MGM and Wynn Resorts Take on $1B Debts For Casino Developments

Two Las Vegas-based casino companies are paying out in the hope of winning big. MGM and Wynn Resorts have announced plans to take on over $1 billion of debt to help pay for new casino hotel developments. MGM plans to construct an $800 million project in Springfield, Massachusetts and a $1.2 billion National Harbor development in Maryland. Fitch ratings were positive about MGM's announcement. Wynn Resorts will construct a $1.6 billion casino resort near Boston and announced it has secured a line of credit and a substantial loan to cover the cost. Massachusetts recently voted in favor of casino expansion in the region, despite a number of high profile property closures in New Jersey and Mississippi.