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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | Leases Lessee Arrangements The following table summarizes the balance sheet classification of the Company's lease assets and liabilities (in thousands):
|  |  | Years Ended December 31,
| Balance Sheet Classification |  | 2020 |  | 2019
Assets |  |  |  |  |
Operating leases | Operating lease assets |  | $ | 398,594 |  |  | $ | 452,919 |
Finance leases | Property and equipment, net |  | $ | 73,201 |  |  | $ | 23,061 |
Current liabilities |  |  |  |  |
Operating leases | Other accrued liabilities |  | $ | 13,627 |  |  | $ | 18,893 |
Finance leases | Other accrued liabilities |  | $ | 13,879 |  |  | $ | 164 |
Non-current liabilities |  |  |  |  |
Operating leases | Long-term operating lease liabilities |  | $ | 123,124 |  |  | $ | 159,182 |
Finance leases | Other long-term liabilities |  | $ | 54,379 |  |  | $ | 17,759 |
The following tables disclose the components of the Company's lease cost, supplemental cash flow disclosures, and other information regarding the Company's lease arrangements (dollars in thousands):
| Years Ended December 31,
| 2020 |  | 2019
Lease cost: |  |  |
Operating lease cost | $ | 29,574 |  |  | $ | 33,126 |
Short-term lease cost | 11,363 |  |  | 24,634 |
Amortization of leasehold interests in land | 13,885 |  |  | 13,373 |
Variable lease cost | 194 |  |  | 1,487 |
Finance lease interest cost | 1,604 |  |  | 1,058 |
Total lease cost | $ | 56,620 |  |  | $ | 73,678 |
| Years Ended December 31,
| 2020 |  | 2019
Supplemental cash flow disclosures: |  |  |
Operating lease liabilities arising from obtaining operating lease assets | $ | 11,625 |  |  | $ | 45,435 |
Finance lease liabilities arising from obtaining finance lease assets | $ | 56,215 |  |  | $ | 1,413 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Cash used in operating activities - Operating leases | $ | 28,873 |  |  | $ | 30,409 |
Cash used in financing activities - Finance leases | $ | 5,916 |  |  | $ | 73 |
| Years Ended December 31,
| 2020 |  | 2019
Other information: |  |  |
Weighted-average remaining lease term - Operating leases | 43.9 years |  | 35.4 years
Weighted-average remaining lease term - Finance leases | 13.6 years |  | 42.8 years
Weighted-average discount rate - Operating leases | 6.5 | % |  | 6.4 | %
Weighted-average discount rate - Finance leases | 4.5 | % |  | 6.2 | %
The following table presents an analysis of lease liability maturities as of December 31, 2020 (in thousands):
Years Ending December 31, |  | Operating Leases |  | Finance Leases
2021 |  | $ | 20,772 |  |  | $ | 15,898 |
2022 |  | 16,849 |  |  | 15,898 |
2023 |  | 14,998 |  |  | 15,898 |
2024 |  | 10,857 |  |  | 9,618 |
2025 |  | 9,311 |  |  | 1,203 |
Thereafter |  | 450,009 |  |  | 65,084 |
Total undiscounted cash flows |  | $ | 522,796 |  |  | $ | 123,599 |
Present value |  |  |  |
Short-term lease liabilities |  | $ | 13,627 |  |  | $ | 13,879 |
Long-term lease liabilities |  | 123,124 |  |  | 54,379 |
Total lease liabilities |  | $ | 136,751 |  |  | $ | 68,258 |
Interest on lease liabilities |  | $ | 386,045 |  |  | $ | 55,341 |
Ground Leases Undeveloped Land - Las Vegas The Company leases approximately 16 acres of undeveloped land on Las Vegas Boulevard directly across from Wynn Las Vegas in Las Vegas, Nevada, pursuant to a lease agreement which expires in 2097. The ground lease payments, which increase at a fixed rate over the term of the lease, are $3.8 million per year until 2023 and total payments of $367.8 million thereafter. As of December 31, 2020 and 2019, the liability associated with this lease was $63.2 million and $62.6 million, respectively. At December 31, 2020 and 2019, operating lease assets included approximately $85.8 million and $87.0 million, respectively, related to an amount allocated to the leasehold interest in land upon the acquisition of a group of assets in 2018. The Company expects that the amortization of this amount will be $1.1 million each year from 2021 through 2096 and $0.7 million in 2097. Macau Land Concessions Wynn Palace and Wynn Macau were built on land that is leased under Macau land concession contracts each with terms of 25 years from May 2012 and August 2004, respectively, which may be renewed with government approval for successive 10-year periods in accordance with Macau legislation. The land concession payments are expected to be $1.6 million