Wynn’s Ongoing Development Supports Its Intact Brand Intangible Asset Advantage; Shares Attractive
In our view, the main takeaway from Wynn’s July 10 investor day was that the company is set to continue to make sound investments across its Macau and Vegas portfolio, supporting its intact brand intangible advantage (source of its narrow moat). We don’t plan a material change to our $164 fair value estimate for Wynn, which incorporates roughly 5% and 19% average annual sales growth and operating margins (versus 17.8% reported in 2018), respectively, through 2023. We see shares as attractive wit...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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