Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 $0.01 | |
Trading Symbol | WYNN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 115,658,123 | |
Amendment Flag | false | |
Entity Central Index Key | 0001174922 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2,890,407 | $ 3,482,032 |
Restricted cash | 2,813 | 0 |
Accounts receivable, net of allowance for credit losses of $102,412 and $100,329 | 215,337 | 200,158 |
Inventories | 65,252 | 66,285 |
Prepaid expenses and other | 75,957 | 64,672 |
Total current assets | 3,249,766 | 3,813,147 |
Property and equipment, net | 9,050,178 | 9,196,644 |
Restricted cash | 4,051 | |
Goodwill and intangible assets, net | 287,836 | 278,195 |
Operating lease assets | 390,601 | 398,594 |
Other assets | 184,479 | 178,615 |
Total assets | 13,166,911 | 13,869,547 |
Current liabilities: | ||
Accounts and construction payables | 133,212 | 148,478 |
Customer deposits | 514,199 | 646,856 |
Gaming taxes payable | 64,711 | 66,346 |
Accrued compensation and benefits | 126,830 | 126,846 |
Accrued interest | 143,686 | 136,421 |
Current portion of long-term debt | 198,465 | 596,408 |
Other accrued liabilities | 188,779 | 159,533 |
Total current liabilities | 1,369,882 | 1,880,888 |
Long-term debt | 11,755,169 | 12,469,362 |
Long-term operating lease liabilities | 120,950 | 123,124 |
Other long-term liabilities | 123,849 | 133,490 |
Total liabilities | 13,369,850 | 14,606,864 |
Commitments and contingencies (Note 15) | ||
Stockholders' equity (deficit): | ||
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding | 0 | 0 |
Common stock, par value $0.01; 400,000,000 shares authorized; 131,280,022 and 123,482,836 shares issued; 115,647,328 and 107,888,336 shares outstanding, respectively | 1,313 | 1,235 |
Treasury stock, at cost; 15,632,694 and 15,594,500 shares, respectively | (1,426,887) | (1,422,531) |
Additional paid-in capital | 3,466,073 | 2,598,115 |
Accumulated other comprehensive income | 6,501 | 3,604 |
Accumulated deficit | (1,813,317) | (1,532,420) |
Total Wynn Resorts, Limited stockholders' equity (deficit) | 233,683 | (351,997) |
Noncontrolling interests | (436,622) | (385,320) |
Total stockholders' deficit | (202,939) | (737,317) |
Total liabilities and stockholders' deficit | 13,166,911 | 13,869,547 |
Accounts receivable, allowance for credit losses | $ 102,412 | $ 100,329 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for credit losses | $ 102,412 | $ 100,329 |
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 | 131,280,022 | 123,482,836 |
Common stock, shares outstanding | 115,647,328 | 107,888,336 |
Treasury stock, shares | 15,632,694 | 15,594,500 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating revenues: | ||
Total operating revenues | $ 725,783 | $ 953,716 |
Operating expenses: | ||
General and administrative | 179,774 | 234,328 |
Provision for credit losses | 7,367 | 20,613 |
Pre-opening | 1,627 | 2,551 |
Depreciation and amortization | 185,121 | 178,746 |
Property charges and other | 5,617 | 27,229 |
Total operating expenses | 901,515 | 1,201,127 |
Operating loss | (175,732) | (247,411) |
Other income (expense): | ||
Interest income | 904 | 7,953 |
Interest expense, net of amounts capitalized | (152,852) | (128,827) |
Change in derivatives fair value | 4,409 | (15,660) |
Loss on extinguishment of debt | (1,322) | (843) |
Other | (11,093) | 10,335 |
Other income (expense), net | (159,954) | (127,042) |
Loss before income taxes | (335,686) | (374,453) |
Provision for income taxes | (493) | (75,800) |
Net loss | (336,179) | (450,253) |
Less: net loss attributable to noncontrolling interests | 55,201 | 48,216 |
Net loss attributable to Wynn Resorts, Limited | $ (280,978) | $ (402,037) |
Net loss attributable to Wynn Resorts, Limited: | ||
Basic (in usd per share) | $ (2.53) | $ (3.77) |
Diluted (in usd per share) | $ (2.53) | $ (3.77) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 111,020 | 106,663 |
Diluted (in shares) | 111,020 | 106,663 |
Dividends declared per common share (usd per share) | $ 0 | $ 1 |
Casino | ||
Operating revenues: | ||
Total operating revenues | $ 516,218 | $ 570,789 |
Operating expenses: | ||
Cost of goods and services sold | 351,966 | 442,690 |
Rooms | ||
Operating revenues: | ||
Total operating revenues | 76,190 | 152,681 |
Operating expenses: | ||
Cost of goods and services sold | 33,535 | 73,480 |
Food and beverage | ||
Operating revenues: | ||
Total operating revenues | 68,509 | 149,414 |
Operating expenses: | ||
Cost of goods and services sold | 73,948 | 175,910 |
Entertainment, retail and other | ||
Operating revenues: | ||
Total operating revenues | 64,866 | 80,832 |
Operating expenses: | ||
Cost of goods and services sold | $ 62,560 | $ 45,580 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (336,179) | $ (450,253) |
Other comprehensive income: | ||
Foreign currency translation adjustments, before and after tax | 4,032 | 1,015 |
Total comprehensive loss | (332,147) | (449,238) |
Less: comprehensive loss attributable to noncontrolling interests | 54,066 | 47,933 |
Comprehensive loss attributable to Wynn Resorts, Limited | $ (278,081) | $ (401,305) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement Of Stockholders' Equity (unaudited) - USD ($) | Total | Total Wynn Resorts, Ltd. stockholders' equity | Common stock | Treasury stock | Additional paid-in capital | Accumulated other comprehensive loss | Noncontrolling interests | Retained earnings (Accumulated deficit) |
Beginning balance at Dec. 31, 2019 | $ 1,541,472,000 | $ 1,743,045,000 | $ 1,228,000 | $ (1,410,998,000) | $ 2,512,676,000 | $ (1,679,000) | $ (201,573,000) | $ 641,818,000 |
Beginning balance (in shares) at Dec. 31, 2019 | 107,363,943 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (450,253,000) | (402,037,000) | (48,216,000) | (402,037,000) | ||||
Currency translation adjustment | 1,015,000 | 732,000 | 732,000 | 283,000 | ||||
Issuance of restricted stock | 6,721,000 | 6,092,000 | $ 6,000 | 6,086,000 | 629,000 | |||
Issuance of restricted stock (in shares) | 620,745 | |||||||
Cancellation of restricted stock | 0 | $ 0 | ||||||
Cancellation of restricted stock (in shares) | (55,570) | |||||||
Shares repurchased by the Company and held as treasury shares | (5,527,000) | (5,527,000) | (5,527,000) | |||||
Shares repurchased by the Company and held as treasury shares (in shares) | (44,955) | |||||||
Cash dividends declared | (107,501,000) | (107,515,000) | 14,000 | (107,515,000) | ||||
Distribution to noncontrolling interest | (998,000) | (998,000) | ||||||
Stock-based compensation | 7,551,000 | 7,300,000 | 7,300,000 | 251,000 | ||||
Ending balance at Mar. 31, 2020 | 992,480,000 | 1,242,090,000 | $ 1,234,000 | (1,416,525,000) | 2,526,062,000 | (947,000) | (249,610,000) | 132,266,000 |
Ending balance (in shares) at Mar. 31, 2020 | 107,884,163 | |||||||
Beginning balance at Dec. 31, 2019 | 1,541,472,000 | 1,743,045,000 | $ 1,228,000 | (1,410,998,000) | 2,512,676,000 | (1,679,000) | (201,573,000) | 641,818,000 |
Beginning balance (in shares) at Dec. 31, 2019 | 107,363,943 | |||||||
Ending balance at Dec. 31, 2020 | (737,317,000) | (351,997,000) | $ 1,235,000 | (1,422,531,000) | 2,598,115,000 | 3,604,000 | (385,320,000) | (1,532,420,000) |
Ending balance (in shares) at Dec. 31, 2020 | 107,888,336 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (336,179,000) | (280,978,000) | (55,201,000) | (280,978,000) | ||||
Currency translation adjustment | 4,032,000 | 2,897,000 | 2,897,000 | 1,135,000 | ||||
Issuance of common stock, net of $17.7 million underwriter discounts, commissions and other expenses | 841,899,000 | 841,899,000 | $ 75,000 | 841,824,000 | ||||
Issuance of common stock, net of $17.7 million underwriter discounts, commissions and other expenses (in shares) | 7,475,000 | |||||||
Issuance of restricted stock | 6,272,000 | 5,902,000 | $ 3,000 | 5,899,000 | 370,000 | |||
Issuance of restricted stock (in shares) | 335,285 | |||||||
Cancellation of restricted stock | 0 | $ 0 | ||||||
Cancellation of restricted stock (in shares) | (13,099) | |||||||
Shares repurchased by the Company and held as treasury shares | (4,356,000) | (4,356,000) | (4,356,000) | |||||
Shares repurchased by the Company and held as treasury shares (in shares) | (38,194) | |||||||
Cash dividends declared | 90,000 | 81,000 | 9,000 | 81,000 | ||||
Distribution to noncontrolling interest | 0 | |||||||
Stock-based compensation | 22,620,000 | 20,235,000 | 20,235,000 | 2,385,000 | ||||
Ending balance at Mar. 31, 2021 | $ (202,939,000) | $ 233,683,000 | $ 1,313,000 | $ (1,426,887,000) | $ 3,466,073,000 | $ 6,501,000 | $ (436,622,000) | $ (1,813,317,000) |
Ending balance (in shares) at Mar. 31, 2021 | 115,647,328 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement Of Stockholders' Equity (unaudited) (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Underwriter discounts, commissions, and other expenses | $ 17.7 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (336,179) | $ (450,253) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 185,121 | 178,746 |
Deferred income taxes | 293 | 74,860 |
Stock-based compensation expense | 24,346 | 9,364 |
Amortization of debt issuance costs | 6,652 | 6,944 |
