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ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2017
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period
to
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N
EVADA
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46-0484987
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification Number)
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Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock, $0.01 par value
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Nasdaq Global Select Market
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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•
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Approximately
273,000
square feet of casino space, offering 24-hour gaming and a full range of games with
316
table games and
988
slot machines, private gaming salons, sky casinos and a poker pit;
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•
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Two luxury hotel towers with a total of
1,008
guest rooms and suites;
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•
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Eight
food and beverage outlets;
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•
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Approximately
59,000
square feet of high-end, brand-name retail space;
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•
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Approximately
31,000
square feet of meeting and convention space;
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•
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Recreation and leisure facilities, including
two
health clubs, spas, a salon and a pool; and
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•
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A rotunda show featuring a Chinese zodiac-inspired ceiling along with gold "prosperity tree" and "dragon of fortune" attractions.
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•
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Approximately
420,000
square feet of casino space, offering 24-hour gaming and a full range of games with
323
table games and
1,115
slot machines, private gaming salons and sky casinos;
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•
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A luxury hotel tower with a total of
1,706
guest rooms, suites and villas;
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•
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11
food and beverage outlets;
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•
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Approximately
106,000
square feet of high-end, brand-name retail space;
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•
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Approximately
37,000
square feet of meeting and convention space;
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•
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Recreation and leisure facilities, including a gondola ride, health club, spa, salon and pool; and
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•
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Public attractions including a performance lake and floral art displays.
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•
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Approximately
192,000
square feet of casino space, offering 24-hour gaming and a full range of games with
247
table games and
1,829
slot machines, private gaming salons, a sky casino, a poker room, and a race and sports book;
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•
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Two luxury hotel towers with a total of
4,748
guest rooms, suites and villas;
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•
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33
food and beverage outlets;
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•
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Approximately
110,000
square feet of high-end, brand-name retail space (of which, 103,000 square feet is owned and operated under a joint venture of which we own 50.1%);
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•
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Approximately
290,000
square feet of meeting and convention space;
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•
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Three
nightclubs and a beach club;
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•
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Recreation and leisure facilities, including swimming pools, private cabanas, two full service spas and salons, and a wedding chapel; and
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•
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A specially designed theater presenting "Le Rêve—The Dream," a water-based theatrical production and a theater presenting entertainment productions and various headliner entertainment acts.
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•
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Collectively, Wynn Resorts earned more Five-Star awards than any other independent hotel company in the world in the official 2018 Forbes Travel Guide Star Rating list.
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•
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Wynn Palace has earned a coveted Five-Star triple crown for its hotel, spa and Sushi Mizumi restaurant on the 2018 Forbes Travel Guide Star Rating list.
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Wynn Palace is the first and only resort in the world with more than one thousand rooms to receive Five Stars.
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•
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Wynn Macau continues to be the only resort in the world with eight Forbes Travel Guide Five-Star awards.
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•
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Wynn Resorts owns two of the largest Forbes Five-Star hotels in the United States: Wynn Tower Suites (Las Vegas) and Encore Tower Suites (Las Vegas).
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Wynn Resorts was once again honored as the highest ranking casino resort on FORTUNE Magazine's 2018 World's Most Admired Companies list in the hotel, casino and resort category.
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•
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attracting a wide range of customers to the region, including high-net-worth international tourists;
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driving international tourism for the region;
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raising average hotel room rates in the region;
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extending the average length of stay per visitor;
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complementing existing convention and meeting business with five-star accommodations and appropriately scaled meeting amenities;
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elevating service levels with the execution of five-star customer service; and
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helping stimulate city-wide investment and employment.
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conducts unauthorized games or activities that are excluded from its corporate purpose;
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abandons or suspends gaming operations in Macau for more than seven consecutive days (or more than 14 days in a civil year) without justification;
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defaults in payment of taxes, premiums, contributions or other required amounts;
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does not comply with government inspections or supervision;
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systematically fails to observe its obligations under the concession system;
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fails to maintain bank guarantees or bonds satisfactory to the government;
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is the subject of bankruptcy proceedings or becomes insolvent;
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engages in serious fraudulent activity, damaging to the public interest; or
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repeatedly and seriously violates applicable gaming laws.
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preventing unsavory or unsuitable persons from being directly or indirectly involved with gaming at any time or in any capacity;
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establishing and maintaining responsible accounting practices and procedures;
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maintaining effective controls over the financial practices of licensees, including establishing minimum procedures for internal fiscal affairs and safeguarding assets and revenue, providing reliable recordkeeping and requiring the filing of periodic reports with the Nevada Gaming Authorities;
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preventing cheating and fraudulent practices; and
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providing a source of state and local revenue through taxation and licensing fees.
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voting on all matters voted on by stockholders or interest holders;
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making financial and other inquiries of management of the type normally made by securities analysts for informational purposes and not to cause a change in management, policies or operations; and
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other activities that the NGC may determine to be consistent with such investment intent.
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pay that person any dividend or interest upon any voting securities;
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allow that person to exercise, directly or indirectly, any voting right held by that person relating to Wynn Resorts;
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pay remuneration in any form to that person for services rendered or otherwise; or
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fail to pursue all lawful efforts to require the unsuitable person to relinquish such person's voting securities, including, if necessary, the immediate purchase of the voting securities for cash at fair market value.
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pays to the unsuitable person any dividend, interest or any distribution whatsoever;
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recognizes any voting right by the unsuitable person in connection with the securities;
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pays the unsuitable person remuneration in any form; or
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makes any payment to the unsuitable person by way of principal, redemption, conversion, exchange, liquidation or similar transaction.
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assure the financial stability of corporate gaming licensees and their affiliated companies;
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preserve the beneficial aspects of conducting business in the corporate form; and
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promote a neutral environment for the orderly governance of corporate affairs.
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knowingly violates any laws of the foreign jurisdiction pertaining to the foreign gaming operation;
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fails to conduct the foreign gaming operation in accordance with the standards of honesty and integrity required of Nevada gaming operations;
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engages in any activity or enters into any association that is unsuitable because it poses an unreasonable threat to the control of gaming in Nevada, reflects or tends to reflect, discredit or disrepute upon the State of Nevada or gaming in Nevada, or is contrary to the gaming policies of Nevada;
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engages in activities or enters into associations that are harmful to the State of Nevada or its ability to collect gaming taxes and fees; or
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employs, contracts with or associates with a person in the foreign operation who has been denied a license or finding of suitability in Nevada on the ground of unsuitability.
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controversy, regulatory action, litigation and investigations related to Stephen A. Wynn and his separation from the Company;
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extensive regulation of our business (including the Chinese government's ongoing anti-corruption campaign) and the cost of compliance or failure to comply with applicable laws and regulations;
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pending or future legal proceedings, regulatory or enforcement actions or probity investigations (including those related to the former Chairman and CEO of the Company);
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our ability to maintain our gaming licenses and concessions;
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our dependence on key employees;
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general global political and economic conditions, in the U.S. and China, which may impact levels of travel, leisure and consumer spending;
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restrictions or conditions on visitation by citizens of mainland China to Macau;
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the impact on the travel and leisure industry from factors such as an outbreak of an infectious disease, extreme weather patterns or natural disasters, military conflicts and any future security alerts and/or terrorist attacks;
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doing business in foreign locations such as Macau;
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our ability to maintain our customer relationships and collect and enforce gaming receivables;
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our relationships with Macau gaming promoters;
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outcome of the litigation with Mr. Okada and his affiliates;
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our dependence on a limited number of resorts and locations for all of our cash flow and our subsidiaries' ability to pay us dividends and distributions;
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competition in the casino/hotel and resort industries and actions taken by our competitors, including new development and construction activities of competitors;
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factors affecting the development and success of new gaming and resort properties (including limited labor resources, government labor and gaming policies and transportation infrastructure in Macau; and cost increases, environmental regulation, and our ability to secure necessary permits and approvals in Everett, Massachusetts);
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construction risks (including disputes with and defaults by contractors and subcontractors; construction, equipment or staffing problems; shortages of materials or skilled labor; environment, health and safety issues; and unanticipated cost increases);
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legalization of gaming in other jurisdictions;
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any violations by us of the anti-money laundering laws or Foreign Corrupt Practices Act;
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changes in gaming laws or regulations;
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changes in federal, foreign, or state tax laws or the administration of such laws;
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potential violations of law by Mr. Kazuo Okada, a former stockholder of ours;
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changes in the valuation of the promissory note we issued in connection with the redemption of Mr. Okada's shares;
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continued compliance with all provisions in our debt agreements;
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conditions precedent to funding under our credit facilities;
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leverage and debt service (including sensitivity to fluctuations in interest rates);
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cybersecurity risk, including misappropriation of customer information or other breaches of information security;
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our ability to protect our intellectual property rights; and
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our current and future insurance coverage levels.
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changes in local economic and competitive conditions;
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changes in local and state governmental laws and regulations, including gaming laws and regulations, and the way in which those laws and regulations are applied;
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natural and other disasters, including the outbreak of infectious diseases;
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an increase in the cost of maintaining our properties;
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a decline in the number of visitors to Las Vegas or Macau; and
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a decrease in gaming and non-casino activities at our resorts.
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unanticipated cost increases;
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shortages of, and price increases in, materials or skilled labor;
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changes to plans and specifications;
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delays in obtaining or inability to obtain requisite licenses, permits and authorizations from regulatory authorities;
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changes in laws and regulations, or in the interpretation and enforcement of laws and regulations, applicable to gaming, leisure, real estate development or construction projects;
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unforeseen engineering, environmental and/or geological problems;
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labor disputes or work stoppages;
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disputes with and defaults by contractors and subcontractors;
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personal injuries to workers and other persons;
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environment, health and safety issues, including site accidents;
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delays or interference from severe weather or natural disasters;
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geological, construction, excavation, regulatory and equipment problems; and
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unavailability of construction equipment.
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conducts unauthorized games or activities that are excluded from its corporate purpose;
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•
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suspends gaming operations in Macau for more than seven consecutive days (or more than 14 days in a civil year) without justification;
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•
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defaults in payment of taxes, premiums, contributions or other required amounts;
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•
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does not comply with government inspections or supervision;
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•
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systematically fails to observe its obligations under the concession system;
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•
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fails to maintain bank guarantees or bonds satisfactory to the government;
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•
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is the subject of bankruptcy proceedings or becomes insolvent;
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•
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engages in serious fraudulent activity, damaging to the public interest; or
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•
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repeatedly violates applicable gaming laws.
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•
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knowingly violate any Macau laws relating to their Macau gaming operations;
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•
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fail to conduct our Macau Operations in accordance with the standards of honesty and integrity required of Nevada gaming operations;
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•
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engage in any activity or enter into any association that is unsuitable for us because it poses an unreasonable threat to the control of gaming in Nevada, reflects or tends to reflect discredit or disrepute upon the State of Nevada or gaming in Nevada, or is contrary to Nevada gaming policies;
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•
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engage in any activity or enter into any association that interferes with the ability of the State of Nevada to collect gaming taxes and fees; or
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employ, contract with or associate with any person in the foreign gaming operation who has been denied a license or a finding of suitability in Nevada on the ground of unsuitability, or who has been found guilty of cheating at gambling.
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failure to meet our payment obligations or other obligations could result in acceleration of our indebtedness, foreclosure upon our assets that serve as collateral or bankruptcy and trigger cross defaults under other agreements;
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servicing our indebtedness requires a substantial portion of our cash flow from the operations of our Las Vegas and Macau Operations and reduces the amount of available cash, if any, to fund working capital and other cash requirements or pay for other capital expenditures;
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the Okada Parties have challenged the redemption of Aruze's shares and we are currently involved in litigation with those parties as well as related stockholder derivative litigation. The outcome of these various proceedings cannot be predicted. Any adverse judgments or settlements involving payment of a material sum of money could cause a material adverse effect on our financial condition and results of operations and could expose us to additional claims by third parties including current or former investors or regulators. Any
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we may not be able to obtain additional financing, if needed; and
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rates with respect to a portion of the interest we pay will fluctuate with market rates and, accordingly, our interest expense will increase if market interest rates increase.
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pay dividends or distributions or repurchase equity;
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incur additional debt;
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make investments;
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create liens on assets to secure debt;
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enter into transactions with affiliates;
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issue stock of, or member's interests in, subsidiaries;
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enter into sale-leaseback transactions;
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engage in other businesses;
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merge or consolidate with another company;
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undergo a change of control;
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transfer, sell or otherwise dispose of assets;
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issue disqualified stock;
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create dividend and other payment restrictions affecting subsidiaries; and
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designate restricted and unrestricted subsidiaries.
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Property
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Approximate Acres
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Location
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Macau Operations (1)
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Wynn Macau
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16
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Located in downtown Macau's inner harbor.
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Wynn Palace
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51
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Located in the Cotai area of Macau.
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67
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Las Vegas Operations
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Wynn Las Vegas (main parcel)
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75
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Located at the intersection of Las Vegas Boulevard and Sands Avenue.
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Golf course land (2)
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140
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Located adjacent to Wynn Las Vegas.
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Employee parking lot and office building
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18
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Located across Sands Avenue.
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Office building
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5
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Located adjacent to golf course land.
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238
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Wynn Boston Harbor (3)
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33
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Located in Everett, Massachusetts, adjacent to Boston along the Mystic River.
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Other
(4)
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38
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Located on the Las Vegas Strip directly across from Wynn Las Vegas.
