UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 14, 2005
Wynn Resorts, Limited
(Exact Name of Registrant as Specified in its Charter)
Nevada 000-50028 46-0484987
(State or Other Jurisdiction of (Commission File Number) (I.E. Employer
Incorporation) Identification No.)
3131 Las Vegas Boulevard South
Las Vegas, Nevada 89109
(Address of Principal Executive Offices) (Zip Code)
(702) 770-7555
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|_| Written communication pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencements communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On October 14, 2005, Wynn Resorts (Macau) S.A., a subsidiary of the Registrant
("Wynn Macau"), entered into two interest rate swap agreements with Deutsche
Bank AG, Societe Generale Paris and Bank of America Securities Asia (together,
the "Banks") to hedge a portion of the underlying interest risk on future
borrowings under Wynn Macau's existing $729 million senior term loan facility.
Under the first hedge agreement, Wynn Macau will pay to the Banks a fixed
interest rate of approximately 4.84% on borrowings estimated to be incurred
under the senior term loan facility up to a maximum of approximately US$198.2
million, in exchange for payments from the Banks on the same amounts at a
variable interest rate based on the applicable London Interbank Offered Rate
("LIBOR") at the time of payment. Under the second hedge agreement, Wynn Macau
will pay to the Banks a fixed interest rate of approximately 4.77% on
borrowings estimated to be incurred under the senior term loan facility up to
a maximum of approximately HK$1.1 billion (approximately US$140.3 million), in
exchange for payments from the Banks on the same amounts at a variable
interest rate based on the applicable Hong Kong Interbank Offer Rate ("HIBOR")
at the time of payment. The term of both hedge agreements is November 28, 2005
through November 28, 2008.
Wynn Macau's senior debt facility currently provides that term loans will bear
interest at LIBOR or HIBOR plus a margin of 3.0% until the opening of Wynn
Macau, a destination casino resort in the Macau Special Administrative Region
of the People's Republic of China (expected to be in the third quarter of
2006), at which time the interest rate will reduce to LIBOR or HIBOR plus a
margin of 2.75%. The senior debt facility also provides for further reductions
in the margin on the term loans if Wynn Macau satisfies certain prescribed
leverage ratio tests. Wynn Macau currently has no amounts outstanding under
the bank facility.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 19, 2005
Wynn Resorts, Limited
By: /s/ John Strzemp
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John Strzemp
Chief Financial Officer