Moody's ups Wynn Las Vegas

Moody's Investors Service said it raised the ratings of Wynn Las Vegas, LLC following the announcement that Wynn Resorts (Macau), SA, a subsidiary of Wynn Resorts Ltd., completed the sale of its sub-concession right to an affiliate of Publishing and Broadcasting Ltd. for $900 million.

Wynn's corporate family rating and $1.3 billion first mortgage notes were raised to B1 from B2. The company's $9.7 million second mortgage notes were raised to B2 from B3.

The outlook is stable.

The agency said the upgrade reflects the expectation of further improvement at the Wynn Las Vegas Casino and the indirect benefit to Wynn from the sale of the sub-concession agreement.

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