LAS VEGAS--(BUSINESS WIRE)--Mar. 5, 2012--
Wynn Resorts, Limited (NASDAQ: WYNN) announced today the pricing by Wynn
Las Vegas, LLC and Wynn Las Vegas Capital Corp. (the “issuers”), each a
direct or indirect wholly owned subsidiary of Wynn Resorts, Limited, of
$900,000,000 aggregate principal amount of 5.375% First Mortgage Notes
due 2022. The notes will be issued at par. The notes will be offered
only to qualified institutional buyers and outside the U.S. in
accordance with Rule 144A and Regulation S, respectively, under the
Securities Act of 1933. Wynn Las Vegas, LLC plans to use the net
proceeds of the offering to repay all outstanding loans under its term
loan facilities and for general corporate purposes.
The notes will rank pari passu in right of payment with borrowings under
Wynn Las Vegas, LLC’s credit facilities, its existing 7⅞% First Mortgage
Notes due 2017, its existing 7⅞% First Mortgage Notes due 2020 and its
existing 7¾% First Mortgage Notes due 2020 (collectively, the “existing
notes”). The notes will be senior secured obligations of the issuers,
will be guaranteed by certain of Wynn Las Vegas, LLC’s subsidiaries and
will be secured on an equal and ratable basis (with certain exceptions)
by a first priority lien on substantially all of the existing and future
assets of the issuers and guarantors, and, subject to prior approval
from the Nevada gaming authorities, a first priority lien on the equity
interests of Wynn Las Vegas, LLC, all of which is the same collateral
that secures borrowings under Wynn Las Vegas, LLC’s credit facilities
and the existing notes.
The notes have not been registered under the Securities Act of 1933 or
under any state securities laws. Therefore, the issuers may not offer or
sell the notes within the United States to, or for the account or
benefit of, any United States person unless the offer or sale would
qualify for a registration exemption from the Securities Act and
applicable state securities laws.
Forward-Looking Statements
This release contains forward-looking statements about Wynn Las Vegas,
LLC and Wynn Las Vegas Capital Corp., including those related to the
offering of notes and whether or not Wynn Las Vegas, LLC and Wynn Las
Vegas Capital Corp. will consummate the offering. 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 Wynn Resorts, Limited or the issuers. The risks and
uncertainties include, but are not limited to, competition in the
casino/hotel and resorts industries, the issuers’ dependence on existing
management, levels of travel, leisure and casino spending, general
domestic or international economic conditions, and changes in gaming
laws or regulations. Additional information concerning potential factors
that could affect the issuers’ financial results is included in Wynn Las
Vegas, LLC’s Annual Report on Form 10-K for the year ended December 31,
2011 and Wynn Las Vegas, LLC’s and Wynn Resorts, Limited’s other
periodic reports filed with the Securities and Exchange Commission.
Neither Wynn Resorts, Limited nor the issuers are under any obligation
to (and expressly disclaim any such obligation to) update their
forward-looking statements as a result of new information, future events
or otherwise.
Source: Wynn Resorts, Limited
Wynn Resorts, Limited
Samanta Stewart, 702-770-7555
investorrelations@wynnresorts.com
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