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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 |
|
|
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 October 31, 2018
|
Common stock, $0.01 par value
|
|
108,738,518
|
|
Part I.
|
Financial Information
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
Part II.
|
Other Information
|
|
|
2
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,949,253
|
|
|
$
|
2,804,474
|
|
Investment securities
|
—
|
|
|
166,773
|
|
||
Receivables, net
|
232,672
|
|
|
224,128
|
|
||
Inventories
|
63,076
|
|
|
71,636
|
|
||
Prepaid expenses and other
|
91,319
|
|
|
156,773
|
|
||
Total current assets
|
2,336,320
|
|
|
3,423,784
|
|
||
Property and equipment, net
|
9,221,028
|
|
|
8,498,756
|
|
||
Restricted cash
|
3,747
|
|
|
2,160
|
|
||
Investment securities
|
—
|
|
|
160,682
|
|
||
Intangible assets, net
|
223,382
|
|
|
123,705
|
|
||
Deferred income taxes, net
|
361,314
|
|
|
240,533
|
|
||
Other assets
|
231,700
|
|
|
232,119
|
|
||
Total assets
|
$
|
12,377,491
|
|
|
$
|
12,681,739
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts and construction payables
|
$
|
315,959
|
|
|
$
|
285,437
|
|
Customer deposits
|
836,700
|
|
|
1,049,629
|
|
||
Gaming taxes payable
|
210,451
|
|
|
211,600
|
|
||
Accrued compensation and benefits
|
141,734
|
|
|
140,450
|
|
||
Accrued interest
|
73,598
|
|
|
94,695
|
|
||
Current portion of long-term debt
|
236,835
|
|
|
62,690
|
|
||
Dividends payable to noncontrolling interests
|
138,816
|
|
|
—
|
|
||
Other accrued liabilities
|
93,312
|
|
|
85,789
|
|
||
Total current liabilities
|
2,047,405
|
|
|
1,930,290
|
|
||
Long-term debt
|
8,695,335
|
|
|
9,565,936
|
|
||
Other long-term liabilities
|
94,468
|
|
|
107,163
|
|
||
Total liabilities
|
10,837,208
|
|
|
11,603,389
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
||||
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; 122,135,459 and 116,391,753 shares issued; 108,731,082 and 103,005,866 shares outstanding, respectively
|
1,221
|
|
|
1,164
|
|
||
Treasury stock, at cost; 13,404,377 and 13,385,887 shares, respectively
|
(1,187,273
|
)
|
|
(1,184,468
|
)
|
||
Additional paid-in capital
|
2,455,357
|
|
|
1,497,928
|
|
||
Accumulated other comprehensive loss
|
(2,083
|
)
|
|
(1,845
|
)
|
||
Retained earnings
|
537,771
|
|
|
635,067
|
|
||
Total Wynn Resorts, Limited stockholders' equity
|
1,804,993
|
|
|
947,846
|
|
||
Noncontrolling interests
|
(264,710
|
)
|
|
130,504
|
|
||
Total stockholders' equity
|
1,540,283
|
|
|
1,078,350
|
|
||
Total liabilities and stockholders' equity
|
$
|
12,377,491
|
|
|
$
|
12,681,739
|
|
|
3
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
(as adjusted)
|
|
|
|
(as adjusted)
|
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Casino
|
$
|
1,222,029
|
|
|
$
|
1,075,577
|
|
|
$
|
3,564,195
|
|
|
$
|
3,067,145
|
|
Rooms
|
183,044
|
|
|
170,371
|
|
|
559,405
|
|
|
504,135
|
|
||||
Food and beverage
|
193,874
|
|
|
200,051
|
|
|
580,963
|
|
|
568,878
|
|
||||
Entertainment, retail and other
|
110,125
|
|
|
105,348
|
|
|
325,511
|
|
|
307,838
|
|
||||
Total operating revenues
|
1,709,072
|
|
|
1,551,347
|
|
|
5,030,074
|
|
|
4,447,996
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Casino
|
783,171
|
|
|
678,495
|
|
|
2,254,766
|
|
|
1,956,907
|
|
||||
Rooms
|
62,965
|
|
|
61,390
|
|
|
189,837
|
|
|
184,178
|
|
||||
Food and beverage
|
162,311
|
|
|
151,796
|
|
|
468,265
|
|
|
438,308
|
|
||||
Entertainment, retail and other
|
44,028
|
|
|
48,996
|
|
|
138,647
|
|
|
142,988
|
|
||||
General and administrative
|
192,327
|
|
|
178,504
|
|
|
545,543
|
|
|
502,635
|
|
||||
Litigation settlement
|
—
|
|
|
—
|
|
|
463,557
|
|
|
—
|
|
||||
Provision (benefit) for doubtful accounts
|
3,285
|
|
|
1,656
|
|
|
2,586
|
|
|
(4,593
|
)
|
||||
Pre-opening
|
13,714
|
|
|
6,908
|
|
|
35,255
|
|
|
19,445
|
|
||||
Depreciation and amortization
|
137,458
|
|
|
137,982
|
|
|
411,685
|
|
|
415,488
|
|
||||
Property charges and other
|
18,830
|
|
|
28,293
|
|
|
30,672
|
|
|
38,494
|
|
||||
Total operating expenses
|
1,418,089
|
|
|
1,294,020
|
|
|
4,540,813
|
|
|
3,693,850
|
|
||||
Operating income
|
290,983
|
|
|
257,327
|
|
|
489,261
|
|
|
754,146
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
6,948
|
|
|
8,447
|
|
|
21,029
|
|
|
21,998
|
|
||||
Interest expense, net of amounts capitalized
|
(93,007
|
)
|
|
(95,874
|
)
|
|
(281,132
|
)
|
|
(291,875
|
)
|
||||
Change in derivatives fair value
|
(54
|
)
|
|
(2
|
)
|
|
(54
|
)
|
|
(1,056
|
)
|
||||
Change in Redemption Note fair value
|
—
|
|
|
(41,718
|
)
|
|
(69,331
|
)
|
|
(69,982
|
)
|
||||
(Loss) gain on extinguishment of debt
|
(198
|
)
|
|
(20,774
|
)
|
|
2,131
|
|
|
(43,061
|
)
|
||||
Other
|
11,216
|
|
|
(1,894
|
)
|
|
1,039
|
|
|
(19,840
|
)
|
||||
Other income (expense), net
|
(75,095
|
)
|
|
(151,815
|
)
|
|
(326,318
|
)
|
|
(403,816
|
)
|
||||
Income before income taxes
|
215,888
|
|
|
105,512
|
|
|
162,943
|
|
|
350,330
|
|
||||
Benefit (provision) for income taxes
|
3,884
|
|
|
457
|
|
|
124,631
|
|
|
(5,040
|
)
|
||||
Net income
|
219,772
|
|
|
105,969
|
|
|
287,574
|
|
|
345,290
|
|
||||
Less: net income attributable to noncontrolling interests
|
(63,657
|
)
|
|
(26,202
|
)
|
|
(180,010
|
)
|
|
(89,791
|
)
|
||||
Net income attributable to Wynn Resorts, Limited
|
$
|
156,115
|
|
|
$
|
79,767
|
|
|
$
|
107,564
|
|
|
$
|
255,499
|
|
Basic and diluted net income per common share:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Wynn Resorts, Limited:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.44
|
|
|
$
|
0.78
|
|
|
$
|
1.01
|
|
|
$
|
2.51
|
|
Diluted
|
$
|
1.44
|
|
|
$
|
0.78
|
|
|
$
|
1.01
|
|
|
$
|
2.49
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
108,064
|
|
|
102,173
|
|
|
106,162
|
|
|
101,960
|
|
||||
Diluted
|
108,533
|
|
|
102,794
|
|
|
106,721
|
|
|
102,460
|
|
||||
Dividends declared per common share
|
$
|
0.75
|
|
|
$
|
0.50
|
|
|
$
|
2.00
|
|
|
$
|
1.50
|
|
|
4
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
219,772
|
|
|
$
|
105,969
|
|
|
$
|
287,574
|
|
|
$
|
345,290
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments, before and after tax
|
(175
|
)
|
|
259
|
|
|
(2,121
|
)
|
|
(3,495
|
)
|
||||
Change in net unrealized (gain) loss on investment securities, before and after tax
|
(19
|
)
|
|
208
|
|
|
1,292
|
|
|
366
|
|
||||
Redemption Note credit risk adjustment, net of tax of $2,735
|
—
|
|
|
—
|
|
|
9,211
|
|
|
—
|
|
||||
Total comprehensive income
|
219,578
|
|
|
106,436
|
|
|
295,956
|
|
|
342,161
|
|
||||
Less: comprehensive income attributable to noncontrolling interests
|
(63,608
|
)
|
|
(26,274
|
)
|
|
(179,419
|
)
|
|
(88,819
|
)
|
||||
Comprehensive income attributable to Wynn Resorts, Limited
|
$
|
155,970
|
|
|
$
|
80,162
|
|
|
$
|
116,537
|
|
|
$
|
253,342
|
|
|
5
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Shares
outstanding
|
|
Par
value
|
|
Treasury
stock
|
|
Additional
paid-in
capital
|
|
Accumulated
other
comprehensive
loss
|
|
Retained earnings
|
|
Total Wynn Resorts, Ltd.
