GGRAsia – Wynn Resorts prices new US$750mln funding in notes

Wynn Resorts prices new US$750mln funding in notes

Sep 13, 2019 Newsdesk Latest News, Macau, Top of the deck, World

Casino operator Wynn Resorts Ltd has priced its new private offering, for an aggregate principal of US$750-million in senior notes, at 5.125 percent.

The firm said in a filing on Thursday that cash raised via the notes – instruments due to mature in 2029 – along with US$1.85 billion in new senior secured credit facilities that had also been announced on Wednesday, would be used to “refinance the existing credit facilities of Wynn Resorts and Wynn America LLC and pay related fees and expenses”.

Wynn America is now known as Wynn Resorts Finance LLC, the United States-based Wynn Resorts had reiterated in its Thursday filing.

On Wednesday 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 operating entity in its Macau gaming operation.

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.