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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 September 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 October 26, 2020
Common stock, par value $0.01  107,870,602



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)

September 30,
2020
December 31,
2019
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$3,554,895 $2,351,904 
Accounts receivable, net of allowance for credit losses of $98,989 and $39,317
178,826 346,429 
Inventories73,627 88,519 
Prepaid expenses and other62,129 69,485 
Total current assets3,869,477 2,856,337 
Property and equipment, net9,313,066 9,623,832 
Restricted cash 4,849 6,388 
Intangible assets, net138,742 146,414 
Operating lease assets406,402 452,919 
Deferred income taxes, net 562,262 
Other assets234,580 223,129 
Total assets$13,967,116 $13,871,281 
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts and construction payables$146,427 $262,437 
Customer deposits886,073 824,269 
Gaming taxes payable21,842 168,043 
Accrued compensation and benefits112,239 180,140 
Accrued interest144,025 73,136 
Current portion of long-term debt226,618 323,876 
Other accrued liabilities151,476 150,983 
Total current liabilities1,688,700 1,982,884 
Long-term debt12,562,972 10,079,983 
Long-term operating lease liabilities 125,846 159,182 
Other long-term liabilities136,229 107,760 
Total liabilities14,513,747 12,329,809 
Commitments and contingencies (Note 14)
Stockholders' equity (deficit):
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; 123,443,352 and 122,837,930 shares issued; 107,872,298 and 107,363,943 shares outstanding, respectively
1,234 1,228 
Treasury stock, at cost; 15,571,054 and 15,473,987 shares, respectively
(1,420,535)(1,410,998)
Additional paid-in capital2,554,443 2,512,676 
Accumulated other comprehensive loss(898)(1,679)
Retained earnings (accumulated deficit)(1,262,947)641,818 
Total Wynn Resorts, Limited stockholders' equity (deficit)(128,703)1,743,045 
Noncontrolling interests(417,928)(201,573)
Total stockholders' equity (deficit)(546,631)1,541,472 
Total liabilities and stockholders' equity (deficit)$13,967,116 $13,871,281 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3

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WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Operating revenues:
Casino$201,872 $1,108,364 $782,074 $3,435,968 
Rooms61,144 205,876 231,240 595,953 
Food and beverage76,586 228,508 250,007 619,749 
Entertainment, retail and other30,850 105,014 146,545 305,970 
Total operating revenues370,452 1,647,762 1,409,866 4,957,640 
Operating expenses:
Casino160,861 722,692 734,689 2,197,750 
Rooms35,940 75,188 139,787 205,042 
Food and beverage76,536 196,661 314,335 527,502 
Entertainment, retail and other13,370 42,078 75,823 129,636 
General and administrative160,896 246,442 547,305 665,988 
Provision for credit losses11,588 4,036 60,548 13,039 
Pre-opening877 1,616 5,614 99,212 
Depreciation and amortization183,486 172,998 541,498 449,824 
Property charges and other9,905 8,216 43,701 17,920 
Total operating expenses653,459 1,469,927 2,463,300 4,305,913 
Operating income (loss)(283,007)177,835 (1,053,434)651,727 
Other income (expense):
Interest income2,033 6,427 13,969 19,979 
Interest expense, net of amounts capitalized(145,142)(114,652)(407,187)(300,981)
Change in derivatives fair value4,675 (2,101)(14,279)(6,914)
Loss on extinguishment of debt(3,139)(12,196)(4,601)(12,196)
Other412 (8,703)12,980 (3,346)
Other income (expense), net(141,161)(131,225)(399,118)(303,458)
Income (loss) before income taxes(424,168)46,610 (1,452,552)348,269 
Provision for income taxes(407,365)(19,727)(564,103)(19,421)
Net income (loss)(831,533)26,883 (2,016,655)328,848 
Less: net (income) loss attributable to noncontrolling interests73,391 (30,379)218,912 (132,921)
Net income (loss) attributable to Wynn Resorts, Limited$(758,142)$(3,496)$(1,797,743)$195,927 
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic$(7.10)$(0.03)$(16.85)$1.83 
Diluted$(7.10)$(0.03)$(16.85)$1.83 
Weighted average common shares outstanding:
Basic106,783 106,707 106,720 106,791 
Diluted106,783 106,707 106,720 107,024 
Dividends declared per common share$ $1.00 $ $2.75 

