Want to see HK:1128 full AI Analyst Report?
Top Page
Wynn Macau
(1128)
Select Model
Select Model
Rating:60Neutral
Price Target:
HK$6.00
▲(4.90% Upside)
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
Free cash flow generation
Sustained positive operating and free cash flow across 2023–2025 provides durable internal funding to cover operations, fund maintenance capex, support dividends and service debt. Reliable cash generation reduces reliance on external financing and underpins resilience through industry cycles.
Negative Factors
Very high leverage and negative equity
Persistent negative equity and very high gross debt materially weaken financial flexibility, increase refinancing and covenant risk, and amplify losses in downturns. A fragile capital structure limits strategic options and raises the probability that adverse shocks force cash-preserving cuts or expensive external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Sustained positive operating and free cash flow across 2023–2025 provides durable internal funding to cover operations, fund maintenance capex, support dividends and service debt. Reliable cash generation reduces reliance on external financing and underpins resilience through industry cycles.
Read all positive factors
Wynn Macau (1128) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$29.16B
Dividend Yield8.13%
Average Volume (3M)4.08M
Price to Earnings (P/E)9.6
Beta (1Y)0.87
Revenue Growth9.38%
EPS Growth60.07%
CountryHK
Employees11,600
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)N/A
Shares Outstanding5,300,947,800
10 Day Avg. Volume3,793,447
30 Day Avg. Volume4,081,959
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 | 7.35B | 6.96B | 7.73B | 6.13B | -2.45B | -86.54M |
| 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
Positive
5.72
Price Trends
5.39
Positive
5.30
Positive
5.39
Positive
Market Momentum
0.02
Positive
50.11
Neutral
11.74
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1128, the sentiment is Positive. The current price of 5.72 is above the 20-day moving average (MA) of 5.55, above the 50-day MA of 5.39, and above the 200-day MA of 5.39, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 50.11 is Neutral, neither overbought nor oversold. The STOCH value of 11.74 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$140.42B | 13.38 | 12.77% | 5.19% | 8.39% | 11.34% | |
66 Neutral | HK$7.14B | 6.66 | 52.47% | 0.66% | 6.61% | ― | |
64 Neutral | HK$38.39B | 8.41 | 129.87% | 5.98% | 11.01% | 6.83% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$29.16B | 9.61 | -22.18% | 8.13% | 9.38% | 60.07% | |
59 Neutral | HK$108.29B | 15.75 | 65.49% | 5.61% | 8.73% | -3.66% | |
43 Neutral | HK$9.91B | -18.22 | -4.07% | 3.09% | -16.41% | -3217.39% |
* Consumer Cyclical Sector Average
HK:1128
Wynn Macau
5.48
-0.85
-13.48%
HK:0880
SJM Holdings
1.39
-1.50
-51.89%
HK:0200
Melco International
3.07
-2.53
-45.17%
HK:2282
MGM China Holdings
10.09
-5.27
-34.31%
HK:0027
Galaxy Entertainment Group
32.78
-6.58
-16.72%
HK:1928
Sands China
13.36
-7.05
-34.54%
Wynn Macau Corporate Events
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...
Wynn Macau Wins Approval to Expand Wynn Palace Under Amended Cotai Land Deal
Jul 22, 2026
Wynn Macau, Limited, a major casino and luxury resort operator in Macau, develops and manages large-scale integrated properties such as Wynn Palace on Cotai, combining high-end hotel, gaming and entertainment facilities for premium visitors. Its C...
Wynn Macau Signs New Resort Marketing and Staff Secondment Deal With Wynn Marketing Portugal
Jun 30, 2026
Wynn Macau and its subsidiary WRM have entered into new Resort Marketing Services Agreements with Wynn Marketing (Portugal) to develop and implement a unified international promotional and marketing plan for all WYNN-branded casino resorts. The ar...
Wynn Macau Grants New Employee Share Awards Under Ownership Scheme
Jun 29, 2026
Wynn Macau has granted share awards under its Employee Ownership Scheme to four employees, covering a total of 886,547 ordinary shares, or about 0.02% of its issued share capital, at no purchase price. The awards, which follow staggered vesting sc...
Wynn Macau Cuts Convertible Bond Conversion Price After Dividend Approval
Jun 5, 2026
Wynn Macau has adjusted the conversion price of its US$600 million 4.50% convertible bonds due 2029 following shareholder approval of a final cash dividend. The conversion price will be reduced from HK$9.39194 to HK$9.02275 per share, with the cha...
Wynn Macau Shareholders Approve All AGM Resolutions, Back Dividend and Capital Mandates
May 28, 2026
Shareholders of Wynn Macau, Limited approved all resolutions at the company’s 2026 annual general meeting held in Macau, underscoring broad investor support for the board and management. Investors backed the adoption of the 2025 financial st...
Wynn Macau Grants New Share Awards Under Employee Ownership Scheme
May 28, 2026
Wynn Macau has granted share awards under its employee ownership scheme to nine staff members, covering a total of 1,698,966 shares, or about 0.03% of its issued share capital. The awards, granted at no purchase price, vest in tranches between Apr...
Wynn Macau Flags Release of Parent’s Q1 2026 Results and Accounting Differences
May 8, 2026
Wynn Macau has informed investors that its controlling shareholder, Wynn Resorts, Limited, has filed an unaudited Form 10-Q for the quarter ended 31 March 2026 with the U.S. Securities and Exchange Commission. The report includes segmented financi...
Wynn Macau flags parent’s unaudited Q1 results and warns on comparability
May 8, 2026
Wynn Macau has informed investors that its controlling shareholder, Wynn Resorts, has released unaudited first-quarter 2026 results in the U.S., which include segmented financial data for the Macau operations owned by the Hong Kong–listed gr...
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.