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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, 2022
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 November 1, 2022
Common stock, par value $0.01  113,313,591



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, 2022December 31, 2021
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,943,505 $2,522,530 
Restricted cash5,036 4,896 
Accounts receivable, net of allowance for credit losses of $81,208 and $111,319
210,032 199,463 
Inventories68,310 69,967 
Prepaid expenses and other96,524 79,061 
Total current assets2,323,407 2,875,917 
Property and equipment, net8,498,814 8,765,308 
Restricted cash 154,125 3,641 
Goodwill and intangible assets, net250,901 307,578 
Operating lease assets347,902 371,365 
Other assets204,196 207,017 
Total assets$11,779,345 $12,530,826 
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts and construction payables$139,154 $170,542 
Customer deposits436,198 436,388 
Gaming taxes payable34,038 73,173 
Accrued compensation and benefits171,383 206,225 
Accrued interest145,268 132,877 
Current portion of long-term debt546,078 50,000 
Other accrued liabilities162,917 218,675 
Total current liabilities1,635,036 1,287,880 
Long-term debt11,570,438 11,884,546 
Long-term operating lease liabilities 108,094 115,187 
Other long-term liabilities62,740 79,428 
Total liabilities13,376,308 13,367,041 
Commitments and contingencies (Note 16)
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; 132,127,292 and 131,449,806 shares issued; 113,373,330 and 115,714,943 shares outstanding, respectively
1,321 1,314 
Treasury stock, at cost; 18,753,871 and 15,734,863 shares, respectively
(1,614,997)(1,436,373)
Additional paid-in capital3,584,357 3,502,715 
Accumulated other comprehensive income10,388 6,004 
Accumulated deficit(2,744,222)(2,288,078)
Total Wynn Resorts, Limited stockholders' deficit(763,153)(214,418)
Noncontrolling interests(833,810)(621,797)
Total stockholders' deficit(1,596,963)(836,215)
Total liabilities and stockholders' deficit$11,779,345 $12,530,826 

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,
 2022202120222021
Operating revenues:
Casino$359,876 $496,264 $1,209,323 $1,615,228 
Rooms197,212 173,817 568,886 387,772 
Food and beverage224,730 217,501 628,566 435,152 
Entertainment, retail and other107,904 107,062 345,113 283,287 
Total operating revenues889,722 994,644 2,751,888 2,721,439 
Operating expenses:
Casino239,901 315,316 808,044 1,048,897 
Rooms67,689 52,100 191,474 136,187 
Food and beverage185,388 163,655 517,515 354,709 
Entertainment, retail and other72,964 156,490 236,853 310,871 
General and administrative201,275 197,350 598,433 574,669 
  Provision for credit losses(8,186)(347)(11,331)7,461 
Pre-opening6,447 1,333 13,396 5,455 
Depreciation and amortization172,502 177,110 520,026 545,538 
Property charges and other4,733 15,301 77,362 26,569 
Total operating expenses942,713 1,078,308 2,951,772 3,010,356 
Operating loss(52,991)(83,664)(199,884)(288,917)
Other income (expense):
Interest income6,892 507 10,863 2,131 
Interest expense, net of amounts capitalized(165,277)(150,325)(472,265)(453,601)
Change in derivatives fair value5,839 1,176 14,801 6,557 
Loss on extinguishment of debt (738) (2,060)
Other(864)(11,784)(26,090)(17,324)
Other income (expense), net(153,410)(161,164)(472,691)(464,297)
Loss before income taxes(206,401)(244,828)(672,575)(753,214)
Provision for income taxes(1,390)(1,155)(3,248)(2,345)
Net loss(207,791)(245,983)(675,823)(755,559)
Less: net loss attributable to noncontrolling interests64,899 79,734 219,556 176,963 
Net loss attributable to Wynn Resorts, Limited$(142,892)$(166,249)$(456,267)$(578,596)
Basic and diluted net loss per common share:
Net loss attributable to Wynn Resorts, Limited:
Basic$(1.27)$(1.45)$(4.00)$(5.10)
Diluted$(1.27)$(1.45)$(4.00)$(5.10)
Weighted average common shares outstanding:
Basic112,709 114,655 114,061 113,420 
Diluted112,709 114,655 114,061 113,420 

