approximately 72% of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Macau and Wynn Palace resorts (collectively, the "Macau Operations"). In Las Vegas, Nevada, the Company operates and, with the exception of the retail space described below, owns 100% of Wynn Las Vegas, which it also refers to as its Las Vegas Operations. Macau Operations Wynn Macau features two luxury hotel towers with a total of 1,008 guest rooms and suites, approximately 273,000 square feet of casino space, eight food and beverage outlets, approximately 31,000 square feet of meeting and convention space, approximately 59,000 square feet of retail space, a rotunda show and recreation and leisure facilities. On August 22, 2016, the Company opened Wynn Palace, an integrated resort in the Cotai area of Macau. Wynn Palace features a luxury hotel tower with 1,706 guest rooms, suites and villas, approximately 420,000 square feet of casino space, 11 food and beverage outlets, approximately 37,000 square feet of meeting and convention space, approximately 106,000 square feet of retail space, public attractions, including a performance lake and floral art displays, and recreation and leisure facilities. Las Vegas Operations Wynn Las Vegas features two luxury hotel towers with a total of 4,748 guest rooms, suites and villas, approximately 192,000 square feet of casino space, 33 food and beverage outlets, approximately 290,000 square feet of meeting and convention space, approximately 110,000 square feet of retail space (of which 103,000 square feet is owned and operated under a joint venture of which the Company owns 50.1% ), as well as two theaters, three nightclubs and a beach club, and recreation and leisure facilities. In December 2016, the Company entered into a joint venture arrangement (the "Retail Joint Venture") with Crown Acquisitions Inc. ("Crown") to own and operate approximately 88,000 square feet of existing retail space. In November 2017, the Company contributed approximately 74,000 square feet of additional retail space to the Retail Joint Venture, the majority of which is currently under construction at Wynn Las Vegas. The Company expects to open the additional retail space in the second half of 2018. For more information on the Retail Joint Venture, see Note 3, "Retail Joint Venture." Development Projects The Company is currently constructing Wynn Boston Harbor, an integrated resort in Everett, Massachusetts, adjacent to Boston along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings and food and beverage outlets. The Company expects to open Wynn Boston Harbor in mid-2019. The Company has begun site preparation and pre-construction activities for the re-development of the Wynn Las Vegas golf course, which the Company closed in the fourth quarter of 2017. Phase 1 of the project is expected to include a lagoon and additional meeting and convention space. The Company expects to open Phase 1 in the first half of 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as a variable interest entity ("VIE") and of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 3, "Retail Joint Venture." In April 2016, the Company dissolved its 50% -owned joint venture operating the Ferrari and Maserati automobile dealership inside Wynn Las Vegas, which was closed in October 2015 and accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated. Certain amounts in the consolidated financial statements for the previous years have been reclassified to be consistent with current year presentation. These reclassifications had no effect on the previously reported net income. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of cash and 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 $450.2 million and $1.11 billion as of December 31, 2017 and 2016 , 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 $2.35 billion and $1.34 billion as of December 31, 2017 and 2016 , respectively. Restricted Cash The Company's restricted cash consists of cash held in trust in accordance with WML's share award plan and additionally as of December 31, 2016, collateral associated with borrowings under a revolving credit facility. Investment Securities Investment securities consist of domestic and foreign short-term and long-term investments in corporate bonds, commercial paper and U.S. government agency bonds reported at fair value, with unrealized gains and losses, net of tax, reported in other comprehensive income (loss). Short-term investments have a maturity date of less than one year and long-term investments are those with a maturity date greater than one year. The Company 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 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 December 31, 2017 and 2016 , 81.7% and 88.1% , 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 and outstanding gaming promoter 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. Receivables, net consisted of the following (in thousands): December 31, 2017 2016 Casino $ 173,664 $ 211,557 Hotel 22,487 21,897 Other 58,577 40,256 254,728 273,710 Less: allowance for doubtful accounts (30,600 ) (54,742 ) $ 224,128 $ 218,968 Inventories Inventories consist of retail merchandise and food and beverage items, which are stated at the lower of cost or market value and certain operating supplies. Cost is determined by the first-in, first-out, weighted average and specific identification methods. Property and Equipment Purchases of property and equipment are stated at cost. Depreciation is provided over the estimated useful lives of the assets using the straight-line method as follows: Estimated Useful Lives (years) Buildings and improvements 10 to 45 Land improvements 10 to 45 Furniture, fixtures and equipment 3 to 20 Leasehold interest in land 25 Airplanes 20 Costs related to improvements are capitalized, while costs of repairs and maintenance are charged to expense as incurred. The cost and accumulated depreciation of property and equipment retired or otherwise disposed of are eliminated from the respective accounts and any resulting gain or loss is included in property charges and other. Capitalized Interest The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Company capitalizes interest on amounts expended on the project using the weighted average cost of the Company's outstanding borrowings. Interest of $18.4 million , $94.1 million and $53.3 million was capitalized for the years ended December 31, 2017 , 2016 and 2015 , respectively. Intangible Assets The Company's indefinite-lived intangible assets consist primarily of water rights acquired as part of the original purchase price of the property on which Wynn Las Vegas is located, and trademarks. Indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually. The Company's finite-lived intangible assets consist primarily of its Macau gaming concession and Massachusetts gaming license. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives. Long-Lived Assets Long-lived assets, which are to be held and used, including intangible assets and property and equipment, are periodically reviewed by management for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. If an indicator of impairment exists, the Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment is measured as the difference between fair value and carrying value, with fair value typically based on a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. Debt Issuance Costs Direct and incremental costs and original issue discounts and premiums incurred in connection with the issuance of long-term debt are deferred and amortized to interest expense using the effective interest method or, if the amounts approximate the effective interest method, on a straight-line basis. Debt issuance costs incurred in connection with the issuance of the Company's revolving credit facilities are presented in noncurrent assets on the Consolidated Balance Sheets. All other debt issuance costs are presented as a direct reduction of long-term debt on the Consolidated Balance Sheets. Approximately $18.7 million , $18.1 million and $16.9 million was amortized to interest expense during the years ended December 31, 2017 , 2016 and 2015 , respectively. Redemption Price Promissory Note The Redemption Price Promissory Note (the "Redemption Note") is recorded at fair value in accordance with applicable accounting guidance. As of December 31, 2017 and 2016, the fair value of the Redemption Note was $1.88 billion and $1.82 billion , respectively. 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 the 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 ongoing investigations of Aruze by the U.S. 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 its contractual life. In determining the appropriate discount rate to be used to calculate the estimated present value, the Company considered the Redemption Note's subordinated position and credit risk relative to all other debt in the Company's capital structure and credit ratings associated with the Company's traded debt. Observable inputs for the risk free rate were based on Federal Reserve rates for U.S. Treasury securities and the credit risk spread was based on a yield curve index of similarly rated debt. Derivative Financial Instruments Derivative financial instruments are used to manage interest rate and foreign currency exposures. These derivative financial instruments include interest rate swaps and foreign currency forward contracts. The fair value of derivative financial instruments is recognized as an asset or liability at each balance sheet date, with changes in fair value affecting net income as the Company's derivative financial instruments do not qualify for hedge accounting. The fair value approximates the amount the Company would pay if these contracts were settled at the respective valuation dates. Fair value is estimated based upon current, and predictions of future, interest rate levels along a yield curve, the remaining duration of the instruments and other market conditions, and therefore, is subject to significant estimation and a high degree of variability and fluctuation between periods. The fair value is adjusted, to reflect the impact of credit ratings of the counterparties or the Company, as applicable. These adjustments resulted in a reduction in the fair values as compared to their settlement values. The Company had three interest rate swap agreements intended to hedge a portion of the underlying interest rate risk on borrowings under our Wynn Macau Credit Facilities, which matured in July 2017. Under two of the swap agreements, the Company paid a fixed interest rate (excluding the applicable interest margin) of 0.73% on notional amounts corresponding to borrowings of HK $3.95 billion (approximately $505.1 million ) incurred under the Wynn Macau Credit Facilities 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 fixed the all-in interest rate on such amounts at 2.23% to 2.98% . Under the third swap agreement, the Company paid 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 Credit Facilities 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 fixed the all-in interest rate on such amounts at 2.18% to 2.93% . 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 recorded as customer deposits for funds deposited by customers before gaming play occurs and for chips in the customer's possession. The commissions rebated directly or indirectly through games promoters to customers, cash discounts, other cash incentives and points earned by customers from the Company's loyalty programs are recorded as a reduction to casino revenues. Rooms, food and beverage, entertainment and other operating revenues are recognized when services are performed or events are held. 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. The retail value of rooms, food and beverage, entertainment and other services provided to guests without charge is included in gross revenues and are then deducted as promotional allowances. The estimated retail value of providing such promotional allowances is as follows (in thousands): Years Ended December 31, 2017 2016 2015 Rooms $ 268,023 $ 211,822 $ 184,779 Food and beverage 164,466 131,479 133,984 Entertainment, retail and other 29,389 26,757 23,975 $ 461,878 $ 370,058 $ 342,738 The estimated cost of providing such promotional allowances, which is included primarily in casino expenses, is as follows (in thousands): Years Ended December 31, 2017 2016 2015 Rooms $ 83,884 $ 63,448 $ 51,775 Food and beverage 143,892 113,341 106,840 Entertainment, retail and other 21,478 17,170 14,414 $ 249,254 $ 193,959 $ 173,029 Customer Loyalty Programs The Company offers loyalty programs at both its Macau Operations and its Las Vegas Operations. Under the program at its Macau Operations, customers earn points based on their level of table games and slots play, which can be redeemed for free play, gifts and complimentary dining and retail shopping. Under the program at its Las Vegas Operations, customers earn points based on their level of slots play, which can be redeemed for free play. The points are recognized as a liability and as a separate element of the gaming transaction with allocation of the consideration received between the points and gaming transaction. The initial recognition of the point liability is at fair value based on points earned multiplied by redemption value, less an estimate for points not expected to be redeemed. The revenue from the points is recognized when redeemed. 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, which taxes are recorded as casino expenses in the accompanying Consolidated Statements of Income. These taxes totaled $2.17 billion , $1.32 billion and $1.15 billion for the years ended December 31, 2017 , 2016 and 2015 , respectively. Advertising Costs The Company expenses advertising costs the first time the advertising takes place. Advertising costs incurred in development periods are included in pre-opening costs. Once a project is completed, advertising costs are primarily included in general and administrative expenses. Total advertising costs were $37.8 million , $37.0 million and $25.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Pre-Opening Expenses Pre-opening expenses represent personnel, advertising, and other costs incurred prior to the opening of new ventures and are expensed as incurred. During the years ended December 31, 2017 , 2016 and 2015 , the Company incurred pre-opening expenses primarily in connection with the development of Wynn Boston Harbor and Wynn Palace. Income Taxes The Company is subject to income taxes in the U.S. and foreign jurisdictions where it operates. Accounting standards require the recognition of deferred tax assets, net of applicable reserves, and liabilities for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on the income tax provision and deferred tax assets and liabilities generally is recognized in the results of operations in the period that includes the enactment date. Accounting standards also require recognition of a future tax benefit to the extent that realization of such benefit is more likely than not; otherwise, a valuation allowance is applied. The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. If a tax position, based on its technical merits, is deemed more likely than not to be sustained, then the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. Foreign Currency Gains or losses from foreign currency remeasurements are included in other income (expense) in the accompanying Consolidated Statements of Income. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date and income statement accounts are translated at the average rate of exchange prevailing during the year. Translation adjustments resulting from this process are charged or credited to other comprehensive income. Comprehensive Income and Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income and all other non-stockholder changes in equity, or other comprehensive income (loss). Components of the Company's comprehensive income are reported in the accompanying Consolidated Statements of Stockholders' Equity and Consolidated Statements of Comprehensive Income. The balance of accumulated other comprehensive income (loss) consists of currency translation adjustments and net unrealized gains or losses on available-for-sale securities. The following table presents the changes by component, net of tax and noncontrolling interests, in accumulated other comprehensive income (loss) of the Company (in thousands): Foreign Unrealized Accumulated December 31, 2016 $ 2,213 $ (729 ) $ 1,484 Current period other comprehensive loss (2,766 ) (563 ) (3,329 ) December 31, 2017 $ (553 ) $ (1,292 ) $ (1,845 ) Fair Value Measurements The Company measures certain of its financial assets and liabilities, 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 to measure fair value. These tiers include: • Level 1 - Observable inputs such as quoted prices in active markets. • Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable. • Level 3 - Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The following table presents assets and liabilities carried at fair value (in thousands): Fair Value Measurements Using: December 31, 2017 Quoted Other Unobservable Assets: Cash equivalents $ 450,230 $ 11,200 $ 439,030 $ — Available-for-sale securities $ 327,455 $ — $ 327,455 $ — Restricted cash $ 2,160 $ — $ 2,160 $ — Liabilities: Redemption Note $ 1,879,058 $ — $ 1,879,058 $ — Fair Value Measurements Using: December 31, 2016 Quoted Other Unobservable Assets: Cash equivalents $ 1,106,606 $ 3,868 $ 1,102,738 $ — Available-for-sale securities $ 301,460 $ — $ 301,460 $ — Restricted cash $ 192,823 $ — $ 192,823 $ — Interest rate swaps $ 1,056 $ — $ 1,056 $ — Liabilities: Redemption Note $ 1,819,359 $ — $ 1,819,359 $ — Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income attributable to Wynn Resorts by the weighted average number of shares outstanding during the year. Diluted EPS is computed by dividing net income attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued. Potentially dilutive securities include outstanding stock options and unvested restricted stock. The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): Years Ended December 31, 2017 2016 2015 Numerator: Net income attributable to Wynn Resorts, Limited $ 747,181 $ 241,975 $ 195,290 Denominator: Weighted average common shares outstanding 102,071 101,445 101,163 Potential dilutive effect of stock options and restricted stock 527 410 508 Weighted average common and common equivalent shares outstanding 102,598 101,855 101,671 Net income attributable to Wynn Resorts, Limited per common share, basic $ 7.32 $ 2.39 $ 1.93 Net income attributable to Wynn Resorts, Limited per common share, diluted $ 7.28 $ 2.38 $ 1.92 Anti-dilutive stock options and restricted stock excluded from the calculation of diluted earnings per share 106 758 677 Stock-Based Compensation The Company accounts for stock-based compensation in accordance with accounting standards, which require the compensation cost relating to share-based payment transactions be recognized in the Company's Consolidated Statements of Income. The cost is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes option pricing model for stock options, and based on the closing share price of the Company's stock on the grant date for nonvested share awards. The cost is recognized as an expense on a straight-line basis over the employee's requisite service period (the vesting period of the award). The Company's stock-based employee compensation arrangements are more fully discussed in Note 12, "Stock-Based Compensation." Recently Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Compensation - Stock Compensation (Topic 718) , which amends the existing guidance related to the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted the guidance on January 1, 2017 with the following amendments having an impact on its Consolidated Financial Statements: • Accounting for income taxes . Under the new guidance, income tax benefits and deficiencies are recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. The amendment was applied prospectively. • Forfeitures. The Company elected to make an accounting policy change to account for forfeitures when they occur. The Company applied the amendment using the modified retrospective transition method, which resulted in a cumulative-effect expense adjustment of $2.7 million , net of tax to retained earnings as of December 31, 2016. The adjustment represents the impact of estimated forfeitures on previously recorded compensation expense as of December 31, 2016 from outstanding stock options and unvested share awards under the previous accounting policy. • Classification of excess tax benefits on the cash flow statement. Under the new guidance, excess tax benefits will be classified along with other income tax cash flows as an operating activity. The amendment was applied prospectively. Accounting Standards Issued But Not Yet Adopted In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows - Restricted Cash (Topic 230), which amends the existing guidance relating to the disclosure of restricted cash and restricted cash equivalents on the statement of cash flows. The ASU requires that amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU will be effective for the Company on January 1, 2018, with early adoption permitted. The Company will adopt this ASU in the first quarter of 2018 and does not expect a material impact on its Consolidated Statements of Cash Flows. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other than Inventory (Topic 740), which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs, rather than deferring such recognition until the asset is sold to an outside party. The ASU will be effective for the Company on January 1, 2018, with early adoption permitted. The amendments in the new guidance should be adopted on a retrospective basis. The Company will adopt this ASU in the first quarter of 2018 and does not expect a material impact on its Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230), which clarifies the classification of certain cash receipts and cash payments on the statement of cash flows. In particular, the new guidance clarifies the classification related to several types of cash flows, including items such as debt extinguishment costs and distributions received from equity method investees. The new guidance also provides a three-step approach for classifying cash receipts and payments that have aspects of more than one class of cash flows. The ASU will be effective for the Company on January 1, 2018, with early adoption permitted. The Company will adopt this ASU in the first quarter of 2018 and does not expect a material impact on its Consolidated Statements of Cash Flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which amends the existing guidance relating to the definition of a lease, recognition of lease assets and lease liabilities on the balance sheet, and the disclosure of key information about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and lease liability on the balance sheet, measured on a discounted basis. Operating leases were previously not recognized on the balance sheet. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. Lessees and lessors are required to apply a modified retrospective transition approach for leases existing at the beginning of the earliest comparative period presented in the adoption-period financial statements. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. The ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently assessing the impact the guidance will have on its Consolidated Financial Statements and related disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 824-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which requires equity investments to be measured at fair value with changes in fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The update also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This update eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The ASU will be effective for the Company on January 1, 2018 with early adoption permitted. The Company will adopt this ASU in the first quarter of 2018 and is currently assessing the impact the adoption of this standard will have on its Consolidated Financial Statements. The Company expects a portion of the change in its Redemption Note fair value currently included in the Consolidated Statements of Income will be recorded in Accumulated Other Comprehensive Income (Loss) on its Consolidated Balance Sheet. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the existing revenue recognition guidance 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 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. The Company will adopt this ASU in the first quarter of 2018 on a full retrospective basis. The Company continues to assess the impact this ASU will have on its Consolidated Financial Statements. Adoption of this standard will change the presentation of, and accounting for, goods and services pro |
Retail Joint Venture Retail Joi
