Wynn Resorts (WYNN.O): Macau Strength and Healthy Las Vegas Demand; Al Marjan Set for September 2027 Opening

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05 Aug 2026 06:53:54 ET │ 17 pages

Wynn Resorts (WYNN.O)

Macau Strength and Healthy Las Vegas Demand; Al Marjan Set for

September 2027 Opening

CITI'S TAKE

WYNN continues to show that while its premium product and premium

consumer are not immune from broader economic pressures, they are

clearly better insulated from them. 2Q was another strong quarter across

the company’s developed markets, while the announced date for Wynn Al

Marjan removes at least a portion of uncertainty out of the outlook. We

continue to see WYNN shares as among the most concentrated expressions

of a K-shaped economy, although investors will need to remain patient to

reap the rewards. Maintain Buy with an updated $135 TP.

WYNN reported 2Q26 Consolidated Adjusted Property EBITDAR of $568M, which

was above our estimate of $540M (-2%) and above the Street's $554M (flat).

2Q26 net revenues of $1.86B were +7% y/y, above our $1.82B estimate (+5%) and

above Street's $1.83B estimate (+5%). Consolidated Adjusted Property EBITDAR

margin of 30.6% (-120 bps y/y) was above our estimate of 29.6%.

Las Vegas Operations Adjusted Property EBITDAR was $215M vs. the Street's

$216M. Consolidated Macau EBITDAR was $297M vs. the Street's $283M. Encore

Boston Harbor Adjusted Property EBITDAR was $56.1M vs. the Street's $55M.

n

Buy

Price (04 Aug 26 16:00)

US$97.60

Target price

US$135.00↑

from US$132.00

Expected share price return

38.3%

Expected dividend yield

1.0%

Expected total return

39.3%

Market Cap

US$10,130M

Price Performance

(RIC: WYNN.O, BB: WYNN US)

Wynn Al Marjan Island is now scheduled to open in September 2027. The total

project budget was increased by approximately $600M. Approximately half of the

increase was attributed directly to regional-conflict effects, with the remainder due

to project remeasurement, trade coordination and other costs.

Our 2026 consolidated property EBITDAR estimate is up $36M to 2.31B. This

consists of an unchanged Vegas estimate ($858M from $857M), a meaningful

increase in Macau (primarily Wynn Palace), and a lower Boston Harbor assumption.

As we look to 2027, we are reintroducing a nominal contribution from the Al Marjan

…