Wynn Macau completes issuance of US$600m convertible bonds due 2029

Wynn Resorts’ stake in Wynn Macau will be reduced from 71.6 per cent to 65.8 per cent.

Macau.- Wynn Macau has announced the completion of the issuance of US$600m 4.50 per cent convertible bonds due 2029. The company said net proceeds after the deduction of commission and other related expenses, will be approximately US$586m, which it intends to use for general corporate purposes.

Due to the issuance of new convertible bonds, Wynn Resorts’ stake in Wynn Macau has dropped from 71.6 per cent to 65.8 per cent. Some 8.1 per cent of the company’s capital is now held by bondholders. 

Meanwhile, Capital Group Companies‘ position fell from 5.7 per cent to 5.2 per cent. Other shareholders experienced a reduction in their shareholdings from 22.7 per cent to 20.9 per cent. 

Wynn Macau has recently reported that its operating revenue for 2022 decreased by 52.2 per cent on year-on-year terms to MOP6.37bn (US$787.5m). Operating revenues decreased by US$473.75m at Wynn Palace and US$314.8m at Wynn Macau due to decreased gaming volumes resulting from travel restrictions related to the Covid-19 pandemic.

The company had US$3.65bn in cash and cash equivalents, excluding restricted cash, as of December 31, 2022, and US$837m in borrowing capacity.