Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 03, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-50028 | |
Entity Registrant Name | WYNN RESORTS, LIMITED | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 46-0484987 | |
Entity Address, Address Line One | 3131 Las Vegas Boulevard South | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89109 | |
City Area Code | 702 | |
Local Phone Number | 770-7555 | |
Title of 12(b) Security | Common stock, par value $0.01 | |
Trading Symbol | WYNN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 115,964,950 | |
Amendment Flag | false | |
Entity Central Index Key | 0001174922 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,317,352 | $ 2,522,530 |
Restricted cash | 5,735 | 4,896 |
Accounts receivable, net of allowance for credit losses of $100,101 and $111,319 | 187,007 | 199,463 |
Inventories | 72,244 | 69,967 |
Prepaid expenses and other | 83,269 | 79,061 |
Total current assets | 2,665,607 | 2,875,917 |
Property and equipment, net | 8,670,727 | 8,765,308 |
Restricted cash | 3,327 | 3,641 |
Goodwill and intangible assets, net | 272,292 | 307,578 |
Operating lease assets | 363,891 | 371,365 |
Other assets | 203,466 | 207,017 |
Total assets | 12,179,310 | 12,530,826 |
Current liabilities: | ||
Accounts and construction payables | 164,934 | 170,542 |
Customer deposits | 423,859 | 436,388 |
Gaming taxes payable | 40,306 | 73,173 |
Accrued compensation and benefits | 142,490 | 206,225 |
Accrued interest | 144,110 | 132,877 |
Current portion of long-term debt | 50,000 | 50,000 |
Other accrued liabilities | 188,547 | 218,675 |
Total current liabilities | 1,154,246 | 1,287,880 |
Long-term debt | 11,872,894 | 11,884,546 |
Long-term operating lease liabilities | 113,321 | 115,187 |
Other long-term liabilities | 72,108 | 79,428 |
Total liabilities | 13,212,569 | 13,367,041 |
Commitments and contingencies (Note 15) | ||
Stockholders' deficit: | ||
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding | 0 | 0 |
Common stock, par value $0.01; 400,000,000 shares authorized; 131,789,909 and 131,449,806 shares issued; 115,917,961 and 115,714,943 shares outstanding, respectively | 1,318 | 1,314 |
Treasury stock, at cost; 15,871,948 and 15,734,863 shares, respectively | (1,448,040) | (1,436,373) |
Additional paid-in capital | 3,571,666 | 3,502,715 |
Accumulated other comprehensive income | 9,301 | 6,004 |
Accumulated deficit | (2,471,285) | (2,288,078) |
Total Wynn Resorts, Limited stockholders' deficit | (337,040) | (214,418) |
Noncontrolling interests | (696,219) | (621,797) |
Total stockholders' deficit | (1,033,259) | (836,215) |
Total liabilities and stockholders' deficit | $ 12,179,310 | $ 12,530,826 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for credit losses | $ 100,101 | $ 111,319 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 131,789,909 | 131,449,806 |
Common stock, shares outstanding | 115,917,961 | 115,714,943 |
Treasury stock, shares | 15,871,948 | 15,734,863 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating revenues: | ||
Total operating revenues | $ 953,334 | $ 736,682 |
Operating expenses: | ||
General and administrative | 196,780 | 179,774 |
Provision for credit losses | 342 | 7,367 |
Pre-opening | 2,447 | 1,627 |
Depreciation and amortization | 184,556 | 185,121 |
Property charges and other | 45,720 | 5,617 |
Total operating expenses | 1,048,199 | 912,414 |
Operating loss | (94,865) | (175,732) |
Other income (expense): | ||
Interest income | 1,280 | 904 |
Interest expense, net of amounts capitalized | (152,158) | (152,852) |
Change in derivatives fair value | 7,400 | 4,409 |
Loss on extinguishment of debt | 0 | (1,322) |
Other | (15,127) | (11,093) |
Other income (expense), net | (158,605) | (159,954) |
Loss before income taxes | (253,470) | (335,686) |
Provision for income taxes | (1,140) | (493) |
Net loss | (254,610) | (336,179) |
Less: net loss attributable to noncontrolling interests | 71,286 | 55,201 |
Net loss attributable to Wynn Resorts, Limited | $ (183,324) | $ (280,978) |
Net loss attributable to Wynn Resorts, Limited: | ||
Basic (in usd per share) | $ (1.59) | $ (2.53) |
Diluted (in usd per share) | $ (1.59) | $ (2.53) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 115,030 | 111,020 |
Diluted (in shares) | 115,030 | 111,020 |
Casino | ||
Operating revenues: | ||
Total operating revenues | $ 489,862 | $ 516,218 |
Operating expenses: | ||
Cost of goods and services sold | 324,079 | 351,966 |
Rooms | ||
Operating revenues: | ||
Total operating revenues | 170,376 | 76,190 |
Operating expenses: | ||
Cost of goods and services sold | 58,715 | 33,535 |
Food and beverage | ||
Operating revenues: | ||
Total operating revenues | 174,020 | 68,509 |
Operating expenses: | ||
Cost of goods and services sold | 146,656 | 73,948 |
Entertainment, retail and other | ||
Operating revenues: | ||
Total operating revenues | 119,076 | 75,765 |
Operating expenses: | ||
Cost of goods and services sold | $ 88,904 | $ 73,459 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (254,610) | $ (336,179) |
Other comprehensive income: | ||
Foreign currency translation adjustments, before and after tax | 4,597 | 4,032 |
Total comprehensive loss | (250,013) | (332,147) |
Less: comprehensive loss attributable to noncontrolling interests | 69,986 | 54,066 |
Comprehensive loss attributable to Wynn Resorts, Limited | $ (180,027) | $ (278,081) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Total Wynn Resorts, Ltd. stockholders' equity (deficit) | Common stock | Treasury stock | Additional paid-in capital | Accumulated other comprehensive income | Accumulated deficit | Noncontrolling interests |
Beginning balance (in shares) at Dec. 31, 2020 | 107,888,336 | |||||||
Beginning balance at Dec. 31, 2020 | $ (737,317) | $ (351,997) | $ 1,235 | $ (1,422,531) | $ 2,598,115 | $ 3,604 | $ (1,532,420) | $ (385,320) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (336,179) | (280,978) | (280,978) | (55,201) | ||||
Currency translation adjustment | 4,032 | 2,897 | 2,897 | 1,135 | ||||
Issuance of common stock, net of $17.7 million underwriter discounts, commissions and other expenses (in shares) | 7,475,000 | |||||||
Issuance of common stock, net of $17.7 million underwriter discounts, commissions and other expenses | 841,899 | 841,899 | $ 75 | 841,824 | ||||
Issuance of restricted stock (in shares) | 335,285 | |||||||
Issuance of restricted stock | 6,272 | 5,902 | $ 3 | 5,899 | 370 | |||
Cancellation of restricted stock (in shares) | (13,099) | |||||||
Cancellation of restricted stock | 0 | |||||||
Shares repurchased by the Company and held as treasury shares (in shares) | (38,194) | |||||||
Shares repurchased by the Company and held as treasury shares | (4,356) | (4,356) | (4,356) | |||||
Cash dividends declared | 90 | 81 | 81 | 9 | ||||
Stock-based compensation | 22,620 | 20,235 | 20,235 | 2,385 | ||||
Ending balance (in shares) at Mar. 31, 2021 | 115,647,328 | |||||||
Ending balance at Mar. 31, 2021 | (202,939) | 233,683 | $ 1,313 | (1,426,887) | 3,466,073 | 6,501 | (1,813,317) | (436,622) |
Beginning balance (in shares) at Dec. 31, 2021 | 115,714,943 | |||||||
Beginning balance at Dec. 31, 2021 | (836,215) | (214,418) | $ 1,314 | (1,436,373) | 3,502,715 | 6,004 | (2,288,078) | (621,797) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (254,610) | (183,324) | (183,324) | (71,286) | ||||
Currency translation adjustment | 4,597 | 3,297 | 3,297 | 1,300 | ||||
Issuance of restricted stock (in shares) | 419,198 | |||||||
Issuance of restricted stock | 9,288 | 9,288 | $ 5 | 9,283 | ||||
Cancellation of restricted stock (in shares) | (79,095) | |||||||
Cancellation of restricted stock | 0 | $ (1) | 1 | |||||
Shares repurchased by the Company and held as treasury shares (in shares) | (137,085) | |||||||
Shares repurchased by the Company and held as treasury shares | (11,667) | (11,667) | (11,667) | |||||
Distribution to noncontrolling interest | (9,279) | (9,279) | ||||||
Contribution from noncontrolling interest | 50,033 | 48,559 | 48,559 | 1,474 | ||||
Stock-based compensation | 14,594 | 11,225 | 11,108 | 117 | 3,369 | |||
Ending balance (in shares) at Mar. 31, 2022 | 115,917,961 | |||||||
Ending balance at Mar. 31, 2022 | $ (1,033,259) | $ (337,040) | $ 1,318 | $ (1,448,040) | $ 3,571,666 | $ 9,301 | $ (2,471,285) | $ (696,219) |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Stockholders' Equity (unaudited) (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Underwriter discounts, commissions, and other expenses | $ 17.7 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (254,610) | $ (336,179) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 184,556 | 185,121 |
Deferred income taxes | 415 | 293 |
Stock-based compensation expense | 13,900 | 24,346 |
Amortization of debt issuance costs | 7,203 | 6,652 |
Loss on extinguishment of debt | 0 | 1,322 |
Provision for credit losses | 342 | 7,367 |
Change in derivatives fair value | (7,400) | (4,409) |
Property charges and other | 60,847 | 16,710 |
Increase (decrease) in cash from changes in: | ||
Receivables, net | 11,868 | (22,947) |
Inventories, prepaid expenses and other | (4,284) | (21,411) |
Customer deposits | (11,435) | (131,336) |
Accounts payable and accrued expenses | (118,787) | 20,565 |