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High
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Low
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||||
2018
|
|
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||||
First Quarter (through February 15, 2018)
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$
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203.63
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$
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160.38
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2017
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|
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||||
First Quarter
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$
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116.19
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$
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86.20
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Second Quarter
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$
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139.67
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|
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$
|
112.91
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Third Quarter
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$
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150.15
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$
|
124.11
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Fourth Quarter
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$
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171.06
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|
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$
|
139.20
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2016
|
|
|
|
||||
First Quarter
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$
|
96.60
|
|
|
$
|
49.95
|
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Second Quarter
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$
|
105.69
|
|
|
$
|
85.72
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Third Quarter
|
$
|
109.50
|
|
|
$
|
87.26
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Fourth Quarter
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$
|
104.90
|
|
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$
|
82.51
|
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*$100 invested on 12/31/12 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.
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Copyright © 2018 S&P, a division of McGraw Hill Financial. All rights reserved.
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Copyright © 2018 Dow Jones & Co. All rights reserved.
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|
Years Ended December 31,
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||||||||||||||||||
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2017 (1)
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2016 (2)
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2015
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|
2014
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2013
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||||||||||
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(in thousands, except per share amounts)
|
||||||||||||||||||
Consolidated Statements of Income Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
6,306,368
|
|
|
$
|
4,466,297
|
|
|
$
|
4,075,883
|
|
|
$
|
5,433,661
|
|
|
$
|
5,620,936
|
|
Pre-opening expenses
|
26,692
|
|
|
154,717
|
|
|
77,623
|
|
|
30,146
|
|
|
3,169
|
|
|||||
Operating income
|
1,055,565
|
|
|
521,662
|
|
|
658,814
|
|
|
1,266,278
|
|
|
1,290,091
|
|
|||||
Net income
|
889,254
|
|
|
302,469
|
|
|
281,524
|
|
|
962,644
|
|
|
1,004,157
|
|
|||||
Less: net income attributable to noncontrolling interests
|
(142,073
|
)
|
|
(60,494
|
)
|
|
(86,234
|
)
|
|
(231,090
|
)
|
|
(275,505
|
)
|
|||||
Net income attributable to Wynn Resorts, Limited
|
747,181
|
|
|
241,975
|
|
|
195,290
|
|
|
731,554
|
|
|
728,652
|
|
|||||
Basic income per share
|
$
|
7.32
|
|
|
$
|
2.39
|
|
|
$
|
1.93
|
|
|
$
|
7.25
|
|
|
$
|
7.25
|
|
Diluted income per share
|
$
|
7.28
|
|
|
$
|
2.38
|
|
|
$
|
1.92
|
|
|
$
|
7.18
|
|
|
$
|
7.17
|
|
|
December 31,
|
||||||||||||||||||
|
2017 (1)
|
|
2016 (2)
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(in thousands, except per share amounts)
|
||||||||||||||||||
Consolidated Balance Sheets Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
2,804,474
|
|
|
$
|
2,453,122
|
|
|
$
|
2,080,089
|
|
|
$
|
2,182,164
|
|
|
$
|
2,435,041
|
|
Construction in progress
|
1,016,207
|
|
|
299,686
|
|
|
3,217,117
|
|
|
1,666,326
|
|
|
558,624
|
|
|||||
Total assets
|
12,681,739
|
|
|
11,953,557
|
|
|
10,459,159
|
|
|
9,001,919
|
|
|
8,332,133
|
|
|||||
Total long-term obligations (3)
|
9,673,099
|
|
|
10,279,375
|
|
|
9,327,143
|
|
|
7,482,510
|
|
|
6,748,283
|
|
|||||
Stockholders' equity
|
1,078,350
|
|
|
257,881
|
|
|
21,845
|
|
|
211,091
|
|
|
132,351
|
|
|||||
Cash dividends declared per common share
|
$
|
2.00
|
|
|
$
|
2.00
|
|
|
$
|
3.00
|
|
|
$
|
6.25
|
|
|
$
|
7.00
|
|
(1)
|
During the fourth quarter of 2017, we recorded a provisional income tax benefit of $339.9 million related to the enactment of U.S. tax reform. See Item 8—"Financial Statements and Supplementary Data," Note 13, "Income Taxes."
|
(2)
|
Wynn Palace opened on August 22, 2016.
|
(3)
|
Includes long-term debt, other long-term liabilities, deferred income tax liabilities, net and the required contract premium payments under our land concession contracts at Wynn Palace.
|
•
|
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.
|
•
|
Rolling chips are identifiable chips that are used to track turnover for purposes of calculating incentives.
|
•
|
Turnover is the sum of all losing rolling chip wagers within our Macau Operations' VIP program.
|
•
|
Table games win is the amount of table drop or turnover that is retained and recorded as casino revenues.
|
•
|
Slot machine win is the amount of handle (representing the total amount wagered) that is retained by us and is recorded as casino revenues.
|
•
|
Average daily rate ("ADR") is calculated by dividing total room revenues, including the retail value of promotional allowances (less service charges, if any), by total rooms occupied, including complimentary rooms.
|
•
|
Revenue per available room ("REVPAR") is calculated by dividing total room revenues, including the retail value of promotional allowances (less service charges, if any), by total rooms available.
|
•
|
Occupancy is calculated by dividing total occupied rooms, including complimentary rooms, by the total rooms available.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net revenues
|
$
|
6,306,368
|
|
|
$
|
4,466,297
|
|
|
$
|
4,075,883
|
|
Net income attributable to Wynn Resorts, Limited
|
747,181
|
|
|
241,975
|
|
|
195,290
|
|
|||
Diluted net income per share
|
7.28
|
|
|
2.38
|
|
|
1.92
|
|
|||
Adjusted Property EBITDA
|
1,810,732
|
|
|
1,259,327
|
|
|
1,185,789
|
|
|
Years Ended December 31,
|
|
|
||||||
|
2017
|
|
2016
|
|
Percent
Change
|
||||
Net Revenues
|
|
|
|
|
|
||||
Macau Operations:
|
|
|
|
|
|
||||
Wynn Macau
|
$
|
2,485,804
|
|
|
$
|
2,264,087
|
|
|
9.8
|
Wynn Palace
(1)
|
2,139,154
|
|
|
583,336
|
|
|
266.7
|
||
Total Macau Operations
|
4,624,958
|
|
|
2,847,423
|
|
|
62.4
|
||
Las Vegas Operations
|
1,681,410
|
|
|
1,618,874
|
|
|
3.9
|
||
|
$
|
6,306,368
|
|
|
$
|
4,466,297
|
|
|
41.2
|
|
Years Ended December 31,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Increase/
(Decrease) |
|
Percent
Change |
|||||||
Macau Operations:
|
|
|
|
|
|
|
|
|||||||
Wynn Macau:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
2,360,221
|
|
|
$
|
2,135,193
|
|
|
$
|
225,028
|
|
|
10.5
|
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
96
|
|
|
149
|
|
|
(53
|
)
|
|
(35.6
|
)
|
|||
VIP turnover
|
$
|
58,303,836
|
|
|
$
|
47,048,754
|
|
|
$
|
11,255,082
|
|
|
23.9
|
|
Table games win
|
$
|
1,907,625
|
|
|
$
|
1,547,261
|
|
|
$
|
360,364
|
|
|
23.3
|
|
VIP win as a % of turnover
|
3.27
|
%
|
|
3.29
|
%
|
|
(0.02
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
54,726
|
|
|
$
|
28,332
|
|
|
$
|
26,394
|
|
|
93.2
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
204
|
|
|
216
|
|
|
(12
|
)
|
|
(5.6
|
)
|
|||
Table drop
|
$
|
4,525,727
|
|
|
$
|
4,585,476
|
|
|
$
|
(59,749
|
)
|
|
(1.3
|
)
|
Table games win
|
$
|
880,964
|
|
|
$
|
881,797
|
|
|
$
|
(833
|
)
|
|
(0.1
|
)
|
Table games win %
|
19.5
|
%
|
|
19.2
|
%
|
|
0.3
|
|
|
|
||||
Table games win per unit per day
|
$
|
11,820
|
|
|
$
|
11,131
|
|
|
$
|
689
|
|
|
6.2
|
|
Average number of slot machines
|
914
|
|
|
802
|
|
|
112
|
|
|
14.0
|
|
|||
Slot machine handle
|
$
|
3,526,747
|
|
|
$
|
3,386,973
|
|
|
$
|
139,774
|
|
|
4.1
|
|
Slot machine win
|
$
|
154,425
|
|
|
$
|
145,680
|
|
|
$
|
8,745
|
|
|
6.0
|
|
Slot machine win per unit per day
|
$
|
463
|
|
|
$
|
497
|
|
|
$
|
(34
|
)
|
|
(6.8
|
)
|
|
|
|
|
|
|
|
|
|||||||
Wynn Palace
(1)
:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
1,965,362
|
|
|
$
|
519,877
|
|
|
$
|
1,445,485
|
|
|
278.0
|
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
104
|
|
|
81
|
|
|
23
|
|
|
28.4
|
|
|||
VIP turnover
|
$
|
52,573,258
|
|
|
$
|
14,480,023
|
|
|
$
|
38,093,235
|
|
|
263.1
|
|
Table games win
|
$
|
1,486,674
|
|
|
$
|
396,954
|
|
|
$
|
1,089,720
|
|
|
274.5
|
|
VIP win as a % of turnover
|
2.83
|
%
|
|
2.74
|
%
|
|
0.09
|
|
|
|
||||
Table games win per unit per day
|
$
|
39,325
|
|
|
$
|
37,009
|
|
|
$
|
2,316
|
|
|
6.3
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
202
|
|
|
245
|
|
|
(43
|
)
|
|
(17.6
|
)
|
|||
Table drop
|
$
|
3,490,363
|
|
|
$
|
1,000,881
|
|
|
$
|
2,489,482
|
|
|
248.7
|
|
Table games win
|
$
|
795,159
|
|
|
$
|
211,146
|
|
|
$
|
584,013
|
|
|
276.6
|
|
Table games win %
|
22.8
|
%
|
|
21.1
|
%
|
|
1.7
|
|
|
|
||||
Table games win per unit per day
|
$
|
10,759
|
|
|
$
|
6,527
|
|
|
$
|
4,232
|
|
|
64.8
|
|
Average number of slot machines
|
1,026
|
|
|
962
|
|
|
64
|
|
|
6.7
|
|
|||
Slot machine handle
|
$
|
3,053,614
|
|
|
$
|
738,907
|
|
|
$
|
2,314,707
|
|
|
313.3
|
|
Slot machine win
|
$
|
165,754
|
|
|
$
|
40,664
|
|
|
$
|
125,090
|
|
|
307.6
|
|
Slot machine win per unit per day
|
$
|
443
|
|
|
$
|
320
|
|
|
$
|
123
|
|
|
38.4
|
|
|
Years Ended December 31,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Increase/
(Decrease) |
|
Percent
Change |
|||||||
Las Vegas Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
622,736
|
|
|
$
|
613,071
|
|
|
$
|
9,665
|
|
|
1.6
|
|
Average number of table games
|
236
|
|
|
235
|
|
|
1
|
|
|
0.4
|
|
|||
Table drop
|
$
|
1,804,988
|
|
|
$
|
1,838,479
|
|
|
$
|
(33,491
|
)
|
|
(1.8
|
)
|
Table games win
|
$
|
465,664
|
|
|
$
|
465,041
|
|
|
$
|
623
|
|
|
0.1
|
|
Table games win %
|
25.8
|
%
|
|
25.3
|
%
|
|
0.5
|
|
|
|
||||
Table games win per unit per day
|
$
|
5,415
|
|
|
$
|
5,406
|
|
|
$
|
9
|
|
|
0.2
|
|
Average number of slot machines
|
1,856
|
|
|
1,893
|
|
|
(37
|
)
|
|
(2.0
|
)
|
|||
Slot machine handle
|
$
|
3,183,369
|
|
|
$
|
3,148,610
|
|
|
$
|
34,759
|
|
|
1.1
|
|
Slot machine win
|
$
|
218,897
|
|
|
$
|
208,024
|
|
|
$
|
10,873
|
|
|
5.2
|
|
Slot machine win per unit per day
|
$
|
323
|
|
|
$
|
300
|
|
|
$
|
23
|
|
|
7.7
|
|
|
