Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 000-50028 | |
Entity Registrant Name | WYNN RESORTS, LIMITED | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 46-0484987 | |
Entity Address, Address Line One | 3131 Las Vegas Boulevard South | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89109 | |
City Area Code | 702 | |
Local Phone Number | 770-7555 | |
Title of 12(b) Security | Common stock, par value $0.01 | |
Trading Symbol | WYNN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 107,354,606 | |
Amendment Flag | false | |
Entity Central Index Key | 0001174922 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,676,110 | $ 2,215,001 |
Receivables, net | 286,611 | 276,644 |
Inventories | 80,486 | 66,627 |
Prepaid expenses and other | 68,045 | 83,104 |
Total current assets | 2,111,252 | 2,641,376 |
Property and equipment, net | 9,621,268 | 9,385,920 |
Restricted cash | 6,182 | 4,322 |
Intangible assets, net | 148,972 | 222,506 |
Operating lease assets | 444,157 | 0 |
Deferred income taxes, net | 719,614 | 736,452 |
Other assets | 225,613 | 225,693 |
Total assets | 13,277,058 | 13,216,269 |
Current liabilities: | ||
Accounts and construction payables | 292,140 | 321,796 |
Customer deposits | 956,744 | 955,450 |
Gaming taxes payable | 188,496 | 247,341 |
Accrued compensation and benefits | 162,752 | 163,966 |
Accrued interest | 74,340 | 61,595 |
Current portion of long-term debt | 116,118 | 11,960 |
Other accrued liabilities | 139,794 | 119,955 |
Total current liabilities | 1,930,384 | 1,882,063 |
Long-term debt | 9,421,845 | 9,411,140 |
Long-term operating lease liabilities | 149,970 | 0 |
Other long-term liabilities | 108,980 | 108,277 |
Total liabilities | 11,611,179 | 11,401,480 |
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; 122,826,131 and 122,115,585 shares issued; 107,362,502 and 107,232,026 shares outstanding, respectively | 1,228 | 1,221 |
Treasury stock, at cost; 15,463,629 and 14,883,559 shares, respectively | (1,409,717) | (1,344,012) |
Additional paid-in capital | 2,507,870 | 2,457,079 |
Accumulated other comprehensive loss | (2,700) | (1,950) |
Retained earnings | 822,070 | 921,785 |
Total Wynn Resorts, Limited stockholders' equity | 1,918,751 | 2,034,123 |
Noncontrolling interests | (252,872) | (219,334) |
Total stockholders' equity | 1,665,879 | 1,814,789 |
Total liabilities and stockholders' equity | $ 13,277,058 | $ 13,216,269 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 122,826,311 | 122,115,585 |
Common stock, shares outstanding | 107,362,682 | 107,232,026 |
Treasury stock, shares | 15,463,629 | 14,883,559 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating revenues: | ||||
Total operating revenues | $ 1,647,762 | $ 1,709,072 | $ 4,957,640 | $ 5,030,074 |
Operating expenses: | ||||
General and administrative | 246,442 | 192,327 | 665,988 | 545,543 |
Litigation settlement | 0 | 0 | 0 | 463,557 |
Provision for doubtful accounts | 4,036 | 3,285 | 13,039 | 2,586 |
Pre-opening | 1,616 | 13,714 | 99,212 | 35,255 |
Depreciation and amortization | 172,998 | 137,458 | 449,824 | 411,685 |
Property charges and other | 8,216 | 18,830 | 17,920 | 30,672 |
Total operating expenses | 1,469,927 | 1,418,089 | 4,305,913 | 4,540,813 |
Operating income | 177,835 | 290,983 | 651,727 | 489,261 |
Other income (expense): | ||||
Interest income | 6,427 | 6,948 | 19,979 | 21,029 |
Interest expense, net of amounts capitalized | (114,652) | (93,007) | (300,981) | (281,132) |
Change in derivatives fair value | (2,101) | (54) | (6,914) | (54) |
Change in Redemption Note fair value | 0 | 0 | 0 | (69,331) |
(Loss) gain on extinguishment of debt | (12,196) | (198) | (12,196) | 2,131 |
Other | (8,703) | 11,216 | (3,346) | 1,039 |
Other income (expense), net | (131,225) | (75,095) | (303,458) | (326,318) |
Income before income taxes | 46,610 | 215,888 | 348,269 | 162,943 |
Benefit (provision) for income taxes | (19,727) | 3,884 | (19,421) | 124,631 |
Net income | 26,883 | 219,772 | 328,848 | 287,574 |
Less: net income attributable to noncontrolling interests | (30,379) | (63,657) | (132,921) | (180,010) |
Net income (loss) attributable to Wynn Resorts, Limited | $ (3,496) | $ 156,115 | $ 195,927 | $ 107,564 |
Net income (loss) attributable to Wynn Resorts, Limited: | ||||
Basic (in usd per share) | $ (0.03) | $ 1.44 | $ 1.83 | $ 1.01 |
Diluted (in usd per share) | $ (0.03) | $ 1.44 | $ 1.83 | $ 1.01 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 106,707 | 108,064 | 106,791 | 106,162 |
Diluted (in shares) | 106,707 | 108,533 | 107,024 | 106,721 |
Dividends declared per common share (usd per share) | $ 1 | $ 0.75 | $ 2.75 | $ 2 |
Casino | ||||
Operating revenues: | ||||
Total operating revenues | $ 1,108,364 | $ 1,222,029 | $ 3,435,968 | $ 3,564,195 |
Operating expenses: | ||||
Cost of goods and services sold | 722,692 | 783,171 | 2,197,750 | 2,254,766 |
Rooms | ||||
Operating revenues: | ||||
Total operating revenues | 205,876 | 183,044 | 595,953 | 559,405 |
Operating expenses: | ||||
Cost of goods and services sold | 75,188 | 62,965 | 205,042 | 189,837 |
Food and beverage | ||||
Operating revenues: | ||||
Total operating revenues | 228,508 | 193,874 | 619,749 | 580,963 |
Operating expenses: | ||||
Cost of goods and services sold | 196,661 | 162,311 | 527,502 | 468,265 |
Entertainment, retail and other | ||||
Operating revenues: | ||||
Total operating revenues | 105,014 | 110,125 | 305,970 | 325,511 |
Operating expenses: | ||||
Cost of goods and services sold | $ 42,078 | $ 44,028 | $ 129,636 | $ 138,647 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 26,883 | $ 219,772 | $ 328,848 | $ 287,574 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, before and after tax | (989) | (175) | (1,039) | (2,121) |
Change in net unrealized (loss) gain on investment securities, before and after tax | 0 | (19) | 0 | 1,292 |
Redemption Note credit risk adjustment, net of tax of $2,735 | 0 | 0 | 0 | 9,211 |
Total comprehensive income | 25,894 | 219,578 | 327,809 | 295,956 |
Less: comprehensive income attributable to noncontrolling interests | (30,104) | (63,608) | (132,632) | (179,419) |
Comprehensive income (loss) attributable to Wynn Resorts, Limited | $ (4,210) | $ 155,970 | $ 195,177 | $ 116,537 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Comprehensive Income (unaudited) (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Statement of Comprehensive Income [Abstract] | |
Tax on Redemption Note credit risk adjustment | $ 2,735 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement Of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Total Wynn Resorts, Ltd. stockholders' equity | Common stock | Treasury stock | Additional paid-in capital | Accumulated other comprehensive loss | Retained earnings | Noncontrolling interests |
Beginning balance at Dec. 31, 2017 | $ 1,078,350 | $ 947,846 | $ 1,164 | $ (1,184,468) | $ 1,497,928 | $ (1,845) | $ 635,067 | $ 130,504 |
Beginning balance (in shares) at Dec. 31, 2017 | 103,005,866 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 287,574 | 107,564 | 107,564 | 180,010 | ||||
Currency translation adjustment | (2,121) | (1,530) | (1,530) | (591) | ||||
Change in net unrealized loss on investment securities | 1,292 | 1,292 | 1,292 | |||||
Redemption Note settlement | 9,211 | 9,211 | 9,211 | |||||
Exercise of stock options | 20,313 | 19,807 | $ 2 | 19,805 | 506 | |||
Exercise of stock options (in shares) | 238,780 | |||||||
Issuance of common stock (in shares) | 5,300,000 | |||||||
Issuance of common stock | 915,240 | 915,240 | $ 53 | 915,187 | ||||
Issuance of restricted stock | 1,799 | 1,298 | $ 3 | 1,295 | 501 | |||
Issuance of restricted stock (in shares) | 280,834 | |||||||
Cancellation of restricted stock | 0 | $ (1) | ||||||
Cancellation of restricted stock (in shares) | (75,908) | |||||||
Shares repurchased by the Company and held as treasury shares | (2,805) | (2,805) | (2,805) | |||||
Shares repurchased by the Company and held as treasury shares (in shares) | (18,490) | |||||||
Cash dividends declared | (490,654) | (214,071) | (214,071) | (276,583) | ||||
Distribution to noncontrolling interest | (301,113) | (301,113) | ||||||
Stock-based compensation | 23,197 | 21,141 | 21,141 | 2,056 | ||||
Ending balance at Sep. 30, 2018 | 1,540,283 | 1,804,993 | $ 1,221 | (1,187,273) | 2,455,357 | (2,083) | 537,771 | (264,710) |
Ending balance (in shares) at Sep. 30, 2018 | 108,731,082 | |||||||
Beginning balance at Jun. 30, 2018 | 1,819,595 | 1,712,985 | $ 1,220 | (1,184,967) | 2,435,720 | (1,938) | 462,950 | 106,610 |
Beginning balance (in shares) at Jun. 30, 2018 | 108,642,371 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 219,772 | 156,115 | 156,115 | 63,657 | ||||
Currency translation adjustment | (175) | (126) | (126) | (49) | ||||
Change in net unrealized loss on investment securities | (19) | (19) | (19) | |||||
Redemption Note settlement | 0 | |||||||
Exercise of stock options | 9,741 | 9,741 | $ 1 | 9,740 | 0 | |||
Exercise of stock options (in shares) | 126,190 | |||||||
Issuance of common stock (in shares) | 0 | |||||||
Issuance of common stock | 27 | 27 | $ 0 | 27 | ||||
Issuance of restricted stock | 0 | $ 1 | (1) | |||||
Issuance of restricted stock (in shares) | 38,695 | |||||||
Cancellation of restricted stock | (1) | (1) | $ (1) | 1 | ||||
Cancellation of restricted stock (in shares) | (60,714) | |||||||
Shares repurchased by the Company and held as treasury shares | (2,306) | (2,306) | (2,306) | |||||
Shares repurchased by the Company and held as treasury shares (in shares) | (15,460) | |||||||
Cash dividends declared | (219,552) | (81,294) | (81,294) | (138,258) | ||||
Distribution to noncontrolling interest | (297,261) | (297,261) | ||||||
Stock-based compensation | 10,462 | 9,871 | 9,871 | 591 | ||||
Ending balance at Sep. 30, 2018 | 1,540,283 | 1,804,993 | $ 1,221 | (1,187,273) | 2,455,357 | (2,083) | 537,771 | (264,710) |
Ending balance (in shares) at Sep. 30, 2018 | 108,731,082 | |||||||
Beginning balance at Dec. 31, 2018 | $ 1,814,789 | 2,034,123 | $ 1,221 | (1,344,012) | 2,457,079 | (1,950) | 921,785 | (219,334) |
Beginning balance (in shares) at Dec. 31, 2018 | 107,232,026 | 107,232,026 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | $ 328,848 | 195,927 | 195,927 | 132,921 | ||||
Currency translation adjustment | (1,039) | (750) | (750) | (289) | ||||
Change in net unrealized loss on investment securities | 0 | |||||||
Redemption Note settlement | 0 | |||||||
Exercise of stock options | 14,696 | 14,696 | $ 3 | 14,693 | ||||
Exercise of stock options (in shares) | 293,690 | |||||||
Issuance of restricted stock | 15,133 | 14,348 | $ 4 | 14,344 | 785 | |||
Issuance of restricted stock (in shares) | 456,505 | |||||||
Cancellation of restricted stock | 0 | $ 0 | ||||||
Cancellation of restricted stock (in shares) | (39,649) | |||||||
Shares repurchased by the Company and held as treasury shares | (65,705) | (65,705) | (65,705) | |||||
Shares repurchased by the Company and held as treasury shares (in shares) | (580,070) | |||||||
Cash dividends declared | (461,491) | (295,642) | (295,642) | (165,849) | ||||
Distribution to noncontrolling interest | (3,725) | (3,725) | ||||||
Stock-based compensation | 24,373 | 21,754 | 21,754 | 2,619 | ||||
Ending balance at Sep. 30, 2019 | $ 1,665,879 | 1,918,751 | $ 1,228 | (1,409,717) | 2,507,870 | (2,700) | 822,070 | (252,872) |
Ending balance (in shares) at Sep. 30, 2019 | 107,362,682 | 107,362,502 | ||||||
Beginning balance at Jun. 30, 2019 | $ 1,850,939 | 2,050,821 | $ 1,228 | (1,379,644) | 2,498,316 | (1,986) | 932,907 | (199,882) |
Beginning balance (in shares) at Jun. 30, 2019 | 107,610,356 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 26,883 | (3,496) | (3,496) | 30,379 | ||||
Currency translation adjustment | (989) | (714) | (714) | (275) | ||||
Change in net unrealized loss on investment securities | 0 | |||||||
Redemption Note settlement | 0 | |||||||
Exercise of stock options | 2,151 | 2,151 | $ 0 | 2,151 | ||||
Exercise of stock options (in shares) | 36,000 | |||||||
Issuance of restricted stock | 0 | $ 0 | ||||||
Issuance of restricted stock (in shares) | 27,276 | |||||||
Cancellation of restricted stock | 0 | $ 0 | ||||||
Cancellation of restricted stock (in shares) | (27,809) | |||||||
Shares repurchased by the Company and held as treasury shares | (30,073) | (30,073) | (30,073) | |||||
Shares repurchased by the Company and held as treasury shares (in shares) | (283,321) | |||||||
Cash dividends declared | (190,290) | (107,341) | (107,341) | (82,949) | ||||
Distribution to noncontrolling interest | (998) | (998) | ||||||
Stock-based compensation | 8,256 | 7,403 | 7,403 | 853 | ||||
Ending balance at Sep. 30, 2019 | $ 1,665,879 | $ 1,918,751 | $ 1,228 | $ (1,409,717) | $ 2,507,870 | $ (2,700) | $ 822,070 | $ (252,872) |
Ending balance (in shares) at Sep. 30, 2019 | 107,362,682 | 107,362,502 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement Of Stockholders' Equity (unaudited) (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Tax on change in accounting for credit risk | $ 2,735 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 328,848 | $ 287,574 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 449,824 | 411,685 |
Deferred income taxes | 16,838 | (123,516) |
Stock-based compensation expense | 30,444 | 28,762 |
Amortization of debt issuance costs | 22,171 | 25,241 |
Loss on extinguishment of debt | 12,196 | 2,364 |
Provision for doubtful accounts | 13,039 | 2,586 |
Change in derivatives fair value | 6,914 | 54 |
Change in Redemption Note fair value | 0 | 69,331 |
Property charges and other | 21,238 | 30,464 |
Increase (decrease) in cash from changes in: | ||
Receivables, net | (23,046) | (11,038) |
Inventories, prepaid expenses and other | (17,380) | 1,145 |
Customer deposits | 2,355 | (212,459) |
Accounts payable and accrued expenses | (83,556) | (14,304) |
Net cash provided by operating activities | 779,885 | 497,889 |
Cash flows from investing activities: | ||
Capital expenditures, net of construction payables and retention | (878,335) | (1,154,255) |
Purchase of intangible and other assets | (6,000) | (102,388) |
Proceeds from the sale or maturity of investment securities | 0 | 359,461 |
Purchase of investment securities | 0 | (34,098) |
Proceeds from sale of assets | 592 | 2,387 |
Net cash used in investing activities | (883,743) | (928,893) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 2,549,072 | 2,288,605 |
Repayments of long-term debt | (2,443,367) | (3,030,526) |
Proceeds from note receivable from sale of ownership interest in subsidiary | 0 | 75,000 |
Proceeds from issuance of common stock, net of issuance costs | 0 | 915,187 |
Repurchase of common stock | (65,705) | (2,805) |
Finance lease payment | (36) | 0 |
Proceeds from exercise of stock options | 14,696 | 20,313 |
Dividends paid | (460,139) | (350,694) |
Distribution to noncontrolling interest | (3,725) | (301,113) |
Payments to acquire derivatives | 0 | (3,900) |
Payments for financing costs | (22,359) | (33,787) |
Net cash used in financing activities | (431,563) | (423,720) |
Effect of exchange rate on cash, cash equivalents and restricted cash | (1,610) | 1,090 |
Cash, cash equivalents and restricted cash: | ||
Decrease in cash, cash equivalents and restricted cash | (537,031) | (853,634) |
Balance, beginning of period | 2,219,323 | 2,806,634 |
Balance, end of period | 1,682,292 | 1,953,000 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of amounts capitalized | 265,873 | 276,989 |
Capitalized stock-based compensation | 228 | 6 |
Liability settled with shares of common stock | 15,134 | 1,800 |
Accounts and construction payables related to property and equipment | 202,375 | 174,530 |
Other liabilities related to intangible assets | 13,463 | 0 |
Financing costs included in accounts payable and other liabilities | 2,093 | 0 |
Dividends payable on unvested restricted stock included in other accrued liabilities | 6,306 | 3,164 |