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 September 30,Nine Months Ended September 30,
 2020201920202019
Net income (loss)$(831,533)$26,883 $(2,016,655)$328,848 
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax14 (989)1,082 (1,039)
Total comprehensive income (loss)(831,519)25,894 (2,015,573)327,809 
Less: comprehensive (income) loss attributable to noncontrolling interests73,387 (30,104)218,611 (132,632)
Comprehensive income (loss) attributable to Wynn Resorts, Limited$(758,132)$(4,210)$(1,796,962)$195,177 

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 (DEFICIT)
(in thousands, except share data)
(unaudited)

For the Three Months Ended September 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 (deficit)
Noncontrolling
interests
Total
stockholders'
equity (deficit)
Balances, July 1, 2020107,869,865 $1,234 $(1,419,435)$2,543,718 $(908)$(505,090)$619,519 $(345,321)$274,198 
Net loss— — — — — (758,142)(758,142)(73,391)(831,533)
Currency translation adjustment— — — — 10 — 10 4 14 
Issuance of restricted stock182,087 2 — (3)— — (1)— (1)
Cancellation of restricted stock(164,633)(2)— 2 — — — —  
Shares repurchased by the Company and held as treasury shares(15,021)— (1,100)— — — (1,100) (1,100)
Cash dividends declared— — — — — 285 285 15 300 
Distribution to noncontrolling interest— — — — — — (998)(998)
Stock-based compensation— — — 10,726 — — 10,726 1,763 12,489 
Balances, September 30, 2020107,872,298 $1,234 $(1,420,535)$2,554,443 $(898)$(1,262,947)$(128,703)$(417,928)$(546,631)


For the Three Months Ended September 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, July 1, 2019107,610,356 $1,228 $(1,379,644)$2,498,316 $(1,986)$932,907 $2,050,821 $(199,882)$1,850,939 
Net income (loss)— — — — — (3,496)(3,496)30,379 26,883 
Currency translation adjustment— — — — (714)— (714)(275)(989)
Exercise of stock options36,000  — 2,151 — — 2,151 — 2,151 
Issuance of restricted stock27,276  — — — — — —  
Cancellation of restricted stock(27,809) — — — — — —  
Shares repurchased by the Company and held as treasury shares(283,321)— (30,073)— — — (30,073)— (30,073)
Cash dividends declared— — — — — (107,341)(107,341)(82,949)(190,290)
Distribution to noncontrolling interest— — — — — — — (998)(998)
Stock-based compensation— — — 7,403 — — 7,403 853 8,256 
Balances, September 30, 2019107,362,502 $1,228 $(1,409,717)$2,507,870 $(2,700)$822,070 $1,918,751 $(252,872)$1,665,879 

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





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Table of Contents

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

For the Nine Months Ended September 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 (deficit)
Noncontrolling
interests
Total
stockholders'
equity (deficit)
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— — — — — (1,797,743)(1,797,743)(218,912)(2,016,655)
Currency translation adjustment— — — — 781 — 781 301 1,082 
Issuance of restricted stock843,102 8 — 6,700 — — 6,708 818 7,526 
Cancellation of restricted stock(237,680)(2)— 2 — — — —  
Shares repurchased by the Company and held as treasury shares(97,067)— (9,537)— — — (9,537)141 (9,396)
Cash dividends declared— — — — — (107,022)(107,022)45 (106,977)
Distribution to noncontrolling interest— — — — — — — (1,996)(1,996)
Stock-based compensation— — — 35,065 — — 35,065 3,248 38,313 
Balances, September 30, 2020107,872,298 $1,234 $(1,420,535)$2,554,443 $(898)$(1,262,947)$(128,703)$(417,928)$(546,631)


