We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.65 | 2.89% | 94.30 | 93.00 | 94.00 | 94.54 | 91.35 | 91.75 | 1,845,748 | 00:01:09 |
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
N
EVADA
|
|
46-0484987
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
Large accelerated filer
|
|
x
|
|
Accelerated filer
|
|
¨
|
Non-accelerated filer
|
|
¨
|
|
Smaller reporting company
|
|
¨
|
|
|
|
|
Emerging growth company
|
|
¨
|
Class
|
|
Outstanding at July 31, 2017
|
Common stock, $0.01 par value
|
|
102,566,043
|
|
Part I.
|
Financial Information
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
Part II.
|
Other Information
|
|
|
2
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
2,486,423
|
|
|
$
|
2,453,122
|
|
Investment securities
|
136,202
|
|
|
173,437
|
|
||
Receivables, net
|
196,179
|
|
|
218,968
|
|
||
Inventories
|
84,508
|
|
|
91,541
|
|
||
Prepaid expenses and other
|
136,877
|
|
|
53,299
|
|
||
Total current assets
|
3,040,189
|
|
|
2,990,367
|
|
||
Property and equipment, net
|
8,321,777
|
|
|
8,259,631
|
|
||
Restricted cash
|
2,412
|
|
|
192,823
|
|
||
Investment securities
|
176,430
|
|
|
128,023
|
|
||
Intangible assets, net
|
124,897
|
|
|
113,588
|
|
||
Other assets
|
191,194
|
|
|
269,125
|
|
||
Total assets
|
$
|
11,856,899
|
|
|
$
|
11,953,557
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts and construction payables
|
$
|
299,348
|
|
|
$
|
298,505
|
|
Current portion of long-term debt
|
1,740
|
|
|
—
|
|
||
Customer deposits
|
775,379
|
|
|
599,566
|
|
||
Gaming taxes payable
|
175,819
|
|
|
162,706
|
|
||
Accrued compensation and benefits
|
138,503
|
|
|
165,501
|
|
||
Accrued interest
|
70,424
|
|
|
98,118
|
|
||
Other accrued liabilities
|
78,696
|
|
|
91,905
|
|
||
Total current liabilities
|
1,539,909
|
|
|
1,416,301
|
|
||
Long-term debt
|
9,806,296
|
|
|
10,125,352
|
|
||
Other long-term liabilities
|
81,957
|
|
|
87,462
|
|
||
Deferred income taxes, net
|
71,031
|
|
|
66,561
|
|
||
Total liabilities
|
11,499,193
|
|
|
11,695,676
|
|
||
Commitments and contingencies (Note 14)
|
|
|
|
||||
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; 115,893,532 and 115,036,945 shares issued; 102,563,043 and 101,799,471 shares outstanding, respectively
|
1,159
|
|
|
1,150
|
|
||
Treasury stock, at cost; 13,330,489 and 13,237,474 shares, respectively
|
(1,175,186
|
)
|
|
(1,166,697
|
)
|
||
Additional paid-in capital
|
1,282,262
|
|
|
1,226,915
|
|
||
Accumulated other comprehensive income (loss)
|
(1,068
|
)
|
|
1,484
|
|
||
Retained earnings
|
166,256
|
|
|
95,097
|
|
||
Total Wynn Resorts, Limited stockholders' equity
|
273,423
|
|
|
157,949
|
|
||
Noncontrolling interests
|
84,283
|
|
|
99,932
|
|
||
Total stockholders' equity
|
357,706
|
|
|
257,881
|
|
||
Total liabilities and stockholders' equity
|
$
|
11,856,899
|
|
|
$
|
11,953,557
|
|
|
3
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Casino
|
$
|
1,166,233
|
|
|
$
|
742,659
|
|
|
$
|
2,317,457
|
|
|
$
|
1,475,389
|
|
Rooms
|
176,183
|
|
|
142,847
|
|
|
356,450
|
|
|
278,439
|
|
||||
Food and beverage
|
194,113
|
|
|
170,631
|
|
|
346,953
|
|
|
301,075
|
|
||||
Entertainment, retail and other
|
102,231
|
|
|
82,031
|
|
|
205,136
|
|
|
164,026
|
|
||||
Gross revenues
|
1,638,760
|
|
|
1,138,168
|
|
|
3,225,996
|
|
|
2,218,929
|
|
||||
Less: promotional allowances
|
(109,499
|
)
|
|
(79,804
|
)
|
|
(221,055
|
)
|
|
(162,887
|
)
|
||||
Net revenues
|
1,529,261
|
|
|
1,058,364
|
|
|
3,004,941
|
|
|
2,056,042
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Casino
|
763,241
|
|
|
470,372
|
|
|
1,503,457
|
|
|
922,912
|
|
||||
Rooms
|
45,818
|
|
|
38,040
|
|
|
90,324
|
|
|
75,749
|
|
||||
Food and beverage
|
117,010
|
|
|
105,727
|
|
|
210,388
|
|
|
185,147
|
|
||||
Entertainment, retail and other
|
42,608
|
|
|
37,674
|
|
|
85,827
|
|
|
75,973
|
|
||||
General and administrative
|
164,169
|
|
|
119,505
|
|
|
324,131
|
|
|
236,950
|
|
||||
(Benefit) provision for doubtful accounts
|
(2,083
|
)
|
|
2,478
|
|
|
(6,249
|
)
|
|
3,184
|
|
||||
Pre-opening
|
6,758
|
|
|
45,949
|
|
|
12,537
|
|
|
79,718
|
|
||||
Depreciation and amortization
|
137,686
|
|
|
79,749
|
|
|
277,506
|
|
|
157,720
|
|
||||
Property charges and other
|
7,165
|
|
|
11,331
|
|
|
10,201
|
|
|
12,852
|
|
||||
Total operating expenses
|
1,282,372
|
|
|
910,825
|
|
|
2,508,122
|
|
|
1,750,205
|
|
||||
Operating income
|
246,889
|
|
|
147,539
|
|
|
496,819
|
|
|
305,837
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
7,080
|
|
|
2,783
|
|
|
13,551
|
|
|
6,262
|
|
||||
Interest expense, net of amounts capitalized
|
(97,739
|
)
|
|
(69,257
|
)
|
|
(196,001
|
)
|
|
(114,029
|
)
|
||||
Change in interest rate swap fair value
|
(283
|
)
|
|
(1,036
|
)
|
|
(1,054
|
)
|
|
(2,861
|
)
|
||||
Change in Redemption Note fair value
|
(12,417
|
)
|
|
7,982
|
|
|
(28,264
|
)
|
|
2,979
|
|
||||
Loss on extinguishment of debt
|
(22,287
|
)
|
|
—
|
|
|
(22,287
|
)
|
|
—
|
|
||||
Equity in income from unconsolidated affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||
Other
|
(11,840
|
)
|
|
(1,462
|
)
|
|
(17,947
|
)
|
|
(1,945
|
)
|
||||
Other income (expense), net
|
(137,486
|
)
|
|
(60,990
|
)
|
|
(252,002
|
)
|
|
(109,578
|
)
|
||||
Income before income taxes
|
109,403
|
|
|
86,549
|
|
|
244,817
|
|
|
196,259
|
|
||||
Benefit (provision) for income taxes
|
(2,607
|
)
|
|
2,893
|
|
|
(5,497
|
)
|
|
(1,025
|
)
|
||||
Net income
|
106,796
|
|
|
89,442
|
|
|
239,320
|
|
|
195,234
|
|
||||
Less: net income attributable to noncontrolling interests
|
(31,880
|
)
|
|
(19,051
|
)
|
|
(63,589
|
)
|
|
(49,622
|
)
|
||||
Net income attributable to Wynn Resorts, Limited
|
$
|
74,916
|
|
|
$
|
70,391
|
|
|
$
|
175,731
|
|
|
$
|
145,612
|
|
Basic and diluted net income per common share:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Wynn Resorts, Limited:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.73
|
|
|
$
|
0.69
|
|
|
$
|
1.73
|
|
|
$
|
1.44
|
|
Diluted
|
$
|
0.73
|
|
|
$
|
0.69
|
|
|
$
|
1.72
|
|
|
$
|
1.43
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
101,944
|
|
|
101,438
|
|
|
101,851
|
|
|
101,415
|
|
||||
Diluted
|
102,494
|
|
|
101,881
|
|
|
102,274
|
|
|
101,792
|
|
||||
Dividends declared per common share
|
$
|
0.50
|
|
|
$
|
0.50
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
4
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
106,796
|
|
|
$
|
89,442
|
|
|
$
|
239,320
|
|
|
$
|
195,234
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments, before and after tax
|
(2,583
|
)
|
|
(212
|
)
|
|
(3,754
|
)
|
|
(334
|
)
|
||||
Unrealized gain on investment securities, before and after tax
|
87
|
|
|
323
|
|
|
158
|
|
|
1,246
|
|
||||
Total comprehensive income
|
104,300
|
|
|
89,553
|
|
|
235,724
|
|
|
196,146
|
|
||||
Less: comprehensive income attributable to noncontrolling interests
|
(31,161
|
)
|
|
(18,992
|
)
|
|
(62,545
|
)
|
|
(49,529
|
)
|
||||
Comprehensive income attributable to Wynn Resorts, Limited
|
$
|
73,139
|
|
|
$
|
70,561
|
|
|
$
|
173,179
|
|
|
$
|
146,617
|
|
|
5
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Shares
outstanding
|
|
Par
value
|
|
Treasury
stock
|
|
Additional
paid-in
capital
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Retained earnings
|
|
Total Wynn Resorts, Ltd.
stockholders' equity |
|
Noncontrolling
interests
|
|
Total
stockholders' equity |
|||||||||||||||||
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
|
|
Effect of change in accounting for stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
2,807
|
|
|
—
|
|
|
(2,696
|
)
|
|
111
|
|
|
—
|
|
|
111
|
|
||||||||
Balances, December 31, 2016, as adjusted
|
101,799,471
|
|
|
1,150
|
|
|
(1,166,697
|
)
|
|
1,229,722
|
|
|
1,484
|
|
|
92,401
|
|
|
158,060
|
|
|
99,932
|
|
|
257,992
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
175,731
|
|
|
175,731
|
|
|
63,589
|
|
|
239,320
|
|
||||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,710
|
)
|
|
—
|
|
|
(2,710
|
)
|
|
(1,044
|
)
|
|
(3,754
|
)
|
||||||||
Net unrealized gain on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
158
|
|
|
—
|
|
|
158
|
|
|
—
|
|
|
158
|
|
||||||||
Issuance of restricted stock
|
560,792
|
|
|
6
|
|
|
—
|
|
|
18,566
|
|
|
—
|
|
|
—
|
|
|
18,572
|
|
|
653
|
|
|
19,225
|
|
||||||||
Cancellation of restricted stock
|
(13,333
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Exercise of stock options
|
309,128
|
|
|
3
|
|
|
—
|
|
|
26,544
|
|
|
—
|
|
|
—
|
|
|
26,547
|
|
|
—
|
|
|
26,547
|
|
||||||||
Shares repurchased by the Company and held as treasury shares
|
(93,015
|
)
|
|
—
|
|
|
(8,489
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,489
|
)
|
|
—
|
|
|
(8,489
|
)
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(101,876
|
)
|
|
(101,876
|
)
|
|
(77,827
|
)
|
|
(179,703
|
)
|
||||||||
Distribution to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,534
|
)
|
|
(2,534
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
7,430
|
|
|
—
|
|
|
—
|
|
|
7,430
|
|
|
1,514
|
|
|
8,944
|
|
||||||||
Balances, June 30, 2017
|
102,563,043
|
|
|
$
|
1,159
|
|
|
$
|
(1,175,186
|
)
|
|
$
|
1,282,262
|
|
|
$
|
(1,068
|
)
|
|
$
|
166,256
|
|
|
$
|
273,423
|
|
|
$
|
84,283
|
|
|
$
|
357,706
|
|
|
6
|
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
239,320
|
|
|
$
|
195,234
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
277,506
|
|
|
157,720
|
|
||
Deferred income taxes
|
4,580
|
|
|
4
|
|
||
Stock-based compensation expense
|
18,787
|
|
|
21,082
|
|
||
Excess tax benefits from stock-based compensation
|
—
|
|
|
(45
|
)
|
||
Amortization of deferred financing costs
|
12,345
|
|
|
11,883
|
|
||
Loss on extinguishment of debt
|
22,287
|
|
|
—
|
|
||
(Benefit) provision for doubtful accounts
|
(6,249
|
)
|
|
3,184
|
|
||
Change in interest rate swap fair value
|
1,054
|
|
|
2,861
|
|
||
Change in Redemption Note fair value
|
28,264
|
|
|
(2,979
|
)
|
||
Property charges and other
|
25,409
|
|
|
16,290
|
|
||
Increase (decrease) in cash from changes in:
|
|
|
|
||||
Receivables, net
|
28,669
|
|
|
17,111
|
|
||
Inventories and prepaid expenses and other
|
(914
|
)
|
|
(19,339
|
)
|
||
Customer deposits
|
181,112
|
|
|
(15,463
|
)
|
||
Accounts payable and accrued expenses
|
(28,618
|
)
|
|
(17,597