Dividends payable to noncontrolling interests | $ 0 | $ 138,816 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Organization Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, "Wynn Resorts" or the "Company") is a designer, developer, owner and operator of destination casino 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 Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas. Additionally, the Company is a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas and the Retail Joint Venture as its Las Vegas Operations. On June 23, 2019, the Company opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts. On September 20, 2019, and concurrently with the Refinancing Transactions (as defined and discussed in Note 6 , "Long-Term Debt"), Wynn Resorts contributed all of its equity interests in Wynn Group Asia, Inc. ("Wynn Asia") to Wynn Resorts Finance, LLC, which was formerly known as Wynn America, LLC ("WRF"), making Wynn Asia a wholly owned subsidiary of WRF. WRF is an indirect wholly owned subsidiary of Wynn Resorts. Wynn Asia is a holding company that holds Wynn Resorts' approximately 72% controlling interest in WML. Development Projects The Company is currently constructing an approximately 430,000 square foot meeting and convention facility at Wynn Las Vegas. The facility will feature approximately 217,000 square feet of state-of-the-art meeting and convention space available for group reservations. The Company expects to open the additional meeting and convention facility in the first quarter of 2020. The Company opened the newly reconfigured Wynn Las Vegas golf course on October 11, 2019. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three and nine months ended September 30, 2019 are not necessarily indicative of results to be expected for the full fiscal year. These Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 . Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 15 "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated. Leases Lessee Arrangements The Company is the lessee under non-cancelable real estate and equipment leases. Beginning on January 1, 2019 (the date of the Company's adoption of Topic 842, as defined and discussed further in "Recently Adopted Accounting Standards"), operating lease assets and liabilities are measured and recorded upon lease commencement at the present value of the future minimum lease payments. The Company combines lease and nonlease components in its determination of minimum lease payments, except for certain asset classes that have significant nonlease components. As the interest rate implicit in its leases is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of lease payments. The Company does not record an asset or liability for operating leases with a term of less than one year. Variable lease costs generally arise from changes in an index, such as the consumer price index. Variable lease costs are expensed as incurred and are not included in the determination of lease assets or liabilities. Prior to the adoption of Topic 842 on January 1, 2019, the Company did not record an asset or liability for any of its operating leases. Lessor Arrangements The Company is the lessor under non-cancelable operating leases for retail and food and beverage outlet space at its integrated resorts, which represents approximately 101,000 , 59,000 , 142,000 , and 36,000 square feet of space at Wynn Palace, Wynn Macau, Wynn Las Vegas, and Encore Boston Harbor, respectively. The lease arrangements generally include minimum base rent and contingent rental clauses based on a percentage of net sales. Generally, the terms of the leases range between five and 10 years . The Company records revenue on a straight-line basis over the term of the lease, and recognizes revenue for contingent rentals when the contingency has been resolved. The Company has elected to combine lease and nonlease components for the purpose of measuring lease revenue. Revenue is recorded in entertainment, retail and other revenue on the Condensed Consolidated Statements of Operations . Gaming Taxes The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations . These taxes totaled $543.9 million and $638.4 million for the three months ended September 30, 2019 and 2018 , and $1.69 billion and $1.81 billion for the nine months ended September 30, 2019 and 2018 , 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 nine months ended September 30, 2019 and 2018 , the Company incurred pre-opening expenses primarily in connection with the development of Encore Boston Harbor. Recently Adopted Accounting Standards Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases ("Topic 842"), which requires recognition of lease assets and liabilities on the balance sheet and disclosure of additional information about leasing activities. The Company adopted this standard using a modified retrospective transition approach with an initial application date of January 1, 2019. As a result, prior periods were not retrospectively adjusted and are not comparable to current periods. The Company elected the practical expedient permitting lessees to carry forward historical lease classifications for existing arrangements. The following is a summary of the significant impacts on the Company's balance sheet as of January 1, 2019 : • The Company recognized operating lease assets and liabilities of $154.1 million , which represented the discounted future minimum lease payments of all existing leases on the initial application date. • The net carrying amount of a definite-lived intangible asset, which related to a leasehold interest in land and totaled $88.1 million , was reclassified to operating lease assets. • Leasehold interests in land, net, which totaled $206.9 million , were reclassified to operating lease assets from property and equipment, net. • Certain other initial direct cost assets, prepaid lease assets, and deferred rent accrued liabilities were reclassified to operating lease assets. As the Company elected to carry forward historical lease classifications, an arrangement concluded to contain a capital lease under the previous standard was deemed a finance lease under Topic 842, with no resultant change in accounting other than the reclassification of associated initial direct costs from other assets to property and equipment, net. There was no impact on the Company's operating income, net income or cash flows as a result of adopting Topic 842. Accounting Standards Issued But Not Yet Adopted Financial Instruments - Credit Losses The FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following (in thousands): September 30, December 31, Cash and cash equivalents: Cash (1) $ 1,191,948 $ 1,455,744 Cash equivalents (2) 484,162 759,257 Total cash and cash equivalents 1,676,110 2,215,001 Restricted cash (3) 6,182 4,322 Total cash, cash equivalents and restricted cash $ 1,682,292 $ 2,219,323 (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. |
Receivables, net
Receivables, net | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Receivables, net | Receivables, net Receivables, net consisted of the following (in thousands): September 30, December 31, Casino $ 239,813 $ 229,594 Hotel 21,272 22,086 Other 58,407 57,658 319,492 309,338 Less: allowance for doubtful accounts (32,881 ) (32,694 ) $ 286,611 $ 276,644 As of September 30, 2019 and December 31, 2018 , approximately 80.2% and 85.0% , 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 the countries in which our customers reside could affect the collectability of such receivables. |
Property and Equipment, net
Property and Equipment, net | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following (in thousands): September 30, December 31, Buildings and improvements $ 9,288,609 $ 7,707,467 Land and improvements 1,225,849 1,141,032 Furniture, fixtures and equipment 2,923,900 2,288,370 Leasehold interests in land — 313,516 Airplanes 110,623 110,623 Construction in progress 445,098 1,912,801 13,994,079 13,473,809 Less: accumulated depreciation (4,372,811 ) (4,087,889 ) $ 9,621,268 $ 9,385,920 As of September 30, 2019 , construction in progress consisted primarily of costs capitalized, including interest, for the construction of the additional meeting and convention space at Wynn Las Vegas. As of December 31, 2018 , construction in progress consisted primarily of costs capitalized, including interest, for the construction of Encore Boston Harbor. On June 23, 2019, Encore Boston Harbor opened and its associated construction in progress balance was placed into service. The Company capitalized interest of $3.3 million for the three months ended September 30, 2019 , primarily in connection with the construction of the additional meeting and convention space at Wynn Las Vegas. The Company capitalized interest of $16.2 million for the three months ended September 30, 2018 , and $50.2 million and $37.7 million for the nine months ended September 30, 2019 and 2018 , respectively, primarily in connection with the construction of Encore Boston Harbor. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in thousands): September 30, December 31, Macau Related: Wynn Macau Credit Facilities: Senior Term Loan Facility, due 2022 (1) $ 2,295,759 $ 2,296,999 Senior Revolving Credit Facility, due 2022 (2) 448,982 623,921 4 7/8% Senior Notes, due 2024 600,000 600,000 5 1/2% Senior Notes, due 2027 750,000 750,000 U.S. and Corporate Related: WRF Senior Secured Credit Facilities (3) : WRF Term Loan, due 2024 1,000,000 — WRF Revolver, due 2024 25,000 — WLV 4 1/4% Senior Notes, due 2023 500,000 500,000 WLV 5 1/2% Senior Notes, due 2025 1,780,000 1,780,000 WLV 5 1/4% Senior Notes, due 2027 880,000 880,000 WRF 5 1/8% Senior Notes, due 2029 750,000 — Retail Term Loan, due 2025 (4) 615,000 615,000 Wynn America Senior Term Loan Facility, due 2021 (5) — 994,780 Wynn Resorts Term Loan, due 2024 (5) — 500,000 9,644,741 9,540,700 Less: Unamortized debt issuance costs and original issue discounts and premium, net (106,778 ) (117,600 ) 9,537,963 9,423,100 Less: Current portion of long-term debt (116,118 ) (11,960 ) Total long-term debt, net of current portion $ 9,421,845 $ 9,411,140 (1) Approximately $1.31 billion and $990.8 million of the Wynn Macau Senior Term Loan Facility bears interest at a rate of LIBOR plus 1.75% per year and HIBOR plus 1.75% per year, respectively. As of September 30, 2019 , the weighted average interest rate was approximately 3.73% . (2) Approximately $256.5 million and $192.4 million of the Wynn Macau Senior Revolving Credit Facility bears interest at a rate of LIBOR plus 1.75% per year and HIBOR plus 1.75% per year, respectively. As of September 30, 2019 , the weighted average interest rate was approximately 3.80% , and the available borrowing capacity was $298.3 million . (3) The Wynn Resorts Finance Credit Facilities bear interest at a rate of LIBOR plus 1.75% per year. As of September 30, 2019 , the interest rate was 3.80% . Additionally, as of September 30, 2019 , the available borrowing capacity under the Revolving Credit Facility was $806.9 million , net of $18.1 million in outstanding letters of credit. (4) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of September 30, 2019 , the interest rate was 3.80% . (5) The Wynn America Credit Facilities, which included the Wynn America Senior Term Loan Facility, and the Wynn Resorts Term Loan were prepaid in full on September 20, 2019, in connection with the Refinancing Transactions, as defined and discussed below. Refinancing Transactions On September 20, 2019, WRF and its subsidiary Wynn Resorts Capital Corp. (collectively with WRF, the "WRF Issuers"), each an indirect wholly owned subsidiary of the Company, issued $750.0 million aggregate principal amount of 5 1/8% Senior Notes due 2029 (the "2029 Notes") pursuant to an indenture (the "2029 Indenture") among the WRF Issuers, the guarantors party thereto, and U.S. Bank National Association, as trustee (the "Trustee"), in a private offering. The 2029 Notes were issued at par. Concurrently with the issuance of the 2029 Notes, WRF entered into a credit agreement (the "WRF Credit Agreement") providing for a new first lien term loan facility in an aggregate principal amount of $1.0 billion (the "WRF Term Loan") and a new first lien revolving credit facility in an aggregate principal amount of $850.0 million (the "WRF Revolver" and together with the WRF Term Loan, the "WRF Senior Secured Credit Facilities") (the WRF Senior Secured Credit Facilities and 2029 Notes are collectively referred to as the "Refinancing Transactions"). WRF used the net proceeds from the Refinancing Transactions to refinance the existing Wynn America credit facilities and the Wynn Resorts term loan and to pay related fees and expenses totaling $18.8 million , of which $14.8 million was recorded as debt issuance costs within the Condensed Consolidated Balance Sheet. The Company recognized the Refinancing Transactions primarily as a modification of existing debt with the related unamortized debt issuance costs reallocated to the new debt instruments. For those components of debt that were deemed extinguished, the Company recognized a loss on extinguishment of debt of $12.2 million . WRF Senior Secured Credit Facilities Subject to certain exceptions, the WRF Senior Secured Credit Facilities bear interest at LIBOR plus 1.75% per annum. The annual fee required to pay for unborrowed amounts under the WRF Revolver, if any, is 0.25% per annum, payable quarterly in arrears, calculated based on the daily average of the unborrowed amounts under such credit facilities. The Company is required to make quarterly repayments on the WRF Term Loan of $12.5 million beginning in the fourth quarter of 2019, with any remaining principal amount outstanding repayable in full on September 20, 2024. The WRF Credit Agreement contains customary representations and warranties, events of default and negative and affirmative covenants, including, but not limited to, covenants that restrict our ability to pay dividends or distributions to any direct or indirect subsidiaries, to incur and/or repay indebtedness, to make certain restricted payments, and to enter into mergers and acquisitions, negative pledges, liens, transactions with affiliates, and sales of assets. In addition, Wynn Resorts Finance is subject to financial covenants, including maintaining a Consolidated First Lien Net Leverage Ratio, as defined in the WRF Credit Agreement. Commencing with the fourth quarter of 2019, the Consolidated Senior Secured Net Leverage Ratio is not to exceed 3.75 to 1.00. The WRF Credit Facilities are guaranteed by each of WRF's existing and future wholly owned domestic restricted subsidiaries (the "Guarantors"), subject to certain exceptions, and are secured by a first priority lien on substantially all of WRF's and each of the guarantors' existing and future property and assets, subject to certain exceptions, including a limitation on the amount of collateral granted by Wynn Las Vegas, LLC ("WLV") and its subsidiaries so as to not violate the indenture governing WLV's outstanding senior notes. 