Net cash used in operating activities | (117,385) | (253,906) |
Cash flows from investing activities: | ||
Capital expenditures, net of construction payables and retention | (96,343) | (40,270) |
Purchase of intangible and other assets | (901) | (8,500) |
Proceeds from sale of assets and other | 29 | 134 |
Net cash used in investing activities | (97,215) | (48,636) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 0 | 50,084 |
Repayments of long-term debt | (12,500) | (1,166,737) |
Proceeds from issuance of Wynn Resorts, Limited common stock | 0 | 841,899 |
Repurchase of common stock | (11,667) | (4,356) |
Finance lease payments | (4,443) | (3,881) |
Distribution to noncontrolling interest | (9,279) | 0 |
Contribution from noncontrolling interest | 50,033 | 0 |
Dividends paid | (1,163) | (295) |
Payments for debt financing costs | (109) | (2,154) |
Net cash provided by (used in) financing activities | 10,872 | (285,440) |
Effect of exchange rate on cash, cash equivalents and restricted cash | (925) | (1,131) |
Cash, cash equivalents and restricted cash: | ||
Decrease in cash, cash equivalents and restricted cash | (204,653) | (589,113) |
Balance, beginning of period | 2,531,067 | 3,486,384 |
Balance, end of period | 2,326,414 | 2,897,271 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of amounts capitalized | 133,637 | 138,823 |
Liability settled with shares of common stock | 9,287 | 6,272 |
Accounts and construction payables related to property and equipment | 49,996 | 57,463 |
Other liabilities related to intangible assets | 5,501 | 13,748 |
Finance lease liabilities arising from obtaining finance lease assets | $ 1,119 | $ 7,423 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Organization Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, "Wynn Resorts" or the "Company"), is a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming. In the Macau Special Administrative Region ("Macau") of the People's Republic of China ("PRC"), the Company owns approximately 72% of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas. Additionally, the Company is a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations. In Everett, Massachusetts, the Company owns 100% of and operates Encore Boston Harbor, an integrated resort. The Company also holds an approximately 74% interest in, and consolidates, Wynn Interactive Ltd. ("Wynn Interactive"), through which it operates online sports betting and gaming businesses in the United States and the United Kingdom, as well as a social casino business. Recent Developments Related to COVID-19 Macau Operations Visitation to Macau has fallen significantly since the outbreak of COVID-19, driven by the strong deterrent effect of the COVID-19 pandemic on travel and social activities, quarantine measures put in place in Macau and elsewhere, travel and entry restrictions and conditions in Macau, the PRC, Hong Kong and Taiwan involving COVID-19 testing, among other things, and the suspension or reduced accessibility of transportation to and from Macau. Although there have been periods during which certain restrictions and conditions were eased by the Macau government to allow for greater visitation and quarantine-free travel to Macau, adverse conditions and evolving conditions created by and in response to the COVID-19 pandemic may cause these restrictions and conditions to be reintroduced. The Company is currently unable to determine when protective measures and the suspension of certain offerings in effect at our Macau Operations will be lifted. Given the uncertainty around the extent and timing of the potential future spread or mitigation of COVID-19 and around the imposition or relaxation of protective measures, management cannot reasonably estimate the impact to the Company's future results of operations, cash flows, or financial condition. Liquidity The COVID-19 pandemic has materially impacted and is likely to continue to materially impact our business, financial condition and results of operations. As of March 31, 2022, the Company had total cash and cash equivalents, excluding restricted cash, of $2.32 billion, and had access to $835.6 million of available borrowing capacity from the WRF Revolver and $211.9 million of available borrowing capacity from the WM Cayman II Revolver. As a result of the negative impact the COVID-19 pandemic has had, and will likely continue to have, on our operating income, the Company has suspended its dividend program for the foreseeable future. Given the Company's liquidity position as of March 31, 2022, the Company believes it will be able to support continuing operations and respond to the continuing impact of the COVID-19 pandemic and related economic disruptions. Macau Gaming Concession The term of the Company's gaming concession agreement with the Macau government ends on June 26, 2022. If the term of this concession agreement is not extended, renewed or replaced by a new gaming concession, all of the Company's gaming operations and related equipment in Macau will be automatically transferred to the Macau government without compensation on that date and the Company will cease to generate gaming revenues from its Macau Operations. In addition, under the indentures governing the Company’s $4.7 billion aggregate principal amount of WML Senior Notes and the facility agreement governing the WM Cayman II Revolver, upon the occurrence of any event after which the Company does not own or manage casino or gaming areas or operate casino games of fortune and chance in Macau in substantially the same manner and scope as of the issue date of the respective senior notes or the date of the facility agreement, for a period of 10 consecutive days or more in the case of the WML Senior Notes or a period of 30 consecutive days or more in the case of the WM Cayman II Revolver, 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, holders of the WML Senior Notes can require the Company to repurchase all or any part of the WML Senior Notes at par, plus any accrued and unpaid interest (the “Special Put Option”), and any amounts owed under the WM Cayman II Revolver may become immediately due and payable (the “Property Mandatory Prepayment Event”). In January 2022, the Macau government published a draft of its proposed revisions to the gaming law which is currently under review by the Macau Legislative Assembly. On March 3, 2022, the Macau government announced its intention to extend the term of Macau’s six gaming concession and subconcession contracts until December 31, 2022 in order to ensure sufficient time to complete the amendment to the Macau gaming law and to conduct a public tender for the awarding of new gaming concessions contracts. The Macau government invited Wynn Resorts (Macau) S.A. ("WRM") to submit a formal request for an extension along with a commitment to pay the Macau government approximately 47.0 million Macau pataca (MOP) (approximately $5.8 million) and provided a bank guarantee to secure the fulfillment of WRM’s payment obligations towards its employees should WRM be unsuccessful in tendering for a new concession contract after its concession expires. WRM submitted a request for an extension of its concession agreement on March 11, 2022, which is subject to approval by the Macau government. The Company is monitoring developments with respect to the Macau government’s concession extension and renewal process, and at this time believes that its concession agreement will be extended and renewed beyond June 26, 2022. If the Company is unable to extend or renew its concession agreement or obtain a new gaming concession agreement, and an election by the WML Senior Note holders to exercise the Special Put Option and the triggering of the Property Mandatory Prepayment Event would have a material adverse effect on the Company's business, financial condition, results of operations, and cash flows. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2022. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 16, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements for the first quarter of 2021 have been reclassified to be consistent with the current quarter presentation. These reclassifications had no effect on the previously reported net loss or operating loss. 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. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for credit losses, estimates regarding the useful lives and recoverability of the cost of long-lived assets, fair value estimates of intangible assets and their estimated useful lives, and litigation and contingency estimates. Gaming Taxes The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations. These taxes totaled $176.9 million and $212.0 million for the three months ended March 31, 2022 and 2021, respectively. Recently Issued Accounting Standards |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents: Cash (1) $ 1,765,903 $ 2,021,553 Cash equivalents (2) 551,449 500,977 Total cash and cash equivalents 2,317,352 2,522,530 Restricted cash (3) 9,062 8,537 Total cash, cash equivalents and restricted cash $ 2,326,414 $ 2,531,067 (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan. |
Receivables, net
