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Wynn Resorts
(NASDAQ:WYNN)
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Rating:57Neutral
Price Target:
$75.00
▼(-24.04% Downside)
Action:Reiterated
Date:10/24/26
WYNN scores mid-range primarily due to improved profitability and strong operating/free cash flow, but the overall profile is constrained by heavy leverage and negative equity. Technicals are notably weak with the stock in a clear downtrend versus major moving averages, while valuation is reasonable. The latest earnings call was mixed: strong liquidity and capital returns are positives, but rising project costs and higher equity funding needs for Al Marjan, plus near-term cost and hold headwinds, temper the outlook.
Positive Factors
Diversified Resort Performance
Strong results across major properties demonstrate the resilience of Wynn’s integrated resort model, where gaming, hotels, dining, retail, and entertainment reinforce one another. Broad operating contributions reduce reliance on a single property and support durable earnings over the next several quarters.
Negative Factors
Heavy Leverage and Negative Equity
Wynn’s debt-heavy capital structure limits financial flexibility and leaves the company more exposed to refinancing, interest, and operating downturn risks. Negative equity further reduces balance-sheet resilience, making it harder to fund major projects or absorb prolonged weakness without additional financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Resort Performance
Strong results across major properties demonstrate the resilience of Wynn’s integrated resort model, where gaming, hotels, dining, retail, and entertainment reinforce one another. Broad operating contributions reduce reliance on a single property and support durable earnings over the next several quarters.
Read all positive factors
Wynn Resorts Key Performance Indicators (KPIs)
Any
Operating Income by Property
Shows the income generated by each property after operating expenses, indicating the profitability and financial health of Wynn's individual locations.
Shows the income generated by each property after operating expenses, indicating the profitability and financial health of Wynn's individual locations.
Data provided by:
The Fly
The FlyWynn Resorts (WYNN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.46B
Dividend Yield1.38%
Average Volume (3M)2.36M
Price to Earnings (P/E)16.6
Beta (1Y)0.95
Revenue Growth6.36%
EPS Growth21.32%
CountryUS
Employees28,500
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)4.37
Shares Outstanding102,973,890
10 Day Avg. Volume2,150,108
30 Day Avg. Volume2,362,427
Financial Highlights & Ratios
PEG Ratio-1.24
Price to Book (P/B)-45.29
Price to Sales (P/S)1.75
P/FCF Ratio18.04
Enterprise Value/Market Cap2.62
Enterprise Value/Revenue2.63
Enterprise Value/Gross Profit6.82
Enterprise Value/Ebitda10.00
Forecast
1Y Price Target
$122.50Price Target Upside24.06% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)4.34
Revenue Forecast (FY)$7.40B
Wynn Resorts Business Overview & Revenue Model
Company Description
Wynn Resorts, Limited excels in the conceptualization, development, and operation of upscale integrated resort properties. The Wynn Palace, situated in Cotai, boasts a gaming floor spanning 424,000 square feet, which includes 323 table games, 1,03...
How the Company Makes Money
Wynn Resorts generates revenue primarily by operating integrated resorts where multiple on-property businesses reinforce each other and drive guest visitation and spend. Key revenue streams include: (1) Casino gaming: This is typically the largest...
Wynn Resorts Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call highlights solid operating performance across core assets (Las Vegas, Boston, Macau), record hotel/RevPAR results in key markets, robust liquidity, and continued strategic investments (Macau entertainment projects and Al Marjan progress). Notable near-term challenges include a ~$600M budget increase for Al Marjan with additional equity needs, YoY OpEx inflationary pressure, and hold/volume headwinds tied to seasonality and the World Cup. Management retains confidence in long-term returns and project economics and is pursuing dividends and buybacks while funding development — overall the positives (strong results, liquidity, capital returns, and committed growth projects) modestly outweigh the negatives (cost increases, hold impacts, and timing risks).Positive Updates
Strong Las Vegas Operating Performance
Wynn Las Vegas generated $215.2M of adjusted property EBITDAR on $643.2M of operating revenue (33.5% margin). Total casino revenues increased ~5% and RevPAR grew 3% year-over-year; retail lease revenue was up 8% in the quarter.