2029 Notes The 2029 Notes will mature on October 1, 2029 and bear interest at the rate of 5 1/8% per annum, payable in arrears semi-annually on April 1 and October 1 of each year, beginning on April 1, 2020. The WRF Issuers may redeem some or all of the 2029 Notes at any time at a redemption price equal to 100% of the aggregate principal amount of the 2029 Notes to be redeemed plus a make-whole premium, as defined in the 2029 Indenture, and accrued and unpaid interest. On or after July 1, 2029, the WRF Issuers may redeem some or all of the 2029 Notes at the redemption prices set forth in the 2029 Indenture plus accrued and unpaid interest. In the event of a change of control triggering event, the WRF Issuers will be required to offer to repurchase the 2029 Notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The 2029 Notes are also subject to disposition and redemption requirements imposed by gaming laws and regulations of applicable gaming regulatory authorities. The 2029 Notes are the WRF Issuers' senior unsecured obligations and rank pari passu in right of payment with the WLV senior notes due 2023, 2025, and 2027, and rank equally in right of payment with Wynn Las Vegas' guarantee of the WRF Senior Secured Credit Facilities, and rank senior in right of payment to all of the Issuers' existing and future subordinated debt. The 2029 Notes are effectively subordinated in right of payment to all of the WRF 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 WRF Issuers' subsidiaries that do not guarantee the 2029 Notes, including WML and its subsidiaries. The 2029 Notes are jointly and severally guaranteed by each of WRF's existing domestic restricted subsidiaries that guarantee indebtedness under the Credit Agreement, including Wynn Las Vegas, LLC and each of its subsidiaries that guarantees its existing senior notes due 2023, 2025, and 2027. The guarantees are senior unsecured obligations of the Guarantors and rank senior in right of payment to all of their 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 2029 Indenture contains covenants that limit the ability of the WRF Issuers and the guarantors to, among other things, enter into sale-leaseback transactions, create or incur liens to secure debt, and merge, consolidate or sell all or substantially all of the WRF Issuers' assets. These covenants are subject to exceptions and qualifications set forth in the 2029 Indenture. The 2029 Indenture also contains customary events of default, including, but not limited to, failure to make required payments, failure to comply with certain covenants, certain events of bankruptcy and insolvency, and failure to pay certain judgments. An event of default under the 2029 Indenture allows either the Trustee or the holders of at least 25% in aggregate principal amount of the 2029 Notes, as applicable, issued under such 2029 Indenture to accelerate the amounts due under the 2029 Notes, or in the case of bankruptcy or insolvency, will automatically cause the acceleration of the amounts due under the 2029 Notes. The 2029 Notes were offered pursuant to an exemption under the Securities Act of 1933, as amended (the "Securities Act"). The 2029 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 2029 Notes have not been and will not be registered under the Securities Act or under any state securities laws. Therefore, the 2029 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. Wynn America Credit Facilities On September 20, 2019, the Wynn America credit facilities were repaid in full in connection with the Refinancing Transactions and the Wynn America credit agreement was terminated. Wynn Resorts Term Loan On October 30, 2018, the Company and certain subsidiaries of the Company entered into a credit agreement (as subsequently amended, the "WRL Credit Agreement") to provide for a $500.0 million six year term loan facility (the "WRL Term Loan I"). On March 8, 2019, the Company, certain subsidiaries of the Company, and certain incremental term facility lenders entered into an incremental joinder agreement that amended the WRL Credit Agreement to, among other things, provide the Company with an additional $250.0 million term loan (the "WRL Term Loan II," and, collectively with the WRL Term Loan I, the "Wynn Resorts Term Loan"), on substantially similar terms as the WRL Term Loan I. On September 20, 2019, the Wynn Resorts Term Loan was prepaid in full in connection with the Refinancing Transactions and the WRL Credit Agreement was terminated. Commitment Letter On March 8, 2019, in connection with the WRL Term Loan II, the Company agreed to terminate the remaining $250.0 million of the lenders' commitments under the commitment letter. Accordingly, there are no remaining commitments under the commitment letter. Redemption Price Promissory Note On February 18, 2012, pursuant to its articles of incorporation, the Company redeemed and canceled all Aruze USA, Inc.'s ("Aruze") 24,549,222 shares of Wynn Resorts' common stock. In connection with the redemption of the shares, the Company issued a promissory note (the "Redemption Note") with a principal amount of $1.94 billion , a maturity date of February 18, 2022 and an interest rate of 2% per annum, payable annually in arrears on each anniversary of the date of the Redemption Note. The Redemption Note was recorded at fair value in accordance with applicable accounting guidance. The Company repaid the principal amount in full on March 30, 2018. On March 30, 2018, the Company also paid an additional $463.6 million in settlement of certain legal claims concerning the Redemption Note, which is recorded as a litigation settlement expense on the Condensed Consolidated Statements of Operations . Debt Covenant Compliance As of September 30, 2019 , management believes the Company was in compliance with all debt covenants. Fair Value of Long-Term Debt The estimated fair value of the Company's long-term debt as of September 30, 2019 and December 31, 2018 , was approximately $9.81 billion and $8.97 billion , respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $9.64 billion and $9.54 billion |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | - Stockholders' Equity Dividends On February 26, 2019, the Company paid a cash dividend of $0.75 and on May 30, 2019 and August 27, 2019, the Company paid cash dividends of $1.00 per share, respectively. During the three and nine months ended September 30, 2019, the Company recorded $107.3 million and $295.6 million , respectively, as a reduction of retained earnings from cash dividends declared. On February 27, 2018, the Company paid a cash dividend of $0.50 and on May 29, 2018 and August 28, 2018, the Company paid cash dividends of $0.75 per share, respectively. During the three and nine months ended September 30, 2018, the Company recorded $81.4 million and $214.1 million , respectively, as a reduction of retained earnings from cash dividends declared. On November 6, 2019 , the Company announced a cash dividend of $1.00 per share, payable on November 22, 2019 , to stockholders of record as of November 14, 2019 . Noncontrolling Interests On September 16, 2019, WML paid a cash dividend of HK $0.45 per share for a total of $298.0 million . The Company's share of this dividend was $215.1 million with a reduction of $82.9 million to noncontrolling interest in the accompanying Condensed Consolidated Balance Sheet. On June 19, 2019, WML paid a cash dividend of HK $0.45 per share for a total of $298.0 million . The Company's share of this dividend was $215.0 million with a reduction of $82.9 million to noncontrolling interest in the accompanying Condensed Consolidated Balance Sheet. On August 17, 2018 WML announced a cash dividend of HK $0.75 per share for a total of $496.6 million , which was paid on October 5, 2018. The Company's share of this dividend was $358.3 million with a reduction of $138.3 million to noncontrolling interest in the accompanying Condensed Consolidated Balance Sheet. On April 25, 2018, WML paid a cash dividend of HK $0.75 per share for a total of $497.1 million . The Company's share of this dividend was $358.8 million with a reduction of $138.3 million to noncontrolling interest in the accompanying Condensed Consolidated Balance Sheet. During the three and nine months ended September 30, 2019, the Retail Joint Venture made aggregate distributions of $1.0 million and $3.7 million , respectively, to its non-controlling interest holder made in the normal course of business. During the three and nine months ended September 30, 2018, the Retail Joint Venture made aggregate distributions of $297.3 million , and $301.1 million , respectively, to its non-controlling interest holder in connection with the distribution of the net proceeds of the Retail Term Loan and distributions made in the normal course of business. For more information on the Retail Joint Venture, see Note 15, "Retail Joint Venture". Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The following table presents the changes by component, net of tax and noncontrolling interests, in accumulated other comprehensive loss of the Company (in thousands): Foreign January 1, 2019 $ (1,950 ) Change in net unrealized loss (750 ) Other comprehensive loss (750 ) September 30, 2019 $ (2,700 ) Foreign Unrealized Redemption Note Total January 1, 2018 $ (553 ) $ (1,292 ) $ — $ (1,845 ) Cumulative credit risk adjustment (1) — — (9,211 ) (9,211 ) Change in net unrealized loss (1,530 ) (1,510 ) 7,690 4,650 Amounts reclassified to net income (2) — 2,802 1,521 4,323 Other comprehensive income (loss) (1,530 ) 1,292 9,211 8,973 September 30, 2018 $ (2,083 ) $ — $ — $ (2,083 ) (1) On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments . The adjustment to the beginning balance represents the cumulative effect of the change in instrument-specific credit risk on the Redemption Note. (2) The amounts reclassified to net income include $1.8 million for other-than-temporary impairment losses and $1.0 million in realized losses, both related to investment securities, and a $1.5 million realized gain related to the repayment of the Redemption Note. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present assets and liabilities carried at fair value (in thousands): Fair Value Measurements Using: September 30, Quoted Other Unobservable Assets: Cash equivalents $ 484,162 — $ 484,162 — Restricted cash $ 6,182 $ 2,041 $ 4,141 — Liabilities: Interest rate collar $ 7,533 — $ 7,533 — Fair Value Measurements Using: December 31, Quoted Other Unobservable Assets: Cash equivalents $ 759,257 — $ 759,257 — Restricted cash $ 4,322 $ 2,015 $ 2,307 — Liabilities: Interest rate collar $ 619 — $ 619 — |
Customer Contract Liabilities
Customer Contract Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
Revenue | Customer Contract Liabilities In providing goods and services to its customers, there is often a timing difference between the Company receiving cash and the Company recording revenue for providing services or holding events. The Company's primary liabilities associated with customer contracts are as follows (in thousands): September 30, 2019 December 31, 2018 Increase/ (Decrease) September 30, 2018 December 31, 2017 Increase/ (Decrease) Casino outstanding chips and front money deposits (1) $ 907,598 $ 905,561 $ 2,037 $ 785,988 $ 991,957 $ (205,969 ) Advance room deposits and ticket sales (2) 43,086 42,197 889 42,036 48,065 (6,029 ) Other gaming-related liabilities (3) 9,297 12,694 (3,397 ) 13,644 12,765 879 Loyalty program and related liabilities (4) 22,918 18,148 4,770 18,756 18,421 335 $ 982,899 $ 978,600 $ 4,299 $ 860,424 $ 1,071,208 $ (210,784 ) (1) Casino outstanding chips represent amounts owed to gaming promoters and customers for chips in their possession, and casino front money deposits represent funds deposited by customers before gaming play occurs. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and may be recognized as revenue or redeemed for cash in the future. (2) Advance room deposits and ticket sales represent cash received in advance for goods or services to be provided in the future. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and will be recognized as revenue when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenue and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenue within one year. (3) Other gaming-related liabilities generally represent unpaid wagers primarily in the form of unredeemed slot, race and sportsbook tickets or wagers for future sporting events. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The total compensation cost for stock-based compensation plans was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Casino $ 1,880 $ 1,305 $ 6,254 $ 4,432 Rooms 296 108 737 314 Food and beverage 372 258 1,181 868 Entertainment, retail and other 9 34 115 111 General and administrative 7,719 9,914 21,487 22,540 Pre-opening — 213 670 497 Total stock-based compensation expense 10,276 11,832 30,444 28,762 Total stock-based compensation capitalized 81 — 228 6 Total stock-based compensation costs $ 10,357 $ 11,832 $ 30,672 $ 28,768 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. The Company recorded stock-based compensation expense associated with these awards of $2.1 million and $1.3 million for the three months ended September 30, 2019 and 2018 , respectively, and $6.3 million and $5.5 million for the nine months ended September 30, 2019 and 2018 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded an income tax expense of $19.7 million and an income tax benefit of $3.9 million for the three months ended September 30, 2019 and 2018 , respectively. The Company recorded an income tax expense of $19.4 million and an income tax benefit of $124.6 million for the nine months ended September 30, 2019 and 2018 , respectively. The 2019 income tax expense primarily related to the increase in the valuation allowance for U.S foreign tax credits and the 2018 income tax benefit primarily related to the settlement of the Redemption Note. The Company records valuation allowances on certain of its U.S. and foreign deferred tax assets. In assessing the need for a valuation allowance, the Company considers 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 is given to all positive and negative evidence including recent operating profitability, forecast of future earnings and the duration of statutory carryforward periods. Wynn Macau SA received a five year exemption from Macau's 12% Complementary Tax on casino gaming profits through December 31, 2020. Accordingly, for the three months ended September 30, 2019 and 2018 , the Company was exempt from the payment of such taxes totaling $13.4 million and $26.8 million , respectively. For the nine months ended September 30, 2019 and 2018 , the Company was exempt from the payment of such taxes totaling $56.0 million and $73.7 million , 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. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income (loss) attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued. Potentially dilutive securities include outstanding stock options and unvested restricted stock. The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income (loss) attributable to Wynn Resorts, Limited $ (3,496 ) $ 156,115 $ 195,927 $ 107,564 Denominator: Weighted average common shares outstanding 106,707 108,064 106,791 106,162 Potential dilutive effect of stock options and restricted stock — 469 233 559 Weighted average common and common equivalent shares outstanding 106,707 108,533 107,024 106,721 Net income (loss) attributable to Wynn Resorts, Limited per common share, basic $ (0.03 ) $ 1.44 $ 1.83 $ 1.01 Net income (loss) attributable to Wynn Resorts, Limited per common share, diluted $ (0.03 ) $ 1.44 $ 1.83 $ 1.01 Anti-dilutive stock options and restricted stock excluded from the calculation of diluted net income per share 850 234 379 109 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases Lessee Arrangements The following table summarizes the balance sheet classification of the Company's lease assets and liabilities (in thousands): Balance Sheet Classification September 30, 2019 Assets Operating leases Operating lease assets $ 444,157 Finance leases Property and equipment, net $ 26,411 Current liabilities Operating leases Other accrued liabilities $ 15,802 Finance leases Other accrued liabilities $ 162 Non-current liabilities Operating leases Long-term operating lease liabilities $ 149,970 Finance leases Other long-term liabilities $ 17,789 The following tables disclose the components of the Company's lease cost, supplemental cash flow disclosures, and other information regarding the Company's lease arrangements (dollars in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease cost: Operating lease cost $ 8,367 $ 24,691 Short-term lease cost 6,836 17,576 Amortization of leasehold interests in land 3,416 9,956 Variable lease cost 1,209 3,685 Finance lease interest cost 273 785 Total lease cost $ 20,101 $ 56,693 Nine Months Ended September 30, 2019 Supplemental cash flow disclosures: Operating lease liabilities arising from obtaining operating lease assets $ 29,261 Finance lease liabilities arising from obtaining finance lease assets $ 1,413 Cash paid for amounts included in the measurement of lease liabilities: Cash used in operating activities - Operating leases $ 23,073 Cash used in financing activities - Finance leases $ 36 September 30, 2019 Other information: Weighted-average remaining lease term - Operating leases 37.8 years Weighted-average remaining lease term - Finance leases 42.9 years Weighted-average discount rate - Operating leases 6.5 % Weighted-average discount rate - Finance leases 6.2 % The following table presents an analysis of lease liability maturities (in thousands): Years Ending December 31, Operating Leases Finance Leases 2019 (excluding the nine months ended September 30, 2019) $ 7,988 $ 300 2020 26,424 1,203 2021 21,872 1,203 2022 18,106 1,203 2023 17,149 1,203 Thereafter 481,084 67,490 Total undiscounted cash flows $ 572,623 $ 72,602 Present value Short-term lease liabilities $ 15,802 $ 162 Long-term lease liabilities 149,970 17,789 Total lease liabilities $ 165,772 $ 17,951 Interest on lease liabilities $ 406,851 $ 54,651 Ground Leases Undeveloped Land - Las Vegas The Company leases approximately 16 acres of undeveloped land on Las Vegas Boulevard directly across from Wynn Las Vegas in Las Vegas, Nevada, which expires in 2097. The ground lease payments, which increase at a fixed rate over the term of the lease, are $3.8 million per year until 2023 and total payments of $367.8 million thereafter. As of September 30, 2019 , the liability associated with this lease was $62.5 million . At September 30, 2019 , operating lease assets included approximately $87.2 million related to an amount allocated to the leasehold interest in land upon the acquisition of a group of assets in 2018. The Company expects that the amortization of this amount will be $1.1 million each year from 2020 through 2096 and $0.7 million in 2097. Macau Land Concessions Wynn Palace and Wynn Macau were built on land that is leased under Macau land concession contracts each with terms of 25 years from May 2012 and August 2004, respectively, which may be renewed with government approval for successive 10 -year periods in accordance with Macau legislation. The land concession payments are expected to be $1.6 million per year through 2023 and total payments of $17.0 million thereafter through 2037. At September 30, 2019 , the total liability associated with these leases was $15.7 million . At September 30, 2019 , operating lease assets included $194.2 million of leasehold interests in land related to the Wynn Palace and Wynn Macau land concessions. The Company expects that the amortization associated with these leasehold interests will be approximately $12.5 million per year from 2020 through 2028 and approximately $9.1 million per year thereafter through 2037. Lessor Arrangements The following table presents the minimum and contingent operating lease income for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Minimum rental income $ 33,643 $ 29,901 $ 100,022 $ 92,204 Contingent rental income 13,589 11,177 40,505 39,795 Total rental income $ 47,232 $ 41,078 $ 140,527 $ 131,999 The following table presents the future minimum rentals to be received under operating leases (in thousands): Years Ending December 31, Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 34,889 2020 144,887 2021 87,673 2022 69,826 2023 53,091 Thereafter 162,779 Total future minimum rentals $ 553,145 |