stockholders' equity |
|
Noncontrolling
interests
|
|
Total
stockholders' equity |
|||||||||||||||||
Balances, January 1, 2018
|
103,005,866
|
|
|
$
|
1,164
|
|
|
$
|
(1,184,468
|
)
|
|
$
|
1,497,928
|
|
|
$
|
(1,845
|
)
|
|
$
|
635,067
|
|
|
$
|
947,846
|
|
|
$
|
130,504
|
|
|
$
|
1,078,350
|
|
Cumulative credit risk adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,211
|
)
|
|
9,211
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
107,564
|
|
|
107,564
|
|
|
180,010
|
|
|
287,574
|
|
||||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,530
|
)
|
|
—
|
|
|
(1,530
|
)
|
|
(591
|
)
|
|
(2,121
|
)
|
||||||||
Change in net unrealized loss on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,292
|
|
|
—
|
|
|
1,292
|
|
|
—
|
|
|
1,292
|
|
||||||||
Redemption Note settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,211
|
|
|
—
|
|
|
9,211
|
|
|
—
|
|
|
9,211
|
|
||||||||
Issuance of common stock
|
5,300,000
|
|
|
53
|
|
|
|
|
915,187
|
|
|
—
|
|
|
—
|
|
|
915,240
|
|
|
—
|
|
|
915,240
|
|
|||||||||
Issuance of restricted stock
|
280,834
|
|
|
3
|
|
|
—
|
|
|
1,295
|
|
|
—
|
|
|
—
|
|
|
1,298
|
|
|
501
|
|
|
1,799
|
|
||||||||
Cancellation of restricted stock
|
(75,908
|
)
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Exercise of stock options
|
238,780
|
|
|
2
|
|
|
—
|
|
|
19,805
|
|
|
—
|
|
|
—
|
|
|
19,807
|
|
|
506
|
|
|
20,313
|
|
||||||||
Shares repurchased by the Company and held as treasury shares
|
(18,490
|
)
|
|
—
|
|
|
(2,805
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,805
|
)
|
|
—
|
|
|
(2,805
|
)
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(214,071
|
)
|
|
(214,071
|
)
|
|
(276,583
|
)
|
|
(490,654
|
)
|
||||||||
Distribution to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(301,113
|
)
|
|
(301,113
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
21,141
|
|
|
—
|
|
|
—
|
|
|
21,141
|
|
|
2,056
|
|
|
23,197
|
|
||||||||
Balances, September 30, 2018
|
108,731,082
|
|
|
$
|
1,221
|
|
|
$
|
(1,187,273
|
)
|
|
$
|
2,455,357
|
|
|
$
|
(2,083
|
)
|
|
$
|
537,771
|
|
|
$
|
1,804,993
|
|
|
$
|
(264,710
|
)
|
|
$
|
1,540,283
|
|
|
6
|
|
|
Nine Months Ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
|
|
|
(as adjusted)
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
287,574
|
|
|
$
|
345,290
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
411,685
|
|
|
415,488
|
|
||
Deferred income taxes
|
(123,516
|
)
|
|
20,830
|
|
||
Stock-based compensation expense
|
28,762
|
|
|
29,290
|
|
||
Amortization of debt issuance costs
|
25,241
|
|
|
18,542
|
|
||
Loss on extinguishment of debt
|
2,364
|
|
|
43,061
|
|
||
Provision (benefit) for doubtful accounts
|
2,586
|
|
|
(4,593
|
)
|
||
Change in derivatives fair value
|
54
|
|
|
1,056
|
|
||
Change in Redemption Note fair value
|
69,331
|
|
|
69,982
|
|
||
Property charges and other
|
30,464
|
|
|
52,683
|
|
||
Increase (decrease) in cash from changes in:
|
|
|
|
||||
Receivables, net
|
(11,038
|
)
|
|
(1,198
|
)
|
||
Inventories and prepaid expenses and other
|
1,145
|
|
|
(19,587
|
)
|
||
Customer deposits
|
(212,459
|
)
|
|
288,906
|
|
||
Accounts payable and accrued expenses
|
(14,304
|
)
|
|
17,755
|
|
||
Net cash provided by operating activities
|
497,889
|
|
|
1,277,505
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures, net of construction payables and retention
|
(1,154,255
|
)
|
|
(650,282
|
)
|
||
Purchase of investment securities
|
(34,098
|
)
|
|
(191,147
|
)
|
||
Proceeds from sale or maturity of investment securities
|
359,461
|
|
|
171,375
|
|
||
Purchase of intangible assets and other assets
|
(102,388
|
)
|
|
(13,408
|
)
|
||
Proceeds from sale of assets
|
2,387
|
|
|
20,303
|
|
||
Net cash used in investing activities
|
(928,893
|
)
|
|
(663,159
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
2,288,605
|
|
|
2,429,988
|
|
||
Repayments of long-term debt
|
(3,030,526
|
)
|
|
(2,416,319
|
)
|
||
Distribution to noncontrolling interest
|
(301,113
|
)
|
|
(6,201
|
)
|
||
Proceeds from note receivable from sale of ownership interest in subsidiary
|
75,000
|
|
|
—
|
|
||
Income taxes paid from sale of ownership interest of subsidiary
|
—
|
|
|
(25,176
|
)
|
||
Proceeds from issuance of common stock, net of issuance costs
|
915,187
|
|
|
—
|
|
||
Repurchase of common stock
|
(2,805
|
)
|
|
(8,489
|
)
|
||
Proceeds from exercise of stock options
|
20,313
|
|
|
48,653
|
|
||
Dividends paid
|
(350,694
|
)
|
|
(270,091
|
)
|
||
Payments to acquire derivatives
|
(3,900
|
)
|
|
—
|
|
||
Payments for financing costs
|
(33,787
|
)
|
|
(70,496
|
)
|
||
Net cash used in financing activities
|
(423,720
|
)
|
|
(318,131
|
)
|
||
Effect of exchange rate on cash, cash equivalents and restricted cash
|
1,090
|
|
|
(3,460
|
)
|
||
Cash, cash equivalents and restricted cash:
|
|
|
|
||||
(Decrease) increase in cash, cash equivalents and restricted cash
|
(853,634
|
)
|
|
292,755
|
|
||
Balance, beginning of period
|
2,806,634
|
|
|
2,645,945
|
|
||
Balance, end of period
|
$
|
1,953,000
|
|
|
$
|
2,938,700
|
|
|
|
|
|
||||
Supplemental cash flow disclosures:
|
|
|
|
||||
Cash paid for interest, net of amounts capitalized
|
$
|
276,989
|
|
|
$
|
301,800
|
|
Property and equipment acquired under capital lease
|
$
|
—
|
|
|
$
|
16,593
|
|
Stock-based compensation capitalized into construction
|
$
|
6
|
|
|
$
|
56
|
|
Liability settled with shares of common stock
|
$
|
1,800
|
|
|
$
|
19,225
|
|
Change in accounts and construction payables related to property and equipment
|
$
|
7,718
|
|
|
$
|
(35,375
|
)
|
Change in dividends payable on unvested restricted stock included in other accrued liabilities
|
$
|
1,144
|
|
|
$
|
(427
|
)
|
Dividends payable to noncontrolling interests
|
$
|
138,816
|
|
|
$
|
—
|
|
|
7
|
|
|
8
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
