New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 19, 2012
14:18 EDTWYNNWynn Resorts redeems Okada's stake with $1.9B promissory note
Pursuant to the finding of “unsuitability,” the Wnnn Resorts board has redeemed Aruze USA, Inc.’s 24 million Wynn Resorts’ shares. The terms of redemption are outlined in Wynn Resorts’ Articles of Incorporation, which have been in place since the Company’s inception. Following a finding of “unsuitability,” the Articles provide for redemption at “fair value” of the shares held by unsuitable persons to protect the Company’s gaming licenses. The Company engaged an independent financial advisor to assist in the fair value calculation and concluded that a discount to the current trading price was appropriate because of restrictions on most of the shares which are subject to the terms of an existing stockholder agreement. Pursuant to the Articles, the Company has issued a 10-year $1.9 billion promissory note in redemption of the shares. The note matures on February 18, 2022 and bears interest at the rate of 2% per annum.
News For WYNN From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 21, 2014
15:35 EDTWYNNNotable companies reporting before tomorrow's open
Subscribe for More Information
October 15, 2014
14:10 EDTWYNNPennsylvania reports September gaming revenue down 2.2% to $239.5M
Subscribe for More Information
14:06 EDTWYNNAtlantic City reports September gaming win down 12.8% to $209.4M
Subscribe for More Information
October 14, 2014
10:01 EDTWYNNOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
08:07 EDTWYNNWynn Resorts downgraded at BofA/Merrill
Subscribe for More Information
06:38 EDTWYNNWynn Resorts downgraded to Neutral from Buy at BofA/Merrill
Price target lowered to $195 from $210.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use