Company Quick10K Filing
Quick10K
Wynn Resorts
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$136.33 108 $14,670
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-06 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-05-29 Officers
8-K 2019-05-09 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-05-07 Shareholder Vote
8-K 2019-04-30 Regulation FD, Other Events, Exhibits
8-K 2019-04-23 Regulation FD, Exhibits
8-K 2019-04-09 Regulation FD, Exhibits
8-K 2019-04-08 Regulation FD
8-K 2019-03-08 Enter Agreement, Off-BS Arrangement, Regulation FD
8-K 2019-01-30 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-01-25 Regulation FD, Other Events, Exhibits
8-K 2018-12-21 Enter Agreement, Off-BS Arrangement
8-K 2018-12-17 Officers
8-K 2018-11-07 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-10-30 Enter Agreement, Off-BS Arrangement, Regulation FD
8-K 2018-09-19 Regulation FD
8-K 2018-09-10 Regulation FD, Exhibits
8-K 2018-08-03 Officers, Exhibits
8-K 2018-08-03 Regulation FD
8-K 2018-08-03 Enter Agreement, Officers, Enter Agreement, Regulation FD, Exhibits
8-K 2018-08-01 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-07-25 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-28 Officers
8-K 2018-05-16 Shareholder Vote
8-K 2018-05-14 Officers, Regulation FD, Exhibits
8-K 2018-04-24 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-04-19 Other Events, Exhibits
8-K 2018-04-17 Officers
8-K 2018-03-28 Enter Agreement, Leave Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-03-22 Other Events, Exhibits
8-K 2018-03-20 Enter Agreement, Exhibits
8-K 2018-03-15 Other Events, Exhibits
8-K 2018-03-09 Regulation FD, Exhibits
8-K 2018-03-08 Enter Agreement, Leave Agreement, Regulation FD, Exhibits
8-K 2018-03-07 Officers
8-K 2018-02-16 Other Events, Exhibits
8-K 2018-02-09 Regulation FD, Exhibits
8-K 2018-02-06 Officers, Regulation FD, Exhibits
8-K 2018-01-26 Regulation FD
8-K 2018-01-22 Earnings, Regulation FD, Other Events, Exhibits
IART Integra Lifesciences 4,510
HPT Hospitality Properties Trust 4,260
FFC 1st Franklin Financial 857
MUDS Mudrick Capital Acquisition 264
WDN Wadena 0
TCPP Trinity Capital 0
OXF Westmoreland Resource Partners 0
STQN Strategic Acquisitions 0
LRDC Laredo Oil 0
NTWN Newtown Lane Marketing 0
WYNN 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization
Note 2 - Basis of Presentation and Significant Accounting Policies
Note 3 - Cash, Cash Equivalents and Restricted Cash
Note 4 - Receivables, Net
Note 5 - Property and Equipment, Net
Note 6 - Long-Term Debt
Note 7 - Stockholders' Equity
Note 8 - Fair Value Measurements
Note 9 - Customer Contract Liabilities
Note 10 - Stock-Based Compensation
Note 11 - Income Taxes
Note 12 - Earnings per Share
Note 13 - Leases
Note 14 - Commitments and Contingencies
Note 15 - Retail Joint Venture
Note 16 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-10.1 ex101-maddoxmatt1stame.htm
EX-10.2 ex102-billingscraig2nd.htm
EX-10.3 ex103-whittemoreellen1.htm
EX-31.1 ex311-q219.htm
EX-31.2 ex312-q219.htm
EX-32 ex32-q219.htm

Wynn Resorts Earnings 2019-06-30

WYNN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
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)
Nevada
 
46-0484987
(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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock, par value $0.01
 
WYNN
 
Nasdaq 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 filer
 
 
Accelerated filer
 
Non-accelerated filer
 
 
Smaller 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.
Class
 
Outstanding at July 31, 2019
Common stock, par value $0.01
  
107,615,934


Table of Contents

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

 
2
 

Table of Contents

Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 
June 30,
2019
 
December 31,
2018
 
(unaudited)
 
 
ASSETS
Current assets:
 
 
 
Cash and cash equivalents
$
1,501,886

 
$
2,215,001

Receivables, net
296,696

 
276,644

Inventories
81,766

 
66,627

Prepaid expenses and other
86,975

 
83,104

Total current assets
1,967,323

 
2,641,376

Property and equipment, net
9,640,704

 
9,385,920

Restricted cash
4,481

 
4,322

Intangible assets, net
133,066

 
222,506

Operating lease assets
452,274

 

