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Net Leverage 0.5x EU3x 4.7x 4.3x 4.1 Cane* 3.7x 4.3x 4.2x 4.5x 4 <our. (avow Morro Onto,* Sint Downside risks are deterioration of the Macau market, the need for cash at that entity, which may reduce liquidity. Page 94 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CR

, we project free cash flow of $132 million in 2017. Using our projected total debt of $9.93 billion and cash interest of $365 million, we estimate Wynn Resorts will end the year with leverage of 6.0x and coverage of 4.5x. Factoring consolidated cash of $2.83 billion, we estimate net leverage at 4.3x. For

1.1. 5.1% YTW, 273bps STW) given our belief that these notes are trading at attractive levels based on relative value. For 2017, we are projecting Wynn Resorts will generate Adjusted EBITDA of $1.64 billion (+44.5% versus $1.14 billion) on revenues of $6.16 billion (+38.0% versus $4.47 billion). Factoring

nd the year with leverage of 5.6x and coverage of 4.8x. Factoring consolidated cash of $2.58 billion, we estimate net leverage at 4.1x. [Exhibit 8: Wynn Resorts ($ Millions) 2015(A) 2018(A) L1M 2017(E) 2018(E) Cconeallditsd EBITDA $1,071 $1.138 51,535 51,843 $1,815 Less: Capital Expenditures 1,92

returned to China, according to a person familiar with the effort. Wynn, who has contacts with Chinese officials because of his business interests in Macau, hand-delivered a letter to Trump seeking Guo's deportation, The Journal reported last year. A spokesman for Wynn Resorts has said that the report ab

cause of his business interests in Macau, hand-delivered a letter to Trump seeking Guo's deportation, The Journal reported last year. A spokesman for Wynn Resorts has said that the report about Wynn's role was false. At the time, the president expressed interest in assisting the Chinese, but was met with resist

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite In 2018, two additional gaming assets are expected to open in Macau. MGM Cotai is expected to open on January 29, while the 13 could open in late March or early April. We note that the opening of the 13 has been del

ernment will grant at least six licenses. We remind investors that the monopoly of gaming in Macau was ended in 2001 by granting gaming licenses to Wynn Resorts, Galaxy- Las Vegas Sands, and Sociedade de Jogos de Macau (SJM). Galaxy and Sands, however, were allowed to split and Wynn and SJM were later allow

in office a president he expects to be much friendlier to Israel, one of his lifelong concerns. The main source of the Adelson billions has become Macau, a city on the EFTA00711960 southern coast near Hong Kong that is the only Chinese territory where its wealthy citizens can gamble legally—and wh

ited outsiders to upgrade its gaming facilities and image—and provide more tax revenue. Adelson's company, along with such others as MGM Mirage and Wynn Resorts, leaped at the chance. They saw increasingly affluent China as their real market and hoped to lure to their tables many from the richest portion of

Gaylord Opryland Resort Disney’s Pop Resort Bally’s Borgata LOCATION Las Vegas Paradise Island Honolulu Lake Buena Vista Las Vegas Las Vegas Macau Las Vegas Las Vegas Las Vegas Las Vegas Nashville Lake Buena Vista Las Vegas Atlantic City HOUSE_OVERSIGHT_018768 ROOMS 3,565 3,414 3,386 3,05

iviera Riviera Holding Corp. Treasure Island Phil Ruffin Tropicana Resort and Casino Onex Corp. Venetian/Palazzo Wynn/Encore Las Vegas Sands, Inc. Wynn Resorts ROOMS 1,613 2,960 2,814 3,933 3,340 4,004 3,991 3,565 2,526 4,408 4,332 5,001 3,044 3,213 2,024 1,028 703 2,916 2,496 2,072 2,885 1,878 7,095 4,750