Wynn Macau Finalizes $1 Billion Senior Notes Offering
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Having the pleasure of playing in Macauâs luxury casinos is a dream of many fans of online baccarat, and Wynn Macau is often at the top of that list. Away from the gaming tables, Wynn Macau wrapped up a big financial move. The company, which is the Hong Kong-listed arm of Wynn Resorts Ltd., confirmed that it has completed a $1 billion senior notes offering, aimed at paying down debt and giving itself room to invest in new projects.
The deal involves $1 billion worth of 6.750% senior notes that will mature in 2034. They were sold at 100 percent of face value and will start paying interest twice a year from February 15, 2026. After deducting fees and expenses, Wynn Macau expects to pocket around $989 million. Most of that money will go straight toward paying off existing debt, such as the WM Cayman II Revolver and older notes, while the rest is set aside for general corporate needs. Essentially, itâs about tidying the balance sheet and keeping options open for whatâs ahead.
There are also rules about how the notes can be redeemed. Until August 15, 2028, the company can buy back up to 35 percent of them using cash raised from equity offerings, paying a premium of 106.750 percent plus interest. If it wants to redeem the notes entirely before then, it can do so at the greater of 100 percent or a make-whole amount worked out by an investment banker. From 2028 onward, the redemption premium starts to fall each year, eventually reaching 100 percent by the time they mature. The notes sit on the same level as Wynn Macauâs other senior unsecured debt, but remain below secured obligations and subsidiary-level liabilities.
Who Was Involved and Why Now?
The size of the deal meant several banks got involved. Deutsche Bank AG, Singapore Branch, was one of the initial purchasers, alongside BofA Securities, Scotia Capital (USA) Inc., SMBC Nikko Securities America, and more than a dozen others across Asia, Europe, and North America.
On the legal side, White & Case LLP advised the initial purchasers, with Hong Kong partner Jessica Zhou leading the team. Zhou said the transaction fits into the firmâs long-standing work in the Macau gaming sector. Wynn Macau itself was supported by the Maples Group as Cayman Islands counsel, while Kirkland & Ellis acted as US, English, and Hong Kong counsel.
The timing is also interesting. Wynn Resorts, which owns about 72 percent of Wynn Macau, has had mixed financial results this year. Second-quarter revenue hit $1.74 billion, in line with expectations, but earnings per share fell short. Despite that, analysts at Stifel, Mizuho, and Macquarie have lifted their price targets, pointing to steady recovery in Macau, strong demand in Las Vegas and Boston, and future projects in the United Arab Emirates.
Wynn Macau is also keeping busy on the development side. The company has set aside up to $750 million through 2026 for upgrades and expansions. Plans include building a large events center at Wynn Palace, refreshing hotel rooms at Wynn Macau, and enhancing premium gaming areas. Fitch Ratings described the debt deal as âleverage neutralâ and expects debt ratios to improve gradually as earnings grow.
What It Means for Macau
Wynn Macauâs $1 billion issuance, completed on August 19, 2025, shows that investors still have confidence in Macauâs role as the worldâs premier gaming and entertainment hub. The industry isnât without challenges, from Chinaâs political and economic outlook to changing visitor patterns. Still, the ability to raise funds of this size suggests long-term faith in the sector.
The big financial move of Wynn Macau means a more stable financial footing and the resources to keep building. For Macau as a whole, itâs another sign that major operators remain committed to shaping the cityâs future as more than just a gambling destination. With large-scale investments in events, hospitality, and entertainment already underway, the cityâs next chapter is starting to take shape.
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