Report
Chelsey Tam
EUR 147.86 For Business Accounts Only

Moaty Wynn Macau is susceptible to a slowdown in VIP gaming revenue; Wynn Palace is a growth driver.

We plan to reduce our forecast for the total number of tables at Wynn Macau's Palace casino to 150 from 250. We expect this lower number to be offset by the company transferring 71 underused tables at its existing casino to the higher-growth Palace and by more-than-expected slot machines approved at Wynn Macau. We see no meaningful change to our DCF-generated fair value estimate of HKD 14 per share. The shares are fairly valued. 
Management said that Wynn Macau has 520 tables, 71 tables more tha...
Underlying
Wynn Macau Ltd.

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Chelsey Tam

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