Wynn is well positioned for Macau's long-term growth opportunity, despite lower table allocation.
Our $125 fair value estimate may be reduced a few dollars after narrow-moat Wynn Resort received a 100-table allocation for its Palace casino opening Aug. 22, which will be followed by an additional 25 tables at the start of both 2017 and 2018, resulting in a total initial allocation of 150 tables.The 150-table allocation is below our forecast for 250, but will be offset by an incremental 42 tables at Peninsula that we hadn’t modeled, a Palace slot allocation of 1,145 versus our forecast for 8...
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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