Loss on extinguishment of debt | 1,322 | 843 |
Provision for credit losses | 7,367 | 20,613 |
Change in derivatives fair value | (4,409) | 15,660 |
Property charges and other | 16,710 | 16,894 |
Increase (decrease) in cash from changes in: | ||
Receivables, net | (22,947) | (56,284) |
Inventories, prepaid expenses and other | (21,411) | 5,135 |
Customer deposits | (131,336) | 71,736 |
Accounts payable and accrued expenses | 20,565 | (70,758) |
Net cash used in operating activities | (253,906) | (176,500) |
Cash flows from investing activities: | ||
Capital expenditures, net of construction payables and retention | (40,270) | (139,316) |
Purchase of intangible and other assets | (8,500) | 0 |
Proceeds from sale of assets and other | 134 | 2,162 |
Net cash used in investing activities | (48,636) | (137,154) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 50,084 | 1,469,028 |
Repayments of long-term debt | (1,166,737) | (515,194) |
Proceeds from issuance of common stock | 841,899 | 0 |
Repurchase of common stock | (4,356) | (5,527) |
Finance lease payment | (3,881) | (37) |
Proceeds from exercise of stock options | 0 | 70 |
Dividends paid | (295) | (107,426) |
Distribution to noncontrolling interest | 0 | (998) |
Payments for financing costs | (2,154) | (1,919) |
Net cash (used in) provided by financing activities | (285,440) | 837,997 |
Effect of exchange rate on cash, cash equivalents and restricted cash | (1,131) | 3,266 |
Cash, cash equivalents and restricted cash: | ||
(Decrease) increase in cash, cash equivalents and restricted cash | (589,113) | 527,609 |
Balance, beginning of period | 3,486,384 | 2,358,292 |
Balance, end of period | 2,897,271 | 2,885,901 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of amounts capitalized | 138,823 | 88,438 |
Liability settled with shares of common stock | 6,272 | 6,720 |
Accounts and construction payables related to property and equipment | 57,463 | 127,895 |
Other liabilities related to intangible assets | 13,748 | 13,853 |
Finance lease liabilities arising from obtaining finance lease assets | $ 7,423 | $ 0 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
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, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming. 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, that is owned 100% by the Company. In October 2020, Wynn Interactive Ltd. ("Wynn Interactive") was formed through the merger of the Company's U.S. online sports betting and gaming business, social casino business, and Wynn Resorts' strategic partner, BetBull Limited ("BetBull"). Following the merger and subsequent transactions, Wynn Resorts holds an approximately 74% interest in, and consolidates, Wynn Interactive. The results of its operations are presented within Corporate and other in the accompanying condensed consolidated financial statements, except where otherwise noted. Recent Developments Related to COVID-19 Since the outbreak of COVID-19 in early 2020, steps have been taken by various countries, including those in which the Company operates, to advise citizens to avoid non-essential travel, to restrict inbound international travel, to implement closures of non-essential operations, and to implement quarantines and lockdowns to contain the spread of the virus. As part of the immediate response to the initial outbreak of COVID-19, each of the Company's properties was subject to partial or full closure for varying lengths of time during 2020, and have all since reopened with certain COVID-19 specific protective measures, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. Several vaccines have been granted authorization in numerous countries and are being rolled out to citizens based on availability and priority of need. There can be no assurance as to when a sufficient number of individuals will be vaccinated, permitting travel restrictions to be fully lifted. Macau Operations Visitation to Macau has fallen significantly since the outbreak of COVID-19, driven by the strong deterrent effect of the COVID-19 pandemic on travel and social activities, quarantine measures in Macau and elsewhere, travel and entry restrictions and conditions in Macau, the PRC, Hong Kong and Taiwan involving COVID-19 testing, among other things, and the suspension or reduced accessibility of transportation to and from Macau. Beginning in June 2020 certain restrictions and conditions have eased to allow for visitation to Macau as certain regions recover from the COVID-19 pandemic. Quarantine-free travel, subject to COVID-19 safeguards such as testing and the usual visa requirements, has been reintroduced between Macau and most areas and cities within the PRC, and in September 2020, PRC authorities fully resumed the IVS exit visa program, which permits individual PRC citizens from nearly 50 PRC cities to travel to Macau for tourism purposes. Las Vegas Operations and Encore Boston Harbor The Company’s Las Vegas Operations and Encore Boston Harbor have each implemented certain COVID-19 specific protective measures, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. On April 8, 2021, Encore at Wynn Las Vegas resumed full operations, having previously adjusted its operating schedule to five days/four nights each week due to reduced customer demand levels beginning on October 19, 2020. On April 13, 2021, the Governor of Nevada announced that the statewide social distancing mandate will be removed and decisions on social distancing will be returned to local authority by May 1, with a goal to have all Nevada counties open to 100% capacity by June 1. The Nevada Gaming Control Board will continue to maintain authority over gaming areas of licensed properties in Nevada. On May 3, 2021, the Gaming Control Board announced that, effective immediately, the Company's Las Vegas Operations are permitted to reopen all gaming areas to 100% of capacity, with no continuing table game or slot machine spacing restrictions. At Encore Boston Harbor, on January 25, 2021, limitations on operating hours that had been in place since November 2020 were lifted, and the property restored certain operations and reopened its hotel tower on a Thursday through Sunday weekly schedule. On April 27, 2021, the Governor of Massachusetts announced a phased plan for further reopening and increased capacity over the next several months. Effective August 1, 2021, subject to public health and vaccination data, all industry restrictions will be lifted and capacity limits will increase to 100%. Summary The COVID-19 pandemic has had and will continue to have an adverse effect on the Company's results of operations. Notwithstanding the easing of certain COVID-19 protective measures by authorities throughout the world, certain travel restrictions, quarantine measures, testing requirements, and capacity limitations remain in effect, and the Company is currently unable to determine when protective measures and the suspension of certain offerings in effect at our Macau Operations, Las Vegas Operations, and Encore Boston Harbor will be lifted. Given the uncertainty around the extent and timing of the potential future spread or mitigation of COVID-19 and around the imposition or relaxation of protective measures, management cannot reasonably estimate the impact to the Company's future results of operations, cash flows, or financial condition. As of March 31, 2021, the Company had total cash and cash equivalents, excluding restricted cash, of $2.89 billion, and had access to $833.9 million of available borrowing capacity from the WRF Revolving Facility and $293.0 million of available borrowing capacity from the Wynn Macau Revolving Facility. The Company has suspended its dividend program. Given the Company's liquidity position at March 31, 2021, the Company believes it is able to support continuing operations and respond to the current COVID-19 pandemic challenges. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 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, 2020. 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 16, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated. Accounts Receivable Accounts receivable, including casino and hotel receivables, are typically non-interest bearing and are recorded at amortized cost. Casino receivables primarily consist of credit issued to patrons in the form of markers and advances paid to gaming promoters. The Company issues credit based on factors such as level of play and financial resources, following background and credit checks. The casino credit extended by the Company is generally unsecured and due on demand. Gaming promoter advances are settled shortly after each month end. An estimated allowance for credit losses is maintained to reduce the Company's receivables to their carrying amount, which reflects the net amount the Company expects to collect. The allowance estimate reflects specific review of customer accounts and outstanding gaming promoter accounts taking into consideration the amount owed, the age of the account, the customer's financial condition, management's experience with historical and current collection trends, current economic and business conditions, and management's expectations of future economic and business conditions and forecasts. Accounts are written off when management deems them to be uncollectible. Recoveries of accounts previously written off are recorded when received. 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 $212.0 million and $254.0 million for the three months ended March 31, 2021 and 2020, respectively. Recently Issued Accounting Standards |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2021 | |