Receivables, net | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Receivables, net | Receivables, net Accounts Receivable and Credit Risk Receivables, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Casino $ 191,884 $ 199,030 Hotel 29,545 36,749 Other 65,679 75,003 287,108 310,782 Less: allowance for credit losses (100,101) (111,319) $ 187,007 $ 199,463 As of March 31, 2022 and December 31, 2021, approximately 70.2% and 70.3%, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in the countries in which the Company's customers reside could affect the collectability of such receivables. The Company’s allowance for casino credit losses was 50.0% and 53.7% of gross casino receivables as of March 31, 2022 and December 31, 2021, respectively. Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change. The Company’s allowance for credit losses from its hotel and other receivables is not material. The following table shows the movement in the Company's allowance for credit losses recognized for receivables that occurred during the periods presented (in thousands): March 31, 2022 2021 Balance at beginning of year $ 111,319 $ 100,329 Provision for credit losses 342 7,367 Write-offs (11,720) (5,653) Recoveries of receivables previously written off 378 501 Effect of exchange rate (218) (132) Balance at end of period $ 100,101 $ 102,412 |
Property and Equipment, net
Property and Equipment, net | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Buildings and improvements $ 9,768,023 $ 9,785,514 Land and improvements 1,281,292 1,278,010 Furniture, fixtures and equipment 3,016,722 3,067,793 Airplanes 110,623 110,623 Construction in progress 323,439 250,378 14,500,099 14,492,318 Less: accumulated depreciation (5,829,372) (5,727,010) $ 8,670,727 $ 8,765,308 As of March 31, 2022 and December 31, 2021, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties, including the Wynn Las Vegas room remodel. Depreciation expense for the three months ended March 31, 2022 and 2021 was $176.3 million and $177.7 million, respectively. Encore Boston Harbor Real Estate Sale and Leaseback |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The following table shows the movement in the Company's goodwill balance that occurred during the periods presented (in thousands): March 31, 2022 2021 Balance at beginning of year $ 129,738 $ 144,095 Foreign currency translation (961) 1,312 Impairment (30,250) — Balance at end of period $ 98,527 $ 145,407 During the three months ended March 31, 2022, as a result of changes in forecasts and other industry-specific factors, the Company identified interim indicators of impairment related to the goodwill assigned to the reporting units comprising Wynn Interactive. After revisiting the estimated fair value of those reporting units based on a combination of the income and market approaches, the Company recognized impairment of $30.3 million, which is recorded in Property charges and other in the accompanying Condensed Consolidated Statements of Operations. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in thousands): March 31, 2022 December 31, 2021 Macau Related: WM Cayman II Revolver, due 2025 (1) $ 1,283,922 $ 1,287,766 WML 4 7/8% Senior Notes, due 2024 600,000 600,000 WML 5 1/2% Senior Notes, due 2026 1,000,000 1,000,000 WML 5 1/2% Senior Notes, due 2027 750,000 750,000 WML 5 5/8% Senior Notes, due 2028 1,350,000 1,350,000 WML 5 1/8% Senior Notes, due 2029 1,000,000 1,000,000 U.S. and Corporate Related: WRF Credit Facilities (2) : WRF Term Loan, due 2024 875,000 887,500 WLV 4 1/4% Senior Notes, due 2023 500,000 500,000 WLV 5 1/2% Senior Notes, due 2025 1,780,000 1,780,000 WLV 5 1/4% Senior Notes, due 2027 880,000 880,000 WRF 7 3/4% Senior Notes, due 2025 600,000 600,000 WRF 5 1/8% Senior Notes, due 2029 750,000 750,000 Retail Term Loan, due 2025 (3) 615,000 615,000 11,983,922 12,000,266 Less: Unamortized debt issuance costs and original issue discounts and premium, net (61,028) (65,720) 11,922,894 11,934,546 Less: Current portion of long-term debt (50,000) (50,000) Total long-term debt, net of current portion $ 11,872,894 $ 11,884,546 (1) The borrowings under the WM Cayman II Revolver bear interest at LIBOR or HIBOR plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $268.2 million and $1.02 billion of the WM Cayman II Revolver bears interest at a rate of LIBOR plus 2.625% per year and HIBOR plus 2.625% per year, respectively. As of March 31, 2022, the weighted average interest rate was approximately 2.96%. As of March 31, 2022, the available borrowing capacity under the WM Cayman II Revolver was $211.9 million. (2) The WRF Credit Facilities bear interest at a rate of LIBOR plus 1.75% per year. As of March 31, 2022, the weighted average interest rate was approximately 2.21%. Additionally, as of March 31, 2022, the available borrowing capacity under the WRF Revolver was $835.6 million, net of $14.4 million in outstanding letters of credit. (3) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of March 31, 2022, the effective interest rate was 2.70%. WM Cayman II Revolver Amendment On May 5, 2022, WM Cayman II and its lenders agreed to waive certain financial covenants in the facility agreement under the WM Cayman II Revolver in respect of the relevant periods ending on the following applicable test dates: (a) June 30, 2022; (b) September 30, 2022; (c) December 31, 2022; and (d) March 31, 2023; and to provide for a floor on the interest rate margin of 2.625% per annum through June 30, 2023. WML , as guarantor, may be subject to certain restrictions on payments of dividends or distributions to its shareholders, unless certain financial criteria have been satisfied through the facility agreement. Debt Covenant Compliance As of March 31, 2022, management believes the Company was in compliance with all debt covenants. Fair Value of Long-Term Debt |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | Stockholders' Deficit Equity Offering On February 11, 2021, the Company completed a registered public offering of 7,475,000 newly issued shares of its common stock, par value $0.01 per share, at a price of $115.00 per share for proceeds of $841.9 million, net of $17.7 million in underwriting discounts and commissions. The Company used the net proceeds from this equity offering for general corporate purposes, including the repayment of debt. Noncontrolling Interests Retail Joint Venture During the three months ended March 31, 2022, the Retail Joint Venture made aggregate distributions of approximately $9.3 million to its non-controlling interest holder. During the three months ended March 31, 2021, the Retail Joint Venture did not make any distributions to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture". During the three months ended March 31, 2022, in exchange for cash consideration of $50.0 million, the Company sold to Crown Acquisitions Inc. ("Crown") a 49.9% interest in certain retail space contributed by the Company to the Retail Joint Venture. In connection with this transaction, the Company recorded $48.6 million of additional paid-in capital and $1.5 million of noncontrolling interest, within Contribution from noncontrolling interest in the accompanying Condensed Consolidated Statement of Stockholders' Deficit for the three months ended March 31, 2022 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present assets and liabilities carried at fair value (in thousands): Fair Value Measurements Using: March 31, 2022 Quoted Other Unobservable Assets: Cash equivalents $ 551,449 $ — $ 551,449 $ — Restricted cash $ 9,062 $ 7,789 $ 1,273 $ — Interest rate collar $ 2,670 $ — $ 2,670 $ — Liabilities: Interest rate collar $ 817 $ — $ 817 $ — Fair Value Measurements Using: December 31, 2021 Quoted Other Unobservable Assets: Cash equivalents $ 500,977 $ — $ 500,977 $ — Restricted cash $ 8,537 $ 6,950 $ 1,587 $ — Liabilities: Interest rate collar $ 5,548 $ — $ 5,548 $ — |
Customer Contract Liabilities
Customer Contract Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition [Abstract] | |
Customer Contract Liabilties | Customer Contract Liabilities In providing goods and services to its customers, there is often a timing difference between the Company receiving cash and the Company recording revenue for providing services or holding events. The Company's primary liabilities associated with customer contracts are as follows (in thousands): March 31, 2022 December 31, 2021 Increase / (decrease) March 31, 2021 December 31, 2020 Increase / (decrease) Casino outstanding chips and front money deposits (1) $ 335,426 $ 352,830 $ (17,404) $ 461,343 $ 596,463 $ (135,120) Advance room deposits and ticket sales (2) 60,150 55,438 4,712 40,062 29,224 10,838 Other gaming-related liabilities (3) 25,745 26,515 (770) 9,608 7,882 1,726 Loyalty program and related liabilities (4) 37,355 34,695 2,660 24,967 22,736 2,231 $ 458,676 $ 469,478 $ (10,802) $ 535,980 $ 656,305 $ (120,325) (1) Casino outstanding chips generally represent amounts owed to gaming promoters and customers for chips in their possession, and casino front money deposits represent funds deposited by customers before gaming play occurs. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and may be recognized as revenue or redeemed for cash in the future. As of March 31, 2022 and December 31, 2021, the Company had no agreements in place with gaming promoters. (2) Advance room deposits and ticket sales represent cash received in advance for goods or services to be provided in the future. