|
|
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
|
|
¨
|
Class
|
|
Outstanding at July 31, 2015
|
Common stock, $0.01 par value
|
|
101,536,779
|
|
Part I.
|
Financial Information
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
Part II.
|
Other Information
|
|
|
2
|
|
|
June 30,
2015 |
|
December 31,
2014 |
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,488,220
|
|
|
$
|
2,182,164
|
|
Restricted cash
|
86,307
|
|
|
—
|
|
||
Investment securities
|
128,441
|
|
|
240,140
|
|
||
Receivables, net
|
267,960
|
|
|
237,957
|
|
||
Inventories
|
66,576
|
|
|
72,223
|
|
||
Prepaid expenses and other
|
50,199
|
|
|
49,847
|
|
||
Total current assets
|
2,087,703
|
|
|
2,782,331
|
|
||
Property and equipment, net
|
6,618,499
|
|
|
5,855,842
|
|
||
Restricted cash
|
1,823
|
|
|
977
|
|
||
Investment securities
|
117,168
|
|
|
10,173
|
|
||
Intangible assets, net
|
112,176
|
|
|
112,367
|
|
||
Deferred financing costs, net
|
85,918
|
|
|
84,413
|
|
||
Deposits and other assets
|
256,281
|
|
|
212,515
|
|
||
Investment in unconsolidated affiliates
|
3,474
|
|
|
4,243
|
|
||
Total assets
|
$
|
9,283,042
|
|
|
$
|
9,062,861
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts and construction payables
|
$
|
214,981
|
|
|
$
|
303,284
|
|
Current portion of long-term debt
|
80,099
|
|
|
—
|
|
||
Current portion of land concession obligation
|
31,604
|
|
|
30,814
|
|
||
Customer deposits
|
507,332
|
|
|
548,818
|
|
||
Gaming taxes payable
|
88,885
|
|
|
137,269
|
|
||
Accrued compensation and benefits
|
104,620
|
|
|
113,228
|
|
||
Accrued interest
|
85,683
|
|
|
107,318
|
|
||
Other accrued liabilities
|
109,039
|
|
|
67,587
|
|
||
Deferred income taxes, net
|
4,847
|
|
|
4,847
|
|
||
Total current liabilities
|
1,227,090
|
|
|
1,313,165
|
|
||
Long-term debt
|
7,985,463
|
|
|
7,345,262
|
|
||
Land concession obligation
|
—
|
|
|
15,987
|
|
||
Other long-term liabilities
|
141,156
|
|
|
152,131
|
|
||
Deferred income taxes, net
|
39,993
|
|
|
25,225
|
|
||
Total liabilities
|
9,393,702
|
|
|
8,851,770
|
|
||
Commitments and contingencies (Note 14)
|
|
|
|
||||
Stockholders' equity (deficit):
|
|
|
|
||||
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; 114,571,208 and 114,426,960 shares issued; 101,536,779 and 101,439,297 shares outstanding, respectively
|
1,146
|
|
|
1,144
|
|
||
Treasury stock, at cost; 13,034,429 and 12,987,663 shares, respectively
|
(1,152,393
|
)
|
|
(1,145,481
|
)
|
||
Additional paid-in capital
|
967,420
|
|
|
948,566
|
|
||
Accumulated other comprehensive income
|
1,963
|
|
|
2,505
|
|
||
Retained earnings (accumulated deficit)
|
(26,583
|
)
|
|
164,487
|
|
||
Total Wynn Resorts, Limited stockholders' deficit
|
(208,447
|
)
|
|
(28,779
|
)
|
||
Noncontrolling interest
|
97,787
|
|
|
239,870
|
|
||
Total stockholders' equity (deficit)
|
(110,660
|
)
|
|
211,091
|
|
||
Total liabilities and stockholders' equity (deficit)
|
$
|
9,283,042
|
|
|
$
|
9,062,861
|
|
|
3
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
||||||||
Casino
|
$
|
714,208
|
|
|
$
|
1,091,595
|
|
|
$
|
1,540,307
|
|
|
$
|
2,317,728
|
|
Rooms
|
139,912
|
|
|
141,355
|
|
|
271,967
|
|
|
277,831
|
|
||||
Food and beverage
|
181,016
|
|
|
174,308
|
|
|
317,029
|
|
|
316,145
|
|
||||
Entertainment, retail and other
|
87,459
|
|
|
98,635
|
|
|
177,835
|
|
|
205,495
|
|
||||
Gross revenues
|
1,122,595
|
|
|
1,505,893
|
|
|
2,307,138
|
|
|
3,117,199
|
|
||||
Less: promotional allowances
|
(82,137
|
)
|
|
(93,830
|
)
|
|
(174,442
|
)
|
|
(191,523
|
)
|
||||
Net revenues
|
1,040,458
|
|
|
1,412,063
|
|
|
2,132,696
|
|
|
2,925,676
|
|
||||
Operating costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Casino
|
466,535
|
|
|
681,236
|
|
|
990,588
|
|
|
1,464,970
|
|
||||
Rooms
|
37,584
|
|
|
37,659
|
|
|
74,270
|
|
|
73,004
|
|
||||
Food and beverage
|
110,952
|
|
|
100,686
|
|
|
187,358
|
|
|
175,639
|
|
||||
Entertainment, retail and other
|
38,997
|
|
|
39,878
|
|
|
79,291
|
|
|
84,413
|
|
||||
General and administrative
|
113,707
|
|
|
128,520
|
|
|
235,907
|
|
|
239,797
|
|
||||
Provision (benefit) for doubtful accounts
|
4,302
|
|
|
(2,710
|
)
|
|
10,381
|
|
|
(5,438
|
)
|
||||
Pre-opening costs
|
16,875
|
|
|
5,001
|
|
|
32,966
|
|
|
8,074
|
|
||||
Depreciation and amortization
|
81,913
|
|
|
78,351
|
|
|
164,779
|
|
|
155,010
|
|
||||
Property charges and other
|
472
|
|
|
2,100
|
|
|
2,976
|
|
|
12,034
|
|
||||
Total operating costs and expenses
|
871,337
|
|
|
1,070,721
|
|
|
1,778,516
|
|
|
2,207,503
|
|
||||
Operating income
|
169,121
|
|
|
341,342
|
|
|
354,180
|
|
|
718,173
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
1,498
|
|
|
5,505
|
|
|
3,190
|
|
|
10,258
|
|
||||
Interest expense, net of amounts capitalized
|
(75,236
|
)
|
|
(81,765
|
)
|
|
(153,219
|
)
|
|
(157,021
|
)
|
||||
Decrease in swap fair value
|
(1,114
|
)
|
|
(4,653
|
)
|
|
(5,723
|
)
|
|
(3,811
|
)
|
||||
Loss on extinguishment of debt
|
(3,839
|
)
|
|
(2,254
|
)
|
|
(120,033
|
)
