Wynn's intangible asset advantage intact, as long-term Macau growth opportunity remains attractive.
Narrow-moat Wynn reported strong fourth-quarter Macau (70% of EBITDA) gross gaming revenue growth of 43%, well above industry gaming growth of 20%, benefiting from improved table win per day at both its newer Palace resort (daily table win reached $26,760 from $14,990 the prior year) and the legacy Peninsula facility (up 15% year over year). The company’s continued execution in a healthy Macau environment drove total 2017 sales and EBITDA growth of 41% (versus our 37% estimate) and 44% (39%), re...
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