TLDR CBRE Credit Research says Wynn Al Marjan Island could cut Wynn’s lease-adjusted leverage to 5x. That would be an improvement of more than 1x from CBRE’s 2026 forecast. Fitch and S&P Global rate Wynn BB-, while Moody’s rates it B1, all below investment grade. The resort’s debt is non-recourse, so lenders cannot make claims against Wynn Resorts itself. The UAE resort, in which Wynn holds a 40% stake, is set to open in September 2027.
Wynn Resorts is three rating steps away from investment grade. A new credit report says its first Middle East resort could help close that gap.
CBRE Credit Research analysts Colin Mansfield and Connor Parks laid out the case in a report published Monday. They said Wynn Al Marjan Island in the United Arab Emirates could help the Las Vegas casino operator cut its debt load and qualify for credit upgrades.
The analysts said Wynn’s lease-adjusted leverage could fall to 5x after the resort opens. That would be an improvement of more than 1x from CBRE’s forecast for 2026.
Where Wynn’s Ratings Stand Today
Fitch Ratings and S&P Global Ratings both rate Wynn at BB-, while Moody’s Investors Service rates the company B1. These come from the three major agencies that grade corporate debt.
All three ratings are below investment grade. That means Wynn must pay investors higher interest rates when it sells debt, which raises its interest costs over time.
Each agency has a leverage level tied to a possible upgrade. Moody’s uses a 6x leverage qualifier for Wynn, so the company could become a candidate for an upgrade if it reaches that figure.
Fitch and S&P Global use a lower 5x threshold for Wynn. CBRE’s forecast of 5x leverage after the opening would put the company at that level for