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Wynn Resorts Ltd. (NASDAQ:WYNN) reported Tuesday that its indirect subsidiary, Wynn Macau, Limited, has redeemed in full all outstanding $1 billion aggregate principal amount of its 5.50% Senior Notes due 2026. The announcement was made in a filing with the Hong Kong Stock Exchange and disclosed in a press release statement. The debt reduction comes as Wynn maintains strong financial metrics, with a current ratio of 1.03 and impressive gross profit margins of 68.32%.
According to the filing, the redemption was completed in accordance with the terms and conditions of the notes’ indenture. Wynn Resorts owns approximately 72% of Wynn Macau’s ordinary shares. The senior notes, originally issued by Wynn Macau , Limited, were listed on The Stock Exchange of Hong Kong Limited.
The redemption announcement was furnished as an exhibit in the company’s Form 8-K submitted to the U.S. Securities and Exchange Commission. The filing did not provide additional details regarding the source of funds used for the redemption or any impact on the company’s financial position.
This information is based on a press release statement contained in a recent SEC filing.
In other recent news, Wynn Resorts has been the focus of several significant developments. UBS upgraded Wynn Resorts’ stock rating from Neutral to Buy, raising its price target to $147.00, driven by higher estimates for Macau and a positive outlook for the AI Marjan resort in the UAE. Additionally, Wynn Macau, a subsidiary of Wynn Resorts, announced plans to redeem $1 billion in 5.50% senior notes due 2026, with the redemption expected in September 2025. In a related move, Wynn Macau plans to issue $1 billion in 6.750% senior notes due 2034, with the issuance anticipated in August 2025.
Investment firm Mizuho has also adjusted its outlook on Wynn Resorts, raising the stock price target to $126.00 while maintaining an Outperform rating, citing improving conditions in Macau. Similarly, Macquarie has increased its price target for the company to $124.00, emphasizing Wynn’s appeal as a premium luxury value stock. Macquarie noted the company’s strong brand and locations, along with ongoing construction in the UAE. These recent updates highlight ongoing investor interest and activity surrounding Wynn Resorts.
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