For the Nine Months Ended September 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— — — — — 195,927 195,927 132,921 328,848 
Currency translation adjustment— — — — (750)— (750)(289)(1,039)
Exercise of stock options293,690 3 — 14,693 — — 14,696 — 14,696 
Issuance of restricted stock456,505 4 — 14,344 — — 14,348 785 15,133 
Cancellation of restricted stock(39,649) — — — — — —  
Shares repurchased by the Company and held as treasury shares(580,070)— (65,705)— — — (65,705)— (65,705)
Cash dividends declared— — — — — (295,642)(295,642)(165,849)(461,491)
Distribution to noncontrolling interest— — — — — — — (3,725)(3,725)
Stock-based compensation— — — 21,754 — — 21,754 2,619 24,373 
Balances, September 30, 2019107,362,502 $1,228 $(1,409,717)$2,507,870 $(2,700)$822,070 $1,918,751 $(252,872)$1,665,879 

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


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Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

 Nine Months Ended September 30,
 20202019
Cash flows from operating activities:
Net income (loss)$(2,016,655)$328,848 
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization541,498 449,824 
Deferred income taxes562,262 16,838 
Stock-based compensation expense40,501 30,444 
Amortization of debt issuance costs21,770 22,171 
Loss on extinguishment of debt4,601 12,196 
Provision for credit losses60,548 13,039 
Change in derivatives fair value14,279 6,914 
Property charges and other30,721 21,238 
Increase (decrease) in cash from changes in:
Receivables, net105,879 (23,046)
Inventories, prepaid expenses and other15,923 (17,380)
Customer deposits45,852 2,355 
Accounts payable and accrued expenses(208,258)(83,556)
Net cash (used in) provided by operating activities(781,079)779,885 
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention(261,093)(878,335)
Purchase of intangible and other assets (6,000)
Proceeds from sale of assets and other3,733 592 
Net cash used in investing activities(257,360)(883,743)
Cash flows from financing activities:
Proceeds from issuance of long-term debt3,919,377 2,549,072 
Repayments of long-term debt(1,540,609)(2,443,367)
Repurchase of common stock(9,537)(65,705)
Finance lease payment(2,194)(36)
Proceeds from exercise of stock options70 14,696 
Dividends paid(108,282)(460,139)
Distribution to noncontrolling interest(1,996)(3,725)
Payments for financing costs(20,350)(22,359)
Net cash provided by (used in) financing activities2,236,479 (431,563)
Effect of exchange rate on cash, cash equivalents and restricted cash3,412 (1,610)
Cash, cash equivalents and restricted cash:
Increase (decrease) in cash, cash equivalents and restricted cash1,201,452 (537,031)
Balance, beginning of period2,358,292 2,219,323 
Balance, end of period$3,559,744 $1,682,292 
Supplemental cash flow disclosures:
Cash paid for interest, net of amounts capitalized$313,696 $265,873 
Liability settled with shares of common stock $6,720 $15,134 
Accounts and construction payables related to property and equipment $85,585 $202,375 
Other liabilities related to intangible assets$12,880 $13,463 
Finance lease liabilities arising from obtaining finance lease assets$42,432 $1,413 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 
Note 1 - Organization

Organization

Wynn Resorts, Limited, a Nevada corporation (together with its subsidiaries, "Wynn Resorts" or the "Company") is a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming.

In the Macau Special Administrative Region of the People's Republic of China ("Macau"), the Company owns approximately 72% of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas. Additionally, the Company is a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas and the Retail Joint Venture as its Las Vegas Operations. On June 23, 2019, the Company opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts, that is owned 100% by the Company.

In October 2020, Wynn Interactive, Ltd. ("Wynn Interactive") was formed through the merger of Wynn Resorts' digital gaming businesses and Wynn's strategic partner, BetBull Limited ("BetBull"). The merger was effected through a series of transactions which resulted in the Company contributing to BetBull its interests in WSI US, LLC and Wynn Social Gaming, LLC, which operate Wynn's existing U.S. online sports betting and gaming business and social casino business, respectively. Following the merger, Wynn Resorts holds an approximately 71% interest in Wynn Interactive, which Wynn Resorts will consolidate.

