Fitch & S&P rate Wynn BB-, three notches below investment-grade BBB-, according to Casino.org.
The hit
Wynn Resorts’ first Middle East casino could push its lease-adjusted leverage down to 5x, a drop of more than 1x from current levels, according to CBRE Credit Research. Analysts Colin Mansfield & Connor Parks say Wynn Al Marjan Island could also open the door to a credit upgrade.
Why it matters
Wynn carries non-investment-grade ratings from Fitch, S&P Global & Moody’s, meaning it pays higher interest on debt. Lower leverage could trigger upgrades, cutting borrowing costs over time. CBRE also notes lenders to the UAE project can only claim against that venue, not Wynn Resorts at large, so its debt stays off the parent’s books while its earnings still count.
The record
| Wynn’s equity stake in Wynn Al Marjan Island | 40% |
|---|---|
| Fitch & S&P Global ratings on Wynn | BB- |
| Moody’s rating on Wynn | B1 |
| Moody’s leverage qualifier for a ratings boost | 6x |
| Fitch & S&P leverage trigger for an upgrade | 5x |
| Opening date of Wynn Al Marjan Island | September 2027 |
What happens next
Watch for Wynn’s leverage figures once Wynn Al Marjan Island opens, & whether Fitch, S&P Global or Moody’s move on a ratings upgrade.
Sources: Wynn UAE Casino Could Boost Finances, Spur Credit Upgrade
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