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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wynn Resorts Ltd | NASDAQ:WYNN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.03 | 2.13% | 97.30 | 96.78 | 97.50 | 97.11 | 95.91 | 96.92 | 1,323,196 | 00:59:59 |
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ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2016
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period
to
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N
EVADA
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46-0484987
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification Number)
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Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock, $0.01 par value
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Nasdaq Global Select Market
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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•
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Approximately
284,000
square feet of casino space, offering 24-hour gaming and a full range of games with
303
table games and
957
slot machines, private gaming salons, sky casinos and a poker pit;
|
•
|
Two luxury hotel towers with a total of
1,008
guest rooms and suites;
|
•
|
Eight
food and beverage outlets;
|
•
|
Approximately
57,000
square feet of high-end, brand-name retail space;
|
•
|
Approximately
31,000
square feet of meeting and convention space;
|
•
|
Recreation and leisure facilities, including
two
health clubs, spas, a salon and a pool; and
|
•
|
A rotunda show featuring a Chinese zodiac-inspired ceiling along with gold "prosperity tree" and "dragon of fortune" attractions.
|
•
|
Approximately
420,000
square feet of casino space, offering 24-hour gaming and a full range of games with
304
table games and
996
slot machines, private gaming salons, sky casinos and a poker pit;
|
•
|
A luxury hotel with a total of
1,706
guest rooms, suites and villas;
|
•
|
10
food and beverage outlets;
|
•
|
Approximately
105,000
square feet of high-end, brand-name retail space;
|
•
|
Approximately
40,000
square feet of meeting and convention space;
|
•
|
Recreation and leisure facilities, including a gondola ride, health club, spa, salon and pool; and
|
•
|
Public attractions including a performance lake and floral art displays.
|
•
|
Approximately
189,000
square feet of casino space, offering 24-hour gaming and a full range of games with
234
table games and
1,907
slot machines, private gaming salons, a sky casino, a poker room, and a race and sports book;
|
•
|
Two luxury hotel towers with a total of
4,748
guest rooms, suites and villas;
|
•
|
33
food and beverage outlets;
|
•
|
Approximately
99,000
square feet of high-end, brand-name retail space (of which, effective December 28, 2016, approximately
88,000
square feet is owned and operated by a joint venture of which we own 50.1%);
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•
|
Approximately
290,000
square feet of meeting and convention space;
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•
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Three
nightclubs and a beach club;
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•
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Recreation and leisure facilities, including an 18-hole golf course, swimming pools, private cabanas, two full service spas and salons, and a wedding chapel; and
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•
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A specially designed theater presenting "Le Rêve-The Dream," a water-based theatrical production and a theater presenting entertainment productions and various headliner entertainment acts.
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•
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Collectively, Wynn Resorts earned more Five-Star awards than any other independent hotel company in the world in the official 2017 Forbes Travel Guide Star Rating list.
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•
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Wynn Macau continues to be the only resort in the world with eight Forbes Travel Guide Five-Star awards.
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•
|
Wynn Resorts owns two of the largest Forbes Five-Star hotels in the United States: Wynn Tower Suites (Las Vegas) and Encore Tower Suites (Las Vegas).
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•
|
Wynn Resorts was once again honored as the highest ranking casino resort on FORTUNE Magazine's 2017 World's Most Admired Companies list in the hotel, casino and resort category.
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•
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attracting a wide range of customers to the region, including high-net-worth international tourists;
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•
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driving international tourism for the region;
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•
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raising average hotel room rates in the region;
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•
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extending the average length of stay per visitor;
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•
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complementing existing convention and meeting business with five-star accommodations and appropriately scaled meeting amenities;
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•
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elevating service levels with the execution of five-star customer service; and
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•
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helping stimulate city-wide investment and employment.
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•
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conducts unauthorized games or activities that are excluded from its corporate purpose;
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•
|
abandons or suspends gaming operations in Macau for more than seven consecutive days (or more than 14 days in a civil year) without justification;
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•
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defaults in payment of taxes, premiums, contributions or other required amounts;
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•
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does not comply with government inspections or supervision;
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•
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systematically fails to observe its obligations under the concession system;
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•
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fails to maintain bank guarantees or bonds satisfactory to the government;
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•
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is the subject of bankruptcy proceedings or becomes insolvent;
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•
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engages in serious fraudulent activity, damaging to the public interest; or
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•
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repeatedly and seriously violates applicable gaming laws.
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•
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preventing unsavory or unsuitable persons from being directly or indirectly involved with gaming at any time or in any capacity;
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•
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establishing and maintaining responsible accounting practices and procedures;
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•
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maintaining effective controls over the financial practices of licensees, including establishing minimum procedures for internal fiscal affairs and safeguarding assets and revenue, providing reliable recordkeeping and requiring the filing of periodic reports with the Nevada Gaming Authorities;
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•
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preventing cheating and fraudulent practices; and
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•
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providing a source of state and local revenue through taxation and licensing fees.
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•
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voting on all matters voted on by stockholders or interest holders;
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•
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making financial and other inquiries of management of the type normally made by securities analysts for informational purposes and not to cause a change in management, policies or operations; and
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•
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other activities that the Nevada Gaming Commission may determine to be consistent with such investment intent.
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•
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pay that person any dividend or interest upon any voting securities;
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•
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allow that person to exercise, directly or indirectly, any voting right held by that person relating to Wynn Resorts;
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•
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pay remuneration in any form to that person for services rendered or otherwise; or
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•
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fail to pursue all lawful efforts to require the unsuitable person to relinquish such person's voting securities, including, if necessary, the immediate purchase of the voting securities for cash at fair market value.
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•
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pays to the unsuitable person any dividend, interest or any distribution whatsoever;
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•
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recognizes any voting right by the unsuitable person in connection with the securities;
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•
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pays the unsuitable person remuneration in any form; or
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•
|
makes any payment to the unsuitable person by way of principal, redemption, conversion, exchange, liquidation or similar transaction.
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•
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assure the financial stability of corporate gaming licensees and their affiliated companies;
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•
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preserve the beneficial aspects of conducting business in the corporate form; and
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•
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promote a neutral environment for the orderly governance of corporate affairs.
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•
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a percentage of the gross revenue received;
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•
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the number of gaming devices operated; or
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•
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the number of table games operated.
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•
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knowingly violates any laws of the foreign jurisdiction pertaining to the foreign gaming operation;
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•
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fails to conduct the foreign gaming operation in accordance with the standards of honesty and integrity required of Nevada gaming operations;
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•
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engages in any activity or enters into any association that is unsuitable because it poses an unreasonable threat to the control of gaming in Nevada, reflects or tends to reflect, discredit or disrepute upon the State of Nevada or gaming in Nevada, or is contrary to the gaming policies of Nevada;
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•
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engages in activities or enters into associations that are harmful to the State of Nevada or its ability to collect gaming taxes and fees; or
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•
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employs, contracts with or associates with a person in the foreign operation who has been denied a license or finding of suitability in Nevada on the ground of unsuitability.
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•
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our dependence on Stephen A. Wynn;
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•
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general global political and economic conditions, in the U.S. and China, which may impact levels of travel, leisure and consumer spending;
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•
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restrictions or conditions on visitation by citizens of mainland China to Macau;
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•
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the impact on the travel and leisure industry from factors such as an outbreak of an infectious disease, extreme weather patterns or natural disasters, military conflicts and any future security alerts and/or terrorist attacks;
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•
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doing business in foreign locations such as Macau;
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•
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our ability to maintain our customer relationships and collect and enforce gaming receivables;
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•
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our relationships with Macau gaming promoters;
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•
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our dependence on a limited number of resorts and locations for all of our cash flow and our subsidiaries' ability to pay us dividends and distributions;
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•
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competition in the casino/hotel and resort industries and actions taken by our competitors, including new development and construction activities of competitors;
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•
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factors affecting the development and success of new gaming and resort properties (including limited labor resources, government labor and gaming policies and transportation infrastructure in Macau; and cost increases, environmental regulation, and our ability to secure necessary permits and approvals in Everett, Massachusetts);
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•
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construction risks (including disputes with and defaults by contractors and subcontractors; construction, equipment or staffing problems; shortages of materials or skilled labor; environment, health and safety issues; and unanticipated cost increases);
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•
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legalization of gaming in other jurisdictions;
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•
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extensive regulation of our business (including the Chinese government's ongoing anti-corruption campaign) and the cost of compliance or failure to comply with applicable laws and regulations;
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•
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pending or future legal proceedings, regulatory or enforcement actions or probity investigations;
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•
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our ability to maintain our gaming licenses and concessions;
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•
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any violations by us of the anti-money laundering laws or Foreign Corrupt Practices Act;
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•
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changes in gaming laws or regulations;
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•
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changes in federal, foreign, or state tax laws or the administration of such laws;
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•
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potential violations of law by Mr. Kazuo Okada, a former shareholder of ours;
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•
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changes in the valuation of the promissory note we issued in connection with the redemption of Mr. Okada's shares;
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•
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continued compliance with all provisions in our debt agreements;
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•
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conditions precedent to funding under our credit facilities;
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•
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leverage and debt service (including sensitivity to fluctuations in interest rates);
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•
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cybersecurity risk including misappropriation of customer information or other breaches of information security;
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•
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our ability to protect our intellectual property rights; and
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•
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our current and future insurance coverage levels.
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•
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changes in local economic and competitive conditions;
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•
|
changes in local and state governmental laws and regulations, including gaming laws and regulations;
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•
|
natural and other disasters, including the outbreak of infectious diseases;
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•
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an increase in the cost of maintaining our properties;
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•
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a decline in the number of visitors to Las Vegas or Macau; and
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•
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a decrease in gaming and non-casino activities at our resorts.
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•
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unanticipated cost increases;
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•
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shortages of, and price increases in, materials or skilled labor;
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•
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changes to plans and specifications;
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•
|
delays in obtaining or inability to obtain requisite licenses, permits and authorizations from regulatory authorities;
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•
|
changes in laws and regulations, or in the interpretation and enforcement of laws and regulations, applicable to gaming, leisure, real estate development or construction projects;
|
•
|
unforeseen engineering, environmental and/or geological problems;
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•
|
labor disputes or work stoppages;
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•
|
disputes with and defaults by contractors and subcontractors;
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•
|
personal injuries to workers and other persons;
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•
|
environment, health and safety issues, including site accidents;
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•
|
delays or interference from severe weather or natural disasters;
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•
|
geological, construction, excavation, regulatory and equipment problems; and
|
•
|
unavailability of construction equipment.
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•
|
conducts unauthorized games or activities that are excluded from its corporate purpose;
|
•
|
suspends gaming operations in Macau for more than seven consecutive days (or more than 14 days in a civil year) without justification;
|
•
|
defaults in payment of taxes, premiums, contributions or other required amounts;
|
•
|
does not comply with government inspections or supervision;
|
•
|
systematically fails to observe its obligations under the concession system;
|
•
|
fails to maintain bank guarantees or bonds satisfactory to the government;
|
•
|
is the subject of bankruptcy proceedings or becomes insolvent;
|
•
|
engages in serious fraudulent activity, damaging to the public interest; or
|
•
|
repeatedly violates applicable gaming laws.
|
•
|
knowingly violate any Macau laws relating to their Macau gaming operations;
|
•
|
fail to conduct our Macau Operations in accordance with the standards of honesty and integrity required of Nevada gaming operations;
|
•
|
engage in any activity or enter into any association that is unsuitable for us because it poses an unreasonable
|
•
|
engage in any activity or enter into any association that interferes with the ability of the State of Nevada to collect gaming taxes and fees; or
|
•
|
employ, contract with or associate with any person in the foreign gaming operation who has been denied a license or a finding of suitability in Nevada on the ground of unsuitability, or who has been found guilty of cheating at gambling.
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•
|
failure to meet our payment obligations or other obligations could result in acceleration of our indebtedness, foreclosure upon our assets that serve as collateral or bankruptcy and trigger cross defaults under other agreements;
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•
|
servicing our indebtedness requires a substantial portion of our cash flow from the operations of our Las Vegas and Macau Operations and reduces the amount of available cash, if any, to fund working capital and other cash requirements or pay for other capital expenditures;
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•
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the Okada Parties have challenged the redemption of Aruze's shares and we are currently involved in litigation with those parties as well as related shareholder derivative litigation. The outcome of these various proceedings cannot be predicted. Any adverse judgments or settlements involving payment of a material sum of money could cause a material adverse effect on our financial condition and results of operations and could expose us to additional claims by third parties including current or former investors or regulators. Any adverse judgments or settlements would reduce our profits and could limit our ability to operate our business. See Item 8-"Financial Statements and Supplementary Data," Note 17 "Commitments and Contingencies";
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•
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we may not be able to obtain additional financing, if needed; and
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•
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rates with respect to a portion of the interest we pay will fluctuate with market rates and, accordingly, our interest expense will increase if market interest rates increase.
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•
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pay dividends or distributions or repurchase equity;
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•
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incur additional debt;
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•
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make investments;
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•
|
create liens on assets to secure debt;
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•
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enter into transactions with affiliates;
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•
|
issue stock of, or member's interests in, subsidiaries;
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•
|
enter into sale-leaseback transactions;
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•
|
engage in other businesses;
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•
|
merge or consolidate with another company;
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•
|
undergo a change of control;
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•
|
transfer, sell or otherwise dispose of assets;
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•
|
issue disqualified stock;
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•
|
create dividend and other payment restrictions affecting subsidiaries; and
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•
|
designate restricted and unrestricted subsidiaries.
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High
|
|
Low
|
||||
2017
|
|
|
|
||||
First Quarter (through February 15, 2017)
|
$
|
104.39
|
|
|
$
|
86.20
|
|
2016
|
|
|
|
||||
First Quarter
|
$
|
96.60
|
|
|
$
|
49.95
|
|
Second Quarter
|
$
|
105.69
|
|
|
$
|
85.72
|
|
Third Quarter
|
$
|
109.50
|
|
|
$
|
87.26
|
|
Fourth Quarter
|
$
|
104.90
|
|
|
$
|
82.51
|
|
2015
|
|
|
|
||||
First Quarter
|
$
|
160.41
|
|
|
$
|
121.53
|
|
Second Quarter
|
$
|
136.93
|
|
|
$
|
93.59
|
|
Third Quarter
|
$
|
112.00
|
|
|
$
|
52.26
|
|
Fourth Quarter
|
$
|
77.25
|
|
|
$
|
50.96
|
|
*$100 invested on 12/31/11 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.
|
Copyright © 2017 S&P, a division of McGraw Hill Financial. All rights reserved.
|
Copyright © 2017 Dow Jones & Co. All rights reserved.
