Moody’s Ratings has revised the outlooks for Wynn Resorts Finance, Wynn Macau and Wynn Las Vegas to stable from positive while affirming all of their existing credit ratings. The ratings agency said the change reflects leverage that remains elevated despite stronger operating performance since 2025. Moody’s expects the casino operator to maintain debt to earnings before interest, taxes, depreciation, and amortisation (EBITDA) at around 6.0 times, while noting that the group continues to benefit from strong liquidity and improving operations.
Outlook revised as leverage remains elevated
In a note, Moody’s affirmed Wynn Resorts Finance’s B1 corporate family rating, B1 probability of default rating, B1 senior unsecured notes rating, and Ba1 ratings on its senior secured revolving credit facility and senior secured term loan, according to Asia Gaming Brief.
The agency also affirmed the B1 senior unsecured notes ratings of Wynn Macau and Wynn Las Vegas.
According to Moody’s, the revision to a stable outlook reflects the company’s leverage profile.
“The stable outlooks reflect that the company has not reduced leverage to well below 6x,” Moody’s said. “While Wynn’s performance has improved since 2025, leverage still remains elevated as compared to our prior expectations.”
The agency added that it expects Wynn to sustain debt to EBITDA at around 6.0 times over the near term.
Strong liquidity supports ratings
Despite the outlook revision, Moody’s highlighted Wynn’s strong liquidity position as a key credit strength.
As of 31 March 2026, the group held unrestricted cash and cash equivalents of approximately US$1.2 billion on a consolidated basis, excluding US$608 million in short term investments. Around US$851 million of the cash balance was held in Macau.
Wynn also has access to significant revolving credit facilities. These include a US$2.5 billion unsecured revolving credit facility in Macau, with US$1.35 billion of available capacity and maturity in 2028. In addition, Wynn Resorts Finance has an undrawn US$1.25 billion secured revolving credit facility that matures in 2030.
Moody’s said these resources provide the company with very good financial flexibility to support its operations and ongoing investment plans.
Recovery in Macau supports credit profile
Moody’s said Wynn’s B1 corporate family rating reflects the quality and reputation of its integrated resort portfolio, its proven ability to develop large scale resorts and the continued recovery of its Macau business.
At the same time, the agency pointed to several credit challenges. These include Wynn’s relatively limited geographic diversification compared with larger global operators and its exposure to changes in consumer and business spending, which can affect demand for casino and hospitality services.
Wynn Resorts Finance is an indirect wholly owned subsidiary of Wynn Resorts Ltd. For the 12 months ended 31 March 2026, the group generated consolidated revenue of approximately US$7.3 billion.
Major development projects continue
The outlook revision comes as Wynn continues to invest in large scale developments in the United Arab Emirates and Macau.
During the first quarter of 2026, the company contributed US$100.1 million to the Wynn Al Marjan Island joint venture in the UAE, in which it holds a 40 per cent stake. Total cash contributions to the project have now reached US$1.01 billion since construction began. The integrated resort is scheduled to open in 2027.
In Macau, Wynn is developing Enclave at Wynn Palace, a new 432 suite luxury hotel. The project carries an estimated investment of between US$900 million and US$950 million.
The latest Moody’s action indicates that while Wynn’s operating performance and liquidity remain supportive of its current ratings, the agency expects meaningful deleveraging before considering any future improvement in the company’s outlook.
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