Retail Joint Venture Retail Joint Venture | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entity Disclosure | In December 2016, the Company entered into the Retail Joint Venture with Crown to own and operate approximately 88,000 square feet of existing retail space at Wynn Las Vegas. In connection with the transaction, the Company transferred certain assets and liabilities with a net book value of $31.8 million associated with the existing Wynn Las Vegas retail stores from Wynn Las Vegas, LLC, to the Retail Joint Venture. The Company sold Crown a 49.9% ownership interest in the Retail Joint Venture for consideration of $292.0 million , which consisted of $217.0 million in cash and a $75.0 million interest-free note that matured in full on January 3, 2018. As of December 31, 2017 and 2016, the present value of the note was $75.0 million included in prepaid expenses and other and $72.5 million included in other assets, respectively, on the Consolidated Balance Sheets. The cash proceeds will be used to fund future development opportunities and for general corporate purposes. Wynn Las Vegas, LLC transferred all interests as lessor in third-party retail store leases to the Retail Joint Venture as part of the transaction and the majority of the retail stores previously operated by Wynn Las Vegas, LLC are now operated under a master lease agreement between a newly formed retail entity owned by Wynn Resorts, as lessee, and the Retail Joint Venture, as lessor. The Company maintains a 50.1% ownership in the Retail Joint Venture and is the managing member. In November 2017, the Company contributed approximately 74,000 square feet of additional retail space to the Retail Joint Venture, the majority of which is currently under construction at Wynn Las Vegas. The Company expects to open the additional retail space in the second half of 2018. In connection with this transaction, the Company contributed certain assets with a net book value of $25.4 million , consisting primarily of construction in progress for the additional retail space, to the Retail Joint Venture, and received cash of $180.0 million from Crown. The cash proceeds will be used to fund future development opportunities and for general corporate purposes. After this additional transaction, the Company maintains a 50.1% ownership in the Retail Joint Venture and remains the managing member. The Company's responsibilities with respect to the Retail Joint Venture include day-to-day business operations, property management services and a role in the leasing decisions of the retail space. The Company assessed its ownership in the Retail Joint Venture based on consolidation accounting guidance with an evaluation being performed to determine if the Retail Joint Venture is a VIE, if the Company has a variable interest in the Retail Joint Venture and if the Company is the primary beneficiary of the Retail Joint Venture. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. The Company concluded that the Retail Joint Venture is a VIE and the Company is the primary beneficiary based on its involvement in the leasing activities of the Retail Joint Venture. As a result, the Company consolidates all of the Retail Joint Venture's assets, liabilities and results of operations. The Company will evaluate its primary beneficiary designation on an ongoing basis and will assess the appropriateness of the Retail Joint Venture's VIE status when changes occur. As of December 31, 2017 and 2016, the Retail Joint Venture had total assets of $59.7 million and $33.6 million , respectively, and total liabilities of $0.9 million and $2.1 million , respectively. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Investment securities, available-for-sale consisted of the following (in thousands): Amortized Gross Gross Fair value As of December 31, 2017 Domestic and foreign corporate bonds $ 328,747 $ 6 $ (1,298 ) $ 327,455 As of December 31, 2016 Domestic and foreign corporate bonds $ 245,425 $ 19 $ (720 ) $ 244,724 Commercial paper 56,764 5 (33 ) 56,736 Total $ 302,189 $ 24 $ (753 ) $ 301,460 For investments with unrealized losses as of December 31, 2017 , the Company has determined that (i) it does not have the intent to sell any of these investments, and (ii) it is not likely that the Company will be required to sell these investments prior to the recovery of the amortized cost. Accordingly, the Company has determined that no other-than-temporary impairments exist at the reporting date. 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 as of December 31, 2017 , by contractual maturity, are as follows (in thousands): Fair value Available-for-sale securities Due in one year or less $ 166,773 Due after one year through two years 118,280 Due after two years through three years 42,402 $ 327,455 Investment Securities Investment securities, available-for-sale consisted of the following (in thousands): Amortized Gross Gross Fair value As of December 31, 2017 Domestic and foreign corporate bonds $ 328,747 $ 6 $ (1,298 ) $ 327,455 As of December 31, 2016 Domestic and foreign corporate bonds $ 245,425 $ 19 $ (720 ) $ 244,724 Commercial paper 56,764 5 (33 ) 56,736 Total $ 302,189 $ 24 $ (753 ) $ 301,460 For investments with unrealized losses as of December 31, 2017 , the Company has determined that (i) it does not have the intent to sell any of these investments, and (ii) it is not likely that the Company will be required to sell these investments prior to the recovery of the amortized cost. Accordingly, the Company has determined that no other-than-temporary impairments exist at the reporting date. 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 as of December 31, 2017 , by contractual maturity, are as follows (in thousands): Fair value Available-for-sale securities Due in one year or less $ 166,773 Due after one year through two years 118,280 Due after two years through three years 42,402 $ 327,455 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following (in thousands): December 31, 2017 2016 Buildings and improvements $ 7,582,611 $ 7,623,069 Land and improvements 853,738 834,420 Furniture, fixtures and equipment 2,211,974 2,181,515 Leasehold interest in land 314,068 316,516 Airplanes 158,840 179,730 Construction in progress 1,016,207 299,686 12,137,438 11,434,936 Less: accumulated depreciation (3,638,682 ) (3,175,305 ) $ 8,498,756 $ 8,259,631 Depreciation expense for the years ended December 31, 2017 , 2016 , and 2015 was $547.9 million , $398.2 million , and $317.8 million , respectively. As of December 31, 2017 and 2016 , construction in progress consisted primarily of costs capitalized, including interest, for the construction of Wynn Boston Harbor. Subsequent to December 31, 2017, the Company acquired approximately 38 acres of land on the Las Vegas Strip directly across from Wynn Las Vegas for $336.2 million , approximately 16 acres of which are subject to a ground lease that expires in 2097. The ground lease payments are $3.8 million per year until 2023 and then increase periodically during the term of the lease up to $5.5 million per year from 2068 through 2097. The Company expects to use this land for future development. |
Intangible Assets, net
Intangible Assets, net | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | Intangible Assets, net Intangible assets, net consisted of the following (in thousands): December 31, 2017 2016 Indefinite-lived intangible assets: Water rights $ 6,400 $ 6,400 Trademarks 1,387 1,387 Total indefinite-lived intangible assets 7,787 7,787 Finite-lived intangible assets: Macau gaming concession 42,300 42,300 Less: accumulated amortization (31,582 ) (29,199 ) 10,718 13,101 Massachusetts gaming license 105,200 92,700 Less: accumulated amortization — — 105,200 92,700 Total finite-lived intangible assets 115,918 105,801 Total intangible assets, net $ 123,705 $ 113,588 Water rights and trademarks are indefinite-lived assets and, accordingly, are not amortized. Water rights reflect the fair value allocation determined in the purchase of the property on which Wynn Las Vegas is located in April 2000. The value of the trademarks primarily represents the costs to acquire the "Le Rêve" name. The Macau gaming concession is a finite-lived intangible asset that is being amortized over the 20 -year life of the concession. The Company expects that amortization of the Macau gaming concession will be $2.4 million each year from 2018 through 2021, and $1.2 million in 2022. The Massachusetts gaming license cost reflects consideration paid to the State of Massachusetts for the license fee and certain costs incurred in connection with and contractually related to obtaining the license. The Company identifies the license as a finite-lived intangible asset and will amortize it over a period of 15 years beginning upon the opening of the resort. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in thousands): December 31, 2017 2016 Macau Related: Wynn Macau Credit Facilities: Senior Term Loan Facility $ 2,298,798 $ 2,306,773 Senior Revolving Credit Facility — 340,846 WML Finance Credit Facility — 189,651 4 7/8% Senior Notes, due 2024 600,000 — 5 1/2% Senior Notes, due 2027 750,000 — 5 1/4% Senior Notes, due 2021 — 1,350,000 U.S. and Corporate Related: Wynn America Credit Facilities: Senior Term Loan Facility 1,000,000 1,000,000 4 1/4% Senior Notes, due 2023 500,000 500,000 5 1/2% Senior Notes, due 2025 1,800,000 1,800,000 5 1/4% Senior Notes, due 2027 900,000 — 5 3/8% First Mortgage Notes, due 2022 — 900,000 Redemption Price Promissory Note, due 2022 1,936,443 1,936,443 9,785,241 10,323,713 Less: Unamortized debt issuance costs and original issue discounts and premium, net (99,231 ) (81,277 ) Less: Redemption Note fair value adjustment (57,384 ) (117,084 ) 9,628,626 10,125,352 Less: Current portion of long-term debt (62,690 ) — Total long-term debt, net of current portion $ 9,565,936 $ 10,125,352 Macau Related Debt Wynn Macau Credit Facilities The Company's credit facilities include a $2.30 billion equivalent fully funded senior secured term loan facility (the "Wynn Macau Senior Term Loan Facility") and a $750 million equivalent senior secured revolving credit facility (the "Wynn Macau Senior Revolving Credit Facility" and together with the Wynn Macau Senior Term Loan Facility, the "Wynn Macau Credit Facilities"). The borrower is Wynn Resorts (Macau) S.A. ("Wynn Macau SA"), an indirect subsidiary of WML. Wynn Macau SA has the ability to upsize the Wynn Macau Credit Facilities by an additional $1 billion in equivalent senior secured loans upon satisfaction of various conditions. In September 2015, the Wynn Macau Credit Facilities were amended, to, among other things increase the borrowing capacity and extend maturity dates. In connection with the amendment, the Company recorded a loss on extinguishment of debt of $2.1 million . As of December 31, 2017 , the Company had no borrowings under the Wynn Macau Senior Revolving Credit Facility. Borrowings under the 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 and fund the construction and development of Wynn Palace and will be used for general corporate purposes. The Wynn Macau Senior Term Loan Facility is repayable in graduating installments of between 2.50% to 7.33% of the principal amount on a quarterly basis commencing in December 2018, with a final installment of 50% of the principal amount repayable in September 2021. The Wynn Macau Senior Revolving Credit Facility will mature in September 2020, at which time any outstanding borrowings must be repaid. The 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 Wynn Macau Credit Facilities). As of December 31, 2017 and 2016, the interest rate was 3.16% and 2.76% , respectively. The commitment fee required to be paid for unborrowed amounts under the Wynn Macau Senior Revolving Credit Facility, if any, is between 0.52% and 0.79% , per annum, based on Wynn Macau SA's Leverage Ratio. The annual commitment fee is payable quarterly in arrears and is calculated based on the daily average of the unborrowed amounts. The 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 Wynn Macau Credit Facilities) must be used for prepayment of indebtedness and cancellation of available borrowings under the Wynn Macau Credit Facilities. There is no mandatory prepayment in respect of Excess Cash Flow if Wynn Macau SA's Leverage Ratio is equal to or less than 4.5 to 1. The 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, 2017, and an Interest Coverage Ratio (as defined in the Wynn Macau Credit Facilities) of not less than 2.00 to 1 at any time. Borrowings under the Wynn Macau Credit Facilities are 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 Wynn Macau Credit Facilities are not guaranteed by the Company or WML. 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 December 31, 2017 , the guarantee was in the amount of 300 million Macau patacas ("MOP") (approximately $37.3 million ) and will remain at such amount until 180 days after the end of the term of the concession agreement in 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 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 ). WML Finance Revolving Credit Facility The Company's credit facilities include a HK $3.87 billion (approximately $495.2 million ) cash-collateralized revolving credit facility ("WML Finance Credit Facility") under which WML Finance I, Limited, an indirect wholly owned subsidiary of WML, is the borrower. The WML Finance Credit Facility bears interest initially at 1.50% per annum, such rate calculated as the interest rate paid by the lender as the deposit bank for the cash collateral deposited and pledged with the lender plus a margin of 0.40% . As of December 31, 2017, the Company had no borrowings under the WML Finance Credit Facility. The WML Finance Credit Facility matures in July 2018, at which time any outstanding borrowings must be repaid. Under terms of the agreement, mandatory repayment is required upon a Change in Control or Material Adverse Effect, as defined in the agreement. 4 7/8% Senior Notes due 2024 and 5 1/2% Senior Notes due 2027 On September 20, 2017, WML issued the $600 million 4 7/8% Senior Notes due 2024 (the "2024 WML Notes") and the $750 million of 5 1/2% Senior Notes due 2027 (the "2027 WML Notes" and together with the 2024 WML Notes, the "WML Notes"). WML used the net proceeds from the WML Notes and cash on hand to fund the cost of extinguishing the 5 1/4% Senior Notes due 2021 (the "2021 Notes"). The 2024 WML Notes bear interest at the rate of 4 7/8% per annum and mature on October 1, 2024. The 2027 WML Notes bear interest at the rate of 5 1/2% per annum and mature on October 1, 2027. Interest on the WML Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2018. At any time prior to October 1, 2020 and October 1, 2022, WML may redeem the 2024 WML Notes and 2027 WML Notes, respectively, in whole or in part, at a redemption price equal to the greater of (a) 100% of the principal amount of the WML Notes or (b) a "make-whole" amount as determined by an independent investment banker in accordance with the terms of the indentures for the WML Notes, dated as of September 20, 2017 (the "WML Indentures"). In either case, the redemption price would include accrued and unpaid interest. In addition, at any time prior to October 1, 2020, WML may use the net cash proceeds from certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2024 WML Notes and the 2027 WML Notes, at a redemption price equal to 104.875% of the aggregate principal amount of the 2024 WML Notes and 105.5% of the aggregate principal amount of the 2027 WML Notes, as applicable. On or after October 1, 2020 and October 1, 2022, WML may redeem the 2024 WML Notes and 2027 WML Notes, respectively, in whole or in part, at a premium decreasing annually from 102.438% and 102.75% , respectively, of the applicable principal amount to 100% of the applicable principal amount, plus accrued and unpaid interest. If WML undergoes a change of control (as defined in the WML Indentures), it must offer to repurchase the WML Notes at a price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest. In addition, WML may redeem the WML Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, in response to any change in or amendment to certain tax laws or tax positions. Further, if a holder or beneficial owner of the WML Notes fails to meet certain requirements imposed by any Gaming Authority (as defined in the WML Indentures), WML may require the holder or beneficial owner to dispose of or redeem its WML Notes. Upon the occurrence of (1) any event after which none of WML or any of its subsidiaries have such licenses, concessions, subconcessions or other permits or authorizations as necessary to conduct gaming activities in substantially the same scope as it does on the date of the WML Notes issuance, for a period of ten consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties, or results of operations of WML and its subsidiaries, taken as a whole, or (2) the termination, rescission, revocation or modification of any such licenses, concessions, subconcessions or other permits or authorizations which has had a material adverse effect on the financial condition, business, properties, or results of operations of WML and its subsidiaries, taken as a whole, each holder of the WML Notes will have the right to require WML to repurchase all or any part of such holders' WML Notes at a purchase price in cash equal to 100% of the principal amount thereof, plus accrued and unpaid interest. The WML Notes are WML's general unsecured obligations and rank pari passu in right of payment with all of WML's existing and future senior unsecured indebtedness, will rank senior to all of WML's future subordinated indebtedness, if any; will be effectively subordinated to all of WML's future secured indebtedness to the extent of the value of the assets securing such debt; and will be structurally subordinated to all existing and future obligations of WML's subsidiaries, including the Wynn Macau Credit Facilities and the WML Finance Credit Facility. The WML Notes are not registered under the Securities Act of 1933, as amended (the "Securities Act") and the WML Notes are subject to restrictions on transferability and resale. 5 1/4% Senior Notes due 2021 On September 11, 2017, WML commenced a cash offer for any and all of the outstanding aggregate principal amount of the 2021 Notes. The Company accepted for purchase valid tenders with respect to $946.4 million and paid a tender premium of $27.2 million . On October 20, 2017, WML redeemed the remaining $403.6 million principal amount of the untendered 2021 Notes and discharged the indenture under which the 2021 Notes were issued. The Company paid a premium of $10.6 million related to this redemption. In connection with the WML Notes issuance and the 2021 Notes cash tender offer and subsequent redemption, the Company recorded a loss on extinguishment of debt of $33.1 million . U.S. and Corporate Related Debt Wynn America Credit Facilities The Company's credit facilities include an $875 million fully funded senior secured term loan facility (the "WA Senior Term Loan Facility I"), a $125 million fully funded senior term loan facility (the "WA Senior Term Loan Facility II") and a $375 million senior secured revolving credit facility (the "WA Senior Revolving Credit Facility," and collectively, the "Wynn America Credit Facilities"). The borrower is Wynn America, LLC ("Wynn America"), an indirect wholly owned subsidiary of Wynn Resorts, Limited. On April 24, 2017, the Company amended the Wynn America Credit Facilities to, among other things, extend the maturity of portions of the credit facilities. Of the $875 million WA Senior Term Loan Facility I, $69.6 million matures in November 2020 with repayments in quarterly installments of $1.7 million commencing in June 2018 and a final installment of $52.2 million in November 2020, and $805.4 million matures in December 2021 with repayments in quarterly installments of $20.1 million commencing in March 2020 and a final installment of $664.5 million in December 2021. The WA Senior Term Loan Facility II matures in December 2021 with no required repayments until maturity in December 2021. Of the $375 million WA Senior Revolving Credit Facility, $42 million matures in November 2019 and $333 million matures in December 2021. In connection with the amendment, the Company recorded a loss on extinguishment of debt of $1.5 million . As of December 31, 2017, the Company had available borrowing capacity of $357.3 million , net of $17.7 million in outstanding letters of credit, under the WA Senior Revolving Credit Facility. Subject to certain exceptions, the Wynn America Credit Facilities bear interest at either base rate plus 0.75% per annum or LIBOR plus 1.75% per annum. As of December 31, 2017 and 2016, the interest rate was 3.32% and 2.52% , respectively. The annual fee required to pay for unborrowed amounts, if any, is 0.30% per annum, payable quarterly in arrears, calculated based on the daily average of the unborrowed amounts under such credit facilities. The Wynn America Credit Facilities contain customary representations and warranties, events of default and negative and affirmative covenants, including, among other things, limitations on: indebtedness; investments; restricted payments; mergers and acquisitions; payment of indebtedness; negative pledges; liens; transactions with affiliates and sales of assets. In addition, Wynn America is subject to financial covenants, including maintaining a Maximum Consolidated Senior Secured Net Leverage Ratio and a Minimum Consolidated EBITDA, each as defined in the Wynn America Credit Facilities. Commencing with the second full fiscal quarter ending after the fiscal quarter in which Wynn Boston Harbor opens, the Maximum Consolidated Senior Secured Net Leverage Ratio is not to exceed 2.75 to 1. Commencing with the fiscal quarter ending December 31, 2015, the Minimum Consolidated EBITDA is not to be less than $200.0 million . The Company has provided a completion guaranty in favor of the lenders under the Wynn America Credit Facilities to support the development of Wynn Boston Harbor. Wynn America and the guarantors have entered into a security agreement (as amended from time to time) in favor of the lenders under the Wynn America Credit Facilities pursuant to which, subject to certain exceptions, Wynn America and the guarantors have pledged all equity interests in the guarantors to the extent permitted by applicable law and granted a first priority security interest in substantially all of the other existing and future assets of the guarantors. 4 1/4% Senior Notes due 2023 In May 2013, Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. ("Capital Corp." and together with Wynn Las Vegas, LLC, the "Issuers") issued the $500 million 4 1/4% Senior Notes due 2023 (the "2023 Notes") pursuant to an indenture, dated as of May 22, 2013 (the "2023 Indenture"), among the Issuers, the Guarantors (as defined below) and U.S. Bank National Association, as trustee (the "Trustee"). The 2023 Notes were issued at par. The Issuers used the net proceeds from the 2023 Notes to cover the cost of extinguishing the 7 7/8% First Mortgage Notes due November 2017. The 2023 Notes will mature on May 30, 2023 and bear interest at the rate of 4 1/4% per annum. The Issuers may, at their option, redeem the 2023 Notes, in whole or in part, at any time or from time to time prior to their stated maturity. The redemption price for the 2023 Notes that are redeemed before February 28, 2023 will be equal to the greater of (a) 100% of the principal amount of the 2023 Notes to be redeemed or (b) a "make-whole" amount described in the 2023 Indenture, plus in either case accrued and unpaid interest to, but not including, the redemption date. The redemption price for the 2023 Notes that are redeemed on or after February 28, 2023 will be equal to 100% of the principal amount of the 2023 Notes to be redeemed, plus accrued and unpaid interest 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 2023 Notes at 101% of the principal amount, plus accrued and unpaid interest to but not including the repurchase date. The 2023 Notes are also subject to mandatory redemption requirements imposed by gaming laws and regulations of gaming authorities in Nevada. The 2023 Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with the Issuers' 2025 Notes and 2027 WLV Notes (both defined below). The 2023 Notes are unsecured, except by the first priority pledge by Wynn Las Vegas Holdings, LLC ("WLVH"), a direct wholly owned subsidiary of Wynn America, of its equity interests in Wynn Las Vegas, LLC. Such equity interests in Wynn Las Vegas, LLC also secure the Issuers' 2025 Notes and 2027 WLV Notes. If Wynn Resorts receives an investment grade rating from one or more ratings agencies, the first priority pledge securing the 2023 Notes will be released. The 2023 Notes are jointly and severally guaranteed by all of the Issuers' subsidiaries, other than Capital Corp., which was a co-issuer (the "Guarantors"). The guarantees are senior unsecured obligations of the Guarantors 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 Guarantors that are not so subordinated and will be effectively subordinated in right of payment to all of such Guarantors' existing and future secured debt (to the extent of the collateral securing such debt). The 2023 Indenture contains covenants limiting the Issuers' and the Guarantors' 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 2023 Indenture include, among others, the following: default for 30 days in the payment of interest when due on the 2023 Notes; default in payment of the principal, or premium, if any, when due on the 2023 Notes; failure to comply with certain covenants in the 2023 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 any Guarantor, all 2023 Notes then outstanding will become due and payable immediately without further action or notice. 5 1/2% Senior Notes due 2025 In February 2015, the Issuers issued the $1.8 billion 5 1/2% Senior Notes due 2025 (the "2025 Notes") pursuant to an indenture, dated as of February 18, 2015 (the "2025 Indenture"), among the Issuers, the Guarantors and the Trustee. The 2025 Notes were issued at par. The Company used the net proceeds from the 2025 Notes to cover the cost of extinguishing 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") 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 the 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' 2023 Notes and 2027 WLV Notes. The 2025 Notes are unsecured, except by the first priority pledge by WLVH of its equity interests in Wynn Las Vegas, LLC. Such equity interests in Wynn Las Vegas, LLC also secure the 2023 Notes and 2027 WLV Notes. If Wynn Resorts 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 Guarantors. 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 the Guarantors' 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 of interest when due on the 2025 Notes; default in payment of the principal, or premium, if any, when due 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 any Guarantor, all 2025 Notes then outstanding will become due and payable immediately without further action or notice. 5 1/4% Senior Notes due 2027 On May 11, 2017, the Issuers issued the $900 million 5 1/4% Senior Notes due 2027 (the "2027 WLV Notes") pursuant to an indenture, dated as of May 11, 2017 (the "2027 Indenture"), among the Issuers, the Guarantors and the Trustee. The 2027 WLV Notes were issued at par. The Issuers used the net proceeds from the 2027 WLV Notes and cash on hand to fund the cost of extinguishing the 5 3/8% First Mortgage Notes due 2022 (the "2022 Notes"). The 2027 WLV Notes will mature on May 15, 2027 and bear interest at the rate of 5 1/4% per annum. The Issuers may, at their option, redeem the 2027 WLV Notes, in whole or in part, at any time or from time to time prior to their stated maturity. The redemption price for 2027 WLV Notes that are redeemed before February 15, 2027 will be equal to the greater of (a) 100% of the principal amount of the 2027 WLV Notes to be redeemed and (b) a "make-whole" amount described in the 2027 Indenture, plus in either case accrued and unpaid interest, if any, to, but not including, the redemption date. The redemption price for the 2027 WLV Notes that are redeemed on or after February 15, 2027 will be equal to 100% of the principal amount of the 2027 WLV 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 2027 WLV Notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The 2027 WLV Notes are also subject to mandatory redemption requirements imposed by gaming laws and regulations of gaming authorities in Nevada. The 2027 WLV Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with the Issuers' 2023 Notes and 2025 Notes and rank equally in right of payment with the Issuers' guarantee of the Wynn America Credit Facilities, and rank senior in right of payment to all of the Issuers' existing and future subordinated debt. The 2027 WLV Notes are effectively subordinated in right of payment to all of the Issuers' existing and future secured debt (to the extent of the value of the collateral securing such debt), and structurally subordinated to all of the liabilities of any of the Issuers' subsidiaries that do not guarantee the 2027 WLV Notes. The 2027 WLV Notes are unsecured, except for the first priority pledge by WLVH of its equity interests in Wynn Las Vegas, LLC. Such equity interests in Wynn Las Vegas, LLC also secure the 2023 Notes and 2025 Notes. If Wynn Resorts, Limited receives an investment grade rating from one or more ratings agencies, the first priority pledge securing the 2027 WLV Notes will be released. The 2027 WLV Notes are jointly and severally guaranteed by all of the Guarantors. The guarantees are senior unsecured obligations of the Guarantors 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 Guarantors that are not so subordinated and will be effectively subordinated in right of payment to all of such Guarantors' existing and future secured debt (to the extent of the collateral securing such debt). The 2027 Indenture contains covenants limiting the Issuers' and the Guarantors' 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. The 2027 Indenture also provides that Wynn America may assume all of Wynn Las Vegas, LLC's obligations under the 2027 Indenture and the 2027 WLV Notes if certain conditions set forth in the 2027 Indenture are met. Events of default under the 2027 Indenture include, among others, the following: default for 30 days in the payment of interest when due on the 2027 WLV Notes; default in payment of the principal, or premium, if any, when due on the 2027 WLV Notes; failure to comply with certain covenants in the 2027 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 any Guarantor, all 2027 WLV Notes then outstanding will become due and payable immediately without further action or notice. The Issuers and certain of their subsidiaries will guarantee and secure their obligations under the Wynn America Credit Facilities with liens on substantially all of their assets, with such liens limiting the amount of such obligations secured to 15% of their Total Assets (as defined in the indenture for the 2025 Notes). The 2023 Notes, 2025 Notes and 2027 WLV Notes were offered pursuant to an exemption under the Securities Act. The 2023 Notes, 2025 Notes and 2027 WLV Notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act or outside the United States to certain persons in reliance on Regulation S under the Securities Act. The 2023 Notes, 2025 Notes and 2027 WLV Notes have not been and will not be registered under the Securities Act or under any state securities laws. Therefore, the 2023 Notes, 2025 Notes and 2027 WLV Notes may not be offered or sold within the United States to, or for the account or benefit of, any United States person unless the offer or sale would qualify for a registration exemption from the Securities Act and applicable state securities laws. 5 3/8% First Mortgage Notes due 2022 On May 4, 2017, the Issuers commenced a cash tender offer for any and all of the outstanding 2022 Notes. The Company accepted for purchase valid tenders with respect to $498.0 million and paid a tender premium of $14.6 million . On June 12, 2017, the Issuers redeemed the remaining $402.0 million of the untendered 2022 Notes and discharged the indenture under which the 2022 Notes were issued. The Company paid a premium of $10.8 million related to this redemption. In connection with the 2027 WLV Notes issuance and the 2022 Notes cash tender offer and subsequent redemption, the Company recorded a loss on extinguishment of debt of $20.8 million . First Mortgage Notes due 2020 In February 2015, the Issuers commenced a cash tender offer for any and all of the outstanding 2020 Notes. The Company paid a tender premium of $98.9 million for all valid tenders. In May 2015 and August 2015, the Company redeemed the remaining untendered 2020 Notes and paid a premium of $5.9 million . In connection with the 2025 Notes issuance and the 2020 cash tender offer and subsequent redemptions, the Company recorded a loss on extinguishment of debt of $123.9 million . Redemption Price Promissory Note Based on the Board of Directors' finding of "unsuitability," on February 18, 2012, the Company redeemed and canceled Aruze's 24,549,222 shares of Wynn Resorts' common stock. Following a finding of "unsuitability," Wynn Resorts' articles of incorporation authorize redemption of the shares held by unsuitable persons at a "fair value" redemption price. 