WYNN RESORTS LTD WYNN
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 Las Vegas and Encore at Wynn Las Vegas, which we also refer to as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort. Additionally, the Company has a 40% equity interest in Island 3 AMI FZ-LLC, an unconsolidated affiliate, which is constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates, currently expected to open in 2027.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.14B | $7.13B | $6.53B | $3.76B | $3.76B | $2.10B | $6.61B | $6.72B | $6.07B | $4.35B |
| SG&A | $1.12B | $1.08B | $1.07B | $830.5M | $796.6M | $720.8M | $896.7M | $761.4M | $685.5M | $548.1M |
| Total operating expenses | $6.02B | $6.00B | $5.69B | $3.86B | $4.16B | $3.33B | $5.73B | $5.98B | $5.01B | $3.82B |
| Operating income | $1.12B | $1.13B | $840.2M | -$100.7M | -$394.5M | -$1.23B | $878.3M | $735.5M | $1.06B | $521.7M |
| Interest expense | $625.6M | $688.4M | $751.5M | $650.9M | $605.6M | $556.5M | $414.0M | $381.8M | $388.7M | $289.4M |
| Pre-tax income | $514.1M | $643.4M | $285.4M | -$700.0M | -$1.01B | -$1.76B | $488.2M | $305.7M | $560.3M | $310.6M |
| Income tax | $105.0M | $3.7M | $496.8M | $9.3M | $474.0K | $564.7M | $176.8M | $497.3M | $329.0M | $8.1M |
| Net income | $327.3M | $501.1M | $730.0M | -$423.9M | -$755.8M | -$2.07B | $123.0M | $572.4M | $747.2M | $242.0M |
| EPS, basic | 3.16 | 4.56 | 6.49 | -3.73 | -6.64 | -19.37 | 1.15 | 5.37 | 7.32 | 2.39 |
| EPS, diluted | 3.14 | 4.35 | 6.32 | -3.73 | -6.64 | -19.37 | 1.15 | 5.35 | 7.28 | 2.38 |
| Shares, diluted (wtd. avg.) | $104.2M | $110.3M | $112.9M | $113.6M | $113.8M | $106.7M | $107.0M | $107.0M | $102.6M | $101.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.46B | $2.43B | $2.97B | $3.78B | $2.53B | $3.49B | $2.36B | $2.22B | $2.81B | $2.65B |
| Short-term investments | — | — | — | — | — | — | — | $0 | $166.8M | $173.4M |
| Receivables | $402.6M | $324.0M | $341.7M | $216.0M | $199.5M | $200.2M | $346.4M | $276.6M | $224.1M | $219.0M |
| Inventory | $88.5M | $75.8M | $75.6M | $70.1M | $70.0M | $66.3M | $88.5M | $66.6M | $71.6M | $91.5M |
| Total current assets | $2.68B | $2.92B | $4.24B | $4.03B | $2.88B | $3.81B | $2.86B | $2.64B | $3.42B | $2.99B |
| Property, plant and equipment | $6.63B | $6.52B | $6.69B | $6.90B | $8.77B | $9.20B | $9.62B | $9.39B | $8.50B | $8.26B |
| Goodwill | — | $18.5M | $18.5M | $90.5M | $129.7M | $144.1M | $18.5M | $0 | — | — |
| Other intangibles | $224.2M | $254.6M | $302.8M | $146.3M | $169.4M | $125.7M | $119.6M | $222.5M | $123.7M | $113.6M |
| Total assets | $13.11B | $12.98B | $14.00B | $13.42B | $12.53B | $13.87B | $13.87B | $13.22B | $12.68B | $11.95B |
| Accounts payable | $255.3M | $205.1M | $208.3M | $197.5M | $170.5M | $148.5M | $262.4M | $321.8M | $285.4M | $298.5M |
| Short-term debt | $9.4M | $41.2M | $709.6M | $547.5M | $50.0M | $596.4M | $323.9M | $12.0M | $62.7M | $0 |
| Total current liabilities | $1.64B | $1.54B | $2.20B | $1.81B | $1.29B | $1.88B | $1.98B | $1.88B | $1.93B | $1.42B |
| Long-term debt | $10.54B | $10.50B | $11.03B | $11.57B | $11.88B | $12.47B | $10.08B | $9.41B | $9.57B | $10.13B |
| Total liabilities | $14.14B | $13.95B | $15.10B | $15.06B | $13.37B | $14.61B | $12.33B | $11.40B | $11.60B | $11.70B |
| Retained earnings | -$1.45B | -$1.68B | -$2.07B | -$2.71B | -$2.29B | -$1.53B | $641.8M | $921.8M | $635.1M | $95.1M |
| Total equity | -$275.5M | -$224.2M | -$1.10B | -$1.64B | -$836.2M | -$737.3M | $1.54B | $1.81B | $1.08B | $257.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.35B | $1.43B | $1.25B | -$71.3M | -$222.6M | -$1.07B | $901.1M | $961.5M | $1.88B | $970.5M |
| Depreciation and amortisation | $568.5M | $601.4M | $625.0M | $652.1M | $685.7M | $699.6M | $602.9M | $546.1M | $547.9M | $398.2M |
| Stock-based compensation | $91.9M | $59.0M | $64.5M | $67.6M | $95.2M | $62.3M | $39.7M | $36.5M | $44.0M | $43.2M |
| Capital expenditure | $660.4M | $419.9M | $442.8M | $300.1M | $290.7M | $290.1M | $1.06B | $1.48B | $935.5M | $1.23B |
| Investing cash flow | -$1.66B | -$83.6M | -$1.34B | $1.35B | -$342.4M | -$265.8M | -$1.07B | -$1.22B | -$957.6M | -$1.29B |
| Financing cash flow | -$653.3M | -$1.79B | -$719.2M | -$23.7M | -$388.0M | $2.46B | $299.0M | -$324.3M | -$754.4M | $882.6M |
| Dividends paid | $174.7M | $139.6M | $84.7M | $1.4M | $1.6M | $108.8M | $566.5M | $569.8M | $320.8M | $325.2M |
| Buybacks | $380.1M | $401.8M | $212.5M | $187.5M | $13.8M | $11.5M | $67.0M | $159.5M | $17.8M | $14.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001174922-26-000013.
Others in SIC 7011
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MAR | MARRIOTT INTERNATIONAL INC /MD/ | $87.75B | 35.4x | 4.3% |
| HLT | Hilton Worldwide Holdings Inc. | $70.04B | 50.8x | 7.7% |
| LVS | LAS VEGAS SANDS CORP | $28.74B | 18.9x | 15.2% |
| H | Hyatt Hotels Corp | $15.64B | — | 6.8% |
| MGM | MGM Resorts International | $10.37B | 54.2x | 1.7% |
| CZR | Caesars Entertainment, Inc. | $6.05B | — | 2.1% |
| BYD | BOYD GAMING CORP | $5.67B | 3.5x | 4.1% |
| WH | WYNDHAM HOTELS & RESORTS, INC. | $5.33B | 28.7x | 1.8% |