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Wynn Resorts (NASDAQ:WYNN) is getting some flexibility on its credit agreement with Deutsche Bank. Online Casino 8 Euro Einzahlen Gxvu 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. scarlet pearl casino owner (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. sloto cash casino complaints Wynn joins rivals, including MGM China, Sands China, and several domestic operators, in asking creditors to loosen interest coverage and leverage ratiodesert diamond casino west requirements that otherwise could be breached if casinos remain closed longer than anticipated. online casinos

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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. org. clearwater casino resort lewiston idaho “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. 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. jamul casino restaurants riverwind hotel casino As is the case with operators that asked creditors for some financial breathing room, Wynn procured an incredesert diamond casino westase to its net leverage ratio from Deutsche Bank. angel of the winds promotions In effect, that allowed the gaming company to take on more debt if needed to stay afloat in a challenging environment. slot casino in california Hollywood Casino Gulf Coast Dbjw For the first fiscal quarter following the amended agreement, WRF’s first lien net leverage ratio can be as high as 4. resorts world casino 110 00 rockaway blvd Is Sam S Town Casino In Tunica Mibibippi Open

50 to one before gradually declining to 4. 25 to one in the following quarter, 4-to-1 and so on, according to the filing. luckyland slots real money 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. caesars casino map The operator recently said it has billion worth of liquidity, giving it at least 1. is valley forge casino open today 4 years worth of coverage for operating expenses and interest costs, assuming little or no revenue is coming in.

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