- Price
- $76.62 → $75.15(−1.9%)
- Discount
- 35.1% → 36.3%(+1.2 pts)
- Balance sheet
- Cash: $2.1B
Debt: $10.7B
Net debt: $8.7B
EBITDA, last 12 months: $2.0B
Net debt / EBITDA: 4.5× (high)
Interest cover: 1.9×
Undrawn credit line: $2.4B
Ratings: S&P BB-, Fitch BB-
Wynn Resorts had a shareholders' deficit of $169 million at June 30, 2026, and its debt leaves limited room. This comes from years of losses during the Macau closures, and from buybacks and dividends. It carries about $10.7 billion ofThe debt sits in separate borrowing groups. $5.76 billion of Macau-related debt sits at its 72%-owned Wynn Macau, Limited (WML) and its subsidiaries. $3.49 billion sits at Wynn Resorts Finance (WRF) in the US. $878 million sits at Wynn Las Vegas, and $599 million at a consolidated retail joint venture. Cash and cash equivalents wereincludes $1.57 billion, and WML also held $527 million of WML short-term investments. But $945 million of the cash sat in the WML group. WML pays cash to the parent only through dividends that it shares with its minority holders. Net debt of about $8.7 billion was about 4.5 times EBITDA of about $1.95 billion overis for the 12 months to June 2026. In, and interest cover is for the first half of 2026, operating income of $580 million covered interest expense of $305 million only about 1.9 times. About 81% of the debt had a fixed rate. In September 2026, WRF issued $900 million of 6.875% notes due 2035 to redeem $880 million of 5.25% Wynn Las Vegas notes due 2027. This leaves $750 million of WML 5.5% notes and a $600 million retail term loan due in 2027. At June 30, 2026,The undrawn revolver capacity was $1.03 billion at WRF and $1.35 billion at WML. The ratings are below investment grade: S&P and Fitch ratedfor the new WRF notes BB-. Wynn also guarantees completion of the Al Marjan joint venture's $2.4 billion secured construction loan until the resort is complete. The debt leaves limited room. Further Al Marjan equity of $525 million to $650 million and refinancing at higher rates compete with buybacks and dividends.
As of 2026-06-30.