Wynn Al Marjan

Wynn’s Al Marjan Island (Wynn Resorts)

Wynn rises after Wall Street bets casino giant can keep winning even after earnings miss

Bank of America analysts upgraded the stock to “buy” ahead of its Al Marjan Island debut.

5/7/25 1:36PM

Wynn Resorts rose 1.7% Wednesday after Bank of America upgraded the stock ahead of the casino giant’s ambitious expansion into the United Arab Emirates. The analysts now rate the stock a “buy,” up from “neutral,” and raised their price target to $100 from $90.

The upgrade came just a day after Wynn missed top- and bottom-line estimates. First-quarter revenue came in at $1.7 billion, slightly below forecasts, while adjusted earnings per share landed at $1.07, also short of the $1.24 expected.

Last October, Wynn secured a crucial win after receiving the first commercial license to offer gambling in the UAE. That license underpins Wynn’s highly anticipated $3.9 billion Al Marjan Island resort, which is slated to open in 2027.

“We think the density and growth of wealth relocating to the region, amid a friendly tax and business climate plus well-established tourism infrastructure, are major tailwinds,” analyst Shaun Kelley said in a note. Kelly also said the new resort could help “increasingly de-risk China/Macau exposure,” which has been a concern for the stock.

“Ultimately, the UAE should drive a return to both growth and diversification away from Macau, that we believe will help reassert Wynn’s once-premium valuation,” he added.

Wynn’s stock is still down 22% over the past year.

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