Wynn Resorts (WYNN)
Market Price (6/27/2026): $100.44 | Market Cap: $10.4 BilSector: Consumer Discretionary | Industry: Casinos & Gaming
Wynn Resorts (WYNN)
Market Price (6/27/2026): $100.44Market Cap: $10.4 BilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, FCF Yield is 6.7% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Low stock price volatilityVol 12M is 35% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Markets & Betting. Themes include Travel & Leisure Tech, Experiential Retail, Show more. | Weak multi-year price returns2Y Excs Rtn is -21%, 3Y Excs Rtn is -71% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 100% Key risksWYNN key risks include [1] a substantial debt burden, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, FCF Yield is 6.7% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Markets & Betting. Themes include Travel & Leisure Tech, Experiential Retail, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -21%, 3Y Excs Rtn is -71% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 100% |
| Key risksWYNN key risks include [1] a substantial debt burden, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Wynn Resorts (WYNN) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Underperformance of Wynn Macau and Margin Pressure from Intense Competition: While Wynn Palace demonstrated strong performance, Wynn Macau's operating revenues for fiscal Q1 2026 were flat year-over-year, and its Adjusted Property EBITDAR decreased by $14.6 million from fiscal Q1 2025. This was significantly impacted by a VIP table games win percentage of 0.39%, substantially below the property's expected range of 3.1% to 3.4%. The overall profitability was further constrained by intensified competition and new capacity coming online in Macau during fiscal Q1 and Q2 2026, leading to a 90 basis point year-over-year decline in Macau's adjusted property EBITDAR margins and a 100 basis point drop in overall group margins to 30.3%.
2. Decelerating Gross Gaming Revenue (GGR) Growth in Macau: The pace of recovery in Macau's gross gaming revenue (GGR) showed signs of slowing during the period. April's year-over-year GGR growth was 5.5%, a noticeable deceleration from the 14% year-to-date growth recorded at the end of March. Current consensus estimates for full fiscal year 2026 GGR growth are in the mid-single digits, with expectations for further moderation in the second half of the year due to a higher comparable base from 2025. This slowing momentum in a key market likely weighed on investor sentiment.
Show more
Wynn Resorts (WYNN) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Underperformance of Wynn Macau and Margin Pressure from Intense Competition: While Wynn Palace demonstrated strong performance, Wynn Macau's operating revenues for fiscal Q1 2026 were flat year-over-year, and its Adjusted Property EBITDAR decreased by $14.6 million from fiscal Q1 2025. This was significantly impacted by a VIP table games win percentage of 0.39%, substantially below the property's expected range of 3.1% to 3.4%. The overall profitability was further constrained by intensified competition and new capacity coming online in Macau during fiscal Q1 and Q2 2026, leading to a 90 basis point year-over-year decline in Macau's adjusted property EBITDAR margins and a 100 basis point drop in overall group margins to 30.3%.
2. Decelerating Gross Gaming Revenue (GGR) Growth in Macau: The pace of recovery in Macau's gross gaming revenue (GGR) showed signs of slowing during the period. April's year-over-year GGR growth was 5.5%, a noticeable deceleration from the 14% year-to-date growth recorded at the end of March. Current consensus estimates for full fiscal year 2026 GGR growth are in the mid-single digits, with expectations for further moderation in the second half of the year due to a higher comparable base from 2025. This slowing momentum in a key market likely weighed on investor sentiment.
3. Fiscal Q1 2026 Diluted Earnings Per Share Miss and Overall Margin Compression: Despite reporting strong operating revenue growth, Wynn Resorts' diluted earnings per share (EPS) of $1.04 for fiscal Q1 2026 fell short of the estimated $1.20. Critically, adjusted property EBITDAR margins declined across all segments year-over-year, with the consolidated margin decreasing by 100 basis points to 30.3%. This margin compression, primarily attributed to increased promotional activity and a competitive premium segment in Macau, was identified as a core reason for the stock's negative reaction following the earnings announcement on May 7, 2026.
4. Insider Derivative Sales by a Major Shareholder: Entities connected to Tilman J. Fertitta, a significant shareholder, executed derivative sales by selling call options on 550,000 Wynn Resorts shares. These options have strike prices ranging from $118 to $122 and are set to expire on December 18, 2026. This transaction, with the underlying value of shares exceeding $5 million, indicates a strategic decision by a major insider to cap potential upside exposure at these price levels, which could be interpreted by the market as a tempered outlook for substantial near-term stock appreciation.