Deferred income taxes, net
738,940

 
736,452

Other assets
228,486

 
225,693

Total assets
$
13,165,274

 
$
13,216,269

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 
 
 
Accounts and construction payables
$
432,130

 
$
321,796

Customer deposits
906,455

 
955,450

Gaming taxes payable
214,606

 
247,341

Accrued compensation and benefits
164,690

 
163,966

Accrued interest
63,005

 
61,595

Current portion of long-term debt
56,605

 
11,960

Other accrued liabilities
137,857

 
119,955

Total current liabilities
1,975,348

 
1,882,063

Long-term debt
9,095,293

 
9,411,140

Long-term operating lease liabilities
151,446

 

Other long-term liabilities
92,248

 
108,277

Total liabilities
11,314,335

 
11,401,480

Commitments and contingencies (Note 14)

 

Stockholders' equity:
 
 
 
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding

 

Common stock, par value $0.01; 400,000,000 shares authorized; 122,790,664 and 122,115,585 shares issued; 107,610,356 and 107,232,026 shares outstanding, respectively
1,228

 
1,221

Treasury stock, at cost; 15,180,308 and 14,883,559 shares, respectively
(1,379,644
)
 
(1,344,012
)
Additional paid-in capital
2,498,316

 
2,457,079

Accumulated other comprehensive loss
(1,986
)
 
(1,950
)
Retained earnings
932,907

 
921,785

Total Wynn Resorts, Limited stockholders' equity
2,050,821

 
2,034,123

Noncontrolling interests
(199,882
)
 
(219,334
)
Total stockholders' equity
1,850,939

 
1,814,789

Total liabilities and stockholders' equity
$
13,165,274

 
$
13,216,269


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

 
3
 

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Operating revenues:
 
 
 
 
 
 
 
Casino
$
1,142,503

 
$
1,100,027

 
$
2,327,604

 
$
2,342,166

Rooms
198,807

 
186,051

 
390,077

 
376,361

Food and beverage
218,022

 
214,867

 
391,241

 
387,089

Entertainment, retail and other
99,000

 
104,479

 
200,956

 
215,386

Total operating revenues
1,658,332

 
1,605,424

 
3,309,878

 
3,321,002

Operating expenses:
 
 
 
 
 
 
 
Casino
724,987

 
707,194

 
1,475,058

 
1,471,595

Rooms
66,148

 
63,675

 
129,854

 
126,872

Food and beverage
182,080

 
168,296

 
330,841

 
305,954

Entertainment, retail and other
43,514

 
46,589

 
87,558

 
94,619

General and administrative
202,224

 
183,631

 
419,546

 
353,216

Litigation settlement

 

 

 
463,557

Provision (benefit) for doubtful accounts
3,581

 
(1,390
)
 
9,003

 
(699
)
Pre-opening
69,883

 
11,196

 
97,596

 
21,541

Depreciation and amortization
140,269

 
137,870

 
276,826

 
274,227

Property charges and other
6,930

 
8,791

 
9,704

 
11,842

Total operating expenses
1,439,616

 
1,325,852

 
2,835,986

 
3,122,724

Operating income
218,716

 
279,572

 
473,892

 
198,278

Other income (expense):
 
 
 
 
 
 
 
Interest income
6,265

 
6,861

 
13,552

 
14,081

Interest expense, net of amounts capitalized
(93,149
)
 
(89,898
)
 
(186,329
)
 
(188,125
)
Change in derivatives fair value
(3,304
)
 

 
(4,813
)
 

Change in Redemption Note fair value

 

 

 
(69,331
)
Gain on extinguishment of debt

 

 

 
2,329

Other
11,715

 
(957
)
 
5,357

 
(10,177
)
Other income (expense), net
(78,473
)
 
(83,994
)
 
(172,233
)
 
(251,223
)
Income (loss) before income taxes
140,243

 
195,578

 
301,659

 
(52,945
)
Benefit for income taxes
1,991

 
9,702

 
306

 
120,747

Net income
142,234

 
205,280

 
301,965

 
67,802

Less: net income attributable to noncontrolling interests
(47,683
)
 
(49,524
)
 
(102,542
)
 
(116,353
)
Net income (loss) attributable to Wynn Resorts, Limited
$
94,551

 
$
155,756

 
$
199,423

 
$
(48,551
)
Basic and diluted net income (loss) per common share:
 
 
 
 
 
 
 
Net income (loss) attributable to Wynn Resorts, Limited:
 
 
 
 
 
 
 
Basic
$
0.88

 
$
1.44

 
$
1.87

 
$
(0.46
)
Diluted
$
0.88

 
$
1.44

 
$
1.86

 
$
(0.46
)
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
106,876

 
107,792

 
106,834

 
105,195

Diluted
107,141

 
108,405

 
107,089

 
105,195

Dividends declared per common share
$
1.00

 
$
0.75

 
$
1.75

 
$
1.25

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

 
4
 

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019

2018
 
2019
 
2018
Net income
$
142,234

 
$
205,280

 
$
301,965

 
$
67,802

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments, before and after tax
838

