WYNN RESORTS LTD (WYNN)

Wynn Resorts, Limited is a designer, developer, and operator of integrated resorts that combine luxury hotel rooms, high-end retail, dining, entertainment, meeting and convention facilities, and gaming. The company emphasizes in-house design and construction, regular reinvestment in its properties, and a service-focused culture aimed at driving repeat visitation. It owns about 72% of Wynn Macau, Limited, which operates its two Macau resorts, and holds a 40% equity interest in Island 3 AMI FZ-LLC, an unconsolidated affiliate building a resort in Ras Al Khaimah, United Arab Emirates.

Results are reported in four segments tied to its four resorts. Wynn Palace, opened in 2016 on Macau's Cotai Strip, has about 468,000 square feet of casino space, 1,706 rooms, suites, and villas, 12 food and beverage outlets, about 109,000 square feet of retail, and about 37,000 square feet of meeting space. Wynn Macau, opened in 2006 with the Encore expansion added in 2010, is in downtown Macau and has about 294,000 square feet of casino space, 1,014 rooms and suites, 11 food and beverage outlets, and about 75,900 square feet of retail. The Las Vegas Operations, Wynn Las Vegas (2005) and Encore (2008), sit on about 215 acres on the Las Vegas Strip. They have about 199,000 square feet of casino space, 4,748 rooms, suites, and villas, 35 food and beverage outlets, about 178,000 square feet of retail, about 510,000 square feet of meeting space, a golf course, nightclubs, and theaters. Encore Boston Harbor, opened in 2019 in Everett, Massachusetts, has about 215,000 square feet of casino space, 671 rooms and suites, 16 food and beverage outlets, and a nightclub. Wynn Al Marjan Island, expected to open in 2027, is planned to include over 1,500 hotel rooms, villas, a mall, convention space, and 225,000 square feet of gaming area. The company is also designing the next phase of Wynn Palace.

Wynn targets a wide range of premium domestic and international guests, including high-net-worth tourists, and uses marketing offices in several international locations to build customer relationships. Macau, in the Greater Bay Area about 37 miles from Hong Kong, is a large gaming and tourism market with 20 casinos run by six concessionaires. Macau gaming revenues were $30.9 billion in 2025, and the Macau resorts compete with other Macau casinos and with casinos in Singapore, South Korea, Vietnam, Australia, and elsewhere in Asia. The Las Vegas Strip, with gaming win of $8.8 billion in 2025 and 38.5 million visitors, depends on tourism and conventions and is highly competitive. Encore Boston Harbor competes with Native American and commercial casinos in Connecticut, Rhode Island, and Massachusetts, including MGM Springfield.

Wynn Macau SA operates under a 10-year Macau gaming concession running from January 1, 2023 to December 31, 2032. It is subject to a 35% special gaming tax, an annual contribution of up to 5% of gross gaming revenue, and government oversight. The Las Vegas Operations are regulated by the Nevada Gaming Commission, the Nevada Gaming Control Board, and the Clark County Liquor and Gaming Licensing Board. The company works to reach net-zero carbon emissions by 2050, including through a 1,000-acre solar facility in Nevada. The company says it is not materially affected by seasonality.