NASDAQ Framework: Wynn Resorts Limited
Luxury casino and resort operator 1.
1: Wynn Resorts operates luxury casinos and resorts. The company was founded in 2002 by Steve Wynn, the former CEO. The company operates four megaresorts: Wynn Macau and Encore in Macao and Wynn Las Vegas and Encore in Las Vegas. Cotai Palace opened in August 2016 in Macao, and Encore Boston Harbor in Massachusetts opened June 2019. We expect the company to continue to build nongaming attractions in Macao over the next few years. We model Wynn's managed integrated resort in the United Arab Emirates to open in 2027. The company also operates Wynn Interactive, a digital sports betting and iGaming platform. The company received 76% and 24% of its 2019 prepandemic EBITDA from Macao and the US, respectively. View Source
Wynn Resorts, Limited is an American publicly traded corporation based in Paradise, Nevada, that designs, develops, and operates high-end hotels and casinos. Founded in 2002 by former Mirage Resorts Chairman and CEO Steve Wynn, the company operates four megaresorts: Wynn Macau and Encore in Macao, and Wynn Las Vegas and Encore in Las Vegas, along with the Encore Boston Harbor in Massachusetts. Wynn Resorts is known for its luxury accommodations, world-class dining, and entertainment options, and holds more Forbes Travel Guide Five Stars than any other independent hotel company in the world 2345.
2: Wynn Resorts operates luxury casinos and resorts. The company was founded in 2002 by Steve Wynn, the former CEO. The company operates four megaresorts: Wynn Macau and Encore in Macao and Wynn Las Vegas and Encore in Las Vegas. Cotai Palace opened in August 2016 in Macao, and Encore Boston Harbor in Massachusetts opened June 2019. We expect the company to continue to build nongaming attractions in Macao over the next few years. We model Wynn's managed integrated resort in the United Arab Emirates to open in 2027. The company also operates Wynn Interactive, a digital sports betting and iGaming platform. The company received 76% and 24% of its 2019 prepandemic EBITDA from Macao and the US, respectively. View Source3: Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn Las Vegas (wynnlasvegas.com), Encore Boston Harbor (encorebostonharbor.com), Wynn Macau (wynnmacau.com), and Wynn Palace, Cotai (wynnpalace.com). View Source4: Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays. The Wynn Macau segment operates casino space with private gaming salons, sky casinos, and a poker room; a luxury hotel tower, that include health clubs, spas, a salon, and a pool; food and beverage outlets; retail space; meeting and convention space; and Chinese zodiac-inspired ceiling attractions. The Las Vegas Operations segment operates casino space with private gaming salons, a sky casino, a poker room, and a race and sports book; a luxury hotel tower with suites, and villas, including swimming pools, private cabanas, full-service spas and salons, and a wedding chapel; food and beverage outlets; meeting and convention space; retail space; and theaters, nightclubs, a beach club. The Encore Boston Harbor segment operates casino space with gaming areas, and a poker room; a luxury hotel tower including a spa and salon; food and beverage outlets and a nightclub; retail space; meeting and convention space; and a waterfront park, floral displays, and water shuttle service. Wynn Resorts, Limited was incorporated in 2002 and is based in Las Vegas, Nevada. View Source5: Wynn Resorts, Limited is an American publicly traded corporation based in Paradise, Nevada, that is a developer and operator of high-end hotels and casinos. It was founded in 2002 by former Mirage Resorts Chairman and CEO Steve Wynn and is now run by CEO Craig Billings.[4] As of 2020[update], the company has developed six properties.[1] View Source
6: On February 6, 2018, Steve Wynn resigned as CEO of the company amidst sexual allegations and was replaced by Matthew Maddox.[11] Amid sexual harassment lawsuits involving directors, Maddox announced the planned departure of two board members, Ray Irani and Alvin Shoemaker, on March 7, 2018. The departure of Irani and Shoemaker was to reassure investors that the corporate culture was changing.[12] In April 2018, the company nominated three women to the board of directors: Dee Dee Myers, Betsy Atkins, and Wendy Webb.[13] View Source7: On November 9, 2021, Wynn announced that Matthew Maddox would be stepping down as CEO on January 31, 2022. Craig Billings was named as successor to Maddox. Previously, Craig Billings was the CEO of Wynn Interactive and former CFO of Wynn Resorts.[17] Billings assumed the role of CEO effective February 1, 2022.[18] View Source
MEDIUM RISK
Wynn Resorts, Limited faces a mixed financial outlook. On one hand, the company has shown resilience and recovery in its operations post-pandemic, with strong performance in both its Las Vegas and Macau properties 89. Additionally, the company has been expanding its portfolio with new projects such as the Wynn Al Marjan Island in the UAE and a proposed integrated resort in Hudson Yards, New York 1011. However, Wynn Resorts is also dealing with significant regulatory and market risks, particularly in Macau, where the government is shifting towards nongaming revenue, which could impact Wynn's high-end gaming operations 1213. Furthermore, the company has experienced fluctuations in its stock price and has faced liquidity issues in the past, leading to the suspension of dividends during the pandemic 1415. These factors contribute to a medium risk assessment for Wynn Resorts' financial situation.
