Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Recent Price: ~$107.89 (May 6, 2026) Market Capitalization: ~$11.2 billion We have spent decades looking at businesses with the goal of buying wonderful companies at fair prices. We have spent almost as long avoiding two categories of company: those whose returns depend on government permission, and those whose balance sheets carry more debt than the underlying earnings power can comfortably service across a full cycle. Wynn Resorts sits at the precise intersection of these two flaws. It is, by any reasonable accounting, a beautifully managed operator of magnificent physical assets — and Charlie has often noted that the prettiest casinos are still casinos. The question is not whether Wynn builds the best integrated resort in any city it enters. It plainly does.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-08-04), 8-K (2026-07-22), 8-K (2026-05-08).
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