Leases | Leases Lessee Arrangements The following table summarizes the balance sheet classification of the Company's lease assets and liabilities (in thousands): Balance Sheet Classification September 30, 2019 Assets Operating leases Operating lease assets $ 444,157 Finance leases Property and equipment, net $ 26,411 Current liabilities Operating leases Other accrued liabilities $ 15,802 Finance leases Other accrued liabilities $ 162 Non-current liabilities Operating leases Long-term operating lease liabilities $ 149,970 Finance leases Other long-term liabilities $ 17,789 The following tables disclose the components of the Company's lease cost, supplemental cash flow disclosures, and other information regarding the Company's lease arrangements (dollars in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease cost: Operating lease cost $ 8,367 $ 24,691 Short-term lease cost 6,836 17,576 Amortization of leasehold interests in land 3,416 9,956 Variable lease cost 1,209 3,685 Finance lease interest cost 273 785 Total lease cost $ 20,101 $ 56,693 Nine Months Ended September 30, 2019 Supplemental cash flow disclosures: Operating lease liabilities arising from obtaining operating lease assets $ 29,261 Finance lease liabilities arising from obtaining finance lease assets $ 1,413 Cash paid for amounts included in the measurement of lease liabilities: Cash used in operating activities - Operating leases $ 23,073 Cash used in financing activities - Finance leases $ 36 September 30, 2019 Other information: Weighted-average remaining lease term - Operating leases 37.8 years Weighted-average remaining lease term - Finance leases 42.9 years Weighted-average discount rate - Operating leases 6.5 % Weighted-average discount rate - Finance leases 6.2 % The following table presents an analysis of lease liability maturities (in thousands): Years Ending December 31, Operating Leases Finance Leases 2019 (excluding the nine months ended September 30, 2019) $ 7,988 $ 300 2020 26,424 1,203 2021 21,872 1,203 2022 18,106 1,203 2023 17,149 1,203 Thereafter 481,084 67,490 Total undiscounted cash flows $ 572,623 $ 72,602 Present value Short-term lease liabilities $ 15,802 $ 162 Long-term lease liabilities 149,970 17,789 Total lease liabilities $ 165,772 $ 17,951 Interest on lease liabilities $ 406,851 $ 54,651 Ground Leases Undeveloped Land - Las Vegas The Company leases approximately 16 acres of undeveloped land on Las Vegas Boulevard directly across from Wynn Las Vegas in Las Vegas, Nevada, which expires in 2097. The ground lease payments, which increase at a fixed rate over the term of the lease, are $3.8 million per year until 2023 and total payments of $367.8 million thereafter. As of September 30, 2019 , the liability associated with this lease was $62.5 million . At September 30, 2019 , operating lease assets included approximately $87.2 million related to an amount allocated to the leasehold interest in land upon the acquisition of a group of assets in 2018. The Company expects that the amortization of this amount will be $1.1 million each year from 2020 through 2096 and $0.7 million in 2097. Macau Land Concessions Wynn Palace and Wynn Macau were built on land that is leased under Macau land concession contracts each with terms of 25 years from May 2012 and August 2004, respectively, which may be renewed with government approval for successive 10 -year periods in accordance with Macau legislation. The land concession payments are expected to be $1.6 million per year through 2023 and total payments of $17.0 million thereafter through 2037. At September 30, 2019 , the total liability associated with these leases was $15.7 million . At September 30, 2019 , operating lease assets included $194.2 million of leasehold interests in land related to the Wynn Palace and Wynn Macau land concessions. The Company expects that the amortization associated with these leasehold interests will be approximately $12.5 million per year from 2020 through 2028 and approximately $9.1 million per year thereafter through 2037. Lessor Arrangements The following table presents the minimum and contingent operating lease income for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Minimum rental income $ 33,643 $ 29,901 $ 100,022 $ 92,204 Contingent rental income 13,589 11,177 40,505 39,795 Total rental income $ 47,232 $ 41,078 $ 140,527 $ 131,999 The following table presents the future minimum rentals to be received under operating leases (in thousands): Years Ending December 31, Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 34,889 2020 144,887 2021 87,673 2022 69,826 2023 53,091 Thereafter 162,779 Total future minimum rentals $ 553,145 |
Leases | Leases Lessee Arrangements The following table summarizes the balance sheet classification of the Company's lease assets and liabilities (in thousands): Balance Sheet Classification September 30, 2019 Assets Operating leases Operating lease assets $ 444,157 Finance leases Property and equipment, net $ 26,411 Current liabilities Operating leases Other accrued liabilities $ 15,802 Finance leases Other accrued liabilities $ 162 Non-current liabilities Operating leases Long-term operating lease liabilities $ 149,970 Finance leases Other long-term liabilities $ 17,789 The following tables disclose the components of the Company's lease cost, supplemental cash flow disclosures, and other information regarding the Company's lease arrangements (dollars in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease cost: Operating lease cost $ 8,367 $ 24,691 Short-term lease cost 6,836 17,576 Amortization of leasehold interests in land 3,416 9,956 Variable lease cost 1,209 3,685 Finance lease interest cost 273 785 Total lease cost $ 20,101 $ 56,693 Nine Months Ended September 30, 2019 Supplemental cash flow disclosures: Operating lease liabilities arising from obtaining operating lease assets $ 29,261 Finance lease liabilities arising from obtaining finance lease assets $ 1,413 Cash paid for amounts included in the measurement of lease liabilities: Cash used in operating activities - Operating leases $ 23,073 Cash used in financing activities - Finance leases $ 36 September 30, 2019 Other information: Weighted-average remaining lease term - Operating leases 37.8 years Weighted-average remaining lease term - Finance leases 42.9 years Weighted-average discount rate - Operating leases 6.5 % Weighted-average discount rate - Finance leases 6.2 % The following table presents an analysis of lease liability maturities (in thousands): Years Ending December 31, Operating Leases Finance Leases 2019 (excluding the nine months ended September 30, 2019) $ 7,988 $ 300 2020 26,424 1,203 2021 21,872 1,203 2022 18,106 1,203 2023 17,149 1,203 Thereafter 481,084 67,490 Total undiscounted cash flows $ 572,623 $ 72,602 Present value Short-term lease liabilities $ 15,802 $ 162 Long-term lease liabilities 149,970 17,789 Total lease liabilities $ 165,772 $ 17,951 Interest on lease liabilities $ 406,851 $ 54,651 Ground Leases Undeveloped Land - Las Vegas The Company leases approximately 16 acres of undeveloped land on Las Vegas Boulevard directly across from Wynn Las Vegas in Las Vegas, Nevada, which expires in 2097. The ground lease payments, which increase at a fixed rate over the term of the lease, are $3.8 million per year until 2023 and total payments of $367.8 million thereafter. As of September 30, 2019 , the liability associated with this lease was $62.5 million . At September 30, 2019 , operating lease assets included approximately $87.2 million related to an amount allocated to the leasehold interest in land upon the acquisition of a group of assets in 2018. The Company expects that the amortization of this amount will be $1.1 million each year from 2020 through 2096 and $0.7 million in 2097. Macau Land Concessions Wynn Palace and Wynn Macau were built on land that is leased under Macau land concession contracts each with terms of 25 years from May 2012 and August 2004, respectively, which may be renewed with government approval for successive 10 -year periods in accordance with Macau legislation. The land concession payments are expected to be $1.6 million per year through 2023 and total payments of $17.0 million thereafter through 2037. At September 30, 2019 , the total liability associated with these leases was $15.7 million . At September 30, 2019 , operating lease assets included $194.2 million of leasehold interests in land related to the Wynn Palace and Wynn Macau land concessions. The Company expects that the amortization associated with these leasehold interests will be approximately $12.5 million per year from 2020 through 2028 and approximately $9.1 million per year thereafter through 2037. Lessor Arrangements The following table presents the minimum and contingent operating lease income for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Minimum rental income $ 33,643 $ 29,901 $ 100,022 $ 92,204 Contingent rental income 13,589 11,177 40,505 39,795 Total rental income $ 47,232 $ 41,078 $ 140,527 $ 131,999 The following table presents the future minimum rentals to be received under operating leases (in thousands): Years Ending December 31, Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 34,889 2020 144,887 2021 87,673 2022 69,826 2023 53,091 Thereafter 162,779 Total future minimum rentals $ 553,145 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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. Massachusetts Gaming License Related Actions On September 17, 2014, the Massachusetts Gaming Commission ("MGC") designated Wynn MA, LLC ("Wynn MA") the award winner of the Greater Boston (Region A) gaming license (the "Boston area license"). On November 7, 2014, the gaming license became effective. Massachusetts Gaming Commission Investigation and Adjudicatory Hearing On January 31, 2018, the Investigations & Enforcement Bureau ("IEB") of the MGC announced it had commenced an investigation into the Company's ongoing suitability as a gaming licensee in that jurisdiction related to the alleged inappropriate workplace conduct by the Company’s former CEO Stephen A. Wynn. The Company fully cooperated with the IEB's investigation. After a three-day adjudicatory hearing before the MGC, the MGC concluded that the Company and Wynn MA are suitable to maintain a Massachusetts gaming license, subject to a fine of $35.0 million , which the Company paid during the three months ended June 30, 2019, and the Company's fulfillment of other conditions set forth in the MGC decision. Revere Action On October 16, 2014, the City of Revere, the host community to the unsuccessful bidder for the Boston area license, the International Brotherhood of Electrical Workers, Local 103 ("IBEW"), and several individuals, filed a complaint against the MGC and its gaming commissioners in Suffolk Superior Court in Boston, Massachusetts (the "Revere Action"). Mohegan Sun ("Mohegan") the other applicant for the Boston area license, joined the lawsuit and challenged the MGC's award of the Boston area license. On December 3, 2015, the court granted the MGC's motion to dismiss the claims asserted in the Revere Action and the court dismissed all claims except Mohegan's claim alleging procedural error by the MGC in granting the license to Wynn MA. The plaintiffs appealed. After multiple appeals and cross appeals, only two claims remained: (1) individual plaintiffs' claim for violation of the open meeting laws; and (2) Mohegan's claim for procedural error. On July 12, 2019, the Suffolk Superior Court granted the MGC's motion for summary judgment and dismissed the open meeting law claim, leaving only Mohegan's procedural claim. On August 2, 2019, Mohegan filed a motion to file a second amended complaint, to add new claims related to the MGC's allegedly inadequate 2013 investigation, using information, documents and testimony from the Massachusetts Gaming Commission Investigation and Adjudicatory Hearing. On October 15, 2019, the court granted Mohegan's motion to amend and allowed it to file a second amended intervenor's complaint. Wynn MA was not named in the Revere Action. The MGC retained private legal representation at its own nontaxpayer-funded expense. Suffolk Action On September 17, 2018, Sterling Suffolk Racecourse, LLC, owner of the property proposed for location of a casino by an unsuccessful bidder for the Boston area license filed a complaint in the United States District Court, District of Massachusetts, against the Company, Wynn MA, certain current and former officers of the Company, FBT Everett Realty, LLC, former owner of the land on which Encore Boston Harbor is located ("FBT"), and Paul Lohnes, a member of FBT. The complaint alleges, among other things, the defendants violated the RICO Act, conspired to circumvent the application process for the Boston area license and violated Massachusetts law with respect to unfair methods of competition. The plaintiff seeks $1.0 billion in compensatory damages and treble damages. All defendants filed motions to dismiss the complaint. On May 7, 2019, the court held a hearing on the motions to dismiss and stayed all discovery pending a decision on the motions. The Company will vigorously defend against the claims asserted. This action is 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 this action or the range of reasonably possible loss, if any. Nevada Gaming Control Board Investigation On January 25, 2019, the Nevada Gaming Control Board filed a complaint against the Company and its indirect subsidiary, Wynn Las Vegas, LLC ("NGCB Respondents"), related to the alleged inappropriate personal conduct by Stephen A. Wynn in the workplace. Simultaneously, the NGCB Respondents entered into a Stipulation for Settlement of the complaint, under which, among other things, the NGCB Respondents agreed to pay a fine in an amount to be determined by the Nevada Gaming Commission, and the Nevada Gaming Control Board agreed not to seek to revoke or limit the NGCB Respondents' licenses, findings of suitability or any other gaming approvals. On February 26, 2019, the Nevada Gaming Commission approved the Stipulation for Settlement and fined the Company $20.0 million , which was paid during the three months ended March 31, 2019. Derivative Litigation A number of stockholder derivative actions have been filed in state and federal court located in Clark County, Nevada against certain current and former members of the Company's Board of Directors and, in some cases, the Company's current and former officers. Each of the complaints alleges, among other things, breach of fiduciary duties in failing to detect, prevent and remedy alleged inappropriate personal conduct by Stephen A. Wynn in the workplace. On September 19, 2018, the Board established a Special Litigation Committee (the "SLC") to investigate the allegations in the State Derivative Case (as defined below). The