olivLaw · US equity research
Wynn Resorts, Limited WYNN
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
Wynn Resorts designs, develops and operates luxury integrated resorts in Macau, Las Vegas and Everett, Massachusetts, and is building Wynn Al Marjan Island in the United Arab Emirates. Operating revenues were 7.14 billion USD in fiscal 2025 and 1.86 billion USD in the second quarter of 2026, pointing to continued demand in its core markets.
At the close of 04 Nov 2026, Wynn Resorts, Limited (WYNN) stock was 82.38 USD (+6.05% on the day), with market capitalisation 8.5 bn USD, P/E 19.7 on diluted EPS of 4.17 USD over the last 12 months, dividend yield 1.21%, beta 1.06, 52-week range 71.38–133.09 USD. Latest reported quarter (Q2 2026): revenue of 1.9 bn USD (+6.9% YoY), net income of 140.1 m USD (+111.5% YoY), diluted EPS 1.32 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 61.6
- strong (55–70)
- Bollinger (20, 2)
- 70.87 – 80.03
- above the upper band · %B 1.26 · band width 12.1%
- SMA 50 / 200
- 81.24 / 97.92
- mixed trend
- MACD (12, 26, 9)
- -0.93 / -2.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.8% | −1.1% | +7.8 pp | — |
| 3 months | −18.6% | −0.5% | −18.1 pp | — |
| 6 months | −23.4% | +4.4% | −27.8 pp | — |
| Year to date | −31.5% | +12.3% | −43.9 pp | — |
| 1 year | −32.1% | +13.5% | −45.7 pp | +9.5% |
| 3 years | −11.2% | +76.4% | −87.6 pp | +9.3% |
| 5 years | −15.0% | +63.7% | −78.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.8 bn | 1.7 bn | 1.7 bn | 1.8 bn | 1.9 bn | 1.9 bn | 1.9 bn |
| SG&A | 271.8 m | 272.3 m | 275.7 m | 280.8 m | 275.0 m | 285.4 m | 275.2 m | 270.1 m |
| Operating income | 133.2 m | 366.9 m | 268.6 m | 264.6 m | 310.5 m | 274.7 m | 282.6 m | 297.6 m |
| Depreciation & amortisation | 156.3 m | 151.3 m | 155.4 m | 152.9 m | 152.8 m | 159.5 m | 160.5 m | 165.4 m |
| Interest expense | 167.9 m | 163.5 m | 157.6 m | 154.6 m | 157.6 m | 155.8 m | 152.4 m | 152.2 m |
| Pre-tax income | 11.7 m | 281.0 m | 92.4 m | 87.5 m | 189.6 m | 144.6 m | 160.7 m | 198.7 m |
| Income tax | 17.1 m | -41.4 m | 11.0 m | 10.6 m | 61.1 m | 22.3 m | 10.1 m | 16.2 m |
| Net income | -32.1 m | 277.0 m | 72.7 m | 66.2 m | 88.3 m | 100.0 m | 120.5 m | 140.1 m |
| Diluted EPS | -0.29 | 2.55 ≈ | 0.69 | 0.64 | 0.85 | 0.96 ≈ | 1.04 | 1.32 |
| Operating cash flow | 279.3 m ≈ | 479.0 m | 133.8 m | 405.1 m ≈ | 335.8 m ≈ | 478.0 m | 153.5 m | 491.9 m ≈ |
| Capex | 101.4 m ≈ | 127.2 m | 159.9 m | 165.3 m ≈ | 164.0 m ≈ | 171.2 m | 179.1 m | 153.0 m ≈ |
| Dividends paid | 41.9 m ≈ | 27.5 m | 26.8 m | 61.5 m ≈ | 60.6 m ≈ | 25.8 m | 26.9 m | 68.1 m ≈ |
| Share repurchases | 117.5 m ≈ | 203.6 m | 212.0 m | 165.6 m ≈ | 2.0 m ≈ | 448.0 k | 70.0 m | 95.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 36 percentile of its own 25-quarter history (min 11.4, median 23.3, max 1,176.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.7 bn | 6.6 bn | 2.1 bn | 3.8 bn | 3.8 bn | 6.5 bn | 7.1 bn | 7.1 bn |
| Revenue YoY | +10.7% | −1.6% | −68.3% | +79.6% | −0.2% | +73.9% | +9.1% | +0.1% |
| Net income | 572.4 m | 123.0 m | -2.1 bn | -755.8 m | -423.9 m | 730.0 m | 501.1 m | 327.3 m |
| Net income YoY | −23.4% | −78.5% | −1,780.9% | unavailable | unavailable | unavailable | −31.4% | −34.7% |
| Diluted EPS | 5.35 | 1.15 | -19.37 | -6.64 | -3.73 | 6.32 | 4.35 | 3.14 |
| Diluted EPS YoY | −26.5% | −78.5% | −1,784.3% | unavailable | unavailable | unavailable | −31.2% | −27.8% |
| net % | 8.5% | 1.9% | -98.6% | -20.1% | -11.3% | 11.2% | 7.0% | 4.6% |
| Free cash flow | -514.5 m | -162.2 m | -1.4 bn | -513.2 m | -371.4 m | 805.1 m | 1.0 bn | 692.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 bn USD
- Financial debt
- 10.5 bn USD
- Net debt
- 9.1 bn USD
- Equity
- -1.0 bn USD
- Total assets
- 13.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.63x
- ROE
- unavailable
- ROA
- 2.5%
- FCF margin
