Loading...
Docoh

Wynn Resorts (WYNN)

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

Company profile

Ticker
WYNN
Exchange
CEO
Matthew O. Maddox
Employees
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Asia Development, LLC • Chamber Associates, LLC • Development Associates, LLC • Las Vegas Jet, LLC • Las Vegas Jet Hangar, LLC • Massachusetts Property, LLC • 3 Bow Street, LLC • 23 Bow Street, LLC • 41 Bow Street, LLC • 49 Bow Street, LLC ...
IRS number
460484987

WYNN stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$78.75
Low target
$62.00
High target
$91.00
Citigroup
Maintains
Buy
$91.00
26 Sep 22
Wells Fargo
Maintains
Equal-Weight
$77.00
11 Aug 22
Deutsche Bank
Maintains
Buy
$85.00
10 Aug 22
Barclays
Initiated
Equal-Weight
$62.00
29 Jun 22

Calendar

8 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 2.02B 2.02B 2.02B 2.02B 2.02B 2.02B
Cash burn (monthly) 100.89M 65.45M 70.9M 80.78M 13.36M 12.77M
Cash used (since last report) 297.85M 193.21M 209.31M 238.46M 39.43M 37.7M
Cash remaining 1.73B 1.83B 1.81B 1.79B 1.98B 1.99B
Runway (months of cash) 17.1 28.0 25.6 22.1 148.6 155.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 Sep 22 Mulroy Patricia Common Stock, par value $0.01 per share Sell Dispose S No Yes 66.92 300 20.08K 6,781
19 Sep 22 Mulroy Patricia Common Stock, par value $0.01 per share Sell Dispose S No Yes 66.09 1,600 105.74K 7,081
19 Sep 22 Mulroy Patricia Common Stock, par value $0.01 per share Sell Dispose S No Yes 64.54 100 6.45K 8,681
8 Aug 22 Mulroy Patricia Common Stock, par value $0.01 per share Sell Dispose S No Yes 67.11 2,000 134.22K 8,781
15 Jul 22 Ellen F Whittemore Common Stock, par value $0.01 per share Payment of exercise Dispose F No No 55.47 394 21.86K 52,674
11 May 22 Atkins Betsy S Common Stock, par value $0.01 per share Grant Acquire A No No 0 1,677 0 12,397
11 May 22 Craig Scott Billings Stock Options Common Stock, par value $0.01 per share Grant Acquire A No No 58.85 21,803 1.28M 21,803
71.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 461 516 -10.7%
Opened positions 55 80 -31.3%
Closed positions 110 91 +20.9%
Increased positions 154 188 -18.1%
Reduced positions 156 155 +0.6%
13F shares Current Prev Q Change
Total value 6.36B 8.85B -28.1%
Total shares 81.31M 77M +5.6%
Total puts 9.39M 12.63M -25.7%
Total calls 8.34M 6.76M +23.4%
Total put/call ratio 1.1 1.9 -39.8%
Largest owners Shares Value Change
Vanguard 11.32M $645.27M +2.4%
TROW T. Rowe Price 9.23M $526.18M +0.6%
WYNN Stephen A 8.03M $1.44B 0.0%
Capital International Investors 7.49M $427.02M +27.3%
BLK Blackrock 6.88M $391.95M +0.5%
STT State Street 3.85M $219.5M -3.8%
JEF Jefferies 2.97M $169.34M +18321.5%
BMO Bank of Montreal 2.4M $155.54M +489.1%
Geode Capital Management 2.14M $121.75M +4.2%
IVZ Invesco 1.48M $84.12M +15.1%
Largest transactions Shares Bought/sold Change
JEF Jefferies 2.97M +2.96M +18321.5%
BMO Bank of Montreal 2.4M +1.99M +489.1%
Capital International Investors 7.49M +1.61M +27.3%
NMR Nomura 878.92K +874.24K +18692.4%
Susquehanna International 875.82K -829.05K -48.6%
UBS UBS Group AG - Registered Shares 935.17K +480.83K +105.8%
Squarepoint Ops 0 -448.14K EXIT
MS Morgan Stanley 1.34M -409.84K -23.4%
Citadel Advisors 292.62K -370.21K -55.9%
Suvretta Capital Management 0 -366.06K EXIT

