LAS VEGAS-Wynn Resorts Ltd.’s Wynn Las Vegas subsidiary has refinanced its various credit facilities. The lenders in the deals include Deutsche Bank, Banc of America, Bear, Stearns, JP Morgan, Societe Generale and various other lenders.

As part of the refinance, the revolver was increased from $600 million to $900 million and the term loan was reduced from $400 million to $225 million. The result is a net increase in the credit facilities from $1 billion to $1.12 billion.

The refinance also reduces the Libor spread on the revolver and term loans by 0.625% and 0.250%, respectively; and extends the maturity dates for the revolver and the term loan to 2011 and 2013, respectively.

Wynn Resorts Ltd’s only operation casino is Wynn Las Vegas, which opened in April 2005 with 2,716 guest rooms, a 110,000-sf casino, 22 food and beverage outlets, 76,000 sf of retail space and 223,000 sf of meeting space. It costs about $2.2 million per day to operate the facility.

Earlier this month, Wynn Resorts reported a net loss of $20.1 million, or $0.20 per share, compared with a net loss of $41.8 million, or $0.43 per share for the same 2005 period. When pre-opening expenses are deducted, the company’s net loss drops to $4.9 million, or $0.05 per share.

Second quarter net sales totaled $273.4 million, up 36% from the same period in 2005, and net gaming revenue was $113.5 million, up 15%. Room revenue was $69.2 million with an ADR of $293 and occupancy of 95.7%, generating RevPAR of $280 for the period.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.