Filing Flows › Wynn Resorts (WYNN) › Takeover & LBO
Is Wynn Resorts (WYNN) a takeover target?
A leveraged buyout at today's price plus 30% ($108.93 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $49.42 a share (−41% against today's $83.79).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $108.93 | today's $83.79 plus 30% |
| × shares | 102.3 million | |
| = Equity value | $11.1B | |
| + Debt refinanced | $10.7B | |
| − Cash | $1.6B | |
| + Other claims | −$768M | preferred stock, minority interests |
| = Enterprise value | $19.5B | 11.5× EBITDA of $1.7B |
| Fees | $389M | 2% of the price |
| New debt | $9.3B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $10.6B | 53% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $7.4B | $1.7B | $709M | $235M | $9.0B |
| Year 2 | $7.6B | $1.8B | $691M | $270M | $8.8B |
| Year 3 | $7.8B | $1.8B | $670M | $310M | $8.5B |
| Year 4 | $8.0B | $1.9B | $647M | $355M | $8.1B |
| Year 5 | $8.3B | $1.9B | $620M | $405M | $7.7B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 10.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $19.2B | |
| − Debt left | $7.7B | |
| = Buyer's equity | $11.5B | |
| Money multiple | 1.09× | on $10.6B put in |
| Buyer's yearly return (IRR) | 1.7% |
Price against return
What the buyer makes at other premiums over today's $83.79; the IRR reaches 20% at $49.42 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $92.17 | 5.5% |
| 20% | $100.55 | 3.5% |
| 30% | $108.93 | 1.7% |
| 40% | $117.31 | 0.1% |
| 50% | $125.69 | −1.3% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $7.3B | |
| EBITDA, last 12 months | $1.7B | 23.2% of revenue |
| Depreciation and amortization | $652M | |
| Capital spending | $705M | |
| Debt | $10.7B | |
| Cash | $1.6B | |
| Share price | $83.79 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 2.2% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 12% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Wynn Resorts would cost about $111.02 a share, $11.4B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $100.55 | $10.3B |
| Median | 32.5% | $111.02 | $11.4B |
| High end (a quarter paid more) | 51.8% | $127.19 | $13.0B |
Wynn Resorts' latest quarter
Wynn Resorts, Q3 2026: revenue $1.7B (-8% year over year), operating margin 10.6%, net earnings $17.3M, operating cash flow $96.8M. The chart follows the revenue to costs, profit and cash.
Questions
Is Wynn Resorts being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Wynn Resorts?
A leveraged buyout at today's price plus 30% ($108.93 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $49.42 a share (−41% against today's $83.79).
What would a takeover of Wynn Resorts cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Wynn Resorts would cost about $111.02 a share, $11.4B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.