• 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 notes extend ops buffer to 2yrs

Jun 15, 2020 Newsdesk Latest News, Macau, Top of the deck  


Moody’s says Wynn Macau notes extend ops buffer to 2yrs

Moody’s Investors Service Inc said in a memo it had assigned a ‘B1’ rating to Wynn Macau Ltd’s US$750-million in senior unsecured notes, adding the exercise would aid the casino firm achieve a two-year-plus buffer on a “cash burn” basis during the Covid-19 crisis.

The Macau casino-operating entity of United States-based Wynn Resorts Ltd had announced on Thursday – in a Hong Kong filing and business update amid the pandemic – the idea of the note offer, but only gave further details on Sunday, stating that the move involved US$5.500-percent notes due in 2026.

Wynn Macau Ltd runs Wynn Macau on the city’s peninsula, and Wynn Palace in the Cotai casino district.

“The additional liquidity is beneficial as it further improves the company’s liquidity profile and runway in Macau to over two years on a cash-burn basis as they [Wynn Macau Ltd’s leadership] manage the current weak operating environment, including reduced visitation levels in Macau,” stated Moody’s.

Wynn Macau Ltd has said that the proceeds from the senior unsecured notes would be used for general corporate purposes “until business recovers from the effects of the coronavirus,” and then to facilitate the repayment of a portion of the amounts outstanding under the group’s existing credit facilities.

Moody’s stated: “Although there is an initial increase in leverage on a gross basis, the transaction enables the company to reduce the secured debt in its capital structure once business conditions improve.”

Wynn Macau Ltd is controlled by the parent company via Wynn Resorts Finance LLC. The credit rating agency said Wynn Resorts Finance had a ‘Ba3’ corporate family rating, which remained unchanged.

Moody’s said that the Wynn group family rating reflected “the meaningful earnings decline over the next few months expected from efforts to contain the coronavirus and the potential for a slow recovery once properties reopen.”

Wynn group’s corporate rating was supported by the group’s “high-quality destination resorts,” as well as “good liquidity and relatively low cost of debt capital,” said the ratings agency.


  • tweet
Related articles
  • Wynn Macau Ltd name fees to parent capped at US$74.5mln
    Wynn Macau Ltd name fees to parent...

    Jun 30, 2022  

  • LVS full recovery may take until 2024: Moody’s
    LVS full recovery may take until 2024:...

    Jun 29, 2022  

More news
  • Macau drops 48hr nucleic acid test for casino staff, guests
    Macau drops 48hr nucleic acid test for...

    Jun 30, 2022  

  • Universal hopes Okada Manila biz listed before Sept 30
    Universal hopes Okada Manila biz listed...

    Jun 30, 2022  


Latest News

Macau drops 48hr nucleic acid test for casino staff, guests

Macau drops 48hr nucleic acid test for casino staff, guests

Jun 30, 2022  

The Macau government announced on Thursday the cancellation of a plan for a nucleic acid test certificate requirement with 48 hour validity, for casino staff, casino customers and official visitors...
Read More
Universal hopes Okada Manila biz listed before Sept 30

Universal hopes Okada Manila biz listed before Sept 30

Jun 30, 2022  

5-casino Thai market ok says National Assembly committee

5-casino Thai market ok says National Assembly committee

Jun 30, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"During our six years in office, we were able to record more than PHP300 billion [in revenue]"

Andrea Domingo

Chairman of the Philippines’ gaming regulator Pagcor



Most Popular

  • 5-casino Thai market ok says National Assembly committee5-casino Thai market ok says National Assembly committee June 30, 2022
  • LVS full recovery may take until 2024: Moody’sLVS full recovery may take until 2024: Moody’s June 29, 2022
  • China quarantine easing good signal for Macau: analystsChina quarantine easing good signal for Macau: analysts June 29, 2022
  • Only 2 Macau satellites closed as concessions extendedOnly 2 Macau satellites closed as concessions extended June 29, 2022
  • Macau drops 48hr nucleic acid test for casino staff, guestsMacau drops 48hr nucleic acid test for casino staff, guests June 30, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us