Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2026 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Litigation The Company and its affiliates are involved in litigation arising in the normal course of business. In the opinion of management, such litigation is not expected to have a material effect on the Company's financial condition, results of operations, and cash flows. Al Marjan Island Funding Commitments In connection with the construction of Wynn Al Marjan Island and surrounding developments, including Janu Al Marjan Island, a hotel and residential development to be operated by Aman Group, the Company is required to contribute capital to the Al Marjan Joint Venture to fund 40% of the project design and development costs in exchange for a pro-rata share of equity. During the three and six months ended June 30, 2026, the Company contributed $48.1 million and $148.2 million of cash into the Al Marjan Joint Venture, bringing our life-to-date cash contributions to $1.06 billion. The remaining 40% pro-rata share of the required cash contributions for Wynn Al Marjan Island, including Janu Al Marjan, is currently estimated to be between $525 million and $650 million inclusive of capitalized interest and fees. Al Marjan Facility Completion Guarantee In February 2025, Wynn Al Marjan Island FZ-LLC (the "Borrower"), a wholly-owned subsidiary of Island 3, an unconsolidated affiliate, entered into a facility agreement with a syndicate of lenders (the "Al Marjan Facility Agreement") which provides the Borrower with approximately $2.4 billion (or equivalent in local currency) delayed draw secured term loan facility to finance the development of Wynn Al Marjan Island (the "Al Marjan Facility"). The Company is not a party to the Al Marjan Facility Agreement, but as a condition precedent to the Al Marjan Facility being made available to the Borrower, the Company and the government of Ras Al Khaimah, acting through the Investment and Development Office of Ras Al Khaimah (collectively, the "Al Marjan Guarantors"), entered into a guarantee (the "Completion Guarantee") in favor of First Abu Dhabi Bank PJSC, as security agent for itself and the other secured parties (collectively, the "Secured Parties") under the Al Marjan Facility Agreement. The guarantees and undertakings provided by the Al Marjan Guarantors under the Completion Guarantee terminate on the earlier of: (1) the date on which all secured liabilities under the Al Marjan Facility Agreement have been paid in full, and (2) the date of practical completion of the project (as provided in the Al Marjan Facility Agreement), taking place no later than June 30, 2028. DCP Completion Guarantee and Share Pledge In February 2026, DCP AMI 3 FZ-LLC ("DCP"), an unconsolidated affiliate included in the Al Marjan Joint Venture, entered into a financing agreement for a U.S. dollar equivalent of approximately $45.1 million (the "DCP Financing"). DCP will construct and operate a district cooling plant serving Wynn Al Marjan Island and surrounding developments. In connection with the DCP Financing, the Al Marjan Guarantors entered into a completion guarantee, pursuant to which the Al Marjan Guarantors may be required to fund shortfalls necessary to achieve practical completion of the cooling plant by September 30, 2026. As of June 30, 2026, construction is substantially complete and the cooling plant is operational. Pursuant to a shareholder side letter, the Al Marjan Guarantors are required to pledge their equity interests in DCP as collateral for the DCP Financing. As of June 30, 2026, the Company's investment in DCP was $18.2 million and is presented in Investments in unconsolidated affiliates in the Condensed Consolidated Balance Sheet. Macau Land Concession In July 2026, Palo Real Estate Company Limited ("Palo") and Wynn Macau SA, each an indirect subsidiary of the Company, accepted the terms and conditions of an amended and restated land concession contract from the Macau government (the "Amended Land Concession Contract"). The Amended Land Concession Contract amends and restates the original land concession contract among Palo, Wynn Macau SA and the Macau government published in the Official Gazette of Macau on May 2, 2012 (the "Land Concession Contract"). Pursuant to the Land Concession Contract, Palo leases 51 acres of land in the Cotai area of Macau (the "Cotai Land") from the Macau government for an initial term of 25 years from May 2, 2012 until May 1, 2037, with the right to renew for additional periods, subject to applicable legislation. The Land Concession Contract also requires that Wynn Macau SA, as a gaming concessionaire, operate and manage gaming operations on the Cotai Land. The Amended Land Concession Contract permits Palo and Wynn Macau SA to expand Wynn Palace to develop a new five-star hotel, a theater and an event and entertainment center on the Cotai Land (the "Expanded Resort"). The Macau government has allocated Palo a maximum of 60 months from the date of publication of the Amended Land Concession Contract to complete development of the Expanded Resort on the Cotai Land. As acceptance of the conditions of the Amended Land Concession Contract, Palo paid an additional land premium of MOP652.3 million (approximately $80.8 million) as a one-time lump sum payment. Palo is also required to pay an additional annual rent to the Macau government, resulting in a total annual rent of MOP9.5 million (approximately $1.2 million) for the Expanded Resort. The rent for the Expanded Resort may be reviewed by the Macau government every five years since the date of publication of the Amended Land Concession Contract. Palo must also provide the Macau government with an additional guarantee by means of a deposit or bank guarantee for an amount equal to the annual rent payable under the Amended Land Concession Contract.
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