Cash and cash equivalents:
|
|
|
|
||||
Cash
(1)
|
$
|
1,521,691
|
|
|
$
|
2,354,244
|
|
Cash equivalents
(2)
|
427,562
|
|
|
450,230
|
|
||
|
1,949,253
|
|
|
2,804,474
|
|
||
Restricted cash
(3)
|
3,747
|
|
|
2,160
|
|
||
Total cash, cash equivalents and restricted cash
|
$
|
1,953,000
|
|
|
$
|
2,806,634
|
|
|
9
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
Casino
|
$
|
192,646
|
|
|
$
|
173,664
|
|
Hotel
|
14,629
|
|
|
22,487
|
|
||
Other
|
55,782
|
|
|
58,577
|
|
||
|
263,057
|
|
|
254,728
|
|
||
Less: allowance for doubtful accounts
|
(30,385
|
)
|
|
(30,600
|
)
|
||
|
$
|
232,672
|
|
|
$
|
224,128
|
|
|
10
|
|
|
11
|
|
|
Foreign
currency translation |
|
Unrealized
loss on investment securities |
|
Redemption Note
|
|
Accumulated
other comprehensive loss |
||||||||
January 1, 2018
|
$
|
(553
|
)
|
|
$
|
(1,292
|
)
|
|
$
|
—
|
|
|
$
|
(1,845
|
)
|
Cumulative credit risk adjustment
(1)
|
—
|
|
|
—
|
|
|
(9,211
|
)
|
|
(9,211
|
)
|
||||
Change in net unrealized gain (loss)
|
(1,530
|
)
|
|
(1,510
|
)
|
|
7,690
|
|
|
4,650
|
|
||||
Amounts reclassified to net income
(2)
|
—
|
|
|
2,802
|
|
|
1,521
|
|
|
4,323
|
|
||||
Other comprehensive income (loss)
|
(1,530
|
)
|
|
1,292
|
|
|
9,211
|
|
|
8,973
|
|
||||
September 30, 2018
|
$
|
(2,083
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2,083
|
)
|
•
|
Level 1
- Observable inputs such as quoted prices in active markets.
|
•
|
Level 2
- Inputs other than quoted prices in active markets that are either directly or indirectly observable.
|
•
|
Level 3
- Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
|
|
12
|
|
|
|
|
Fair Value Measurements Using:
|
|||||||||||
|
September 30,
2018 |
|
Quoted
Market Prices in Active Markets (Level 1) |
|
Other
Observable Inputs (Level 2) |
|
Unobservable
Inputs (Level 3) |
|||||||
Assets:
|
|
|
|
|
|
|
|
|||||||
Cash equivalents
|
$
|
427,562
|
|
|
$
|
—
|
|
|
$
|
427,562
|
|
|
—
|
|
Restricted cash
|
$
|
3,747
|
|
|
$
|
2,007
|
|
|
$
|
1,740
|
|
|
—
|
|
Interest rate collar
|
$
|
3,845
|
|
|
—
|
|
|
$
|
3,845
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Fair Value Measurements Using:
|
|||||||||||
|
December 31,
2017 |
|
Quoted
Market Prices in Active Markets (Level 1) |
|
Other
Observable Inputs (Level 2) |
|
Unobservable
Inputs (Level 3) |
|||||||
Assets:
|
|
|
|
|
|
|
|
|||||||
Cash equivalents
|
$
|
450,230
|
|
|
$
|
11,200
|
|
|
$
|
439,030
|
|
|
—
|
|
Available-for-sale securities
|
$
|
327,455
|
|
|
—
|
|
|
$
|
327,455
|
|
|
—
|
|
|
Restricted cash
|
$
|
2,160
|
|
|
—
|
|
|
$
|
2,160
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|||||||
Redemption Note
|
$
|
1,879,058
|
|
|
—
|
|
|
$
|
1,879,058
|
|
|
—
|
|
•
|
The promotional allowances line item was eliminated from the Condensed Consolidated Statements of Income with the majority of the amount being netted against casino revenues.
|
•
|
The estimated cost of providing complimentary goods or services will no longer be allocated primarily to casino expenses from other operating departments as the new guidance requires revenues and expenses associated with providing complimentary goods or services to be classified based on the goods or services provided.
|
•
|
The portion of junket commissions previously recorded as a casino expense is now recorded as a reduction of casino revenue.
|
•
|
Mandatory service charges on food and beverage are now recorded on a gross basis with the amount received from the customer recorded as food and beverage revenue and the corresponding amount paid to employees recorded as food and beverage expense.
|
|
13
|
|
|
Three Months Ended September 30, 2017
|
||||||||||
|
As Previously Reported
|
|
Adoption of ASC 606
|
|
As Adjusted
|
||||||
Gross revenues
|
$
|
1,728,064
|
|
|
$
|
(176,717
|
)
|
|
$
|
1,551,347
|
|
Promotional allowances
|
(115,733
|
)
|
|
115,733
|
|
|
—
|
|
|||
Operating revenues
|
1,612,331
|
|
|
(60,984
|
)
|
|
1,551,347
|
|
|||
Operating expenses
|
1,355,004
|
|
|
(60,984
|
)
|
|
1,294,020
|
|
|||
Operating income
|
$
|
257,327
|
|
|
$
|
—
|
|
|
$
|
257,327
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||
|
As Previously Reported
|
|
Adoption of ASC 606
|
|
As Adjusted
|
||||||
Gross revenues
|
$
|
4,954,060
|
|
|
$
|
(506,064
|
)
|
|
$
|
4,447,996
|
|
Promotional allowances
|
(336,788
|
)
|
|
336,788
|
|
|
—
|
|
|||
Operating revenues
|
4,617,272
|
|
|
(169,276
|
)
|
|
4,447,996
|
|
|||
Operating expenses
|
3,863,126
|
|
|
(169,276
|
)
|
|
3,693,850
|
|
|||
Operating income
|
$
|
754,146
|
|
|
$
|
—
|
|
|
$
|
754,146
|
|
|
14
|
|
|
15
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Wynn Resorts, Limited
|
$
|
156,115
|
|
|
$
|
79,767
|
|
|
$
|
107,564
|
|
|
$
|
255,499
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
108,064
|
|
|
102,173
|
|
|
106,162
|
|
|
101,960
|
|
||||
Potential dilutive effect of stock options and restricted stock
|
469
|
|
|
621
|
|
|
559
|
|
|
500
|
|
||||
Weighted average common and common equivalent shares outstanding
|
108,533
|
|
|
102,794
|
|
|
106,721
|
|
|
102,460
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Wynn Resorts, Limited per common share, basic
|
$
|
1.44
|
|
|
$
|
0.78
|
|
|
$
|
1.01
|
|
|
$
|
2.51
|
|
Net income attributable to Wynn Resorts, Limited per common share, diluted
|
$
|
1.44
|
|
|
$
|
0.78
|
|
|
$
|
1.01
|
|
|
$
|
2.49
|
|
|
|
|
|
|
|
|
|
||||||||
Anti-dilutive stock options and restricted stock excluded from the calculation of diluted net income per share
|
234
|
|
|
108
|
|
|
109
|
|
|
123
|
|
As of December 31, 2017
|
|
Amortized cost
|
|
Gross unrealized gains
|
|
Gross unrealized losses
|
|
Fair value (net carrying amount)
|
||||||||
Domestic and foreign corporate bonds
|
|
$
|
328,747
|
|
|
$
|
6
|
|
|
$
|
(1,298
|
)
|
|
$
|
327,455
|
|
|
16
