Wynn faces some near-term headwinds in Macau, but intermediate-term view remains attractive.
We plan to lower our $122 fair value estimate a few percent for narrow moat-rated Wynn after it reported a mixed quarter. We expect to reduce our near-term estimates for the company’s new Macau casino, Palace, due to a slower ramp resulting from industry construction that is blocking its entrance. Our fair value will also decrease as a result of a higher cost of debt associated with higher leverage levels we now foresee to support additional development projects in Las Vegas. These reductions wi...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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