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Prospect News home > News index > List of issuers T > Headlines for Tenders 2005 > News item
Published on 6/22/2005 in the Prospect News High Yield Daily.

Wynn Resorts increases fee in consent solicitation for 6 5/8% notes

New York, June 22 - Wynn Resorts Ltd. said its Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. subsidiaries have increased the fee on offer in their solicitation of consents to amend the indenture of their 6 5/8% first mortgage notes due 2014.

The company is now offering $5.00 per $1,000 principal amount, up from $2.50 previously.

As announced on June 9, the Las Vegas casino company is using the solicitation to ask for more time to finalize its Encore at Wynn Las Vegas project.

Specifically, the proposed amendments extend the deadline for approval of the budget and the plans and specifications for Encore to Dec. 31, 2005 from June 30, 2005 and push back the outside date for completion of Encore to Dec. 31, 2008 from March 31, 2008.

Wynn said it is continuing to enlarge and refine its Encore project in response to demand for Wynn Las Vegas, continued strength in the Las Vegas market and the companies' "desire to maximize the potential of their real estate assets." Encore is now planned as a free-standing casino resort that will be fully integrated into Wynn Las Vegas.

Bank lenders are being asked for a similar extension to extend approval of the Encore project to Dec. 31, 2005 from June 30, 2005.

The consent solicitation ends on June 24.

Wynn needs the consent of holders of a majority of the notes.

Deutsche Bank Securities Inc. (800 553-2826), Banc of America Securities LLC at (888 292-0070), Bear, Stearns & Co. Inc. (877 696-BEAR), J.P. Morgan Securities Inc. (866 834-4666) and SG Americas Securities, LLC (call collect 212 278-5435) are solicitation agents. MacKenzie Partners, Inc. is the information agent (800 322-2885).


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