Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WYNN | ||
Entity Registrant Name | WYNN RESORTS LTD | ||
Entity Central Index Key | 1,174,922 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 107,635,436 | ||
Entity Public Float | $ 16,340 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 2,215,001 | $ 2,804,474 |
Investment securities | 0 | 166,773 |
Receivables, net | 276,644 | 224,128 |
Inventories | 66,627 | 71,636 |
Prepaid expenses and other | 83,104 | 156,773 |
Total current assets | 2,641,376 | 3,423,784 |
Property and equipment, net | 9,385,920 | 8,498,756 |
Restricted cash | 4,322 | 2,160 |
Investment securities | 0 | 160,682 |
Intangible assets, net | 222,506 | 123,705 |
Deferred income taxes, net | 736,452 | 240,533 |
Other assets | 225,693 | 232,119 |
Total assets | 13,216,269 | 12,681,739 |
Current liabilities: | ||
Accounts and construction payables | 321,796 | 285,437 |
Customer deposits | 955,450 | 1,049,629 |
Gaming taxes payable | 247,341 | 211,600 |
Accrued compensation and benefits | 163,966 | 140,450 |
Accrued interest | 61,595 | 94,695 |
Current portion of long-term debt | 11,960 | 62,690 |
Other accrued liabilities | 119,955 | 85,789 |
Total current liabilities | 1,882,063 | 1,930,290 |
Long-term debt | 9,411,140 | 9,565,936 |
Other long-term liabilities | 108,277 | 107,163 |
Total liabilities | 11,401,480 | 11,603,389 |
Commitments and contingencies (Note 15) | ||
Stockholders' equity: | ||
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding | 0 | 0 |
Common stock, par value $0.01; 400,000,000 shares authorized; 122,115,585 and 116,391,753 shares issued; 107,232,026 and 103,005,866 shares outstanding, respectively | 1,221 | 1,164 |
Treasury stock, at cost; 14,883,559 and 13,385,887 shares, respectively | (1,344,012) | (1,184,468) |
Additional paid-in capital | 2,457,079 | 1,497,928 |
Accumulated other comprehensive loss | (1,950) | (1,845) |
Retained earnings | 921,785 | 635,067 |
Total Wynn Resorts, Limited stockholders' equity | 2,034,123 | 947,846 |
Noncontrolling interests | (219,334) | 130,504 |
Total stockholders' equity | 1,814,789 | 1,078,350 |
Total liabilities and stockholders' equity | $ 13,216,269 | $ 12,681,739 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 122,115,585 | 116,391,753 |
Common stock, shares outstanding | 107,232,026 | 103,005,866 |
Treasury stock, shares | 14,883,559 | 13,385,887 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating revenues: | |||
Casino | $ 4,784,990 | $ 4,244,303 | $ 2,750,890 |
Rooms | 751,800 | 670,957 | 595,610 |
Food and beverage | 754,128 | 732,115 | 635,411 |
Entertainment, retail and other | 426,742 | 422,785 | 363,886 |
Total operating revenues | 6,717,660 | 6,070,160 | 4,345,797 |
Operating expenses: | |||
Casino | 3,036,907 | 2,718,120 | 1,768,320 |
Rooms | 254,549 | 244,828 | 206,848 |
Food and beverage | 611,706 | 567,690 | 499,202 |
Entertainment, retail and other | 183,113 | 196,547 | 179,150 |
General and administrative | 761,415 | 685,485 | 548,143 |
Litigation settlement | 463,557 | 0 | 0 |
Provision (benefit) for doubtful accounts | 6,527 | (6,711) | 8,203 |
Pre-opening | 53,490 | 26,692 | 154,717 |
Depreciation and amortization | 550,596 | 552,368 | 404,730 |
Property charges and other | 60,256 | 29,576 | 54,822 |
Total operating expenses | 5,982,116 | 5,014,595 | 3,824,135 |
Operating income | 735,544 | 1,055,565 | 521,662 |
Other income (expense): | |||
Interest income | 29,866 | 31,193 | 13,536 |
Interest expense, net of amounts capitalized | (381,849) | (388,664) | (289,365) |
Change in derivatives fair value | (4,520) | (1,056) | 433 |
Change in Redemption Note fair value | (69,331) | (59,700) | 65,043 |
Gain (loss) on extinguishment of debt | 104 | (55,360) | 0 |
Other | (4,074) | (21,709) | (712) |
Other income (expense), net | (429,804) | (495,296) | (211,065) |
Income before income taxes | 305,740 | 560,269 | 310,597 |
Benefit (provision) for income taxes | 497,344 | 328,985 | (8,128) |
Net income | 803,084 | 889,254 | 302,469 |
Less: net income attributable to noncontrolling interests | (230,654) | (142,073) | (60,494) |
Net income attributable to Wynn Resorts, Limited | $ 572,430 | $ 747,181 | $ 241,975 |
Net income attributable to Wynn Resorts, Limited: | |||
Earnings Per Share, Basic | $ 5.37 | $ 7.32 | $ 2.39 |
Earnings Per Share, Diluted | $ 5.35 | $ 7.28 | $ 2.38 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 106,529 | 102,071 | 101,445 |
Diluted (in shares) | 107,032 | 102,598 | 101,855 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 803,084 | $ 889,254 | $ 302,469 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments, before and after tax | (1,936) | (3,832) | (180) |
Change in net unrealized loss (gain) on investment securities, before and after tax | 1,292 | (563) | 522 |
Redemption Note credit risk adjustment, net of tax of $2,735 | 9,211 | 0 | 0 |
Total comprehensive income | 811,651 | 884,859 | 302,811 |
Less: comprehensive income attributable to noncontrolling interests | (230,115) | (141,007) | (60,444) |
Comprehensive income attributable to Wynn Resorts, Limited | $ 581,536 | $ 743,852 | $ 242,367 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Statement of Comprehensive Income [Abstract] | |
Tax on Redemption Note credit risk adjustment | $ 2,735 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Total Wynn Resorts, Limited stockholders' equity (deficit) | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2015 | 101,571,909 | |||||||
Beginning balance at Dec. 31, 2015 | $ 21,845 | $ (111,979) | $ 1,146 | $ (1,152,680) | $ 983,131 | $ 1,092 | $ 55,332 | $ 133,824 |
Net income | 302,469 | 241,975 | 241,975 | 60,494 | ||||
Currency translation adjustment | (180) | (130) | (130) | (50) | ||||
Net unrealized gain (loss) on investments | 522 | 522 | 522 | 0 | ||||
Redemption Note settlement | 0 | |||||||
Exercise of stock options (in shares) | 74,000 | |||||||
Exercise of stock options | $ 3,487 | 3,487 | $ 1 | 3,486 | 0 | |||
Issuance of restricted stock (in shares) | 412,504 | |||||||
Issuance of restricted stock | $ 4 | (4) | ||||||
Cancellation of restricted stock (in shares) | (60,000) | |||||||
Cancellation of restricted stock | $ (1) | 1 | ||||||
Shares repurchased by the company and held as treasury shares (in shares) | (198,942) | (198,942) | ||||||
Shares repurchased by the company and held as treasury shares | $ (14,017) | (14,017) | (14,017) | |||||
Shares of subsidiary repurchased for share award plan | (7,580) | (5,471) | (5,471) | (2,109) | ||||
Sale of ownership interest in a subsidiary, net of income tax expense | 239,903 | 224,013 | 224,013 | 15,890 | ||||
Distributions to noncontrolling interest | (33) | (33) | ||||||
Cash dividends declared | (313,926) | (202,210) | (202,210) | (111,716) | ||||
Excess tax benefits from stock-based compensation | 802 | 802 | 802 | |||||
Stock-based compensation | 24,589 | 20,957 | 20,957 | 3,632 | ||||
Ending balance (in shares) at Dec. 31, 2016 | 101,799,471 | |||||||
Ending balance at Dec. 31, 2016 | 257,881 | 157,949 | $ 1,150 | (1,166,697) | 1,226,915 | 1,484 | 95,097 | 99,932 |
Net income | 889,254 | 747,181 | 747,181 | 142,073 | ||||
Currency translation adjustment | (3,832) | (2,766) | (2,766) | (1,066) | ||||
Net unrealized gain (loss) on investments | (563) | (563) | (563) | 0 | ||||
Redemption Note settlement | 0 | |||||||
Exercise of stock options (in shares) | 661,800 | |||||||
Exercise of stock options | 62,209 | 61,995 | $ 7 | 61,988 | 214 | |||
Issuance of restricted stock (in shares) | 706,341 | |||||||
Issuance of restricted stock | $ 19,225 | 18,572 | $ 7 | 18,565 | 653 | |||
Cancellation of restricted stock (in shares) | (13,333) | |||||||
Cancellation of restricted stock | $ 0 | 0 | ||||||
Shares repurchased by the company and held as treasury shares (in shares) | (148,413) | (148,413) | ||||||
Shares repurchased by the company and held as treasury shares | $ (17,771) | (17,771) | (17,771) | |||||
Shares of subsidiary repurchased for share award plan | (392) | (283) | (283) | (109) | ||||
Sale of ownership interest in a subsidiary, net of income tax expense | 162,497 | 149,259 | 149,259 | 13,238 | ||||
Distributions to noncontrolling interest | (11,436) | (11,436) | ||||||
Cash dividends declared | (321,083) | (204,515) | (204,515) | (116,568) | ||||
Stock-based compensation | 42,250 | 38,677 | 38,677 | 3,573 | ||||
Ending balance (in shares) at Dec. 31, 2017 | 103,005,866 | |||||||
Ending balance at Dec. 31, 2017 | 1,078,350 | 947,846 | $ 1,164 | (1,184,468) | 1,497,928 | (1,845) | 635,067 | 130,504 |
Net income | 803,084 | 572,430 | 572,430 | 230,654 | ||||
Currency translation adjustment | (1,936) | (1,397) | (1,397) | (539) | ||||
Net unrealized gain (loss) on investments | 1,292 | 1,292 | 1,292 | 0 | ||||
Redemption Note settlement | 9,211 | 9,211 | 9,211 | |||||
Exercise of stock options (in shares) | 261,470 | |||||||
Exercise of stock options | 21,971 | 21,465 | $ 2 | 21,463 | 506 | |||
Issuance of common stock (in shares) | 5,300,000 | |||||||
Issuance of common stock | 915,240 | 915,240 | $ 53 | 915,187 | ||||
Issuance of restricted stock (in shares) | 288,270 | |||||||
Issuance of restricted stock | 1,799 | 1,298 | $ 3 | 1,295 | 501 | |||
Cancellation of restricted stock (in shares) | (125,908) | |||||||
Cancellation of restricted stock | $ 0 | $ (1) | 1 | |||||
Shares repurchased by the company and held as treasury shares (in shares) | (19,120) | (1,497,672) | ||||||
Shares repurchased by the company and held as treasury shares | $ (159,544) | (159,544) | (159,544) | |||||
Shares of subsidiary repurchased for share award plan | (6,232) | (4,497) | (4,497) | (1,735) | ||||
Distributions to noncontrolling interest | (305,372) | (305,372) | ||||||
Cash dividends declared | (571,451) | (294,923) | (294,923) | (276,528) | ||||
Stock-based compensation | 28,377 | 25,702 | 25,702 | 2,675 | ||||
Ending balance (in shares) at Dec. 31, 2018 | 107,232,026 | |||||||
Ending balance at Dec. 31, 2018 | $ 1,814,789 | $ 2,034,123 | $ 1,221 | $ (1,344,012) | $ 2,457,079 | $ (1,950) | $ 921,785 | $ (219,334) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Tax expense on sale of ownership interest in subsidiary | $ 17,800 | $ 49,800 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 803,084 | $ 889,254 | $ 302,469 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 550,596 | 552,368 | 404,730 |
Deferred income taxes | (498,654) | (310,854) | 6,356 |
Change in Redemption Note fair value | 69,331 | 59,700 | (65,043) |
Property charges and other | 56,974 | 44,004 | 42,670 |
Amortization of debt issuance costs | 36,917 | 25,013 | 24,326 |
Stock-based compensation expense | 35,040 | 43,971 | 43,722 |
Provision (benefit) for doubtful accounts | 6,527 | (6,711) | 8,203 |
Change in derivatives fair value | 4,520 | 1,056 | (433) |
Loss on extinguishment of debt | 4,391 | 55,360 | 0 |
Excess tax benefits from stock-based compensation | 0 | 0 | (742) |
Increase (decrease) in cash from changes in: | |||
Receivables, net | (59,157) | 829 | (39,272) |
Inventories and prepaid expenses and other | (5,212) | (4,372) | (36,642) |
Customer deposits | (92,395) | 456,005 | 163,217 |
Accounts payable and accrued expenses | 49,527 | 70,954 | 116,985 |
Net cash provided by operating activities | 961,489 | 1,876,577 | 970,546 |
Cash flows from investing activities: | |||
Capital expenditures, net of construction payables and retention | (1,475,972) | (935,474) | (1,225,943) |
Purchase of intangible and other assets | (126,414) | (13,571) | (14,985) |
Proceeds from sale of assets | 54,213 | 20,374 | 3,872 |
Proceeds from the sale or maturity of investment securities | 359,461 | 200,366 | 144,829 |
Purchase of investment securities | (34,098) | (229,328) | (196,750) |
Return of investment in unconsolidated affiliates | 0 | 0 | 727 |
Net cash used in investing activities | (1,222,810) | (957,633) | (1,288,250) |
Cash flows from financing activities: | |||
Repayments of long-term debt | (3,032,267) | (2,959,843) | (400,707) |
Proceeds from issuance of long-term debt | 2,788,925 | 2,429,988 | 1,430,313 |
Payments for financing costs | (48,297) | (91,174) | (5,381) |
Payment to acquire derivatives | (3,900) | 0 | 0 |
Proceeds from issuance of common stock, net of issuance costs | 915,240 | 0 | 0 |
Dividends paid | (569,781) | (320,760) | (325,217) |
Distribution to noncontrolling interest | (305,372) | (11,436) | (33) |
Repurchase of common stock | (159,544) | (17,771) | (14,017) |
Proceeds from exercise of stock options | 21,971 | 62,209 | 3,487 |
Shares of subsidiary repurchased for share award plan | (6,232) | (392) | (7,580) |
Sale of ownership interest in subsidiaries | 75,000 | 180,000 | 217,000 |
Income taxes paid from sale of ownership interest of subsidiary | 0 | (25,176) | 0 |
Payments on long-term land concession obligation | 0 | 0 | (15,978) |
Excess tax benefits from stock-based compensation | 0 | 0 | 742 |
Net cash (used in) provided by financing activities | (324,257) | (754,355) | 882,629 |
Effect of exchange rate on cash | (1,733) | (3,900) | (1,129) |
Cash, cash equivalents and restricted cash: | |||
Increase (decrease) in cash, cash equivalents and restricted cash | (587,311) | 160,689 | 563,796 |
Balance, beginning of period | 2,806,634 | 2,645,945 | |
Balance, end of period | 2,219,323 | 2,806,634 | 2,645,945 |
Supplemental cash flow disclosures | |||
Cash paid for interest, net of amounts capitalized | 378,023 | 367,074 | 265,076 |
Cash paid for income taxes | 1,885 | 37,089 | 2,040 |
Property and equipment acquired under capital lease | 0 | 16,593 | 0 |
Stock-based compensation capitalized into construction | 11 | 80 | 92 |
Liability settled with shares of common stock | 1,800 | 19,225 | 0 |
Change in accounts and construction payables related to property and equipment | 35,934 | (35,447) | (34,049) |
Change in dividends payable on unvested restricted stock included in other accrued liabilities | 1,669 | 323 | (11,291) |
Note receivable acquired from sale of ownership interest in subsidiary | $ 0 | $ 0 | $ 72,464 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, "Wynn Resorts" or the "Company") is a developer, owner and operator of destination casino resorts (integrated resorts). In the Macau Special Administrative Region of the People's Republic of China ("Macau"), the Company owns approximately 72% of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts (collectively, the "Macau Operations"). In Las Vegas, Nevada, the Company operates and, with the exception of the retail space described below, owns 100% of Wynn Las Vegas, which it also refers to as its Las Vegas Operations. Macau Operations Wynn Palace, which opened on August 22, 2016, features a luxury hotel tower with 1,706 guest rooms, suites and villas, approximately 424,000 square feet of casino space, 13 food and beverage outlets, approximately 37,000 square feet of meeting and convention space, approximately 106,000 square feet of retail space, public attractions, including a performance lake and floral art displays and recreation and leisure facilities. Wynn Macau features two luxury hotel towers with a total of 1,008 guest rooms and suites, approximately 273,000 square feet of casino space, 11 food and beverage outlets, approximately 31,000 square feet of meeting and convention space, approximately 59,000 square feet of retail space, a rotunda show and recreation and leisure facilities. Las Vegas Operations Wynn Las Vegas features two luxury hotel towers with a total of 4,748 guest rooms, suites and villas, approximately 192,000 square feet of casino space, 33 food and beverage outlets, approximately 290,000 square feet of meeting and convention space, approximately 160,000 square feet of retail space (the majority of which is owned and operated under a joint venture of which the Company owns 50.1% ), as well as two theaters, three nightclubs and a beach club and recreation and leisure facilities. In December 2016, the Company entered into a joint venture arrangement (the "Retail Joint Venture") with Crown Acquisitions Inc. ("Crown") to own and operate approximately 88,000 square feet of existing retail space. In November 2017, the Company contributed approximately 74,000 square feet of additional retail space to the Retail Joint Venture. The Company opened the additional retail space during the fourth quarter of 2018. For more information on the Retail Joint Venture, see Note 14 , "Retail Joint Venture." Development Projects The Company is currently constructing Encore Boston Harbor, an integrated resort in Everett, Massachusetts, adjacent to Boston along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings and food and beverage outlets. The Company expects to open Encore Boston Harbor in mid-2019. The Company is currently constructing approximately 430,000 square feet of additional meeting and convention space at Wynn Las Vegas and has begun design and site preparation for the reconfiguration of the Wynn Las Vegas golf course, which the Company closed in the fourth quarter of 2017. The Company expects to reopen the golf course in the fourth quarter of 2019 and open the additional meeting and convention space in the first quarter of 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The accompanying consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as a variable interest entity ("VIE") and of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 14 , " Retail Joint Venture ." All significant intercompany accounts and transactions have been eliminated. Certain amounts in the consolidated financial statements for the previous years have been reclassified to be consistent with current year presentation, including reclassifications related to the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and ASU No. 2016-18, Statement of Cash Flows - Restricted Cash (Topic 230) , as further discussed in Recently Adopted Accounting Standards . These reclassifications had no effect on previously reported net income. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less and include both U.S. dollar-denominated and foreign currency-denominated securities. Cash equivalents are carried at cost, which approximates fair value. Cash, cash equivalents and restricted cash consisted of the following (in thousands): December 31, December 31, Cash and cash equivalents: Cash (1) $ 1,455,744 $ 2,354,244 Cash equivalents (2) 759,257 450,230 Total cash and cash equivalents 2,215,001 2,804,474 Restricted cash (3) 4,322 2,160 Total cash, cash equivalents and restricted cash $ 2,219,323 $ 2,806,634 (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash collateral associated with an obligation and cash held in a trust in accordance with WML's share award plan. Investment Securities Investment securities consist of domestic and foreign short-term and long-term investments in corporate bonds, commercial paper and U.S. government agency bonds reported at fair value, with unrealized gains and losses, net of tax, reported in other comprehensive income (loss). Short-term investments have a maturity date of less than one year and long-term investments are those with a maturity date greater than one year. The Company limits the amount of exposure to any one issuer with the objective of minimizing the potential risk of principal loss. Management determines the appropriate classification of its securities at the time of purchase and reevaluates such designation as of each balance sheet date. Adjustments are made for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in interest income together with realized gains and losses and the stated interest on such securities. The Company obtains pricing information in determining the fair value of its available-for-sale securities from independent pricing vendors. Based on management's inquiries, the pricing vendors use various pricing models consistent with what other market participants would use. The assumptions and inputs used by the pricing vendors are derived from market observable sources including: reported trades, broker/dealer quotes, issuer spreads, benchmark curves, bids, offers and other market-related data. The Company has not made adjustments to such prices. Each quarter, the Company validates the fair value pricing methodology to determine if the fair value is consistent with applicable accounting guidance and to confirm that the securities are classified properly in the fair value hierarchy. The Company compares the pricing received from its vendors to independent sources for the same or similar securities. Accounts Receivable and Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of casino accounts receivable. The Company issues credit in the form of "markers" to approved casino customers following investigations of creditworthiness. As of December 31, 2018 and 2017 , approximately 85.0% and 81.7% , respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables. Accounts receivable, including casino and hotel receivables, are typically non-interest bearing and are initially recorded at cost. An estimated allowance for doubtful accounts is maintained to reduce the Company's receivables to their carrying amount, which approximates fair value. The allowance estimate reflects specific review of customer accounts and outstanding gaming promoter accounts as well as management's experience with historical and current collection trends and current economic and business conditions. Accounts are written off when management deems them to be uncollectible. Recoveries of accounts previously written off are recorded when received. Receivables, net consisted of the following (in thousands): December 31, 2018 2017 Casino $ 229,594 $ 173,664 Hotel 22,086 22,487 Other 57,658 58,577 309,338 254,728 Less: allowance for doubtful accounts (32,694 ) (30,600 ) $ 276,644 $ 224,128 Inventories Inventories consist of retail merchandise and food and beverage items, which are stated at the lower of cost or market value and certain operating supplies. Cost is determined by the first-in, first-out, weighted average and specific identification methods. Property and Equipment Purchases of property and equipment are stated at cost, and when placed into service, are depreciated over the estimated useful lives of the assets using the straight-line method as follows: Estimated Useful Life in Years Buildings and improvements 10 - 45 Land improvements 10 - 45 Furniture, fixtures and equipment 3 - 20 Leasehold interest in land 25 Airplanes 20 Costs related to improvements are capitalized, while costs of repairs and maintenance are charged to expense as incurred. The cost and accumulated depreciation of property and equipment retired or otherwise disposed of are eliminated from the respective accounts and any resulting gain or loss is included in property charges and other. Capitalized Interest The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Company capitalizes interest on amounts expended on the project using the weighted average cost of the Company's outstanding borrowings. Interest of $57.3 million , $18.4 million and $94.1 million was capitalized for the years ended December 31, 2018 , 2017 and 2016 , respectively. Intangible Assets The Company's indefinite-lived intangible assets consist primarily of water rights acquired as part of the original purchase price of the property on which Wynn Las Vegas is located, and trademarks. Indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually. The Company's finite-lived intangible assets consist primarily of its Macau gaming concession, Massachusetts gaming license and an intangible asset associated with its undeveloped land in Las Vegas. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives. Long-Lived Assets Long-lived assets, which are to be held and used, including intangible assets and property and equipment, are periodically reviewed by management for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. If an indicator of impairment exists, the Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment is measured as the difference between fair value and carrying value, with fair value typically based on a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. Debt Issuance Costs Direct and incremental costs and original issue discounts and premiums incurred in connection with the issuance of long-term debt are deferred and amortized to interest expense using the effective interest method or, if the amounts approximate the effective interest method, on a straight-line basis. Debt issuance costs incurred in connection with the issuance of the Company's revolving credit facilities are presented in noncurrent assets on the Consolidated Balance Sheets. All other debt issuance costs are presented as a direct reduction of long-term debt on the Consolidated Balance Sheets. Approximately $36.9 million , $25.0 million , and $24.3 million was amortized to interest expense during the years ended December 31, 2018 , 2017 and 2016 , respectively. Redemption Price Promissory Note On February 18, 2012, pursuant to its articles of incorporation, the Company redeemed and canceled all Aruze USA, Inc.’s ("Aruze") 24,549,222 shares of Wynn Resorts’ common stock. In connection with the redemption of the shares, the Company issued a promissory note (the "Redemption Note") with a principal amount of $1.94 billion , a maturity date of February 18, 2022 and an interest rate of 2% per annum, payable annually in arrears on each anniversary of the date of the Redemption Note. The Redemption Note was recorded at fair value in accordance with applicable accounting guidance. The Company repaid the principal amount in full on March 30, 2018. As of December 31, 2017, the fair value of the Redemption Note was $1.88 billion . In determining this fair value, the Company estimated the Redemption Note's present value using discounted cash flows with a probability weighted expected return for redemption assumptions and a discount rate, which included time value and non-performance risk adjustments commensurate with the risk of the Redemption Note. In determining the appropriate discount rate to be used to calculate the estimated present value, the Company considered the Redemption Note's subordinated position and credit risk relative to all other debt in the Company's capital structure and credit ratings associated with the Company's traded debt. Observable inputs for the risk free rate were based on Federal Reserve rates for U.S. Treasury securities and the credit risk spread was based on a yield curve index of similarly rated debt. Derivative Financial Instruments The Company uses derivative financial instruments to manage interest rate exposure. The fair value of derivative financial instruments is recognized as an asset or liability at each balance sheet date, with changes in fair value recorded in earnings as the Company's derivative financial instruments do not qualify for hedge accounting. The fair value approximates the amount the Company would pay if these contracts were settled at the respective valuation dates. In accordance with the terms of the Retail Term Loan Agreement (as defined in Note 6 , " Long-Term Debt "), the Retail Borrowers (as defined in Note 6 , "Long-Term Debt") entered into a five -year interest rate collar with a notional value of $615 million for a cash payment of $3.9 million in July 2018. The interest rate collar establishes a range whereby the Retail Borrowers will pay the counterparty if one-month LIBOR falls below the established floor rate of 1.00% , and the counterparty will pay the Retail Borrowers if one-month LIBOR exceeds the ceiling rate of 3.75% . The interest rate collar settles monthly commencing in August 2019 through the termination date in August 2024. No payments or receipts are exchanged on interest rate collar contracts unless interest rates rise above or fall below the pre-determined ceiling or floor rate, respectively. The Company measures the fair value of the interest rate collar at each balance sheet date based on a Black-Scholes option pricing model, which incorporates observable market inputs such as market volatility and interest rates, with changes in fair value recorded in earnings. As of December 31, 2018 , the fair value of the interest rate collar was a liability of $0.6 million and was recorded in other long-term liabilities in the accompanying Consolidated Balance Sheet. 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 Consolidated Statements of Income. These taxes totaled $2.44 billion , $2.17 billion and $1.32 billion for the years ended December 31, 2018 , 2017 and 2016 , respectively. Advertising Costs The cost of advertising is expensed as incurred, and totaled $40.6 million , $37.8 million and $37.0 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Pre-Opening Expenses Pre-opening expenses represent personnel, advertising, and other costs incurred prior to the opening of new ventures and are expensed as incurred. During the years ended December 31, 2018 and 2017 , the Company incurred pre-opening expenses primarily in connection with the development of Encore Boston Harbor. During the year ended December 31, 2016 the Company incurred pre-opening expenses primarily in connection with the development of Wynn Palace. Income Taxes The Company is subject to income taxes in the U.S. and foreign jurisdictions where it operates. Accounting standards require the recognition of deferred tax assets, net of applicable reserves, and liabilities for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on the income tax provision and deferred tax assets and liabilities generally is recognized in the results of operations in the period that includes the enactment date. Accounting standards also require recognition of a future tax benefit to the extent that realization of such benefit is more likely than not; otherwise, a valuation allowance is applied. The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. If a tax position, based on its technical merits, is deemed more likely than not to be sustained, then the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. Foreign Currency Gains or losses from foreign currency remeasurements are included in other income (expense) in the accompanying Consolidated Statements of Income. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date and income statement accounts are translated at the average rate of exchange prevailing during the year. Translation adjustments resulting from this process are charged or credited to other comprehensive income (loss). Comprehensive Income and Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income and all other non-stockholder changes in equity or other comprehensive income (loss). Components of the Company's comprehensive income are reported in the accompanying Consolidated Statements of Stockholders' Equity and Consolidated Statements of Comprehensive Income. The following table presents the changes by component, net of tax and noncontrolling interests, in accumulated other comprehensive loss of the Company (in thousands): Foreign Unrealized Redemption Note Accumulated January 1, 2018 $ (553 ) $ (1,292 ) $ — $ (1,845 ) Cumulative credit risk adjustment (1) — — (9,211 ) (9,211 ) Change in net unrealized gain (loss) (1,397 ) (1,510 ) 7,690 4,783 Amounts reclassified to net income (2) — 2,802 1,521 4,323 Other comprehensive income (loss) (1,397 ) 1,292 9,211 9,106 December 31, 2018 $ (1,950 ) $ — $ — $ (1,950 ) (1) On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments . The adjustment to the beginning balance represents the cumulative effect of the change in instrument-specific credit risk on the Redemption Note. See "Recently Adopted Accounting Standards—Financial Instruments" below for additional information. (2) The amounts reclassified to net income include $1.8 million for other-than-temporary impairment losses and $1.0 million in realized losses, both related to investment securities, and a $1.5 million realized gain related to the repayment of the Redemption Note. Fair Value Measurements The Company measures certain of its financial assets and liabilities, at fair value on a recurring basis pursuant to accounting standards for fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. These accounting standards establish a three-tier fair value hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: • Level 1 - Observable inputs such as quoted prices in active markets. • Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable. • Level 3 - Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The following table presents assets and liabilities carried at fair value (in thousands): Fair Value Measurements Using: December 31, 2018 Quoted Other Unobservable Assets: Cash equivalents $ 759,257 $ — $ 759,257 $ — Restricted cash $ 4,322 $ 2,015 $ 2,307 $ — Liabilities: Interest rate collar $ 619 $ — $ 619 $ — Fair Value Measurements Using: December 31, 2017 Quoted Other Unobservable Assets: Cash equivalents $ 450,230 $ 11,200 $ 439,030 $ — Available-for-sale securities $ 327,455 $ — $ 327,455 $ — Restricted cash $ 2,160 $ — $ 2,160 $ — Liabilities: Redemption Note $ 1,879,058 $ — $ 1,879,058 $ — Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income attributable to Wynn Resorts by the weighted average number of shares outstanding during the year. Diluted EPS is computed by dividing net income attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued. Potentially dilutive securities include outstanding stock options and unvested restricted stock. The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): Years Ended December 31, 2018 2017 2016 Numerator: Net income attributable to Wynn Resorts, Limited $ 572,430 $ 747,181 $ 241,975 Denominator: Weighted average common shares outstanding 106,529 102,071 101,445 Potential dilutive effect of stock options and restricted stock 503 527 410 Weighted average common and common equivalent shares outstanding 107,032 102,598 101,855 Net income attributable to Wynn Resorts, Limited per common share, basic $ 5.37 $ 7.32 $ 2.39 Net income attributable to Wynn Resorts, Limited per common share, diluted $ 5.35 $ 7.28 $ 2.38 Anti-dilutive stock options and restricted stock excluded from the calculation of diluted earnings per share 102 106 758 Stock-Based Compensation The Company accounts for stock-based compensation in accordance with accounting standards, which require the compensation cost relating to share-based payment transactions be recognized in the Company's Consolidated Statements of Income. The cost is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes option pricing model for stock options, and based on the closing share price of the Company's stock on the grant date for nonvested share awards. The cost is recognized as an expense on a straight-line basis over the employee's requisite service period (the vesting period of the award), and forfeitures are recognized as they occur. The Company's stock-based employee compensation arrangements are more fully discussed in Note 11 , " Stock-Based Compensation ." Recently Adopted Accounting Standards Revenue Recognition Standard In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which amends the existing revenue recognition guidance and creates a new topic for Revenue from Contracts with Customers. The guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This guidance also substantially revises required interim and annual disclosures. The Company adopted the guidance on January 1, 2018, which resulted in the following significant impacts on its Consolidated Financial Statements: • The promotional allowances line item was eliminated from the Consolidated Statements of Income with the majority of the amount being netted against casino revenues. • The estimated cost of providing complimentary goods or services will no longer be allocated primarily to casino expenses from other operating departments as the new guidance requires revenues and expenses associated with providing complimentary goods or services to be classified based on the goods or services provided. • The portion of junket commissions previously recorded as a casino expense is now recorded as a reduction of casino revenue. • Mandatory service charges on food and beverage are now recorded on a gross basis with the amount received from the customer recorded as food and beverage revenue and the corresponding amount paid to employees recorded as food and beverage expense. Certain prior period amounts have been adjusted to reflect the full retrospective adoption of the guidance. There was no impact on the Company’s financial condition, operating income or net income. The tables below provides a reconciliation of amounts previously reported and the resulting impacts from the adoption of the new revenue recognition guidance (in thousands): December 31, 2017 As Previously Reported Adoption of ASC 606 As Adjusted Gross revenues $ 6,768,246 $ (698,086 ) $ 6,070,160 Promotional allowances (461,878 ) 461,878 — Operating revenues 6,306,368 (236,208 ) 6,070,160 Operating expenses 5,250,803 (236,208 ) 5,014,595 Operating income $ 1,055,565 $ — $ 1,055,565 December 31, 2016 As Previously Reported Adoption of ASC 606 As Adjusted Gross revenues $ 4,836,355 $ (490,558 ) $ 4,345,797 Promotional allowances (370,058 ) 370,058 — Operating revenues 4,466,297 (120,500 ) 4,345,797 Operating expenses 3,944,635 (120,500 ) 3,824,135 Operating income $ 521,662 $ — $ 521,662 Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 824-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which requires equity investments to be measured at fair value with changes in fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The update also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This update eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The Company adopted this guidance on January 1, 2018, which resulted in a $9.2 million cumulative unrealized loss, net of tax, being recorded to accumulated other comprehensive loss with a corresponding increase to retained earnings. The adjustment represents the portion of the cumulative change in the Redemption Note fair value resulting from the change in the instrument-specific credit risk previously included in other income (expense) on the Consolidated Statements of Income. Restricted Cash In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows - Restricted Cash (Topic 230) , which amends the existing guidance relating to the disclosure of restricted cash and restricted cash equivalents on the statement of cash flows. The ASU requires that amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this guidance on January 1, 2018 on a retrospective basis and the updated disclosures are reflected for the periods presented in the Consolidated Statements of Cash Flows. For the years ended December 31, 2017 and 2016 , $190.6 million of cash inflows and $190.8 million of cash outflows, respectively, were previously reported within cash flows from financing activities. Income Taxes In October 2016, the FASB issued ASU No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other than Inventory (Topic 740), which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs, rather than deferring such recognition until the asset is sold to an outside party. The Company adopted the guidance effective January 1, 2018, and this adoption did not have a material effect on its Consolidated Financial Statements. Statement of Cash Flows In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230), which clarifies the classification of certain cash receipts and cash payments on the statement of cash flows. In particular, the new guidance clarifies the classification related to several types of cash flows, including items such as debt extinguishment costs and distributions received from equity method investees. The new guidance also provides a three-step approach for classifying cash receipts and payments that have aspects of more than one class of cash flows. The Company adopted this guidance on January 1, 2018, and this adoption did not have a material effect on its Consolidated Statements of Cash Flows. Accounting Standards Issued But Not Yet Adopted Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , and subsequent amendments to the initial guidance: ASU No. 2017-13, ASU No. 2018-10, and ASU No. 2018-11 (collectively, "Topic 842"). Topic 842 amends the existing guidance relating to the definition of a lease, recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and lease liability on the balance sheet, measured on a discounted basis. Operating leases are currently not recognized on the balance sheet. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance. Entities are required to adopt Topic 842 using a modified retrospective transition method at one of the following application dates: (1) the later of the beginning of the earliest period presented in the financial statements and the lease commencement date or (2) on the effective date of adoption. The Company will adopt Topic 842 on January 1, 2019 using the effective date transition approach, which will result in a balance sheet presentation that is not comparable to the prior period in the first year of adoption. Topic 842 provides for transition relief by permitting the election of certain practical expedients. The Company is electing the reassessment package of practical expedients, which permits the Company not to reassess whether (1) any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification remains appropriate for any expired or existing leases as of the adoption date and (3) previously capitalized costs continue to qualify as initial direct costs on expired or existing leases as of the adoption date. The Company is not electing the hindsight practical expedient, which requires an entity to use hindsight in determining the lease term and in assessing impairment of right-of-use assets. While the Company is currently assessing the quantitative impact the guidance will have on its Consolidated Financial Statements and related disclosures, the Company expects the most significant changes will be related to the recognition of right-of-use assets and lease liabilities for operating leases on the Company's Consolidated Balance Sheet, with no material impact to net income or cash flows. Financial Instruments - Credit Losses The FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) in 2016. The new guidance replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The new guidance will be effective beginning January 1, 2020, with early adoption permitted beginning January 1, 2018. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company does not plan to early adopt this ASU, and is currently evaluating the impact of adopting this guidance. Cloud Computing Arrangement Implementation Costs In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The ASU is intended to eliminate potential diversity in practice in accounting for costs incurred to implement cloud computing arrangements that are service contracts by requiring customers in such arrangements to follow internal- |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities During the year ended December 31, 2018 , the Company sold its investment securities for net proceeds of $325.4 million , and as of December 31, 2018 , had no investment securities. As of December 31, 2017 , investment securities consisted of the following (in thousands): Amortized Gross Gross Fair value As of December 31, 2017 Domestic and foreign corporate bonds $ 328,747 $ 6 $ (1,298 ) $ 327,455 The Company assesses for indicators of other-than-temporary impairment on a quarterly basis. The Company determines whether (i) it does not have the intent to sell any of these investments, and (ii) it will not likely be required to sell these investments prior to the recovery of the amortized cost. During the year ended December 31, 2018 , the Company determined it had an other-than-temporary impairment and recorded a loss of $1.8 million . |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following (in thousands): December 31, 2018 2017 Buildings and improvements $ 7,707,467 $ 7,582,611 Land and improvements 1,141,032 853,738 Furniture, fixtures and equipment 2,288,370 2,211,974 Leasehold interests in land 313,516 314,068 Airplanes 110,623 158,840 Construction in progress 1,912,801 1,016,207 13,473,809 12,137,438 Less: accumulated depreciation (4,087,889 ) (3,638,682 ) $ 9,385,920 $ 8,498,756 Depreciation expense for the years ended December 31, 2018 , 2017 and 2016 was $546.1 million , $547.9 million and $398.2 million , respectively. As of December 31, 2018 and 2017 , construction in progress consisted primarily of costs capitalized, including interest, for the construction of Encore Boston Harbor. In 2018, the Company sold two airplanes with a total net book value of $65.3 million for proceeds of $50.6 million . As a result, the Company recorded the $14.7 million loss on disposal in Property Charges and Other on the Consolidated Income Statement. Land Acquisition During the first quarter of 2018, the Company acquired approximately 38 acres of land on the Las Vegas Strip directly across from Wynn Las Vegas for $336.2 million , approximately 16 acres of which are subject to a ground lease that expires in 2097. The Company expects to use this land for future development. In accordance with asset acquisition accounting standards, the Company allocated the purchase price to the identifiable assets acquired based on the relative fair value of each component. As a result, the Company recorded $247.0 million of the purchase price as land and $89.1 million of the purchase price as a definite-lived intangible asset. For more information regarding the intangible asset and lease, see Note 5 ,"Intangible Assets, net." |
Intangible Assets, net
Intangible Assets, net | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | Intangible Assets, net Intangible assets, net consisted of the following (in thousands): December 31, 2018 2017 Indefinite-lived intangible assets: Water rights $ 6,760 $ 6,400 Trademarks and other 1,637 1,387 Total indefinite-lived intangible assets 8,397 7,787 Finite-lived intangible assets: Macau gaming concession 42,300 42,300 Less: accumulated amortization (33,965 ) (31,582 ) 8,335 10,718 Massachusetts gaming license 117,700 105,200 Less: accumulated amortization — — 117,700 105,200 Undeveloped land - Las Vegas 89,101 — Less: accumulated amortization (1,027 ) — 88,074 — Total finite-lived intangible assets 214,109 115,918 Total intangible assets, net $ 222,506 $ 123,705 Water rights and trademarks are indefinite-lived assets and, accordingly, are not amortized. Water rights primarily reflect the fair value allocation determined in the purchase of the property on which Wynn Las Vegas is located in April 2000. The value of the trademarks and other primarily represents the costs to acquire the "Le Rêve" name. The Macau gaming concession is a finite-lived intangible asset that is being amortized over the 20 -year life of the concession. The Company expects that amortization of the Macau gaming concession will be $2.4 million each year from 2019 through 2021, and $1.2 million in 2022. The Massachusetts gaming license cost reflects consideration paid to the Commonwealth of Massachusetts for the license fee and certain costs incurred in connection with and contractually related to obtaining the license. The Company identifies the license as a finite-lived intangible asset and will amortize it over a period of 15 years beginning upon the opening of the resort. During the first quarter of 2018, the Company acquired approximately 38 acres of land, of which approximately 16 acres are subject to an assumed ground lease that expires in 2097. The assumed ground lease agreement provides for certain minimum lease payments, determined at the time of original lease inception, which the Company determined to be below market when assumed. The ground lease payments are $3.8 million until 2023 and total payments of $370.7 million thereafter. In accordance with asset acquisition accounting standards, the Company allocated the purchase price to the identifiable assets acquired based on the relative fair value of each component. As a result, the Company recorded $89.1 million of the purchase price as a definite-lived intangible asset, which represents the favorable terms of the assumed ground lease relative to the market, to be amortized on a straight-line basis over the remaining term of the lease. The Company expects that amortization of the associated intangible asset will be $1.1 million each year from 2019 through 2096, and $0.7 million in 2097. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in thousands): December 31, 2018 2017 Macau Related: Wynn Macau Credit Facilities: Senior Term Loan Facility, due 2022 $ 2,296,999 $ 2,298,798 Senior Revolving Credit Facility, due 2022 623,921 — 4 7/8% Senior Notes, due 2024 600,000 600,000 5 1/2% Senior Notes, due 2027 750,000 750,000 U.S. and Corporate Related: Wynn America Credit Facilities: Senior Term Loan Facility, due 2021 994,780 1,000,000 4 1/4% Senior Notes, due 2023 500,000 500,000 5 1/2% Senior Notes, due 2025 1,780,000 1,800,000 5 1/4% Senior Notes, due 2027 880,000 900,000 Retail Term Loan, due 2025 615,000 — Wynn Resorts Term Loan, due 2024 500,000 — Redemption Price Promissory Note, due 2022 — 1,936,443 9,540,700 9,785,241 Less: Unamortized debt issuance costs and original issue discounts and premium, net (117,600 ) (99,231 ) Less: Redemption Note fair value adjustment — (57,384 ) 9,423,100 9,628,626 Less: Current portion of long-term debt (11,960 ) (62,690 ) Total long-term debt, net of current portion $ 9,411,140 $ 9,565,936 Macau Related Debt Wynn Macau Credit Facilities The Company's credit facilities consist of an approximately $2.30 billion equivalent senior secured term loan facility (the "Wynn Macau Senior Term Loan Facility") and an approximately $750 million equivalent senior secured revolving credit facility (the "Wynn Macau Senior Revolving Credit Facility" and together with the Wynn Macau Senior Term Loan Facility, the "Wynn Macau Credit Facilities"). The borrower is Wynn Resorts (Macau) S.A. ("Wynn Macau SA"), an indirect subsidiary of WML. Wynn Macau SA has the ability to upsize the Wynn Macau Credit Facilities by an additional $1 billion in equivalent senior secured loans upon satisfaction of various conditions. As of December 31, 2018, the Company had available borrowing capacity under the Wynn Macau Senior Revolving Credit Facility of $123.8 million. Wynn Macau SA borrows and repays its revolving credit facility from time to time as cash needs permit. In December 2018, Wynn Macau SA amended the Wynn Macau Credit Facilities by entering into the Amended Common Terms Agreement. The Wynn Macau Senior Term Loan Facility was previously repayable in graduating installments of between 2.50% to 7.33% of the principal amount on a quarterly basis commencing December 2018, with a final installment of 50% of the principal amount repayable in September 2021; and the final maturity of any outstanding borrowings from the Wynn Macau Senior Revolving Credit Facility was previously repayable by September 2020. Following the execution of the Amended Common Terms Agreement, the Wynn Macau Senior Term Loan Facility is repayable in graduating installments of between 2.875% to 4.50% of the principal amount on a quarterly basis commencing September 30, 2020, with a final installment of 75% of the principal amount repayable in June 2022; and the final maturity of any outstanding borrowings from the Wynn Macau Senior Revolving Credit Facility is in June 2022. As of December 31, 2018 and 2017 , the weighted average interest rate was 4.17% and 3.16% , respectively. The commitment fee required to be paid for unborrowed amounts under the Wynn Macau Senior Revolving Credit Facility, if any, is between 0.52% and 0.79% , per annum, based on Wynn Macau SA's Leverage Ratio. The annual commitment fee is payable quarterly in arrears and is calculated based on the daily average of the unborrowed amounts. The Wynn Macau Credit Facilities contain a requirement that Wynn Macau SA must make mandatory repayments of indebtedness from specified percentages of excess cash flow. If Wynn Macau SA's Leverage Ratio is greater than 4.5 to 1, then 25% of Excess Cash Flow (as defined in the Wynn Macau Credit Facilities) must be used for prepayment of indebtedness and cancellation of available borrowings under the Wynn Macau Credit Facilities. There is no mandatory prepayment in respect of Excess Cash Flow if Wynn Macau SA's Leverage Ratio is equal to or less than 4.5 to 1. The Wynn Macau Credit Facilities contain customary covenants restricting certain activities including, but not limited to: the incurrence of additional indebtedness, the incurrence or creation of liens on any of its property, sale and leaseback transactions, the ability to dispose of assets, and making loans or other investments. In addition, Wynn Macau SA is required by the financial covenants to maintain a Leverage Ratio of not greater than 4.75 to 1 for the fiscal year ending December 31, 2018 , and an Interest Coverage Ratio (as defined in the Wynn Macau Credit Facilities) of not less than 2.00 to 1 at any time. Borrowings under the Wynn Macau Credit Facilities are guaranteed by Palo Real Estate Company Limited ("Palo"), a subsidiary of Wynn Macau SA, and by certain subsidiaries of the Company that own equity interests in Wynn Macau SA, and are secured by substantially all of the assets of Wynn Macau SA and Palo, and the equity interests in Wynn Macau SA. Borrowings under the Wynn Macau Credit Facilities are not guaranteed by the Company or WML. In connection with the gaming concession contract of Wynn Macau SA, Wynn Macau SA entered into a Bank Guarantee Reimbursement Agreement with Banco Nacional Ultramarino, S.A. ("BNU") for the benefit of the Macau government. This guarantee assures Wynn Macau SA's performance under the casino concession agreement, including the payment of premiums, fines and indemnity for any material failure to perform under the terms of the concession agreement and the payment of any gaming taxes. As of December 31, 2018 , the guarantee was in the amount of 300 million Macau patacas ("MOP") (approximately $37.3 million ) and will remain at such amount until 180 days after the end of the term of the concession agreement in 2022. BNU, as issuer of the guarantee, is currently secured by a second priority security interest in the senior lender collateral package. From and after repayment of all indebtedness under the Wynn Macau Credit Facilities, Wynn Macau SA is obligated to promptly, upon demand by BNU, repay any claim made on the guarantee by the Macau government. BNU is paid an annual fee for the guarantee of MOP 2.3 million (approximately $0.3 million ). WML Finance Revolving Credit Facility The Company's credit facilities included a HK $3.87 billion (approximately $495.2 million ) cash-collateralized revolving credit facility ("WML Finance Credit Facility") under which WML Finance I, Limited, an indirect wholly owned subsidiary of WML, was the borrower. The WML Finance Credit Facility bore interest initially at 1.50% per annum, such rate calculated as the interest rate paid by the lender as the deposit bank for the cash collateral deposited and pledged with the lender plus a margin of 0.40% . On July 18, 2018, the WML Finance Credit Facility matured with no outstanding borrowings. 4 7/8% Senior Notes due 2024 and 5 1/2% Senior Notes due 2027 On September 20, 2017, WML issued the $600 million 4 7/8% Senior Notes due 2024 (the "2024 WML Notes") and the $750 million of 5 1/2% Senior Notes due 2027 (the "2027 WML Notes" and together with the 2024 WML Notes, the "WML Notes"). WML used the net proceeds from the WML Notes and cash on hand to fund the cost of extinguishing the 5 1/4% Senior Notes due 2021 (the "2021 Notes"). The 2024 WML Notes bear interest at the rate of 4 7/8% per annum and mature on October 1, 2024. The 2027 WML Notes bear interest at the rate of 5 1/2% per annum and mature on October 1, 2027. Interest on the WML Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2018. At any time prior to October 1, 2020 and October 1, 2022, WML may redeem the 2024 WML Notes and 2027 WML Notes, respectively, in whole or in part, at a redemption price equal to the greater of (a) 100% of the principal amount of the WML Notes or (b) a "make-whole" amount as determined by an independent investment banker in accordance with the terms of the indentures for the WML Notes, dated as of September 20, 2017 (the "WML Indentures"). In either case, the redemption price would include accrued and unpaid interest. In addition, at any time prior to October 1, 2020, WML may use the net cash proceeds from certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2024 WML Notes and the 2027 WML Notes, at a redemption price equal to 104.875% of the aggregate principal amount of the 2024 WML Notes and 105.5% of the aggregate principal amount of the 2027 WML Notes, as applicable. On or after October 1, 2020 and October 1, 2022, WML may redeem the 2024 WML Notes and 2027 WML Notes, respectively, in whole or in part, at a premium decreasing annually from 102.438% and 102.75% , respectively, of the applicable principal amount to 100% of the applicable principal amount, plus accrued and unpaid interest. If WML undergoes a change of control (as defined in the WML Indentures), it must offer to repurchase the WML Notes at a price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest. In addition, WML may redeem the WML Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, in response to any change in or amendment to certain tax laws or tax positions. Further, if a holder or beneficial owner of the WML Notes fails to meet certain requirements imposed by any Gaming Authority (as defined in the WML Indentures), WML may require the holder or beneficial owner to dispose of or redeem its WML Notes. Upon the occurrence of (1) any event after which none of WML or any of its subsidiaries have such licenses, concessions, subconcessions or other permits or authorizations as necessary to conduct gaming activities in substantially the same scope as it does on the date of the WML Notes issuance, for a period of ten consecutive days or more, and such event has a material adverse effect on the financial condition, business, properties, or results of operations of WML and its subsidiaries, taken as a whole, or (2) the termination, rescission, revocation or modification of any such licenses, concessions, subconcessions or other permits or authorizations which has had a material adverse effect on the financial condition, business, properties, or results of operations of WML and its subsidiaries, taken as a whole, each holder of the WML Notes will have the right to require WML to repurchase all or any part of such holders' WML Notes at a purchase price in cash equal to 100% of the principal amount thereof, plus accrued and unpaid interest. The WML Notes are WML's general unsecured obligations and rank pari passu in right of payment with all of WML's existing and future senior unsecured indebtedness, will rank senior to all of WML's future subordinated indebtedness, if any; will be effectively subordinated to all of WML's future secured indebtedness to the extent of the value of the assets securing such debt; and will be structurally subordinated to all existing and future obligations of WML's subsidiaries, including the Wynn Macau Credit Facilities and the WML Finance Credit Facility. The WML Notes are not registered under the Securities Act of 1933, as amended (the "Securities Act") and the WML Notes are subject to restrictions on transferability and resale. U.S. and Corporate Related Debt Bridge Facility On March 28, 2018, the Company entered into a credit agreement to provide for an $800 million 364 -day term loan (the "Bridge Facility"). On April 3, 2018, the Company repaid all amounts borrowed under the Bridge Facility using net proceeds from the issuance of its common stock. See Note 7 , "Stockholders' Equity" for additional information on the Company's issuance of common stock. The Bridge Facility bore interest at either LIBOR plus 2.75% per annum or base rate plus 1.75% per annum. Redemption Price Promissory Note On March 30, 2018, the Company used the net proceeds from the Bridge Facility, along with cash on hand and borrowings under its WA Senior Revolving Credit Facility (defined below) to repay the Redemption Note principal amount of $1.94 billion pursuant to the Settlement Agreement and Mutual Release ("Settlement Agreement"). See Note 15 , "Commitments and Contingencies" for additional information on the Settlement Agreement. Commitment Letter On September 19, 2018, the Company entered into a commitment letter (the “Commitment Letter”) to provide for a 364 -day term loan facility to the Company of up to $750 million . On October 24, 2018, the Company agreed to terminate $500 million of the lenders’ commitments under the Commitment Letter, in anticipation of entering into the Credit Agreement discussed below. Accordingly, the lenders' remaining commitments under the Commitment Letter are $250 million . The remaining commitments expire on April 5, 2019 and remained fully available as of December 31, 2018. Wynn Resorts Term Loan On October 30, 2018, the Company and certain subsidiaries of the Company entered into a credit agreement (the "Credit Agreement") to provide for a $500.0 million six -year term loan facility (the “Term Loan”). The Term Loan bears interest at a rate of LIBOR plus 2.25% per year. As of December 31, 2018 , the interest rate was 4.78% . The Company is required to begin making quarterly principal repayments of $1.3 million beginning in March 2019, with a final installment of $471.3 million due upon maturity on October 30, 2024. The Company intends to use the net proceeds of the Term Loan for general corporate purposes, including, without limitation, repurchases of the Company’s common stock, investments in subsidiaries and/or capital expenditures. The Credit Agreement contains customary representations and warranties, events of default and negative and affirmative covenants, including, among other things, limitations on: indebtedness; investments; restricted payments; mergers and acquisitions; payment of indebtedness; negative pledges; liens; transactions with affiliates and sales of assets. In addition, the Credit Agreement contains a requirement that the Company must make mandatory prepayments of indebtedness equal to 50.0% of excess cash flow if the Consolidated First Lien Secured Leverage Ratio, as defined, as of the last day of the applicable fiscal year is greater than 4.5 to 1 prior to the year of opening of Encore Boston Harbor or is greater than 4.0 to 1 thereafter. There is no mandatory prepayment in respect of excess cash flow if the Company's Consolidated First Lien Secured Leverage Ratio is equal to or less than 4.5 to 1. Wynn Group Asia, Inc. and Wynn Resorts Holdings, LLC, each a direct, wholly owned subsidiary of the Company (collectively, the “Guarantors”), guarantee the obligations of the Company under the Credit Agreement. The Company will pledge all of the equity interests in the Guarantors to the extent permitted by applicable law. Wynn America Credit Facilities The Company's credit facilities include an $875 million fully funded senior secured term loan facility (the "WA Senior Term Loan Facility I"), a $125 million fully funded senior term loan facility (the "WA Senior Term Loan Facility II") and a $375 million senior secured revolving credit facility (the "WA Senior Revolving Credit Facility," and collectively, the "Wynn America Credit Facilities"). The borrower is Wynn America, LLC ("Wynn America"), an indirect wholly owned subsidiary of Wynn Resorts, Limited. On April 24, 2017, the Company amended the Wynn America Credit Facilities to, among other things, extend the maturity of portions of the credit facilities. Of the $875 million WA Senior Term Loan Facility I, $69.6 million matures in November 2020 with repayments in quarterly installments of $1.7 million commencing in June 2018 and a final installment of $52.2 million in November 2020, and $805.4 million matures in December 2021 with repayments in quarterly installments of $20.1 million commencing in March 2020 and a final installment of $664.5 million in December 2021. The WA Senior Term Loan Facility II matures in December 2021 with no required repayments until maturity in December 2021. Of the $375 million WA Senior Revolving Credit Facility, $42 million matures in November 2019 and $333 million matures in December 2021. In connection with the amendment, the Company recorded a loss on extinguishment of debt of $1.5 million . As of December 31, 2018 , the Company had available borrowing capacity of $357.3 million , net of $17.7 million in outstanding letters of credit, under the WA Senior Revolving Credit Facility. Subject to certain exceptions, the Wynn America Credit Facilities bear interest at either base rate plus 0.75% per annum or LIBOR plus 1.75% per annum. As of December 31, 2018 and 2017 , the interest rate was 4.10% and 3.32% , respectively. The annual fee required to pay for unborrowed amounts, if any, is 0.30% per annum, payable quarterly in arrears, calculated based on the daily average of the unborrowed amounts under such credit facilities. The Wynn America Credit Facilities contain customary representations and warranties, events of default and negative and affirmative covenants, including, among other things, limitations on: indebtedness; investments; restricted payments; mergers and acquisitions; payment of indebtedness; negative pledges; liens; transactions with affiliates and sales of assets. In addition, Wynn America is subject to financial covenants, including maintaining a Maximum Consolidated Senior Secured Net Leverage Ratio and a Minimum Consolidated EBITDA, each as defined in the Wynn America Credit Facilities. Commencing with the second full fiscal quarter ending after the fiscal quarter in which Encore Boston Harbor opens, the Maximum Consolidated Senior Secured Net Leverage Ratio is not to exceed 2.75 to 1. Commencing with the fiscal quarter ending December 31, 2015, the Minimum Consolidated EBITDA is not to be less than $200.0 million . The Company has provided a completion guaranty in favor of the lenders under the Wynn America Credit Facilities to support the development of Encore Boston Harbor. Wynn America and the guarantors have entered into a security agreement (as amended from time to time) in favor of the lenders under the Wynn America Credit Facilities pursuant to which, subject to certain exceptions, Wynn America and the guarantors have pledged all equity interests in the guarantors to the extent permitted by applicable law and granted a first priority security interest in substantially all of the other existing and future assets of the guarantors. 4 1/4% Senior Notes due 2023 In May 2013, Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. ("Capital Corp." and together with Wynn Las Vegas, LLC, the "Issuers") issued the $500 million 4 1/4% Senior Notes due 2023 (the "2023 Notes") pursuant to an indenture, dated as of May 22, 2013 (the "2023 Indenture"), among the Issuers, the Guarantors (as defined below) and U.S. Bank National Association, as trustee (the "Trustee"). The 2023 Notes were issued at par. The Issuers used the net proceeds from the 2023 Notes to cover the cost of extinguishing the 7 7/8% First Mortgage Notes due November 2017. The 2023 Notes will mature on May 30, 2023 and bear interest at the rate of 4 1/4% per annum. The Issuers may, at their option, redeem the 2023 Notes, in whole or in part, at any time or from time to time prior to their stated maturity. The redemption price for the 2023 Notes that are redeemed before February 28, 2023 will be equal to the greater of (a) 100% of the principal amount of the 2023 Notes to be redeemed or (b) a "make-whole" amount described in the 2023 Indenture, plus in either case accrued and unpaid interest to, but not including, the redemption date. The redemption price for the 2023 Notes that are redeemed on or after February 28, 2023 will be equal to 100% of the principal amount of the 2023 Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date. In the event of a change of control triggering event, the Issuers will be required to offer to repurchase the 2023 Notes at 101% of the principal amount, plus accrued and unpaid interest to but not including the repurchase date. The 2023 Notes are also subject to mandatory redemption requirements imposed by gaming laws and regulations of gaming authorities in Nevada. The 2023 Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with the Issuers' 2025 Notes and 2027 WLV Notes (both defined below). The 2023 Notes are unsecured, except by the first priority pledge by Wynn Las Vegas Holdings, LLC ("WLVH"), a direct wholly owned subsidiary of Wynn America, of its equity interests in Wynn Las Vegas, LLC. Such equity interests in Wynn Las Vegas, LLC also secure the Issuers' 2025 Notes and 2027 WLV Notes. If Wynn Resorts receives an investment grade rating from one or more ratings agencies, the first priority pledge securing the 2023 Notes will be released. The 2023 Notes are jointly and severally guaranteed by all of the Issuers' subsidiaries, other than Capital Corp., which was a co-issuer (the "Guarantors"). The guarantees are senior unsecured obligations of the Guarantors and rank senior in right of payment to all of their existing and future subordinated debt. The guarantees rank equally in right of payment with all existing and future liabilities of the Guarantors that are not so subordinated and will be effectively subordinated in right of payment to all of such Guarantors' existing and future secured debt (to the extent of the collateral securing such debt). The 2023 Indenture contains covenants limiting the Issuers' and the Guarantors' ability to create liens on assets to secure debt; enter into sale-leaseback transactions; and merge or consolidate with another company. