Wynn's Macao Sales Continue to Recover; Demand in Vegas Remains at All-Time Highs

Covid's headwind on Wynn's Macao operations (51% 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, leading to an estimated low-teen percentage gross gaming revenue share in 2024.