Goldman Sachs: Wynn Macau (01128) maintains a “buy” rating in line with quarterly performance expectations

The Zhitong Finance App learned that Goldman Sachs released a research report saying that the EBITDA for the second quarter of Wynn Macau (01128) was 297 million US dollars, in line with the bank's expectations of 296 million US dollars, and higher than market expectations of 280 to 290 million US dollars. It was the only gaming operator that achieved quarterly EBITDA growth during the period. Excluding the lower VIP room win rate factor, the adjusted EBITDA was about US$306 million, up 3% from quarter to quarter, up 15% year over year. The bank maintained a “buy” rating, and the target price remained unchanged at HK$8.1.

Goldman Sachs pointed out that the strong gross revenue performance of Wynn Macau midfield gaming, combined with a high win rate, reflects an improvement in the quality of high-end midfielders. After only reopening for about 4 to 5 months, the Wynn Palace Premium Gaming Space Chairman's Meeting (Prestige Club) has successfully attracted more high-end players, and management believes there is still room for further growth.