Show less
Stock Movement Drivers
Fundamental Drivers
The -6.9% change in WYNN stock from 2/28/2026 to 6/26/2026 was primarily driven by a -27.5% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 107.91 | 100.44 | -6.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,111 | 7,294 | 2.6% |
| Net Income Margin (%) | 7.1% | 5.1% | -27.5% |
| P/E Multiple | 22.0 | 27.6 | 25.4% |
| Shares Outstanding (Mil) | 103 | 103 | -0.2% |
| Cumulative Contribution | -6.9% |
Market Drivers
2/28/2026 to 6/26/2026| Return | Correlation | |
|---|---|---|
| WYNN | -6.9% | |
| Market (SPY) | 6.6% | 44.9% |
| Sector (XLY) | -1.9% | 56.4% |
Fundamental Drivers
The -21.6% change in WYNN stock from 11/30/2025 to 6/26/2026 was primarily driven by a -27.5% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 128.06 | 100.44 | -21.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,111 | 7,294 | 2.6% |
| Net Income Margin (%) | 7.1% | 5.1% | -27.5% |
| P/E Multiple | 26.1 | 27.6 | 5.6% |
| Shares Outstanding (Mil) | 103 | 103 | -0.2% |
| Cumulative Contribution | -21.6% |
Market Drivers
11/30/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| WYNN | -21.6% | |
| Market (SPY) | 7.3% | 42.6% |
| Sector (XLY) | -2.9% | 48.1% |
Fundamental Drivers
The 12.0% change in WYNN stock from 5/31/2025 to 6/26/2026 was primarily driven by a 25.3% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 89.71 | 100.44 | 12.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,965 | 7,294 | 4.7% |
| Net Income Margin (%) | 6.2% | 5.1% | -16.6% |
| P/E Multiple | 22.0 | 27.6 | 25.3% |
| Shares Outstanding (Mil) | 105 | 103 | 2.3% |
| Cumulative Contribution | 12.0% |
Market Drivers
5/31/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| WYNN | 12.0% | |
| Market (SPY) | 25.1% | 35.5% |
| Sector (XLY) | 7.8% | 40.3% |
Fundamental Drivers
The 5.0% change in WYNN stock from 5/31/2023 to 6/26/2026 was primarily driven by a 72.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 95.69 | 100.44 | 5.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,227 | 7,294 | 72.6% |
| P/S Multiple | 2.6 | 1.4 | -44.4% |
| Shares Outstanding (Mil) | 113 | 103 | 9.4% |
| Cumulative Contribution | 5.0% |
Market Drivers
5/31/2023 to 6/26/2026| Return | Correlation | |
|---|---|---|
| WYNN | 5.0% | |
| Market (SPY) | 81.3% | 47.7% |
| Sector (XLY) | 54.6% | 47.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WYNN Return | -25% | -3% | 11% | -4% | 41% | -17% | -9% |
| Peers Return | 9% | -22% | 11% | -10% | -0% | 16% | -3% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| WYNN Win Rate | 50% | 50% | 58% | 42% | 67% | 33% | |
| Peers Win Rate | 52% | 37% | 50% | 47% | 58% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WYNN Max Drawdown | -46% | -46% | -28% | -31% | -29% | -22% | |
| Peers Max Drawdown | -39% | -46% | -35% | -33% | -38% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LVS, MGM, CZR, PENN, BYD. See WYNN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | WYNN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.0% | -9.5% |
| % Gain to Breakeven | 31.7% | 10.5% |
| Time to Breakeven | 580 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.5% | -6.7% |
| % Gain to Breakeven | 13.0% | 7.1% |
| Time to Breakeven | 42 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.7% | -24.5% |
| % Gain to Breakeven | 68.7% | 32.4% |
| Time to Breakeven | 195 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -68.1% | -33.7% |
| % Gain to Breakeven | 213.9% | 50.9% |
| Time to Breakeven | 342 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.1% | -19.2% |
| % Gain to Breakeven | 37.2% | 23.8% |
| Time to Breakeven | 43 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -16.9% | -3.7% |
| % Gain to Breakeven | 20.3% | 3.9% |
| Time to Breakeven | 9 days | 6 days |
In The Past
Wynn Resorts's stock fell -24.0% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 31.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | WYNN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.2% | -18.8% |
| % Gain to Breakeven | 39.2% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.0% | -9.5% |
| % Gain to Breakeven | 31.7% | 10.5% |
| Time to Breakeven | 580 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -68.1% | -33.7% |
| % Gain to Breakeven | 213.9% | 50.9% |
| Time to Breakeven | 342 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.1% | -19.2% |
