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Segment Information | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Segment Information | Segment InformationThe Company reviews the results of operations for each of its operating segments, and identifies reportable segments based upon factors such as geography, regulatory environment, and the Company's organizational and management reporting structure. 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, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture are managed as a single integrated resort and have been aggregated as one reportable segment ("Las Vegas Operations"). On June 23, 2019, the Company opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts. Encore Boston Harbor is presented as one reportable segment. Other Macau primarily represents the assets for the Company's Macau holding company. The following tables present the Company's segment information (in thousands):
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Operating revenues |  |  |  |  |  |  |
Macau Operations: |  |  |  |  |  |  |
Wynn Palace |  |  |  |  |  |  |
Casino | $ | (11,428) |  |  | $ | 528,545 |  |  | $ | 196,148 |  |  | $ | 1,151,720 |
Rooms | 2,431 |  |  | 43,183 |  |  | 22,141 |  |  | 86,498 |
Food and beverage | 4,231 |  |  | 28,810 |  |  | 17,529 |  |  | 57,434 |
Entertainment, retail and other (1) | 13,484 |  |  | 28,378 |  |  | 32,413 |  |  | 59,886 |
| 8,718 |  |  | 628,916 |  |  | 268,231 |  |  | 1,355,538 |
Wynn Macau |  |  |  |  |  |  |
Casino | (3,524) |  |  | 481,204 |  |  | 186,604 |  |  | 931,446 |
Rooms | 2,631 |  |  | 26,465 |  |  | 18,542 |  |  | 55,331 |
Food and beverage | 3,684 |  |  | 20,129 |  |  | 13,215 |  |  | 41,105 |
Entertainment, retail and other (1) | 9,097 |  |  | 18,676 |  |  | 23,016 |  |  | 42,483 |
| 11,888 |  |  | 546,474 |  |  | 241,377 |  |  | 1,070,365 |
Total Macau Operations | 20,606 |  |  | 1,175,390 |  |  | 509,608 |  |  | 2,425,903 |
Las Vegas Operations: |  |  |  |  |  |  |
Casino | 24,365 |  |  | 119,753 |  |  | 95,660 |  |  | 231,437 |
Rooms | 12,353 |  |  | 127,554 |  |  | 118,458 |  |  | 246,644 |
Food and beverage | 16,092 |  |  | 165,197 |  |  | 122,071 |  |  | 288,816 |
Entertainment, retail and other (1) | 12,076 |  |  | 51,638 |  |  | 52,521 |  |  | 98,278 |
Total Las Vegas Operations | 64,886 |  |  | 464,142 |  |  | 388,710 |  |  | 865,175 |
Encore Boston Harbor: |  |  |  |  |  |  |
Casino | — |  |  | 13,001 |  |  | 101,790 |  |  | 13,001 |
Rooms | — |  |  | 1,605 |  |  | 10,955 |  |  | 1,605 |
Food and beverage | — |  |  | 3,886 |  |  | 20,606 |  |  | 3,886 |
Entertainment, retail and other (1) | 206 |  |  | 308 |  |  | 7,745 |  |  | 308 |
Total Encore Boston Harbor | 206 |  |  | 18,800 |  |  | 141,096 |  |  | 18,800 |
Total operating revenues | $ | 85,698 |  |  | $ | 1,658,332 |  |  | $ | 1,039,414 |  |  | $ | 3,309,878 |
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Adjusted Property EBITDA (2) |  |  |  |  |  |  |
Macau Operations: |  |  |  |  |  |  |
Wynn Palace | $ | (110,908) |  |  | $ | 167,165 |  |  | $ | (100,732) |  |  | $ | 389,751 |
Wynn Macau | (82,646) |  |  | 175,873 |  |  | (63,438) |  |  | 339,762 |
Total Macau Operations | (193,554) |  |  | 343,038 |  |  | (164,170) |  |  | 729,513 |
Las Vegas Operations (3) | (75,564) |  |  | 137,399 |  |  | (97,641) |  |  | 245,701 |
Encore Boston Harbor (4) | (53,779) |  |  | 146 |  |  | (66,415) |  |  | 146 |
Total | (322,897) |  |  | 480,583 |  |  | (328,226) |  |  | 975,360 |
Other operating expenses |  |  |  |  |  |  |
Pre-opening | 2,186 |  |  | 69,883 |  |  | 4,737 |  |  | 97,596 |