actions filed in the Eighth Judicial District Court of Clark County, Nevada have been consolidated as In re Wynn Resorts, Ltd. Derivative Litigation ("State Derivative Case"). On October 26, 2018, the SLC filed a motion to intervene and stay the State Derivative Case pending completion of its investigation, which the court granted (the "SLC Stay"). A status hearing considering a number of matters related to the State Derivative Case is scheduled for November 13, 2019. In 2018, several actions filed in the United States District Court, District of Nevada were consolidated as In re Wynn Resorts, Ltd. Derivative Litigation ("Federal Derivative Case"), which also claim corporate waste and violation of Section 14(a) of the Exchange Act. In June 2018, the Company filed a motion to dismiss and a motion to stay pending resolution of the Securities Action (described below). On March 29, 2019, the Court granted the Company's request for a stay. On March 25, 2019, a separate stockholder derivative action was filed in the United States District Court, District of Nevada alleging identical causes of action as the Federal Derivative Case with the additional allegation that the Board of Directors improperly refused the stockholder's demand to commence litigation against the officers and directors of the Company. On June 10, 2019, the Company filed a motion to dismiss, or alternatively to consolidate this action into the Federal Derivative Case, which is stayed. The motion is currently pending before the court. On June 3, 2019, a separate stockholder derivative action was filed in the Eighth Judicial District Court of Clark County, Nevada alleging substantially similar causes of action as the State Derivative Case with the additional allegation that various of the Company's attorneys committed professional malpractice, and certain current and former executives also breached fiduciary duties and aided and abetted the breach of fiduciary duties, in connection with the alleged inappropriate personal conduct by Stephen A. Wynn in the workplace. On July 26, 2019, the plaintiff voluntarily dismissed Matt Maddox, Stephen A. Wynn, Kimmarie Sinatra, John J. Hagenbuch, Ray R. Irani, Jay L. Johnson, Robert J. Miller, Patricia Mulroy, Clark T. Randt, Jr., Alvin V. Shoemaker, J. Edward Virtue, D. Boone Wayson, and one of the Company's law firms from the action. On September 19, 2019, the court entered an order consolidating this action into the State Derivative Case, the effect of which the Company is seeking clarification. 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. Individual Stockholder Actions A number of stockholders have filed individual actions in the Eighth Judicial District Court of Clark County, Nevada against certain current and former members of the Company's Board of Directors and certain of the Company's current and former officers ("Individual Stockholder Actions"). Each of the complaints alleges that defendants, among other things, breached their fiduciary duties in failing to detect, prevent and remedy alleged inappropriate personal conduct by Stephen A. Wynn in the workplace causing injury to each of the individual stockholders. On January 29, 2019, the defendants filed motions to dismiss each of the Individual Stockholder Actions. The court held a hearing on defendants' motions to dismiss on September 18, 2019, and took the matter under advisement. Securities Action On February 20, 2018, a putative 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 (which was subsequently transferred to the United States District Court, District of Nevada) 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 have filed motions to dismiss, which are currently pending before the court. 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. Aruze and Affiliates Litigation On February 18, 2012, the Board of Directors of Wynn Resorts determined that Universal Entertainment Corp., Aruze (together with Universal Entertainment Corp, the "Universal Parties") and Kazuo Okada, and the related parties (collectively, the "Okada Parties") were "unsuitable persons" under the Company's articles and 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 next day, Wynn Resorts filed an action alleging breaches of fiduciary duty and related claims (the "Redemption Action"). The Okada Parties denied the claims and asserted counterclaims. On March 8, 2018, the Company entered into a settlement agreement (the "Settlement Agreement") by and between the Company and its individual directors and officers (the "Wynn Parties"), and the Universal Parties. The Settlement Agreement resolved all legal proceedings pending between the settling parties in the Redemption Action. The Universal Parties further released any claims against the Wynn Parties and their affiliates in any other jurisdiction, including a proceeding pending in Macau against Wynn Resorts (Macau) S.A. ("Wynn Macau SA") and certain related individuals ("Macau Litigation"). Subsequently the Company voluntarily dismissed its claim for breach of fiduciary duty against Kazuo Okada. In 2015, 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 or WML (collectively, the "Wynn Macau Parties"). On July 11, 2017, the Macau Court dismissed all of the Okada Parties' claims as unfounded, fined the Okada Parties, 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 formally appealed in Macau. On February 21, 2019, the Macau Appellate Panel dismissed the appeal. Mr. Okada, who was at that time the only remaining claimant after the Universal Parties' withdrawal pursuant to the Settlement Agreement, failed to appeal within the prescribed time, resulting in the final resolution of the lawsuit in favor of the Wynn Macau Parties. 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 by the IBEW Local 98 Pension Fund and Danny Hinson (collectively, the "Derivative Plaintiffs") regarding the Redemption Action. On March 15, 2019, the parties filed a stipulation and order to dismiss |
Retail Joint Venture
Retail Joint Venture | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Retail Joint Venture | Retail Joint Venture As of September 30, 2019 and December 31, 2018 , the Retail Joint Venture had total assets of $95.3 million and $85.0 million , respectively, and total liabilities of $629.3 million and $619.6 million , respectively. As of September 30, 2019 and December 31, 2018 , the Retail Joint Venture's liabilities included long-term debt of $611.6 million and $611.1 million , respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company reviews the results of operations for each of its operating segments, and identifies reportable segments based upon factors such as geography, regulatory environment, and the Company's organizational and management reporting structure. 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, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture are managed as a single integrated resort and have been aggregated as one reportable segment ("Las Vegas Operations"). On June 23, 2019, the Company opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts. Encore Boston Harbor is presented as one reportable segment. The Company also reviews construction and development activities for each of its projects under development, in addition to its reportable segments. Other Macau primarily represents the assets for the Company's Macau holding company. The following tables present the Company's segment information (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Operating revenues Macau Operations: Wynn Palace Casino $ 497,657 $ 625,586 $ 1,649,377 $ 1,719,072 Rooms 44,884 44,296 131,382 125,461 Food and beverage 30,256 27,619 87,691 80,519 Entertainment, retail and other (1) 25,374 33,071 85,259 91,952 598,171 730,572 1,953,709 2,017,004 Wynn Macau Casino 408,820 503,557 1,340,266 1,515,859 Rooms 26,740 28,091 82,071 83,575 Food and beverage 19,584 17,693 60,688 55,193 Entertainment, retail and other (1) 19,137 30,279 61,621 86,518 474,281 579,620 1,544,646 1,741,145 Total Macau Operations 1,072,452 1,310,192 3,498,355 3,758,149 Las Vegas Operations: Casino 87,002 92,886 318,439 329,264 Rooms 116,072 110,657 362,715 350,369 Food and beverage 149,708 148,562 438,525 445,251 Entertainment, retail and other (1) 46,724 46,775 145,002 147,041 Total Las Vegas Operations 399,506 398,880 1,264,681 1,271,925 Encore Boston Harbor: Casino 114,885 — 127,886 — Rooms 18,180 — 19,785 — Food and beverage 28,960 — 32,845 — Entertainment, retail and other (1) 13,779 — 14,088 — Total Encore Boston Harbor 175,804 — 194,604 — Total operating revenues $ 1,647,762 $ 1,709,072 $ 4,957,640 $ 5,030,074 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Adjusted Property EBITDA (2) Macau Operations: Wynn Palace $ 162,167 $ 226,141 $ 551,918 $ 617,317 Wynn Macau 138,989 182,928 478,751 565,677 Total Macau Operations 301,156 409,069 1,030,669 1,182,994 Las Vegas Operations 88,046 95,298 333,747 362,051 Encore Boston Harbor 7,744 — 7,890 — Total 396,946 504,367 1,372,306 1,545,045 Other operating expenses Litigation settlement — — — 463,557 Pre-opening 1,616 13,714 99,212 35,255 Depreciation and amortization 172,998 137,458 449,824 411,685 Property charges and other 8,216 18,830 17,920 30,672 Corporate expenses and other 26,005 31,763 123,849 86,350 Stock-based compensation (3) 10,276 11,619 29,774 28,265 Total other operating expenses 219,111 213,384 720,579 1,055,784 Operating income 177,835 290,983 651,727 489,261 Other non-operating income and expenses Interest income 6,427 6,948 19,979 21,029 Interest expense, net of amounts capitalized (114,652 ) (93,007 ) (300,981 ) (281,132 ) Change in derivatives fair value (2,101 ) (54 ) (6,914 ) (54 ) Change in Redemption Note fair value — — — (69,331 ) (Loss) gain on extinguishment of debt (12,196 ) (198 ) (12,196 ) 2,131 Other (8,703 ) 11,216 (3,346 ) 1,039 Total other non-operating income and expenses (131,225 ) (75,095 ) (303,458 ) (326,318 ) Income before income taxes 46,610 215,888 348,269 162,943 Benefit (provision) for income taxes (19,727 ) 3,884 (19,421 ) 124,631 Net income 26,883 219,772 328,848 287,574 Net income attributable to noncontrolling interests (30,379 ) (63,657 ) (132,921 ) (180,010 ) Net income (loss) attributable to Wynn Resorts, Limited $ (3,496 ) $ 156,115 $ 195,927 $ 107,564 (1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 13 , "Leases". (2) Adjusted Property EBITDA is net income (loss) before interest, income taxes, depreciation and amortization, litigation settlement expense, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other, stock-based compensation, (loss) gain on extinguishment of debt, change in derivatives fair value, change in Redemption Note fair value and other non-operating income and expenses. 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 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 us, 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, the Company's calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. (3) Excludes $0.7 million included in pre-opening expenses for the nine months ended September 30, 2019 , and $0.2 million and $0.5 million for the three and nine months ended September 30, 2018, respectively. September 30, December 31, Assets Macau Operations: Wynn Palace $ 3,730,804 $ 3,858,904 Wynn Macau 1,680,088 1,903,921 Other Macau 71,485 68,487 Total Macau Operations 5,482,377 5,831,312 Las Vegas Operations 2,835,398 2,792,508 Encore Boston Harbor 2,481,267 1,865,286 Corporate and other 2,478,016 2,727,163 Total $ 13,277,058 $ 13,216,269 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 15 "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated. |
Lessee Arrangements | Lessee Arrangements The Company is the lessee under non-cancelable real estate and equipment leases. Beginning on January 1, 2019 (the date of the Company's adoption of Topic 842, as defined and discussed further in "Recently Adopted Accounting Standards"), operating lease assets and liabilities are measured and recorded upon lease commencement at the present value of the future minimum lease payments. The Company combines lease and nonlease components in its determination of minimum lease payments, except for certain asset classes that have significant nonlease components. As the interest rate implicit in its leases is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of lease payments. The Company does not record an asset or liability for operating leases with a term of less than one year. Variable lease costs generally arise from changes in an index, such as the consumer price index. Variable lease costs are expensed as incurred and are not included in the determination of lease assets or liabilities. Prior to the adoption of Topic 842 on January 1, 2019, the Company did not record an asset or liability for any of its operating leases. |
Lessor Arrangements | Lessor Arrangements The Company is the lessor under non-cancelable operating leases for retail and food and beverage outlet space at its integrated resorts, which represents approximately 101,000 , 59,000 , 142,000 , and 36,000 square feet of space at Wynn Palace, Wynn Macau, Wynn Las Vegas, and Encore Boston Harbor, respectively. The lease arrangements generally include minimum base rent and contingent rental clauses based on a percentage of net sales. Generally, the terms of the leases range between five and 10 years . The Company records revenue on a straight-line basis over the term of the lease, and recognizes revenue for contingent rentals when the contingency has been resolved. The Company has elected to combine lease and nonlease components for the purpose of measuring lease revenue. Revenue is recorded in entertainment, retail and other revenue on the Condensed Consolidated Statements of Operations . |
Gaming Taxes | Gaming Taxes The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations |
Pre-opening Expenses | Pre-opening expenses |
Recently Issued and Adopted Accounting Standards | Recently Adopted Accounting Standards Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases ("Topic 842"), which requires recognition of lease assets and liabilities on the balance sheet and disclosure of additional information about leasing activities. The Company adopted this standard using a modified retrospective transition approach with an initial application date of January 1, 2019. As a result, prior periods were not retrospectively adjusted and are not comparable to current periods. The Company elected the practical expedient permitting lessees to carry forward historical lease classifications for existing arrangements. The following is a summary of the significant impacts on the Company's balance sheet as of January 1, 2019 : • The Company recognized operating lease assets and liabilities of $154.1 million , which represented the discounted future minimum lease payments of all existing leases on the initial application date. • The net carrying amount of a definite-lived intangible asset, which related to a leasehold interest in land and totaled $88.1 million , was reclassified to operating lease assets. • Leasehold interests in land, net, which totaled $206.9 million , were reclassified to operating lease assets from property and equipment, net. • Certain other initial direct cost assets, prepaid lease assets, and deferred rent accrued liabilities were reclassified to operating lease assets. As the Company elected to carry forward historical lease classifications, an arrangement concluded to contain a capital lease under the previous standard was deemed a finance lease under Topic 842, with no resultant change in accounting other than the reclassification of associated initial direct costs from other assets to property and equipment, net. There was no impact on the Company's operating income, net income or cash flows as a result of adopting Topic 842. Accounting Standards Issued But Not Yet Adopted Financial Instruments - Credit Losses The FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash consisted of the following (in thousands): September 30, December 31, Cash and cash equivalents: Cash (1) $ 1,191,948 $ 1,455,744 Cash equivalents (2) 484,162 759,257 Total cash and cash equivalents 1,676,110 2,215,001 Restricted cash (3) 6,182 4,322 Total cash, cash equivalents and restricted cash $ 1,682,292 $ 2,219,323 (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan. |
Schedule of Restricted Cash and Cash Equivalents | Cash, cash equivalents and restricted cash consisted of the following (in thousands): September 30, December 31, Cash and cash equivalents: Cash (1) $ 1,191,948 $ 1,455,744 Cash equivalents (2) 484,162 759,257 Total cash and cash equivalents 1,676,110 2,215,001 Restricted cash (3) 6,182 4,322 Total cash, cash equivalents and restricted cash $ 1,682,292 $ 2,219,323 (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. |
