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Wynn issuing up to $500M in notes to pay down debt

Mon Sep 14, 2009 5:37 PM EDT
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Oskar Garcia, Associated Press
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LAS VEGAS — Casino operator Wynn Resorts Ltd. plans to issue up to $500 million in new secured notes to help it pay down its debt.

The Las Vegas-based company said in a Securities and Exchange Commission filing on Monday that it has agreed with its lenders to issue the notes between now and March 10 next year.

Three-quarters of the proceeds must be used to prepay loans or reduce Wynn's existing debt.

Wynn Resorts, which owns casinos in Las Vegas and the Chinese gambling enclave of Macau, had $4.12 billion in long-term debt as of June 30.

Wynn Resorts earned $25.5 million, or 21 cents per share, during the second quarter. That beat analyst expectations but was 91 percent less than it earned a year earlier.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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