{"id":194708,"date":"2021-12-09T09:47:08","date_gmt":"2021-12-09T17:47:08","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=194708"},"modified":"2021-12-09T10:13:45","modified_gmt":"2021-12-09T18:13:45","slug":"wynn-macau-assets-could-be-sold-in-the-future-says-cbre-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-macau-assets-could-be-sold-in-the-future-says-cbre-analyst\/","title":{"rendered":"Wynn Macau Assets Could Be ‘Salable’, Says Analyst"},"content":{"rendered":"

Executive change at Wynn Resorts (NASDAQ:WYNN) and a dramatically altered Macau VIP landscape could eventually compel the operator to sell its assets in the special administrative region (SAR), speculates an analyst.<\/p>\n

\"Wynn
Wynn Palace, seen here, is one of the operator’s Macau assets. An analyst says it’s possible those venues could be sold in the future. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

In a note to clients earlier this week, CBRE analyst John DeCree says C-suite changes at the Encore operator open the door to potential consolidation, with Wynn being buyer or seller.<\/p>\n

With now a complete turnover in legacy management and a more opportunistic board, we could see Wynn begin to carve a new path and take advantage of the robust mergers and acquisitions environment as a buyer or seller,\u201d said the analyst.<\/p><\/blockquote>\n

Last month, the company announced Matt Maddox is stepping down<\/a> as chief executive officer at the end of January. He’ll be replaced by current CFO Craig Billings. Earlier this week, the casino operator said Julie Cameron-Doe is leaving Aristocrat Leisure to succeed Billings in Wynn’s top financial role.<\/p>\n

Wynn Trying New Approach in Macau<\/h2>\n

Wynn Macau controls the eponymous integrated resort on the peninsula and Wynn Palace on the Cotai Strip. In a standard operating environment, the SAR accounts for approximately two-thirds of the US parent’s earnings before interest, taxes, depreciation and amortization (EBITDA).<\/p>\n

\n

However, the past two years have been far from typical for Macau operators. The effects of the coronavirus pandemic linger today in the form of travel restrictions and slow visa approval times. More recently, Alvin Chau, chairman and CEO of Suncity, the world\u2019s biggest junket operator, was arrested, stoking speculation Macau’s VIP business<\/a> — to which Wynn is highly levered — will never look the same.<\/p>\n<\/div>\n

CBRE’s DeCree notes Wynn Macau is planning to reduce its VIP exposure and focus more on mass and premium mass players. That puts it in more direct competition with the likes of Las Vegas Sands (NYSE:LVS) and Galaxy Entertainment.<\/p>\n

\u201cMass-market is the way forward for Macau, and we still find reason to be encouraged by the long-term secular growth story of penetrating deeper into China to access more mass-market customers,\u201d said the analyst.<\/p>\n

Macau Sale Far-Fetched, But Not Impossible<\/h2>\n

Wynn has levers to pull outside of Macau to bolster EBITDA and revenue, namely Wynn and Encore Las Vegas, Encore Boston Harbor, and its Wynn Interactive iGaming and sports wagering unit. The operator is also rumored to be interested<\/a> in projects in other US metropolitan areas.<\/p>\n

DeCree notes if those avenues don’t pan out to the company’s liking,<\/p>\n

We believe the highly coveted Wynn assets could finally be salable, with a complete changing of the guard following the departure of outgoing CEO Matt Maddox,”<\/strong> DeCree said.<\/p><\/blockquote>\n

The analyst doesn’t mention potential suitors for Wynn Macau and Wynn Palace, should those assets be put up for sale.\u00a0 But if both hit the block, the list of interested parties is likely to be lengthy. Nor does he speculate on pricing, but it’s probable each would command several billion dollars in a sale.<\/p>\n

Though he’s cautious on Macau equities in general, DeCree rates Wynn a \u201cbuy\u201d with a $120 price target. That implies upside of 39 percent from current levels.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Executive change at Wynn Resorts (NASDAQ:WYNN) and a dramatically altered Macau VIP landscape could eventually compel the operator to sell its assets in the special administrative region (SAR), speculates an analyst. In a note to clients earlier this week, CBRE analyst John DeCree says C-suite changes at the Encore operator open the door to potential […]<\/p>\n","protected":false},"author":46,"featured_media":194710,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\nWynn Macau Assets Could Be Sold In The Future, Says CBRE Analyst<\/title>\n<meta name=\"description\" content=\"Wynn could pursue mergers and acquisitions, including divesting Macau assets, says analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-macau-assets-could-be-sold-in-the-future-says-cbre-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Macau Assets Could Be Sold In The Future, Says CBRE Analyst\" \/>\n<meta property=\"og:description\" content=\"Wynn could pursue mergers and acquisitions, including divesting Macau assets, says analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-macau-assets-could-be-sold-in-the-future-says-cbre-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-09T17:47:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-09T18:13:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/wynn-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1706\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-assets-could-be-sold-in-the-future-says-cbre-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-macau-assets-could-be-sold-in-the-future-says-cbre-analyst\/\",\"name\":\"Wynn Macau Assets Could Be Sold In The Future, Says CBRE Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-assets-could-be-sold-in-the-future-says-cbre-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-assets-could-be-sold-in-the-future-says-cbre-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/wynn-scaled.jpg\",\"datePublished\":\"2021-12-09T17:47:08+00:00\",\"dateModified\":\"2021-12-09T18:13:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn could pursue mergers and acquisitions, including divesting Macau assets, says analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-assets-could-be-sold-in-the-future-says-cbre-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-macau-assets-could-be-sold-in-the-future-says-cbre-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-assets-could-be-sold-in-the-future-says-cbre-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/wynn-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/wynn-scaled.jpg\",\"width\":2560,\"height\":1706,\"caption\":\"Wynn Palace, seen here, is one of the operator's Macau assets. 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