Wynn’s Strong 4Q Continues to Support Our Continued View of Macau’s Long-Term Growth Opportunity
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...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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