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. Events of default under the 2023 Indenture include, among others, the following: default for 30 days in the payment of interest when due on the 2023 Notes; default in payment of the principal, or premium, if any, when due on the 2023 Notes; failure to comply with certain covenants in the 2023 Indenture; and certain events of bankruptcy or insolvency. In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to the Issuers or any Guarantor, all 2023 Notes then outstanding will become due and payable immediately without further action or notice. On March 20, 2018, the Issuers executed a second supplemental indenture (the "Supplemental Indenture") to the 2023 Indenture, as supplemented by the 2025 Indenture, relating to the Issuers’ 2023 Notes. The Supplemental Indenture amended the 2023 Indenture by conforming the definition of "Change of Control" relating to ownership of equity interests in the Company in the Indenture to the terms of the indentures governing the Issuers’ other outstanding notes. As part of executing the Supplemental Indenture, the Issuers paid $25 million to consenting holders of the 2023 Notes. The Company accounted for this transaction as a modification and recorded the $25 million as debt issuance costs on the Consolidated Balance Sheet. 5 1/2% Senior Notes due 2025 In February 2015, the Issuers issued the $1.8 billion 5 1/2% Senior Notes due 2025 (the "2025 Notes") pursuant to an indenture, dated as of February 18, 2015 (the "2025 Indenture"), among the Issuers, the Guarantors and the Trustee. The 2025 Notes were issued at par. The Company used the net proceeds from the 2025 Notes to cover the cost of extinguishing the 7 7/8% First Mortgage Notes due May 1, 2020 (the "7 7/8% 2020 Notes") and the 7 3/4% First Mortgage Notes due August 15, 2020 (the "7 3/4% 2020 Notes" and together with the 7 7/8% 2020 Notes, the "2020 Notes") and for general corporate purposes. The 2025 Notes will mature on March 1, 2025 and bear interest at the rate of 5 1/2% per annum. The Issuers may, at their option, redeem the 2025 Notes, in whole or in part, at any time or from time to time prior to their stated maturity. The redemption price for the 2025 Notes that are redeemed before December 1, 2024 will be equal to the greater of (a) 100% of the principal amount of the 2025 Notes to be redeemed and (b) a "make-whole" amount described in the 2025 Indenture, plus in either case accrued and unpaid interest, if any, to, but not including, the redemption date. The redemption price for the 2025 Notes that are redeemed on or after December 1, 2024 will be equal to 100% of the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date. In the event of a change of control triggering event, the Issuers will be required to offer to repurchase the 2025 Notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The 2025 Notes also are subject to mandatory redemption requirements imposed by gaming laws and regulations of gaming authorities in Nevada. The 2025 Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with the Issuers' 2023 Notes and 2027 WLV Notes. The 2025 Notes are unsecured, except by the first priority pledge by WLVH of its equity interests in Wynn Las Vegas, LLC. Such equity interests in Wynn Las Vegas, LLC also secure the 2023 Notes and 2027 WLV Notes. If Wynn Resorts receives an investment grade rating from one or more ratings agencies, the first priority pledge securing the 2025 Notes will be released. The 2025 Notes are jointly and severally guaranteed by all of the Guarantors. The guarantees are senior unsecured obligations and rank senior in right of payment to all of their existing and future subordinated debt. The guarantees rank equally in right of payment with all existing and future liabilities of the Issuers' subsidiaries that are not so subordinated and will be effectively subordinated in right of payment to all of such existing and future secured debt (to the extent of the collateral securing such debt). The 2025 Indenture contains covenants limiting the Issuers' and the Guarantors' ability to create liens on assets to secure debt, enter into sale-leaseback transactions and merge or consolidate with another company. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. Events of default under the 2025 Indenture include, among others, the following: default for 30 days in the payment of interest when due on the 2025 Notes; default in payment of the principal, or premium, if any, when due on the 2025 Notes; failure to comply with certain covenants in the 2025 Indenture; and certain events of bankruptcy or insolvency. In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to the Issuers or any Guarantor, all 2025 Notes then outstanding will become due and payable immediately without further action or notice. During the first quarter of 2018, Wynn Resorts purchased $20 million principal amount of the 2025 Notes through open market purchases. As of December 31, 2018, Wynn Resorts holds this debt and has not contributed it to its wholly owned subsidiary, Wynn Las Vegas, LLC. 5 1/4% Senior Notes due 2027 In May 2017, the Issuers issued the $900 million 5 1/4% Senior Notes due 2027 (the "2027 WLV Notes") pursuant to an indenture, dated as of May 11, 2017 (the "2027 Indenture"), among the Issuers, the Guarantors and the Trustee. The 2027 WLV Notes were issued at par. The Issuers used the net proceeds from the 2027 WLV Notes and cash on hand to fund the cost of extinguishing the 5 3/8% First Mortgage Notes due 2022 (the "2022 Notes"). The 2027 WLV Notes will mature on May 15, 2027 and bear interest at the rate of 5 1/4% per annum. The Issuers may, at their option, redeem the 2027 WLV Notes, in whole or in part, at any time or from time to time prior to their stated maturity. The redemption price for 2027 WLV Notes that are redeemed before February 15, 2027 will be equal to the greater of (a) 100% of the principal amount of the 2027 WLV Notes to be redeemed and (b) a "make-whole" amount described in the 2027 Indenture, plus in either case accrued and unpaid interest, if any, to, but not including, the redemption date. The redemption price for the 2027 WLV Notes that are redeemed on or after February 15, 2027 will be equal to 100% of the principal amount of the 2027 WLV Notes to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date. In the event of a change of control triggering event, the Issuers will be required to offer to repurchase the 2027 WLV Notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The 2027 WLV Notes are also subject to mandatory redemption requirements imposed by gaming laws and regulations of gaming authorities in Nevada. The 2027 WLV Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with the Issuers' 2023 Notes and 2025 Notes and rank equally in right of payment with the Issuers' guarantee of the Wynn America Credit Facilities, and rank senior in right of payment to all of the Issuers' existing and future subordinated debt. The 2027 WLV Notes are effectively subordinated in right of payment to all of the Issuers' existing and future secured debt (to the extent of the value of the collateral securing such debt), and structurally subordinated to all of the liabilities of any of the Issuers' subsidiaries that do not guarantee the 2027 WLV Notes. The 2027 WLV Notes are unsecured, except for the first priority pledge by WLVH of its equity interests in Wynn Las Vegas, LLC. Such equity interests in Wynn Las Vegas, LLC also secure the 2023 Notes and 2025 Notes. If Wynn Resorts, Limited receives an investment grade rating from one or more ratings agencies, the first priority pledge securing the 2027 WLV Notes will be released. The 2027 WLV Notes are jointly and severally guaranteed by all of the Guarantors. The guarantees are senior unsecured obligations of the Guarantors and rank senior in right of payment to all of their existing and future subordinated debt. The guarantees rank equally in right of payment with all existing and future liabilities of the Guarantors that are not so subordinated and will be effectively subordinated in right of payment to all of such Guarantors' existing and future secured debt (to the extent of the collateral securing such debt). The 2027 Indenture contains covenants limiting the Issuers' and the Guarantors' ability to: create liens on assets to secure debt; enter into sale-leaseback transactions; and merge or consolidate with another company. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The 2027 Indenture also provides that Wynn America may assume all of Wynn Las Vegas, LLC's obligations under the 2027 Indenture and the 2027 WLV Notes if certain conditions set forth in the 2027 Indenture are met. Events of default under the 2027 Indenture include, among others, the following: default for 30 days in the payment of interest when due on the 2027 WLV Notes; default in payment of the principal, or premium, if any, when due on the 2027 WLV Notes; failure to comply with certain covenants in the 2027 Indenture; and certain events of bankruptcy or insolvency. In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to the Issuers or any Guarantor, all 2027 WLV Notes then outstanding will become due and payable immediately without further action or notice. During the first quarter of 2018, Wynn Resorts purchased $20 million principal amount of the 2027 WLV Notes through open market purchases. As of December 31, 2018, Wynn Resorts holds this debt and has not contributed it to its wholly owned subsidiary, Wynn Las Vegas, LLC. The Issuers and certain of their subsidiaries will guarantee and secure their obligations under the Wynn America Credit Facilities with liens on substantially all of their assets, with such liens limiting the amount of such obligations secured to 15% of their Total Assets (as defined in the indenture for the 2025 Notes). The 2023 Notes, 2025 Notes and 2027 WLV Notes were offered pursuant to an exemption under the Securities Act. The 2023 Notes, 2025 Notes and 2027 WLV Notes were offered only to qualified institutional buyers in reliance on Rule 144A un |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Equity Offering On April 3, 2018, the Company completed a registered public offering (the "Equity Offering") of 5,300,000 newly issued shares of its common stock, par value $0.01 per share, at a price of $175 per share for proceeds of $915.2 million , net of $11.7 million in underwriting discounts and $0.6 million in offering expenses. The Company used the net proceeds from the Equity Offering to repay all amounts borrowed under the Bridge Facility, together with all interest accrued thereon, and used the remaining net proceeds to repay certain other indebtedness of the Company in April 2018. Common Stock The Company's Board of Directors has authorized an equity repurchase program. As of December 31, 2018 , the Company had $1.0 billion in repurchase authority under the program, which may include repurchases from time to time through open market purchases or negotiated transactions, depending on market conditions. During the year ended December 31, 2018 , the Company repurchased 1,478,552 shares at a net cost of $156.7 million . During the years ended December 31, 2017 and 2016 , no repurchases were made under the equity repurchase program. As of December 31, 2018 , the Company had $843.3 million in repurchase authority under the program. During the years ended December 31, 2018 , 2017 and 2016 , the Company withheld a total of 19,120 shares, 148,413 shares and 198,942 shares, respectively, in satisfaction of tax withholding obligations on vested restricted stock. Dividends During the first quarter of 2018, the Company paid a cash dividend of $0.50 per share and $0.75 per share for the three subsequent quarters, for annual cash dividends of $2.75 per share. In each quarter of 2017 and 2016, the Company paid a cash dividend of $0.50 per share. During the years ended December 31, 2018 , 2017 and 2016, the Company recorded $294.9 million , $204.5 million and $202.2 million as a reduction of retained earnings from cash dividends declared. On January 30, 2019 , the Company announced a cash dividend of $0.75 per share, payable on February 26, 2019, to stockholders of record as of February 15, 2019. Redemption of Securities Wynn Resorts' articles of incorporation provide that, to the extent a gaming authority makes a determination of unsuitability or to the extent the Board of Directors determines, in its sole discretion, that a person is likely to jeopardize the Company or any affiliates application for, receipt of, approval for, right to the use of, or entitlement to, any gaming license, Wynn Resorts may redeem shares of its capital stock that are owned or controlled by an unsuitable person or its affiliates. The redemption price will be the amount, if any, required by the gaming authority or, if the gaming authority does not determine the price, the sum deemed by the Board of Directors to be the fair value of the securities to be redeemed. If Wynn Resorts determines the redemption price, the redemption price will be capped at the closing price of the shares on the principal national securities exchange on which the shares are listed on the trading day before the redemption notice is given. If the shares are not listed on a national securities exchange, the redemption price will be capped at the closing sale price of the shares as quoted on The Nasdaq Global Select Market or if the closing price is not reported, the mean between the bid and ask prices, as quoted by any other generally recognized reporting system. Wynn Resorts' right of redemption is not exclusive of any other rights that it may have or later acquire under any agreement, its bylaws or otherwise. The redemption price may be paid in cash, by promissory note, or both, as required, and pursuant to the terms established by, the applicable Gaming Authority and, if not, as the Board of Directors of Wynn Resorts elects. Based on the Board of Directors' finding of "unsuitability," on February 18, 2012, Wynn Resorts redeemed and canceled Aruze's 24,549,222 shares of Wynn Resorts' common stock. For more information, see Note 15 , "Commitments and Contingencies." |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Wynn Macau, Limited In October 2009, WML, an indirect wholly owned subsidiary of the Company and the developer, owner and operator of Wynn Macau and Wynn Palace, listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited through an initial public offering. The Company currently owns approximately 72% of this subsidiary's common stock. The shares of WML were not and will not be registered under the Securities Act and may not be offered or sold in the United States absent a registration under the Securities Act, or an applicable exception from such registration requirements. On October 5, 2018, WML paid a cash dividend of HK $0.75 per share, consisting of an interim dividend of HK $0.32 per share for the six months ended June 30, 2018 and a special dividend of HK $0.43 per share, for a total of $496.6 million . The Company's share of this dividend was $358.3 million with a reduction of $138.2 million to noncontrolling interests in the accompanying Consolidated Balance Sheet. On April 25, 2018, WML paid a cash dividend of HK $0.75 per share for a total of $497.1 million . The Company's share of this dividend was $358.8 million with a reduction of $138.3 million to noncontrolling interests in the accompanying Consolidated Balance Sheet. On September 15, 2017, WML paid a dividend of HK $0.21 per share for a total of $139.4 million . The Company's share of this dividend was $100.6 million with a reduction of $38.8 million to noncontrolling interests in the accompanying Consolidated Balance Sheets. On June 20, 2017, WML paid a dividend of HK $0.42 per share for a total of $279.9 million . The Company's share of this dividend was $202.0 million with a reduction of $77.9 million to noncontrolling interests in the accompanying Consolidated Balance Sheets. On April 27, 2016, WML paid a dividend of HK $0.60 per share for a total of $401.9 million . The Company's share of this dividend was $290.1 million with a reduction of $111.8 million to noncontrolling interests in the accompanying Consolidated Balance Sheets. Retail Joint Venture During the year ended December 31, 2018 the Retail Joint Venture made aggregate distributions of $305.4 million to its non-controlling interest holder in connection with the distribution of the net proceeds of the Retail Term Loan and distributions made in the normal course of business. For more information on the Retail Term Loan and on the Retail Joint Venture, see Note 6 , " Long-Term Debt ," and Note 14 , " Retail Joint Venture ," respectively. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Defined contribution plans The Company established a retirement savings plan under Section 401(k) of the Internal Revenue Code covering its U.S. non-union employees in July 2000. The plan allows employees to defer, within prescribed limits, a percentage of their income on a pre-tax basis through contributions to this plan. The Company matches 50% of employee contributions, up to 6% of employees' eligible compensation. During the years ended December 31, 2018 , 2017 and 2016 , the Company recorded matching contribution expenses of $6.4 million , $6.1 million and $6.1 million , respectively. Wynn Macau also operates a defined contribution retirement benefits plan (the "Wynn Macau Plan"). Eligible employees are allowed to contribute 5% of their salary to the Wynn Macau Plan and the Company matches any contributions. The assets of the Wynn Macau Plan are held separately from those of the Company in an independently administered fund. The Company's matching contributions vest to the employee at 10% per year with full vesting in ten years . Forfeitures of unvested contributions are used to reduce the Company's liability for its contributions payable. During the years ended December 31, 2018 , 2017 and 2016 , the Company recorded matching contribution expenses of $16.6 million , $15.8 million and $12.9 million , respectively. Multi-employer pension plan Wynn Las Vegas, LLC contributes to a multi-employer defined benefit pension plan for certain of its union employees under the terms of the Southern Nevada Culinary and Bartenders Union collective-bargaining agreement, which expires in July 2021. The legal name of the multi-employer pension plan is the Southern Nevada Culinary and Bartenders Pension Plan (the "Plan") (EIN: 88-6016617 Plan Number: 1). The Company recorded expenses of $11.9 million , $11.5 million and $9.3 million for contributions to the Plan for the years ended December 31, 2018 , 2017 and 2016 , respectively. For the 2017 plan year, the most recent for which plan data is available, the Company's contributions were identified by the Plan to exceed 5% of total contributions for that year. Based on information the Company received from the Plan, it was certified to be in neither endangered nor critical status for the 2017 plan year. Risks of participating in a multi-employer plan differ from single-employer plans for the following reasons: (1) assets contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating employers; (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; (3) if a participating employer stops participating, it may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability; and (4) if the plan is terminated by withdrawal of all employers and if the value of the nonforfeitable benefits exceeds plan assets and withdrawal liability payments, employers are required by law to make up the insufficient difference. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue | Revenue The Company’s revenue from contracts with customers primarily consists of casino wagers and sales of rooms, food and beverage, entertainment, retail and other goods and services. Gross casino revenues are measured by the aggregate net difference between gaming wins and losses. The Company applies a practical expedient by accounting for its casino wagering transactions on a portfolio basis versus an individual basis as all wagers have similar characteristics. Commissions rebated to customers either directly or indirectly through games promoters and cash discounts and other cash incentives earned by customers are recorded as a reduction of casino revenues. In addition to the wager, casino transactions typically include performance obligations related to complimentary goods or services provided to incentivize future gaming or in exchange for points earned under the Company’s loyalty programs. For casino transactions that include complimentary goods or services provided by the Company to incentivize future gaming, the Company allocates the standalone selling price of each good or service to the appropriate revenue type based on the good or service provided. Complimentary goods or services that are provided under the Company’s control and discretion and supplied by third parties are recorded as an operating expense. The Company offers loyalty programs at both its Macau Operations and its Las Vegas Operations. Under the program at its Macau Operations, customers earn points based on their level of table games and slots play, which can be redeemed for free play, gifts and complimentary goods or services provided by the Company. Under the program at its Las Vegas Operations, customers earn points based on their level of slots play, which can be redeemed for free play. For casino transactions that include points earned under the Company’s loyalty programs, the Company defers a portion of the revenue by recording the estimated standalone selling price of the earned points that are expected to be redeemed as a liability. Upon redemption of the points for Company-owned goods or services, the standalone selling price of each good or service is allocated to the appropriate revenue type based on the good or service provided. Upon the redemption of the points with third parties, the redemption amount is deducted from the liability and paid directly to the third party. After allocating amounts to the complimentary goods or services provided and to the points earned under the Company’s loyalty programs, the residual amount is recorded as casino revenue when the wager is settled. The transaction price for rooms, food and beverage, entertainment, retail and other transactions is the net amount collected from the customer for such goods and services and is recorded as revenue when the goods are provided, services are performed or events are held. Sales tax and other applicable taxes collected by the Company are excluded from revenues. Advance deposits on rooms and advance ticket sales are performance obligations that are recorded as customer deposits until services are provided to the customer. Revenues from contracts with multiple goods or services are allocated to each good or service based on its relative standalone selling price. Entertainment, retail and other revenue also includes lease revenue, which is recognized on a time proportion basis over the lease term. Contingent lease revenue is recognized when the right to receive such revenue is established according to the lease agreements. Disaggregation of Revenues The Company operates integrated resorts in Macau and Las Vegas and generates revenues at its properties by providing the following types of services and products: gaming, rooms, food and beverage and entertainment, retail and other. Revenues disaggregated by type of revenue and geographic location are as follows (in thousands): Year Ended December 31, 2018 Macau Operations Las Vegas Operations Total Casino $ 4,350,907 $ 434,083 $ 4,784,990 Rooms 283,562 468,238 751,800 Food and beverage 187,006 567,122 754,128 Entertainment, retail and other (1) 230,616 196,126 426,742 Total operating revenues $ 5,052,091 $ 1,665,569 $ 6,717,660 Year Ended December 31, 2017 Casino $ 3,788,210 $ 456,093 $ 4,244,303 Rooms 217,581 453,376 670,957 Food and beverage 164,189 567,926 732,115 Entertainment, retail and other (1) 197,217 225,568 422,785 Total operating revenues $ 4,367,197 $ 1,702,963 $ 6,070,160 Year Ended December 31, 2016 Casino $ 2,313,518 $ 437,372 $ 2,750,890 Rooms 158,126 437,484 595,610 Food and beverage 99,703 535,708 635,411 Entertainment, retail and other (1) 134,948 228,938 363,886 Total operating revenues $ 2,706,295 $ 1,639,502 $ 4,345,797 (1) Includes lease revenue accounted for under lease accounting guidance. 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): December 31, 2018 December 31, 2017 Increase (decrease) December 31, 2017 December 31, 2016 Increase (decrease) Casino outstanding chips and front money deposits (1) $ 905,561 $ 991,957 $ (86,396 ) $ 991,957 $ 546,487 $ 445,470 Advance room deposits and ticket sales (2) 42,197 48,065 (5,868 ) 48,065 41,583 6,482 Other gaming-related liabilities (3) 12,694 12,765 (71 ) 12,765 12,033 732 Loyalty program and related liabilities (4) 18,148 18,421 (273 ) 18,421 7,942 10,479 $ 978,600 $ 1,071,208 $ (92,608 ) $ 1,071,208 $ 608,045 $ 463,163 (1) Casino outstanding chips represent amounts owed to junkets 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 Consolidated Balance Sheets and may be recognized as revenue or will be 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 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 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 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 | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Wynn Resorts, Limited The Company's 2002 Stock Incentive Plan, as amended and restated (the "WRL 2002 Plan"), allowed it to grant stock options and nonvested shares of Wynn Resorts' common stock to eligible directors, officers, employees, and consultants of the Company. Under the WRL 2002 Plan, a maximum of 12,750,000 shares of the Company's common stock was reserved for issuance. On May 16, 2014, the Company adopted the Wynn Resorts, Limited 2014 Omnibus Incentive Plan (the "Omnibus Plan") after approval from its stockholders. The Omnibus Plan allows for the grant of stock options, restricted stock, restricted stock units, stock appreciation rights, performance awards and other share-based awards to the same eligible participants as the WRL 2002 Plan. Under the approval of the Omnibus Plan, no new awards may be made under the WRL 2002 Plan. The outstanding awards under the WRL 2002 Plan were transferred to the Omnibus Plan and will remain pursuant to their existing terms and related award agreements. The Company reserved 4,409,390 shares of its common stock for issuance under the Omnibus Plan. These shares were transferred from the remaining available amount under the WRL 2002 Plan. The Omnibus Plan is administered by the Compensation Committee (the "Committee") of the Wynn Resorts, Limited Board of Directors. The Committee has discretion under the Omnibus Plan regarding which type of awards to grant, the vesting and service requirements, exercise price and other conditions, in all cases subject to certain limits. For stock options, the exercise price of stock options must be at least equal to the fair market value of the stock on the date of grant and the maximum term of such an award is 10 years . As of December 31, 2018 , the Company had an aggregate of 3,041,051 shares of its common stock available for grant as share-based awards under the Omnibus Plan. Stock Options The summary of stock option activity under the Omnibus Plan for the year ended December 31, 2018 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2018 644,460 $ 73.93 Granted — $ — Exercised (261,470 ) $ 77.07 Forfeited or expired (37,200 ) $ 172.07 Outstanding as of December 31, 2018 345,790 $ 60.99 1.25 $ 14,796,122 Fully vested and expected to vest as of December 31, 2018 345,790 $ 60.99 1.25 $ 14,796,122 Exercisable as of December 31, 2018 285,790 $ 63.91 1.44 $ 11,688,722 The following is provided for stock options under the Omnibus Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2018 2017 2016 Weighted average grant date fair value $ — $ — $ 34.90 Intrinsic value of stock options exercised $ 22,387 $ 29,716 $ 3,657 Cash received from the exercise of stock options $ 20,148 $ 61,506 $ 3,487 As of December 31, 2018 , there was $0.6 million of unamortized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 0.34 years. Nonvested shares The summary of nonvested share activity under the Omnibus Plan for the year ended December 31, 2018 is presented below: Shares Weighted Average Grant Date Fair Value Nonvested as of January 1, 2018 460,584 $ 98.21 Granted 288,270 170.13 Vested (96,559 ) 121.51 Forfeited (125,908 ) 133.76 Nonvested as of December 31, 2018 526,387 $ 127.84 The following is provided for the share awards under the Omnibus Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2018 2017 2016 Weighted average grant date fair value $ 170.13 $ 109.28 $ 63.56 Fair value of shares vested $ 13,024 $ 45,801 $ 39,380 As of December 31, 2018 , there was $49.6 million of unamortized compensation expense related to nonvested shares, which is expected to be recognized over a weighted average period of 3.66 years. Wynn Macau, Limited The Company's majority-owned subsidiary, WML, has two stock-based compensation plans that provide awards based on shares of WML's common stock. The shares available for issuance under these plans are separate and distinct from the common stock of Wynn Resorts' share plan and are not available for issuance for any awards under the Wynn Resorts share plan. Share Option Plan WML adopted a stock incentive plan, effective September 16, 2009, for the grant of stock options to purchase shares of WML to eligible directors and employees of its subsidiaries (the "Share Option Plan"). The Share Option Plan is administered by WML's Board of Directors, which has the discretion on the vesting and service requirements, exercise price, performance targets to exercise if applicable and other conditions, subject to certain limits. A maximum of 518,750,000 shares have been reserved for issuance under the Share Option Plan. As of December 31, 2018 , there were 507,244,000 shares available for issuance under the Share Option Plan. The summary of stock option activity under the Share Option Plan for the year ended December 31, 2018 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2018 7,006,000 $ 2.32 Granted 4,494,000 $ 2.65 Exercised (941,600 ) $ 1.94 Outstanding as of December 31, 2018 10,558,400 $ 2.49 7.80 $ 1,403,732 Fully vested and expected to vest as of December 31, 2018 10,558,400 $ 2.49 7.80 $ 1,403,732 Exercisable as of December 31, 2018 3,302,800 $ 2.72 5.20 $ 484,717 The following is provided for stock options under the Share Option Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2018 2017 2016 Weighted average grant date fair value $ 0.57 $ 0.56 $ 0.31 Intrinsic value of stock options exercised $ 1,715 $ 369 $ — Cash received from the exercise of stock options $ 1,823 $ 703 $ — As of December 31, 2018 , there was $3.4 million of unamortized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 4.30 years. Share Award Plan On June 30, 2014, the Company's majority-owned subsidiary, WML, approved and adopted the WML Employee Ownership Scheme (the "Share Award Plan"). The Share Award Plan allows for the grant of nonvested shares of WML's common stock to eligible employees. The Share Award Plan is administered by WML's Board of Directors and has been mandated under the plan to allot, issue and process the transfer of a maximum of 50,000,000 shares. The Board of Directors has discretion on the vesting and service requirements, exercise price and other conditions, subject to certain limits. As of December 31, 2018 , there were 33,362,988 shares available for issuance under the Share Award Plan. The summary of nonvested share activity under the Share Award Plan for the year ended December 31, 2018 is presented below: Shares Weighted Average Grant Date Fair Value Nonvested as of January 1, 2018 11,842,707 $ 2.24 Granted 3,256,630 $ 3.07 Vested (3,565,245 ) $ 3.56 Forfeited (1,780,825 ) $ 2.03 Nonvested as of December 31, 2018 9,753,267 $ 2.07 The weighted average grant date fair value for shares granted during the year and the total fair value of shares vested under the Share Award Plan is presented below (in thousands, except weighted average grant date fair value): Years Ended December 31, 2018 2017 2016 Weighted average grant date fair value $ 3.07 $ 2.22 $ 1.38 Fair value of shares vested $ 1,309 $ 6,884 $ — As of December 31, 2018 , there was $12.7 million of unamortized compensation expense, which is expected to be recognized over a weighted average period of 2.82 years . Compensation Cost The total compensation cost for stock-based compensation plans was recorded as follows (in thousands): Years Ended December 31, 2018 2017 2016 Casino $ 5,946 $ 6,954 $ 11,304 Rooms 437 655 374 Food and beverage 1,125 1,466 1,060 Entertainment, retail and other 111 147 82 General and administrative 28,872 34,749 30,398 Pre-opening 750 — 504 Property charges and other (1) (2,201 ) — — Total stock-based compensation expense 35,040 43,971 43,722 Total stock-based compensation capitalized 11 80 92 Total stock-based compensation costs $ 35,051 $ 44,051 $ 43,814 (1) In 2018, reflects the reversal of compensation cost previously recognized for awards forfeited in connection with the departure of an employee. For the year ended December 31, 2018 , the Company recorded an expense of approximately $5.8 million in connection with the departure of the Company's general counsel and the related accelerated vesting of previously granted share-based awards and a $1.8 million one-time cash payment. Certain members of the Company's executive management team receive a portion of their annual incentive bonus in shares of the Company's stock. The number of shares is determined based on the closing stock price on the date the annual incentive bonus is settled. As the number of shares is variable, the Company records a liability for the fixed monetary amount over the service period. The Company recorded stock-based compensation expense associated with these awards of $6.7 million , $23.7 million and $19.2 million , for the year ended December 31, 2018 , 2017 and 2016 , respectively. The Company settled the obligation for the 2018 annual incentive bonus by issuing vested shares in January 2019. The Company settled the obligation for the 2017 annual incentive bonus by issuing vested shares in December 2017 and January 2018. During the years ended December 31, 2018 , 2017 and 2016 , the Company recognized income tax benefits in the Consolidated Statements of Income of $5.7 million , $10.8 million and $10.4 million , respectively, related to stock-based compensation expense. Additionally, during the years ended December 31, 2018 , 2017 and 2016 , the Company realized tax benefits of $4.6 million , $25.4 million and $6.7 million , respectively, related to stock option exercises and restricted stock vesting that occurred in those years. The Company uses the Black-Scholes option pricing model to determine the estimated fair value for stock options. Dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant. Expected volatility is based on implied and historical factors related to the Company's common stock. The risk-free interest rate used for each period presented is based on the U.S. Treasury yield curve for stock options issued under the Omnibus Plan and the Hong Kong Exchange Fund rates for stock options issued under the Share Option Plan, both at the time of grant for the period equal to the expected term. Expected term represents the weighted average time between the option's grant date and its exercise date. The Company uses historical award exercise activity and termination activity in estimating the expected term for the Omnibus Plan and Share Option Plan. There were no stock options granted under the Omnibus Plan during the years ended December 31, 2018 and 2017. The fair value of stock options granted under the Omnibus Plan during the year ended December 31, 2016 was estimated on the date of grant using an expected dividend yield of 2.0% , expected volatility of 45.4% , a risk-free interest rate of 1.1% and an expected term of 6.0 years. The fair value of stock options granted under WML's Share Option Plan was estimated on the date of grant using the following weighted average assumptions: Years Ended December 31, 2018 2017 2016 Expected dividend yield 5.7 % 5.7 % 6.3 % Expected volatility 40.2 % 41.5 % 42.6 % Risk-free interest rate 2.3 % 1.1 % 1.0 % Expected term (years) 6.5 6.5 6.