Wynn Resorts, Limited (WYNN) Stock

Wynn Resorts, Limited (WYNN) is a Consumer Discretionary stock trading at $81.66 (as of 2026-09-18), with a market capitalization of $8.48B and a trailing P/E of 18.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Wynn Resorts, Limited develops and operates integrated casino resorts across Wynn Las Vegas, Wynn Macau, and Wynn Palace. These segments include casino gaming, hotel accommodations, dining and retail facilities, meeting and convention space, and entertainment offerings, serving guests and visitors at properties in Las Vegas, Macau, and Cotai.

Understand Wynn Resorts, Limited: how it makes money

Wynn Resorts operates luxury all-in-one resorts in Macau, Las Vegas, and Boston, earning money from casino gaming, hotel rooms, dining, and retail. Macau and Las Vegas each drive roughly a third of the business, while Boston Harbor is a smaller but steady contributor, and the house edge on table games is where the real profit sits.

Profit is the house edge (roughly 3% to 27% of gaming turnover depending on property and segment) applied to table and slot volume; the luxury hotel, F&B, and retail ecosystem exists to keep guests playing longer and spending more per visit.

Revenue by segment (latest quarter)
Wynn Palace$0.7B
Las Vegas$0.7B
Wynn Macau$0.3B
Encore Boston$0.2B
Other$0.0B

Business quality (Mixed): Mixed quality. Revenue is growing at a solid pace and margins are stable, but the business is cyclical, capital-intensive, and exposed to geopolitical decisions that can close a poker room overnight.

Valuation: At 27× earnings, WYNN trades in line with the Restaurants, Hotels & Motels average (27×).

Bull case

  • Visible 2026 Las Vegas Demand: Management reported group bookings are ahead of schedule for 2026 and pacing positively into 2027, giving the $660M Las Vegas segment (35% of revenue) rare forward visibility in a booking-driven business.
  • Marjan Demand Exceeds Supply: Management expects gaming demand on Marjan Island to outstrip available supply at opening, positioning Wynn as the first-mover in a shortage market rather than an oversupplied one.
  • Liquidity Covers the Build-Out: Global liquidity stood at approximately $4 billion at quarter-end, providing a buffer to fund the capital-intensive Marjan and Macau pipeline without forcing dilutive or high-cost financing.

Bear case

  • Marjan Capex Keeps Rising: The Marjan Island project budget increased by approximately $600 million, and regional conflict has pushed up material, shipping, and interest costs, extending the runway before the property contributes to earnings.
  • Macau Competition Never Slows: Management acknowledged Macau remains highly competitive. With Wynn Macau contributing only $330M (17% of revenue), a sustained shift in VIP traffic to a rival would hit the company's highest-growth segment disproportionately.
  • Fair Price for a Cyclic Business: At 27.3x earnings, Wynn trades exactly in line with the Restaurants, Hotels & Motels industry (27x), leaving no valuation cushion if the lodging or gaming cycle turns lower next year.
Valuation — source: SEC EDGAR (first-party)
Price$81.66
Market Cap$8.48B
P/E Ratio18.9
EV / EBITDA9.8
Price / Sales1.14
Dividend Yield2.1%
FCF Yield9.3%
DCF Value (model)$132.37
DCF Upside vs Price62.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$7.14B
Net Margin4.6%
Current Ratio0.91
Revenue Growth (YoY)6.9%
EPS Growth (YoY)114.1%
FCF Growth (YoY)41.3%
Financial Health — source: SEC EDGAR
Altman Z-Score1.13 (distress)
Piotroski F-Score5/9 (moderate)
Valuation vs Sector & Industry
Stock P/E18.9
Sector P/E (Consumer Discretionary)19.9
Industry P/E (Restaurants, Hotels & Motels)23.3
vs Sector-5.0%
vs Industry-19.1%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($1.08B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorConsumer Discretionary
IndustryRestaurants, Hotels & Motels
CEOCraig Scott Billings
Employees28,000
CountryUS
IPO Date2002-10-25

Wynn Resorts, Limited earnings call transcripts

  • WYNN Q2 FY26 earnings call transcript (reported 2026-08-04) · analysis
  • WYNN Q1 FY26 earnings call transcript (reported 2026-05-07) · analysis
  • WYNN Q3 FY25 earnings call transcript (reported 2025-11-06) · analysis
  • WYNN Q2 FY25 earnings call transcript (reported 2025-08-07) · analysis
  • WYNN Q1 FY25 earnings call transcript (reported 2025-05-06) · analysis
  • WYNN Q4 FY24 earnings call transcript (reported 2025-02-13) · analysis

All WYNN earnings calls

Related Companies (Restaurants, Hotels & Motels; 8 comparable companies)

  • PENN Entertainment, Inc. (PENN)
  • Caesars Entertainment, Inc. (CZR)
  • Boyd Gaming Corporation (BYD)
  • Las Vegas Sands Corp. (LVS)
  • MGM Resorts International (MGM)
  • Red Rock Resorts, Inc. (RRR)
  • DraftKings Inc. (DKNG)
  • Century Casinos, Inc. (CNTY)
WYNN earnings history · WYNN institutional & insider holders · WYNN KPIs & operating metrics · WYNN financials · WYNN filings, presentations & press releases · WYNN investor presentations & press releases · WYNN SEC filings · WYNN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-18.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.