Wynn Macau Limited’s 1Q Result Helped by Strong Hold
We maintain narrow-moat Wynn Macau Ltd's fair value estimate at HKD 23.00 and think it is on track to meet our full-year estimate. Wynn Macau Ltd’s VIP gaming revenue declined 7% year over year in the quarter, better than the 13% decline in the Macau market’s as reported by DICJ. However, we think the outperformance in VIP revenue was helped by high win rate, that is, the group playing luckily, as the group’s VIP rolling chip volume was down 30% year over year. Non-VIP gaming revenue improved by...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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