Wynn UAE Opening Still Seen in 2027 as Texas Capital Keeps Long-Term View
Texas Capital Securities says Wynn Al Marjan Island is still expected to open within 2027, despite recent geopolitical events that have weighed on stock momentum for Wynn Resorts Ltd. The brokerage’s analyst, David Bain, said the long-term outlook for the US$5.1 billion UAE resort remains intact.
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Analyst Keeps 2027 Timeline
Bain said in a Monday note that geopolitical events have likely slowed stock momentum over the past few months, with that movement previously tied to Wynn’s UAE integrated resort casino opening, which had been slated for 1Q2027. He added that those events do not change the brokerage’s long-term financial forecasts for the UAE project.
He said Texas Capital Securities still anticipates a 2027 opening. Bain also said there is potential for stronger earnings and valuation over the long term, rather than deterioration, even if the project’s short-term outlook has been affected by geopolitical developments.
Wynn Resorts, which owns the Macau-based Wynn Macau Ltd, had earlier announced the property to be opened in Spring 2027. However, on their Q1 earnings call in May, the firm revealed that there would be some delay in the opening schedule for the property in the UAE.
That comment came after analysts asked about tensions between the United States and Iran. Ras Al Khaimah, where Wynn Al Marjan Island is located, sits on the southern shore of the Gulf opposite Iran.
Las Vegas Forecast Trimmed
While Texas Capital Securities remained constructive on the UAE resort, it lowered its 2Q estimates for Wynn Resorts’ Las Vegas operations to below consensus. The brokerage said industry checks suggested a relatively soft June and difficult year-on-year comparisons that may not be fully appreciated by the market.
Bain said Wynn Resorts had become a victim of its own success because of its strong prior performance. Even so, he said the brokerage believes Wynn Las Vegas key performance indicator outperformance continues and that the property remains a market share outperformer in that market.
The note suggests that Wynn’s Las Vegas business is still expected to do well relative to the wider market, even if near-term comparisons are less favourable. Texas Capital Securities’ view was that the property’s strength in prior periods has made current comparisons harder.
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MGM Resorts Also In Focus
Bain also commented on MGM Resorts International, which has interests in Macau through MGM China Holdings Ltd and is developing Japan’s first integrated resort with a casino, MGM Osaka, together with local partners. The JPY1.51 trillion project is due to open in 2030.
The brokerage said MGM trades approximately 3% below the US$48.30-per-share cash offer from People Inc, led by U.S. billionaire businessman Barry Diller. It interpreted that discount as a sign that investors believe a deal could be made at a higher price.
Bain also referred to an unrelated takeover offer for Caesars Entertainment Inc, another U.S.-based casino operator. Using Caesars Entertainment’s implied acquisition valuation, which he described as conservative, he said MGM would trade for US$54 per share.
He added that MGM Japan, which was not included in the Caesars comparison, could generate approximately US$800 million of MGM-owned EBITDAM. Texas Capital Securities also said it believes 2Q2026 consensus estimates are rational and that MGM will post EBITDA growth in Las Vegas, the first since 3Q2024.
Wider Deal Landscape
The note placed Wynn and MGM in a broader market context shaped by project timing, valuation, and deal speculation. For Wynn, the focus remains on whether the UAE resort reaches its 2027 window, while for MGM, investor expectations are being shaped by takeover pricing and growth prospects in Las Vegas and Japan.
Caesars Entertainment revealed in May that it had agreed to enter into a definitive agreement for a sale to Fertitta Entertainment Inc in a deal worth about $17.6 billion in cash consideration, subject to the assumption of approximately $11.9 billion of debt. Fertitta Entertainment Inc is headed by Tilman Fertitta, who is also the largest individual shareholder in Wynn Resorts.
Source: GGR Asia
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