|
)
|
||
Net cash provided by operating activities
|
803,552
|
|
|
369,946
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures, net of construction payables and retention
|
(392,575
|
)
|
|
(548,898
|
)
|
||
Return of investment in unconsolidated affiliates
|
—
|
|
|
727
|
|
||
Purchase of investment securities
|
(133,461
|
)
|
|
(87,589
|
)
|
||
Proceeds from sale or maturity of investment securities
|
121,697
|
|
|
35,550
|
|
||
Purchase of intangible assets and other assets
|
(13,161
|
)
|
|
(8,093
|
)
|
||
Proceeds from sale of assets
|
20,214
|
|
|
2,532
|
|
||
Net cash used in investing activities
|
(397,286
|
)
|
|
(605,771
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from exercise of stock options
|
26,547
|
|
|
—
|
|
||
Excess tax benefits from stock-based compensation
|
—
|
|
|
45
|
|
||
Dividends paid
|
(179,568
|
)
|
|
(212,789
|
)
|
||
Distribution to noncontrolling interest
|
(2,534
|
)
|
|
—
|
|
||
Proceeds from issuance of long-term debt
|
1,030,056
|
|
|
305,796
|
|
||
Repayments of long-term debt
|
(1,359,961
|
)
|
|
—
|
|
||
Restricted cash
|
190,397
|
|
|
(790
|
)
|
||
Repurchase of common stock
|
(8,489
|
)
|
|
(6,291
|
)
|
||
Income taxes paid from sale of ownership interest in subsidiary
|
(25,176
|
)
|
|
—
|
|
||
Shares of subsidiary repurchased for share award plan
|
—
|
|
|
(7,579
|
)
|
||
Payment on long-term land concession obligation
|
—
|
|
|
(15,968
|
)
|
||
Payments for financing costs
|
(40,308
|
)
|
|
(3,261
|
)
|
||
Net cash provided by (used in) financing activities
|
(369,036
|
)
|
|
59,163
|
|
||
Effect of exchange rate on cash
|
(3,929
|
)
|
|
(1,104
|
)
|
||
Cash and cash equivalents:
|
|
|
|
||||
Increase (decrease) in cash and cash equivalents
|
33,301
|
|
|
(177,766
|
)
|
||
Balance, beginning of period
|
2,453,122
|
|
|
2,080,089
|
|
||
Balance, end of period
|
$
|
2,486,423
|
|
|
$
|
1,902,323
|
|
|
|
|
|
||||
Supplemental cash flow disclosures:
|
|
|
|
||||
Cash paid for interest, net of amounts capitalized
|
$
|
211,350
|
|
|
$
|
121,629
|
|
Stock-based compensation capitalized into construction
|
$
|
32
|
|
|
$
|
51
|
|
Liability settled with shares of common stock
|
$
|
19,225
|
|
|
$
|
—
|
|
Change in accounts and construction payables related to property and equipment
|
$
|
4,974
|
|
|
$
|
(96,858
|
)
|
Change in dividends payable on unvested restricted stock included in other accrued liabilities
|
$
|
135
|
|
|
$
|
(12
|
)
|
|
7
|
|
|
8
|
|
|
9
|
|
|
10
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
Rooms
|
$
|
64,853
|
|
|
$
|
42,714
|
|
|
$
|
129,981
|
|
|
$
|
86,434
|
|
Food and beverage
|
38,108
|
|
|
28,450
|
|
|
76,671
|
|
|
61,870
|
|
||||
Entertainment, retail and other
|
6,538
|
|
|
8,640
|
|
|
14,403
|
|
|
14,583
|
|
||||
|
$
|
109,499
|
|
|
$
|
79,804
|
|
|
$
|
221,055
|
|
|
$
|
162,887
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
Rooms
|
$
|
20,462
|
|
|
$
|
12,461
|
|
|
$
|
40,307
|
|
|
$
|
24,790
|
|
Food and beverage
|
33,981
|
|
|
23,970
|
|
|
68,309
|
|
|
51,579
|
|
||||
Entertainment, retail and other
|
4,939
|
|
|
3,114
|
|
|
10,970
|
|
|
6,846
|
|
||||
|
$
|
59,382
|
|
|
$
|
39,545
|
|
|
$
|
119,586
|
|
|
$
|
83,215
|
|
|
11
|
|
|
|
|
Fair Value Measurements Using:
|
|||||||||||
|
June 30,
2017 |
|
Quoted
Market Prices in Active Markets (Level 1) |
|
Other
Observable Inputs (Level 2) |
|
Unobservable
Inputs (Level 3) |
|||||||
Assets:
|
|
|
|
|
|
|
|
|||||||
Cash equivalents
|
$
|
580,071
|
|
|
$
|
4,655
|
|
|
$
|
575,416
|
|
|
—
|
|
Available-for-sale securities
|
$
|
312,632
|
|
|
—
|
|
|
$
|
312,632
|
|
|
—
|
|
|
Restricted cash
|
$
|
2,412
|
|
|
—
|
|
|
$
|
2,412
|
|
|
—
|
|
|
Interest rate swaps
|
$
|
112
|
|
|
—
|
|
|
$
|
112
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|||||||
Redemption Note
|
$
|
1,847,622
|
|
|
—
|
|
|
$
|
1,847,622
|
|
|
—
|
|
|
Interest rate swaps
|
$
|
110
|
|
|
—
|
|
|
$
|
110
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
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
|
|
|
—
|
|
|
12
|
|
•
|
Accounting for income taxes
. Under the new guidance, income tax benefits and deficiencies will be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards will be treated as discrete items in the reporting period in which they occur. The amendment was applied prospectively.
|
•
|
Forfeitures.
The Company elected to make an accounting policy change to account for forfeitures when they occur. The Company applied the amendment using the modified retrospective transition method, which resulted in a cumulative-effect expense adjustment of
$2.7 million
, net of tax to retained earnings as of December 31, 2016. The adjustment represents the impact of estimated forfeitures on previously recorded compensation expense as of December 31, 2016 from outstanding stock options and unvested share awards under the previous accounting policy.
|
•
|
Classification of excess tax benefits on the cash flow statement.
Under the new guidance, excess tax benefits will be classified along with other income tax cash flows as an operating activity. The amendment was applied prospectively.
