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Firm amends debt agreement to finance second resort

Thursday, June 9, 2005 | 10:56 a.m.

Wynn Resorts Ltd. is discussing an amendment to its agreement with lenders in order to finance its Encore resort, a project initially envisioned as a hotel tower expansion to Wynn Las Vegas that has been expanded into a second, full-scale resort with a price pegged in March at up to $1.4 billion.

The company noted in its release that Wynn Resorts continues to "enlarge and refine the scope of their Encore at Wynn Las Vegas project."

The proposed amendments include extending the deadline for approval of the budget and specifications for Encore from June 30 to Dec. 31 and extending the completion of Encore from March 31, 2008, to Dec. 31, 2008. The amendments would apply to the company's 6.625 percent first mortgage notes due 2014.

Subject to certain conditions, the company will make a consent payment of $2.50 for each $1,000 in principal to note holders who have agreed to the amendments by June 24.

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