Wynn Macau Limited to See Lower Year-Over-Year EBITDA in 4Q
We are planning to bring forward our assumptions of the start of a cyclical downturn and as such, we expect only a high-single-digit change to narrow-moat Wynn Macau’s current fair value estimate of HKD 22 per share. Our current fair value estimate incorporates a single-digit decline in revenue in 2020 and 2021, hindered by license renewal risks in the form of higher gaming taxes. We think total social financing growth will slow down, and export and business confidence will weaken because of the...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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