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Wynn Resorts and Wynn Macau were upgraded to BB- from B+ by S&P. The rating agency cites the recovery in the gaming mass market to support deleveraging and help reduce Wynn’s debt-to-EBITDA to low-5x by end-2023 and below 5x in 2024. Its gross gaming revenues (GGR) are forecasted to increase 20-30% YoY in 2024, led by the premium segment. Regarding the recovery following the pandemic, Wynn’s Macau GGR and reported EBITDA were about 97% and 85% of 2019 levels and are set to move higher in 2024. S&P believes that Wynn can absorb its planned development spending in Macao, Boston, and the UAE whilst still reducing leverage. Thanks to new 10-year concessions in December 2022 by the government, Wynn has committed to invest $2.2bn over this period.
Wynn’s dollar bonds were trading slightly higher with its 5.625% 2028s up 0.7 points to 87.8, yielding 8.8%.