According to a research report published by UBS, Wynn Macau's second-quarter results beat expectations. After adjustment, property EBITDAR increased 17% year over year to US$297 million. After adjusted VIP room win rate factors, EBITDA was US$306 million, higher than market expectations of about US$280 million. Performance expectations are mainly driven by the higher-than-normal win rate at midfielders, driving a month-on-month increase of around 6% in midfield gaming revenue. Management revealed that since July, there has been a slight year-on-year decline in gaming volume, but the trend continues to improve from late July to early August, and non-gaming expansion plans will continue to be promoted. The construction of the Wynn Palace Theatre and large-scale event center will begin in the next few weeks and is expected to be completed in 2028; the 432-suite Enclave Tower is expected to be completed in 2029. The bank maintains Wynn Macau's “buy” rating, with a target price of HK$7.

Zhitongcaijing · 3d ago
According to a research report published by UBS, Wynn Macau's second-quarter results beat expectations. After adjustment, property EBITDAR increased 17% year over year to US$297 million. After adjusted VIP room win rate factors, EBITDA was US$306 million, higher than market expectations of about US$280 million. Performance expectations are mainly driven by the higher-than-normal win rate at midfielders, driving a month-on-month increase of around 6% in midfield gaming revenue. Management revealed that since July, there has been a slight year-on-year decline in gaming volume, but the trend continues to improve from late July to early August, and non-gaming expansion plans will continue to be promoted. The construction of the Wynn Palace Theatre and large-scale event center will begin in the next few weeks and is expected to be completed in 2028; the 432-suite Enclave Tower is expected to be completed in 2029. The bank maintains Wynn Macau's “buy” rating, with a target price of HK$7.