Moody's lifts Wynn view to positive

Moody's Investors Service said it revised the outlook on Wynn Resorts, Ltd. to positive from negative in response to the report by the Massachusetts Gaming Commission that the company's license to own and operate the Encore Boston Harbor has been maintained.

Wynn's Ba3 corporate family rating, Ba3-PD probability of default rating, Ba3 backed senior secured bank credit facility were affirmed.

Wynn America, LLC's senior secured bank credit facility also was affirmed at Ba2, Wynn Las Vegas, LLC's senior unsecured rating was affirmed at B1 and Wynn Macau, Ltd.'s senior unsecured B1.

The speculative grade liquidity rating is unchanged at SGL-1.

The outlook revision reflects the commission's decision to maintain the company's gaming license in the state, which alleviated concerns about Wynn's ability to own and operate Encore Boston Harbor, Moody's said.

Although the commission did not find substantial evidence that the company willfully provided false or misleading information, it did find certain violations and failures of policies and procedures to investigate allegations of wrongdoing.

As a result, the commission did impose certain penalties, Moody's said.

The penalties are concerning to some degree, but are not material enough to affect the positive outlook, the agency said.

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