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and will be recognized as revenue when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenue and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenue within one year. (3) Other gaming-related liabilities generally represent unpaid wagers primarily in the form of unredeemed slot, race and sportsbook tickets or wagers for future sporting events. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets. (4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets and are expected to be recognized as revenue within one year of being earned by customers. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The total compensation cost for stock-based compensation plans was recorded as follows (in thousands): Three Months Ended March 31, 2022 2021 Casino $ 2,255 $ 3,891 Rooms 187 506 Food and beverage 362 1,150 Entertainment, retail and other 3,895 4,300 General and administrative 7,201 14,499 Total stock-based compensation expense 13,900 24,346 Total stock-based compensation capitalized 679 905 Total stock-based compensation costs $ 14,579 $ 25,251 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded an income tax expense of $1.1 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively. I ncome tax expense in both periods primarily related to the Macau dividend tax agreement that provides for an annual payment as complementary tax otherwise due by stockholders of WRM. In March 2021, the Company received an extension of its Macau dividend tax agreement, providing for a payment of MOP 12.8 million (approximately $1.6 million) for 2021 and MOP 6.3 million (approximately $0.8 million) for the period ending June 26, 2022. The Company records valuation allowances on certain of its U.S. and foreign deferred tax assets. The Company continues to rely solely on the reversal of net taxable temporary differences in assessing a need for a valuation allowance. In April 2020, WRM received an extension of the exemption from Macau’s 12% Complementary Tax on casino gaming profits earned from January 1, 2021 to June 26, 2022. For the three months ended March 31, 2022 and 2021, the Company did not have any casino gaming profits exempt from the Macau Complementary Tax. The Company's non-gaming profits remain subject to the Macau Complementary Tax and its casino winnings remain subject to the Macau special gaming tax and other levies in accordance with its gaming concession agreement. In March 2021, the Financial Services Bureau concluded its review of the 2017 and 2018 Macau income tax returns of Palo Real Estate Company Limited, a subsidiary of WRM, with no changes. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareBasic earnings per share ("EPS") is computed by dividing net loss attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net loss attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive. Potentially dilutive securities include outstanding stock options and unvested restricted stock. The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Numerator: Net loss attributable to Wynn Resorts, Limited $ (183,324) $ (280,978) Denominator: Weighted average common shares outstanding 115,030 111,020 Potential dilutive effect of stock options, nonvested, and performance nonvested shares — — Weighted average common and common equivalent shares outstanding 115,030 111,020 Net loss attributable to Wynn Resorts, Limited per common share, basic $ (1.59) $ (2.53) Net loss attributable to Wynn Resorts, Limited per common share, diluted $ (1.59) $ (2.53) Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 825 1,235 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases Lessor Arrangements The following table presents the minimum and contingent operating lease income for the periods presented (in thousands): Three Months Ended March 31, 2022 2021 Minimum rental income $ 24,601 $ 22,738 Contingent rental income 20,623 26,006 Total rental income $ 45,224 $ 48,744 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation In addition to the actions noted below, the Company and its affiliates are involved in litigation arising in the normal course of business. In the opinion of management, such litigation is not expected to have a material effect on the Company's financial condition, results of operations, and cash flows. Macau Litigation Related to Dore WRM has been named as a defendant in lawsuits filed in the Macau Court of First Instance by individuals who claim to be investors in or persons with credit in accounts maintained by Dore Entertainment Company Limited (“Dore”), an independent, Macau registered and licensed company that operated a gaming promoter business at Wynn Macau. In connection with the alleged theft, embezzlement, fraud and/or other crime(s) perpetrated by a former employee of Dore (the “Dore Incident”), the plaintiffs of the lawsuits allege that Dore failed to honor withdrawal of funds deposited with Dore as investments or gaming deposits that allegedly resulted in certain losses for these individuals. The principal allegations common to the lawsuits are that WRM, as a gaming concessionaire, should be held responsible for Dore’s conduct on the basis that WRM is responsible for the supervision of Dore’s activities at Wynn Macau that resulted in the purported losses. On November 19, 2021, the Macau Court of Final Appeal issued a final ruling (the “Ruling”) with respect to one such lawsuit that WRM was held jointly liable to a plaintiff. Pursuant to the Ruling, WRM was required to pay approximately $1.2 million, inclusive of accumulated interest, to such plaintiff. The Company believes most remaining cases are without merit and unfounded and intends to vigorously defend against the remaining claims pleaded against WRM in these lawsuits. The Company has made estimates for potential litigation costs based upon its assessment of the likely outcome and has recorded provisions for such amounts in the accompanying condensed consolidated financial statements. No assurances can be provided as to the outcome of the pending Dore cases, and actual results may differ from these estimates. Securities Action On February 20, 2018, a putative securities class action was filed against the Company and certain current and former officers of the Company in the United States District Court, Southern District of New York (which was subsequently transferred to the United States District Court, District of Nevada) by John V. Ferris and Joann M. Ferris on behalf of all persons who purchased the Company's common stock between February 28, 2014 and January 25, 2018. The complaint alleges, among other things, certain violations of federal securities laws and seeks to recover unspecified damages as well as attorneys' fees, costs and related expenses for the plaintiffs. On April 15, 2019, the Company filed a motion to dismiss, which the court granted on May 27, 2020, with leave to amend. On July 1, 2020, the plaintiffs filed an amended complaint. On August 14, 2020, the Company filed a motion to dismiss the amended complaint. On July 28, 2021, the court granted in part, and denied in part, the Company's motion to dismiss the amended complaint, dismissing certain of plaintiffs' claims, including all claims against Mr. Billings and the individual directors, and allowing other claims to proceed against the Company and several of the Company's former executive officers, including Mr. Maddox, Stephen A. Wynn, Kimmarie Sinatra, and Steven Cootey. The defendants in this action intend to vigorously defend against the claims pleaded against them. This action is in the 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 reasonably estimate the range of possible loss, if any. Federal Investigation From time to time, the Company receives regulatory inquiries about compliance with anti-money laundering laws. The Company received requests for information from the U.S. Attorney’s Office for the Southern District of California relating to its anti-money laundering policies and procedures, and beginning in 2020 received several grand jury subpoenas regarding various transactions at Wynn Las Vegas relating to certain patrons and agents who reside or operate in foreign jurisdictions. The Company continues to cooperate with the U.S. Attorney's Office in its investigation, which remains ongoing. Because no charges or claims have been brought, the Company is unable to predict the outcome of the investigation, the extent of the materiality of the outcome, or reasonably estimate the possible range of loss, if any, which could be associated with the resolution of any possible charges or claims that may be brought against the Company. |
Retail Joint Venture
