Wynn Resorts Enters Material Definitive Agreement

TL;DR

Wynn Resorts just signed a big deal, creating new financial obligations.

AI Summary

Wynn Resorts, Limited entered into a material definitive agreement on October 2, 2024. This agreement creates a direct financial obligation for the registrant. The filing also includes financial statements and exhibits related to this event.

Why It Matters

This filing indicates a significant new financial commitment or transaction for Wynn Resorts, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet them.

Key Players & Entities

• Wynn Resorts, Limited (company) — Registrant
• October 2, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 WYNN Nasdaq Global Select Market Chec
• $615.0 million — oan in an aggregate principal amount of $615.0 million. The Borrowers own approximately 160,00
• $15.0 m — yment of the term loan in the amount of $15.0 million, and (b) to mitigate interest rat

Filing Documents

• wynn-20241002.htm (8-K) — 33KB
• ex101-wynnretailxthirdamen.htm (EX-10.1) — 141KB
• 0001174922-24-000150.txt ( ) — 317KB
• wynn-20241002.xsd (EX-101.SCH) — 2KB
• wynn-20241002_lab.xml (EX-101.LAB) — 21KB
• wynn-20241002_pre.xml (EX-101.PRE) — 12KB
• wynn-20241002_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On October 2, 2024 (the "Effective Date"), Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC (collectively, the "Borrowers") entered into a third amendment (the "Third Amendment") to their existing term loan agreement (the "Term Loan Agreement," and, as amended by the Third Amendment, the "Extended Term Loan Agreement") with United Overseas Bank Limited, New York Agency, as administrative agent, and the lenders party thereto. The Term Loan Agreement provides for a term loan in an aggregate principal amount of $615.0 million. The Borrowers own approximately 160,000 square feet of retail space at Wynn Las Vegas, and each of the Borrowers is a 50.1%-owned subsidiary of Wynn Resorts, Limited, with the remaining 49.9% equity interest owned by Crown Acquisitions Inc., an unrelated third party. The Third Amendment amends the Term Loan Agreement to, among other things, (i) extend the scheduled maturity date of the term loan to July 24, 2027; (ii) provide for an interest rate on the term loan equal to One Month Term SOFR (as defined in, and determined in accordance with, the Extended Term Loan Agreement) plus a spread of 215 basis points; and (iii) require that the Borrowers meet a specified maximum loan to value ratio annually (which, if not met, triggers a mandatory excess cash sweep until such ratio has been achieved) as well as certain specified minimum debt yields. In connection with, and as provided under, the Third Amendment, the Borrowers (a) made a principal prepayment of the term loan in the amount of $15.0 million, and (b) to mitigate interest rate risk, entered into an interest rate swap agreement maturing in February 2027, which effectively caps the variable component of the interest rate on the term loan at 3.385% through such date. The Extended Term Loan Agreement contains customary representation and warranties, cash sweeps, events of default and such other affirmative and negative

03

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information contained in Item 1.01 related to the Borrowers' direct financial obligations under the Extended Term Loan Agreement is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Third Amendment to Term Loan Agreement and First Amendment to Recourse Indemnity Agreement, dated as of October 2, 2024, by and among Wynn/CA Plaza Property Owner, LLC and Wynn/CA Property Owner, LLC, as borrowers, United Overseas Bank Limited, New York Agency, as administrative agent, and the guarantors and lenders party thereto. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WYNN RESORTS, LIMITED Dated: October 3, 2024 By: /s/ Julie Cameron-Doe Julie Cameron-Doe Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR