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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                 
Commission File No. 000-50028
 WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
Nevada46-0484987
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3131 Las Vegas Boulevard South - Las Vegas, Nevada 89109
(Address of principal executive offices) (Zip Code)
(702) 770-7555
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01WYNNNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
ClassOutstanding at July 27, 2020
Common stock, par value $0.01  107,847,969



Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES
FORM 10-Q
INDEX
 
Part I.Financial Information
Part II.Other Information

2

Table of Contents

Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

June 30,
2020
December 31,
2019
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$3,797,740  $2,351,904  
Accounts receivable, net of allowance for credit losses of $88,319 and $39,317
296,318  346,429  
Inventories84,779  88,519  
Prepaid expenses and other57,544  69,485  
Total current assets4,236,381  2,856,337  
Property and equipment, net9,415,313  9,623,832  
Restricted cash 4,847  6,388  
Intangible assets, net141,299  146,414  
Operating lease assets440,075  452,919  
Deferred income taxes, net406,947  562,262  
Other assets240,813  223,129  
Total assets$14,885,675  $13,871,281  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts and construction payables$215,832  $262,437  
Customer deposits954,074  824,269  
Gaming taxes payable7,484  168,043  
Accrued compensation and benefits157,911  180,140  
Accrued interest82,655  73,136  
Current portion of long-term debt298,050  323,876  
Other accrued liabilities153,845  150,983  
Total current liabilities1,869,851  1,982,884  
Long-term debt12,477,183  10,079,983  
Long-term operating lease liabilities 154,392  159,182  
Other long-term liabilities110,051  107,760  
Total liabilities14,611,477  12,329,809  
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding
    
Common stock, par value $0.01; 400,000,000 shares authorized; 123,425,898 and 122,837,930 shares issued; 107,869,865 and 107,363,943 shares outstanding, respectively
1,234  1,228  
Treasury stock, at cost; 15,556,033 and 15,473,987 shares, respectively
(1,419,435) (1,410,998) 
Additional paid-in capital2,543,718  2,512,676  
Accumulated other comprehensive loss(908) (1,679) 
Retained earnings (accumulated deficit)(505,090) 641,818  
Total Wynn Resorts, Limited stockholders' equity619,519  1,743,045  
Noncontrolling interests(345,321) (201,573) 
Total stockholders' equity274,198  1,541,472  
Total liabilities and stockholders' equity$14,885,675  $13,871,281  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)

 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Operating revenues:
Casino$9,413  $1,142,503  $580,202  $2,327,604  
Rooms17,415  198,807  170,096  390,077  
Food and beverage24,007  218,022  173,421  391,241  
Entertainment, retail and other34,863  99,000  115,695  200,956  
Total operating revenues85,698  1,658,332  1,039,414  3,309,878  
Operating expenses:
Casino131,138  724,987  573,828  1,475,058  
Rooms30,367  66,148  103,847  129,854  
Food and beverage61,889  182,080  237,799  330,841  
Entertainment, retail and other16,873  43,514  62,453  87,558  
General and administrative152,081  202,224  386,409  419,546  
Provision for credit losses28,347  3,581  48,960  9,003  
Pre-opening2,186  69,883  4,737  97,596  
Depreciation and amortization179,266  140,269  358,012  276,826  
Property charges and other6,567  6,930  33,796  9,704  
Total operating expenses608,714  1,439,616  1,809,841  2,835,986  
Operating income (loss)(523,016) 218,716  (770,427) 473,892  
Other income (expense):
Interest income3,983  6,265  11,936  13,552  
Interest expense, net of amounts capitalized(133,218) (93,149) (262,045) (186,329) 
Change in derivatives fair value(3,294) (3,304) (18,954) (4,813) 
Loss on extinguishment of debt(619)   (1,462)   
Other2,233  11,715  12,568  5,357  
Other income (expense), net(130,915) (78,473) (257,957) (172,233) 
Income (loss) before income taxes(653,931) 140,243  (1,028,384) 301,659  
(Provision) benefit for income taxes(80,938) 1,991  (156,738) 306  
Net income (loss)(734,869) 142,234  (1,185,122) 301,965  
Less: net (income) loss attributable to noncontrolling interests97,305  (47,683) 145,521  (102,542) 
Net income (loss) attributable to Wynn Resorts, Limited$(637,564) $94,551  $(1,039,601) $199,423  
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic$(5.97) $0.88  $(9.74) $1.87  
Diluted$(5.97) $0.88  $(9.74) $1.86  
Weighted average common shares outstanding:
Basic106,713  106,876  106,688  106,834  
Diluted106,713  107,141  106,688  107,089  
Dividends declared per common share$  $1.00  $1.00  $1.75  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Net income (loss)$(734,869) $142,234  $(1,185,122) $301,965  
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax53  838  1,068  (50) 
Total comprehensive income (loss)(734,816) 143,072  (1,184,054) 301,915  
Less: comprehensive (income) loss attributable to noncontrolling interests97,291  (47,450) 145,224  (102,556) 
Comprehensive income (loss) attributable to Wynn Resorts, Limited$(637,525) $95,622  $(1,038,830) $199,359  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands, except share data)
(unaudited)