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
Buildings and improvements
|
$
|
7,634,499
|
|
|
$
|
7,582,611
|
|
Land and improvements
|
1,126,522
|
|
|
853,738
|
|
||
Furniture, fixtures and equipment
|
2,254,734
|
|
|
2,211,974
|
|
||
Leasehold interests in land
|
314,053
|
|
|
314,068
|
|
||
Airplanes
|
134,267
|
|
|
158,840
|
|
||
Construction in progress
|
1,741,942
|
|
|
1,016,207
|
|
||
|
13,206,017
|
|
|
12,137,438
|
|
||
Less: accumulated depreciation
|
(3,984,989
|
)
|
|
(3,638,682
|
)
|
||
|
$
|
9,221,028
|
|
|
$
|
8,498,756
|
|
|
17
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
Macau Related:
|
|
|
|
||||
Wynn Macau Credit Facilities:
|
|
|
|
||||
Senior Term Loan Facility, due 2021
|
$
|
2,298,749
|
|
|
$
|
2,298,798
|
|
Senior Revolving Credit Facility, due 2020
|
624,393
|
|
|
—
|
|
||
4 7/8% Senior Notes, due 2024
|
600,000
|
|
|
600,000
|
|
||
5 1/2% Senior Notes, due 2027
|
750,000
|
|
|
750,000
|
|
||
|
|
|
|
||||
U.S. and Corporate Related:
|
|
|
|
||||
Wynn America Credit Facilities:
|
|
|
|
||||
Senior Term Loan Facility, due 2021
|
996,520
|
|
|
1,000,000
|
|
||
4 1/4% Senior Notes, due 2023
|
500,000
|
|
|
500,000
|
|
||
5 1/2% Senior Notes, due 2025
|
1,780,000
|
|
|
1,800,000
|
|
||
5 1/4% Senior Notes, due 2027
|
880,000
|
|
|
900,000
|
|
||
Retail Term Loan, due 2025
|
615,000
|
|
|
—
|
|
||
Redemption Price Promissory Note, due 2022
|
—
|
|
|
1,936,443
|
|
||
|
9,044,662
|
|
|
9,785,241
|
|
||
Less: Unamortized debt issuance costs and original issue discounts and premium, net
|
(112,492
|
)
|
|
(99,231
|
)
|
||
Less: Redemption Note fair value adjustment
|
—
|
|
|
(57,384
|
)
|
||
|
8,932,170
|
|
|
9,628,626
|
|
||
Current portion of long-term debt
|
(236,835
|
)
|
|
(62,690
|
)
|
||
Total long-term debt, net of current portion
|
$
|
8,695,335
|
|
|
$
|
9,565,936
|
|
|
18
|
|
|
19
|
|
|
20
|
|
|
21
|
|
Three months ended September 30, 2018
|
|
Macau Operations
|
|
Las Vegas Operations
|
|
Total
|
||||||
Casino
|
|
$
|
1,129,143
|
|
|
$
|
92,886
|
|
|
$
|
1,222,029
|
|
Rooms
|
|
72,387
|
|
|
110,657
|
|
|
183,044
|
|
|||
Food and beverage
|
|
45,312
|
|
|
148,562
|
|
|
193,874
|
|
|||
Entertainment, retail and other
(1)
|
|
63,350
|
|
|
46,775
|
|
|
110,125
|
|
|||
Total operating revenues
|
|
$
|
1,310,192
|
|
|
$
|
398,880
|
|
|
$
|
1,709,072
|
|
|
|
|
|
|
|
|
||||||
Three months ended September 30, 2017
|
|
|
|
|
|
|
||||||
Casino
|
|
$
|
945,891
|
|
|
$
|
129,686
|
|
|
$
|
1,075,577
|
|
Rooms
|
|
52,789
|
|
|
117,582
|
|
|
170,371
|
|
|||
Food and beverage
|
|
39,834
|
|
|
160,217
|
|
|
200,051
|
|
|||
Entertainment, retail and other
(1)
|
|
48,564
|
|
|
56,784
|
|
|
105,348
|
|
|||
Total operating revenues
|
|
$
|
1,087,078
|
|
|
$
|
464,269
|
|
|
$
|
1,551,347
|
|
Nine months ended September 30, 2018
|
|
|
|
|
|
|
||||||
Casino
|
|
$
|
3,234,931
|
|
|
$
|
329,264
|
|
|
$
|
3,564,195
|
|
Rooms
|
|
209,036
|
|
|
350,369
|
|
|
559,405
|
|
|||
Food and beverage
|
|
135,712
|
|
|
445,251
|
|
|
580,963
|
|
|||
Entertainment, retail and other
(1)
|
|
178,470
|
|
|
147,041
|
|
|
325,511
|
|
|||
Total operating revenues
|
|
$
|
3,758,149
|
|
|
$
|
1,271,925
|
|
|
$
|
5,030,074
|
|
|
|
|
|
|
|
|
||||||
Nine months ended September 30, 2017
|
|
|
|
|
|
|
||||||
Casino
|
|
$
|
2,712,289
|
|
|
$
|
354,856
|
|
|
$
|
3,067,145
|
|
Rooms
|
|
157,183
|
|
|
346,952
|
|
|
504,135
|
|
|||
Food and beverage
|
|
116,144
|
|
|
452,734
|
|
|
568,878
|
|
|||
Entertainment, retail and other
(1)
|
|
141,367
|
|
|
166,471
|
|
|
307,838
|
|
|||
Total operating revenues
|
|
$
|
3,126,983
|
|
|
$
|
1,321,013
|
|
|
$
|
4,447,996
|
|
|
22
|
|
|
September 30, 2018
|
|
December 31, 2017
|
|
Increase (decrease)
|
|
September 30, 2017
|
|
December 31, 2016
|
|
Increase (decrease)
|
||||||||||||
Casino outstanding chips and front money deposits
(1)
|
$
|
785,988
|
|
|
$
|
991,957
|
|
|
$
|
(205,969
|
)
|
|
$
|
824,863
|
|
|
$
|
546,487
|
|
|
$
|
278,376
|
|
Advance room deposits and ticket sales
(2)
|
45,196
|
|
|
52,253
|
|
|
(7,057
|
)
|
|
50,462
|
|
|
45,696
|
|
|
4,766
|
|
||||||
Other gaming-related liabilities
(3)
|
13,644
|
|
|
12,765
|
|
|
879
|
|
|
11,264
|
|
|
12,033
|
|
|
(769
|
)
|
||||||
Loyalty program and related liabilities
(4)
|
18,756
|
|
|
18,421
|
|
|
335
|
|
|
14,210
|
|
|
7,942
|
|
|
6,268
|
|
||||||
|
$
|
863,584
|
|
|
$
|
1,075,396
|
|
|
$
|
(211,812
|
)
|
|
$
|
900,799
|
|
|
$
|
612,158
|
|
|
$
|
288,641
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Casino
|
$
|
1,305
|
|
|
$
|
1,649
|
|
|
$
|
4,432
|
|
|
$
|
4,921
|
|
Rooms
|
108
|
|
|
152
|
|
|
314
|
|
|
479
|
|
||||
Food and beverage
|
258
|
|
|
352
|
|
|
868
|
|
|
1,058
|
|
||||
Entertainment, retail and other
|
34
|
|
|
38
|
|
|
111
|
|
|
106
|
|
||||
General and administrative
|
9,914
|
|
|
8,312
|
|
|
22,540
|
|
|
22,726
|
|
||||
Pre-opening
|
213
|
|
|
—
|
|
|
497
|
|
|
—
|
|
||||
Total stock-based compensation expense
|
11,832
|
|
|
10,503
|
|
|
28,762
|
|
|
29,290
|
|
||||
Total stock-based compensation capitalized
|
—
|
|
|
24
|
|
|
6
|
|
|
56
|
|
||||
Total stock-based compensation costs
|
$
|
11,832
|
|
|
$
|
10,527
|
|
|
$
|
28,768
|
|
|
$
|
29,346
|
|
|
23
|
|
|
24
|
|
|
25
|
|
|
26
|
|
|
27
|
|
|
28
|
|
|
29
|
|
|
30
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
(as adjusted)
|
|
|
|
(as adjusted)
|
||||||||
Operating revenues
|
|
|
|
|
|
|
|
||||||||
Macau Operations:
|
|
|
|
|
|
|
|
||||||||
Wynn Palace
|
$
|
730,572
|
|
|
$
|
525,029
|
|
|
$
|
2,017,004
|
|
|
$
|
1,373,742
|
|
Wynn Macau
|
579,620
|
|
|
562,049
|
|
|
1,741,145
|
|
|
1,753,241
|
|
||||
Total Macau Operations
|
1,310,192
|
|
|
1,087,078
|
|
|
3,758,149
|
|
|
3,126,983
|
|
||||
Las Vegas Operations
|
398,880
|
|
|
464,269
|
|
|
1,271,925
|
|
|
1,321,013
|
|
||||
Total
|
$
|
1,709,072
|
|
|
$
|
1,551,347
|
|
|
