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Wynn Resorts $400 million add-on to existing senior unsecured notes to not affect current ratings: Moody’s

February 14, 2024 Macau Casino & HotelIndustry Updates

This week, Moody’s Investors Service said that Wynn Resorts Finance’s current ratings would remain unchanged despite the company’s intention to add US$400 million to its existing 7.125% senior unsecured notes.

IAG claims that if senior notes due in 2021 are issued and there is enough cash on hand, the buyback of US$800 million in notes due in 2025 may be done concurrently.

In a statement, Moody’s noted that the deal keeps the company’s debt maturity profile intact while lowering debt at the WLV level and extending the company’s debt maturity profile.

The company’s resort properties in Las Vegas, Macau, and Boston are of good quality, appealing, and have a good reputation; these factors have led the ratings agency to recently increase Wynn Resorts Finance’s outlook to stable. Citing Wynn’s exceptional history of developing large, superior vacation destinations, Moody’s expressed confidence in the ongoing recovery of Wynn Macau, of which Wynn Resorts owns a 72% part, bringing leverage levels closer to pre-pandemic levels.

Wynn’s Macau operations drove its most recent financial report, which showed net income of US$729.2 million and Adjusted Property EBITDAR of US$630.4 million for the three months ending December 31, 2023.

Original story by: IAG

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