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, the Company issued the Redemption Note to Aruze, a former stockholder and related party, in redemption of the shares. The Redemption Note has a principal amount of approximately $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 the Company 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 and any of its affiliates in respect of indebtedness for borrowed money of any kind or nature. The Company recorded the Redemption Note at fair value in accordance with applicable accounting guidance. As of December 31, 2017 and 2016 , the fair value of the Redemption Note was $1.88 billion and $1.82 billion , respectively. The Okada Parties have challenged the rede |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Related Party Share Redemption Based on the Board of Directors' finding of "unsuitability," on February 18, 2012, the Company redeemed and canceled Aruze's 24,549,222 shares of Wynn Resorts' common stock. Following a finding of "unsuitability," Wynn Resorts' articles of incorporation authorize redemption of the shares held by unsuitable persons at a "fair value" redemption price. 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 which were subject to the terms of an existing stockholder agreement. Pursuant to its articles of incorporation, the Company issued the Redemption Note to Aruze, a former stockholder and related party, in redemption of the shares. The Okada Parties have challenged the redemption of Aruze's shares and the Company is currently involved in litigation with those parties as well as related stockholder derivative litigation. The outcome of these various proceedings cannot be predicted. The Company's claims and the Okada Parties' counterclaims are in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. An adverse judgment or settlement involving payment of a material amount could cause a material adverse effect on our financial condition. Amounts Due to Officers The Company periodically provides services to Mr. Wynn and certain executive officers and directors of the Company, including the personal use of employees, construction work and other personal services, for which Mr. Wynn, the officers and directors reimburse the Company. 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 officers and directors have deposits with the Company to prepay any such items, which are replenished on an ongoing basis as needed. As of December 31, 2017 and 2016 , Mr. Wynn and the officers and directors had a net deposit balance with the Company of $0.4 million and $0.3 million , respectively. Villa Lease Mr. Wynn currently leases property at Wynn Las Vegas for use as his personal residence and pays Wynn Las Vegas, LLC annual rent at its fair market value of the accommodations based on independent third-party expert opinions of value. Pursuant to the 2013 Second Amended and Restated Agreement of Lease, as amended (the "Second A&R Lease"), Mr. Wynn leased three fairway villas as his personal residence and paid $525,000 per year from November 5, 2013 through February 28, 2015, and $559,295 per year from March 1, 2015 through November 3, 2016. In December 2016, Mr. Wynn and Wynn Las Vegas, LLC replaced the Second A&R Lease with a Third Amended and Restated Agreement of Lease, which was effective November 3, 2016 (the "Third A&R Lease"), to reduce the space leased to Mr. Wynn as his personal residence and to adjust the annual rent paid to $305,680 per year. The lease, including each amendment and restatement, have been approved by the Audit Committee of the Board of Directors of Wynn Resorts and provides that Wynn Las Vegas, LLC pays for all capital improvements to the villas; certain services for, and maintenance of, the villas are included in the annual rent. The Third A&R Lease will terminate no later than June 1, 2018, pursuant to the separation agreement described below. Home Purchase In May 2010, the Company entered into an employment agreement with Linda Chen, who is the Chief Operating Officer of Wynn Macau SA. The term of the employment agreement is through February 24, 2020. Under the terms of the employment agreement, the Company purchased a home in Macau for use by Ms. Chen and has made renovations to the home with total costs of $10.0 million through December 31, 2017 . Upon the occurrence of certain events set forth below, Ms. Chen has the option to purchase the home at the then fair market value of the home (as determined by an independent appraiser) less a discount equal to ten percentage points multiplied by each anniversary of the term of the agreement that has occurred (the "Discount Percentage"). The option is exercisable for (a) no consideration at the end of the term, (b) $1.00 in the event of termination of Ms. Chen's employment without "cause" or termination of Ms. Chen's employment for "good reason" following a "change of control" or (c) at a price based on the applicable Discount Percentage in the event Ms. Chen terminates the agreement due to material breach by the Company. Upon Ms. Chen's termination for "cause," Ms. Chen will be deemed to have elected to purchase the Macau home based on the applicable Discount Percentage unless the Company determines to not require Ms. Chen to purchase the home. If Ms. Chen's employment terminates for any other reason before the expiration of the term (e.g., because of her death or disability or due to revocation of her gaming license), the option will terminate. Plane Option Agreement On January 3, 2013, the Company and Mr. Wynn entered into an agreement pursuant to which Mr. Wynn agreed to terminate a previously granted option to purchase an approximately two acre tract of land located on the Wynn Las Vegas golf course and, in return, the Company granted Mr. Wynn the right to purchase any or all of the aircraft owned by the Company or its direct wholly owned subsidiaries. The aircraft purchase option was exercisable upon 30 days written notice and at a price equal to the book value of such aircraft, and terminated on February 6, 2018. 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" surname 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" surname for casino resorts and related businesses, together with the right to sublicense the name and marks to its affiliates. Pursuant to the separation agreement described below, if the Company ceases to use the "Wynn" surname and trademark, the Company will assign all of its right, title, and interest in the "Wynn" trademark to Mr. Wynn and terminate the Surname Rights Agreement. 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. Consulting Agreement From March 1, 2015 to September 30, 2015, Wynn Resorts Development, LLC, a direct subsidiary of the Company ("WRD"), was party to a consulting agreement with a consulting firm of which Clark T. Randt, Jr., current member of the Company's Board of Directors, is the president and sole owner, pursuant to which Ambassador Randt provided advice to WRD. The consulting agreement was terminated in connection with Ambassador Randt joining the Company's Board of Directors. WRD paid the consulting firm $0.6 million in fees and reimbursed expenses under the consulting agreement. Separation Agreement On February 6, 2018, Mr. Wynn resigned as Chairman of the Board of Directors and Chief Executive Officer of the Company and on February 15, 2018, Mr. Wynn entered into a separation agreement with the Company specifying the terms of his termination of service with the Company (the "Separation Agreement"). The Separation Agreement terminates Mr. Wynn's employment agreement with the Company and confirms that Mr. Wynn is not entitled to any severance payment or other compensation from the Company under his employment agreement. Under the Separation Agreement, Mr. Wynn agrees not to compete against the Company for a period of two years and to provide reasonable cooperation and assistance to the Company in connection with any private litigation or arbitration and to the Board of Directors of the Company or any committee of the Board of Directors in connection with any investigation by the Company related to his service with the Company. The Separation Agreement provides that (i) Mr. Wynn's lease of his personal residence at Wynn Las Vegas will terminate not later than June 1, 2018 and until such date Mr. Wynn shall continue to pay rent at its fair market value as described above, unless Mr. Wynn elects to terminate the lease before such date, (ii) Mr. Wynn's current healthcare coverage will terminate on December 31, 2018, and (iii) administrative support for Mr. Wynn will terminate on May 31, 2018. Additionally, in order to conduct any sales of Company shares in an orderly fashion in the event that Mr. Wynn is permitted to and elects to sell any shares that he owns, the Company has agreed to enter into a registration rights agreement with Mr. Wynn, with Mr. Wynn to reimburse the Company for its reasonable expenses. Pursuant to such registration rights agreement, Mr. Wynn may not sell during any quarter after the date of such agreement more than one-third of the Company shares he holds as of the date of such agreement. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock The Company's Board of Directors has authorized an equity repurchase program. As of December 31, 2017 , the Company had $1.0 billion in repurchase authority under the program, which may include repurchases from time to time through open market purchases or negotiated transactions, depending on market conditions. During the years ended December 31, 2017 , 2016 and 2015 , no repurchases were made under the equity repurchase program. During the years ended December 31, 2017 , 2016 and 2015 , the Company withheld a total of 148,413 shares, 198,942 shares and 50,869 shares, respectively, in satisfaction of tax withholding obligations on vested restricted stock. In each quarter of 2017 and 2016, the Company paid a cash dividend of $0.50 per share. During the years ended December 31, 2017 and 2016, the Company recorded $204.5 million and $202.2 million as a reduction of retained earnings from cash dividends declared. In the first quarter of 2015, the Company paid a cash dividend of $ 1.50 per share. In each of the second, third and fourth quarters of 2015, the Company paid a cash dividend of $0.50 per share. During the year ended December 31, 2015, the Company recorded $304.4 million as a reduction of retained earnings from cash dividends declared. Redemption of Securities Wynn Resorts' articles of incorporation provide that, to the extent a gaming authority makes a determination of unsuitability or to the extent the Board of Directors determines, in its sole discretion, that a person is likely to jeopardize the Company or any affiliates application for, receipt of, approval for, right to the use of, or entitlement to, any gaming license, Wynn Resorts may redeem shares of its capital stock that are owned or controlled by an unsuitable person or its affiliates. The redemption price will be the amount, if any, required by the gaming authority or, if the gaming authority does not determine the price, the sum deemed by the Board of Directors to be the fair value of the securities to be redeemed. If Wynn Resorts determines the redemption price, the redemption price will be capped at the closing price of the shares on the principal national securities exchange on which the shares are listed on the trading day before the redemption notice is given. If the shares are not listed on a national securities exchange, the redemption price will be capped at the closing sale price of the shares as quoted on The Nasdaq Global Select Market or if the closing price is not reported, the mean between the bid and ask prices, as quoted by any other generally recognized reporting system. Wynn Resorts' right of redemption is not exclusive of any other rights that it may have or later acquire under any agreement, its bylaws or otherwise. The redemption price may be paid in cash, by promissory note, or both, as required, and pursuant to the terms established by, the applicable Gaming Authority and, if not, as the Board of Directors of Wynn Resorts elects. 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. For more information, see Note 14, "Commitments and Contingencies." |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests WML In October 2009, WML, an indirect wholly owned subsidiary of the Company and the developer, owner and operator of Wynn Macau and Wynn Palace, listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited through an initial public offering. The Company currently owns approximately 72% of this subsidiary's common stock. The shares of WML were not and will not be registered under the Securities Act and may not be offered or sold in the United States absent a registration under the Securities Act, or an applicable exception from such registration requirements. On September 15, 2017, WML paid a dividend of HK $0.21 per share for a total of $139.4 million . The Company's share of this dividend was $100.6 million with a reduction of $38.8 million to noncontrolling interests in the accompanying Consolidated Balance Sheets. On June 20, 2017, WML paid a dividend of HK $0.42 per share for a total of $279.9 million . The Company's share of this dividend was $202.0 million with a reduction of $77.9 million to noncontrolling interests in the accompanying Consolidated Balance Sheets. On April 27, 2016, WML paid a dividend of HK $0.60 per share for a total of $401.9 million . The Company's share of this dividend was $290.1 million with a reduction of $111.8 million to noncontrolling interests in the accompanying Consolidated Balance Sheets. On March 31, 2015, WML 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 interests in the accompanying Consolidated Balance Sheets. Retail Joint Venture In December 2016, the Company sold a 49.9% interest in the Retail Joint Venture to Crown for consideration of $292.0 million . In November 2017, the Company contributed additional retail space to the Retail Joint Venture and received cash of $180.0 million from Crown. For more information on these transactions, see Note 3, "Retail Joint Venture." In connection with these transactions, the Company recorded $15.9 million and $13.2 million of noncontrolling interests in the accompanying Consolidated Balance Sheets during the years ended December 31, 2016 and 2017, respectively. Distributions from the Retail Joint Venture to Crown during the year ended December 31, 2017 resulted in an $11.4 million decrease to noncontrolling interests in the accompanying Consolidated Balance Sheets. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plans | Benefit Plans Defined contribution plans The Company established a retirement savings plan under Section 401(k) of the Internal Revenue Code covering its U.S. non-union employees in July 2000. The plan allows employees to defer, within prescribed limits, a percentage of their income on a pre-tax basis through contributions to this plan. The Company matches 50% of employee contributions, up to 6% of employees' eligible compensation. For the years ended December 31, 2017 and 2016, there was no employer matching cap. For the year ended December 31, 2015, there was a one-time annual matching cap per employee of $1,200 . During the years ended December 31, 2017 , 2016 and 2015 , the Company recorded matching contribution expenses of $6.1 million , $6.1 million and $3.2 million , respectively. Wynn Macau also operates a defined contribution retirement benefits plan (the "Wynn Macau Plan"). Eligible employees are allowed to contribute 5% of their salary to the Wynn Macau Plan and the Company matches any contributions. The assets of the Wynn Macau Plan are held separately from those of the Company in an independently administered fund. The Company's matching contributions vest to the employee at 10% per year with full vesting in ten years . Forfeitures of unvested contributions are used to reduce the Company's liability for its contributions payable. During the years ended December 31, 2017 , 2016 and 2015 , the Company recorded matching contribution expenses of $15.8 million , $12.9 million and $11.2 million , respectively. Multi-employer pension plan Wynn Las Vegas, LLC contributes to a multi-employer defined benefit pension plan for certain of its union employees under the terms of the Southern Nevada Culinary and Bartenders Union collective-bargaining agreement, which expires in July 2021. The legal name of the multi-employer pension plan is the Southern Nevada Culinary and Bartenders Pension Plan (the "Plan") (EIN: 88-6016617 Plan Number: 1). The Company recorded expenses of $11.5 million , $9.3 million and $9.4 million for contributions to the Plan for the years ended December 31, 2017 , 2016 and 2015 , respectively. For the 2016 plan year, the most recent for which plan data is available, the Company's contributions were identified by the Plan to exceed 5% of total contributions for that year. Based on information the Company received from the Plan, it was certified to be in neither endangered nor critical status for the 2016 plan year. Risks of participating in a multi-employer plan differ from single-employer plans for the following reasons: (1) assets contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating employers; (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and (3) if a participating employer stops participating, it may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Wynn Resorts, Limited The Company's 2002 Stock Incentive Plan, as amended and restated (the "WRL 2002 Plan"), allowed it to grant stock options and nonvested shares of Wynn Resorts' common stock to eligible directors, officers, employees, and consultants of the Company. Under the WRL 2002 Plan, a maximum of 12,750,000 shares of the Company's common stock was reserved for issuance. On May 16, 2014, the Company adopted the Wynn Resorts, Limited 2014 Omnibus Incentive Plan (the "Omnibus Plan") after approval from its stockholders. The Omnibus Plan allows for the grant of stock options, restricted stock, restricted stock units, stock appreciation rights, performance awards and other share-based awards to the same eligible participants as the WRL 2002 Plan. Under the approval of the Omnibus Plan, no new awards may be made under the WRL 2002 Plan. The outstanding awards under the WRL 2002 Plan were transferred to the Omnibus Plan and will remain pursuant to their existing terms and related award agreements. The Company reserved 4,409,390 shares of its common stock for issuance under the Omnibus Plan. These shares were transferred from the remaining available amount under the WRL 2002 Plan. The Omnibus Plan is administered by the Compensation Committee (the "Committee") of the Wynn Resorts, Limited Board of Directors. The Committee has discretion under the Omnibus Plan regarding which type of awards to grant, the vesting and service requirements, exercise price and other conditions, in all cases subject to certain limits. For stock options, the exercise price of stock options must be at least equal to the fair market value of the stock on the date of grant and the maximum term of such an award is 10 years . As of December 31, 2017 , the Company had an aggregate of 3,179,113 shares of its common stock available for grant as share-based awards under the Omnibus Plan. Stock Options The summary of stock option activity under the Omnibus Plan for the year ended December 31, 2017 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2017 1,306,260 $ 83.56 Granted — $ — Exercised (661,800 ) $ 92.94 Forfeited or expired — $ — Outstanding as of December 31, 2017 644,460 $ 73.93 2.54 $ 61,846,602 Fully vested and expected to vest as of December 31, 2017 644,460 $ 73.93 2.54 $ 61,846,602 Exercisable as of December 31, 2017 458,010 $ 80.49 2.83 $ 40,980,802 The following is provided for stock options under the Omnibus Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2017 2016 2015 Weighted average grant date fair value $ — $ 34.90 $ 31.83 Intrinsic value of stock options exercised $ 29,716 $ 3,657 $ 1,684 Cash received from the exercise of stock options $ 61,506 $ 3,487 $ 3,026 As of December 31, 2017 , there was $3.6 million of unamortized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 1.29 years. Nonvested shares The summary of nonvested share activity under the Omnibus Plan for the year ended December 31, 2017 is presented below: Shares Weighted Average Grant Date Fair Value Nonvested as of January 1, 2017 151,756 $ 112.14 Granted 706,341 109.28 Vested (384,180 ) 120.60 Forfeited (13,333 ) 197.94 Nonvested as of December 31, 2017 460,584 $ 98.21 The following is provided for the share awards under the Omnibus Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2017 2016 2015 Weighted average grant date fair value $ 109.28 $ 63.56 $ 145.92 Fair value of shares vested $ 45,801 $ 39,380 $ 22,877 As of December 31, 2017 , there was $37.4 million of unamortized compensation expense related to nonvested shares, which is expected to be recognized over a weighted average period of 3.77 years. Wynn Macau, Limited The Company's majority-owned subsidiary, WML, has two stock-based compensation plans that provide awards based on shares of WML's common stock. The shares available for issuance under these plans are separate and distinct from the common stock of Wynn Resorts' share plan and are not available for issuance for any awards under the Wynn Resorts share plan. Share Option Plan WML adopted a stock incentive plan, effective September 16, 2009, for the grant of stock options to purchase shares of WML to eligible directors and employees of its subsidiaries (the "Share Option Plan"). The Share Option Plan is administered by WML's Board of Directors, which has the discretion on the vesting and service requirements, exercise price, performance targets to exercise if applicable and other conditions, subject to certain limits. A maximum of 518,750,000 shares have been reserved for issuance under the Share Option Plan. As of December 31, 2017, there were 511,738,000 shares available for issuance under the Share Option Plan. The summary of stock option activity under the Share Option Plan for the year ended December 31, 2017 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2017 6,290,000 $ 2.28 Granted 1,208,000 $ 2.26 Exercised (492,000 ) $ 1.43 Outstanding as of December 31, 2017 7,006,000 $ 2.32 6.9 $ 6,539,606 Fully vested and expected to vest as of December 31, 2017 7,006,000 $ 2.32 6.9 $ 6,539,606 Exercisable as of December 31, 2017 3,074,000 $ 2.66 5.3 $ 1,932,866 The following is provided for stock options under the Share Option Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2017 2016 2015 Weighted average grant date fair value $ 0.56 $ 0.31 $ 0.47 Intrinsic value of stock options exercised $ 369 $ — $ — Cash received from the exercise of stock options $ 703 $ — $ — As of December 31, 2017 , there was $1.4 million of unamortized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 1.6 years . Share Award Plan On June 30, 2014, the Company's majority-owned subsidiary, WML, approved and adopted the WML Employee Ownership Scheme (the "Share Award Plan"). The Share Award Plan allows for the grant of nonvested shares of WML's common stock to eligible employees. The Share Award Plan is administered by WML's Board of Directors and has been mandated under the plan to allot, issue and process the transfer of a maximum of 50,000,000 shares. The Board of Directors has discretion on the vesting and service requirements, exercise price and other conditions, subject to certain limits. As of December 31, 2017, there were 34,838,793 shares available for issuance under the Share Award Plan. The summary of nonvested share activity under the Share Award Plan for the year ended December 31, 2017 is presented below: Shares Weighted Average Grant Date Fair Value Nonvested as of January 1, 2017 14,009,134 $ 2.61 Granted 2,726,097 $ 2.22 Vested (3,318,500 ) $ 3.79 Forfeited (1,574,024 ) $ 1.98 Nonvested as of December 31, 2017 11,842,707 $ 2.24 The following is provided for share awards under the Share Award Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2017 2016 2015 Weighted average grant date fair value $ 2.22 $ 1.38 $ 1.95 Fair value of shares vested $ 6,884 $ — $ — As of December 31, 2017, there was $11.7 million of unamortized compensation expense, which is expected to be recognized over a weighted average period of 2.53 years. Compensation Cost The total compensation cost for stock-based compensation plans is allocated as follows (in thousands): Years Ended December 31, 2017 2016 2015 Casino $ 6,954 $ 11,304 $ 9,858 Rooms 655 374 318 Food and beverage 1,466 1,060 1,050 Entertainment, retail and other 147 82 82 General and administrative 34,749 30,398 26,978 Pre-opening expenses — 504 189 Total stock-based compensation expense 43,971 43,722 38,475 Total stock-based compensation capitalized 80 92 350 Total stock-based compensation costs $ 44,051 $ 43,814 $ 38,825 Certain members of the Company's executive management team receive a portion of their annual incentive bonus in shares of the Company's stock. The number of shares is determined based on the closing stock price on the date the annual incentive bonus is settled. As the number of shares is variable, the Company records a liability for the fixed monetary amount over the service period. For the year ended December 31, 2017, the Company recorded $23.7 million of stock-based compensation expense associated with these awards and issued $21.9 million of immediately vested shares in December 2017 and $1.8 million of immediately vested shares in January 2018 to settle this liability. For the year ended December 31, 2016, the Company recorded $19.2 million of stock-based compensation expense associated with these awards and issued immediately vested shares in January 2017 to settle this liability. During the years ended December 31, 2017 , 2016 and 2015 , the Company recognized income tax benefits in the Consolidated Statements of Income of $10.8 million , $10.4 million and $8.3 million , respectively, related to stock-based compensation expense. Additionally, during the years ended December 31, 2017 , 2016 and 2015 , the Company realized tax benefits of $25.4 million , $6.7 million and $6.7 million , respectively, related to stock option exercises and restricted stock vesting that occurred in those years. The Company uses the Black-Scholes option pricing model to determine the estimated fair value for stock options. Dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant. Expected volatility is based on implied and historical factors related to the Company's common stock. The risk-free interest rate used for each period presented is based on the U.S. Treasury yield curve for stock options issued under the Omnibus Plan and the Hong Kong Exchange Fund rates for stock options issued under the Share Option Plan, both at the time of grant for the period equal to the expected term. Expected term represents the weighted average time between the option's grant date and its exercise date. The Company uses historical award exercise activity and termination activity in estimating the expected term for the Omnibus Plan and Share Option Plan. The fair value of stock options granted under the Omnibus Plan was estimated on the date of grant using the following weighted average assumptions: Years Ended December 31, 2017 2016 2015 Expected dividend yield — % 2.0 % 3.6 % Expected volatility — % 45.4 % 44.1 % Risk-free interest rate — % 1.1 % 1.3 % Expected term (years) — 6.0 6.0 The fair value of stock options granted under WML's Share Option Plan was estimated on the date of grant using the following weighted average assumptions: Years Ended December 31, 2017 2016 2015 Expected dividend yield 5.7 % 6.3 % 5.0 % Expected volatility 41.5 % 42.6 % 41.3 % Risk-free interest rate 1.1 % 1.0 % 1.3 % Expected term (years) 6.5 6.5 6.