- 9.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 3.8 bn | 3.8 bn | 6.5 bn | 7.1 bn | 7.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| SG&A | 720.8 m | 796.6 m | 830.5 m | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | -1.2 bn | -394.5 m | -100.7 m | 840.2 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 725.5 m | 716.0 m | 692.3 m | 687.3 m | 658.9 m | 620.6 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | -506.5 m ≈ | 321.4 m ≈ | 591.6 m ≈ | 1.5 bn ≈ | 1.8 bn ≈ | 1.7 bn ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 556.5 m | 605.6 m | 650.9 m | 751.5 m | 688.4 m | 625.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | -1.8 bn | -1.0 bn | -700.0 m | 285.4 m | 643.4 m | 514.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 564.7 m | 474.0 k | 9.3 m | -496.8 m | 3.7 m | 105.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -2.1 bn | -755.8 m | -423.9 m | 730.0 m | 501.1 m | 327.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -19.37 | -6.64 | -3.73 | 6.32 | 4.35 | 3.14 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 106.7 m | 113.8 m | 113.6 m | 112.9 m | 110.3 m | 104.2 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.5 bn | 2.5 bn | 3.7 bn | 2.9 bn | 2.4 bn | 1.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Inventories | 66.3 m | 70.0 m | 70.1 m | 75.6 m | 75.8 m | 88.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 3.8 bn | 2.9 bn | 4.0 bn | 4.2 bn | 2.9 bn | 2.7 bn | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 9.2 bn | 8.8 bn | 6.9 bn | 6.7 bn | 6.5 bn | 6.6 bn | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 144.1 m | 129.7 m | 90.5 m | 18.5 m | 18.5 m | — | SEC (XBRL)· 13 Feb 2025verified |
| Intangibles (excl. goodwill) | 125.7 m | 169.4 m | 146.3 m | 302.8 m | 254.6 m | 224.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 13.9 bn | 12.5 bn | 13.4 bn | 14.0 bn | 13.0 bn | 13.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 148.5 m | 170.5 m | 197.5 m | 208.3 m | 205.1 m | 255.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 596.4 m | 50.0 m | 547.5 m | 709.6 m | 41.3 m | 9.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 12.5 bn | 11.9 bn | 11.6 bn | 11.0 bn | 10.5 bn | 10.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 1.9 bn | 1.3 bn | 1.8 bn | 2.2 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 14.6 bn | 13.4 bn | 15.1 bn | 15.1 bn | 13.9 bn | 14.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Equity | -737.3 m | -836.2 m | -1.6 bn | -1.1 bn | -968.6 m | -1.0 bn | SEC (XBRL)· 02 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.1 bn | -222.6 m | -71.3 m | 1.2 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 290.1 m | 290.7 m | 300.1 m | 442.8 m | 419.9 m | 660.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -1.4 bn ≈ | -513.2 m ≈ | -371.4 m ≈ | 805.1 m ≈ | 1.0 bn ≈ | 692.2 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -265.8 m | -342.4 m | 1.3 bn | -1.3 bn | -83.6 m | -1.7 bn | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 2.5 bn | -388.0 m | -23.7 m | -719.2 m | -1.8 bn | -653.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividends paid | 108.8 m | 1.6 m | 1.4 m | 84.7 m | 139.6 m | 174.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 11.5 m | 13.8 m | 187.5 m | 212.5 m | 401.8 m | 380.1 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation78
- Balance sheet22
- Quality78
- Growth100
- Returns75
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.46 – 493.17 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)206.82 – 493.17 (Mid 301.63)WACC 6.9% · starting FCFF 1.3 bn USD · terminal value share of EV 82%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -18.9%
- Peers: EV/EBITDA17.46 – 199.22 (Mid 108.67)14 companies used · median multiple 11.3x · quartiles 6.1x – 16.4xBYD, CHH, CNTY, CZR, FLL, HLT, IHG, LVS, MGM, MLCO, PK, TNL, WH, XHR
- Peers: P/E77.68 – 170.43 (Mid 123.01)14 companies used · median multiple 29.5x · quartiles 18.6x – 40.8xATAT, BYD, CHH, HLT, IHG, LVS, MAR, MCRI, MGM, MLCO, RRR, SHO, TNL, WH
- Dividend discount (DDM)outside the aggregate49.28 – 66.27 (Mid 56.53)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.1% | 56 (vs peers) | 8% |
