Moody’s Ratings has cited elevated leverage and a failure to meaningfully deleverage well below 6x after downgrading the outlook for Wynn Resorts from Positive to Stable.
However, the ratings agency also affirmed the B1 corporate family rating of Wynn Resorts Finance LLC and the B1 senior unsecured notes ratings of subsidiaries Wynn Macau Ltd and Wynn Las Vegas LLC, pointing to the group’s liquidity position, premium positioning, strong recovery in Macau and track record of developing successful resorts. This, it added, provides confidence in the prospects for Wynn Al Marjan Island in the UAE, scheduled to open in 2027.
In a Friday note, Moody’s said the decision to downgrade Wynn’s outlook to Stable reflects that the company has not reduced leverage to well below 6x.
“While Wynn’s performance has improved since 2025, leverage still remains elevated as compared to our prior expectations,” it said.
Conversely, the B1 corporate family rating reflects the “quality, popularity and favorable reputation of the company’s resort properties” – a factor it says distinguishes Wynn from other gaming operators.
According to Moody’s, the ratings also reflect that Wynn’s Macau operations have recovered significantly, contributing to improvement in the company’s financial leverage.
While there are lingering credit concerns around Wynn’s limited diversification – with revenue and cash flow heavily concentrated in the Macau and Las Vegas gaming markets – Moody’s said its successful track record of building large, high quality integrated resorts bodes well for the company’s UAE project. The ratings agency also said it expects Wynn to pursue other large resort development opportunities around the world following the opening of Wynn Al Marjan Island.
Moody’s described Wynn’s liquidity as “very good,” with sizable cash balances and ample undrawn revolver capacity. As of 31 March 2026, Wynn had unrestricted cash and cash equivalents of US$1.2 billion on a consolidated basis, with $851 million in Macau. It also maintains two revolving credit facilities – a US$2.5 billion unsecured facility in Macau with US$1.35 billion of available capacity and an undrawn US$1.25 billion secured revolver at Wynn Resorts Finance.
