Wynn Resorts (WYNN) Stock Forecast & Price Target

Wynn Resorts is viewed favorably because its high-end portfolio in Macau, Las Vegas, Boston, and the planned UAE resort offers multiple long-duration growth drivers that the market appears to be undervaluing. The stock trades around 8x forward EBITDA and sub-9x '27E EBITDA, while the note argues that Macau and UAE assets are being assigned almost no value despite resilient Macau premium mass demand, Las Vegas pricing power, and a managed integrated resort expected to open in 2027. With 49% and 51% of 2025 prepandemic EBITDA tied to Macau and the US, respectively, plus plans for a new 432-suite tower opening in 2029, the company has both geographic diversification and tangible development optionality.

Wynn Resorts is viewed negatively because its weakest style exposure is profitability, suggesting it is not efficiently converting its heavy resort investments into earnings, even though its valuation screen appears relatively attractive versus peers. The business remains highly dependent on two geographic hubs, with 49% and 51% of its 2025 prepandemic EBITDA coming from Macao and the US, respectively, which leaves results exposed to regional demand swings and regulatory or tourism volatility. While management is adding nongaming capacity in Macao, including a new 432-suite tower adjacent to its Palace resort opening in 2029, and expects an integrated resort in the United Arab Emirates to open in 2027, those projects imply substantial execution risk before they can translate into stronger profitability.