Retail Joint Venture | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Retail Joint Venture | Retail Joint VentureAs of March 31, 2022 and December 31, 2021, the Retail Joint Venture had total assets of $95.3 million and $98.0 million, respectively, and total liabilities of $619.2 million and $624.4 million, respectively. As of March 31, 2022 and December 31, 2021, the Retail Joint Venture's liabilities included long-term debt of $613.0 million and $612.9 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationThe Company has identified its reportable segments based on factors such as geography, regulatory environment, the information reviewed by its chief operating decision maker, and the Company's organizational and management reporting structure. The Company has identified the following reportable segments: (i) Wynn Macau, representing the aggregate of Wynn Macau and Encore, an expansion at Wynn Macau, which are managed as a single integrated resort; (ii) Wynn Palace; (iii) Las Vegas Operations, representing the aggregate of Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture, which are managed as a single integrated resort; (iv) Encore Boston Harbor; and (v) Wynn Interactive. For geographical reporting purposes, Wynn Macau, Wynn Palace, and Other Macau (which represents the assets of the Company's Macau holding company and other ancillary entities) have been aggregated into Macau Operations. The following tables present the Company's segment information (in thousands): Three Months Ended March 31, 2022 2021 Operating revenues Macau Operations: Wynn Palace Casino $ 114,413 $ 185,909 Rooms 13,831 17,012 Food and beverage 11,443 11,672 Entertainment, retail and other (1) 23,638 22,733 163,325 237,326 Wynn Macau Casino 102,430 138,927 Rooms 9,390 14,702 Food and beverage 8,386 7,433 Entertainment, retail and other (1) 14,894 18,589 135,100 179,651 Total Macau Operations 298,425 416,977 Las Vegas Operations: Casino 124,271 79,903 Rooms 131,466 39,761 Food and beverage 136,029 40,077 Entertainment, retail and other (1) 49,420 18,975 Total Las Vegas Operations 441,186 178,716 Encore Boston Harbor: Casino 148,748 111,479 Rooms 15,689 4,715 Food and beverage 18,162 9,327 Entertainment, retail and other (1) 8,197 4,569 Total Encore Boston Harbor 190,796 130,090 Wynn Interactive: Entertainment, retail and other 22,927 10,899 Total Wynn Interactive 22,927 10,899 Total operating revenues $ 953,334 $ 736,682 Three Months Ended March 31, 2022 2021 Adjusted Property EBITDA (2) Macau Operations: Wynn Palace $ (864) $ 27,369 Wynn Macau (4,682) 16,556 Total Macau Operations (5,546) 43,925 Las Vegas Operations 159,378 28,081 Encore Boston Harbor 55,250 30,363 Wynn Interactive (31,501) (43,469) Total 177,581 58,900 Other operating expenses Pre-opening 2,447 1,627 Depreciation and amortization 184,556 185,121 Property charges and other 45,720 5,617 Corporate expenses and other 25,823 17,921 Stock-based compensation 13,900 24,346 Total other operating expenses 272,446 234,632 Operating loss (94,865) (175,732) Other non-operating income and expenses Interest income 1,280 904 Interest expense, net of amounts capitalized (152,158) (152,852) Change in derivatives fair value 7,400 4,409 Loss on extinguishment of debt — (1,322) Other (15,127) (11,093) Total other non-operating income and expenses (158,605) (159,954) Loss before income taxes (253,470) (335,686) Provision for income taxes (1,140) (493) Net loss (254,610) (336,179) Net loss attributable to noncontrolling interests 71,286 55,201 Net loss attributable to Wynn Resorts, Limited $ (183,324) $ (280,978) (1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases". (2) "Adjusted Property EBITDA" is net loss before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. The Company uses Adjusted Property EBITDA to manage the operating results of its segments. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDA because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDA calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net loss, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, the Company's calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. March 31, 2022 December 31, 2021 Assets Macau Operations: Wynn Palace $ 3,053,611 $ 3,122,424 Wynn Macau 894,110 1,032,521 Other Macau 1,096,243 1,173,913 Total Macau Operations 5,043,964 5,328,858 Las Vegas Operations 3,084,201 3,063,897 Encore Boston Harbor 2,147,869 2,193,117 Wynn Interactive 238,829 287,805 Corporate and other 1,664,447 1,657,149 Total $ 12,179,310 $ 12,530,826 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 16, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements for the first quarter of 2021 have been reclassified to be consistent with the current quarter presentation. These reclassifications had no effect on the previously reported net loss or operating loss. 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. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for credit losses, estimates regarding the useful lives and recoverability of the cost of long-lived assets, fair value estimates of intangible assets and their estimated useful lives, and litigation and contingency estimates. |
Gaming Taxes | Gaming TaxesThe Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations. |
Recently Issued and Adopted Accounting Standards | Recently Issued Accounting StandardsIn March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates and, particularly, the planned cessation of the London Interbank Offered Rate (referred to as "LIBOR"), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. ASU 2020-04 also provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. ASU 2020-04 must be adopted no later than December 1, 2022 with early adoption permitted. The Company is currently assessing the impact the adoption of the new guidance will have on its consolidated financial statements. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents: Cash (1) $ 1,765,903 $ 2,021,553 Cash equivalents (2) 551,449 500,977 Total cash and cash equivalents 2,317,352 2,522,530 Restricted cash (3) 9,062 8,537 Total cash, cash equivalents and restricted cash $ 2,326,414 $ 2,531,067 (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan. |
Schedule of Restricted Cash and Cash Equivalents | Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents: Cash (1) $ 1,765,903 $ 2,021,553 Cash equivalents (2) 551,449 500,977 Total cash and cash equivalents 2,317,352 2,522,530 Restricted cash (3) 9,062 8,537 Total cash, cash equivalents and restricted cash $ 2,326,414 $ 2,531,067 (1) Cash consists of cash on hand and bank deposits. (2) Cash equivalents consist of bank time deposits and money market funds. (3) Restricted cash consists of cash subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan. |
Receivables, net (Tables)
Receivables, net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Receivables, net | Receivables, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Casino $ 191,884 $ 199,030 Hotel 29,545 36,749 Other 65,679 75,003 287,108 310,782 Less: allowance for credit losses (100,101) (111,319) $ 187,007 $ 199,463 March 31, 2022 2021 Balance at beginning of year $ 111,319 $ 100,329 Provision for credit losses 342 7,367 Write-offs (11,720) (5,653) Recoveries of receivables previously written off 378 501 Effect of exchange rate (218) (132) Balance at end of period $ 100,101 $ 102,412 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Buildings and improvements $ 9,768,023 $ 9,785,514 Land and improvements 1,281,292 1,278,010 Furniture, fixtures and equipment 3,016,722 3,067,793 Airplanes 110,623 110,623 Construction in progress 323,439 250,378 14,500,099 14,492,318 Less: accumulated depreciation (5,829,372) (5,727,010) $ 8,670,727 $ 8,765,308 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table shows the movement in the Company's goodwill balance that occurred during the periods presented (in thousands): March 31, 2022 2021 Balance at beginning of year $ 129,738 $ 144,095 Foreign currency translation (961) 1,312 Impairment (30,250) — Balance at end of period $ 98,527 $ 145,407 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following (in thousands): March 31, 2022 December 31, 2021 Macau Related: WM Cayman II Revolver, due 2025 (1) $ 1,283,922 $ 1,287,766 WML 4 7/8% Senior Notes, due 2024 600,000 600,000 WML 5 1/2% Senior Notes, due 2026 1,000,000 1,000,000 WML 5 1/2% Senior Notes, due 2027 750,000 750,000 WML 5 5/8% Senior Notes, due 2028 1,350,000 1,350,000 WML 5 1/8% Senior Notes, due 2029 1,000,000 1,000,000 U.S. and Corporate Related: WRF Credit Facilities (2) : WRF Term Loan, due 2024 875,000 887,500 WLV 4 1/4% Senior Notes, due 2023 500,000 500,000 WLV 5 1/2% Senior Notes, due 2025 1,780,000 1,780,000 WLV 5 1/4% Senior Notes, due 2027 880,000 880,000 WRF 7 3/4% Senior Notes, due 2025 600,000 600,000 WRF 5 1/8% Senior Notes, due 2029 750,000 750,000 Retail Term Loan, due 2025 (3) 615,000 615,000 11,983,922 12,000,266 Less: Unamortized debt issuance costs and original issue discounts and premium, net (61,028) (65,720) 11,922,894 11,934,546 Less: Current portion of long-term debt (50,000) (50,000) Total long-term debt, net of current portion $ 11,872,894 $ 11,884,546 (1) The borrowings under the WM Cayman II Revolver bear interest at LIBOR or HIBOR plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $268.2 million and $1.02 billion of the WM Cayman II Revolver bears interest at a rate of LIBOR plus 2.625% per year and HIBOR plus 2.625% per year, respectively. As of March 31, 2022, the weighted average interest rate was approximately 2.96%. As of March 31, 2022, the available borrowing capacity under the WM Cayman II Revolver was $211.9 million. (2) The WRF Credit Facilities bear interest at a rate of LIBOR plus 1.75% per year. As of March 31, 2022, the weighted average interest rate was approximately 2.21%. Additionally, as of March 31, 2022, the available borrowing capacity under the WRF Revolver was $835.6 million, net of $14.4 million in outstanding letters of credit. (3) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of March 31, 2022, the effective interest rate was 2.70%. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Carried at Fair Value | The following tables present assets and liabilities carried at fair value (in thousands): Fair Value Measurements Using: March 31, 2022 Quoted Other Unobservable Assets: Cash equivalents $ 551,449 $ — $ 551,449 $ — Restricted cash $ 9,062 $ 7,789 $ 1,273 $ — Interest rate collar $ 2,670 $ — $ 2,670 $ — Liabilities: Interest rate collar $ 817 $ — $ 817 $ — Fair Value Measurements Using: December 31, 2021 Quoted Other Unobservable Assets: Cash equivalents $ 500,977 $ — $ 500,977 $ — Restricted cash $ 8,537 $ 6,950 $ 1,587 $ — Liabilities: Interest rate collar $ 5,548 $ — $ 5,548 $ — |
