S&P hikes Wynn

S&P said it raised its issuer ratings for Wynn Resorts Ltd. And Wynn Macau Ltd. to BB- from B+ and raised their other ratings a notch.

“Macao's mass gross gaming revenue (GGR) is recovering faster than we forecast. We now expect the region's fourth-quarter mass GGR will be equal to its levels in the fourth quarter of 2019. In addition, we anticipate its 2024 mass GGR will be 5%-15% stronger than in 2019.

“The faster-than-anticipated recovery in Macao and Wynn's strong U.S. cash flow will reduce its S&P Global Ratings lease-adjusted net leverage to the low-5x area as of the end of 2023, which is lower than our previous forecast (the high-5x area) and our 6x upgrade threshold,” S&P said in a statement.

The outlook is stable.

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