filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following financial information as of and for each of the five years ended December 31, 2019, 2018, 2017, 2016, and 2015 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, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 (4) (5) | 2018 (1) (4) | 2017 (2) (4) | 2016 (3) (4) | 2015 (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Statements of Income Data: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating revenues | $ | 6,611,099 | $ | 6,717,660 | $ | 6,070,160 | $ | 4,345,797 | $ | 4,075,883 | |||||||||||||||||||||||||||||||||||||||||||
| Pre-opening expenses | 102,009 | 53,490 | 26,692 | 154,717 | 77,623 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income | 878,305 | 735,544 | 1,055,565 | 521,662 | 658,814 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | 311,378 | 803,084 | 889,254 | 302,469 | 281,524 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Less: net income attributable to noncontrolling interests | (188,393) | (230,654) | (142,073) | (60,494) | (86,234) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to Wynn Resorts, Limited | 122,985 | 572,430 | 747,181 | 241,975 | 195,290 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Basic income per share | $ | 1.15 | $ | 5.37 | $ | 7.32 | $ | 2.39 | $ | 1.93 | |||||||||||||||||||||||||||||||||||||||||||
| Diluted income per share | $ | 1.15 | $ | 5.35 | $ | 7.28 | $ | 2.38 | $ | 1.92 |
| December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Balance Sheets Data: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 2,351,904 | $ | 2,215,001 | $ | 2,804,474 | $ | 2,453,122 | $ | 2,080,089 | |||||||||||||||||||||||||||||||||||||||||||
| Construction in progress | 477,333 | 1,912,801 | 1,016,207 | 299,686 | 3,217,117 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | 13,871,281 | 13,216,269 | 12,681,739 | 11,953,557 | 10,459,159 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total long-term obligations (6) | 10,346,925 | 9,519,417 | 9,673,099 | 10,279,375 | 9,327,143 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' equity | 1,541,472 | 1,814,789 | 1,078,350 | 257,881 | 21,845 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cash dividends declared per common share | $ | 3.75 | $ | 2.75 | $ | 2.00 | $ | 2.00 | $ | 3.00 |
(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 13, "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 7, "Long-Term Debt."
(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 13, "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 operating revenues were not recast for the adoption of ASC 606 and, as a result, are not comparable to 2016, 2017, 2018 and 2019 operating revenues. See Item 8—"Financial Statements and Supplementary Data," Note 2, "Basis of Presentation and Significant Accounting Policies."
(5)Encore Boston Harbor opened on June 23, 2019.
(6)Includes long-term debt, other long-term liabilities, and deferred income tax liabilities, net. In addition, December 31, 2019 includes long-term operating lease liabilities recorded in connection with the adoption of ASC 842 and, as a result, is not comparable to December 31, 2018, 2017, 2016, and 2015.
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