{"id":132466,"date":"2020-04-08T09:03:41","date_gmt":"2020-04-08T16:03:41","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=132466"},"modified":"2020-04-08T11:07:10","modified_gmt":"2020-04-08T18:07:10","slug":"wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/","title":{"rendered":"Wynn Resorts Wins After Highlighting $3 Billion of Liquidity, Boosted Bond Offering"},"content":{"rendered":"

Shares of Wynn Resorts (NASDAQ:WYNN) are higher by almost six percent in midday trading after the gaming company said it has approximately $3 billion worth of liquidity. That gives it 1.4 years worth of coverage for property operating expenditures and cash interest expense.<\/p>\n

\"\"
Wynn Resorts is soaring after a strong liquidity update and an impressive bond offering. (Image: Twitter)<\/figcaption><\/figure>\n

The Encore operator’s stock is in the midst of an impressive rally, one that’s carried it almost 80 percent off its 52-week low. Investors are flocking to the name today despite the company saying it expects first-quarter revenue to slide 43 percent on a year-over-year basis due to the impact of the coronavirus on its operations.<\/p>\n

The update on its cash position, which prompted JPMorgan to reiterate an \u201coverweight\u201d rating on Wynn stock, comes as Wall Street is speculating about the financial health<\/a> of myriad gaming companies. That’s with the industry facing a zero-revenue climate in the US and not much better in Macau because of the COVID-19 pandemic.<\/p>\n

Another Positive Sign<\/h2>\n

On Tuesday, Las Vegas-based Wynn said it sold $600 million worth of corporate debt in a private offering. The notes maturing in 2025 carry a coupon of 7.75 percent. Usually, that wouldn’t be a big news event. But the fact that the company boosted the size of the sale in a trying market for corporate bonds could be viewed as a positive by some investors.<\/p>\n

The aggregate principal amount of Notes to be issued in the offering was increased to $600 million from the previously announced $350 million,\u201d according to the operator. \u201cWynn Resorts Finance plans to use the net proceeds from the offering for general corporate purposes and to pay related fees and expenses.\u201d<\/p><\/blockquote>\n

In a sign of the changing times in corporate debt markets, the Encore Boston Harbor operator last sold bonds in September 2019, a $750 million issue maturing in 2029 with a coupon of 5.125 percent. Usually, bonds with shorter maturities, such as Wynn’s latest sale, carry lower interest rates.<\/p>\n

Robust appetite for the bonds comes after intense speculation in the investment community that gaming operators will face credit downgrades and some, including Wynn, will be forced to suspend dividends<\/a> to allay creditors’ concerns about spending.<\/p>\n

Lingering Concerns<\/h2>\n

With little clarity on when casinos will return to normal in the US and as visitors to Macau \u2013 Wynn’s most important market \u2013 still scant, some analysts don’t believe the company is out of the coronavirus woods quite yet.<\/p>\n

\n

\u201cMoody’s expects earnings and credit metrics will weaken while operations in the US and Macau are negatively affected by facility closures and reduced travel and leisure spending, but that earnings and credit metrics will improve when economic conditions recover,\u201d said the research firm in a note.<\/p>\n<\/div>\n

The ratings agency assigned a B1 grade to Wynn’s aforementioned debt offering, putting it well into junk territory. Moody’s overall credit rating for the company is Ba3, which is also non-investment grade.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Wynn Resorts (NASDAQ:WYNN) are higher by almost six percent in midday trading after the gaming company said it has approximately $3 billion worth of liquidity. That gives it 1.4 years worth of coverage for property operating expenditures and cash interest expense. The Encore operator’s stock is in the midst of an impressive rally, […]<\/p>\n","protected":false},"author":46,"featured_media":132468,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nWynn Resorts Rallies After Liquidity Update, Upsized Bond Sale<\/title>\n<meta name=\"description\" content=\"Wynn Resorts stock gets a big boost after company says it has $3 billion in liquidity and following strong demand in a private bond sale.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts Rallies After Liquidity Update, Upsized Bond Sale\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts stock gets a big boost after company says it has $3 billion in liquidity and following strong demand in a private bond sale.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-08T16:03:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-08T18:07:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/wynn-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"989\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/\",\"name\":\"Wynn Resorts Rallies After Liquidity Update, Upsized Bond Sale\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/wynn-1.jpg\",\"datePublished\":\"2020-04-08T16:03:41+00:00\",\"dateModified\":\"2020-04-08T18:07:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Resorts stock gets a big boost after company says it has $3 billion in liquidity and following strong demand in a private bond sale.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/wynn-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/wynn-1.jpg\",\"width\":1200,\"height\":989,\"caption\":\"Wynn Resorts is soaring after a strong liquidity update and an impressive bond offering. (Image: Twitter)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Wynn Resorts Wins After Highlighting $3 Billion of Liquidity, Boosted Bond Offering\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Wynn Resorts Rallies After Liquidity Update, Upsized Bond Sale","description":"Wynn Resorts stock gets a big boost after company says it has $3 billion in liquidity and following strong demand in a private bond sale.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/","og_locale":"en_US","og_type":"article","og_title":"Wynn Resorts Rallies After Liquidity Update, Upsized Bond Sale","og_description":"Wynn Resorts stock gets a big boost after company says it has $3 billion in liquidity and following strong demand in a private bond sale.","og_url":"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2020-04-08T16:03:41+00:00","article_modified_time":"2020-04-08T18:07:10+00:00","og_image":[{"width":1200,"height":989,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/wynn-1.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/","url":"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/","name":"Wynn Resorts Rallies After Liquidity Update, Upsized Bond Sale","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/wynn-1.jpg","datePublished":"2020-04-08T16:03:41+00:00","dateModified":"2020-04-08T18:07:10+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Wynn Resorts stock gets a big boost after company says it has $3 billion in liquidity and following strong demand in a private bond sale.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/wynn-1.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/wynn-1.jpg","width":1200,"height":989,"caption":"Wynn Resorts is soaring after a strong liquidity update and an impressive bond offering. (Image: Twitter)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/wynn-resorts-rallies-after-liquidity-update-upsized-bond-sale\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Wynn Resorts Wins After Highlighting $3 Billion of Liquidity, Boosted Bond Offering"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/132466"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=132466"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/132466\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/132468"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=132466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=132466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=132466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}