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Wynn Resorts Ltd WYNN

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Stock XNAS Rating as of
$95.88 −0.72 (0.75%)
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As of Delayed Price Closed
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Company Report

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Wynn's Macao and Vegas Regions Continue to Perform Well

Dan Wasiolek

Covid's headwind on Wynn's Macao operations (50% of estimated 2024 EBITDA) eased greatly in 2023, after China removed restrictions Jan. 8, 2023. Still, the Macao government continues to heavily regulate VIP play, elevating long-term operational risk. Also, Wynn has exposure to the expected long-term shift away from VIP gaming revenue toward nongaming and mass play. That said, we see an attractive long-term growth opportunity in Macao, with Wynn's high-end iconic brand positioned to participate.

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Price vs Fair Value

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WYNN is trading at a 19% discount.
Price
$98.82
Fair Value
$437.00
Uncertainty
High
1-Star Price
$349.80
5-Star Price
$92.30
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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Trading Information

Previous Close Price
$96.60
Day Range
$95.25–96.90
52-Week Range
$81.65–117.86
Bid/Ask
$95.80 / $95.97
Market Cap
$10.74 Bil
Volume/Avg
1.4 Mil / 1.7 Mil

Key Statistics

Price/Earnings (Normalized)
24.34
Price/Sales
1.67
Dividend Yield (Trailing)
1.04%
Dividend Yield (Forward)
1.04%
Total Yield
3.02%

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
LVS
CZR
Price/Earnings (Normalized)
 24.3419.5589.64
Price/Book Value
 —8.591.74
Price/Sales
 1.673.090.69
Price/Cash Flow
 8.7510.514.23
Price/Earnings
WYNN
LVS
CZR

Financial Strength

Metric
WYNN
LVS
CZR
Quick Ratio
 1.851.260.60
Current Ratio
 1.931.310.76
Interest Coverage
 1.152.820.97
Quick Ratio
WYNN
LVS
CZR

Profitability

Metric
WYNN
LVS
CZR
Return on Assets (Normalized)
 3.39%8.04%3.43%
Return on Equity (Normalized)
 —42.17%27.28%
Return on Invested Capital (Normalized)
 7.57%11.69%13.64%
Return on Assets
WYNN
LVS
CZR
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Economic Moat
Market Cap
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