Wynn Macau said it capped 2026 intellectual property licence fees payable to Wynn Resorts subsidiary Wynn NKH at about US$150m, or HK$1.17bn. The agreements cover use of trademarks and other intellectual property, with fees calculated as the higher of 3% of relevant monthly gross revenue or a US$1.5m monthly minimum.
The cap sets the maximum 2026 fee payable by Wynn Macau under its continuing related-party licence arrangements.
Quarter ended 30 September 2026
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CreditSights analysts expect Wynn Macau to report weaker revenue and earnings in the fourth quarter of 2026 after gaming volumes softened towards the end of October. The company maintained 2027 project capital expenditure guidance of $750 million to $800 million, up from $350 million to $400 million in 2026, mainly for Wynn Palace expansion.
CreditSights expects Wynn Macau's revenue and earnings to soften in Q4 2026 before expansion spending rises the following year. The analysts said gaming activity and retail sales were broadly flat during Golden Week, with gaming volumes weakening towards the end of October. They said Q4 EBITDAR could fall, although continued growth in Chairman’s Club membership could partly offset the decline.
Wynn Resorts could lower its lease-adjusted leverage to 5x after its Wynn Al Marjan Island resort in the UAE opens, CBRE Credit Research analysts said. They said the project could support a credit-rating upgrade, while noting that Wynn holds a 40% equity stake; the resort is due to open in September 2027.
Wynn’s upcoming UAE casino hotel could help bring its lease-adjusted leverage down to 5x, according to CBRE Credit Research analysts Colin Mansfield and Connor Parks.
CBRE Credit Research said Wynn Resorts’ planned Wynn Al Marjan Island resort in the UAE could improve the company’s financial position after its scheduled September 2027 opening. CBRE expects lease-adjusted leverage to fall to about 5.0x in 2027, more than 1.0x below its 2026 forecast; even counting Wynn’s proportional share of project debt and EBITDA, it estimates a reduction of about 0.6x.
Wynn Al Marjan Island’s scheduled September 2027 opening could substantially improve Wynn Resorts’ finances and potentially lead to credit rating upgrades, according to CBRE Credit Research. The UAE integrated resort is budgeted at US$5.7 billion.
CreditSights maintained its tactical outperform recommendation on Wynn Macau’s US-dollar bonds despite weaker third-quarter earnings. It cited leverage of 5.3 times gross and 4.3 times net as of September, and expected higher capital expenditure in financial year 2027 to weigh on cash flow.
Wynn Macau Ltd's U.S. dollar bonds remain a tactical outperform recommendation at CreditSights Inc, even after weaker third-quarter earnings and with capital spending expected to rise in 2027. The analysts said the anticipated capital spending pressure in financial year 2027 was a key reason for the tactical qualification.
Wynn Resorts expects its Al Marjan Island resort in Ras Al Khaimah to open in September 2027, according to chief executive Craig Billings. The company expects to decide around February 2027 how the resort will launch; handovers to its operations team are due to begin in early 2027, with full control expected in late July.