Stockholders' Deficit |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Equity [Abstract] | |
| Stockholders' Deficit | Stockholders' Deficit Equity Repurchase Program In April 2016, the Company's Board of Directors authorized an equity repurchase program of up to $1.00 billion, which may include repurchases by the Company of its common stock from time to time through open market purchases, privately negotiated transactions, and under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. Any shares repurchased pursuant to the equity repurchase program are held as treasury shares. During the three and six months ended June 30, 2024, the Company repurchased 741,340 shares of its common stock at an average price of $91.72 per share, for an aggregate cost of $68.0 million under the equity repurchase program. No shares were repurchased during the three and six months ended June 30, 2023. As of June 30, 2024, the Company had $365.4 million in repurchase authority remaining under the program. Dividends The Company paid a cash dividend of $0.25 per share in each of the quarters ended March 31, 2024 and June 30, 2024 and recorded $28.0 million in each period against accumulated deficit. On August 6, 2024, the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on August 30, 2024 to stockholders of record as of August 19, 2024. Noncontrolling Interests Wynn Macau, Limited On June 19, 2024, WML paid a cash dividend of HK$0.075 per share for a total U.S. dollar equivalent of approximately $50.4 million. The Company's share of this dividend was $36.0 million, and the noncontrolling interest holders' share of this dividend was $14.4 million. WML Securities Lending Agreement In connection with the offering of the WML Convertible Bonds, WM Cayman Holdings I Limited ("WM Cayman I"), a wholly owned subsidiary of the Company and holder of our approximate 72% ownership interest in WML, entered into a stock borrowing and lending agreement with Goldman Sachs International (the "WML Stock Borrower") on March 2, 2023 (as amended on March 30, 2023, the "Securities Lending Agreement"), pursuant to which WM Cayman I has agreed to lend to the WML Stock Borrower up to 459,774,985 of its ordinary share holdings in WML, upon and subject to the terms and conditions in the Securities Lending Agreement. WM Cayman I may, at its sole discretion, terminate any stock loan by giving the WML Stock Borrower no less than five business days' notice. The Securities Lending Agreement terminates on the date on which the WML Convertible Bonds have been redeemed, or converted in full, whichever is the earlier. As of the date of this report, the WML Stock Borrower held 179,774,985 WML shares under the Securities Lending Agreement. Retail Joint Venture During the six months ended June 30, 2024 and 2023, the Retail Joint Venture made aggregate distributions of approximately $8.6 million and $8.9 million, respectively, to its non-controlling interest holder. For more information on the Retail Joint Venture, see Note 16, "Retail Joint Venture."
|