| % Gain to Breakeven | 37.2% | 23.8% |
| Time to Breakeven | 43 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -43.7% | -12.2% |
| % Gain to Breakeven | 77.7% | 13.9% |
| Time to Breakeven | 169 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -72.3% | -6.8% |
| % Gain to Breakeven | 260.8% | 7.3% |
| Time to Breakeven | 841 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.8% | -17.9% |
| % Gain to Breakeven | 48.9% | 21.8% |
| Time to Breakeven | 595 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -86.9% | -53.4% |
| % Gain to Breakeven | 664.1% | 114.4% |
| Time to Breakeven | 606 days | 1085 days |
In The Past
Wynn Resorts's stock fell -28.2% during the 2025 US Tariff Shock. Such a loss loss requires a 39.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Wynn Resorts (WYNN)
Wynn Resorts, Limited is a premier developer and operator of luxury integrated resorts across the globe. The company's core business involves designing, developing, and managing comprehensive entertainment destinations that seamlessly combine high-end gaming with upscale hospitality and leisure amenities.
These integrated resorts offer a wide array of services, including expansive casino floors featuring a variety of table games, slot machines, private gaming salons, and poker rooms. Beyond gaming, Wynn provides luxurious hotel accommodations with premium guest rooms, suites, and villas, complemented by extensive amenities such as health clubs, spas, salons, and swimming pools. Each resort also boasts numerous food and beverage outlets, high-end retail shopping, and extensive meeting and convention spaces, along with diverse entertainment options like theaters, nightclubs, and unique artistic and performance displays.
Wynn Resorts primarily caters to affluent leisure and business travelers seeking a premium experience. Its operations are strategically located in key global entertainment hubs: two large-scale resorts in Macau (Wynn Palace and Wynn Macau), its flagship operations in Las Vegas, Nevada, and the prominent Encore Boston Harbor in Massachusetts. These destinations cater to a sophisticated clientele interested in luxury gaming, fine dining, upscale shopping, top-tier entertainment, and state-of-the-art convention facilities.
```AI Analysis | Feedback
Wynn Resorts is like a **Four Seasons** or **Ritz-Carlton** hotel brand, but integrated with massive, luxurious casinos and world-class entertainment complexes.
Think of Wynn Resorts as a **luxurious, adult-focused version of a Disney resort**, where instead of theme parks, you have high-end casinos, gourmet restaurants, and elaborate shows.
AI Analysis | Feedback
- Gaming Services: Operation of casinos featuring a variety of table games, slot machines, private gaming salons, poker rooms, and sports betting.
- Luxury Hotel Accommodation: Providing upscale guest rooms, suites, and villas complete with amenities such as health clubs, spas, salons, and swimming pools.
- Food and Beverage Services: Offering diverse culinary experiences through numerous restaurants, bars, and lounges across its resorts.
- Retail Experiences: Leasing and operating high-end retail spaces for shopping within its integrated resorts.
- Meeting and Convention Facilities: Providing extensive spaces and services for corporate events, conferences, and conventions.
- Entertainment and Leisure: Presenting various forms of entertainment including theaters, nightclubs, unique attractions, and specialized leisure amenities like golf courses and waterfront parks.
AI Analysis | Feedback
Wynn Resorts, Limited sells primarily to individuals. Based on the description of its integrated resorts, the company serves the following categories of customers:
- Leisure Travelers and Tourists: Individuals and groups visiting for vacation, entertainment, dining, shopping, and gaming experiences. This category includes general tourists seeking luxury accommodations and a resort experience.
- High-Net-Worth Individuals and High Rollers: This segment includes customers who engage in high-stakes gaming in the casinos, often utilizing private gaming salons, and those who frequent the luxury hotels, villas, and high-end amenities.
- Business Travelers and Convention Attendees: Individuals attending conferences, conventions, trade shows, corporate events, or business meetings held at the resorts' extensive meeting and convention facilities.