For the Three Months Ended June 30, 2020
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained earnings (accumulated deficit)Total Wynn Resorts, Ltd.
stockholders'
equity
Noncontrolling
interests
Total
stockholders'
equity
Balances, April 1, 2020107,884,163  $1,234  $(1,416,525) $2,526,062  $(947) $132,266  $1,242,090  $(249,610) $992,480  
Net loss—  —  —  —  —  (637,564) (637,564) (97,305) (734,869) 
Currency translation adjustment—  —  —  —  39  —  39  14  53  
Issuance of restricted stock40,270    —  617  —  —  617  189  806  
Cancellation of restricted stock(17,477)   —  —  —  —  —  —    
Shares repurchased by the Company and held as treasury shares(37,091) —  (2,910) —  —  —  (2,910) 141  (2,769) 
Cash dividends declared—  —  —  —  —  208  208  16  224  
Stock-based compensation—  —  —  17,039  —  —  17,039  1,234  18,273  
Balances, June 30, 2020107,869,865  $1,234  $(1,419,435) $2,543,718  $(908) $(505,090) $619,519  $(345,321) $274,198  


For the Three Months Ended June 30, 2019
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained earnings Total Wynn Resorts, Ltd.
stockholders'
equity
Noncontrolling
interests
Total
stockholders'
equity
Balances, April 1, 2019107,660,449  $1,226  $(1,349,413) $2,483,026  $(2,591) $945,972  $2,078,220  $(162,977) $1,915,243  
Net income—  —  —  —  —  94,551  94,551  47,683  142,234  
Currency translation adjustment—  —  —  —  605  —  605  233  838  
Exercise of stock options180,000  2  —  8,479  —  —  8,481  —  8,481  
Issuance of restricted stock32,633    —  —  —  —  —  —    
Cancellation of restricted stock(10,795)   —  —  —  —  —  —    
Shares repurchased by the Company and held as treasury shares(251,931) —  (30,231) —  —  —  (30,231) —  (30,231) 
Cash dividends declared—  —  —  —  —  (107,616) (107,616) (82,917) (190,533) 
Distribution to noncontrolling interest—  —  —  —  —  —  —  (2,727) (2,727) 
Stock-based compensation—  —  —  6,811  —  —  6,811  823  7,634  
Balances, June 30, 2019107,610,356  $1,228  $(1,379,644) $2,498,316  $(1,986) $932,907  $2,050,821  $(199,882) $1,850,939  

The accompanying notes are an integral part of these condensed consolidated financial statements.






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WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued)
(in thousands, except share data)
(unaudited)

For the Six Months Ended June 30, 2020
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained earnings (accumulated deficit)Total Wynn Resorts, Ltd.
stockholders'
equity
Noncontrolling
interests
Total
stockholders'
equity
Balances, January 1, 2020107,363,943  $1,228  $(1,410,998) $2,512,676  $(1,679) $641,818  $1,743,045  $(201,573) $1,541,472  
Net loss—  —  —  —  —  (1,039,601) (1,039,601) (145,521) (1,185,122) 
Currency translation adjustment—  —  —  —  771  —  771  297  1,068  
Issuance of restricted stock661,015  6  —  6,703  —  —  6,709  818  7,527  
Cancellation of restricted stock(73,047)   —  —  —  —  —  —    
Shares repurchased by the Company and held as treasury shares(82,046) —  (8,437) —  —  —  (8,437) 141  (8,296) 
Cash dividends declared—  —  —  —  —  (107,307) (107,307) 30  (107,277) 
Distribution to noncontrolling interest—  —  —  —  —  —  —  (998) (998) 
Stock-based compensation—  —  —  24,339  —  —  24,339  1,485  25,824  
Balances, June 30, 2020107,869,865  $1,234  $(1,419,435) $2,543,718  $(908) $(505,090) $619,519  $(345,321) $274,198  


For the Six Months Ended June 30, 2019
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained earnings Total Wynn Resorts, Ltd.
stockholders'
equity
Noncontrolling
interests
Total
stockholders'
equity
Balances, January 1, 2019107,232,026  $1,221  $(1,344,012) $2,457,079  $(1,950) $921,785  $2,034,123  $(219,334) $1,814,789  
Net income—  —  —  —  —  199,423  199,423  102,542  301,965  
Currency translation adjustment—  —