per year through 2025 and total payments of $14.0 million thereafter through 2037. At December 31, 2020 and 2019, the total liability associated with these leases was $15.4 million and $16.0 million, respectively. At December 31, 2020 and 2019, operating lease assets included $180.3 million and $188.6 million of leasehold interests in land related to the Wynn Palace and Wynn Macau land concessions. The Company expects that the amortization associated with these leasehold interests will be approximately $12.7 million per year from 2021 through 2028 and approximately $9.4 million per year thereafter through 2037. Rent Expense Rent expense for the year ended December 31, 2018 was $27.1 million. Lessor Arrangements The following table presents the minimum and contingent operating lease income for the periods presented (in thousands):
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Minimum rental income (1) | $ | 77,946 |  |  | $ | 136,612 |  |  | $ | 126,192 |
Contingent rental income | 56,889 |  |  | 57,807 |  |  | 52,347 |
Total rental income | $ | 134,835 |  |  | $ | 194,419 |  |  | $ | 178,539 |
(1) For the year ended December 31, 2020, reflects the impact of rent concessions provided to tenants. The following table presents the future minimum rentals to be received under operating leases (in thousands):
Years Ending December 31, | Operating Leases
2021 | $ | 98,604 |
2022 | 95,642 |
2023 | 80,334 |
2024 | 70,900 |
2025 | 54,300 |
Thereafter | 103,879 |
Total future minimum rentals | $ | 503,659 |
Leases | Leases Lessee Arrangements The following table summarizes the balance sheet classification of the Company's lease assets and liabilities (in thousands):
|  |  | Years Ended December 31,
| Balance Sheet Classification |  | 2020 |  | 2019
Assets |  |  |  |  |
Operating leases | Operating lease assets |  | $ | 398,594 |  |  | $ | 452,919 |
Finance leases | Property and equipment, net |  | $ | 73,201 |  |  | $ | 23,061 |
Current liabilities |  |  |  |  |
Operating leases | Other accrued liabilities |  | $ | 13,627 |  |  | $ | 18,893 |
Finance leases | Other accrued liabilities |  | $ | 13,879 |  |  | $ | 164 |
Non-current liabilities |  |  |  |  |
Operating leases | Long-term operating lease liabilities |  | $ | 123,124 |  |  | $ | 159,182 |
Finance leases | Other long-term liabilities |  | $ | 54,379 |  |  | $ | 17,759 |
The following tables disclose the components of the Company's lease cost, supplemental cash flow disclosures, and other information regarding the Company's lease arrangements (dollars in thousands):
| Years Ended December 31,
| 2020 |  | 2019
Lease cost: |  |  |
Operating lease cost | $ | 29,574 |  |  | $ | 33,126 |
Short-term lease cost | 11,363 |  |  | 24,634 |
Amortization of leasehold interests in land | 13,885 |  |  | 13,373 |
Variable lease cost | 194 |  |  | 1,487 |
Finance lease interest cost | 1,604 |  |  | 1,058 |
Total lease cost | $ | 56,620 |  |  | $ | 73,678 |
| Years Ended December 31,
| 2020 |  | 2019
Supplemental cash flow disclosures: |  |  |
Operating lease liabilities arising from obtaining operating lease assets | $ | 11,625 |  |  | $ | 45,435 |
Finance lease liabilities arising from obtaining finance lease assets | $ | 56,215 |  |  | $ | 1,413 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Cash used in operating activities - Operating leases | $ | 28,873 |  |  | $ | 30,409 |
Cash used in financing activities - Finance leases | $ | 5,916 |  |  | $ | 73 |
| Years Ended December 31,
| 2020 |  | 2019
Other information: |  |  |
Weighted-average remaining lease term - Operating leases | 43.9 years |  | 35.4 years
Weighted-average remaining lease term - Finance leases | 13.6 years |  | 42.8 years
Weighted-average discount rate - Operating leases | 6.5 | % |  | 6.4 | %
Weighted-average discount rate - Finance leases | 4.5 | % |  | 6.2 | %
The following table presents an analysis of lease liability maturities as of December 31, 2020 (in thousands):
Years Ending December 31, |  | Operating Leases |  | Finance Leases
2021 |  | $ | 20,772 |  |  | $ | 15,898 |
2022 |  | 16,849 |  |  | 15,898 |
2023 |  | 14,998 |  |  | 15,898 |
2024 |  | 10,857 |  |  | 9,618 |
2025 |  | 9,311 |  |  | 1,203 |
Thereafter |  | 450,009 |  |  | 65,084 |
Total undiscounted cash flows |  | $ | 522,796 |  |  | $ | 123,599 |
Present value |  |  |  |
Short-term lease liabilities |  | $ | 13,627 |  |  | $ | 13,879 |
Long-term lease liabilities |  | 123,124 |  |  | 54,379 |