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2016 (1)
|
|
2015
|
|
2014
|
|
2013
|
|
2012 (2)
|
||||||||||
|
(in thousands, except per share amounts)
|
||||||||||||||||||
Consolidated Statements of Income Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
4,466,297
|
|
|
$
|
4,075,883
|
|
|
$
|
5,433,661
|
|
|
$
|
5,620,936
|
|
|
$
|
5,154,284
|
|
Pre-opening costs
|
154,717
|
|
|
77,623
|
|
|
30,146
|
|
|
3,169
|
|
|
466
|
|
|||||
Operating income
|
521,662
|
|
|
658,814
|
|
|
1,266,278
|
|
|
1,290,091
|
|
|
1,029,276
|
|
|||||
Net income
|
302,469
|
|
|
281,524
|
|
|
962,644
|
|
|
1,004,157
|
|
|
728,699
|
|
|||||
Less: net income attributable to noncontrolling interests
|
(60,494
|
)
|
|
(86,234
|
)
|
|
(231,090
|
)
|
|
(275,505
|
)
|
|
(226,663
|
)
|
|||||
Net income attributable to Wynn Resorts, Limited
|
241,975
|
|
|
195,290
|
|
|
731,554
|
|
|
728,652
|
|
|
502,036
|
|
|||||
Basic income per share
|
$
|
2.39
|
|
|
$
|
1.93
|
|
|
$
|
7.25
|
|
|
$
|
7.25
|
|
|
$
|
4.87
|
|
Diluted income per share
|
$
|
2.38
|
|
|
$
|
1.92
|
|
|
$
|
7.18
|
|
|
$
|
7.17
|
|
|
$
|
4.82
|
|
|
December 31,
|
||||||||||||||||||
|
2016 (1)
|
|
2015
|
|
2014
|
|
2013
|
|
2012 (2)
|
||||||||||
|
(in thousands, except per share amounts)
|
||||||||||||||||||
Consolidated Balance Sheets Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
2,453,122
|
|
|
$
|
2,080,089
|
|
|
$
|
2,182,164
|
|
|
$
|
2,435,041
|
|
|
$
|
1,725,219
|
|
Construction in progress
|
299,686
|
|
|
3,217,117
|
|
|
1,666,326
|
|
|
558,624
|
|
|
110,490
|
|
|||||
Total assets
(3)
|
11,953,557
|
|
|
10,459,159
|
|
|
9,001,919
|
|
|
8,332,133
|
|
|
7,234,832
|
|
|||||
Total long-term obligations
(3) (4)
|
10,248,676
|
|
|
9,327,143
|
|
|
7,482,510
|
|
|
6,748,283
|
|
|
6,002,701
|
|
|||||
Stockholders’ equity
|
257,881
|
|
|
21,845
|
|
|
211,091
|
|
|
132,351
|
|
|
103,932
|
|
|||||
Cash dividends declared per common share
|
$
|
2.00
|
|
|
$
|
3.00
|
|
|
$
|
6.25
|
|
|
$
|
7.00
|
|
|
$
|
9.50
|
|
(1)
|
On August 22, 2016, we opened Wynn Palace.
|
(2)
|
On February 18, 2012, we redeemed and canceled Aruze's 24,549,222 shares of Wynn Resorts common stock. In connection with the redemption and cancellation, stockholders' equity was reduced by $1.94 billion, the face amount of the Redemption Note. Aruze has challenged the redemption and cancellation of the 24,549,222 shares and legal proceedings are ongoing. See Item 8—"Financial Statements and Supplementary Data," Note 17 "Commitments and Contingencies."
|
(3)
|
For fiscal years 2015 and prior, the total assets and total long-term obligations have been reclassified to conform to the presentation from the retrospective application of deferred financing costs accounting guidance we adopted on January 1, 2016. See Item 8—"Financial Statements and Supplementary Data," Note 2 "Summary of Significant Accounting Policies—Recently Issued and Adopted Accounting Standards."
|
(4)
|
Includes long-term debt, long-term portion of the contract premium payments under our land concession contract at Wynn Macau, other long-term liabilities and deferred income taxes, net.
|
•
|
Table drop for our Macau Operations is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage.
|
•
|
Table drop for our Las Vegas Operations is the amount of cash and net markers issued that are deposited in a gaming table's drop box.
|
•
|
Turnover is the sum of all losing rolling chip wagers within our Macau Operations' VIP program.
|
•
|
Table games win is the amount of table drop or turnover that is retained and recorded as casino revenues.
|
•
|
Rolling chips are identifiable chips that are used to track turnover for purposes of calculating incentives.
|
•
|
Slot win is the amount of handle (representing the total amount wagered) that is retained by us and is recorded as casino revenues.
|
•
|
Average daily rate ("ADR") is calculated by dividing total room revenues, including the retail value of promotional allowances (less service charges, if any), by total rooms occupied, including complimentary rooms.
|
•
|
Revenue per available room ("REVPAR") is calculated by dividing total room revenues, including the retail value of promotional allowances (less service charges, if any), by total rooms available.
|
•
|
Occupancy is calculated by dividing total occupied rooms, including complimentary rooms, by the total rooms available.
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net revenues
|
$
|
4,466,297
|
|
|
$
|
4,075,883
|
|
|
$
|
5,433,661
|
|
Net income attributable to Wynn Resorts, Limited
|
241,975
|
|
|
195,290
|
|
|
731,554
|
|
|||
Diluted net income per share
|
2.38
|
|
|
1.92
|
|
|
7.18
|
|
|||
Adjusted Property EBITDA
|
1,259,327
|
|
|
1,185,789
|
|
|
1,773,278
|
|
|
Years Ended December 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Percent
Change
|
|||||
Net revenues
|
|
|
|
|
|
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Macau
|
$
|
2,264,087
|
|
|
$
|
2,463,092
|
|
|
(8.1
|
)
|
Wynn Palace
(1)
|
583,336
|
|
|
—
|
|
|
—
|
|
||
Total Macau Operations
|
2,847,423
|
|
|
2,463,092
|
|
|
15.6
|
|
||
Las Vegas Operations
|
1,618,874
|
|
|
1,612,791
|
|
|
0.4
|
|
||
|
$
|
4,466,297
|
|
|
$
|
4,075,883
|
|
|
9.6
|
|
|
Years Ended December 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Increase/
(Decrease) |
|
Percent
Change |
|||||||
Macau Operations:
|
|
|
|
|
|
|
|
|||||||
Wynn Macau:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
2,135,193
|
|
|
$
|
2,312,925
|
|
|
$
|
(177,732
|
)
|
|
(7.7
|
)
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
149
|
|
|
230
|
|
|
(81
|
)
|
|
(35.2
|
)
|
|||
VIP turnover
|
$
|
47,048,754
|
|
|
$
|
57,917,060
|
|
|
$
|
(10,868,306
|
)
|
|
(18.8
|
)
|
Table games win
|
$
|
1,547,261
|
|
|
$
|
1,659,683
|
|
|
$
|
(112,422
|
)
|
|
(6.8
|
)
|
VIP win as a % of turnover
|
3.29
|
%
|
|
2.87
|
%
|
|
0.42
|
|
|
|
||||
Table games win per unit per day
|
$
|
28,332
|
|
|
$
|
19,785
|
|
|
$
|
8,547
|
|
|
43.2
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
216
|
|
|
228
|
|
|
(12
|
)
|
|
(5.3
|
)
|
|||
Table drop
|
$
|
4,585,476
|
|
|
$
|
4,857,804
|
|
|
$
|
(272,328
|
)
|
|
(5.6
|
)
|
Table games win
|
$
|
881,797
|
|
|
$
|
951,458
|
|
|
$
|
(69,661
|
)
|
|
(7.3
|
)
|
Table games win %
|
19.2
|
%
|
|
19.6
|
%
|
|
(0.4
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
11,131
|
|
|
$
|
11,431
|
|
|
$
|
(300
|
)
|
|
(2.6
|
)
|
Average number of slot machines
|
802
|
|
|
708
|
|
|
94
|
|
|
13.3
|
|
|||
Slot machine handle
|
$
|
3,386,973
|
|
|
$
|
3,961,115
|
|
|
$
|
(574,142
|
)
|
|
(14.5
|
)
|
Slot machine win
|
$
|
145,680
|
|
|
$
|
191,164
|
|
|
$
|
(45,484
|
)
|
|
(23.8
|
)
|
Slot machine win per unit per day
|
$
|
497
|
|
|
$
|
740
|
|
|
$
|
(243
|
)
|
|
(32.8
|
)
|
|
|
|
|
|
|
|
|
|||||||
Wynn Palace
(1)
:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
519,877
|
|
|
$
|
—
|
|
|
$
|
519,877
|
|
|
—
|
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
81
|
|
|
—
|
|
|
81
|
|
|
—
|
|
|||
VIP turnover
|
$
|
14,480,023
|
|
|
$
|
—
|
|
|
$
|
14,480,023
|
|
|
—
|
|
Table games win
|
$
|
396,954
|
|
|
$
|
—
|
|
|
$
|
396,954
|
|
|
—
|
|
VIP win as a % of turnover
|
2.74
|
%
|
|
—
|
%
|
|
2.74
|
|
|
—
|
|
|||
Table games win per unit per day
|
$
|
37,009
|
|
|
$
|
—
|
|
|
$
|
37,009
|
|
|
—
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
245
|
|
|
—
|
|
|
245
|
|
|
—
|
|
|||
Table drop
|
$
|
1,000,881
|
|
|
$
|
—
|
|
|
$
|
1,000,881
|
|
|
—
|
|
Table games win
|
$
|
211,146
|
|
|
$
|
—
|
|
|
$
|
211,146
|
|
|
—
|
|
Table games win %
|
21.1
|
%
|
|
—
|
%
|
|
21.1
|
|
|
—
|
|
|||
Table games win per unit per day
|
$
|
6,527
|
|
|
$
|
—
|
|
|
$
|
6,527
|
|
|
—
|
|
Average number of slot machines
|
962
|
|
|
—
|
|
|
962
|
|
|
—
|
|
|||
Slot machine handle
|
$
|
738,907
|
|
|
$
|
—
|
|
|
$
|
738,907
|
|
|
—
|
|
Slot machine win
|
$
|
40,664
|
|
|
$
|
—
|
|
|
$
|
40,664
|
|
|
—
|
|
Slot machine win per unit per day
|
$
|
320
|
|
|
$
|
—
|
|
|
$
|
320
|
|
|
—
|
|
|
Years Ended December 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Increase/
(Decrease) |
|
Percent
Change |
|||||||
Las Vegas Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
613,071
|
|
|
$
|
619,494
|
|
|
$
|
(6,423
|
)
|
|
(1.0
|
)
|
Average number of table games
|
235
|
|
|
232
|
|
|
3
|
|
|
1.3
|
|
|||
Table drop
|
$
|
1,838,479
|
|
|
$
|
2,060,189
|
|
|
$
|
(221,710
|
)
|
|
(10.8
|
)
|
Table games win
|
$
|
465,041
|
|
|
$
|
490,920
|
|
|
$
|
(25,879
|
)
|
|
(5.3
|
)
|
Table games win %
|
25.3
|
%
|
|
23.8
|
%
|
|
1.5
|
|
|
|
||||
Table games win per unit per day
|
$
|
5,406
|
|
|
$
|
5,786
|
|
|
$
|
(380
|
)
|
|
(6.6
|
)
|
Average number of slot machines
|
1,893
|
|
|
1,866
|
|
|
27
|
|
|
1.4
|
|
|||
Slot machine handle
|
$
|
3,148,610
|
|
|
$
|
2,969,327
|
|
|
$
|
179,283
|
|
|
6.0
|
|
Slot machine win
|
$
|
208,024
|
|
|
$
|
206,626
|
|
|
$
|
1,398
|
|
|
0.7
|
|
Slot machine win per unit per day
|
$
|
300
|
|
|
$
|
303
|
|
|
$
|
(3
|
)
|
|
(1.0
|
)
|
|
Years Ended December 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Percent
Change (1) |
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Macau:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
111,817
|
|
|
$
|
125,348
|
|
|
(10.8
|
)
|
Occupancy
|
94.4
|
%
|
|
96.5
|
%
|
|
(2.1
|
)
|
||
ADR
|
$
|
293
|
|
|
$
|
323
|
|
|
(9.3
|
)
|
REVPAR
|
$
|
277
|
|
|
$
|
312
|
|
|
(11.2
|
)
|
Wynn Palace
(2):
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
54,843
|
|
|
$
|
—
|
|
|
—
|
|
Occupancy
|
83.2
|
%
|
|
—
|
%
|
|
—
|
|
||
ADR
|
$
|
276
|
|
|
$
|
—
|
|
|
—
|
|
REVPAR
|
$
|
230
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|||||
Las Vegas Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
436,613
|
|
|
$
|
413,152
|
|
|
5.7
|
|
Occupancy
|
85.3
|
%
|
|
85.2
|
%
|
|
0.1
|
|
||
ADR
|
$
|
296
|
|
|
$
|
285
|
|
|
3.9
|
|
REVPAR
|
$
|
252
|
|
|
$
|
243
|
|
|
3.7
|
|
|
Years Ended December 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Percent
Change
|
|||||
Interest expense
|
|
|
|
|
|
|||||
Interest cost, including amortization of deferred financing costs and original issue discount and premium
|
$
|
383,497
|
|
|
$
|
354,233
|
|
|
8.3
|
|
Capitalized interest
|
(94,132
|
)
|
|
(53,327
|
)
|
|
76.5
|
|
||
|
$
|
289,365
|
|
|
$
|
300,906
|
|
|
(3.8
|
)
|
|
|
|
|
|
|
|||||
Weighted average total debt balance
|
$
|
9,564,845
|
|
|
$
|
8,214,598
|
|
|
|
|
Weighted average interest rate
|
4.0
|
%
|
|
4.3
|
%
|
|
|
|
Years Ended December 31,
|
|
|
|||||||
|
2015
|
|
2014
|
|
Percent
Change |
|||||
Net revenues
|
|
|
|
|
|
|||||
Wynn Macau
|
$
|
2,463,092
|
|
|
$
|
3,796,750
|
|
|
(35.1
|
)
|
Las Vegas Operations
|
1,612,791
|
|
|
1,636,911
|
|
|
(1.5
|
)
|
||
|
$
|
4,075,883
|
|
|
$
|
5,433,661
|
|
|
(25.0
|
)
|
|
Years Ended December 31,
|
|
|
|
|
|||||||||
|
2015
|
|
2014
|
|
Increase/
(Decrease) |
|
Percent
Change |
|||||||
Macau Operations:
|
|
|
|
|
|
|
|
|||||||
Wynn Macau:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
2,312,925
|
|
|
$
|
3,586,781
|
|
|
$
|
(1,273,856
|
)
|
|
(35.5
|
)
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
230
|
|
|
259
|
|
|
(29
|
)
|
|
(11.2
|
)
|
|||
VIP turnover
|
$
|
57,917,060
|
|
|
$
|
108,077,342
|
|
|
$
|
(50,160,282
|
)
|
|
(46.4
|
)
|
Table games win
|
$
|
1,659,683
|
|
|
$
|
3,051,046
|
|
|
$
|
(1,391,363
|
)
|
|
(45.6
|
)
|
VIP win as a % of turnover
|
2.87
|
%
|
|
2.82
|
%
|
|
0.05
|
|
|
|
||||
Table games win per unit per day
|
$
|
19,785
|
|
|
$
|
32,258
|
|
|
$
|
(12,473
|
)
|
|
(38.7
|
)
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
228
|
|
|
202
|
|
|
26
|
|
|
12.9
|
|
|||
Table drop
|
$
|
4,857,804
|
|
|
$
|
5,517,382
|
|
|
$
|
(659,578
|
)
|
|
(12.0
|
)
|
Table games win
|
$
|
951,458
|
|
|
$
|
1,187,997
|
|
|
$
|
(236,539
