S&P: Wynn Resorts outlook stable

Standard & Poor's said it revised the outlook on Wynn Resorts Ltd. and its wholly owned subsidiary Wynn Las Vegas LLC to stable from negative, and affirmed the BB corporate credit rating.

The agency assigned BB+ issue and 2 recovery ratings to the $382 million 7 7/8% first-mortgage notes due 2020 co-issued by Wynn Resorts Ltd. subsidiaries Wynn Las Vegas LLC and Wynn Las Vegas Capital Corp.

The notes were issued in exchange for a like amount of the company's existing 6.625% first-mortgage notes due in 2014.

"The revision of the outlook to stable reflects our belief that actions taken by management to bolster liquidity and the debt maturity profile, combined with our current expectations for the Las Vegas and Macau gaming

markets, will allow Wynn to maintain credit measures in line with the rating, notwithstanding substantial intermediate-term development plans in Cotai," S&P analyst Ben Bubeck said in statement.

The BB corporate credit rating reflects Wynn's significant debt burden, the high levels of competition in the Las Vegas and Macau markets and expectation for modest declines in cash flow generation in Las Vegas in 2010, the agency said.

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