Wynn Resorts, Limited
Analysis
Wynn is funding three resort projects at once, and the UAE opening that was meant to be its 2027 payoff now lands later and costs more. The gaming business has to carry the bill in the meantime. How does Wynn's net debt compare with its casino peers?
- The big payoff moved later and got more expensive.
Wynn set a September 2027 opening date for its UAE resort and raised that project's budget by about $600 million, roughly $240 million of it Wynn's own money. Two Macau builds and a Las Vegas room remodel started alongside it. How many quarters of free cash flow does the remaining UAE spend absorb?
- The gaming business is still growing and beating expectations.
Revenue beat analyst expectations for a fourth straight quarter, and Q2 2026 earnings beat by a wide margin. Management's line is that Wynn does not control the market, only its share of it, and it keeps taking that share. How does Wynn's Las Vegas growth compare with the rest of the Strip?
- The company is spending well ahead of what the business brings in.
Net debt has grown for a year while cash on hand has fallen, and Wynn still owes more than $500 million of equity on the UAE resort while starting two new Macau builds. Buybacks have dropped to a fraction of last year's pace.
- New resort and room pipelineWynn is adding rooms in Macau and a whole resort in the UAE, and management says the existing properties generate the cash to pay for both.
- Premium demand exceeds supplyIts hotels run full at the top end of the market, so new suites mostly capture customers Wynn already has to turn away rather than chase new ones.
- Group bookings support pricingConvention room nights and rates are booked ahead of last year in Las Vegas, which lets Wynn hold room rates while it renovates.
- Conflict-driven construction delayThe UAE resort now opens later and costs more, and management concedes the regional conflict behind that is outside its control.
- Rooms out for renovationTaking hotel floors out of service for a year removes sellable rooms exactly when Las Vegas room rates are at their highest.
- High debt and rising spendingDebt stays near prior levels while Wynn funds Macau towers and UAE equity, leaving less room to absorb a weak year.
| Politician | Transaction | Amount | Traded | Filed |
|---|---|---|---|---|
Donald Trump Republican · Executive | Sale | ≥$100K | Mar 17 | May 13 |
Alan Armstrong Republican · Senate · OK | Purchase | ≥$1K | Mar 27 | Jul 21 |
Lisa C. McClain Republican · House · MI-9 | Sale | ≥$1K | Oct 30 | Nov 21 |
Lisa C. McClain Republican · House · MI-9 | Purchase | ≥$1K | Oct 30 | Nov 21 |
Lisa C. McClain Republican · House · MI-9 | Sale | ≥$1K | Oct 31 | Nov 21 |
Congressional trading data provided by QuiverQuant
How Wynn Resorts, Limited turned $7.1B of revenue into $1.1B of operating income.
| Revenue | ||
|---|---|---|
| Casino | $4.4B | ▲ 3.50% YoY |
| Occupancy | $1.1B | ▼ 8.12% YoY |
| Food and Beverage | $1.0B | ▼ 2.92% YoY |
| Entertainment Retail And Other | $548.6M | ▼ 1.23% YoY |
| Total revenue | $7.1B | |
| Gross profit | $3.0B | 41.4% |
| Operating income | $1.1B | 15.7% |