|
|
(3,783
|
)
|
||||
Equity in income (loss) from unconsolidated affiliates
|
(127
|
)
|
|
298
|
|
|
70
|
|
|
606
|
|
||||
Other
|
198
|
|
|
693
|
|
|
1,331
|
|
|
396
|
|
||||
Other income (expense), net
|
(78,620
|
)
|
|
(82,176
|
)
|
|
(274,384
|
)
|
|
(153,355
|
)
|
||||
Income before income taxes
|
90,501
|
|
|
259,166
|
|
|
79,796
|
|
|
564,818
|
|
||||
Provision for income taxes
|
(13,298
|
)
|
|
(764
|
)
|
|
(16,495
|
)
|
|
(3,373
|
)
|
||||
Net income
|
77,203
|
|
|
258,402
|
|
|
63,301
|
|
|
561,445
|
|
||||
Less: net income attributable to noncontrolling interest
|
(20,743
|
)
|
|
(54,496
|
)
|
|
(51,442
|
)
|
|
(130,643
|
)
|
||||
Net income attributable to Wynn Resorts, Limited
|
$
|
56,460
|
|
|
$
|
203,906
|
|
|
$
|
11,859
|
|
|
$
|
430,802
|
|
Basic and diluted income per common share:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Wynn Resorts, Limited:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.56
|
|
|
$
|
2.02
|
|
|
$
|
0.12
|
|
|
$
|
4.27
|
|
Diluted
|
$
|
0.56
|
|
|
$
|
2.00
|
|
|
$
|
0.12
|
|
|
$
|
4.22
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
101,157
|
|
|
100,915
|
|
|
101,146
|
|
|
100,869
|
|
||||
Diluted
|
101,710
|
|
|
102,018
|
|
|
101,795
|
|
|
101,979
|
|
||||
Dividends declared per common share
|
$
|
0.50
|
|
|
$
|
1.25
|
|
|
$
|
2.00
|
|
|
$
|
2.50
|
|
|
4
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net income
|
$
|
77,203
|
|
|
$
|
258,402
|
|
|
$
|
63,301
|
|
|
$
|
561,445
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments, net of tax
|
389
|
|
|
761
|
|
|
(460
|
)
|
|
155
|
|
||||
Unrealized gain (loss) on investment securities, net of tax
|
(268
|
)
|
|
38
|
|
|
(207
|
)
|
|
99
|
|
||||
Total comprehensive income
|
77,324
|
|
|
259,201
|
|
|
62,634
|
|
|
561,699
|
|
||||
Less: comprehensive income attributable to noncontrolling interest
|
(20,854
|
)
|
|
(54,709
|
)
|
|
(51,317
|
)
|
|
(130,696
|
)
|
||||
Comprehensive income attributable to Wynn Resorts, Limited
|
$
|
56,470
|
|
|
$
|
204,492
|
|
|
$
|
11,317
|
|
|
$
|
431,003
|
|
|
5
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Shares
outstanding
|
|
Par
value
|
|
Treasury
stock
|
|
Additional
paid-in
capital
|
|
Accumulated
other
comprehensive
income
|
|
Retained earnings (accumulated deficit)
|
|
Total Wynn Resorts, Ltd.
stockholders' deficit |
|
Noncontrolling
interest
|
|
Total
stockholders' equity (deficit) |
|||||||||||||||||
Balances, January 1, 2015
|
101,439,297
|
|
|
$
|
1,144
|
|
|
$
|
(1,145,481
|
)
|
|
$
|
948,566
|
|
|
$
|
2,505
|
|
|
$
|
164,487
|
|
|
$
|
(28,779
|
)
|
|
$
|
239,870
|
|
|
$
|
211,091
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,859
|
|
|
11,859
|
|
|
51,442
|
|
|
63,301
|
|
||||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(335
|
)
|
|
—
|
|
|
(335
|
)
|
|
(125
|
)
|
|
(460
|
)
|
||||||||
Net unrealized loss on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(207
|
)
|
|
—
|
|
|
(207
|
)
|
|
—
|
|
|
(207
|
)
|
||||||||
Exercise of stock options
|
11,483
|
|
|
—
|
|
|
—
|
|
|
611
|
|
|
—
|
|
|
—
|
|
|
611
|
|
|
—
|
|
|
611
|
|
||||||||
Shares repurchased by the Company and held as treasury shares
|
(46,766
|
)
|
|
—
|
|
|
(6,912
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,912
|
)
|
|
—
|
|
|
(6,912
|
)
|
||||||||
Issuance of restricted stock
|
132,765
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||||
Shares of subsidiary repurchased for share award plan
|
—
|
|
|
—
|
|
|
—
|
|
|
(997
|
)
|
|
—
|
|
|
—
|
|
|
(997
|
)
|
|
(384
|
)
|
|
(1,381
|
)
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(202,929
|
)
|
|
(202,929
|
)
|
|
(195,454
|
)
|
|
(398,383
|
)
|
||||||||
Excess tax benefits from stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
484
|
|
|
—
|
|
|
—
|
|
|
484
|
|
|
—
|
|
|
484
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
18,756
|
|
|
—
|
|
|
—
|
|
|
18,756
|
|
|
2,438
|
|
|
21,194
|
|
||||||||
Balances, June 30, 2015
|
101,536,779
|
|
|
$
|
1,146
|
|
|
$
|
(1,152,393
|
)
|
|
$
|
967,420
|
|
|
$
|
1,963
|
|
|
$
|
(26,583
|
)
|
|
$
|
(208,447
|
)
|
|
$
|
97,787
|
|
|
$
|
(110,660
|
)
|
|
6
|
|
|
Six Months Ended June 30,
|
||||||
|
2015
|
|
2014
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
63,301
|
|
|
$
|
561,445
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
164,779
|
|
|
155,010
|
|
||
Deferred income taxes
|
15,251
|
|
|
1,507
|
|
||
Stock-based compensation expense
|
21,068
|
|
|
12,345
|
|
||
Excess tax benefits from stock-based compensation
|
(471
|
)
|
|
(6,451
|
)
|
||
Amortization and write-offs of deferred financing costs and other
|
11,248
|
|
|
11,809
|
|
||
Loss on extinguishment of debt
|
120,033
|
|
|
3,783
|
|
||
Provision (benefit) for doubtful accounts
|
10,381
|
|
|
(5,438
|
)
|
||
Property charges and other
|
2,712
|
|
|
12,047
|
|
||
Equity in income of unconsolidated affiliates, net of distributions
|
769
|
|
|
54
|
|
||
Decrease in swap fair value
|
5,723
|
|
|
3,811
|
|
||
Increase (decrease) in cash from changes in:
