WYNN RESORTS LTD (WYNN): M&A transaction — Wynn completes $1.7B Encore Boston Harbor sale-leaseback with Realty Income

WYNN RESORTS LTD

Sale price of $1.7B in cash; cash cap rate of 5.9%.
Net proceeds boost global liquidity to $4.4B.
Triple net lease initial annual rent $100M, 30-year term plus 30-year renewal.
Rent escalates 1.75% for first 10 years, then greater of 1.75% or CPI (capped at 2.5%).
All necessary regulatory approvals obtained for the transaction.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

WYNN RESORTS LTD completed a disposition involving Realty Income Corporation (through its wholly owned subsidiary MDC Encore Holdings, LLC) for $1,700,000,000 (closed 2022-12-01).

Action: disposition
Counterparty: Realty Income Corporation (through its wholly owned subsidiary MDC Encore Holdings, LLC)
Consideration: $1,700,000,000
Closing: 2022-12-01

Exact text from the filing

The transactions contemplated by the Equity Purchase Agreement closed on December 1, 2022 (the “Closing Date”), as a result of which, among other things, Wynn MA and certain other subsidiaries of WRL (i) effected a transfer of certain real estate assets related to the Encore Boston Harbor integrated resort (such real estate assets, the “Property”) for $1,700,000,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WYNN RESORTS LTD entered into Lease valued at $100 million.

Action: entry
Agreement: lease
Value: $100 million

Exact text from the filing

Concurrently with the closing of the transactions contemplated by the Equity Purchase Agreement, on the Closing Date, Wynn MA and Everett Property, LLC, a Massachusetts limited liability company and indirect, wholly owned subsidiary of WRL (collectively, in such capacity, the “Tenant”), entered into the Lease with the Landlord with respect to the Property.

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Source: SEC EDGAR

accession 0001174922-22-000158

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