Sep 23, 2019 Newsdesk Latest News, Macau, Top of the deck, World  
United States-based casino operator Wynn Resorts Ltd says it has completed its group restructuring via sale of US$750-million in senior notes, and US$1.85 billion in new senior secured credit facilities.
The 5.125-percent senior notes due on October 1, 2029, have been issued by Wynn Resorts Finance LLC – formerly known as Wynn America LLC – and its subsidiary, Wynn Resorts Capital Corp. Both are indirect wholly-owned subsidiaries of the group, which is also the parent of Macau casino operator Wynn Macau Ltd.
According to the most recent relevant filing to regulators in the U.S., the issuers of the new senior notes may redeem some or all of them at any time at a redemption price “equal to 100 percent of the aggregate principal amount of the notes to be redeemed plus a ‘make-whole’ premium and accrued and unpaid interest”.
The latest filing on the financing aspect of the corporate rejig stated: “In the event of a change of control-triggering event, the issuers must offer to repurchase the notes at a repurchase price equal to 101 percent of the aggregate principal amount thereof, plus any accrued and unpaid interest, to, but not including, the repurchase date.”
On September 11 Wynn Resorts had announced a corporate reorganisation. Under it, Wynn Resorts Finance will hold the group’s interest in the Wynn Las Vegas and Encore Boston Harbor casino properties located in Nevada and Massachusetts respectively, in the United States.
Wynn Resorts Finance will also hold the group’s approximately 72 percent controlling interest in Wynn Macau Ltd.
The firm had said in a filing on September 12 that cash raised via the new senior notes, along with the US$1.85 billion in new senior secured credit facilities that had been announced the day before, would be used to “refinance the existing credit facilities of Wynn Resorts and Wynn America LLC and pay related fees and expenses”.
The Wynn group has committed itself to an outlay of US$2 billion on an expansion of its Wynn Palace casino resort on Cotai in Macau. The group is also a suitor for a casino licence in Japan, and has pledged a large spend on resort infrastructure if it were to win a gaming permit there.
Nov 20, 2023
Nov 14, 2023
Nov 30, 2023
Nov 30, 2023
Nov 30, 2023
Philippine gross gaming revenue (GGR) could be “US$5.0 billion to US$5.2 billion” for full-year 2023, says industry consultancy GCG Gaming Advisory Services Pty Ltd. Anything toward the top of...
(Click here for more)
”The hotel towers, convention hall, and arena are the cornerstones in Phase 1. The resort is mainly aimed at Koreans first”
Chen Si
President of the Mohegan Inspire Entertainment Resort in South Korea