Moody's cuts Wynn Las Vegas notes

Moody's Investors Service said it changed the outlook of Wynn Resorts, Ltd. to stable from negative. The company's Ba3 corporate family and probability of default ratings were affirmed.

At the same time, Wynn Las Vegas, LLC's $1.63 billion 6 5/8% first mortgage notes due 2014 were lowered to Ba3 from Ba2. Wynn Las Vegas is the U.S. domestic operating subsidiary of Wynn Resorts.

The change in the outlook to stable from negative acknowledges the significant improvement in Wynn Resorts' leverage following the closing of its Macau, China, subsidiary's $1.86 billion initial public offering, along with improving business conditions in the Macau gaming market.

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