Years Ended December 31,
|
|
|
|||||||
|
2017
|
|
2016
|
|
Percent
Change (1) |
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Macau:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
101,242
|
|
|
$
|
111,817
|
|
|
(9.5
|
)
|
Occupancy
|
97.5
|
%
|
|
94.4
|
%
|
|
3.1
|
|
||
ADR
|
$
|
257
|
|
|
$
|
293
|
|
|
(12.3
|
)
|
REVPAR
|
$
|
251
|
|
|
$
|
277
|
|
|
(9.4
|
)
|
Wynn Palace
(2):
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
146,980
|
|
|
$
|
54,843
|
|
|
168.0
|
|
Occupancy
|
96.2
|
%
|
|
83.2
|
%
|
|
13.0
|
|
||
ADR
|
$
|
237
|
|
|
$
|
276
|
|
|
(14.1
|
)
|
REVPAR
|
$
|
227
|
|
|
$
|
230
|
|
|
(1.3
|
)
|
|
|
|
|
|
|
|||||
Las Vegas Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
455,980
|
|
|
$
|
436,613
|
|
|
4.4
|
|
Occupancy
|
86.9
|
%
|
|
85.3
|
%
|
|
1.6
|
|
||
ADR
|
$
|
305
|
|
|
$
|
296
|
|
|
3.0
|
|
REVPAR
|
$
|
265
|
|
|
$
|
252
|
|
|
5.2
|
|
|
Years Ended December 31,
|
|
|
|||||||
|
2017
|
|
2016
|
|
Percent
Change
|
|||||
Interest expense
|
|
|
|
|
|
|||||
Interest cost, including amortization of debt issuance costs and original issue discount and premium
|
$
|
407,098
|
|
|
$
|
383,497
|
|
|
6.2
|
|
Capitalized interest
|
(18,434
|
)
|
|
(94,132
|
)
|
|
(80.4
|
)
|
||
|
$
|
388,664
|
|
|
$
|
289,365
|
|
|
34.3
|
|
|
|
|
|
|
|
|||||
Weighted average total debt balance
|
$
|
10,031,005
|
|
|
$
|
9,564,845
|
|
|
|
|
Weighted average interest rate
|
4.06
|
%
|
|
4.00
|
%
|
|
|
|
Years Ended December 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Percent
Change |
|||||
Net revenues
|
|
|
|
|
|
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Macau
|
$
|
2,264,087
|
|
|
$
|
2,463,092
|
|
|
(8.1
|
)
|
Wynn Palace
(1)
|
583,336
|
|
|
—
|
|
|
—
|
|
||
Total Macau Operations
|
2,847,423
|
|
|
2,463,092
|
|
|
15.6
|
|
||
Las Vegas Operations
|
1,618,874
|
|
|
1,612,791
|
|
|
0.4
|
|
||
|
$
|
4,466,297
|
|
|
$
|
4,075,883
|
|
|
9.6
|
|
|
Years Ended December 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Increase/
(Decrease) |
|
Percent
Change |
|||||||
Macau Operations:
|
|
|
|
|
|
|
|
|||||||
Wynn Macau:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
2,135,193
|
|
|
$
|
2,312,925
|
|
|
$
|
(177,732
|
)
|
|
(7.7
|
)
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
149
|
|
|
230
|
|
|
(81
|
)
|
|
(35.2
|
)
|
|||
VIP turnover
|
$
|
47,048,754
|
|
|
$
|
57,917,060
|
|
|
$
|
(10,868,306
|
)
|
|
(18.8
|
)
|
Table games win
|
$
|
1,547,261
|
|
|
$
|
1,659,683
|
|
|
$
|
(112,422
|
)
|
|
(6.8
|
)
|
VIP win as a % of turnover
|
3.29
|
%
|
|
2.87
|
%
|
|
0.42
|
|
|
|
||||
Table games win per unit per day
|
$
|
28,332
|
|
|
$
|
19,785
|
|
|
$
|
8,547
|
|
|
43.2
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
216
|
|
|
228
|
|
|
(12
|
)
|
|
(5.3
|
)
|
|||
Table drop
|
$
|
4,585,476
|
|
|
$
|
4,857,804
|
|
|
$
|
(272,328
|
)
|
|
(5.6
|
)
|
Table games win
|
$
|
881,797
|
|
|
$
|
951,458
|
|
|
$
|
(69,661
|
)
|
|
(7.3
|
)
|
Table games win %
|
19.2
|
%
|
|
19.6
|
%
|
|
(0.4
|
)
|
|
|
||||
Table games win per unit per day
|
$
|
11,131
|
|
|
$
|
11,431
|
|
|
$
|
(300
|
)
|
|
(2.6
|
)
|
Average number of slot machines
|
802
|
|
|
708
|
|
|
94
|
|
|
13.3
|
|
|||
Slot machine handle
|
$
|
3,386,973
|
|
|
$
|
3,961,115
|
|
|
$
|
(574,142
|
)
|
|
(14.5
|
)
|
Slot machine win
|
$
|
145,680
|
|
|
$
|
191,164
|
|
|
$
|
(45,484
|
)
|
|
(23.8
|
)
|
Slot machine win per unit per day
|
$
|
497
|
|
|
$
|
740
|
|
|
$
|
(243
|
)
|
|
(32.8
|
)
|
|
|
|
|
|
|
|
|
|||||||
Wynn Palace
(1)
:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
519,877
|
|
|
$
|
—
|
|
|
$
|
519,877
|
|
|
—
|
|
VIP:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
81
|
|
|
—
|
|
|
81
|
|
|
—
|
|
|||
VIP turnover
|
$
|
14,480,023
|
|
|
$
|
—
|
|
|
$
|
14,480,023
|
|
|
—
|
|
Table games win
|
$
|
396,954
|
|
|
$
|
—
|
|
|
$
|
396,954
|
|
|
—
|
|
VIP win as a % of turnover
|
2.74
|
%
|
|
—
|
%
|
|
2.74
|
|
|
|
||||
Table games win per unit per day
|
$
|
37,009
|
|
|
$
|
—
|
|
|
$
|
37,009
|
|
|
—
|
|
Mass market:
|
|
|
|
|
|
|
|
|||||||
Average number of table games
|
245
|
|
|
—
|
|
|
245
|
|
|
—
|
|
|||
Table drop
|
$
|
1,000,881
|
|
|
$
|
—
|
|
|
$
|
1,000,881
|
|
|
—
|
|
Table games win
|
$
|
211,146
|
|
|
$
|
—
|
|
|
$
|
211,146
|
|
|
—
|
|
Table games win %
|
21.1
|
%
|
|
—
|
%
|
|
21.1
|
|
|
|
||||
Table games win per unit per day
|
$
|
6,527
|
|
|
$
|
—
|
|
|
$
|
6,527
|
|
|
—
|
|
Average number of slot machines
|
962
|
|
|
—
|
|
|
962
|
|
|
—
|
|
|||
Slot machine handle
|
$
|
738,907
|
|
|
$
|
—
|
|
|
$
|
738,907
|
|
|
—
|
|
Slot machine win
|
$
|
40,664
|
|
|
$
|
—
|
|
|
$
|
40,664
|
|
|
—
|
|
Slot machine win per unit per day
|
$
|
320
|
|
|
$
|
—
|
|
|
$
|
320
|
|
|
—
|
|
|
Years Ended December 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Increase/
(Decrease) |
|
Percent
Change |
|||||||
Las Vegas Operations:
|
|
|
|
|
|
|
|
|||||||
Total casino revenues
|
$
|
613,071
|
|
|
$
|
619,494
|
|
|
$
|
(6,423
|
)
|
|
(1.0
|
)
|
Average number of table games
|
235
|
|
|
232
|
|
|
3
|
|
|
1.3
|
|
|||
Table drop
|
$
|
1,838,479
|
|
|
$
|
2,060,189
|
|
|
$
|
(221,710
|
)
|
|
(10.8
|
)
|
Table games win
|
$
|
465,041
|
|
|
$
|
490,920
|
|
|
$
|
(25,879
|
)
|
|
(5.3
|
)
|
Table games win %
|
25.3
|
%
|
|
23.8
|
%
|
|
1.5
|
|
|
|
||||
Table games win per unit per day
|
$
|
5,406
|
|
|
$
|
5,786
|
|
|
$
|
(380
|
)
|
|
(6.6
|
)
|
Average number of slot machines
|
1,893
|
|
|
1,866
|
|
|
27
|
|
|
1.4
|
|
|||
Slot machine handle
|
$
|
3,148,610
|
|
|
$
|
2,969,327
|
|
|
$
|
179,283
|
|
|
6.0
|
|
Slot machine win
|
$
|
208,024
|
|
|
$
|
206,626
|
|
|
$
|
1,398
|
|
|
0.7
|
|
Slot machine win per unit per day
|
$
|
300
|
|
|
$
|
303
|
|
|
$
|
(3
|
)
|
|
(1.0
|
)
|
|
Years Ended December 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Percent
Change (1) |
|||||
Macau Operations:
|
|
|
|
|
|
|||||
Wynn Macau:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
111,817
|
|
|
$
|
125,348
|
|
|
(10.8
|
)
|
Occupancy
|
94.4
|
%
|
|
96.5
|
%
|
|
(2.1
|
)
|
||
ADR
|
$
|
293
|
|
|
$
|
323
|
|
|
(9.3
|
)
|
REVPAR
|
$
|
277
|
|
|
$
|
312
|
|
|
(11.2
|
)
|
Wynn Palace
(2)
:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
54,843
|
|
|
$
|
—
|
|
|
—
|
|
Occupancy
|
83.2
|
%
|
|
—
|
%
|
|
—
|
|
||
ADR
|
$
|
276
|
|
|
$
|
—
|
|
|
—
|
|
REVPAR
|
$
|
230
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|||||
Las Vegas Operations:
|
|
|
|
|
|
|||||
Total room revenues (dollars in thousands)
|
$
|
436,613
|
|
|
$
|
413,152
|
|
|
5.7
|
|
Occupancy
|
85.3
|
%
|
|
85.2
|
%
|
|
0.1
|
|
||
ADR
|
$
|
296
|
|
|
$
|
285
|
|
|
3.9
|
|
REVPAR
|
$
|
252
|
|
|
$
|
243
|
|
|
3.7
|
|
|
Years Ended December 31,
|
|
|
|||||||
|
2016
|
|
2015
|
|
Percent
Change
|
|||||
Interest expense
|
|
|
|
|
|
|||||
Interest cost, including amortization of debt issuance costs and original issue discount and premium
|
$
|
383,497
|
|
|
$
|
354,233
|
|
|
8.3
|
|
Capitalized interest
|
(94,132
|
)
|
|
(53,327
|
)
|
|
76.5
|
|
||
|
$
|
289,365
|
|
|
$
|
300,906
|
|
|
(3.8
|
)
|
|
|
|
|
|
|
|||||
Weighted average total debt balance
|
$
|
9,564,845
|
|
|
$
|
8,214,598
|
|
|
|
|
Weighted average interest rate
|
4.00
|
%
|
|
4.30
|
%
|
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Wynn Macau
|
$
|
760,752
|
|
|
$
|
681,509
|
|
|
$
|
708,623
|
|
Wynn Palace
(1)
|
$
|
527,583
|
|
|
$
|
103,036
|
|
|
$
|
—
|
|
Las Vegas Operations
|
$
|
522,397
|
|
|
$
|
474,782
|
|
|
$
|
477,166
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net cash provided by operating activities
|
$
|
1,876,577
|
|
|
$
|
970,546
|
|
|
$
|
572,813
|
|
Net cash used in investing activities
|
(957,633
|
)
|
|
(1,288,250
|
)
|
|
(1,891,558
|
)
|
|||
Net cash (used in) provided by financing activities
|
(563,712
|
)
|
|
691,866
|
|
|
1,216,258
|
|
|||
Effect of exchange rate on cash
|
(3,880
|
)
|
|
(1,129
|
)
|
|
412
|
|
|||
Increase (decrease) in cash and cash equivalents
|
$
|
351,352
|
|
|
$
|
373,033
|
|
|
$
|
(102,075
|
)
|
|
|
Facility Borrowing Capacity
|
|
Borrowings Outstanding
|
|
Letters of Credit Outstanding
|
|
Facility Availability
|
||||||||
Macau Related:
|
|
|
|
|
|
|
|
|
||||||||
Wynn Macau Credit Facilities (1):
|
|
|
|
|
|
|
|
|
||||||||
Senior Term Loan Facility
|
|
$
|
2,298,798
|
|
|
$
|
2,298,798
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Senior Revolving Credit Facility
|
|
748,287
|
|
|
—
|
|
|
—
|
|
|
748,287
|
|
||||
WML Finance Credit Facility (2)
|
|
495,152
|
|
|
—
|
|
|
—
|
|
|
495,152
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
U.S. Related:
|
|
|
|
|
|
|
|
|
||||||||
Wynn America Credit Facilities (3):
|
|
|
|
|
|
|
|
|
||||||||
Senior Term Loan Facility
|
|
1,000,000
|
|
|
1,000,000
|
|
|
—
|
|
|
—
|
|
||||
Senior Revolving Credit Facility
|
|
375,000
|
|
|
—
|
|
|
17,689
|
|
|
357,311
|
|
||||
Total credit facilities
|
|
$
|
4,917,237
|
|
|
$
|
3,298,798
|
|
|
$
|
17,689
|
|
|
$
|
1,600,750
|
|
(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)
|
Our Macau related credit facilities include a HK$3.87 billion (approximately $495.2 million) cash-collateralized revolving credit facility ("WML Finance Credit Facility") under which WML Finance I, Limited, an indirect wholly owned subsidiary of WML, is the borrower.
|
(3)
|
Our U.S. related 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, an indirect wholly owned subsidiary of the Company, is the borrower.
|
|
Payments Due By Period
|
||||||||||||||||||
|
Less
Than 1 Year |
|
1 to 3
Years |
|
4 to 5
Years |
|
After
5 Years |
|
Total
|
||||||||||
Long-term debt obligations
|
$
|
62,690
|
|
|
$
|
899,695
|
|
|
$
|
4,272,856
|
|
|
$
|
4,550,000
|
|
|
$
|
9,785,241
|
|
Fixed interest payments
|
276,729
|
|
|
553,458
|
|
|
553,458
|
|
|
682,291
|
|
|
2,065,936
|
|
|||||
Estimated variable interest payments
(1)
|
102,185
|
|
|
188,901
|
|
|
52,383
|
|
|
—
|
|
|
343,469
|
|
|||||
Construction contracts and commitments
|
596,699
|
|
|
267,358
|
|
|
—
|
|
|
—
|
|
|
864,057
|
|
|||||
Operating leases
|
18,052
|
|
|
29,532
|
|
|
22,617
|
|
|
69,045
|
|
|
139,246
|
|
|||||
Capital leases
|
989
|
|
|
1,978
|
|
|
1,978
|
|
|
67,732
|
|
|
72,677
|
|
|||||
Employment agreements
|
65,791
|
|
|
64,132
|
|
|
7,690
|
|
|
—
|
|
|
137,613
|
|
|||||
Other
(2) (3)
|
175,493
|
|
|
162,075
|
|
|
65,105
|
|
|
4,000
|
|
|
406,673
|
|
|||||
Total contractual commitments
|
$
|
1,298,628
|
|
|
$
|
2,167,129
|
|
|
$
|
4,976,087
|
|
|
$
|
5,373,068
|
|
|
$
|
13,814,912
|
|
(1)
|
Amounts for all periods represent our estimated future interest payments on our debt facilities based upon amounts outstanding and LIBOR or HIBOR rates as of
December 31, 2017
. Actual rates will vary.
|
(2)
|
Other includes open purchase orders, future charitable contributions, fixed gaming tax payments in Macau, performance contracts and other contracts. As further discussed in Item 8—"Financial Statements and Supplementary Data," Note 13, "Income Taxes," we had
$95.2 million
of unrecognized tax benefits as of
December 31, 2017
. Due to the inherent uncertainty of the underlying tax positions, it is not practicable to assign this liability to any particular year and therefore it is not included in the table above as of
December 31, 2017
.
|
(3)
|
Other excludes community payments associated with the continuing operations of Wynn Boston Harbor, which commence upon the opening of the resort. These amounts are approximately
$10.6 million
per year with minimal annual increases.
