Date Published: February 2, 2026, 10:24 AM.
Last Edited: February 2, 2026, 10:24 AM.
- Fitch retains Wynn’s credit score classified as non-investment grade
- Stable outlook with strong liquidity reported
- UAE casino hotel does not influence current rating
Fitch Ratings has maintained Wynn Resorts (NASDAQ: WYNN) credit rating at BB-, categorizing it as a non-investment grade, while providing a “stable” outlook.
According to the latest report from Fitch, the stable outlook for the casino operator stems from projected long-term growth in Macau—the company’s primary market. This expectation persists even amidst challenges in the Chinese economy, Wynn’s continued leadership in Las Vegas, and robust free cash flow generation.
“Fitch anticipates Wynn’s two Macau venues may underperform in 2024, attributed to slower recovery trends and heightened competitive dynamics,” stated the research agency. “However, gross gaming revenues have markedly improved in the latter half of 2025, and this momentum is likely to extend into 2026 thanks to easier year-over-year comparisons. Projections indicate slight growth for Wynn’s Macau assets from 2026 to 2028, influenced by ongoing uncertainties in the Chinese market and persistent promotional pressures.”
Last week, when Las Vegas Sands (NYSE: LVS) disclosed its fourth-quarter results, its stock faced a decline due to uninspiring Macau figures, hinting that other competitors may encounter similar challenges. However, some indicators suggest Wynn has been increasing its market share in the semi-autonomous region (SAR).
Examining Wynn’s Financial Leverage and Liquidity
Wynn’s credit rating of BB- falls under the highest junk classification, partly reflecting a projected EBITDAR leverage ratio of 5.7x for 2025, up from 5.4x in the previous year, as per Fitch’s assessment.
The ratings agency emphasized that Wynn’s overall debt levels remain “largely unchanged” and that the projected ratio is within expected bounds. Furthermore, they expect the operator to generate positive free cash flow in the next few years, enabling the Las Vegas-based gaming company to repurchase its shares while strengthening its balance sheet.
“Wynn currently holds approximately $1.49 billion in cash, alongside an additional $475 million in short-term investments,” notes Fitch. “Available credit on the Wynn Resorts (WRF) revolving line stands at $1.23 billion, while Wynn Macau’s revolver (WMC) has $1.36 billion. Fitch predicts the company will remain free cash flow positive through 2026 as it advances multiple significant capital projects.”
Fitch notes that Wynn’s free cash flow may see a substantial boost in 2027, as the operator does not plan any major capital developments during that time frame.
Potential Impact of Wynn UAE Casino on Ratings
The Wynn Al Marjan Island, a $5.1 billion casino resort set to launch in the first quarter of 2027, has not yet been included in Fitch’s rating considerations due to uncertainties relating to its opening date. Nevertheless, this first regulated casino hotel in the region could positively influence the company’s credit rating in the upcoming year.
Fitch projects that if the venue generates a base case of free cash flow of $260 million in its inaugural year, it could help reduce Wynn’s leverage ratio to 5.2x.
“This project is viewed as a prime opportunity given the limited local competition, favorable demographics, and high-value customer base. However, it is essential to recognize that risks include potential overrun costs, delayed openings, and slower-than-anticipated visitor growth,” concludes Fitch.