XML 70 R56.htm IDEA: XBRL DOCUMENT v3.8.0.1
Segment Information - Summary of Results of Operations by Segment (Detail) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Segment Reporting Information [Line Items]        
Net revenues $ 1,612,331 $ 1,109,822 $ 4,617,272 $ 3,165,864
Adjusted Property EBITDA [1] 472,956 305,435 1,330,506 918,383
Other operating costs and expenses        
Pre-opening 6,908 70,778 19,445 150,496
Depreciation and amortization 137,982 106,467 415,488 264,187
Property charges and other 28,293 18,514 38,494 31,366
Corporate expenses and other 31,943 24,697 73,643 60,694
Stock-based compensation 10,503 8,048 29,290 28,856
Equity in income from unconsolidated affiliates 0 0 0 16
Total other operating expenses 215,629 228,504 576,360 535,615
Operating income 257,327 76,931 754,146 382,768
Non-operating income and expenses        
Interest income 8,447 3,678 21,998 9,940
Interest expense, net of amounts capitalized (95,874) (79,669) (291,875) (193,698)
Change in interest rate swap fair value (2) 1,168 (1,056) (1,693)
Change in Redemption Note fair value (41,718) (22,218) (69,982) (19,239)
Loss on extinguishment of debt (20,774) 0 (43,061) 0
Equity in income from unconsolidated affiliates 0 0 0 16
Other (1,894) 899 (19,840) (1,046)
Total other non-operating income and expenses (151,815) (96,142) (403,816) (205,720)
Income (loss) before income taxes 105,512 (19,211) 350,330 177,048
Benefit (provision) for income taxes 457 (120) (5,040) (1,145)
Net income (loss) 105,969 (19,331) 345,290 175,903
Net Income (Loss) Attributable to Noncontrolling Interest (26,202) 1,894 (89,791) (47,728)
Net income (loss) attributable to Wynn Resorts, Limited 79,767 (17,437) 255,499 128,175
Wynn Macau        
Segment Reporting Information [Line Items]        
Net revenues 597,422 518,094 1,867,163 1,765,652
Adjusted Property EBITDA [1] 183,219 151,009 574,723 532,643
Wynn Palace        
Segment Reporting Information [Line Items]        
Net revenues 555,322 164,625 1,445,747 164,625
Adjusted Property EBITDA [1] 138,228 25,547 337,487 25,547
Macau Operations [Domain]        
Segment Reporting Information [Line Items]        
Net revenues 1,152,744 682,719 3,312,910 1,930,277
Adjusted Property EBITDA 321,447 176,556 912,210 558,190
Las Vegas        
Segment Reporting Information [Line Items]        
Net revenues 459,587 427,103 1,304,362 1,235,587
Adjusted Property EBITDA [1] $ 151,509 $ 128,879 $ 418,296 $ 360,193
[1] "Adjusted Property EBITDA" is net income (loss) before interest, 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 financial measures in accordance with GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Wynn Resorts, 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 measures of 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, 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.