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Consolidated income (loss) before taxes for United States ("U.S.") and foreign operations consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 United States $ (491,523 ) $ 90,206 $ 90,900 Foreign 797,263 470,063 219,697 Total $ 305,740 $ 560,269 $ 310,597 The income tax (benefit) provision attributable to income before income taxes is as follows (in thousands): December 31, 2018 2017 2016 Current U.S. Federal $ (637 ) $ (19,856 ) $ 60 U.S. State 198 51 79 Foreign 1,749 1,674 1,633 Total 1,310 (18,131 ) 1,772 Deferred U.S. Federal (483,681 ) (309,423 ) 5,081 U.S. State (14,973 ) (1,431 ) 1,275 Total (498,654 ) (310,854 ) 6,356 Total income tax benefit $ (497,344 ) $ (328,985 ) $ 8,128 The reconciliation of the U.S. federal statutory tax rate to the actual tax rate is as follows: December 31, 2018 2017 2016 U.S. Federal statutory rate 21.0 % 35.0 % 35.0 % Foreign tax credits, net of valuation allowance (154.9 )% (136.1 )% (61.5 )% Non-taxable foreign income (48.8 )% (20.1 )% (20.7 )% Foreign tax rate differential (20.8 )% (17.0 )% (14.5 )% Global intangible low-taxed income 28.3 % — % — % Change in tax rate — % (11.8 )% — % Repatriation of foreign earnings — % 81.0 % 51.6 % Valuation allowance, other 9.3 % 5.9 % 7.5 % Other, net 3.2 % 4.4 % 5.2 % Effective income tax rate (162.7 )% (58.7 )% 2.6 % Wynn Macau SA received a five-year exemption from Macau's 12% Complementary Tax on casino gaming profits through December 31, 2020. Accordingly, for the years ended December 31, 2018 , 2017 and 2016 , the Company was exempt from the payment of such taxes totaling $96.8 million , $63.0 million and $27.3 million or $0.90 , $0.61 and $0.27 per diluted share, respectively. The Company's non-gaming profits remain subject to the Macau Complementary Tax and its casino winnings remain subject to the Macau special gaming tax and other levies in accordance with its concession agreement. Wynn Macau SA also entered into an agreement with the Macau government 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 on dividend distributions through 2020. As a result of the stockholder dividend tax agreements, income tax expense includes $1.6 million for each of the years ended December 31, 2018, 2017 and 2016. The Macau special gaming tax is 35% of gross gaming revenue. U.S. tax laws only allow a foreign tax credit ("FTC") up to 21% of foreign source income. In February 2010, the Company and the IRS entered into a Pre-Filing Agreement ("PFA") providing that the Macau special gaming tax qualifies as a tax paid in lieu of an income tax and could be claimed as a U.S. FTC. In December 2017, the U.S. Tax Cuts and Jobs Act ("U.S. tax reform") was enacted. Also in December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act, which allowed the Company to record provisional amounts during a measurement period not to extend beyond one year from the enactment date. For the year ended December 31, 2017 , the Company recorded a provisional net tax benefit of $339.9 million based on the Company's initial analysis of the U.S. tax reform. During the fourth quarter of 2018, the Company finalized its analysis of U.S. tax reform, which was further clarified by guidance issued by the Internal Revenue Service in the fourth quarter of 2018. The guidance addressed the treatment of foreign-sourced royalties and the allocation of interest expense and other expenses to foreign source income. As a result, the Company adjusted its valuation allowance for FTC carryovers and recorded a net tax benefit of $390.9 million , which is incremental to the $339.9 million provisional net tax benefit recorded in 2017. During the years ended December 31, 2018 , 2017 and 2016 , the Company recognized tax benefits of $82.8 million , $746.6 million and $170.5 million , respectively (net of valuation allowance and uncertain tax positions), for FTCs generated from the earnings of Wynn Macau SA. Accounting standards require recognition of a future tax benefit to the extent that realization of such benefit is more likely than not; otherwise, a valuation allowance is applied. During the years ended December 31, 2018 and 2017 , the aggregate valuation allowance for deferred tax assets decreased by $746.6 million and increased by $103.7 million , respectively. The 2018 decrease is primarily related to the expiration of FTCs. The 2017 increase is primarily related to FTC carryforwards and other foreign deferred tax assets that are not considered more likely than not realizable. The Company recorded tax benefits resulting from the exercise of nonqualified stock options and the value of vested restricted stock and accrued dividends of $2.0 million , $2.6 million and $0.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, in excess of the amounts reported for such items as compensation costs under accounting standards related to stock-based compensation. The tax effects of significant temporary differences representing net deferred tax assets and liabilities consisted of the following (in thousands): December 31, 2018 2017 Deferred tax assets—U.S.: Foreign tax credit carryforwards $ 3,187,797 $ 3,616,872 Disallowed interest expense carryforward 67,368 — Construction in progress 42,528 5,009 Receivables, inventories, accrued liabilities and other 10,878 19,356 Stock-based compensation 5,477 5,084 Other tax credit carryforwards 4,946 1,999 Intangibles and related other 489 3,486 Other 2,279 86 3,321,762 3,651,892 Less: valuation allowance (2,500,027 ) (3,273,292 ) 821,735 378,600 Deferred tax liabilities—U.S.: Property and equipment (70,560 ) (111,988 ) Redemption Note fair value — (13,139 ) Prepaid insurance, maintenance and taxes (12,430 ) (10,391 ) Other (2,293 ) (2,549 ) (85,283 ) (138,067 ) Deferred tax assets—Foreign: Net operating loss carryforwards 94,244 74,345 Property and equipment 41,520 36,299 Pre-opening expenses 8,421 10,717 Other 651 1,493 144,836 122,854 Less: valuation allowance (143,872 ) (117,175 ) 964 5,679 Deferred tax liabilities—Foreign: Property and equipment (964 ) (5,679 ) Net deferred tax asset $ 736,452 $ 240,533 FTC carryforwards of $545.7 million expired as of December 31, 2018 . As of December 31, 2018 , the Company had FTC carryforwards (net of uncertain tax positions) of $3.19 billion . Of this amount, $110.9 million will expire in 2019, $530.4 million in 2020, $540.3 million in 2021, $756.0 million in 2023, $710.7 million in 2024, $47.2 million in 2025 and $492.4 million in 2027. The Company has a disallowed interest carryforward of $294.2 million which does not expire. The Company has no U.S. tax loss carryforwards. The Company incurred foreign tax losses of $340.0 million , $319.1 million and $317.3 million during the tax years ended December 31, 2018 , 2017 and 2016 , respectively. These foreign tax loss carryforwards expire in 2021, 2020 and 2019, respectively. In assessing the need for a valuation allowance, the Company considered whether it is more likely than not that the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. In the assessment of the valuation allowance, appropriate consideration was given to all positive and negative evidence including recent operating profitability, forecast of future earnings and the duration of statutory carryforward periods. As of December 31, 2018 and 2017 , the Company had valuation allowances of $2.49 billion and $3.27 billion , respectively, provided on FTCs expected to expire unutilized and valuation allowances of $5.3 million and $3.5 million provided on other U.S. deferred tax assets. As of December 31, 2018 and 2017 , the Company had valuation allowances of $143.9 million and $117.2 million , respectively, provided on its foreign deferred tax assets. The Company had the following activity for unrecognized tax benefits as follows (in thousands): December 31, 2018 2017 2016 Balance at beginning of period $ 95,236 $ 90,523 $ 88,314 Increases based on tax positions of the current year 8,926 8,520 5,930 Reductions due to lapse in statutes of limitations (4,692 ) (3,807 ) (3,721 ) Balance at end of period $ 99,470 $ 95,236 $ 90,523 As of December 31, 2018 , 2017 and 2016 , unrecognized tax benefits of $99.5 million , $95.2 million and $90.3 million , respectively, were recorded as reductions in deferred income taxes, net. As of December 31, 2016, $0.2 million of unrecognized tax benefits were recorded in other long-term liabilities. The Company had no unrecognized tax benefits recorded in other long-term liabilities as of December 31, 2018 and 2017 . As of December 31, 2018 , 2017 and 2016 , $31.0 million , $26.9 million and $22.6 million , respectively, of unrecognized tax benefits would, if recognized, impact the effective tax rate. The Company recognizes penalties and interest related to unrecognized tax benefits in the provision for income taxes. During the year ended December 31, 2018 , the Company recognized no interest and penalties. During each of the years ended December 31, 2017 and 2016 , the Company recognized $0.9 million in interest in the provision for income taxes. The Company anticipates that the 2014 statute of limitations will expire in the next 12 months for certain foreign tax jurisdictions. Also, the Company's unrecognized tax benefits include certain income tax accounting methods, which govern the timing and deductibility of income tax deductions. As a result, the Company's unrecognized tax benefits could increase up to $5.1 million over the next 12 months. The Company files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. The Company's income tax returns are subject to examination by the IRS and other tax authorities in the locations where it operates. The Company's 2002 to 2014 domestic income tax returns remain subject to examination by the IRS to the extent tax attributes carryforward to future years. The Company's 2015 to 2017 domestic income tax returns also remain subject to examination by the IRS. The Company's 2014 to 2017 Macau income tax returns remain subject to examination by the Financial Services Bureau. The Company has participated in the IRS Compliance Assurance Program ("CAP") for the 2012 through 2018 tax years and will continue to participate in the IRS CAP for the 2019 tax year. In February 2017 and 2018, the Company received notification that the IRS completed its examination of the Company's 2015 and 2016 U.S. income tax returns, respectively. There were no changes in its unrecognized tax benefits as a result of the completion of these examinations. On December 31, 2016, the statute of limitations for the 2011 Macau Complementary tax return expired. As a result of the expiration of the statute of limitations for the Macau Complementary Tax return, the total amount of unrecognized tax benefits decreased by $3.7 million . In April 2016, the Financial Services Bureau commenced an examination of the 2011 and 2012 Macau income tax returns of Palo. In June 2016, the Financial Services Bureau concluded its examination with no changes. On December 31, 2017, the statute of limitations for the 2012 Macau Complementary tax return expired. As a result of the expiration of the statute of limitations for the Macau Complementary Tax return, the total amount of unrecognized tax benefits decreased by $3.8 million . On December 31, 2018, the statute of limitations for the 2013 Macau Complementary tax return expired. As a result of the expiration of the statute of limitations for the Macau Complementary Tax return, the total amount of unrecognized tax benefits decreased by $4.7 million . In March 2017, the Financial Services Bureau commenced an examination of the 2013 and 2014 Macau income tax returns of Wynn Macau SA. In July 2018, the Financial Services Bureau issued final tax assessments for the Company for the years 2013 and 2014. While no additional tax was due, adjustments were made to the Company’s tax loss carryforwards In July 2017, the Financial Services Bureau commenced an examination of the 2013 and 2014 Macau income tax returns of Palo. In February 2018, the Financial Services Bureau concluded its examination with no changes. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Agreements with Stephen A. Wynn On February 6, 2018, Stephen A. Wynn ("Mr. Wynn"), resigned as Chairman of the Board of Directors and Chief Executive Officer of Wynn Resorts and on February 15, 2018, Mr. Wynn entered into a separation agreement with the Company specifying the terms of his termination of service with the Company (the "Separation Agreement"). The Separation Agreement terminated Mr. Wynn’s employment agreement with the Company and confirmed that Mr. Wynn is not entitled to any severance payment or other compensation from the Company under his employment agreement. Under the Separation Agreement, Mr. Wynn agreed not to compete against the Company for a period of two years and to provide reasonable cooperation and assistance to the Company in connection with any private litigation or arbitration and to the Board of Directors of the Company or any committee of the Board of Directors in connection with any investigation by the Company related to his service with the Company. The Separation Agreement provided that (i) Mr. Wynn’s lease of his personal residence at Wynn Las Vegas would terminate not later than June 1, 2018 and until such date Mr. Wynn would continue to pay rent at its fair market value, unless Mr. Wynn elected to terminate the lease before such date, (ii) Mr. Wynn’s current healthcare coverage would terminate on December 31, 2018, and (iii) administrative support for Mr. Wynn would terminate on May 31, 2018. Additionally, in order to conduct sales of Company shares in an orderly fashion, the Company agreed to enter into a registration rights agreement with Mr. Wynn, with Mr. Wynn to reimburse the Company for its reasonable expenses. As a result of Mr. Wynn’s resignation and the Separation Agreement, an aircraft purchase option that gave Mr. Wynn the right to purchase any or all of the aircraft owned by the Company or its direct wholly owned subsidiaries terminated on February 6, 2018. Further, under the parties' Surname Rights Agreement, Mr. Wynn granted the Company an exclusive, fully paid-up, perpetual, worldwide license to use, and to own and register trademarks and service marks incorporating the "Wynn" surname for casino resorts and related businesses, together with the right to sublicense the name and marks to its affiliates. Pursuant to the Separation Agreement, if the Company ceases to use the "Wynn" surname and trademark, the Company will assign all of its right, title, and interest in the "Wynn" trademark to Mr. Wynn and terminate the Surname Rights Agreement. The lease of Mr. Wynn’s residence was terminated by agreement of the parties on April 10, 2018. On March 20, 2018, the Company entered into a registration rights agreement with Mr. Wynn, the Wynn Family Limited Partnership, a Delaware limited partnership (together with Mr. Wynn, the "Selling Stockholder") and each holder from time to time a party thereto (the "Registration Rights Agreement"), pursuant to the Separation Agreement. The Selling Stockholder subsequently sold all of its holdings of the Company's common stock through open market transactions pursuant to Rule 144 under the Securities Act of 1933, as amended, and certain privately negotiated transactions. Pursuant to the Registration Rights Agreement, without the Company's prior written consent, the Selling Stockholder was not permitted to sell more than an aggregate of 4,043,903 shares of Common Stock in any quarter. The Company provided written consent permitting the Selling Stockholder to undertake the registered sales. Home Purchase In May 2010, the Company entered into an employment agreement with Linda Chen ("Ms. Chen"), who is the President and Chief Operating Officer of Wynn Macau SA. The term of the employment agreement is through February 24, 2020. Under the terms of the employment agreement, the Company purchased a home in Macau for use by Ms. Chen and has made renovations to the home with total costs of $10.0 million through December 31, 2018 . Upon the occurrence of certain events set forth below, Ms. Chen has the option to purchase the home at the then fair market value of the home (as determined by an independent appraiser) less a discount equal to ten percentage points multiplied by each anniversary of the term of the agreement that has occurred (the "Discount Percentage"). The option is exercisable for (a) no consideration at the end of the term, (b) $1.00 in the event of termination of Ms. Chen's employment without "cause" or termination of Ms. Chen's employment for "good reason" following a "change of control" or (c) at a price based on the applicable Discount Percentage in the event Ms. Chen terminates the agreement due to material breach by the Company. Upon Ms. Chen's termination for "cause," Ms. Chen will be deemed to have elected to purchase the Macau home based on the applicable Discount Percentage unless the Company determines to not require Ms. Chen to purchase the home. If Ms. Chen's employment terminates for any other reason before the expiration of the term (e.g., because of her death or disability or due to revocation of her gaming license), the option will terminate. Cooperation Agreement On August 3, 2018, the Company entered into a Cooperation Agreement (the "Cooperation Agreement") with Elaine P. Wynn regarding the composition of the Company’s Board of Directors and certain other matters, including, among other things, the appointment of Mr. Philip G. Satre to the Company's Board of Directors, standstill restrictions, releases, non-disparagement, reimbursement of expenses and the grant of certain complimentary privileges. The term of the Cooperation Agreement expires on the day after the conclusion of the 2020 annual meeting of the Company’s stockholders, unless earlier terminated pursuant to the circumstances described in the Cooperation Agreement. Amounts Due to Officers, Directors and Former Directors The Company periodically provides services to certain executive officers, directors or former directors of the Company, including the personal use of employees, construction work and other personal services, for which the officers, directors or former directors reimburse the Company. The Company requires prepayment for any such services, which amounts are replenished on an ongoing basis as needed. As of December 31, 2018 , these net deposit balances with the Company were immaterial, as were the services provided. As of December 31, 2017, the officers and directors had a net deposit balance with the Company of $0.4 million . |
Retail Joint Venture Retail Joi
Retail Joint Venture Retail Joint Venture | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entity Disclosure | Retail Joint Venture In December 2016, the Company entered into the Retail Joint Venture with Crown to own and operate approximately 88,000 square feet of existing retail space at Wynn Las Vegas. In connection with the transaction, the Company transferred certain assets and liabilities with a net book value of $31.8 million associated with the existing Wynn Las Vegas retail stores from Wynn Las Vegas, LLC, to the Retail Joint Venture. The Company sold Crown a 49.9% ownership interest in the Retail Joint Venture for consideration of $292.0 million , which consisted of $217.0 million in cash and a $75.0 million interest-free note that matured in full on January 3, 2018. As of December 31, 2017 and 2016, the present value of the note was $75.0 million included in prepaid expenses and other and $72.5 million included in other assets, respectively, on the Consolidated Balance Sheets. Wynn Las Vegas, LLC transferred all interests as lessor in third-party retail store leases to the Retail Joint Venture as part of the transaction and the majority of the retail stores previously operated by Wynn Las Vegas, LLC are now operated under a master lease agreement between a newly formed retail entity owned by Wynn Resorts, as lessee, and the Retail Joint Venture, as lessor. The Company maintains a 50.1% ownership in the Retail Joint Venture and is the managing member. In November 2017, the Company contributed approximately 74,000 square feet of additional retail space to the Retail Joint Venture. The Company opened the additional retail space during the fourth quarter of 2018. In connection with this transaction, the Company contributed certain assets with a net book value of $25.4 million , consisting primarily of construction in progress for the additional retail space, to the Retail Joint Venture, and received cash of $180.0 million from Crown. After this additional transaction, the Company maintains a 50.1% ownership in the Retail Joint Venture and remains the managing member. The Company's responsibilities with respect to the Retail Joint Venture include day-to-day business operations, property management services and a role in the leasing decisions of the retail space. The Company assessed its ownership in the Retail Joint Venture based on consolidation accounting guidance with an evaluation being performed to determine if the Retail Joint Venture is a VIE, if the Company has a variable interest in the Retail Joint Venture and if the Company is the primary beneficiary of the Retail Joint Venture. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. The Company concluded that the Retail Joint Venture is a VIE and the Company is the primary beneficiary based on its involvement in the leasing activities of the Retail Joint Venture. As a result, the Company consolidates all of the Retail Joint Venture's assets, liabilities and results of operations. The Company will evaluate its primary beneficiary designation on an ongoing basis and will assess the appropriateness of the Retail Joint Venture's VIE status when changes occur. As of December 31, 2018 and 2017 , the Retail Joint Venture had total assets of $85.0 million and $59.7 million , respectively, and total liabilities of $619.6 million and $0.9 million , respectively. The Retail Joint Venture's total liabilities as of December 31, 2018 included long-term debt of $611.1 million , net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Encore Boston Harbor Development On April 28, 2017, Wynn MA, LLC ("Wynn MA"), an indirect wholly owned subsidiary of the Company, entered into an agreement concerning the construction of Encore Boston Harbor, which, among other things, confirmed the guaranteed maximum price for the construction work undertaken by the general contractor. The general contractor is obligated to substantially complete the project by June 24, 2019 for a guaranteed maximum price of $1.32 billion . Both the contract time and guaranteed maximum price are subject to further adjustment under certain conditions. The performance of the general contractor is backed by a payment and performance bond in the amount of $350.0 million . Wynn Las Vegas Meeting and Convention Expansion Wynn Golf, LLC, a direct wholly owned subsidiary of the Company, entered into an agreement concerning the construction of approximately 430,000 square feet of additional meeting and convention space at Wynn Las Vegas, which, among other things, confirmed the guaranteed maximum price for the construction work undertaken by the general contractor. The general contractor is obligated to substantially complete the project by December 19, 2019 for a guaranteed maximum price of $286.8 million . Both the contract time and guaranteed maximum price are subject to further adjustment under certain conditions. Leases Lessor Arrangements The Company is the lessor under leases for retail space at its resorts. The lease agreements include minimum base rents with contingent rental clauses primarily based on percentage of net sales exceeding minimum base rents. The following table presents the future minimum rentals to be received under the operating leases (in thousands): Years Ending December 31, 2019 $ 132,249 2020 130,731 2021 69,272 2022 48,024 2023 29,784 Thereafter 79,868 Total future minimum rentals $ 489,928 The total future minimum rentals do not include contingent rentals. Contingent rentals were $53.8 million , $38.6 million and $34.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Lessee Arrangements The Company is the lessee under leases for office space, warehouse facilities, certain office equipment and various parcels of land, including the land that Wynn Macau and Wynn Palace are built on. As of December 31, 2018 , capital leases reflected in property and equipment, net on the Consolidated Balance Sheet were $16.5 million . The future minimum lease payments for capital leases are discounted to their present value in the table below and are included in other long-term liabilities on the Consolidated Balance Sheet. As of December 31, 2018 , the Company was obligated under non-cancelable leases to make future minimum lease payments as follows (in thousands): Years Ending December 31, Operating Leases Capital Leases 2019 $ 29,126 $ 989 2020 20,153 989 2021 17,226 989 2022 16,466 989 2023 15,868 989 Thereafter 464,838 66,743 Total minimum lease payments 563,677 71,688 Less: Amount representing interest — (55,140 ) $ 563,677 $ 16,548 Rent expense for the years ended December 31, 2018 , 2017 and 2016 was $27.1 million , $18.3 million and $17.9 million , respectively. Employment Agreements The Company has entered into employment agreements with several executive officers, other members of management and certain key employees. These agreements generally have three to five year terms and typically indicate a base salary and often contain provisions for discretionary bonuses. Certain of the executives are also entitled to a separation payment if terminated without "cause" or upon voluntary termination of employment for "good reason" following a "change of control" (as these terms are defined in the employment contracts). As of December 31, 2018 , the Company was obligated to make future payments of $72.9 million , $49.0 million , $19.1 million , $2.9 million and $0.5 million during the years ending December 31, 2019 , 2020 , 2021 , 2022 and 2023 , respectively. Other Commitments The Company has additional commitments for gaming tax payments in Macau and performance and other miscellaneous contracts. As of December 31, 2018 , the Company was obligated under these arrangements, to make future minimum payments as follows (in thousands): Years Ending December 31, 2019 $ 168,646 2020 80,548 2021 56,393 2022 27,088 2023 4,980 Thereafter — Total minimum payments $ 337,655 The above table does not include community payments associated with the continuing operations of Encore Boston Harbor, which commence upon the opening of the resort. These amounts are approximately $10.6 million per year with minimal annual increases. Letters of Credit As of December 31, 2018 , the Company had outstanding letters of credit of $17.7 million . Litigation In addition to the actions noted below, the Company and its affiliates are involved in litigation arising in the normal course of business. In the opinion of management, such litigation is not expected to have a material effect on the Company's financial condition, results of operations and cash flows. Determination of Unsuitability and Redemption of Aruze and Affiliates On February 18, 2012, Wynn Resorts' Gaming Compliance Committee received an independent report by Freeh, Sporkin & Sullivan, LLP (the "Freeh Report") detailing a pattern of misconduct by the Okada Parties. Based on the findings in the Freeh Report, the Board of Directors of Wynn Resorts determined that the Okada Parties were "unsuitable persons" under Article VII of the Company's articles of incorporation. On that same day, Wynn Resorts redeemed and canceled Aruze's 24,549,222 shares of Wynn Resorts' common stock, and, pursuant to its articles of incorporation, Wynn Resorts issued the Redemption Note to Aruze in redemption of the shares. Redemption Action and Counterclaim On February 19, 2012, Wynn Resorts filed a complaint in the Eighth Judicial District Court, Clark County, Nevada against the Okada Parties, alleging breaches of fiduciary duty and related claims (the "Redemption Action") arising from the activities addressed in the Freeh Report. The Company sought compensatory and special damages as well as a declaration that it acted lawfully and in full compliance with its articles of incorporation, bylaws and other governing documents in redeeming and canceling the shares of Aruze. On March 12, 2012, the Okada Parties filed an answer denying the claims and a counterclaim purporting to assert claims against the Company, certain individuals who were members of the Company's Board of Directors (other than Mr. Okada) and Wynn Resorts' former General Counsel, Kimmarie Sinatra ("Ms. Sinatra"), related to the redemption, the determination of fair value of the redeemed shares and rescission of the Amended and Restated Stockholders Agreement, dated as of January 6, 2010, by and among Aruze, Mr. Wynn, and Elaine P. Wynn (the "Stockholders Agreement"). On March 8, 2018, the Company entered into the Settlement Agreement by and between the Company, Mr. Wynn, Linda Chen, Russell Goldsmith, Ray R. Irani, Robert J. Miller, John A. Moran, Marc D. Schorr, Alvin V. Shoemaker, D. Boone Wayson, Allan Zeman, and Ms. Sinatra (collectively, the "Wynn Parties"), and Universal Entertainment Corp. and Aruze (collectively with Universal Entertainment Corp., the "Universal Parties"). The Settlement Agreement resolved legal proceedings pending between the settling parties in the Redemption Action as well as other claims. Pursuant to the Settlement Agreement, the Company paid the principal amount of the $1.94 billion Redemption Note on March 30, 2018. On March 30, 2018, the Company also paid an additional $463.6 million with respect to the Universal Parties’ claims related to the allegedly below-market interest rate of the Redemption Note and stipulated to the release to Aruze of $232.4 million in accrued interest held in escrow. The Company recorded the $463.6 million as a litigation settlement expense on the Consolidated Statements of Income. Under the Settlement Agreement, the Wynn Parties and the Universal Parties mutually agreed to unconditionally release all claims against each other relating to or arising out of the Redemption Action, as well as any claims which relate to or arise out of any other litigation or claims in any other jurisdiction. As a result, the Universal Parties will not claim that Aruze remains a party to the Stockholders Agreement. The Universal Parties further released any claims against the Wynn Parties and their affiliates in any other jurisdiction, including but not limited to the proceeding pending in Macau against Wynn Resorts (Macau) S.A. and certain related individuals ("Macau Litigation"). As a result of the Settlement Agreement, the parties to the agreement dismissed all litigation between the Universal Parties and the Company and its then-directors and executives with respect to the redemption, including the Redemption Action and the Macau Litigation, but the Settlement Agreement did not release claims against any parties to such litigation who are not parties to the Settlement Agreement, including but not limited to Kazuo Okada and Elaine P. Wynn. On March 12, 2018, the Company voluntarily dismissed its claim for breach of fiduciary duty against Kazuo Okada, which was the last and only remaining claim between Wynn Resorts, Kazuo Okada, and the Universal Parties in the Redemption Action. On June 19, 2012, Elaine P. Wynn asserted in the Redemption Action a cross claim against Mr. Wynn and a counterclaim against Aruze seeking a declaration that, among other things, the Stockholders Agreement should be rescinded given the redemption of Aruze’s shares. On March 28, 2016, Elaine P Wynn filed an amended cross claim against Mr. Wynn, as well as Wynn Resorts and Wynn Resorts' former General Counsel (together with Mr. Wynn, the "Wynn Cross Defendants") as cross defendants, which repeated her earlier allegations and further alleged that Mr. Wynn