Hotels & Lodging
All research in Hotels & Lodging — 3 reports.
A highly leveraged, capital-intensive second-tier cruise operator whose demand has recovered but whose moat is weaker than the leaders. At the current price of $18.34, the stock sits inside its fair-value range with an insufficient margin of safety. Rating Watch: a recovery story that does not yet give conservative long-term investors enough room for error; ideal entry $12–15.
Wynn Resorts owns high-quality luxury resort assets in Macau, Las Vegas, and Boston, with 2025 revenue of $71.4B and operating cash flow of $1.35B, but also carries $10.52B of debt and negative shareholders' equity. At the current price of $101.22, the stock sits near the midpoint of fair value, with conservative value at $70 to $85, an ideal buy range of $75 to $85, and an insufficient margin of safety. Report rating Watch: a quality cyclical asset, but not cheap enough for a conservative long-term investor.
A high-quality gaming and entertainment asset, but the margin of safety is too thin. At the current price of $43.67, the stock sits above a conservative valuation and below a fair one; heavy fixed rent (roughly $1.8 billion over the next 12 months) and the $2.1 billion Osaka capital commitment squeeze distributable cash, leaving an ideal buy range of $35 to $40. Rating Watch: a quality operator in a difficult industry, worth tracking but not buying until the price offers a thicker cushion.