Moody’s Ratings has cited elevated leverage and a failure to meaningfully deleverage well below 6x after downgrading the outlook for Wynn Resorts from Positive to Stable.
However, the ratings agency also affirmed the B1 corporate family rating of Wynn Resorts Finance LLC and the B1 senior unsecured notes ratings of subsidiaries Wynn Macau Ltd and Wynn Las Vegas LLC, pointing to the group’s liquidity position, premium positioning, strong recovery in Macau and track record of developing successful resorts. This, it added, provides confidence in the prospects for Wynn Al Marjan Island in the UAE, scheduled to open in 2027.
In a Friday note, Moody’s said the decision to downgrade Wynn’s outlook to Stable reflects that the company has not reduced leverage to well below 6x.
