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Wynn Macau
(1128)
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Rating:60Neutral
Price Target:
HK$4.50
▼(-21.33% Downside)
Action:Reiterated
Date:08/04/26
The score is held back primarily by balance-sheet risk (negative equity and very high debt) and the steep 2025 revenue decline, despite strong recent profitability and positive free cash flow. Technicals are modestly supportive with positive momentum, and valuation is helped by the high dividend yield and a moderate P/E.
Positive Factors
Strong Operating Profitability
The return to strong operating profitability gives Wynn Macau meaningful earnings capacity across its integrated resorts. A high EBITDA margin can support reinvestment in hotels, gaming, dining, and entertainment while helping the company service obligations through the next several quarters.
Negative Factors
High Leverage and Negative Equity
Very high debt combined with negative equity leaves Wynn Macau with limited financial flexibility if operating conditions weaken. The capital structure can increase refinancing and fixed-payment pressure, constrain investment choices, and make downturns more damaging to long-term business resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Operating Profitability
The return to strong operating profitability gives Wynn Macau meaningful earnings capacity across its integrated resorts. A high EBITDA margin can support reinvestment in hotels, gaming, dining, and entertainment while helping the company service obligations through the next several quarters.
Read all positive factors
Wynn Macau (1128) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$23.80B
Dividend Yield9.92%
Average Volume (3M)5.14M
Price to Earnings (P/E)7.9
Beta (1Y)0.60
Revenue Growth9.38%
EPS Growth60.07%
CountryHK
Employees11,600
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)N/A
Shares Outstanding5,301,208,500
10 Day Avg. Volume5,903,926
30 Day Avg. Volume5,141,827
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)-2.31
Price to Sales (P/S)1.07
P/FCF Ratio5.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$6.79Price Target Upside18.66% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Wynn Macau Business Overview & Revenue Model
Company Description
Wynn Macau, Limited, a company incorporated in 2009 and based in Macau, operates as a division of WM Cayman Holdings Limited I. This entity, along with its subsidiaries, is responsible for the development, ownership, and management of two major in...
How the Company Makes Money
Wynn Macau makes money primarily by operating casino gaming and related resort services at its Macau integrated resorts. The largest revenue contributor is casino gaming, which typically includes (i) table games in the mass-market segment where th...
Wynn Macau Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
24
Negative
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 30.96B | 28.99B | 28.74B | 24.27B | 5.64B | 11.73B |
| Gross Profit | 12.04B | 11.34B | 11.87B | 9.67B | -676.72M | 2.37B |
| EBITDA | 7.60B | 7.08B | 7.86B | 6.26B | -2.31B | 77.93M |
| Net Income | 2.95B | 1.63B | 3.20B | 1.17B | -7.34B | -5.18B |
Balance Sheet | ||||||
| Total Assets | 39.49B | 40.56B | 39.23B | 44.83B | 36.08B | 41.90B |
| Cash, Cash Equivalents and Short-Term Investments | 11.55B | 11.82B | 11.33B | 15.75B | 7.42B | 11.66B |
| Total Debt | 45.31B | 45.18B | 44.98B | 52.83B | 48.40B | 46.75B |
| Total Liabilities | 52.55B | 54.06B | 52.52B | 60.64B | 53.23B | 51.92B |
| Stockholders Equity | -13.06B | -13.50B | -13.29B | -15.81B | -17.15B | -10.02B |
Cash Flow | ||||||
| Free Cash Flow | 3.06B | 5.43B | 6.38B | 6.10B | -2.47B | -1.69B |
| Operating Cash Flow | 5.08B | 7.37B | 7.69B | 6.81B | -2.12B | -1.21B |
| Investing Cash Flow | -6.59B | -6.84B | 4.83B | -5.41B | -1.29B | -453.91M |
| Financing Cash Flow | -2.57B | -4.72B | -11.42B | 1.49B | -860.42M | -5.57B |
Wynn Macau Technical Analysis
Negative
5.72
Price Trends
5.21
Negative
5.22
Negative
5.26
Negative
Market Momentum
-0.18
Positive
26.10
Positive
7.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1128, the sentiment is Negative. The current price of 5.72 is above the 20-day moving average (MA) of 4.92, above the 50-day MA of 5.21, and above the 200-day MA of 5.26, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 26.10 is Positive, neither overbought nor oversold. The STOCH value of 7.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1128.
