Fitch gives Wynn Resorts BB-

Fitch Ratings said it assigned a first-time BB- issuer default rating to Wynn Resorts, Ltd., Wynn Resorts Finance, LLC, Wynn Las Vegas, LLC, Wynn Macau, Ltd. and WM Cayman Holdings Ltd. II, or collectively, Wynn. The agency also gave BB+/RR1 ratings to all first-lien secured debt of Wynn and BB-/RR4 ratings to all unsecured debt of Wynn. The outlook is stable.

“The ratings reflect the high-quality portfolio of its gaming assets, the expected improvement in Macau's gaming market in terms of visitation and gaming activity that is expected to drive further improvement in credit metrics, strong results in Las Vegas, and robust liquidity that should fund near-term capital projects and could lead to further debt reduction.

“This is somewhat offset by the company's average diversification, although it operates in two of the largest gaming markets in the world, and the capital required to fund current and potential capital projects, which could affect the pace of more meaningful credit improvement,” Fitch said in a press release.

The outlook reflects the view that the Macau market will continue to recover from the removal of pandemic-related travel restrictions, a healthy Las Vegas market and robust liquidity, the agency said.

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