|
|
|
|
||||
Receivables, net
|
(40,314
|
)
|
|
28,493
|
|
||
Inventories and prepaid expenses and other
|
5,141
|
|
|
(2,831
|
)
|
||
Customer deposits
|
(41,757
|
)
|
|
(89,132
|
)
|
||
Accounts payable and accrued expenses
|
(151,534
|
)
|
|
(108,359
|
)
|
||
Net cash provided by operating activities
|
186,330
|
|
|
578,093
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures, net of construction payables and retention
|
(909,929
|
)
|
|
(415,583
|
)
|
||
Purchase of investment securities
|
(137,911
|
)
|
|
(92,539
|
)
|
||
Proceeds from sale or maturity of investment securities
|
140,791
|
|
|
93,951
|
|
||
Restricted cash
|
—
|
|
|
199,805
|
|
||
Deposits and purchase of other assets
|
(61,555
|
)
|
|
(42,860
|
)
|
||
Proceeds from sale of assets
|
4,105
|
|
|
3,038
|
|
||
Net cash used in investing activities
|
(964,499
|
)
|
|
(254,188
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from exercise of stock options
|
611
|
|
|
6,387
|
|
||
Excess tax benefits from stock-based compensation
|
471
|
|
|
6,451
|
|
||
Dividends paid
|
(396,925
|
)
|
|
(434,331
|
)
|
||
Proceeds from issuance of long-term debt
|
2,211,747
|
|
|
756,229
|
|
||
Principal payments on long-term debt
|
—
|
|
|
(700
|
)
|
||
Repurchase of first mortgage notes
|
(1,493,511
|
)
|
|
(32,000
|
)
|
||
Restricted cash
|
(87,153
|
)
|
|
—
|
|
||
Repurchase of common stock
|
(6,912
|
)
|
|
(1,961
|
)
|
||
Shares of subsidiary repurchased for share award plan
|
(1,381
|
)
|
|
—
|
|
||
Payments on long-term land concession obligation
|
(15,222
|
)
|
|
(14,485
|
)
|
||
Payments for financing costs
|
(127,589
|
)
|
|
(10,047
|
)
|
||
Net cash provided by financing activities
|
84,136
|
|
|
275,543
|
|
||
Effect of exchange rate on cash
|
89
|
|
|
622
|
|
||
Cash and cash equivalents:
|
|
|
|
||||
Increase (decrease) in cash and cash equivalents
|
(693,944
|
)
|
|
600,070
|
|
||
Balance, beginning of period
|
2,182,164
|
|
|
2,435,041
|
|
||
Balance, end of period
|
$
|
1,488,220
|
|
|
$
|
3,035,111
|
|
|
|
|
|
||||
Supplemental cash flow disclosures:
|
|
|
|
||||
Cash transactions:
|
|
|
|
||||
Cash paid for interest, net of amounts capitalized
|
$
|
166,465
|
|
|
$
|
162,518
|
|
Non-cash transactions:
|
|
|
|
||||
Stock-based compensation capitalized into construction
|
$
|
126
|
|
|
$
|
5,584
|
|
Change in property and equipment included in accounts and construction payables
|
$
|
9,086
|
|
|
$
|
24,878
|
|
Change in dividends payable on unvested restricted stock included in other accrued liabilities
|
$
|
1,458
|
|
|
$
|
385
|
|
|
7
|
|
|
8
|
|
|
9
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
2015
|
|
2014
|
|
2015
|
|
2014
|
|||||||||
Rooms
|
$
|
12,008
|
|
|
$
|
13,255
|
|
|
$
|
25,401
|
|
|
$
|
26,009
|
|
Food and beverage
|
25,993
|
|
|
28,904
|
|
|
55,487
|
|
|
59,946
|
|
||||
Entertainment, retail and other
|
3,211
|
|
|
3,040
|
|
|
7,630
|
|
|
6,836
|
|
||||
|
$
|
41,212
|
|
|
$
|
45,199
|
|
|
$
|
88,518
|
|
|
$
|
92,791
|
|
|
10
|
|
|
|
|
Fair Value Measurements Using:
|
|||||||||||
|
June 30,
2015 |
|
Quoted
Market Prices in Active Markets (Level 1) |
|
Other
Observable Inputs (Level 2) |
|
Unobservable
Inputs (Level 3) |
|||||||
Assets:
|
|
|
|
|
|
|
|
|||||||
Cash equivalents
|
$
|
666,854
|
|
|
$
|
6,000
|
|
|
$
|
660,854
|
|
|
—
|
|
Interest rate swaps
|
$
|
501
|
|
|
—
|
|
|
$
|
501
|
|
|
—
|
|
|
Restricted cash
|
$
|
88,130
|
|
|
$
|
88,130
|
|
|
—
|
|
|
—
|
|
|
Available-for-sale securities
|
$
|
245,609
|
|
|
—
|
|
|
$
|
245,609
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|||||||
Redemption Note
|
$
|
1,936,443
|
|
|
—
|
|
|
$
|
1,936,443
|
|
|
—
|
|
|
Interest rate swaps
|
$
|
306
|
|
|
—
|
|
|
$
|
306
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Fair Value Measurements Using:
|
|||||||||||
|
December 31,
2014 |
|
Quoted
Market Prices in Active Markets (Level 1) |
|
Other
Observable Inputs (Level 2) |
|
Unobservable
Inputs (Level 3) |
|||||||
Assets:
|
|
|
|
|
|
|
|
|||||||
Cash equivalents
|
$
|
1,156,285
|
|
|
$
|
828
|
|
|
$
|
1,155,457
|
|
|
—
|
|
Interest rate swaps
|
$
|
5,915
|
|
|
—
|
|
|
$
|
5,915
|
|
|
—
|
|
|
Restricted cash
|
$
|
977
|
|
|
$
|
977
|
|
|
—
|
|
|
—
|
|
|
Available-for-sale securities
|
$
|
250,313
|
|
|
—
|
|
|
$
|
250,313
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|||||||
Redemption Note
|
$
|
1,936,443
|
|
|
—
|
|
|
$
|
1,936,443
|
|
|
—
|
|
|
11
|
|
|
12
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Wynn Resorts, Limited
|
$
|
56,460
|
|
|
$
|
203,906
|
|
|
$
|
11,859
|
|
|
$
|
430,802
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding
|
101,157
|
|
|
100,915
|
|
|
101,146
|
|
|
100,869
|
|
||||
Potential dilutive effect of stock options and restricted stock
|
553
|
|
|
1,103
|
|
|
649
|
|
|
1,110
|
|
||||
Weighted average common and common equivalent shares outstanding
|
101,710
|
|
|
102,018
|
|
|
101,795
|
|
|
101,979
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Wynn Resorts, Limited per common share, basic
