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Wynn Resorts (NASDAQ:WYNN) is getting some flexibility on its credit agreement with Deutsche Bank. admiral casino klaipeda brian christopher slots in oklahoma The company is gaining a covenant relief period to potentially avoid default, as domestic gaming operators contend with what is becoming a lengthy temporary closure period forced by the coronavirus outbreak. Wynn Resorts is getting financial ratio requirement easing from lender Deutsche Bank. (Image: CNBC)Analysts widely expected the operator of two Las Vegas Strip venues and Encore Boston Harbor to approach the German lender regarding relaxing debt covenants. river spirit casino resort phone number Wynn joins rivals, including MGM China, Sands China, and several domestic operators, in asking creditors to loosen interest coverage and leverage ratiofoxwoods resort casino facebook requirements that otherwise could be breached if casinos remain closed longer than anticipated. aliante casino resort

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The Credit Agreement Amendment amends the Credit Agreement to, among other things: (i) implement a financial covenant relief period through April 1, 2021 (unless earlier terminated by WRF) and (ii) implement a financial covenant increase period commencing on the first day after the expiration of the Financial Covenant Relief Period and ending on the first day of the fourth fiscal quarter after the expiration of the Financial Covenant Relief Period (unless earlier terminated by WRF),” according to a filing with the Securities and Exchange Commission (SEC) obtained by Casino. turtle creek casino hotel phone number org. Doubledown Casino On Facebook Bcuq “WRF” refers to Wynn Resorts Finance. As part of the amendments, Deutsche Bank agreed to amend the definition of consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) and alter the accord’s definition of “material adverse effect” to allot for the COVID-19 pandemic’s impact on the operator’s business. is there a dreb code at the seminole hard rock casino captain jack casino login A Casino Game Lpfu More DetailsThe amended pact also features “certain restrictions on restricted payments,” which can include limitations on the portion of dividends WRF receives from its operating units.

Wall Street widely views the Wynn Resorts dividend of annually as vulnerable. But the filing doesn’t explicitly mention a cut or suspension of that payout. soaring eagle casino in mt pleasant mi best online poker casino As is the case with operators that asked creditors for some financial breathing room, Wynn procured an increfoxwoods resort casino facebookase to its net leverage ratio from Deutsche Bank. In effect, that allowed the gaming company to take on more debt if needed to stay afloat in a challenging environment. soaring eagle casino map free slot games by bally For the first fiscal quarter following the amended agreement, WRF’s first lien net leverage ratio can be as high as 4.

50 to one before gradually declining to 4. seneca niagara casino to niagara falls 25 to one in the following quarter, 4-to-1 and so on, according to the filing. Willing to Play BallAlthough its three US properties are currently closed and its Macau unit is bleeding approximately million per day, Wynn is one of the more financially sound companies in the industry, a trait almost certainly taken into account by Deutsche Bank when agreeing to the covenant relief. The operator recently said it has billion worth of liquidity, giving it at least 1. 4 years worth of coverage for operating expenses and interest costs, assuming little or no revenue is coming in. paragon casino buffet open

Additionally, the company recently sold 0 million of corporate debt in a private