Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Other Macau primarily represents the assets for the Company's Macau holding company.

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


	Years Ended December 31,
	2019		2018		2017
Operating revenues
Macau Operations:
Wynn Palace
Casino	$	2,139,756	$	2,356,022	$	1,714,417
Rooms	174,576		170,067		121,710
Food and beverage	117,376		110,638		96,078
Entertainment, retail and other (1)	111,986		120,839		98,082
	2,543,694		2,757,566		2,030,287
Wynn Macau
Casino	1,796,209		1,994,885		2,073,793
Rooms	110,387		113,495		95,871
Food and beverage	81,576		76,369		68,111
Entertainment, retail and other (1)	81,857		109,776		99,135
	2,070,029		2,294,525		2,336,910
Total Macau Operations	4,613,723		5,052,091		4,367,197

Las Vegas Operations:
Casino	394,104		434,083		456,093
Rooms	483,055		468,238		453,376
Food and beverage	558,782		567,121		567,926
Entertainment, retail and other (1)	197,516		196,127		225,568
Total Las Vegas Operations	1,633,457		1,665,569		1,702,963

Encore Boston Harbor:
Casino	243,855		—		—
Rooms	36,144		—		—
Food and beverage	61,088		—		—
Entertainment, retail and other (1)	22,832		—		—
Total Encore Boston Harbor	363,919		—		—

Total operating revenues	$	6,611,099	$	6,717,660	$	6,070,160


	Years Ended December 31,
	2019		2018		2017
Adjusted Property EBITDA (2)
Macau Operations:
Wynn Palace	$	729,535	$	843,902	$	527,583
Wynn Macau	648,837		733,238		760,752
Total Macau Operations	1,378,372		1,577,140		1,288,335
Las Vegas Operations	413,886		467,273		522,397
Encore Boston Harbor	23,150		—		—
Total	1,815,408		2,044,413		1,810,732
Other operating expenses
Litigation settlement	—		463,557		—
Pre-opening	102,009		53,490		26,692
Depreciation and amortization	624,878		550,596		552,368
Property charges and other	20,286		60,256		29,576
Corporate expenses and other	150,228		144,479		102,560
Stock-based compensation (3)	39,702		36,491		43,971
Total other operating expenses	937,103		1,308,869		755,167
Operating income	878,305		735,544		1,055,565
Other non-operating income and expenses
Interest income	24,449		29,866		31,193
Interest expense, net of amounts capitalized	(414,030)		(381,849)		(388,664)
Change in derivatives fair value	(3,228)		(4,520)		(1,056)
Change in Redemption Note fair value	—		(69,331)		(59,700)
(Loss) gain on extinguishment of debt	(12,437)		104		(55,360)
Other	15,159		(4,074)		(21,709)
Total other non-operating income and expenses	(390,087)		(429,804)		(495,296)
Income before income taxes	488,218		305,740		560,269
Benefit (provision) for income taxes	(176,840)		497,344		328,985
Net income	311,378		803,084		889,254
Net income attributable to noncontrolling interests	(188,393)		(230,654)		(142,073)
Net income attributable to Wynn Resorts, Limited	$	122,985	$	572,430	$	747,181

(1)Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 15, "Leases".

(2)"Adjusted Property EBITDA" is net income before interest, income taxes, depreciation and amortization, litigation settlement expense, 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) gain on extinguishment of debt, change in derivatives fair value, change in Redemption Note fair value 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. The Company also presents 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 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, the Company's calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(3)Excludes $0.7 million included in pre-opening expenses for the years ended December 31, 2019 and 2018. Pre-opening expenses did not include any stock-based compensation during 2017. Excludes a credit of $2.2 million included in property charges and other expenses in 2018.

Capital Expenditures


	Years Ended December 31,
	2019		2018		2017
Capital expenditures
Macau Operations:
Wynn Palace	$	66,545	$	89,617	$	107,405
Wynn Macau	142,112		62,542		43,510
Total Macau Operations	208,657		152,159		150,915
Las Vegas Operations	96,928		73,029		139,893
Encore Boston Harbor	471,381		791,250		572,825
Corporate and other	286,327		459,534		71,841
Total	$	1,063,293	$	1,475,972	$	935,474

Assets and Capital Expenditures by Segment


	December 31,
	2019		2018		2017
Assets
Macau Operations:
Wynn Palace	$	3,734,210	$	3,858,904	$	4,017,494
Wynn Macau	1,656,625		1,903,921		1,271,544
Other Macau	1,023,411		68,487		174,769
Total Macau Operations	6,414,246		5,831,312		5,463,807
Las Vegas Operations	2,806,972		2,792,508		3,266,390
Encore Boston Harbor	2,456,667		1,865,286		1,060,530
Corporate and other	2,193,396		2,727,163		2,891,012
Total	$	13,871,281	$	13,216,269	$	12,681,739

Long-lived Assets by Geographic Area


	December 31,
	2019		2018		2017
Long-lived assets
Macau	$	4,321,970	$	4,387,051	$	4,613,950
United States	5,909,847		5,166,537		4,083,555
Total	$	10,231,817	$	9,553,588	$	8,697,505