(WYNN) Wynn Resorts, Limited Bundle
What does Wynn Resorts do?
Wynn Resorts, Limited is a developer and operator of luxury integrated resorts: large destination properties that combine casino gaming with hotels, restaurants, nightlife, entertainment, meetings, retail, spas, and other premium hospitality experiences. The company trades on the Nasdaq Global Select Market under the ticker WYNN. Its current portfolio includes Wynn and Encore Las Vegas, Wynn Palace and Wynn Macau in Macau, and Encore Boston Harbor, while Wynn Al Marjan Island in the United Arab Emirates is under construction. The official company information page presents the portfolio and listing details.
Which properties define the company?
| Property | Location and scale | Strategic role |
|---|---|---|
| Wynn and Encore Las Vegas | 4,748 rooms, about 199,000 sq. ft. of casino space, and about 510,000 sq. ft. of meeting space. | Flagship U.S. destination and the largest property-level profit contributor in FY2025. |
| Wynn Palace | 1,706 rooms and about 468,000 sq. ft. of casino space on Cotai. | Wynn's newer Macau resort and the main driver of the Q1 2026 revenue acceleration. |
| Wynn Macau | 1,014 rooms and about 294,000 sq. ft. of casino space on the Macau peninsula. | Established premium property with meaningful cash generation but higher quarter-to-quarter gaming volatility. |
| Encore Boston Harbor | 671 rooms and about 215,000 sq. ft. of casino space. | Regional U.S. resort serving the New England market under a sale-leaseback structure. |
| Wynn Al Marjan Island | Planned 1,530-room integrated resort in Ras Al Khaimah, UAE. | The principal growth project, expected to open in 2027 and extend the brand into a new regional market. |
Why does Wynn matter in the resort industry?
Wynn is smaller by property count than several global gaming groups, but it concentrates capital in high-end destinations and targets premium customers whose spending extends beyond the casino floor. That positioning matters because integrated-resort economics are not driven by hotel rooms alone. Gaming volume, table win, room rates, restaurant demand, conventions, retail traffic, and nightlife all reinforce one another. Wynn's 2025 Form 10-K reports four operating segments, each corresponding to a major resort operation, which makes property-level analysis more useful than a generic hotel-company comparison.
How does Wynn Resorts make money?
Wynn earns revenue from casino gaming and from a broad set of non-casino activities. Casino revenue includes table games, slot machines, poker, and related gaming operations. Non-casino revenue comes from rooms, food and beverage, entertainment, retail, and other resort services. The model is designed so that premium accommodation, dining, entertainment, and luxury retail attract visitors and deepen the spending relationship, while casino activity supplies the largest single revenue pool.
How important is casino revenue?
The mix shifted toward gaming in Q1 2026: casino revenue rose 13.1% year over year, while non-casino revenue rose 3.0%. Rooms generated $290.4 million, food and beverage $259.0 million, and entertainment, retail, and other activities $130.1 million. This illustrates an important analytical point: Wynn is not simply a hotel operator with a casino attached. Gaming remains the economic center of gravity, while non-gaming amenities help attract, retain, and monetize the same customer base.
What drives margins in an integrated resort?
Property margins depend on gaming volume, the statistical win rate, room pricing, restaurant and entertainment demand, labor expense, gaming taxes, and the cost of maintaining luxury standards. A large share of expenses is fixed or semi-fixed, so incremental revenue can be highly profitable when occupancy, table activity, and customer spending rise together. The opposite is also true: weak room rates or unfavorable gaming hold can pressure profit even when the resort remains busy. Wynn therefore emphasizes Adjusted Property EBITDAR as a property operating measure, but researchers should also track interest, depreciation, pre-opening costs, and capital expenditure because those claims on cash are economically substantial.
Which Wynn properties drive revenue and profit?
Wynn's portfolio is balanced between Macau and the United States, but each property contributes differently. In Q1 2026, Las Vegas and Wynn Palace each produced roughly one-third of consolidated revenue. Wynn Macau and Encore Boston Harbor were smaller, and both recorded lower property EBITDAR than a year earlier. The most important current mix shift is the acceleration at Wynn Palace, which offset weakness elsewhere in Macau.
Which segment is growing fastest now?
Why can gaming results look volatile?
Casino results are affected not only by customer volume but also by win percentage. At Wynn Palace, mass-market table win was 26.6% in Q1 2026 versus 24.8% a year earlier, while VIP win was 3.11%, inside the property's expected 3.1%-3.4% range. At Wynn Macau, VIP win was only 0.39%, far below the same expected range. Las Vegas table win was 25.2%, within its expected 22%-26% range. These statistics mean one quarter can understate or overstate normalized earning power, so analysts should separate gaming volume from hold. The Q1 2026 earnings release provides the property-level operating detail.
