At a glance
Wynn Resorts Limited is worth $8.00B, about 25 times its fiscal 2025 earnings. Revenue grew 0.1% to $7.14B in fiscal 2025, with 4.6% kept as profit; over 5 years it has grown 27.8% a year. It pays a 1.29% dividend yield, raised every year for at least 3 years, and returned $1.60B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −34.1% over the past year with dividends reinvested and −2.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 68.1% in the 2020 crash (S&P 500: 33.7%) and 46.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 7 months after the lows.
The business in plain English
Wynn Resorts builds and runs integrated resorts. These are large properties that put a casino under the same roof as luxury hotel rooms, restaurants, high-end shops, entertainment and convention space. It has four resorts, and each one is a reporting segment. Wynn Palace and Wynn Macau are in Macau, a special administrative region of China. Wynn holds them through its roughly 72% stake in Wynn Macau, Limited. Wynn Las Vegas and its Encore expansion sit on the Las Vegas Strip. Encore Boston Harbor is in Everett, Massachusetts, next to Boston.
Gambling brings in most of the money. In the year ended December 31, 2025, casino play produced 61.8% of $7.14 billion in revenue. Hotel rooms added 16%, food and beverage 14.5%, and entertainment, retail and other 7.7%. Wynn aims at premium guests and often extends credit to big gamblers. In Macau, many of its customers come from mainland China, Hong Kong and Taiwan.
Wynn also owns 40% of the venture building Wynn Al Marjan Island in Ras Al Khaimah, United Arab Emirates. The company's annual report filed March 2, 2026, expected it to open in 2027 with more than 1,500 hotel rooms and 225,000 square feet of gaming space. A next phase of Wynn Palace, with a theater and more event space, is in design.
Price history
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WYNN -34.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Casino | $4.41B | 61.8% |
| Rooms | $1.14B | 16% |
| Food and Beverage | $1.04B | 14.5% |
| Entertainment, retail and other | $548.6M | 7.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.86B, up 6.9% from a year earlier, and net income was $140.1M (+111.5%).
- For fiscal 2025, revenue was $7.14B (+0.1% year over year; +27.8% a year from FY2020 to FY2025) with a 4.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +27.8% good |
|---|---|
| Operating margin | 15.7% good |
| Free cash flow margin | 9.7% watch |
| Return on assets (FY2025) | 2.5% weak |
| Net cash (cash minus debt) | $-9.15B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.10B | $-2.07B | $-1.36B |
| FY2021 | $3.76B | $-755.8M | $-513.2M |
| FY2022 | $3.76B | $-423.9M | $-371.4M |
| FY2023 | $6.53B | $730.0M | $805.1M |
| FY2024 | $7.13B | $501.1M | $1.01B |
| FY2025 | $7.14B | $327.3M | $692.2M |
Valuation snapshot
| Market value | $8.00B |
|---|---|
| P/E ratio | 24.7 |
| Dividend yield | 1.29% |
Rank among 1514 US companies
Market value at each year end
Wynn Resorts Limited’s market value went from $8.80B at the end of 2016 to $8.00B on Nov 2, 2026, down 9%; since the end of 2025 it is down 36%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $8.00B | -36.1% |
| 2025 | $12.51B | +32.2% |
| 2024 | $9.46B | -8.1% |
| 2023 | $10.29B | +10.1% |
| 2022 | $9.34B | -5.0% |
| 2021 | $9.84B | -19.2% |
| 2020 | $12.17B | -18.4% |
| 2019 | $14.91B | +38.6% |
| 2018 | $10.76B | -37.9% |
| 2017 | $17.33B | +96.9% |
| 2016 | $8.80B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WYNN price data to Nov 2, 2026 | -35.0% | -34.1% | -3.7% | -2.5% | -1.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -35.0% |
| 2025 | +41.0% |
| 2024 | -4.4% |
| 2023 | +11.3% |
| 2022 | -3.0% |
| 2021 | -24.6% |
| 2020 | -18.0% |
| 2019 | +45.0% |
| 2018 | -40.2% |
| 2017 | +98.1% |
| 2016 | +27.9% |
| 2015 | -52.2% |
| 2014 | -20.9% |
| 2013 | +80.9% |
| 2012 | +10.7% |
| 2011 | +12.3% |
| 2010 | +93.3% |
| 2009 | +46.0% |
| 2008 | -62.3% |
| 2007 | +24.9% |
| 2006 | +82.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 89.3% over that stretch · deepest drop along the way 90.7%, back to its old high 25.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 57.4% over that stretch · deepest drop along the way 68.1%, back to its old high 11.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.1% over that stretch · deepest drop along the way 46%, back to its old high 6.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Tilman J. Fertitta | 11.8% | Mar 21, 2025 |
| Capital World Investors | 9.2% | Jun 30, 2025 |
| Wynn Kevyn Q. | 9.17% | May 16, 2025 |
| Vanguard Capital Management | 5.75% | Mar 31, 2026 |
| Kevyn Wynn | 5.65% | Jun 30, 2026 |
| Blossom Fountain Limited | 5% | Sep 30, 2025 |
| BlackRock, Inc. | 4.9% | Sep 30, 2026 |
| G1 Execution Services, LLC | 4.1% | Jun 30, 2026 |
ETFs with the most weight in WYNN
| NITE Nightview Fund NITE | 6.35% |
| GENZ VanEck Digital Native Economy ETF | 3.83% |
| SMOT VanEck Morningstar SMID Moat ETF | 1.2% |
| RPG Invesco S&P 500® Pure Growth ETF | 1.03% |
| PEXL Pacer US Export Leaders ETF | 0.93% |
| FNY First Trust Mid Cap Growth AlphaDEX Fund | 0.42% |
| FVAL Fidelity Value Factor ETF | 0.38% |
| BTAL AGF U.S. Market Neutral Anti-Beta Fund | 0.34% |
What could go wrong
- Macau license and China travel policy. The Macau resorts run under a concession, a government gaming license, that can be revoked without compensation if its terms are broken. Visa limits and money-transfer curbs can also cut mainland Chinese visits.
