Riskier VIP Segments Contributed to the 2Q Result Beat at Wynn Macau Ltd
Although narrow-moat Wynn Macau Ltd delivered better-than-expected second-quarter results, we would have liked to see better mass performance at Wynn Palace, which we expect to be the most important profit driver in the long run. Management cited construction around Wynn Palace and the absence of smoking areas for premium mass customers as obstacles to ramping the mass segment. These obstacles have existed since the opening of Wynn Palace in the third quarter of 2016, but sequential mass drop de...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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