{"id":285181,"date":"2023-08-14T15:22:52","date_gmt":"2023-08-14T20:22:52","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=285181"},"modified":"2023-08-15T09:42:39","modified_gmt":"2023-08-15T14:42:39","slug":"wynn-macau-ebitdar-could-surpass-2023-estimates","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-macau-ebitdar-could-surpass-2023-estimates\/","title":{"rendered":"Wynn Macau Could Post 2023 EBITDAR of $917M, According to Research Firm"},"content":{"rendered":"

Wynn Resorts\u2019 (NASDAQ: WYNN) Wynn Macau arm could notch 2023 earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) of $917 million, well ahead of previous forecasts.<\/p>\n

\"Wynn
Wynn Palace in Macau. Operator Wynn Macau could exceed EBITDAR estimates this year. (Image: Wall Street Journal<\/em>)<\/figcaption><\/figure>\n

That\u2019s the take of CreditSights, which previously estimated that the base case for the Wynn Palace operator\u2019s 2023 EBITDAR was $632 million, with a bull case of $892 million. The research firm cited \u201c<\/strong>meaningful margin improvements\u201d delivered by the gaming company as catalysts for the bullish EBITDAR revision. In Macau, Wynn operates an eponymous venue,<\/a> as well as Wynn Palace.<\/p>\n

Wynn\u2019s Macau business continues to benefit from a healthy recovery, which has accelerated on a monthly basis since China lifted its Covid travel restrictions in early January,\u201d<\/strong> observed CreditSights.<\/p><\/blockquote>\n

Wynn Resorts, the Las Vegas-based parent of the Macau entity, delivered second-quarter results last Wednesday highlighting vibrancyin Macau. But it also noted that its North American properties notched record adjusted property EBITDAR. Those venues are Wynn and Encore Las Vegas, and Encore Boston Harbor.<\/p>\n

Wynn Macau Making Impressive Strides<\/h2>\n

Should the operator meet or even slightly beat the CreditSights projection of $917 million in 2023 EBITDAR, it will be further affirmation that it\u2019s on track to regain pre-coronavirus pandemic earnings form as soon as next year.<\/p>\n

\n

One reason Wynn Macau\u2019s recovery is so impressive is that the operator has nimbly reduced its emphasis on VIPs. That is enabling it to pilfer market share among mass and premium-mass<\/a> bettors from rivals. The latter two segments are more margin-efficient.<\/p>\n<\/div>\n

Additionally, CreditSights highlighted Wynn Macau\u2019s \u201chigher-than-expected business volumes, and improved cost efficiencies\u201d as propellants for potential upside for the operator. There\u2019s more to that story, and it could be good news for the six concessionaires, including Wynn Macau.<\/p>\n

In a Monday note to clients, Jefferies analyst Andrew Lee said summertime traffic to Macau from mainland China is rising, and that those tourists are expressing a clear preference for the gaming hub over destinations such as Hong Kong and Taiwan. In the first half of 2023, Macau was the top overseas destination for Chinese tourists, according to China Tourism Academy data.<\/p>\n

Looking at Wynn Macau Bonds<\/h2>\n

CreditSights added that Wynn Macau\u2019s leverage could rest at 7.4x by the end of this year, which could be bullish for the operator\u2019s corporate debt.<\/p>\n

\u201cGiven the trends to date, and our constructive view on the [Macau] region, Wynn Macau Ltd.\u2019s bonds \u2026 offer the most attractive yield among the U.S. operators in the region,\u201d added the research firm.<\/p>\n

\n

CreditSights pointed out that Wynn Macau has 5.5% bonds maturing in 2026 that currently yield 8.2%, making that debt more attractive than the 5.875% MGM China notes maturing the same year sporting a yield of 7.7%.<\/p>\n<\/div>\n

Confirming its strong financial position, parent Wynn Resorts said last week it will buy up to $300 million of the $1.78 billion in 5.5% corporate debt it has maturing in August 2025.<\/p>\n

\u201cWe view Wynn\u2019s cash position as more than adequate to fund the cash tender offer,\u201d <\/strong>concluded CreditSights.<\/p>\n

The operator could further firm its balance sheet via cost savings realized by halting online sports wagering<\/a> operations in eight states — a move announced last Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts\u2019 (NASDAQ: WYNN) Wynn Macau arm could notch 2023 earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) of $917 million, well ahead of previous forecasts. That\u2019s the take of CreditSights, which previously estimated that the base case for the Wynn Palace operator\u2019s 2023 EBITDAR was $632 million, with a bull […]<\/p>\n","protected":false},"author":46,"featured_media":160172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[81913,81903],"acf":[],"yoast_head":"\nWynn Macau EBITDAR Could Surpass 2023 Estimates<\/title>\n<meta name=\"description\" content=\"Wynn Macau EBITDAR could easily beat 2023 forecasts, according to CreditSights.\" \/>\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-ebitdar-could-surpass-2023-estimates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Macau EBITDAR Could Surpass 2023 Estimates\" \/>\n<meta property=\"og:description\" content=\"Wynn Macau EBITDAR could easily beat 2023 forecasts, according to CreditSights.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-macau-ebitdar-could-surpass-2023-estimates\/\" \/>\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=\"2023-08-14T20:22:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-15T14:42:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/wp.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1242\" \/>\n\t<meta property=\"og:image:height\" content=\"810\" \/>\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-ebitdar-could-surpass-2023-estimates\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-macau-ebitdar-could-surpass-2023-estimates\/\",\"name\":\"Wynn Macau EBITDAR Could Surpass 2023 Estimates\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-ebitdar-could-surpass-2023-estimates\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-ebitdar-could-surpass-2023-estimates\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/wp.jpg\",\"datePublished\":\"2023-08-14T20:22:52+00:00\",\"dateModified\":\"2023-08-15T14:42:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Macau EBITDAR could easily beat 2023 forecasts, according to CreditSights.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-ebitdar-could-surpass-2023-estimates\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-macau-ebitdar-could-surpass-2023-estimates\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-macau-ebitdar-could-surpass-2023-estimates\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/wp.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/wp.jpg\",\"width\":1242,\"height\":810,\"caption\":\"Wynn Palace in Macau. 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