Wynn Resorts Ltd
WYNN: XNAS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| $198.00 | Fyrqzt | Ybmnnvkwx |
Wynn's Macao and Vegas Regions Continue to Perform Well
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Business Strategy and Outlook
Covid's headwind on Wynn's Macao operations (50% of estimated 2024 EBITDA) eased greatly in 2023, after China removed restrictions Jan. 8, 2023. Still, the Macao government continues to heavily regulate VIP play, elevating long-term operational risk. Also, Wynn has exposure to the expected long-term shift away from VIP gaming revenue toward nongaming and mass play. That said, we see an attractive long-term growth opportunity in Macao, with Wynn's high-end iconic brand positioned to participate.