The contrast couldn’t be more different between Wynn Resorts and the other major Las Vegas Strip operators. The difference sent Wall Street analysts a message: There’s a high-end-gaming pure play.
John DeCree, director of equity research at CBRE, issued a Buy rating for Wynn stock with a $135 price target. He wrote in a note to investors, “Wynn beat the summer doldrums and narratives in Las Vegas that tourism is in decline, bucking the trend and posting modest EBITDAR growth of 1.9% year-over-year to $234.8 million.”
Adjusting for hold, Las Vegas EBITDAR for Wynn would have been up almost 7% year over year, DeCree said. That compares to Caesars and MGM Resorts International, both of which reported high-single-digit EBITDAR declines in Las Vegas.
“Wynn continues to benefit from its premium position, catering to the more resilient high-end and luxury consumer segments,” DeCree said. “However, Wynn wasn’t completely immune to the slowdown in July, with management citing some midweek softness, but solid weekend demand.”
Wynn prioritized room rates over occupancy in the midweek consistent with their premium positioning and booking pace improved through July, DeCree said. “What’s important is that the strong group and meeting calendar in the fourth quarter and into 2026 should help Wynn keep the upward momentum in Las Vegas.”
DeCree highlighted the company’s steady progress on construction at Wynn Al Marjan Island in the United Arab Emirates; it’s still on track to top out the tower later this year. Management also finalized some major food and beverage partnerships and agreed to key terms with high-profile retail tenants. As Wynn kept up the solid progress, so did Ras Al Khaimah where the resort is located, reporting record visitation levels in the first half of 2025, up 6% year-over-year and a 9% increase in total tourism revenue.
In addition, numerous high-end hospitality developers continue to announce projects in Ras Al Khaimah, including Four Seasons, Fairmont, and Taj, to name a few, DeCree noted.
“We are looking forward to the company’s analyst event in the UAE later this year and remain uniquely bullish about the long-term value-creation potential,” DeCree said. “We are maintaining our Buy rating and $135 price target on the shares of Wynn, which implies an 11.0x multiple of our 2026 EBITDA estimate of $1,983 million and includes about $17 of PV/share for Wynn Al Marjan Island. The value of Wynn’s asset base, premium positioning, and business model continues to shine, even amidst economic volatility and political uncertainty.”
Wynn stock closed Friday at $106.41 and is up $22.61 for the year. Its 52-week high was $112.36, while its 52-week low was $65.26.
In his note to investors, Steven Pizzella, an analyst with Deutsche Bank, said Wynn’s results were $6 million above their model, driven by Las Vegas’s $21 million above the model, while Encore Boston Harbor was $2 million above. Macau was $17 million below. When adjusted for unfavorable hold, property EBITDAR was $32 million above their estimate in Las Vegas.
Las Vegas trends were healthy throughout the quarter, with drop (+13.6% year-over-year) and handle (+3.0%) driving net casino revenue up 14.5% year-over-year, Pizzella said.
“Las Vegas trends saw continued momentum into July, as both drop and handle were up year-over-year combined, retail sales were solid, and while the hotel experienced strong weekends, the middle of the week was softer,” Pizzell said. “Las Vegas forward booking pace accelerated as July progressed, with management noting strong group and convention business heading into the fourth quarter and 2026 is looking like a record year for both group room nights and revenue.”
Pizzella mentioned that Wynn in the first quarter postponed its Encore Las Vegas room remodel, given tariff impacts on materials. In the second-quarter earnings call, Wynn noted they’ve sourced the requisite materials and will commence the renovation in the spring. Management estimates they’ll experience only minor disruptions during the renovation period.
“Overall, our estimates are up modestly, driving our price target to $130 (+$2),” Pizzella said. “We reiterate our Buy rating on Wynn, driven by continued stability in Las Vegas from the high-end customer; future cash flow related to the UAE development, which we believe could be worth about $18 per share in present equity value to Wynn; stable cash flow from Macau and Encore Boston Harbor; and optionality with Wynn’s (vacant property on the Strip).”
In his note, David Katz, an analyst for Jefferies, wrote that Wynn executives talked about near-term weakness in Las Vegas, but not as extreme as others. The key issue for the stock is when the shares begin pricing in Al Marjan Island, given its opening in 2027, he said.
“Nonetheless, we view the long-term growth in Las Vegas and Macau and the execution as positives,” Katz said. “Reiterate Buy with a new target of $133.”
