Wynn’s Corporate Actions and Healthy Macau Environment Highlight Its 1Q Results; Shares Overvalued
Wynn Resorts is executing well in a robust Macau (75% of 2018 EBITDA) gaming environment, while also taking corporate actions to improve its suitability to maintain gaming licenses. We plan to lift our $170 fair value estimate by around $5 per share to account for slightly higher 2018 Macau sales and the time value of money, leaving shares slightly overvalued.The company’s intangible asset advantage (the source of its narrow moat) is intact, evidenced by its Macau Palace resort (35% of 2018 EBI...
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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