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Casino accounts receivable
|
$
|
173,664
|
|
|
$
|
211,557
|
|
Allowance for doubtful casino accounts receivable
|
$
|
28,841
|
|
|
$
|
53,860
|
|
Allowance as a percentage of casino accounts receivable
|
16.6
|
%
|
|
25.5
|
%
|
Years Ending December 31,
|
||||||||||||||||||||||||||||
Expected Maturity Date
|
||||||||||||||||||||||||||||
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
(dollars in millions)
|
||||||||||||||||||||||||||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed rate
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,936.4
|
|
|
$
|
4,550.0
|
|
|
$
|
6,486.4
|
|
Average interest rate
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.0
|
%
|
|
5.2
|
%
|
|
4.3
|
%
|
|||||||
Variable rate
|
|
$
|
62.7
|
|
|
$
|
282.8
|
|
|
$
|
616.9
|
|
|
$
|
2,336.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,298.8
|
|
Average interest rate
|
|
3.2
|
%
|
|
3.2
|
%
|
|
3.2
|
%
|
|
3.2
|
%
|
|
—
|
%
|
|
—
|
%
|
|
3.2
|
%
|
|
Page
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
2,804,474
|
|
|
$
|
2,453,122
|
|
Investment securities
|
166,773
|
|
|
173,437
|
|
||
Receivables, net
|
224,128
|
|
|
218,968
|
|
||
Inventories
|
71,636
|
|
|
91,541
|
|
||
Prepaid expenses and other
|
156,773
|
|
|
53,299
|
|
||
Total current assets
|
3,423,784
|
|
|
2,990,367
|
|
||
Property and equipment, net
|
8,498,756
|
|
|
8,259,631
|
|
||
Restricted cash
|
2,160
|
|
|
192,823
|
|
||
Investment securities
|
160,682
|
|
|
128,023
|
|
||
Intangible assets, net
|
123,705
|
|
|
113,588
|
|
||
Deferred income taxes, net
|
240,533
|
|
|
—
|
|
||
Other assets
|
232,119
|
|
|
269,125
|
|
||
Total assets
|
$
|
12,681,739
|
|
|
$
|
11,953,557
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts and construction payables
|
$
|
285,437
|
|
|
$
|
298,505
|
|
Customer deposits
|
1,049,629
|
|
|
599,566
|
|
||
Gaming taxes payable
|
211,600
|
|
|
162,706
|
|
||
Accrued compensation and benefits
|
140,450
|
|
|
165,501
|
|
||
Accrued interest
|
94,695
|
|
|
98,118
|
|
||
Current portion of long-term debt
|
62,690
|
|
|
—
|
|
||
Other accrued liabilities
|
85,789
|
|
|
91,905
|
|
||
Total current liabilities
|
1,930,290
|
|
|
1,416,301
|
|
||
Long-term debt
|
9,565,936
|
|
|
10,125,352
|
|
||
Other long-term liabilities
|
107,163
|
|
|
87,462
|
|
||
Deferred income taxes, net
|
—
|
|
|
66,561
|
|
||
Total liabilities
|
11,603,389
|
|
|
11,695,676
|
|
||
Commitments and contingencies (Note 14)
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, par value $0.01; 400,000,000 shares authorized; 116,391,753 and 115,036,945 shares issued; 103,005,866 and 101,799,471 shares outstanding, respectively
|
1,164
|
|
|
1,150
|
|
||
Treasury stock, at cost; 13,385,887 and 13,237,474 shares, respectively
|
(1,184,468
|
)
|
|
(1,166,697
|
)
|
||
Additional paid-in capital
|
1,497,928
|
|
|
1,226,915
|
|
||
Accumulated other comprehensive income (loss)
|
(1,845
|
)
|
|
1,484
|
|
||
Retained earnings
|
635,067
|
|
|
95,097
|
|
||
Total Wynn Resorts, Limited stockholders' equity
|
947,846
|
|
|
157,949
|
|
||
Noncontrolling interests
|
130,504
|
|
|
99,932
|
|
||
Total stockholders' equity
|
1,078,350
|
|
|
257,881
|
|
||
Total liabilities and stockholders' equity
|
$
|
12,681,739
|
|
|
$
|
11,953,557
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Operating revenues:
|
|
|
|
|
|
||||||
Casino
|
$
|
4,948,319
|
|
|
$
|
3,268,141
|
|
|
$
|
2,932,419
|
|
Rooms
|
704,202
|
|
|
603,272
|
|
|
538,500
|
|
|||
Food and beverage
|
690,942
|
|
|
601,514
|
|
|
597,080
|
|
|||
Entertainment, retail and other
|
424,783
|
|
|
363,428
|
|
|
350,622
|
|
|||
Gross revenues
|
6,768,246
|
|
|
4,836,355
|
|
|
4,418,621
|
|
|||
Less: promotional allowances
|
(461,878
|
)
|
|
(370,058
|
)
|
|
(342,738
|
)
|
|||
Net revenues
|
6,306,368
|
|
|
4,466,297
|
|
|
4,075,883
|
|
|||
Operating expenses:
|
|
|
|
|
|
||||||
Casino
|
3,197,729
|
|
|
2,079,740
|
|
|
1,862,687
|
|
|||
Rooms
|
177,511
|
|
|
157,904
|
|
|
149,009
|
|
|||
Food and beverage
|
410,825
|
|
|
375,234
|
|
|
361,246
|
|
|||
Entertainment, retail and other
|
177,328
|
|
|
161,144
|
|
|
157,432
|
|
|||
General and administrative
|
685,485
|
|
|
548,141
|
|
|
464,793
|
|
|||
(Benefit) provision for doubtful accounts
|
(6,711
|
)
|
|
8,203
|
|
|
11,115
|
|
|||
Pre-opening
|
26,692
|
|
|
154,717
|
|
|
77,623
|
|
|||
Depreciation and amortization
|
552,368
|
|
|
404,730
|
|
|
322,629
|
|
|||
Property charges and other
|
29,576
|
|
|
54,822
|
|
|
10,535
|
|
|||
Total operating expenses
|
5,250,803
|
|
|
3,944,635
|
|
|
3,417,069
|
|
|||
Operating income
|
1,055,565
|
|
|
521,662
|
|
|
658,814
|
|
|||
Other income (expense):
|
|
|
|
|
|
||||||
Interest income
|
31,193
|
|
|
13,536
|
|
|
7,229
|
|
|||
Interest expense, net of amounts capitalized
|
(388,664
|
)
|
|
(289,365
|
)
|
|
(300,906
|
)
|
|||
Change in interest rate swap fair value
|
(1,056
|
)
|
|
433
|
|
|
(5,300
|
)
|
|||
Change in Redemption Note fair value
|
(59,700
|
)
|
|
65,043
|
|
|
52,041
|
|
|||
Loss on extinguishment of debt
|
(55,360
|
)
|
|
—
|
|
|
(126,004
|
)
|
|||
Equity in income from unconsolidated affiliates
|
—
|
|
|
16
|
|
|
1,823
|
|
|||
Other
|
(21,709
|
)
|
|
(728
|
)
|
|
1,550
|
|
|||
Other income (expense), net
|
(495,296
|
)
|
|
(211,065
|
)
|
|
(369,567
|
)
|
|||
Income before income taxes
|
560,269
|
|
|
310,597
|
|
|
289,247
|
|
|||
Benefit (provision) for income taxes
|
328,985
|
|
|
(8,128
|
)
|
|
(7,723
|
)
|
|||
Net income
|
889,254
|
|
|
302,469
|
|
|
281,524
|
|
|||
Less: net income attributable to noncontrolling interests
|
(142,073
|
)
|
|
(60,494
|
)
|
|
(86,234
|
)
|
|||
Net income attributable to Wynn Resorts, Limited
|
$
|
747,181
|
|
|
$
|
241,975
|
|
|
$
|
195,290
|
|
Basic and diluted income per common share:
|
|
|
|
|
|
||||||
Net income attributable to Wynn Resorts, Limited:
|
|
|
|
|
|
||||||
Basic
|
$
|
7.32
|
|
|
$
|
2.39
|
|
|
$
|
1.93
|
|
Diluted
|
$
|
7.28
|
|
|
$
|
2.38
|
|
|
$
|
1.92
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
102,071
|
|
|
101,445
|
|
|
101,163
|
|
|||
Diluted
|
102,598
|
|
|
101,855
|
|
|
101,671
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
889,254
|
|
|
$
|
302,469
|
|
|
$
|
281,524
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Foreign currency translation adjustments, before and after tax
|
(3,832
|
)
|
|
(180
|
)
|
|
(448
|
)
|
|||
Unrealized gain (loss) on available-for-sale securities, before and after tax
|
(563
|
)
|
|
522
|
|
|
(1,086
|
)
|
|||
Total comprehensive income
|
884,859
|
|
|
302,811
|
|
|
279,990
|
|
|||
Less: comprehensive income attributable to noncontrolling interests
|
(141,007
|
)
|
|
(60,444
|
)
|
|
(86,113
|
)
|
|||
Comprehensive income attributable to Wynn Resorts, Limited
|
$
|
743,852
|
|
|
$
|
242,367
|
|
|
$
|
193,877
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Shares
outstanding
|
|
Par
value
|
|
Treasury
stock
|
|
Additional
paid-in
capital
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Retained
earnings
|
|
Total
Wynn Resorts, Limited
stockholders'
equity (deficit)
|
|
Noncontrolling
interests
|
|
Total stockholders'
equity
|
|||||||||||||||||
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
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195,290
|
|
|
195,290
|
|
|
86,234
|
|
|
281,524
|
|
||||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(327
|
)
|
|
—
|
|
|
(327
|
)
|
|
(121
|
)
|
|
(448
|
)
|
||||||||
Net unrealized loss on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,086
|
)
|
|
—
|
|
|
(1,086
|
)
|
|
—
|
|
|
(1,086
|
)
|
||||||||
Exercise of stock options
|
50,716
|
|
|
1
|
|
|
—
|
|
|
3,025
|
|
|
—
|
|
|
—
|
|
|
3,026
|
|
|
—
|
|
|
3,026
|
|
||||||||
Issuance of restricted stock
|
132,765
|
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Shares repurchased by the company and held as treasury shares
|
(50,869
|
)
|
|
—
|
|
|
(7,199
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,199
|
)
|
|
—
|
|
|
(7,199
|
)
|
||||||||
Shares of subsidiary purchased for share award plan
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,169
|
)
|
|
—
|
|
|
—
|
|
|
(3,169
|
)
|
|
(1,222
|
)
|
|
(4,391
|
)
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(304,445
|
)
|
|
(304,445
|
)
|
|
(195,439
|
)
|
|
(499,884
|
)
|
||||||||
Excess tax benefits from stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
387
|
|
|
—
|
|
|
—
|
|
|
387
|
|
|
—
|
|
|
387
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
34,323
|
|
|
—
|
|
|
—
|
|
|
34,323
|
|
|
4,502
|
|
|
38,825
|
|
||||||||
Balances, December 31, 2015
|
101,571,909
|
|
|
1,146
|
|
|
(1,152,680
|
)
|
|
983,131
|
|
|
1,092
|
|
|
55,332
|
|
|
(111,979
|
)
|
|
133,824
|
|
|
21,845
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
241,975
|
|
|
241,975
|
|
|
60,494
|
|
|
302,469
|
|
||||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(130
|
)
|
|
—
|
|
|
(130
|
)
|
|
(50
|
)
|
|
(180
|
)
|
||||||||
Net unrealized gain on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
522
|
|
|
—
|
|
|
522
|
|
|
—
|
|
|
522
|
|
||||||||
Exercise of stock options
|
74,000
|
|
|
1
|
|
|
—
|
|
|
3,486
|
|
|
—
|
|
|
—
|
|
|
3,487
|
|
|
—
|
|
|
3,487
|
|
||||||||
Issuance of restricted stock
|
412,504
|
|
|
4
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Cancellation of restricted stock
|
(60,000
|
)
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Shares repurchased by the company and held as treasury shares
|
(198,942
|
)
|
|
—
|
|
|
(14,017
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,017
|
)
|
|
—
|
|
|
(14,017
|
)
|
||||||||
Shares of subsidiary repurchased for share award plan
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,471
|
)
|
|
—
|
|
|
—
|
|
|
(5,471
|
)
|
|
(2,109
|
)
|
|
(7,580
|
)
|
||||||||
Sale of ownership interest in subsidiary, net of income tax of $49.8 million
|
—
|
|
|
—
|
|
|
—
|
|
|
224,013
|
|
|
—
|
|
|
—
|
|
|
224,013
|
|
|
15,890
|
|
|
239,903
|
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(202,210
|
)
|
|
(202,210
|
)
|
|
(111,716
|
)
|
|
(313,926
|
)
|
||||||||
Distribution to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(33
|
)
|
||||||||
Excess tax benefits from stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
802
|
|
|
—
|
|
|
—
|
|
|
802
|
|
|
—
|
|
|
802
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
20,957
|
|
|
—
|
|
|
—
|
|
|
20,957
|
|
|
3,632
|
|
|
24,589
|
|
||||||||
Balances, December 31, 2016
|
101,799,471
