Moody’s revises Wynn Resorts outlook to stable while affirming B1 ratings
Wynn Macau’s and Wynn Las Vegas’ B1 senior unsecured notes ratings were also affirmed.
US.- Moody’s Ratings has affirmed the B1 Corporate Family Rating (CFR) of Wynn Resorts Finance (WRF) and revised the outlook for the company, as well as Wynn Macau and Wynn Las Vegas, from positive to stable.
The agency also affirmed WRF’s B1 probability of default rating, senior unsecured notes rating, and Ba1 senior secured revolving credit facility and term loan ratings. Wynn Macau’s and Wynn Las Vegas’ B1 senior unsecured notes ratings were also affirmed.
Moody’s said the outlook revision reflects the fact that Wynn has not reduced its leverage below 6x as previously expected. While the company’s operating performance has strengthened since 2025, debt leverage remains elevated, it said, while noting that Wynn’s credit profile continues to benefit from the quality and reputation of its integrated resorts and established track record.
The ratings agency highlighted Wynn’s strong liquidity position. As of March 31, 2026, the company held approximately US$1.2bn in unrestricted cash and cash equivalents, excluding short-term investments, including US$851m in Macau. Wynn also has access to two revolving credit facilities, with around US$1.35bn available under its Macau facility and an undrawn US$1.25bn revolving facility at Wynn Resorts Finance.
Moody’s noted that Wynn’s revenue and cash flow remain heavily concentrated in Macau and Las Vegas, limiting diversification. However, it expects the company to continue pursuing major new developments following its project in the United Arab Emirates, which could result in higher leverage.
Looking ahead, Moody’s said the ratings could be upgraded if Wynn reduces debt-to-EBITDA to well below 6x while maintaining strong liquidity, revenue growth and positive free cash flow. Conversely, weaker liquidity, declining earnings, or leverage sustained above 7x could lead to more downward revisions.
