Core Viewpoint - Wynn Macau (01128) has entered into a purchase agreement for the issuance of senior notes, with estimated net proceeds of approximately $989 million, intended for general corporate purposes, including debt repayment [1] Group 1 - The company has signed a purchase agreement with Deutsche Bank's Singapore branch as the representative of initial buyers [1] - The estimated net proceeds from the offering of senior notes will be approximately $989 million [1] - The proceeds are planned to be used for general corporate purposes, including the repayment of outstanding debts such as WM Cayman II revolving credit and/or one or more series of existing notes [1]

Core Viewpoint - Wynn Macau (01128) has entered into a purchase agreement for the issuance of senior notes with Deutsche Bank's Singapore branch, representing the initial buyer [1] Group 1: Financial Details - The estimated net proceeds from the proposed issuance of senior notes are approximately $989 million [1] - The company intends to use the net proceeds for general corporate purposes, including the repayment of outstanding debts such as WM Cayman II revolving credit and/or one or more series of existing notes [1]

Core Viewpoint - Wynn Macau has entered into a purchase agreement for the issuance of senior notes, aiming to raise approximately $989 million for general corporate purposes, including debt repayment [1] Group 1: Company Actions - Wynn Macau announced a purchase agreement with Deutsche Bank's Singapore branch for the issuance of $1 billion senior notes due in 2034 [1] - The estimated net proceeds from the offering, after deducting the initial purchaser's discount and estimated offering expenses, will be approximately $989 million [1] Group 2: Financial Implications - The company plans to use the net proceeds for general corporate purposes, which includes repaying outstanding debts such as the WM Cayman II revolving credit facility and/or one or more series of existing notes [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 本公告僅供參考，並非收購、購買或認購證券的邀請或要約，亦非邀請訂立協議進行收購、購買或認購，且不可 視為邀請提出收購、購買或認購任何證券的建議。 本公告或其任何內容概不會成為任何合約或承諾的依據。本公告或其任何副本概不得帶入美國或在美國分發。本 公告所提述的證券並無及將不會根據美國證券法登記，或向美國任何州或其他司法權區的任何證券監管機構登 記，且不得在美國提呈發售或出售，惟根據美國證券法及適用州或地方證券法的登記規定獲適用豁免或進行毋須 遵守有關登記規定的交易則除外。本公司將不會於美國公開發售證券。 （於開曼群島註冊成立之有限公司） （股份代號：1128及債務股份代號：5280、40102、40259、40357、5754） (i) 發行於 2034 年到期的 1 , 000 , 000 , 000 美 元 6 . 750 厘優先票據；及 (ii) 根據上市規則第 1 3 . 1 8 條作出披露 茲提述 ...

Core Viewpoint - Wynn Macau's parent company, Wynn Resorts, reported weak performance in its Macau segment for Q2 2025, leading to a 7.4% drop in stock price. The company plans to invest approximately $750 million in enhancing its non-gaming competitiveness and high-end offerings from 2025 to 2026 [1][2][3] Financial Performance - Wynn Macau's Q2 2025 net revenue was $880 million, flat year-on-year and up 2% quarter-on-quarter. Adjusted EBITDA was $250 million, down 10% year-on-year and flat quarter-on-quarter, impacted by low VIP win rates [1] - Total Gross Gaming Revenue (GGR) reached $900 million, recovering to 66% of Q2 2019 levels, compared to the industry average of 83%. VIP gross revenue was $150 million, recovering to 21% of Q2 2019 levels, while mass market gross revenue was $690 million, recovering to 120% of Q2 2019 levels [1][2] - EBITDA margin (EM) for Wynn Palace was 29.1%, down 4.5 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The overall EBITDA margin for Wynn Macau was 28.1%, down 0.4 percentage points year-on-year but up 0.7 percentage points quarter-on-quarter [1] Competitive Landscape - The non-gaming offerings of Wynn are considered weak compared to competitors, with outdated attractions and limited appeal to the mainstream Chinese consumer. Competitors like Galaxy and Sands are enhancing their entertainment offerings to attract high-end customers [2] - Wynn has announced plans to invest $750 million to develop a new club, renovate hotel rooms, and build a convention and entertainment center, with completion expected by 2028 [2] Market Outlook - The Macau gaming sector is expected to continue its upward trend in the second half of 2025, supported by favorable policies and increased visitor numbers. The introduction of new entertainment events is anticipated to benefit the overall market [2] - The company has revised its GGR and adjusted EBITDA forecasts downward for 2025-2027, reflecting the challenges in both mass and VIP segments [3] Rating and Target Price - The rating for Wynn has been downgraded to "Hold," with a target price adjusted to HKD 6.7, reflecting a valuation based on an 8.0x EV/EBITDA for 2026 [3]

