EQUITY RESEARCH | DEEP VALUE RESEARCH
Wynn Resorts, Limited (WYNN)
Sector: Consumer Discretionary / Casinos & Gaming |
Published: 2026-10-12 |
Pages: 7
Price at publication: $75.15 | Market cap: $7.7 billion
Themes: Macau UAE development Sum of the parts
Executive Summary
Wynn Resorts closed at $75.15 on October 9, down 44% from its December high, after the Iran war pushed its UAE resort on Al Marjan Island to September 2027 and added about $600 million to the budget. Valued in pieces at ordinary multiples, the four operating casinos less all the debt are worth about the share price, so the market puts almost nothing on the $1.06 billion Wynn has already invested in Al Marjan. Macau gaming revenue has fallen four months running, and Wynn carries about $10.8 billion of debt.
What’s Inside The Full Report
- Executive summary and key points
- Fertitta’s Calls
- Four Casinos And An Island
- A Decade Of Flat Earnings
- Pricing The Pieces
- Ten Billion Dollars Of Debt
- The Bear Case At Full Strength
- What I Would Pay
- TTCM rating and position disclosure
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