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): March 31, December 31, Cash and cash equivalents: Cash (1) $ 2,476,330 $ 2,501,452 Cash equivalents (2) 414,077 980,580 Total cash and cash equivalents 2,890,407 3,482,032 Restricted cash (3) 6,864 4,352 Total cash, cash equivalents and restricted cash $ 2,897,271 $ 3,486,384 (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 subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan. |
Receivables, net
Receivables, net | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Receivables, net | Receivables, net Accounts Receivable and Credit Risk Receivables, net consisted of the following (in thousands): March 31, December 31, Casino $ 232,763 $ 207,823 Hotel 7,312 7,075 Other 77,674 85,589 317,749 300,487 Less: allowance for credit losses (102,412) (100,329) $ 215,337 $ 200,158 As of March 31, 2021 and December 31, 2020, approximately 75.8% and 77.3%, 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 the Company's customers reside could affect the collectability of such receivables. The Company’s allowance for casino credit losses was 43.0% and 47.2% of gross casino receivables as of March 31, 2021 and December 31, 2020, respectively. Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change. The Company’s allowance for credit losses from its hotel and other receivables is not material. The following table shows the movement in the Company's allowance for credit losses recognized for receivables that occurred during the period (in thousands): March 31, March 31, Balance at beginning of year $ 100,329 $ 39,317 Provision for credit losses 7,367 20,613 Write-offs (5,653) (70) Recoveries of receivables previously written off 501 — Effect of exchange rate (132) 111 Balance at end of period $ 102,412 $ 59,971 |
Property and Equipment, net
Property and Equipment, net | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following (in thousands): March 31, December 31, Buildings and improvements $ 9,747,927 $ 9,758,846 Land and improvements 1,265,598 1,265,510 Furniture, fixtures and equipment 3,107,077 3,093,481 Airplanes 110,623 110,623 Construction in progress 155,586 136,390 14,386,811 14,364,850 Less: accumulated depreciation (5,336,633) (5,168,206) $ 9,050,178 $ 9,196,644 As of March 31, 2021 and December 31, 2020, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The following table shows the movement in the Company's goodwill balance that occurred during the three-month period (in thousands): March 31, Balance at beginning of period $ 144,095 Acquisitions — Foreign currency translation 1,312 Balance at end of period $ 145,407 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in thousands): March 31, December 31, Macau Related: Wynn Macau Credit Facilities (1) : Wynn Macau Term Loan, due 2022 (2) $ 828,460 $ 1,268,106 Wynn Macau Revolver, due 2022 (3) 457,005 407,443 WML 4 7/8% Senior Notes, due 2024 600,000 600,000 WML 5 1/2% Senior Notes, due 2026 1,000,000 1,000,000 WML 5 1/2% Senior Notes, due 2027 750,000 750,000 WML 5 5/8% Senior Notes, due 2028 1,350,000 1,350,000 WML 5 1/8% Senior Notes, due 2029 1,000,000 1,000,000 U.S. and Corporate Related: WRF Credit Facilities (4) : WRF Term Loan, due 2024 925,000 937,500 WRF Revolver, due 2024 — 716,000 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 7 3/4% Senior Notes, due 2025 600,000 600,000 WRF 5 1/8% Senior Notes, due 2029 750,000 750,000 Retail Term Loan, due 2025 (5) 615,000 615,000 12,035,465 13,154,049 Less: Unamortized debt issuance costs and original issue discounts and premium, net (81,831) (88,279) 11,953,634 13,065,770 Less: Current portion of long-term debt (198,465) (596,408) Total long-term debt, net of current portion $ 11,755,169 $ 12,469,362 (1) The borrowings under the Wynn Macau Credit Facilities bear interest at LIBOR or HIBOR plus a margin of 1.50% to 2.25% per annum based on Wynn Resorts Macau S.A.’s leverage ratio. (2) Approximately $469.2 million and $359.3 million of the Wynn Macau Term Loan bears interest at a rate of LIBOR plus 2.25% per year and HIBOR plus 2.25% per year, respectively. As of March 31, 2021, the weighted average interest rate was approximately 2.37%. In January 2021, the Company prepaid $412.5 million of the Wynn Macau Term Loan. (3) Approximately $260.2 million and $196.8 million of the Wynn Macau Revolver bears interest at a rate of LIBOR plus 2.25% per year and HIBOR plus 2.25% per year, respectively. As of March 31, 2021, the weighted average interest rate was approximately 2.38%. As of March 31, 2021, the available borrowing capacity under the Wynn Macau Revolver was $293.0 million. (4) The WRF Credit Facilities bear interest at a rate of LIBOR plus 1.75% per year. As of March 31, 2021, the weighted average interest rate was approximately 1.86%. Additionally, as of March 31, 2021, the available borrowing capacity under the WRF Revolver was $833.9 million, net of $16.1 million in outstanding letters of credit. (5) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of March 31, 2021, the effective interest rate was 2.70%. Debt Covenant Compliance As of March 31, 2021, management believes the Company was in compliance with all debt covenants. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity (Deficit) Equity Offering On February 11, 2021, the Company completed a registered public offering of 7,475,000 newly issued shares of its common stock, par value $0.01 per share, at a price of $115.00 per share for proceeds of $841.9 million, net of $17.7 million in underwriting discounts, commissions, and other expenses. The Company used $716.0 million of the proceeds from the equity offering to repay the outstanding borrowings under the WRF Revolver, and intends to use the remaining net proceeds for general corporate purposes. Dividends During the first quarter of 2020, the Company paid a cash dividend of $1.00 per share, and recorded $107.5 million as a reduction of retained earnings from cash dividends declared. On May 6, 2020, the Company announced that it had suspended its quarterly dividend program due to the financial impact of the COVID-19 pandemic. Noncontrolling Interests The WML board of directors concluded not to recommend the payment of a dividend with respect to either of the years ended December 31, 2020 or 2019 due to the financial impact of the COVID-19 pandemic. As such, WML paid no dividends during 2020 or the three months ended March 31, 2021. During the three months ended March 31, 2021, the Retail Joint Venture did not make any distribution to its non-controlling interest holder. During the three months ended March 31, 2020, the Retail Joint Venture made aggregate distributions of approximately $1.0 million to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture". |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, Quoted Other Unobservable Assets: Cash equivalents $ 414,077 $ 50,000 $ 364,077 — Restricted cash $ 6,864 $ 4,867 $ 1,997 — Liabilities: Interest rate collar $ 12,499 — $ 12,499 — Fair Value Measurements Using: December 31, Quoted Other Unobservable Assets: Cash equivalents $ 980,580 $ 504,980 $ 475,600 — Restricted cash $ 4,352 $ 2,054 $ 2,298 — Liabilities: Interest rate collar $ 16,908 — $ 16,908 — |
Customer Contract Liabilities
Customer Contract Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
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): March 31, 2021 December 31, 2020 Increase (decrease) March 31, 2020 December 31, 2019 Increase (decrease) Casino outstanding chips and front money deposits (1) $ 461,343 $ 596,463 $ (135,120) $ 857,233 $ 769,053 $ 88,180 Advance room deposits and ticket sales (2) 40,062 29,224 10,838 29,293 49,834 (20,541) Other gaming-related liabilities (3) 9,608 7,882 1,726 5,485 13,970 (8,485) Loyalty program and related liabilities (4) 24,967 22,736 2,231 20,397 21,148 (751) $ 535,980 $ 656,305 $ (120,325) $ 912,408 $ 854,005 $ 58,403 (1) Casino outstanding chips generally 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
