Published on: January 9, 2026, 12:47h.
Updated on: January 9, 2026, 01:00h.
- UAE casino is set to launch within the next year.
- Analyst indicates Wynn is expanding its market presence in Macau, its key market.
- Analyst believes Wynn merits the high valuation it enjoys.
In the past year, Wynn Resorts (NASDAQ: WYNN) has emerged as one of the top-performing casino stocks. This trend may continue as the company captures more market share in both Las Vegas and Macau, while investors factor in the potential advantages stemming from the integrated resort in the United Arab Emirates (UAE).
According to a recent analysis by Texas Capital’s David Bain, Wynn is gaining market share in Las Vegas and Macau — its primary markets — which justifies its robust valuation compared to its competitors. Bain projects that Wynn is trading at 10.9x its enterprise value/earnings before interest, taxes, depreciation, and amortization (EV/EBITDA) for 2026, which is higher than the industry average of 8.3x. However, it remains slightly below its competitor, Las Vegas Sands (NYSE: LVS), while Macau casino stocks are generally regarded as undervalued, despite the previous year’s performance.
“WYNN continues to excel in Las Vegas (LV) and warrants a premium valuation, although our sum-of-the-parts assessment utilizes a valuation one turn lower than the previous LV benchmark,” states Bain. “Each EV/EBITDA multiple turn for WYNN’s LV and Macau segments translates to an estimated $8 increase in share price in our valuation model. WYNN stock’s sensitivity to valuation multiples in both LV and Macau bodes well for shares due to our expectation of improved investor sentiment in these markets.”
Bain has initiated a “buy” rating for Wynn with a target price of $155. This forecast includes $72 for the operator’s US segment, $51 for Wynn Macau, and $32 for the forthcoming UAE casino. He highlights that the operator possesses 38 acres of land adjacent to its Las Vegas resort which could either be developed or sold for capital benefits or debt reduction. Some analysts speculate that such a sale could net over $1 billion.
Las Vegas Recovery May Boost Wynn Stock
Wynn’s emphasis on premium customers contributed significantly to its success last year, especially when many Las Vegas competitors with higher exposure to budget-conscious consumers faced challenges. Should tourism in this iconic US casino destination rebound, as anticipated by analysts and operators alike, Wynn stands to gain significantly.
Bain notes that Wynn’s significant expansion of its convention space could serve as a key driver for its Las Vegas operations this year, with indications showing potential record levels of group bookings in 2026. Business travelers are vital for Strip venues, filling accommodations from Sunday to Wednesday, and they tend not to be sensitive to prices regarding dining options.
“We believe that 2026 will benefit from an enhanced year-over-year group schedule, fiscal stimulus/tax incentives, a resurgence in international travel, and favorable year-on-year comparisons, especially moving into and out of the summer,” the analyst comments. “The Sphere nearby has also announced several events, which should positively influence higher-end tourism and stays.”
Wynn’s position in Las Vegas could be further bolstered by conventions taking place in other locations, along with infrastructural improvements, including the new Hard Rock casino and a Major League Baseball stadium, according to Bain.
Could the UAE Casino Market Mirror Singapore?
The Wynn Al Marjan Island project, a $5.1 billion casino resort expected to launch in early 2027, is attracting increasing attention from both analysts and investors. Market observers are beginning to view Wynn’s stock through the lens of being the first regulated gaming venue in the Middle East, and prospects could brighten long-term if it draws parallels to the gaming market in Singapore.
“We perceive various similarities between the Singapore and UAE gaming industries, including wealth migration, affluent visitors, a potentially low gaming tax structure, and limited competition,” states Bain. “The UAE has surpassed Singapore in the recent trend of millionaire relocations (approximately double Singapore, with around 7,000 last year) and currently boasts over 200,000 millionaire residents compared to Singapore’s 330,000. Additionally, airport traffic in Dubai has now surpassed Singapore by 14 million.”
Wynn investors would undoubtedly celebrate if the UAE casino landscape mirrors that of Singapore’s, as its two gaming properties, Marina Bay Sands and Resorts World Sentosa, rank among the most lucrative casinos globally.