Fitch upgrades Wynn Resorts outlook

Wynn Resorts has scored a BB- rating.

Macau.- Fitch Ratings has assigned Wynn Resorts and its subsidiaries, including Wynn Macau, a BB- issuer default rating for the first time. It also updated its outlook to “stable”, anticipating an upswing in Macau’s gaming market.

Wynn Resorts operates two casinos in Macau: Wynn Macau casino resort on the city’s peninsula and Wynn Palace on Cotai. The institution stated that the strong rebound in Macau gaming revenues since travel restrictions were lifted in early 2023 was a key driver of Wynn’s overall credit improvement. 

See also: Macau GGR up 333.8% in 2023

Fitch estimates that Macau’s mass-market baccarat has almost fully recovered to 2019 levels, particularly in the premium mass, which is Wynn’s target market. The ratings agency observed that mass-market baccarat was at 91 per cent of full-year 2019 levels and that fourth-quarter levels exceeded those of the fourth quarter of 2019.

Visitation and airline capacity in Macau remain below 2019 levels, and an increase in those metrics is expected to provide revenue growth in the near term, analysts said.