Depreciation and amortization | 179,266 |  |  | 140,269 |  |  | 358,012 |  |  | 276,826 |
Property charges and other | 6,567 |  |  | 6,930 |  |  | 33,796 |  |  | 9,704 |
Corporate expenses and other (5) | (8,984) |  |  | 35,295 |  |  | 15,208 |  |  | 97,844 |
Stock-based compensation (6) | 21,084 |  |  | 9,490 |  |  | 30,448 |  |  | 19,498 |
Total other operating expenses | 200,119 |  |  | 261,867 |  |  | 442,201 |  |  | 501,468 |
Operating income (loss) | (523,016) |  |  | 218,716 |  |  | (770,427) |  |  | 473,892 |
Other non-operating income and expenses |  |  |  |  |  |  |
Interest income | 3,983 |  |  | 6,265 |  |  | 11,936 |  |  | 13,552 |
Interest expense, net of amounts capitalized | (133,218) |  |  | (93,149) |  |  | (262,045) |  |  | (186,329) |
Change in derivatives fair value | (3,294) |  |  | (3,304) |  |  | (18,954) |  |  | (4,813) |
Loss on extinguishment of debt | (619) |  |  | — |  |  | (1,462) |  |  | — |
Other | 2,233 |  |  | 11,715 |  |  | 12,568 |  |  | 5,357 |
Total other non-operating income and expenses | (130,915) |  |  | (78,473) |  |  | (257,957) |  |  | (172,233) |
Income (loss) before income taxes | (653,931) |  |  | 140,243 |  |  | (1,028,384) |  |  | 301,659 |
(Provision) benefit for income taxes | (80,938) |  |  | 1,991 |  |  | (156,738) |  |  | 306 |
Net income (loss) | (734,869) |  |  | 142,234 |  |  | (1,185,122) |  |  | 301,965 |
Net (income) loss attributable to noncontrolling interests | 97,305 |  |  | (47,683) |  |  | 145,521 |  |  | (102,542) |
Net income (loss) attributable to Wynn Resorts, Limited | $ | (637,564) |  |  | $ | 94,551 |  |  | $ | (1,039,601) |  |  | $ | 199,423 |
(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 13, "Leases". (2) "Adjusted Property EBITDA" is net income (loss) 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, change in derivatives fair value, loss on extinguishment of debt, 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. We also present 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 preopening 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 our 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. We have 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, our calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. (3) For the three months ended June 30, 2020, ex cludes $56.4 million of expense acc rued during the first quarter of 2020 related to the Company's commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020. (4) For the three months ended June 30, 2020, excludes $19.3 million of expense accrued during the first quarter of 2020 related to the Company's commitment to pay salary, tips, and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020. (5) For the three and six months ended June 30, 2020, includes a $27.7 million net gain recorded in relation to a derivative litigation settlement. For the six months ended June 30, 2019, includes a $35.0 million nonrecurring regulatory expense. (6) Excludes $0.4 million and $0.7 million included in pre-opening expenses for the three and six months ended June 30, 2019, respectively.
| June 30, 2020 |  | December 31, 2019
Assets |  |  |
Macau Operations: |  |  |
Wynn Palace | $ | 3,568,590 |  |  | $ | 3,734,210 |
Wynn Macau | 1,586,192 |  |  | 1,656,625 |
Other Macau | 1,709,555 |  |  | 1,023,411 |
Total Macau Operations | 6,864,337 |  |  | 6,414,246 |
Las Vegas Operations | 3,060,303 |  |  | 2,806,972 |
Encore Boston Harbor | 2,331,115 |  |  | 2,456,667 |
Corporate and other | 2,629,920 |  |  | 2,193,396 |
Total | $ | 14,885,675 |  |  | $ | 13,871,281 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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