Company Quick10K Filing
Wynn Resorts
Price108.25 EPS3
Shares107 P/E35
MCap11,622 P/FCF15
Net Debt7,962 EBIT649
TEV19,584 TEV/EBIT30
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-06-19
8-K 2020-06-12
8-K 2020-06-11
8-K 2020-05-06
8-K 2020-04-22
8-K 2020-04-14
8-K 2020-04-10
8-K 2020-04-07
8-K 2020-04-07
8-K 2020-03-14
8-K 2020-02-06
8-K 2019-12-17
8-K 2019-12-17
8-K 2019-12-10
8-K 2019-12-09
8-K 2019-11-06
8-K 2019-09-20
8-K 2019-09-12
8-K 2019-09-11
8-K 2019-09-05
8-K 2019-08-06
8-K 2019-05-29
8-K 2019-05-09
8-K 2019-05-07
8-K 2019-04-30
8-K 2019-04-23
8-K 2019-04-09
8-K 2019-04-08
8-K 2019-03-08
8-K 2019-01-30
8-K 2019-01-25
8-K 2018-12-21
8-K 2018-12-17
8-K 2018-11-07
8-K 2018-10-30
8-K 2018-09-19
8-K 2018-09-10
8-K 2018-08-03
8-K 2018-08-03
8-K 2018-08-03
8-K 2018-08-01
8-K 2018-07-25
8-K 2018-06-28
8-K 2018-05-16
8-K 2018-05-14
8-K 2018-04-24
8-K 2018-04-19
8-K 2018-04-18
8-K 2018-04-17
8-K 2018-04-17
8-K 2018-04-16
8-K 2018-03-28
8-K 2018-03-22
8-K 2018-03-22
8-K 2018-03-20
8-K 2018-03-15
8-K 2018-03-14
8-K 2018-03-09
8-K 2018-03-08
8-K 2018-03-07
8-K 2018-03-07
8-K 2018-02-28
8-K 2018-02-16
8-K 2018-02-15
8-K 2018-02-09
8-K 2018-02-06
8-K 2018-01-26
8-K 2018-01-22

WYNN 10Q Quarterly Report

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-4.1 ex41-wynnresortsfinanc.htm
EX-10.1 ex101-wynnxamendmentno.htm
EX-31.1 ex311-q120.htm
EX-31.2 ex312-q120.htm
EX-32 ex32-q120.htm

Wynn Resorts Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
151185202012201420172020
Assets, Equity
4.13.22.41.50.7-0.22012201420172020
Rev, G Profit, Net Income
1.00.60.2-0.1-0.5-0.92012201420172020
Ops, Inv, Fin

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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 March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                 
Commission File No. 000-50028
 WYNN RESORTS, LIMITED
(Exact name of registrant as specified in its charter)
Nevada46-0484987
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3131 Las Vegas Boulevard South - Las Vegas, Nevada 89109
(Address of principal executive offices) (Zip Code)
(702) 770-7555
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
ClassOutstanding at April 27, 2020
Common stock, par value $0.01  107,868,264



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)

March 31,
2020
December 31,
2019
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$2,880,971  $2,351,904  
Accounts receivable, net of allowance for credit losses of $59,971 and $39,317
380,771  346,429  
Inventories86,182  88,519  
Prepaid expenses and other67,440  69,485  
Total current assets3,415,364  2,856,337  
Property and equipment, net9,539,407  9,623,832  
Restricted cash 4,930  6,388  
Intangible assets, net143,857  146,414  
Operating lease assets446,564  452,919  
Deferred income taxes, net487,402  562,262  
Other assets235,823  223,129  
Total assets$14,273,347  $13,871,281  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts and construction payables$194,226  $262,437  
Customer deposits913,395  824,269  
Gaming taxes payable48,348  168,043  
Accrued compensation and benefits249,092  180,140  
Accrued interest106,344  73,136  
Current portion of long-term debt235,997  323,876  
Other accrued liabilities137,435  150,983  
Total current liabilities1,884,837  1,982,884  
Long-term debt11,133,048  10,079,983  
Long-term operating lease liabilities 156,120  159,182  
Other long-term liabilities106,862  107,760  
Total liabilities13,280,867  12,329,809  
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, par value $0.01; 40,000,000 shares authorized; zero shares issued and outstanding
    
Common stock, par value $0.01; 400,000,000 shares authorized; 123,403,105 and 122,837,930 shares issued; 107,884,163 and 107,363,943 shares outstanding, respectively
1,234  1,228  
Treasury stock, at cost; 15,518,942 and 15,473,987 shares, respectively
(1,416,525) (1,410,998) 
Additional paid-in capital2,526,062  2,512,676  
Accumulated other comprehensive loss(947) (1,679) 
Retained earnings132,266  641,818  
Total Wynn Resorts, Limited stockholders' equity1,242,090  1,743,045  
Noncontrolling interests(249,610) (201,573) 
Total stockholders' equity992,480  1,541,472  
Total liabilities and stockholders' equity$14,273,347  $13,871,281  