Receivables, net (Tables)
Receivables, net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Receivables, net | Receivables, net consisted of the following (in thousands): September 30, December 31, Casino $ 239,813 $ 229,594 Hotel 21,272 22,086 Other 58,407 57,658 319,492 309,338 Less: allowance for doubtful accounts (32,881 ) (32,694 ) $ 286,611 $ 276,644 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): September 30, December 31, Buildings and improvements $ 9,288,609 $ 7,707,467 Land and improvements 1,225,849 1,141,032 Furniture, fixtures and equipment 2,923,900 2,288,370 Leasehold interests in land — 313,516 Airplanes 110,623 110,623 Construction in progress 445,098 1,912,801 13,994,079 13,473,809 Less: accumulated depreciation (4,372,811 ) (4,087,889 ) $ 9,621,268 $ 9,385,920 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following (in thousands): September 30, December 31, Macau Related: Wynn Macau Credit Facilities: Senior Term Loan Facility, due 2022 (1) $ 2,295,759 $ 2,296,999 Senior Revolving Credit Facility, due 2022 (2) 448,982 623,921 4 7/8% Senior Notes, due 2024 600,000 600,000 5 1/2% Senior Notes, due 2027 750,000 750,000 U.S. and Corporate Related: WRF Senior Secured Credit Facilities (3) : WRF Term Loan, due 2024 1,000,000 — WRF Revolver, due 2024 25,000 — WLV 4 1/4% Senior Notes, due 2023 500,000 500,000 WLV 5 1/2% Senior Notes, due 2025 1,780,000 1,780,000 WLV 5 1/4% Senior Notes, due 2027 880,000 880,000 WRF 5 1/8% Senior Notes, due 2029 750,000 — Retail Term Loan, due 2025 (4) 615,000 615,000 Wynn America Senior Term Loan Facility, due 2021 (5) — 994,780 Wynn Resorts Term Loan, due 2024 (5) — 500,000 9,644,741 9,540,700 Less: Unamortized debt issuance costs and original issue discounts and premium, net (106,778 ) (117,600 ) 9,537,963 9,423,100 Less: Current portion of long-term debt (116,118 ) (11,960 ) Total long-term debt, net of current portion $ 9,421,845 $ 9,411,140 (1) Approximately $1.31 billion and $990.8 million of the Wynn Macau Senior Term Loan Facility bears interest at a rate of LIBOR plus 1.75% per year and HIBOR plus 1.75% per year, respectively. As of September 30, 2019 , the weighted average interest rate was approximately 3.73% . (2) Approximately $256.5 million and $192.4 million of the Wynn Macau Senior Revolving Credit Facility bears interest at a rate of LIBOR plus 1.75% per year and HIBOR plus 1.75% per year, respectively. As of September 30, 2019 , the weighted average interest rate was approximately 3.80% , and the available borrowing capacity was $298.3 million . (3) The Wynn Resorts Finance Credit Facilities bear interest at a rate of LIBOR plus 1.75% per year. As of September 30, 2019 , the interest rate was 3.80% . Additionally, as of September 30, 2019 , the available borrowing capacity under the Revolving Credit Facility was $806.9 million , net of $18.1 million in outstanding letters of credit. (4) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of September 30, 2019 , the interest rate was 3.80% . (5) The Wynn America Credit Facilities, which included the Wynn America Senior Term Loan Facility, and the Wynn Resorts Term Loan were prepaid in full on September 20, 2019, in connection with the Refinancing Transactions, as defined and discussed below. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [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 loss of the Company (in thousands): Foreign January 1, 2019 $ (1,950 ) Change in net unrealized loss (750 ) Other comprehensive loss (750 ) September 30, 2019 $ (2,700 ) Foreign Unrealized Redemption Note Total January 1, 2018 $ (553 ) $ (1,292 ) $ — $ (1,845 ) Cumulative credit risk adjustment (1) — — (9,211 ) (9,211 ) Change in net unrealized loss (1,530 ) (1,510 ) 7,690 4,650 Amounts reclassified to net income (2) — 2,802 1,521 4,323 Other comprehensive income (loss) (1,530 ) 1,292 9,211 8,973 September 30, 2018 $ (2,083 ) $ — $ — $ (2,083 ) (1) On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments . The adjustment to the beginning balance represents the cumulative effect of the change in instrument-specific credit risk on the Redemption Note. (2) The amounts reclassified to net income include $1.8 million for other-than-temporary impairment losses and $1.0 million in realized losses, both related to investment securities, and a $1.5 million realized gain related to the repayment of the Redemption Note. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Carried at Fair Value | The following tables present assets and liabilities carried at fair value (in thousands): Fair Value Measurements Using: September 30, Quoted Other Unobservable Assets: Cash equivalents $ 484,162 — $ 484,162 — Restricted cash $ 6,182 $ 2,041 $ 4,141 — Liabilities: Interest rate collar $ 7,533 — $ 7,533 — Fair Value Measurements Using: December 31, Quoted Other Unobservable Assets: Cash equivalents $ 759,257 — $ 759,257 — Restricted cash $ 4,322 $ 2,015 $ 2,307 — Liabilities: Interest rate collar $ 619 — $ 619 — |
Customer Contract Liabilities (
Customer Contract Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition [Abstract] | |
Schedule of Customer Contract Liabilities | The Company's primary liabilities associated with customer contracts are as follows (in thousands): September 30, 2019 December 31, 2018 Increase/ (Decrease) September 30, 2018 December 31, 2017 Increase/ (Decrease) Casino outstanding chips and front money deposits (1) $ 907,598 $ 905,561 $ 2,037 $ 785,988 $ 991,957 $ (205,969 ) Advance room deposits and ticket sales (2) 43,086 42,197 889 42,036 48,065 (6,029 ) Other gaming-related liabilities (3) 9,297 12,694 (3,397 ) 13,644 12,765 879 Loyalty program and related liabilities (4) 22,918 18,148 4,770 18,756 18,421 335 $ 982,899 $ 978,600 $ 4,299 $ 860,424 $ 1,071,208 $ (210,784 ) (1) Casino outstanding chips represent amounts owed to gaming promoters and customers for chips in their possession, and casino front money deposits represent funds deposited by customers before gaming play occurs. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and may be recognized as revenue or redeemed for cash in the future. (2) Advance room deposits and ticket sales represent cash received in advance for goods or services to be provided in the future. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and will be recognized as revenue when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenue and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenue within one year. (3) Other gaming-related liabilities generally represent unpaid wagers primarily in the form of unredeemed slot, race and sportsbook tickets or wagers for future sporting events. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets. (4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets and are expected to be recognized as revenue within one year of being earned by customers. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation Allocated Costs | The total compensation cost for stock-based compensation plans was recorded as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Casino $ 1,880 $ 1,305 $ 6,254 $ 4,432 Rooms 296 108 737 314 Food and beverage 372 258 1,181 868 Entertainment, retail and other 9 34 115 111 General and administrative 7,719 9,914 21,487 22,540 Pre-opening — 213 670 497 Total stock-based compensation expense 10,276 11,832 30,444 28,762 Total stock-based compensation capitalized 81 — 228 6 Total stock-based compensation costs $ 10,357 $ 11,832 $ 30,672 $ 28,768 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Shares used in Calculation of Earnings Per Share | The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income (loss) attributable to Wynn Resorts, Limited $ (3,496 ) $ 156,115 $ 195,927 $ 107,564 Denominator: Weighted average common shares outstanding 106,707 108,064 106,791 106,162 Potential dilutive effect of stock options and restricted stock — 469 233 559 Weighted average common and common equivalent shares outstanding 106,707 108,533 107,024 106,721 Net income (loss) attributable to Wynn Resorts, Limited per common share, basic $ (0.03 ) $ 1.44 $ 1.83 $ 1.01 Net income (loss) attributable to Wynn Resorts, Limited per common share, diluted $ (0.03 ) $ 1.44 $ 1.83 $ 1.01 Anti-dilutive stock options and restricted stock excluded from the calculation of diluted net income per share 850 234 379 109 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Summary of Lease Assets and Liabilities | The following table summarizes the balance sheet classification of the Company's lease assets and liabilities (in thousands): Balance Sheet Classification September 30, 2019 Assets Operating leases Operating lease assets $ 444,157 Finance leases Property and equipment, net $ 26,411 Current liabilities Operating leases Other accrued liabilities $ 15,802 Finance leases Other accrued liabilities $ 162 Non-current liabilities Operating leases Long-term operating lease liabilities $ 149,970 Finance leases Other long-term liabilities $ 17,789 |
Schedule of Lease Cost and Other Information | The following tables disclose the components of the Company's lease cost, supplemental cash flow disclosures, and other information regarding the Company's lease arrangements (dollars in thousands): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Lease cost: Operating lease cost $ 8,367 $ 24,691 Short-term lease cost 6,836 17,576 Amortization of leasehold interests in land 3,416 9,956 Variable lease cost 1,209 3,685 Finance lease interest cost 273 785 Total lease cost $ 20,101 $ 56,693 Nine Months Ended September 30, 2019 Supplemental cash flow disclosures: Operating lease liabilities arising from obtaining operating lease assets $ 29,261 Finance lease liabilities arising from obtaining finance lease assets $ 1,413 Cash paid for amounts included in the measurement of lease liabilities: Cash used in operating activities - Operating leases $ 23,073 Cash used in financing activities - Finance leases $ 36 September 30, 2019 Other information: Weighted-average remaining lease term - Operating leases 37.8 years Weighted-average remaining lease term - Finance leases 42.9 years Weighted-average discount rate - Operating leases 6.5 % Weighted-average discount rate - Finance leases 6.2 % |
Schedule of Operating Lease Maturity Analysis | The following table presents an analysis of lease liability maturities (in thousands): Years Ending December 31, Operating Leases Finance Leases 2019 (excluding the nine months ended September 30, 2019) $ 7,988 $ 300 2020 26,424 1,203 2021 21,872 1,203 2022 18,106 1,203 2023 17,149 1,203 Thereafter 481,084 67,490 Total undiscounted cash flows $ 572,623 $ 72,602 Present value Short-term lease liabilities $ 15,802 $ 162 Long-term lease liabilities 149,970 17,789 Total lease liabilities $ 165,772 $ 17,951 Interest on lease liabilities $ 406,851 $ 54,651 |
Schedule of Finance Lease Maturity Analysis | The following table presents an analysis of lease liability maturities (in thousands): Years Ending December 31, Operating Leases Finance Leases 2019 (excluding the nine months ended September 30, 2019) $ 7,988 $ 300 2020 26,424 1,203 2021 21,872 1,203 2022 18,106 1,203 2023 17,149 1,203 Thereafter 481,084 67,490 Total undiscounted cash flows $ 572,623 $ 72,602 Present value Short-term lease liabilities $ 15,802 $ 162 Long-term lease liabilities 149,970 17,789 Total lease liabilities $ 165,772 $ 17,951 Interest on lease liabilities $ 406,851 $ 54,651 |
Schedule of Minimum and Contingent Operating Lease Income | The following table presents the minimum and contingent operating lease income for the periods presented (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Minimum rental income $ 33,643 $ 29,901 $ 100,022 $ 92,204 Contingent rental income 13,589 11,177 40,505 39,795 Total rental income $ 47,232 $ 41,078 $ 140,527 $ 131,999 |
Schedule of Future Minimum Rentals to be Received Under Operating Leases | The following table presents the future minimum rentals to be received under operating leases (in thousands): Years Ending December 31, Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 34,889 2020 144,887 2021 87,673 2022 69,826 2023 53,091 Thereafter 162,779 Total future minimum rentals $ 553,145 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Operations by Segment | The following tables present the Company's segment information (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Operating revenues Macau Operations: Wynn Palace Casino $ 497,657 $ 625,586 $ 1,649,377 $ 1,719,072 Rooms 44,884 44,296 131,382 125,461 Food and beverage 30,256 27,619 87,691 80,519 Entertainment, retail and other (1) 25,374 33,071 85,259 91,952 598,171 730,572 1,953,709 2,017,004 Wynn Macau Casino 408,820 503,557 1,340,266 1,515,859 Rooms 26,740 28,091 82,071 83,575 Food and beverage 19,584 17,693 60,688 55,193 Entertainment, retail and other (1) 19,137 30,279 61,621 86,518 474,281 579,620 1,544,646 1,741,145 Total Macau Operations 1,072,452 1,310,192 3,498,355 3,758,149 Las Vegas Operations: Casino 87,002 92,886 318,439 329,264 Rooms 116,072 110,657 362,715 350,369 Food and beverage 149,708 148,562 438,525 445,251 Entertainment, retail and other (1) 46,724 46,775 145,002 147,041 Total Las Vegas Operations 399,506 398,880 1,264,681 1,271,925 Encore Boston Harbor: Casino 114,885 — 127,886 — Rooms 18,180 — 19,785 — Food and beverage 28,960 — 32,845 — Entertainment, retail and other (1) 13,779 — 14,088 — Total Encore Boston Harbor 175,804 — 194,604 — Total operating revenues $ 1,647,762 $ 1,709,072 $ 4,957,640 $ 5,030,074 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Adjusted Property EBITDA (2) Macau Operations: Wynn Palace $ 162,167 $ 226,141 $ 551,918 $ 617,317 Wynn Macau 138,989 182,928 478,751 565,677 Total Macau Operations 301,156 409,069 1,030,669 1,182,994 Las Vegas Operations 88,046 95,298 333,747 362,051 Encore Boston Harbor 7,744 — 7,890 — Total 396,946 504,367 1,372,306 1,545,045 Other operating expenses Litigation settlement — — — 463,557 Pre-opening 1,616 13,714 99,212 35,255 Depreciation and amortization 172,998 137,458 449,824 411,685 Property charges and other 8,216 18,830 17,920 30,672 Corporate expenses and other 26,005 31,763 123,849 86,350 Stock-based compensation (3) 10,276 11,619 29,774 28,265 Total other operating expenses 219,111 213,384 720,579 1,055,784 Operating income 177,835 290,983 651,727 489,261 Other non-operating income and expenses Interest income 6,427 6,948 19,979 21,029 Interest expense, net of amounts capitalized (114,652 ) (93,007 ) (300,981 ) (281,132 ) Change in derivatives fair value (2,101 ) (54 ) (6,914 ) (54 ) Change in Redemption Note fair value — — — (69,331 ) (Loss) gain on extinguishment of debt (12,196 ) (198 ) (12,196 ) 2,131 Other (8,703 ) 11,216 (3,346 ) 1,039 Total other non-operating income and expenses (131,225 ) (75,095 ) (303,458 ) (326,318 ) Income before income taxes 46,610 215,888 348,269 162,943 Benefit (provision) for income taxes (19,727 ) 3,884 (19,421 ) 124,631 Net income 26,883 219,772 328,848 287,574 Net income attributable to noncontrolling interests (30,379 ) (63,657 ) (132,921 ) (180,010 ) Net income (loss) attributable to Wynn Resorts, Limited $ (3,496 ) $ 156,115 $ 195,927 $ 107,564 (1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 13 , "Leases". (2) Adjusted Property EBITDA is net income (loss) before interest, income taxes, depreciation and amortization, litigation settlement expense, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other, stock-based compensation, (loss) gain on extinguishment of debt, change in derivatives fair value, change in Redemption Note fair value and other non-operating income and expenses. 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 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 us, 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, the Company's calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. (3) Excludes $0.7 million included in pre-opening expenses for the nine months ended September 30, 2019 , and $0.2 million and $0.5 million for the three and nine months ended September 30, 2018, respectively. |
Summary of Assets by Segment | September 30, December 31, Assets Macau Operations: Wynn Palace $ 3,730,804 $ 3,858,904 Wynn Macau 1,680,088 1,903,921 Other Macau 71,485 68,487 Total Macau Operations 5,482,377 5,831,312 Las Vegas Operations 2,835,398 2,792,508 Encore Boston Harbor 2,481,267 1,865,286 Corporate and other 2,478,016 2,727,163 Total $ 13,277,058 $ 13,216,269 |
