Wynn Macau Ltd upsized note issuance a sign of ‘strong demand’: Lucror

Published 14 August 2025

The issuance of US$1.0 billion of 6.750-percent senior notes, due in 2034, enables Macau casino operator Wynn Macau Ltd to repay the US$1.0-billion notes due in January next year, says a memo from Lucror Analytics, a Singapore-based specialist in credit research.

“The transaction was upsized to US$1.0 billion from US$500 million,” observed the institution, in a note carried on the Smartkarma platform.

“The upsized issuance suggests strong demand for the notes, amid tight spreads in Asia credit, as well as recent improvement in the Macau gaming sector, with industry GGR growth accelerating in June and July,” wrote Lucror Analytics senior credit analyst Leonard Law.

“Moreover, there have been no new Macau gaming bond issuances since mid-2024,” he added.

July’s casino GGR in Macau was the best monthly performance since January 2020, just before the onset of the Covid-19 pandemic. It rose 19.0 percent year-on-year in July, standing at nearly MOP22.13 billion (US$2.74 billion), according to official data.

In June, casino GGR had also increased by 19.0 percent year-on-year, to MOP21.06 billion.

“We foresee that the company may choose to call the … 2026’s [notes], which it can do next month at par,” noted Mr Law.

He added: “Alternatively, Wynn Macau [Ltd] could use the proceeds to pare down its revolving credit facility – US$1.1 billion drawn as of end-June –, then draw down on the facility again to repay the 2026 notes.”

Wynn Macau Ltd operates the Wynn Macau casino hotel (pictured) on the city’s peninsula, and Wynn Palace in the Cotai district. The firm is a subsidiary of U.S.-based casino operator Wynn Resorts Ltd.

Management at the Wynn group said last week that the Macau unit is spending up to US$250 million this year on concession-related investment commitments made to the local government, including upgrades to the hotel tower at Wynn Macau and on its Wynn Palace resort on Cotai.

The group has also earmarked between US$450 million to US$500 million for Macau-concession related capital expenditure in 2026, according to an investor presentation issued along with the second-quarter results.

The list of concession-related projects includes “Wynn Palace Event and Entertainment Center,” and “Wynn Palace Theater and Resident Show”.