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Long-Term Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following (in thousands):
 
June 30,
2021		December 31,
2020
Macau Related:
Wynn Macau Credit Facilities (1):
Wynn Macau Term Loan, due 2022 (2)
$802,898 $1,268,106 
Wynn Macau Revolver, due 2022 (3)
457,290 407,443 
WML 4 7/8% Senior Notes, due 2024600,000 600,000 
WML 5 1/2% Senior Notes, due 20261,000,000 1,000,000 
WML 5 1/2% Senior Notes, due 2027750,000 750,000 
WML 5 5/8% Senior Notes, due 20281,350,000 1,350,000 
WML 5 1/8% Senior Notes, due 20291,000,000 1,000,000 
U.S. and Corporate Related:
WRF Credit Facilities (4):
WRF Term Loan, due 2024912,500 937,500 
WRF Revolver, due 2024— 716,000 
WLV 4 1/4% Senior Notes, due 2023500,000 500,000 
WLV 5 1/2% Senior Notes, due 20251,780,000 1,780,000 
WLV 5 1/4% Senior Notes, due 2027880,000 880,000 
WRF 7 3/4% Senior Notes, due 2025600,000 600,000 
WRF 5 1/8% Senior Notes, due 2029750,000 750,000 
Retail Term Loan, due 2025 (5)
615,000 615,000 
11,997,688 13,154,049 
Less: Unamortized debt issuance costs and original issue discounts and premium, net(76,775)(88,279)
11,920,913 13,065,770 
Less: Current portion of long-term debt(1,308,353)(596,408)
Total long-term debt, net of current portion$10,612,560 $12,469,362 
(1) The borrowings under the Wynn Macau Credit Facilities bear interest at LIBOR or HIBOR plus a margin of 1.50% to 2.25% per annum based on Wynn Resorts Macau S.A.’s leverage ratio.
(2) Approximately $454.4 million and $348.5 million of the Wynn Macau Term Loan bears interest at a rate of LIBOR plus 2.25% per year and HIBOR plus 2.25% per year, respectively. As of June 30, 2021, the weighted average interest rate was approximately 2.35%. In January 2021, the Company prepaid $412.5 million of the Wynn Macau Term Loan.
(3) Approximately $260.2 million and $197.1 million of the Wynn Macau Revolver bears interest at a rate of LIBOR plus 2.25% per year and HIBOR plus 2.25% per year, respectively. As of June 30, 2021, the weighted average interest rate was approximately 2.34%. As of June 30, 2021, the available borrowing capacity under the Wynn Macau Revolver was $293.2 million.
(4) The WRF Credit Facilities bear interest at a rate of LIBOR plus 1.75% per year. As of June 30, 2021, the weighted average interest rate was approximately 1.86%. Additionally, as of June 30, 2021, the available borrowing capacity under the WRF Revolver was $834.2 million, net of $15.8 million in outstanding letters of credit.
(5) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of June 30, 2021, the effective interest rate was 2.70%.

Wynn Macau Credit Facilities Refinancing Commitment

In August 2021, a subsidiary of WML received lender commitments for a senior unsecured revolving credit facility in an aggregate principal amount of up to $1.50 billion with a final maturity four years from inception. The Company expects to enter into the facility during the third quarter of 2021, and to use a portion of the net proceeds from borrowings under the new facility to facilitate the repayment of the outstanding $1.26 billion of borrowings under the existing Wynn Macau Credit Facilities at closing.
Debt Covenant Compliance

As of June 30, 2021, management believes the Company was in compliance with all debt covenants.

Fair Value of Long-Term Debt
The estimated fair value of the Company's long-term debt as of June 30, 2021 and December 31, 2020, was approximately $12.41 billion and $13.35 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $12.00 billion and $13.15 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).