|
)
|
|
(19.9
|
)
|
Table games win %
|
19.6
|
%
|
|
21.5
|
%
|
|
(1.9
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
11,431
|
|
|
$
|
16,154
|
|
|
$
|
(4,723
|
)
|
|
(29.2
|
)
|
Average number of slot machines
|
708
|
|
|
679
|
|
|
29
|
|
|
4.3
|
|
|||
Slot machine handle
|
$
|
3,961,115
|
|
|
$
|
5,415,127
|
|
|
$
|
(1,454,012
|
)
|
|
(26.9
|
)
|
Slot machine win
|
$
|
191,164
|
|
|
$
|
264,763
|
|
|
$
|
(73,599
|
)
|
|
(27.8
|
)
|
Slot machine win per unit per day
|
$
|
740
|
|
|
$
|
1,068
|
|
|
$
|
(328
|
)
|
|
(30.7
|
)
|
|
|
|
|
|
|
|
|
|||||||
Las Vegas Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
619,494
|
|
|
$
|
687,440
|
|
|
$
|
(67,946
|
)
|
|
(9.9
|
)
|
Average number of table games
|
232
|
|
|
232
|
|
|
—
|
|
|
—
|
|
|||
Table drop
|
$
|
2,060,189
|
|
|
$
|
2,556,452
|
|
|
$
|
(496,263
|
)
|
|
(19.4
|
)
|
Table games win
|
$
|
490,920
|
|
|
$
|
623,968
|
|
|
$
|
(133,048
|
)
|
|
(21.3
|
)
|
Table games win %
|
23.8
|
%
|
|
24.4
|
%
|
|
(0.6
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
5,786
|
|
|
$
|
7,354
|
|
|
$
|
(1,568
|
)
|
|
(21.3
|
)
|
Average number of slot machines
|
1,866
|
|
|
1,858
|
|
|
8
|
|
|
0.4
|
|
|||
Slot machine handle
|
$
|
2,969,327
|
|
|
$
|
3,008,563
|
|
|
$
|
(39,236
|
)
|
|
(1.3
|
)
|
Slot machine win
|
$
|
206,626
|
|
|
$
|
186,458
|
|
|
$
|
20,168
|
|
|
10.8
|
|
Slot machine win per unit per day
|
$
|
303
|
|
|
$
|
275
|
|
|
$
|
28
|
|
|
10.2
|
|
|
Years Ended December 31,
|
|
|
|||||||
|
2015
|
|
2014
|
|
Percent
Change (1) |
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Macau:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
125,348
|
|
|
$
|
133,781
|
|
|
(6.3
|
)
|
Occupancy
|
96.5
|
%
|
|
98.4
|
%
|
|
(1.9
|
)
|
||
ADR
|
$
|
323
|
|
|
$
|
333
|
|
|
(3.0
|
)
|
REVPAR
|
$
|
312
|
|
|
$
|
327
|
|
|
(4.6
|
)
|
|
|
|
|
|
|
|||||
Las Vegas Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
413,152
|
|
|
$
|
408,981
|
|
|
1.0
|
|
Occupancy
|
85.2
|
%
|
|
86.9
|
%
|
|
(1.7
|
)
|
||
ADR
|
$
|
285
|
|
|
$
|
274
|
|
|
4.0
|
|
REVPAR
|
$
|
243
|
|
|
$
|
238
|
|
|
2.1
|
|
|
Years Ended December 31,
|
|
|
|||||||
|
2015
|
|
2014
|
|
Percent
Change
|
|||||
Interest expense
|
|
|
|
|
|
|||||
Interest cost, including amortization of deferred financing costs and original issue discount and premium
|
354,233
|
|
|
348,520
|
|
|
1.6
|
|
||
Capitalized interest
|
(53,327
|
)
|
|
(33,458
|
)
|
|
59.4
|
|
||
|
$
|
300,906
|
|
|
$
|
315,062
|
|
|
(4.5
|
)
|
|
|
|
|
|
|
|||||
Weighted average total debt balance
|
$
|
8,214,598
|
|
|
$
|
7,174,054
|
|
|
|
|
Weighted average interest rate
|
4.3
|
%
|
|
4.8
|
%
|
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Wynn Macau
|
$
|
681,509
|
|
|
$
|
708,623
|
|
|
$
|
1,258,082
|
|
Wynn Palace
(1)
|
103,036
|
|
|
—
|
|
|
—
|
|
|||
Las Vegas Operations
|
474,782
|
|
|
477,166
|
|
|
515,196
|
|
|
Payments Due By Period
|
||||||||||||||||||
|
Less
Than 1 Year |
|
1 to 3
Years |
|
4 to 5
Years |
|
After
5 Years |
|
Total
|
||||||||||
Long-term debt obligations
|
$
|
—
|
|
|
$
|
677.3
|
|
|
$
|
4,510.0
|
|
|
$
|
5,136.4
|
|
|
$
|
10,323.7
|
|
Fixed interest payments
|
278.2
|
|
|
556.5
|
|
|
541.7
|
|
|
358.8
|
|
|
1,735.2
|
|
|||||
Estimated variable interest payments
(1)
|
93.6
|
|
|
183.0
|
|
|
101.7
|
|
|
—
|
|
|
378.3
|
|
|||||
Operating leases
|
20.4
|
|
|
36.3
|
|
|
22.7
|
|
|
101.8
|
|
|
181.3
|
|
|||||
Construction contracts and commitments
|
357.9
|
|
|
22.9
|
|
|
—
|
|
|
—
|
|
|
380.8
|
|
|||||
Employment agreements
|
59.7
|
|
|
55.2
|
|
|
6.9
|
|
|
—
|
|
|
121.8
|
|
|||||
Other
(2) (3)
|
141.9
|
|
|
146.8
|
|
|
70.6
|
|
|
14.7
|
|
|
374.1
|
|
|||||
Total commitments
|
$
|
951.7
|
|
|
$
|
1,677.9
|
|
|
$
|
5,253.7
|
|
|
$
|
5,611.8
|
|
|
$
|
13,495.1
|
|
(1)
|
Amounts for all periods represent our estimated future interest payments on our debt facilities based upon amounts outstanding and LIBOR or HIBOR rates as of
December 31, 2016
. Such rates continue at historical lows as of
December 31, 2016
. Actual rates will vary.
|
(2)
|
Other includes open purchase orders, future charitable contributions, fixed gaming tax payments in Macau, performance contracts and other contracts. As further discussed in Item 8—"Financial Statements and Supplementary Data," Note 16 "Income Taxes" of this report, we had
$90.5 million
of unrecognized tax benefits as of
December 31, 2016
. Due to the inherent uncertainty of the underlying tax positions, it is not practicable to assign this liability to any particular year and therefore it is not included in the table above as of
December 31, 2016
.
|
(3)
|
Other excludes community payments associated with the continuing operations of Wynn Boston Harbor, which commence upon the opening of the resort. These amounts are approximately
$10.5 million
per year with minimal annual increases.
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Casino accounts receivable
|
$
|
211,557
|
|
|
$
|
190,294
|
|
Allowance for doubtful casino accounts receivable
|
$
|
53,860
|
|
|
$
|
66,109
|
|
Allowance as a percentage of casino accounts receivable
|
25.5
|
%
|
|
34.7
|
%
|
Years Ending December 31,
|
||||||||||||||||||||||||||||
Expected Maturity Date
|
||||||||||||||||||||||||||||
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
(dollars in millions)
|
||||||||||||||||||||||||||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed rate
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,350.0
|
|
|
$
|
5,136.4
|
|
|
$
|
6,486.4
|
|
Average interest rate
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
5.3
|
%
|
|
4.0
|
%
|
|
4.3
|
%
|
|||||||
Variable rate
|
|
$
|
—
|
|
|
$
|
313.0
|
|
|
$
|
364.3
|
|
|
$
|
1,668.3
|
|
|
$
|
1,491.7
|
|
|
$
|
—
|
|
|
$
|
3,837.3
|
|
Average interest rate
|
|
—
|
%
|
|
1.9
|
%
|
|
2.7
|
%
|
|
2.6
|
%
|
|
2.8
|
%
|
|
—
|
%
|
|
2.6
|
%
|
|
|
Years Ending December 31,
|
||||||||||||||||||||||||||
|
|
Expected Maturity Date
|
||||||||||||||||||||||||||
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(dollars in millions)
|
||||||||||||||||||||||||||
Average notional amount
|
|
$
|
753.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
753.0
|
|
Average pay rate
|
|
0.71
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.71
|
%
|
|||||||
Average receive rate
|
|
0.95
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.95
|
%
|
|
Page
|
|
63
|
|
|
64
|
|
|
65
|
|
|
66
|
|
|
67
|
|
|
68
|
|
|
69
|
|
|
70
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
2,453,122
|
|
|
$
|
2,080,089
|
|
Investment securities
|
173,437
|
|
|
115,297
|
|
||
Receivables, net
|
218,968
|
|
|
187,887
|
|
||
Inventories
|
91,541
|
|
|
74,493
|
|
||
Prepaid expenses and other
|
53,299
|
|
|
48,012
|
|
||
Total current assets
|
2,990,367
|
|
|
2,505,778
|
|
||
Property and equipment, net
|
8,259,631
|
|
|
7,477,478
|
|
||
Restricted cash
|
192,823
|
|
|
2,060
|
|
||
Investment securities
|
128,023
|
|
|
136,256
|
|
||
Intangible assets, net
|
113,588
|
|
|
110,972
|
|
||
Other assets
|
269,125
|
|
|
225,888
|
|
||
Investment in unconsolidated affiliates
|
—
|
|
|
727
|
|
||
Total assets
|
$
|
11,953,557
|
|
|
$
|
10,459,159
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts and construction payables
|
$
|
298,505
|
|
|
$
|
267,791
|
|
Current portion of land concession obligation
|
—
|
|
|
16,000
|
|
||
Customer deposits
|
599,566
|
|
|
436,409
|
|
||
Gaming taxes payable
|
162,706
|
|
|
98,559
|
|
||
Accrued compensation and benefits
|
165,501
|
|
|
129,697
|
|
||
Accrued interest
|
98,118
|
|
|
98,129
|
|
||
Other accrued liabilities
|
91,905
|
|
|
63,586
|
|
||
Total current liabilities
|
1,416,301
|
|
|
1,110,171
|
|
||
Long-term debt
|
10,125,352
|
|
|
9,149,665
|
|
||
Other long-term liabilities
|
87,462
|
|
|
141,121
|
|
||
Deferred income taxes, net
|
66,561
|
|
|
36,357
|
|
||
Total liabilities
|
11,695,676
|
|
|
10,437,314
|
|
||
Commitments and contingencies (Note 17)
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, par value $0.01; 400,000,000 shares authorized; 115,036,945 and 114,610,441 shares issued; 101,799,471 and 101,571,909 shares outstanding, respectively
|
1,150
|
|
|
1,146
|
|
||
Treasury stock, at cost; 13,237,474 and 13,038,532 shares, respectively
|
(1,166,697
|
)
|
|
(1,152,680
|
)
|
||
Additional paid-in capital
|
1,226,915
|
|
|
983,131
|
|
||
Accumulated other comprehensive income
|
1,484
|
|
|
1,092
|
|
||
Retained earnings
|
95,097
|
|
|
55,332
|
|
||
Total Wynn Resorts, Limited stockholders' equity (deficit)
|
157,949
|
|
|
(111,979
|
)
|
||
Noncontrolling interests
|
99,932
|
|
|
133,824
|
|
||
Total stockholders' equity
|
257,881
|
|
|
21,845
|
|
||
Total liabilities and stockholders' equity
|
$
|
11,953,557
|
|
|
$
|
10,459,159
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Operating revenues:
|
|
|
|
|
|
||||||
Casino
|
$
|
3,268,141
|
|
|
$
|
2,932,419
|
|
|
$
|
4,274,221
|
|
Rooms
|
603,272
|
|
|
538,500
|
|
|
542,762
|
|
|||
Food and beverage
|
601,514
|
|
|
597,080
|
|
|
604,701
|
|
|||
Entertainment, retail and other
|
363,428
|
|
|
350,622
|
|
|
401,181
|
|
|||
Gross revenues
|
4,836,355
|
|
|
4,418,621
|
|
|
5,822,865
|
|
|||
Less: promotional allowances
|
(370,058
|
)
|
|
(342,738
|
)
|
|
(389,204
|
)
|
|||
Net revenues
|
4,466,297
|
|
|
4,075,883
|
|
|
5,433,661
|
|
|||
Operating costs and expenses:
|
|
|
|
|
|
||||||
Casino
|
2,079,740
|
|
|
1,862,687
|
|
|
2,667,013
|
|
|||
Rooms
|
157,904
|
|
|
149,009
|
|
|
148,338
|
|
|||
Food and beverage
|
375,234
|
|
|
361,246
|
|
|
337,206
|
|
|||
Entertainment, retail and other
|
161,144
|
|
|
157,432
|
|
|
163,754
|
|
|||
General and administrative
|
548,141
|
|
|
464,793
|
|
|
492,464
|
|
|||
Provision for doubtful accounts
|
8,203
|
|
|
11,115
|
|
|
3,906
|
|
|||
Pre-opening costs
|
154,717
|
|
|
77,623
|
|
|
30,146
|
|
|||
Depreciation and amortization
|
404,730
|
|
|
322,629
|
|
|
314,119
|
|
|||
Property charges and other
|
54,822
|
|
|
10,535
|
|
|
10,437
|
|
|||
Total operating costs and expenses
|
3,944,635
|
|
|
3,417,069
|
|
|
4,167,383
|
|
|||
Operating income
|
521,662
|
|
|
658,814
|
|
|
1,266,278
|
|
|||
Other income (expense):
|
|
|
|
|
|
||||||
Interest income
|
13,536
|
|
|
7,229
|
|
|
20,441
|
|
|||
Interest expense, net of amounts capitalized
|
(289,365
|
)
|
|
(300,906
|
)
|
|
(315,062
|
)
|
|||
Change in interest rate swap fair value
|
433
|
|
|
(5,300
|
)
|
|
(4,393
|
)
|
|||
Decrease in Redemption Note fair value
|
65,043
|
|
|
52,041
|
|
|
—
|
|
|||
Loss on extinguishment of debt
|
—
|
|
|
(126,004
|
)
|
|
(9,569
|
)
|
|||
Equity in income from unconsolidated affiliates
|
16
|
|
|
1,823
|
|
|
1,349
|
|
|||
Other
|
(728
|
)
|
|
1,550
|
|
|
(182
|
)
|
|||
Other income (expense), net
|
(211,065
|
)
|
|
(369,567
|
)
|
|
(307,416
|
)
|
|||
Income before income taxes
|
310,597
|
|
|
289,247
|
|
|
958,862
|
|
|||
Benefit (provision) for income taxes
|
(8,128
|
)
|
|
(7,723
|
)
|
|
3,782
|
|
|||
Net income
|
302,469
|
|
|
281,524
|
|
|
962,644
|
|
|||
Less: net income attributable to noncontrolling interests
|
(60,494
|
)
|
|
(86,234
|
)
|
|
(231,090
|
)
|
|||
Net income attributable to Wynn Resorts, Limited
|
$
|
241,975
|
|
|
$
|
195,290
|
|
|
$
|
731,554
|
|
Basic and diluted income per common share:
|
|
|
|
|
|
||||||
Net income attributable to Wynn Resorts, Limited:
|
|
|
|
|
|
||||||
Basic
|
$
|
2.39
|
|
|
$
|
1.93
|
|
|
$
|
7.25
|
|
Diluted
|
$
|
2.38
|
|
|
$
|
1.92
|
|
|
$
|
7.18
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
101,445
|
|
|
101,163
|
|
|
100,927
|
|
|||
Diluted
|
101,855
|
|
|
101,671
|
|
|
101,931
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net income
|
$
|
302,469
|
|
|
$
|
281,524
|
|
|
$
|
962,644
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Foreign currency translation adjustments, before and after tax