|
|
13
|
|
|
14
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Wynn Resorts, Limited
|
$
|
74,916
|
|
|
$
|
70,391
|
|
|
$
|
175,731
|
|
|
$
|
145,612
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
101,944
|
|
|
101,438
|
|
|
101,851
|
|
|
101,415
|
|
||||
Potential dilutive effect of stock options and restricted stock
|
550
|
|
|
443
|
|
|
423
|
|
|
377
|
|
||||
Weighted average common and common equivalent shares outstanding
|
102,494
|
|
|
101,881
|
|
|
102,274
|
|
|
101,792
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Wynn Resorts, Limited per common share, basic
|
$
|
0.73
|
|
|
$
|
0.69
|
|
|
$
|
1.73
|
|
|
$
|
1.44
|
|
Net income attributable to Wynn Resorts, Limited per common share, diluted
|
$
|
0.73
|
|
|
$
|
0.69
|
|
|
$
|
1.72
|
|
|
$
|
1.43
|
|
|
|
|
|
|
|
|
|
||||||||
Anti-dilutive stock options and restricted stock excluded from the calculation of diluted net income per share
|
108
|
|
|
766
|
|
|
153
|
|
|
776
|
|
|
Foreign
currency
translation
|
|
Unrealized
loss on investment
securities
|
|
Accumulated
other comprehensive income (loss) |
||||||
December 31, 2016
|
$
|
2,213
|
|
|
$
|
(729
|
)
|
|
$
|
1,484
|
|
Current period other comprehensive income (loss)
|
(2,710
|
)
|
|
158
|
|
|
(2,552
|
)
|
|||
June 30, 2017
|
$
|
(497
|
)
|
|
$
|
(571
|
)
|
|
$
|
(1,068
|
)
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
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
|
$
|
290,330
|
|
|
$
|
241
|
|
|
$
|
(914
|
)
|
|
$
|
289,657
|
|
|
$
|
245,425
|
|
|
$
|
19
|
|
|
$
|
(720
|
)
|
|
$
|
244,724
|
|
Commercial paper
|
22,873
|
|
|
102
|
|
|
—
|
|
|
22,975
|
|
|
56,764
|
|
|
5
|
|
|
(33
|
)
|
|
56,736
|
|
||||||||
|
$
|
313,203
|
|
|
$
|
343
|
|
|
$
|
(914
|
)
|
|
$
|
312,632
|
|
|
$
|
302,189
|
|
|
$
|
24
|
|
|
$
|
(753
|
)
|
|
$
|
301,460
|
|
|
15
|
|
|
Fair value
|
||
Available-for-sale securities
|
|
||
Due in one year or less
|
$
|
136,202
|
|
Due after one year through two years
|
122,296
|
|
|
Due after two years through three years
|
54,134
|
|
|
|
$
|
312,632
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
Casino
|
$
|
162,496
|
|
|
$
|
211,557
|
|
Hotel
|
24,416
|
|
|
21,897
|
|
||
Other
|
42,113
|
|
|
40,256
|
|
||
|
229,025
|
|
|
273,710
|
|
||
Less: allowance for doubtful accounts
|
(32,846
|
)
|
|
(54,742
|
)
|
||
|
$
|
196,179
|
|
|
$
|
218,968
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
Land and improvements
|
$
|
839,370
|
|
|
$
|
834,420
|
|
Buildings and improvements
|
7,596,711
|
|
|
7,623,069
|
|
||
Furniture, fixtures and equipment
|
2,196,218
|
|
|
2,181,515
|
|
||
Leasehold interests in land
|
314,520
|
|
|
316,516
|
|
||
Airplanes
|
158,840
|
|
|
179,730
|
|
||
Construction in progress
|
632,196
|
|
|
299,686
|
|
||
|
11,737,855
|
|
|
11,434,936
|
|
||
Less: accumulated depreciation
|
(3,416,078
|
)
|
|
(3,175,305
|
)
|
||
|
$
|
8,321,777
|
|
|
$
|
8,259,631
|
|
|
16
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
Macau Related:
|
|
|
|
||||
Wynn Macau Credit Facilities:
|
|
|
|
||||
Senior Term Loan Facility, due September 2021; interest at LIBOR or HIBOR plus 1.50%—2.25% (2.64% as of June 30, 2017 and 2.76% as of December 31, 2016), net of debt issuance costs and original issue discount of $24,427 as of June 30, 2017 and $28,091 as of December 31, 2016
|
$
|
2,275,842
|
|
|
$
|
2,278,682
|
|
Senior Revolving Credit Facility, due September 2020; interest at LIBOR or HIBOR plus 1.50%—2.25% (2.57% as of June 30, 2017 and 2.75% as of December 31, 2016)
|
199,937
|
|
|
340,846
|
|
||
5 1/4% Senior Notes, due October 15, 2021, net of debt issuance costs and original issue premium of $6,090 as of June 30, 2017 and $6,709 as of December 31, 2016
|
1,343,910
|
|
|
1,343,291
|
|
||
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, various maturities; interest at base rate plus 0.75% or LIBOR plus 1.75% (2.80% as of June 30, 2017 and 2.52% as of December 31, 2016), net of debt issuance costs of $15,983 as of June 30, 2017 and $15,436 as of December 31, 2016
|
984,017
|
|
|
984,564
|
|
||
4 1/4% Senior Notes, due May 30, 2023, net of debt issuance costs of $2,630 as of June 30, 2017 and $2,819 as of December 31, 2016
|
497,370
|
|
|
497,181
|
|
||
5 1/2% Senior Notes, due March 1, 2025, net of debt issuance costs of $20,463 as of June 30, 2017 and $21,513 as of December 31, 2016
|
1,779,537
|
|
|
1,778,487
|
|
||
5 1/4% Senior Notes, due May 15, 2027, net of debt issuance costs of $20,199 as of June 30, 2017
|
879,801
|
|
|
—
|
|
||
Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2%, net of fair value adjustment of $88,822 as of June 30, 2017 and $117,085 as of December 31, 2016
|
1,847,622
|
|
|
1,819,359
|
|
||
5 3/8% First Mortgage Notes, due March 15, 2022, net of debt issuance costs of $6,709 as of December 31, 2016
|
—
|
|
|
893,291
|
|
||
|
9,808,036
|
|
|
10,125,352
|
|
||
Current portion of long-term debt
|
(1,740
|
)
|
|
—
|
|
||
|
$
|
9,806,296
|
|
|
$
|
10,125,352
|
|
|
17
|
|
|
18
|
|
|
19
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Casino
|
$
|
1,676
|
|
|
$
|
2,211
|
|
|
$
|
3,272
|
|
|
$
|
4,483
|
|
Rooms
|
178
|
|
|
83
|
|
|
327
|
|
|
157
|
|
||||
Food and beverage
|
375
|
|
|
229
|
|
|
705
|
|
|
553
|
|
||||
Entertainment, retail and other
|
42
|
|
|
18
|
|
|
69
|
|
|
36
|
|
||||
General and administrative
|
8,309
|
|
|
7,756
|
|
|
14,414
|
|
|
15,579
|
|
||||
Pre-opening
|
—
|
|
|
157
|
|
|
—
|
|
|
274
|
|
||||
Total stock-based compensation expense
|
10,580
|
|
|
10,454
|
|
|
18,787
|
|
|
21,082
|
|
||||
Total stock-based compensation capitalized
|
31
|
|
|
26
|
|
|
32
|
|
|
51
|
|
||||
Total stock-based compensation costs
|
$
|
10,611
|
|
|
$
|
10,480
|
|
|
$
|
18,819
|
|
|
$
|
