Condensed Financial Statements (Parent Company Only)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements (Parent Company Only)

SCHEDULE 1—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

WYNN RESORTS, LIMITED

(Parent Company Only)

CONDENSED BALANCE SHEETS

(in thousands, except share data)

	December 31,
	2014			2013
ASSETS
Current assets:
Cash and cash equivalents	$	335,111		$	299,716
Investment securities	240,140			169,496
Receivables	1,740			1,804
Prepaid expenses	1,980			3,165
Total current assets	578,971			474,181
Property and equipment, net	11,296			11,314
Investment securities	10,173			79,989
Other assets	62,043			33,787
Due from subsidiaries	369,917			298,410
Investment in subsidiaries	1,217,442			1,269,696
Total assets	$	2,249,842		$	2,167,377
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	1,695		$	334
Accrued compensation and benefits	17,428			1,326
Interest payable	33,636			33,636
Other accrued liabilities	8,163			4,865
Deferred income taxes, net	4,847			4,034
Total current liabilities	65,769			44,195
Long-term debt	1,936,443			1,936,443
Other long-term liabilities	12,421			40,045
Deferred income taxes, net	24,118			14,343
Total liabilities	2,038,751			2,035,026
Commitments and contingencies (Note 2)
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; 114,426,960 and 114,170,493 shares issued; and, 101,439,297 and 101,192,408 shares outstanding	1,144			1,142
Treasury stock, at cost; 12,987,663 and 12,978,085 shares	(1,145,481		)	(1,143,419		)
Additional paid-in capital	948,566			888,727
Accumulated other comprehensive income	2,505			2,913
Retained earnings	164,487			66,130
Total Wynn Resorts, Limited stockholders’ deficit	(28,779		)	(184,507		)
Noncontrolling interest	239,870			316,858
Total equity	211,091			132,351
Total liabilities and stockholders' equity	$	2,249,842		$	2,167,377

The accompanying notes are an integral part of these condensed financial statements.

WYNN RESORTS, LIMITED

(Parent Company Only)

CONDENSED STATEMENTS OF INCOME

(in thousands, except per share data)

	Years Ended December 31,
	2014			2013			2012
Operating revenues:
Wynn Macau royalty fees	$	148,039		$	160,923		$	147,101
Wynn Las Vegas management fees	24,580			23,721			22,318
Other revenues	2,050			—			—
Net revenues	174,669			184,644			169,419
Operating costs and expenses:
General and administrative	45,934			45,285			70,602
Depreciation and amortization	447			423			421
Property charges and other	—			—			33
Total operating costs and expenses	46,381			45,708			71,056
Operating income	128,288			138,936			98,363
Other income (expense):
Interest and other income	1,997			1,486			1,116
Interest expense	(38,729		)	(38,715		)	(33,650		)
Equity in income of subsidiaries	864,156			882,760			665,127
Other income (expense), net	827,424			845,531			632,593
Income before income taxes	955,712			984,467			730,956
Benefit (provision) for income taxes	6,932			19,690			(2,257		)
Net income	962,644			1,004,157			728,699
Less: net income attributable to noncontrolling interests	(231,090		)	(275,505		)	(226,663		)
Net income attributable to Wynn Resorts, Limited	$	731,554		$	728,652		$	502,036
Basic and diluted earnings per common share:
Net income attributable to Wynn Resorts, Limited:
Basic	$	7.25		$	7.25		$	4.87
Diluted	$	7.18		$	7.17		$	4.82
Weighted average common shares outstanding:
Basic	100,927			100,540			103,092
Diluted	101,931			101,641			104,249

The accompanying notes are an integral part of these condensed financial statements.

WYNN RESORTS, LIMITED

(Parent Company Only)

CONDENSED STATEMENTS OF CASH FLOWS

(in thousands)

	Years Ended December 31,
	2014			2013			2012
Cash flows from operating activities:
Net income	$	962,644		$	1,004,157		$	728,699
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	447			423			421
Deferred income taxes	(9,192		)	(19,826		)	(3,655		)
Stock-based compensation	21,888			26,964			11,894
Amortization of discount on investment securities and other	4,059			3,338			3,762
Dividends received from subsidiary	887,613			840,914			700,025
Equity in income of subsidiaries	(864,156		)	(882,760		)	(665,127		)
Increase (decrease) in cash from changes in:
Receivables	68			(476		)	823
Prepaid expenses	1,185			(467		)	(1,695		)
Accounts payable, accrued expenses and other	21,540			1,515			38,337
Due from affiliates	(26,900		)	(23,721		)	(22,318		)
Net cash provided by operating activities	999,196			950,061			791,166
Cash flows from investing activities:
Purchase of investment securities	(200,258		)	(222,856		)	(183,484		)
Proceeds from sales or maturities of investment securities	195,164			95,771			202,406
Purchase of other assets	(28,476		)	(105		)	(33,682		)
Due (from) to subsidiaries	(307,525		)	4,623			(34,132		)
Net cash used in investing activities	(341,095		)	(122,567		)	(48,892		)
Cash flows from financing activities:
Cash distributions	(632,503		)	(712,681		)	(955,493		)
Exercise of stock options	11,859			20,436			15,583
Repurchase of common stock	(2,062		)	(15,472		)	(911		)
Net cash used in financing activities	(622,706		)	(707,717		)	(940,821		)
Cash and cash equivalents:
Increase (decrease) in cash and cash equivalents	35,395			119,777			(198,547		)
Balance, beginning of year	299,716			179,939			378,486
Balance, end of year	$	335,111		$	299,716		$	179,939

The accompanying notes are an integral part of these condensed financial statements.

WYNN RESORTS, LIMITED

(Parent Company Only)

NOTES TO CONDENSED FINANCIAL STATEMENTS

Note 1 - Basis of Presentation

The accompanying condensed financial statements include only the accounts of Wynn Resorts, Limited (the “Company”). Investments in the Company’s subsidiaries are accounted for under the equity method.

In October 2009, Wynn Macau, Limited, an indirect wholly owned subsidiary of the Company and the developer, owner and operator of Wynn Macau, listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited. Wynn Macau, Limited sold through an initial public offering, including the over allotment, 1,437,500,000 shares, 27.7% of this subsidiary’s common stock.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted since this information is included in the Company’s consolidated financial statements included elsewhere in this Form 10-K.

Note 2 - Commitments and Contingencies

The Company is a holding company and, as a result, its ability to pay dividends is dependent on its subsidiaries’ ability to obtain funds and its subsidiaries' ability to provide funds to it. Restrictions are imposed by its subsidiaries' debt instruments significantly restrict certain key subsidiaries holding a majority of its assets, including Wynn Las Vegas, LLC, Wynn America, LLC, and Wynn Resorts (Macau), S.A., from making dividends or distributions to the Company. These restrictions are subject to certain exceptions for affiliated overhead expenses as defined in the agreements governing the debt instruments, unless certain financial and non-financial criteria have been satisfied. The Company received cash dividends of $887.6 million, $840.9 million and $700.0 million from its subsidiaries during the years ended December 31, 2014, 2013 and 2012, respectively.