|
(180
|
)
|
|
(448
|
)
|
|
(282
|
)
|
|||
Unrealized gain (loss) on available-for-sale securities, before and after tax
|
522
|
|
|
(1,086
|
)
|
|
(195
|
)
|
|||
Total comprehensive income
|
302,811
|
|
|
279,990
|
|
|
962,167
|
|
|||
Less: comprehensive income attributable to noncontrolling interests
|
(60,444
|
)
|
|
(86,113
|
)
|
|
(231,021
|
)
|
|||
Comprehensive income attributable to Wynn Resorts, Limited
|
$
|
242,367
|
|
|
$
|
193,877
|
|
|
$
|
731,146
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Shares
outstanding
|
|
Par
value
|
|
Treasury
stock
|
|
Additional
paid-in
capital
|
|
Accumulated
other
comprehensive
income
|
|
Retained
earnings
|
|
Total
Wynn Resorts, Limited
stockholders'
equity (deficit)
|
|
Noncontrolling
interests
|
|
Total stockholders'
equity
|
|||||||||||||||||
Balances, January 1, 2014
|
101,192,408
|
|
|
$
|
1,142
|
|
|
$
|
(1,143,419
|
)
|
|
$
|
888,727
|
|
|
$
|
2,913
|
|
|
$
|
66,130
|
|
|
$
|
(184,507
|
)
|
|
$
|
316,858
|
|
|
$
|
132,351
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
731,554
|
|
|
731,554
|
|
|
231,090
|
|
|
962,644
|
|
||||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(203
|
)
|
|
—
|
|
|
(203
|
)
|
|
(79
|
)
|
|
(282
|
)
|
||||||||
Net unrealized gain (loss) on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(205
|
)
|
|
—
|
|
|
(205
|
)
|
|
10
|
|
|
(195
|
)
|
||||||||
Exercise of stock options
|
211,133
|
|
|
2
|
|
|
—
|
|
|
11,643
|
|
|
—
|
|
|
—
|
|
|
11,645
|
|
|
214
|
|
|
11,859
|
|
||||||||
Issuance of restricted stock
|
54,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Cancellation of restricted stock
|
(9,166
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Shares repurchased by the company and held as treasury shares
|
(9,578
|
)
|
|
—
|
|
|
(2,062
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,062
|
)
|
|
—
|
|
|
(2,062
|
)
|
||||||||
Shares of subsidiary purchased for share award plan
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,081
|
)
|
|
(2,081
|
)
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
—
|
|
|
(633,197
|
)
|
|
(633,138
|
)
|
|
(312,287
|
)
|
|
(945,425
|
)
|
||||||||
Excess tax benefits from stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
9,376
|
|
|
—
|
|
|
—
|
|
|
9,376
|
|
|
—
|
|
|
9,376
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
38,761
|
|
|
—
|
|
|
—
|
|
|
38,761
|
|
|
6,145
|
|
|
44,906
|
|
||||||||
Balances, December 31, 2014
|
101,439,297
|
|
|
1,144
|
|
|
(1,145,481
|
)
|
|
948,566
|
|
|
2,505
|
|
|
164,487
|
|
|
(28,779
|
)
|
|
239,870
|
|
|
211,091
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195,290
|
|
|
195,290
|
|
|
86,234
|
|
|
281,524
|
|
||||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(327
|
)
|
|
—
|
|
|
(327
|
)
|
|
(121
|
)
|
|
(448
|
)
|
||||||||
Net unrealized loss on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,086
|
)
|
|
—
|
|
|
(1,086
|
)
|
|
—
|
|
|
(1,086
|
)
|
||||||||
Exercise of stock options
|
50,716
|
|
|
1
|
|
|
—
|
|
|
3,025
|
|
|
—
|
|
|
—
|
|
|
3,026
|
|
|
—
|
|
|
3,026
|
|
||||||||
Issuance of restricted stock
|
132,765
|
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Shares repurchased by the company and held as treasury shares
|
(50,869
|
)
|
|
—
|
|
|
(7,199
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,199
|
)
|
|
—
|
|
|
(7,199
|
)
|
||||||||
Shares of subsidiary repurchased for share award plan
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,169
|
)
|
|
—
|
|
|
—
|
|
|
(3,169
|
)
|
|
(1,222
|
)
|
|
(4,391
|
)
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(304,445
|
)
|
|
(304,445
|
)
|
|
(195,439
|
)
|
|
(499,884
|
)
|
||||||||
Excess tax benefits from stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
387
|
|
|
—
|
|
|
—
|
|
|
387
|
|
|
—
|
|
|
387
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
34,323
|
|
|
—
|
|
|
—
|
|
|
34,323
|
|
|
4,502
|
|
|
38,825
|
|
||||||||
Balances, December 31, 2015
|
101,571,909
|
|
|
1,146
|
|
|
(1,152,680
|
)
|
|
983,131
|
|
|
1,092
|
|
|
55,332
|
|
|
(111,979
|
)
|
|
133,824
|
|
|
21,845
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
241,975
|
|
|
241,975
|
|
|
60,494
|
|
|
302,469
|
|
||||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(130
|
)
|
|
—
|
|
|
(130
|
)
|
|
(50
|
)
|
|
(180
|
)
|
||||||||
Net unrealized gain on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
522
|
|
|
—
|
|
|
522
|
|
|
—
|
|
|
522
|
|
||||||||
Exercise of stock options
|
74,000
|
|
|
1
|
|
|
—
|
|
|
3,486
|
|
|
—
|
|
|
—
|
|
|
3,487
|
|
|
—
|
|
|
3,487
|
|
||||||||
Issuance of restricted stock
|
412,504
|
|
|
4
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Cancellation of restricted stock
|
(60,000
|
)
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Shares repurchased by the Company and held as treasury shares
|
(198,942
|
)
|
|
—
|
|
|
(14,017
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,017
|
)
|
|
—
|
|
|
(14,017
|
)
|
||||||||
Shares of subsidiary repurchased for share award plan
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,471
|
)
|
|
—
|
|
|
—
|
|
|
(5,471
|
)
|
|
(2,109
|
)
|
|
(7,580
|
)
|
||||||||
Sale of ownership interest in subsidiary, net of income tax of $49.8 million
|
—
|
|
|
—
|
|
|
—
|
|
|
224,013
|
|
|
—
|
|
|
—
|
|
|
224,013
|
|
|
15,890
|
|
|
239,903
|
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(202,210
|
)
|
|
(202,210
|
)
|
|
(111,716
|
)
|
|
(313,926
|
)
|
||||||||
Distribution to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(33
|
)
|
||||||||
Excess tax benefits from stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
802
|
|
|
—
|
|
|
—
|
|
|
802
|
|
|
—
|
|
|
802
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
20,957
|
|
|
—
|
|
|
—
|
|
|
20,957
|
|
|
3,632
|
|
|
24,589
|
|
||||||||
Balances, December 31, 2016
|
101,799,471
|
|
|
$
|
1,150
|
|
|
$
|
(1,166,697
|
)
|
|
$
|
1,226,915
|
|
|
$
|
1,484
|
|
|
$
|
95,097
|
|
|
$
|
157,949
|
|
|
$
|
99,932
|
|
|
$
|
257,881
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
302,469
|
|
|
$
|
281,524
|
|
|
$
|
962,644
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
404,730
|
|
|
322,629
|
|
|
314,119
|
|
|||
Deferred income taxes
|
6,356
|
|
|
6,498
|
|
|
(8,086
|
)
|
|||
Stock-based compensation expense
|
43,722
|
|
|
38,475
|
|
|
39,196
|
|
|||
Excess tax benefits from stock-based compensation
|
(742
|
)
|
|
(792
|
)
|
|
(9,339
|
)
|
|||
Amortization and write off of deferred financing costs and other
|
24,326
|
|
|
19,785
|
|
|
36,649
|
|
|||
Loss on extinguishment of debt
|
—
|
|
|
126,004
|
|
|
9,569
|
|
|||
Provision for doubtful accounts
|
8,203
|
|
|
11,115
|
|
|
3,906
|
|
|||
Property charges and other
|
42,670
|
|
|
9,664
|
|
|
10,466
|
|
|||
Equity in income of unconsolidated affiliates, net of distributions
|
—
|
|
|
1,615
|
|
|
(95
|
)
|
|||
Change in interest rate swap fair value
|
(433
|
)
|
|
5,300
|
|
|
4,393
|
|
|||
Change in Redemption Note fair value
|
(65,043
|
)
|
|
(52,041
|
)
|
|
—
|
|
|||
Increase (decrease) in cash from changes in:
|
|
|
|
|
|
||||||
Receivables, net
|
(39,272
|
)
|
|
47,011
|
|
|
38
|
|
|||
Inventories and prepaid expenses and other
|
(36,642
|
)
|
|
(23,613
|
)
|
|
(6,917
|
)
|
|||
Customer deposits
|
163,217
|
|
|
(112,748
|
)
|
|
(155,399
|
)
|
|||
Accounts payable and accrued expenses
|
116,985
|
|
|
(107,613
|
)
|
|
(102,827
|
)
|
|||
Net cash provided by operating activities
|
970,546
|
|
|
572,813
|
|
|
1,098,317
|
|
|||
Cash flows used in investing activities:
|
|
|
|
|
|
||||||
Capital expenditures, net of construction payables and retention
|
(1,225,943
|
)
|
|
(1,921,240
|
)
|
|
(1,221,357
|
)
|
|||
Purchase of investment securities
|
(196,750
|
)
|
|
(253,284
|
)
|
|
(200,258
|
)
|
|||
Proceeds from sale or maturity of investment securities
|
144,829
|
|
|
247,723
|
|
|
200,090
|
|
|||
Restricted cash
|
—
|
|
|
—
|
|
|
198,943
|
|
|||
Return of investment in unconsolidated affiliates
|
727
|
|
|
1,901
|
|
|
—
|
|
|||
Purchase of intangibles and other assets
|
(14,985
|
)
|
|
(3,912
|
)
|
|
(124,583
|
)
|
|||
Proceeds from sale of assets
|
3,872
|
|
|
37,254
|
|
|
32,813
|
|
|||
Net cash used in investing activities
|
(1,288,250
|
)
|
|
(1,891,558
|
)
|
|
(1,114,352
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from exercise of stock options
|
3,487
|
|
|
3,026
|
|
|
11,859
|
|
|||
Excess tax benefits from stock-based compensation
|
742
|
|
|
792
|
|
|
9,339
|
|
|||
Sale of ownership interest in subsidiary
|
217,000
|
|
|
—
|
|
|
—
|
|
|||
Dividends paid
|
(325,217
|
)
|
|
(499,107
|
)
|
|
(942,928
|
)
|
|||
Distribution to noncontrolling interest
|
(33
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of long-term debt
|
1,430,313
|
|
|
5,290,747
|
|
|
958,008
|
|
|||
Repayments of long-term debt
|
(400,707
|
)
|
|
(3,342,106
|
)
|
|
(199,739
|
)
|
|||
Restricted cash
|
(190,763
|
)
|
|
(1,083
|
)
|
|
—
|
|
|||
Repurchase of common stock
|
(14,017
|
)
|
|
(7,199
|
)
|
|
(2,062
|
)
|
|||
Shares of subsidiary repurchased for share award plan
|
(7,580
|
)
|
|
(4,391
|
)
|
|
(2,081
|
)
|
|||
Payments on long-term land concession obligation
|
(15,978
|
)
|
|
(30,833
|
)
|
|
(29,338
|
)
|
|||
Payment of financing costs
|
(5,381
|
)
|
|
(193,588
|
)
|
|
(38,683
|
)
|
|||
Net cash provided by (used in) financing activities
|
691,866
|
|
|
1,216,258
|
|
|
(235,625
|
)
|
|||
Effect of exchange rate on cash
|
(1,129
|
)
|
|
412
|
|
|
(1,217
|
)
|
|||
Cash and cash equivalents:
|
|
|
|
|
|
||||||
Increase (decrease) in cash and cash equivalents
|
373,033
|
|
|
(102,075
|
)
|
|
(252,877
|
)
|
|||
Balance, beginning of year
|
2,080,089
|
|
|
2,182,164
|
|
|
2,435,041
|
|
|||
Balance, end of year
|
$
|
2,453,122
|
|
|
$
|
2,080,089
|
|
|
$
|
2,182,164
|
|
|
|
|
|
|
|
||||||
Supplemental cash flow disclosures
|
|
|
|
|
|
||||||
Cash paid for interest, net of amounts capitalized
|
$
|
265,076
|
|
|
$
|
291,313
|
|
|
$
|
295,041
|
|
Cash paid for income taxes
|
$
|
2,040
|
|
|
$
|
2,873
|
|
|
$
|
3,041
|
|
Stock-based compensation capitalized into construction
|
$
|
92
|
|
|
$
|
350
|
|
|
$
|
5,710
|
|
Change in accounts and construction payables related to property and equipment
|
$
|
(34,049
|
)
|
|
$
|
13,031
|
|
|
$
|
132,079
|
|
Change in dividends payable on unvested restricted stock included in other accrued liabilities
|
$
|
(11,291
|
)
|
|
$
|
777
|
|
|
$
|
2,497
|
|
Note receivable acquired from sale of ownership interest in subsidiary
|
$
|
72,464
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Buildings and improvements
|
10 to 45 years
|
Land improvements
|
10 to 45 years
|
Leasehold interest in land
|
25 years
|
Airplanes
|
20 years
|
Furniture, fixtures and equipment
|
3 to 20 years
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Rooms
|
$
|
211,822
|
|
|
$
|
184,779
|
|
|
$
|
199,896
|
|
Food and beverage
|
131,479
|
|
|
133,984
|
|
|
162,712
|
|
|||
Entertainment, retail and other
|
26,757
|
|
|
23,975
|
|
|
26,596
|
|
|||
|
$
|
370,058
|
|
|
$
|
342,738
|
|
|
$
|
389,204
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Rooms
|
$
|
63,448
|
|
|
$
|
51,775
|
|
|
$
|
54,981
|
|
Food and beverage
|
113,341
|
|
|
106,840
|
|
|
120,070
|
|
|||
Entertainment, retail and other
|
17,170
|
|
|
14,414
|
|
|
14,977
|
|
|||
|
$
|
193,959
|
|
|
$
|
173,029
|
|
|
$
|
190,028
|
|
|
|
|
Fair Value Measurements Using:
|
|||||||||||
|
December 31, 2016
|
|
Quoted
Market Prices in Active Markets (Level 1) |
|
Other
Observable Inputs (Level 2) |
|
Unobservable
Inputs (Level 3) |
|||||||
Assets:
|
|
|
|
|
|
|
|
|||||||
Cash equivalents
|
$
|
1,106,606
|
|
|
$
|
3,868
|
|
|
$
|
1,102,738
|
|
|
—
|
|
Available-for-sale securities
|
$
|
301,460
|
|
|
—
|