engaged in acts of misconduct that, with the Wynn Cross Defendants, resulted in Mr. Wynn allegedly breaching the Stockholders Agreement and violating alleged duties under the Stockholders Agreement by preventing Elaine P. Wynn from being nominated and elected to serve as one of Wynn Resorts' directors. On March 14, 2018, Mr. Wynn and Elaine P. Wynn entered into a stipulation declaring the Stockholders Agreement invalid and unenforceable, and on April 16, 2018, the Company entered into a Settlement Agreement and Mutual Release by and between the Company, Mr. Wynn, Elaine P. Wynn, and the Company’s former General Counsel, which, among other things, resolved and unconditionally released the parties from all claims and cross claims asserted among the parties in a legal proceeding involving the Stockholders Agreement. Neither the Company nor the Company’s former General Counsel made any payment under the terms of such settlement agreement. Litigation Commenced by Kazuo Okada On July 3, 2015, WML announced that the Okada Parties filed a complaint in the Court of First Instance of Macau ("Macau Court") against Wynn Macau SA and certain individuals who are or were directors of Wynn Macau SA and or WML (collectively, the "Wynn Macau Parties"). The principal allegations in the lawsuit are that the redemption of the Okada Parties' shares in Wynn Resorts was improper and undervalued, that the previously disclosed payment by Wynn Macau SA to an unrelated third party in consideration of relinquishment by that party of certain rights in and to any future development on the land in Cotai where Wynn Palace is located was unlawful and that the previously disclosed donation by Wynn Resorts to the University of Macau Development Foundation was unlawful. The plaintiffs sought dissolution of Wynn Macau SA and compensatory damages. On July 11, 2017, the Macau Court dismissed all claims by the Okada Parties as unfounded, fined the Okada Parties, and ordered the Okada Parties to pay for court costs and the Wynn Macau Parties' attorney's fees. On or about October 16, 2017, the Okada Parties filed formal appeal papers in Macau, which Wynn Macau SA received on November 21, 2017. Wynn Macau SA filed its response on December 21, 2017. In March 2018, pursuant to the Settlement Agreement, the Universal Parties voluntarily withdrew from the Macau Litigation, leaving Mr. Okada as the sole claimant. On February 21, 2019, the Macau Appellate Panel rejected Mr. Okada's appeal. Derivative Litigation Related to Redemption Action Two state derivative actions were commenced against the Company and all members of its Board of Directors in the Eighth Judicial District Court of Clark County, Nevada. These state court actions brought by the following plaintiffs have been consolidated: (1) IBEW Local 98 Pension Fund and (2) Danny Hinson (collectively, the "Derivative Plaintiffs"). The Derivative Plaintiffs filed a consolidated complaint on July 20, 2012 asserting claims for (1) breach of fiduciary duty; (2) abuse of control; (3) gross mismanagement; and (4) unjust enrichment. The claims are against the Company and all Company directors during the applicable period, including Mr. Okada, as well as the Company's Chief Financial Officer who signed financial disclosures filed with the SEC during the applicable periods. The Derivative Plaintiffs claim that the individual defendants failed to disclose to the Company's stockholders the investigation into, and the dispute with director Okada as well as the alleged potential violations of the FCPA related to, the University of Macau Development Foundation donation. The Derivative Plaintiffs seek unspecified monetary damages (compensatory and punitive), disgorgement, reformation of corporate governance procedures, an order directing the Company to internally investigate the donation, as well as attorney's fees and costs. On June 18, 2014, the court entered a stipulation between the parties that provides for a stay of the action and directs the parties, within 45 days of the conclusion of the Redemption Action, to discuss how the derivative action should proceed and to file a joint report with the court. In May 2018, the parties (except Elaine P. Wynn) filed a joint report given the conclusion of the Redemption Action. On May 14, 2018, the court extended the stay of the case due to plaintiff Danny Hinson’s claim that he intended to send a demand letter to the Company. On May 30, 2018, plaintiff Danny Hinson sent a demand letter to the Company requesting the Board to investigate the University of Macau Development Foundation donation, the removal of Mr. Okada from the Board and the terms of the Redemption Note. On January 3, 2019, the Company responded to Mr. Hinson, explaining that after investigating the allegations contained in his demand letter, which were previously investigated in response to a prior separate demand the Company received in December 2014, the Board determined that pursuing any such litigation would not be in the best interests of the Company or its shareholders. Management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these actions or the range of reasonably possible loss, if any. Massachusetts Gaming License Related Actions On September 17, 2014, the Massachusetts Gaming Commission ("MGC") designated Wynn MA the award winner of the Greater Boston (Region A) gaming license. On November 7, 2014, the gaming license became effective. Suffolk Action: On September 17, 2018, Sterling Suffolk Racecourse, LLC, owner of the property proposed for location of a casino by an unsuccessful bidder for the Greater Boston (Region) A gaming license filed a complaint in the United States District Court, District of Massachusetts, against Wynn Resorts, Wynn MA, certain current and former officers of Wynn Resorts, FBT Everett Realty, LLC, former owner of the land on which Encore Boston Harbor is located (“FBT”) and Paul Lohnes, a member of FBT. The complaint alleges, among other things, the defendants engaged in conduct in violation of the Racketeer Influenced Corrupt Organizations Act (“RICO”), conspired to circumvent the application process for the Greater Boston (Region A) gaming license and violated Massachusetts law with respect to unfair methods of competition. The plaintiff seeks $1 billion in compensatory damages and treble damages pursuant to applicable law. All defendants filed motions to dismiss the complaint, and several separately filed special motions to dismiss pursuant to the Massachusetts Anti-SLAPP statute. In response to the various dispositive motions, on February 15, 2019, the plaintiff filed an amended complaint that substantially repeats its earlier allegations and adds new allegations in support of its existing claims against the defendants. The Company will vigorously defend against the claims asserted. This action is in preliminary stages and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this action or the range of reasonably possible loss, if any. Revere Action: On October 16, 2014, the City of Revere, the host community to the unsuccessful bidder for the same license, and the International Brotherhood of Electrical Workers, Local 103 ("IBEW") filed a complaint against the MGC and each of the five gaming commissioners in Suffolk Superior Court in Boston, Massachusetts (the "Revere Action"). The complaint challenges the MGC's decision and alleges that the MGC failed to follow statutory requirements outlined in the Gaming Act. The complaint (1) seeks to appeal the administrative decision, (2) asserts that certiorari provides a remedy to correct errors in proceedings by an agency such as the MGC, (3) challenges the constitutionality of that section of the gaming law which bars judicial review of the MGC's decision to deny an applicant a gaming license, and (4) alleges violations of the open meeting law requirements. The court allowed Mohegan Sun ("Mohegan"), the other applicant for the Greater Boston (Region A) gaming license, to intervene in the Revere Action, and on February 23, 2015, Mohegan filed its complaint. The Mohegan complaint challenges the license award to Wynn MA, seeks judicial review of the MGC's decision, and seeks to vacate the MGC's license award to Wynn MA. On July 1, 2015, the MGC filed motions to dismiss Mohegan's and the City of Revere's complaints. On December 3, 2015, the court granted the motion to dismiss the claims asserted in the Revere Action. Also on December 3, 2015, the court granted the motion to dismiss three of the four counts asserted by Mohegan but denied the motion as to Mohegan's certiorari claim. The City of Revere and IBEW sought immediate appellate review of the dismissal of their claims and the MGC requested immediate appellate review of the court's denial of the MGC's motion to dismiss Mohegan's certiorari claim. All three petitions for interlocutory review were denied. The parties then appealed to the Massachusetts Supreme Judicial Court ("SJC"). On March 10, 2017, the SJC affirmed the trial court's dismissal of the City of Revere's claims and IBEW's claims. The SJC affirmed the court's dismissal of Mohegan's claims except for the certiorari claim, which the SJC remanded to the Suffolk Superior Court. Mohegan filed a motion for judgment on the pleadings on November 3, 2017, and oral argument will be re-scheduled from its originally scheduled date of April 5, 2018. The SJC reversed the trial court's dismissal of the individual plaintiffs' open meeting law claim and remanded that claim to the Suffolk Superior Court. The parties are currently in the discovery phase. The MGC has filed a motion for summary judgment and oral argument is scheduled for March 29, 2019. Wynn MA was not named in the Revere Action. The MGC retained private legal representation at its own nontaxpayer-funded expense. Actions Related to Mr. Wynn Investigations: On January 26, 2018, the Company's Board of Directors formed a Special Committee comprised solely of independent directors to investigate allegations of inappropriate personal conduct by Mr. Wynn in the workplace. On February 12, 2018, the Special Committee amended and restated its charter to provide for a review of various governance issues regarding knowledge of the allegations and a comprehensive review of the Company's internal policies and procedures with the goal of employing best practices to maintain a safe and respectful workplace for all employees. On August 3, 2018, the Board received an oral final presentation from the Special Committee. The Special Committee provided a written memorialization of its investigation to the Company's gaming regulators in Massachusetts and Nevada, which have been investigating these matters, including suitability with respect to the Company and its related licensees, and the Company is cooperating with these regulatory reviews. On January 25, 2019, the Nevada Gaming Control Board completed its investigation which commenced in 2018 and filed a complaint against the Company and its indirect subsidiary, Wynn Las Vegas, LLC (“NGCB Respondents”). Also on January 25, 2019, the NGCB Respondents entered into a Stipulation for Settlement with the Nevada Gaming Control Board in connection with its complaint, under which, among other things, the NGCB Respondents agreed to pay a fine in an amount to be determined by the Nevada Gaming Commission, and the Nevada Gaming Control Board agreed not to seek to revoke or limit the NGCB Respondents’ licenses, findings of suitability or any other approvals of the Nevada Gaming Commission. On February 26, 2019, the Nevada Gaming Commission approved the Stipulation for Settlement and fined the Company $20.0 million , which is included in other accrued liabilities as of December 31, 2018 on the accompanying Consolidated Balance Sheet. On January 31, 2018, the Investigations & Enforcement Bureau (“IEB”) of the Massachusetts Gaming Commission announced it had commenced an investigation into the Company’s ongoing suitability as a gaming licensee in that jurisdiction. The Company has fully cooperated with the IEB’s investigation, and is awaiting the completion of the IEB’s investigation and scheduling of an adjudicatory hearing before the Massachusetts Gaming Commission. Derivative Litigation: A number of stockholder derivative actions have been filed purportedly on behalf of the Company in state and federal court located in Clark County, Nevada against certain current and former members of the Company’s Board of Directors and, in some cases, the Company’s current and former officers. Each of the complaints alleges, among other things, breach of fiduciary duties in failing to detect, prevent and remedy alleged inappropriate personal conduct by Mr. Wynn in the workplace. On September 19, 2018, the Board established a Special Litigation Committee (the “SLC”) to investigate the allegations in the State Derivative Case (as defined below). The actions filed in the Eighth Judicial District Court of Clark County, Nevada have been consolidated as In re Wynn Resorts, Ltd. Derivative Litigation (“State Derivative Case”). In September 2018, the court denied the Company’s motion to dismiss, and the Company filed a writ petition appealing the denial to the Nevada Supreme Court. In October 2018, the Nevada Supreme Court denied the Company’s writ petition. On October 26, 2018, the SLC filed a motion to intervene and stay the case pending completion of its investigation. On November 14, 2018, the court granted the SLC’s motion and stayed the case, with the exception of limited document requests, for a period of 120 days. The SLC’s investigation is ongoing. The actions filed in the United States District Court, District of Nevada have been 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. The motions are fully-briefed and awaiting a decision from the court. Each of the actions seeks to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. Additional demands have been made to the Company that it commence similar actions and additional lawsuits may be filed in the future. Securities Action: On February 20, 2018, a putative securities class action was filed against the Company and certain current and former officers of the Company in the United States District Court, Southern District of New York (which was subsequently transferred to the United States District Court, District of Nevada) by John V. Ferris and Joann M. Ferris on behalf of all persons who purchased the Company's common stock between February 28, 2014 and January 25, 2018. The complaint alleges, among other things, certain violations of federal securities laws and seeks to recover unspecified damages as well as attorneys' fees, costs and related expenses for the plaintiffs. The Company is awaiting the lead plaintiffs’ filing of an amended complaint. The defendants in these actions will vigorously defend against the claims pleaded against them. These actions are in preliminary stages and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these actions or the range of reasonably possible loss, if any. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company reviews the results of operations for each of its operating segments. Wynn Macau and Encore, an expansion at Wynn Macau, are managed as a single integrated resort and have been aggregated as one reportable segment ("Wynn Macau"). Wynn Palace is presented as a separate reportable segment and is combined with Wynn Macau for geographical presentation. Wynn Las Vegas, 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"). The Company identifies each resort as a reportable segment considering operations within each resort have similar economic characteristics, type of customers, types of services and products, the regulatory environment of the operations and the Company's organizational and management reporting structure. The Company also reviews construction and development activities for each of its projects under development, in addition to its reportable segments. The Company separately identifies capital expenditures and assets for its Encore Boston Harbor development project. Other Macau primarily represents the Company's Macau holding company. The following tables present the Company's segment information (in thousands): Years Ended December 31, 2018 2017 2016 Operating revenues Macau Operations: Wynn Palace $ 2,757,566 $ 2,030,287 $ 555,574 Wynn Macau 2,294,525 2,336,910 2,150,721 Total Macau Operations 5,052,091 4,367,197 2,706,295 Las Vegas Operations 1,665,569 1,702,963 1,639,502 Total $ 6,717,660 $ 6,070,160 $ 4,345,797 Adjusted Property EBITDA (1) Macau Operations: Wynn Palace $ 843,902 $ 527,583 $ 103,036 Wynn Macau 733,238 760,752 681,509 Total Macau Operations 1,577,140 1,288,335 784,545 Las Vegas Operations 467,273 522,397 474,782 Total 2,044,413 1,810,732 1,259,327 Other operating expenses Litigation settlement 463,557 — — Pre-opening 53,490 26,692 154,717 Depreciation and amortization 550,596 552,368 404,730 Property charges and other 60,256 29,576 54,822 Corporate expenses and other 144,479 102,560 80,178 Stock-based compensation (2) 36,491 43,971 43,218 Total other operating expenses 1,308,869 755,167 737,665 Operating income 735,544 1,055,565 521,662 Other non-operating income and expenses Interest income 29,866 31,193 13,536 Interest expense, net of amounts capitalized (381,849 ) (388,664 ) (289,365 ) Change in derivatives fair value (4,520 ) (1,056 ) 433 Change in Redemption Note fair value (69,331 ) (59,700 ) 65,043 Gain (loss) on extinguishment of debt 104 (55,360 ) — Other (4,074 ) (21,709 ) (712 ) Total other non-operating income and expenses (429,804 ) (495,296 ) (211,065 ) Income before income taxes 305,740 560,269 310,597 Benefit (provision) for income taxes 497,344 328,985 (8,128 ) Net income 803,084 889,254 302,469 Net income attributable to noncontrolling interests (230,654 ) (142,073 ) (60,494 ) Net income attributable to Wynn Resorts, Limited $ 572,430 $ 747,181 $ 241,975 (1) "Adjusted Property EBITDA" is net income before interest, income taxes, depreciation and amortization, litigation settlement expense, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course and water rights leases), stock-based compensation, gain (loss) on extinguishment of debt, change in derivatives fair value, change in Redemption Note fair value and other non-operating income and expenses. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDA because it is used by some investors as a way to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDA calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, Wynn Resorts' calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. (2) Excludes $0.7 million and $0.5 million included in pre-opening expenses, respectively, for the year ended December 31, 2018 and 2016. Pre-opening expenses did no t include any stock-based compensation during 2017. Excludes a credit of $2.2 million included in property charges and other expenses in 2018. Years ended December 31, 2018 2017 2016 Capital expenditures Macau Operations: Wynn Palace $ 89,617 $ 107,405 $ 838,271 Wynn Macau 62,542 43,510 43,548 Total Macau Operations 152,159 150,915 881,819 Las Vegas Operations 73,029 139,893 106,373 Encore Boston Harbor 791,250 572,825 212,197 Corporate and other 459,534 71,841 25,554 $ 1,475,972 $ 935,474 $ 1,225,943 December 31, 2018 2017 2016 Assets Macau Operations: Wynn Palace $ 3,858,904 $ 4,017,494 $ 4,317,458 Wynn Macau 1,903,921 1,271,544 1,161,670 Other Macau 68,487 174,769 28,927 Total Macau Operations 5,831,312 5,463,807 5,508,055 Las Vegas Operations 2,792,508 3,266,390 3,275,780 Encore Boston Harbor 1,865,286 1,060,530 419,001 Corporate and other 2,727,163 2,891,012 2,750,721 $ 13,216,269 $ 12,681,739 $ 11,953,557 December 31, 2018 2017 2016 Long-lived assets Macau $ 4,387,051 $ 4,613,950 $ 4,973,854 United States 5,166,537 4,083,555 3,442,842 $ 9,553,588 $ 8,697,505 $ 8,416,696 |
Schedule II- Valuation and Qual
Schedule II- Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule II- Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS (in thousands) Description Balance at Beginning of Year Provision (Benefit) for Doubtful Accounts Write-offs, Net of Recoveries Balance at End of Year Allowance for doubtful accounts: 2018 $ 30,600 6,527 (4,433 ) $ 32,694 2017 $ 54,742 (6,711 ) (17,431 ) $ 30,600 2016 $ 67,057 8,203 (20,518 ) $ 54,742 Description Balance at Beginning of Year Additions Deductions Balance at End of Year Deferred income tax asset valuation allowance: 2018 $ 3,390,467 201,282 (947,850 ) $ 2,643,899 2017 $ 3,286,723 112,543 (8,799 ) $ 3,390,467 2016 $ 3,330,878 32,130 (76,285 ) $ 3,286,723 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The accompanying consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as a variable interest entity ("VIE") and of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 14 , " Retail Joint Venture ." All significant intercompany accounts and transactions have been eliminated. Certain amounts in the consolidated financial statements for the previous years have been reclassified to be consistent with current year presentation, including reclassifications related to the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and ASU No. 2016-18, Statement of Cash Flows - Restricted Cash (Topic 230) , as further discussed in Recently Adopted Accounting Standards . These reclassifications had no effect on previously reported net income. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash and highly liquid investments with original maturities of three months or less and include both U.S. dollar-denominated and foreign currency-denominated securities. Cash equivalents are carried at cost, which approximates fair value. Cash, cash equivalents and restricted cash consisted of the following (in thousands): December 31, December 31, Cash and cash equivalents: Cash (1) $ 1,455,744 $ 2,354,244 Cash equivalents (2) 759,257 450,230 Total cash and cash equivalents 2,215,001 2,804,474 Restricted cash (3) 4,322 2,160 Total cash, cash equivalents and restricted cash $ 2,219,323 $ 2,806,634 (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash collateral associated with an obligation and cash held in a trust in accordance with WML's share award plan. |
Investment Securities | Investment Securities Investment securities consist of domestic and foreign short-term and long-term investments in corporate bonds, commercial paper and U.S. government agency bonds reported at fair value, with unrealized gains and losses, net of tax, reported in other comprehensive income (loss). Short-term investments have a maturity date of less than one year and long-term investments are those with a maturity date greater than one year. The Company limits the amount of exposure to any one issuer with the objective of minimizing the potential risk of principal loss. Management determines the appropriate classification of its securities at the time of purchase and reevaluates such designation as of each balance sheet date. Adjustments are made for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is included in interest income together with realized gains and losses and the stated interest on such securities. The Company obtains pricing information in determining the fair value of its available-for-sale securities from independent pricing vendors. Based on management's inquiries, the pricing vendors use various pricing models consistent with what other market participants would use. The assumptions and inputs used by the pricing vendors are derived from market observable sources including: reported trades, broker/dealer quotes, issuer spreads, benchmark curves, bids, offers and other market-related data. The Company has not made adjustments to such prices. Each quarter, the Company validates the fair value pricing methodology to determine if the fair value is consistent with applicable accounting guidance and to confirm that the securities are classified properly in the fair value hierarchy. The Company compares the pricing received from its vendors to independent sources for the same or similar securities. |
Accounts Receivable and Credit Risk | Accounts Receivable and Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of casino accounts receivable. The Company issues credit in the form of "markers" to approved casino customers following investigations of creditworthiness. As of December 31, 2018 and 2017 , approximately 85.0% and 81.7% , respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables. Accounts receivable, including casino and hotel receivables, are typically non-interest bearing and are initially recorded at cost. An estimated allowance for doubtful accounts is maintained to reduce the Company's receivables to their carrying amount, which approximates fair value. The allowance estimate reflects specific review of customer accounts and outstanding gaming promoter accounts as well as management's experience with historical and current collection trends and current economic and business conditions. Accounts are written off when management deems them to be uncollectible. Recoveries of accounts previously written off are recorded when received. |
Inventories | Inventories Inventories consist of retail merchandise and food and beverage items, which are stated at the lower of cost or market value and certain operating supplies. Cost is determined by the first-in, first-out, weighted average and specific identification methods. |
Property and Equipment | Property and Equipment Purchases of property and equipment are stated at cost, and when placed into service, are depreciated over the estimated useful lives of the assets using the straight-line method as follows: Estimated Useful Life in Years Buildings and improvements 10 - 45 Land improvements 10 - 45 Furniture, fixtures and equipment 3 - 20 Leasehold interest in land 25 Airplanes 20 Costs related to improvements are capitalized, while costs of repairs and maintenance are charged to expense as incurred. The cost and accumulated depreciation of property and equipment retired or otherwise disposed of are eliminated from the respective accounts and any resulting gain or loss is included in property charges and other. |
Capitalized Interest | Capitalized Interest The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Company capitalizes interest on amounts expended on the project using the weighted average cost of the Company's outstanding borrowings. |
Intangible Assets | Intangible Assets The Company's indefinite-lived intangible assets consist primarily of water rights acquired as part of the original purchase price of the property on which Wynn Las Vegas is located, and trademarks. Indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually. The Company's finite-lived intangible assets consist primarily of its Macau gaming concession, Massachusetts gaming license and an intangible asset associated with its undeveloped land in Las Vegas. Finite-lived intangible assets are amortized over the shorter of their contractual terms or estimated useful lives. |
Long-Lived Assets | Long-Lived Assets Long-lived assets, which are to be held and used, including intangible assets and property and equipment, are periodically reviewed by management for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. If an indicator of impairment exists, the Company compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment is measured as the difference between fair value and carrying value, with fair value typically based on a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. |
Debt Issuance Costs | Debt Issuance Costs Direct and incremental costs and original issue discounts and premiums incurred in connection with the issuance of long-term debt are deferred and amortized to interest expense using the effective interest method or, if the amounts approximate the effective interest method, on a straight-line basis. Debt issuance costs incurred in connection with the issuance of the Company's revolving credit facilities are presented in noncurrent assets on the Consolidated Balance Sheets. All other debt issuance costs are presented as a direct reduction of long-term debt on the Consolidated Balance Sheets. |
Redemption Price Promissory Note | Redemption Price Promissory Note On February 18, 2012, pursuant to its articles of incorporation, the Company redeemed and canceled all Aruze USA, Inc.’s ("Aruze") 24,549,222 shares of Wynn Resorts’ common stock. In connection with the redemption of the shares, the Company issued a promissory note (the "Redemption Note") with a principal amount of $1.94 billion , a maturity date of February 18, 2022 and an interest rate of 2% per annum, payable annually in arrears on each anniversary of the date of the Redemption Note. The Redemption Note was recorded at fair value in accordance with applicable accounting guidance. The Company repaid the principal amount in full on March 30, 2018. As of December 31, 2017, the fair value of the Redemption Note was $1.88 billion . In determining this fair value, the Company estimated the Redemption Note's present value using discounted cash flows with a probability weighted expected return for redemption assumptions and a discount rate, which included time value and non-performance risk adjustments commensurate with the risk of the Redemption Note. In determining the appropriate discount rate to be used to calculate the estimated present value, the Company considered the Redemption Note's subordinated position and credit risk relative to all other debt in the Company's capital structure and credit ratings associated with the Company's traded debt. Observable inputs for the risk free rate were based on Federal Reserve rates for U.S. Treasury securities and the credit risk spread was based on a yield curve index of similarly rated debt. |
Derivative Financial Instruments | Derivative Financial Instruments The Company uses derivative financial instruments to manage interest rate exposure. The fair value of derivative financial instruments is recognized as an asset or liability at each balance sheet date, with changes in fair value recorded in earnings as the Company's derivative financial instruments do not qualify for hedge accounting. The fair value approximates the amount the Company would pay if these contracts were settled at the respective valuation dates. In accordance with the terms of the Retail Term Loan Agreement (as defined in Note 6 , " Long-Term Debt "), the Retail Borrowers (as defined in Note 6 , "Long-Term Debt") entered into a five -year interest rate collar with a notional value of $615 million for a cash payment of $3.9 million in July 2018. The interest rate collar establishes a range whereby the Retail Borrowers will pay the counterparty if one-month LIBOR falls below the established floor rate of 1.00% , and the counterparty will pay the Retail Borrowers if one-month LIBOR exceeds the ceiling rate of 3.75% . The interest rate collar settles monthly commencing in August 2019 through the termination date in August 2024. No payments or receipts are exchanged on interest rate collar contracts unless interest rates rise above or fall below the pre-determined ceiling or floor rate, respectively. The Company measures the fair value of the interest rate collar at each balance sheet date based on a Black-Scholes option pricing model, which incorporates observable market inputs such as market volatility and interest rates, with changes in fair value recorded in earnings. As of December 31, 2018 , the fair value of the interest rate collar was a liability of $0.6 million and was recorded in other long-term liabilities in the accompanying Consolidated Balance Sheet. |
Gaming Taxes | Gaming Taxes The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Consolidated Statements of Income. |
Advertising Costs | Advertising Costs The cost of advertising is expensed as incurred, and totaled $40.6 million , $37.8 million and $37.0 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Pre-Opening Expenses | Pre-Opening Expenses Pre-opening expenses represent personnel, advertising, and other costs incurred prior to the opening of new ventures and are expensed as incurred. |
Income Taxes | Income Taxes The Company is subject to income taxes in the U.S. and foreign jurisdictions where it operates. Accounting standards require the recognition of deferred tax assets, net of applicable reserves, and liabilities for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on the income tax provision and deferred tax assets and liabilities generally is recognized in the results of operations in the period that includes the enactment date. Accounting standards also require recognition of a future tax benefit to the extent that realization of such benefit is more likely than not; otherwise, a valuation allowance is applied. The Company's income tax returns are subject to examination by the Internal Revenue Service ("IRS") and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. If a tax position, based on its technical merits, is deemed more likely than not to be sustained, then the tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. |
Foreign Currency | Foreign Currency Gains or losses from foreign currency remeasurements are included in other income (expense) in the accompanying Consolidated Statements of Income. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date and income statement accounts are translated at the average rate of exchange prevailing during the year. Translation adjustments resulting from this process are charged or credited to other comprehensive income (loss). |
Comprehensive Income | Comprehensive Income and Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income and all other non-stockholder changes in equity or other comprehensive income (loss). Components of the Company's comprehensive income are reported in the accompanying Consolidated Statements of Stockholders' Equity and Consolidated Statements of Comprehensive Income. |
Fair Value Measurements | Fair Value Measurements The Company measures certain of its financial assets and liabilities, at fair value on a recurring basis pursuant to accounting standards for fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. These accounting standards establish a three-tier fair value hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: • Level 1 - Observable inputs such as quoted prices in active markets. • Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable. • Level 3 - Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
