3. Wynn Resorts Limited (NASDAQ:WYNN)
Number of Hedge Fund Holders: 64
Wynn Resorts Limited (NASDAQ:WYNN) is a prominent developer and operator of luxury hotel-casino resorts. Established in 2002 by Steve Wynn, the company has expanded its portfolio to include several high-end properties. In Las Vegas, it operates Wynn Las Vegas and Encore Las Vegas. Internationally, WYNN owns Wynn Macau and Wynn Palace in Macau, China, and Encore Boston Harbor in Massachusetts. These resorts offer luxury accommodations, gaming facilities, dining, entertainment, and retail options. The company is also expanding into new markets, with Wynn Al Marjan Island currently under construction in the United Arab Emirates, expected to open in the first quarter of 2027.
Wynn Resorts Limited (NASDAQ:WYNN) delivered another record year of adjusted property EBITDAR in 2024, including an annual record in Las Vegas. The company demonstrated strong operational performance in Las Vegas with table games drop remaining flat against tough comparisons and slot handle increasing by 13%, while gaming market share grew meaningfully in Q4. In Macau, the company generated $293 million of EBITDA during the fourth quarter, down about 1% year-over-year but up 11% sequentially, maintaining disciplined focus on maximizing EBITDA and healthy margin profile despite competitive market conditions.
Wynn Resorts Limited (NASDAQ:WYNN) is making significant progress on Wynn Al Marjan Island in the UAE, with construction reaching the 35th floor and expectations that this will be a $3-5 billion gaming market over time. Looking ahead, the company has secured a landmark $2.4 billion financing package for the UAE project, marking the largest hospitality financing in UAE history, with planned opening in early 2027. The future appears great for WYNN, which is also signaled by at least 2 insiders buying more than $100,000 worth of stock in the last six months.
