MGM, Wynn to take on $1 billion each for projects
November 20, 2014
LAS VEGAS — Two Las Vegas-based casino companies say they each plan to take on at least $1 billion in debt to help pay for new casino-hotel developments in Massachusetts among other things.
MGM Resorts and Wynn Resorts both made separate financial filings with federal regulators Thursday.
MGM Resorts says it plans to issue $1 billion in notes due 2023 to pay for a variety of costs including the construction of its MGM Springfield project in Massachusetts and MGM National Harbor development in Maryland as well as pay off old debt due next year.
Wynn Resorts says its subsidiary Wynn America has secured a line of credit worth $375 million and a loan worth $875 million to cover some of its costs including construction of its $1.6 billion casino-resort near Boston.