 
(115
)
 
(50
)
 
(1,946
)
Change in net unrealized loss on investment securities, before and after tax

 
19

 

 
1,311

Redemption Note credit risk adjustment, net of tax of $2,735

 

 

 
9,211

Total comprehensive income
143,072

 
205,184

 
301,915

 
76,378

Less: comprehensive income attributable to noncontrolling interests
(47,450
)
 
(49,492
)
 
(102,556
)
 
(115,811
)
Comprehensive income (loss) attributable to Wynn Resorts, Limited
$
95,622

 
$
155,692

 
$
199,359

 
$
(39,433
)

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

 
5
 

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands, except share data)
(unaudited)
 
For the Three Months Ended June 30, 2019
 
Common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
outstanding
 
Par
value
 
Treasury
stock
 
Additional
paid-in
capital
 
Accumulated
other
comprehensive
loss
 
Retained earnings
 
Total Wynn Resorts, Ltd.
stockholders'
equity
 
Noncontrolling
interests
 
Total
stockholders'
equity
Balances, April 1, 2019
107,660,449

 
$
1,226

 
$
(1,349,413
)
 
$
2,483,026

 
$
(2,591
)
 
$
945,972

 
$
2,078,220

 
$
(162,977
)
 
$
1,915,243

Net income

 

 

 

 

 
94,551

 
94,551

 
47,683

 
142,234

Currency translation adjustment

 

 

 

 
605

 

 
605

 
233

 
838

Exercise of stock options
180,000

 
2

 

 
8,479

 

 

 
8,481

 

 
8,481

Issuance of restricted stock
32,633

 

 

 

 

 

 

 

 

Cancellation of restricted stock
(10,795
)
 

 

 

 

 

 

 

 

Shares repurchased by the Company and held as treasury shares
(251,931
)
 

 
(30,231
)
 

 

 

 
(30,231
)
 

 
(30,231
)
Cash dividends declared

 

 

 

 

 
(107,616
)
 
(107,616
)
 
(82,917
)
 
(190,533
)
Distribution to noncontrolling interest

 

 

 

 

 

 

 
(2,727
)
 
(2,727
)
Stock-based compensation

 

 

 
6,811

 

 

 
6,811

 
823

 
7,634

Balances, June 30, 2019
107,610,356

 
$
1,228

 
$
(1,379,644
)
 
$
2,498,316

 
$
(1,986
)
 
$
932,907

 
$
2,050,821

 
$
(199,882
)
 
$
1,850,939




 
For the Three Months Ended June 30, 2018
 
Common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
outstanding
 
Par
value
 
Treasury
stock
 
Additional
paid-in
capital
 
Accumulated
other
comprehensive
loss
 
Retained earnings
 
Total Wynn Resorts, Ltd.
stockholders'
equity
 
Noncontrolling
interests
 
Total
stockholders'
equity
Balances, April 1, 2018
103,202,045

 
$
1,166

 
$
(1,184,967
)
 
$
1,508,714

 
$
(1,874
)
 
$
388,523

 
$
711,562

 
$
59,826

 
$
771,388

Net income

 

 

 

 

 
155,756

 
155,756

 
49,524

 
205,280

Currency translation adjustment

 

 

 

 
(83
)
 

 
(83
)
 
(32
)
 
(115
)
Change in net unrealized loss on investment securities

 

 

 

 
19

 

 
19

 

 
19

Exercise of stock options
44,000

 

 

 
5,238

 

 

 
5,238

 
506

 
5,744

Issuance of common stock
5,300,000

 
53

 

 
915,160

 

 

 
915,213

 

 
915,213

Issuance of restricted stock
106,472

 
1

 

 
(1
)
 

 

 

 

 

Cancellation of restricted stock
(10,146
)
 

 

 

 

 

 

 

 

Cash dividends declared

 

 

 

 

 
(81,329
)
 
(81,329
)
 
(4
)
 
(81,333
)
Distribution to noncontrolling interest

 

 

 

 

 

 

 
(3,852
)
 
(3,852
)
Stock-based compensation

 

 

 
6,609

 

 

 
6,609

 
642

 
7,251

Balances, June 30, 2018
108,642,371

 
$
1,220

 
$
(1,184,967
)
 
$
2,435,720

 
$
(1,938
)
 
$
462,950

 
$
1,712,985

 
$
106,610

 
$
1,819,595




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











 
6
 

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued)
(in thousands, except share data)
(unaudited)
 
