Description
Wynn Resorts delivered a disappointing result with wider than expected losses in the last quarter. The hotel occupancy was higher in comparison to the previous year. The other non-gaming businesses of the company saw broad-based strength across retail, entertainment, and F&B, which were up. In the casino, the slot handle increased in the quarter. Despite still suppressed international play in the quarter, the table drop of Wynn was up. The EBITDAR burn rate sequentially increased though the liquidity position remained quite strong in the quarter. The overall EBITDAR burn rate at Wynn Interactive ticked up sequentially in the quarter. Wynn is quickly advancing its planning for Wynn AI Marjan Island, the company’s integrated resort in UAE. The business of Wynn in Las Vegas is stronger than ever before. Encore had a strong quarter than Vegas. Wynn viewed strength over the casino with a rise in gross gaming revenue. Also, there was an increase on the non-gaming side, with robust hotel revenue determined by occupancy and ADR. The company recently launched retail sports betting at Encore Boston Harbor. Also, it continues to advance its plans for the upcoming development projects across the streets from the property, including entertainment amenities, food and beverage, and incremental parking. We give Wynn Resorts a ‘Hold’ rating with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures
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