|
$
|
0.56
|
|
|
$
|
2.02
|
|
|
$
|
0.12
|
|
|
$
|
4.27
|
|
Net income attributable to Wynn Resorts, Limited per common share, diluted
|
$
|
0.56
|
|
|
$
|
2.00
|
|
|
$
|
0.12
|
|
|
$
|
4.22
|
|
|
|
|
|
|
|
|
|
||||||||
Anti-dilutive stock options and restricted stock excluded from the calculation of diluted earnings per share
|
679
|
|
|
26
|
|
|
128
|
|
|
26
|
|
|
Foreign
currency
translation
|
|
Unrealized
loss on investment
securities
|
|
Accumulated
other
comprehensive
income
|
||||||
December 31, 2014
|
$
|
2,670
|
|
|
$
|
(165
|
)
|
|
$
|
2,505
|
|
Current period other comprehensive loss
|
(335
|
)
|
|
(207
|
)
|
|
(542
|
)
|
|||
June 30, 2015
|
$
|
2,335
|
|
|
$
|
(372
|
)
|
|
$
|
1,963
|
|
|
June 30, 2015
|
|
December 31, 2014
|
||||||||||||||||||||||||||||
|
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
|
$
|
218,001
|
|
|
$
|
3
|
|
|
$
|
(378
|
)
|
|
$
|
217,626
|
|
|
$
|
204,045
|
|
|
$
|
28
|
|
|
$
|
(174
|
)
|
|
$
|
203,899
|
|
Commercial paper
|
27,980
|
|
|
4
|
|
|
(1
|
)
|
|
27,983
|
|
|
46,434
|
|
|
1
|
|
|
(21
|
)
|
|
46,414
|
|
||||||||
|
$
|
245,981
|
|
|
$
|
7
|
|
|
$
|
(379
|
)
|
|
$
|
245,609
|
|
|
$
|
250,479
|
|
|
$
|
29
|
|
|
$
|
(195
|
)
|
|
$
|
250,313
|
|
|
13
|
|
|
Fair value
|
||
Available-for-sale securities
|
|
||
Due in one year or less
|
$
|
128,441
|
|
Due after one year through two years
|
117,168
|
|
|
|
$
|
245,609
|
|
|
June 30,
2015 |
|
December 31,
2014 |
||||
Casino
|
$
|
288,822
|
|
|
$
|
257,930
|
|
Hotel
|
17,555
|
|
|
15,474
|
|
||
Retail leases and other
|
42,517
|
|
|
39,231
|
|
||
|
348,894
|
|
|
312,635
|
|
||
Less: allowance for doubtful accounts
|
(80,934
|
)
|
|
(74,678
|
)
|
||
|
$
|
267,960
|
|
|
$
|
237,957
|
|
|
June 30,
2015 |
|
December 31,
2014 |
||||
Land and improvements
|
$
|
783,953
|
|
|
$
|
734,625
|
|
Buildings and improvements
|
3,955,823
|
|
|
3,883,626
|
|
||
Furniture, fixtures and equipment
|
1,763,891
|
|
|
1,749,288
|
|
||
Leasehold interests in land
|
316,623
|
|
|
316,431
|
|
||
Airplanes
|
162,063
|
|
|
126,491
|
|
||
Construction in progress
|
2,383,921
|
|
|
1,666,326
|
|
||
|
9,366,274
|
|
|
8,476,787
|
|
||
Less: accumulated depreciation
|
(2,747,775
|
)
|
|
(2,620,945
|
)
|
||
|
$
|
6,618,499
|
|
|
$
|
5,855,842
|
|
|
14
|
|
|
June 30,
2015 |
|
December 31, 2014
|
||||
Macau Related:
|
|
|
|
||||
Wynn Macau Credit Facilities:
|
|
|
|
||||
Senior Term Loan Facility, due July 31, 2017 and July 31, 2018; interest at LIBOR or HIBOR plus 1.75%—2.50%, net of original issue discount of $3,297 at June 30, 2015 and $3,830 at December 31, 2014
|
$
|
949,800
|
|
|
$
|
948,823
|
|
Senior Revolving Credit Facility, due July 31, 2017, interest at LIBOR or HIBOR plus 1.75%—2.50%
|
544,400
|
|
|
132,524
|
|
||
5 1/4% Senior Notes, due October 15, 2021, including original issue premium of $4,820 at June 30, 2015 and $5,141 at December 31, 2014
|
1,354,820
|
|
|
1,355,141
|
|
||
U.S. and Corporate Related:
|
|
|
|
||||
7 7/8% First Mortgage Notes, due May 1, 2020, net of original issue discount of $1,279 at December 31, 2014
|
—
|
|
|
345,731
|
|
||
7 3/4% First Mortgage Notes, due August 15, 2020
|
80,099
|
|
|
1,226,600
|
|
||
5 3/8% First Mortgage Notes, due March 15, 2022
|
900,000
|
|
|
900,000
|
|
||
4 1/4% Senior Notes, due May 30, 2023
|
500,000
|
|
|
500,000
|
|
||
5 1/2% Senior Notes, due March 1, 2025
|
1,800,000
|
|
|
—
|
|
||
Redemption Price Promissory Note with former stockholder and related party, due February 18, 2022; interest at 2%
|
1,936,443
|
|
|
1,936,443
|
|
||
|
8,065,562
|
|
|
7,345,262
|
|
||
Current portion of long-term debt
|
(80,099
|
)
|
|
—
|
|
||
|
$
|
7,985,463
|
|
|
$
|
7,345,262
|
|
|
15
|
|
|
16
|
|
|
17
|
|
|
18
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Casino
|
$
|
3,221
|
|
|
$
|
1,396
|
|
|
$
|
5,627
|
|
|
$
|
2,652
|
|
Rooms
|
29
|
|
|
—
|
|
|
149
|
|
|
—
|
|
||||
Food and beverage
|
114
|
|
|
27
|
|
|
488
|
|
|
53
|
|
||||
Entertainment, retail and other
|
10
|
|
|
—
|
|
|
40
|
|
|
—
|
|
||||
General and administrative
|
6,962
|
|
|
7,001
|
|
|
14,692
|
|
|
9,640
|
|
||||
Pre-opening costs
|
36
|
|
|
—
|
|
|
72
|
|
|
—
|
|
||||
Total stock-based compensation expense
|
10,372
|
|
|
8,424
|
|
|
21,068
|
|
|
12,345
|
|
||||
Total stock-based compensation capitalized
|
60
|
|
|
49
|
|
|
126
|
|
|
5,584
|
|
||||
Total stock-based compensation costs
|
$
|
10,432
|
|
|
$
|
8,473
|
|
|
$
|
21,194
|
|
|
$
|
17,929
|
|
|
19
|
|
|
20
|
|
|
21
|
|
|
22
|
|
|
23
|
|
|
24
|
|
|
25
|
|
|
26
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net revenues
|
|
|
|
|
|
|
|
||||||||
Macau Operations
|
$
|
616,952
|
|
|
$
|
960,635
|
|
|
$
|
1,322,309
|
|
|
$
|
2,093,333
|
|
Las Vegas Operations
|
423,506
|
|
|
451,428
|
|
|
810,387
|
|
|
832,343
|
|
||||
Total
|
$
|
1,040,458
|
|
|
$
|
1,412,063
|
|
|
$
|
2,132,696
|
|
|
$
|
2,925,676
|
|
Adjusted Property EBITDA (1)
|
|
|
|
|
|
|
|
||||||||
Macau Operations
|
$
|
173,391
