Moody’s Ratings lowered the outlooks for Wynn Resorts Finance, Wynn Macau and Wynn Las Vegas to stable from positive in a June 25th note, while affirming their ratings, citing leverage that remains elevated despite improved performance since 2025.
The agency affirmed Wynn Resorts Finance’s B1 corporate family rating, B1-PD probability of default rating, B1 senior unsecured notes rating, and Ba1 ratings on its senior secured revolving credit facility and senior secured term loan. Moody’s also affirmed the B1 senior unsecured notes ratings of Wynn Macau and Wynn Las Vegas.
‘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.’
Moody’s said the outlook also reflects expectations that Wynn will sustain debt/EBITDA near 6.0x. The agency said the ratings incorporate Wynn’s ‘very good liquidity,’ supported by ample cash balances and sizeable revolver availability.
As of March 31st, 2026, Wynn had unrestricted cash and cash equivalents of $1.2 billion on a consolidated basis, excluding $608 million of short-term investments. This included $851 million in Macau.
The group also maintains 2 revolving credit facilities: a $2.5 billion unsecured facility in Macau, with $1.35 billion of available capacity and maturity in 2028, and an undrawn $1.25 billion secured revolver at Wynn Resorts Finance that matures in 2030.
Moody’s said Wynn’s B1 corporate family rating reflects the quality and reputation of its resort properties, its track record in developing large integrated resorts, and the recovery of its Macau operations. However, it also cited limited diversification and exposure to cyclical consumer and business spending as key credit concerns.
Wynn Resorts Finance is an indirect wholly owned subsidiary of Wynn Resorts Limited. Consolidated revenue for the 12 months ended March 31st, 2026 was approximately $7.3 billion.
The outlook revision comes as Wynn is also advancing major development projects in the UAE and Macau. In the UAE, the company contributed $100.1 million in the first quarter of 2026 to its 40 percent-owned Wynn Al Marjan Island joint venture, bringing life-to-date cash contributions to the project to $1.01 billion, with the resort expected to open in 2027. In Macau, Wynn is constructing the 432-key, all-suite Enclave at Wynn Palace, with an estimated budget of $900 million to $950 million.
