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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                 
Commission File No. 000-50028
 WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
Nevada46-0484987
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3131 Las Vegas Boulevard South - Las Vegas, Nevada 89109
(Address of principal executive offices) (Zip Code)
(702) 770-7555
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
ClassOutstanding at October 26, 2021
Common stock, par value $0.01  115,657,896



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

2

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

September 30,
2021
December 31,
2020
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$2,475,757 $3,482,032 
Restricted cash3,618  
Accounts receivable, net of allowance for credit losses of $94,309 and $100,329
221,933 200,158 
Inventories64,043 66,285 
Prepaid expenses and other90,535 64,672 
Total current assets2,855,886 3,813,147 
Property and equipment, net8,859,157 9,196,644 
Restricted cash 3,779 4,352 
Goodwill and intangible assets, net286,124 278,195 
Operating lease assets378,344 398,594 
Other assets224,405 178,615 
Total assets$12,607,695 $13,869,547 
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts and construction payables$154,663 $148,478 
Customer deposits466,004 646,856 
Gaming taxes payable51,908 66,346 
Accrued compensation and benefits180,504 126,846 
Accrued interest143,341 136,421 
Current portion of long-term debt50,000 596,408 
Other accrued liabilities240,172 159,533 
Total current liabilities1,286,592 1,880,888 
Long-term debt11,693,785 12,469,362 
Long-term operating lease liabilities 117,156 123,124 
Other long-term liabilities102,751 133,490 
Total liabilities13,200,284 14,606,864 
Commitments and contingencies (Note 15)
Stockholders' deficit:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding
  
Common stock, par value $0.01; 400,000,000 shares authorized; 131,361,484 and 123,482,836 shares issued; 115,658,818 and 107,888,336 shares outstanding, respectively
1,314 1,235 
Treasury stock, at cost; 15,702,666 and 15,594,500 shares, respectively
(1,433,535)(1,422,531)
Additional paid-in capital3,485,759 2,598,115 
Accumulated other comprehensive income4,119 3,604 
Accumulated deficit(2,110,895)(1,532,420)
Total Wynn Resorts, Limited stockholders' deficit(53,238)(351,997)
Noncontrolling interests(539,351)(385,320)
Total stockholders' deficit(592,589)(737,317)
Total liabilities and stockholders' deficit$12,607,695 $13,869,547 

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

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

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Operating revenues:
Casino$496,264 $201,872 $1,615,228 $782,074
Rooms173,817 61,144 387,772 231,240
Food and beverage217,501 76,586 435,152 250,007
Entertainment, retail and other107,062 30,850 283,287 146,545
Total operating revenues994,644 370,452 2,721,439 1,409,866 
Operating expenses:
Casino315,316 160,861 1,048,897 734,689 
Rooms52,100 35,940 136,187 139,787 
Food and beverage163,655 76,536 354,709 314,335 
Entertainment, retail and other156,490 13,370 310,871 75,823 
General and administrative197,350 160,896 574,669 547,305 
Provision for credit losses(347)11,588 7,461 60,548 
Pre-opening1,333 877 5,455 5,614 
Depreciation and amortization177,110 183,486 545,538 541,498 
Property charges and other15,301 9,905 26,569 43,701 
Total operating expenses1,078,308 653,459 3,010,356 2,463,300 
Operating loss(83,664)(283,007)(288,917)(1,053,434)
Other income (expense):
Interest income507 2,033 2,131 13,969 
Interest expense, net of amounts capitalized(150,325)(145,142)(453,601)(407,187)
Change in derivatives fair value1,176 4,675 6,557 (14,279)
Loss on extinguishment of debt(738)(3,139)(2,060)(4,601)
Other(11,784)412 (17,324)12,980 
Other income (expense), net(161,164)(141,161)(464,297)(399,118)
Loss before income taxes(244,828)(424,168)(753,214)(1,452,552)
Provision for income taxes(1,155)(407,365)(2,345)(564,103)
Net loss(245,983)(831,533)(755,559)(2,016,655)
Less: net loss attributable to noncontrolling interests79,734 73,391 176,963 218,912 
Net loss attributable to Wynn Resorts, Limited$(166,249)$(758,142)$(578,596)$(1,797,743)
Basic and diluted net loss per common share:
Net loss attributable to Wynn Resorts, Limited:
Basic$(1.45)$(7.10)$(5.10)$(16.85)
Diluted$(1.45)$(7.10)$(5.10)$(16.85)
Weighted average common shares outstanding:
Basic114,655 106,783 113,420 106,720 
Diluted114,655 106,783 113,420 106,720 
Dividends declared per common share$ $ $ $1.00 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
(unaudited)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Net loss$(245,983)$(831,533)$(755,559)$(2,016,655)
Other comprehensive (loss) income:
Foreign currency translation adjustments, before and after tax(2,863)14 879 1,082 
Total comprehensive loss(248,846)(831,519)(754,680)(2,015,573)
Less: comprehensive loss attributable to noncontrolling interests80,423 73,387 176,599 218,611 
Comprehensive loss attributable to Wynn Resorts, Limited$(168,423)$(758,132)$(578,081)$(1,796,962)