智通财经APP讯，永利澳门(01128)发布公告，公司建议向专业投资者提呈发售优先票据。于本公告日 期，优先票据的本金总额、条款及条件尚未厘定。 倘优先票据获发行，则公司拟将建议提呈发售的所得款项净额用于一般企业用途，包括偿还未偿还债 务，例如WM Cayman II循环信贷及╱或一个或多个系列的现有票据。 ...

倘优先票据获发行，则公司拟将建议提呈发售的所得款项净额用于一般企业用途，包括偿还未偿还债 务，例如WM Cayman II循环信贷及╱或一个或多个系列的现有票据。 永利澳门(01128)发布公告，公司建议向专业投资者提呈发售优先票据。于本公告日期，优先票据的本 金总额、条款及条件尚未厘定。 ...

Core Viewpoint - Wynn Macau (01128.HK) announced its intention to offer priority notes to professional investors, with the net proceeds intended for general corporate purposes, including the repayment of outstanding debts [1] Group 1 - The company is proposing to issue priority notes to professional investors [1] - The net proceeds from the proposed issuance will be used for general corporate purposes [1] - The funds may be allocated to repay outstanding debts, such as the WM Cayman II revolving credit and/or one or more series of existing notes [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 本公告僅供參考，並非收購、購買或認購證券的邀請或要約，亦非邀請訂立協議進行收購、購買或認購，且不可 視為邀請提出收購、購買或認購任何證券的建議。 本公告或其任何內容概不會成為任何合約或承諾的依據。本公告或其任何副本不得帶入美國或在美國分發。本公 告所提述的證券並無及將不會根據美國證券法登記，或向美國任何州或其他司法權區的任何證券監管機構登記， 且不得在美國提呈發售或出售，惟根據美國證券法及適用州或地方證券法的登記規定獲適用豁免或進行毋須遵守 有關登記規定的交易則除外。本公司將不會於美國公開發售證券。 （於開曼群島註冊成立之有限公司） （股份代號：1128及債務股份代號：5280、40102、40259、40357、5754） * 僅供識別。 1 建議提呈發售優先票據之完成取決於市況及投資者的興趣。德意志銀行新加坡分行、 BofA Securities, Inc.、Scotia Capital (USA) ...

Investment Rating - The investment rating for the company has been downgraded to "Buy" with a target price of HKD 6.70 [1][11]. Core Views - The company is facing weak performance in the VIP segment and increased competition, leading to a need for significant investment to enhance its offerings and competitiveness [7][9]. - The management remains optimistic about future growth, planning to invest approximately USD 750 million in expanding and renovating facilities to improve high-end and non-gaming competitiveness [7][9]. - The company's current non-gaming offerings are considered weak compared to competitors, which may hinder its ability to attract customers effectively [9][11]. Financial Performance - The company's revenue for 2025 is projected to be HKD 28,491 million, reflecting a slight decrease of 0.87% from the previous year [6]. - The net profit attributable to the parent company is expected to increase significantly to HKD 3,325 million in 2025, a growth of 3.96% [6]. - The adjusted EBITDA for 2025 is forecasted to be HKD 91 billion, down 6.9% from previous estimates [11][58]. Market Position and Competition - The company's gross gaming revenue (GGR) recovery is lagging behind the industry average, with a current recovery rate of 66% compared to the pre-pandemic levels [8][10]. - The VIP segment's gross revenue is only recovering to 21% of the levels seen in 2019, significantly lower than the industry average of 47% [8][10]. - Competitors are enhancing their non-gaming offerings and entertainment options, which may further challenge the company's market position [9][10]. Future Outlook - The company is expected to face a challenging environment with intensified competition in the gaming sector, particularly in the VIP segment [11][58]. - The anticipated recovery in the Macau gaming sector is expected to continue into the second half of 2025, supported by favorable policies and increased tourist arrivals [10].