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Consolidated income before taxes for domestic and foreign operations consisted of the following (in thousands): Years Ended December 31, 2017 2016 2015 Domestic $ 90,206 $ 90,900 $ (21,880 ) Foreign 470,063 219,697 311,127 Total $ 560,269 $ 310,597 $ 289,247 The income tax (benefit) provision attributable to income before income taxes is as follows (in thousands): Years Ended December 31, 2017 2016 2015 Current Federal $ (19,856 ) $ 60 $ (819 ) State 51 79 — Foreign 1,674 1,633 2,044 (18,131 ) 1,772 1,225 Deferred Federal (309,423 ) 5,081 3,505 State (1,431 ) 1,275 4,100 Foreign — — (1,107 ) (310,854 ) 6,356 6,498 Total $ (328,985 ) $ 8,128 $ 7,723 The income tax (benefit) provision differs from that computed at the federal statutory corporate tax rate as follows: Years Ended December 31, 2017 2016 2015 Federal statutory rate 35.0 % 35.0 % 35.0 % Foreign tax credits, net of valuation allowance (136.1 )% (61.5 )% (93.2 )% Non-taxable foreign income (20.1 )% (20.7 )% (23.1 )% Foreign tax rate differential (17.0 )% (14.5 )% (21.0 )% Change in tax rate (11.8 )% — % — % Repatriation of foreign earnings 81.0 % 51.6 % 97.9 % Valuation allowance, other 5.9 % 7.5 % 4.4 % Other, net 4.4 % 5.2 % 2.7 % Effective tax rate (58.7 )% 2.6 % 2.7 % In November 2010, Wynn Macau SA received an exemption from Macau's 12% Complementary Tax on casino gaming profits, thereby exempting the casino gaming profits of Wynn Macau SA through December 31, 2015. In October 2015, Wynn Macau SA received an additional five-year exemption, effective January 1, 2016, from Macau's Complementary Tax on casino gaming profits through December 31, 2020. Accordingly, for the years ended December 31, 2017 , 2016 and 2015 , the Company was exempted from the payment of $63.0 million , $27.3 million and $41.6 million in such taxes or $0.61 , $0.27 and $0.41 per diluted share, respectively. The Company's non-gaming profits remain subject to the Macau Complementary Tax and its casino winnings remain subject to the Macau special gaming tax and other levies in accordance with its concession agreement. In July 2011, Wynn Macau SA received an extension of its agreement with the Macau government that provides for an annual payment of MOP 15.5 million (approximately $1.9 million ) as complementary tax otherwise due by stockholders of Wynn Macau SA on dividend distributions through 2015. In August 2016, Wynn Macau SA received an extension of the agreement for an additional five years applicable to tax years 2016 through 2020. The extension agreement provides for an annual payment of MOP 12.8 million (approximately $1.6 million ). As a result of the stockholder dividend tax agreements, income tax expense includes $1.6 million for each of the years ended December 31, 2017 and 2016 and $1.9 million for the year ended December 31, 2015 . The Macau special gaming tax is 35% of gross gaming revenue. U.S. tax laws only allow a foreign tax credit ("FTC") up to 35% of foreign source income. In February 2010, the Company and the IRS entered into a Pre-Filing Agreement ("PFA") providing that the Macau special gaming tax qualifies as a tax paid in lieu of an income tax and could be claimed as a U.S. FTC. In December 2017, the U.S. Tax Cuts and Jobs Act ("U.S tax reform") was enacted. Also in December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act ("SAB 118"), which allows the Company to record provisional amounts during a measurement period not to extend beyond one year from the enactment date. For the year ended December 31, 2017, the Company recorded a provisional net tax benefit of $339.9 million . The provisional net tax benefit primarily consists of a $273.9 million provisional tax benefit from the increase in the foreign tax credit carryovers, net of valuation allowance, generated as a result of the deemed repatriation of deferred foreign income as well as a $66.0 million provisional tax benefit resulting from the revaluation of the Company's net deferred tax liabilities due to the decrease in the U.S. corporate tax rate from 35% to 21%. This provisional net tax benefit is based on the Company's initial analysis of the U.S. tax reform and may be adjusted over the next 12 months as the Company collects additional information and evaluates any regulatory guidance. Any subsequent adjustment to this amount will be recorded to the current income tax expense in the period in which the amount is determined. During the years ended December 31, 2017 , 2016 and 2015 , the Company recognized tax benefits of $746.6 million , $170.5 million and $264.1 million , respectively (net of valuation allowance and uncertain tax positions), for FTCs generated from the earnings of Wynn Macau SA. Accounting standards require recognition of a future tax benefit to the extent that realization of such benefit is more likely than not; otherwise, a valuation allowance is applied. During the years ended December 31, 2017 and 2016 , the aggregate valuation allowance for deferred tax assets increased by $103.7 million and decreased by $44.2 million , respectively. The 2017 increase is primarily related to FTC carryforwards and other foreign deferred tax assets that are not considered more likely than not realizable. The 2016 decrease is primarily related to a release of valuation allowance on prior year FTCs expected to be utilized as a result of the sale of a 49.9% ownership interest in Retail Joint Venture. The Company recorded tax benefits resulting from the exercise of nonqualified stock options and the value of vested restricted stock and accrued dividends of $2.6 million , $0.8 million and $0.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, in excess of the amounts reported for such items as compensation costs under accounting standards related to stock-based compensation. The tax effects of significant temporary differences representing net deferred tax assets and liabilities consisted of the following (in thousands): December 31, 2017 2016 Deferred tax assets—U.S.: Foreign tax credit carryforwards $ 3,616,872 $ 3,269,781 Receivables, inventories, accrued liabilities and other 19,356 37,391 Stock-based compensation 5,084 18,740 Pre-opening expenses 2,716 6,516 Other tax credit carryforwards 1,999 2,413 Intangibles and related other 770 21,404 Other 86 7,958 3,646,883 3,364,203 Less: valuation allowance (3,273,292 ) (3,201,406 ) 373,591 162,797 Deferred tax liabilities—U.S.: Property and equipment (106,979 ) (176,611 ) Redemption Note fair value (13,139 ) (42,806 ) Prepaid insurance, maintenance and taxes (10,391 ) (7,913 ) Other (2,549 ) (2,028 ) (133,058 ) (229,358 ) Deferred tax assets—Foreign: Net operating loss carryforwards 74,345 50,258 Property and equipment 36,299 29,998 Pre-opening expenses 10,717 12,944 Other 1,493 2,946 122,854 96,146 Less: valuation allowance (117,175 ) (85,317 ) 5,679 10,829 Deferred tax liabilities—Foreign: Property and equipment (5,679 ) (10,829 ) Net deferred tax asset (liability) $ 240,533 $ (66,561 ) As of December 31, 2017 , the Company had FTC carryforwards (net of uncertain tax positions) of $3.62 billion . Of this amount, $590.6 million will expire in 2018, $110.9 million in 2019, $530.4 million in 2020, $540.3 million in 2021, $756.0 million in 2023, $710.7 million in 2024, $47.2 million in 2025 and $330.8 million in 2027. The Company has no U.S. tax loss carryforwards. The Company incurred foreign tax losses of $319.1 million , $317.3 million and $124.4 million during the tax years ended December 31, 2017 , 2016 and 2015 , respectively. These foreign tax loss carryforwards expire in 2020, 2019 and 2018, respectively. In assessing the need for a valuation allowance, the Company considered whether it is more likely than not that the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. In the assessment of the valuation allowance, appropriate consideration was given to all positive and negative evidence including recent operating profitability, forecast of future earnings and the duration of statutory carryforward periods. As of December 31, 2017 and 2016 , the Company had valuation allowances of $3.27 billion and $3.20 billion , respectively, provided on FTCs expected to expire unutilized and valuation allowances of $3.5 million and $4.4 million provided on other U.S. deferred tax assets. As of December 31, 2017 and 2016 , the Company had valuation allowances of $117.2 million and $85.3 million , respectively, provided on its foreign deferred tax assets. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2017 2016 2015 Balance—beginning of year $ 90,523 $ 88,314 $ 88,884 Increases based on tax positions of the current year 8,520 5,930 3,051 Settlements with taxing authorities — — (354 ) Lapses in statutes of limitations (3,807 ) (3,721 ) (3,267 ) Balance—end of year $ 95,236 $ 90,523 $ 88,314 As of December 31, 2017 , 2016 and 2015 , unrecognized tax benefits of $95.2 million , $90.3 million and $88.3 million , respectively, were recorded as reductions in deferred income taxes, net. As of December 31, 2016, $0.2 million of unrecognized tax benefits were recorded in other long-term liabilities. The Company had no unrecognized tax benefits recorded in other long-term liabilities as of December 31, 2017 and 2015. As of December 31, 2017 , 2016 and 2015 , $26.9 million , $22.6 million and $20.9 million , respectively, of unrecognized tax benefits would, if recognized, impact the effective tax rate. The Company recognizes penalties and interest related to unrecognized tax benefits in the provision for income taxes. During each of the years ended December 31, 2017 and 2016, the Company recognized $0.9 million in interest in the provision for income taxes. During the year ended 2015 , the Company recognized $0 interest and penalties. The Company anticipates that the 2013 statute of limitations will expire in the next 12 months for certain foreign tax jurisdictions. Also, the Company's unrecognized tax benefits include certain income tax accounting methods, which govern the timing and deductibility of income tax deductions. As a result, the Company's unrecognized tax benefits could increase up to $4.0 million over the next 12 months. The Company files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. The Company's income tax returns are subject to examination by the IRS and other tax authorities in the locations where it operates. The Company's 2002 to 2013 domestic income tax returns remain subject to examination by the IRS to the extent tax attributes carryforward to future years. The Company's 2014 to 2016 domestic income tax returns also remain subject to examination by the IRS. The Company's 2013 to 2016 Macau income tax returns remain subject to examination by the Financial Services Bureau. The Company has participated in the IRS Compliance Assurance Program ("CAP") for the 2012 through 2017 tax years and will continue to participate in the IRS CAP for the 2018 tax year. In February 2016, 2017 and 2018 the Company received notification that the IRS completed its examination of the Company's 2014, 2015 and 2016 U.S. income tax returns, respectively. There were no changes in its unrecognized tax benefits as a result of the completion of these examinations. In December 2015, the Financial Services Bureau completed an examination of the 2012 Macau income tax return of Wynn Macau SA. On December 31, 2015, the statute of limitations for the 2010 Macau Complementary Tax return expired. As a result of the exam settlement and the expiration of the statute of limitations for the Macau Complementary Tax return, the total amount of unrecognized tax benefits decreased by $3.6 million . On December 31, 2016, the statute of limitations for the 2011 Macau Complementary tax return expired. As a result of the expiration of the statute of limitations for the Macau Complementary Tax return, the total amount of unrecognized tax benefits decreased by $3.7 million . In April 2016, the Financial Services Bureau commenced an examination of the 2011 and 2012 Macau income tax returns of Palo. In June 2016, the Financial Services Bureau concluded its examination with no changes. On December 31, 2017, the statute of limitations for the 2012 Macau Complementary tax return expired. As a result of the expiration of the statute of limitations for the Macau Complementary Tax return, the total amount of unrecognized tax benefits decreased by $3.8 million . In March 2017, the Financial Services Bureau commenced an examination of the 2013 and 2014 Macau income tax returns of Wynn Macau SA. As of December 31, 2017, based upon the current status of the examination, no changes to the unrecognized tax benefits are required. In July 2017, the Financial Services Bureau commenced an examination of the 2013 and 2014 Macau income tax returns of Palo. In February 2018, the Financial Services Bureau concluded its examination with no changes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Wynn Boston Harbor Development On April 28, 2017, Wynn MA, LLC ("Wynn MA"), an indirect wholly owned subsidiary of the Company, and Suffolk Construction Company, Inc. (the "Construction Manager"), entered into an agreement concerning the construction of Wynn Boston Harbor, which, among other things, confirmed the guaranteed maximum price for the construction work undertaken by the Construction Manager. The Construction Manager is obligated to substantially complete the project by June 24, 2019 for a guaranteed maximum price of $1.32 billion . Both the contract time and guaranteed maximum price are subject to further adjustment under certain conditions. The performance of the Construction Manager is backed by a payment and performance bond in the amount of $350.0 million . Leases Lessor Arrangements The Company is the lessor under leases for retail space at its resorts. The lease agreements include minimum base rents with contingent rental clauses primarily based on percentage of net sales exceeding minimum base rents. The following table presents the future minimum rentals to be received under the operating leases (in thousands): Years Ending December 31, 2018 $ 108,101 2019 114,577 2020 115,499 2021 53,902 2022 32,944 Thereafter 165,704 Total future minimum rentals $ 590,727 The total future minimum rentals do not include contingent rentals. Contingent rentals were $38.6 million , $34.6 million and $48.6 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Lessee Arrangements The Company is the lessee under leases for office space, warehouse facilities, certain office equipment and various parcels of land, including the land that Wynn Macau and Wynn Palace are built on. As of December 31, 2017, capital leases reflected in property and equipment, net on the Consolidated Balance Sheet were $16.6 million . The future minimum lease payments for capital leases are discounted to their present value in the table below and are included in other long-term liabilities on the Consolidated Balance Sheet. As of December 31, 2017 , the Company was obligated under non-cancelable leases to make future minimum lease payments as follows (in thousands): Years Ending December 31, Operating Leases Capital Leases 2018 $ 18,052 $ 989 2019 17,449 989 2020 12,083 989 2021 11,294 989 2022 11,323 989 Thereafter 69,045 67,732 Total minimum lease payments $ 139,246 72,677 Less: Amount representing interest (56,161 ) $ 16,516 Rent expense for the years ended December 31, 2017 , 2016 and 2015 was $18.3 million , $17.9 million and $16.4 million , respectively. Employment Agreements The Company has entered into employment agreements with several executive officers, other members of management and certain key employees. These agreements generally have three - to five -year terms and typically indicate a base salary and often contain provisions for discretionary bonuses. Certain of the executives are also entitled to a separation payment if terminated without "cause" or upon voluntary termination of employment for "good reason" following a "change of control" (as these terms are defined in the employment contracts). As of December 31, 2017 , the Company was obligated to make future payments of $65.8 million , $45.4 million , $18.7 million , $4.8 million and $2.9 million during the years ending December 2018 , 2019 , 2020 , 2021 and 2022 , respectively. Other Commitments The Company has additional commitments for gaming tax payments in Macau and performance and other miscellaneous contracts. As of December 31, 2017 , the Company was obligated under these arrangements, to make future minimum payments as follows (in thousands): Years Ending December 31, 2018 $ 127,943 2019 91,637 2020 50,438 2021 38,569 2022 6,537 Thereafter 4,000 Total minimum payments $ 319,124 The above table does not include community payments associated with the continuing operations of Wynn Boston Harbor, which commence upon the opening of the resort. These amounts are approximately $10.6 million per year with minimal annual increases. Letters of Credit As of December 31, 2017 , the Company had outstanding letters of credit of $17.7 million . 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 and 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. 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. On that same day, Wynn Resorts redeemed and canceled Aruze's 24,549,222 shares of Wynn Resorts' common stock, and, 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. For additional information on the redemption and the Redemption Note, see Note 7, "Long-term Debt" and Note 9, "Stockholders' Equity." 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 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 P. Wynn (the "Stockholders Agreement"). On June 19, 2012, Elaine P. Wynn asserted a cross claim against Mr. Wynn and Aruze seeking a declaration that (1) any and all of Elaine P. 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 P. Wynn. On May 17, 2017, Elaine P. Wynn filed an amended cross claim which added Wynn Resorts and Wynn Resorts' General Counsel (together with Mr. Wynn, the "Wynn Cross Defendants") as cross defendants. The amended cross claim substantially repeats its earlier allegations and further alleges that Mr. Wynn engaged in acts of misconduct that, with the Wynn Cross Defendants, resulted in Mr. Wynn allegedly breaching the Stockholders Agreement and violating alleged duties under the Stockholders Agreement by preventing Elaine P. Wynn from being nominated and elected to serve as one of the Company's directors. In addition to continuing to seek the declarations asserted under the original cross claim, the amended cross claim seeks an order compelling Mr. Wynn to comply with the Stockholders Agreement by assuring the nomination and election of Elaine P. Wynn to the Board of Directors and seeks unspecified monetary damages from Mr. Wynn and the Wynn Cross Defendants. On July 10, 2017, the court denied Wynn Resorts' and Wynn Resorts' General Counsel's motions to dismiss, and on July 24, 2017, the court denied Wynn Resorts' motion to sever. The Wynn Cross Defendants will vigorously defend against the claims asserted against them. 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 and the 2027 Indenture each 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 and the 2027 Indenture, respectively. If the Stockholders Agreement is determined not to be enforceable pursuant to Elaine P. Wynn's cross claim, Mr. Wynn would not beneficially own or control Elaine P. Wynn's shares, which could increase the likelihood that a change in control may occur under the Wynn Las Vegas, LLC debt documents. Under the 2023 Indenture, the 2025 Indenture and the 2027 Indenture, if (1) a change of control occurs and (2) at any time within 60 days after that occurrence, the 2023 Notes or the 2025 Notes, as applicable, are rated below investment grade by both rating agencies that rate such notes and, in the case of the 2027 Indenture, the ratings of the 2027 WLV Notes have decreased below the ratings assigned to the 2027 WLV Notes on the date they were issued as described in the 2027 Indenture, 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). On February 12, 2018, counsel for Mr. Wynn advised the court hearing this matter that Mr. Wynn now agrees that the Stockholders Agreement no longer binds either Mr. Wynn or Elaine P. Wynn. There can be no assurance that the court will concur with the position now taken by Mr. Wynn, or that the Stockholders Agreement will in fact be deemed to no longer bind the parties thereto. On February 16, 2018, the Issuers commenced a Consent Solicitation for a Proposed Amendment to the 2023 Indenture. The Proposed Amendment would conform the definition of change of control relating to ownership of equity interests in the Company to the terms of the 2025 Indenture and 2027 Indenture. Adoption of the Proposed Amendment requires the consent of holders of a majority in aggregate principal amount of the 2023 Notes. The Consent Solicitation will expire on March 6, 2018. Fact discovery closed in November 2017 and expert discovery closed in January 2018. In February 2018, the court ruled upon the parties' various motions for summary judgment and, among other rulings, entered summary judgment in favor of the Wynn Parties and against the Okada Parties related to their claims that the terms of the Redemption Note violated the Articles or were otherwise unconscionable. Trial is scheduled to begin in April 2018. Wynn Resorts will continue to vigorously pursue its claims against the Okada Parties, and Wynn Resorts and the Wynn Parties will continue to vigorously defend against the counterclaims asserted 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. An adverse judgment or settlement involving payment of a material amount could cause a material adverse effect on Wynn Resorts' financial condition. Litigation Commenced by Kazuo Okada 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. The Company believes the action commenced by Mr. Okada is without merit and will vigorously defend itself against the claims pleaded against it. 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, WML 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 WML (collectively, the "Wynn Macau Parties"). The principal allegations in the lawsuit are that the redemption of the Okada Parties' shares in Wynn Resorts 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 Wynn Palace is located was unlawful and that the previously disclosed donation by Wynn Resorts to the University of Macau Development Foundation was unlawful. The plaintiffs seek dissolution of Wynn Macau SA and compensatory damages. On July 11, 2017, the Macau Court dismissed all claims by the Okada Parties as unfounded, fined the Okada Parties as vexatious litigants, and ordered the Okada Parties to pay for court costs and the Wynn Macau Parties' attorney's fees. On or about October 16, 2017, the Okada Parties filed formal appeal papers in Macau, which Wynn Macau SA received on November 21, 2017. Wynn Macau SA filed its response on December 21, 2017. The Company believes the action commenced by the Okada Parties is without merit and will vigorously defend itself against the claims pleaded against it. 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. Derivative Litigation Related to Redemption Action Two state derivative actions were commenced against the Company and all members of its Board of Directors in the Eighth Judicial District Court of Clark County, Nevada. These state court actions brought by the following plaintiffs have been consolidated: (1) IBEW Local 98 Pension Fund and (2) Danny Hinson (collectively, the "Derivative Plaintiffs"). The Derivative 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 Derivative 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 Derivative 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 attorney's fees and costs. On June 18, 2014, the court entered a stipulation between the parties that provides for a stay of the action and directs the parties, within 45 days of the conclusion of the Redemption Action, to discuss how the derivative action should proceed and to file a joint report with the court. The defendants in these actions are vigorously defending against the claims pleaded against them. Management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these actions or the range of reasonably possible loss, if any. Massachusetts Gaming License Related Action On September 17, 2014, the Massachusetts Gaming Commission ("MGC") designated Wynn MA the award winner of the Greater Boston (Region A) gaming license. On November 7, 2014, the gaming license became effective. 