Customer Contract Liabilities (
Customer Contract Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition [Abstract] | |
Schedule of Customer Contract Liabilities | The Company's primary liabilities associated with customer contracts are as follows (in thousands): March 31, 2022 December 31, 2021 Increase / (decrease) March 31, 2021 December 31, 2020 Increase / (decrease) Casino outstanding chips and front money deposits (1) $ 335,426 $ 352,830 $ (17,404) $ 461,343 $ 596,463 $ (135,120) Advance room deposits and ticket sales (2) 60,150 55,438 4,712 40,062 29,224 10,838 Other gaming-related liabilities (3) 25,745 26,515 (770) 9,608 7,882 1,726 Loyalty program and related liabilities (4) 37,355 34,695 2,660 24,967 22,736 2,231 $ 458,676 $ 469,478 $ (10,802) $ 535,980 $ 656,305 $ (120,325) (1) Casino outstanding chips generally represent amounts owed to gaming promoters and customers for chips in their possession, and casino front money deposits represent funds deposited by customers before gaming play occurs. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and may be recognized as revenue or redeemed for cash in the future. As of March 31, 2022 and December 31, 2021, the Company had no agreements in place with gaming promoters. (2) Advance room deposits and ticket sales represent cash received in advance for goods or services to be provided in the future. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and will be recognized as revenue when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenue and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenue within one year. (3) Other gaming-related liabilities generally represent unpaid wagers primarily in the form of unredeemed slot, race and sportsbook tickets or wagers for future sporting events. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets. (4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets and are expected to be recognized as revenue within one year of being earned by customers. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation Allocated Costs | The total compensation cost for stock-based compensation plans was recorded as follows (in thousands): Three Months Ended March 31, 2022 2021 Casino $ 2,255 $ 3,891 Rooms 187 506 Food and beverage 362 1,150 Entertainment, retail and other 3,895 4,300 General and administrative 7,201 14,499 Total stock-based compensation expense 13,900 24,346 Total stock-based compensation capitalized 679 905 Total stock-based compensation costs $ 14,579 $ 25,251 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Shares used in Calculation of Earnings Per Share | Three Months Ended March 31, 2022 2021 Numerator: Net loss attributable to Wynn Resorts, Limited $ (183,324) $ (280,978) Denominator: Weighted average common shares outstanding 115,030 111,020 Potential dilutive effect of stock options, nonvested, and performance nonvested shares — — Weighted average common and common equivalent shares outstanding 115,030 111,020 Net loss attributable to Wynn Resorts, Limited per common share, basic $ (1.59) $ (2.53) Net loss attributable to Wynn Resorts, Limited per common share, diluted $ (1.59) $ (2.53) Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share 825 1,235 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Minimum and Contingent Operating Lease Income | The following table presents the minimum and contingent operating lease income for the periods presented (in thousands): Three Months Ended March 31, 2022 2021 Minimum rental income $ 24,601 $ 22,738 Contingent rental income 20,623 26,006 Total rental income $ 45,224 $ 48,744 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Operations by Segment | The following tables present the Company's segment information (in thousands): Three Months Ended March 31, 2022 2021 Operating revenues Macau Operations: Wynn Palace Casino $ 114,413 $ 185,909 Rooms 13,831 17,012 Food and beverage 11,443 11,672 Entertainment, retail and other (1) 23,638 22,733 163,325 237,326 Wynn Macau Casino 102,430 138,927 Rooms 9,390 14,702 Food and beverage 8,386 7,433 Entertainment, retail and other (1) 14,894 18,589 135,100 179,651 Total Macau Operations 298,425 416,977 Las Vegas Operations: Casino 124,271 79,903 Rooms 131,466 39,761 Food and beverage 136,029 40,077 Entertainment, retail and other (1) 49,420 18,975 Total Las Vegas Operations 441,186 178,716 Encore Boston Harbor: Casino 148,748 111,479 Rooms 15,689 4,715 Food and beverage 18,162 9,327 Entertainment, retail and other (1) 8,197 4,569 Total Encore Boston Harbor 190,796 130,090 Wynn Interactive: Entertainment, retail and other 22,927 10,899 Total Wynn Interactive 22,927 10,899 Total operating revenues $ 953,334 $ 736,682 Three Months Ended March 31, 2022 2021 Adjusted Property EBITDA (2) Macau Operations: Wynn Palace $ (864) $ 27,369 Wynn Macau (4,682) 16,556 Total Macau Operations (5,546) 43,925 Las Vegas Operations 159,378 28,081 Encore Boston Harbor 55,250 30,363 Wynn Interactive (31,501) (43,469) Total 177,581 58,900 Other operating expenses Pre-opening 2,447 1,627 Depreciation and amortization 184,556 185,121 Property charges and other 45,720 5,617 Corporate expenses and other 25,823 17,921 Stock-based compensation 13,900 24,346 Total other operating expenses 272,446 234,632 Operating loss (94,865) (175,732) Other non-operating income and expenses Interest income 1,280 904 Interest expense, net of amounts capitalized (152,158) (152,852) Change in derivatives fair value 7,400 4,409 Loss on extinguishment of debt — (1,322) Other (15,127) (11,093) Total other non-operating income and expenses (158,605) (159,954) Loss before income taxes (253,470) (335,686) Provision for income taxes (1,140) (493) Net loss (254,610) (336,179) Net loss attributable to noncontrolling interests 71,286 55,201 Net loss attributable to Wynn Resorts, Limited $ (183,324) $ (280,978) (1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases". (2) "Adjusted Property EBITDA" is net loss before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. The Company uses Adjusted Property EBITDA to manage the operating results of its segments. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDA because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDA calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net loss, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, the Company's calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. |
Summary of Assets by Segment | March 31, 2022 December 31, 2021 Assets Macau Operations: Wynn Palace $ 3,053,611 $ 3,122,424 Wynn Macau 894,110 1,032,521 Other Macau 1,096,243 1,173,913 Total Macau Operations 5,043,964 5,328,858 Las Vegas Operations 3,084,201 3,063,897 Encore Boston Harbor 2,147,869 2,193,117 Wynn Interactive 238,829 287,805 Corporate and other 1,664,447 1,657,149 Total $ 12,179,310 $ 12,530,826 |
Organization - Additional Infor
Organization - Additional Information (Details) $ in Thousands, MOP$ in Millions | Mar. 03, 2022USD ($) | Mar. 03, 2022MOP (MOP$) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Organization and Basis of Presentation [Line Items] | ||||
Cash and cash equivalents | $ 2,317,352 | $ 2,522,530 | ||
Long-term debt, gross | 11,983,922 | 12,000,266 | ||
Payments commited to extend gaming concessions | $ 5,800 | MOP$ 47.0 | ||
Senior Notes | Wynn Macau | ||||
Organization and Basis of Presentation [Line Items] | ||||
Long-term debt, gross | 4,700,000 | |||
Senior Revolving Credit Facility, Due 2024 | Senior Secured Revolving Credit Facility | WRF | ||||
Organization and Basis of Presentation [Line Items] | ||||
Available borrowing capacity | 835,600 | |||
WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility | WM Cayman Holdings Limited II | ||||
Organization and Basis of Presentation [Line Items] | ||||
Available borrowing capacity | 211,900 | |||
Long-term debt, gross | $ 1,283,922 | $ 1,287,766 | ||
Wynn Palace and Wynn Macau | ||||
Organization and Basis of Presentation [Line Items] | ||||
Percentage of ownership | 72.00% | |||
Wynn Las Vegas | ||||
Organization and Basis of Presentation [Line Items] | ||||
Percentage of ownership | 100.00% | |||
Retail Joint Venture | ||||
Organization and Basis of Presentation [Line Items] | ||||
Percentage of ownership | 50.10% | |||
Encore Boston Harbor | ||||