Earnings Per Share | Earnings Per Share Basic earnings per share ("EPS") is computed by dividing net income attributable to Wynn Resorts by the weighted average number of shares outstanding during the year. Diluted EPS is computed by dividing net income attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued. Potentially dilutive securities include outstanding stock options and unvested restricted stock. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with accounting standards, which require the compensation cost relating to share-based payment transactions be recognized in the Company's Consolidated Statements of Income. The cost is measured at the grant date, based on the estimated fair value of the award using the Black-Scholes option pricing model for stock options, and based on the closing share price of the Company's stock on the grant date for nonvested share awards. The cost is recognized as an expense on a straight-line basis over the employee's requisite service period (the vesting period of the award), and forfeitures are recognized as they occur. The Company's stock-based employee compensation arrangements are more fully discussed in Note 11 , " Stock-Based Compensation ." |
Recently Issued and Adopted Accounting Standards | Recently Adopted Accounting Standards Revenue Recognition Standard In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which amends the existing revenue recognition guidance and creates a new topic for Revenue from Contracts with Customers. The guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This guidance also substantially revises required interim and annual disclosures. The Company adopted the guidance on January 1, 2018, which resulted in the following significant impacts on its Consolidated Financial Statements: • The promotional allowances line item was eliminated from the Consolidated Statements of Income with the majority of the amount being netted against casino revenues. • The estimated cost of providing complimentary goods or services will no longer be allocated primarily to casino expenses from other operating departments as the new guidance requires revenues and expenses associated with providing complimentary goods or services to be classified based on the goods or services provided. • The portion of junket commissions previously recorded as a casino expense is now recorded as a reduction of casino revenue. • Mandatory service charges on food and beverage are now recorded on a gross basis with the amount received from the customer recorded as food and beverage revenue and the corresponding amount paid to employees recorded as food and beverage expense. Certain prior period amounts have been adjusted to reflect the full retrospective adoption of the guidance. There was no impact on the Company’s financial condition, operating income or net income. The tables below provides a reconciliation of amounts previously reported and the resulting impacts from the adoption of the new revenue recognition guidance (in thousands): December 31, 2017 As Previously Reported Adoption of ASC 606 As Adjusted Gross revenues $ 6,768,246 $ (698,086 ) $ 6,070,160 Promotional allowances (461,878 ) 461,878 — Operating revenues 6,306,368 (236,208 ) 6,070,160 Operating expenses 5,250,803 (236,208 ) 5,014,595 Operating income $ 1,055,565 $ — $ 1,055,565 December 31, 2016 As Previously Reported Adoption of ASC 606 As Adjusted Gross revenues $ 4,836,355 $ (490,558 ) $ 4,345,797 Promotional allowances (370,058 ) 370,058 — Operating revenues 4,466,297 (120,500 ) 4,345,797 Operating expenses 3,944,635 (120,500 ) 3,824,135 Operating income $ 521,662 $ — $ 521,662 Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 824-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which requires equity investments to be measured at fair value with changes in fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The update also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This update eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The Company adopted this guidance on January 1, 2018, which resulted in a $9.2 million cumulative unrealized loss, net of tax, being recorded to accumulated other comprehensive loss with a corresponding increase to retained earnings. The adjustment represents the portion of the cumulative change in the Redemption Note fair value resulting from the change in the instrument-specific credit risk previously included in other income (expense) on the Consolidated Statements of Income. Restricted Cash In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows - Restricted Cash (Topic 230) , which amends the existing guidance relating to the disclosure of restricted cash and restricted cash equivalents on the statement of cash flows. The ASU requires that amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this guidance on January 1, 2018 on a retrospective basis and the updated disclosures are reflected for the periods presented in the Consolidated Statements of Cash Flows. For the years ended December 31, 2017 and 2016 , $190.6 million of cash inflows and $190.8 million of cash outflows, respectively, were previously reported within cash flows from financing activities. Income Taxes In October 2016, the FASB issued ASU No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other than Inventory (Topic 740), which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs, rather than deferring such recognition until the asset is sold to an outside party. The Company adopted the guidance effective January 1, 2018, and this adoption did not have a material effect on its Consolidated Financial Statements. Statement of Cash Flows In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230), which clarifies the classification of certain cash receipts and cash payments on the statement of cash flows. In particular, the new guidance clarifies the classification related to several types of cash flows, including items such as debt extinguishment costs and distributions received from equity method investees. The new guidance also provides a three-step approach for classifying cash receipts and payments that have aspects of more than one class of cash flows. The Company adopted this guidance on January 1, 2018, and this adoption did not have a material effect on its Consolidated Statements of Cash Flows. Accounting Standards Issued But Not Yet Adopted Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , and subsequent amendments to the initial guidance: ASU No. 2017-13, ASU No. 2018-10, and ASU No. 2018-11 (collectively, "Topic 842"). Topic 842 amends the existing guidance relating to the definition of a lease, recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and lease liability on the balance sheet, measured on a discounted basis. Operating leases are currently not recognized on the balance sheet. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance. Entities are required to adopt Topic 842 using a modified retrospective transition method at one of the following application dates: (1) the later of the beginning of the earliest period presented in the financial statements and the lease commencement date or (2) on the effective date of adoption. The Company will adopt Topic 842 on January 1, 2019 using the effective date transition approach, which will result in a balance sheet presentation that is not comparable to the prior period in the first year of adoption. Topic 842 provides for transition relief by permitting the election of certain practical expedients. The Company is electing the reassessment package of practical expedients, which permits the Company not to reassess whether (1) any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification remains appropriate for any expired or existing leases as of the adoption date and (3) previously capitalized costs continue to qualify as initial direct costs on expired or existing leases as of the adoption date. The Company is not electing the hindsight practical expedient, which requires an entity to use hindsight in determining the lease term and in assessing impairment of right-of-use assets. While the Company is currently assessing the quantitative impact the guidance will have on its Consolidated Financial Statements and related disclosures, the Company expects the most significant changes will be related to the recognition of right-of-use assets and lease liabilities for operating leases on the Company's Consolidated Balance Sheet, with no material impact to net income or cash flows. Financial Instruments - Credit Losses The FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) in 2016. The new guidance replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The new guidance will be effective beginning January 1, 2020, with early adoption permitted beginning January 1, 2018. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company does not plan to early adopt this ASU, and is currently evaluating the impact of adopting this guidance. Cloud Computing Arrangement Implementation Costs In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The ASU is intended to eliminate potential diversity in practice in accounting for costs incurred to implement cloud computing arrangements that are service contracts by requiring customers in such arrangements to follow internal-use software guidance with respect to such costs, with any resulting deferred implementation costs recognized over the term of the contract in the same income statement line item as the fees associated with the hosting element of the arrangement. The ASU will be effective for the Company on January 1, 2020, with early adoption permitted. The Company is currently assessing whether to early adopt and the impact the guidance will have on its Consolidated Financial Statements and related disclosures. Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement . The new guidance amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures on fair value measurements in ASC 820. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The new guidance will be effective beginning January 1, 2020, with early adoption permitted upon issuance of this updated guidance. The Company does not plan to early adopt this ASU, and is currently evaluating the impact of adopting this guidance. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash consisted of the following (in thousands): December 31, December 31, Cash and cash equivalents: Cash (1) $ 1,455,744 $ 2,354,244 Cash equivalents (2) 759,257 450,230 Total cash and cash equivalents 2,215,001 2,804,474 Restricted cash (3) 4,322 2,160 Total cash, cash equivalents and restricted cash $ 2,219,323 $ 2,806,634 (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash collateral associated with an obligation 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): December 31, December 31, Cash and cash equivalents: Cash (1) $ 1,455,744 $ 2,354,244 Cash equivalents (2) 759,257 450,230 Total cash and cash equivalents 2,215,001 2,804,474 Restricted cash (3) 4,322 2,160 Total cash, cash equivalents and restricted cash $ 2,219,323 $ 2,806,634 (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash collateral associated with an obligation and cash held in a trust in accordance with WML's share award plan. |
Schedule of Receivables, net | Receivables, net consisted of the following (in thousands): December 31, 2018 2017 Casino $ 229,594 $ 173,664 Hotel 22,086 22,487 Other 57,658 58,577 309,338 254,728 Less: allowance for doubtful accounts (32,694 ) (30,600 ) $ 276,644 $ 224,128 |
Schedule of Estimated Useful Lives of Assets | Purchases of property and equipment are stated at cost, and when placed into service, are depreciated over the estimated useful lives of the assets using the straight-line method as follows: Estimated Useful Life in Years Buildings and improvements 10 - 45 Land improvements 10 - 45 Furniture, fixtures and equipment 3 - 20 Leasehold interest in land 25 Airplanes 20 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes by component, net of tax and noncontrolling interests, in accumulated other comprehensive loss of the Company (in thousands): Foreign Unrealized Redemption Note Accumulated January 1, 2018 $ (553 ) $ (1,292 ) $ — $ (1,845 ) Cumulative credit risk adjustment (1) — — (9,211 ) (9,211 ) Change in net unrealized gain (loss) (1,397 ) (1,510 ) 7,690 4,783 Amounts reclassified to net income (2) — 2,802 1,521 4,323 Other comprehensive income (loss) (1,397 ) 1,292 9,211 9,106 December 31, 2018 $ (1,950 ) $ — $ — $ (1,950 ) (1) On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2016-01, Financial Instruments . The adjustment to the beginning balance represents the cumulative effect of the change in instrument-specific credit risk on the Redemption Note. See "Recently Adopted Accounting Standards—Financial Instruments" below for additional information. (2) The amounts reclassified to net income include $1.8 million for other-than-temporary impairment losses and $1.0 million in realized losses, both related to investment securities, and a $1.5 million realized gain related to the repayment of the Redemption Note. |
Schedule of Assets and Liabilities Carried at Fair Value | The following table presents assets and liabilities carried at fair value (in thousands): Fair Value Measurements Using: December 31, 2018 Quoted Other Unobservable Assets: Cash equivalents $ 759,257 $ — $ 759,257 $ — Restricted cash $ 4,322 $ 2,015 $ 2,307 $ — Liabilities: Interest rate collar $ 619 $ — $ 619 $ — Fair Value Measurements Using: December 31, 2017 Quoted Other Unobservable Assets: Cash equivalents $ 450,230 $ 11,200 $ 439,030 $ — Available-for-sale securities $ 327,455 $ — $ 327,455 $ — Restricted cash $ 2,160 $ — $ 2,160 $ — Liabilities: Redemption Note $ 1,879,058 $ — $ 1,879,058 $ — |
Schedule of Shares used in Calculation of Earnings Per Share | The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): Years Ended December 31, 2018 2017 2016 Numerator: Net income attributable to Wynn Resorts, Limited $ 572,430 $ 747,181 $ 241,975 Denominator: Weighted average common shares outstanding 106,529 102,071 101,445 Potential dilutive effect of stock options and restricted stock 503 527 410 Weighted average common and common equivalent shares outstanding 107,032 102,598 101,855 Net income attributable to Wynn Resorts, Limited per common share, basic $ 5.37 $ 7.32 $ 2.39 Net income attributable to Wynn Resorts, Limited per common share, diluted $ 5.35 $ 7.28 $ 2.38 Anti-dilutive stock options and restricted stock excluded from the calculation of diluted earnings per share 102 106 758 |
Reconciliation of Amounts Previously Reported and Resulting Impacts from Adoption of New Revenue Recognition Guidance | The tables below provides a reconciliation of amounts previously reported and the resulting impacts from the adoption of the new revenue recognition guidance (in thousands): December 31, 2017 As Previously Reported Adoption of ASC 606 As Adjusted Gross revenues $ 6,768,246 $ (698,086 ) $ 6,070,160 Promotional allowances (461,878 ) 461,878 — Operating revenues 6,306,368 (236,208 ) 6,070,160 Operating expenses 5,250,803 (236,208 ) 5,014,595 Operating income $ 1,055,565 $ — $ 1,055,565 December 31, 2016 As Previously Reported Adoption of ASC 606 As Adjusted Gross revenues $ 4,836,355 $ (490,558 ) $ 4,345,797 Promotional allowances (370,058 ) 370,058 — Operating revenues 4,466,297 (120,500 ) 4,345,797 Operating expenses 3,944,635 (120,500 ) 3,824,135 Operating income $ 521,662 $ — $ 521,662 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | investment securities consisted of the following (in thousands): Amortized Gross Gross Fair value As of December 31, 2017 Domestic and foreign corporate bonds $ 328,747 $ 6 $ (1,298 ) $ 327,455 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31, 2018 2017 Buildings and improvements $ 7,707,467 $ 7,582,611 Land and improvements 1,141,032 853,738 Furniture, fixtures and equipment 2,288,370 2,211,974 Leasehold interests in land 313,516 314,068 Airplanes 110,623 158,840 Construction in progress 1,912,801 1,016,207 13,473,809 12,137,438 Less: accumulated depreciation (4,087,889 ) (3,638,682 ) $ 9,385,920 $ 8,498,756 |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Indefinite-Lived Intangible Assets | Intangible assets, net consisted of the following (in thousands): December 31, 2018 2017 Indefinite-lived intangible assets: Water rights $ 6,760 $ 6,400 Trademarks and other 1,637 1,387 Total indefinite-lived intangible assets 8,397 7,787 Finite-lived intangible assets: Macau gaming concession 42,300 42,300 Less: accumulated amortization (33,965 ) (31,582 ) 8,335 10,718 Massachusetts gaming license 117,700 105,200 Less: accumulated amortization — — 117,700 105,200 Undeveloped land - Las Vegas 89,101 — Less: accumulated amortization (1,027 ) — 88,074 — Total finite-lived intangible assets 214,109 115,918 Total intangible assets, net $ 222,506 $ 123,705 |
Finite-Lived Intangible Assets | Intangible assets, net consisted of the following (in thousands): December 31, 2018 2017 Indefinite-lived intangible assets: Water rights $ 6,760 $ 6,400 Trademarks and other 1,637 1,387 Total indefinite-lived intangible assets 8,397 7,787 Finite-lived intangible assets: Macau gaming concession 42,300 42,300 Less: accumulated amortization (33,965 ) (31,582 ) 8,335 10,718 Massachusetts gaming license 117,700 105,200 Less: accumulated amortization — — 117,700 105,200 Undeveloped land - Las Vegas 89,101 — Less: accumulated amortization (1,027 ) — 88,074 — Total finite-lived intangible assets 214,109 115,918 Total intangible assets, net $ 222,506 $ 123,705 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following (in thousands): December 31, 2018 2017 Macau Related: Wynn Macau Credit Facilities: Senior Term Loan Facility, due 2022 $ 2,296,999 $ 2,298,798 Senior Revolving Credit Facility, due 2022 623,921 — 4 7/8% Senior Notes, due 2024 600,000 600,000 5 1/2% Senior Notes, due 2027 750,000 750,000 U.S. and Corporate Related: Wynn America Credit Facilities: Senior Term Loan Facility, due 2021 994,780 1,000,000 4 1/4% Senior Notes, due 2023 500,000 500,000 5 1/2% Senior Notes, due 2025 1,780,000 1,800,000 5 1/4% Senior Notes, due 2027 880,000 900,000 Retail Term Loan, due 2025 615,000 — Wynn Resorts Term Loan, due 2024 500,000 — Redemption Price Promissory Note, due 2022 — 1,936,443 9,540,700 9,785,241 Less: Unamortized debt issuance costs and original issue discounts and premium, net (117,600 ) (99,231 ) Less: Redemption Note fair value adjustment — (57,384 ) 9,423,100 9,628,626 Less: Current portion of long-term debt (11,960 ) (62,690 ) Total long-term debt, net of current portion $ 9,411,140 $ 9,565,936 |
Scheduled Maturities of Long-Term Debt | Scheduled maturities of long-term debt as of December 31, 2018 were as follows (in thousands): Years Ending December 31, 2019 $ 11,960 2020 275,040 2021 1,193,663 2022 2,455,037 2023 505,000 Thereafter 5,100,000 9,540,700 Unamortized debt issuance costs and original issue discounts and premium, net (117,600 ) $ 9,423,100 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenues | Revenues disaggregated by type of revenue and geographic location are as follows (in thousands): Year Ended December 31, 2018 Macau Operations Las Vegas Operations Total Casino $ 4,350,907 $ 434,083 $ 4,784,990 Rooms 283,562 468,238 751,800 Food and beverage 187,006 567,122 754,128 Entertainment, retail and other (1) 230,616 196,126 426,742 Total operating revenues $ 5,052,091 $ 1,665,569 $ 6,717,660 Year Ended December 31, 2017 Casino $ 3,788,210 $ 456,093 $ 4,244,303 Rooms 217,581 453,376 670,957 Food and beverage 164,189 567,926 732,115 Entertainment, retail and other (1) 197,217 225,568 422,785 Total operating revenues $ 4,367,197 $ 1,702,963 $ 6,070,160 Year Ended December 31, 2016 Casino $ 2,313,518 $ 437,372 $ 2,750,890 Rooms 158,126 437,484 595,610 Food and beverage 99,703 535,708 635,411 Entertainment, retail and other (1) 134,948 228,938 363,886 Total operating revenues $ 2,706,295 $ 1,639,502 $ 4,345,797 (1) Includes lease revenue accounted for under lease accounting guidance. |
Schedule of Customer Contract Liabilities | The Company’s primary liabilities associated with customer contracts are as follows (in thousands): December 31, 2018 December 31, 2017 Increase (decrease) December 31, 2017 December 31, 2016 Increase (decrease) Casino outstanding chips and front money deposits (1) $ 905,561 $ 991,957 $ (86,396 ) $ 991,957 $ 546,487 $ 445,470 Advance room deposits and ticket sales (2) 42,197 48,065 (5,868 ) 48,065 41,583 6,482 Other gaming-related liabilities (3) 12,694 12,765 (71 ) 12,765 12,033 732 Loyalty program and related liabilities (4) 18,148 18,421 (273 ) 18,421 7,942 10,479 $ 978,600 $ 1,071,208 $ (92,608 ) $ 1,071,208 $ 608,045 $ 463,163 (1) Casino outstanding chips represent amounts owed to junkets 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 Consolidated Balance Sheets and may be recognized as revenue or will be 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 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 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 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) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Valuation Assumptions | The fair value of stock options granted under the Omnibus Plan during the year ended December 31, 2016 was estimated on the date of grant using an expected dividend yield of 2.0% , expected volatility of 45.4% , a risk-free interest rate of 1.1% and an expected term of 6.0 years. The fair value of stock options granted under WML's Share Option Plan was estimated on the date of grant using the following weighted average assumptions: Years Ended December 31, 2018 2017 2016 Expected dividend yield 5.7 % 5.7 % 6.3 % Expected volatility 40.2 % 41.5 % 42.6 % Risk-free interest rate 2.3 % 1.1 % 1.0 % Expected term (years) 6.5 6.5 6.5 |
Wynn Resorts Limited 2014 Omnibus Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Option Activity | The summary of stock option activity under the Omnibus Plan for the year ended December 31, 2018 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2018 644,460 $ 73.93 Granted — $ — Exercised (261,470 ) $ 77.07 Forfeited or expired (37,200 ) $ 172.07 Outstanding as of December 31, 2018 345,790 $ 60.99 1.25 $ 14,796,122 Fully vested and expected to vest as of December 31, 2018 345,790 $ 60.99 1.25 $ 14,796,122 Exercisable as of December 31, 2018 285,790 $ 63.91 1.44 $ 11,688,722 The following is provided for stock options under the Omnibus Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2018 2017 2016 Weighted average grant date fair value $ — $ — $ 34.90 Intrinsic value of stock options exercised $ 22,387 $ 29,716 $ 3,657 Cash received from the exercise of stock options $ 20,148 $ 61,506 $ 3,487 |
Restricted Stock Award Activity | The summary of nonvested share activity under the Omnibus Plan for the year ended December 31, 2018 is presented below: Shares Weighted Average Grant Date Fair Value Nonvested as of January 1, 2018 460,584 $ 98.21 Granted 288,270 170.13 Vested (96,559 ) 121.51 Forfeited (125,908 ) 133.76 Nonvested as of December 31, 2018 526,387 $ 127.84 |
Restricted Stock Award Activity | The following is provided for the share awards under the Omnibus Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2018 2017 2016 Weighted average grant date fair value $ 170.13 $ 109.28 $ 63.56 Fair value of shares vested $ 13,024 $ 45,801 $ 39,380 |
Share Option Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Restricted Stock Award Activity | The summary of stock option activity under the Share Option Plan for the year ended December 31, 2018 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2018 7,006,000 $ 2.32 Granted 4,494,000 $ 2.65 Exercised (941,600 ) $ 1.94 Outstanding as of December 31, 2018 10,558,400 $ 2.49 7.80 $ 1,403,732 Fully vested and expected to vest as of December 31, 2018 10,558,400 $ 2.49 7.80 $ 1,403,732 Exercisable as of December 31, 2018 3,302,800 $ 2.72 5.20 $ 484,717 The following is provided for stock options under the Share Option Plan (in thousands, except weighted average grant date fair value): Years Ended December 31, 2018 2017 2016 Weighted average grant date fair value $ 0.57 $ 0.56 $ 0.31 Intrinsic value of stock options exercised $ 1,715 $ 369 $ — Cash received from the exercise of stock options $ 1,823 $ 703 $ — |
Share Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Restricted Stock Award Activity | The summary of nonvested share activity under the Share Award Plan for the year ended December 31, 2018 is presented below: Shares Weighted Average Grant Date Fair Value Nonvested as of January 1, 2018 11,842,707 $ 2.24 Granted 3,256,630 $ 3.07 Vested (3,565,245 ) $ 3.56 Forfeited (1,780,825 ) $ 2.03 Nonvested as of December 31, 2018 9,753,267 $ 2.07 The weighted average grant date fair value for shares granted during the year and the total fair value of shares vested under the Share Award Plan is presented below (in thousands, except weighted average grant date fair value): Years Ended December 31, 2018 2017 2016 Weighted average grant date fair value $ 3.07 $ 2.22 $ 1.38 Fair value of shares vested $ 1,309 $ 6,884 $ — |
Share-Based Compensation Allocated Costs | The total compensation cost for stock-based compensation plans was recorded as follows (in thousands): Years Ended December 31, 2018 2017 2016 Casino $ 5,946 $ 6,954 $ 11,304 Rooms 437 655 374 Food and beverage 1,125 1,466 1,060 Entertainment, retail and other 111 147 82 General and administrative 28,872 34,749 30,398 Pre-opening 750 — 504 Property charges and other (1) (2,201 ) — — Total stock-based compensation expense 35,040 43,971 43,722 Total stock-based compensation capitalized 11 80 92 Total stock-based compensation costs $ 35,051 $ 44,051 $ 43,814 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Consolidated Income Loss Before Taxes for Domestic and Foreign | Consolidated income (loss) before taxes for United States ("U.S.") and foreign operations consisted of the following (in thousands): Years Ended December 31, 2018 2017 2016 United States $ (491,523 ) $ 90,206 $ 90,900 Foreign 797,263 470,063 219,697 Total $ 305,740 $ 560,269 $ 310,597 |
Provision (Benefit) for Income Taxes | The income tax (benefit) provision attributable to income before income taxes is as follows (in thousands): December 31, 2018 2017 2016 Current U.S. Federal $ (637 ) $ (19,856 ) $ 60 U.S. State 198 51 79 Foreign 1,749 1,674 1,633 Total 1,310 (18,131 ) 1,772 Deferred U.S. Federal (483,681 ) (309,423 ) 5,081 U.S. State (14,973 ) (1,431 ) 1,275 Total (498,654 ) (310,854 ) 6,356 Total income tax benefit $ (497,344 ) $ (328,985 ) $ 8,128 |
Income Taxes (Federal Statutory Corporate Tax Rate) | as follows: December 31, 2018 2017 2016 U.S. Federal statutory rate 21.0 % 35.0 % 35.0 % Foreign tax credits, net of valuation allowance (154.9 )% (136.1 )% (61.5 )% Non-taxable foreign income (48.8 )% (20.1 )% (20.7 )% Foreign tax rate differential (20.8 )% (17.0 )% (14.5 )% Global intangible low-taxed income 28.3 % — % — % Change in tax rate — % (11.8 )% — % Repatriation of foreign earnings — % 81.0 % 51.6 % Valuation allowance, other 9.3 % 5.9 % 7.5 % Other, net 3.2 % 4.4 % 5.2 % Effective income tax rate (162.7 )% (58.7 )% 2.6 % |
Net Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences representing net deferred tax assets and liabilities consisted of the following (in thousands): December 31, 2018 2017 Deferred tax assets—U.S.: Foreign tax credit carryforwards $ 3,187,797 $ 3,616,872 Disallowed interest expense carryforward 67,368 — Construction in progress 42,528 5,009 Receivables, inventories, accrued liabilities and other 10,878 19,356 Stock-based compensation 5,477 5,084 Other tax credit carryforwards 4,946 1,999 Intangibles and related other 489 3,486 Other 2,279 86 3,321,762 3,651,892 Less: valuation allowance (2,500,027 ) (3,273,292 ) 821,735 378,600 Deferred tax liabilities—U.S.: Property and equipment (70,560 ) (111,988 ) Redemption Note fair value — (13,139 ) Prepaid insurance, maintenance and taxes (12,430 ) (10,391 ) Other (2,293 ) (2,549 ) (85,283 ) (138,067 ) Deferred tax assets—Foreign: Net operating loss carryforwards 94,244 74,345 Property and equipment 41,520 36,299 Pre-opening expenses 8,421 10,717 Other 651 1,493 144,836 122,854 Less: valuation allowance (143,872 ) (117,175 ) 964 5,679 Deferred tax liabilities—Foreign: Property and equipment (964 ) (5,679 ) Net deferred tax asset $ 736,452 $ 240,533 |
Reconciliation of Unrecognized Tax Benefits | unrecognized tax benefits as follows (in thousands): December 31, 2018 2017 2016 Balance at beginning of period $ 95,236 $ 90,523 $ 88,314 Increases based on tax positions of the current year 8,926 8,520 5,930 Reductions due to lapse in statutes of limitations (4,692 ) (3,807 ) (3,721 ) Balance at end of period $ 99,470 $ 95,236 $ 90,523 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Receivable Under Operating Lease | The following table presents the future minimum rentals to be received under the operating leases (in thousands): Years Ending December 31, 2019 $ 132,249 2020 130,731 2021 69,272 2022 48,024 2023 29,784 Thereafter 79,868 Total future minimum rentals $ 489,928 |
Future Minimum Rental Payable Under Non-Cancelable Operating Lease | December 31, 2018 , the Company was obligated under non-cancelable leases to make future minimum lease payments as follows (in thousands): Years Ending December 31, Operating Leases Capital Leases 2019 $ 29,126 $ 989 2020 20,153 989 2021 17,226 989 2022 16,466 989 2023 15,868 989 Thereafter 464,838 66,743 Total minimum lease payments 563,677 71,688 Less: Amount representing interest — (55,140 ) $ 563,677 $ 16,548 |
Other Commitments | As of December 31, 2018 , the Company was obligated under these arrangements, to make future minimum payments as follows (in thousands): Years Ending December 31, 2019 $ 168,646 2020 80,548 2021 56,393 2022 27,088 2023 4,980 Thereafter — Total minimum payments $ 337,655 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Operations by Segment | The Company also reviews construction and development activities for each of its projects under development, in addition to its reportable segments. The Company separately identifies capital expenditures and assets for its Encore Boston Harbor development project. Other Macau primarily represents the Company's Macau holding company. The following tables present the Company's segment information (in thousands): Years Ended December 31, 2018 2017 2016 Operating revenues Macau Operations: Wynn Palace $ 2,757,566 $ 2,030,287 $ 555,574 Wynn Macau 2,294,525 2,336,910 2,150,721 Total Macau Operations 5,052,091 4,367,197 2,706,295 Las Vegas Operations 1,665,569 1,702,963 1,639,502 Total $ 6,717,660 $ 6,070,160 $ 4,345,797 Adjusted Property EBITDA (1) Macau Operations: Wynn Palace $ 843,902 $ 527,583 $ 103,036 Wynn Macau 733,238 760,752 681,509 Total Macau Operations 1,577,140 1,288,335 784,545 Las Vegas Operations 467,273 522,397 474,782 Total 2,044,413 1,810,732 1,259,327 Other operating expenses Litigation settlement 463,557 — — Pre-opening 53,490 26,692 154,717 Depreciation and amortization 550,596 552,368 404,730 Property charges and other 60,256 29,576 54,822 Corporate expenses and other 144,479 102,560 80,178 Stock-based compensation (2) 36,491 43,971 43,218 Total other operating expenses 1,308,869 755,167 737,665 Operating income 735,544 1,055,565 521,662 Other non-operating income and expenses Interest income 29,866 31,193 13,536 Interest expense, net of amounts capitalized (381,849 ) (388,664 ) (289,365 ) Change in derivatives fair value (4,520 ) (1,056 ) 433 Change in Redemption Note fair value (69,331 ) (59,700 ) 65,043 Gain (loss) on extinguishment of debt 104 (55,360 ) — Other (4,074 ) (21,709 ) (712 ) Total other non-operating income and expenses (429,804 ) (495,296 ) (211,065 ) Income before income taxes 305,740 560,269 310,597 Benefit (provision) for income taxes 497,344 328,985 (8,128 ) Net income 803,084 889,254 302,469 Net income attributable to noncontrolling interests (230,654 ) (142,073 ) (60,494 ) Net income attributable to Wynn Resorts, Limited $ 572,430 $ 747,181 $ 241,975 (1) "Adjusted Property EBITDA" is net income before interest, income taxes, depreciation and amortization, litigation settlement expense, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course and water rights leases), stock-based compensation, gain (loss) on extinguishment of debt, change in derivatives fair value, change in Redemption Note fair value and other non-operating income and expenses. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDA because it is used by some investors as a way to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDA calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, Wynn Resorts' calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. (2) Excludes $0.7 million and $0.5 million included in pre-opening expenses, respectively, for the year ended December 31, 2018 and 2016. Pre-opening expenses did no t include any stock-based compensation during 2017. Excludes a credit of $2.2 million included in property charges and other expenses in 2018. |
Capital Expenditures | Years ended December 31, 2018 2017 2016 Capital expenditures Macau Operations: Wynn Palace $ 89,617 $ 107,405 $ 838,271 Wynn Macau 62,542 43,510 43,548 Total Macau Operations 152,159 150,915 881,819 Las Vegas Operations 73,029 139,893 106,373 Encore Boston Harbor 791,250 572,825 212,197 Corporate and other 459,534 71,841 25,554 $ 1,475,972 $ 935,474 $ 1,225,943 |
Assets and Capital Expenditures by Segment | December 31, 2018 2017 2016 Assets Macau Operations: Wynn Palace $ 3,858,904 $ 4,017,494 $ 4,317,458 Wynn Macau 1,903,921 1,271,544 1,161,670 Other Macau 68,487 174,769 28,927 Total Macau Operations 5,831,312 5,463,807 5,508,055 Las Vegas Operations 2,792,508 3,266,390 3,275,780 Encore Boston Harbor 1,865,286 1,060,530 419,001 Corporate and other 2,727,163 2,891,012 2,750,721 $ 13,216,269 $ 12,681,739 $ 11,953,557 |
Long-lived Assets by Geographic Area | December 31, 2018 2017 2016 Long-lived assets Macau $ 4,387,051 $ 4,613,950 $ 4,973,854 United States 5,166,537 4,083,555 3,442,842 $ 9,553,588 $ 8,697,505 $ 8,416,696 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018ft²towerFacilityRestaurantOutletRoomshowroom | |
Wynn Macau | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Number of hotel | tower | 2 |
Number of rooms in hotel | Room | 1,008 |
Functional Area Square Footage | 31,000 |
Number of restaurants | Restaurant | 11 |
Wynn Macau | Casino | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 273,000 |
Wynn Macau | Retail | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 59,000 |
Wynn Las Vegas | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Number of hotel | tower | 2 |
Number of rooms in hotel | Room | 4,748 |
Wynn Las Vegas | Casino | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 192,000 |