| FCF conversion · Quality | 176.4% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 23.9% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 5.1x | 37 (vs peers) | 13% |
| Interest coverage · Balance sheet | 1.9x | 6 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.9x | 9 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 19.7x | 76 (vs peers) | 13% |
| EV/EBITDA · Valuation | 9.8x | 63 (vs peers) | 13% |
| FCF yield · Valuation | 9.3% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 4.1% | 59 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 22.9% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns75/100 · 2/2 factors with a value
- Valuation78/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WYNN RESORTS, LIMITED (WYNN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 7.1 bn USD in 2025; YoY growth 0.1%; net margin 6.1%; net debt/EBITDA 5.1x.
The estimated value range is 77.68–199.22 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 123.01 USD, the price of 82.38 USD leaves a potential of 49.3% (value / price − 1) and a margin of safety of 33.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 176.4%
- Revenue CAGR 3Y: 23.9%
- P/E (TTM): 19.7x
- FCF yield: 9.3%
- Payout ratio (FCF): 22.9%
What contradicts it
- Interest coverage: 1.9x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y.
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −32% / −11% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| RRRRed Rock Resorts, Inc. | — | 29.1 | 60.8% | 5.8% | +3.7% | −17% / +9% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
| MSCStudio City International Holdings Limited | — | — | -10.5% | -8.5% | +8.7% | −75% / −83% |
1- and 3-year price returns: for WYNN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 56.23 Total return -31% · Per year -31% | 98.96 Total return 22% · Per year 22% | 148.44 Total return 82% · Per year 82% |
| 3 years | 66.70 Total return -15% · Per year -5% | 130.88 Total return 64% · Per year 18% | 213.76 Total return 166% · Per year 39% |
| 5 years | 79.12 Total return 3% · Per year 1% | 173.08 Total return 120% · Per year 17% | 307.81 Total return 287% · Per year 31% |
- Exit P/E± 32.72
- Net margin± 22.90
- Annual revenue growth± 17.08
- Annual dilution± 1.92
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Wynn Resorts designs, develops and operates luxury integrated resorts in Macau, Las Vegas and Everett, Massachusetts, and is building Wynn Al Marjan Island in the United Arab Emirates. Operating revenues were 7.14 billion USD in fiscal 2025 1 and 1.86 billion USD in the second quarter of 2026 3, pointing to continued demand in its core markets.
SWOT
Strengths
- The company has a strong reputation for luxury service and a large number of top hotel distinctions, which supports pricing and customer loyalty 1.
- Presence in three important markets and experience in resort design give the company geographic diversification 1.
- Recent quarterly results show operating improvement, including at Wynn Palace and in Las Vegas 3.
Weaknesses
- Activity depends on a limited number of resorts, which makes cash flow sensitive to local events 2.
- The company has been subject to investigations related to anti-money laundering compliance, and a settlement with authorities involved forfeiture of funds 1.
- Total debt is high, and financing costs could weigh on results if interest rates stay elevated 3.
Opportunities
Risks
- Regulatory dependencehigh
Operations depend on licences and concessions, and authorities can impose fines, conditions or revocations 1.
- Sensitivity to discretionary spendinghigh
Demand for luxury resorts falls when consumers cut spending or when economic confidence weakens 1.
- Geographic concentrationmedium
Cash flow depends on a small number of resorts and locations, which amplifies the effect of local events 2.
- Investigations and litigationmedium
Investigations related to anti-money laundering compliance can add costs and affect reputation 1.
- Debt and financing costsmedium
Total debt is considerable, and higher interest rates could increase refinancing costs 3.
