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Wynn Resorts
(NASDAQ:WYNN)
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Rating:53Neutral
Price Target:
$104.00
▼(-4.75% Downside)
Action:Reiterated
Date:05/09/26
The score is held back most by elevated balance-sheet risk (high debt and negative equity) and weak technical positioning below major moving averages. These are partially offset by the post-2022 operational recovery with solid free cash flow, a reasonable P/E, and a generally positive earnings-call backdrop featuring strong property performance, ample liquidity, and continued capital returns despite cost and project-timing headwinds.
Positive Factors
Cash Generation
TTM free cash flow of roughly $0.87B demonstrates durable operating cash generation that supports dividends, buybacks and reinvestment. Consistent cash flow provides a multi-month cushion to fund projects and shareholder returns without relying solely on external financing.
Negative Factors
High Leverage & Negative Equity
Very large debt and negative equity materially weaken financial flexibility and increase refinancing and covenant risk. In adverse demand conditions the capital structure limits ability to absorb shocks, fund opportunistic investments, or pursue aggressive buybacks without raising costly capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
TTM free cash flow of roughly $0.87B demonstrates durable operating cash generation that supports dividends, buybacks and reinvestment. Consistent cash flow provides a multi-month cushion to fund projects and shareholder returns without relying solely on external financing.
Read all positive factors
Wynn Resorts Key Performance Indicators (KPIs)
Any
Operating Income by Property
Shows the income generated by each property after operating expenses, indicating the profitability and financial health of Wynn's individual locations.
Shows the income generated by each property after operating expenses, indicating the profitability and financial health of Wynn's individual locations.
Data provided by:
The Fly
The FlyWynn Resorts (WYNN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.42B
Dividend Yield0.8%
Average Volume (3M)1.57M
Price to Earnings (P/E)27.6
Beta (1Y)0.90
Revenue Growth4.72%
EPS Growth-8.26%
CountryUS
Employees28,000
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)3.64
Shares Outstanding103,786,730
10 Day Avg. Volume1,567,419
30 Day Avg. Volume1,566,944
Financial Highlights & Ratios
PEG Ratio-1.24
Price to Book (P/B)-45.29
Price to Sales (P/S)1.75
P/FCF Ratio18.04
Enterprise Value/Market Cap2.07
Enterprise Value/Revenue2.96
Enterprise Value/Gross Profit7.64
Enterprise Value/Ebitda11.81
Forecast
1Y Price Target
$134.00Price Target Upside22.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)4.68
Revenue Forecast (FY)$7.50B
Wynn Resorts Business Overview & Revenue Model
Company Description
Wynn Resorts, Limited excels in the conceptualization, development, and operation of upscale integrated resort properties. The Wynn Palace, situated in Cotai, boasts a gaming floor spanning 424,000 square feet, which includes 323 table games, 1,03...
How the Company Makes Money
Wynn Resorts generates revenue primarily from operating integrated resort properties. Its key revenue streams include: (1) Casino gaming: revenue from table games and slot machines, including both mass-market play and VIP play (commonly supported ...
Wynn Resorts Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational highlights — notably robust Las Vegas performance (EBITDAR growth, double-digit ADR and RevPAR gains), strong mass trends in Macau, a major strategic investment (Wynn Palace Enclave) and solid liquidity and shareholder returns. Offsetting these positives are a modest delay and logistical challenges at Wynn Al Marjan, a ~$17 million VIP hold headwind in Macau, and rising operating costs and wage pressures across markets. On balance, the positive operating momentum, strategic expansion plans and strong balance sheet outweigh the headwinds.Positive Updates
Las Vegas Strong Operating Performance
Adjusted property EBITDAR in Las Vegas grew ~5% year-over-year to $232.5 million on $661.9 million of operating revenue; casino revenues were up over 9%; RevPAR rose nearly 10% YoY driven by a 12% increase in ADR; company reported its best March in property history.
Negative Updates
Wynn Al Marjan — Modest Delay and Supply Chain Disruption
Regional conflict created logistical and shipping challenges leading management to expect a modest delay to the Wynn Al Marjan opening; shipping rates have risen and extended preopening team costs will increase near-term (management will quantify timing and any cost impacts in coming months).
Read all updates
Q1-2026 Updates
Positive
Negative
Las Vegas Strong Operating Performance
Adjusted property EBITDAR in Las Vegas grew ~5% year-over-year to $232.5 million on $661.9 million of operating revenue; casino revenues were up over 9%; RevPAR rose nearly 10% YoY driven by a 12% increase in ADR; company reported its best March in property history.