Organization - Additional Infor
Organization - Additional Information (Details) ft² in Thousands | Sep. 30, 2019ft² |
Wynn Las Vegas | |
Organization and Basis of Presentation [Line Items] | |
Functional area square footage under construction | 430 |
State-of-the art meeting and convention space square footage | 217 |
Wynn Palace and Wynn Macau | |
Organization and Basis of Presentation [Line Items] | |
Percentage of ownership | 72.00% |
Wynn Palace and Wynn Macau | Wynn Asia | |
Organization and Basis of Presentation [Line Items] | |
Percentage of ownership | 72.00% |
Wynn Las Vegas | |
Organization and Basis of Presentation [Line Items] | |
Percentage of ownership | 100.00% |
Retail Joint Venture | |
Organization and Basis of Presentation [Line Items] | |
Percentage of ownership | 50.10% |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) ft² in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)ft² | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jan. 01, 2019USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |||||
Gaming tax expenses | $ | $ 543.9 | $ 638.4 | $ 1,690 | $ 1,810 | |
Accounting Standards Update 2016-02 | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Operating lease assets and liabilities | $ | $ 154.1 | ||||
Definite-lived intangible assets reclassified to operating lease assets | $ | 88.1 | ||||
Property and equipment, net reclassified to operating lease assets | $ | $ 206.9 | ||||
Minimum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Terms of lease contracts | 5 years | 5 years | |||
Maximum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Terms of lease contracts | 10 years | 10 years | |||
Wynn Palace | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Square footage of non-cancelable operating leases | ft² | 101 | ||||
Wynn Macau | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Square footage of non-cancelable operating leases | ft² | 59 | ||||
Wynn Las Vegas | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Square footage of non-cancelable operating leases | ft² | 142 | ||||
Encore Boston Harbor | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Square footage of non-cancelable operating leases | ft² | 36 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||||
Cash | $ 1,191,948 | $ 1,455,744 | ||
Cash equivalents | 484,162 | 759,257 | ||
Total cash and cash equivalents | 1,676,110 | 2,215,001 | ||
Restricted cash | 6,182 | 4,322 | ||
Total cash, cash equivalents and restricted cash | $ 1,682,292 | $ 2,219,323 | $ 1,953,000 | $ 2,806,634 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 319,492 | $ 309,338 |
Less: allowance for doubtful accounts | (32,881) | (32,694) |
Receivables, net | $ 286,611 | $ 276,644 |
Geographic Concentration Risk | Receivables | Outside the United States, primarily Asia | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of markers due from customers | 80.20% | 85.00% |
Casino | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 239,813 | $ 229,594 |
Hotel | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 21,272 | 22,086 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 58,407 | $ 57,658 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||||
Land and Land Improvements | $ 1,225,849 | $ 1,225,849 | $ 1,141,032 | ||
Land and improvements | 9,288,609 | 9,288,609 | 7,707,467 | ||
Furniture, fixtures and equipment | 110,623 | 110,623 | 110,623 | ||
Leasehold interests in land | 2,923,900 | 2,923,900 | 2,288,370 | ||
Airplanes | 0 | 0 | 313,516 | ||
Construction in progress | 445,098 | 445,098 | 1,912,801 | ||
Property and equipment, gross | 13,994,079 | 13,994,079 | 13,473,809 | ||
Less: accumulated depreciation | (4,372,811) | (4,372,811) | (4,087,889) | ||
Property and equipment, net | 9,621,268 | 9,621,268 | $ 9,385,920 | ||
Capitalized interest | $ 3,300 | $ 16,200 | $ 50,200 | $ 37,700 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 9,644,741 | $ 9,540,700 |
Less: Unamortized debt issuance costs and original issue discounts and premium, net | (106,778) | (117,600) |
Long-term debt total | 9,537,963 | 9,423,100 |
Less: Current portion of long-term debt | (116,118) | (11,960) |
Total long-term debt, net of current portion | 9,421,845 | 9,411,140 |
Wynn Resorts Term Loan, due 2024 | Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0 | 500,000 |
Wynn Macau | Senior Term Loan Facility, due 2022 | Senior Secured Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 2,295,759 | 2,296,999 |
Wynn Macau | Senior Revolving Credit Facility, due 2022 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 448,982 | 623,921 |
Wynn Macau, Limited | 4 7/8% Senior Notes, due 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 600,000 | 600,000 |
Stated interest rate | 4.875% | |
Wynn Macau, Limited | 5 1/2% Senior Notes, due 2027 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 750,000 | 750,000 |
Stated interest rate | 5.50% | |
WRF | WRF Term Loan, due 2024 | Senior Secured Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,000,000 | 0 |
WRF | WRF Revolver, due 2024 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 25,000 | 0 |
WRF | WRF 5 1/8% Senior Notes, due 2029 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 750,000 | 0 |
Stated interest rate | 5.125% | |
WLV | WLV 4 1/4% Senior Notes, due 2023 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 500,000 | 500,000 |
Stated interest rate | 4.25% | |
WLV | WLV 5 1/2% Senior Notes, due 2025 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,780,000 | 1,780,000 |
Stated interest rate | 5.50% | |
WLV | WLV 5 1/4% Senior Notes, due 2027 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 880,000 | 880,000 |
Stated interest rate | 5.25% | |
Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) | Retail Term Loan, due 2025 | Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 615,000 | 615,000 |
Wynn America | Wynn America Senior Term Loan Facility, due 2021 | Senior Secured Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | $ 994,780 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 9,644,741 | $ 9,540,700 |
Wynn Macau | Senior Term Loan Facility, due 2022 | Senior Secured Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 2,295,759 | 2,296,999 |
Interest rate during period | 3.73% | |
Wynn Macau | Senior Revolving Credit Facility, due 2022 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 448,982 | 623,921 |
Interest rate during period | 3.80% | |
Available borrowing capacity | $ 298,300 | |
WRF | WRF Senior Secured Credit Facilities | ||
Debt Instrument [Line Items] | ||
Interest rate during period | 3.80% | |
WRF | WRF Revolver, due 2024 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 25,000 | 0 |
Available borrowing capacity | 806,900 | |
Outstanding letters of credit | 18,100 | |
Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) | Retail Term Loan Agreement | Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 615,000 | $ 615,000 |
Interest rate during period | 3.80% | |
LIBOR | Wynn Macau | Senior Term Loan Facility, due 2022 | Senior Secured Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,310,000 | |
Interest in addition to variable rate | 1.75% | |
LIBOR | Wynn Macau | Senior Revolving Credit Facility, due 2022 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 256,500 | |
Interest in addition to variable rate | 1.75% | |
LIBOR | WRF | WRF Senior Secured Credit Facilities | ||
Debt Instrument [Line Items] | ||
Interest in addition to variable rate | 1.75% | |
LIBOR | WRF | WRF Revolver, due 2024 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest in addition to variable rate | 1.75% | |
LIBOR | Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) | Retail Term Loan Agreement | Term Loan | ||
Debt Instrument [Line Items] | ||
Interest in addition to variable rate | 1.70% | |
HIBOR | Wynn Macau | Senior Term Loan Facility, due 2022 | Senior Secured Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 990,800 | |
Interest in addition to variable rate | 1.75% | |
HIBOR | Wynn Macau | Senior Revolving Credit Facility, due 2022 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 192,400 | |
Interest in addition to variable rate | 1.75% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Sep. 20, 2019 | Oct. 30, 2018 | Feb. 18, 2012 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 08, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||||||||
Payments for related fees and expenses associated with refinancing existing credit facilities | $ 22,359,000 | $ 33,787,000 | |||||||
Loss on extinguishment of debt | $ 12,196,000 | $ 198,000 | 12,196,000 | (2,131,000) | |||||
Litigation settlement | 0 | $ 0 | 0 | $ 463,557,000 | |||||
Fair value, excluding the redemption note | 9,810,000,000 | 9,810,000,000 | $ 8,970,000,000 | ||||||
Long-term debt excluding the Redemption Note | 9,640,000,000 | 9,640,000,000 | $ 9,540,000,000 | ||||||
WRL Term Loan I | Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 500,000,000 | ||||||||
Term loan, duration | 6 years | ||||||||
WRL Term Loan II | Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 250,000,000 | ||||||||
Commitment Letter | Commitment Letter | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of lenders' commitments agreed to terminate | $ 250,000,000 | ||||||||
Maximum borrowing capacity | $ 0 | $ 0 | |||||||
WRF | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum consolidated senior secured net leverage ratio | 3.75 | ||||||||
WRF | Refinancing Transactions | |||||||||
Debt Instrument [Line Items] | |||||||||
Payments for related fees and expenses associated with refinancing existing credit facilities | $ 18,800,000 | ||||||||
Amount recorded as debt issuance costs | 14,800,000 | ||||||||
Loss on extinguishment of debt | 12,200,000 | ||||||||
WRF | 2029 Notes | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 750,000,000 | ||||||||
Stated interest rate | 5.125% | 5.125% | |||||||
Debt redemption price as percentage of principal | 100.00% | ||||||||
Percentage of principal repayment on the event of change of control | 101.00% | ||||||||
Event of default, option to accelerate amounts due, minimum percentage of aggregate principal amount of debt held | 25.00% | ||||||||
WRF | WRF Term Loan | Senior Secured Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 1,000,000,000 | ||||||||
Required quarterly repayments | $ 12,500,000 | ||||||||
WRF | WRF Term Loan | Senior Secured Term Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest in addition to variable rate | 1.75% | ||||||||
WRF | WRF Revolver | Senior Secured Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 850,000,000 | ||||||||
WRF | WRF Revolver | Senior Secured Revolving Credit Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest in addition to variable rate | 1.75% | ||||||||
Fee required for unborrowed amounts, percentage per annum | 0.25% | ||||||||
Aruze United States Of America Inc | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 1,940,000,000 | ||||||||
Stated interest rate | 2.00% | ||||||||
Common stock redeemed, shares | 24,549,222 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Thousands | Nov. 06, 2019$ / shares | Sep. 16, 2019USD ($) | Sep. 16, 2019$ / shares | Jun. 19, 2019USD ($) | Jun. 19, 2019$ / shares | May 30, 2019$ / shares | Feb. 26, 2019$ / shares | Oct. 05, 2018USD ($) | Oct. 05, 2018$ / shares | May 29, 2018$ / shares | Apr. 25, 2018USD ($) | Apr. 25, 2018$ / shares | Feb. 27, 2018$ / shares | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2018USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2018USD ($)$ / shares |
Dividends and Noncontrolling Interest [Line Items] | |||||||||||||||||
Cash dividend paid (usd per share) | $ / shares | $ 1 | $ 0.75 | $ 0.75 | $ 0.50 | |||||||||||||
Dividends declared per common share (usd per share) | $ / shares | $ 1 | $ 0.75 | $ 2.75 | $ 2 | |||||||||||||
Cash dividends | $ 190,290 | $ 219,552 | $ 461,491 | $ 490,654 | |||||||||||||
Reduction to noncontrolling interest | 998 | 297,261 | 3,725 | 301,113 | |||||||||||||
WML | |||||||||||||||||
Dividends and Noncontrolling Interest [Line Items] | |||||||||||||||||
Company's share of dividend | $ 215,100 | $ 215,000 | $ 358,300 | $ 358,800 | |||||||||||||
Reduction to noncontrolling interest | 82,900 | 82,900 | 138,300 | 138,300 | |||||||||||||
WML | Subsidiaries | |||||||||||||||||
Dividends and Noncontrolling Interest [Line Items] | |||||||||||||||||
Cash dividend paid (usd per share) | $ / shares | $ 0.45 | $ 0.45 | $ 0.75 | $ 0.75 | |||||||||||||
Cash dividends | $ 298,000 | $ 298,000 | $ 496,600 | $ 497,100 | |||||||||||||
Subsequent Event | |||||||||||||||||
Dividends and Noncontrolling Interest [Line Items] | |||||||||||||||||
Dividends declared per common share (usd per share) | $ / shares | $ 1 | ||||||||||||||||
Retained earnings | |||||||||||||||||
Dividends and Noncontrolling Interest [Line Items] | |||||||||||||||||
Amount recorded as reduction of retained earnings from cash dividends declared | 107,300 | 81,400 | 295,600 | 214,100 | |||||||||||||
Cash dividends | 107,341 | 81,294 | 295,642 | 214,071 | |||||||||||||
Noncontrolling interests | |||||||||||||||||
Dividends and Noncontrolling Interest [Line Items] | |||||||||||||||||
Cash dividends | 82,949 | 138,258 | 165,849 | 276,583 | |||||||||||||
Reduction to noncontrolling interest | $ 998 | $ 297,261 | $ 3,725 | $ 301,113 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes by Component in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Changes in AOCI: | ||||
Beginning of period | $ (1,950) | $ (1,845) | ||
Cumulative credit risk adjustment | $ 0 | $ 0 | 0 | (9,211) |
Change in net unrealized loss | 4,650 | |||
Amounts reclassified to net income | 4,323 | |||
Other comprehensive income (loss) | 8,973 | |||
End of period | (2,700) | (2,083) | (2,700) | (2,083) |
Gain on extinguishment of debt | (12,196) | (198) | (12,196) | 2,131 |
Foreign currency translation | ||||
Changes in AOCI: | ||||
Beginning of period | (1,950) | (553) | ||
Cumulative credit risk adjustment | 0 | |||
Change in net unrealized loss | (750) | (1,530) | ||
Amounts reclassified to net income | 0 | |||
Other comprehensive income (loss) | (750) | (1,530) | ||
End of period | $ (2,700) | (2,083) | $ (2,700) | (2,083) |
Unrealized loss on investment securities | ||||
Changes in AOCI: | ||||
Beginning of period | (1,292) | |||
Cumulative credit risk adjustment | 0 | |||
Change in net unrealized loss | (1,510) | |||
Amounts reclassified to net income | 2,802 | |||
Other comprehensive income (loss) | 1,292 | |||
End of period | 0 | 0 | ||
Other-than-temporary impairment losses | 1,800 | |||
Realized losses on investments | 1,000 | |||
Redemption Note | ||||
Changes in AOCI: | ||||
Beginning of period | 0 | |||
Cumulative credit risk adjustment | (9,211) | |||
Change in net unrealized loss | 7,690 | |||
Amounts reclassified to net income | 1,521 | |||
Other comprehensive income (loss) | 9,211 | |||
End of period | $ 0 | 0 | ||
Gain on extinguishment of debt | $ 1,500 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash equivalents | $ 484,162 | $ 759,257 |
Restricted cash | 6,182 | 4,322 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 484,162 | 759,257 |
Restricted cash | 6,182 | 4,322 |
Liabilities: | ||
Interest rate collar | 7,533 | 619 |
Fair Value, Measurements, Recurring | Quoted Market Prices in Active Markets (Level 1) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Restricted cash | 2,041 | 2,015 |
Liabilities: | ||
Interest rate collar | 0 | 0 |
Fair Value, Measurements, Recurring | Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 484,162 | 759,257 |
Restricted cash | 4,141 | 2,307 |
Liabilities: | ||
Interest rate collar | 7,533 | 619 |
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Liabilities: | ||
Interest rate collar | $ 0 | $ 0 |
Customer Contract Liabilities S
Customer Contract Liabilities Schedule of Customer Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Recognition [Abstract] | ||||
Casino outstanding chips and front money deposits | $ 907,598 | $ 785,988 | $ 905,561 | $ 991,957 |
Change in outstanding chips and front money deposits | 2,037 | (205,969) | ||
Advanced room deposits and ticket sales | 43,086 | 42,036 | 42,197 | 48,065 |
Change in advanced room deposits and ticket sales | 889 | (6,029) | ||
Other gaming related liabilities | 9,297 | 13,644 | 12,694 | 12,765 |
Change in other gaming related liabilities | (3,397) | 879 | ||
Loyalty program liabilities | 22,918 | 18,756 | 18,148 | 18,421 |
Change in loyalty program liabilities | 4,770 | 335 | ||