Financial report summary

?
Risks
  • The COVID-19 pandemic has had and will likely continue to have an adverse effect on our business, operations, financial condition and operating results, and the ability of our subsidiaries to pay dividends and distributions.
  • Laws and regulations in the jurisdictions in which we operate can be changed or interpreted differently in the future.
  • We are subject to extensive state and local regulation, and licensing and gaming authorities have significant control over our operations. The cost of compliance or failure to comply with such regulations and authorities could have a negative effect on our business, and if we fail to obtain regulatory approvals to operate in new jurisdictions, our growth prospects may be limited.
  • Ongoing investigations, litigation and other disputes could distract management and result in negative publicity and additional scrutiny from regulators.
  • We depend on the continued services of key managers and employees. If we do not retain our key personnel or attract and retain other highly skilled employees, our business will suffer.
  • Our business is particularly sensitive to reductions in discretionary consumer spending, including as a result of economic downturns or increasing geopolitical tensions.
  • Demand for our products and services may be negatively impacted by strained international relations, economic disruptions, visa and travel restrictions or difficulties, anti-corruption campaigns, restrictions on international money transfers and other policies or campaigns implemented by regional governments.
  • Our business is particularly sensitive to the willingness of our customers to travel to and spend time at our resorts. Acts or the threat of acts of terrorism, outbreak of infectious disease, regional political events and developments in certain countries could cause severe disruptions in air and other travel and may otherwise negatively impact tourists' willingness to visit our resorts. Such events or developments could reduce the number of visitors to our facilities, resulting in a material adverse effect on our business and financial condition, results of operations or cash flows.
  • Our continued success depends on our ability to maintain the reputation of our resorts.
  • We are entirely dependent on a limited number of resorts for all of our cash flow, which subjects us to greater risks than a gaming company with more operating properties.
  • We are a parent company and our primary source of cash is and will be distributions from our subsidiaries.
  • Our casino, hotel, convention and other facilities and offerings face intense competition, which may increase in the future.
  • Our business relies on premium customers. We often extend credit, and we may not be able to collect gaming receivables from our credit players or credit play may decrease.
  • Win rates for our gaming operations depend on a variety of factors, some of which are beyond our control.
  • Our new projects may not be successful. Construction projects will be subject to development and construction risks, which could have an adverse effect on our financial condition, results of operations or cash flows.
  • We could encounter higher than expected cost increases in the development of our projects.
  • Any violation of applicable Anti-Money Laundering laws, regulations or the Foreign Corrupt Practices Act or sanctions could adversely affect our business, performance, prospects, value, financial condition, and results of operations.
  • Because we own real property, we are subject to extensive environmental regulation, which creates uncertainty regarding future environmental expenditures and liabilities.
  • Adverse incidents or adverse publicity concerning our resorts or our corporate responsibilities could harm our brand and reputation and negatively impact our financial results.
  • Compliance with changing laws and regulations may result in additional expenses and compliance risks.
  • We are subject to taxation by various governments and agencies. The rate of taxation could change.
  • System failure, information leakage and the cost of maintaining sufficient cybersecurity could adversely affect our business.
  • The failure to protect the integrity and security of company employee and customer information could result in damage to reputation and/or subject us to fines, payment of damages, lawsuits or restrictions on our use or transfer of data.
  • Our business could suffer if our computer systems and websites are disrupted or cease to operate effectively.
  • If a third party successfully challenges our ownership of, or right to use, the Wynn-related trademarks and/or service marks, our business or results of operations could be harmed.
  • Labor actions and other labor problems could negatively impact our operations.