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [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 March 31, 2021 2020 Casino (1) $ 3,891 $ (896) Rooms 506 349 Food and beverage 1,150 637 Entertainment, retail and other 4,300 73 General and administrative 14,499 9,201 Total stock-based compensation expense 24,346 9,364 Total stock-based compensation capitalized 905 217 Total stock-based compensation costs $ 25,251 $ 9,581 (1) For the three months ended March 31, 2020, reflects the reversal of $3.3 million of compensation cost previously recognized for awards forfeited in connection with the departure of an employee. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded an income tax expense of $0.5 million and $75.8 million for the three months ended March 31, 2021 and 2020, respectively. The 2021 income tax expense primarily related to the Macau dividend tax agreement that provides for an annual payment of MOP 12.8 million (approximately $1.6 million) as complementary tax otherwise due by stockholders of Wynn Macau SA. The 2020 income tax expense primarily related to the increase in the valuation allowance for U.S. foreign tax credits. In March 2021, the Company received an extension of its Macau dividend tax agreement, providing for a payment of MOP 12.8 million (approximately $1.6 million) for 2021 and MOP 6.3 million (approximately $0.8 million) for the period ending June 26, 2022, the expiration date of the gaming concession agreement. The Company records valuation allowances on certain of its U.S. and foreign deferred tax assets. During the third quarter of 2020, the Company concluded it could no longer rely on forecasted future taxable income in assessing a valuation allowance on its deferred tax assets. This conclusion was reached due to cumulative operating losses incurred by the Company and tax legislation that reduced future sources of taxable income. As of March 31, 2021, the Company continues to rely solely on the reversal of net taxable temporary differences in assessing a need for a valuation allowance. In April 2020, Wynn Macau SA received an extension of the exemption from Macau’s 12% Complementary Tax on casino gaming profits earned from January 1, 2021 to June 26, 2022, the expiration date of the gaming concession agreement. For the three months ended March 31, 2021 and 2020, the Company did not have any casino gaming profits exempt from the Macau Complementary Tax. 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 | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareBasic earnings per share ("EPS") is computed by dividing net loss attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net loss 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, to the extent such impact is not anti-dilutive. Potentially dilutive securities include outstanding stock options and unvested restricted stock. The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net loss attributable to Wynn Resorts, Limited $ (280,978) $ (402,037) Denominator: Weighted average common shares outstanding 111,020 106,663 Potential dilutive effect of stock options, nonvested, and performance nonvested shares — — Weighted average common and common equivalent shares outstanding 111,020 106,663 Net loss attributable to Wynn Resorts, Limited per common share, basic $ (2.53) $ (3.77) Net loss attributable to Wynn Resorts, Limited per common share, diluted $ (2.53) $ (3.77) Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 1,235 1,209 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases Lessor Arrangements The following table presents the minimum and contingent operating lease income for the periods presented (in thousands): Three Months Ended March 31, 2021 2020 Minimum rental income $ 22,738 $ 31,650 Contingent rental income 26,006 6,679 Total rental income $ 48,744 $ 38,329 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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 the award winner of the Greater Boston (Region A) gaming license (the "Boston area license"). On November 7, 2014, the gaming license became effective. Revere Action On October 16, 2014, the City of Revere, the host community to the unsuccessful bidder for the Boston area license, the International Brotherhood of Electrical Workers, Local 103, 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 for procedural error. 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. 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 is not a party to and is not named in the Revere Action. Derivative Litigation A number of stockholder derivative actions were 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 alleged, 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. The actions filed in the Eighth Judicial District Court of Clark County, Nevada were consolidated as In re Wynn Resorts, Ltd. Derivative Litigation ("State Derivative Case"). 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. This case was consolidated in September 2019 into the State Derivative Case. On November 27, 2019, the State Derivative Case parties agreed to terms of a settlement agreement. The court approved the settlement agreement on February 12, 2020, and entered a written order approving the settlement on March 10, 2020. Following the Nevada Supreme Court’s dismissal of the only appeal, the settlement agreement became effective and final. Following the dismissal, the Company received net proceeds of $30.2 million, which has been recognized as a reduction of general and administrative expense within the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020. 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, 2020, the parties stipulated to dismiss the Federal Derivative Case given the approved settlement in the State Derivative Case. On March 25, 2019, a separate stockholder derivative action was filed in the United States District Court, District of Nevada alleging similar 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 April 30, 2020, the Company filed a motion for summary judgment, seeking dismissal of the claims given the approved settlement in the State Derivative Case. On January 12, 2021, the court granted the Company’s motion for summary judgment of this action and denied the stockholder’s request to vacate the parties' stipulation to dismiss the Federal Derivative Case. On February 11, 2021, the stockholder filed a notice of appeal to the United States Court of Appeals for the Ninth Circuit. Each of the actions sought to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also sought to recover attorneys' fees, costs and related expenses for the plaintiff. 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. On April 15, 2019, the Company filed a motion to dismiss, which the court granted on May 27, 2020, with leave to amend. On July 1, 2020, the plaintiffs filed an amended complaint. On August 14, 2020, the Company filed a motion to dismiss the amended complaint, which is pending decision from 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. Federal Investigation From time to time, the Company receives regulatory inquiries about compliance with anti-money laundering laws. The Company received requests for information from the U.S. Attorney’s Office for the Southern District of California relating to its anti-money laundering policies and procedures, and in the first half of 2020, received two grand jury subpoenas regarding various transactions at Wynn Las Vegas relating to certain patrons and agents who reside or operate in foreign jurisdictions. The Company continues to cooperate with the U.S. Attorney’s Office in its investigation, which remains ongoing. Because no charges or claims have been brought, the Company is unable to predict the outcome of the investigation, the extent of the materiality of the outcome, or reasonably estimate the possible range of loss, if any, which could be associated with the resolution of any possible charges or claims that may be brought against the Company. |
Retail Joint Venture
Retail Joint Venture | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Retail Joint Venture | Retail Joint VentureAs of March 31, 2021 and December 31, 2020, the Retail Joint Venture had total assets of $103.9 million and $96.3 million, respectively, and total liabilities of $629.7 million and $633.5 million, respectively. As of March 31, 2021 and December 31, 2020, the Retail Joint Venture's liabilities included long-term debt of $612.5 million and $612.3 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationThe 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. Other Macau primarily represents the assets for the Company's Macau holding company. 