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Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Summary of Operations by Segment

The following tables present the Company's segment information (in thousands):

			Three Months Ended March 31,
			2022						2021
Operating revenues
Macau Operations:
Wynn Palace
Casino			$	114,413					$	185,909
Rooms			13,831						17,012
Food and beverage			11,443						11,672
Entertainment, retail and other (1)			23,638						22,733
			163,325						237,326
Wynn Macau
Casino			102,430						138,927
Rooms			9,390						14,702
Food and beverage			8,386						7,433
Entertainment, retail and other (1)			14,894						18,589
			135,100						179,651
Total Macau Operations			298,425						416,977
Las Vegas Operations:
Casino			124,271						79,903
Rooms			131,466						39,761
Food and beverage			136,029						40,077
Entertainment, retail and other (1)			49,420						18,975
Total Las Vegas Operations			441,186						178,716
Encore Boston Harbor:
Casino			148,748						111,479
Rooms			15,689						4,715
Food and beverage			18,162						9,327
Entertainment, retail and other (1)			8,197						4,569
Total Encore Boston Harbor			190,796						130,090
Wynn Interactive:
Entertainment, retail and other			22,927						10,899
Total Wynn Interactive			22,927						10,899
Total operating revenues			$	953,334					$	736,682

			Three Months Ended March 31,
			2022						2021
Adjusted Property EBITDA (2)
Macau Operations:
Wynn Palace			$	(864)					$	27,369
Wynn Macau			(4,682)						16,556
Total Macau Operations			(5,546)						43,925
Las Vegas Operations			159,378						28,081
Encore Boston Harbor			55,250						30,363
Wynn Interactive			(31,501)						(43,469)
Total			177,581						58,900
Other operating expenses
Pre-opening			2,447						1,627
Depreciation and amortization			184,556						185,121
Property charges and other			45,720						5,617
Corporate expenses and other			25,823						17,921
Stock-based compensation			13,900						24,346
Total other operating expenses			272,446						234,632
Operating loss			(94,865)						(175,732)
Other non-operating income and expenses
Interest income			1,280						904
Interest expense, net of amounts capitalized			(152,158)						(152,852)
Change in derivatives fair value			7,400						4,409
Loss on extinguishment of debt			—						(1,322)
Other			(15,127)						(11,093)
Total other non-operating income and expenses			(158,605)						(159,954)
Loss before income taxes			(253,470)						(335,686)
Provision for income taxes			(1,140)						(493)
Net loss			(254,610)						(336,179)
Net loss attributable to noncontrolling interests			71,286						55,201
Net loss attributable to Wynn Resorts, Limited			$	(183,324)					$	(280,978)

(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. The Company uses Adjusted Property EBITDA to manage the operating results of its segments. 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. The Company also presents 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 pre-opening 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 the Company's 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 loss, 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. The Company has 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, the Company's calculation of Adjusted Property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

Summary of Assets by Segment

			March 31, 2022						December 31, 2021
Assets
Macau Operations:
Wynn Palace			$	3,053,611					$	3,122,424
Wynn Macau			894,110						1,032,521
Other Macau			1,096,243						1,173,913
Total Macau Operations			5,043,964						5,328,858
Las Vegas Operations			3,084,201						3,063,897
Encore Boston Harbor			2,147,869						2,193,117
Wynn Interactive			238,829						287,805
Corporate and other			1,664,447						1,657,149
Total			$	12,179,310					$	12,530,826

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- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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