Wynn Resorts Ltd

WYNN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$133.00	Wwppffp	Bfygzjgcy

Wynn Earnings: Macao Sales Continue to Recover While Vegas Demand Remains at All-Time Levels

Dan Wasiolek

May 8, 2024

Narrow-moat Wynn’s first-quarter results echoed peer reports from narrow-moat Las Vegas Sands and no-moat MGM and Caesars, pointing to strong recovery demand in Macao after the removal of covid-19 restrictions early last year and resilient travel to Las Vegas. We don’t plan meaningful changes to our $122 fair value estimate, leaving shares undervalued.

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