Wynn Las Vegas | Retail | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 160,000 |
Wynn Las Vegas | Food and Beverage | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Number of outlets | Outlet | 33 |
Wynn Las Vegas | Meeting and Convention Space | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 290,000 |
Functional area square footage under construction | 430,000 |
Wynn Las Vegas | Showrooms | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Number of showrooms | showroom | 2 |
Wynn Las Vegas | Nightclubs and Beachclubs | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Number of facilities | Facility | 3 |
Wynn Palace | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Number of rooms in hotel | Room | 1,706 |
Number of restaurants | Restaurant | 13 |
Wynn Palace | Casino | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 424,000 |
Wynn Palace | Retail | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 106,000 |
Wynn Palace | Meeting and Convention Space | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 37,000 |
Retail Joint Venture | |
Organization Consolidation And Presentation Of Financial Statements Disclosure | |
Functional Area Square Footage | 88,000 |
Ownership Percentage | 50.10% |
Functional area square footage under construction | 74,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||||
Cash | $ 1,455,744 | $ 2,354,244 | |||
Cash equivalents | 759,257 | 450,230 | |||
Total cash and cash equivalents | 2,215,001 | 2,804,474 | |||
Restricted cash | 4,322 | 2,160 | |||
Total cash, cash equivalents and restricted cash | $ 2,219,323 | $ 2,806,634 | $ 2,645,945 | $ 2,645,945 | $ 2,082,149 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 18, 2012 | Jul. 31, 2018 | Feb. 18, 2012 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Mar. 30, 2018 | Jan. 01, 2018 | Jan. 01, 2017 |
Summary of Significant Accounting Policies | ||||||||||
Amortization of debt issuance costs | $ 36,917 | $ 25,013 | $ 24,326 | |||||||
Percentage of credit markers due from customers residing outside of the United States | 85.00% | 81.70% | ||||||||
Capitalized interest | $ 57,300 | $ 18,400 | 94,100 | |||||||
Common stock redeemed, shares | 24,549,222 | |||||||||
Payment to acquire derivatives | (3,900) | 0 | 0 | |||||||
Gaming tax expenses | 2,440,000 | 2,170,000 | 1,320,000 | |||||||
Total advertising costs | 40,600 | 37,800 | 37,000 | |||||||
Effect of change in accounting | $ 0 | $ 111 | ||||||||
Change in restricted cash | 190,600 | $ (190,800) | ||||||||
Interest Rate Collar | ||||||||||
Summary of Significant Accounting Policies | ||||||||||
Term of interest rate collar | 5 years | |||||||||
Interest rate swap notional amount | $ 615,000 | |||||||||
Payment to acquire derivatives | $ (3,900) | |||||||||
Floor rate | 1.00% | |||||||||
Ceiling rate | 3.75% | |||||||||
Fair value of interest rate collar, liability | $ 600 | |||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||
Summary of Significant Accounting Policies | ||||||||||
Effect of change in accounting | $ (9,211) | |||||||||
Accounting Standards Update 2016-01 | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Summary of Significant Accounting Policies | ||||||||||
Effect of change in accounting | (9,200) | |||||||||
Aruze USA, Inc. | ||||||||||
Summary of Significant Accounting Policies | ||||||||||
Common stock redeemed, shares | 24,549,222 | |||||||||
Debt instrument, aggregate principal amount | $ 1,940,000 | $ 1,940,000 | ||||||||
Redemption Price Promissory Note With Former Stockholder and Related Party, Due February 18, 2022; Interest At 2% | Aruze USA, Inc. | Promissory Note | ||||||||||
Summary of Significant Accounting Policies | ||||||||||
Common stock redeemed, shares | 24,549,222 | |||||||||
Debt instrument, aggregate principal amount | $ 1,940,000 | $ 1,940,000 | $ 1,940,000 | |||||||
Debt instrument, interest rate | 2.00% | |||||||||
Debt instrument, fair value | $ 1,880,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Schedule of Receivables, net (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 309,338 | $ 254,728 |
Less: allowance for doubtful accounts | (32,694) | (30,600) |
Receivables, net | 276,644 | 224,128 |
Casino | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 229,594 | 173,664 |
Hotel | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | 22,086 | 22,487 |
Retail Leases and Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 57,658 | $ 58,577 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings and Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Buildings and Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Land Improvements [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Land Improvements [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Leasehold Interest in Land | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Airplanes | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Furniture, Fixtures and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture, Fixtures and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Changes by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of period | $ (1,845) | ||
Cumulative credit risk adjustment | (9,211) | $ 0 | $ 0 |
Amounts reclassified to net income | 4,323 | ||
Change in net unrealized gain (loss) | 4,783 | ||
Other comprehensive income (loss) | 9,106 | ||
End of period | (1,950) | (1,845) | |
Other-than-temporary impairment losses | 1,800 | ||
(Loss) gain on extinguishment of debt | 104 | (55,360) | $ 0 |
Foreign currency translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of period | (553) | ||
Cumulative credit risk adjustment | 0 | ||
Amounts reclassified to net income | 0 | ||
Change in net unrealized gain (loss) | (1,397) | ||
Other comprehensive income (loss) | (1,397) | ||
End of period | (1,950) | (553) | |
Unrealized loss on investment securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of period | (1,292) | ||
Cumulative credit risk adjustment | 0 | ||
Amounts reclassified to net income | 2,802 | ||
Change in net unrealized gain (loss) | (1,510) | ||
Other comprehensive income (loss) | 1,292 | ||
End of period | 0 | (1,292) | |
Other-than-temporary impairment losses | 1,800 | ||
Realized losses on investments | 1,000 | ||
Redemption Note | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of period | 0 | ||
Cumulative credit risk adjustment | (9,211) | ||
Amounts reclassified to net income | 1,521 | ||
Change in net unrealized gain (loss) | 7,690 | ||
Other comprehensive income (loss) | 9,211 | ||
End of period | 0 | $ 0 | |
(Loss) gain on extinguishment of debt | $ 1,500 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Carried at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | $ 759,257 | $ 450,230 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 759,257 | 450,230 |
Available-for-sale securities | 327,455 | |
Restricted cash | 4,322 | 2,160 |
Derivative Liability | 619 | |
Redemption Note | 1,879,058 | |
Fair Value, Measurements, Recurring | Quoted Market Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 0 | 11,200 |
Available-for-sale securities | 0 | |
Restricted cash | 2,015 | 0 |
Derivative Liability | 0 | |
Redemption Note | 0 | |
Fair Value, Measurements, Recurring | Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 759,257 | 439,030 |
Available-for-sale securities | 327,455 | |
Restricted cash | 2,307 | 2,160 |
Derivative Liability | 619 | |
Redemption Note | 1,879,058 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 0 | 0 |
Available-for-sale securities | 0 | |
Restricted cash | 0 | 0 |
Derivative Liability | $ 0 | |
Redemption Note | $ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule of Shares used in Calculation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Net income attributable to Wynn Resorts, Limited | $ 572,430 | $ 747,181 | $ 241,975 |
Weighted average common shares outstanding (used in calculation of basic earnings per share) | 106,529 | 102,071 | 101,445 |
Weighted average common and common equivalent shares outstanding (used in calculation of diluted earnings per share) | 107,032 | 102,598 | 101,855 |
Potential dilution from the assumed exercise of stock options and nonvested stock | 503 | 527 | 410 |
Earnings Per Share, Basic | $ 5.37 | $ 7.32 | $ 2.39 |
Earnings Per Share, Diluted | $ 5.35 | $ 7.28 | $ 2.38 |
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 102 | 106 | 758 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Reconciliation of Amounts Previously Reported and Resulting Impacts from Adoption of New Revenue Recognition Guidance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Gross revenues | $ 6,070,160 | $ 4,345,797 | |
Promotional allowances | 0 | 0 | |
Operating revenues | $ 6,717,660 | 6,070,160 | 4,345,797 |
Operating expenses | 5,982,116 | 5,014,595 | 3,824,135 |
Operating income | $ 735,544 | 1,055,565 | 521,662 |
As Previously Reported | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Gross revenues | 6,768,246 | 4,836,355 | |
Promotional allowances | (461,878) | (370,058) | |
Operating revenues | 6,306,368 | 4,466,297 | |
Operating expenses | 5,250,803 | 3,944,635 | |
Operating income | 1,055,565 | 521,662 | |
Accounting Standards Update 2014-09 | Adoption of ASC 606 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Gross revenues | (698,086) | (490,558) | |
Promotional allowances | 461,878 | 370,058 | |
Operating revenues | (236,208) | (120,500) | |
Operating expenses | (236,208) | (120,500) | |
Operating income | $ 0 | $ 0 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities | ||
Proceeds from sale of long-term investments | $ 325,400 | |
Other-than-temporary impairment losses | $ 1,800 | |
Domestic and Foreign Corporate Bonds | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale securities, Amortized cost | $ 328,747 | |
Available-for-sale securities, Gross unrealized gains | 6 | |
Available-for-sale securities, Gross unrealized losses | (1,298) | |
Available-for-sale securities | $ 327,455 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Buildings and improvements | $ 7,707,467 | $ 7,582,611 |
Land and improvements | 1,141,032 | 853,738 |
Furniture, fixtures and equipment | 2,288,370 | 2,211,974 |
Leasehold interests in land | 313,516 | 314,068 |
Airplanes | 110,623 | 158,840 |
Construction in progress | 1,912,801 | 1,016,207 |
Property and equipment, gross | 13,473,809 | 12,137,438 |
Less: accumulated depreciation | (4,087,889) | (3,638,682) |
Property and equipment, net | $ 9,385,920 | $ 8,498,756 |
Property and Equipment, net Pro
Property and Equipment, net Property and Equipment, net - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018USD ($)a | Dec. 31, 2018USD ($)airplane | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 546.1 | $ 547.9 | $ 398.2 | |
Finite-lived intangible assets acquired | $ 89.1 | |||
Airplanes | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of airplanes sold | airplane | 2 | |||
Net book value of airplanes sold | $ 65.3 | |||
Proceeds for sale of airplanes | 50.6 | |||
Loss on disposal | 14.7 | |||
Land | ||||
Property, Plant and Equipment [Line Items] | ||||
Payments to acquire land | $ 336.2 | |||
Area of land acquired | a | 38 | |||
Land acquired | $ 247 | |||
Assets Leased to Others | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land acquired | a | 16 |
Intangible Assets, net - Schedu
Intangible Assets, net - Schedule of Intangible Assets, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible Assets | ||
Finite-lived intangible assets, net | $ 214,109 | $ 115,918 |
Indefinite-lived intangible assets | 8,397 | 7,787 |
Total intangible assets, net | 222,506 | 123,705 |
Macau Gaming Concession | ||
Intangible Assets | ||
Finite-lived intangible assets, gross | 42,300 | 42,300 |
Less: accumulated amortization | (33,965) | (31,582) |
Finite-lived intangible assets, net | 8,335 | 10,718 |
Massachusetts Gaming License | ||
Intangible Assets | ||
Finite-lived intangible assets, gross | 117,700 | 105,200 |
Less: accumulated amortization | 0 | 0 |
Finite-lived intangible assets, net | 117,700 | 105,200 |
Undeveloped Land - Las Vegas | ||
Intangible Assets | ||
Finite-lived intangible assets, gross | 89,101 | 0 |
Less: accumulated amortization | (1,027) | 0 |
Finite-lived intangible assets, net | 88,074 | 0 |
Trademarks | ||
Intangible Assets | ||
Indefinite-lived intangible assets | 1,637 | 1,387 |
Water Rights | ||
Intangible Assets | ||
Indefinite-lived intangible assets | $ 6,760 | $ 6,400 |
Intangible Assets, net - Additi
Intangible Assets, net - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018a | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Land | |||
Schedule Of Finite And Indefinite Lived Intangible Assets | |||
Ground lease payments, 2019 | $ 3,800 | ||
Ground lease payments, 2020 | 3,800 | ||
Ground lease payments, 2021 | 3,800 | ||
Ground lease payments, 2022 | 3,800 | ||
Ground lease payments, 2023 | 3,800 | ||
Ground lease payments, thereafter | $ 370,700 | ||
Land | |||
Schedule Of Finite And Indefinite Lived Intangible Assets | |||
Area of land acquired | a | 38 | ||
Assets Leased to Others | |||
Schedule Of Finite And Indefinite Lived Intangible Assets | |||
Area of land acquired | a | 16 | ||
Macau Gaming Concession | |||
Schedule Of Finite And Indefinite Lived Intangible Assets | |||
Intangible assets, useful life, years | 20 years | ||
Future amortization expense, 2019 | $ 2,400 | ||
Future amortization expense, 2020 | 2,400 | ||
Future amortization expense, 2021 | 2,400 | ||
Future amortization expense, 2022 | 1,200 | ||
Finite-lived intangible assets, gross | $ 42,300 | $ 42,300 | |
Massachusetts Gaming License | |||
Schedule Of Finite And Indefinite Lived Intangible Assets | |||
Intangible assets, useful life, years | 15 years | ||
Finite-lived intangible assets, gross | $ 117,700 | 105,200 | |
Undeveloped Land - Las Vegas | |||
Schedule Of Finite And Indefinite Lived Intangible Assets | |||
Finite-lived intangible assets, gross | 89,101 | $ 0 | |
Expected amortization of associated intangible assets, each year 2019-2096 | 1,100 | ||
Expected amortization of associated intangible assets, 2097 | $ 700 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 20, 2017 | Sep. 11, 2017 | Feb. 18, 2015 | May 22, 2013 | Feb. 18, 2012 |
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 9,540,700,000 | $ 9,785,241,000 | |||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (117,600,000) | (99,231,000) | |||||
Fair Value Adjustment of Debt | 0 | (57,384,000) | |||||
Long-term debt total | 9,423,100,000 | 9,628,626,000 | |||||
Current portion of long-term debt | (11,960,000) | (62,690,000) | |||||
Non current portion of long-term debt | 9,411,140,000 | 9,565,936,000 | |||||
Medium-term Notes | Wynn Resorts Term Loan Due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | 500,000,000 | 0 | |||||
Wynn Macau | Secured Debt | Senior Term Loan Facility, Due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | 2,296,999,000 | 2,298,798,000 | |||||
Wynn Macau | Revolving Credit Facility | Senior Revolving Credit Facility, Due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 623,921,000 | 0 | |||||
Wynn Macau, Limited | WML Finance Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 1.50% | ||||||
Wynn Macau, Limited | Senior Notes | 4 7/8% Senior Notes, due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 4.875% | 4.875% | |||||
Long-term Debt, Gross | $ 600,000,000 | 600,000,000 | |||||
Debt instrument, aggregate principal amount | $ 600,000,000 | ||||||
Wynn Macau, Limited | Senior Notes | 5 1/2% Senior Notes, due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 5.50% | 5.50% | |||||
Long-term Debt, Gross | $ 750,000,000 | 750,000,000 | |||||
Debt instrument, aggregate principal amount | $ 750,000,000 | ||||||
Wynn Macau, Limited | Senior Notes | 5 1/4% Senior Notes, due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 5250.00% | ||||||
Wynn America | Secured Debt | Senior Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 994,780,000 | 1,000,000,000 | |||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Senior Notes | 4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 4.25% | ||||||
Long-term Debt, Gross | $ 500,000,000 | 500,000,000 | |||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Senior Notes | 5 1/2% Senior Notes, Due March 1, 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 5.50% | ||||||
Long-term Debt, Gross | $ 1,780,000,000 | 1,800,000,000 | |||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Senior Notes | 5 1/2% Senior Notes, Due May 15, 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 5.25% | ||||||
Long-term Debt, Gross | $ 880,000,000 | 900,000,000 | |||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Senior Notes | Redemption Price Promissory Note With Former Stockholder and Related Party, Due February 18, 2022; Interest At 2% | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | 0 | ||||||
Debt instrument, aggregate principal amount | $ 1,936,443,000 | ||||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | First Mortgage Notes | 4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 4.25% | ||||||
Debt instrument, aggregate principal amount | $ 500,000,000 | ||||||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | First Mortgage Notes | 5 3/8% Wynn Las Vegas First Mortgage Notes, Due March 15, 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 5.50% | ||||||
Debt instrument, aggregate principal amount | $ 1,800,000,000 | ||||||
Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC | Medium-term Notes | Retail Term Loan, Due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 615,000,000 | $ 0 |
Long-Term Debt Long-Term Debt -
Long-Term Debt Long-Term Debt - Wynn Macau Credit Facilities (Details) $ in Thousands, MOP$ in Millions | Sep. 30, 2015USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018MOP (MOP$) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018MOP (MOP$) |
Line of Credit Facility [Line Items] | ||||||
Loss on extinguishment of debt | $ (104) | $ 55,360 | $ 0 | |||
Senior Term Loan Facility, Due 2022 | Wynn Macau | ||||||
Line of Credit Facility [Line Items] | ||||||
Consolidated leverage ratio, minimum | 4.5 | 4.5 | ||||
Consolidated leverage ratio excess cash flow percentage | 25.00% | 25.00% | ||||
Interest coverage ratio, minimum | 2 | 2 | ||||
Senior Term Loan Facility, Due 2022 | Wynn Macau | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 750,000 | |||||
Senior Term Loan Facility, Due 2022 | Wynn Macau | Term Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Final payment percent, principal | 50.00% | |||||
Interest rate during period on debt | 4.17% | 4.17% | 3.16% | |||
Senior Term Loan Facility, Due 2022 | Wynn Macau | Secured Debt | Secured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 2,300,000 | |||||
Conditional increase limit on line of credit | $ 1,000,000 | |||||
Amended Common Terms Agreement, Senior Term Loan Facility, Due June 2022 | Wynn Macau | Term Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Final payment percent, principal | 75.00% | 75.00% | ||||
Minimum | Senior Term Loan Facility, Due 2022 | Wynn Macau | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment fee percentage | 0.52% | 0.52% | ||||
Minimum | Senior Term Loan Facility, Due 2022 | Wynn Macau | Term Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Periodic principal payment percent | 2.50% | |||||
Minimum | Amended Common Terms Agreement, Senior Term Loan Facility, Due June 2022 | Wynn Macau | Term Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Periodic principal payment percent | 2.875% | 2.875% | ||||
Maximum | Senior Term Loan Facility, Due 2022 | Wynn Macau | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt covenant, maximum leverage ratio | 4.75 | 4.75 | ||||
Maximum | Senior Term Loan Facility, Due 2022 | Wynn Macau | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment fee percentage | 0.79% | 0.79% | ||||
Maximum | Senior Term Loan Facility, Due 2022 | Wynn Macau | Term Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Periodic principal payment percent | 7.33% | |||||
Maximum | Amended Common Terms Agreement, Senior Term Loan Facility, Due June 2022 | Wynn Macau | Term Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Periodic principal payment percent | 4.50% | 4.50% | ||||
Performance Guarantee | Bank Guarantee Reimbursement Agreement | Wynn Macau | ||||||
Line of Credit Facility [Line Items] | ||||||
Bank guarantee carrying amount | $ 37,300 | MOP$ 300.0 | ||||
Period after the end of the term of the concession agreement that the guarantee amount will remain unchanged | 180 days | 180 days | ||||
Maximum guarantee by Macau government | $ 300 | MOP$ 2.3 |
Long-Term Debt Long-Term Debt_2
Long-Term Debt Long-Term Debt - WML Finance Revolving Credit Facility (Details) - Wynn Macau, Limited - WML Finance Credit Facility $ in Millions, $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018HKD ($) |
Line of Credit Facility [Line Items] | ||
Debt instrument, interest rate | 1.50% | 1.50% |
Margin owed for cash collateral | 0.40% | 0.40% |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Availability of credit facility | $ 495.2 | $ 3,870 |
Long-Term Debt Long-Term Debt_3
Long-Term Debt Long-Term Debt - 4 7/8% Seniore Notes Due 2024 and 5 1/2% Senior Notes due 2027 (Details) - Wynn Macau, Limited - Senior Notes - USD ($) | Sep. 20, 2017 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 100.00% | |
Redemption period one | ||
Debt Instrument [Line Items] | ||
Redemption percentage, redeemable from cash proceeds from equity offerings | 35.00% | |
Redemption period two | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 100.00% | |
Change of control | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 101.00% | |
Change in tax laws or tax positions | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 100.00% | |
Material adverse effect on the financial condition due to licenses, permits and concessions | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 100.00% | |
4 7/8% Senior Notes, due 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 4.875% | 4.875% |
Debt instrument, aggregate principal amount | $ 600,000,000 | |
4 7/8% Senior Notes, due 2024 | Redemption period one | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 104.875% | |
4 7/8% Senior Notes, due 2024 | Redemption period two | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 102.438% | |
5 1/2% Senior Notes, due 2027 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 5.50% | 5.50% |
Debt instrument, aggregate principal amount | $ 750,000,000 | |
5 1/2% Senior Notes, due 2027 | Redemption period one | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 105.50% | |
5 1/2% Senior Notes, due 2027 | Redemption period two | ||
Debt Instrument [Line Items] | ||
Debt redemption price as percentage of principal | 102.75% |
Long-Term Debt - Bridge Facilit
Long-Term Debt - Bridge Facility (Details) - Bridge Loan - Bridge Facility | Mar. 28, 2018USD ($) |
Debt Instrument [Line Items] | |
Credit facility, maximum borrowing capacity | $ 800,000,000 |
Term | 364 days |
Base Rate | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 2.75% |
LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.75% |
Long-Term Debt Long-Term Debt_4
Long-Term Debt Long-Term Debt - Redemption Price Promissory Note (Details) - Aruze USA, Inc. - USD ($) $ in Millions | Mar. 30, 2018 | Feb. 18, 2012 |
Debt Instrument [Line Items] | ||
Redemption price promissory note, principal amount | $ 1,940 | |
Promissory Note | Redemption Price Promissory Note With Former Stockholder and Related Party, Due February 18, 2022; Interest At 2% | ||
Debt Instrument [Line Items] | ||
Redemption price promissory note, principal amount | $ 1,940 | $ 1,940 |
Long-Term Debt - Commitment Let
Long-Term Debt - Commitment Letter (Details) - Line of Credit - Commitment Letter - USD ($) | Sep. 19, 2018 | Dec. 31, 2018 | Oct. 24, 2018 |
Debt Instrument [Line Items] | |||
Term | 364 days | ||
Credit facility, maximum borrowing capacity | $ 750,000,000 | $ 250,000,000 | |
Amount terminated | $ 500,000,000 |
Long-Term Debt Long-Term Debt_5
Long-Term Debt Long-Term Debt - Wynn Resorts Term Loan (Details) - USD ($) $ in Thousands | Oct. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Amount of term loan facility | $ 9,540,700 | $ 9,785,241 | |
Medium-term Notes | Wynn Resorts Term Loan Due 2024 | |||
Debt Instrument [Line Items] | |||
Amount of term loan facility | $ 500,000 | $ 0 | |
Term | 6 years | ||
Interest rate during period on debt | 4.78% | ||
Periodic payment | $ 1,300 | ||
Balloon payment due at maturity | $ 471,300 | ||
Maximum consolidated senior secured net leverage ratio | 4.5 | ||
Medium-term Notes | Wynn Resorts Term Loan Due 2024 | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.25% | ||
Mandatory Prepayments of Indebtedness Equal to 50% of Excess Cash Flow | Medium-term Notes | Wynn Resorts Term Loan Due 2024 | |||
Debt Instrument [Line Items] | |||
Mandatory prepayments of indebtedness, percent of excess cash flows | 50.00% | ||
Mandatory Prepayments of Indebtedness Equal to 50% of Excess Cash Flow, Prior to Opening of Encore Boston Harbor | Medium-term Notes | Wynn Resorts Term Loan Due 2024 | |||
Debt Instrument [Line Items] | |||
Maximum consolidated senior secured net leverage ratio | 4.5 | ||
Mandatory Prepayments of Indebtedness Equal to 50% of Excess Cash Flow, After Opening of Encore Boston Harbor | Medium-term Notes | Wynn Resorts Term Loan Due 2024 | |||
Debt Instrument [Line Items] | |||
Maximum consolidated senior secured net leverage ratio | 4 | ||
No Mandatory Prepayments of Indebtedness in Respect of Excess Cash Flows | Medium-term Notes | Wynn Resorts Term Loan Due 2024 | |||
Debt Instrument [Line Items] | |||
Mandatory prepayments of indebtedness, percent of excess cash flows | 0.00% |
Long-Term Debt Long-Term Debt_6
Long-Term Debt Long-Term Debt - Wynn America Credit Facilities (Details) - USD ($) | Apr. 24, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ (104,000) | $ 55,360,000 | $ 0 | |
Wynn America | Secured Debt | WA Senior Term Loan Facility II | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 125,000,000 | |||
Wynn America | Secured Debt | WA Senior Term Loan Facility I | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | 875,000,000 | |||
Wynn America | Secured Debt | WA Senior Term Loan Facility I, Due November 2020 | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | 69,600,000 | |||
Periodic payment | 1,700,000 | |||
Balloon payment due at maturity | 52,200,000 | |||
Wynn America | Secured Debt | WA Senior Term Loan Facility I, Due December 2021 | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | 805,400,000 | |||
Periodic payment | 20,100,000 | |||
Annual principal payment | 664,500,000 | |||
Wynn America | Secured Debt | Wynn America Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Interest rate during period on debt | 4.10% | 3.32% | ||
Fee required for unborrowed amounts, percentage per annum | 0.30% | |||
Maximum consolidated senior secured net leverage ratio | 2.75 | |||
Minimum consolidated EBITDA | $ 200,000,000 | |||
Wynn America | Revolving Credit Facility | Wynn America Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Availability of credit facility | 357,300,000 | |||
Letter of credit outstanding | $ 17,700,000 | |||
Revolving Credit Facility | Wynn America | WA Senior Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | 375,000,000 | |||
Revolving Credit Facility | Wynn America | WA Senior Revolving Credit Facility, Due November 2019 | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | 42,000,000 | |||
Revolving Credit Facility | Wynn America | WA Senior Revolving Credit Facility Due December 2021 | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | 333,000,000 | |||
Wynn America Credit Facilities | Wynn America | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ 1,500,000 | |||
Base Rate | Wynn America | Secured Debt | Wynn America Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.75% | |||
LIBOR | Wynn America | Secured Debt | Wynn America Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.75% |
Long-Term Debt Long-Term Debt_7
Long-Term Debt Long-Term Debt - 4 1/4% Senior Notes due 2023 (Details) - Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp - 4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 20, 2018 | May 22, 2013 | |
First Mortgage Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, aggregate principal amount | $ 500 | ||
Debt instrument, interest rate | 4.25% | ||
Debt Instrument, Maturity Date | May 30, 2023 | ||
Debt redemption date | Feb. 28, 2023 | ||
Debt redemption price as percentage of principal | 100.00% | ||
Percentage of principal repayment on the event of change of control | 101.00% | ||
Payment default classification period for interest payment | 30 days | ||
Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 4.25% | ||
Amount paid to execute indenture | $ 25 | ||
Debt issuance costs | $ 25 |
Long-Term Debt Long-Term Debt_8
Long-Term Debt Long-Term Debt - 5 1/2% Senior Notes due 2025 (Details) - USD ($) $ in Millions | Feb. 18, 2015 | Dec. 31, 2018 | Mar. 31, 2018 |
5 1/2% Senior Notes, Due March 1, 2025 | Maximum | |||
Debt Instrument [Line Items] | |||
Debt redemption price as percentage of principal | 100.00% | 100.00% | |
Percentage of principal repayment on the event of change of control | 101.00% | ||
Payment default classification period for interest payment | 30 days | ||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Senior Notes | 5 1/2% Senior Notes, Due March 1, 2025 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 5.50% | ||
Principal amount purchased | $ 20 | ||
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | First Mortgage Notes | 5 3/8% Wynn Las Vegas First Mortgage Notes, Due March 15, 2022 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 5.50% | ||
Debt instrument, aggregate principal amount | $ 1,800 |
Long-Term Debt Long-Term Debt_9
Long-Term Debt Long-Term Debt - 5 1/4% Senior Notes, Due 2027 (Details) - Senior Notes - 5 1/2% Senior Notes, Due May 15, 2027 - USD ($) | May 11, 2017 | Dec. 31, 2018 | Mar. 31, 2018 |
Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 5.25% | ||
Subsidiary Issuer | |||
Debt Instrument [Line Items] | |||
Debt covenant, percentage of total assets | 15.00% | ||
Subsidiary Issuer | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 5.25% | ||
Debt instrument, aggregate principal amount | $ 900,000,000 | ||
Principal amount purchased | $ 20,000,000 | ||
Subsidiary Issuer | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Redemption period one | |||
Debt Instrument [Line Items] | |||
Debt redemption price as percentage of principal | 100.00% | ||
Subsidiary Issuer | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Redemption period two | |||
Debt Instrument [Line Items] | |||
Debt redemption price as percentage of principal | 100.00% | ||
Subsidiary Issuer | Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp | Redemption period three | |||
Debt Instrument [Line Items] | |||
Debt redemption price as percentage of principal | 101.00% |
Long-Term Debt Long-Term Deb_10
Long-Term Debt Long-Term Debt - 5 3/8% First Mortgage Notes due 2022 (Details) - USD ($) $ in Thousands | Jun. 12, 2017 | May 04, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ (104) | $ 55,360 | $ 0 | |||
5 3/8% Wynn Las Vegas First Mortgage Notes, Due March 15, 2022 | First Mortgage Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 5.375% | |||||
Extinguishment of Debt, Amount | $ 402,000 | $ 498,000 | ||||
Extinguishment of debt, amount premium | $ 10,800 | $ 14,600 | ||||
Loss on extinguishment of debt | $ 20,800 |
Long-Term Debt Long-Term Deb_11
Long-Term Debt Long-Term Debt - Retail Term Loan (Details) - USD ($) $ in Thousands | Jul. 25, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Amount of term loan facility | $ 9,540,700 | $ 9,785,241 | ||
Proceeds from issuance of long-term debt | 2,788,925 | 2,429,988 | $ 1,430,313 | |
Medium-term Notes | Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC | Retail Term Loan, Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Amount of term loan facility | $ 615,000 | $ 0 | ||
Interest rate | 4.05% | |||
Proceeds from issuance of long-term debt | $ 589,000 | |||
Prepayment premium | 1.70% | |||
LIBOR | Medium-term Notes | Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC | Retail Term Loan, Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.70% | |||
Minimum | LIBOR | Medium-term Notes | Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC | Retail Term Loan, Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
Maximum | LIBOR | Medium-term Notes | Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC | Retail Term Loan, Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.75% |
Long-Term Debt - Scheduled Matu
Long-Term Debt - Scheduled Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,018 | $ 11,960 | |
2,019 | 275,040 | |
2,020 | 1,193,663 | |
2,021 | 2,455,037 | |
2,022 | 505,000 | |
Thereafter | 5,100,000 | |
Long-term Debt, Gross | 9,540,700 | $ 9,785,241 |
Debt Instrument, Unamortized Discount (Premium), Net | (117,600) | |
Fair Value Adjustment of Debt | 0 | (57,384) |
Long-term debt total | $ 9,423,100 | $ 9,628,626 |
Long-Term Debt Long-Term Deb_12
Long-Term Debt Long-Term Debt - Cross Claim and Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Fair value of debt instrument excluding the Redemption Note | $ 8,970 | $ 7,950 |
Long-term debt excluding the Redemption Note | $ 9,540 | $ 7,850 |
Stockholders' Equity Sale of St
Stockholders' Equity Sale of Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, par value | $ 0.01 | $ 0.01 | |
Equity Offering | |||
Subsidiary, Sale of Stock [Line Items] | |||
Newly issued shares of common stock in registered public offering (shares) | 5,300,000 | ||
Common stock, par value | $ 0.01 | ||
Price per share (usd per share) | $ 175 | ||
Proceeds | $ 915.2 | ||
Underwriting discounts | 11.7 | ||
Offering expenses | $ 0.6 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) | Jan. 30, 2019 | Feb. 18, 2012 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Equity, Class of Treasury Stock | ||||||||||||||||
Stock repurchases, shares | 19,120 | 148,413 | 198,942 | |||||||||||||
Net cost for common stock purchased | $ 159,544,000 | $ 17,771,000 | $ 14,017,000 | |||||||||||||
Dividend paid (per share) | $ 0.75 | $ 0.75 | $ 0.75 | $ 0.50 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 2.75 | ||||
Cash dividends declared | $ 571,451,000 | $ 321,083,000 | $ 313,926,000 | |||||||||||||
Common shares redeemed and canceled | 24,549,222 | |||||||||||||||
Equity Repurchase Program | ||||||||||||||||