21,133
|
|
|
20
|
|
|
21
|
|
|
22
|
|
|
23
|
|
|
24
|
|
|
25
|
|
|
26
|
|
|
27
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net revenues
|
|
|
|
|
|
|
|
||||||||
Macau Operations:
|
|
|
|
|
|
|
|
||||||||
Wynn Macau
|
$
|
682,709
|
|
|
$
|
639,315
|
|
|
$
|
1,269,740
|
|
|
$
|
1,247,558
|
|
Wynn Palace
|
414,651
|
|
|
—
|
|
|
890,425
|
|
|
—
|
|
||||
Total Macau Operations
|
1,097,360
|
|
|
639,315
|
|
|
2,160,165
|
|
|
1,247,558
|
|
||||
Las Vegas Operations
|
431,901
|
|
|
419,049
|
|
|
844,776
|
|
|
808,484
|
|
||||
Total
|
$
|
1,529,261
|
|
|
$
|
1,058,364
|
|
|
$
|
3,004,941
|
|
|
$
|
2,056,042
|
|
Adjusted Property EBITDA
(1)
|
|
|
|
|
|
|
|
||||||||
Macau Operations:
|
|
|
|
|
|
|
|
||||||||
Wynn Macau
|
$
|
210,398
|
|
|
$
|
190,389
|
|
|
$
|
391,504
|
|
|
$
|
381,634
|
|
Wynn Palace
|
87,403
|
|
|
—
|
|
|
199,259
|
|
|
—
|
|
||||
Total Macau Operations
|
297,801
|
|
|
190,389
|
|
|
590,763
|
|
|
381,634
|
|
||||
Las Vegas Operations
|
132,210
|
|
|
122,290
|
|
|
266,787
|
|
|
231,314
|
|
||||
Total
|
430,011
|
|
|
312,679
|
|
|
857,550
|
|
|
612,948
|
|
||||
Other operating expenses
|
|
|
|
|
|
|
|
||||||||
Pre-opening
|
6,758
|
|
|
45,949
|
|
|
12,537
|
|
|
79,718
|
|
||||
Depreciation and amortization
|
137,686
|
|
|
79,749
|
|
|
277,506
|
|
|
157,720
|
|
||||
Property charges and other
|
7,165
|
|
|
11,331
|
|
|
10,201
|
|
|
12,852
|
|
||||
Corporate expenses and other
|
20,933
|
|
|
17,814
|
|
|
41,700
|
|
|
35,997
|
|
||||
Stock-based compensation
|
10,580
|
|
|
10,297
|
|
|
18,787
|
|
|
20,808
|
|
||||
Equity in income from unconsolidated affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||
Total other operating expenses
|
183,122
|
|
|
165,140
|
|
|
360,731
|
|
|
307,111
|
|
||||
Operating income
|
246,889
|
|
|
147,539
|
|
|
496,819
|
|
|
305,837
|
|
||||
Other non-operating income and expenses
|
|
|
|
|
|
|
|
||||||||
Interest income
|
7,080
|
|
|
2,783
|
|
|
13,551
|
|
|
6,262
|
|
||||
Interest expense, net of amounts capitalized
|
(97,739
|
)
|
|
(69,257
|
)
|
|
(196,001
|
)
|
|
(114,029
|
)
|
||||
Change in interest rate swap fair value
|
(283
|
)
|
|
(1,036
|
)
|
|
(1,054
|
)
|
|
(2,861
|
)
|
||||
Change in Redemption Note fair value
|
(12,417
|
)
|
|
7,982
|
|
|
(28,264
|
)
|
|
2,979
|
|
||||
Loss on extinguishment of debt
|
(22,287
|
)
|
|
—
|
|
|
(22,287
|
)
|
|
—
|
|
||||
Equity in income from unconsolidated affiliates
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||
Other
|
(11,840
|
)
|
|
(1,462
|
)
|
|
(17,947
|
)
|
|
(1,945
|
)
|
||||
Total other non-operating income and expenses
|
(137,486
|
)
|
|
(60,990
|
)
|
|
(252,002
|
)
|
|
(109,578
|
)
|
||||
Income before income taxes
|
109,403
|
|
|
86,549
|
|
|
244,817
|
|
|
196,259
|
|
||||
Benefit (provision) for income taxes
|
(2,607
|
)
|
|
2,893
|
|
|
(5,497
|
)
|
|
(1,025
|
)
|
||||
Net income
|
106,796
|
|
|
89,442
|
|
|
239,320
|
|
|
195,234
|
|
||||
Net income attributable to noncontrolling interests
|
(31,880
|
)
|
|
(19,051
|
)
|
|
(63,589
|
)
|
|
(49,622
|
)
|
||||
Net income attributable to Wynn Resorts, Limited
|
$
|
74,916
|
|
|
$
|
70,391
|
|
|
$
|
175,731
|
|
|
$
|
145,612
|
|
(1)
|
"Adjusted Property EBITDA" is net income before interest, taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course and water rights leases), stock-based compensation, change in interest rate swap fair value, change in Redemption Note fair value, loss on extinguishment of debt 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
|
|
28
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
Assets
|
|
|
|
||||
Macau Operations:
|
|
|
|
||||
Wynn Macau
|
$
|
1,106,481
|
|
|
$
|
1,161,670
|
|
Wynn Palace
|
4,126,476
|
|
|
4,317,458
|
|
||
Other Macau
|
27,215
|
|
|
28,927
|
|
||
Total Macau Operations
|
5,260,172
|
|
|
5,508,055
|
|
||
Las Vegas Operations
|
3,227,400
|
|
|
3,275,780
|
|
||
Wynn Boston Harbor
|
708,452
|
|
|
419,001
|
|
||
Corporate and other
|
2,660,875
|
|
|
2,750,721
|
|
||
Total
|
$
|
11,856,899
|
|
|
$
|
11,953,557
|
|
|
29
|
|
•
|
Approximately
281,000
square feet of casino space, offering 24-hour gaming and a full range of games with
314
table games and
958
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
59,000
square feet of high-end, brand-name retail shopping;
|
•
|
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
310
table games and
1,119
slot machines, including private gaming salons, sky casinos and a poker pit;
|
•
|
A luxury hotel with a total of
1,706
guest rooms, suites and villas;
|
•
|
11
food and beverage outlets;
|
•
|
Approximately
106,000
square feet of high-end, brand-name retail shopping;
|
•
|
Approximately
37,000
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, floral art displays and fine art displays.
|
|
30
|
|
•
|
Approximately
189,000
square feet of casino space, offering 24-hour gaming and a full range of games with
229
table games and
1,841
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
95,000
square feet of high-end, brand-name retail shopping (of which, effective December 2016, approximately 88,000 square feet is owned and operated by a joint venture of which we own 50.1%);
|
•
|
Approximately
290,000
square feet of meeting and convention space;
|
•
|
Three nightclubs and a beach club;
|
•
|
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
|
•
|
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.
|
•
|
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.
|
|
31
|
|
•
|
Rolling chips are non-negotiable identifiable chips that are used to track turnover for purposes of calculating incentives.
|
•
|
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.
|
•
|
Slot machine 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.
