Recovery Report: Wynn Las Vegas LLC?s Recovery Rating Profile Mar 12
Standard & Poors, March 2012
Abstract
We are updating our recovery analysis on Las Vegas-based gaming operator Wynn Las Vegas LLC, to reflect its planned offering of $900 million 5.375% first mortgage notes due 2022. The company will use the proceeds to repay its outstanding term loans and for general corporate purposes. Standard & Poor's Ratings Services' simulated default scenario contemplates a payment default in 2017 and assumes a reorganization following the default. We are using an emergence EBITDA multiple of 8x to value the company, plus additional collateral value from an assumed sale of the company's golf course land. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings," published Aug. 10, 2009, on RatingsDirect.) Wynn Las Vegas is amending its credit...
Companies mentioned in this report are: Wynn Las Vegas LLC,Wynn Las Vegas Capital Corp.
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
Wynn Las Vegas LLC,Wynn Las Vegas Capital Corp.
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