Temporary Setback in Wynn Macau’s 2Q Results Due to VIP Competition; FVE Unchanged at HKD 22
Narrow-moat Wynn Macau reported disappointing results for its second-quarter operations due to competition in the VIP business. After updating our valuation model, we retain our HKD 22 fair value estimate, leaving shares slightly undervalued. While we expect VIP competitive pressures in the near term, we believe upcoming room renovations for its Macau Peninsula property (the first since the resort opened eight years ago) and the firm’s plan to add additional entertainment options on undeveloped ...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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