What does Wynn Resorts' latest quarter show?
The quarter ended March 31, 2026 showed stronger revenue and earnings, led by Wynn Palace and Las Vegas. Consolidated revenue increased by $156.4 million year over year. Net income attributable to Wynn Resorts rose from $72.7 million to $120.5 million, and diluted EPS increased from $0.69 to $1.04. However, reported net income also benefited from a $46.8 million gain in derivative fair value, compared with a $29.5 million loss in Q1 2025. That non-operating swing is why operating income and property EBITDAR provide a cleaner view of core progress.
How did the main financial lines change?
| Metric | Q1 2026 | Q1 2025 | Interpretation |
|---|---|---|---|
| Operating revenue | $1.857B | $1.700B | Growth was concentrated in Wynn Palace and Las Vegas. |
| Operating income | $282.6M | $268.6M | Calculated operating margin was 15.2% versus 15.8%; revenue grew faster than operating profit. |
| Adjusted Property EBITDAR | $562.4M | $532.9M | Calculated property EBITDAR margin was 30.3% versus 31.3%. |
| Net income attributable to Wynn | $120.5M | $72.7M | Up 65.6%, but the derivative fair-value swing was a material contributor. |
| Operating cash flow | $153.5M | $133.8M | Improved with stronger property revenue, especially at Wynn Palace. |
| Capital expenditure | $179.1M | $159.9M | Simple free cash flow was negative $25.6 million before joint-venture investment. |
What does the margin gauge mean?
The detailed Q1 2026 Form 10-Q also shows $152.4 million of net interest expense, $160.5 million of depreciation and amortization, and $11.7 million of pre-opening expense. Those amounts explain why a resort operator's property-level cash earnings can look much stronger than net income or free cash flow.
How did Wynn build its luxury integrated-resort position?
Wynn's history is strategically useful because each major opening expanded either geographic reach or the breadth of the integrated-resort model. The company was formed in 2002 and completed its initial public offering that year, then built a portfolio around a consistent high-end design and service proposition. An older official SEC filing hosted by Wynn documents the formation and IPO context.
Which turning points still shape Wynn today?
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2002
Company formation and IPO. Public capital created the platform for a new Las Vegas destination and established development as a core capability.
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2005
Wynn Las Vegas opened. The flagship defined the company's luxury positioning and remains the largest FY2025 property-level EBITDAR contributor.
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2006-10
Wynn Macau and Encore expansions opened. Macau added exposure to one of the world's largest gaming markets, while Encore increased room, gaming, and amenity capacity.
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2016
Wynn Palace opened on Cotai. The resort shifted Wynn's Macau portfolio toward the newer tourism and entertainment district and became the fastest-growing property in Q1 2026.
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2019
Encore Boston Harbor opened. Wynn entered a large regional U.S. market, diversifying beyond destination gaming hubs but accepting a different competitive and regulatory structure.
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2023
New Macau concession began. The 10-year contract runs through 2032 and includes substantial non-gaming and gaming investment commitments, tying future growth to policy execution.
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2025-27
UAE expansion advanced. Wynn Al Marjan Island became the company's largest new growth project, while Wynn Mayfair added a European customer-development channel ahead of the resort opening.
What gives Wynn Resorts a competitive advantage?
Wynn's moat is not a single patent, network effect, or cost advantage. It is a system of mutually reinforcing assets: scarce resort locations, large-scale physical properties, gaming licenses, luxury brand recognition, a premium customer database, service culture, in-house design capability, and the financial capacity to continually refresh expensive assets. The 2026 proxy describes more than 200 professionals in Wynn Design and Development and argues that retaining an internal design team helps preserve the brand across new projects.
Why is the brand difficult to copy?
A rival can copy a restaurant concept or renovate a hotel tower, but reproducing the full Wynn experience requires a scarce site, billions of dollars, regulatory approval, experienced staff, customer trust, and years of operating consistency. The company's properties also benefit from cross-selling: a premium guest may generate room revenue, table play, restaurant spending, retail purchases, and event demand during one visit. This raises the economic value of the customer relationship and makes service quality financially relevant rather than merely cosmetic. The 2026 proxy statement explicitly frames culture and guest experience as the company's most durable competitive advantage.