AI Analysis | Feedback
AI Analysis | Feedback
Craig Billings, Chief Executive Officer
Craig Billings was named CEO of Wynn Resorts in February 2022, having joined the company in March 2017. Prior to his appointment as CEO, he served as President and Chief Financial Officer of Wynn Resorts, and CEO of its subsidiary Wynn Interactive. Billings has a significant background in the gaming industry, holding executive and board positions at Goldman Sachs, Aristocrat Leisure Limited (where he was Chief Digital Officer and Managing Director of Strategy and Business Development, with senior executive roles in Australia and the United Kingdom), NYX Gaming Group, and International Game Technology. He began his career at Deloitte as a junior auditor and later became an audit manager. Notably, he managed the $1.7 billion sale-leaseback of Encore Boston Harbor. He is also the Lead Independent Director and Audit Committee Chair for AppLovin Corporation and previously served as Chairperson for the Nevada State Economic Forum.
Julie Cameron-Doe, Chief Financial Officer
Julie Cameron-Doe has served as the Chief Financial Officer of Wynn Resorts since April 2022. She is slated to retire in mid-2026 and will be succeeded by Craig Jeffrey Fullalove. Before joining Wynn Resorts, Ms. Cameron-Doe was the CFO of Aristocrat Leisure Limited, a global gaming content and technology company listed on the Australian Stock Exchange, from February 2018 to April 2022. From 2013 to 2018, she held the role of Group General Manager – Finance at Aristocrat, overseeing various financial functions including planning, reporting, financial control, tax, treasury, M&A, risk, and internal audit. She played a key role in the $1.3 billion acquisition of VGT by Aristocrat, assisting with financial due diligence and equity debt raising. She also held senior finance leadership positions at entertainment and e-commerce companies in the United Kingdom and Australia, including as Finance Director for Healthcare Australia, HotelClub, and ebookers. Ms. Cameron-Doe has been instrumental in the company's expansion into Europe with the acquisition and integration of Wynn Mayfair in London and secured financing for the Wynn Al Marjan Island project in the Middle East. She also serves as a Non-Executive Director of Wynn Macau, Limited, and The Western Union Company.
Jacqui Krum, Executive Vice President, General Counsel and Secretary
Jacqui Krum was appointed as Wynn Resorts' Executive Vice President, General Counsel and Secretary in December 2024. She joined the company in 2013 and contributed to the development of gaming projects, including being part of the team that secured the competitive gaming license for Encore Boston Harbor.
Brian Gullbrants, Chief Operating Officer - North America
Brian Gullbrants was promoted to Chief Operating Officer for North America in early 2023. Prior to this role, he served as President of Wynn and Encore Las Vegas. He also held the position of President of Encore Boston Harbor, where he played a significant role in the resort's opening.
Jenny Holaday, President Encore Boston Harbor
Jenny Holaday became President of Encore Boston Harbor in August 2021, after serving as Executive Vice President of Operations for the resort. She has held executive positions at several prominent gaming companies, including Harrah's, Caesars Entertainment, and Mandalay Resort Group.
AI Analysis | Feedback
The primary risks for Wynn Resorts (WYNN) stem from its significant exposure to stringent regulatory and geopolitical landscapes, the inherent sensitivity of its luxury offerings to macroeconomic conditions, and its substantial financial leverage.
-
Regulatory and Geopolitical Risks: Wynn Resorts operates in highly regulated jurisdictions, particularly Macau, which is a major revenue driver. The company faces continuous regulatory oversight, including suitability reviews, strict gaming taxes, and the potential for concession revocations or license sanctions in Macau, Nevada, and Massachusetts. The success of its Macau operations is heavily dependent on the political and economic conditions in Macau and mainland China, which introduces risks related to fiscal decline, international relations, or civil unrest that could reduce customer demand or lead to governmental restrictions. Changes in evolving junket and premium customer rules in Macau also pose a risk.
-
Sensitivity to Macroeconomic Conditions and Discretionary Spending: As a luxury integrated resort operator, Wynn Resorts is highly susceptible to global macroeconomic conditions and consumer discretionary spending. Economic downturns, a slowdown in high-end travel, or fluctuations in the discretionary income of its target clientele can directly impact revenue from gaming and non-gaming segments across its properties in Macau, Las Vegas, and Boston. The company's reliance on a few flagship properties means that economic slowdowns in any one region can disproportionately affect overall cash generation.