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 ("IBEW") 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 ("Mohegan"), the other applicant for the Greater Boston (Region A) gaming license, to intervene in the Revere Action, and on February 23, 2015, Mohegan 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's and the City of Revere's complaints. On December 3, 2015, the court granted the motion to dismiss the claims asserted in the Revere Action. Also on December 3, 2015, the court granted the motion to dismiss three of the four counts asserted by Mohegan but denied the motion as to Mohegan's certiorari claim. The City of Revere and IBEW sought immediate appellate review of the dismissal of their claims and the MGC requested immediate appellate review of the court's denial of the MGC's motion to dismiss Mohegan's certiorari claim. All three petitions for interlocutory review were denied. The parties then appealed to the Massachusetts Supreme Judicial Court ("SJC"). On March 10, 2017, the SJC affirmed the trial court's dismissal of the City of Revere's claims and IBEW's claims. The SJC affirmed the court's dismissal of Mohegan's claims except for the certiorari claim, which the SJC remanded to the Suffolk Superior Court. Mohegan filed a motion for judgment on the pleadings on November 3, 2017, and oral argument is scheduled for April 5, 2018. The SJC reversed the trial court's dismissal of the individual plaintiffs' open meeting law claim and remanded that claim to the Suffolk Superior Court. The parties are currently in the discovery phase. Wynn MA was not named in the above complaint. The MGC retained private legal representation at its own nontaxpayer-funded expense. Actions Related to Mr. Wynn Investigations: On January 26, 2018, the Company's Board of Directors formed a Special Committee comprised solely of independent directors to investigate allegations of inappropriate personal conduct by Mr. Wynn in the workplace. On February 12, 2018, the Special Committee announced that its review was expanded to include a comprehensive review of the Company's internal policies and procedures with the goal of employing best practices to maintain a safe and respectful workplace for all employees. Gaming regulators in Massachusetts and Nevada are reviewing these matters, including suitability with respect to the Company and its related licensees, and the Company is cooperating with these regulatory reviews. The gaming regulator in Macau is monitoring and reviewing the situation, and the Company is cooperating. Stockholder Actions: Six stockholder derivative actions have been filed on behalf of the Company in state and federal court located in Clark County, Nevada against certain members of the Company's Board of Directors and, in some cases, the Company's General Counsel. Specifically, (i) on February 6, 2018, Norfolk County Retirement System filed a stockholder derivative action against certain current and former members of the Company's Board of Directors and the Company's General Counsel; (ii) on February 15, 2018, Operating Engineers Construction Industry and Miscellaneous Pension Fund filed a stockholder derivative action against certain current and former members of the Company's Board of Directors; (iii) on February 15, 2018, Boynton Beach Municipal Firefighters' Pension Trust Fund and the Firemen's Retirement System of St. Louis filed a stockholder derivative action against certain current and former members of the Company's Board of Directors and the Company's General Counsel; (iv) on February 15, 2018, Rickey A. Broussard filed a stockholder derivative action against certain current and former members of the Company's Board of Directors and the Company's General Counsel, (v) on February 22, 2018, Thomas P. DiNapoli, Comptroller of the State of New York, as Administrative Head of the New York State and Local Retirement System and trustee of the New York State Common Retirement Fund filed a shareholder derivative action against certain current and former members of the Company's Board of Directors and the Company's General Counsel and (vi) on February 22, 2018, Erste-Sparinvest Kapitalanlagegesellschaft M.B.H. filed a shareholder derivative action against certain current and former members of the Company's Board of Directors and the Company's General Counsel. Each of the complaints alleges, among other things, breach of fiduciary duties in failing to detect, prevent and remedy alleged inappropriate personal conduct by Mr. Wynn in the workplace. Each of the actions seeks to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys' fees, costs and related expenses for the plaintiff. On February 20, 2018, a securities class action was filed against the Company and certain current and former officers of the Company in the United States District Court, Southern District of New York by John V. Ferris and Joann M. Ferris on behalf of all persons who purchased the Company's common stock between February 28, 2014 and January 25, 2018. The complaint alleges, among other things, certain violations of federal securities laws and seeks to recover unspecified damages as well as attorneys' fees, costs and related expenses for the plaintiffs. The defendants in these actions will vigorously defend against the claims pleaded against them. These actions are in preliminary stages and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these actions or the range of reasonably possible loss, if any. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company reviews the results of operations for each of its operating segments. Wynn Macau and Encore, an expansion at Wynn Macau, are managed as a single integrated resort and have been aggregated as one reportable segment ("Wynn Macau"). Wynn Palace is presented as a separate reportable segment and is combined with Wynn Macau for geographical presentation. Wynn Las Vegas and Encore, an expansion 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 separately identifies capital expenditures and assets for its Wynn Boston Harbor development project. Other Macau primarily represents the Company's Macau holding company. The following tables present the Company's segment information (in thousands): Years Ended December 31, 2017 2016 2015 Net revenues Macau Operations: Wynn Macau $ 2,485,804 $ 2,264,087 $ 2,463,092 Wynn Palace 2,139,154 583,336 — Total Macau Operations 4,624,958 2,847,423 2,463,092 Las Vegas Operations 1,681,410 1,618,874 1,612,791 Total $ 6,306,368 $ 4,466,297 $ 4,075,883 Adjusted Property EBITDA (1) Macau Operations: Wynn Macau $ 760,752 $ 681,509 $ 708,623 Wynn Palace 527,583 103,036 — Total Macau Operations 1,288,335 784,545 708,623 Las Vegas Operations 522,397 474,782 477,166 Total 1,810,732 1,259,327 1,185,789 Other operating expenses Pre-opening 26,692 154,717 77,623 Depreciation and amortization 552,368 404,730 322,629 Property charges and other 29,576 54,822 10,535 Corporate expenses and other 102,560 80,162 76,079 Stock-based compensation 43,971 43,218 38,286 Equity in income from unconsolidated affiliates — 16 1,823 Total other operating expenses 755,167 737,665 526,975 Operating income 1,055,565 521,662 658,814 Other non-operating income and expenses Interest income 31,193 13,536 7,229 Interest expense, net of amounts capitalized (388,664 ) (289,365 ) (300,906 ) Change in interest rate swap fair value (1,056 ) 433 (5,300 ) Change in Redemption Note fair value (59,700 ) 65,043 52,041 Loss on extinguishment of debt (55,360 ) — (126,004 ) Equity in income from unconsolidated affiliates — 16 1,823 Other (21,709 ) (728 ) 1,550 Total other non-operating income and expenses (495,296 ) (211,065 ) (369,567 ) Income before income taxes 560,269 310,597 289,247 Benefit (provision) for income taxes 328,985 (8,128 ) (7,723 ) Net income 889,254 302,469 281,524 Less: Net income attributable to noncontrolling interests (142,073 ) (60,494 ) (86,234 ) Net income attributable to Wynn Resorts, Limited $ 747,181 $ 241,975 $ 195,290 (1) "Adjusted Property EBITDA" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including 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 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, as well as a basis for determining certain incentive compensation. 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 GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Wynn Resorts, Limited, have historically excluded from their EBITDA calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income 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. Years ended December 31, 2017 2016 2015 Capital expenditures Macau Operations: Wynn Macau $ 43,510 $ 43,548 $ 68,744 Wynn Palace 107,405 838,271 1,566,090 Total Macau Operations 150,915 881,819 1,634,834 Las Vegas Operations 139,893 106,373 117,011 Wynn Boston Harbor 572,825 212,197 67,705 Corporate and other 71,841 25,554 101,690 $ 935,474 $ 1,225,943 $ 1,921,240 December 31, 2017 2016 2015 Assets Macau Operations: Wynn Macau $ 1,271,544 $ 1,161,670 $ 1,331,312 Wynn Palace 4,017,494 4,317,458 3,439,041 Other Macau 174,769 28,927 570,959 Total Macau Operations 5,463,807 5,508,055 5,341,312 Las Vegas Operations 3,266,390 3,275,780 3,145,713 Wynn Boston Harbor 1,060,530 419,001 185,853 Corporate and other 2,891,012 2,750,721 1,786,281 $ 12,681,739 $ 11,953,557 $ 10,459,159 December 31, 2017 2016 2015 Long-lived assets Macau $ 4,613,950 $ 4,973,854 $ 4,324,743 United States 4,083,555 3,442,842 3,337,356 $ 8,697,505 $ 8,416,696 $ 7,662,099 |
Schedule II- Valuation and Qual
Schedule II- Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule II- Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS (in thousands) Description Balance at Beginning of Year Provision (Benefit) for Doubtful Accounts Write-offs, Net of Recoveries Balance at End of Year Allowance for doubtful accounts: 2017 $ 54,742 (6,711 ) (17,431 ) $ 30,600 2016 $ 67,057 8,203 (20,518 ) $ 54,742 2015 $ 74,678 11,115 (18,736 ) $ 67,057 Description Balance at Beginning of Year Additions Deductions Balance at End of Year Deferred income tax asset valuation allowance: 2017 $ 3,286,723 112,543 (8,799 ) $ 3,390,467 2016 $ 3,330,878 32,130 (76,285 ) $ 3,286,723 2015 $ 3,296,789 52,759 (18,670 ) $ 3,330,878 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as a variable interest entity ("VIE") and of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 3, "Retail Joint Venture." In April 2016, the Company dissolved its 50% -owned joint venture operating the Ferrari and Maserati automobile dealership inside Wynn Las Vegas, which was closed in October 2015 and accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated. Certain amounts in the consolidated financial statements for the previous years have been reclassified to be consistent with current year presentation. These reclassifications had no effect on the previously reported net income. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and 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 The Company's restricted cash consists of cash held in trust in accordance with WML's share award plan and additionally as of December 31, 2016, collateral associated with borrowings under a revolving credit facility. |
Investment Securities | Investment Securities Investment securities consist of domestic and foreign short-term and long-term investments in corporate bonds, commercial paper and U.S. government agency bonds reported at fair value, with unrealized gains and losses, net of tax, reported in other comprehensive income (loss). Short-term investments have a maturity date of less than one year and long-term investments are those with a maturity date greater than one year. The Company 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 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 December 31, 2017 and 2016 , 81.7% and 88.1% , 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 and outstanding gaming promoter 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. |
Inventories | Inventories Inventories consist of retail merchandise and food and beverage items, which are stated at the lower of cost or market value and certain operating supplies. Cost is determined by the first-in, first-out, weighted average and specific identification methods. |
Property and Equipment | Property and Equipment Purchases of property and equipment are stated at cost. Depreciation is provided over the estimated useful lives of the assets using the straight-line method as follows: Estimated Useful Lives (years) Buildings and improvements 10 to 45 Land improvements 10 to 45 Furniture, fixtures and equipment 3 to 20 Leasehold interest in land 25 Airplanes 20 Costs related to improvements are capitalized, while costs of repairs and maintenance are charged to expense as incurred. The cost and accumulated depreciation of property and equipment retired or otherwise disposed of are eliminated from the respective accounts and any resulting gain or loss is included in property charges and other. |
Capitalized Interest | Capitalized Interest The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Company capitalizes interest on amounts expended on the project using the weighted average cost of the Company's outstanding borrowings. |
Intangible Assets | Intangible Assets The Company's indefinite-lived intangible assets consist primarily of water rights acquired as part of the original purchase price of the property on which Wynn Las Vegas is located, and trademarks. Indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually. The Company's finite-lived intangible assets consist primarily of its Macau gaming concession and Massachusetts gaming license. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives. |
Long-Lived Assets | Long-Lived Assets Long-lived assets, which are to be held and used, including intangible assets and property and equipment, are periodically reviewed by management for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. If an indicator of impairment exists, the Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment is measured as the difference between fair value and carrying value, with fair value typically based on a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. |
Debt Issuance Costs | Debt Issuance Costs Direct and incremental costs and original issue discounts and premiums incurred in connection with the issuance of long-term debt are deferred and amortized to interest expense using the effective interest method or, if the amounts approximate the effective interest method, on a straight-line basis. Debt issuance costs incurred in connection with the issuance of the Company's revolving credit facilities are presented in noncurrent assets on the Consolidated Balance Sheets. All other debt issuance costs are presented as a direct reduction of long-term debt on the Consolidated Balance Sheets. |
Redemption Price Promissory Note | Redemption Price Promissory Note The Redemption Price Promissory Note (the "Redemption Note") is recorded at fair value in accordance with applicable accounting guidance. As of December 31, 2017 and 2016, the fair value of the Redemption Note was $1.88 billion and $1.82 billion , respectively. 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 the 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 ongoing investigations of Aruze by the U.S. 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 its contractual life. In determining the appropriate discount rate to be used to calculate the estimated present value, the Company considered the Redemption Note's subordinated position and credit risk relative to all other debt in the Company's capital structure and credit ratings associated with the Company's traded debt. Observable inputs for the risk free rate were based on Federal Reserve rates for U.S. Treasury securities and the credit risk spread was based on a yield curve index of similarly rated debt. |
Derivative Financial Instruments | Derivative Financial Instruments Derivative financial instruments are used to manage interest rate and foreign currency exposures. These derivative financial instruments include interest rate swaps and foreign currency forward contracts. The fair value of derivative financial instruments is recognized as an asset or liability at each balance sheet date, with changes in fair value affecting net income as the Company's derivative financial instruments do not qualify for hedge accounting. The fair value approximates the amount the Company would pay if these contracts were settled at the respective valuation dates. Fair value is estimated based upon current, and predictions of future, interest rate levels along a yield curve, the remaining duration of the instruments and other market conditions, and therefore, is subject to significant estimation and a high degree of variability and fluctuation between periods. The fair value is adjusted, to reflect the impact of credit ratings of the counterparties or the Company, as applicable. These adjustments resulted in a reduction in the fair values as compared to their settlement values. The Company had three interest rate swap agreements intended to hedge a portion of the underlying interest rate risk on borrowings under our Wynn Macau Credit Facilities, which matured in July 2017. Under two of the swap agreements, the Company paid a fixed interest rate (excluding the applicable interest margin) of 0.73% on notional amounts corresponding to borrowings of HK $3.95 billion (approximately $505.1 million ) incurred under the Wynn Macau Credit Facilities 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 fixed the all-in interest rate on such amounts at 2.23% to 2.98% . Under the third swap agreement, the Company paid 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 Credit Facilities 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 fixed the all-in interest rate on such amounts at 2.18% to 2.93% . |
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 recorded as customer deposits for funds deposited by customers before gaming play occurs and for chips in the customer's possession. The commissions rebated directly or indirectly through games promoters to customers, cash discounts, other cash incentives and points earned by customers from the Company's loyalty programs are recorded as a reduction to casino revenues. Rooms, food and beverage, entertainment and other operating revenues are recognized when services are performed or events are held. 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. The retail value of rooms, food and beverage, entertainment and other services provided to guests without charge is included in gross revenues and are then deducted as promotional allowances. |
Customer Loyalty Program | Customer Loyalty Programs The Company offers loyalty programs at both its Macau Operations and its Las Vegas Operations. Under the program at its Macau Operations, customers earn points based on their level of table games and slots play, which can be redeemed for free play, gifts and complimentary dining and retail shopping. Under the program at its Las Vegas Operations, customers earn points based on their level of slots play, which can be redeemed for free play. The points are recognized as a liability and as a separate element of the gaming transaction with allocation of the consideration received between the points and gaming transaction. The initial recognition of the point liability is at fair value based on points earned multiplied by redemption value, less an estimate for points not expected to be redeemed. The revenue from the points is recognized when redeemed. |
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, which taxes are recorded as casino expenses in the accompanying Consolidated Statements of Income. |
Advertising Costs | Advertising Costs The Company expenses advertising costs the first time the advertising takes place. Advertising costs incurred in development periods are included in pre-opening costs. Once a project is completed, advertising costs are primarily included in general and administrative expenses. |
Pre-Opening Expenses | Pre-Opening Expenses Pre-opening expenses represent personnel, advertising, and other costs incurred prior to the opening of new ventures and are expensed as incurred. |
Income Taxes | Income Taxes The Company is subject to income taxes in the U.S. and foreign jurisdictions where it operates. Accounting standards require the recognition of deferred tax assets, net of applicable reserves, and liabilities for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on the income tax provision and deferred tax assets and liabilities generally is recognized in the results of operations in the period that includes the enactment date. Accounting standards also require recognition of a future tax benefit to the extent that realization of such benefit is more likely than not; otherwise, a valuation allowance is applied. The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. If a tax position, based on its technical merits, is deemed more likely than not to be sustained, then the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. |
Foreign Currency | Foreign Currency Gains or losses from foreign currency remeasurements are included in other income (expense) in the accompanying Consolidated Statements of Income. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date and income statement accounts are translated at the average rate of exchange prevailing during the year. Translation adjustments resulting from this process are charged or credited to other comprehensive income. |
Comprehensive Income | Comprehensive Income and Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income and all other non-stockholder changes in equity, or other comprehensive income (loss). Components of the Company's comprehensive income are reported in the accompanying Consolidated Statements of Stockholders' Equity and Consolidated Statements of Comprehensive Income. The balance of accumulated other comprehensive income (loss) consists of currency translation adjustments and net unrealized gains or losses on available-for-sale securities. The following table presents the changes by component, net of tax and noncontrolling interests, in accumulated other comprehensive income (loss) of the Company (in thousands): Foreign Unrealized Accumulated December 31, 2016 $ 2,213 $ (729 ) $ 1,484 Current period other comprehensive loss (2,766 ) (563 ) (3,329 ) December 31, 2017 $ (553 ) $ (1,292 ) $ (1,845 ) |
Fair Value Measurements | Fair Value Measurements The Company measures certain of its financial assets and liabilities, 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 to measure fair value. These tiers include: • Level 1 - Observable inputs such as quoted prices in active markets. • Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable. • Level 3 - Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
Earnings Per Share | Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income attributable to Wynn Resorts by the weighted average number of shares outstanding during the year. Diluted EPS is computed by dividing net income attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued. Potentially dilutive securities include outstanding stock options and unvested restricted stock. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with accounting standards, which require the compensation cost relating to share-based payment transactions be recognized in the Company's Consolidated Statements of Income. The cost is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes option pricing model for stock options, and based on the closing share price of the Company's stock on the grant date for nonvested share awards. The cost is recognized as an expense on a straight-line basis over the employee's requisite service period (the vesting period of the award). The Company's stock-based employee compensation arrangements are more fully discussed in Note 12, "Stock-Based Compensation." |
Recently Issued and Adopted Accounting Standards | Accounting Standards Issued But Not Yet Adopted In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows - Restricted Cash (Topic 230), which amends the existing guidance relating to the disclosure of restricted cash and restricted cash equivalents on the statement of cash flows. The ASU requires that amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU will be effective for the Company on January 1, 2018, with early adoption permitted. The Company will adopt this ASU in the first quarter of 2018 and does not expect a material impact on its Consolidated Statements of Cash Flows. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other than Inventory (Topic 740), which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs, rather than deferring such recognition until the asset is sold to an outside party. The ASU will be effective for the Company on January 1, 2018, with early adoption permitted. The amendments in the new guidance should be adopted on a retrospective basis. The Company will adopt this ASU in the first quarter of 2018 and does not expect a material impact on its Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230), which clarifies the classification of certain cash receipts and cash payments on the statement of cash flows. In particular, the new guidance clarifies the classification related to several types of cash flows, including items such as debt extinguishment costs and distributions received from equity method investees. The new guidance also provides a three-step approach for classifying cash receipts and payments that have aspects of more than one class of cash flows. The ASU will be effective for the Company on January 1, 2018, with early adoption permitted. The Company will adopt this ASU in the first quarter of 2018 and does not expect a material impact on its Consolidated Statements of Cash Flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which amends the existing guidance relating to the definition of a lease, recognition of lease assets and lease liabilities on the balance sheet, and the disclosure of key information about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and lease liability on the balance sheet, measured on a discounted basis. Operating leases were previously not recognized on the balance sheet. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. Lessees and lessors are required to apply a modified retrospective transition approach for leases existing at the beginning of the earliest comparative period presented in the adoption-period financial statements. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. The ASU will be effective for the Company on January 1, 2019, with early adoption permitted. The Company is currently assessing the impact the guidance will have on its Consolidated Financial Statements and related disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 824-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which requires equity investments to be measured at fair value with changes in fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The update also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This update eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The ASU will be effective for the Company on January 1, 2018 with early adoption permitted. The Company will adopt this ASU in the first quarter of 2018 and is currently assessing the impact the adoption of this standard will have on its Consolidated Financial Statements. The Company expects a portion of the change in its Redemption Note fair value currently included in the Consolidated Statements of Income will be recorded in Accumulated Other Comprehensive Income (Loss) on its Consolidated Balance Sheet. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the existing revenue recognition guidance 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 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. The Company will adopt this ASU in the first quarter of 2018 on a full retrospective basis. The Company continues to assess the impact this ASU will have on its Consolidated Financial Statements. Adoption of this standard will change the presentation of, and accounting for, goods and services provided to customers without charge currently included in both gross revenues and promotional allowances in the Consolidated Statements of Income. The total promotional allowances will be netted against gross revenues with the majority of the impact resulting in a decrease in casino revenues and the estimated cost of providing the promotional allowances will no longer be allocated primarily to casino expenses. Additionally, certain commission arrangements with third parties will be reclassified out of operating expenses and netted against revenue. Upon retrospective application on January 1, 2018, management estimates the previously reported net revenue and operating expense amounts for the years ended December 31, 2017 and 2016, will decrease by amounts not expected to exceed $240.0 million and $130.0 million , respectively, primarily due to changes in the accounting for certain commissions. The adoption of this guidance is not expected to have a material impact on the Company's financial condition or net income. |
