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February 11, 2016 12:19 PM ET

Hotels, Restaurants and Leisure

Company Overview of Wynn Resorts (Macau) S.A.

Company Overview

Wynn Resorts (Macau) S.A. operates a casino resort in the Macau special administrative region of China. The company’s amenities include hotel rooms and suites, spa and salon, retail space, fitness centers, pool, restaurants, retail space, and recreation and leisure facilities. Its restaurants provide fine and casual dining, bar, and lounge services. The company also provides facilities for meetings and weddings. It also owns and operates Wynn Las Vegas, a hotel and casino resort. The company was founded in 2006 and is based in Macau. Wynn Resorts (Macau) S.A. operates as a subsidiary of Wynn Resorts (Macau), Ltd.

Rua Cidade de Sintra

NAPE

Macau,  

Macau

Founded in 2006

Phone:

853 2888 9966

Fax:

853 2832 9966

Key Executives for Wynn Resorts (Macau) S.A.

President
Age: 56
Chief Financial Officer
Age: 45
Chief Operating Officer
Age: 48
Compensation as of Fiscal Year 2015.

Wynn Resorts (Macau) S.A. Key Developments

Wynn Resorts (Macau) Announces Amendments to its Secured Bank Facilities Agreement

On September 30, 2015, Wynn Resorts (Macau) (WRM) and certain members of the Group, entered into the Amended Common Terms Agreement and other related agreements with, among others, Bank of China Limited, Macau Branch, Industrial and Commercial Bank of China (Macau) Limited and Bank of America, N.A. as the main global coordinating lead arrangers and Bank of China Limited, Macau Branch as facilities agent, intercreditor agent and security agent, and a syndicate of lenders, pursuant to which the available commitments under WRM's senior secured bank facilities were increased to $3.05 billion equivalent, representing an increase of $550 million equivalent. WRM's senior secured bank facilities consist of an approximately $2.3 billion equivalent senior secured term loan facility and an approximately $750 million equivalent senior secured revolving credit facility. WRM has the ability to upsize the total senior secured facilities by an additional $1 billion equivalent under the Amended Common Terms Agreement and related agreements upon the satisfaction of various conditions. WRM has satisfied the relevant conditions under the Amended Common Terms Agreement and related agreements, and has made a drawdown request for the entire available commitments under the Term Loan of approximately $2.3 billion equivalent to be funded on September 30, 2015. As at the time of this announcement, the intercreditor agent and the syndicate of lenders are processing the funding of the Term Loan. The Company will monitor progress of the funding and intends to make a further announcement as soon as practicable after the Term Loan is fully funded. The final maturity dates of WRM's senior secured bank facilities have also been extended under the Amended Common Terms Agreement and related agreements. The Term Loan is repayable in graduating installments of between 2.5% to 7.33% of the principal amount on a quarterly basis commencing December 2018, with a final installment of 50% of the principal amount repayable in September 2021. The final maturity of any outstanding borrowings from the Revolving Facility is September 2020, by which time any outstanding borrowings from the Revolving Facility must be repaid. The Term Loan and borrowings under the Revolving Facility, which consists of both United States dollar and Hong Kong dollar tranches, will bear interest at LIBOR or HIBOR plus a margin of 1.50% to 2.25% per annum based on WRM's leverage ratio.

Wynn Resorts (Macau) S.A. Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Wynn Resorts (Macau) S.A. reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, net revenues were $617.0 million, a 35.8% decrease from the $960.6 million generated in the second quarter of 2014. Adjusted property EBITDA in the second quarter of 2015 was $173.4 million, down 43.5% from $307.0 million in the second quarter of 2014, due primarily to weakness in the gaming segment. Operating income was $93,347,000 against $217,710,000 a year ago. For the six months, the company's operating income was $224,293,000 against $502,640,000 a year ago. Adjusted Property EBITDA was $385,733,000 against $691,329,000 a year ago.

Kazuo Okada and Aruze USA, Inc. and Universal Entertainment Corp. Files Lawsuit Against Wynn Resorts (Macau) S.A

Wynn Macau, Limited's indirect wholly-owned subsidiary, Wynn Resorts (Macau) S.A. and certain individuals who are or were directors of WRM and/or the Company, have been named as defendants in a lawsuit filed in the Court of First Instance of the Macau Special Administrative Region of the People's Republic of China by Mr. Kazuo Okada and two of Okada's controlled companies, Aruze USA Inc. and Universal Entertainment Corp. Okada is a former director of the Company and of Wynn Resorts, Limited (‘WRL’), and Aruze at one time was a shareholder of WRL. WRL is the majority shareholder of the Company. Okada was removed from the Company board in 2012 and resigned from and was removed from the WRL board in 2013. In 2012, WRL redeemed and canceled Aruze's shares in WRL, in accordance with WRL's articles of incorporation. The aforementioned board removal, board resignation and the share redemption and cancellation followed a finding by the WRL board that the Okada Parties were ‘unsuitable persons’ based upon a report by Freeh, Sporkin & Sullivan, LLP. As a result of the share redemption and the activities of the Okada Parties that led to the ‘unsuitability’ finding, various litigation has ensued in courts in the State of Nevada, USA and in Japan. The principal allegations made by the Okada Parties in the Macau Court case are that: the redemption of the Okada Parties' shares in WRL was improper and was undervalued, and the WRL board's decision to redeem the Okada Parties' shares was based on, and proximately caused by, WRM's providing data to WRL and others about the unsuitable activities of the Okada Parties in contravention of Macau data privacy laws; WRM's payment to an unaffiliated third party in consideration of the relinquishment of that party's rights to future development on the land in Cotai where the Company is building Wynn Palace was ‘unlawful’ and ‘contrary to law, public order and common decency’; and WRM's commitment in 2011 to make donations to the University of Macau Development Foundation over the period from 2011 through 2022 was likewise ‘unlawful’ and ‘contrary to law, public order and common decency’.

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