Total customer contract liabilities | 982,899 | 860,424 | $ 978,600 | $ 1,071,208 |
Change in total customer contract liabilities | $ 4,299 | $ (210,784) |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share Based Compensation Allocated Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 10,276 | $ 11,832 | $ 30,444 | $ 28,762 |
Total stock-based compensation capitalized | 81 | 0 | 228 | 6 |
Total stock-based compensation costs | 10,357 | 11,832 | 30,672 | 28,768 |
Casino | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 1,880 | 1,305 | 6,254 | 4,432 |
Rooms | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 296 | 108 | 737 | 314 |
Food and beverage | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 372 | 258 | 1,181 | 868 |
Entertainment, retail and other | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 9 | 34 | 115 | 111 |
General and administrative | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 7,719 | 9,914 | 21,487 | 22,540 |
Preopening [Member] | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 0 | 213 | 670 | 497 |
Performance Shares | ||||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation costs | $ 2,100 | $ 1,300 | $ 6,300 | $ 5,500 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 10,276 | $ 11,832 | $ 30,444 | $ 28,762 |
Stock-based compensation costs | 10,357 | 11,832 | 30,672 | 28,768 |
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation costs | $ 2,100 | $ 1,300 | $ 6,300 | $ 5,500 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 19,727 | $ (3,884) | $ 19,421 | $ (124,631) |
Tax exemption period | 5 years | |||
Complementary tax rate | 12.00% | |||
Amount of complementary tax exemption | $ 13,400 | $ 26,800 | $ 56,000 | $ 73,700 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Shares used in Calculation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||
Net income (loss) attributable to Wynn Resorts, Limited | $ (3,496) | $ 156,115 | $ 195,927 | $ 107,564 |
Denominator: | ||||
Weighted average common shares outstanding (shares) | 106,707 | 108,064 | 106,791 | 106,162 |
Potential dilutive effect of stock options and restricted stock (shares) | 0 | 469 | 233 | 559 |
Weighted average common and common equivalent shares outstanding (shares) | 106,707 | 108,533 | 107,024 | 106,721 |
Net income (loss) attributable to Wynn Resorts, Limited per common share, basic (in usd per share) | $ (0.03) | $ 1.44 | $ 1.83 | $ 1.01 |
Net income attributable to Wynn Resorts, Ltd. per common share, diluted (in usd per share) | $ (0.03) | $ 1.44 | $ 1.83 | $ 1.01 |
Antidilutive securities excluded from computation of earnings per share (shares) | 850 | 234 | 379 | 109 |
Leases - Summary of Lease Asset
Leases - Summary of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Operating leases | $ 444,157 | $ 0 |
Finance leases | 26,411 | |
Current liabilities | ||
Operating leases | 15,802 | |
Finance leases | 162 | |
Non-current liabilities | ||
Operating leases | 149,970 | $ 0 |
Finance leases | $ 17,789 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost and Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Lease cost: | |||
Operating lease cost | $ 8,367 | $ 24,691 | |
Short-term lease cost | 6,836 | 17,576 | |
Amortization of leasehold interests in land | 3,416 | 9,956 | |
Variable lease cost | 1,209 | 3,685 | |
Finance lease interest cost | 273 | 785 | |
Total lease cost | $ 20,101 | 56,693 | |
Supplemental cash flow disclosures: | |||
Operating lease liabilities arising from obtaining operating lease assets | 29,261 | ||
Finance lease liabilities arising from obtaining finance lease assets | 1,413 | ||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Cash used in operating activities - Operating leases | 23,073 | ||
Cash used in financing activities - Finance leases | $ 36 | $ 0 | |
Other information: | |||
Weighted-average remaining lease term - Operating leases | 37 years 9 months 18 days | 37 years 9 months 18 days | |
Weighted-average remaining lease term - Finance leases | 42 years 10 months 24 days | 42 years 10 months 24 days | |
Weighted-average discount rate - Operating leases | 6.50% | 6.50% | |
Weighted-average discount rate - Finance leases | 6.20% | 6.20% |
Leases - Maturity Analysis (Det
Leases - Maturity Analysis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
2019 (excluding the nine months ended September 30, 2019) | $ 7,988 | |
2020 | 26,424 | |
2021 | 21,872 | |
2022 | 18,106 | |
2023 | 17,149 | |
Thereafter | 481,084 | |
Total undiscounted cash flows | 572,623 | |
Short-term lease liabilities | 15,802 | |
Long-term lease liabilities | 149,970 | $ 0 |
Total lease liabilities | 165,772 | |
Interest on lease liabilities | 406,851 | |
Finance Leases | ||
2019 (excluding the nine months ended September 30, 2019) | 300 | |
2020 | 1,203 | |
2021 | 1,203 | |
2022 | 1,203 | |
2023 | 1,203 | |
Thereafter | 67,490 | |
Total undiscounted cash flows | 72,602 | |
Short-term lease liabilities | 162 | |
Long-term lease liabilities | 17,789 | |
Total lease liabilities | 17,951 | |
Interest on lease liabilities | $ 54,651 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019USD ($)a | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Ground lease payments due 2020 | $ 26,424 | $ 26,424 | |
Ground lease payments due 2021 | 21,872 | 21,872 | |
Ground lease payments due 2022 | 18,106 | 18,106 | |
Ground lease payments due 2023 | 17,149 | 17,149 | |
Ground lease payments due thereafter | 481,084 | 481,084 | |
Liability associated with ground lease | 165,772 | 165,772 | |
Operating lease assets related to amount allocated to leasehold interests in land | 444,157 | 444,157 | $ 0 |
Amortization of leasehold interests in land | $ 3,416 | 9,956 | |
Undeveloped Land - Las Vegas | Ground Leases | |||
Lessee, Lease, Description [Line Items] | |||
Number of acres of undeveloped land leased | a | 16 | ||
Ground lease payments due 2019 | $ 3,800 | 3,800 | |
Ground lease payments due 2020 | 3,800 | 3,800 | |
Ground lease payments due 2021 | 3,800 | 3,800 | |
Ground lease payments due 2022 | 3,800 | 3,800 | |
Ground lease payments due 2023 | 3,800 | 3,800 | |
Ground lease payments due thereafter | 367,800 | 367,800 | |
Liability associated with ground lease | 62,500 | 62,500 | |
Operating lease assets related to amount allocated to leasehold interests in land | 87,200 | 87,200 | |
Undeveloped Land - Las Vegas | Ground Leases | Amortization each year 2020 through 2096 | |||
Lessee, Lease, Description [Line Items] | |||
Amortization of leasehold interests in land | 1,100 | ||
Undeveloped Land - Las Vegas | Ground Leases | Amortization in 2097 | |||
Lessee, Lease, Description [Line Items] | |||
Amortization of leasehold interests in land | 700 | ||
Macau Land Concessions | Ground Leases | |||
Lessee, Lease, Description [Line Items] | |||
Ground lease payments due 2019 | 1,600 | 1,600 | |
Ground lease payments due 2020 | 1,600 | 1,600 | |
Ground lease payments due 2021 | 1,600 | 1,600 | |
Ground lease payments due 2022 | 1,600 | 1,600 | |
Ground lease payments due 2023 | 1,600 | 1,600 | |
Ground lease payments due thereafter | 17,000 | 17,000 | |
Liability associated with ground lease | 15,700 | 15,700 | |
Operating lease assets related to amount allocated to leasehold interests in land | $ 194,200 | $ 194,200 | |
Terms of ground lease contracts | 25 years | 25 years | |
Renewal terms of ground lease contracts | 10 years | 10 years | |
Macau Land Concessions | Ground Leases | Amortization each year 2020 through 2028 | |||
Lessee, Lease, Description [Line Items] | |||
Amortization of leasehold interests in land | $ 12,500 | ||
Macau Land Concessions | Ground Leases | Amortization thereafter through 2037 | |||
Lessee, Lease, Description [Line Items] | |||
Amortization of leasehold interests in land | $ 9,100 |
Leases - Minimum and Contingent
Leases - Minimum and Contingent Operating Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Abstract] | ||||
Minimum rental income | $ 33,643 | $ 100,022 | ||
Minimum rental income | $ 29,901 | $ 92,204 | ||
Contingent rental income | 13,589 | 40,505 | ||
Contingent rental income | 11,177 | 39,795 | ||
Total rental income | $ 47,232 | $ 140,527 | ||
Total rental income | $ 41,078 | $ 131,999 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments to be Received (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 (excluding the nine months ended September 30, 2019) | $ 34,889 |
2020 | 144,887 |
2021 | 87,673 |
2022 | 69,826 |
2023 | 53,091 |
Thereafter | 162,779 |
Total future minimum rentals | $ 553,145 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Apr. 30, 2019USD ($) | Mar. 18, 2019action | Feb. 26, 2019USD ($) | Feb. 18, 2012shares | Sep. 30, 2018USD ($) |
Commitments and Contingencies [Line Items] | |||||
Damages sought | $ 1,000 | ||||
Aruze United States Of America Inc | |||||
Commitments and Contingencies [Line Items] | |||||
Common stock redeemed, shares | shares | 24,549,222 | ||||
Derivative Litigation Related to Redemption Action | |||||
Commitments and Contingencies [Line Items] | |||||
Number of actions dismissed | action | 2 | ||||
MA Gaming Control Board Fine | |||||
Commitments and Contingencies [Line Items] | |||||
Amount of fine | $ 35 | ||||
Nevada Gaming Control Board Fine | |||||
Commitments and Contingencies [Line Items] | |||||
Amount of fine | $ 20 |
Retail Joint Venture - Addition
Retail Joint Venture - Additional information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Variable Interest Entities [Line Items] | ||
Long-term debt | $ 9,537,963 | $ 9,423,100 |
Retail | Retail Joint Venture | ||
Schedule of Variable Interest Entities [Line Items] | ||
Assets | 95,300 | 85,000 |
Liabilities | 629,300 | 619,600 |
Long-term debt | $ 611,600 | $ 611,100 |
Segment Information - Summary o
Segment Information - Summary of Results of Operations by Segment (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||
Total operating revenues | $ 1,647,762 | $ 1,709,072 | $ 4,957,640 | $ 5,030,074 |
Adjusted Property EBITDA | 396,946 | 504,367 | 1,372,306 | 1,545,045 |
Other operating expenses | ||||
Litigation settlement | 0 | 0 | 0 | 463,557 |
Pre-opening | 1,616 | 13,714 | 99,212 | 35,255 |
Depreciation and amortization | 172,998 | 137,458 | 449,824 | 411,685 |
Property charges and other | 8,216 | 18,830 | 17,920 | 30,672 |
Corporate expenses and other | 26,005 | 31,763 | 123,849 | 86,350 |
Stock-based compensation | 10,276 | 11,619 | 29,774 | 28,265 |
Total other operating expenses | 219,111 | 213,384 | 720,579 | 1,055,784 |
Operating income | 177,835 | 290,983 | 651,727 | 489,261 |
Other non-operating income and expenses | ||||
Interest income | 6,427 | 6,948 | 19,979 | 21,029 |
Interest expense, net of amounts capitalized | (114,652) | (93,007) | (300,981) | (281,132) |
Change in derivatives fair value | (2,101) | (54) | (6,914) | (54) |
Change in Redemption Note fair value | 0 | 0 | 0 | (69,331) |
(Loss) gain on extinguishment of debt | (12,196) | (198) | (12,196) | 2,131 |
Other | (8,703) | 11,216 | (3,346) | 1,039 |
Total other non-operating income and expenses | (131,225) | (75,095) | (303,458) | (326,318) |
Income before income taxes | 46,610 | 215,888 | 348,269 | 162,943 |
Benefit (provision) for income taxes | (19,727) | 3,884 | (19,421) | 124,631 |
Net income | 26,883 | 219,772 | 328,848 | 287,574 |
Net income attributable to noncontrolling interests | (30,379) | (63,657) | (132,921) | (180,010) |
Net income (loss) attributable to Wynn Resorts, Limited | (3,496) | 156,115 | 195,927 | 107,564 |
Pre-opening expenses excluded from stock-based compensation | 200 | $ 700 | 500 | |
Las Vegas Operations | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Encore Boston Harbor | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Operating Segments | Macau Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 1,072,452 | 1,310,192 | $ 3,498,355 | 3,758,149 |
Adjusted Property EBITDA | 301,156 | 409,069 | 1,030,669 | 1,182,994 |
Operating Segments | Macau Operations | Wynn Palace | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 598,171 | 730,572 | 1,953,709 | 2,017,004 |
Adjusted Property EBITDA | 162,167 | 226,141 | 551,918 | 617,317 |
Operating Segments | Macau Operations | Wynn Macau | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 474,281 | 579,620 | 1,544,646 | 1,741,145 |
Adjusted Property EBITDA | 138,989 | 182,928 | 478,751 | 565,677 |
Operating Segments | Las Vegas Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 399,506 | 398,880 | 1,264,681 | 1,271,925 |
Adjusted Property EBITDA | 88,046 | 95,298 | 333,747 | 362,051 |
Operating Segments | Encore Boston Harbor | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 175,804 | 0 | 194,604 | 0 |
Adjusted Property EBITDA | 7,744 | 0 | 7,890 | 0 |
Casino | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 1,108,364 | 1,222,029 | 3,435,968 | 3,564,195 |
Casino | Operating Segments | Macau Operations | Wynn Palace | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 497,657 | 625,586 | 1,649,377 | 1,719,072 |
Casino | Operating Segments | Macau Operations | Wynn Macau | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 408,820 | 503,557 | 1,340,266 | 1,515,859 |
Casino | Operating Segments | Las Vegas Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 87,002 | 92,886 | 318,439 | 329,264 |
Casino | Operating Segments | Encore Boston Harbor | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 114,885 | 0 | 127,886 | 0 |
Rooms | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 205,876 | 183,044 | 595,953 | 559,405 |
Rooms | Operating Segments | Macau Operations | Wynn Palace | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 44,884 | 44,296 | 131,382 | 125,461 |
Rooms | Operating Segments | Macau Operations | Wynn Macau | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 26,740 | 28,091 | 82,071 | 83,575 |
Rooms | Operating Segments | Las Vegas Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 116,072 | 110,657 | 362,715 | 350,369 |
Rooms | Operating Segments | Encore Boston Harbor | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 18,180 | 0 | 19,785 | 0 |
Food and beverage | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 228,508 | 193,874 | 619,749 | 580,963 |
Food and beverage | Operating Segments | Macau Operations | Wynn Palace | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 30,256 | 27,619 | 87,691 | 80,519 |
Food and beverage | Operating Segments | Macau Operations | Wynn Macau | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 19,584 | 17,693 | 60,688 | 55,193 |
Food and beverage | Operating Segments | Las Vegas Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 149,708 | 148,562 | 438,525 | 445,251 |
Food and beverage | Operating Segments | Encore Boston Harbor | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 28,960 | 0 | 32,845 | 0 |
Entertainment, retail and other | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 105,014 | 110,125 | 305,970 | 325,511 |
Entertainment, retail and other | Operating Segments | Macau Operations | Wynn Palace | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 25,374 | 33,071 | 85,259 | 91,952 |
Entertainment, retail and other | Operating Segments | Macau Operations | Wynn Macau | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 19,137 | 30,279 | 61,621 | 86,518 |
Entertainment, retail and other | Operating Segments | Las Vegas Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | 46,724 | 46,775 | 145,002 | 147,041 |
Entertainment, retail and other | Operating Segments | Encore Boston Harbor | ||||
Segment Reporting Information [Line Items] | ||||
Total operating revenues | $ 13,779 | $ 0 | $ 14,088 | $ 0 |
Segment Information - Summary_2
Segment Information - Summary of Assets by Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Assets | $ 13,277,058 | $ 13,216,269 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,478,016 | 2,727,163 |
Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,835,398 | 2,792,508 |
Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,481,267 | 1,865,286 |
Operating Segments | Macau | ||
Segment Reporting Information [Line Items] | ||
Assets | 5,482,377 | 5,831,312 |
Operating Segments | Macau | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,680,088 | 1,903,921 |
Operating Segments | Macau | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,730,804 | 3,858,904 |
Operating Segments | Macau | Other Macau | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 71,485 | $ 68,487 |
Uncategorized Items - wrl-q3191
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (9,211,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 9,211,000 |