|
|
|
$
|
307,001
|
|
|
$
|
385,733
|
|
|
$
|
691,329
|
|
Las Vegas Operations
|
122,037
|
|
|
160,424
|
|
|
232,714
|
|
|
270,712
|
|
||||
Total
|
295,428
|
|
|
467,425
|
|
|
618,447
|
|
|
962,041
|
|
||||
Other operating costs and expenses
|
|
|
|
|
|
|
|
||||||||
Pre-opening costs
|
16,875
|
|
|
5,001
|
|
|
32,966
|
|
|
8,074
|
|
||||
Depreciation and amortization
|
81,913
|
|
|
78,351
|
|
|
164,779
|
|
|
155,010
|
|
||||
Property charges and other
|
472
|
|
|
2,100
|
|
|
2,976
|
|
|
12,034
|
|
||||
Corporate expenses and other
|
16,838
|
|
|
31,909
|
|
|
42,480
|
|
|
55,799
|
|
||||
Stock-based compensation
|
10,336
|
|
|
8,424
|
|
|
20,996
|
|
|
12,345
|
|
||||
Equity in income (loss) from unconsolidated affiliates
|
(127
|
)
|
|
298
|
|
|
70
|
|
|
606
|
|
||||
Total other operating costs and expenses
|
126,307
|
|
|
126,083
|
|
|
264,267
|
|
|
243,868
|
|
||||
Operating income
|
169,121
|
|
|
341,342
|
|
|
354,180
|
|
|
718,173
|
|
||||
Non-operating income and expenses
|
|
|
|
|
|
|
|
||||||||
Interest income
|
1,498
|
|
|
5,505
|
|
|
3,190
|
|
|
10,258
|
|
||||
Interest expense, net of amounts capitalized
|
(75,236
|
)
|
|
(81,765
|
)
|
|
(153,219
|
)
|
|
(157,021
|
)
|
||||
Decrease in swap fair value
|
(1,114
|
)
|
|
(4,653
|
)
|
|
(5,723
|
)
|
|
(3,811
|
)
|
||||
Loss on extinguishment of debt
|
(3,839
|
)
|
|
(2,254
|
)
|
|
(120,033
|
)
|
|
(3,783
|
)
|
||||
Equity in income (loss) from unconsolidated affiliates
|
(127
|
)
|
|
298
|
|
|
70
|
|
|
606
|
|
||||
Other
|
198
|
|
|
693
|
|
|
1,331
|
|
|
396
|
|
||||
Total other non-operating costs and expenses
|
(78,620
|
)
|
|
(82,176
|
)
|
|
(274,384
|
)
|
|
(153,355
|
)
|
||||
Income before income taxes
|
90,501
|
|
|
259,166
|
|
|
79,796
|
|
|
564,818
|
|
||||
Provision for income taxes
|
(13,298
|
)
|
|
(764
|
)
|
|
(16,495
|
)
|
|
(3,373
|
)
|
||||
Net income
|
$
|
77,203
|
|
|
$
|
258,402
|
|
|
$
|
63,301
|
|
|
$
|
561,445
|
|
(1)
|
"Adjusted Property EBITDA" is net income before interest, taxes, depreciation and amortization, pre-opening costs, property charges and other, management and license fees, corporate expenses and other, intercompany golf course and
|
|
27
|
|
|
June 30,
2015 |
|
December 31,
2014 |
||||
Assets
|
|
|
|
||||
Macau
|
|
|
|
||||
Macau Operations
|
$
|
1,317,663
|
|
|
$
|
1,520,098
|
|
Wynn Palace
|
2,623,258
|
|
|
1,854,521
|
|
||
Other Macau
|
127,956
|
|
|
974,170
|
|
||
Total Macau
|
4,068,877
|
|
|
4,348,789
|
|
||
Las Vegas Operations
|
3,372,595
|
|
|
3,472,931
|
|
||
Corporate and other
|
1,841,570
|
|
|
1,241,141
|
|
||
|
$
|
9,283,042
|
|
|
$
|
9,062,861
|
|
|
28
|
|
•
|
Approximately
284,000
square feet of casino space offering 24-hour gaming and a full range of games with
469
table games and
749
slot machines, private gaming salons, sky casinos and a poker pit;
|
•
|
Two luxury hotel towers with a total of
1,008
spacious guest rooms and suites;
|
•
|
Casual and fine dining in
eight
restaurants;
|
•
|
Approximately
57,000
square feet of high-end, brand-name retail shopping, including stores and boutiques by Bvlgari, Cartier, Chanel, Dior, Dunhill, Ermenegildo Zegna, Ferrari, Giorgio Armani, Graff, Gucci, Hermes, Hugo Boss, Jaegar-LeCoultre, Loro Piana, Louis Vuitton, Miu Miu, Piaget, Prada, Richard Mille, Roger Dubuis, Rolex, Tiffany, Vacheron Constantin, Van Cleef & Arpels, Versace, Vertu, and others;
|
•
|
Approximately
31,000
square feet of space for lounges and meeting facilities;
|
•
|
Recreation and leisure facilities, including two health clubs, spas, a salon and a pool; and
|
•
|
Rotunda show featuring a Chinese zodiac-inspired ceiling along with gold "prosperity tree" and "dragon of fortune" attractions.
|
•
|
Approximately
186,000
square feet of casino space, offering 24-hour gaming and a full range of games with
235
table games and
1,868
slot machines, private gaming salons, a sky casino, a poker room, and a race and sports book;
|
|
29
|
|
•
|
Two luxury hotel towers with a total of
4,748
spacious guest rooms, suites and villas;
|
•
|
35
food and beverage outlets featuring signature chefs;
|
•
|
Approximately
99,000
square feet of high-end, brand-name retail shopping, including stores and boutiques by Alexander McQueen, Brioni, Cartier, Chanel, Chloé, Chopard, Dior, Givenchy, Graff, Hermes, IWC Schaffhausen, Jaeger-LeCoultre, Loro Piana, Louis Vuitton, Manolo Blahnik, Nicholas Kirkwood, Oscar de la Renta, Piaget, Rolex, Vertu and others;
|
•
|
Approximately
290,000
square feet of meeting and convention space;
|
•
|
Three nightclubs and a beach club;
|
•
|
Specially designed theater presenting "Le Rêve-The Dream," a water-based theatrical production and a theater presenting "Steve Wynn's Showstoppers," a Broadway-style entertainment production;
|
•
|
Recreation and leisure facilities, including an 18-hole golf course, swimming pools, private cabanas and two full service spas and salons;
|
•
|
A Ferrari and Maserati automobile dealership; and
|
•
|
Wedding chapel.