Organization and Basis of Presentation [Line Items] | ||||
Percentage of ownership | 100.00% | |||
Wynn Interactive | ||||
Organization and Basis of Presentation [Line Items] | ||||
Percentage of ownership | 74.00% |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
Gaming tax expenses | $ 176.9 | $ 212 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash | $ 1,765,903 | $ 2,021,553 | ||
Cash equivalents | 551,449 | 500,977 | ||
Total cash and cash equivalents | 2,317,352 | 2,522,530 | ||
Restricted cash | 9,062 | 8,537 | ||
Total cash, cash equivalents and restricted cash | $ 2,326,414 | $ 2,531,067 | $ 2,897,271 | $ 3,486,384 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 287,108 | $ 310,782 |
Less: allowance for credit losses | (100,101) | (111,319) |
Receivables, net | $ 187,007 | $ 199,463 |
Geographic Concentration Risk | Receivables | Outside the United States, primarily Asia | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of markers due from customers | 70.20% | 70.30% |
Casino | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 191,884 | $ 199,030 |
Allowance for credit losses, percent of gross casino receivables | 50.00% | 53.70% |
Hotel | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 29,545 | $ 36,749 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, gross | $ 65,679 | $ 75,003 |
Receivables, net - Schedule of
Receivables, net - Schedule of Movement in Allowance for Credit Losses Recognized for Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Balance at beginning of year | $ 111,319 | $ 100,329 |
Provision for credit losses | 342 | 7,367 |
Write-offs | (11,720) | (5,653) |
Recoveries of receivables previously written off | 378 | 501 |
Effect of exchange rate | (218) | (132) |
Balance at end of period | $ 100,101 | $ 102,412 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Buildings and improvements | $ 9,768,023 | $ 9,785,514 | |
Land and improvements | 1,281,292 | 1,278,010 | |
Furniture, fixtures and equipment | 3,016,722 | 3,067,793 | |
Airplanes | 110,623 | 110,623 | |
Construction in progress | 323,439 | 250,378 | |
Property and equipment, gross | 14,500,099 | 14,492,318 | |
Less: accumulated depreciation | (5,829,372) | (5,727,010) | |
Property and equipment, net | 8,670,727 | $ 8,765,308 | |
Depreciation expense | $ 176,300 | $ 177,700 |
Property and Equipment, net - N
Property and Equipment, net - Narrative (Details) - Forecast - Encore Boston Harbor $ in Millions | 3 Months Ended |
Dec. 31, 2022USD ($) | |
Property, Plant and Equipment [Line Items] | |
Sale leaseback transaction, gross proceeds | $ 1,700 |
Sale leaseback transaction, minimum annual rental payments | $ 100 |
Sale leaseback transaction, term | 30 years |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill [Roll Forward] | ||
Balance at beginning of year | $ 129,738 | $ 144,095 |
Foreign currency translation | (961) | 1,312 |
Impairment | (30,250) | 0 |
Balance at end of period | $ 98,527 | $ 145,407 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment | $ 30,250 | $ 0 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 11,983,922 | $ 12,000,266 |
Less: Unamortized debt issuance costs and original issue discounts and premium, net | (61,028) | (65,720) |
Long-term debt total | 11,922,894 | 11,934,546 |
Less: Current portion of long-term debt | (50,000) | (50,000) |
Total long-term debt, net of current portion | 11,872,894 | 11,884,546 |
WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 1,283,922 | 1,287,766 |
WML | WML 4 7/8% Senior Notes, due 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 600,000 | 600,000 |
Stated interest rate | 4.875% | |
WML | WML 5 1/2% Senior Notes, due 2026 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,000,000 | 1,000,000 |
Stated interest rate | 5.50% | |
WML | WML 5 1/2% Senior Notes, due 2027 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 750,000 | 750,000 |
Stated interest rate | 5.50% | |
WML | WML 5 5/8% Senior Notes, due 2028 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,350,000 | 1,350,000 |
Stated interest rate | 5.625% | |
WML | WML 5 1/8% Senior Notes, due 2029 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,000,000 | 1,000,000 |
Stated interest rate | 5.125% | |
WRF | WRF Term Loan, due 2024 | Senior Secured Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 875,000 | 887,500 |
WRF | WRF 7 3/4% Senior Notes, due 2025 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 600,000 | 600,000 |
Stated interest rate | 7.75% | |
WRF | WRF 5 1/8% Senior Notes, due 2029 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 750,000 | 750,000 |
Stated interest rate | 5.125% | |
WLV | WLV 4 1/4% Senior Notes, due 2023 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 500,000 | 500,000 |
Stated interest rate | 4.25% | |
WLV | WLV 5 1/2% Senior Notes, due 2025 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,780,000 | 1,780,000 |
Stated interest rate | 5.50% | |
WLV | WLV 5 1/4% Senior Notes, due 2027 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 880,000 | 880,000 |
Stated interest rate | 5.125% | |
Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) | Retail Term Loan, due 2025 | Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 615,000 | $ 615,000 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 11,983,922 | $ 12,000,266 |
WRF | Senior Revolving Credit Facility, Due 2024 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | 835,600 | |
Outstanding letters of credit | 14,400 | |
Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) | Retail Term Loan, due 2025 | Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 615,000 | 615,000 |
WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,283,922 | $ 1,287,766 |
Weighted average interest rate (percent) | 2.96% | |
Available borrowing capacity | $ 211,900 | |
HIBOR or LIBOR | WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility | Minimum | ||
Debt Instrument [Line Items] | ||
Interest in addition to variable rate | 1.875% | |
HIBOR or LIBOR | WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility | Maximum | ||
Debt Instrument [Line Items] | ||
Interest in addition to variable rate | 2.875% | |
LIBOR | WRF | WRF Credit Facilities | ||
Debt Instrument [Line Items] | ||
Interest in addition to variable rate | 1.75% | |
Weighted average interest rate (percent) | 2.21% | |
LIBOR | Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) | Retail Term Loan, due 2025 | Term Loan | ||
Debt Instrument [Line Items] | ||
Interest in addition to variable rate | 1.70% | |
Interest rate during period | 2.70% | |
LIBOR | WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest in addition to variable rate | 2.625% | |
Long-term debt, gross | $ 268,200 | |
HIBOR | WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest in addition to variable rate | 2.625% | |
Long-term debt, gross | $ 1,020,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 11,340,000 | $ 11,720,000 |
Long-term debt, gross | $ 11,983,922 | 12,000,266 |
WM Cayman Holdings Limited II | WM Cayman II Revolver, due 2025 | Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Variable rate, floor | 2.625% | |
Long-term debt, gross | $ 1,283,922 | $ 1,287,766 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 11, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Decrease from distributions to noncontrolling interest | $ 9,279 | ||
Additional paid-in capital | 3,571,666 | $ 3,502,715 | |
Noncontrolling interests | |||
Subsidiary, Sale of Stock [Line Items] | |||
Decrease from distributions to noncontrolling interest | 9,279 | ||
Crown Acquisitions Inc. | Retail Joint Venture | |||
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from real estate joint ventures | 50,000 | ||
Additional paid-in capital | 48,600 | ||
Contribution from noncontrolling interest | $ 1,500 | ||
Crown Acquisitions Inc. | Retail Joint Venture | Wynn Resorts Ltd. | |||
Subsidiary, Sale of Stock [Line Items] | |||
Percentage of ownership | 49.90% | ||
Public Stock Offering | |||
Subsidiary, Sale of Stock [Line Items] | |||
Newly issued shares of common stock in registered public offering (shares) | 7,475,000 | ||
Common stock, par value (usd per share) | $ 0.01 | ||
Price per share (usd per share) | $ 115 | ||
Proceeds | $ 841,900 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash equivalents | $ 551,449 | $ 500,977 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 551,449 | 500,977 |
Restricted cash | 9,062 | 8,537 |
Interest rate collar | 2,670 | |
Liabilities: | ||
Interest rate collar | 817 | 5,548 |
Fair Value, Measurements, Recurring | Quoted Market Prices in Active Markets (Level 1) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Restricted cash | 7,789 | 6,950 |
Interest rate collar | 0 | |
Liabilities: | ||
Interest rate collar | 0 | 0 |
Fair Value, Measurements, Recurring | Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash equivalents | 551,449 | 500,977 |
Restricted cash | 1,273 | 1,587 |
Interest rate collar | 2,670 | |
Liabilities: | ||
Interest rate collar | 817 | 5,548 |
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Interest rate collar | 0 | |
Liabilities: | ||
Interest rate collar | $ 0 | $ 0 |
Customer Contract Liabilities S
Customer Contract Liabilities Schedule of Customer Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Recognition [Abstract] | ||||