$
|
5,030,074
|
|
|
$
|
4,447,996
|
|
Adjusted Property EBITDA
(1)
|
|
|
|
|
|
|
|
||||||||
Macau Operations:
|
|
|
|
|
|
|
|
||||||||
Wynn Palace
|
$
|
226,141
|
|
|
$
|
138,228
|
|
|
$
|
617,317
|
|
|
$
|
337,487
|
|
Wynn Macau
|
182,928
|
|
|
183,219
|
|
|
565,677
|
|
|
574,723
|
|
||||
Total Macau Operations
|
409,069
|
|
|
321,447
|
|
|
1,182,994
|
|
|
912,210
|
|
||||
Las Vegas Operations
|
95,298
|
|
|
151,509
|
|
|
362,051
|
|
|
418,296
|
|
||||
Total
|
504,367
|
|
|
472,956
|
|
|
1,545,045
|
|
|
1,330,506
|
|
||||
Other operating expenses
|
|
|
|
|
|
|
|
||||||||
Litigation settlement
|
—
|
|
|
—
|
|
|
463,557
|
|
|
—
|
|
||||
Pre-opening
|
13,714
|
|
|
6,908
|
|
|
35,255
|
|
|
19,445
|
|
||||
Depreciation and amortization
|
137,458
|
|
|
137,982
|
|
|
411,685
|
|
|
415,488
|
|
||||
Property charges and other
|
18,830
|
|
|
28,293
|
|
|
30,672
|
|
|
38,494
|
|
||||
Corporate expenses and other
|
31,763
|
|
|
31,943
|
|
|
86,350
|
|
|
73,643
|
|
||||
Stock-based compensation
|
11,619
|
|
|
10,503
|
|
|
28,265
|
|
|
29,290
|
|
||||
Total other operating expenses
|
213,384
|
|
|
215,629
|
|
|
1,055,784
|
|
|
576,360
|
|
||||
Operating income
|
290,983
|
|
|
257,327
|
|
|
489,261
|
|
|
754,146
|
|
||||
Other non-operating income and expenses
|
|
|
|
|
|
|
|
||||||||
Interest income
|
6,948
|
|
|
8,447
|
|
|
21,029
|
|
|
21,998
|
|
||||
Interest expense, net of amounts capitalized
|
(93,007
|
)
|
|
(95,874
|
)
|
|
(281,132
|
)
|
|
(291,875
|
)
|
||||
Change in derivatives fair value
|
(54
|
)
|
|
(2
|
)
|
|
(54
|
)
|
|
(1,056
|
)
|
||||
Change in Redemption Note fair value
|
—
|
|
|
(41,718
|
)
|
|
(69,331
|
)
|
|
(69,982
|
)
|
||||
(Loss) gain on extinguishment of debt
|
(198
|
)
|
|
(20,774
|
)
|
|
2,131
|
|
|
(43,061
|
)
|
||||
Other
|
11,216
|
|
|
(1,894
|
)
|
|
1,039
|
|
|
(19,840
|
)
|
||||
Total other non-operating income and expenses
|
(75,095
|
)
|
|
(151,815
|
)
|
|
(326,318
|
)
|
|
(403,816
|
)
|
||||
Income before income taxes
|
215,888
|
|
|
105,512
|
|
|
162,943
|
|
|
350,330
|
|
||||
Benefit (provision) for income taxes
|
3,884
|
|
|
457
|
|
|
124,631
|
|
|
(5,040
|
)
|
||||
Net income
|
219,772
|
|
|
105,969
|
|
|
287,574
|
|
|
345,290
|
|
||||
Net income attributable to noncontrolling interests
|
(63,657
|
)
|
|
(26,202
|
)
|
|
(180,010
|
)
|
|
(89,791
|
)
|
||||
Net income attributable to Wynn Resorts, Limited
|
$
|
156,115
|
|
|
$
|
79,767
|
|
|
$
|
107,564
|
|
|
$
|
255,499
|
|
(1)
|
"Adjusted Property EBITDA" is net income before interest, income taxes, depreciation and amortization, litigation settlement expense, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course and water rights leases), stock-based compensation, (loss) gain on extinguishment of debt, change in derivatives fair value, change in Redemption Note fair value and other non-operating income and expenses. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDA because it is used by some investors as a way to measure a company's ability
|
|
31
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
Assets
|
|
|
|
||||
Macau Operations:
|
|
|
|
||||
Wynn Palace
|
$
|
3,890,829
|
|
|
$
|
4,017,494
|
|
Wynn Macau
|
1,932,745
|
|
|
1,271,544
|
|
||
Other Macau
|
189,752
|
|
|
174,769
|
|
||
Total Macau Operations
|
6,013,326
|
|
|
5,463,807
|
|
||
Las Vegas Operations
|
2,806,381
|
|
|
3,266,390
|
|
||
Encore Boston Harbor
|
1,700,307
|
|
|
1,060,530
|
|
||
Corporate and other
|
1,857,477
|
|
|
2,891,012
|
|
||
Total
|
$
|
12,377,491
|
|
|
$
|
12,681,739
|
|
|
32
|
|
•
|
Approximately
424,000
square feet of casino space, offering 24-hour gaming and a full range of games with
323
table games and
1,095
slot machines, private gaming salons and sky casinos;
|
•
|
A luxury hotel with a total of
1,706
guest rooms, suites and villas;
|
•
|
13
food and beverage outlets;
|
•
|
Approximately
106,000
square feet of high-end, brand-name retail space;
|
•
|
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.
|
•
|
Approximately
273,000
square feet of casino space, offering 24-hour gaming and a full range of games with
310
table games and
836
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;
|
•
|
12
food and beverage outlets;
|
•
|
Approximately
59,000
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.
|
|
33
|
|
•
|
Approximately
192,000
square feet of casino space, offering 24-hour gaming and a full range of games with
233
table games and
1,814
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;
|
•
|
32
food and beverage outlets;
|
•
|
Approximately
106,000
square feet of high-end, brand-name retail space (the majority of which is owned and operated under 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 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.
|
|
34
|
|
•
|
Table drop in mass market 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.
|
•
|
Rolling chips are non-negotiable identifiable chips that are used to track turnover for purposes of calculating incentives within our Macau Operations' VIP program.
|
•
|
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. Table games win is before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
|
•
|
Slot machine win is the amount of handle (representing the total amount wagered) that is retained by us and is recorded as casino revenues. Slot machine win is after adjustment for progressive accruals and free play, but before discounts and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
|
•
|
Average daily rate ("ADR") is calculated by dividing total room revenues, including complimentaries (less service charges, if any), by total rooms occupied.
|
•
|
Revenue per available room ("REVPAR") is calculated by dividing total room revenues, including complimentaries (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.
