The following tables reflect selected consolidated financial data of Wynn Resorts and its subsidiaries. This data should be read together with our Consolidated Financial Statements and Notes thereto, Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the other
information contained in this Annual Report on Form 10-K. Operating results for the periods presented are not indicative of the results that may be expected for future years. Significant events impacting our selected financial data include:
•
On April 28, 2005, we opened our Wynn Las Vegas resort.
•
On September 6, 2006, we opened our Wynn Macau resort.
•
On December 24, 2007, we opened an expansion of our Wynn Macau resort.
•
On December 22, 2008, we opened Encore at Wynn Las Vegas, an expansion of Wynn Las Vegas.
•
On October 9, 2009, Wynn Macau, Limited listed its shares of common stock on The Stock Exchange of Hong Kong Limited. Wynn Macau, Limited sold 27.7% of its common stock through an initial public offering.
•
On April 21, 2010, we opened Encore at Wynn Macau, a further expansion of Wynn Macau.
•
On February 18, 2012, we redeemed and cancelled Aruze USA, Inc.’s 24,549,222 shares of Wynn Resorts common stock.
Years Ended December 31,
2013
2012
2011
2010
2009
(in thousands, except per share amounts)
Consolidated Statements of Income Data:
Net revenues
$
5,620,936
$
5,154,284
$
5,269,792
$
4,184,698
$
3,045,611
Pre-opening costs
3,169
466
—
9,496
1,817
Operating income
1,290,091
1,029,276
1,008,240
625,252
234,963
Net income
1,004,157
728,699
825,113
316,596
39,107
Less: Net income attributable to noncontrolling interest[1]
(275,505
)
(226,663
)
(211,742
)
(156,469
)
(18,453
)
Net income attributable to Wynn Resorts, Limited
728,652
502,036
613,371
160,127
20,654
Basic income per share
$
7.25
$
4.87
$
4.94
$
1.30
$
0.17
Diluted income per share
$
7.17
$
4.82
$
4.88
$
1.29
$
0.17
As of December 31,
2013
2012
2011
2010
2009
(in thousands, except per share amounts)
Consolidated Balance Sheets Data:
Cash and cash equivalents
$
2,435,041
$
1,725,219
$
1,262,587
$
1,258,499
$
1,991,830
Construction in progress
558,624
110,490
28,477
22,901
457,594
Total assets
8,377,030
7,276,594
6,899,496
6,674,497
7,581,769
Total long-term obligations[2]
6,789,145
6,041,285
3,096,149
3,405,983
3,695,821
Stockholders’ equity[3]
132,351
103,932
2,223,454
2,380,585
3,160,363
Cash distributions declared per common share
$
7.00
$
9.50
$
6.50
$
8.50
$
4.00
[1]
In October 2009, Wynn Macau, Limited, our indirect wholly owned subsidiary and the developer, owner and operator of Wynn Macau, listed its ordinary shares of common stock on The Stock Exchange of Hong Kong Limited. Wynn Macau, Limited sold 1,437,500,000 shares (27.7%) of its common stock through an initial public offering. Net income attributable to noncontrolling interest represents the noncontrolling interests’ share of our net income of Wynn Macau, Limited.
[2]
Includes long-term debt, the required contract premium payments under our land concession contract at Wynn Macau, future charitable contributions and deferred income taxes.
In February 2012, in connection with the redemption and cancellation of Aruze USA, Inc.’s 24,549,222 shares of Wynn Resorts common stock, stockholders’ equity was reduced by $1.94 billion, the face amount of the Redemption Note. Aruze USA has challenged the redemption and cancellation of the 24,549,222 shares and legal proceedings are ongoing. Please see Item 3—“Legal Proceedings”.
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