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"). Encore Boston Harbor is presented as one reportable segment. The following tables present the Company's segment information (in thousands): Three Months Ended March 31, 2021 2020 Operating revenues Macau Operations: Wynn Palace Casino $ 185,909 $ 207,576 Rooms 17,012 19,710 Food and beverage 11,672 13,298 Entertainment, retail and other (1) 22,733 18,929 237,326 259,513 Wynn Macau Casino 138,927 190,128 Rooms 14,702 15,911 Food and beverage 7,433 9,531 Entertainment, retail and other (1) 18,589 13,919 179,651 229,489 Total Macau Operations 416,977 489,002 Las Vegas Operations: Casino 79,903 71,295 Rooms 39,761 106,105 Food and beverage 40,077 105,979 Entertainment, retail and other (1) 18,975 40,445 Total Las Vegas Operations 178,716 323,824 Encore Boston Harbor: Casino 111,479 101,790 Rooms 4,715 10,955 Food and beverage 9,327 20,606 Entertainment, retail and other (1) 4,569 7,539 Total Encore Boston Harbor 130,090 140,890 Total operating revenues $ 725,783 $ 953,716 Three Months Ended March 31, 2021 2020 Adjusted Property EBITDA (2) Macau Operations: Wynn Palace $ 27,369 $ 10,176 Wynn Macau 16,556 19,208 Total Macau Operations 43,925 29,384 Las Vegas Operations (3) 28,081 (22,077) Encore Boston Harbor (4) 30,363 (12,636) Corporate and other (43,469) — Total 58,900 (5,329) Other operating expenses Pre-opening 1,627 2,551 Depreciation and amortization 185,121 178,746 Property charges and other 5,617 27,229 Corporate expenses and other 17,921 24,192 Stock-based compensation 24,346 9,364 Total other operating expenses 234,632 242,082 Operating loss (175,732) (247,411) Other non-operating income and expenses Interest income 904 7,953 Interest expense, net of amounts capitalized (152,852) (128,827) Change in derivatives fair value 4,409 (15,660) Loss on extinguishment of debt (1,322) (843) Other (11,093) 10,335 Total other non-operating income and expenses (159,954) (127,042) Loss before income taxes (335,686) (374,453) Provision for income taxes (493) (75,800) Net loss (336,179) (450,253) Net loss attributable to noncontrolling interests 55,201 48,216 Net loss attributable to Wynn Resorts, Limited $ (280,978) $ (402,037) (1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases". (2) "Adjusted Property EBITDA" is net loss before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, 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. We also present 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 preopening 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 our 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. We have 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, our calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. (3) For the three months ended March 31, 2020, includes $56.4 million of expense accrued during the quarter related to the Company's commitment to pay salary, tips, and benefits continuation for all of its U.S. employees for the period from April 1 through May 15, 2020. (4) For the three months ended March 31, 2020, includes $19.3 million of expense accrued during the quarter related to the Company's commitment to pay salary, tips, and benefits continuation for all of its U.S. employees for the period from April 1 through May 15, 2020. March 31, December 31, Assets Macau Operations: Wynn Palace $ 3,310,394 $ 3,393,790 Wynn Macau 1,054,456 1,202,709 Other Macau 1,537,208 2,026,098 Total Macau Operations 5,902,058 6,622,597 Las Vegas Operations 2,993,182 2,992,870 Encore Boston Harbor 2,276,657 2,300,016 Corporate and other 1,995,014 1,954,064 Total $ 13,166,911 $ 13,869,547 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of ConsolidationThe 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 16, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated. |
Gaming Taxes | Gaming TaxesThe 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. |
Accounts Receivable | Accounts Receivable Accounts receivable, including casino and hotel receivables, are typically non-interest bearing and are recorded at amortized cost. Casino receivables primarily consist of credit issued to patrons in the form of markers and advances paid to gaming promoters. The Company issues credit based on factors such as level of play and financial resources, following background and credit checks. The casino credit extended by the Company is generally unsecured and due on demand. Gaming promoter advances are settled shortly after each month end. An estimated allowance for credit losses is maintained to reduce the Company's receivables to their carrying amount, which reflects the net amount the Company expects to collect. The allowance estimate reflects specific review of customer accounts and outstanding gaming promoter accounts taking into consideration the amount owed, the age of the account, the customer's financial condition, management's experience with historical and current collection trends, current economic and business conditions, and management's expectations of future economic and business conditions and forecasts. Accounts are written off when management deems them to be uncollectible. Recoveries of accounts previously written off are recorded when received. |
Recently Issued and Adopted Accounting Standards | Recently Issued Accounting StandardsIn March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of the London Interbank Offered Rate (referred to as "LIBOR"), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. ASU 2020-04 also provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. ASU 2020-04 can be adopted no later than December 1, 2022 with early adoption permitted. The Company is currently assessing the impact the adoption of the new guidance will have on its consolidated financial statements. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, December 31, Cash and cash equivalents: Cash (1) $ 2,476,330 $ 2,501,452 Cash equivalents (2) 414,077 980,580 Total cash and cash equivalents 2,890,407 3,482,032 Restricted cash (3) 6,864 4,352 Total cash, cash equivalents and restricted cash $ 2,897,271 $ 3,486,384 (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 subject to certain contractual restrictions, 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): March 31, December 31, Cash and cash equivalents: Cash (1) $ 2,476,330 $ 2,501,452 Cash equivalents (2) 414,077 980,580 Total cash and cash equivalents 2,890,407 3,482,032 Restricted cash (3) 6,864 4,352 Total cash, cash equivalents and restricted cash $ 2,897,271 $ 3,486,384 (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 subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan. |
Receivables, net (Tables)
Receivables, net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Receivables, net | Receivables, net consisted of the following (in thousands): March 31, December 31, Casino $ 232,763 $ 207,823 Hotel 7,312 7,075 Other 77,674 85,589 317,749 300,487 Less: allowance for credit losses (102,412) (100,329) $ 215,337 $ 200,158 The following table shows the movement in the Company's allowance for credit losses recognized for receivables that occurred during the period (in thousands): March 31, March 31, Balance at beginning of year $ 100,329 $ 39,317 Provision for credit losses 7,367 20,613 Write-offs (5,653) (70) Recoveries of receivables previously written off 501 — Effect of exchange rate (132) 111 Balance at end of period $ 102,412 $ 59,971 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): March 31, December 31, Buildings and improvements $ 9,747,927 $ 9,758,846 Land and improvements 1,265,598 1,265,510 Furniture, fixtures and equipment 3,107,077 3,093,481 Airplanes 110,623 110,623 Construction in progress 155,586 136,390 14,386,811 14,364,850 Less: accumulated depreciation (5,336,633) (5,168,206) $ 9,050,178 $ 9,196,644 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table shows the movement in the Company's goodwill balance that occurred during the three-month period (in thousands): March 31, Balance at beginning of period $ 144,095 Acquisitions — Foreign currency translation 1,312 Balance at end of period $ 145,407 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following (in thousands): March 31, December 31, Macau Related: Wynn Macau Credit Facilities (1) : Wynn Macau Term Loan, due 2022 (2) $ 828,460 $ 1,268,106 Wynn Macau Revolver, due 2022 (3) 457,005 407,443 WML 4 7/8% Senior Notes, due 2024 600,000 600,000 WML 5 1/2% Senior Notes, due 2026 1,000,000 1,000,000 WML 5 1/2% Senior Notes, due 2027 750,000 750,000 WML 5 5/8% Senior Notes, due 2028 1,350,000 1,350,000 WML 5 1/8% Senior Notes, due 2029 1,000,000 1,000,000 U.S. and Corporate Related: WRF Credit Facilities (4) : WRF Term Loan, due 2024 925,000 937,500 WRF Revolver, due 2024 — 716,000 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 7 3/4% Senior Notes, due 2025 600,000 600,000 WRF 5 1/8% Senior Notes, due 2029 750,000 750,000 Retail Term Loan, due 2025 (5) 615,000 615,000 12,035,465 13,154,049 Less: Unamortized debt issuance costs and original issue discounts and premium, net (81,831) (88,279) 11,953,634 13,065,770 Less: Current portion of long-term debt (198,465) (596,408) Total long-term debt, net of current portion $ 11,755,169 $ 12,469,362 (1) The borrowings under the Wynn Macau Credit Facilities bear interest at LIBOR or HIBOR plus a margin of 1.50% to 2.25% per annum based on Wynn Resorts Macau S.A.’s leverage ratio. (2) Approximately $469.2 million and $359.3 million of the Wynn Macau Term Loan bears interest at a rate of LIBOR plus 2.25% per year and HIBOR plus 2.25% per year, respectively. As of March 31, 2021, the weighted average interest rate was approximately 2.37%. In January 2021, the Company prepaid $412.5 million of the Wynn Macau Term Loan. (3) Approximately $260.2 million and $196.8 million of the Wynn Macau Revolver bears interest at a rate of LIBOR plus 2.25% per year and HIBOR plus 2.25% per year, respectively. As of March 31, 2021, the weighted average interest rate was approximately 2.38%. As of March 31, 2021, the available borrowing capacity under the Wynn Macau Revolver was $293.0 million. (4) The WRF Credit Facilities bear interest at a rate of LIBOR plus 1.75% per year. As of March 31, 2021, the weighted average interest rate was approximately 1.86%. Additionally, as of March 31, 2021, the available borrowing capacity under the WRF Revolver was $833.9 million, net of $16.1 million in outstanding letters of credit. (5) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of March 31, 2021, the effective interest rate was 2.70%. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, Quoted Other Unobservable Assets: Cash equivalents $ 414,077 $ 50,000 $ 364,077 — Restricted cash $ 6,864 $ 4,867 $ 1,997 — Liabilities: Interest rate collar $ 12,499 — $ 12,499 — Fair Value Measurements Using: December 31, Quoted Other Unobservable Assets: Cash equivalents $ 980,580 $ 504,980 $ 475,600 — Restricted cash $ 4,352 $ 2,054 $ 2,298 — Liabilities: Interest rate collar $ 16,908 — $ 16,908 — |
