Wynn Resorts Ltd Dec 05

  • ID: 2084882
  • December 2005
  • Standard & Poors
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Initial operating results at the Wynn Las Vegas property have been good; The operating environment in Las Vegas remains solid; Strong market conditions continue in Macau; and Consolidated liquidity is adequate. High consolidated debt levels; Lack of significant cash flow until the Las Vegas asset ramps up; Near-term cash flow concentration in Las Vegas; Increased intermediate-term capital spending associated with the Phase II casino resort in Las Vegas and the resort facility in Macau; An aggressive growth strategy relative to other growth opportunities; and A highly leveraged capital structure until operations ramp up. Ratings on Wynn Resorts Ltd. and its Wynn Las Vegas LLC subsidiary reflect the consolidated entity's significant amount of debt, lack of significant cash flow until the...

Companies mentioned in this report are: Wynn Resorts Ltd.,Wynn Las Vegas LLC
Action: Review

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.

Research Type: Full Analysis

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Wynn Resorts Ltd.,Wynn Las Vegas LLC

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