Wynn Macau’s FVE Maintained at HKD 22 After Strong 1Q Results
We maintain our HKD 22 fair value estimate for Wynn Macau after its parent Wynn Resorts reported a strong quarter for its Macau operations. Shares are overvalued, mainly due to Morningstar’s long-term investment horizon and our forecasts that the current strong gaming market will normalize starting around 2020. In 2018, we remain bullish and forecast respective 12% and 19% increases in revenue and adjusted EBITDA for Wynn Macau. Wynn Resorts’ Macau operations generated a combined adjusted EBITDA...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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