Wynn Resorts (NASDAQ:WYNN) stock is on the move Thursday as investors react to a cash tender offer from the hotel and casino company.
That tender offer has the company offering up cash for any and all outstanding $600 million 7.750% Senior Notes due 2025. The company intends to pay “$1,024.50 for each $1,000 principal amount of 2025 Notes.”
Fueling this tender offer is a $600 million private offering for Senior Notes due 2031. Wynn Resorts launched that private offering with the intention of using the funds for the Senior Notes due 2025 tender offer.
Other WYNN Stock News
The tender offer for Senior Notes due 2025 came after the company reported its latest earnings results. That includes losses of $1.23 per share alongside revenue of $1 billion. Unfortunately for WYNN stock, Wall Street was expecting earnings per share of -91 cents. However, the company’s revenue did beat analysts’ estimate of $958 million.
WYNN stock is seeing a decent amount of trading on Thursday thanks to all of this news. As of this writing, more than 2.3 million shares have changed hands. That’s quickly closing in on the company’s daily average trading volume of about 2.7 million shares.
WYNN stock is up 7.1% as of Thursday morning and up 29.6% since the start of the year.
Investors seeking out more of the latest stock market news today are in luck!
We’ve got all of the hottest stock market news traders need to know about on Thursday! A few examples include why shares of Affirm (NASDAQ:AFRM), Robinhood (NASDAQ:HOOD) and Guardforce AI (NASDAQ:GFAI) stock are on the move today. You can catch upon all of that news at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
