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Wynn Resorts Ltd WYNN

Morningstar Rating
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Stock XNAS Rating as of
$99.34 −0.10 (0.10%)
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As of Cboe BZX Real-Time Price Closed
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Company Report

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Sands, Wynn, MGM: Thailand's Progress Toward Gaming Is Not a Risk to Macao's Opportunity

Dan Wasiolek

Thailand moved closer to legalized gambling this month with the completion of a gaming draft bill, setting the stage for a law as soon as this year, based on reports of strong government support. We don’t believe the prospect of Thailand gaming resorts will have any material impact on demand for casinos in Macao, Singapore, or Japan for the foreseeable future. We are maintaining our fair value estimates of $61 for narrow-moat Las Vegas Sands, $122 for narrow-moat Wynn Resorts, and $55 for no-moat MGM Resorts. We rate all three as undervalued.

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Price vs Fair Value

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WYNN is trading at a 18% discount.
Price
$99.44
Fair Value
$425.00
Uncertainty
High
1-Star Price
$384.10
5-Star Price
$42.60
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Wynn is positioned to participate in the long-term growth of Macao (76% of prepandemic 2019 EBITDA) and has room share of 9% with the opening of its Cotai Palace property in 2016.

Bears

The Macao and Chinese governments are transitioning the region toward a nongaming full resort destination site, as opposed to one of high-end VIP gaming, which could result in an outsize slowdown in growth for Wynn, given its higher-end exposure.

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News

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Trading Information

Previous Close Price
$99.44
Day Range
$98.10–99.61
52-Week Range
$81.68–117.82
Bid/Ask
$95.77 / $104.87
Market Cap
$11.13 Bil
Volume/Avg
1.0 Mil / 1.8 Mil

Key Statistics

Price/Earnings (Normalized)
26.83
Price/Sales
1.84
Dividend Yield (Trailing)
0.94%
Dividend Yield (Forward)
0.94%
Total Yield
2.72%

Company Profile

Wynn Resorts operates luxury casinos and resorts. The company was founded in 2002 by Steve Wynn, the former CEO. The company operates four megaresorts: Wynn Macau and Encore in Macao and Wynn Las Vegas and Encore in Las Vegas. Cotai Palace opened in August 2016 in Macao, and Encore Boston Harbor in Massachusetts opened June 2019. We expect the company to open a new building next to its existing Wynn Palace resort in around 2028. The company also operates Wynn Interactive, a digital sports betting and iGaming platform. The company received 76% and 24% of its 2019 prepandemic EBITDA from Macao and the US, respectively.
Sector
Consumer Cyclical
Industry
Resorts & Casinos
Stock Style Box
Mid Growth
Total Number of Employees
27,800
Website
https://www.wynnresorts.com

Competitors

Valuation

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Metric
WYNN
CZR
MGM
Price/Earnings (Normalized)
 26.83107.6916.36
Price/Book Value
 —2.083.83
Price/Sales
 1.840.820.99
Price/Cash Flow
 9.645.086.31
Price/Earnings
WYNN
CZR
MGM

Financial Strength

Metric
WYNN
CZR
MGM
Quick Ratio
 1.850.601.28
Current Ratio
 1.930.761.57
Interest Coverage
 1.150.974.20
Quick Ratio
WYNN
CZR
MGM

Profitability

Metric
WYNN
CZR
MGM
Return on Assets (Normalized)
 3.39%3.43%1.88%
Return on Equity (Normalized)
 —27.28%18.62%
Return on Invested Capital (Normalized)
 7.57%13.64%3.30%
Return on Assets
WYNN
CZR
MGM
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Resorts & Casinos Industry Comparables

Screen in Investor
Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
LVS
Las Vegas Sands CorpFhlpqsqtLgjlzh$37.4 Bil
SCHYF
Sands China Ltd Shs Unitary 144A/Reg S—Kgvmjl$21.6 Bil
SCHYY
Sands China Ltd ADR—Wysnxc$21.6 Bil
GXYYY
Galaxy Entertainment Group Ltd ADR—Txbxpb$21.6 Bil
GXYEF
Galaxy Entertainment Group Ltd—Bwjxj$21.6 Bil
MGM
MGM Resorts InternationalLbtzzblvKmb$13.6 Bil
CZR
Caesars Entertainment IncFvnqvtrdFnp$8.7 Bil
MLCO
Melco Resorts and Entertainment Ltd ADRLvzspvsjRnywfn$3.1 Bil
PENN
PENN Entertainment IncRgpynyhTdtkr$2.6 Bil

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