Moody's may upgrade Wynn Las Vegas

Moody's Investors Service said it placed Wynn Las Vegas LLC's B2 $600 million senior secured revolver due 2009, B2 $400 million senior secured term loan due 2011, B2 $1.3 billion 6.625% first mortgage notes due 2014 and B3 $9.7 million second mortgage notes due 2010 on review for possible upgrade.

The agency said the review was prompted by the company's sale of a subconcession in the Macau Special Administrative Region of the People's Republic of China to Publishing and Broadcasting Ltd. for $900 million. The subconcession grants Publishing and Broadcasting the opportunity to own and operate hotel casino resorts in Macau, and the transaction is subject to Macau government approval.

Although the sale of the subconcession does not directly improve Wynn Las Vegas, Moody's said that the increased liquidity and financial flexibility resulting to parent Wynn Resorts Ltd. from the sale could have an indirect, positive impact on Wynn Las Vegas, depending on how the net proceeds from the are ultimately used.

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