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1. Company Snapshot

1.a. Company Description

Wynn Resorts, Limited designs, develops, and operates integrated resorts.Its Wynn Palace segment operates 424,000 square feet of casino space with 323 table games, 1,035 slot machines, private gaming salons, and sky casinos; a luxury hotel tower with 1,706 guest rooms, suites, and villas, including a health club, spa, salon, and pool; 14 food and beverage outlets; 107,000 square feet of retail space; 37,000 square feet of meeting and convention space; and performance lake and floral art displays.Its Wynn Macau segment operates 252,000 square feet of casino space with 331 table games, 818 slot machines, private gaming salons, sky casinos, and a poker room; two luxury hotel towers with 1,010 guest rooms and suites that include two health clubs, two spas, a salon, and a pool; 14 food and beverage outlets; 59,000 square feet of retail space; 31,000 square feet of meeting and convention space; and Chinese zodiac-inspired ceiling attractions.


Its Las Vegas Operations segment operates 194,000 square feet of casino space with 223 table games, 1,751 slot machines, private gaming salons, a sky casino, a poker room, and a race and sports book; two luxury hotel towers with 4,748 guest rooms, suites, and villas, including swimming pools, private cabanas, two full service spas and salons, and a wedding chapel; 32 food and beverage outlets; 513,000 square feet of meeting and convention space; 155,000 square feet of retail space; and two theaters, three nightclubs and a beach club.Its Encore Boston Harbor segment operates 211,000 square feet of casino space with 184 table games, 2,766 slot machines, gaming areas, and a poker room; a luxury hotel tower with 671 guest rooms and suites, including a spa and salon; 15 food and beverage outlets and a nightclub; 10,000 square feet of retail space; 71,000 square feet of meeting and convention space; and a waterfront park, floral displays, and water shuttle service.The company was founded in 2002 and is based in Las Vegas, Nevada.

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1.b. Last Insights on WYNN

Breaking News: Wynn Resorts Limited has not reported recent earnings. However, the Touchstone Value Fund Q3 2025 portfolio update noted mixed performance from holdings in the Consumer Discretionary sector. Although no direct mention of Wynn Resorts, the fund underperformed its benchmark. Analysts at various firms have provided recommendations. For instance, some analysts at a certain firm give Wynn Resorts a buy recommendation. Other analysts at different firms give Wynn a hold. Meanwhile sell recommendation comes from certain other analysts.

1.c. Company Highlights

2. Wynn Resorts' Q3 Earnings: A Strong Performance with Growth Prospects

Wynn Resorts reported a solid Q3 with adjusted property EBITDAR of $203.4 million at Wynn Las Vegas, delivering an EBITDAR margin of 32.8% on $621 million of operating revenue. The company's EPS came in at $0.86, missing estimates of $1.09. Revenue growth was driven by a 10% increase in casino revenues, with healthy demand throughout the quarter. The hotel revenue was flat at $187 million, but the company preserved ADR and maximized EBITDA. The unfavorable hold negatively impacted EBITDA by just under $8 million.

Publication Date: Nov -09

📋 Highlights
  • Wynn Las Vegas EBITDA Growth: Hold-adjusted EBITDA rose 3% to $211 million, driven by 10% casino revenue growth from increased drop and handle.
  • Macau EBITDAR Performance: Generated $308 million in EBITDAR, with mass volumes up 15% YoY and VIP hold contributing $23 million.
  • UAE Project Equity Contribution: $93.9 million equity contributed to Wynn Al Marjan Island, totaling $835 million, targeting a $5B+ GGR market as the sole integrated resort.
  • Capital Allocation and Dividends: $164 million in CapEx for renovations and maintenance; $125 million in Q3 dividends, with $0.25/share approved for Q4 2025.

Segment Performance

The Macau segment generated $308 million in EBITDAR, including a $23 million VIP hold benefit. Mass volumes were particularly strong, up 15% year-on-year, with turnover and mass drop running well ahead of last year. The company's focus on premium customers is driving growth, with Craig Billings stating that "we're seeing a premium-led market in Macau." The UAE market is also expected to contribute to growth, with Wynn Al Marjan Island being the only integrated resort in a $5 billion-plus GGR market.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 4.3%. With a current P/E Ratio of 19.47 and EV/EBITDA of 15.07, the stock appears to be reasonably valued. The company's strong free cash flow and liquidity profile allow it to continue returning capital to shareholders, with a dividend yield of 0.79%. The net debt to EBITDA ratio stands at 6.77, indicating a manageable debt burden. As Craig Billings mentioned, "our future continues to be bright, and the opening of Wynn Al Marjan Island and the free cash flow inflection that it will bring gives us confidence that our best days lie ahead."

Capital Allocation and Future Plans

The company is diligent in its capital allocation, with Julie Cameron-Doe stating that they will "buy back stock when it's value." The significant free cash flow inflection point expected in 2027 due to the Wynn Al Marjan Island project will provide the company with flexibility to consider capital returns, such as buybacks and dividends, as well as potential investments in the UAE.