Casino outstanding chips and front money deposits | $ 335,426 | $ 461,343 | $ 352,830 | $ 596,463 |
Change in outstanding chips and front money deposits | (17,404) | (135,120) | ||
Advanced room deposits and ticket sales | 60,150 | 40,062 | 55,438 | 29,224 |
Change in advanced room deposits and ticket sales | 4,712 | 10,838 | ||
Other gaming related liabilities | 25,745 | 9,608 | 26,515 | 7,882 |
Change in other gaming related liabilities | (770) | 1,726 | ||
Loyalty program liabilities | 37,355 | 24,967 | 34,695 | 22,736 |
Change in loyalty program liabilities | 2,660 | 2,231 | ||
Total customer contract liabilities | 458,676 | 535,980 | $ 469,478 | $ 656,305 |
Change in total customer contract liabilities | $ (10,802) | $ (120,325) |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share Based Compensation Allocated Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 13,900 | $ 24,346 |
Total stock-based compensation capitalized | 679 | 905 |
Total stock-based compensation costs | 14,579 | 25,251 |
Casino | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 2,255 | 3,891 |
Rooms | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 187 | 506 |
Food and beverage | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 362 | 1,150 |
Entertainment, retail and other | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 3,895 | 4,300 |
General and administrative | ||
Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 7,201 | $ 14,499 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands, MOP$ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021USD ($) | Mar. 31, 2021MOP (MOP$) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Jun. 26, 2022USD ($) | Jun. 26, 2022MOP (MOP$) | |
Income Tax Disclosure [Abstract] | ||||||
Income tax expense (benefit) | $ (1,140) | $ (493) | ||||
Income Taxes [Line Items] | ||||||
Payment for dividend tax agreement | $ 1,600 | MOP$ 12.8 | ||||
Forecast | ||||||
Income Taxes [Line Items] | ||||||
Payment for dividend tax agreement | $ 800 | MOP$ 6.3 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Shares used in Calculation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net loss attributable to Wynn Resorts, Limited | $ (183,324) | $ (280,978) |
Denominator: | ||
Weighted average common shares outstanding (shares) | 115,030 | 111,020 |
Potential dilutive effect of stock options and restricted stock (shares) | 0 | 0 |
Weighted average common and common equivalent shares outstanding (shares) | 115,030 | 111,020 |
Net income (loss) attributable to Wynn Resorts, Limited per common share, basic (in usd per share) | $ (1.59) | $ (2.53) |
Net income attributable to Wynn Resorts, Ltd. per common share, diluted (in usd per share) | $ (1.59) | $ (2.53) |
Antidilutive securities excluded from computation of earnings per share (shares) | 825 | 1,235 |
Leases - Minimum and Contingent
Leases - Minimum and Contingent Operating Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Minimum rental income | $ 24,601 | $ 22,738 |
Contingent rental income | 20,623 | 26,006 |
Total rental income | $ 45,224 | $ 48,744 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Nov. 19, 2021USD ($) |
Judicial Ruling | Wynn Macau SA | |
Commitments and Contingencies [Line Items] | |
Damages awarded, value | $ 1.2 |
Retail Joint Venture - Addition
Retail Joint Venture - Additional information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Variable Interest Entities [Line Items] | ||
Assets | $ 12,179,310 | $ 12,530,826 |
Liabilities | 13,212,569 | 13,367,041 |
Long-term debt | 11,922,894 | 11,934,546 |
Retail Joint Venture | Retail | ||
Schedule of Variable Interest Entities [Line Items] | ||
Assets | 95,300 | 98,000 |
Liabilities | 619,200 | 624,400 |
Long-term debt | $ 613,000 | $ 612,900 |
Segment Information - Summary o
Segment Information - Summary of Results of Operations by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total operating revenues | $ 953,334 | $ 736,682 |
Adjusted Property EBITDA | 177,581 | 58,900 |
Other operating expenses | ||
Pre-opening | 2,447 | 1,627 |
Depreciation and amortization | 184,556 | 185,121 |
Property charges and other | 45,720 | 5,617 |
Corporate expenses and other | 25,823 | 17,921 |
Stock-based compensation | 13,900 | 24,346 |
Total other operating expenses | 272,446 | 234,632 |
Operating loss | (94,865) | (175,732) |
Other non-operating income and expenses | ||
Interest income | 1,280 | 904 |
Interest expense, net of amounts capitalized | (152,158) | (152,852) |
Change in derivatives fair value | 7,400 | 4,409 |
Loss on extinguishment of debt | 0 | (1,322) |
Other | (15,127) | (11,093) |
Total other non-operating income and expenses | (158,605) | (159,954) |
Loss before income taxes | (253,470) | (335,686) |
Provision for income taxes | (1,140) | (493) |
Net loss | (254,610) | (336,179) |
Net loss attributable to noncontrolling interests | 71,286 | 55,201 |
Net loss attributable to Wynn Resorts, Limited | (183,324) | (280,978) |
Operating Segments | Total Macau Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 298,425 | 416,977 |
Adjusted Property EBITDA | (5,546) | 43,925 |
Operating Segments | Total Macau Operations | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 163,325 | 237,326 |
Adjusted Property EBITDA | (864) | 27,369 |
Operating Segments | Total Macau Operations | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 135,100 | 179,651 |
Adjusted Property EBITDA | (4,682) | 16,556 |
Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 441,186 | 178,716 |
Adjusted Property EBITDA | 159,378 | 28,081 |
Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 190,796 | 130,090 |
Adjusted Property EBITDA | 55,250 | 30,363 |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 22,927 | 10,899 |
Corporate, Non-Segment | Wynn Interactive | ||
Segment Reporting Information [Line Items] | ||
Adjusted Property EBITDA | (31,501) | (43,469) |
Casino | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 489,862 | 516,218 |
Casino | Operating Segments | Total Macau Operations | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 114,413 | 185,909 |
Casino | Operating Segments | Total Macau Operations | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 102,430 | 138,927 |
Casino | Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 124,271 | 79,903 |
Casino | Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 148,748 | 111,479 |
Rooms | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 170,376 | 76,190 |
Rooms | Operating Segments | Total Macau Operations | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 13,831 | 17,012 |
Rooms | Operating Segments | Total Macau Operations | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 9,390 | 14,702 |
Rooms | Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 131,466 | 39,761 |
Rooms | Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 15,689 | 4,715 |
Food and beverage | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 174,020 | 68,509 |
Food and beverage | Operating Segments | Total Macau Operations | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 11,443 | 11,672 |
Food and beverage | Operating Segments | Total Macau Operations | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 8,386 | 7,433 |
Food and beverage | Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 136,029 | 40,077 |
Food and beverage | Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 18,162 | 9,327 |
Entertainment, retail and other | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 119,076 | 75,765 |
Entertainment, retail and other | Operating Segments | Total Macau Operations | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 23,638 | 22,733 |
Entertainment, retail and other | Operating Segments | Total Macau Operations | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 14,894 | 18,589 |
Entertainment, retail and other | Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 49,420 | 18,975 |
Entertainment, retail and other | Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | 8,197 | 4,569 |
Entertainment, retail and other | Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Total operating revenues | $ 22,927 | $ 10,899 |
Segment Information - Summary_2
Segment Information - Summary of Assets by Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Assets | $ 12,179,310 | $ 12,530,826 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,664,447 | 1,657,149 |
Operating Segments | Total Macau Operations | ||
Segment Reporting Information [Line Items] | ||
Assets | 5,043,964 | 5,328,858 |
Operating Segments | Las Vegas Operations | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,084,201 | 3,063,897 |
Operating Segments | Encore Boston Harbor | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,147,869 | 2,193,117 |
Operating Segments | Wynn Interactive | ||
Segment Reporting Information [Line Items] | ||
Assets | 238,829 | 287,805 |
Operating Segments | Macau | Wynn Palace | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,053,611 | 3,122,424 |
Operating Segments | Macau | Wynn Macau | ||
Segment Reporting Information [Line Items] | ||
Assets | 894,110 | 1,032,521 |
Operating Segments | Macau | Other Macau | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 1,096,243 | $ 1,173,913 |