Wynn Resorts Ltd

WYNN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$667.00	Zqvkyj	Jkspmkcy

Wynn Earnings: Macao and Vegas Demand Continues to Grow; Shares Attractive

Dan Wasiolek

Aug 7, 2024

We don’t plan to meaningfully change our $122 per share fair value estimate for narrow-moat Wynn after the company posted solid second-quarter results in its Macao and Las Vegas regions. We find shares attractive, trading at just 7 times forward enterprise value/EBITDA versus the 10-11 times before the pandemic, as we believe investors are discounting the resiliency of the Macao and Vegas gaming enclaves and Wynn’s position in those regions.

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