As part of the refinance, the revolver was increased from $600 million to $900 million and the term loan was reduced from $400 million to $225 million. The result is a net increase in the credit facilities from $1 billion to $1.12 billion.
The refinance also reduces the Libor spread on the revolver and term loans by 0.625% and 0.250%, respectively; and extends the maturity dates for the revolver and the term loan to 2011 and 2013, respectively.
Wynn Resorts Ltd's only operation casino is Wynn Las Vegas, which opened in April 2005 with 2,716 guest rooms, a 110,000-sf casino, 22 food and beverage outlets, 76,000 sf of retail space and 223,000 sf of meeting space. It costs about $2.2 million per day to operate the facility.
Earlier this month, Wynn Resorts reported a net loss of $20.1 million, or $0.20 per share, compared with a net loss of $41.8 million, or $0.43 per share for the same 2005 period. When pre-opening expenses are deducted, the company's net loss drops to $4.9 million, or $0.05 per share.
Second quarter net sales totaled $273.4 million, up 36% from the same period in 2005, and net gaming revenue was $113.5 million, up 15%. Room revenue was $69.2 million with an ADR of $293 and occupancy of 95.7%, generating RevPAR of $280 for the period.
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