Raising EBITDA Forecasts for Wynn Macau, but Shares Already Expensive
We have lifted our adjusted EBITDA forecasts for Wynn Macau in 2017, 2018, and 2019 by 7%, 4%, and 3%, respectively, as we think the company will take more market share than we previously expected. We were more optimistic towards Wynn Palace’s ability to ramp up when the market was pessimistic, and the company's first-quarter results beat our already more optimistic forecasts. Our adjusted EBITDA forecasts in 2017 and 2018 are 3% and 5% below consensus, respectively, and in line with consensus f...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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