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EX-32 - EXHIBIT 32 - WYNN LAS VEGAS LLCwlv2014033110-qex32.htm
EX-31.2 - EXHIBIT 31.2 - WYNN LAS VEGAS LLCwlv2014033110-qex312.htm
EX-31.1 - EXHIBIT 31.1 - WYNN LAS VEGAS LLCwlv2014033110-qex311.htm
v2.4.0.8
Long-Term Debt
3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt

Long-term debt consisted of the following (in thousands):
 
March 31,
2014
 
December 31,
2013
7  7/8% First Mortgage Notes, due May 1, 2020, net of original issue discount of $1,826 at March 31, 2014 and $1,884 at December 31, 2013
$
350,184

 
$
350,126

7 3/4% First Mortgage Notes, due August 15, 2020
1,308,000

 
1,320,000

5 3/8% First Mortgage Notes, due March 15, 2022
900,000

 
900,000

4 1/4% Senior Notes, due May 30, 2023
500,000

 
500,000

$42 million Note Payable due April 1, 2017; interest at LIBOR plus 1.25%
32,200

 
32,550

Payable to Affiliate
30,000

 
30,000

 
3,120,384

 
3,132,676

Current portion of long-term debt
(1,050
)
 
(1,050
)
 
$
3,119,334

 
$
3,131,626



7 3/4% Wynn Las Vegas First Mortgage Notes due 2020

During the first quarter of 2014, the Company repurchased and canceled $12.0 million in principal plus interest of its 7 3/4% first mortgage notes due 2020 through the open market.  The Company incurred $1.5 million in expenses associated primarily with the premium paid in repurchase and unamortized deferred financing costs included in loss on extinguishment of debt in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss.    

Debt Covenant Compliance

As of March 31, 2014, management believes the Company was in compliance with all debt covenants.

Fair Value of Long Term Debt
     
The estimated fair value of the Company's long-term debt as of March 31, 2014 and December 31, 2013 was approximately $3.3 billion and $3.3 billion, respectively compared to its carrying value of $3.1 billion and $3.1 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).