|
|
|
1,150
|
|
|
(1,166,697
|
)
|
|
1,226,915
|
|
|
1,484
|
|
|
95,097
|
|
|
157,949
|
|
|
99,932
|
|
|
257,881
|
|
||||||||
Effect of change in accounting for stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
2,807
|
|
|
—
|
|
|
(2,696
|
)
|
|
111
|
|
|
—
|
|
|
111
|
|
||||||||
Balances, December 31, 2016, as adjusted
|
101,799,471
|
|
|
1,150
|
|
|
(1,166,697
|
)
|
|
1,229,722
|
|
|
1,484
|
|
|
92,401
|
|
|
158,060
|
|
|
99,932
|
|
|
257,992
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
747,181
|
|
|
747,181
|
|
|
142,073
|
|
|
889,254
|
|
||||||||
Currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,766
|
)
|
|
—
|
|
|
(2,766
|
)
|
|
(1,066
|
)
|
|
(3,832
|
)
|
||||||||
Net unrealized loss on investment securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(563
|
)
|
|
—
|
|
|
(563
|
)
|
|
—
|
|
|
(563
|
)
|
||||||||
Exercise of stock options
|
661,800
|
|
|
7
|
|
|
—
|
|
|
61,988
|
|
|
—
|
|
|
—
|
|
|
61,995
|
|
|
214
|
|
|
62,209
|
|
||||||||
Issuance of restricted stock
|
706,341
|
|
|
7
|
|
|
—
|
|
|
18,565
|
|
|
—
|
|
|
—
|
|
|
18,572
|
|
|
653
|
|
|
19,225
|
|
||||||||
Cancellation of restricted stock
|
(13,333
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Shares repurchased by the Company and held as treasury shares
|
(148,413
|
)
|
|
—
|
|
|
(17,771
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,771
|
)
|
|
—
|
|
|
(17,771
|
)
|
||||||||
Shares of subsidiary repurchased for share award plan
|
—
|
|
|
—
|
|
|
—
|
|
|
(283
|
)
|
|
—
|
|
|
—
|
|
|
(283
|
)
|
|
(109
|
)
|
|
(392
|
)
|
||||||||
Sale of ownership interest in subsidiary, net of income tax of $17.8 million
|
—
|
|
|
—
|
|
|
—
|
|
|
149,259
|
|
|
—
|
|
|
—
|
|
|
149,259
|
|
|
13,238
|
|
|
162,497
|
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(204,515
|
)
|
|
(204,515
|
)
|
|
(116,568
|
)
|
|
(321,083
|
)
|
||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,436
|
)
|
|
(11,436
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
38,677
|
|
|
—
|
|
|
—
|
|
|
38,677
|
|
|
3,573
|
|
|
42,250
|
|
||||||||
Balances, December 31, 2017
|
103,005,866
|
|
|
$
|
1,164
|
|
|
$
|
(1,184,468
|
)
|
|
$
|
1,497,928
|
|
|
$
|
(1,845
|
)
|
|
$
|
635,067
|
|
|
$
|
947,846
|
|
|
$
|
130,504
|
|
|
$
|
1,078,350
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
889,254
|
|
|
$
|
302,469
|
|
|
$
|
281,524
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
552,368
|
|
|
404,730
|
|
|
322,629
|
|
|||
Deferred income taxes
|
(310,854
|
)
|
|
6,356
|
|
|
6,498
|
|
|||
Stock-based compensation expense
|
43,971
|
|
|
43,722
|
|
|
38,475
|
|
|||
Excess tax benefits from stock-based compensation
|
—
|
|
|
(742
|
)
|
|
(792
|
)
|
|||
Amortization of debt issuance costs
|
25,013
|
|
|
24,326
|
|
|
19,785
|
|
|||
Loss on extinguishment of debt
|
55,360
|
|
|
—
|
|
|
126,004
|
|
|||
(Benefit) provision for doubtful accounts
|
(6,711
|
)
|
|
8,203
|
|
|
11,115
|
|
|||
Property charges and other
|
44,004
|
|
|
42,670
|
|
|
9,664
|
|
|||
Equity in income of unconsolidated affiliates, net of distributions
|
—
|
|
|
—
|
|
|
1,615
|
|
|||
Change in interest rate swap fair value
|
1,056
|
|
|
(433
|
)
|
|
5,300
|
|
|||
Change in Redemption Note fair value
|
59,700
|
|
|
(65,043
|
)
|
|
(52,041
|
)
|
|||
Increase (decrease) in cash from changes in:
|
|
|
|
|
|
||||||
Receivables, net
|
829
|
|
|
(39,272
|
)
|
|
47,011
|
|
|||
Inventories and prepaid expenses and other
|
(4,372
|
)
|
|
(36,642
|
)
|
|
(23,613
|
)
|
|||
Customer deposits
|
456,005
|
|
|
163,217
|
|
|
(112,748
|
)
|
|||
Accounts payable and accrued expenses
|
70,954
|
|
|
116,985
|
|
|
(107,613
|
)
|
|||
Net cash provided by operating activities
|
1,876,577
|
|
|
970,546
|
|
|
572,813
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Capital expenditures, net of construction payables and retention
|
(935,474
|
)
|
|
(1,225,943
|
)
|
|
(1,921,240
|
)
|
|||
Purchase of investment securities
|
(229,328
|
)
|
|
(196,750
|
)
|
|
(253,284
|
)
|
|||
Proceeds from sale or maturity of investment securities
|
200,366
|
|
|
144,829
|
|
|
247,723
|
|
|||
Return of investment in unconsolidated affiliates
|
—
|
|
|
727
|
|
|
1,901
|
|
|||
Purchase of intangible assets and other assets
|
(13,571
|
)
|
|
(14,985
|
)
|
|
(3,912
|
)
|
|||
Proceeds from sale of assets
|
20,374
|
|
|
3,872
|
|
|
37,254
|
|
|||
Net cash used in investing activities
|
(957,633
|
)
|
|
(1,288,250
|
)
|
|
(1,891,558
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from exercise of stock options
|
62,209
|
|
|
3,487
|
|
|
3,026
|
|
|||
Excess tax benefits from stock-based compensation
|
—
|
|
|
742
|
|
|
792
|
|
|||
Sale of ownership interest in subsidiary
|
180,000
|
|
|
217,000
|
|
|
—
|
|
|||
Dividends paid
|
(320,760
|
)
|
|
(325,217
|
)
|
|
(499,107
|
)
|
|||
Distribution to noncontrolling interest
|
(11,436
|
)
|
|
(33
|
)
|
|
—
|
|
|||
Proceeds from issuance of long-term debt
|
2,429,988
|
|
|
1,430,313
|
|
|
5,290,747
|
|
|||
Repayments of long-term debt
|
(2,959,843
|
)
|
|
(400,707
|
)
|
|
(3,342,106
|
)
|
|||
Restricted cash
|
190,643
|
|
|
(190,763
|
)
|
|
(1,083
|
)
|
|||
Repurchase of common stock
|
(17,771
|
)
|
|
(14,017
|
)
|
|
(7,199
|
)
|
|||
Income taxes paid related to sale of ownership interest in subsidiary
|
(25,176
|
)
|
|
—
|
|
|
—
|
|
|||
Shares of subsidiary repurchased for share award plan
|
(392
|
)
|
|
(7,580
|
)
|
|
(4,391
|
)
|
|||
Payments on long-term land concession obligation
|
—
|
|
|
(15,978
|
)
|
|
(30,833
|
)
|
|||
Payment of financing costs
|
(91,174
|
)
|
|
(5,381
|
)
|
|
(193,588
|
)
|
|||
Net cash (used in) provided by financing activities
|
(563,712
|
)
|
|
691,866
|
|
|
1,216,258
|
|
|||
Effect of exchange rate on cash
|
(3,880
|
)
|
|
(1,129
|
)
|
|
412
|
|
|||
Cash and cash equivalents:
|
|
|
|
|
|
||||||
Increase (decrease) in cash and cash equivalents
|
351,352
|
|
|
373,033
|
|
|
(102,075
|
)
|
|||
Balance, beginning of year
|
2,453,122
|
|
|
2,080,089
|
|
|
2,182,164
|
|
|||
Balance, end of year
|
$
|
2,804,474
|
|
|
$
|
2,453,122
|
|
|
$
|
2,080,089
|
|
|
|
|
|
|
|
||||||
Supplemental cash flow disclosures
|
|
|
|
|
|
||||||
Cash paid for interest, net of amounts capitalized
|
$
|
367,074
|
|
|
$
|
265,076
|
|
|
$
|
291,313
|
|
Cash paid for income taxes
|
$
|
37,089
|
|
|
$
|
2,040
|
|
|
$
|
2,873
|
|
Property and equipment acquired under capital lease
|
$
|
16,593
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Stock-based compensation capitalized into construction
|
$
|
80
|
|
|
$
|
92
|
|
|
$
|
350
|
|
Liability settled with shares of common stock
|
$
|
19,225
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Change in accounts and construction payables related to property and equipment
|
$
|
(35,447
|
)
|
|
$
|
(34,049
|
)
|
|
$
|
13,031
|
|
Change in dividends payable on unvested restricted stock included in other accrued liabilities
|
$
|
323
|
|
|
$
|
(11,291
|
)
|
|
$
|
777
|
|
Note receivable acquired from sale of ownership interest in subsidiary
|
$
|
—
|
|
|
$
|
72,464
|
|
|
$
|
—
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Casino
|
$
|
173,664
|
|
|
$
|
211,557
|
|
Hotel
|
22,487
|
|
|
21,897
|
|
||
Other
|
58,577
|
|
|
40,256
|
|
||
|
254,728
|
|
|
273,710
|
|
||
Less: allowance for doubtful accounts
|
(30,600
|
)
|
|
(54,742
|
)
|
||
|
$
|
224,128
|
|
|
$
|
218,968
|
|
|
Estimated Useful Lives (years)
|
Buildings and improvements
|
10 to 45
|
Land improvements
|
10 to 45
|
Furniture, fixtures and equipment
|
3 to 20
|
Leasehold interest in land
|
25
|
Airplanes
|
20
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Rooms
|
$
|
268,023
|
|
|
$
|
211,822
|
|
|
$
|
184,779
|
|
Food and beverage
|
164,466
|
|
|
131,479
|
|
|
133,984
|
|
|||
Entertainment, retail and other
|
29,389
|
|
|
26,757
|
|
|
23,975
|
|
|||
|
$
|
461,878
|
|
|
$
|
370,058
|
|
|
$
|
342,738
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Rooms
|
$
|
83,884
|
|
|
$
|
63,448
|
|
|
$
|
51,775
|
|
Food and beverage
|
143,892
|
|
|
113,341
|
|
|
106,840
|
|
|||
Entertainment, retail and other
|
21,478
|
|
|
17,170
|
|
|
14,414
|
|
|||
|
$
|
249,254
|
|
|
$
|
193,959
|
|
|
$
|
173,029
|
|
|
Foreign
currency translation |
|
Unrealized
loss on investment securities |
|
Accumulated
other comprehensive income (loss) |
||||||
December 31, 2016
|
$
|
2,213
|
|
|
$
|
(729
|
)
|
|
$
|
1,484
|
|
Current period other comprehensive loss
|
(2,766
|
)
|
|
(563
|
)
|
|
(3,329
|
)
|
|||
December 31, 2017
|
$
|
(553
|
)
|
|
$
|
(1,292
|
)
|
|
$
|
(1,845
|
)
|
•
|
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.
|
|
|
|
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
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fair Value Measurements Using:
|
||||||||||||
|
December 31, 2016
|
|
Quoted
Market Prices in Active Markets (Level 1) |
|
Other
Observable Inputs (Level 2) |
|
Unobservable
Inputs (Level 3) |
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
1,106,606
|
|
|
$
|
3,868
|
|
|
$
|
1,102,738
|
|
|
$
|
—
|
|
Available-for-sale securities
|
$
|
301,460
|
|
|
$
|
—
|
|
|
$
|
301,460
|
|
|
$
|
—
|
|
Restricted cash
|
$
|
192,823
|
|
|
$
|
—
|
|
|
$
|
192,823
|
|
|
$
|
—
|
|
Interest rate swaps
|
$
|
1,056
|
|
|
$
|
—
|
|
|
$
|
1,056
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Redemption Note
|
$
|
1,819,359
|
|
|
$
|
—
|
|
|
$
|
1,819,359
|
|
|
$
|
—
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net income attributable to Wynn Resorts, Limited
|
$
|
747,181
|
|
|
$
|
241,975
|
|
|
$
|
195,290
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
||||||
Weighted average common shares outstanding
|
102,071
|
|
|
101,445
|
|
|
101,163
|
|
|||
Potential dilutive effect of stock options and restricted stock
|
527
|
|
|
410
|
|
|
508
|
|
|||
Weighted average common and common equivalent shares outstanding
|
102,598
|
|
|
101,855
|
|
|
101,671
|
|
|||
|
|
|
|
|
|
||||||
Net income attributable to Wynn Resorts, Limited per common share, basic
|
$
|
7.32
|
|
|
$
|
2.39
|
|
|
$
|
1.93
|
|
Net income attributable to Wynn Resorts, Limited per common share, diluted
|
$
|
7.28
|
|
|
$
|
2.38
|
|
|
$
|
1.92
|
|
|
|
|
|
|
|
||||||
Anti-dilutive stock options and restricted stock excluded from the calculation of diluted earnings per share
|
106
|
|
|
758
|
|
|
677
|
|
•
|
Accounting for income taxes
.
Under the new guidance, income tax benefits and deficiencies are recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. The amendment was applied prospectively.
|
•
|
Forfeitures.