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 March 31,
 20202019
Operating revenues:
Casino$570,789  $1,185,101  
Rooms152,681  191,270  
Food and beverage149,414  173,219  
Entertainment, retail and other80,832  101,956  
Total operating revenues953,716  1,651,546  
Operating expenses:
Casino442,690  750,071  
Rooms73,480  63,706  
Food and beverage175,910  148,761  
Entertainment, retail and other45,580  44,044  
General and administrative234,328  217,322  
Provision for credit losses20,613  5,422  
Pre-opening2,551  27,713  
Depreciation and amortization178,746  136,557  
Property charges and other27,229  2,774  
Total operating expenses1,201,127  1,396,370  
Operating income (loss)(247,411) 255,176  
Other income (expense):
Interest income7,953  7,287  
Interest expense, net of amounts capitalized(128,827) (93,180) 
Change in derivatives fair value(15,660) (1,509) 
Loss on extinguishment of debt(843)   
Other10,335  (6,358) 
Other income (expense), net(127,042) (93,760) 
Income (loss) before income taxes(374,453) 161,416  
Provision for income taxes(75,800) (1,685) 
Net income (loss)(450,253) 159,731  
Less: net (income) loss attributable to noncontrolling interests48,216  (54,859) 
Net income (loss) attributable to Wynn Resorts, Limited$(402,037) $104,872  
Basic and diluted net income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic$(3.77) $0.98  
Diluted$(3.77) $0.98  
Weighted average common shares outstanding:
Basic106,663  106,792  
Diluted106,663  107,073  
Dividends declared per common share$1.00  $0.75  

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 March 31,
 20202019
Net income (loss)$(450,253) $159,731  
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax1,015  (888) 
Total comprehensive income (loss)(449,238) 158,843  
Less: comprehensive (income) loss attributable to noncontrolling interests47,933  (54,612) 
Comprehensive income (loss) attributable to Wynn Resorts, Limited$(401,305) $104,231  

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 March 31, 2020
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained earningsTotal Wynn Resorts, Ltd.
stockholders'
equity
Noncontrolling
interests
Total
stockholders'
equity
Balances, January 1, 2020107,363,943  $1,228  $(1,410,998) $2,512,676  $(1,679) $641,818  $1,743,045  $(201,573) $1,541,472  
Net loss—  —  —  —  —  (402,037) (402,037) (48,216) (450,253) 
Currency translation adjustment—  —  —  —  732  —  732  283  1,015  
Issuance of restricted stock620,745  6  —  6,086  —  —  6,092  629  6,721  
Cancellation of restricted stock(55,570)   —    —  —  —  —    
Shares repurchased by the Company and held as treasury shares(44,955) —  (5,527) —  —  —  (5,527) —  (5,527) 
Cash dividends declared—  —  —  —  —  (107,515) (107,515) 14  (107,501) 
Distribution to non-controlling interest—  —  —  —  —  —  —  (998) (998) 
Stock-based compensation—  —  —  7,300  —  —  7,300  251  7,551  
Balances, March 31, 2020107,884,163  $1,234  $(1,416,525) $2,526,062  $(947) $132,266  $1,242,090  $(249,610) $992,480  


For the Three Months Ended March 31, 2019
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained earnings Total Wynn Resorts, Ltd.
stockholders'
equity
Noncontrolling
interests
Total
stockholders'
equity
Balances, January 1, 2019107,232,026  $1,221  $(1,344,012) $2,457,079  $(1,950) $921,785  $2,034,123  $(219,334) $1,814,789  
Net income—  —  —  —  —  104,872  104,872  54,859  159,731  
Currency translation adjustment—  —  —  —  (641) —  (641) (247) (888) 
Exercise of stock options77,690  1  —  4,063  —  —  4,064  —  4,064  
Issuance of restricted stock396,596  4  —  14,344  —  —  14,348  785  15,133  
Cancellation of restricted stock(1,045) —  —  —  —  —  —  —    
Shares repurchased by the Company and held as treasury shares(44,818) —  (5,401) —  —  —  (5,401) —  (5,401) 
Cash dividends declared—  —  —  —  —  (80,685) (80,685) 17  (80,668) 
Stock-based compensation—  —  —  7,540  —  —  7,540  943  8,483  
Balances, March 31, 2019107,660,449  $1,226  $(1,349,413) $2,483,026  $(2,591) $945,972  $2,078,220  $(162,977) $1,915,243  

