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Wynn Resorts, Limited
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S&P 500
$7.9B
Market Cap
38.3
P/E
11.33
PEG
7.9%
ROCE
-40.9%
ROE
-11.92
D/E
16.0%
OPM
-44.2%
% from 52W High
19
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for WYNN including FX impact
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📈 Price History
Ratio Health
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About

Wynn Resorts, Limited designs, develops, and operates integrated resorts. It operates in four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates casino space, private gaming salons, and sky casinos; a luxury hotel tower with suites and villas, as well as a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and a performance lake, an immersive entertainment center, Western and Asian art displays, and a gondola ride. Its Wynn Macau segment operates casino space, private gaming salons, sky casinos, and a poker room; luxury hotel towers with health clubs, spas, a salon, and a pool; food and beverage outlets; retail space; meeting and convention space; a performance lake; and a rotunda show featuring Chinese zodiac-inspired ceilings. The Las Vegas Operations segment operates casino space, private gaming salons, a sky casino, a poker room, and a race and sports book; a luxury hotel tower with suites, villas, swimming pools, private cabanas, full-service spas and salons, and a wedding chapel; food and beverage outlets; meeting and convention space; retail space; a golf course; nightclubs; a beach club; and theaters. Its Encore Boston Harbor segment operates casino space, private and high-limit gaming areas, and a sports book; a luxury hotel tower with suites, a spa, and a salon; food and beverage outlets; a nightclub; retail space; meeting and convention space; a waterfront park; floral displays; and water shuttle services. Wynn Resorts, Limited was incorporated in 2002 and is based in Las Vegas, Nevada.

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📈 Growth Pattern
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⭐ Superinvestors Holding WYNN
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 1.24M $125.9M 0.20% Mar 2026
Steve Cohen Point72 Asset Management 28.4K $2.9M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED Wynn Resorts Q1 2026: Vegas EBITDA +5%, Macau mass drop +19%, Al Marjan on track with modest delay.
Revenue & Profitability
Adjusted property EBITDA was $232.5M in Las Vegas (margin 35.1%), $50.5M in Boston (margin 24.6%), and $279.4M in Macau (margin 28.2%). LTM adjusted property EBITDA across all properties was just under $2.3 billion. Consolidated net leverage stood at 4.4x. The company had global cash and revolver availability of $4.4 billion as of March 31, 2026.
Outlook
Management expressed confidence in Las Vegas, citing strong group bookings and luxury consumer resilience. In Macau, mass drop continued to grow (up 19% year-on-year in Q1). The UAE remains a long-term opportunity despite regional conflict, with management noting the Emiratis' ability to manage geopolitical risk and a likely policy-driven tourism rebound.
Growth Drivers
Key growth levers include: Las Vegas gaming market share gains, RevPAR growth (up 10% in Q1), and luxury retail sales. In Macau, the new Chairman's Club expansion and the upcoming Encove at Wynn Palace tower (432 suites) are expected to drive incremental GGR of ~$400M and EBITDA of $150M-$175M. UAE opening remains a medium-term catalyst.
Balance Sheet & CapEx
2026 CapEx expansion range is $400M-$450M, primarily for the new Encove tower at Wynn Palace (total $900M-$950M) and other projects. Q1 2026 CapEx was $179.1M, mainly for Zero Bond, Sartiano's, The Fairway Grill in Las Vegas, and the Chairman's Club expansion in Macau. Additional $100.1M equity was contributed to Wynn Al Marjan, bringing total equity to $1.01B.
Margins
Q1 2026 margins were: Las Vegas 35.1% (flat vs prior, with unfavorable hold impact of $2M), Boston 24.6% (maintained despite wage pressures), Macau 28.2% (impacted by $17M unfavorable VIP hold). Management highlighted OpEx per day increases due to wage inflation, new outlet openings, and higher volumes, but expects flow-through from the Encove tower (minimal incremental non-EBITDA amenities).
Key Risks
Key risks flagged include: geopolitical uncertainty in the UAE affecting the Al Marjan opening timeline and supply chains (shipping rates up, potential further delays); wage pressures in Boston (union-related increases) and Las Vegas (contractual wage growth); and potential food price volatility. The modest delay in UAE opening is the primary near-term risk.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Las Vegas, Boston, and Macau delivered strong EBITDA and margin performance, with robust demand and disciplined cost management. Wynn Al Marjan Island's budget increased by $600 million due to regional disruptions, but the project remains on track for a September 2027 opening. Liquidity and capital returns remain strong.
Q1 2026 Q1 2026 2026-05-07
Q1 delivered strong EBITDA growth in Las Vegas, Macau, and Boston, with robust group and premium demand. Major investments include the Enclave at Wynn Palace and continued progress on Wynn Al Marjan, despite modest delays. Liquidity and capital returns remain strong.
Q4 2025 Q4 2025 2026-02-12
Q4 2025 saw strong results across all regions, with Las Vegas, Boston, and Macau delivering robust EBITDA despite some hold-related headwinds. Geographic diversification advances with Wynn Al Marjan Island, and a quarterly dividend was declared.
Q3 2025 Q3 2025 2025-11-06
Las Vegas, Boston, and Macau all delivered strong EBITDA growth, with Las Vegas and Macau benefiting from premium segment strength and ongoing property investments. The company maintains a robust liquidity position, continues to return capital to shareholders, and is optimistic about future growth, especially with the UAE project on track.
Q2 2025 Q2 2025 2025-08-07
Q2 saw record Las Vegas EBITDA, strong growth in Boston and Macau, and robust liquidity. Premium positioning and operational discipline drove market share gains, while Wynn Al Marjan Island remains on track to open as the sole operator in a high-growth market.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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