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

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

For the Three Months Ended September 30, 2021
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income
Accumulated deficitTotal Wynn Resorts, Ltd.
stockholders'
equity (deficit)
Noncontrolling
interests
Total
stockholders'
 deficit
Balances, July 1, 2021115,683,983 $1,313 $(1,427,094)$3,466,908 $6,293 $(1,944,668)$102,752 $(456,591)$(353,839)
Net loss— — — — — (166,249)(166,249)(79,734)(245,983)
Currency translation adjustment— — — — (2,174)— (2,174)(689)(2,863)
Issuance of restricted stock48,435 1 — (1)— — — —  
Cancellation of restricted stock(5,224) — — — 22 22 4 26 
Shares repurchased by the Company and held as treasury shares(68,376)— (6,441)— — — (6,441)— (6,441)
Distribution to noncontrolling interest— — — — — — — (5,364)(5,364)
Stock-based compensation— — — 18,852 — — 18,852 3,023 21,875 
Balances, September 30, 2021115,658,818 $1,314 $(1,433,535)$3,485,759 $4,119 $(2,110,895)$(53,238)$(539,351)$(592,589)

For the Three Months Ended September 30, 2020
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained earnings (accumulated deficit) Total Wynn Resorts, Ltd.
stockholders'
equity (deficit)
Noncontrolling
interests
Total
stockholders'
equity (deficit)
Balances, July 1, 2020107,869,865 $1,234 $(1,419,435)$2,543,718 $(908)$(505,090)$619,519 $(345,321)$274,198 
Net loss— — — — — (758,142)(758,142)(73,391)(831,533)
Currency translation adjustment— — — — 10 — 10 4 14 
Issuance of restricted stock182,087 2 — (3)— — (1) (1)
Cancellation of restricted stock(164,633)(2)— 2 — — — —  
Shares repurchased by the Company and held as treasury shares(15,021)— (1,100)— — — (1,100) (1,100)
Cash dividends declared— — — — — 285 285 15 300 
Distribution to noncontrolling interest— — — — — — — (998)(998)
Stock-based compensation— — — 10,726 — — 10,726 1,763 12,489 
Balances, September 30, 2020107,872,298 $1,234 $(1,420,535)$2,554,443 $(898)$(1,262,947)$(128,703)$(417,928)$(546,631)

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






6

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

For the Nine Months Ended September 30, 2021
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income
Accumulated deficitTotal Wynn Resorts, Ltd.
stockholders'
equity (deficit)
Noncontrolling
interests
Total
stockholders'
 deficit
Balances, January 1, 2021107,888,336 $1,235 $(1,422,531)$2,598,115 $3,604 $(1,532,420)$(351,997)$(385,320)$(737,317)
Net loss— — — — — (578,596)(578,596)(176,963)(755,559)
Currency translation adjustment— — — — 515 — 515 364 879 
Issuance of common stock, net of $17.7 million underwriter discounts, commissions and other expenses
7,475,000 75 — 841,821 — — 841,896 — 841,896 
Issuance of restricted stock428,406 4 — 5,898 — — 5,902 370 6,272 
Cancellation of restricted stock(24,758) — — — 121 121 19 140 
Shares repurchased by the Company and held as treasury shares(108,166)— (11,004)— — — (11,004) (11,004)
Distribution to noncontrolling interest— — — — — — — (11,843)(11,843)
Subsidiary equity issuance— — — (20,211)— — (20,211)25,371 5,160 
Stock-based compensation— — — 60,136 — — 60,136 8,651 68,787 
Balances, September 30, 2021115,658,818 $1,314 $(1,433,535)$3,485,759 $4,119 $(2,110,895)$(53,238)$(539,351)$(592,589)

