Macau casino operator Wynn Macau Ltd has announced early redemption of the US$1.0-billion principal that remains outstanding on some senior notes priced at 5.500 percent, that were due in 2026.
The redemption date will be September 2, at which time the notes will be cancelled, and the company will make an application to the Hong Kong Stock Exchange to have the notes delisted.
Wynn Macau Ltd “will satisfy the payment of the outstanding principal amount and accrued and unpaid interest of the 2026 notes using its internal resources,” the firm stated in a Friday filing to the Hong Kong bourse.
The 2026 notes “will be redeemed at a redemption price equal to 100 percent of the principal amount of the 2026 notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date,” said the update.
The group runs the Wynn Macau property in downtown Macau, and Wynn Palace (pictured) in the Cotai district.
On August 13, Wynn Macau Ltd announced an offering of US$1.0 billion in aggregate principal amount of 6.750-percent senior notes, due in 2034.
Lucror Analytics, a Singapore-based specialist in credit research, said in a note after that news, that the arrangement enabled Wynn Macau Ltd to repay US$1.0-billion notes due in January next year.
A fortnight ago, management at the parent, United States-based Wynn Resorts Ltd, said at the time of its second-quarter results, that the Macau unit is spending up to US$250 million this year on concession-related investment commitments made to the local government, including upgrades to the hotel tower at Wynn Macau, and work at Wynn Palace.
The group has also earmarked between US$450 million to US$500 million for Macau-concession related capital expenditure in 2026, according to an investor presentation issued along with the second-quarter results.
The list of concession-related projects includes “Wynn Palace Event and Entertainment Center,” and “Wynn Palace Theater and Resident Show”.
