Wynn Resorts Earnings: Las Vegas Performing Well Despite Tough Comparisons; Shares Attractive

Wynn Resorts reported solid fourth-quarter 2024 results in its core Las Vegas and Macao markets. We don’t plan to materially change our $113 fair value estimate, leaving shares undervalued. Given the valuation discount, we applaud the firm's decision to accelerate its share repurchase activity during the quarter, having bought back $200 million worth of shares in the period, which amounted to more than half of the $386 million purchased for the full year. We reiterate our Standard Morningstar Capital Allocation Rating.