For the Nine Months Ended September 30, 2020
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained earnings (accumulated deficit)Total Wynn Resorts, Ltd.
stockholders'
equity (deficit)
Noncontrolling
interests
Total
stockholders'
equity (deficit)
Balances, January 1, 2020107,363,943 $1,228 $(1,410,998)$2,512,676 $(1,679)$641,818 $1,743,045 $(201,573)$1,541,472 
Net loss— — — — — (1,797,743)(1,797,743)(218,912)(2,016,655)
Currency translation adjustment— — — — 781 — 781 301 1,082 
Issuance of restricted stock843,102 8 — 6,700 — — 6,708 818 7,526 
Cancellation of restricted stock(237,680)(2)— 2 — — — — — 
Shares repurchased by the Company and held as treasury shares(97,067)— (9,537)— — — (9,537)141 (9,396)
Cash dividends declared— — — — — (107,022)(107,022)45 (106,977)
Distribution to noncontrolling interest— — — — — — — (1,996)(1,996)
Stock-based compensation— — — 35,065 — — 35,065 3,248 38,313 
Balances, September 30, 2020107,872,298 $1,234 $(1,420,535)$2,554,443 $(898)$(1,262,947)$(128,703)$(417,928)$(546,631)

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


7

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

 Nine Months Ended September 30,
 20212020
Cash flows from operating activities:
Net loss$(755,559)$(2,016,655)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization545,538 541,498 
Deferred income taxes(527)562,262 
Stock-based compensation expense75,033 40,501 
Amortization of debt issuance costs19,891 21,770 
Loss on extinguishment of debt2,060 4,601 
Provision for credit losses7,461 60,548 
Change in derivatives fair value(6,557)14,279 
Property charges and other43,893 30,721 
Increase (decrease) in cash from changes in:
Receivables, net(29,729)105,879 
Inventories, prepaid expenses and other(38,377)15,923 
Customer deposits(178,959)45,852 
Accounts payable and accrued expenses99,000 (208,258)
Net cash used in operating activities(216,832)(781,079)
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention(213,088)(261,093)
Purchase of intangible and other assets(19,741) 
Proceeds from sale of assets and other3,689 3,733 
Net cash used in investing activities(229,140)(257,360)
Cash flows from financing activities:
Proceeds from issuance of long-term debt1,141,026 3,919,377 
Repayments of long-term debt(2,477,690)(1,540,609)
Proceeds from issuance of Wynn Resorts, Limited common stock841,896  
Repurchase of common stock(11,004)(9,537)
Finance lease payments(11,709)(2,194)
Proceeds from exercise of stock options 70 
Dividends paid(932)(108,282)
Distribution to noncontrolling interest(11,843)(1,996)
Proceeds from issuance of subsidiary common stock4,662  
Payments for debt financing costs(29,975)(20,350)
Net cash (used in) provided by financing activities(555,569)2,236,479 
Effect of exchange rate on cash, cash equivalents and restricted cash(1,689)3,412 
Cash, cash equivalents and restricted cash:
(Decrease) increase in cash, cash equivalents and restricted cash(1,003,230)1,201,452 
Balance, beginning of period3,486,384 2,358,292 
Balance, end of period$2,483,154 $3,559,744 
Supplemental cash flow disclosures:
Cash paid for interest, net of amounts capitalized$426,462 $313,696 
Liability settled with shares of common stock $6,272 $6,720 
Accounts and construction payables related to property and equipment $70,844 $85,585 
Other liabilities related to intangible assets$12,335 $12,880 
Finance lease liabilities arising from obtaining finance lease assets$7,423 $42,432 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
 
Note 1 - Organization

Organization

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

In the Macau Special Administrative Region of the People's Republic of China ("Macau"), the Company owns approximately 72% of Wynn Macau, Limited ("WML"), which includes the operations of the Wynn Palace and Wynn Macau resorts. The Company refers to Wynn Palace and Wynn Macau as its Macau Operations. In Las Vegas, Nevada, the Company operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas. Additionally, the Company is a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). The Company refers to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as its Las Vegas Operations. On June 23, 2019, the Company opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts, that is owned 100% by the Company. In October 2020, Wynn Interactive Ltd. ("Wynn Interactive") was formed through the merger of the Company's U.S. online sports betting and gaming business, social casino business, and Wynn Resorts' strategic partner, BetBull Limited ("BetBull"). Wynn Resorts holds an approximately 74% interest in, and consolidates, Wynn Interactive. The results of Wynn Interactive's operations are presented within Corporate and other in the accompanying condensed consolidated financial statements, except where otherwise noted.

