MGM vs WYNN: MGM Resorts International and Wynn Resorts Limited compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Wynn Resorts Limited is the larger company, worth $7.7B, close to MGM Resorts International's $7.2B.
- Wynn Resorts Limited grew revenue faster over the last year (+6.9% vs +1.1%).
- Wynn Resorts Limited keeps more of each dollar of revenue as operating profit (15.7% vs 5.7%).
- On earnings, Wynn Resorts Limited is the cheaper stock (21.2x vs 38.6x).
- Wynn Resorts Limited's price assumes faster free cash flow growth: about -3% a year, against -14% for MGM Resorts International (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MGM | WYNN |
|---|---|---|
| Market cap | $7.2B | $7.7B |
| Share price | $29.27 | $75.15 |
| Revenue (last fiscal year) | $17.5B | $7.1B |
| Free cash flow (last fiscal year) | $1.5B | $692M |
| Revenue growth, last year | +1.1% | +6.9% |
| Revenue growth per year, last 5 fiscal years | +16.0% | +17.4% |
| Operating margin | 5.7% | 15.7% |
| Net margin | 2.4% | 6.1% |
| Return on equity | 16.9% | — |
| P/E (trailing) | 38.6x | 21.2x |
| Price / free cash flow | 4.33x | 11.1x |
| EV / EBITDA | 18.3x | 9.29x |
| FCF growth the price implies | -14.2% | -2.8% |
| Dividend yield | — | 1.3% |
| Debt / equity | 14.5x | — |
| Fundamental grade | C | C |
| Superinvestors holding it | 10 | 5 |
| Insider purchases, last 12 months | 5 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
MGM Resorts International
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.7B | $883M | 23.5% |
| 2022 | $13.1B | $991M | 11.0% |
| 2023 | $16.2B | $1.8B | 11.7% |
| 2024 | $17.2B | $1.2B | 8.6% |
| 2025 | $17.5B | $1.5B | 5.7% |
Wynn Resorts Limited
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.8B | -$513M | -10.5% |
| 2022 | $3.8B | -$371M | -2.7% |
| 2023 | $6.5B | $805M | 12.9% |
| 2024 | $7.1B | $1.0B | 15.9% |
| 2025 | $7.1B | $692M | 15.7% |
Where the revenue comes from
MGM Resorts International · by segments, 2023
Las Vegas Strip Resorts$8.8B56%
Regional Operations$3.7B23%
MGM China$3.2B20%
Wynn Resorts Limited · by segments, 2023
Macau Operations$3.1B47%
Las Vegas Operations$2.5B38%
Encore Boston Harbor$866M13%
Wynn Interactive$85M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MGM in InvestinglyQuestions
Which is bigger, MGM Resorts International or Wynn Resorts Limited?
Wynn Resorts Limited (WYNN), at $7.7B against $7.2B.
Is MGM or WYNN cheaper?
By trailing P/E, Wynn Resorts Limited (21.2x) is cheaper than MGM Resorts International (38.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, MGM or WYNN?
Wynn Resorts Limited: revenue grew +6.9% over the last year, against +1.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.