Wynn Resorts, Limited faces a mixed financial outlook. On one hand, the company has shown resilience and recovery in its operations post-pandemic, with strong performance in both its Las Vegas and Macau properties 89. Additionally, the company has been expanding its portfolio with new projects such as the Wynn Al Marjan Island in the UAE and a proposed integrated resort in Hudson Yards, New York 1011. However, Wynn Resorts is also dealing with significant regulatory and market risks, particularly in Macau, where the government is shifting towards nongaming revenue, which could impact Wynn's high-end gaming operations 1213. Furthermore, the company has experienced fluctuations in its stock price and has faced liquidity issues in the past, leading to the suspension of dividends during the pandemic 1415. These factors contribute to a medium risk assessment for Wynn Resorts' financial situation.
8: Morningstar | A Weekly Summary of Stock Ideas and Developments in the Companies We Cover In this edition, divining European insurance dividends; demand for gaming can't be denied; initiating coverage of UL Solutions; and Port of Tauranga, Prudential Financial, and Nokia. Morningstar• 22 days ago Upgrading to BUY with a price target of $110 Wynn Resorts Ltd. develops and operates casino resorts in Macau and Las Vegas. Wynn's Macau operations include just over 1,000 hotel rooms, nearly 500 table games, and 835 slot machines. Its Las Vegas operations consist of 240 table games, 2,200 slot machines, and 4,750 hotel rooms and suites. It also owns the Encore Boston Harbor Hotel and Casino. Rating Price Target Argus• last month Can AI Still Drive the Market? Can AI Still Drive the Market? Argus• last month Wynn's Macao Sales Continue to Recover; Demand in Vegas Remains at All-Time Highs Wynn Resorts operates luxury casinos and resorts. The company was founded in 2002 by Steve Wynn, the former CEO. The company operates four megaresorts: Wynn Macau and Encore in Macao and Wynn Las Vegas and Encore in Las Vegas. Cotai Palace opened in August 2016 in Macao, and Encore Boston Harbor in Massachusetts opened June 2019. We expect the company to continue to build nongaming attractions in Macao over the next few years. We model Wynn's managed integrated resort in the United Arab Emirates to open in 2027. The company also operates Wynn Interactive, a digital sports betting and iGaming platform. The company received 76% and 24% of its 2019 prepandemic EBITDA from Macao and the US, respectively. Rating Price Target Morningstar• 2 months ago View Source9: The Encore in Las Vegas opened shortly after the beginning of the Great Recession. Despite the additional casino at the Encore (which added 97 tables and 857 slot machines to the original 190 tables and 2000 slots), net casino revenues for the combined resort were initially lower. Similarly, in the first quarter of 2009, net revenues of the Macau operations declined. Following the global economic recovery, performance of the Wynn properties also recovered. Wynn remained the only gaming operator to not perform mass layoffs during the recession.[28] In 2017 CNBC reported that Wynn's stock was up 44% for the year and that Wynn's Macau operations were the leading US-based resorts there.[29] Wynn resorts continued to operate during the pandemic while requiring employees who choose not to receive a COVID-19 vaccination to submit weekly test results for the virus.[30] The company indefinitely suspended it dividend in response to liquidity issues during the pandemic.[31] Shortly after pandemic restrictions were lifted in the United States and in Macau, the company began a recovery of revenues and profits. In 2022 it bought back $628 million shares.[31] View Source10: As of 2024, Wynn Resorts is bidding for a casino license to build an integrated resort at the Hudson Yards in New York City. Wynn Resorts is proposing to build a 1,189 foot tall 80 story hotel and casino above the western portion of the West Side Yards. The hotel would have 1,750 rooms, making it one of the largest hotels in New York City.[24] Wynn is also set to break ground on Wynn Al Marjan Island which will be the first casino in the United Arab Emirates. [25][26] Wynn Resorts is also exploring the possibility of developing a property in Thailand if gambling is legalized there. [27] View Source11: Wynn bought 52 acres (21 ha) in Cotai, Macau where he hoped to break ground in 2012 for Wynn Cotai for a 2013 or early 2014 opening.[when?] View Source12: Covid's headwind on Wynn's Macao operations (51% of estimated 2024 EBITDA) eased greatly in 2023, after China removed restrictions Jan. 8, 2023. Still, the Macao government continues to heavily regulate VIP play, elevating long-term operational risk. Also, Wynn has exposure to the expected long-term shift away from VIP gaming revenue toward nongaming and mass play. That said, we see an attractive long-term growth opportunity in Macao, with Wynn's high-end iconic brand positioned to participate, leading to an estimated low-teen percentage gross gaming revenue share in 2024. View Source13: The Macao and Chinese governments are gradually moving the region toward a nongaming full resort destination site, as opposed to one of high-end VIP gaming, which could result in an outsize slowdown in growth for Wynn, given its higher-end exposure. View Source14: The Encore in Las Vegas opened shortly after the beginning of the Great Recession. Despite the additional casino at the Encore (which added 97 tables and 857 slot machines to the original 190 tables and 2000 slots), net casino revenues for the combined resort were initially lower. Similarly, in the first quarter of 2009, net revenues of the Macau operations declined. Following the global economic recovery, performance of the Wynn properties also recovered. Wynn remained the only gaming operator to not perform mass layoffs during the recession.[28] In 2017 CNBC reported that Wynn's stock was up 44% for the year and that Wynn's Macau operations were the leading US-based resorts there.[29] Wynn resorts continued to operate during the pandemic while requiring employees who choose not to receive a COVID-19 vaccination to submit weekly test results for the virus.[30] The company indefinitely suspended it dividend in response to liquidity issues during the pandemic.[31] Shortly after pandemic restrictions were lifted in the United States and in Macau, the company began a recovery of revenues and profits. In 2022 it bought back $628 million shares.[31] View Source15: Wynn Resorts, Limited (NASDAQ:WYNN) Shares Could Be 28% Below Their Intrinsic Value Estimate View Source
16: As of 2024, Wynn Resorts is bidding for a casino license to build an integrated resort at the Hudson Yards in New York City. Wynn Resorts is proposing to build a 1,189 foot tall 80 story hotel and casino above the western portion of the West Side Yards. The hotel would have 1,750 rooms, making it one of the largest hotels in New York City.[24] Wynn is also set to break ground on Wynn Al Marjan Island which will be the first casino in the United Arab Emirates. [25][26] Wynn Resorts is also exploring the possibility of developing a property in Thailand if gambling is legalized there. [27] View Source17: Wynn Resorts operates luxury casinos and resorts. The company was founded in 2002 by Steve Wynn, the former CEO. The company operates four megaresorts: Wynn Macau and Encore in Macao and Wynn Las Vegas and Encore in Las Vegas. Cotai Palace opened in August 2016 in Macao, and Encore Boston Harbor in Massachusetts opened June 2019. We expect the company to continue to build nongaming attractions in Macao over the next few years. We model Wynn's managed integrated resort in the United Arab Emirates to open in 2027. The company also operates Wynn Interactive, a digital sports betting and iGaming platform. The company received 76% and 24% of its 2019 prepandemic EBITDA from Macao and the US, respectively. View Source
Wynn Resorts Limited's product roadmap and expansion strategy for 2024 through to 2026 include several ambitious projects aimed at broadening its global footprint and enhancing its luxury offerings. The company is set to break ground on Wynn Al Marjan Island, which will be the first casino in the United Arab Emirates, with an expected opening in 2027 18. Additionally, Wynn Resorts is bidding for a casino license to build an integrated resort at Hudson Yards in New York City, which will feature a 1,189-foot tall, 80-story hotel and casino 19. The company is also exploring the possibility of developing a property in Thailand if gambling is legalized there 20. These projects reflect Wynn Resorts' commitment to expanding its portfolio and maintaining its status as a leader in luxury casino and resort operations.
18: As of 2024, Wynn Resorts is bidding for a casino license to build an integrated resort at the Hudson Yards in New York City. Wynn Resorts is proposing to build a 1,189 foot tall 80 story hotel and casino above the western portion of the West Side Yards. The hotel would have 1,750 rooms, making it one of the largest hotels in New York City.[24] Wynn is also set to break ground on Wynn Al Marjan Island which will be the first casino in the United Arab Emirates. [25][26] Wynn Resorts is also exploring the possibility of developing a property in Thailand if gambling is legalized there. [27] View Source19: As of 2024, Wynn Resorts is bidding for a casino license to build an integrated resort at the Hudson Yards in New York City. Wynn Resorts is proposing to build a 1,189 foot tall 80 story hotel and casino above the western portion of the West Side Yards. The hotel would have 1,750 rooms, making it one of the largest hotels in New York City.[24] Wynn is also set to break ground on Wynn Al Marjan Island which will be the first casino in the United Arab Emirates. [25][26] Wynn Resorts is also exploring the possibility of developing a property in Thailand if gambling is legalized there. [27] View Source20: As of 2024, Wynn Resorts is bidding for a casino license to build an integrated resort at the Hudson Yards in New York City. Wynn Resorts is proposing to build a 1,189 foot tall 80 story hotel and casino above the western portion of the West Side Yards. The hotel would have 1,750 rooms, making it one of the largest hotels in New York City.[24] Wynn is also set to break ground on Wynn Al Marjan Island which will be the first casino in the United Arab Emirates. [25][26] Wynn Resorts is also exploring the possibility of developing a property in Thailand if gambling is legalized there. [27] View Source