|
|
Three Months Ended June 30,
|
|
|
|
Six Months Ended June 30,
|
|
|
||||||||||||
|
2017
|
|
2016
|
|
Percent Change
|
|
2017
|
|
2016
|
|
Percent Change
|
||||||||
Net revenues
|
$
|
1,529,261
|
|
|
$
|
1,058,364
|
|
|
44.5
|
|
$
|
3,004,941
|
|
|
$
|
2,056,042
|
|
|
46.2
|
Net income attributable to Wynn Resorts, Limited
|
$
|
74,916
|
|
|
$
|
70,391
|
|
|
6.4
|
|
$
|
175,731
|
|
|
$
|
145,612
|
|
|
20.7
|
Diluted net income per share
|
$
|
0.73
|
|
|
$
|
0.69
|
|
|
5.8
|
|
$
|
1.72
|
|
|
$
|
1.43
|
|
|
20.3
|
Adjusted Property EBITDA
|
$
|
430,011
|
|
|
$
|
312,679
|
|
|
37.5
|
|
$
|
857,550
|
|
|
$
|
612,948
|
|
|
39.9
|
|
32
|
|
|
Three Months Ended June 30,
|
|
|
||||||
|
2017
|
|
2016
|
|
Percent
Change
|
||||
Net revenues
|
|
|
|
|
|
||||
Macau Operations:
|
|
|
|
|
|
||||
Wynn Macau
|
$
|
682,709
|
|
|
$
|
639,315
|
|
|
6.8
|
Wynn Palace
(1)
|
414,651
|
|
|
—
|
|
|
—
|
||
Total Macau Operations
|
1,097,360
|
|
|
639,315
|
|
|
71.6
|
||
Las Vegas Operations
|
431,901
|
|
|
419,049
|
|
|
3.1
|
||
|
$
|
1,529,261
|
|
|
$
|
1,058,364
|
|
|
44.5
|
|
Three Months Ended June 30,
|
|
|
||||||
|
2017
|
|
2016
|
|
Percent
Change
|
||||
Net revenues
|
|
|
|
|
|
||||
Casino revenues
|
$
|
1,166,233
|
|
|
$
|
742,659
|
|
|
57.0
|
Non-casino revenues
|
363,028
|
|
|
315,705
|
|
|
15.0
|
||
|
$
|
1,529,261
|
|
|
$
|
1,058,364
|
|
|
44.5
|
|
33
|
|
|
34
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Increase/
(Decrease)
|
|
Percent
Change
|
|||||||
Macau Operations:
|
|
|
|
|
|
|
|
|||||||
Wynn Macau:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
654,712
|
|
|
$
|
609,755
|
|
|
$
|
44,957
|
|
|
7.4
|
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
98
|
|
|
183
|
|
|
(85
|
)
|
|
(46.4
|
)
|
|||
VIP turnover
|
$
|
16,023,080
|
|
|
$
|
11,841,200
|
|
|
$
|
4,181,880
|
|
|
35.3
|
|
Table games win
|
$
|
566,091
|
|
|
$
|
470,976
|
|
|
$
|
95,115
|
|
|
20.2
|
|
VIP win as a % of turnover
|
3.53
|
%
|
|
3.98
|
%
|
|
(0.45
|
)
|
|
|
|
|||
Table games win per unit per day
|
$
|
63,735
|
|
|
$
|
28,239
|
|
|
$
|
35,496
|
|
|
125.7
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
205
|
|
|
238
|
|
|
(33
|
)
|
|
(13.9
|
)
|
|||
Table drop
|
$
|
1,067,718
|
|
|
$
|
1,173,234
|
|
|
$
|
(105,516
|
)
|
|
(9.0
|
)
|
Table games win
|
$
|
221,567
|
|
|
$
|
235,197
|
|
|
$
|
(13,630
|
)
|
|
(5.8
|
)
|
Table games win %
|
20.8
|
%
|
|
20.0
|
%
|
|
0.8
|
|
|
|
|
|||
Table games win per unit per day
|
$
|
11,903
|
|
|
$
|
10,853
|
|
|
$
|
1,050
|
|
|
9.7
|
|
Average number of slot machines
|
917
|
|
|
775
|
|
|
142
|
|
|
18.3
|
|
|||
Slot machine handle
|
$
|
867,889
|
|
|
$
|
806,453
|
|
|
$
|
61,436
|
|
|
7.6
|
|
Slot machine win
|
$
|
39,531
|
|
|
$
|
33,330
|
|
|
$
|
6,201
|
|
|
18.6
|
|
Slot machine win per unit per day
|
$
|
474
|
|
|
$
|
472
|
|
|
$
|
2
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|||||||
Wynn Palace
(1)
:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
372,224
|
|
|
$
|
—
|
|
|
$
|
372,224
|
|
|
—
|
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
105
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|||
VIP turnover
|
$
|
11,604,672
|
|
|
$
|
—
|
|
|
$
|
11,604,672
|
|
|
—
|
|
Table games win
|
$
|
252,641
|
|
|
$
|
—
|
|
|
$
|
252,641
|
|
|
—
|
|
VIP win as a % of turnover
|
2.18
|
%
|
|
—
|
%
|
|
2.18
|
|
|
|
||||
Table games win per unit per day
|
$
|
26,541
|
|
|
$
|
—
|
|
|
$
|
26,541
|
|
|
—
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
202
|
|
|
—
|
|
|
202
|
|
|
—
|
|
|||
Table drop
|
$
|
729,006
|
|
|
$
|
—
|
|
|
$
|
729,006
|
|
|
—
|
|
Table games win
|
$
|
168,746
|
|
|
$
|
—
|
|
|
$
|
168,746
|
|
|
—
|
|
Table games win %
|
23.1
|
%
|
|
—
|
%
|
|
23.1
|
|
|
|
||||
Table games win per unit per day
|
$
|
9,203
|
|
|
$
|
—
|
|
|
$
|
9,203
|
|
|
—
|
|
Average number of slot machines
|
1,025
|
|
|
—
|
|
|
1,025
|
|
|
—
|
|
|||
Slot machine handle
|
$
|
657,850
|
|
|
$
|
—
|
|
|
$
|
657,850
|
|
|
—
|
|
Slot machine win
|
$
|
34,814
|
|
|
$
|
—
|
|
|
$
|
34,814
|
|
|
—
|
|
Slot machine win per unit per day
|
$
|
373
|
|
|
$
|
—
|
|
|
$
|
373
|
|
|
—
|
|
|
35
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Increase/
(Decrease) |
|
Percent
Change |
|||||||
Las Vegas Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
139,297
|
|
|
$
|
132,904
|
|
|
$
|
6,393
|
|
|
4.8
|
|
Average number of table games
|
234
|
|
|
237
|
|
|
(3
|
)
|
|
(1.3
|
)
|
|||
Table drop
|
$
|
419,338
|
|
|
$
|
427,418
|
|
|
$
|
(8,080
|
)
|
|
(1.9
|
)
|
Table games win
|
$
|
101,300
|
|
|
$
|
96,138
|
|
|
$
|
5,162
|
|
|
5.4
|
|
Table games win %
|
24.2
|
%
|
|
22.5
|
%
|
|
1.7
|
|
|
|
||||
Table games win per unit per day
|
$
|
4,749
|
|
|
$
|
4,450
|
|
|
$
|
299
|
|
|
6.7
|
|
Average number of slot machines
|
1,836
|
|
|
1,885
|
|
|
(49
|
)
|
|
(2.6
|
)
|
|||
Slot machine handle
|
$
|
764,786
|
|
|
$
|
750,380
|
|
|
$
|
14,406
|
|
|
1.9
|
|
Slot machine win
|
$
|
53,017
|
|
|
$
|
48,742
|
|
|
$
|
4,275
|
|
|
8.8
|
|
Slot machine win per unit per day
|
$
|
317
|
|
|
$
|
284
|
|
|
$
|
33
|
|
|
11.6
|
|
|
Three Months Ended June 30,
|
|
|
|||||||
|
2017
|
|
2016
|
|
Percent Change (1)
|
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Macau:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
25,657
|
|
|
$
|
29,278
|
|
|
(12.4
|
)
|
Occupancy
|
97.5
|
%
|
|
91.5
|
%
|
|
6.0
|
|
||
ADR
|
$
|
258
|
|
|
$
|
321
|
|
|
(19.6
|
)
|
REVPAR
|
$
|
252
|
|
|
$
|
294
|
|
|
(14.3
|
)
|
Wynn Palace
(2):
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
35,377
|
|
|
$
|
—
|
|
|
—
|
|
Occupancy
|
96.2
|