|
•
|
Table drop for our Macau Operations is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage.
|
•
|
Table drop for our Las Vegas Operations is the amount of cash and net markers issued that are deposited in a gaming table's drop box.
|
•
|
Turnover is the sum of all losing rolling chip wagers within our Macau Operations' VIP program.
|
•
|
Table games win is the amount of table drop or turnover that is retained and recorded as casino revenue.
|
•
|
Rolling chips are identifiable chips that are used to track turnover for purposes of calculating incentives.
|
•
|
Slot win is the amount of handle (representing the total amount wagered) that is retained by us and is recorded as casino revenue.
|
•
|
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.
|
|
30
|
|
•
|
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,
|
|
|
||||||||||||||
(dollars in thousands, except per share data)
|
2015
|
|
2014
|
|
Percent Change
|
|
2015
|
|
2014
|
|
Percent Change
|
||||||||||
Net revenues
|
$
|
1,040,458
|
|
|
$
|
1,412,063
|
|
|
(26.3
|
)
|
|
$
|
2,132,696
|
|
|
$
|
2,925,676
|
|
|
(27.1
|
)
|
Net income attributable to Wynn Resorts, Limited
|
$
|
56,460
|
|
|
$
|
203,906
|
|
|
(72.3
|
)
|
|
$
|
11,859
|
|
|
$
|
430,802
|
|
|
(97.2
|
)
|
Diluted net income per share
|
$
|
0.56
|
|
|
$
|
2.00
|
|
|
(72.2
|
)
|
|
$
|
0.12
|
|
|
$
|
4.22
|
|
|
(97.2
|
)
|
Adjusted Property EBITDA
|
$
|
295,428
|
|
|
$
|
467,425
|
|
|
(36.8
|
)
|
|
$
|
618,447
|
|
|
$
|
962,041
|
|
|
(35.7
|
)
|
|
31
|
|
|
Three Months Ended June 30,
|
|
|
|||||||
|
2015
|
|
2014
|
|
Percent
Change
|
|||||
Net revenues
|
|
|
|
|
|
|||||
Macau Operations
|
$
|
616,952
|
|
|
$
|
960,635
|
|
|
(35.8
|
)
|
Las Vegas Operations
|
423,506
|
|
|
451,428
|
|
|
(6.2
|
)
|
||
|
$
|
1,040,458
|
|
|
$
|
1,412,063
|
|
|
(26.3
|
)
|
|
Three Months Ended June 30,
|
|
|
|||||||
|
2015
|
|
2014
|
|
Percent
Change
|
|||||
Net revenues
|
|
|
|
|
|
|||||
Casino revenues
|
$
|
714,208
|
|
|
$
|
1,091,595
|
|
|
(34.6
|
)
|
Non-casino revenues
|
326,250
|
|
|
320,468
|
|
|
1.8
|
|
||
|
$
|
1,040,458
|
|
|
$
|
1,412,063
|
|
|
(26.3
|
)
|
|
32
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|||||||||
|
2015
|
|
2014
|
|
Increase/
(Decrease)
|
|
Percent
Change
|
|||||||
Macau Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
579,519
|
|
|
$
|
909,061
|
|
|
$
|
(329,542
|
)
|
|
(36.3
|
)
|
Average number of table games
|
470
|
|
|
455
|
|
|
15
|
|
|
3.3
|
|
|||
VIP
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
247
|
|
|
263
|
|
|
(16
|
)
|
|
(6.1
|
)
|
|||
VIP turnover
|
$
|
15,537,003
|
|
|
$
|
26,361,791
|
|
|
$
|
(10,824,788
|
)
|
|
(41.1
|
)
|
Table games win
|
$
|
453,203
|
|
|
$
|
771,152
|
|
|
$
|
(317,949
|
)
|
|
(41.2
|
)
|
VIP win as a % of turnover
|
2.92
|
%
|
|
2.93
|
%
|
|
(0.01
|
)
|
|
|
|
|||
Table games win per unit per day
|
$
|
20,177
|
|
|
$
|
32,176
|
|
|
$
|
(11,999
|
)
|
|
(37.3
|
)
|
Mass market
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
223
|
|
|
192
|
|
|
31
|
|
|
16.1
|
|
|||
Table drop
|
$
|
1,193,916
|
|
|
$
|
1,429,987
|
|
|
$
|
(236,071
|
)
|
|
(16.5
|
)
|
Table games win
|
$
|
208,620
|
|
|
$
|
311,049
|
|
|
$
|
(102,429
|
)
|
|
(32.9
|
)
|
Table games win %
|
17.5
|
%
|
|
21.8
|
%
|
|
(4.3
|
)
|
|
|
|
|||
Table games win per unit per day
|
$
|
10,274
|
|
|
$
|
17,852
|
|
|
$
|
(7,578
|
)
|
|
(42.4
|
)
|
|
|
|
|
|
|
|
|
|||||||
Average number of slot machines
|
707
|
|
|
624
|
|
|
83
|
|
|
13.3
|
|
|||
Slot machine handle
|
$
|
1,027,557
|
|
|
$
|
1,457,653
|
|
|
$
|
(430,096
|
)
|
|
(29.5
|
)
|
Slot machine win
|
$
|
51,138
|
|
|
$
|
65,983
|
|
|
$
|
(14,845
|
)
|
|
(22.5
|
)
|
Slot machine win per unit per day
|
$
|
795
|
|
|
$
|
1,163
|
|
|
$
|
(368
|
)
|
|
(31.6
|
)
|
|
|
|
|
|
|
|
|
|||||||
Las Vegas Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
134,689
|
|
|
$
|
182,534
|
|
|
$
|
(47,845
|
)
|
|
(26.2
|
)
|
Average number of table games
|
235
|
|
|
233
|
|
|
2
|
|
|
0.9
|
|
|||
Table drop
|
$
|
509,309
|
|
|
$
|
629,047
|
|
|
$
|
(119,738
|
)
|
|
(19.0
|
)
|
Table games win
|
$
|
99,313
|
|
|
$
|
172,054
|
|
|
$
|
(72,741
|
)
|
|
(42.3
|
)
|
Table games win %
|
19.5
|
%
|
|
27.4
|
%
|
|
(7.9
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
4,650
|
|
|
$
|
8,130
|
|
|
$
|
(3,480
|
)
|
|
(42.8
|
)
|
|
|
|
|
|
|
|
|
|||||||
Average number of slot machines
|
1,868
|
|
|
1,837
|
|
|
31
|
|
|
1.7
|
|
|||
Slot machine handle
|
$
|
712,147
|
|
|
$
|
706,870
|
|
|
$
|
5,277
|
|
|
0.7
|
|
Slot machine win
|
$
|
51,010
|
|
|
$
|
46,131
|
|
|
$
|
4,879
|
|
|
10.6
|
|
Slot machine win per unit per day
|
$
|
300
|
|
|
$
|
276
|
|
|
$
|
24
|
|
|
8.7
|
|
|
33
|
|
|
Three Months Ended June 30,
|
|
|
|||||||
|
2015
|
|
2014
|
|
Percent Change (a)
|
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
31,078
|
|
|
$
|
33,444
|
|
|
(7.1
|
)
|
Occupancy
|
96.4
|
%
|
|
98.4
|
%
|
|
(2.0
|
)
|
||
ADR
|
$
|
321
|
|
|
$
