WYNN changes
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- Price
- $81.12 → $78.23(−3.6%)
- About
- Wynn Resorts owns and runs luxury casino resorts. In Macau, it operates two integrated resorts, Wynn Palace and Wynn Macau, through its roughly 72%-owned subsidiary Wynn Macau, Limited, which is listed in Hong Kong. added: Macau made about half of Wynn's property profit over the 12 months to June 30, 2026. In Las Vegas, it owns removed: 100% of Wynn Las Vegas and Encore, two towers with about 4,700 hotel rooms and a large casino floor. It also removed: owns added: runs Encore Boston Harbor, a resort near Boston. Wynn earns money from casino gaming, hotel rooms, dining, and entertainment at these properties. It is now building Wynn Al Marjan Island, a removed: large resort in Ras Al Khaimah, United Arab Emirates, removed: expected to become added: through a joint venture in which it owns 40%. The resort holds the added: UAE's first removed: licensed casino resort added: commercial gaming licence and is expected to open in removed: the Middle East when it opens in September 2027.
- Thesis
- Wynn Resorts trades at a discount because Macau removed: still makes removed: up more than added: about half of its removed: operating profit. Investors stay wary of added: property profit, and the Macau market is weakening. Macau gaming revenue fell from a removed: slowdown added: year earlier in removed: Chinese travel or a shift in added: June, July, and August 2026, while visitor numbers rose. So each visitor spends less. Wynn's strong Macau removed: gaming rules. added: result in Q2 2026 came partly from luck at the tables, and Las Vegas profit fell 8.3%. The Wynn Al Marjan Island project in the UAE adds to removed: this caution, since it added: the caution. It has removed: already been delayed removed: once added: about six months and removed: gotten meaningfully more expensive. Heavy debt across added: its budget rose by about $600 million, and Iranian strikes on the removed: company leaves less room to absorb a setback added: UAE in removed: either market. added: 2026 briefly paused construction. Wynn also carries about $10.8 billion of debt, and higher interest rates make that debt more expensive to refinance. For the removed: discount added: gap to close, removed: Macau's mass-market recovery added: Macau gaming revenue must removed: keep going, added: stop falling by Q4 2026, and Wynn must keep removed: gaining gaming added: its recent Macau market share removed: there, as it has recently. added: at normal table luck. Las Vegas profit must grow again in 2027. Al Marjan Island must removed: also open removed: on its reset added: in September 2027 removed: timeline, without another delay or cost increase. added: within its budget of about $5.7 billion, and Wynn must not need more than its planned $525 million to $650 million of further equity. The evidence comes in Macau's monthly gaming revenue reports, Wynn's removed: next quarterly report, expected around added: Q3 2026 report in early November 2026, removed: will show whether the Macau gains and removed: Las Vegas growth continue. But the added: refinancing of about $1.95 billion of debt due in 2027. The real test of the UAE project comes only when it opens in September 2027, so much of removed: this added: the gap will likely not close before then. Given Wynn's removed: debt load, added: debt, a further Al Marjan delay or a added: longer Macau removed: setback added: slowdown could keep the discount in place well past that date.