Who are Wynn's main competitors?
| Market | Competitive set | What competition is based on | Wynn's positioning |
|---|---|---|---|
| Las Vegas | MGM Resorts, Caesars Entertainment, Venetian/Palazzo, Resorts World, and other major Strip resorts. | Room quality, casino product, conventions, entertainment, dining, location, loyalty, and price. | High-end service and design, large meeting capacity, golf, nightlife, and premium gaming. |
| Macau | SJM, Galaxy, Sands China, Melco, and MGM Macau under the six-concession structure. | Premium and mass gaming, hotel and retail quality, Cotai location, non-gaming attractions, and customer access. | Two-resort portfolio spanning Cotai and the peninsula, with a strong premium-customer orientation. |
| New England | MGM Springfield, Connecticut tribal casinos, Rhode Island casinos, lotteries, sports betting, and online gaming. | Proximity, product quality, tax structure, service, and repeat-customer marketing. | Closest large integrated luxury resort to the Boston population center. |
| UAE and regional tourism | Luxury hotels and entertainment destinations in Dubai, Abu Dhabi, Qatar, and broader international resort markets. | Air access, regulation, resort novelty, service, events, and affluent international visitation. | First-mover integrated-resort proposition in the UAE, subject to execution and regulatory conditions. |
How financially strong is Wynn Resorts?
Wynn generates substantial property cash earnings, but it also carries substantial debt and requires continual capital investment. At March 31, 2026, cash and cash equivalents were $1.188 billion, short-term investments were $607.6 million, and total current and long-term debt was $10.525 billion. Available revolver capacity was about $2.59 billion across the principal facilities. This is a liquid but leveraged capital structure, not a net-cash balance sheet.
How good was FY2025 cash conversion?
| FY2025 cash item | Amount | What it says about capital intensity |
|---|---|---|
| Operating cash flow | $1.353B | Core properties remained strong cash generators despite flat consolidated revenue. |
| Capital expenditure | $660.4M | Resort upkeep, renovations, and development absorb a large portion of operating cash. |
| Simple free cash flow | $692.2M | Calculated as operating cash flow less capital expenditure; excludes joint-venture investment. |
| Investment in unconsolidated affiliates | $328.9M | Primarily reflects funding for projects such as Wynn Al Marjan Island beyond reported capex. |
| Share repurchases | $380.1M | Capital was returned while the company continued heavy reinvestment. |
| Dividends paid | $174.7M | The quarterly dividend remained $0.25 per share through Q1 2026. |
The FY2025 results release reported $7.14 billion of revenue and $327.3 million of net income attributable to Wynn Resorts. Property EBITDAR totaled $2.224 billion, equal to a portfolio margin of about 31.2%. Yet net interest expense was $625.6 million, which demonstrates why leverage is central to valuation.
How exposed is Wynn to interest rates and refinancing?
Fixed-rate funding reduces immediate rate sensitivity, but refinancing concentration remains important. The balance sheet also shows a stockholders' deficit of $942.3 million at March 31, 2026, influenced by large treasury stock balances from repurchases. For a DCF, the relevant questions are whether property cash flows remain durable, whether new projects earn acceptable returns, and whether debt can be refinanced without consuming an excessive share of future free cash flow.
Who owns Wynn stock, and how is the company governed?
Wynn has one class of common stock with one vote per share, so it is not a dual-class controlled company. Nevertheless, the investor base includes several unusually large strategic, family, and institutional positions. The 2026 proxy measured ownership against 104.0 million shares outstanding on March 12, 2026. Because some disclosed holdings were based on earlier Schedule 13G filings, the proxy warns that positions may have changed after their source dates.
Which holders have the most influence?
| Holder or group | Beneficial ownership | Proxy percentage | Why it matters |
|---|---|---|---|
| Tilman J. Fertitta and related entities | 12.60M shares | 12.11% | Largest disclosed position, but written call options covering 9.00 million shares could reduce exposure if exercised. |
| The Vanguard Group | 10.86M shares | 10.44% | Large passive institutional presence; proxy figure was based on a December 2023 filing. |
| Capital World Investors | 9.58M shares | 9.21% | Large active institutional position reported as of June 2025. |
| Elaine Wynn Family Trust | 9.54M shares | 9.17% | Meaningful family-linked ownership remains part of the shareholder structure. |
| Galaxy-related entities | 5.20M shares | 5.00% | Strategic industry shareholder with shared voting and dispositive power. |
| Directors and executive officers as a group | 892,128 shares | Less than 1% | Management influence comes primarily through roles and incentives rather than concentrated economic control. |
What governance signals matter?