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,
 2022202120222021
Net loss$(207,791)$(245,983)$(675,823)$(755,559)
Other comprehensive income (loss):
Foreign currency translation adjustments, before and after tax732 (2,863)6,213 879 
Total comprehensive loss(207,059)(248,846)(669,610)(754,680)
Less: comprehensive loss attributable to noncontrolling interests64,726 80,423 217,727 176,599 
Comprehensive loss attributable to Wynn Resorts, Limited$(142,333)$(168,423)$(451,883)$(578,081)

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

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

For the Three Months Ended September 30, 2022
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income
Accumulated deficitTotal Wynn Resorts, Ltd.
stockholders'
deficit
Noncontrolling
interests
Total
stockholders'
 deficit
Balances, July 1, 2022113,707,642 $1,320 $(1,585,678)$3,566,498 $9,829 $(2,601,331)$(609,362)$(764,892)$(1,374,254)
Net loss— — — — — (142,892)(142,892)(64,899)(207,791)
Currency translation adjustment— — — — 559 — 559 173 732 
Issuance of restricted stock166,424 1 — (1)— —  —  
Cancellation of restricted stock(3,674)— — — — — — — — 
Shares repurchased by the Company and held as treasury shares(497,062)— (29,319)— — — (29,319)— (29,319)
Distribution to noncontrolling interest— — — — — — — (4,982)(4,982)
Subsidiary equity issuance— — — 1,627 — — 1,627 (1,627) 
Stock-based compensation— — — 16,233 — 1 16,234 2,417 18,651 
Balances, September 30, 2022113,373,330 $1,321 $(1,614,997)$3,584,357 $10,388 $(2,744,222)$(763,153)$(833,810)$(1,596,963)

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 deficit Total 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)

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







6

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

For the Nine Months Ended September 30, 2022
Common stock
Shares
outstanding
Par
value
Treasury
stock
Additional
paid-in
capital
Accumulated
other
comprehensive
income
Accumulated deficitTotal Wynn Resorts, Ltd.
stockholders'
deficit
Noncontrolling
interests
Total
stockholders'
 deficit
Balances, January 1, 2022115,714,943 $1,314 $(1,436,373)$3,502,715 $6,004 $(2,288,078)$(214,418)$(621,797)$(836,215)
Net loss— — — — — (456,267)(456,267)(219,556)(675,823)
Currency translation adjustment— — — — 4,384 — 4,384 1,829 6,213 
Issuance of restricted stock763,660 8 — 9,280 — — 9,288 — 9,288 
Cancellation of restricted stock(86,174)(1)— 1 — —  —  
Shares repurchased by the Company and held as treasury shares(3,019,099)— (178,624)— — — (178,624)— (178,624)
Distribution to noncontrolling interest— — — — — — — (21,505)(21,505)
Contribution from noncontrolling interest— — — 48,559 — — 48,559 1,474 50,033 
Subsidiary equity issuance— — — (15,123)— — (15,123)18,019 2,896 
Stock-based compensation— — — 38,925 — 123 39,048 7,726 46,774 
Balances, September 30, 2022113,373,330 $1,321 $(1,614,997)$3,584,357 $10,388 $(2,744,222)$(763,153)$(833,810)$(1,596,963)

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 deficit Total 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)