-
High Debt Levels and Financial Leverage: Wynn Resorts carries a significant amount of debt, which can constrain its financial flexibility and increase its vulnerability to interest rate fluctuations. Its substantial debt levels, with reports indicating debt exceeding cash on its balance sheet and a high net-debt-to-EBITDA ratio, suggest that the company is overleveraged. This financial leverage can limit its ability to invest in growth initiatives or respond effectively to unforeseen market changes, and the company's Altman Z-Score has indicated potential financial instability.
AI Analysis | Feedback
The increasing prevalence and sophistication of online gambling and iGaming platforms pose a clear emerging threat to Wynn Resorts. These digital platforms offer unparalleled convenience and accessibility, potentially diverting a significant segment of gamblers who might otherwise visit physical casinos. While Wynn Resorts provides a comprehensive luxury integrated resort experience encompassing hotels, dining, retail, entertainment, and conventions, casino gaming remains a substantial draw and revenue generator for its operations in Macau, Las Vegas, and Boston. A widespread shift in consumer gambling habits towards online alternatives could lead to reduced foot traffic in the physical casinos, decreased gaming revenues, and a fundamental re-evaluation of the profitability drivers for traditional land-based casino resorts, even if the non-gaming amenities continue to perform.
AI Analysis | Feedback
Wynn Resorts (WYNN) operates integrated resorts across Macau, Las Vegas, and Boston, encompassing casino gaming, luxury hotels, retail, and meeting and convention spaces. The addressable markets for these key products and services vary by region.
Macau
- Casino Gaming: The gross gaming revenue (GGR) for Macau reached approximately $30.86 billion (MOP 225 billion) in 2024. Projections anticipate further growth in 2025. Gaming and related services alone generated MOP 228.36 billion in 2024.
- Luxury Hotel: Macau's hotel industry had an inventory of approximately 45,000 guest rooms in 2025. Five-star hotels, which constitute nearly 60% of the city's hotel room supply (around 26,000 rooms out of 43,800), achieved an impressive 94.5% aggregate annual occupancy rate in 2025. The average hotel rate for five-star venues was approximately MOP1,513 in 2025.
- Meeting and Convention Space (MICE): MICE-driven non-gaming receipts in Macau were MOP 3.72 billion ($462 million) for the first three quarters of 2025. Total non-gaming revenue from the six concessionaires, which includes MICE, entertainment, and hotels, amounted to approximately MOP70.8 billion ($8.8 billion) over 2023 and 2024.
- Luxury Retail: Macau's total retail sales were approximately MOP 65.64 billion in the first three quarters of 2023. However, the luxury retail market in Macau has experienced a downturn, with some retailers reporting 30% to 50% year-over-year sales drops in April 2024, largely due to changing consumption patterns and increased competition from other regions.
Las Vegas Operations (U.S.)
- Casino Gaming: The Las Vegas Strip remained the largest American gaming market in 2024. The gaming revenue for 26 major casinos on the Las Vegas Strip in fiscal year 2024 was $8.25 billion. Total Strip casino revenue was $8.8 billion in 2024, a 1% decline from the previous year. Nevada's overall gaming revenue exceeded $15.6 billion in 2024. In 2025, Nevada's gaming revenue increased by 1.2%, with the Strip seeing a 0.3% increase.
- Luxury Hotel: While a specific market size for luxury hotels in Las Vegas was not explicitly identified, the city is a major tourism destination with numerous luxury hotel offerings.
- Meeting and Convention Space (MICE): The U.S. MICE market was valued at $110.24 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 7.8% from 2025 to 2030. Las Vegas is recognized as a key global MICE market and a significant convention hub within the United States.
- Luxury Retail: Las Vegas is considered a key market for luxury retailers. The broader Las Vegas retail market's total inventory amounted to 123,098,847 square feet in the third quarter of 2024. The U.S. as a whole was the largest global luxury market in 2022, representing an estimated 32% of worldwide luxury sales.
Encore Boston Harbor (U.S.)
- Casino Gaming: The commercial casino gaming revenue for Massachusetts reached a record $1.86 billion in 2024. Revenue from traditional casino games at the state's three land-based casinos was $1.19 billion in 2024. For fiscal year 2024 (July 1, 2023, through June 30, 2024), the Gross Gaming Revenue was $1.18 billion.