Customer Contract Liabilities (
Customer Contract Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition [Abstract] | |
Schedule of Customer Contract Liabilities | The Company's primary liabilities associated with customer contracts are as follows (in thousands): March 31, 2021 December 31, 2020 Increase (decrease) March 31, 2020 December 31, 2019 Increase (decrease) Casino outstanding chips and front money deposits (1) $ 461,343 $ 596,463 $ (135,120) $ 857,233 $ 769,053 $ 88,180 Advance room deposits and ticket sales (2) 40,062 29,224 10,838 29,293 49,834 (20,541) Other gaming-related liabilities (3) 9,608 7,882 1,726 5,485 13,970 (8,485) Loyalty program and related liabilities (4) 24,967 22,736 2,231 20,397 21,148 (751) $ 535,980 $ 656,305 $ (120,325) $ 912,408 $ 854,005 $ 58,403 (1) Casino outstanding chips generally 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) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation Allocated Costs | The total compensation cost for stock-based compensation plans was recorded as follows (in thousands): Three Months Ended March 31, 2021 2020 Casino (1) $ 3,891 $ (896) Rooms 506 349 Food and beverage 1,150 637 Entertainment, retail and other 4,300 73 General and administrative 14,499 9,201 Total stock-based compensation expense 24,346 9,364 Total stock-based compensation capitalized 905 217 Total stock-based compensation costs $ 25,251 $ 9,581 (1) For the three months ended March 31, 2020, reflects the reversal of $3.3 million of compensation cost previously recognized for awards forfeited in connection with the departure of an employee. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Shares used in Calculation of Earnings Per Share | The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net loss attributable to Wynn Resorts, Limited $ (280,978) $ (402,037) Denominator: Weighted average common shares outstanding 111,020 106,663 Potential dilutive effect of stock options, nonvested, and performance nonvested shares — — Weighted average common and common equivalent shares outstanding 111,020 106,663 Net loss attributable to Wynn Resorts, Limited per common share, basic $ (2.53) $ (3.77) Net loss attributable to Wynn Resorts, Limited per common share, diluted $ (2.53) $ (3.77) Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 1,235 1,209 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
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 March 31, 2021 2020 Minimum rental income $ 22,738 $ 31,650 Contingent rental income 26,006 6,679 Total rental income $ 48,744 $ 38,329 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Operations by Segment | The following tables present the Company's segment information (in thousands): Three Months Ended March 31, 2021 2020 Operating revenues Macau Operations: Wynn Palace Casino $ 185,909 $ 207,576 Rooms 17,012 19,710 Food and beverage 11,672 13,298 Entertainment, retail and other (1) 22,733 18,929 237,326 259,513 Wynn Macau Casino 138,927 190,128 Rooms 14,702 15,911 Food and beverage 7,433 9,531 Entertainment, retail and other (1) 18,589 13,919 179,651 229,489 Total Macau Operations 416,977 489,002 Las Vegas Operations: Casino 79,903 71,295 Rooms 39,761 106,105 Food and beverage 40,077 105,979 Entertainment, retail and other (1) 18,975 40,445 Total Las Vegas Operations 178,716 323,824 Encore Boston Harbor: Casino 111,479 101,790 Rooms 4,715 10,955 Food and beverage 9,327 20,606 Entertainment, retail and other (1) 4,569 7,539 Total Encore Boston Harbor 130,090 140,890 Total operating revenues $ 725,783 $ 953,716 Three Months Ended March 31, 2021 2020 Adjusted Property EBITDA (2) Macau Operations: Wynn Palace $ 27,369 $ 10,176 Wynn Macau 16,556 19,208 Total Macau Operations 43,925 29,384 Las Vegas Operations (3) 28,081 (22,077) Encore Boston Harbor (4) 30,363 (12,636) Corporate and other (43,469) — Total 58,900 (5,329) Other operating expenses Pre-opening 1,627 2,551 Depreciation and amortization 185,121 178,746 Property charges and other 5,617 27,229 Corporate expenses and other 17,921 24,192 Stock-based compensation 24,346 9,364 Total other operating expenses 234,632 242,082 Operating loss (175,732) (247,411) Other non-operating income and expenses Interest income 904 7,953 Interest expense, net of amounts capitalized (152,852) (128,827) Change in derivatives fair value 4,409 (15,660) Loss on extinguishment of debt (1,322) (843) Other (11,093) 10,335 Total other non-operating income and expenses (159,954) (127,042) Loss before income taxes (335,686) (374,453) Provision for income taxes (493) (75,800) Net loss (336,179) (450,253) Net loss attributable to noncontrolling interests 55,201 48,216 Net loss attributable to Wynn Resorts, Limited $ (280,978) $ (402,037) (1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases". (2) "Adjusted Property EBITDA" is net loss before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, 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. We also present 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 preopening 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 our 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. We have 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, our calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. (3) For the three months ended March 31, 2020, includes $56.4 million of expense accrued during the quarter related to the Company's commitment to pay salary, tips, and benefits continuation for all of its U.S. employees for the period from April 1 through May 15, 2020. (4) For the three months ended March 31, 2020, includes $19.3 million of expense accrued during the quarter related to the Company's commitment to pay salary, tips, and benefits continuation for all of its U.S. employees for the period from April 1 through May 15, 2020. |
Summary of Assets by Segment | March 31, December 31, Assets Macau Operations: Wynn Palace $ 3,310,394 $ 3,393,790 Wynn Macau 1,054,456 1,202,709 Other Macau 1,537,208 2,026,098 Total Macau Operations 5,902,058 6,622,597 Las Vegas Operations 2,993,182 2,992,870 Encore Boston Harbor 2,276,657 2,300,016 Corporate and other 1,995,014 1,954,064 Total $ 13,166,911 $ 13,869,547 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Organization and Basis of Presentation [Line Items] | ||
Cash and cash equivalents | $ 2,890,407 | $ 3,482,032 |
WRF Revolver, due 2024 | Senior Secured Revolving Credit Facility | WRF | ||
Organization and Basis of Presentation [Line Items] | ||
Available borrowing capacity | 833,900 | |
Wynn Macau Revolver, due 2022 | Senior Secured Revolving Credit Facility | Wynn Macau | ||
Organization and Basis of Presentation [Line Items] | ||
Available borrowing capacity | $ 293,000 | |
Wynn Palace and Wynn Macau | ||
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% | |
Wynn Interactive | ||
Organization and Basis of Presentation [Line Items] | ||
Economic interest held following merger | 74.00% |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Gaming tax expenses | $ 212 | $ 254 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash | $ 2,476,330 | $ 2,501,452 | ||
Cash equivalents | 414,077 | 980,580 | ||
Total cash and cash equivalents | 2,890,407 | 3,482,032 | ||
Restricted cash | 6,864 | 4,352 | ||
Total cash, cash equivalents and restricted cash | $ 2,897,271 | $ 3,486,384 | $ 2,885,901 | $ 2,358,292 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 317,749 | $ 300,487 |
Less: allowance for credit losses | (102,412) | (100,329) |
Receivables, net | $ 215,337 | $ 200,158 |
Geographic Concentration Risk | Receivables | Outside the United States, primarily Asia | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of markers due from customers | 75.80% | 77.30% |
Casino | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 232,763 | $ 207,823 |
Allowance for credit losses, percent of gross casino receivables | 43.00% | 47.20% |
Hotel | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 7,312 | $ 7,075 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 77,674 | $ 85,589 |
Receivables, net - Schedule of
Receivables, net - Schedule of Movement in Allowance for Credit Losses Recognized for Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Balance at beginning of year | $ 100,329 | $ 39,317 |
Provision for credit losses | 7,367 | 20,613 |
Write-offs | (5,653) | (70) |
Recoveries of receivables previously written off | 501 | 0 |
Effect of exchange rate | (132) | 111 |
Balance at end of period | $ 102,412 | $ 59,971 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Buildings and improvements | $ 9,747,927 | $ 9,758,846 | |
Land and improvements | 1,265,598 | 1,265,510 | |
