• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Moody’s says Wynn Macau Ltd fresh notes tally US$650mln

Dec 15, 2020 Newsdesk Latest News, Macau, World  


Moody’s says Wynn Macau Ltd fresh notes tally US$650mln

Casino operator Wynn Macau Ltd’s fresh notes as an add-on to its senior unsecured notes due in 2028, will carry a face value of US$650 million, says a Monday note from Moody’s Investors Service Inc.

In a Hong Kong filing the same day, the casino business had said the final value of the new notes – due to bear 5.625 percent interest – was still to be determined as of the filing.

“The proposed US$650 million add-on… does not impact the ‘B1’ rating” of the note series, observed the ratings house.

Wynn Macau Ltd runs the Wynn Macau property on Macau peninsula, and Wynn Palace on Cotai.

Proceeds from the add-on note offering would “be used to facilitate repayment of a portion of the amounts outstanding under the Wynn Macau credit facilities, including the secured term loan and revolving credit facility that are due in 2022,” stated Moody’s.

“The refinancing is credit positive, enabling the company to improve future funding flexibility by reducing the secured debt in its capital structure and extending the maturity profile,” said the ratings agency.

Moody’s noted that Wynn Macau Ltd is a 72.2-percent owned subsidiary of Wynn Resorts Finance LLC, which in turn is a wholly-owned subsidiary of United States-based Wynn Resorts Ltd.

The further notes would not affect Wynn Resorts Finance’s ‘Ba3’ corporate family rating or its ‘negative’ outlook, because the exercise involved “largely debt for debt,” and  was “leverage neutral,” said Moody’s.

The Wynn brand’s ‘Ba3’ corporate family rating reflected “the meaningful earnings declines from efforts to contain the coronavirus and the potential for a slow recovery now that properties have reopened,” said Moody’s referring latterly to U.S. operations.

Macau casinos had a 15-day pause in February, but since then Wynn Macau and Wynn Palace have been open, albeit with smaller numbers of customers, amid travel restrictions associated with the pandemic. Wynn Resorts operates venues in Las Vegas, Nevada, and Boston, Massachusetts.

The corporate family rating was “supported by the quality, popularity, and favourable reputation of the company’s resort properties – a factor that continues to distinguish Wynn from most other gaming operators,” said Moody’s.


  • tweet
Related articles
  • Wynn Macau Ltd loss wider in 1Q, revenue dips 28pct
    Wynn Macau Ltd loss wider in 1Q,...

    May 11, 2022  

  • Gaming recovery to continue as Asia picks up: Moody’s
    Gaming recovery to continue as Asia...

    Apr 26, 2022  

More news
  • Moody’s downgrades SJM debt on slow Macau recovery
    Moody’s downgrades SJM debt on slow...

    May 16, 2022  

  • Macau GGR tax cut may spur 15pct EBITDA hike: JP Morgan
    Macau GGR tax cut may spur 15pct EBITDA...

    May 16, 2022  


Latest News

Moody’s downgrades SJM debt on slow Macau recovery

Moody’s downgrades SJM debt on slow Macau recovery

May 16, 2022  

Moody’s Investors Service Inc has downgraded Macau casino operator SJM Holdings Ltd’s corporate family rating (CFR) to ‘Ba3’ from ‘Ba2’. Both ratings are considered non-investment...
Read More
Macau GGR tax cut may spur 15pct EBITDA hike: JP Morgan

Macau GGR tax cut may spur 15pct EBITDA hike: JP Morgan

May 16, 2022  

Macau mulls GGR tax cut if casinos attract foreign players

Macau mulls GGR tax cut if casinos attract foreign players

May 13, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Any reduction in [Macau gaming] tax would be positive for future profits and cash flows, all else equal”

DS Kim, Amanda Cheng and Livy Lyu

Analysts at brokerage JP Morgan Securities (Asia Pacific)



Most Popular

  • Macau mulls GGR tax cut if casinos attract foreign playersMacau mulls GGR tax cut if casinos attract foreign players May 13, 2022
  • Macau modifies satellite owner plan, rev share ban staysMacau modifies satellite owner plan, rev share ban stays May 13, 2022
  • China bars 90,000 from travel in cross-border bet actionChina bars 90,000 from travel in cross-border bet action May 13, 2022
  • Macau GGR tax cut may spur 15pct EBITDA hike: JP MorganMacau GGR tax cut may spur 15pct EBITDA hike: JP Morgan May 16, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us