The board separates the chair and CEO roles, with Philip Satre serving as independent chair and Craig Billings serving as CEO. The board also maintains a separate compliance committee, reflecting the unusual licensing and suitability requirements of gaming. Management incentives are linked to measures including Adjusted Property EBITDAR, gaming market share, and Forbes Five-Star awards, connecting compensation to both financial performance and brand execution. The official leadership page identifies Craig Fullalove as CFO since April 2026, while the board page provides current director profiles.
What opportunities and risks could change Wynn's outlook?
Wynn's opportunity set is unusually concentrated. The largest upside driver is Wynn Al Marjan Island, while the largest recurring earnings drivers remain premium gaming and non-gaming demand in Las Vegas and Macau. The same concentration creates risk: one large construction project, two Macau properties under a time-limited concession, and a leveraged balance sheet can materially change equity value if assumptions move.
Where could the next phase of growth come from?
Wynn Al Marjan Island is a roughly $5.1 billion project with 1,530 rooms, extensive dining and entertainment, a marina, retail, and event space. Wynn's March 2026 project update said construction resumed after a short pause and that the company continued to monitor the regional security situation. The opportunity is first-mover access to a new integrated-resort market; the risk is that construction, geopolitics, regulation, demand, or financing changes the return profile before opening.
Which risks are most material?
| Risk | Financial transmission | Concrete indicator to monitor |
|---|---|---|
| Macau concession and policy obligations | The concession runs through 2032 and includes about $2.62 billion of committed gaming and non-gaming investment over ten years. | Annual approved investment plans, concession compliance, and Macau property cash distributions. |
| Leverage and refinancing | $10.525 billion of debt at March 31, 2026 creates large interest and refinancing claims on cash flow. | Net interest expense, maturity schedule, revolver capacity, fixed-rate mix, and credit-market access. |
| Gaming volatility and premium-customer credit | Win rates can distort quarterly earnings, while collection of gaming receivables can affect operating cash flow. | VIP turnover, mass-market table drop, win percentage versus expected range, and receivables allowance. |
| Construction and geopolitical exposure | Delays or cost escalation at Al Marjan could increase equity requirements and postpone cash returns. | Opening schedule, life-to-date contributions, remaining funding, construction milestones, and regional conditions. |
| Competition and demand cyclicality | New resorts, weaker visitation, lower room rates, or reduced premium play can pressure revenue and margins. | Las Vegas visitor volume, Macau visitation, occupancy, ADR, REVPAR, and market-share commentary. |
| Labor, regulation, and license suitability | Gaming operations depend on licenses, regulatory approvals, employee availability, and collective bargaining stability. | Regulatory filings, labor contract renewals, compliance findings, and wage inflation. |
What should students and investors monitor, and what is the key takeaway?
A useful Wynn analysis should not stop at revenue growth. The business combines volatile gaming results, high fixed costs, valuable regulated assets, large maintenance needs, heavy debt, and a major development pipeline. The most decision-useful indicators therefore connect property demand to cash generation and then to leverage and reinvestment.
Which KPIs belong in a Wynn research model?
| KPI | How to interpret it | Current reference point |
|---|---|---|
| Property revenue growth | Shows where demand and pricing are strengthening or weakening across the portfolio. | Q1 2026: Wynn Palace +23.0%; Las Vegas +5.9%; Wynn Macau flat; Boston -1.7%. |
| Adjusted Property EBITDAR margin | Property EBITDAR divided by revenue; useful for operating leverage, but not a substitute for cash flow. | Q1 2026 calculated portfolio margin: 30.3%. |
| Table drop, turnover, and handle | Measure customer wagering volume before the effect of win-rate volatility. | Best read together with hold percentage and expected range. |
| Occupancy, ADR, and REVPAR | Separate hotel demand from pricing and identify whether rooms support or dilute property economics. | FY2025 Macau occupancy remained near 99%, but ADR declined materially. |
| Operating cash flow less capex | Shows cash available before joint-venture investment, debt reduction, dividends, and buybacks. | FY2025 simple free cash flow: about $692.2 million; Q1 2026: negative $25.6 million. |
| Debt, interest, and liquidity | Determines how much property cash flow belongs economically to debt holders before equity. | March 31, 2026 debt: $10.525 billion; cash plus short-term investments: $1.795 billion. |
| Al Marjan funding and milestones | Tracks whether development remains on time, on budget, and capable of earning an acceptable return. | Q1 2026 life-to-date cash contribution: $1.01 billion; expected opening: 2027. |
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