|
334
|
|
|
(3.9
|
)
|
REVPAR
|
$
|
310
|
|
|
$
|
329
|
|
|
(5.8
|
)
|
|
|
|
|
|
|
|||||
Las Vegas Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
108,834
|
|
|
$
|
107,911
|
|
|
0.9
|
|
Occupancy
|
88.4
|
%
|
|
88.4
|
%
|
|
—
|
|
||
ADR
|
$
|
289
|
|
|
$
|
283
|
|
|
2.1
|
|
REVPAR
|
$
|
255
|
|
|
$
|
251
|
|
|
1.6
|
|
|
34
|
|
|
Three Months Ended June 30,
|
|
|
|||||||
|
2015
|
|
2014
|
|
Percent
Change
|
|||||
Interest expense
|
|
|
|
|
|
|||||
Interest cost, including amortization of deferred financing costs and original issue discount and premium
|
$
|
86,990
|
|
|
$
|
89,374
|
|
|
(2.7
|
)
|
Capitalized interest
|
(11,754
|
)
|
|
(7,609
|
)
|
|
54.5
|
|
||
|
$
|
75,236
|
|
|
$
|
81,765
|
|
|
(8.0
|
)
|
|
35
|
|
|
Six Months Ended June 30,
|
|
|
|||||||
|
2015
|
|
2014
|
|
Percent
Change
|
|||||
Net revenues
|
|
|
|
|
|
|||||
Macau Operations
|
$
|
1,322,309
|
|
|
$
|
2,093,333
|
|
|
(36.8
|
)
|
Las Vegas Operations
|
810,387
|
|
|
832,343
|
|
|
(2.6
|
)
|
||
|
$
|
2,132,696
|
|
|
$
|
2,925,676
|
|
|
(27.1
|
)
|
|
36
|
|
|
37
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|||||||||
|
2015
|
|
2014
|
|
Increase/
(Decrease)
|
|
Percent
Change
|
|||||||
Macau Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
1,243,839
|
|
|
$
|
1,979,915
|
|
|
$
|
(736,076
|
)
|
|
(37.2
|
)
|
Average number of table games
|
468
|
|
|
473
|
|
|
(5
|
)
|
|
(1.1
|
)
|
|||
VIP
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
250
|
|
|
271
|
|
|
(21
|
)
|
|
(7.7
|
)
|
|||
VIP turnover
|
$
|
32,664,669
|
|
|
$
|
62,359,507
|
|
|
$
|
(29,694,838
|
)
|
|
(47.6
|
)
|
Table games win
|
$
|
933,568
|
|
|
$
|
1,774,388
|
|
|
$
|
(840,820
|
)
|
|
(47.4
|
)
|
VIP win as a % of turnover
|
2.86
|
%
|
|
2.85
|
%
|
|
0.01
|
|
|
|
||||
Table games win per unit per day
|
$
|
20,665
|
|
|
$
|
36,157
|
|
|
$
|
(15,492
|
)
|
|
(42.8
|
)
|
Mass market
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
218
|
|
|
202
|
|
|
16
|
|
|
7.9
|
|
|||
Table drop
|
$
|
2,474,260
|
|
|
$
|
2,799,783
|
|
|
$
|
(325,523
|
)
|
|
(11.6
|
)
|
Table games win
|
$
|
488,180
|
|
|
$
|
611,758
|
|
|
$
|
(123,578
|
)
|
|
(20.2
|
)
|
Table games win %
|
19.7
|
%
|
|
21.9
|
%
|
|
(2.2
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
12,339
|
|
|
$
|
16,722
|
|
|
$
|
(4,383
|
)
|
|
(26.2
|
)
|
|
|
|
|
|
|
|
|
|||||||
Average number of slot machines
|
678
|
|
|
732
|
|
|
(54
|
)
|
|
(7.4
|
)
|
|||
Slot machine handle
|
$
|
2,067,172
|
|
|
$
|
2,856,543
|
|
|
$
|
(789,371
|
)
|
|
(27.6
|
)
|
Slot machine win
|
$
|
98,916
|
|
|
$
|
135,420
|
|
|
$
|
(36,504
|
)
|
|
(27.0
|
)
|
Slot machine win per unit per day
|
$
|
806
|
|
|
$
|
1,022
|
|
|
$
|
(216
|
)
|
|
(21.1
|
)
|
|
|
|
|
|
|
|
|
|||||||
Las Vegas Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
296,468
|
|
|
$
|
337,813
|
|
|
$
|
(41,345
|
)
|
|
(12.2
|
)
|
Average number of table games
|
236
|
|
|
232
|
|
|
4
|
|
|
1.7
|
|
|||
Table drop
|
$
|
1,082,921
|
|
|
$
|
1,276,483
|
|
|
$
|
(193,562
|
)
|
|
(15.2
|
)
|
Table games win
|
$
|
234,992
|
|
|
$
|
305,788
|
|
|
$
|
(70,796
|
)
|
|
(23.2
|
)
|
Table games win %
|
21.7
|
%
|
|
24.0
|
%
|
|
(2.3
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
5,501
|
|
|
$
|
7,281
|
|
|
$
|
(1,780
|
)
|
|
(24.4
|
)
|
|
|
|
|
|
|
|
|
|||||||
Average number of slot machines
|
1,861
|
|
|
1,851
|
|
|
10
|
|
|
0.5
|
|
|||
Slot machine handle
|
$
|
1,474,331
|
|
|
$
|
1,450,668
|
|
|
$
|
23,663
|
|
|
1.6
|
|
Slot machine win
|
$
|
99,427
|
|
|
$
|
91,632
|
|
|
$
|
7,795
|
|
|
8.5
|
|
Slot machine win per unit per day
|
$
|
295
|
|
|
$
|
274
|
|
|
$
|
21
|
|
|
7.7
|
|
|
38
|
|
|
Six Months Ended June 30,
|
|
|
|||||||
|
2015
|
|
2014
|
|
Percent Change (a)
|
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
63,493
|
|
|
$
|
66,847
|
|
|
(5.0
|
)
|
Occupancy
|
96.9
|
%
|
|
98.3
|
%
|
|
(1.4
|
)
|
||
ADR
|
$
|
326
|
|
|
$
|
336
|
|
|
(3.0
|
)
|
REVPAR
|
$
|
316
|
|
|
$
|
330
|
|
|
(4.2
|
)
|
|
|
|
|
|
|
|||||
Las Vegas Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
208,474
|
|
|
$
|
210,983
|
|
|
(1.2
|
)
|
Occupancy
|
85.7
|
%
|
|
88.1
|
%
|
|
(2.4
|
)
|
||
ADR
|
$
|
286
|
|
|
$
|
279
|
|
|
2.5
|
|
REVPAR
|
$
|
245
|
|
|
$
|
246
|
|
|
(0.4
|
)
|
|
39
|
|
|
Six Months Ended June 30,
|
|
|
|||||||
|
2015
|
|
2014
|
|
Percent
Change
|
|||||
Interest expense
|
|
|
|
|
|
|||||
Interest cost, including amortization of deferred financing costs and original issue discount and premium
|
$
|
175,831
|
|
|
$
|
170,327
|
|
|
3.2
|
|
Capitalized interest
|
(22,612
|
)
|
|
(13,306
|
)
|
|
69.9
|
|
||
|
$
|
153,219
|
|
|
$
|
157,021
|
|
|
(2.4
|
)
|
|
40
|
|
|
41
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Macau Operations
|
$
|
173,391
|
|
|
$
|
307,001
|
|
|
$
|
385,733
|
|
|
$
|
691,329
|
|
Las Vegas Operations
|
122,037
|
|
|
160,424
|
|
|
232,714
|
|
|
270,712
|
|
||||
|
$
|
295,428
|
|
|
$
|
467,425
|
|
|
$
|
618,447
|
|
|
$
|
962,041
|
|
|
42