- Risks
- Macau removed: still generates more than added: made about half of Wynn's removed: Adjusted Property EBITDAR. added: property profit over the 12 months to June 30, 2026. Macau gaming revenue fell from a year earlier in June, July, and August 2026, while visitor numbers rose. A slowdown in Chinese removed: travel or spending, a removed: shift added: change in Macau gaming removed: regulation, added: rules, or removed: renewed geopolitical tension between China and the West would hit Wynn harder than a more geographically spread-out casino operator. Wynn Al Marjan removed: Island, the company's first resort in the UAE, added: Island has already been delayed about six months and removed: gotten roughly added: its budget rose by about $600 removed: million more expensive. added: million. It does not open until September 2027. added: Wynn owns 40%, still has to put in $525 million to $650 million, and guarantees the construction loan until the project is complete, no later than June 30, 2028. Iranian strikes on the UAE in 2026 briefly paused construction. A further delay or cost removed: overrun before then added: increase would push out the new removed: growth the market is pricing in. added: growth. Wynn removed: carries more than $10 added: had about $10.8 billion of debt removed: across its Macau, Las Vegas, added: at June 30, 2026, with ratings of B1 at Moody's and removed: parent-level entities. It added: BB- at Fitch. About $1.95 billion comes due in 2027, and new debt now costs more: Wynn just refinanced removed: $900 added: $880 million of added: 5.25% notes removed: at a higher interest rate, added: with 6.875% removed: instead added: notes. Each 1 percentage point rise in floating rates adds about $21 million a year of removed: 5.250%, which raises its future interest cost. added: interest. Higher rates also lower the price investors pay for casino shares with high debt. Weaker consumers can cut spending at all of Wynn's resorts. In Q2 2026, Wynn Las Vegas hotel occupancy fell 2.1 points, slot win fell 5.3%, and Las Vegas profit fell 8.3%. US consumer sentiment fell to a four-month low in September 2026. In Macau, spending per visitor is falling. Wynn's Q2 2026 profit was helped by unusually high luck at the Wynn Palace tables and by a $43.3 million gain on a financial instrument. When table results return to normal, reported profit can fall even if the business does not change. Fontainebleau Las Vegas, a large luxury resort with more than 3,600 rooms, opened on the north Las Vegas Strip in December 2023 and competes directly with Wynn Las Vegas and Encore. removed: New room supply like this can pressure hotel rates and gaming volume on Wynn's removed: home turf. Casino gaming, luxury hotel stays, and fine dining are discretionary purchases. A broader economic slowdown in the US, mainland China, or the wider Gulf region could reduce visitation and spending across all of Wynn's markets at once. added: largest individual shareholder is also buying Caesars, which owns several Strip casinos.
- Recent events
- Sep 22, 2026: Wynn removed: priced added: issued $900 million of 6.875% senior notes due 2035, added: priced on September 10, to redeem added: $880 million of Wynn Las removed: Vegas' outstanding added: Vegas 5.250% notes due 2027. added: The new notes carry a higher interest rate. Sep 17, 2026: Wynn's CEO and CFO each gave up 10% of their cash salary through July 31, 2027, in exchange for stock options with an exercise price of $82.96. Sep 16, 2026: The US Federal Reserve raised its interest rate target by 0.25 percentage points, to 3.75% to 4.00%. Sep 1, 2026: Macau gaming revenue for August 2026 was 1.2% lower than a year earlier. It was the third monthly fall in a row, after a fall of 8.4% in July. Visitor numbers rose 6.1% in August. Aug 4, 2026: Wynn reported Q2 2026 results. Revenue was $1.86 billion. Net income was $140.1 million, up from $66.2 million a year earlier. Diluted earnings per share were $1.32, up from $0.64. added: Adjusted Property EBITDAR was $568.3 million, up 2.9%. Aug 4, 2026: added: In Q2 2026, Wynn Palace kept 29.7% of mass-market table bets, against 22.3% a year earlier, which lifted its profit 28%. Las Vegas profit fell 8.3% to $215.2 million, and Encore Boston Harbor profit fell 12.2%. Aug 4, 2026: The board declared a $0.25 per share quarterly dividend. Wynn also repurchased $75.0 million of stock during the quarter, leaving $326.1 million of buyback authorization remaining. Aug 4, 2026: Wynn said Wynn Al Marjan Island will now open in September 2027, about six months later than the prior target, after the project's budget rose by roughly $600 million to about $5.7 removed: billion, due added: billion. Wynn owns 40% of the project. It has put in $1.06 billion and expects to removed: regional shipping added: put in $525 million to $650 million more. Jul 21, 2026: Macau approved a change to the Wynn Palace land concession for a new hotel, theatre, and removed: logistics disruptions. added: event center. Wynn expects this project to cost $900 million to $950 million. Jun 29, 2026: Moody's kept Wynn's B1 rating, but changed the outlook to stable from positive, because Wynn has not reduced its debt as much as expected. May 29, 2026: Tilman Fertitta, Wynn's largest individual shareholder with about 12%, agreed to buy Caesars Entertainment for $17.6 billion. Filings show that his companies have sold call options on Wynn shares since July 2026. Apr 1, 2026: Craig Fullalove became Wynn's Chief Financial Officer, succeeding Julie Cameron-Doe, who retired after more than four years in the role. added: Mar 11, 2026: Wynn said construction at Wynn Al Marjan Island resumed after a short pause during Iranian strikes on the UAE.