Wynn Macau Ltd. (HK:1128)
:1128
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Wynn Macau
(1128)
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Rating:56Neutral
Price Target:
HK$6.00
â–˛(4.35% Upside)
Action:Reiterated
Date:05/04/26
The score is most constrained by balance-sheet risk (negative equity and high debt) alongside a sharp 2025 revenue decline, despite strong recent profitability and cash flow. Technical indicators are broadly neutral, while valuation is supported by a high dividend yield and a moderate P/E.
Positive Factors
Free cash flow generation
Consistent positive operating and free cash flow across 2023–2025 supports the company's ability to service obligations, fund maintenance capex and pursue discretionary uses (dividends or limited buybacks). That persistent cash generation strengthens resilience despite cyclical variability in prior years.
Negative Factors
Very high leverage and negative equity
Persistent negative equity and very high debt materially weaken financial flexibility and increase refinancing and covenant risk. In a cyclical market like Macau, this capital-structure fragility constrains management options for investments or shock absorption during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Consistent positive operating and free cash flow across 2023–2025 supports the company's ability to service obligations, fund maintenance capex and pursue discretionary uses (dividends or limited buybacks). That persistent cash generation strengthens resilience despite cyclical variability in prior years.
Read all positive factors
Wynn Macau (1128) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$30.00B
Dividend Yield5.92%
Average Volume (3M)10.34M
Price to Earnings (P/E)5.6
Beta (1Y)0.88
Revenue Growth-1.98%
EPS Growth-49.13%
CountryHK
Employees11,500
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)N/A
Shares Outstanding5,263,718,000
10 Day Avg. Volume11,931,725
30 Day Avg. Volume10,343,746
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)-2.30
Price to Sales (P/S)1.92
P/FCF Ratio5.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$7.15Price Target Upside24.35% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Wynn Macau Business Overview & Revenue Model
Company Description
Wynn Macau, Limited, together with its subsidiaries, develops, owns, and operates the Wynn Palace and Wynn Macau casino resorts in Macau. The company's Wynn Palace resort features approximately 424,000 square feet of casino space providing 24-hour...
How the Company Makes Money
Wynn Macau makes money primarily by operating integrated casino resorts in Macau and earning revenue from both gaming and non-gaming activities.
1) Casino gaming revenue (core earnings driver)
- Table games: The company earns gaming revenue from ...
Wynn Macau Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
24
Negative
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 16.20B | 28.74B | 24.27B | 5.64B | 11.73B |
| Gross Profit | 7.32B | 11.87B | 9.67B | -676.72M | 2.45B |
| EBITDA | 7.08B | 8.81B | 6.70B | -2.57B | -200.30M |
| Net Income | 1.63B | 3.20B | 1.17B | -7.34B | -5.18B |
Balance Sheet | |||||
| Total Assets | 40.56B | 39.23B | 44.83B | 36.08B | 41.90B |
| Cash, Cash Equivalents and Short-Term Investments | 11.82B | 11.33B | 15.75B | 7.42B | 11.66B |
| Total Debt | 45.18B | 44.98B | 52.83B | 48.40B | 46.75B |
| Total Liabilities | 54.06B | 52.52B | 60.64B | 53.23B | 51.92B |
| Stockholders Equity | -13.50B | -13.29B | -15.81B | -17.15B | -10.02B |
Cash Flow | |||||
| Free Cash Flow | 5.43B | 6.38B | 6.10B | -2.47B | -1.69B |
| Operating Cash Flow | 7.37B | 7.69B | 6.81B | -2.12B | -1.21B |
| Investing Cash Flow | -6.84B | 4.83B | -5.41B | -1.29B | -453.91M |
| Financing Cash Flow | -4.72B | -11.42B | 1.49B | -860.42M | -5.57B |
Wynn Macau Technical Analysis
Negative
5.75
Price Trends
5.63
Positive
5.79
Negative
6.20
Negative
Market Momentum
0.01
Positive
48.75
Neutral
50.23
Neutral
