UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): MAY 28, 2003
WYNN RESORTS, LIMITED
(Exact Name of Registrant as Specified in its Charter)
NEVADA 000-50028 46-0484987
(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation) File Number) Identification No.)
3145 LAS VEGAS BOULEVARD SOUTH
LAS VEGAS, NEVADA 89109
(Address of Principal Executive Offices) (Zip Code)
(702) 733-4444
(Registrant's telephone number, including area code)
Item 5. Other Events.
On May 28, 2003, Wynn Las Vegas, LLC (the "Company"), a wholly-owned
subsidiary of Wynn Resorts, Limited, entered into the First Amendment to
Credit Agreement and Other Loan Documents (the "Credit Agreement Amendment")
with Deutsche Bank Trust Company Americas, as Administrative Agent, and other
parties signatory thereto. The Credit Agreement Amendment clarified certain
provisions of the Company's credit facility and amended the interest rate
protection provision of the credit agreement that requires that the Company
obtain, prior to making any borrowings, interest rate protection against
increases in interest rates for certain borrowings up to $325,000,000, such
that the protection only needs to be in place until 18 months from the later
of the date that the Le Reve casino-resort opens and certain other events have
occurred. In addition, on May 30, 2003, the Company entered into an interest
rate swap agreement with JPMorgan Chase Bank ("JPMorgan Chase") to hedge a
portion of the underlying interest risk on future borrowings under the
Company's existing credit facility. Pursuant to the hedge agreement, the
Company will pay to JPMorgan Chase a fixed interest rate of approximately
2.65% on borrowings estimated to be incurred periodically under the Company's
existing credit facility up to a maximum of $325,000,000, in exchange for
payments from JPMorgan Chase on the same amounts at a variable interest rate
based on the applicable London Interbank Offered Rate ("LIBOR") at the time of
payment. The term of the agreement is March 1, 2004 through December 1, 2006.
The Company's credit facility currently anticipates annual interest charged on
outstanding borrowings at LIBOR plus 4% on revolving loans and plus 5.5% on
term loans. The Company currently has no amounts outstanding under its
existing credit facility. We cannot predict with certainty that our estimated
borrowings in the hedge agreement will match, in timing or amount, our actual
borrowings under the credit facility.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: June 5, 2003
Wynn Resorts, Limited
By: /s/ John Strzemp
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John Strzemp
Executive Vice President and
Chief Financial Officer