|
|
$
|
301,460
|
|
|
—
|
|
|
Restricted cash
|
$
|
192,823
|
|
|
—
|
|
|
$
|
192,823
|
|
|
—
|
|
|
Interest rate swaps
|
$
|
1,056
|
|
|
—
|
|
|
$
|
1,056
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|||||||
Redemption Note
|
$
|
1,819,359
|
|
|
—
|
|
|
$
|
1,819,359
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Fair Value Measurements Using:
|
|||||||||||
|
December 31, 2015
|
|
Quoted
Market Prices in Active Markets (Level 1) |
|
Other
Observable Inputs (Level 2) |
|
Unobservable
Inputs (Level 3) |
|||||||
Assets:
|
|
|
|
|
|
|
|
|||||||
Cash equivalents
|
$
|
846,281
|
|
|
$
|
186
|
|
|
$
|
846,095
|
|
|
—
|
|
Available-for-sale securities
|
$
|
251,553
|
|
|
—
|
|
|
$
|
251,553
|
|
|
—
|
|
|
Restricted cash
|
$
|
2,060
|
|
|
$
|
2,060
|
|
|
—
|
|
|
—
|
|
|
Interest rate swaps
|
$
|
726
|
|
|
—
|
|
|
$
|
726
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|||||||
Redemption Note
|
$
|
1,884,402
|
|
|
—
|
|
|
$
|
1,884,402
|
|
|
—
|
|
|
Interest rate swaps
|
$
|
108
|
|
|
—
|
|
|
$
|
108
|
|
|
—
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net income attributable to Wynn Resorts, Limited
|
$
|
241,975
|
|
|
$
|
195,290
|
|
|
$
|
731,554
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
||||||
Weighted average common shares outstanding
|
101,445
|
|
|
101,163
|
|
|
100,927
|
|
|||
Potential dilutive effect of stock options and restricted stock
|
410
|
|
|
508
|
|
|
1,004
|
|
|||
Weighted average common and common equivalent shares outstanding
|
101,855
|
|
|
101,671
|
|
|
101,931
|
|
|||
|
|
|
|
|
|
||||||
Net income attributable to Wynn Resorts, Limited per common share, basic
|
$
|
2.39
|
|
|
$
|
1.93
|
|
|
$
|
7.25
|
|
Net income attributable to Wynn Resorts, Limited per common share, diluted
|
$
|
2.38
|
|
|
$
|
1.92
|
|
|
$
|
7.18
|
|
|
|
|
|
|
|
||||||
Anti-dilutive stock options and restricted stock excluded from the calculation of diluted earnings per share
|
758
|
|
|
677
|
|
|
26
|
|
|
Foreign
currency translation |
|
Unrealized
loss on investment securities |
|
Accumulated
other comprehensive income |
||||||
December 31, 2015
|
$
|
2,343
|
|
|
$
|
(1,251
|
)
|
|
$
|
1,092
|
|
Current period other comprehensive income (loss)
|
(130
|
)
|
|
522
|
|
|
392
|
|
|||
December 31, 2016
|
$
|
2,213
|
|
|
$
|
(729
|
)
|
|
$
|
1,484
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||
|
Amortized
cost |
|
Gross
unrealized gains |
|
Gross
unrealized losses |
|
Fair value
(net carrying amount) |
|
Amortized
cost |
|
Gross
unrealized gains |
|
Gross
unrealized losses |
|
Fair value
(net carrying amount) |
||||||||||||||||
Domestic and foreign corporate bonds
|
$
|
245,425
|
|
|
$
|
19
|
|
|
$
|
(720
|
)
|
|
$
|
244,724
|
|
|
$
|
243,857
|
|
|
$
|
—
|
|
|
$
|
(1,243
|
)
|
|
$
|
242,614
|
|
Commercial paper
|
56,764
|
|
|
5
|
|
|
(33
|
)
|
|
56,736
|
|
|
8,947
|
|
|
—
|
|
|
(8
|
)
|
|
8,939
|
|
||||||||
|
$
|
302,189
|
|
|
$
|
24
|
|
|
$
|
(753
|
)
|
|
$
|
301,460
|
|
|
$
|
252,804
|
|
|
$
|
—
|
|
|
$
|
(1,251
|
)
|
|
$
|
251,553
|
|
|
Fair value
|
||
Available-for-sale securities
|
|
||
Due in one year or less
|
$
|
173,437
|
|
Due after one year through two years
|
100,589
|
|
|
Due after two years through three years
|
27,434
|
|
|
|
$
|
301,460
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Casino
|
$
|
211,557
|
|
|
$
|
190,294
|
|
Hotel
|
21,897
|
|
|
20,661
|
|
||
Other
|
40,256
|
|
|
43,989
|
|
||
|
273,710
|
|
|
254,944
|
|
||
Less: allowance for doubtful accounts
|
(54,742
|
)
|
|
(67,057
|
)
|
||
|
$
|
218,968
|
|
|
$
|
187,887
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Land and improvements
|
$
|
834,420
|
|
|
$
|
804,512
|
|
Buildings and improvements
|
7,623,069
|
|
|
3,975,419
|
|
||
Airplanes
|
179,730
|
|
|
194,412
|
|
||
Furniture, fixtures and equipment
|
2,181,515
|
|
|
1,809,938
|
|
||
Leasehold interest in land
|
316,516
|
|
|
316,681
|
|
||
Construction in progress
|
299,686
|
|
|
3,217,117
|
|
||
|
11,434,936
|
|
|
10,318,079
|
|
||
Less: accumulated depreciation
|
(3,175,305
|
)
|
|
(2,840,601
|
)
|
||
|
$
|
8,259,631
|
|
|
$
|
7,477,478
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Indefinite-lived intangible assets:
|
|
|
|
||||
Water rights
|
$
|
6,400
|
|
|
$
|
6,400
|
|
Trademarks
|
1,387
|
|
|
1,387
|
|
||
Total indefinite-lived intangible assets
|
7,787
|
|
|
7,787
|
|
||
|
|
|
|
||||
Finite-lived intangible assets:
|
|
|
|
||||
Macau Gaming Concession
|
42,300
|
|
|
42,300
|
|
||
Less: accumulated amortization
|
(29,199
|
)
|
|
(26,815
|
)
|
||
|
13,101
|
|
|
15,485
|
|
||
|
|
|
|
||||
Massachusetts Gaming License
|
92,700
|
|
|
87,700
|
|
||
Less: accumulated amortization
|
—
|
|
|
—
|
|
||
|
92,700
|
|
|
87,700
|
|
||
|
|
|
|
||||
Total finite-lived intangible assets
|
105,801
|
|
|
103,185
|
|
||
Total intangible assets, net
|
$
|
113,588
|
|
|
$
|
110,972
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Macau Related:
|
|
|
|
||||
Wynn Macau Credit Facilities:
|
|
|
|
||||
Senior Term Loan Facility (as amended September 2015), due September 2021; interest at LIBOR or HIBOR plus 1.50%—2.25% (2.76% and 2.08% as of December 31, 2016 and 2015, respectively), net of debt issuance costs and original issue discount of $28,091 and $35,112 as of December 31, 2016 and 2015, respectively.
|
$
|
2,278,682
|
|
|
$
|
2,272,200
|
|
Senior Revolving Credit Facility (as amended September 2015), due September 2020; interest at LIBOR or HIBOR plus 1.50%—2.25% (2.75% and 2.07% as of December 31, 2016 and 2015, respectively)
|
340,846
|
|
|
431,172
|
|
||
5 1/4% Senior Notes, due October 15, 2021, net of debt issuance costs and original issue premium of $6,709 and $7,896 as of December 31, 2016 and 2015, respectively
|
1,343,291
|
|
|
1,342,104
|
|
||
WML Finance Revolving Credit Facility, due July 2018; interest at 1.50%
|
189,651
|
|
|
—
|
|
||
U.S. and Corporate Related:
|
|
|
|
||||
Wynn America Credit Facilities:
|
|
|
|
||||
Senior Term Loan Facility, due November 2020; interest at base rate plus 0.75% or LIBOR plus 1.75% (2.52% and 1.99% as of December 31, 2016 and 2015, respectively), net of debt issuance costs of $15,436 and $15,712 as of December 31, 2016 and 2015, respectively
|
984,564
|
|
|
54,288
|
|
||
5 3/8% First Mortgage Notes, due March 15, 2022, net of debt issuance costs of $6,709 and $7,791 as of December 31, 2016 and 2015, respectively
|
893,291
|
|
|
892,209
|
|
||
4 1/4% Senior Notes, due May 30, 2023, net of debt issuance costs of $2,819 and $3,183 as of December 31, 2016 and 2015, respectively
|
497,181
|
|
|
496,817
|
|
||
5 1/2% Senior Notes, due March 1, 2025, net of debt issuance costs of $21,513 and $23,527 as of December 31, 2016 and 2015, respectively
|
1,778,487
|
|
|
1,776,473
|
|
||
Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2%, net of fair value adjustment of $117,085 and $52,041 as of December 31, 2016 and 2015, respectively
|
1,819,359
|
|
|
1,884,402
|
|
||
|
10,125,352
|
|
|
9,149,665
|
|
||
Current portion of long-term debt
|
—
|
|
|
—
|
|
||
|
$
|
10,125,352
|
|
|
$
|
9,149,665
|
|
Years Ending December 31,
|
|
||
2018
|
$
|
312,945
|
|
2019
|
364,313
|
|
|
2020
|
1,668,300
|
|
|
2021
|
2,841,713
|
|
|
Thereafter
|
5,136,443
|
|
|
|
10,323,714
|
|
|
Fair value adjustment
|
(117,085
|
)
|
|
Debt issuance costs, premiums and discounts, net
|
(81,277
|
)
|
|
|
$
|
10,125,352
|
|
|
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding as of January 1, 2016
|
1,370,260
|
|
|
$
|
81.49
|
|
|
|
|
|
||
Granted
|
10,000
|
|
|
$
|
97.10
|
|
|
|
|
|
||
Exercised
|
(74,000
|
)
|
|
$
|
47.12
|
|
|
|
|
|
||
Forfeited or expired
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Outstanding as of December 31, 2016
|
1,306,260
|
|
|
$
|
83.56
|
|
|
2.60
|
|
$
|
23,139,020
|
|
Fully vested and expected to vest as of December 31, 2016
|
1,304,109
|
|
|
$
|
83.58
|
|
|
2.60
|
|
$
|
23,072,465
|
|
Exercisable as of December 31, 2016
|
1,007,758
|
|
|
$
|
89.72
|
|
|
2.47
|
|
$
|
13,094,570
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Weighted average grant date fair value
|
$
|
34.90
|
|
|
$
|
31.83
|
|
|
$
|
58.03
|
|
Intrinsic value of stock options exercised
|
$
|
3,657
|
|
|
$
|
1,684
|
|
|
$
|
30,485
|
|
Cash received from the exercise of stock options
|
$
|
3,487
|
|
|
$
|
3,026
|
|
|
$
|
11,086
|
|
|
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|||
Nonvested as of January 1, 2016
|
354,206
|
|
|
$
|
118.61
|
|
Granted
|
412,504
|
|
|
63.56
|
|
|
Vested
|
(554,954
|
)
|
|
78.84
|
|
|
Forfeited
|
(60,000
|
)
|
|
124.32
|
|
|
Nonvested as of December 31, 2016
|
151,756
|
|
|
$
|
112.14
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Weighted average grant date fair value
|
$
|
63.56
|
|
|
$
|
145.92
|
|
|
$
|
209.92
|
|
Fair value of shares vested
|
$
|
39,380
|
|
|
$
|
22,877
|
|
|
$
|
9,430
|
|
|
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding as of January 1, 2016
|
4,358,000
|
|
|
$
|
2.63
|
|
|
|
|
|
||
Granted
|
1,932,000
|
|
|
$
|
1.49
|
|
|
|
|
|
||
Exercised
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Outstanding as of December 31, 2016
|
6,290,000
|
|
|
$
|
2.28
|
|
|
7.3
|
|
$
|
—
|
|
Fully vested and expected to vest as of December 31, 2016
|
6,290,000
|
|
|
$
|
2.28
|
|
|
7.3
|
|
$
|
—
|
|
Exercisable as of December 31, 2016
|
2,485,200
|
|
|
$
|
2.60
|
|
|
5.4
|
|
$
|
—
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Weighted average grant date fair value
|
$
|
0.31
|
|
|
$
|
0.47
|
|
|
$
|
0.94
|
|
Intrinsic value of stock options exercised
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,134
|
|
Cash received from the exercise of stock options
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
773
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Casino
|
$
|
11,304
|
|
|
$
|
9,858
|
|
|
$
|
8,360
|
|
Rooms
|
374
|
|
|
318
|
|
|
216
|
|
|||
Food and beverage
|
1,060
|
|
|
1,050
|
|
|
753
|
|
|||
Entertainment, retail and other
|
82
|
|
|
82
|
|
|
55
|
|
|||
General and administrative
|
30,398
|
|
|
26,978
|
|
|
29,770
|
|
|||
Pre-opening costs
|
504
|
|
|
189
|
|
|
42
|
|
|||
Total stock-based compensation expense
|
43,722
|
|
|
38,475
|
|
|
39,196
|
|
|||
Total stock-based compensation capitalized
|
92
|
|
|
350
|
|
|
5,710
|
|
|||
Total stock-based compensation costs
|
$
|
43,814
|
|
|
$
|
38,825
|
|
|
$
|
44,906
|
|
|
Years Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Expected dividend yield
|
2.0
|
%
|
|
3.6
|
%
|
|
4.0
|
%
|
Expected volatility
|
45.4
|
%
|
|
44.1
|
%
|
|
43.3
|
%
|
Risk-free interest rate
|
1.1
|
%
|
|
1.3
|
%
|
|
1.6
|
%
|
Expected term (years)
|
6.0
|
|
|
6.0
|
|
|
6.5
|
|
|
Years Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Expected dividend yield
|
6.3
|
%
|
|
5.0
|
%
|
|
5.0
|
%
|
Expected volatility
|
42.6
|
%
|
|
41.3
|
%
|
|
40.9
|
%
|
Risk-free interest rate
|
1.0
|
%
|
|
1.3
|
%
|
|
1.1
|
%
|
Expected term (years)
|
6.5
|
|
|
6.5
|
|
|
6.5
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Domestic
|
$
|
90,900
|
|
|
$
|
(21,880
|
)
|
|
$
|
122,974
|
|
Foreign
|
219,697
|
|
|
311,127
|
|
|
835,888
|
|
|||
Total
|
$
|
310,597
|
|
|
$
|
289,247
|
|
|
$
|
958,862
|
|
|
Years Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Federal statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Foreign tax rate differential
|
(14.5
|
)%
|
|
(21.0
|
)%
|
|
(19.1
|
)%
|
Non-taxable foreign income
|
(20.7
|
)%
|
|
(23.1
|
)%
|
|
(13.1
|
)%
|
Foreign tax credits, net of valuation allowance
|
(61.5
|
)%
|
|
(93.2
|
)%
|
|
(95.2
|
)%
|
Repatriation of foreign earnings
|
51.6
|
%
|
|
97.9
|
%
|
|
88.0
|
%
|
Other, net
|
5.2
|
%
|
|
2.7
|
%
|
|
2.9
|
%
|
Valuation allowance, other
|
7.5
|
%
|
|
4.4
|
%
|
|
1.1
|
%
|
Effective tax rate
|
2.6
|
%
|
|
2.7
|
%
|
|
(0.4
