Wynn: Macau’s Growth Opportunity Supported by December Visitation and Chinese’s New Year Bookings
We maintain our constructive view on Macau’s intermediate growth potential after healthy December visitation growth of 6.8% and our checks that point to strong bookings for the upcoming Chinese New Year (Jan. 28 through Feb. 2), both of which are incorporated in our recently raised 2017 industry gaming revenue forecast of 6% (from low-single-digit growth prior). We plan to maintain narrow-moat Wynn’s $123 fair value estimate, which forecasts a five-year revenue CAGR of 10% and 24% operating marg...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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