Loading…
Wynn Resorts' Macau subsidiary, operating the Wynn Macau and Wynn Palace luxury casino resorts.
Wynn Resorts' Macau subsidiary, operating the Wynn Macau and Wynn Palace luxury casino resorts.
Keeps the house's share of what gamblers wager at its tables and slot machines, and pays a large part of that to the Macau government as gaming tax, so visitor numbers and spending per visit are what matter. Wynn Resorts, the US casino group, holds the controlling stake. It holds one of the six concessions, renewed in 2022 for ten years from 2023.
Moat: narrow (regulatory licence, brand). One of six licensed Macau gaming concessionaires with a premium/luxury brand positioning.
Headquarters: Macau, China · Founded: 2002 · Employees: 11,700
Size Wynn Macau (1128.HK) is a Hong Kong Consumer Discretionary company (Casinos/Gaming) with a market value of $2.99B, the 338th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$4.42 on 6 Nov 2026.
Performance Over six months the shares fell 24.1%, against -11.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 19 in its peer set.
Growth Revenue grew 9.4% over the last twelve months (peer median +3.0%); the operating margin is 29.4% (peer median 16.8%).
Valuation It trades at 8.7× forward earnings against a peer median of 11.7× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is -34 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.9 points above its cost of capital (7.4% WACC).
Credit Wynn Macau has 1 bond outstanding ($750M), rated BB- by the agencies.
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$17.1B | HK$16.2B | HK$16.5B | HK$14.2B | HK$3.48B |
| Revenue growth | — | -2% | +16% | +308% | — |
| Gross profit | HK$8.45B | HK$7.32B | HK$8.06B | HK$6.01B | -HK$3.24B |
| EBITDA | HK$7.61B | HK$7.12B | HK$7.86B | HK$6.18B | -HK$2.31B |
| Net income | HK$2.95B | HK$1.63B | HK$3.20B | HK$1.17B | -HK$7.34B |
| Free cash flow | HK$3.06B | HK$3.30B | HK$4.19B | HK$3.63B | -HK$4.83B |
| Capital expenditure | HK$2.02B | HK$1.94B | HK$1.31B | HK$714M | HK$349M |
| Total debt | n/a | HK$45.2B | HK$45.0B | HK$52.8B | HK$48.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Wynn Macau 1128.HK | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% |
| Sands China 1928.HK | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% |
| MGM China 2282.HK | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% |
| Galaxy Ent 0027.HK | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% |
| SJM 0880.HK | $974M | -49% | -16% | 6% | n/a | n/a |
| Melco Resorts & Entertainment Ltd. Sponsored ADR MLCO | $1.79B | -16% | +6% | 12% | 7.5× | -6.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1128.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.0% | +4.0% | 2nd lowest of 19 |
| 6-month return | -24.1% | -11.0% | 4th lowest of 19 |
| Distance from 52-week high | -36.8% | -31.3% | 9th lowest of 19 |
| Revenue growth (TTM) | +9.4% | +3.0% | 5th highest of 19 |
| Operating margin | 29.4% | 16.8% | 3rd highest of 19 |
| Forward P/E | 8.7× | 11.7× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -2.4% | 0.8% | 6th least demanding of 15 |
| Growth delivered (Del g) | +31.1% | +21.3% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | -33.5 pp | -19.5 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +12.9 pp | +6.6 pp | 4th highest of 19 |
| EV / EBITDA | 7.5× | 8.1× | 8th cheapest of 18 |
| Net debt / EBITDA | 4.4× | 2.7× | 5th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wynn Macau 1128.HK | Hong Kong | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% | +31.1% |
| Rush Street Interactive RSI | United States | $2.83B | -56% | +39% | 11% | 16.9× | 13.5% | +32.4% |
| PENN Entertainment PENN | United States | $2.34B | +4% | +6% | 6% | 12.3× | 15.2% | +14.2% |
| Entain ENT.L | United Kingdom | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% | +8.1% |
| Kangwonland 035250.KS | South Korea | $2.13B | -16% | +2% | 15% | 11.0× | n/a | n/a |
| FDJ United FDJU.PA | France | $4.49B | -5% | +3% | 15% | 10.6× | -2.8% | +13.9% |
| MGM China 2282.HK | Hong Kong | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% | +48.5% |
| Brightstar Lottery BRSL | United States | $1.82B | -24% | +1% | 25% | 15.2× | n/a | n/a |
| Boyd Gaming BYD | United States | $5.41B | -11% | 0% | 19% | 10.1× | n/a | n/a |
| Super Group (SGHC) SGHC | United States | $5.77B | -13% | +14% | 23% | 11.7× | -0.2% | +16.6% |
| Caesars Entertainment CZR | United States | $5.96B | +4% | +3% | 17% | n/a | 5.8% | +25.9% |
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | Australia | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% | +15.8% |
| Betsson BETS-B.ST | Sweden | $1.34B | +10% | 0% | 14% | 10.4× | -18.0% | +15.7% |
| Lottomatica LTMC.MI | Italy | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% | +42.7% |
| MGM Resorts MGM | United States | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% | +27.7% |
| Wynn Resorts WYNN | United States | $8.56B | -19% | +6% | 16% | 20.8× | 1.7% | +27.8% |
| Tokyotokeiba 9672.T | Japan | $868M | -11% | +3% | 37% | 11.7× | -10.8% | +7.7% |
| Sands China 1928.HK | Hong Kong | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% | +34.0% |
| GENDA 9166.T | Japan | $754M | +20% | +47% | 3% | 16.4× | n/a | n/a |
Wynn Macau has 1 bond outstanding with $750M face value. The agencies rate it BB-.