Research Update: Wynn Resorts Ltd. Corporate Credit Rating Is Raised To 'BB+' And Removed From CreditWatch; Rating Outlook Is Positive Jun 11

Standard & Poors, June 2011

Abstract
We are raising our corporate credit rating on Las Vegas-based Wynn Resorts Ltd. to 'BB+' from 'BB' and assigning a positive rating outlook. We believe Wynn will maintain credit measures in line with the higher rating, even incorporating substantial development spending and continued sizable shareholder returns. The positive rating outlook reflects our view that once we have clarity around the timeline, budget, and funding strategy for Wynn's planned resort in Cotai, Macau, further rating upside is possible. (Watch the related CreditMatters TV segment titled, "Las Vegas Sands And Wynn Resorts Upgraded On Strong Outlook, Particularly In Asia," dated June 21, 2011.) On June 10, 2011, Standard & Poor's Ratings Services raised its corporate credit rating on Wynn Resorts Ltd. and...

Companies mentioned in this report are: Wynn Resorts Ltd.,Wynn Las Vegas LLC,Wynn Las Vegas Capital Corp.
Action: Outlook: Positive
Action: Removed From CreditWatch
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Wynn Resorts Ltd.,Wynn Las Vegas LLC,Wynn Las Vegas Capital Corp.

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