Redemption Price Promissory Note Policy [Policy Text Block] | Redemption Price Promissory Note The Redemption Price Promissory Note (the "Redemption Note") is recorded at fair value in accordance with applicable accounting guidance. As of December 31, 2017 and 2016, the fair value of the Redemption Note was $1.88 billion and $1.82 billion , respectively. 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 the 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 ongoing investigations of Aruze by the U.S. 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 its contractual life. In determining the appropriate discount rate to be used to calculate the estimated present value, the Company considered the Redemption Note's subordinated position and credit risk relative to all other debt in the Company's capital structure and credit ratings associated with the Company's traded debt. Observable inputs for the risk free rate were based on Federal Reserve rates for U.S. Treasury securities and the credit risk spread was based on a yield curve index of similarly rated debt. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Receivables, net | Receivables, net consisted of the following (in thousands): December 31, 2017 2016 Casino $ 173,664 $ 211,557 Hotel 22,487 21,897 Other 58,577 40,256 254,728 273,710 Less: allowance for doubtful accounts (30,600 ) (54,742 ) $ 224,128 $ 218,968 |
Schedule of Estimated Useful Lives of Assets | Purchases of property and equipment are stated at cost. Depreciation is provided over the estimated useful lives of the assets using the straight-line method as follows: Estimated Useful Lives (years) Buildings and improvements 10 to 45 Land improvements 10 to 45 Furniture, fixtures and equipment 3 to 20 Leasehold interest in land 25 Airplanes 20 |
Estimated Retail Value of Promotional Allowance | The estimated retail value of providing such promotional allowances is as follows (in thousands): Years Ended December 31, 2017 2016 2015 Rooms $ 268,023 $ 211,822 $ 184,779 Food and beverage 164,466 131,479 133,984 Entertainment, retail and other 29,389 26,757 23,975 $ 461,878 $ 370,058 $ 342,738 |
Estimated Cost of Promotional Allowances | Years Ended December 31, 2017 2016 2015 Rooms $ 83,884 $ 63,448 $ 51,775 Food and beverage 143,892 113,341 106,840 Entertainment, retail and other 21,478 17,170 14,414 $ 249,254 $ 193,959 $ 173,029 |
Schedule of Assets and Liabilities Carried at Fair Value | The following table presents assets and liabilities carried at fair value (in thousands): Fair Value Measurements Using: December 31, 2017 Quoted Other Unobservable Assets: Cash equivalents $ 450,230 $ 11,200 $ 439,030 $ — Available-for-sale securities $ 327,455 $ — $ 327,455 $ — Restricted cash $ 2,160 $ — $ 2,160 $ — Liabilities: Redemption Note $ 1,879,058 $ — $ 1,879,058 $ — Fair Value Measurements Using: December 31, 2016 Quoted Other Unobservable Assets: Cash equivalents $ 1,106,606 $ 3,868 $ 1,102,738 $ — Available-for-sale securities $ 301,460 $ — $ 301,460 $ — Restricted cash $ 192,823 $ — $ 192,823 $ — Interest rate swaps $ 1,056 $ — $ 1,056 $ — Liabilities: Redemption Note $ 1,819,359 $ — $ 1,819,359 $ — |
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): Years Ended December 31, 2017 2016 2015 Numerator: Net income attributable to Wynn Resorts, Limited $ 747,181 $ 241,975 $ 195,290 Denominator: Weighted average common shares outstanding 102,071 101,445 101,163 Potential dilutive effect of stock options and restricted stock 527 410 508 Weighted average common and common equivalent shares outstanding 102,598 101,855 101,671 Net income attributable to Wynn Resorts, Limited per common share, basic $ 7.32 $ 2.39 $ 1.93 Net income attributable to Wynn Resorts, Limited per common share, diluted $ 7.28 $ 2.38 $ 1.92 Anti-dilutive stock options and restricted stock excluded from the calculation of diluted earnings per share 106 758 677 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies Schedule of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes by component, net of tax and noncontrolling interests, in accumulated other comprehensive income (loss) of the Company (in thousands): Foreign Unrealized Accumulated December 31, 2016 $ 2,213 $ (729 ) $ 1,484 Current period other comprehensive loss (2,766 ) (563 ) (3,329 ) December 31, 2017 $ (553 ) $ (1,292 ) $ (1,845 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | Investment securities, available-for-sale consisted of the following (in thousands): Amortized Gross Gross Fair value As of December 31, 2017 Domestic and foreign corporate bonds $ 328,747 $ 6 $ (1,298 ) $ 327,455 As of December 31, 2016 Domestic and foreign corporate bonds $ 245,425 $ 19 $ (720 ) $ 244,724 Commercial paper 56,764 5 (33 ) 56,736 Total $ 302,189 $ 24 $ (753 ) $ 301,460 |
Investments by Contractual Maturity | The fair value of these investment securities as of December 31, 2017 , by contractual maturity, are as follows (in thousands): Fair value Available-for-sale securities Due in one year or less $ 166,773 Due after one year through two years 118,280 Due after two years through three years 42,402 $ 327,455 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31, 2017 2016 Buildings and improvements $ 7,582,611 $ 7,623,069 Land and improvements 853,738 834,420 Furniture, fixtures and equipment 2,211,974 2,181,515 Leasehold interest in land 314,068 316,516 Airplanes 158,840 179,730 Construction in progress 1,016,207 299,686 12,137,438 11,434,936 Less: accumulated depreciation (3,638,682 ) (3,175,305 ) $ 8,498,756 $ 8,259,631 |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Indefinite-Lived Intangible Assets | Intangible assets, net consisted of the following (in thousands): December 31, 2017 2016 Indefinite-lived intangible assets: Water rights $ 6,400 $ 6,400 Trademarks 1,387 1,387 Total indefinite-lived intangible assets 7,787 7,787 Finite-lived intangible assets: Macau gaming concession 42,300 42,300 Less: accumulated amortization (31,582 ) (29,199 ) 10,718 13,101 Massachusetts gaming license 105,200 92,700 Less: accumulated amortization — — 105,200 92,700 Total finite-lived intangible assets 115,918 105,801 Total intangible assets, net $ 123,705 $ 113,588 |
Finite-Lived Intangible Assets | Intangible assets, net consisted of the following (in thousands): December 31, 2017 2016 Indefinite-lived intangible assets: Water rights $ 6,400 $ 6,400 Trademarks 1,387 1,387 Total indefinite-lived intangible assets 7,787 7,787 Finite-lived intangible assets: Macau gaming concession 42,300 42,300 Less: accumulated amortization (31,582 ) (29,199 ) 10,718 13,101 Massachusetts gaming license 105,200 92,700 Less: accumulated amortization — — 105,200 92,700 Total finite-lived intangible assets 115,918 105,801 Total intangible assets, net $ 123,705 $ 113,588 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following (in thousands): December 31, 2017 2016 Macau Related: Wynn Macau Credit Facilities: Senior Term Loan Facility $ 2,298,798 $ 2,306,773 Senior Revolving Credit Facility — 340,846 WML Finance Credit Facility — 189,651 4 7/8% Senior Notes, due 2024 600,000 — 5 1/2% Senior Notes, due 2027 750,000 — 5 1/4% Senior Notes, due 2021 — 1,350,000 U.S. and Corporate Related: Wynn America Credit Facilities: Senior Term Loan Facility 1,000,000 1,000,000 4 1/4% Senior Notes, due 2023 500,000 500,000 5 1/2% Senior Notes, due 2025 1,800,000 1,800,000 5 1/4% Senior Notes, due 2027 900,000 — 5 3/8% First Mortgage Notes, due 2022 — 900,000 Redemption Price Promissory Note, due 2022 1,936,443 1,936,443 9,785,241 10,323,713 Less: Unamortized debt issuance costs and original issue discounts and premium, net (99,231 ) (81,277 ) Less: Redemption Note fair value adjustment (57,384 ) (117,084 ) 9,628,626 10,125,352 Less: Current portion of long-term debt (62,690 ) — Total long-term debt, net of current portion $ 9,565,936 $ 10,125,352 |
Scheduled Maturities of Long-Term Debt | Scheduled maturities of long-term debt as of December 31, 2017 were as follows (in thousands): Years Ending December 31, 2018 $ 62,690 2019 282,816 2020 616,879 2021 2,336,413 2022 1,936,443 Thereafter 4,550,000 9,785,241 Unamortized debt issuance costs and original issue discounts and premium, net (99,231 ) Redemption Note fair value adjustment (57,384 ) $ 9,628,626 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Valuation Assumptions | The fair value of stock options granted under the Omnibus Plan was estimated on the date of grant using the following weighted average assumptions: Years Ended December 31, 2017 2016 2015 Expected dividend yield — % 2.0 % 3.6 % Expected volatility — % 45.4 % 44.1 % Risk-free interest rate — % 1.1 % 1.3 % Expected term (years) — 6.0 6.0 The fair value of stock options granted under WML's Share Option Plan was estimated on the date of grant using the following weighted average assumptions: Years Ended December 31, 2017 2016 2015 Expected dividend yield 5.7 % 6.3 % 5.0 % Expected volatility 41.5 % 42.6 % 41.3 % Risk-free interest rate 1.1 % 1.0 % 1.3 % Expected term (years) 6.5 6.5 6.5 |
Wynn Resorts Limited 2014 Omnibus Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Option Activity | The summary of stock option activity under the Omnibus Plan for the year ended December 31, 2017 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2017 1,306,260 $ 83.56 Granted — $ — Exercised (661,800 ) $ 92.94 Forfeited or expired — $ — Outstanding as of December 31, 2017 644,460 $ 73.93 2.54 $ 61,846,602 Fully vested and expected to vest as of December 31, 2017 644,460 $ 73.93 2.54 $ 61,846,602 Exercisable as of December 31, 2017 458,010 $ 80.49 2.83 $ 40,980,802 The following is provided for stock options under the Omnibus Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2017 2016 2015 Weighted average grant date fair value $ — $ 34.90 $ 31.83 Intrinsic value of stock options exercised $ 29,716 $ 3,657 $ 1,684 Cash received from the exercise of stock options $ 61,506 $ 3,487 $ 3,026 |
Restricted Stock Award Activity | The summary of nonvested share activity under the Omnibus Plan for the year ended December 31, 2017 is presented below: Shares Weighted Average Grant Date Fair Value Nonvested as of January 1, 2017 151,756 $ 112.14 Granted 706,341 109.28 Vested (384,180 ) 120.60 Forfeited (13,333 ) 197.94 Nonvested as of December 31, 2017 460,584 $ 98.21 |
Restricted Stock Award Activity | The following is provided for the share awards under the Omnibus Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2017 2016 2015 Weighted average grant date fair value $ 109.28 $ 63.56 $ 145.92 Fair value of shares vested $ 45,801 $ 39,380 $ 22,877 |
Share Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Restricted Stock Award Activity | The summary of stock option activity under the Share Option Plan for the year ended December 31, 2017 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2017 6,290,000 $ 2.28 Granted 1,208,000 $ 2.26 Exercised (492,000 ) $ 1.43 Outstanding as of December 31, 2017 7,006,000 $ 2.32 6.9 $ 6,539,606 Fully vested and expected to vest as of December 31, 2017 7,006,000 $ 2.32 6.9 $ 6,539,606 Exercisable as of December 31, 2017 3,074,000 $ 2.66 5.3 $ 1,932,866 The following is provided for stock options under the Share Option Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2017 2016 2015 Weighted average grant date fair value $ 0.56 $ 0.31 $ 0.47 Intrinsic value of stock options exercised $ 369 $ — $ — Cash received from the exercise of stock options $ 703 $ — $ — |
Share Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Restricted Stock Award Activity | The summary of nonvested share activity under the Share Award Plan for the year ended December 31, 2017 is presented below: Shares Weighted Average Grant Date Fair Value Nonvested as of January 1, 2017 14,009,134 $ 2.61 Granted 2,726,097 $ 2.22 Vested (3,318,500 ) $ 3.79 Forfeited (1,574,024 ) $ 1.98 Nonvested as of December 31, 2017 11,842,707 $ 2.24 The following is provided for share awards under the Share Award Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2017 2016 2015 Weighted average grant date fair value $ 2.22 $ 1.38 $ 1.95 Fair value of shares vested $ 6,884 $ — $ — |
Share-Based Compensation Allocated Costs | The total compensation cost for stock-based compensation plans is allocated as follows (in thousands): Years Ended December 31, 2017 2016 2015 Casino $ 6,954 $ 11,304 $ 9,858 Rooms 655 374 318 Food and beverage 1,466 1,060 1,050 Entertainment, retail and other 147 82 82 General and administrative 34,749 30,398 26,978 Pre-opening expenses — 504 189 Total stock-based compensation expense 43,971 43,722 38,475 Total stock-based compensation capitalized 80 92 350 Total stock-based compensation costs $ 44,051 $ 43,814 $ 38,825 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Consolidated Income Loss Before Taxes for Domestic and Foreign | Consolidated income before taxes for domestic and foreign operations consisted of the following (in thousands): Years Ended December 31, 2017 2016 2015 Domestic $ 90,206 $ 90,900 $ (21,880 ) Foreign 470,063 219,697 311,127 Total $ 560,269 $ 310,597 $ 289,247 |
Provision (Benefit) for Income Taxes | The income tax (benefit) provision attributable to income before income taxes is as follows (in thousands): Years Ended December 31, 2017 2016 2015 Current Federal $ (19,856 ) $ 60 $ (819 ) State 51 79 — Foreign 1,674 1,633 2,044 (18,131 ) 1,772 1,225 Deferred Federal (309,423 ) 5,081 3,505 State (1,431 ) 1,275 4,100 Foreign — — (1,107 ) (310,854 ) 6,356 6,498 Total $ (328,985 ) $ 8,128 $ 7,723 |
Income Taxes (Federal Statutory Corporate Tax Rate) | The income tax (benefit) provision differs from that computed at the federal statutory corporate tax rate as follows: Years Ended December 31, 2017 2016 2015 Federal statutory rate 35.0 % 35.0 % 35.0 % Foreign tax credits, net of valuation allowance (136.1 )% (61.5 )% (93.2 )% Non-taxable foreign income (20.1 )% (20.7 )% (23.1 )% Foreign tax rate differential (17.0 )% (14.5 )% (21.0 )% Change in tax rate (11.8 )% — % — % Repatriation of foreign earnings 81.0 % 51.6 % 97.9 % Valuation allowance, other 5.9 % 7.5 % 4.4 % Other, net 4.4 % 5.2 % 2.7 % Effective tax rate (58.7 )% 2.6 % 2.7 % |
Net Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences representing net deferred tax assets and liabilities consisted of the following (in thousands): December 31, 2017 2016 Deferred tax assets—U.S.: Foreign tax credit carryforwards $ 3,616,872 $ 3,269,781 Receivables, inventories, accrued liabilities and other 19,356 37,391 Stock-based compensation 5,084 18,740 Pre-opening expenses 2,716 6,516 Other tax credit carryforwards 1,999 2,413 Intangibles and related other 770 21,404 Other 86 7,958 3,646,883 3,364,203 Less: valuation allowance (3,273,292 ) (3,201,406 ) 373,591 162,797 Deferred tax liabilities—U.S.: Property and equipment (106,979 ) (176,611 ) Redemption Note fair value (13,139 ) (42,806 ) Prepaid insurance, maintenance and taxes (10,391 ) (7,913 ) Other (2,549 ) (2,028 ) (133,058 ) (229,358 ) Deferred tax assets—Foreign: Net operating loss carryforwards 74,345 50,258 Property and equipment 36,299 29,998 Pre-opening expenses 10,717 12,944 Other 1,493 2,946 122,854 96,146 Less: valuation allowance (117,175 ) (85,317 ) 5,679 10,829 Deferred tax liabilities—Foreign: Property and equipment (5,679 ) (10,829 ) Net deferred tax asset (liability) $ 240,533 $ (66,561 ) |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2017 2016 2015 Balance—beginning of year $ 90,523 $ 88,314 $ 88,884 Increases based on tax positions of the current year 8,520 5,930 3,051 Settlements with taxing authorities — — (354 ) Lapses in statutes of limitations (3,807 ) (3,721 ) (3,267 ) Balance—end of year $ 95,236 $ 90,523 $ 88,314 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Receivable Under Operating Lease | The following table presents the future minimum rentals to be received under the operating leases (in thousands): Years Ending December 31, 2018 $ 108,101 2019 114,577 2020 115,499 2021 53,902 2022 32,944 Thereafter 165,704 Total future minimum rentals $ 590,727 |
Future Minimum Rental Payable Under Non-Cancelable Operating Lease | December 31, 2017 , the Company was obligated under non-cancelable leases to make future minimum lease payments as follows (in thousands): Years Ending December 31, Operating Leases Capital Leases 2018 $ 18,052 $ 989 2019 17,449 989 2020 12,083 989 2021 11,294 989 2022 11,323 989 Thereafter 69,045 67,732 Total minimum lease payments $ 139,246 72,677 Less: Amount representing interest (56,161 ) $ 16,516 |
Other Commitments | As of December 31, 2017 , the Company was obligated under these arrangements, to make future minimum payments as follows (in thousands): Years Ending December 31, 2018 $ 127,943 2019 91,637 2020 50,438 2021 38,569 2022 6,537 Thereafter 4,000 Total minimum payments $ 319,124 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Operations by Segment | The Company also reviews construction and development activities for each of its projects under development, in addition to its reportable segments. The Company separately identifies capital expenditures and assets for its Wynn Boston Harbor development project. Other Macau primarily represents the Company's Macau holding company. The following tables present the Company's segment information (in thousands): Years Ended December 31, 2017 2016 2015 Net revenues Macau Operations: Wynn Macau $ 2,485,804 $ 2,264,087 $ 2,463,092 Wynn Palace 2,139,154 583,336 — Total Macau Operations 4,624,958 2,847,423 2,463,092 Las Vegas Operations 1,681,410 1,618,874 1,612,791 Total $ 6,306,368 $ 4,466,297 $ 4,075,883 Adjusted Property EBITDA (1) Macau Operations: Wynn Macau $ 760,752 $ 681,509 $ 708,623 Wynn Palace 527,583 103,036 — Total Macau Operations 1,288,335 784,545 708,623 Las Vegas Operations 522,397 474,782 477,166 Total 1,810,732 1,259,327 1,185,789 Other operating expenses Pre-opening 26,692 154,717 77,623 Depreciation and amortization 552,368 404,730 322,629 Property charges and other 29,576 54,822 10,535 Corporate expenses and other 102,560 80,162 76,079 Stock-based compensation 43,971 43,218 38,286 Equity in income from unconsolidated affiliates — 16 1,823 Total other operating expenses 755,167 737,665 526,975 Operating income 1,055,565 521,662 658,814 Other non-operating income and expenses Interest income 31,193 13,536 7,229 Interest expense, net of amounts capitalized (388,664 ) (289,365 ) (300,906 ) Change in interest rate swap fair value (1,056 ) 433 (5,300 ) Change in Redemption Note fair value (59,700 ) 65,043 52,041 Loss on extinguishment of debt (55,360 ) — (126,004 ) Equity in income from unconsolidated affiliates — 16 1,823 Other (21,709 ) (728 ) 1,550 Total other non-operating income and expenses (495,296 ) (211,065 ) (369,567 ) Income before income taxes 560,269 310,597 289,247 Benefit (provision) for income taxes 328,985 (8,128 ) (7,723 ) Net income 889,254 302,469 281,524 Less: Net income attributable to noncontrolling interests (142,073 ) (60,494 ) (86,234 ) Net income attributable to Wynn Resorts, Limited $ 747,181 $ 241,975 $ 195,290 (1) |
Capital Expenditures | Years ended December 31, 2017 2016 2015 Capital expenditures Macau Operations: Wynn Macau $ 43,510 $ 43,548 $ 68,744 Wynn Palace 107,405 838,271 1,566,090 Total Macau Operations 150,915 881,819 1,634,834 Las Vegas Operations 139,893 106,373 117,011 Wynn Boston Harbor 572,825 212,197 67,705 Corporate and other 71,841 25,554 101,690 $ 935,474 $ 1,225,943 $ 1,921,240 |
Assets and Capital Expenditures by Segment | December 31, 2017 2016 2015 Assets Macau Operations: Wynn Macau $ 1,271,544 $ 1,161,670 $ 1,331,312 Wynn Palace 4,017,494 4,317,458 3,439,041 Other Macau 174,769 28,927 570,959 Total Macau Operations 5,463,807 5,508,055 5,341,312 Las Vegas Operations 3,266,390 3,275,780 3,145,713 Wynn Boston Harbor 1,060,530 419,001 185,853 Corporate and other 2,891,012 2,750,721 1,786,281 $ 12,681,739 $ 11,953,557 $ 10,459,159 |
Long-lived Assets by Geographic Area | December 31, 2017 2016 2015 Long-lived assets Macau $ 4,613,950 $ 4,973,854 $ 4,324,743 United States 4,083,555 3,442,842 3,337,356 $ 8,697,505 $ 8,416,696 $ 7,662,099 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017ft²towerFacilityRestaurantOutletRoomshowroom | |
Wynn Macau | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Number of hotel | tower | 2 |
Number of rooms in hotel | Room | 1,008 |
Functional Area Square Footage | 31,000 |
Number of restaurants | Restaurant | 8 |
Wynn Macau | Casino | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 273,000 |
Wynn Macau | Retail | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 59,000 |
Wynn Las Vegas | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Number of hotel | tower | 2 |
Number of rooms in hotel | Room | 4,748 |
Wynn Las Vegas | Casino | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 192,000 |
Wynn Las Vegas | Retail | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 110,000 |
Wynn Las Vegas | Food and Beverage | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Number of outlets | Outlet | 33 |
Wynn Las Vegas | Meeting and Convention Space | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 290,000 |
Wynn Las Vegas | Showrooms | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Number of showrooms | showroom | 2 |
Wynn Las Vegas | Nightclubs and Beachclubs | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Number of facilities | Facility | 3 |
Wynn Palace | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Number of rooms in hotel | Room | 1,706 |
Number of restaurants | Restaurant | 11 |
Wynn Palace | Casino | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 420,000 |
Wynn Palace | Retail | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 106,000 |
Wynn Palace | Meeting and Convention Space | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 37,000 |
Retail Joint Venture [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Noncontrolling Interest, Ownership Percentage by Parent | 50.10% |
Functional Area Square Footage | 88,000 |
Functional Area Square Footage Under Construction | 74,000 |
Retail Joint Venture [Member] | Retail | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 103,000 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands, HKD in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)Agreement$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2016HKDAgreement | |
Summary of Significant Accounting Policies | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Cash equivalents | $ 450,200 | $ 1,110,000 | |||
Bank deposits and cash on hand | $ 2,350,000 | $ 1,340,000 | |||
Percentage of credit markers due from customers residing outside of the United States | 81.70% | 88.10% | 88.10% | ||
Capitalized interest | $ 18,400 | $ 94,100 | $ 53,300 | ||
Amortization of deferred financing costs | 18,700 | 18,100 | 16,900 | ||
Gaming tax expenses | 2,170,000 | 1,320,000 | 1,150,000 | ||
Total advertising costs | 37,800 | 37,000 | 25,200 | ||
Interest Expense | 388,664 | 289,365 | 300,906 | ||
Net Income (Loss) Attributable to Parent | $ 747,181 | $ 241,975 | $ 195,290 | ||
Earnings Per Share, Basic | $ / shares | $ 7.32 | $ 2.39 | $ 1.93 | ||
Earnings Per Share, Diluted | $ / shares | $ 7.28 | $ 2.38 | $ 1.92 | ||
Restatement Adjustment [Member] | |||||
Summary of Significant Accounting Policies | |||||
Interest Expense | $ 25,600 | ||||
Net Income (Loss) Attributable to Parent | $ 18,500 | ||||
Earnings Per Share, Basic | $ / shares | $ 0.18 | ||||
Pro Forma [Member] | |||||
Summary of Significant Accounting Policies | |||||
Interest Expense | $ 21,900 | ||||
Net Income (Loss) Attributable to Parent | $ 15,800 | ||||
Earnings Per Share, Basic | $ / shares | $ 0.16 | ||||
Earnings Per Share, Diluted | $ / shares | $ 0.16 | ||||
Capitalized Interest Adjustment 2015 [Member] | |||||
Summary of Significant Accounting Policies | |||||
Interest Costs Capitalized Adjustment | $ 21,900 | ||||
Capitalized Interest Adjustment 2014 [Member] | |||||
Summary of Significant Accounting Policies | |||||
Interest Costs Capitalized Adjustment | $ 3,700 | ||||
Wynn Macau Swap | Two of the Swap Agreements | |||||
Summary of Significant Accounting Policies | |||||
Number of interest rate swap agreements | Agreement | 2 | 2 | |||
Interest rate swap fixed interest rate | 0.73% | 0.73% | |||
Interest rate swap notional amount | $ 505,100 | HKD 3,950 | |||
Wynn Macau Swap | Two of the Swap Agreements | Minimum | |||||
Summary of Significant Accounting Policies | |||||
Interest rate swap fixed interest rate | 2.23% | 2.23% | |||
Wynn Macau Swap | Two of the Swap Agreements | Maximum | |||||
Summary of Significant Accounting Policies | |||||
Interest rate swap fixed interest rate | 2.98% | 2.98% | |||
Wynn Macau Swap | Interest Rate Swap 3 | |||||
Summary of Significant Accounting Policies | |||||
Interest rate swap fixed interest rate | 0.6763% | 0.6763% | |||
Interest rate swap notional amount | $ 243,800 | ||||
Wynn Macau Swap | Interest Rate Swap 3 | Minimum | |||||
Summary of Significant Accounting Policies | |||||
Interest rate swap fixed interest rate | 2.18% | 2.18% | |||
Wynn Macau Swap | Interest Rate Swap 3 | Maximum | |||||
Summary of Significant Accounting Policies | |||||
Interest rate swap fixed interest rate | 2.93% | 2.93% |
Summary of Significant Accoun38
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Schedule of Receivables, net (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 254,728 | $ 273,710 |
Less: allowance for doubtful accounts | (30,600) | (54,742) |
Receivables, net | 224,128 | 218,968 |
Casino | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 173,664 | 211,557 |
Hotel | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 22,487 | 21,897 |
Retail Leases and Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 58,577 | $ 40,256 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings and Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Buildings and Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Land Improvements [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Land Improvements [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Leasehold Interest in Land | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Airplanes | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Furniture, Fixtures and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture, Fixtures and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Summary of Significant Accoun40
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Summary of Estimated Retail Value of Promotional Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Product Information [Line Items] | |||
Promotional Allowances | $ 461,878 | $ 370,058 | $ 342,738 |
Rooms | |||
Product Information [Line Items] | |||
Promotional Allowances | 268,023 | 211,822 | 184,779 |
Food and Beverage | |||
Product Information [Line Items] | |||
Promotional Allowances | 164,466 | 131,479 | 133,984 |
Entertainment, retail and other | |||
Product Information [Line Items] | |||
Promotional Allowances | $ 29,389 | $ 26,757 | $ 23,975 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Summary of Estimated Cost of Promotional Allowances (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Product Information [Line Items] | |||
Costs of Promotional Allowances | $ 249,254 | $ 193,959 | $ 173,029 |
Rooms | |||
Product Information [Line Items] | |||
Costs of Promotional Allowances | 83,884 | 63,448 | 51,775 |
Food and Beverage | |||
Product Information [Line Items] | |||
Costs of Promotional Allowances | 143,892 | 113,341 | 106,840 |
Entertainment, retail and other | |||
Product Information [Line Items] | |||
Costs of Promotional Allowances | $ 21,478 | $ 17,170 | $ 14,414 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Carried at Fair Value (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | $ 450,200,000 | $ 1,110,000,000 |
Available-for-sale securities | 301,460,000 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 450,230,000 | 1,106,606,000 |
