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Fitch Ratings has maintained its BB- issuer default rating on Wynn Resorts Ltd and its core subsidiaries, with a stable outlook. This rating is below investment grade, indicating that there is a higher possibility of default, but the company has sufficient flexibility in its business and financials to service the debt at this point in time. Wynn Macau Ltd runs the casino on the peninsula and Wynn Palace in Cotai. The parent company is partnering with locals on the Wynn Al Marjan Island resort in Ras Al Khaimah, UAE, which is due to open in 2027 with a total cost of $5.1 billion—Wynn’s portion is about $1.1 billion, not including the Janu project. Over in the U.S., Wynn operates big casino complexes in Las Vegas, Nevada, and Massachusetts. Fitch points to Wynn’s high-end gaming properties, its top spots in Macau and Las Vegas that pull in wealthy customers, and strong cash reserves to cover upcoming projects. Those positives get balanced by a lack of wide business spread and big spending needs that could slow down efforts to reduce debt. The stable outlook comes from Fitch’s belief that Macau will keep growing even with possible slowdowns in China’s economy, Wynn’s solid standing in Vegas, and reliable free cash flow coming in. As of the end of Q3, the total debt of Wynn Resorts was $10.57 billion, consisting of $5.81 billion related to Macau, $876 million related to Las Vegas, $3.28 billion at the parent finance entity, and $598.1 million related to a retail joint venture that is consolidated. Wynn Resorts holds a 40 percent stake in the project company of Al Marjan.
Strong Liquidity Position Supports Ongoing Capital Projects and Operations
Fitch says Wynn has a solid cash position with $1.49 billion on hand and another $475 million in short-term investments. On top of that, the company can draw $1.23 billion from the parent revolver and $1.36 billion from Wynn Macau’s revolver if needed. The rating agency expects free cash flow to stay in positive territory through 2026 while major expansions wrap up, and then it should grow even more in 2027 since no large projects are planned that year. Debt levels aren’t likely to drop much in the short term, but rising EBITDA from these new builds—including around $260 million a year in steady-state dividends and management fees from Al Marjan—will help improve key leverage measures over time. The UAE resort looks promising because of low local competition, good population demographics, and its appeal to high-value players, though Fitch flags risks like higher-than-expected costs, delays in opening, or slower growth in visitor numbers. Brokers got more optimistic about the project after site visits in early December, and in November Wynn announced the Janu Al Marjan Island development by Aman Group as the first project on adjacent land.
Macau Operations Face Slower Growth with Competitive Pressures Ahead
Fitch expects Wynn Macau to see lower EBITDA from 2024 to 2025, due to a slower-than-expected recovery and increased competition from other operators. Revenues were strong in the second half of 2025 and are expected to remain strong throughout 2026, as year-over-year comparisons will become less difficult. However, growth is likely to be modest through 2028 due to the continued uncertainty in the Chinese economy and promotional pressure from other operators. Meanwhile, Las Vegas continues to balance the ailing performance of Macau with stable performance.
Detailed Breakdown of Wynn Resorts Debt Across Key Markets and Ventures
The biggest chunk of debt at $5.81 billion ties back to Macau operations. Las Vegas accounts for $876 million. The parent finance entity carries $3.28 billion. The consolidated retail joint venture adds another $598.1 million to the total.
Ratings Apply Evenly to Wynn’s Main Subsidiaries and Debt Instruments
Fitch confirmed the BB- rating for issuers like Wynn Resorts Finance LLC, Wynn Las Vegas LLC, Wynn Macau Ltd, and WM Cayman Holdings Ltd II. Senior secured and unsecured debt ratings both sit at BB+.
Stable Outlook Reflects Balanced Strengths Against Expansion Risks
Fitch’s stable outlook is based on market expansion in Macau, successful Vegas operations, and EBITDA growth from projects to counter steady debt. Ample liquidity covers capital needs, while free cash flow provides a buffer through expansion phases.
Source: GGR Asia
