Wynn Resorts Takeaways From Investor Meetings

Goldman Sachs reiterates its Buy rating on Wynn Resorts (WYNN) with a $125 price target following investor meetings that highlighted long-term growth in Macau and Vegas.

Key Takeaways

• 1.Management projects high ROIC (17-18%) for the upcoming $900-$950mn 'The Enclave' expansion at Wynn Palace in Macau, which will add 432 suites to address capacity constraints.
• 2.Las Vegas margins may face temporary pressure in 2Q26 due to hiring costs for new venues (Sartiano’s, Zero Bond) and lapping prior year expenses.
• 3.Wynn Al Marjan (UAE) remains a long-term growth driver with management confident in achieving high-end guidance despite modest timeline delays.

Table of Contents

• Key Takeaways
• Vegas: Top-line and cost considerations.
• Vegas: Encore Renovation.
• Vegas: Long term Vegas outlook.
• Macau: The Enclave at Wynn Palace.
• UAE.
• Capital Allocation.
• Valuation and Risks.
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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