Wynn UAE Casino, Las Vegas Could Spark Stock in 2026
Posted on: January 9, 2026, 12:47h.
Last updated on: January 9, 2026, 01:00h.
- The UAE venue is expected to open in roughly a year
- Analyst says Wynn is also gaining market share in Macau, its most important market
- Wynn deserves the premium valuation it commands, analyst says
Last year, Wynn Resorts (NASDAQ: WYNN) was one of the best-performing casino stocks. It could repeat that feat this year as the operator continues gaining market share in Las Vegas and Macau, and as the investment community prices in benefits from the United Arab Emirates (UAE) integrated resort.
In a new report, Texas Capital analyst David Bain said the gaming company is winning market share in Las Vegas and Macau — its two largest markets — justifying a premium valuation relative to competitors. Bain estimates Wynn trades at 10.9x 2026 enterprise value/earnings before interest, taxes, depreciation, and amortization (EV/EBITDA), ahead of the 8.3x average on its peer group. However, that’s slightly below rival Las Vegas Sands (NYSE: LVS), and Macau casino stocks are widely viewed as inexpensive despite last year’s rally.
WYNN continues to outperform in Las Vegas (LV) and deserves a premium valuation, though our sum-of-the-parts valuation uses 1-turn below the former ‘standard’ LV multiple,” notes Bain. “Every EV/EBITDA multiple turn for WYNN’s LV and Macau division equate to $8 per share each in our sum-of-the-parts valuation. WYNN stock sensitivity to valuation multiples in both LV and Macau are positive for shares given our view for investor sentiment improvement in both markets.”
Bain initiated coverage of Wynn with a “buy” rating and a $155 price target. That price outlook is derived from $72 for the operator’s US business, $51 for Wynn Macau, and $32 for the upcoming UAE casino. Bain adds the operator owns 38 acres of land adjacent to its Las Vegas casino hotel that could be “developed or sold for capital deployment/deleveraging.” Some analysts believe such a transaction could generate $1 billion or more in proceeds.
Las Vegas Rebound Could Lift Wynn Stock
Wynn’s focus on high-end customers was a significant plus last year as Las Vegas rivals with great exposure to cost-sensitive consumers struggled. Even if visitation to the US casino hub bounces back this year, as analysts and operators believe it will, Wynn stands to benefit.
Bain says Wynn’s massive expansion of its convention space could be a catalyst for the Las Vegas operations this year, with data pointing to record group nights in 2026. Business travelers are essential for Strip operators because they fill rooms Sunday through Wednesday, and those patrons aren’t usually price-sensitive when it comes to food and beverage.
“We believe 2026 benefits from a greater year-over-year group calendar, fiscal stimulus/tax rebates, thawing of international travel, and easier year-over-year comparisons, particularly into/out of summer,” says the analyst. “WYNN’s neighboring Sphere has also announced additional events, which should modestly improve higher-end leisure traffic/stays.”
Wynn’s Las Vegas exposure could be further enhanced by conventions at other venues as well as infrastructure additions, including the Hard Rock casino and a new Major League Baseball stadium, according to Bain.
Could the UAE Be Another Singapore?
Wynn Al Marjan Island, the $5.1 billion casino resort slated to open in the first quarter of 2027, has gradually gotten more attention from analysts and investors, with market participants ascribing more value to Wynn’s share price by way of the first regulated gaming venue in the Middle East. More adulation could be garnered over the long term if comparisons to Singapore prove accurate.
We believe there are several similarities between the Singapore gaming market and the UAE, including wealth migration, wealth visitation, likely relatively low gaming tax, and limited gaming competition,” notes Bain. “UAE has outpaced Singapore in terms of per annum relocated millionaires of late (~double Singapore at ~7,000 last year) and currently has over 200,000 millionaire residents versus 330,000 for Singapore. Airport passenger traffic in Dubai now exceeds Singapore by 14 million.”
Wynn investors would certainly cheer if the UAE casino market looks anything like Singapore’s because the city-state’s two gaming venues — Marina Bay Sands and Resorts World Sentosa — are two of the most profitable casinos in the world.
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