Wynn Enertainment ( WYNN) was among the casino companies leading the sector higher a day after it announced a new debt agreement.

Wynn shares were up 10.3% to $34.83.

Wynn said the agreement waives certain covenants until June 2011 and extends to July 2013 the maturity on $610 million of its remaining $697 million in revolving credit. Wynn in turn agreed to a higher overall rate on the debt.

"In general, these are very favorable terms in our view," wrote JPMorgan gaming analyst Joseph Greff.

Bernstein Research's Janet Brashear wrote: "The new credit agreement terms give Wynn increased financial flexibility, especially amid what we believe will continue to be a turbulent and potentially unpredictable Las Vegas gaming market."

The Las Vegas-based company, which has no debt due this year, is also raising funds to pay off the $375 million left on its 2010 debt, noted analyst Robin Farley of UBS.

Elsewhere, Las Vegas Sands ( LVS) was up 10.9% to $5.58.

MGM Mirage ( MGM) was higher by 7.4% to $5.80.

Melco Crown Entertainment ( MPEL) was trading at $4.40, up 5.7%.

Boyd Gaming ( BYD) was up 6.1% to $5.90.

Penn National Gaming ( PENN) was up 3% to $27.68.

Shares of Ameristar Casinos ( ASCA) were up 1.9% to $13.98.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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