S&P places Wynn Resorts on CreditWatch as coronavirus dents Macao tourism | WYNN Message Board Posts


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Msg  19 of 27  at  2/7/2020 11:16:46 AM  by

jerrykrause


S&P places Wynn Resorts on CreditWatch as coronavirus dents Macao tourism

 from  SNL Real Estate Daily
 

S&P places Wynn Resorts on CreditWatch as coronavirus dents Macao tourism

 
Byline: Amanda Jean Dalugdug
 

S&P Global Ratings on Feb. 3 placed Wynn Resorts Ltd.'s ratings and those of its subsidiaries on CreditWatch with negative implications over the impact of the new coronavirus outbreak on the Macao gaming market.

The rating agency noted that casinos in Macao experienced a severe decline in visitor numbers during the 2020 Lunar New Year due to the virus outbreak. The agency expects visitor numbers to remain depressed until the virus is contained.

Las Vegas-based Wynn's operations in Macao account for about 70% of the group's property-level EBITDA. The Macao government on Feb. 4 announced that it would shut all casinos for two weeks.

Ratings said Wynn entered 2020 with S&P-adjusted net leverage in the high 4x area, giving it a "limited cushion" to absorb additional operating volatility. It said Wynn's leverage is likely to go beyond 5x, at least temporarily, if the outbreak continues to affect the gaming industry in Macao.

The agency said it will monitor the efforts to contain the coronavirus and its impact on Macao's visitation and gaming revenue throughout the course of Wynn's CreditWatch listing.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

 


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