Wynn Resorts Ltd - WYNN STOCK NEWS

Wynn Resorts announced a private offering of $600 million in 7.125% Senior Notes due 2031. The net proceeds will be used to repurchase 2025 WRF Notes and cover related fees. The offering will be conducted under exemptions to the Securities Act, targeting qualified institutional buyers. Additionally, Wynn Las Vegas plans to redeem its 4.25% Senior Notes due 2023 after February 28, 2023. Investors should be cautious of forward-looking statements indicating potential risks from economic conditions, interest rates, and competition.

Wynn Resorts has initiated a cash tender offer for its outstanding $600 million of 7.750% Senior Notes due 2025. The offer will expire at 5:00 P.M. New York City time on February 15, 2023. Holders who validly tender their notes will receive $1,024.50 per $1,000 principal. The completion of the tender is contingent on Wynn Resorts Finance securing new debt financing. Settlement is expected one business day following the expiration, with options for guaranteed delivery considered. This announcement does not serve as an offer to purchase the notes.

Wynn Resorts (NASDAQ: WYNN) has announced a private offering of $600 million in Senior Notes due 2031. The offering is made by its wholly-owned subsidiaries, Wynn Resorts Finance and Wynn Resorts Capital. The Notes will have guarantees from domestic subsidiaries, except for Wynn Resorts Capital. The proceeds will be used to purchase and redeem existing 2025 WRF Notes and cover associated expenses. The offering is exempt under the Securities Act, aimed at qualified institutional buyers.

Wynn Resorts reported Q4 2022 operating revenues of $1.00 billion, a decrease of $48.2 million from Q4 2021. Net income was $32.4 million or $0.29 per diluted share, recovering from a net loss of $177.2 million in Q4 2021. Adjusted Property EBITDAR rose to $195.1 million, up from $149.1 million in the previous year. For the full year, operating revenues totaled $3.76 billion, unchanged from 2021. Notably, Wynn Macau faced revenue declines, while Las Vegas operations showed growth. The company repurchased 2.95 million shares for $171.3 million throughout 2022 and closed a significant sale-leaseback transaction for Encore Boston Harbor, generating $1.7 billion in cash.

Wynn Resorts (NASDAQ: WYNN) will release its fourth-quarter financial results for the period ending December 31, 2022 after market close on February 8, 2023. Following the release, a conference call is scheduled for 1:15 p.m. PT (4:15 p.m. ET), which will be broadcast live via www.wynnresorts.com. Interested parties can join by dialing (888) 455-5965 or (773) 799-3869 for international callers. A replay of the call will be accessible until March 8, 2023. For inquiries, contact Amir Markowitz, Vice President – Corporate Finance, at 702-770-7555.

Wynn Las Vegas (Nasdaq: WYNN) has launched the Wynn Living Well program, offering guests curated health and wellness experiences. This initiative includes Tom Brady and Alex Guerrero's TB12 method, custom IV therapies from NutriDrip, and bespoke workout videos by Amanda Kloots. The program focuses on three pillars: Renew (relaxation treatments), Replenish (nutritious culinary offerings and IV therapies), and Re-Energize (fitness classes and activities). With flexible booking options, guests can enhance their well-being during their stay at the luxurious resort.

GAN Limited (NASDAQ: GAN) has announced an exclusive national partnership with WynnBET to enhance its sports betting operations across the U.S. This partnership will utilize GAN Sports technology for online sportsbooks, starting with the WynnBET Sportsbook at Encore Boston Harbor in Massachusetts, set to launch in early 2023. GAN aims to expand its reach in iGaming states through the Super RGS content aggregation delivery system, reinforcing its position in the U.S. iGaming market and promising future growth opportunities.

Wynn Resorts has secured a 10-year gaming concession agreement with the Macau government for its properties, Wynn Macau and Wynn Palace Cotai. The agreement emphasizes the company's confidence in future market opportunities in Macau, showcasing its commitment to enhancing the region as a top-tier tourism and leisure destination. Wynn Resorts thanked the Macau government for their partnership, highlighting ongoing positive discussions that signal strong prospects for its operations in the area.

Wynn Resorts has finalized the sale of Encore Boston Harbor to Realty Income Corporation for $1.7 billion. The deal received all requisite regulatory approvals and resulted in a cash cap rate of 5.9%. Post-transaction, Wynn's global liquidity is bolstered to $4.4 billion. The company will maintain operations at Encore Boston Harbor under a triple net lease with Realty Income, securing an initial rent of $100 million annually, with escalations in future years.