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 on top of a 3 percent drop in 2014.
The firm's analysts are keeping MGM's issuer default rating at B+, Wynn's at BB and Las Vegas Sands at BBB-. The ratings relate to the company's likelihood to default on its financial obligations.
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