{"id":286740,"date":"2023-08-24T15:21:06","date_gmt":"2023-08-24T20:21:06","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=286740"},"modified":"2023-08-25T10:03:35","modified_gmt":"2023-08-25T15:03:35","slug":"wynn-resorts-increased-size-of-debt-offer-by-100-million","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-resorts-increased-size-of-debt-offer-by-100-million\/","title":{"rendered":"Wynn Resorts Upsizes Bond Tender Offer"},"content":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) has boosted the size of a recently announced tender offer for a portion of its senior notes maturing in 2025.<\/p>\n

\"Wynn
Wynn and Encore Las Vegas. The operator increased the size of a debt tender offer. (Image: Vegas Means Business<\/em>)<\/figcaption><\/figure>\n

Earlier this month, the casino operator said it would repurchase $300 million worth of that debt, which bears a coupon of 5.5%. That amount has been increased to $400 million. That issue has an aggregate principal amount outstanding of $1.78 billion.<\/p>\n

Since the aggregate principal amount of the Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date exceeds the Tender Cap (as amended), Notes tendered after the Early Tender Date will not be accepted for purchase and the principal amount of the Notes accepted for purchase were prorated, on the terms and subject to the conditions of the Tender Offer, to the Tender Cap (as amended),\u201d<\/strong> according to a statement issued by the Las Vegas-based gaming company.<\/p><\/blockquote>\n

At the end of the second quarter, Wynn had $12.14 billion in outstanding debt and cash and cash equivalents of $3.65 billion.<\/p>\n

Why Wynn is Doing Tender Offer<\/h2>\n

Wynn commenced the tender offer for a portion of the notes maturing in 2025 because it eliminates a portion of the operator\u2019s high-yield debt obligations. In turn, the company saves on interest expenses and simplifies its capital structure.<\/p>\n

\n

That\u2019s important, because Wynn is rated<\/a> \u201cB+\u201d by Standard & Poor\u2019s (S&P), which puts it well into junk territory. In an environment where interest rates are high and the appetite for junk bonds courtesy of already heavily indebted issuers may be limited, tendering outstanding debt<\/a> could benefit Wynn.<\/p>\n<\/div>\n

In May, S&P revised its outlook on Wynn\u2019s credit rating to \u201cpositive\u201d from \u201cnegative,\u201d citing the rebound in Macau, which is the operator\u2019s largest market.<\/p>\n

\u201cAs a result of improved cash flow in Macau, we now expect Wynn’s leverage to improve to the high-5x area in 2023, about a year earlier than we expected, compared with mid-7x previously,\u201d noted the ratings agency. \u201cWynn’s leverage could improve closer to 5x in 2024. We believe this could represent an adequate cushion relative to our 6x upgrade threshold to support a one-notch higher rating and provide the company flexibility to pursue additional large-scale development projects, including expected investments in Macau, the United Arab Emirates, and possibly New York.\u201d<\/p>\n

Wynn Taking Other Steps to Conserve Cash<\/h2>\n

By eliminating a portion of the notes coming due in 2025, Wynn reduces its interest expense obligations, which is undoubtedly a positive for the operator\u2019s balance sheet.<\/p>\n

\n

Its cost-saving efforts don\u2019t end there. Earlier this month, the company announced that it is halting WynnBET operations in eight states<\/a> and putting under review that business in Michigan and New York. The operator didn\u2019t disclose how much it will save via that move.<\/p>\n<\/div>\n

Wynn will continue to offer sports wagering in the states where it operates land-based casinos, Massachusetts and Nevada.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) has boosted the size of a recently announced tender offer for a portion of its senior notes maturing in 2025. Earlier this month, the casino operator said it would repurchase $300 million worth of that debt, which bears a coupon of 5.5%. That amount has been increased to $400 million. That […]<\/p>\n","protected":false},"author":46,"featured_media":242145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[81903,81898],"acf":[],"yoast_head":"\nWynn Resorts Increased Size Of Debt Offer By $100 Million<\/title>\n<meta name=\"description\" content=\"Wynn Resorts boosted size of debt tender offer to $400M from $300M.\" \/>\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 Resorts Increased Size Of Debt Offer By $100 Million\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts boosted size of debt tender offer to $400M from $300M.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-resorts-increased-size-of-debt-offer-by-100-million\/\" \/>\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=\"2023-08-24T20:21:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-25T15:03:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\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-resorts-increased-size-of-debt-offer-by-100-million\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-resorts-increased-size-of-debt-offer-by-100-million\/\",\"name\":\"Wynn Resorts Increased Size Of Debt Offer By $100 Million\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-increased-size-of-debt-offer-by-100-million\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-increased-size-of-debt-offer-by-100-million\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\",\"datePublished\":\"2023-08-24T20:21:06+00:00\",\"dateModified\":\"2023-08-25T15:03:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Resorts boosted size of debt tender offer to $400M from $300M.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-increased-size-of-debt-offer-by-100-million\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-resorts-increased-size-of-debt-offer-by-100-million\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-increased-size-of-debt-offer-by-100-million\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Wynn and Encore Las Vegas. 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