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Wynn Resorts Ltd - WYNN STOCK NEWS

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Wynn Resorts, Limited (Nasdaq: WYNN), a prestigious member of the S&P 500 Index, is a global leader in the luxury hospitality and gaming industry. Founded in 2002 by Steve Wynn, the company is renowned for operating some of the world's most luxurious casinos and resorts. Wynn Resorts owns and operates four megaresorts: Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, and Wynn Palace, Cotai. Each property is a testament to the company's commitment to excellence, offering unparalleled experiences in gaming, dining, shopping, and entertainment.

Wynn Las Vegas and Encore in Las Vegas feature two luxurious hotel towers with a combined total of 4,748 rooms, suites, and villas. The resort boasts approximately 194,000 square feet of casino space, 20 signature dining experiences, 14 bars, two award-winning spas, extensive retail space, and state-of-the-art meeting and convention facilities. Additional amenities include showrooms, nightclubs, a beach club, and the Wynn Golf Club with an 18-hole championship course.

Encore Boston Harbor, situated along the Mystic River in Everett, Massachusetts, is a premier resort destination that includes a 210,000 square foot casino, 671 hotel rooms, specialty retail, a luxury spa, and numerous dining and lounge venues. The resort also features a six-acre public park and Harborwalk, making it a unique addition to the region's landscape.

In Macau, Wynn Resorts operates Wynn Macau and Wynn Palace. Wynn Macau comprises two luxury hotel towers with 1,010 rooms and suites, a casino, multiple dining options, meeting spaces, retail outlets, and recreational facilities. Wynn Palace, known for its floral theme, offers 1,706 rooms, suites, and villas, along with extensive gaming space, dining outlets, designer retail, and unique attractions such as the SkyCabs and Performance Lake.

Wynn Resorts is not only a leader in luxury hospitality but also a pioneer in integrated resort development. The company is currently constructing Wynn Al Marjan Island in Ras Al Khaimah, UAE, its first beachfront resort and the first integrated gaming resort in the MENA region. This ambitious project, anticipated to open in early 2027, is being developed in partnership with Marjan and RAK Hospitality Holding. The resort will feature 1,542 rooms and suites, extensive recreational facilities, world-class dining and entertainment options, and a luxurious design that blends the natural beauty of the region with Wynn's signature elegance.

Wynn Resorts also offers a digital sports betting and iGaming platform through Wynn Interactive, expanding its footprint in the growing online gaming market. The company's diversified portfolio and strategic investments highlight its commitment to innovation and growth.

With a strong financial performance, robust development pipeline, and a reputation for excellence, Wynn Resorts continues to set the standard in luxury hospitality and gaming worldwide. The company received significant EBITDA contributions from its operations in Macau and the US, exemplifying its global reach and influence in the industry.

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WynnBET, the online sports betting app from Wynn Resorts, launched its services in Massachusetts, becoming the 10th operational online state. Players can download the app from the Apple and Google Play Stores and register at www.wynnbet.com/ma. The launch follows a successful retail sports betting opening at Encore Boston Harbor. New users in Massachusetts can benefit from a promotional offer of $100 in betting credits. The Wynn Rewards program allows users to gain access to a variety of experiences at Encore Boston Harbor and Wynn Las Vegas. WynnBET is currently available in multiple states and is expanding rapidly.

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Wynn Resorts, Limited (NASDAQ:WYNN) announced the successful initial settlement of its cash tender offer for all outstanding 7.750% Senior Notes due 2025, amounting to $600 million. The tender offer, which expired on February 15, 2023, saw valid tenders totaling approximately $506.4 million. Holders of the validly tendered Notes received $1,024.50 for each $1,000 principal, plus accrued interest. Payments for Notes delivered later, under guaranteed delivery procedures, will occur by February 21, 2023. The offering is governed by terms in the Offer to Purchase dated February 9, 2023, and the company cautions that future statements are subject to various risks and uncertainties.

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Wynn Resorts (NASDAQ: WYNN) has retained its 24 Forbes Travel Guide Five-Star Awards in 2023, the highest recognition among independent hotel companies globally. Notable properties include Wynn Las Vegas, Encore Las Vegas, and Wynn Palace, which are recognized as the three largest FTG Five-Star casino resorts worldwide. The company continues to celebrate its success in North America and globally, with Wing Lei at Wynn Las Vegas and Encore Boston Harbor also receiving accolades. The COO, Brian Gullbrants, emphasized the achievement as a testament to their 27,000 employees committed to excellence.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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FAQ

What is the current stock price of Wynn Resorts (WYNN)?

The current stock price of Wynn Resorts (WYNN) is $88.95 as of December 20, 2024.

What is the market cap of Wynn Resorts (WYNN)?

The market cap of Wynn Resorts (WYNN) is approximately 9.7B.

What is Wynn Resorts, Limited?

Wynn Resorts, Limited is a global luxury hospitality and gaming company that operates some of the world's most prestigious casinos and resorts.

Where is Wynn Resorts traded?

Wynn Resorts is traded on the Nasdaq Global Select Market under the ticker symbol WYNN.

What are the main properties owned by Wynn Resorts?

Wynn Resorts owns and operates Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, and Wynn Palace, Cotai.

Who founded Wynn Resorts?

Wynn Resorts was founded in 2002 by Steve Wynn, the former CEO.

What is Wynn Al Marjan Island?

Wynn Al Marjan Island is a new beachfront resort under construction in Ras Al Khaimah, UAE, and is Wynn Resorts' first integrated gaming resort in the MENA region.

Does Wynn Resorts operate any online gaming platforms?

Yes, Wynn Resorts operates Wynn Interactive, a digital sports betting and iGaming platform.

What makes Wynn Resorts unique?

Wynn Resorts is known for its luxury, top-tier service, and more Forbes Travel Guide Five-Star awards than any other independent hotel company in the world.

What percentage of Wynn Resorts' EBITDA came from Macau and the US in 2019?

In 2019, before the pandemic, Wynn Resorts received 76% of its EBITDA from Macau and 24% from the US.

What are some amenities offered at Wynn Las Vegas?

Wynn Las Vegas offers luxury rooms, casino space, dining experiences, bars, spas, retail space, showrooms, nightclubs, a beach club, and an 18-hole championship golf course.

When is Wynn Al Marjan Island expected to open?

Wynn Al Marjan Island is expected to open to the public in early 2027.

Wynn Resorts Ltd

Nasdaq:WYNN

WYNN Rankings

WYNN Stock Data

9.70B
81.85M
25.35%
68.93%
5.81%
Resorts & Casinos
Hotels & Motels
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United States of America
LAS VEGAS