Summary: Wynn Las Vegas LLC Jan 03

Standard & Poors, January 2003

Abstract
The ratings on Wynn Las Vegas LLC reflect its high amount of debt; the execution risk in building, designing, and operating a property the size of Le Reve; the competitive market environment; and the company's reliance on a single source of cash flow. In addition, since the property will target a higher-end customer, the status of the economy in 2005 could materially affect operating results after the opening. These factors are somewhat mitigated by the significant equity component of the project's funding, Steve Wynn's success in developing and operating properties on the Las Vegas Strip, the lack of new property openings expected over the next few years, and Le Reve's close proximity to the city's major convention centers. Wynn Las...

Companies mentioned in this report are: Wynn Las Vegas LLC
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Wynn Las Vegas LLC

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