Wynn Resorts Ltd

WYNN: XNAS (USA)

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Wynn's Macao Business Recovery Stagnating Amid Economic Uncertainty

Dan Wasiolek

May 12, 2025

Business Strategy and Outlook

Covid's headwind on Wynn's Macao operations (50% of 2024 EBITDA) eased greatly in 2023, after China removed restrictions on Jan. 8, 2023. Macao demand continues to gradually recover, even though China's slowing economic growth presents a near-term headwind. That said, we see an attractive long-term growth opportunity in Macao, with Wynn's high-end iconic brand positioned to participate, leading to a low-teen percentage gross gaming revenue share in 2024.

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Wynn Resorts Ltd

Wynn's Macao Business Recovery Stagnating Amid Economic Uncertainty

Business Strategy and Outlook

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