Wynn Resorts (WYNN)

Consumer Discretionary · $8.8B market cap · SEC CIK 0001174922

Next reports on Feb 10, 2027, after the close, with analysts expecting $1.08 in earnings per share.

52-week range $70.79 to $134.72. 35% below its 52-week high and 23% above its low.

The case for WYNN

• Cheap for its growth: 19.5× earnings, where 21% a year of growth plus a 1.0% dividend would justify about 40×.
• Free cash flow of 7.9% of its market value a year: a lot of cash for the price.
• Has compounded revenue at 27.8% a year over five years.

The case against

• Down 31.3% over the past year.
• Long-term debt of $10.5B would take 8 years of operating cash flow to repay.
• Operating profit covers its interest bill only 1.9 times.
• Growth is slowing: revenue up 6.4% this year against 27.8% a year over five.
• Owes more than it owns: shareholder equity is −$275M, usually the result of buybacks funded with debt. ROE and price-to-book mean little here.
• Return on assets of 3.5% is lower than 92% of Consumer Discretionary companies.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Shareholder equity is negative, so return on equity, price-to-book and debt-to-equity are left out.
• Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.

The financials

The financials, five years deep

Pulled from Wynn Resorts's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What Wynn Resorts says it does

Our Company Wynn Resorts, Limited ("Wynn Resorts," "Wynn," or together with its subsidiaries, "we" or the "Company") is a preeminent designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community. We believe that our extensive design and operational experience across numerous gaming jurisdictions provides us with a distinct advantage over other gaming enterprises. Through our approximately 72% ownership of Wynn Macau, Limited ("WML"), we operate two integrated resorts in the Macau Special Administrative Region of the People's Republic of China ("Macau"), Wynn Palace and Wynn Macau (collectively, our "Macau Operations"). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn…

Risk factors WYNN lists in its 10-K

• Our business is particularly sensitive to reductions in discretionary consumer spending, and
• a negative macroeconomic environment, including an economic downturn or recession, could adversely impact our business, results of operations, financial condition and cash flows
• Investigations, litigation and other disputes could distract management, damage our reputation, and result in negative publicity and additional scrutiny from regulators
• We depend on the continued services of key managers and employees. If we do not retain our key personnel or attract and retain other highly skilled employees, our business will suffer
• Our continued success depends on our ability to maintain the reputation of our resorts
• We are entirely dependent on a limited number of resorts for all of our cash flow, which subjects us to greater risks than a gaming company with more operating properties
• We are a parent company and our primary source of cash is and will be distributions from our subsidiaries
• Our casino, hotel, convention and other facilities and offerings face intense competition, which may increase in the future
• Las Vegas Operations and Encore Boston Harbor
• Our business relies on premium customers. We often extend credit, and we may not be able to collect gaming receivables from our credit players or credit play may decrease
• Las Vegas Operations and Encore Boston Harbor
• Win rates for our gaming operations depend on a variety of factors, some of which are beyond our control
• We could encounter higher than expected cost increases in the development of our projects
• Because we own real property, we are subject to extensive environmental regulation, which creates uncertainty regarding future environmental expenditures and liabilities
• Adverse incidents or adverse publicity concerning our resorts or our corporate responsibilities could harm our brand and reputation and negatively impact our financial results
• Compliance with evolving laws and regulations, and the interpretations thereof, is expensive and results in compliance risks
• We are subject to taxation by various governments and agencies. The rate of taxation could change
• System failure, information leakage and the cost of maintaining sufficient cybersecurity could adversely affect our business
• Our business could suffer if our computer systems and websites are disrupted or cease to operate effectively
• If a third party successfully challenges our ownership of, or right to use, the Wynn-related trademarks and/or service marks, our business or results of operations could be harmed
• Labor actions and other labor problems could negatively impact our operations
• Our insurance coverage may not be adequate to cover all possible losses that we could suffer, including losses resulting from terrorism, and our insurance costs may increase
• Our Macau Operations may be affected by adverse political and economic conditions
• We compete for limited labor resources in Macau and local policies may also affect our ability to employ imported labor
• The smoking control legislation in Macau could have an adverse effect on our business, financial condition, results of operations and cash flows
• Extreme weather conditions have had and may in the future have an adverse impact on our Macau Operations
• Certain Nevada gaming laws apply to our gaming activities and associations outside of Nevada
• The Massachusetts Gaming Commission has broad authority to consider conduct outside of Massachusetts for continued licensure in Massachusetts
• Unfavorable changes in currency exchange rates may increase our Macau Operations' obligations under the concession agreement and cause fluctuations in the value of our investment in Macau
• Currency exchange controls and currency export restrictions could negatively impact our Macau Operations
• Conflicts of interest may arise because certain of our directors and officers are also directors of Wynn Macau, Limited
• The Macau government has established a maximum number of gaming tables that can be operated in Macau and has limited the number of new gaming tables at new gaming areas in Macau
• Certain stockholders are able to exert significant influence over our operations and future direction
• We are highly leveraged and future cash flow may not be sufficient for us to meet our obligations, and we might have difficulty obtaining more financing
• The agreements governing our debt facilities contain certain covenants that restrict our ability to engage in certain transactions and may impair our ability to respond to changing business and economic conditions

Filings

Other Consumer Discretionary companies