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Wynn Resorts Stocks Improve After Credit Restructuring
On April 22nd, 2009, Wynn Resorts is planning to restructure its debt and while the long term effects are not known immediately, Wynn Resorts did receive an important boost in its stock price. Previously, Trump Entertainment, MGM Mirage and Las Vegas Sands tried to restructure its credit to cope up with the ongoing financial crisis.
Wynn announced that they had previously restructured some of its debt to make sure that the organization remains financially stable in the long run. They have worked out an agreement that gives them until July 2011 for payments and until July 2013 for $610 credit to mature. Janet Brashear from Bernstein Research said that the new credit terms give Wynn Resorts improved flexibility financially amid the ongoing credit crunch and weakening Las Vegas gambling market.
Wynn stocks improved by 10 percent in midday dealing. The stocks opened at $31.22 per share and close at $34.75. The stock had improved as much as $35.66. Las Vegas Sands Corporation is also having a good day in the trading market. The group's stock price improved by fifteen percent or $5.75 per share. Las Vegas Sands also restructured some of its credit recently that has helped the organization stabilized amidst the financial crisis.
03 May 2009
News Submitted by:
Jessica Kellerman