Read all positive updates
Company Guidance
Management's forward guidance and near‑term plans highlighted a modest delay at Wynn Al Marjan with the project still targeted to open in 2027, total equity contributed to date of $1.01 billion and a Marjan construction loan drawn of $962.3 million, with remaining equity needs (including the Janu project) estimated at ~$350–$450 million; 2026 expansionary CapEx (including limited piling/early Enclave work) is expected to be $400–$450 million (Q1 spend was ~$179.1 million and included a $100.1 million equity contribution to Al Marjan). They announced the Enclave at Wynn Palace: a 432 all‑suite $900–$950 million tower that will raise room count ~25% and suite count ~50%, underwritten at roughly $2,500 theo/room‑night (implying ~ $400 million incremental GGR and ~$150–$175 million of EBITDA). Balance‑sheet and capital‑return guidance included $4.4 billion of global cash and revolver availability ($2.8bn Macau, $1.6bn U.S.), LTM adjusted EBITDAR just under $2.3 billion, consolidated net leverage just over 4.4x, a Wynn Resorts cash dividend of $0.25/share payable May 29, 2026, a Wynn Macau recommended final dividend increase to $150 million (from $125 million) and ongoing buybacks (528,000 shares for ~$53.8 million in Q1 plus ~$30.6 million in Q2 to date).Wynn Resorts Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
24
Negative
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.29B | 7.14B | 7.13B | 6.53B | 3.76B | 3.76B |
| Gross Profit | 2.82B | 2.34B | 3.10B | 2.82B | 1.37B | 1.21B |
| EBITDA | 1.83B | 1.76B | 1.99B | 1.72B | 643.17M | 310.01M |
| Net Income | 375.04M | 327.33M | 501.08M | 729.99M | -423.86M | -755.79M |
Balance Sheet | ||||||
| Total Assets | 12.91B | 13.50B | 12.98B | 14.00B | 13.42B | 12.53B |
| Cash, Cash Equivalents and Short-Term Investments | 1.19B | 2.07B | 2.43B | 3.72B | 3.65B | 2.52B |
| Total Debt | 12.16B | 12.29B | 12.17B | 13.37B | 13.73B | 12.05B |
| Total Liabilities | 13.85B | 14.53B | 13.95B | 15.10B | 15.06B | 13.37B |
| Stockholders Equity | -211.82M | -275.49M | -224.16M | -251.38M | -750.84M | -214.42M |
Cash Flow | ||||||
| Free Cash Flow | 693.07M | 691.76M | 1.00B | 740.70M | -423.78M | -569.28M |
| Operating Cash Flow | 1.37B | 1.35B | 1.43B | 1.25B | -71.27M | -222.59M |
| Investing Cash Flow | -1.72B | -1.66B | -83.56M | -1.34B | 1.35B | -342.42M |
| Financing Cash Flow | -524.30M | -653.30M | -1.79B | -719.21M | -23.68M | -388.00M |
Wynn Resorts Technical Analysis
Negative
109.19
Price Trends
103.10
Negative
104.32
Negative
112.92
Negative
Market Momentum
-0.09
Positive
43.84
Neutral
14.14
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WYNN, the sentiment is Negative. The current price of 109.19 is above the 20-day moving average (MA) of 104.34, above the 50-day MA of 103.10, and below the 200-day MA of 112.92, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 43.84 is Neutral, neither overbought nor oversold. The STOCH value of 14.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for WYNN.
Wynn Resorts Risk Analysis
Wynn Resorts disclosed 40 risk factors in its most recent earnings report. Wynn Resorts reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Wynn Resorts Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $6.67B | 3.93 | 79.86% | 0.84% | 3.45% | 272.47% | |
63 Neutral | $6.15B | -12.74 | -13.29% | ― | 2.35% | -116.00% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $31.22B | 17.39 | 115.99% | 1.51% | 22.67% | 50.79% | |
55 Neutral | $12.59B | 67.38 | 6.96% | ― | 3.39% | -67.21% | |
54 Neutral | $2.08B | 9.22 | -17.64% | ― | 11.54% | 313.70% | |
53 Neutral | $10.42B | 27.59 | -115.50% | 0.80% | 4.72% | -8.26% |
* Consumer Cyclical Sector Average
WYNN
Wynn Resorts
99.42
6.61
7.12%
BYD
Boyd Gaming
89.57
12.04
15.53%
LVS
Las Vegas Sands
46.37
3.71
8.71%
MLCO
Melco Resorts & Entertainment
5.38
-1.85
-25.59%
MGM
MGM Resorts
49.69
15.30
44.49%
CZR
Caesars Entertainment
29.82
1.43
5.04%
Wynn Resorts Corporate Events
Executive/Board ChangesShareholder Meetings
Wynn Resorts Shareholders Back Board, Auditor and Incentive Plan
Positive
May 8, 2026
On May 6, 2026, Wynn Resorts, Limited held its 2026 Annual Meeting of Shareholders, where investors re-elected three Class III directors, Richard J. Byrne, Patricia Mulroy, and Philip G. Satre, to serve until the 2029 annual meeting, reinforcing c...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Wynn Resorts Posts Strong Q1 Results and Expansion
Positive
May 7, 2026
Wynn Resorts reported on May 7, 2026 that first-quarter 2026 operating revenue rose to $1.86 billion from $1.70 billion a year earlier, while net income climbed to $120.5 million, or $1.04 per diluted share, up from $72.7 million, or $0.69 per sha...
Financial DisclosuresRegulatory Filings and Compliance
Wynn Resorts Highlights Wynn Macau 2025 Annual Report Disclosure
Neutral
Apr 30, 2026
On April 28, 2026, Wynn Macau, Limited, an indirect subsidiary of Wynn Resorts, filed its annual report for the year ended December 31, 2025 with the Hong Kong Stock Exchange, covering its performance and operations over that period. Wynn Resorts,...
Business Operations and Strategy
Wynn Resorts Resumes Construction at Al Marjan Island Project
Positive
Mar 11, 2026
On March 11, 2026, Wynn Resorts provided an operational update on Wynn Al Marjan Island, its integrated resort under development in Ras Al Khaimah in the United Arab Emirates, where it holds a 40% equity stake in the project company. The resort, w...
Business Operations and StrategyDividendsFinancial Disclosures
Wynn Resorts Reports Softer Profits, Declares Quarterly Dividend
Negative
Feb 12, 2026
Wynn Resorts reported that fourth-quarter 2025 operating revenue edged up to $1.87 billion from $1.84 billion a year earlier, but net income fell sharply to $100 million from $277 million, with diluted EPS down to $0.82 from $2.29, as Adjusted Pro...
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.