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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