Segment Information

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company reviews the results of operations for each of its operating segments. Wynn Macau and Encore, an expansion at Wynn Macau, are managed as a single integrated resort and have been aggregated as one reportable segment ("Wynn Macau"). Wynn Palace is presented as a separate reportable segment and is combined with Wynn Macau for geographical presentation. Wynn Las Vegas and Encore, an expansion at Wynn Las Vegas, are managed as a single integrated resort and have been aggregated as one reportable segment ("Las Vegas Operations"). The Company identifies each resort as a reportable segment considering operations within each resort have similar economic characteristics, type of customers, types of services and products, the regulatory environment of the operations and the Company's organizational and management reporting structure.

The Company also reviews construction and development activities for each of its projects under development, in addition to its reportable segments. The Company separately identifies capital expenditures and assets for its Wynn Boston Harbor development project. Other Macau primarily represents the Company's Macau holding company.

The following tables present the Company's segment information (in thousands):

	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