Available-for-sale securities | 327,455,000 | 301,460,000 |
Restricted cash | 2,160,000 | 192,823,000 |
Interest rate swaps | 1,056,000 | |
Redemption Note | 1,879,058,000 | 1,819,359,000 |
Fair Value, Measurements, Recurring | Quoted Market Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 11,200,000 | 3,868,000 |
Available-for-sale securities | 0 | 0 |
Restricted cash | 0 | 0 |
Interest rate swaps | 0 | |
Redemption Note | 0 | 0 |
Fair Value, Measurements, Recurring | Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 439,030,000 | 1,102,738,000 |
Available-for-sale securities | 327,455,000 | 301,460,000 |
Restricted cash | 2,160,000 | 192,823,000 |
Interest rate swaps | 1,056,000 | |
Redemption Note | 1,879,058,000 | 1,819,359,000 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Restricted cash | 0 | 0 |
Interest rate swaps | 0 | |
Redemption Note | $ 0 | $ 0 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Schedule of Shares used in Calculation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Net income attributable to Wynn Resorts, Limited | $ 747,181 | $ 241,975 | $ 195,290 |
Weighted average common shares outstanding (used in calculation of basic earnings per share) | 102,071 | 101,445 | 101,163 |
Weighted average common and common equivalent shares outstanding (used in calculation of diluted earnings per share) | 102,598 | 101,855 | 101,671 |
Potential dilution from the assumed exercise of stock options and nonvested stock | 527 | 410 | 508 |
Earnings Per Share, Basic | $ 7.32 | $ 2.39 | $ 1.93 |
Earnings Per Share, Diluted | $ 7.28 | $ 2.38 | $ 1.92 |
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 106 | 758 | 677 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Changes by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) | $ (1,845) | $ 1,484 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3,329) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) | (553) | 2,213 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2,766) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) | (1,292) | $ (729) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ (563) |
Summary of Significant Accoun45
Summary of Significant Accounting Policies Summary of Significant Accounting Polices - Recently Adopted Accounting Standards (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
ReductionofNetRevenuesandOperatingExpensesResultingfromNewAccountingPronouncement | $ 240 | $ 130 |
Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ (2.7) |
Retail Joint Venture Retail J46
Retail Joint Venture Retail Joint Venture Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018USD ($) | Dec. 31, 2016USD ($)ft² | Dec. 31, 2017USD ($)ft² | Dec. 31, 2015USD ($) | |
Variable Interest Entity [Line Items] | ||||
Net book value of assets and liabilities transferred to Retail Joint Venture | $ 31,800 | |||
Proceeds from Real Estate and Real Estate Joint Ventures | 217,000 | |||
Due from Joint Ventures, Noncurrent | 75,000 | |||
Total assets | 11,953,557 | $ 12,681,739 | $ 10,459,159 | |
Total liabilities | 11,695,676 | 11,603,389 | ||
Prepaid Expenses and Other Current Assets [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Due from Joint Ventures, Noncurrent | $ 75,000 | |||
Other Noncurrent Assets [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Due from Joint Ventures, Noncurrent | $ 72,500 | |||
Retail Joint Venture [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Functional Area Square Footage | ft² | 88,000 | |||
Functional Area Square Footage Under Construction | ft² | 74,000 | |||
Noncontrolling Interest, Ownership Percentage by Parent | 50.10% | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.90% | |||
Noncontrolling Interest in Joint Ventures | $ 292,000 | |||
Total assets | 33,600 | $ 59,700 | ||
Total liabilities | $ 2,100 | $ 900 | ||
Retail | Wynn Retail [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Functional Area Square Footage | ft² | 88,000 | |||
Retail | Retail Joint Venture [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Functional Area Square Footage | ft² | 103,000 | |||
Scenario, Forecast [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Proceeds from Real Estate and Real Estate Joint Ventures | $ 180,000 | |||
Scenario, Forecast [Member] | Retail Joint Venture [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Contribution of Property | $ 25,400 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities | ||
Other than Temporary Impairment Losses, Investments | $ 0 | |
Available-for-sale securities, Amortized cost | $ 302,189 | |
Available-for-sale securities, Gross unrealized gains | 24 | |
Available-for-sale securities, Gross unrealized losses | (753) | |
Available-for-sale securities | 301,460 | |
Domestic and Foreign Corporate Bonds | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale securities, Amortized cost | 328,747 | 245,425 |
Available-for-sale securities, Gross unrealized gains | 6 | 19 |
Available-for-sale securities, Gross unrealized losses | (1,298) | (720) |
Available-for-sale securities | $ 327,455 | 244,724 |
Commercial Paper | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale securities, Amortized cost | 56,764 | |
Available-for-sale securities, Gross unrealized gains | 5 | |
Available-for-sale securities, Gross unrealized losses | (33) | |
Available-for-sale securities | $ 56,736 |
Investment Securities - Investm
Investment Securities - Investments by Contractual Maturity (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Fair value | |
Due in one year or less | $ 166,773 |
Due after one year through two years | 118,280 |
Due after two year through three years | 42,402 |
Fair value | $ 327,455 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 547,900 | $ 398,200 | $ 317,800 |
Land and improvements | 7,582,611 | 7,623,069 | |
Buildings and improvements | 853,738 | 834,420 | |
Leasehold interest in land | 2,211,974 | 2,181,515 | |
Airplanes | 314,068 | 316,516 | |
Flight Equipment, Gross | 158,840 | 179,730 | |
Construction in progress | 1,016,207 | 299,686 | |
Property and equipment, gross | 12,137,438 | 11,434,936 | |
Less: accumulated depreciation | (3,638,682) | (3,175,305) | |
Property and equipment, net | $ 8,498,756 | $ 8,259,631 |
Property and Equipment, net Pro
Property and Equipment, net Property and Equipment, net - Narrative (Details) - Subsequent Event $ in Millions | 2 Months Ended |
Mar. 01, 2018USD ($)a | |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Payments to Acquire Land | $ | $ 336.2 |
Area Of Land, Acquired | 38 |
Assets Leased to Others [Member] | |
Property, Plant and Equipment [Line Items] | |
Area Of Land, Acquired | 16 |
Intangible Assets, net - Additi
Intangible Assets, net - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Macau Gaming Concession | |
Schedule Of Finite And Indefinite Lived Intangible Assets | |
Intangible assets, useful life, years | 20 years |
Future amortization expense, 2017 | $ 2.4 |
Future amortization expense, 2018 | 2.4 |
Future amortization expense, 2019 | 2.4 |
Future amortization expense, 2020 | 2.4 |
Future amortization expense, 2021 | 2.4 |
Future amortization expense, 2022 | $ 1.2 |
Massachusetts Gaming License [Member] | |
Schedule Of Finite And Indefinite Lived Intangible Assets | |
Intangible assets, useful life, years | 15 years |
Intangible Assets, net - Schedu
Intangible Assets, net - Schedule of Intangible Assets, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Intangible Assets | ||
Finite-lived intangible assets, net | $ 115,918 | $ 105,801 |
Indefinite-lived intangible assets | 7,787 | 7,787 |
Total intangible assets, net | 123,705 | 113,588 |
Macau Gaming Concession | ||
Intangible Assets | ||
Finite-lived intangible assets, gross | 42,300 | 42,300 |
Less: accumulated amortization | (31,582) | (29,199) |
Finite-lived intangible assets, net | 10,718 | 13,101 |
Massachusetts Gaming License | ||
Intangible Assets | ||
Finite-lived intangible assets, gross | 105,200 | 92,700 |
Less: accumulated amortization | 0 | 0 |
Finite-lived intangible assets, net | 105,200 | 92,700 |
Trademarks | ||
Intangible Assets | ||
Indefinite-lived intangible assets | 1,387 | 1,387 |
Water Rights | ||
Intangible Assets | ||
Indefinite-lived intangible assets | $ 6,400 | $ 6,400 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 20, 2017 | Sep. 11, 2017 | Dec. 31, 2016 | Feb. 18, 2015 | May 22, 2013 |
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 9,785,241 | $ 10,323,713 | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (99,231) | (81,277) | ||||
Fair Value Adjustment of Debt | (57,384) | (117,084) | ||||
Long-term debt total | 9,628,626 | 10,125,352 | ||||
Current portion of long-term debt | (62,690) | 0 | ||||
Non current portion of long-term debt | 9,565,936 | 10,125,352 | ||||
Wynn Macau | Secured Debt | Senior Term Loan Facility, Due September 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 2,298,798 | 2,306,773 | ||||
Wynn Macau | Revolving Credit Facility | Senior Revolving Credit Facility, Due September 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 0 | 340,846 | ||||
Wynn Macau, Limited | WML Finance Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 1.50% | |||||
Wynn Macau, Limited | Revolving Credit Facility | WML Finance Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 0 | 189,651 | ||||
Wynn Macau, Limited | Senior Notes | 4 7/8% Senior Notes, due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 4.875% | 4.875% | ||||
Long-term Debt, Gross | $ 600,000 | 0 | ||||
Wynn Macau, Limited | Senior Notes | 5 1/2% Senior Notes, due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 5.50% | 5.50% | ||||
Long-term Debt, Gross | $ 750,000 | 0 | ||||
Wynn Macau, Limited | Senior Notes | 5 1/4% Senior Notes, due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 5.25% | 5250.00% | ||||
Long-term Debt, Gross | $ 0 | 1,350,000 | ||||
Wynn America | Secured Debt | Senior Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 1,000,000 | 1,000,000 | ||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Senior Notes | 4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 4.25% | |||||
Long-term Debt, Gross | $ 500,000 | 500,000 | ||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Senior Notes | 5 1/2% Senior Notes, Due March 1, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 5.50% | |||||
Long-term Debt, Gross | $ 1,800,000 | 1,800,000 | ||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Senior Notes | 5.14% Senior Notes, Due May 15, 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 5.25% | |||||
Long-term Debt, Gross | $ 900,000 | 0 | ||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Senior Notes | Redemption Price Promissory Note With Former Stockholder and Related Party, Due February 18, 2022; Interest At 2% | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 1,936,443 | 1,936,443 | ||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | First Mortgage Notes | 4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 5.25% | |||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | First Mortgage Notes | 5 3/8% Wynn Las Vegas First Mortgage Notes, Due March 15, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 5.375% | 5.50% | ||||
Long-term Debt, Gross | $ 0 | $ 900,000 |
Long-Term Debt Long-Term Debt -
Long-Term Debt Long-Term Debt - Wynn Macau Credit Facilities (Details) $ in Thousands, MOP in Millions | Sep. 30, 2015 | Sep. 30, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017MOP | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017MOP | Sep. 30, 2016USD ($) |
Line of Credit Facility [Line Items] | ||||||||
Loss on extinguishment of debt | $ 55,360 | $ 0 | $ 126,004 | |||||
Wynn Macau | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Availability of credit facility | $ 0 | |||||||
Senior Term Loan Facility, Due September 2021 | Wynn Macau | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Consolidated leverage ratio, minimum | 4.5 | 4.5 | ||||||
Consolidated leverage ratio excess cash flow percentage | 25.00% | 25.00% | ||||||
Interest coverage ratio, minimum | 2 | 2 | ||||||
Senior Term Loan Facility, Due September 2021 | Wynn Macau | Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | $ 750,000 | |||||||
Senior Term Loan Facility, Due September 2021 | Wynn Macau | Term Loans | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Final payment percent, principal | 50.00% | |||||||
Interest rate during period on debt | 3.16% | 3.16% | 2.76% | |||||
Senior Term Loan Facility, Due September 2021 | Wynn Macau | Secured Debt | Secured Debt | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | 2,300,000 | |||||||
Conditional increase limit on line of credit | $ 1,000,000 | |||||||
Loss on extinguishment of debt | $ 2,100 | |||||||
Minimum | Senior Term Loan Facility, Due September 2021 | Wynn Macau | Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Commitment fee percentage | 0.52% | 0.52% | ||||||
Minimum | Senior Term Loan Facility, Due September 2021 | Wynn Macau | Term Loans | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Periodic principal payment percent | 2.50% | |||||||
Maximum | Senior Term Loan Facility, Due September 2021 | Wynn Macau | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt covenant, maximum leverage ratio | 5.25 | 5.25 | ||||||
Maximum | Senior Term Loan Facility, Due September 2021 | Wynn Macau | Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Commitment fee percentage | 0.79% | 0.79% | ||||||
Maximum | Senior Term Loan Facility, Due September 2021 | Wynn Macau | Term Loans | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Periodic principal payment percent | 7.33% | |||||||
LIBOR or HIBOR | Minimum | Senior Term Loan Facility, Due September 2021 | Wynn Macau | Term Loans | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | 1.50% | ||||||
LIBOR or HIBOR | Maximum | Senior Term Loan Facility, Due September 2021 | Wynn Macau | Term Loans | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 2.25% | 2.25% | ||||||
Performance Guarantee | Bank Guarantee Reimbursement Agreement | Wynn Macau | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Bank guarantee carrying amount | $ 37,300 | MOP 300 | ||||||
Maximum guarantee by Macau government | $ 300 | MOP 2.3 |
Long-Term Debt Long-Term Debt55
Long-Term Debt Long-Term Debt - WML Finance Revolving Credit Facility (Details) - Wynn Macau, Limited - WML Finance Credit Facility HKD in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017HKD |
Line of Credit Facility [Line Items] | ||
Debt instrument, interest rate | 1.50% | 1.50% |
Margin owed for cash collateral | 0.40% | 0.40% |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Availability of credit facility | $ 495,200,000 | HKD 3,870 |
Line of credit | $ 0 |
Long-Term Debt Long-Term Debt56
Long-Term Debt Long-Term Debt - 4 7/8% Seniore Notes Due 2024 and 5 1/2% Senior Notes due 2027 (Details) - Wynn Macau, Limited - Senior Notes - USD ($) | Sep. 20, 2017 | Dec. 31, 2017 |
Redemption period one | ||
Debt Instrument [Line Items] | ||
Redemption percentage, redeemable from cash proceeds from equity offerings | 35.00% | |
Redemption period two | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 100.00% | |
Change of control | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 101.00% | |
Change in tax laws or tax positions | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 100.00% | |
Material adverse effect on the financial condition due to licenses, permits and concessions | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 100.00% | |
4 7/8% Senior Notes, due 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 4.875% | 4.875% |
Debt instrument, aggregate principal amount | $ 600,000,000 | |
4 7/8% Senior Notes, due 2024 | Redemption period one | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 104.875% | |
4 7/8% Senior Notes, due 2024 | Redemption period two | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 102.438% | |
5 1/2% Senior Notes, due 2027 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 5.50% | 5.50% |
Debt instrument, aggregate principal amount | $ 750,000,000 | |
5 1/2% Senior Notes, due 2027 | Redemption period one | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 105.50% | |
5 1/2% Senior Notes, due 2027 | Redemption period two | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 102.75% |
Long-Term Debt Long-Term Debt57
Long-Term Debt Long-Term Debt - 5 1/4% Senior Notes due 2021 (Details) - USD ($) $ in Thousands | Oct. 20, 2017 | Sep. 11, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 55,360 | $ 0 | $ 126,004 | ||||
Wynn Macau, Limited | Senior Notes | 5 1/4% Senior Notes, due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 5250.00% | 5.25% | 5.25% | ||||
Notes Under Tender Offer Face Amount Redeemed | $ 946,400 | ||||||
Extinguishment of debt, amount premium | $ 10,600 | $ 27,200 | |||||
Senior Notes, Current | $ 403,600 | ||||||
Loss on extinguishment of debt | $ 33,100 |
Long-Term Debt Long-Term Debt58
Long-Term Debt Long-Term Debt - Wynn America Credit Facilities (Details) - USD ($) | Apr. 24, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 |
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ 55,360,000 | $ 0 | $ 126,004,000 | ||
Wynn America | Secured Debt | WA Senior Term Loan Facility II | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 125,000,000 | ||||
Wynn America | Secured Debt | WA Senior Term Loan Facility I | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 875,000,000 | ||||
Wynn America | Secured Debt | WA Senior Term Loan Facility I, Due November 2020 | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 69,600,000 | ||||
Periodic payment | 1,700,000 | ||||
Balloon payment due at maturity | 52,200,000 | ||||
Wynn America | Secured Debt | WA Senior Term Loan Facility I, Due December 2021 | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 805,400,000 | ||||
Periodic payment | 20,100,000 | ||||
Annual principal payment | 664,500,000 | ||||
Wynn America | Secured Debt | Wynn America Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Interest rate during period on debt | 3.32% | 2.52% | |||
Fee required for unborrowed amounts, percentage per annum | 0.30% | ||||
Maximum consolidated senior secured net leverage ratio | 2.75 | ||||
Minimum consolidated EBITDA | $ 200,000,000 | ||||
Revolving Credit Facility | Wynn America | WA Senior Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 375,000,000 | ||||
Availability of credit facility | $ 357,300,000 | ||||
Letter of credit outstanding | $ 17,700,000 | ||||
Revolving Credit Facility | Wynn America | WA Senior Revolving Credit Facility, Due November 2019 | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 42,000,000 | ||||
Revolving Credit Facility | Wynn America | WA Senior Revolving Credit Facility Due December 2021 | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 333,000,000 | ||||
Wynn America Credit Facilities | Wynn America | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ 1,500,000 | ||||
Base Rate | Wynn America | Secured Debt | Wynn America Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.75% | ||||
LIBOR | Wynn America | Secured Debt | Wynn America Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.75% |
Long-Term Debt Long-Term Debt59
Long-Term Debt Long-Term Debt - 4 1/4% Senior Notes due 2023 (Details) - Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp - First Mortgage Notes - 4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | May 22, 2013 | |
Debt Instrument [Line Items] | ||
Debt instrument, aggregate principal amount | $ 500 | |
Debt instrument, interest rate | 5.25% | |
Debt Instrument, Maturity Date | May 30, 2023 | |
Debt redemption date | Feb. 28, 2023 | |
Debt redemption price as percentage of principal | 100.00% | |
Percentage of principal repayment on the event of change of control | 101.00% | |
Payment default classification period for interest payment | 30 days |
Long-Term Debt Long-Term Debt60
Long-Term Debt Long-Term Debt - 5 1/2% Senior Notes due 2025 (Details) - USD ($) $ in Billions | Feb. 18, 2015 | Dec. 31, 2017 |
5 1/2% Senior Notes, Due March 1, 2025 | Maximum | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 100.00% | 100.00% |
Percentage of principal repayment on the event of change of control | 101.00% | |
Payment default classification period for interest payment | 30 days | |
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | First Mortgage Notes | 5 3/8% Wynn Las Vegas First Mortgage Notes, Due March 15, 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 5.50% | 5.375% |
Debt instrument, aggregate principal amount | $ 1.8 |
Long-Term Debt Long-Term Debt61
Long-Term Debt Long-Term Debt - 5 1/4% Senior Notes, Due 2027 (Details) - Senior Notes - USD ($) | May 11, 2017 | Dec. 31, 2017 |
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | 5.14% Senior Notes, Due May 15, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 5.25% | |
Subsidiary Issuer | 5.14% Senior Notes, Due May 15, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt covenant, percentage of total assets | 15.00% | |
Subsidiary Issuer | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | 5.14% Senior Notes, Due May 15, 2027 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 5.25% | |
Subsidiary Issuer | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | 5.14% Senior Notes, Due May 15, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, aggregate principal amount | $ 900,000,000 | |
Subsidiary Issuer | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | 5.14% Senior Notes, Due May 15, 2027 [Member] | Redemption period one | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 100.00% | |
Subsidiary Issuer | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | 5.14% Senior Notes, Due May 15, 2027 [Member] | Redemption period two | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 100.00% | |
Subsidiary Issuer | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | 5.14% Senior Notes, Due May 15, 2027 [Member] | Redemption period three | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 101.00% |
Long-Term Debt Long-Term Debt62
Long-Term Debt Long-Term Debt - 5 3/8% First Mortgage Notes due 2022 (Details) - USD ($) $ in Thousands | Jun. 12, 2017 | May 04, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ 55,360 | $ 0 | $ 126,004 | |||
5 3/8% Wynn Las Vegas First Mortgage Notes, Due March 15, 2022 | First Mortgage Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 5.375% | |||||
Extinguishment of Debt, Amount | $ 402,000 | $ 498,000 | ||||
Extinguishment of debt, amount premium | $ 10,800 | $ 14,600 | ||||
Loss on extinguishment of debt | $ 20,800 |
Long-Term Debt Long-Term Debt63
Long-Term Debt Long-Term Debt - First Mortgage Notes due 2020 (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||
Feb. 28, 2015 | Mar. 31, 2015 | Aug. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ 55,360 | $ 0 | $ 126,004 | |||
7 3/4% First Mortgage Notes, Due August 15, 2020 | First Mortgage Notes | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of debt, amount premium | $ 98,900 | $ 5,900 | ||||
Loss on extinguishment of debt | $ 123,900 |
Long-Term Debt Long-Term Debt64
Long-Term Debt Long-Term Debt - Redemption Price Promissory Note (Details) - USD ($) | Feb. 18, 2012 | Feb. 18, 2012 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Common stock redeemed, shares | 24,549,222 | |||
Aruze USA, Inc. | ||||
Debt Instrument [Line Items] | ||||
Common stock redeemed, shares | 24,549,222 | |||
Debt instrument, aggregate principal amount | $ 1,940,000,000 | $ 1,940,000,000 | ||
Debt instrument, interest rate | 2.00% | 2.00% | ||
Aruze USA, Inc. | Promissory Note | Redemption Price Promissory Note With Former Stockholder and Related Party, Due February 18, 2022; Interest At 2% | ||||
Debt Instrument [Line Items] | ||||
Common stock redeemed, shares | 24,549,222 | |||
Debt instrument, aggregate principal amount | $ 1,940,000,000 | $ 1,940,000,000 | ||
Debt Instrument, Maturity Date | Feb. 18, 2022 | |||
Debt instrument, interest rate | 2.00% | |||
Redemption Note | $ 1,880,000,000 | $ 1,820,000,000 |
Long-Term Debt Long-Term Debt65
Long-Term Debt Long-Term Debt - Cross Claim and Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Fair value of debt instrument excluding the Redemption Note | $ 7,950 | $ 8,330 |
Long-term debt excluding the Redemption Note | $ 7,850 | $ 8,390 |
2023 indenture | ||
Debt Instrument [Line Items] | ||
Final payment percent, principal | 101.00% |
Long-Term Debt - Scheduled Matu
Long-Term Debt - Scheduled Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 62,690 | |
2,019 | 282,816 | |
2,020 | 616,879 | |
2,021 | 2,336,413 | |
2,022 | 1,936,443 | |
Thereafter | 4,550,000 | |
Long-term Debt, Gross | 9,785,241 | $ 10,323,713 |
Debt Instrument, Unamortized Discount (Premium), Net | (99,231) | |
Fair Value Adjustment of Debt | (57,384) | (117,084) |
Long-term debt total | $ 9,628,626 | $ 10,125,352 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Dec. 01, 2016USD ($) | Feb. 25, 2015USD ($) | Nov. 07, 2013USD ($) | Feb. 18, 2012shares | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) |
Related Party Transaction | |||||||
Common shares redeemed and canceled | shares | 24,549,222 | ||||||
Annual credit for personal use aircraft | $ 250,000 | ||||||
Amount due to officers and directors | $ 400,000 | $ 300,000 | |||||
Consulting agreement | $ 600,000 | ||||||
Chief Operating Officer | |||||||
Related Party Transaction | |||||||
Purchase of home for director | $ 10,000,000 | ||||||
Number of percentage points used to determine discount on home purchase | 10.00% | ||||||
Consideration in event of employee agreement termination | $ 1 | ||||||
Chief Executive Officer | |||||||
Related Party Transaction | |||||||
Area of land (in acres) | a | 2 | ||||||
Term of notice required to exercise option | 30 days | ||||||
Chief Executive Officer | Lease agreement [Member] | |||||||
Related Party Transaction | |||||||
Rental value | $ 305,680 | $ 559,295 | $ 525,000 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Nov. 30, 2016 | Aug. 30, 2016 | May 30, 2016 | Feb. 28, 2016 | Nov. 30, 2015 | Aug. 30, 2015 | May 30, 2015 | Aug. 30, 2014 | May 31, 2014 | Feb. 28, 2014 | Feb. 18, 2012 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity, Class of Treasury Stock | |||||||||||||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | |||||||||||||
Common stock, par value | $ 0.01 | $ 0.01 | |||||||||||||
Common stock, shares outstanding | 103,005,866 | 101,799,471 | |||||||||||||
Net cost for common stock purchased | $ 17,771,000 | $ 14,017,000 | $ 7,199,000 | ||||||||||||
Stock repurchases, shares | 148,413 | 198,942 | 50,869 | ||||||||||||
Dividend paid (per share) | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 1.25 | $ 1.25 | $ 1.25 | $ 1.50 | ||||
Cash dividends declared | $ 204,515,000 | $ 202,200,000 | $ 304,400,000 | ||||||||||||
Preferred stock, shares authorized | 40,000,000 | 40,000,000 | |||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||||||||||
Preferred stock, shares issued | 0 | 0 | |||||||||||||
Common shares redeemed and canceled | 24,549,222 | ||||||||||||||
Equity Repurchase Program | |||||||||||||||
Equity, Class of Treasury Stock | |||||||||||||||
Authorized amount under repurchase program | $ 1,000,000,000 | ||||||||||||||
Stock repurchases, shares | 0 | 0 | 0 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) $ / shares in Units, $ in Thousands | Sep. 15, 2017USD ($) | Sep. 15, 2017HKD / shares | Jun. 20, 2017USD ($) | Jun. 20, 2017HKD / shares | Apr. 27, 2016USD ($) | Apr. 27, 2016HKD / shares | Nov. 30, 2016$ / shares | Aug. 30, 2016$ / shares | May 30, 2016$ / shares | Feb. 28, 2016$ / shares | Nov. 30, 2015$ / shares | Aug. 30, 2015$ / shares | May 30, 2015$ / shares | Aug. 30, 2014$ / shares | May 31, 2014$ / shares | Feb. 28, 2014$ / shares | Mar. 31, 2018USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016HKD / shares | Mar. 31, 2015$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Noncontrolling Interest | |||||||||||||||||||||||