The Company elected to make an accounting policy change to account for forfeitures when they occur. The Company applied the amendment using the modified retrospective transition method, which resulted in a cumulative-effect expense adjustment of
$2.7 million
, net of tax to retained earnings as of December 31, 2016. The adjustment represents the impact of estimated forfeitures on previously recorded compensation expense as of December 31, 2016 from outstanding stock options and unvested share awards under the previous accounting policy.
|
•
|
Classification of excess tax benefits on the cash flow statement.
Under the new guidance, excess tax benefits will be classified along with other income tax cash flows as an operating activity. The amendment was applied prospectively.
|
|
Amortized
cost |
|
Gross
unrealized gains |
|
Gross
unrealized losses |
|
Fair value
(net carrying amount) |
||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Domestic and foreign corporate bonds
|
$
|
328,747
|
|
|
$
|
6
|
|
|
$
|
(1,298
|
)
|
|
$
|
327,455
|
|
|
|
|
|
|
|
|
|
||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Domestic and foreign corporate bonds
|
$
|
245,425
|
|
|
$
|
19
|
|
|
$
|
(720
|
)
|
|
$
|
244,724
|
|
Commercial paper
|
56,764
|
|
|
5
|
|
|
(33
|
)
|
|
56,736
|
|
||||
Total
|
$
|
302,189
|
|
|
$
|
24
|
|
|
$
|
(753
|
)
|
|
$
|
301,460
|
|
|
Fair value
|
||
Available-for-sale securities
|
|
||
Due in one year or less
|
$
|
166,773
|
|
Due after one year through two years
|
118,280
|
|
|
Due after two years through three years
|
42,402
|
|
|
|
$
|
327,455
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Buildings and improvements
|
$
|
7,582,611
|
|
|
$
|
7,623,069
|
|
Land and improvements
|
853,738
|
|
|
834,420
|
|
||
Furniture, fixtures and equipment
|
2,211,974
|
|
|
2,181,515
|
|
||
Leasehold interest in land
|
314,068
|
|
|
316,516
|
|
||
Airplanes
|
158,840
|
|
|
179,730
|
|
||
Construction in progress
|
1,016,207
|
|
|
299,686
|
|
||
|
12,137,438
|
|
|
11,434,936
|
|
||
Less: accumulated depreciation
|
(3,638,682
|
)
|
|
(3,175,305
|
)
|
||
|
$
|
8,498,756
|
|
|
$
|
8,259,631
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Indefinite-lived intangible assets:
|
|
|
|
||||
Water rights
|
$
|
6,400
|
|
|
$
|
6,400
|
|
Trademarks
|
1,387
|
|
|
1,387
|
|
||
Total indefinite-lived intangible assets
|
7,787
|
|
|
7,787
|
|
||
|
|
|
|
||||
Finite-lived intangible assets:
|
|
|
|
||||
Macau gaming concession
|
42,300
|
|
|
42,300
|
|
||
Less: accumulated amortization
|
(31,582
|
)
|
|
(29,199
|
)
|
||
|
10,718
|
|
|
13,101
|
|
||
|
|
|
|
||||
Massachusetts gaming license
|
105,200
|
|
|
92,700
|
|
||
Less: accumulated amortization
|
—
|
|
|
—
|
|
||
|
105,200
|
|
|
92,700
|
|
||
|
|
|
|
||||
Total finite-lived intangible assets
|
115,918
|
|
|
105,801
|
|
||
Total intangible assets, net
|
$
|
123,705
|
|
|
$
|
113,588
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Macau Related:
|
|
|
|
|
|
||
Wynn Macau Credit Facilities:
|
|
|
|
|
|||
Senior Term Loan Facility
|
$
|
2,298,798
|
|
|
$
|
2,306,773
|
|
Senior Revolving Credit Facility
|
—
|
|
|
340,846
|
|
||
WML Finance Credit Facility
|
—
|
|
|
189,651
|
|
||
4 7/8% Senior Notes, due 2024
|
600,000
|
|
|
—
|
|
||
5 1/2% Senior Notes, due 2027
|
750,000
|
|
|
—
|
|
||
5 1/4% Senior Notes, due 2021
|
—
|
|
|
1,350,000
|
|
||
|
|
|
|
||||
U.S. and Corporate Related:
|
|
|
|
||||
Wynn America Credit Facilities:
|
|
|
|
||||
Senior Term Loan Facility
|
1,000,000
|
|
|
1,000,000
|
|
||
4 1/4% Senior Notes, due 2023
|
500,000
|
|
|
500,000
|
|
||
5 1/2% Senior Notes, due 2025
|
1,800,000
|
|
|
1,800,000
|
|
||
5 1/4% Senior Notes, due 2027
|
900,000
|
|
|
—
|
|
||
5 3/8% First Mortgage Notes, due 2022
|
—
|
|
|
900,000
|
|
||
Redemption Price Promissory Note, due 2022
|
1,936,443
|
|
|
1,936,443
|
|
||
|
9,785,241
|
|
|
10,323,713
|
|
||
Less: Unamortized debt issuance costs and original issue discounts and premium, net
|
(99,231
|
)
|
|
(81,277
|
)
|
||
Less: Redemption Note fair value adjustment
|
(57,384
|
)
|
|
(117,084
|
)
|
||
|
9,628,626
|
|
|
10,125,352
|
|
||
Less: Current portion of long-term debt
|
(62,690
|
)
|
|
—
|
|
||
Total long-term debt, net of current portion
|
$
|
9,565,936
|
|
|
$
|
10,125,352
|
|
Years Ending December 31,
|
|
||
2018
|
$
|
62,690
|
|
2019
|
282,816
|
|
|
2020
|
616,879
|
|
|
2021
|
2,336,413
|
|
|
2022
|
1,936,443
|
|
|
Thereafter
|
4,550,000
|
|
|
|
9,785,241
|
|
|
Unamortized debt issuance costs and original issue discounts and premium, net
|
(99,231
|
)
|
|
Redemption Note fair value adjustment
|
(57,384
|
)
|
|
|
$
|
9,628,626
|
|
|
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding as of January 1, 2017
|
1,306,260
|
|
|
$
|
83.56
|
|
|
|
|
|
||
Granted
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Exercised
|
(661,800
|
)
|
|
$
|
92.94
|
|
|
|
|
|
||
Forfeited or expired
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Outstanding as of December 31, 2017
|
644,460
|
|
|
$
|
73.93
|
|
|
2.54
|
|
$
|
61,846,602
|
|
Fully vested and expected to vest as of December 31, 2017
|
644,460
|
|
|
$
|
73.93
|
|
|
2.54
|
|
$
|
61,846,602
|
|
Exercisable as of December 31, 2017
|
458,010
|
|
|
$
|
80.49
|
|
|
2.83
|
|
$
|
40,980,802
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Weighted average grant date fair value
|
$
|
—
|
|
|
$
|
34.90
|
|
|
$
|
31.83
|
|
Intrinsic value of stock options exercised
|
$
|
29,716
|
|
|
$
|
3,657
|
|
|
$
|
1,684
|
|
Cash received from the exercise of stock options
|
$
|
61,506
|
|
|
$
|
3,487
|
|
|
$
|
3,026
|
|
|
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|||
Nonvested as of January 1, 2017
|
151,756
|
|
|
$
|
112.14
|
|
Granted
|
706,341
|
|
|
109.28
|
|
|
Vested
|
(384,180
|
)
|
|
120.60
|
|
|
Forfeited
|
(13,333
|
)
|
|
197.94
|
|
|
Nonvested as of December 31, 2017
|
460,584
|
|
|
$
|
98.21
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Weighted average grant date fair value
|
$
|
109.28
|
|
|
$
|
63.56
|
|
|
$
|
145.92
|
|
Fair value of shares vested
|
$
|
45,801
|
|
|
$
|
39,380
|
|
|
$
|
22,877
|
|
|
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding as of January 1, 2017
|
6,290,000
|
|
|
$
|
2.28
|
|
|
|
|
|
||
Granted
|
1,208,000
|
|
|
$
|
2.26
|
|
|
|
|
|
||
Exercised
|
(492,000
|
)
|
|
$
|
1.43
|
|
|
|
|
|
||
Outstanding as of December 31, 2017
|
7,006,000
|
|
|
$
|
2.32
|
|
|
6.9
|
|
$
|
6,539,606
|
|
Fully vested and expected to vest as of December 31, 2017
|
7,006,000
|
|
|
$
|
2.32
|
|
|
6.9
|
|
$
|
6,539,606
|
|
Exercisable as of December 31, 2017
|
3,074,000
|
|
|
$
|
2.66
|
|
|
5.3
|
|
$
|
1,932,866
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Weighted average grant date fair value
|
$
|
0.56
|
|
|
$
|
0.31
|
|
|
$
|
0.47
|
|
Intrinsic value of stock options exercised
|
$
|
369
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Cash received from the exercise of stock options
|
$
|
703
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Weighted average grant date fair value
|
$
|
2.22
|
|
|
$
|
1.38
|
|
|
$
|
1.95
|
|
Fair value of shares vested
|
$
|
6,884
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Casino
|
$
|
6,954
|
|
|
$
|
11,304
|
|
|
$
|
9,858
|
|
Rooms
|
655
|
|
|
374
|
|
|
318
|
|
|||
Food and beverage
|
1,466
|
|
|
1,060
|
|
|
1,050
|
|
|||
Entertainment, retail and other
|
147
|
|
|
82
|
|
|
82
|
|
|||
General and administrative
|
34,749
|
|
|
30,398
|
|
|
26,978
|
|
|||
Pre-opening expenses
|
—
|
|
|
504
|
|
|
189
|
|
|||
Total stock-based compensation expense
|
43,971
|
|
|
43,722
|
|
|
38,475
|
|
|||
Total stock-based compensation capitalized
|
80
|
|
|
92
|
|
|
350
|
|
|||
Total stock-based compensation costs
|
$
|
44,051
|
|
|
$
|
43,814
|
|
|
$
|
38,825
|
|
|
Years Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Expected dividend yield
|
—
|
%
|
|
2.0
|
%
|
|
3.6
|
%
|
Expected volatility
|
—
|
%
|
|
45.4
|
%
|
|
44.1
|
%
|
Risk-free interest rate
|
—
|
%
|
|
1.1
|
%
|
|
1.3
|
%
|
Expected term (years)
|
—
|
|
|
6.0
|
|
|
6.0
|
|
|
Years Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Expected dividend yield
|
5.7
|
%
|
|
6.3
|
%
|
|
5.0
|
%
|
Expected volatility
|
41.5
|
%
|
|
42.6
|
%
|
|
41.3
|
%
|
Risk-free interest rate
|
1.1
|
%
|
|
1.0
|
%
|
|
1.3
|
%
|
Expected term (years)
|
6.5
|
|
|
6.5
|
|
|
6.5
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Domestic
|
$
|
90,206
|
|
|
$
|
90,900
|
|
|
$
|
(21,880
|
)
|
Foreign
|
470,063
|
|
|
219,697
|
|
|
311,127
|
|
|||
Total
|
$
|
560,269
|
|
|
$
|
310,597
|
|
|
$
|
289,247
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Current
|
|
|
|
|
|
||||||
Federal
|
$
|
(19,856
|
)
|
|
$
|
60
|
|
|
$
|
(819
|
)
|
State
|
51
|
|
|
79
|
|
|
—
|
|
|||
Foreign
|
1,674
|
|
|
1,633
|
|
|
2,044
|
|
|||
|
(18,131
|
)
|
|
1,772
|
|
|
1,225
|
|
|||
Deferred
|
|
|
|
|
|
||||||
Federal
|
(309,423
|
)
|
|
5,081
|
|
|
3,505
|
|
|||
State
|
(1,431
|
)
|
|
1,275
|
|
|
4,100
|
|
|||
Foreign
|
—
|
|
|
—
|
|
|
(1,107
|
)
|
|||
|
(310,854
|
)
|
|
6,356
|
|
|
6,498
|
|
|||
Total
|
$
|
(328,985
|
)
|
|
$
|
8,128
|
|
|
$
|
7,723
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Deferred tax assets—U.S.:
|
|
|
|
||||
Foreign tax credit carryforwards
|
$
|
3,616,872
|
|
|
$
|
3,269,781
|
|
Receivables, inventories, accrued liabilities and other
|
19,356
|
|
|
37,391
|
|
||
Stock-based compensation
|
5,084
|
|
|
18,740
|
|
||
Pre-opening expenses
|
2,716
|
|
|
6,516
|
|
||
Other tax credit carryforwards
|
1,999
|
|
|
2,413
|
|
||
Intangibles and related other
|
770
|
|
|
21,404
|
|
||
Other
|
86
|
|
|
7,958
|
|
||
|
3,646,883
|
|
|
3,364,203
|
|
||
Less: valuation allowance
|
(3,273,292
|
)
|
|
(3,201,406
|
)
|
||
|
373,591
|
|
|
162,797
|
|
||
Deferred tax liabilities—U.S.:
|
|
|
|
||||
Property and equipment
|
(106,979
|
)
|
|
(176,611
|
)
|
||
Redemption Note fair value
|
(13,139
|
)
|
|
(42,806
|
)
|
||
Prepaid insurance, maintenance and taxes
|
(10,391
|
)
|
|
(7,913
|
)
|
||
Other
|
(2,549
|
)
|
|
(2,028
|
)
|
||
|
(133,058
|
)
|
|
(229,358
|
)
|
||
Deferred tax assets—Foreign:
|
|
|
|
||||
Net operating loss carryforwards
|
74,345
|
|
|
50,258
|
|
||
Property and equipment
|
36,299
|
|
|
29,998
|
|
||
Pre-opening expenses
|
10,717
|
|
|
12,944
|
|
||
Other
|
1,493
|
|
|
2,946
|
|
||
|
122,854
|
|
|
96,146
|
|
||
Less: valuation allowance
|
(117,175
|
)
|
|
(85,317
|
)
|
||
|
5,679
|
|
|
10,829
|
|
||
Deferred tax liabilities—Foreign:
|
|
|
|
||||
Property and equipment
|