Recent Developments Related to COVID-19

Since the outbreak of COVID-19 in early 2020, steps have been taken by various countries, including those in which the Company operates, to advise citizens to avoid non-essential travel, to restrict inbound international travel, to implement closures of non-essential operations, and to implement quarantines and lockdowns to contain the spread of the virus. As part of the immediate response to the initial outbreak of COVID-19, each of the Company's properties was subject to partial or full closure for varying lengths of time during 2020, and each has since reopened. Several vaccines have been granted authorization in numerous countries and are being rolled out to citizens based on availability and priority of need. There can be no assurance as to when a sufficient number of individuals will be vaccinated, or when travel restrictions may be fully lifted thereafter.

Macau Operations

Visitation to Macau has fallen significantly since the outbreak of COVID-19, driven by the strong deterrent effect of the COVID-19 pandemic on travel and social activities, quarantine measures put in place in Macau and elsewhere, travel and entry restrictions and conditions in Macau, the PRC, Hong Kong and Taiwan involving COVID-19 testing, among other things, and the suspension or reduced accessibility of transportation to and from Macau. Beginning in June 2020, certain restrictions and conditions have eased to allow for some visitation to Macau as certain regions recover from the COVID-19 pandemic. Quarantine-free travel, subject to COVID-19 safeguards such as testing and the usual visa requirements, has been reintroduced between Macau and most areas and cities within the PRC, and in September 2020, PRC authorities fully resumed the IVS exit visa program, which permits individual PRC citizens from nearly 50 PRC cities to travel to Macau for tourism purposes. Given the evolving conditions created by and in response to the COVID-19 pandemic, measures that have been lifted may be reintroduced if there are adverse developments in the COVID-19 situation in Macau and other regions with access to Macau, and the Company is currently unable to determine when protective measures and the suspension of certain offerings in effect at our Macau Operations will be lifted. Given the uncertainty around the extent and timing of the potential future spread or mitigation of COVID-19 and around the imposition or relaxation of protective measures, management cannot reasonably estimate the impact to the Company's future results of operations, cash flows, or financial condition.

Las Vegas Operations and Encore Boston Harbor

In response to the COVID-19 outbreak, the Company’s Las Vegas Operations and Encore Boston Harbor each implemented certain COVID-19 specific protective measures, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. Over the course of the nine months ended September 30, 2021, the Company's Las Vegas Operations and Encore Boston Harbor have each incrementally resumed full operations, including reopening gaming areas to 100% of capacity and restoring seven-day-per-week hotel operations, as permitted by governmental authorities and in response to increased customer demand. Given the
9

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
evolving conditions created by and in response to the COVID-19 pandemic, measures that have been lifted may be reintroduced if there are adverse developments in the COVID-19 situation, and management cannot reasonably estimate the impact of such developments to the Company's future results of operations, cash flows, or financial condition.

Liquidity

As of September 30, 2021, the Company had total cash and cash equivalents, excluding restricted cash, of $2.48 billion, and had access to $834.2 million of available borrowing capacity from the WRF Revolving Facility and $413.1 million of available borrowing capacity from the WM Cayman II Revolver (as defined and discussed further in Note 7, "Long-Term Debt"). The Company has suspended its dividend program. Given the Company's liquidity position as of September 30, 2021, the Company believes it is able to support continuing operations and respond to the current COVID-19 pandemic challenges.