Negative Updates
Increased Budget for Wynn Al Marjan Island
Total project budget for Wynn Al Marjan Island increased by approximately $600M. Management attributes roughly half (~$300M) to regional conflict-related disruptions, material and shipping cost increases and extended construction-related preopening and capitalized interest.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Las Vegas Operating Performance
Wynn Las Vegas generated $215.2M of adjusted property EBITDAR on $643.2M of operating revenue (33.5% margin). Total casino revenues increased ~5% and RevPAR grew 3% year-over-year; retail lease revenue was up 8% in the quarter.
Read all positive updates
Company Guidance
Management's forward guidance and near‑term metrics included: Wynn Al Marjan Island is now expected to open to the public in September 2027 with the total project budget increased by ~$600M (about half due to regional‑conflict disruptions); Wynn's 40% share of that increase implies roughly $240M of additional equity, with remaining equity needs for the project now estimated at ~$525–650M, having contributed $48.1M in Q2 (cumulative equity ~>$1.06B) and drawn $1.4B on the construction loan to date. For Macau, 2026 expansionary CapEx is guided to $350–400M, construction on Wynn Palace’s Event Center and Theater will start imminently with completion targeted in 2028, and the Enclave hotel is expected to open in 2029; overall concession‑related non‑gaming commitments remain ~$2.6B (≈$1.6B CapEx). Liquidity was ~$4.0B (≈$2.3B Macau / $1.7B U.S.), total Q2 CapEx was ~ $153M, the Board approved a Wynn Resorts cash dividend of $0.25/share payable Aug 28 (record Aug 14) while Wynn Macau paid a $150M 2025 final dividend in Q2, and buybacks continued (~$75M repurchased in the quarter). Operationally they guided Las Vegas OpEx (ex gaming tax) roughly $4.4–4.7M/day for the remainder of the year and noted potential near‑term revenue impacts from Encore room outages of ~$2–4M per quarter; they also reiterated quarter metrics (Wynn LV adjusted EBITDAR $215.2M on $643.2M revenue, 33.5% margin; Encore Boston EBITDAR $56.1M on $209.3M, 26.8% margin; Macau adjusted EBITDAR ~$297M on $1.0B, 29.6% margin) and called out VIP hold headwinds of roughly $8.6–9M.Wynn Resorts Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
28
Negative
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.41B | 7.14B | 7.13B | 6.53B | 3.76B | 3.76B |
| Gross Profit | 2.86B | 2.34B | 3.10B | 2.82B | 1.37B | 1.21B |
| EBITDA | 1.95B | 1.76B | 1.99B | 1.72B | 643.17M | 310.01M |
| Net Income | 448.88M | 327.33M | 501.08M | 729.99M | -423.86M | -755.79M |
Balance Sheet | ||||||
| Total Assets | 13.16B | 13.50B | 12.98B | 14.00B | 13.42B | 12.53B |
| Cash, Cash Equivalents and Short-Term Investments | 2.10B | 2.07B | 2.43B | 3.72B | 3.65B | 2.52B |
| Total Debt | 12.34B | 12.29B | 12.17B | 13.37B | 13.73B | 12.05B |
| Total Liabilities | 14.07B | 14.53B | 13.95B | 15.10B | 15.06B | 13.37B |
| Stockholders Equity | -169.45M | -275.49M | -224.16M | -251.38M | -750.84M | -214.42M |
Cash Flow | ||||||
| Free Cash Flow | 792.32M | 691.76M | 1.00B | 740.70M | -423.78M | -569.28M |
| Operating Cash Flow | 1.46B | 1.35B | 1.43B | 1.25B | -71.27M | -222.59M |
| Investing Cash Flow | -1.62B | -1.66B | -83.56M | -1.34B | 1.35B | -342.42M |
| Financing Cash Flow | -252.44M | -653.30M | -1.79B | -719.21M | -23.68M | -388.00M |
Wynn Resorts Technical Analysis
Negative
98.74
Price Trends
84.07
Negative
92.15
Negative
98.75
Negative
Market Momentum
-2.72
Negative
34.21
Neutral
16.88
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WYNN, the sentiment is Negative. The current price of 98.74 is above the 20-day moving average (MA) of 75.62, above the 50-day MA of 84.07, and below the 200-day MA of 98.75, indicating a bearish trend. The MACD of -2.72 indicates Negative momentum. The RSI at 34.21 is Neutral, neither overbought nor oversold. The STOCH value of 16.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for WYNN.