- Luxury Hotel: Boston has emerged as a luxury hospitality destination. In 2024, the luxury hotel tier in Boston/Cambridge saw its Average Daily Rate (ADR) increase by 2.3% to $612, with Revenue Per Available Room (RevPAR) growing 6% to $364. The luxury tier occupancy in Boston/Cambridge was 58.7% in 2023.
- Meeting and Convention Space (MICE): The U.S. MICE market, as noted above, was valued at $110.24 billion in 2024. Boston is an attractive location for business travelers and conventions.
- Luxury Retail: The luxury retail market in Boston was experiencing significant growth prior to 2020. Boston remains a desirable location for major brands, with retail investment sales volume in the city reaching $1.75 billion in 2023.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Wynn Resorts (WYNN) over the next 2-3 years:
- Development and opening of Wynn Al Marjan Island: The construction of the Wynn Al Marjan Island project in the UAE is advancing, with the hotel tower recently completing its thirty-fifth floor. This new integrated resort is projected to be a significant tourism destination and is expected to contribute meaningfully to free cash flow and revenue growth, particularly from its scheduled opening in spring 2027.
- Continued strength and strategic investments in the Macau market: Macau remains a crucial growth driver, with the company focusing on its premium mass and VIP gaming segments. Furthermore, under its 10-year concession effective from 2023, Wynn has committed significant non-gaming and tourism investments through 2032, including MICE (Meetings, Incentives, Conferences, and Exhibitions), entertainment, food and beverage, wellness, and cultural activations at Wynn Macau and Wynn Palace, which are expected to boost revenue.
- Robust demand and effective rate management in Las Vegas operations: Wynn's Las Vegas operations continue to experience healthy demand, particularly from high-end leisure customers and strong group and convention business. While an Encore Tower remodel beginning mid-May 2026 for approximately 12 months is expected to reduce available room nights, the company plans to recapture some of this impact through strategic rate management and a focus on maximizing revenue per available room.
AI Analysis | Feedback
Capital Allocation Decisions for Wynn Resorts (WYNN) Over the Last 3-5 Years
Share Repurchases
- Wynn Resorts engaged in share buybacks of approximately $212.455 million in 2023 and $401.802 million in 2024.
- Since 2022, the company has executed approximately $1.1 billion in share repurchases.
- Net of shares issued, about 8.5% of shares have been retired since 2022.
Share Issuance
- Wynn Resorts settled annual incentive bonuses by issuing vested shares: 94,350 shares in January 2025 (for 2024), 84,130 shares in January 2024 (for 2023), and 67,320 shares in January 2023 (for 2022).
- Shares outstanding have generally declined, from 0.113 billion in 2023 to 0.104 billion in 2025.
Outbound Investments
- Wynn is a 40% partner in the development of a circa $3.9 billion integrated resort on Al Marjan Island in the UAE, with an expected opening in Q1 2027.
- Cash contributions to the Wynn Al Marjan Island project reached $914.2 million by the end of 2025, including $79.2 million in Q4 2025.
- The company is also bidding for one of three downstate New York licenses with Related at Hudson Yards to develop a luxury integrated resort in Manhattan, involving potential multi-billion-dollar capital frameworks through 2025.
Capital Expenditures
- For its Macau concessions (Wynn Macau and Wynn Palace), Wynn committed MOP 17.7 billion (approximately $2.2 billion) in non-gaming and tourism investments through 2032.
- In 2024, capital expenditures included $159.8 million for Las Vegas Operations, $107.5 million for Wynn Palace, $57.7 million for Wynn Macau, and $32.7 million for Encore Boston Harbor, primarily for property enhancements and maintenance.
