SOOPOO
SOOPOO
Joined: Aug 8, 2010
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November 12th, 2010 at 6:41:00 PM permalink
I played ONCE at Wynn. Bought in for $200 and played paigow for 1/2 hour at $25 per hand while waiting for friends. Left up $50. I now get room offers from $99 to $129, depending on time of year/day of week, with $50 credit. I would surmise they are having as difficult time as anyone filling their rooms.
boymimbo
boymimbo
Joined: Nov 12, 2009
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November 13th, 2010 at 1:12:29 PM permalink
Quote: Wynn 3rd quarter press release

In August 2010, Wynn Las Vegas issued $1.32 billion of 7 3/4% First Mortgage Notes due 2020, concurrently tendered for and redeemed all of its 2014 Notes and amended its credit facilities. In connection with this transaction, we recorded a loss on extinguishment of debt of $64.2 million including the tender consideration, the call premium and the related write offs of the unamortized debt issue costs and original issue discount. During the quarter we also extended the majority of the Wynn Las Vegas bank debt to 2015, amended the bank covenants by reducing the interest coverage test and eliminating the leverage ratio test.



That's why Wynn recorded a non-cash transaction of 64.2 million. It's in their notes, on their 3rd quarter press release. Rather than everyone going back and forth and insulting each other, let's just publish the facts.

(And MKL, if you were a professional accountant for 10 years, you would know that the answer to your own question better had be in the notes to the financial statements, as I did -- I am not a professional accountant, but I've been in the "industry" for 15 years.)
----- You want the truth! You can't handle the truth!
mkl654321
mkl654321
Joined: Aug 8, 2010
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November 13th, 2010 at 1:59:09 PM permalink
Quote: boymimbo

Quote: Wynn 3rd quarter press release

In August 2010, Wynn Las Vegas issued $1.32 billion of 7 3/4% First Mortgage Notes due 2020, concurrently tendered for and redeemed all of its 2014 Notes and amended its credit facilities. In connection with this transaction, we recorded a loss on extinguishment of debt of $64.2 million including the tender consideration, the call premium and the related write offs of the unamortized debt issue costs and original issue discount. During the quarter we also extended the majority of the Wynn Las Vegas bank debt to 2015, amended the bank covenants by reducing the interest coverage test and eliminating the leverage ratio test.



That's why Wynn recorded a non-cash transaction of 64.2 million. It's in their notes, on their 3rd quarter press release. Rather than everyone going back and forth and insulting each other, let's just publish the facts.

(And MKL, if you were a professional accountant for 10 years, you would know that the answer to your own question better had be in the notes to the financial statements, as I did -- I am not a professional accountant, but I've been in the "industry" for 15 years.)



Well, the original article (in the Sun) said that the loss was caused by the early repayment of 64.2 million of debt, which made no sense. The press release shows unanticipated EXPENSES associated with the retirement of debt due in 2014, and for all that, it's still very badly worded: the way it reads, it seems as if the debt was 64.2 million, when in reality, that figure was the expense amount for premiums paid to retire a much larger gross debt amount.

The Wynn release should have read: "We recorded a loss of $64.2 million due to the retirement of $X of debt that was due in 2014." The actual misstatement probably is what misled the Sun. But no one ever accused accountants of having good English skills.
The fact that a believer is happier than a skeptic is no more to the point than the fact that a drunken man is happier than a sober one. The happiness of credulity is a cheap and dangerous quality.---George Bernard Shaw
Casinodepositor
Casinodepositor
Joined: Mar 13, 2016
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May 27th, 2016 at 1:51:55 AM permalink
Seem good news for Wynn having their income grow. Right now gambling has been rapidly expanding from the traditional land base casino's to a virtual casino's. Someday when VR's are fully develop we can have a virtual Wynn casino at our home.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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May 27th, 2016 at 2:41:56 AM permalink
Quote: Casinodepositor

Seem good news for Wynn having their income grow. Right now gambling has been rapidly expanding from the traditional land base casino's to a virtual casino's. Someday when VR's are fully develop we can have a virtual Wynn casino at our home.

It has? Any data on this? links?
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪

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