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,
 20222021
Cash flows from operating activities:
Net loss$(675,823)$(755,559)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization520,026 545,538 
Deferred income taxes1,188 (527)
Stock-based compensation expense48,569 75,033 
Amortization of debt issuance costs21,859 19,891 
Loss on extinguishment of debt 2,060 
  Provision for credit losses(11,331)7,461 
Change in derivatives fair value(14,801)(6,557)
Property charges and other103,452 43,893 
Increase (decrease) in cash from changes in:
Receivables, net341 (29,729)
Inventories, prepaid expenses and other(7,199)(38,377)
Customer deposits1,731 (178,959)
Accounts payable and accrued expenses(141,050)99,000 
Net cash used in operating activities(153,038)(216,832)
Cash flows from investing activities:
Capital expenditures, net of construction payables and retention(273,251)(213,088)
Purchase of intangible and other assets(10,919)(19,741)
Proceeds from sale of assets and other485 3,689 
Net cash used in investing activities(283,685)(229,140)
Cash flows from financing activities:
Proceeds from issuance of long-term debt211,435 1,141,026 
Repayments of long-term debt(37,500)(2,477,690)
Proceeds from issuance of Wynn Resorts, Limited common stock 841,896 
Repurchase of common stock(178,624)(11,004)
Proceeds from issuance of subsidiary common stock2,895 4,662 
Proceeds from sale of additional interest in joint venture50,033  
Distribution to noncontrolling interest(21,505)(11,843)
Dividends paid(1,316)(932)
Finance lease payments(12,812)(11,709)
Payments for financing costs(3,165)(29,975)
Net cash provided by (used in) financing activities9,441 (555,569)
Effect of exchange rate on cash, cash equivalents and restricted cash(1,119)(1,689)
Cash, cash equivalents and restricted cash:
Decrease in cash, cash equivalents and restricted cash(428,401)(1,003,230)
Balance, beginning of period2,531,067 3,486,384 
Balance, end of period$2,102,666 $2,483,154 
Supplemental cash flow disclosures:
Cash paid for interest, net of amounts capitalized$437,760 $426,462 
Liability settled with shares of common stock $9,287 $6,272 
Accounts and construction payables related to property and equipment $27,603 $70,844 
Other liabilities related to intangible assets$4,163 $12,335 
Finance lease liabilities arising from obtaining finance lease assets$4,778 $7,423 
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 ("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 owns 100% of and operates Encore Boston Harbor, an integrated resort. The Company also holds an approximately 85% interest in, and consolidates, Wynn Interactive Ltd. ("Wynn Interactive"), through which it operates online sports betting, gaming, and social casino businesses.

Recent Developments Related to COVID-19

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, and mandatory quarantine, among other things, and the suspension or reduced accessibility of transportation to and from Macau. Although there have been periods during which certain restrictions and conditions were eased by the Macau government to allow for greater visitation and quarantine-free travel to Macau, adverse and evolving conditions created by and in response to the COVID-19 pandemic may cause these restrictions and conditions to be reintroduced. For example, in response to an outbreak in Macau which initially commenced in mid-June 2022, the Macau government extended its COVID-19 containment measures, which included the closures of gaming operations in full as of July 11, 2022, and the closure and the limiting of the opening hours and/or operational capacity of various areas and facilities in Macau. On July 23, 2022, gaming operations at Wynn Palace and Wynn Macau resumed on a limited basis. Certain travel-related restrictions and conditions, which continue to reduce visitation and impact our financial results, remain in effect at the present time. 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 containment measures, management cannot predict whether future closures, in full or in part, will occur in our properties, and cannot reasonably estimate the impact to the Company's future results of operations, cash flows, or financial condition.

Liquidity

The COVID-19 pandemic has materially impacted and is likely to continue to materially impact our business, financial condition and results of operations. As of September 30, 2022, the Company had total cash and cash equivalents, excluding restricted cash, of $1.94 billion, and $835.6 million of available borrowing capacity under the WRF Revolver. As of September 30, 2022, the WM Cayman II Revolver was fully drawn. As a result of the negative impact the COVID-19 pandemic has had, and will likely continue to have, on our operating income, the Company has suspended its dividend program for the foreseeable future. Given the Company's liquidity position as of September 30, 2022, the Company believes it will be able to support continuing operations and respond to the continuing impact of the COVID-19 pandemic and related economic disruptions.

