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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Summary of Operations by Segment | The following tables present the Company's segment information (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Operating revenues |  |  |  |  |  |  |
Macau Operations: |  |  |  |  |  |  |
Wynn Palace |  |  |  |  |  |  |
Casino | $ | 212,067 |  |  | $ | (11,428) |  |  | $ | 397,976 |  |  | $ | 196,148 |
Rooms | 20,883 |  |  | 2,431 |  |  | 37,895 |  |  | 22,141 |
Food and beverage | 13,805 |  |  | 4,231 |  |  | 25,477 |  |  | 17,529 |
Entertainment, retail and other (1) | 23,616 |  |  | 13,484 |  |  | 46,349 |  |  | 32,413 |
| 270,371 |  |  | 8,718 |  |  | 507,697 |  |  | 268,231 |
Wynn Macau |  |  |  |  |  |  |
Casino | 142,419 |  |  | (3,524) |  |  | 281,346 |  |  | 186,604 |
Rooms | 13,427 |  |  | 2,631 |  |  | 28,129 |  |  | 18,542 |
Food and beverage | 8,559 |  |  | 3,684 |  |  | 15,992 |  |  | 13,215 |
Entertainment, retail and other (1) | 19,623 |  |  | 9,097 |  |  | 38,212 |  |  | 23,016 |
| 184,028 |  |  | 11,888 |  |  | 363,679 |  |  | 241,377 |
Total Macau Operations | 454,399 |  |  | 20,606 |  |  | 871,376 |  |  | 509,608 |
Las Vegas Operations: |  |  |  |  |  |  |
Casino | 112,775 |  |  | 24,365 |  |  | 192,678 |  |  | 95,660 |
Rooms | 93,785 |  |  | 12,353 |  |  | 133,546 |  |  | 118,458 |
Food and beverage | 112,858 |  |  | 16,092 |  |  | 152,935 |  |  | 122,071 |
Entertainment, retail and other (1) | 35,648 |  |  | 12,076 |  |  | 54,623 |  |  | 52,521 |
Total Las Vegas Operations | 355,066 |  |  | 64,886 |  |  | 533,782 |  |  | 388,710 |
Encore Boston Harbor: |  |  |  |  |  |  |
Casino | 135,485 |  |  | — |  |  | 246,964 |  |  | 101,790 |
Rooms | 9,670 |  |  | — |  |  | 14,385 |  |  | 10,955 |
Food and beverage | 13,920 |  |  | — |  |  | 23,247 |  |  | 20,606 |
Entertainment, retail and other (1) | 6,166 |  |  | 206 |  |  | 10,735 |  |  | 7,745 |
Total Encore Boston Harbor | 165,241 |  |  | 206 |  |  | 295,331 |  |  | 141,096 |
Corporate and other: |  |  |  |  |  |  |
Entertainment, retail and other | 15,407 |  |  | — |  |  | 26,306 |  |  | — |
Total Corporate and other | 15,407 |  |  | — |  |  | 26,306 |  |  | — |
Total operating revenues | $ | 990,113 |  |  | $ | 85,698 |  |  | $ | 1,726,795 |  |  | $ | 1,039,414 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Adjusted Property EBITDA (2) |  |  |  |  |  |  |
Macau Operations: |  |  |  |  |  |  |
Wynn Palace | $ | 53,555 |  |  | $ | (110,908) |  |  | $ | 80,924 |  |  | $ | (100,732) |
Wynn Macau | 14,086 |  |  | (82,646) |  |  | 30,642 |  |  | (63,438) |
Total Macau Operations | 67,641 |  |  | (193,554) |  |  | 111,566 |  |  | (164,170) |
Las Vegas Operations (3) | 133,222 |  |  | (75,564) |  |  | 161,303 |  |  | (97,641) |
Encore Boston Harbor (4) | 46,916 |  |  | (53,779) |  |  | 77,279 |  |  | (66,415) |
Corporate and other | (40,899) |  |  | — |  |  | (84,368) |  |  | — |
Total | 206,880 |  |  | (322,897) |  |  | 265,780 |  |  | (328,226) |
Other operating expenses |  |  |  |  |  |  |
Pre-opening | 2,495 |  |  | 2,186 |  |  | 4,122 |  |  | 4,737 |
Depreciation and amortization | 183,307 |  |  | 179,266 |  |  | 368,428 |  |  | 358,012 |
Property charges and other | 5,651 |  |  | 6,567 |  |  | 11,268 |  |  | 33,796 |
Corporate expenses and other (5) | 19,841 |  |  | (8,984) |  |  | 37,762 |  |  | 15,208 |
Stock-based compensation | 25,107 |  |  | 21,084 |  |  | 49,453 |  |  | 30,448 |
Total other operating expenses | 236,401 |  |  | 200,119 |  |  | 471,033 |  |  | 442,201 |
Operating loss | (29,521) |  |  | (523,016) |  |  | (205,253) |  |  | (770,427) |
Other non-operating income and expenses |  |  |  |  |  |  |
Interest income | 720 |  |  | 3,983 |  |  | 1,624 |  |  | 11,936 |
Interest expense, net of amounts capitalized | (150,424) |  |  | (133,218) |  |  | (303,276) |  |  | (262,045) |
Change in derivatives fair value | 972 |  |  | (3,294) |  |  | 5,381 |  |  | (18,954) |
Loss on extinguishment of debt | — |  |  | (619) |  |  | (1,322) |  |  | (1,462) |
Other | 5,553 |  |  | 2,233 |  |  | (5,540) |  |  | 12,568 |
Total other non-operating income and expenses | (143,179) |  |  | (130,915) |  |  | (303,133) |  |  | (257,957) |
Loss before income taxes | (172,700) |  |  | (653,931) |  |  | (508,386) |  |  | (1,028,384) |
Provision for income taxes | (697) |  |  | (80,938) |  |  | (1,190) |  |  | (156,738) |
Net loss | (173,397) |  |  | (734,869) |  |  | (509,576) |  |  | (1,185,122) |
Net loss attributable to noncontrolling interests | 42,028 |  |  | 97,305 |  |  | 97,229 |  |  | 145,521 |
Net loss attributable to Wynn Resorts, Limited | $ | (131,369) |  |  | $ | (637,564) |  |  | $ | (412,347) |  |  | $ | (1,039,601) |
(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 14, "Leases". (2) "Adjusted Property EBITDA" is net 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, meeting and convention, 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, excluded $56.4 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 its U.S. employees for the period from April 1 through May 15, 2020. (4) For the three months ended June 30, 2020, excluded $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 its U.S. employees for the period from April 1 through May 15, 2020. (5) For the three and six months ended June 30, 2020, included $27.7 million net gain recorded in relation to a derivative litigation settlement.
Summary of Assets by Segment |
| June 30, 2021 |  | December 31, 2020
Assets |  |  |
Macau Operations: |  |  |
Wynn Palace | $ | 3,255,389 |  |  | $ | 3,393,790 |
Wynn Macau | 1,013,148 |  |  | 1,202,709 |
Other Macau | 1,475,563 |  |  | 2,026,098 |
Total Macau Operations | 5,744,100 |  |  | 6,622,597 |
Las Vegas Operations | 3,017,361 |  |  | 2,992,870 |
Encore Boston Harbor | 2,257,729 |  |  | 2,300,016 |
Corporate and other | 2,003,475 |  |  | 1,954,064 |
Total | $ | 13,022,665 |  |  | $ | 13,869,547 |

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