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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Option Activity

The summary of stock option activity for the year ended December 31, 2023 is presented below:

			Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value
WRL Omnibus Plan
Outstanding as of January 1, 2023			56,269						$	61.14
Granted			—						$	—
Exercised			(32,284)						$	60.89
Forfeited or expired			—						$	—
Outstanding as of December 31, 2023			23,985						$	61.48					1.48						$	710,776
Fully vested and expected to vest as of December 31, 2023			23,985						$	61.48					1.48						$	710,776
Exercisable as of December 31, 2023			23,985						$	61.48					1.48						$	710,776
WML Share Option Plan
Outstanding as of January 1, 2023			33,003,400						$	1.68
Granted			5,017,000						$	0.76
Exercised			—						$	—
Forfeited or expired			(800,000)						$	3.18
Outstanding as of December 31, 2023			37,220,400						$	1.52					6.85						$	1,367,352
Fully vested and expected to vest as of December 31, 2023			37,220,400						$	1.52					6.85						$	1,367,352
Exercisable as of December 31, 2023			19,288,200						$	1.96					5.45						$	210,563
WIL Omnibus Plan
Outstanding as of January 1, 2023			79,883						$	878.27
Granted			—						$	—
Exercised			—						$	—
Forfeited or expired			(12,145)						$	489.23
Outstanding as of December 31, 2023			67,738						$	111.35					6.98						$	—
Fully vested and expected to vest as of December 31, 2023			67,738						$	111.35					6.98						$	—
Exercisable as of December 31, 2023			59,525						$	113.49					6.95						$	—

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

			Year Ended December 31,
			2023						2022						2021
WRL Omnibus Plan(1)
Weighted average grant date fair value			$	—					$	18.56					$	—
WML Share Option Plan(2)
Weighted average grant date fair value			$	0.25					$	0.26					$	0.26
Intrinsic value of stock options exercised			$	—					$	—					$	—
Cash received from the exercise of stock options			$	—					$	—					$	—
WIL Omnibus Plan(3)
Weighted average grant date fair value			$	—					$	35.36					$	159.51
Intrinsic value of stock options exercised			$	—					$	1,241					$	—

(1)As of December 31, 2023, there was no unamortized compensation expense related to stock options.

(2)As of December 31, 2023, there was $5.0 million of unamortized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 3.18 years.

(3)As of December 31, 2023, there was $1.6 million of unamortized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 0.97 years.

Valuation Assumptions

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

			Year Ended December 31,
			2023						2022						2021
Expected dividend yield			—		%				—		%				—		%
Expected volatility			—		%				56.9		%				—		%
Risk-free interest rate			—		%				2.7		%				—		%
Expected term (years)			—						1.8						—

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:

			Year Ended December 31,
			2023						2022						2021
Expected dividend yield			5.7		%				1.3		%				2.9		%
Expected volatility			53.8		%				45.7		%				46.4		%
Risk-free interest rate			3.6		%				3.2		%				1.1		%
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,
			2023						2022						2021
Expected dividend yield			—		%				—		%				—		%
Expected volatility			—		%				47.5		%				50.0		%
Risk-free interest rate			—		%				2.93		%				0.60		%
Expected term (years)			—						5.1						6.3

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, 2023 is presented below:

			Shares						Weighted Average Grant Date Fair Value
WRL Omnibus Plan
Nonvested as of January 1, 2023			838,471						$	93.18
Granted			727,522						$	94.13
Vested			(565,079)						$	88.24
Forfeited			(23,256)						$	89.31
Nonvested as of December 31, 2023			977,658						$	96.62
WML Share Award Plan
Nonvested as of January 1, 2023			20,318,446						$	0.97
Granted			6,908,870						$	1.08
Vested			(3,746,630)						$	1.44
Forfeited			(1,148,880)						$	1.07
Nonvested as of December 31, 2023			22,331,806						$	0.92
WIL Omnibus Plan
Nonvested as of January 1, 2023			10,886						$	37.20
Granted			—						$	—
Vested			(1,854)						$	37.07
Forfeited			(6,822)						$	37.31
Nonvested as of December 31, 2023			2,210						$	36.95

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):

			Year Ended December 31,
			2023						2022						2021
WRL Omnibus Plan
Weighted average grant date fair value			$	94.13					$	62.34					$	108.68
Fair value of shares vested			$	56,689					$	52,965					$	41,133
WML Share Award Plan
Weighted average grant date fair value			$	1.08					$	0.62					$	1.56
Fair value of shares vested			$	3,941					$	20,547					$	4,771

Schedule of Performance Shares Activity

The summary of PSU activity during the year ended December 31, 2023 is provided below:

			Units						Weighted Average Grant Date Fair Value
Nonvested as of January 1, 2023			—						$	—
Granted			24,910						$	121.70
Vested			—						$	—
Forfeited			—						$	—
Nonvested as of December 31, 2023			24,910						$	121.70

Share-Based Compensation Allocated Costs

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

			Year Ended December 31,
			2023						2022						2021
Casino			$	2,163					$	12,401					$	13,899
Rooms			800						1,252						1,525
Food and beverage			1,636						2,417						3,264
Entertainment, retail and other(1)			8,230						10,964						19,978
General and administrative			51,686						40,593						56,572
Total stock-based compensation expense			64,515						67,627						95,238
Total stock-based compensation capitalized			5,268						3,246						5,058
Total stock-based compensation costs			$	69,783					$	70,873					$	100,296

(1)In 2021, reflects compensation cost of $2.7 million recognized in connection with the vesting of restricted stock performance awards.

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