Wynn Resorts (WYNN)
NASDAQ:WYNN
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Wynn Resorts
(NASDAQ:WYNN)
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Rating:54Neutral
Price Target:
$105.00
▲(5.56% Upside)
Action:ReiteratedDate:03/11/26
The score is held back mainly by balance-sheet risk (high leverage and negative equity) and weak technicals (price below key moving averages with negative MACD). These are partially offset by a constructive earnings-call outlook featuring strong property-level performance, solid liquidity, and continued capital returns, though valuation remains elevated versus the modest yield.
Positive Factors
Improved Free Cash Flow
Wynn’s free cash flow turned decisively positive and increased materially through 2024–2025, providing durable internal funding for dividends, maintenance CapEx and project contributions. Consistent FCF supports liquidity and reduces reliance on external financing over the next 2–6 months despite past unevenness.
Negative Factors
High Leverage & Negative Equity
Wynn’s capital structure remains debt-heavy with negative shareholders’ equity, limiting financial flexibility and increasing exposure to interest-rate and cyclical travel downturns. High leverage constrains strategic optionality and raises refinancing and covenant sensitivity over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Free Cash Flow
Wynn’s free cash flow turned decisively positive and increased materially through 2024–2025, providing durable internal funding for dividends, maintenance CapEx and project contributions. Consistent FCF supports liquidity and reduces reliance on external financing over the next 2–6 months despite past unevenness.
Read all positive factors
Wynn Resorts (WYNN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.37B
Dividend Yield0.8%
Average Volume (3M)2.00M
Price to Earnings (P/E)38.1
Beta (1Y)0.90
Revenue Growth-0.26%
EPS Growth-44.45%
CountryUS
Employees28,000
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)1.17
Shares Outstanding104,283,295
10 Day Avg. Volume1,806,073
30 Day Avg. Volume1,998,682
Financial Highlights & Ratios
PEG Ratio-1.24
Price to Book (P/B)-45.29
Price to Sales (P/S)1.75
P/FCF Ratio18.03
Enterprise Value/Market Cap2.01
Enterprise Value/Revenue2.93
Enterprise Value/Gross Profit7.47
Enterprise Value/Ebitda11.87
Forecast
1Y Price Target
$142.75Price Target Upside43.51% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)5.28
Revenue Forecast (FY)$7.44B
Wynn Resorts Business Overview & Revenue Model
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 ...
How the Company Makes Money
Wynn Resorts generates revenue primarily through its gaming operations, hotel accommodations, and various entertainment and dining offerings. The company's casino segment is a significant revenue driver, where it earns money from table games and s...
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 Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive operational and financial picture: strong adjusted EBITDA across core assets (Wynn Las Vegas, Macau, Boston), significant volume growth in Macau (VIP turnover +48%, mass drop +18%), healthy liquidity ($4.7B) and continued capital returns (quarterly dividend). The company is advancing major development projects (Wynn Al Marjan topped out; Chairman's Club expansion opened) and expects meaningful geographic diversification. Primary negatives were volatility from unusually low hold (costing roughly $16M in Macau EBITDA and ~250 bps lower mass hold), rising operating expenses (Vegas OpEx per day +4.1% YoY), and a temporary room-night headwind from the Encore Tower remodel (~80,000 room nights removed in 2026). Overall, the positives (strong volumes, liquidity, project progress, and shareholder returns) outweigh the transitory weaknesses driven largely by hold variability and scheduled capital projects.Positive Updates
Strong Wynn Las Vegas Performance
Adjusted property EBITDA of $240,800,000 on operating revenue of $688,100,000 in Q4 2025; EBITDA margin 35%. Gaming drop, handle, and ADR were up year-over-year; RevPAR modestly below prior year but overall performance reflects revenue optimization (higher ADR with slightly lower occupancy). Hold positively impacted EBITDA by just over $8,000,000 in the quarter.
Negative Updates
Unusually Low Hold Impacting Earnings
Q4 experienced unusually low VIP and mass hold in Macau; low VIP hold cost the company just over $16,000,000 of EBITDA in the quarter. Mass hold was approximately 250 basis points lower than the prior-year quarter, negatively affecting the overall EBITDA margin.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Wynn Las Vegas Performance
Adjusted property EBITDA of $240,800,000 on operating revenue of $688,100,000 in Q4 2025; EBITDA margin 35%. Gaming drop, handle, and ADR were up year-over-year; RevPAR modestly below prior year but overall performance reflects revenue optimization (higher ADR with slightly lower occupancy). Hold positively impacted EBITDA by just over $8,000,000 in the quarter.
