Narrow-Moat Wynn Is Winning--Palace Ramping With No Cannibalization; Shares Undervalued
Wynn’s fourth quarter confirmed our view of a potential positive read-through for the company after narrow-moat Las Vegas Sands’ update earlier this week, as profitability at Wynn’s new Palace casino in Macau is accelerating without cannibalizing the company’s existing Peninsula property. We plan to increase our $123 fair value estimate $5 to $10 to account for higher Palace growth in 2017, leaving shares undervalued.Narrow-moat Wynn’s Macau (60% of total EBITDA) fourth-quarter sales were up 65...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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