Macau Gaming Concession

On June 23, 2022, Wynn Resorts (Macau) S.A. ("WRM") and the Macau government entered into a concession extension agreement (the "Concession Extension Agreement"), pursuant to which the expiration date of WRM's gaming concession was extended from June 26, 2022 to December 31, 2022. Under the Concession Extension Agreement, WRM paid the Macau government MOP47.0 million (approximately $6.0 million) as a contract premium for the extension, and in September 2022 provided a first demand bank guarantee of MOP1,210.0 million (approximately $149.7 million) in favor of the Macau government for securing the fulfillment of its labor liabilities upon the expiration of the Concession Extension Agreement.

9

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
In order to enable WRM to fulfill the relevant requirements to become eligible to obtain a concession extension, each of WRM and Palo Real Estate Company Limited ("Palo") (the land concessionaires of Wynn Macau and Wynn Palace, respectively) entered into a letter of undertaking, pursuant to which each of WRM and Palo has undertaken, pursuant to Article 40 of the Macau gaming law and Clause 43 of the concession agreement, to revert to the Macau government relevant gaming equipment and gaming areas at Wynn Macau and Wynn Palace, without compensation and free of encumbrance upon the expiration of the concession agreement term, as amended by the Concession Extension Agreement.

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 and scope 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").

In June 2022, the Macau government published amendments to the Macau gaming law approved by the Macau Legislative Assembly. These amendments include, for example, the awarding of up to six gaming concessions with a term up to ten years with a maximum three-year extension possible, and an increase in the minimum capital requirement applicable to concession holders to MOP5.0 billion (approximately $625.0 million), an increase in the percentage of the share capital of the concessionaire that must be held by the local managing director to 15% from 10% and a prohibition on revenue sharing arrangements between gaming promoters and concession holders. On July 27, 2022, the Macau government officially launched the public tender process for the awarding of concessions for the operation of games of chance or other games in casinos. On September 13, 2022, WRM submitted its tender to the Macau government. At this time the Company believes that its concession agreement will be further extended, renewed or replaced by a new gaming concession agreement beyond December 31, 2022. However, it is possible the Macau government could further change or interpret the associated gaming laws in a manner that could negatively impact the Company.

If the Company is unable to further extend or renew its concession agreement or obtain a new gaming concession agreement, an election by the WML Senior Notes holders to exercise the Special Put Option and the 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.

Note 2 -    Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures herein are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to a fair presentation of the results for the interim periods presented. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for any other interim period or the full fiscal year ending December 31, 2022. 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, 2021. 

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.

10

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
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 $105.2 million and $188.7 million for the three months ended September 30, 2022 and 2021, respectively, and $388.4 million and $637.9 million for the nine months ended September 30, 2022 and 2021, 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 planned 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 must be adopted no later than December 1, 2022 with early adoption permitted. We plan to apply this guidance to applicable contracts and instruments if, and when, they are modified. Adoption of the new guidance is not expected to have a material effect on the Company's consolidated financial statements.

Note 3 -    Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):
September 30, 2022December 31, 2021
Cash and cash equivalents:
   Cash (1)
$1,239,629 $2,021,553 
   Cash equivalents (2)
703,876 500,977 
     Total cash and cash equivalents 1,943,505 2,522,530 
Restricted cash (3)
159,161 8,537 
Total cash, cash equivalents and restricted cash $2,102,666 $2,531,067 
(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, cash held in a trust in accordance with WML's share award plan, and as of September 30, 2022 includes $149.7 million in the form of a bank guarantee in favor of the Macau government for securing the fulfillment of its labor liabilities upon the expiration of the Concession Extension Agreement.

11

WYNN RESORTS, LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 4 -    Receivables, net

Accounts Receivable and Credit Risk

Receivables, net consisted of the following (in thousands):
September 30, 2022December 31, 2021
Casino$186,037 $199,030 
Hotel34,606 36,749 
Other70,597 75,003 
291,240 310,782 
Less: allowance for credit losses(81,208)(111,319)
$