For the Six Months Ended June 30, 2019
 
Common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
outstanding
 
Par
value
 
Treasury
stock
 
Additional
paid-in
capital
 
Accumulated
other
comprehensive
loss
 
Retained earnings
 
Total Wynn Resorts, Ltd.
stockholders'
equity
 
Noncontrolling
interests
 
Total
stockholders'
equity
Balances, January 1, 2019
107,232,026

 
$
1,221

 
$
(1,344,012
)
 
$
2,457,079

 
$
(1,950
)
 
$
921,785

 
$
2,034,123

 
$
(219,334
)
 
$
1,814,789

Net income

 

 

 

 

 
199,423

 
199,423

 
102,542

 
301,965

Currency translation adjustment

 

 

 

 
(36
)
 

 
(36
)
 
(14
)
 
(50
)
Exercise of stock options
257,690

 
3

 

 
12,542

 

 

 
12,545

 

 
12,545

Issuance of restricted stock
429,229

 
4

 

 
14,344

 

 

 
14,348

 
785

 
15,133

Cancellation of restricted stock
(11,840
)
 

 

 

 

 

 

 

 

Shares repurchased by the Company and held as treasury shares
(296,749
)
 

 
(35,632
)
 

 

 

 
(35,632
)
 

 
(35,632
)
Cash dividends declared

 

 

 

 

 
(188,301
)
 
(188,301
)
 
(82,900
)
 
(271,201
)
Distribution to noncontrolling interest

 

 

 

 

 

 

 
(2,727
)
 
(2,727
)
Stock-based compensation

 

 

 
14,351

 

 

 
14,351

 
1,766

 
16,117

Balances, June 30, 2019
107,610,356

 
$
1,228

 
$
(1,379,644
)
 
$
2,498,316

 
$
(1,986
)
 
$
932,907

 
$
2,050,821

 
$
(199,882
)
 
$
1,850,939



 
 
For the Six Months Ended June 30, 2018
 
Common stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
outstanding
 
Par
value
 
Treasury
stock
 
Additional
paid-in
capital
 
Accumulated
other
comprehensive
loss
 
Retained earnings
 
Total Wynn Resorts, Ltd.
stockholders'
equity
 
Noncontrolling
interests
 
Total
stockholders'
equity
Balances, January 1, 2018
103,005,866

 
$
1,164

 
$
(1,184,468
)
 
$
1,497,928

 
$
(1,845
)
 
$
635,067

 
$
947,846

 
$
130,504

 
$
1,078,350

Cumulative effect, change in accounting for credit risk, net of tax of $2,735

 

 

 

 
(9,211
)
 
9,211

 

 

 

Net income (loss)

 

 

 

 

 
(48,551
)
 
(48,551
)
 
116,353

 
67,802

Currency translation adjustment

 

 

 

 
(1,404
)
 

 
(1,404
)
 
(542
)
 
(1,946
)
Change in net unrealized loss on investment securities

 

 

 

 
1,311

 

 
1,311

 

 
1,311

Redemption Note settlement

 

 

 

 
9,211

 

 
9,211

 

 
9,211

Exercise of stock options
112,590

 
1

 

 
10,065

 

 

 
10,066

 
506

 
10,572

Issuance of common stock
5,300,000

 
53

 

 
915,160

 

 

 
915,213

 

 
915,213

Issuance of restricted stock
242,139

 
2

 

 
1,297

 

 

 
1,299

 
501

 
1,800

Cancellation of restricted stock
(15,194
)
 

 

 

 

 

 

 

 

Shares repurchased by the Company and held as treasury shares
(3,030
)
 

 
(499
)
 

 

 

 
(499
)
 

 
(499
)
Cash dividends declared

 

 

 

 

 
(132,777
)
 
(132,777
)
 
(138,325
)
 
(271,102
)
Distribution to noncontrolling interest

 

 

 

 

 

 

 
(3,852
)
 
(3,852
)
Stock-based compensation

 

 

 
11,270

 

 

 
11,270

 
1,465

 
12,735

Balances, June 30, 2018
108,642,371

 
$
1,220

 
$
(1,184,967
)
 
$
2,435,720

 
$
(1,938
)
 
$
462,950

 
$
1,712,985

 
$
106,610

 
$
1,819,595





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


 
7
 

Table of Contents

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
Six Months Ended June 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
301,965

 
$
67,802

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
276,826

 
274,227

Deferred income taxes
(2,488
)
 
(119,768
)
Stock-based compensation expense
20,168

 
16,930

Amortization of debt issuance costs
14,862

 
17,609

Loss on extinguishment of debt

 
2,166

Provision (benefit) for doubtful accounts
9,003

 
(699
)
Change in derivatives fair value
4,813

 

Change in Redemption Note fair value