|
)%
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Deferred tax assets—U.S.:
|
|
|
|
||||
Foreign tax credit carryforwards
|
$
|
3,269,781
|
|
|
$
|
3,315,737
|
|
Receivables, inventories, accrued liabilities and other
|
37,391
|
|
|
39,743
|
|
||
Intangibles and related other
|
21,404
|
|
|
25,129
|
|
||
Stock based compensation
|
18,740
|
|
|
17,986
|
|
||
Pre-opening costs
|
6,516
|
|
|
8,696
|
|
||
Other tax credit carryforwards
|
2,413
|
|
|
9,087
|
|
||
Other
|
7,958
|
|
|
6,344
|
|
||
|
3,364,203
|
|
|
3,422,722
|
|
||
Less: valuation allowance
|
(3,201,406
|
)
|
|
(3,271,173
|
)
|
||
|
162,797
|
|
|
151,549
|
|
||
Deferred tax liabilities—U.S.:
|
|
|
|
||||
Property and equipment
|
(176,611
|
)
|
|
(159,171
|
)
|
||
Redemption Note fair value
|
(42,806
|
)
|
|
(19,025
|
)
|
||
Prepaid insurance, maintenance and taxes
|
(7,913
|
)
|
|
(7,984
|
)
|
||
Other
|
(2,028
|
)
|
|
(1,726
|
)
|
||
|
(229,358
|
)
|
|
(187,906
|
)
|
||
Deferred tax assets—Foreign:
|
|
|
|
||||
Net operating loss carryforwards
|
50,258
|
|
|
22,454
|
|
||
Property and equipment
|
29,998
|
|
|
27,672
|
|
||
Pre-opening costs
|
12,944
|
|
|
13,770
|
|
||
Other
|
2,946
|
|
|
3,056
|
|
||
|
96,146
|
|
|
66,952
|
|
||
Less: valuation allowance
|
(85,317
|
)
|
|
(59,705
|
)
|
||
|
10,829
|
|
|
7,247
|
|
||
Deferred tax liabilities—Foreign:
|
|
|
|
||||
Property and equipment
|
(10,829
|
)
|
|
(7,247
|
)
|
||
|
|
|
|
||||
Net deferred tax liability
|
$
|
(66,561
|
)
|
|
$
|
(36,357
|
)
|
|
December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Balance—beginning of year
|
$
|
88,314
|
|
|
$
|
88,884
|
|
|
$
|
89,544
|
|
Increases based on tax positions of the current year
|
5,930
|
|
|
3,051
|
|
|
3,297
|
|
|||
Increases based on tax positions of prior years
|
—
|
|
|
—
|
|
|
322
|
|
|||
Decreases for tax positions of prior years
|
—
|
|
|
—
|
|
|
(867
|
)
|
|||
Settlements with taxing authorities
|
—
|
|
|
(354
|
)
|
|
(997
|
)
|
|||
Lapses in statutes of limitations
|
(3,721
|
)
|
|
(3,267
|
)
|
|
(2,415
|
)
|
|||
Balance—end of year
|
$
|
90,523
|
|
|
$
|
88,314
|
|
|
$
|
88,884
|
|
Years Ending December 31,
|
|
||
2017
|
$
|
103,867
|
|
2018
|
87,443
|
|
|
2019
|
89,701
|
|
|
2020
|
89,956
|
|
|
2021
|
21,743
|
|
|
Thereafter
|
68,734
|
|
|
|
$
|
461,444
|
|
Years Ending December 31,
|
|
||
2017
|
$
|
99,733
|
|
2018
|
73,255
|
|
|
2019
|
53,538
|
|
|
2020
|
30,382
|
|
|
2021
|
20,266
|
|
|
Thereafter
|
4,695
|
|
|
|
$
|
281,869
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net revenues
|
|
|
|
|
|
||||||
Macau Operations:
|
|
|
|
|
|
||||||
Wynn Macau
|
$
|
2,264,087
|
|
|
$
|
2,463,092
|
|
|
$
|
3,796,750
|
|
Wynn Palace
|
583,336
|
|
|
—
|
|
|
—
|
|
|||
Total Macau Operations
|
2,847,423
|
|
|
2,463,092
|
|
|
3,796,750
|
|
|||
Las Vegas Operations
|
1,618,874
|
|
|
1,612,791
|
|
|
1,636,911
|
|
|||
Total
|
$
|
4,466,297
|
|
|
$
|
4,075,883
|
|
|
$
|
5,433,661
|
|
Adjusted Property EBITDA
(1)
|
|
|
|
|
|
||||||
Macau Operations:
|
|
|
|
|
|
||||||
Wynn Macau
|
$
|
681,509
|
|
|
$
|
708,623
|
|
|
$
|
1,258,082
|
|
Wynn Palace
|
103,036
|
|
|
—
|
|
|
—
|
|
|||
Total Macau Operations
|
784,545
|
|
|
708,623
|
|
|
1,258,082
|
|
|||
Las Vegas Operations
|
474,782
|
|
|
477,166
|
|
|
515,196
|
|
|||
Total
|
1,259,327
|
|
|
1,185,789
|
|
|
1,773,278
|
|
|||
Other operating costs and expenses
|
|
|
|
|
|
||||||
Pre-opening costs
|
154,717
|
|
|
77,623
|
|
|
30,146
|
|
|||
Depreciation and amortization
|
404,730
|
|
|
322,629
|
|
|
314,119
|
|
|||
Property charges and other
|
54,822
|
|
|
10,535
|
|
|
10,437
|
|
|||
Corporate expenses and other
|
80,162
|
|
|
76,079
|
|
|
111,795
|
|
|||
Stock-based compensation
|
43,218
|
|
|
38,286
|
|
|
39,154
|
|
|||
Equity in income from unconsolidated affiliates
|
16
|
|
|
1,823
|
|
|
1,349
|
|
|||
Total other operating costs and expenses
|
737,665
|
|
|
526,975
|
|
|
507,000
|
|
|||
Operating income
|
521,662
|
|
|
658,814
|
|
|
1,266,278
|
|
|||
Other non-operating income and expenses
|
|
|
|
|
|
||||||
Interest income
|
13,536
|
|
|
7,229
|
|
|
20,441
|
|
|||
Interest expense, net of amounts capitalized
|
(289,365
|
)
|
|
(300,906
|
)
|
|
(315,062
|
)
|
|||
Change in interest rate swap fair value
|
433
|
|
|
(5,300
|
)
|
|
(4,393
|
)
|
|||
Decrease in Redemption Note fair value
|
65,043
|
|
|
52,041
|
|
|
—
|
|
|||
Loss on extinguishment of debt
|
—
|
|
|
(126,004
|
)
|
|
(9,569
|
)
|
|||
Equity in income from unconsolidated affiliates
|
16
|
|
|
1,823
|
|
|
1,349
|
|
|||
Other
|
(728
|
)
|
|
1,550
|
|
|
(182
|
)
|
|||
Total other non-operating income and expenses
|
(211,065
|
)
|
|
(369,567
|
)
|
|
(307,416
|
)
|
|||
Income before income taxes
|
310,597
|
|
|
289,247
|
|
|
958,862
|
|
|||
Benefit (provision) for income taxes
|
(8,128
|
)
|
|
(7,723
|
)
|
|
3,782
|
|
|||
Net income
|
302,469
|
|
|
281,524
|
|
|
962,644
|
|
|||
Net income attributable to noncontrolling interests
|
(60,494
|
)
|
|
(86,234
|
)
|
|
(231,090
|
)
|
|||
Net income attributable to Wynn Resorts, Limited
|
$
|
241,975
|
|
|
$
|
195,290
|
|
|
$
|
731,554
|
|
(1)
|
"Adjusted Property EBITDA" is net income before interest, taxes, depreciation and amortization, pre-opening costs, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course and water rights leases), stock-based compensation, loss on extinguishment of debt, change in interest rate swap fair value, change in Redemption Note fair value and other non-operating income and expenses, and includes equity in income from unconsolidated affiliates. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDA because it is used by some investors as a way to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to financial measures in accordance with U.S. GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Wynn Resorts, Limited, have historically excluded from their EBITDA calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike measures of net income, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, Wynn Resorts' calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
|
|
Years ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Capital expenditures
|
|
|
|
|
|
||||||
Macau Operations:
|
|
|
|
|
|
||||||
Wynn Macau
|
$
|
43,548
|
|
|
$
|
68,744
|
|
|
$
|
92,566
|
|
Wynn Palace
|
838,271
|
|
|
1,566,090
|
|
|
982,389
|
|
|||
Total Macau Operations
|
881,819
|
|
|
1,634,834
|
|
|
1,074,955
|
|
|||
Las Vegas Operations
|
106,373
|
|
|
117,011
|
|
|
62,535
|
|
|||
Wynn Boston Harbor
|
212,197
|
|
|
67,705
|
|
|
1,613
|
|
|||
Corporate and other
|
25,554
|
|
|
101,690
|
|
|
82,254
|
|
|||
|
$
|
1,225,943
|
|
|
$
|
1,921,240
|
|
|
$
|
1,221,357
|
|
|
|
|
|
|
|
|
December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Assets
|
|
|
|
|
|
||||||
Macau Operations:
|
|
|
|
|
|
||||||
Wynn Macau
|
$
|
1,161,670
|
|
|
$
|
1,331,312
|
|
|
$
|
1,519,339
|
|
Wynn Palace
|
4,317,458
|
|
|
3,439,041
|
|
|
1,854,521
|
|
|||
Other Macau
|
28,927
|
|
|
570,959
|
|
|
960,008
|
|
|||
Total Macau Operations
|
5,508,055
|
|
|
5,341,312
|
|
|
4,333,868
|
|
|||
Las Vegas Operations
|
3,275,780
|
|
|
3,145,713
|
|
|
3,442,675
|
|
|||
Wynn Boston Harbor
|
419,001
|
|
|
185,853
|
|
|
111,424
|
|
|||
Corporate and other
|
2,750,721
|
|
|
1,786,281
|
|
|
1,113,953
|
|
|||
|
$
|
11,953,557
|
|
|
$
|
10,459,159
|
|
|
$
|
9,001,920
|
|
|
December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Long-lived assets
|
|
|
|
|
|
||||||
Macau
|
$
|
4,973,854
|
|
|
$
|
4,324,743
|
|
|
$
|
2,799,781
|
|
United States
|
3,442,842
|
|
|
3,337,356
|
|
|
3,268,576
|
|
|||
|
$
|
8,416,696
|
|
|
$
|
7,662,099
|
|
|
$
|
6,068,357
|
|
|
Year Ended December 31, 2016
|
||||||||||||||||||
|
First
|
|
Second
|
|
Third (1)
|
|
Fourth
|
|
Year
|
||||||||||
Net revenues
|
$
|
997,678
|
|
|
$
|
1,058,364
|
|
|
$
|
1,109,822
|
|
|
$
|
1,300,433
|
|
|
$
|
4,466,297
|
|
Operating income
|
$
|
158,298
|
|
|
$
|
147,539
|
|
|
$
|
76,931
|
|
|
$
|
138,894
|
|
|
$
|
521,662
|
|
Net income (loss)
|
$
|
105,792
|
|
|
$
|
89,442
|
|
|
$
|
(19,331
|
)
|
|
$
|
126,566
|
|
|
$
|
302,469
|
|
Net income (loss) attributable to Wynn Resorts, Limited
|
$
|
75,221
|
|
|
$
|
70,391
|
|
|
$
|
(17,437
|
)
|
|
$
|
113,800
|
|
|
$
|
241,975
|
|
Basic income (loss) per share
|
$
|
0.74
|
|
|
$
|
0.69
|
|
|
$
|
(0.17
|
)
|
|
$
|
1.19
|
|
|
$
|
2.39
|
|
Diluted income (loss) per share
|
$
|
0.74
|
|
|
$
|
0.69
|
|
|
$
|
(0.17
|
)
|
|
$
|
1.18
|
|
|
$
|
2.38
|
|
|
Year Ended December 31, 2015
|
||||||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
Year
|
||||||||||
Net revenues
|
$
|
1,092,238
|
|
|
$
|
1,040,458
|
|
|
$
|
996,285
|
|
|
$
|
946,902
|
|
|
$
|
4,075,883
|
|
Operating income
|
$
|
185,059
|
|
|
$
|
169,121
|
|
|
$
|
152,774
|
|
|
$
|
151,860
|
|
|
$
|
658,814
|
|
Net income (loss)
|
$
|
(13,902
|
)
|
|
$
|
77,203
|
|
|
$
|
113,429
|
|
|
$
|
104,794
|
|
|
$
|
281,524
|
|
Net income (loss) attributable to Wynn Resorts, Limited
|
$
|
(44,601
|
)
|
|
$
|
56,460
|
|
|
$
|
96,210
|
|
|
$
|
87,221
|
|
|
$
|
195,290
|
|
Basic income (loss) per share
|
$
|
(0.44
|
)
|
|
$
|
0.56
|
|
|
$
|
0.95
|
|
|
$
|
0.86
|
|
|
$
|
1.93
|
|
Diluted income (loss) per share
|
$
|
(0.44
|
)
|
|
$
|
0.56
|
|
|
$
|
0.95
|
|
|
$
|
0.86
|
|
|
$
|
1.92
|
|
Plan Category
|
Number of
Securities to
be Issued
Upon
Exercise of
Outstanding
Options,
Warrants
and Rights
(a)
|
|
Weighted-
Average
Exercise
Price of
Outstanding
Options,
Warrants
and Rights
(b)
|
|
Number of
Securities
Remaining
Available for
Future
Issuance
Under Equity
Compensation
Plans
(excluding
securities
reflected in
column (a))
(c)
|
||||
Equity compensation plans approved by security holders
|
1,306,260
|
|
|
$
|
83.56
|
|
|
3,872,121
|
|
Equity compensation plans not approved by security holders
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
1,306,260
|
|
|
$
|
83.56
|
|
|
3,872,121
|
|
•
|
Reports of Independent Registered Public Accounting Firm
|
•
|
Consolidated Balance Sheets as of
December 31, 2016
and
2015
|
•
|
Consolidated Statements of Income for the years ended
December 31, 2016
,
2015
and
2014
|
•
|
Consolidated Statements of Comprehensive Income for the years ended
December 31, 2016
,
2015
and
2014
|
•
|
Consolidated Statements of Stockholders' Equity for the years ended
December 31, 2016
,
2015
and
2014
|
•
|
Consolidated Statements of Cash Flows for the years ended
December 31, 2016
,
2015
and
2014
|
•
|
Notes to Consolidated Financial Statements
|
•
|
Schedule II—Valuation and Qualifying Accounts
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
Description
|
Balance at
Beginning of
Year
|
|
Provisions
for
Doubtful
Accounts
|
|
Write-offs,
Net of
Recoveries
|
|
Balance at
End of Year
|
||||||
Allowance for doubtful accounts:
|
|
|
|
|
|
|
|
||||||
2016
|
$
|
67,057
|
|
|
8,203
|
|
|
(20,518
|
)
|
|
$
|
54,742
|
|
2015
|
$
|
74,678
|
|
|
11,115
|
|
|
(18,736
|
)
|
|
$
|
67,057
|
|
2014
|
$
|
73,991
|
|
|
3,906
|
|
|
(3,219
|
)
|
|
$
|
74,678
|
|
|
|
|
|
|
|
|
|
||||||
Description
|
Balance at
Beginning of
Year
|
|
Additions
|
|
Deductions
|
|
Balance at
End of Year
|
||||||
Deferred income tax asset valuation allowance:
|
|
|
|
|
|
|
|
||||||
2016
|
$
|
3,330,878
|
|
|
32,130
|
|
|
(76,285
|
)
|
|
$
|
3,286,723
|
|
2015
|
$
|
3,296,789
|
|
|
52,759
|
|
|
(18,670
|
)
|
|
$
|
3,330,878
|
|
2014
|
$
|
2,587,025
|
|
|
745,112
|
|
|
(35,348
|
)
|
|
$
|
3,296,789
|
|
|
|
|
Incorporated by Reference
|
|
Exhibit
No.
|
|
Description
|
Form
|
Filing Date
|
3.1
|
|
Third Amended and Restated Articles of Incorporation of the Registrant.
|
10-Q
|
5/8/2015
|
3.2
|
|
Eighth Amended and Restated Bylaws of the Registrant.
|
10-Q
|
11/6/2015
|
4.1
|
|
Specimen certificate for shares of Common Stock, $0.01 par value per share of the Registrant.