Dividend paid (per share) | $ / shares | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 1.25 | $ 1.25 | $ 1.25 | $ 1.50 | ||||||||||||
Cash dividends declared | $ 204,515 | $ 202,200 | $ 304,400 | ||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 11,436 | 33 | |||||||||||||||||||||
Proceeds from Real Estate and Real Estate Joint Ventures | $ 217,000 | ||||||||||||||||||||||
Wynn Macau, Limited | |||||||||||||||||||||||
Noncontrolling Interest | |||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 72.00% | ||||||||||||||||||||||
Dividend paid (per share) | HKD / shares | HKD 0.60 | HKD 1.05 | |||||||||||||||||||||
Cash dividends declared | $ 401,900 | $ 702,600 | |||||||||||||||||||||
Cash Dividends Paid to Parent Company | 290,100 | 507,100 | |||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 111,800 | $ 195,500 | |||||||||||||||||||||
Retail Joint Venture [Member] | |||||||||||||||||||||||
Noncontrolling Interest | |||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.10% | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.90% | ||||||||||||||||||||||
Noncontrolling Interest in Joint Ventures | $ 292,000 | ||||||||||||||||||||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ 13,238 | $ 15,890 | |||||||||||||||||||||
Scenario, Forecast [Member] | |||||||||||||||||||||||
Noncontrolling Interest | |||||||||||||||||||||||
Proceeds from Real Estate and Real Estate Joint Ventures | $ 180,000 | ||||||||||||||||||||||
Subsidiaries [Member] | Wynn Macau, Limited | |||||||||||||||||||||||
Noncontrolling Interest | |||||||||||||||||||||||
Dividend paid (per share) | HKD / shares | HKD 0.21 | HKD 0.42 | |||||||||||||||||||||
Cash dividends declared | $ 139,400 | $ 279,900 | |||||||||||||||||||||
Wynn Macau, Limited | |||||||||||||||||||||||
Noncontrolling Interest | |||||||||||||||||||||||
Cash Dividends Paid to Parent Company | 100,600 | 202,000 | |||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 38,800 | $ 77,900 |
Benefit Plans - Defined Contrib
Benefit Plans - Defined Contribution Plan (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
401(k) Plan | |||
Defined Contribution Plan Disclosure | |||
Company's matching contribution percentage | 50.00% | ||
Defined Contribution Plan, Cost Recognized | $ 6,100,000 | $ 6,100,000 | $ 3,200,000 |
United States Pension Plan of US Entity | |||
Defined Contribution Plan Disclosure | |||
Defined Contribution Plan Maximum Annual Employer Matching Contribution Per Employee | $ 0 | 0 | 1,200 |
Maximum | 401(k) Plan | |||
Defined Contribution Plan Disclosure | |||
Employee contributions, percentage | 6.00% | ||
Wynn Macau | 401(k) Plan | |||
Defined Contribution Plan Disclosure | |||
Defined Contribution Plan, Cost Recognized | $ 15,800,000 | $ 12,900,000 | $ 11,200,000 |
Employee contribution percentage | 5.00% | ||
Company's matching contribution percentage | 10.00% | ||
Vesting period | 10 years |
Benefit Plans - Pension Plan (D
Benefit Plans - Pension Plan (Detail) - Southern Nevada Culinary and Bartenders Pension Plan - Multi-employer Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure | |||
Multi-employer plan, period contributions | $ 11.5 | $ 9.3 | $ 9.4 |
Company's matching contribution percentage | 5.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | May 16, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Stock-based compensation expense | $ 43,971 | $ 43,722 | $ 38,475 | |||
Stock based compensation costs | 44,051 | 43,814 | 38,825 | |||
Stock-based compensation capitalized into construction | 80 | 92 | 350 | |||
Tax benefit from compensation expense | 10,800 | 10,400 | 8,300 | |||
Tax benefits (loss) realized from option exercises | $ 25,400 | 6,700 | $ 6,700 | |||
WRL 2002 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Shares authorized for issuance | 12,750,000 | |||||
Share Award Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Shares authorized for issuance | 50,000,000 | |||||
Aggregate amount of common stock available for grant | 34,838,793 | |||||
Unvested awards compensation not yet recognized | $ 11,700 | |||||
Unvested awards compensation costs period of recognition | 2 years 6 months 10 days | |||||
Wynn Resorts Limited 2014 Omnibus Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Shares authorized for issuance | 4,409,390 | |||||
Expiration period | 10 years | |||||
Aggregate amount of common stock available for grant | 3,179,113 | |||||
Unrecognized compensation, stock options | $ 3,600 | |||||
Unrecognized compensation cost, weighted average period | 1 year 3 months 14 days | |||||
Unvested awards compensation not yet recognized | $ 37,400 | |||||
Unvested awards compensation costs period of recognition | 3 years 9 months 7 days | |||||
Share Option Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Shares authorized for issuance | 518,750,000 | |||||
Aggregate amount of common stock available for grant | 511,738,000 | |||||
Unrecognized compensation, stock options | $ 1,400 | |||||
Unrecognized compensation cost, weighted average period | 1 year 7 months 6 days | |||||
Management | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Stock based compensation costs | $ 23,700 | |||||
Value of shares issued and vested during period | $ 21,900 | |||||
Accounts Payable and Accrued Liabilities | Management | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Stock-based compensation expense | $ 19,200 | |||||
Subsequent Event | Management | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Value of shares issued and vested during period | $ 1,800 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Option Activity (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Options | ||||
Fully vested and expected to vest as of December 31, 2017 | 644,460 | |||
Weighted Average Exercise Price | ||||
Fully vested and expected to vest as of December 31, 2017 | $ 73.93 | |||
Weighted Average Remaining Contractual Term | ||||
Fully vested and expected to vest as of December 31, 2017 | 2 years 6 months 14 days | |||
Aggregate Intrinsic Value | ||||
Fully vested and expected to vest as of December 31, 2017 | $ 61,846,602 | |||
Wynn Resorts Limited 2014 Omnibus Incentive Plan | ||||
Options | ||||
Outstanding as of January 1, 2017 | 644,460 | 1,306,260 | 644,460 | |
Granted | 0 | |||
Exercised | (661,800) | |||
Forfeited or expired | 0 | |||
Outstanding as of December 31, 2017 | 644,460 | 1,306,260 | ||
Exercisable as of December 31, 2017 | 458,010 | |||
Weighted Average Exercise Price | ||||
Outstanding as of January 1, 2017 | $ 83.56 | |||
Granted | 0 | |||
Exercised | 92.94 | |||
Forfeited or expired | 0 | |||
Outstanding as of December 31, 2017 | $ 73.93 | $ 83.56 | ||
Exercisable as of December 31, 2017 | $ 80.49 | |||
Weighted Average Remaining Contractual Term | ||||
Outstanding as of December 31, 2017 | 2 years 6 months 14 days | |||
Exercisable as of December 31, 2017 | 2 years 9 months 29 days | |||
Aggregate Intrinsic Value | ||||
Outstanding as of December 31, 2017 | $ 61,846,602 | |||
Exercisable as of December 31, 2017 | $ 40,980,802 | |||
Stock Option Exercises from the Plans [Abstract] | ||||
Weighted average grant date fair value | $ 0 | $ 34.90 | $ 31.83 | |
Intrinsic value of stock options exercised | $ 29,716,000 | $ 3,657,000 | $ 1,684,000 | |
Cash received from the exercise of stock options | $ 61,506,000 | $ 3,487,000 | $ 3,026,000 | |
Share Option Plan | ||||
Options | ||||
Outstanding as of January 1, 2017 | 7,006,000 | 6,290,000 | 7,006,000 | |
Granted | 1,208,000 | |||
Exercised | (492,000) | |||
Outstanding as of December 31, 2017 | 7,006,000 | 6,290,000 | ||
Fully vested and expected to vest as of December 31, 2017 | 7,006,000 | |||
Exercisable as of December 31, 2017 | 3,074,000 | |||
Weighted Average Exercise Price | ||||
Outstanding as of January 1, 2017 | $ 2.28 | |||
Granted | 2.26 | |||
Exercised | 1.43 | |||
Outstanding as of December 31, 2017 | $ 2.32 | $ 2.28 | ||
Fully vested and expected to vest as of December 31, 2017 | $ 2.32 | |||
Exercisable as of December 31, 2017 | $ 2.66 | |||
Weighted Average Remaining Contractual Term | ||||
Outstanding as of December 31, 2017 | 6 years 10 months 24 days | |||
Fully vested and expected to vest as of December 31, 2017 | 6 years 10 months 24 days | |||
Exercisable as of December 31, 2017 | 5 years 3 months 18 days | |||
Aggregate Intrinsic Value | ||||
Outstanding as of December 31, 2017 | $ 6,539,606 | |||
Fully vested and expected to vest as of December 31, 2017 | 6,539,606 | |||
Exercisable as of December 31, 2017 | $ 1,932,866 | |||
Stock Option Exercises from the Plans [Abstract] | ||||
Weighted average grant date fair value | $ 0.56 | $ 0.31 | $ 0.47 | |
Intrinsic value of stock options exercised | $ 369,000 | $ 0 | $ 0 | |
Cash received from the exercise of stock options | $ 703,000 | $ 0 | $ 0 |
Stock-Based Compensation - Sc74
Stock-Based Compensation - Schedule of Nonvested Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Wynn Resorts Limited 2014 Omnibus Incentive Plan | |||
Shares: | |||
Nonvested, beginning of period | 151,756 | ||
Granted | 706,341 | ||
Vested | (384,180) | ||
Forfeited | (13,333) | ||
Nonvested, end of period | 460,584 | 151,756 | |
Weighted Average Grant Date Fair Value: | |||
Nonvested, beginning of period | $ 112.14 | ||
Granted | 109.28 | $ 63.56 | $ 145.92 |
Vested | 120.60 | ||
Forfeited | 197.94 | ||
Nonvested, end of period | 98.21 | 112.14 | |
Weighted average grant date fair value | $ 109.28 | $ 63.56 | $ 145.92 |
Fair value of shares vested | $ 45,801 | $ 39,380 | $ 22,877 |
Share Award Plan | |||
Shares: | |||
Nonvested, beginning of period | 14,009,134 | ||
Granted | 2,726,097 | ||
Vested | (3,318,500) | ||
Forfeited | (1,574,024) | ||
Nonvested, end of period | 11,842,707 | 14,009,134 | |
Weighted Average Grant Date Fair Value: | |||
Nonvested, beginning of period | $ 2.61 | ||
Granted | 2.22 | $ 1.38 | $ 1.95 |
Vested | 3.79 | ||
Forfeited | 1.98 | ||
Nonvested, end of period | 2.24 | 2.61 | |
Weighted average grant date fair value | $ 2.22 | $ 1.38 | $ 1.95 |
Fair value of shares vested | $ 6,884 | $ 0 | $ 0 |
Stock-Based Compensation - Sc75
Stock-Based Compensation - Schedule of Allocated Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | $ 43,971 | $ 43,722 | $ 38,475 |
Stock-based compensation capitalized into construction | 80 | 92 | 350 |
Stock based compensation costs | 44,051 | 43,814 | 38,825 |
Casino | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | 6,954 | 11,304 | 9,858 |
Rooms | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | 655 | 374 | 318 |
Food and Beverage | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | 1,466 | 1,060 | 1,050 |
Entertainment, retail and other | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | 147 | 82 | 82 |
General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | 34,749 | 30,398 | 26,978 |
Pre-Open Costs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | $ 0 | $ 504 | $ 189 |
Stock-Based Compensation - Sc76
Stock-Based Compensation - Schedule of Valuation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Wynn Resorts Limited 2014 Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expected dividend yield | 0.00% | 2.00% | 3.60% |
Expected volatility | 0.00% | 45.40% | 44.10% |
Risk-free interest rate | 0.00% | 1.10% | 1.30% |
Expected term (years) | 0 years | 6 years | 6 years |
Share Option Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expected dividend yield | 5.70% | 6.30% | 5.00% |
Expected volatility | 41.50% | 42.60% | 41.30% |
Risk-free interest rate | 1.10% | 1.00% | 1.30% |
Expected term (years) | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ / shares in Units, MOP in Millions | Nov. 30, 2010 | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2017MOP | Jul. 31, 2011USD ($) | Jul. 31, 2011MOP |
Income Taxes | |||||||
Complementary tax rate | 12.00% | ||||||
Amount of complementary tax exemption | $ 63,000,000 | $ 27,300,000 | $ 41,600,000 | ||||
Amount of complementary tax exemption per share | $ / shares | $ 0.61 | $ 0.27 | $ 0.41 | ||||
Annual complementary tax to be paid | $ 1,600,000 | $ 1,600,000 | $ 1,900,000 | MOP 12.8 | $ 1,900,000 | MOP 15.5 | |
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Expense (Benefit) | $ 339,900,000 | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | ||||
Recognized foreign tax credit tax benefit net of valuation allowance | $ 746,600,000 | $ 170,500,000 | $ 264,100,000 | ||||
Increase in valuation allowance for deferred tax assets | 103,700,000 | 44,200,000 | |||||
Tax benefits (loss) realized | 2,600,000 | 800,000 | 400,000 | ||||
Foreign tax credit carryforwards | 3,620,000,000 | ||||||
U.S. and foreign uncertain tax positions that increase NOL and foreign tax credit carryforward deferred tax assets | 95,200,000 | 90,300,000 | 88,300,000 | ||||
Uncertain tax positions, noncurrent | 200,000 | 0 | 0 | ||||
Unrecognized tax benefits that would impact the effective tax rate if recognized | 26,900,000 | 22,600,000 | 20,900,000 | ||||
Recognized interest and penalties | 900,000 | 900,000 | 0 | ||||
Decrease in unrecognized tax benefits due to expiration of the statute of limitations | 3,807,000 | 3,721,000 | 3,267,000 | ||||
Maximum | |||||||
Income Taxes | |||||||
Unrecognized tax benefit increase resulting in tax settlements | 4,000,000 | ||||||
Tax Credit Carryforward Expiry In 2018 | |||||||
Income Taxes | |||||||
Foreign tax credit carryforwards | 590,600,000 | ||||||
Tax Credit Carryforward Expiry In 2019 | |||||||
Income Taxes | |||||||
Foreign tax credit carryforwards | 110,900,000 | ||||||
Tax Credit Carryforward Expiry In 2020 | |||||||
Income Taxes | |||||||
Foreign tax credit carryforwards | 530,400,000 | ||||||
Tax Credit Carryforward Expiry In 2021 | |||||||
Income Taxes | |||||||
Foreign tax credit carryforwards | 540,300,000 | ||||||
Tax Credit Carryforward Expiry In 2023 | |||||||
Income Taxes | |||||||
Foreign tax credit carryforwards | 756,000,000 | ||||||
Tax Credit Carryforward Expiry In 2024 | |||||||
Income Taxes | |||||||
Foreign tax credit carryforwards | 710,700,000 | ||||||
Tax Credit Carryforward, Expires at 2025 [member] [Member] | |||||||
Income Taxes | |||||||
Foreign tax credit carryforwards | 47,200,000 | ||||||
Tax Credit Carryforward, Expires at 2027 [Member] | |||||||
Income Taxes | |||||||
Foreign tax credit carryforwards | 330,800,000 | ||||||
Foreign Tax Credit | |||||||
Income Taxes | |||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Expense (Benefit) | 273,900,000 | ||||||
Valuation allowance | (3,270,000,000) | (3,200,000,000) | |||||
Other Deferred Tax Asset | |||||||
Income Taxes | |||||||
Valuation allowance | (3,500,000) | (4,400,000) | |||||
Wynn Macau | |||||||
Income Taxes | |||||||
Decrease in unrecognized tax benefits due to expiration of the statute of limitations | $ 3,800,000 | 3,700,000 | 3,600,000 | ||||
Foreign | |||||||
Income Taxes | |||||||
Gaming tax | 35.00% | ||||||
Tax loss carryforward | $ 319,100,000 | 317,300,000 | $ 124,400,000 | ||||
Valuation allowance | $ (117,175,000) | (85,317,000) | |||||
U.S. | |||||||
Income Taxes | |||||||
Tax credit of "net" foreign source income | 35.00% | ||||||
Foreign tax credit carryforwards | $ 3,616,872,000 | 3,269,781,000 | |||||
Tax loss carryforward | 0 | ||||||
Valuation allowance | $ (3,273,292,000) | $ (3,201,406,000) | |||||
Retail Joint Venture [Member] | |||||||
Income Taxes | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.90% |
Income Taxes - Summary of Conso
Income Taxes - Summary of Consolidated Income (Loss) Before Taxes For Domestic and Foreign Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 90,206 | $ 90,900 | $ (21,880) |
Foreign | 470,063 | 219,697 | 311,127 |
Total | $ 560,269 | $ 310,597 | $ 289,247 |
Income Taxes - Summary of (Bene
Income Taxes - Summary of (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal, Current | $ (19,856) | $ 60 | $ (819) |
Current State and Local Tax Expense (Benefit) | 51 | 79 | 0 |
Foreign, Current | 1,674 | 1,633 | 2,044 |
Current, Total | (18,131) | 1,772 | 1,225 |
Federal, Deferred | (309,423) | 5,081 | 3,505 |
State, Deferred | (1,431) | 1,275 | 4,100 |
Foreign, Deferred | 0 | 0 | (1,107) |
Deferred, Total | (310,854) | 6,356 | 6,498 |
Income tax benefit (provision), total | $ (328,985) | $ 8,128 | $ 7,723 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes (Federal Statutory Corporate Tax Rate) (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Foreign tax credits, net of valuation allowance | (136.10%) | (61.50%) | (93.20%) |
Non-taxable foreign income | (20.10%) | (20.70%) | (23.10%) |
Foreign tax rate differential | (17.00%) | (14.50%) | (21.00%) |
Change in tax rate | (11.80%) | 0.00% | 0.00% |
Repatriation of foreign earnings | 81.00% | 51.60% | 97.90% |
Valuation allowance, other | 5.90% | 7.50% | 4.40% |
Other, net | 4.40% | 5.20% | 2.70% |
Effective tax rate | (58.70%) | 2.60% | 2.70% |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets And Liabilities | ||
Foreign tax credit carryforwards | $ 3,620,000 | |
Deferred Tax Liabilities, Net | 240,533 | $ 66,561 |
Deferred Tax Liabilities, Gross, Noncurrent | (133,058) | (229,358) |
U.S. | ||
Deferred Tax Assets And Liabilities | ||
Foreign tax credit carryforwards | 3,616,872 | 3,269,781 |
Receivables, inventories, accrued liabilities and other | 19,356 | 37,391 |
Stock-based compensation | 5,084 | 18,740 |
Pre-opening expenses | 2,716 | 6,516 |
Other tax credit carryforwards | 1,999 | 2,413 |
Intangibles and related other | 770 | 21,404 |
Other | 86 | 7,958 |
Deferred Tax Assets, Gross | 3,646,883 | 3,364,203 |
Deferred Tax Assets, Valuation Allowance | 3,273,292 | 3,201,406 |
Deferred tax assets, net, total | 373,591 | 162,797 |
Deferred Tax Liabilities, Prepaid Expenses | (10,391) | (7,913) |
Property and equipment | (106,979) | (176,611) |
Deferred Tax Liability, Redemption Note Fair Value | (13,139) | (42,806) |
Deferred Tax Liabilities, Other | (2,549) | (2,028) |
Foreign | ||
Deferred Tax Assets And Liabilities | ||
Pre-opening expenses | 10,717 | 12,944 |
Other | 1,493 | 2,946 |
Deferred Tax Assets, Gross | 122,854 | 96,146 |
Net operating loss carryforwards | 74,345 | 50,258 |
Property and equipment | 36,299 | 29,998 |
Deferred Tax Assets, Valuation Allowance | 117,175 | 85,317 |
Property and equipment | (5,679) | (10,829) |
Deferred tax assets, net, non current | $ 5,679 | $ 10,829 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance-beginning of year | $ 90,523 | $ 88,314 | $ 88,884 |
Additions based on tax positions of the current year | 8,520 | 5,930 | 3,051 |
Settlements | 0 | 0 | (354) |
Lapses in statutes of limitations | (3,807) | (3,721) | (3,267) |
Balance-end of year | $ 95,236 | $ 90,523 | $ 88,314 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Feb. 18, 2012USD ($)shares | Feb. 18, 2012USD ($)shares | Dec. 31, 2017USD ($)Roomclaim | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 28, 2017USD ($) | Jun. 19, 2012 |
Commitments and Contingencies | |||||||
Contingent rentals | $ 38,600,000 | $ 34,600,000 | $ 48,600,000 | ||||
Rent expenses | 18,300,000 | $ 17,900,000 | $ 16,400,000 | ||||
Other Commitment, Due in Next Twelve Months | 127,943,000 | ||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 91,637,000 | ||||||
Other Commitment, Due in Third Year | 50,438,000 | ||||||
Other Commitment, Due in Fourth Year | 38,569,000 | ||||||
Other Commitment, Due in Fifth Year | 6,537,000 | ||||||
Common stock redeemed, shares | shares | 24,549,222 | ||||||
Capital Leases, Future Minimum Payments, Net Minimum Payments | $ 16,516,000 | ||||||
2023 indenture | |||||||
Commitments and Contingencies | |||||||
Final payment percent, principal | 101.00% | ||||||
4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 | |||||||
Commitments and Contingencies | |||||||
Debt instrument, interest rate | 4.25% | ||||||
Wynn MA, LLC [Member] | |||||||
Commitments and Contingencies | |||||||
Guaranteed Maximum Construction Price | $ 1,320,000,000 | ||||||
Wynn Palace | |||||||
Commitments and Contingencies | |||||||
Number of rooms in hotel | Room | 1,706 | ||||||
Aruze USA, Inc. | |||||||
Commitments and Contingencies | |||||||
Common stock redeemed, shares | shares | 24,549,222 | ||||||
Redemption price promissory note, principal amount | $ 1,940,000,000 | $ 1,940,000,000 | |||||
Debt instrument, interest rate | 2.00% | 2.00% | |||||
Minimum | |||||||
Commitments and Contingencies | |||||||
Term of employment agreement | 3 years | ||||||
Maximum | |||||||
Commitments and Contingencies | |||||||
Term of employment agreement | 5 years | ||||||
Pending Litigation | Derivative Claims | |||||||
Commitments and Contingencies | |||||||
Number of new claims filed | claim | 2 | ||||||
Employment Contracts [Member] | |||||||
Commitments and Contingencies | |||||||
Other Commitment, Due in Next Twelve Months | $ 65,800,000 | ||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 45,400,000 | ||||||
Other Commitment, Due in Third Year | 18,700,000 | ||||||
Other Commitment, Due in Fourth Year | 4,800,000 | ||||||
Other Commitment, Due in Fifth Year | 2,900,000 | ||||||
Community payments associated with Wynn Boston Harbor [Member] | |||||||
Commitments and Contingencies | |||||||
Community Payments | 10,600,000 | ||||||
Construction Performance Bond [Member] | Wynn MA, LLC [Member] | |||||||
Commitments and Contingencies | |||||||
Performance Bond | $ 350,000,000 | ||||||
Wynn America Credit Facilities | Wynn America | Revolving Credit Facility | |||||||
Commitments and Contingencies | |||||||
Letter of credit outstanding | $ 17,700,000 |
Commitments and Contingencies84
Commitments and Contingencies - Future Minimum Rentals Received Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 108,101 |
2,019 | 114,577 |
2,020 | 115,499 |
2,021 | 53,902 |
2,022 | 32,944 |
Thereafter | 165,704 |
Total | $ 590,727 |
Commitments and Contingencies85
Commitments and Contingencies - Future Minimum Rental Payable Under Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases | |
2,018 | $ 18,052 |
2,019 | 17,449 |
2,020 | 12,083 |
2,021 | 11,294 |
2,022 | 11,323 |
Thereafter | 69,045 |
Total | 139,246 |
Capital Leases | |
2,018 | 989 |
2,019 | 989 |
2,020 | 989 |
2,021 | 989 |
2,022 | 989 |
Thereafter | 67,732 |
Total minimum lease payments | 72,677 |
Less: Amount representing interest | (56,161) |
Total capital lease net minimum payments | $ 16,516 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Other Commitments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Other Commitments [Line Items] | |
2,018 | $ 127,943 |
2,019 | 91,637 |
2,020 | 50,438 |
2,021 | 38,569 |
2,022 | 6,537 |
Thereafter | 4,000 |
Total | $ 319,124 |
Commitments and Contingencies87
Commitments and Contingencies Commitment and Contingencies - Capital Leases (Details) $ in Millions | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Capital Leased Assets, Gross | $ 16.6 |
Segment Information - Summary o
Segment Information - Summary of Results of Operations by Segment (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||
Segment Reporting Information | ||||
Number of Reportable Segments | segment | 1 | |||
Net revenues | $ 6,306,368 | $ 4,466,297 | $ 4,075,883 | |
Adjusted Property EBITDA | [1] | 1,810,732 | 1,259,327 | 1,185,789 |
Other operating expenses | ||||
Pre-opening | 26,692 | 154,717 | 77,623 | |
Depreciation and amortization | 552,368 | 404,730 | 322,629 | |
Property charges and other | 29,576 | 54,822 | 10,535 | |
Corporate expenses and other | 102,560 | 80,162 | 76,079 | |
Stock-based compensation | 43,971 | 43,218 | 38,286 | |
Equity in income from unconsolidated affiliates | 0 | 16 | 1,823 | |
Total other operating expenses | 755,167 | 737,665 | 526,975 | |
Operating income | 1,055,565 | 521,662 | 658,814 | |
Other non-operating income and expenses | ||||
Interest income | 31,193 | 13,536 | 7,229 | |
Interest expense, net of amounts capitalized | (388,664) | (289,365) | (300,906) | |
Change in interest rate swap fair value | (1,056) | 433 | (5,300) | |
Change in Redemption Note fair value | (59,700) | 65,043 | 52,041 | |
Loss on extinguishment of debt | (55,360) | 0 | (126,004) | |
Other | (21,709) | (728) | 1,550 | |
Other income (expense), net | (495,296) | (211,065) | (369,567) | |
Equity in income from unconsolidated affiliates | 0 | 16 | 1,823 | |
Income before income taxes | 560,269 | 310,597 | 289,247 | |
Benefit (provision) for income taxes | 328,985 | (8,128) | (7,723) | |
Net income | 889,254 | 302,469 | 281,524 | |
Net income attributable to noncontrolling interest | 142,073 | 60,494 | 86,234 | |
Net income attributable to Wynn Resorts, Limited | 747,181 | 241,975 | 195,290 | |
Macau Operations | ||||
Segment Reporting Information | ||||
Net revenues | 2,485,804 | 2,264,087 | 2,463,092 | |
Adjusted Property EBITDA | [1] | 760,752 | 681,509 | 708,623 |
Las Vegas Operations | ||||
Segment Reporting Information | ||||
Net revenues | 1,681,410 | 1,618,874 | 1,612,791 | |
Adjusted Property EBITDA | [1] | 522,397 | 474,782 | 477,166 |
Macau Operations [Domain] | ||||
Segment Reporting Information | ||||
Net revenues | 4,624,958 | 2,847,423 | 2,463,092 | |
Adjusted Property EBITDA | [1] | 1,288,335 | 784,545 | 708,623 |
Wynn Palace | ||||
Segment Reporting Information | ||||
Net revenues | 2,139,154 | 583,336 | 0 | |
Adjusted Property EBITDA | [1] | $ 527,583 | $ 103,036 | $ 0 |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmYzZGI4YjkzZDA2ZDRkNjlhYTA4ZTJjZDA0MjgzNWQ0fFRleHRTZWxlY3Rpb246RDI0ODg4MTBCMTJBNTMyRDlENERFMzI1QUJDRTBEODEM} |
Segment Information Segment Inf
Segment Information Segment Information - Schedule of Capital Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | $ 935,474 | $ 1,225,943 | $ 1,921,240 |
Las Vegas Operations | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | 139,893 | 106,373 | 117,011 |
Wynn Boston Harbor [Member] | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | 572,825 | 212,197 | 67,705 |
Corporate and Other | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | 71,841 | 25,554 | 101,690 |
Macau | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | 150,915 | 881,819 | 1,634,834 |
Macau | Macau Operations | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | 43,510 | 43,548 | 68,744 |
Macau | Wynn Palace | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | $ 107,405 | $ 838,271 | $ 1,566,090 |
Segment Information - Summary90
Segment Information - Summary of Assets by Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information | |||
Assets | $ 12,681,739 | $ 11,953,557 | $ 10,459,159 |
Long-lived assets | 8,697,505 | 8,416,696 | 7,662,099 |
Las Vegas Operations | |||
Segment Reporting Information | |||
Assets | 3,266,390 | 3,275,780 | 3,145,713 |
Wynn Boston Harbor [Member] | |||
Segment Reporting Information | |||
Assets | 1,060,530 | 419,001 | 185,853 |
Corporate and Other | |||
Segment Reporting Information | |||
Assets | 2,891,012 | 2,750,721 | 1,786,281 |
Macau | |||
Segment Reporting Information | |||
Assets | 5,463,807 | 5,508,055 | 5,341,312 |
Long-lived assets | 4,613,950 | 4,973,854 | 4,324,743 |
Macau | Macau Operations | |||
Segment Reporting Information | |||
Assets | 1,271,544 | 1,161,670 | 1,331,312 |
Macau | Wynn Palace | |||
Segment Reporting Information | |||
Assets | 4,017,494 | 4,317,458 | 3,439,041 |
Macau | Other Macau | |||
Segment Reporting Information | |||
Assets | 174,769 | 28,927 | 570,959 |
United States | |||
Segment Reporting Information | |||
Long-lived assets | $ 4,083,555 | $ 3,442,842 | $ 3,337,356 |
Schedule II- Valuation and Qu91
Schedule II- Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | $ 54,742 | $ 67,057 | $ 74,678 |
Provisions for Doubtful Accounts | (6,711) | 8,203 | 11,115 |
Write-offs, Net of Recoveries | (17,431) | (20,518) | (18,736) |
Ending balance | 30,600 | 54,742 | 67,057 |
Valuation Allowance of Deferred Tax Assets | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | 3,286,723 | 3,330,878 | 3,296,789 |
Provisions for Doubtful Accounts | 112,543 | 32,130 | 52,759 |
Write-offs, Net of Recoveries | (8,799) | (76,285) | (18,670) |
Ending balance | $ 3,390,467 | $ 3,286,723 | $ 3,330,878 |