{"id":330221,"date":"2024-09-10T16:57:51","date_gmt":"2024-09-10T21:57:51","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=330221"},"modified":"2024-09-11T10:18:27","modified_gmt":"2024-09-11T15:18:27","slug":"wynn-selling-800m-in-debt-to-pay-doj-fine-redeem-2025-bonds","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-selling-800m-in-debt-to-pay-doj-fine-redeem-2025-bonds\/","title":{"rendered":"Wynn Selling $800M in Debt to Pay DOJ Fine, Redeem 2025 Bonds"},"content":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) announced Tuesday that it sold $800 million worth of corporate debt in a private offering to redeem bonds maturing in 2025 and to pay a fine of $130.13 million recently levied by the Department of Justice (DOJ).<\/p>\n

\"Wynn
Wynn Las Vegas. Operator Wynn Resorts is selling $800 million in debt. Some of the proceeds will be used to pay a fine to the Department of Justice. (Image: Wynn Resorts)<\/figcaption><\/figure>\n

The newly issued senior notes mature in 2033 with an interest rate of 6.25% and are \u201cguaranteed by all of Wynn Resorts Finance\u2019s domestic subsidiaries\u201d except Wynn Resorts Capital.<\/p>\n

Wynn Las Vegas, LLC will use the amounts to (i) redeem in full Wynn Las Vegas and Wynn Las Vegas Capital Corp.\u2019s 5.500% Senior Notes due 2025 (the \u201c2025 LV Notes\u201d) and (ii) pay fees and expenses related to the redemption and (b) use the remainder of the net proceeds for general corporate purposes, which may include covering all or a portion of the $130 million forfeiture under the non-prosecution agreement described in our Current Report on Form 8-K filed with the Securities and Exchange Commission on September 6, 2024,\u201d according to a statement issued by the gaming company.<\/p><\/blockquote>\n

Last Friday, Wynn disclosed to investors that it reached a $130.13 million settlement<\/a> with the Justice Department — the largest-ever penalty applied to a single domestic casino — \u201cbased on admissions of criminal wrongdoing,\u201d according to DOJ.<\/p>\n

Wynn Bond Sale Implies Swift Payment of DOJ Penalty<\/h2>\n

While the gaming company didn\u2019t comment on exactly when it will pay the $130.13 million it owes to the government, noting that some proceeds from the bond sale could be used for that purpose implies the casino operator could swiftly deal with that obligation.<\/p>\n

\n

In an investigation run by the DEA, IRS, and the Department of Homeland Security\u2019s investigative arm, it was discovered that Wynn Las Vegas violated multiple anti-money laundering<\/a> rules and knowingly allowed some Chinese clients of ill repute to visit and wager at the Strip integrated resort.<\/p>\n<\/div>\n

In one example highlighted by the DOJ, Wynn Las Vegas permitted a Chinese patron who \u201chad spent six years in prison in China for conducting unauthorized international monetary transactions and violations of other financial laws\u201d to wager at the property.<\/p>\n

As part of a nonprosecution agreement (NPA) with the government, Wynn Las Vegas acknowledged wrongdoing and noted that it has extensive measures to bolster its anti-money laundering protocols while telling the government that staffers involved in the questionable transactions are no longer employed by the company.<\/p>\n

Wynn Bond Sale Serves Another Purpose<\/h2>\n

While the Wynn bond sale serves the aim of potentially quickly moving the DOJ liability off its books, the transaction is important because it also allows the operator to redeem bonds coming due next year.<\/p>\n

\n

Wynn joins rival MGM Resorts International (NYSE: MGM) in recently announcing new debt sales aimed at eliminating issues coming due next year. Before those announcements, some analysts noted<\/a> such transactions weren\u2019t necessary because gaming companies are able to handle the obligations they have coming due in 2025.<\/p>\n<\/div>\n

In separate though related news, gaming device and lottery giant International Game Technology (NYSE: IGT) said Tuesday that it\u2019s selling a new euro-denominated bond issue to redeem nearly $500 million in senior secured notes maturing in 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) announced Tuesday that it sold $800 million worth of corporate debt in a private offering to redeem bonds maturing in 2025 and to pay a fine of $130.13 million recently levied by the Department of Justice (DOJ). The newly issued senior notes mature in 2033 with an interest rate of 6.25% […]<\/p>\n","protected":false},"author":46,"featured_media":211809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,81886,60],"tags":[81903,81898,23,81928],"acf":[],"yoast_head":"\nWynn Selling $800M in Debt to Pay DOJ Fine, Redeem 2025 Bonds<\/title>\n<meta name=\"description\" content=\"Wynn Selling $800M in Debt to Pay DOJ Fine, Redeem 2025 Bonds.\" \/>\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-selling-800m-in-debt-to-pay-doj-fine-redeem-2025-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Selling $800M in Debt to Pay DOJ Fine, Redeem 2025 Bonds\" \/>\n<meta property=\"og:description\" content=\"Wynn Selling $800M in Debt to Pay DOJ Fine, Redeem 2025 Bonds.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-selling-800m-in-debt-to-pay-doj-fine-redeem-2025-bonds\/\" \/>\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=\"2024-09-10T21:57:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-11T15:18:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/wynn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\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=\"3 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-selling-800m-in-debt-to-pay-doj-fine-redeem-2025-bonds\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-selling-800m-in-debt-to-pay-doj-fine-redeem-2025-bonds\/\",\"name\":\"Wynn Selling $800M in Debt to Pay DOJ Fine, Redeem 2025 Bonds\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-selling-800m-in-debt-to-pay-doj-fine-redeem-2025-bonds\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-selling-800m-in-debt-to-pay-doj-fine-redeem-2025-bonds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/wynn.jpg\",\"datePublished\":\"2024-09-10T21:57:51+00:00\",\"dateModified\":\"2024-09-11T15:18:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Selling $800M in Debt to Pay DOJ Fine, Redeem 2025 Bonds.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-selling-800m-in-debt-to-pay-doj-fine-redeem-2025-bonds\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-selling-800m-in-debt-to-pay-doj-fine-redeem-2025-bonds\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-selling-800m-in-debt-to-pay-doj-fine-redeem-2025-bonds\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/wynn.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/wynn.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Wynn Las Vegas. 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