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Property Charges and Other
12 Months Ended
Dec. 31, 2013
Property Charges and Other

11. Property Charges and Other

Property charges and other consisted of the following (amounts in thousands):

 

     Years Ended December 31,  
     2013      2012      2011  

Net loss on assets abandoned/retired for remodel or sold

   $ 7,358       $ 29,524       $ 19,708   

Donation to University of Macau Foundation

     3,780         4,083         109,563   

Loss on contract termination

     6,000         315         —     

Loss on show cancellation

     —           6,056         1,378   
  

 

 

    

 

 

    

 

 

 
   $ 17,138       $ 39,978       $ 130,649   
  

 

 

    

 

 

    

 

 

 

 

Property charges and other generally include costs related to the retirement of assets for remodels and asset abandonments. Property charges and other for the year ended December 31, 2013 include fees paid in connection with the termination of a contract, miscellaneous renovations and abandonments at our resorts and entertainment development costs.

Property charges and other for the year ended December 31, 2012 include the remodel of a Las Vegas restaurant, charges associated with the termination of a Las Vegas show that ended its run in November 2012, and miscellaneous renovations and abandonments at our resorts.

Property charges and other for the year ended December 31, 2011 include the present value of a charitable contribution made by Wynn Macau to the University of Macau Development Foundation. This contribution consists of a $25 million payment made in May 2011, and a commitment for additional donations of $10 million each year for the calendar years 2012 through 2022 inclusive, for a total of $135 million. The amount reflected in the accompanying Consolidated Statements of Income has been discounted using the Company’s estimated borrowing rate over the time period of the remaining committed payments. In accordance with accounting standards for contributions, subsequent accretion of the discount is being recorded as additional donation expense and included in Property charges and other. Also included are the write off of certain off-site golf memberships by Wynn Las Vegas, miscellaneous renovations and abandonments at the Company’s resorts, including modifications of the Encore at Wynn Las Vegas retail esplanade, closure of the Blush nightclub and the write off of certain costs related to a show that ended its run in Las Vegas in April 2011.