- Expected capital expenditures for 2026 are projected to be $375-450 million for Wynn Al Marjan Island, $375-400 million for Las Vegas projects (including the Encore Tower renovation and high-limit table expansion), and $400-450 million for Macau properties.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 48.16 |
| Mkt Cap | 8.6 |
| Rev LTM | 9,428 |
| Op Inc LTM | 1,229 |
| FCF LTM | 592 |
| FCF 3Y Avg | 603 |
| CFO LTM | 1,330 |
| CFO 3Y Avg | 1,371 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.1% |
| Rev Chg 3Y Avg | 5.9% |
| Rev Chg Q | 5.3% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | -5.5% |
| Op Inc Chg 3Y Avg | 33.3% |
| Op Mgn LTM | 17.5% |
| Op Mgn 3Y Avg | 18.8% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 16.6% |
| CFO/Rev 3Y Avg | 16.7% |
| FCF/Rev LTM | 6.8% |
| FCF/Rev 3Y Avg | 9.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 8.6 |
| P/S | 1.1 |
| P/Op Inc | 8.7 |
| P/EBIT | 5.9 |
| P/E | 10.4 |
| P/CFO | 6.3 |
| Total Yield | 3.4% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 6.0% |
| D/E | 1.8 |
| Net D/E | 1.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.1% |
| 3M Rtn | 14.5% |
| 6M Rtn | 12.9% |
| 12M Rtn | 13.3% |
| 3Y Rtn | -5.8% |
| 1M Excs Rtn | 9.3% |
| 3M Excs Rtn | -3.2% |
| 6M Excs Rtn | 7.9% |
| 12M Excs Rtn | -6.8% |
| 3Y Excs Rtn | -74.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Las Vegas Operations | 2,573 | 2,572 | 2,481 | ||
| Wynn Palace | 2,307 | 2,218 | 1,887 | ||
| Wynn Macau | 1,411 | 1,465 | 1,214 | ||
| Encore Boston Harbor | 847 | 857 | 866 | ||
| Corporate and other | 17 | ||||
| Wynn Interactive | 85 | ||||
| Casino | 1,633 | 2,133 | |||
| Entertainment, retail and other | 476 | 404 | |||
| Food and beverage | 846 | 634 | |||
| Rooms | 802 | 593 | |||
| Total | 7,138 | 7,128 | 6,532 | 3,757 | 3,764 |
| $ Mil | 2025 | 2015 |
|---|---|---|
| Las Vegas Operations | 902 | 477 |
| Wynn Palace | 683 | |
| Wynn Macau | 402 | |
| Encore Boston Harbor | 237 | |
| Pre-opening | -38 | |
| Property charges and other | -50 | |
| Stock-based compensation | -92 | |
| Triple-net operating lease expense | -141 | |
| Corporate expense and other | -164 | |
| Depreciation and amortization | -621 | |
| Corporate and other | -527 | |
| Macau Operations | 709 | |
| Total | 1,118 | 659 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2015 |
|---|---|---|---|---|---|
| Las Vegas Operations | 3,252 | 3,157 | 3,173 | 3,169 | 3,180 |
| Wynn Palace | 2,817 | 2,813 | 2,936 | 2,884 | |
| Corporate and other | 2,748 | 2,835 | 3,130 | 3,370 | 1,988 |
| Encore Boston Harbor | 1,947 | 1,980 | 2,007 | 2,080 | |
| Wynn Macau | 1,330 | 1,413 | 1,864 | 1,430 | |
| Other Macau | 1,014 | 779 | 886 | 268 | |
| Wynn Interactive | 214 | ||||
| Macau Operations | 5,354 | ||||
| Total | 13,108 | 12,978 | 13,996 | 13,415 | 10,522 |
Price Behavior
| Market Price | $100.44 | |
| Market Cap ($ Bil) | 10.4 | |
| First Trading Date | 10/25/2002 | |
| Distance from 52W High | -24.2% | |
| 50 Days | 200 Days | |
| DMA Price | $103.10 | $112.92 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -2.6% | -11.0% |
| 3M | 1YR | |
| Volatility | 32.0% | 35.3% |
| Downside Capture | 62.89 | 89.16 |
| Upside Capture | 46.61 | 80.25 |
| Correlation (SPY) | 43.3% | 34.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.70 | 1.34 | 1.24 | 1.26 | 1.11 | 1.12 |
| Up Beta | 2.42 | 2.41 | 2.33 | 2.04 | 1.27 | 1.21 |
| Down Beta | 0.93 | 0.29 | 1.54 | 1.51 | 1.32 | 1.30 |
| Up Capture | -37% | 32% | 38% | 40% | 84% | 65% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 17 | 28 | 53 | 117 | 367 |
| Down Capture | 83% | 145% | 103% | 127% | 106% | 102% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 24 | 35 | 70 | 132 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WYNN | |