(5,679
|
)
|
|
(10,829
|
)
|
||
|
|
|
|
||||
Net deferred tax asset (liability)
|
$
|
240,533
|
|
|
$
|
(66,561
|
)
|
|
December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Balance—beginning of year
|
$
|
90,523
|
|
|
$
|
88,314
|
|
|
$
|
88,884
|
|
Increases based on tax positions of the current year
|
8,520
|
|
|
5,930
|
|
|
3,051
|
|
|||
Settlements with taxing authorities
|
—
|
|
|
—
|
|
|
(354
|
)
|
|||
Lapses in statutes of limitations
|
(3,807
|
)
|
|
(3,721
|
)
|
|
(3,267
|
)
|
|||
Balance—end of year
|
$
|
95,236
|
|
|
$
|
90,523
|
|
|
$
|
88,314
|
|
Years Ending December 31,
|
|
||
2018
|
$
|
108,101
|
|
2019
|
114,577
|
|
|
2020
|
115,499
|
|
|
2021
|
53,902
|
|
|
2022
|
32,944
|
|
|
Thereafter
|
165,704
|
|
|
Total future minimum rentals
|
$
|
590,727
|
|
Years Ending December 31,
|
Operating Leases
|
|
Capital Leases
|
||||
2018
|
$
|
18,052
|
|
|
$
|
989
|
|
2019
|
17,449
|
|
|
989
|
|
||
2020
|
12,083
|
|
|
989
|
|
||
2021
|
11,294
|
|
|
989
|
|
||
2022
|
11,323
|
|
|
989
|
|
||
Thereafter
|
69,045
|
|
|
67,732
|
|
||
Total minimum lease payments
|
$
|
139,246
|
|
|
72,677
|
|
|
Less: Amount representing interest
|
|
|
(56,161
|
)
|
|||
|
|
|
$
|
16,516
|
|
Years Ending December 31,
|
|
||
2018
|
$
|
127,943
|
|
2019
|
91,637
|
|
|
2020
|
50,438
|
|
|
2021
|
38,569
|
|
|
2022
|
6,537
|
|
|
Thereafter
|
4,000
|
|
|
Total minimum payments
|
$
|
319,124
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net revenues
|
|
|
|
|
|
||||||
Macau Operations:
|
|
|
|
|
|
||||||
Wynn Macau
|
$
|
2,485,804
|
|
|
$
|
2,264,087
|
|
|
$
|
2,463,092
|
|
Wynn Palace
|
2,139,154
|
|
|
583,336
|
|
|
—
|
|
|||
Total Macau Operations
|
4,624,958
|
|
|
2,847,423
|
|
|
2,463,092
|
|
|||
Las Vegas Operations
|
1,681,410
|
|
|
1,618,874
|
|
|
1,612,791
|
|
|||
Total
|
$
|
6,306,368
|
|
|
$
|
4,466,297
|
|
|
$
|
4,075,883
|
|
Adjusted Property EBITDA
(1)
|
|
|
|
|
|
||||||
Macau Operations:
|
|
|
|
|
|
||||||
Wynn Macau
|
$
|
760,752
|
|
|
$
|
681,509
|
|
|
$
|
708,623
|
|
Wynn Palace
|
527,583
|
|
|
103,036
|
|
|
—
|
|
|||
Total Macau Operations
|
1,288,335
|
|
|
784,545
|
|
|
708,623
|
|
|||
Las Vegas Operations
|
522,397
|
|
|
474,782
|
|
|
477,166
|
|
|||
Total
|
1,810,732
|
|
|
1,259,327
|
|
|
1,185,789
|
|
|||
Other operating expenses
|
|
|
|
|
|
||||||
Pre-opening
|
26,692
|
|
|
154,717
|
|
|
77,623
|
|
|||
Depreciation and amortization
|
552,368
|
|
|
404,730
|
|
|
322,629
|
|
|||
Property charges and other
|
29,576
|
|
|
54,822
|
|
|
10,535
|
|
|||
Corporate expenses and other
|
102,560
|
|
|
80,162
|
|
|
76,079
|
|
|||
Stock-based compensation
|
43,971
|
|
|
43,218
|
|
|
38,286
|
|
|||
Equity in income from unconsolidated affiliates
|
—
|
|
|
16
|
|
|
1,823
|
|
|||
Total other operating expenses
|
755,167
|
|
|
737,665
|
|
|
526,975
|
|
|||
Operating income
|
1,055,565
|
|
|
521,662
|
|
|
658,814
|
|
|||
Other non-operating income and expenses
|
|
|
|
|
|
||||||
Interest income
|
31,193
|
|
|
13,536
|
|
|
7,229
|
|
|||
Interest expense, net of amounts capitalized
|
(388,664
|
)
|
|
(289,365
|
)
|
|
(300,906
|
)
|
|||
Change in interest rate swap fair value
|
(1,056
|
)
|
|
433
|
|
|
(5,300
|
)
|
|||
Change in Redemption Note fair value
|
(59,700
|
)
|
|
65,043
|
|
|
52,041
|
|
|||
Loss on extinguishment of debt
|
(55,360
|
)
|
|
—
|
|
|
(126,004
|
)
|
|||
Equity in income from unconsolidated affiliates
|
—
|
|
|
16
|
|
|
1,823
|
|
|||
Other
|
(21,709
|
)
|
|
(728
|
)
|
|
1,550
|
|
|||
Total other non-operating income and expenses
|
(495,296
|
)
|
|
(211,065
|
)
|
|
(369,567
|
)
|
|||
Income before income taxes
|
560,269
|
|
|
310,597
|
|
|
289,247
|
|
|||
Benefit (provision) for income taxes
|
328,985
|
|
|
(8,128
|
)
|
|
(7,723
|
)
|
|||
Net income
|
889,254
|
|
|
302,469
|
|
|
281,524
|
|
|||
Less: Net income attributable to noncontrolling interests
|
(142,073
|
)
|
|
(60,494
|
)
|
|
(86,234
|
)
|
|||
Net income attributable to Wynn Resorts, Limited
|
$
|
747,181
|
|
|
$
|
241,975
|
|
|
$
|
195,290
|
|
(1)
|
"Adjusted Property EBITDA" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, management and license fees, corporate expenses and other (including intercompany golf course and water rights leases), stock-based compensation, loss on extinguishment of debt, change in interest rate swap fair value, change in Redemption Note fair value and other non-operating income and expenses, and includes equity in income from unconsolidated affiliates. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. The Company also presents Adjusted Property EBITDA because it is used by some investors as a way to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Wynn Resorts, Limited, have historically excluded from their EBITDA calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDA should not be considered as an alternative to operating income as an indicator of the Company's performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDA does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDA. Also, Wynn Resorts' calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
|
|
Years ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Capital expenditures
|
|
|
|
|
|
||||||
Macau Operations:
|
|
|
|
|
|
||||||
Wynn Macau
|
$
|
43,510
|
|
|
$
|
43,548
|
|
|
$
|
68,744
|
|
Wynn Palace
|
107,405
|
|
|
838,271
|
|
|
1,566,090
|
|
|||
Total Macau Operations
|
150,915
|
|
|
881,819
|
|
|
1,634,834
|
|
|||
Las Vegas Operations
|
139,893
|
|
|
106,373
|
|
|
117,011
|
|
|||
Wynn Boston Harbor
|
572,825
|
|
|
212,197
|
|
|
67,705
|
|
|||
Corporate and other
|
71,841
|
|
|
25,554
|
|
|
101,690
|
|
|||
|
$
|
935,474
|
|
|
$
|
1,225,943
|
|
|
$
|
1,921,240
|
|
|
|
|
|
|
|
|
December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Assets
|
|
|
|
|
|
||||||
Macau Operations:
|
|
|
|
|
|
||||||
Wynn Macau
|
$
|
1,271,544
|
|
|
$
|
1,161,670
|
|
|
$
|
1,331,312
|
|
Wynn Palace
|
4,017,494
|
|
|
4,317,458
|
|
|
3,439,041
|
|
|||
Other Macau
|
174,769
|
|
|
28,927
|
|
|
570,959
|
|
|||
Total Macau Operations
|
5,463,807
|
|
|
5,508,055
|
|
|
5,341,312
|
|
|||
Las Vegas Operations
|
3,266,390
|
|
|
3,275,780
|
|
|
3,145,713
|
|
|||
Wynn Boston Harbor
|
1,060,530
|
|
|
419,001
|
|
|
185,853
|
|
|||
Corporate and other
|
2,891,012
|
|
|
2,750,721
|
|
|
1,786,281
|
|
|||
|
$
|
12,681,739
|
|
|
$
|
11,953,557
|
|
|
$
|
10,459,159
|
|
|
December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Long-lived assets
|
|
|
|
|
|
||||||
Macau
|
$
|
4,613,950
|
|
|
$
|
4,973,854
|
|
|
$
|
4,324,743
|
|
United States
|
4,083,555
|
|
|
3,442,842
|
|
|
3,337,356
|
|
|||
|
$
|
8,697,505
|
|
|
$
|
8,416,696
|
|
|
$
|
7,662,099
|
|
|
Year Ended December 31, 2017
|
||||||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth (1)
|
|
Year
|
||||||||||
Net revenues
|
$
|
1,475,680
|
|
|
$
|
1,529,261
|
|
|
$
|
1,612,331
|
|
|
$
|
1,689,096
|
|
|
$
|
6,306,368
|
|
Operating income
|
$
|
249,930
|
|
|
$
|
246,889
|
|
|
$
|
257,327
|
|
|
$
|
301,419
|
|
|
$
|
1,055,565
|
|
Net income
|
$
|
132,525
|
|
|
$
|
106,796
|
|
|
$
|
105,969
|
|
|
$
|
543,964
|
|
|
$
|
889,254
|
|
Net income attributable to Wynn Resorts, Limited
|
$
|
100,816
|
|
|
$
|
74,916
|
|
|
$
|
79,767
|
|
|
$
|
491,682
|
|
|
$
|
747,181
|
|
Basic income per share
|
$
|
0.99
|
|
|
$
|
0.73
|
|
|
$
|
0.78
|
|
|
$
|
4.80
|
|
|
$
|
7.32
|
|
Diluted income per share
|
$
|
0.99
|
|
|
$
|
0.73
|
|
|
$
|
0.78
|
|
|
$
|
4.77
|
|
|
$
|
7.28
|
|
|
Year Ended December 31, 2016
|
||||||||||||||||||
|
First
|
|
Second
|
|
Third (2)
|
|
Fourth
|
|
Year
|
||||||||||
Net revenues
|
$
|
997,678
|
|
|
$
|
1,058,364
|
|
|
$
|
1,109,822
|
|
|
$
|
1,300,433
|
|
|
$
|
4,466,297
|
|
Operating income
|
$
|
158,298
|
|
|
$
|
147,539
|
|
|
$
|
76,931
|
|
|
$
|
138,894
|
|
|
$
|
521,662
|
|
Net income (loss)
|
$
|
105,792
|
|
|
$
|
89,442
|
|
|
$
|
(19,331
|
)
|
|
$
|
126,566
|
|
|
$
|
302,469
|
|
Net income (loss) attributable to Wynn Resorts, Limited
|
$
|
75,221
|
|
|
$
|
70,391
|
|
|
$
|
(17,437
|
)
|
|
$
|
113,800
|
|
|
$
|
241,975
|
|
Basic income (loss) per share
|
$
|
0.74
|
|
|
$
|
0.69
|
|
|
$
|
(0.17
|
)
|
|
$
|
1.12
|
|
|
$
|
2.39
|
|
Diluted income (loss) per share
|
$
|
0.74
|
|
|
$
|
0.69
|
|
|
$
|
(0.17
|
)
|
|
$
|
1.12
|
|
|
$
|
2.38
|
|
Plan Category
|
Number of
Securities to
be Issued
Upon
Exercise of
Outstanding
Options,
Warrants
and Rights
(a)
|
|
Weighted-
Average
Exercise
Price of
Outstanding
Options,
Warrants
and Rights
(b)
|
|
Number of
Securities
Remaining
Available for
Future
Issuance
Under Equity
Compensation
Plans
(excluding
securities
reflected in
column (a))
(c)
|
||||
Equity compensation plans approved by security holders
|
644,460
|
|
|
$
|
73.93
|
|
|
3,179,113
|
|
Equity compensation plans not approved by security holders
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
644,460
|
|
|
$
|
73.93
|
|
|
3,179,113
|
|
•
|
Reports of Independent Registered Public Accounting Firm
|
•
|
Consolidated Balance Sheets as of
December 31, 2017
and
2016
|
•
|
Consolidated Statements of Income for the years ended
December 31, 2017
,
2016
and
2015
|
•
|
Consolidated Statements of Comprehensive Income for the years ended
December 31, 2017
,
2016
and
2015
|
•
|
Consolidated Statements of Stockholders' Equity for the years ended
December 31, 2017
,
2016
and
2015
|
•
|
Consolidated Statements of Cash Flows for the years ended
December 31, 2017
,
2016
and
2015
|
•
|
Notes to Consolidated Financial Statements
|
•
|
Quarterly Financial Information (Unaudited)
|
•
|
Schedule II—Valuation and Qualifying Accounts
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
Description
|
Balance at
Beginning of
Year
|
|
Provision (Benefit)
for
Doubtful
Accounts
|
|
Write-offs,
Net of
Recoveries
|
|
Balance at
End of Year
|
||||||
Allowance for doubtful accounts:
|
|
|
|
|
|
|
|
||||||
2017
|
$
|
54,742
|
|
|
(6,711
|
)
|
|
(17,431
|
)
|
|
$
|
30,600
|
|
2016
|
$
|
67,057
|
|
|
8,203
|
|
|
(20,518
|
)
|
|
$
|
54,742
|
|
2015
|
$
|
74,678
|
|
|
11,115
|
|
|
(18,736
|
)
|
|
$
|
67,057
|
|
|
|
|
|
|
|
|
|
||||||
Description
|
Balance at
Beginning of
Year
|
|
Additions
|
|
Deductions
|
|
Balance at
End of Year
|
||||||
Deferred income tax asset valuation allowance:
|
|
|
|
|
|
|
|
||||||
2017
|
$
|
3,286,723
|
|
|
112,543
|
|
|
(8,799
|
)
|
|
$
|
3,390,467
|
|
2016
|
$
|
3,330,878
|
|
|
32,130
|
|
|
(76,285
|
)
|
|
$
|
3,286,723
|
|
2015
|
$
|
3,296,789
|
|
|
52,759
|
|
|
(18,670
|
)
|
|
$
|
3,330,878
|
|
|
|
|
Incorporated by Reference
|
|
Exhibit
No.
