Date Published: June 29, 2026, at 10:50 AM.
Last updated: June 29, 2026, at 10:50 AM.
- Moody’s has downgraded its outlook on three entities of Wynn Resorts to “stable” from “positive”
- Entities in Las Vegas and Macau have been impacted
- The ratings agency pointed to significant debt levels as the basis for the adjustment
Moody’s Investors Service has revised its outlook on the credit ratings of three subsidiaries of Wynn Resorts (NASDAQ: WYNN), attributing this decision to persistently high levels of debt.
Retaining a B1 credit rating for the casino operator, Moody’s downgraded the outlook for Wynn Las Vegas, Wynn Macau, and Wynn Resorts Finance to “stable” from “positive.” For nearly two years, Moody’s has rated Wynn at B1, which places it four levels into the junk category and is classified as “highly speculative.” The primary factor behind this revised outlook is high debt levels.
“The stable outlook signifies that the company has not significantly lowered its leverage below 6x,” notes Moody’s. “While Wynn’s performance has improved since 2025, debt levels are still high compared to our previous forecasts.”
At the conclusion of Q1, Wynn reported $1.19 billion in cash reserves, excluding $607.6 million in “short-term investments held by Wynn Macau.” Meanwhile, the operator also carried $10.52 billion in debt, with approximately $6.6 billion attributed to its Las Vegas and Macau branches.
Moody’s Sees Solid Liquidity for Wynn
Despite the downgrade, Moody’s commended Wynn’s liquidity position, emphasizing that besides the noted cash reserves, the gaming company has substantial credit access.
Wynn has the option to utilize two revolving credit facilities if necessary — a $2.5 billion revolver for Wynn Macau with $1.35 billion accessible, and a fully available $1.25 billion facility for Wynn Resorts Finance. It is crucial for Wynn to manage these credit lines carefully, as a worsening liquidity situation could lead to a credit rating reduction.
Looking ahead, the launch of Wynn Al Marjan Island next year in the UAE could offer long-term benefits for the company, helping to diversify its revenue sources which currently rely heavily on the Macau and Las Vegas markets.
“Primary credit concerns include Wynn’s limited diversification, despite being one of the largest U.S. gaming operators by revenue, as well as its vulnerability to fluctuations in discretionary consumer and business spending,” adds Moody’s.
Potential Expansion Opportunities for Wynn
Post-launch of its $5.1 billion casino resort in the UAE, Wynn may look into additional global expansion prospects.
“We anticipate that Wynn will seek other major resort development opportunities worldwide after inaugurating its UAE project,” Moody’s reports. “Consequently, the company’s leverage may rise during upcoming development phases.”
Identifying credible and substantial opportunities that could significantly impact Wynn is another story, as markets like Japan and Thailand—once of interest to Wynn—are likely not viable for the near future.