|
|
35
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|||||||||||||
|
2018
|
|
2017
|
|
Percent Change
|
|
2018
|
|
2017
|
|
Percent Change
|
|||||||||
Operating revenues
|
$
|
1,709,072
|
|
|
$
|
1,551,347
|
|
|
10.2
|
|
$
|
5,030,074
|
|
|
$
|
4,447,996
|
|
|
13.1
|
|
Net income attributable to Wynn Resorts, Limited
|
$
|
156,115
|
|
|
$
|
79,767
|
|
|
95.7
|
|
$
|
107,564
|
|
|
$
|
255,499
|
|
|
(57.9
|
)
|
Diluted net income per share
|
$
|
1.44
|
|
|
$
|
0.78
|
|
|
85.4
|
|
$
|
1.01
|
|
|
$
|
2.49
|
|
|
(59.6
|
)
|
Adjusted Property EBITDA
|
$
|
504,367
|
|
|
$
|
472,956
|
|
|
6.6
|
|
$
|
1,545,045
|
|
|
$
|
1,330,506
|
|
|
16.1
|
|
|
Three Months Ended September 30,
|
|
|
|||||||
|
2018
|
|
2017
|
|
Percent
Change
|
|||||
Operating revenues
|
|
|
|
|
|
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Palace
|
$
|
730,572
|
|
|
$
|
525,029
|
|
|
39.1
|
|
Wynn Macau
|
579,620
|
|
|
562,049
|
|
|
3.1
|
|
||
Total Macau Operations
|
1,310,192
|
|
|
1,087,078
|
|
|
20.5
|
|
||
Las Vegas Operations
|
398,880
|
|
|
464,269
|
|
|
(14.1
|
)
|
||
|
$
|
1,709,072
|
|
|
$
|
1,551,347
|
|
|
10.2
|
|
|
36
|
|
|
Three Months Ended September 30,
|
|
|
||||||
|
2018
|
|
2017
|
|
Percent
Change
|
||||
Operating revenues
|
|
|
|
|
|
||||
Casino revenues
|
$
|
1,222,029
|
|
|
$
|
1,075,577
|
|
|
13.6
|
Non-casino revenues
|
487,043
|
|
|
475,770
|
|
|
2.4
|
||
|
$
|
1,709,072
|
|
|
$
|
1,551,347
|
|
|
10.2
|
|
37
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Increase/
(Decrease)
|
|
Percent
Change
|
|||||||
Macau Operations:
|
|
|
|
|
|
|
|
|||||||
Wynn Palace:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
625,586
|
|
|
$
|
447,066
|
|
|
$
|
178,520
|
|
|
39.9
|
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
112
|
|
|
106
|
|
|
6
|
|
|
5.7
|
|
|||
VIP turnover
|
$
|
15,525,637
|
|
|
$
|
13,694,250
|
|
|
$
|
1,831,387
|
|
|
13.4
|
|
VIP table games win
|
$
|
528,219
|
|
|
$
|
409,648
|
|
|
$
|
118,571
|
|
|
28.9
|
|
VIP win as a % of turnover
|
3.40
|
%
|
|
2.99
|
%
|
|
0.41
|
|
|
|
||||
Table games win per unit per day
|
$
|
51,463
|
|
|
$
|
42,015
|
|
|
$
|
9,448
|
|
|
22.5
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
206
|
|
|
201
|
|
|
5
|
|
|
2.5
|
|
|||
Table drop
|
$
|
1,189,895
|
|
|
$
|
866,637
|
|
|
$
|
323,258
|
|
|
37.3
|
|
Table games win
|
$
|
308,149
|
|
|
$
|
194,294
|
|
|
$
|
113,855
|
|
|
58.6
|
|
Table games win %
|
25.9
|
%
|
|
22.4
|
%
|
|
3.5
|
|
|
|
||||
Table games win per unit per day
|
$
|
16,291
|
|
|
$
|
10,491
|
|
|
$
|
5,800
|
|
|
55.3
|
|
Average number of slot machines
|
1,056
|
|
|
1,100
|
|
|
(44
|
)
|
|
(4.0
|
)
|
|||
Slot machine handle
|
$
|
922,514
|
|
|
$
|
817,543
|
|
|
$
|
104,971
|
|
|
12.8
|
|
Slot machine win
|
$
|
46,044
|
|
|
$
|
41,965
|
|
|
$
|
4,079
|
|
|
9.7
|
|
Slot machine win per unit per day
|
$
|
474
|
|
|
$
|
415
|
|
|
$
|
59
|
|
|
14.2
|
|
Wynn Macau:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
503,557
|
|
|
$
|
498,825
|
|
|
$
|
4,732
|
|
|
0.9
|
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
109
|
|
|
96
|
|
|
13
|
|
|
13.5
|
|
|||
VIP turnover
|
$
|
13,966,931
|
|
|
$
|
13,373,060
|
|
|
$
|
593,871
|
|
|
4.4
|
|
VIP table games win
|
$
|
420,864
|
|
|
$
|
451,136
|
|
|
$
|
(30,272
|
)
|
|
(6.7
|
)
|
VIP win as a % of turnover
|
3.01
|
%
|
|
3.37
|
%
|
|
(0.36
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
42,061
|
|
|
$
|
51,324
|
|
|
$
|
(9,263
|
)
|
|
(18.0
|
)
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
200
|
|
|
206
|
|
|
(6
|
)
|
|
(2.9
|
)
|
|||
Table drop
|
$
|
1,183,667
|
|
|
$
|
1,070,119
|
|
|
$
|
113,548
|
|
|
10.6
|
|
Table games win
|
$
|
250,229
|
|
|
$
|
216,439
|
|
|
$
|
33,790
|
|
|
15.6
|
|
Table games win %
|
21.1
|
%
|
|
20.2
|
%
|
|
0.9
|
|
|
|
||||
Table games win per unit per day
|
$
|
13,625
|
|
|
$
|
11,408
|
|
|
$
|
2,217
|
|
|
19.4
|
|
Average number of slot machines
|
845
|
|
|
918
|
|
|
(73
|
)
|
|
(8.0
|
)
|
|||
Slot machine handle
|
$
|
895,249
|
|
|
$
|
864,553
|
|
|
$
|
30,696
|
|
|
3.6
|
|
Slot machine win
|
$
|
34,769
|
|
|
$
|
35,522
|
|
|
$
|
(753
|
)
|
|
(2.1
|
)
|
Slot machine win per unit per day
|
$
|
447
|
|
|
$
|
421
|
|
|
$
|
26
|
|
|
6.2
|
|
|
38
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Increase/
(Decrease) |
|
Percent
Change |
|||||||
Las Vegas Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
92,886
|
|
|
$
|
129,686
|
|
|
$
|
(36,800
|
)
|
|
(28.4
|
)
|
Average number of table games
|
235
|
|
|
237
|
|
|
(2
|
)
|
|
(0.8
|
)
|
|||
Table drop
|
$
|
404,033
|
|
|
$
|
496,233
|
|
|
$
|
(92,200
|
)
|
|
(18.6
|
)
|
Table games win
|
$
|
86,709
|
|
|
$
|
132,227
|
|
|
$
|
(45,518
|
)
|
|
(34.4
|
)
|
Table games win %
|
21.5
|
%
|
|
26.6
|
%
|
|
(5.1
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
4,003
|
|
|
$
|
6,065
|
|
|
$
|
(2,062
|
)
|
|
(34.0
|
)
|
Average number of slot machines
|
1,823
|
|
|
1,849
|
|
|
(26
|
)
|
|
(1.4
|
)
|
|||
Slot machine handle
|
$
|
810,120
|
|
|
$
|
819,462
|
|
|
$
|
(9,342
|
)
|
|
(1.1
|
)
|
Slot machine win
|
$
|
55,937
|
|
|
$
|
59,605
|
|
|
$
|
(3,668
|
)
|
|
(6.2
|
)
|
Slot machine win per unit per day
|
$
|
334
|
|
|
$
|
350
|
|
|
$
|
(16
|
)
|
|
(4.6
|
)
|
|
Three Months Ended September 30,
|
|
|
|||||||
|
2018
|
|
2017
|
|
Percent Change (1)
|
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Palace
:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
44,296
|
|
|
$
|
29,510
|
|
|
50.1
|
|
Occupancy
|
96.0
|
%
|
|
96.1
|
%
|
|
(0.1
|
)
|
||
ADR
|
$
|
275
|
|
|
$
|
199
|
|
|
38.2
|
|
REVPAR
|
$
|
264
|
|
|
$
|
192
|
|
|
37.5
|
|
Wynn Macau:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
28,091
|
|
|
$
|
23,279
|
|
|
20.7
|
|
Occupancy
|
99.0
|
%
|
|
97.3
|
%
|
|
1.7
|
|
||
ADR
|
$
|
276
|
|
|
$
|
238
|
|
|
16.0
|
|
REVPAR
|
$
|
273
|
|
|
$
|
231
|
|
|
18.2
|
|
Las Vegas Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
110,657
|
|
|
$
|
117,582
|
|
|
(5.9
|
)
|
Occupancy
|
89.6
|
%
|
|
91.4
|
%