- Only four resorts produce all the cash. Wynn depends entirely on four resorts for its cash flow. Extreme weather in Macau, a labor dispute or a local slowdown at one property would hurt more than at a rival with many properties.
- Reliance on big gamblers who play on credit. Wynn courts premium players and often lets them gamble on credit. Some debts may go unpaid. The win rate, the share of bets the casino keeps, can swing for reasons beyond its control.
- A heavy debt load. Wynn says it is highly leveraged (heavily reliant on borrowed money). As of June 30, 2026, total debt was about $10.7 billion against $1.6 billion of cash and investments. Loan terms also limit its flexibility.
- Construction and partner risk in the UAE. Wynn owns 40% of the venture building Wynn Al Marjan Island in the UAE. Costs could exceed plans and the payoff may disappoint. As a co-investor, Wynn has less control over the risks.
- Luxury spending drops in hard times. Demand for casino trips, luxury hotel stays and conventions is especially sensitive to recessions, inflation and weak consumer confidence, both in the US and in the region around Macau.
Recent events
- Investor presentation or announcement
- Major agreement signed
- Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Major agreement signed; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Other company announcement
For income and retirement investors
Wynn pays a dividend, but its record is short and uneven. Dividends per share fell from $1.02 in fiscal 2020 to about a penny in fiscal 2021 and 2022. They then climbed to $0.75, $1.27 and $1.68 in fiscal 2023 through 2025, a three-year streak of increases. In fiscal 2025, dividends equaled 53.4% of earnings and 25.2% of free cash flow (cash left after running and investing in the business). The yield was 1.4% as of October 28, 2026, so the income is modest. Wynn has leaned more on buybacks: about $1.2 billion from fiscal 2021 to 2025, versus $402 million in dividends. That helped cut the share count about 11% between October 2021 and July 2026.
The shares have fallen hard in downturns: 90.7% in the 2008 financial crisis (not recovered until April 2011), 68.1% in the 2020 COVID crash and 46% in the 2022 bear market. Single stocks like this carry more risk than diversified funds.
Questions investors ask
How does Wynn Resorts make money?
Mostly from gambling. In fiscal 2025, which ended December 31, 2025, casino revenue was $4.41 billion, or 61.8% of the $7.14 billion total. Hotel rooms added 16%, food and beverage 14.5%, and entertainment, retail and other 7.7%. That money comes from four resorts: Wynn Palace and Wynn Macau in Macau, Wynn Las Vegas with its Encore expansion, and Encore Boston Harbor near Boston.
Does Wynn Resorts pay a dividend?
Yes, but the record is short and uneven. Dividends per share were about $1.02 in fiscal 2020 and fell to roughly a penny in fiscal 2021 and 2022. They then rose three years in a row to $1.68 in fiscal 2025. The yield was 1.4% as of October 28, 2026. In fiscal 2025, dividends paid equaled 53.4% of net income and 25.2% of free cash flow.
Does Wynn Resorts own all of Wynn Macau?
No. Wynn Resorts owns about 72% of Wynn Macau, Limited, which runs Wynn Palace on the Cotai Strip and the Wynn Macau resort in downtown Macau. Other investors own the rest and share in its profits. Wynn Resorts is a parent company whose main source of cash is distributions from subsidiaries like this one. Some of its directors and officers are also directors of Wynn Macau, Limited, which the company flags as a possible source of conflicts of interest.
How much debt does Wynn Resorts have?
A lot. As of June 30, 2026, total debt was about $10.7 billion, against $1.6 billion of cash and investments. That left net debt of about $9.2 billion. Shareholders' equity was negative, at about minus $169 million, meaning liabilities exceeded assets on the balance sheet. The company's annual report calls it highly leveraged and warns that future cash flow may not be enough to meet its obligations.
How has Wynn Resorts stock performed over 10 years?
Poorly, judged by share price. As of October 28, 2026, the stock was down about 15% over 10 years, or 1.6% a year, and down 18% over five years. It had also fallen 40.4% over the prior 12 months. Single calendar years have swung widely, from a 98.06% gain in 2017 to a 62.31% loss in 2008. Its worst drop came in the 2008 financial crisis, when it fell 90.7% from peak to trough.