Furniture, fixtures and equipment | 3,107,077 | 3,093,481 | |
Airplanes | 110,623 | 110,623 | |
Construction in progress | 155,586 | 136,390 | |
Property and equipment, gross | 14,386,811 | 14,364,850 | |
Less: accumulated depreciation | (5,336,633) | (5,168,206) | |
Property and equipment, net | 9,050,178 | $ 9,196,644 | |
Depreciation expense | $ 177,700 | $ 172,300 |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance at beginning of period | $ 144,095 |
Acquisitions | 0 |
Foreign currency translation | 1,312 |
Balance at end of period | $ 145,407 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Goodwill recognized in connection with acquisition | $ 0 | |
Betbull Transaction | ||
Goodwill [Line Items] | ||
Goodwill recognized in connection with acquisition | $ 121,000 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 26, 2020 | Jun. 19, 2020 | Apr. 14, 2020 |
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 12,035,465 | $ 13,154,049 | |||
Less: Unamortized debt issuance costs and original issue discounts and premium, net | (81,831) | (88,279) | |||
Long-term debt total | 11,953,634 | 13,065,770 | |||
Less: Current portion of long-term debt | (198,465) | (596,408) | |||
Total long-term debt, net of current portion | 11,755,169 | 12,469,362 | |||
Wynn Macau | Wynn Macau Term Loan, due 2022 | Senior Secured Term Loan | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 828,460 | 1,268,106 | |||
Wynn Macau | Wynn Macau Revolver, due 2022 | Senior Secured Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 457,005 | 407,443 | |||
WML | WML 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% | ||||
WML | WML 5 1/2% Senior Notes, due 2026 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,000,000 | 1,000,000 | |||
Stated interest rate | 5.50% | 5.50% | 5.50% | ||
WML | WML 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% | ||||
WML | WML 5 5/8% Senior Notes, due 2028 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,350,000 | 1,350,000 | |||
Stated interest rate | 5.125% | ||||
WML | WML 5 1/8% Senior Notes, due 2029 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 1,000,000 | 1,000,000 | |||
Stated interest rate | 5.625% | 5.625% | |||
WRF | WRF Term Loan, due 2024 | Senior Secured Term Loan | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 925,000 | 937,500 | |||
WRF | WRF Revolver, due 2024 | Senior Secured Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 0 | 716,000 | |||
WRF | WRF 7 3/4% Senior Notes, due 2025 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 600,000 | 600,000 | |||
Stated interest rate | 5.125% | ||||
WRF | WRF 5 1/8% Senior Notes, due 2029 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 750,000 | 750,000 | |||
Stated interest rate | 7.75% | 7.75% | |||
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 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 12,035,465 | $ 13,154,049 | |
Wynn Macau | Senior Term Loan Facility, due 2022 | Senior Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 828,460 | 1,268,106 | |
Interest rate during period | 2.37% | ||
Prepayment of debt | $ 412,500 | ||
Wynn Macau | Senior Revolving Credit Facility, due 2022 | Senior Secured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 457,005 | 407,443 | |
Interest rate during period | 2.38% | ||
Available borrowing capacity | $ 293,000 | ||
WRF | WRF Credit Facilities | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 1.86% | ||
WRF | WRF Revolver, due 2024 | Senior Secured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 0 | 716,000 | |
Available borrowing capacity | 833,900 | ||
Outstanding letters of credit | 16,100 | ||
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 | |
Interest rate during period | 2.70% | ||
LIBOR | Wynn Macau | Wynn Macau Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Interest in addition to variable rate | 1.50% | ||
LIBOR | Wynn Macau | Senior Term Loan Facility, due 2022 | Senior Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Interest in addition to variable rate | 2.25% | ||
Long-term debt, gross | $ 469,200 | ||
LIBOR | Wynn Macau | Senior Revolving Credit Facility, due 2022 | Senior Secured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest in addition to variable rate | 2.25% | ||
Long-term debt, gross | $ 260,200 | ||
LIBOR | WRF | WRF Credit Facilities | |||
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, due 2025 | Term Loan | |||
Debt Instrument [Line Items] | |||
Interest in addition to variable rate | 1.70% | ||
HIBOR | Wynn Macau | Wynn Macau Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Interest in addition to variable rate | 2.25% | ||
HIBOR | Wynn Macau | Senior Term Loan Facility, due 2022 | Senior Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Interest in addition to variable rate | 2.25% | ||
Long-term debt, gross | $ 359,300 | ||
HIBOR | Wynn Macau | Senior Revolving Credit Facility, due 2022 | Senior Secured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest in addition to variable rate | 2.25% | ||
Long-term debt, gross | $ 196,800 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Aug. 26, 2020 | Jun. 19, 2020 | Apr. 14, 2020 | |
Debt Instrument [Line Items] | ||||||
Payment of related fees and expenses | $ 2,154 | $ 1,919 | ||||
Fair value, excluding the redemption note | 12,310,000 | $ 13,350,000 | ||||
Long-term debt excluding the Redemption Note | $ 12,040,000 | $ 13,150,000 | ||||
WML | WML 5 1/2% Senior Notes, due 2026 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.50% | 5.50% | 5.50% | |||
WML | WML 5 1/8% Senior Notes, due 2029 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.625% | 5.625% | ||||
WRF | WRF 7 3/4% Senior Notes, due 2025 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.125% | |||||
WRF | WRF 5 1/8% Senior Notes, due 2029 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.75% | 7.75% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Feb. 11, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | ||
Underwriter discounts, commissions, and other expenses | $ 17,700,000 | |||
Dividends and Noncontrolling Interest [Line Items] | ||||
Cash dividend paid (usd per share) | $ 1 | |||
Cash dividends | (90,000) | $ 107,501,000 | ||
Decrease from distributions to noncontrolling interest | 998,000 | |||
WRF Revolver, due 2024 | Senior Secured Revolving Credit Facility | WRF | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Repayment on credit facility | $ 716,000,000 | |||
Subsidiaries | WML | ||||
Dividends and Noncontrolling Interest [Line Items] | ||||
Cash dividends | 0 | $ 0 | ||
Public Stock Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Newly issued shares of common stock in registered public offering (shares) | 7,475,000 | |||
Common stock, par value (usd per share) | $ 0.01 | |||
Price per share (usd per share) | $ 115 | |||
Proceeds | $ 841,900,000 | |||
Underwriter discounts, commissions, and other expenses | $ 17,700,000 | |||
Retained earnings (Accumulated deficit) | ||||
Dividends and Noncontrolling Interest [Line Items] | ||||
Cash dividends declared, recorded as reduction of retained earnings | 107,500,000 | |||
Cash dividends | (81,000) | 107,515,000 | ||
Noncontrolling interests | ||||
Dividends and Noncontrolling Interest [Line Items] | ||||
Cash dividends | (9,000) | (14,000) | ||
Decrease from distributions to noncontrolling interest | $ 0 | $ 998,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash equivalents | $ 414,077 | $ 980,580 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 414,077 | 980,580 |
Restricted cash | 6,864 | 4,352 |
Liabilities: | ||
Interest rate collar | 12,499 | 16,908 |
Fair Value, Measurements, Recurring | Quoted Market Prices in Active Markets (Level 1) | ||
Assets: | ||
Cash equivalents | 50,000 | 504,980 |
Restricted cash | 4,867 | 2,054 |
Liabilities: | ||
Interest rate collar | 0 | 0 |
Fair Value, Measurements, Recurring | Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 364,077 | 475,600 |
Restricted cash | 1,997 | 2,298 |
Liabilities: | ||
Interest rate collar | 12,499 | 16,908 |
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 | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Recognition [Abstract] | ||||
Casino outstanding chips and front money deposits | $ 461,343 | $ 857,233 | $ 596,463 | $ 769,053 |
Change in outstanding chips and front money deposits | (135,120) | 88,180 | ||
Advanced room deposits and ticket sales | 40,062 | 29,293 | 29,224 | 49,834 |
Change in advanced room deposits and ticket sales | 10,838 | (20,541) | ||
Other gaming related liabilities | 9,608 | 5,485 | 7,882 | 13,970 |
Change in other gaming related liabilities | 1,726 | (8,485) | ||
Loyalty program liabilities | 24,967 | 20,397 | 22,736 | 21,148 |
Change in loyalty program liabilities | 2,231 | (751) | ||
Total customer contract liabilities | 535,980 | 912,408 | $ 656,305 | $ 854,005 |
Change in total customer contract liabilities | $ (120,325) | $ 58,403 |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share Based Compensation Allocated Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 24,346 | $ 9,364 |
Total stock-based compensation capitalized | 905 | 217 |
Total stock-based compensation costs | 25,251 | 9,581 |