|
|
|
43
|
|
|
44
|
|
•
|
our dependence on Stephen A. Wynn;
|
•
|
restrictions or conditions on visitation by citizens of mainland China to Macau;
|
•
|
general global political and economic conditions, which may impact levels of travel, leisure and consumer spending;
|
•
|
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;
|
•
|
pending or future legal proceedings, regulatory or enforcement actions or probity investigations;
|
•
|
any violations by us of the anti-money laundering laws or Foreign Corrupt Practices Act;
|
•
|
competition in the casino/hotel and resort industries and actions taken by our competitors, including new development and construction activities of competitors;
|
•
|
our dependence on a limited number of resorts and locations for all of our cash flow;
|
•
|
our relationships with Macau games promoters;
|
•
|
factors affecting the development and success of new gaming and resort properties (including limited labor resources in Macau and government labor policies, unexpected cost increases, environmental regulation and our ability to secure federal, state and local permits and approvals necessary for our construction projects);
|
•
|
our ability to maintain our customer relationships and collect and enforce gaming receivables;
|
•
|
extensive regulation of our business and the cost of compliance or failure to comply with applicable laws and regulations;
|
•
|
our ability to maintain our gaming licenses and concessions;
|
•
|
changes in gaming laws or regulations (including stricter smoking regulations in Macau);
|
•
|
changes in federal, foreign, or state tax laws or the administration of such laws;
|
•
|
cybersecurity risk including misappropriation of customer information or other breaches of information security;
|
•
|
our current and future insurance coverage levels;
|
•
|
conditions precedent to funding under our credit facilities;
|
•
|
continued compliance with all provisions in our debt agreements;
|
•
|
leverage and debt service (including sensitivity to fluctuations in interest rates);
|
•
|
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;
|
•
|
our subsidiaries' ability to pay us dividends and distributions;
|
•
|
our ability to protect our intellectual property rights;
|
•
|
doing business in foreign locations such as Macau;
|
•
|
legalization of gaming in certain jurisdictions; and
|
•
|
changes in exchange rates.
|
|
45
|
|
|
46
|
|
|
47
|
|
|
48
|
|
(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
|
|
Seventh Amended and Restated Bylaws of the Registrant. (Incorporated by reference from the Quarterly Report on Form 10-Q filed by the Registrant on August 8, 2014.)
|
*10.1
|
|
Fourth Amendment to Employment Agreement, dated as of April 27, 2015 by and between Wynn Resorts, Limited and Kim Sinatra.
|
*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, 2015, filed with the SEC on August 7, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014, (ii) the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2015 and 2014, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2015 and 2014, (iv) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2015 and 2014, (v) the Condensed Consolidated Statement of Stockholders' Equity (Deficit) at June 30, 2015 and (vi) Notes to Condensed Consolidated Financial Statements.
|
|
|
*
|
Filed herewith.
|
|
49
|
|
|
|
|
|
WYNN RESORTS, LIMITED
|
|
|
|
||
Dated: August 7, 2015
|
|
By:
|
|
/s/ Stephen Cootey
|
|
|
Stephen Cootey
|
||
|
|
Chief Financial Officer and Treasurer
|
||
|
|
(Principal Financial and Accounting Officer)
|
|
50
|
|
1.
|
Amendments.
Employer and Employee hereby agree to amend Section 1(h)(B) of the Agreement in its entirety to read as follows:
|
2.
|
Other Provisions of Agreement
. The parties acknowledge that the Agreement is being modified only as stated herein, and agree that nothing else in the Agreement shall be affected by this Amendment.
|
WYNN RESORTS, LIMITED
|
|
EMPLOYEE
|
|
|
|
/s/ Matt Maddox
|
|
/s/ Kim Sinatra
|
Matt Maddox, President
|
|
Kim Sinatra
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Wynn Resorts, Limited;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Stephen A. Wynn
|
|
Stephen A. Wynn
|
|
Chairman of the Board and
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Wynn Resorts, Limited;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Stephen Cootey
|
|
Stephen Cootey
|
|
Chief Financial Officer and Treasurer
|
|
(Principal Financial and Accounting Officer)
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Stephen A. Wynn
|
|
||
Name:
|
|
Stephen A. Wynn
|
|
Title:
|
|
Chairman of the Board and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
Date:
|
|
August 7, 2015
|
|
/s/ Stephen Cootey
|
|
||
Name:
|
|
Stephen Cootey
|
|
Title:
|
|
Chief Financial Officer and Treasurer
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
Date:
|
|
August 7, 2015
|
|