|
|
|
Nevada
|
000-50028
|
46-0484987
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
3131 Las Vegas Boulevard South
Las Vegas, Nevada
|
|
89109
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common stock
|
|
WYNN
|
|
Nasdaq Global Select Market
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 7.01
|
Regulation FD Disclosure.
|
Item 8.01
|
Other Events.
|
Item 9.01
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
Exhibit No.
|
Description
|
|
|
99.1
|
|
|
|
|
WYNN RESORTS, LIMITED
|
|
|
|
||
Dated: May 9, 2019
|
|
By:
|
|
/s/ Craig S. Billings
|
|
|
Craig S. Billings
|
||
|
|
Chief Financial Officer and Treasurer
|
||
|
|
(Principal Financial and Accounting Officer)
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Operating revenues:
|
|
|
|
||||
Casino
|
$
|
1,185,101
|
|
|
$
|
1,242,139
|
|
Rooms
|
191,270
|
|
|
190,310
|
|
||
Food and beverage
|
173,219
|
|
|
172,222
|
|
||
Entertainment, retail and other
|
101,956
|
|
|
110,907
|
|
||
Total operating revenues
|
1,651,546
|
|
|
1,715,578
|
|
||
Operating expenses:
|
|
|
|
||||
Casino
|
750,071
|
|
|
764,401
|
|
||
Rooms
|
63,706
|
|
|
63,197
|
|
||
Food and beverage
|
148,761
|
|
|
137,658
|
|
||
Entertainment, retail and other
|
44,044
|
|
|
48,030
|
|
||
General and administrative
|
217,322
|
|
|
169,585
|
|
||
Litigation settlement
|
—
|
|
|
463,557
|
|
||
Provision for doubtful accounts
|
5,422
|
|
|
691
|
|
||
Pre-opening
|
27,713
|
|
|
10,345
|
|
||
Depreciation and amortization
|
136,557
|
|
|
136,357
|
|
||
Property charges and other
|
2,774
|
|
|
3,051
|
|
||
Total operating expenses
|
1,396,370
|
|
|
1,796,872
|
|
||
Operating income (loss)
|
255,176
|
|
|
(81,294
|
)
|
||
Other income (expense):
|
|
|
|
||||
Interest income
|
7,287
|
|
|
7,220
|
|
||
Interest expense, net of amounts capitalized
|
(93,180
|
)
|
|
(98,227
|
)
|
||
Change in derivatives fair value
|
(1,509
|
)
|
|
—
|
|
||
Change in Redemption Note fair value
|
—
|
|
|
(69,331
|
)
|
||
Gain on extinguishment of debt
|
—
|
|
|
2,329
|
|
||
Other
|
(6,358
|
)
|
|
(9,220
|
)
|
||
Other income (expense), net
|
(93,760
|
)
|
|
(167,229
|
)
|
||
Income (loss) before income taxes
|
161,416
|
|
|
(248,523
|
)
|
||
Benefit (provision) for income taxes
|
(1,685
|
)
|
|
111,045
|
|
||
Net income (loss)
|
159,731
|
|
|
(137,478
|
)
|
||
Less: net income attributable to noncontrolling interests
|
(54,859
|
)
|
|
(66,829
|
)
|
||
Net income (loss) attributable to Wynn Resorts, Limited
|
$
|
104,872
|
|
|
$
|
(204,307
|
)
|
Basic and diluted income (loss) per common share:
|
|
|
|
||||
Net income (loss) attributable to Wynn Resorts, Limited:
|
|||||||
Basic
|
$
|
0.98
|
|
|
$
|
(1.99
|
)
|
Diluted
|
$
|
0.98
|
|
|
$
|
(1.99
|
)
|
Weighted average common shares outstanding:
|
|
|
|
||||
Basic
|
106,792
|
|
|
102,570
|
|
||
Diluted
|
107,073
|
|
|
102,570
|
|
||
Dividends declared per common share:
|
$
|
0.75
|
|
|
$
|
0.50
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income (loss) attributable to Wynn Resorts, Limited
|
$
|
104,872
|
|
|
$
|
(204,307
|
)
|
Litigation settlement expense
|
—
|
|
|
463,557
|
|
||
Nonrecurring regulatory expense
|
35,000
|
|
|
—
|
|
||
Pre-opening expenses
|
27,713
|
|
|
10,345
|
|
||
Property charges and other
|
2,774
|
|
|
3,051
|
|
||
Change in derivatives fair value
|
1,509
|
|
|
—
|
|
||
Change in Redemption Note fair value
|
—
|
|
|
69,331
|
|
||
Gain on extinguishment of debt
|
—
|
|
|
(2,329
|
)
|
||
