Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Schedule of Estimated Useful Lives of Assets |
Depreciation is
provided over the estimated useful lives of the assets using the
straight-line method as follows:
|
|
|
Buildings and
improvements
|
|
10 to 45 years |
Land
improvements
|
|
10 to 45 years |
Leasehold interest in
land
|
|
25 years |
Airplanes
|
|
18 to 20 years |
Furniture, fixtures and
equipment
|
|
3 to 20 years |
|
Summary of Estimated Cost of Promotional Allowances |
The estimated
cost of providing such promotional allowances is primarily included
in casino expenses as follows (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended
December 31, |
|
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Rooms
|
|
$ |
52,585 |
|
|
$ |
53,487 |
|
|
$ |
52,019 |
|
Food and
beverage
|
|
|
112,897 |
|
|
|
107,882 |
|
|
|
104,413 |
|
Entertainment, retail and
other
|
|
|
14,659 |
|
|
|
17,522 |
|
|
|
17,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
180,141 |
|
|
$ |
178,891 |
|
|
$ |
173,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Assets and Liabilities Carried at Fair Value |
The following
table presents assets and (liabilities) carried at fair value
(amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements
Using: |
|
|
|
Total
Carrying
Value |
|
|
Quoted
Market
Prices in
Active
Markets
(Level 1) |
|
|
Other
Observable
Inputs
(Level 2) |
|
|
Unobservable
Inputs
(Level 3) |
|
As of December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption Price Promissory
Note
|
|
$ |
(1,936,443 |
) |
|
$ |
— |
|
|
$ |
(1,936,443 |
) |
|
$ |
— |
|
Cash equivalents
|
|
$ |
1,349,647 |
|
|
$ |
220,923 |
|
|
$ |
1,128,724 |
|
|
$ |
— |
|
Interest rate
swaps
|
|
$ |
10,308 |
|
|
$ |
— |
|
|
$ |
10,308 |
|
|
$ |
— |
|
Restricted cash and
available-for-sale securities
|
|
$ |
454,324 |
|
|
$ |
— |
|
|
$ |
454,324 |
|
|
$ |
— |
|
As of December 31,
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption Price Promissory
Note
|
|
$ |
(1,936,443 |
) |
|
$ |
— |
|
|
$ |
(1,936,443 |
) |
|
$ |
— |
|
Cash equivalents
|
|
$ |
969,166 |
|
|
$ |
80,434 |
|
|
$ |
888,732 |
|
|
$ |
— |
|
Interest rate
swaps
|
|
$ |
(3,938 |
) |
|
$ |
— |
|
|
$ |
(3,938 |
) |
|
$ |
— |
|
Restricted cash and
available-for-sale securities
|
|
$ |
279,221 |
|
|
$ |
— |
|
|
$ |
279,221 |
|
|
$ |
— |
|
|
Schedule of Shares used in Calculation of Earnings Per Share |
The weighted
average number of common and common equivalent shares used in the
calculation of basic and diluted EPS for the years ended
December 31, 2013, 2012 and 2011, consisted of the following
(amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Weighted average common shares outstanding (used in calculation
of basic earnings per share) |
|
|
100,540 |
|
|
|
103,092 |
|
|
|
124,039 |
|
Potential dilution from the assumed exercise of stock options
and nonvested stock |
|
|
1,101 |
|
|
|
1,157 |
|
|
|
1,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common and common equivalent shares
outstanding (used in calculation of diluted earnings per
share) |
|
|
101,641 |
|
|
|
104,249 |
|
|
|
125,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anti-dilutive stock options excluded from the calculation of
diluted earnings per share |
|
|
92 |
|
|
|
680 |
|
|
|
610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Wynn Resorts, Ltd. |
|
$ |
728,652 |
|
|
$ |
502,036 |
|
|
$ |
613,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Wynn Resorts, Ltd. per common share,
basic |
|
$ |
7.25 |
|
|
$ |
4.87 |
|
|
$ |
4.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Wynn Resorts, Ltd. per common share,
diluted |
|
$ |
7.17 |
|
|
$ |
4.82 |
|
|
$ |
4.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|