|
|
Description
|
Form
|
Filing Date
|
3.1
|
|
10-Q
|
5/8/2015
|
|
3.2
|
|
10-Q
|
11/6/2015
|
|
4.1
|
|
S-1
|
10/7/2002
|
|
4.4
|
|
8-K
|
3/13/2012
|
|
4.5
|
|
8-K
|
5/22/2013
|
|
4.6
|
|
8-K
|
2/18/2015
|
|
4.7
|
|
10-K
|
3/2/2015
|
|
4.8
|
|
10-K
|
3/2/2015
|
|
4.9
|
|
8-K
|
5/11/2017
|
|
4.10
|
|
10-Q
|
11/8/2017
|
|
4.11
|
|
10-Q
|
11/8/2017
|
|
+10.1.1.0
|
|
S-1
|
10/7/2002
|
|
+10.1.1.1
|
|
10-Q
|
11/4/2004
|
|
+10.1.1.2
|
|
10-K
|
3/1/2007
|
|
+10.1.1.3
|
|
8-K
|
9/15/2008
|
|
+10.1.1.4
|
|
10-K
|
3/2/2009
|
|
+10.1.1.5
|
|
10-Q
|
5/11/2009
|
|
+10.1.1.6
|
|
8-K
|
2/28/2011
|
|
+10.1.1.7
|
|
10-K
|
3/2/2015
|
|
+10.1.2.0
|
|
10-Q
|
5/4/2017
|
|
+10.1.3.0
|
|
10-K
|
3/1/2010
|
|
+10.1.3.1
|
|
10-K
|
3/1/2010
|
+10.1.3.2
|
|
10-K
|
3/1/2010
|
|
+10.1.3.3
|
|
10-K
|
3/1/2010
|
|
+10.1.3.4
|
|
10-Q
|
8/8/2014
|
|
+10.1.3.5
|
|
10-Q
|
8/7/2015
|
|
+10.1.3.6
|
|
10-Q
|
5/4/2017
|
|
+10.1.4.0
|
|
10-K
|
2/28/2014
|
|
+10.1.4.1
|
|
10-K
|
2/28/2014
|
|
+10.1.4.2
|
|
10-K
|
2/28/2014
|
|
+10.1.4.3
|
|
10-K
|
2/28/2014
|
|
+10.1.4.4
|
|
10-K
|
2/28/2014
|
|
+10.1.4.5
|
|
10-K
|
2/28/2014
|
|
+10.1.4.6
|
|
10-K
|
2/28/2014
|
|
+10.1.5.0
|
|
10-Q
|
8/8/2014
|
|
+10.1.5.1
|
|
10-Q
|
8/8/2014
|
|
+10.1.5.2
|
|
10-K
|
3/2/2015
|
|
+10.1.5.3
|
|
10-Q
|
5/4/2017
|
|
+10.1.6.0
|
|
10-Q
|
5/4/2017
|
|
+10.2.0
|
|
10-K
|
2/24/2017
|
|
10.3.1.0
|
|
8-K
|
1/6/2010
|
|
10.3.1.1
|
|
8-K
|
11/26/2010
|
|
10.3.1.2
|
|
8-K
|
12/15/2010
|
|
10.3.2.0
|
|
10-K
|
*
|
|
10.4.1.0
|
|
S-1
|
8/20/2002
|
|
10.4.1.1
|
|
S-1
|
9/18/2002
|
|
10.4.1.2
|
|
10-Q
|
8/3/2004
|
10.4.1.3
|
|
8-K
|
5/2/2012
|
|
10.4.1.4
|
|
10-Q
|
11/4/2004
|
|
10.5.1.0
|
|
10-Q
|
11/4/2004
|
|
10.5.1.1
|
|
10-Q
|
11/4/2004
|
|
10.5.2.0
|
|
10-K
|
3/15/2005
|
|
10.5.2.1
|
|
10-K
|
3/2/2015
|
|
10.5.2.2
|
|
10-K
|
3/2/2015
|
|
10.5.2.3
|
|
10-Q
|
5/8/2015
|
|
10.5.2.4
|
|
10-K
|
2/29/2016
|
|
10.6.1.0
|
|
10-Q
|
11/6/2015
|
|
10.6.2.0
|
|
10-Q
|
11/6/2015
|
|
10.6.4.0
|
|
10-Q
|
11/6/2015
|
|
10.6.7
|
|
10-Q
|
11/4/2004
|
|
10.8.0
|
|
10-K
|
2/24/2017
|
|
10.8.1
|
|
10-Q
|
11/9/2012
|
|
10.9.1.0
|
|
10-K
|
3/2/2015
|
|
10.9.2.0
|
|
10-K
|
3/1/2013
|
|
10.10.0
|
|
S-1
|
9/18/2002
|
|
10.11.0
|
|
10-K
|
3/2/2015
|
|
10.11.1
|
|
10-K
|
3/2/2015
|
|
10.11.2
|
|
10-K
|
3/2/2015
|
|
10.11.3
|
|
10-K
|
2/29/2016
|
|
10.11.4
|
|
8-K
|
2/21/2012
|
10.11.5
|
|
8-K
|
3/13/2012
|
|
10.12.0
|
|
10-K
|
3/2/2015
|
|
10.12.1
|
|
10-Q
|
11/6/2015
|
|
10.12.2
|
|
10-K
|
2/29/2016
|
|
10.12.3
|
|
10-Q
|
8/9/2016
|
|
10.12.4
|
|
10-Q
|
8/9/2016
|
|
10.12.5
|
|
10-Q
|
5/4/2017
|
|
10.12.5
|
|
10-K
|
3/2/2015
|
|
10.12.6
|
|
10-K
|
3/2/2015
|
|
10.12.7
|
|
10-Q
|
11/8/2017
|
|
10.12.8
|
|
10-Q
|
11/8/2017
|
|
21.1
|
|
10-K
|
*
|
|
23.1
|
|
10-K
|
*
|
|
31.1
|
|
10-K
|
*
|
|
31.2
|
|
10-K
|
*
|
|
32
|
|
10-K
|
*
|
101
|
|
The following financial information from the Company's Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 28, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets as of December 31, 2017 and December 31 2016, (ii) the Consolidated Statements of Income for the years ended December 31, 2017, 2016 and 2015, (iii) the Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015, (iv) the Consolidated Statements of Stockholders' Equity as of December 31, 2017, 2016 and 2015, (v) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015 and (vi) Notes to Consolidated Financial Statements.
|
10-K
|
*
|
*
|
Filed herein
|
+
|
Denotes management contract or compensatory plan or arrangement.
|
|
|
WYNN RESORTS, LIMITED
|
|
|
|
|
|
Dated: February 28, 2018
|
|
By:
|
/s/ Matt Maddox
|
|
|
|
Matt Maddox
|
|
|
|
Chief Executive Officer and President (Principal Executive Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Matt Maddox
|
|
Chief Executive Officer and President (Principal Executive Officer)
|
|
February 28, 2018
|
Matt Maddox
|
|
|
|
|
|
|
|
|
|
/s/ D. Boone Wayson
|
|
Non-Executive Chairman of the Board and Director
|
|
February 28, 2018
|
D. Boone Wayson
|
|
|
|
|
|
|
|
|
|
/s/ John J. Hagenbuch
|
|
Director
|
|
February 28, 2018
|
John J. Hagenbuch
|
|
|
|
|
|
|
|
|
|
/s/ Dr. Ray R. Irani
|
|
Director
|
|
February 28, 2018
|
Dr. Ray R. Irani
|
|
|
|
|
|
|
|
|
|
/s/ Jay L. Johnson
|
|
Director
|
|
February 28, 2018
|
Jay L. Johnson
|
|
|
|
|
|
|
|
|
|
/s/ Robert J. Miller
|
|
Director
|
|
February 28, 2018
|
Robert J. Miller
|
|
|
|
|
|
|
|
|
|
/s/ Patricia Mulroy
|
|
Director
|
|
February 28, 2018
|
Patricia Mulroy
|
|
|
|
|
|
|
|
|
|
/s/ Clark T. Randt, Jr.
|
|
Director
|
|
February 28, 2018
|
Clark T. Randt, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Alvin V. Shoemaker
|
|
Director
|
|
February 28, 2018
|
Alvin V. Shoemaker
|
|
|
|
|
|
|
|
|
|
/s/ J. Edward Virtue
|
|
Director
|
|
February 28, 2018
|
J. Edward Virtue
|
|
|
|
|
|
|
|
|
|
/s/ Craig S. Billings
|
|
Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)
|
|
February 28, 2018
|
Craig S. Billings
|
|
|
|
|
Parties
|
1
|
|
|
|
|
Recitals
|
1
|
|
|
|
|
ARTICLE 1 DEFINITIONS AND REFERENCES
|
3
|
|
1.1 Definitions
|
3
|
|
1.2 References
|
7
|
|
ARTICLE 2 MANAGEMENT OF THE COMPANY
|
7
|
|
2.1 Charter Documents
|
7
|
|
2.2 Business of the Company
|
8
|
|
2.3 Composition of the Board
|
8
|
|
2.4 Meetings of the Board
|
8
|
|
2.5 The Executive Director
|
9
|
|
2.6 Meetings of the Shareholders
|
9
|
|
ARTICLE 3 SHARES
|
9
|
|
3.1 Capital of the Company
|
9
|
|
3.2 Class A Shares
|
10
|
|
3.3 Class B Shares
|
10
|
|
3.4 Class C Shares
|
10
|
|
ARTICLE 4
[not used]
|
11
|
|
ARTICLE 5 TRANSFERS OF SHARES
|
11
|
|
5.1 Restrictions on Transfer of Class A Shares
|
11
|
|
5.2 Purchase of Class A Shares
|
11
|
|
5.3 Legends on Share Certificates; Safekeeping of Share Certificates
|
12
|
|
ARTICLE 6 REPRESENTATIONS, WARRANTIES, AND COVENANTS
|
13
|
|
6.1 Representations and Warranties of the Shareholders
|
13
|
|
6.2 Representations and Warranties of the Company
|
14
|
|
6.3 Covenants of Chen
|
15
|
|
ARTICLE 7 TERM AND TERMINATION
|
15
|
|
7.1 Term
|
16
|
|
7.2 Events of Default
|
16
|
|
7.3 Remedies Upon Events of Default
|
16
|
|
7.4 Manner of Exercise
|
17
|
|
7.5 Closing
|
17
|
|
7.6 Enforcement of Rights
|
17
|
|
ARTICLE 8 INDEMNIFICATION
|
17
|
|
8.1 Indemnification by the Shareholders
|
17
|
|
8.2 Indemnification by the Company
|
18
|
|
8.3 Claims for Indemnification
|
18
|
|
8.4 Defense by Indemnifying Party
|
18
|
|
8.5 Manner of Indemnification
|
19
|
|
ARTICLE 9
[not used]
|
19
|
|
|
|
ARTICLE 10 MISCELLANEOUS
|
19
|
|
10.1 Notices
|
21
|
|
10.2 Assignment
|
21
|
|
10.3 Successors and Permitted Transferees
|
21
|
|
10.4 Governing Law
|
21
|
|
10.5 Modifications, Amendments, and Waivers
|
21
|
|
10.6 Not for Benefit of Creditors
|
21
|
|
10.7 Time of Essence
|
22
|
|
10.8 Severability
|
22
|
|
10.9 Survival
|
22
|
|
10.10 Specific performance
|
22
|
|
10.11 Entire Agreement
|
22
|
|
10.12 Counterparts
|
22
|
|
A
|
‑ Executive Director’s Role
|
B
|
‑ Option Agreement
|
C
|
‑ Shareholder’s Declaration
|
1.
|
I have reviewed this Annual Report on Form 10-K 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 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.
|
Date: February 28, 2018
|
|
|
|
/s/ Matt Maddox
|
|
|
|
|
Matt Maddox
Chief Executive Officer and President
(Principal Executive Officer)
|
1.
|
I have reviewed this Annual Report on Form 10-K 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 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.
|
Date: February 28, 2018
|
|
|
|
/s/ Craig S. Billings
|
|
|
|
|
Craig S. Billings
|
|
|
|
|
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/ Matt Maddox
|
Name:
|
Matt Maddox
|
Title:
|
Chief Executive Officer and President
|
|
(Principal Executive Officer)
|
Date:
|
February 28, 2018
|
|
/s/ Craig S. Billings
|
Name:
|
Craig S. Billings
|
Title:
|
Chief Financial Officer and Treasurer
|
|
(Principal Financial and Accounting Officer)
|
Date:
|
February 28, 2018
|