{"id":777021032,"date":"2024-11-27T09:27:51","date_gmt":"2024-11-27T12:27:51","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777021032"},"modified":"2026-04-22T03:49:56","modified_gmt":"2026-04-22T06:49:56","slug":"moodys-upgrades-wynn-macau-outlook-2","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/moodys-upgrades-wynn-macau-outlook-2","title":{"rendered":"Moody’s upgrades Wynn Macau outlook"},"content":{"rendered":"\n

The agency has affirmed a B1 rating for the operator’s senior unsecured notes.<\/p>\n\n\n\n\n\n\n\n

Macau.- Moody<\/strong>\u2019s has announced that it has updated the outlook of Wynn Macau <\/strong>and its parent, Wynn Resorts Finance<\/strong>, from stable to positive. The agency also affirmed a B1 rating for senior unsecured notes.<\/p>\n\n\n\n

The institution said the confirmation of the rating and the positive outlook indicates its expectation of enhanced leverage for Wynn Resorts Finance within the mid 5x debt\/EBITDA range for 2024 bolstered by the recovery of Macau\u2019s gaming market and strong performance at Las Vegas and Encore Boston Harbor in the United States, contributing to revenue and EBITDA growth.<\/p>\n\n\n\n

The rating agency said the outlook reflects a recent reduction in debt<\/strong> and its belief that the company will sustain solid liquidity backed by substantial cash reserves. It assigned a B1 corporate family rating to Wynn Resorts Finance.<\/p>\n\n\n\n

A primary credit concern are that revenue and cash flow are \u201cheavily reliant\u201d on Macau operations. The rating agency said Wynn will seek additional large resort development opportunities globally, such as its project in the United Arab Emirates. Consequently, the company\u2019s leverage may occasionally rise due to debt-financed developments.<\/p>\n\n\n\n

See also:<\/strong> Wynn Al Marjan Island: 55% of structural concrete complete<\/a><\/p>\n\n\n\n

Wynn Macau reports US$871.7m in revenue for Q3<\/h2>\n\n\n\n

Wynn Macau<\/strong> reported revenue of US$871.7m for Q3, down 1.5 per cent\u00a0from the\u00a0US$885.3m posted in the second quarter<\/a> but up 6.3 per cent\u00a0in year-on-year terms.\u00a0The company recorded adjusted earnings before interest, taxation, depreciation, amortisation and rent\u00a0(EBITDAR) of US$262.9m<\/strong>, down 6.2 per cent\u00a0sequentially.<\/p>\n\n\n\n

On a property basis, Wynn Palace <\/strong>saw revenue of US$519.8m, down 0.9 per cent year-over-year. Adjusted Property EBITDAR was US$162.3m, down 8.3 per cent year-on-year. Casino revenue was flat at US$418m, while VIP turnover was US$3.19bn, up 11.6 per cent. The mass table drop was US$1.69bn, down 1.8 per cent.<\/p>\n\n\n\n

The table games win percentage in mass market operations was 23.9 per cent. The VIP table games win as a percentage of turnover was 3.04 per cent, below the property\u2019s expected range of 3.1 to 3.4 per cent and below the 3.42 per cent experienced in the third quarter of 2023. The venue had 57 VIP gaming tables and 247 mass-market tables in operation. Hotel occupancy was 98.3 per cent.<\/p>\n\n\n\n

Wynn Macau<\/strong>\u2018s revenue was US$352m, up 19.3 per cent year-over-year and 4.4 per cent sequentially. Adjusted property EBITDAR was US$100.6m, up 29.1 per cent year-on-year and 4.9 per cent quarter-on-quarter. Casino revenue grew by 28.9 per cent from last year to US$296.8m while VIP turnover was up by 0.7 per cent at US$1.20bn. The mass table drop was US$1.51bn, up 9.5 per cent year-over-year.<\/p>\n\n\n\n

The table games win percentage in mass market operations was 18.5 per cent. The VIP table games win as a percentage of turnover was 3.61 per cent, above the property\u2019s expected range of 3.1 per cent to 3.4 per cent and above the 3.52 per cent experienced in the third quarter of 2023.<\/p>\n\n\n\n

The Macau property had 30 VIP gaming tables and 222 mass-market tables in operation during the period. Hotel occupancy was 98.9 per cent.<\/p>\n\n\n\n

Total casino revenue for the group, including non-Asian operations, was slightly up in year-on-year terms at US$1.02bn, while overall revenue was US$1.69bn. The company narrowed its loss from US$116.7m a year ago to US$32.1m. Adjusted Property EBITDAR was US$527.7m, down 7.7 per cent in quarter-on-quarter terms.<\/p>\n","protected":false},"excerpt":{"rendered":"

The agency has affirmed a B1 rating for the operator’s senior unsecured notes.<\/p>\n","protected":false},"author":176,"featured_media":26502,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Moody's has upgraded the outlook for Wynn Macau and its parent, Wynn Resorts Finance, from stable to positive, affirming their B1 ratings for senior unsecured notes and corporate family rating. This positive revision is driven by expected enhanced leverage within the mid 5x debt\/EBITDA range for 2024, bolstered by Macau's gaming market recovery and strong performance in US properties. The report details Q3 financial results, highlighting segment-specific revenue and EBITDAR, while noting a key credit concern regarding heavy reliance on Macau operations and potential leverage increases from future debt-financed global development projects.","focusai_entities":"Moody's, Wynn Macau, Wynn Resorts Finance, Wynn Resorts","focusai_location":"Macau, Las Vegas, United States, United Arab Emirates","focusai_target_profile":"ceo_executive (0.95), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Macau Market Drivers?","query":"What specific market conditions in Macau are driving the projected leverage enhancement for Wynn Resorts Finance?"},{"label":"Global Development Impact?","query":"How might Wynn Resorts' debt-financed global development strategy, particularly in the UAE, impact its long-term credit profile and capital structure?"}],"footnotes":""},"categories":[157,16338],"tags":[20777],"class_list":["post-777021032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-wynn-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777021032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777021032"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777021032\/revisions"}],"predecessor-version":[{"id":777021043,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777021032\/revisions\/777021043"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26502"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777021032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777021032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777021032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}