Total lease liabilities |  | $ | 136,751 |  |  | $ | 68,258 |
Interest on lease liabilities |  | $ | 386,045 |  |  | $ | 55,341 |
Ground Leases Undeveloped Land - Las Vegas The Company leases approximately 16 acres of undeveloped land on Las Vegas Boulevard directly across from Wynn Las Vegas in Las Vegas, Nevada, pursuant to a lease agreement which expires in 2097. The ground lease payments, which increase at a fixed rate over the term of the lease, are $3.8 million per year until 2023 and total payments of $367.8 million thereafter. As of December 31, 2020 and 2019, the liability associated with this lease was $63.2 million and $62.6 million, respectively. At December 31, 2020 and 2019, operating lease assets included approximately $85.8 million and $87.0 million, respectively, related to an amount allocated to the leasehold interest in land upon the acquisition of a group of assets in 2018. The Company expects that the amortization of this amount will be $1.1 million each year from 2021 through 2096 and $0.7 million in 2097. Macau Land Concessions Wynn Palace and Wynn Macau were built on land that is leased under Macau land concession contracts each with terms of 25 years from May 2012 and August 2004, respectively, which may be renewed with government approval for successive 10-year periods in accordance with Macau legislation. The land concession payments are expected to be $1.6 million per year through 2025 and total payments of $14.0 million thereafter through 2037. At December 31, 2020 and 2019, the total liability associated with these leases was $15.4 million and $16.0 million, respectively. At December 31, 2020 and 2019, operating lease assets included $180.3 million and $188.6 million of leasehold interests in land related to the Wynn Palace and Wynn Macau land concessions. The Company expects that the amortization associated with these leasehold interests will be approximately $12.7 million per year from 2021 through 2028 and approximately $9.4 million per year thereafter through 2037. Rent Expense Rent expense for the year ended December 31, 2018 was $27.1 million. Lessor Arrangements The following table presents the minimum and contingent operating lease income for the periods presented (in thousands):
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Minimum rental income (1) | $ | 77,946 |  |  | $ | 136,612 |  |  | $ | 126,192 |
Contingent rental income | 56,889 |  |  | 57,807 |  |  | 52,347 |
Total rental income | $ | 134,835 |  |  | $ | 194,419 |  |  | $ | 178,539 |
(1) For the year ended December 31, 2020, reflects the impact of rent concessions provided to tenants. The following table presents the future minimum rentals to be received under operating leases (in thousands):
Years Ending December 31, | Operating Leases
2021 | $ | 98,604 |
2022 | 95,642 |
2023 | 80,334 |
2024 | 70,900 |
2025 | 54,300 |
Thereafter | 103,879 |
Total future minimum rentals | $ | 503,659 |
Leases | Leases Lessee Arrangements The following table summarizes the balance sheet classification of the Company's lease assets and liabilities (in thousands):
|  |  | Years Ended December 31,
| Balance Sheet Classification |  | 2020 |  | 2019
Assets |  |  |  |  |
Operating leases | Operating lease assets |  | $ | 398,594 |  |  | $ | 452,919 |
Finance leases | Property and equipment, net |  | $ | 73,201 |  |  | $ | 23,061 |
Current liabilities |  |  |  |  |
Operating leases | Other accrued liabilities |  | $ | 13,627 |  |  | $ | 18,893 |
Finance leases | Other accrued liabilities |  | $ | 13,879 |  |  | $ | 164 |
Non-current liabilities |  |  |  |  |
Operating leases | Long-term operating lease liabilities |  | $ | 123,124 |  |  | $ | 159,182 |
Finance leases | Other long-term liabilities |  | $ | 54,379 |  |  | $ | 17,759 |
The following tables disclose the components of the Company's lease cost, supplemental cash flow disclosures, and other information regarding the Company's lease arrangements (dollars in thousands):
| Years Ended December 31,
| 2020 |  | 2019
Lease cost: |  |  |
Operating lease cost | $ | 29,574 |  |  | $ | 33,126 |
Short-term lease cost | 11,363 |  |  | 24,634 |
Amortization of leasehold interests in land | 13,885 |  |  | 13,373 |
Variable lease cost | 194 |  |  | 1,487 |
Finance lease interest cost | 1,604 |  |  | 1,058 |
Total lease cost | $ | 56,620 |  |  | $ | 73,678 |
| Years Ended December 31,
| 2020 |  | 2019