Foreign currency remeasurement loss
|
6,358
|
|
|
9,220
|
|
||
Income tax impact on adjustments
|
(2,692
|
)
|
|
(108,827
|
)
|
||
Noncontrolling interests impact on adjustments
|
(2,950
|
)
|
|
(3,068
|
)
|
||
Adjusted net income attributable to Wynn Resorts, Limited
|
$
|
172,584
|
|
|
$
|
236,973
|
|
Adjusted net income attributable to Wynn Resorts, Limited per diluted share
|
$
|
1.61
|
|
|
$
|
2.30
|
|
|
|
|
|
||||
Weighted average common shares outstanding - diluted
|
107,073
|
|
|
103,155
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||||||
|
Operating income (loss)
|
|
Pre-opening expenses
|
|
Depreciation and amortization
|
|
Property charges and other
|
|
Management and license fees
|
|
Corporate expenses and other
|
|
Stock-based compensation
|
|
Adjusted Property EBITDA
|
||||||||||||||||
Macau Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Wynn Palace
|
$
|
125,791
|
|
|
$
|
—
|
|
|
$
|
66,066
|
|
|
$
|
1,120
|
|
|
$
|
27,220
|
|
|
$
|
1,284
|
|
|
$
|
1,105
|
|
|
$
|
222,586
|
|
Wynn Macau
|
118,397
|
|
|
—
|
|
|
21,912
|
|
|
393
|
|
|
18,986
|
|
|
1,495
|
|
|
2,706
|
|
|
163,889
|
|
||||||||
Other Macau
|
(3,303
|
)
|
|
—
|
|
|
1,117
|
|
|
6
|
|
|
—
|
|
|
1,913
|
|
|
267
|
|
|
—
|
|
||||||||
Total Macau Operations
|
240,885
|
|
|
—
|
|
|
89,095
|
|
|
1,519
|
|
|
46,206
|
|
|
4,692
|
|
|
4,078
|
|
|
386,475
|
|
||||||||
Las Vegas Operations
|
38,924
|
|
|
—
|
|
|
44,590
|
|
|
510
|
|
|
18,721
|
|
|
3,965
|
|
|
1,592
|
|
|
108,302
|
|
||||||||
Corporate and Other
|
(24,633
|
)
|
|
27,713
|
|
|
2,872
|
|
|
745
|
|
|
(64,927
|
)
|
|
53,892
|
|
|
4,338
|
|
|
—
|
|
||||||||
Total
|
$
|
255,176
|
|
|
$
|
27,713
|
|
|
$
|
136,557
|
|
|
$
|
2,774
|
|
|
$
|
—
|
|
|
$
|
62,549
|
|
|
$
|
10,008
|
|
|
$
|
494,777
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||||||
|
Operating income (loss)
|
|
Pre-opening expenses
|
|
Depreciation and amortization
|
|
Property charges and other
|
|
Management and license fees
|
|
Corporate expenses and other (1)
|
|
Stock-based compensation
|
|
Adjusted Property EBITDA
|
||||||||||||||||
Macau Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Wynn Palace
|
$
|
119,471
|
|
|
$
|
—
|
|
|
$
|
64,424
|
|
|
$
|
1,027
|
|
|
$
|
24,225
|
|
|
$
|
1,452
|
|
|
$
|
1,312
|
|
|
$
|
211,911
|
|
Wynn Macau
|
159,461
|
|
|
—
|
|
|
22,170
|
|
|
768
|
|
|
23,366
|
|
|
1,864
|
|
|
2,193
|
|
|
209,822
|
|
||||||||
Other Macau
|
(3,970
|
)
|
|
—
|
|
|
1,106
|
|
|
9
|
|
|
—
|
|
|
2,690
|
|
|
165
|
|
|
—
|
|
||||||||
Total Macau Operations
|
274,962
|
|
|
—
|
|
|
87,700
|
|
|
1,804
|
|
|
47,591
|
|
|
6,006
|
|
|
3,670
|
|
|
421,733
|
|
||||||||
Las Vegas Operations
|
71,874
|
|
|
6
|
|
|
45,783
|
|
|
1,329
|
|
|
20,039
|
|
|
2,948
|
|
|
617
|
|
|
142,596
|
|
||||||||
Corporate and Other (1)
|
(428,130
|
)
|
|
10,339
|
|
|
2,874
|
|
|
(82
|
)
|
|
(67,630
|
)
|
|
479,612
|
|
|
3,017
|
|
|
—
|
|
||||||||
Total
|
$
|
(81,294
|
)
|
|
$
|
10,345
|
|
|
$
|
136,357
|
|
|
$
|
3,051
|
|
|
$
|
—
|
|
|
$
|
488,566
|
|
|
$
|
7,304
|
|
|
$
|
564,329
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income (loss) attributable to Wynn Resorts, Limited
|
$
|
104,872
|
|
|
$
|
(204,307
|
)
|
Net income attributable to noncontrolling interests
|
54,859
|
|
|
66,829
|
|
||
Litigation settlement expense
|
—
|
|
|
463,557
|
|
||
Pre-opening expenses
|
27,713
|
|
|
10,345
|
|
||
Depreciation and amortization
|
136,557
|
|
|
136,357
|
|
||
Property charges and other
|
2,774
|
|
|
3,051