Wynn Macau Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$140.33B | 13.09 | 12.77% | 5.30% | 8.39% | 11.34% | |
64 Neutral | HK$34.66B | 7.60 | 129.87% | 6.61% | 11.01% | 6.83% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$23.80B | 7.88 | -22.18% | 9.92% | 9.38% | 60.07% | |
59 Neutral | HK$86.44B | 12.58 | 65.49% | 9.36% | 8.73% | -3.66% | |
52 Neutral | HK$5.09B | 4.87 | 52.47% | 0.66% | 6.61% | ― | |
44 Neutral | HK$8.06B | -14.88 | -4.07% | 3.09% | -16.41% | -3217.39% |
* Consumer Cyclical Sector Average
HK:1128
Wynn Macau
4.49
-1.61
-26.43%
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Wynn Macau Corporate Events
Wynn Macau Commits MOP1.37 Billion to Macau Diversification Fund
Oct 23, 2026
Wynn Macau has committed up to MOP1.37 billion to a new fund established in Macau, in a transaction classified as discloseable under Hong Kong listing rules. The investment will count toward the company’s obligations under its gaming concess...
Wynn Macau Grants New Employee Share Awards to Strengthen Long-Term Incentives
Oct 5, 2026
Wynn Macau has granted share awards to 315 employees under its Employee Ownership Scheme, covering a total of 317,938 ordinary shares, or about 0.01% of its issued share capital, at no purchase price. The awards, largely vesting between 2029 and 2...
Wynn Macau Cuts Convertible Bond Conversion Price After Interim Dividend
Sep 15, 2026
Wynn Macau has adjusted the conversion price of its US$600 million 4.50% convertible bonds due 2029 following the declaration of an interim cash dividend of HK$0.223 per share. Under the bond terms, capital distributions trigger a formula‑ba...
Wynn Macau Grants 36 Million Share Awards Under Employee Ownership Scheme
Sep 3, 2026
Wynn Macau has granted share awards under its Employee Ownership Scheme, issuing rights over 35,975,508 ordinary shares, or about 0.68% of its existing share capital, to more than 11,000 employees, 16 related-entity participants and one service pr...
Wynn Macau Profit Surges as Casino Revenues Jump, Interim Dividend Declared
Aug 27, 2026
Wynn Macau reported strong interim results for the six months to 30 June 2026, with casino revenues rising to HK$13.35 billion from HK$11.39 billion and total operating revenues reaching HK$15.59 billion. Adjusted EBITDA increased to HK$3.98 billi...
Wynn Macau Declares Interim Dividend for First Half of 2026
Aug 27, 2026
Wynn Macau, Limited has declared an interim ordinary dividend of HKD 0.223 per share for the six months ended 30 June 2026, payable on 24 September 2026 to shareholders on record as of 15 September 2026. The ex-dividend date is set for 9 September...
Wynn Macau Sets August Board Meeting to Approve Interim Results
Aug 17, 2026
Wynn Macau has scheduled a board meeting for 27 August 2026 to review and approve the group’s interim results for the six months ended 30 June 2026. The board will also consider whether to declare, recommend or pay an interim dividend and ad...
Wynn Macau Flags Accounting Differences in Parent Wynn Resorts’ Q2 Filing
Aug 6, 2026
Wynn Macau has disclosed that its controlling shareholder, Wynn Resorts, has filed an unaudited Form 10-Q quarterly report for the second quarter and first half of fiscal 2026, which includes segmented financial information on the group’s Ma...
Wynn Macau flags unaudited Wynn Resorts results and GAAP–IFRS gap
Aug 4, 2026
Wynn Macau has alerted investors that its controlling shareholder, Wynn Resorts, has released unaudited second-quarter and first-half fiscal 2026 results, including segmented data on the Macau operations owned by Wynn Macau. The announcement ensur...
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.