Wynn Enertainment(WYNN Quote) was among the casino companies leading the sector higher a day after it announced a new debt agreement.
Wynn shares were up 10.3% to $34.83. Wynn said the agreement waives certain covenants until June 2011 and extends to July 2013 the maturity on $610 million of its remaining $697 million in revolving credit. Wynn in turn agreed to a higher overall rate on the debt. "In general, these are very favorable terms in our view," wrote JPMorgan gaming analyst Joseph Greff. Bernstein Research's Janet Brashear wrote: "The new credit agreement terms give Wynn increased financial flexibility, especially amid what we believe will continue to be a turbulent and potentially unpredictable Las Vegas gaming market." The Las Vegas-based company, which has no debt due this year, is also raising funds to pay off the $375 million left on its 2010 debt, noted analyst Robin Farley of UBS. Elsewhere, Las Vegas Sands(LVS Quote) was up 10.9% to $5.58. MGM Mirage(MGM Quote) was higher by 7.4% to $5.80. Melco Crown Entertainment(MPEL Quote) was trading at $4.40, up 5.7%. Boyd Gaming(BYD Quote) was up 6.1% to $5.90. Penn National Gaming(PENN Quote) was up 3% to $27.68. Shares of Ameristar Casinos(ASCA Quote) were up 1.9% to $13.98.- Loading Comments...
- Loading Comments...
Recent Comments
Featured Photo Galleries
-
Google Adds 'Buzz' to Gmail
The Wall Street Journal.
-
Ore Increases Boost Steel Prices
The Wall Street Journal.
-
Japan Airlines Decides to Stick With American Airlines
New York Times
-
U.S. Stocks Rally on Growing Prospects for Bailout of Greece
BusinessWeek Online
-
Why fret about Greece?
The Economist
-
Euro bounces back against dollar
BBC
-
UBS Reports a Profit, but Clients Are Still Taking Out Cash
New York Times
-
Stiglitz Sees No Greek Default as ‘Speculative Attacks’ Persist
BusinessWeek Online
-
Tuesday Reads
The Big Picture
-
NFIB: Small Business Owners Report "shortage of customers"
Calculated Risk
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,058.64 | 1,070.52 | 2,150.87 | 36.33 |
Oil *
72.02
|
|
UP
150.25
|
UP
13.78
|
UP
24.82
|
UP
0.41
|
10 Yr
3.63%
SPDR Gold
105.45
|
|
+1.52%
|
+1.30%
|
+1.17%
|
+1.14%
|
Data delayed 20 minutes |
More From TheStreet
Latest HeadlinesBrokerage Partners
Sponsored Links














