{"id":138682,"date":"2020-06-15T12:35:39","date_gmt":"2020-06-15T19:35:39","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=138682"},"modified":"2020-06-15T13:10:25","modified_gmt":"2020-06-15T20:10:25","slug":"wynn-macau-is-raising-more-cash-in-750-million-note-sale","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-macau-is-raising-more-cash-in-750-million-note-sale\/","title":{"rendered":"Wynn Macau Sells $750 Million in Debt as Coronavirus Crimps Revenue"},"content":{"rendered":"

Wynn Macau is selling $750 million worth of corporate notes, as the operator continues efforts to bolster its balance sheet with the coronavirus pandemic sapping revenue in the world’s largest gaming hub.<\/p>\n

\"Wynn
Wynn Macau is selling $750 million in notes, which extends its survival time line by two years. (Image: Associated Press)<\/figcaption><\/figure>\n

In a regulatory filing published yesterday, the owner of the Wynn Macau and Wynn Palace integrated resorts said it’s selling notes maturing in 2026 at an interest rate of 5.50 percent. The company said it’s retaining $743.1 million worth of proceeds from the sale.<\/p>\n

The company intends to use the net proceeds from the proposed offering for general corporate purposes until business recovers from the effects of the Covid-19 pandemic, and then to facilitate the repayment of a portion of the amounts outstanding under the Wynn Macau credit facilities,\u201d according to the filing.<\/p><\/blockquote>\n

News of the bond sale comes just days after Wynn Resorts (NASDAQ:WYNN), the US-based parent of Wynn Macau, revealed in a filing with the Securities and Exchange Commission (SEC) that the China business lost approximately $2 million per day in the first two months of the second quarter, and that revenue for that period could be as much as 97.6 percent below<\/a> the year earlier time frame.<\/p>\n

More Interesting Timing<\/h2>\n

Additionally, the Wynn Macau announcement on the bond sale coincided with headlines pertaining to a flare up of coronavirus cases in the Chinese capital of Beijing. While the new case count since last Thursday is below 100, authorities there move swiftly to shutter open-air food markets and shut down some parts of the city.<\/p>\n

\n

Earlier today, the Chinese news agency Xinhua reported 36 new COVID-19 cases in the capital city. After dealing with a 15-day casino closure in February and subsequent travel restrictions that are making it difficult for visitors to access the gaming center, a second wave of coronavirus cases could derail hopes for a Macau recovery in the second half of 2020.<\/p>\n<\/div>\n

Officials in Macau are working with their counterparts in Hong Kong<\/a> in a bid to ease the 14-day quarantine policies travelers are subjected to on both sides of their trips between the Special Administrative Regions (SAR).<\/p>\n

Analysts and concessionaires remain optimistic that Guangdong province, the mainland China region closest to Macau, will soon liberalize<\/a> some travel controls, allowing for easier access to the casino center.<\/p>\n

Cash Increases Survival Timeline<\/h2>\n

The capital Wynn Macau is raising in the note sale is vital because it extends the operator’s length of survival should the slowdown on the peninsula last longer than expected.<\/p>\n

\u201cThe additional liquidity is beneficial as it further improves the company’s liquidity profile and runway in Macau to over 2 years on a cash burn basis as they manage the current weak operating environment, including reduced visitation levels in Macau,\u201d said Moody’s Investors Service in a note. \u201cAlthough 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.\u201d<\/p>\n

There are some covenants attached to the bond sale, including limitations on Wynn Macau’s ability to \u201ceffect a consolidation or merger\u201d or sell properties and other assets<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Macau is selling $750 million worth of corporate notes, as the operator continues efforts to bolster its balance sheet with the coronavirus pandemic sapping revenue in the world’s largest gaming hub. In a regulatory filing published yesterday, the owner of the Wynn Macau and Wynn Palace integrated resorts said it’s selling notes maturing in […]<\/p>\n","protected":false},"author":46,"featured_media":138684,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\nWynn Macau Is Raising More Cash in $750 Million Note Sale<\/title>\n<meta name=\"description\" content=\"Wynn Macau is selling $750 million worth of notes, a move that will help the operator extend its surival time frame by two years.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Macau Is Raising More Cash in $750 Million Note Sale\" \/>\n<meta property=\"og:description\" content=\"Wynn Macau is selling $750 million worth of notes, a move that will help the operator extend its surival time frame by two years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-macau-is-raising-more-cash-in-750-million-note-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-15T19:35:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-15T20:10:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/wynn4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1115\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-is-raising-more-cash-in-750-million-note-sale\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-macau-is-raising-more-cash-in-750-million-note-sale\/\",\"name\":\"Wynn Macau Is Raising More Cash in $750 Million Note Sale\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-is-raising-more-cash-in-750-million-note-sale\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-is-raising-more-cash-in-750-million-note-sale\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/wynn4.jpg\",\"datePublished\":\"2020-06-15T19:35:39+00:00\",\"dateModified\":\"2020-06-15T20:10:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Macau is selling $750 million worth of notes, a move that will help the operator extend its surival time frame by two years.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-is-raising-more-cash-in-750-million-note-sale\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-macau-is-raising-more-cash-in-750-million-note-sale\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-is-raising-more-cash-in-750-million-note-sale\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/wynn4.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/wynn4.jpg\",\"width\":1600,\"height\":1115,\"caption\":\"Wynn Macau is selling $750 million in notes, which extends its survival time line by two years. 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