%
|
|
—
|
%
|
|
—
|
|
||
ADR
|
$
|
232
|
|
|
$
|
—
|
|
|
—
|
|
REVPAR
|
$
|
224
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|||||
Las Vegas Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
115,149
|
|
|
$
|
113,569
|
|
|
1.4
|
|
Occupancy
|
88.7
|
%
|
|
85.3
|
%
|
|
3.4
|
|
||
ADR
|
$
|
302
|
|
|
$
|
308
|
|
|
(1.9
|
)
|
REVPAR
|
$
|
268
|
|
|
$
|
263
|
|
|
1.9
|
|
|
36
|
|
|
37
|
|
|
Three Months Ended June 30,
|
|
|
|||||||
|
2017
|
|
2016
|
|
Percent
Change
|
|||||
Interest expense
|
|
|
|
|
|
|||||
Interest cost, including amortization of deferred financing costs and original issue discount and premium
|
$
|
101,388
|
|
|
$
|
96,059
|
|
|
5.5
|
|
Capitalized interest
|
(3,649
|
)
|
|
(26,802
|
)
|
|
(86.4
|
)
|
||
|
$
|
97,739
|
|
|
$
|
69,257
|
|
|
41.1
|
|
|
|
|
|
|
|
|||||
Weighted average total debt balance
|
$
|
10,002,047
|
|
|
$
|
9,549,534
|
|
|
|
|
Weighted average interest rate
|
4.05
|
%
|
|
4.02
|
%
|
|
|
|
38
|
|
|
Six Months Ended June 30,
|
|
|
||||||
|
2017
|
|
2016
|
|
Percent Change
|
||||
Net revenues
|
|
|
|
|
|
||||
Macau operations
|
|
|
|
|
|
||||
Wynn Macau
|
$
|
1,269,740
|
|
|
$
|
1,247,558
|
|
|
1.8
|
Wynn Palace
(1)
|
890,425
|
|
|
—
|
|
|
—
|
||
Total Macau Operations
|
2,160,165
|
|
|
1,247,558
|
|
|
73.2
|
||
Las Vegas Operations
|
844,776
|
|
|
808,484
|
|
|
4.5
|
||
|
$
|
3,004,941
|
|
|
$
|
2,056,042
|
|
|
46.2
|
|
39
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Increase/(Decrease)
|
|
Percent
Change
|
|||||||
Macau Operations:
|
|
|
|
|
|
|
|
|||||||
Wynn Macau:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
1,209,638
|
|
|
$
|
1,181,525
|
|
|
$
|
28,113
|
|
|
2.4
|
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
92
|
|
|
186
|
|
|
(94
|
)
|
|
(50.5
|
)
|
|||
VIP turnover
|
$
|
29,307,843
|
|
|
$
|
25,311,139
|
|
|
$
|
3,996,704
|
|
|
15.8
|
|
Table games win
|
$
|
1,005,002
|
|
|
$
|
849,628
|
|
|
$
|
155,374
|
|
|
18.3
|
|
VIP win as a % of turnover
|
3.43
|
%
|
|
3.36
|
%
|
|
0.07
|
|
|
|
||||
Table games win per unit per day
|
$
|
60,129
|
|
|
$
|
25,052
|
|
|
$
|
35,077
|
|
|
140.0
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
204
|
|
|
242
|
|
|
(38
|
)
|
|
(15.7
|
)
|
|||
Table drop
|
$
|
2,204,614
|
|
|
$
|
2,383,334
|
|
|
$
|
(178,720
|
)
|
|
(7.5
|
)
|
Table games win
|
$
|
434,471
|
|
|
$
|
482,697
|
|
|
$
|
(48,226
|
)
|
|
(10.0
|
)
|
Table games win %
|
19.7
|
%
|
|
20.3
|
%
|
|
(0.6
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
11,755
|
|
|
$
|
10,974
|
|
|
$
|
781
|
|
|
7.1
|
|
Average number of slot machines
|
901
|
|
|
778
|
|
|
123
|
|
|
15.8
|
|
|||
Slot machine handle
|
$
|
1,724,572
|
|
|
$
|
1,902,790
|
|
|
$
|
(178,218
|
)
|
|
(9.4
|
)
|
Slot machine win
|
$
|
78,085
|
|
|
$
|
83,771
|
|
|
$
|
(5,686
|
)
|
|
(6.8
|
)
|
Slot machine win per unit per day
|
$
|
479
|
|
|
$
|
591
|
|
|
$
|
(112
|
)
|
|
(19.0
|
)
|
|
|
|
|
|
|
|
|
|||||||
Wynn Palace (1):
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
802,194
|
|
|
$
|
—
|
|
|
$
|
802,194
|
|
|
—
|
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
98
|
|
|
—
|
|
|
98
|
|
|
—
|
|
|||
VIP turnover
|
$
|
22,646,354
|
|
|
$
|
—
|
|
|
$
|
22,646,354
|
|
|
—
|
|
Table games win
|
$
|
587,383
|
|
|
$
|
—
|
|
|
$
|
587,383
|
|
|
—
|
|
VIP win as a % of turnover
|
2.59
|
%
|
|
—
|
%
|
|
2.59
|
|
|
|
||||
Table games win per unit per day
|
$
|
33,141
|
|
|
$
|
—
|
|
|
$
|
33,141
|
|
|
—
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
206
|
|
|
—
|
|
|
206
|
|
|
—
|
|
|||
Table drop
|
$
|
1,499,024
|
|
|
$
|
—
|
|
|
$
|
1,499,024
|
|
|
—
|
|
Table games win
|
$
|
336,373
|
|
|
$
|
—
|
|
|
$
|
336,373
|
|
|
—
|
|
Table games win %
|
22.4
|
%
|
|
—
|
%
|
|
22.4
|
|
|
|
||||
Table games win per unit per day
|
$
|
9,019
|
|
|
$
|
—
|
|
|
$
|
9,019
|
|
|
—
|
|
Average number of slot machines
|
1,011
|
|
|
—
|
|
|
1,011
|
|
|
—
|
|
|||
Slot machine handle
|
$
|
1,315,430
|
|
|
$
|
—
|
|
|
$
|
1,315,430
|
|
|
—
|
|
Slot machine win
|
$
|
68,748
|
|
|
$
|
—
|
|
|
$
|
68,748
|
|
|
—
|
|
Slot machine win per unit per day
|
$
|
376
|
|
|
$
|
—
|
|
|
$
|
376
|
|
|
—
|
|
|
40
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Increase/(Decrease)
|
|
Percent
Change
|
|||||||
Las Vegas Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
305,624
|
|
|
$
|
293,864
|
|
|
$
|
11,760
|
|
|
4.0
|
|
Average number of table games
|
235
|
|
|
237
|
|
|
(2
|
)
|
|
(0.8
|
)
|
|||
Table drop
|
$
|
877,935
|
|
|
$
|
902,580
|
|
|
$
|
(24,645
|
)
|
|
(2.7
|
)
|
Table games win
|
$
|
232,147
|
|
|
$
|
221,184
|
|
|
$
|
10,963
|
|
|
5.0
|
|
Table games win %
|
26.4
|
%
|
|
24.5
|
%
|
|
1.9
|
|
|
|
||||
Table games win per unit per day
|
$
|
5,448
|
|
|
$
|
5,121
|
|
|
$
|
327
|
|
|
6.4
|
|
Average number of slot machines
|
1,871
|
|
|
1,887
|
|
|
(16
|
)
|
|
(0.8
|
)
|
|||
Slot machine handle
|
$
|
1,530,700
|
|
|
$
|
1,467,840
|
|
|
$
|
62,860
|
|
|
4.3
|
|
Slot machine win
|
$
|
102,735
|
|
|
$
|
98,327
|
|
|
$
|
4,408
|
|
|
4.5
|
|
Slot machine win per unit per day
|
$
|
303
|
|
|
$
|
286
|
|
|
$
|
17
|
|
|
5.9
|
|
|
Six Months Ended June 30,
|
|
|
|||||||
|
2017
|
|
2016
|
|
Percent Change (1)
|
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Macau:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
51,193
|
|
|
$
|
59,731
|
|
|
(14.3
|
)
|
Occupancy
|
96.6
|
%
|
|
93.1
|
%
|
|
3.5
|
|
||
ADR
|
$
|
262
|
|
|
$
|
323
|
|
|
(18.9
|
)
|
REVPAR
|
$
|
253
|
|
|
$
|
300
|
|
|
(15.7
|
)
|
Wynn Palace (2):
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
75,145
|
|
|
$
|
—
|
|
|
—
|
|
Occupancy
