The following financial information for each of the five years ended December 31, 2018, 2017, 2016, 2015 and 2014 has been derived from our consolidated financial statements. This selected consolidated financial data should be read together with Item 7—"Management's Discussion and Analysis of Financial Condition and Results of Operations," our consolidated financial statements and related notes and other information contained in this Annual Report on Form 10-K. Operating results for the periods presented are not necessarily indicative of the results that may be expected for future years.
Years Ended December 31,
2018 (1) (4)
2017 (2) (4)
2016 (3) (4)
2015 (4)
2014 (4)
(in thousands, except per share amounts)
Consolidated Statements of Income Data:
Operating revenues
$
6,717,660
$
6,070,160
$
4,345,797
$
4,075,883
$
5,433,661
Pre-opening
53,490
26,692
154,717
77,623
30,146
Operating income
735,544
1,055,565
521,662
658,814
1,266,278
Net income
803,084
889,254
302,469
281,524
962,644
Less: net income attributable to noncontrolling interests
(230,654
)
(142,073
)
(60,494
)
(86,234
)
(231,090
)
Net income attributable to Wynn Resorts, Limited
572,430
747,181
241,975
195,290
731,554
Basic income per share
$
5.37
$
7.32
$
2.39
$
1.93
$
7.25
Diluted income per share
$
5.35
$
7.28
$
2.38
$
1.92
$
7.17
December 31,
2018
2017
2016
2015
2014
(in thousands, except per share amounts)
Consolidated Balance Sheets Data:
Cash and cash equivalents
$
2,215,001
$
2,804,474
$
2,453,122
$
2,080,089
$
2,182,164
Construction in progress
1,912,801
1,016,207
299,686
3,217,117
1,666,326
Total assets
13,216,269
12,681,739
11,953,557
10,459,159
9,001,919
Total long-term obligations (5)
9,519,417
9,673,099
10,279,375
9,327,143
7,482,510
Stockholders' equity
1,814,789
1,078,350
257,881
21,845
211,091
Cash dividends declared per common share
$
2.75
$
2.00
$
2.00
$
3.00
$
6.25
(1)
During the fourth quarter of 2018, we recorded a tax benefit of $390.9 million related to clarified U.S. tax reform guidance issued by the Internal Revenue Service in the fourth quarter of 2018, which was incremental to the provisional tax benefit recorded during the fourth quarter of 2017. See Item 8—"Financial Statements and Supplementary Data," Note 12, "Income Taxes." Additionally, the Company incurred a litigation settlement expense totaling $463.6 million in 2018. See Item 8—"Financial Statements and Supplementary Data," Note 15, "Commitments and Contingencies."
(2)
During the fourth quarter of 2017, we recorded a provisional income tax benefit of $339.9 million related to the enactment of U.S. tax reform. See Item 8—"Financial Statements and Supplementary Data," Note 12, "Income Taxes."
(3)
Wynn Palace opened on August 22, 2016.
(4)
The results presented reflect the Company's adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"), effective January 1, 2018. 2017 and 2016 operating revenues have been adjusted to reflect the full retrospective adoption of ASC 606, with no impact to operating income or net income. 2015 and 2014 operating revenues were not recast for the adoption of ASC 606 and, as a result, are not comparable to 2016, 2017 and 2018 operating revenues. See Item 8—"Financial Statements and Supplementary Data," Note 2, "Summary of Significant Accounting Policies."
(5)
Includes long-term debt, other long-term liabilities, deferred income tax liabilities, net and the required contract premium payments under our land concession contracts at Wynn Palace.
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