Moody Blues: Brick And Mortars Continue To Struggle
July 21, 2021
It was more bad news for Vegas on Friday when Moody's Investors Service (one of the World's most utilized companies for determining creditworthiness) downgraded the bond ratings for Wynn Resorts Ltd, Fountainbleau, and Riviera Holdings from "stable" to "negative," due to a worsening gambling economy among other factors. This downgrading was just the latest in a series of blows by Moody's, which had already downgraded Harrah's Entertainment's and Station Casino's bond rating, while at the same time giving every indication that MGM Mirage and Las Vegas Sands Corp. would be next.

Moody's Investors Service's recent actions seem to suggest that the current market slowdown which Vegas has been weathering will only continue on or possibly worsen in the near future. This lack of faith in the gambling economy is no doubt primarily a result of an overall weaker American economy and not necessarily the result of gambling companies overall management strategies. However, that's probably of little consolation to companies like Wynn Resorts Ltd., which have over $2.7 billion in debt that was greatly affected by Moody's Friday announcement.

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