Wynn Resorts’ debt given an upgrade
Moody’s Investors Service upgraded its view of Wynn Resorts Wednesday, the second time this week the casino operator’s debt was given a positive view by a ratings service.
Wynn was upgraded to stable from negative by Moody’s.
On Monday, Fitch Ratings upgraded its opinion of Wynn to positive from stable.
The company operates hotel-casinos on the Strip and in Macau.
The moves came after Wynn’s initial public offering last week on the Hong Kong Stock Exchange, which raised more than $1.87 billion. On their first day, Wynn’s shares spiked more than 13 percent.
Wynn sold 1.25 billion shares, or a 25 percent stake in the Macau business.
Shares of Wynn Resorts, traded on the Nasdaq National Market, closed at $67.13 Wednesday, up $1.13 or 1.71 percent.