Wynn Resorts Risk Analysis
Wynn Resorts disclosed 40 risk factors in its most recent earnings report. Wynn Resorts reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Wynn Resorts Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $5.23B | 12.76 | 91.10% | 4.10% | 0.86% | -3.37% | |
57 Neutral | $7.46B | 16.57 | -174.87% | 1.38% | 6.36% | 21.32% | |
55 Neutral | $22.65B | 14.74 | 216.58% | 3.18% | 10.93% | 9.73% | |
55 Neutral | $1.43B | 6.26 | -17.37% | 3.75% | 6.01% | 338.84% | |
50 Neutral | $7.04B | 16.94 | 16.96% | 0.03% | 3.19% | -8.14% | |
50 Neutral | $5.88B | -11.01 | -15.52% | ― | 2.41% | -146.70% |
* Consumer Cyclical Sector Average
WYNN
Wynn Resorts
71.38
-48.37
-40.39%
LVS
Las Vegas Sands
36.22
-21.31
-37.04%
MLCO
Melco Resorts & Entertainment
3.73
-4.35
-53.84%
MGM
MGM Resorts
27.27
-3.94
-12.62%
CZR
Caesars Entertainment
28.57
9.84
52.58%
RRR
Red Rock Resorts
48.42
-2.18
-4.30%
Wynn Resorts Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Wynn Resorts boosts non-gaming investment in Macau fund
Positive
Oct 23, 2026
On October 23, 2026, Wynn Macau, Limited announced that its indirect subsidiary Wynn Resorts (Macau) S.A. had entered into a subscription agreement with Macau Project Management (No. 2) Limited, a government-established general partner, to invest ...
Business Operations and StrategyPrivate Placements and Financing
Wynn Resorts Issues New Senior Notes, Refinances Debt
Positive
Sep 22, 2026
On September 22, 2026, Wynn Resorts announced that its subsidiaries Wynn Resorts Finance, LLC and Wynn Resorts Capital Corp. issued $900 million of 6.875% senior notes maturing March 15, 2035, with semi-annual cash interest payments beginning Marc...
Business Operations and StrategyPrivate Placements and Financing
Wynn Resorts Prices $900 Million Senior Notes Offering
Positive
Sep 11, 2026
On September 10, 2026, Wynn Resorts announced that its subsidiaries Wynn Resorts Finance and Wynn Resorts Capital priced a private offering of $900 million in 6.875% senior notes due 2035, with closing expected around September 22, 2026, subject t...
Business Operations and StrategyPrivate Placements and Financing
Wynn Resorts Extends Debt Maturities With New Note Offering
Positive
Sep 10, 2026
On September 10, 2026, Wynn Resorts Finance, an indirect wholly owned unit of Wynn Resorts, and subsidiary Wynn Resorts Capital Corp. launched a private offering of $900 million in senior unsecured notes due 2035, guaranteed by certain domestic su...
Financial DisclosuresRegulatory Filings and Compliance
Wynn Resorts Highlights Interim Macau Regulatory Disclosure Linkage
Neutral
Aug 31, 2026
On August 31, 2026, Wynn Macau, Limited filed its interim report with the Hong Kong Stock Exchange covering the six months ended June 30, 2026, detailing the performance of the company’s Macau operations. Wynn Resorts, which owns approximate...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Wynn Resorts Reports Strong Q2 Results and Dividend
Positive
Aug 4, 2026
In its second-quarter 2026 results released on August 4, Wynn Resorts reported operating revenues of $1.86 billion, up from $1.74 billion a year earlier, and more than doubled net income to $140.1 million, or $1.32 per diluted share. Adjusted Prop...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.