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, 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
3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite With this report we are reaffirming our Buy rating on the WYNNMAC 4.875% Senior Unsecured Notes due 2024 ($100.3, 4.8% YTW
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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
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 th
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ory, we recommend Bova Gamina. Eldorado Resorts. Eyed Holdinas Golden Nuaaet, Mohegan Gaming, Penn National. Red Rock Resorts (Station Casinos) and Wynn Resorts. Exhibit 3: Higher Yield For Higher t. evelage Recommenciatione Security Rating MYSIS&P Principel Price YlW STW BYD 6.375% Sr Unsec 2026 Buy
3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Within MODEST YIELD WITH SAFETY, we recommend CCM Merger International Game Technology Gaming & Leisure Properties, MGM Re
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