Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Wynn Resorts reported solid operational results across its key markets in the first quarter of 2026, alongside ongoing developments in its expansion projects, with notable challenges in the UAE impacting its Wynn Al Marjan development.</li><li>The Las Vegas operations demonstrated strength, with adjusted EBITDAR of $232.5 million on $661.9 million in revenues and a margin of 35.1%.</li><li>This was driven by a 9% increase in casino revenues, strong hotel performance with a nearly 10% year-over-year rise in RevPAR supported by a 12% increase in average daily rate, and successful openings of new dining and entertainment venues, including Zero Bond and Sartiano’s Italian Steakhouse.</li></ul>

Wynn Resorts reported solid operational results across its key markets in the first quarter of 2026, alongside ongoing developments in its expansion projects, with notable challenges in the UAE impacting its Wynn Al Marjan development.The Las Vegas operations demonstrated strength, with adjusted EBITDAR of $232.5 million on $661.9 million in revenues and a margin of 35.1%.This was driven by a 9% increase in casino revenues, strong hotel performance with a nearly 10% year-over-year rise in RevPAR supported by a 12% increase in average daily rate, and successful openings of new dining and entertainment venues, including Zero Bond and Sartiano’s Italian Steakhouse.

Wynn Resorts’ $4.4 Billion Cushion: Can Macau And Vegas Offset UAE Delays?

<ul><li>Wynn Resorts reported its financial and operational results for the fourth quarter of 2025, reflecting continued strength across its diversified global portfolio, alongside ongoing investments and some operational headwinds.</li><li>The company is progressing toward significant geographic diversification, with over 55% of revenues expected from non-U.S. dollar-denominated markets.</li><li>This diversification strategy is anchored by the forthcoming opening of Wynn Al Marjan on the UAE’s Al Marjan Islands, a project nearing completion and expected to contribute meaningfully to future free cash flow.</li></ul>

Wynn Resorts reported its financial and operational results for the fourth quarter of 2025, reflecting continued strength across its diversified global portfolio, alongside ongoing investments and some operational headwinds.The company is progressing toward significant geographic diversification, with over 55% of revenues expected from non-U.S. dollar-denominated markets.This diversification strategy is anchored by the forthcoming opening of Wynn Al Marjan on the UAE’s Al Marjan Islands, a project nearing completion and expected to contribute meaningfully to future free cash flow.

Wynn Resorts’ Macau Evolution: High-End Experiences

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

<ul><li>Wynn Resorts reported its third-quarter 2025 financial results, showcasing mixed performance across its various geographic markets.</li><li>In Las Vegas, the company reported EBITDA growth adjusted for hold of 3% to $211 million, despite encountering a difficult comparable quarter.</li><li>Gaming market share increased, driven by strong casino revenues which surged by 10%, while hotel revenue remained stagnant at $187 million.</li></ul>

Wynn Resorts reported its third-quarter 2025 financial results, showcasing mixed performance across its various geographic markets.In Las Vegas, the company reported EBITDA growth adjusted for hold of 3% to $211 million, despite encountering a difficult comparable quarter.Gaming market share increased, driven by strong casino revenues which surged by 10%, while hotel revenue remained stagnant at $187 million.

Wynn Resorts Is Expanding Aggressively — But What Will Its UAE Monopoly Look Like?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I see <strong><a href="https://www.smartkarma.com/entities/wynn-resorts-ltd" target="_blank" data-smartkarma-citation="entities:606:1" rel="noopener">Wynn Resorts (WYNN US)</a></strong> trading around all-time highs - both the implied stub (net of <strong><a href="https://www.smartkarma.com/entities/wynn-macau-ltd" target="_blank" data-smartkarma-citation="entities:473:1" rel="noopener">Wynn Macau Ltd (1128 HK)</a></strong>) and on a simple ratio (WYNN/1280). </li>
<li>Preceding my comments on Wynn are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


I see Wynn Resorts (WYNN US) trading around all-time highs - both the implied stub (net of Wynn Macau Ltd (1128 HK)) and on a simple ratio (WYNN/1280). 
Preceding my comments on Wynn are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Wynn Resorts (WYNN US) Ekes Out New Highs

United States

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

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Wynn Resorts (WYNN US)

Wynn Resorts’ $4.4 Billion Cushion: Can Macau And Vegas Offset UAE Delays?

Wynn Resorts reported solid operational results across its key markets in the first quarter of 2026, alongside ongoing developments in its...

Baptista Research

Wynn Resorts’ Macau Evolution: High-End Experiences

Wynn Resorts reported its financial and operational results for the fourth quarter of 2025, reflecting continued strength across its diversified...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Wynn Resorts Is Expanding Aggressively — But What Will Its UAE Monopoly Look Like?

Wynn Resorts reported its third-quarter 2025 financial results, showcasing mixed performance across its various geographic markets. In Las Vegas,...

Baptista Research

StubWorld: Wynn Resorts (WYNN US) Ekes Out New Highs

Consensus indicate higher forward EBITDA growth for Wynn Resorts' stub ops vs. Wynn Macau. Wynn Macau's growth is below Macau peers. Stay in "set...

David Blennerhassett

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