Steve Wynn had some more good news today as his company’s default rating was upgraded. Fitch Ratings reported that Wynn Resorts Ltd and subsidiaries, including properties in Macau, rating has risen from ‘BB-“ to “BB” and further to that gave a positive outlook for the future. Fitch also upgraded the senior secured credit facility at Wynn Macau from “BBB-“ to “BB+.”
Fitch also told MacauBusiness.com, “The ratings actions and positive outlook reflect Wynn’s robust operating trends, primarily from its operations in Macau, liquidity position and track record for prudent balance sheet management.”
They added that pending improvements to transportation and infrastructure will further help the company who are currently in the process of building a new property on the Cotai strip. That’s scheduled to open in 2015 with Stevie hoping to move into Singapore as soon as he can. Things are looking almost as bright as Wynn’s tan on a good day.
Transportation is still an issue as far as the enclave is concerned and the amount of passengers flying in is continuing to drop. Compared to the same period last year for the five months to May 2011, Macau International Airport saw a 10% drop in passenger numbers. The exact figure was 1.58million and may represent a change in the way people are getting to and from the enclave. Aircraft numbers did increase by a small 2% over the same period and that won’t go unnoticed. New road links with the mainland may mean that this will be a trend that goes on.