Reversal of compensation cost previously recognized for awards forfeited in connection with departure of employee | 3,300 | |
Casino | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 3,891 | (896) |
Rooms | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 506 | 349 |
Food and beverage | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 1,150 | 637 |
Entertainment, retail and other | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 4,300 | 73 |
General and administrative | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 14,499 | $ 9,201 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands, MOP$ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 30, 2020 | Mar. 31, 2021MOP (MOP$) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jun. 26, 2022MOP (MOP$) | Jun. 26, 2022USD ($) | Dec. 31, 2021MOP (MOP$) | Dec. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | ||||||||
Income tax expense (benefit) | $ 493 | $ 75,800 | ||||||
Required annual payment, complimentary tax otherwise due by stockholders of Wynn Macau S.A. | MOP$ 12.8 | $ 1,600 | ||||||
Income Taxes [Line Items] | ||||||||
Complementary tax rate | 12.00% | |||||||
Forecast | ||||||||
Income Taxes [Line Items] | ||||||||
Payment for dividend tax agreement | MOP$ 6.3 | $ 800 | MOP$ 12.8 | $ 1,600 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net loss attributable to Wynn Resorts, Limited | $ (280,978) | $ (402,037) |
Denominator: | ||
Weighted average common shares outstanding (shares) | 111,020 | 106,663 |
Potential dilutive effect of stock options and restricted stock (shares) | 0 | 0 |
Weighted average common and common equivalent shares outstanding (shares) | 111,020 | 106,663 |
Net income (loss) attributable to Wynn Resorts, Limited per common share, basic (in usd per share) | $ (2.53) | $ (3.77) |
Net income attributable to Wynn Resorts, Ltd. per common share, diluted (in usd per share) | $ (2.53) | $ (3.77) |
Antidilutive securities excluded from computation of earnings per share (shares) | 1,235 | 1,209 |
Leases - Minimum and Contingent
Leases - Minimum and Contingent Operating Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Minimum rental income | $ 22,738 | $ 31,650 |
Contingent rental income | 26,006 | 6,679 |
Total rental income | $ 48,744 | $ 38,329 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Derivative Litigation - Positive Outcome of Litigation - USD ($) $ in Millions | 3 Months Ended | 7 Months Ended |
Mar. 31, 2021 | Sep. 30, 2020 | |
Commitments and Contingencies [Line Items] | ||
Net proceeds received from settlement agreement becoming effective and final | $ 30.2 | |
General and Administrative Expense | ||
Commitments and Contingencies [Line Items] | ||
Gain related to settlement agreement becoming effective and final, recognized as reduction of general and administrative expense | $ 30.2 |
Retail Joint Venture - Addition
Retail Joint Venture - Additional information (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Variable Interest Entities [Line Items] | ||
Assets | $ 13,166,911 | $ 13,869,547 |
Liabilities | 13,369,850 | 14,606,864 |
Long-term debt | 11,953,634 | 13,065,770 |
Retail Joint Venture | Retail | ||
Schedule of Variable Interest Entities [Line Items] | ||
Assets | 103,900 | 96,300 |
Liabilities | 629,700 | 633,500 |
Long-term debt | $ 612,500 | $ 612,300 |
Segment Information - Summary o
Segment Information - Summary of Results of Operations by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total operating revenues | $ 725,783 | $ 953,716 |
Adjusted Property EBITDA | 58,900 | (5,329) |
Other operating expenses | ||
Pre-opening | 1,627 | 2,551 |
Depreciation and amortization | 185,121 | 178,746 |
Property charges and other | 5,617 | 27,229 |
Corporate expenses and other | 17,921 | 24,192 |
Stock-based compensation | 24,346 | 9,364 |
Total other operating expenses | 234,632 | 242,082 |
Operating loss | (175,732) | (247,411) |
Other non-operating income and expenses | ||
Interest income | 904 | 7,953 |
Interest expense, net of amounts capitalized | (152,852) | (128,827) |
Change in derivatives fair value | 4,409 | (15,660) |
Loss on extinguishment of debt | (1,322) | (843) |
Other | (11,093) | 10,335 |
Total other non-operating income and expenses | (159,954) | (127,042) |
Loss before income taxes | (335,686) | (374,453) |
Provision for income taxes | (493) | (75,800) |
Net loss | (336,179) | (450,253) |
Net loss attributable to noncontrolling interests | 55,201 | 48,216 |
Net loss attributable to Wynn Resorts, Limited | (280,978) | (402,037) |
Derivative Litigation | Positive Outcome of Litigation | General and Administrative Expense | ||
Other non-operating income and expenses | ||
Net gain related to derivative litigation settlement | 30,200 | |
Operating Segments | Macau Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 416,977 | 489,002 |
Adjusted Property EBITDA | 43,925 | 29,384 |
Operating Segments | Macau Operations | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 237,326 | 259,513 |
Adjusted Property EBITDA | 27,369 | 10,176 |
Operating Segments | Macau Operations | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 179,651 | 229,489 |
Adjusted Property EBITDA | 16,556 | 19,208 |
Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 178,716 | 323,824 |
Adjusted Property EBITDA | 28,081 | (22,077) |
Operating Segments | Las Vegas Operations | Commitment to pay salary, tips, and benefits continuation for all U.S. employess for period from April 1 through May 15, 2020 | ||
Other non-operating income and expenses | ||
Accrual of net expense related to commitment to pay salary, tips and benefits continuation for all U.S. employees | 56,400 | |
Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 130,090 | 140,890 |
Adjusted Property EBITDA | 30,363 | (12,636) |
Operating Segments | Encore Boston Harbor | Commitment to pay salary, tips, and benefits continuation for all U.S. employess for period from April 1 through May 15, 2020 | ||
Other non-operating income and expenses | ||
Accrual of net expense related to commitment to pay salary, tips and benefits continuation for all U.S. employees | 19,300 | |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Adjusted Property EBITDA | (43,469) | 0 |
Casino | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 516,218 | 570,789 |
Casino | Operating Segments | Macau Operations | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 185,909 | 207,576 |
Casino | Operating Segments | Macau Operations | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 138,927 | 190,128 |
Casino | Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 79,903 | 71,295 |
Casino | Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 111,479 | 101,790 |
Rooms | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 76,190 | 152,681 |
Rooms | Operating Segments | Macau Operations | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 17,012 | 19,710 |
Rooms | Operating Segments | Macau Operations | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 14,702 | 15,911 |
Rooms | Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 39,761 | 106,105 |
Rooms | Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 4,715 | 10,955 |
Food and beverage | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 68,509 | 149,414 |
Food and beverage | Operating Segments | Macau Operations | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 11,672 | 13,298 |
Food and beverage | Operating Segments | Macau Operations | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 7,433 | 9,531 |
Food and beverage | Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 40,077 | 105,979 |
Food and beverage | Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 9,327 | 20,606 |
Entertainment, retail and other | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 64,866 | 80,832 |
Entertainment, retail and other | Operating Segments | Macau Operations | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 22,733 | 18,929 |
Entertainment, retail and other | Operating Segments | Macau Operations | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 18,589 | 13,919 |
Entertainment, retail and other | Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 18,975 | 40,445 |
Entertainment, retail and other | Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | $ 4,569 | $ 7,539 |
Segment Information - Summary_2
Segment Information - Summary of Assets by Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Assets | $ 13,166,911 | $ 13,869,547 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,995,014 | 1,954,064 |
Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,993,182 | 2,992,870 |
Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,276,657 | 2,300,016 |
Operating Segments | Macau | ||
Segment Reporting Information [Line Items] | ||
Assets | 5,902,058 | 6,622,597 |
Operating Segments | Macau | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,054,456 | 1,202,709 |
Operating Segments | Macau | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,310,394 | 3,393,790 |
Operating Segments | Macau | Other Macau | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 1,537,208 | $ 2,026,098 |