|
|
||
Corporate expenses and other
|
62,549
|
|
|
25,009
|
|
||
Stock-based compensation
|
10,008
|
|
|
7,304
|
|
||
Interest income
|
(7,287
|
)
|
|
(7,220
|
)
|
||
Interest expense, net of amounts capitalized
|
93,180
|
|
|
98,227
|
|
||
Change in derivatives fair value
|
1,509
|
|
|
—
|
|
||
Change in Redemption Note fair value
|
—
|
|
|
69,331
|
|
||
Gain on extinguishment of debt
|
—
|
|
|
(2,329
|
)
|
||
Other
|
6,358
|
|
|
9,220
|
|
||
(Benefit) provision for income taxes
|
1,685
|
|
|
(111,045
|
)
|
||
Adjusted Property EBITDA
|
$
|
494,777
|
|
|
$
|
564,329
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Macau Operations:
|
|
|
|
||||
Wynn Palace:
|
|
|
|
||||
VIP:
|
|
|
|
||||
Average number of table games
|
111
|
|
|
115
|
|
||
VIP turnover
|
$
|
12,627,262
|
|
|
$
|
15,385,833
|
|
VIP table games win
(1)
|
$
|
493,184
|
|
|
$
|
399,891
|
|
VIP table games win as a % of turnover
|
3.91
|
%
|
|
2.60
|
%
|
||
Table games win per unit per day
|
$
|
49,156
|
|
|
$
|
38,533
|
|
Mass market:
|
|
|
|
||||
Average number of table games
|
211
|
|
|
211
|
|
||
Table drop
(2)
|
$
|
1,303,924
|
|
|
$
|
1,217,201
|
|
Table games win
(1)
|
$
|
315,469
|
|
|
$
|
310,159
|
|
Table games win %
|
24.2
|
%
|
|
25.5
|
%
|
||
Table games win per unit per day
|
$
|
16,646
|
|
|
$
|
16,341
|
|
Average number of slot machines
|
1,091
|
|
|
1,062
|
|
||
Slot machine handle
|
$
|
975,048
|
|
|
$
|
1,058,096
|
|
Slot machine win
(3)
|
$
|
51,401
|
|
|
$
|
55,785
|
|
Slot machine win per unit per day
|
$
|
524
|
|
|
$
|
584
|
|
Room statistics:
|
|
|
|
||||
Occupancy
|
97.2
|
%
|
|
96.8
|
%
|
||
ADR
(4)
|
$
|
271
|
|
|
$
|
252
|
|
REVPAR
(5)
|
$
|
264
|
|
|
$
|
244
|
|
|
|
|
|
||||
Wynn Macau:
|
|
|
|
||||
VIP:
|
|
|
|
||||
Average number of table games
|
113
|
|
|
114
|
|
||
VIP turnover
|
$
|
10,194,031
|
|
|
$
|
17,087,455
|
|
VIP table games win
(1)
|
$
|
295,298
|
|
|
$
|
445,189
|
|
VIP table games win as a % of turnover
|
2.90
|
%
|
|
2.61
|
%
|
||
Table games win per unit per day
|
$
|
29,099
|
|
|
$
|
43,531
|
|
Mass market:
|
|
|
|
||||
Average number of table games
|
206
|
|
|
203
|
|
||
Table drop
(2)
|
$
|
1,351,693
|
|
|
$
|
1,322,815
|
|
Table games win
(1)
|
$
|
264,542
|
|
|
$
|
256,481
|
|
Table games win %
|
19.6
|
%
|
|
19.4
|
%
|
||
Table games win per unit per day
|
$
|
14,283
|
|
|
$
|
14,042
|
|
Average number of slot machines
|
826
|
|
|
939
|
|
||
Slot machine handle
|
$
|
794,367
|
|
|
$
|
1,002,819
|
|
Slot machine win
(3)
|
$
|
37,894
|
|
|
$
|
41,765
|
|
Slot machine win per unit per day
|
$
|
510
|
|
|
$
|
494
|
|
Room statistics:
|
|
|
|
||||
Occupancy
|
99.3
|
%
|
|
99.0
|
%
|
||
ADR
(4)
|
$
|
290
|
|
|
$
|
291
|
|
REVPAR
(5)
|
$
|
288
|
|
|
$
|
288
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Las Vegas Operations:
|
|
|
|
||||
Average number of table games
|
238
|
|
|
238
|
|
||
Table drop
(2)
|
$
|
404,073
|
|
|
$
|
536,581
|
|
Table games win
(1)
|
$
|
111,370
|
|
|
$
|
154,433
|
|
Table games win %
|
27.6
|
%
|
|
28.8
|
%
|
||
Table games win per unit per day
|
$
|
5,198
|
|
|
$
|
7,212
|
|
Average number of slot machines
|
1,807
|
|
|
1,829
|
|
||
Slot machine handle
|
$
|
789,310
|
|
|
$
|
744,133
|
|
Slot machine win
(3)
|
$
|
54,544
|
|
|
$
|
49,264
|
|
Slot machine win per unit per day
|
$
|
335
|
|
|
$
|
299
|
|
Room statistics:
|
|
|
|
||||
Occupancy
|
82.6
|
%
|
|
83.9
|
%
|
||
ADR
(4)
|
$
|
338
|
|
|
$
|
340
|
|
REVPAR
(5)
|
$
|
279
|
|
|
$
|
285
|
|