S&P ends watch on Wynn Resorts

S&P said it affirmed all its ratings for Wynn Resorts Ltd., including its B+ issuer rating, and removed them from CreditWatch where they were placed on July 7 with negative implications. The outlook is negative.

The agency said it forecasts Macau’s gross gaming revenue to improve in 2023, which should help Wynn lower its leverage.

“The negative outlook reflects continued stress on Wynn's revenue and cash flow in Macao, our forecast for Macao's free operating cash flow to remain negative in the first half of 2023, and our expectation that leverage will remain above our 7x downgrade threshold at least over the next several quarters.

This is because of the negative impact of Covid-19 on the company's operations in Macao over the past three years and some uncertainty as to how the recovery will unfold in an evolving public health environment following China's relaxation of Covid-19 policies,” S&P said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.