Analyst Cuts Wynn Target to $128 After Q3 Miss, Bets on 2027 UAE Opening

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Macquarie has cut its price target on Wynn Resorts to $128 from $132 after a third-quarter miss but kept its Outperform rating, betting that Wynn’s September 2027 opening in the UAE will start a multi-year growth cycle.

The new target implies 61% upside from Wynn’s Nov. 5 close of $79.32, according to a note from senior gaming analyst Chad Beynon shared with Gaming America.

Wynn Resorts is a luxury casino resort operator. It runs Wynn Las Vegas and Encore on the Las Vegas Strip, Encore Boston Harbor in Massachusetts and Wynn Macau and Wynn Palace in Macau, and is developing a resort on Al Marjan Island in the UAE.

Las Vegas Drags Wynn’s Third Quarter Below Forecasts

Wynn’s third-quarter earnings release showed revenue down 7.9% to $1.69 billion, 4% below the consensus Macquarie tracks. Adjusted property EBITDAR fell 19% to $464.2 million, 6% below consensus.

Las Vegas did most of the damage: Wynn Las Vegas property EBITDAR fell 22% to $158.8 million, 10% under consensus.

Rivals had the same problem, as MGM’s Las Vegas profit fell 12% on lower room rates and Caesars posted a wider loss on weaker Las Vegas business.

Adjusted EPS, a non-GAAP measure, was $0.33 against consensus of $0.66; GAAP diluted EPS was $0.17.

Macquarie Trims Forecasts but Sees a Growth Cycle Ahead

Macquarie cut its 2026-2028 property EBITDAR forecasts to $2.14 billion, $2.30 billion and $2.39 billion, from $2.18 billion, $2.36 billion and $2.46 billion. Even so, Beynon wrote that “we are approaching a multi-year growth cycle.”

He named three 2027 catalysts: the Al Marjan opening in the UAE, Las Vegas growth and easier comparisons in Macau.

Macquarie values the UAE resort at $29 per share, despite regional security concerns that put Wynn’s UAE project on alert earlier this year.

Beynon also backs Wynn’s luxury positioning, which suits a Strip increasingly focused on a smaller, wealthier set of visitors.

Rival Brokers Cut Wynn Targets More Sharply

Macquarie’s $128 target tops the other public broker calls. Stifel cut its Wynn target to $110 from $120, calling the quarter “underwhelming even after adjusting for hold.”

Stifel had left Wynn off its list of top gaming stocks for 2026, which named Caesars, Flutter and Penn.

Goldman Sachs lowered its Wynn target to $93 after an October slowdown in Macau. BofA cut its target to $125 from $140 on Oct. 19, before the results. All three kept Buy ratings.

The gap between Macquarie’s $128 and Goldman’s $93 shows how much rides on 2027. Macquarie is betting that the UAE opening and a Las Vegas recovery will outweigh a weak 2026.

Goldman, on the other hand, is giving more weight to Macau’s recent slowdown.

Gary McFarlane

A financial journalist and analyst, Gary McFarlane has worked at many leading financial publications. He was the cryptocurrency analyst at the UK’s No. 2 retail investment platform Interactive Investor. Gary worked at coveted UK investment magazine Money Observer, covering subjects ranging from mutual funds and...

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