WYNN changes
Pick any two versions below to diff them.
- Price
- $87.30 → $85.38(−2.2%)
- Balance sheet
- Cash: $1.8B Debt: $10.7B Net debt: $8.9B Interest cover: 1.7× Undrawn credit line: $2.4B Ratings: Moody's B1 (stable outlook), Fitch BB- Wynn removed: Resorts added: Resorts, Limited had a removed: shareholders' added: stockholders' deficit of removed: $169 added: $217 million at removed: June added: September 30, removed: 2026, added: 2026 ($985 million with its minority holders), and its debt leaves limited room. This comes from years of losses during the Macau closures, and from buybacks and dividends. At September 30, 2026, debt was $10.73 billion, in separate borrowing groups. $5.77 billion sits at its 72%-owned Wynn Macau, Limited (WML) and its subsidiaries. $4.37 billion sits at Wynn Resorts Finance (WRF) in the US, and $599.1 million at a consolidated retail joint venture. Cash is $1.64 billion of cash and cash equivalents plus $150.2 million of WML short-term investments at September 30, 2026. $1.15 billion of the cash sat in the WML group. WML pays cash to the parent only through dividends that it shares with its minority holders. Interest cover is operating income of $758.4 million over interest expense of $456.3 million for the first nine months of 2026. At removed: June added: September 30, 2026, about 81% of the debt had a fixed rate, and each 1 percentage point rise in floating rates adds about $21 million a year of interest. In September 2026, WRF issued $900 million of 6.875% notes due 2035 and redeemed the 5.25% Wynn Las Vegas notes due 2027. Still due in 2027 are $750 million of WML 5.5% notes and the $600 million retail term loan. Holders can also put back $600 million of WML convertible bonds on March 7, 2027. The undrawn revolver capacity was $1.03 billion at WRF and $1.35 billion at WML. Moody's rates WRF B1, with a stable outlook since June 2026, and Fitch rates Wynn BB-. Wynn and the Ras Al Khaimah government also guarantee completion of the Al Marjan joint venture's $2.4 billion secured construction loan until the resort is complete. Further Al Marjan equity of $525 million to $650 million and refinancing at higher rates compete with buybacks and dividends. As of Sep 30, 2026.
- Recent events
- Nov 5, 2026: Wynn reported Q3 2026 results. Revenue fell to $1.69 billion from $1.83 billion. Net income was $17.3 million, or $0.17 per diluted share, and adjusted EPS was $0.33. Adjusted Property EBITDAR fell to $464.2 million from $570.1 million. Wynn Palace fell to $165.8 million from $200.3 million, and Wynn Macau fell to $89.5 million from $108.0 million. Las Vegas fell to $158.8 million from $203.4 million, with table hold of 18.9%, below the expected range of 22% to 26%. Encore Boston Harbor fell to $50.1 million from $58.4 million, with a strike since early September. Nov 5, 2026: Wynn said that Wynn Al Marjan Island is on track to open in September 2027. Wynn put $62.2 million into the joint venture in Q3 2026, for a total of $1.12 billion. Wynn bought back $58.1 million of stock in Q3, which left $268.0 million of authorization, and the board declared a $0.25 per share dividend. Nov 1, 2026: Macau gaming revenue for October 2026 was MOP 21.68 billion, 10.0% lower than a year earlier. It was the fifth monthly fall in a row. Gaming revenue for the first ten months of 2026 was MOP 208.8 billion, 1.6% higher than a year earlier. Oct 23, 2026: A subsidiary of Wynn Macau, Limited committed up to MOP 1.365 billion to a Macau government investment fund, as part of its non-gaming investment obligations. Oct removed: 12, 2026: Jefferies said that its checks show Macau gaming revenue for October 2026 on track to fall 6% to 10% from a year earlier. Visitor arrivals in the Golden Week holiday rose 15.5%. On October 10, added: 2026: Macau's Chief Executive said that the government keeps its 2026 gaming revenue forecast of MOP 236 billion and will look at October revenue before it decides on a change. added: The Macau gaming regulator (DICJ) later reported October revenue of MOP 21.68 billion, 10.0% lower than a year earlier. Oct 6, 2026: Wynn said it will report Q3 2026 results on November 5, 2026, after the market closes. Oct 1, 2026: Macau gaming revenue for September 2026 was 1.2% lower than a year earlier, at MOP 18.06 billion. It was the fourth monthly fall in a row and the lowest monthly total of 2026. Sep 22, 2026: Wynn Resorts Finance, a Wynn subsidiary, issued $900 million of 6.875% senior notes due 2035, priced on September 10. It will use the money and cash on hand to redeem the $880 million of Wynn Las Vegas 5.250% notes due 2027. The new notes carry a higher interest rate. Sep 22, 2026: Caesars Entertainment shareholders approved its sale to Tilman Fertitta, who owned about 12% of Wynn in Wynn's 2026 proxy. The US Federal Trade Commission asked for more information on the deal on September 14, so the deal has not closed. 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. 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. Adjusted Property EBITDAR was $568.3 million, up 2.9%. Aug 4, 2026: 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. Wynn owns 40% of the project. It has put in $1.06 billion and expects to put in $525 million to $650 million more, which also covers a second hotel at Al Marjan due in 2029. Jul 21, 2026: Macau approved a change to the Wynn Palace land concession for a new hotel, theatre, and event center. Wynn pays a land premium of about MOP 652 million (about $81 million). Wynn expects the new all-suite hotel tower, the Enclave at Wynn Palace, 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 in a note reported on this date, because Wynn has not reduced its debt as much as expected. May 28, 2026: Tilman Fertitta, Wynn's largest individual shareholder with about 12% in Wynn's 2026 proxy, agreed to buy Caesars Entertainment for $17.6 billion, including debt. Filings show that his companies have sold call options on Wynn shares since October 2025. 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. Mar 11, 2026: Wynn said construction at Wynn Al Marjan Island resumed after a short pause. The pause came during Iranian strikes on the UAE, which started on February 28, 2026.