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

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Table of Contents

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

 Three Months Ended March 31,
 20202019
Cash flows from operating activities:
Net income (loss)$(450,253) $159,731  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization178,746  136,557  
Deferred income taxes74,860  (76) 
Stock-based compensation expense9,364  10,338  
Amortization of debt issuance costs6,944  7,594  
Loss on extinguishment of debt843    
Provision for credit losses20,613  5,422  
Change in derivatives fair value15,660  1,509  
Property charges and other16,894  9,133  
Increase (decrease) in cash from changes in:
Receivables, net(56,284) 11,088  
Inventories, prepaid expenses and other5,135  (13,939) 
Customer deposits71,736  (37,398) 
Accounts payable and accrued expenses(70,758) (26,101) 
Net cash (used in) provided by operating activities(176,500) 263,858  
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention(139,316) (310,279) 
Purchase of intangible and other assets  (1,000) 
Proceeds from sale of assets and other2,162  404  
Net cash used in investing activities(137,154) (310,875) 
Cash flows from financing activities:
Proceeds from issuance of long-term debt1,469,028  250,000  
Repayments of long-term debt(515,194) (500,503) 
Repurchase of common stock(5,527) (5,401) 
Finance lease payment(37)   
Proceeds from exercise of stock options70  4,064  
Dividends paid(107,426) (80,773) 
Distribution to noncontrolling interest(998)   
Payments for financing costs(1,919) (10,496) 
Net cash provided by (used in) financing activities837,997  (343,109) 
Effect of exchange rate on cash, cash equivalents and restricted cash3,266  (2,404) 
Cash, cash equivalents and restricted cash:
Increase (decrease) in cash, cash equivalents and restricted cash527,609  (392,530) 
Balance, beginning of period2,358,292  2,219,323  
Balance, end of period$2,885,901  $1,826,793  
Supplemental cash flow disclosures:
Cash paid for interest, net of amounts capitalized$88,438  $71,343  
Liability settled with shares of common stock $6,720  $15,134  
Accounts and construction payables related to property and equipment $127,895  $226,829  

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

Organization

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

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

Recent Developments Related to COVID-19

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

In response to the COVID-19 pandemic, the Macau government announced on February 4, 2020 the closure of all casino operations in Macau, including those at Wynn Palace and Wynn Macau, for a period of 15 days. On February 20, 2020, the Company's casino operations at Wynn Palace and Wynn Macau reopened on a reduced basis and have since been fully restored; however, certain health safeguards, such as traveler quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and health declarations remain in effect at the present time. The Company is currently unable to determine when these measures will be lifted.

Visitation to Macau has fallen meaningfully since the outbreak of COVID-19, driven by the outbreak's strong deterrent effect on travel and social activities, the Chinese government's suspension of its visa and group tour schemes that allow mainland Chinese residents to travel to Macau, quarantine measures, travel and entry restrictions in Macau, Hong Kong and certain cities and regions in mainland China, the suspension of ferry services and other modes of transportation with Macau and regionally, and the ban on entry or enhanced quarantine requirements for any residents of Greater China attempting to enter Macau. Persons who are not residents of Greater China are barred from entry to Macau at this time.

On March 14, 2020, the Massachusetts Gaming Commission temporarily suspended operations at all casinos in Massachusetts, including Encore Boston Harbor. On March 17, 2020, the Nevada government suspended all casino and non-essential operations, including all operations at Wynn Las Vegas. Accordingly, Encore Boston Harbor and Wynn Las Vegas ceased all operations and closed to the public on March 15, 2020 and March 17, 2020, respectively. Both resorts will remain closed until authorized to re-open under U.S. and state government directives. During the first quarter of 2020, the Company committed to pay salary, tips and benefits continuation for all U.S. employees, inclusive of part-time employees, through May 15, 2020. The Company has accrued $75.7 million of expense related to this commitment for the period from April 1 through May 15, 2020 within the accompanying Condensed Consolidated Financial Statements. In May 2020, the Company announced that it had extended its commitment through May 31, 2020.

The COVID-19 outbreak has had and will continue to have an adverse effect on the Company's results of operations. 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.

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Table of Contents
WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
As of March 31, 2020, the Company had total cash and cash equivalents, excluding restricted cash, of $2.88 billion, and had access to $40.9 million and $74.2 million of available borrowing capacity from the WRF Revolving Facility and Wynn Macau Revolving Facility, respectively. In addition, the Company has suspended its quarterly dividend program and has postponed major project capital expenditures. Given the Company's liquidity position at March 31, 2020 and the steps the Company has taken subsequent to March 31, 2020 as further described in Note 6, "Long-Term Debt," the Company believes it is able to support continuing operations and respond to the current COVID-19 pandemic challenges.

Note 2 - Basis of Presentation and Significant Accounting Policies

Basis of Presentation

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

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as variable interest entities ("VIEs") of which the Company is determined to be the primary beneficiary. For information on the Company's VIEs, see Note 15, "Retail Joint Venture." All significant intercompany accounts and transactions have been eliminated.

Accounts Receivable

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

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

Gaming Taxes