|
|
(1.8
|
)
|
||
ADR
|
$
|
289
|
|
|
$
|
298
|
|
|
(3.0
|
)
|
REVPAR
|
$
|
259
|
|
|
$
|
272
|
|
|
(4.8
|
)
|
|
39
|
|
|
40
|
|
|
Three Months Ended September 30,
|
|
|
|||||||
|
2018
|
|
2017
|
|
Percent
Change
|
|||||
Interest expense
|
|
|
|
|
|
|||||
Interest expense, including amortization of debt issuance costs and original issue discount and premium
|
$
|
109,176
|
|
|
$
|
101,402
|
|
|
7.7
|
|
Capitalized interest
|
(16,169
|
)
|
|
(5,528
|
)
|
|
192.5
|
|
||
|
$
|
93,007
|
|
|
$
|
95,874
|
|
|
(3.0
|
)
|
|
|
|
|
|
|
|||||
Weighted average total debt balance
|
$
|
8,875,084
|
|
|
$
|
9,959,989
|
|
|
|
|
Weighted average interest rate
|
4.92
|
%
|
|
4.07
|
%
|
|
|
|
41
|
|
|
Nine Months Ended September 30,
|
|
|
|||||||
|
2018
|
|
2017
|
|
Percent Change
|
|||||
Operating revenues
|
|
|
|
|
|
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Palace
|
$
|
2,017,004
|
|
|
$
|
1,373,742
|
|
|
46.8
|
|
Wynn Macau
|
1,741,145
|
|
|
1,753,241
|
|
|
(0.7
|
)
|
||
Total Macau Operations
|
3,758,149
|
|
|
3,126,983
|
|
|
20.2
|
|
||
Las Vegas Operations
|
1,271,925
|
|
|
1,321,013
|
|
|
(3.7
|
)
|
||
|
$
|
5,030,074
|
|
|
$
|
4,447,996
|
|
|
13.1
|
|
|
Nine Months Ended September 30,
|
|
|
||||||
|
2018
|
|
2017
|
|
Percent Change
|
||||
Operating revenues
|
|
|
|
|
|
||||
Casino revenues
|
$
|
3,564,195
|
|
|
$
|
3,067,145
|
|
|
16.2
|
Non-casino revenues
|
1,465,879
|
|
|
1,380,851
|
|
|
6.2
|
||
|
$
|
5,030,074
|
|
|
$
|
4,447,996
|
|
|
13.1
|
|
42
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Increase/(Decrease)
|
|
Percent
Change
|
|||||||
Macau Operations:
|
|
|
|
|
|
|
|
|||||||
Wynn Palace:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
1,719,072
|
|
|
$
|
1,147,429
|
|
|
$
|
571,643
|
|
|
49.8
|
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
114
|
|
|
101
|
|
|
13
|
|
|
12.9
|
|
|||
VIP turnover
|
$
|
44,940,535
|
|
|
$
|
36,340,603
|
|
|
$
|
8,599,932
|
|
|
23.7
|
|
VIP table games win
|
$
|
1,348,291
|
|
|
$
|
997,031
|
|
|
$
|
351,260
|
|
|
35.2
|
|
VIP win as a % of turnover
|
3.00
|
%
|
|
2.74
|
%
|
|
0.26
|
|
|
|
||||
Table games win per unit per day
|
$
|
43,302
|
|
|
$
|
36,290
|
|
|
$
|
7,012
|
|
|
19.3
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
209
|
|
|
205
|
|
|
4
|
|
|
2.0
|
|
|||
Table drop
|
$
|
3,625,959
|
|
|
$
|
2,365,661
|
|
|
$
|
1,260,298
|
|
|
53.3
|
|
Table games win
|
$
|
898,876
|
|
|
$
|
530,668
|
|
|
$
|
368,208
|
|
|
69.4
|
|
Table games win %
|
24.8
|
%
|
|
22.4
|
%
|
|
2.4
|
|
|
|
||||
Table games win per unit per day
|
$
|
15,750
|
|
|
$
|
9,507
|
|
|
$
|
6,243
|
|
|
65.7
|
|
Average number of slot machines
|
1,062
|
|
|
1,041
|
|
|
21
|
|
|
2.0
|
|
|||
Slot machine handle
|
$
|
2,921,582
|
|
|
$
|
2,132,973
|
|
|
$
|
788,609
|
|
|
37.0
|
|
Slot machine win
|
$
|
145,993
|
|
|
$
|
110,712
|
|
|
$
|
35,281
|
|
|
31.9
|
|
Slot machine win per unit per day
|
$
|
503
|
|
|
$
|
390
|
|
|
$
|
113
|
|
|
29.0
|
|
Wynn Macau:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
1,515,859
|
|
|
$
|
1,564,860
|
|
|
$
|
(49,001
|
)
|
|
(3.1
|
)
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
111
|
|
|
93
|
|
|
18
|
|
|
19.4
|
|
|||
VIP turnover
|
$
|
44,982,849
|
|
|
$
|
42,680,904
|
|
|
$
|
2,301,945
|
|
|
5.4
|
|
VIP table games win
|
$
|
1,223,219
|
|
|
$
|
1,456,139
|
|
|
$
|
(232,920
|
)
|
|
(16.0
|
)
|
VIP win as a % of turnover
|
2.72
|
%
|
|
3.41
|
%
|
|
(0.69
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
40,204
|
|
|
$
|
57,095
|
|
|
$
|
(16,891
|
)
|
|
(29.6
|
)
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
202
|
|
|
205
|
|
|
(3
|
)
|
|
(1.5
|
)
|
|||
Table drop
|
$
|
3,799,636
|
|
|
$
|
3,274,733
|
|
|
$
|
524,903
|
|
|
16.0
|
|
Table games win
|
$
|
758,748
|
|
|
$
|
650,911
|
|
|
$
|
107,837
|
|
|
16.6
|
|
Table games win %
|
20.0
|
%
|
|
19.9
|
%
|
|
0.1
|
|
|
|
||||
Table games win per unit per day
|
$
|
13,747
|
|
|
$
|
11,637
|
|
|
$
|
2,110
|
|
|
18.1
|
|
Average number of slot machines
|
902
|
|
|
907
|
|
|
(5
|
)
|
|
(0.6
|
)
|
|||
Slot machine handle
|
$
|
2,861,703
|
|
|
$
|
2,589,125
|
|
|
$
|
272,578
|
|
|
10.5
|
|
Slot machine win
|
$
|
116,960
|
|
|
$
|
113,607
|
|
|
$
|
3,353
|
|
|
3.0
|
|
Slot machine win per unit per day
|
$
|
475
|
|
|
$
|
459
|
|
|
$
|
16
|
|
|
3.5
|
|
|
43
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
2018
|
|
2017
|
|
Increase/(Decrease)
|
|
Percent
Change
|
|||||||
Las Vegas Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
329,264
|
|
|
$
|
354,856
|
|
|
$
|
(25,592
|
)
|
|
(7.2
|
)
|
Average number of table games
|
237
|
|
|
236
|
|
|
1
|
|
|
0.4
|
|
|||
Table drop
|
$
|
1,344,344
|
|
|
$
|
1,374,167
|
|
|
$
|
(29,823
|
)
|
|
(2.2
|
)
|
Table games win
|
$
|
342,129
|
|
|
$
|
364,374
|
|
|
$
|
(22,245
|
)
|
|
(6.1
|
)
|
Table games win %
|
25.4
|
%
|
|
26.5
|
%
|
|
(1.1
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
5,297
|
|
|
$
|
5,657
|
|
|
$
|
(360
|
)
|
|
(6.4
|
)
|
Average number of slot machines
|
1,824
|
|
|
1,864
|
|
|
(40
|
)
|
|
(2.1
|
)
|
|||
Slot machine handle
|
$
|
2,332,700
|
|
|
$
|
2,350,162
|
|
|
$
|
(17,462
|
)
|
|
(0.7
|
)
|
Slot machine win
|
$
|
154,618
|
|
|
$
|
162,340
|
|
|
$
|
(7,722
|
)
|
|
(4.8
|
)
|
Slot machine win per unit per day
|
$
|
310
|
|
|
$
|
319
|
|
|
$
|
(9
|
)
|
|
(2.8
|
)
|
|
Nine Months Ended September 30,
|
|
|
|||||||
|
2018
|
|
2017
|
|
Percent Change (1)
|
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Palace:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
125,461
|
|
|
$
|
86,699
|
|
|
44.7
|
|
Occupancy
|
96.3
|
%
|
|
96.0
|
%
|
|
0.3
|
|
||
ADR
|
$
|
261
|
|
|
$
|
193
|
|
|
35.2
|
|
REVPAR
|
$
|
251
|
|
|
$
|
185
|
|
|
35.7
|
|
Wynn Macau:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
83,575
|
|
|
$
|
70,484
|
|
|
18.6
|
|
Occupancy
|
99.1
|
%
|
|
96.9
|
%
|
|
2.2
|
|
||
ADR
|
$
|
280
|
|
|
$
|
240
|
|
|
16.7
|
|
REVPAR
|
$
|
277
|
|
|
$
|
232
|
|
|
19.4
|
|
Las Vegas Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
