The ramp-up of Wynn Palace is the growth driver for moaty Wynn Macau.
We are planning to lift our fair value estimate for narrow-moat Wynn Macau to HKD 20 per share from HKD 17 following the firm's strong fourth-quarter results. Wynn Macau’s high-end positioning clearly benefited from the surging demand from the premium mass and VIPs. The group’s adjusted EBITDA margin improved quarter on quarter to 28.7% from 27.9%, and its Macau net revenue was up 14% sequentially. The strong performance was led by Wynn Palace, which saw an impressive sequential improvement of 2...Wynn Macau is a holding company. Co. is a developer, owner and operator of destination casino gaming and entertainment resort facilities in Macau. Through its subsidiary, Wynn Resorts (Macau) S.A., Co. owns and operates the destination hotel and casino resort Wynn Macau in Macau. In addition, Co. is engaged in the development, design and preconstruction activities.
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