VIP and Luck Boost Wynn Macau’s Results; Best Time to Buy With Lowest Risk/Reward Is Past
Narrow-moat Wynn Macau Ltd delivered strong lower-margin VIP business performance and a smaller 5% pickup in mass drop in the first quarter, but we estimate luck-adjusted margin declined sequentially and thus think the quality of earnings is not as strong. The combined adjusted EBITDA margin of Wynn Macau and Wynn Palace was 27.6%, up 288 basis points sequentially, as the impact of a 354-basis-point increase in mix in lower-margin VIP revenue and a USD 5.5 million credit collection was more than...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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