Investment thesis
What would need to be true (bull case)
- If the recovery in Macau and Las Vegas continues, revenues and profitability could grow steadily, and the UAE opening could add a new growth engine.
- The luxury brand and hotel awards could support pricing and customer loyalty even in harder periods.
- If capital costs fall, the company could ease financial pressure and fund new projects more easily.
What would break the thesis
- An economic slowdown could reduce discretionary spending and hit room and restaurant revenues in particular.
- If competition in Las Vegas and Asia intensifies, the company's market share could decline.
- If regulators impose stricter conditions, compliance costs could rise and limit growth.
What to watch
- Development of Macau revenues and VIP table win rateQ3 2026
- Construction progress of Wynn Al Marjan Island and capital contributions2027
- Occupancy and average daily rate trends in Las VegasQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company designs, develops and operates integrated resorts that combine luxury hotel rooms, high-end retail, restaurants, convention facilities and gaming 1. Through its approximately 72% stake in Wynn Macau, Limited, it operates Wynn Palace and Wynn Macau in Macau 1. In Las Vegas it operates Wynn Las Vegas and Encore, and in Everett it operates Encore Boston Harbor 1.
The company's shares trade on NASDAQ under the symbol WYNN 3. Its activity depends heavily on a few locations, a concentration the company names explicitly as a risk 2.
Segments
Market context
The casino resort industry is highly competitive, and the company differentiates itself through design and service quality 1. Macau gaming revenues reached 30.9 billion USD in 2025 1. Las Vegas remains the largest gaming market in the U.S., although visitor volume fell to 38.5 million in 2025 1.
Occupancy on the Las Vegas Strip was 83.2% in 2025 1. The company operates under strict regulation involving licences, investigations and compliance obligations, and these costs are substantial 1.
Trends
- Recovery of Macau tourismtailwind
Visitation to Macau grew strongly after 2022, and in the second quarter of 2026 Wynn Palace revenues rose considerably 13. If this trend continues, it could support regional revenues.
- Pressure on discretionary spendingheadwind
Demand for luxury resorts is sensitive to lower consumer spending, inflation and high interest rates 1. An economic slowdown could reduce room rates and occupancy.
- Geopolitical tensions and travel restrictionsheadwind
Visa restrictions, money transfer controls and trade tensions can reduce visitor numbers from certain countries 1. The effect on revenues remains uncertain.
- The UAE development projectmixed
Wynn Al Marjan Island could diversify the company's activity once it opens in 2027 13. Until then, construction costs and capital contributions are a financial burden.
Competitive position
In New England, Encore Boston Harbor competes with commercial and Native American casinos, as well as lotteries and online sports betting 1. Regional competition could affect its future market share 1.
- Sands China Ltd. (Las Vegas Sands operator in Macau)
Casino operator in Macau, cited in the annual report as one of the licensed operators in the region 1.
- SJM Resorts, S.A.
Licensed casino operator in Macau, mentioned in the annual report 1.
- MGM Resorts International (MGM Springfield)
Competitor in Massachusetts operating MGM Springfield, mentioned in the report 1.
- Melco Resorts (Macau) Limited
Casino operator in Macau, mentioned in the annual report 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Ras Al Khaimah Hotels Renovate to Capture the ‘Wynn Effect’Skift · 01 Oct 2026 · EN
- Michael Wynn-Jones, husband of Delia Smith, dies aged 85The Guardian World · 28 Sept 2026 · EN
- Wynn Resorts (WYNN) Doubles Its Profit But Cracks Are ShowingYahoo Finance — News · 06 Sept 2026 · EN
- Wynn’s New Middle Eastern Resort to Open in September 2027Bloomberg Markets · 04 Aug 2026 · EN
- Meta trying to destroy whistleblower Sarah Wynn-Williams, US senator saysThe Guardian World · 17 Jul 2026 · RO
- Whistleblower Sarah Wynn-Williams sues Meta over attempts to ‘silence’ herThe Guardian World · 25 Jun 2026 · RO
The latest news item in our archive is from 01 Oct 2026; the newest SEC filing is from 23 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report23 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report22 Sept 2026Material agreement · Financial statements and exhibits
- Current report11 Sept 2026Other events · Financial statements and exhibits
- Current report10 Sept 2026Other events · Financial statements and exhibits
- Current report31 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report22 Jul 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report08 May 2026Shareholder vote
- Quarterly report07 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Wynn Resorts, Limited · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Wynn Resorts, Limited · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Wynn Resorts, Limited · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.