Read all positive updates
Company Guidance
The call’s forward-looking guidance highlighted full‑year 2026 CapEx of $400–$450 million (Q4 CapEx $171.2M), with total equity to Buenos Aires Island of $914.2M to date plus a $79.2M Q4 contribution, Marjan construction loan drawn $769.6M and remaining equity needed of roughly $450–$550M, and global liquidity of $4.7B (comprised of $2.9B in Macau and $1.8B in the U.S.) supporting a consolidated net leverage of just over 4.4x; the Board approved a $0.25 per‑share quarterly dividend payable 03/04/2026 (record 2/23). Operating guidance included Wynn Las Vegas OpEx ex‑gaming tax targeted at $4.3–$4.5M per day outside major events (Q4 was $4.6M) and Macau OpEx ex‑gaming tax of $2.7–$2.9M per day. Key operational expectations: Encore Tower remodel begins in Q2 and will remove ~80,000 room nights in 2026 (12‑month program extending into 2027, with some recapture via higher rates), rooms for Wynn Al Marjan likely to go on sale late Q3/early Q4, the expanded Chairman’s Club at Wynn Palace (nearly 100,000 sq ft, tripled in size) opened for Chinese New Year, and group/convention pace is on track to grow both room nights and rate versus 2025; Q4 operating context included Wynn Las Vegas adjusted property EBITDA ~$240.8–241M on $688.1M revenue (35% margin; hold benefit ≈$8M), Encore Boston adjusted EBITDA $57M on $210.2M revenue (27.1% margin), Macau adjusted property EBITDA $270.9M on $967.7M revenue (28% margin; low VIP hold cost ≈$16M; VIP turnover +48% YoY; mass drop +18% YoY), and the company expects to trend toward >55% of revenues from non‑USD markets with Wynn Al Marjan driving a free‑cash‑flow inflection.Wynn Resorts Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
34
Negative
Cash Flow
68
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.14B | 7.13B | 6.53B | 3.76B | 3.76B |
| Gross Profit | 2.34B | 3.10B | 2.82B | 1.37B | 1.21B |
| EBITDA | 1.76B | 1.99B | 1.72B | 643.17M | 310.01M |
| Net Income | 327.33M | 501.08M | 729.99M | -423.86M | -755.79M |
Balance Sheet | |||||
| Total Assets | 13.50B | 12.98B | 14.00B | 13.42B | 12.53B |
| Cash, Cash Equivalents and Short-Term Investments | 2.07B | 2.43B | 3.72B | 3.65B | 2.52B |
| Total Debt | 12.29B | 12.17B | 13.37B | 13.73B | 12.05B |
| Total Liabilities | 14.53B | 13.95B | 15.10B | 15.06B | 13.37B |
| Stockholders Equity | -275.49M | -224.16M | -251.38M | -750.84M | -214.42M |
Cash Flow | |||||
| Free Cash Flow | 692.22M | 1.00B | 740.70M | -423.78M | -569.28M |
| Operating Cash Flow | 1.35B | 1.43B | 1.25B | -71.27M | -222.59M |
| Investing Cash Flow | -1.66B | -83.56M | -1.34B | 1.35B | -342.42M |
| Financing Cash Flow | -653.30M | -1.79B | -719.21M | -23.68M | -388.00M |
Wynn Resorts Technical Analysis
Negative
99.47
Price Trends
108.49
Negative
115.90
Negative
114.26
Negative
Market Momentum
-2.37
Negative
40.33
Neutral
39.99
Neutral
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 99.47 is below the 20-day moving average (MA) of 102.09, below the 50-day MA of 108.49, and below the 200-day MA of 114.26, indicating a bearish trend. The MACD of -2.37 indicates Negative momentum. The RSI at 40.33 is Neutral, neither overbought nor oversold. The STOCH value of 39.99 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $6.26B | 3.78 | 91.87% | 0.84% | 5.91% | 336.91% | |
62 Neutral | $9.61B | 46.86 | 7.55% | ― | 0.05% | -94.07% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $35.21B | 27.64 | 82.89% | 1.51% | 8.37% | 10.20% | |
57 Neutral | $5.47B | -9.69 | -13.18% | ― | 0.87% | 31.28% | |
54 Neutral | $10.37B | 38.12 | -90.44% | 0.80% | -0.26% | -44.45% | |
44 Neutral | $2.16B | 12.19 | -13.94% | ― | 11.32% | ― |
* Consumer Cyclical Sector Average
WYNN
Wynn Resorts
96.59
13.85
16.73%
BYD
Boyd Gaming
80.16
14.93
22.89%
LVS
Las Vegas Sands
51.69
13.85
36.59%
MLCO
Melco Resorts & Entertainment
5.62
0.35
6.64%
MGM
MGM Resorts
36.32
6.68
22.54%
CZR
Caesars Entertainment
25.85
0.85
3.40%
Wynn Resorts Corporate Events
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...
Business Operations and StrategyExecutive/Board Changes
Wynn Resorts Announces Planned CFO Transition and Succession
Positive
Jan 9, 2026
On January 7, 2026, Wynn Resorts announced that Chief Financial Officer Julie Cameron‑Doe will retire from her CFO role effective March 31, 2026 and from her officer role effective June 1, 2026, after helping drive the group’s recent e...
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.