Equity, Class of Treasury Stock | ||||||||||||||||
Authorized amount under repurchase program | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||||||
Stock repurchases, shares | 1,478,552 | 0 | 0 | |||||||||||||
Net cost for common stock purchased | $ 156,700,000 | |||||||||||||||
Repurchase authority remaining under the program | $ 843,300,000 | 843,300,000 | ||||||||||||||
Total Wynn Resorts, Limited stockholders' equity (deficit) | ||||||||||||||||
Equity, Class of Treasury Stock | ||||||||||||||||
Net cost for common stock purchased | 159,544,000 | $ 17,771,000 | $ 14,017,000 | |||||||||||||
Cash dividends declared | $ 294,923,000 | $ 204,515,000 | $ 202,210,000 | |||||||||||||
Subsequent Event | ||||||||||||||||
Equity, Class of Treasury Stock | ||||||||||||||||
Dividends declared per common share (usd per share) | $ 0.75 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) | Oct. 05, 2018USD ($) | Oct. 05, 2018$ / shares | Apr. 25, 2018USD ($) | Apr. 25, 2018$ / shares | Sep. 15, 2017USD ($) | Sep. 15, 2017$ / shares | Jun. 20, 2017USD ($) | Jun. 20, 2017$ / shares | Apr. 27, 2016USD ($) | Apr. 27, 2016$ / shares | Dec. 31, 2018$ / shares | Sep. 30, 2018$ / shares | Jun. 30, 2018$ / shares | Mar. 31, 2018$ / shares | Dec. 31, 2017$ / shares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017USD ($) | Dec. 31, 2016$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Jun. 30, 2018$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Noncontrolling Interest | ||||||||||||||||||||||||||
Dividend paid (HK per share) | $ / shares | $ 0.75 | $ 0.75 | $ 0.75 | $ 0.50 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 2.75 | ||||||||||||||
Cash dividends declared (usd per share) | $ 0.50 | |||||||||||||||||||||||||
Decrease from distributions to noncontrolling interest | $ 305,372,000 | $ 11,436,000 | $ 33,000 | |||||||||||||||||||||||
Wynn Macau, Limited | ||||||||||||||||||||||||||
Noncontrolling Interest | ||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 72.00% | 72.00% | ||||||||||||||||||||||||
Dividend paid (HK per share) | $ / shares | $ 0.60 | |||||||||||||||||||||||||
Cash dividends declared (usd per share) | $ 401,900,000 | |||||||||||||||||||||||||
Company's share of dividend | 290,100,000 | |||||||||||||||||||||||||
Decrease from distributions to noncontrolling interest | $ 111,800,000 | |||||||||||||||||||||||||
Retail Joint Venture | ||||||||||||||||||||||||||
Noncontrolling Interest | ||||||||||||||||||||||||||
Decrease from distributions to noncontrolling interest | $ 305,400,000 | |||||||||||||||||||||||||
Subsidiaries [Member] | Wynn Macau, Limited | ||||||||||||||||||||||||||
Noncontrolling Interest | ||||||||||||||||||||||||||
Dividend paid (HK per share) | $ / shares | $ 0.75 | $ 0.75 | $ 0.21 | $ 0.42 | ||||||||||||||||||||||
Cash dividends declared (usd per share) | $ 497,100,000 | $ 139,400,000 | $ 279,900,000 | $ 496,600,000 | ||||||||||||||||||||||
Wynn Macau, Limited | ||||||||||||||||||||||||||
Noncontrolling Interest | ||||||||||||||||||||||||||
Company's share of dividend | $ 358,300,000 | 358,800,000 | 100,600,000 | 202,000,000 | ||||||||||||||||||||||
Decrease from distributions to noncontrolling interest | $ 138,200,000 | $ 138,300,000 | $ 38,800,000 | $ 77,900,000 | ||||||||||||||||||||||
Interim Dividend | Subsidiaries [Member] | Wynn Macau, Limited | ||||||||||||||||||||||||||
Noncontrolling Interest | ||||||||||||||||||||||||||
Dividends declared per common share (usd per share) | $ / shares | $ 0.32 | |||||||||||||||||||||||||
Special Dividend | Subsidiaries [Member] | Wynn Macau, Limited | ||||||||||||||||||||||||||
Noncontrolling Interest | ||||||||||||||||||||||||||
Dividends declared per common share (usd per share) | $ / shares | $ 0.43 |
Benefit Plans - Defined Contrib
Benefit Plans - Defined Contribution Plan (Detail) - United States - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Disclosure | |||
Company's matching contribution percentage | 50.00% | ||
Defined Contribution Plan, Cost | $ 6.4 | $ 6.1 | $ 6.1 |
Maximum | |||
Defined Contribution Plan Disclosure | |||
Employee contributions, percentage | 6.00% | ||
Wynn Macau | |||
Defined Contribution Plan Disclosure | |||
Defined Contribution Plan, Cost | $ 16.6 | $ 15.8 | $ 12.9 |
Employee contribution percentage | 5.00% | ||
Annual vesting percentage | 10.00% | ||
Vesting period | 10 years |
Benefit Plans - Pension Plan (D
Benefit Plans - Pension Plan (Detail) - Southern Nevada Culinary and Bartenders Pension Plan - Multi-employer Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure | |||
Multi-employer plan, period contributions | $ 11.9 | $ 11.5 | $ 9.3 |
Total contribution threshold percentage | 5.00% |
Revenue Revenue Recognition (De
Revenue Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Disaggregation of Revenues and Contract Liabilities [Line Items] | |||
Casino | $ 4,784,990 | $ 4,244,303 | $ 2,750,890 |
Occupancy | 751,800 | 670,957 | 595,610 |
Food and Beverage | 754,128 | 732,115 | 635,411 |
Entertainment Retail And Other | 426,742 | 422,785 | 363,886 |
Revenues | 6,717,660 | 6,070,160 | 4,345,797 |
Macau Operations | |||
Schedule of Disaggregation of Revenues and Contract Liabilities [Line Items] | |||
Casino | 4,350,907 | 3,788,210 | 2,313,518 |
Occupancy | 283,562 | 217,581 | 158,126 |
Food and Beverage | 187,006 | 164,189 | 99,703 |
Entertainment Retail And Other | 230,616 | 197,217 | 134,948 |
Revenues | 5,052,091 | 4,367,197 | 2,706,295 |
Las Vegas Operations | |||
Schedule of Disaggregation of Revenues and Contract Liabilities [Line Items] | |||
Casino | 434,083 | 456,093 | 437,372 |
Occupancy | 468,238 | 453,376 | 437,484 |
Food and Beverage | 567,122 | 567,926 | 535,708 |
Entertainment Retail And Other | 196,126 | 225,568 | 228,938 |
Revenues | $ 1,665,569 | $ 1,702,963 | $ 1,639,502 |
Revenue Schedule of Customer Co
Revenue Schedule of Customer Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Recognition [Abstract] | |||
Casino outstanding chips and front money deposits | $ 905,561 | $ 991,957 | $ 546,487 |
Change in outstanding chips and front money deposits | (86,396) | 445,470 | |
Advanced room deposits and ticket sales | 42,197 | 48,065 | 41,583 |
Change in advanced room deposits and ticket sales | (5,868) | 6,482 | |
Other gaming related liabilities | 12,694 | 12,765 | 12,033 |
Change in other gaming related liabilities | (71) | 732 | |
Loyalty program liabilities | 18,148 | 18,421 | 7,942 |
Change in loyalty program liabilities | (273) | 10,479 | |
Total customer contract liabilities | 978,600 | 1,071,208 | $ 608,045 |
Change in total customer contract liabilities | $ (92,608) | $ 463,163 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2015 | May 16, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Payments to Employees | $ 1,800 | ||||
Stock-based compensation expense | 35,040 | $ 43,971 | $ 43,722 | ||
Stock based compensation costs | 35,051 | 44,051 | 43,814 | ||
Stock-based compensation capitalized into construction | 11 | 80 | 92 | ||
Tax benefit from compensation expense | 5,700 | 10,800 | 10,400 | ||
Tax benefits (loss) realized from option exercises | $ 4,600 | $ 25,400 | $ 6,700 | ||
WRL 2002 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Shares authorized for issuance | 12,750,000 | ||||
Share Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Shares authorized for issuance | 50,000,000 | ||||
Aggregate amount of common stock available for grant | 33,362,988 | ||||
Unvested awards compensation not yet recognized | $ 12,700 | ||||
Unvested awards compensation costs period of recognition | 2 years 9 months 25 days | ||||
Wynn Resorts Limited 2014 Omnibus Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Shares authorized for issuance | 4,409,390 | ||||
Expiration period | 10 years | ||||
Aggregate amount of common stock available for grant | 3,041,051 | ||||
Unrecognized compensation, stock options | $ 600 | ||||
Unrecognized compensation cost, weighted average period | 4 months 2 days | ||||
Unvested awards compensation not yet recognized | $ 49,600 | ||||
Unvested awards compensation costs period of recognition | 3 years 7 months 28 days | ||||
Stock options granted (in shares) | 0 | 0 | |||
Expected dividend yield | 2.00% | ||||
Expected volatility | 45.40% | ||||
Risk-free interest rate | 1.10% | ||||
Expected term (years) | 6 years | ||||
Share Option Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Shares authorized for issuance | 518,750,000 | ||||
Aggregate amount of common stock available for grant | 507,244,000 | ||||
Unrecognized compensation, stock options | $ 3,400 | ||||
Unrecognized compensation cost, weighted average period | 4 years 3 months 19 days | ||||
Expected dividend yield | 5.70% | 5.70% | 6.30% | ||
Expected volatility | 40.20% | 41.50% | 42.60% | ||
Risk-free interest rate | 2.30% | 1.10% | 1.00% | ||
Expected term (years) | 6 years 6 months | 6 years 6 months | 6 years 6 months | ||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock-based compensation expense | $ 5,800 | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock based compensation costs | $ 6,700 | $ 23,700 | $ 19,200 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Option Activity (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Options | ||||
Fully vested and expected to vest as of December 31, 2018 | 345,790 | |||
Weighted Average Exercise Price | ||||
Fully vested and expected to vest as of December 31, 2018 | $ 60.99 | |||
Weighted Average Remaining Contractual Term | ||||
Fully vested and expected to vest as of December 31, 2018 | 1 year 2 months 30 days | |||
Aggregate Intrinsic Value | ||||
Fully vested and expected to vest as of December 31, 2018 | $ 14,796,122 | |||
Stock Option Exercises from the Plans [Abstract] | ||||
Cash received from the exercise of stock options | $ 21,971,000 | $ 62,209,000 | $ 3,487,000 | |
Wynn Resorts Limited 2014 Omnibus Incentive Plan | ||||
Options | ||||
Outstanding as of January 1, 2018 | 345,790 | 644,460 | 345,790 | |
Granted | 0 | |||
Exercised | (261,470) | |||
Forfeited or expired | (37,200) | |||
Outstanding as of December 31, 2018 | 345,790 | 644,460 | ||
Exercisable as of December 31, 2018 | 285,790 | |||
Weighted Average Exercise Price | ||||
Outstanding as of January 1, 2018 | $ 73.93 | |||
Granted | 0 | |||
Exercised | 77.07 | |||
Forfeited or expired | 172.07 | |||
Outstanding as of December 31, 2018 | $ 60.99 | $ 73.93 | ||
Exercisable as of December 31, 2018 | $ 63.91 | |||
Weighted Average Remaining Contractual Term | ||||
Outstanding as of December 31, 2018 | 1 year 2 months 30 days | |||
Exercisable as of December 31, 2018 | 1 year 5 months 9 days | |||
Aggregate Intrinsic Value | ||||
Outstanding as of December 31, 2018 | $ 14,796,122 | |||
Exercisable as of December 31, 2018 | $ 11,688,722 | |||
Stock Option Exercises from the Plans [Abstract] | ||||
Weighted average grant date fair value | $ 0 | $ 0 | $ 34.90 | |
Intrinsic value of stock options exercised | $ 22,387,000 | $ 29,716,000 | $ 3,657,000 | |
Cash received from the exercise of stock options | $ 20,148,000 | $ 61,506,000 | $ 3,487,000 | |
Share Option Plan | ||||
Options | ||||
Outstanding as of January 1, 2018 | 10,558,400 | 7,006,000 | 10,558,400 | |
Granted | 4,494,000 | |||
Exercised | (941,600) | |||
Outstanding as of December 31, 2018 | 10,558,400 | 7,006,000 | ||
Fully vested and expected to vest as of December 31, 2018 | 10,558,400 | |||
Exercisable as of December 31, 2018 | 3,302,800 | |||
Weighted Average Exercise Price | ||||
Outstanding as of January 1, 2018 | $ 2.32 | |||
Granted | 2.65 | |||
Exercised | 1.94 | |||
Outstanding as of December 31, 2018 | $ 2.49 | $ 2.32 | ||
Fully vested and expected to vest as of December 31, 2018 | $ 2.49 | |||
Exercisable as of December 31, 2018 | $ 2.72 | |||
Weighted Average Remaining Contractual Term | ||||
Outstanding as of December 31, 2018 | 7 years 9 months 18 days | |||
Fully vested and expected to vest as of December 31, 2018 | 7 years 9 months 18 days | |||
Exercisable as of December 31, 2018 | 5 years 2 months 12 days | |||
Aggregate Intrinsic Value | ||||
Outstanding as of December 31, 2018 | $ 1,403,732 | |||
Fully vested and expected to vest as of December 31, 2018 | 1,403,732 | |||
Exercisable as of December 31, 2018 | $ 484,717 | |||
Stock Option Exercises from the Plans [Abstract] | ||||
Weighted average grant date fair value | $ 0.57 | $ 0.56 | $ 0.31 | |
Intrinsic value of stock options exercised | $ 1,715,000 | $ 369,000 | $ 0 | |
Cash received from the exercise of stock options | $ 1,823,000 | $ 703,000 | $ 0 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Nonvested Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Wynn Resorts Limited 2014 Omnibus Incentive Plan | |||
Shares: | |||
Nonvested, beginning of period | 460,584 | ||
Granted | 288,270 | ||
Vested | (96,559) | ||
Forfeited | (125,908) | ||
Nonvested, end of period | 526,387 | 460,584 | |
Weighted Average Grant Date Fair Value: | |||
Nonvested, beginning of period | $ 98.21 | ||
Granted | 170.13 | $ 109.28 | $ 63.56 |
Vested | 121.51 | ||
Forfeited | 133.76 | ||
Nonvested, end of period | 127.84 | 98.21 | |
Weighted average grant date fair value | $ 170.13 | $ 109.28 | $ 63.56 |
Fair value of shares vested | $ 13,024 | $ 45,801 | $ 39,380 |
Share Award Plan | |||
Shares: | |||
Nonvested, beginning of period | 11,842,707 | ||
Granted | 3,256,630 | ||
Vested | (3,565,245) | ||
Forfeited | (1,780,825) | ||
Nonvested, end of period | 9,753,267 | 11,842,707 | |
Weighted Average Grant Date Fair Value: | |||
Nonvested, beginning of period | $ 2.24 | ||
Granted | 3.07 | $ 2.22 | $ 1.38 |
Vested | 3.56 | ||
Forfeited | 2.03 | ||
Nonvested, end of period | 2.07 | 2.24 | |
Weighted average grant date fair value | $ 3.07 | $ 2.22 | $ 1.38 |
Fair value of shares vested | $ 1,309 | $ 6,884 | $ 0 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Allocated Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | $ 35,040,000 | $ 43,971,000 | $ 43,722,000 |
Stock-based compensation capitalized into construction | 11,000 | 80,000 | 92,000 |
Stock based compensation costs | 35,051,000 | 44,051,000 | 43,814,000 |
Casino | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | 5,946,000 | 6,954,000 | 11,304,000 |
Rooms | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | 437,000 | 655,000 | 374,000 |
Food and Beverage | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | 1,125,000 | 1,466,000 | 1,060,000 |
Entertainment, retail and other | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | 111,000 | 147,000 | 82,000 |
General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | 28,872,000 | 34,749,000 | 30,398,000 |
Pre-Open Costs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | 750,000 | 0 | 504,000 |
Property charges and other | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | |||
Stock-based compensation expense | $ (2,201,000) | $ 0 | $ 0 |
Stock-Based Compensation - Sc_4
Stock-Based Compensation - Schedule of Valuation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Wynn Resorts Limited 2014 Omnibus Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expected dividend yield | 2.00% | ||
Expected volatility | 45.40% | ||
Risk-free interest rate | 1.10% | ||
Expected term (years) | 6 years | ||
Share Option Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expected dividend yield | 5.70% | 5.70% | 6.30% |
Expected volatility | 40.20% | 41.50% | 42.60% |
Risk-free interest rate | 2.30% | 1.10% | 1.00% |
Expected term (years) | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ / shares in Units, MOP$ in Millions | Nov. 30, 2010 | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2018MOP (MOP$) |
Income Taxes | |||||
Complementary tax rate | 12.00% | ||||
Amount of complementary tax exemption | $ 96,800,000 | $ 63,000,000 | $ 27,300,000 | ||
Amount of complementary tax exemption per share | $ / shares | $ 0.90 | $ 0.61 | $ 0.27 | ||
Annual complementary tax to be paid | $ 1,600,000 | $ 1,600,000 | $ 1,600,000 | MOP$ 12.8 | |
Provisional net tax benefit | 390,900,000 | 339,900,000 | |||
Recognized foreign tax credit tax benefit net of valuation allowance | 82,800,000 | 746,600,000 | 170,500,000 | ||
Increase (decrease) in valuation allowance for deferred tax assets | (746,600,000) | 103,700,000 | |||
Tax benefits (loss) realized | 2,000,000 | 2,600,000 | 800,000 | ||
FTC carryforwards expired | 545,700,000 | ||||
Foreign tax credit carryforwards | 3,190,000,000 | ||||
Disallowed interest carryforwards not subject to expiration | 294,200,000 | ||||
U.S. and foreign uncertain tax positions that increase NOL and foreign tax credit carryforward deferred tax assets | 99,500,000 | 95,200,000 | 90,300,000 | ||
Uncertain tax positions, noncurrent | 0 | 0 | 200,000 | ||
Unrecognized tax benefits that would impact the effective tax rate if recognized | 31,000,000 | 26,900,000 | 22,600,000 | ||
Recognized interest and penalties | 900,000 | 900,000 | |||
Decrease in unrecognized tax benefits due to expiration of the statute of limitations | 4,692,000 | 3,807,000 | 3,721,000 | ||
Maximum | |||||
Income Taxes | |||||
Unrecognized tax benefit increase resulting in tax settlements | 5,100,000 | ||||
Tax Credit Carryforward Expiry In 2019 | |||||
Income Taxes | |||||
Foreign tax credit carryforwards | 110,900,000 | ||||
Tax Credit Carryforward Expiry In 2020 | |||||
Income Taxes | |||||
Foreign tax credit carryforwards | 530,400,000 | ||||
Tax Credit Carryforward Expiry In 2021 | |||||
Income Taxes | |||||
Foreign tax credit carryforwards | 540,300,000 | ||||
Tax Credit Carryforward Expiry In 2023 | |||||
Income Taxes | |||||
Foreign tax credit carryforwards | 756,000,000 | ||||
Tax Credit Carryforward Expiry In 2024 | |||||
Income Taxes | |||||
Foreign tax credit carryforwards | 710,700,000 | ||||
Tax Credit Carryforward, Expires at 2025 | |||||
Income Taxes | |||||
Foreign tax credit carryforwards | 47,200,000 | ||||
Tax Credit Carryforward, Expires at 2027 | |||||
Income Taxes | |||||
Foreign tax credit carryforwards | 492,400,000 | ||||
Foreign Tax Credit | |||||
Income Taxes | |||||
Valuation allowance | 2,490,000,000 | 3,270,000,000 | |||
Other Deferred Tax Asset | |||||
Income Taxes | |||||
Valuation allowance | 5,300,000 | 3,500,000 | |||
Wynn Macau | |||||
Income Taxes | |||||
Decrease in unrecognized tax benefits due to expiration of the statute of limitations | $ 4,700,000 | 3,800,000 | 3,700,000 | ||
Foreign | |||||
Income Taxes | |||||
Gaming tax | 35.00% | ||||
Tax loss carryforward | $ 340,000,000 | 319,100,000 | $ 317,300,000 | ||
Valuation allowance | $ 143,872,000 | 117,175,000 | |||
U.S. | |||||
Income Taxes | |||||
Tax credit of "net" foreign source income | 21.00% | ||||
Foreign tax credit carryforwards | $ 3,187,797,000 | 3,616,872,000 | |||
Tax loss carryforward | 0 | ||||
Valuation allowance | $ 2,500,027,000 | $ 3,273,292,000 | |||
Retail Joint Venture | |||||
Income Taxes | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.90% |
Income Taxes - Summary of Conso
Income Taxes - Summary of Consolidated Income (Loss) Before Taxes For U.S. and Foreign Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (491,523) | $ 90,206 | $ 90,900 |
Foreign | 797,263 | 470,063 | 219,697 |
Total | $ 305,740 | $ 560,269 | $ 310,597 |
Income Taxes - Summary of (Bene
Income Taxes - Summary of (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal, Current | $ (637) | $ (19,856) | $ 60 |
Current State and Local Tax Expense (Benefit) | 198 | 51 | 79 |
Foreign, Current | 1,749 | 1,674 | 1,633 |
Current, Total | 1,310 | (18,131) | 1,772 |
Federal, Deferred | (483,681) | (309,423) | 5,081 |
State, Deferred | (14,973) | (1,431) | 1,275 |
Deferred, Total | (498,654) | (310,854) | 6,356 |
Income tax benefit (provision), total | $ (497,344) | $ (328,985) | $ 8,128 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes (Federal Statutory Corporate Tax Rate) (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory rate | 21.00% | 35.00% | 35.00% |
Foreign tax credits, net of valuation allowance | (154.90%) | (136.10%) | (61.50%) |
Non-taxable foreign income | (48.80%) | (20.10%) | (20.70%) |
Foreign tax rate differential | (20.80%) | (17.00%) | (14.50%) |
Global intangible low-taxed income | 28.30% | 0.00% | 0.00% |
Change in tax rate | 0.00% | (11.80%) | 0.00% |
Repatriation of foreign earnings | 0.00% | 81.00% | 51.60% |
Valuation allowance, other | 9.30% | 5.90% | 7.50% |
Other, net | 3.20% | 4.40% | 5.20% |
Effective income tax rate | (162.70%) | (58.70%) | 2.60% |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets And Liabilities | ||
Foreign tax credit carryforwards | $ 3,190,000 | |
Net deferred tax asset | 736,452 | $ 240,533 |
U.S. | ||
Deferred Tax Assets And Liabilities | ||
Foreign tax credit carryforwards | 3,187,797 | 3,616,872 |
Disallowed interest expense carryforward | 67,368 | 0 |
Construction in progress | 42,528 | 5,009 |
Receivables, inventories, accrued liabilities and other | 10,878 | 19,356 |
Stock-based compensation | 5,477 | 5,084 |
Other tax credit carryforwards | 4,946 | 1,999 |
Intangibles and related other | 489 | 3,486 |
Other | 2,279 | 86 |
Deferred Tax Assets, Gross | 3,321,762 | 3,651,892 |
Less: valuation allowance | (2,500,027) | (3,273,292) |
Deferred tax assets, net, total | 821,735 | 378,600 |
Property and equipment | (70,560) | (111,988) |
Redemption Note fair value | 0 | (13,139) |
Prepaid insurance, maintenance and taxes | (12,430) | (10,391) |
Other | (2,293) | (2,549) |
Deferred Tax Liabilities, Gross, Noncurrent | (85,283) | (138,067) |
Foreign | ||
Deferred Tax Assets And Liabilities | ||
Net operating loss carryforwards | 94,244 | 74,345 |
Property and equipment | 41,520 | 36,299 |
Pre-opening expenses | 8,421 | 10,717 |
Other | 651 | 1,493 |
Deferred Tax Assets, Gross | 144,836 | 122,854 |
Less: valuation allowance | (143,872) | (117,175) |
Property and equipment | (964) | (5,679) |
Deferred tax assets, net, non current | $ 964 | $ 5,679 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance-beginning of year | $ 95,236 | $ 90,523 | $ 88,314 |
Increases based on tax positions of the current year | 8,926 | 8,520 | 5,930 |
Reductions due to lapse in statutes of limitations | (4,692) | (3,807) | (3,721) |
Balance-end of year | $ 99,470 | $ 95,236 | $ 90,523 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Mar. 20, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction | |||
Amount due to officers and directors | $ 400,000 | ||
Chief Operating Officer | |||
Related Party Transaction | |||
Purchase of home for director | $ 10,000,000 | ||
Number of percentage points used to determine discount on home purchase | 10.00% | ||
Consideration in event of employee agreement termination | $ 1 | ||
Registration Rights Agreement | Former Board of Directors Chairman and Chief Executive Officer | |||
Related Party Transaction | |||
Maximum shares of common stock permitted to sell (in shares) | 4,043,903 |
Retail Joint Venture Retail J_2
Retail Joint Venture Retail Joint Venture Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)ft² | Dec. 31, 2018USD ($)ft² | Dec. 31, 2016USD ($) | |
Variable Interest Entity [Line Items] | ||||
Net book value of assets and liabilities transferred to Retail Joint Venture | $ 31,800 | |||
Proceeds from Real Estate and Real Estate Joint Ventures | $ 180,000 | 217,000 | ||
Due from Joint Ventures, Noncurrent | 75,000 | |||
Total assets | 12,681,739 | $ 13,216,269 | $ 11,953,557 | |
Total liabilities | 11,603,389 | 11,401,480 | ||
Long-term Debt | 9,628,626 | 9,423,100 | ||
Prepaid Expenses and Other Current Assets [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Due from Joint Ventures, Noncurrent | $ 75,000 | |||
Other Noncurrent Assets [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Due from Joint Ventures, Noncurrent | $ 72,500 | |||
Retail Joint Venture | ||||
Variable Interest Entity [Line Items] | ||||
Functional Area Square Footage | ft² | 88,000 | |||
Functional area square footage under construction | ft² | 74,000 | |||
Contribution of Property | $ 25,400 | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.90% | |||
Noncontrolling Interest in Joint Ventures | $ 292,000 | |||
Ownership Percentage | 50.10% | |||
Total assets | 59,700 | $ 85,000 | ||
Total liabilities | $ 900 | 619,600 | ||
Retail | Wynn Retail | ||||
Variable Interest Entity [Line Items] | ||||
Functional Area Square Footage | ft² | 88,000 | |||
Retail | Retail Joint Venture | ||||
Variable Interest Entity [Line Items] | ||||
Long-term Debt | $ 611,100 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Feb. 26, 2019USD ($) | Sep. 17, 2018USD ($) | Mar. 30, 2018USD ($) | Feb. 18, 2012USD ($)shares | Feb. 18, 2012USD ($)shares | Dec. 31, 2018USD ($)ft²Room | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 28, 2017USD ($) | Jun. 19, 2012 |
Commitments and Contingencies | ||||||||||
Contingent rentals | $ 53,800,000 | $ 38,600,000 | $ 34,600,000 | |||||||
Rent expenses | 27,100,000 | 18,300,000 | 17,900,000 | |||||||
2,019 | 168,646,000 | |||||||||
2,020 | 80,548,000 | |||||||||
2,021 | 56,393,000 | |||||||||
2,022 | 27,088,000 | |||||||||
2,023 | 4,980,000 | |||||||||
Common stock redeemed, shares | shares | 24,549,222 | |||||||||
Litigation settlement | $ 463,600,000 | $ 463,557,000 | $ 0 | $ 0 | ||||||
Released accrued interest held in escrow | $ 232,400,000 | |||||||||
Damages sought | $ 1,000,000,000 | |||||||||
4 1/4% Wynn Las Vegas Senior Notes Due May 30, 2023 | ||||||||||
Commitments and Contingencies | ||||||||||
Debt instrument, interest rate | 4.25% | |||||||||
Wynn MA, LLC | ||||||||||
Commitments and Contingencies | ||||||||||
Guaranteed maximum construction price | $ 1,320,000,000 | |||||||||
Wynn Las Vegas | ||||||||||
Commitments and Contingencies | ||||||||||
Number of rooms in hotel | Room | 4,748 | |||||||||
Wynn Palace | ||||||||||
Commitments and Contingencies | ||||||||||
Number of rooms in hotel | Room | 1,706 | |||||||||
Aruze USA, Inc. | ||||||||||
Commitments and Contingencies | ||||||||||
Common stock redeemed, shares | shares | 24,549,222 | |||||||||
Redemption price promissory note, principal amount | $ 1,940,000,000 | $ 1,940,000,000 | ||||||||
Minimum | ||||||||||
Commitments and Contingencies | ||||||||||
Term of employment agreement | 3 years | |||||||||
Maximum | ||||||||||
Commitments and Contingencies | ||||||||||
Term of employment agreement | 5 years | |||||||||
Employment Contracts | ||||||||||
Commitments and Contingencies | ||||||||||
2,019 | $ 72,900,000 | |||||||||
2,020 | 49,000,000 | |||||||||
2,021 | 19,100,000 | |||||||||
2,022 | 2,900,000 | |||||||||
2,023 | 500,000 | |||||||||
Community payments associated with Encore Boston Harbor | ||||||||||
Commitments and Contingencies | ||||||||||
Community Payments | 10,600,000 | |||||||||
Construction Performance Bond | Wynn MA, LLC | ||||||||||
Commitments and Contingencies | ||||||||||
Performance Bond | $ 350,000,000 | |||||||||
Wynn America Credit Facilities | Wynn America | Revolving Credit Facility | ||||||||||
Commitments and Contingencies | ||||||||||
Letter of credit outstanding | 17,700,000 | |||||||||
Meeting and Convention Space | Wynn Las Vegas | ||||||||||
Commitments and Contingencies | ||||||||||
Guaranteed maximum construction price | $ 286,800,000 | |||||||||
Functional area square footage under construction | ft² | 430,000 | |||||||||
Subsequent Event | Nevada Gaming Control Board Fine | ||||||||||
Commitments and Contingencies | ||||||||||
Amount of fine for approved Stipulation and Settlement | $ 20,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Rentals Received Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 132,249 |
2,020 | 130,731 |
2,021 | 69,272 |
2,022 | 48,024 |
2,023 | 29,784 |
Thereafter | 79,868 |
Total | $ 489,928 |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Rental Payable Under Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases | |
2,019 | $ 29,126 |
2,020 | 20,153 |
2,021 | 17,226 |
2,022 | 16,466 |
2,023 | 15,868 |
Thereafter | 464,838 |
Total | 563,677 |
Capital Leases | |
2,019 | 989 |
2,020 | 989 |
2,021 | 989 |
2,022 | 989 |
2,023 | 989 |
Thereafter | 66,743 |
Total minimum lease payments | 71,688 |
Less: Amount representing interest | (55,140) |
Total capital lease net minimum payments | $ 16,548 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Other Commitments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 168,646 |
2,020 | 80,548 |
2,021 | 56,393 |
2,022 | 27,088 |
2,023 | 4,980 |
Thereafter | 0 |
Total | $ 337,655 |
Commitments and Contingencies_4
Commitments and Contingencies Commitment and Contingencies - Capital Leases (Details) $ in Millions | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Capital Leased Assets, Gross | $ 16.5 |
Segment Information - Summary o
Segment Information - Summary of Results of Operations by Segment (Detail) | Mar. 30, 2018USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Segment Reporting Information | ||||
Number of Reportable Segments | segment | 1 | |||
Operating revenues | $ 6,717,660,000 | $ 6,070,160,000 | $ 4,345,797,000 | |
Adjusted Property EBITDA | 2,044,413,000 | 1,810,732,000 | 1,259,327,000 | |
Litigation settlement | $ 463,600,000 | 463,557,000 | 0 | 0 |
Other operating expenses | ||||
Pre-opening | 53,490,000 | 26,692,000 | 154,717,000 | |
Depreciation and amortization | 550,596,000 | 552,368,000 | 404,730,000 | |
Property charges and other | 60,256,000 | 29,576,000 | 54,822,000 | |
Corporate expenses and other | 144,479,000 | 102,560,000 | 80,178,000 | |
Stock-based compensation (2) | 36,491,000 | 43,971,000 | 43,218,000 | |
Total other operating expenses | 1,308,869,000 | 755,167,000 | 737,665,000 | |
Operating income | 735,544,000 | 1,055,565,000 | 521,662,000 | |
Other non-operating income and expenses | ||||
Interest income | 29,866,000 | 31,193,000 | 13,536,000 | |
Interest expense, net of amounts capitalized | (381,849,000) | (388,664,000) | (289,365,000) | |
Change in derivatives fair value | (4,520,000) | (1,056,000) | 433,000 | |
Change in Redemption Note fair value | (69,331,000) | (59,700,000) | 65,043,000 | |
Gain (loss) on extinguishment of debt | 104,000 | (55,360,000) | 0 | |
Other | (4,074,000) | (21,709,000) | (712,000) | |
Other income (expense), net | (429,804,000) | (495,296,000) | (211,065,000) | |
Income before income taxes | 305,740,000 | 560,269,000 | 310,597,000 | |
Benefit (provision) for income taxes | 497,344,000 | 328,985,000 | (8,128,000) | |
Net income | 803,084,000 | 889,254,000 | 302,469,000 | |
Net income attributable to noncontrolling interest | 230,654,000 | 142,073,000 | 60,494,000 | |
Net income attributable to Wynn Resorts, Limited | 572,430,000 | 747,181,000 | 241,975,000 | |
Excluded amounts | 35,040,000 | 43,971,000 | 43,722,000 | |
Pre-Opening Expenses | ||||
Other non-operating income and expenses | ||||
Excluded amounts | 750,000 | 0 | 504,000 | |
Property Charges and Other | ||||
Other non-operating income and expenses | ||||
Excluded amounts | (2,201,000) | 0 | 0 | |
Macau Operations | ||||
Segment Reporting Information | ||||
Operating revenues | 5,052,091,000 | 4,367,197,000 | 2,706,295,000 | |
Adjusted Property EBITDA | 1,577,140,000 | 1,288,335,000 | 784,545,000 | |
Las Vegas Operations | ||||
Segment Reporting Information | ||||
Operating revenues | 1,665,569,000 | 1,702,963,000 | 1,639,502,000 | |
Adjusted Property EBITDA | 467,273,000 | 522,397,000 | 474,782,000 | |
Wynn Palace | Macau Operations | ||||
Segment Reporting Information | ||||
Operating revenues | 2,757,566,000 | 2,030,287,000 | 555,574,000 | |
Adjusted Property EBITDA | 843,902,000 | 527,583,000 | 103,036,000 | |
Wynn Macau | Macau Operations | ||||
Segment Reporting Information | ||||
Operating revenues | 2,294,525,000 | 2,336,910,000 | 2,150,721,000 | |
Adjusted Property EBITDA | $ 733,238,000 | $ 760,752,000 | $ 681,509,000 |
Segment Information Segment Inf
Segment Information Segment Information - Schedule of Capital Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | $ 1,475,972 | $ 935,474 | $ 1,225,943 |
Las Vegas Operations | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | 73,029 | 139,893 | 106,373 |
Encore Boston Harbor | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | 791,250 | 572,825 | 212,197 |
Corporate and Other | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | 459,534 | 71,841 | 25,554 |
Macau | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | 152,159 | 150,915 | 881,819 |
Macau | Macau Operations | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | 62,542 | 43,510 | 43,548 |
Macau | Wynn Palace | |||
Segment Reporting Information | |||
Payments to Acquire Property, Plant, and Equipment | $ 89,617 | $ 107,405 | $ 838,271 |
Segment Information - Summary_2
Segment Information - Summary of Assets by Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information | |||
Assets | $ 13,216,269 | $ 12,681,739 | $ 11,953,557 |
Long-lived assets | 9,553,588 | 8,697,505 | 8,416,696 |
Las Vegas Operations | |||
Segment Reporting Information | |||
Assets | 2,792,508 | 3,266,390 | 3,275,780 |
Encore Boston Harbor | |||
Segment Reporting Information | |||
Assets | 1,865,286 | 1,060,530 | 419,001 |
Corporate and Other | |||
Segment Reporting Information | |||
Assets | 2,727,163 | 2,891,012 | 2,750,721 |
Macau | |||
Segment Reporting Information | |||
Assets | 5,831,312 | 5,463,807 | 5,508,055 |
Long-lived assets | 4,387,051 | 4,613,950 | 4,973,854 |
Macau | Macau Operations | |||
Segment Reporting Information | |||
Assets | 1,903,921 | 1,271,544 | 1,161,670 |
Macau | Wynn Palace | |||
Segment Reporting Information | |||
Assets | 3,858,904 | 4,017,494 | 4,317,458 |
Macau | Other Macau | |||
Segment Reporting Information | |||
Assets | 68,487 | 174,769 | 28,927 |
United States | |||
Segment Reporting Information | |||
Long-lived assets | $ 5,166,537 | $ 4,083,555 | $ 3,442,842 |
Schedule II- Valuation and Qu_2
Schedule II- Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | $ 30,600 | $ 54,742 | $ 67,057 |
Provisions for Doubtful Accounts | 6,527 | (6,711) | 8,203 |
Write-offs, Net of Recoveries | (4,433) | (17,431) | (20,518) |
Ending balance | 32,694 | 30,600 | 54,742 |
Valuation Allowance of Deferred Tax Assets | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | 3,390,467 | 3,286,723 | 3,330,878 |
Provisions for Doubtful Accounts | 201,282 | 112,543 | 32,130 |
Write-offs, Net of Recoveries | (947,850) | (8,799) | (76,285) |
Ending balance | $ 2,643,899 | $ 3,390,467 | $ 3,286,723 |
Uncategorized Items - wynn-2018
Label | Element | Value |
Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,807,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,696,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 9,211,000 |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 111,000 |