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Segment Information (Tables)
3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Summary of Operations by Segment
The following tables present the Company's segment information (in thousands):
Three Months Ended March 31,
20202019
Operating revenues
Macau Operations:
Wynn Palace
Casino $207,576  $623,175  
Rooms19,710  43,314  
Food and beverage13,298  28,625  
Entertainment, retail and other (1)
18,929  31,508  
259,513  726,622  
Wynn Macau
Casino 190,128  450,242  
Rooms15,911  28,867  
Food and beverage9,531  20,975  
Entertainment, retail and other (1)
13,919  23,807  
229,489  523,891  
            Total Macau Operations489,002  1,250,513  
Las Vegas Operations:
Casino 71,295  111,684  
Rooms106,105  119,089  
Food and beverage105,979  123,619  
Entertainment, retail and other (1)
40,445  46,641  
             Total Las Vegas Operations323,824  401,033  
Encore Boston Harbor:
Casino 101,790  —  
Rooms10,955  —  
Food and beverage20,606  —  
Entertainment, retail and other (1)
7,539  —  
            Total Encore Boston Harbor140,890  —  
Total operating revenues$953,716  $1,651,546  
Three Months Ended March 31,
20202019
Adjusted Property EBITDA (2)
   Macau Operations:
Wynn Palace$10,176  $222,586  
Wynn Macau19,208  163,889  
              Total Macau Operations29,384  386,475  
    Las Vegas Operations (3)
(22,077) 108,302  
    Encore Boston Harbor (4)
(12,636) —  
Total(5,329) 494,777  
Other operating expenses
Pre-opening2,551  27,713  
Depreciation and amortization178,746  136,557  
Property charges and other27,229  2,774  
Corporate expenses and other24,192  62,549  
Stock-based compensation (5)
9,364  10,008  
Total other operating expenses242,082  239,601  
Operating income (loss)(247,411) 255,176  
Other non-operating income and expenses
Interest income7,953  7,287  
Interest expense, net of amounts capitalized (128,827) (93,180) 
Change in derivatives fair value(15,660) (1,509) 
Loss on extinguishment of debt(843) —  
Other10,335  (6,358) 
Total other non-operating income and expenses(127,042) (93,760) 
Income (loss) before income taxes(374,453) 161,416  
Provision for income taxes(75,800) (1,685) 
Net income (loss)(450,253) 159,731  
Net (income) loss attributable to noncontrolling interests48,216  (54,859) 
Net income (loss) attributable to Wynn Resorts, Limited$(402,037) $104,872  
(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 13, "Leases".
(2) "Adjusted Property EBITDA" is net income (loss) 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, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. Adjusted Property EBITDA is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDA as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDA because it is used by some investors 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 us, have historically excluded from their EBITDA calculations preopening 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 our 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. We have 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, our calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
(3) For the three months ended March 31, 2020, includes $56.4 million of expense accrued during the quarter related to the Company's commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020.
(4) For the three months ended March 31, 2020, includes $19.3 million of expense accrued during the quarter related to the Company's commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020.
(5) Excludes $0.3 million included in pre-opening expenses for the three months ended March 31, 2019.
Summary of Assets by Segment
March 31,
2020
December 31,
2019
Assets
Macau Operations:
Wynn Palace$3,666,518  $3,734,210  
Wynn Macau1,713,929  1,656,625  
Other Macau1,030,508  1,023,411  
              Total Macau Operations6,410,955  6,414,246  
Las Vegas Operations3,122,987  2,806,972  
Encore Boston Harbor2,371,999  2,456,667  
Corporate and other2,367,406  2,193,396  
Total$14,273,347  $13,871,281