350,369
|
|
|
$
|
346,952
|
|
|
1.0
|
|
Occupancy
|
87.1
|
%
|
|
88.5
|
%
|
|
(1.4
|
)
|
||
ADR
|
$
|
313
|
|
|
$
|
304
|
|
|
3.0
|
|
REVPAR
|
$
|
273
|
|
|
$
|
269
|
|
|
1.5
|
|
|
44
|
|
|
45
|
|
|
Nine Months Ended September 30,
|
|
|
|||||||
|
2018
|
|
2017
|
|
Percent Change
|
|||||
Interest expense
|
|
|
|
|
|
|||||
Interest expense, including amortization of debt issuance costs and original issue discount and premium
|
$
|
318,792
|
|
|
$
|
303,509
|
|
|
5.0
|
|
Capitalized interest
|
(37,660
|
)
|
|
(11,634
|
)
|
|
223.7
|
|
||
|
$
|
281,132
|
|
|
$
|
291,875
|
|
|
(3.7
|
)
|
|
|
|
|
|
|
|||||
Weighted average total debt balance
|
9,022,065
|
|
|
10,047,355
|
|
|
|
|||
Weighted average interest rate
|
4.71
|
%
|
|
4.02
|
%
|
|
|
|
46
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Wynn Palace
|
$
|
226,141
|
|
|
$
|
138,228
|
|
|
$
|
617,317
|
|
|
$
|
337,487
|
|
Wynn Macau
|
$
|
182,928
|
|
|
$
|
183,219
|
|
|
$
|
565,677
|
|
|
$
|
574,723
|
|
Las Vegas Operations
|
$
|
95,298
|
|
|
$
|
151,509
|
|
|
$
|
362,051
|
|
|
$
|
418,296
|
|
|
47
|
|
|
Nine Months Ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
Net cash provided by operating activities
|
$
|
497,889
|
|
|
$
|
1,277,505
|
|
Net cash used in investing activities
|
(928,893
|
)
|
|
(663,159
|
)
|
||
Net cash used in financing activities
|
(423,720
|
)
|
|
(318,131
|
)
|
||
Effect of exchange rate on cash, cash equivalents and restricted cash
|
1,090
|
|
|
(3,460
|
)
|
||
(Decrease) increase in cash, cash equivalents and restricted cash
|
$
|
(853,634
|
)
|
|
$
|
292,755
|
|
|
48
|
|
|
|
Facility Borrowing Capacity
|
|
Borrowings Outstanding
|
|
Letters of Credit Outstanding
|
|
Facility Availability
|
||||||||
Macau Related:
|
|
|
|
|
|
|
|
|
||||||||
Wynn Macau Credit Facilities
(1)
:
|
|
|
|
|
|
|
|
|
||||||||
Senior Term Loan Facility
|
|
$
|
2,298,749
|
|
|
$
|
2,298,749
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Senior Revolving Credit Facility
|
|
748,271
|
|
|
624,393
|
|
|
—
|
|
|
123,878
|
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. Related:
|
|
|
|
|
|
|
|
|
|
|||||||
Commitment Letter
(2)
|
|
750,000
|
|
|
—
|
|
|
—
|
|
|
750,000
|
|
||||
Wynn America Credit Facilities
(3)
:
|
|
|
|
|
|
|
|
|
|
|||||||
Senior Term Loan Facility
|
|
996,520
|
|
|
996,520
|
|
|
—
|
|
|
—
|
|
||||
Senior Revolving Credit Facility
|
|
375,000
|
|
|
—
|
|
|
17,689
|
|
|
357,311
|
|
||||
Total credit facilities
|
|
$
|
5,168,540
|
|
|
$
|
3,919,662
|
|
|
$
|
17,689
|
|
|
$
|
1,231,189
|
|
(1)
|
Our Macau related credit facilities include a $2.30 billion equivalent fully funded senior secured term loan facility (the "Wynn Macau Senior Term Loan Facility") and a $750 million equivalent senior secured revolving credit facility (the "Wynn Macau Senior Revolving Credit Facility," and together with the Wynn Macau Senior Term Loan Facility, the "Wynn Macau Credit Facilities"). The borrower is Wynn Macau SA, an indirect wholly owned subsidiary of WML, and borrowings consist of both United States dollar and Hong Kong dollar tranches. Wynn Macau SA has the ability to upsize the Wynn Macau Credit Facilities by an additional $1 billion in equivalent senior secured loans upon its satisfaction of various conditions.
|
(2)
|
On September 19, 2018, the Company entered into a Commitment Letter to provide for a 364-day term loan facility to the Company in an aggregate principal amount of up to $750 million.
|
(3)
|
Our Wynn America credit facilities consist of an $875 million fully funded senior secured term loan facility (the "WA Senior Term Loan Facility I"), a $125 million fully funded senior term loan facility (the "WA Senior Term Loan Facility II") and a $375 million senior secured revolving credit facility (the "WA Senior Revolving Credit Facility," and collectively, the "Wynn America Credit Facilities"), under which Wynn America, LLC, an indirect wholly owned subsidiary of the Company, is the borrower. In June 2018, the Company began making quarterly repayments of $1.7 million under the WA Senior Term Loan Facility I.
|
|
49
|
|
|
50
|
|
•
|
controversy, regulatory action, litigation and investigations related to Stephen A. Wynn and his separation from the Company;
|
•
|
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 claims and legal proceedings, regulatory or enforcement actions or probity investigations (including those related to the former Chairman and CEO of the Company);
|
•
|
our ability to maintain our gaming licenses and concessions;
|
•
|
our dependence on key employees;
|
•
|
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;
|
•
|
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;
|
•
|
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 stockholder of ours;
|
|
51
|
|
•
|
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.
|
|
52
|
|
|
53
|
|
|
54
|
|
|
55
|
|
(a)
|
Exhibits
|
Exhibit
No.
|
|
Description
|
3.1
|
|
|
3.2
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
|
*10.5
|
|
|
*31.1
|
|
|
*31.2
|
|
|
*32
|
|
|
*101
|
|
The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, filed with the SEC on November 7, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017, (ii) the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2018 and 2017, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2018 and 2017, (iv) the Condensed Consolidated Statement of Stockholders' Equity as of September 30, 2018, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017, and (vi) Notes to Condensed Consolidated Financial Statements.
|
|
|
*
|
Filed herewith.
|
|
56
|
|
|
|
|
|
WYNN RESORTS, LIMITED
|
|
|
|
||
Dated: November 7, 2018
|
|
By:
|
|
/s/ Craig S. Billings
|
|
|
Craig S. Billings
|
||
|
|
Chief Financial Officer and Treasurer
|
||
|
|
(Principal Financial and Accounting Officer)
|
|
57
|
|
1 Year Wynn Resorts Chart |
1 Month Wynn Resorts Chart |
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