Supplemental cash flow disclosures: |  |  |
Operating lease liabilities arising from obtaining operating lease assets | $ | 11,625 |  |  | $ | 45,435 |
Finance lease liabilities arising from obtaining finance lease assets | $ | 56,215 |  |  | $ | 1,413 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Cash used in operating activities - Operating leases | $ | 28,873 |  |  | $ | 30,409 |
Cash used in financing activities - Finance leases | $ | 5,916 |  |  | $ | 73 |
| Years Ended December 31,
| 2020 |  | 2019
Other information: |  |  |
Weighted-average remaining lease term - Operating leases | 43.9 years |  | 35.4 years
Weighted-average remaining lease term - Finance leases | 13.6 years |  | 42.8 years
Weighted-average discount rate - Operating leases | 6.5 | % |  | 6.4 | %
Weighted-average discount rate - Finance leases | 4.5 | % |  | 6.2 | %
The following table presents an analysis of lease liability maturities as of December 31, 2020 (in thousands):
Years Ending December 31, |  | Operating Leases |  | Finance Leases
2021 |  | $ | 20,772 |  |  | $ | 15,898 |
2022 |  | 16,849 |  |  | 15,898 |
2023 |  | 14,998 |  |  | 15,898 |
2024 |  | 10,857 |  |  | 9,618 |
2025 |  | 9,311 |  |  | 1,203 |
Thereafter |  | 450,009 |  |  | 65,084 |
Total undiscounted cash flows |  | $ | 522,796 |  |  | $ | 123,599 |
Present value |  |  |  |
Short-term lease liabilities |  | $ | 13,627 |  |  | $ | 13,879 |
Long-term lease liabilities |  | 123,124 |  |  | 54,379 |
Total lease liabilities |  | $ | 136,751 |  |  | $ | 68,258 |
Interest on lease liabilities |  | $ | 386,045 |  |  | $ | 55,341 |
Ground Leases Undeveloped Land - Las Vegas The Company leases approximately 16 acres of undeveloped land on Las Vegas Boulevard directly across from Wynn Las Vegas in Las Vegas, Nevada, pursuant to a lease agreement which expires in 2097. The ground lease payments, which increase at a fixed rate over the term of the lease, are $3.8 million per year until 2023 and total payments of $367.8 million thereafter. As of December 31, 2020 and 2019, the liability associated with this lease was $63.2 million and $62.6 million, respectively. At December 31, 2020 and 2019, operating lease assets included approximately $85.8 million and $87.0 million, respectively, related to an amount allocated to the leasehold interest in land upon the acquisition of a group of assets in 2018. The Company expects that the amortization of this amount will be $1.1 million each year from 2021 through 2096 and $0.7 million in 2097. Macau Land Concessions Wynn Palace and Wynn Macau were built on land that is leased under Macau land concession contracts each with terms of 25 years from May 2012 and August 2004, respectively, which may be renewed with government approval for successive 10-year periods in accordance with Macau legislation. The land concession payments are expected to be $1.6 million per year through 2025 and total payments of $14.0 million thereafter through 2037. At December 31, 2020 and 2019, the total liability associated with these leases was $15.4 million and $16.0 million, respectively. At December 31, 2020 and 2019, operating lease assets included $180.3 million and $188.6 million of leasehold interests in land related to the Wynn Palace and Wynn Macau land concessions. The Company expects that the amortization associated with these leasehold interests will be approximately $12.7 million per year from 2021 through 2028 and approximately $9.4 million per year thereafter through 2037. Rent Expense Rent expense for the year ended December 31, 2018 was $27.1 million. Lessor Arrangements The following table presents the minimum and contingent operating lease income for the periods presented (in thousands):
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Minimum rental income (1) | $ | 77,946 |  |  | $ | 136,612 |  |  | $ | 126,192 |
Contingent rental income | 56,889 |  |  | 57,807 |  |  | 52,347 |
Total rental income | $ | 134,835 |  |  | $ | 194,419 |  |  | $ | 178,539 |
(1) For the year ended December 31, 2020, reflects the impact of rent concessions provided to tenants. The following table presents the future minimum rentals to be received under operating leases (in thousands):
Years Ending December 31, | Operating Leases
2021 | $ | 98,604 |
2022 | 95,642 |
2023 | 80,334 |
2024 | 70,900 |
2025 | 54,300 |
Thereafter | 103,879 |
Total future minimum rentals | $ | 503,659 |

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