WYNN RESORTS, LIMITED (NASDAQ:WYNN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement.
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indirect wholly owned subsidiary of Wynn Resorts, Limited, and
certain subsidiaries of Wynn America are parties to a Credit
Agreement, dated as of November 20, 2014 (as amended, the Credit
Agreement). The Credit Agreement is comprised of (i) a $375
million senior secured revolving credit facility (Revolving
Loan), (ii) an $875 million fully funded senior secured term loan
facility (Term Loan I), and (iii) a $125 million fully funded
senior secured term loan facility (Term Loan II). Borrowings
under the Credit Agreement are used to fund the development,
construction and pre-opening expenses of Wynn Boston Harbor and
for general corporate purposes.
America, Deutsche Bank AG New York Branch, as administrative
agent and collateral agent, and certain of the lenders thereunder
entered into the Fifth Amendment to the Credit Agreement (the
Fifth Amendment) that, among other things, extended the maturity
dates of portions of the credit facilities in order to improve
operational flexibility during the construction of Wynn Boston
Harbor, which is expected to open mid-2019.
$333.0 million in aggregate principal amount of the Revolving
Loan was extended from November 20, 2019 to December 31, 2021;
(ii) the maturity date with respect to $805.4 million in
aggregate principal amount of Term Loan I was extended from
November 20, 2020 to December 31, 2021, with repayment in
quarterly installments of $20.1 million commencing on March 31,
2020 and a final installment of $664.5 million on December 31,
2021; and (iii) the maturity date with respect to $125 million in
aggregate principal amount of Term Loan II was extended from
November 20, 2020 to December 31, 2021, with no required
scheduled repayments until maturity on December 31, 2021.
the Fifth Amendment. Some of the lenders, agents and arrangers
under the Credit Agreement and their respective affiliates have
provided, and may provide in the future, investment banking,
commercial banking and other financial services to Wynn Resorts,
Limited and its affiliates in the ordinary course of business,
for which they have received and will receive customary
compensation.
qualified in its entirety by reference to the full text of the
Fifth Amendment, which will be filed as an exhibit to the
Quarterly Report on Form 10-Q for the quarter ended March 31,
2017.
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Item 2.02
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Results of Operations and Financial Condition.
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announcing its results of operations for the first quarter ended
March 31, 2017. Financial information presented in the press
release for the Las Vegas Operations of Wynn Resorts, Limited,
including Adjusted Property EBITDA, consists of the financial
results of Wynn Las Vegas, LLC and Wynn Retail, LLC. Financial
information for Wynn Las Vegas, LLC will be set forth in the Form
10-Q that it files for the quarter ended March 31, 2017. The
press release is furnished herewith as Exhibit 99.1. The
information furnished under Items 2.02, 7.01 and 9.01 of this
Current Report on Form 8-K, including Exhibit 99.1 attached
hereto, shall not be deemed filed for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended, nor shall it be
deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, except as shall be expressly
set forth by specific reference in such filing.
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Item 2.03
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Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant |
incorporated herein by reference.
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Item 7.01
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Regulation FD Disclosure.
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incorporated herein by reference.
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Item 8.01
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Other Events.
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per share, payable on May 23, 2017 to stockholders of record as
of May 11, 2017.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit No.
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Description
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99.1
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Press release, dated April 25, 2017, of Wynn Resorts,
Limited. |
Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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WYNN RESORTS, LIMITED
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Dated: April 25, 2017
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By:
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/s/ Craig S. Billings
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Craig S. Billings
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Chief Financial Officer and Treasurer
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(Principal Financial and Accounting Officer)
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About WYNN RESORTS, LIMITED (NASDAQ:WYNN)
Wynn Resorts, Limited is a developer, owner and operator of destination casino resorts that integrate accommodations and a range of amenities, including dining outlets, retail offerings, entertainment theaters and meeting complexes. The Company operates through two segments: Macau Operations and Las Vegas Operations. In Macau, it owns interest in Wynn Macau, Limited and operates Wynn Macau and Encore at Wynn Macau. Its integrated Macau resort of Wynn Macau and Encore at Wynn Macau features approximately 284,000 square feet of casino space with over 460 table games and over 710 slot machines. In Las Vegas, Nevada, it owns and operates Wynn Las Vegas and Encore at Wynn Las Vegas. Its integrated Las Vegas resort of Wynn Las Vegas and Encore at Wynn Las Vegas features approximately 186,000 square feet of casino space with over 230 table games and approximately 1,870 slot machines. In addition, the Company is developing an integrated casino resort in Everett, Massachusetts. WYNN RESORTS, LIMITED (NASDAQ:WYNN) Recent Trading Information
WYNN RESORTS, LIMITED (NASDAQ:WYNN) closed its last trading session up +2.65 at 118.22 with 2,350,248 shares trading hands.
