LAS VEGAS--(BUSINESS WIRE)--Apr. 21, 2009--
Wynn Resorts, Limited (NASDAQ: WYNN) announced that it has successfully
completed an amendment of Wynn Las Vegas, LLC’s senior secured credit
agreement. Among other things, the amendment:
-
Waives leverage covenants until June 2011 and increases leverage
thresholds thereafter
-
Provides additional flexibility with respect to Wynn Las Vegas’
interest coverage ratios
-
Extends the maturity on approximately $610 million of the remaining
$697 million revolving commitments from August 2011 to July 2013
-
Removes the dollar cap on the equity cure for covenant calculations
over the life of the loan
In exchange for the approximate 2 year maturity extension and covenant
relief, Wynn Las Vegas agreed to reduce its revolving commitments to
approximately $697 million and increase the overall spread on the bank
facility from LIBOR + 1.7% to LIBOR + 2.6%.
Wynn Resorts has, on a consolidated basis, over $1.3 billion of
available cash and approximately $4.5 billion of Total Long-Term Debt.
Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under
the ticker symbol WYNN and is part of the S&P 500 and NASDAQ-100
Indexes. Wynn Resorts owns and operates Wynn Las Vegas (www.wynnlasvegas.com),
Encore (www.encorelasvegas.com)
and Wynn Macau (www.wynnmacau.com).
Wynn Las Vegas, a luxury hotel and destination casino resort located on
the Las Vegas Strip features 2,716 luxurious guest rooms and suites, an
approximately 111,000 square foot casino, 22 food and beverage outlets,
an on-site 18-hole golf course, approximately 223,000 square feet of
meeting space, an on-site Ferrari and Maserati dealership, and
approximately 74,000 square feet of retail space.
Encore, the newest signature resort in the Wynn collection, opened
December 22, 2008. Encore is located immediately adjacent to Wynn Las
Vegas and features a 2,034 all-suite hotel, an approximately 72,000
square foot casino, 12 food and beverage outlets, a night club, a spa
and salon, approximately 60,000 square feet of meeting space and
approximately 27,000 square feet of upscale and retail outlets.
Wynn Macau is a destination casino resort in the Macau Special
Administrative Region of the People’s Republic of China and currently
features 600 deluxe hotel rooms and suites, an approximately 205,000
square foot casino, casual and fine dining in five restaurants,
approximately 46,000 square feet of retail space, a health club, pool
and spa, along with lounges and meeting facilities.
Forward-looking Statements
This release contains forward-looking statements regarding operating
trends and future results of operations. Such forward-looking
information involves important risks and uncertainties that could
significantly affect anticipated results in the future and, accordingly,
such results may differ from those expressed in any forward-looking
statements made by us. The risks and uncertainties include, but are not
limited to, competition in the casino/hotel and resorts industries, the
Company’s dependence on existing management, levels of travel, leisure
and casino spending, general economic conditions, and changes in gaming
laws or regulations. Additional information concerning potential factors
that could affect the Company's financial results is included in the
Company's Annual Report on Form 10-K for the year ended December 31,
2008 and the Company's other periodic reports filed with the Securities
and Exchange Commission. The Company is under no obligation to (and
expressly disclaims any such obligation to) update its forward-looking
statements as a result of new information, future events or otherwise.
Source: Wynn Resorts, Limited
Wynn Resorts, Limited
Samanta Stewart, 702-770-7532
investorrelations@wynnresorts.com
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