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Wynn Looks to Grab New York City's Slot Machine Business

Tuesday, October 13, 2009

NEW YORK, New York -- As reported by Bloomberg: "Wynn Resorts Ltd. sold $500 million of bonds, 43 percent more than planned, as the casino company founded by billionaire Stephen Wynn bids to run
  New York City's first slot-machine contract.

"The 7.875 percent, first-mortgage notes due in 2017 priced at a discount to yield 8.25 percent, or 504 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The company's Wynn Las Vegas LLC unit issued the notes. Wynn had earlier planned to sell $350 million of debt. A basis point is 0.01 percentage point.

"Wynn is bidding to redevelop Aqueduct Racetrack in New York's borough of Queens and operate 4,500 slot-machine-style video-lottery terminals there. The Las Vegas-based company's offering likely reflects Wynn's "desire" to win the contract and raise cash for projects in Asia, including the Cotai Strip in Macau, Barbara Cappaert, a high-yield analyst at KDP Investment Advisors Inc., said today in a report.

"'Wynn is amassing cash and liquidity,' the Montpelier, Vermont-based analyst wrote. 'The show of strength -- cash, the ability to raise cash and the valuations now inherent in the equity of its Las Vegas and Macau subsidiaries -- make a strong case for what is expected to be a roughly $400 million to $500 million project.'

"Peebles Development LLC in partnership with MGM Mirage and Penn National Gaming Inc. are among the groups also seeking the New York contract..."

Wynn Resorts
3131 Las Vegas Boulevard, South
Las Vegas, NV 89109
Phone: (702) 770-7555
Wynn Resorts operates Wynn Las Vegas a 2,716 all-suite resort with an 111,000 square foot casino and 22 food and beverage outlets.
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