Key Developments: Wynn Resorts Ltd (WYNN.O)
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$2.07 (+1.47%)
$140.99
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$143.56
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875,008
1,248,809
$143.56
$90.11
Latest Key Developments (Source: Significant Developments)
Wynn Resorts Ltd's Subsidiary Announces Private Offering of $500.0 Million Aggregate Principal Amount of Wynn Las Vegas Senior Notes Due 2023
Wynn Resorts Ltd announced that Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. (the issuers), each an indirect wholly owned subsidiary of Wynn Resorts, Limited, are offering $500.0 million aggregate principal amount of Senior Notes due 2023 (the Notes). Wynn Las Vegas, LLC plans to use the net proceeds from the offering to purchase any and all of the issuers` outstanding $500.0 million aggregate principal amount of 7⅞% First Mortgage Notes due 2017 (the 2017 notes) pursuant to a cash tender offer and consent solicitation with respect to the 2017 notes announced . In addition, Wynn Las Vegas, LLC intends to satisfy and discharge the indenture governing the 2017 Notes and use any remaining net proceeds from the offering to redeem any 2017 Notes not tendered. Full Article
Wynn Resorts Ltd Approves Cash Dividend
Wynn Resorts Ltd announced that it has approved a cash dividend for the quarter of $1.00 per common share. This dividend will be payable on May 23, 2013, to stockholders of record on May 9, 2013. Full Article
Wynn Resorts Ltd Declares Dividend
Wynn Resorts Ltd announced that it has approved a cash dividend for the quarter of $1.00 per common share. This dividend will be payable on February 28, 2013, to stockholders of record on February 14, 2013. Full Article
Okada Sues Wynn Resorts Ltd-Reuters
Reuters reported that Japanese gaming billionaire Kazuo Okada has filed a lawsuit in a Nevada court in an attempt to keep his seat on the board of Wynn Resorts Ltd. Okada, who until recently controlled a nearly 20% stake in the casino company, filed suit on Thursday in U.S. District Court in Las Vegas, asking for an injunction to stop a special meeting of Wynn shareholders scheduled for February 22, 2013. In the lawsuit, the latest in a series of legal battles between former friends, Okada alleged that Wynn’s statements to shareholders and regulators were misleading. They omit Okada’s various denials and explanations and improperly aim to silence a valuable internal critic, the lawsuit said. Full Article
Wynn Resorts Ltd Forms Subsidiary To Develop Hotels Outside Of Las Vegas-Reuters
Reuters reported that Wynn Resorts Ltd will form a new subsidiary to develop hotels and casinos outside Las Vegas, to be headed by Gamal Aziz, chairman Steve Wynn said. The subsidiary would also oversee plans to develop casinos and hotels in Philadelphia and in Everett, Mass., according to Wynn spokeswoman Deanna Pettit-Irestone. Full Article
Wynn Resorts Ltd Declares Dividend
Wynn Resorts Ltd announced that it has approved an $8.00 cash dividend, which includes the $0.50 per common share quarterly dividend. This dividend will be payable on November 20, 2012, to stockholders of record on November 7, 2012 and the stock will begin to trade ex-dividend on November 5, 2012. Full Article
Universal Entertainment and Kazuo Okada File Defamation Lawsuit In Japan Against Wynn Resorts Limited CEO Stephen Wynn, Wynn Resorts Directors And General Counsel
Universal Entertainment Corp announced the filing of a lawsuit before the Tokyo District Court against Wynn Resorts, its Chairman and CEO, Stephen Wynn, along with the Company's directors and general counsel. The lawsuit seeks approximately ¥11 billion (approximately $140 million) in damages related to Wynn's attempt to strip Aruze USA Inc. (a subsidiary of UE) of its interest in Wynn Resorts and remove Okada as a director. The lawsuit states that the global resonance of Wynn's actions and misleading public announcements led to a falloff in Universal Entertainment's stock price and new business opportunities, and damaged Okada's reputation. Full Article
Wynn Resorts, Limited Declares Dividend
Wynn Resorts, Limited announced that the Company has approved a cash dividend for the quarter of $0.50 per common share. This dividend will be payable on June 4, 2012, to stockholders of record on May 21, 2012. Full Article
Wynn Resorts, Limited Announces Investor Lawsuit Against Directors Over Alleged Wrongdoing Announced By Shareholders
The Shareholders Foundation, Inc announces that a lawsuit was filed by an investor in Wynn Resorts, Limited shares against certain directors and officers of Wynn Resorts over alleged breaches of fiduciary duties. According to the complaint the plaintiff alleges that defendants caused and /or allowed Wynn Resorts to waste corporate assets and allow potential violations of the Foreign Corrupt Practices Act (FCPA) from at least 2009 to March 2012. The plaintiff claims that beyond the donation of a $135 million to the University of Macau, Wynn Resorts has admitted in a recently filed litigation that according to its own investigation, Mazuo Okada, its Vice Chairman of the Board, has, for the past several years, used accounts at Wynn Resorts to attempt to allegedly improperly influence gaming regulators in the Philippines for a casino project. The plaintiff says that Mr. Okada could not have used these accounts without the knowledge and approval of the board of directors of Wynn Resorts. Furthermore the plaintiff says that defendants have also acted in a manner contrary to the best interest of Wynn Resorts by having Wynn Resorts engage in a reckless, improper internal investigation of Okada that was designed to force Okada out of his role as Vice Chairman of Wynn Resorts. Full Article
Shuman Law Firm Investigates Wynn Resorts, Limited
Shuman Law Firm announced that it is investigating potential claims against certain officers and directors of Wynn Resorts, Limited. The Firm's investigation focuses on issues raised in a letter the Company received from the Securities Exchange Commission (SEC) on February 8, 2012, in which the SEC requesting that the Company preserve information relating to a $135 million donation made by Wynn Resorts to the University of Macau, any other donations to other educational charitable institutions, including the University of Macau Development Foundation and Wynn Resorts’ casino or concession gaming licenses or renewals in Macau. Prior to the Company receiving the SEC letter, on January 11, 2012, Kazuo Okada (Okada), a former Wynn Resorts board member and its largest shareholder, filed a lawsuit in Clark County, Nevada, alleging that the donation to the University of Macau Development Foundation was improper because: (1) the Foundation is connected to government officials who regulate gambling in Macau; (2) the Foundation sits on government-owned land; and (3), the final installment of the payment is due in 10 years – when Wynn Resorts’ Macau gaming license is set to expire. If confirmed, the facts alleged by Okada may establish violations of the U.S. Foreign Corrupt Practices Act. Full Article
Fitch Rates Wynn LV's $500MM Sr Notes 'BB'; Affirms Wynn's IDRs at 'BB'
(The following statement was released by the rating agency) NEW YORK, May 16 (Fitch) Fitch Ratings assigns a 'BB' rating to the Wynn Las Vegas, LLC's (Wynn Las Vegas) announced issuance of $500 million 4.25% senior notes due 2023. Fitch also affirms the 'BB' Issue Default Ratings (IDRs) of Wynn Las Vegas, Wynn Resorts (Macau), S.A. (Wynn Macau), and Wynn Resorts, Ltd (Wynn Resorts; collectively Wynn). Fitch affirms Wynn Macau's senior secured credit facility at 'BBB-' and the first mortgage
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