NEW YORK (
is on a roll, after receiving an upgrade on Monday.
Fitch Ratings upgraded the casino operator to positive from stable after the completion of the initial public offering of its Macau assets.
On Friday, when Wynn Macau debuted on the Hong Kong stock exchange, shares in the company spiked by 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.
Aside from the IPO, Fitch also upgraded the company on an improved operating outlook in Macau following eased travel restrictions.
Wynn ranked second among stocks in the casino sector.
It was topped only by
Las Vegas Sands
, which also planning an IPO of its Macau assets for $1 billion.
Shares of Wynn rose by 1% in morning trading to $68.42.
-- Reported by Jeanine Poggi in New York
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