Wynn Credit Rating Still Junk, Outlook Stable with Strong Liquidity
Posted on: February 2, 2026, 10:24h.
Last updated on: February 2, 2026, 10:24h.
- Fitch affirms Wynn’s credit rating as non-investment grade
- Says outlook is stable and liquidity is sturdy
- UAE casino hotel doesn’t factor into rating
Fitch Ratings affirmed Wynn Resorts (NASDAQ: WYNN) credit rating at BB-, a non-investment grade, with a “stable” outlook.
In a new report, the ratings agency said the stable view on the casino operator reflects expectations of long-term growth in Macau — the operator’s largest market — even in the face of a scuffling Chinese economy, Wynn maintaining a leadership role in Las Vegas, and stout free cash flow generation.
Fitch expects Wynn’s two Macau properties to come in below 2024, due to a slower than expected rebound in Macau and more intense competitive pressures,” said the research firm. “Gross gaming revenues have shown strong improvement in the second half of 2025, which is expected to continue into 2026 given easier comparisons. Fitch forecasts modest growth through 2026-2028 for Wynn’s Macau properties due to the continued uncertainty of the Chinese economy and continued promotional pressure.”
When rival Las Vegas Sands (NYSE: LVS) reported fourth-quarter results last week, the stock was hammered on the back of tepid Macau numbers, suggesting competitors could be in for similar disappoint, but some data points indicate Wynn has been gaining market share in the special administrative region (SAR).
Looking at Wynn Leverage, Liquidity
Wynn’s BB- credit rating is the highest junk grade and is partially the result of a projected 2025 earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) leverage ratio of 5.7x, up from 5.4x the prior year, according to Fitch.
The ratings agency points out Wynn’s overall debt levels are “relatively unchanged” and that the aforementioned ratio isn’t outside of expectation, adding that the operator will be free cash flow positive over the next couple of years. That will enable the Las Vegas-based gaming company to repurchase stock while firming its balance sheet.
“Wynn holds $1.49 billion in cash and a further $475 million of short-term investments,” adds Fitch. “Availability on the Wynn Resorts (WRF) revolver is $1.23 billion and $1.36 billion on the Wynn Macau revolver (WMC). Fitch anticipates the company to remain FCF positive through 2026 as it completes several major capital expansion projects.”
The ratings agency notes Wynn’s free cash flow could be in strong in 2027 because the operator isn’t planning any major capital projects during that period.
Wynn UAE Casino Could Help Rating
Wynn Al Marjan Island, the $5.1 billion casino resort slated to open in the first quarter of 2027, isn’t factored into Fitch’s ratings assumptions on the gaming company due to uncertainty around an exact opening date. However, the first regulated casino hotel in the history of Middle East could be additive to the operator’s credit rating after next year.
Fitch says that if the venue operates at a base case of free cash flow generation of $260 million next year, that could aid in driving Wynn’s leverage ratio down to 5.2x.
“The project is seen as an attractive opportunity given limited local competition, strong demographics and high-value customer appeal. Risks include higher-than-expected costs, delayed opening and slower-than-expected visitation growth,” concludes Fitch.
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