Wynn's Exposure to Macau's Long-Term Attractive Gaming Growth Supports Its Brand Advantage
We are initiating coverage of Caesars Entertainment with a no-moat rating and fair value estimate of $10.30. Trading just above 10 times 2019 enterprise value/EBITDA we see shares slightly undervalued. For those seeking gaming exposure, no-moat MGM trades at a wider margin of safety to our $38 valuation.We think Caesars' Entertainment will sustain its competitive positioning in the lower-growth lower-barrier Las Vegas (57% of estimated 2019 EBITDAR) and other U.S. regions (45%). (Caesars' manag...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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