3. NewsRoom

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Touchstone Value Fund Q3 2025 Portfolio Update

Dec -03

Source: seekingalpha.com

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New York City Getting 3 Casinos: Billionaire Steve Cohen, Trump Organization Could Be Big Winners

Dec -01

Source: feeds.benzinga.com

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Casino Stock Eyes Multi-Year Highs After Goldman Nod

Dec -01

Source: schaeffersresearch.com

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Wall Street is Still Pounding the Table Over Nvidia, Alphabet and Wynn

Dec -01

Source: 247wallst.com

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Wynn Resorts Announces Wynn Al Marjan Island Analyst & Investor UAE Market Tour

Nov -28

Source: prnewswire.com

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Bridger Management LLC Cuts Stock Holdings in Wynn Resorts, Limited $WYNN

Nov -18

Source: defenseworld.net

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Wynn Resorts Stock To $90?

Nov -13

Source: forbes.com

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Bank of New York Mellon Corp Sells 68,654 Shares of Wynn Resorts, Limited $WYNN

Nov -11

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.30%)

6. Segments

Casino

Expected Growth: 5%

Wynn Resorts' 5% growth driven by increasing gaming revenue from Macau and Las Vegas, rising hotel occupancy rates, and growing demand for luxury entertainment. Additionally, strategic expansion into new markets, such as online gaming and sports betting, contributes to growth. Effective cost management and investments in digital transformation also support profitability.

Rooms

Expected Growth: 3%

Wynn Resorts' 3% growth in rooms is driven by increasing demand for luxury accommodations, particularly in Macau and Las Vegas. The company's focus on premium amenities, high-end gaming experiences, and strategic partnerships also contribute to growth. Additionally, Wynn's expansion into new markets, such as Boston and online gaming, provides further opportunities for room growth.

Food and Beverage

Expected Growth: 4%

Wynn Resorts' Food and Beverage segment growth is driven by increasing visitation and spend per visitor at its luxury resorts, particularly in Macau. Strong demand for premium dining experiences, expansion of F&B outlets, and effective yield management also contribute to growth. Additionally, the company's focus on enhancing customer experience through innovative culinary offerings and exceptional service further supports revenue growth.

Entertainment, Retail and Other

Expected Growth: 3%

{'Entertainment': 'Increased visitation and higher spend per visitor driven by new attractions and events, as well as a growing VIP gaming segment.', 'Retail': 'Expansion of luxury retail offerings and increased foot traffic driven by a growing tourist base and enhanced shopping experiences.', 'Other': 'Growth in hotel and food and beverage revenue driven by increased occupancy rates and higher average daily rates.'}

7. Detailed Products

Luxury Hotel Rooms

Wynn Resorts offers luxurious hotel rooms and suites with upscale amenities and services.

Casino Gaming

Wynn Resorts operates casinos with a wide range of games, including slots, table games, and poker.

Fine Dining Restaurants

Wynn Resorts features upscale restaurants with celebrity-chef partnerships and exceptional cuisine.

Nightlife and Entertainment

Wynn Resorts offers trendy bars, lounges, and nightclubs with live music and DJs.

Spas and Wellness

Wynn Resorts provides luxurious spa facilities and wellness programs for relaxation and rejuvenation.

Meetings and Conventions

Wynn Resorts offers extensive meeting and convention spaces with state-of-the-art amenities.

Wedding and Social Events

Wynn Resorts provides luxurious venues and services for weddings, galas, and other social events.

8. Wynn Resorts, Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

Wynn Resorts, Limited faces moderate threat from substitutes, as customers have various alternatives for entertainment and leisure activities.

Bargaining Power Of Customers

Wynn Resorts, Limited has a high bargaining power of customers, as customers have many options for gaming and hospitality services, and can easily switch to competitors.

Bargaining Power Of Suppliers

Wynn Resorts, Limited has a low bargaining power of suppliers, as the company has a strong brand and can negotiate favorable terms with suppliers.

Threat Of New Entrants

Wynn Resorts, Limited faces a low threat of new entrants, as the gaming and hospitality industry has high barriers to entry, including regulatory hurdles and significant capital requirements.

Intensity Of Rivalry

Wynn Resorts, Limited operates in a highly competitive industry, with intense rivalry among established players, leading to high marketing and promotional expenses.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 102.18%
Debt Cost 3.95%
Equity Weight -2.18%
Equity Cost 13.48%
WACC 3.74%
Leverage -4678.55%

11. Quality Control: Wynn Resorts, Limited passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Vail Resorts

A-Score: 5.5/10

Value: 3.7

Growth: 5.9

Quality: 5.5

Yield: 8.0

Momentum: 3.0

Volatility: 7.0

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Marriott Vacations Worldwide

A-Score: 5.4/10

Value: 6.7

Growth: 5.8

Quality: 5.5

Yield: 6.0

Momentum: 3.5

Volatility: 4.7

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Wynn Resorts

A-Score: 5.0/10

Value: 5.4

Growth: 5.7

Quality: 4.8

Yield: 1.0

Momentum: 7.5

Volatility: 5.7

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Hilton Grand Vacations

A-Score: 4.6/10

Value: 4.8

Growth: 5.6

Quality: 4.6

Yield: 0.0

Momentum: 7.0

Volatility: 5.3

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Churchill Downs

A-Score: 4.5/10

Value: 4.3

Growth: 8.9

Quality: 5.5

Yield: 0.0

Momentum: 1.0

Volatility: 7.3

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MGM Resorts

A-Score: 3.9/10

Value: 4.4

Growth: 7.7

Quality: 2.4

Yield: 0.0

Momentum: 3.5

Volatility: 5.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

125.51$

Current Price

125.51$

Potential

-0.00%

Expected Cash-Flows