|
S-1
|
10/7/2002
|
4.4
|
|
Indenture, dated as of March 12, 2012, by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp., the Guarantors named therein and U.S. Bank National Association, as trustee.
|
8-K
|
3/13/2012
|
4.5
|
|
Indenture, dated as of May 22, 2013, by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp., the Guarantors named therein and U.S. Bank National Association, as trustee.
|
8-K
|
5/22/2013
|
4.6
|
|
Indenture, dated as of February 18, 2015, by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp., the Guarantors named therein and U.S. Bank National Association, as trustee.
|
8-K
|
2/18/2015
|
4.7
|
|
Supplemental Indenture, dated as of February 18, 2015, to Indenture, dated as of March 12, 2012, by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp., the Guarantors named therein and U.S. Bank National Association, as trustee.
|
10-K
|
3/2/2015
|
4.8
|
|
Supplemental Indenture, dated as of February 18, 2015, to Indenture, dated as of May 22, 2013, by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp., the Guarantors named therein and U.S. Bank National Association, as trustee.
|
10-K
|
3/2/2015
|
+10.1.1.0
|
|
Employment Agreement, dated as of October 4, 2002, by and between Wynn Resorts, Limited and Stephen A. Wynn.
|
S-1
|
10/7/2002
|
+10.1.1.1
|
|
First Amendment to Employment Agreement, dated as of August 6, 2004, by and between Stephen A. Wynn and Wynn Resorts, Limited.
|
10-Q
|
11/4/2004
|
+10.1.1.2
|
|
Second Amendment to Employment Agreement between Wynn Resorts, Limited and Stephen A. Wynn dated January 31, 2007.
|
10-K
|
3/1/2007
|
+10.1.1.3
|
|
Third Amendment to Employment Agreement, dated as of September 11, 2008, between Wynn Resorts, Limited and Stephen A. Wynn.
|
8-K
|
9/15/2008
|
+10.1.1.4
|
|
Fourth Amendment to Employment Agreement, dated as of December 31, 2008, between Wynn Resorts, Limited and Stephen A. Wynn.
|
10-K
|
3/2/2009
|
+10.1.1.5
|
|
Amendment to Employment Agreement, dated as of February 16, 2009, by and between Wynn Resorts, Limited and Stephen A. Wynn.
|
10-Q
|
5/11/2009
|
+10.1.1.6
|
|
Sixth Amendment to Employment Agreement, dated as of February 24, 2011, between Wynn Resorts, Limited and Stephen A. Wynn.
|
8-K
|
2/28/2011
|
+10.1.1.7
|
|
Seventh Amendment to Employment Agreement, dated as of January 15, 2015, between Wynn Resorts, Limited and Stephen A. Wynn.
|
10-K
|
3/2/2015
|
+10.1.2.0
|
|
Employment Agreement, dated as of November 18, 2013, by and between Wynn Resorts, Limited and Matt Maddox.
|
10-K
|
2/28/2014
|
+10.1.3.1
|
|
Employment Agreement, dated as of April 24, 2007, by and between Wynn Resorts, Limited and Kim Sinatra.
|
10-K
|
3/1/2010
|
+10.1.3.2
|
|
First Amendment to Employment Agreement, dated as of December 31, 2008, by and between Wynn Resorts, Limited and Kim Sinatra.
|
10-K
|
3/1/2010
|
+10.1.3.3
|
|
Amendment to Employment Agreement, dated as of February 12, 2009, by and between Wynn Resorts, Limited and Kim Sinatra.
|
10-K
|
3/1/2010
|
+10.1.3.4
|
|
Second Amendment to Employment Agreement, dated as of November 30, 2009, by and between Wynn Resorts, Limited and Kim Sinatra.
|
10-K
|
3/1/2010
|
+10.1.3.5
|
|
Third Amendment to Employment Agreement, dated as of May 5, 2014, by and between Wynn Resorts, Limited and Kim Sinatra.
|
10-Q
|
8/8/2014
|
+10.1.3.6
|
|
Fourth Amendment to Employment Agreement, dated as of April 27, 2015, by and between Wynn Resorts, Limited and Kim Sinatra.
|
10-Q
|
8/7/2015
|
+10.1.4.0
|
|
Employment Agreement, dated as of August 31, 2005, by and between Wynn Resorts, Limited and John Strzemp.
|
10-K
|
2/28/2014
|
+10.1.4.1
|
|
First Amendment to Employment Agreement, dated as of March 26, 2008, by and between Wynn Resorts, Limited and John Strzemp.
|
10-K
|
2/28/2014
|
+10.1.4.2
|
|
Second Amendment to Employment Agreement, dated as of December 31, 2008, by and between Wynn Resorts, Limited and John Strzemp.
|
10-K
|
2/28/2014
|
+10.1.4.3
|
|
Amendment to Employment Agreement, dated as of February 12, 2009, by and between Wynn Resorts, Limited and John Strzemp.
|
10-K
|
2/28/2014
|
+10.1.4.4
|
|
Fourth Amendment to Employment Agreement, dated as of March 23, 2009, by and between Wynn Resorts, Limited and John Strzemp.
|
10-K
|
2/28/2014
|
+10.1.4.5
|
|
Fifth Amendment to Employment Agreement, dated as of February 25, 2013, by and between Wynn Resorts, Limited and John Strzemp.
|
10-K
|
2/28/2014
|
+10.1.4.6
|
|
Sixth Amendment to Employment Agreement, dated as of September 10, 2013, by and between Wynn Resorts, Limited and John Strzemp.
|
10-K
|
2/28/2014
|
+10.1.5.0
|
|
Employment Agreement, dated as of November 7, 2013, by and between Wynn Resorts, Limited and Stephen Cootey.
|
10-Q
|
8/8/2014
|
+10.1.5.1
|
|
First Amendment to Employment Agreement, dated as of January 6, 2014, by and between Wynn Resorts, Limited and Stephen Cootey.
|
10-Q
|
8/8/2014
|
+10.1.5.2
|
|
Second Amendment to Employment Agreement, dated as of February 24, 2015, by and between Wynn Resorts, Limited and Stephen Cootey.
|
10-K
|
3/2/2015
|
+10.2.0
|
|
2014 Omnibus Incentive Plan effective May 16, 2014.
|
S-8
|
5/20/2014
|
+10.2.1
|
|
Amended and Restated 2014 Omnibus Incentive Plan, dated January 1, 2017.
|
10-K
|
*
|
10.3.1.0
|
|
Amended and Restated Stockholder Agreement, dated January 6, 2010, by and among Stephen A. Wynn, Elaine P. Wynn and Aruze USA, Inc.
|
8-K
|
1/6/2010
|
10.3.1.1
|
|
Waiver and Consent, dated November 24, 2010, by and among Aruze USA, Inc., Stephen A. Wynn and Elaine P. Wynn.
|
8-K
|
11/26/2010
|
10.3.1.2
|
|
Waiver and Consent, dated December 15, 2010, by and among Aruze USA, Inc., Stephen A. Wynn and Elaine P. Wynn.
|
8-K
|
12/15/2010
|
10.3.2.0
|
|
Amended and Restated Shareholders Agreement, dated as of September 16, 2004, by and among Wynn Resorts (Macau), Ltd., Wong Chi Seng and Wynn Resorts (Macau), S.A.
|
10-Q
|
11/4/2004
|
10.4.1.0
|
|
Concession Contract for the Operation of Games of Chance or Other Games in Casinos in the Macau Special Administrative Region, dated June 24, 2002, between the Macau Special Administrative Region and Wynn Resorts (Macau), S.A. (English translation of Portuguese version of Concession Agreement).
|
S-1
|
8/20/2002
|
10.4.1.1
|
|
Concession Contract for Operating Casino Gaming or Other Forms of Gaming in the Macao Special Administrative Region, dated June 24, 2002, between the Macau Special Administrative Region and Wynn Resorts (Macau), S.A. (English translation of Chinese version of Concession Agreement).
|
S-1
|
9/18/2002
|
10.4.1.2
|
|
Unofficial English translation of Land Concession Contract between the Macau Special Administrative Region and Wynn Resorts (Macau), S.A.
|
10-Q
|
8/3/2004
|
10.4.1.3
|
|
Land Concession Contract, published on May 2, 2012, by and among Palo Real Estate Company Limited, Wynn Resorts (Macau), S.A. and the Macau Special Administrative Region of the People's Republic of China (translated to English from traditional Chinese and Portuguese).
|
8-K
|
5/2/2012
|
10.5.1.0
|
|
Surname Rights Agreement, dated as of August 6, 2004, by and between Stephen A. Wynn and Wynn Resorts Holdings, LLC.
|
10-Q
|
11/4/2004
|
10.5.1.1
|
|
Rights of Publicity License, dated as of August 6, 2004, by and between Stephen A. Wynn and Wynn Resorts Holdings, LLC.
|
10-Q
|
11/4/2004
|
10.5.1.2
|
|
Trademark Assignment, dated as of August 6, 2004, by and between Stephen A. Wynn and Wynn Resorts Holdings, LLC.
|
10-Q
|
11/4/2004
|
10.5.2.0
|
|
Intellectual Property License Agreement, dated as of December 14, 2004, by and among Wynn Resorts Holdings, Wynn Resorts, Limited and Wynn Las Vegas, LLC.
|
10-K
|
3/15/2005
|
10.5.2.1
|
|
Intellectual Property License Agreement, dated as of September 19, 2009, by and among Wynn Resorts Holdings, LLC, Wynn Resorts, Limited and Wynn Macau, Limited.
|
10-K
|
3/2/2015
|
10.5.2.2
|
|
Amended and Restated Intellectual Property License Agreement, dated as of September 19, 2009, by and among Wynn Resorts Holdings, LLC, Wynn Resorts, Limited and Wynn Resorts (Macau), S.A.
|
10-K
|
3/2/2015
|
10.5.2.3
|
|
2015 Intellectual Property License Agreement, dated as of February 26, 2015, by and between Wynn Resorts Holdings, LLC, Wynn Resorts, Limited and Wynn Las Vegas, LLC.
|
10-Q
|
5/8/2015
|
10.5.2.4
|
|
2014 Intellectual Property License Agreement, dated as of November 20, 2014, by and between Wynn Resorts Holdings, LLC, Wynn Resorts, Limited and Wynn MA, LLC.
|
10-K
|
2/29/2016
|
10.6.1.0
|
|
Common Terms Agreement, dated as of September 14, 2004, by and among Wynn Resorts (Macau), S.A., certain financial institutions as Hotel Facility Lenders, Project Facility Lenders and Revolving Credit Facility Lenders, Deutsche Bank AG, Hong Kong Branch and Société Générale Asia Limited as Global Coordinating Lead Arrangers and Société Générale Asia Limited as Hotel Facility Agent, Project Facility Agent, Intercreditor Agent and Security Agent.
|
10-Q
|
11/4/2004
|
10.6.1.1
|
|
Common Terms Agreement Amendment Agreement, dated as of September 14, 2005, between Wynn Resorts (Macau), S.A. as the Company, Certain Financial Institutions as Hotel Facility Lenders, Project Facility Lenders, Revolving Credit Facility Lenders and Hedging Counterparties, Banc of America Securities Asia Limited, Deutsche Bank AG, Hong Kong Branch and Société Générale Asia Limited as Global Coordinating Lead Arrangers, Société Générale Asia Limited as Hotel Facility Agent and Project Facility Agent, Société Générale Asia Limited as Intercreditor Agent, and Société Générale, Hong Kong Branch as Security Agent.
|
10-Q
|
11/8/2005
|
10.6.1.2
|
|
Common Terms Agreement Second Amendment Agreement, dated June 27, 2007, by and among Wynn Resorts (Macau), S.A., certain financial institutions as Hotel Facility Lenders, Project Facility Lenders, and Revolving Credit Facility Lenders and Hedging Counterparties, Banc of America Securities Asia Limited, Deutsche Bank A.G. Hong Kong Branch, and Société Générale Asia Limited as Global Lead Arrangers and Société Générale Asia Limited as Hotel Facility Agent and Project Facility Agent, Société Générale Hong Kong Branch as Revolving Credit Facility Agent, Société Générale Hong Kong Branch as Intercreditor Agent, and Société Générale Hong Kong Branch as Security Agent.
|
10-Q
|
8/9/2007
|
10.6.1.3
|
|
Common Terms Agreement Third Amendment Agreement, dated September 8, 2009, between, among others, Wynn Resorts (Macau), S.A. as the company and Société Générale, Hong Kong Branch as security agent.
|
10-K
|
3/1/2010
|
10.6.1.4
|
|
Common Terms Agreement Fourth Amendment Agreement, dated as of July 31, 2012, between, among others, Wynn Resorts (Macau), S.A. as the company and Bank of China Limited Macau Branch as security agent.
|
10-Q
|
11/9/2012
|
10.6.1.5
|
|
Common Terms Agreement Fifth Amendment Agreement, dated September 30, 2015, between, among others, Wynn Resorts (Macau), S.A. as the company and Bank of China Limited Macau Branch as security agent.
|
10-Q
|
11/6/2015
|
10.6.2.0
|
|
Hotel Facility Agreement, dated as of September 14, 2004, by and among Wynn Resorts (Macau), S.A., Société Générale Asia Limited as Hotel Facility Agent and the several Hotel Facility Lenders named therein.
|
10-Q
|
11/4/2004
|
10.6.2.1
|
|
Hotel Facility Agreement Amendment Agreement, dated as of September 14, 2005, between Wynn Resorts (Macau), S.A. as Company, Société Générale Asia Limited, as Hotel Facility Agent and certain financial institutions as Hotel Facility Lenders.
|
10-Q
|
11/8/2005
|
10.6.2.2
|
|
Hotel Facility Agreement Second Amendment Agreement, dated June 27, 2007, by and among Wynn Resorts (Macau), S.A., Société Générale Asia Limited as Hotel Facility Agent, and certain financial institutions as Hotel Facility Lenders.
|
10-Q
|
8/9/2007
|
10.6.2.3
|
|
Hotel Facility Agreement Third Amendment Agreement, dated July 31, 2012, by and among Wynn Resorts, (Macau), S.A., Bank of China Limited Macau Branch, and certain financial institutions as Hotel Facility Lenders.
|
10-Q
|
11/9/2012
|
10.6.2.4
|
|
Hotel Facility Agreement Fourth Amendment Agreement, dated September 30, 2015, by and among Wynn Resorts (Macau), S.A. and Bank of China Limited Macau Branch as Hotel Facility Agent and Hotel Facility Lender.
|
10-Q
|
11/6/2015
|
10.6.3.0
|
|
Project Facility Agreement, dated as of September 14, 2004, by and among Wynn Resorts (Macau), S.A., Société Générale Asia Limited as Project Facility Agent and the several Project Facility Lenders named therein.
|
10-Q
|
11/4/2004
|
10.6.3.1
|
|
Project Facility Agreement Amendment Agreement, dated as of September 14, 2005, between Wynn Resorts (Macau), S.A. as Company, Societe Generale Asia Limited, as Project Facility Agent and certain financial institutions as Project Facility Lenders.
|
10-Q
|
11/8/2005
|
10.6.3.2
|
|
Project Facility Agreement, Second Amendment Agreement, dated as of June 27, 2007, by and among Wynn Resorts (Macau), S.A., Société Générale Asia Limited as Project Facility Agent, and certain financial institutions as Project Facility Lenders.
|
10-Q
|
8/9/2007
|
10.6.4.0
|
|
Revolving Credit Facility Agreement, dated as of September 14, 2004, by and among Wynn Resorts (Macau), S.A. and the several Revolving Credit Facility Lenders named therein.
