Wynn Macau Limited FVE Raised by 9% Because of the Addition of Crystal Pavilion Phase 1
Following the incorporation of the first phase of Crystal Pavilion, we have lifted narrow-moat Wynn Macau Limited’s fair value estimate to HKD 25 per share from HKD 23 per share. The share is currently undervalued. We assume it will take three years for Wynn Palace’s first-phase extension to fully ramp up, and it will generate 12% return on invested capital, or ROIC, in its first year in 2025, expanding to 20% by 2028. This compares with management’s guidance of 15%-20% ROIC. The adjusted proper...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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