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 5.75 is above the 20-day moving average (MA) of 5.69, above the 50-day MA of 5.63, and below the 200-day MA of 6.20, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 48.75 is Neutral, neither overbought nor oversold. The STOCH value of 50.23 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$144.80B | 7.71 | 13.12% | 3.06% | 9.63% | 21.77% | |
62 Neutral | HK$8.74B | 3.36 | 73.50% | ― | 12.09% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | HK$41.61B | 4.63 | 194.66% | 5.73% | 10.97% | 10.35% | |
56 Neutral | HK$30.00B | 5.55 | -11.87% | 5.92% | -1.98% | -49.13% | |
52 Neutral | HK$129.17B | 10.53 | 71.16% | 2.39% | 4.17% | -14.33% | |
43 Neutral | HK$13.71B | -39.90 | -3.22% | ― | -3.01% | -15200.00% |
* Consumer Cyclical Sector Average
HK:1128
Wynn Macau
5.67
0.60
11.83%
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Wynn Macau Corporate Events
Wynn Macau Grants New Employee Share Awards Under Ownership Scheme
May 4, 2026
Wynn Macau has granted share awards under its Employee Ownership Scheme to 297 employees, allowing them to subscribe for a total of 297,000 new shares, or about 0.01% of its issued share capital, at no purchase price. The awards, which are not sub...
Wynn Macau Updates Timetable for 2025 Final Dividend Payment
Apr 24, 2026
Wynn Macau, Limited has updated details of its final ordinary dividend for the financial year ended 31 December 2025, confirming a payout of HKD 0.223 per share, subject to shareholder approval on 28 May 2026. The stock will trade ex-dividend on 1...
Wynn Macau Sets 2026 AGM to Approve Dividend, Board and Capital Mandates
Apr 24, 2026
Wynn Macau has called its 2026 annual general meeting for 28 May in Macau, where shareholders will review the 2025 audited financial statements and vote on a proposed final dividend of HK$0.223 per share. Investors will also decide on the re-elect...
Wynn Macau Grants New Share Awards to Executive and Staff Under Ownership Scheme
Mar 23, 2026
Wynn Macau has granted share awards under its Employee Ownership Scheme to one executive director and 165 employees, totaling 5,587,190 ordinary shares, or about 0.11% of its issued share capital. The awards, granted at no purchase price and refer...
Wynn Macau Profit Falls in 2025 as Costs Rise, but Dividend Increased
Mar 20, 2026
Wynn Macau reported 2025 casino revenues of HK$24.42 billion, slightly up from a year earlier, while overall operating revenues were broadly flat at HK$28.99 billion as room and other non-gaming revenues softened. Adjusted EBITDA declined to HK$7....
Wynn Macau Announces Final Cash Dividend for 2025 Financial Year
Mar 20, 2026
Wynn Macau has declared a final ordinary cash dividend of HKD 0.223 per share for the financial year ended 31 December 2025, subject to shareholder approval. The move signals management’s confidence in the company’s financial performan...
Wynn Macau Sets March 2026 Board Meeting to Approve 2025 Results
Mar 10, 2026
Wynn Macau has scheduled a board meeting for 20 March 2026 to review and approve the group’s annual results for the year ended 31 December 2025 and to consider whether to declare or recommend a dividend. The meeting will also address any oth...
Wynn Macau Flags Parent Wynn Resorts’ 2025 Annual Report and Accounting Gap
Mar 2, 2026
Wynn Macau announced that its controlling shareholder, Wynn Resorts, has released its audited annual report for the fiscal year ended 31 December 2025, which includes segmented financial data on the group’s Macau operations. The company dire...
Wynn Macau flags differences as Wynn Resorts posts unaudited 2025 results
Feb 12, 2026
Wynn Resorts, Limited, the controlling shareholder of Wynn Macau, has released its unaudited fourth-quarter and full-year 2025 results in the United States, which include segmented financial data on the Macau operations owned by Wynn Macau. The fi...
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.