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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
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June 26, 2015
09:32 EDTWYNNNevada reports May Statewide gaming win up 3.33% to $1.0B
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June 19, 2015
07:38 EDTWYNNMacau official says monthly revenue could hit four year low, says Wells Fargo
Wells Fargo reports that a Macau official said that the region's gaming revenue may hit the lowest level in over four years this month. The official said that the region's June gambling revenue could be more than 20% below the average for the first five months of this year, the firm added. Wells says that Macau's gaming industry remains challenged, and it remains neutral on the sector. Publicly traded companies in the space include Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN), and Melco Crown (MPEL).
June 16, 2015
08:08 EDTWYNNMacau Q2 estimates lowered below consensus at Morgan Stanley
Following a trip to Macau, Morgan Stanley said the market is still far from a turnaround and trends are still weakening. The firm does not expect Q2 to-date GGR results of (36%) to improve, below its prior estimate of (30%), and lowered forecasts. Morgan Stanley's Q2 Macau property-level EBITDA estimate for MGM Resorts (MGM) falls to $121M vs. consensus of $141M, Wynn Resorts (WYNN) lowered to $200M vs. consensus of $210M, and Las Vegas Sands (LVS) drops to $521M vs. consensus of $549M.

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