|---|---|---|---|---|
| WYNN | 10.3% | 35.2% | 0.33 | - |
| Sector ETF (XLY) | 8.0% | 18.5% | 0.28 | 38.7% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 34.0% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 8.0% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | -14.0% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 25.1% |
| Bitcoin (BTCUSD) | -44.7% | 42.5% | -1.27 | 16.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WYNN | |
|---|---|---|---|---|
| WYNN | -3.6% | 41.7% | 0.03 | - |
| Sector ETF (XLY) | 6.7% | 23.9% | 0.24 | 51.3% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 50.1% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 4.9% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 12.5% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 34.8% |
| Bitcoin (BTCUSD) | 10.7% | 54.0% | 0.39 | 20.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WYNN | |
|---|---|---|---|---|
| WYNN | 1.1% | 47.0% | 0.20 | - |
| Sector ETF (XLY) | 12.5% | 22.1% | 0.52 | 53.1% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 52.5% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 0.8% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 22.2% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 40.1% |
| Bitcoin (BTCUSD) | 54.6% | 66.4% | 0.95 | 12.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -4.1% | -10.7% | -1.6% |
| 2/12/2026 | 5.1% | 6.5% | -6.5% |
| 11/6/2025 | 2.9% | 0.4% | 1.6% |
| 8/7/2025 | -0.8% | 3.9% | 14.7% |
| 5/6/2025 | 0.7% | 15.9% | -0.1% |
| 2/13/2025 | 10.4% | 12.8% | 7.7% |
| 11/4/2024 | -9.3% | -9.6% | -0.6% |
| 8/6/2024 | -1.9% | -2.7% | 1.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 16 | 13 |
| # Negative | 14 | 8 | 11 |
| Median Positive | 5.3% | 6.0% | 7.7% |
| Median Negative | -2.0% | -7.2% | -6.5% |
| Max Positive | 10.4% | 21.4% | 38.9% |
| Max Negative | -9.3% | -10.7% | -20.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -4.1% | -10.7% | -1.6% |
| 2/12/2026 | 5.1% | 6.5% | -6.5% |
| 11/6/2025 | 2.9% | 0.4% | 1.6% |
| 8/7/2025 | -0.8% | 3.9% | 14.7% |
| 5/6/2025 | 0.7% | 15.9% | -0.1% |
| 2/13/2025 | 10.4% | 12.8% | 7.7% |
| 11/4/2024 | -9.3% | -9.6% | -0.6% |
| 8/6/2024 | -1.9% | -2.7% | 1.4% |
| 5/7/2024 | -1.5% | 0.8% | -4.6% |
| 2/7/2024 | 6.3% | 5.4% | 0.8% |
| 11/9/2023 | -5.7% | -5.1% | -4.9% |
| 8/9/2023 | 2.6% | -6.6% | -6.5% |
| 5/9/2023 | -0.2% | -7.7% | -7.5% |
| 2/8/2023 | 4.8% | 4.7% | 4.6% |
| 11/9/2022 | 5.4% | 12.9% | 24.5% |
| 8/9/2022 | -1.0% | 2.7% | -6.6% |
| 5/10/2022 | -4.5% | 7.7% | 7.5% |
| 2/15/2022 | -2.1% | -9.4% | -20.1% |
| 11/9/2021 | -2.2% | 3.8% | -7.0% |
| 8/4/2021 | 8.3% | 7.4% | 12.0% |
| 5/10/2021 | -0.6% | -0.8% | 0.7% |
| 2/4/2021 | 7.6% | 5.4% | 23.0% |
| 11/5/2020 | -0.1% | 8.2% | 38.9% |
| 8/4/2020 | -2.0% | 21.4% | 22.8% |
| SUMMARY STATS | |||
| # Positive | 10 | 16 | 13 |
| # Negative | 14 | 8 | 11 |
| Median Positive | 5.3% | 6.0% | 7.7% |
| Median Negative | -2.0% | -7.2% | -6.5% |
| Max Positive | 10.4% | 21.4% | 38.9% |
| Max Negative | -9.3% | -10.7% | -20.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Wynn Al Marjan Island Opening | |||||||
Prior: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Wynn Al Marjan Island Opening | |||||||
Insider Activity
Updated 6/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mulroy, Patricia | Direct | Sell | 9032025 | 125.00 | 4,438 | 554,750 | 383,250 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mulroy, Patricia | Direct | Sell | 9032025 | 125.00 | 4,438 | 554,750 | 383,250 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Casinos & Gaming Resources |
| Casino.org News |
| Global Gaming Business |
| CDC Gaming Reports |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.