Wynn Resorts' New York Casino Bid Could Act As A Positive Catalyst: Analyst

Wynn Resorts, Limited WYNN shares are trading higher on Friday.

Morgan Stanley analyst Stephen W Grambling upgraded the company to Overweight (from Equal-Weight) and raised the price target to $104 (from $97).

Wynn Las Vegas is well-positioned to benefit from a shift toward higher-end clientele, bolstered by new attractions and greater reinvestment compared to peers, Grambling said.

Grambling expects Wynn’s strategic investments, proximity to new attractions, and high-end branding to result in stronger fundamentals than the market.

Also Read: Wynn Resorts Stock Dips On Q2 Results: Details

Grambling also says the UAE opportunity is undervalued at current stock levels. Historically, new markets with limited supply have delivered strong returns, and the UAE shares favorable demographics with Singapore.

Wynn’s UAE project is nearing completion this year. The analyst says there is potential for increased dividends, especially as Wynn Macau’s payout is expected to rise.

The analyst adds that a decision on New York's casino licenses is expected in the second half of 2025. Winning this bid could be a major catalyst, giving Wynn access to the largest U.S. metro market with high discretionary income for gambling.

Grambling raised 2025/26 EBITDA estimates by ~3% and ~2.5%, respectively, to account for the positive impact of recent stimulus measures in China and stronger-than-expected demand in Macau.

Investors can gain exposure to the stock via Capitol Series Trust The Nightview Fund NITE NITE and, VanEck Gaming ETF BJK.

Price Action: WYNN shares are up 6.5% at $97.01 at the last check Friday.

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