Narrow-Moat Wynn Firing on all Cylinders; Our Constructive Thesis Continues to Play Out
Wynn reported improving first-quarter results across its Macau (69% of total EBITDA) and Vegas properties (31%), while also progressing toward key pipeline projects (Boston and Vegas), which is mostly accounted for in our existing model. Therefore, we don’t expect significant change to our $133 fair value estimate. Despite challenging results for the Macau industry the past few years, we stayed constructive on the region's long-term growth opportunity and viewed narrow-moat Wynn shares as the mo...Wynn Resorts is a holding company. Through its subsidiaries, the company is a designer, developer, and operator of resorts featuring hotel rooms, retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming. Through its subsidiary, Wynn Macau, Limited, the company operates two integrated resorts in the Macau Special Administrative Region of the People's Republic of China, Wynn Palace and Wynn Macau. In Las Vegas, NV, the company also operates and, with the exception of certain retail space, own Wynn Las Vegas and Encore Boston Harbor, an integrated resort in Everett, MA, adjacent to Boston.
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