|
95.9
|
%
|
|
—
|
%
|
|
—
|
|
||
ADR
|
$
|
245
|
|
|
$
|
—
|
|
|
—
|
|
REVPAR
|
$
|
235
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|||||
Las Vegas Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
230,112
|
|
|
$
|
218,708
|
|
|
5.2
|
|
Occupancy
|
87.1
|
%
|
|
83.5
|
%
|
|
3.6
|
|
||
ADR
|
$
|
308
|
|
|
$
|
303
|
|
|
1.7
|
|
REVPAR
|
$
|
268
|
|
|
$
|
253
|
|
|
5.9
|
|
|
41
|
|
|
42
|
|
|
Six Months Ended June 30,
|
|
|
|||||||
|
2017
|
|
2016
|
|
Percent Change
|
|||||
Interest expense
|
|
|
|
|
|
|||||
Interest cost, including amortization of deferred financing costs and original issue discount and premium
|
$
|
202,107
|
|
|
$
|
189,231
|
|
|
6.8
|
|
Capitalized interest
|
(6,106
|
)
|
|
(75,202
|
)
|
|
(91.9
|
)
|
||
|
$
|
196,001
|
|
|
$
|
114,029
|
|
|
71.9
|
|
|
|
|
|
|
|
|||||
Weighted average total debt balance
|
10,059,491
|
|
|
9,476,120
|
|
|
|
|||
Weighted average interest rate
|
4.02
|
%
|
|
3.99
|
%
|
|
|
|
43
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Wynn Macau
|
$
|
210,398
|
|
|
$
|
190,389
|
|
|
$
|
391,504
|
|
|
$
|
381,634
|
|
Wynn Palace
|
$
|
87,403
|
|
|
$
|
—
|
|
|
$
|
199,259
|
|
|
$
|
—
|
|
Las Vegas Operations
|
$
|
132,210
|
|
|
$
|
122,290
|
|
|
$
|
266,787
|
|
|
$
|
231,314
|
|
|
44
|
|
|
45
|
|
|
46
|
|
•
|
our dependence on Stephen A. Wynn;
|
•
|
general global political and economic conditions, in the U.S. and China, which may impact levels of travel, leisure and consumer spending;
|
•
|
restrictions or conditions on visitation by citizens of mainland China to Macau;
|
•
|
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;
|
•
|
doing business in foreign locations such as Macau;
|
•
|
our ability to maintain our customer relationships and collect and enforce gaming receivables;
|
•
|
our relationships with Macau gaming promoters;
|
|
47
|
|
•
|
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;
|
•
|
competition in the casino/hotel and resort industries and actions taken by our competitors, including new development and construction activities of competitors;
|
•
|
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);
|
•
|
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);
|
•
|
legalization of gaming in other jurisdictions;
|
•
|
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;
|
•
|
pending or future legal proceedings, regulatory or enforcement actions or probity investigations;
|
•
|
our ability to maintain our gaming licenses and concessions;
|
•
|
any violations by us of the anti-money laundering laws or Foreign Corrupt Practices Act;
|
•
|
changes in gaming laws or regulations;
|
•
|
changes in federal, foreign, or state tax laws or the administration of such laws;
|
•
|
potential violations of law by Mr. Kazuo Okada, a former shareholder of ours;
|
•
|
changes in the valuation of the promissory note we issued in connection with the redemption of Mr. Okada's shares;
|
•
|
continued compliance with all provisions in our debt agreements;
|
•
|
conditions precedent to funding under our credit facilities;
|
•
|
leverage and debt service (including sensitivity to fluctuations in interest rates);
|
•
|
cybersecurity risk including misappropriation of customer information or other breaches of information security;
|
•
|
our ability to protect our intellectual property rights; and
|
•
|
our current and future insurance coverage levels.
|
|
48
|
|
|
49
|
|
|
50
|
|
(a)
|
Exhibits
|
Exhibit
No.
|
|
Description
|
3.1
|
|
Third Amended and Restated Articles of Incorporation of the Registrant. (Incorporated by reference from the Quarterly Report on Form 10-Q filed by the Registrant on May 8, 2015.)
|
3.2
|
|
Eighth Amended and Restated Bylaws of the Registrant. (Incorporated by reference from the Quarterly Report on Form 10-Q filed by the Registrant on November 6, 2015.)
|
4.1
|
|
Indenture, dated May 11, 2017, by and among Wynn Las Vegas, LLC, Wynn Las Vegas Capital Corp., the Guarantors named therein and U.S. Bank National Association, as trustee. (Incorporated by reference from the Current Report on Form 8-K filed by the Registrant on May 11, 2017.)
|
10.1
|
|
Fifth Amendment to Credit Agreement, dated as of April 24, 2017, 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. (Incorporated by reference from the Quarterly Report on Form 10-Q filed by the Registrant on May 5, 2017.)
|
*31.1
|
|
Certification of Chief Executive Officer of Periodic Report Pursuant to Rule 13a – 14(a) and
Rule 15d – 14(a).
|
*31.2
|
|
Certification of Chief Financial Officer of Periodic Report Pursuant to Rule 13a – 14(a) and
Rule 15d – 14(a).
|
*32
|
|
Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350.
|
*101
|
|
The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the SEC on August 4, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016, (ii) the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2017 and 2016, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2017 and 2016, (iv) the Condensed Consolidated Statement of Stockholders' Equity as of June 30, 2017, (v) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and 2016, and (vi) Notes to Condensed Consolidated Financial Statements.
|
|
|
*
|
Filed herewith.
|
|
51
|
|
|
|
|
|
WYNN RESORTS, LIMITED
|
|
|
|
||
Dated: August 4, 2017
|
|
By:
|
|
/s/ Craig S. Billings
|
|
|
Craig S. Billings
|
||
|
|
Chief Financial Officer and Treasurer
|
||
|
|
(Principal Financial and Accounting Officer)
|
|
52
|
|
1 Year Wynn Resorts Chart |
1 Month Wynn Resorts Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions