0001174922-23-000105 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-50028
Entity Registrant Name	WYNN RESORTS, LIMITED
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	46-0484987
Entity Address, Address Line One	3131 Las Vegas Boulevard South
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89109
City Area Code	702
Local Phone Number	770-7555
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	WYNN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		113,797,866
Amendment Flag	false
Entity Central Index Key	0001174922
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,843,528	$ 3,650,440
Restricted cash	5,655	4,819
Accounts receivable, net of allowance for credit losses of $57,136 and $78,842	227,332	216,033
Inventories	69,182	70,094
Prepaid expenses and other	107,583	88,201
Total current assets	4,253,280	4,029,587
Property and equipment, net	6,826,026	6,896,060
Restricted cash	89,784	127,731
Goodwill and intangible assets, net	451,739	245,253
Operating lease assets	1,849,556	1,853,164
Other assets	253,636	263,305
Total assets	13,724,021	13,415,100
Current liabilities:
Accounts and construction payables	183,183	197,474
Customer deposits	490,848	506,148
Gaming taxes payable	118,335	44,967
Accrued compensation and benefits	126,171	187,160
Accrued interest	128,553	135,630
Current portion of long-term debt	143,162	547,543
Other accrued liabilities	180,663	192,501
Total current liabilities	1,370,915	1,811,423
Long-term debt	12,106,970	11,569,316
Long-term operating lease liabilities	1,627,518	1,615,157
Other long-term liabilities	234,988	59,569
Total liabilities	15,340,391	15,055,465
Commitments and contingencies (Note 16)
Stockholders' deficit:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding	0	0
Common stock, par value $0.01; 400,000,000 shares authorized; 132,801,971 and 132,256,185 shares issued; 113,808,044 and 113,369,439 shares outstanding, respectively	1,328	1,323
Treasury stock, at cost; 18,993,927 and 18,886,746 shares, respectively	(1,634,706)	(1,623,872)
Additional paid-in capital	3,604,945	3,583,923
Accumulated other comprehensive income (loss)	10,475	(404)
Accumulated deficit	(2,699,476)	(2,711,808)
Total Wynn Resorts, Limited stockholders' deficit	(717,434)	(750,838)
Noncontrolling interests	(898,936)	(889,527)
Total stockholders' deficit	(1,616,370)	(1,640,365)
Total liabilities and stockholders' deficit	$ 13,724,021	$ 13,415,100

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 57,136	$ 78,842
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	40,000,000	40,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	132,801,971	132,256,185
Common stock, outstanding (in shares)	113,808,044	113,369,439
Treasury stock, shares	18,993,927	18,886,746

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating revenues:
Total operating revenues	$ 1,423,679	$ 953,334
Operating expenses:
General and administrative	259,772	196,780
Provision for credit losses	(544)	342
Pre-opening	4,478	2,447
Depreciation and amortization	168,812	184,556
Property charges and other	2,458	45,720
Total operating expenses	1,254,164	1,048,199
Operating income (loss)	169,515	(94,865)
Other income (expense):
Interest income	40,193	1,280
Interest expense, net of amounts capitalized	(187,740)	(152,158)
Change in derivatives fair value	23,046	7,400
Loss on debt financing transactions	(12,236)	0
Other	(30,614)	(15,127)
Other income (expense), net	(167,351)	(158,605)
Income (loss) before income taxes	2,164	(253,470)
Provision for income taxes	(1,018)	(1,140)
Net income (loss)	1,146	(254,610)
Less: net loss attributable to noncontrolling interests	11,186	71,286
Net income (loss) attributable to Wynn Resorts, Limited	$ 12,332	$ (183,324)
Net income (loss) attributable to Wynn Resorts, Limited:
Basic (in usd per share)	$ 0.11	$ (1.59)
Diluted (in usd per share)	$ (0.02)	$ (1.59)
Weighted average common shares outstanding:
Basic (in shares)	112,753	115,030
Diluted (in shares)	113,116	115,030
Casino
Operating revenues:
Total operating revenues	$ 766,992	$ 489,862
Operating expenses:
Cost of goods and services sold	473,385	324,079
Rooms
Operating revenues:
Total operating revenues	272,529	170,376
Operating expenses:
Cost of goods and services sold	72,702	58,715
Food and beverage
Operating revenues:
Total operating revenues	232,611	174,020
Operating expenses:
Cost of goods and services sold	180,619	146,656
Entertainment, retail and other
Operating revenues:
Total operating revenues	151,547	119,076
Operating expenses:
Cost of goods and services sold	$ 92,482	$ 88,904

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,146	$ (254,610)
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax	15,163	4,597
Total comprehensive income (loss)	16,309	(250,013)
Less: comprehensive loss attributable to noncontrolling interests	6,902	69,986
Comprehensive income (loss) attributable to Wynn Resorts, Limited	$ 23,211	$ (180,027)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Condensed Consolidated Statement of Stockholders' Deficit (unaudited) - USD ($) $ in Thousands	Total	Total Wynn Resorts, Ltd. stockholders' deficit	Common stock	Treasury stock	Additional paid-in capital	Accumulated other comprehensive income	Accumulated deficit	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2021			115,714,943
Beginning balance at Dec. 31, 2021	$ (836,215)	$ (214,418)	$ 1,314	$ (1,436,373)	$ 3,502,715	$ 6,004	$ (2,288,078)	$ (621,797)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(254,610)	(183,324)					(183,324)	(71,286)
Currency translation adjustment	4,597	3,297				3,297		1,300
Issuance of restricted stock (in shares)			419,198
Issuance of restricted stock	9,288	9,288	$ 5		9,283
Cancellation of restricted stock (in shares)			(79,095)
Cancellation of restricted stock	0	0	$ (1)		1
Shares repurchased by the Company and held as treasury shares (in shares)			(137,085)
Shares repurchased by the Company and held as treasury shares	(11,667)	(11,667)		(11,667)
Distribution to noncontrolling interest	(9,279)							(9,279)
Contribution from noncontrolling interest	50,033	48,559			48,559			1,474
Stock-based compensation	14,594	11,225			11,108		117	3,369
Ending balance (in shares) at Mar. 31, 2022			115,917,961
Ending balance at Mar. 31, 2022	(1,033,259)	(337,040)	$ 1,318	(1,448,040)	3,571,666	9,301	(2,471,285)	(696,219)
Beginning balance (in shares) at Dec. 31, 2022			113,369,439
Beginning balance at Dec. 31, 2022	(1,640,365)	(750,838)	$ 1,323	(1,623,872)	3,583,923	(404)	(2,711,808)	(889,527)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,146	12,332					12,332	(11,186)
Currency translation adjustment	15,163	10,879				10,879		4,284
Issuance of restricted stock (in shares)			520,773
Issuance of restricted stock	6,639	6,639	$ 5		6,634
Cancellation of restricted stock (in shares)			(6,380)
Cancellation of restricted stock	0	0	$ 0		0
Shares repurchased by the Company and held as treasury shares (in shares)			(107,181)
Shares repurchased by the Company and held as treasury shares	(10,834)	(10,834)		(10,834)
Distribution to noncontrolling interest	(4,502)							(4,502)
Transactions with subsidiary minority shareholders (in shares)			6,109
Transactions with subsidiary minority shareholders	$ 0	(754)			(754)			754
Stock-based compensation (in shares)	25,284
Stock-based compensation	$ 16,383	15,142			15,142			1,241
Ending balance (in shares) at Mar. 31, 2023			113,808,044
Ending balance at Mar. 31, 2023	$ (1,616,370)	$ (717,434)	$ 1,328	$ (1,634,706)	$ 3,604,945	$ 10,475	$ (2,699,476)	$ (898,936)

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 1,146	$ (254,610)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	168,812	184,556
Deferred income taxes	(162)	415
Stock-based compensation expense	14,710	13,900
Amortization of debt issuance costs	8,763	7,203
Loss on debt financing transactions	12,236	0
Provision for credit losses	(544)	342
Change in derivatives fair value	(23,046)	(7,400)
Property charges and other	33,072	60,847
Increase (decrease) in cash from changes in:
Receivables, net	(11,048)	11,868
Inventories, prepaid expenses and other	(7,288)	(4,284)
Customer deposits	(13,316)	(11,435)
Accounts payable and accrued expenses	(13,844)	(118,787)
Net cash provided by (used in) operating activities	169,491	(117,385)
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention	(124,466)	(96,343)
Purchase of intangible and other assets	(7,741)	(901)
Proceeds from sale of assets and other	257	29
Net cash used in investing activities	(131,950)	(97,215)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,200,000	0
Repayments of long-term debt	(1,018,973)	(12,500)
Repurchase of common stock	(10,834)	(11,667)
Proceeds from sale of noncontrolling interest in subsidiary	0	50,033
Distribution to noncontrolling interest	(4,502)	(9,279)
Dividends paid	(175)	(1,163)
Finance lease payments	(5,410)	(4,443)
Payments for financing costs	(31,330)	(109)
Other	(7,773)	0
Net cash provided by financing activities	121,003	10,872
Effect of exchange rate on cash, cash equivalents and restricted cash	(2,567)	(925)
Cash, cash equivalents and restricted cash:
Increase (decrease) in cash, cash equivalents and restricted cash	155,977	(204,653)
Balance, beginning of period	3,782,990	2,531,067
Balance, end of period	$ 3,938,967	$ 2,326,414

Organization	3 Months Ended
Organization	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	OrganizationWynn 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 ("Macau") of the People's Republic of China ("PRC"), 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, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations. In Everett, Massachusetts, the Company operates Encore Boston Harbor, an integrated resort. The Company also holds an approximately 97% interest in, and consolidates, Wynn Interactive Ltd. ("Wynn Interactive"), through which it operates online sports betting, gaming, and social casino businesses.

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	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 months ended March 31, 2023 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2023. 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, 2022. 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 17, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for credit losses, estimates regarding the useful lives and recoverability of long-lived and intangible assets, valuations of derivatives, and litigation and contingency estimates. 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 $310.4 million and $176.9 million for the three months ended March 31, 2023 and 2022, respectively. Recently Issued Accounting Standards The Company’s management has evaluated the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.

Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Cash and cash equivalents:
Cash (1)	$	1,275,360	$	1,699,583
Cash equivalents (2)	2,568,168		1,950,857
Total cash and cash equivalents	3,843,528		3,650,440
Restricted cash (3)	95,439		132,550
Total cash, cash equivalents and restricted cash	$	3,938,967	$	3,782,990
(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 subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan, and as of March 31, 2023 and December 31, 2022 includes $86.6 million and $124.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Resorts (Macau) S.A.'s legal and contractual obligations through the term of the Gaming Concession Contract (as defined in Note 6, "Goodwill and Intangible Assets, net").

The following table presents the supplemental cash flow disclosures of the Company (in thousands):


	Three Months Ended March 31,
	2023		2022
Cash paid for interest, net of amounts capitalized	$	181,667	$	133,637
Liability settled with shares of common stock	$	6,639	$	9,287
Accounts and construction payables related to property and equipment	$	42,911	$	49,996
Other liabilities related to intangible assets (1)	$	203,926	$	5,501
Financing costs included in accounts payable and other liabilities	$	1,804	$	—
Finance lease liabilities arising from obtaining finance lease assets	$	400	$	1,119

(1) For the three months ended March 31, 2023, includes $199.6 million related to the Macau gaming premium in connection with the Gaming Concession Contract. See Note 6, "Goodwill and Intangible Assets, net" for further information.

Receivables, net

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Receivables, net

Accounts Receivable and Credit Risk

Receivables, net consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Casino	$	151,781	$	171,893
Hotel	38,514		35,654
Other	94,173		87,328
	284,468		294,875
Less: allowance for credit losses	(57,136)		(78,842)
	$	227,332	$	216,033

As of March 31, 2023 and December 31, 2022, approximately 63.2% and 57.6%, 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 the Company's customers reside could affect the collectability of such receivables.

The Company’s allowance for casino credit losses was 35.2% and 43.2% of gross casino receivables as of March 31, 2023 and December 31, 2022, respectively. Although the Company believes that its allowance is adequate, it is possible the estimated amounts of cash collections with respect to receivables could change. The Company’s allowance for credit losses from its hotel and other receivables is not material.

The following table shows the movement in the Company's allowance for credit losses recognized for receivables that occurred during the periods presented (in thousands):


	March 31,
	2023		2022
Balance at beginning of year	$	78,842	$	111,319
Provision for credit losses	(544)		342
Write-offs	(22,220)		(11,720)
Recoveries of receivables previously written off	1,294		378
Effect of exchange rate	(236)		(218)
Balance at end of period	$	57,136	$	100,101

Property and Equipment, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Buildings and improvements	$	8,332,529	$	8,363,427
Land and improvements	1,231,484		1,195,717
Furniture, fixtures and equipment	3,176,160		3,165,659
Airplanes	110,623		110,623
Construction in progress	141,924		112,034
	12,992,720		12,947,460
Less: accumulated depreciation	(6,166,694)		(6,051,400)
	$	6,826,026	$	6,896,060

As of March 31, 2023 and December 31, 2022, construction in progress consisted primarily of costs capitalized for various capital enhancements at the Company's properties.

Depreciation expense for the three months ended March 31, 2023 and 2022 was $154.1 million and $176.3 million, respectively.

Goodwill and Intangible Assets, net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

The following table shows the movement in the Company's goodwill and intangible assets balances that occurred during the periods presented (in thousands):


	March 31, 2023		December 31, 2022
Finite-lived intangible assets:
Macau gaming concession	$	208,296	$	48,304
Less: accumulated amortization	(5,207)		(48,304)
	203,089		—

Massachusetts gaming license	117,700		117,700
Less: accumulated amortization	(29,600)		(27,638)
	88,100		90,062

Other finite-lived intangible assets	72,802		65,194
Less: accumulated amortization	(11,169)		(8,920)
	61,633		56,274

Total finite-lived intangible assets	352,822		146,336

Indefinite-lived intangible assets:
Water rights and other	8,397		8,397
Total indefinite-lived intangible assets	8,397		8,397

Goodwill:
Balance at beginning of year	90,520		129,738
Foreign currency translation	—		(1,457)
Impairment	—		(37,761)
Balance at end of period	90,520		90,520

Total goodwill and intangible assets, net	$	451,739	$	245,253

Macau Gaming Concession

In December 2022, Wynn Resorts (Macau) S.A. ("Wynn Macau SA"), an indirect subsidiary of Wynn Resorts, Limited, entered into a definitive gaming concession contract (the "Gaming Concession Contract") with the Macau government, pursuant to which Wynn Macau SA was granted a 10-year gaming concession commencing on January 1, 2023 and expiring on December 31, 2032, to operate games of chance at Wynn Palace and Wynn Macau. Under the terms of the Gaming Concession Contract, Wynn Macau SA is required to pay the Macau government an annual gaming premium consisting of a fixed and a variable portion. The fixed portion of the premium is composed of an annual amount equal to MOP30.0 million (approximately $3.7 million). The variable portion is composed of an annual amount equal to MOP300,000 (approximately $37 thousand) per gaming table located in special gaming halls reserved exclusively to particular games or players, MOP150,000 (approximately $19 thousand) per gaming table that is not reserved exclusively to particular games or players, and MOP1,000 (approximately $124) per gaming machine, including slot machines, operated by Wynn Macau SA.

In December 2022, in accordance with the requirements of the Macau Gaming Law, Wynn Macau SA and Palo Real Estate Company Limited ("Palo"), a subsidiary of Wynn Macau SA, entered into agreements (collectively, the "Property Transfer Agreements") with the Macau government, pursuant to which Wynn Macau SA and Palo transferred the casino areas and gaming equipment of the Company's Macau Operations to the Macau government without compensation on December 31, 2022, and the Macau government agreed to transfer such casino areas and gaming equipment back to Wynn Macau SA as of January 1, 2023, for its use in the operation of games of chance at Wynn Macau and Wynn Palace as permitted under the Gaming Concession Contract through December 31, 2032. As the Company expects to continue to operate the casino areas and gaming equipment at its Macau Operations in the same manner as under the previous concession, obtain substantially all of the economic benefits, and bear all of the risks arising from the use of these assets, the Company will continue to recognize the casino areas and gaming equipment as property and equipment over their remaining estimated useful lives. In exchange for the use of such assets, Wynn Macau SA has agreed to make annual payments to the Macau government of MOP53.1 million (approximately $6.6 million) during each of the years ending December 31, 2023, 2024, and 2025, and an annual payment of MOP177.0 million (approximately $21.9 million) during each of the remaining years of the term of the Gaming Concession Contract through December 31, 2032, subject to adjustment in each year based on the average price index in Macau. Pursuant to the Gaming Concession Contract, Wynn Macau SA will revert to the Macau government the casino areas and gaming equipment, without compensation and free of encumbrance upon the rescission or termination of the gaming concession on December 31, 2032.

On January 1, 2023, the Company recognized an intangible asset and financial liability of MOP1.68 billion (approximately $208.3 million), representing the right to operate games of chance at Wynn Palace and Wynn Macau and the unconditional obligation to make payments under the Gaming Concession Contract. This intangible asset comprises the contractually obligated annual payments of fixed and variable premiums, as well as fees associated with the above-described Property Transfer Agreements. The contractually obligated annual variable premium payments associated with the intangible asset was determined using the total number of gaming tables and gaming machines that Wynn Macau SA is currently approved to operate by the Macau government. In the accompanying condensed consolidated balance sheets, the noncurrent portion of the financial liability is included in "Other long-term liabilities" and the current portion is included in "Other accrued liabilities." The intangible asset is being amortized on a straight-line basis over the 10-year term of the Gaming Concession Contract. The Company expects that amortization of the Macau Gaming Concession will be $15.6 million in the nine months ending December 31, 2023, and $20.8 million each year from 2024 to 2032.

Wynn Interactive Goodwill

During the three months ended March 31, 2022, as a result of changes in forecasts and other industry-specific factors, the Company identified interim indicators of impairment related to the goodwill assigned to the reporting units comprising Wynn Interactive. After revisiting the estimated fair value of those reporting units based on a combination of the income and market approaches, the Company recognized impairment of $30.3 million, which is recorded in Property charges and other in the accompanying Condensed Consolidated Statements of Operations.

Long-Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Macau Related:
WM Cayman II Revolver, due 2025 (1)	$	1,492,495	$	1,500,473
WML 4 7/8% Senior Notes, due 2024	600,000		600,000
WML 5 1/2% Senior Notes, due 2026	1,000,000		1,000,000
WML 5 1/2% Senior Notes, due 2027	750,000		750,000
WML 5 5/8% Senior Notes, due 2028	1,350,000		1,350,000
WML 5 1/8% Senior Notes, due 2029	1,000,000		1,000,000
WML 4 1/2% Convertible Bonds, due 2029 (2)	600,000		—

U.S. and Corporate Related:
WRF Credit Facilities (3):
WRF Term Loan, due 2024	825,000		837,500
WLV 4 1/4% Senior Notes, due 2023	—		500,000
WLV 5 1/2% Senior Notes, due 2025	1,780,000		1,780,000
WLV 5 1/4% Senior Notes, due 2027	880,000		880,000
WRF 7 3/4% Senior Notes, due 2025	93,527		600,000
WRF 5 1/8% Senior Notes, due 2029	750,000		750,000
WRF 7 1/8% Senior Notes, due 2031	600,000		—
Retail Term Loan, due 2025 (4)	615,000		615,000
	12,336,022		12,162,973
WML Convertible Bond Conversion Option Derivative	98,582		—
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(184,472)		(46,114)
	12,250,132		12,116,859
Less: Current portion of long-term debt	(143,162)		(547,543)
Total long-term debt, net of current portion	$	12,106,970	$	11,569,316

(1) The borrowings under the WM Cayman II Revolver bear interest at LIBOR or HIBOR plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis, subject to a floor on the interest rate margin of 2.625% per annum through June 30, 2023. Approximately $312.5 million and $1.18 billion of the WM Cayman II Revolver bears interest at a rate of LIBOR plus 2.875% per year and HIBOR plus 2.875% per year, respectively. As of March 31, 2023, the weighted average interest rate was approximately 6.39%. As of March 31, 2023, the WM Cayman II Revolver was fully drawn.

(2) As of March 31, 2023, the net carrying amount of the WML Convertible Bonds was $466.4 million, with unamortized debt discount and debt issuance costs of $133.6 million.

(3) The WRF Credit Facilities bear interest at a rate of LIBOR plus 1.75% per year. As of March 31, 2023, the weighted average interest rate was approximately 6.60%. Additionally, as of March 31, 2023, the available borrowing capacity under the WRF Revolver was $837.0 million, net of $13.0 million in outstanding letters of credit.

(4) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of March 31, 2023, the interest rate was 5.45%.

WML 4 1/2% Convertible Bonds, due 2029

On March 7, 2023, WML completed an offering (the "Offering") of $600 million 4.50% convertible bonds due 2029 (the "WML Convertible Bonds"). The WML Convertible Bonds are constituted by a trust deed dated March 7, 2023 (the "Trust Deed"), between WML and DB Trustees (Hong Kong) Limited, as trustee. WML, DB Trustees (Hong Kong) Limited, as trustee, and Deutsche Bank Trust Company Americas entered into an agency agreement, appointing Deutsche Bank Trust Company Americas as the principal paying agent, principal conversion agent, transfer agent and registrar in relation to the WML Convertible Bonds. The net proceeds from the Offering, after deduction of commissions and other related expenses, were $585.9 million. WML intends to use the net proceeds for general corporate purposes.

The WML Convertible Bonds bear interest on their outstanding principal amount from and including March 7, 2023 at the rate of 4.50% per annum, payable semi-annually in arrears on March 7 and September 7 of each year. At any time on or after

April 17, 2023, the WML Convertible Bonds are convertible at the option of the holder thereof into fully paid ordinary shares of WML, each with a nominal value of HK$0.001 per share ("Ordinary Shares"), at the initial conversion price of approximately HK$10.24 (equivalent to approximately $1.30) per share, subject to and upon compliance with the terms and conditions of the WML Convertible Bonds (the "Terms and Conditions," and such right, the "Conversion Right"). The conversion price is at the fixed exchange rate of HK$7.8497 per $1.00, subject to standard adjustments for certain dilutive events as described in the Terms and Conditions. WML has the option upon conversion by a bondholder to pay an amount of cash equivalent described in the Terms and Conditions in order to satisfy such Conversion Right in whole or in part.

Holders of the WML Convertible Bonds have the option to require WML to redeem all or some only of such holder’s WML Convertible Bonds (i) on March 7, 2027 at their principal amount together with interest accrued but unpaid to, but excluding, the date fixed for redemption; or (ii) on the Relevant Event Redemption Date (as defined in the Terms and Conditions) at their principal amount together with interest accrued but unpaid to, but excluding, such date, following the occurrence of (a) when the Ordinary Shares cease to be listed or admitted to trading or are suspended from trading for a period equal to or exceeding 10 consecutive trading days on the Stock Exchange of Hong Kong Limited, or if applicable, the alternative stock exchange, (b) when there is a Change of Control (as defined in the Terms and Conditions), or (c) when less than 25% of WML’s total number of issued Ordinary Shares are held by the public (as interpreted under Rule 8.24 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited).

The WML Convertible Bonds may also be redeemed at the option of WML under certain circumstances specified in the Terms and Conditions, in whole, but not in part, at any time after March 7, 2027, but prior to March 7, 2029, upon giving notice to the bondholders in accordance with the Terms and Conditions. The WML Convertible Bonds constitute direct, unsubordinated, unconditional and, subject to the Terms and Conditions, unsecured obligations of WML and rank pari passu and without any preference or priority among themselves. The Ordinary Shares to be issued upon exercise of Conversion Right will be fully-paid and will in all respects rank pari passu with the fully-paid Ordinary Shares in issue on the relevant registration date set forth in the Terms and Conditions.

The Trust Deed contains covenants limiting WML's and all of its subsidiaries' ability to, among other things, create, permit to subsist or arise or have outstanding any mortgage, charge, pledge, lien or other encumbrance or certain security interest; consolidate or merge with or into another company; and sell, assign, transfer, convey or otherwise dispose of all or substantially all of its and its subsidiaries’ properties or assets, with certain exceptions. The Trust Deed also contains customary events of default.

The Company determined that the conversion feature contained within the WML Convertible Bonds is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative (the "WML Convertible Bond Conversion Option Derivative"). In accordance with applicable accounting standards, the WML Convertible Bond Conversion Option Derivative will be recorded at fair value each reporting period, with changes recognized in the statement of operations. For more information, see "Note 8 - WML Convertible Bond Conversion Option Derivative." As a result, the Company recognized a debt discount of $123.5 million within Long-term debt, representing the estimated fair value of the holders' conversion option upon completion of the Offering. The debt discount will be amortized to interest expense over the term of the WML Convertible Bonds using the effective interest method. As of March 31, 2023, the estimated fair value of the WML Convertible Bond Conversion Option Derivative was a liability of $98.6 million, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheet.

WRF Senior Notes

On February 16, 2023, Wynn Resorts Finance, LLC ("WRF") and its subsidiary Wynn Resorts Capital Corp. (together with WRF, the "WRF Issuers"), each an indirect wholly owned subsidiary of the Company, issued $600.0 million aggregate principal amount of 7 1/8% Senior Notes due 2031 (the "2031 WRF Senior Notes") pursuant to an indenture among the WRF Issuers, the guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee, in a private offering. The 2031 WRF Senior Notes were issued at par, for proceeds of $596.2 million, net of $3.8 million of related fees and expenses. Also on February 16, 2023, the WRF Issuers completed a cash tender offer for any and all of the outstanding principal amount of the 7 3/4% Senior Notes due 2025 (the "2025 WRF Senior Notes") and accepted for purchase valid tenders with respect to $506.4 million principal amount and paid a tender premium of $12.4 million to the holders of such tendered 2025 WRF Senior Notes. The Company used a portion of the net proceeds from the issuance of the 2031 WRF Senior Notes to purchase such tendered 2025 WRF Senior Notes and to pay the tender premium and related fees and expenses. In connection with the issuance of the 2031 WRF Senior Notes and purchase of the tendered 2025 WRF Senior Notes, we recognized a loss on debt financing

transactions of $8.4 million within the accompanying Condensed Consolidated Statement of Operations, and we recorded debt issuance costs of $11.4 million within the accompanying Condensed Consolidated Balance Sheet.

In April 2023, WRF repurchased all of the outstanding 2025 WRF Senior Notes using the remaining net proceeds from the issuance of the 2031 WRF Senior Notes and cash held by WRF, at a price equal to 101.938% of the principal amount plus accrued interest under the terms of its indenture.

WLV 4 1/4% Senior Notes, due 2023

In March 2023, the Company repurchased all of its outstanding Wynn Las Vegas 4 1/4% Senior Notes due 2023, representing an aggregate principal amount of $500.0 million, using cash held by WRF, at a price equal to 100% of the principal amount plus accrued interest under the terms of its indenture. The Company recognized a loss on early extinguishment of debt of $1.0 million.

Debt Covenant Compliance

As of March 31, 2023, 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 March 31, 2023 and December 31, 2022, was approximately $11.67 billion and $11.23 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $12.34 billion and $12.16 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).

WML Convertible Bond Conversion Option Derivative

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

WML Convertible Bond Conversion Option Derivative

An embedded derivative is a feature contained within a contract that affects some or all of the cash flows or the value of other exchanges required by the contract in a manner similar to a derivative instrument. Embedded derivatives are required to be bifurcated and accounted for separately from the host contract and carried at fair value when: (a) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; and (b) a separate, freestanding instrument with the same terms would qualify as a derivative instrument. The Company determined that the conversion feature contained within the WML Convertible Bonds is not indexed to WML's equity and, as such, is required to be bifurcated from the debt host contract and accounted for as a free-standing derivative. In accordance with applicable accounting standards, the WML Convertible Bond Conversion Option Derivative will be recorded at fair value each reporting period, with changes recognized in the statement of operations.

The Company used a binomial lattice model in order to estimate the fair value of the embedded derivative in the WML Convertible Bonds. Inherent in a binomial options pricing model are unobservable (Level 3) inputs and assumptions related to expected share-price volatility, risk-free interest rate, expected term, and dividend yield. The Company estimates the volatility of shares of WML common stock based on historical volatility that matches the expected remaining term to maturity of the WML Convertible Bonds. The risk-free interest rate is based on the Hong Kong and United States benchmark yield curves on the valuation date for a maturity similar to the expected remaining term of the WML Convertible Bonds. The expected life of the WML Convertible Bonds is assumed to be equivalent to their remaining term to maturity. The dividend yield is based on the historical WML dividend rate over the last several years.

The following table sets forth the inputs to the lattice models that were used to value the embedded derivatives:


	March 31, 2023			March 2, 2023 (Pricing date)
WML stock price	HK$	7.74		HK$	8.08
Estimated volatility	25.2		%	26.0		%
Risk-free interest rate	3.5		%	4.2		%
Expected term (years)	5.9			6.0
Dividend yield	0.0		%	0.0		%

In connection with the completion of the Offering on March 7, 2023, the Company recognized a debt discount and a corresponding liability for the embedded derivative, based on an estimated fair value of $123.5 million. The debt discount will be amortized to interest expense over the term of the WML Convertible Bonds using the effective interest method. As of March 31, 2023, the estimated fair value of the embedded derivative was a liability of $98.6 million, recorded within Long-term debt within the accompanying Condensed Consolidated Balance Sheet. In connection with the change in fair value, the Company recorded a $24.9 million gain within Change in derivatives fair value in the accompanying Condensed Consolidated Statement of Operations for the three months ended March 31, 2023.

Stockholders' Deficit	3 Months Ended
Stockholders' Deficit	Mar. 31, 2023
Equity [Abstract]
Stockholders' Deficit	Stockholders' Deficit Dividends On May 9, 2023, the Company announced a cash dividend of $0.25 per share, payable on June 6, 2023 to stockholders of record as of May 23, 2023. Noncontrolling Interests Retail Joint Venture During the three months ended March 31, 2023 and 2022, the Retail Joint Venture made aggregate distributions of approximately $4.5 million and $9.3 million, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 17, "Retail Joint Venture." During the three months ended March 31, 2022, in exchange for cash consideration of $50.0 million, the Company sold to Crown Acquisitions Inc. ("Crown") a 49.9% interest in certain additional retail space contributed by the Company to the Retail Joint Venture. In connection with this transaction, the Company recorded $48.6 million of additional paid-in capital and $1.5 million of noncontrolling interest, within Contribution from noncontrolling interest in the accompanying Condensed Consolidated Statement of Stockholders' Deficit for the three months ended March 31, 2022. WML Securities Lending Agreement In connection with the WML Convertible Bonds Offering, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximately 72% ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") on March 2, 2023 (as amended on March 30, 2023, the "Securities Lending Agreement"), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending Agreement. WM Cayman I may, at its sole discretion, terminate any stock loan by giving the WML Stock Borrower no less than five business days' notice. The Securities Lending Agreement terminates on the date on which the WML Convertible Bonds have been redeemed, or converted in full, whichever is the earlier. On March 6, 2023, the WML Stock Borrower borrowed 459,774,985 ordinary shares of WML under the Securities Lending Agreement and on April 3, 2023 returned 280,000,000 of such shares to WM Cayman I. As of the date of this report, the WML Stock Borrower held 179,774,985 WML shares under the Securities Lending Agreement.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present assets and liabilities carried at fair value (in thousands):


			Fair Value Measurements Using:
	March 31, 2023		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	2,568,168	$	496,277	$	2,071,891	$	—
Restricted cash	$	95,439	$	7,745	$	87,694	$	—
Interest rate collar	$	8,555	$	—	$	8,555	$	—

Liabilities:
WML Convertible Bond Conversion Option Derivative (see Note 8)	$	98,582	$	—	$	—	$	98,582

			Fair Value Measurements Using:
	December 31, 2022		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	1,950,857	$	490,683	$	1,460,174	$	—
Restricted cash	$	132,550	$	6,891	$	125,659	$	—
Interest rate collar	$	10,408	$	—	$	10,408	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Customer Contract Liabilities

3 Months Ended

Mar. 31, 2023

Revenue Recognition [Abstract]

Customer Contract Liabilties

Customer Contract Liabilities

In providing goods and services to its customers, there is often a timing difference between the Company receiving cash and the Company recording revenue for providing services or holding events.

The Company's primary liabilities associated with customer contracts are as follows (in thousands):


	March 31, 2023		December 31, 2022		Increase / (decrease)		March 31, 2022		December 31, 2021		Increase / (decrease)
Casino outstanding chips and front money deposits (1)	$	376,911	$	390,531	$	(13,620)	$	335,426	$	352,830	$	(17,404)
Advance room deposits and ticket sales (2)	80,419		85,019		(4,600)		60,150		55,438		4,712
Other gaming-related liabilities (3)	33,452		31,265		2,187		25,745		26,515		(770)
Loyalty program and related liabilities (4)	37,524		35,083		2,441		37,355		34,695		2,660
	$	528,306	$	541,898	$	(13,592)	$	458,676	$	469,478	$	(10,802)

(1) Casino outstanding chips generally represent amounts owed to gaming promoters and customers for chips in their possession, and casino front money deposits represent funds deposited by customers before gaming play occurs. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and may be recognized as revenue or redeemed for cash in the future.

(2) Advance room deposits and ticket sales represent cash received in advance for goods or services to be provided in the future. These amounts are included in customer deposits on the Condensed Consolidated Balance Sheets and will be recognized as revenue when the goods or services are provided or the events are held. Decreases in this balance generally represent the recognition of revenue and increases in the balance represent additional deposits made by customers. The deposits are expected to primarily be recognized as revenue within one year.

(3) Other gaming-related liabilities generally represent unpaid wagers primarily in the form of unredeemed slot, race and sportsbook tickets or wagers for future sporting events. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.

(4) Loyalty program and related liabilities represent the deferral of revenue until the loyalty points or other complimentaries are redeemed. The amounts are included in other accrued liabilities on the Condensed Consolidated Balance Sheets and are expected to be recognized as revenue within one year of being earned by customers.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

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


	Three Months Ended March 31,
	2023		2022
Casino	$	477	$	2,255
Rooms	206		187
Food and beverage	409		362
Entertainment, retail and other	2,633		3,895
General and administrative	10,985		7,201
Total stock-based compensation expense	14,710		13,900
Total stock-based compensation capitalized	766		679
Total stock-based compensation costs	$	15,476	$	14,579

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded an income tax expense of $1.0 million and $1.1 million for the three months ended March 31, 2023 and 2022, respectively. Income tax expense in 2023 primarily relates to U.S. operating profits. Income tax expense in 2022 primarily related to the Macau dividend tax agreement that provides for an annual payment as complementary tax otherwise due by stockholders of WRM.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareBasic earnings per share ("EPS") is computed by dividing net income (loss) attributable to Wynn Resorts by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) attributable to Wynn Resorts, adjusted for the potential dilutive impact assuming that the conversion of the WML Convertible Bonds occurred as of the date of their issuance under the if-converted method, by the weighted average number of common shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potential dilutive securities had been issued, to the extent such impact is not anti-dilutive. Potentially dilutive securities include outstanding stock options and unvested restricted stock.

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted EPS consisted of the following (in thousands, except per share amounts):


	Three Months Ended March 31,
	2023		2022
Numerator:
Net income (loss) attributable to Wynn Resorts, Limited - basic	$	12,332	$	(183,324)
Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:
Assumed conversion of WML Convertible Bonds	(14,566)		—
Net loss attributable to Wynn Resorts, Limited - diluted	$	(2,234)	$	(183,324)

Denominator:
Weighted average common shares outstanding	112,753		115,030
Potential dilutive effect of stock options, nonvested, and performance nonvested shares	363		—
Weighted average common and common equivalent shares outstanding	113,116		115,030

Net income (loss) attributable to Wynn Resorts, Limited per common share, basic	$	0.11	$	(1.59)
Net loss attributable to Wynn Resorts, Limited per common share, diluted	$	(0.02)	$	(1.59)

Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share	38		825

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Lessor Arrangements

The following table presents the minimum and contingent operating lease income for the periods presented (in thousands):


	Three Months Ended March 31,
	2023		2022
Minimum rental income	$	33,838	$	24,601
Contingent rental income	28,764		20,623
Total rental income	$	62,602	$	45,224

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation In addition to the actions noted below, the Company and its affiliates are involved in litigation arising in the normal course of business. In the opinion of management, such litigation is not expected to have a material effect on the Company's financial condition, results of operations, and cash flows. Macau Litigation Related to Dore Wynn Macau SA has been named as a defendant in lawsuits filed in the Macau Court of First Instance by individuals who claim to be investors in, or persons with credit in accounts maintained by, Dore Entertainment Company Limited ("Dore"), an independent, Macau registered and licensed company that operated a gaming promoter business at Wynn Macau. In connection with the alleged theft, embezzlement, fraud and/or other crime(s) perpetrated by a former employee of Dore (the “Dore Incident”), the plaintiffs of the lawsuits allege that Dore failed to honor withdrawal of funds deposited with Dore as investments or gaming deposits that allegedly resulted in certain losses for these individuals. The principal allegations common to the lawsuits are that Wynn Macau SA, as a gaming concessionaire, should be held responsible for Dore’s conduct on the basis that Wynn Macau SA is responsible for the supervision of Dore’s activities at Wynn Macau that resulted in the purported losses. The Company believes these cases are without merit and unfounded and intends to vigorously defend against the remaining claims pleaded against Wynn Macau SA in these lawsuits. The Company has made estimates for potential litigation costs based upon its assessment of the likely outcome and has recorded provisions for such amounts in the accompanying condensed consolidated financial statements. No assurances can be provided as to the outcome of the pending Dore cases, and actual results may differ from these estimates. Securities Class Action On February 20, 2018, a putative securities class action was filed against the Company and certain current and former officers of the Company in the United States District Court, Southern District of New York (which was subsequently transferred to the United States District Court, District of Nevada) by John V. Ferris and Joann M. Ferris on behalf of all persons who purchased the Company's common stock between February 28, 2014 and January 25, 2018. The complaint alleges, among other things, certain violations of federal securities laws and seeks to recover unspecified damages as well as attorneys' fees, costs and related expenses for the plaintiffs. On April 15, 2019, the Company filed a motion to dismiss, which the court granted on May 27, 2020, with leave to amend. On July 1, 2020, the plaintiffs filed an amended complaint. On August 14, 2020, the Company filed a motion to dismiss the amended complaint. On July 28, 2021, the court granted in part, and denied in part, the Company's motion to dismiss the amended complaint, dismissing certain of plaintiffs' claims, including all claims against current CEO Craig Billings and the individual directors, and allowing other claims to proceed against the Company and several of the Company's former executive officers, including Matt. Maddox, Stephen A. Wynn, Kimmarie Sinatra, and Steven Cootey. On March 2, 2023, the court granted the plaintiffs' motion for class certification and appointed lead counsel. The parties are now proceeding with discovery. The defendants in this action intend to vigorously defend against the claims pleaded against them and believe that the claims are without merit. This action is in the preliminary stages and the Company has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of these actions or reasonably estimate the range of possible loss, if any. Federal Investigation From time to time, the Company receives regulatory inquiries about compliance with anti-money laundering laws. The Company received requests for information from the U.S. Attorney’s Office for the Southern District of California relating to its anti-money laundering policies and procedures, and beginning in 2020 received several grand jury subpoenas regarding various transactions at Wynn Las Vegas relating to certain patrons and agents who reside or operate in foreign jurisdictions. The Company continues to cooperate with the U.S. Attorney's Office in its investigation, which remains ongoing. Because no charges or claims have been brought, the Company is unable to predict the outcome of the investigation, the extent of the materiality of the outcome, or reasonably estimate the possible range of loss, if any, which could be associated with the resolution of any possible charges or claims that may be brought against the Company.

Retail Joint Venture	3 Months Ended
Retail Joint Venture	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Retail Joint Venture	Retail Joint VentureAs of March 31, 2023 and December 31, 2022, the Retail Joint Venture had total assets of $102.2 million and $102.9 million, respectively, and total liabilities of $621.6 million and $620.9 million, respectively. As of March 31, 2023 and December 31, 2022, the Retail Joint Venture's liabilities included long-term debt of $613.6 million and $613.5 million, respectively, net of debt issuance costs, related to the outstanding borrowings under the Retail Term Loan.

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

Segment InformationThe Company has identified its reportable segments based on factors such as geography, regulatory environment, the information reviewed by its chief operating decision maker, and the Company's organizational and management reporting structure.

The Company has identified the following reportable segments: (i) Wynn Macau, representing the aggregate of Wynn Macau and Encore, an expansion at Wynn Macau, which are managed as a single integrated resort; (ii) Wynn Palace; (iii) Las Vegas Operations, representing the aggregate of Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture, which are managed as a single integrated resort; (iv) Encore Boston Harbor; and (v) Wynn Interactive. For geographical reporting purposes, Wynn Macau, Wynn Palace, and Other Macau (which represents the assets of the Company's Macau holding company and other ancillary entities) have been aggregated into Macau Operations.

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


	Three Months Ended March 31,
	2023		2022
Operating revenues
Macau Operations:
Wynn Palace
Casino	$	270,687	$	114,413
Rooms	46,910		13,831
Food and beverage	23,553		11,443
Entertainment, retail and other (1)	28,213		23,638
	369,363		163,325
Wynn Macau
Casino	176,383		102,430
Rooms	21,971		9,390
Food and beverage	14,302		8,386
Entertainment, retail and other (1)	18,070		14,894
	230,726		135,100
Total Macau Operations	600,089		298,425

Las Vegas Operations:
Casino	154,530		124,271
Rooms	185,109		131,466
Food and beverage	172,483		136,029
Entertainment, retail and other (1)	74,642		49,420
Total Las Vegas Operations	586,764		441,186

Encore Boston Harbor:
Casino	165,392		148,748
Rooms	18,539		15,689
Food and beverage	22,273		18,162
Entertainment, retail and other (1)	10,102		8,197
Total Encore Boston Harbor	216,306		190,796

Wynn Interactive:
Entertainment, retail and other	20,520		22,927
Total Wynn Interactive	20,520		22,927

Total operating revenues	$	1,423,679	$	953,334


	Three Months Ended March 31,
	2023		2022
Adjusted Property EBITDAR (2)
Macau Operations:
Wynn Palace	$	111,058	$	(864)
Wynn Macau	44,745		(4,682)
Total Macau Operations	155,803		(5,546)
Las Vegas Operations	231,597		159,378
Encore Boston Harbor	63,414		55,250
Wynn Interactive	(21,068)		(31,501)
Total	429,746		177,581
Other operating expenses
Pre-opening	4,478		2,447
Depreciation and amortization	168,812		184,556
Property charges and other	2,458		45,720
Corporate expenses and other	34,490		25,823
Stock-based compensation	14,710		13,900
Triple-net operating lease expense	35,283		—
Total other operating expenses	260,231		272,446
Operating income (loss)	169,515		(94,865)
Other non-operating income and expenses
Interest income	40,193		1,280
Interest expense, net of amounts capitalized	(187,740)		(152,158)
Change in derivatives fair value	23,046		7,400
Loss on debt financing transactions	(12,236)		—
Other	(30,614)		(15,127)
Total other non-operating income and expenses	(167,351)		(158,605)
Income (loss) before income taxes	2,164		(253,470)
Provision for income taxes	(1,018)		(1,140)
Net income (loss)	1,146		(254,610)
Net loss attributable to noncontrolling interests	11,186		71,286
Net income (loss) attributable to Wynn Resorts, Limited	$	12,332	$	(183,324)

(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 15, "Leases."

(2) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, 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 debt financing transactions, and other non-operating income and expenses. Adjusted Property EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR 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 EBITDAR calculations preopening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) 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 income (loss), Adjusted Property EBITDAR 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, triple-net operating lease rent expense related to Encore Boston Harbor, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, the Company's calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.


	March 31, 2023		December 31, 2022
Assets
Macau Operations:
Wynn Palace	$	2,953,650	$	2,884,073
Wynn Macau	1,519,359		1,430,051
Other Macau	870,550		268,017
Total Macau Operations	5,343,559		4,582,141
Las Vegas Operations	3,135,452		3,168,597
Encore Boston Harbor	2,057,577		2,080,424
Wynn Interactive	199,396		213,837
Corporate and other	2,988,037		3,370,101
Total	$	13,724,021	$	13,415,100

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	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 17, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements relate to and include, but are not limited to, inputs into the Company's estimated allowance for credit losses, estimates regarding the useful lives and recoverability of long-lived and intangible assets, valuations of derivatives, and litigation and contingency estimates.
Gaming Taxes	Gaming TaxesThe 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.
Recently Issued and Adopted Accounting Standards	Recently Issued Accounting Standards The Company’s management has evaluated the recently issued, but not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position, results of operations and cash flows.

Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

Cash, cash equivalents and restricted cash consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Cash and cash equivalents:
Cash (1)	$	1,275,360	$	1,699,583
Cash equivalents (2)	2,568,168		1,950,857
Total cash and cash equivalents	3,843,528		3,650,440
Restricted cash (3)	95,439		132,550
Total cash, cash equivalents and restricted cash	$	3,938,967	$	3,782,990
(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 subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan, and as of March 31, 2023 and December 31, 2022 includes $86.6 million and $124.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Resorts (Macau) S.A.'s legal and contractual obligations through the term of the Gaming Concession Contract (as defined in Note 6, "Goodwill and Intangible Assets, net").

Schedule of Restricted Cash and Cash Equivalents

Cash, cash equivalents and restricted cash consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Cash and cash equivalents:
Cash (1)	$	1,275,360	$	1,699,583
Cash equivalents (2)	2,568,168		1,950,857
Total cash and cash equivalents	3,843,528		3,650,440
Restricted cash (3)	95,439		132,550
Total cash, cash equivalents and restricted cash	$	3,938,967	$	3,782,990
(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 subject to certain contractual restrictions, cash collateral associated with obligations and cash held in a trust in accordance with WML's share award plan, and as of March 31, 2023 and December 31, 2022 includes $86.6 million and $124.5 million, respectively, in the form of a first demand bank guarantee in favor of the Macau government to support Wynn Resorts (Macau) S.A.'s legal and contractual obligations through the term of the Gaming Concession Contract (as defined in Note 6, "Goodwill and Intangible Assets, net").

Schedule of Supplemental Cash Flow Disclosures

The following table presents the supplemental cash flow disclosures of the Company (in thousands):


	Three Months Ended March 31,
	2023		2022
Cash paid for interest, net of amounts capitalized	$	181,667	$	133,637
Liability settled with shares of common stock	$	6,639	$	9,287
Accounts and construction payables related to property and equipment	$	42,911	$	49,996
Other liabilities related to intangible assets (1)	$	203,926	$	5,501
Financing costs included in accounts payable and other liabilities	$	1,804	$	—
Finance lease liabilities arising from obtaining finance lease assets	$	400	$	1,119

Receivables, net (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Receivables, net

Receivables, net consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Casino	$	151,781	$	171,893
Hotel	38,514		35,654
Other	94,173		87,328
	284,468		294,875
Less: allowance for credit losses	(57,136)		(78,842)
	$	227,332	$	216,033

The following table shows the movement in the Company's allowance for credit losses recognized for receivables that occurred during the periods presented (in thousands):


	March 31,
	2023		2022
Balance at beginning of year	$	78,842	$	111,319
Provision for credit losses	(544)		342
Write-offs	(22,220)		(11,720)
Recoveries of receivables previously written off	1,294		378
Effect of exchange rate	(236)		(218)
Balance at end of period	$	57,136	$	100,101

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Buildings and improvements	$	8,332,529	$	8,363,427
Land and improvements	1,231,484		1,195,717
Furniture, fixtures and equipment	3,176,160		3,165,659
Airplanes	110,623		110,623
Construction in progress	141,924		112,034
	12,992,720		12,947,460
Less: accumulated depreciation	(6,166,694)		(6,051,400)
	$	6,826,026	$	6,896,060

Goodwill and Intangible Assets, net (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table shows the movement in the Company's goodwill and intangible assets balances that occurred during the periods presented (in thousands):


	March 31, 2023		December 31, 2022
Finite-lived intangible assets:
Macau gaming concession	$	208,296	$	48,304
Less: accumulated amortization	(5,207)		(48,304)
	203,089		—

Massachusetts gaming license	117,700		117,700
Less: accumulated amortization	(29,600)		(27,638)
	88,100		90,062

Other finite-lived intangible assets	72,802		65,194
Less: accumulated amortization	(11,169)		(8,920)
	61,633		56,274

Total finite-lived intangible assets	352,822		146,336

Indefinite-lived intangible assets:
Water rights and other	8,397		8,397
Total indefinite-lived intangible assets	8,397		8,397

Goodwill:
Balance at beginning of year	90,520		129,738
Foreign currency translation	—		(1,457)
Impairment	—		(37,761)
Balance at end of period	90,520		90,520

Total goodwill and intangible assets, net	$	451,739	$	245,253

Schedule of Finite-Lived Intangible Assets

The following table shows the movement in the Company's goodwill and intangible assets balances that occurred during the periods presented (in thousands):


	March 31, 2023		December 31, 2022
Finite-lived intangible assets:
Macau gaming concession	$	208,296	$	48,304
Less: accumulated amortization	(5,207)		(48,304)
	203,089		—

Massachusetts gaming license	117,700		117,700
Less: accumulated amortization	(29,600)		(27,638)
	88,100		90,062

Other finite-lived intangible assets	72,802		65,194
Less: accumulated amortization	(11,169)		(8,920)
	61,633		56,274

Total finite-lived intangible assets	352,822		146,336

Indefinite-lived intangible assets:
Water rights and other	8,397		8,397
Total indefinite-lived intangible assets	8,397		8,397

Goodwill:
Balance at beginning of year	90,520		129,738
Foreign currency translation	—		(1,457)
Impairment	—		(37,761)
Balance at end of period	90,520		90,520

Total goodwill and intangible assets, net	$	451,739	$	245,253

Schedule of Indefinite-Lived Intangible Assets

The following table shows the movement in the Company's goodwill and intangible assets balances that occurred during the periods presented (in thousands):


	March 31, 2023		December 31, 2022
Finite-lived intangible assets:
Macau gaming concession	$	208,296	$	48,304
Less: accumulated amortization	(5,207)		(48,304)
	203,089		—

Massachusetts gaming license	117,700		117,700
Less: accumulated amortization	(29,600)		(27,638)
	88,100		90,062

Other finite-lived intangible assets	72,802		65,194
Less: accumulated amortization	(11,169)		(8,920)
	61,633		56,274

Total finite-lived intangible assets	352,822		146,336

Indefinite-lived intangible assets:
Water rights and other	8,397		8,397
Total indefinite-lived intangible assets	8,397		8,397

Goodwill:
Balance at beginning of year	90,520		129,738
Foreign currency translation	—		(1,457)
Impairment	—		(37,761)
Balance at end of period	90,520		90,520

Total goodwill and intangible assets, net	$	451,739	$	245,253

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Macau Related:
WM Cayman II Revolver, due 2025 (1)	$	1,492,495	$	1,500,473
WML 4 7/8% Senior Notes, due 2024	600,000		600,000
WML 5 1/2% Senior Notes, due 2026	1,000,000		1,000,000
WML 5 1/2% Senior Notes, due 2027	750,000		750,000
WML 5 5/8% Senior Notes, due 2028	1,350,000		1,350,000
WML 5 1/8% Senior Notes, due 2029	1,000,000		1,000,000
WML 4 1/2% Convertible Bonds, due 2029 (2)	600,000		—

U.S. and Corporate Related:
WRF Credit Facilities (3):
WRF Term Loan, due 2024	825,000		837,500
WLV 4 1/4% Senior Notes, due 2023	—		500,000
WLV 5 1/2% Senior Notes, due 2025	1,780,000		1,780,000
WLV 5 1/4% Senior Notes, due 2027	880,000		880,000
WRF 7 3/4% Senior Notes, due 2025	93,527		600,000
WRF 5 1/8% Senior Notes, due 2029	750,000		750,000
WRF 7 1/8% Senior Notes, due 2031	600,000		—
Retail Term Loan, due 2025 (4)	615,000		615,000
	12,336,022		12,162,973
WML Convertible Bond Conversion Option Derivative	98,582		—
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(184,472)		(46,114)
	12,250,132		12,116,859
Less: Current portion of long-term debt	(143,162)		(547,543)
Total long-term debt, net of current portion	$	12,106,970	$	11,569,316

(2) As of March 31, 2023, the net carrying amount of the WML Convertible Bonds was $466.4 million, with unamortized debt discount and debt issuance costs of $133.6 million.

(4) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of March 31, 2023, the interest rate was 5.45%.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

WML Convertible Bond Conversion Option Derivative (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Valuation Techniques for Embedded Derivative

The following table sets forth the inputs to the lattice models that were used to value the embedded derivatives:


	March 31, 2023			March 2, 2023 (Pricing date)
WML stock price	HK$	7.74		HK$	8.08
Estimated volatility	25.2		%	26.0		%
Risk-free interest rate	3.5		%	4.2		%
Expected term (years)	5.9			6.0
Dividend yield	0.0		%	0.0		%

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Carried at Fair Value

The following tables present assets and liabilities carried at fair value (in thousands):


			Fair Value Measurements Using:
	March 31, 2023		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	2,568,168	$	496,277	$	2,071,891	$	—
Restricted cash	$	95,439	$	7,745	$	87,694	$	—
Interest rate collar	$	8,555	$	—	$	8,555	$	—

Liabilities:
WML Convertible Bond Conversion Option Derivative (see Note 8)	$	98,582	$	—	$	—	$	98,582

			Fair Value Measurements Using:
	December 31, 2022		Quoted Market Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Assets:
Cash equivalents	$	1,950,857	$	490,683	$	1,460,174	$	—
Restricted cash	$	132,550	$	6,891	$	125,659	$	—
Interest rate collar	$	10,408	$	—	$	10,408	$	—

Customer Contract Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Revenue Recognition [Abstract]

Schedule of Customer Contract Liabilities

The Company's primary liabilities associated with customer contracts are as follows (in thousands):


	March 31, 2023		December 31, 2022		Increase / (decrease)		March 31, 2022		December 31, 2021		Increase / (decrease)
Casino outstanding chips and front money deposits (1)	$	376,911	$	390,531	$	(13,620)	$	335,426	$	352,830	$	(17,404)
Advance room deposits and ticket sales (2)	80,419		85,019		(4,600)		60,150		55,438		4,712
Other gaming-related liabilities (3)	33,452		31,265		2,187		25,745		26,515		(770)
Loyalty program and related liabilities (4)	37,524		35,083		2,441		37,355		34,695		2,660
	$	528,306	$	541,898	$	(13,592)	$	458,676	$	469,478	$	(10,802)

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-based Payment Arrangement [Abstract]

Share Based Compensation Allocated Costs

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


	Three Months Ended March 31,
	2023		2022
Casino	$	477	$	2,255
Rooms	206		187
Food and beverage	409		362
Entertainment, retail and other	2,633		3,895
General and administrative	10,985		7,201
Total stock-based compensation expense	14,710		13,900
Total stock-based compensation capitalized	766		679
Total stock-based compensation costs	$	15,476	$	14,579

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Shares used in Calculation of Earnings Per Share


	Three Months Ended March 31,
	2023		2022
Numerator:
Net income (loss) attributable to Wynn Resorts, Limited - basic	$	12,332	$	(183,324)
Effect of dilutive securities of Wynn Resorts, Limited subsidiaries:
Assumed conversion of WML Convertible Bonds	(14,566)		—
Net loss attributable to Wynn Resorts, Limited - diluted	$	(2,234)	$	(183,324)

Denominator:
Weighted average common shares outstanding	112,753		115,030
Potential dilutive effect of stock options, nonvested, and performance nonvested shares	363		—
Weighted average common and common equivalent shares outstanding	113,116		115,030

Net income (loss) attributable to Wynn Resorts, Limited per common share, basic	$	0.11	$	(1.59)
Net loss attributable to Wynn Resorts, Limited per common share, diluted	$	(0.02)	$	(1.59)

Anti-dilutive stock options, nonvested, and performance nonvested shares excluded from the calculation of diluted net income per share	38		825

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Minimum and Contingent Operating Lease Income

The following table presents the minimum and contingent operating lease income for the periods presented (in thousands):


	Three Months Ended March 31,
	2023		2022
Minimum rental income	$	33,838	$	24,601
Contingent rental income	28,764		20,623
Total rental income	$	62,602	$	45,224

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Summary of Operations by Segment

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


	Three Months Ended March 31,
	2023		2022
Operating revenues
Macau Operations:
Wynn Palace
Casino	$	270,687	$	114,413
Rooms	46,910		13,831
Food and beverage	23,553		11,443
Entertainment, retail and other (1)	28,213		23,638
	369,363		163,325
Wynn Macau
Casino	176,383		102,430
Rooms	21,971		9,390
Food and beverage	14,302		8,386
Entertainment, retail and other (1)	18,070		14,894
	230,726		135,100
Total Macau Operations	600,089		298,425

Las Vegas Operations:
Casino	154,530		124,271
Rooms	185,109		131,466
Food and beverage	172,483		136,029
Entertainment, retail and other (1)	74,642		49,420
Total Las Vegas Operations	586,764		441,186

Encore Boston Harbor:
Casino	165,392		148,748
Rooms	18,539		15,689
Food and beverage	22,273		18,162
Entertainment, retail and other (1)	10,102		8,197
Total Encore Boston Harbor	216,306		190,796

Wynn Interactive:
Entertainment, retail and other	20,520		22,927
Total Wynn Interactive	20,520		22,927

Total operating revenues	$	1,423,679	$	953,334


	Three Months Ended March 31,
	2023		2022
Adjusted Property EBITDAR (2)
Macau Operations:
Wynn Palace	$	111,058	$	(864)
Wynn Macau	44,745		(4,682)
Total Macau Operations	155,803		(5,546)
Las Vegas Operations	231,597		159,378
Encore Boston Harbor	63,414		55,250
Wynn Interactive	(21,068)		(31,501)
Total	429,746		177,581
Other operating expenses
Pre-opening	4,478		2,447
Depreciation and amortization	168,812		184,556
Property charges and other	2,458		45,720
Corporate expenses and other	34,490		25,823
Stock-based compensation	14,710		13,900
Triple-net operating lease expense	35,283		—
Total other operating expenses	260,231		272,446
Operating income (loss)	169,515		(94,865)
Other non-operating income and expenses
Interest income	40,193		1,280
Interest expense, net of amounts capitalized	(187,740)		(152,158)
Change in derivatives fair value	23,046		7,400
Loss on debt financing transactions	(12,236)		—
Other	(30,614)		(15,127)
Total other non-operating income and expenses	(167,351)		(158,605)
Income (loss) before income taxes	2,164		(253,470)
Provision for income taxes	(1,018)		(1,140)
Net income (loss)	1,146		(254,610)
Net loss attributable to noncontrolling interests	11,186		71,286
Net income (loss) attributable to Wynn Resorts, Limited	$	12,332	$	(183,324)

(1) Includes lease revenue accounted for under lease accounting guidance. For more information on leases, see Note 15, "Leases."

Summary of Assets by Segment


	March 31, 2023		December 31, 2022
Assets
Macau Operations:
Wynn Palace	$	2,953,650	$	2,884,073
Wynn Macau	1,519,359		1,430,051
Other Macau	870,550		268,017
Total Macau Operations	5,343,559		4,582,141
Las Vegas Operations	3,135,452		3,168,597
Encore Boston Harbor	2,057,577		2,080,424
Wynn Interactive	199,396		213,837
Corporate and other	2,988,037		3,370,101
Total	$	13,724,021	$	13,415,100

Organization (Details)	Mar. 31, 2023
Wynn Palace and Wynn Macau
Organization and Basis of Presentation [Line Items]
Percentage of ownership	72.00%
Wynn Las Vegas
Organization and Basis of Presentation [Line Items]
Percentage of ownership	100.00%
Retail Joint Venture
Organization and Basis of Presentation [Line Items]
Percentage of ownership	50.10%
Wynn Interactive
Organization and Basis of Presentation [Line Items]
Percentage of ownership	97.00%

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Gaming tax expenses	$ 310.4	$ 176.9

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash	$ 1,275,360	$ 1,699,583
Cash equivalents	2,568,168	1,950,857
Total cash and cash equivalents	3,843,528	3,650,440
Restricted cash	95,439	132,550
Total cash, cash equivalents and restricted cash	3,938,967	3,782,990	$ 2,326,414	$ 2,531,067
Restricted cash, bank guarantee	$ 86,600	$ 124,500

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash paid for interest, net of amounts capitalized	$ 181,667	$ 133,637
Liability settled with shares of common stock	6,639	9,287
Accounts and construction payables related to property and equipment	42,911	49,996
Other liabilities related to intangible assets	203,926	5,501
Financing costs included in accounts payable and other liabilities	1,804	0
Finance lease liabilities arising from obtaining finance lease assets	400	$ 1,119
Other liabilities related to intangible assets, gaming premium	$ 199,600

Receivables, net (Details) - USD ($) $ in Thousands		3 Months Ended
Receivables, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	$ 294,875	$ 284,468
Less: allowance for credit losses	(78,842)	(57,136)
Receivables, net	$ 216,033	$ 227,332
Geographic Concentration Risk \| Receivables \| Outside the United States, primarily Asia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of markers due from customers	57.60%	63.20%
Casino
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	$ 171,893	$ 151,781
Allowance for credit losses, percent of gross casino receivables	43.20%	35.20%
Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	$ 35,654	$ 38,514
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	$ 87,328	$ 94,173

Receivables, net - Schedule of Movement in Allowance for Credit Losses Recognized for Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at beginning of year	$ 78,842	$ 111,319
Provision for credit losses	(544)	342
Write-offs	(22,220)	(11,720)
Recoveries of receivables previously written off	1,294	378
Effect of exchange rate	(236)	(218)
Balance at end of period	$ 57,136	$ 100,101

Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Buildings and improvements	$ 8,332,529	$ 8,363,427
Land and improvements	1,231,484	1,195,717
Furniture, fixtures and equipment	3,176,160	3,165,659
Airplanes	110,623	110,623
Construction in progress	141,924	112,034
Property and equipment, gross	12,992,720	12,947,460
Less: accumulated depreciation	(6,166,694)	(6,051,400)
Property and equipment, net	$ 6,826,026	$ 6,896,060

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 154.1	$ 176.3

Goodwill and Intangible Assets, net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2022
Schedule of Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 352,822			$ 146,336
Indefinite-lived intangible assets	8,397			8,397
Goodwill:
Balance at beginning of year	90,520	$ 129,738	$ 129,738
Foreign currency translation	0		(1,457)
Impairment	0	$ (30,300)	$ (37,761)
Balance at end of period	90,520
Goodwill and intangible assets, net	451,739			245,253
Water Rights and Other
Schedule of Intangible Assets [Line Items]
Indefinite-lived intangible assets	8,397			8,397
Macau Gaming Concession
Schedule of Intangible Assets [Line Items]
Finite-lived intangible assets, gross	208,296			48,304
Less: accumulated amortization	(5,207)			(48,304)
Finite-lived intangible assets, net	203,089			0
Massachusetts Gaming License
Schedule of Intangible Assets [Line Items]
Finite-lived intangible assets, gross	117,700			117,700
Less: accumulated amortization	(29,600)			(27,638)
Finite-lived intangible assets, net	88,100			90,062
Other
Schedule of Intangible Assets [Line Items]
Finite-lived intangible assets, gross	72,802			65,194
Less: accumulated amortization	(11,169)			(8,920)
Finite-lived intangible assets, net	$ 61,633			$ 56,274

Goodwill and Intangible Assets, net - Narrative (Details) MOP$ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022	Mar. 31, 2023 MOP (MOP$)
Schedule of Intangible Assets [Line Items]
Other commitment, fixed portion	$ 3,700,000				MOP$ 30,000
Expected amortization, remainder of 2023	15,600,000
Expected amortization, 2024 to 2032	20,800,000
Impairment	0	$ 30,300,000	$ 37,761,000
Wynn Macau SA
Schedule of Intangible Assets [Line Items]
Financial liability related to gaming concession	$ 208,300,000				1,680,000
Macau Gaming and Non-Gaming Investments \| Wynn Macau SA
Schedule of Intangible Assets [Line Items]
Other commitment, term	10 years			10 years
Macau Gaming Concession \| Wynn Macau SA
Schedule of Intangible Assets [Line Items]
Other commitment, to be paid, 2023 to 2025	$ 6,600,000				53,100
Other commitment, to be paid, 2026 to 2032	21,900,000				177,000
Macau Gaming Concession \| Wynn Macau SA \| Scenario One
Schedule of Intangible Assets [Line Items]
Other commitment, variable portion	37,000				300
Macau Gaming Concession \| Wynn Macau SA \| Scenario Two
Schedule of Intangible Assets [Line Items]
Other commitment, variable portion	19,000				150
Macau Gaming Concession \| Wynn Macau SA \| Scenario Three
Schedule of Intangible Assets [Line Items]
Other commitment, variable portion	$ 124				MOP$ 1

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Feb. 16, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 12,336,022		$ 12,162,973
WML Convertible Bond Conversion Option Derivative	98,582		0
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(184,472)		(46,114)
Long-term debt total	12,250,132		12,116,859
Less: Current portion of long-term debt	(143,162)		(547,543)
Total long-term debt, net of current portion	12,106,970		11,569,316
WRF 7 1/8% Senior Notes, due 2031 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 596,200
WM Cayman Holdings Limited II \| WM Cayman II Revolver, due 2025 \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	1,492,495		1,500,473
WML \| WML 4 7/8% Senior Notes, due 2024 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 600,000		600,000
Stated interest rate	4.875%
WML \| WML 5 1/2% Senior Notes, due 2026 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000,000		1,000,000
Stated interest rate	5.50%
WML \| WML 5 1/2% Senior Notes, due 2027 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 750,000		750,000
Stated interest rate	5.50%
WML \| WML 5 5/8% Senior Notes, due 2028 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,350,000		1,350,000
Stated interest rate	5.625%
WML \| WML 5 1/8% Senior Notes, due 2029 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000,000		1,000,000
Stated interest rate	5.125%
WML \| WML 4 1/2% Convertible Bonds, due 2029 (2) \| Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 600,000		0
Less: Unamortized debt issuance costs and original issue discounts and premium, net	(133,600)
Long-term debt total	466,400
WRF \| WRF Term Loan, due 2024 \| Senior Secured Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	825,000		837,500
WRF \| WRF 7 3/4% Senior Notes, due 2025 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 93,527		600,000
Stated interest rate	5.125%
WRF \| WRF 5 1/8% Senior Notes, due 2029 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 750,000		750,000
Stated interest rate	7.75%
WRF \| WRF 7 1/8% Senior Notes, due 2031 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 600,000		0
WLV \| WLV 4 1/4% Senior Notes, due 2023 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		500,000
Stated interest rate	4.25%
WLV \| WLV 5 1/2% Senior Notes, due 2025 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,780,000		1,780,000
Stated interest rate	5.50%
WLV \| WLV 5 1/4% Senior Notes, due 2027 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 880,000		880,000
Stated interest rate	5.125%
Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) \| Retail Term Loan, due 2025 \| Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 615,000		$ 615,000

Long-Term Debt - Summary of Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 12,336,022	$ 12,162,973
Long-term debt	12,250,132	12,116,859
Unamortized debt issuance costs and original issue discounts and premium, net	184,472	46,114
WRF \| Senior Revolving Credit Facility, Due 2024 \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Available borrowing capacity	837,000
Outstanding letters of credit	13,000
Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) \| Retail Term Loan, due 2025 \| Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	615,000	615,000
WM Cayman Holdings Limited II \| WM Cayman II Revolver, due 2025 \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,492,495	1,500,473
Weighted average interest rate (percent)	6.39%
WML \| WML 4 1/2% Convertible Bonds, due 2029 (2) \| Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 600,000	$ 0
Long-term debt	466,400
Unamortized debt issuance costs and original issue discounts and premium, net	$ 133,600
HIBOR or LIBOR \| WM Cayman Holdings Limited II \| WM Cayman II Revolver, due 2025 \| Senior Secured Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Interest in addition to variable rate	1.875%
HIBOR or LIBOR \| WM Cayman Holdings Limited II \| WM Cayman II Revolver, due 2025 \| Senior Secured Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Interest in addition to variable rate	2.875%
Base Rate \| WM Cayman Holdings Limited II \| WM Cayman II Revolver, due 2025 \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Interest in addition to variable rate	2.625%
LIBOR \| WRF \| WRF Credit Facilities
Debt Instrument [Line Items]
Interest in addition to variable rate	1.75%
Weighted average interest rate (percent)	6.60%
LIBOR \| Wynn/CA Plaza Property Owner, LLC And Wynn/CA Property Owner, LLC (The Borrowers) \| Retail Term Loan, due 2025 \| Term Loan
Debt Instrument [Line Items]
Interest in addition to variable rate	1.70%
Interest rate during period	5.45%
LIBOR \| WM Cayman Holdings Limited II \| WM Cayman II Revolver, due 2025 \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Interest in addition to variable rate	2.875%
Long-term debt, gross	$ 312,500
HIBOR \| WM Cayman Holdings Limited II \| WM Cayman II Revolver, due 2025 \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Interest in addition to variable rate	2.875%
Long-term debt, gross	$ 1,180,000

Long-Term Debt - Additional Information (Detail)			1 Months Ended		3 Months Ended
Long-Term Debt - Additional Information (Detail)	Mar. 07, 2023 USD ($) $ / shares	Feb. 16, 2023 USD ($)	Apr. 30, 2023	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 07, 2023 $ / shares	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
WML Convertible Bond Conversion Option Derivative				$ 98,582,000	$ 98,582,000			$ 0
Long-term debt, gross				12,336,022,000	12,336,022,000			12,162,973,000
Payment of fees and expenses related to repayment of credit facilities					31,330,000	$ 109,000
Loss on debt financing transactions					12,236,000	$ 0
Debt instrument, fair value disclosure				11,670,000,000	11,670,000,000			$ 11,230,000,000
WML Convertible Bonds \| Convertible Debt \| WML
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000
Stated interest rate	4.50%
Proceeds from convertible debt	$ 585,900,000
Share price (in dollars per share) \| $ / shares							$ 0.001
Debt instrument, convertible, conversion price (in dollars per share) \| (per share)	$ 1.30						$ 10.24
Debt instrument, convertible, conversion ratio	7.8497
Debt instrument, unamortized discount	$ 123,500,000
WML Convertible Bond Conversion Option Derivative				98,600,000	98,600,000
WRF 7 1/8% Senior Notes, due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 600,000,000
Long-term debt, gross		596,200,000
Payment of fees and expenses related to repayment of credit facilities		3,800,000
Debt issuance costs				11,400,000	11,400,000
2025 WRF Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, repurchase amount		506,400,000
Debt instrument, early tender premium		$ 12,400,000
Loss on debt financing transactions					8,400,000
2025 WRF Notes \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Debt redemption price as percentage of principal			101.938%
WLV 4 1/4% Senior Notes, due 2023 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, repurchase amount				500,000,000	$ 500,000,000
Loss on debt financing transactions				$ 1,000,000
Debt redemption price as percentage of principal				100.00%

WML Convertible Bond Conversion Option Derivative - Valuation Techniques for Embedded Derivative (Details)	Mar. 31, 2023	Mar. 02, 2023
WML stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	7.74	8.08
Estimated volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.252	0.260
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.035	0.042
Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	5.9	6.0
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability, measurement input	0.000	0.000

WML Convertible Bond Conversion Option Derivative - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 07, 2023	Dec. 31, 2022
Derivative [Line Items]
WML Convertible Bond Conversion Option Derivative	$ 98,582		$ 0
Gain on embedded derivative	24,900
WML Convertible Bonds \| Convertible Debt \| WML
Derivative [Line Items]
Debt instrument, unamortized discount		$ 123,500
WML Convertible Bond Conversion Option Derivative	$ 98,600

Stockholders' Deficit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	May 10, 2023	May 09, 2023	Apr. 03, 2023	Mar. 06, 2023	Mar. 02, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Distribution to noncontrolling interest	$ 4,502		$ 9,279
Additional paid-in capital	$ 3,604,945								$ 3,583,923
Common stock, authorized (in shares)	400,000,000								400,000,000
Common stock, issued (in shares)	132,801,971								132,256,185
Common stock, outstanding (in shares)	113,808,044								113,369,439
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Dividends payable (usd per share)					$ 0.25
Wynn Palace and Wynn Macau
Subsidiary, Sale of Stock [Line Items]
Percentage of ownership	72.00%
WM Cayman I \| Goldman Sachs International \| Securities Lending Agreement
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)								459,774,985
Common stock, issued (in shares)							459,774,985
WM Cayman I \| Goldman Sachs International \| Securities Lending Agreement \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Common Stock, returned (in shares)						280,000,000
Common stock, outstanding (in shares)				179,774,985
Retail Joint Venture \| Crown Acquisitions Inc.
Subsidiary, Sale of Stock [Line Items]
Proceeds from real estate joint ventures		$ 50,000
Additional paid-in capital	$ 48,600
Increase from subsidiary equity issuance	$ 1,500
Retail Joint Venture \| Crown Acquisitions Inc. \| Wynn Resorts Ltd.
Subsidiary, Sale of Stock [Line Items]
Percentage of ownership		49.90%

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash equivalents	$ 2,568,168	$ 1,950,857
Liabilities:
WML Convertible Bond Conversion Option Derivative	98,582	0
Fair Value, Measurements, Recurring
Assets:
Cash equivalents	2,568,168	1,950,857
Restricted cash	95,439	132,550
Interest rate collar	8,555	10,408
Liabilities:
WML Convertible Bond Conversion Option Derivative	98,582
Fair Value, Measurements, Recurring \| Quoted Market Prices in Active Markets (Level 1)
Assets:
Cash equivalents	496,277	490,683
Restricted cash	7,745	6,891
Interest rate collar	0	0
Liabilities:
WML Convertible Bond Conversion Option Derivative	0
Fair Value, Measurements, Recurring \| Other Observable Inputs (Level 2)
Assets:
Cash equivalents	2,071,891	1,460,174
Restricted cash	87,694	125,659
Interest rate collar	8,555	10,408
Liabilities:
WML Convertible Bond Conversion Option Derivative	0
Fair Value, Measurements, Recurring \| Unobservable Inputs (Level 3)
Assets:
Cash equivalents	0	0
Restricted cash	0	0
Interest rate collar	0	$ 0
Liabilities:
WML Convertible Bond Conversion Option Derivative	$ 98,582

Customer Contract Liabilities Schedule of Customer Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition [Abstract]
Casino outstanding chips and front money deposits	$ 376,911	$ 335,426	$ 390,531	$ 352,830
Change in outstanding chips and front money deposits	(13,620)	(17,404)
Advanced room deposits and ticket sales	80,419	60,150	85,019	55,438
Change in advanced room deposits and ticket sales	(4,600)	4,712
Other gaming related liabilities	33,452	25,745	31,265	26,515
Change in other gaming related liabilities	2,187	(770)
Loyalty program liabilities	37,524	37,355	35,083	34,695
Change in loyalty program liabilities	2,441	2,660
Total customer contract liabilities	528,306	458,676	$ 541,898	$ 469,478
Change in total customer contract liabilities	$ (13,592)	$ (10,802)

Stock-Based Compensation - Share Based Compensation Allocated Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 14,710	$ 13,900
Total stock-based compensation capitalized	766	679
Total stock-based compensation costs	15,476	14,579
Casino
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	477	2,255
Rooms
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	206	187
Food and beverage
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	409	362
Entertainment, retail and other
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,633	3,895
General and administrative
Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 10,985	$ 7,201

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 1,018	$ 1,140

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Earnings Per Share - Schedule of Shares used in Calculation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss) attributable to Wynn Resorts, Limited - basic	$ 12,332	$ (183,324)
Assumed conversion of WML Convertible Bonds	(14,566)	0
Net loss attributable to Wynn Resorts, Limited - diluted	$ (2,234)	$ (183,324)
Denominator:
Weighted average common shares outstanding (shares)	112,753	115,030
Potential dilutive effect of stock options and restricted stock (shares)	363	0
Weighted average common and common equivalent shares outstanding (shares)	113,116	115,030
Net income (loss) attributable to Wynn Resorts, Limited per common share, basic (in usd per share)	$ 0.11	$ (1.59)
Net income attributable to Wynn Resorts, Ltd. per common share, diluted (in usd per share)	$ (0.02)	$ (1.59)
Antidilutive securities excluded from computation of earnings per share (shares)	38	825

Leases - Minimum and Contingent Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Minimum rental income	$ 33,838	$ 24,601
Contingent rental income	28,764	20,623
Total rental income	$ 62,602	$ 45,224

Retail Joint Venture - Additional information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Variable Interest Entities [Line Items]
Assets	$ 13,724,021	$ 13,415,100
Liabilities	15,340,391	15,055,465
Long-term debt	12,250,132	12,116,859
Retail Joint Venture \| Retail
Schedule of Variable Interest Entities [Line Items]
Assets	102,200	102,900
Liabilities	621,600	620,900
Long-term debt	$ 613,600	$ 613,500

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

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Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Segment Information - Summary of Results of Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total operating revenues	$ 1,423,679	$ 953,334
Adjusted Property EBITDA	429,746	177,581
Other operating expenses
Pre-opening	4,478	2,447
Depreciation and amortization	168,812	184,556
Property charges and other	2,458	45,720
Corporate expenses and other	34,490	25,823
Stock-based compensation	14,710	13,900
Triple-net operating lease expense	35,283	0
Total other operating expenses	260,231	272,446
Operating income (loss)	169,515	(94,865)
Other non-operating income and expenses
Interest income	40,193	1,280
Interest expense, net of amounts capitalized	(187,740)	(152,158)
Change in derivatives fair value	23,046	7,400
Loss on debt financing transactions	(12,236)	0
Other	(30,614)	(15,127)
Total other non-operating income and expenses	(167,351)	(158,605)
Income (loss) before income taxes	2,164	(253,470)
Provision for income taxes	(1,018)	(1,140)
Net income (loss)	1,146	(254,610)
Net loss attributable to noncontrolling interests	11,186	71,286
Net income (loss) attributable to Wynn Resorts, Limited - basic	12,332	(183,324)
Operating Segments \| Total Macau Operations
Segment Reporting Information [Line Items]
Total operating revenues	600,089	298,425
Adjusted Property EBITDA	155,803	(5,546)
Operating Segments \| Total Macau Operations \| Wynn Palace
Segment Reporting Information [Line Items]
Total operating revenues	369,363	163,325
Adjusted Property EBITDA	111,058	(864)
Operating Segments \| Total Macau Operations \| Wynn Macau
Segment Reporting Information [Line Items]
Total operating revenues	230,726	135,100
Adjusted Property EBITDA	44,745	(4,682)
Operating Segments \| Las Vegas Operations
Segment Reporting Information [Line Items]
Total operating revenues	586,764	441,186
Adjusted Property EBITDA	231,597	159,378
Operating Segments \| Encore Boston Harbor
Segment Reporting Information [Line Items]
Total operating revenues	216,306	190,796
Adjusted Property EBITDA	63,414	55,250
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total operating revenues	20,520	22,927
Corporate, Non-Segment \| Wynn Interactive
Segment Reporting Information [Line Items]
Adjusted Property EBITDA	(21,068)	(31,501)
Casino
Segment Reporting Information [Line Items]
Total operating revenues	766,992	489,862
Casino \| Operating Segments \| Total Macau Operations \| Wynn Palace
Segment Reporting Information [Line Items]
Total operating revenues	270,687	114,413
Casino \| Operating Segments \| Total Macau Operations \| Wynn Macau
Segment Reporting Information [Line Items]
Total operating revenues	176,383	102,430
Casino \| Operating Segments \| Las Vegas Operations
Segment Reporting Information [Line Items]
Total operating revenues	154,530	124,271
Casino \| Operating Segments \| Encore Boston Harbor
Segment Reporting Information [Line Items]
Total operating revenues	165,392	148,748
Rooms
Segment Reporting Information [Line Items]
Total operating revenues	272,529	170,376
Rooms \| Operating Segments \| Total Macau Operations \| Wynn Palace
Segment Reporting Information [Line Items]
Total operating revenues	46,910	13,831
Rooms \| Operating Segments \| Total Macau Operations \| Wynn Macau
Segment Reporting Information [Line Items]
Total operating revenues	21,971	9,390
Rooms \| Operating Segments \| Las Vegas Operations
Segment Reporting Information [Line Items]
Total operating revenues	185,109	131,466
Rooms \| Operating Segments \| Encore Boston Harbor
Segment Reporting Information [Line Items]
Total operating revenues	18,539	15,689
Food and beverage
Segment Reporting Information [Line Items]
Total operating revenues	232,611	174,020
Food and beverage \| Operating Segments \| Total Macau Operations \| Wynn Palace
Segment Reporting Information [Line Items]
Total operating revenues	23,553	11,443
Food and beverage \| Operating Segments \| Total Macau Operations \| Wynn Macau
Segment Reporting Information [Line Items]
Total operating revenues	14,302	8,386
Food and beverage \| Operating Segments \| Las Vegas Operations
Segment Reporting Information [Line Items]
Total operating revenues	172,483	136,029
Food and beverage \| Operating Segments \| Encore Boston Harbor
Segment Reporting Information [Line Items]
Total operating revenues	22,273	18,162
Entertainment, retail and other
Segment Reporting Information [Line Items]
Total operating revenues	151,547	119,076
Entertainment, retail and other \| Operating Segments \| Total Macau Operations \| Wynn Palace
Segment Reporting Information [Line Items]
Total operating revenues	28,213	23,638
Entertainment, retail and other \| Operating Segments \| Total Macau Operations \| Wynn Macau
Segment Reporting Information [Line Items]
Total operating revenues	18,070	14,894
Entertainment, retail and other \| Operating Segments \| Las Vegas Operations
Segment Reporting Information [Line Items]
Total operating revenues	74,642	49,420
Entertainment, retail and other \| Operating Segments \| Encore Boston Harbor
Segment Reporting Information [Line Items]
Total operating revenues	10,102	8,197
Entertainment, retail and other \| Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total operating revenues	$ 20,520	$ 22,927

Segment Information - Summary of Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 13,724,021	$ 13,415,100
Corporate and other
Segment Reporting Information [Line Items]
Assets	2,988,037	3,370,101
Operating Segments \| Total Macau Operations
Segment Reporting Information [Line Items]
Assets	5,343,559	4,582,141
Operating Segments \| Las Vegas Operations
Segment Reporting Information [Line Items]
Assets	3,135,452	3,168,597
Operating Segments \| Encore Boston Harbor
Segment Reporting Information [Line Items]
Assets	2,057,577	2,080,424
Operating Segments \| Wynn Interactive
Segment Reporting Information [Line Items]
Assets	199,396	213,837
Operating Segments \| Macau \| Wynn Palace
Segment Reporting Information [Line Items]
Assets	2,953,650	2,884,073
Operating Segments \| Macau \| Wynn Macau
Segment Reporting Information [Line Items]
Assets	1,519,359	1,430,051
Operating Segments \| Macau \| Other Macau
Segment Reporting Information [Line Items]
Assets	$ 870,550	$ 268,017