  • Our insurance coverage may not be adequate to cover all possible losses that we could suffer, including losses resulting from terrorism, and our insurance costs may increase.
  • Our Macau Operations may be affected by adverse political and economic conditions.
  • If we are unable to secure an extension or renewal of our concession, or a new concession, by June 26, 2022, our business and financial condition would experience material adverse effects.
  • We compete for limited labor resources in Macau and local policies may also affect our ability to employ imported labor.
  • The smoking control legislation in Macau could have an adverse effect on our business, financial condition, results of operations and cash flows.
  • Transportation services, infrastructure and related facilities may need to be improved to accommodate the demand of visitors to Macau.
  • Extreme weather conditions may have an adverse impact on our Macau Operations.
  • If our Macau Operations fail to comply with the concession agreement, the Macau government can terminate our concession without compensation to us, which would have a material adverse effect on our business and financial condition.
  • Certain Nevada gaming laws apply to our gaming activities and associations outside of Nevada.
  • We have historically depended on gaming promoters to generate gaming revenue and our ability to maintain or grow our gaming revenues could be adversely affected by the termination of our agreements with gaming promoters.
  • Unfavorable changes in currency exchange rates may increase our Macau Operations' obligations under the concession agreement and cause fluctuations in the value of our investment in Macau.
  • Currency exchange controls and currency export restrictions could negatively impact our Macau Operations.
  • Conflicts of interest may arise because certain of our directors and officers are also directors of Wynn Macau, Limited.
  • The Macau government has established a maximum number of gaming tables that can be operated in Macau and has limited the number of new gaming tables at new gaming areas in Macau.
  • Certain stockholders are able to exert significant influence over our operations and future direction.
  • Our stock price may be volatile.
  • We are highly leveraged and future cash flow may not be sufficient for us to meet our obligations, and we might have difficulty obtaining more financing.
  • The agreements governing our debt facilities contain certain covenants that restrict our ability to engage in certain transactions and may impair our ability to respond to changing business and economic conditions.
Management Discussion
  • (1) See Item 1—"Financial Statements," Note 18, "Segment Information," for a reconciliation of Adjusted Property EBITDA to net loss attributable to Wynn Resorts, Limited.
  • The decrease in operating revenues for the three months ended June 30, 2022 was primarily driven by decreases of $211.7 million and $125.4 million from Wynn Palace and and Wynn Macau, respectively, resulting from a decrease in gaming volumes due to certain travel-related restrictions and conditions, including COVID-19 testing and other procedures related to the COVID-19 pandemic. The decrease in operating revenues was partially offset by an increase in operating revenues of $206.0 million and $44.9 million at our Las Vegas Operations and Encore Boston Harbor, respectively, resulting from increased gaming volumes as well as increases in hotel occupancy and covers at restaurants. The results of our Las Vegas Operations and Encore Boston Harbor for the three months ended June 30, 2021 were impacted by certain COVID-19 pandemic related protective measures and operating schedule modifications, which were no longer in effect during the three months ended June 30, 2022.
  • The decrease in net loss attributable to Wynn Resorts, Limited for the three months ended June 30, 2022 was primarily related to increased operating revenues at our Las Vegas Operations and Encore Boston Harbor, respectively, partially offset by increased operating expenses associated with higher business volumes at our Las Vegas Operations and Encore Boston Harbor.

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Avg
New words: acquired, appraisal, Article, audited, began, Chen, Clause, director, discretion, drew, eligible, employment, encumbrance, examination, favor, fixture, force, furniture, home, interpret, land, letter, life, Linda, list, maximum, pertaining, President, prohibition, restructuring, revert, trademark, treasury, typically, unaudited, volatility
Removed: appeal, approval, automatically, foregoing, generate, lawsuit, plaintiff, postponed, proposed, recovery, remained, request, sufficient, temporarily, undergoing, unsuccessful