MGM vs WYNN: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
MGM and WYNN are similarly sized, but WYNN trades noticeably cheaper on forward earnings (18.87x vs 21.80x): the market is paying up for MGM's profile and pricing WYNN more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
MGM vs WYNN: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | MGM | WYNN | What it tells you |
|---|---|---|---|
| Forward P/E | 21.80 | 18.87 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 27.01 | 28.46 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 1.29 | 0.99 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 69% of range | 16% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
Reading it: WYNN is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how MGM and WYNN affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. MGM and WYNN share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined MGM and WYNN exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does MGM Resorts International (MGM) do?
MGM Resorts International is a global casino, hotel, and entertainment company best known for its cluster of Las Vegas Strip resorts, including the Bellagio, Aria, MGM Grand, Mandalay Bay, and others. Beyond Las Vegas it operates regional casinos across the United States, controls MGM China (which runs properties in Macau, the world's largest gaming market), and is building a digital business that spans the BetMGM online sports-betting and iGaming joint venture with Entain and the LeoVegas online-casino operations. Its revenue is spread across these segments, so results depend on travel demand, consumer spending, and the health of both the US and Chinese economies.
What does Wynn Resorts (WYNN) do?
Wynn Resorts, Limited designs, builds, and operates luxury integrated resorts: sprawling properties that pair high-end casinos with hotels, fine dining, retail, spas, and entertainment. Its main assets are Wynn Palace and Wynn Macau in the Macau gaming hub (held through its roughly 72%-owned, separately listed Wynn Macau, Limited), Wynn Las Vegas and Encore on the Las Vegas Strip, and Encore Boston Harbor in Massachusetts. The company positions itself at the top of the market, targeting premium-mass and VIP customers, which supports high revenue per room and per visitor but also ties results tightly to affluent-consumer and travel cycles.
MGM vs WYNN: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- MGM drivers: Las Vegas Strip recovery and margins; Macau and MGM China.
- WYNN drivers: Macau recovery and market share; Wynn Al Marjan Island (UAE).
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The biggest risk is economic cyclicality: gaming, travel, and entertainment spending fall in a downturn, and MGM's largely fixed-cost resorts mean earnings can drop quickly when visitation or spending weakens. For WYNN, the dominant risk is Macau concentration: a large share of Wynn's revenue and profit comes from one market, so a weak Chinese consumer, reduced visitation, currency moves, or tighter Macau gaming and concession policy can hit results hard and fast.
MGM or WYNN: which should you pick?
MGM vs WYNN: the full fundamentals
MGM. Figures are approximate and tied to the asOf date; verify live numbers before acting. MGM is often valued on cash flow and adjusted EBITDA rather than simple earnings, partly because of its lease structure and buyback-driven share count. The key inputs are Las Vegas visitation and margins, the pace of Macau's recovery, and whether the digital arm converts revenue growth into durable profit, more than any single quarter's headline number.
WYNN. Figures are approximate and tied to the asOf date; verify live numbers before acting. Casino operators like Wynn are often valued on EBITDA and property-level cash flow rather than a simple P/E, because earnings swing with the gaming cycle and non-controlling interests in Wynn Macau complicate net income. A large part of Wynn's value is a bet on the Macau recovery and on the still-unbuilt UAE resort, so the stock can trade on expectations for those catalysts as much as on current results.
Headline figures (approximate, Jul 2026): MGM shows q1 2026 net revenue ~$4.5 billion (up roughly 4% year over year, a Q1 record), las vegas strip Returned to year-over-year revenue growth after several soft quarters, mgm china (macau) Revenue up sharply on continued Macau recovery, betmgm Positive quarterly adjusted EBITDA; targeting larger profitability; WYNN shows operating revenue (q1 2026) ~$1.86 billion, up from ~$1.70 billion in Q1 2025, revenue mix Macau (Wynn Palace + Wynn Macau) is the largest driver; Las Vegas and Boston add US exposure, market cap ~US$11 billion (approximate; mid-cap, roughly in line with MGM Resorts), wynn macau ownership ~72% of separately listed Wynn Macau, Limited.
The bottom line: MGM vs WYNN
MGM and WYNN are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined MGM and WYNN exposure against your real portfolio. It is not an investment adviser.
Wondering how MGM or WYNN fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in MGM Resorts International with AI
Connect the broker you already use and ask Walnut's AI how MGM fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between MGM and WYNN?
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MGM Resorts International is a global casino, hotel, and entertainment company best known for its cluster of Las Vegas Strip resorts, including the Bellagio, Aria, MGM Grand, Mandalay Bay, and others. Wynn Resorts, Limited designs, builds, and operates luxury integrated resorts: sprawling properties that pair high-end casinos with hotels, fine dining, retail, spas, and entertainment. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is MGM or WYNN the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, MGM or WYNN?
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On forward P/E (as of August 2026), MGM trades at 21.80x and WYNN at 18.87x, so WYNN is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both MGM and WYNN?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of MGM vs WYNN?
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MGM: The biggest risk is economic cyclicality: gaming, travel, and entertainment spending fall in a downturn, and MGM's largely fixed-cost resorts mean earnings can drop quickly when visitation or spending weakens. Macau exposure adds a distinct set of risks tied to Chinese consumer health, travel policy, regulation, and geopolitics that are outside the company's control. The digital business, while growing, competes with well-capitalized leaders in US online betting, so BetMGM's path to durable profit is not guaranteed. MGM also carries meaningful debt and long-term lease obligations from its asset-heavy model, which raises sensitivity to interest rates and to any revenue shortfall. Competition is intense in every market, from Las Vegas and regional US casinos to Macau, and new supply or license outcomes elsewhere can shift the landscape. MGM does not offer a large dividend, so returns rely mainly on the stock price and buybacks. WYNN: The dominant risk is Macau concentration: a large share of Wynn's revenue and profit comes from one market, so a weak Chinese consumer, reduced visitation, currency moves, or tighter Macau gaming and concession policy can hit results hard and fast. Gaming is heavily regulated everywhere Wynn operates, and license or concession changes are outside its control. The business is cyclical and tied to discretionary and travel spending, which falls in recessions. Wynn carries significant debt, so leverage magnifies both gains and losses. The UAE project adds execution, financing, joint-venture, and regulatory risk, and any regional instability could affect its opening and demand. Wynn's dividend is modest and can be adjusted, so it is not primarily an income stock.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell MGM or WYNN; figures are approximate and dated (as of August 2026). Verify current data before investing.