Recent Developments Related to COVID-19

As previously disclosed, in January 2020, an outbreak of a new strain of coronavirus, COVID-19 ("COVID-19"), was identified. Since then, COVID-19 has spread around the world, and steps have been taken by various countries, including those in which the Company operates, to advise citizens to avoid non-essential travel, to restrict inbound international travel, to implement closures of non-essential operations, and to implement quarantines and lockdowns to contain the spread of the virus. Currently, no fully effective treatments or vaccines have been developed, and there can be no assurance as to if or when an effective treatment or vaccine will be discovered.

Macau Operations

In response to the COVID-19 pandemic, the Macau government announced on February 4, 2020 the closure of all casino operations in Macau, including those at Wynn Palace and Wynn Macau, for a period of 15 days. On February 20, 2020, casino operations at Wynn Palace and Wynn Macau reopened on a reduced basis and have since been fully restored; however, certain COVID-19 specific protective measures, such as traveler quarantines and requirements for negative COVID-19 tests before entering Macau, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, COVID-19 negative test results requirements for entry to gaming areas, and health declarations remain in effect at the present time.

Visitation to Macau has fallen significantly since the outbreak of COVID-19, driven by the pandemic's strong deterrent effect on travel and social activities, the suspension in late January 2020 of the Chinese government's visa and group tour schemes that allow mainland Chinese residents to travel to Macau, quarantine and testing measures in Macau and elsewhere, travel and entry requirements, restrictions, and bans in Macau, Hong Kong, Taiwan, and certain cities and regions in mainland China, and the suspension of ferry services to Macau from Hong Kong and mainland China and other modes of transportation within Macau. Regionally, bans on entry or enhanced quarantine requirements, depending on the person’s residency and their recent travel history, for any Macau residents, PRC citizens, Hong Kong residents and Taiwan residents attempting to enter Macau are drastically impacting visitation. Persons who are not residents of the Greater China area are barred from entry to Macau at this time, and quarantine requirements for those traveling between Hong Kong and Macau have been announced to remain effective until at least December 31, 2020, at which time they may be lifted.

While most of the foregoing travel restrictions and quarantine requirements continue to weigh on visitation to Macau, beginning in June 2020 certain of these restrictions have eased as certain regions gradually recover from the COVID-19 pandemic. In July 2020, Guangdong Province, a Chinese province adjacent to Macau, eased certain quarantine requirements for
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Table of Contents
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
those traveling between Guangdong Province and Macau, subject to certain testing requirements and health declarations. On September 23, 2020, mainland China authorities fully resumed the Individual Visit Scheme exit visa program, which, prior to its suspension by the PRC government due to COVID-19 travel restrictions, permitted individual PRC citizens from nearly 50 PRC cities to travel to Macau for tourism purposes. Stringent health declarations, testing and other procedures remain in place, and all visitors seeking entry to Macau need to test negative for COVID-19 before entering Macau.

Las Vegas Operations and Encore Boston Harbor

Wynn Las Vegas closed on March 17, 2020, and reopened on June 4, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. Beginning October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to currently reduced customer demand levels.

Encore Boston Harbor closed on March 15, 2020, and reopened on July 10, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, and mask protection. In addition, certain food and beverage outlets remain closed and hotel reservations were limited to Thursday through Sunday through the third quarter of 2020. On November 2, 2020, the Governor of Massachusetts issued a directive limiting the operating hours of certain businesses, including restaurants and casinos, effective November 6, 2020. Encore Boston Harbor has modified its hours of operation as a result of this directive. The Company is currently unable to determine when these measures will be lifted.

Summary

The COVID-19 pandemic has had and will continue to have an adverse effect on the Company's results of operations. The Company is currently unable to determine when protective measures in effect at our Macau Operations, Las Vegas Operations, and Encore Boston Harbor will be lifted. Given the uncertainty around the extent and timing of the potential future spread or mitigation of COVID-19 and around the imposition or relaxation of protective measures, management cannot reasonably estimate the impact to the Company's future results of operations, cash flows, or financial condition.

As of September 30, 2020, the Company had total cash and cash equivalents, excluding restricted cash, of $3.55 billion, and had access to $15.9 million of available borrowing capacity from the WRF Revolving Facility. In addition, the Company has suspended its dividend program and has postponed major project capital expenditures. Given the Company's liquidity position at September 30, 2020 and the steps the Company has taken as further described in Note 6, "Long-Term Debt," the Company believes it is able to support continuing operations and respond to the current COVID-19 pandemic challenges.

Note 2 -    Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three and nine months ended September 30, 2020 are not necessarily indicative of results to be expected for the full fiscal year. These Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. 

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 15, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated.
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WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Accounts Receivable

Accounts receivable, including casino and hotel receivables, are typically non-interest bearing and are recorded at amortized cost. Casino receivables primarily consist of credit issued to patrons in the form of markers and advances paid to gaming promoters. The Company issues credit based on factors such as level of play and financial resources, following background and credit checks. The casino credit extended by the Company is generally unsecured and due on demand. Gaming promoter advances are settled shortly after each month end.

An estimated allowance for credit losses is maintained to reduce the Company's receivables to their carrying amount, which reflects the net amount the Company expects to collect. The allowance estimate reflects specific review of customer accounts and outstanding gaming promoter accounts with a balance over a specified dollar amount, based upon the age of the account, the customer's financial condition as well as management's experience with historical and current collection trends, current economic and business conditions, and management's expectations of future economic and business conditions and forecasts. Accounts are written off when management deems them to be uncollectible. Recoveries of accounts previously written off are recorded when received.

Gaming Taxes

The Company is subject to taxes based on gross gaming revenues in the jurisdictions in which it operates, subject to applicable jurisdictional adjustments. These gaming taxes are recorded as casino expenses in the accompanying Condensed Consolidated Statements of Operations. These taxes totaled $66.1 million and $543.9 million for the three months ended September 30, 2020 and 2019, respectively, and $332.5 million and $1.69 billion for the nine months ended September 30, 2020 and 2019, respectively.

Recently Adopted Accounting Standards

Financial Instruments - Credit Losses

The FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) in 2016. The new guidance replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans and other financial instruments, the Company is required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The Company adopted the guidance effective January 1, 2020, and this adoption did not have a material effect on its Condensed Consolidated Financial Statements.

Cloud Computing Arrangement Implementation Costs

In August 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU is intended to eliminate potential diversity in practice in accounting for costs incurred to implement cloud computing arrangements that are service contracts by requiring customers in such arrangements to follow internal-use software guidance with respect to such costs, with any resulting deferred implementation costs recognized over the term of the contract in the same income statement line item as the fees associated with the hosting element of the arrangement. The Company adopted the guidance effective January 1, 2020, and this adoption did not have a material effect on its Condensed Consolidated Financial Statements.

Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The new guidance amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures on fair value measurements in ASC 820. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the guidance effective January 1, 2020, and this adoption did not have a material effect on its Condensed Consolidated Financial Statements.
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Table of Contents
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

Note 3 -    Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):
September 30,
2020
December 31,
2019
Cash and cash equivalents:
   Cash (1)
$2,518,812 $1,265,502 
   Cash equivalents (2)
1,036,083 1,086,402 
     Total cash and cash equivalents 3,554,895 2,351,904 
Restricted cash (3)
4,849 6,388 
Total cash, cash equivalents and restricted cash $3,559,744 $2,358,292 
(1) Cash consists of cash on hand and bank deposits.
(2) Cash equivalents consist of bank time deposits and money market funds.
(3) Restricted cash consists of cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan.

Note 4 -    Receivables, net

Accounts Receivable and Credit Risk

Receivables, net consisted of the following (in thousands):
September 30,
2020
December 31,
2019
Casino$210,763 $304,137 
Hotel7,145 22,114 
Other59,907 59,495 
277,815 385,746 
Less: allowance for credit losses(98,989)(39,317)
$178,826 $346,429 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of casino receivables. As of September 30, 2020 and December 31, 2019, approximately 79.3% and 79.0%, respectively, of the Company's markers were due from customers residing outside the United States, primarily in Asia. Business or economic conditions or other significant events in the countries in which our customers reside could affect the collectability of such receivables. The Company believes the concentration of its credit risk in casino receivables is mitigated substantially by its credit investigation process, credit policies and collection procedures.

The Company’s allowance for casino credit losses was 45.8% and