Macau Gaming Concession

The term of the Company's concession agreement with the Macau government ends on June 26, 2022. If the term of this concession agreement is not extended or renewed or is not replaced by a new gaming concession, all of the Company's gaming operations and related equipment in Macau will be automatically transferred to the Macau government without compensation on that date and the Company will cease to generate gaming revenues from its Macau Operations. In addition, under the indentures governing the Company's $4.7 billion aggregate principal amount of WML Senior Notes and the facility agreement governing the WM Cayman II Revolver, upon the occurrence of any event after which the Company does not own or manage casino or gaming areas or operate casino games of fortune and chance in Macau in substantially the same manner as of the issue date of the respective senior notes or the date of the facility agreement, for a period of 10 consecutive days or more in the case of the WML Senior Notes or a period of 30 consecutive days or more in the case of the WM Cayman II Revolver, and such event has a material adverse effect on the financial condition, business, properties or results of operations of WML and its subsidiaries, taken as a whole, holders of the WML Senior Notes can require the Company to repurchase all or any part of the WML Senior Notes at par, plus any accrued and unpaid interest (the "Special Put Option"), and any amounts owed under the WM Cayman II Revolver may become immediately due and payable (the "Property Mandatory Prepayment Event").

The Company is monitoring developments with respect to the Macau government's concession renewal or extension process, and at this time believes that its concession will be renewed or extended beyond June 26, 2022. The failure to extend or renew the Company's concession or obtain a new concession and the resulting ability of the WML Senior Note holders to exercise the Special Put Option and triggering of the Property Mandatory Prepayment Event would have a material adverse effect on the Company's business, financial condition, results of operations, and cash flows.

Business Combination Agreement

On May 10, 2021, Wynn Interactive entered into a business combination agreement (the "Business Combination Agreement") with Austerlitz Acquisition Corporation I, a Cayman Islands exempted company ("Austerlitz I"), and Wave Merger Sub Limited, an exempted company limited by shares incorporated in Bermuda and a direct, wholly owned subsidiary of Austerlitz I ("Merger Sub"). The Business Combination Agreement provides for, among other things, the consummation of the following transactions: (i) Austerlitz I will transfer by way of continuation from the Cayman Islands to Bermuda and change its name to "Wynn Interactive, Limited"; and (ii) Merger Sub will merge with and into Wynn Interactive (the "Merger"), with Wynn Interactive being the surviving company of the Merger and direct, wholly owned subsidiary of Austerlitz I. Upon closing of the transaction, assuming no share redemptions by the public stockholders of Austerlitz I, the Company is expected to retain an approximately 58% equity interest (and approximately 72% voting interest) in Wynn Interactive. Closing of the proposed business combination is subject to approval by Austerlitz I's stockholders, gaming regulatory approval and other customary closing conditions.

Note 2 -    Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein
10

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three and nine months ended September 30, 2021 are not necessarily indicative of results to be expected for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. 

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 16, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements for the first quarter of 2021 have been reclassified to be consistent with the current quarter presentation. These reclassifications had no effect on the previously reported net loss or operating loss.

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 the cost of long-lived assets, fair value estimates of intangible assets and their estimated useful lives, 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 $188.7 million and $66.1 million for the three months ended September 30, 2021 and 2020, respectively, and $637.9 million and $332.5 million for the nine months ended September 30, 2021 and 2020, respectively.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of the London Interbank Offered Rate (referred to as "LIBOR"), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. ASU 2020-04 also provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. ASU 2020-04 can be adopted no later than December 1, 2022 with early adoption permitted. The Company is currently assessing the impact the adoption of the new guidance will have on its consolidated financial statements.











11

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 3 -    Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):
September 30,
2021
December 31,
2020
Cash and cash equivalents:
   Cash (1)
$2,054,901 $2,501,452 
   Cash equivalents (2)
420,856 980,580 
     Total cash and cash equivalents 2,475,757 3,482,032 
Restricted cash (3)
7,397 4,352 
Total cash, cash equivalents and restricted cash $2,483,154 $3,486,384 
(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.

Note 4 -    Receivables, net

Accounts Receivable and Credit Risk

Receivables, net consisted of the following (in thousands):
September 30,
2021
December 31,
2020
Casino$217,788 $207,823 
Hotel23,593 7,075 
Other74,861 85,589 
316,242 300,487 
Less: allowance for credit losses(94,309)(100,329)
$221,933 $200,158 

As of September 30, 2021 and December 31, 2020, approximately 72.8% and 77.3%, 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 42.2% and 47.2% of gross casino receivables as of September 30, 2021 and December 31, 2020, 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 period (in thousands): 

September 30,
2021
September 30,
2020
Balance at beginning of year$100,329 $39,317 
   Provision for credit losses