Wynn Resorts Wins Another Upgrade

NEW YORK (TheStreet) -- Wynn Resorts(WYNN Quote) received another upgrade on Wednesday, in its second upgrade this week.

The casino operator was upgraded to stable from negative by Moody's Investor Services, following its Macau initial public offering.

Wynn's Macau assets began trading on the Hong Kong stock exchange on Friday, and in their first day shares spiked more than 13%.

Wynn sold 1.25 billion shares, or a 25% stake in the Macau business. The offering raked in HK$10.08 a share, the upper end of the range it was expecting, for a total of $1.63 billion.

Earlier this week the company was upgraded to positive by stable by Fitch Ratings.

Meanwhile, rival Las Vegas Sands(LVS Quote) is making headway with its Macau IPO, and announced today that it expects to begin trading on the Hong Kong stock exchange by November.

Shares of casino operators rallied in morning trading. Wynn is up 1.9% to $67.24, Las Vegas Sands is climbing 2.5% to $18.18, Isle of Capri (ISLE Quote) is rising 1.7% to $10.83, MGM Mirage(MGM Quote) has added 4.1% to $12.16 and Boyd Gaming(BYD Quote) is up 3.2% to $11.35.

-- Reported by Jeanine Poggi in New York

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