|
10-Q
|
11/4/2004
|
10.6.4.1
|
|
Revolving Credit Facility Agreement Amendment Agreement, dated as of September 14, 2005, between Wynn Resorts (Macau), S.A. as Company and certain financial institutions as Revolving Credit Facility Lenders.
|
10-Q
|
11/8/2005
|
10.6.4.2
|
|
Revolving Credit Facility Second Amendment Agreement, dated as of June 27, 2007, by and among Wynn Resorts (Macau), S.A. and Societe Generale, Hong Kong Branch as Revolving Credit Facility Agent and certain financial institutions as revolving credit facility lenders.
|
10-Q
|
11/6/2015
|
10.6.4.3
|
|
Revolving Credit Facility Agreement, dated as of July 31, 2012, by and among Wynn Resorts (Macau), S.A., Bank of China, Limited Macau Branch, and several Revolving Credit Facility Lenders named therein.
|
10-Q
|
11/9/2012
|
10.6.4.4
|
|
Revolving Credit Facility Agreement Amendment Agreement, dated as of September 30, 2015, by and among Wynn Resorts (Macau), S.A. and Bank of China Limited Macau Branch as Revolving Credit Facility Agent and Revolving Credit Facility Lender.
|
10-Q
|
11/6/2015
|
10.6.5.0
|
|
Deed of Appointment and Priority, dated as of September 14, 2004, among Wynn Resorts (Macau), S.A., certain financial institutions as Original First Ranking Lenders, Banco Nacional Ultramarino, S.A. as Second Ranking Finance Party, Wynn Group Asia, Inc. as Third Ranking Finance Party, Société Générale, Hong Kong Branch as Security Agent, Société Générale Asia Limited as Intercreditor Agent and Hotel Facility Agent and Project Facility Agent, and others.
|
10-Q
|
11/4/2004
|
10.6.5.1
|
|
Deed of Appointment and Priority Deed of Amendment, dated as of September 14, 2005, between Wynn Resorts (Macau), S.A., certain financial institutions as Original First Ranking Lenders, Certain Financial Institutions as Original Hedging Counterparties, Banco Nacional Ultramarino, S.A. as Second Ranking Finance Party, Wynn Group Asia, Inc. as Third Ranking Finance Party, Société Générale Asia Limited as Security Agent, Société Générale Asia Limited as Intercreditor Agent, Société Générale Asia Limited as Hotel Facility Agent and Project Facility Agent, and others.
|
10-Q
|
11/8/2005
|
10.6.6
|
|
Floating Charge (unofficial English Translation), dated as of September 14, 2004, between Wynn Resorts (Macau), S.A. and Société Générale, Hong Kong Branch as the Security Agent.
|
10-Q
|
11/4/2004
|
10.6.7
|
|
Debenture, dated as of September 14, 2004, between Wynn Resorts (Macau), S.A. and Société Générale, Hong Kong Branch as the Security Agent.
|
10-Q
|
11/4/2004
|
10.6.8.0
|
|
Wynn Resorts Support Agreement, dated as of September 14, 2004, between Wynn Resorts, Limited, Wynn Resorts (Macau), S.A. and Société Générale, Hong Kong Branch as the Security Agent.
|
10-Q
|
11/4/2004
|
10.6.8.1
|
|
Wynn Resorts Support Agreement Deed of Amendment, dated as of September 14, 2005, between Wynn Resorts, Limited, Wynn Resorts (Macau), S.A. and Société Générale, Hong Kong Branch as the Security Agent.
|
10-Q
|
11/8/2005
|
10.6.9
|
|
Wynn Pledgors' Guarantee, dated as of September 14, 2004, between Wynn Group Asia, Inc., Wynn Resorts International, Ltd., Wynn Resorts (Macau) Holdings, Ltd., and Wynn Resorts (Macau), Ltd. as Guarantors; and Société Générale, Hong Kong Branch as the Security Agent.
|
10-Q
|
11/4/2004
|
10.6.10
|
|
Bank Guarantee Reimbursement Agreement, dated as of September 14, 2004, between Wynn Resorts (Macau), S.A. and Banco Nacional Ultramarino.
|
10-Q
|
11/4/2004
|
10.6.11
|
|
Sponsors' Subordination Deed, dated as of September 14, 2004, between Wynn Resorts (Macau), S.A., Wynn Group Asia, Inc., Wynn Resorts International, Ltd., Wynn Resorts (Macau) Holdings, Ltd. and Wynn Resorts (Macau), Ltd. as the Wynn Companies and Société Générale, Hong Kong Branch as the Security Agent.
|
10-Q
|
11/4/2004
|
10.7.0
|
|
Amended and Restated Master Disbursement Agreement, dated as of October 25, 2007, by and among Wynn Las Vegas, LLC, Deutsche Bank Trust Company Americas, as the initial Bank Agent, and Deutsche Bank Trust Company Americas, as the initial Disbursement Agent.
|
8-K
|
10/31/2007
|
10.7.1
|
|
First Amendment to Amended and Restated Master Disbursement Agreement, dated as of October 31, 2007, by and among Wynn Las Vegas, LLC, Deutsche Bank Trust Company Americas, as the initial Bank Agent, and Deutsche Bank Trust Company Americas, as the initial Disbursement Agent.
|
8-K
|
11/1/2007
|
10.7.2
|
|
Second Amendment to Amended and Restated Master Disbursement Agreement, dated as of November 6, 2007, by and among Wynn Las Vegas, LLC, Deutsche Bank Trust Company Americas, as the Bank Agent, and Deutsche Bank Trust Company Americas, as the Disbursement Agent.
|
8-K
|
11/13/2007
|
10.7.3
|
|
Third Amendment to Amended and Restated Master Disbursement Agreement, dated as of October 19, 2009, by and among Wynn Las Vegas, LLC, Deutsche Bank Trust Company Americas, as the Bank Agent, and Deutsche Bank Trust Company Americas, as the Disbursement Agent.
|
8-K
|
10/20/2009
|
10.7.4
|
|
Fourth Amendment to Amended and Restated Master Disbursement Agreement, dated as of April 28, 2010, by and among Wynn Las Vegas, LLC, Deutsche Bank Trust Company Americas, as the Bank Agent, and Deutsche Bank Trust Company Americas, as the Disbursement Agent.
|
8-K
|
4/28/2010
|
10.7.5
|
|
Fifth Amendment to the Amended and Restated Master Disbursement Agreement, dated as of August 4, 2010, by and among Wynn Las Vegas, LLC, Deutsche Bank Trust Company Americas, as the Bank Agent, and Deutsche Bank Trust Company Americas, as the Disbursement Agent.
|
10-K
|
3/1/2013
|
10.7.6
|
|
Sixth Amendment to Amended and Restated Master Disbursement Agreement, dated as of March 12, 2012, by and among Wynn Las Vegas, LLC, Deutsche Bank Trust Company Americas, as the Bank Agent, and Deutsche Bank Trust Company Americas, as the Disbursement Agent.
|
8-K
|
3/13/2012
|
10.8.1
|
|
2013 Second Amended and Restated Agreement of Lease, dated as of November 7, 2013, by and between Wynn Las Vegas, LLC and Stephen A. Wynn.
|
8-K
|
11/14/2013
|
10.8.2
|
|
First Amendment to 2013 Second Amended and Restated Agreement of Lease, dated as of February 25, 2015, by and between Wynn Las Vegas, LLC and Stephen A. Wynn.
|
10-K
|
3/2/2015
|
10.8.3
|
|
Third Amended and Restated Agreement of Lease, dated as of December 1, 2016, by and between Wynn Las Vegas, LLC and Stephen A. Wynn.
|
10-K
|
*
|
10.8.4
|
|
Sixth Amended and Restated Art Rental and Licensing Agreement, dated as of July 1, 2012, between Stephen A. Wynn, as lessor, Wynn Las Vegas, LLC, as lessee.
|
10-Q
|
11/9/2012
|
10.9.1.0
|
|
Aircraft Time Sharing Agreement, dated as of January 15, 2015, by and between Wynn Resorts, Limited and Stephen A. Wynn.
|
10-K
|
3/2/2015
|
10.9.2.0
|
|
Aircraft Purchase Option Agreement, dated as of January 3, 2013, between Wynn Resorts, Limited and Stephen A. Wynn.
|
10-K
|
3/1/2013
|
10.10.0
|
|
Form of Indemnity Agreement.
|
S-1
|
9/18/2002
|
10.11.0
|
|
Corporate Allocation Agreement, dated as of September 19, 2009, by Wynn Macau, Limited and Wynn Resorts, Limited.
|
10-K
|
3/2/2015
|
10.11.1
|
|
Amended and Restated Corporate Allocation Agreement, dated as of September 19, 2009, by Wynn Resorts (Macau), S.A., and Wynn Resorts, Limited.
|
10-K
|
3/2/2015
|
10.11.2
|
|
Management Fee and Corporate Allocation Agreement, dated as of February 26, 2015, by and between Wynn Las Vegas, LLC and Wynn Resorts, Limited.
|
10-K
|
3/2/2015
|
10.11.3
|
|
Management Fee and Corporate Allocation Agreement, dated as of November 20, 2014, by and among Wynn MA, LLC and Wynn Resorts, Limited.
|
10-K
|
2/29/2016
|
10.11.4
|
|
Promissory Note, dated as of February 18, 2012, made by Wynn Resorts, Limited to Aruze USA, Inc.
|
8-K
|
2/21/2012
|
10.11.5
|
|
Registration Rights Agreement, dated as of March 12, 2012, by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp, Wynn Show Performers, LLC, Wynn Golf, LLC, Las Vegas Jet, LLC, World Travel, LLC, Wynn Sunrise, LLC, Kevyn, LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC.
|
8-K
|
3/13/2012
|
10.12.0
|
|
Credit Agreement, dated as of November 20, 2014, by and among Wynn America, LLC, as borrower, Wynn Las Vegas Holdings, LLC, Everett Property, LLC and Wynn MA, LLC, as guarantors, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Agricole Corporate and Investment Bank, Fifth Third Bank, SunTrust Robinson Humphrey, Inc., The Bank of Nova Scotia, BNP Paribas Securities Corp., Sumitomo Mitsui Banking Corporation and UBS Securities LLC, as joint lead arrangers and joint bookrunners, Morgan Stanley Senior Funding, Inc. and Bank of China, Los Angeles Branch, as arrangers, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as documentation agent, and the other lenders party thereto.
|
10-K
|
3/2/2015
|
10.12.1
|
|
First Amendment to Credit Agreement, dated as of November 5, 2015, by and among Wynn America, LLC, as borrower, the Guarantors named therein, Deutsche Bank AG New York Branch, as administrative agent on behalf of the several banks and other financial institutions or entities from time to time party to Wynn America, LLC's Credit Agreement, dated as of November 20, 2014.
|
10-Q
|
11/6/2015
|
10.12.2
|
|
Second Amendment to Credit Agreement, dated as of December 21, 2015, by and among Wynn America, LLC, as borrower, the Guarantors named therein, Deutsche Bank AG New York Branch, as administrative agent on behalf of the several banks and other financial institutions or entities from time to time party to Wynn America, LLC's Credit Agreement, dated as of November 20, 2014.
|
10-K
|
2/29/2016
|
10.12.3
|
|
Third Amendment to Credit Agreement, dated as of June 21, 2016, by and among Wynn America, LLC, as borrower, the Guarantors named therein, Deutsche Bank AG New York Branch, as administrative agent on behalf of the several banks and other financial institutions or entities from time to time party to Wynn America, LLC's Credit Agreement, dated as of November 20, 2014.
|
10-Q
|
8/9/2016
|
10.12.4
|
|
Fourth Amendment to Credit Agreement, dated as of July 1, 2016, by and among Wynn America, LLC, as borrower, the Guarantors named therein, Deutsche Bank AG New York Branch, as administrative agent on behalf of the several banks and other financial institutions or entities from time to time party to Wynn America, LLC's Credit Agreement, dated as of November 20, 2014.
|
10-Q
|
8/9/2016
|
10.12.5
|
|
Completion Guaranty, dated as of November 20, 2014, by and between Wynn Resorts, Limited, and Deutsche Bank AG New York Branch, as administrative agent.
|
10-K
|
3/2/2015
|
10.12.6
|
|
Security Agreement, dated as of November 20, 2014, by and among Wynn America, LLC, Wynn Las Vegas Holdings, LLC, Everett Property, LLC and Wynn MA, LLC, as pledgors, and Deutsche Bank AG New York Branch, as collateral agent.
|
10-K
|
3/2/2015
|
21.1
|
|
Subsidiaries of the Registrant.
|
10-K
|
*
|
23.1
|
|
Consent of Ernst & Young LLP, Independent Registered Accounting Firm.
|
10-K
|
*
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
10-K
|
*
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
10-K
|
*
|
32.1
|
|
Certification of CEO and CFO pursuant to 18 U.S.C. Section 1350.
|
10-K
|
*
|
101
|
|
The following financial information from the Company's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 24, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets as of December 31, 2016 and December 31 2015, (ii) the Consolidated Statements of Income for the years ended December 31, 2016, 2015 and 2014, (iii) the Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014, (iv) the Consolidated Statements of Stockholders' Equity as of December 31, 2016, 2015 and 2014, (v) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2016, 2015 and 2014 and (vi) Notes to Consolidated Financial Statements.
|
10-K
|
*
|
*
|
Filed herein
|
+
|
Denotes management contract or compensatory plan or arrangement.
|
|
|
WYNN RESORTS, LIMITED
|
|
|
|
|
|
Dated: February 24, 2017
|
|
By:
|
/s/ Stephen A. Wynn
|
|
|
|
Stephen A. Wynn
|
|
|
|
Chairman of the Board and Chief Executive Officer (Principal Executive Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Stephen A. Wynn
|
|
Chairman of the Board and Chief Executive Officer (Principal Executive Officer)
|
|
February 24, 2017
|
Stephen A. Wynn
|
|
|
|
|
|
|
|
|
|
/s/ John J. Hagenbuch
|
|
Director
|
|
February 24, 2017
|
John J. Hagenbuch
|
|
|
|
|
|
|
|
|
|
/s/ Dr. Ray R. Irani
|
|
Director
|
|
February 24, 2017
|
Dr. Ray R. Irani
|
|
|
|
|
|
|
|
|
|
/s/ Jay L. Johnson
|
|
Director
|
|
February 24, 2017
|
Jay L. Johnson
|
|
|
|
|
|
|
|
|
|
/s/ Robert J. Miller
|
|
Director
|
|
February 24, 2017
|
Robert J. Miller
|
|
|
|
|
|
|
|
|
|
/s/ Patricia Mulroy
|
|
Director
|
|
February 24, 2017
|
Patricia Mulroy
|
|
|
|
|
|
|
|
|
|
/s/ Clark T. Randt, Jr.
|
|
Director
|
|
February 24, 2017
|
Clark T. Randt, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Alvin V. Shoemaker
|
|
Director
|
|
February 24, 2017
|
Alvin V. Shoemaker
|
|
|
|
|
|
|
|
|
|
/s/ J. Edward Virtue
|
|
Director
|
|
February 24, 2017
|
J. Edward Virtue
|
|
|
|
|
|
|
|
|
|
/s/ D. Boone Wayson
|
|
Director
|
|
February 24, 2017
|
D. Boone Wayson
|
|
|
|
|
|
|
|
|
|
/s/ Stephen Cootey
|
|
Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)
|
|
February 24, 2017
|
Stephen Cootey
|
|
|
|
|
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