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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Option Activity

The summary of stock option activity for the year ended December 31, 2020 is presented below:

			Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term						Aggregate Intrinsic Value
WRL Omnibus Plan
Outstanding as of January 1, 2020			23,700						$	80.42
Granted			—						$	—
Exercised			—						$	—
Forfeited or expired			—						$	—
Outstanding as of December 31, 2020			23,700						$	80.42					5.16						$	768,046
Fully vested and expected to vest as of December 31, 2020			23,700						$	80.42					5.16						$	768,046
Exercisable as of December 31, 2020			23,700						$	80.42					5.16						$	768,046
WML Share Option Plan
Outstanding as of January 1, 2020			11,013,400						$	2.51
Granted			8,895,000						$	2.16
Exercised			(50,000)						$	1.41
Forfeited or expired			—						—
Outstanding as of December 31, 2020			19,858,400						$	2.36					7.52						$	305,363
Fully vested and expected to vest as of December 31, 2020			19,858,400						$	2.36					7.52						$	305,363
Exercisable as of December 31, 2020			7,033,400						$	2.53					5.03						$	233,592
WIL Omnibus Plan
Outstanding as of January 1, 2020			—						$	—
Granted			80,846						$	1,236.00
Assumed in business combination			9,452						$	264.00
Forfeited or expired			—						$	—
Outstanding as of December 31, 2020			90,298						$	1,134.00					9.92						$	(57,716)
Fully vested and expected to vest as of December 31, 2020			90,298						$	1,134.00					9.92						$	(57,716)
Exercisable as of December 31, 2020			4,229						$	238.00					9.69						$	1,088

The following is provided for stock options under the Company's stock-based compensation plans (in thousands, except weighted average grant date fair value):

			Years Ended December 31,
			2020						2019						2018
WRL Omnibus Plan (1)
Intrinsic value of stock options exercised			$	—					$	24,731					$	22,387
Cash received from the exercise of stock options			$	—					$	14,696					$	20,148
WML Share Option Plan (2)
Weighted average grant date fair value			$	0.54					$	0.55					$	0.57
Intrinsic value of stock options exercised			$	57					$	—					$	1,715
Cash received from the exercise of stock options			$	70					$	—					$	1,823
WIL Omnibus Plan (3)
Weighted average grant date fair value			$	147					$	—					$	—

Valuation Assumptions

The fair value of stock options granted under WML's Share Option Plan was estimated on the date of grant using the following weighted average assumptions:

			Years Ended December 31,
			2020						2019						2018
Expected dividend yield			4.7		%				5.7		%				5.7		%
Expected volatility			42.6		%				40.7		%				40.2		%
Risk-free interest rate			1.0		%				1.4		%				2.3		%
Expected term (years)			6.5						6.5						6.5

The fair value of stock options granted under the WIL Omnibus Plan was estimated on the date of grant using the following weighted average assumptions:

			Year Ended December 31,
			2020
Expected dividend yield			—		%
Expected volatility			50.0		%
Risk-free interest rate			0.61		%
Expected term (years)			6.5

Nonvested and Performance Nonvested Share Activity

The summary of nonvested and performance nonvested share activity under the Company's stock-based compensation plans for the year ended December 31, 2020 is presented below:

			Shares						Weighted Average Grant Date Fair Value
WRL Omnibus Plan
Nonvested as of January 1, 2020			744,451						$	123.62
Granted			841,226						$	99.21
Vested			(414,934)						$	97.84
Forfeited			(241,108)						$	127.04
Nonvested as of December 31, 2020			929,635						$	112.11
WML Share Award Plan
Nonvested as of January 1, 2020			9,666,163						$	2.36
Granted			6,747,501						$	1.86
Vested			(4,526,175)						$	1.67
Forfeited			(1,008,711)						$	2.47
Nonvested as of December 31, 2020			10,878,778						$	2.33

Schedule of Stock-Based Compensation Plans

The following is provided for the share awards under the Company's stock-based compensation plans (in thousands, except weighted average grant date fair value):

			Years Ended December 31,
			2020						2019						2018
WRL Omnibus Plan
Weighted average grant date fair value			$	99.21					$	119.61					$	170.13
Fair value of shares vested			$	34,068					$	19,428					$	13,024
WML Share Award Plan
Weighted average grant date fair value			$	1.86					$	2.43					$	3.07
Fair value of shares vested			$	8,371					$	5,139					$	12,442

Share-Based Compensation Allocated Costs

The total compensation cost for stock-based compensation plans was recorded as follows (in thousands):

			Years Ended December 31,
			2020						2019						2018
Casino (1)			$	8,538					$	7,903					$	5,946
Rooms			1,618						1,046						437
Food and beverage			3,189						1,807						1,125
Entertainment, retail and other			432						174						111
General and administrative			48,477						28,772						28,872
Pre-opening			—						670						750
Property charges and other (2)			—						—						(2,201)
Total stock-based compensation expense			62,254						40,372						35,040
Total stock-based compensation capitalized			2,212						350						11
Total stock-based compensation costs			$	64,466					$	40,722					$	35,051

(1) In 2020, reflects the reversal of $3.3 million of compensation cost previously recognized for awards forfeited in connection with the departure of an employee.

(2) In 2018, reflects the reversal of compensation cost previously recognized for awards forfeited in connection with the departure of an employee.

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