- Company name
- Wynn Resorts
- Sector
- Casinos & luxury resorts
- About
- Wynn Resorts owns and runs luxury casino resorts. In Macau, it operates two integrated resorts, Wynn Palace and Wynn Macau, through its roughly 72%-owned subsidiary Wynn Macau, Limited, which is listed in Hong Kong. In Las Vegas, it owns 100% of Wynn Las Vegas and Encore, two towers with about 4,700 hotel rooms and a large casino floor. It also owns Encore Boston Harbor, a resort near Boston. Wynn earns money from casino gaming, hotel rooms, dining, and entertainment at these properties. It is now building Wynn Al Marjan Island, a large resort in Ras Al Khaimah, United Arab Emirates, expected to become the first licensed casino resort in the Middle East when it opens in September 2027.
- Thesis
- Wynn Resorts trades at a discount because Macau still makes up more than half of its operating profit. Investors stay wary of a slowdown in Chinese travel or a shift in Macau gaming rules. The Wynn Al Marjan Island project in the UAE adds to this caution, since it has already been delayed once and gotten meaningfully more expensive. Heavy debt across the company leaves less room to absorb a setback in either market. For the discount to close, Macau's mass-market recovery must keep going, and Wynn must keep gaining gaming market share there, as it has recently. Al Marjan Island must also open on its reset September 2027 timeline, without another delay or cost increase. Wynn's next quarterly report, expected around early November 2026, will show whether the Macau gains and Las Vegas growth continue. But the real test of the UAE project comes only when it opens in September 2027, so much of this gap will likely not close before then. Given Wynn's debt load, a further Al Marjan delay or a Macau setback could keep the discount in place well past that date.
- Risks
- Macau still generates more than half of Wynn's Adjusted Property EBITDAR. A slowdown in Chinese travel or spending, a shift in Macau gaming regulation, or renewed geopolitical tension between China and the West would hit Wynn harder than a more geographically spread-out casino operator.
Wynn Al Marjan Island, the company's first resort in the UAE, has already been delayed about six months and gotten roughly $600 million more expensive. It does not open until September 2027. A further delay or cost overrun before then would push out the new growth the market is pricing in.
Wynn carries more than $10 billion of debt across its Macau, Las Vegas, and parent-level entities. It just refinanced $900 million of notes at a higher interest rate, 6.875% instead of 5.250%, which raises its future interest cost.
Fontainebleau Las Vegas, a large luxury resort with more than 3,600 rooms, opened on the north Las Vegas Strip in December 2023 and competes directly with Wynn Las Vegas and Encore. New room supply like this can pressure hotel rates and gaming volume on Wynn's home turf.
Casino gaming, luxury hotel stays, and fine dining are discretionary purchases. A broader economic slowdown in the US, mainland China, or the wider Gulf region could reduce visitation and spending across all of Wynn's markets at once.
- Recent events
- 2026-09-22: Wynn priced $900 million of 6.875% senior notes due 2035, to redeem Wynn Las Vegas' outstanding 5.250% notes due 2027.
2026-08-04: Wynn reported Q2 2026 results. Revenue was $1.86 billion. Net income was $140.1 million, up from $66.2 million a year earlier. Diluted earnings per share were $1.32, up from $0.64.
2026-08-04: The board declared a $0.25 per share quarterly dividend. Wynn also repurchased $75.0 million of stock during the quarter, leaving $326.1 million of buyback authorization remaining.
2026-08-04: Wynn said Wynn Al Marjan Island will now open in September 2027, about six months later than the prior target, after the project's budget rose by roughly $600 million to about $5.7 billion, due to regional shipping and logistics disruptions.
2026-04-01: Craig Fullalove became Wynn's Chief Financial Officer, succeeding Julie Cameron-Doe, who retired after more than four years in the role.