Ratings firm leaves grades unchanged for Wynn, Sands and MGM
LAS VEGAS (AP) — Fitch Ratings analysts say they aren’t changing ratings for Wynn Resorts Ltd., Las Vegas Sands Corp. and MGM Resorts International despite a worse than expected situation in the lucrative Asian-gambling enclave of Macau that has dragged down finances.
The ratings firm said Friday that they believe the three casino-hotel companies can withstand the pressures of Macau’s downturn which has been a result of a government crackdown on corruption leading to fewer high-roller gamblers visiting casinos. Fitch expects gambling revenue in Macau to decline another 29 percent in 2015.
The firm’s analysts are keeping MGM’s issuer default rating at B+, Wynn’s at BB and Las Vegas Sands at BBB-.
Wynn and MGM won gambling licenses last year to open casinos in Massachusetts in the Boston suburb and Everett and Springfield, respectively.